DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity [Line Items] | ||
Entity Registrant Name | Eversource Energy | |
Entity Central Index Key | 72,741 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Smaller Reporting Company | false | |
Trading Symbol | ES | |
Entity Common Stock, Shares Outstanding (in shares) | 316,885,808 | |
The Connecticut Light and Power Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | The Connecticut Light and Power Company | |
Entity Central Index Key | 23,426 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 6,035,205 | |
Public Service Company of New Hampshire | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | Public Service Company of New Hampshire | |
Entity Central Index Key | 315,256 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 301 | |
NSTAR Electric Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | NSTAR Electric Company | |
Entity Central Index Key | 13,372 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 200 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and Cash Equivalents | $ 59,092 | $ 38,165 |
Receivables, Net | 1,091,589 | 925,083 |
Unbilled Revenues | 170,044 | 201,361 |
Materials, Supplies and Inventory | 192,508 | 223,063 |
Regulatory Assets | 436,704 | 741,868 |
Prepayments and Other Current Assets | 203,434 | 138,009 |
Assets Held for Sale | 0 | 219,550 |
Total Current Assets | 2,153,371 | 2,487,099 |
Property, Plant and Equipment, Net | 24,967,702 | 23,617,463 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 4,716,631 | 4,497,447 |
Goodwill | 4,427,266 | 4,427,266 |
Marketable Securities | 585,960 | 585,419 |
Other Long-Term Assets | 664,739 | 605,692 |
Total Deferred Debits and Other Assets | 10,394,596 | 10,115,824 |
Total Assets | 37,515,669 | 36,220,386 |
Current Liabilities: | ||
Notes Payable | 1,067,200 | 1,088,087 |
Long-Term Debt – Current Portion | 387,310 | 549,631 |
Rate Reduction Bonds – Current Portion | 52,332 | 0 |
Accounts Payable | 962,298 | 1,085,034 |
Obligations to Third Party Suppliers | 199,762 | 144,046 |
Regulatory Liabilities | 344,708 | 128,071 |
Other Current Liabilities | 616,662 | 594,176 |
Total Current Liabilities | 3,630,272 | 3,589,045 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 3,386,324 | 3,297,518 |
Regulatory Liabilities | 3,706,792 | 3,637,273 |
Derivative Liabilities | 385,865 | 377,257 |
Accrued Pension, SERP and PBOP | 1,013,182 | 1,228,091 |
Other Long-Term Liabilities | 1,094,019 | 1,073,501 |
Total Deferred Credits and Other Liabilities | 9,586,182 | 9,613,640 |
Long-Term Debt | 12,151,536 | 11,775,889 |
Rate Reduction Bonds | 583,331 | 0 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,669,392 | 1,669,392 |
Capital Surplus, Paid In | 6,234,044 | 6,239,940 |
Retained Earnings | 3,882,695 | 3,561,084 |
Accumulated Other Comprehensive Loss | (59,582) | (66,403) |
Treasury Stock | (317,771) | (317,771) |
Common Stockholder's Equity | 11,408,778 | 11,086,242 |
Total Liabilities and Capitalization | 37,515,669 | 36,220,386 |
The Connecticut Light and Power Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 977 | 6,028 |
Receivables, Net | 466,768 | 370,676 |
Accounts Receivable from Affiliated Companies | 32,074 | 28,181 |
Unbilled Revenues | 53,690 | 54,154 |
Materials, Supplies and Inventory | 45,757 | 48,438 |
Regulatory Assets | 128,793 | 200,281 |
Prepaid Property Taxes | 60,532 | 17,884 |
Prepayments and Other Current Assets | 15,470 | 29,042 |
Total Current Assets | 804,061 | 754,684 |
Property, Plant and Equipment, Net | 8,753,744 | 8,271,030 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,545,012 | 1,444,935 |
Other Long-Term Assets | 175,488 | 159,597 |
Total Deferred Debits and Other Assets | 1,720,500 | 1,604,532 |
Total Assets | 11,278,305 | 10,630,246 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 45,900 | 69,500 |
Long-Term Debt – Current Portion | 250,000 | 300,000 |
Accounts Payable | 347,443 | 367,605 |
Accounts Payable to Affiliated Companies | 86,772 | 82,201 |
Obligations to Third Party Suppliers | 64,283 | 52,860 |
Accrued Taxes | 78,507 | 21,665 |
Regulatory Liabilities | 126,574 | 38,967 |
Other Current Liabilities | 152,147 | 159,961 |
Total Current Liabilities | 1,151,626 | 1,092,759 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,136,221 | 1,103,367 |
Regulatory Liabilities | 1,131,234 | 1,112,136 |
Derivative Liabilities | 385,779 | 376,918 |
Accrued Pension, SERP and PBOP | 301,946 | 354,469 |
Other Long-Term Liabilities | 130,069 | 128,135 |
Total Deferred Credits and Other Liabilities | 3,085,249 | 3,075,025 |
Long-Term Debt | 3,003,625 | 2,759,135 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 116,200 | 116,200 |
Common Shareholders' Equity: | ||
Common Shares | 60,352 | 60,352 |
Capital Surplus, Paid In | 2,210,765 | 2,110,765 |
Retained Earnings | 1,650,182 | 1,415,741 |
Accumulated Other Comprehensive Loss | 306 | 269 |
Common Stockholder's Equity | 3,921,605 | 3,587,127 |
Total Liabilities and Capitalization | 11,278,305 | 10,630,246 |
NSTAR Electric Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 2,367 | 1,763 |
Receivables, Net | 457,695 | 341,341 |
Accounts Receivable from Affiliated Companies | 43,767 | 40,723 |
Unbilled Revenues | 55,046 | 49,865 |
Materials, Supplies and Inventory | 66,361 | 95,517 |
Regulatory Assets | 193,541 | 333,882 |
Prepayments and Other Current Assets | 18,128 | 24,499 |
Total Current Assets | 836,905 | 887,590 |
Property, Plant and Equipment, Net | 8,576,096 | 8,246,494 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,226,811 | 1,190,575 |
Prepaid PBOP | 153,142 | 126,948 |
Other Long-Term Assets | 107,208 | 84,766 |
Total Deferred Debits and Other Assets | 1,487,161 | 1,402,289 |
Total Assets | 10,900,162 | 10,536,373 |
Current Liabilities: | ||
Notes Payable | 240,500 | 234,000 |
Notes Payable to Eversource Parent | 16,000 | 0 |
Accounts Payable | 296,208 | 340,115 |
Accounts Payable to Affiliated Companies | 77,329 | 91,260 |
Obligations to Third Party Suppliers | 133,865 | 88,721 |
Renewable Portfolio Standards Compliance Obligations | 100,782 | 111,524 |
Regulatory Liabilities | 168,225 | 79,562 |
Other Current Liabilities | 113,728 | 79,916 |
Total Current Liabilities | 1,146,637 | 1,025,098 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,279,302 | 1,275,814 |
Regulatory Liabilities | 1,566,285 | 1,514,451 |
Accrued Pension, SERP and PBOP | 6,171 | 89,995 |
Other Long-Term Liabilities | 219,050 | 198,176 |
Total Deferred Credits and Other Liabilities | 3,070,808 | 3,078,436 |
Long-Term Debt | 2,944,616 | 2,943,759 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 43,000 | 43,000 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 1,608,442 | 1,502,942 |
Retained Earnings | 2,088,157 | 1,944,961 |
Accumulated Other Comprehensive Loss | (1,498) | (1,823) |
Common Stockholder's Equity | 3,695,101 | 3,446,080 |
Total Liabilities and Capitalization | 10,900,162 | 10,536,373 |
Public Service Company of New Hampshire | ||
Current Assets: | ||
Cash and Cash Equivalents | 7,462 | 900 |
Receivables, Net | 115,706 | 92,774 |
Accounts Receivable from Affiliated Companies | 20,007 | 5,297 |
Unbilled Revenues | 39,760 | 49,448 |
Materials, Supplies and Inventory | 39,877 | 40,285 |
Regulatory Assets | 61,379 | 130,134 |
Special Deposits | 26,863 | 728 |
Prepayments and Other Current Assets | 7,600 | 28,203 |
Assets Held for Sale | 0 | 219,550 |
Total Current Assets | 318,654 | 567,319 |
Property, Plant and Equipment, Net | 2,826,541 | 2,642,274 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 892,075 | 810,677 |
Other Long-Term Assets | 19,252 | 42,391 |
Total Deferred Debits and Other Assets | 911,327 | 853,068 |
Total Assets | 4,056,522 | 4,062,661 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 46,600 | 262,900 |
Long-Term Debt – Current Portion | 0 | 110,000 |
Rate Reduction Bonds – Current Portion | 52,332 | 0 |
Accounts Payable | 118,523 | 128,685 |
Accounts Payable to Affiliated Companies | 35,699 | 24,676 |
Dividends Payable to Eversource Parent | 0 | 150,000 |
Accrued Interest | 19,615 | 6,722 |
Renewable Portfolio Standards Compliance Obligations | 29,867 | 27,765 |
Regulatory Liabilities | 39,661 | 6,251 |
Other Current Liabilities | 34,790 | 33,437 |
Total Current Liabilities | 377,087 | 750,436 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 457,512 | 443,468 |
Regulatory Liabilities | 433,822 | 444,397 |
Accrued Pension, SERP and PBOP | 126,839 | 124,639 |
Other Long-Term Liabilities | 35,901 | 56,689 |
Total Deferred Credits and Other Liabilities | 1,054,074 | 1,069,193 |
Long-Term Debt | 894,100 | 892,438 |
Rate Reduction Bonds | 583,331 | 0 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 538,134 | 843,134 |
Retained Earnings | 612,919 | 511,382 |
Accumulated Other Comprehensive Loss | (3,123) | (3,922) |
Common Stockholder's Equity | 1,147,930 | 1,350,594 |
Total Liabilities and Capitalization | $ 4,056,522 | $ 4,062,661 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Revenues | $ 2,271,425 | $ 1,988,512 | $ 6,413,243 | $ 5,856,458 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 842,291 | 651,776 | 2,442,953 | 1,955,129 |
Operations and Maintenance | 344,475 | 307,773 | 970,881 | 956,274 |
Depreciation | 208,671 | 194,466 | 612,077 | 571,152 |
Amortization of Regulatory Assets/(Liabilities), Net | 92,711 | 41,848 | 174,108 | 58,058 |
Energy Efficiency Programs | 129,965 | 129,205 | 366,162 | 391,761 |
Taxes Other Than Income Taxes | 187,291 | 168,193 | 547,155 | 479,648 |
Total Operating Expenses | 1,805,404 | 1,493,261 | 5,113,336 | 4,412,022 |
Operating Income/(Loss) | 466,021 | 495,251 | 1,299,907 | 1,444,436 |
Interest Expense | 125,201 | 108,719 | 372,734 | 319,477 |
Other Income, Net | 16,718 | 28,536 | 100,656 | 79,178 |
Income Before Income Tax Expense | 357,538 | 415,068 | 1,027,829 | 1,204,137 |
Income Tax Expense | 66,278 | 152,818 | 220,497 | 447,921 |
Net Income | 291,260 | 262,250 | 807,332 | 756,216 |
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 |
Net Income Attributable to Common Shareholders | $ 289,380 | $ 260,370 | $ 801,693 | $ 750,577 |
Basic Earnings Per Common Share (in dollars per share) | $ 0.91 | $ 0.82 | $ 2.53 | $ 2.36 |
Diluted Earnings Per Common Share | 0.91 | 0.82 | 2.52 | 2.36 |
Dividends Declared Per Common Share (in dollars per share) | $ 0.51 | $ 0.48 | $ 1.52 | $ 1.43 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 317,360,110 | 317,393,029 | 317,367,252 | 317,415,848 |
Diluted (in shares) | 317,967,311 | 317,949,396 | 317,948,498 | 318,007,042 |
The Connecticut Light and Power Company | ||||
Operating Revenues | $ 865,028 | $ 774,762 | $ 2,344,903 | $ 2,173,629 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 314,571 | 259,005 | 850,794 | 711,154 |
Operations and Maintenance | 128,523 | 123,511 | 355,500 | 361,166 |
Depreciation | 72,017 | 63,727 | 208,899 | 184,275 |
Amortization of Regulatory Assets, Net | 54,031 | 34,574 | 97,437 | 58,799 |
Energy Efficiency Programs | 30,240 | 37,739 | 71,606 | 106,483 |
Taxes Other Than Income Taxes | 92,987 | 79,067 | 267,662 | 223,482 |
Total Operating Expenses | 692,369 | 597,623 | 1,851,898 | 1,645,359 |
Operating Income/(Loss) | 172,659 | 177,139 | 493,005 | 528,270 |
Interest Expense | 37,609 | 36,313 | 113,107 | 106,577 |
Other Income, Net | 7,098 | 7,913 | 20,722 | 15,402 |
Income Before Income Tax Expense | 142,148 | 148,739 | 400,620 | 437,095 |
Income Tax Expense | 41,818 | 52,595 | 102,010 | 159,450 |
Net Income | 100,330 | 96,144 | 298,610 | 277,645 |
NSTAR Electric Company | ||||
Operating Revenues | 939,460 | 851,922 | 2,400,324 | 2,290,432 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 383,208 | 294,115 | 981,895 | 799,007 |
Operations and Maintenance | 123,634 | 118,777 | 344,478 | 346,469 |
Depreciation | 70,616 | 68,746 | 205,210 | 204,442 |
Amortization of Regulatory Assets, Net | 17,149 | 10,131 | 35,467 | 17,243 |
Energy Efficiency Programs | 89,430 | 82,611 | 229,408 | 228,543 |
Taxes Other Than Income Taxes | 49,927 | 47,830 | 145,740 | 130,492 |
Total Operating Expenses | 733,964 | 622,210 | 1,942,198 | 1,726,196 |
Operating Income/(Loss) | 205,496 | 229,712 | 458,126 | 564,236 |
Interest Expense | 26,958 | 30,810 | 80,780 | 88,715 |
Other Income, Net | 13,697 | 9,165 | 40,567 | 24,610 |
Income Before Income Tax Expense | 192,235 | 208,067 | 417,913 | 500,131 |
Income Tax Expense | 51,640 | 82,301 | 112,247 | 196,001 |
Net Income | 140,595 | 125,766 | 305,666 | 304,130 |
Public Service Company of New Hampshire | ||||
Operating Revenues | 290,203 | 250,032 | 792,700 | 733,572 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 100,763 | 57,099 | 293,975 | 179,289 |
Operations and Maintenance | 55,429 | 65,104 | 153,296 | 195,637 |
Depreciation | 23,223 | 32,084 | 69,524 | 95,266 |
Amortization of Regulatory Assets/(Liabilities), Net | 27,357 | 2,835 | 41,318 | (10,658) |
Energy Efficiency Programs | 5,863 | 4,007 | 15,694 | 11,040 |
Taxes Other Than Income Taxes | 21,095 | 22,936 | 59,775 | 66,935 |
Total Operating Expenses | 233,730 | 184,065 | 633,582 | 537,509 |
Operating Income/(Loss) | 56,473 | 65,967 | 159,118 | 196,063 |
Interest Expense | 16,593 | 12,896 | 43,977 | 38,676 |
Other Income, Net | 16,095 | 2,664 | 24,253 | 7,367 |
Income Before Income Tax Expense | 55,975 | 55,735 | 139,394 | 164,754 |
Income Tax Expense | 15,309 | 22,012 | 37,857 | 65,128 |
Net Income | $ 40,666 | $ 33,723 | $ 101,537 | $ 99,626 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Income | $ 291,260 | $ 262,250 | $ 807,332 | $ 756,216 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 432 | 519 | 1,627 | 1,567 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (136) | (1,872) | (724) | 733 |
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | 1,110 | 673 | 5,918 | (633) |
Net OCI | 1,406 | (680) | 6,821 | 1,667 |
Comprehensive Income Attributable to Noncontrolling Interests | (1,880) | (1,880) | (5,639) | (5,639) |
Comprehensive Income Attributable to Common Shareholders | 290,786 | 259,690 | 808,514 | 752,244 |
The Connecticut Light and Power Company | ||||
Net Income | 100,330 | 96,144 | 298,610 | 277,645 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | (7) | 96 | 58 | 298 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (5) | (64) | (21) | 25 |
Net OCI | (12) | 32 | 37 | 323 |
Comprehensive Income Attributable to Common Shareholders | 100,318 | 96,176 | 298,647 | 277,968 |
NSTAR Electric Company | ||||
Net Income | 140,595 | 125,766 | 305,666 | 304,130 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 110 | 109 | 328 | 328 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (1) | (18) | (6) | 7 |
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | 1 | (4) | 3 | (12) |
Net OCI | 110 | 87 | 325 | 323 |
Comprehensive Income Attributable to Common Shareholders | 140,705 | 125,853 | 305,991 | 304,453 |
Public Service Company of New Hampshire | ||||
Net Income | 40,666 | 33,723 | 101,537 | 99,626 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 268 | 291 | 835 | 872 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (7) | (112) | (36) | 43 |
Net OCI | 261 | 179 | 799 | 915 |
Comprehensive Income Attributable to Common Shareholders | $ 40,927 | $ 33,902 | $ 102,336 | $ 100,541 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities: | ||
Net Income | $ 807,332 | $ 756,216 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 612,077 | 571,152 |
Deferred Income Taxes | 70,402 | 374,863 |
Uncollectible Expense | 50,720 | 30,111 |
Pension, SERP and PBOP Expense, Net | 5,192 | 16,891 |
Pension and PBOP Contributions | (188,874) | (197,900) |
Regulatory Overrecoveries, Net | 189,932 | 185,952 |
Amortization of Regulatory Assets/(Liabilities), Net | 174,108 | 58,058 |
Other | (129,039) | (197,876) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (212,326) | (107,473) |
Fuel, Materials, Supplies and Inventory | 44,702 | 23,686 |
Taxes Receivable/Accrued, Net | 70,885 | 88,856 |
Accounts Payable | (72,591) | (96,551) |
Other Current Assets and Liabilities, Net | (14,858) | (30,138) |
Net Cash Flows Provided by Operating Activities | 1,407,662 | 1,475,847 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (1,885,081) | (1,642,280) |
Proceeds from Sales of Marketable Securities | 405,276 | 520,664 |
Purchases of Marketable Securities | (396,277) | (506,302) |
Proceeds from the Sale of Generation Assets | 193,924 | 0 |
Other Investing Activities | (23,405) | (24,173) |
Net Cash Flows Used in Investing Activities | (1,705,563) | (1,652,091) |
Financing Activities: | ||
Cash Dividends on Common Stock | (480,082) | (451,562) |
Cash Dividends on Preferred Stock | (5,639) | (5,639) |
Increase/(Decrease) in Notes Payable | (222,110) | (231,500) |
Issuance of Rate Reduction Bonds | 635,663 | 0 |
Issuance of Long-Term Debt | 1,300,000 | 1,250,000 |
Retirement of Long-Term Debt | (860,855) | (320,000) |
Other Financing Activities | (20,361) | 171 |
Net Cash Flows (Used in)/Provided by Financing Activities | 346,616 | 241,470 |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 48,715 | 65,226 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 85,890 | 106,750 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 134,605 | 171,976 |
The Connecticut Light and Power Company | ||
Operating Activities: | ||
Net Income | 298,610 | 277,645 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 208,899 | 184,275 |
Deferred Income Taxes | 28,637 | 90,132 |
Uncollectible Expense | 12,135 | 1,755 |
Pension, SERP and PBOP Expense, Net | 6,594 | 6,421 |
Pension Contributions | (41,150) | (1,875) |
Regulatory Overrecoveries, Net | (1,136) | 71,413 |
Amortization of Regulatory Assets, Net | 97,437 | 58,799 |
Other | (55,827) | (23,911) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (126,513) | (70,936) |
Taxes Receivable/Accrued, Net | 72,702 | 69,335 |
Accounts Payable | (15,303) | (1,649) |
Other Current Assets and Liabilities, Net | (33,965) | (36,340) |
Net Cash Flows Provided by Operating Activities | 451,120 | 625,064 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (660,673) | (621,882) |
Other Investing Activities | 167 | 185 |
Net Cash Flows Used in Investing Activities | (660,506) | (621,697) |
Financing Activities: | ||
Cash Dividends on Common Stock | (60,000) | (205,200) |
Cash Dividends on Preferred Stock | (4,169) | (4,169) |
Capital Contributions from Eversource Parent | 100,000 | 0 |
(Decrease)/Increase in Notes Payable to Eversource Parent | (23,600) | (80,100) |
Premium on Issuance of Long-Term Debt | 0 | 21,937 |
Issuance of Long-Term Debt | 500,000 | 525,000 |
Retirement of Long-Term Debt | (300,000) | (250,000) |
Other Financing Activities | (7,584) | (6,322) |
Net Cash Flows (Used in)/Provided by Financing Activities | 204,647 | 1,146 |
Net Increase in Cash, Cash Equivalents and Restricted Cash | (4,739) | 4,513 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 9,619 | 8,403 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 4,880 | 12,916 |
NSTAR Electric Company | ||
Operating Activities: | ||
Net Income | 305,666 | 304,130 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 205,210 | 204,442 |
Deferred Income Taxes | 16,203 | 100,335 |
Uncollectible Expense | 20,433 | 14,937 |
Pension, SERP and PBOP Income, Net | (15,855) | (7,586) |
Pension and PBOP Contributions | (60,454) | (83,040) |
Regulatory Overrecoveries, Net | 180,797 | 71,647 |
Amortization of Regulatory Assets, Net | 35,467 | 17,243 |
Other | (49,178) | (47,972) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (155,669) | (113,960) |
Fuel, Materials, Supplies and Inventory | 29,156 | 11,483 |
Taxes Receivable/Accrued, Net | 42,148 | 71,705 |
Accounts Payable | (13,178) | (42,519) |
Other Current Assets and Liabilities, Net | 33,543 | 4,982 |
Net Cash Flows Provided by Operating Activities | 574,289 | 505,827 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (538,973) | (467,275) |
Other Investing Activities | 46 | (3,565) |
Net Cash Flows Used in Investing Activities | (538,927) | (470,840) |
Financing Activities: | ||
Cash Dividends on Common Stock | (161,000) | (214,500) |
Cash Dividends on Preferred Stock | (1,470) | (1,470) |
Capital Contributions from Eversource Parent | 105,500 | 2,300 |
Increase in Notes Payable to Eversource Parent | 16,000 | 0 |
Increase/(Decrease) in Notes Payable | 6,500 | (80,600) |
Issuance of Long-Term Debt | 0 | 350,000 |
Other Financing Activities | (239) | (3,410) |
Net Cash Flows (Used in)/Provided by Financing Activities | (34,709) | 52,320 |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 653 | 87,307 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 14,708 | 15,506 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 15,361 | 102,813 |
Public Service Company of New Hampshire | ||
Operating Activities: | ||
Net Income | 101,537 | 99,626 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 69,524 | 95,266 |
Deferred Income Taxes | 11,473 | 43,217 |
Uncollectible Expense | 4,900 | 5,200 |
Regulatory Overrecoveries, Net | (19,764) | 8,910 |
Amortization of Regulatory Assets/(Liabilities), Net | 41,318 | (10,658) |
Other | (3,104) | (7,866) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (32,819) | (30,276) |
Fuel, Materials, Supplies and Inventory | 14,555 | 4,263 |
Taxes Receivable/Accrued, Net | 10,929 | 10,749 |
Accounts Payable | (3,828) | 18,394 |
Other Current Assets and Liabilities, Net | 27,844 | 32,300 |
Net Cash Flows Provided by Operating Activities | 217,665 | 263,925 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (236,206) | (215,470) |
Proceeds from the Sale of Generation Assets | 193,924 | 0 |
Proceeds from the Sale of Property | 4,782 | 0 |
Other Investing Activities | 367 | 113 |
Net Cash Flows Used in Investing Activities | (37,133) | (215,357) |
Financing Activities: | ||
Cash Dividends on Common Stock | (150,000) | (23,900) |
Capital Contributions from Eversource Parent | 225,000 | 0 |
Return of Capital | (530,000) | 0 |
(Decrease)/Increase in Notes Payable to Eversource Parent | (216,300) | 41,400 |
Issuance of Rate Reduction Bonds | 635,663 | 0 |
Retirement of Long-Term Debt | (110,000) | (70,000) |
Other Financing Activities | 1,080 | (187) |
Net Cash Flows (Used in)/Provided by Financing Activities | (144,557) | (52,687) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 35,975 | (4,119) |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 2,191 | 5,953 |
Cash, Cash Equivalents and Restricted Cash - End of Period | $ 38,166 | $ 1,834 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire. On December 31, 2017, Western Massachusetts Electric Company ("WMECO") was merged into NSTAR Electric. In accordance with accounting guidance on combinations between entities under common control, the net assets, results of operations and cash flows of WMECO are reflected in the NSTAR Electric financial statements. NSTAR Electric's financial statements for all prior periods presented in this combined Quarterly Report on Form 10-Q have been retrospectively recast as if the merger occurred on the first day of the earliest reporting period. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2017 Form 10-K, which was filed with the SEC on February 26, 2018. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of September 30, 2018 and December 31, 2017 , the results of operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017 , and the cash flows for the nine months ended September 30, 2018 and 2017 . The results of operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017 and the cash flows for the nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results expected for a full year. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership interest in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource's utility subsidiaries' electric and natural gas distribution and transmission businesses, and water distribution business, are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. B. Accounting Standards Accounting Standards Issued but Not Yet Effective: In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which changes existing lease accounting guidance and is required to be applied in the first quarter of 2019, with earlier application permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements , allowing a transition method to adopt the new leases standard as of the adoption date and recognizing a cumulative-effect to the opening balance of retained earnings in the period of adoption, with comparative periods presented in the financial statements continuing to follow existing lease accounting guidance under Topic 840 (Leases) in the accounting literature. The Company intends to adopt the transition method allowed in ASU 2018-11. The Company will implement the new leases standard in the first quarter of 2019 and apply the Topic 842 lease criteria to new leases and lease renewals entered into effective on or after January 1, 2019. The requirements of the new leases standard include balance sheet recognition of leases previously deemed to be operating leases, and additional disclosure requirements. The Company is in the process of evaluating what impact the ASU, including the practical expedients, will have on its financial statements, including reviewing its lease population. The Company has decided to elect the practical expedient package whereby it need not reassess whether a contract is or contains a lease or whether a lease is an operating or capital lease and it need not reassess initial direct costs for leases. As of December 31, 2017, Eversource’s total future undiscounted minimum rental payments, excluding executory costs, under long-term noncancelable operating and capital leases were less than $100 million . Accounting Standards Recently Adopted: On January 1, 2018, Eversource, CL&P, NSTAR Electric and PSNH adopted ASU 2014-09, Revenue from Contracts with Customers , which amended existing revenue recognition guidance, using the modified retrospective method (cumulatively at the date of initial application) applying it only to contracts that were not complete at January 1, 2018. Under this method of adoption, prior year reported results were not restated. Implementation of the ASU did not have a material effect on the results of operations, financial position or cash flows of Eversource, CL&P, NSTAR Electric or PSNH. See Note 16, "Revenues," for further information . The Company identified an item that was accounted for differently under the new revenue guidance, as compared to the previously existing guidance. As a result of applying guidance on the unit of account under the new standard, purchases of power from and sales of power to ISO-New England are now accounted for net by the hour, rather than net by the month. This change increased Operating Revenues and Purchased Power, Fuel and Transmission by $0.4 million and $22.4 million , respectively, for the three and nine months ended September 30, 2018 , with no impact on net income. On January 1, 2018, Eversource adopted ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities . The ASU removed the available-for-sale designation for equity securities, whereby changes in fair value were previously recorded in accumulated other comprehensive income within shareholders' equity, and required changes in fair value of all equity securities to be recorded in earnings effective January 1, 2018. There was no cumulative effect of adoption. Unrealized gains recorded in Other Income, Net were $2.4 million and $2.6 million for the three and nine months ended September 30, 2018 , respectively. For further information, see Note 5, "Marketable Securities," to the financial statements. On January 1, 2018, Eversource, CL&P, NSTAR Electric and PSNH adopted ASU 2017-07, Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The ASU required separate presentation of service cost from other components of net pension, SERP and PBOP costs, with the other components presented as non-operating income and not subject to capitalization. The ASU has been applied retrospectively for the separate presentation in the income statement of service costs and other components and prospectively in the balance sheet for the capitalization of only the service cost component. As of September 30, 2018 , the non-service cost components of net pension, SERP and PBOP costs that were not capitalized in plant were recorded as an increase to regulatory liabilities of approximately $30 million , as these amounts continue to be included in rates. See Note 1G, "Summary of Significant Accounting Policies - Other Income, Net," to the financial statements for the portion of pension, SERP and PBOP costs that are presented as non-operating income for the three and nine months ended September 30, 2018 and 2017 . For the three months ended September 30, 2017, the amounts, which were previously presented within Operations and Maintenance expense on the statements of income, totaled $7.3 million at Eversource, $0.4 million at CL&P, $4.7 million at NSTAR Electric and $1.5 million at PSNH, and have been retrospectively presented within Other Income, Net. For the nine months ended September 30, 2017, these amounts were $22.9 million at Eversource, $1.3 million at CL&P, $14.5 million at NSTAR Electric and $4.5 million at PSNH. On January 1, 2018, Eversource, CL&P, NSTAR Electric and PSNH adopted two accounting standards relating to the statement of cash flows; ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, and ASU 2016-18, Restricted Cash. As a result of implementing ASU 2016-15, dividends from equity method investments of $16.4 million and $14.0 million for the nine months ended September 30, 2018 and 2017 , respectively, are presented in operating activities at Eversource, for which the 2017 amounts were previously classified in investing activities. ASU 2016-18 required that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Both standards were applied retrospectively, as required, and neither had a material impact on Eversource's, CL&P's, NSTAR Electric's or PSNH's statements of cash flows. See Note 1I, "Summary of Significant Accounting Policies - Supplemental Cash Flow Information," to the financial statements for a reconciliation of cash and cash equivalents as reported on the balance sheet to the statement of cash flows, which includes amounts described as restricted cash and restricted cash equivalents. C. Northern Pass Northern Pass is Eversource's planned 1,090 MW HVDC transmission line that will interconnect from the Québec-New Hampshire border to Franklin, New Hampshire and an associated alternating current radial transmission line between Franklin and Deerfield, New Hampshire. As of September 30, 2018 , our capitalized Northern Pass project costs were approximately $302 million . In March 2018, the New Hampshire Site Evaluation Committee ("NHSEC") issued a written decision denying Northern Pass’ siting application and the Massachusetts EDCs terminated the selection of, and subsequent contract negotiations with, Northern Pass under the Massachusetts Clean Energy RFP. On April 27, 2018, NPT filed a motion for rehearing with the NHSEC and on July 12, 2018, the NHSEC issued its written decision denying Northern Pass’ motion for rehearing. On August 10, 2018, NPT filed an appeal to the New Hampshire Supreme Court, based on the NHSEC’s failure to follow applicable law in its review of the project. On October 12, 2018, the New Hampshire Supreme Court accepted this appeal and directed the NHSEC to transmit the record of its proceedings to the Court by December 11, 2018. The Supreme Court has not yet issued a schedule for the balance of the appeal process. In parallel, NPT intends to continue to pursue all available options to secure NHSEC approval and to construct the project. The March 2018 NHSEC denial of Northern Pass' siting application caused us to review the recoverability of our Northern Pass project costs in the first quarter of 2018. In this recoverability review, we estimated undiscounted expected project cash flows and compared the result to our estimated project costs to determine whether the recorded amount was recoverable. Our undiscounted cash flows were substantially in excess of our estimated project costs. We completed this analysis and concluded that our project costs were recoverable as of March 31, 2018, based on our expectation that the Northern Pass project remains probable of being placed in service. The events that occurred subsequent to March 31, 2018 did not require an additional review of the recoverability of the Northern Pass project costs as of September 30, 2018. Consistent with Eversource’s and HQ’s long-term relationship to bring clean energy into New England, Eversource and HQ remain committed to Northern Pass and the many benefits this project will bring to our customers and the region. If as a result of future events and changes in circumstances a new recoverability review were to conclude that our project costs are not recoverable, then we would reduce Northern Pass' project costs to the estimated fair value, which could result in most of our $302 million of capitalized project costs being impaired. Such an impairment could have a material adverse effect on our financial position and results of operations. D. Impairment of Access Northeast Access Northeast is a natural gas pipeline and storage project being developed jointly by Eversource, Enbridge, Inc. ("Enbridge") and National Grid plc ("National Grid"), through Algonquin Gas Transmission, LLC ("AGT"). Eversource's investments include a 40 percent ownership interest in Access Northeast, which is accounted for as an equity method investment. Equity method investments are assessed for impairment when conditions exist that indicate that the fair value of the investment is less than book value. If the decline in value is considered to be other-than-temporary, the investment is written down to its estimated fair value, which establishes a new cost basis in the investment. Impairment evaluations involve a significant degree of judgment and estimation, including identifying circumstances that indicate an impairment may exist and developing undiscounted future cash flows. In 2015 and 2016, AGT sought to secure long-term natural gas pipeline capacity contracts with EDCs in Massachusetts, Connecticut, New Hampshire, Maine, and Rhode Island. Subsequently, in 2016, the Massachusetts Supreme Judicial Court and the NHPUC each ruled that state statutes precluded the state regulatory agencies from approving those contracts in Massachusetts and New Hampshire, respectively. The New Hampshire Supreme Court overruled the NHPUC decision in May 2018. Legislative changes are needed in Massachusetts to allow the DPU to approve natural gas pipeline capacity contracts. No such changes have occurred during any legislative session in 2017 or 2018. In September 2018, certain non-Eversource natural gas related events in eastern Massachusetts resulted in widespread property and system damage, personal injuries, and a fatality. As a result of these events, compounded by the failure to secure Massachusetts legislation to date, we believe there is significant uncertainty around the future timing of, and ability to secure, needed legislative change affecting the natural gas industry and pipeline expansion, which may significantly delay the completion of the Access Northeast project. Eversource identified the September 2018 natural gas related event, compounded by the adverse legislative environment, as negative evidence that indicated potential impairment. Our impairment assessment uses a discounted cash flow income approach, including consideration of the severity and duration of any decline in fair value of our investment in the project, and involves significant management judgment and estimation, including projections of the project’s discounted cash flows and assumptions about exit price. As of September 30, 2018, management determined that the future cash flows of the Access Northeast project are uncertain and can no longer be reasonably estimated and that the book value of our equity method investment is not recoverable. As a result, for the three months ended September 30, 2018, Eversource recorded an other-than-temporary impairment of $32.9 million within Other Income, Net on our statement of income, representing the full carrying value of our equity method investment. E. Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric and PSNH, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts. This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers. Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience. Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric and NSTAR Gas to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. The total provision for both uncollectible accounts and for uncollectible hardship accounts (the uncollectible hardship balance is included in the total provision) is included in Receivables, Net on the balance sheets, and is as follows: Total Provision for Uncollectible Accounts Uncollectible Hardship (Millions of Dollars) As of September 30, 2018 As of December 31, 2017 As of September 30, 2018 As of December 31, 2017 Eversource $ 218.1 $ 195.7 $ 132.6 $ 122.5 CL&P 84.6 78.9 68.3 65.5 NSTAR Electric 82.0 69.7 46.5 40.3 PSNH 11.3 10.5 — — In accordance with new revenue accounting guidance, uncollectible expense associated with customers' accounts receivable included in Operations and Maintenance expense on the statements of income is as follows: For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Eversource $ 21.5 $ 14.4 $ 50.7 $ 30.1 CL&P 4.4 3.6 12.1 1.8 NSTAR Electric 9.1 8.1 20.4 14.9 PSNH 1.6 1.5 4.9 5.2 F. Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," and Note 11, "Fair Value of Financial Instruments," to the financial statements. G. Other Income, Net The components of Other Income, Net on the statements of income were as follows: For the Three Months Ended September 30, 2018 September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service Income Components (1) $ 14.8 $ 2.0 $ 9.0 $ 2.0 $ 7.3 $ 0.4 $ 4.7 $ 1.5 AFUDC Equity 12.0 3.3 4.2 — 9.2 3.3 2.7 — Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates (2) (27.9 ) — 0.2 — 5.1 — 0.3 — Investment Income/(Loss) 1.8 0.7 (0.4 ) 0.1 4.6 3.1 0.9 0.7 Interest Income (3) 10.8 0.9 0.2 9.6 2.3 1.1 0.6 0.5 Gain on Sale of Property 5.0 — 0.5 4.4 — — — — Other 0.2 0.2 — — — — — — Total Other Income, Net (1) $ 16.7 $ 7.1 $ 13.7 $ 16.1 $ 28.5 $ 7.9 $ 9.2 $ 2.7 For the Nine Months Ended September 30, 2018 September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service Income Components (1) $ 44.6 $ 7.3 $ 26.8 $ 6.4 $ 22.9 $ 1.3 $ 14.5 $ 4.5 AFUDC Equity 32.6 9.4 11.5 — 23.8 8.2 6.7 — Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates (2) (0.4 ) — 0.6 — 23.0 — 0.2 — Investment Income 2.2 0.9 0.6 0.2 3.7 2.4 2.1 1.2 Interest Income (3) 16.2 2.9 0.6 13.3 5.8 3.5 1.1 1.6 Gain on Sale of Property 5.0 — 0.5 4.4 — — — — Other 0.5 0.2 — — — — — 0.1 Total Other Income, Net (1) $ 100.7 $ 20.7 $ 40.6 $ 24.3 $ 79.2 $ 15.4 $ 24.6 $ 7.4 (1) As a result of the adoption of new accounting guidance, the non-service related components of pension, SERP and PBOP benefit costs are presented as non-operating income and recorded in Other Income, Net on the statements of income. The 2017 amounts, which were previously presented within Operations and Maintenance expense on the statements of income, have been retrospectively presented within Other Income, Net for the three and nine months ended September 30, 2017. Eversource elected the practical expedient in the accounting guidance that allows the Company to use the amounts disclosed in its Pension Benefits and Postretirement Benefits Other Than Pension footnote for the prior period presentations as the estimation basis for applying the retrospective presentation requirements. (2) For the three months ended September 30, 2018 , equity in earnings/(loss) and impairment of unconsolidated affiliates includes an other-than-temporary impairment of $32.9 million in the Access Northeast project investment. See Note 1D, "Summary of Significant Accounting Policies - Impairment of Access Northeast," for further information. For the nine months ended September 30, 2018 and 2017, equity in earnings includes $17.6 million and $9.7 million of unrealized gains associated with an investment in a renewable energy fund, respectively. (3) See Note 2, "Regulatory Accounting," for interest income recognized in the third quarter of 2018 for the equity return component of carrying charges on storm costs at PSNH. H. Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are shown separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Eversource $ 43.5 $ 40.3 $ 122.5 $ 118.2 CL&P 40.6 37.8 107.7 103.5 As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. Separate from the amounts above are $ 10.7 million and $36.1 million of amounts recorded as Taxes Other than Income Taxes for the three and nine months ended September 30, 2018 , respectively, related to the future remittance to the State of Connecticut of energy efficiency funds collected from customers in Operating Revenues. These amounts are shown separately with collections in Operating Revenues and expenses in Taxes Other than Income Taxes on the Eversource and CL&P statements of income. I. Supplemental Cash Flow Information Non-cash investing activities include plant additions included in Accounts Payable as follows: (Millions of Dollars) As of September 30, 2018 As of September 30, 2017 Eversource $ 303.7 $ 307.7 CL&P 103.0 113.4 NSTAR Electric 62.5 92.5 PSNH 48.3 39.6 The following table reconciles cash and cash equivalents as reported on the balance sheets to the cash, cash equivalents, and restricted cash as reported on the statements of cash flows: As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Cash and Cash Equivalents as reported on the Balance Sheets $ 59.1 $ 1.0 $ 2.4 $ 7.5 $ 38.2 $ 6.0 $ 1.8 $ 0.9 Restricted cash included in: Prepayments and Other Current Assets 51.4 3.5 12.9 26.8 24.4 3.1 12.8 0.5 Marketable Securities 20.9 0.4 0.1 0.7 23.3 0.5 0.1 0.8 Other Long-Term Assets 3.2 — — 3.2 — — — — Cash, Cash Equivalents, and Restricted Cash reported on the Statements of Cash Flows $ 134.6 $ 4.9 $ 15.4 $ 38.2 $ 85.9 $ 9.6 $ 14.7 $ 2.2 Restricted cash included in Prepayments and Other Current Assets and Other Long-Term Assets, shown above, primarily represents required ISO-NE cash deposits and cash collections related to the PSNH RRB customer charges that are held in trust. R estricted cash included in Marketable Securities, shown above, represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel removal obligations of their nuclear fuel storage facilities. As a result of implementing new accounting guidance for the statement of cash flows, the reclassification of the change in restricted cash balances, which was previously classified as operating activities, resulted in a decrease of $30.2 million in the total cash and restricted cash change for the nine months ended September 30, 2017. J. Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act became law, which amended existing federal tax rules to reduce U.S. federal corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. Our regulated companies have established a liability to reflect the difference between the 35 percent federal corporate income tax rate included in rates charged to customers and the 21 percent federal income tax rate. Eversource, CL&P, NSTAR Electric and PSNH's effective tax rate has decreased, as compared to the prior period, as a result of incurring a lower federal income tax expense, which is reflected on the statements of income for the three and nine months ended September 30, 2018 . See Note 16, "Revenues," for further information on the amounts deducted from revenues. Eversource's annual return to provision process in the third quarter of 2018 resulted in significant benefits as a result of both tax reform and changes in Connecticut state tax legislation that resulted in the remeasurement of a tax reserve. These benefits from both federal tax reform and Connecticut tax law change reduced income tax expense by an aggregate $18 million for the three months ended September 30, 2018 . |
REGULATORY ACCOUNTING
REGULATORY ACCOUNTING | 9 Months Ended |
Sep. 30, 2018 | |
Regulated Operations [Abstract] | |
REGULATORY ACCOUNTING | REGULATORY ACCOUNTING Eversource's utility companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The regulated companies' financial statements reflect the effects of the rate-making process. The rates charged to the customers of Eversource's regulated companies are designed to collect each company's costs to provide service, including a return on investment. Management believes it is probable that each of the regulated companies will recover its respective investments in long-lived assets, including regulatory assets. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises to any of the regulated companies' operations, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the costs would be charged to net income in the period in which the determination is made. Regulatory Assets: The components of regulatory assets were as follows: As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Benefit Costs $ 1,988.4 $ 447.4 $ 541.2 $ 172.0 $ 2,068.8 $ 469.2 $ 560.7 $ 212.3 Income Taxes, Net 720.7 448.1 112.9 15.6 768.9 453.8 113.2 21.7 Securitized Stranded Costs 618.6 — — 618.6 — — — — Deferred Costs from Generation Asset Sale — — — — 516.1 — — 516.1 Storm Restoration Costs, Net 598.5 319.7 222.1 56.7 404.8 216.7 146.6 41.5 Regulatory Tracker Mechanisms 257.8 39.5 128.4 74.9 509.9 85.3 273.0 116.4 Derivative Liabilities 360.0 359.9 — — 367.2 362.3 — — Goodwill-related 352.6 — 302.7 — 365.2 — 313.6 — Asset Retirement Obligations 87.5 31.8 41.3 3.3 101.0 30.3 39.0 17.0 Other Regulatory Assets 169.2 27.4 71.7 12.4 137.4 27.6 78.4 15.8 Total Regulatory Assets 5,153.3 1,673.8 1,420.3 953.5 5,239.3 1,645.2 1,524.5 940.8 Less: Current Portion 436.7 128.8 193.5 61.4 741.9 200.3 333.9 130.1 Total Long-Term Regulatory Assets $ 4,716.6 $ 1,545.0 $ 1,226.8 $ 892.1 $ 4,497.4 $ 1,444.9 $ 1,190.6 $ 810.7 Securitized Stranded Costs: On May 8, 2018, a subsidiary of PSNH issued $635.7 million of securitized RRBs to finance PSNH's unrecovered stranded costs associated with the divestiture of its generation assets. Securitized regulatory assets, which are not earning an equity return, are being recovered over the amortization period of the associated RRBs. The PSNH RRBs are expected to be repaid by February 1, 2033. The stranded costs related to the difference between the carrying value and the fair value less costs to sell the thermal generation assets were reflected as a deferred cost in the table above as of December 31, 2017, and are reflected in the securitized stranded costs balance as of September 30, 2018 . Storm Restoration Costs, Net: 2018 Storms: In 2018, several significant storms caused extensive damage to our electric distribution systems and significant customer outages across all three states. A storm must meet certain criteria to qualify for deferral and recovery with the criteria specific to each state jurisdiction and utility company. Once a storm qualifies for recovery, all qualifying expenses incurred during storm restoration efforts are deferred and recovered from customers. Costs for storms that do not meet the specific criteria are expensed as incurred. The 2018 storms resulted in deferred storm restoration costs of approximately $266 million ( $149 million for CL&P, $101 million for NSTAR Electric, and $16 million for PSNH), which were reflected in Storm Restoration Costs, Net in the table above as of September 30, 2018 . Management believes the storm restoration costs were prudent and meet the criteria for specific cost recovery in Connecticut, Massachusetts and New Hampshire, and that recovery from customers is probable through the applicable regulatory recovery processes. On September 17, 2018, the NHPUC approved the recovery of $49 million , plus carrying charges, in storm costs incurred from August 2011 through March 2013 and the transfer of funding from PSNH’s major storm funding reserve to offset those costs. The costs of these storms (excluding the equity return component of the carrying charges) were deferred as regulatory assets, and the funding reserve collected from customers was accrued as a regulatory liability. The storm cost deferral is separate from the major storm funding reserve that is being collected from customers. As a result of the approval, PSNH recognized $8.7 million (pre-tax) within Other Income, Net on our statement of income in the third quarter of 2018 for the equity return component of the carrying charges, which have been billed and collected. Storm costs incurred from March 2013 through 2016 are currently being audited by the NHPUC staff. Regulatory Costs in Long-Term Assets: Eversource's regulated companies had $104.6 million (including $27.6 million for CL&P, $53.3 million for NSTAR Electric and $3.9 million for PSNH) and $105.8 million (including $18.2 million for CL&P, $42.7 million for NSTAR Electric and $27.2 million for PSNH) of additional regulatory costs as of September 30, 2018 and December 31, 2017 , respectively, that were included in long-term assets on the balance sheets. These amounts represent incurred costs for which recovery has not yet been specifically approved by the applicable regulatory agency. However, based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. Regulatory Liabilities: The components of regulatory liabilities were as follows: As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Excess ADIT due to Tax Cuts and Jobs Act $ 2,876.9 $ 1,026.3 $ 1,100.5 $ 397.4 $ 2,882.0 $ 1,031.6 $ 1,087.9 $ 405.1 Cost of Removal 516.4 37.8 305.7 24.9 502.1 23.2 293.8 37.9 Benefit Costs 127.1 — 107.2 0.5 132.3 — 112.6 — Regulatory Tracker Mechanisms 345.6 111.9 168.3 38.5 136.7 34.6 77.8 5.0 AFUDC - Transmission 68.6 47.8 20.8 — 67.1 48.8 18.3 — Revenue Subject to Refund 36.2 8.3 3.7 9.4 — — — — Other Regulatory Liabilities 80.7 25.7 28.3 2.8 45.2 12.9 3.7 2.7 Total Regulatory Liabilities 4,051.5 1,257.8 1,734.5 473.5 3,765.4 1,151.1 1,594.1 450.7 Less: Current Portion 344.7 126.6 168.2 39.7 128.1 39.0 79.6 6.3 Total Long-Term Regulatory Liabilities $ 3,706.8 $ 1,131.2 $ 1,566.3 $ 433.8 $ 3,637.3 $ 1,112.1 $ 1,514.5 $ 444.4 Revenue Subject to Refund: The regulatory liability balance represents the difference between the 35 percent federal corporate income tax rate included in rates charged to customers and the 21 percent federal income tax rate, effective January 1, 2018 as a result of the Tax Cuts and Jobs Act. Effective February 1, 2018 for NSTAR Electric, May 1, 2018 for CL&P and July 1, 2018 for NSTAR Gas, base rates charged to customers have been adjusted to reflect the new federal income tax rate. As part of CL&P's 2018 rate case settlement, a new capital tracker regulatory mechanism was established, which includes the refund of the reserve for the higher federal corporate income tax rate to customers between January 1, 2018 through April 30, 2018 in rates, from July 1, 2018 through December 31, 2018. |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION The following tables summarize property, plant and equipment by asset category: Eversource As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Distribution - Electric $ 14,794.9 $ 14,410.5 Distribution - Natural Gas 3,371.2 3,244.2 Transmission - Electric 9,733.6 9,270.9 Distribution - Water 1,594.3 1,558.4 Solar 109.3 36.2 Utility 29,603.3 28,520.2 Other (1) 759.0 693.7 Property, Plant and Equipment, Gross 30,362.3 29,213.9 Less: Accumulated Depreciation Utility (7,065.4 ) (6,846.9 ) Other (325.4 ) (286.9 ) Total Accumulated Depreciation (7,390.8 ) (7,133.8 ) Property, Plant and Equipment, Net 22,971.5 22,080.1 Construction Work in Progress 1,996.2 1,537.4 Total Property, Plant and Equipment, Net $ 24,967.7 $ 23,617.5 As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Distribution $ 6,027.1 $ 6,651.1 $ 2,157.0 $ 5,888.3 $ 6,479.0 $ 2,083.4 Transmission 4,513.7 3,915.5 1,255.6 4,239.9 3,821.2 1,161.3 Solar — 109.3 — — 36.2 — Property, Plant and Equipment, Gross 10,540.8 10,675.9 3,412.6 10,128.2 10,336.4 3,244.7 Less: Accumulated Depreciation (2,297.4 ) (2,673.0 ) (762.1 ) (2,239.0 ) (2,550.2 ) (751.8 ) Property, Plant and Equipment, Net 8,243.4 8,002.9 2,650.5 7,889.2 7,786.2 2,492.9 Construction Work in Progress 510.3 573.2 176.0 381.8 460.3 149.4 Total Property, Plant and Equipment, Net $ 8,753.7 $ 8,576.1 $ 2,826.5 $ 8,271.0 $ 8,246.5 $ 2,642.3 (1) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The electric and natural gas companies purchase and procure energy and energy-related products, which are subject to price volatility, for their customers. The costs associated with supplying energy to customers are recoverable from customers in future rates. These regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts. Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance. The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses on the statements of income, as applicable, as electricity or natural gas is delivered. Derivative contracts that are not designated as normal are recorded at fair value as current or long-term Derivative Assets or Derivative Liabilities on the balance sheets. For the electric and natural gas companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract settlement amounts are recovered from, or refunded to, customers in their respective energy supply rates. The gross fair values of derivative assets and liabilities with the same counterparty are offset and reported as net Derivative Assets or Derivative Liabilities, with current and long-term portions, on the balance sheets. The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities: As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Fair Value Hierarchy Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Commodity Supply and Price Risk Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: Eversource Level 2 $ 0.8 $ (0.5 ) $ 0.3 $ — $ — $ — CL&P Level 3 8.8 (4.8 ) 4.0 9.5 (7.1 ) 2.4 Long-Term Derivative Assets: CL&P Level 3 75.0 (2.3 ) 72.7 71.9 (5.3 ) 66.6 Current Derivative Liabilities: Eversource Level 2 — — — (4.5 ) — (4.5 ) CL&P Level 3 (50.8 ) — (50.8 ) (54.4 ) — (54.4 ) Long-Term Derivative Liabilities: Eversource Level 2 (0.1 ) — (0.1 ) (0.4 ) — (0.4 ) CL&P Level 3 (385.8 ) — (385.8 ) (376.9 ) — (376.9 ) (1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. For further information on the fair value of derivative contracts, see Note 1F, "Summary of Significant Accounting Policies - Fair Value Measurements," to the financial statements. Derivative Contracts at Fair Value with Offsetting Regulatory Amounts Commodity Supply and Price Risk Management : As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI. The combined capacity of these contracts is 787 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets. In addition, CL&P has a contract to purchase 0.1 million MWh of energy per year through 2020. As of September 30, 2018 and December 31, 2017 , Eversource had New York Mercantile Exchange ("NYMEX") financial contracts for natural gas futures in order to reduce variability associated with the price of 10.6 million and 9.5 million MMBtu of natural gas, respectively. For the three months ended September 30, 2018 and 2017 , there were gains of $1.6 million and $0.6 million , respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. For the nine months ended September 30, 2018 and 2017, there were losses of $25.8 million and $30.3 million , respectively. Fair Value Measurements of Derivative Instruments Derivative contracts classified as Level 2 in the fair value hierarchy relate to the financial contracts for natural gas futures. Prices are obtained from broker quotes and are based on actual market activity. The contracts are valued using NYMEX natural gas prices. Valuations of these contracts also incorporate discount rates using the yield curve approach. The fair value of derivative contracts classified as Level 3 utilizes significant unobservable inputs. The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions related to exit price. Significant observable inputs for valuations of these contracts include energy and energy-related product prices in future years for which quoted prices in an active market exist. Fair value measurements categorized in Level 3 of the fair value hierarchy are prepared by individuals with expertise in valuation techniques, pricing of energy and energy-related products, and accounting requirements. The future power and capacity prices for periods that are not quoted in an active market or established at auction are based on available market data and are escalated based on estimates of inflation in order to address the full term of the contract. Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding the timing and likelihood of scheduled payments and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty's credit rating for assets and the Company's credit rating for liabilities. Valuations incorporate estimates of premiums or discounts that would be required by a market participant to arrive at an exit price, using historical market transactions adjusted for the terms of the contract. The following is a summary of CL&P's Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts: As of September 30, 2018 As of December 31, 2017 CL&P Range Period Covered Range Period Covered Capacity Prices $ 4.30 — 7.44 per kW-Month 2022-2026 $ 5.00 — 8.70 per kW-Month 2021 - 2026 Forward Reserve $ 0.95 — 2.00 per kW-Month 2019-2024 $ 1.00 — 2.00 per kW-Month 2018 - 2024 Exit price premiums of 1 percent through 16 percent are also applied to these contracts and reflect the uncertainty and illiquidity premiums that would be required based on the most recent market activity available for similar type contracts. Significant increases or decreases in future energy, capacity or forward reserve prices in isolation would decrease or increase, respectively, the fair value of the derivative liability. Any increases in risk premiums would increase the fair value of the derivative liability. Changes in these fair values are recorded as a regulatory asset or liability and do not impact net income. Valuations using significant unobservable inputs: The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. CL&P For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2018 2017 2018 2017 Derivatives, Net: Fair Value as of Beginning of Period $ (369.3 ) $ (394.8 ) $ (362.3 ) $ (420.5 ) Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets and Liabilities 1.2 (0.7 ) (27.0 ) (15.9 ) Settlements 8.2 13.9 29.4 54.8 Fair Value as of End of Period $ (359.9 ) $ (381.6 ) $ (359.9 ) $ (381.6 ) |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Eversource holds marketable securities that are primarily used to fund certain non-qualified executive benefits. The trusts that hold marketable securities are not subject to regulatory oversight by state or federal agencies. CYAPC and YAEC maintain legally restricted trusts, each of which holds marketable securities, to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Equity Securities: In accordance with new accounting guidance, unrealized gains and losses on equity securities are recorded in Other Income, Net on the statements of income. The fair value of equity securities subject to this guidance as of September 30, 2018 and December 31, 2017 was $54.5 million and $50 million , respectively. For the three and nine months ended September 30, 2018 , there were unrealized gains of $2.4 million and $2.6 million , respectively, recorded in Other Income, Net related to these equity securities. Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in nuclear decommissioning trusts, which had fair values of $ 258.0 million and $ 263.8 million as of September 30, 2018 and December 31, 2017, respectively. Unrealized gains and losses for these nuclear decommissioning trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to Other Long-Term Liabilities on the balance sheets, with no impact on the statements of income. Available-for-Sale Debt Securities: The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets. As of September 30, 2018 As of December 31, 2017 Eversource (Millions of Dollars) Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Debt Securities $ 292.8 $ 0.8 $ (2.7 ) $ 290.9 $ 284.9 $ 3.2 $ (1.1 ) $ 287.0 Eversource's debt securities include CYAPC's and YAEC's marketable securities held in nuclear decommissioning trusts in the amounts of $247.1 million and $242.3 million as of September 30, 2018 and December 31, 2017 , respectively. Unrealized gains and losses on available-for-sale debt securities held in Eversource's non-qualified benefit trust are recorded in Accumulated Other Comprehensive Income. There have been no significant unrealized losses, other-than-temporary impairments, or credit losses for the three and nine months ended September 30, 2018 and 2017 . Factors considered in determining whether a credit loss exists include the duration and severity of the impairment, adverse conditions specifically affecting the issuer, and the payment history, ratings and rating changes of the security. For asset-backed debt securities, underlying collateral and expected future cash flows are also evaluated. As of September 30, 2018 , the contractual maturities of available-for-sale debt securities were as follows: Eversource (Millions of Dollars) Amortized Cost Fair Value Less than one year (1) $ 28.5 $ 28.5 One to five years 48.7 48.3 Six to ten years 61.8 61.2 Greater than ten years 153.8 152.9 Total Debt Securities $ 292.8 $ 290.9 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC nuclear decommissioning trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. Realized Gains and Losses: Realized gains and losses are recorded in Other Income, Net for Eversource's non-qualified benefit trust and are offset in Other Long-Term Liabilities for CYAPC and YAEC. Eversource utilizes the specific identification basis method for the Eversource non-qualified benefit trust, and the average cost basis method for the CYAPC and YAEC nuclear decommissioning trusts to compute the realized gains and losses on the sale of marketable securities. Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Eversource (Millions of Dollars) As of September 30, 2018 As of December 31, 2017 Level 1: Mutual Funds and Equities $ 312.5 $ 313.8 Money Market Funds 20.9 23.3 Total Level 1 $ 333.4 $ 337.1 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 80.8 $ 70.2 Corporate Debt Securities 41.8 50.9 Asset-Backed Debt Securities 14.3 21.2 Municipal Bonds 121.2 110.7 Other Fixed Income Securities 11.9 10.7 Total Level 2 $ 270.0 $ 263.7 Total Marketable Securities $ 603.4 $ 600.8 U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instruments and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows. |
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Short-Term Debt - Commercial Paper Programs and Credit Agreements : Eversource parent has a $1.45 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas and Yankee Gas are also parties to a five -year $1.45 billion revolving credit facility. The revolving credit facility terminates on December 8, 2022 and serves to backstop Eversource parent's $1.45 billion commercial paper program. NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five -year $650 million revolving credit facility. The revolving credit facility terminates on December 8, 2022 and serves to backstop NSTAR Electric's $650 million commercial paper program. There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of September 30, 2018 or December 31, 2017 . Eversource's water distribution segment has a $100 million revolving credit facility, which expires on August 19, 2019, and there were no amounts outstanding as of September 30, 2018 and $76.0 million outstanding as of December 31, 2017 . The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding as of Available Borrowing Capacity as of Weighted-Average Interest Rate as of September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 (Millions of Dollars) Eversource Parent Commercial Paper Program $ 826.7 $ 979.3 $ 623.3 $ 470.7 2.34 % 1.86 % NSTAR Electric Commercial Paper Program 240.5 234.0 409.5 416.0 2.17 % 1.55 % Amounts outstanding under the commercial paper programs and revolving credit facility are included in Notes Payable for Eversource and NSTAR Electric and are classified in current liabilities on the balance sheets as all borrowings are outstanding for no more than 364 days at one time. As a result of the Eversource parent long-term debt issuances on January 8, 2018, the net proceeds of which were used to repay short-term borrowings outstanding under its commercial paper program, $201.2 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified as Long-Term Debt as of December 31, 2017. As of September 30, 2018 , there were intercompany loans from Eversource parent of $45.9 million to CL&P, $46.6 million to PSNH and $16.0 million to Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric ("HEEC"). Intercompany loans from Eversource parent to other Eversource subsidiaries primarily included $196.9 million to Eversource Service, $108.0 million to Aquarion, and $117.2 million to NSTAR Gas as of September 30, 2018 . As of December 31, 2017 , there were intercompany loans from Eversource parent of $69.5 million to CL&P and $262.9 million to PSNH. Intercompany loans from Eversource parent to other Eversource subsidiaries primarily included $115.9 million to Eversource Service and $198.0 million to NSTAR Gas as of December 31, 2017 . These intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and are classified in current liabilities on the respective subsidiary's balance sheets. Intercompany loans from Eversource parent are eliminated in consolidation on Eversource's balance sheets. We believe the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with our existing borrowing availability and access to financial markets for the issuance of new long-term debt, will be sufficient to meet any working capital and future operating requirements, and capital investment forecast opportunities. Long-Term Debt: The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issue Date Issuances/(Repayments) Maturity Date Use of Proceeds for Issuances/ CL&P: 4.00% 2018 Series A First Mortgage Bonds March 2018 $ 500.0 April 2048 Repaid long-term debt that matured in 2018 and repaid short-term borrowings 5.65% 2008 Series A First Mortgage Bonds May 2008 (300.0 ) May 2018 Repaid at maturity on May 1, 2018 PSNH: 6.00% 2008 Series O First Mortgage Bonds May 2008 (110.0 ) May 2018 Repaid at maturity on May 1, 2018 Other: Eversource Parent 2.50% Series I Senior Notes (1) January 2018 200.0 March 2021 Repaid long-term debt that matured in 2018 and repaid short-term borrowings Eversource Parent 3.30% Series M Senior Notes January 2018 450.0 January 2028 Repaid long-term debt that matured in 2018 Eversource Parent 1.60% Series G Senior Notes January 2015 (150.0 ) January 2018 Repaid at maturity on January 15, 2018 Eversource Parent 1.45% Series E Senior Notes May 2013 (300.0 ) May 2018 Repaid at maturity on May 1, 2018 Yankee Gas 4.13% Series O First Mortgage Bonds September 2018 50.0 October 2048 Repaid long-term debt that matured in 2018 NSTAR Gas 4.09% Series P First Mortgage Bonds September 2018 100.0 October 2048 Repaid short-term borrowings Yankee Gas 6.90% Series J First Mortgage Bonds October 2018 (100.0 ) October 2018 Repaid at maturity on October 1, 2018 (1) These notes are part of the same series issued by Eversource parent in March 2016. The aggregate outstanding principal amount for these notes is now $450 million . On October 10, 2018, PSNH delivered a redemption notice for its $89.3 million adjustable rate 2001 Series A Pollution Control Revenue Bonds. The bonds, which are scheduled to mature on May 1, 2021, will be redeemed on November 28, 2018 at a redemption price of $89.3 million . The bonds are classified as Long-Term Debt on the balance sheet as of September 30, 2018. As a result of the Eversource parent debt issuances in January 2018, $446.8 million of current portion of long-term debt related to two Eversource parent issuances maturing in 2018 and $201.2 million of commercial paper borrowings were reclassified to Long-Term Debt as of December 31, 2017. |
RATE REDUCTION BONDS AND VARIAB
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2018 | |
Rate Reduction Bonds and Variable Interest Entity [Abstract] | |
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES Rate Reduction Bonds: PSNH Funding LLC 3 (PSNH Funding) is a bankruptcy remote, special purpose, wholly-owned subsidiary of PSNH. PSNH Funding was formed solely to issue rate reduction bonds (RRBs) to finance PSNH’s unrecovered stranded costs associated with the divestiture of its generation assets. On May 8, 2018, PSNH Funding issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent , and final maturity dates ranging from 2026 to 2035. The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and will be paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC on January 30, 2018 to recover stranded costs resulting from the divestiture of PSNH’s generation assets. The proceeds were used to purchase PSNH’s stranded cost asset-recovery property, including its vested property right to bill, collect and adjust a non-bypassable stranded cost recovery charge from PSNH’s retail customers. The collections will be used to pay principal, interest and other costs in connection with the RRBs. The RRBs are secured by the stranded cost asset-recovery property. Cash collections from the stranded cost recovery charges and funds on deposit in trust accounts are the sole source of funds to satisfy the debt obligation. PSNH is not the owner of the RRBs, and PSNH Funding’s assets and revenues are not available to pay PSNH’s creditors. The RRBs are non-recourse senior secured obligations of PSNH Funding and are not insured or guaranteed by PSNH or Eversource Energy. PSNH Funding is considered a variable interest entity ( VIE) primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements. The following tables summarize the impact of PSNH Funding on PSNH's balance sheet and income statement: (Millions of Dollars) Balance Sheet: As of September 30, 2018 Restricted Cash - Current Portion (included in Prepayments and Other Current Assets) $ 26.9 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 Securitized Stranded Cost (included in Regulatory Assets) 618.6 Other Regulatory Liabilities (included in Regulatory Liabilities) 1.0 Accrued Interest (included in Other Current Liabilities) 8.8 Rate Reduction Bonds - Current Portion 52.3 Rate Reduction Bonds - Long-Term Portion 583.3 (Millions of Dollars) Income Statement: For the Three Months Ended September 30, 2018 For the Nine Months Ended September 30, 2018 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 10.2 $ 17.1 Interest Expense on RRB Principal (included in Interest Expense) 6.0 8.8 Variable Interest Entities - Other: The Company's variable interests outside of the consolidated group include contracts that are required by regulation and provide for regulatory recovery of contract costs and benefits through customer rates. Eversource, CL&P and NSTAR Electric hold variable interests in VIEs through agreements with certain entities that own single renewable energy or peaking generation power plants, with other independent power producers and with transmission businesses. Eversource, CL&P and NSTAR Electric do not control the activities that are economically significant to these VIEs or provide financial or other support to these VIEs. Therefore, Eversource, CL&P and NSTAR Electric do not consolidate these VIEs. |
PENSION BENEFITS AND POSTRETIRE
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION | 9 Months Ended |
Sep. 30, 2018 | |
Postemployment Benefits [Abstract] | |
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION | PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION Eversource provides defined benefit retirement plans ("Pension Plans") that cover eligible employees, including, among others, employees of CL&P, NSTAR Electric and PSNH. In addition to the Pension Plans, Eversource maintains non-qualified defined benefit retirement plans ("SERP Plans"), which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (the "PBOP Plans") that provide life insurance and a health reimbursement arrangement created for the purpose of reimbursing retirees and dependents for health insurance premiums and certain medical expenses to eligible employees that met certain age and service eligibility requirements. The components of net periodic benefit expense for the Pension, SERP and PBOP Plans are shown below. The service cost component of net periodic benefit expense and the intercompany allocations, less the capitalized portions, are included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit costs for pension, SERP and PBOP are included in Other Income, Net on the statements of income. Capitalized amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis. Pension and SERP For the Three Months Ended September 30, 2018 For the Three Months Ended September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 20.9 $ 5.2 $ 4.3 $ 2.7 $ 17.4 $ 4.6 $ 3.8 $ 2.4 Interest Cost 49.2 10.5 10.9 5.5 47.2 10.5 10.7 5.3 Expected Return on Plan Assets (97.8 ) (19.4 ) (26.6 ) (10.8 ) (83.5 ) (17.8 ) (21.9 ) (10.0 ) Actuarial Loss 35.7 7.1 10.1 3.3 33.9 6.8 10.4 3.0 Prior Service Cost 2.0 0.2 0.1 0.1 1.2 0.4 0.2 0.1 Total Net Periodic Benefit Expense/(Income) $ 10.0 $ 3.6 $ (1.2 ) $ 0.8 $ 16.2 $ 4.5 $ 3.2 $ 0.8 Intercompany Allocations N/A $ 1.5 $ 1.6 $ 0.5 N/A $ 2.4 $ 2.3 $ 0.8 Capitalized Pension Expense $ 6.6 $ 2.0 $ 1.8 $ 0.8 $ 5.5 $ 2.4 $ 2.0 $ 0.4 Pension and SERP For the Nine Months Ended September 30, 2018 For the Nine Months Ended September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 64.2 $ 16.2 $ 13.1 $ 8.4 $ 53.8 $ 13.9 $ 11.7 $ 7.3 Interest Cost 147.1 31.4 32.6 16.4 140.7 31.3 31.9 15.9 Expected Return on Plan Assets (293.8 ) (59.7 ) (78.3 ) (32.6 ) (250.5 ) (53.9 ) (65.8 ) (29.9 ) Actuarial Loss 107.6 21.9 31.0 9.8 101.3 20.7 30.9 8.7 Prior Service Cost 6.0 0.8 0.2 0.2 3.4 1.1 0.4 0.4 Total Net Periodic Benefit Expense/(Income) $ 31.1 $ 10.6 $ (1.4 ) $ 2.2 $ 48.7 $ 13.1 $ 9.1 $ 2.4 Intercompany Allocations N/A $ 4.5 $ 4.8 $ 1.4 N/A $ 7.4 $ 6.9 $ 2.5 Capitalized Pension Expense $ 20.2 $ 6.2 $ 5.8 $ 2.3 $ 16.5 $ 7.3 $ 5.7 $ 1.1 PBOP For the Three Months Ended September 30, 2018 For the Three Months Ended September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 2.5 $ 0.4 $ 0.5 $ 0.3 $ 2.4 $ 0.5 $ 0.4 $ 0.3 Interest Cost 7.7 1.5 2.2 0.9 6.8 1.3 2.2 0.8 Expected Return on Plan Assets (18.2 ) (2.6 ) (8.1 ) (1.5 ) (16.0 ) (2.4 ) (7.2 ) (1.4 ) Actuarial Loss 2.6 0.4 0.5 0.2 2.2 0.2 0.9 0.1 Prior Service Cost/(Credit) (6.0 ) 0.3 (4.3 ) 0.1 (5.3 ) 0.3 (4.3 ) 0.2 Total Net Periodic Benefit Income $ (11.4 ) $ — $ (9.2 ) $ — $ (9.9 ) $ (0.1 ) $ (8.0 ) $ — Intercompany Allocations N/A $ (0.3 ) $ (0.3 ) $ (0.1 ) N/A $ (0.2 ) $ (0.2 ) $ (0.1 ) Capitalized PBOP Expense/(Income) $ 0.7 $ 0.1 $ 0.2 $ 0.1 $ (4.8 ) $ (0.1 ) $ (4.1 ) $ — PBOP For the Nine Months Ended September 30, 2018 For the Nine Months Ended September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 7.5 $ 1.4 $ 1.6 $ 0.9 $ 7.1 $ 1.5 $ 1.4 $ 1.0 Interest Cost 23.0 4.4 6.5 2.5 20.3 4.0 6.5 2.3 Expected Return on Plan Assets (54.2 ) (7.8 ) (24.4 ) (4.5 ) (47.8 ) (7.3 ) (21.6 ) (4.1 ) Actuarial Loss 7.7 1.2 1.7 0.6 6.9 0.7 2.6 0.4 Prior Service Cost/(Credit) (17.6 ) 0.8 (12.7 ) 0.4 (16.1 ) 0.8 (12.8 ) 0.4 Total Net Periodic Benefit Income $ (33.6 ) $ — $ (27.3 ) $ (0.1 ) $ (29.6 ) $ (0.3 ) $ (23.9 ) $ — Intercompany Allocations N/A $ (0.8 ) $ (1.0 ) $ (0.3 ) N/A $ (0.5 ) $ (0.8 ) $ (0.3 ) Capitalized PBOP Expense/(Income) $ 2.3 $ 0.5 $ 0.7 $ 0.3 $ (14.3 ) $ (0.4 ) $ (12.1 ) $ — |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters Eversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations. The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: As of September 30, 2018 As of December 31, 2017 Number of Sites Reserve (in millions) Number of Sites Reserve (in millions) Eversource 60 $ 66.6 59 $ 54.9 CL&P 14 5.0 14 4.7 NSTAR Electric 17 10.9 15 2.7 PSNH 9 5.5 10 5.7 The increase in the reserve balance was due primarily to the addition of an environmental site at NSTAR Electric and changes in cost estimates at certain MGP sites under investigation for which additional remediation will be required. Included in the Eversource number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability. The reserve balances related to these former MGP sites were $52.3 million and $49.0 million as of September 30, 2018 and December 31, 2017 , respectively, and related primarily to the natural gas business segment. These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations, or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly. B. Guarantees and Indemnifications In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric and PSNH, in the form of guarantees. Eversource parent issued a guaranty on behalf of its subsidiary, NPT, under which, beginning at the time the Northern Pass Transmission line goes into commercial operation, Eversource parent will guarantee the financial obligations of NPT under the TSA with HQ in an amount not to exceed $25 million . Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations. Eversource parent has also entered into a guaranty on behalf of NPT under which Eversource parent will guarantee NPT's obligations under a facility with a financial institution pursuant to which NPT may request letters of credit in an aggregate amount of up to approximately $14 million . Eversource parent has also guaranteed certain indemnification and other obligations as a result of the sales of former unregulated subsidiaries and the termination of an unregulated business, with maximum exposures either not specified or not material. Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications. The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of September 30, 2018 : Company Description Maximum Exposure (in millions) Expiration Dates On behalf of subsidiaries: Eversource Gas Transmission LLC Access Northeast Project Capital Contributions Guaranty (1) $ 184.9 2021 Various Surety Bonds (2) 42.7 2018 - 2019 Eversource Service and Rocky River Realty Company Lease Payments for Vehicles and Real Estate 6.6 2019 - 2024 (1) Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Gas Transmission LLC, to guarantee the payment of the subsidiary's capital contributions for its investment in the Access Northeast project. The guaranty decreases as capital contributions are made. The guaranty will expire upon the earlier of the full performance of the guaranteed obligations or December 31, 2021. (2) Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. C. Spent Nuclear Fuel Obligations - Yankee Companies CL&P, NSTAR Electric and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies collect these costs through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. These companies in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies have collected or are currently collecting amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P and NSTAR Electric will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers. Spent Nuclear Fuel Litigation: The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to provide for a permanent facility to store spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high level waste disposal contracts between the Yankee Companies and the DOE. The court had previously awarded the Yankee Companies damages for Phase I, II and III of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2012, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers. DOE Phase IV Damages - On May 22, 2017, each of the Yankee Companies filed subsequent lawsuits against the DOE in the Court of Federal Claims seeking monetary damages totaling approximately $100 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2013 to 2016 (“DOE Phase IV”). The DOE Phase IV trial is now expected to begin in early 2019. D. FERC ROE Complaints Four separate complaints have been filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively the "Complainants"). In each of the first three complaints, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15 -month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE of 10.57 percent and the maximum ROE for transmission incentive ("incentive cap") of 11.74 percent , asserting that these ROEs were unjust and unreasonable. A summary of the four separate complaints and the base ROEs pertinent to those complaints were as follows: Complaint 15-Month Time Period of Complaint (Beginning as of Complaint Filing Date) Original Base ROE Authorized by FERC at Time of Complaint Filing Date (1) Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (1) Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) First 10/1/2011 - 12/31/2012 11.14% 10.57% $— (2) Second 12/27/2012 - 3/26/2014 11.14% N/A 39.1 (3) Third 7/31/2014 - 10/30/2015 11.14% 10.57% — Fourth 4/29/2016 - 7/28/2017 10.57% 10.57% — (1) The ROE billed during the period October 1, 2011 through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent . On October 16, 2014, the FERC set the base ROE at 10.57 percent and an incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017. (2) All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH. (3) The reserve represents the difference between the billed rates during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of September 30, 2018 . In response to appeals of the October 16, 2014 FERC decision in the first complaint filed by the NETOs and the Complainants, the U.S. Court of Appeals for the D.C. Circuit (the "Court") issued a decision on April 14, 2017 vacating and remanding the FERC's decision. The Court found that the FERC failed to make an explicit finding that the 11.14 percent base ROE was unjust and unreasonable, as required under Section 206 of the Federal Power Act, before it set a new base ROE. The Court also found that the FERC did not provide a rational connection between the record evidence and its decision to select the midpoint of the upper half of the zone of reasonableness for the new base ROE. On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. The parties to these proceedings were directed to submit briefs on this new proposed framework and how they would apply them in each of the four complaint proceedings. Briefs and reply briefs will be filed in the first quarter of 2019. The FERC order included illustrative calculations for the first complaint, using FERC's proposed frameworks with financial data from that complaint. Those preliminary calculations indicated that for the first complaint period, for the NETOs that FERC concludes are of average financial risk, (1) a preliminary range of presumptively just and reasonable base ROEs is 9.60 percent to 10.99 percent ; (2) the pre-existing base ROE of 11.14 percent is therefore unjust and unreasonable; (3) the preliminary just and reasonable base ROE is 10.41 percent ; and (4) the preliminary incentive cap on total ROE is 13.08 percent . If the results of these illustrative calculations were included in a final FERC order, then the 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for the first complaint period. Although the order provided illustrative calculations, FERC stated that these calculations are merely preliminary. The FERC’s preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order, as significant changes to the methodology by FERC are possible as a result of the parties’ arguments and calculations in the briefing process. Until FERC issues a final decision on each of these four complaints, there is significant uncertainty, and at this time, the Company cannot reasonably estimate a range of gain or loss for any of the four complaint proceedings. The October 16, 2018 FERC order does not provide a reasonable basis for a change to the reserve or recognized ROEs for any of the complaint periods. Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order. The average impact of a 10 basis point change to the base ROE for each of the 15 -month complaint periods would affect Eversource's after-tax earnings by approximately $3 million . E. Eversource and NSTAR Electric Boston Harbor Civil Action On July 15, 2016, the United States Attorney on behalf of the United States Army Corps of Engineers filed a civil action in the United States District Court for the District of Massachusetts under provisions of the Rivers and Harbors Act of 1899 and the Clean Water Act against NSTAR Electric, HEEC, and the Massachusetts Water Resources Authority (together with NSTAR Electric and HEEC, the "Defendants"). The action alleged that the Defendants failed to comply with certain permitting requirements related to the placement of the HEEC-owned electric distribution cable beneath Boston Harbor. The action sought an order to compel HEEC to comply with cable depth requirements in the United States Army Corps of Engineers' permit or alternatively to remove the electric distribution cable and cease unauthorized work in U.S. waterways. The action also sought civil penalties and other costs. The parties reached a settlement pursuant to which HEEC agreed to install a new 115 kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and remove portions of the existing cable. Upon the installation and completion of the new cable and the removal of the portions of the existing cable, all issues surrounding the current permit from the United States Army Corps of Engineers are expected to be resolved, and such litigation is expected to be dismissed with prejudice. In 2017, as a result of the settlement, NSTAR Electric expensed $4.9 million (pre-tax) of previously incurred capitalized costs associated with engineering work performed on the existing cable that will no longer be used. In addition, NSTAR Electric agreed to provide a rate base credit of $17.5 million to the Massachusetts Water Resources Authority for the new cable. This negotiated credit resulted in the initial $17.5 million of construction costs on the new cable being expensed as incurred, all of which were fully expensed by June 30, 2018. Construction of the new cable is underway and is expected to be completed in 2019. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 9 Months Ended |
Sep. 30, 2018 | |
Regulated Operations [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE In June 2015, Eversource and PSNH entered into the 2015 Public Service Company of New Hampshire Restructuring and Rate Stabilization Agreement, pursuant to which PSNH agreed to divest its generation assets, subject to NHPUC approval. The NHPUC approved this agreement as well as the final divestiture plan and auction process in the second half of 2016. On October 11, 2017, PSNH entered into two Purchase and Sale Agreements with private investors, one to sell its thermal generation assets at a purchase price of $175 million , subject to adjustment, (the “Thermal Agreement”) and a second to sell its hydroelectric generation assets at a purchase price of $83 million , subject to adjustment (the “Hydro Agreement”). The NHPUC approved these agreements in late November 2017, at which time the Company classified these assets as held for sale. On January 10, 2018, PSNH completed the sale of its thermal generation assets pursuant to the Thermal Agreement. In accordance with the Thermal Agreement, the original purchase price of $175 million was adjusted to reflect working capital adjustments, closing date adjustments and proration of taxes and fees prior to closing, totaling $40.9 million , resulting in net proceeds of $134.1 million . In the second quarter of 2018, the purchase price was further adjusted by $17.3 million relating to the valuation of certain allowances. As a result of these adjustments, net proceeds from the sale of the thermal assets totaled $116.8 million . On July 16, 2018, FERC issued its order approving the transfer of PSNH's six hydroelectric licenses to private investors. On August 26, 2018, PSNH completed the sale of its hydroelectric generation assets pursuant to the Hydro Agreement. In accordance with the Hydro Agreement, the original purchase price of $83 million was adjusted to reflect contractual adjustments totaling $5.7 million , resulting in net proceeds of $77.3 million . T he difference between the carrying value of the hydroelectric generation assets and the sale proceeds resulted in a gain of $17.2 million . An estimated gain from the sale of these assets was included as an offset to the total stranded costs associated with the sale of generation assets. On May 8, 2018, PSNH Funding issued $635.7 million of securitized RRBs to finance PSNH's unrecovered stranded costs associated with the divestiture of its generation assets, which included the d eferred costs resulting from the sale of the thermal generation assets. These bonds are secured by a non-bypassable charge billed to PSNH's customers. As of September 30, 2018, unamortized securitized stranded costs totaled $618.6 million and are included in Regulatory Assets on the Eversource and PSNH balance sheets. As of December 31, 2017, the deferred costs resulting from the thermal generation asset sale of $516.1 million represented the difference between the carrying value and the fair value less cost to sell the thermal generation assets. For further information on the securitized RRB issuance, see Note 7, "Rate Reduction Bonds and Variable Interest Entities." For the three and nine months ended September 30, 2018 , pre-tax income associated with the hydroelectric assets prior to the sale on August 26, 2018, was $0.7 million and $9.9 million , respectively. For the three and nine months ended September 30, 2017, pre-tax income associated with PSNH's generation assets was $14.6 million and $44.7 million , respectively. As of September 30, 2018 , all generation assets had been sold and as a result, no generation assets were classified as held for sale. As of December 31, 2017, PSNH's generation assets held for sale, which were included in current assets on the Eversource and PSNH balance sheets, and were part of the Electric Distribution reportable segment, were as follows: (Millions of Dollars) As of December 31, 2017 Thermal Gross Plant $ 1,091.4 Hydroelectric Gross Plant 83.0 Accumulated Depreciation (575.4 ) Net Plant 599.0 Fuel and Inventory 87.7 Materials and Supplies 27.3 Emissions Allowances 19.1 Other Assets 2.6 Deferred Costs from Thermal Generation Asset Sale (516.1 ) Total Generation Assets Held for Sale $ 219.6 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each of the following financial instruments: Preferred Stock, Long-Term Debt and Rate Reduction Bonds: The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections. The fair value of long-term debt and RRB debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields. The fair values provided in the table below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value As of September 30, 2018: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 163.0 $ 116.2 $ 120.2 $ 43.0 $ 42.8 $ — $ — Long-Term Debt 12,538.8 12,517.4 3,253.6 3,420.4 2,944.6 2,990.0 894.1 904.3 Rate Reduction Bonds 635.7 631.3 — — — — 635.7 631.3 As of December 31, 2017: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 160.8 $ 116.2 $ 116.5 $ 43.0 $ 44.3 $ — $ — Long-Term Debt 12,325.5 12,877.1 3,059.1 3,430.5 2,943.8 3,156.5 1,002.4 1,038.2 Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value. For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements. See Note 1F, "Summary of Significant Accounting Policies - Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The changes in accumulated other comprehensive income/(loss) by component, net of tax, is as follows: For the Nine Months Ended September 30, 2018 For the Nine Months Ended September 30, 2017 Eversource (Millions of Dollars) Qualified Cash Flow Hedging Instruments Unrealized Losses on Marketable Securities Defined Benefit Plans Total Qualified Cash Flow Hedging Instruments Unrealized Gains on Marketable Securities Defined Benefit Plans Total Balance as of Beginning of Period $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) OCI Before Reclassifications — (0.7 ) 2.6 1.9 — 0.7 (3.5 ) (2.8 ) Amounts Reclassified from AOCI 1.6 — 3.3 4.9 1.6 — 2.9 4.5 Net OCI 1.6 (0.7 ) 5.9 6.8 1.6 0.7 (0.6 ) 1.7 Balance as of End of Period $ (4.6 ) $ (0.7 ) $ (54.3 ) $ (59.6 ) $ (6.6 ) $ 1.1 $ (58.1 ) $ (63.6 ) Eversource's qualified cash flow hedging instruments represent interest rate swap agreements on debt issuances that were settled in prior years. The settlement amount was recorded in AOCI and is being amortized into Net Income over the term of the underlying debt instrument. CL&P, NSTAR Electric and PSNH continue to amortize interest rate swaps settled in prior years from AOCI into Interest Expense over the remaining life of the associated long-term debt. Such interest rate swaps are not material to their respective financial statements. Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI. For further information, see Note 1G, "Summary of Significant Accounting Policies - Other Income, Net," and Note 8, "Pension Benefits and Postretirement Benefits Other Than Pension." |
COMMON SHAREHOLDERS' EQUITY AND
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of September 30, 2018 and Issued as of Par Value December 31, 2017 September 30, 2018 December 31, 2017 Eversource $ 5 380,000,000 333,878,402 333,878,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 As of both September 30, 2018 and December 31, 2017 , there were 16,992,594 Eversource common shares held as treasury shares. As of both September 30, 2018 and December 31, 2017 , there were 316,885,808 Eversource common shares outstanding. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended September 30, 2018 and 2017 and $5.6 million for each of the nine months ended September 30, 2018 and 2017 . These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of September 30, 2018 and December 31, 2017 . On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
COMMON SHARES
COMMON SHARES | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
COMMON SHARES | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of September 30, 2018 and Issued as of Par Value December 31, 2017 September 30, 2018 December 31, 2017 Eversource $ 5 380,000,000 333,878,402 333,878,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 As of both September 30, 2018 and December 31, 2017 , there were 16,992,594 Eversource common shares held as treasury shares. As of both September 30, 2018 and December 31, 2017 , there were 316,885,808 Eversource common shares outstanding. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended September 30, 2018 and 2017 and $5.6 million for each of the nine months ended September 30, 2018 and 2017 . These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of September 30, 2018 and December 31, 2017 . On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic EPS is computed based upon the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards as if they were converted into common shares. The dilutive effect of unvested RSU and performance share awards is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net Income Attributable to Common Shareholders $ 289.4 $ 260.4 $ 801.7 $ 750.6 Weighted Average Common Shares Outstanding: Basic 317,360,110 317,393,029 317,367,252 317,415,848 Dilutive Effect 607,201 556,367 581,246 591,194 Diluted 317,967,311 317,949,396 317,948,498 318,007,042 Basic EPS $ 0.91 $ 0.82 $ 2.53 $ 2.36 Diluted EPS $ 0.91 $ 0.82 $ 2.52 $ 2.36 |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES On January 1, 2018, Eversource, including CL&P, NSTAR Electric and PSNH, adopted ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” using the modified retrospective approach. The core principle of this accounting guidance is that revenue is recognized when promised goods or services (referred to as performance obligations) are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard uses a five-step model for recognizing and measuring revenue from contracts with customers, which includes identifying the contract with the customer, identifying the performance obligations promised within the contract, determining the transaction price (the amount of consideration to which the company expects to be entitled), allocating the transaction price to the performance obligations and recognizing revenue when (or as) the performance obligation is satisfied. The following table presents operating revenues disaggregated by revenue source: For the Three Months Ended September 30, 2018 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Revenue from Contracts with Customers Retail Tariff Sales Residential $ 1,111.7 $ 42.8 $ — $ 41.2 $ — $ — $ 1,195.7 Commercial 789.6 40.8 — 17.9 — (1.2 ) 847.1 Industrial 98.7 18.9 — 1.3 — (2.6 ) 116.3 Total Retail Tariff Sales Revenue 2,000.0 102.5 — 60.4 — (3.8 ) 2,159.1 Wholesale Transmission Revenue — — 364.5 — 11.7 (300.2 ) 76.0 Wholesale Market Sales Revenue 48.8 11.4 — 1.3 — — 61.5 Other Revenue from Contracts with Customers 20.2 (0.5 ) 3.1 1.9 212.9 (213.5 ) 24.1 Reserve for Revenue Subject to Refund 5.2 (3.5 ) — (1.3 ) — — 0.4 Total Revenue from Contracts with Customers 2,074.2 109.9 367.6 62.3 224.6 (517.5 ) 2,321.1 Alternative Revenue Programs (51.6 ) (1.5 ) (37.0 ) 1.1 — 33.8 (55.2 ) Other Revenue 4.8 0.6 — 0.1 — — 5.5 Total Operating Revenues $ 2,027.4 $ 109.0 $ 330.6 $ 63.5 $ 224.6 $ (483.7 ) $ 2,271.4 For the Nine Months Ended September 30, 2018 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Revenue from Contracts with Customers Retail Tariff Sales Residential $ 2,900.4 $ 395.9 $ — $ 100.9 $ — $ — $ 3,397.2 Commercial 2,023.0 245.4 — 47.9 — (3.4 ) 2,312.9 Industrial 268.6 71.9 — 3.4 — (7.5 ) 336.4 Total Retail Tariff Sales Revenue 5,192.0 713.2 — 152.2 — (10.9 ) 6,046.5 Wholesale Transmission Revenue — — 988.9 — 34.4 (826.9 ) 196.4 Wholesale Market Sales Revenue 141.4 41.4 — 3.1 — — 185.9 Other Revenue from Contracts with Customers 54.4 (1.4 ) 9.4 5.4 658.1 (659.8 ) 66.1 Reserve for Revenue Subject to Refund (21.2 ) (11.5 ) — (3.3 ) — — (36.0 ) Total Revenue from Contracts with Customers 5,366.6 741.7 998.3 157.4 692.5 (1,497.6 ) 6,458.9 Alternative Revenue Programs (57.2 ) (3.2 ) (45.3 ) 3.7 — 41.5 (60.5 ) Other Revenue 12.4 2.0 — 0.4 — — 14.8 Total Operating Revenues $ 5,321.8 $ 740.5 $ 953.0 $ 161.5 $ 692.5 $ (1,456.1 ) $ 6,413.2 For the Three Months Ended September 30, 2018 For the Nine Months Ended September 30, 2018 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenue from Contracts with Customers Retail Tariff Sales Residential $ 539.6 $ 414.8 $ 157.3 $ 1,410.0 $ 1,071.6 $ 418.8 Commercial 259.0 443.8 87.3 702.2 1,083.8 238.4 Industrial 39.4 38.0 21.3 111.8 96.9 59.9 Total Retail Tariff Sales Revenue 838.0 896.6 265.9 2,224.0 2,252.3 717.1 Wholesale Transmission Revenue 179.1 128.3 57.1 469.8 367.7 151.4 Wholesale Market Sales Revenue 13.3 18.1 17.4 34.3 56.4 52.3 Other Revenue from Contracts with Customers 9.3 10.3 4.0 25.0 27.9 11.4 Reserve for Revenue Subject to Refund 8.3 — (3.1 ) (8.3 ) (3.7 ) (9.2 ) Total Revenue from Contracts with Customers 1,048.0 1,053.3 341.3 2,744.8 2,700.6 923.0 Alternative Revenue Programs (64.3 ) (15.4 ) (8.9 ) (68.4 ) (15.6 ) (18.5 ) Other Revenue 2.8 1.8 0.2 6.5 5.1 0.8 Eliminations (121.5 ) (100.2 ) (42.4 ) (338.0 ) (289.8 ) (112.6 ) Total Operating Revenues $ 865.0 $ 939.5 $ 290.2 $ 2,344.9 $ 2,400.3 $ 792.7 Retail Tariff Sales: Regulated utilities provide products and services to their regulated customers under rates, pricing, payment terms and conditions of service, regulated by each state regulatory agency. The arrangement whereby a utility provides commodity service to a customer for a price approved by the respective state regulatory commission is referred to as a tariff sale contract, and the tariff governs all aspects of the provision of regulated services by utilities. The majority of revenue for Eversource, CL&P, NSTAR Electric and PSNH is derived from regulated retail tariff sales for the sale and distribution of electricity, natural gas and water to residential, commercial and industrial retail customers. The utility's performance obligation for the regulated tariff sales is to provide electricity, natural gas or water to the customer as demanded. The promise to provide the commodity represents a single performance obligation, as it is a promise to transfer a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer . Revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided by the utility, and the utility satisfies its performance obligation. Revenue is recognized based on the output method as there is a directly observable output to the customer (electricity, natural gas or water units delivered to the customer and immediately consumed). Each Eversource utility is entitled to be compensated for performance completed to date (service taken by the customer) until service is terminated. In regulated tariff sales, the transaction prices are the rates approved by the respective state regulatory commissions. In general, rates can only be changed through formal proceedings with the state regulatory commissions. These rates are designed to recover the costs to provide service to customers and include a return on investment. Regulatory commission-approved tracking mechanisms are included in these rates and are also used to recover, on a fully-reconciling basis, certain costs, such as the procurement of energy supply, retail transmission charges, energy efficiency program costs, net metering for distributed generation, and restructuring and stranded costs. These tracking mechanisms result in rates being changed periodically to ensure recovery of actual costs incurred. Customers may elect to purchase electricity from each Eversource electric utility or may contract separately with a competitive third party supplier. Revenue is not recorded for the sale of the electricity commodity to customers who have contracted separately with these suppliers, only the delivery to a customer, as the utility is acting as an agent on behalf of the third party supplier. Wholesale Transmission Revenues: The Eversource electric transmission-owning companies (CL&P, NSTAR Electric and PSNH) each own and maintain transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout New England. CL&P, NSTAR Electric and PSNH, as well as most other New England utilities, are parties to a series of agreements that provide for coordinated planning and operation of the region's transmission facilities and the rules by which they acquire transmission services. The Eversource electric transmission-owning companies have a combination of FERC-approved regional and local formula rates that work in tandem to recover all their transmission costs. These rates are part of the ISO-NE Tariff. Regional rates recover the costs of higher voltage transmission facilities that benefit the region and are collected from all New England transmission customers, including the Eversource distribution businesses. Eversource's local rates recover the companies' total transmission revenue requirements, less revenues received from regional rates and other sources, and are collected from Eversource's distribution businesses and other transmission customers. The distribution businesses of Eversource, in turn, recover the FERC approved charges from retail customers through annual or semiannual tracking mechanisms, which are retail tariff sales. The utility's performance obligation for regulated wholesale transmission sales is to provide transmission services to the customer as demanded. The promise to provide transmission service represents a single performance obligation. The transaction prices are the transmission rate formulas as defined by the ISO-NE Tariff and are regulated and established by FERC. Wholesale transmission revenue is recognized over time as the performance obligation is completed, which occurs as transmission services are provided to customers. The revenue is recognized based on the output method. Each Eversource utility is entitled to be compensated for performance completed to date (e.g., use of the transmission system by the customer). Wholesale Market Sales Revenues: Wholesale market sales transactions include sales of energy and energy-related products into the ISO-NE wholesale electricity market, sales of natural gas to third party marketers, and also the sale of RECs to various counterparties. ISO-NE oversees the region's wholesale electricity market and administers the transactions and terms and conditions, including payment terms, which are established in the ISO-NE tariff, between the buyers and sellers in the market. Pricing is set by the wholesale market. The wholesale transactions in the ISO-NE market occur on a day-ahead basis or a real-time basis (daily) and are, therefore, short-term. Transactions are tracked and reported by ISO-NE net by the hour, which is the net hourly position of energy sales and purchases by each market participant. Beginning in the first quarter of 2018, the performance obligation for ISO-NE energy transactions is defined to be the net by hour transaction. Revenue is recognized when the performance obligation for these energy sales transactions is satisfied, when the sale occurs and the energy is transferred to the customer. For sales of natural gas, transportation, and natural gas pipeline capacity to third party marketers, revenue is recognized when the performance obligation is satisfied at the point in time the sale occurs and the natural gas or related product is transferred to the marketer. RECs are sold to various counterparties, and revenue is recognized when the performance obligation is satisfied upon transfer of title to the customer through the New England Power Pool Generation Information System. Other Revenue from Contracts with Customers: Other revenue from contracts with customers primarily includes property rentals that are not deemed leases. These revenues are generally recognized on a straight-line basis over time as the service is provided to the customer. Reserve for Revenue Subject to Refund: Current base rates include an estimate of income taxes, which was based on the U.S. federal corporate income tax rate in effect at the time of the rate proceeding. Eversource established a liability, recorded as a reduction to revenue, to reflect the difference between the 35 percent federal corporate income tax rate included in rates charged to customers and the 21 percent federal income tax rate, effective January 1, 2018 as a result of the Tax Cuts and Jobs Act, until rates billed to customers reflect the lower federal tax rate. Eversource expects to refund these amounts to customers through various rate mechanisms in the future, depending on regulatory outcomes, and CL&P began refunding these amounts in the third quarter of 2018. NSTAR Electric (effective February 1, 2018), CL&P (effective May 1, 2018) and NSTAR Gas (effective July 1, 2018) lowered distribution rates charged to customers to reflect the new federal corporate income tax rate. PSNH will adjust distribution rates to reflect the lower federal income tax rate, effective July 1, 2019, or earlier if a rate case is filed for rates effective prior to July 1, 2019. As part of Yankee Gas' rate case settlement, if approved, distribution rates will be adjusted to reflect the lower federal income tax rate, effective November 15, 2018. Alternative Revenue Programs: In accordance with accounting guidance for rate-regulated operations, certain of Eversource's utilities' rate making mechanisms qualify as alternative revenue programs ("ARPs") if they meet specified criteria, in which case revenues may be recognized prior to billing based on allowed levels of collection in rates. Eversource's utility companies recognize revenue and record a regulatory asset or liability once the condition or event allowing for the automatic adjustment of future rates occurs. ARP revenues include both the recognition of the deferral adjustment to ARP revenues, when the regulator-specified condition or event allowing for additional billing or refund has occurred, and an equal and offsetting reversal of the ARP deferral to revenues as those amounts are reflected in the price of service in subsequent periods. Eversource’s ARPs include the revenue decoupling mechanism and the annual reconciliation adjustment to transmission formula rates, described below. • Certain Eversource electric, natural gas and water companies, including CL&P and NSTAR Electric, have revenue decoupling mechanisms approved by a regulatory commission ("decoupled companies"). Decoupled companies’ distribution revenues are not directly based on sales volumes. The decoupled companies reconcile their annual base distribution rate recovery to pre-established levels of baseline distribution delivery service revenues, with any difference between the allowed level of distribution revenue and the actual amount realized adjusted through subsequent rates. • The transmission formula rates provide for the annual reconciliation and recovery or refund of estimated costs to actual costs. The financial impacts of differences between actual and estimated costs are deferred for future recovery from, or refund to, transmission customers. This transmission deferral reconciles billed transmission revenues to the revenue requirement for our transmission businesses. Other Revenues: Other Revenues include certain fees charged to customers and lease revenue that are not considered revenue from contracts with customers. Intercompany Eliminations: Intercompany eliminations are primarily related to the Eversource electric transmission revenues that are derived from ISO-NE regional transmission charges to the distribution businesses of CL&P, NSTAR Electric and PSNH that recover the costs of the wholesale transmission business, and revenues from Eversource's service company. Intercompany revenues and expenses between the Eversource wholesale transmission businesses and the Eversource distribution businesses and from Eversource's service company are eliminated in consolidation and included in "Eliminations" in the table above. Receivables: Receivables, Net on the balance sheet include trade receivables from our retail customers and receivables arising from ISO-NE billing related to wholesale transmission contracts and wholesale market transactions, sales of natural gas and capacity to marketers, sales of RECs, and property rentals. In general, retail tariff customers and wholesale transmission customers are billed monthly and the payment terms are generally due and payable upon receipt of the bill. Unbilled Revenues on the balance sheet represent estimated amounts due from retail customers for electricity, natural gas or water delivered to customers but not yet billed. The utility company has satisfied its performance obligation and the customer has received and consumed the commodity as of the balance sheet date, and therefore, the utility company records revenue for those services in the period the services were provided. Only the passage of time is required before the company is entitled to payment for the satisfaction of the performance obligation. Payment from customers is due monthly as services are rendered and amounts are billed. Actual amounts billed to customers when meter readings become available may vary from the estimated amount. Unbilled revenues are recognized by allocating estimated unbilled sales volumes to the respective customer classes, and then applying an estimated rate by customer class to those sales volumes. Unbilled revenue estimates reflect seasonality, weather, customer usage patterns, customer rates in effect for customer classes, and the timing of customer billing. The companies that have a decoupling mechanism record a regulatory deferral to reflect the actual allowed amount of revenue associated with their respective decoupled distribution rate design. Practical Expedients: Eversource has elected practical expedients in the accounting guidance that allow the company to record revenue in the amount that the company has a right to invoice, if that amount corresponds directly with the value to the customer of the company's performance to date, and not to disclose related unsatisfied performance obligations. Retail and wholesale transmission tariff sales fall into this category, as these sales are recognized as revenue in the period the utility provides the service and completes the performance obligation, which is the same as the monthly amount billed to customers. There are no other material revenue streams for which Eversource has unsatisfied performance obligations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Presentation: Eversource is organized among the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. The Electric Distribution reportable segment includes the results of PSNH's generation facilities prior to sales in January and August 2018, and NSTAR Electric's solar power facilities. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. On December 4, 2017, Eversource acquired Aquarion, which was considered to be a new operating segment, water distribution. Though the water distribution segment does not meet quantitative thresholds under the segment reporting accounting guidance, based on qualitative factors including the nature of the water distribution business, Water Distribution was deemed a reportable segment beginning in the first quarter of 2018. The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, and 4) the results of other unregulated subsidiaries, which are not part of its core business. In addition, Other in the tables below includes Eversource parent's equity ownership interests in certain natural gas pipeline projects owned by Enbridge, Inc., the Bay State Wind project, a renewable energy investment fund, and two companies that transmit hydroelectricity imported from the Hydro-Quebec system in Canada. In the ordinary course of business, Yankee Gas and NSTAR Gas purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline projects described above. These affiliate transaction costs total approximately $62.5 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension and PBOP expense. Eversource's segment information is as follows: For the Three Months Ended September 30, 2018 (1) Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 2,027.4 $ 109.0 $ 330.6 $ 63.5 $ 224.6 $ (483.7 ) $ 2,271.4 Depreciation and Amortization (206.1 ) (13.9 ) (58.3 ) (11.7 ) (12.0 ) 0.6 (301.4 ) Other Operating Expenses (1,562.2 ) (102.4 ) (96.7 ) (25.5 ) (200.9 ) 483.7 (1,504.0 ) Operating Income/(Loss) $ 259.1 $ (7.3 ) $ 175.6 $ 26.3 $ 11.7 $ 0.6 $ 466.0 Interest Expense $ (52.4 ) $ (11.3 ) $ (30.3 ) $ (8.5 ) $ (30.5 ) $ 7.8 $ (125.2 ) Other Income, Net 32.2 1.5 9.0 0.7 251.7 (278.4 ) 16.7 Net Income/(Loss) Attributable to Common Shareholders 173.8 (12.6 ) 109.5 17.6 271.1 (270.0 ) 289.4 For the Nine Months Ended September 30, 2018 (1) Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 5,321.8 $ 740.5 $ 953.0 $ 161.5 $ 692.5 $ (1,456.1 ) $ 6,413.2 Depreciation and Amortization (486.0 ) (59.6 ) (171.8 ) (34.6 ) (35.9 ) 1.7 (786.2 ) Other Operating Expenses (4,238.6 ) (585.7 ) (268.7 ) (73.9 ) (617.2 ) 1,457.0 (4,327.1 ) Operating Income $ 597.2 $ 95.2 $ 512.5 $ 53.0 $ 39.4 $ 2.6 $ 1,299.9 Interest Expense $ (152.0 ) $ (33.7 ) $ (89.9 ) $ (25.5 ) $ (94.8 ) $ 23.2 $ (372.7 ) Other Income/(Loss), Net 70.9 5.1 26.7 (0.4 ) 913.8 (915.4 ) 100.7 Net Income Attributable to Common Shareholders 379.3 50.2 329.6 26.3 905.9 (889.6 ) 801.7 Cash Flows Used for Investments in Plant 717.4 245.5 735.8 68.1 118.3 — 1,885.1 For the Three Months Ended September 30, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 1,547.1 $ 109.2 $ 328.5 $ — $ 224.2 $ (220.5 ) $ 1,988.5 Depreciation and Amortization (159.6 ) (15.2 ) (52.6 ) — (9.5 ) 0.6 (236.3 ) Other Operating Expenses (1,095.2 ) (96.2 ) (95.5 ) — (190.1 ) 220.1 (1,256.9 ) Operating Income/(Loss) $ 292.3 $ (2.2 ) $ 180.4 $ — $ 24.6 $ 0.2 $ 495.3 Interest Expense $ (51.3 ) $ (10.8 ) $ (29.2 ) $ — $ (21.8 ) $ 4.4 $ (108.7 ) Other Income, Net 14.2 1.0 8.5 — 267.6 (262.8 ) 28.5 Net Income/(Loss) Attributable to Common Shareholders 157.4 (6.2 ) 99.0 — 268.4 (258.2 ) 260.4 For the Nine Months Ended September 30, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 4,224.2 $ 698.8 $ 970.0 $ — $ 677.5 $ (714.0 ) $ 5,856.5 Depreciation and Amortization (394.9 ) (54.8 ) (154.5 ) — (26.7 ) 1.7 (629.2 ) Other Operating Expenses (3,076.1 ) (537.3 ) (280.6 ) — (602.9 ) 714.0 (3,782.9 ) Operating Income $ 753.2 $ 106.7 $ 534.9 $ — $ 47.9 $ 1.7 $ 1,444.4 Interest Expense $ (149.0 ) $ (32.3 ) $ (86.1 ) $ — $ (63.1 ) $ 11.0 $ (319.5 ) Other Income, Net 35.3 2.9 20.3 — 854.4 (833.7 ) 79.2 Net Income Attributable to Common Shareholders 393.4 49.1 289.6 — 839.5 (821.0 ) 750.6 Cash Flows Used for Investments in Plant 752.4 209.8 575.6 — 104.5 — 1,642.3 (1) Effective January 1, 2018, upon implementation of the new revenue accounting guidance, the electric distribution segment is presented gross and intercompany transmission billings are presented in the eliminations column, as Eversource believes that the electric distribution segment acts as a principal, rather than an agent, in its contracts with retail customers. Retail customers contract directly with the electric distribution utility and do not differentiate between distribution and transmission services. Therefore, the electric distribution segment revenues, which are derived from retail customer billings, are presented gross of the eliminations. Prior to 2018, the electric distribution segment presented intercompany electric transmission billings net, based on indicators of net presentation prior to the new revenue guidance. See Note 16, "Revenues," regarding accounting for revenues. The following table summarizes Eversource's segmented total assets: Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Water Distribution Other Eliminations Total As of September 30, 2018 $ 21,189.0 $ 3,747.4 $ 10,077.5 $ 2,240.3 $ 16,979.4 $ (16,717.9 ) $ 37,515.7 As of December 31, 2017 19,250.4 3,595.2 9,401.2 2,470.0 15,933.8 (14,430.2 ) 36,220.4 |
ACQUISITION OF AQUARION
ACQUISITION OF AQUARION | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
ACQUISITION OF AQUARION | ACQUISITION OF AQUARION On December 4, 2017, Eversource acquired Aquarion for a purchase price of $1.675 billion , consisting of approximately $880 million in cash and $795 million of assumed Aquarion debt. Aquarion is a holding company that owns three separate regulated water utility subsidiaries engaged in the water collection, treatment and distribution business that operate in Connecticut, Massachusetts and New Hampshire. These regulated utilities collect, treat and distribute water to residential, commercial and industrial customers, to other utilities for resale, and for private and municipal fire protection. Aquarion and its subsidiaries became wholly-owned subsidiaries of Eversource, and Eversource's consolidated financial information includes Aquarion and its subsidiaries' activity beginning December 4, 2017. The approximate $880 million cash purchase price included the $745 million equity purchase price plus a $135 million shareholder loan that was repaid at closing. Purchase Price Allocation : The purchase price allocation reflects a measurement period adjustment recorded in the first quarter of 2018 to revise the fair value of Aquarion's regulated debt. The $7.9 million increase to the fair value of Long-Term Debt (including the current portion) and corresponding increase to Regulatory Assets, included within Other Noncurrent Assets, excluding Goodwill in the table below, will be amortized over the life of the related debt. The allocation of the cash purchase price is as follows: (Millions of Dollars) Current Assets $ 41.2 PP&E 1,034.9 Goodwill 907.9 Other Noncurrent Assets, excluding Goodwill 215.5 Current Liabilities (121.9 ) Noncurrent Liabilities (421.6 ) Long-Term Debt (778.3 ) Total Cash Purchase Price $ 877.7 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Accounting Standards | Accounting Standards Accounting Standards Issued but Not Yet Effective: In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which changes existing lease accounting guidance and is required to be applied in the first quarter of 2019, with earlier application permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements , allowing a transition method to adopt the new leases standard as of the adoption date and recognizing a cumulative-effect to the opening balance of retained earnings in the period of adoption, with comparative periods presented in the financial statements continuing to follow existing lease accounting guidance under Topic 840 (Leases) in the accounting literature. The Company intends to adopt the transition method allowed in ASU 2018-11. The Company will implement the new leases standard in the first quarter of 2019 and apply the Topic 842 lease criteria to new leases and lease renewals entered into effective on or after January 1, 2019. The requirements of the new leases standard include balance sheet recognition of leases previously deemed to be operating leases, and additional disclosure requirements. The Company is in the process of evaluating what impact the ASU, including the practical expedients, will have on its financial statements, including reviewing its lease population. The Company has decided to elect the practical expedient package whereby it need not reassess whether a contract is or contains a lease or whether a lease is an operating or capital lease and it need not reassess initial direct costs for leases. As of December 31, 2017, Eversource’s total future undiscounted minimum rental payments, excluding executory costs, under long-term noncancelable operating and capital leases were less than $100 million . Accounting Standards Recently Adopted: On January 1, 2018, Eversource, CL&P, NSTAR Electric and PSNH adopted ASU 2014-09, Revenue from Contracts with Customers , which amended existing revenue recognition guidance, using the modified retrospective method (cumulatively at the date of initial application) applying it only to contracts that were not complete at January 1, 2018. Under this method of adoption, prior year reported results were not restated. Implementation of the ASU did not have a material effect on the results of operations, financial position or cash flows of Eversource, CL&P, NSTAR Electric or PSNH. See Note 16, "Revenues," for further information . The Company identified an item that was accounted for differently under the new revenue guidance, as compared to the previously existing guidance. As a result of applying guidance on the unit of account under the new standard, purchases of power from and sales of power to ISO-New England are now accounted for net by the hour, rather than net by the month. This change increased Operating Revenues and Purchased Power, Fuel and Transmission by $0.4 million and $22.4 million , respectively, for the three and nine months ended September 30, 2018 , with no impact on net income. On January 1, 2018, Eversource adopted ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities . The ASU removed the available-for-sale designation for equity securities, whereby changes in fair value were previously recorded in accumulated other comprehensive income within shareholders' equity, and required changes in fair value of all equity securities to be recorded in earnings effective January 1, 2018. There was no cumulative effect of adoption. Unrealized gains recorded in Other Income, Net were $2.4 million and $2.6 million for the three and nine months ended September 30, 2018 , respectively. For further information, see Note 5, "Marketable Securities," to the financial statements. On January 1, 2018, Eversource, CL&P, NSTAR Electric and PSNH adopted ASU 2017-07, Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The ASU required separate presentation of service cost from other components of net pension, SERP and PBOP costs, with the other components presented as non-operating income and not subject to capitalization. The ASU has been applied retrospectively for the separate presentation in the income statement of service costs and other components and prospectively in the balance sheet for the capitalization of only the service cost component. As of September 30, 2018 , the non-service cost components of net pension, SERP and PBOP costs that were not capitalized in plant were recorded as an increase to regulatory liabilities of approximately $30 million , as these amounts continue to be included in rates. See Note 1G, "Summary of Significant Accounting Policies - Other Income, Net," to the financial statements for the portion of pension, SERP and PBOP costs that are presented as non-operating income for the three and nine months ended September 30, 2018 and 2017 . For the three months ended September 30, 2017, the amounts, which were previously presented within Operations and Maintenance expense on the statements of income, totaled $7.3 million at Eversource, $0.4 million at CL&P, $4.7 million at NSTAR Electric and $1.5 million at PSNH, and have been retrospectively presented within Other Income, Net. For the nine months ended September 30, 2017, these amounts were $22.9 million at Eversource, $1.3 million at CL&P, $14.5 million at NSTAR Electric and $4.5 million at PSNH. On January 1, 2018, Eversource, CL&P, NSTAR Electric and PSNH adopted two accounting standards relating to the statement of cash flows; ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, and ASU 2016-18, Restricted Cash. As a result of implementing ASU 2016-15, dividends from equity method investments of $16.4 million and $14.0 million for the nine months ended September 30, 2018 and 2017 , respectively, are presented in operating activities at Eversource, for which the 2017 amounts were previously classified in investing activities. ASU 2016-18 required that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Both standards were applied retrospectively, as required, and neither had a material impact on Eversource's, CL&P's, NSTAR Electric's or PSNH's statements of cash flows. See Note 1I, "Summary of Significant Accounting Policies - Supplemental Cash Flow Information," to the financial statements for a reconciliation of cash and cash equivalents as reported on the balance sheet to the statement of cash flows, which includes amounts described as restricted cash and restricted cash equivalents. |
Provision for Uncollectible Accounts | Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric and PSNH, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts. This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers. Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience. Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric and NSTAR Gas to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. |
Other Taxes | Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The total provision for both uncollectible accounts and for uncollectible hardship accounts (the uncollectible hardship balance is included in the total provision) is included in Receivables, Net on the balance sheets, and is as follows: Total Provision for Uncollectible Accounts Uncollectible Hardship (Millions of Dollars) As of September 30, 2018 As of December 31, 2017 As of September 30, 2018 As of December 31, 2017 Eversource $ 218.1 $ 195.7 $ 132.6 $ 122.5 CL&P 84.6 78.9 68.3 65.5 NSTAR Electric 82.0 69.7 46.5 40.3 PSNH 11.3 10.5 — — In accordance with new revenue accounting guidance, uncollectible expense associated with customers' accounts receivable included in Operations and Maintenance expense on the statements of income is as follows: For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Eversource $ 21.5 $ 14.4 $ 50.7 $ 30.1 CL&P 4.4 3.6 12.1 1.8 NSTAR Electric 9.1 8.1 20.4 14.9 PSNH 1.6 1.5 4.9 5.2 |
Schedule of Other Income, Net | The components of Other Income, Net on the statements of income were as follows: For the Three Months Ended September 30, 2018 September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service Income Components (1) $ 14.8 $ 2.0 $ 9.0 $ 2.0 $ 7.3 $ 0.4 $ 4.7 $ 1.5 AFUDC Equity 12.0 3.3 4.2 — 9.2 3.3 2.7 — Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates (2) (27.9 ) — 0.2 — 5.1 — 0.3 — Investment Income/(Loss) 1.8 0.7 (0.4 ) 0.1 4.6 3.1 0.9 0.7 Interest Income (3) 10.8 0.9 0.2 9.6 2.3 1.1 0.6 0.5 Gain on Sale of Property 5.0 — 0.5 4.4 — — — — Other 0.2 0.2 — — — — — — Total Other Income, Net (1) $ 16.7 $ 7.1 $ 13.7 $ 16.1 $ 28.5 $ 7.9 $ 9.2 $ 2.7 For the Nine Months Ended September 30, 2018 September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service Income Components (1) $ 44.6 $ 7.3 $ 26.8 $ 6.4 $ 22.9 $ 1.3 $ 14.5 $ 4.5 AFUDC Equity 32.6 9.4 11.5 — 23.8 8.2 6.7 — Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates (2) (0.4 ) — 0.6 — 23.0 — 0.2 — Investment Income 2.2 0.9 0.6 0.2 3.7 2.4 2.1 1.2 Interest Income (3) 16.2 2.9 0.6 13.3 5.8 3.5 1.1 1.6 Gain on Sale of Property 5.0 — 0.5 4.4 — — — — Other 0.5 0.2 — — — — — 0.1 Total Other Income, Net (1) $ 100.7 $ 20.7 $ 40.6 $ 24.3 $ 79.2 $ 15.4 $ 24.6 $ 7.4 (1) As a result of the adoption of new accounting guidance, the non-service related components of pension, SERP and PBOP benefit costs are presented as non-operating income and recorded in Other Income, Net on the statements of income. The 2017 amounts, which were previously presented within Operations and Maintenance expense on the statements of income, have been retrospectively presented within Other Income, Net for the three and nine months ended September 30, 2017. Eversource elected the practical expedient in the accounting guidance that allows the Company to use the amounts disclosed in its Pension Benefits and Postretirement Benefits Other Than Pension footnote for the prior period presentations as the estimation basis for applying the retrospective presentation requirements. (2) For the three months ended September 30, 2018 , equity in earnings/(loss) and impairment of unconsolidated affiliates includes an other-than-temporary impairment of $32.9 million in the Access Northeast project investment. See Note 1D, "Summary of Significant Accounting Policies - Impairment of Access Northeast," for further information. For the nine months ended September 30, 2018 and 2017, equity in earnings includes $17.6 million and $9.7 million of unrealized gains associated with an investment in a renewable energy fund, respectively. (3) See Note 2, "Regulatory Accounting," for interest income recognized in the third quarter of 2018 for the equity return component of carrying charges on storm costs at PSNH. |
State Of Connecticut Gross Earnings Taxes | These gross receipts taxes are shown separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Eversource $ 43.5 $ 40.3 $ 122.5 $ 118.2 CL&P 40.6 37.8 107.7 103.5 |
Schedule of Supplemental Cash Flow Information | Non-cash investing activities include plant additions included in Accounts Payable as follows: (Millions of Dollars) As of September 30, 2018 As of September 30, 2017 Eversource $ 303.7 $ 307.7 CL&P 103.0 113.4 NSTAR Electric 62.5 92.5 PSNH 48.3 39.6 |
Schedule of Cash and Cash Equivalents | The following table reconciles cash and cash equivalents as reported on the balance sheets to the cash, cash equivalents, and restricted cash as reported on the statements of cash flows: As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Cash and Cash Equivalents as reported on the Balance Sheets $ 59.1 $ 1.0 $ 2.4 $ 7.5 $ 38.2 $ 6.0 $ 1.8 $ 0.9 Restricted cash included in: Prepayments and Other Current Assets 51.4 3.5 12.9 26.8 24.4 3.1 12.8 0.5 Marketable Securities 20.9 0.4 0.1 0.7 23.3 0.5 0.1 0.8 Other Long-Term Assets 3.2 — — 3.2 — — — — Cash, Cash Equivalents, and Restricted Cash reported on the Statements of Cash Flows $ 134.6 $ 4.9 $ 15.4 $ 38.2 $ 85.9 $ 9.6 $ 14.7 $ 2.2 |
REGULATORY ACCOUNTING (Tables)
REGULATORY ACCOUNTING (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The components of regulatory assets were as follows: As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Benefit Costs $ 1,988.4 $ 447.4 $ 541.2 $ 172.0 $ 2,068.8 $ 469.2 $ 560.7 $ 212.3 Income Taxes, Net 720.7 448.1 112.9 15.6 768.9 453.8 113.2 21.7 Securitized Stranded Costs 618.6 — — 618.6 — — — — Deferred Costs from Generation Asset Sale — — — — 516.1 — — 516.1 Storm Restoration Costs, Net 598.5 319.7 222.1 56.7 404.8 216.7 146.6 41.5 Regulatory Tracker Mechanisms 257.8 39.5 128.4 74.9 509.9 85.3 273.0 116.4 Derivative Liabilities 360.0 359.9 — — 367.2 362.3 — — Goodwill-related 352.6 — 302.7 — 365.2 — 313.6 — Asset Retirement Obligations 87.5 31.8 41.3 3.3 101.0 30.3 39.0 17.0 Other Regulatory Assets 169.2 27.4 71.7 12.4 137.4 27.6 78.4 15.8 Total Regulatory Assets 5,153.3 1,673.8 1,420.3 953.5 5,239.3 1,645.2 1,524.5 940.8 Less: Current Portion 436.7 128.8 193.5 61.4 741.9 200.3 333.9 130.1 Total Long-Term Regulatory Assets $ 4,716.6 $ 1,545.0 $ 1,226.8 $ 892.1 $ 4,497.4 $ 1,444.9 $ 1,190.6 $ 810.7 |
Schedule of Regulatory Liabilities | The components of regulatory liabilities were as follows: As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Excess ADIT due to Tax Cuts and Jobs Act $ 2,876.9 $ 1,026.3 $ 1,100.5 $ 397.4 $ 2,882.0 $ 1,031.6 $ 1,087.9 $ 405.1 Cost of Removal 516.4 37.8 305.7 24.9 502.1 23.2 293.8 37.9 Benefit Costs 127.1 — 107.2 0.5 132.3 — 112.6 — Regulatory Tracker Mechanisms 345.6 111.9 168.3 38.5 136.7 34.6 77.8 5.0 AFUDC - Transmission 68.6 47.8 20.8 — 67.1 48.8 18.3 — Revenue Subject to Refund 36.2 8.3 3.7 9.4 — — — — Other Regulatory Liabilities 80.7 25.7 28.3 2.8 45.2 12.9 3.7 2.7 Total Regulatory Liabilities 4,051.5 1,257.8 1,734.5 473.5 3,765.4 1,151.1 1,594.1 450.7 Less: Current Portion 344.7 126.6 168.2 39.7 128.1 39.0 79.6 6.3 Total Long-Term Regulatory Liabilities $ 3,706.8 $ 1,131.2 $ 1,566.3 $ 433.8 $ 3,637.3 $ 1,112.1 $ 1,514.5 $ 444.4 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Public Utility Property, Plant, and Equipment | The following tables summarize property, plant and equipment by asset category: Eversource As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Distribution - Electric $ 14,794.9 $ 14,410.5 Distribution - Natural Gas 3,371.2 3,244.2 Transmission - Electric 9,733.6 9,270.9 Distribution - Water 1,594.3 1,558.4 Solar 109.3 36.2 Utility 29,603.3 28,520.2 Other (1) 759.0 693.7 Property, Plant and Equipment, Gross 30,362.3 29,213.9 Less: Accumulated Depreciation Utility (7,065.4 ) (6,846.9 ) Other (325.4 ) (286.9 ) Total Accumulated Depreciation (7,390.8 ) (7,133.8 ) Property, Plant and Equipment, Net 22,971.5 22,080.1 Construction Work in Progress 1,996.2 1,537.4 Total Property, Plant and Equipment, Net $ 24,967.7 $ 23,617.5 As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Distribution $ 6,027.1 $ 6,651.1 $ 2,157.0 $ 5,888.3 $ 6,479.0 $ 2,083.4 Transmission 4,513.7 3,915.5 1,255.6 4,239.9 3,821.2 1,161.3 Solar — 109.3 — — 36.2 — Property, Plant and Equipment, Gross 10,540.8 10,675.9 3,412.6 10,128.2 10,336.4 3,244.7 Less: Accumulated Depreciation (2,297.4 ) (2,673.0 ) (762.1 ) (2,239.0 ) (2,550.2 ) (751.8 ) Property, Plant and Equipment, Net 8,243.4 8,002.9 2,650.5 7,889.2 7,786.2 2,492.9 Construction Work in Progress 510.3 573.2 176.0 381.8 460.3 149.4 Total Property, Plant and Equipment, Net $ 8,753.7 $ 8,576.1 $ 2,826.5 $ 8,271.0 $ 8,246.5 $ 2,642.3 (1) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities: As of September 30, 2018 As of December 31, 2017 (Millions of Dollars) Fair Value Hierarchy Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Commodity Supply and Price Risk Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: Eversource Level 2 $ 0.8 $ (0.5 ) $ 0.3 $ — $ — $ — CL&P Level 3 8.8 (4.8 ) 4.0 9.5 (7.1 ) 2.4 Long-Term Derivative Assets: CL&P Level 3 75.0 (2.3 ) 72.7 71.9 (5.3 ) 66.6 Current Derivative Liabilities: Eversource Level 2 — — — (4.5 ) — (4.5 ) CL&P Level 3 (50.8 ) — (50.8 ) (54.4 ) — (54.4 ) Long-Term Derivative Liabilities: Eversource Level 2 (0.1 ) — (0.1 ) (0.4 ) — (0.4 ) CL&P Level 3 (385.8 ) — (385.8 ) (376.9 ) — (376.9 ) (1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. |
Fair Value Inputs, Liabilities, Quantitative Information | The following is a summary of CL&P's Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts: As of September 30, 2018 As of December 31, 2017 CL&P Range Period Covered Range Period Covered Capacity Prices $ 4.30 — 7.44 per kW-Month 2022-2026 $ 5.00 — 8.70 per kW-Month 2021 - 2026 Forward Reserve $ 0.95 — 2.00 per kW-Month 2019-2024 $ 1.00 — 2.00 per kW-Month 2018 - 2024 |
Rollforward Of Net Derivative Asset Liabilities Valued Using Unobservable Inputs | The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. CL&P For the Three Months Ended September 30, For the Nine Months Ended September 30, (Millions of Dollars) 2018 2017 2018 2017 Derivatives, Net: Fair Value as of Beginning of Period $ (369.3 ) $ (394.8 ) $ (362.3 ) $ (420.5 ) Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets and Liabilities 1.2 (0.7 ) (27.0 ) (15.9 ) Settlements 8.2 13.9 29.4 54.8 Fair Value as of End of Period $ (359.9 ) $ (381.6 ) $ (359.9 ) $ (381.6 ) |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets. As of September 30, 2018 As of December 31, 2017 Eversource (Millions of Dollars) Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Debt Securities $ 292.8 $ 0.8 $ (2.7 ) $ 290.9 $ 284.9 $ 3.2 $ (1.1 ) $ 287.0 |
Investments Classified by Contractual Maturity Date | As of September 30, 2018 , the contractual maturities of available-for-sale debt securities were as follows: Eversource (Millions of Dollars) Amortized Cost Fair Value Less than one year (1) $ 28.5 $ 28.5 One to five years 48.7 48.3 Six to ten years 61.8 61.2 Greater than ten years 153.8 152.9 Total Debt Securities $ 292.8 $ 290.9 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC nuclear decommissioning trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. |
Fair Value on a Recurring Basis | The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Eversource (Millions of Dollars) As of September 30, 2018 As of December 31, 2017 Level 1: Mutual Funds and Equities $ 312.5 $ 313.8 Money Market Funds 20.9 23.3 Total Level 1 $ 333.4 $ 337.1 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 80.8 $ 70.2 Corporate Debt Securities 41.8 50.9 Asset-Backed Debt Securities 14.3 21.2 Municipal Bonds 121.2 110.7 Other Fixed Income Securities 11.9 10.7 Total Level 2 $ 270.0 $ 263.7 Total Marketable Securities $ 603.4 $ 600.8 |
SHORT-TERM AND LONG-TERM DEBT (
SHORT-TERM AND LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Commercial Paper Program | The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding as of Available Borrowing Capacity as of Weighted-Average Interest Rate as of September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 (Millions of Dollars) Eversource Parent Commercial Paper Program $ 826.7 $ 979.3 $ 623.3 $ 470.7 2.34 % 1.86 % NSTAR Electric Commercial Paper Program 240.5 234.0 409.5 416.0 2.17 % 1.55 % |
Schedule of Long-term Debt Instruments | The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issue Date Issuances/(Repayments) Maturity Date Use of Proceeds for Issuances/ CL&P: 4.00% 2018 Series A First Mortgage Bonds March 2018 $ 500.0 April 2048 Repaid long-term debt that matured in 2018 and repaid short-term borrowings 5.65% 2008 Series A First Mortgage Bonds May 2008 (300.0 ) May 2018 Repaid at maturity on May 1, 2018 PSNH: 6.00% 2008 Series O First Mortgage Bonds May 2008 (110.0 ) May 2018 Repaid at maturity on May 1, 2018 Other: Eversource Parent 2.50% Series I Senior Notes (1) January 2018 200.0 March 2021 Repaid long-term debt that matured in 2018 and repaid short-term borrowings Eversource Parent 3.30% Series M Senior Notes January 2018 450.0 January 2028 Repaid long-term debt that matured in 2018 Eversource Parent 1.60% Series G Senior Notes January 2015 (150.0 ) January 2018 Repaid at maturity on January 15, 2018 Eversource Parent 1.45% Series E Senior Notes May 2013 (300.0 ) May 2018 Repaid at maturity on May 1, 2018 Yankee Gas 4.13% Series O First Mortgage Bonds September 2018 50.0 October 2048 Repaid long-term debt that matured in 2018 NSTAR Gas 4.09% Series P First Mortgage Bonds September 2018 100.0 October 2048 Repaid short-term borrowings Yankee Gas 6.90% Series J First Mortgage Bonds October 2018 (100.0 ) October 2018 Repaid at maturity on October 1, 2018 (1) These notes are part of the same series issued by Eversource parent in March 2016. The aggregate outstanding principal amount for these notes is now $450 million . |
RATE REDUCTION BONDS AND VARI_2
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Rate Reduction Bonds and Variable Interest Entity [Abstract] | |
Schedule of Variable Interest Entities | The following tables summarize the impact of PSNH Funding on PSNH's balance sheet and income statement: (Millions of Dollars) Balance Sheet: As of September 30, 2018 Restricted Cash - Current Portion (included in Prepayments and Other Current Assets) $ 26.9 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 Securitized Stranded Cost (included in Regulatory Assets) 618.6 Other Regulatory Liabilities (included in Regulatory Liabilities) 1.0 Accrued Interest (included in Other Current Liabilities) 8.8 Rate Reduction Bonds - Current Portion 52.3 Rate Reduction Bonds - Long-Term Portion 583.3 (Millions of Dollars) Income Statement: For the Three Months Ended September 30, 2018 For the Nine Months Ended September 30, 2018 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 10.2 $ 17.1 Interest Expense on RRB Principal (included in Interest Expense) 6.0 8.8 |
PENSION BENEFITS AND POSTRETI_2
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Postemployment Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic benefit expense for the Pension, SERP and PBOP Plans are shown below. The service cost component of net periodic benefit expense and the intercompany allocations, less the capitalized portions, are included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit costs for pension, SERP and PBOP are included in Other Income, Net on the statements of income. Capitalized amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis. Pension and SERP For the Three Months Ended September 30, 2018 For the Three Months Ended September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 20.9 $ 5.2 $ 4.3 $ 2.7 $ 17.4 $ 4.6 $ 3.8 $ 2.4 Interest Cost 49.2 10.5 10.9 5.5 47.2 10.5 10.7 5.3 Expected Return on Plan Assets (97.8 ) (19.4 ) (26.6 ) (10.8 ) (83.5 ) (17.8 ) (21.9 ) (10.0 ) Actuarial Loss 35.7 7.1 10.1 3.3 33.9 6.8 10.4 3.0 Prior Service Cost 2.0 0.2 0.1 0.1 1.2 0.4 0.2 0.1 Total Net Periodic Benefit Expense/(Income) $ 10.0 $ 3.6 $ (1.2 ) $ 0.8 $ 16.2 $ 4.5 $ 3.2 $ 0.8 Intercompany Allocations N/A $ 1.5 $ 1.6 $ 0.5 N/A $ 2.4 $ 2.3 $ 0.8 Capitalized Pension Expense $ 6.6 $ 2.0 $ 1.8 $ 0.8 $ 5.5 $ 2.4 $ 2.0 $ 0.4 Pension and SERP For the Nine Months Ended September 30, 2018 For the Nine Months Ended September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 64.2 $ 16.2 $ 13.1 $ 8.4 $ 53.8 $ 13.9 $ 11.7 $ 7.3 Interest Cost 147.1 31.4 32.6 16.4 140.7 31.3 31.9 15.9 Expected Return on Plan Assets (293.8 ) (59.7 ) (78.3 ) (32.6 ) (250.5 ) (53.9 ) (65.8 ) (29.9 ) Actuarial Loss 107.6 21.9 31.0 9.8 101.3 20.7 30.9 8.7 Prior Service Cost 6.0 0.8 0.2 0.2 3.4 1.1 0.4 0.4 Total Net Periodic Benefit Expense/(Income) $ 31.1 $ 10.6 $ (1.4 ) $ 2.2 $ 48.7 $ 13.1 $ 9.1 $ 2.4 Intercompany Allocations N/A $ 4.5 $ 4.8 $ 1.4 N/A $ 7.4 $ 6.9 $ 2.5 Capitalized Pension Expense $ 20.2 $ 6.2 $ 5.8 $ 2.3 $ 16.5 $ 7.3 $ 5.7 $ 1.1 PBOP For the Three Months Ended September 30, 2018 For the Three Months Ended September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 2.5 $ 0.4 $ 0.5 $ 0.3 $ 2.4 $ 0.5 $ 0.4 $ 0.3 Interest Cost 7.7 1.5 2.2 0.9 6.8 1.3 2.2 0.8 Expected Return on Plan Assets (18.2 ) (2.6 ) (8.1 ) (1.5 ) (16.0 ) (2.4 ) (7.2 ) (1.4 ) Actuarial Loss 2.6 0.4 0.5 0.2 2.2 0.2 0.9 0.1 Prior Service Cost/(Credit) (6.0 ) 0.3 (4.3 ) 0.1 (5.3 ) 0.3 (4.3 ) 0.2 Total Net Periodic Benefit Income $ (11.4 ) $ — $ (9.2 ) $ — $ (9.9 ) $ (0.1 ) $ (8.0 ) $ — Intercompany Allocations N/A $ (0.3 ) $ (0.3 ) $ (0.1 ) N/A $ (0.2 ) $ (0.2 ) $ (0.1 ) Capitalized PBOP Expense/(Income) $ 0.7 $ 0.1 $ 0.2 $ 0.1 $ (4.8 ) $ (0.1 ) $ (4.1 ) $ — PBOP For the Nine Months Ended September 30, 2018 For the Nine Months Ended September 30, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 7.5 $ 1.4 $ 1.6 $ 0.9 $ 7.1 $ 1.5 $ 1.4 $ 1.0 Interest Cost 23.0 4.4 6.5 2.5 20.3 4.0 6.5 2.3 Expected Return on Plan Assets (54.2 ) (7.8 ) (24.4 ) (4.5 ) (47.8 ) (7.3 ) (21.6 ) (4.1 ) Actuarial Loss 7.7 1.2 1.7 0.6 6.9 0.7 2.6 0.4 Prior Service Cost/(Credit) (17.6 ) 0.8 (12.7 ) 0.4 (16.1 ) 0.8 (12.8 ) 0.4 Total Net Periodic Benefit Income $ (33.6 ) $ — $ (27.3 ) $ (0.1 ) $ (29.6 ) $ (0.3 ) $ (23.9 ) $ — Intercompany Allocations N/A $ (0.8 ) $ (1.0 ) $ (0.3 ) N/A $ (0.5 ) $ (0.8 ) $ (0.3 ) Capitalized PBOP Expense/(Income) $ 2.3 $ 0.5 $ 0.7 $ 0.3 $ (14.3 ) $ (0.4 ) $ (12.1 ) $ — |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site | The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: As of September 30, 2018 As of December 31, 2017 Number of Sites Reserve (in millions) Number of Sites Reserve (in millions) Eversource 60 $ 66.6 59 $ 54.9 CL&P 14 5.0 14 4.7 NSTAR Electric 17 10.9 15 2.7 PSNH 9 5.5 10 5.7 |
Schedule of Guarantor Obligations | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of September 30, 2018 : Company Description Maximum Exposure (in millions) Expiration Dates On behalf of subsidiaries: Eversource Gas Transmission LLC Access Northeast Project Capital Contributions Guaranty (1) $ 184.9 2021 Various Surety Bonds (2) 42.7 2018 - 2019 Eversource Service and Rocky River Realty Company Lease Payments for Vehicles and Real Estate 6.6 2019 - 2024 (1) Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Gas Transmission LLC, to guarantee the payment of the subsidiary's capital contributions for its investment in the Access Northeast project. The guaranty decreases as capital contributions are made. The guaranty will expire upon the earlier of the full performance of the guaranteed obligations or December 31, 2021. (2) Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. |
Schedule of Complaints and Base ROE | A summary of the four separate complaints and the base ROEs pertinent to those complaints were as follows: Complaint 15-Month Time Period of Complaint (Beginning as of Complaint Filing Date) Original Base ROE Authorized by FERC at Time of Complaint Filing Date (1) Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (1) Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) First 10/1/2011 - 12/31/2012 11.14% 10.57% $— (2) Second 12/27/2012 - 3/26/2014 11.14% N/A 39.1 (3) Third 7/31/2014 - 10/30/2015 11.14% 10.57% — Fourth 4/29/2016 - 7/28/2017 10.57% 10.57% — (1) The ROE billed during the period October 1, 2011 through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent . On October 16, 2014, the FERC set the base ROE at 10.57 percent and an incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017. (2) All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH. (3) The reserve represents the difference between the billed rates during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of September 30, 2018 . |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Regulated Operations [Abstract] | |
Schedule of Generation Assets and Liabilities | As of September 30, 2018 , all generation assets had been sold and as a result, no generation assets were classified as held for sale. As of December 31, 2017, PSNH's generation assets held for sale, which were included in current assets on the Eversource and PSNH balance sheets, and were part of the Electric Distribution reportable segment, were as follows: (Millions of Dollars) As of December 31, 2017 Thermal Gross Plant $ 1,091.4 Hydroelectric Gross Plant 83.0 Accumulated Depreciation (575.4 ) Net Plant 599.0 Fuel and Inventory 87.7 Materials and Supplies 27.3 Emissions Allowances 19.1 Other Assets 2.6 Deferred Costs from Thermal Generation Asset Sale (516.1 ) Total Generation Assets Held for Sale $ 219.6 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Carrying amounts and estimated fair values are as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value As of September 30, 2018: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 163.0 $ 116.2 $ 120.2 $ 43.0 $ 42.8 $ — $ — Long-Term Debt 12,538.8 12,517.4 3,253.6 3,420.4 2,944.6 2,990.0 894.1 904.3 Rate Reduction Bonds 635.7 631.3 — — — — 635.7 631.3 As of December 31, 2017: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 160.8 $ 116.2 $ 116.5 $ 43.0 $ 44.3 $ — $ — Long-Term Debt 12,325.5 12,877.1 3,059.1 3,430.5 2,943.8 3,156.5 1,002.4 1,038.2 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income/(loss) by component, net of tax, is as follows: For the Nine Months Ended September 30, 2018 For the Nine Months Ended September 30, 2017 Eversource (Millions of Dollars) Qualified Cash Flow Hedging Instruments Unrealized Losses on Marketable Securities Defined Benefit Plans Total Qualified Cash Flow Hedging Instruments Unrealized Gains on Marketable Securities Defined Benefit Plans Total Balance as of Beginning of Period $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) OCI Before Reclassifications — (0.7 ) 2.6 1.9 — 0.7 (3.5 ) (2.8 ) Amounts Reclassified from AOCI 1.6 — 3.3 4.9 1.6 — 2.9 4.5 Net OCI 1.6 (0.7 ) 5.9 6.8 1.6 0.7 (0.6 ) 1.7 Balance as of End of Period $ (4.6 ) $ (0.7 ) $ (54.3 ) $ (59.6 ) $ (6.6 ) $ 1.1 $ (58.1 ) $ (63.6 ) |
COMMON SHARES (Tables)
COMMON SHARES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of September 30, 2018 and Issued as of Par Value December 31, 2017 September 30, 2018 December 31, 2017 Eversource $ 5 380,000,000 333,878,402 333,878,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net Income Attributable to Common Shareholders $ 289.4 $ 260.4 $ 801.7 $ 750.6 Weighted Average Common Shares Outstanding: Basic 317,360,110 317,393,029 317,367,252 317,415,848 Dilutive Effect 607,201 556,367 581,246 591,194 Diluted 317,967,311 317,949,396 317,948,498 318,007,042 Basic EPS $ 0.91 $ 0.82 $ 2.53 $ 2.36 Diluted EPS $ 0.91 $ 0.82 $ 2.52 $ 2.36 |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents operating revenues disaggregated by revenue source: For the Three Months Ended September 30, 2018 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Revenue from Contracts with Customers Retail Tariff Sales Residential $ 1,111.7 $ 42.8 $ — $ 41.2 $ — $ — $ 1,195.7 Commercial 789.6 40.8 — 17.9 — (1.2 ) 847.1 Industrial 98.7 18.9 — 1.3 — (2.6 ) 116.3 Total Retail Tariff Sales Revenue 2,000.0 102.5 — 60.4 — (3.8 ) 2,159.1 Wholesale Transmission Revenue — — 364.5 — 11.7 (300.2 ) 76.0 Wholesale Market Sales Revenue 48.8 11.4 — 1.3 — — 61.5 Other Revenue from Contracts with Customers 20.2 (0.5 ) 3.1 1.9 212.9 (213.5 ) 24.1 Reserve for Revenue Subject to Refund 5.2 (3.5 ) — (1.3 ) — — 0.4 Total Revenue from Contracts with Customers 2,074.2 109.9 367.6 62.3 224.6 (517.5 ) 2,321.1 Alternative Revenue Programs (51.6 ) (1.5 ) (37.0 ) 1.1 — 33.8 (55.2 ) Other Revenue 4.8 0.6 — 0.1 — — 5.5 Total Operating Revenues $ 2,027.4 $ 109.0 $ 330.6 $ 63.5 $ 224.6 $ (483.7 ) $ 2,271.4 For the Nine Months Ended September 30, 2018 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Revenue from Contracts with Customers Retail Tariff Sales Residential $ 2,900.4 $ 395.9 $ — $ 100.9 $ — $ — $ 3,397.2 Commercial 2,023.0 245.4 — 47.9 — (3.4 ) 2,312.9 Industrial 268.6 71.9 — 3.4 — (7.5 ) 336.4 Total Retail Tariff Sales Revenue 5,192.0 713.2 — 152.2 — (10.9 ) 6,046.5 Wholesale Transmission Revenue — — 988.9 — 34.4 (826.9 ) 196.4 Wholesale Market Sales Revenue 141.4 41.4 — 3.1 — — 185.9 Other Revenue from Contracts with Customers 54.4 (1.4 ) 9.4 5.4 658.1 (659.8 ) 66.1 Reserve for Revenue Subject to Refund (21.2 ) (11.5 ) — (3.3 ) — — (36.0 ) Total Revenue from Contracts with Customers 5,366.6 741.7 998.3 157.4 692.5 (1,497.6 ) 6,458.9 Alternative Revenue Programs (57.2 ) (3.2 ) (45.3 ) 3.7 — 41.5 (60.5 ) Other Revenue 12.4 2.0 — 0.4 — — 14.8 Total Operating Revenues $ 5,321.8 $ 740.5 $ 953.0 $ 161.5 $ 692.5 $ (1,456.1 ) $ 6,413.2 For the Three Months Ended September 30, 2018 For the Nine Months Ended September 30, 2018 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenue from Contracts with Customers Retail Tariff Sales Residential $ 539.6 $ 414.8 $ 157.3 $ 1,410.0 $ 1,071.6 $ 418.8 Commercial 259.0 443.8 87.3 702.2 1,083.8 238.4 Industrial 39.4 38.0 21.3 111.8 96.9 59.9 Total Retail Tariff Sales Revenue 838.0 896.6 265.9 2,224.0 2,252.3 717.1 Wholesale Transmission Revenue 179.1 128.3 57.1 469.8 367.7 151.4 Wholesale Market Sales Revenue 13.3 18.1 17.4 34.3 56.4 52.3 Other Revenue from Contracts with Customers 9.3 10.3 4.0 25.0 27.9 11.4 Reserve for Revenue Subject to Refund 8.3 — (3.1 ) (8.3 ) (3.7 ) (9.2 ) Total Revenue from Contracts with Customers 1,048.0 1,053.3 341.3 2,744.8 2,700.6 923.0 Alternative Revenue Programs (64.3 ) (15.4 ) (8.9 ) (68.4 ) (15.6 ) (18.5 ) Other Revenue 2.8 1.8 0.2 6.5 5.1 0.8 Eliminations (121.5 ) (100.2 ) (42.4 ) (338.0 ) (289.8 ) (112.6 ) Total Operating Revenues $ 865.0 $ 939.5 $ 290.2 $ 2,344.9 $ 2,400.3 $ 792.7 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Eversource's segment information is as follows: For the Three Months Ended September 30, 2018 (1) Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 2,027.4 $ 109.0 $ 330.6 $ 63.5 $ 224.6 $ (483.7 ) $ 2,271.4 Depreciation and Amortization (206.1 ) (13.9 ) (58.3 ) (11.7 ) (12.0 ) 0.6 (301.4 ) Other Operating Expenses (1,562.2 ) (102.4 ) (96.7 ) (25.5 ) (200.9 ) 483.7 (1,504.0 ) Operating Income/(Loss) $ 259.1 $ (7.3 ) $ 175.6 $ 26.3 $ 11.7 $ 0.6 $ 466.0 Interest Expense $ (52.4 ) $ (11.3 ) $ (30.3 ) $ (8.5 ) $ (30.5 ) $ 7.8 $ (125.2 ) Other Income, Net 32.2 1.5 9.0 0.7 251.7 (278.4 ) 16.7 Net Income/(Loss) Attributable to Common Shareholders 173.8 (12.6 ) 109.5 17.6 271.1 (270.0 ) 289.4 For the Nine Months Ended September 30, 2018 (1) Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 5,321.8 $ 740.5 $ 953.0 $ 161.5 $ 692.5 $ (1,456.1 ) $ 6,413.2 Depreciation and Amortization (486.0 ) (59.6 ) (171.8 ) (34.6 ) (35.9 ) 1.7 (786.2 ) Other Operating Expenses (4,238.6 ) (585.7 ) (268.7 ) (73.9 ) (617.2 ) 1,457.0 (4,327.1 ) Operating Income $ 597.2 $ 95.2 $ 512.5 $ 53.0 $ 39.4 $ 2.6 $ 1,299.9 Interest Expense $ (152.0 ) $ (33.7 ) $ (89.9 ) $ (25.5 ) $ (94.8 ) $ 23.2 $ (372.7 ) Other Income/(Loss), Net 70.9 5.1 26.7 (0.4 ) 913.8 (915.4 ) 100.7 Net Income Attributable to Common Shareholders 379.3 50.2 329.6 26.3 905.9 (889.6 ) 801.7 Cash Flows Used for Investments in Plant 717.4 245.5 735.8 68.1 118.3 — 1,885.1 For the Three Months Ended September 30, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 1,547.1 $ 109.2 $ 328.5 $ — $ 224.2 $ (220.5 ) $ 1,988.5 Depreciation and Amortization (159.6 ) (15.2 ) (52.6 ) — (9.5 ) 0.6 (236.3 ) Other Operating Expenses (1,095.2 ) (96.2 ) (95.5 ) — (190.1 ) 220.1 (1,256.9 ) Operating Income/(Loss) $ 292.3 $ (2.2 ) $ 180.4 $ — $ 24.6 $ 0.2 $ 495.3 Interest Expense $ (51.3 ) $ (10.8 ) $ (29.2 ) $ — $ (21.8 ) $ 4.4 $ (108.7 ) Other Income, Net 14.2 1.0 8.5 — 267.6 (262.8 ) 28.5 Net Income/(Loss) Attributable to Common Shareholders 157.4 (6.2 ) 99.0 — 268.4 (258.2 ) 260.4 For the Nine Months Ended September 30, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 4,224.2 $ 698.8 $ 970.0 $ — $ 677.5 $ (714.0 ) $ 5,856.5 Depreciation and Amortization (394.9 ) (54.8 ) (154.5 ) — (26.7 ) 1.7 (629.2 ) Other Operating Expenses (3,076.1 ) (537.3 ) (280.6 ) — (602.9 ) 714.0 (3,782.9 ) Operating Income $ 753.2 $ 106.7 $ 534.9 $ — $ 47.9 $ 1.7 $ 1,444.4 Interest Expense $ (149.0 ) $ (32.3 ) $ (86.1 ) $ — $ (63.1 ) $ 11.0 $ (319.5 ) Other Income, Net 35.3 2.9 20.3 — 854.4 (833.7 ) 79.2 Net Income Attributable to Common Shareholders 393.4 49.1 289.6 — 839.5 (821.0 ) 750.6 Cash Flows Used for Investments in Plant 752.4 209.8 575.6 — 104.5 — 1,642.3 (1) Effective January 1, 2018, upon implementation of the new revenue accounting guidance, the electric distribution segment is presented gross and intercompany transmission billings are presented in the eliminations column, as Eversource believes that the electric distribution segment acts as a principal, rather than an agent, in its contracts with retail customers. Retail customers contract directly with the electric distribution utility and do not differentiate between distribution and transmission services. Therefore, the electric distribution segment revenues, which are derived from retail customer billings, are presented gross of the eliminations. Prior to 2018, the electric distribution segment presented intercompany electric transmission billings net, based on indicators of net presentation prior to the new revenue guidance. See Note 16, "Revenues," regarding accounting for revenues. The following table summarizes Eversource's segmented total assets: Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Water Distribution Other Eliminations Total As of September 30, 2018 $ 21,189.0 $ 3,747.4 $ 10,077.5 $ 2,240.3 $ 16,979.4 $ (16,717.9 ) $ 37,515.7 As of December 31, 2017 19,250.4 3,595.2 9,401.2 2,470.0 15,933.8 (14,430.2 ) 36,220.4 |
ACQUISITION OF AQUARION (Tables
ACQUISITION OF AQUARION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition by Acquisition | The allocation of the cash purchase price is as follows: (Millions of Dollars) Current Assets $ 41.2 PP&E 1,034.9 Goodwill 907.9 Other Noncurrent Assets, excluding Goodwill 215.5 Current Liabilities (121.9 ) Noncurrent Liabilities (421.6 ) Long-Term Debt (778.3 ) Total Cash Purchase Price $ 877.7 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands, customer in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)customerutilityMW | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of electric and natural gas customers | customer | 4 | ||||
Undiscounted minimum rental payments, excluding executory costs, under long-term noncancelable operating and capital leases | $ 100,000 | ||||
Increase in operating revenues and purchased power, fuel and transmission | $ 400 | $ 22,400 | |||
Unrealized losses recorded in other income | 2,400 | 2,600 | |||
Increase in regulatory liabilities | 30,000 | ||||
Other Income, Net | 16,718 | $ 28,536 | $ 100,656 | $ 79,178 | |
Capacity required for transmission line | MW | 1,090 | ||||
Amount capitalized in transmission line installation | $ 302,000 | ||||
Other than temporary impairment | 32,900 | ||||
Expenses recorded as taxes other than income taxes | 10,700 | 36,100 | |||
Change in enacted tax rate | 18,000 | ||||
Accounting Standards Update 2016-15 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Dividends from equity method investment | 16,400 | 14,000 | |||
New accounting guidance for statement of cash flows | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Restricted cash | (30,200) | (30,200) | |||
The Connecticut Light and Power Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other Income, Net | 7,098 | 7,913 | 20,722 | 15,402 | |
NSTAR Electric Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other Income, Net | 13,697 | 9,165 | 40,567 | 24,610 | |
Public Service Company of New Hampshire | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other Income, Net | 16,095 | 2,664 | 24,253 | 7,367 | |
Non-Service Cost Benefits | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other Income, Net | 14,800 | 7,300 | 44,600 | 22,900 | |
Non-Service Cost Benefits | The Connecticut Light and Power Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other Income, Net | 2,000 | 400 | 7,300 | 1,300 | |
Non-Service Cost Benefits | NSTAR Electric Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other Income, Net | 9,000 | 4,700 | 26,800 | 14,500 | |
Non-Service Cost Benefits | Public Service Company of New Hampshire | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other Income, Net | $ 2,000 | $ 1,500 | $ 6,400 | $ 4,500 | |
Connecticut, Massachusetts and New Hampshire | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of regulated utilities | utility | 8 | ||||
Access Northeast | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage by parent | 40.00% | 40.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Provision for Uncollectible Accounts | $ 218,100 | $ 218,100 | $ 195,700 | ||
Uncollectible Hardship | 132,600 | 132,600 | 122,500 | ||
Bad debt expense associated with accounts receivable | 21,500 | $ 14,400 | $ 50,720 | $ 30,111 | |
The Connecticut Light and Power Company | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period of accounts receivable recoverable under financial or medical duress | 180 days | ||||
Total Provision for Uncollectible Accounts | 84,600 | $ 84,600 | 78,900 | ||
Uncollectible Hardship | 68,300 | 68,300 | 65,500 | ||
Bad debt expense associated with accounts receivable | 4,400 | 3,600 | $ 12,135 | 1,755 | |
Yankee Gas Services Company | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period of accounts receivable recoverable under financial or medical duress | 90 days | ||||
NSTAR Electric Company | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Provision for Uncollectible Accounts | 82,000 | $ 82,000 | 69,700 | ||
Uncollectible Hardship | 46,500 | 46,500 | 40,300 | ||
Bad debt expense associated with accounts receivable | 9,100 | 8,100 | 20,433 | 14,937 | |
Public Service Company of New Hampshire | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Provision for Uncollectible Accounts | 11,300 | 11,300 | 10,500 | ||
Uncollectible Hardship | 0 | 0 | $ 0 | ||
Bad debt expense associated with accounts receivable | $ 1,600 | $ 1,500 | $ 4,900 | $ 5,200 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | $ 16,718 | $ 28,536 | $ 100,656 | $ 79,178 |
Equity securities, unrealized gain (loss) | 17,600 | 9,700 | 0 | 0 |
Pension, SERP and PBOP Non-Service Income Components | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 14,800 | 7,300 | 44,600 | 22,900 |
AFUDC Equity | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 12,000 | 9,200 | 32,600 | 23,800 |
Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | (27,900) | 5,100 | (400) | 23,000 |
Investment Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 1,800 | 4,600 | 2,200 | 3,700 |
Interest Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 10,800 | 2,300 | 16,200 | 5,800 |
Gain on Sale of Property | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 5,000 | 0 | 5,000 | 0 |
Other | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 200 | 0 | 500 | 0 |
The Connecticut Light and Power Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 7,098 | 7,913 | 20,722 | 15,402 |
The Connecticut Light and Power Company | Pension, SERP and PBOP Non-Service Income Components | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 2,000 | 400 | 7,300 | 1,300 |
The Connecticut Light and Power Company | AFUDC Equity | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 3,300 | 3,300 | 9,400 | 8,200 |
The Connecticut Light and Power Company | Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 0 | 0 | 0 | 0 |
The Connecticut Light and Power Company | Investment Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 700 | 3,100 | 900 | 2,400 |
The Connecticut Light and Power Company | Interest Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 900 | 1,100 | 2,900 | 3,500 |
The Connecticut Light and Power Company | Gain on Sale of Property | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 0 | 0 | ||
The Connecticut Light and Power Company | Other | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 200 | 0 | 200 | 0 |
NSTAR Electric Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 13,697 | 9,165 | 40,567 | 24,610 |
NSTAR Electric Company | Pension, SERP and PBOP Non-Service Income Components | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 9,000 | 4,700 | 26,800 | 14,500 |
NSTAR Electric Company | AFUDC Equity | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 4,200 | 2,700 | 11,500 | 6,700 |
NSTAR Electric Company | Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 200 | 300 | 600 | 200 |
NSTAR Electric Company | Investment Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | (400) | 900 | 600 | 2,100 |
NSTAR Electric Company | Interest Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 200 | 600 | 600 | 1,100 |
NSTAR Electric Company | Gain on Sale of Property | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 500 | 0 | 500 | 0 |
NSTAR Electric Company | Other | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 0 | 0 | 0 | 0 |
Public Service Company of New Hampshire | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 16,095 | 2,664 | 24,253 | 7,367 |
Public Service Company of New Hampshire | Pension, SERP and PBOP Non-Service Income Components | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 2,000 | 1,500 | 6,400 | 4,500 |
Public Service Company of New Hampshire | AFUDC Equity | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 0 | 0 | 0 | 0 |
Public Service Company of New Hampshire | Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 0 | 0 | 0 | 0 |
Public Service Company of New Hampshire | Investment Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 100 | 700 | 200 | 1,200 |
Public Service Company of New Hampshire | Interest Income | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 9,600 | 500 | 13,300 | 1,600 |
Public Service Company of New Hampshire | Gain on Sale of Property | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | 4,400 | 0 | 4,400 | 0 |
Public Service Company of New Hampshire | Other | ||||
Summary of Accounting Policies [Line Items] | ||||
Other Income, Net | $ 0 | $ 0 | $ 0 | $ 100 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | ||||
Expenses recorded as taxes other than income taxes | $ 10.7 | $ 36.1 | ||
Schedule of Gross Tax Receipts [Line Items] | ||||
Excise and sales taxes | 43.5 | $ 40.3 | 122.5 | $ 118.2 |
The Connecticut Light and Power Company | ||||
Schedule of Gross Tax Receipts [Line Items] | ||||
Excise and sales taxes | $ 40.6 | $ 37.8 | $ 107.7 | $ 103.5 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | $ 303.7 | $ 307.7 |
The Connecticut Light and Power Company | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | 103 | 113.4 |
NSTAR Electric Company | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | 62.5 | 92.5 |
Public Service Company of New Hampshire | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | $ 48.3 | $ 39.6 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents as reported on the Balance Sheets | $ 59,092 | $ 38,165 | ||
Cash, Cash Equivalents, and Restricted Cash reported on the Statements of Cash Flows | 134,605 | 85,890 | $ 171,976 | $ 106,750 |
Prepayments and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 51,400 | 24,400 | ||
Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 20,900 | 23,300 | ||
Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 3,200 | 0 | ||
The Connecticut Light and Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents as reported on the Balance Sheets | 977 | 6,028 | ||
Cash, Cash Equivalents, and Restricted Cash reported on the Statements of Cash Flows | 4,880 | 9,619 | 12,916 | 8,403 |
The Connecticut Light and Power Company | Prepayments and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 3,500 | 3,100 | ||
The Connecticut Light and Power Company | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 400 | 500 | ||
The Connecticut Light and Power Company | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 0 | ||
NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents as reported on the Balance Sheets | 2,367 | 1,763 | ||
Cash, Cash Equivalents, and Restricted Cash reported on the Statements of Cash Flows | 15,361 | 14,708 | 102,813 | 15,506 |
NSTAR Electric Company | Prepayments and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 12,900 | 12,800 | ||
NSTAR Electric Company | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 100 | 100 | ||
NSTAR Electric Company | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 0 | ||
Public Service Company of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents as reported on the Balance Sheets | 7,462 | 900 | ||
Cash, Cash Equivalents, and Restricted Cash reported on the Statements of Cash Flows | 38,166 | 2,191 | $ 1,834 | $ 5,953 |
Public Service Company of New Hampshire | Prepayments and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 26,800 | 500 | ||
Public Service Company of New Hampshire | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 700 | 800 | ||
Public Service Company of New Hampshire | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 3,200 | $ 0 |
REGULATORY ACCOUNTING - Compone
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 5,153,300 | $ 5,239,300 |
Less: Current Portion | 436,704 | 741,868 |
Total Long-Term Regulatory Assets | 4,716,631 | 4,497,447 |
Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,988,400 | 2,068,800 |
Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 720,700 | 768,900 |
Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 618,600 | 0 |
Deferred Costs from Generation Asset Sale | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 516,100 |
Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 598,500 | 404,800 |
Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 257,800 | 509,900 |
Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 360,000 | 367,200 |
Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 352,600 | 365,200 |
Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 87,500 | 101,000 |
Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 169,200 | 137,400 |
The Connecticut Light and Power Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,673,800 | 1,645,200 |
Less: Current Portion | 128,793 | 200,281 |
Total Long-Term Regulatory Assets | 1,545,012 | 1,444,935 |
The Connecticut Light and Power Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 447,400 | 469,200 |
The Connecticut Light and Power Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 448,100 | 453,800 |
The Connecticut Light and Power Company | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
The Connecticut Light and Power Company | Deferred Costs from Generation Asset Sale | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
The Connecticut Light and Power Company | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 319,700 | 216,700 |
The Connecticut Light and Power Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 39,500 | 85,300 |
The Connecticut Light and Power Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 359,900 | 362,300 |
The Connecticut Light and Power Company | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
The Connecticut Light and Power Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 31,800 | 30,300 |
The Connecticut Light and Power Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 27,400 | 27,600 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,420,300 | 1,524,500 |
Less: Current Portion | 193,541 | 333,882 |
Total Long-Term Regulatory Assets | 1,226,811 | 1,190,575 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 541,200 | 560,700 |
NSTAR Electric Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 112,900 | 113,200 |
NSTAR Electric Company | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric Company | Deferred Costs from Generation Asset Sale | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric Company | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 222,100 | 146,600 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 128,400 | 273,000 |
NSTAR Electric Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric Company | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 302,700 | 313,600 |
NSTAR Electric Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 41,300 | 39,000 |
NSTAR Electric Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 71,700 | 78,400 |
Public Service Company of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 953,500 | 940,800 |
Less: Current Portion | 61,379 | 130,134 |
Total Long-Term Regulatory Assets | 892,075 | 810,677 |
Public Service Company of New Hampshire | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 172,000 | 212,300 |
Public Service Company of New Hampshire | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 15,600 | 21,700 |
Public Service Company of New Hampshire | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 618,600 | 0 |
Public Service Company of New Hampshire | Deferred Costs from Generation Asset Sale | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 516,100 |
Public Service Company of New Hampshire | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 56,700 | 41,500 |
Public Service Company of New Hampshire | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 74,900 | 116,400 |
Public Service Company of New Hampshire | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
Public Service Company of New Hampshire | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
Public Service Company of New Hampshire | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 3,300 | 17,000 |
Public Service Company of New Hampshire | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 12,400 | $ 15,800 |
REGULATORY ACCOUNTING - Narrati
REGULATORY ACCOUNTING - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 17, 2018 | May 08, 2018 | Dec. 31, 2017 | |
Regulatory Assets [Line Items] | |||||||
Regulatory assets | $ 5,153,300 | $ 5,153,300 | $ 5,239,300 | ||||
Other Income, Net | 16,718 | $ 28,536 | 100,656 | $ 79,178 | |||
Amount of regulatory costs not yet approved | 104,600 | 104,600 | 105,800 | ||||
Regulatory liabilities | 4,051,500 | 4,051,500 | 3,765,400 | ||||
Public Service Company of New Hampshire | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | 953,500 | 953,500 | 940,800 | ||||
Amount of recovery approved | $ 49,000 | ||||||
Other Income, Net | 16,095 | 2,664 | 24,253 | 7,367 | |||
Amount of regulatory costs not yet approved | 3,900 | 3,900 | 27,200 | ||||
Regulatory liabilities | 473,500 | 473,500 | 450,700 | ||||
The Connecticut Light and Power Company | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | 1,673,800 | 1,673,800 | 1,645,200 | ||||
Other Income, Net | 7,098 | 7,913 | 20,722 | 15,402 | |||
Amount of regulatory costs not yet approved | 27,600 | 27,600 | 18,200 | ||||
Regulatory liabilities | 1,257,800 | 1,257,800 | 1,151,100 | ||||
NSTAR Electric Company | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | 1,420,300 | 1,420,300 | 1,524,500 | ||||
Other Income, Net | 13,697 | $ 9,165 | 40,567 | $ 24,610 | |||
Amount of regulatory costs not yet approved | 53,300 | 53,300 | 42,700 | ||||
Regulatory liabilities | 1,734,500 | 1,734,500 | 1,594,100 | ||||
Deferred Costs from Generation Asset Sale | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | 266,000 | 266,000 | |||||
Deferred Costs from Generation Asset Sale | Public Service Company of New Hampshire | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | 16,000 | 16,000 | |||||
Other Income, Net | 8,700 | ||||||
Deferred Costs from Generation Asset Sale | The Connecticut Light and Power Company | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | 149,000 | 149,000 | |||||
Deferred Costs from Generation Asset Sale | NSTAR Electric Company | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | 101,000 | 101,000 | |||||
Rate Reduction Bonds | Public Service Company of New Hampshire | |||||||
Regulatory Assets [Line Items] | |||||||
Amount of securitized rate reduction bonds issued | $ 635,700 | ||||||
Revenue Subject to Refund | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory liabilities | 36,200 | 36,200 | 0 | ||||
Revenue Subject to Refund | Public Service Company of New Hampshire | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory liabilities | 9,400 | 9,400 | 0 | ||||
Revenue Subject to Refund | The Connecticut Light and Power Company | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory liabilities | 8,300 | 8,300 | 0 | ||||
Revenue Subject to Refund | NSTAR Electric Company | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory liabilities | $ 3,700 | $ 3,700 | $ 0 |
REGULATORY ACCOUNTING - Compo_2
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 4,051,500 | $ 3,765,400 |
Less: Current Portion | 344,708 | 128,071 |
Total Long-Term Regulatory Liabilities | 3,706,792 | 3,637,273 |
Excess ADIT due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 2,876,900 | 2,882,000 |
Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 516,400 | 502,100 |
Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 127,100 | 132,300 |
Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 345,600 | 136,700 |
AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 68,600 | 67,100 |
Revenue Subject to Refund | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 36,200 | 0 |
Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 80,700 | 45,200 |
The Connecticut Light and Power Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,257,800 | 1,151,100 |
Less: Current Portion | 126,574 | 38,967 |
Total Long-Term Regulatory Liabilities | 1,131,234 | 1,112,136 |
The Connecticut Light and Power Company | Excess ADIT due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,026,300 | 1,031,600 |
The Connecticut Light and Power Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 37,800 | 23,200 |
The Connecticut Light and Power Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
The Connecticut Light and Power Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 111,900 | 34,600 |
The Connecticut Light and Power Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 47,800 | 48,800 |
The Connecticut Light and Power Company | Revenue Subject to Refund | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 8,300 | 0 |
The Connecticut Light and Power Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 25,700 | 12,900 |
NSTAR Electric Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,734,500 | 1,594,100 |
Less: Current Portion | 168,225 | 79,562 |
Total Long-Term Regulatory Liabilities | 1,566,285 | 1,514,451 |
NSTAR Electric Company | Excess ADIT due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,100,500 | 1,087,900 |
NSTAR Electric Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 305,700 | 293,800 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 107,200 | 112,600 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 168,300 | 77,800 |
NSTAR Electric Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 20,800 | 18,300 |
NSTAR Electric Company | Revenue Subject to Refund | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 3,700 | 0 |
NSTAR Electric Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 28,300 | 3,700 |
Public Service Company of New Hampshire | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 473,500 | 450,700 |
Less: Current Portion | 39,661 | 6,251 |
Total Long-Term Regulatory Liabilities | 433,822 | 444,397 |
Public Service Company of New Hampshire | Excess ADIT due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 397,400 | 405,100 |
Public Service Company of New Hampshire | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 24,900 | 37,900 |
Public Service Company of New Hampshire | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 500 | 0 |
Public Service Company of New Hampshire | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 38,500 | 5,000 |
Public Service Company of New Hampshire | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
Public Service Company of New Hampshire | Revenue Subject to Refund | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 9,400 | 0 |
Public Service Company of New Hampshire | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 2,800 | $ 2,700 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | $ 14,794,900 | $ 14,410,500 |
Distribution - Natural Gas | 3,371,200 | 3,244,200 |
Transmission - Electric | 9,733,600 | 9,270,900 |
Distribution - Water | 1,594,300 | 1,558,400 |
Solar | 109,300 | 36,200 |
Utility | 29,603,300 | 28,520,200 |
Other | 759,000 | 693,700 |
Property, Plant and Equipment, Gross | 30,362,300 | 29,213,900 |
Less: Accumulated Depreciation | ||
Utility | (7,065,400) | (6,846,900) |
Other | (325,400) | (286,900) |
Total Accumulated Depreciation | (7,390,800) | (7,133,800) |
Property, Plant and Equipment, Net | 22,971,500 | 22,080,100 |
Construction Work in Progress | 1,996,200 | 1,537,400 |
Net Plant | 24,967,702 | 23,617,463 |
The Connecticut Light and Power Company | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 6,027,100 | 5,888,300 |
Transmission - Electric | 4,513,700 | 4,239,900 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 10,540,800 | 10,128,200 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,297,400) | (2,239,000) |
Property, Plant and Equipment, Net | 8,243,400 | 7,889,200 |
Construction Work in Progress | 510,300 | 381,800 |
Net Plant | 8,753,744 | 8,271,030 |
NSTAR Electric Company | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 6,651,100 | 6,479,000 |
Transmission - Electric | 3,915,500 | 3,821,200 |
Solar | 109,300 | 36,200 |
Property, Plant and Equipment, Gross | 10,675,900 | 10,336,400 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,673,000) | (2,550,200) |
Property, Plant and Equipment, Net | 8,002,900 | 7,786,200 |
Construction Work in Progress | 573,200 | 460,300 |
Net Plant | 8,576,096 | 8,246,494 |
Public Service Company of New Hampshire | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 2,157,000 | 2,083,400 |
Transmission - Electric | 1,255,600 | 1,161,300 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 3,412,600 | 3,244,700 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (762,100) | (751,800) |
Property, Plant and Equipment, Net | 2,650,500 | 2,492,900 |
Construction Work in Progress | 176,000 | 149,400 |
Net Plant | $ 2,826,541 | $ 2,642,274 |
DERIVATIVE INSTRUMENTS - Gross
DERIVATIVE INSTRUMENTS - Gross Fair Value of Contracts (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Current Derivative Assets | Level 3 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | $ 0.8 | $ 0 |
Netting | (0.5) | 0 |
Net Amount Recorded as a Derivative | 0.3 | 0 |
Current Derivative Assets | The Connecticut Light and Power Company | Level 3 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | 8.8 | 9.5 |
Netting | (4.8) | (7.1) |
Net Amount Recorded as a Derivative | 4 | 2.4 |
Long-term Derivative Assets | The Connecticut Light and Power Company | Level 3 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | 75 | 71.9 |
Netting | (2.3) | (5.3) |
Net Amount Recorded as a Derivative | 72.7 | 66.6 |
Current Derivative Liabilities | Level 2 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | 0 | (4.5) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | 0 | (4.5) |
Current Derivative Liabilities | The Connecticut Light and Power Company | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (50.8) | (54.4) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (50.8) | (54.4) |
Long-Term Derivative Liabilities | Level 2 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (0.1) | (0.4) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (0.1) | (0.4) |
Long-Term Derivative Liabilities | The Connecticut Light and Power Company | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (385.8) | (376.9) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | $ (385.8) | $ (376.9) |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative Contracts at Fair Value (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)MMBTUMWhMW | Sep. 30, 2017USD ($) | Dec. 31, 2017MMBTU | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company | 20.00% | ||||
Amount of power to be purchased under capacity-related contract (in MW) | MW | 787 | ||||
Amount of natural gas to be purchased under futures contracts | MMBTU | 10.6 | 9.5 | |||
Gains (losses) on deferred as regulatory costs | $ | $ 1.6 | $ 0.6 | $ (25.8) | $ (30.3) | |
The Connecticut Light and Power Company | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of costs or benefits borne under capacity-related contracts | 80.00% | ||||
Amount of energy to be purchased under renewable energy contract (mwh) | MWh | 0.1 |
DERIVATIVE INSTRUMENTS - Unobse
DERIVATIVE INSTRUMENTS - Unobservable Inputs Utilized (Details) - The Connecticut Light and Power Company - Level 3 - $ / KWmo | Sep. 30, 2018 | Dec. 31, 2017 |
Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USD per kilowatt month) | 4.30 | 5 |
Forward Reserve (in USD per kilowatt month) | 0.95 | 1 |
Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USD per kilowatt month) | 7.44 | 8.70 |
Forward Reserve (in USD per kilowatt month) | 2 | 2 |
DERIVATIVE INSTRUMENTS - Unob_2
DERIVATIVE INSTRUMENTS - Unobservable Inputs Narrative (Details) - Level 3 | 9 Months Ended |
Sep. 30, 2018 | |
Minimum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Percentage of exit price premiums related to derivative contracts | 1.00% |
Maximum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Percentage of exit price premiums related to derivative contracts | 16.00% |
DERIVATIVE INSTRUMENTS - Deri_2
DERIVATIVE INSTRUMENTS - Derivative Assets and Liabilities Measured at Fair Value (Details) - The Connecticut Light and Power Company - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivatives, Net [Rollforward] | ||||
Fair Value as of Beginning of Period | $ (369.3) | $ (394.8) | $ (362.3) | $ (420.5) |
Net Realized/Unrealized Gains/(Losses) Included in Regulatory Assets and Liabilities | 1.2 | (0.7) | (27) | (15.9) |
Settlements | 8.2 | 13.9 | 29.4 | 54.8 |
Fair Value as of End of Period | $ (359.9) | $ (381.6) | $ (359.9) | $ (381.6) |
MARKETABLE SECURITIES - Securit
MARKETABLE SECURITIES - Securities Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale equity securities | $ 54.5 | $ 54.5 | $ 50 |
Unrealized losses recorded in other income | 2.4 | 2.6 | |
CYAPC | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale equity securities | 258 | 258 | |
Marketable securities held in nuclear decommissioning trust | $ 247.1 | $ 247.1 | 242.3 |
YAEC | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale equity securities | $ 263.8 |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Total Debt Securities | $ 292.8 | $ 284.9 |
Pre-Tax Unrealized Gains | 0.8 | 3.2 |
Pre-Tax Unrealized Losses | (2.7) | (1.1) |
Fair Value | $ 290.9 | $ 287 |
MARKETABLE SECURITIES - Sched_2
MARKETABLE SECURITIES - Schedule of Contractual Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Amortized Cost | ||
Less than one year | $ 28.5 | |
One to five years | 48.7 | |
Six to ten years | 61.8 | |
Greater than ten years | 153.8 | |
Total Debt Securities | 292.8 | $ 284.9 |
Fair Value | ||
Less than one year | 28.5 | |
One to five years | 48.3 | |
Six to ten years | 61.2 | |
Greater than ten years | 152.9 | |
Total Debt Securities | $ 290.9 | $ 287 |
MARKETABLE SECURITIES - Sched_3
MARKETABLE SECURITIES - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | $ 603.4 | $ 600.8 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 333.4 | 337.1 |
Level 1 | Mutual Funds and Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 312.5 | 313.8 |
Level 1 | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 20.9 | 23.3 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 270 | 263.7 |
Level 2 | U.S. Government Issued Debt Securities (Agency and Treasury) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 80.8 | 70.2 |
Level 2 | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 41.8 | 50.9 |
Level 2 | Asset-Backed Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 14.3 | 21.2 |
Level 2 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 121.2 | 110.7 |
Level 2 | Other Fixed Income Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | $ 11.9 | $ 10.7 |
SHORT-TERM AND LONG-TERM DEBT -
SHORT-TERM AND LONG-TERM DEBT - Narrative (Details) | Oct. 10, 2018USD ($) | Jan. 31, 2018USD ($)issuance | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | ||||
Notes payable to Eversource parent | $ 196,900,000 | $ 115,900,000 | ||
Long-term debt, current maturities | 387,310,000 | 549,631,000 | ||
Commercial Paper | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 201,200,000 | |||
Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding during period | 0 | 0 | ||
Eversource Parent | Commercial Paper | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 1,450,000,000 | 201,200,000 | ||
Short-term debt | 826,700,000 | 979,300,000 | ||
Long-term debt, current maturities | $ 446,800,000 | |||
Number of debt issuances | issuance | 2 | |||
Eversource Parent | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 1,450,000,000 | |||
Debt instrument term | 5 years | |||
NSTAR Electric Company | ||||
Line of Credit Facility [Line Items] | ||||
Notes payable to Eversource parent | $ 16,000,000 | 198,000,000 | ||
NSTAR Electric Company | Commercial Paper | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 650,000,000 | |||
Short-term debt | 240,500,000 | 234,000,000 | ||
NSTAR Electric Company | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 650,000,000 | |||
Debt instrument term | 5 years | |||
Aquarion | ||||
Line of Credit Facility [Line Items] | ||||
Notes payable to Eversource parent | $ 108,000,000 | |||
Aquarion | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 100,000,000 | |||
Amount outstanding during period | 0 | |||
Short-term debt | 76,000,000 | |||
The Connecticut Light and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Notes payable to Eversource parent | 45,900,000 | 69,500,000 | ||
Long-term debt, current maturities | 250,000,000 | 300,000,000 | ||
Public Service Company of New Hampshire | ||||
Line of Credit Facility [Line Items] | ||||
Notes payable to Eversource parent | 46,600,000 | 262,900,000 | ||
Long-term debt, current maturities | 0 | $ 110,000,000 | ||
NSTAR Gas | ||||
Line of Credit Facility [Line Items] | ||||
Notes payable to Eversource parent | $ 117,200,000 | |||
2001 Series A Pollution Control Revenue Bonds | Subsequent Event | Public Service Company of New Hampshire | ||||
Line of Credit Facility [Line Items] | ||||
Extinguishment of Debt, Amount | $ 89,300,000 |
SHORT-TERM AND LONG-TERM DEBT_2
SHORT-TERM AND LONG-TERM DEBT - Schedule of Commercial Paper Program (Details) - Commercial Paper - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
NSTAR Electric Company | ||
Debt Instrument [Line Items] | ||
Borrowings Outstanding | $ 240.5 | $ 234 |
Available Borrowing Capacity | $ 409.5 | $ 416 |
Weighted-Average Interest Rate | 2.17% | 1.55% |
Eversource Parent | ||
Debt Instrument [Line Items] | ||
Borrowings Outstanding | $ 826.7 | $ 979.3 |
Available Borrowing Capacity | $ 623.3 | $ 470.7 |
Weighted-Average Interest Rate | 2.34% | 1.86% |
SHORT-TERM AND LONG-TERM DEBT_3
SHORT-TERM AND LONG-TERM DEBT - Schedule of Issuances and Repayments (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Oct. 31, 2018 | Jan. 31, 2015 | May 31, 2013 | May 31, 2008 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 31, 2018 | |
Debt Instrument [Line Items] | |||||||
Repayments | $ (860,855,000) | $ (320,000,000) | |||||
Senior Notes | Series O First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Issuances | 50,000,000 | ||||||
Senior Notes | Series P First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Issuances | 100,000,000 | ||||||
The Connecticut Light and Power Company | |||||||
Debt Instrument [Line Items] | |||||||
Repayments | (300,000,000) | (250,000,000) | |||||
The Connecticut Light and Power Company | Senior Notes | 2018 Series A First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Issuances | $ 500,000,000 | ||||||
Interest rate, stated percentage | 4.00% | ||||||
The Connecticut Light and Power Company | Senior Notes | 2008 Series A First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Repayments | $ (300,000,000) | ||||||
Interest rate, stated percentage | 5.65% | ||||||
Public Service Company of New Hampshire | |||||||
Debt Instrument [Line Items] | |||||||
Repayments | $ (110,000,000) | $ (70,000,000) | |||||
Public Service Company of New Hampshire | Senior Notes | 2008 Series O First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Repayments | $ (110,000,000) | ||||||
Interest rate, stated percentage | 6.00% | ||||||
Eversource Parent | Senior Notes | Eversource Parent Series I Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Issuances | $ 200,000,000 | ||||||
Long-term debt | $ 450,000,000 | ||||||
Interest rate, stated percentage | 2.50% | ||||||
Eversource Parent | Senior Notes | Series M Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Issuances | $ 450,000,000 | ||||||
Interest rate, stated percentage | 3.30% | ||||||
Eversource Parent | Senior Notes | Series G Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Repayments | $ (150,000,000) | ||||||
Interest rate, stated percentage | 1.60% | ||||||
Eversource Parent | Senior Notes | Series E Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Repayments | $ (300,000,000) | ||||||
Interest rate, stated percentage | 1.45% | ||||||
Eversource Parent | Senior Notes | Series O First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 4.13% | ||||||
Eversource Parent | Senior Notes | Series P First Mortgage Bonds | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 4.09% | ||||||
Subsequent Event | Senior Notes | Series J Senior Notes Due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Repayments | $ (100,000,000) | ||||||
Interest rate, stated percentage | 6.90% |
RATE REDUCTION BONDS AND VARI_3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - Public Service Company of New Hampshire - Rate Reduction Bonds $ in Millions | May 08, 2018USD ($) |
Debt Instrument [Line Items] | |
Amount of securitized rate reduction bonds issued | $ 635.7 |
Weighted average interest rate | 3.66% |
RATE REDUCTION BONDS AND VARI_4
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory assets | $ 5,153,300 | $ 5,239,300 |
Accrued Interest (included in Other Current Liabilities) | 616,662 | 594,176 |
Rate Reduction Bonds - Current Portion | 52,332 | 0 |
Rate Reduction Bonds - Long-Term Portion | 583,331 | 0 |
Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory assets | 618,600 | 0 |
Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory assets | 169,200 | 137,400 |
Public Service Company of New Hampshire | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory assets | 953,500 | 940,800 |
Accrued Interest (included in Other Current Liabilities) | 34,790 | 33,437 |
Rate Reduction Bonds - Current Portion | 52,332 | 0 |
Rate Reduction Bonds - Long-Term Portion | 583,331 | 0 |
Public Service Company of New Hampshire | Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory assets | 618,600 | 0 |
Public Service Company of New Hampshire | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory assets | 12,400 | $ 15,800 |
Variable Interest Entity, Primary Beneficiary | Public Service Company of New Hampshire | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash - Current Portion (included in Prepayments and Other Current Assets) | 26,900 | |
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) | 3,200 | |
Accrued Interest (included in Other Current Liabilities) | 8,800 | |
Rate Reduction Bonds - Current Portion | 52,300 | |
Rate Reduction Bonds - Long-Term Portion | 583,300 | |
Variable Interest Entity, Primary Beneficiary | Public Service Company of New Hampshire | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory assets | $ 1,000 |
RATE REDUCTION BONDS AND VARI_5
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Income Statements, Captions [Line Items] | ||||
Interest Expense on RRB Principal (included in Interest Expense) | $ 125,201 | $ 108,719 | $ 372,734 | $ 319,477 |
Public Service Company of New Hampshire | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest Expense on RRB Principal (included in Interest Expense) | 16,593 | $ 12,896 | 43,977 | $ 38,676 |
Variable Interest Entity, Primary Beneficiary | Rate Reduction Bonds | Public Service Company of New Hampshire | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Amortization of Regulatory Assets, Net | 10,200 | 17,100 | ||
Interest Expense on RRB Principal (included in Interest Expense) | $ 6,000 | $ 8,800 |
PENSION BENEFITS AND POSTRETI_3
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension and SERP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 20.9 | $ 17.4 | $ 64.2 | $ 53.8 |
Interest Cost | 49.2 | 47.2 | 147.1 | 140.7 |
Expected Return on Plan Assets | (97.8) | (83.5) | (293.8) | (250.5) |
Actuarial Loss | 35.7 | 33.9 | 107.6 | 101.3 |
Prior Service Cost/(Credit) | 2 | 1.2 | 6 | 3.4 |
Total Net Periodic Benefit Expense/(Income) | 10 | 16.2 | 31.1 | 48.7 |
Capitalized Pension Expense/(Income) | 6.6 | 5.5 | 20.2 | 16.5 |
PBOP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 2.5 | 2.4 | 7.5 | 7.1 |
Interest Cost | 7.7 | 6.8 | 23 | 20.3 |
Expected Return on Plan Assets | (18.2) | (16) | (54.2) | (47.8) |
Actuarial Loss | 2.6 | 2.2 | 7.7 | 6.9 |
Prior Service Cost/(Credit) | (6) | (5.3) | (17.6) | (16.1) |
Total Net Periodic Benefit Expense/(Income) | (11.4) | (9.9) | (33.6) | (29.6) |
Capitalized Pension Expense/(Income) | 0.7 | (4.8) | 2.3 | (14.3) |
The Connecticut Light and Power Company | Pension and SERP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 5.2 | 4.6 | 16.2 | 13.9 |
Interest Cost | 10.5 | 10.5 | 31.4 | 31.3 |
Expected Return on Plan Assets | (19.4) | (17.8) | (59.7) | (53.9) |
Actuarial Loss | 7.1 | 6.8 | 21.9 | 20.7 |
Prior Service Cost/(Credit) | 0.2 | 0.4 | 0.8 | 1.1 |
Total Net Periodic Benefit Expense/(Income) | 3.6 | 4.5 | 10.6 | 13.1 |
Intercompany Allocations | 1.5 | 2.4 | 4.5 | 7.4 |
Capitalized Pension Expense/(Income) | 2 | 2.4 | 6.2 | 7.3 |
The Connecticut Light and Power Company | PBOP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.4 | 0.5 | 1.4 | 1.5 |
Interest Cost | 1.5 | 1.3 | 4.4 | 4 |
Expected Return on Plan Assets | (2.6) | (2.4) | (7.8) | (7.3) |
Actuarial Loss | 0.4 | 0.2 | 1.2 | 0.7 |
Prior Service Cost/(Credit) | 0.3 | 0.3 | 0.8 | 0.8 |
Total Net Periodic Benefit Expense/(Income) | 0 | (0.1) | 0 | (0.3) |
Intercompany Allocations | (0.3) | (0.2) | (0.8) | (0.5) |
Capitalized Pension Expense/(Income) | 0.1 | (0.1) | 0.5 | (0.4) |
NSTAR Electric Company | Pension and SERP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 4.3 | 3.8 | 13.1 | 11.7 |
Interest Cost | 10.9 | 10.7 | 32.6 | 31.9 |
Expected Return on Plan Assets | (26.6) | (21.9) | (78.3) | (65.8) |
Actuarial Loss | 10.1 | 10.4 | 31 | 30.9 |
Prior Service Cost/(Credit) | 0.1 | 0.2 | 0.2 | 0.4 |
Total Net Periodic Benefit Expense/(Income) | (1.2) | 3.2 | (1.4) | 9.1 |
Intercompany Allocations | 1.6 | 2.3 | 4.8 | 6.9 |
Capitalized Pension Expense/(Income) | 1.8 | 2 | 5.8 | 5.7 |
NSTAR Electric Company | PBOP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.5 | 0.4 | 1.6 | 1.4 |
Interest Cost | 2.2 | 2.2 | 6.5 | 6.5 |
Expected Return on Plan Assets | (8.1) | (7.2) | (24.4) | (21.6) |
Actuarial Loss | 0.5 | 0.9 | 1.7 | 2.6 |
Prior Service Cost/(Credit) | (4.3) | (4.3) | (12.7) | (12.8) |
Total Net Periodic Benefit Expense/(Income) | (9.2) | (8) | (27.3) | (23.9) |
Intercompany Allocations | (0.3) | (0.2) | (1) | (0.8) |
Capitalized Pension Expense/(Income) | 0.2 | (4.1) | 0.7 | (12.1) |
Public Service Company of New Hampshire | Pension and SERP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 2.7 | 2.4 | 8.4 | 7.3 |
Interest Cost | 5.5 | 5.3 | 16.4 | 15.9 |
Expected Return on Plan Assets | (10.8) | (10) | (32.6) | (29.9) |
Actuarial Loss | 3.3 | 3 | 9.8 | 8.7 |
Prior Service Cost/(Credit) | 0.1 | 0.1 | 0.2 | 0.4 |
Total Net Periodic Benefit Expense/(Income) | 0.8 | 0.8 | 2.2 | 2.4 |
Intercompany Allocations | 0.5 | 0.8 | 1.4 | 2.5 |
Capitalized Pension Expense/(Income) | 0.8 | 0.4 | 2.3 | 1.1 |
Public Service Company of New Hampshire | PBOP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.3 | 0.3 | 0.9 | 1 |
Interest Cost | 0.9 | 0.8 | 2.5 | 2.3 |
Expected Return on Plan Assets | (1.5) | (1.4) | (4.5) | (4.1) |
Actuarial Loss | 0.2 | 0.1 | 0.6 | 0.4 |
Prior Service Cost/(Credit) | 0.1 | 0.2 | 0.4 | 0.4 |
Total Net Periodic Benefit Expense/(Income) | 0 | 0 | (0.1) | 0 |
Intercompany Allocations | (0.1) | (0.1) | (0.3) | (0.3) |
Capitalized Pension Expense/(Income) | $ 0.1 | $ 0 | $ 0.3 | $ 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Environmental Matters (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)site | Dec. 31, 2017USD ($)site | |
Site Contingency [Line Items] | ||
Number of Sites | site | 60 | 59 |
Reserve | $ | $ 66.6 | $ 54.9 |
The Connecticut Light and Power Company | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 14 | 14 |
Reserve | $ | $ 5 | $ 4.7 |
NSTAR Electric Company | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 17 | 15 |
Reserve | $ | $ 10.9 | $ 2.7 |
Public Service Company of New Hampshire | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 9 | 10 |
Reserve | $ | $ 5.5 | $ 5.7 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Environmental Matters Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Site Contingency [Line Items] | ||
Reserve | $ 66.6 | $ 54.9 |
MGP Site accrual | ||
Site Contingency [Line Items] | ||
Reserve | $ 52.3 | $ 49 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications Narrative (Details) | Sep. 30, 2018USD ($) |
Guarantee Of Financial Obligations Of Npt | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure (up to) | $ 25,000,000 |
Guarantee Of NPT Letters Of Credit | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure (up to) | $ 14,000,000 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Schedule of Guarantees and Indemnifications (Details) $ in Millions | Sep. 30, 2018USD ($) |
Eversource Gas Transmission LLC | |
Loss Contingencies [Line Items] | |
Maximum Exposure | $ 184.9 |
Various | |
Loss Contingencies [Line Items] | |
Maximum Exposure | 42.7 |
Eversource Service and Rocky River Realty Company | |
Loss Contingencies [Line Items] | |
Maximum Exposure | $ 6.6 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations , Yankee Companies (Details) $ in Millions | May 22, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Damages sought, value | $ 100 |
COMMITMENTS AND CONTINGENCIES_6
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) - USD ($) $ in Millions | Apr. 29, 2016 | Oct. 16, 2014 | Sep. 30, 2018 | Jul. 28, 2017 | Mar. 26, 2014 | Dec. 31, 2012 | Oct. 15, 2014 |
Loss Contingencies [Line Items] | |||||||
Percentage of base ROE reasonably justified | 10.41% | ||||||
Percentage of incentive cap on total ROE | 13.08% | ||||||
FERC ROE First, Second and Third Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Base ROE subsequently authorized | 11.14% | ||||||
FERC ROE Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Period of complaint | 15 months | ||||||
Basis point change | 10.00% | ||||||
Estimate of possible loss for each 10 basis point change to base ROE | $ 3 | ||||||
FERC ROE Fourth Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Base ROE percentage of complaint period | 10.57% | ||||||
Maximum percentage cap of ROE for incentive projects | 11.74% | ||||||
Loss contingency, estimate of possible earnings impact | 0 | ||||||
Base ROE subsequently authorized | 10.57% | ||||||
FERC ROE First Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of maximum ROE for any incentive project | 11.74% | ||||||
Loss contingency, estimate of possible earnings impact | 0 | ||||||
Base ROE subsequently authorized | 10.57% | 10.57% | |||||
FERC ROE Second Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Base ROE percentage of complaint period | 10.57% | ||||||
Percentage of maximum ROE for any incentive project | 11.74% | ||||||
Loss contingency, estimate of possible earnings impact | $ 39.1 | ||||||
Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of base ROE reasonably justified | 9.60% | ||||||
Minimum | FERC ROE First, Second and Third Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of maximum ROE for any incentive project | 11.14% | ||||||
Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of base ROE reasonably justified | 10.99% | ||||||
Maximum | FERC ROE First, Second and Third Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of maximum ROE for any incentive project | 13.10% |
COMMITMENTS AND CONTINGENCIES_7
COMMITMENTS AND CONTINGENCIES - Schedule of Complaints and Base ROEs (Details) - USD ($) $ in Millions | Apr. 29, 2016 | Oct. 16, 2014 | Sep. 30, 2018 | Jul. 28, 2017 | Mar. 26, 2014 | Dec. 31, 2012 | Oct. 30, 2015 | Oct. 15, 2014 |
FERC ROE First Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 11.14% | |||||||
Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (as a percentage) | 10.57% | 10.57% | ||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) | $ 0 | |||||||
Percentage of maximum ROE for any incentive project | 11.74% | |||||||
Customer refund payments | 38.9 | |||||||
FERC ROE Second Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 11.14% | |||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) | 39.1 | |||||||
Percentage of maximum ROE for any incentive project | 11.74% | |||||||
Base ROE percentage of complaint period | 10.57% | |||||||
FERC ROE Third Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 11.14% | |||||||
Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (as a percentage) | 10.57% | |||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) | 0 | |||||||
FERC ROE Fourth Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 10.57% | |||||||
Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (as a percentage) | 10.57% | |||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) | $ 0 | |||||||
Base ROE percentage of complaint period | 10.57% | |||||||
FERC ROE First, Second and Third Complaints | ||||||||
Loss Contingencies [Line Items] | ||||||||
Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (as a percentage) | 11.14% | |||||||
The Connecticut Light and Power Company | FERC ROE First Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Customer refund payments | $ 22.4 | |||||||
The Connecticut Light and Power Company | FERC ROE Second Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) | 21.4 | |||||||
NSTAR Electric Company | FERC ROE First Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Customer refund payments | 13.7 | |||||||
NSTAR Electric Company | FERC ROE Second Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) | 14.6 | |||||||
Public Service Company of New Hampshire | FERC ROE First Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Customer refund payments | 2.8 | |||||||
Public Service Company of New Hampshire | FERC ROE Second Complaint | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2018 (in millions) | $ 3.1 | |||||||
Minimum | FERC ROE First, Second and Third Complaints | ||||||||
Loss Contingencies [Line Items] | ||||||||
Percentage of maximum ROE for any incentive project | 11.14% | |||||||
Maximum | FERC ROE First, Second and Third Complaints | ||||||||
Loss Contingencies [Line Items] | ||||||||
Percentage of maximum ROE for any incentive project | 13.10% |
COMMITMENTS AND CONTINGENCIES_8
COMMITMENTS AND CONTINGENCIES - Harbor Civil Action (Details) $ in Millions | Jul. 15, 2016MW | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | ||
Amount of capacity required for installation of distribution cable (in volts) | MW | 0.115 | |
NSTAR Electric Company | ||
Loss Contingencies [Line Items] | ||
Charge relating to assets previously recognized as capital | $ 4.9 | |
Base rate credit for new cable | $ 17.5 |
ASSETS HELD FOR SALE - Narrativ
ASSETS HELD FOR SALE - Narrative (Details) $ in Thousands | Jul. 16, 2018USD ($)license | Jan. 10, 2018USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | May 08, 2018USD ($) | Dec. 31, 2017USD ($) |
Regulatory Assets [Line Items] | |||||||||
Proceeds from sale of property | $ 193,924 | $ 0 | |||||||
Regulatory assets held for sale | $ 5,153,300 | 5,153,300 | $ 5,239,300 | ||||||
Pre-tax income associated with assets held for sale | 357,538 | $ 415,068 | 1,027,829 | 1,204,137 | |||||
Public Service Company of New Hampshire | |||||||||
Regulatory Assets [Line Items] | |||||||||
Thermal generation assets | $ 175,000 | 17,300 | |||||||
Purchase price in purchase sale agreement | $ 40,900 | ||||||||
Proceeds from purchase and sale agreement | $ 77,300 | $ 134,100 | |||||||
Proceeds from sale of property | 116,800 | 193,924 | 0 | ||||||
Number of licenses | license | 6 | ||||||||
Hydroelectric assets | $ 5,700 | $ 83,000 | |||||||
Regulatory assets held for sale | 953,500 | 953,500 | 940,800 | ||||||
Difference between book value of hydroelectric generation assets and expected proceeds from sale | 17,200 | ||||||||
Pre-tax income associated with assets held for sale | 55,975 | 55,735 | 139,394 | 164,754 | |||||
Deferred Costs from Generation Asset Sale | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory assets held for sale | 0 | 0 | 516,100 | ||||||
Deferred Costs from Generation Asset Sale | Public Service Company of New Hampshire | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory assets held for sale | 0 | 0 | $ 516,100 | ||||||
Domestic Tax Authority | Public Service Company of New Hampshire | |||||||||
Regulatory Assets [Line Items] | |||||||||
Pre-tax income associated with assets held for sale | $ 700 | $ 14,600 | $ 9,900 | $ 44,700 | |||||
Rate Reduction Bonds | Public Service Company of New Hampshire | |||||||||
Regulatory Assets [Line Items] | |||||||||
Amount of securitized rate reduction bonds issued | $ 635,700 |
ASSETS HELD FOR SALE - Generati
ASSETS HELD FOR SALE - Generation Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Regulatory Assets [Line Items] | ||
Accumulated Depreciation | $ (7,390,800) | $ (7,133,800) |
Net Plant | 24,967,702 | 23,617,463 |
Other Assets | 759,000 | 693,700 |
Public Service Company of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Accumulated Depreciation | (762,100) | (751,800) |
Net Plant | $ 2,826,541 | 2,642,274 |
Electricity Generation Plant, Non-Nuclear | Public Service Company of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Thermal Gross Plant | 1,091,400 | |
Hydroelectric Gross Plant | 83,000 | |
Accumulated Depreciation | (575,400) | |
Net Plant | 599,000 | |
Fuel and Inventory | 87,700 | |
Materials and Supplies | 27,300 | |
Emissions Allowances | 19,100 | |
Other Assets | 2,600 | |
Deferred Costs from Thermal Generation Asset Sale | (516,100) | |
Total Generation Assets Held for Sale | $ 219,600 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | $ 155,570 | $ 155,570 |
Rate Reduction Bonds | 583,331 | 0 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 155,600 | 155,600 |
Long-Term Debt | 12,538,800 | 12,325,500 |
Rate Reduction Bonds | 635,700 | |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 163,000 | 160,800 |
Long-Term Debt | 12,517,400 | 12,877,100 |
Rate Reduction Bonds | 631,300 | |
The Connecticut Light and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
The Connecticut Light and Power Company | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
Long-Term Debt | 3,253,600 | 3,059,100 |
Rate Reduction Bonds | 0 | |
The Connecticut Light and Power Company | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 120,200 | 116,500 |
Long-Term Debt | 3,420,400 | 3,430,500 |
Rate Reduction Bonds | 0 | |
NSTAR Electric Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
NSTAR Electric Company | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
Long-Term Debt | 2,944,600 | 2,943,800 |
Rate Reduction Bonds | 0 | |
NSTAR Electric Company | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 42,800 | 44,300 |
Long-Term Debt | 2,990,000 | 3,156,500 |
Rate Reduction Bonds | 0 | |
Public Service Company of New Hampshire | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rate Reduction Bonds | 583,331 | 0 |
Public Service Company of New Hampshire | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 894,100 | 1,002,400 |
Rate Reduction Bonds | 635,700 | |
Public Service Company of New Hampshire | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 904,300 | $ 1,038,200 |
Rate Reduction Bonds | $ 631,300 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
AOCI Attributable to Parent [Roll Forward] | ||||
OCI Before Reclassifications | $ 1,900 | $ (2,800) | ||
Amounts Reclassified from AOCI | 4,900 | 4,500 | ||
Net OCI | $ 1,406 | $ (680) | 6,821 | 1,667 |
Total | ||||
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | (66,400) | (65,300) | ||
Ending balance | (59,600) | (63,600) | (59,600) | (63,600) |
Qualified Cash Flow Hedging Instruments | ||||
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | (6,200) | (8,200) | ||
OCI Before Reclassifications | 0 | 0 | ||
Amounts Reclassified from AOCI | 1,600 | 1,600 | ||
Net OCI | 1,600 | 1,600 | ||
Ending balance | (4,600) | (6,600) | (4,600) | (6,600) |
Unrealized Losses on Marketable Securities | ||||
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | 0 | 400 | ||
OCI Before Reclassifications | (700) | 700 | ||
Amounts Reclassified from AOCI | 0 | 0 | ||
Net OCI | (700) | 700 | ||
Ending balance | (700) | 1,100 | (700) | 1,100 |
Defined Benefit Plans | ||||
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | (60,200) | (57,500) | ||
OCI Before Reclassifications | 2,600 | (3,500) | ||
Amounts Reclassified from AOCI | 3,300 | 2,900 | ||
Net OCI | 5,900 | (600) | ||
Ending balance | $ (54,300) | $ (58,100) | $ (54,300) | $ (58,100) |
COMMON SHAREHOLDERS' EQUITY A_2
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Equity [Abstract] | |||||
Net income attributable to noncontrolling interests | $ 1,900 | $ 1,900 | $ 5,600 | $ 5,600 | |
Noncontrolling Interest – Preferred Stock of Subsidiaries | $ 155,570 | $ 155,570 | $ 155,570 |
COMMON SHARES (Details)
COMMON SHARES (Details) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 5 | |
Authorized (in shares) | 380,000,000 | |
Issued (in shares) | 333,878,402 | 333,878,402 |
Treasury stock (in shares) | 16,992,594 | 16,992,594 |
Common stock outstanding (in shares) | 316,885,808 | 316,885,808 |
The Connecticut Light and Power Company | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 10 | |
Authorized (in shares) | 24,500,000 | |
Issued (in shares) | 6,035,205 | 6,035,205 |
NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 1 | |
Authorized (in shares) | 100,000,000 | |
Issued (in shares) | 200 | 200 |
Public Service Company of New Hampshire | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 1 | |
Authorized (in shares) | 100,000,000 | |
Issued (in shares) | 301 | 301 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net Income Attributable to Common Shareholders | $ 289,380 | $ 260,370 | $ 801,693 | $ 750,577 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 317,360,110 | 317,393,029 | 317,367,252 | 317,415,848 |
Dilutive Effect (in shares) | 607,201 | 556,367 | 581,246 | 591,194 |
Diluted (in shares) | 317,967,311 | 317,949,396 | 317,948,498 | 318,007,042 |
Basic EPS (in dollars per share) | $ 0.91 | $ 0.82 | $ 2.53 | $ 2.36 |
Diluted EPS (in dollars per share) | $ 0.91 | $ 0.82 | $ 2.52 | $ 2.36 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 2,321,100 | $ 6,458,900 | ||
Operating Revenues | 2,271,425 | $ 1,988,512 | 6,413,243 | $ 5,856,458 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,195,700 | 3,397,200 | ||
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 847,100 | 2,312,900 | ||
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 116,300 | 336,400 | ||
Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 2,159,100 | 6,046,500 | ||
Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 76,000 | 196,400 | ||
Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 61,500 | 185,900 | ||
Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 24,100 | 66,100 | ||
Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 400 | (36,000) | ||
Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (55,200) | (60,500) | ||
Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 5,500 | 14,800 | ||
The Connecticut Light and Power Company | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 865,028 | 774,762 | 2,344,903 | 2,173,629 |
NSTAR Electric Company | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 939,460 | 851,922 | 2,400,324 | 2,290,432 |
Public Service Company of New Hampshire | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 290,203 | 250,032 | 792,700 | 733,572 |
Operating Segments | Electric Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 2,074,200 | 5,366,600 | ||
Operating Revenues | 2,027,400 | 1,547,100 | 5,321,800 | 4,224,200 |
Operating Segments | Electric Distribution | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,111,700 | 2,900,400 | ||
Operating Segments | Electric Distribution | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 789,600 | 2,023,000 | ||
Operating Segments | Electric Distribution | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 98,700 | 268,600 | ||
Operating Segments | Electric Distribution | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 2,000,000 | 5,192,000 | ||
Operating Segments | Electric Distribution | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Electric Distribution | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 48,800 | 141,400 | ||
Operating Segments | Electric Distribution | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 20,200 | 54,400 | ||
Operating Segments | Electric Distribution | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 5,200 | (21,200) | ||
Operating Segments | Electric Distribution | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (51,600) | (57,200) | ||
Operating Segments | Electric Distribution | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 4,800 | 12,400 | ||
Operating Segments | Natural Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 109,900 | 741,700 | ||
Operating Revenues | 109,000 | 109,200 | 740,500 | 698,800 |
Operating Segments | Natural Gas Distribution | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 42,800 | 395,900 | ||
Operating Segments | Natural Gas Distribution | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 40,800 | 245,400 | ||
Operating Segments | Natural Gas Distribution | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 18,900 | 71,900 | ||
Operating Segments | Natural Gas Distribution | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 102,500 | 713,200 | ||
Operating Segments | Natural Gas Distribution | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Natural Gas Distribution | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 11,400 | 41,400 | ||
Operating Segments | Natural Gas Distribution | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (500) | (1,400) | ||
Operating Segments | Natural Gas Distribution | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (3,500) | (11,500) | ||
Operating Segments | Natural Gas Distribution | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (1,500) | (3,200) | ||
Operating Segments | Natural Gas Distribution | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 600 | 2,000 | ||
Operating Segments | Electric Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 367,600 | 998,300 | ||
Operating Revenues | 330,600 | 328,500 | 953,000 | 970,000 |
Operating Segments | Electric Transmission | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Electric Transmission | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Electric Transmission | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Electric Transmission | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Electric Transmission | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 364,500 | 988,900 | ||
Operating Segments | Electric Transmission | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Electric Transmission | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 3,100 | 9,400 | ||
Operating Segments | Electric Transmission | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Electric Transmission | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (37,000) | (45,300) | ||
Operating Segments | Electric Transmission | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 0 | 0 | ||
Operating Segments | Water Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 62,300 | 157,400 | ||
Operating Revenues | 63,500 | 0 | 161,500 | 0 |
Operating Segments | Water Distribution | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 41,200 | 100,900 | ||
Operating Segments | Water Distribution | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 17,900 | 47,900 | ||
Operating Segments | Water Distribution | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,300 | 3,400 | ||
Operating Segments | Water Distribution | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 60,400 | 152,200 | ||
Operating Segments | Water Distribution | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Water Distribution | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,300 | 3,100 | ||
Operating Segments | Water Distribution | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,900 | 5,400 | ||
Operating Segments | Water Distribution | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (1,300) | (3,300) | ||
Operating Segments | Water Distribution | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 1,100 | 3,700 | ||
Operating Segments | Water Distribution | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 100 | 400 | ||
Operating Segments | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 224,600 | 692,500 | ||
Operating Revenues | 224,600 | 692,500 | ||
Operating Segments | Other | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Other | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Other | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Other | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Other | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 11,700 | 34,400 | ||
Operating Segments | Other | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Other | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 212,900 | 658,100 | ||
Operating Segments | Other | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Operating Segments | Other | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 0 | 0 | ||
Operating Segments | Other | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 0 | 0 | ||
Operating Segments | The Connecticut Light and Power Company | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,048,000 | 2,744,800 | ||
Operating Segments | The Connecticut Light and Power Company | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 539,600 | 1,410,000 | ||
Operating Segments | The Connecticut Light and Power Company | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 259,000 | 702,200 | ||
Operating Segments | The Connecticut Light and Power Company | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 39,400 | 111,800 | ||
Operating Segments | The Connecticut Light and Power Company | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 838,000 | 2,224,000 | ||
Operating Segments | The Connecticut Light and Power Company | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 179,100 | 469,800 | ||
Operating Segments | The Connecticut Light and Power Company | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 13,300 | 34,300 | ||
Operating Segments | The Connecticut Light and Power Company | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 9,300 | 25,000 | ||
Operating Segments | The Connecticut Light and Power Company | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 8,300 | (8,300) | ||
Operating Segments | NSTAR Electric Company | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 1,053,300 | 2,700,600 | ||
Operating Segments | NSTAR Electric Company | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 414,800 | 1,071,600 | ||
Operating Segments | NSTAR Electric Company | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 443,800 | 1,083,800 | ||
Operating Segments | NSTAR Electric Company | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 38,000 | 96,900 | ||
Operating Segments | NSTAR Electric Company | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 896,600 | 2,252,300 | ||
Operating Segments | NSTAR Electric Company | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 128,300 | 367,700 | ||
Operating Segments | NSTAR Electric Company | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 18,100 | 56,400 | ||
Operating Segments | NSTAR Electric Company | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 10,300 | 27,900 | ||
Operating Segments | NSTAR Electric Company | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | (3,700) | ||
Operating Segments | Public Service Company of New Hampshire | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 341,300 | 923,000 | ||
Operating Segments | Public Service Company of New Hampshire | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 157,300 | 418,800 | ||
Operating Segments | Public Service Company of New Hampshire | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 87,300 | 238,400 | ||
Operating Segments | Public Service Company of New Hampshire | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 21,300 | 59,900 | ||
Operating Segments | Public Service Company of New Hampshire | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 265,900 | 717,100 | ||
Operating Segments | Public Service Company of New Hampshire | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 57,100 | 151,400 | ||
Operating Segments | Public Service Company of New Hampshire | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 17,400 | 52,300 | ||
Operating Segments | Public Service Company of New Hampshire | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 4,000 | 11,400 | ||
Operating Segments | Public Service Company of New Hampshire | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (3,100) | (9,200) | ||
Segment Reconciling Items [Member] | The Connecticut Light and Power Company | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (64,300) | (68,400) | ||
Segment Reconciling Items [Member] | The Connecticut Light and Power Company | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 2,800 | 6,500 | ||
Segment Reconciling Items [Member] | NSTAR Electric Company | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (15,400) | (15,600) | ||
Segment Reconciling Items [Member] | NSTAR Electric Company | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 1,800 | 5,100 | ||
Segment Reconciling Items [Member] | Public Service Company of New Hampshire | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (8,900) | (18,500) | ||
Segment Reconciling Items [Member] | Public Service Company of New Hampshire | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 200 | 800 | ||
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (517,500) | (1,497,600) | ||
Operating Revenues | (483,700) | $ (220,500) | (1,456,100) | $ (714,000) |
Eliminations | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Eliminations | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (1,200) | (3,400) | ||
Eliminations | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (2,600) | (7,500) | ||
Eliminations | Total Retail Tariff Sale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (3,800) | (10,900) | ||
Eliminations | Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (300,200) | (826,900) | ||
Eliminations | Wholesale Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Eliminations | Other Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | (213,500) | (659,800) | ||
Eliminations | Reserve for Revenue Subject to Refund | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 0 | 0 | ||
Eliminations | Alternative Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 33,800 | 41,500 | ||
Eliminations | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | 0 | 0 | ||
Consolidations Eliminations | The Connecticut Light and Power Company | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (121,500) | (338,000) | ||
Consolidations Eliminations | NSTAR Electric Company | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | (100,200) | (289,800) | ||
Consolidations Eliminations | Public Service Company of New Hampshire | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Revenues | $ (42,400) | $ (112,600) |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segmentcompany | Sep. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of companies that transmit hydro electricity imported from The Hydro-Quebec System in Canada | company | 2 | |||
Amount of natural gas transmission purchased from Enbridge by Yankee Gas and NSTAR Gas | $ 842,291 | $ 651,776 | $ 2,442,953 | $ 1,955,129 |
The Connecticut Light and Power Company | ||||
Segment Reporting Information [Line Items] | ||||
Amount of natural gas transmission purchased from Enbridge by Yankee Gas and NSTAR Gas | 314,571 | 259,005 | $ 850,794 | 711,154 |
Number of reportable segments | segment | 1 | |||
NSTAR Electric Company | ||||
Segment Reporting Information [Line Items] | ||||
Amount of natural gas transmission purchased from Enbridge by Yankee Gas and NSTAR Gas | 383,208 | 294,115 | $ 981,895 | 799,007 |
Number of reportable segments | segment | 1 | |||
Public Service Company of New Hampshire | ||||
Segment Reporting Information [Line Items] | ||||
Amount of natural gas transmission purchased from Enbridge by Yankee Gas and NSTAR Gas | $ 100,763 | $ 57,099 | $ 293,975 | $ 179,289 |
Number of reportable segments | segment | 1 | |||
Affiliated Entity | ||||
Segment Reporting Information [Line Items] | ||||
Amount of natural gas transmission purchased from Enbridge by Yankee Gas and NSTAR Gas | $ 62,500 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 2,271,425 | $ 1,988,512 | $ 6,413,243 | $ 5,856,458 | |
Depreciation and Amortization | (301,400) | (236,300) | (786,200) | (629,200) | |
Other Operating Expenses | (1,504,000) | (1,256,900) | (4,327,100) | (3,782,900) | |
Operating Income/(Loss) | 466,021 | 495,251 | 1,299,907 | 1,444,436 | |
Interest Expense | (125,200) | (108,700) | (372,700) | (319,500) | |
Other Income/(Loss), Net | 16,718 | 28,536 | 100,656 | 79,178 | |
Net Income Attributable to Common Shareholders | 289,380 | 260,370 | 801,693 | 750,577 | |
Cash Flows Used for Investments in Plant | 1,885,081 | 1,642,280 | |||
Assets | 37,515,669 | 37,515,669 | $ 36,220,386 | ||
Operating Segments | Electric Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 2,027,400 | 1,547,100 | 5,321,800 | 4,224,200 | |
Depreciation and Amortization | (206,100) | (159,600) | (486,000) | (394,900) | |
Other Operating Expenses | (1,562,200) | (1,095,200) | (4,238,600) | (3,076,100) | |
Operating Income/(Loss) | 259,100 | 292,300 | 597,200 | 753,200 | |
Interest Expense | (52,400) | (51,300) | (152,000) | (149,000) | |
Other Income/(Loss), Net | 32,200 | 14,200 | 70,900 | 35,300 | |
Net Income Attributable to Common Shareholders | 173,800 | 157,400 | 379,300 | 393,400 | |
Cash Flows Used for Investments in Plant | 717,400 | 752,400 | |||
Assets | 21,189,000 | 21,189,000 | 19,250,400 | ||
Operating Segments | Natural Gas Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 109,000 | 109,200 | 740,500 | 698,800 | |
Depreciation and Amortization | (13,900) | (15,200) | (59,600) | (54,800) | |
Other Operating Expenses | (102,400) | (96,200) | (585,700) | (537,300) | |
Operating Income/(Loss) | (7,300) | (2,200) | 95,200 | 106,700 | |
Interest Expense | (11,300) | (10,800) | (33,700) | (32,300) | |
Other Income/(Loss), Net | 1,500 | 1,000 | 5,100 | 2,900 | |
Net Income Attributable to Common Shareholders | (12,600) | (6,200) | 50,200 | 49,100 | |
Cash Flows Used for Investments in Plant | 245,500 | 209,800 | |||
Assets | 3,747,400 | 3,747,400 | 3,595,200 | ||
Operating Segments | Electric Transmission | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 330,600 | 328,500 | 953,000 | 970,000 | |
Depreciation and Amortization | (58,300) | (52,600) | (171,800) | (154,500) | |
Other Operating Expenses | (96,700) | (95,500) | (268,700) | (280,600) | |
Operating Income/(Loss) | 175,600 | 180,400 | 512,500 | 534,900 | |
Interest Expense | (30,300) | (29,200) | (89,900) | (86,100) | |
Other Income/(Loss), Net | 9,000 | 8,500 | 26,700 | 20,300 | |
Net Income Attributable to Common Shareholders | 109,500 | 99,000 | 329,600 | 289,600 | |
Cash Flows Used for Investments in Plant | 735,800 | 575,600 | |||
Assets | 10,077,500 | 10,077,500 | 9,401,200 | ||
Operating Segments | Water Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 63,500 | 0 | 161,500 | 0 | |
Depreciation and Amortization | (11,700) | 0 | (34,600) | 0 | |
Other Operating Expenses | (25,500) | 0 | (73,900) | 0 | |
Operating Income/(Loss) | 26,300 | 0 | 53,000 | 0 | |
Interest Expense | (8,500) | 0 | (25,500) | 0 | |
Other Income/(Loss), Net | 700 | 0 | (400) | 0 | |
Net Income Attributable to Common Shareholders | 17,600 | 0 | 26,300 | 0 | |
Cash Flows Used for Investments in Plant | 68,100 | 0 | |||
Assets | 2,240,300 | 2,240,300 | 2,470,000 | ||
Operating Segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 224,600 | 224,200 | 692,500 | 677,500 | |
Depreciation and Amortization | (12,000) | (9,500) | (35,900) | (26,700) | |
Other Operating Expenses | (200,900) | (190,100) | (617,200) | (602,900) | |
Operating Income/(Loss) | 11,700 | 24,600 | 39,400 | 47,900 | |
Interest Expense | (30,500) | (21,800) | (94,800) | (63,100) | |
Other Income/(Loss), Net | 251,700 | 267,600 | 913,800 | 854,400 | |
Net Income Attributable to Common Shareholders | 271,100 | 268,400 | 905,900 | 839,500 | |
Cash Flows Used for Investments in Plant | 118,300 | 104,500 | |||
Assets | 16,979,400 | 16,979,400 | 15,933,800 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (483,700) | (220,500) | (1,456,100) | (714,000) | |
Depreciation and Amortization | 600 | 600 | 1,700 | 1,700 | |
Other Operating Expenses | 483,700 | 220,100 | 1,457,000 | 714,000 | |
Operating Income/(Loss) | 600 | 200 | 2,600 | 1,700 | |
Interest Expense | 7,800 | 4,400 | 23,200 | 11,000 | |
Other Income/(Loss), Net | (278,400) | (262,800) | (915,400) | (833,700) | |
Net Income Attributable to Common Shareholders | (270,000) | $ (258,200) | (889,600) | (821,000) | |
Cash Flows Used for Investments in Plant | 0 | $ 0 | |||
Assets | $ (16,717,900) | $ (16,717,900) | $ (14,430,200) |
ACQUISITION OF AQUARION - Narra
ACQUISITION OF AQUARION - Narrative (Details) - USD ($) $ in Millions | Dec. 04, 2017 | Mar. 31, 2018 |
Aquarion Water Company | ||
Business Acquisition [Line Items] | ||
Consideration transferred | $ 1,675 | |
Payments to acquire businesses | 880 | |
Consideration transferred, liabilities incurred | 795 | |
Equity interest | 745 | |
Aquarion shareholder loan paid at closing | $ 135 | |
Line of Credit | Aquarion | ||
Business Acquisition [Line Items] | ||
Long-term debt, fair value | $ 7.9 |
ACQUISITION OF AQUARION - Sched
ACQUISITION OF AQUARION - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 04, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,427,266 | $ 4,427,266 | |
Aquarion Water Company | |||
Business Acquisition [Line Items] | |||
Current Assets | $ 41,200 | ||
PP&E | 1,034,900 | ||
Goodwill | 907,900 | ||
Other Noncurrent Assets, excluding Goodwill | 215,500 | ||
Current Liabilities | (121,900) | ||
Noncurrent Liabilities | (421,600) | ||
Long-Term Debt | (778,300) | ||
Total Cash Purchase Price | $ 877,700 |