DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document And Entity [Line Items] | |||
Entity Registrant Name | EVERSOURCE ENERGY | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Type | 10-K | ||
Entity Central Index Key | 72,741 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding (in shares) | 316,981,088 | ||
Entity Public Float | $ 18,544,847,538 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
The Connecticut Light And Power Company | |||
Document And Entity [Line Items] | |||
Entity Registrant Name | CONNECTICUT LIGHT & POWER CO | ||
Entity Central Index Key | 23,426 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,035,205 | ||
Entity Filer Category | Non-accelerated Filer | ||
Public Service Company Of New Hampshire | |||
Document And Entity [Line Items] | |||
Entity Registrant Name | PUBLIC SERVICE CO OF NEW HAMPSHIRE | ||
Entity Central Index Key | 315,256 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding (in shares) | 301 | ||
Entity Filer Category | Non-accelerated Filer | ||
NSTAR Electric Company | |||
Document And Entity [Line Items] | |||
Entity Registrant Name | NSTAR ELECTRIC CO | ||
Entity Central Index Key | 13,372 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding (in shares) | 200 | ||
Entity Filer Category | Non-accelerated Filer |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and Cash Equivalents | $ 108,068 | $ 38,165 |
Receivables, Net | 994,055 | 925,083 |
Unbilled Revenues | 176,285 | 201,361 |
Fuel, Materials, Supplies and Inventory | 238,042 | 223,063 |
Regulatory Assets | 514,779 | 741,868 |
Prepayments and Other Current Assets | 260,995 | 138,009 |
Assets Held for Sale | 0 | 219,550 |
Total Current Assets | 2,292,224 | 2,487,099 |
Property, Plant and Equipment, Net | 25,610,428 | 23,617,463 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 4,631,137 | 4,497,447 |
Goodwill | 4,427,266 | 4,427,266 |
Marketable Securities | 417,508 | 585,419 |
Other Long-Term Assets | 862,693 | 605,692 |
Total Deferred Debits and Other Assets | 10,338,604 | 10,115,824 |
Total Assets | 38,241,256 | 36,220,386 |
Current Liabilities: | ||
Notes Payable | 910,000 | 1,088,087 |
Long-Term Debt – Current Portion | 837,319 | 549,631 |
Rate Reduction Bonds – Current Portion | 52,332 | 0 |
Accounts Payable | 1,119,995 | 1,085,034 |
Regulatory Liabilities | 370,230 | 128,071 |
Other Current Liabilities | 823,006 | 738,222 |
Total Current Liabilities | 4,112,882 | 3,589,045 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 3,506,030 | 3,297,518 |
Regulatory Liabilities | 3,609,475 | 3,637,273 |
Derivative Liabilities | 379,562 | 377,257 |
Accrued Pension, SERP and PBOP | 962,510 | 1,228,091 |
Other Long-Term Liabilities | 1,196,336 | 1,073,501 |
Total Deferred Credits and Other Liabilities | 9,653,913 | 9,613,640 |
Capitalization: | ||
Long-Term Debt | 12,248,743 | 11,775,889 |
Rate Reduction Bonds | 583,331 | 0 |
Preferred Stock Not Subject to Mandatory Redemption | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,669,392 | 1,669,392 |
Capital Surplus, Paid In | 6,241,222 | 6,239,940 |
Retained Earnings | 3,953,974 | 3,561,084 |
Accumulated Other Comprehensive Loss | (60,000) | (66,403) |
Treasury Stock | (317,771) | (317,771) |
Common Shareholders' Equity | 11,486,817 | 11,086,242 |
Commitments and Contingencies (Note 12) | ||
Total Liabilities and Capitalization | 38,241,256 | 36,220,386 |
Public Service Company Of New Hampshire | ||
Current Assets: | ||
Cash and Cash Equivalents | 1,439 | 900 |
Receivables, Net | 104,854 | 92,774 |
Accounts Receivable from Affiliated Companies | 8,444 | 5,297 |
Unbilled Revenues | 47,145 | 49,448 |
Taxes Receivable | 25,913 | 5,838 |
Fuel, Materials, Supplies and Inventory | 37,504 | 40,285 |
Regulatory Assets | 67,228 | 130,134 |
Special Deposits | 47,498 | 728 |
Prepayments and Other Current Assets | 17,564 | 22,365 |
Assets Held for Sale | 0 | 219,550 |
Total Current Assets | 357,589 | 567,319 |
Property, Plant and Equipment, Net | 2,880,073 | 2,642,274 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 862,288 | 810,677 |
Other Long-Term Assets | 27,406 | 42,391 |
Total Deferred Debits and Other Assets | 889,694 | 853,068 |
Total Assets | 4,127,356 | 4,062,661 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 57,000 | 262,900 |
Long-Term Debt – Current Portion | 150,000 | 110,000 |
Rate Reduction Bonds – Current Portion | 52,332 | 0 |
Accounts Payable | 111,292 | 128,685 |
Accounts Payable to Affiliated Companies | 26,029 | 24,676 |
Dividends Payable to Eversource Parent | 0 | 150,000 |
Regulatory Liabilities | 55,526 | 6,251 |
Other Current Liabilities | 64,046 | 67,924 |
Total Current Liabilities | 516,225 | 750,436 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 481,221 | 443,468 |
Regulatory Liabilities | 428,069 | 444,397 |
Accrued Pension, SERP and PBOP | 124,457 | 124,639 |
Other Long-Term Liabilities | 36,339 | 56,689 |
Total Deferred Credits and Other Liabilities | 1,070,086 | 1,069,193 |
Capitalization: | ||
Long-Term Debt | 655,173 | 892,438 |
Rate Reduction Bonds | 583,331 | 0 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 678,134 | 843,134 |
Retained Earnings | 627,258 | 511,382 |
Accumulated Other Comprehensive Loss | (2,851) | (3,922) |
Common Shareholders' Equity | 1,302,541 | 1,350,594 |
Commitments and Contingencies (Note 12) | ||
Total Liabilities and Capitalization | 4,127,356 | 4,062,661 |
NSTAR Electric Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 1,606 | 1,763 |
Receivables, Net | 361,296 | 341,341 |
Accounts Receivable from Affiliated Companies | 31,344 | 40,723 |
Unbilled Revenues | 34,518 | 49,865 |
Materials, Supplies and Inventory | 114,202 | 95,517 |
Regulatory Assets | 241,747 | 333,882 |
Prepayments and Other Current Assets | 51,960 | 24,499 |
Total Current Assets | 836,673 | 887,590 |
Property, Plant and Equipment, Net | 8,794,700 | 8,246,494 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,196,512 | 1,190,575 |
Prepaid PBOP | 132,810 | 126,948 |
Other Long-Term Assets | 109,764 | 84,766 |
Total Deferred Debits and Other Assets | 1,439,086 | 1,402,289 |
Total Assets | 11,070,459 | 10,536,373 |
Current Liabilities: | ||
Notes Payable | 278,500 | 234,000 |
Accounts Payable | 384,398 | 340,115 |
Accounts Payable to Affiliated Companies | 89,636 | 91,260 |
Obligations to Third Party Suppliers | 109,547 | 88,721 |
Renewable Portfolio Standards Compliance Obligations | 139,898 | 111,524 |
Regulatory Liabilities | 190,620 | 79,562 |
Other Current Liabilities | 74,872 | 79,916 |
Total Current Liabilities | 1,267,471 | 1,025,098 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,294,467 | 1,275,814 |
Regulatory Liabilities | 1,513,279 | 1,514,451 |
Accrued Pension, SERP and PBOP | 14,145 | 89,995 |
Other Long-Term Liabilities | 263,096 | 198,176 |
Total Deferred Credits and Other Liabilities | 3,084,987 | 3,078,436 |
Capitalization: | ||
Long-Term Debt | 2,944,846 | 2,943,759 |
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 1,633,442 | 1,502,942 |
Retained Earnings | 2,098,091 | 1,944,961 |
Accumulated Other Comprehensive Loss | (1,378) | (1,823) |
Common Shareholders' Equity | 3,730,155 | 3,446,080 |
Commitments and Contingencies (Note 12) | ||
Total Liabilities and Capitalization | 11,070,459 | 10,536,373 |
The Connecticut Light And Power Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 87,721 | 6,028 |
Receivables, Net | 397,026 | 370,676 |
Accounts Receivable from Affiliated Companies | 23,082 | 28,181 |
Unbilled Revenues | 56,971 | 54,154 |
Materials, Supplies and Inventory | 44,529 | 48,438 |
Regulatory Assets | 125,155 | 200,281 |
Prepayments and Other Current Assets | 60,279 | 46,926 |
Total Current Assets | 794,763 | 754,684 |
Property, Plant and Equipment, Net | 8,909,701 | 8,271,030 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,505,488 | 1,444,935 |
Other Long-Term Assets | 199,767 | 159,597 |
Total Deferred Debits and Other Assets | 1,705,255 | 1,604,532 |
Total Assets | 11,409,719 | 10,630,246 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 0 | 69,500 |
Long-Term Debt – Current Portion | 250,000 | 300,000 |
Accounts Payable | 324,983 | 367,605 |
Accounts Payable to Affiliated Companies | 26,452 | 82,201 |
Obligations to Third Party Suppliers | 56,248 | 52,860 |
Regulatory Liabilities | 109,614 | 38,967 |
Derivative Liabilities | 55,058 | 54,392 |
Other Current Liabilities | 161,088 | 127,234 |
Total Current Liabilities | 983,443 | 1,092,759 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,166,784 | 1,103,367 |
Regulatory Liabilities | 1,122,157 | 1,112,136 |
Derivative Liabilities | 379,536 | 376,918 |
Accrued Pension, SERP and PBOP | 282,771 | 354,469 |
Other Long-Term Liabilities | 155,495 | 128,135 |
Total Deferred Credits and Other Liabilities | 3,106,743 | 3,075,025 |
Capitalization: | ||
Long-Term Debt | 3,004,016 | 2,759,135 |
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
Common Shareholders' Equity: | ||
Common Shares | 60,352 | 60,352 |
Capital Surplus, Paid In | 2,410,765 | 2,110,765 |
Retained Earnings | 1,727,899 | 1,415,741 |
Accumulated Other Comprehensive Loss | 301 | 269 |
Common Shareholders' Equity | 4,199,317 | 3,587,127 |
Commitments and Contingencies (Note 12) | ||
Total Liabilities and Capitalization | $ 11,409,719 | $ 10,630,246 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Revenues | $ 8,448,201 | $ 7,751,952 | $ 7,639,129 |
Operating Expenses: | |||
Purchased Power, Fuel and Transmission | 3,138,969 | 2,535,271 | 2,500,828 |
Operations and Maintenance | 1,335,213 | 1,307,052 | 1,342,134 |
Depreciation | 819,930 | 773,802 | 715,466 |
Amortization of Regulatory Assets/(Liabilities), Net | 252,026 | 89,986 | 71,696 |
Energy Efficiency Programs | 472,380 | 480,835 | 533,659 |
Taxes Other Than Income Taxes | 729,753 | 676,757 | 634,072 |
Total Operating Expenses | 6,748,271 | 5,863,703 | 5,797,855 |
Operating Income | 1,699,930 | 1,888,249 | 1,841,274 |
Interest Expense | 498,805 | 421,755 | 400,961 |
Other Income, Net | 128,366 | 107,913 | 64,505 |
Income Before Income Tax Benefit | 1,329,491 | 1,574,407 | 1,504,818 |
Income Tax Expense | 288,972 | 578,892 | 554,997 |
Net Income | 1,040,519 | 995,515 | 949,821 |
Net Income Attributable to Noncontrolling Interests | 7,519 | 7,519 | 7,519 |
Net Income/(Loss) Attributable to Common Shareholders | $ 1,033,000 | $ 987,996 | $ 942,302 |
Basic Earnings Per Common Share (in dollars per share) | $ 3.25 | $ 3.11 | $ 2.97 |
Diluted Earnings Per Common Share (in dollars per share) | $ 3.25 | $ 3.11 | $ 2.96 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 317,370,369 | 317,411,097 | 317,650,180 |
Diluted (in shares) | 317,993,934 | 318,031,580 | 318,454,239 |
The Connecticut Light And Power Company | |||
Operating Revenues | $ 3,096,174 | $ 2,887,359 | $ 2,805,955 |
Operating Expenses: | |||
Purchased Power, Fuel and Transmission | 1,095,187 | 930,780 | 919,723 |
Operations and Maintenance | 506,448 | 502,107 | 490,810 |
Depreciation | 278,557 | 249,352 | 230,489 |
Amortization of Regulatory Assets/(Liabilities), Net | 129,021 | 83,166 | 38,765 |
Energy Efficiency Programs | 93,977 | 114,713 | 154,015 |
Taxes Other Than Income Taxes | 357,147 | 323,887 | 299,719 |
Total Operating Expenses | 2,460,337 | 2,204,005 | 2,133,521 |
Operating Income | 635,837 | 683,354 | 672,434 |
Interest Expense | 151,727 | 142,973 | 144,110 |
Other Income, Net | 22,663 | 22,991 | 14,238 |
Income Before Income Tax Benefit | 506,773 | 563,372 | 542,562 |
Income Tax Expense | 129,056 | 186,646 | 208,308 |
Net Income | 377,717 | 376,726 | 334,254 |
NSTAR Electric Company | |||
Operating Revenues | 3,112,926 | 2,980,629 | 3,041,588 |
Operating Expenses: | |||
Purchased Power, Fuel and Transmission | 1,257,073 | 1,025,414 | 1,084,324 |
Operations and Maintenance | 462,100 | 482,924 | 500,315 |
Depreciation | 276,372 | 274,008 | 259,262 |
Amortization of Regulatory Assets/(Liabilities), Net | 46,654 | 33,831 | 34,332 |
Energy Efficiency Programs | 292,288 | 294,053 | 321,787 |
Taxes Other Than Income Taxes | 194,316 | 181,959 | 177,837 |
Total Operating Expenses | 2,528,803 | 2,292,189 | 2,377,857 |
Operating Income | 584,123 | 688,440 | 663,731 |
Interest Expense | 105,193 | 105,729 | 108,428 |
Other Income, Net | 53,066 | 34,100 | 21,263 |
Income Before Income Tax Benefit | 531,996 | 616,811 | 576,566 |
Income Tax Expense | 148,906 | 242,085 | 225,789 |
Net Income | 383,090 | 374,726 | 350,777 |
Public Service Company Of New Hampshire | |||
Operating Revenues | 1,047,619 | 981,624 | 959,482 |
Operating Expenses: | |||
Purchased Power, Fuel and Transmission | 370,246 | 237,478 | 210,786 |
Operations and Maintenance | 210,541 | 263,110 | 267,013 |
Depreciation | 92,055 | 128,192 | 116,519 |
Amortization of Regulatory Assets/(Liabilities), Net | 80,978 | (16,577) | 11,170 |
Energy Efficiency Programs | 20,105 | 13,788 | 14,204 |
Taxes Other Than Income Taxes | 77,280 | 89,760 | 82,964 |
Total Operating Expenses | 851,205 | 715,751 | 702,656 |
Operating Income | 196,414 | 265,873 | 256,826 |
Interest Expense | 60,634 | 51,007 | 50,040 |
Other Income, Net | 27,672 | 9,805 | 7,563 |
Income Before Income Tax Benefit | 163,452 | 224,671 | 214,349 |
Income Tax Expense | 47,576 | 88,675 | 82,364 |
Net Income | $ 115,876 | $ 135,996 | $ 131,985 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income | $ 1,040,519 | $ 995,515 | $ 949,821 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 1,756 | 1,974 | 2,137 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (547) | (350) | 2,294 |
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | 5,194 | (2,745) | (2,869) |
Other Comprehensive Income/(Loss), Net of Tax | 6,403 | (1,121) | 1,562 |
Comprehensive Income Attributable to Noncontrolling Interests | (7,519) | (7,519) | (7,519) |
Comprehensive Income | 1,039,403 | 986,875 | 943,864 |
The Connecticut Light And Power Company | |||
Net Income | 377,717 | 376,726 | 334,254 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 51 | 334 | 444 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (19) | (12) | 79 |
Other Comprehensive Income/(Loss), Net of Tax | 32 | 322 | 523 |
Comprehensive Income | 377,749 | 377,048 | 334,777 |
NSTAR Electric Company | |||
Net Income | 383,090 | 374,726 | 350,777 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 437 | 438 | 437 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (5) | (3) | 22 |
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | 13 | (264) | (177) |
Other Comprehensive Income/(Loss), Net of Tax | 445 | 171 | 282 |
Comprehensive Income | 383,535 | 374,897 | 351,059 |
Public Service Company Of New Hampshire | |||
Net Income | 115,876 | 135,996 | 131,985 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 1,104 | 1,162 | 1,162 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (33) | (21) | 136 |
Other Comprehensive Income/(Loss), Net of Tax | 1,071 | 1,141 | 1,298 |
Comprehensive Income | $ 116,947 | $ 137,137 | $ 133,283 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | The Connecticut Light And Power Company | The Connecticut Light And Power CompanyCommon Shares | The Connecticut Light And Power CompanyCapital Surplus, Paid In | The Connecticut Light And Power CompanyRetained Earnings | The Connecticut Light And Power CompanyAccumulated Other Comprehensive Loss | NSTAR Electric Company | NSTAR Electric CompanyCommon Shares | NSTAR Electric CompanyCapital Surplus, Paid In | NSTAR Electric CompanyRetained Earnings | NSTAR Electric CompanyAccumulated Other Comprehensive Loss | Public Service Company Of New Hampshire | Public Service Company Of New HampshireCommon Shares | Public Service Company Of New HampshireCapital Surplus, Paid In | Public Service Company Of New HampshireRetained Earnings | Public Service Company Of New HampshireAccumulated Other Comprehensive Loss |
Beginning Balance (in shares) at Dec. 31, 2015 | 317,191,249 | 6,035,205 | 200 | 301 | |||||||||||||||||
Beginning balance at Dec. 31, 2015 | $ 10,352,215 | $ 1,669,313 | $ 6,262,368 | $ 2,797,355 | $ (66,844) | $ (309,977) | $ 3,140,717 | $ 60,352 | $ 1,910,663 | $ 1,170,278 | $ (576) | $ 3,207,044 | $ 0 | $ 1,397,642 | $ 1,811,678 | $ (2,276) | $ 1,237,174 | $ 0 | $ 748,634 | $ 494,901 | $ (6,361) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net Income | 949,821 | 949,821 | 334,254 | 334,254 | 350,777 | 350,777 | 131,985 | 131,985 | |||||||||||||
Dividends on Common Stock | (564,486) | (564,486) | (199,599) | (199,599) | (316,300) | (316,300) | (77,600) | (77,600) | |||||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | (1,960) | (1,960) | |||||||||||||||
Capital Contributions from Eversource Parent | 94,500 | 94,500 | |||||||||||||||||||
Capital Stock Expenses, Net | 51 | 51 | |||||||||||||||||||
Capital Contributions from Eversource Parent | 200,000 | 200,000 | |||||||||||||||||||
Issuance of Common Shares (in shares) | 15,787 | ||||||||||||||||||||
Issuance of Common Shares | (5,560) | $ 79 | (5,639) | ||||||||||||||||||
Long-Term Incentive Plan Activity | (6,056) | (6,056) | |||||||||||||||||||
Increase in Treasury Shares (in shares) | (321,228) | ||||||||||||||||||||
Increase in Treasury Shares | (7,794) | (7,794) | |||||||||||||||||||
Other Changes in Shareholders' Equity | (449) | (449) | 103,000 | 103,000 | |||||||||||||||||
Other Comprehensive Income | 1,562 | 1,562 | 523 | 523 | 282 | 282 | 1,298 | 1,298 | |||||||||||||
Ending Balance (in shares) at Dec. 31, 2016 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||
Ending balance at Dec. 31, 2016 | 10,711,734 | $ 1,669,392 | 6,250,224 | 3,175,171 | (65,282) | (317,771) | 3,470,387 | $ 60,352 | 2,110,714 | 1,299,374 | (53) | 3,342,843 | $ 0 | 1,500,642 | 1,844,195 | (1,994) | 1,387,357 | $ 0 | 843,134 | 549,286 | (5,063) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net Income | 995,515 | 995,515 | 376,726 | 376,726 | 374,726 | 374,726 | 135,996 | 135,996 | |||||||||||||
Dividends on Common Stock | (602,083) | (602,083) | (254,800) | (254,800) | (272,000) | (272,000) | (173,900) | (173,900) | |||||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | (1,960) | (1,960) | |||||||||||||||
Capital Stock Expenses, Net | 51 | 51 | |||||||||||||||||||
Capital Contributions from Eversource Parent | 2,300 | 2,300 | |||||||||||||||||||
Long-Term Incentive Plan Activity | (10,834) | (10,834) | |||||||||||||||||||
Other Changes in Shareholders' Equity | 550 | 550 | |||||||||||||||||||
Other Comprehensive Income | (1,121) | (1,121) | 322 | 322 | 171 | 171 | 1,141 | 1,141 | |||||||||||||
Ending Balance (in shares) at Dec. 31, 2017 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||
Ending balance at Dec. 31, 2017 | 11,086,242 | $ 1,669,392 | 6,239,940 | 3,561,084 | (66,403) | (317,771) | 3,587,127 | $ 60,352 | 2,110,765 | 1,415,741 | 269 | 3,446,080 | $ 0 | 1,502,942 | 1,944,961 | (1,823) | 1,350,594 | $ 0 | 843,134 | 511,382 | (3,922) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net Income | 1,040,519 | 1,040,519 | 377,717 | 383,090 | 383,090 | 115,876 | 115,876 | ||||||||||||||
Dividends on Common Stock | (640,110) | (640,110) | (60,000) | (60,000) | (228,000) | (228,000) | (530,000) | (530,000) | |||||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | (1,960) | (1,960) | |||||||||||||||
Capital Contributions from Eversource Parent | 365,000 | ||||||||||||||||||||
Capital Contributions from Eversource Parent | 300,000 | 300,000 | |||||||||||||||||||
Long-Term Incentive Plan Activity | (543) | (543) | |||||||||||||||||||
Other Changes in Shareholders' Equity | 1,825 | 1,825 | 130,500 | 130,500 | |||||||||||||||||
Other Comprehensive Income | 6,403 | 6,403 | 32 | 32 | 445 | 445 | 1,071 | 1,071 | |||||||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||
Ending balance at Dec. 31, 2018 | $ 11,486,817 | $ 1,669,392 | $ 6,241,222 | $ 3,953,974 | $ (60,000) | $ (317,771) | $ 4,199,317 | $ 60,352 | $ 2,410,765 | $ 1,727,899 | $ 301 | $ 3,730,155 | $ 0 | $ 1,633,442 | $ 2,098,091 | $ (1,378) | $ 1,302,541 | $ 0 | $ 678,134 | $ 627,258 | $ (2,851) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends on common shares (in dollars per share) | $ 2.02 | $ 1.90 | $ 1.78 |
Per share par value (in dollars per share) | $ 5 | $ 5 | $ 5 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||
Net Income | $ 1,040,519 | $ 995,515 | $ 949,821 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities | |||
Depreciation | 819,930 | 773,802 | 715,466 |
Deferred Income Taxes | 174,812 | 491,630 | 466,463 |
Bad Debt Expense | 61,337 | 44,453 | 69,466 |
Pension, SERP and PBOP Expense, Net | 5,498 | 22,454 | 39,912 |
Pension and PBOP Contributions | (194,947) | (242,800) | (158,741) |
Regulatory Over/(Under) Recoveries, Net | 34,920 | (47,935) | 13,340 |
Amortization of Regulatory Assets, Net | (252,026) | (89,986) | (71,696) |
(Payments)/Refunds Related to Spent Nuclear Fuel, Net | (145,000) | 0 | 59,804 |
Other | (111,225) | (204,421) | (118,195) |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (141,433) | (117,155) | (142,699) |
Fuel, Materials, Supplies and Inventory | (831) | (9,223) | 7,755 |
Taxes Receivable/Accrued, Net | (67,770) | 52,284 | 234,543 |
Accounts Payable | (22,084) | 56,067 | (14,126) |
Other Current Assets and Liabilities, Net | 78,226 | 91,545 | 13,737 |
Net Cash Flows Provided by Operating Activities | 1,783,978 | 1,996,202 | 2,208,242 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (2,523,371) | (2,348,105) | (1,976,867) |
Proceeds from Sales of Marketable Securities | 900,749 | 832,903 | 659,338 |
Proceeds from Sales of Marketable Securities Used to Pay Spent Nuclear Fuel Obligation | 145,000 | 0 | 0 |
Purchases of Marketable Securities | (908,387) | (810,507) | (681,272) |
Acquisition of Aquarion | 0 | (877,652) | 0 |
Payments to Acquire Investments | (205,150) | (32,634) | (188,958) |
Proceeds from the Sale of PSNH Generation Assets | 193,924 | 0 | 0 |
Other Investing Activities | 6,754 | 5,479 | 36,211 |
Net Cash Flows Used in Investing Activities | (2,390,481) | (3,230,516) | (2,151,548) |
Financing Activities: | |||
Cash Dividends on Common Shares | (640,110) | (602,083) | (564,486) |
Cash Dividends on Preferred Stock | (7,519) | (7,519) | (7,519) |
Increase/(Decrease) in Short-Term Debt | (379,310) | 72,810 | (12,453) |
Issuance of Rate Reduction Bonds | 635,663 | 0 | 0 |
Issuance of Long-Term Debt | 2,200,000 | 2,500,000 | 800,000 |
Retirements of Long-Term Debt | (1,050,330) | (745,000) | (200,000) |
Other Financing Activities | (28,457) | (4,754) | (33,482) |
Net Cash Flows Provided by/(Used in) Financing Activities | 729,937 | 1,213,454 | (17,940) |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 123,434 | (20,860) | 38,754 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Year | 85,890 | 106,750 | 67,996 |
Cash and Restricted Cash - End of Year | 209,324 | 85,890 | 106,750 |
The Connecticut Light And Power Company | |||
Operating Activities: | |||
Net Income | 377,717 | 376,726 | 334,254 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities | |||
Depreciation | 278,557 | 249,352 | 230,489 |
Deferred Income Taxes | 54,859 | 119,295 | 168,919 |
Bad Debt Expense | 15,831 | 5,312 | 17,572 |
Pension, SERP and PBOP Expense, Net | 8,943 | 9,909 | 7,328 |
Pension and PBOP Contributions | (41,150) | (2,500) | (380) |
Regulatory Over/(Under) Recoveries, Net | (53,372) | (8,017) | (68,730) |
Amortization of Regulatory Assets, Net | (129,021) | (83,166) | (38,765) |
Other | (69,786) | (42,973) | (36,245) |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (67,334) | (47,768) | 3,229 |
Fuel, Materials, Supplies and Inventory | 3,909 | 3,612 | (8,926) |
Taxes Receivable/Accrued, Net | 8,954 | (9,688) | 123,692 |
Accounts Payable | (76,924) | 48,032 | 3,252 |
Other Current Assets and Liabilities, Net | 18,846 | 21,860 | (1,065) |
Net Cash Flows Provided by Operating Activities | 588,071 | 806,318 | 812,154 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (864,136) | (824,383) | (611,984) |
Proceeds from the Sale of PSNH Generation Assets | 0 | 0 | 9,047 |
Other Investing Activities | 209 | 236 | 296 |
Net Cash Flows Used in Investing Activities | (863,927) | (824,147) | (602,641) |
Financing Activities: | |||
Cash Dividends on Common Shares | (60,000) | (254,800) | (199,599) |
(Decrease)/Increase in Notes Payable to Eversource Parent | (69,500) | (10,600) | (197,300) |
Cash Dividends on Preferred Stock | (5,559) | (5,559) | (5,559) |
Issuance of Long-Term Debt | 500,000 | 525,000 | 0 |
Retirements of Long-Term Debt | (300,000) | (250,000) | 0 |
Capital Contributions from Eversource Parent | 300,000 | 0 | 200,000 |
Other Financing Activities | (7,091) | 15,004 | (857) |
Net Cash Flows Provided by/(Used in) Financing Activities | 357,850 | 19,045 | (203,315) |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 81,994 | 1,216 | 6,198 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Year | 9,619 | 8,403 | 2,205 |
Cash and Restricted Cash - End of Year | 91,613 | 9,619 | 8,403 |
NSTAR Electric Company | |||
Operating Activities: | |||
Net Income | 383,090 | 374,726 | 350,777 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities | |||
Depreciation | 276,372 | 274,008 | 259,262 |
Deferred Income Taxes | 41,438 | 110,499 | 101,698 |
Bad Debt Expense | 22,279 | 21,252 | 31,728 |
Pension, SERP and PBOP Expense, Net | (21,521) | (9,509) | (771) |
Pension and PBOP Contributions | (61,751) | (90,721) | (37,305) |
Regulatory Over/(Under) Recoveries, Net | 149,647 | (20,009) | 118,385 |
Amortization of Regulatory Assets, Net | (46,654) | (33,831) | (34,332) |
Other | (65,523) | (24,872) | (50,831) |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (26,403) | (50,896) | (70,302) |
Fuel, Materials, Supplies and Inventory | (18,685) | (24,610) | 10,571 |
Taxes Receivable/Accrued, Net | (33,900) | 39,205 | 60,774 |
Accounts Payable | 37,140 | (20,421) | 18,000 |
Other Current Assets and Liabilities, Net | 51,674 | 26,849 | (14,227) |
Net Cash Flows Provided by Operating Activities | 780,511 | 639,332 | 812,091 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (725,766) | (719,623) | (664,932) |
Other Investing Activities | 58 | (3,552) | 53 |
Net Cash Flows Used in Investing Activities | (725,708) | (723,175) | (664,879) |
Financing Activities: | |||
Cash Dividends on Common Shares | (228,000) | (272,000) | (316,300) |
Cash Dividends on Preferred Stock | (1,960) | (1,960) | (1,960) |
Increase/(Decrease) in Short-Term Debt | 44,500 | 56,500 | (28,400) |
Issuance of Long-Term Debt | 0 | 700,000 | 300,000 |
Retirements of Long-Term Debt | 0 | (400,000) | (200,000) |
Capital Contributions from Eversource Parent | 130,500 | 2,300 | 103,000 |
Other Financing Activities | 108 | (1,796) | (866) |
Net Cash Flows Provided by/(Used in) Financing Activities | (54,852) | 83,044 | (144,526) |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | (49) | (799) | 2,686 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Year | 14,708 | 15,507 | 12,821 |
Cash and Restricted Cash - End of Year | 14,659 | 14,708 | 15,507 |
Public Service Company Of New Hampshire | |||
Operating Activities: | |||
Net Income | 115,876 | 135,996 | 131,985 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities | |||
Depreciation | 92,055 | 128,192 | 116,519 |
Deferred Income Taxes | 35,924 | 63,883 | 87,345 |
Bad Debt Expense | 6,383 | 6,704 | 7,288 |
Pension, SERP and PBOP Expense, Net | 754 | 1,368 | 875 |
Pension and PBOP Contributions | 0 | (800) | (17,078) |
Regulatory Over/(Under) Recoveries, Net | (27,264) | (30,788) | (4,491) |
Amortization of Regulatory Assets, Net | (80,978) | 16,577 | (11,170) |
Other | (15,363) | (16,813) | 3,108 |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (19,307) | (22,055) | (18,822) |
Fuel, Materials, Supplies and Inventory | 16,928 | 5,519 | (5,485) |
Taxes Receivable/Accrued, Net | (19,970) | 339 | 32,303 |
Accounts Payable | (56,712) | 29,453 | 11,353 |
Other Current Assets and Liabilities, Net | 3,028 | 16,463 | 4,654 |
Net Cash Flows Provided by Operating Activities | 213,310 | 300,884 | 360,724 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (277,345) | (312,720) | (305,430) |
Proceeds from the Sale of PSNH Generation Assets | 193,924 | 0 | 0 |
Proceeds from the Sale of Property | 4,782 | 0 | 0 |
Other Investing Activities | 437 | 199 | 326 |
Net Cash Flows Used in Investing Activities | (78,202) | (312,521) | (305,104) |
Financing Activities: | |||
Cash Dividends on Common Shares | (150,000) | (23,900) | (77,600) |
(Decrease)/Increase in Notes Payable to Eversource Parent | (205,900) | 102,000 | (70,400) |
Issuance of Rate Reduction Bonds | 635,663 | 0 | 0 |
Return of Capital | (530,000) | 0 | 0 |
Retirements of Long-Term Debt | (199,250) | (70,000) | 0 |
Capital Contributions from Eversource Parent | 365,000 | 0 | 94,500 |
Other Financing Activities | (89) | (225) | (255) |
Net Cash Flows Provided by/(Used in) Financing Activities | (84,576) | 7,875 | (53,755) |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 50,532 | (3,762) | 1,865 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Year | 2,191 | 5,953 | 4,088 |
Cash and Restricted Cash - End of Year | $ 52,723 | $ 2,191 | $ 5,953 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. About Eversource, CL&P, NSTAR Electric and PSNH 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. Eversource, CL&P, NSTAR Electric and PSNH are reporting companies under the Securities Exchange Act of 1934. Eversource Energy is a public utility holding company under the Public Utility Holding Company Act of 2005. Arrangements among the regulated electric companies and other Eversource companies, outside agencies and other utilities covering interconnections, interchange of electric power and sales of utility property are subject to regulation by the FERC. Eversource's regulated companies are subject to regulation of rates, accounting and other matters by the FERC and/or applicable state regulatory commissions (the PURA for CL&P, Yankee Gas and Aquarion, the DPU for NSTAR Electric, NSTAR Gas and Aquarion, and the NHPUC for PSNH and Aquarion). CL&P, NSTAR Electric and PSNH furnish franchised retail electric service in Connecticut, Massachusetts and New Hampshire. Yankee Gas and NSTAR Gas are engaged in the distribution and sale of natural gas to customers within Connecticut and Massachusetts, respectively. Aquarion is engaged in the collection, treatment and distribution of water in Connecticut, Massachusetts and New Hampshire. CL&P, NSTAR Electric and PSNH's results include the operations of their respective distribution and transmission businesses. The distribution business also includes the results of NSTAR Electric's solar power facilities and PSNH's generation facilities prior to sale in 2018. PSNH completed the sales of its thermal generation assets on January 10, 2018 and its hydroelectric generation assets on August 26, 2018. As of December 31, 2018, PSNH does not own any electric generation facilities. See Note 13, "Generation Asset Sale," for further information. Eversource also has a regulated subsidiary, NPT, which was formed to construct, own and operate the Northern Pass line, a HVDC transmission line from Québec to New Hampshire under development that will interconnect with a new HVDC transmission line being developed by a transmission subsidiary of HQ. Eversource Service, Eversource's service company, and several wholly-owned real estate subsidiaries of Eversource, provide support services to Eversource, including its regulated companies. Eversource holds several equity ownership interests, which are accounted for under the equity method. Eversource also consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear generation companies engaged in the long-term storage of their spent nuclear fuel. B. Basis of Presentation The 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 consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." 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. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests 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, natural gas and water distribution and transmission businesses, 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. Eversource's consolidated financial information includes the results of Aquarion and its subsidiaries beginning from the date of the acquisition on December 4, 2017. Certain reclassifications of prior year data were made in the accompanying financial statements to conform to the current year presentation. In accordance with accounting guidance on noncontrolling interests in consolidated financial statements, the Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric, which are not owned by Eversource or its consolidated subsidiaries and are not subject to mandatory redemption, have been presented as noncontrolling interests in the financial statements of Eversource. The Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric are considered to be temporary equity and have been classified between liabilities and permanent shareholders' equity on the balance sheets of Eversource, CL&P and NSTAR Electric due to a provision in the preferred stock agreements of both CL&P and NSTAR Electric that grant preferred stockholders the right to elect a majority of the CL&P and NSTAR Electric Boards of Directors, respectively, should certain conditions exist, such as if preferred dividends are in arrears for a specified amount of time. The Net Income reported in the statements of income and cash flows represents net income prior to apportionment to noncontrolling interests, which is represented by dividends on preferred stock of CL&P and NSTAR Electric. As of both December 31, 2018 and 2017 , Eversource's carrying amount of goodwill was approximately $ 4.4 billion . Eversource performs an assessment for possible impairment of its goodwill at least annually. Eversource completed its annual goodwill impairment test for each of its reporting units as of October 1, 2018 and determined that no impairment exists. See Note 24B, "Acquisition of Aquarion and Goodwill - Goodwill," for further information. C. 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. The requirements of the new leases standard include balance sheet recognition of leases deemed to be operating leases and additional disclosure requirements. The recognition, measurement and presentation of expenses and cash flows are not significantly changed. The Company implemented the new leases standard in the first quarter of 2019 and applied the Topic 842 lease criteria to new leases and lease renewals entered into effective on or after January 1, 2019. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements , allowing a transition method to adopt the new leases standard on a prospective basis as of the adoption date, with prior periods presented in the financial statements continuing to follow existing lease accounting guidance under Topic 840 (Leases) in the accounting literature. The Company adopted the prospective transition method allowed in ASU 2018-11. The Company has decided to elect the practical expedient package whereby it does not need to reassess whether or not an existing contract is or contains a lease or whether a lease is an operating or capital lease, and it does not need to reassess initial direct costs for leases. The Company has also elected the practical expedient to not reevaluate land easements existing at adoption if they were not previously accounted for as leases. The Company determined the impact the ASUs will have on its financial statements by reviewing its lease population and identifying lease data needed for the disclosure requirements. The Company implemented a new lease accounting system in 2019 to ensure ongoing compliance with the ASU’s requirements. Eversource recognized approximately $60 million , which includes approximately $25 million at NSTAR Electric, approximately $1 million at CL&P and approximately $1 million at PSNH, of operating lease liabilities and right-of-use assets on their respective balance sheets upon transition at January 1, 2019. Implementation of the new guidance will not have an impact on each company’s results of operations and cash flows. 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 22, "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 $22.8 million for the year ended December 31, 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 losses recorded in Other Income, Net were $4.3 million for the year ended December 31, 2018. 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 December 31, 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 $39.8 million , as these amounts continue to be included in rates. See Note 1N, "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 years ended December 31, 2018, 2017 and 2016. For the year ended December 31, 2017, the amounts, which were previously presented within Operations and Maintenance expense on the statements of income, totaled $29.9 million at Eversource, $1.8 million at CL&P, $19.2 million at NSTAR Electric and $5.9 million at PSNH, and have been retrospectively presented within Other Income, Net. For the year ended December 31, 2016, these amounts were $18.6 million at Eversource, $0.7 million at CL&P, $10.5 million at NSTAR Electric and $6.2 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 $19.1 million , $20.0 million , and $0.7 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, are presented in operating activities at Eversource, for which the 2017 and 2016 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 1P, "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. D. 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 December 31, 2018, our capitalized Northern Pass project costs were approximately $307 million . In March 2018, the New Hampshire Site Evaluation Committee ("NHSEC") issued a written decision denying Northern Pass’ siting application after which 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, alleging that the NHSEC failed to follow applicable law in its review of the project. On October 12, 2018, the New Hampshire Supreme Court accepted this appeal. Subsequently, the NHSEC transmitted the record of its proceedings to the New Hampshire Supreme Court on December 11, 2018. Briefing of the appeal began on February 4, 2019 . The New Hampshire Supreme Court has not set a date for oral argument. NPT intends to continue to pursue NHSEC approval to construct this project. The March 2018 NHSEC decision denying 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. 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 $307 million of capitalized project costs being impaired. Such an impairment could have a material adverse effect on our financial position and results of operations. E. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. At the end of each reporting period, any overdraft amounts are reclassified from Cash and Cash Equivalents to Accounts Payable on the balance sheets. F. 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 As of December 31, As of December 31, (Millions of Dollars) 2018 2017 2018 2017 Eversource $ 212.7 $ 195.7 $ 131.5 $ 122.5 CL&P 88.0 78.9 71.9 65.5 NSTAR Electric 74.5 69.7 42.5 40.3 PSNH 11.1 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 Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Eversource $ 61.3 $ 44.5 $ 69.5 CL&P 15.8 5.3 17.6 NSTAR Electric 22.3 21.3 31.7 PSNH 6.4 6.7 7.3 G. CL&P Energy Efficiency Loans In December 2018, CL&P transferred $41.3 million of its energy efficiency customer loan portfolio to two outside lenders in order to make additional loans to customers. CL&P remains the servicer of the loans and will transmit customer payments to the lenders. Under a three-year agreement with the lenders, additional energy efficiency loans will also be transferred with a maximum amount outstanding under this program of $55 million . The transaction did not qualify as a sale for accounting purposes, and the amounts of the loans ( $18.5 million and $22.8 million as of December 31, 2018 in current and long-term, respectively), included in Accounts Receivable, Net and Other Long-Term Assets, are offset by Other Current Liabilities and Other Long-Term Liabilities on CL&P’s balance sheet. H. Fuel, Materials, Supplies and Inventory Fuel, Materials, Supplies and Inventory include natural gas inventory, materials and supplies purchased primarily for construction or operation and maintenance purposes, and RECs. Inventory is valued at the lower of cost or net realizable value. RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements. The carrying amounts of fuel, materials and supplies, and RECs, which are included in Current Assets on the balance sheets, were as follows: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Fuel $ 33.1 $ — $ — $ — $ 29.7 $ — $ — $ — Materials and Supplies 126.1 44.5 48.6 24.3 117.1 44.4 45.1 18.5 RECs 78.8 — 65.6 13.2 76.3 4.0 50.4 21.8 Total - Current $ 238.0 $ 44.5 $ 114.2 $ 37.5 $ 223.1 $ 48.4 $ 95.5 $ 40.3 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 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. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. 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," Note 6, "Asset Retirement Obligations," Note 10A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," Note 15, "Fair Value of Financial Instruments" and Note 24B, "Acquisition of Aquarion and Goodwill - Goodwill" to the financial statements. J. Derivative Accounting Many of the electric and natural gas companies' contracts for the purchase and sale of energy or energy-related products are derivatives. The accounting treatment for energy contracts entered into varies and depends on the intended use of the particular contract and on whether or not the contract is a derivative. For the regulated companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivative contracts related to energy and energy-related products, as contract settlements are recovered from, or refunded to, customers in future rates. The application of derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, election and designation of a contract as normal, and determination of the fair value of derivative contracts. All of these judgments can have a significant impact on the financial statements. The judgment applied in the election of a contract as normal (and resulting accrual accounting) includes the conclusion that it is probable at the inception of the contract and throughout its term that it will result in physical delivery of the underlying product and that the quantities will be used or sold by the business in the normal course of business. If facts and circumstances change and management can no longer support this conclusion, then a contract cannot be considered normal, accrual accounting is terminated, and fair value accounting is applied prospectively. The fair value of derivative contracts is based upon the contract terms and conditions and the underlying market price or fair value per unit. When quantities are not specified in the contract, the Company determines whether the contract has a determinable quantity by using amounts referenced in default provisions and other relevant sections of the contract. The fair value of derivative assets and liabilities with the same counterparty are offset and recorded as a net derivative asset or liability on the balance sheets. All changes in the fair value of derivative contracts are recorded as regulatory assets or liabilities and do not impact net income. For further information regarding derivative contracts, see Note 4, "Derivative Instruments," to the financial statements. K. Investments Investments are included in Other Long-Term Assets on the balance sheets and earnings impacts from these equity investments are included in Other Income, Net on the statements of income. Strategic, Infrastructure and Other Investments: As of December 31, 2018 and 2017 , Eversource had investments totaling $463.7 million and $277.6 million , respectively. As of December 31, 2018 and 2017 , Eversource's investments included a 50 percent ownership in Bay State Wind, an offshore wind project of $234.3 million and $30.2 million , respectively, a 15 percent ownership interest in a FERC-regulated natural gas transmission business of $155.0 million and $159.6 million , respectively, a 37.2 percent ( 14.5 percent of which related to NSTAR Electric) ownership interest in two companies that transmit hydro-electricity imported from the Hydro-Quebec system in Canada of $19.5 million and $17.7 million , respectively, other investments totaling $54.9 million and $38.8 million , respectively, and a 40 percent ownership interest in Access Northeast of $31.3 million as of December 31, 2017. NSTAR Electric's investments totaled $7.6 million and $6.9 million , respectively, as of December 31, 2018 and 2017 . Impairment of Access Northeast: Access Northeast is a natural gas pipeline and storage project jointly owned by Eversource, Enbridge, Inc. ("Enbridge") and National Grid plc ("National Grid"), through Algonquin Gas Transmission, LLC ("AGT"). 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 to date. In September 2018, a series of non-Eversource natural gas explosions 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 series of explosions, compounded by the adverse legislative environment, as negative evidence that indicated potential impairment. Our impairment assessment used a discounted cash flow approach, including consideration of the severity and duration of any decline in fair value of our investment in the project, and involved significant management judgment and estimation, including projections of the project’s discounted cash flows and assumptions about exit price. In the third quarter of 2018, management determined that the future cash flows of the Access Northeast project were uncertain and could no longer be reasonably estimated and that the book value of our equity method investment was not recoverable. As a result, Eversource recorded an other-than-temporary impairment of $32.9 million within Other Income, Net on our statement of income in 2018, which represented the full carrying value of our equity method investment. Regional Decommissioned Nuclear Companies : CL&P, NSTAR Electric and PSNH own common stock in three regional nuclear generation companies (CYAPC, YAEC and MYAPC, collectively referred to as the "Yankee Companies"), each of which owned a single nuclear generating facility that has been decommissioned. For CL&P, NSTAR Electric and PSNH, the respective investments in CYAPC, YAEC and MYAPC are accounted for under the equity method and are included in Other Long-Term Assets on their respective balance sheets. For CL&P, NSTAR Electric and PSNH, these investments totaled $1.3 million , $0.9 million and $0.3 million as of both December 31, 2018 and 2017 . Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. For further information on the Yankee Companies, see Note 12C, "Commitments and Contingencies – Spent Nuclear Fuel Obligations – Yankee Companies," to the financial statements. Equity in Earnings and Dividends from Equity Method Investments: For the years ended December 31, 2018 , 2017 and 2016 , Eversource had equity in earnings, net of impairment, of unconsolidated affiliates of $3.8 million , $27.4 million , and $0.2 million , respectively. Eversource received dividends from its equity method investees of $22.3 million , $20.0 million and $0.1 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . 2019 Investment - Revolution Wind and South Fork Wind: On February 8, 2019, Eversource and Ørsted entered into a 50-50 partnership for key offshore wind assets in the Northeast. Eversource paid approximately $ 225 million for a 50 percent interest in Ørsted’s Revolution Wind and South Fork Wind power projects, as well as the 257-square-mile tract off the coasts of Massachusetts and Rhode Island, owned by North East Offshore LLC. Upon execution of the transaction, Eversource parent issued a guaranty on behalf of its subsidiary, Eversource Investment LLC. Eversource parent will guarantee, as a primary obligor, the financial obligations, primarily all post-Closing payment obligations of Eversource Investment LLC, under the Sale and Purchase Agreement and an Irrevocable Equity Commitment Letter with Ørsted in an amount not to exceed $ 127.6 million . Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations. L. Operating Expenses Costs related to fuel and natural gas included in Purchased Power, Fuel and Transmission on the statements of income were as follows: For the Years Ended December 31, (Millions of Dollars) 2018 |
REGULATORY ACCOUNTING
REGULATORY ACCOUNTING | 12 Months Ended |
Dec. 31, 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 December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Benefit Costs $ 1,914.8 $ 424.7 $ 544.4 $ 169.6 $ 2,068.8 $ 469.2 $ 560.7 $ 212.3 Income Taxes, Net 728.6 454.4 105.9 8.3 768.9 453.8 113.2 21.7 Securitized Stranded Costs 608.4 — — 608.4 — — — — Deferred Costs from Generation Asset Sale — — — — 516.1 — — 516.1 Storm Restoration Costs, Net 576.0 302.6 212.9 60.5 404.8 216.7 146.6 41.5 Regulatory Tracker Mechanisms 316.0 33.2 169.1 67.3 509.9 85.3 273.0 116.4 Derivative Liabilities 356.5 356.5 — — 367.2 362.3 — — Goodwill-related 348.4 — 299.1 — 365.2 — 313.6 — Asset Retirement Obligations 89.2 32.3 42.2 3.3 101.0 30.3 39.0 17.0 Other Regulatory Assets 208.0 27.0 64.6 12.1 137.4 27.6 78.4 15.8 Total Regulatory Assets 5,145.9 1,630.7 1,438.2 929.5 5,239.3 1,645.2 1,524.5 940.8 Less: Current Portion 514.8 125.2 241.7 67.2 741.9 200.3 333.9 130.1 Total Long-Term Regulatory Assets $ 4,631.1 $ 1,505.5 $ 1,196.5 $ 862.3 $ 4,497.4 $ 1,444.9 $ 1,190.6 $ 810.7 Benefit Costs: Eversource's Pension, SERP and PBOP Plans are accounted for in accordance with accounting guidance on defined benefit pension and other PBOP plans. The liability (or asset) recorded by the regulated companies to recognize the funded status of their retiree benefit plans is offset by a regulatory asset (or offset by a regulatory liability in the case of a benefit plan asset) in lieu of a charge to Accumulated Other Comprehensive Income/(Loss), reflecting ultimate recovery from customers through rates. The regulatory asset (or regulatory liability) is amortized as the actuarial gains and losses and prior service cost are amortized to net periodic benefit cost for the pension and PBOP plans. All amounts are remeasured annually. Regulatory accounting is also applied to the portions of Eversource's service company costs that support the regulated companies, as these amounts are also recoverable. As these regulatory assets or regulatory liabilities do not represent a cash outlay for the regulated companies, no carrying charge is recovered from customers. The decrease in the regulatory asset balance at PSNH as of December 31, 2018 was due in part to the generation divestiture and the securitization of remaining generation costs. CL&P, NSTAR Electric and PSNH recover benefit costs related to their distribution and transmission operations from customers in rates as allowed by their applicable regulatory commissions. NSTAR Electric recovers qualified pension and PBOP expenses related to its distribution operations through a rate reconciling mechanism that fully tracks the change in net pension and PBOP expenses each year. Income Taxes, Net: The tax effect of temporary book-tax differences (differences between the periods in which transactions affect income in the financial statements and the periods in which they affect the determination of taxable income, including those differences relating to uncertain tax positions) is accounted for in accordance with the rate-making treatment of the applicable regulatory commissions and accounting guidance for income taxes. Differences in income taxes between the accounting guidance and the rate-making treatment of the applicable regulatory commissions are recorded as regulatory assets. As these assets are offset by deferred income tax liabilities, no carrying charge is collected. The amortization period of these assets varies depending on the nature and/or remaining life of the underlying assets and liabilities. For further information regarding income taxes, see Note 11, "Income Taxes," to the financial statements. Securitized Stranded Costs and Deferred Costs from Generation Asset Sale: On May 8, 2018, a subsidiary of PSNH issued $635.7 million of securitized RRBs to finance PSNH's unrecovered remaining 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 unrecovered costs related to the difference between the carrying value and the fair value less costs to sell PSNH's thermal generation assets, and were reflected as Deferred Costs from Generation Asset Sale in the table above as of December 31, 2017. As of December 31, 2018, these costs are reflected in the Securitized Stranded Costs balance. For further information, see Note 13, "Generation Asset Sale." Storm Restoration Costs, Net: The storm restoration cost deferrals relate to costs incurred for storm events at CL&P, NSTAR Electric and PSNH that each company expects to recover from customers. 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. In addition to storm restoration costs, CL&P and PSNH are each allowed to recover pre-staging storm costs. Management believes storm restoration costs deferred were prudently incurred 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. Each electric utility company either recovers a carrying charge on its deferred storm restoration cost regulatory asset balance or the regulatory asset balance is included in rate base. In 2018, several significant storms caused extensive damage to our electric distribution systems and significant customer outages across all three states. These storms resulted in deferred storm restoration costs of approximately $266 million ( $148 million for CL&P, $94 million for NSTAR Electric, and $24 million for PSNH), which were reflected in Storm Restoration Costs, Net in the table above as of December 31, 2018 . 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 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 duration of time between incurring storm costs in August 2011 through March 2013 and final approval from the NHPUC in 2018, PSNH recognized $8.7 million (pre-tax) for the equity return component of the carrying charges, which have been collected from customers, within Other Income, Net on our statement of income in 2018. Storm costs incurred from December 2013 through April 2016 have been audited by the NHPUC staff and are pending NHPUC approval. Regulatory Tracker Mechanisms: The regulated companies' approved rates are designed to recover costs incurred to provide service to customers. The regulated companies recover certain of their costs on a fully-reconciling basis through regulatory commission-approved tracking mechanisms. The differences between the costs incurred (or the rate recovery allowed) and the actual revenues are recorded as regulatory assets (for undercollections) or as regulatory liabilities (for overcollections) to be included in future customer rates each year. Carrying charges are recovered in rates on all material regulatory tracker mechanisms. CL&P, NSTAR Electric and PSNH each recover, on a fully reconciling basis, the costs associated with the procurement of energy, transmission related costs from FERC-approved transmission tariffs, energy efficiency programs, low income assistance programs, certain uncollectible accounts receivable for hardship customers, and restructuring and stranded costs as a result of deregulation, and additionally for the Massachusetts utilities, pension and PBOP benefits and net metering for distributed generation. Energy procurement costs at NSTAR Electric include the costs related to its solar power facilities. CL&P, NSTAR Electric (effective February 1, 2018 as a result of a DPU-approved rate case decision), Yankee Gas (effective November 15, 2018 as a result of a PURA-approved rate case settlement agreement) and NSTAR Gas each have a regulatory commission approved revenue decoupling mechanism. Distribution revenues are decoupled from customer sales volumes, where applicable, which breaks the relationship between sales volumes and revenues recognized. Each company reconciles its annual base distribution rate recovery amount to the pre-established levels of baseline distribution delivery service revenues. Any difference between the allowed level of distribution revenue and the actual amount realized during a 12-month period is adjusted through rates in the following period. Derivative Liabilities: Regulatory assets are recorded as an offset to derivative liabilities and relate to the fair value of contracts used to purchase energy and energy-related products that will be recovered from customers in future rates. These assets are excluded from rate base and are being recovered as the actual settlements occur over the duration of the contracts. See Note 4, "Derivative Instruments," to the financial statements for further information on these contracts. Goodwill-related: The goodwill regulatory asset originated from a 1999 transaction, and the DPU allowed its recovery in NSTAR Electric and NSTAR Gas rates. This regulatory asset is currently being amortized and recovered from customers in rates without a carrying charge over a 40 -year period, and as of December 31, 2018 , there were 21 years of amortization remaining. Asset Retirement Obligations: The costs associated with the depreciation of the regulated companies' ARO assets and accretion of the ARO liabilities are recorded as regulatory assets in accordance with regulatory accounting guidance. The regulated companies' ARO assets, regulatory assets and liabilities offset and are excluded from rate base. These costs are being recovered over the life of the underlying property, plant and equipment. Other Regulatory Assets: Other Regulatory Assets primarily include contractual obligations associated with the remaining nuclear fuel storage costs of the CYAPC, YAEC and MYAPC nuclear facilities, environmental remediation costs, losses associated with the reacquisition or redemption of long-term debt, certain uncollectible accounts receivable for hardship customers, certain merger-related costs allowed for recovery, water tank painting costs, and various other items. Regulatory Costs in Long-Term Assets: Eversource's regulated companies had $122.9 million (including $42.1 million for CL&P, $49.3 million for NSTAR Electric and $12.2 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 December 31, 2018 and 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. Equity Return on Regulatory Assets: For rate-making purposes, the regulated companies recover the carrying costs related to their regulatory assets. For certain regulatory assets, the carrying cost recovered includes an equity return component. This equity return, which is not recorded on the balance sheets, totaled $0.7 million and $1.0 million for CL&P as of December 31, 2018 and 2017 , respectively. These carrying costs will be recovered from customers in future rates. As of December 31, 2018 and 2017 , this equity return, which is not recorded on the balance sheets, totaled $12.0 million and $42.0 million , respectively, for PSNH. The 2017 amount included $25 million of equity return on the Clean Air Project costs that PSNH had agreed not to bill customers as part of the generation divestiture settlement agreement. PSNH sold its generation assets in 2018. Regulatory Liabilities: The components of regulatory liabilities were as follows: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH EDIT due to Tax Cuts and Jobs Act $ 2,883.0 $ 1,031.0 $ 1,103.7 $ 396.4 $ 2,882.0 $ 1,031.6 $ 1,087.9 $ 405.1 Cost of Removal 521.0 39.9 307.1 22.1 502.1 23.2 293.8 37.9 Benefit Costs 91.2 — 76.9 — 132.3 — 112.6 — Regulatory Tracker Mechanisms 309.0 89.5 163.7 48.3 136.7 34.6 77.8 5.0 AFUDC - Transmission 70.7 47.4 23.3 — 67.1 48.8 18.3 — Revenue Subject to Refund due to Tax Cuts and Jobs Act 24.6 — — 12.6 — — — — Other Regulatory Liabilities 80.2 24.0 29.2 4.2 45.2 12.9 3.7 2.7 Total Regulatory Liabilities 3,979.7 1,231.8 1,703.9 483.6 3,765.4 1,151.1 1,594.1 450.7 Less: Current Portion 370.2 109.6 190.6 55.5 128.1 39.0 79.6 6.3 Total Long-Term Regulatory Liabilities $ 3,609.5 $ 1,122.2 $ 1,513.3 $ 428.1 $ 3,637.3 $ 1,112.1 $ 1,514.5 $ 444.4 EDIT due to Tax Cuts and Jobs Act: Pursuant to the "Tax Cuts and Jobs Act" (the "Act"), which became law on December 22, 2017, Eversource remeasured its existing deferred federal income tax balances as of December 31, 2017 to reflect the decrease in the U.S. federal corporate income tax rate from 35 percent to 21 percent. The remeasurement resulted in provisional regulated excess accumulated deferred income tax (excess ADIT or EDIT) liabilities that will benefit our customers in future periods and were recognized as regulatory liabilities on the balance sheet. We estimate that approximately 85 percent of the provisional regulated EDIT liabilities relate to property, plant, and equipment with remaining useful lives estimated to be in excess of 35 years. These amounts are subject to IRS normalization rules and will be returned to customers using the same timing as the remaining useful lives of the underlying assets that gave rise to the ADIT liabilities. Eversource's regulated companies are in the process of, or will be, refunding the EDIT liabilities to customers based on orders issued by applicable state regulatory commissions. For CL&P, amounts related to the EDIT liabilities will be incorporated as refunds to customers in May 1, 2019 base distribution rates. For NSTAR Electric (effective January 1, 2019) and NSTAR Gas (effective February 1, 2019), refunds related to EDIT will occur in rates through a new reconciling factor. Effective November 15, 2018, Yankee Gas' distribution rates charged to customers began to reflect the refund of EDIT. For PSNH, EDIT refunds will be addressed as part of the next distribution rate case filing. The EDIT balance related to PSNH's divested generation assets has been included as a component of the securitization of the stranded generation assets and has started to be refunded to customers via the Stranded Cost Recovery Charge effective August 1, 2018. For our transmission companies, the refund of excess ADIT to customers will be made based on future guidance from FERC. Cost of Removal: Eversource's regulated companies currently recover amounts in rates for future costs of removal of plant assets over the lives of the assets. The estimated cost to remove utility assets from service is recognized as a component of depreciation expense, and the cumulative amount collected from customers but not yet expended is recognized as a regulatory liability. AFUDC - Transmission: Regulatory liabilities were recorded by CL&P and NSTAR Electric for AFUDC accrued on certain reliability-related transmission projects to reflect local rate base recovery. These regulatory liabilities will be amortized over the depreciable life of the related transmission assets. Revenue Subject to Refund due to Tax Cuts and Jobs Act: Eversource established a regulatory 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 corporate 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. Effective May 1, 2018, CL&P adjusted rates billed to customers to reflect the lower federal income tax rate prospectively and, as of December 31, 2018, fully refunded its regulatory liability associated with the higher federal corporate income tax rate billed to customers in the period between January 1, 2018 through April 30, 2018. Effective November 15, 2018, Yankee Gas adjusted distribution rates to reflect the lower federal income tax rate prospectively and to refund its regulatory liability associated with the higher federal corporate income tax rate billed to customers in the period between January 1, 2018 through November 14, 2018. Although Yankee Gas' new rates were effective January 1, 2019, the provisions of the settlement agreement took effect November 15, 2018. For NSTAR Electric and NSTAR Gas, a December 2018 DPU order indicated that the DPU will not require a revision to base rates for any potential refunds associated with the higher federal corporate income tax rate billed to customers in the period between January 1, 2018 to the effective dates of each company's rate changes (effective February 1, 2018 for NSTAR Electric and July 1, 2018 for NSTAR Gas). PSNH and Aquarion will refund the overcollection in distribution rates from January 1, 2018 to customers in a future period. PSNH will adjust distribution rates to reflect the prospective 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. Effective January 1, 2018, local transmission service rates were updated to reflect the lower U.S. federal corporate income tax rate that resulted from the act. On June 28, 2018, FERC granted a one-time tariff waiver related to the federal corporate income tax rate so that effective June 1, 2018, the regional transmission service rates reflect the reduced federal corporate income tax rate at 21 percent. The refund of excess ADIT to customers will be made based on future guidance from FERC. FERC ROE Complaints : As of December 31, 2018 , Eversource has a reserve established for the second ROE complaint in the pending FERC ROE complaint proceedings, which was recorded as a regulatory liability and is reflected within Regulatory Tracker Mechanisms in the table above. The cumulative pre-tax reserve (excluding interest) as of December 31, 2018 totaled $39.1 million for Eversource (including $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH). See Note 12E, "Commitments and Contingencies – FERC ROE Complaints," for further information on developments in the pending ROE complaint proceedings. |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION Utility property, plant and equipment is recorded at original cost. Original cost includes materials, labor, construction overheads and AFUDC for regulated property. The cost of repairs and maintenance is charged to Operations and Maintenance expense as incurred. The following tables summarize property, plant and equipment by asset category: Eversource As of December 31, (Millions of Dollars) 2018 2017 Distribution - Electric $ 15,071.1 $ 14,410.5 Distribution - Natural Gas 3,546.2 3,244.2 Transmission - Electric 10,153.9 9,270.9 Distribution - Water 1,639.8 1,558.4 Solar 164.1 36.2 Utility 30,575.1 28,520.2 Other (1) 778.6 693.7 Property, Plant and Equipment, Gross 31,353.7 29,213.9 Less: Accumulated Depreciation Utility (7,126.2 ) (6,846.9 ) Other (336.7 ) (286.9 ) Total Accumulated Depreciation (7,462.9 ) (7,133.8 ) Property, Plant and Equipment, Net 23,890.8 22,080.1 Construction Work in Progress 1,719.6 1,537.4 Total Property, Plant and Equipment, Net $ 25,610.4 $ 23,617.5 As of December 31, 2018 2017 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Distribution - Electric $ 6,176.4 $ 6,756.4 $ 2,178.6 $ 5,888.3 $ 6,479.0 $ 2,083.4 Transmission - Electric 4,700.5 4,065.9 1,338.7 4,239.9 3,821.2 1,161.3 Solar — 164.1 — — 36.2 — Property, Plant and Equipment, Gross 10,876.9 10,986.4 3,517.3 10,128.2 10,336.4 3,244.7 Less: Accumulated Depreciation (2,302.6 ) (2,702.0 ) (772.9 ) (2,239.0 ) (2,550.2 ) (751.8 ) Property, Plant and Equipment, Net 8,574.3 8,284.4 2,744.4 7,889.2 7,786.2 2,492.9 Construction Work in Progress 335.4 510.3 135.7 381.8 460.3 149.4 Total Property, Plant and Equipment, Net $ 8,909.7 $ 8,794.7 $ 2,880.1 $ 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. Depreciation of utility assets is calculated on a straight-line basis using composite rates based on the estimated remaining useful lives of the various classes of property (estimated useful life for PSNH distribution and the water utilities). The composite rates, which are subject to approval by the appropriate state regulatory agency, include a cost of removal component, which is collected from customers over the lives of the plant assets and is recognized as a regulatory liability. Depreciation rates are applied to property from the time it is placed in service. Upon retirement from service, the cost of the utility asset is charged to the accumulated provision for depreciation. The actual incurred removal costs are applied against the related regulatory liability. The depreciation rates for the various classes of utility property, plant and equipment aggregate to composite rates as follows: (Percent) 2018 2017 2016 Eversource 2.9 % 3.0 % 3.0 % CL&P 2.8 % 2.8 % 2.7 % NSTAR Electric 2.8 % 2.9 % 2.9 % PSNH 2.8 % 3.1 % 3.1 % The following table summarizes average remaining useful lives of depreciable assets: As of December 31, 2018 (Years) Eversource CL&P NSTAR Electric PSNH Distribution - Electric 34.1 35.4 33.7 32.3 Distribution - Natural Gas 43.8 — — — Transmission - Electric 41.3 38.0 45.3 42.9 Distribution - Water 33.3 — — — Solar 24.9 — 24.9 — Other 12.9 — — — |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2018 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 Management Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: CL&P Level 3 9.6 (3.4 ) 6.2 9.5 (7.1 ) 2.4 Other Level 2 $ 1.5 $ (0.9 ) $ 0.6 $ — $ — $ — Long-Term Derivative Assets: CL&P Level 3 74.2 (2.3 ) 71.9 71.9 (5.3 ) 66.6 Current Derivative Liabilities: CL&P Level 3 (55.1 ) — (55.1 ) (54.4 ) — (54.4 ) Other Level 2 — — — (4.5 ) — (4.5 ) Long-Term Derivative Liabilities : CL&P Level 3 (379.5 ) — (379.5 ) (376.9 ) — (376.9 ) Other Level 2 — — — (0.4 ) — (0.4 ) (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. The business activities that result in the recognition of derivative assets also create exposure to various counterparties. As of December 31, 2018 , Eversource's and CL&P's derivative assets were exposed to counterparty credit risk and contracted with investment grade entities. For further information on the fair value of derivative contracts, see Note 1I, "Summary of Significant Accounting Policies – Fair Value Measurements," and Note 1J, "Summary of Significant Accounting Policies – Derivative Accounting," 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 December 31, 2018 and 2017 , Eversource had New York Mercantile Exchange ("NYMEX") financial contracts for natural gas futures in order to reduce variability associated with the price of 12.5 million and 9.5 million MMBtu of natural gas, respectively. For the years ended December 31, 2018 , 2017 and 2016 , there were losses of $25.0 million , $29.0 million and $125.5 million , respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. 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 December 31, 2018 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 0.75 — 1.78 per kW-Month 2019 - 2024 1.00 — 2.00 per kW-Month 2018 - 2024 Exit price premiums of 4.2 percent through 15.7 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 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 (Millions of Dollars) For the Years Ended December 31, 2018 2017 Derivatives, Net: Fair Value as of Beginning of Period $ (362.3 ) $ (420.5 ) Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities (32.0 ) (9.5 ) Settlements 37.8 67.7 Fair Value as of End of Period $ (356.5 ) $ (362.3 ) |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 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. In December 2018, CYAPC paid $145 million from its trust to the DOE to partially settle the pre-1983 spent nuclear fuel obligation. 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 December 31, 2018 and 2017 was $ 44.0 million and $52.5 million , respectively. For the year ended December 31, 2018 , there were unrealized losses of $4.3 million recorded in Other Income, Net related to these equity securities. For the year ended December 31, 2017, the unrealized gains and losses on these equity securities were recorded in Accumulated Other Comprehensive Income on the balance sheet. Dividend income is recorded in Other Income, Net when dividends are declared. Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $ 200.0 million and $261.3 million as of December 31, 2018 and 2017 , respectively. Unrealized gains and losses for these spent nuclear fuel 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 December 31, 2018 2017 Eversource (Millions of Dollars) Amortized Pre-Tax Pre-Tax Fair Value Amortized Pre-Tax Pre-Tax Fair Value Debt Securities $ 190.0 $ 0.4 $ (4.0 ) $ 186.4 $ 284.9 $ 3.2 $ (1.1 ) $ 287.0 Eversource's debt securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts in the amounts of $143.9 million and $242.3 million as of December 31, 2018 and 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 years ended December 31, 2018 or 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 December 31, 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) $ 30.5 $ 30.3 One to five years 29.2 28.9 Six to ten years 43.6 42.9 Greater than ten years 86.7 84.3 Total Debt Securities $ 190.0 $ 186.4 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel 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 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 spent nuclear fuel trusts to compute the realized gains and losses on the sale of marketable securities. For the year ended December 31, 2017, Eversource recognized net realized gains of $9.8 million on the sales of available-for-sale securities held in the benefit trust. The proceeds of the sales were re-invested in the Eversource benefit trust. There were no similar sales for the year ended December 31, 2018. 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 December 31, 2018 2017 Level 1: Mutual Funds and Equities $ 244.0 $ 313.8 Money Market Funds 25.9 23.3 Total Level 1 $ 269.9 $ 337.1 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 79.6 $ 70.2 Corporate Debt Securities 39.5 50.9 Asset-Backed Debt Securities 14.0 21.2 Municipal Bonds 19.2 110.7 Other Fixed Income Securities 8.2 10.7 Total Level 2 $ 160.5 $ 263.7 Total Marketable Securities $ 430.4 $ 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. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS Eversource, including CL&P, NSTAR Electric and PSNH, recognizes a liability for the fair value of an ARO on the obligation date if the liability's fair value can be reasonably estimated, even if it is conditional on a future event. Settlement dates and future costs are reasonably estimated when sufficient information becomes available. Management has identified various categories of AROs, primarily CYAPC's and YAEC's obligation to dispose of spent nuclear fuel and high level waste, and also certain assets containing asbestos and hazardous contamination. Management has performed fair value calculations reflecting expected probabilities for settlement scenarios. The fair value of an ARO is recorded as a liability in Other Long-Term Liabilities with a corresponding amount included in Property, Plant and Equipment, Net on the balance sheets. The ARO assets are depreciated, and the ARO liabilities are accreted over the estimated life of the obligation and the corresponding credits are recorded as accumulated depreciation and ARO liabilities, respectively. As the electric and natural gas companies are rate-regulated on a cost-of-service basis, these companies apply regulatory accounting guidance and both the depreciation and accretion costs associated with these companies' AROs are recorded as increases to Regulatory Assets on the balance sheets. A reconciliation of the beginning and ending carrying amounts of ARO liabilities is as follows: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Balance as of Beginning of Year $ 419.1 $ 31.5 $ 44.6 $ 25.0 $ 426.4 $ 36.0 $ 42.6 $ 23.5 Liabilities Incurred During the Year 11.3 — 11.3 — 0.2 0.1 0.1 — Liabilities Settled During the Year (36.6 ) — — (21.5 ) (19.3 ) (1.0 ) (0.2 ) — Accretion 25.5 2.0 2.2 0.5 26.3 2.3 2.1 1.5 Revisions in Estimated Cash Flows 46.9 — 14.3 — (14.5 ) (5.9 ) — — Balance as of End of Year $ 466.2 $ 33.5 $ 72.4 $ 4.0 $ 419.1 $ 31.5 $ 44.6 $ 25.0 Eversource's amounts include CYAPC and YAEC's AROs of $339.9 million and $301.5 million as of December 31, 2018 and 2017 , respectively. The fair value of the ARO for CYAPC and YAEC includes uncertainties of the fuel off-load dates related to the DOE's timing of performance regarding its obligation to dispose of the spent nuclear fuel and high level waste and other assumptions, including discount rates. The incremental asset recorded as an offset to the ARO liability was fully depreciated since the plants have no remaining useful life. Any changes in the ARO liability are recorded with a corresponding offset to the related regulatory asset. The assets held in the CYAPC and YAEC spent nuclear fuel trusts are restricted for settling the ARO and all other nuclear fuel storage obligations. For further information on the assets held in the spent nuclear fuel trusts, see Note 5, "Marketable Securities," to the financial statements. The increase in the ARO balance at NSTAR Electric for the year ended December 31, 2018 was due to the recording of new liabilities associated with new solar sites placed into service and the replacement of certain distribution cables, and revised remediation costs for existing AROs related to asbestos and hazardous contamination. The decrease in the ARO balance at PSNH for the year ended December 31, 2018 was a result of the generation divestiture and the securitization of remaining generation costs. See Note 13, "Generation Asset Sale," to the financial statements for further information on the PSNH generation divestiture. |
SHORT-TERM DEBT
SHORT-TERM DEBT | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
SHORT-TERM DEBT | SHORT-TERM DEBT Short-Term Debt Borrowing Limits: The amount of short-term borrowings that may be incurred by CL&P, NSTAR Electric and NPT is subject to periodic approval by the FERC. Because the NHPUC has jurisdiction over PSNH's short-term debt, PSNH is not currently required to obtain FERC approval for its short-term borrowings. On November 30, 2017, the FERC granted authorization that allows CL&P to issue total short-term borrowings in an aggregate principal amount not to exceed $600 million outstanding at any one time, through December 31, 2019. On November 30, 2017, the FERC granted authorization that allows NSTAR Electric to issue total short-term borrowings in an aggregate principal amount not to exceed $655 million outstanding at any one time, through December 30, 2019. On December 3, 2018, FERC authorized NPT to issue up to an aggregate of $800 million in short-term debt and long-term debt through December 31, 2020. PSNH is authorized by regulation of the NHPUC to incur short-term borrowings up to 10 percent of net fixed plant plus an additional $60 million until further ordered by the NHPUC. As of December 31, 2018 , PSNH's short-term debt authorization under the 10 percent of net fixed plant test plus $60 million totaled approximately $331 million . CL&P's certificate of incorporation contains preferred stock provisions restricting the amount of unsecured debt that CL&P may incur, including limiting unsecured indebtedness with a maturity of less than 10 years to 10 percent of total capitalization. As of December 31, 2018 , CL&P had $758.1 million of unsecured debt capacity available under this authorization. Yankee Gas and NSTAR Gas are not required to obtain approval from any state or federal authority to incur 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. Effective December 10, 2018, the revolving credit facility's termination date was extended for one additional year to December 8, 2023. The revolving credit facility 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. Effective December 10, 2018, the revolving credit facility's termination date was extended for one additional year to December 8, 2023. The revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program. The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding as of December 31, Available Borrowing Capacity as of December 31, Weighted-Average Interest Rate as of December 31, (Millions of Dollars) 2018 2017 2018 2017 2018 2017 Eversource Parent Commercial Paper Program $ 631.5 $ 979.3 $ 818.5 $ 470.7 2.77 % 1.86 % NSTAR Electric Commercial Paper Program 278.5 234.0 371.5 416.0 2.50 % 1.55 % There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of December 31, 2018 or 2017 . Eversource's water distribution segment has a $100.0 million revolving credit facility, which expires on August 19, 2019, and there were no amounts outstanding as of December 31, 2018 and $76.0 million outstanding as of December 31, 2017 . Amounts outstanding under the commercial paper programs and revolving credit facility are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric 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. Under the credit facilities described above, Eversource and its subsidiaries must comply with certain financial and non-financial covenants, including a consolidated debt to total capitalization ratio. As of December 31, 2018 and 2017 , Eversource and its subsidiaries were in compliance with these covenants. If Eversource or its subsidiaries were not in compliance with these covenants, an event of default would occur requiring all outstanding borrowings by such borrower to be repaid, and additional borrowings by such borrower would not be permitted under its respective credit facility. 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. Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. In addition, growth in Eversource's key business initiatives requires cash infusion to those subsidiaries. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of December 31, 2018 , there were intercompany loans from Eversource parent to PSNH of $57.0 million . 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 are included in Notes Payable to Eversource Parent and are classified in current liabilities on the respective subsidiary's balance sheets. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Details of long-term debt outstanding are as follows: CL&P (Millions of Dollars) As of December 31, 2018 2017 First Mortgage Bonds: 7.875% 1994 Series D due 2024 $ 139.8 $ 139.8 5.750% 2004 Series B due 2034 130.0 130.0 5.625% 2005 Series B due 2035 100.0 100.0 6.350% 2006 Series A due 2036 250.0 250.0 5.750% 2007 Series B due 2037 150.0 150.0 6.375% 2007 Series D due 2037 100.0 100.0 5.650% 2008 Series A due 2018 — 300.0 5.500% 2009 Series A due 2019 250.0 250.0 2.500% 2013 Series A due 2023 400.0 400.0 4.300% 2014 Series A due 2044 475.0 475.0 4.150% 2015 Series A due 2045 350.0 350.0 3.200% 2017 Series A due 2027 300.0 300.0 4.000% 2018 Series A due 2048 500.0 — Total First Mortgage Bonds 3,144.8 2,944.8 Pollution Control Revenue Bonds: 4.375% Fixed Rate Tax Exempt due 2028 120.5 120.5 Less Amounts due Within One Year (250.0 ) (300.0 ) Unamortized Premiums and Discounts, Net 10.2 11.5 Unamortized Debt Issuance Costs (21.5 ) (17.7 ) CL&P Long-Term Debt $ 3,004.0 $ 2,759.1 NSTAR Electric (Millions of Dollars) As of December 31, 2018 2017 Debentures: 5.750% due 2036 $ 200.0 $ 200.0 5.500% due 2040 300.0 300.0 2.375% due 2022 400.0 400.0 4.400% due 2044 300.0 300.0 3.250% due 2025 250.0 250.0 2.700% due 2026 250.0 250.0 3.200% due 2027 700.0 700.0 Total Debentures 2,400.0 2,400.0 Notes: 5.900% Senior Notes Series B due 2034 50.0 50.0 6.700% Senior Notes Series D due 2037 40.0 40.0 5.100% Senior Notes Series E due 2020 95.0 95.0 3.500% Senior Notes Series F due 2021 250.0 250.0 3.880% Senior Notes Series G due 2023 80.0 80.0 2.750% Senior Notes Series H due 2026 50.0 50.0 Total Notes 565.0 565.0 Less Amounts due Within One Year — — Unamortized Premiums and Discounts, Net (2.5 ) (1.8 ) Unamortized Debt Issuance Costs (17.7 ) (19.4 ) NSTAR Electric Long-Term Debt $ 2,944.8 $ 2,943.8 PSNH (Millions of Dollars) As of December 31, 2018 2017 First Mortgage Bonds: 5.600% Series M due 2035 $ 50.0 $ 50.0 6.000% Series O due 2018 — 110.0 4.500% Series P due 2019 150.0 150.0 4.050% Series Q due 2021 122.0 122.0 3.200% Series R due 2021 160.0 160.0 3.500% Series S due 2023 325.0 325.0 Total First Mortgage Bonds 807.0 917.0 Pollution Control Revenue Bonds: Adjustable Rate Tax Exempt Series A due 2021 — 89.3 Less Amounts due Within One Year (150.0 ) (110.0 ) Unamortized Premiums and Discounts, Net — 0.2 Unamortized Debt Issuance Costs (1.8 ) (4.1 ) PSNH Long-Term Debt $ 655.2 $ 892.4 OTHER (Millions of Dollars) As of December 31, 2018 2017 Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2019 - 2048 $ 470.0 $ 520.0 NSTAR Gas - First Mortgage Bonds: 4.09% - 9.950% due 2020 - 2048 385.0 285.0 Eversource Parent and Other - Notes and Debentures: 4.500% Debentures due 2019 350.0 350.0 2.500% - 4.250% Senior Notes due 2021 - 2029 4,360.0 3,260.0 Unsecured Notes 3.570% - 6.430% due 2021 - 2037 289.5 290.9 Secured Debt 4.100% - 9.640% due 2021 - 2035 70.7 70.4 Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) 39.5 181.4 Fair Value Adjustment (1) 144.7 172.6 Less Fair Value Adjustment - Current Portion (1) (36.2 ) (35.4 ) Less Amounts due in One Year (401.1 ) (104.2 ) Commercial Paper Classified as Long-Term Debt — 201.2 Unamortized Premiums and Discounts, Net (4.2 ) 1.5 Unamortized Debt Issuance Costs (23.2 ) (12.8 ) Total Other Long-Term Debt $ 5,644.7 $ 5,180.6 Total Eversource Long-Term Debt $ 12,248.7 $ 11,775.9 (1) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record the NSTAR long-term debt at fair value on the date of the 2012 merger and to record the Aquarion long-term debt at fair value on the date of the 2017 acquisition. Long-Term Debt Issuances and Repayments: 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 2001 Series A Pollution Control Revenue Bonds December 2001 (89.3 ) May 2021 Redeemed on November 28, 2018 at a redemption price of $89.3 million Other: Eversource Parent 2.50% Series I Senior Notes (1) January 2018 200.0 March 2021 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 3.80% Series N Senior Notes December 2018 400.0 December 2023 Repaid short-term borrowings Eversource Parent 4.25% Series O Senior Notes December 2018 500.0 April 2029 Repaid short-term borrowings 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 Yankee Gas 6.90% Series J First Mortgage Bonds October 2008 (100.0 ) October 2018 Repaid at maturity on October 1, 2018 NSTAR Gas 4.09% Series P First Mortgage Bonds September 2018 100.0 October 2048 Repaid short-term borrowings (1) These notes are part of the same series issued by Eversource parent in March 2016. The aggregate outstanding principal amount of these notes is now $450 million . 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. Long-Term Debt Issuance Authorizations: On August 1, 2018, the DPU approved NSTAR Gas’ request for authorization to issue up to $200 million in long-term debt through December 31, 2019. On December 3, 2018, FERC authorized NPT to issue up to an aggregate of $800 million in short-term debt and long-term debt through December 31, 2020. Long-Term Debt Provisions: The utility plant of CL&P, PSNH, Yankee Gas, NSTAR Gas and a portion of Aquarion is subject to the lien of each company's respective first mortgage bond indenture. The Eversource parent, NSTAR Electric and certain Aquarion debt is unsecured. Additionally, the long-term debt agreements provide that Eversource and certain of its subsidiaries must comply with certain covenants as are customarily included in such agreements, including equity requirements for NSTAR Electric and NSTAR Gas. Under the equity requirements, NSTAR Electric's and Aquarion's senior notes must maintain a certain consolidated indebtedness to capitalization ratio as of the end of any fiscal quarter and NSTAR Gas' outstanding long-term debt must not exceed equity. CL&P's obligation to repay the PCRBs is secured by first mortgage bonds. The first mortgage bonds contain similar terms and provisions as the applicable series of PCRBs. If CL&P fails to meet its obligations under the first mortgage bonds, then the holder of the first mortgage bonds (the issuer of the PCRBs) would have rights under the first mortgage bonds. CL&P's tax-exempt PCRBs will be subject to redemption at par on or after September 1, 2021. Certain secured and unsecured long-term debt securities are callable at redemption price or are subject to make-whole provisions. Eversource, NSTAR Electric, Yankee Gas and Aquarion have certain long-term debt agreements that contain cross-default provisions. No other debt issuances contain cross-default provisions as of December 31, 2018 . Pre-1983 Spent Nuclear Fuel Obligation: Under the Nuclear Waste Policy Act of 1982, the DOE is responsible for the selection and development of repositories for, and the disposal of, spent nuclear fuel and high-level radioactive waste. CYAPC is obligated to pay the DOE for the costs to dispose of spent nuclear fuel and high-level radioactive waste generated prior to April 7, 1983 (pre-1983 Spent Nuclear Fuel) and recorded an accrual for the full liability thereof to the DOE. This liability accrues interest costs at the 3-month Treasury bill yield rate. For nuclear fuel used to generate electricity prior to April 7, 1983, payment may be made any time prior to the first delivery of spent fuel to the DOE. Fees for disposal of nuclear fuel burned on or after April 7, 1983 were billed to member companies and paid to the DOE. As of December 31, 2018 and 2017 , as a result of consolidating CYAPC, Eversource has consolidated $ 39.5 million and $181.4 million , respectively, in pre-1983 spent nuclear fuel obligations to the DOE. In December 2018, CYAPC paid $145 million to the DOE to partially settle this obligation. The obligation includes accumulated interest costs of $29.0 million and $132.6 million as of December 31, 2018 and 2017 , respectively. CYAPC maintains a trust to fund amounts due to the DOE for the disposal of pre-1983 spent nuclear fuel. For further information, see Note 5, "Marketable Securities," to the financial statements. Long-Term Debt Maturities: Long-term debt maturities on debt outstanding for the years 2019 through 2023 and thereafter are shown below. These amounts exclude the CYAPC pre-1983 spent nuclear fuel obligation, net unamortized premiums, discounts and debt issuance costs, and other fair value adjustments as of December 31, 2018 : (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2019 $ 801.1 $ 250.0 $ — $ 150.0 2020 296.1 — 95.0 — 2021 1,033.5 — 250.0 282.0 2022 1,188.9 — 400.0 — 2023 1,665.2 400.0 80.0 325.0 Thereafter 7,977.7 2,615.3 2,140.0 50.0 Total $ 12,962.5 $ 3,265.3 $ 2,965.0 $ 807.0 |
RATE REDUCTION BONDS AND VARIAB
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 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 remaining 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 remaining costs resulting from the divestiture of PSNH’s generation assets. The proceeds were used by PSNH Funding 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 December 31, 2018 Restricted Cash - Current Portion (included in Prepayments and Other Current Assets) $ 47.5 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 Securitized Stranded Cost (included in Regulatory Assets) 608.4 Other Regulatory Liabilities (included in Regulatory Liabilities) 5.8 Accrued Interest (included in Other Current Liabilities) 14.4 Rate Reduction Bonds - Current Portion 52.3 Rate Reduction Bonds - Long-Term Portion 583.3 (Millions of Dollars) Income Statement: For the Year Ended December 31, 2018 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 27.3 Interest Expense on RRB Principal (included in Interest Expense) 14.4 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. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS A. Pension Benefits and Postretirement Benefits Other Than Pension Eversource provides defined benefit retirement plans ("Pension Plans") that cover eligible employees and are subject to the provisions of ERISA, as amended by the PPA of 2006. Eversource's policy is to annually fund the Pension Plans in an amount at least equal to an amount that will satisfy all federal funding requirements. 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 ("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 benefits provided under the PBOP Plans are not vested, and the Company has the right to modify any benefit provision subject to applicable laws at that time. Eversource annually funds postretirement costs through tax deductible contributions to external trusts. The Pension, SERP and PBOP Plans cover eligible employees, including, among others, employees of the regulated companies. Because the regulated companies recover retiree benefit costs from customers through rates, regulatory assets are recorded in lieu of recording an adjustment to Accumulated Other Comprehensive Income/(Loss) for the funded status of the Pension, SERP and PBOP Plans. Regulatory accounting is also applied to the portions of the Eversource Service retiree benefit costs that support the regulated companies, as these costs are also recovered from customers. Adjustments to the Pension and PBOP Plans funded status for the unregulated companies are recorded on an after-tax basis to Accumulated Other Comprehensive Income/(Loss). For further information, see Note 2, "Regulatory Accounting," and Note 16, "Accumulated Other Comprehensive Income/(Loss)," to the financial statements. The difference between the actual return and calculated expected return on plan assets for the Pension and PBOP Plans is reflected as a component of unamortized actuarial gains or losses, which are recorded in Regulatory Assets or Accumulated Other Comprehensive Income/(Loss). Unamortized actuarial gains or losses are amortized as a component of pension and PBOP expense over the estimated average future employee service period. Pension and SERP Plans: The Pension and SERP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. Although Eversource maintains marketable securities in a benefit trust, the SERP Plans do not contain any assets. For further information, see Note 5, "Marketable Securities," to the financial statements. The following table provides information on the Pension and SERP Plan benefit obligations, fair values of Pension Plan assets, and funded status: Pension and SERP As of December 31, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) Service Cost (84.8 ) (21.4 ) (17.4 ) (11.2 ) (71.3 ) (18.5 ) (15.5 ) (9.7 ) Interest Cost (196.4 ) (41.8 ) (43.5 ) (22.0 ) (188.0 ) (41.6 ) (42.7 ) (21.2 ) Actuarial Gain/(Loss) 414.9 106.1 98.6 39.2 (548.7 ) (116.9 ) (143.5 ) (65.1 ) Benefits Paid - Pension 261.8 59.6 66.9 26.2 243.7 63.5 55.4 26.4 Benefits Paid - Lump Sum 14.2 — 7.1 — 18.4 — 6.8 — Benefits Paid - SERP 6.8 0.3 0.3 0.2 20.4 0.3 0.3 0.3 Employee Transfers — 12.0 2.5 (0.9 ) — 8.2 5.5 (0.7 ) Increase due to acquisition of Aquarion — — — — (168.7 ) — — — Benefit Obligation as of End of Year $ (5,520.0 ) $ (1,160.4 ) $ (1,236.5 ) $ (610.7 ) $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) Change in Pension Plan Assets: Fair Value of Pension Plan Assets as of Beginning of Year $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 Employer Contributions 185.6 41.2 56.5 — 235.2 2.5 85.4 0.8 Actual Return on Pension Plan Assets (75.2 ) (14.2 ) (18.7 ) (7.6 ) 589.7 126.7 154.8 70.4 Benefits Paid - Pension (261.8 ) (59.6 ) (66.9 ) (26.2 ) (243.7 ) (63.5 ) (55.4 ) (26.4 ) Benefits Paid - Lump Sum (14.2 ) — (7.1 ) — (18.4 ) — (6.8 ) — Employee Transfers — (12.0 ) (2.5 ) 0.9 — (8.2 ) (5.5 ) 0.7 Increase due to acquisition of Aquarion — — — — 100.7 — — — Fair Value of Pension Plan Assets as of End of Year $ 4,573.9 $ 918.4 $ 1,222.1 $ 506.6 $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 Funded Status as of December 31st $ (946.1 ) $ (242.0 ) $ (14.4 ) $ (104.1 ) $ (1,197.0 ) $ (312.2 ) $ (90.2 ) $ (102.7 ) In 2018, there was an increase to the discount rate used to calculate the funded status of the Eversource pension liability, which resulted in a decrease to Eversource's pension liability of approximately $465 million as of December 31, 2018, which was partially offset by changes in actual plan experience and changes in other assumptions. In 2017, there was a decrease to the discount rate used to calculate the funded status of the Eversource pension liability, which resulted in an increase to Eversource's pension liability of approximately $390 million as of December 31, 2017. The pension and SERP Plans' funded status includes the current portion of the SERP liability totaling $8.9 million and $8.4 million as of December 31, 2018 and 2017 , respectively, which is included in Other Current Liabilities on the balance sheets. As of December 31, 2018 and 2017 , the accumulated benefit obligation for the Pension and SERP Plans is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 5,070.8 $ 1,031.0 $ 1,144.7 $ 543.1 2017 5,583.6 1,179.2 1,260.1 597.2 The following actuarial assumptions were used in calculating the Pension and SERP Plans' year end funded status: Pension and SERP As of December 31, 2018 2017 Discount Rate 4.22% — 4.45% 3.43% — 3.75% Compensation/Progression Rate 3.50% 3.50% The compensation rate for the Aquarion Plans was 4 percent as of December 31, 2018 and 2017. Pension and SERP Expense: Eversource charges net periodic pension expense to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. The Company utilizes the spot rate methodology to estimate the discount rate for the service and interest cost components of pension expense, which provides a more precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. The components of net periodic benefit expense for the Pension and SERP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets for future recovery, 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 are included in Other Income, Net on the statements of income. Pension and SERP 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 Year Ended December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 84.8 $ 21.4 $ 17.4 $ 11.2 Interest Cost 196.4 41.8 43.5 22.0 Expected Return on Pension Plan Assets (391.6 ) (79.1 ) (104.9 ) (43.6 ) Actuarial Loss 145.7 29.1 41.1 11.6 Prior Service Cost 4.3 1.1 0.2 0.4 Total Net Periodic Benefit Expense/(Income) $ 39.6 $ 14.3 $ (2.7 ) $ 1.6 Intercompany Allocations N/A $ 6.1 $ 6.5 $ 1.9 Pension and SERP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 71.3 $ 18.5 $ 15.5 $ 9.7 Interest Cost 188.0 41.6 42.7 21.2 Expected Return on Pension Plan Assets (334.1 ) (71.7 ) (87.6 ) (40.0 ) Actuarial Loss 135.2 27.7 41.1 11.6 Prior Service Cost 4.5 1.5 0.6 0.5 Total Net Periodic Benefit Expense $ 64.9 $ 17.6 $ 12.3 $ 3.0 Intercompany Allocations N/A $ 9.8 $ 9.1 $ 3.3 Pension and SERP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 75.0 $ 18.8 $ 16.3 $ 9.9 Interest Cost 185.5 41.6 42.2 20.7 Expected Return on Pension Plan Assets (317.9 ) (72.1 ) (85.1 ) (38.6 ) Actuarial Loss 125.7 25.4 39.9 9.9 Prior Service Cost 3.6 1.5 0.3 0.5 Total Net Periodic Benefit Expense $ 71.9 $ 15.2 $ 13.6 $ 2.4 Intercompany Allocations N/A $ 13.8 $ 11.4 $ 4.0 The following actuarial assumptions were used to calculate Pension and SERP expense amounts: Pension and SERP For the Years Ended December 31, 2018 2017 2016 Discount Rate 3.85% — 4.62% 3.20% — 3.90% 3.27% — 4.89% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% Compensation/Progression Rate 3.50% 3.50% 3.50% For the Aquarion Plans, the long-term expected rate of return was 7 percent and the compensation rate was 4 percent for the year ended December 31, 2018. The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income ("OCI") as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented: Regulatory Assets OCI For the Years Ended December 31, For the Years Ended December 31, (Millions of Dollars) 2018 2017 2018 2017 Actuarial Losses Arising During the Year $ 48.6 $ 333.0 $ 0.7 $ 9.3 Actuarial Losses Reclassified as Net Periodic Benefit Expense (140.1 ) (129.5 ) (5.6 ) (5.7 ) Actuarial Losses Securitized as Stranded Costs (1) (36.7 ) — — — Prior Service Cost/(Credit) Arising During the Year — 1.0 — (0.4 ) Prior Service Cost Reclassified as Net Periodic Benefit Expense (3.9 ) (4.1 ) (0.4 ) (0.4 ) Prior Service Cost Securitized as Stranded Costs (1) (0.1 ) — — — (1) These amounts were reclassified to securitized regulatory assets in connection with the divestiture of PSNH's generation business. For further information see Note 2, "Regulatory Accounting" to the financial statements. The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2018 and 2017 , as well as the amounts that are expected to be recognized as components in 2019 : Regulatory Assets as of December 31, Expected 2019 Expense AOCI as of December 31, Expected 2019 Expense (Millions of Dollars) 2018 2017 2018 2017 Actuarial Loss $ 1,807.6 $ 1,935.8 $ 140.6 $ 80.8 $ 85.7 $ 5.6 Prior Service Cost 6.3 10.3 0.9 1.1 1.5 0.2 PBOP Plans: The PBOP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. The following table provides information on the PBOP Plan benefit obligations, fair values of plan assets, and funded status: PBOP As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) Service Cost (10.0 ) (1.9 ) (2.0 ) (1.1 ) (9.5 ) (1.9 ) (1.7 ) (1.3 ) Interest Cost (30.7 ) (5.8 ) (8.7 ) (3.4 ) (27.1 ) (5.3 ) (8.7 ) (3.0 ) Actuarial Gain/(Loss) 102.5 14.4 28.4 8.6 (81.8 ) (18.5 ) (13.2 ) (11.9 ) Benefits Paid 45.3 10.1 14.5 4.9 41.5 9.9 13.5 4.6 Employee Transfers — (0.1 ) 0.1 0.2 — 2.4 1.5 0.2 Increase due to acquisition of Aquarion — — — — (61.7 ) — — — Benefit Obligation as of End of Year $ (841.5 ) $ (161.7 ) $ (246.3 ) $ (91.9 ) $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) Change in Plan Assets: Fair Value of Plan Assets as of Beginning of Year $ 922.2 $ 135.9 $ 405.5 $ 79.0 $ 815.8 $ 129.2 $ 361.6 $ 73.2 Actual Return on Plan Assets (36.6 ) (5.2 ) (17.4 ) (2.9 ) 118.0 18.1 52.9 10.4 Employer Contributions 9.3 — 5.2 — 7.6 — 5.3 — Benefits Paid (45.3 ) (10.1 ) (14.5 ) (4.9 ) (41.5 ) (9.9 ) (13.5 ) (4.6 ) Employee Transfers — — 0.3 — — (1.5 ) (0.8 ) — Increase due to acquisition of Aquarion — — — — 22.3 — — — Fair Value of Plan Assets as of End of Year $ 849.6 $ 120.6 $ 379.1 $ 71.2 $ 922.2 $ 135.9 $ 405.5 $ 79.0 Funded Status as of December 31st $ 8.1 $ (41.1 ) $ 132.8 $ (20.7 ) $ (26.4 ) $ (42.5 ) $ 126.9 $ (22.1 ) The Eversource funded status includes prepaid assets of $33.4 million and $13.1 million recorded in Other Long-Term Assets and liabilities of $25.3 million and $39.5 million included in Accrued Pension, SERP and PBOP on the balance sheets as of December 31, 2018 and 2017, respectively. As of December 31, 2018, there was an increase in the discount rate used to calculate the funded status, resulting in a decrease in the Eversource PBOP liability of approximately $88 million . As of December 31, 2017, there was a decrease in the discount rate used to calculate the funded status, as compared to the discount rate as of December 31, 2016, resulting in an increase to the Eversource PBOP liability of approximately $64 million . The following actuarial assumptions were used in calculating the PBOP Plans' year end funded status: PBOP As of December 31, 2018 2017 Discount Rate 4.38% — 4.41% 3.55% — 3.70% For the Eversource Service PBOP Plan, effective with the plan amendment that standardized plan designs and made benefit changes in August 2016, the health care cost trend rate is no longer applicable. For the Aquarion PBOP Plan, the health care trend rate is a range of 3.5 percent to 6.75 percent, with an ultimate rate of 3.5 percent to 5 percent in 2019 and 2023, for post-65 and pre-65 retirees, respectively. PBOP Expense: Eversource charges net periodic postretirement benefits expense to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust each year is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. The Company utilizes the spot rate methodology to estimate the discount rate for the service and interest cost components of PBOP expense, which provides a more precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. The components of net periodic benefit expense for the PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets on the balance sheets, 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 are included in Other Income, Net on the statements of income. 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 portion, as these amounts are cash settled on a short-term basis. PBOP For the Year Ended December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 10.0 $ 1.9 $ 2.0 $ 1.1 Interest Cost 30.7 5.8 8.7 3.4 Expected Return on Plan Assets (72.4 ) (10.4 ) (32.5 ) (6.0 ) Actuarial Loss 10.3 1.6 2.3 0.7 Prior Service (Credit)/Cost (23.6 ) 1.1 (16.9 ) 0.5 Total Net Periodic Benefit Income $ (45.0 ) $ — $ (36.4 ) $ (0.3 ) Intercompany Allocations N/A $ (1.0 ) $ (1.3 ) $ (0.4 ) PBOP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 9.5 $ 1.9 $ 1.7 $ 1.3 Interest Cost 27.1 5.3 8.7 3.0 Expected Return on Plan Assets (63.7 ) (9.7 ) (28.6 ) (5.5 ) Actuarial Loss 9.1 1.0 3.4 0.6 Prior Service (Credit)/Cost (21.6 ) 1.1 (17.0 ) 0.6 Total Net Periodic Benefit Income $ (39.6 ) $ (0.4 ) $ (31.8 ) $ — Intercompany Allocations N/A $ (0.7 ) $ (1.1 ) $ (0.5 ) PBOP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 12.2 $ 2.0 $ 3.4 $ 1.3 Interest Cost 32.9 5.3 13.3 2.9 Expected Return on Plan Assets (62.9 ) (10.1 ) (28.1 ) (5.5 ) Actuarial Loss 9.0 1.5 3.3 0.7 Prior Service (Credit)/Cost (9.1 ) 0.5 (7.1 ) 0.2 Total Net Periodic Benefit Income $ (17.9 ) $ (0.8 ) $ (15.2 ) $ (0.4 ) Intercompany Allocations N/A $ 0.3 $ (0.1 ) $ (0.1 ) The following actuarial assumptions were used to calculate PBOP expense amounts: PBOP For the Years Ended December 31, 2018 2017 2016 Discount Rate 3.28% — 3.94% 3.48% — 4.64% 2.88% — 4.09% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% For the Aquarion Plan, the expected long-term rate of return was 7 percent and the health care trend rate was 7 percent for the year ended December 31, 2018. The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and OCI as well as amounts recognized in Regulatory Assets and OCI that were reclassified as net periodic benefit (expense)/income during the years presented: Regulatory Assets OCI For the Years Ended December 31, For the Years Ended December 31, (Millions of Dollars) 2018 2017 2018 2017 Actuarial Losses/(Gains) Arising During the Year $ 6.4 $ 44.8 $ (1.2 ) $ 2.6 Actuarial Losses Reclassified as Net Periodic Benefit Expense (9.9 ) (8.6 ) (0.4 ) (0.5 ) Actuarial Losses Securitized as Stranded Costs (1) (0.8 ) — — — Prior Service (Credit)/Cost Arising During the Year 1.3 (4.0 ) — (0.1 ) Prior Service Credit/(Cost) Reclassified as Net Periodic Benefit Income/(Expense) 23.6 22.3 — (0.7 ) Prior Service Cost Securitized as Stranded Costs (1) (1.3 ) — — — (1) These amounts were reclassified to securitized regulatory assets in connection with the divestiture of PSNH's generation business. For further information see Note 2, "Regulatory Accounting" to the financial statements. The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2018 and 2017 , as well as the amounts that are expected to be recognized as components in 2019 : Regulatory Assets as of December 31, Expected 2019 Expense AOCI as of December 31, Expected 2019 Expense (Millions of Dollars) 2018 2017 2018 2017 Actuarial Loss $ 207.3 $ 211.6 $ 9.9 $ 5.0 $ 6.6 $ 0.3 Prior Service (Credit)/Cost (197.6 ) (221.2 ) (23.6 ) 2.6 2.6 0.2 Estimated Future Benefit Payments: The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans: (Millions of Dollars) 2019 2020 2021 2022 2023 2024 - 2028 Pension and SERP $ 308.5 $ 310.4 $ 318.8 $ 326.6 $ 335.6 $ 1,764.1 PBOP 58.4 58.5 58.6 58.3 57.8 277.4 Eversource Contributions: Based on the current status of the Pension Plans and federal pension funding requirements, Eversource currently expects to make contributions of approximately $112 million in 2019 , of which approximately $44 million and $10 million will be contributed by CL&P and PSNH, respectively. The remaining $46 million is expected to be contributed by other Eversource subsidiaries, primarily Eversource Service. Eversource expects to make approximately $11 million in contributions to the PBOP Plan in 2019 , of which approximately $6 million will be contributed by NSTAR Electric. Fair Value of Pension and PBOP Plan Assets: Pension and PBOP funds are held in external trusts. Trust assets, including accumulated earnings, must be used exclusively for Pension and PBOP payments. Eversource's investment strategy for its Pension and PBOP Plans is to maximize the long-term rates of return on these plans' assets within an acceptable level of risk. The investment strategy for each asset category includes a diversification of asset types, fund strategies and fund managers and it establishes target asset allocations that are routinely reviewed and periodically rebalanced. PBOP assets are comprised of assets held in the PBOP Plan trust, as well as specific assets within the Pension Plan trust (401(h) assets). The investment policy and strategy of the 401(h) assets is consistent with that of the defined benefit pension plan. Eversource's expected long-term rates of return on Pension and PBOP Plan assets are based on target asset allocation assumptions and related expected long-term rates of return. In developing its expected long-term rate of return assumptions for the Pension and PBOP Plans, Eversource evaluated input from consultants, as well as long-term inflation assumptions and historical returns. For the year ended December 31, 2018 , management has assumed long-term rates of return of 8.25 percent for the Eversource Service Pension and PBOP Plan assets. Management has assumed a 7 percent long-term rate of return for the Aquarion Plans. These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows: As of December 31, 2018 2017 Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Target Asset Allocation Assumed Rate of Return Target Asset Allocation Assumed Rate of Return Equity Securities: United States 15.0 % 8.5 % 21.5 % 8.5 % Global 10.0 % 8.75 % — % — % Non-United States 8.0 % 8.5 % 11.0 % 8.5 % Emerging Markets 4.0 % 10.0 % 4.5 % 10.0 % Debt Securities: Fixed Income 13.0 % 4.0 % 11.0 % 4.0 % Public High Yield Fixed Income 4.0 % 6.5 % 4.0 % 6.5 % Private Debt 15.0 % 9.0 % 15.0 % 9.0 % Emerging Markets Debt — % — % 2.0 % 6.5 % Private Equity 15.0 % 12.0 % 15.0 % 12.0 % Real Assets 16.0 % 7.5 % 12.0 % 7.5 % Hedge Funds — % — % 4.0 % 6.0 % The taxable assets within the Eversource PBOP Plan have a target asset allocation of 70 percent equity securities and 30 percent fixed income securities. The target asset allocation for the Aquarion Pension Plans is 59 percent equity, 36 percent debt and 5 percent other. The target asset allocation for the Aquarion PBOP Plan is 59 percent equity and 41 percent debt. The following table presents, by asset category, the Pension and PBOP Plan assets recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Pension Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2018 2017 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 443.4 $ — $ 1,377.8 $ 1,821.2 $ 535.4 $ — $ 1,653.3 $ 2,188.7 Fixed Income (2) 85.5 160.8 1,265.5 1,511.8 56.6 215.9 1,218.3 1,490.8 Private Equity 6.1 — 834.0 840.1 11.2 — 641.8 653.0 Real Assets (3) 62.9 — 569.1 632.0 101.6 — 539.9 641.5 Total $ 597.9 $ 160.8 $ 4,046.4 $ 4,805.1 $ 704.8 $ 215.9 $ 4,053.3 $ 4,974.0 Less: 401(h) PBOP Assets (4) (231.2 ) (234.5 ) Total Pension Assets $ 4,573.9 $ 4,739.5 PBOP Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2018 2017 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 91.9 $ — $ 210.5 $ 302.4 $ 115.3 $ — $ 241.9 $ 357.2 Fixed Income (2) 22.0 40.3 123.0 185.3 23.4 44.0 133.9 201.3 Private Equity — — 32.7 32.7 — — 31.3 31.3 Real Assets (3) 27.5 — 70.5 98.0 22.4 — 75.5 97.9 Total $ 141.4 $ 40.3 $ 436.7 $ 618.4 $ 161.1 $ 44.0 $ 482.6 $ 687.7 Add: 401(h) PBOP Assets (4) 231.2 234.5 Total PBOP Assets $ 849.6 $ 922.2 (1) United States, Global, Non-United States and Emerging Markets equity securities that are uncategorized include investments in commingled funds and hedge funds that are overlayed with equity index swaps and futures contracts. (2) Fixed Income investments that are uncategorized include investments in commingled funds, fixed income funds that invest in a variety of opportunistic and fixed income strategies, and hedge funds that are overlayed with fixed income futures. (3) Real assets include real estate funds and hedge funds. (4) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan. The Company values assets based on observable inputs when available. Equity securities, exchange traded funds and futures contracts classified as Level 1 in the fair value hierarchy are priced based on the closing price on the primary exchange as of the balance sheet date. Fixed income securities, such as government issued securities, corporate bonds and high yield bond funds, are included in Level 2 and are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The pricing models utilize observable inputs such as recent trades for the same or similar instruments, yield curves, discount margins and bond structures. Swaps are valued using pricing models that incorporate interest rates and equity and fixed income index closing prices to determine a net present value of the cash flows. Certain investments, such as commingled funds, private equity investments, real estate funds and hedge funds are valued using the NAV as a practical expedient. These investments are structured as investment companies offering shares or units to multiple investors for the purpose of providing a return. Commingled funds are recorded at NAV provided by the asset manager, which is based on the market prices of the underlying equity securities. Private Equity investments, Fixed Income partnership funds and Real Assets are valued using the NAV provided by the partnerships, which are based on discounted cash flows of the underlying investments, real estate appraisals or public market comparables of the underlying investments, or the NAV of underlying assets held in hedge funds. Assets valued at NAV are uncategorized in the fair value hierarchy. Defined Contribution Plans Eversource maintains defined contribution plans on behalf of eligible participants. The Eversource 401k Plan provides for employee and employer contributions up to statutory limits. For eligible employees, the Eversource 401k Plan provides employer matching contributions of either 100 percent up to a maximum of three percent of eligible compensation or 50 percent up to a maximum of eight percent of eligible compensation. The Eversource 401k Plan also contains a K-Vantage feature for the benefit of eligible participants, which provides an additional annual employer contribution based on age and years of service. K-Vantage participants are not eligible to actively participate in the Eversource Pension Plan. The total Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 38.4 $ 5.0 $ 9.7 $ 3.3 2017 34.5 4.6 8.5 3.7 2016 31.8 4.5 8.1 3.4 Share-Based Payments Share-based compensation awards are recorded using a fair-value based method at the date of grant. Eversource, CL&P, NSTAR Electric and PSNH record compensation expense related to these awards, as applicable, for shares issued or sold to their respective employees and officers, as well as for the allocation of costs associated with shares issued or sold to Eversource's service company employees and officers that support CL&P, NSTAR Electric and PSNH. Eversource Incentive Plans: Eversource maintains long-term equity-based incentive plans in which Eversource, CL&P, NSTAR Electric and PSNH employees, officers and board members are eligible to participate. The incentive plans authorize Eversource to grant up to 6,700,000 new shares for various types of awards, including RSUs and performance shares, to eligible employees, officers, and board members. As of December 31, 2018 and 2017 , Eversource had 3,720,650 and 2,445,110 common shares, respectively, available for issuance under these plans. Eversource accounts for its various share-based plans as follows: • RSUs - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period based upon the fair value of Eversource's common shares at the date of grant. The par value of RSUs is reclassified to Common Stock from APIC as RSUs become issued as common shares. • Performance Shares - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. Performance shares vest based upon the extent to which Company goals are achieved. Vesting of outstanding performance shares is based upon both the Company's EPS growth over the requisite service period and the total shareholder return as compared to the Edison Electric Institute ("EEI") Index during the requisite service period. The fair value of performance shares is determined at the date of grant using a lattice model. RSUs: Eversource granted RSUs under the annual long-term incentive programs that are subject to three -year graded vesting schedules for employees, and one -year graded vesting schedules, or immediate vesting, for board members. RSUs are paid in shares, reduced by amounts sufficient to satisfy withholdings for income taxes, subsequent to vesting. A summary of RSU transactions is as follows: RSUs (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2017 717,039 $ 49.29 Granted 286,315 $ 56.69 Shares Issued (201,386 ) $ 55.35 Forfeited (19,603 ) $ 56.78 Outstanding as of December 31, 2018 782,365 $ 50.25 The weighted average grant-date fair value of RSUs granted for the years ended December 31, 2018 , 2017 and 2016 was $56.69 , $55.97 and $54.67 , respectively. As of December 31, 2018 and 2017 , the number and weighted average grant-date fair value of unvested RSUs was 424,119 and $56.57 per share, and 388,269 and $56.15 per share, respectively. During 2018 , there were 216,572 RSUs at a weighted average grant-date fair value of $56.72 per share that vested during the year and were either paid or deferred. As of December 31, 2018 , 358,246 RSUs were fully vested and deferred and an additional 402,913 are expected to vest. Performance Shares: Eversource granted performance shares under the annual long-term incentive programs that vest based upon the extent to which Company goals are achieved at the end of three-year performance measurement periods. Performance shares are paid in shares, after the performance measurement period. A summary of performance share transactions is as follows: Performance Shares (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2017 510,565 $ 55.45 Granted 184,355 $ 56.77 Shares Issued (178,258 ) $ 54.98 Forfeited (17,098 ) $ 56.18 Outstanding as of December 31, 2018 499,564 $ 56.08 The weighted average grant-date fair value of performance shares granted for the years ended December 31, 2018 , 2017 and 2016 was $56.77 , $55.70 and $53.64 , respectively. As of December 31, 2018 and 2017 , the number and weighted average grant-date fair value of unvested performance shares was 366,995 and $56.17 per share, and 331,207 and $55.79 per share, respectively. During 2018 , there were 131,349 performance shares at a weighted average grant-date fair value of $56.08 per share that vested during the year and were either paid or deferred. As of December 31, 2018 , 132,569 performance shares were fully vested and deferred. Compensation Expense: The total compensation expense and associated future income tax benefits recognized by Eversource, CL&P, NSTAR Electric and PSNH for share-based compensation awards were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Compensation Expense $ 21.4 $ 19.7 $ 23.6 Future Income Tax Benefit 5.4 8.0 9.6 For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Compensation Expense $ 7.8 $ 7.7 $ 2.9 $ 7.0 $ 7.0 $ 3.2 $ 9.1 $ 8.2 $ 3.5 Future Income Tax Benefit 2.0 1.9 0.7 2.9 2.8 1.3 3.7 3.3 1.4 As of December 31, 2018 , there was $22.3 million of total unrecognized compensation expense related to nonveste |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED PAYMENTS | EMPLOYEE BENEFITS A. Pension Benefits and Postretirement Benefits Other Than Pension Eversource provides defined benefit retirement plans ("Pension Plans") that cover eligible employees and are subject to the provisions of ERISA, as amended by the PPA of 2006. Eversource's policy is to annually fund the Pension Plans in an amount at least equal to an amount that will satisfy all federal funding requirements. 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 ("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 benefits provided under the PBOP Plans are not vested, and the Company has the right to modify any benefit provision subject to applicable laws at that time. Eversource annually funds postretirement costs through tax deductible contributions to external trusts. The Pension, SERP and PBOP Plans cover eligible employees, including, among others, employees of the regulated companies. Because the regulated companies recover retiree benefit costs from customers through rates, regulatory assets are recorded in lieu of recording an adjustment to Accumulated Other Comprehensive Income/(Loss) for the funded status of the Pension, SERP and PBOP Plans. Regulatory accounting is also applied to the portions of the Eversource Service retiree benefit costs that support the regulated companies, as these costs are also recovered from customers. Adjustments to the Pension and PBOP Plans funded status for the unregulated companies are recorded on an after-tax basis to Accumulated Other Comprehensive Income/(Loss). For further information, see Note 2, "Regulatory Accounting," and Note 16, "Accumulated Other Comprehensive Income/(Loss)," to the financial statements. The difference between the actual return and calculated expected return on plan assets for the Pension and PBOP Plans is reflected as a component of unamortized actuarial gains or losses, which are recorded in Regulatory Assets or Accumulated Other Comprehensive Income/(Loss). Unamortized actuarial gains or losses are amortized as a component of pension and PBOP expense over the estimated average future employee service period. Pension and SERP Plans: The Pension and SERP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. Although Eversource maintains marketable securities in a benefit trust, the SERP Plans do not contain any assets. For further information, see Note 5, "Marketable Securities," to the financial statements. The following table provides information on the Pension and SERP Plan benefit obligations, fair values of Pension Plan assets, and funded status: Pension and SERP As of December 31, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) Service Cost (84.8 ) (21.4 ) (17.4 ) (11.2 ) (71.3 ) (18.5 ) (15.5 ) (9.7 ) Interest Cost (196.4 ) (41.8 ) (43.5 ) (22.0 ) (188.0 ) (41.6 ) (42.7 ) (21.2 ) Actuarial Gain/(Loss) 414.9 106.1 98.6 39.2 (548.7 ) (116.9 ) (143.5 ) (65.1 ) Benefits Paid - Pension 261.8 59.6 66.9 26.2 243.7 63.5 55.4 26.4 Benefits Paid - Lump Sum 14.2 — 7.1 — 18.4 — 6.8 — Benefits Paid - SERP 6.8 0.3 0.3 0.2 20.4 0.3 0.3 0.3 Employee Transfers — 12.0 2.5 (0.9 ) — 8.2 5.5 (0.7 ) Increase due to acquisition of Aquarion — — — — (168.7 ) — — — Benefit Obligation as of End of Year $ (5,520.0 ) $ (1,160.4 ) $ (1,236.5 ) $ (610.7 ) $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) Change in Pension Plan Assets: Fair Value of Pension Plan Assets as of Beginning of Year $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 Employer Contributions 185.6 41.2 56.5 — 235.2 2.5 85.4 0.8 Actual Return on Pension Plan Assets (75.2 ) (14.2 ) (18.7 ) (7.6 ) 589.7 126.7 154.8 70.4 Benefits Paid - Pension (261.8 ) (59.6 ) (66.9 ) (26.2 ) (243.7 ) (63.5 ) (55.4 ) (26.4 ) Benefits Paid - Lump Sum (14.2 ) — (7.1 ) — (18.4 ) — (6.8 ) — Employee Transfers — (12.0 ) (2.5 ) 0.9 — (8.2 ) (5.5 ) 0.7 Increase due to acquisition of Aquarion — — — — 100.7 — — — Fair Value of Pension Plan Assets as of End of Year $ 4,573.9 $ 918.4 $ 1,222.1 $ 506.6 $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 Funded Status as of December 31st $ (946.1 ) $ (242.0 ) $ (14.4 ) $ (104.1 ) $ (1,197.0 ) $ (312.2 ) $ (90.2 ) $ (102.7 ) In 2018, there was an increase to the discount rate used to calculate the funded status of the Eversource pension liability, which resulted in a decrease to Eversource's pension liability of approximately $465 million as of December 31, 2018, which was partially offset by changes in actual plan experience and changes in other assumptions. In 2017, there was a decrease to the discount rate used to calculate the funded status of the Eversource pension liability, which resulted in an increase to Eversource's pension liability of approximately $390 million as of December 31, 2017. The pension and SERP Plans' funded status includes the current portion of the SERP liability totaling $8.9 million and $8.4 million as of December 31, 2018 and 2017 , respectively, which is included in Other Current Liabilities on the balance sheets. As of December 31, 2018 and 2017 , the accumulated benefit obligation for the Pension and SERP Plans is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 5,070.8 $ 1,031.0 $ 1,144.7 $ 543.1 2017 5,583.6 1,179.2 1,260.1 597.2 The following actuarial assumptions were used in calculating the Pension and SERP Plans' year end funded status: Pension and SERP As of December 31, 2018 2017 Discount Rate 4.22% — 4.45% 3.43% — 3.75% Compensation/Progression Rate 3.50% 3.50% The compensation rate for the Aquarion Plans was 4 percent as of December 31, 2018 and 2017. Pension and SERP Expense: Eversource charges net periodic pension expense to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. The Company utilizes the spot rate methodology to estimate the discount rate for the service and interest cost components of pension expense, which provides a more precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. The components of net periodic benefit expense for the Pension and SERP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets for future recovery, 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 are included in Other Income, Net on the statements of income. Pension and SERP 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 Year Ended December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 84.8 $ 21.4 $ 17.4 $ 11.2 Interest Cost 196.4 41.8 43.5 22.0 Expected Return on Pension Plan Assets (391.6 ) (79.1 ) (104.9 ) (43.6 ) Actuarial Loss 145.7 29.1 41.1 11.6 Prior Service Cost 4.3 1.1 0.2 0.4 Total Net Periodic Benefit Expense/(Income) $ 39.6 $ 14.3 $ (2.7 ) $ 1.6 Intercompany Allocations N/A $ 6.1 $ 6.5 $ 1.9 Pension and SERP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 71.3 $ 18.5 $ 15.5 $ 9.7 Interest Cost 188.0 41.6 42.7 21.2 Expected Return on Pension Plan Assets (334.1 ) (71.7 ) (87.6 ) (40.0 ) Actuarial Loss 135.2 27.7 41.1 11.6 Prior Service Cost 4.5 1.5 0.6 0.5 Total Net Periodic Benefit Expense $ 64.9 $ 17.6 $ 12.3 $ 3.0 Intercompany Allocations N/A $ 9.8 $ 9.1 $ 3.3 Pension and SERP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 75.0 $ 18.8 $ 16.3 $ 9.9 Interest Cost 185.5 41.6 42.2 20.7 Expected Return on Pension Plan Assets (317.9 ) (72.1 ) (85.1 ) (38.6 ) Actuarial Loss 125.7 25.4 39.9 9.9 Prior Service Cost 3.6 1.5 0.3 0.5 Total Net Periodic Benefit Expense $ 71.9 $ 15.2 $ 13.6 $ 2.4 Intercompany Allocations N/A $ 13.8 $ 11.4 $ 4.0 The following actuarial assumptions were used to calculate Pension and SERP expense amounts: Pension and SERP For the Years Ended December 31, 2018 2017 2016 Discount Rate 3.85% — 4.62% 3.20% — 3.90% 3.27% — 4.89% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% Compensation/Progression Rate 3.50% 3.50% 3.50% For the Aquarion Plans, the long-term expected rate of return was 7 percent and the compensation rate was 4 percent for the year ended December 31, 2018. The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income ("OCI") as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented: Regulatory Assets OCI For the Years Ended December 31, For the Years Ended December 31, (Millions of Dollars) 2018 2017 2018 2017 Actuarial Losses Arising During the Year $ 48.6 $ 333.0 $ 0.7 $ 9.3 Actuarial Losses Reclassified as Net Periodic Benefit Expense (140.1 ) (129.5 ) (5.6 ) (5.7 ) Actuarial Losses Securitized as Stranded Costs (1) (36.7 ) — — — Prior Service Cost/(Credit) Arising During the Year — 1.0 — (0.4 ) Prior Service Cost Reclassified as Net Periodic Benefit Expense (3.9 ) (4.1 ) (0.4 ) (0.4 ) Prior Service Cost Securitized as Stranded Costs (1) (0.1 ) — — — (1) These amounts were reclassified to securitized regulatory assets in connection with the divestiture of PSNH's generation business. For further information see Note 2, "Regulatory Accounting" to the financial statements. The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2018 and 2017 , as well as the amounts that are expected to be recognized as components in 2019 : Regulatory Assets as of December 31, Expected 2019 Expense AOCI as of December 31, Expected 2019 Expense (Millions of Dollars) 2018 2017 2018 2017 Actuarial Loss $ 1,807.6 $ 1,935.8 $ 140.6 $ 80.8 $ 85.7 $ 5.6 Prior Service Cost 6.3 10.3 0.9 1.1 1.5 0.2 PBOP Plans: The PBOP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. The following table provides information on the PBOP Plan benefit obligations, fair values of plan assets, and funded status: PBOP As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) Service Cost (10.0 ) (1.9 ) (2.0 ) (1.1 ) (9.5 ) (1.9 ) (1.7 ) (1.3 ) Interest Cost (30.7 ) (5.8 ) (8.7 ) (3.4 ) (27.1 ) (5.3 ) (8.7 ) (3.0 ) Actuarial Gain/(Loss) 102.5 14.4 28.4 8.6 (81.8 ) (18.5 ) (13.2 ) (11.9 ) Benefits Paid 45.3 10.1 14.5 4.9 41.5 9.9 13.5 4.6 Employee Transfers — (0.1 ) 0.1 0.2 — 2.4 1.5 0.2 Increase due to acquisition of Aquarion — — — — (61.7 ) — — — Benefit Obligation as of End of Year $ (841.5 ) $ (161.7 ) $ (246.3 ) $ (91.9 ) $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) Change in Plan Assets: Fair Value of Plan Assets as of Beginning of Year $ 922.2 $ 135.9 $ 405.5 $ 79.0 $ 815.8 $ 129.2 $ 361.6 $ 73.2 Actual Return on Plan Assets (36.6 ) (5.2 ) (17.4 ) (2.9 ) 118.0 18.1 52.9 10.4 Employer Contributions 9.3 — 5.2 — 7.6 — 5.3 — Benefits Paid (45.3 ) (10.1 ) (14.5 ) (4.9 ) (41.5 ) (9.9 ) (13.5 ) (4.6 ) Employee Transfers — — 0.3 — — (1.5 ) (0.8 ) — Increase due to acquisition of Aquarion — — — — 22.3 — — — Fair Value of Plan Assets as of End of Year $ 849.6 $ 120.6 $ 379.1 $ 71.2 $ 922.2 $ 135.9 $ 405.5 $ 79.0 Funded Status as of December 31st $ 8.1 $ (41.1 ) $ 132.8 $ (20.7 ) $ (26.4 ) $ (42.5 ) $ 126.9 $ (22.1 ) The Eversource funded status includes prepaid assets of $33.4 million and $13.1 million recorded in Other Long-Term Assets and liabilities of $25.3 million and $39.5 million included in Accrued Pension, SERP and PBOP on the balance sheets as of December 31, 2018 and 2017, respectively. As of December 31, 2018, there was an increase in the discount rate used to calculate the funded status, resulting in a decrease in the Eversource PBOP liability of approximately $88 million . As of December 31, 2017, there was a decrease in the discount rate used to calculate the funded status, as compared to the discount rate as of December 31, 2016, resulting in an increase to the Eversource PBOP liability of approximately $64 million . The following actuarial assumptions were used in calculating the PBOP Plans' year end funded status: PBOP As of December 31, 2018 2017 Discount Rate 4.38% — 4.41% 3.55% — 3.70% For the Eversource Service PBOP Plan, effective with the plan amendment that standardized plan designs and made benefit changes in August 2016, the health care cost trend rate is no longer applicable. For the Aquarion PBOP Plan, the health care trend rate is a range of 3.5 percent to 6.75 percent, with an ultimate rate of 3.5 percent to 5 percent in 2019 and 2023, for post-65 and pre-65 retirees, respectively. PBOP Expense: Eversource charges net periodic postretirement benefits expense to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust each year is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. The Company utilizes the spot rate methodology to estimate the discount rate for the service and interest cost components of PBOP expense, which provides a more precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. The components of net periodic benefit expense for the PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets on the balance sheets, 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 are included in Other Income, Net on the statements of income. 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 portion, as these amounts are cash settled on a short-term basis. PBOP For the Year Ended December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 10.0 $ 1.9 $ 2.0 $ 1.1 Interest Cost 30.7 5.8 8.7 3.4 Expected Return on Plan Assets (72.4 ) (10.4 ) (32.5 ) (6.0 ) Actuarial Loss 10.3 1.6 2.3 0.7 Prior Service (Credit)/Cost (23.6 ) 1.1 (16.9 ) 0.5 Total Net Periodic Benefit Income $ (45.0 ) $ — $ (36.4 ) $ (0.3 ) Intercompany Allocations N/A $ (1.0 ) $ (1.3 ) $ (0.4 ) PBOP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 9.5 $ 1.9 $ 1.7 $ 1.3 Interest Cost 27.1 5.3 8.7 3.0 Expected Return on Plan Assets (63.7 ) (9.7 ) (28.6 ) (5.5 ) Actuarial Loss 9.1 1.0 3.4 0.6 Prior Service (Credit)/Cost (21.6 ) 1.1 (17.0 ) 0.6 Total Net Periodic Benefit Income $ (39.6 ) $ (0.4 ) $ (31.8 ) $ — Intercompany Allocations N/A $ (0.7 ) $ (1.1 ) $ (0.5 ) PBOP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 12.2 $ 2.0 $ 3.4 $ 1.3 Interest Cost 32.9 5.3 13.3 2.9 Expected Return on Plan Assets (62.9 ) (10.1 ) (28.1 ) (5.5 ) Actuarial Loss 9.0 1.5 3.3 0.7 Prior Service (Credit)/Cost (9.1 ) 0.5 (7.1 ) 0.2 Total Net Periodic Benefit Income $ (17.9 ) $ (0.8 ) $ (15.2 ) $ (0.4 ) Intercompany Allocations N/A $ 0.3 $ (0.1 ) $ (0.1 ) The following actuarial assumptions were used to calculate PBOP expense amounts: PBOP For the Years Ended December 31, 2018 2017 2016 Discount Rate 3.28% — 3.94% 3.48% — 4.64% 2.88% — 4.09% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% For the Aquarion Plan, the expected long-term rate of return was 7 percent and the health care trend rate was 7 percent for the year ended December 31, 2018. The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and OCI as well as amounts recognized in Regulatory Assets and OCI that were reclassified as net periodic benefit (expense)/income during the years presented: Regulatory Assets OCI For the Years Ended December 31, For the Years Ended December 31, (Millions of Dollars) 2018 2017 2018 2017 Actuarial Losses/(Gains) Arising During the Year $ 6.4 $ 44.8 $ (1.2 ) $ 2.6 Actuarial Losses Reclassified as Net Periodic Benefit Expense (9.9 ) (8.6 ) (0.4 ) (0.5 ) Actuarial Losses Securitized as Stranded Costs (1) (0.8 ) — — — Prior Service (Credit)/Cost Arising During the Year 1.3 (4.0 ) — (0.1 ) Prior Service Credit/(Cost) Reclassified as Net Periodic Benefit Income/(Expense) 23.6 22.3 — (0.7 ) Prior Service Cost Securitized as Stranded Costs (1) (1.3 ) — — — (1) These amounts were reclassified to securitized regulatory assets in connection with the divestiture of PSNH's generation business. For further information see Note 2, "Regulatory Accounting" to the financial statements. The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2018 and 2017 , as well as the amounts that are expected to be recognized as components in 2019 : Regulatory Assets as of December 31, Expected 2019 Expense AOCI as of December 31, Expected 2019 Expense (Millions of Dollars) 2018 2017 2018 2017 Actuarial Loss $ 207.3 $ 211.6 $ 9.9 $ 5.0 $ 6.6 $ 0.3 Prior Service (Credit)/Cost (197.6 ) (221.2 ) (23.6 ) 2.6 2.6 0.2 Estimated Future Benefit Payments: The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans: (Millions of Dollars) 2019 2020 2021 2022 2023 2024 - 2028 Pension and SERP $ 308.5 $ 310.4 $ 318.8 $ 326.6 $ 335.6 $ 1,764.1 PBOP 58.4 58.5 58.6 58.3 57.8 277.4 Eversource Contributions: Based on the current status of the Pension Plans and federal pension funding requirements, Eversource currently expects to make contributions of approximately $112 million in 2019 , of which approximately $44 million and $10 million will be contributed by CL&P and PSNH, respectively. The remaining $46 million is expected to be contributed by other Eversource subsidiaries, primarily Eversource Service. Eversource expects to make approximately $11 million in contributions to the PBOP Plan in 2019 , of which approximately $6 million will be contributed by NSTAR Electric. Fair Value of Pension and PBOP Plan Assets: Pension and PBOP funds are held in external trusts. Trust assets, including accumulated earnings, must be used exclusively for Pension and PBOP payments. Eversource's investment strategy for its Pension and PBOP Plans is to maximize the long-term rates of return on these plans' assets within an acceptable level of risk. The investment strategy for each asset category includes a diversification of asset types, fund strategies and fund managers and it establishes target asset allocations that are routinely reviewed and periodically rebalanced. PBOP assets are comprised of assets held in the PBOP Plan trust, as well as specific assets within the Pension Plan trust (401(h) assets). The investment policy and strategy of the 401(h) assets is consistent with that of the defined benefit pension plan. Eversource's expected long-term rates of return on Pension and PBOP Plan assets are based on target asset allocation assumptions and related expected long-term rates of return. In developing its expected long-term rate of return assumptions for the Pension and PBOP Plans, Eversource evaluated input from consultants, as well as long-term inflation assumptions and historical returns. For the year ended December 31, 2018 , management has assumed long-term rates of return of 8.25 percent for the Eversource Service Pension and PBOP Plan assets. Management has assumed a 7 percent long-term rate of return for the Aquarion Plans. These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows: As of December 31, 2018 2017 Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Target Asset Allocation Assumed Rate of Return Target Asset Allocation Assumed Rate of Return Equity Securities: United States 15.0 % 8.5 % 21.5 % 8.5 % Global 10.0 % 8.75 % — % — % Non-United States 8.0 % 8.5 % 11.0 % 8.5 % Emerging Markets 4.0 % 10.0 % 4.5 % 10.0 % Debt Securities: Fixed Income 13.0 % 4.0 % 11.0 % 4.0 % Public High Yield Fixed Income 4.0 % 6.5 % 4.0 % 6.5 % Private Debt 15.0 % 9.0 % 15.0 % 9.0 % Emerging Markets Debt — % — % 2.0 % 6.5 % Private Equity 15.0 % 12.0 % 15.0 % 12.0 % Real Assets 16.0 % 7.5 % 12.0 % 7.5 % Hedge Funds — % — % 4.0 % 6.0 % The taxable assets within the Eversource PBOP Plan have a target asset allocation of 70 percent equity securities and 30 percent fixed income securities. The target asset allocation for the Aquarion Pension Plans is 59 percent equity, 36 percent debt and 5 percent other. The target asset allocation for the Aquarion PBOP Plan is 59 percent equity and 41 percent debt. The following table presents, by asset category, the Pension and PBOP Plan assets recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Pension Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2018 2017 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 443.4 $ — $ 1,377.8 $ 1,821.2 $ 535.4 $ — $ 1,653.3 $ 2,188.7 Fixed Income (2) 85.5 160.8 1,265.5 1,511.8 56.6 215.9 1,218.3 1,490.8 Private Equity 6.1 — 834.0 840.1 11.2 — 641.8 653.0 Real Assets (3) 62.9 — 569.1 632.0 101.6 — 539.9 641.5 Total $ 597.9 $ 160.8 $ 4,046.4 $ 4,805.1 $ 704.8 $ 215.9 $ 4,053.3 $ 4,974.0 Less: 401(h) PBOP Assets (4) (231.2 ) (234.5 ) Total Pension Assets $ 4,573.9 $ 4,739.5 PBOP Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2018 2017 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 91.9 $ — $ 210.5 $ 302.4 $ 115.3 $ — $ 241.9 $ 357.2 Fixed Income (2) 22.0 40.3 123.0 185.3 23.4 44.0 133.9 201.3 Private Equity — — 32.7 32.7 — — 31.3 31.3 Real Assets (3) 27.5 — 70.5 98.0 22.4 — 75.5 97.9 Total $ 141.4 $ 40.3 $ 436.7 $ 618.4 $ 161.1 $ 44.0 $ 482.6 $ 687.7 Add: 401(h) PBOP Assets (4) 231.2 234.5 Total PBOP Assets $ 849.6 $ 922.2 (1) United States, Global, Non-United States and Emerging Markets equity securities that are uncategorized include investments in commingled funds and hedge funds that are overlayed with equity index swaps and futures contracts. (2) Fixed Income investments that are uncategorized include investments in commingled funds, fixed income funds that invest in a variety of opportunistic and fixed income strategies, and hedge funds that are overlayed with fixed income futures. (3) Real assets include real estate funds and hedge funds. (4) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan. The Company values assets based on observable inputs when available. Equity securities, exchange traded funds and futures contracts classified as Level 1 in the fair value hierarchy are priced based on the closing price on the primary exchange as of the balance sheet date. Fixed income securities, such as government issued securities, corporate bonds and high yield bond funds, are included in Level 2 and are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The pricing models utilize observable inputs such as recent trades for the same or similar instruments, yield curves, discount margins and bond structures. Swaps are valued using pricing models that incorporate interest rates and equity and fixed income index closing prices to determine a net present value of the cash flows. Certain investments, such as commingled funds, private equity investments, real estate funds and hedge funds are valued using the NAV as a practical expedient. These investments are structured as investment companies offering shares or units to multiple investors for the purpose of providing a return. Commingled funds are recorded at NAV provided by the asset manager, which is based on the market prices of the underlying equity securities. Private Equity investments, Fixed Income partnership funds and Real Assets are valued using the NAV provided by the partnerships, which are based on discounted cash flows of the underlying investments, real estate appraisals or public market comparables of the underlying investments, or the NAV of underlying assets held in hedge funds. Assets valued at NAV are uncategorized in the fair value hierarchy. Defined Contribution Plans Eversource maintains defined contribution plans on behalf of eligible participants. The Eversource 401k Plan provides for employee and employer contributions up to statutory limits. For eligible employees, the Eversource 401k Plan provides employer matching contributions of either 100 percent up to a maximum of three percent of eligible compensation or 50 percent up to a maximum of eight percent of eligible compensation. The Eversource 401k Plan also contains a K-Vantage feature for the benefit of eligible participants, which provides an additional annual employer contribution based on age and years of service. K-Vantage participants are not eligible to actively participate in the Eversource Pension Plan. The total Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 38.4 $ 5.0 $ 9.7 $ 3.3 2017 34.5 4.6 8.5 3.7 2016 31.8 4.5 8.1 3.4 Share-Based Payments Share-based compensation awards are recorded using a fair-value based method at the date of grant. Eversource, CL&P, NSTAR Electric and PSNH record compensation expense related to these awards, as applicable, for shares issued or sold to their respective employees and officers, as well as for the allocation of costs associated with shares issued or sold to Eversource's service company employees and officers that support CL&P, NSTAR Electric and PSNH. Eversource Incentive Plans: Eversource maintains long-term equity-based incentive plans in which Eversource, CL&P, NSTAR Electric and PSNH employees, officers and board members are eligible to participate. The incentive plans authorize Eversource to grant up to 6,700,000 new shares for various types of awards, including RSUs and performance shares, to eligible employees, officers, and board members. As of December 31, 2018 and 2017 , Eversource had 3,720,650 and 2,445,110 common shares, respectively, available for issuance under these plans. Eversource accounts for its various share-based plans as follows: • RSUs - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period based upon the fair value of Eversource's common shares at the date of grant. The par value of RSUs is reclassified to Common Stock from APIC as RSUs become issued as common shares. • Performance Shares - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. Performance shares vest based upon the extent to which Company goals are achieved. Vesting of outstanding performance shares is based upon both the Company's EPS growth over the requisite service period and the total shareholder return as compared to the Edison Electric Institute ("EEI") Index during the requisite service period. The fair value of performance shares is determined at the date of grant using a lattice model. RSUs: Eversource granted RSUs under the annual long-term incentive programs that are subject to three -year graded vesting schedules for employees, and one -year graded vesting schedules, or immediate vesting, for board members. RSUs are paid in shares, reduced by amounts sufficient to satisfy withholdings for income taxes, subsequent to vesting. A summary of RSU transactions is as follows: RSUs (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2017 717,039 $ 49.29 Granted 286,315 $ 56.69 Shares Issued (201,386 ) $ 55.35 Forfeited (19,603 ) $ 56.78 Outstanding as of December 31, 2018 782,365 $ 50.25 The weighted average grant-date fair value of RSUs granted for the years ended December 31, 2018 , 2017 and 2016 was $56.69 , $55.97 and $54.67 , respectively. As of December 31, 2018 and 2017 , the number and weighted average grant-date fair value of unvested RSUs was 424,119 and $56.57 per share, and 388,269 and $56.15 per share, respectively. During 2018 , there were 216,572 RSUs at a weighted average grant-date fair value of $56.72 per share that vested during the year and were either paid or deferred. As of December 31, 2018 , 358,246 RSUs were fully vested and deferred and an additional 402,913 are expected to vest. Performance Shares: Eversource granted performance shares under the annual long-term incentive programs that vest based upon the extent to which Company goals are achieved at the end of three-year performance measurement periods. Performance shares are paid in shares, after the performance measurement period. A summary of performance share transactions is as follows: Performance Shares (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2017 510,565 $ 55.45 Granted 184,355 $ 56.77 Shares Issued (178,258 ) $ 54.98 Forfeited (17,098 ) $ 56.18 Outstanding as of December 31, 2018 499,564 $ 56.08 The weighted average grant-date fair value of performance shares granted for the years ended December 31, 2018 , 2017 and 2016 was $56.77 , $55.70 and $53.64 , respectively. As of December 31, 2018 and 2017 , the number and weighted average grant-date fair value of unvested performance shares was 366,995 and $56.17 per share, and 331,207 and $55.79 per share, respectively. During 2018 , there were 131,349 performance shares at a weighted average grant-date fair value of $56.08 per share that vested during the year and were either paid or deferred. As of December 31, 2018 , 132,569 performance shares were fully vested and deferred. Compensation Expense: The total compensation expense and associated future income tax benefits recognized by Eversource, CL&P, NSTAR Electric and PSNH for share-based compensation awards were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Compensation Expense $ 21.4 $ 19.7 $ 23.6 Future Income Tax Benefit 5.4 8.0 9.6 For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Compensation Expense $ 7.8 $ 7.7 $ 2.9 $ 7.0 $ 7.0 $ 3.2 $ 9.1 $ 8.2 $ 3.5 Future Income Tax Benefit 2.0 1.9 0.7 2.9 2.8 1.3 3.7 3.3 1.4 As of December 31, 2018 , there was $22.3 million of total unrecognized compensation expense related to nonveste |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of income tax expense are as follows: Eversource (Millions of Dollars) For the Years Ended December 31, 2018 2017 2016 Current Income Taxes: Federal $ 106.5 $ 58.9 $ 38.9 State 10.6 31.6 53.0 Total Current 117.1 90.5 91.9 Deferred Income Taxes, Net: Federal 122.6 433.0 427.9 State 52.2 58.6 38.6 Total Deferred 174.8 491.6 466.5 Investment Tax Credits, Net (2.9 ) (3.2 ) (3.4 ) Income Tax Expense $ 289.0 $ 578.9 $ 555.0 For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Current Income Taxes: Federal $ 54.2 $ 79.3 $ 12.2 $ 50.9 $ 107.8 $ 18.6 $ 27.3 $ 86.4 $ (13.7 ) State 20.9 30.0 (0.5 ) 17.4 25.6 6.2 13.3 39.5 8.8 Total Current 75.1 109.3 11.7 68.3 133.4 24.8 40.6 125.9 (4.9 ) Deferred Income Taxes, Net: Federal 48.5 27.9 15.4 123.9 88.1 52.7 157.6 96.6 79.5 State 6.4 13.5 20.5 (4.6 ) 22.4 11.2 11.3 5.1 7.8 Total Deferred 54.9 41.4 35.9 119.3 110.5 63.9 168.9 101.7 87.3 Investment Tax Credits, Net (0.9 ) (1.8 ) — (1.0 ) (1.8 ) — (1.2 ) (1.8 ) — Income Tax Expense $ 129.1 $ 148.9 $ 47.6 $ 186.6 $ 242.1 $ 88.7 $ 208.3 $ 225.8 $ 82.4 A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows: Eversource (Millions of Dollars, except percentages) For the Years Ended December 31, 2018 2017 2016 Income Before Income Tax Expense $ 1,329.5 $ 1,574.4 $ 1,504.8 Statutory Federal Income Tax Expense at 21% in 2018 and 35% in 2017 and 2016 279.2 551.0 526.7 Tax Effect of Differences: Depreciation (30.8 ) (10.8 ) (3.4 ) Investment Tax Credit Amortization (2.9 ) (3.2 ) (3.4 ) Other Federal Tax Credits — — (3.5 ) State Income Taxes, Net of Federal Impact 44.4 47.7 56.2 Dividends on ESOP (5.1 ) (8.4 ) (8.4 ) Tax Asset Valuation Allowance/Reserve Adjustments 5.2 7.0 3.3 Excess Stock Benefit (1.5 ) (2.9 ) (19.1 ) Other, Net 0.5 (1.5 ) 6.6 Income Tax Expense $ 289.0 $ 578.9 $ 555.0 Effective Tax Rate 21.7 % 36.8 % 36.9 % For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars, except percentages) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Income Before Income Tax Expense $ 506.8 $ 532.0 $ 163.5 $ 563.4 $ 616.8 $ 224.7 $ 542.6 $ 576.6 $ 214.3 Statutory Federal Income Tax Expense at 21% in 2018 and 35% in 2017 and 2016 106.4 111.7 34.3 197.2 215.9 78.6 189.9 201.8 75.0 Tax Effect of Differences: Depreciation (1.2 ) (2.8 ) 0.1 (5.2 ) (3.0 ) 1.1 1.6 (3.1 ) 1.0 Investment Tax Credit Amortization (0.9 ) (1.8 ) — (1.0 ) (1.8 ) — (1.2 ) (1.8 ) — Other Federal Tax Credits — — — — — — — — (3.5 ) State Income Taxes, Net of Federal Impact 14.5 33.2 15.8 4.5 31.2 11.3 14.5 29.0 10.8 Tax Asset Valuation Allowance/Reserve Adjustments 7.1 1.2 — (9.5 ) — — 1.5 — — Excess Stock Benefit (0.1 ) (0.1 ) (0.1 ) (0.7 ) (0.7 ) (0.3 ) (0.9 ) (1.2 ) (0.4 ) Other, Net 3.3 7.5 (2.5 ) 1.3 0.5 (2.0 ) 2.9 1.1 (0.5 ) Income Tax Expense $ 129.1 $ 148.9 $ 47.6 $ 186.6 $ 242.1 $ 88.7 $ 208.3 $ 225.8 $ 82.4 Effective Tax Rate 25.5 % 28.0 % 29.1 % 33.1 % 39.2 % 39.5 % 38.4 % 39.2 % 38.4 % Eversource, CL&P, NSTAR Electric and PSNH file a consolidated federal income tax return and unitary, combined and separate state income tax returns. These entities are also parties to a tax allocation agreement under which taxable subsidiaries do not pay any more taxes than they would have otherwise paid had they filed a separate company tax return, and subsidiaries generating tax losses, if any, are paid for their losses when utilized. Deferred tax assets and liabilities are recognized for the future tax effects of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The tax effect of temporary differences is accounted for in accordance with the rate-making treatment of the applicable regulatory commissions and relevant accounting authoritative literature. The tax effects of temporary differences that give rise to the net accumulated deferred income tax obligations are as follows: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Deferred Tax Assets: Employee Benefits $ 388.2 $ 94.5 $ 35.0 $ 31.1 $ 442.1 $ 112.3 $ 34.0 $ 38.0 Derivative Liabilities 111.4 111.4 — — 111.8 110.5 0.3 — Regulatory Deferrals - Liabilities 299.3 38.6 195.5 16.1 205.6 12.0 139.8 17.9 Allowance for Uncollectible Accounts 54.0 23.1 17.8 3.0 50.1 20.6 17.3 2.9 Tax Effect - Tax Regulatory Liabilities 830.3 336.8 288.9 111.7 832.6 337.2 281.2 116.8 Net Operating Loss Carryforwards 28.5 — — 0.6 47.8 — — — Purchase Accounting Adjustment 64.2 — — — 69.9 — — — Other 166.2 81.1 15.6 33.4 149.5 70.7 4.9 49.6 Total Deferred Tax Assets 1,942.1 685.5 552.8 195.9 1,909.4 663.3 477.5 225.2 Less: Valuation Allowance 19.5 10.7 — — 14.6 6.3 — — Net Deferred Tax Assets $ 1,922.6 $ 674.8 $ 552.8 $ 195.9 $ 1,894.8 $ 657.0 $ 477.5 $ 225.2 Deferred Tax Liabilities: Accelerated Depreciation and Other Plant-Related Differences $ 3,724.2 $ 1,293.3 $ 1,342.4 $ 410.6 $ 3,562.0 $ 1,224.9 $ 1,229.2 $ 502.5 Property Tax Accruals 73.2 35.4 26.3 5.2 56.7 20.7 24.2 5.5 Regulatory Amounts: Regulatory Deferrals - Assets 1,025.9 320.1 277.4 213.8 924.9 310.6 267.1 103.6 Tax Effect - Tax Regulatory Assets 238.9 167.0 9.7 8.1 243.1 173.1 9.8 11.4 Goodwill Regulatory Asset - 1999 Merger 95.2 — 81.7 — 99.8 — 85.7 — Derivative Assets 20.1 19.9 — — 17.4 17.4 — — Other 251.1 5.9 109.8 39.4 288.4 13.7 137.3 45.7 Total Deferred Tax Liabilities $ 5,428.6 $ 1,841.6 $ 1,847.3 $ 677.1 $ 5,192.3 $ 1,760.4 $ 1,753.3 $ 668.7 2017 Federal Legislation: On December 22, 2017, the Tax Cuts and Jobs Act became law, which amended existing federal tax rules and included numerous provisions that impacted corporations. In particular, the act reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. For our regulated companies, the most significant changes are (1) the benefit of incurring a lower federal income tax expense and (2) the reduction in ADIT liabilities (now excess ADIT or EDIT), which were estimated to be approximately $2.9 billion and included in regulatory liabilities as of December 31, 2018 . In 2018, Eversource refunded $ 5.0 million ($ 4.4 million at PSNH and $ 0.6 million at Yankee Gas) to customers. See Note 2, "Regulatory Accounting," to the financial statements for further information. The Company assessed the applicable provisions in the act and recorded the associated impacts as of December 31, 2017. The Company recorded the provisional income tax amounts as of December 31, 2017 in accordance with SEC Staff Accounting Bulletin No. 118 ("SAB 118") issued by the SEC in December 2017, for changes pursuant to the act because the impacts could not be finalized upon issuance of the financial statements, but for which reasonable estimates could be determined. The Company has completed its evaluation of the impacts of the act as of December 31, 2018. The ultimate outcome was not materially different from the provisional estimates recorded as of December 31, 2017. While the Company has recorded the impacts of the act based on interpretation of the provisions as enacted, it is expected the U.S. Department of Treasury and the IRS will issue additional interpretative guidance in the future that could result in changes to previously finalized provisions. At this time, some of the states in which the Company does business have issued guidance regarding the act and the impact was not material. Carryforwards: The following tables provide the amounts and expiration dates of state tax credit and loss carryforwards and federal tax credit and net operating loss carryforwards: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR PSNH Expiration Range Eversource CL&P NSTAR PSNH Expiration Range Federal Net $ 103.6 $ — $ — $ — 2033 - 2037 $ 197.3 $ — $ — $ — 2027 - 2037 Federal Charitable 2.2 — — — 2020 - 2022 18.7 — — — 2017 - 2022 State Net Operating Loss 80.7 — — — 2019 - 2038 82.8 — — — 2028 - 2037 State Tax Credit 148.9 107.0 — — 2018 - 2023 139.0 94.5 — — 2017 - 2022 State Charitable 9.6 — — — 2019 - 2023 31.4 — — — 2017 - 2022 In 2018, the company increased its valuation allowance reserve for state credits by $5.2 million ( $4.4 million for CL&P), net of tax, to reflect an update for expired tax credits. In 2017, the Company increased its valuation allowance reserve for state credits by $9.9 million ( $1.8 million for CL&P), net of tax, to reflect an update for expired tax credits. For 2018 and 2017, state credit and state loss carryforwards have been partially reserved by a valuation allowance of $19.5 million and $14.4 million (net of tax), respectively. Unrecognized Tax Benefits: A reconciliation of the activity in unrecognized tax benefits, all of which would impact the effective tax rate if recognized, is as follows: (Millions of Dollars) Eversource CL&P Balance as of January 1, 2016 $ 48.0 $ 13.5 Gross Increases - Current Year 9.9 3.9 Gross Increases - Prior Year 0.2 0.2 Lapse of Statute of Limitations (9.7 ) (2.3 ) Balance as of December 31, 2016 48.4 15.3 Gross Increases - Current Year 11.4 4.7 Gross Decreases - Prior Year (0.9 ) (0.5 ) Lapse of Statute of Limitations (7.2 ) (1.4 ) Balance as of December 31, 2017 51.7 18.1 Gross Increases - Current Year 9.2 3.2 Gross Decreases - Prior Year (6.5 ) (0.9 ) Lapse of Statute of Limitations (8.5 ) (2.2 ) Balance as of December 31, 2018 $ 45.9 $ 18.2 Interest and Penalties: Interest on uncertain tax positions is recorded and generally classified as a component of Other Interest Expense on the statements of income. However, when resolution of uncertainties results in the Company receiving interest income, any related interest benefit is recorded in Other Income, Net on the statements of income. No penalties have been recorded. The amount of interest expense/(income) on uncertain tax positions recognized and the related accrued interest payable/(receivable) are as follows: Other Interest Expense/(Income) Accrued Interest Expense For the Years Ended December 31, As of December 31, (Millions of Dollars) 2018 2017 2016 2018 2017 Eversource $ (1.7 ) $ — $ (0.2 ) $ 0.1 $ 1.8 Tax Positions: During 2018 and 2017, Eversource did not resolve any of its uncertain tax positions. Open Tax Years: The following table summarizes Eversource, CL&P, NSTAR Electric and PSNH's tax years that remain subject to examination by major tax jurisdictions as of December 31, 2018 : Description Tax Years Federal 2018 Connecticut 2015 - 2018 Massachusetts 2015 - 2018 New Hampshire 2016 - 2018 Eversource does not estimate to have an earnings impact related to unrecognized tax benefits during the next twelve months. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters General: 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. Environmental reserves are accrued when assessments indicate it is probable that a liability has been incurred and an amount can be reasonably estimated. The approach used estimates the liability based on the most likely action plan from a variety of available remediation options, including no action required or several different remedies ranging from establishing institutional controls to full site remediation and monitoring. These liabilities are estimated on an undiscounted basis and do not assume that the amounts are recoverable from insurance companies or other third parties. The environmental reserves include sites at different stages of discovery and remediation and do not include any unasserted claims. 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. The amounts recorded as environmental reserves are included in Other Current Liabilities and Other Long-Term Liabilities on the balance sheets and represent management's best estimate of the liability for environmental costs, and take into consideration site assessment, remediation and long-term monitoring costs. The environmental reserves also take into account recurring costs of managing hazardous substances and pollutants, mandated expenditures to remediate contaminated sites and any other infrequent and non-recurring clean-up costs. A reconciliation of the activity in the environmental reserves is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Balance as of January 1, 2017 $ 65.8 $ 4.9 $ 3.8 $ 5.3 Additions 6.2 0.5 1.8 1.0 Payments/Reductions (17.1 ) (0.7 ) (2.9 ) (0.6 ) Balance as of December 31, 2017 54.9 4.7 2.7 5.7 Additions 23.5 1.9 9.7 — Payments/Reductions (13.7 ) (1.2 ) (1.5 ) (0.3 ) Balance as of December 31, 2018 $ 64.7 $ 5.4 $ 10.9 $ 5.4 The number of environmental sites for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: Eversource CL&P NSTAR Electric PSNH 2018 60 15 16 9 2017 59 14 15 10 The increase in the reserve balance was due primarily to the addition of environmental sites at NSTAR Electric and changes in cost estimates at certain MGP sites at our natural gas companies 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 $50.1 million and $49.0 million as of December 31, 2018 and 2017, respectively, and related primarily to the natural gas business segment. As of December 31, 2018 , for 7 environmental sites ( 2 for CL&P) that are included in the Company's reserve for environmental costs, the information known and the nature of the remediation options allow for the Company to estimate the range of losses for environmental costs. As of December 31, 2018 , $23.8 million (including $0.7 million for CL&P) had been accrued as a liability for these sites, which represents the low end of the range of the liabilities for environmental costs. Management believes that additional losses of up to approximately $20 million ( $1 million at CL&P) may be incurred in executing current remediation plans for these sites. As of December 31, 2018 , for 12 environmental sites ( 4 for CL&P and 3 for NSTAR Electric) that are included in the Company's reserve for environmental costs, management cannot reasonably estimate the exposure to loss in excess of the reserve, or range of loss, as these sites are under investigation and/or there is significant uncertainty as to what remedial actions, if any, the Company may be required to undertake. As of December 31, 2018 , $11.1 million (including $1.9 million for CL&P and $1.9 million for NSTAR Electric) had been accrued as a liability for these sites. As of December 31, 2018 , for the remaining 41 environmental sites (including 9 for CL&P, 13 for NSTAR Electric and 9 for PSNH) that are included in the Company's reserve for environmental costs, the $29.8 million accrual (including $2.8 million for CL&P, $9.0 million for NSTAR Electric and $5.4 million for PSNH) represents management's best estimate of the probable liability and no additional loss is anticipated at this time. Environmental Rate Recovery: PSNH, NSTAR Gas and Yankee Gas have rate recovery mechanisms for MGP related environmental costs, therefore, changes in their respective environmental reserves do not impact Net Income. Effective with the May 2018 distribution rate case settlement, CL&P is allowed to defer certain environmental costs for future recovery. NSTAR Electric does not have a separate environmental cost recovery regulatory mechanism. Long-Term Contractual Arrangements Estimated Future Annual Costs: The estimated future annual costs of significant executed, non-cancelable, long-term contractual arrangements in effect as of December 31, 2018 are as follows: Eversource (Millions of Dollars) 2019 2020 2021 2022 2023 Thereafter Total Purchased Power and Capacity $ 68.3 $ 73.5 $ 69.1 $ 72.9 $ 74.1 $ 142.9 $ 500.8 Renewable Energy 262.4 261.0 238.9 240.5 217.2 1,662.0 2,882.0 Peaker CfDs 11.9 22.6 21.9 15.3 17.5 43.5 132.7 Natural Gas Procurement 243.8 227.7 183.6 149.2 135.1 1,039.7 1,979.1 Transmission Support Commitments 22.8 23.1 15.2 16.2 17.8 17.8 112.9 Total $ 609.2 $ 607.9 $ 528.7 $ 494.1 $ 461.7 $ 2,905.9 $ 5,607.5 CL&P (Millions of Dollars) 2019 2020 2021 2022 2023 Thereafter Total Purchased Power and Capacity $ 57.0 $ 69.7 $ 65.3 $ 69.1 $ 70.4 $ 123.9 $ 455.4 Renewable Energy 102.0 103.8 104.0 104.9 105.5 785.3 1,305.5 Peaker CfDs 11.9 22.6 21.9 15.3 17.5 43.5 132.7 Transmission Support Commitments 9.0 9.1 6.0 6.4 7.0 7.0 44.5 Total $ 179.9 $ 205.2 $ 197.2 $ 195.7 $ 200.4 $ 959.7 $ 1,938.1 NSTAR Electric (Millions of Dollars) 2019 2020 2021 2022 2023 Thereafter Total Purchased Power and Capacity $ 5.5 $ 3.1 $ 3.1 $ 3.1 $ 3.0 $ 19.0 $ 36.8 Renewable Energy 94.7 93.1 88.6 88.8 63.9 435.1 864.2 Transmission Support Commitments 9.0 9.1 6.0 6.3 7.0 7.0 44.4 Total $ 109.2 $ 105.3 $ 97.7 $ 98.2 $ 73.9 $ 461.1 $ 945.4 PSNH (Millions of Dollars) 2019 2020 2021 2022 2023 Thereafter Total Purchased Power and Capacity $ 5.8 $ 0.7 $ 0.7 $ 0.7 $ 0.7 $ — $ 8.6 Renewable Energy 65.7 64.1 46.3 46.8 47.8 441.6 712.3 Transmission Support Commitments 4.8 4.9 3.2 3.5 3.8 3.8 24.0 Total $ 76.3 $ 69.7 $ 50.2 $ 51.0 $ 52.3 $ 445.4 $ 744.9 Purchased Power and Capacity: CL&P, NSTAR Electric and PSNH have various IPP contracts or purchase obligations for electricity. Such contracts extend through 2024 for CL&P, 2031 for NSTAR Electric and 2023 for PSNH. In addition, CL&P, along with UI, has four capacity CfDs for a total of approximately 787 MW of capacity consisting of three generation units and one demand response project. The capacity CfDs 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 contractual capacity price and the capacity market prices received by the generation facilities in the ISO-NE capacity markets. CL&P has a sharing agreement with UI, whereby UI shares 20 percent of the costs and benefits of these contracts. CL&P's portion of the costs and benefits of these contracts will be paid by, or refunded to, CL&P's customers. The contractual obligations table above does not include CL&P's, NSTAR Electric's or PSNH's standard/basic service contracts, the amounts of which vary with customers' energy needs. Renewable Energy: Renewable energy contracts include non-cancellable commitments under contracts of CL&P, NSTAR Electric and PSNH for the purchase of energy and capacity from renewable energy facilities. Such contracts extend through 2039 for CL&P, 2038 for NSTAR Electric and 2033 for PSNH. The contractual obligations table above does not include long-term commitments signed by CL&P and NSTAR Electric, as required by the PURA and DPU, respectively, for the purchase of renewable energy and related products that are contingent on the future construction of energy facilities. The table also excludes certain CL&P long-term commitments required by regulation that have not yet been executed such as the selection of certain nuclear power-generating facilities awarded under the Act Concerning Zero Carbon Solicitation and Procurement. Peaker CfDs: In 2008, CL&P entered into three CfDs with developers of peaking generation units approved by PURA (Peaker CfDs). These units have a total of approximately 500 MW of peaking capacity. As directed by PURA, CL&P and UI have entered into a sharing agreement, whereby CL&P is responsible for 80 percent and UI for 20 percent of the net costs or benefits of these CfDs. The Peaker CfDs pay the generation facility owner the difference between capacity, forward reserve and energy market revenues and a cost-of-service payment stream for 30 years. The ultimate cost or benefit to CL&P under these contracts will depend on the costs of plant operation and the prices that the projects receive for capacity and other products in the ISO-NE markets. CL&P's portion of the amounts paid or received under the Peaker CfDs will be recoverable from, or refunded to, CL&P's customers. Natural Gas Procurement: In the normal course of business, Eversource's natural gas distribution businesses have long-term contracts for the purchase, transportation and storage of natural gas as part of its portfolio of supplies. These contracts extend through 2034. Transmission Support Commitments: Along with other New England utilities, CL&P, NSTAR Electric and PSNH entered into agreements in 1985 to support transmission and terminal facilities that were built to import electricity from the Hydro-Québec system in Canada. CL&P, NSTAR Electric and PSNH are obligated to pay, over a 30 -year period ending in 2020, their proportionate shares of the annual operation and maintenance expenses and capital costs of those facilities. The total costs incurred under these agreements were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Purchased Power and Capacity $ 72.0 $ 103.9 $ 152.5 Renewable Energy 218.5 235.5 210.9 Peaker CfDs 20.9 38.7 47.7 Natural Gas Procurement 432.4 377.0 323.9 Transmission Support Commitments 23.4 19.8 15.9 Coal, Wood and Other (1) — 47.7 55.7 For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Purchased Power and Capacity $ 49.4 $ 4.4 $ 18.2 $ 81.0 $ 4.0 $ 18.9 $ 132.7 $ 0.7 $ 19.1 Renewable Energy 63.2 89.8 65.5 51.0 123.7 60.8 42.1 101.1 67.7 Peaker CfDs 20.9 — — 38.7 — — 47.7 — — Transmission Support Commitments 9.2 9.2 5.0 7.8 7.8 4.2 6.3 6.2 3.4 Coal, Wood and Other (1) — — — — — 47.7 — — 55.7 (1) PSNH previously entered into various arrangements for the purchase of coal, wood and the transportation services for fuel supply for its electric generating assets. On January 10, 2018, Eversource and PSNH completed the sale of PSNH's thermal generation assets. On August 26, 2018, Eversource and PSNH completed the sale of PSNH's hydroelectric generation assets. Upon sale, the remaining future contractual obligations were transferred to the respective buyers. See Note 13, "Generation Asset Sale," for further information. 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 have collected 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 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 III Damages - In August 2013, the Yankee Companies each filed subsequent lawsuits against the DOE seeking recovery of actual damages incurred in the years 2009 through 2012 ("DOE Phase III"). On March 25, 2016, the court issued its decision and awarded CYAPC, YAEC and MYAPC damages of $32.6 million , $19.6 million and $24.6 million , respectively. The decision became final on July 18, 2016, and the Yankee Companies received the awards from the DOE on October 14, 2016. The Yankee Companies received FERC approval of their proposed distribution of certain amounts of the awarded damages proceeds to member companies, including CL&P, NSTAR Electric and PSNH, which CYAPC and MYAPC made in December 2016. MYAPC also refunded $56.5 million from its spent nuclear fuel trust, a portion of which was also refunded to the Eversource utility subsidiaries. In total, Eversource received $26.1 million , of which CL&P, NSTAR Electric and PSNH received $13.6 million , $8.6 million and $3.9 million , respectively. These amounts have been refunded to the customers of the respective Eversource utility subsidiaries. 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”). On February 21, 2019, the Yankee Companies received a partial summary judgment and partial final judgment in their favor for the undisputed amount of monetary damages, which is the vast majority of the damages being sought. The DOE Phase IV trial for the remaining amount of damages is expected to begin in 2019. 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 . 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 December 31, 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) 41.9 2019 - 2021 Rocky River Realty Company and Eversource Service Lease Payments for Real Estate 6.3 2019 - 2024 Bay State Wind LLC Real Estate Purchase 2.5 2019 (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 authorized capital contributions for its investment in the Access Northeast project. The guaranty decreases as authorized 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. As described in Note 1K, "Investments," Eversource parent issued a guaranty on behalf of its subsidiary, Eversource Investment LLC. Eversource parent will guarantee, as a primary obligor, the financial obligations, primarily all post-Closing payment obligations of Eversource Investment LLC, under the Sale and Purchase Agreement and an Irrevocable Equity Commitment Letter with Ørsted in an amount not to exceed $ 127.6 million . Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations. 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, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, 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 billed 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. The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) 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 the 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 by the U.S. Court of Appeals for the D.C. Circuit (the "Court"). 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. Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of December 31, 2018 . This 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 December 31, 2018 . 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 the proposed framework in each of the four complaint proceedings. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order providing the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results. Reply briefs will be filed on March 8, 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 for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. 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 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 or the January 11, 2019 briefs did 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 . F. 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, Harbor Electric Energy Company, a wholly-owned subsidiary of 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 115kV 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 was fully expensed by the end of 2018. Construction of the new cable is underway and is expected to be completed in 2019. G. Litigation and Legal Proceedings Eversource, including CL&P, NSTAR Electric and PSNH, are involved in legal, tax and regulatory proceedings regarding matters arising in the ordinary course of business, which involve management's assessment to determine the probability of whether a loss will occur and, if probable, its best estimate of probable loss. The Company records and discloses losses when these losses are probable and reasonably estimable, and discloses matters when losses are probable but not estimable or when losses are reasonably possible. Legal costs related to the defense of loss contingencies are expensed as incurred. |
GENERATION ASSET SALE
GENERATION ASSET SALE | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
GENERATION ASSET SALE | GENERATION ASSET 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 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 . 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 $5.8 million , resulting in net proceeds of $77.2 million . The difference between the carrying value of the hydroelectric generation assets and the sale proceeds resulted in a gain of $17.3 million . An estimated gain from the sale of these assets was included as an offset to the total remaining costs associated with the sale of generation assets that were securitized on May 8, 2018. On May 8, 2018, PSNH Funding issued $635.7 million of securitized RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets, which included the deferred costs resulting from the sale of the thermal generation assets. These RRBs are secured by a non-bypassable charge recoverable from PSNH customers. As of December 31, 2018, unamortized securitized stranded costs totaled $608.4 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 9, "Rate Reduction Bonds and Variable Interest Entities." For the year ended December 31, 2018, pre-tax income associated with the hydroelectric assets prior to the sale on August 26, 2018 was $9.9 million . For the years ended December 31, 2017 and 2016, pre-tax income associated with PSNH's generation assets was $60.0 million , and $65.3 million , respectively. As of December 31, 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 Emission Allowances 19.1 Other Assets 2.6 Deferred Costs from Thermal Generation Asset Sale (516.1 ) Total Generation Assets Held for Sale $ 219.6 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
LEASES | LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements, some of which are capital leases, for the use of land, office space, service centers, vehicles, information technology, and office equipment. In addition, CL&P, NSTAR Electric and PSNH incur costs associated with leases entered into by affiliated Eversource subsidiaries, including Eversource Service and Rocky River Realty Company, and are included below in their respective operating lease rental expenses and future minimum rental payments. These intercompany lease amounts are eliminated on an Eversource consolidated basis. The provisions of the Eversource, CL&P, NSTAR Electric and PSNH lease agreements generally contain renewal options. One lease agreement contains payments impacted by the consumer price index. Operating lease rental payments charged to expense are as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 10.8 $ 10.9 $ 11.8 $ 2.5 2017 10.5 11.7 11.3 3.3 2016 12.1 12.5 11.4 2.9 Future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance, under long-term non-cancelable leases, as of December 31, 2018 are as follows: Operating Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2019 $ 11.5 $ 1.5 $ 7.2 $ 0.5 2020 9.8 1.4 6.0 0.4 2021 8.7 1.2 5.3 0.4 2022 7.2 1.1 4.4 0.4 2023 4.7 0.5 3.1 0.2 Thereafter 32.7 0.2 29.5 0.3 Future minimum lease payments $ 74.6 $ 5.9 $ 55.5 $ 2.2 Capital Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2019 $ 3.4 $ 2.0 $ 0.5 $ 0.1 2020 3.4 2.0 0.5 0.1 2021 2.9 1.5 0.5 0.1 2022 1.5 — 0.6 0.1 2023 0.7 — 0.6 0.1 Thereafter 13.9 — 13.4 0.5 Future minimum lease payments 25.8 5.5 16.1 1.0 Less amount to arrive at present value 13.8 1.0 12.4 0.1 Present value of future minimum lease payments $ 12.0 $ 4.5 $ 3.7 $ 0.9 CL&P and PSNH entered into certain contracts for the purchase of energy that qualify as leases. These contracts do not have minimum lease payments and therefore are not included in the tables above. However, such contracts and corresponding expense have been included in the contractual obligations tables in Note 12B, "Commitments and Contingencies - Long-Term Contractual Arrangements," to the financial statements. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2018: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 156.8 $ 116.2 $ 113.8 $ 43.0 $ 43.0 $ — $ — Long-Term Debt 13,086.1 13,154.9 3,254.0 3,429.2 2,944.8 3,024.1 805.2 819.5 Rate Reduction Bonds 635.7 645.8 — — — — 635.7 645.8 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 1I, "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) | 12 Months Ended |
Dec. 31, 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, are as follows: For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 Eversource (Millions of Dollars) Qualified Cash Flow Hedging Instruments Unrealized Defined Benefit Plans Total Qualified Cash Flow Hedging Instruments Unrealized Defined Benefit Plans Total Balance as of January 1st $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) OCI Before Reclassifications — (0.5 ) 0.3 (0.2 ) — (0.4 ) (7.2 ) (7.6 ) Amounts Reclassified from AOCI 1.8 — 4.8 6.6 2.0 — 4.5 6.5 Net OCI 1.8 (0.5 ) 5.1 6.4 2.0 (0.4 ) (2.7 ) (1.1 ) Balance as of December 31st $ (4.4 ) $ (0.5 ) $ (55.1 ) $ (60.0 ) $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) 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. The related tax effects recognized in AOCI were net deferred tax liabilities of $0.2 million in 2018, and deferred tax assets of $4.1 million and $ 4.0 million in 2017 and 2016, respectively. The following table sets forth the amounts reclassified from AOCI by component and the impacted line item on the statements of income: Amounts Reclassified from AOCI Eversource (Millions of Dollars) For the Years Ended December 31, Statements of Income Line Item Impacted 2018 2017 2016 Qualified Cash Flow Hedging Instruments $ (2.8 ) $ (3.3 ) $ (3.5 ) Interest Expense Tax Effect 1.0 1.3 1.4 Income Tax Expense Qualified Cash Flow Hedging Instruments, Net of Tax $ (1.8 ) $ (2.0 ) $ (2.1 ) Defined Benefit Plan Costs: Amortization of Actuarial Losses $ (6.0 ) $ (6.2 ) $ (5.6 ) Other Income, Net (1) Amortization of Prior Service Cost (0.4 ) (1.1 ) (0.8 ) Other Income, Net (1) Total Defined Benefit Plan Costs (6.4 ) (7.3 ) (6.4 ) Tax Effect 1.6 2.8 2.5 Income Tax Expense Defined Benefit Plan Costs, Net of Tax $ (4.8 ) $ (4.5 ) $ (3.9 ) Total Amounts Reclassified from AOCI, Net of Tax $ (6.6 ) $ (6.5 ) $ (6.0 ) (1) These amounts are included in the computation of net periodic Pension, SERP and PBOP costs. See Note 1N, "Summary of Significant Accounting Policies – Other Income, Net" and Note 10A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for further information. As of December 31, 2018 , it is estimated that a pre-tax amount of $2.5 million ( $0.7 million for NSTAR Electric and $1.8 million for PSNH) will be reclassified from AOCI as a decrease to Net Income over the next 12 months as a result of the amortization of the interest rate swap agreements which have been settled. In addition, it is estimated that a pre-tax amount of $6.3 million will be reclassified from AOCI as a decrease to Net Income over the next 12 months as a result of the amortization of Pension, SERP and PBOP costs. |
DIVIDEND RESTRICTIONS
DIVIDEND RESTRICTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
DIVIDEND RESTRICTIONS | DIVIDEND RESTRICTIONS Eversource parent's ability to pay dividends may be affected by certain state statutes, the ability of its subsidiaries to pay common dividends and the leverage restriction tied to its consolidated total debt to total capitalization ratio requirement in its revolving credit agreement. Pursuant to the joint revolving credit agreement of Eversource, CL&P, PSNH, Yankee Gas and NSTAR Gas, and to the NSTAR Electric revolving credit agreement, each company is required to maintain consolidated total indebtedness to total capitalization ratio of no greater than 65 percent at the end of each fiscal quarter. As of December 31, 2018 , all companies were in compliance with such covenant. Eversource, CL&P, NSTAR Electric, PSNH, Yankee Gas and NSTAR Gas were in compliance with all such provisions of the revolving credit agreements that may restrict the payment of dividends as of December 31, 2018 . The Retained Earnings balances subject to dividend restrictions were $4.0 billion for Eversource, $1.7 billion for CL&P, $2.1 billion for NSTAR Electric and $627.3 million for PSNH as of December 31, 2018 . CL&P, NSTAR Electric and PSNH are subject to Section 305 of the Federal Power Act that makes it unlawful for a public utility to make or pay a dividend from any funds "properly included in its capital account." Management believes that this Federal Power Act restriction, as applied to CL&P, NSTAR Electric and PSNH, would not be construed or applied by the FERC to prohibit the payment of dividends from retained earnings for lawful and legitimate business purposes. In addition, certain state statutes may impose additional limitations on such companies and on Yankee Gas and NSTAR Gas. Such state law restrictions do not restrict the payment of dividends from retained earnings or net income. |
COMMON SHARES
COMMON SHARES | 12 Months Ended |
Dec. 31, 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 Par Value Authorized as of December 31, 2018 and 2017 Issued as of December 31, 2018 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 December 31, 2018 and 2017 , there were 16,992,594 Eversource common shares held as treasury shares. As of both December 31, 2018 and 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 $7.5 million for each of the years ended December 31, 2018 , 2017 and 2016 . 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 December 31, 2018 and 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. For the years ended December 31, 2018 , 2017 and 2016 , there was no change in ownership of the common equity of CL&P and NSTAR Electric. |
PREFERRED STOCK NOT SUBJECT TO
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION | PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION The CL&P and NSTAR Electric preferred stock is not subject to mandatory redemption and is presented as a noncontrolling interest of a subsidiary in Eversource's financial statements. 9,000,000 shares of preferred stock, par value $50 per share, and NSTAR Electric is authorized to issue 2,890,000 shares of preferred stock, par value $100 per share. Holders of preferred stock of CL&P and NSTAR Electric are entitled to receive cumulative dividends in preference to any payment of dividends on the common stock. Upon liquidation, holders of preferred stock of CL&P and NSTAR Electric are entitled to receive a liquidation preference before any distribution to holders of common stock in an amount equal to the par value of the preferred stock plus accrued and unpaid dividends. If the net assets were to be insufficient to pay the liquidation preference in full, then the net assets would be distributed ratably to all holders of preferred stock. The preferred stock of CL&P and NSTAR Electric is subject to optional redemption by the CL&P and NSTAR Electric Board of Directors at any time. Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Per Share Shares Outstanding as of December 31, As of December 31, Series 2018 2017 2018 2017 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6 ) (3.6 ) Other 6.00% Series of 1958 $ 100.00 23 23 $ — $ — Total Eversource - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
COMMON SHARESHOLDERS' EQUITY AN
COMMON SHARESHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
COMMON SHARESHOLDERS' 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 Par Value Authorized as of December 31, 2018 and 2017 Issued as of December 31, 2018 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 December 31, 2018 and 2017 , there were 16,992,594 Eversource common shares held as treasury shares. As of both December 31, 2018 and 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 $7.5 million for each of the years ended December 31, 2018 , 2017 and 2016 . 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 December 31, 2018 and 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. For the years ended December 31, 2018 , 2017 and 2016 , there was no change in ownership of the common equity of CL&P and NSTAR Electric. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 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 Years Ended December 31, 2018 2017 2016 Net Income Attributable to Common Shareholders $ 1,033.0 $ 988.0 $ 942.3 Weighted Average Common Shares Outstanding: Basic 317,370,369 317,411,097 317,650,180 Dilutive Effect 623,565 620,483 804,059 Diluted 317,993,934 318,031,580 318,454,239 Basic EPS $ 3.25 $ 3.11 $ 2.97 Diluted EPS $ 3.25 $ 3.11 $ 2.96 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 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 $ 3,766.6 $ 542.5 $ — $ 130.7 $ — $ — $ 4,439.8 Commercial 2,634.7 334.8 — 63.3 — (4.5 ) 3,028.3 Industrial 351.9 96.0 — 4.4 — (10.0 ) 442.3 Total Retail Tariff Sales Revenue 6,753.2 973.3 — 198.4 — (14.5 ) 7,910.4 Wholesale Transmission Revenue — — 1,308.9 — 47.3 (1,092.2 ) 264.0 Wholesale Market Sales Revenue 179.5 57.5 — 4.1 — — 241.1 Other Revenue from Contracts with Customers 65.9 (2.2 ) 12.6 7.2 889.0 (891.0 ) 81.5 Reserve for Revenue Subject to Refund (12.3 ) (8.3 ) — (3.7 ) — — (24.3 ) Total Revenue from Contracts with Customers 6,986.3 1,020.3 1,321.5 206.0 936.3 (1,997.7 ) 8,472.7 Alternative Revenue Programs (47.0 ) (1.2 ) (35.2 ) 5.4 — 31.9 (46.1 ) Other Revenue 17.9 3.1 — 0.6 — — 21.6 Total Operating Revenues $ 6,957.2 $ 1,022.2 $ 1,286.3 $ 212.0 $ 936.3 $ (1,965.8 ) $ 8,448.2 For the Year Ended December 31, 2018 (Millions of Dollars) CL&P NSTAR Electric PSNH Revenue from Contracts with Customers Retail Tariff Sales Residential $ 1,828.2 $ 1,380.9 $ 557.5 Commercial 928.1 1,391.5 316.9 Industrial 147.7 124.9 79.3 Total Retail Tariff Sales Revenue 2,904.0 2,897.3 953.7 Wholesale Transmission Revenue 620.6 488.8 199.5 Wholesale Market Sales Revenue 48.3 76.1 56.6 Other Revenue from Contracts with Customers 35.0 28.9 15.5 Reserve for Revenue Subject to Refund — — (12.3 ) Total Revenue from Contracts with Customers 3,607.9 3,491.1 1,213.0 Alternative Revenue Programs (65.9 ) 0.9 (17.3 ) Other Revenue 8.5 8.3 1.1 Eliminations (454.3 ) (387.4 ) (149.2 ) Total Operating Revenues $ 3,096.2 $ 3,112.9 $ 1,047.6 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 regulatory 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 corporate 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. Effective May 1, 2018, CL&P adjusted rates billed to customers to reflect the lower federal income tax rate prospectively and, as of December 31, 2018, fully refunded its regulatory liability associated with the higher federal corporate income tax rate billed to customers in the period between January 1, 2018 through April 30, 2018. Effective November 15, 2018, Yankee Gas adjusted distribution rates to reflect the lower federal income tax rate prospectively and to refund its regulatory liability associated with the higher federal corporate income tax rate billed to customers in the period between January 1, 2018 through November 14, 2018. Although Yankee Gas' new rates were effective January 1, 2019, the provisions of the settlement agreement took effect November 15, 2018. For NSTAR Electric and NSTAR Gas, a December 2018 DPU order indicated that the DPU will not require a revision to base rates for any potential refunds associated with the higher federal corporate income tax rate billed to customers in the period between January 1, 2018 to the effective dates of each company's rate changes (effective February 1, 2018 for NSTAR Electric and July 1, 2018 for NSTAR Gas). PSNH and Aquarion will refund the overcollection in distribution rates from January 1, 2018 to customers in a future period. PSNH will adjust distribution rates to reflect the prospective 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. 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: 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 | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION 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 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, 4) Eversource Water Ventures, Inc., parent company of Aquarion, and 5) 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. The Electric Transmission segment includes a reduction to Operations and Maintenance expense of $27.5 million in 2016 for costs incurred in previous years that was recovered in transmission rates over the period June 1, 2016 through May 31, 2017. These costs were associated with the merger of Northeast Utilities and NSTAR. 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 Year Ended December 31, 2018 (1) Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 6,957.2 $ 1,022.2 $ 1,286.3 $ 212.0 $ 936.3 $ (1,965.8 ) $ 8,448.2 Depreciation and Amortization (671.8 ) (75.0 ) (231.8 ) (46.5 ) (49.1 ) 2.2 (1,072.0 ) Other Operating Expenses (5,548.6 ) (787.6 ) (375.5 ) (99.8 ) (831.5 ) 1,966.7 (5,676.3 ) Operating Income 736.8 159.6 679.0 65.7 55.7 3.1 1,699.9 Interest Expense (202.8 ) (44.1 ) (120.6 ) (34.3 ) (129.3 ) 32.3 (498.8 ) Interest Income 18.7 — 2.4 — 30.3 (33.3 ) 18.1 Other Income/(Loss), Net 67.5 7.1 31.1 (0.4 ) 1,185.3 (1,180.3 ) 110.3 Income Tax (Expense)/Benefit (160.2 ) (29.4 ) (161.8 ) (0.1 ) 62.5 — (289.0 ) Net Income 460.0 93.2 430.1 30.9 1,204.5 (1,178.2 ) 1,040.5 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — — (7.5 ) Net Income Attributable to Common Shareholders $ 455.4 $ 93.2 $ 427.2 $ 30.9 $ 1,204.5 $ (1,178.2 ) $ 1,033.0 Total Assets (as of) $ 21,389.1 $ 3,904.9 $ 10,285.0 $ 2,253.0 $ 17,874.2 $ (17,464.9 ) $ 38,241.3 Cash Flows Used for Investments in Plant $ 961.3 $ 351.5 $ 929.7 $ 102.3 $ 178.6 $ — $ 2,523.4 For the Year Ended December 31, 2017 (2) Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution (3) Other Eliminations Total Operating Revenues $ 5,542.9 $ 947.3 $ 1,301.7 $ 15.9 $ 931.0 $ (986.8 ) $ 7,752.0 Depreciation and Amortization (542.6 ) (72.9 ) (209.4 ) (3.7 ) (37.4 ) 2.2 (863.8 ) Other Operating Expenses (4,072.6 ) (716.4 ) (382.8 ) (8.3 ) (806.6 ) 986.7 (5,000.0 ) Operating Income 927.7 158.0 709.5 3.9 87.0 2.1 1,888.2 Interest Expense (186.3 ) (43.1 ) (115.1 ) (3.1 ) (90.0 ) 15.8 (421.8 ) Interest Income 7.3 0.1 1.8 0.1 15.7 (16.7 ) 8.3 Other Income/(Loss), Net 41.6 3.8 27.3 — 1,113.0 (1,086.0 ) 99.7 Income Tax Expense (288.3 ) (44.2 ) (228.7 ) (2.1 ) (15.5 ) (0.1 ) (578.9 ) Net Income/(Loss) 502.0 74.6 394.8 (1.2 ) 1,110.2 (1,084.9 ) 995.5 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — — (7.5 ) Net Income/(Loss) Attributable to Common Shareholders $ 497.4 $ 74.6 $ 391.9 $ (1.2 ) $ 1,110.2 $ (1,084.9 ) $ 988.0 Total Assets (as of) $ 19,250.4 $ 3,595.2 $ 9,401.2 $ 2,182.9 $ 16,220.9 $ (14,430.2 ) $ 36,220.4 Cash Flows Used for Investments in Plant $ 1,020.7 $ 298.2 $ 867.6 $ 16.0 $ 145.6 $ — $ 2,348.1 For the Year Ended December 31, 2016 (2) Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 5,594.3 $ 857.7 $ 1,210.0 $ — $ 870.4 $ (893.3 ) $ 7,639.1 Depreciation and Amortization (504.7 ) (65.3 ) (185.8 ) — (33.5 ) 2.2 (787.1 ) Other Operating Expenses (4,173.0 ) (629.0 ) (321.3 ) — (779.2 ) 891.8 (5,010.7 ) Operating Income 916.6 163.4 702.9 — 57.7 0.7 1,841.3 Interest Expense (193.1 ) (41.3 ) (110.0 ) — (63.5 ) 6.9 (401.0 ) Interest Income 10.0 0.1 1.2 — 7.0 (7.3 ) 11.0 Other Income, Net 22.7 0.7 17.8 — 1,021.2 (1,008.9 ) 53.5 Income Tax (Expense)/Benefit (288.8 ) (45.2 ) (238.2 ) — 16.5 0.7 (555.0 ) Net Income 467.4 77.7 373.7 — 1,038.9 (1,007.9 ) 949.8 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — — (7.5 ) Net Income Attributable to Common Shareholders $ 462.8 $ 77.7 $ 370.8 $ — $ 1,038.9 $ (1,007.9 ) $ 942.3 Cash Flows Used for Investments in Plant $ 812.6 $ 255.3 $ 801.0 $ — $ 108.0 $ — $ 1,976.9 (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 22 "Revenues," to the financial statements regarding accounting for revenues. (2) 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 and 2016 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 years ended December 31, 2017 and 2016. See Note 1C, "Summary of Significant Accounting Policies - Accounting Standards" and Note 1N, "Summary of Significant Accounting Policies - Other Income, Net," to the financial statements for further information. (3) The water distribution business was determined to be a reportable segment beginning in 2018. The 2017 segment information has been recast to conform to the current segment reporting structure. |
ACQUISITION OF AQUARION AND GOO
ACQUISITION OF AQUARION AND GOODWILL | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
ACQUISITION OF AQUARION AND GOODWILL | ACQUISITION OF AQUARION AND GOODWILL A. 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 was 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 Pro Forma Financial Information: The following unaudited pro forma financial information reflects the pro forma combined results of operations of Eversource and Aquarion and reflects the amortization of purchase price adjustments assuming the acquisition had taken place on January 1, 2016. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Eversource. For the Years Ended December 31, (Pro forma amounts in millions, except share amounts) 2017 2016 Operating Revenues $ 7,947.7 $ 7,849.0 Net Income Attributable to Common Shareholders 1,019.1 969.3 Basic EPS 3.21 3.05 Diluted EPS 3.20 3.04 Aquarion Revenues and Pre-Tax Income: The impact of Aquarion on Eversource's accompanying consolidated statement of income included operating revenues of $15.9 million and pre-tax income of $1.1 million for the year ended December 31, 2017. B. Goodwill In a business combination, the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is evaluated for impairment at least annually and more frequently if indicators of impairment arise. In accordance with the accounting standards, if the fair value of a reporting unit is less than its carrying value (including goodwill), the goodwill is tested for impairment. Goodwill is not subject to amortization, however is subject to a fair value based assessment for impairment at least annually and whenever facts or circumstances indicate that there may be an impairment. A resulting write-down, if any, would be charged to Operating Expenses. Eversource completed the acquisition of Aquarion on December 4, 2017, resulting in the addition of $0.9 billion of goodwill. Upon completion of the acquisition, Eversource determined that the reporting units for the purpose of testing goodwill are Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution. The goodwill resulting from the Aquarion acquisition has been entirely allocated to the Water Distribution reporting unit. These reporting units are consistent with the operating segments underlying the reportable segments identified in Note 23, "Segment Information," to the financial statements. Eversource completed its annual goodwill impairment test for Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reporting units as of October 1, 2018 and determined that no impairment existed. There were no events subsequent to October 1, 2018 that indicated impairment of goodwill. The annual goodwill assessment included an evaluation of the Company's share price and credit ratings, analyst reports, financial performance, cost and risk factors, long-term strategy, growth and future projections, as well as macroeconomic, industry and market conditions. This evaluation required the consideration of several factors that impact the fair value of the reporting units, including conditions and assumptions that affect the future cash flows of the reporting units. Key considerations include discount rates, utility sector market performance and merger transaction multiples, and internal estimates of future cash flows and net income. The following table presents goodwill by reportable segment as of December 31, 2018 and 2017: (Billions of Dollars) Electric Distribution Electric Transmission Natural Gas Distribution Water Distribution Total Goodwill $ 2.5 $ 0.6 $ 0.4 $ 0.9 $ 4.4 |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarter Ended Eversource (Millions of Dollars, except per share information) 2018 2017 March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, Operating Revenues $ 2,288.0 $ 1,853.9 $ 2,271.4 $ 2,034.9 $ 2,105.1 $ 1,762.8 $ 1,988.5 $ 1,895.6 Operating Income 442.5 391.4 466.0 400.0 501.0 448.2 495.3 443.7 Net Income 271.4 244.6 291.3 233.2 261.3 232.6 262.2 239.4 Net Income Attributable to Common Shareholders 269.5 242.8 289.4 231.3 259.5 230.7 260.4 237.4 Basic and Diluted EPS (1) $ 0.85 $ 0.76 $ 0.91 $ 0.73 $ 0.82 $ 0.73 $ 0.82 $ 0.75 (1) The summation of quarterly EPS data may not equal annual data due to rounding. Quarter Ended 2018 2017 (Millions of Dollars) March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, CL&P Operating Revenues $ 785.0 $ 694.9 $ 865.0 $ 751.3 $ 732.3 $ 666.6 $ 774.8 $ 713.7 Operating Income 157.2 163.1 172.7 142.8 175.5 175.6 177.1 155.2 Net Income 98.6 99.7 100.3 79.1 90.2 91.3 96.1 99.1 NSTAR Electric Operating Revenues $ 770.1 $ 690.7 $ 939.5 $ 712.6 $ 733.8 $ 704.7 $ 851.9 $ 690.2 Operating Income 119.0 133.6 205.5 126.0 156.6 177.9 229.7 124.2 Net Income 77.1 87.9 140.6 77.5 83.4 95.0 125.8 70.5 PSNH Operating Revenues $ 267.4 $ 235.1 $ 290.2 $ 254.9 $ 253.2 $ 230.4 $ 250.0 $ 248.0 Operating Income 55.8 46.9 56.5 37.2 66.6 63.5 66.0 69.8 Net Income 35.1 25.8 40.7 14.3 34.3 31.6 33.7 36.4 |
SCHEDULE I - FINANCIAL INFORMAT
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS AS OF DECEMBER 31, 2018 AND 2017 (Thousands of Dollars) 2018 2017 ASSETS Current Assets: Cash $ 591 $ 521 Accounts Receivable from Subsidiaries 32,175 3,397 Dividend Receivable from Subsidiary — 150,000 Notes Receivable from Subsidiaries 991,400 844,500 Prepayments and Other Current Assets 26,861 18,568 Total Current Assets 1,051,027 1,016,986 Deferred Debits and Other Assets: Investments in Subsidiary Companies, at Equity 12,009,659 10,945,986 Notes Receivable from Subsidiaries 323,500 312,190 Accumulated Deferred Income Taxes 40,454 47,940 Goodwill 3,231,811 3,231,811 Other Long-Term Assets 73,669 58,313 Total Deferred Debits and Other Assets 15,679,093 14,596,240 Total Assets $ 16,730,120 $ 15,613,226 LIABILITIES AND CAPITALIZATION Current Liabilities: Notes Payable $ 631,500 $ 778,087 Long-Term Debt - Current Portion 378,883 32,114 Accounts Payable 286 292 Accounts Payable to Subsidiaries 8,432 18,242 Other Current Liabilities 57,591 56,601 Total Current Liabilities 1,076,692 885,336 Deferred Credits and Other Liabilities 134,614 118,176 Long-Term Debt 4,031,997 3,523,472 Common Shareholders' Equity: Common Shares 1,669,392 1,669,392 Capital Surplus, Paid in 6,241,222 6,239,940 Retained Earnings 3,953,974 3,561,084 Accumulated Other Comprehensive Loss (60,000 ) (66,403 ) Treasury Stock (317,771 ) (317,771 ) Common Shareholders' Equity 11,486,817 11,086,242 Total Liabilities and Capitalization $ 16,730,120 $ 15,613,226 See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 18, "Common Shares," material obligations and guarantees as described in Note 12, "Commitments and Contingencies," and debt agreements as described in Note 7, "Short-Term Debt," and Note 8, "Long-Term Debt." SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2018 , 2017 AND 2016 (Thousands of Dollars, Except Share Information) 2018 2017 2016 Operating Revenues $ — $ — $ — Operating Expenses: Other (6,552 ) (32,189 ) (39,453 ) Operating Income 6,552 32,189 39,453 Interest Expense 123,638 80,700 59,420 Other Income, Net: Equity in Earnings of Subsidiaries 1,049,748 993,063 922,321 Other, Net 47,581 23,339 4,267 Other Income, Net 1,097,329 1,016,402 926,588 Income Before Income Tax Benefit 980,243 967,891 906,621 Income Tax Benefit (52,757 ) (20,105 ) (35,681 ) Net Income $ 1,033,000 $ 987,996 $ 942,302 Basic Earnings per Common Share $ 3.25 $ 3.11 $ 2.97 Diluted Earnings per Common Share $ 3.25 $ 3.11 $ 2.96 Weighted Average Common Shares Outstanding: Basic 317,370,369 317,411,097 317,650,180 Diluted 317,993,934 318,031,580 318,454,239 STATEMENTS OF COMPREHENSIVE INCOME 2018 2017 2016 Net Income $ 1,033,000 $ 987,996 $ 942,302 Other Comprehensive Income/(Loss), Net of Tax: Qualified Cash Flow Hedging Instruments 1,756 1,974 2,137 Changes in Unrealized (Losses)/Gains on Marketable Securities (547 ) (350 ) 2,294 Change in Funded Status of Pension, SERP and PBOP Benefit Plans 5,194 (2,745 ) (2,869 ) Other Comprehensive Income/(Loss), Net of Tax 6,403 (1,121 ) 1,562 Comprehensive Income $ 1,039,403 $ 986,875 $ 943,864 See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 18, "Common Shares," material obligations and guarantees as described in Note 12, "Commitments and Contingencies," and debt agreements as described in Note 7, "Short-Term Debt," and Note 8, "Long-Term Debt." SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2018 , 2017 and 2016 (Thousands of Dollars) 2018 2017 2016 Operating Activities: Net Income $ 1,033,000 $ 987,996 $ 942,302 Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: Equity in Earnings of Subsidiaries (1,049,748 ) (993,063 ) (922,321 ) Cash Dividends Received from Subsidiaries 569,500 753,300 724,877 Deferred Income Taxes 20,032 37,867 19,008 Other (31,093 ) (36,052 ) (27,963 ) Changes in Current Assets and Liabilities: Accounts Receivables from Subsidiaries (28,716 ) 29,405 (9,173 ) Taxes Receivable/Accrued, Net (20,207 ) 1,555 8,050 Accounts Payable, Including Affiliate Payables (9,817 ) 9,763 (6,908 ) Other Current Assets and Liabilities, Net 2,553 7,536 (7,433 ) Net Cash Flows Provided by Operating Activities 485,504 798,307 720,439 Investing Activities: Capital Contributions to Subsidiaries (955,700 ) (1,156,731 ) (589,500 ) Return of Capital from Subsidiary 530,000 — — (Increase)/Decrease in Notes Receivable from Subsidiaries (158,210 ) (192,100 ) 14,510 Other Investing Activities (1,149 ) 1,484 — Net Cash Flows Used in Investing Activities (585,059 ) (1,347,347 ) (574,990 ) Financing Activities: Cash Dividends on Common Shares (640,110 ) (602,083 ) (564,486 ) Issuance of Long-Term Debt 1,550,000 1,200,000 500,000 Retirements of Long-Term Debt (450,000 ) — — Decrease in Notes Payable (347,810 ) (42,690 ) (76,453 ) Other Financing Activities (12,455 ) (5,759 ) (4,484 ) Net Cash Flows Provided by/(Used in) Financing Activities 99,625 549,468 (145,423 ) Net Increase in Cash 70 428 26 Cash - Beginning of Year 521 93 67 Cash - End of Year $ 591 $ 521 $ 93 Supplemental Cash Flow Information: Cash Paid/(Received) During the Year for: Interest $ 118,533 $ 73,868 $ 58,018 Income Taxes $ (30,239 ) $ (59,526 ) $ (65,531 ) See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 18, "Common Shares," material obligations and guarantees as described in Note 12, "Commitments and Contingencies," and debt agreements as described in Note 7, "Short-Term Debt," and Note 8, "Long-Term Debt." |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | SCHEDULE II EVERSOURCE ENERGY AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE YEARS ENDED DECEMBER 31, 2018 , 2017 AND 2016 (Thousands of Dollars) Column A Column B Column C Column D Column E Additions (1) (2) Charged Charged to Balance as to Costs Other Deductions - Balance of Beginning and Accounts - Describe as of Description: of Year Expenses Describe (a) (b) End of Year Eversource : Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2018 $ 195,708 $ 61,337 $ 48,671 $ 92,993 $ 212,723 2017 200,630 44,665 47,630 97,217 195,708 2016 190,680 69,466 45,452 104,968 200,630 CL&P: Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2018 $ 78,872 $ 15,831 $ 29,524 $ 36,193 $ 88,034 2017 86,391 5,312 25,533 38,364 78,872 2016 79,479 17,572 28,801 39,461 86,391 NSTAR Electric: Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2018 $ 69,666 $ 22,279 $ 14,971 $ 32,400 $ 74,516 2017 70,284 21,252 14,273 36,143 69,666 2016 66,676 31,728 11,253 39,373 70,284 PSNH : Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2018 $ 10,481 $ 6,383 $ 953 $ 6,752 $ 11,065 2017 9,941 6,917 464 6,841 10,481 2016 8,733 7,288 498 6,578 9,941 (a) Amounts relate to uncollectible accounts receivables reserved for that are not charged to bad debt expense. 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. (b) Amounts written off, net of recoveries. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The 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 consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." 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. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests 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, natural gas and water distribution and transmission businesses, 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. Eversource's consolidated financial information includes the results of Aquarion and its subsidiaries beginning from the date of the acquisition on December 4, 2017. Certain reclassifications of prior year data were made in the accompanying financial statements to conform to the current year presentation. In accordance with accounting guidance on noncontrolling interests in consolidated financial statements, the Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric, which are not owned by Eversource or its consolidated subsidiaries and are not subject to mandatory redemption, have been presented as noncontrolling interests in the financial statements of Eversource. The Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric are considered to be temporary equity and have been classified between liabilities and permanent shareholders' equity on the balance sheets of Eversource, CL&P and NSTAR Electric due to a provision in the preferred stock agreements of both CL&P and NSTAR Electric that grant preferred stockholders the right to elect a majority of the CL&P and NSTAR Electric Boards of Directors, respectively, should certain conditions exist, such as if preferred dividends are in arrears for a specified amount of time. The Net Income reported in the statements of income and cash flows represents net income prior to apportionment to noncontrolling interests, which is represented by dividends on preferred stock of CL&P and NSTAR Electric. |
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. The requirements of the new leases standard include balance sheet recognition of leases deemed to be operating leases and additional disclosure requirements. The recognition, measurement and presentation of expenses and cash flows are not significantly changed. The Company implemented the new leases standard in the first quarter of 2019 and applied the Topic 842 lease criteria to new leases and lease renewals entered into effective on or after January 1, 2019. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements , allowing a transition method to adopt the new leases standard on a prospective basis as of the adoption date, with prior periods presented in the financial statements continuing to follow existing lease accounting guidance under Topic 840 (Leases) in the accounting literature. The Company adopted the prospective transition method allowed in ASU 2018-11. The Company has decided to elect the practical expedient package whereby it does not need to reassess whether or not an existing contract is or contains a lease or whether a lease is an operating or capital lease, and it does not need to reassess initial direct costs for leases. The Company has also elected the practical expedient to not reevaluate land easements existing at adoption if they were not previously accounted for as leases. The Company determined the impact the ASUs will have on its financial statements by reviewing its lease population and identifying lease data needed for the disclosure requirements. The Company implemented a new lease accounting system in 2019 to ensure ongoing compliance with the ASU’s requirements. Eversource recognized approximately $60 million , which includes approximately $25 million at NSTAR Electric, approximately $1 million at CL&P and approximately $1 million at PSNH, of operating lease liabilities and right-of-use assets on their respective balance sheets upon transition at January 1, 2019. Implementation of the new guidance will not have an impact on each company’s results of operations and cash flows. 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 22, "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 $22.8 million for the year ended December 31, 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 losses recorded in Other Income, Net were $4.3 million for the year ended December 31, 2018. 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 December 31, 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 $39.8 million , as these amounts continue to be included in rates. See Note 1N, "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 years ended December 31, 2018, 2017 and 2016. For the year ended December 31, 2017, the amounts, which were previously presented within Operations and Maintenance expense on the statements of income, totaled $29.9 million at Eversource, $1.8 million at CL&P, $19.2 million at NSTAR Electric and $5.9 million at PSNH, and have been retrospectively presented within Other Income, Net. For the year ended December 31, 2016, these amounts were $18.6 million at Eversource, $0.7 million at CL&P, $10.5 million at NSTAR Electric and $6.2 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 $19.1 million , $20.0 million , and $0.7 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, are presented in operating activities at Eversource, for which the 2017 and 2016 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 1P, "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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. At the end of each reporting period, any overdraft amounts are reclassified from Cash and Cash Equivalents to Accounts Payable on the balance sheets. |
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. |
CL&P Energy Efficiency Loans | CL&P Energy Efficiency Loans In December 2018, CL&P transferred $41.3 million of its energy efficiency customer loan portfolio to two outside lenders in order to make additional loans to customers. CL&P remains the servicer of the loans and will transmit customer payments to the lenders. Under a three-year agreement with the lenders, additional energy efficiency loans will also be transferred with a maximum amount outstanding under this program of $55 million . The transaction did not qualify as a sale for accounting purposes, and the amounts of the loans ( $18.5 million and $22.8 million as of December 31, 2018 in current and long-term, respectively), included in Accounts Receivable, Net and Other Long-Term Assets, are offset by Other Current Liabilities and Other Long-Term Liabilities on CL&P’s balance sheet. |
Fuel, Materials, Supplies and Inventory | Fuel, Materials, Supplies and Inventory Fuel, Materials, Supplies and Inventory include natural gas inventory, materials and supplies purchased primarily for construction or operation and maintenance purposes, and RECs. Inventory is valued at the lower of cost or net realizable value. RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements. |
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 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. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. 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," Note 6, "Asset Retirement Obligations," Note 10A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," Note 15, "Fair Value of Financial Instruments" and Note 24B, "Acquisition of Aquarion and Goodwill - Goodwill" to the financial statements. |
Derivative Accounting | Derivative Accounting Many of the electric and natural gas companies' contracts for the purchase and sale of energy or energy-related products are derivatives. The accounting treatment for energy contracts entered into varies and depends on the intended use of the particular contract and on whether or not the contract is a derivative. For the regulated companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivative contracts related to energy and energy-related products, as contract settlements are recovered from, or refunded to, customers in future rates. The application of derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, election and designation of a contract as normal, and determination of the fair value of derivative contracts. All of these judgments can have a significant impact on the financial statements. The judgment applied in the election of a contract as normal (and resulting accrual accounting) includes the conclusion that it is probable at the inception of the contract and throughout its term that it will result in physical delivery of the underlying product and that the quantities will be used or sold by the business in the normal course of business. If facts and circumstances change and management can no longer support this conclusion, then a contract cannot be considered normal, accrual accounting is terminated, and fair value accounting is applied prospectively. The fair value of derivative contracts is based upon the contract terms and conditions and the underlying market price or fair value per unit. When quantities are not specified in the contract, the Company determines whether the contract has a determinable quantity by using amounts referenced in default provisions and other relevant sections of the contract. The fair value of derivative assets and liabilities with the same counterparty are offset and recorded as a net derivative asset or liability on the balance sheets. All changes in the fair value of derivative contracts are recorded as regulatory assets or liabilities and do not impact net income. |
Investments | Investments Investments are included in Other Long-Term Assets on the balance sheets and earnings impacts from these equity investments are included in Other Income, Net on the statements of income. Strategic, Infrastructure and Other Investments: As of December 31, 2018 and 2017 , Eversource had investments totaling $463.7 million and $277.6 million , respectively. As of December 31, 2018 and 2017 , Eversource's investments included a 50 percent ownership in Bay State Wind, an offshore wind project of $234.3 million and $30.2 million , respectively, a 15 percent ownership interest in a FERC-regulated natural gas transmission business of $155.0 million and $159.6 million , respectively, a 37.2 percent ( 14.5 percent of which related to NSTAR Electric) ownership interest in two companies that transmit hydro-electricity imported from the Hydro-Quebec system in Canada of $19.5 million and $17.7 million , respectively, other investments totaling $54.9 million and $38.8 million , respectively, and a 40 percent ownership interest in Access Northeast of $31.3 million as of December 31, 2017. NSTAR Electric's investments totaled $7.6 million and $6.9 million , respectively, as of December 31, 2018 and 2017 . Impairment of Access Northeast: Access Northeast is a natural gas pipeline and storage project jointly owned by Eversource, Enbridge, Inc. ("Enbridge") and National Grid plc ("National Grid"), through Algonquin Gas Transmission, LLC ("AGT"). 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 to date. In September 2018, a series of non-Eversource natural gas explosions 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 series of explosions, compounded by the adverse legislative environment, as negative evidence that indicated potential impairment. Our impairment assessment used a discounted cash flow approach, including consideration of the severity and duration of any decline in fair value of our investment in the project, and involved significant management judgment and estimation, including projections of the project’s discounted cash flows and assumptions about exit price. In the third quarter of 2018, management determined that the future cash flows of the Access Northeast project were uncertain and could no longer be reasonably estimated and that the book value of our equity method investment was not recoverable. As a result, Eversource recorded an other-than-temporary impairment of $32.9 million within Other Income, Net on our statement of income in 2018, which represented the full carrying value of our equity method investment. Regional Decommissioned Nuclear Companies : CL&P, NSTAR Electric and PSNH own common stock in three regional nuclear generation companies (CYAPC, YAEC and MYAPC, collectively referred to as the "Yankee Companies"), each of which owned a single nuclear generating facility that has been decommissioned. For CL&P, NSTAR Electric and PSNH, the respective investments in CYAPC, YAEC and MYAPC are accounted for under the equity method and are included in Other Long-Term Assets on their respective balance sheets. For CL&P, NSTAR Electric and PSNH, these investments totaled $1.3 million , $0.9 million and $0.3 million as of both December 31, 2018 and 2017 . Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. For further information on the Yankee Companies, see Note 12C, "Commitments and Contingencies – Spent Nuclear Fuel Obligations – Yankee Companies," to the financial statements. Equity in Earnings and Dividends from Equity Method Investments: For the years ended December 31, 2018 , 2017 and 2016 , Eversource had equity in earnings, net of impairment, of unconsolidated affiliates of $3.8 million , $27.4 million , and $0.2 million , respectively. Eversource received dividends from its equity method investees of $22.3 million , $20.0 million and $0.1 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . |
Allowance for Funds Used During Construction | Allowance for Funds Used During Construction AFUDC represents the cost of borrowed and equity funds used to finance construction and is included in the cost of the electric, natural gas and water companies' utility plant on the balance sheet. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of Interest Expense, and the AFUDC related to equity funds is recorded as Other Income, Net on the statements of income. AFUDC costs are recovered from customers over the service life of the related plant in the form of increased revenue collected as a result of higher depreciation expense. The average AFUDC rate is based on a FERC-prescribed formula using the cost of a company's short-term financings and capitalization (preferred stock, long-term debt and common equity), as appropriate. The average rate is applied to average eligible CWIP amounts to calculate AFUDC. |
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. |
Related Parties | Related Parties Eversource Service, Eversource's service company, provides centralized accounting, administrative, engineering, financial, information technology, legal, operational, planning, purchasing, and other services to Eversource's companies. The Rocky River Realty Company, Renewable Properties, Inc. and Properties, Inc., three other Eversource subsidiaries, construct, acquire or lease some of the property and facilities used by Eversource's companies. As of both December 31, 2018 and 2017 , CL&P, NSTAR Electric and PSNH had long-term receivables from Eversource Service in the amounts of $25.0 million , $5.5 million and $3.8 million , respectively, which were included in Other Long-Term Assets on the balance sheets. These amounts related to the funding of investments held in trust by Eversource Service in connection with certain postretirement benefits for CL&P, NSTAR Electric and PSNH employees and have been eliminated in consolidation on the Eversource financial statements. Included in the CL&P, NSTAR Electric and PSNH balance sheets as of December 31, 2018 and 2017 were Accounts Receivable from Affiliated Companies and Accounts Payable to Affiliated Companies relating to transactions between CL&P, NSTAR Electric and PSNH and other subsidiaries that are wholly-owned by Eversource. These amounts have been eliminated in consolidation on the Eversource financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Provision for uncollectible accounts and uncollectible hardship accounts | 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 As of December 31, As of December 31, (Millions of Dollars) 2018 2017 2018 2017 Eversource $ 212.7 $ 195.7 $ 131.5 $ 122.5 CL&P 88.0 78.9 71.9 65.5 NSTAR Electric 74.5 69.7 42.5 40.3 PSNH 11.1 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 Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Eversource $ 61.3 $ 44.5 $ 69.5 CL&P 15.8 5.3 17.6 NSTAR Electric 22.3 21.3 31.7 PSNH 6.4 6.7 7.3 |
Schedule of Utility Inventory | The carrying amounts of fuel, materials and supplies, and RECs, which are included in Current Assets on the balance sheets, were as follows: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Fuel $ 33.1 $ — $ — $ — $ 29.7 $ — $ — $ — Materials and Supplies 126.1 44.5 48.6 24.3 117.1 44.4 45.1 18.5 RECs 78.8 — 65.6 13.2 76.3 4.0 50.4 21.8 Total - Current $ 238.0 $ 44.5 $ 114.2 $ 37.5 $ 223.1 $ 48.4 $ 95.5 $ 40.3 |
Costs related to fuel and natural gas | Costs related to fuel and natural gas included in Purchased Power, Fuel and Transmission on the statements of income were as follows: For the Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Eversource - Natural Gas and Fuel $ 442.6 $ 432.5 $ 372.2 PSNH - Fuel 7.9 43.4 45.0 PSNH completed the sale of its generation assets in 2018. |
Weighted-average AFUDC rates | AFUDC costs and the weighted-average AFUDC rates were as follows: Eversource For the Years Ended December 31, (Millions of Dollars, except percentages) 2018 2017 2016 Borrowed Funds $ 19.7 $ 12.5 $ 10.8 Equity Funds 44.0 34.4 26.2 Total AFUDC $ 63.7 $ 46.9 $ 37.0 Average AFUDC Rate 4.9 % 5.1 % 4.4 % For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars, except percentages) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Borrowed Funds $ 6.3 $ 7.8 $ 1.3 $ 5.1 $ 4.8 $ 0.7 $ 3.3 $ 5.3 $ 0.8 Equity Funds 12.2 15.6 — 12.1 10.2 — 6.3 10.2 0.3 Total AFUDC $ 18.5 $ 23.4 $ 1.3 $ 17.2 $ 15.0 $ 0.7 $ 9.6 $ 15.5 $ 1.1 Average AFUDC Rate 5.8 % 5.0 % 0.7 % 6.2 % 5.0 % 0.7 % 4.7 % 3.2 % 1.0 % |
Other Income, Net | The components of Other Income, Net on the statements of income were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Pension, SERP and PBOP Non-Service Income Components (1) $ 60.8 $ 29.9 $ 18.6 AFUDC Equity 44.0 34.4 26.2 Equity in Earnings, Net of Impairment (2) 3.8 27.4 0.2 Investment Income/(Loss) (4.0 ) 7.5 8.5 Interest Income (3) 18.1 8.3 11.0 Gains on Sales of Property 5.1 — — Other 0.6 0.4 — Total Other Income, Net (1) $ 128.4 $ 107.9 $ 64.5 For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service Income Components (1) $ 9.5 $ 36.0 $ 9.9 $ 1.8 $ 19.2 $ 5.9 $ 0.7 $ 10.5 $ 6.2 AFUDC Equity 12.2 15.6 — 12.1 10.2 — 6.3 10.2 0.3 Equity in Earnings 0.1 0.7 — — 0.3 — 0.1 0.3 — Investment Income/(Loss) (3.0 ) (0.5 ) (0.8 ) 4.5 2.6 1.6 (1.5 ) (0.3 ) (0.7 ) Interest Income (3) 3.7 0.8 14.1 4.6 1.8 2.2 8.6 0.6 1.8 Gain on Sale of Property — 0.5 4.4 — — — — — — Other 0.2 — 0.1 — — 0.1 — — — Total Other Income, Net (1) $ 22.7 $ 53.1 $ 27.7 $ 23.0 $ 34.1 $ 9.8 $ 14.2 $ 21.3 $ 7.6 (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 and 2016 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 years ended December 31, 2017 and 2016. 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 year ended December 31, 2018, equity in earnings, net of impairment, of unconsolidated affiliates includes an other-than-temporary impairment of $32.9 million in the Access Northeast project investment. See Note 1K, "Summary of Significant Accounting Policies - Investments," for further information. Equity in earnings includes $17.6 million and $9.7 million of unrealized gains in 2018 and 2017, respectively, and $1.7 million of unrealized losses in 2016 associated with an equity method investment in a renewable energy fund. (3) See Note 2, "Regulatory Accounting," for interest income recognized in 2018 for the equity return component of carrying charges on storm costs at PSNH. |
Other Taxes | These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Eversource $ 161.9 $ 157.4 $ 162.7 CL&P 141.4 137.5 145.2 |
Supplemental Cash Flow Information | Eversource (Millions of Dollars) As of and For the Years Ended December 31, 2018 2017 2016 Cash Paid/(Received) During the Year for: Interest, Net of Amounts Capitalized $ 503.2 $ 419.1 $ 398.1 Income Taxes 158.8 30.8 (135.5 ) Non-Cash Investing Activities: Plant Additions Included in Accounts Payable (As of) 435.9 379.5 301.5 As of and For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Cash Paid/(Received) During the Year for: Interest, Net of Amounts Capitalized $ 149.7 $ 122.1 $ 40.5 $ 144.6 $ 124.6 $ 45.9 $ 143.3 $ 112.9 $ 46.5 Income Taxes 66.1 120.0 27.3 68.8 95.5 26.1 (73.9 ) 66.0 (36.0 ) Non-Cash Investing Activities: Plant Additions Included in Accounts Payable (As of) 106.1 116.5 81.7 132.5 116.5 44.4 116.2 87.0 37.9 |
Cash and cash equivalents as reported on the balance sheet | 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 December 31, 2018 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 $ 108.1 $ 87.7 $ 1.6 $ 1.4 $ 38.2 $ 6.0 $ 1.8 $ 0.9 Restricted cash included in: Prepayments and Other Current Assets 72.1 3.5 13.0 47.5 24.4 3.1 12.8 0.5 Marketable Securities 25.9 0.4 0.1 0.6 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 $ 209.3 $ 91.6 $ 14.7 $ 52.7 $ 85.9 $ 9.6 $ 14.7 $ 2.2 |
REGULATORY ACCOUNTING (Tables)
REGULATORY ACCOUNTING (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The components of regulatory assets were as follows: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Benefit Costs $ 1,914.8 $ 424.7 $ 544.4 $ 169.6 $ 2,068.8 $ 469.2 $ 560.7 $ 212.3 Income Taxes, Net 728.6 454.4 105.9 8.3 768.9 453.8 113.2 21.7 Securitized Stranded Costs 608.4 — — 608.4 — — — — Deferred Costs from Generation Asset Sale — — — — 516.1 — — 516.1 Storm Restoration Costs, Net 576.0 302.6 212.9 60.5 404.8 216.7 146.6 41.5 Regulatory Tracker Mechanisms 316.0 33.2 169.1 67.3 509.9 85.3 273.0 116.4 Derivative Liabilities 356.5 356.5 — — 367.2 362.3 — — Goodwill-related 348.4 — 299.1 — 365.2 — 313.6 — Asset Retirement Obligations 89.2 32.3 42.2 3.3 101.0 30.3 39.0 17.0 Other Regulatory Assets 208.0 27.0 64.6 12.1 137.4 27.6 78.4 15.8 Total Regulatory Assets 5,145.9 1,630.7 1,438.2 929.5 5,239.3 1,645.2 1,524.5 940.8 Less: Current Portion 514.8 125.2 241.7 67.2 741.9 200.3 333.9 130.1 Total Long-Term Regulatory Assets $ 4,631.1 $ 1,505.5 $ 1,196.5 $ 862.3 $ 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 December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH EDIT due to Tax Cuts and Jobs Act $ 2,883.0 $ 1,031.0 $ 1,103.7 $ 396.4 $ 2,882.0 $ 1,031.6 $ 1,087.9 $ 405.1 Cost of Removal 521.0 39.9 307.1 22.1 502.1 23.2 293.8 37.9 Benefit Costs 91.2 — 76.9 — 132.3 — 112.6 — Regulatory Tracker Mechanisms 309.0 89.5 163.7 48.3 136.7 34.6 77.8 5.0 AFUDC - Transmission 70.7 47.4 23.3 — 67.1 48.8 18.3 — Revenue Subject to Refund due to Tax Cuts and Jobs Act 24.6 — — 12.6 — — — — Other Regulatory Liabilities 80.2 24.0 29.2 4.2 45.2 12.9 3.7 2.7 Total Regulatory Liabilities 3,979.7 1,231.8 1,703.9 483.6 3,765.4 1,151.1 1,594.1 450.7 Less: Current Portion 370.2 109.6 190.6 55.5 128.1 39.0 79.6 6.3 Total Long-Term Regulatory Liabilities $ 3,609.5 $ 1,122.2 $ 1,513.3 $ 428.1 $ 3,637.3 $ 1,112.1 $ 1,514.5 $ 444.4 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Utility Property, Plant and Equipment | The depreciation rates for the various classes of utility property, plant and equipment aggregate to composite rates as follows: (Percent) 2018 2017 2016 Eversource 2.9 % 3.0 % 3.0 % CL&P 2.8 % 2.8 % 2.7 % NSTAR Electric 2.8 % 2.9 % 2.9 % PSNH 2.8 % 3.1 % 3.1 % The following tables summarize property, plant and equipment by asset category: Eversource As of December 31, (Millions of Dollars) 2018 2017 Distribution - Electric $ 15,071.1 $ 14,410.5 Distribution - Natural Gas 3,546.2 3,244.2 Transmission - Electric 10,153.9 9,270.9 Distribution - Water 1,639.8 1,558.4 Solar 164.1 36.2 Utility 30,575.1 28,520.2 Other (1) 778.6 693.7 Property, Plant and Equipment, Gross 31,353.7 29,213.9 Less: Accumulated Depreciation Utility (7,126.2 ) (6,846.9 ) Other (336.7 ) (286.9 ) Total Accumulated Depreciation (7,462.9 ) (7,133.8 ) Property, Plant and Equipment, Net 23,890.8 22,080.1 Construction Work in Progress 1,719.6 1,537.4 Total Property, Plant and Equipment, Net $ 25,610.4 $ 23,617.5 As of December 31, 2018 2017 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Distribution - Electric $ 6,176.4 $ 6,756.4 $ 2,178.6 $ 5,888.3 $ 6,479.0 $ 2,083.4 Transmission - Electric 4,700.5 4,065.9 1,338.7 4,239.9 3,821.2 1,161.3 Solar — 164.1 — — 36.2 — Property, Plant and Equipment, Gross 10,876.9 10,986.4 3,517.3 10,128.2 10,336.4 3,244.7 Less: Accumulated Depreciation (2,302.6 ) (2,702.0 ) (772.9 ) (2,239.0 ) (2,550.2 ) (751.8 ) Property, Plant and Equipment, Net 8,574.3 8,284.4 2,744.4 7,889.2 7,786.2 2,492.9 Construction Work in Progress 335.4 510.3 135.7 381.8 460.3 149.4 Total Property, Plant and Equipment, Net $ 8,909.7 $ 8,794.7 $ 2,880.1 $ 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. The following table summarizes average remaining useful lives of depreciable assets: As of December 31, 2018 (Years) Eversource CL&P NSTAR Electric PSNH Distribution - Electric 34.1 35.4 33.7 32.3 Distribution - Natural Gas 43.8 — — — Transmission - Electric 41.3 38.0 45.3 42.9 Distribution - Water 33.3 — — — Solar 24.9 — 24.9 — Other 12.9 — — — |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2018 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 Management Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: CL&P Level 3 9.6 (3.4 ) 6.2 9.5 (7.1 ) 2.4 Other Level 2 $ 1.5 $ (0.9 ) $ 0.6 $ — $ — $ — Long-Term Derivative Assets: CL&P Level 3 74.2 (2.3 ) 71.9 71.9 (5.3 ) 66.6 Current Derivative Liabilities: CL&P Level 3 (55.1 ) — (55.1 ) (54.4 ) — (54.4 ) Other Level 2 — — — (4.5 ) — (4.5 ) Long-Term Derivative Liabilities : CL&P Level 3 (379.5 ) — (379.5 ) (376.9 ) — (376.9 ) Other Level 2 — — — (0.4 ) — (0.4 ) (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 December 31, 2018 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 0.75 — 1.78 per kW-Month 2019 - 2024 1.00 — 2.00 per kW-Month 2018 - 2024 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | . CL&P (Millions of Dollars) For the Years Ended December 31, 2018 2017 Derivatives, Net: Fair Value as of Beginning of Period $ (362.3 ) $ (420.5 ) Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities (32.0 ) (9.5 ) Settlements 37.8 67.7 Fair Value as of End of Period $ (356.5 ) $ (362.3 ) |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2018 2017 Eversource (Millions of Dollars) Amortized Pre-Tax Pre-Tax Fair Value Amortized Pre-Tax Pre-Tax Fair Value Debt Securities $ 190.0 $ 0.4 $ (4.0 ) $ 186.4 $ 284.9 $ 3.2 $ (1.1 ) $ 287.0 |
Investments Classified by Contractual Maturity Date | As of December 31, 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) $ 30.5 $ 30.3 One to five years 29.2 28.9 Six to ten years 43.6 42.9 Greater than ten years 86.7 84.3 Total Debt Securities $ 190.0 $ 186.4 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. |
Marketable Securities Recorded at Fair Value | 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 December 31, 2018 2017 Level 1: Mutual Funds and Equities $ 244.0 $ 313.8 Money Market Funds 25.9 23.3 Total Level 1 $ 269.9 $ 337.1 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 79.6 $ 70.2 Corporate Debt Securities 39.5 50.9 Asset-Backed Debt Securities 14.0 21.2 Municipal Bonds 19.2 110.7 Other Fixed Income Securities 8.2 10.7 Total Level 2 $ 160.5 $ 263.7 Total Marketable Securities $ 430.4 $ 600.8 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | A reconciliation of the beginning and ending carrying amounts of ARO liabilities is as follows: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Balance as of Beginning of Year $ 419.1 $ 31.5 $ 44.6 $ 25.0 $ 426.4 $ 36.0 $ 42.6 $ 23.5 Liabilities Incurred During the Year 11.3 — 11.3 — 0.2 0.1 0.1 — Liabilities Settled During the Year (36.6 ) — — (21.5 ) (19.3 ) (1.0 ) (0.2 ) — Accretion 25.5 2.0 2.2 0.5 26.3 2.3 2.1 1.5 Revisions in Estimated Cash Flows 46.9 — 14.3 — (14.5 ) (5.9 ) — — Balance as of End of Year $ 466.2 $ 33.5 $ 72.4 $ 4.0 $ 419.1 $ 31.5 $ 44.6 $ 25.0 |
SHORT-TERM DEBT (Tables)
SHORT-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding as of December 31, Available Borrowing Capacity as of December 31, Weighted-Average Interest Rate as of December 31, (Millions of Dollars) 2018 2017 2018 2017 2018 2017 Eversource Parent Commercial Paper Program $ 631.5 $ 979.3 $ 818.5 $ 470.7 2.77 % 1.86 % NSTAR Electric Commercial Paper Program 278.5 234.0 371.5 416.0 2.50 % 1.55 % Details of long-term debt outstanding are as follows: CL&P (Millions of Dollars) As of December 31, 2018 2017 First Mortgage Bonds: 7.875% 1994 Series D due 2024 $ 139.8 $ 139.8 5.750% 2004 Series B due 2034 130.0 130.0 5.625% 2005 Series B due 2035 100.0 100.0 6.350% 2006 Series A due 2036 250.0 250.0 5.750% 2007 Series B due 2037 150.0 150.0 6.375% 2007 Series D due 2037 100.0 100.0 5.650% 2008 Series A due 2018 — 300.0 5.500% 2009 Series A due 2019 250.0 250.0 2.500% 2013 Series A due 2023 400.0 400.0 4.300% 2014 Series A due 2044 475.0 475.0 4.150% 2015 Series A due 2045 350.0 350.0 3.200% 2017 Series A due 2027 300.0 300.0 4.000% 2018 Series A due 2048 500.0 — Total First Mortgage Bonds 3,144.8 2,944.8 Pollution Control Revenue Bonds: 4.375% Fixed Rate Tax Exempt due 2028 120.5 120.5 Less Amounts due Within One Year (250.0 ) (300.0 ) Unamortized Premiums and Discounts, Net 10.2 11.5 Unamortized Debt Issuance Costs (21.5 ) (17.7 ) CL&P Long-Term Debt $ 3,004.0 $ 2,759.1 NSTAR Electric (Millions of Dollars) As of December 31, 2018 2017 Debentures: 5.750% due 2036 $ 200.0 $ 200.0 5.500% due 2040 300.0 300.0 2.375% due 2022 400.0 400.0 4.400% due 2044 300.0 300.0 3.250% due 2025 250.0 250.0 2.700% due 2026 250.0 250.0 3.200% due 2027 700.0 700.0 Total Debentures 2,400.0 2,400.0 Notes: 5.900% Senior Notes Series B due 2034 50.0 50.0 6.700% Senior Notes Series D due 2037 40.0 40.0 5.100% Senior Notes Series E due 2020 95.0 95.0 3.500% Senior Notes Series F due 2021 250.0 250.0 3.880% Senior Notes Series G due 2023 80.0 80.0 2.750% Senior Notes Series H due 2026 50.0 50.0 Total Notes 565.0 565.0 Less Amounts due Within One Year — — Unamortized Premiums and Discounts, Net (2.5 ) (1.8 ) Unamortized Debt Issuance Costs (17.7 ) (19.4 ) NSTAR Electric Long-Term Debt $ 2,944.8 $ 2,943.8 PSNH (Millions of Dollars) As of December 31, 2018 2017 First Mortgage Bonds: 5.600% Series M due 2035 $ 50.0 $ 50.0 6.000% Series O due 2018 — 110.0 4.500% Series P due 2019 150.0 150.0 4.050% Series Q due 2021 122.0 122.0 3.200% Series R due 2021 160.0 160.0 3.500% Series S due 2023 325.0 325.0 Total First Mortgage Bonds 807.0 917.0 Pollution Control Revenue Bonds: Adjustable Rate Tax Exempt Series A due 2021 — 89.3 Less Amounts due Within One Year (150.0 ) (110.0 ) Unamortized Premiums and Discounts, Net — 0.2 Unamortized Debt Issuance Costs (1.8 ) (4.1 ) PSNH Long-Term Debt $ 655.2 $ 892.4 OTHER (Millions of Dollars) As of December 31, 2018 2017 Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2019 - 2048 $ 470.0 $ 520.0 NSTAR Gas - First Mortgage Bonds: 4.09% - 9.950% due 2020 - 2048 385.0 285.0 Eversource Parent and Other - Notes and Debentures: 4.500% Debentures due 2019 350.0 350.0 2.500% - 4.250% Senior Notes due 2021 - 2029 4,360.0 3,260.0 Unsecured Notes 3.570% - 6.430% due 2021 - 2037 289.5 290.9 Secured Debt 4.100% - 9.640% due 2021 - 2035 70.7 70.4 Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) 39.5 181.4 Fair Value Adjustment (1) 144.7 172.6 Less Fair Value Adjustment - Current Portion (1) (36.2 ) (35.4 ) Less Amounts due in One Year (401.1 ) (104.2 ) Commercial Paper Classified as Long-Term Debt — 201.2 Unamortized Premiums and Discounts, Net (4.2 ) 1.5 Unamortized Debt Issuance Costs (23.2 ) (12.8 ) Total Other Long-Term Debt $ 5,644.7 $ 5,180.6 Total Eversource Long-Term Debt $ 12,248.7 $ 11,775.9 (1) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record the NSTAR long-term debt at fair value on the date of the 2012 merger and to record the Aquarion long-term debt at fair value on the date of the 2017 acquisition. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding as of December 31, Available Borrowing Capacity as of December 31, Weighted-Average Interest Rate as of December 31, (Millions of Dollars) 2018 2017 2018 2017 2018 2017 Eversource Parent Commercial Paper Program $ 631.5 $ 979.3 $ 818.5 $ 470.7 2.77 % 1.86 % NSTAR Electric Commercial Paper Program 278.5 234.0 371.5 416.0 2.50 % 1.55 % Details of long-term debt outstanding are as follows: CL&P (Millions of Dollars) As of December 31, 2018 2017 First Mortgage Bonds: 7.875% 1994 Series D due 2024 $ 139.8 $ 139.8 5.750% 2004 Series B due 2034 130.0 130.0 5.625% 2005 Series B due 2035 100.0 100.0 6.350% 2006 Series A due 2036 250.0 250.0 5.750% 2007 Series B due 2037 150.0 150.0 6.375% 2007 Series D due 2037 100.0 100.0 5.650% 2008 Series A due 2018 — 300.0 5.500% 2009 Series A due 2019 250.0 250.0 2.500% 2013 Series A due 2023 400.0 400.0 4.300% 2014 Series A due 2044 475.0 475.0 4.150% 2015 Series A due 2045 350.0 350.0 3.200% 2017 Series A due 2027 300.0 300.0 4.000% 2018 Series A due 2048 500.0 — Total First Mortgage Bonds 3,144.8 2,944.8 Pollution Control Revenue Bonds: 4.375% Fixed Rate Tax Exempt due 2028 120.5 120.5 Less Amounts due Within One Year (250.0 ) (300.0 ) Unamortized Premiums and Discounts, Net 10.2 11.5 Unamortized Debt Issuance Costs (21.5 ) (17.7 ) CL&P Long-Term Debt $ 3,004.0 $ 2,759.1 NSTAR Electric (Millions of Dollars) As of December 31, 2018 2017 Debentures: 5.750% due 2036 $ 200.0 $ 200.0 5.500% due 2040 300.0 300.0 2.375% due 2022 400.0 400.0 4.400% due 2044 300.0 300.0 3.250% due 2025 250.0 250.0 2.700% due 2026 250.0 250.0 3.200% due 2027 700.0 700.0 Total Debentures 2,400.0 2,400.0 Notes: 5.900% Senior Notes Series B due 2034 50.0 50.0 6.700% Senior Notes Series D due 2037 40.0 40.0 5.100% Senior Notes Series E due 2020 95.0 95.0 3.500% Senior Notes Series F due 2021 250.0 250.0 3.880% Senior Notes Series G due 2023 80.0 80.0 2.750% Senior Notes Series H due 2026 50.0 50.0 Total Notes 565.0 565.0 Less Amounts due Within One Year — — Unamortized Premiums and Discounts, Net (2.5 ) (1.8 ) Unamortized Debt Issuance Costs (17.7 ) (19.4 ) NSTAR Electric Long-Term Debt $ 2,944.8 $ 2,943.8 PSNH (Millions of Dollars) As of December 31, 2018 2017 First Mortgage Bonds: 5.600% Series M due 2035 $ 50.0 $ 50.0 6.000% Series O due 2018 — 110.0 4.500% Series P due 2019 150.0 150.0 4.050% Series Q due 2021 122.0 122.0 3.200% Series R due 2021 160.0 160.0 3.500% Series S due 2023 325.0 325.0 Total First Mortgage Bonds 807.0 917.0 Pollution Control Revenue Bonds: Adjustable Rate Tax Exempt Series A due 2021 — 89.3 Less Amounts due Within One Year (150.0 ) (110.0 ) Unamortized Premiums and Discounts, Net — 0.2 Unamortized Debt Issuance Costs (1.8 ) (4.1 ) PSNH Long-Term Debt $ 655.2 $ 892.4 OTHER (Millions of Dollars) As of December 31, 2018 2017 Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2019 - 2048 $ 470.0 $ 520.0 NSTAR Gas - First Mortgage Bonds: 4.09% - 9.950% due 2020 - 2048 385.0 285.0 Eversource Parent and Other - Notes and Debentures: 4.500% Debentures due 2019 350.0 350.0 2.500% - 4.250% Senior Notes due 2021 - 2029 4,360.0 3,260.0 Unsecured Notes 3.570% - 6.430% due 2021 - 2037 289.5 290.9 Secured Debt 4.100% - 9.640% due 2021 - 2035 70.7 70.4 Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) 39.5 181.4 Fair Value Adjustment (1) 144.7 172.6 Less Fair Value Adjustment - Current Portion (1) (36.2 ) (35.4 ) Less Amounts due in One Year (401.1 ) (104.2 ) Commercial Paper Classified as Long-Term Debt — 201.2 Unamortized Premiums and Discounts, Net (4.2 ) 1.5 Unamortized Debt Issuance Costs (23.2 ) (12.8 ) Total Other Long-Term Debt $ 5,644.7 $ 5,180.6 Total Eversource Long-Term Debt $ 12,248.7 $ 11,775.9 (1) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record the NSTAR long-term debt at fair value on the date of the 2012 merger and to record the Aquarion long-term debt at fair value on the date of the 2017 acquisition. |
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 2001 Series A Pollution Control Revenue Bonds December 2001 (89.3 ) May 2021 Redeemed on November 28, 2018 at a redemption price of $89.3 million Other: Eversource Parent 2.50% Series I Senior Notes (1) January 2018 200.0 March 2021 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 3.80% Series N Senior Notes December 2018 400.0 December 2023 Repaid short-term borrowings Eversource Parent 4.25% Series O Senior Notes December 2018 500.0 April 2029 Repaid short-term borrowings 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 Yankee Gas 6.90% Series J First Mortgage Bonds October 2008 (100.0 ) October 2018 Repaid at maturity on October 1, 2018 NSTAR Gas 4.09% Series P First Mortgage Bonds September 2018 100.0 October 2048 Repaid short-term borrowings (1) These notes are part of the same series issued by Eversource parent in March 2016. The aggregate outstanding principal amount of these notes is now $450 million . |
Schedule of Maturities of Long-term Debt | Long-term debt maturities on debt outstanding for the years 2019 through 2023 and thereafter are shown below. These amounts exclude the CYAPC pre-1983 spent nuclear fuel obligation, net unamortized premiums, discounts and debt issuance costs, and other fair value adjustments as of December 31, 2018 : (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2019 $ 801.1 $ 250.0 $ — $ 150.0 2020 296.1 — 95.0 — 2021 1,033.5 — 250.0 282.0 2022 1,188.9 — 400.0 — 2023 1,665.2 400.0 80.0 325.0 Thereafter 7,977.7 2,615.3 2,140.0 50.0 Total $ 12,962.5 $ 3,265.3 $ 2,965.0 $ 807.0 |
RATE REDUCTION BONDS AND VARI_2
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2018 Restricted Cash - Current Portion (included in Prepayments and Other Current Assets) $ 47.5 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 Securitized Stranded Cost (included in Regulatory Assets) 608.4 Other Regulatory Liabilities (included in Regulatory Liabilities) 5.8 Accrued Interest (included in Other Current Liabilities) 14.4 Rate Reduction Bonds - Current Portion 52.3 Rate Reduction Bonds - Long-Term Portion 583.3 (Millions of Dollars) Income Statement: For the Year Ended December 31, 2018 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 27.3 Interest Expense on RRB Principal (included in Interest Expense) 14.4 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table provides information on the Pension and SERP Plan benefit obligations, fair values of Pension Plan assets, and funded status: Pension and SERP As of December 31, 2018 As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) Service Cost (84.8 ) (21.4 ) (17.4 ) (11.2 ) (71.3 ) (18.5 ) (15.5 ) (9.7 ) Interest Cost (196.4 ) (41.8 ) (43.5 ) (22.0 ) (188.0 ) (41.6 ) (42.7 ) (21.2 ) Actuarial Gain/(Loss) 414.9 106.1 98.6 39.2 (548.7 ) (116.9 ) (143.5 ) (65.1 ) Benefits Paid - Pension 261.8 59.6 66.9 26.2 243.7 63.5 55.4 26.4 Benefits Paid - Lump Sum 14.2 — 7.1 — 18.4 — 6.8 — Benefits Paid - SERP 6.8 0.3 0.3 0.2 20.4 0.3 0.3 0.3 Employee Transfers — 12.0 2.5 (0.9 ) — 8.2 5.5 (0.7 ) Increase due to acquisition of Aquarion — — — — (168.7 ) — — — Benefit Obligation as of End of Year $ (5,520.0 ) $ (1,160.4 ) $ (1,236.5 ) $ (610.7 ) $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) Change in Pension Plan Assets: Fair Value of Pension Plan Assets as of Beginning of Year $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 Employer Contributions 185.6 41.2 56.5 — 235.2 2.5 85.4 0.8 Actual Return on Pension Plan Assets (75.2 ) (14.2 ) (18.7 ) (7.6 ) 589.7 126.7 154.8 70.4 Benefits Paid - Pension (261.8 ) (59.6 ) (66.9 ) (26.2 ) (243.7 ) (63.5 ) (55.4 ) (26.4 ) Benefits Paid - Lump Sum (14.2 ) — (7.1 ) — (18.4 ) — (6.8 ) — Employee Transfers — (12.0 ) (2.5 ) 0.9 — (8.2 ) (5.5 ) 0.7 Increase due to acquisition of Aquarion — — — — 100.7 — — — Fair Value of Pension Plan Assets as of End of Year $ 4,573.9 $ 918.4 $ 1,222.1 $ 506.6 $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 Funded Status as of December 31st $ (946.1 ) $ (242.0 ) $ (14.4 ) $ (104.1 ) $ (1,197.0 ) $ (312.2 ) $ (90.2 ) $ (102.7 ) The following table provides information on the PBOP Plan benefit obligations, fair values of plan assets, and funded status: PBOP As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) Service Cost (10.0 ) (1.9 ) (2.0 ) (1.1 ) (9.5 ) (1.9 ) (1.7 ) (1.3 ) Interest Cost (30.7 ) (5.8 ) (8.7 ) (3.4 ) (27.1 ) (5.3 ) (8.7 ) (3.0 ) Actuarial Gain/(Loss) 102.5 14.4 28.4 8.6 (81.8 ) (18.5 ) (13.2 ) (11.9 ) Benefits Paid 45.3 10.1 14.5 4.9 41.5 9.9 13.5 4.6 Employee Transfers — (0.1 ) 0.1 0.2 — 2.4 1.5 0.2 Increase due to acquisition of Aquarion — — — — (61.7 ) — — — Benefit Obligation as of End of Year $ (841.5 ) $ (161.7 ) $ (246.3 ) $ (91.9 ) $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) Change in Plan Assets: Fair Value of Plan Assets as of Beginning of Year $ 922.2 $ 135.9 $ 405.5 $ 79.0 $ 815.8 $ 129.2 $ 361.6 $ 73.2 Actual Return on Plan Assets (36.6 ) (5.2 ) (17.4 ) (2.9 ) 118.0 18.1 52.9 10.4 Employer Contributions 9.3 — 5.2 — 7.6 — 5.3 — Benefits Paid (45.3 ) (10.1 ) (14.5 ) (4.9 ) (41.5 ) (9.9 ) (13.5 ) (4.6 ) Employee Transfers — — 0.3 — — (1.5 ) (0.8 ) — Increase due to acquisition of Aquarion — — — — 22.3 — — — Fair Value of Plan Assets as of End of Year $ 849.6 $ 120.6 $ 379.1 $ 71.2 $ 922.2 $ 135.9 $ 405.5 $ 79.0 Funded Status as of December 31st $ 8.1 $ (41.1 ) $ 132.8 $ (20.7 ) $ (26.4 ) $ (42.5 ) $ 126.9 $ (22.1 ) |
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit expense for the PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets on the balance sheets, 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 are included in Other Income, Net on the statements of income. 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 portion, as these amounts are cash settled on a short-term basis. PBOP For the Year Ended December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 10.0 $ 1.9 $ 2.0 $ 1.1 Interest Cost 30.7 5.8 8.7 3.4 Expected Return on Plan Assets (72.4 ) (10.4 ) (32.5 ) (6.0 ) Actuarial Loss 10.3 1.6 2.3 0.7 Prior Service (Credit)/Cost (23.6 ) 1.1 (16.9 ) 0.5 Total Net Periodic Benefit Income $ (45.0 ) $ — $ (36.4 ) $ (0.3 ) Intercompany Allocations N/A $ (1.0 ) $ (1.3 ) $ (0.4 ) PBOP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 9.5 $ 1.9 $ 1.7 $ 1.3 Interest Cost 27.1 5.3 8.7 3.0 Expected Return on Plan Assets (63.7 ) (9.7 ) (28.6 ) (5.5 ) Actuarial Loss 9.1 1.0 3.4 0.6 Prior Service (Credit)/Cost (21.6 ) 1.1 (17.0 ) 0.6 Total Net Periodic Benefit Income $ (39.6 ) $ (0.4 ) $ (31.8 ) $ — Intercompany Allocations N/A $ (0.7 ) $ (1.1 ) $ (0.5 ) PBOP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 12.2 $ 2.0 $ 3.4 $ 1.3 Interest Cost 32.9 5.3 13.3 2.9 Expected Return on Plan Assets (62.9 ) (10.1 ) (28.1 ) (5.5 ) Actuarial Loss 9.0 1.5 3.3 0.7 Prior Service (Credit)/Cost (9.1 ) 0.5 (7.1 ) 0.2 Total Net Periodic Benefit Income $ (17.9 ) $ (0.8 ) $ (15.2 ) $ (0.4 ) Intercompany Allocations N/A $ 0.3 $ (0.1 ) $ (0.1 ) As of December 31, 2018 and 2017 , the accumulated benefit obligation for the Pension and SERP Plans is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 5,070.8 $ 1,031.0 $ 1,144.7 $ 543.1 2017 5,583.6 1,179.2 1,260.1 597.2 The following actuarial assumptions were used in calculating the Pension and SERP Plans' year end funded status: |
Schedule of Assumptions Used | The following actuarial assumptions were used in calculating the Pension and SERP Plans' year end funded status: Pension and SERP As of December 31, 2018 2017 Discount Rate 4.22% — 4.45% 3.43% — 3.75% Compensation/Progression Rate 3.50% 3.50% The following actuarial assumptions were used to calculate Pension and SERP expense amounts: Pension and SERP For the Years Ended December 31, 2018 2017 2016 Discount Rate 3.85% — 4.62% 3.20% — 3.90% 3.27% — 4.89% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% Compensation/Progression Rate 3.50% 3.50% 3.50% The following actuarial assumptions were used to calculate PBOP expense amounts: PBOP For the Years Ended December 31, 2018 2017 2016 Discount Rate 3.28% — 3.94% 3.48% — 4.64% 2.88% — 4.09% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% The following actuarial assumptions were used in calculating the PBOP Plans' year end funded status: PBOP As of December 31, 2018 2017 Discount Rate 4.38% — 4.41% 3.55% — 3.70% |
Schedule of Net Benefit Costs | Pension and SERP For the Year Ended December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 84.8 $ 21.4 $ 17.4 $ 11.2 Interest Cost 196.4 41.8 43.5 22.0 Expected Return on Pension Plan Assets (391.6 ) (79.1 ) (104.9 ) (43.6 ) Actuarial Loss 145.7 29.1 41.1 11.6 Prior Service Cost 4.3 1.1 0.2 0.4 Total Net Periodic Benefit Expense/(Income) $ 39.6 $ 14.3 $ (2.7 ) $ 1.6 Intercompany Allocations N/A $ 6.1 $ 6.5 $ 1.9 Pension and SERP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 71.3 $ 18.5 $ 15.5 $ 9.7 Interest Cost 188.0 41.6 42.7 21.2 Expected Return on Pension Plan Assets (334.1 ) (71.7 ) (87.6 ) (40.0 ) Actuarial Loss 135.2 27.7 41.1 11.6 Prior Service Cost 4.5 1.5 0.6 0.5 Total Net Periodic Benefit Expense $ 64.9 $ 17.6 $ 12.3 $ 3.0 Intercompany Allocations N/A $ 9.8 $ 9.1 $ 3.3 Pension and SERP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 75.0 $ 18.8 $ 16.3 $ 9.9 Interest Cost 185.5 41.6 42.2 20.7 Expected Return on Pension Plan Assets (317.9 ) (72.1 ) (85.1 ) (38.6 ) Actuarial Loss 125.7 25.4 39.9 9.9 Prior Service Cost 3.6 1.5 0.3 0.5 Total Net Periodic Benefit Expense $ 71.9 $ 15.2 $ 13.6 $ 2.4 Intercompany Allocations N/A $ 13.8 $ 11.4 $ 4.0 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and OCI as well as amounts recognized in Regulatory Assets and OCI that were reclassified as net periodic benefit (expense)/income during the years presented: Regulatory Assets OCI For the Years Ended December 31, For the Years Ended December 31, (Millions of Dollars) 2018 2017 2018 2017 Actuarial Losses/(Gains) Arising During the Year $ 6.4 $ 44.8 $ (1.2 ) $ 2.6 Actuarial Losses Reclassified as Net Periodic Benefit Expense (9.9 ) (8.6 ) (0.4 ) (0.5 ) Actuarial Losses Securitized as Stranded Costs (1) (0.8 ) — — — Prior Service (Credit)/Cost Arising During the Year 1.3 (4.0 ) — (0.1 ) Prior Service Credit/(Cost) Reclassified as Net Periodic Benefit Income/(Expense) 23.6 22.3 — (0.7 ) Prior Service Cost Securitized as Stranded Costs (1) (1.3 ) — — — (1) These amounts were reclassified to securitized regulatory assets in connection with the divestiture of PSNH's generation business. For further information see Note 2, "Regulatory Accounting" to the financial statements. The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2018 and 2017 , as well as the amounts that are expected to be recognized as components in 2019 : Regulatory Assets as of December 31, Expected 2019 Expense AOCI as of December 31, Expected 2019 Expense (Millions of Dollars) 2018 2017 2018 2017 Actuarial Loss $ 207.3 $ 211.6 $ 9.9 $ 5.0 $ 6.6 $ 0.3 Prior Service (Credit)/Cost (197.6 ) (221.2 ) (23.6 ) 2.6 2.6 0.2 The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income ("OCI") as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented: Regulatory Assets OCI For the Years Ended December 31, For the Years Ended December 31, (Millions of Dollars) 2018 2017 2018 2017 Actuarial Losses Arising During the Year $ 48.6 $ 333.0 $ 0.7 $ 9.3 Actuarial Losses Reclassified as Net Periodic Benefit Expense (140.1 ) (129.5 ) (5.6 ) (5.7 ) Actuarial Losses Securitized as Stranded Costs (1) (36.7 ) — — — Prior Service Cost/(Credit) Arising During the Year — 1.0 — (0.4 ) Prior Service Cost Reclassified as Net Periodic Benefit Expense (3.9 ) (4.1 ) (0.4 ) (0.4 ) Prior Service Cost Securitized as Stranded Costs (1) (0.1 ) — — — (1) These amounts were reclassified to securitized regulatory assets in connection with the divestiture of PSNH's generation business. For further information see Note 2, "Regulatory Accounting" to the financial statements. The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2018 and 2017 , as well as the amounts that are expected to be recognized as components in 2019 : Regulatory Assets as of December 31, Expected 2019 Expense AOCI as of December 31, Expected 2019 Expense (Millions of Dollars) 2018 2017 2018 2017 Actuarial Loss $ 1,807.6 $ 1,935.8 $ 140.6 $ 80.8 $ 85.7 $ 5.6 Prior Service Cost 6.3 10.3 0.9 1.1 1.5 0.2 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans: (Millions of Dollars) 2019 2020 2021 2022 2023 2024 - 2028 Pension and SERP $ 308.5 $ 310.4 $ 318.8 $ 326.6 $ 335.6 $ 1,764.1 PBOP 58.4 58.5 58.6 58.3 57.8 277.4 |
Schedule of Allocation of Plan Assets | Management has assumed a 7 percent long-term rate of return for the Aquarion Plans. These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows: As of December 31, 2018 2017 Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Target Asset Allocation Assumed Rate of Return Target Asset Allocation Assumed Rate of Return Equity Securities: United States 15.0 % 8.5 % 21.5 % 8.5 % Global 10.0 % 8.75 % — % — % Non-United States 8.0 % 8.5 % 11.0 % 8.5 % Emerging Markets 4.0 % 10.0 % 4.5 % 10.0 % Debt Securities: Fixed Income 13.0 % 4.0 % 11.0 % 4.0 % Public High Yield Fixed Income 4.0 % 6.5 % 4.0 % 6.5 % Private Debt 15.0 % 9.0 % 15.0 % 9.0 % Emerging Markets Debt — % — % 2.0 % 6.5 % Private Equity 15.0 % 12.0 % 15.0 % 12.0 % Real Assets 16.0 % 7.5 % 12.0 % 7.5 % Hedge Funds — % — % 4.0 % 6.0 % The following table presents, by asset category, the Pension and PBOP Plan assets recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Pension Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2018 2017 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 443.4 $ — $ 1,377.8 $ 1,821.2 $ 535.4 $ — $ 1,653.3 $ 2,188.7 Fixed Income (2) 85.5 160.8 1,265.5 1,511.8 56.6 215.9 1,218.3 1,490.8 Private Equity 6.1 — 834.0 840.1 11.2 — 641.8 653.0 Real Assets (3) 62.9 — 569.1 632.0 101.6 — 539.9 641.5 Total $ 597.9 $ 160.8 $ 4,046.4 $ 4,805.1 $ 704.8 $ 215.9 $ 4,053.3 $ 4,974.0 Less: 401(h) PBOP Assets (4) (231.2 ) (234.5 ) Total Pension Assets $ 4,573.9 $ 4,739.5 PBOP Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2018 2017 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 91.9 $ — $ 210.5 $ 302.4 $ 115.3 $ — $ 241.9 $ 357.2 Fixed Income (2) 22.0 40.3 123.0 185.3 23.4 44.0 133.9 201.3 Private Equity — — 32.7 32.7 — — 31.3 31.3 Real Assets (3) 27.5 — 70.5 98.0 22.4 — 75.5 97.9 Total $ 141.4 $ 40.3 $ 436.7 $ 618.4 $ 161.1 $ 44.0 $ 482.6 $ 687.7 Add: 401(h) PBOP Assets (4) 231.2 234.5 Total PBOP Assets $ 849.6 $ 922.2 (1) United States, Global, Non-United States and Emerging Markets equity securities that are uncategorized include investments in commingled funds and hedge funds that are overlayed with equity index swaps and futures contracts. (2) Fixed Income investments that are uncategorized include investments in commingled funds, fixed income funds that invest in a variety of opportunistic and fixed income strategies, and hedge funds that are overlayed with fixed income futures. (3) Real assets include real estate funds and hedge funds. (4) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan. |
Schedule of Defined Contribution Plans | The total Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 38.4 $ 5.0 $ 9.7 $ 3.3 2017 34.5 4.6 8.5 3.7 2016 31.8 4.5 8.1 3.4 |
Schedule of Other Retirement Benefits | The actuarially-determined liability for these benefits, which is included in Other Long-Term Liabilities on the balance sheets, as well as the related expense included in Operations and Maintenance Expense on the income statements, are as follows: Eversource (Millions of Dollars) As of and For the Years Ended December 31, 2018 2017 2016 Actuarially-Determined Liability $ 49.1 $ 53.4 $ 54.2 Other Retirement Benefits Expense 2.7 2.8 2.9 As of and For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Actuarially-Determined Liability $ 0.3 $ 0.1 $ 1.7 $ 0.3 $ 0.1 $ 1.9 $ 0.3 $ 0.1 $ 2.0 Other Retirement Benefits Expense 1.1 1.1 0.4 1.0 1.0 0.5 1.1 0.9 0.6 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment | The total compensation expense and associated future income tax benefits recognized by Eversource, CL&P, NSTAR Electric and PSNH for share-based compensation awards were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Compensation Expense $ 21.4 $ 19.7 $ 23.6 Future Income Tax Benefit 5.4 8.0 9.6 For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Compensation Expense $ 7.8 $ 7.7 $ 2.9 $ 7.0 $ 7.0 $ 3.2 $ 9.1 $ 8.2 $ 3.5 Future Income Tax Benefit 2.0 1.9 0.7 2.9 2.8 1.3 3.7 3.3 1.4 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share Transactions | A summary of RSU transactions is as follows: RSUs (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2017 717,039 $ 49.29 Granted 286,315 $ 56.69 Shares Issued (201,386 ) $ 55.35 Forfeited (19,603 ) $ 56.78 Outstanding as of December 31, 2018 782,365 $ 50.25 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share Transactions | A summary of performance share transactions is as follows: Performance Shares (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2017 510,565 $ 55.45 Granted 184,355 $ 56.77 Shares Issued (178,258 ) $ 54.98 Forfeited (17,098 ) $ 56.18 Outstanding as of December 31, 2018 499,564 $ 56.08 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: Eversource (Millions of Dollars) For the Years Ended December 31, 2018 2017 2016 Current Income Taxes: Federal $ 106.5 $ 58.9 $ 38.9 State 10.6 31.6 53.0 Total Current 117.1 90.5 91.9 Deferred Income Taxes, Net: Federal 122.6 433.0 427.9 State 52.2 58.6 38.6 Total Deferred 174.8 491.6 466.5 Investment Tax Credits, Net (2.9 ) (3.2 ) (3.4 ) Income Tax Expense $ 289.0 $ 578.9 $ 555.0 For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Current Income Taxes: Federal $ 54.2 $ 79.3 $ 12.2 $ 50.9 $ 107.8 $ 18.6 $ 27.3 $ 86.4 $ (13.7 ) State 20.9 30.0 (0.5 ) 17.4 25.6 6.2 13.3 39.5 8.8 Total Current 75.1 109.3 11.7 68.3 133.4 24.8 40.6 125.9 (4.9 ) Deferred Income Taxes, Net: Federal 48.5 27.9 15.4 123.9 88.1 52.7 157.6 96.6 79.5 State 6.4 13.5 20.5 (4.6 ) 22.4 11.2 11.3 5.1 7.8 Total Deferred 54.9 41.4 35.9 119.3 110.5 63.9 168.9 101.7 87.3 Investment Tax Credits, Net (0.9 ) (1.8 ) — (1.0 ) (1.8 ) — (1.2 ) (1.8 ) — Income Tax Expense $ 129.1 $ 148.9 $ 47.6 $ 186.6 $ 242.1 $ 88.7 $ 208.3 $ 225.8 $ 82.4 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows: Eversource (Millions of Dollars, except percentages) For the Years Ended December 31, 2018 2017 2016 Income Before Income Tax Expense $ 1,329.5 $ 1,574.4 $ 1,504.8 Statutory Federal Income Tax Expense at 21% in 2018 and 35% in 2017 and 2016 279.2 551.0 526.7 Tax Effect of Differences: Depreciation (30.8 ) (10.8 ) (3.4 ) Investment Tax Credit Amortization (2.9 ) (3.2 ) (3.4 ) Other Federal Tax Credits — — (3.5 ) State Income Taxes, Net of Federal Impact 44.4 47.7 56.2 Dividends on ESOP (5.1 ) (8.4 ) (8.4 ) Tax Asset Valuation Allowance/Reserve Adjustments 5.2 7.0 3.3 Excess Stock Benefit (1.5 ) (2.9 ) (19.1 ) Other, Net 0.5 (1.5 ) 6.6 Income Tax Expense $ 289.0 $ 578.9 $ 555.0 Effective Tax Rate 21.7 % 36.8 % 36.9 % For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars, except percentages) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Income Before Income Tax Expense $ 506.8 $ 532.0 $ 163.5 $ 563.4 $ 616.8 $ 224.7 $ 542.6 $ 576.6 $ 214.3 Statutory Federal Income Tax Expense at 21% in 2018 and 35% in 2017 and 2016 106.4 111.7 34.3 197.2 215.9 78.6 189.9 201.8 75.0 Tax Effect of Differences: Depreciation (1.2 ) (2.8 ) 0.1 (5.2 ) (3.0 ) 1.1 1.6 (3.1 ) 1.0 Investment Tax Credit Amortization (0.9 ) (1.8 ) — (1.0 ) (1.8 ) — (1.2 ) (1.8 ) — Other Federal Tax Credits — — — — — — — — (3.5 ) State Income Taxes, Net of Federal Impact 14.5 33.2 15.8 4.5 31.2 11.3 14.5 29.0 10.8 Tax Asset Valuation Allowance/Reserve Adjustments 7.1 1.2 — (9.5 ) — — 1.5 — — Excess Stock Benefit (0.1 ) (0.1 ) (0.1 ) (0.7 ) (0.7 ) (0.3 ) (0.9 ) (1.2 ) (0.4 ) Other, Net 3.3 7.5 (2.5 ) 1.3 0.5 (2.0 ) 2.9 1.1 (0.5 ) Income Tax Expense $ 129.1 $ 148.9 $ 47.6 $ 186.6 $ 242.1 $ 88.7 $ 208.3 $ 225.8 $ 82.4 Effective Tax Rate 25.5 % 28.0 % 29.1 % 33.1 % 39.2 % 39.5 % 38.4 % 39.2 % 38.4 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the net accumulated deferred income tax obligations are as follows: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Deferred Tax Assets: Employee Benefits $ 388.2 $ 94.5 $ 35.0 $ 31.1 $ 442.1 $ 112.3 $ 34.0 $ 38.0 Derivative Liabilities 111.4 111.4 — — 111.8 110.5 0.3 — Regulatory Deferrals - Liabilities 299.3 38.6 195.5 16.1 205.6 12.0 139.8 17.9 Allowance for Uncollectible Accounts 54.0 23.1 17.8 3.0 50.1 20.6 17.3 2.9 Tax Effect - Tax Regulatory Liabilities 830.3 336.8 288.9 111.7 832.6 337.2 281.2 116.8 Net Operating Loss Carryforwards 28.5 — — 0.6 47.8 — — — Purchase Accounting Adjustment 64.2 — — — 69.9 — — — Other 166.2 81.1 15.6 33.4 149.5 70.7 4.9 49.6 Total Deferred Tax Assets 1,942.1 685.5 552.8 195.9 1,909.4 663.3 477.5 225.2 Less: Valuation Allowance 19.5 10.7 — — 14.6 6.3 — — Net Deferred Tax Assets $ 1,922.6 $ 674.8 $ 552.8 $ 195.9 $ 1,894.8 $ 657.0 $ 477.5 $ 225.2 Deferred Tax Liabilities: Accelerated Depreciation and Other Plant-Related Differences $ 3,724.2 $ 1,293.3 $ 1,342.4 $ 410.6 $ 3,562.0 $ 1,224.9 $ 1,229.2 $ 502.5 Property Tax Accruals 73.2 35.4 26.3 5.2 56.7 20.7 24.2 5.5 Regulatory Amounts: Regulatory Deferrals - Assets 1,025.9 320.1 277.4 213.8 924.9 310.6 267.1 103.6 Tax Effect - Tax Regulatory Assets 238.9 167.0 9.7 8.1 243.1 173.1 9.8 11.4 Goodwill Regulatory Asset - 1999 Merger 95.2 — 81.7 — 99.8 — 85.7 — Derivative Assets 20.1 19.9 — — 17.4 17.4 — — Other 251.1 5.9 109.8 39.4 288.4 13.7 137.3 45.7 Total Deferred Tax Liabilities $ 5,428.6 $ 1,841.6 $ 1,847.3 $ 677.1 $ 5,192.3 $ 1,760.4 $ 1,753.3 $ 668.7 |
Summary of Operating Loss Carryforwards | The following tables provide the amounts and expiration dates of state tax credit and loss carryforwards and federal tax credit and net operating loss carryforwards: As of December 31, 2018 2017 (Millions of Dollars) Eversource CL&P NSTAR PSNH Expiration Range Eversource CL&P NSTAR PSNH Expiration Range Federal Net $ 103.6 $ — $ — $ — 2033 - 2037 $ 197.3 $ — $ — $ — 2027 - 2037 Federal Charitable 2.2 — — — 2020 - 2022 18.7 — — — 2017 - 2022 State Net Operating Loss 80.7 — — — 2019 - 2038 82.8 — — — 2028 - 2037 State Tax Credit 148.9 107.0 — — 2018 - 2023 139.0 94.5 — — 2017 - 2022 State Charitable 9.6 — — — 2019 - 2023 31.4 — — — 2017 - 2022 |
Summary of Income Tax Contingencies | The amount of interest expense/(income) on uncertain tax positions recognized and the related accrued interest payable/(receivable) are as follows: Other Interest Expense/(Income) Accrued Interest Expense For the Years Ended December 31, As of December 31, (Millions of Dollars) 2018 2017 2016 2018 2017 Eversource $ (1.7 ) $ — $ (0.2 ) $ 0.1 $ 1.8 A reconciliation of the activity in unrecognized tax benefits, all of which would impact the effective tax rate if recognized, is as follows: (Millions of Dollars) Eversource CL&P Balance as of January 1, 2016 $ 48.0 $ 13.5 Gross Increases - Current Year 9.9 3.9 Gross Increases - Prior Year 0.2 0.2 Lapse of Statute of Limitations (9.7 ) (2.3 ) Balance as of December 31, 2016 48.4 15.3 Gross Increases - Current Year 11.4 4.7 Gross Decreases - Prior Year (0.9 ) (0.5 ) Lapse of Statute of Limitations (7.2 ) (1.4 ) Balance as of December 31, 2017 51.7 18.1 Gross Increases - Current Year 9.2 3.2 Gross Decreases - Prior Year (6.5 ) (0.9 ) Lapse of Statute of Limitations (8.5 ) (2.2 ) Balance as of December 31, 2018 $ 45.9 $ 18.2 |
Summary of Income Tax Examinations | The following table summarizes Eversource, CL&P, NSTAR Electric and PSNH's tax years that remain subject to examination by major tax jurisdictions as of December 31, 2018 : Description Tax Years Federal 2018 Connecticut 2015 - 2018 Massachusetts 2015 - 2018 New Hampshire 2016 - 2018 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site | A reconciliation of the activity in the environmental reserves is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Balance as of January 1, 2017 $ 65.8 $ 4.9 $ 3.8 $ 5.3 Additions 6.2 0.5 1.8 1.0 Payments/Reductions (17.1 ) (0.7 ) (2.9 ) (0.6 ) Balance as of December 31, 2017 54.9 4.7 2.7 5.7 Additions 23.5 1.9 9.7 — Payments/Reductions (13.7 ) (1.2 ) (1.5 ) (0.3 ) Balance as of December 31, 2018 $ 64.7 $ 5.4 $ 10.9 $ 5.4 The number of environmental sites for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: Eversource CL&P NSTAR Electric PSNH 2018 60 15 16 9 2017 59 14 15 10 |
Long-term Purchase Commitment | The total costs incurred under these agreements were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2018 2017 2016 Purchased Power and Capacity $ 72.0 $ 103.9 $ 152.5 Renewable Energy 218.5 235.5 210.9 Peaker CfDs 20.9 38.7 47.7 Natural Gas Procurement 432.4 377.0 323.9 Transmission Support Commitments 23.4 19.8 15.9 Coal, Wood and Other (1) — 47.7 55.7 For the Years Ended December 31, 2018 2017 2016 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Purchased Power and Capacity $ 49.4 $ 4.4 $ 18.2 $ 81.0 $ 4.0 $ 18.9 $ 132.7 $ 0.7 $ 19.1 Renewable Energy 63.2 89.8 65.5 51.0 123.7 60.8 42.1 101.1 67.7 Peaker CfDs 20.9 — — 38.7 — — 47.7 — — Transmission Support Commitments 9.2 9.2 5.0 7.8 7.8 4.2 6.3 6.2 3.4 Coal, Wood and Other (1) — — — — — 47.7 — — 55.7 (1) PSNH previously entered into various arrangements for the purchase of coal, wood and the transportation services for fuel supply for its electric generating assets. On January 10, 2018, Eversource and PSNH completed the sale of PSNH's thermal generation assets. On August 26, 2018, Eversource and PSNH completed the sale of PSNH's hydroelectric generation assets. Upon sale, the remaining future contractual obligations were transferred to the respective buyers. See Note 13, "Generation Asset Sale," for further information. The estimated future annual costs of significant executed, non-cancelable, long-term contractual arrangements in effect as of December 31, 2018 are as follows: Eversource (Millions of Dollars) 2019 2020 2021 2022 2023 Thereafter Total Purchased Power and Capacity $ 68.3 $ 73.5 $ 69.1 $ 72.9 $ 74.1 $ 142.9 $ 500.8 Renewable Energy 262.4 261.0 238.9 240.5 217.2 1,662.0 2,882.0 Peaker CfDs 11.9 22.6 21.9 15.3 17.5 43.5 132.7 Natural Gas Procurement 243.8 227.7 183.6 149.2 135.1 1,039.7 1,979.1 Transmission Support Commitments 22.8 23.1 15.2 16.2 17.8 17.8 112.9 Total $ 609.2 $ 607.9 $ 528.7 $ 494.1 $ 461.7 $ 2,905.9 $ 5,607.5 CL&P (Millions of Dollars) 2019 2020 2021 2022 2023 Thereafter Total Purchased Power and Capacity $ 57.0 $ 69.7 $ 65.3 $ 69.1 $ 70.4 $ 123.9 $ 455.4 Renewable Energy 102.0 103.8 104.0 104.9 105.5 785.3 1,305.5 Peaker CfDs 11.9 22.6 21.9 15.3 17.5 43.5 132.7 Transmission Support Commitments 9.0 9.1 6.0 6.4 7.0 7.0 44.5 Total $ 179.9 $ 205.2 $ 197.2 $ 195.7 $ 200.4 $ 959.7 $ 1,938.1 NSTAR Electric (Millions of Dollars) 2019 2020 2021 2022 2023 Thereafter Total Purchased Power and Capacity $ 5.5 $ 3.1 $ 3.1 $ 3.1 $ 3.0 $ 19.0 $ 36.8 Renewable Energy 94.7 93.1 88.6 88.8 63.9 435.1 864.2 Transmission Support Commitments 9.0 9.1 6.0 6.3 7.0 7.0 44.4 Total $ 109.2 $ 105.3 $ 97.7 $ 98.2 $ 73.9 $ 461.1 $ 945.4 PSNH (Millions of Dollars) 2019 2020 2021 2022 2023 Thereafter Total Purchased Power and Capacity $ 5.8 $ 0.7 $ 0.7 $ 0.7 $ 0.7 $ — $ 8.6 Renewable Energy 65.7 64.1 46.3 46.8 47.8 441.6 712.3 Transmission Support Commitments 4.8 4.9 3.2 3.5 3.8 3.8 24.0 Total $ 76.3 $ 69.7 $ 50.2 $ 51.0 $ 52.3 $ 445.4 $ 744.9 |
Schedule of Guarantor Obligations | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of December 31, 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) 41.9 2019 - 2021 Rocky River Realty Company and Eversource Service Lease Payments for Real Estate 6.3 2019 - 2024 Bay State Wind LLC Real Estate Purchase 2.5 2019 (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 authorized capital contributions for its investment in the Access Northeast project. The guaranty decreases as authorized 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. |
GENERATION ASSET SALE (Tables)
GENERATION ASSET SALE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
Schedule of Generation Assets and Liabilities | As of December 31, 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 Emission Allowances 19.1 Other Assets 2.6 Deferred Costs from Thermal Generation Asset Sale (516.1 ) Total Generation Assets Held for Sale $ 219.6 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Rent Expense | Operating lease rental payments charged to expense are as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 10.8 $ 10.9 $ 11.8 $ 2.5 2017 10.5 11.7 11.3 3.3 2016 12.1 12.5 11.4 2.9 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance, under long-term non-cancelable leases, as of December 31, 2018 are as follows: Operating Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2019 $ 11.5 $ 1.5 $ 7.2 $ 0.5 2020 9.8 1.4 6.0 0.4 2021 8.7 1.2 5.3 0.4 2022 7.2 1.1 4.4 0.4 2023 4.7 0.5 3.1 0.2 Thereafter 32.7 0.2 29.5 0.3 Future minimum lease payments $ 74.6 $ 5.9 $ 55.5 $ 2.2 |
Schedule of Future Minimum Lease Payments for Capital Leases | Capital Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2019 $ 3.4 $ 2.0 $ 0.5 $ 0.1 2020 3.4 2.0 0.5 0.1 2021 2.9 1.5 0.5 0.1 2022 1.5 — 0.6 0.1 2023 0.7 — 0.6 0.1 Thereafter 13.9 — 13.4 0.5 Future minimum lease payments 25.8 5.5 16.1 1.0 Less amount to arrive at present value 13.8 1.0 12.4 0.1 Present value of future minimum lease payments $ 12.0 $ 4.5 $ 3.7 $ 0.9 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | 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 December 31, 2018: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 156.8 $ 116.2 $ 113.8 $ 43.0 $ 43.0 $ — $ — Long-Term Debt 13,086.1 13,154.9 3,254.0 3,429.2 2,944.8 3,024.1 805.2 819.5 Rate Reduction Bonds 635.7 645.8 — — — — 635.7 645.8 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) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows: For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 Eversource (Millions of Dollars) Qualified Cash Flow Hedging Instruments Unrealized Defined Benefit Plans Total Qualified Cash Flow Hedging Instruments Unrealized Defined Benefit Plans Total Balance as of January 1st $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) OCI Before Reclassifications — (0.5 ) 0.3 (0.2 ) — (0.4 ) (7.2 ) (7.6 ) Amounts Reclassified from AOCI 1.8 — 4.8 6.6 2.0 — 4.5 6.5 Net OCI 1.8 (0.5 ) 5.1 6.4 2.0 (0.4 ) (2.7 ) (1.1 ) Balance as of December 31st $ (4.4 ) $ (0.5 ) $ (55.1 ) $ (60.0 ) $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) |
Schedule of Comprehensive Income (Loss) | The following table sets forth the amounts reclassified from AOCI by component and the impacted line item on the statements of income: Amounts Reclassified from AOCI Eversource (Millions of Dollars) For the Years Ended December 31, Statements of Income Line Item Impacted 2018 2017 2016 Qualified Cash Flow Hedging Instruments $ (2.8 ) $ (3.3 ) $ (3.5 ) Interest Expense Tax Effect 1.0 1.3 1.4 Income Tax Expense Qualified Cash Flow Hedging Instruments, Net of Tax $ (1.8 ) $ (2.0 ) $ (2.1 ) Defined Benefit Plan Costs: Amortization of Actuarial Losses $ (6.0 ) $ (6.2 ) $ (5.6 ) Other Income, Net (1) Amortization of Prior Service Cost (0.4 ) (1.1 ) (0.8 ) Other Income, Net (1) Total Defined Benefit Plan Costs (6.4 ) (7.3 ) (6.4 ) Tax Effect 1.6 2.8 2.5 Income Tax Expense Defined Benefit Plan Costs, Net of Tax $ (4.8 ) $ (4.5 ) $ (3.9 ) Total Amounts Reclassified from AOCI, Net of Tax $ (6.6 ) $ (6.5 ) $ (6.0 ) (1) These amounts are included in the computation of net periodic Pension, SERP and PBOP costs. See Note 1N, "Summary of Significant Accounting Policies – Other Income, Net" and Note 10A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for further information. |
COMMON SHARES (Tables)
COMMON SHARES (Tables) | 12 Months Ended |
Dec. 31, 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 Par Value Authorized as of December 31, 2018 and 2017 Issued as of December 31, 2018 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 Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Per Share Shares Outstanding as of December 31, As of December 31, Series 2018 2017 2018 2017 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6 ) (3.6 ) Other 6.00% Series of 1958 $ 100.00 23 23 $ — $ — Total Eversource - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
PREFERRED STOCK NOT SUBJECT T_2
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Preferred Stock | 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 Par Value Authorized as of December 31, 2018 and 2017 Issued as of December 31, 2018 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 Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Per Share Shares Outstanding as of December 31, As of December 31, Series 2018 2017 2018 2017 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6 ) (3.6 ) Other 6.00% Series of 1958 $ 100.00 23 23 $ — $ — Total Eversource - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 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 Years Ended December 31, 2018 2017 2016 Net Income Attributable to Common Shareholders $ 1,033.0 $ 988.0 $ 942.3 Weighted Average Common Shares Outstanding: Basic 317,370,369 317,411,097 317,650,180 Dilutive Effect 623,565 620,483 804,059 Diluted 317,993,934 318,031,580 318,454,239 Basic EPS $ 3.25 $ 3.11 $ 2.97 Diluted EPS $ 3.25 $ 3.11 $ 2.96 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents operating revenues disaggregated by revenue source: For the Year Ended December 31, 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 $ 3,766.6 $ 542.5 $ — $ 130.7 $ — $ — $ 4,439.8 Commercial 2,634.7 334.8 — 63.3 — (4.5 ) 3,028.3 Industrial 351.9 96.0 — 4.4 — (10.0 ) 442.3 Total Retail Tariff Sales Revenue 6,753.2 973.3 — 198.4 — (14.5 ) 7,910.4 Wholesale Transmission Revenue — — 1,308.9 — 47.3 (1,092.2 ) 264.0 Wholesale Market Sales Revenue 179.5 57.5 — 4.1 — — 241.1 Other Revenue from Contracts with Customers 65.9 (2.2 ) 12.6 7.2 889.0 (891.0 ) 81.5 Reserve for Revenue Subject to Refund (12.3 ) (8.3 ) — (3.7 ) — — (24.3 ) Total Revenue from Contracts with Customers 6,986.3 1,020.3 1,321.5 206.0 936.3 (1,997.7 ) 8,472.7 Alternative Revenue Programs (47.0 ) (1.2 ) (35.2 ) 5.4 — 31.9 (46.1 ) Other Revenue 17.9 3.1 — 0.6 — — 21.6 Total Operating Revenues $ 6,957.2 $ 1,022.2 $ 1,286.3 $ 212.0 $ 936.3 $ (1,965.8 ) $ 8,448.2 For the Year Ended December 31, 2018 (Millions of Dollars) CL&P NSTAR Electric PSNH Revenue from Contracts with Customers Retail Tariff Sales Residential $ 1,828.2 $ 1,380.9 $ 557.5 Commercial 928.1 1,391.5 316.9 Industrial 147.7 124.9 79.3 Total Retail Tariff Sales Revenue 2,904.0 2,897.3 953.7 Wholesale Transmission Revenue 620.6 488.8 199.5 Wholesale Market Sales Revenue 48.3 76.1 56.6 Other Revenue from Contracts with Customers 35.0 28.9 15.5 Reserve for Revenue Subject to Refund — — (12.3 ) Total Revenue from Contracts with Customers 3,607.9 3,491.1 1,213.0 Alternative Revenue Programs (65.9 ) 0.9 (17.3 ) Other Revenue 8.5 8.3 1.1 Eliminations (454.3 ) (387.4 ) (149.2 ) Total Operating Revenues $ 3,096.2 $ 3,112.9 $ 1,047.6 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Eversource's segment information is as follows: For the Year Ended December 31, 2018 (1) Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 6,957.2 $ 1,022.2 $ 1,286.3 $ 212.0 $ 936.3 $ (1,965.8 ) $ 8,448.2 Depreciation and Amortization (671.8 ) (75.0 ) (231.8 ) (46.5 ) (49.1 ) 2.2 (1,072.0 ) Other Operating Expenses (5,548.6 ) (787.6 ) (375.5 ) (99.8 ) (831.5 ) 1,966.7 (5,676.3 ) Operating Income 736.8 159.6 679.0 65.7 55.7 3.1 1,699.9 Interest Expense (202.8 ) (44.1 ) (120.6 ) (34.3 ) (129.3 ) 32.3 (498.8 ) Interest Income 18.7 — 2.4 — 30.3 (33.3 ) 18.1 Other Income/(Loss), Net 67.5 7.1 31.1 (0.4 ) 1,185.3 (1,180.3 ) 110.3 Income Tax (Expense)/Benefit (160.2 ) (29.4 ) (161.8 ) (0.1 ) 62.5 — (289.0 ) Net Income 460.0 93.2 430.1 30.9 1,204.5 (1,178.2 ) 1,040.5 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — — (7.5 ) Net Income Attributable to Common Shareholders $ 455.4 $ 93.2 $ 427.2 $ 30.9 $ 1,204.5 $ (1,178.2 ) $ 1,033.0 Total Assets (as of) $ 21,389.1 $ 3,904.9 $ 10,285.0 $ 2,253.0 $ 17,874.2 $ (17,464.9 ) $ 38,241.3 Cash Flows Used for Investments in Plant $ 961.3 $ 351.5 $ 929.7 $ 102.3 $ 178.6 $ — $ 2,523.4 For the Year Ended December 31, 2017 (2) Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution (3) Other Eliminations Total Operating Revenues $ 5,542.9 $ 947.3 $ 1,301.7 $ 15.9 $ 931.0 $ (986.8 ) $ 7,752.0 Depreciation and Amortization (542.6 ) (72.9 ) (209.4 ) (3.7 ) (37.4 ) 2.2 (863.8 ) Other Operating Expenses (4,072.6 ) (716.4 ) (382.8 ) (8.3 ) (806.6 ) 986.7 (5,000.0 ) Operating Income 927.7 158.0 709.5 3.9 87.0 2.1 1,888.2 Interest Expense (186.3 ) (43.1 ) (115.1 ) (3.1 ) (90.0 ) 15.8 (421.8 ) Interest Income 7.3 0.1 1.8 0.1 15.7 (16.7 ) 8.3 Other Income/(Loss), Net 41.6 3.8 27.3 — 1,113.0 (1,086.0 ) 99.7 Income Tax Expense (288.3 ) (44.2 ) (228.7 ) (2.1 ) (15.5 ) (0.1 ) (578.9 ) Net Income/(Loss) 502.0 74.6 394.8 (1.2 ) 1,110.2 (1,084.9 ) 995.5 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — — (7.5 ) Net Income/(Loss) Attributable to Common Shareholders $ 497.4 $ 74.6 $ 391.9 $ (1.2 ) $ 1,110.2 $ (1,084.9 ) $ 988.0 Total Assets (as of) $ 19,250.4 $ 3,595.2 $ 9,401.2 $ 2,182.9 $ 16,220.9 $ (14,430.2 ) $ 36,220.4 Cash Flows Used for Investments in Plant $ 1,020.7 $ 298.2 $ 867.6 $ 16.0 $ 145.6 $ — $ 2,348.1 For the Year Ended December 31, 2016 (2) Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 5,594.3 $ 857.7 $ 1,210.0 $ — $ 870.4 $ (893.3 ) $ 7,639.1 Depreciation and Amortization (504.7 ) (65.3 ) (185.8 ) — (33.5 ) 2.2 (787.1 ) Other Operating Expenses (4,173.0 ) (629.0 ) (321.3 ) — (779.2 ) 891.8 (5,010.7 ) Operating Income 916.6 163.4 702.9 — 57.7 0.7 1,841.3 Interest Expense (193.1 ) (41.3 ) (110.0 ) — (63.5 ) 6.9 (401.0 ) Interest Income 10.0 0.1 1.2 — 7.0 (7.3 ) 11.0 Other Income, Net 22.7 0.7 17.8 — 1,021.2 (1,008.9 ) 53.5 Income Tax (Expense)/Benefit (288.8 ) (45.2 ) (238.2 ) — 16.5 0.7 (555.0 ) Net Income 467.4 77.7 373.7 — 1,038.9 (1,007.9 ) 949.8 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — — (7.5 ) Net Income Attributable to Common Shareholders $ 462.8 $ 77.7 $ 370.8 $ — $ 1,038.9 $ (1,007.9 ) $ 942.3 Cash Flows Used for Investments in Plant $ 812.6 $ 255.3 $ 801.0 $ — $ 108.0 $ — $ 1,976.9 (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 22 "Revenues," to the financial statements regarding accounting for revenues. (2) 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 and 2016 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 years ended December 31, 2017 and 2016. See Note 1C, "Summary of Significant Accounting Policies - Accounting Standards" and Note 1N, "Summary of Significant Accounting Policies - Other Income, Net," to the financial statements for further information. (3) The water distribution business was determined to be a reportable segment beginning in 2018. The 2017 segment information has been recast to conform to the current segment reporting structure. |
ACQUISITION OF AQUARION AND G_2
ACQUISITION OF AQUARION AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition by Acquisition | The allocation of the cash purchase price was 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 |
Business Acquisition, Pro Forma Information | The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Eversource. For the Years Ended December 31, (Pro forma amounts in millions, except share amounts) 2017 2016 Operating Revenues $ 7,947.7 $ 7,849.0 Net Income Attributable to Common Shareholders 1,019.1 969.3 Basic EPS 3.21 3.05 Diluted EPS 3.20 3.04 |
Business Combination, Segment Allocation | The following table presents goodwill by reportable segment as of December 31, 2018 and 2017: (Billions of Dollars) Electric Distribution Electric Transmission Natural Gas Distribution Water Distribution Total Goodwill $ 2.5 $ 0.6 $ 0.4 $ 0.9 $ 4.4 |
QUARTERLY FINANCIAL DATA (UNA_2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended Eversource (Millions of Dollars, except per share information) 2018 2017 March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, Operating Revenues $ 2,288.0 $ 1,853.9 $ 2,271.4 $ 2,034.9 $ 2,105.1 $ 1,762.8 $ 1,988.5 $ 1,895.6 Operating Income 442.5 391.4 466.0 400.0 501.0 448.2 495.3 443.7 Net Income 271.4 244.6 291.3 233.2 261.3 232.6 262.2 239.4 Net Income Attributable to Common Shareholders 269.5 242.8 289.4 231.3 259.5 230.7 260.4 237.4 Basic and Diluted EPS (1) $ 0.85 $ 0.76 $ 0.91 $ 0.73 $ 0.82 $ 0.73 $ 0.82 $ 0.75 (1) The summation of quarterly EPS data may not equal annual data due to rounding. Quarter Ended 2018 2017 (Millions of Dollars) March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, CL&P Operating Revenues $ 785.0 $ 694.9 $ 865.0 $ 751.3 $ 732.3 $ 666.6 $ 774.8 $ 713.7 Operating Income 157.2 163.1 172.7 142.8 175.5 175.6 177.1 155.2 Net Income 98.6 99.7 100.3 79.1 90.2 91.3 96.1 99.1 NSTAR Electric Operating Revenues $ 770.1 $ 690.7 $ 939.5 $ 712.6 $ 733.8 $ 704.7 $ 851.9 $ 690.2 Operating Income 119.0 133.6 205.5 126.0 156.6 177.9 229.7 124.2 Net Income 77.1 87.9 140.6 77.5 83.4 95.0 125.8 70.5 PSNH Operating Revenues $ 267.4 $ 235.1 $ 290.2 $ 254.9 $ 253.2 $ 230.4 $ 250.0 $ 248.0 Operating Income 55.8 46.9 56.5 37.2 66.6 63.5 66.0 69.8 Net Income 35.1 25.8 40.7 14.3 34.3 31.6 33.7 36.4 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands | Mar. 25, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)customer | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)companyutilityMW | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 08, 2019USD ($) | Jan. 01, 2019USD ($) |
Summary of Accounting Policies [Line Items] | |||||||||
Number of electric and natural gas customers | customer | 4,000,000 | ||||||||
Goodwill | $ 4,427,266 | $ 4,427,266 | $ 4,427,266 | $ 4,427,266 | |||||
Other Income, Net | 128,366 | 107,913 | $ 64,505 | ||||||
Equity method investment | 463,700 | 463,700 | $ 463,700 | 277,600 | |||||
Number of Companies That Transmit Electricity Imported From Hydro-Quebec System | company | 2 | ||||||||
Other-than-temporary impairment | $ 32,900 | $ 32,900 | |||||||
Number of nuclear generation companies | company | 3 | ||||||||
Net of damages awarded | $ 26,100 | ||||||||
The Connecticut Light And Power Company | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Other Income, Net | $ 22,663 | 22,991 | 14,238 | ||||||
Period of accounts receivable recoverable under financial or medical duress | 180 days | ||||||||
Equity method investment | 1,300 | 1,300 | $ 1,300 | ||||||
Net of damages awarded | 13,600 | ||||||||
Long term receivable | 25,000 | 25,000 | 25,000 | 25,000 | |||||
Transfer of loans receivable | 41,300 | ||||||||
Maximum loans receivable outstanding | 55,000 | 55,000 | 55,000 | ||||||
Loans transferred receivable current | 18,500 | 18,500 | 18,500 | ||||||
Loans transferred receivable non-current | 22,800 | 22,800 | $ 22,800 | ||||||
Yankee Gas Services Company | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Period of accounts receivable recoverable under financial or medical duress | 90 days | ||||||||
NSTAR Electric Company | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Other Income, Net | $ 53,066 | 34,100 | 21,263 | ||||||
Equity method investment | 900 | 900 | 900 | ||||||
Net of damages awarded | 8,600 | ||||||||
Long term receivable | 5,500 | 5,500 | 5,500 | 5,500 | |||||
Public Service Company Of New Hampshire | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Other Income, Net | 27,672 | 9,805 | 7,563 | ||||||
Equity method investment | 300 | 300 | 300 | ||||||
Net of damages awarded | $ 3,900 | ||||||||
Long term receivable | 3,800 | 3,800 | 3,800 | 3,800 | |||||
Eversource | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Dividends | $ 22,300 | 20,000 | 100 | ||||||
Connecticut, Massachusetts and New Hampshire | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Number of regulated utilities | utility | 8 | ||||||||
Northern Pass | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Capacity required for transmission line | MW | 1,090 | ||||||||
Capitalized Costs, Proved Properties | $ 307,000 | $ 307,000 | $ 307,000 | ||||||
Bay State Wind LLC | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Ownership interest | 50.00% | 50.00% | 50.00% | ||||||
Equity method investment | $ 234,300 | $ 234,300 | $ 234,300 | $ 30,200 | |||||
FERC Regulated Transmission Business | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Ownership interest | 15.00% | ||||||||
Equity method investment | $ 155,000 | $ 155,000 | $ 155,000 | $ 159,600 | |||||
Algonquin Gas Tansmsission LLC - Access Northeast | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Ownership interest | 40.00% | 40.00% | 40.00% | ||||||
Equity method investment | 31,300 | ||||||||
Hydro-Quebec System | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Ownership interest | 37.20% | 37.20% | 37.20% | ||||||
Equity method investment | $ 19,500 | $ 19,500 | $ 19,500 | 17,700 | |||||
Hydro-Quebec System | NSTAR Electric Company | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Ownership interest | 14.50% | 14.50% | 14.50% | ||||||
Equity method investment | $ 7,600 | $ 7,600 | $ 7,600 | 6,900 | |||||
Yankee Companies | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Net of damages awarded | 52,200 | ||||||||
CYAPC and YAEC | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Total amount of damages awarded | 6,800 | ||||||||
MYAPC | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Net of damages awarded | 14,400 | ||||||||
Other Equity Method Investments | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Equity method investment | 54,900 | 54,900 | 54,900 | 38,800 | |||||
Accounting Standards Update 2014-09 | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Operating Revenue and Purchased Power, Fuel and Transmission | $ 22,800 | $ 22,800 | 22,800 | ||||||
Accounting Standards Update 2016-01 | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Unrealized gains recorded in other income | 4,300 | ||||||||
Accounting Standards Update 2017-07 | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Increase (Decrease) in Regulatory Liabilities | 39,800 | ||||||||
Accounting Standards Update 2016-15 | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Proceeds from Equity Method Investment, Distribution | 19,100 | 20,000 | 700 | ||||||
Equity in Earnings | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Other Income, Net | 3,800 | 27,400 | 200 | ||||||
Equity in Earnings | The Connecticut Light And Power Company | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Other Income, Net | 100 | 0 | 100 | ||||||
Equity in Earnings | NSTAR Electric Company | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Other Income, Net | 700 | 300 | 300 | ||||||
Equity in Earnings | Public Service Company Of New Hampshire | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Other Income, Net | $ 0 | $ 0 | $ 0 | ||||||
Subsequent Event | Revolution Wind And South Fork Wind Power | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Ownership interest | 50.00% | ||||||||
Parent obligations | $ 127,600 | ||||||||
Scenario, Forecast | Accounting Standards Update 2016-19 | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Right of use asset | $ 60,000 | ||||||||
Scenario, Forecast | Accounting Standards Update 2016-19 | The Connecticut Light And Power Company | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Right of use asset | 1,000 | ||||||||
Scenario, Forecast | Accounting Standards Update 2016-19 | NSTAR Electric Company | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Right of use asset | 25,000 | ||||||||
Scenario, Forecast | Accounting Standards Update 2016-19 | Public Service Company Of New Hampshire | |||||||||
Summary of Accounting Policies [Line Items] | |||||||||
Right of use asset | $ 1,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Provision for Uncollectible Accounts | $ 212,700 | $ 195,700 | |
Uncollectible Hardship | 131,500 | 122,500 | |
Bad debt expense associated with accounts receivable | $ 61,337 | 44,453 | $ 69,466 |
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 | $ 88,000 | 78,900 | |
Uncollectible Hardship | 71,900 | 65,500 | |
Bad debt expense associated with accounts receivable | 15,831 | 5,312 | 17,572 |
NSTAR Electric Company | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Provision for Uncollectible Accounts | 74,500 | 69,700 | |
Uncollectible Hardship | 42,500 | 40,300 | |
Bad debt expense associated with accounts receivable | 22,279 | 21,252 | 31,728 |
Public Service Company Of New Hampshire | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Provision for Uncollectible Accounts | 11,100 | 10,500 | |
Uncollectible Hardship | 0 | 0 | |
Bad debt expense associated with accounts receivable | $ 6,383 | $ 6,704 | $ 7,288 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fuel, Materials, Supplies and Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Public Utilities, Inventory [Line Items] | ||
Total - Current | $ 238 | $ 223.1 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 33.1 | 29.7 |
Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 126.1 | 117.1 |
RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 78.8 | 76.3 |
The Connecticut Light And Power Company | ||
Public Utilities, Inventory [Line Items] | ||
Total - Current | 44.5 | 48.4 |
The Connecticut Light And Power Company | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
The Connecticut Light And Power Company | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 44.5 | 44.4 |
The Connecticut Light And Power Company | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 4 |
NSTAR Electric Company | ||
Public Utilities, Inventory [Line Items] | ||
Total - Current | 114.2 | 95.5 |
NSTAR Electric Company | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
NSTAR Electric Company | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 48.6 | 45.1 |
NSTAR Electric Company | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 65.6 | 50.4 |
Public Service Company Of New Hampshire | ||
Public Utilities, Inventory [Line Items] | ||
Total - Current | 37.5 | 40.3 |
Public Service Company Of New Hampshire | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
Public Service Company Of New Hampshire | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 24.3 | 18.5 |
Public Service Company Of New Hampshire | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | $ 13.2 | $ 21.8 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Operating Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of Accounting Policies [Line Items] | |||
Fuel power costs | $ 442.6 | $ 432.5 | $ 372.2 |
Public Service Company Of New Hampshire | |||
Summary of Accounting Policies [Line Items] | |||
Fuel power costs | $ 7.9 | $ 43.4 | $ 45 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of AFUDC and Weighted Average AFUDC (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 19.7 | $ 12.5 | $ 10.8 |
Equity Funds | 44 | 34.4 | 26.2 |
Total AFUDC | $ 63.7 | $ 46.9 | $ 37 |
Average AFUDC Rate | 4.90% | 5.10% | 4.40% |
The Connecticut Light And Power Company | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 6.3 | $ 5.1 | $ 3.3 |
Total AFUDC | $ 18.5 | $ 17.2 | $ 9.6 |
Average AFUDC Rate | 5.80% | 6.20% | 4.70% |
NSTAR Electric Company | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 7.8 | $ 4.8 | $ 5.3 |
Total AFUDC | $ 23.4 | $ 15 | $ 15.5 |
Average AFUDC Rate | 5.00% | 5.00% | 3.20% |
Public Service Company Of New Hampshire | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 1.3 | $ 0.7 | $ 0.8 |
Total AFUDC | $ 1.3 | $ 0.7 | $ 1.1 |
Average AFUDC Rate | 0.70% | 0.70% | 1.00% |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | $ 128,366 | $ 107,913 | $ 64,505 |
Interest Income | 18,100 | 8,300 | 11,000 |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | 44,000 | 34,400 | 26,200 |
Pension, SERP and PBOP Non-Service Income Components | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 60,800 | 29,900 | 18,600 |
Equity in Earnings | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 3,800 | 27,400 | 200 |
Equity in Earnings of Subsidiaries | 17,600 | 9,700 | 1,700 |
Investment Income/(Loss) | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | (4,000) | 7,500 | 8,500 |
Gain on Sale of Property | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 5,100 | 0 | 0 |
Other | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 600 | 400 | 0 |
The Connecticut Light And Power Company | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 22,663 | 22,991 | 14,238 |
The Connecticut Light And Power Company | Pension, SERP and PBOP Non-Service Income Components | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 9,500 | 1,800 | 700 |
The Connecticut Light And Power Company | AFUDC Equity | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 12,200 | 12,100 | 6,300 |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | 12,200 | 12,100 | 6,300 |
The Connecticut Light And Power Company | Equity in Earnings | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 100 | 0 | 100 |
The Connecticut Light And Power Company | Investment Income/(Loss) | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | (3,000) | 4,500 | (1,500) |
The Connecticut Light And Power Company | Interest Income | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 3,700 | 4,600 | 8,600 |
The Connecticut Light And Power Company | Gain on Sale of Property | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 0 | 0 | 0 |
The Connecticut Light And Power Company | Other | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 200 | 0 | 0 |
NSTAR Electric Company | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 53,066 | 34,100 | 21,263 |
NSTAR Electric Company | Pension, SERP and PBOP Non-Service Income Components | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 36,000 | 19,200 | 10,500 |
NSTAR Electric Company | AFUDC Equity | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 15,600 | 10,200 | 10,200 |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | 15,600 | 10,200 | 10,200 |
NSTAR Electric Company | Equity in Earnings | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 700 | 300 | 300 |
NSTAR Electric Company | Investment Income/(Loss) | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | (500) | 2,600 | (300) |
NSTAR Electric Company | Interest Income | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 800 | 1,800 | 600 |
NSTAR Electric Company | Gain on Sale of Property | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 500 | 0 | 0 |
NSTAR Electric Company | Other | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 0 | 0 | 0 |
Public Service Company Of New Hampshire | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 27,672 | 9,805 | 7,563 |
Public Service Company Of New Hampshire | Pension, SERP and PBOP Non-Service Income Components | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 9,900 | 5,900 | 6,200 |
Public Service Company Of New Hampshire | AFUDC Equity | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 0 | 0 | 300 |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | 0 | 0 | 300 |
Public Service Company Of New Hampshire | Equity in Earnings | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 0 | 0 | 0 |
Public Service Company Of New Hampshire | Investment Income/(Loss) | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | (800) | 1,600 | (700) |
Public Service Company Of New Hampshire | Interest Income | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 14,100 | 2,200 | 1,800 |
Public Service Company Of New Hampshire | Gain on Sale of Property | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 4,400 | 0 | 0 |
Public Service Company Of New Hampshire | Other | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | $ 100 | $ 100 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of Accounting Policies [Line Items] | |||
Excise and sales taxes | $ 161.9 | $ 157.4 | $ 162.7 |
Tax remittance to state for energy efficiency funds | 46.8 | 25.4 | |
The Connecticut Light And Power Company | |||
Summary of Accounting Policies [Line Items] | |||
Excise and sales taxes | $ 141.4 | $ 137.5 | $ 145.2 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Supplemental Cash Flow [Line Items] | |||||
Cash and Cash Equivalents | $ 108,068 | $ 108,068 | $ 38,165 | ||
Cash Paid/(Received) During the Year for: | |||||
Interest, Net of Amounts Capitalized | 503,200 | 419,100 | $ 398,100 | ||
Income Taxes | 158,800 | 30,800 | (135,500) | ||
Non-Cash Investing Activities: | |||||
Plant Additions Included in Accounts Payable (As of) | 435,900 | 379,500 | 301,500 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 209,324 | 209,324 | 85,890 | 106,750 | $ 67,996 |
DOE settlement payment | 145,000 | (145,000) | 0 | 59,804 | |
The Connecticut Light And Power Company | |||||
Schedule of Supplemental Cash Flow [Line Items] | |||||
Cash and Cash Equivalents | 87,721 | 87,721 | 6,028 | ||
Cash Paid/(Received) During the Year for: | |||||
Interest, Net of Amounts Capitalized | 149,700 | 144,600 | 143,300 | ||
Income Taxes | 66,100 | 68,800 | (73,900) | ||
Non-Cash Investing Activities: | |||||
Plant Additions Included in Accounts Payable (As of) | 106,100 | 132,500 | 116,200 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 91,613 | 91,613 | 9,619 | 8,403 | 2,205 |
NSTAR Electric Company | |||||
Schedule of Supplemental Cash Flow [Line Items] | |||||
Cash and Cash Equivalents | 1,606 | 1,606 | 1,763 | ||
Cash Paid/(Received) During the Year for: | |||||
Interest, Net of Amounts Capitalized | 122,100 | 124,600 | 112,900 | ||
Income Taxes | 120,000 | 95,500 | 66,000 | ||
Non-Cash Investing Activities: | |||||
Plant Additions Included in Accounts Payable (As of) | 116,500 | 116,500 | 87,000 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 14,659 | 14,659 | 14,708 | 15,507 | 12,821 |
Public Service Company Of New Hampshire | |||||
Schedule of Supplemental Cash Flow [Line Items] | |||||
Cash and Cash Equivalents | 1,439 | 1,439 | 900 | ||
Cash Paid/(Received) During the Year for: | |||||
Interest, Net of Amounts Capitalized | 40,500 | 45,900 | 46,500 | ||
Income Taxes | 27,300 | 26,100 | (36,000) | ||
Non-Cash Investing Activities: | |||||
Plant Additions Included in Accounts Payable (As of) | 81,700 | 44,400 | 37,900 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 52,723 | 52,723 | 2,191 | $ 5,953 | $ 4,088 |
Prepaid Expenses and Other Current Assets | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 72,100 | 72,100 | 24,400 | ||
Prepaid Expenses and Other Current Assets | The Connecticut Light And Power Company | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 3,500 | 3,500 | 3,100 | ||
Prepaid Expenses and Other Current Assets | NSTAR Electric Company | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 13,000 | 13,000 | 12,800 | ||
Marketable Securities | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 25,900 | 25,900 | 23,300 | ||
Marketable Securities | The Connecticut Light And Power Company | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 400 | 400 | 500 | ||
Marketable Securities | NSTAR Electric Company | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 100 | 100 | 100 | ||
Marketable Securities | Public Service Company Of New Hampshire | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 600 | 600 | 800 | ||
Other Noncurrent Assets | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 3,200 | 3,200 | 0 | ||
Other Noncurrent Assets | The Connecticut Light And Power Company | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | 0 | 0 | 0 | ||
Other Noncurrent Assets | NSTAR Electric Company | |||||
Non-Cash Investing Activities: | |||||
Restricted Cash and Cash Equivalents | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | $ 108,068 | $ 38,165 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 209,324 | 85,890 | $ 106,750 | $ 67,996 |
The Connecticut Light And Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | 87,721 | 6,028 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 91,613 | 9,619 | 8,403 | 2,205 |
NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | 1,606 | 1,763 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 14,659 | 14,708 | 15,507 | 12,821 |
Public Service Company Of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | 1,439 | 900 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 52,723 | 2,191 | 5,953 | $ 4,088 |
Prepaid Expenses and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 72,100 | 24,400 | ||
Prepaid Expenses and Other Current Assets | The Connecticut Light And Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 3,500 | 3,100 | ||
Prepaid Expenses and Other Current Assets | NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 13,000 | 12,800 | ||
Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 25,900 | 23,300 | ||
Marketable Securities | The Connecticut Light And Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 400 | 500 | ||
Marketable Securities | NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 100 | 100 | ||
Marketable Securities | Public Service Company Of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 600 | 800 | ||
Other Noncurrent Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 3,200 | 0 | ||
Other Noncurrent Assets | The Connecticut Light And Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 0 | 0 | ||
Other Noncurrent Assets | NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 0 | 0 | ||
Variable Interest Entity, Primary Beneficiary | Prepaid Expenses and Other Current Assets | Public Service Company Of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | 47,500 | 500 | ||
Variable Interest Entity, Primary Beneficiary | Other Noncurrent Assets | Public Service Company Of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 3,200 | 0 | ||
Accounting Standards Update 2016-18 | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 28,800 | $ 32,400 |
REGULATORY ACCOUNTING - Compone
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 5,145,900 | $ 5,239,300 |
Less: Current Portion | 514,779 | 741,868 |
Total Long-Term Regulatory Assets | 4,631,137 | 4,497,447 |
Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,914,800 | 2,068,800 |
Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 728,600 | 768,900 |
Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 608,400 | 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 | 576,000 | 404,800 |
Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 316,000 | 509,900 |
Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 356,500 | 367,200 |
Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 348,400 | 365,200 |
Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 89,200 | 101,000 |
Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 208,000 | 137,400 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,630,700 | 1,645,200 |
Less: Current Portion | 125,155 | 200,281 |
Total Long-Term Regulatory Assets | 1,505,488 | 1,444,935 |
The Connecticut Light And Power Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 424,700 | 469,200 |
The Connecticut Light And Power Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 454,400 | 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 | 302,600 | 216,700 |
The Connecticut Light And Power Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 33,200 | 85,300 |
The Connecticut Light And Power Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 356,500 | 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 | 32,300 | 30,300 |
The Connecticut Light And Power Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 27,000 | 27,600 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,438,200 | 1,524,500 |
Less: Current Portion | 241,747 | 333,882 |
Total Long-Term Regulatory Assets | 1,196,512 | 1,190,575 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 544,400 | 560,700 |
NSTAR Electric Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 105,900 | 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 | 212,900 | 146,600 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 169,100 | 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 | 299,100 | 313,600 |
NSTAR Electric Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 42,200 | 39,000 |
NSTAR Electric Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 64,600 | 78,400 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 929,500 | 940,800 |
Less: Current Portion | 67,228 | 130,134 |
Total Long-Term Regulatory Assets | 862,288 | 810,677 |
Public Service Company Of New Hampshire | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 169,600 | 212,300 |
Public Service Company Of New Hampshire | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 8,300 | 21,700 |
Public Service Company Of New Hampshire | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 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 | 60,500 | 41,500 |
Public Service Company Of New Hampshire | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 67,300 | 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 | $ 12,100 | $ 15,800 |
REGULATORY ACCOUNTING - Narrati
REGULATORY ACCOUNTING - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 17, 2018 | May 08, 2018 | |
Regulatory Assets [Line Items] | ||||||
Deferred storm restoration costs | $ 5,145,900 | $ 5,239,300 | ||||
Other Income, Net | 128,366 | 107,913 | $ 64,505 | |||
Deferred Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Deferred storm restoration costs | 266,000 | |||||
Public Service Company Of New Hampshire | ||||||
Regulatory Assets [Line Items] | ||||||
Deferred storm restoration costs | 929,500 | 940,800 | ||||
Amount Of Recovery Approved In Storm Restoration Costs | $ 49,000 | |||||
Other Income, Net | 27,672 | 9,805 | 7,563 | |||
Public Service Company Of New Hampshire | Deferred Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Deferred storm restoration costs | 24,000 | |||||
Other Income, Net | $ 8,700 | |||||
The Connecticut Light And Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Deferred storm restoration costs | 1,630,700 | 1,645,200 | ||||
Other Income, Net | 22,663 | 22,991 | 14,238 | |||
The Connecticut Light And Power Company | Deferred Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Deferred storm restoration costs | 148,000 | |||||
NSTAR Electric Company | ||||||
Regulatory Assets [Line Items] | ||||||
Deferred storm restoration costs | 1,438,200 | 1,524,500 | ||||
Other Income, Net | 53,066 | $ 34,100 | $ 21,263 | |||
NSTAR Electric Company | Deferred Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Deferred storm restoration costs | $ 94,000 | |||||
Rate Reduction Bonds | Public Service Company Of New Hampshire | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of securitized rate reduction bonds issued | $ 635,700 |
REGULATORY ACCOUNTING REGULATOR
REGULATORY ACCOUNTING REGULATORY ACCOUNTING - Regulatory Costs in Long-Term Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Amount of Regulatory Costs Not yet Approved | $ 122.9 | $ 105.8 |
The Connecticut Light And Power Company | ||
Amount of Regulatory Costs Not yet Approved | 42.1 | 18.2 |
NSTAR Electric Company | ||
Amount of Regulatory Costs Not yet Approved | 49.3 | 42.7 |
Public Service Company Of New Hampshire | ||
Amount of Regulatory Costs Not yet Approved | $ 12.2 | $ 27.2 |
REGULATORY ACCOUNTING - Equity
REGULATORY ACCOUNTING - Equity Return on Regulatory Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Equity return not recorded on the balance sheet | $ 0.7 | $ 1 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Equity return not recorded on the balance sheet | $ 12 | 42 |
Clean Air Project | Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Equity return not recorded on the balance sheet | $ 25 |
REGULATORY ACCOUNTING - Compo_2
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 3,979,700 | $ 3,765,400 |
Less: Current Portion | 370,230 | 128,071 |
Total Long-Term Regulatory Liabilities | $ 3,609,475 | 3,637,273 |
Amount of regulated EDIT liabilities, percentage | 85.00% | |
Excess ADIT due to tax Cuts and Jobs Act [Member] | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 2,883,000 | 2,882,000 |
Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 521,000 | 502,100 |
Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 91,200 | 132,300 |
Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 309,000 | 136,700 |
AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 70,700 | 67,100 |
Revenue Subject to Refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 24,600 | 0 |
Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 80,200 | 45,200 |
The Connecticut Light And Power Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,231,800 | 1,151,100 |
Less: Current Portion | 109,614 | 38,967 |
Total Long-Term Regulatory Liabilities | 1,122,157 | 1,112,136 |
The Connecticut Light And Power Company | Excess ADIT due to tax Cuts and Jobs Act [Member] | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,031,000 | 1,031,600 |
The Connecticut Light And Power Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 39,900 | 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 | 89,500 | 34,600 |
The Connecticut Light And Power Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 47,400 | 48,800 |
The Connecticut Light And Power Company | Revenue Subject to Refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
The Connecticut Light And Power Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 24,000 | 12,900 |
NSTAR Electric Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,703,900 | 1,594,100 |
Less: Current Portion | 190,620 | 79,562 |
Total Long-Term Regulatory Liabilities | 1,513,279 | 1,514,451 |
NSTAR Electric Company | Excess ADIT due to tax Cuts and Jobs Act [Member] | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,103,700 | 1,087,900 |
NSTAR Electric Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 307,100 | 293,800 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 76,900 | 112,600 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 163,700 | 77,800 |
NSTAR Electric Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 23,300 | 18,300 |
NSTAR Electric Company | Revenue Subject to Refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
NSTAR Electric Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 29,200 | 3,700 |
Public Service Company Of New Hampshire | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 483,600 | 450,700 |
Less: Current Portion | 55,526 | 6,251 |
Total Long-Term Regulatory Liabilities | 428,069 | 444,397 |
Public Service Company Of New Hampshire | Excess ADIT due to tax Cuts and Jobs Act [Member] | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 396,400 | 405,100 |
Public Service Company Of New Hampshire | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 22,100 | 37,900 |
Public Service Company Of New Hampshire | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
Public Service Company Of New Hampshire | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 48,300 | 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 [Member] | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 12,600 | 0 |
Public Service Company Of New Hampshire | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 4,200 | $ 2,700 |
Minimum | ||
Regulatory Liabilities [Line Items] | ||
Estimated useful lives | 35 |
REGULATORY ACCOUNTING - FERC RO
REGULATORY ACCOUNTING - FERC ROE Complaints (Details) - FERC ROE First and Second Complaints $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Regulatory Assets [Line Items] | |
Cumulative pre-tax reserves which include impact of refunds given to customers | $ 39.1 |
The Connecticut Light And Power Company | |
Regulatory Assets [Line Items] | |
Cumulative pre-tax reserves which include impact of refunds given to customers | 21.4 |
NSTAR Electric Company | |
Regulatory Assets [Line Items] | |
Cumulative pre-tax reserves which include impact of refunds given to customers | 14.6 |
Public Service Company Of New Hampshire | |
Regulatory Assets [Line Items] | |
Cumulative pre-tax reserves which include impact of refunds given to customers | $ 3.1 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Investment in Utility Property, Plant and Equipment By Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | $ 15,071,100 | $ 14,410,500 |
Distribution - Natural Gas | 3,546,200 | 3,244,200 |
Transmission - Electric | 10,153,900 | 9,270,900 |
Distribution - Water | 1,639,800 | 1,558,400 |
Solar | 164,100 | 36,200 |
Utility | 30,575,100 | 28,520,200 |
Other Assets | 778,600 | 693,700 |
Property, Plant and Equipment, Gross | 31,353,700 | 29,213,900 |
Less: Accumulated Depreciation | ||
Utility | (7,126,200) | (6,846,900) |
Other | (336,700) | (286,900) |
Total Accumulated Depreciation | (7,462,900) | (7,133,800) |
Property, Plant and Equipment, Net | 23,890,800 | 22,080,100 |
Construction Work in Progress | 1,719,600 | 1,537,400 |
Total Property, Plant and Equipment, Net | 25,610,428 | 23,617,463 |
The Connecticut Light And Power Company | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 6,176,400 | 5,888,300 |
Transmission - Electric | 4,700,500 | 4,239,900 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 10,876,900 | 10,128,200 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,302,600) | (2,239,000) |
Property, Plant and Equipment, Net | 8,574,300 | 7,889,200 |
Construction Work in Progress | 335,400 | 381,800 |
Total Property, Plant and Equipment, Net | 8,909,701 | 8,271,030 |
NSTAR Electric Company | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 6,756,400 | 6,479,000 |
Transmission - Electric | 4,065,900 | 3,821,200 |
Solar | 164,100 | 36,200 |
Property, Plant and Equipment, Gross | 10,986,400 | 10,336,400 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,702,000) | (2,550,200) |
Property, Plant and Equipment, Net | 8,284,400 | 7,786,200 |
Construction Work in Progress | 510,300 | 460,300 |
Total Property, Plant and Equipment, Net | 8,794,700 | 8,246,494 |
Public Service Company Of New Hampshire | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 2,178,600 | 2,083,400 |
Transmission - Electric | 1,338,700 | 1,161,300 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 3,517,300 | 3,244,700 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (772,900) | (751,800) |
Property, Plant and Equipment, Net | 2,744,400 | 2,492,900 |
Construction Work in Progress | 135,700 | 149,400 |
Total Property, Plant and Equipment, Net | $ 2,880,073 | $ 2,642,274 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Schedule of Aggregate Composite Depreciation Rates (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 2.90% | 3.00% | 3.00% |
The Connecticut Light And Power Company | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 2.80% | 2.80% | 2.70% |
NSTAR Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 2.80% | 2.90% | 2.90% |
Public Service Company Of New Hampshire | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 2.80% | 3.10% | 3.10% |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Schedule of Average Remaining Useful Lives of Depreciable Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 34 years 1 month 6 days | |
Distribution - Natural Gas | 43 years 9 months 18 days | |
Distribution - Natural Gas | $ 3,546.2 | $ 3,244.2 |
Transmission - Electric | 41 years 3 months 18 days | |
Distribution - Water | 33 years 3 months 18 days | |
Solar | 24 years 10 months 24 days | |
Other | 12 years 10 months 24 days | |
The Connecticut Light And Power Company | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 35 years 4 months 24 days | |
Transmission - Electric | 38 years | |
NSTAR Electric Company | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 33 years 8 months 24 days | |
Transmission - Electric | 45 years 3 months 18 days | |
Solar | 24 years 10 months 24 days | |
Public Service Company Of New Hampshire | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 32 years 3 months 18 days | |
Transmission - Electric | 42 years 10 months 24 days |
DERIVATIVE INSTRUMENTS - Schedu
DERIVATIVE INSTRUMENTS - Schedule of Gross Fair Value of Contracts (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 2 | Current Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | $ 1.5 | $ 0 |
Netting | (0.9) | 0 |
Net Amount Recorded as a Derivative | 0.6 | 0 |
Fair Value, Inputs, Level 2 | Current Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | 0 | (4.5) |
Netting (1) | 0 | 0 |
Net Amount Recorded as a Derivative | 0 | (4.5) |
Fair Value, Inputs, Level 2 | Long-Term Derivative Liabilities: | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | 0 | (0.4) |
Netting (1) | 0 | 0 |
Net Amount Recorded as a Derivative | 0 | (0.4) |
The Connecticut Light And Power Company | Fair Value, Inputs, Level 3 | Current Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | 9.6 | 9.5 |
Netting | (3.4) | (7.1) |
Net Amount Recorded as a Derivative | 6.2 | 2.4 |
The Connecticut Light And Power Company | Fair Value, Inputs, Level 3 | Long-Term Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | 74.2 | 71.9 |
Netting | (2.3) | (5.3) |
Net Amount Recorded as a Derivative | 71.9 | 66.6 |
The Connecticut Light And Power Company | Fair Value, Inputs, Level 3 | Current Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (55.1) | (54.4) |
Netting (1) | 0 | 0 |
Net Amount Recorded as a Derivative | (55.1) | (54.4) |
The Connecticut Light And Power Company | Fair Value, Inputs, Level 3 | Long-Term Derivative Liabilities: | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (379.5) | (376.9) |
Netting (1) | 0 | 0 |
Net Amount Recorded as a Derivative | $ (379.5) | $ (376.9) |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative Contracts at Fair Value (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)MMBTUMWhMW | Dec. 31, 2017USD ($)MMBTU | Dec. 31, 2016USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company (as a percentage) | 20.00% | ||
Amount of power to be purchased under capacity-related contract (up to for 35 mw) (in mw) | MW | 787 | ||
Amount of natural gas to be purchased under futures contracts (in MMBtu) | MMBTU | 12.5 | 9.5 | |
Loss deferred as regulatory costs | $ | $ 25 | $ 29 | $ 125.5 |
The Connecticut Light And Power Company | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of costs or benefits borne under capacity-related contracts (as a percentage) | 80.00% | ||
Amount of energy to be purchased under renewable energy contract (in mwh) | MWh | 0.1 |
DERIVATIVE INSTRUMENTS - Unobse
DERIVATIVE INSTRUMENTS - Unobservable Inputs Utilized (Details) - Fair Value, Inputs, Level 3 - $ / KWmo | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Percentage of Exit Price Premiums | 4.20% | |
The Connecticut Light And Power Company | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USDPerKiloWattMonth) | 4.30 | 5 |
Forward Reserve (in USDPerKiloWattMonth) | 0.75 | 1 |
Percentage of Exit Price Premiums | 15.70% | |
The Connecticut Light And Power Company | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USDPerKiloWattMonth) | 7.44 | 8.70 |
Forward Reserve (in USDPerKiloWattMonth) | 1.78 | 2 |
DERIVATIVE INSTRUMENTS - Variat
DERIVATIVE INSTRUMENTS - Variations Using Significant unobservable Inputs (Details) - Fair Value, Inputs, Level 3 - The Connecticut Light And Power Company - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ (362.3) | $ (420.5) |
Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities | (32) | (9.5) |
Settlements | 37.8 | 67.7 |
Ending balance | $ (356.5) | $ (362.3) |
MARKETABLE SECURITIES - Equity
MARKETABLE SECURITIES - Equity Securities (Details) - USD ($) $ in Millions | 1 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||
Payment to DOE | $ 145 | |
Equity securities | 44 | |
Available-for-sale Securities, Equity Securities | $ 52.5 | |
Amortized Cost | 190 | 284.9 |
Pre-Tax Unrealized Gains | 0.4 | 3.2 |
Pre-Tax Unrealized Losses | (4) | (1.1) |
Fair Value | 186.4 | 287 |
Equity Securities | YAEC | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities held in nuclear decommissioning trusts | 200 | 261.3 |
Debt Securities | YAEC | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities held in nuclear decommissioning trusts | $ 143.9 | $ 242.3 |
MARKETABLE SECURITIES - Contrac
MARKETABLE SECURITIES - Contractual Maturity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Available-for-sale, Realized Gain | $ 9.8 | |
Amortized Cost | ||
Less than one year | $ 30.5 | |
One to five years | 29.2 | |
Six to ten years | 43.6 | |
Greater than ten years | 86.7 | |
Amortized Cost | 284.9 | 190 |
Fair Value | ||
Less than one year | 30.3 | |
One to five years | 28.9 | |
Six to ten years | 42.9 | |
Greater than ten years | 84.3 | |
Total Debt Securities | $ 287 | $ 186.4 |
MARKETABLE SECURITIES - Fair Va
MARKETABLE SECURITIES - Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | $ 430.4 | $ 600.8 |
Fair Value, Inputs, Level 1 | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 269.9 | 337.1 |
Fair Value, Inputs, Level 1 | Mutual Funds and Equities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 244 | 313.8 |
Fair Value, Inputs, Level 1 | Money Market Funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 25.9 | 23.3 |
Fair Value, Inputs, Level 2 | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 160.5 | 263.7 |
Fair Value, Inputs, Level 2 | U.S. Government Issued Debt Securities (Agency and Treasury) | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 79.6 | 70.2 |
Fair Value, Inputs, Level 2 | Corporate Debt Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 39.5 | 50.9 |
Fair Value, Inputs, Level 2 | Asset-Backed Debt Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 14 | 21.2 |
Fair Value, Inputs, Level 2 | Municipal Bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 19.2 | 110.7 |
Fair Value, Inputs, Level 2 | Other Fixed Income Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | $ 8.2 | $ 10.7 |
ASSET RETIREMENT OBLIGATIONS -
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation | $ 466.2 | $ 419.1 | $ 426.4 |
CYAPC and YAEC | |||
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation | $ 339.9 | $ 301.5 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS - Schedule of Reconciliation of Beginning and Ending Balance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | $ 419.1 | $ 426.4 |
Liabilities Incurred During the Year | 11.3 | 0.2 |
Liabilities Settled During the Year | (36.6) | (19.3) |
Accretion | 25.5 | 26.3 |
Revisions in Estimated Cash Flows | 46.9 | (14.5) |
Balance as of End of Year | 466.2 | 419.1 |
The Connecticut Light And Power Company | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 31.5 | 36 |
Liabilities Incurred During the Year | 0 | 0.1 |
Liabilities Settled During the Year | 0 | (1) |
Accretion | 2 | 2.3 |
Revisions in Estimated Cash Flows | 0 | (5.9) |
Balance as of End of Year | 33.5 | 31.5 |
NSTAR Electric Company | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 44.6 | 42.6 |
Liabilities Incurred During the Year | 11.3 | 0.1 |
Liabilities Settled During the Year | 0 | (0.2) |
Accretion | 2.2 | 2.1 |
Revisions in Estimated Cash Flows | 14.3 | 0 |
Balance as of End of Year | 72.4 | 44.6 |
Public Service Company Of New Hampshire | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 25 | 23.5 |
Liabilities Incurred During the Year | 0 | 0 |
Liabilities Settled During the Year | (21.5) | 0 |
Accretion | 0.5 | 1.5 |
Revisions in Estimated Cash Flows | 0 | 0 |
Balance as of End of Year | $ 4 | $ 25 |
SHORT-TERM DEBT - Narrative (De
SHORT-TERM DEBT - Narrative (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Aug. 01, 2018 | Jan. 08, 2018 | Dec. 08, 2017 | Nov. 30, 2017 | Nov. 03, 2016 | |
Short-term Debt [Line Items] | |||||||
Amount of debt authorized | $ 800,000,000 | ||||||
Commercial Paper | |||||||
Short-term Debt [Line Items] | |||||||
Amount of commercial paper program | $ 0 | $ 201,200,000 | |||||
Line of Credit | |||||||
Short-term Debt [Line Items] | |||||||
Amount outstanding during period | 0 | 0 | |||||
Eversource | Commercial Paper | |||||||
Short-term Debt [Line Items] | |||||||
Amount of commercial paper program | 1,450,000,000 | $ 201,200,000 | $ 1,450,000,000 | ||||
Eversource | Line of Credit | |||||||
Short-term Debt [Line Items] | |||||||
Amount of commercial paper program | $ 1,450,000,000 | ||||||
Debt instrument term | 5 years | ||||||
The Connecticut Light And Power Company | |||||||
Short-term Debt [Line Items] | |||||||
Short-term borrowing limit approved by regulatory agency | $ 600,000,000 | ||||||
Notes payable to related parties | $ 0 | 69,500,000 | |||||
NSTAR Electric Company | |||||||
Short-term Debt [Line Items] | |||||||
Short-term borrowing limit approved by regulatory agency | $ 655,000,000 | ||||||
Amount of debt authorized | $ 200,000,000 | ||||||
NSTAR Electric Company | Commercial Paper | |||||||
Short-term Debt [Line Items] | |||||||
Amount of commercial paper program | 650,000,000 | ||||||
NSTAR Electric Company | Line of Credit | |||||||
Short-term Debt [Line Items] | |||||||
Amount of commercial paper program | $ 650,000,000 | ||||||
Debt instrument term | 5 years | ||||||
NPT | |||||||
Short-term Debt [Line Items] | |||||||
Amount of debt authorized | $ 800,000,000 | ||||||
Public Service Company Of New Hampshire | |||||||
Short-term Debt [Line Items] | |||||||
Short-term borrowing limit approved by regulatory agency | $ 331,000,000 | ||||||
Notes payable to related parties | $ 57,000,000 | 262,900,000 | |||||
Public Service Company Of New Hampshire | Short Term Debt Authorization Calculation | |||||||
Short-term Debt [Line Items] | |||||||
Interest rate stated percentage (up to) (as a percentage) | 10.00% | ||||||
Short-term debt borrowing calculation approved by regulatory agency | $ 60,000,000 | ||||||
Aquarion | Line of Credit | |||||||
Short-term Debt [Line Items] | |||||||
Amount of commercial paper program | $ 100,000,000 | ||||||
Short-term Debt | $ 76,000,000 | ||||||
Unsecured Debt | The Connecticut Light And Power Company | |||||||
Short-term Debt [Line Items] | |||||||
Period of maturity restricting provisions of debt | 10 years | ||||||
Total capitalization (as a percentage) | 10.00% | ||||||
Capacity available under preferred stock provisions | $ 758,100,000 |
SHORT-TERM DEBT - Schedule of D
SHORT-TERM DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||
Notes Payable | $ 910,000 | $ 1,088,087 |
Parent Company | ||
Line of Credit Facility [Line Items] | ||
Notes Payable | 631,500 | 778,087 |
Commercial Paper | Parent Company | ||
Line of Credit Facility [Line Items] | ||
Notes Payable | 631,500 | 979,300 |
Available Borrowing Capacity | $ 818,500 | $ 470,700 |
Weighted-Average discount (as a percentage) | 2.77% | 1.86% |
Commercial Paper | NSTAR Electric Company | ||
Line of Credit Facility [Line Items] | ||
Notes Payable | $ 278,500 | $ 234,000 |
Available Borrowing Capacity | $ 371,500 | $ 416,000 |
Weighted-Average discount (as a percentage) | 2.50% | 1.55% |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | Jan. 31, 2018USD ($)issuance | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 01, 2018USD ($) | Jan. 08, 2018USD ($) | Dec. 08, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||||
Repayments of Long-term Debt | $ 1,050,330,000 | $ 745,000,000 | $ 200,000,000 | |||||
Current portion of long-term debt | $ 837,319,000 | 837,319,000 | 549,631,000 | |||||
Amount of debt authorized | $ 800,000,000 | |||||||
Long-term debt outstanding | 12,248,743,000 | 12,248,743,000 | 11,775,889,000 | |||||
Payment to DOE | 145,000,000 | |||||||
Interest included in payment to settle spent nuclear fuel obligation | 29,000,000 | 29,000,000 | 132,600,000 | |||||
The Connecticut Light And Power Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Long-term Debt | 300,000,000 | 250,000,000 | 0 | |||||
Current portion of long-term debt | 250,000,000 | 250,000,000 | 300,000,000 | |||||
Long-term debt outstanding | 3,004,016,000 | 3,004,016,000 | 2,759,135,000 | |||||
NSTAR Electric Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Long-term Debt | 0 | 400,000,000 | 200,000,000 | |||||
Amount of debt authorized | $ 200,000,000 | |||||||
Long-term debt outstanding | 2,944,846,000 | 2,944,846,000 | 2,943,759,000 | |||||
Public Service Company Of New Hampshire | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Long-term Debt | 199,250,000 | 70,000,000 | 0 | |||||
Current portion of long-term debt | 150,000,000 | 150,000,000 | 110,000,000 | |||||
Long-term debt outstanding | 655,173,000 | 655,173,000 | 892,438,000 | |||||
Parent Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Long-term Debt | 450,000,000 | 0 | $ 0 | |||||
Current portion of long-term debt | 378,883,000 | 378,883,000 | 32,114,000 | |||||
Long-term debt outstanding | 4,031,997,000 | 4,031,997,000 | 3,523,472,000 | |||||
Commercial Paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of commercial paper program | 0 | 0 | 201,200,000 | |||||
Commercial Paper | NSTAR Electric Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of commercial paper program | 650,000,000 | 650,000,000 | ||||||
Commercial Paper | Parent Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt | $ 446,800,000 | |||||||
Number of Debt Issuances | issuance | 2 | |||||||
Amount of commercial paper program | 1,450,000,000 | 1,450,000,000 | $ 201,200,000 | $ 1,450,000,000 | ||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 12,248,700,000 | 12,248,700,000 | 11,775,900,000 | |||||
Senior Notes | NSTAR Electric Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt outstanding | 565,000,000 | 565,000,000 | 565,000,000 | |||||
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt outstanding | $ 39,500,000 | $ 39,500,000 | $ 181,400,000 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) | Dec. 31, 2018 | Oct. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Jan. 31, 2018 | Jan. 08, 2018 | Dec. 31, 2017 | Dec. 08, 2017 | Jan. 31, 2015 | May 31, 2013 | May 31, 2008 |
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | $ 12,248,743,000 | $ 11,775,889,000 | |||||||||
Less Amounts due Within One Year | $ (837,319,000) | (549,631,000) | |||||||||
Eversource Parent 2.50% Series I Senior Notes (2) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 2.50% | ||||||||||
Eversource Parent 3.30% Series M Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.30% | ||||||||||
Eversource Parent 3.80% Series N Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.80% | ||||||||||
Eversource Parent 4.25% Series O Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.25% | ||||||||||
Eversource Parent 1.60% Series G Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 1.60% | ||||||||||
Eversource Parent 1.45% Series E Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 1.45% | ||||||||||
First Mortgage Notes | Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2019 - 2048 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | $ 470,000,000 | 520,000,000 | |||||||||
First Mortgage Notes | NSTAR Gas - First Mortgage Bonds: 4.09% - 9.950% due 2020 - 2048 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 385,000,000 | 285,000,000 | |||||||||
Unsecured Debt | 4.500% Debentures due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 350,000,000 | 350,000,000 | |||||||||
Unsecured Debt | 2.500% - 4.250% Senior Notes due 2021 - 2029 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 4,360,000,000 | 3,260,000,000 | |||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized Premiums and Discounts, Net | 4,200,000 | (1,500,000) | |||||||||
Unamortized Debt Issuance Costs | (23,200,000) | (12,800,000) | |||||||||
Long-term debt | 12,248,700,000 | 11,775,900,000 | |||||||||
Loans Payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Less Amounts due Within One Year | (401,100,000) | (104,200,000) | |||||||||
Loans Payable | Unsecured Notes 3.570% - 6.430% due 2021 - 2037 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 289,500,000 | 290,900,000 | |||||||||
Loans Payable | Secured Debt 4.100% - 9.640% due 2021 - 2035 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 70,700,000 | 70,400,000 | |||||||||
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 39,500,000 | 181,400,000 | |||||||||
Fair Value Adjustment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 144,700,000 | 172,600,000 | |||||||||
Fair Value Adjustment - Current Portion | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | (36,200,000) | (35,400,000) | |||||||||
Total Other Long-Term Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 5,644,700,000 | 5,180,600,000 | |||||||||
The Connecticut Light And Power Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 3,004,016,000 | 2,759,135,000 | |||||||||
Less Amounts due Within One Year | (250,000,000) | (300,000,000) | |||||||||
The Connecticut Light And Power Company | 5.650% 2008 Series A due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.65% | ||||||||||
The Connecticut Light And Power Company | 4.000% 2018 Series A due 2048 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.00% | ||||||||||
The Connecticut Light And Power Company | 4.375% Fixed Rate Tax Exempt due 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 120,500,000 | 120,500,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 3,144,800,000 | 2,944,800,000 | |||||||||
Unamortized Premiums and Discounts, Net | 10,200,000 | 11,500,000 | |||||||||
Unamortized Debt Issuance Costs | (21,500,000) | (17,700,000) | |||||||||
Long-term debt | $ 3,004,000,000 | 2,759,100,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 7.875% 1994 Series D due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 7.875% | ||||||||||
Long-Term Debt | $ 139,800,000 | 139,800,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.750% 2004 Series B due 2034 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.75% | ||||||||||
Long-Term Debt | $ 130,000,000 | 130,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.625% 2005 Series B due 2035 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.625% | ||||||||||
Long-Term Debt | $ 100,000,000 | 100,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 6.350% 2006 Series A due 2036 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 6.35% | ||||||||||
Long-Term Debt | $ 250,000,000 | 250,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.750% 2007 Series B due 2037 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.75% | ||||||||||
Long-Term Debt | $ 150,000,000 | 150,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 6.375% 2007 Series D due 2037 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 6.375% | ||||||||||
Long-Term Debt | $ 100,000,000 | 100,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.650% 2008 Series A due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.65% | ||||||||||
Long-Term Debt | $ 0 | 300,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.500% 2009 Series A due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.50% | ||||||||||
Long-Term Debt | $ 250,000,000 | 250,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 2.500% 2013 Series A due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 2.50% | ||||||||||
Long-Term Debt | $ 400,000,000 | 400,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 4.300% 2014 Series A due 2044 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.30% | ||||||||||
Long-Term Debt | $ 475,000,000 | 475,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 4.150% 2015 Series A due 2045 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.15% | ||||||||||
Long-Term Debt | $ 350,000,000 | 350,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 3.200% 2017 Series A due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.20% | ||||||||||
Long-Term Debt | $ 300,000,000 | 300,000,000 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 2018 Series A First Mortgage Bonds Due 2048 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | $ 500,000,000 | 0 | |||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 4.000% 2018 Series A due 2048 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.00% | ||||||||||
The Connecticut Light And Power Company | First Mortgage Notes | 4.375% Fixed Rate Tax Exempt due 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.375% | ||||||||||
NSTAR Electric Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | $ 2,944,846,000 | 2,943,759,000 | |||||||||
NSTAR Electric Company | NSTAR Gas 4.09% Series P First Mortgage Bonds | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.09% | ||||||||||
NSTAR Electric Company | Unsecured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 2,400,000,000 | 2,400,000,000 | |||||||||
Less Amounts due Within One Year | 0 | 0 | |||||||||
Unamortized Premiums and Discounts, Net | 2,500,000 | 1,800,000 | |||||||||
Unamortized Debt Issuance Costs | (17,700,000) | (19,400,000) | |||||||||
Long-term debt | $ 2,944,800,000 | 2,943,800,000 | |||||||||
NSTAR Electric Company | Unsecured Debt | 5.750% due 2036 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.75% | ||||||||||
Long-Term Debt | $ 200,000,000 | 200,000,000 | |||||||||
NSTAR Electric Company | Unsecured Debt | 5.500% due 2040 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.50% | ||||||||||
Long-Term Debt | $ 300,000,000 | 300,000,000 | |||||||||
NSTAR Electric Company | Unsecured Debt | 2.375% due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 2.375% | ||||||||||
Long-Term Debt | $ 400,000,000 | 400,000,000 | |||||||||
NSTAR Electric Company | Unsecured Debt | 4.400% due 2044 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.40% | ||||||||||
Long-Term Debt | $ 300,000,000 | 300,000,000 | |||||||||
NSTAR Electric Company | Unsecured Debt | 3.250% due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.25% | ||||||||||
Long-Term Debt | $ 250,000,000 | 250,000,000 | |||||||||
NSTAR Electric Company | Unsecured Debt | 2.700% due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 2.70% | ||||||||||
Long-Term Debt | $ 250,000,000 | 250,000,000 | |||||||||
NSTAR Electric Company | Unsecured Debt | 3.200% due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.20% | ||||||||||
Long-Term Debt | $ 700,000,000 | 700,000,000 | |||||||||
NSTAR Electric Company | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | $ 565,000,000 | 565,000,000 | |||||||||
NSTAR Electric Company | Senior Notes | 5.900% Senior Notes Series B due 2034 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.90% | ||||||||||
Long-Term Debt | $ 50,000,000 | 50,000,000 | |||||||||
NSTAR Electric Company | Senior Notes | 6.700% Senior Notes Series D due 2037 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 6.70% | ||||||||||
Long-Term Debt | $ 40,000,000 | 40,000,000 | |||||||||
NSTAR Electric Company | Senior Notes | 5.100% Senior Notes Series E due 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.10% | ||||||||||
Long-Term Debt | $ 95,000,000 | 95,000,000 | |||||||||
NSTAR Electric Company | Senior Notes | 3.500% Senior Notes Series F due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.50% | ||||||||||
Long-Term Debt | $ 250,000,000 | 250,000,000 | |||||||||
NSTAR Electric Company | Senior Notes | 3.880% Senior Notes Series G due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.88% | ||||||||||
Long-Term Debt | $ 80,000,000 | 80,000,000 | |||||||||
NSTAR Electric Company | Senior Notes | 2.750% Senior Notes Series H due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 2.75% | ||||||||||
Long-Term Debt | $ 50,000,000 | 50,000,000 | |||||||||
Public Service Company Of New Hampshire | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 655,173,000 | 892,438,000 | |||||||||
Less Amounts due Within One Year | (150,000,000) | (110,000,000) | |||||||||
Public Service Company Of New Hampshire | 6.000% Series O due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 6.00% | ||||||||||
Public Service Company Of New Hampshire | First Mortgage Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 807,000,000 | 917,000,000 | |||||||||
Less Amounts due Within One Year | (150,000,000) | (110,000,000) | |||||||||
Unamortized Premiums and Discounts, Net | 0 | (200,000) | |||||||||
Unamortized Debt Issuance Costs | (1,800,000) | (4,100,000) | |||||||||
Long-term debt | $ 655,200,000 | 892,400,000 | |||||||||
Public Service Company Of New Hampshire | First Mortgage Notes | 5.600% Series M due 2035 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 5.60% | ||||||||||
Long-Term Debt | $ 50,000,000 | 50,000,000 | |||||||||
Public Service Company Of New Hampshire | First Mortgage Notes | 6.000% Series O due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 6.00% | ||||||||||
Long-Term Debt | $ 0 | 110,000,000 | |||||||||
Public Service Company Of New Hampshire | First Mortgage Notes | 4.500% Series P due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.50% | ||||||||||
Long-Term Debt | $ 150,000,000 | 150,000,000 | |||||||||
Public Service Company Of New Hampshire | First Mortgage Notes | 4.050% Series Q due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.05% | ||||||||||
Long-Term Debt | $ 122,000,000 | 122,000,000 | |||||||||
Public Service Company Of New Hampshire | First Mortgage Notes | 3.200% Series R due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.20% | ||||||||||
Long-Term Debt | $ 160,000,000 | 160,000,000 | |||||||||
Public Service Company Of New Hampshire | First Mortgage Notes | 3.500% Series S due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.50% | ||||||||||
Long-Term Debt | $ 325,000,000 | 325,000,000 | |||||||||
Public Service Company Of New Hampshire | First Mortgage Notes | Adjustable Rate Tax Exempt Series A Notes Due 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | 0 | 89,300,000 | |||||||||
Yankee Gas Services Company | Yankee Gas 4.13% Series O First Mortgage Bonds | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.13% | ||||||||||
Yankee Gas Services Company | Yankee Gas 6.90% Series J First Mortgage Bonds | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 6.90% | ||||||||||
Commercial Paper | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commercial Paper Classified as Long-Term Debt | 0 | 201,200,000 | |||||||||
Commercial Paper | NSTAR Electric Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commercial Paper Classified as Long-Term Debt | $ 650,000,000 | ||||||||||
Minimum | First Mortgage Notes | Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2019 - 2048 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.02% | ||||||||||
Minimum | First Mortgage Notes | NSTAR Gas - First Mortgage Bonds: 4.09% - 9.950% due 2020 - 2048 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.35% | ||||||||||
Minimum | Unsecured Debt | 4.500% Debentures due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.50% | ||||||||||
Minimum | Unsecured Debt | 2.500% - 4.250% Senior Notes due 2021 - 2029 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 2.50% | ||||||||||
Minimum | Loans Payable | Unsecured Notes 3.570% - 6.430% due 2021 - 2037 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 3.57% | ||||||||||
Minimum | Loans Payable | Secured Debt 4.100% - 9.640% due 2021 - 2035 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate stated percentage (up to) (as a percentage) | 4.10% | ||||||||||
Parent Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-Term Debt | $ 4,031,997,000 | 3,523,472,000 | |||||||||
Less Amounts due Within One Year | (378,883,000) | $ (32,114,000) | |||||||||
Parent Company | Senior Notes | Eversource Parent 2.50% Series I Senior Notes (2) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 450,000,000 | ||||||||||
Parent Company | Commercial Paper | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Less Amounts due Within One Year | $ (446,800,000) | ||||||||||
Commercial Paper Classified as Long-Term Debt | $ 1,450,000,000 | $ 201,200,000 | $ 1,450,000,000 |
LONG-TERM DEBT - Schedule of Is
LONG-TERM DEBT - Schedule of Issuances and Repayments (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2018 | Oct. 31, 2018 | Jan. 31, 2015 | May 31, 2013 | May 31, 2008 | Dec. 31, 2001 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Mar. 31, 2018 | Jan. 31, 2018 | |
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | $ (1,050,330,000) | $ (745,000,000) | $ (200,000,000) | |||||||||
Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | 12,248,700,000 | 11,775,900,000 | ||||||||||
Senior Notes | Yankee Gas 4.13% Series O First Mortgage Bonds | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instruments, face amount | $ 50,000,000 | |||||||||||
Senior Notes | Yankee Gas 6.90% Series J First Mortgage Bonds | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | $ (100,000,000) | |||||||||||
Senior Notes | NSTAR Gas 4.09% Series P First Mortgage Bonds | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instruments, face amount | $ 100,000,000 | |||||||||||
The Connecticut Light And Power Company | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | (300,000,000) | (250,000,000) | 0 | |||||||||
The Connecticut Light And Power Company | Senior Notes | 2018 Series A First Mortgage Bonds Due 2048 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instruments, face amount | $ 500,000,000 | |||||||||||
The Connecticut Light And Power Company | Senior Notes | 2008 Series A First Mortgage Bonds Due 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | $ (300,000,000) | |||||||||||
Public Service Company Of New Hampshire | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | (199,250,000) | (70,000,000) | 0 | |||||||||
Public Service Company Of New Hampshire | Senior Notes | 2008 Series O First Mortgage Bonds Due 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | $ (89.3) | $ (110,000,000) | $ (89,300,000) | |||||||||
Parent Company | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | (450,000,000) | $ 0 | $ 0 | |||||||||
Parent Company | Senior Notes | Eversource Parent 2.50% Series I Senior Notes (2) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instruments, face amount | 400,000,000 | $ 200,000,000 | ||||||||||
Long-term debt | 450,000,000 | |||||||||||
Parent Company | Senior Notes | Series G Senior Notes Due 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instruments, face amount | $ 500,000,000 | $ 450,000,000 | ||||||||||
Parent Company | Senior Notes | Eversource Parent 1.60% Series G Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | $ (150,000,000) | |||||||||||
Parent Company | Senior Notes | Eversource Parent 1.45% Series E Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Retirements of Long-Term Debt | $ (300,000,000) |
LONG-TERM DEBT - Schedule of _2
LONG-TERM DEBT - Schedule of Long-term Debt Issuances and Repayments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Repayments of debt | $ (1,050,330) | $ (745,000) | $ (200,000) | ||
Eversource Parent 3.30% Series M Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate stated percentage (up to) (as a percentage) | 3.30% | ||||
Eversource Parent 1.60% Series G Senior Notes (5) | |||||
Debt Instrument [Line Items] | |||||
Interest rate stated percentage (up to) (as a percentage) | 1.60% | ||||
The Connecticut Light And Power Company | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | (300,000) | (250,000) | 0 | ||
NSTAR Electric Company | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 0 | (400,000) | (200,000) | ||
NSTAR Electric Company | Unsecured Debt | Unsecured Notes Due 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate stated percentage (up to) (as a percentage) | 3.20% | ||||
Public Service Company Of New Hampshire | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ (199,250) | (70,000) | 0 | ||
Parent Company | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ (450,000) | $ 0 | $ 0 | ||
Parent Company | Senior Notes | Eversource Parent 1.60% Series G Senior Notes (5) | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ (150,000) |
LONG-TERM DEBT - Schedule of _3
LONG-TERM DEBT - Schedule of Long-term Debt Maturities (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 801.1 |
2,020 | 296.1 |
2,021 | 1,033.5 |
2,022 | 1,188.9 |
2,023 | 1,665.2 |
Thereafter | 7,977.7 |
Total | 12,962.5 |
The Connecticut Light And Power Company | |
Debt Instrument [Line Items] | |
2,019 | 250 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
2,023 | 400 |
Thereafter | 2,615.3 |
Total | 3,265.3 |
NSTAR Electric Company | |
Debt Instrument [Line Items] | |
2,019 | 0 |
2,020 | 95 |
2,021 | 250 |
2,022 | 400 |
2,023 | 80 |
Thereafter | 2,140 |
Total | 2,965 |
Public Service Company Of New Hampshire | |
Debt Instrument [Line Items] | |
2,019 | 150 |
2,020 | 0 |
2,021 | 282 |
2,022 | 0 |
2,023 | 325 |
Thereafter | 50 |
Total | $ 807 |
RATE REDUCTION BONDS AND VARI_3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Millions | May 08, 2018USD ($) |
Debt Instrument [Line Items] | |
Weighted average interest rate | 3.66% |
Public Service Company Of New Hampshire | Rate Reduction Bonds | |
Debt Instrument [Line Items] | |
Amount of securitized rate reduction bonds issued | $ 635.7 |
RATE REDUCTION BONDS AND VARI_4
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | $ 5,145,900 | $ 5,239,300 |
Regulatory Liabilities | 3,609,475 | 3,637,273 |
Accrued Interest (included in Other Current Liabilities) | 823,006 | 738,222 |
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] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 608,400 | 0 |
Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 208,000 | 137,400 |
Public Service Company Of New Hampshire | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 929,500 | 940,800 |
Regulatory Liabilities | 428,069 | 444,397 |
Accrued Interest (included in Other Current Liabilities) | 64,046 | 67,924 |
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] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 0 | |
Public Service Company Of New Hampshire | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 12,100 | 15,800 |
Variable Interest Entity, Primary Beneficiary | Public Service Company Of New Hampshire | Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 608,400 | |
Variable Interest Entity, Primary Beneficiary | Public Service Company Of New Hampshire | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Liabilities | 5,800 | |
Accrued Interest (included in Other Current Liabilities) | 14,400 | |
Prepaid Expenses and Other Current Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash and Cash Equivalents | 72,100 | 24,400 |
Prepaid Expenses and Other Current Assets | Variable Interest Entity, Primary Beneficiary | Public Service Company Of New Hampshire | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash and Cash Equivalents | 47,500 | 500 |
Other Noncurrent Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash and Cash Equivalents | 3,200 | 0 |
Other Noncurrent Assets | Variable Interest Entity, Primary Beneficiary | Public Service Company Of New Hampshire | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 3,200 | $ 0 |
RATE REDUCTION BONDS AND VARI_5
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||
Interest Expense on RRB Principal (included in Interest Expense) | $ 498,805 | $ 421,755 | $ 400,961 |
Public Service Company Of New Hampshire | |||
Condensed Income Statements, Captions [Line Items] | |||
Interest Expense on RRB Principal (included in Interest Expense) | 60,634 | $ 51,007 | $ 50,040 |
Variable Interest Entity, Primary Beneficiary | Public Service Company Of New Hampshire | |||
Condensed Income Statements, Captions [Line Items] | |||
Amortization of Regulatory Assets, Net | 27,300 | ||
Interest Expense on RRB Principal (included in Interest Expense) | $ 14,400 |
EMPLOYEE BENEFITS - Pension Pla
EMPLOYEE BENEFITS - Pension Plan Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Liability | $ 962,510 | $ 1,228,091 | ||
Pension Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Increase in liability due to amendment in pension plan | 465,000 | 390,000 | ||
Funded status of plan | $ (946,100) | (1,197,000) | ||
Assumed rate of return | 8.25% | |||
Other Postretirement Benefits Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Funded status of plan | $ 8,100 | (26,400) | ||
Defined Benefit Plan, Increase in Discount Rate Resulting in Decrease in Liability | $ 88,000 | |||
Decrease in discount rate resulting in increase in liability | 64,000 | |||
Taxable assets in equity securities (in percentage) | 70.00% | |||
Taxable assets in fixed income securities | 30.00% | |||
The Connecticut Light And Power Company | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Liability | $ 282,771 | 354,469 | ||
The Connecticut Light And Power Company | Pension Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Funded status of plan | (242,000) | (312,200) | ||
The Connecticut Light And Power Company | Other Postretirement Benefits Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Funded status of plan | (41,100) | (42,500) | ||
Public Service Company Of New Hampshire | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Liability | 124,457 | 124,639 | ||
Public Service Company Of New Hampshire | Pension Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Funded status of plan | (104,100) | (102,700) | ||
Public Service Company Of New Hampshire | Other Postretirement Benefits Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Funded status of plan | (20,700) | (22,100) | ||
NSTAR Electric Company | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Liability | 14,145 | 89,995 | ||
NSTAR Electric Company | Pension Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Funded status of plan | (14,400) | (90,200) | ||
NSTAR Electric Company | Other Postretirement Benefits Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Funded status of plan | 132,800 | 126,900 | ||
Other Current Liabilities | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Funded status of plan | 8,900 | $ 8,400 | ||
Other Noncurrent Assets | Other Postretirement Benefits Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Prepaid asset | 33,400 | 13,100 | ||
Accrued Pension, SERP and PBOP | Other Postretirement Benefits Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Liability | $ 25,300 | $ 39,500 | ||
Scenario, Forecast | Pension Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Estimated future employer contributions in next fiscal year | $ 112,000 | |||
Estimated future contributions in the next twelve months by other subsidiaries | 46,000 | |||
Scenario, Forecast | Other Postretirement Benefits Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Estimated future employer contributions in next fiscal year | 11,000 | |||
Scenario, Forecast | The Connecticut Light And Power Company | Pension Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Estimated future employer contributions in next fiscal year | 44,000 | |||
Scenario, Forecast | Public Service Company Of New Hampshire | Pension Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Estimated future employer contributions in next fiscal year | 10,000 | |||
Scenario, Forecast | NSTAR Electric Company | Other Postretirement Benefits Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Estimated future employer contributions in next fiscal year | $ 6,000 |
EMPLOYEE BENEFITS - Schedule of
EMPLOYEE BENEFITS - Schedule of Pension Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | $ (5,936.5) | $ (5,242.3) | |
Service Cost | (84.8) | (71.3) | $ (75) |
Interest Cost | (196.4) | (188) | (185.5) |
Actuarial Gain/(Loss) | 414.9 | (548.7) | |
Benefits Paid - Pension | 261.8 | 243.7 | |
Benefits Paid - Lump Sum | 14.2 | 18.4 | |
Benefits Paid - SERP | 6.8 | 20.4 | |
Employee Transfers | 0 | 0 | |
Increase due to acquisition of Aquarion | 0 | (168.7) | |
Benefit Obligation as of End of Year | (5,520) | (5,936.5) | (5,242.3) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 4,739.5 | 4,076 | |
Employer Contributions | 185.6 | 235.2 | |
Actual Return on Pension Plan Assets | (75.2) | 589.7 | |
Benefits Paid - Pension | (261.8) | (243.7) | |
Benefits Paid - Lump Sum | (14.2) | (18.4) | |
Employee Transfers | 0 | 0 | |
Increase due to acquisition of Aquarion | 0 | 100.7 | |
Fair Value of Pension Plan Assets as of End of Year | 4,573.9 | 4,739.5 | 4,076 |
Funded Status as of December 31st | (946.1) | (1,197) | |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (948.6) | (810) | |
Service Cost | (10) | (9.5) | (12.2) |
Interest Cost | (30.7) | (27.1) | (32.9) |
Actuarial Gain/(Loss) | 102.5 | (81.8) | |
Benefits Paid - Pension | 45.3 | 41.5 | |
Employee Transfers | 0 | 0 | |
Increase due to acquisition of Aquarion | 0 | (61.7) | |
Benefit Obligation as of End of Year | (841.5) | (948.6) | (810) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 922.2 | 815.8 | |
Employer Contributions | 9.3 | 7.6 | |
Actual Return on Pension Plan Assets | (36.6) | 118 | |
Benefits Paid - Pension | (45.3) | (41.5) | |
Employee Transfers | 0 | 0 | |
Increase due to acquisition of Aquarion | 0 | 22.3 | |
Fair Value of Pension Plan Assets as of End of Year | 849.6 | 922.2 | 815.8 |
Funded Status as of December 31st | 8.1 | (26.4) | |
The Connecticut Light And Power Company | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (1,275.2) | (1,170.2) | |
Service Cost | (21.4) | (18.5) | (18.8) |
Interest Cost | (41.8) | (41.6) | (41.6) |
Actuarial Gain/(Loss) | 106.1 | (116.9) | |
Benefits Paid - Pension | 59.6 | 63.5 | |
Benefits Paid - Lump Sum | 0 | 0 | |
Benefits Paid - SERP | 0.3 | 0.3 | |
Employee Transfers | 12 | 8.2 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (1,160.4) | (1,275.2) | (1,170.2) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 963 | 905.5 | |
Employer Contributions | 41.2 | 2.5 | |
Actual Return on Pension Plan Assets | (14.2) | 126.7 | |
Benefits Paid - Pension | (59.6) | (63.5) | |
Benefits Paid - Lump Sum | 0 | 0 | |
Employee Transfers | (12) | (8.2) | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 918.4 | 963 | 905.5 |
Funded Status as of December 31st | (242) | (312.2) | |
The Connecticut Light And Power Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (178.4) | (165) | |
Service Cost | (1.9) | (1.9) | (2) |
Interest Cost | (5.8) | (5.3) | (5.3) |
Actuarial Gain/(Loss) | 14.4 | (18.5) | |
Benefits Paid - Pension | 10.1 | 9.9 | |
Employee Transfers | (0.1) | 2.4 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (161.7) | (178.4) | (165) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 135.9 | 129.2 | |
Employer Contributions | 0 | 0 | |
Actual Return on Pension Plan Assets | (5.2) | 18.1 | |
Benefits Paid - Pension | (10.1) | (9.9) | |
Employee Transfers | 0 | 1.5 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 120.6 | 135.9 | 129.2 |
Funded Status as of December 31st | (41.1) | (42.5) | |
NSTAR Electric Company | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (1,351) | (1,217.3) | |
Service Cost | (17.4) | (15.5) | (16.3) |
Interest Cost | (43.5) | (42.7) | (42.2) |
Actuarial Gain/(Loss) | 98.6 | (143.5) | |
Benefits Paid - Pension | 66.9 | 55.4 | |
Benefits Paid - Lump Sum | 7.1 | 6.8 | |
Benefits Paid - SERP | 0.3 | 0.3 | |
Employee Transfers | 2.5 | 5.5 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (1,236.5) | (1,351) | (1,217.3) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 1,260.8 | 1,088.3 | |
Employer Contributions | 56.5 | 85.4 | |
Actual Return on Pension Plan Assets | (18.7) | 154.8 | |
Benefits Paid - Pension | (66.9) | (55.4) | |
Benefits Paid - Lump Sum | (7.1) | (6.8) | |
Employee Transfers | (2.5) | (5.5) | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 1,222.1 | 1,260.8 | 1,088.3 |
Funded Status as of December 31st | (14.4) | (90.2) | |
NSTAR Electric Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (278.6) | (270) | |
Service Cost | (2) | (1.7) | (3.4) |
Interest Cost | (8.7) | (8.7) | (13.3) |
Actuarial Gain/(Loss) | 28.4 | (13.2) | |
Benefits Paid - Pension | 14.5 | 13.5 | |
Employee Transfers | 0.1 | 1.5 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (246.3) | (278.6) | (270) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 405.5 | 361.6 | |
Employer Contributions | 5.2 | 5.3 | |
Actual Return on Pension Plan Assets | (17.4) | 52.9 | |
Benefits Paid - Pension | (14.5) | (13.5) | |
Employee Transfers | (0.3) | 0.8 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 379.1 | 405.5 | 361.6 |
Funded Status as of December 31st | 132.8 | 126.9 | |
Public Service Company Of New Hampshire | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (642.2) | (572.2) | |
Service Cost | (11.2) | (9.7) | (9.9) |
Interest Cost | (22) | (21.2) | (20.7) |
Actuarial Gain/(Loss) | 39.2 | (65.1) | |
Benefits Paid - Pension | 26.2 | 26.4 | |
Benefits Paid - Lump Sum | 0 | 0 | |
Benefits Paid - SERP | 0.2 | 0.3 | |
Employee Transfers | (0.9) | (0.7) | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (610.7) | (642.2) | (572.2) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 539.5 | 494 | |
Employer Contributions | 0 | 0.8 | |
Actual Return on Pension Plan Assets | (7.6) | 70.4 | |
Benefits Paid - Pension | (26.2) | (26.4) | |
Benefits Paid - Lump Sum | 0 | 0 | |
Employee Transfers | 0.9 | 0.7 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 506.6 | 539.5 | 494 |
Funded Status as of December 31st | (104.1) | (102.7) | |
Public Service Company Of New Hampshire | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (101.1) | (89.7) | |
Service Cost | (1.1) | (1.3) | (1.3) |
Interest Cost | (3.4) | (3) | (2.9) |
Actuarial Gain/(Loss) | 8.6 | (11.9) | |
Benefits Paid - Pension | 4.9 | 4.6 | |
Employee Transfers | 0.2 | 0.2 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (91.9) | (101.1) | (89.7) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 79 | 73.2 | |
Employer Contributions | 0 | 0 | |
Actual Return on Pension Plan Assets | (2.9) | 10.4 | |
Benefits Paid - Pension | (4.9) | (4.6) | |
Employee Transfers | 0 | 0 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 71.2 | 79 | $ 73.2 |
Funded Status as of December 31st | $ (20.7) | $ (22.1) |
EMPLOYEE BENEFITS - Schedule _2
EMPLOYEE BENEFITS - Schedule of Funded Status (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 5,070.8 | $ 5,583.6 |
The Connecticut Light And Power Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 1,031 | 1,179.2 |
NSTAR Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 1,144.7 | 1,260.1 |
Public Service Company Of New Hampshire | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 543.1 | $ 597.2 |
EMPLOYEE BENEFITS - Schedule _3
EMPLOYEE BENEFITS - Schedule of Actuarial Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.22% | 3.43% |
Compensation/Progression Rate | 3.50% | 3.50% |
Pension Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.45% | 3.75% |
Compensation/Progression Rate | 4.00% | |
Other Postretirement Benefits Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.38% | 3.55% |
Other Postretirement Benefits Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.41% | 3.70% |
Pre-65 Plan | Other Postretirement Benefits Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health Care Trend Rate, Percentage | 3.50% | |
Pre-65 Plan | Other Postretirement Benefits Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health Care Trend Rate, Percentage | 6.75% | |
Post-65 Plan | Other Postretirement Benefits Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health Care Trend Rate, Percentage | 3.50% | |
Post-65 Plan | Other Postretirement Benefits Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health Care Trend Rate, Percentage | 5.00% |
EMPLOYEE BENEFITS - Schedule _4
EMPLOYEE BENEFITS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 84.8 | $ 71.3 | $ 75 |
Interest Cost | 196.4 | 188 | 185.5 |
Expected Return on Pension Plan Assets | (391.6) | (334.1) | (317.9) |
Actuarial Loss | 145.7 | 135.2 | 125.7 |
Prior Service Cost | 4.3 | 4.5 | 3.6 |
Total Net Periodic Benefit Income | 39.6 | 64.9 | 71.9 |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 10 | 9.5 | 12.2 |
Interest Cost | 30.7 | 27.1 | 32.9 |
Expected Return on Pension Plan Assets | (72.4) | (63.7) | (62.9) |
Actuarial Loss | 10.3 | 9.1 | 9 |
Prior Service Cost | (23.6) | (21.6) | (9.1) |
Total Net Periodic Benefit Income | (45) | (39.6) | (17.9) |
The Connecticut Light And Power Company | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 21.4 | 18.5 | 18.8 |
Interest Cost | 41.8 | 41.6 | 41.6 |
Expected Return on Pension Plan Assets | (79.1) | (71.7) | (72.1) |
Actuarial Loss | 29.1 | 27.7 | 25.4 |
Prior Service Cost | 1.1 | 1.5 | 1.5 |
Total Net Periodic Benefit Income | 14.3 | 17.6 | 15.2 |
Intercompany Allocations | 6.1 | 9.8 | 13.8 |
The Connecticut Light And Power Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 1.9 | 1.9 | 2 |
Interest Cost | 5.8 | 5.3 | 5.3 |
Expected Return on Pension Plan Assets | (10.4) | (9.7) | (10.1) |
Actuarial Loss | 1.6 | 1 | 1.5 |
Prior Service Cost | 1.1 | 1.1 | 0.5 |
Total Net Periodic Benefit Income | 0 | (0.4) | (0.8) |
Intercompany Allocations | (1) | 0.7 | 0.3 |
NSTAR Electric Company | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 17.4 | 15.5 | 16.3 |
Interest Cost | 43.5 | 42.7 | 42.2 |
Expected Return on Pension Plan Assets | (104.9) | (87.6) | (85.1) |
Actuarial Loss | 41.1 | 41.1 | 39.9 |
Prior Service Cost | 0.2 | 0.6 | 0.3 |
Total Net Periodic Benefit Income | (2.7) | 12.3 | 13.6 |
Intercompany Allocations | 6.5 | 9.1 | 11.4 |
NSTAR Electric Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 2 | 1.7 | 3.4 |
Interest Cost | 8.7 | 8.7 | 13.3 |
Expected Return on Pension Plan Assets | (32.5) | (28.6) | (28.1) |
Actuarial Loss | 2.3 | 3.4 | 3.3 |
Prior Service Cost | (16.9) | (17) | (7.1) |
Total Net Periodic Benefit Income | (36.4) | (31.8) | (15.2) |
Intercompany Allocations | (1.3) | 1.1 | (0.1) |
Public Service Company Of New Hampshire | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 11.2 | 9.7 | 9.9 |
Interest Cost | 22 | 21.2 | 20.7 |
Expected Return on Pension Plan Assets | (43.6) | (40) | (38.6) |
Actuarial Loss | 11.6 | 11.6 | 9.9 |
Prior Service Cost | 0.4 | 0.5 | 0.5 |
Total Net Periodic Benefit Income | 1.6 | 3 | 2.4 |
Intercompany Allocations | 1.9 | 3.3 | 4 |
Public Service Company Of New Hampshire | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 1.1 | 1.3 | 1.3 |
Interest Cost | 3.4 | 3 | 2.9 |
Expected Return on Pension Plan Assets | (6) | (5.5) | (5.5) |
Actuarial Loss | 0.7 | 0.6 | 0.7 |
Prior Service Cost | 0.5 | 0.6 | 0.2 |
Total Net Periodic Benefit Income | (0.3) | 0 | (0.4) |
Intercompany Allocations | $ 0.4 | $ 0.5 | $ (0.1) |
EMPLOYEE BENEFITS - Schedule _5
EMPLOYEE BENEFITS - Schedule of Assumptions used To Calculate Pension and SERP and PBOP (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 7.00% | ||
Expected Long-Term Rate of Return (in percentage) | 7.00% | ||
Compensation/Progression Rate (in percentage) | 4.00% | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-Term Rate of Return (in percentage) | 8.25% | 8.25% | |
Compensation/Progression Rate (in percentage) | 3.50% | 3.50% | |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-Term Rate of Return (in percentage) | 8.25% | 8.25% | |
Minimum | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 3.85% | 3.20% | 3.27% |
Expected Long-Term Rate of Return (in percentage) | 8.25% | ||
Compensation/Progression Rate (in percentage) | 3.50% | ||
Minimum | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 3.28% | 3.48% | 2.88% |
Expected Long-Term Rate of Return (in percentage) | 8.25% | ||
Maximum | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 4.62% | 3.90% | 4.89% |
Maximum | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 3.94% | 4.64% | 4.09% |
EMPLOYEE BENEFITS - Summary of
EMPLOYEE BENEFITS - Summary of Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OCI | ||
Prior Service Costs Securitized as Stranded Costs | $ 0 | |
Pension Plan | ||
Net Regulatory Assets [Abstract] | ||
Actuarial Losses Arising During the Year | $ 48.6 | 333 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (140.1) | (129.5) |
Unamortized Securitized Stranded Costs | (36.7) | 0 |
Prior Service Cost/(Credit) Arising During the Year | 0 | 1 |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | (3.9) | (4.1) |
Actuarial Loss | 1,807.6 | 1,935.8 |
Prior Service Cost | 6.3 | 10.3 |
Expected Actuarial Loss Expense | 140.6 | |
Expected Prior Service Cost Expense | 0.9 | |
OCI | ||
Actuarial Losses Arising During the Year | 0.7 | 9.3 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (5.6) | (5.7) |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | 0 | 0 |
Prior Service (Credit)/Cost Arising During the Year | 0 | (0.4) |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | 0.4 | 0.4 |
Prior Service Costs Securitized as Stranded Costs | (0.1) | 0 |
Actuarial Loss | 80.8 | 85.7 |
Prior Service Cost | 1.1 | 1.5 |
Actuarial Loss | 5.6 | |
Prior Service Cost | 0.2 | |
Other Postretirement Benefits Plan | ||
Net Regulatory Assets [Abstract] | ||
Actuarial Losses Arising During the Year | 6.4 | 44.8 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (9.9) | (8.6) |
Prior Service Cost/(Credit) Arising During the Year | 1.3 | (4) |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | (23.6) | (22.3) |
Actuarial Loss | 207.3 | 211.6 |
Prior Service Cost | (197.6) | (221.2) |
Expected Actuarial Loss Expense | 9.9 | |
Expected Prior Service Cost Expense | (23.6) | |
OCI | ||
Actuarial Losses Arising During the Year | 1.2 | (2.6) |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (0.4) | (0.5) |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | 0 | 0.7 |
Prior Service (Credit)/Cost Arising During the Year | 0 | (0.1) |
Prior Service Costs Securitized as Stranded Costs | (1.3) | |
Actuarial Loss | 5 | 6.6 |
Prior Service Cost | 2.6 | 2.6 |
Actuarial Loss | 0.3 | |
Prior Service Cost | 0.2 | |
Actuarial Gain (Loss) Securitized Stranded Costs, Regulatory Assets | (0.8) | 0 |
Other Comprehensive Income, Defined Benefit Plan, Actuarial Losses Securitized Stranded Cost | $ 0 | $ 0 |
EMPLOYEE BENEFITS - Schedule _6
EMPLOYEE BENEFITS - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Pension Plan | |
Defined Contribution Plan Disclosure [Line Items] | |
2,019 | $ 308.5 |
2,020 | 310.4 |
2,021 | 318.8 |
2,022 | 326.6 |
2,023 | 335.6 |
2023-2027 | 1,764.1 |
Other Postretirement Benefits Plan | |
Defined Contribution Plan Disclosure [Line Items] | |
2,019 | 58.4 |
2,020 | 58.5 |
2,021 | 58.6 |
2,022 | 58.3 |
2,023 | 57.8 |
2023-2027 | $ 277.4 |
EMPLOYEE BENEFITS - Schedule _7
EMPLOYEE BENEFITS - Schedule of Long-term Rates of Return on Pension and PBOP (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Long-term rate for Aquarion plans | 0.07 | |
Defined Benefit Plan, Equity Securities, US | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 15.00% | 21.50% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 8.50% | 8.50% |
Defined Benefit Plan, Debt Security, Public High Yield Fixed Income | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 4.00% | 4.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 6.50% | 6.50% |
Defined Benefit Plan, Debt Security, Private Debt | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 15.00% | 15.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 9.00% | 9.00% |
Defined Benefit Plan, Debt Security, Emerging Markets Debt | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 0.00% | 2.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0.00% | 6.50% |
Defined Benefit Plan, Equity Securities, Emerging Markets | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 4.00% | 4.50% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 10.00% | 10.00% |
Fixed Income Securities | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 13.00% | 11.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 4.00% | 4.00% |
Defined Benefit Plan, Equity Securities, Global | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 10.00% | 0.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 8.75% | 0.00% |
Defined Benefit Plan, Equity Securities, Non-US | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 8.00% | 11.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 8.50% | 8.50% |
Private Equity | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 15.00% | 15.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 12.00% | 12.00% |
Real Assets | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 16.00% | 12.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 7.50% | 7.50% |
Hedge Funds | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 0.00% | 4.00% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0.00% | 6.00% |
EMPLOYEE BENEFITS - Schedule _8
EMPLOYEE BENEFITS - Schedule of Asset category (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 4,573.9 | $ 4,739.5 | $ 4,076 |
Uncategorized | 4,046.4 | 4,053.3 | |
Pension Plan | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,821.2 | 2,188.7 | |
Uncategorized | 1,377.8 | 1,653.3 | |
Pension Plan | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,511.8 | 1,490.8 | |
Uncategorized | 1,265.5 | 1,218.3 | |
Pension Plan | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 840.1 | 653 | |
Uncategorized | 834 | 641.8 | |
Pension Plan | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 632 | 641.5 | |
Uncategorized | 569.1 | 539.9 | |
Pension Plan | Total Assets Before 401 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 4,805.1 | 4,974 | |
Pension Plan | 401 PBOP Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | (231.2) | (234.5) | |
Pension Plan | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 597.9 | 704.8 | |
Pension Plan | Fair Value, Inputs, Level 1 | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 443.4 | 535.4 | |
Pension Plan | Fair Value, Inputs, Level 1 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 85.5 | 56.6 | |
Pension Plan | Fair Value, Inputs, Level 1 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 6.1 | 11.2 | |
Pension Plan | Fair Value, Inputs, Level 1 | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 62.9 | 101.6 | |
Pension Plan | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 160.8 | 215.9 | |
Pension Plan | Fair Value, Inputs, Level 2 | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Pension Plan | Fair Value, Inputs, Level 2 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 160.8 | 215.9 | |
Pension Plan | Fair Value, Inputs, Level 2 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Pension Plan | Fair Value, Inputs, Level 2 | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 849.6 | 922.2 | $ 815.8 |
Uncategorized | 436.7 | 482.6 | |
Other Postretirement Benefits Plan | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 302.4 | 357.2 | |
Uncategorized | 210.5 | 241.9 | |
Other Postretirement Benefits Plan | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 185.3 | 201.3 | |
Uncategorized | 123 | 133.9 | |
Other Postretirement Benefits Plan | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 32.7 | 31.3 | |
Uncategorized | 32.7 | 31.3 | |
Other Postretirement Benefits Plan | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 98 | 97.9 | |
Uncategorized | 70.5 | 75.5 | |
Other Postretirement Benefits Plan | Total Assets Before 401 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 618.4 | 687.7 | |
Other Postretirement Benefits Plan | 401 PBOP Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 231.2 | 234.5 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 141.4 | 161.1 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 91.9 | 115.3 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 22 | 23.4 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 27.5 | 22.4 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 40.3 | 44 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 40.3 | 44 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 0 | $ 0 |
EMPLOYEE BENEFITS - Defined Con
EMPLOYEE BENEFITS - Defined Contribution Plan Narrative (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Contribution Plan, 401K | |
Defined Contribution Plan Disclosure [Line Items] | |
Employer matching contribution (as a percentage) | 100.00% |
Percentage of employees' pay (up to) | 3.00% |
Defined Contribution Plan, Alternate Contribution 401K | |
Defined Contribution Plan Disclosure [Line Items] | |
Employer matching contribution (as a percentage) | 50.00% |
Percentage of employees' pay (up to) | 8.00% |
EMPLOYEE BENEFITS - Schedule _9
EMPLOYEE BENEFITS - Schedule of Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | $ 38.4 | $ 34.5 | $ 31.8 |
The Connecticut Light And Power Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | 5 | 4.6 | 4.5 |
NSTAR Electric Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | 9.7 | 8.5 | 8.1 |
Public Service Company Of New Hampshire | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | $ 3.3 | $ 3.7 | $ 3.4 |
EMPLOYEE BENEFITS - Schedule_10
EMPLOYEE BENEFITS - Schedule of Other Retirement Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | $ 49.1 | $ 53.4 | $ 54.2 |
Other Retirement Benefits Expense | 2.7 | 2.8 | 2.9 |
The Connecticut Light And Power Company | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 0.3 | 0.3 | 0.3 |
Other Retirement Benefits Expense | 1.1 | 1 | 1.1 |
NSTAR Electric Company | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 0.1 | 0.1 | 0.1 |
Other Retirement Benefits Expense | 1.1 | 1 | 0.9 |
Public Service Company Of New Hampshire | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 1.7 | 1.9 | 2 |
Other Retirement Benefits Expense | $ 0.4 | $ 0.5 | $ 0.6 |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted in incentive plan (up to) (in shares) | 6,700,000 | ||
Shares available for issuance under incentive plan (in shares) | 3,720,650 | 2,445,110 | |
Shares outstanding (in shares) | 424,119 | ||
Weighted average grant date fair value of restricted stock units (in dollars per share) | $ 56.72 | ||
Total unrecognized compensation expense | $ 22.3 | ||
Tax effect on total share-based payments (in percentage) | 25.00% | ||
Excess tax benefit | $ 1.5 | $ 2.9 | $ 19.1 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in dollars per share) | $ 56.69 | $ 55.97 | $ 54.67 |
Shares outstanding (in shares) | 388,269 | ||
Weighted average shares outstanding (in dollars per share) | $ 56.57 | $ 56.15 | |
Restricted stock units available (in shares) | 216,572 | ||
Restricted stock unit fully vested (in shares) | 358,246 | ||
Additional restricted stock unit expected to vest (in shares) | 402,913 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in dollars per share) | $ 56.77 | $ 55.70 | $ 53.64 |
Shares outstanding (in shares) | 366,995 | 331,207 | |
Weighted average shares outstanding (in dollars per share) | $ 56.17 | $ 55.79 | |
Restricted stock units available (in shares) | 131,349 | ||
Weighted average grant date fair value of restricted stock units (in dollars per share) | $ 56.08 | ||
Restricted stock unit fully vested (in shares) | 132,569 | ||
The Connecticut Light And Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ 8.1 | ||
Period for recognition (in years) | 1 year 8 months 23 days | ||
NSTAR Electric Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ 8 | ||
Period for recognition (in years) | 1 year 8 months 19 days | ||
Public Service Company Of New Hampshire | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ 2.8 | ||
Period for recognition (in years) | 1 year 8 months 19 days | ||
Eversource | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period for recognition (in years) | 1 year 8 months 23 days | ||
Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of graded vesting schedule under long-term incentive program | 3 years | ||
Board Members | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of graded vesting schedule under long-term incentive program | 1 year |
SHARE-BASED PAYMENTS - Eversour
SHARE-BASED PAYMENTS - Eversource Incentve Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 717,039 | ||
Granted (in shares) | 286,315 | ||
Shares issued (in shares) | (201,386) | ||
Forfeited (in shares) | (19,603) | ||
Ending balance (in shares) | 782,365 | 717,039 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning balance (in dollars per share) | $ 49.29 | ||
Granted (in dollars per share) | 56.69 | $ 55.97 | $ 54.67 |
Shares issued (in dollars per share) | 55.35 | ||
Forfeited (in dollars per share) | 56.78 | ||
Ending balance (in dollars per share) | $ 50.25 | $ 49.29 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 510,565 | ||
Granted (in shares) | 184,355 | ||
Shares issued (in shares) | (178,258) | ||
Forfeited (in shares) | (17,098) | ||
Ending balance (in shares) | 499,564 | 510,565 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning balance (in dollars per share) | $ 55.45 | ||
Granted (in dollars per share) | 56.77 | $ 55.70 | $ 53.64 |
Shares issued (in dollars per share) | 54.98 | ||
Forfeited (in dollars per share) | 56.18 | ||
Ending balance (in dollars per share) | $ 56.08 | $ 55.45 |
SHARE-BASED PAYMENTS - Schedule
SHARE-BASED PAYMENTS - Schedule of Compensation Expense and Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 21.4 | $ 19.7 | $ 23.6 |
Future Income Tax Benefit | 5.4 | 8 | 9.6 |
The Connecticut Light And Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 7.8 | 7 | 9.1 |
Future Income Tax Benefit | 2 | 2.9 | 3.7 |
NSTAR Electric Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 7.7 | 7 | 8.2 |
Future Income Tax Benefit | 1.9 | 2.8 | 3.3 |
Public Service Company Of New Hampshire | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 2.9 | 3.2 | 3.5 |
Future Income Tax Benefit | $ 0.7 | $ 1.3 | $ 1.4 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - State and Local Jurisdiction - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance for tax credit and operating loss carryforward | $ 19.5 | $ 14.4 |
Eversource | ||
Operating Loss Carryforwards [Line Items] | ||
Change in valuation allowance | 5.2 | 9.9 |
The Connecticut Light And Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Change in valuation allowance | $ 4.4 | $ 1.8 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current Income Taxes: | |||
Federal | $ 106,500 | $ 58,900 | $ 38,900 |
State | 10,600 | 31,600 | 53,000 |
Total Current | 117,100 | 90,500 | 91,900 |
Deferred Income Taxes, Net: | |||
Federal | 122,600 | 433,000 | 427,900 |
State | 52,200 | 58,600 | 38,600 |
Total Deferred | 174,812 | 491,630 | 466,463 |
Investment Tax Credits, Net | (2,900) | (3,200) | (3,400) |
Income Tax Expense | 288,972 | 578,892 | 554,997 |
The Connecticut Light And Power Company | |||
Current Income Taxes: | |||
Federal | 54,200 | 50,900 | 27,300 |
State | 20,900 | 17,400 | 13,300 |
Total Current | 75,100 | 68,300 | 40,600 |
Deferred Income Taxes, Net: | |||
Federal | 48,500 | 123,900 | 157,600 |
State | 6,400 | (4,600) | 11,300 |
Total Deferred | 54,859 | 119,295 | 168,919 |
Investment Tax Credits, Net | (900) | (1,000) | (1,200) |
Income Tax Expense | 129,056 | 186,646 | 208,308 |
NSTAR Electric Company | |||
Current Income Taxes: | |||
Federal | 79,300 | 107,800 | 86,400 |
State | 30,000 | 25,600 | 39,500 |
Total Current | 109,300 | 133,400 | 125,900 |
Deferred Income Taxes, Net: | |||
Federal | 27,900 | 88,100 | 96,600 |
State | 13,500 | 22,400 | 5,100 |
Total Deferred | 41,438 | 110,499 | 101,698 |
Investment Tax Credits, Net | (1,800) | (1,800) | (1,800) |
Income Tax Expense | 148,906 | 242,085 | 225,789 |
Public Service Company Of New Hampshire | |||
Current Income Taxes: | |||
Federal | 12,200 | 18,600 | (13,700) |
State | (500) | 6,200 | 8,800 |
Total Current | 11,700 | 24,800 | (4,900) |
Deferred Income Taxes, Net: | |||
Federal | 15,400 | 52,700 | 79,500 |
State | 20,500 | 11,200 | 7,800 |
Total Deferred | 35,924 | 63,883 | 87,345 |
Investment Tax Credits, Net | 0 | 0 | 0 |
Income Tax Expense | $ 47,576 | $ 88,675 | $ 82,364 |
INCOME TAXES - Reconciliation B
INCOME TAXES - Reconciliation Between Income Tax Expense and Expected Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 1,329,491 | $ 1,574,407 | $ 1,504,818 |
Federal tax expense (in percentage) | 21.00% | 35.00% | 35.00% |
Statutory Federal Income Tax Expense at 21% in 2018 and 35% in 2017 and 2016 | $ 279,200 | $ 551,000 | $ 526,700 |
Tax Effect of Differences: | |||
Depreciation | (30,800) | (10,800) | (3,400) |
Investment Tax Credit Amortization | (2,900) | (3,200) | (3,400) |
Other Federal Tax Credits | 0 | 0 | (3,500) |
State Income Taxes, Net of Federal Impact | 44,400 | 47,700 | 56,200 |
Dividends on ESOP | (5,100) | (8,400) | (8,400) |
Tax Asset Valuation Allowance/Reserve Adjustments | 5,200 | 7,000 | 3,300 |
Excess Stock Benefit | (1,500) | (2,900) | (19,100) |
Other, Net | 500 | (1,500) | 6,600 |
Income Tax Expense | $ 288,972 | $ 578,892 | $ 554,997 |
Effective Tax Rate | 21.70% | 36.80% | 36.90% |
The Connecticut Light And Power Company | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 506,773 | $ 563,372 | $ 542,562 |
Statutory Federal Income Tax Expense at 21% in 2018 and 35% in 2017 and 2016 | 106,400 | 197,200 | 189,900 |
Tax Effect of Differences: | |||
Depreciation | (1,200) | (5,200) | 1,600 |
Investment Tax Credit Amortization | (900) | (1,000) | (1,200) |
Other Federal Tax Credits | 0 | 0 | 0 |
State Income Taxes, Net of Federal Impact | 14,500 | 4,500 | 14,500 |
Tax Asset Valuation Allowance/Reserve Adjustments | 7,100 | (9,500) | 1,500 |
Excess Stock Benefit | (100) | (700) | (900) |
Other, Net | 3,300 | 1,300 | 2,900 |
Income Tax Expense | $ 129,056 | $ 186,646 | $ 208,308 |
Effective Tax Rate | 25.50% | 33.10% | 38.40% |
NSTAR Electric Company | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 531,996 | $ 616,811 | $ 576,566 |
Statutory Federal Income Tax Expense at 21% in 2018 and 35% in 2017 and 2016 | 111,700 | 215,900 | 201,800 |
Tax Effect of Differences: | |||
Depreciation | (2,800) | (3,000) | (3,100) |
Investment Tax Credit Amortization | (1,800) | (1,800) | (1,800) |
Other Federal Tax Credits | 0 | 0 | 0 |
State Income Taxes, Net of Federal Impact | 33,200 | 31,200 | 29,000 |
Tax Asset Valuation Allowance/Reserve Adjustments | 1,200 | 0 | 0 |
Excess Stock Benefit | (100) | (700) | (1,200) |
Other, Net | 7,500 | 500 | 1,100 |
Income Tax Expense | $ 148,906 | $ 242,085 | $ 225,789 |
Effective Tax Rate | 28.00% | 39.20% | 39.20% |
Public Service Company Of New Hampshire | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 163,452 | $ 224,671 | $ 214,349 |
Statutory Federal Income Tax Expense at 21% in 2018 and 35% in 2017 and 2016 | 34,300 | 78,600 | 75,000 |
Tax Effect of Differences: | |||
Depreciation | 100 | 1,100 | 1,000 |
Investment Tax Credit Amortization | 0 | 0 | 0 |
Other Federal Tax Credits | 0 | 0 | (3,500) |
State Income Taxes, Net of Federal Impact | 15,800 | 11,300 | 10,800 |
Tax Asset Valuation Allowance/Reserve Adjustments | 0 | 0 | 0 |
Excess Stock Benefit | (100) | (300) | (400) |
Other, Net | (2,500) | (2,000) | (500) |
Income Tax Expense | $ 47,576 | $ 88,675 | $ 82,364 |
Effective Tax Rate | 29.10% | 39.50% | 38.40% |
INCOME TAXES - Temporary Differ
INCOME TAXES - Temporary Differences That Give Rise To Accumulated Deferred Income Tax Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets: | ||
Employee Benefits | $ 388.2 | $ 442.1 |
Derivative Liabilities | 111.4 | 111.8 |
Regulatory Deferrals - Liabilities | 299.3 | 205.6 |
Allowance for Uncollectible Accounts | 54 | 50.1 |
Tax Effect - Tax Regulatory Liabilities | 830.3 | 832.6 |
Federal Net Operating Loss Carryforwards | 28.5 | 47.8 |
Purchase Accounting Adjustment | 64.2 | 69.9 |
Other | 166.2 | 149.5 |
Total Deferred Tax Assets | 1,942.1 | 1,909.4 |
Less: Valuation Allowance | 19.5 | 14.6 |
Net Deferred Tax Assets | 1,922.6 | 1,894.8 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 3,724.2 | 3,562 |
Property Tax Accruals | 73.2 | 56.7 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 1,025.9 | 924.9 |
Tax Effect - Tax Regulatory Assets | 238.9 | 243.1 |
Goodwill Regulatory Asset - 1999 Merger | 95.2 | 99.8 |
Derivative Assets | 20.1 | 17.4 |
Other | 251.1 | 288.4 |
Total Deferred Tax Liabilities | 5,428.6 | 5,192.3 |
Regulatory Liabilities | 3,979.7 | 3,765.4 |
Refunds to customers | 5 | |
The Connecticut Light And Power Company | ||
Deferred Tax Assets: | ||
Employee Benefits | 94.5 | 112.3 |
Derivative Liabilities | 111.4 | 110.5 |
Regulatory Deferrals - Liabilities | 38.6 | 12 |
Allowance for Uncollectible Accounts | 23.1 | 20.6 |
Tax Effect - Tax Regulatory Liabilities | 336.8 | 337.2 |
Federal Net Operating Loss Carryforwards | 0 | 0 |
Purchase Accounting Adjustment | 0 | 0 |
Other | 81.1 | 70.7 |
Total Deferred Tax Assets | 685.5 | 663.3 |
Less: Valuation Allowance | 10.7 | 6.3 |
Net Deferred Tax Assets | 674.8 | 657 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 1,293.3 | 1,224.9 |
Property Tax Accruals | 35.4 | 20.7 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 320.1 | 310.6 |
Tax Effect - Tax Regulatory Assets | 167 | 173.1 |
Goodwill Regulatory Asset - 1999 Merger | 0 | 0 |
Derivative Assets | 19.9 | 17.4 |
Other | 5.9 | 13.7 |
Total Deferred Tax Liabilities | 1,841.6 | 1,760.4 |
Regulatory Liabilities | 1,231.8 | 1,151.1 |
NSTAR Electric Company | ||
Deferred Tax Assets: | ||
Employee Benefits | 35 | 34 |
Derivative Liabilities | 0 | 0.3 |
Regulatory Deferrals - Liabilities | 195.5 | 139.8 |
Allowance for Uncollectible Accounts | 17.8 | 17.3 |
Tax Effect - Tax Regulatory Liabilities | 288.9 | 281.2 |
Federal Net Operating Loss Carryforwards | 0 | 0 |
Purchase Accounting Adjustment | 0 | 0 |
Other | 15.6 | 4.9 |
Total Deferred Tax Assets | 552.8 | 477.5 |
Less: Valuation Allowance | 0 | 0 |
Net Deferred Tax Assets | 552.8 | 477.5 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 1,342.4 | 1,229.2 |
Property Tax Accruals | 26.3 | 24.2 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 277.4 | 267.1 |
Tax Effect - Tax Regulatory Assets | 9.7 | 9.8 |
Goodwill Regulatory Asset - 1999 Merger | 81.7 | 85.7 |
Derivative Assets | 0 | 0 |
Other | 109.8 | 137.3 |
Total Deferred Tax Liabilities | 1,847.3 | 1,753.3 |
Regulatory Liabilities | 1,703.9 | 1,594.1 |
Public Service Company Of New Hampshire | ||
Deferred Tax Assets: | ||
Employee Benefits | 31.1 | 38 |
Derivative Liabilities | 0 | 0 |
Regulatory Deferrals - Liabilities | 16.1 | 17.9 |
Allowance for Uncollectible Accounts | 3 | 2.9 |
Tax Effect - Tax Regulatory Liabilities | 111.7 | 116.8 |
Federal Net Operating Loss Carryforwards | 0.6 | 0 |
Purchase Accounting Adjustment | 0 | 0 |
Other | 33.4 | 49.6 |
Total Deferred Tax Assets | 195.9 | 225.2 |
Less: Valuation Allowance | 0 | 0 |
Net Deferred Tax Assets | 195.9 | 225.2 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 410.6 | 502.5 |
Property Tax Accruals | 5.2 | 5.5 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 213.8 | 103.6 |
Tax Effect - Tax Regulatory Assets | 8.1 | 11.4 |
Goodwill Regulatory Asset - 1999 Merger | 0 | 0 |
Derivative Assets | 0 | 0 |
Other | 39.4 | 45.7 |
Total Deferred Tax Liabilities | 677.1 | 668.7 |
Regulatory Liabilities | 483.6 | $ 450.7 |
Refunds to customers | 4.4 | |
Yankee Gas Services Company | ||
Regulatory Amounts: | ||
Refunds to customers | $ 0.6 |
INCOME TAXES - Tax Credits and
INCOME TAXES - Tax Credits and Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | $ 103.6 | $ 197.3 |
Federal and State Charitable Contribution | 2.2 | 18.7 |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 148.9 | 139 |
Federal and State Charitable Contribution | 9.6 | 31.4 |
Operating Loss Carryforwards | 80.7 | 82.8 |
The Connecticut Light And Power Company | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
The Connecticut Light And Power Company | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 107 | 94.5 |
Federal and State Charitable Contribution | 0 | 0 |
Operating Loss Carryforwards | 0 | 0 |
NSTAR Electric Company | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
NSTAR Electric Company | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
Operating Loss Carryforwards | 0 | 0 |
Public Service Company Of New Hampshire | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
Public Service Company Of New Hampshire | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
Operating Loss Carryforwards | $ 0 | $ 0 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 51.7 | $ 48.4 | $ 48 |
Gross Increases - Current Year | 9.2 | 11.4 | 9.9 |
Gross Decreases - Prior Year | (0.9) | (0.2) | |
Gross Decreases - Prior Year | (6.5) | ||
Lapse of Statute of Limitations | (8.5) | (7.2) | (9.7) |
Ending Balance | 45.9 | 51.7 | 48.4 |
The Connecticut Light And Power Company | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 18.1 | 15.3 | 13.5 |
Gross Increases - Current Year | 3.2 | 4.7 | 3.9 |
Gross Decreases - Prior Year | (0.5) | (0.2) | |
Gross Decreases - Prior Year | (0.9) | ||
Lapse of Statute of Limitations | (2.2) | (1.4) | (2.3) |
Ending Balance | $ 18.2 | $ 18.1 | $ 15.3 |
INCOME TAXES - Interest Expense
INCOME TAXES - Interest Expense and Accrued Interest Payable on Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Other Interest Expense/(Income) | $ (1.7) | $ 0 | $ (0.2) |
Accrued Interest Expense | $ 0.1 | $ 1.8 |
INCOME TAXES - Open Tax Year (D
INCOME TAXES - Open Tax Year (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Federal | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,018 |
Connecticut | Minimum | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,015 |
Connecticut | Maximum | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,018 |
Massachusetts | Minimum | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,015 |
Massachusetts | Maximum | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,018 |
New Hampshire | Minimum | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,016 |
New Hampshire | Maximum | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,018 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Reconciliation of Activity in Environmental Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | $ 54.9 | $ 65.8 |
Additions | 23.5 | 6.2 |
Payments/Reductions | (13.7) | (17.1) |
Accrual for Environmental Loss Contingencies, Ending Balance | 64.7 | 54.9 |
The Connecticut Light And Power Company | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 4.7 | 4.9 |
Additions | 1.9 | 0.5 |
Payments/Reductions | (1.2) | (0.7) |
Accrual for Environmental Loss Contingencies, Ending Balance | 5.4 | 4.7 |
NSTAR Electric Company | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 2.7 | 3.8 |
Additions | 9.7 | 1.8 |
Payments/Reductions | (1.5) | (2.9) |
Accrual for Environmental Loss Contingencies, Ending Balance | 10.9 | 2.7 |
Public Service Company Of New Hampshire | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 5.7 | 5.3 |
Additions | 0 | 1 |
Payments/Reductions | (0.3) | (0.6) |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 5.4 | $ 5.7 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Number of Sites and Reserves (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)site | Dec. 31, 2017USD ($)site | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |||
Number of Sites | site | 60 | 59 | |
Reserve | $ | $ 64.7 | $ 54.9 | $ 65.8 |
The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 15 | 14 | |
Reserve | $ | $ 5.4 | $ 4.7 | 4.9 |
NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 16 | 15 | |
Reserve | $ | $ 10.9 | $ 2.7 | 3.8 |
Public Service Company Of New Hampshire | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 9 | 10 | |
Reserve | $ | $ 5.4 | $ 5.7 | $ 5.3 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Environmental Matters Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)site | Dec. 31, 2017USD ($)site | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |||
Number of Sites | site | 60 | 59 | |
Reserve | $ 64.7 | $ 54.9 | $ 65.8 |
The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 15 | 14 | |
Reserve | $ 5.4 | $ 4.7 | 4.9 |
NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 16 | 15 | |
Reserve | $ 10.9 | $ 2.7 | 3.8 |
Public Service Company Of New Hampshire | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 9 | 10 | |
Reserve | $ 5.4 | $ 5.7 | $ 5.3 |
MGP Site accrual | |||
Loss Contingencies [Line Items] | |||
Reserve balances related to former MGP sites | $ 50.1 | $ 49 | |
Environmental Sites for Which a Range of Loss Exists | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 7 | ||
Reserve | $ 23.8 | ||
Best estimate of potential remediation costs (up to) | $ 20 | ||
Environmental Sites for Which a Range of Loss Exists | The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 2 | ||
Reserve | $ 0.7 | ||
Best estimate of potential remediation costs (up to) | $ 1 | ||
Environmental Site for Which a Range is Too Early to Determine | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 12 | ||
Reserve | $ 11.1 | ||
Environmental Site for Which a Range is Too Early to Determine | The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 4 | ||
Reserve | $ 1.9 | ||
Environmental Site for Which a Range is Too Early to Determine | NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 3 | ||
Reserve | $ 1.9 | ||
Evironmental Sites with Best Estimate | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 41 | ||
Reserve | $ 29.8 | ||
Evironmental Sites with Best Estimate | The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Reserve | $ 2.8 | ||
Environmental site quantity remaining | site | 9 | ||
Evironmental Sites with Best Estimate | NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Reserve | $ 9 | ||
Environmental site quantity remaining | site | 13 | ||
Evironmental Sites with Best Estimate | Public Service Company Of New Hampshire | |||
Loss Contingencies [Line Items] | |||
Reserve | $ 5.4 | ||
Environmental site quantity remaining | site | 9 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Schedule of Estimated Future Annual Costs of Long term Contractual Agreement (Details) $ in Millions | Dec. 31, 2018USD ($) |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | $ 609.2 |
2,020 | 607.9 |
2,021 | 528.7 |
2,022 | 494.1 |
2,023 | 461.7 |
Thereafter | 2,905.9 |
Total | 5,607.5 |
Purchased Power and Capacity | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 68.3 |
2,020 | 73.5 |
2,021 | 69.1 |
2,022 | 72.9 |
2,023 | 74.1 |
Thereafter | 142.9 |
Total | 500.8 |
Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 262.4 |
2,020 | 261 |
2,021 | 238.9 |
2,022 | 240.5 |
2,023 | 217.2 |
Thereafter | 1,662 |
Total | 2,882 |
Peaker CfDs | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 11.9 |
2,020 | 22.6 |
2,021 | 21.9 |
2,022 | 15.3 |
2,023 | 17.5 |
Thereafter | 43.5 |
Total | 132.7 |
Natural Gas Procurement | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 243.8 |
2,020 | 227.7 |
2,021 | 183.6 |
2,022 | 149.2 |
2,023 | 135.1 |
Thereafter | 1,039.7 |
Total | 1,979.1 |
Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2,019 | 22.8 |
2,020 | 23.1 |
2,021 | 15.2 |
2,022 | 16.2 |
2,023 | 17.8 |
Thereafter | 17.8 |
Total | 112.9 |
The Connecticut Light And Power Company | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 179.9 |
2,020 | 205.2 |
2,021 | 197.2 |
2,022 | 195.7 |
2,023 | 200.4 |
Thereafter | 959.7 |
Total | 1,938.1 |
The Connecticut Light And Power Company | Purchased Power and Capacity | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 57 |
2,020 | 69.7 |
2,021 | 65.3 |
2,022 | 69.1 |
2,023 | 70.4 |
Thereafter | 123.9 |
Total | 455.4 |
The Connecticut Light And Power Company | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 102 |
2,020 | 103.8 |
2,021 | 104 |
2,022 | 104.9 |
2,023 | 105.5 |
Thereafter | 785.3 |
Total | 1,305.5 |
The Connecticut Light And Power Company | Peaker CfDs | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 11.9 |
2,020 | 22.6 |
2,021 | 21.9 |
2,022 | 15.3 |
2,023 | 17.5 |
Thereafter | 43.5 |
Total | 132.7 |
The Connecticut Light And Power Company | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2,019 | 9 |
2,020 | 9.1 |
2,021 | 6 |
2,022 | 6.4 |
2,023 | 7 |
Thereafter | 7 |
Total | 44.5 |
NSTAR Electric Company | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 109.2 |
2,020 | 105.3 |
2,021 | 97.7 |
2,022 | 98.2 |
2,023 | 73.9 |
Thereafter | 461.1 |
Total | 945.4 |
NSTAR Electric Company | Purchased Power and Capacity | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 5.5 |
2,020 | 3.1 |
2,021 | 3.1 |
2,022 | 3.1 |
2,023 | 3 |
Thereafter | 19 |
Total | 36.8 |
NSTAR Electric Company | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 94.7 |
2,020 | 93.1 |
2,021 | 88.6 |
2,022 | 88.8 |
2,023 | 63.9 |
Thereafter | 435.1 |
Total | 864.2 |
NSTAR Electric Company | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2,019 | 9 |
2,020 | 9.1 |
2,021 | 6 |
2,022 | 6.3 |
2,023 | 7 |
Thereafter | 7 |
Total | 44.4 |
Public Service Company Of New Hampshire | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 76.3 |
2,020 | 69.7 |
2,021 | 50.2 |
2,022 | 51 |
2,023 | 52.3 |
Thereafter | 445.4 |
Total | 744.9 |
Public Service Company Of New Hampshire | Purchased Power and Capacity | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 5.8 |
2,020 | 0.7 |
2,021 | 0.7 |
2,022 | 0.7 |
2,023 | 0.7 |
Thereafter | 0 |
Total | 8.6 |
Public Service Company Of New Hampshire | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,019 | 65.7 |
2,020 | 64.1 |
2,021 | 46.3 |
2,022 | 46.8 |
2,023 | 47.8 |
Thereafter | 441.6 |
Total | 712.3 |
Public Service Company Of New Hampshire | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2,019 | 4.8 |
2,020 | 4.9 |
2,021 | 3.2 |
2,022 | 3.5 |
2,023 | 3.8 |
Thereafter | 3.8 |
Total | $ 24 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Long-Term Contractual Arrangement Narrative (Details) | 12 Months Ended | |
Dec. 31, 2018contractprojectMW | Dec. 31, 2008contractMW | |
Long-term Purchase Commitment [Line Items] | ||
Number of capacity contracts for differences between CL&P and United Illuminated Company | contract | 4 | |
Amount of capacity contracts for differences between CL&P and United Illuminated Company (in MW) | MW | 787 | |
Number of generation projects between CL&P and United Illuminated Company | project | 3 | |
Number of demand response projects between CL&P and United Illuminated Company | project | 1 | |
Percentage of costs and benefits borne by United Illuminated Company | 20.00% | |
Peaker Contracts For Differences | ||
Long-term Purchase Commitment [Line Items] | ||
Percentage of costs and benefits borne by United Illuminated Company | 20.00% | |
Period of payment to generation facility owner | 30 years | |
The Connecticut Light And Power Company | Peaker Contracts For Differences | ||
Long-term Purchase Commitment [Line Items] | ||
Number of capacity contracts | contract | 3 | |
Amount of capacity contracts | MW | 500 | |
Percentage of costs and benefits borne | 80.00% | |
CL&P, NSTAR Electric and PSNH | Transmission Support Commitments | ||
Long-term Purchase Commitment [Line Items] | ||
Period of payment of annual operation and maintenance expense | 30 years |
COMMITMENTS AND CONTINGENCIES_6
COMMITMENTS AND CONTINGENCIES - Schedule of Total Costs Incurred (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Long-term Purchase Commitment [Line Items] | |||
Purchased Power and Capacity | $ 72 | $ 103.9 | $ 152.5 |
Renewable Energy | 218.5 | 235.5 | 210.9 |
Peaker CfDs | 20.9 | 38.7 | 47.7 |
Natural Gas Procurement | 432.4 | 377 | 323.9 |
Coal, Wood and Other | 0 | 47.7 | 55.7 |
Transmission Support Commitments | 23.4 | 19.8 | 15.9 |
The Connecticut Light And Power Company | |||
Long-term Purchase Commitment [Line Items] | |||
Purchased Power and Capacity | 49.4 | 81 | 132.7 |
Renewable Energy | 63.2 | 51 | 42.1 |
Peaker CfDs | 20.9 | 38.7 | 47.7 |
Coal, Wood and Other | 0 | 0 | 0 |
Transmission Support Commitments | 9.2 | 7.8 | 6.3 |
NSTAR Electric Company | |||
Long-term Purchase Commitment [Line Items] | |||
Purchased Power and Capacity | 4.4 | 4 | 0.7 |
Renewable Energy | 89.8 | 123.7 | 101.1 |
Peaker CfDs | 0 | 0 | 0 |
Coal, Wood and Other | 0 | 0 | 0 |
Transmission Support Commitments | 9.2 | 7.8 | 6.2 |
Public Service Company Of New Hampshire | |||
Long-term Purchase Commitment [Line Items] | |||
Purchased Power and Capacity | 18.2 | 18.9 | 19.1 |
Renewable Energy | 65.5 | 60.8 | 67.7 |
Peaker CfDs | 0 | 0 | 0 |
Coal, Wood and Other | 0 | 47.7 | 55.7 |
Transmission Support Commitments | $ 5 | $ 4.2 | $ 3.4 |
COMMITMENTS AND CONTINGENCIES_7
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations Narrative (Details) - USD ($) $ in Millions | Mar. 22, 2017 | Mar. 25, 2016 |
Guarantor Obligations [Line Items] | ||
Loss Contingency, Damages Awarded, Value | $ 26.1 | |
Loss Contingency, Refunded Amount | 56.5 | |
Yankee Companies | ||
Guarantor Obligations [Line Items] | ||
Damages sought | $ 100 | |
CYAPC | ||
Guarantor Obligations [Line Items] | ||
Loss Contingency, Damages Awarded, Value | 32.6 | |
The Connecticut Light And Power Company | ||
Guarantor Obligations [Line Items] | ||
Loss Contingency, Damages Awarded, Value | 13.6 | |
NSTAR Electric Company | ||
Guarantor Obligations [Line Items] | ||
Loss Contingency, Damages Awarded, Value | 8.6 | |
Public Service Company Of New Hampshire | ||
Guarantor Obligations [Line Items] | ||
Loss Contingency, Damages Awarded, Value | 3.9 | |
YAEC | ||
Guarantor Obligations [Line Items] | ||
Loss Contingency, Damages Awarded, Value | 19.6 | |
MYAPC | ||
Guarantor Obligations [Line Items] | ||
Loss Contingency, Damages Awarded, Value | $ 24.6 |
COMMITMENTS AND CONTINGENCIES_8
COMMITMENTS AND CONTINGENCIES - Guarantees and Obligations Narrative (Details) - USD ($) | Feb. 08, 2019 | Dec. 31, 2018 |
Guarantee Of Financial Obligations Of Npt | ||
Loss Contingencies [Line Items] | ||
Maximum exposure | $ 25,000,000 | |
Guarantee Of Npt Letters Of Credit | ||
Loss Contingencies [Line Items] | ||
Maximum exposure | $ 14,000,000 | |
Subsequent Event | Revolution Wind And South Fork Wind Power | ||
Loss Contingencies [Line Items] | ||
Equity Method Investments | $ 225,000,000 | |
Equity method investment, ownership percentage | 50.00% | |
Parent obligations | $ 127,600,000 |
COMMITMENTS AND CONTINGENCIES_9
COMMITMENTS AND CONTINGENCIES - Schedule of Guarantees and Indemnifications (Details) $ in Millions | Dec. 31, 2018USD ($) |
Access Northeast Project Capital Contributions Guaranty | |
Guarantor Obligations [Line Items] | |
Maximum Exposure | $ 184.9 |
Surety Bonds | |
Guarantor Obligations [Line Items] | |
Maximum Exposure | 41.9 |
Lease Payments for Real Estate | |
Guarantor Obligations [Line Items] | |
Maximum Exposure | 6.3 |
Bay State Wind LLC | |
Guarantor Obligations [Line Items] | |
Maximum Exposure | $ 2.5 |
COMMITMENTS AND CONTINGENCIE_10
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) $ in Millions | Oct. 06, 2017 | Jun. 08, 2017 | Jul. 15, 2016MW | Apr. 29, 2016 | Sep. 30, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 26, 2014 | Apr. 14, 2017 | Oct. 15, 2014 |
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency, Percentage Of Base ROE Reasonably Justified | 10.41% | |||||||||
Loss Contingency, Percentage Of Incentive Cap On Total ROE | 13.08% | |||||||||
Capacity required for installation of distribution cable | MW | 0.115 | |||||||||
FERC ROE First, Second and Third Complaints | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Base ROE percentage challenged by complainants | 11.14% | |||||||||
Loss Contingency, Base ROE Subsequently Authorized by FERC for First Complaint Period and Prospectively From October 2014 | 11.14% | |||||||||
Percentage of ROE for any incentive project | 13.08% | |||||||||
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 First Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Percentage of ROE for any incentive project | 11.74% | |||||||||
Refund payments | 38.9 | |||||||||
FERC ROE Second Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Percentage of base ROE of complaint period | 10.57% | 10.57% | ||||||||
Loss contingency, estimate of possible earnings impact | 39.1 | |||||||||
Percentage of ROE for any incentive project | 11.74% | |||||||||
FERC ROE Fourth Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Percentage of base ROE of complaint period | 10.57% | |||||||||
Maximum percentage cap of ROE for incentive projects | 11.74% | |||||||||
Original base ROE authorized by FERC at time of complaint | 11.74% | |||||||||
Percentage of ROE for any incentive project | 10.57% | |||||||||
The Connecticut Light And Power Company | FERC ROE First Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Refund payments | 22.4 | |||||||||
The Connecticut Light And Power Company | FERC ROE Second Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, estimate of possible earnings impact | 21.4 | |||||||||
NSTAR Electric Company | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss in period | $ 4.9 | |||||||||
Base rate credit | $ 17.5 | |||||||||
NSTAR Electric Company | FERC ROE First Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Refund payments | 13.7 | |||||||||
NSTAR Electric Company | FERC ROE Second Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, estimate of possible earnings impact | 14.6 | |||||||||
Public Service Company Of New Hampshire | FERC ROE First Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Refund payments | 2.8 | |||||||||
Public Service Company Of New Hampshire | FERC ROE Second Complaint | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, estimate of possible earnings impact | $ 3.1 | |||||||||
Minimum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency, Percentage Of Base ROE Reasonably Justified | 9.60% | |||||||||
Minimum | FERC ROE First, Second and Third Complaints | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Percentage of ROE for any incentive project | 11.14% | |||||||||
Maximum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency, Percentage Of Base ROE Reasonably Justified | 10.99% | |||||||||
Maximum | FERC ROE First, Second and Third Complaints | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Percentage of ROE for any incentive project | 13.10% |
COMMITMENTS AND CONTINGENCIES C
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES - Schedule of Environmental Matters (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018site | Dec. 31, 2017USD ($)site | |
Site Contingency [Line Items] | ||
Environmental Site Quantity | 60 | 59 |
The Connecticut Light And Power Company | ||
Site Contingency [Line Items] | ||
Environmental Site Quantity | 15 | 14 |
NSTAR Electric Company | ||
Site Contingency [Line Items] | ||
Loss Contingency, Loss in Period | $ | $ 4.9 | |
Environmental Site Quantity | 16 | 15 |
Loss Contingency, Base Rate Credit | $ | $ 17.5 | |
Environmental Site for Which a Range is Too Early to Determine | ||
Site Contingency [Line Items] | ||
Environmental Site Quantity | 12 | |
Environmental Site for Which a Range is Too Early to Determine | The Connecticut Light And Power Company | ||
Site Contingency [Line Items] | ||
Environmental Site Quantity | 4 | |
Environmental Site for Which a Range is Too Early to Determine | NSTAR Electric Company | ||
Site Contingency [Line Items] | ||
Environmental Site Quantity | 3 |
GENERATION ASSET SALE - Narrati
GENERATION ASSET SALE - Narrative (Details) $ in Thousands | Jul. 16, 2018contract | Jan. 10, 2018USD ($) | Oct. 11, 2017USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Regulatory Assets [Line Items] | ||||||||||
Purchase price in purchase sale agreement for thermal generation assets | $ 175,000 | |||||||||
Purchase price in purchase sale agreement for hydroelectric assets | $ 83,000 | |||||||||
Proceeds from the Sale of PSNH Generation Assets | $ 193,924 | $ 0 | $ 0 | |||||||
Number of purchase sale agreements | contract | 6 | |||||||||
Total Regulatory Assets | 5,145,900 | 5,239,300 | ||||||||
Pre-tax incmoe associated with generation assets | 1,329,491 | 1,574,407 | 1,504,818 | |||||||
Public Service Company Of New Hampshire | ||||||||||
Regulatory Assets [Line Items] | ||||||||||
Purchase price in purchase sale agreement for thermal generation assets | $ 175,000 | $ 17,300 | ||||||||
Purchase price in purchase sale agreement for hydroelectric assets | $ 83,000 | $ 5,800 | ||||||||
Purchase price is sale agreement adjusted for other expenses | $ 40,900 | |||||||||
Proceeds from the Sale of PSNH Generation Assets | $ 116,800 | 193,924 | 0 | 0 | ||||||
Proceeds from assets held for sale | $ 77,200 | |||||||||
Difference between book value of hydroelectric generation assets and expected proceeds from sale | $ 17,300 | |||||||||
Total Regulatory Assets | 929,500 | 940,800 | ||||||||
Pre-tax incmoe associated with generation assets | $ 163,452 | 224,671 | 214,349 | |||||||
Domestic Tax Authority | Public Service Company Of New Hampshire | ||||||||||
Regulatory Assets [Line Items] | ||||||||||
Pre-tax incmoe associated with generation assets | $ 9,900 | $ 60,000 | $ 65,300 |
GENERATION ASSET SALE - Schedul
GENERATION ASSET SALE - Schedule of Assets-Held-for-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Regulatory Assets [Line Items] | ||
Thermal Gross Plant | $ 31,353,700 | $ 29,213,900 |
Accumulated Depreciation | (7,462,900) | (7,133,800) |
Total Property, Plant and Equipment, Net | 25,610,428 | 23,617,463 |
Other Assets | 778,600 | 693,700 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Thermal Gross Plant | 3,517,300 | 3,244,700 |
Accumulated Depreciation | (772,900) | (751,800) |
Total Property, Plant and Equipment, Net | 2,880,073 | $ 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) | |
Total Property, Plant and Equipment, Net | 599,000 | |
Fuel and Inventory | 87,700 | |
Materials and Supplies | 27,300 | |
Emission Allowances | 19,100 | |
Other Assets | 2,600 | |
Deferred Costs from Thermal Generation Asset Sale | (516,100) | |
Total Generation Assets Held for Sale | $ 219,600 |
LEASES - Operating Leases Renta
LEASES - Operating Leases Rental Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | $ 10.8 | $ 10.5 | $ 12.1 |
The Connecticut Light And Power Company | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | 10.9 | 11.7 | 12.5 |
NSTAR Electric Company | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | 11.8 | 11.3 | 11.4 |
Public Service Company Of New Hampshire | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | $ 2.5 | $ 3.3 | $ 2.9 |
LEASES - Future Minimum Rental
LEASES - Future Minimum Rental Payments, Operating and Capital Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | $ 11.5 |
2,020 | 9.8 |
2,021 | 8.7 |
2,022 | 7.2 |
2,023 | 4.7 |
Thereafter | 32.7 |
Future minimum lease payments | 74.6 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | 3.4 |
2,020 | 3.4 |
2,021 | 2.9 |
2,022 | 1.5 |
2,023 | 0.7 |
Thereafter | 13.9 |
Future minimum lease payments | 25.8 |
Less amount to arrive at present value | 13.8 |
Present value of future minimum lease payments | 12 |
The Connecticut Light And Power Company | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | 1.5 |
2,020 | 1.4 |
2,021 | 1.2 |
2,022 | 1.1 |
2,023 | 0.5 |
Thereafter | 0.2 |
Future minimum lease payments | 5.9 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | 2 |
2,020 | 2 |
2,021 | 1.5 |
2,022 | 0 |
2,023 | 0 |
Thereafter | 0 |
Future minimum lease payments | 5.5 |
Less amount to arrive at present value | 1 |
Present value of future minimum lease payments | 4.5 |
NSTAR Electric Company | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | 7.2 |
2,020 | 6 |
2,021 | 5.3 |
2,022 | 4.4 |
2,023 | 3.1 |
Thereafter | 29.5 |
Future minimum lease payments | 55.5 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | 0.5 |
2,020 | 0.5 |
2,021 | 0.5 |
2,022 | 0.6 |
2,023 | 0.6 |
Thereafter | 13.4 |
Future minimum lease payments | 16.1 |
Less amount to arrive at present value | 12.4 |
Present value of future minimum lease payments | 3.7 |
Public Service Company Of New Hampshire | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | 0.5 |
2,020 | 0.4 |
2,021 | 0.4 |
2,022 | 0.4 |
2,023 | 0.2 |
Thereafter | 0.3 |
Future minimum lease payments | 2.2 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | 0.1 |
2,020 | 0.1 |
2,021 | 0.1 |
2,022 | 0.1 |
2,023 | 0.1 |
Thereafter | 0.5 |
Future minimum lease payments | 1 |
Less amount to arrive at present value | 0.1 |
Present value of future minimum lease payments | $ 0.9 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 13,086,100 | 12,325,500 |
Rate Reduction Bonds | 635,700 | |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 156,800 | 160,800 |
Long-Term Debt | 13,154,900 | 12,877,100 |
Rate Reduction Bonds | 645,800 | |
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 | 3,254,000 | 3,059,100 |
The Connecticut Light And Power Company | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 113,800 | 116,500 |
Long-Term Debt | 3,429,200 | 3,430,500 |
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 | 2,944,800 | 2,943,800 |
NSTAR Electric Company | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 44,300 |
Long-Term Debt | 3,024,100 | 3,156,500 |
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 | 805,200 | 1,002,400 |
Rate Reduction Bonds | 635,700 | |
Public Service Company Of New Hampshire | Fair Value | ||
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 | 819,500 | $ 1,038,200 |
Rate Reduction Bonds | $ 645,800 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Schedule of Changes in AOCI By Component (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 11,086,242 | $ 10,711,734 |
OCI Before Reclassifications | (7,600) | |
Amounts Reclassified from AOCI | 6,500 | |
Net OCI | (1,100) | |
Ending balance | 11,486,817 | 11,086,242 |
Total | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (66,403) | (65,282) |
OCI Before Reclassifications | (200) | |
Amounts Reclassified from AOCI | 6,600 | |
Net OCI | 6,400 | |
Ending balance | (60,000) | (66,403) |
Qualified Cash Flow Hedging Instruments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (6,200) | (8,200) |
OCI Before Reclassifications | 0 | 0 |
Amounts Reclassified from AOCI | 1,800 | 2,000 |
Net OCI | 1,800 | 2,000 |
Ending balance | (4,400) | (6,200) |
Unrealized Losses on Marketable Securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 0 | 400 |
OCI Before Reclassifications | (500) | (400) |
Amounts Reclassified from AOCI | 0 | 0 |
Net OCI | (500) | (400) |
Ending balance | (500) | 0 |
Defined Benefit Plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (60,200) | (57,500) |
OCI Before Reclassifications | 300 | (7,200) |
Amounts Reclassified from AOCI | 4,800 | 4,500 |
Net OCI | 5,100 | (2,700) |
Ending balance | $ (55,100) | $ (60,200) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Related tax effect recognized in AOCI | $ 0.2 | $ 4.1 | $ 4 |
Pre-tax amount reclassified from AOCI as a decrease to net income | 2.5 | ||
Pre-tax amount reclassified from AOCI as a decrease to net income as a result of amortization of Pension, SERP and PBOP costs | 6.3 | ||
NSTAR Gas | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Pre-tax amount reclassified from AOCI as a decrease to net income | 0.7 | ||
Public Service Company Of New Hampshire | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Pre-tax amount reclassified from AOCI as a decrease to net income | $ 1.8 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Schedule of Amounts Reclassified From AOCI By Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Tax Effect | $ (288,972) | $ (578,892) | $ (554,997) | ||||||||
Net Income/(Loss) Attributable to Common Shareholders | $ 231,300 | $ 289,400 | $ 242,800 | $ 269,500 | $ 237,400 | $ 260,400 | $ 230,700 | $ 259,500 | 1,033,000 | 987,996 | 942,302 |
Defined Benefit Plan Costs: | |||||||||||
Total Amounts Reclassified from AOCI, Net of Tax | 6,600 | 6,500 | 6,000 | ||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Tax Effect | 1,000 | 1,300 | 1,400 | ||||||||
Qualified Cash Flow Hedging Instruments, Net of Tax | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Income/(Loss) Attributable to Common Shareholders | (1,800) | (2,000) | (2,100) | ||||||||
Amortization of Actuarial Losses | |||||||||||
Defined Benefit Plan Costs: | |||||||||||
Reclassifications from AOCI | (6,000) | (6,200) | (5,600) | ||||||||
Amortization of Prior Service Cost | |||||||||||
Defined Benefit Plan Costs: | |||||||||||
Reclassifications from AOCI | (400) | (1,100) | (800) | ||||||||
Defined Benefit Plans | |||||||||||
Defined Benefit Plan Costs: | |||||||||||
Reclassifications from AOCI | (6,400) | (7,300) | (6,400) | ||||||||
Tax Effect | 1,600 | 2,800 | 2,500 | ||||||||
Total Amounts Reclassified from AOCI, Net of Tax | (4,800) | (4,500) | (3,900) | ||||||||
Interest Expense | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Qualified Cash Flow Hedging Instruments | $ (2,800) | $ (3,300) | $ (3,500) |
DIVIDEND RESTRICTIONS - Narrati
DIVIDEND RESTRICTIONS - Narrative (Details) $ in Millions | Dec. 31, 2018USD ($) |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Consolidated total debt to total capital ratio (as a percentage) | 0.65 |
Retained earnings subject to restrictions | $ 4,000 |
The Connecticut Light And Power Company | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | 1,700 |
NSTAR Electric Company | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | 2,100 |
Public Service Company Of New Hampshire | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | $ 627.3 |
COMMON SHARES - (Details)
COMMON SHARES - (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||
Per share par value (in dollars per share) | $ 5 | $ 5 | $ 5 | |
Authorized (in shares) | 380,000,000 | 380,000,000 | ||
Issued (in shares) | 333,878,402 | 333,878,402 | ||
Treasury stock (in shares) | 16,992,594 | 16,992,594 | ||
The Connecticut Light And Power Company | ||||
Class of Stock [Line Items] | ||||
Per share par value (in dollars per share) | $ 10 | $ 10 | ||
Authorized (in shares) | 24,500,000 | 24,500,000 | ||
Issued (in shares) | 6,035,205 | 6,035,205 | ||
NSTAR Electric Company | ||||
Class of Stock [Line Items] | ||||
Per share par value (in dollars per share) | $ 1 | $ 1 | ||
Authorized (in shares) | 100,000,000 | 100,000,000 | ||
Issued (in shares) | 200 | 200 | ||
Public Service Company Of New Hampshire | ||||
Class of Stock [Line Items] | ||||
Per share par value (in dollars per share) | $ 1 | $ 1 | ||
Authorized (in shares) | 100,000,000 | 100,000,000 | ||
Issued (in shares) | 301 | 301 | ||
Common Shares | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 316,885,808 | 316,885,808 | 316,885,808 | 317,191,249 |
Common Shares | The Connecticut Light And Power Company | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 6,035,205 | 6,035,205 | 6,035,205 | 6,035,205 |
Common Shares | NSTAR Electric Company | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 200 | 200 | 200 | 200 |
Common Shares | Public Service Company Of New Hampshire | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 301 | 301 | 301 | 301 |
PREFERRED STOCK NOT SUBJECT T_3
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION - Narrative (Details) | Dec. 31, 2018$ / sharesshares |
The Connecticut Light And Power Company | |
Class of Stock [Line Items] | |
Preferred stock, shares authorized (in shares) | shares | 9,000,000 |
Preferred stock par value per share (in dollars per share) | $ / shares | $ 50 |
NSTAR Electric Company | |
Class of Stock [Line Items] | |
Preferred stock, shares authorized (in shares) | shares | 2,890,000 |
Preferred stock par value per share (in dollars per share) | $ / shares | $ 100 |
PREFERRED STOCK NOT SUBJECT T_4
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION - Schedule of Preferred Stock by Class (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||
Preferred stock value outstanding | $ 155.6 | $ 155.6 |
The Connecticut Light And Power Company | ||
Class of Stock [Line Items] | ||
Shares outstanding (in shares) | 2,324,000 | 2,324,000 |
Preferred stock value outstanding | $ 116.2 | $ 116.2 |
The Connecticut Light And Power Company | Series of 1947 Preferred Stock at $1.90 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 1.90 | $ 1.90 |
Redemption Price Per Share (in dollars per share) | $ 52.50 | |
Shares outstanding (in shares) | 163,912 | 163,912 |
Preferred stock value outstanding | $ 8.2 | $ 8.2 |
The Connecticut Light And Power Company | Series of 1947 Preferred Stock at $2.00 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2 | $ 2 |
Redemption Price Per Share (in dollars per share) | $ 54 | |
Shares outstanding (in shares) | 336,088 | 336,088 |
Preferred stock value outstanding | $ 16.8 | $ 16.8 |
The Connecticut Light And Power Company | Series of 1949 Preferred Stock at $2.04 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2.04 | $ 2.04 |
Redemption Price Per Share (in dollars per share) | $ 52 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light And Power Company | Series of 1949 Preferred Stock at $2.20 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2.20 | $ 2.20 |
Redemption Price Per Share (in dollars per share) | $ 52.50 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light And Power Company | Series of 1949 Preferred Stock at 3.90% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 3.90% | 3.90% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 160,000 | 160,000 |
Preferred stock value outstanding | $ 8 | $ 8 |
The Connecticut Light And Power Company | Series E of 1954 Preferred Stock at $2.06 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2.06 | $ 2.06 |
Redemption Price Per Share (in dollars per share) | $ 51 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light And Power Company | Series F of 1955 Preferred Stock at $2.09 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2.09 | $ 2.09 |
Redemption Price Per Share (in dollars per share) | $ 51 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light And Power Company | Series of 1956 Preferred Stock at 4.5% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.50% | 4.50% |
Redemption Price Per Share (in dollars per share) | $ 50.75 | |
Shares outstanding (in shares) | 104,000 | 104,000 |
Preferred stock value outstanding | $ 5.2 | $ 5.2 |
The Connecticut Light And Power Company | Series of 1958 Preferred Stock at 4.96% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.96% | 4.96% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light And Power Company | Series of 1963 Preferred Stock at 4.5% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.50% | 4.50% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 160,000 | 160,000 |
Preferred stock value outstanding | $ 8 | $ 8 |
The Connecticut Light And Power Company | Series of 1967 Preferred Stock at 5.28% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 5.28% | 5.28% |
Redemption Price Per Share (in dollars per share) | $ 51.43 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light And Power Company | Series G of 1968 Preferred Stock at $3.24 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 3.24 | $ 3.24 |
Redemption Price Per Share (in dollars per share) | $ 51.84 | |
Shares outstanding (in shares) | 300,000 | 300,000 |
Preferred stock value outstanding | $ 15 | $ 15 |
The Connecticut Light And Power Company | Series of 1968 Preferred Stock at 6.56% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 6.56% | 6.56% |
Redemption Price Per Share (in dollars per share) | $ 51.44 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Shares outstanding (in shares) | 430,000 | 430,000 |
Preferred stock value outstanding | $ 43 | $ 43 |
NSTAR Electric Company | Preferred Stock 4.25% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.25% | 4.25% |
Redemption Price Per Share (in dollars per share) | $ 103.625 | |
Shares outstanding (in shares) | 180,000 | 180,000 |
Preferred stock value outstanding | $ 18 | $ 18 |
NSTAR Electric Company | Preferred Stock 4.78% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.78% | 4.78% |
Redemption Price Per Share (in dollars per share) | $ 102.80 | |
Shares outstanding (in shares) | 250,000 | 250,000 |
Preferred stock value outstanding | $ 25 | $ 25 |
NSTAR Electric Company | Series of Preferred Stock at 6% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 6.00% | 6.00% |
Aquarion Water Company | Series of Preferred Stock at 6% | ||
Class of Stock [Line Items] | ||
Redemption Price Per Share (in dollars per share) | $ 100 | |
Shares outstanding (in shares) | 23 | 23 |
Preferred stock value outstanding | $ 0 | $ 0 |
Fair Value Adjustment | NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Preferred stock value outstanding | $ 3.6 | $ 3.6 |
COMMON SHARESHOLDERS' EQUITY _2
COMMON SHARESHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Dividends on preferred stock | $ 7,519 | $ 7,519 | $ 7,519 |
Preferred stock value outstanding | $ 155,600 | $ 155,600 |
EARNINGS PER SHARE - Components
EARNINGS PER SHARE - Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income Attributable to Common Shareholders | $ 231,300 | $ 289,400 | $ 242,800 | $ 269,500 | $ 237,400 | $ 260,400 | $ 230,700 | $ 259,500 | $ 1,033,000 | $ 987,996 | $ 942,302 |
Weighted Average Common Shares Outstanding: | |||||||||||
Basic (in shares) | 317,370,369 | 317,411,097 | 317,650,180 | ||||||||
Dilutive Effect (in shares) | 623,565 | 620,483 | 804,059 | ||||||||
Diluted (in shares) | 317,993,934 | 318,031,580 | 318,454,239 | ||||||||
Basic EPS (in dollars per share) | $ 3.25 | $ 3.11 | $ 2.97 | ||||||||
Diluted EPS (in dollars per share) | $ 3.25 | $ 3.11 | $ 2.96 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | $ 8,472,700 | ||||||||||
Operating Revenues | $ 2,034,900 | $ 2,271,400 | $ 1,853,900 | $ 2,288,000 | $ 1,895,600 | $ 1,988,500 | $ 1,762,800 | $ 2,105,100 | 8,448,201 | $ 7,751,952 | $ 7,639,129 |
Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 4,439,800 | ||||||||||
Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 3,028,300 | ||||||||||
Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 442,300 | ||||||||||
Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 7,910,400 | ||||||||||
Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 264,000 | ||||||||||
Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 241,100 | ||||||||||
Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 81,500 | ||||||||||
Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (24,300) | ||||||||||
Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | (46,100) | ||||||||||
Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 21,600 | ||||||||||
The Connecticut Light And Power Company | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 751,300 | 865,000 | 694,900 | 785,000 | 713,700 | 774,800 | 666,600 | 732,300 | 3,096,174 | 2,887,359 | 2,805,955 |
NSTAR Electric Company | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 712,600 | 939,500 | 690,700 | 770,100 | 690,200 | 851,900 | 704,700 | 733,800 | 3,112,926 | 2,980,629 | 3,041,588 |
Public Service Company Of New Hampshire | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | $ 254,900 | $ 290,200 | $ 235,100 | $ 267,400 | $ 248,000 | $ 250,000 | $ 230,400 | $ 253,200 | 1,047,619 | 981,624 | 959,482 |
Operating Segments | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Electric Distribution | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 6,986,300 | ||||||||||
Operating Revenues | 6,957,200 | ||||||||||
Operating Segments | Electric Distribution | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 3,766,600 | ||||||||||
Operating Segments | Electric Distribution | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 2,634,700 | ||||||||||
Operating Segments | Electric Distribution | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 351,900 | ||||||||||
Operating Segments | Electric Distribution | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 6,753,200 | ||||||||||
Operating Segments | Electric Distribution | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Electric Distribution | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 179,500 | ||||||||||
Operating Segments | Electric Distribution | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 65,900 | ||||||||||
Operating Segments | Electric Distribution | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (12,300) | ||||||||||
Operating Segments | Electric Distribution | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | (47,000) | ||||||||||
Operating Segments | Electric Distribution | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 17,900 | ||||||||||
Operating Segments | Natural Gas Distribution | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 1,020,300 | ||||||||||
Operating Revenues | 1,022,200 | 947,300 | 857,700 | ||||||||
Operating Segments | Natural Gas Distribution | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 542,500 | ||||||||||
Operating Segments | Natural Gas Distribution | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 334,800 | ||||||||||
Operating Segments | Natural Gas Distribution | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 96,000 | ||||||||||
Operating Segments | Natural Gas Distribution | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 973,300 | ||||||||||
Operating Segments | Natural Gas Distribution | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Natural Gas Distribution | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 57,500 | ||||||||||
Operating Segments | Natural Gas Distribution | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (2,200) | ||||||||||
Operating Segments | Natural Gas Distribution | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (8,300) | ||||||||||
Operating Segments | Natural Gas Distribution | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | (1,200) | ||||||||||
Operating Segments | Natural Gas Distribution | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 3,100 | ||||||||||
Operating Segments | Electric Transmission | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 1,321,500 | ||||||||||
Operating Revenues | 1,286,300 | ||||||||||
Operating Segments | Electric Transmission | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Electric Transmission | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Electric Transmission | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Electric Transmission | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Electric Transmission | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 1,308,900 | ||||||||||
Operating Segments | Electric Transmission | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Electric Transmission | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 12,600 | ||||||||||
Operating Segments | Electric Transmission | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | (35,200) | ||||||||||
Operating Segments | Electric Transmission | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 0 | ||||||||||
Operating Segments | Water Distribution | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 206,000 | ||||||||||
Operating Revenues | 212,000 | ||||||||||
Operating Segments | Water Distribution | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 130,700 | ||||||||||
Operating Segments | Water Distribution | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 63,300 | ||||||||||
Operating Segments | Water Distribution | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 4,400 | ||||||||||
Operating Segments | Water Distribution | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 198,400 | ||||||||||
Operating Segments | Water Distribution | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Water Distribution | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 4,100 | ||||||||||
Operating Segments | Water Distribution | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 7,200 | ||||||||||
Operating Segments | Water Distribution | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (3,700) | ||||||||||
Operating Segments | Water Distribution | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 5,400 | ||||||||||
Operating Segments | Water Distribution | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 600 | ||||||||||
Operating Segments | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 936,300 | ||||||||||
Operating Revenues | 936,300 | ||||||||||
Operating Segments | Other | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Other | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Other | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Other | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Other | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 47,300 | ||||||||||
Operating Segments | Other | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Other | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 889,000 | ||||||||||
Operating Segments | Other | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Other | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 0 | ||||||||||
Operating Segments | Other | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 0 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 3,607,900 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 1,828,200 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 928,100 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 147,700 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 2,904,000 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 620,600 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 48,300 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 35,000 | ||||||||||
Operating Segments | The Connecticut Light And Power Company | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | NSTAR Electric Company | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 3,491,100 | ||||||||||
Operating Segments | NSTAR Electric Company | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 1,380,900 | ||||||||||
Operating Segments | NSTAR Electric Company | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 1,391,500 | ||||||||||
Operating Segments | NSTAR Electric Company | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 124,900 | ||||||||||
Operating Segments | NSTAR Electric Company | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 2,897,300 | ||||||||||
Operating Segments | NSTAR Electric Company | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 488,800 | ||||||||||
Operating Segments | NSTAR Electric Company | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 76,100 | ||||||||||
Operating Segments | NSTAR Electric Company | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 28,900 | ||||||||||
Operating Segments | NSTAR Electric Company | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 1,213,000 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 557,500 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 316,900 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 79,300 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 953,700 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 199,500 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 56,600 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 15,500 | ||||||||||
Operating Segments | Public Service Company Of New Hampshire | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (12,300) | ||||||||||
Segment Reconciling Items [Member] | The Connecticut Light And Power Company | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | (65,900) | ||||||||||
Segment Reconciling Items [Member] | The Connecticut Light And Power Company | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 8,500 | ||||||||||
Segment Reconciling Items [Member] | NSTAR Electric Company | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 900 | ||||||||||
Segment Reconciling Items [Member] | NSTAR Electric Company | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 8,300 | ||||||||||
Segment Reconciling Items [Member] | Public Service Company Of New Hampshire | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | (17,300) | ||||||||||
Segment Reconciling Items [Member] | Public Service Company Of New Hampshire | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 1,100 | ||||||||||
Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (1,997,700) | ||||||||||
Operating Revenues | (1,965,800) | $ (986,800) | $ (893,300) | ||||||||
Eliminations | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Eliminations | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (4,500) | ||||||||||
Eliminations | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (10,000) | ||||||||||
Eliminations | Total Retail Tariff Sale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (14,500) | ||||||||||
Eliminations | Transmission Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (1,092,200) | ||||||||||
Eliminations | Wholesale Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Eliminations | Other Revenue from Contracts with Customers | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | (891,000) | ||||||||||
Eliminations | Reserve for Revenue Subject to Refund | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contracts with Customers | 0 | ||||||||||
Eliminations | Alternative Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 31,900 | ||||||||||
Eliminations | Other Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | 0 | ||||||||||
Consolidations Eliminations | The Connecticut Light And Power Company | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | (454,300) | ||||||||||
Consolidations Eliminations | NSTAR Electric Company | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | (387,400) | ||||||||||
Consolidations Eliminations | Public Service Company Of New Hampshire | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating Revenues | $ (149,200) |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)companysegment | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of companies that transmit hydro electricity | company | 2 | |
Amount of natural gas transmission purchased | $ 62.5 | |
Number of reportable segments | segment | 1 | |
Transmission Merger Cost Recovery | ||
Segment Reporting Information [Line Items] | ||
Amount of recovery through transmission rates | $ 27.5 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ 2,034,900 | $ 2,271,400 | $ 1,853,900 | $ 2,288,000 | $ 1,895,600 | $ 1,988,500 | $ 1,762,800 | $ 2,105,100 | $ 8,448,201 | $ 7,751,952 | $ 7,639,129 |
Depreciation and Amortization | (1,072,000) | (863,800) | (787,100) | ||||||||
Other Operating Expenses | (5,676,300) | (5,000,000) | (5,010,700) | ||||||||
Operating Income | 400,000 | 466,000 | 391,400 | 442,500 | 443,700 | 495,300 | 448,200 | 501,000 | 1,699,930 | 1,888,249 | 1,841,274 |
Interest Expense | (498,805) | (421,755) | (400,961) | ||||||||
Interest Income | 18,100 | 8,300 | 11,000 | ||||||||
Other Income/(Loss), Net | 110,300 | 99,700 | 53,500 | ||||||||
Income Tax Benefit | (288,972) | (578,892) | (554,997) | ||||||||
Net Income | 233,200 | 291,300 | 244,600 | 271,400 | 239,400 | 262,200 | 232,600 | 261,300 | 1,040,519 | 995,515 | 949,821 |
Net Income Attributable to Noncontrolling Interests | (7,519) | (7,519) | (7,519) | ||||||||
Net Income/(Loss) Attributable to Common Shareholders | 231,300 | $ 289,400 | $ 242,800 | $ 269,500 | 237,400 | $ 260,400 | $ 230,700 | $ 259,500 | 1,033,000 | 987,996 | 942,302 |
Total Assets (as of) | 38,241,256 | 36,220,386 | 38,241,256 | 36,220,386 | |||||||
Cash Flows Used for Investments in Plant | 2,523,371 | 2,348,105 | 1,976,867 | ||||||||
Operating Segments | Eversource Electric Distribution | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 6,957,200 | 5,542,900 | 5,594,300 | ||||||||
Depreciation and Amortization | (671,800) | (542,600) | (504,700) | ||||||||
Other Operating Expenses | (5,548,600) | (4,072,600) | (4,173,000) | ||||||||
Operating Income | 736,800 | 927,700 | 916,600 | ||||||||
Interest Expense | (202,800) | (186,300) | (193,100) | ||||||||
Interest Income | 18,700 | 7,300 | 10,000 | ||||||||
Other Income/(Loss), Net | 67,500 | 41,600 | 22,700 | ||||||||
Income Tax Benefit | (160,200) | (288,300) | (288,800) | ||||||||
Net Income | 460,000 | 502,000 | 467,400 | ||||||||
Net Income Attributable to Noncontrolling Interests | (4,600) | (4,600) | (4,600) | ||||||||
Net Income/(Loss) Attributable to Common Shareholders | 455,400 | 497,400 | 462,800 | ||||||||
Total Assets (as of) | 21,389,100 | 19,250,400 | 21,389,100 | 19,250,400 | |||||||
Cash Flows Used for Investments in Plant | 961,300 | 1,020,700 | 812,600 | ||||||||
Operating Segments | Natural Gas Distribution | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,022,200 | 947,300 | 857,700 | ||||||||
Depreciation and Amortization | (75,000) | (72,900) | (65,300) | ||||||||
Other Operating Expenses | (787,600) | (716,400) | (629,000) | ||||||||
Operating Income | 159,600 | 158,000 | 163,400 | ||||||||
Interest Expense | (44,100) | (43,100) | (41,300) | ||||||||
Interest Income | 0 | 100 | 100 | ||||||||
Other Income/(Loss), Net | 7,100 | 3,800 | 700 | ||||||||
Income Tax Benefit | (29,400) | (44,200) | (45,200) | ||||||||
Net Income | 93,200 | 74,600 | 77,700 | ||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income/(Loss) Attributable to Common Shareholders | 93,200 | 74,600 | 77,700 | ||||||||
Total Assets (as of) | 3,904,900 | 3,595,200 | 3,904,900 | 3,595,200 | |||||||
Cash Flows Used for Investments in Plant | 351,500 | 298,200 | 255,300 | ||||||||
Operating Segments | Eversource Electric Transmission | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,286,300 | 1,301,700 | 1,210,000 | ||||||||
Depreciation and Amortization | (231,800) | (209,400) | (185,800) | ||||||||
Other Operating Expenses | (375,500) | (382,800) | (321,300) | ||||||||
Operating Income | 679,000 | 709,500 | 702,900 | ||||||||
Interest Expense | (120,600) | (115,100) | (110,000) | ||||||||
Interest Income | 2,400 | 1,800 | 1,200 | ||||||||
Other Income/(Loss), Net | 31,100 | 27,300 | 17,800 | ||||||||
Income Tax Benefit | (161,800) | (228,700) | (238,200) | ||||||||
Net Income | 430,100 | 394,800 | 373,700 | ||||||||
Net Income Attributable to Noncontrolling Interests | (2,900) | (2,900) | (2,900) | ||||||||
Net Income/(Loss) Attributable to Common Shareholders | 427,200 | 391,900 | 370,800 | ||||||||
Total Assets (as of) | 10,285,000 | 9,401,200 | 10,285,000 | 9,401,200 | |||||||
Cash Flows Used for Investments in Plant | 929,700 | 867,600 | 801,000 | ||||||||
Operating Segments | Eversource Water | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 212,000 | 15,900 | 0 | ||||||||
Depreciation and Amortization | (46,500) | (3,700) | 0 | ||||||||
Other Operating Expenses | (99,800) | (8,300) | 0 | ||||||||
Operating Income | 65,700 | 3,900 | 0 | ||||||||
Interest Expense | (34,300) | (3,100) | 0 | ||||||||
Interest Income | 0 | 100 | 0 | ||||||||
Other Income/(Loss), Net | (400) | 0 | 0 | ||||||||
Income Tax Benefit | (100) | (2,100) | 0 | ||||||||
Net Income | 30,900 | (1,200) | 0 | ||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income/(Loss) Attributable to Common Shareholders | 30,900 | (1,200) | 0 | ||||||||
Total Assets (as of) | 2,253,000 | 2,182,900 | 2,253,000 | 2,182,900 | |||||||
Cash Flows Used for Investments in Plant | 102,300 | 16,000 | 0 | ||||||||
Operating Segments | Other Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 936,300 | 931,000 | 870,400 | ||||||||
Depreciation and Amortization | (49,100) | (37,400) | (33,500) | ||||||||
Other Operating Expenses | (831,500) | (806,600) | (779,200) | ||||||||
Operating Income | 55,700 | 87,000 | 57,700 | ||||||||
Interest Expense | (129,300) | (90,000) | (63,500) | ||||||||
Interest Income | 30,300 | 15,700 | 7,000 | ||||||||
Other Income/(Loss), Net | 1,185,300 | 1,113,000 | 1,021,200 | ||||||||
Income Tax Benefit | 62,500 | (15,500) | 16,500 | ||||||||
Net Income | 1,204,500 | 1,110,200 | 1,038,900 | ||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income/(Loss) Attributable to Common Shareholders | 1,204,500 | 1,110,200 | 1,038,900 | ||||||||
Total Assets (as of) | 17,874,200 | 16,220,900 | 17,874,200 | 16,220,900 | |||||||
Cash Flows Used for Investments in Plant | 178,600 | 145,600 | 108,000 | ||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (1,965,800) | (986,800) | (893,300) | ||||||||
Depreciation and Amortization | 2,200 | 2,200 | 2,200 | ||||||||
Other Operating Expenses | 1,966,700 | 986,700 | 891,800 | ||||||||
Operating Income | 3,100 | 2,100 | 700 | ||||||||
Interest Expense | 32,300 | 15,800 | 6,900 | ||||||||
Interest Income | (33,300) | (16,700) | (7,300) | ||||||||
Other Income/(Loss), Net | (1,180,300) | (1,086,000) | (1,008,900) | ||||||||
Income Tax Benefit | 0 | (100) | 700 | ||||||||
Net Income | (1,178,200) | (1,084,900) | (1,007,900) | ||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income/(Loss) Attributable to Common Shareholders | (1,178,200) | (1,084,900) | (1,007,900) | ||||||||
Total Assets (as of) | $ (17,464,900) | $ (14,430,200) | (17,464,900) | (14,430,200) | |||||||
Cash Flows Used for Investments in Plant | $ 0 | $ 0 | $ 0 |
ACQUISITION OF AQUARION AND G_3
ACQUISITION OF AQUARION AND GOODWILL - Narrative (Details) - USD ($) | Dec. 04, 2017 | Oct. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Acquisition of Aquarion | $ 0 | $ 877,652,000 | $ 0 | |||
Operating Revenues | 15,900,000 | |||||
Pre-Tax Income | 1,100,000 | |||||
Goodwill | 4,427,266,000 | 4,427,266,000 | ||||
Impairment loss | $ 0 | |||||
Aquarion Water Company | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 1,675,000,000 | |||||
Acquisition of Aquarion | 880,000,000 | |||||
Consideration transferred, liabilities incurred | 795,000,000 | |||||
Equity interest | 745,000,000 | |||||
Aquarion shareholder loan paid at closing | 135,000,000 | |||||
Operating Revenues | $ 7,947,700,000 | $ 7,849,000,000 | ||||
Goodwill | $ 900,000,000 | $ 907,900,000 | ||||
Line of Credit | Aquarion | ||||||
Business Acquisition [Line Items] | ||||||
Long-term Debt, Fair Value | $ 7,900,000 |
ACQUISITION OF AQUARION AND G_4
ACQUISITION OF AQUARION AND GOODWILL - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 900,000 | |
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 |
ACQUISITION OF AQUARION AND G_5
ACQUISITION OF AQUARION AND GOODWILL - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Operating Revenues | $ 15.9 | |
Aquarion Water Company | ||
Business Acquisition [Line Items] | ||
Operating Revenues | 7,947.7 | $ 7,849 |
Net Income Attributable to Common Shareholders | $ 1,019.1 | $ 969.3 |
Basic EPS (in dollars per share) | $ 3.21 | $ 3.05 |
Diluted EPS (in dollars per share) | $ 3.20 | $ 3.04 |
ACQUISITION OF AQUARION AND G_6
ACQUISITION OF AQUARION AND GOODWILL - Schedule of Goodwill by Reportable Segments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 4,427,266 |
Goodwill | 4,400,000 |
Ending balance | 4,427,266 |
Electric Distribution | |
Goodwill [Roll Forward] | |
Goodwill | 2,500,000 |
Electric Transmission | |
Goodwill [Roll Forward] | |
Goodwill | 600,000 |
Natural Gas Distribution | |
Goodwill [Roll Forward] | |
Goodwill | 400,000 |
Water Distribution | |
Goodwill [Roll Forward] | |
Goodwill | $ 900,000 |
QUARTERLY FINANCIAL DATA (UNA_3
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||
Operating Revenues | $ 2,034,900 | $ 2,271,400 | $ 1,853,900 | $ 2,288,000 | $ 1,895,600 | $ 1,988,500 | $ 1,762,800 | $ 2,105,100 | $ 8,448,201 | $ 7,751,952 | $ 7,639,129 |
Operating Income | 400,000 | 466,000 | 391,400 | 442,500 | 443,700 | 495,300 | 448,200 | 501,000 | 1,699,930 | 1,888,249 | 1,841,274 |
Net Income | 233,200 | 291,300 | 244,600 | 271,400 | 239,400 | 262,200 | 232,600 | 261,300 | 1,040,519 | 995,515 | 949,821 |
Net Income Attributable to Common Shareholders | $ 231,300 | $ 289,400 | $ 242,800 | $ 269,500 | $ 237,400 | $ 260,400 | $ 230,700 | $ 259,500 | 1,033,000 | 987,996 | 942,302 |
Basic and Diluted EPS (in dollars per share) | $ 0.73 | $ 0.91 | $ 0.76 | $ 0.85 | $ 0.75 | $ 0.82 | $ 0.73 | $ 0.82 | |||
The Connecticut Light And Power Company | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Operating Revenues | $ 751,300 | $ 865,000 | $ 694,900 | $ 785,000 | $ 713,700 | $ 774,800 | $ 666,600 | $ 732,300 | 3,096,174 | 2,887,359 | 2,805,955 |
Operating Income | 142,800 | 172,700 | 163,100 | 157,200 | 155,200 | 177,100 | 175,600 | 175,500 | 635,837 | 683,354 | 672,434 |
Net Income | 79,100 | 100,300 | 99,700 | 98,600 | 99,100 | 96,100 | 91,300 | 90,200 | 377,717 | 376,726 | 334,254 |
NSTAR Electric Company | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Operating Revenues | 712,600 | 939,500 | 690,700 | 770,100 | 690,200 | 851,900 | 704,700 | 733,800 | 3,112,926 | 2,980,629 | 3,041,588 |
Operating Income | 126,000 | 205,500 | 133,600 | 119,000 | 124,200 | 229,700 | 177,900 | 156,600 | 584,123 | 688,440 | 663,731 |
Net Income | 77,500 | 140,600 | 87,900 | 77,100 | 70,500 | 125,800 | 95,000 | 83,400 | 383,090 | 374,726 | 350,777 |
Public Service Company Of New Hampshire | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Operating Revenues | 254,900 | 290,200 | 235,100 | 267,400 | 248,000 | 250,000 | 230,400 | 253,200 | 1,047,619 | 981,624 | 959,482 |
Operating Income | 37,200 | 56,500 | 46,900 | 55,800 | 69,800 | 66,000 | 63,500 | 66,600 | 196,414 | 265,873 | 256,826 |
Net Income | $ 14,300 | $ 40,700 | $ 25,800 | $ 35,100 | $ 36,400 | $ 33,700 | $ 31,600 | $ 34,300 | $ 115,876 | $ 135,996 | $ 131,985 |
SCHEDULE I - FINANCIAL INFORM_2
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - BALANCE SHEET (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||||
Cash | $ 108,068 | $ 38,165 | ||
Prepayments and Other Current Assets | 260,995 | 138,009 | ||
Total Current Assets | 2,292,224 | 2,487,099 | ||
Deferred Debits and Other Assets: | ||||
Investments in Subsidiary Companies, at Equity | 463,700 | 277,600 | ||
Goodwill | 4,427,266 | 4,427,266 | ||
Other Long-Term Assets | 862,693 | 605,692 | ||
Total Deferred Debits and Other Assets | 10,338,604 | 10,115,824 | ||
Total Assets | 38,241,256 | 36,220,386 | ||
Current Liabilities: | ||||
Notes Payable | 910,000 | 1,088,087 | ||
Long-Term Debt – Current Portion | 837,319 | 549,631 | ||
Accounts Payable | 1,119,995 | 1,085,034 | ||
Other Current Liabilities | 823,006 | 738,222 | ||
Total Current Liabilities | 4,112,882 | 3,589,045 | ||
Total Deferred Credits and Other Liabilities | 9,653,913 | 9,613,640 | ||
Capitalization: | ||||
Long-Term Debt | 12,248,743 | 11,775,889 | ||
Common Shareholders' Equity: | ||||
Common Shares | 1,669,392 | 1,669,392 | ||
Capital Surplus, Paid in | 6,241,222 | 6,239,940 | ||
Retained Earnings | 3,953,974 | 3,561,084 | ||
Accumulated Other Comprehensive Loss | (60,000) | (66,403) | ||
Treasury Stock | (317,771) | (317,771) | ||
Common Shareholders' Equity | 11,486,817 | 11,086,242 | $ 10,711,734 | $ 10,352,215 |
Total Liabilities and Capitalization | 38,241,256 | 36,220,386 | ||
Eversource | ||||
Current Assets: | ||||
Cash | 591 | 521 | $ 93 | $ 67 |
Accounts Receivable from Subsidiaries | 32,175 | 3,397 | ||
Dividend Receivable from Subsidiary | 0 | 150,000 | ||
Notes Receivable from Subsidiaries | 991,400 | 844,500 | ||
Prepayments and Other Current Assets | 26,861 | 18,568 | ||
Total Current Assets | 1,051,027 | 1,016,986 | ||
Deferred Debits and Other Assets: | ||||
Investments in Subsidiary Companies, at Equity | 12,009,659 | 10,945,986 | ||
Notes Receivable from Subsidiaries | 323,500 | 312,190 | ||
Accumulated Deferred Income Taxes | 40,454 | 47,940 | ||
Goodwill | 3,231,811 | 3,231,811 | ||
Other Long-Term Assets | 73,669 | 58,313 | ||
Total Deferred Debits and Other Assets | 15,679,093 | 14,596,240 | ||
Total Assets | 16,730,120 | 15,613,226 | ||
Current Liabilities: | ||||
Notes Payable | 631,500 | 778,087 | ||
Long-Term Debt – Current Portion | 378,883 | 32,114 | ||
Accounts Payable | 286 | 292 | ||
Accounts Payable to Subsidiaries | 8,432 | 18,242 | ||
Other Current Liabilities | 57,591 | 56,601 | ||
Total Current Liabilities | 1,076,692 | 885,336 | ||
Total Deferred Credits and Other Liabilities | 134,614 | 118,176 | ||
Capitalization: | ||||
Long-Term Debt | 4,031,997 | 3,523,472 | ||
Common Shareholders' Equity: | ||||
Common Shares | 1,669,392 | 1,669,392 | ||
Capital Surplus, Paid in | 6,241,222 | 6,239,940 | ||
Retained Earnings | 3,953,974 | 3,561,084 | ||
Accumulated Other Comprehensive Loss | (60,000) | (66,403) | ||
Treasury Stock | 317,771 | (317,771) | ||
Common Shareholders' Equity | 11,486,817 | 11,086,242 | ||
Total Liabilities and Capitalization | $ 16,730,120 | $ 15,613,226 |
SCHEDULE I - FINANCIAL INFORM_3
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF INCOME (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating Revenues | $ 2,034,900 | $ 2,271,400 | $ 1,853,900 | $ 2,288,000 | $ 1,895,600 | $ 1,988,500 | $ 1,762,800 | $ 2,105,100 | $ 8,448,201 | $ 7,751,952 | $ 7,639,129 |
Operating Expenses: | |||||||||||
Other | 1,335,213 | 1,307,052 | 1,342,134 | ||||||||
Operating Income | 400,000 | 466,000 | 391,400 | 442,500 | 443,700 | 495,300 | 448,200 | 501,000 | 1,699,930 | 1,888,249 | 1,841,274 |
Interest Expense | 498,805 | 421,755 | 400,961 | ||||||||
Other Income, Net: | |||||||||||
Other Income, Net | 128,366 | 107,913 | 64,505 | ||||||||
Income Before Income Tax Benefit | 1,329,491 | 1,574,407 | 1,504,818 | ||||||||
Income Tax Benefit | 288,972 | 578,892 | 554,997 | ||||||||
Net Income | $ 233,200 | $ 291,300 | $ 244,600 | $ 271,400 | $ 239,400 | $ 262,200 | $ 232,600 | $ 261,300 | $ 1,040,519 | $ 995,515 | $ 949,821 |
Basic Earnings Per Common Share (in dollars per share) | $ 3.25 | $ 3.11 | $ 2.97 | ||||||||
Diluted Earnings Per Common Share (in dollars per share) | $ 3.25 | $ 3.11 | $ 2.96 | ||||||||
Weighted Average Common Shares Outstanding: | |||||||||||
Basic (in shares) | 317,370,369 | 317,411,097 | 317,650,180 | ||||||||
Diluted (in shares) | 317,993,934 | 318,031,580 | 318,454,239 | ||||||||
Eversource | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating Revenues | $ 0 | $ 0 | $ 0 | ||||||||
Operating Expenses: | |||||||||||
Other | (6,552) | (32,189) | (39,453) | ||||||||
Operating Income | 6,552 | 32,189 | 39,453 | ||||||||
Interest Expense | 123,638 | 80,700 | 59,420 | ||||||||
Other Income, Net: | |||||||||||
Equity in Earnings of Subsidiaries | 1,049,748 | 993,063 | 922,321 | ||||||||
Other, Net | 47,581 | 23,339 | 4,267 | ||||||||
Other Income, Net | 1,097,329 | 1,016,402 | 926,588 | ||||||||
Income Before Income Tax Benefit | 980,243 | 967,891 | 906,621 | ||||||||
Income Tax Benefit | (52,757) | (20,105) | (35,681) | ||||||||
Net Income | $ 1,033,000 | $ 987,996 | $ 942,302 | ||||||||
Basic Earnings Per Common Share (in dollars per share) | $ 3.25 | $ 3.11 | $ 2.97 | ||||||||
Diluted Earnings Per Common Share (in dollars per share) | $ 3.25 | $ 3.11 | $ 2.96 | ||||||||
Weighted Average Common Shares Outstanding: | |||||||||||
Basic (in shares) | 317,370,369 | 317,411,097 | 317,650,180 | ||||||||
Diluted (in shares) | 317,993,934 | 318,031,580 | 318,454,239 |
SCHEDULE I - FINANCIAL INFORM_4
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | $ 233,200 | $ 291,300 | $ 244,600 | $ 271,400 | $ 239,400 | $ 262,200 | $ 232,600 | $ 261,300 | $ 1,040,519 | $ 995,515 | $ 949,821 |
Other Comprehensive Income/(Loss), Net of Tax: | |||||||||||
Qualified Cash Flow Hedging Instruments | 1,756 | 1,974 | 2,137 | ||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (547) | (350) | 2,294 | ||||||||
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | 5,194 | (2,745) | (2,869) | ||||||||
Other Comprehensive Income/(Loss), Net of Tax | 6,403 | (1,121) | 1,562 | ||||||||
Comprehensive Income | 1,039,403 | 986,875 | 943,864 | ||||||||
Eversource | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 1,033,000 | 987,996 | 942,302 | ||||||||
Other Comprehensive Income/(Loss), Net of Tax: | |||||||||||
Qualified Cash Flow Hedging Instruments | 1,756 | 1,974 | 2,137 | ||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (547) | (350) | 2,294 | ||||||||
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | 5,194 | (2,745) | (2,869) | ||||||||
Other Comprehensive Income/(Loss), Net of Tax | 6,403 | (1,121) | 1,562 | ||||||||
Comprehensive Income | $ 1,039,403 | $ 986,875 | $ 943,864 |
SCHEDULE I - FINANCIAL INFORM_5
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENT OF CASH FLOW (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||||||||||
Net Income | $ 233,200 | $ 291,300 | $ 244,600 | $ 271,400 | $ 239,400 | $ 262,200 | $ 232,600 | $ 261,300 | $ 1,040,519 | $ 995,515 | $ 949,821 |
Flows Provided by Operating Activities: | |||||||||||
Deferred Income Taxes | 174,812 | 491,630 | 466,463 | ||||||||
Other | (111,225) | (204,421) | (118,195) | ||||||||
Accounts Receivables from Subsidiaries | (141,433) | (117,155) | (142,699) | ||||||||
Taxes Receivable/Accrued, Net | (67,770) | 52,284 | 234,543 | ||||||||
Other Current Assets and Liabilities, Net | 78,226 | 91,545 | 13,737 | ||||||||
Net Cash Flows Provided by Operating Activities | 1,783,978 | 1,996,202 | 2,208,242 | ||||||||
Investing Activities: | |||||||||||
Other Investing Activities | 6,754 | 5,479 | 36,211 | ||||||||
Net Cash Flows Used in Investing Activities | (2,390,481) | (3,230,516) | (2,151,548) | ||||||||
Financing Activities: | |||||||||||
Cash Dividends on Common Shares | (640,110) | (602,083) | (564,486) | ||||||||
Issuance of Long-Term Debt | 2,200,000 | 2,500,000 | 800,000 | ||||||||
Retirements of Long-Term Debt | (1,050,330) | (745,000) | (200,000) | ||||||||
Increase/(Decrease) in Short-Term Debt | (379,310) | 72,810 | (12,453) | ||||||||
Other Financing Activities | (28,457) | (4,754) | (33,482) | ||||||||
Net Cash Flows Provided by/(Used in) Financing Activities | 729,937 | 1,213,454 | (17,940) | ||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Year | 38,165 | 38,165 | |||||||||
Cash, Cash Equivalents and Restricted Cash - End of Year | 108,068 | 38,165 | 108,068 | 38,165 | |||||||
Cash Paid/(Received) During the Year for: | |||||||||||
Interest | 503,200 | 419,100 | 398,100 | ||||||||
Income Taxes | 158,800 | 30,800 | (135,500) | ||||||||
Eversource | |||||||||||
Operating Activities: | |||||||||||
Net Income | 1,033,000 | 987,996 | 942,302 | ||||||||
Flows Provided by Operating Activities: | |||||||||||
Equity in Earnings of Subsidiaries | (1,049,748) | (993,063) | (922,321) | ||||||||
Cash Dividends Received from Subsidiaries | 569,500 | 753,300 | 724,877 | ||||||||
Deferred Income Taxes | 20,032 | 37,867 | 19,008 | ||||||||
Other | (31,093) | (36,052) | (27,963) | ||||||||
Accounts Receivables from Subsidiaries | (28,716) | 29,405 | (9,173) | ||||||||
Taxes Receivable/Accrued, Net | (20,207) | 1,555 | 8,050 | ||||||||
Accounts Payable, Including Affiliate Payables | (9,817) | 9,763 | (6,908) | ||||||||
Other Current Assets and Liabilities, Net | 2,553 | 7,536 | (7,433) | ||||||||
Net Cash Flows Provided by Operating Activities | 485,504 | 798,307 | 720,439 | ||||||||
Investing Activities: | |||||||||||
Capital Contributions to Subsidiaries | (955,700) | (1,156,731) | (589,500) | ||||||||
Return of Capital from Subsidiary | 530,000 | 0 | 0 | ||||||||
(Increase)/Decrease in Notes Receivable from Subsidiaries | (158,210) | (192,100) | 14,510 | ||||||||
Other Investing Activities | (1,149) | 1,484 | 0 | ||||||||
Net Cash Flows Used in Investing Activities | (585,059) | (1,347,347) | (574,990) | ||||||||
Financing Activities: | |||||||||||
Cash Dividends on Common Shares | (640,110) | (602,083) | (564,486) | ||||||||
Issuance of Long-Term Debt | 1,550,000 | 1,200,000 | 500,000 | ||||||||
Retirements of Long-Term Debt | (450,000) | 0 | 0 | ||||||||
Increase/(Decrease) in Short-Term Debt | (347,810) | (42,690) | (76,453) | ||||||||
Other Financing Activities | (12,455) | (5,759) | (4,484) | ||||||||
Net Cash Flows Provided by/(Used in) Financing Activities | 99,625 | 549,468 | (145,423) | ||||||||
Net Increase/(Decrease) in Cash and Cash Equivalents | 70 | 428 | 26 | ||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Year | $ 521 | $ 93 | 521 | 93 | 67 | ||||||
Cash, Cash Equivalents and Restricted Cash - End of Year | $ 591 | $ 521 | 591 | 521 | 93 | ||||||
Cash Paid/(Received) During the Year for: | |||||||||||
Interest | 118,533 | 73,868 | 58,018 | ||||||||
Income Taxes | $ (30,239) | $ (59,526) | $ (65,531) |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
The Connecticut Light And Power Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Period of accounts receivable recoverable under financial or medical duress | 180 days | ||
Yankee Gas Services Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Period of accounts receivable recoverable under financial or medical duress | 90 days | ||
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 195,708 | $ 200,630 | $ 190,680 |
Additions, Charged to Costs and Expense | 61,337 | 44,665 | 69,466 |
Additions, Charged to Other Accounts | 48,671 | 47,630 | 45,452 |
Deductions | 92,993 | 97,217 | 104,968 |
Balance at end of period | 212,723 | 195,708 | 200,630 |
Allowance for Doubtful Accounts | The Connecticut Light And Power Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 78,872 | 86,391 | 79,479 |
Additions, Charged to Costs and Expense | 15,831 | 5,312 | 17,572 |
Additions, Charged to Other Accounts | 29,524 | 25,533 | 28,801 |
Deductions | 36,193 | 38,364 | 39,461 |
Balance at end of period | 88,034 | 78,872 | 86,391 |
Allowance for Doubtful Accounts | NSTAR Electric Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 69,666 | 70,284 | 66,676 |
Additions, Charged to Costs and Expense | 22,279 | 21,252 | 31,728 |
Additions, Charged to Other Accounts | 14,971 | 14,273 | 11,253 |
Deductions | 32,400 | 36,143 | 39,373 |
Balance at end of period | 74,516 | 69,666 | 70,284 |
Allowance for Doubtful Accounts | Public Service Company Of New Hampshire | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 10,481 | 9,941 | 8,733 |
Additions, Charged to Costs and Expense | 6,383 | 6,917 | 7,288 |
Additions, Charged to Other Accounts | 953 | 464 | 498 |
Deductions | 6,752 | 6,841 | 6,578 |
Balance at end of period | $ 11,065 | $ 10,481 | $ 9,941 |