DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity [Line Items] | ||
Entity Registrant Name | Eversource Energy | |
Entity Central Index Key | 0000072741 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Smaller Reporting Company | false | |
Trading Symbol | ES | |
Entity Common Stock, Shares Outstanding (in shares) | 317,461,097 | |
The Connecticut Light and Power Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | The Connecticut Light and Power Company | |
Entity Central Index Key | 0000023426 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 6,035,205 | |
Public Service Company of New Hampshire | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | Public Service Company of New Hampshire | |
Entity Central Index Key | 0000315256 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 301 | |
NSTAR Electric Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | NSTAR Electric Company | |
Entity Central Index Key | 0000013372 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 200 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 35,145 | $ 108,068 |
Receivables, Net | 1,140,348 | 994,055 |
Unbilled Revenues | 159,288 | 176,285 |
Fuel, Materials, Supplies and Inventory | 277,104 | 238,042 |
Regulatory Assets | 507,255 | 514,779 |
Prepayments and Other Current Assets | 181,724 | 260,995 |
Total Current Assets | 2,300,864 | 2,292,224 |
Property, Plant and Equipment, Net | 26,032,781 | 25,610,428 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 4,589,427 | 4,631,137 |
Goodwill | 4,427,266 | 4,427,266 |
Investments in Unconsolidated Affiliates | 711,476 | 464,286 |
Marketable Securities | 415,405 | 417,508 |
Other Long-Term Assets | 463,788 | 398,407 |
Total Deferred Debits and Other Assets | 10,607,362 | 10,338,604 |
Total Assets | 38,941,007 | 38,241,256 |
Current Liabilities: | ||
Notes Payable | 1,477,830 | 910,000 |
Long-Term Debt – Current Portion | 805,519 | 837,319 |
Rate Reduction Bonds – Current Portion | 43,210 | 52,332 |
Accounts Payable | 1,006,774 | 1,119,995 |
Regulatory Liabilities | 385,442 | 370,230 |
Other Current Liabilities | 840,587 | 823,006 |
Total Current Liabilities | 4,559,362 | 4,112,882 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 3,543,052 | 3,506,030 |
Regulatory Liabilities | 3,627,389 | 3,609,475 |
Derivative Liabilities | 372,957 | 379,562 |
Accrued Pension, SERP and PBOP | 939,786 | 962,510 |
Other Long-Term Liabilities | 1,259,400 | 1,196,336 |
Total Deferred Credits and Other Liabilities | 9,742,584 | 9,653,913 |
Long-Term Debt | 12,284,330 | 12,248,743 |
Rate Reduction Bonds | 561,727 | 583,331 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,669,392 | 1,669,392 |
Capital Surplus, Paid In | 6,242,089 | 6,241,222 |
Retained Earnings | 4,092,895 | 3,953,974 |
Accumulated Other Comprehensive Loss | (57,804) | (60,000) |
Treasury Stock | (309,138) | (317,771) |
Common Stockholder's Equity | 11,637,434 | 11,486,817 |
Commitments and Contingencies | ||
Total Liabilities and Capitalization | 38,941,007 | 38,241,256 |
The Connecticut Light and Power Company | ||
Current Assets: | ||
Cash | 7,496 | 87,721 |
Receivables, Net | 443,684 | 397,026 |
Accounts Receivable from Affiliated Companies | 30,363 | 23,082 |
Unbilled Revenues | 51,300 | 56,971 |
Fuel, Materials, Supplies and Inventory | 52,109 | 44,529 |
Regulatory Assets | 147,712 | 125,155 |
Prepaid Property Taxes | 41,341 | 19,555 |
Prepayments and Other Current Assets | 20,384 | 40,724 |
Total Current Assets | 794,389 | 794,763 |
Property, Plant and Equipment, Net | 9,065,880 | 8,909,701 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,496,679 | 1,505,488 |
Other Long-Term Assets | 197,571 | 199,767 |
Total Deferred Debits and Other Assets | 1,694,250 | 1,705,255 |
Total Assets | 11,554,519 | 11,409,719 |
Current Liabilities: | ||
Long-Term Debt – Current Portion | 0 | 250,000 |
Accounts Payable | 347,928 | 324,983 |
Accounts Payable to Affiliated Companies | 94,738 | 26,452 |
Obligations to Third Party Suppliers | 56,065 | 56,248 |
Accrued Taxes | 55,693 | 38,205 |
Accrued Interest | 42,424 | 38,395 |
Regulatory Liabilities | 106,489 | 109,614 |
Derivative Liabilities | 59,651 | 55,058 |
Other Current Liabilities | 71,461 | 84,488 |
Total Current Liabilities | 834,449 | 983,443 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,184,425 | 1,166,784 |
Regulatory Liabilities | 1,126,279 | 1,122,157 |
Derivative Liabilities | 372,774 | 379,536 |
Accrued Pension, SERP and PBOP | 279,914 | 282,771 |
Other Long-Term Liabilities | 165,307 | 155,495 |
Total Deferred Credits and Other Liabilities | 3,128,699 | 3,106,743 |
Long-Term Debt | 3,265,756 | 3,004,016 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 116,200 | 116,200 |
Common Shareholders' Equity: | ||
Common Shares | 60,352 | 60,352 |
Capital Surplus, Paid In | 2,410,765 | 2,410,765 |
Retained Earnings | 1,737,980 | 1,727,899 |
Accumulated Other Comprehensive Loss | 318 | 301 |
Common Stockholder's Equity | 4,209,415 | 4,199,317 |
Commitments and Contingencies | ||
Total Liabilities and Capitalization | 11,554,519 | 11,409,719 |
NSTAR Electric | ||
Current Assets: | ||
Cash | 1,769 | 1,606 |
Receivables, Net | 400,082 | 361,296 |
Accounts Receivable from Affiliated Companies | 20,097 | 31,344 |
Unbilled Revenues | 31,698 | 34,518 |
Fuel, Materials, Supplies and Inventory | 160,221 | 114,202 |
Regulatory Assets | 234,662 | 241,747 |
Prepayments and Other Current Assets | 24,643 | 51,960 |
Total Current Assets | 873,172 | 836,673 |
Property, Plant and Equipment, Net | 8,915,608 | 8,794,700 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,173,851 | 1,196,512 |
Prepaid PBOP | 139,132 | 132,810 |
Other Long-Term Assets | 134,536 | 109,764 |
Total Deferred Debits and Other Assets | 1,447,519 | 1,439,086 |
Total Assets | 11,236,299 | 11,070,459 |
Current Liabilities: | ||
Notes Payable | 368,430 | 278,500 |
Notes Payable to Eversource Parent | 22,300 | 0 |
Long-Term Debt – Current Portion | 95,000 | 0 |
Accounts Payable | 306,888 | 384,398 |
Accounts Payable to Affiliated Companies | 115,676 | 89,636 |
Obligations to Third Party Suppliers | 110,742 | 109,547 |
Renewable Portfolio Standards Compliance Obligations | 175,391 | 139,898 |
Regulatory Liabilities | 193,959 | 190,620 |
Other Current Liabilities | 52,156 | 74,872 |
Total Current Liabilities | 1,440,542 | 1,267,471 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,305,518 | 1,294,467 |
Regulatory Liabilities | 1,514,557 | 1,513,279 |
Accrued Pension, SERP and PBOP | 5,496 | 14,145 |
Other Long-Term Liabilities | 293,794 | 263,096 |
Total Deferred Credits and Other Liabilities | 3,119,365 | 3,084,987 |
Long-Term Debt | 2,850,196 | 2,944,846 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 43,000 | 43,000 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 1,653,442 | 1,633,442 |
Retained Earnings | 2,131,015 | 2,098,091 |
Accumulated Other Comprehensive Loss | (1,261) | (1,378) |
Common Stockholder's Equity | 3,783,196 | 3,730,155 |
Commitments and Contingencies | ||
Total Liabilities and Capitalization | 11,236,299 | 11,070,459 |
Public Service Company of New Hampshire | ||
Current Assets: | ||
Cash | 3,961 | 1,439 |
Receivables, Net | 102,806 | 104,854 |
Accounts Receivable from Affiliated Companies | 11,520 | 8,444 |
Unbilled Revenues | 43,289 | 47,145 |
Taxes Receivable | 7,441 | 25,913 |
Fuel, Materials, Supplies and Inventory | 37,361 | 37,504 |
Regulatory Assets | 76,599 | 67,228 |
Special Deposits | 21,059 | 47,498 |
Prepayments and Other Current Assets | 2,940 | 17,564 |
Total Current Assets | 306,976 | 357,589 |
Property, Plant and Equipment, Net | 2,920,560 | 2,880,073 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 855,369 | 862,288 |
Other Long-Term Assets | 29,884 | 27,406 |
Total Deferred Debits and Other Assets | 885,253 | 889,694 |
Total Assets | 4,112,789 | 4,127,356 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 61,000 | 57,000 |
Long-Term Debt – Current Portion | 150,000 | 150,000 |
Rate Reduction Bonds – Current Portion | 43,210 | 52,332 |
Accounts Payable | 106,398 | 111,292 |
Accounts Payable to Affiliated Companies | 37,976 | 26,029 |
Regulatory Liabilities | 45,655 | 55,526 |
Other Current Liabilities | 55,088 | 64,046 |
Total Current Liabilities | 499,327 | 516,225 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 489,434 | 481,221 |
Regulatory Liabilities | 429,932 | 428,069 |
Accrued Pension, SERP and PBOP | 122,490 | 124,457 |
Other Long-Term Liabilities | 37,956 | 36,339 |
Total Deferred Credits and Other Liabilities | 1,079,812 | 1,070,086 |
Long-Term Debt | 655,294 | 655,173 |
Rate Reduction Bonds | 561,727 | 583,331 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 678,134 | 678,134 |
Retained Earnings | 641,039 | 627,258 |
Accumulated Other Comprehensive Loss | (2,544) | (2,851) |
Common Stockholder's Equity | 1,316,629 | 1,302,541 |
Commitments and Contingencies | ||
Total Liabilities and Capitalization | $ 4,112,789 | $ 4,127,356 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Revenues | $ 2,415,792 | $ 2,287,962 |
Operating Expenses: | ||
Purchased Power, Fuel and Transmission | 974,882 | 946,747 |
Operations and Maintenance | 335,597 | 332,549 |
Depreciation | 214,948 | 204,266 |
Amortization | 70,961 | 45,194 |
Energy Efficiency Programs | 140,116 | 134,241 |
Taxes Other Than Income Taxes | 184,588 | 182,433 |
Total Operating Expenses | 1,921,092 | 1,845,430 |
Operating Income | 494,700 | 442,532 |
Interest Expense | 131,734 | 121,129 |
Other Income, Net | 30,985 | 33,789 |
Income Before Income Tax Expense | 393,951 | 355,192 |
Income Tax Expense | 83,393 | 83,766 |
Net Income | 310,558 | 271,426 |
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 |
Net Income Attributable to Common Shareholders | $ 308,678 | $ 269,546 |
Basic and Diluted Earnings Per Common Share (in dollars per share) | $ 0.97 | $ 0.85 |
Weighted Average Common Shares Outstanding: | ||
Basic (in shares) | 317,624,593 | 317,397,052 |
Diluted (in shares) | 318,316,082 | 317,992,999 |
The Connecticut Light and Power Company | ||
Operating Revenues | $ 849,246 | $ 784,983 |
Operating Expenses: | ||
Purchased Power, Fuel and Transmission | 319,833 | 301,889 |
Operations and Maintenance | 130,637 | 117,292 |
Depreciation | 73,289 | 67,498 |
Amortization of Regulatory Assets, Net | 35,671 | 28,006 |
Energy Efficiency Programs | 25,988 | 22,760 |
Taxes Other Than Income Taxes | 92,000 | 90,300 |
Total Operating Expenses | 677,418 | 627,745 |
Operating Income | 171,828 | 157,238 |
Interest Expense | 35,781 | 36,823 |
Other Income, Net | 3,880 | 6,560 |
Income Before Income Tax Expense | 139,927 | 126,975 |
Income Tax Expense | 29,456 | 28,407 |
Net Income | 110,471 | 98,568 |
NSTAR Electric Company | ||
Operating Revenues | 797,612 | 770,127 |
Operating Expenses: | ||
Purchased Power, Fuel and Transmission | 330,104 | 332,579 |
Operations and Maintenance | 112,963 | 118,682 |
Depreciation | 72,584 | 70,542 |
Amortization of Regulatory Assets, Net | 22,584 | 6,364 |
Energy Efficiency Programs | 76,729 | 74,793 |
Taxes Other Than Income Taxes | 44,822 | 48,186 |
Total Operating Expenses | 659,786 | 651,146 |
Operating Income | 137,826 | 118,981 |
Interest Expense | 27,881 | 26,464 |
Other Income, Net | 11,086 | 12,601 |
Income Before Income Tax Expense | 121,031 | 105,118 |
Income Tax Expense | 27,017 | 27,969 |
Net Income | 94,014 | 77,149 |
Public Service Company of New Hampshire | ||
Operating Revenues | 276,435 | 267,350 |
Operating Expenses: | ||
Purchased Power, Fuel and Transmission | 113,531 | 109,717 |
Operations and Maintenance | 52,630 | 51,380 |
Depreciation | 22,919 | 23,493 |
Amortization | 13,667 | 5,035 |
Energy Efficiency Programs | 6,714 | 5,157 |
Taxes Other Than Income Taxes | 17,311 | 16,801 |
Total Operating Expenses | 226,772 | 211,583 |
Operating Income | 49,663 | 55,767 |
Interest Expense | 14,367 | 12,772 |
Other Income, Net | 7,022 | 4,749 |
Income Before Income Tax Expense | 42,318 | 47,744 |
Income Tax Expense | 9,537 | 12,651 |
Net Income | $ 32,781 | $ 35,093 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Income | $ 310,558 | $ 271,426 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||
Qualified Cash Flow Hedging Instruments | 316 | |
Qualified Cash Flow Hedging Instruments | 724 | |
Changes in Unrealized Gains/(Losses) on Marketable Securities | 655 | (444) |
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | 1,225 | 2,993 |
Other Comprehensive Income, Net of Tax | 2,196 | 3,273 |
Comprehensive Income Attributable to Noncontrolling Interests | (1,880) | (1,880) |
Comprehensive Income Attributable to Common Shareholders | 310,874 | 272,819 |
The Connecticut Light and Power Company | ||
Net Income | 110,471 | 98,568 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||
Qualified Cash Flow Hedging Instruments | (6) | |
Qualified Cash Flow Hedging Instruments | 52 | |
Changes in Unrealized Gains/(Losses) on Marketable Securities | 23 | (12) |
Other Comprehensive Income, Net of Tax | 17 | 40 |
Comprehensive Income Attributable to Common Shareholders | 110,488 | 98,608 |
NSTAR Electric Company | ||
Net Income | 94,014 | 77,149 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||
Qualified Cash Flow Hedging Instruments | 110 | |
Qualified Cash Flow Hedging Instruments | 109 | |
Changes in Unrealized Gains/(Losses) on Marketable Securities | 6 | (4) |
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | 1 | 1 |
Other Comprehensive Income, Net of Tax | 117 | 106 |
Comprehensive Income Attributable to Common Shareholders | 94,131 | 77,255 |
Public Service Company of New Hampshire | ||
Net Income | 32,781 | 35,093 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||
Qualified Cash Flow Hedging Instruments | 269 | |
Qualified Cash Flow Hedging Instruments | 290 | |
Changes in Unrealized Gains/(Losses) on Marketable Securities | 38 | (21) |
Other Comprehensive Income, Net of Tax | 307 | 269 |
Comprehensive Income Attributable to Common Shareholders | $ 33,088 | $ 35,362 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED 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 |
Balance (in shares) at Dec. 31, 2017 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||
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 | 271,426 | 271,426 | 98,568 | 98,568 | 77,149 | 77,149 | 35,093 | 35,093 | |||||||||||||
Dividends on Common Shares | (160,027) | (160,027) | (60,000) | (60,000) | (161,000) | (161,000) | |||||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||
Other | 1 | 1 | |||||||||||||||||||
Long-Term Incentive Plan Activity | (15,320) | (15,320) | |||||||||||||||||||
Capital Contributions from Eversource Parent | 9,000 | 9,000 | 92,500 | 92,500 | |||||||||||||||||
Other Comprehensive Income | 3,273 | 3,273 | 40 | 40 | 106 | 106 | 269 | 269 | |||||||||||||
Balance (in shares) at Mar. 31, 2018 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||
Balance at Mar. 31, 2018 | $ 11,183,714 | $ 1,669,392 | 6,224,620 | 3,670,603 | (63,130) | (317,771) | 3,633,345 | $ 60,352 | 2,119,765 | 1,452,919 | 309 | 3,454,346 | $ 0 | 1,595,442 | 1,860,621 | (1,717) | 1,385,956 | $ 0 | 843,134 | 546,475 | (3,653) |
Balance (in shares) at Dec. 31, 2018 | 316,885,808 | 316,885,808 | 6,035,205 | 200 | 301 | ||||||||||||||||
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net Income | 310,558 | 310,558 | 110,471 | 110,471 | 94,014 | 94,014 | 32,781 | 32,781 | |||||||||||||
Dividends on Common Shares | (169,757) | (169,757) | (99,000) | (99,000) | (60,600) | (60,600) | (19,000) | (19,000) | |||||||||||||
Dividends on Preferred Stock | (1,880) | (1,880) | (1,390) | (1,390) | (490) | (490) | |||||||||||||||
Long-Term Incentive Plan Activity | (16,609) | (16,609) | |||||||||||||||||||
Issuance of Treasury Shares (in shares) | 461,662 | ||||||||||||||||||||
Issuance of Treasury Shares | 26,109 | 17,476 | 8,633 | ||||||||||||||||||
Capital Contributions from Eversource Parent | 20,000 | 20,000 | |||||||||||||||||||
Other Comprehensive Income | $ 2,196 | 2,196 | 17 | 17 | 117 | 117 | 307 | 307 | |||||||||||||
Balance (in shares) at Mar. 31, 2019 | 317,347,470 | 317,347,470 | 6,035,205 | 200 | 301 | ||||||||||||||||
Balance at Mar. 31, 2019 | $ 11,637,434 | $ 1,669,392 | $ 6,242,089 | $ 4,092,895 | $ (57,804) | $ (309,138) | $ 4,209,415 | $ 60,352 | $ 2,410,765 | $ 1,737,980 | $ 318 | $ 3,783,196 | $ 0 | $ 1,653,442 | $ 2,131,015 | $ (1,261) | $ 1,316,629 | $ 0 | $ 678,134 | $ 641,039 | $ (2,544) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on Common Shares (in dollars per share) | $ 0.535 | $ 0.505 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities: | ||
Net Income | $ 310,558 | $ 271,426 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 214,948 | 204,266 |
Deferred Income Taxes | 18,085 | 88,481 |
Uncollectible Expense | 18,565 | 19,613 |
Pension, SERP and PBOP Expense/(Income), Net | 8,428 | (1,965) |
Pension and PBOP Contributions | (4,700) | (171,244) |
Regulatory (Under)/Over Recoveries, Net | (19,232) | 70,457 |
Amortization | 70,961 | 45,194 |
Other | (37,310) | (74,582) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (155,823) | (156,888) |
Fuel, Materials, Supplies and Inventory | (39,063) | (26,956) |
Taxes Receivable/Accrued, Net | 126,381 | (5,061) |
Accounts Payable | (13,556) | (61,571) |
Other Current Assets and Liabilities, Net | (70,242) | (23,456) |
Net Cash Flows Provided by Operating Activities | 428,000 | 177,714 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (674,694) | (607,334) |
Proceeds from Sales of Marketable Securities | 234,497 | 145,438 |
Purchases of Marketable Securities | (237,794) | (143,264) |
Proceeds from the Sale of Generation Assets | 0 | 130,641 |
Investments in Unconsolidated Affiliates | (249,138) | (7,340) |
Other Investing Activities | 4,893 | 2,140 |
Net Cash Flows (Used in)/Provided by Investing Activities | (922,236) | (479,719) |
Financing Activities: | ||
Cash Dividends on Common Stock | (169,757) | (160,027) |
Cash Dividends on Preferred Stock | (1,880) | (1,880) |
Issuance of Treasury Shares | 26,109 | 0 |
Increase in Notes Payable | 829,430 | (240,005) |
Repayment of Rate Reduction Bonds | (30,727) | 0 |
Issuance of Long-Term Debt | 0 | 1,150,000 |
Retirement of Long-Term Debt | (250,215) | (150,218) |
Other Financing Activities | (9,676) | (19,140) |
Net Cash Flows Provided by Financing Activities | 393,284 | 578,730 |
Net (Decrease)/Increase in Cash and Restricted Cash | (100,952) | 276,725 |
Cash and Restricted Cash - Beginning of Period | 209,324 | 85,890 |
Cash and Restricted Cash - End of Period | 108,372 | 362,615 |
The Connecticut Light and Power Company | ||
Operating Activities: | ||
Net Income | 110,471 | 98,568 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 73,289 | 67,498 |
Deferred Income Taxes | 15,188 | 29,109 |
Uncollectible Expense | 4,116 | 3,912 |
Pension, SERP and PBOP Expense/(Income), Net | 4,063 | 3,158 |
Pension Contributions | 0 | (82,276) |
Regulatory (Under)/Over Recoveries, Net | (54,671) | (8,878) |
Amortization of Regulatory Assets, Net | 35,671 | 28,006 |
Other | (5,848) | (18,940) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (60,506) | (46,330) |
Taxes Receivable/Accrued, Net | 41,399 | 42,460 |
Accounts Payable | 75,373 | (28,408) |
Other Current Assets and Liabilities, Net | (40,274) | (23,160) |
Net Cash Flows Provided by Operating Activities | 198,271 | 64,719 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (189,423) | (202,126) |
Other Investing Activities | 59 | 56 |
Net Cash Flows (Used in)/Provided by Investing Activities | (189,364) | (202,070) |
Financing Activities: | ||
Cash Dividends on Common Stock | (99,000) | (60,000) |
Cash Dividends on Preferred Stock | (1,390) | (1,390) |
Capital Contributions from Eversource Parent | 0 | 9,000 |
Increase in Notes Payable to Eversource Parent | 261,600 | (69,500) |
Issuance of Long-Term Debt | 0 | 500,000 |
Retirement of Long-Term Debt | (250,000) | 0 |
Other Financing Activities | (326) | (6,539) |
Net Cash Flows Provided by Financing Activities | (89,116) | 371,571 |
Net (Decrease)/Increase in Cash and Restricted Cash | (80,209) | 234,220 |
Cash and Restricted Cash - Beginning of Period | 91,613 | 9,619 |
Cash and Restricted Cash - End of Period | 11,404 | 243,839 |
NSTAR Electric Company | ||
Operating Activities: | ||
Net Income | 94,014 | 77,149 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 72,584 | 70,542 |
Deferred Income Taxes | 3,722 | 22,542 |
Uncollectible Expense | 5,953 | 7,526 |
Pension, SERP and PBOP Income, Net | (4,279) | (9,295) |
Pension and PBOP Contributions | (1,503) | 0 |
Regulatory (Under)/Over Recoveries, Net | 4,329 | 17,618 |
Amortization of Regulatory Assets, Net | 22,584 | 6,364 |
Other | (8,043) | (9,730) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (29,220) | (52,949) |
Fuel, Materials, Supplies and Inventory | (46,020) | (37,427) |
Taxes Receivable/Accrued, Net | 29,483 | (22,698) |
Accounts Payable | (18,109) | 43,170 |
Other Current Assets and Liabilities, Net | 11,466 | 23,703 |
Net Cash Flows Provided by Operating Activities | 136,961 | 136,515 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (208,540) | (192,036) |
Other Investing Activities | 17 | (654) |
Net Cash Flows (Used in)/Provided by Investing Activities | (208,523) | (192,690) |
Financing Activities: | ||
Cash Dividends on Common Stock | (60,600) | (161,000) |
Cash Dividends on Preferred Stock | (490) | (490) |
Capital Contributions from Eversource Parent | 20,000 | 92,500 |
Increase in Notes Payable to Eversource Parent | 22,300 | 0 |
Increase in Notes Payable | 89,930 | 133,000 |
Other Financing Activities | 668 | (78) |
Net Cash Flows Provided by Financing Activities | 71,808 | 63,932 |
Net (Decrease)/Increase in Cash and Restricted Cash | 246 | 7,757 |
Cash and Restricted Cash - Beginning of Period | 14,659 | 14,708 |
Cash and Restricted Cash - End of Period | 14,905 | 22,465 |
Public Service Company of New Hampshire | ||
Operating Activities: | ||
Net Income | 32,781 | 35,093 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 22,919 | 23,493 |
Deferred Income Taxes | 6,541 | 43,021 |
Uncollectible Expense | 1,700 | 1,700 |
Regulatory (Under)/Over Recoveries, Net | (26,986) | 129 |
Amortization | 13,667 | 5,035 |
Other | 104 | (15,212) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | 1,103 | (80) |
Fuel, Materials, Supplies and Inventory | 144 | 4,854 |
Taxes Receivable/Accrued, Net | 17,572 | (5,867) |
Accounts Payable | 58,327 | (18,760) |
Other Current Assets and Liabilities, Net | 6,472 | 24,543 |
Net Cash Flows Provided by Operating Activities | 132,644 | 96,249 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (110,926) | (72,287) |
Proceeds from the Sale of Generation Assets | 0 | 130,641 |
Other Investing Activities | 102 | 97 |
Net Cash Flows (Used in)/Provided by Investing Activities | (110,824) | 58,451 |
Financing Activities: | ||
Cash Dividends on Common Stock | (19,000) | (150,000) |
Increase in Notes Payable to Eversource Parent | 4,000 | 8,400 |
Repayment of Rate Reduction Bonds | (30,727) | 0 |
Other Financing Activities | (20) | (38) |
Net Cash Flows Provided by Financing Activities | (45,747) | (141,638) |
Net (Decrease)/Increase in Cash and Restricted Cash | (23,927) | 13,062 |
Cash and Restricted Cash - Beginning of Period | 52,723 | 2,191 |
Cash and Restricted Cash - End of Period | $ 28,796 | $ 15,253 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2018 Form 10-K, which was filed with the SEC on February 26, 2019. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of March 31, 2019 and December 31, 2018 , and the results of operations, comprehensive income, common shareholders' equity, and cash flows for the three months ended March 31, 2019 and 2018 . The results of operations, comprehensive income, and cash flows for the three months ended March 31, 2019 and 2018 are not necessarily indicative of the results expected for a full year. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership 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. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. B. Accounting Standards Accounting Standards Issued but Not Yet Effective: In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Under the new guidance, immediate recognition of all credit losses expected over the life of a financial instrument is required. The new standard also revises the other-than-temporary impairment model for available-for-sale debt securities . The standard is effective January 1, 2020, and requires a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings. The Company is assessing the impacts of this standard on the accounting for credit losses on its financial instruments, including accounts receivable. Accounting Standards Recently Adopted: On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), which amended existing lease accounting guidance. The Company applied the Topic 842 lease criteria to new leases and lease renewals entered into effective on or after January 1, 2019. The ASU required balance sheet recognition of leases deemed to be operating leases as well as additional disclosure requirements. The recognition, measurement and presentation of expenses and cash flows were not significantly changed. The Company also adopted the modified retrospective transition method allowed in ASU 2018-11, Leases (Topic 842) - Targeted Improvements , which allowed the Company to adopt the new leases standard as of January 1, 2019, with prior periods presented in the financial statements continuing to follow existing lease accounting guidance under Topic 840 (Leases) in the accounting literature. Implementation of ASU 2018-11 had no effect on retained earnings, and the requirements of the new lease standard (Topic 842) are reflected in the 2019 financial statements and footnotes. The Company elected the practical expedient package whereby it did 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 did not need to reassess initial direct costs for leases. Election of this practical expedient allowed us to carry forward our historical lease classifications. The Company elected the practical expedient to not reevaluate land easements existing at adoption if they were not previously accounted for as leases. The Company also elected to use the discount rate as of the January 1, 2019 implementation date to discount its operating lease liabilities. The Company did not elect the hindsight practical expedient to determine the lease term for existing leases. The Company determined the impact the ASUs had 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. Adoption of the new standard resulted in the recording of operating lease liabilities and right-of-use assets on the balance sheet upon transition at January 1, 2019 of $58.0 million at Eversource, $25.3 million at NSTAR Electric, $0.6 million at CL&P, and $0.6 million at PSNH. Implementation of the new guidance did not have an impact on each company’s results of operations or cash flows. C. Northern Pass Northern Pass is Eversource's planned 1,090 MW HVDC transmission line that will interconnect from the Québec-New Hampshire border to Franklin, New Hampshire and an associated alternating current radial transmission line between Franklin and Deerfield, New Hampshire. As of March 31, 2019 , our capitalized Northern Pass project costs were approximately $311 million . On January 25, 2018, Northern Pass was selected as the winning bidder in the Massachusetts Clean Energy Request for Proposals ("RFP"). In March 2018, the New Hampshire Site Evaluation Committee ("NHSEC") issued a written decision denying Northern Pass’ siting application after which the Massachusetts EDCs revoked the selection of, and terminated contract negotiations with, Northern Pass under the Massachusetts Clean Energy RFP. On July 12, 2018, the NHSEC issued a written decision denying Northern Pass’ April 2018 motion for rehearing. On October 12, 2018, the New Hampshire Supreme Court accepted an appeal filed by NPT, which alleged that the NHSEC failed to follow applicable law in its review of the project. 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 and concluded on April 10, 2019. The New Hampshire Supreme Court will hear oral arguments on May 15, 2019 and a decision is expected later this year. NPT intends to continue to pursue NHSEC approval to construct the project. 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. We continue to believe that our project costs are recoverable based on our expectation that the Northern Pass project remains probable of being placed in service. If, as a result of future events and changes in circumstances, a future 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 $311 million of capitalized project costs being impaired. Such an impairment could have a material adverse effect on our financial position and results of operations. D. 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 uncollectible accounts is included in Receivables, Net on the balance sheets. The provision for uncollectible hardship accounts is included in the total uncollectible provision balance. The provision balances are as follows: Total Provision for Uncollectible Accounts Provision for Uncollectible Hardship Accounts (Millions of Dollars) As of March 31, 2019 As of December 31, 2018 As of March 31, 2019 As of December 31, 2018 Eversource $ 223.3 $ 212.7 $ 134.6 $ 131.5 CL&P 93.0 88.0 75.2 71.9 NSTAR Electric 74.8 74.5 40.9 42.5 PSNH 11.0 11.1 — — Uncollectible expense associated with customers' accounts receivable included in Operations and Maintenance expense on the statements of income is as follows: For the Three Months Ended (Millions of Dollars) March 31, 2019 March 31, 2018 Eversource $ 18.6 $ 19.6 CL&P 4.1 3.9 NSTAR Electric 6.0 7.5 PSNH 1.7 1.7 E. Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. 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," and Note 11, "Fair Value of Financial Instruments," to the financial statements. F. Investments in Unconsolidated Affiliates 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's initial payment and contribution under the terms of the partnership agreements totaled approximately $225 million for a 50 percent interest in North East Offshore LLC, which holds the Revolution Wind and South Fork Wind power projects, as well as a 257 -square-mile tract off the coasts of Massachusetts and Rhode Island. This equity investment is included in long-term assets on the balance sheet and earnings impacts are included in Other Income, Net on the statement of income. G. Other Income, Net The components of Other Income, Net on the statements of income were as follows: For the Three Months Ended March 31, 2019 March 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service Income Components $ 7.4 $ (0.6 ) $ 7.0 $ 0.5 $ 15.2 $ 3.0 $ 8.4 $ 2.3 AFUDC Equity 10.9 2.6 4.0 0.2 9.7 2.8 3.4 — Equity in Earnings 5.0 — 0.2 — 4.6 — — — Investment Income/(Loss) 1.2 1.7 (0.3 ) 0.4 0.7 (0.1 ) 0.6 — Interest Income (1) 6.5 0.4 0.2 5.9 3.5 0.9 0.2 2.4 Other — (0.2 ) — — 0.1 — — — Total Other Income, Net $ 31.0 $ 3.9 $ 11.1 $ 7.0 $ 33.8 $ 6.6 $ 12.6 $ 4.7 (1) See Note 2, "Regulatory Accounting" for interest income recognized in 2019 for the equity return component of carrying charges on storm costs at PSNH. H. Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are 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 Three Months Ended (Millions of Dollars) March 31, 2019 March 31, 2018 Eversource $ 45.0 $ 43.4 CL&P 36.2 35.6 As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. Separate from the amounts above are $10.7 million and $12.7 million of amounts recorded as Taxes Other than Income Taxes for the three months ended March 31, 2019 and 2018, respectively, related to the future remittance to the State of Connecticut of energy efficiency funds collected from customers in Operating Revenues. These amounts are recorded separately, with collections in Operating Revenues and with payments in Taxes Other than Income Taxes on the Eversource and CL&P statements of income. I. Supplemental Cash Flow Information Non-cash investing activities include plant additions included in Accounts Payable as follows: (Millions of Dollars) As of March 31, 2019 As of March 31, 2018 Eversource $ 336.3 $ 274.4 CL&P 121.9 117.7 NSTAR Electric 83.2 59.5 PSNH 30.4 36.0 The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows: As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Cash as reported on the Balance Sheets $ 35.1 $ 7.5 $ 1.8 $ 4.0 $ 108.1 $ 87.7 $ 1.6 $ 1.4 Restricted cash included in: Prepayments and Other Current Assets 45.9 3.6 13.0 21.1 72.1 3.5 13.0 47.5 Marketable Securities 24.2 0.3 0.1 0.5 25.9 0.4 0.1 0.6 Other Long-Term Assets 3.2 — — 3.2 3.2 — — 3.2 Cash and Restricted Cash reported on the Statements of Cash Flows $ 108.4 $ 11.4 $ 14.9 $ 28.8 $ 209.3 $ 91.6 $ 14.7 $ 52.7 Restricted cash included in Prepayments and Other Current Assets and Other Long-Term Assets primarily represents cash collections related to the PSNH RRB customer charges that are held in trust, and required ISO-NE cash deposits. R estricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage facilities obligations. |
REGULATORY ACCOUNTING
REGULATORY ACCOUNTING | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 As of December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Benefit Costs $ 1,878.7 $ 416.0 $ 534.9 $ 165.8 $ 1,914.8 $ 424.7 $ 544.4 $ 169.6 Income Taxes, Net 730.9 454.3 106.1 8.0 728.6 454.4 105.9 8.3 Securitized Stranded Costs 597.7 — — 597.7 608.4 — — 608.4 Storm Restoration Costs, Net 579.0 307.4 204.4 67.2 576.0 302.6 212.9 60.5 Regulatory Tracker Mechanisms 317.7 54.4 160.2 78.0 316.0 33.2 169.1 67.3 Derivative Liabilities 353.5 353.1 — — 356.5 356.5 — — Goodwill-related 344.2 — 295.5 — 348.4 — 299.1 — Asset Retirement Obligations 92.8 32.8 44.9 3.4 89.2 32.3 42.2 3.3 Other Regulatory Assets 202.2 26.4 62.6 11.9 208.0 27.0 64.6 12.1 Total Regulatory Assets 5,096.7 1,644.4 1,408.6 932.0 5,145.9 1,630.7 1,438.2 929.5 Less: Current Portion 507.3 147.7 234.7 76.6 514.8 125.2 241.7 67.2 Total Long-Term Regulatory Assets $ 4,589.4 $ 1,496.7 $ 1,173.9 $ 855.4 $ 4,631.1 $ 1,505.5 $ 1,196.5 $ 862.3 Storm Filings: On November 16, 2018, CL&P filed for recovery of $153 million of storm costs incurred from October 2017 through May 2018, with recovery over six years to begin May 1, 2019. Through the course of the proceeding, CL&P updated its request to $145.5 million to reflect final invoicing and capitalization amounts. On April 17, 2019, PURA authorized recovery of $141.0 million as part of storm cost recovery and the remainder to be recorded to capital or other balance sheet accounts. On March 26, 2019, the NHPUC approved the recovery of $38.1 million , plus carrying charges, of storm costs incurred from December 2013 through April 2016 and the transfer of funding from PSNH’s major storm reserve to recover 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. As a result of the duration of time between incurring storm costs in December 2013 through April 2016 and final approval from the NHPUC in 2019, PSNH recognized $5.2 million (pre-tax) for the equity return component of the carrying charges within Other Income, Net on the statement of income in the first quarter of 2019, which has been collected from customers. Also included in the March 26, 2019 NHPUC approval is a prospective requirement for PSNH to annually net its storm funding reserve collected from customers against deferred storm costs. Regulatory Costs in Long-Term Assets: Eversource's regulated companies had $129.5 million (including $41.9 million for CL&P, $52.8 million for NSTAR Electric and $13.9 million for PSNH) and $122.9 million (including $42.1 million for CL&P, $49.3 million for NSTAR Electric and $12.2 million for PSNH) of additional regulatory costs as of March 31, 2019 and December 31, 2018 , respectively, that were included in long-term assets on the balance sheets. These amounts represent incurred costs for which recovery has not yet been specifically approved by the applicable regulatory agency. However, based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. Regulatory Liabilities: The components of regulatory liabilities were as follows: As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH EDIT due to Tax Cuts and Jobs Act $ 2,871.4 $ 1,030.7 $ 1,096.7 $ 394.6 $ 2,883.0 $ 1,031.0 $ 1,103.7 $ 396.4 Cost of Removal 535.0 46.2 313.4 22.1 521.0 39.9 307.1 22.1 Benefit Costs 87.2 — 73.6 — 91.2 — 76.9 — Regulatory Tracker Mechanisms 332.5 79.5 166.7 39.9 309.0 89.5 163.7 48.3 AFUDC - Transmission 71.4 47.1 24.3 — 70.7 47.4 23.3 — Revenue Subject to Refund due to Tax Cuts and Jobs Act 27.0 — — 15.8 24.6 — — 12.6 Other Regulatory Liabilities 88.3 29.3 33.9 3.2 80.2 24.0 29.2 4.2 Total Regulatory Liabilities 4,012.8 1,232.8 1,708.6 475.6 3,979.7 1,231.8 1,703.9 483.6 Less: Current Portion 385.4 106.5 194.0 45.7 370.2 109.6 190.6 55.5 Total Long-Term Regulatory Liabilities $ 3,627.4 $ 1,126.3 $ 1,514.6 $ 429.9 $ 3,609.5 $ 1,122.2 $ 1,513.3 $ 428.1 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION The following tables summarize property, plant and equipment by asset category: Eversource As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) Distribution - Electric $ 15,245.9 $ 15,071.1 Distribution - Natural Gas 3,635.6 3,546.2 Transmission - Electric 10,251.1 10,153.9 Distribution - Water 1,649.5 1,639.8 Solar 169.9 164.1 Utility 30,952.0 30,575.1 Other (1) 798.3 778.6 Property, Plant and Equipment, Gross 31,750.3 31,353.7 Less: Accumulated Depreciation Utility (7,229.5 ) (7,126.2 ) Other (348.7 ) (336.7 ) Total Accumulated Depreciation (7,578.2 ) (7,462.9 ) Property, Plant and Equipment, Net 24,172.1 23,890.8 Construction Work in Progress 1,860.7 1,719.6 Total Property, Plant and Equipment, Net $ 26,032.8 $ 25,610.4 As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Distribution - Electric $ 6,255.8 $ 6,828.5 $ 2,201.8 $ 6,176.4 $ 6,756.4 $ 2,178.6 Transmission - Electric 4,746.4 4,085.6 1,370.2 4,700.5 4,065.9 1,338.7 Solar — 169.9 — — 164.1 — Property, Plant and Equipment, Gross 11,002.2 11,084.0 3,572.0 10,876.9 10,986.4 3,517.3 Less: Accumulated Depreciation (2,328.0 ) (2,749.9 ) (789.3 ) (2,302.6 ) (2,702.0 ) (772.9 ) Property, Plant and Equipment, Net 8,674.2 8,334.1 2,782.7 8,574.3 8,284.4 2,744.4 Construction Work in Progress 391.7 581.5 137.9 335.4 510.3 135.7 Total Property, Plant and Equipment, Net $ 9,065.9 $ 8,915.6 $ 2,920.6 $ 8,909.7 $ 8,794.7 $ 2,880.1 (1) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 As of December 31, 2018 (Millions of Dollars) Fair Value Hierarchy Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Commodity Supply and Price Risk Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: CL&P Level 3 $ 10.4 $ (1.9 ) $ 8.5 $ 9.6 $ (3.4 ) $ 6.2 Other Level 2 — — — 1.5 (0.9 ) 0.6 Long-Term Derivative Assets: CL&P Level 3 73.1 (2.2 ) 70.9 74.2 (2.3 ) 71.9 Current Derivative Liabilities: CL&P Level 3 (59.7 ) — (59.7 ) (55.1 ) — (55.1 ) Other Level 2 (0.4 ) 0.2 (0.2 ) — — — Long-Term Derivative Liabilities: CL&P Level 3 (372.8 ) — (372.8 ) (379.5 ) — (379.5 ) Other Level 2 (0.2 ) — (0.2 ) — — — (1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. For further information on the fair value of derivative contracts, see Note 1E, "Summary of Significant Accounting Policies - Fair Value Measurements," to the financial statements. Derivative Contracts at Fair Value with Offsetting Regulatory Amounts Commodity Supply and Price Risk Management : As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI. The combined capacity of these contracts is 787 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets. In addition, CL&P has a contract to purchase 0.1 million MWh of energy per year through 2020. As of March 31, 2019 and December 31, 2018 , Eversource had New York Mercantile Exchange ("NYMEX") financial contracts for natural gas futures in order to reduce variability associated with the price of 6.2 million and 12.5 million MMBtu of natural gas, respectively. For the three months ended March 31, 2019 and 2018 , there were losses of $5.2 million and $36.1 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 March 31, 2019 As of December 31, 2018 CL&P Range Period Covered Range Period Covered Capacity Prices $ 4.30 — 7.34 per kW-Month 2023 - 2026 $ 4.30 — 7.44 per kW-Month 2022 - 2026 Forward Reserve 0.75 — 1.78 per kW-Month 2019 - 2024 0.75 — 1.78 per kW-Month 2019 - 2024 Exit price premiums of 3.7 percent through 15.1 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 For the Three Months Ended March 31, (Millions of Dollars) 2019 2018 Derivatives, Net: Fair Value as of Beginning of Period $ (356.5 ) $ (362.3 ) Net Realized/Unrealized Losses Included in Regulatory Assets (5.3 ) (36.9 ) Settlements 8.7 12.7 Fair Value as of End of Period $ (353.1 ) $ (386.5 ) |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Eversource holds marketable securities that are primarily used to fund certain non-qualified executive benefits. The trusts that hold marketable securities are not subject to regulatory oversight by state or federal agencies. CYAPC and YAEC maintain legally restricted trusts, each of which holds marketable securities, to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Equity Securities: Unrealized gains and losses on equity securities held in Eversource's non-qualified executive benefit trust are recorded in Other Income, Net on the statements of income. The fair value of these equity securities as of March 31, 2019 and December 31, 2018 was $49.6 million and $44.0 million , respectively. For the three months ended March 31, 2019 and 2018, there were unrealized gains of $1.0 million and unrealized losses of $0.7 million , respectively, recorded in Other Income, Net related to these equity securities. Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $166.6 million and $200.0 million as of March 31, 2019 and December 31, 2018, 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 March 31, 2019 As of December 31, 2018 Eversource (Millions of Dollars) Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Debt Securities $ 212.3 $ 0.9 $ (0.9 ) $ 212.3 $ 190.0 $ 0.4 $ (4.0 ) $ 186.4 Eversource's debt securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts in the amounts of $170.7 million and $143.9 million as of March 31, 2019 and December 31, 2018 , respectively. Unrealized gains and losses on available-for-sale debt securities held in Eversource's non-qualified benefit trust are recorded in Accumulated Other Comprehensive Income. There have been no significant unrealized losses, other-than-temporary impairments, or credit losses for the three months ended March 31, 2019 and 2018 . 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 March 31, 2019 , 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) $ 29.7 $ 29.6 One to five years 48.5 48.5 Six to ten years 39.0 39.4 Greater than ten years 95.1 94.8 Total Debt Securities $ 212.3 $ 212.3 (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. 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 March 31, 2019 As of December 31, 2018 Level 1: Mutual Funds and Equities $ 216.2 $ 244.0 Money Market Funds 24.2 25.9 Total Level 1 $ 240.4 $ 269.9 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 104.3 $ 79.6 Corporate Debt Securities 44.7 39.5 Asset-Backed Debt Securities 13.9 14.0 Municipal Bonds 16.0 19.2 Other Fixed Income Securities 9.2 8.2 Total Level 2 $ 188.1 $ 160.5 Total Marketable Securities $ 428.5 $ 430.4 U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instruments and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows. |
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Short-Term Debt - Commercial Paper Programs and Credit Agreements : Eversource parent has a $1.45 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas and Yankee Gas are also parties to a five -year $1.45 billion revolving credit facility, which terminates on 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, which terminates on 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 Available Borrowing Capacity as of Weighted-Average Interest Rate as of March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (Millions of Dollars) Eversource Parent Commercial Paper Program $ 1,371.0 $ 631.5 $ 79.0 $ 818.5 2.69 % 2.77 % NSTAR Electric Commercial Paper Program 368.4 278.5 281.6 371.5 2.49 % 2.50 % There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of March 31, 2019 or December 31, 2018 . Eversource's water distribution segment has a $100 million revolving credit facility, which expires on August 19, 2019 , and there were no borrowings outstanding as of March 31, 2019 or December 31, 2018 . Amounts outstanding under the commercial paper programs and revolving credit facility are included in Notes Payable and are 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 CL&P long-term debt issuance on April 1, 2019 , the net proceeds of which were used to repay CL&P's short-term borrowings, $261.6 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified to Long-Term Debt as of March 31, 2019 . We expect the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with our existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities. Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist them 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 March 31, 2019 , there were intercompany loans from Eversource parent to CL&P of $261.6 million , to PSNH of $61.0 million , and to Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric ("HEEC"), of $22.3 million . As of December 31, 2018 , there were intercompany loans from Eversource parent to PSNH of $57.0 million . 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. As a result of the CL&P long-term debt issuance on April 1, 2019 , $261.6 million of CL&P's intercompany borrowings were reclassified to Long-Term Debt as of March 31, 2019 . The proceeds from the CL&P April 1, 2019 debt issuance were used to repay CL&P’s short-term borrowings that were outstanding as of March 31, 2019, and to fund capital expenditures and working capital. Long-Term Debt: The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issue Date Issuance/(Repayment) Maturity Date Use of Proceeds for Issuance/ CL&P: 4.00% 2018 Series A First Mortgage Bonds (1) April 2019 $ 300.0 April 2048 Repaid short-term borrowings that were used to repay long-term debt that matured on February 1, 2019 and fund capital expenditures and working capital 5.50% 2009 Series A First Mortgage Bonds February 2009 (250.0 ) February 2019 Repaid at maturity on February 1, 2019 (1) These bonds are part of the same series issued by CL&P in March 2018. The aggregate outstanding principal amount of these bonds is now $800 million . |
RATE REDUCTION BONDS AND VARIAB
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2019 | |
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: On May 8, 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, 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. PSNH Funding is considered a 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 sheets and income statements: (Millions of Dollars) Balance Sheet: As of March 31, 2019 As of December 31, 2018 Restricted Cash - Current Portion (included in Prepayments and Other Current Assets) $ 21.1 $ 47.5 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 3.2 Securitized Stranded Cost (included in Regulatory Assets) 597.7 608.4 Other Regulatory Liabilities (included in Regulatory Liabilities) 10.0 5.8 Accrued Interest (included in Other Current Liabilities) 3.5 14.4 Rate Reduction Bonds - Current Portion 43.2 52.3 Rate Reduction Bonds - Long-Term Portion 561.7 583.3 (Millions of Dollars) For the Three Months Ended Income Statement: March 31, 2019 March 31, 2018 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 10.6 $ — Interest Expense on RRB Principal (included in Interest Expense) 5.4 — |
PENSION BENEFITS AND POSTRETIRE
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION | 3 Months Ended |
Mar. 31, 2019 | |
Postemployment Benefits [Abstract] | |
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION | PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION Eversource provides defined benefit retirement plans ("Pension Plans") that cover eligible employees. 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 meet certain age and service eligibility requirements. The components of net periodic benefit expense/(income) for the Pension, SERP and PBOP 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 expense for pension, SERP and PBOP are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis. Pension and SERP For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 19.3 $ 4.8 $ 3.9 $ 2.6 $ 22.7 $ 5.7 $ 4.7 $ 2.9 Interest Cost 54.2 11.5 11.9 6.2 48.4 10.6 10.8 5.3 Expected Return on Pension Plan Assets (92.3 ) (18.8 ) (24.4 ) (10.3 ) (98.0 ) (20.8 ) (25.2 ) (10.9 ) Actuarial Loss 35.8 8.1 9.4 3.5 36.0 7.4 10.5 3.3 Prior Service Cost 1.1 — 0.1 — 2.2 0.4 0.2 0.1 Total Net Periodic Benefit Expense $ 18.1 $ 5.6 $ 0.9 $ 2.0 $ 11.3 $ 3.3 $ 1.0 $ 0.7 Intercompany Allocations N/A $ 7.8 $ 3.0 $ 2.4 N/A $ 1.4 $ 1.5 $ 0.5 PBOP For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 2.1 $ 0.4 $ 0.4 $ 0.2 $ 2.7 $ 0.5 $ 0.5 $ 0.3 Interest Cost 8.1 1.5 2.3 0.9 7.6 1.4 2.2 0.8 Expected Return on Plan Assets (16.6 ) (2.3 ) (7.5 ) (1.3 ) (18.1 ) (2.6 ) (8.1 ) (1.5 ) Actuarial Loss 2.5 0.4 0.9 0.2 2.6 0.3 0.7 0.2 Prior Service Cost/(Credit) (5.8 ) 0.3 (4.2 ) 0.1 (5.9 ) 0.3 (4.3 ) 0.1 Total Net Periodic Benefit Expense/(Income) $ (9.7 ) $ 0.3 $ (8.1 ) $ 0.1 $ (11.1 ) $ (0.1 ) $ (9.0 ) $ (0.1 ) Intercompany Allocations N/A $ (0.1 ) $ (0.2 ) $ (0.1 ) N/A $ (0.3 ) $ (0.3 ) $ (0.1 ) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters Eversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations. The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: As of March 31, 2019 As of December 31, 2018 Number of Sites Reserve (in millions) Number of Sites Reserve (in millions) Eversource 59 $ 64.8 60 $ 64.7 CL&P 15 5.6 15 5.4 NSTAR Electric 15 10.5 16 10.9 PSNH 9 5.3 9 5.4 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 $50.6 million and $50.1 million as of March 31, 2019 and December 31, 2018 , respectively, and related primarily to the natural gas business segment. These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly. B. Long-Term Contractual Arrangements On December 28, 2018 , under Public Act 17-3, "An Act Concerning Zero Carbon Procurement," DEEP selected the Millstone Nuclear Power Station generation facility, along with smaller generation facilities, in DEEP’s zero-carbon request for proposal. CL&P and UI were directed by DEEP to enter into ten -year contracts to purchase a combined total of approximately 9 million MWh annually from the Millstone generation facility. On March 15, 2019 , CL&P and UI each signed a ten - year contract with the owner of Millstone Nuclear Power Station in order to purchase a combined amount of approximately 50 percent of the facility's output (approximately 40 percent by CL&P). The Millstone Nuclear Power Station has a 2,112 MW nameplate capacity. The parties filed the contract with PURA on March 29, 2019 for review and approval. A decision from PURA is expected in the third quarter of 2019. The significant output of the generation facility, the contract period, and the pricing will result in a significant multi-billion dollar commitment. We plan to sell the energy purchased under this contract into the market and use the proceeds from these energy sales to offset the contract costs. As the net costs under this contract will be recovered from customers in future rates, the contract will not have an impact on the net income of CL&P. C. 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 March 31, 2019 : Company Description Maximum Exposure (in millions) Expiration Dates On behalf of subsidiaries: Eversource Investment LLC Revolution Wind and South Fork Wind (1) $ 113.9 - Various Surety Bonds (2) 32.0 2019 - 2021 Rocky River Realty Company and Eversource Service Lease Payments for Real Estate 7.3 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 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. Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations. (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. 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. As of March 31, 2019, the amount of the Access Northeast project capital contribution guaranty was $184.8 million . On April 1, 2019, pursuant to a provision in the partnership agreement jointly entered into by Eversource, Enbridge, Inc. and National Grid plc, through Algonquin Gas Transmission, LLC, the Access Northeast project was terminated. The rights under the guaranty were released, which terminated the obligation of Eversource parent. D. 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 fund these costs through litigation proceeds received from the DOE and, to the extent necessary, through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. CL&P, NSTAR Electric and PSNH, in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies collect amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P and NSTAR Electric will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers. Spent Nuclear Fuel Litigation: The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to provide for a permanent facility to store spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high level waste disposal contracts between the Yankee Companies and the DOE. The court had previously awarded the Yankee Companies damages for Phase I, II and III of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2012, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers. DOE Phase IV Damages - On May 22, 2017, each of the Yankee Companies filed subsequent lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies sought monetary damages totaling $104.4 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 of $103.2 million . The court awarded CYAPC, YAEC and MYAPC damages of $40.7 million , $28.1 million and $34.4 million , respectively. The DOE did not appeal the court's judgment and the decision became final on April 23, 2019. The DOE Phase IV trial for the $1.2 million of remaining damages is expected to begin in June 2019. E. 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 March 31, 2019. 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 March 31, 2019 . 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 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results. 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 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, HEEC, and the Massachusetts Water Resources Authority (together with NSTAR Electric and HEEC, the "Defendants"). The action alleged that the Defendants failed to comply with certain permitting requirements related to the placement of the HEEC-owned electric distribution cable beneath Boston Harbor. The action sought an order to compel HEEC to comply with cable depth requirements in the United States Army Corps of Engineers' permit or alternatively to remove the electric distribution cable and cease unauthorized work in U.S. waterways. The action also sought civil penalties and other costs. The parties reached a settlement pursuant to which HEEC agreed to install a new 115 kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and remove portions of the existing cable. Upon the installation and completion of the new cable and the removal of the portions of the existing cable, all issues surrounding the current permit from the United States Army Corps of Engineers are expected to be resolved, and such litigation is expected to be dismissed with prejudice. 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 in 2018. Construction of the new cable is underway and is expected to be completed in 2019. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term. Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated. The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years . The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options. For leases entered into or modified after the January 1, 2019 implementation date, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease, as the rate implicit in the lease is not determinable. 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 recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below. Expense related to these contracts are included as variable lease cost in the table below. The expense and long-term obligation for these contracts are included in the annually reported contractual obligations table in Note 12B, "Commitments and Contingencies - Long-Term Contractual Arrangements," of the Eversource 2018 Form 10-K. The components of lease cost, prior to amounts capitalized, are as follows: For the Three Months Ended March 31, 2019 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Financing Lease Cost: Amortization of Right-of-use-Assets $ 0.4 $ 0.2 $ — $ — Interest on Lease Liabilities 0.3 0.1 0.3 — Total Finance Lease Cost 0.7 0.3 0.3 — Operating Lease Cost 3.0 0.1 0.5 — Variable Lease Cost 15.5 3.5 — 12.0 Total Lease Cost $ 19.2 $ 3.9 $ 0.8 $ 12.0 Operating lease cost, less the capitalized portion, is included in Operations and Maintenance (or Purchased Power, Fuel and Transmission expense for transmission segment leases) on the statements of income. Amortization of finance lease assets is included in Depreciation on the statements of income. Interest expense on finance leases is included in Interest Expense, Net on the statements of income. Supplemental balance sheet information related to leases is as follows: As of March 31, 2019 (Millions of Dollars) Balance Sheet Classification Eversource CL&P NSTAR Electric PSNH Operating Leases: Operating Lease Right-of-use-Assets, Net Other Long-Term Assets $ 56.7 $ 0.5 $ 25.1 $ 0.5 Operating Lease Liabilities Operating Lease Liabilities - Current Portion Other Current Liabilities $ 9.2 $ 0.3 $ 0.8 $ 0.1 Operating Lease Liabilities - Long-Term Other Long-Term Liabilities 47.5 0.2 24.3 0.4 Total Operating Lease Liabilities $ 56.7 $ 0.5 $ 25.1 $ 0.5 Finance Leases: Finance Lease Right-of-use-Assets, Net Property, Plant and Equipment, Net $ 8.8 $ 2.9 $ 3.5 $ 0.9 Finance Lease Liabilities Finance Lease Liabilities - Current Portion Other Current Liabilities $ 1.9 $ 1.5 $ — $ 0.1 Finance Lease Liabilities - Long-Term Other Long-Term Liabilities 9.1 2.7 4.5 0.8 Total Finance Lease Liabilities $ 11.0 $ 4.2 $ 4.5 $ 0.9 The finance lease payments that NSTAR Electric will make over the next twelve months are entirely interest-related, due to escalating payments. As such, none of the finance lease payments over the next twelve months will reduce the finance lease liability. Other information related to leases is as follows (in millions of dollars, unless otherwise noted): For the Three Months Ended March 31, 2019 Eversource CL&P NSTAR Electric PSNH Weighted-Average Remaining Lease Term (Years): Operating Leases 12 3 21 8 Financing Leases 11 3 23 10 Weighted-Average Discount Rate (Percentage): Operating Leases 3.8 % 3.2 % 4.1 % 3.6 % Financing Leases 4.5 % 10.5 % 2.9 % 3.5 % Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 2.9 $ 0.1 $ 0.3 $ — Operating Cash Flows from Finance Leases 0.3 0.2 0.1 — Financing Cash Flows from Finance Leases 0.4 0.3 — — Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 1.3 — — — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 1.3 — — — Future minimum lease payments, excluding variable costs, under long-term leases, as of March 31, 2019 are as follows: Operating Leases Finance Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH April 1, 2019 through December 31, 2019 $ 8.3 $ 0.2 $ 1.4 $ 0.1 $ 2.5 $ 1.5 $ 0.4 $ 0.1 Year Ending December 31, 2020 9.6 0.2 1.6 0.1 3.4 2.0 0.5 0.1 2021 8.7 — 1.6 0.1 2.9 1.5 0.5 0.1 2022 7.3 — 1.6 0.1 1.5 — 0.6 0.1 2023 4.8 — 1.6 0.1 0.7 — 0.6 0.1 2024 2.8 — 1.7 0.1 0.7 — 0.6 0.1 Thereafter 29.7 0.1 29.4 0.1 13.2 — 12.8 0.4 Future lease payments 71.2 0.5 38.9 0.7 24.9 5.0 16.0 1.0 Less amount representing interest 14.5 — 13.8 0.2 13.9 0.8 11.5 0.1 Present value of future minimum lease payments $ 56.7 $ 0.5 $ 25.1 $ 0.5 $ 11.0 $ 4.2 $ 4.5 $ 0.9 At December 31, 2018, future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance were 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 representing interest 13.8 1.0 12.4 0.1 Present value of future minimum lease payments $ 12.0 $ 4.5 $ 3.7 $ 0.9 |
LEASES | LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term. Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated. The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years . The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options. For leases entered into or modified after the January 1, 2019 implementation date, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease, as the rate implicit in the lease is not determinable. 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 recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below. Expense related to these contracts are included as variable lease cost in the table below. The expense and long-term obligation for these contracts are included in the annually reported contractual obligations table in Note 12B, "Commitments and Contingencies - Long-Term Contractual Arrangements," of the Eversource 2018 Form 10-K. The components of lease cost, prior to amounts capitalized, are as follows: For the Three Months Ended March 31, 2019 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Financing Lease Cost: Amortization of Right-of-use-Assets $ 0.4 $ 0.2 $ — $ — Interest on Lease Liabilities 0.3 0.1 0.3 — Total Finance Lease Cost 0.7 0.3 0.3 — Operating Lease Cost 3.0 0.1 0.5 — Variable Lease Cost 15.5 3.5 — 12.0 Total Lease Cost $ 19.2 $ 3.9 $ 0.8 $ 12.0 Operating lease cost, less the capitalized portion, is included in Operations and Maintenance (or Purchased Power, Fuel and Transmission expense for transmission segment leases) on the statements of income. Amortization of finance lease assets is included in Depreciation on the statements of income. Interest expense on finance leases is included in Interest Expense, Net on the statements of income. Supplemental balance sheet information related to leases is as follows: As of March 31, 2019 (Millions of Dollars) Balance Sheet Classification Eversource CL&P NSTAR Electric PSNH Operating Leases: Operating Lease Right-of-use-Assets, Net Other Long-Term Assets $ 56.7 $ 0.5 $ 25.1 $ 0.5 Operating Lease Liabilities Operating Lease Liabilities - Current Portion Other Current Liabilities $ 9.2 $ 0.3 $ 0.8 $ 0.1 Operating Lease Liabilities - Long-Term Other Long-Term Liabilities 47.5 0.2 24.3 0.4 Total Operating Lease Liabilities $ 56.7 $ 0.5 $ 25.1 $ 0.5 Finance Leases: Finance Lease Right-of-use-Assets, Net Property, Plant and Equipment, Net $ 8.8 $ 2.9 $ 3.5 $ 0.9 Finance Lease Liabilities Finance Lease Liabilities - Current Portion Other Current Liabilities $ 1.9 $ 1.5 $ — $ 0.1 Finance Lease Liabilities - Long-Term Other Long-Term Liabilities 9.1 2.7 4.5 0.8 Total Finance Lease Liabilities $ 11.0 $ 4.2 $ 4.5 $ 0.9 The finance lease payments that NSTAR Electric will make over the next twelve months are entirely interest-related, due to escalating payments. As such, none of the finance lease payments over the next twelve months will reduce the finance lease liability. Other information related to leases is as follows (in millions of dollars, unless otherwise noted): For the Three Months Ended March 31, 2019 Eversource CL&P NSTAR Electric PSNH Weighted-Average Remaining Lease Term (Years): Operating Leases 12 3 21 8 Financing Leases 11 3 23 10 Weighted-Average Discount Rate (Percentage): Operating Leases 3.8 % 3.2 % 4.1 % 3.6 % Financing Leases 4.5 % 10.5 % 2.9 % 3.5 % Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 2.9 $ 0.1 $ 0.3 $ — Operating Cash Flows from Finance Leases 0.3 0.2 0.1 — Financing Cash Flows from Finance Leases 0.4 0.3 — — Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 1.3 — — — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 1.3 — — — Future minimum lease payments, excluding variable costs, under long-term leases, as of March 31, 2019 are as follows: Operating Leases Finance Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH April 1, 2019 through December 31, 2019 $ 8.3 $ 0.2 $ 1.4 $ 0.1 $ 2.5 $ 1.5 $ 0.4 $ 0.1 Year Ending December 31, 2020 9.6 0.2 1.6 0.1 3.4 2.0 0.5 0.1 2021 8.7 — 1.6 0.1 2.9 1.5 0.5 0.1 2022 7.3 — 1.6 0.1 1.5 — 0.6 0.1 2023 4.8 — 1.6 0.1 0.7 — 0.6 0.1 2024 2.8 — 1.7 0.1 0.7 — 0.6 0.1 Thereafter 29.7 0.1 29.4 0.1 13.2 — 12.8 0.4 Future lease payments 71.2 0.5 38.9 0.7 24.9 5.0 16.0 1.0 Less amount representing interest 14.5 — 13.8 0.2 13.9 0.8 11.5 0.1 Present value of future minimum lease payments $ 56.7 $ 0.5 $ 25.1 $ 0.5 $ 11.0 $ 4.2 $ 4.5 $ 0.9 At December 31, 2018, future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance were 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 representing interest 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 INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 157.1 $ 116.2 $ 114.2 $ 43.0 $ 42.9 $ — $ — Long-Term Debt 13,089.8 13,519.6 3,265.8 3,538.0 2,945.2 3,107.3 805.3 831.1 Rate Reduction Bonds 604.9 623.3 — — — — 604.9 623.3 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 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 1E, "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) | 3 Months Ended |
Mar. 31, 2019 | |
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 Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Eversource (Millions of Dollars) Qualified Cash Flow Hedging Instruments Unrealized Gains/(Losses) on Marketable Securities Defined Benefit Plans Total Qualified Cash Flow Hedging Instruments Unrealized Losses on Marketable Securities Defined Benefit Plans Total Balance as of January 1st $ (4.4 ) $ (0.5 ) $ (55.1 ) $ (60.0 ) $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) OCI Before Reclassifications — 0.7 — 0.7 — (0.4 ) — (0.4 ) Amounts Reclassified from AOCI 0.3 — 1.2 1.5 0.7 — 3.0 3.7 Net OCI 0.3 0.7 1.2 2.2 0.7 (0.4 ) 3.0 3.3 Balance as of March 31st $ (4.1 ) $ 0.2 $ (53.9 ) $ (57.8 ) $ (5.5 ) $ (0.4 ) $ (57.2 ) $ (63.1 ) 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. |
COMMON SHARES
COMMON SHARES | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
COMMON SHARES | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of March 31, 2019 and December 31, 2018 Issued as of Par Value March 31, 2019 December 31, 2018 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 March 31, 2019 and December 31, 2018 , there were 16,530,932 and 16,992,594 Eversource common shares held as treasury shares, respectively. As of March 31, 2019 and December 31, 2018 , Eversource common shares outstanding were 317,347,470 and 316,885,808 , respectively. Beginning in 2019, Eversource began issuing treasury shares to satisfy awards under the Company's incentive plan, shares issued under the dividend reinvestment plan, and matching contributions under the Eversource 401k Plan. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2019 and 2018 . 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 March 31, 2019 and December 31, 2018 . On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
COMMON SHAREHOLDERS' EQUITY AND
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of March 31, 2019 and December 31, 2018 Issued as of Par Value March 31, 2019 December 31, 2018 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 March 31, 2019 and December 31, 2018 , there were 16,530,932 and 16,992,594 Eversource common shares held as treasury shares, respectively. As of March 31, 2019 and December 31, 2018 , Eversource common shares outstanding were 317,347,470 and 316,885,808 , respectively. Beginning in 2019, Eversource began issuing treasury shares to satisfy awards under the Company's incentive plan, shares issued under the dividend reinvestment plan, and matching contributions under the Eversource 401k Plan. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2019 and 2018 . 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 March 31, 2019 and December 31, 2018 . On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic EPS is computed based upon the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards as if they were converted into common shares. The dilutive effect of unvested RSU and performance share awards is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Three Months Ended March 31, 2019 March 31, 2018 Net Income Attributable to Common Shareholders $ 308.7 $ 269.5 Weighted Average Common Shares Outstanding: Basic 317,624,593 317,397,052 Dilutive Effect 691,489 595,947 Diluted 318,316,082 317,992,999 Basic and Diluted EPS $ 0.97 $ 0.85 |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES The following tables present operating revenues disaggregated by revenue source: For the Three Months Ended March 31, 2019 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,033.3 $ 258.9 $ — $ 27.0 $ — $ — $ 1,319.2 Commercial 652.6 143.8 — 14.3 — (1.1 ) 809.6 Industrial 82.1 30.9 — 1.1 — (2.7 ) 111.4 Total Retail Tariff Sales Revenues 1,768.0 433.6 — 42.4 — (3.8 ) 2,240.2 Wholesale Transmission Revenues — — 324.9 — 13.5 (270.8 ) 67.6 Wholesale Market Sales Revenues 51.5 21.7 — 1.0 — — 74.2 Other Revenues from Contracts with Customers 12.6 0.9 3.2 1.7 244.6 (245.4 ) 17.6 Reserve for Revenues Subject to Refund (3.1 ) 1.6 — (0.8 ) — — (2.3 ) Total Revenues from Contracts with Customers 1,829.0 457.8 328.1 44.3 258.1 (520.0 ) 2,397.3 Alternative Revenue Programs 2.1 10.4 12.4 0.9 — (11.1 ) 14.7 Other Revenues (1) 2.8 0.7 — 0.3 — — 3.8 Total Operating Revenues $ 1,833.9 $ 468.9 $ 340.5 $ 45.5 $ 258.1 $ (531.1 ) $ 2,415.8 For the Three Months Ended March 31, 2018 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 994.4 $ 248.9 $ — $ 26.4 $ — $ — $ 1,269.7 Commercial 611.4 134.7 — 13.8 — — 759.9 Industrial 81.5 29.5 — 1.0 — (2.5 ) 109.5 Total Retail Tariff Sales Revenues 1,687.3 413.1 — 41.2 — (2.5 ) 2,139.1 Wholesale Transmission Revenues — — 313.6 — 10.1 (258.7 ) 65.0 Wholesale Market Sales Revenues 58.5 17.8 — 0.8 — — 77.1 Other Revenues from Contracts with Customers 16.0 (0.6 ) 3.1 4.0 220.8 (221.4 ) 21.9 Reserve for Revenues Subject to Refund (19.3 ) (4.5 ) — (2.2 ) — — (26.0 ) Total Revenues from Contracts with Customers 1,742.5 425.8 316.7 43.8 230.9 (482.6 ) 2,277.1 Alternative Revenue Programs 8.7 (1.7 ) (11.7 ) 0.7 — 10.6 6.6 Other Revenues 3.4 0.8 — 0.1 — — 4.3 Total Operating Revenues $ 1,754.6 $ 424.9 $ 305.0 $ 44.6 $ 230.9 $ (472.0 ) $ 2,288.0 For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenues from Contracts with Customers Retail Tariff Sales Residential $ 510.5 $ 371.0 $ 151.8 $ 483.4 $ 364.2 $ 146.8 Commercial 236.7 336.5 79.8 222.5 314.4 74.9 Industrial 34.6 28.8 18.7 35.8 28.1 17.6 Total Retail Tariff Sales Revenues 781.8 736.3 250.3 741.7 706.7 239.3 Wholesale Transmission Revenues 154.8 122.6 47.5 150.8 118.6 44.2 Wholesale Market Sales Revenues 13.7 24.4 13.4 10.3 24.9 24.1 Other Revenues from Contracts with Customers 8.9 4.0 3.6 7.5 8.3 3.5 Reserve for Revenues Subject to Refund — — (3.1 ) (12.5 ) (3.7 ) (3.1 ) Total Revenues from Contracts with Customers 959.2 887.3 311.7 897.8 854.8 308.0 Alternative Revenue Programs 5.7 7.3 1.5 (5.1 ) 6.7 (4.6 ) Other Revenues (1) 1.0 1.5 0.3 1.3 1.7 0.4 Eliminations (116.7 ) (98.5 ) (37.1 ) (109.0 ) (93.1 ) (36.4 ) Total Operating Revenues $ 849.2 $ 797.6 $ 276.4 $ 785.0 $ 770.1 $ 267.4 (1) Other Revenues include certain fees charged to customers, which are not considered revenue from contracts with customers. Other revenues also includes lease revenues under lessor accounting guidance of $1.0 million at Eversource, $0.2 million at CL&P, and $0.6 million at NSTAR Electric for the three months ended March 31, 2019. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Eversource is organized into 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. 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 that are not consolidated, which include a natural gas pipeline project owned by Enbridge, Inc., the offshore wind business, 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 project described above. These affiliate transaction costs total approximately $62.5 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension and PBOP expense. Eversource's segment information is as follows: For the Three Months Ended March 31, 2019 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 1,833.9 $ 468.9 $ 340.5 $ 45.5 $ 258.1 $ (531.1 ) $ 2,415.8 Depreciation and Amortization (179.2 ) (20.4 ) (61.5 ) (11.8 ) (13.6 ) 0.6 (285.9 ) Other Operating Expenses (1,475.6 ) (341.3 ) (98.8 ) (25.0 ) (225.5 ) 531.0 (1,635.2 ) Operating Income $ 179.1 $ 107.2 $ 180.2 $ 8.7 $ 19.0 $ 0.5 $ 494.7 Interest Expense $ (49.2 ) $ (11.7 ) $ (30.6 ) $ (8.6 ) $ (44.2 ) $ 12.6 $ (131.7 ) Other Income, Net 18.2 0.2 8.1 0.4 431.7 (427.6 ) 31.0 Net Income Attributable to Common Shareholders 120.1 76.5 118.2 0.9 407.5 (414.5 ) 308.7 Cash Flows Used for Investments in Plant 279.3 87.4 231.4 20.7 55.9 — 674.7 For the Three Months Ended March 31, 2018 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 1,754.6 $ 424.9 $ 305.0 $ 44.6 $ 230.9 $ (472.0 ) $ 2,288.0 Depreciation and Amortization (144.4 ) (26.4 ) (56.6 ) (10.7 ) (12.0 ) 0.6 (249.5 ) Other Operating Expenses (1,443.5 ) (312.6 ) (83.2 ) (23.9 ) (204.7 ) 471.9 (1,596.0 ) Operating Income $ 166.7 $ 85.9 $ 165.2 $ 10.0 $ 14.2 $ 0.5 $ 442.5 Interest Expense $ (47.4 ) $ (11.1 ) $ (29.7 ) $ (8.4 ) $ (31.9 ) $ 7.4 $ (121.1 ) Other Income/(Loss), Net 19.6 2.0 8.0 (0.6 ) 360.1 (355.3 ) 33.8 Net Income Attributable to Common Shareholders 104.2 57.8 107.4 1.5 346.0 (347.4 ) 269.5 Cash Flows Used for Investments in Plant 236.0 70.4 239.2 19.0 42.7 — 607.3 The following table summarizes Eversource's segmented total assets: Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Water Distribution Other Eliminations Total As of March 31, 2019 $ 21,507.0 $ 4,019.1 $ 10,533.4 $ 2,268.3 $ 18,939.8 $ (18,326.6 ) $ 38,941.0 As of December 31, 2018 21,389.1 3,904.9 10,285.0 2,253.0 17,874.2 (17,464.9 ) 38,241.3 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2018 Form 10-K, which was filed with the SEC on February 26, 2019. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of March 31, 2019 and December 31, 2018 , and the results of operations, comprehensive income, common shareholders' equity, and cash flows for the three months ended March 31, 2019 and 2018 . The results of operations, comprehensive income, and cash flows for the three months ended March 31, 2019 and 2018 are not necessarily indicative of the results expected for a full year. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership 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. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. |
Accounting Standards | Accounting Standards Accounting Standards Issued but Not Yet Effective: In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Under the new guidance, immediate recognition of all credit losses expected over the life of a financial instrument is required. The new standard also revises the other-than-temporary impairment model for available-for-sale debt securities . The standard is effective January 1, 2020, and requires a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings. The Company is assessing the impacts of this standard on the accounting for credit losses on its financial instruments, including accounts receivable. Accounting Standards Recently Adopted: On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), which amended existing lease accounting guidance. The Company applied the Topic 842 lease criteria to new leases and lease renewals entered into effective on or after January 1, 2019. The ASU required balance sheet recognition of leases deemed to be operating leases as well as additional disclosure requirements. The recognition, measurement and presentation of expenses and cash flows were not significantly changed. The Company also adopted the modified retrospective transition method allowed in ASU 2018-11, Leases (Topic 842) - Targeted Improvements , which allowed the Company to adopt the new leases standard as of January 1, 2019, with prior periods presented in the financial statements continuing to follow existing lease accounting guidance under Topic 840 (Leases) in the accounting literature. Implementation of ASU 2018-11 had no effect on retained earnings, and the requirements of the new lease standard (Topic 842) are reflected in the 2019 financial statements and footnotes. The Company elected the practical expedient package whereby it did 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 did not need to reassess initial direct costs for leases. Election of this practical expedient allowed us to carry forward our historical lease classifications. The Company elected the practical expedient to not reevaluate land easements existing at adoption if they were not previously accounted for as leases. The Company also elected to use the discount rate as of the January 1, 2019 implementation date to discount its operating lease liabilities. The Company did not elect the hindsight practical expedient to determine the lease term for existing leases. The Company determined the impact the ASUs had 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. Adoption of the new standard resulted in the recording of operating lease liabilities and right-of-use assets on the balance sheet upon transition at January 1, 2019 of $58.0 million at Eversource, $25.3 million at NSTAR Electric, $0.6 million at CL&P, and $0.6 million at PSNH. Implementation of the new guidance did not have an impact on each company’s results of operations or cash flows. |
Provision for Uncollectible Accounts | Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric and PSNH, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts. This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers. Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience. Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days , respectively. The DPU allows NSTAR Electric and NSTAR Gas to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. |
Other Taxes | Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. Separate from the amounts above are $10.7 million and $12.7 million of amounts recorded as Taxes Other than Income Taxes for the three months ended March 31, 2019 and 2018, respectively, related to the future remittance to the State of Connecticut of energy efficiency funds collected from customers in Operating Revenues. These amounts are recorded separately, with collections in Operating Revenues and with payments in Taxes Other than Income Taxes on the Eversource and CL&P statements of income. |
Restricted Cash | Restricted cash included in Prepayments and Other Current Assets and Other Long-Term Assets primarily represents cash collections related to the PSNH RRB customer charges that are held in trust, and required ISO-NE cash deposits. R estricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage facilities obligations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Provision for Uncollectible Accounts | Total Provision for Uncollectible Accounts Provision for Uncollectible Hardship Accounts (Millions of Dollars) As of March 31, 2019 As of December 31, 2018 As of March 31, 2019 As of December 31, 2018 Eversource $ 223.3 $ 212.7 $ 134.6 $ 131.5 CL&P 93.0 88.0 75.2 71.9 NSTAR Electric 74.8 74.5 40.9 42.5 PSNH 11.0 11.1 — — Uncollectible expense associated with customers' accounts receivable included in Operations and Maintenance expense on the statements of income is as follows: For the Three Months Ended (Millions of Dollars) March 31, 2019 March 31, 2018 Eversource $ 18.6 $ 19.6 CL&P 4.1 3.9 NSTAR Electric 6.0 7.5 PSNH 1.7 1.7 |
Components of Other Income, Net | The components of Other Income, Net on the statements of income were as follows: For the Three Months Ended March 31, 2019 March 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Pension, SERP and PBOP Non-Service Income Components $ 7.4 $ (0.6 ) $ 7.0 $ 0.5 $ 15.2 $ 3.0 $ 8.4 $ 2.3 AFUDC Equity 10.9 2.6 4.0 0.2 9.7 2.8 3.4 — Equity in Earnings 5.0 — 0.2 — 4.6 — — — Investment Income/(Loss) 1.2 1.7 (0.3 ) 0.4 0.7 (0.1 ) 0.6 — Interest Income (1) 6.5 0.4 0.2 5.9 3.5 0.9 0.2 2.4 Other — (0.2 ) — — 0.1 — — — Total Other Income, Net $ 31.0 $ 3.9 $ 11.1 $ 7.0 $ 33.8 $ 6.6 $ 12.6 $ 4.7 (1) See Note 2, "Regulatory Accounting" for interest income recognized in 2019 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 Three Months Ended (Millions of Dollars) March 31, 2019 March 31, 2018 Eversource $ 45.0 $ 43.4 CL&P 36.2 35.6 |
Non-cash Investing Activities | Non-cash investing activities include plant additions included in Accounts Payable as follows: (Millions of Dollars) As of March 31, 2019 As of March 31, 2018 Eversource $ 336.3 $ 274.4 CL&P 121.9 117.7 NSTAR Electric 83.2 59.5 PSNH 30.4 36.0 |
Reconciliation of Cash Balances to Cash and Restricted Cash | The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows: As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Cash as reported on the Balance Sheets $ 35.1 $ 7.5 $ 1.8 $ 4.0 $ 108.1 $ 87.7 $ 1.6 $ 1.4 Restricted cash included in: Prepayments and Other Current Assets 45.9 3.6 13.0 21.1 72.1 3.5 13.0 47.5 Marketable Securities 24.2 0.3 0.1 0.5 25.9 0.4 0.1 0.6 Other Long-Term Assets 3.2 — — 3.2 3.2 — — 3.2 Cash and Restricted Cash reported on the Statements of Cash Flows $ 108.4 $ 11.4 $ 14.9 $ 28.8 $ 209.3 $ 91.6 $ 14.7 $ 52.7 |
REGULATORY ACCOUNTING (Tables)
REGULATORY ACCOUNTING (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Regulated Operations [Abstract] | |
Components of Regulatory Assets | The components of regulatory assets were as follows: As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Benefit Costs $ 1,878.7 $ 416.0 $ 534.9 $ 165.8 $ 1,914.8 $ 424.7 $ 544.4 $ 169.6 Income Taxes, Net 730.9 454.3 106.1 8.0 728.6 454.4 105.9 8.3 Securitized Stranded Costs 597.7 — — 597.7 608.4 — — 608.4 Storm Restoration Costs, Net 579.0 307.4 204.4 67.2 576.0 302.6 212.9 60.5 Regulatory Tracker Mechanisms 317.7 54.4 160.2 78.0 316.0 33.2 169.1 67.3 Derivative Liabilities 353.5 353.1 — — 356.5 356.5 — — Goodwill-related 344.2 — 295.5 — 348.4 — 299.1 — Asset Retirement Obligations 92.8 32.8 44.9 3.4 89.2 32.3 42.2 3.3 Other Regulatory Assets 202.2 26.4 62.6 11.9 208.0 27.0 64.6 12.1 Total Regulatory Assets 5,096.7 1,644.4 1,408.6 932.0 5,145.9 1,630.7 1,438.2 929.5 Less: Current Portion 507.3 147.7 234.7 76.6 514.8 125.2 241.7 67.2 Total Long-Term Regulatory Assets $ 4,589.4 $ 1,496.7 $ 1,173.9 $ 855.4 $ 4,631.1 $ 1,505.5 $ 1,196.5 $ 862.3 |
Components of Regulatory Liabilities | The components of regulatory liabilities were as follows: As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH EDIT due to Tax Cuts and Jobs Act $ 2,871.4 $ 1,030.7 $ 1,096.7 $ 394.6 $ 2,883.0 $ 1,031.0 $ 1,103.7 $ 396.4 Cost of Removal 535.0 46.2 313.4 22.1 521.0 39.9 307.1 22.1 Benefit Costs 87.2 — 73.6 — 91.2 — 76.9 — Regulatory Tracker Mechanisms 332.5 79.5 166.7 39.9 309.0 89.5 163.7 48.3 AFUDC - Transmission 71.4 47.1 24.3 — 70.7 47.4 23.3 — Revenue Subject to Refund due to Tax Cuts and Jobs Act 27.0 — — 15.8 24.6 — — 12.6 Other Regulatory Liabilities 88.3 29.3 33.9 3.2 80.2 24.0 29.2 4.2 Total Regulatory Liabilities 4,012.8 1,232.8 1,708.6 475.6 3,979.7 1,231.8 1,703.9 483.6 Less: Current Portion 385.4 106.5 194.0 45.7 370.2 109.6 190.6 55.5 Total Long-Term Regulatory Liabilities $ 3,627.4 $ 1,126.3 $ 1,514.6 $ 429.9 $ 3,609.5 $ 1,122.2 $ 1,513.3 $ 428.1 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Public Utility Property, Plant, and Equipment | The following tables summarize property, plant and equipment by asset category: Eversource As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) Distribution - Electric $ 15,245.9 $ 15,071.1 Distribution - Natural Gas 3,635.6 3,546.2 Transmission - Electric 10,251.1 10,153.9 Distribution - Water 1,649.5 1,639.8 Solar 169.9 164.1 Utility 30,952.0 30,575.1 Other (1) 798.3 778.6 Property, Plant and Equipment, Gross 31,750.3 31,353.7 Less: Accumulated Depreciation Utility (7,229.5 ) (7,126.2 ) Other (348.7 ) (336.7 ) Total Accumulated Depreciation (7,578.2 ) (7,462.9 ) Property, Plant and Equipment, Net 24,172.1 23,890.8 Construction Work in Progress 1,860.7 1,719.6 Total Property, Plant and Equipment, Net $ 26,032.8 $ 25,610.4 As of March 31, 2019 As of December 31, 2018 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Distribution - Electric $ 6,255.8 $ 6,828.5 $ 2,201.8 $ 6,176.4 $ 6,756.4 $ 2,178.6 Transmission - Electric 4,746.4 4,085.6 1,370.2 4,700.5 4,065.9 1,338.7 Solar — 169.9 — — 164.1 — Property, Plant and Equipment, Gross 11,002.2 11,084.0 3,572.0 10,876.9 10,986.4 3,517.3 Less: Accumulated Depreciation (2,328.0 ) (2,749.9 ) (789.3 ) (2,302.6 ) (2,702.0 ) (772.9 ) Property, Plant and Equipment, Net 8,674.2 8,334.1 2,782.7 8,574.3 8,284.4 2,744.4 Construction Work in Progress 391.7 581.5 137.9 335.4 510.3 135.7 Total Property, Plant and Equipment, Net $ 9,065.9 $ 8,915.6 $ 2,920.6 $ 8,909.7 $ 8,794.7 $ 2,880.1 (1) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gross Fair Values and Net Amounts of Contracts | 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 March 31, 2019 As of December 31, 2018 (Millions of Dollars) Fair Value Hierarchy Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Commodity Supply and Price Risk Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: CL&P Level 3 $ 10.4 $ (1.9 ) $ 8.5 $ 9.6 $ (3.4 ) $ 6.2 Other Level 2 — — — 1.5 (0.9 ) 0.6 Long-Term Derivative Assets: CL&P Level 3 73.1 (2.2 ) 70.9 74.2 (2.3 ) 71.9 Current Derivative Liabilities: CL&P Level 3 (59.7 ) — (59.7 ) (55.1 ) — (55.1 ) Other Level 2 (0.4 ) 0.2 (0.2 ) — — — Long-Term Derivative Liabilities: CL&P Level 3 (372.8 ) — (372.8 ) (379.5 ) — (379.5 ) Other Level 2 (0.2 ) — (0.2 ) — — — (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. |
Summary of Level 3 Derivative Contracts and Significant Observable Inputs Used | 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 March 31, 2019 As of December 31, 2018 CL&P Range Period Covered Range Period Covered Capacity Prices $ 4.30 — 7.34 per kW-Month 2023 - 2026 $ 4.30 — 7.44 per kW-Month 2022 - 2026 Forward Reserve 0.75 — 1.78 per kW-Month 2019 - 2024 0.75 — 1.78 per kW-Month 2019 - 2024 |
Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis | The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. CL&P For the Three Months Ended March 31, (Millions of Dollars) 2019 2018 Derivatives, Net: Fair Value as of Beginning of Period $ (356.5 ) $ (362.3 ) Net Realized/Unrealized Losses Included in Regulatory Assets (5.3 ) (36.9 ) Settlements 8.7 12.7 Fair Value as of End of Period $ (353.1 ) $ (386.5 ) |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of 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 March 31, 2019 As of December 31, 2018 Eversource (Millions of Dollars) Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Debt Securities $ 212.3 $ 0.9 $ (0.9 ) $ 212.3 $ 190.0 $ 0.4 $ (4.0 ) $ 186.4 |
Contractual Maturities of Available-for-Sale Debt Securities | As of March 31, 2019 , 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) $ 29.7 $ 29.6 One to five years 48.5 48.5 Six to ten years 39.0 39.4 Greater than ten years 95.1 94.8 Total Debt Securities $ 212.3 $ 212.3 (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 on a Recurring Basis by Level | 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 March 31, 2019 As of December 31, 2018 Level 1: Mutual Funds and Equities $ 216.2 $ 244.0 Money Market Funds 24.2 25.9 Total Level 1 $ 240.4 $ 269.9 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 104.3 $ 79.6 Corporate Debt Securities 44.7 39.5 Asset-Backed Debt Securities 13.9 14.0 Municipal Bonds 16.0 19.2 Other Fixed Income Securities 9.2 8.2 Total Level 2 $ 188.1 $ 160.5 Total Marketable Securities $ 428.5 $ 430.4 |
SHORT-TERM AND LONG-TERM DEBT (
SHORT-TERM AND LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings Outstanding and Available under the Commecrial Paper Programs | The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding as of Available Borrowing Capacity as of Weighted-Average Interest Rate as of March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (Millions of Dollars) Eversource Parent Commercial Paper Program $ 1,371.0 $ 631.5 $ 79.0 $ 818.5 2.69 % 2.77 % NSTAR Electric Commercial Paper Program 368.4 278.5 281.6 371.5 2.49 % 2.50 % |
Summary of Long-Term Debt Issuance and Repayments | The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issue Date Issuance/(Repayment) Maturity Date Use of Proceeds for Issuance/ CL&P: 4.00% 2018 Series A First Mortgage Bonds (1) April 2019 $ 300.0 April 2048 Repaid short-term borrowings that were used to repay long-term debt that matured on February 1, 2019 and fund capital expenditures and working capital 5.50% 2009 Series A First Mortgage Bonds February 2009 (250.0 ) February 2019 Repaid at maturity on February 1, 2019 (1) These bonds are part of the same series issued by CL&P in March 2018. The aggregate outstanding principal amount of these bonds is now $800 million . |
RATE REDUCTION BONDS AND VARI_2
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Rate Reduction Bonds and Variable Interest Entity [Abstract] | |
Summary of the Impact of Funding on the Balance Sheets and Income Statements | The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements: (Millions of Dollars) Balance Sheet: As of March 31, 2019 As of December 31, 2018 Restricted Cash - Current Portion (included in Prepayments and Other Current Assets) $ 21.1 $ 47.5 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 3.2 Securitized Stranded Cost (included in Regulatory Assets) 597.7 608.4 Other Regulatory Liabilities (included in Regulatory Liabilities) 10.0 5.8 Accrued Interest (included in Other Current Liabilities) 3.5 14.4 Rate Reduction Bonds - Current Portion 43.2 52.3 Rate Reduction Bonds - Long-Term Portion 561.7 583.3 (Millions of Dollars) For the Three Months Ended Income Statement: March 31, 2019 March 31, 2018 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 10.6 $ — Interest Expense on RRB Principal (included in Interest Expense) 5.4 — |
PENSION BENEFITS AND POSTRETI_2
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Components of Net Periodic Benefit Expense/(Income) | The components of net periodic benefit expense/(income) for the Pension, SERP and PBOP 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 expense for pension, SERP and PBOP are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis. Pension and SERP For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 19.3 $ 4.8 $ 3.9 $ 2.6 $ 22.7 $ 5.7 $ 4.7 $ 2.9 Interest Cost 54.2 11.5 11.9 6.2 48.4 10.6 10.8 5.3 Expected Return on Pension Plan Assets (92.3 ) (18.8 ) (24.4 ) (10.3 ) (98.0 ) (20.8 ) (25.2 ) (10.9 ) Actuarial Loss 35.8 8.1 9.4 3.5 36.0 7.4 10.5 3.3 Prior Service Cost 1.1 — 0.1 — 2.2 0.4 0.2 0.1 Total Net Periodic Benefit Expense $ 18.1 $ 5.6 $ 0.9 $ 2.0 $ 11.3 $ 3.3 $ 1.0 $ 0.7 Intercompany Allocations N/A $ 7.8 $ 3.0 $ 2.4 N/A $ 1.4 $ 1.5 $ 0.5 PBOP For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 2.1 $ 0.4 $ 0.4 $ 0.2 $ 2.7 $ 0.5 $ 0.5 $ 0.3 Interest Cost 8.1 1.5 2.3 0.9 7.6 1.4 2.2 0.8 Expected Return on Plan Assets (16.6 ) (2.3 ) (7.5 ) (1.3 ) (18.1 ) (2.6 ) (8.1 ) (1.5 ) Actuarial Loss 2.5 0.4 0.9 0.2 2.6 0.3 0.7 0.2 Prior Service Cost/(Credit) (5.8 ) 0.3 (4.2 ) 0.1 (5.9 ) 0.3 (4.3 ) 0.1 Total Net Periodic Benefit Expense/(Income) $ (9.7 ) $ 0.3 $ (8.1 ) $ 0.1 $ (11.1 ) $ (0.1 ) $ (9.0 ) $ (0.1 ) Intercompany Allocations N/A $ (0.1 ) $ (0.2 ) $ (0.1 ) N/A $ (0.3 ) $ (0.3 ) $ (0.1 ) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental Sites and Related Reserves | The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: As of March 31, 2019 As of December 31, 2018 Number of Sites Reserve (in millions) Number of Sites Reserve (in millions) Eversource 59 $ 64.8 60 $ 64.7 CL&P 15 5.6 15 5.4 NSTAR Electric 15 10.5 16 10.9 PSNH 9 5.3 9 5.4 |
Summary of Exposure to Guaruantees and Indemnifications | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of March 31, 2019 : Company Description Maximum Exposure (in millions) Expiration Dates On behalf of subsidiaries: Eversource Investment LLC Revolution Wind and South Fork Wind (1) $ 113.9 - Various Surety Bonds (2) 32.0 2019 - 2021 Rocky River Realty Company and Eversource Service Lease Payments for Real Estate 7.3 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 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. Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations. (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. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost, prior to amounts capitalized, are as follows: For the Three Months Ended March 31, 2019 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Financing Lease Cost: Amortization of Right-of-use-Assets $ 0.4 $ 0.2 $ — $ — Interest on Lease Liabilities 0.3 0.1 0.3 — Total Finance Lease Cost 0.7 0.3 0.3 — Operating Lease Cost 3.0 0.1 0.5 — Variable Lease Cost 15.5 3.5 — 12.0 Total Lease Cost $ 19.2 $ 3.9 $ 0.8 $ 12.0 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows: As of March 31, 2019 (Millions of Dollars) Balance Sheet Classification Eversource CL&P NSTAR Electric PSNH Operating Leases: Operating Lease Right-of-use-Assets, Net Other Long-Term Assets $ 56.7 $ 0.5 $ 25.1 $ 0.5 Operating Lease Liabilities Operating Lease Liabilities - Current Portion Other Current Liabilities $ 9.2 $ 0.3 $ 0.8 $ 0.1 Operating Lease Liabilities - Long-Term Other Long-Term Liabilities 47.5 0.2 24.3 0.4 Total Operating Lease Liabilities $ 56.7 $ 0.5 $ 25.1 $ 0.5 Finance Leases: Finance Lease Right-of-use-Assets, Net Property, Plant and Equipment, Net $ 8.8 $ 2.9 $ 3.5 $ 0.9 Finance Lease Liabilities Finance Lease Liabilities - Current Portion Other Current Liabilities $ 1.9 $ 1.5 $ — $ 0.1 Finance Lease Liabilities - Long-Term Other Long-Term Liabilities 9.1 2.7 4.5 0.8 Total Finance Lease Liabilities $ 11.0 $ 4.2 $ 4.5 $ 0.9 |
Other Information Related to Leases | Other information related to leases is as follows (in millions of dollars, unless otherwise noted): For the Three Months Ended March 31, 2019 Eversource CL&P NSTAR Electric PSNH Weighted-Average Remaining Lease Term (Years): Operating Leases 12 3 21 8 Financing Leases 11 3 23 10 Weighted-Average Discount Rate (Percentage): Operating Leases 3.8 % 3.2 % 4.1 % 3.6 % Financing Leases 4.5 % 10.5 % 2.9 % 3.5 % Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 2.9 $ 0.1 $ 0.3 $ — Operating Cash Flows from Finance Leases 0.3 0.2 0.1 — Financing Cash Flows from Finance Leases 0.4 0.3 — — Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 1.3 — — — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 1.3 — — — |
Future Minimum Lease Payments under Long-Term Leases | Future minimum lease payments, excluding variable costs, under long-term leases, as of March 31, 2019 are as follows: Operating Leases Finance Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH April 1, 2019 through December 31, 2019 $ 8.3 $ 0.2 $ 1.4 $ 0.1 $ 2.5 $ 1.5 $ 0.4 $ 0.1 Year Ending December 31, 2020 9.6 0.2 1.6 0.1 3.4 2.0 0.5 0.1 2021 8.7 — 1.6 0.1 2.9 1.5 0.5 0.1 2022 7.3 — 1.6 0.1 1.5 — 0.6 0.1 2023 4.8 — 1.6 0.1 0.7 — 0.6 0.1 2024 2.8 — 1.7 0.1 0.7 — 0.6 0.1 Thereafter 29.7 0.1 29.4 0.1 13.2 — 12.8 0.4 Future lease payments 71.2 0.5 38.9 0.7 24.9 5.0 16.0 1.0 Less amount representing interest 14.5 — 13.8 0.2 13.9 0.8 11.5 0.1 Present value of future minimum lease payments $ 56.7 $ 0.5 $ 25.1 $ 0.5 $ 11.0 $ 4.2 $ 4.5 $ 0.9 |
Future Minimum Lease Payments under Long-Term Leases | Future minimum lease payments, excluding variable costs, under long-term leases, as of March 31, 2019 are as follows: Operating Leases Finance Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH April 1, 2019 through December 31, 2019 $ 8.3 $ 0.2 $ 1.4 $ 0.1 $ 2.5 $ 1.5 $ 0.4 $ 0.1 Year Ending December 31, 2020 9.6 0.2 1.6 0.1 3.4 2.0 0.5 0.1 2021 8.7 — 1.6 0.1 2.9 1.5 0.5 0.1 2022 7.3 — 1.6 0.1 1.5 — 0.6 0.1 2023 4.8 — 1.6 0.1 0.7 — 0.6 0.1 2024 2.8 — 1.7 0.1 0.7 — 0.6 0.1 Thereafter 29.7 0.1 29.4 0.1 13.2 — 12.8 0.4 Future lease payments 71.2 0.5 38.9 0.7 24.9 5.0 16.0 1.0 Less amount representing interest 14.5 — 13.8 0.2 13.9 0.8 11.5 0.1 Present value of future minimum lease payments $ 56.7 $ 0.5 $ 25.1 $ 0.5 $ 11.0 $ 4.2 $ 4.5 $ 0.9 |
Future Minimum Rental Payments under Operating Leases | At December 31, 2018, future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance were 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 |
Future Minimum Rental Payments under 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 representing interest 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) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Instruments | 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 March 31, 2019: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 157.1 $ 116.2 $ 114.2 $ 43.0 $ 42.9 $ — $ — Long-Term Debt 13,089.8 13,519.6 3,265.8 3,538.0 2,945.2 3,107.3 805.3 831.1 Rate Reduction Bonds 604.9 623.3 — — — — 604.9 623.3 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 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax | The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows: For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Eversource (Millions of Dollars) Qualified Cash Flow Hedging Instruments Unrealized Gains/(Losses) on Marketable Securities Defined Benefit Plans Total Qualified Cash Flow Hedging Instruments Unrealized Losses on Marketable Securities Defined Benefit Plans Total Balance as of January 1st $ (4.4 ) $ (0.5 ) $ (55.1 ) $ (60.0 ) $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) OCI Before Reclassifications — 0.7 — 0.7 — (0.4 ) — (0.4 ) Amounts Reclassified from AOCI 0.3 — 1.2 1.5 0.7 — 3.0 3.7 Net OCI 0.3 0.7 1.2 2.2 0.7 (0.4 ) 3.0 3.3 Balance as of March 31st $ (4.1 ) $ 0.2 $ (53.9 ) $ (57.8 ) $ (5.5 ) $ (0.4 ) $ (57.2 ) $ (63.1 ) |
COMMON SHARES (Tables)
COMMON SHARES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Common Shares Authorized and Issued | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Authorized as of March 31, 2019 and December 31, 2018 Issued as of Par Value March 31, 2019 December 31, 2018 Eversource $ 5 380,000,000 333,878,402 333,878,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted EPS | The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Three Months Ended March 31, 2019 March 31, 2018 Net Income Attributable to Common Shareholders $ 308.7 $ 269.5 Weighted Average Common Shares Outstanding: Basic 317,624,593 317,397,052 Dilutive Effect 691,489 595,947 Diluted 318,316,082 317,992,999 Basic and Diluted EPS $ 0.97 $ 0.85 |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Operating Revenues Disaggregated by Revenue Source | The following tables present operating revenues disaggregated by revenue source: For the Three Months Ended March 31, 2019 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,033.3 $ 258.9 $ — $ 27.0 $ — $ — $ 1,319.2 Commercial 652.6 143.8 — 14.3 — (1.1 ) 809.6 Industrial 82.1 30.9 — 1.1 — (2.7 ) 111.4 Total Retail Tariff Sales Revenues 1,768.0 433.6 — 42.4 — (3.8 ) 2,240.2 Wholesale Transmission Revenues — — 324.9 — 13.5 (270.8 ) 67.6 Wholesale Market Sales Revenues 51.5 21.7 — 1.0 — — 74.2 Other Revenues from Contracts with Customers 12.6 0.9 3.2 1.7 244.6 (245.4 ) 17.6 Reserve for Revenues Subject to Refund (3.1 ) 1.6 — (0.8 ) — — (2.3 ) Total Revenues from Contracts with Customers 1,829.0 457.8 328.1 44.3 258.1 (520.0 ) 2,397.3 Alternative Revenue Programs 2.1 10.4 12.4 0.9 — (11.1 ) 14.7 Other Revenues (1) 2.8 0.7 — 0.3 — — 3.8 Total Operating Revenues $ 1,833.9 $ 468.9 $ 340.5 $ 45.5 $ 258.1 $ (531.1 ) $ 2,415.8 For the Three Months Ended March 31, 2018 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 994.4 $ 248.9 $ — $ 26.4 $ — $ — $ 1,269.7 Commercial 611.4 134.7 — 13.8 — — 759.9 Industrial 81.5 29.5 — 1.0 — (2.5 ) 109.5 Total Retail Tariff Sales Revenues 1,687.3 413.1 — 41.2 — (2.5 ) 2,139.1 Wholesale Transmission Revenues — — 313.6 — 10.1 (258.7 ) 65.0 Wholesale Market Sales Revenues 58.5 17.8 — 0.8 — — 77.1 Other Revenues from Contracts with Customers 16.0 (0.6 ) 3.1 4.0 220.8 (221.4 ) 21.9 Reserve for Revenues Subject to Refund (19.3 ) (4.5 ) — (2.2 ) — — (26.0 ) Total Revenues from Contracts with Customers 1,742.5 425.8 316.7 43.8 230.9 (482.6 ) 2,277.1 Alternative Revenue Programs 8.7 (1.7 ) (11.7 ) 0.7 — 10.6 6.6 Other Revenues 3.4 0.8 — 0.1 — — 4.3 Total Operating Revenues $ 1,754.6 $ 424.9 $ 305.0 $ 44.6 $ 230.9 $ (472.0 ) $ 2,288.0 For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenues from Contracts with Customers Retail Tariff Sales Residential $ 510.5 $ 371.0 $ 151.8 $ 483.4 $ 364.2 $ 146.8 Commercial 236.7 336.5 79.8 222.5 314.4 74.9 Industrial 34.6 28.8 18.7 35.8 28.1 17.6 Total Retail Tariff Sales Revenues 781.8 736.3 250.3 741.7 706.7 239.3 Wholesale Transmission Revenues 154.8 122.6 47.5 150.8 118.6 44.2 Wholesale Market Sales Revenues 13.7 24.4 13.4 10.3 24.9 24.1 Other Revenues from Contracts with Customers 8.9 4.0 3.6 7.5 8.3 3.5 Reserve for Revenues Subject to Refund — — (3.1 ) (12.5 ) (3.7 ) (3.1 ) Total Revenues from Contracts with Customers 959.2 887.3 311.7 897.8 854.8 308.0 Alternative Revenue Programs 5.7 7.3 1.5 (5.1 ) 6.7 (4.6 ) Other Revenues (1) 1.0 1.5 0.3 1.3 1.7 0.4 Eliminations (116.7 ) (98.5 ) (37.1 ) (109.0 ) (93.1 ) (36.4 ) Total Operating Revenues $ 849.2 $ 797.6 $ 276.4 $ 785.0 $ 770.1 $ 267.4 (1) Other Revenues include certain fees charged to customers, which are not considered revenue from contracts with customers. Other revenues also includes lease revenues under lessor accounting guidance of $1.0 million at Eversource, $0.2 million at CL&P, and $0.6 million at NSTAR Electric for the three months ended March 31, 2019. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Segment Information and Segmented Total Assets | Eversource's segment information is as follows: For the Three Months Ended March 31, 2019 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 1,833.9 $ 468.9 $ 340.5 $ 45.5 $ 258.1 $ (531.1 ) $ 2,415.8 Depreciation and Amortization (179.2 ) (20.4 ) (61.5 ) (11.8 ) (13.6 ) 0.6 (285.9 ) Other Operating Expenses (1,475.6 ) (341.3 ) (98.8 ) (25.0 ) (225.5 ) 531.0 (1,635.2 ) Operating Income $ 179.1 $ 107.2 $ 180.2 $ 8.7 $ 19.0 $ 0.5 $ 494.7 Interest Expense $ (49.2 ) $ (11.7 ) $ (30.6 ) $ (8.6 ) $ (44.2 ) $ 12.6 $ (131.7 ) Other Income, Net 18.2 0.2 8.1 0.4 431.7 (427.6 ) 31.0 Net Income Attributable to Common Shareholders 120.1 76.5 118.2 0.9 407.5 (414.5 ) 308.7 Cash Flows Used for Investments in Plant 279.3 87.4 231.4 20.7 55.9 — 674.7 For the Three Months Ended March 31, 2018 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 1,754.6 $ 424.9 $ 305.0 $ 44.6 $ 230.9 $ (472.0 ) $ 2,288.0 Depreciation and Amortization (144.4 ) (26.4 ) (56.6 ) (10.7 ) (12.0 ) 0.6 (249.5 ) Other Operating Expenses (1,443.5 ) (312.6 ) (83.2 ) (23.9 ) (204.7 ) 471.9 (1,596.0 ) Operating Income $ 166.7 $ 85.9 $ 165.2 $ 10.0 $ 14.2 $ 0.5 $ 442.5 Interest Expense $ (47.4 ) $ (11.1 ) $ (29.7 ) $ (8.4 ) $ (31.9 ) $ 7.4 $ (121.1 ) Other Income/(Loss), Net 19.6 2.0 8.0 (0.6 ) 360.1 (355.3 ) 33.8 Net Income Attributable to Common Shareholders 104.2 57.8 107.4 1.5 346.0 (347.4 ) 269.5 Cash Flows Used for Investments in Plant 236.0 70.4 239.2 19.0 42.7 — 607.3 The following table summarizes Eversource's segmented total assets: Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Water Distribution Other Eliminations Total As of March 31, 2019 $ 21,507.0 $ 4,019.1 $ 10,533.4 $ 2,268.3 $ 18,939.8 $ (18,326.6 ) $ 38,941.0 As of December 31, 2018 21,389.1 3,904.9 10,285.0 2,253.0 17,874.2 (17,464.9 ) 38,241.3 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) customer in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($)customerutilityMW | Mar. 31, 2018USD ($) | Feb. 08, 2019USD ($)mi² | Jan. 01, 2019USD ($) | |
Summary of Accounting Policies [Line Items] | ||||
Number of electric, natural gas and water customers | customer | 4 | |||
Operating lease liability | $ 56.7 | |||
Operating lease right-of-use assets | 56.7 | |||
Energy efficiency funds collected from customers to be remitted to the State of Connecticut | $ 10.7 | $ 12.7 | ||
Northern Pass | ||||
Summary of Accounting Policies [Line Items] | ||||
Capacity required for transmission line | MW | 1,090 | |||
Captialized costs for the NPT project | $ 311 | |||
Revolution Wind and South Fork Wind | ||||
Summary of Accounting Policies [Line Items] | ||||
Cost of investment in unconsolidated affiliate | $ 225 | |||
Ownership interest | 50.00% | |||
Area of land | mi² | 257 | |||
ASU 2016-02 | ||||
Summary of Accounting Policies [Line Items] | ||||
Operating lease liability | $ 58 | |||
Operating lease right-of-use assets | 58 | |||
NSTAR Electric | ||||
Summary of Accounting Policies [Line Items] | ||||
Operating lease liability | 25.1 | |||
Operating lease right-of-use assets | 25.1 | |||
NSTAR Electric | ASU 2016-02 | ||||
Summary of Accounting Policies [Line Items] | ||||
Operating lease liability | 25.3 | |||
Operating lease right-of-use assets | 25.3 | |||
CL&P | ||||
Summary of Accounting Policies [Line Items] | ||||
Operating lease liability | 0.5 | |||
Operating lease right-of-use assets | $ 0.5 | |||
Period of accounts receivable recoverable under financial or medical duress | 180 days | |||
CL&P | ASU 2016-02 | ||||
Summary of Accounting Policies [Line Items] | ||||
Operating lease liability | 0.6 | |||
Operating lease right-of-use assets | 0.6 | |||
PSNH | ||||
Summary of Accounting Policies [Line Items] | ||||
Operating lease liability | $ 0.5 | |||
Operating lease right-of-use assets | $ 0.5 | |||
PSNH | ASU 2016-02 | ||||
Summary of Accounting Policies [Line Items] | ||||
Operating lease liability | 0.6 | |||
Operating lease right-of-use assets | $ 0.6 | |||
Yankee Gas | ||||
Summary of Accounting Policies [Line Items] | ||||
Period of accounts receivable recoverable under financial or medical duress | 90 days | |||
Connecticut, Massachusetts and New Hampshire | ||||
Summary of Accounting Policies [Line Items] | ||||
Number of regulated utilities | utility | 8 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total provision for uncollectible accounts | $ 223,300 | $ 212,700 | |
Provision for uncollectible hardship accounts | 134,600 | 131,500 | |
Bad debt expense associated with accounts receivable | 18,565 | $ 19,613 | |
CL&P | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total provision for uncollectible accounts | 93,000 | 88,000 | |
Provision for uncollectible hardship accounts | 75,200 | 71,900 | |
Bad debt expense associated with accounts receivable | 4,116 | 3,912 | |
NSTAR Electric | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total provision for uncollectible accounts | 74,800 | 74,500 | |
Provision for uncollectible hardship accounts | 40,900 | 42,500 | |
Bad debt expense associated with accounts receivable | 5,953 | 7,526 | |
PSNH | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total provision for uncollectible accounts | 11,000 | 11,100 | |
Provision for uncollectible hardship accounts | 0 | $ 0 | |
Bad debt expense associated with accounts receivable | $ 1,700 | $ 1,700 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | $ 30,985 | $ 33,789 |
Pension, SERP and PBOP Non-Service Income Components | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 7,400 | 15,200 |
AFUDC Equity | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 10,900 | 9,700 |
Equity in Earnings | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 5,000 | 4,600 |
Investment Income | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 1,200 | 700 |
Interest Income | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 6,500 | 3,500 |
Other | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 0 | 100 |
CL&P | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 3,880 | 6,560 |
CL&P | Pension, SERP and PBOP Non-Service Income Components | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | (600) | 3,000 |
CL&P | AFUDC Equity | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 2,600 | 2,800 |
CL&P | Equity in Earnings | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 0 | 0 |
CL&P | Investment Income | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 1,700 | (100) |
CL&P | Interest Income | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 400 | 900 |
CL&P | Other | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | (200) | 0 |
NSTAR Electric | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 11,086 | 12,601 |
NSTAR Electric | Pension, SERP and PBOP Non-Service Income Components | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 7,000 | 8,400 |
NSTAR Electric | AFUDC Equity | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 4,000 | 3,400 |
NSTAR Electric | Equity in Earnings | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 200 | 0 |
NSTAR Electric | Investment Income | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | (300) | 600 |
NSTAR Electric | Interest Income | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 200 | 200 |
NSTAR Electric | Other | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 0 | 0 |
PSNH | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 7,022 | 4,749 |
PSNH | Pension, SERP and PBOP Non-Service Income Components | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 500 | 2,300 |
PSNH | AFUDC Equity | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 200 | 0 |
PSNH | Equity in Earnings | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 0 | 0 |
PSNH | Investment Income | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 400 | 0 |
PSNH | Interest Income | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | 5,900 | 2,400 |
PSNH | Other | ||
Summary of Accounting Policies [Line Items] | ||
Other Income, Net | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Gross Tax Receipts [Line Items] | ||
Gross receipts taxes | $ 45 | $ 43.4 |
CL&P | ||
Schedule of Gross Tax Receipts [Line Items] | ||
Gross receipts taxes | $ 36.2 | $ 35.6 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | $ 336.3 | $ 274.4 |
CL&P | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | 121.9 | 117.7 |
NSTAR Electric | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | 83.2 | 59.5 |
PSNH | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Plant additions included in accounts payable | $ 30.4 | $ 36 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash Balances to Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | $ 35,145 | $ 108,068 | ||
Cash and Restricted Cash reported on the Statements of Cash Flows | 108,372 | 209,324 | $ 362,615 | $ 85,890 |
Prepayments and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 45,900 | 72,100 | ||
Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 24,200 | 25,900 | ||
Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 3,200 | 3,200 | ||
CL&P | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 7,496 | 87,721 | ||
Cash and Restricted Cash reported on the Statements of Cash Flows | 11,404 | 91,613 | 243,839 | 9,619 |
CL&P | Prepayments and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 3,600 | 3,500 | ||
CL&P | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 300 | 400 | ||
CL&P | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 0 | ||
NSTAR Electric | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 1,769 | 1,606 | ||
Cash and Restricted Cash reported on the Statements of Cash Flows | 14,905 | 14,659 | 22,465 | 14,708 |
NSTAR Electric | Prepayments and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 13,000 | 13,000 | ||
NSTAR Electric | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 100 | 100 | ||
NSTAR Electric | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 0 | ||
PSNH | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 3,961 | 1,439 | ||
Cash and Restricted Cash reported on the Statements of Cash Flows | 28,796 | 52,723 | $ 15,253 | $ 2,191 |
PSNH | Prepayments and Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 21,100 | 47,500 | ||
PSNH | Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 500 | 600 | ||
PSNH | Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 3,200 | $ 3,200 |
REGULATORY ACCOUNTING - Compone
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 5,096,700 | $ 5,145,900 |
Less: Current Portion | 507,255 | 514,779 |
Total Long-Term Regulatory Assets | 4,589,427 | 4,631,137 |
Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,878,700 | 1,914,800 |
Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 730,900 | 728,600 |
Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 597,700 | 608,400 |
Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 579,000 | 576,000 |
Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 317,700 | 316,000 |
Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 353,500 | 356,500 |
Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 344,200 | 348,400 |
Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 92,800 | 89,200 |
Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 202,200 | 208,000 |
CL&P | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,644,400 | 1,630,700 |
Less: Current Portion | 147,712 | 125,155 |
Total Long-Term Regulatory Assets | 1,496,679 | 1,505,488 |
CL&P | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 416,000 | 424,700 |
CL&P | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 454,300 | 454,400 |
CL&P | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
CL&P | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 307,400 | 302,600 |
CL&P | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 54,400 | 33,200 |
CL&P | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 353,100 | 356,500 |
CL&P | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
CL&P | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 32,800 | 32,300 |
CL&P | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 26,400 | 27,000 |
NSTAR Electric | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,408,600 | 1,438,200 |
Less: Current Portion | 234,662 | 241,747 |
Total Long-Term Regulatory Assets | 1,173,851 | 1,196,512 |
NSTAR Electric | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 534,900 | 544,400 |
NSTAR Electric | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 106,100 | 105,900 |
NSTAR Electric | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 204,400 | 212,900 |
NSTAR Electric | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 160,200 | 169,100 |
NSTAR Electric | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 295,500 | 299,100 |
NSTAR Electric | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 44,900 | 42,200 |
NSTAR Electric | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 62,600 | 64,600 |
PSNH | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 932,000 | 929,500 |
Less: Current Portion | 76,599 | 67,228 |
Total Long-Term Regulatory Assets | 855,369 | 862,288 |
PSNH | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 165,800 | 169,600 |
PSNH | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 8,000 | 8,300 |
PSNH | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 597,700 | 608,400 |
PSNH | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 67,200 | 60,500 |
PSNH | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 78,000 | 67,300 |
PSNH | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
PSNH | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
PSNH | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 3,400 | 3,300 |
PSNH | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 11,900 | $ 12,100 |
REGULATORY ACCOUNTING - Narrati
REGULATORY ACCOUNTING - Narrative (Details) - USD ($) $ in Thousands | May 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 17, 2019 | Mar. 26, 2019 | Dec. 31, 2018 | Nov. 16, 2018 |
Regulatory Assets [Line Items] | |||||||
Amount of regulatory costs not yet approved | $ 129,500 | $ 122,900 | |||||
Regulatory assets | 5,096,700 | 5,145,900 | |||||
Other income, net | 30,985 | $ 33,789 | |||||
PSNH | |||||||
Regulatory Assets [Line Items] | |||||||
Amount of regulatory costs not yet approved | 13,900 | 12,200 | |||||
Regulatory assets | 932,000 | 929,500 | |||||
Other income, net | 7,022 | 4,749 | |||||
CL&P | |||||||
Regulatory Assets [Line Items] | |||||||
Amount of regulatory costs not yet approved | 41,900 | 42,100 | |||||
Regulatory assets | 1,644,400 | 1,630,700 | |||||
Other income, net | 3,880 | 6,560 | |||||
NSTAR Electric | |||||||
Regulatory Assets [Line Items] | |||||||
Amount of regulatory costs not yet approved | 52,800 | 49,300 | |||||
Regulatory assets | 1,408,600 | $ 1,438,200 | |||||
Other income, net | 11,086 | $ 12,601 | |||||
Storm Costs | PSNH | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | $ 38,100 | ||||||
Storm Costs | CL&P | |||||||
Regulatory Assets [Line Items] | |||||||
Amount of regulatory costs not yet approved | 145,500 | $ 153,000 | |||||
Storm Costs | CL&P | Subsequent Event | |||||||
Regulatory Assets [Line Items] | |||||||
Regulatory assets | $ 141,000 | ||||||
Recovery period | 6 years | ||||||
Deferred Costs from Generation Asset Sale | PSNH | |||||||
Regulatory Assets [Line Items] | |||||||
Other income, net | $ 5,200 |
REGULATORY ACCOUNTING - Compo_2
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 4,012,800 | $ 3,979,700 |
Less: Current Portion | 385,442 | 370,230 |
Total Long-Term Regulatory Liabilities | 3,627,389 | 3,609,475 |
EDIT due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 2,871,400 | 2,883,000 |
Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 535,000 | 521,000 |
Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 87,200 | 91,200 |
Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 332,500 | 309,000 |
AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 71,400 | 70,700 |
Revenue Subject to Refund due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 27,000 | 24,600 |
Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 88,300 | 80,200 |
CL&P | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,232,800 | 1,231,800 |
Less: Current Portion | 106,489 | 109,614 |
Total Long-Term Regulatory Liabilities | 1,126,279 | 1,122,157 |
CL&P | EDIT due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,030,700 | 1,031,000 |
CL&P | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 46,200 | 39,900 |
CL&P | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
CL&P | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 79,500 | 89,500 |
CL&P | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 47,100 | 47,400 |
CL&P | Revenue Subject to Refund due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
CL&P | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 29,300 | 24,000 |
NSTAR Electric | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,708,600 | 1,703,900 |
Less: Current Portion | 193,959 | 190,620 |
Total Long-Term Regulatory Liabilities | 1,514,557 | 1,513,279 |
NSTAR Electric | EDIT due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,096,700 | 1,103,700 |
NSTAR Electric | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 313,400 | 307,100 |
NSTAR Electric | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 73,600 | 76,900 |
NSTAR Electric | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 166,700 | 163,700 |
NSTAR Electric | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 24,300 | 23,300 |
NSTAR Electric | Revenue Subject to Refund due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
NSTAR Electric | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 33,900 | 29,200 |
PSNH | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 475,600 | 483,600 |
Less: Current Portion | 45,655 | 55,526 |
Total Long-Term Regulatory Liabilities | 429,932 | 428,069 |
PSNH | EDIT due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 394,600 | 396,400 |
PSNH | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 22,100 | 22,100 |
PSNH | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
PSNH | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 39,900 | 48,300 |
PSNH | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
PSNH | Revenue Subject to Refund due to Tax Cuts and Jobs Act | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 15,800 | 12,600 |
PSNH | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 3,200 | $ 4,200 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | $ 15,245,900 | $ 15,071,100 |
Distribution - Natural Gas | 3,635,600 | 3,546,200 |
Transmission - Electric | 10,251,100 | 10,153,900 |
Distribution - Water | 1,649,500 | 1,639,800 |
Solar | 169,900 | 164,100 |
Utility | 30,952,000 | 30,575,100 |
Other | 798,300 | 778,600 |
Property, Plant and Equipment, Gross | 31,750,300 | 31,353,700 |
Less: Accumulated Depreciation | ||
Utility | (7,229,500) | (7,126,200) |
Other | (348,700) | (336,700) |
Total Accumulated Depreciation | (7,578,200) | (7,462,900) |
Property, Plant and Equipment, Net | 24,172,100 | 23,890,800 |
Construction Work in Progress | 1,860,700 | 1,719,600 |
Net Plant | 26,032,781 | 25,610,428 |
CL&P | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 6,255,800 | 6,176,400 |
Transmission - Electric | 4,746,400 | 4,700,500 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 11,002,200 | 10,876,900 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,328,000) | (2,302,600) |
Property, Plant and Equipment, Net | 8,674,200 | 8,574,300 |
Construction Work in Progress | 391,700 | 335,400 |
Net Plant | 9,065,880 | 8,909,701 |
NSTAR Electric | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 6,828,500 | 6,756,400 |
Transmission - Electric | 4,085,600 | 4,065,900 |
Solar | 169,900 | 164,100 |
Property, Plant and Equipment, Gross | 11,084,000 | 10,986,400 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,749,900) | (2,702,000) |
Property, Plant and Equipment, Net | 8,334,100 | 8,284,400 |
Construction Work in Progress | 581,500 | 510,300 |
Net Plant | 8,915,608 | 8,794,700 |
PSNH | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 2,201,800 | 2,178,600 |
Transmission - Electric | 1,370,200 | 1,338,700 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 3,572,000 | 3,517,300 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (789,300) | (772,900) |
Property, Plant and Equipment, Net | 2,782,700 | 2,744,400 |
Construction Work in Progress | 137,900 | 135,700 |
Net Plant | $ 2,920,560 | $ 2,880,073 |
DERIVATIVE INSTRUMENTS - Gross
DERIVATIVE INSTRUMENTS - Gross Fair Values and Net Amounts of Contracts (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current Derivative Assets | CL&P | Level 3 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | $ 10.4 | $ 9.6 |
Netting | (1.9) | (3.4) |
Net Amount Recorded as a Derivative | 8.5 | 6.2 |
Current Derivative Assets | Other | Level 2 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | 0 | 1.5 |
Netting | 0 | (0.9) |
Net Amount Recorded as a Derivative | 0 | 0.6 |
Long-term Derivative Assets | CL&P | Level 3 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | 73.1 | 74.2 |
Netting | (2.2) | (2.3) |
Net Amount Recorded as a Derivative | 70.9 | 71.9 |
Current Derivative Liabilities | CL&P | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (59.7) | (55.1) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (59.7) | (55.1) |
Current Derivative Liabilities | Other | Level 2 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (0.4) | 0 |
Netting | 0.2 | 0 |
Net Amount Recorded as a Derivative | (0.2) | 0 |
Long-Term Derivative Liabilities | CL&P | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (372.8) | (379.5) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (372.8) | (379.5) |
Long-Term Derivative Liabilities | Other | Level 2 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (0.2) | 0 |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | $ (0.2) | $ 0 |
DERIVATIVE INSTRUMENTS - Narrat
DERIVATIVE INSTRUMENTS - Narrative (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($)MMBTUMWhMW | Mar. 31, 2018USD ($) | Dec. 31, 2018MMBTU | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company | 20.00% | ||
Amount of power to be purchased under capacity-related contract (in MW) | MW | 787 | ||
Amount of natural gas to be purchased under futures contracts | MMBTU | 6.2 | 12.5 | |
Gains (losses) on deferred as regulatory costs | $ | $ (5.2) | $ (36.1) | |
Level 3 | Minimum | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of exit price premiums related to derivative contracts | 3.70% | ||
Level 3 | Maximum | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of exit price premiums related to derivative contracts | 15.10% | ||
CL&P | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of costs or benefits borne under capacity-related contracts | 80.00% | ||
Amount of energy to be purchased under renewable energy contract (mwh) | MWh | 0.1 |
DERIVATIVE INSTRUMENTS - Summar
DERIVATIVE INSTRUMENTS - Summary of Level 3 Derivative Contracts and Significant Observable Inputs Used (Details) - CL&P - Level 3 - $ / KWmo | Mar. 31, 2019 | Dec. 31, 2018 |
Capacity Prices | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 4.30 | 4.30 |
Capacity Prices | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 7.34 | 7.44 |
Forward Reserve | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 0.75 | 0.75 |
Forward Reserve | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 1.78 | 1.78 |
DERIVATIVE INSTRUMENTS - Change
DERIVATIVE INSTRUMENTS - Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis (Details) - CL&P - Level 3 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivatives, Net [Rollforward] | ||
Fair Value as of Beginning of Period | $ (356.5) | $ (362.3) |
Net Realized/Unrealized Losses Included in Regulatory Assets | (5.3) | (36.9) |
Settlements | 8.7 | 12.7 |
Fair Value as of End of Period | $ (353.1) | $ (386.5) |
MARKETABLE SECURITIES - Narrati
MARKETABLE SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale equity securities | $ 49.6 | $ 44 | |
Unrealized gains recorded in other income | 1 | ||
Unrealized losses recorded in other income | $ 0.7 | ||
CYAPC and YAEC | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale equity securities | 166.6 | 200 | |
Marketable securities held in nuclear decommissioning trust | $ 170.7 | $ 143.9 |
MARKETABLE SECURITIES - Summary
MARKETABLE SECURITIES - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 212.3 | $ 190 |
Pre-Tax Unrealized Gains | 0.9 | 0.4 |
Pre-Tax Unrealized Losses | (0.9) | (4) |
Fair Value | $ 212.3 | $ 186.4 |
MARKETABLE SECURITIES - Contrac
MARKETABLE SECURITIES - Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Less than one year | $ 29.7 | |
One to five years | 48.5 | |
Six to ten years | 39 | |
Greater than ten years | 95.1 | |
Amortized Cost | 212.3 | $ 190 |
Fair Value | ||
Less than one year | 29.6 | |
One to five years | 48.5 | |
Six to ten years | 39.4 | |
Greater than ten years | 94.8 | |
Fair Value | $ 212.3 | $ 186.4 |
MARKETABLE SECURITIES - Marketa
MARKETABLE SECURITIES - Marketable Securities Recorded at Fair Value on a Recurring Basis by Level (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 428.5 | $ 430.4 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 240.4 | 269.9 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 188.1 | 160.5 |
Mutual Funds and Equities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 216.2 | 244 |
Money Market Funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 24.2 | 25.9 |
U.S. Government Issued Debt Securities (Agency and Treasury) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 104.3 | 79.6 |
Corporate Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 44.7 | 39.5 |
Asset-Backed Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 13.9 | 14 |
Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16 | 19.2 |
Other Fixed Income Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 9.2 | $ 8.2 |
SHORT-TERM AND LONG-TERM DEBT -
SHORT-TERM AND LONG-TERM DEBT - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
CL&P | ||
Line of Credit Facility [Line Items] | ||
Notes payable to Eversource parent | $ 261,600,000 | |
PSNH | ||
Line of Credit Facility [Line Items] | ||
Notes payable to Eversource parent | 61,000,000 | $ 57,000,000 |
HEEC | ||
Line of Credit Facility [Line Items] | ||
Notes payable to Eversource parent | 22,300,000 | |
Commercial Paper | NSTAR Electric | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 650,000,000 | |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding under line of credit | 0 | 0 |
Line of Credit | NSTAR Electric | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 650,000,000 | |
Debt instrument term | 5 years | |
Line of Credit | Aquarion | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 100,000,000 | |
Amount outstanding under line of credit | 0 | $ 0 |
Eversource Parent | Commercial Paper | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 1,450,000,000 | |
Commercial paper borrowings | 261,600,000 | |
Eversource Parent | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 1,450,000,000 | |
Debt instrument term | 5 years |
SHORT-TERM AND LONG-TERM DEBT_2
SHORT-TERM AND LONG-TERM DEBT - Borrowings Outstanding and Available under the Commercial Paper Programs (Details) - Commercial Paper - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 1,371 | $ 631.5 |
Available borrowing capacity | $ 79 | $ 818.5 |
Weighted-average interest rate | 2.69% | 2.77% |
NSTAR Electric | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 368.4 | $ 278.5 |
Available borrowing capacity | $ 281.6 | $ 371.5 |
Weighted-average interest rate | 2.49% | 2.50% |
SHORT-TERM AND LONG-TERM DEBT_3
SHORT-TERM AND LONG-TERM DEBT - Summary of Long-Term Debt Issuance and Repayments (Details) - USD ($) $ in Thousands | Feb. 01, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 01, 2009 |
Debt Instrument [Line Items] | |||||
Repayments | $ (250,215) | $ (150,218) | |||
CL&P | |||||
Debt Instrument [Line Items] | |||||
Repayments | (250,000) | $ 0 | |||
CL&P | Senior Notes | 4.00% 2018 Series A First Mortgage Bonds | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Issuances | $ 300,000 | ||||
Interest rate, stated percentage | 4.00% | ||||
CL&P | Senior Notes | 4.00% 2018 Series A First Mortgage Bonds | Eversource Parent | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 800,000 | ||||
CL&P | Senior Notes | 5.50% 2009 Series A First Mortgage Bonds | |||||
Debt Instrument [Line Items] | |||||
Repayments | $ (250,000) | ||||
Interest rate, stated percentage | 5.65% |
RATE REDUCTION BONDS AND VARI_3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - PSNH - Rate Reduction Bonds | May 08, 2018USD ($) |
Debt Instrument [Line Items] | |
Amount of securitized rate reduction bonds issued | $ 635,700,000 |
Weighted average interest rate | 3.66% |
RATE REDUCTION BONDS AND VARI_4
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Assets | $ 5,096,700 | $ 5,145,900 |
Regulatory Liabilities | 3,627,389 | 3,609,475 |
Accrued Interest (included in Other Current Liabilities) | 840,587 | 823,006 |
Rate Reduction Bonds - Current Portion | 43,210 | 52,332 |
Rate Reduction Bonds - Long-Term Portion | 561,727 | 583,331 |
Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Assets | 597,700 | 608,400 |
Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Assets | 202,200 | 208,000 |
Prepayments and Other Current Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 45,900 | 72,100 |
Long-term Derivative Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 3,200 | 3,200 |
PSNH | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Assets | 932,000 | 929,500 |
Regulatory Liabilities | 429,932 | 428,069 |
Accrued Interest (included in Other Current Liabilities) | 55,088 | 64,046 |
Rate Reduction Bonds - Current Portion | 43,210 | 52,332 |
Rate Reduction Bonds - Long-Term Portion | 561,727 | 583,331 |
PSNH | Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Assets | 597,700 | 608,400 |
PSNH | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Assets | 11,900 | 12,100 |
PSNH | Prepayments and Other Current Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 21,100 | 47,500 |
PSNH | Long-term Derivative Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 3,200 | 3,200 |
PSNH | VIE | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Rate Reduction Bonds - Current Portion | 43,200 | 52,300 |
Rate Reduction Bonds - Long-Term Portion | 561,700 | 583,300 |
PSNH | VIE | Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Assets | 597,700 | 608,400 |
PSNH | VIE | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Liabilities | 10,000 | 5,800 |
Accrued Interest (included in Other Current Liabilities) | 3,500 | 14,400 |
PSNH | VIE | Prepayments and Other Current Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 21,100 | 47,500 |
PSNH | VIE | Long-term Derivative Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | $ 3,200 | $ 3,200 |
RATE REDUCTION BONDS AND VARI_5
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Income Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||
Interest Expense on RRB Principal (included in Interest Expense) | $ 131,734 | $ 121,129 |
PSNH | ||
Condensed Income Statements, Captions [Line Items] | ||
Interest Expense on RRB Principal (included in Interest Expense) | 14,367 | 12,772 |
PSNH | VIE | Rate Reduction Bonds | ||
Condensed Income Statements, Captions [Line Items] | ||
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) | 10,600 | 0 |
Interest Expense on RRB Principal (included in Interest Expense) | $ 5,400 | $ 0 |
PENSION BENEFITS AND POSTRETI_3
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension and SERP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | $ 19.3 | $ 22.7 |
Interest Cost | 54.2 | 48.4 |
Expected Return on Pension Plan Assets | (92.3) | (98) |
Actuarial Loss | 35.8 | 36 |
Prior Service Cost/(Credit) | 1.1 | 2.2 |
Total Net Periodic Benefit Expense | 18.1 | 11.3 |
PBOP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 2.1 | 2.7 |
Interest Cost | 8.1 | 7.6 |
Expected Return on Pension Plan Assets | (16.6) | (18.1) |
Actuarial Loss | 2.5 | 2.6 |
Prior Service Cost/(Credit) | (5.8) | (5.9) |
Total Net Periodic Benefit Expense | (9.7) | (11.1) |
CL&P | Pension and SERP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 4.8 | 5.7 |
Interest Cost | 11.5 | 10.6 |
Expected Return on Pension Plan Assets | (18.8) | (20.8) |
Actuarial Loss | 8.1 | 7.4 |
Prior Service Cost/(Credit) | 0 | 0.4 |
Total Net Periodic Benefit Expense | 5.6 | 3.3 |
Intercompany Allocations | 7.8 | 1.4 |
CL&P | PBOP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 0.4 | 0.5 |
Interest Cost | 1.5 | 1.4 |
Expected Return on Pension Plan Assets | (2.3) | (2.6) |
Actuarial Loss | 0.4 | 0.3 |
Prior Service Cost/(Credit) | 0.3 | 0.3 |
Total Net Periodic Benefit Expense | 0.3 | (0.1) |
Intercompany Allocations | (0.1) | (0.3) |
NSTAR Electric | Pension and SERP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 3.9 | 4.7 |
Interest Cost | 11.9 | 10.8 |
Expected Return on Pension Plan Assets | (24.4) | (25.2) |
Actuarial Loss | 9.4 | 10.5 |
Prior Service Cost/(Credit) | 0.1 | 0.2 |
Total Net Periodic Benefit Expense | 0.9 | 1 |
Intercompany Allocations | 3 | 1.5 |
NSTAR Electric | PBOP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 0.4 | 0.5 |
Interest Cost | 2.3 | 2.2 |
Expected Return on Pension Plan Assets | (7.5) | (8.1) |
Actuarial Loss | 0.9 | 0.7 |
Prior Service Cost/(Credit) | (4.2) | (4.3) |
Total Net Periodic Benefit Expense | (8.1) | (9) |
Intercompany Allocations | (0.2) | (0.3) |
PSNH | Pension and SERP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 2.6 | 2.9 |
Interest Cost | 6.2 | 5.3 |
Expected Return on Pension Plan Assets | (10.3) | (10.9) |
Actuarial Loss | 3.5 | 3.3 |
Prior Service Cost/(Credit) | 0 | 0.1 |
Total Net Periodic Benefit Expense | 2 | 0.7 |
Intercompany Allocations | 2.4 | 0.5 |
PSNH | PBOP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 0.2 | 0.3 |
Interest Cost | 0.9 | 0.8 |
Expected Return on Pension Plan Assets | (1.3) | (1.5) |
Actuarial Loss | 0.2 | 0.2 |
Prior Service Cost/(Credit) | 0.1 | 0.1 |
Total Net Periodic Benefit Expense | 0.1 | (0.1) |
Intercompany Allocations | $ (0.1) | $ (0.1) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Environmental Sites and Related Reserves (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)site | Dec. 31, 2018USD ($)site | |
Site Contingency [Line Items] | ||
Number of Sites | site | 59 | 60 |
Reserve | $ | $ 64.8 | $ 64.7 |
CL&P | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 15 | 15 |
Reserve | $ | $ 5.6 | $ 5.4 |
NSTAR Electric | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 15 | 16 |
Reserve | $ | $ 10.5 | $ 10.9 |
PSNH | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 9 | 9 |
Reserve | $ | $ 5.3 | $ 5.4 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Site Contingency [Line Items] | ||
Reserve balance | $ 64.8 | $ 64.7 |
MGP Sites | ||
Site Contingency [Line Items] | ||
Reserve balance | $ 50.6 | $ 50.1 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Long-Term Contractual Arrangements (Details) - Milestone Nuclear Power Station MWh in Millions | Mar. 15, 2019megawatt | Dec. 28, 2018MWh |
Long-term Purchase Commitment [Line Items] | ||
Annual purchase requirement (in MWh) | MWh | 9 | |
Percent of the facility's output required to be purchased | 50.00% | |
Nameplate capacity (in megawatts) | megawatt | 2,112 | |
CL&P | ||
Long-term Purchase Commitment [Line Items] | ||
Contract term | 10 years | 10 years |
Percent of the facility's output required to be purchased | 40.00% | |
UI | ||
Long-term Purchase Commitment [Line Items] | ||
Contract term | 10 years | 10 years |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications (Details) | Mar. 31, 2019USD ($) |
Eversource Gas Transmission LLC | |
Guarantor Obligations [Line Items] | |
Capital contribution guaranty | $ 184,800,000 |
Guarantee of Financial Obligations of NPT | |
Guarantor Obligations [Line Items] | |
Maximum exposure (up to) | 25,000,000 |
Guarantee of NPT Letters of Credit | |
Guarantor Obligations [Line Items] | |
Maximum exposure (up to) | $ 14,000,000 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Summary of Exposure to Guaruantees and Indemnifications (Details) $ in Millions | Mar. 31, 2019USD ($) |
Eversource Investment LLC - Declining Balance Guarantee for Revolution Wind and South Fork Wind | |
Loss Contingencies [Line Items] | |
Maximum exposure | $ 113.9 |
Various - Surety Bonds | |
Loss Contingencies [Line Items] | |
Maximum exposure | 32 |
Rocky River Realty Company and Eversource Service - Lease Payments for Real Estate | |
Loss Contingencies [Line Items] | |
Maximum exposure | 7.3 |
Bay State Wind LLC - Real Estate Purchase | |
Loss Contingencies [Line Items] | |
Maximum exposure | $ 2.5 |
COMMITMENTS AND CONTINGENCIES_6
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations - Yankee Companies (Details) - USD ($) $ in Millions | Feb. 21, 2019 | May 22, 2017 |
Loss Contingencies [Line Items] | ||
Remaining damages sought | $ 1.2 | |
CYAPC, YAEC, and MYAPC | ||
Loss Contingencies [Line Items] | ||
Damages sought | $ 104.4 | |
Damages awarded | 103.2 | |
CYAPC | ||
Loss Contingencies [Line Items] | ||
Damages awarded | 40.7 | |
YAEC | ||
Loss Contingencies [Line Items] | ||
Damages awarded | 28.1 | |
MYAPC | ||
Loss Contingencies [Line Items] | ||
Damages awarded | $ 34.4 |
COMMITMENTS AND CONTINGENCIES_7
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) - USD ($) $ in Millions | Apr. 29, 2016 | Oct. 16, 2014 | Mar. 31, 2019 | Mar. 26, 2014 | Oct. 15, 2014 |
Loss Contingencies [Line Items] | |||||
Percentage of base ROE reasonably justified | 10.41% | ||||
Percentage of incentive cap on total ROE | 13.08% | ||||
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Percentage of base ROE reasonably justified | 9.60% | ||||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Percentage of base ROE reasonably justified | 10.99% | ||||
FERC ROE First, Second and Third Complaints | |||||
Loss Contingencies [Line Items] | |||||
Base ROE subsequently authorized | 11.14% | ||||
FERC ROE First, Second and Third Complaints | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Percentage of maximum ROE for any incentive project | 11.14% | ||||
FERC ROE First, Second and Third Complaints | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Percentage of maximum ROE for any incentive project | 13.10% | ||||
FERC ROE Complaints | |||||
Loss Contingencies [Line Items] | |||||
Period of complaint | 15 months | ||||
Basis point change | 0.10% | ||||
Estimate of possible loss for each 10 basis point change to base ROE | $ 3 | ||||
FERC ROE Fourth Complaint | |||||
Loss Contingencies [Line Items] | |||||
Base ROE percentage of complaint period | 10.57% | ||||
Maximum percentage cap of ROE for incentive projects | 11.74% | ||||
FERC ROE First Complaint | |||||
Loss Contingencies [Line Items] | |||||
Base ROE subsequently authorized | 10.57% | ||||
Percentage of maximum ROE for any incentive project | 11.74% | ||||
Amounts associated with first complaint refunded | 38.9 | ||||
FERC ROE First Complaint | CL&P | |||||
Loss Contingencies [Line Items] | |||||
Amounts associated with first complaint refunded | 22.4 | ||||
FERC ROE First Complaint | NSTAR Electric | |||||
Loss Contingencies [Line Items] | |||||
Amounts associated with first complaint refunded | 13.7 | ||||
FERC ROE First Complaint | PSNH | |||||
Loss Contingencies [Line Items] | |||||
Amounts associated with first complaint refunded | 2.8 | ||||
FERC ROE Second Complaint | |||||
Loss Contingencies [Line Items] | |||||
Base ROE percentage of complaint period | 10.57% | ||||
Percentage of maximum ROE for any incentive project | 11.74% | ||||
Loss contingency, estimate of possible earnings impact | 39.1 | ||||
FERC ROE Second Complaint | CL&P | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible earnings impact | 21.4 | ||||
FERC ROE Second Complaint | NSTAR Electric | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible earnings impact | 14.6 | ||||
FERC ROE Second Complaint | PSNH | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible earnings impact | $ 3.1 |
COMMITMENTS AND CONTINGENCIES_8
COMMITMENTS AND CONTINGENCIES - Eversource and NSTAR Electric Boston Harbor Civil Action (Details) $ in Millions | Jul. 15, 2016kV | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | |||
Amount of capacity required for installation of distribution cable (in kV) | kV | 115 | ||
NSTAR Electric | |||
Loss Contingencies [Line Items] | |||
Base rate credit for new cable | $ | $ 17.5 | $ 17.5 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal period | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal period | 20 years |
CL&P | Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal period | 1 year |
CL&P | Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal period | 20 years |
NSTAR Electric | Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal period | 1 year |
NSTAR Electric | Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal period | 20 years |
PSNH | Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal period | 1 year |
PSNH | Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal period | 20 years |
LEASES - Components of Lease Co
LEASES - Components of Lease Cost (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Financing Lease Cost: | |
Amortization of Right-of-use-Assets | $ 0.4 |
Interest on Lease Liabilities | 0.3 |
Total Finance Lease Cost | 0.7 |
Operating Lease Cost | 3 |
Variable Lease Cost | 15.5 |
Total Lease Cost | 19.2 |
CL&P | |
Financing Lease Cost: | |
Amortization of Right-of-use-Assets | 0.2 |
Interest on Lease Liabilities | 0.1 |
Total Finance Lease Cost | 0.3 |
Operating Lease Cost | 0.1 |
Variable Lease Cost | 3.5 |
Total Lease Cost | 3.9 |
NSTAR Electric | |
Financing Lease Cost: | |
Amortization of Right-of-use-Assets | 0 |
Interest on Lease Liabilities | 0.3 |
Total Finance Lease Cost | 0.3 |
Operating Lease Cost | 0.5 |
Variable Lease Cost | 0 |
Total Lease Cost | 0.8 |
PSNH | |
Financing Lease Cost: | |
Amortization of Right-of-use-Assets | 0 |
Interest on Lease Liabilities | 0 |
Total Finance Lease Cost | 0 |
Operating Lease Cost | 0 |
Variable Lease Cost | 12 |
Total Lease Cost | $ 12 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information Related to Leases (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating Leases: | |
Operating Lease Right-of-use-Assets, Net | $ 56.7 |
Operating Lease Liabilities - Current Portion | 9.2 |
Operating Lease Liabilities - Long-Term | 47.5 |
Total Operating Lease Liabilities | 56.7 |
Finance Leases: | |
Finance Lease Right-of-use-Assets, Net | 8.8 |
Finance Lease Liabilities - Current Portion | 1.9 |
Finance Lease Liabilities - Long-Term | 9.1 |
Total Finance Lease Liabilities | 11 |
CL&P | |
Operating Leases: | |
Operating Lease Right-of-use-Assets, Net | 0.5 |
Operating Lease Liabilities - Current Portion | 0.3 |
Operating Lease Liabilities - Long-Term | 0.2 |
Total Operating Lease Liabilities | 0.5 |
Finance Leases: | |
Finance Lease Right-of-use-Assets, Net | 2.9 |
Finance Lease Liabilities - Current Portion | 1.5 |
Finance Lease Liabilities - Long-Term | 2.7 |
Total Finance Lease Liabilities | 4.2 |
NSTAR Electric | |
Operating Leases: | |
Operating Lease Right-of-use-Assets, Net | 25.1 |
Operating Lease Liabilities - Current Portion | 0.8 |
Operating Lease Liabilities - Long-Term | 24.3 |
Total Operating Lease Liabilities | 25.1 |
Finance Leases: | |
Finance Lease Right-of-use-Assets, Net | 3.5 |
Finance Lease Liabilities - Current Portion | 0 |
Finance Lease Liabilities - Long-Term | 4.5 |
Total Finance Lease Liabilities | 4.5 |
PSNH | |
Operating Leases: | |
Operating Lease Right-of-use-Assets, Net | 0.5 |
Operating Lease Liabilities - Current Portion | 0.1 |
Operating Lease Liabilities - Long-Term | 0.4 |
Total Operating Lease Liabilities | 0.5 |
Finance Leases: | |
Finance Lease Right-of-use-Assets, Net | 0.9 |
Finance Lease Liabilities - Current Portion | 0.1 |
Finance Lease Liabilities - Long-Term | 0.8 |
Total Finance Lease Liabilities | $ 0.9 |
LEASES - Other Information Rela
LEASES - Other Information Related to Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Weighted-Average Remaining Lease Term: | |
Operating Leases | 12 years |
Financing Leases | 11 years |
Weighted-Average Discount Rate: | |
Operating Leases | 3.80% |
Financing Leases | 4.50% |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |
Operating Cash Flows from Operating Leases | $ 2.9 |
Operating Cash Flows from Finance Leases | 0.3 |
Financing Cash Flows from Finance Leases | 0.4 |
Supplemental Non-Cash Information on Lease Liabilities: | |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 1.3 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 1.3 |
CL&P | |
Weighted-Average Remaining Lease Term: | |
Operating Leases | 3 years |
Financing Leases | 3 years |
Weighted-Average Discount Rate: | |
Operating Leases | 3.20% |
Financing Leases | 10.50% |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |
Operating Cash Flows from Operating Leases | $ 0.1 |
Operating Cash Flows from Finance Leases | 0.2 |
Financing Cash Flows from Finance Leases | 0.3 |
Supplemental Non-Cash Information on Lease Liabilities: | |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 0 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 |
NSTAR Electric | |
Weighted-Average Remaining Lease Term: | |
Operating Leases | 21 years |
Financing Leases | 23 years |
Weighted-Average Discount Rate: | |
Operating Leases | 4.10% |
Financing Leases | 2.90% |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |
Operating Cash Flows from Operating Leases | $ 0.3 |
Operating Cash Flows from Finance Leases | 0.1 |
Financing Cash Flows from Finance Leases | 0 |
Supplemental Non-Cash Information on Lease Liabilities: | |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 0 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 |
PSNH | |
Weighted-Average Remaining Lease Term: | |
Operating Leases | 8 years |
Financing Leases | 10 years |
Weighted-Average Discount Rate: | |
Operating Leases | 3.60% |
Financing Leases | 3.50% |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |
Operating Cash Flows from Operating Leases | $ 0 |
Operating Cash Flows from Finance Leases | 0 |
Financing Cash Flows from Finance Leases | 0 |
Supplemental Non-Cash Information on Lease Liabilities: | |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 0 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 |
LEASES - Future Minimum Lease P
LEASES - Future Minimum Lease Payments under Long-Term Leases (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating Leases | |
April 1, 2019 through December 31, 2019 | $ 8.3 |
Year Ending December 31, | |
2020 | 9.6 |
2021 | 8.7 |
2022 | 7.3 |
2023 | 4.8 |
2024 | 2.8 |
Thereafter | 29.7 |
Future lease payments | 71.2 |
Less amount representing interest | 14.5 |
Present value of future minimum lease payments | 56.7 |
Finance Leases | |
April 1, 2019 through December 31, 2019 | 2.5 |
Year Ending December 31, | |
2020 | 3.4 |
2021 | 2.9 |
2022 | 1.5 |
2023 | 0.7 |
2024 | 0.7 |
Thereafter | 13.2 |
Future lease payments | 24.9 |
Less amount representing interest | 13.9 |
Present value of future minimum lease payments | 11 |
CL&P | |
Operating Leases | |
April 1, 2019 through December 31, 2019 | 0.2 |
Year Ending December 31, | |
2020 | 0.2 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0.1 |
Future lease payments | 0.5 |
Less amount representing interest | 0 |
Present value of future minimum lease payments | 0.5 |
Finance Leases | |
April 1, 2019 through December 31, 2019 | 1.5 |
Year Ending December 31, | |
2020 | 2 |
2021 | 1.5 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Future lease payments | 5 |
Less amount representing interest | 0.8 |
Present value of future minimum lease payments | 4.2 |
NSTAR Electric | |
Operating Leases | |
April 1, 2019 through December 31, 2019 | 1.4 |
Year Ending December 31, | |
2020 | 1.6 |
2021 | 1.6 |
2022 | 1.6 |
2023 | 1.6 |
2024 | 1.7 |
Thereafter | 29.4 |
Future lease payments | 38.9 |
Less amount representing interest | 13.8 |
Present value of future minimum lease payments | 25.1 |
Finance Leases | |
April 1, 2019 through December 31, 2019 | 0.4 |
Year Ending December 31, | |
2020 | 0.5 |
2021 | 0.5 |
2022 | 0.6 |
2023 | 0.6 |
2024 | 0.6 |
Thereafter | 12.8 |
Future lease payments | 16 |
Less amount representing interest | 11.5 |
Present value of future minimum lease payments | 4.5 |
PSNH | |
Operating Leases | |
April 1, 2019 through December 31, 2019 | 0.1 |
Year Ending December 31, | |
2020 | 0.1 |
2021 | 0.1 |
2022 | 0.1 |
2023 | 0.1 |
2024 | 0.1 |
Thereafter | 0.1 |
Future lease payments | 0.7 |
Less amount representing interest | 0.2 |
Present value of future minimum lease payments | 0.5 |
Finance Leases | |
April 1, 2019 through December 31, 2019 | 0.1 |
Year Ending December 31, | |
2020 | 0.1 |
2021 | 0.1 |
2022 | 0.1 |
2023 | 0.1 |
2024 | 0.1 |
Thereafter | 0.4 |
Future lease payments | 1 |
Less amount representing interest | 0.1 |
Present value of future minimum lease payments | $ 0.9 |
LEASES - Future Minimum Rental
LEASES - Future Minimum Rental Payments under Operating Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2019 | $ 11.5 |
2020 | 9.8 |
2021 | 8.7 |
2022 | 7.2 |
2023 | 4.7 |
Thereafter | 32.7 |
Future minimum lease payments | 74.6 |
CL&P | |
Operating Leased Assets [Line Items] | |
2019 | 1.5 |
2020 | 1.4 |
2021 | 1.2 |
2022 | 1.1 |
2023 | 0.5 |
Thereafter | 0.2 |
Future minimum lease payments | 5.9 |
NSTAR Electric | |
Operating Leased Assets [Line Items] | |
2019 | 7.2 |
2020 | 6 |
2021 | 5.3 |
2022 | 4.4 |
2023 | 3.1 |
Thereafter | 29.5 |
Future minimum lease payments | 55.5 |
PSNH | |
Operating Leased Assets [Line Items] | |
2019 | 0.5 |
2020 | 0.4 |
2021 | 0.4 |
2022 | 0.4 |
2023 | 0.2 |
Thereafter | 0.3 |
Future minimum lease payments | $ 2.2 |
LEASES - Future Minimum Renta_2
LEASES - Future Minimum Rental Payments under Capital Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Capital Leased Assets [Line Items] | |
2019 | $ 3.4 |
2020 | 3.4 |
2021 | 2.9 |
2022 | 1.5 |
2023 | 0.7 |
Thereafter | 13.9 |
Future minimum lease payments | 25.8 |
Less amount representing interest | 13.8 |
Present value of future minimum lease payments | 12 |
CL&P | |
Capital Leased Assets [Line Items] | |
2019 | 2 |
2020 | 2 |
2021 | 1.5 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Future minimum lease payments | 5.5 |
Less amount representing interest | 1 |
Present value of future minimum lease payments | 4.5 |
NSTAR Electric | |
Capital Leased Assets [Line Items] | |
2019 | 0.5 |
2020 | 0.5 |
2021 | 0.5 |
2022 | 0.6 |
2023 | 0.6 |
Thereafter | 13.4 |
Future minimum lease payments | 16.1 |
Less amount representing interest | 12.4 |
Present value of future minimum lease payments | 3.7 |
PSNH | |
Capital Leased Assets [Line Items] | |
2019 | 0.1 |
2020 | 0.1 |
2021 | 0.1 |
2022 | 0.1 |
2023 | 0.1 |
Thereafter | 0.5 |
Future minimum lease payments | 1 |
Less amount representing interest | 0.1 |
Present value of future minimum lease payments | $ 0.9 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
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 | 561,727 | 583,331 |
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 | 13,089,800 | 13,086,100 |
Rate Reduction Bonds | 604,900 | 635,700 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 157,100 | 156,800 |
Long-Term Debt | 13,519,600 | 13,154,900 |
Rate Reduction Bonds | 623,300 | 645,800 |
CL&P | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
CL&P | 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 | 3,265,800 | 3,254,000 |
Rate Reduction Bonds | 0 | 0 |
CL&P | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 114,200 | 113,800 |
Long-Term Debt | 3,538,000 | 3,429,200 |
Rate Reduction Bonds | 0 | 0 |
NSTAR Electric | ||
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 | 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 | 2,945,200 | 2,944,800 |
Rate Reduction Bonds | 0 | 0 |
NSTAR Electric | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 42,900 | 43,000 |
Long-Term Debt | 3,107,300 | 3,024,100 |
Rate Reduction Bonds | 0 | 0 |
PSNH | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rate Reduction Bonds | 561,727 | 583,331 |
PSNH | 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 | 805,300 | 805,200 |
Rate Reduction Bonds | 604,900 | 635,700 |
PSNH | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 831,100 | 819,500 |
Rate Reduction Bonds | $ 623,300 | $ 645,800 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
AOCI Attributable to Parent [Roll Forward] | ||
OCI Before Reclassifications | $ 700 | $ (400) |
Amounts Reclassified from AOCI | 1,500 | 3,700 |
Other Comprehensive Income, Net of Tax | 2,196 | 3,273 |
Total | ||
AOCI Attributable to Parent [Roll Forward] | ||
Balance | (60,000) | (66,400) |
Other Comprehensive Income, Net of Tax | 2,196 | 3,273 |
Balance | (57,800) | (63,100) |
Qualified Cash Flow Hedging Instruments | ||
AOCI Attributable to Parent [Roll Forward] | ||
Balance | (4,400) | |
OCI Before Reclassifications | 0 | |
Amounts Reclassified from AOCI | 300 | |
Other Comprehensive Income, Net of Tax | 300 | |
Balance | (4,100) | |
Qualified Cash Flow Hedging Instruments | ||
AOCI Attributable to Parent [Roll Forward] | ||
Balance | (6,200) | |
OCI Before Reclassifications | 0 | |
Amounts Reclassified from AOCI | 700 | |
Other Comprehensive Income, Net of Tax | 700 | |
Balance | (5,500) | |
Unrealized Gains/(Losses) on Marketable Securities | ||
AOCI Attributable to Parent [Roll Forward] | ||
Balance | (500) | 0 |
OCI Before Reclassifications | 700 | (400) |
Amounts Reclassified from AOCI | 0 | 0 |
Other Comprehensive Income, Net of Tax | 700 | (400) |
Balance | 200 | (400) |
Defined Benefit Plans | ||
AOCI Attributable to Parent [Roll Forward] | ||
Balance | (55,100) | (60,200) |
OCI Before Reclassifications | 0 | 0 |
Amounts Reclassified from AOCI | 1,200 | 3,000 |
Other Comprehensive Income, Net of Tax | 1,200 | 3,000 |
Balance | $ (53,900) | $ (57,200) |
COMMON SHARES - Common Shares A
COMMON SHARES - Common Shares Authorized and Issued (Details) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Per value (in dollars per share) | $ 5 | |
Authorized (in shares) | 380,000,000 | 380,000,000 |
Issued (in shares) | 333,878,402 | 333,878,402 |
CL&P | ||
Class of Stock [Line Items] | ||
Per value (in dollars per share) | $ 10 | |
Authorized (in shares) | 24,500,000 | 24,500,000 |
Issued (in shares) | 6,035,205 | 6,035,205 |
NSTAR Electric | ||
Class of Stock [Line Items] | ||
Per value (in dollars per share) | $ 1 | |
Authorized (in shares) | 100,000,000 | 100,000,000 |
Issued (in shares) | 200 | 200 |
PSNH | ||
Class of Stock [Line Items] | ||
Per value (in dollars per share) | $ 1 | |
Authorized (in shares) | 100,000,000 | 100,000,000 |
Issued (in shares) | 301 | 301 |
COMMON SHARES - Narrative (Deta
COMMON SHARES - Narrative (Details) - shares | Mar. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Treasury stock (in shares) | 16,530,932 | 16,992,594 |
Common stock outstanding (in shares) | 317,347,470 | 316,885,808 |
COMMON SHAREHOLDERS' EQUITY A_2
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Dividends on preferred stock | $ 1,880 | $ 1,880 | |
Noncontrolling interest attributed to preferred stock of subsidiaries | 155,570 | $ 155,570 | |
CL&P | |||
Class of Stock [Line Items] | |||
Dividends on preferred stock | 1,390 | 1,390 | |
Noncontrolling interest attributed to preferred stock of subsidiaries | 116,200 | 116,200 | |
NSTAR Electric | |||
Class of Stock [Line Items] | |||
Dividends on preferred stock | 490 | $ 490 | |
Noncontrolling interest attributed to preferred stock of subsidiaries | $ 43,000 | $ 43,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net Income Attributable to Common Shareholders | $ 308,678 | $ 269,546 |
Weighted Average Common Shares Outstanding: | ||
Basic (in shares) | 317,624,593 | 317,397,052 |
Dilutive Effect (in shares) | 691,489 | 595,947 |
Diluted (in shares) | 318,316,082 | 317,992,999 |
Basic and Diluted EPS (in dollars per share) | $ 0.97 | $ 0.85 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | $ 2,397,300 | $ 2,277,100 |
Operating Revenues | 2,415,792 | 2,287,962 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 1,319,200 | 1,269,700 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 809,600 | 759,900 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 111,400 | 109,500 |
Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 2,240,200 | 2,139,100 |
Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 67,600 | 65,000 |
Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 74,200 | 77,100 |
Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 17,600 | 21,900 |
Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (2,300) | (26,000) |
Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 14,700 | 6,600 |
Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 3,800 | 4,300 |
Lease revenue | 1,000 | |
Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | ||
Operating Revenues | ||
Operating Segments | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | ||
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 258,100 | 230,900 |
Operating Revenues | 258,100 | 230,900 |
Other | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Other | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Other | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Other | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Other | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 13,500 | 10,100 |
Other | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Other | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 244,600 | 220,800 |
Other | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Other | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 0 | 0 |
Other | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 0 | 0 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (520,000) | (482,600) |
Operating Revenues | (531,100) | (472,000) |
Eliminations | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Eliminations | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (1,100) | 0 |
Eliminations | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (2,700) | (2,500) |
Eliminations | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (3,800) | (2,500) |
Eliminations | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (270,800) | (258,700) |
Eliminations | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Eliminations | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (245,400) | (221,400) |
Eliminations | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Eliminations | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | (11,100) | 10,600 |
Eliminations | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 0 | 0 |
Electric Distribution | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 1,829,000 | 1,742,500 |
Operating Revenues | 1,833,900 | 1,754,600 |
Electric Distribution | Operating Segments | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 1,033,300 | 994,400 |
Electric Distribution | Operating Segments | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 652,600 | 611,400 |
Electric Distribution | Operating Segments | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 82,100 | 81,500 |
Electric Distribution | Operating Segments | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 1,768,000 | 1,687,300 |
Electric Distribution | Operating Segments | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Electric Distribution | Operating Segments | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 51,500 | 58,500 |
Electric Distribution | Operating Segments | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 12,600 | 16,000 |
Electric Distribution | Operating Segments | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (3,100) | (19,300) |
Electric Distribution | Operating Segments | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 2,100 | 8,700 |
Electric Distribution | Operating Segments | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 2,800 | 3,400 |
Natural Gas Distribution | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 457,800 | 425,800 |
Operating Revenues | 468,900 | 424,900 |
Natural Gas Distribution | Operating Segments | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 258,900 | 248,900 |
Natural Gas Distribution | Operating Segments | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 143,800 | 134,700 |
Natural Gas Distribution | Operating Segments | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 30,900 | 29,500 |
Natural Gas Distribution | Operating Segments | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 433,600 | 413,100 |
Natural Gas Distribution | Operating Segments | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Natural Gas Distribution | Operating Segments | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 21,700 | 17,800 |
Natural Gas Distribution | Operating Segments | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 900 | (600) |
Natural Gas Distribution | Operating Segments | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 1,600 | (4,500) |
Natural Gas Distribution | Operating Segments | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 10,400 | (1,700) |
Natural Gas Distribution | Operating Segments | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 700 | 800 |
Electric Transmission | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 328,100 | 316,700 |
Operating Revenues | 340,500 | 305,000 |
Electric Transmission | Operating Segments | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Electric Transmission | Operating Segments | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Electric Transmission | Operating Segments | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Electric Transmission | Operating Segments | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Electric Transmission | Operating Segments | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 324,900 | 313,600 |
Electric Transmission | Operating Segments | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Electric Transmission | Operating Segments | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 3,200 | 3,100 |
Electric Transmission | Operating Segments | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Electric Transmission | Operating Segments | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 12,400 | (11,700) |
Electric Transmission | Operating Segments | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 0 | 0 |
Water Distribution | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 44,300 | 43,800 |
Operating Revenues | 45,500 | 44,600 |
Water Distribution | Operating Segments | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 27,000 | 26,400 |
Water Distribution | Operating Segments | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 14,300 | 13,800 |
Water Distribution | Operating Segments | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 1,100 | 1,000 |
Water Distribution | Operating Segments | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 42,400 | 41,200 |
Water Distribution | Operating Segments | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | 0 |
Water Distribution | Operating Segments | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 1,000 | 800 |
Water Distribution | Operating Segments | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 1,700 | 4,000 |
Water Distribution | Operating Segments | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (800) | (2,200) |
Water Distribution | Operating Segments | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 900 | 700 |
Water Distribution | Operating Segments | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 300 | 100 |
CL&P | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 849,246 | 784,983 |
CL&P | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease revenue | 200 | |
CL&P | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 959,200 | 897,800 |
CL&P | Operating Segments | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 510,500 | 483,400 |
CL&P | Operating Segments | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 236,700 | 222,500 |
CL&P | Operating Segments | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 34,600 | 35,800 |
CL&P | Operating Segments | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 781,800 | 741,700 |
CL&P | Operating Segments | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 154,800 | 150,800 |
CL&P | Operating Segments | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 13,700 | 10,300 |
CL&P | Operating Segments | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 8,900 | 7,500 |
CL&P | Operating Segments | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | (12,500) |
CL&P | Segment Reconciling Items | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 5,700 | (5,100) |
CL&P | Segment Reconciling Items | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 1,000 | 1,300 |
CL&P | Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | (116,700) | (109,000) |
NSTAR Electric | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 797,612 | 770,127 |
NSTAR Electric | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease revenue | 600 | |
NSTAR Electric | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 887,300 | 854,800 |
NSTAR Electric | Operating Segments | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 371,000 | 364,200 |
NSTAR Electric | Operating Segments | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 336,500 | 314,400 |
NSTAR Electric | Operating Segments | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 28,800 | 28,100 |
NSTAR Electric | Operating Segments | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 736,300 | 706,700 |
NSTAR Electric | Operating Segments | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 122,600 | 118,600 |
NSTAR Electric | Operating Segments | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 24,400 | 24,900 |
NSTAR Electric | Operating Segments | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 4,000 | 8,300 |
NSTAR Electric | Operating Segments | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 0 | (3,700) |
NSTAR Electric | Segment Reconciling Items | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 7,300 | 6,700 |
NSTAR Electric | Segment Reconciling Items | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 1,500 | 1,700 |
NSTAR Electric | Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | (98,500) | (93,100) |
PSNH | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 276,435 | 267,350 |
PSNH | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 311,700 | 308,000 |
PSNH | Operating Segments | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 151,800 | 146,800 |
PSNH | Operating Segments | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 79,800 | 74,900 |
PSNH | Operating Segments | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 18,700 | 17,600 |
PSNH | Operating Segments | Total Retail Tariff Sale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 250,300 | 239,300 |
PSNH | Operating Segments | Transmission Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 47,500 | 44,200 |
PSNH | Operating Segments | Wholesale Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 13,400 | 24,100 |
PSNH | Operating Segments | Other Revenues from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 3,600 | 3,500 |
PSNH | Operating Segments | Reserve for Revenues Subject to Refund | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from Contracts with Customers | (3,100) | (3,100) |
PSNH | Segment Reconciling Items | Alternative Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 1,500 | (4,600) |
PSNH | Segment Reconciling Items | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | 300 | 400 |
PSNH | Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating Revenues | $ (37,100) | $ (36,400) |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)segmentcompany | |
Segment Reporting Information [Line Items] | |
Number of companies that transmit hydro electricity imported from The Hydro-Quebec System in Canada | company | 2 |
CL&P | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
NSTAR Electric | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
PSNH | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Affiliated Entity | |
Segment Reporting Information [Line Items] | |
Affiliate transaction costs classified as Purchased Power, Fuel and Transmission Costs | $ | $ 62.5 |
SEGMENT INFORMATION - Summary o
SEGMENT INFORMATION - Summary of Segment Information and Segmented Total Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Operating Revenues | $ 2,415,792 | $ 2,287,962 | |
Depreciation and Amortization | (285,900) | (249,500) | |
Other Operating Expenses | (1,635,200) | (1,596,000) | |
Operating Income | 494,700 | 442,532 | |
Interest Expense | (131,734) | (121,129) | |
Other Income/(Loss), Net | 30,985 | 33,789 | |
Net Income Attributable to Common Shareholders | 308,678 | 269,546 | |
Cash Flows Used for Investments in Plant | 674,694 | 607,334 | |
Assets | 38,941,007 | $ 38,241,256 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | |||
Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 258,100 | 230,900 | |
Depreciation and Amortization | (13,600) | (12,000) | |
Other Operating Expenses | (225,500) | (204,700) | |
Operating Income | 19,000 | 14,200 | |
Interest Expense | (44,200) | (31,900) | |
Other Income/(Loss), Net | 431,700 | 360,100 | |
Net Income Attributable to Common Shareholders | 407,500 | 346,000 | |
Cash Flows Used for Investments in Plant | 55,900 | 42,700 | |
Assets | 18,939,800 | 17,874,200 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | (531,100) | (472,000) | |
Depreciation and Amortization | 600 | 600 | |
Other Operating Expenses | 531,000 | 471,900 | |
Operating Income | 500 | 500 | |
Interest Expense | 12,600 | 7,400 | |
Other Income/(Loss), Net | (427,600) | (355,300) | |
Net Income Attributable to Common Shareholders | (414,500) | (347,400) | |
Cash Flows Used for Investments in Plant | 0 | 0 | |
Assets | (18,326,600) | (17,464,900) | |
Electric Distribution | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 1,833,900 | 1,754,600 | |
Depreciation and Amortization | (179,200) | (144,400) | |
Other Operating Expenses | (1,475,600) | (1,443,500) | |
Operating Income | 179,100 | 166,700 | |
Interest Expense | (49,200) | (47,400) | |
Other Income/(Loss), Net | 18,200 | 19,600 | |
Net Income Attributable to Common Shareholders | 120,100 | 104,200 | |
Cash Flows Used for Investments in Plant | 279,300 | 236,000 | |
Assets | 21,507,000 | 21,389,100 | |
Natural Gas Distribution | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 468,900 | 424,900 | |
Depreciation and Amortization | (20,400) | (26,400) | |
Other Operating Expenses | (341,300) | (312,600) | |
Operating Income | 107,200 | 85,900 | |
Interest Expense | (11,700) | (11,100) | |
Other Income/(Loss), Net | 200 | 2,000 | |
Net Income Attributable to Common Shareholders | 76,500 | 57,800 | |
Cash Flows Used for Investments in Plant | 87,400 | 70,400 | |
Assets | 4,019,100 | 3,904,900 | |
Electric Transmission | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 340,500 | 305,000 | |
Depreciation and Amortization | (61,500) | (56,600) | |
Other Operating Expenses | (98,800) | (83,200) | |
Operating Income | 180,200 | 165,200 | |
Interest Expense | (30,600) | (29,700) | |
Other Income/(Loss), Net | 8,100 | 8,000 | |
Net Income Attributable to Common Shareholders | 118,200 | 107,400 | |
Cash Flows Used for Investments in Plant | 231,400 | 239,200 | |
Assets | 10,533,400 | 10,285,000 | |
Water Distribution | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 45,500 | 44,600 | |
Depreciation and Amortization | (11,800) | (10,700) | |
Other Operating Expenses | (25,000) | (23,900) | |
Operating Income | 8,700 | 10,000 | |
Interest Expense | (8,600) | (8,400) | |
Other Income/(Loss), Net | 400 | (600) | |
Net Income Attributable to Common Shareholders | 900 | 1,500 | |
Cash Flows Used for Investments in Plant | 20,700 | $ 19,000 | |
Assets | $ 2,268,300 | $ 2,253,000 |