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PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
 9 Months Ended
Sep. 30, 2013
Notes To Consolidated Financial Statements [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]

7.       Pension Benefits and Postretirement Benefits Other than Pensions

 

The components of net periodic benefit expense for the Pension Plans (including the SERP Plans) and PBOP Plans, the portion of pension and PBOP amounts capitalized related to employees working on capital projects, and intercompany allocations not included in the net periodic benefit expense are as follows:

  Pension and SERP Pension and SERP
  For the Three Months Ended For the Nine Months Ended
  September 30, 2013 September 30, 2012 September 30, 2013 September 30, 2012
(Millions of Dollars)NU NU NU NU
Service Cost$ 25.6 $ 23.0 $ 76.7 $ 61.1
Interest Cost  51.7   53.3   155.0   144.7
Expected Return on Plan Assets  (69.5)   (59.5)   (208.5)   (161.3)
Actuarial Loss  52.4   47.4   158.1   125.0
Prior Service Cost  1.1   2.0   3.0   6.1
Total Net Periodic Benefit Expense$ 61.3 $ 66.2 $ 184.3 $ 175.6
Capitalized Pension Expense$ 18.3 $ 19.2 $ 54.9 $ 49.5
             
  PBOP PBOP
  For the Three Months Ended For the Nine Months Ended
  September 30, 2013 September 30, 2012 September 30, 2013 September 30, 2012
(Millions of Dollars)NU NU NU NU
Service Cost$ 4.2 $ 4.4 $ 12.6 $ 11.3
Interest Cost  11.8   14.3   35.4   34.4
Expected Return on Plan Assets  (13.9)   (11.1)   (41.6)   (28.1)
Actuarial Loss  6.5   10.3   19.5   25.5
Prior Service Credit  (0.5)   (0.5)   (1.5)   (0.9)
Net Transition Obligation Cost  -   3.1   -   9.0
Total Net Periodic Benefit Expense$ 8.1 $ 20.5 $ 24.4 $ 51.2
Capitalized PBOP Expense$ 2.6 $ 5.1 $ 7.6 $ 14.9

  Pension and SERP
  For the Three Months Ended September 30, 2013 For the Three Months Ended September 30, 2012
     NSTAR          NSTAR      
(Millions of Dollars)CL&P Electric(1) PSNH WMECO CL&P Electric(1) PSNH WMECO
Service Cost$ 6.3 $ 8.3 $ 3.3 $ 1.2 $ 5.4 $ 7.6 $ 2.9 $ 1.0
Interest Cost  12.1   14.5   5.8   2.5   12.9   14.7   6.1   2.6
Expected Return on Plan Assets  (18.4)   (21.1)   (9.2)   (4.3)   (17.7)   (16.4)   (7.2)   (4.1)
Actuarial Loss  13.9   14.4   5.4   2.9   12.6   15.7   4.2   2.7
Prior Service Cost/(Credit)  0.4   -   0.1   0.1   0.9   (0.1)   0.4   0.2
Total Net Periodic Benefit Expense$ 14.3 $ 16.1 $ 5.4 $ 2.4 $ 14.1 $ 21.5 $ 6.4 $ 2.4
Intercompany Allocations$ 11.4 $ (2.1) $ 2.6 $ 2.0 $ 10.7 $ (3.0) $ 2.4 $ 2.1
Capitalized Pension Expense$ 7.0 $ 9.8 $ 1.7 $ 1.3 $ 6.8 $ 8.4 $ 1.9 $ 1.3
                         
  Pension and SERP
  For the Nine Months Ended September 30, 2013 For the Nine Months Ended September 30, 2012
     NSTAR          NSTAR      
(Millions of Dollars)CL&P Electric(1) PSNH WMECO CL&P Electric(1) PSNH WMECO
Service Cost$ 18.7 $ 24.8 $ 9.8 $ 3.5 $ 16.3 $ 22.7 $ 8.8 $ 3.1
Interest Cost  36.3   43.5   17.8   7.5   38.5   44.2   18.3   7.9
Expected Return on Plan Assets  (55.4)   (63.3)   (26.2)   (13.0)   (52.8)   (49.2)   (21.1)   (12.3)
Actuarial Loss  42.0   43.6   16.2   8.9   37.0   47.3   12.1   8.0
Prior Service Cost/(Credit)  1.4   (0.2)   0.4   0.3   2.7   (0.4)   1.1   0.6
Total Net Periodic Benefit Expense$ 43.0 $ 48.4 $ 18.0 $ 7.2 $ 41.7 $ 64.6 $ 19.2 $ 7.3
Intercompany Allocations$ 33.6 $ (6.2) $ 7.8 $ 6.0 $ 32.0 $ (9.2) $ 7.5 $ 6.0
Capitalized Pension Expense$ 21.0 $ 21.6 $ 5.6 $ 3.9 $ 20.2 $ 23.6 $ 5.8 $ 3.7

  PBOP
  For the Three Months Ended September 30, 2013 For the Three Months Ended September 30, 2012
(Millions of Dollars)CL&P  PSNH  WMECO CL&P PSNH WMECO
Service Cost$ 0.9 $ 0.6 $ 0.2 $ 0.8 $ 0.5 $ 0.1
Interest Cost  2.0   1.0   0.4   2.3   1.1   0.5
Expected Return on Plan Assets  (2.5)   (1.3)   (0.6)   (2.3)   (1.1)   (0.5)
Actuarial Loss  1.8   0.9   0.3   1.9   0.9   0.3
Net Transition Obligation Cost  -   -   -   1.5   0.6   0.3
Total Net Periodic Benefit Expense$ 2.2 $ 1.2 $ 0.3 $ 4.2 $ 2.0 $ 0.7
Intercompany Allocations$ 1.7 $ 0.4 $ 0.3 $ 2.0 $ 0.5 $ 0.4
Capitalized PBOP Expense$ 1.3 $ 0.4 $ 0.3 $ 2.1 $ 0.6 $ 0.4
                   
  PBOP
  For the Nine Months Ended September 30, 2013 For the Nine Months Ended September 30, 2012
(Millions of Dollars)CL&P  PSNH  WMECO CL&P PSNH WMECO
Service Cost$ 2.6 $ 1.7 $ 0.5 $ 2.2 $ 1.5 $ 0.4
Interest Cost  5.9   3.1   1.3   6.9   3.4   1.5
Expected Return on Plan Assets  (7.6)   (3.9)   (1.7)   (6.8)   (3.4)   (1.6)
Actuarial Loss  5.6   2.7   0.8   5.7   2.7   0.9
Net Transition Obligation Cost  -   -   -   4.6   1.9   1.1
Total Net Periodic Benefit Expense$ 6.5 $ 3.6 $ 0.9 $ 12.6 $ 6.1 $ 2.3
Intercompany Allocations$ 5.3 $ 1.2 $ 1.0 $ 5.9 $ 1.5 $ 1.1
Capitalized PBOP Expense$ 3.7 $ 1.1 $ 0.7 $ 6.2 $ 1.7 $ 1.1

  • NSTAR Electric's pension amounts do not include SERP expense. NSTAR Electric pension amounts are included in NU consolidated from the date of the merger, April 10, 2012, through September 30, 2012.

 

The net periodic postretirement expense allocated to NSTAR Electric was $1.2 million and $8.5 million for the three months ended September 30, 2013 and 2012, respectively, and $3.5 million and $25.6 million for the nine months ended September 30, 2013 and 2012, respectively.

 

Contributions: For the nine months ended September 30, 2013, NU contributed $202.7 million to the NUSCO Pension Plan, $108.3 million of which was contributed by PSNH, and NSTAR Electric contributed $82 million to the NSTAR Pension Plan. NU contributed $53.6 million to the PBOP Plans for the nine months ended September 30, 2013.