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PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
 3 Months Ended
Sep. 30, 2015
Notes To Consolidated Financial Statements [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]

7.       Pension Benefits and Postretirement Benefits Other than Pensions

 

As of December 31, 2014, Eversource Service sponsored two defined benefit retirement plans that covered eligible employees, including employees of CL&P, NSTAR Electric, PSNH and WMECO. Effective January 1, 2015, the two pension plans were merged into one plan, sponsored by Eversource Service. As of December 31, 2014, Eversource Service also sponsored defined benefit postretirement plans that provide certain retiree benefits, primarily medical, dental and life insurance, to retiring employees that meet certain age and service eligibility requirements, including employees of CL&P, NSTAR Electric, PSNH and WMECO. Effective January 1, 2015, the postretirement plans were merged into one plan, sponsored by Eversource Service.

 

Terminated Vested Lump-Sum Payout Offer: In August, 2015, Eversource made a total lump-sum payout of $149.5 million, which reduced the projected benefit obligation and Pension Plan assets by a corresponding amount. Therefore, the lump-sum payment option had no impact on the net Accrued Pension Liability reflected on the Eversource, CL&P, PSNH and WMECO balance sheets as of September 30, 2015.

 

The components of net periodic benefit expense for the Pension, SERP and PBOP Plans are shown below. The net periodic benefit expense and the intercompany allocations less the capitalized portion of pension, SERP and PBOP amounts is included in Operations and Maintenance on the statements of income. Capitalized pension and PBOP amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net. Intercompany allocations are not included in the CL&P, NSTAR Electric, PSNH and WMECO net periodic benefit expense amounts. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric, PSNH and WMECO does not include the intercompany allocations and the corresponding capitalized portion, as these amounts are cash settled on a short-term basis.

  Pension and SERP Pension and SERP
EversourceFor the Three Months Ended For the Nine Months Ended
(Millions of Dollars)September 30, 2015 (1) September 30, 2014 September 30, 2015 (1) September 30, 2014
Service Cost$ 22.7 $ 19.1 $ 68.7 $ 60.7
Interest Cost  56.9   56.4   170.3   169.5
Expected Return on Plan Assets  (83.9)   (77.7)   (252.1)   (233.1)
Actuarial Loss  36.5   31.7   111.9   96.5
Prior Service Cost  0.9   1.1   2.7   3.3
Total Net Periodic Benefit Expense$ 33.1 $ 30.6 $ 101.5 $ 96.9
Capitalized Pension Expense$ 9.8 $ 8.3 $ 31.3 $ 26.7
             
  PBOP PBOP
EversourceFor the Three Months Ended For the Nine Months Ended
(Millions of Dollars)September 30, 2015 (1) September 30, 2014 September 30, 2015 (1) September 30, 2014
Service Cost$ 4.1 $ 3.1 $ 10.3 $ 9.3
Interest Cost  11.8   12.4   30.4   37.1
Expected Return on Plan Assets  (16.9)   (15.8)   (43.2)   (47.4)
Actuarial Loss  1.7   3.0   4.5   9.1
Prior Service Credit  (0.1)   (0.7)   (0.3)   (2.1)
Total Net Periodic Benefit Expense$ 0.6 $ 2.0 $ 1.7 $ 6.0
Capitalized PBOP Expense/(Income)$ - $ 1.1 $ 0.1 $ 1.9

  Pension and SERP
  For the Three Months Ended September 30, 2015 For the Three Months Ended September 30, 2014
     NSTAR          NSTAR      
(Millions of Dollars)CL&P Electric PSNH (1) WMECO CL&P Electric PSNH WMECO
Service Cost$ 6.2 $ 3.7 $ 3.1 $ 1.0 $ 5.0 $ 3.0 $ 2.3 $ 0.8
Interest Cost  12.9   10.0   6.1   2.6   12.5   10.3   5.7   2.5
Expected Return on Plan Assets  (19.8)   (17.5)   (10.1)   (4.7)   (18.7)   (15.7)   (9.3)   (4.4)
Actuarial Loss  8.0   8.7   2.9   1.6   8.2   5.9   2.8   1.7
Prior Service Cost  0.4   -   0.1   0.1   0.4   -   0.1   0.1
Total Net Periodic Benefit Expense$ 7.7 $ 4.9 $ 2.1 $ 0.6 $ 7.4 $ 3.5 $ 1.6 $ 0.7
Intercompany Allocations$ 5.8 $ 3.4 $ 1.6 $ 1.1 $ 6.5 $ 2.9 $ 1.8 $ 1.2
Capitalized Pension Expense$ 4.7 $ 2.7 $ 0.8 $ 0.5 $ 4.3 $ 2.6 $ 0.7 $ 0.6
                         
  Pension and SERP
  For the Nine Months Ended September 30, 2015 For the Nine Months Ended September 30, 2014
     NSTAR          NSTAR      
(Millions of Dollars)CL&P Electric PSNH (1) WMECO CL&P Electric PSNH WMECO
Service Cost$ 18.4 $ 11.2 $ 9.0 $ 3.2 $ 15.2 $ 10.6 $ 7.4 $ 2.7
Interest Cost  38.4   30.2   18.1   7.8   38.1   31.0   18.0   7.8
Expected Return on Plan Assets  (59.1)   (52.5)   (30.3)   (14.2)   (56.7)   (47.3)   (28.8)   (13.5)
Actuarial Loss  24.2   27.0   8.8   4.8   25.5   17.6   8.9   5.2
Prior Service Cost  1.1   0.1   0.4   0.2   1.4   -   0.5   0.3
Total Net Periodic Benefit Expense$ 23.0 $ 16.0 $ 6.0 $ 1.8 $ 23.5 $ 11.9 $ 6.0 $ 2.5
Intercompany Allocations$ 18.0 $ 10.3 $ 5.0 $ 3.3 $ 20.8 $ 6.7 $ 6.0 $ 3.9
Capitalized Pension Expense$ 14.1 $ 8.6 $ 2.6 $ 1.4 $ 13.6 $ 5.5 $ 2.4 $ 2.0

  PBOP
  For the Three Months Ended September 30, 2015 For the Three Months Ended September 30, 2014
     NSTAR          NSTAR      
(Millions of Dollars)CL&P Electric  PSNH (1)  WMECO CL&P Electric PSNH WMECO
Service Cost$ 0.5 $ 1.3 $ 0.3 $ 0.1 $ 0.6 $ 0.8 $ 0.3 $ 0.1
Interest Cost  1.8   4.8   1.0   0.3   2.0   4.9   1.1   0.4
Expected Return on Plan Assets  (2.8)   (6.8)   (1.5)   (0.6)   (2.6)   (6.5)   (1.4)   (0.6)
Actuarial Loss/(Gain)  0.2   0.6   0.1   -   1.0   (0.1)   0.6   0.1
Prior Service Credit  -   (0.1)   -   -   -   (0.5)   -   -
Total Net Periodic Benefit Expense/(Income)$ (0.3) $ (0.2) $ (0.1) $ (0.2) $ 1.0 $ (1.4) $ 0.6 $ 0.0
Intercompany Allocations$ 0.4 $ 0.2 $ 0.1 $ 0.1 $ 0.9 $ 0.3 $ 0.2 $ 0.2
Capitalized PBOP Expense/(Income)$ (0.1) $ - $ 0.1 $ - $ 0.5 $ (0.5) $ 0.2 $ -
                         
  PBOP
  For the Nine Months Ended September 30, 2015 For the Nine Months Ended September 30, 2014
     NSTAR           NSTAR     
(Millions of Dollars)CL&P Electric  PSNH (1)  WMECO CL&P  ElectricPSNH WMECO
Service Cost$ 1.6 $ 4.0 $ 1.0 $ 0.3 $ 1.7 $ 2.3 $ 1.0 $ 0.3
Interest Cost  5.4   14.2   2.9   1.1   6.0   14.6   3.2   1.3
Expected Return on Plan Assets  (8.3)   (20.5)   (4.4)   (1.9)   (7.9)   (19.5)   (4.1)   (1.7)
Actuarial Loss/(Gain)  0.5   1.8   0.4   -   3.2   (0.4)   1.7   0.3
Prior Service Credit  -   (0.1)   -   -   -   (1.4)   -   -
Total Net Periodic Benefit Expense/(Income)$ (0.8) $ (0.6) $ (0.1) $ (0.5) $ 3.0 $ (4.4) $ 1.8 $ 0.2
Intercompany Allocations$ 1.4 $ 0.7 $ 0.3 $ 0.3 $ 3.1 $ 0.4 $ 0.8 $ 0.6
Capitalized PBOP Expense/(Income)$ (0.2) $ (0.1) $ 0.2 $ (0.1) $ 1.5 $ (1.5) $ 0.6 $ 0.1
                         
(1) Amounts exclude approximately $0.8 million and $2.4 million for the three and nine months ended September 30, 2015, respectively, that represented amounts included in other deferred debits.