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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The changes in accumulated other comprehensive income/(loss) by component, net of tax, is as follows:
 
For the Year Ended December 31, 2016
 
For the Year Ended December 31, 2015
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
Gains/(Losses)
on Marketable
Securities
 
Defined
Benefit
Plans
 
Total
Balance as of January 1st
$
(10.3
)
 
$
(1.9
)
 
$
(54.6
)
 
$
(66.8
)
 
$
(12.4
)
 
$
0.7

 
$
(62.3
)
 
$
(74.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCI Before Reclassifications
—

 
2.3

 
(6.8
)
 
(4.5
)
 
—

 
(2.6
)
 
3.5

 
0.9

Amounts Reclassified from AOCL
2.1

 
—

 
3.9

 
6.0

 
2.1

 
—

 
4.2

 
6.3

  Net OCI
2.1

 
2.3

 
(2.9
)
 
1.5

 
2.1

 
(2.6
)
 
7.7

 
7.2

Balance as of December 31st
$
(8.2
)
 
$
0.4

 
$
(57.5
)
 
$
(65.3
)
 
$
(10.3
)
 
$
(1.9
)
 
$
(54.6
)
 
$
(66.8
)


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 AOCL and is being amortized into Net Income over the term of the underlying debt instrument.  CL&P, PSNH and WMECO continue to amortize interest rate swaps settled in prior years from AOCL 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 and prior service costs that arose during the year and were recognized in AOCL.  The related tax effects recognized in AOCL were net deferred tax assets of $4.0 million and $22.3 million in 2016 and 2014, respectively, and were net deferred tax liabilities of $2.0 million in 2015. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCL into Operations and Maintenance expense over the average future employee service period, and are reflected in amounts reclassified from AOCL.  

The following table sets forth the amounts reclassified from AOCL by component and the impacted line item on the statements of income:
 
Amounts Reclassified from AOCL
 
 
Eversource
(Millions of Dollars)
For the Years Ended December 31,
 
Statements of Income
Line Item Impacted
2016
 
2015
 
2014
 
Qualified Cash Flow Hedging Instruments
$
(3.5
)
 
$
(3.5
)
 
$
(3.4
)
 
Interest Expense
Tax Effect
1.4

 
1.4

 
1.4

 
Income Tax Expense
Qualified Cash Flow Hedging Instruments, Net of Tax
$
(2.1
)
 
$
(2.1
)
 
$
(2.0
)
 
 
Defined Benefit Plan Costs:
 

 
 

 
 

 
 
Amortization of Actuarial Losses
$
(5.6
)
 
$
(6.6
)
 
$
(6.2
)
 
Operations and Maintenance Expense (1)
Amortization of Prior Service Cost
(0.8
)
 
(0.2
)
 
(0.2
)
 
Operations and Maintenance Expense (1)
Total Defined Benefit Plan Costs
(6.4
)
 
(6.8
)
 
(6.4
)
 
 
Tax Effect
2.5

 
2.6

 
2.5

 
Income Tax Expense
Defined Benefit Plan Costs, Net of Tax
$
(3.9
)
 
$
(4.2
)
 
$
(3.9
)
 
 
Total Amounts Reclassified from AOCL, Net of Tax
$
(6.0
)
 
$
(6.3
)
 
$
(5.9
)
 
 

(1)  
These amounts are included in the computation of net periodic Pension, SERP and PBOP costs.  See Note 9A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pensions," for further information.

As of December 31, 2016, it is estimated that a pre-tax amount of $3.4 million (including $0.6 million for CL&P, $2 million for PSNH and $0.7 million for WMECO) will be reclassified from AOCL as a decrease to Net Income over the next 12 months as a result of the amortization of the interest rate swap agreements which have been settled.  In addition, it is estimated that a pre-tax amount of $6.6 million will be reclassified from AOCL as a decrease to Net Income over the next 12 months as a result of the amortization of Pension, SERP and PBOP costs.