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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
 12 Months Ended
Dec. 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 Year Ended December 31, 2019
 
For the Year Ended December 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
—

 
1.2

 
(13.3
)
 
(12.1
)
 
—

 
(0.5
)
 
0.3

 
(0.2
)
Amounts Reclassified from AOCI
1.4

 
—

 
5.6

 
7.0

 
1.8

 
—

 
4.8

 
6.6

  Net OCI
1.4

 
1.2

 
(7.7
)
 
(5.1
)

1.8

 
(0.5
)
 
5.1

 
6.4

Balance as of December 31st
$
(3.0
)
 
$
0.7

 
$
(62.8
)
 
$
(65.1
)
 
$
(4.4
)
 
$
(0.5
)
 
$
(55.1
)
 
$
(60.0
)


Eversource's qualified cash flow hedging instruments represent interest rate swap agreements on debt issuances that were settled in prior years. The settlement amount was recorded in AOCI and is being amortized into Net Income over the term of the underlying debt instrument.  CL&P, NSTAR Electric and PSNH continue to amortize interest rate swaps settled in prior years from AOCI into Interest Expense over the remaining life of the associated long-term debt. Such interest rate swaps are not material to their respective financial statements.

Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI. The related tax effects recognized in AOCI were net deferred tax assets of $4.4 million and $4.1 million in 2019 and 2017, respectively, and deferred tax liabilities of $0.2 million in 2018.

Eversource did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from AOCI to Retained Earnings as permitted by ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220).

The following table sets forth the amounts reclassified from AOCI by component and the impacted line item on the statements of income:
 
Amounts Reclassified from AOCI
 
 
Eversource
(Millions of Dollars)
For the Years Ended December 31,
 
Statements of Income
Line Item Impacted
2019
 
2018
 
2017
 
Qualified Cash Flow Hedging Instruments
$
(2.5
)
 
$
(2.8
)
 
$
(3.3
)
 
Interest Expense
Tax Effect
1.1

 
1.0

 
1.3

 
Income Tax Expense
Qualified Cash Flow Hedging Instruments, Net of Tax
$
(1.4
)
 
$
(1.8
)
 
$
(2.0
)
 
 
Defined Benefit Plan Costs:
 

 
 

 
 

 
 
Amortization of Actuarial Losses
$
(5.7
)
 
$
(6.0
)
 
$
(6.2
)
 
Other Income, Net (1)
Amortization of Prior Service Cost
(1.8
)
 
(0.4
)
 
(1.1
)
 
Other Income, Net (1)
Total Defined Benefit Plan Costs
(7.5
)
 
(6.4
)
 
(7.3
)
 
 
Tax Effect
1.9

 
1.6

 
2.8

 
Income Tax Expense
Defined Benefit Plan Costs, Net of Tax
$
(5.6
)
 
$
(4.8
)
 
$
(4.5
)
 
 
Total Amounts Reclassified from AOCI, Net of Tax
$
(7.0
)
 
$
(6.6
)
 
$
(6.5
)
 
 

(1) 
These amounts are included in the computation of net periodic Pension, SERP and PBOP costs.  See Note 1M, "Summary of Significant Accounting Policies – Other Income, Net" and Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for further information.

As of December 31, 2019, it is estimated that a pre-tax amount of $2.5 million ($0.7 million for NSTAR Electric and $1.8 million for PSNH) will be reclassified from AOCI as a decrease to Net Income over the next 12 months as a result of the amortization of the interest rate swap agreements which have been settled.  In addition, it is estimated that a pre-tax amount of $7.8 million will be reclassified from AOCI as a decrease to Net Income over the next 12 months as a result of the amortization of Pension, SERP and PBOP costs.