PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION

3 Months Ended

Mar. 31, 2021

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/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense/(income), less the deferred portion, 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								PBOP
	For the Three Months Ended March 31, 2021								For the Three Months Ended March 31, 2021
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Service Cost	$	21.3	$	6.3	$	4.0	$	2.2	$	3.5	$	0.6	$	0.6	$	0.3
Interest Cost	32.6		7.3		6.7		3.6		4.4		0.8		1.1		0.5
Expected Return on Plan Assets	(108.9)		(21.6)		(26.9)		(11.9)		(19.7)		(2.6)		(9.3)		(1.5)
Actuarial Loss	61.6		13.0		15.5		4.9		2.6		0.4		0.6		0.3
Prior Service Cost/(Credit)	0.3		—		0.1		—		(5.3)		0.2		(4.2)		0.1
Total Net Periodic Benefit Expense/(Income)	$	6.9	$	5.0	$	(0.6)	$	(1.2)	$	(14.5)	$	(0.6)	$	(11.2)	$	(0.3)
Intercompany Allocations	N/A		$	1.3	$	1.5	$	0.5	N/A		$	(0.3)	$	(0.4)	$	(0.1)

	Pension and SERP								PBOP
	For the Three Months Ended March 31, 2020								For the Three Months Ended March 31, 2020
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Service Cost	$	19.6	$	5.7	$	3.8	$	2.2	$	2.6	$	0.5	$	0.6	$	0.2
Interest Cost	44.3		9.5		9.6		4.9		6.1		1.2		1.7		0.6
Expected Return on Plan Assets	(100.3)		(20.0)		(25.8)		(11.3)		(18.1)		(2.4)		(8.5)		(1.4)
Actuarial Loss	49.3		10.0		13.3		4.1		2.1		0.4		0.7		0.1
Prior Service Cost/(Credit)	0.3		—		0.1		—		(5.4)		0.2		(4.2)		0.1
Total Net Periodic Benefit Expense/(Income)	$	13.2	$	5.2	$	1.0	$	(0.1)	$	(12.7)	$	(0.1)	$	(9.7)	$	(0.4)
Intercompany Allocations	N/A		$	1.9	$	1.9	$	0.6	N/A		$	(0.4)	$	(0.4)	$	(0.2)

Eversource Contributions: Eversource currently expects to make contributions of $180 million to the Pension Plans in 2021, of which $99 million and $30 million will be contributed by CL&P and NSTAR Electric, respectively.