EVERSOURCE ENERGY, 10-Q filed on 5/7/2019
Quarterly Report
v3.19.1
DOCUMENT AND ENTITY INFORMATION - shares
3 Months Ended
Mar. 31, 2019
Apr. 30, 2019
Document And Entity [Line Items]    
Entity Registrant Name Eversource Energy  
Entity Central Index Key 0000072741  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q  
Document Period End Date Mar. 31, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Emerging Growth Company false  
Entity Smaller Reporting Company false  
Trading Symbol ES  
Entity Common Stock, Shares Outstanding (in shares)   317,461,097
The Connecticut Light and Power Company    
Document And Entity [Line Items]    
Entity Registrant Name The Connecticut Light and Power Company  
Entity Central Index Key 0000023426  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding (in shares)   6,035,205
Public Service Company of New Hampshire    
Document And Entity [Line Items]    
Entity Registrant Name Public Service Company of New Hampshire  
Entity Central Index Key 0000315256  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding (in shares)   301
NSTAR Electric Company    
Document And Entity [Line Items]    
Entity Registrant Name NSTAR Electric Company  
Entity Central Index Key 0000013372  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding (in shares)   200
v3.19.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current Assets:    
Cash $ 35,145 $ 108,068
Receivables, Net 1,140,348 994,055
Unbilled Revenues 159,288 176,285
Fuel, Materials, Supplies and Inventory 277,104 238,042
Regulatory Assets 507,255 514,779
Prepayments and Other Current Assets 181,724 260,995
Total Current Assets 2,300,864 2,292,224
Property, Plant and Equipment, Net 26,032,781 25,610,428
Deferred Debits and Other Assets:    
Regulatory Assets 4,589,427 4,631,137
Goodwill 4,427,266 4,427,266
Investments in Unconsolidated Affiliates 711,476 464,286
Marketable Securities 415,405 417,508
Other Long-Term Assets 463,788 398,407
Total Deferred Debits and Other Assets 10,607,362 10,338,604
Total Assets 38,941,007 38,241,256
Current Liabilities:    
Notes Payable 1,477,830 910,000
Long-Term Debt – Current Portion 805,519 837,319
Rate Reduction Bonds – Current Portion 43,210 52,332
Accounts Payable 1,006,774 1,119,995
Regulatory Liabilities 385,442 370,230
Other Current Liabilities 840,587 823,006
Total Current Liabilities 4,559,362 4,112,882
Deferred Credits and Other Liabilities:    
Accumulated Deferred Income Taxes 3,543,052 3,506,030
Regulatory Liabilities 3,627,389 3,609,475
Derivative Liabilities 372,957 379,562
Accrued Pension, SERP and PBOP 939,786 962,510
Other Long-Term Liabilities 1,259,400 1,196,336
Total Deferred Credits and Other Liabilities 9,742,584 9,653,913
Long-Term Debt 12,284,330 12,248,743
Rate Reduction Bonds 561,727 583,331
Noncontrolling Interest – Preferred Stock of Subsidiaries 155,570 155,570
Common Shareholders' Equity:    
Common Shares 1,669,392 1,669,392
Capital Surplus, Paid In 6,242,089 6,241,222
Retained Earnings 4,092,895 3,953,974
Accumulated Other Comprehensive Loss (57,804) (60,000)
Treasury Stock (309,138) (317,771)
Common Stockholder's Equity 11,637,434 11,486,817
Commitments and Contingencies
Total Liabilities and Capitalization 38,941,007 38,241,256
The Connecticut Light and Power Company    
Current Assets:    
Cash 7,496 87,721
Receivables, Net 443,684 397,026
Accounts Receivable from Affiliated Companies 30,363 23,082
Unbilled Revenues 51,300 56,971
Fuel, Materials, Supplies and Inventory 52,109 44,529
Regulatory Assets 147,712 125,155
Prepaid Property Taxes 41,341 19,555
Prepayments and Other Current Assets 20,384 40,724
Total Current Assets 794,389 794,763
Property, Plant and Equipment, Net 9,065,880 8,909,701
Deferred Debits and Other Assets:    
Regulatory Assets 1,496,679 1,505,488
Other Long-Term Assets 197,571 199,767
Total Deferred Debits and Other Assets 1,694,250 1,705,255
Total Assets 11,554,519 11,409,719
Current Liabilities:    
Long-Term Debt – Current Portion 0 250,000
Accounts Payable 347,928 324,983
Accounts Payable to Affiliated Companies 94,738 26,452
Obligations to Third Party Suppliers 56,065 56,248
Accrued Taxes 55,693 38,205
Accrued Interest 42,424 38,395
Regulatory Liabilities 106,489 109,614
Derivative Liabilities 59,651 55,058
Other Current Liabilities 71,461 84,488
Total Current Liabilities 834,449 983,443
Deferred Credits and Other Liabilities:    
Accumulated Deferred Income Taxes 1,184,425 1,166,784
Regulatory Liabilities 1,126,279 1,122,157
Derivative Liabilities 372,774 379,536
Accrued Pension, SERP and PBOP 279,914 282,771
Other Long-Term Liabilities 165,307 155,495
Total Deferred Credits and Other Liabilities 3,128,699 3,106,743
Long-Term Debt 3,265,756 3,004,016
Noncontrolling Interest – Preferred Stock of Subsidiaries 116,200 116,200
Common Shareholders' Equity:    
Common Shares 60,352 60,352
Capital Surplus, Paid In 2,410,765 2,410,765
Retained Earnings 1,737,980 1,727,899
Accumulated Other Comprehensive Loss 318 301
Common Stockholder's Equity 4,209,415 4,199,317
Commitments and Contingencies
Total Liabilities and Capitalization 11,554,519 11,409,719
NSTAR Electric    
Current Assets:    
Cash 1,769 1,606
Receivables, Net 400,082 361,296
Accounts Receivable from Affiliated Companies 20,097 31,344
Unbilled Revenues 31,698 34,518
Fuel, Materials, Supplies and Inventory 160,221 114,202
Regulatory Assets 234,662 241,747
Prepayments and Other Current Assets 24,643 51,960
Total Current Assets 873,172 836,673
Property, Plant and Equipment, Net 8,915,608 8,794,700
Deferred Debits and Other Assets:    
Regulatory Assets 1,173,851 1,196,512
Prepaid PBOP 139,132 132,810
Other Long-Term Assets 134,536 109,764
Total Deferred Debits and Other Assets 1,447,519 1,439,086
Total Assets 11,236,299 11,070,459
Current Liabilities:    
Notes Payable 368,430 278,500
Notes Payable to Eversource Parent 22,300 0
Long-Term Debt – Current Portion 95,000 0
Accounts Payable 306,888 384,398
Accounts Payable to Affiliated Companies 115,676 89,636
Obligations to Third Party Suppliers 110,742 109,547
Renewable Portfolio Standards Compliance Obligations 175,391 139,898
Regulatory Liabilities 193,959 190,620
Other Current Liabilities 52,156 74,872
Total Current Liabilities 1,440,542 1,267,471
Deferred Credits and Other Liabilities:    
Accumulated Deferred Income Taxes 1,305,518 1,294,467
Regulatory Liabilities 1,514,557 1,513,279
Accrued Pension, SERP and PBOP 5,496 14,145
Other Long-Term Liabilities 293,794 263,096
Total Deferred Credits and Other Liabilities 3,119,365 3,084,987
Long-Term Debt 2,850,196 2,944,846
Noncontrolling Interest – Preferred Stock of Subsidiaries 43,000 43,000
Common Shareholders' Equity:    
Common Shares 0 0
Capital Surplus, Paid In 1,653,442 1,633,442
Retained Earnings 2,131,015 2,098,091
Accumulated Other Comprehensive Loss (1,261) (1,378)
Common Stockholder's Equity 3,783,196 3,730,155
Commitments and Contingencies
Total Liabilities and Capitalization 11,236,299 11,070,459
Public Service Company of New Hampshire    
Current Assets:    
Cash 3,961 1,439
Receivables, Net 102,806 104,854
Accounts Receivable from Affiliated Companies 11,520 8,444
Unbilled Revenues 43,289 47,145
Taxes Receivable 7,441 25,913
Fuel, Materials, Supplies and Inventory 37,361 37,504
Regulatory Assets 76,599 67,228
Special Deposits 21,059 47,498
Prepayments and Other Current Assets 2,940 17,564
Total Current Assets 306,976 357,589
Property, Plant and Equipment, Net 2,920,560 2,880,073
Deferred Debits and Other Assets:    
Regulatory Assets 855,369 862,288
Other Long-Term Assets 29,884 27,406
Total Deferred Debits and Other Assets 885,253 889,694
Total Assets 4,112,789 4,127,356
Current Liabilities:    
Notes Payable to Eversource Parent 61,000 57,000
Long-Term Debt – Current Portion 150,000 150,000
Rate Reduction Bonds – Current Portion 43,210 52,332
Accounts Payable 106,398 111,292
Accounts Payable to Affiliated Companies 37,976 26,029
Regulatory Liabilities 45,655 55,526
Other Current Liabilities 55,088 64,046
Total Current Liabilities 499,327 516,225
Deferred Credits and Other Liabilities:    
Accumulated Deferred Income Taxes 489,434 481,221
Regulatory Liabilities 429,932 428,069
Accrued Pension, SERP and PBOP 122,490 124,457
Other Long-Term Liabilities 37,956 36,339
Total Deferred Credits and Other Liabilities 1,079,812 1,070,086
Long-Term Debt 655,294 655,173
Rate Reduction Bonds 561,727 583,331
Common Shareholders' Equity:    
Common Shares 0 0
Capital Surplus, Paid In 678,134 678,134
Retained Earnings 641,039 627,258
Accumulated Other Comprehensive Loss (2,544) (2,851)
Common Stockholder's Equity 1,316,629 1,302,541
Commitments and Contingencies
Total Liabilities and Capitalization $ 4,112,789 $ 4,127,356
v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Revenues $ 2,415,792 $ 2,287,962
Operating Expenses:    
Purchased Power, Fuel and Transmission 974,882 946,747
Operations and Maintenance 335,597 332,549
Depreciation 214,948 204,266
Amortization 70,961 45,194
Energy Efficiency Programs 140,116 134,241
Taxes Other Than Income Taxes 184,588 182,433
Total Operating Expenses 1,921,092 1,845,430
Operating Income 494,700 442,532
Interest Expense 131,734 121,129
Other Income, Net 30,985 33,789
Income Before Income Tax Expense 393,951 355,192
Income Tax Expense 83,393 83,766
Net Income 310,558 271,426
Net Income Attributable to Noncontrolling Interests 1,880 1,880
Net Income Attributable to Common Shareholders $ 308,678 $ 269,546
Basic and Diluted Earnings Per Common Share (in dollars per share) $ 0.97 $ 0.85
Weighted Average Common Shares Outstanding:    
Basic (in shares) 317,624,593 317,397,052
Diluted (in shares) 318,316,082 317,992,999
The Connecticut Light and Power Company    
Operating Revenues $ 849,246 $ 784,983
Operating Expenses:    
Purchased Power, Fuel and Transmission 319,833 301,889
Operations and Maintenance 130,637 117,292
Depreciation 73,289 67,498
Amortization of Regulatory Assets, Net 35,671 28,006
Energy Efficiency Programs 25,988 22,760
Taxes Other Than Income Taxes 92,000 90,300
Total Operating Expenses 677,418 627,745
Operating Income 171,828 157,238
Interest Expense 35,781 36,823
Other Income, Net 3,880 6,560
Income Before Income Tax Expense 139,927 126,975
Income Tax Expense 29,456 28,407
Net Income 110,471 98,568
NSTAR Electric Company    
Operating Revenues 797,612 770,127
Operating Expenses:    
Purchased Power, Fuel and Transmission 330,104 332,579
Operations and Maintenance 112,963 118,682
Depreciation 72,584 70,542
Amortization of Regulatory Assets, Net 22,584 6,364
Energy Efficiency Programs 76,729 74,793
Taxes Other Than Income Taxes 44,822 48,186
Total Operating Expenses 659,786 651,146
Operating Income 137,826 118,981
Interest Expense 27,881 26,464
Other Income, Net 11,086 12,601
Income Before Income Tax Expense 121,031 105,118
Income Tax Expense 27,017 27,969
Net Income 94,014 77,149
Public Service Company of New Hampshire    
Operating Revenues 276,435 267,350
Operating Expenses:    
Purchased Power, Fuel and Transmission 113,531 109,717
Operations and Maintenance 52,630 51,380
Depreciation 22,919 23,493
Amortization 13,667 5,035
Energy Efficiency Programs 6,714 5,157
Taxes Other Than Income Taxes 17,311 16,801
Total Operating Expenses 226,772 211,583
Operating Income 49,663 55,767
Interest Expense 14,367 12,772
Other Income, Net 7,022 4,749
Income Before Income Tax Expense 42,318 47,744
Income Tax Expense 9,537 12,651
Net Income $ 32,781 $ 35,093
v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Net Income $ 310,558 $ 271,426
Other Comprehensive (Loss)/Income, Net of Tax:    
Qualified Cash Flow Hedging Instruments 316  
Qualified Cash Flow Hedging Instruments   724
Changes in Unrealized Gains/(Losses) on Marketable Securities 655 (444)
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans 1,225 2,993
Other Comprehensive Income, Net of Tax 2,196 3,273
Comprehensive Income Attributable to Noncontrolling Interests (1,880) (1,880)
Comprehensive Income Attributable to Common Shareholders 310,874 272,819
The Connecticut Light and Power Company    
Net Income 110,471 98,568
Other Comprehensive (Loss)/Income, Net of Tax:    
Qualified Cash Flow Hedging Instruments (6)  
Qualified Cash Flow Hedging Instruments   52
Changes in Unrealized Gains/(Losses) on Marketable Securities 23 (12)
Other Comprehensive Income, Net of Tax 17 40
Comprehensive Income Attributable to Common Shareholders 110,488 98,608
NSTAR Electric Company    
Net Income 94,014 77,149
Other Comprehensive (Loss)/Income, Net of Tax:    
Qualified Cash Flow Hedging Instruments 110  
Qualified Cash Flow Hedging Instruments   109
Changes in Unrealized Gains/(Losses) on Marketable Securities 6 (4)
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans 1 1
Other Comprehensive Income, Net of Tax 117 106
Comprehensive Income Attributable to Common Shareholders 94,131 77,255
Public Service Company of New Hampshire    
Net Income 32,781 35,093
Other Comprehensive (Loss)/Income, Net of Tax:    
Qualified Cash Flow Hedging Instruments 269  
Qualified Cash Flow Hedging Instruments   290
Changes in Unrealized Gains/(Losses) on Marketable Securities 38 (21)
Other Comprehensive Income, Net of Tax 307 269
Comprehensive Income Attributable to Common Shareholders $ 33,088 $ 35,362
v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Shares
Capital Surplus, Paid In
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
The Connecticut Light and Power Company
The Connecticut Light and Power Company
Common Shares
The Connecticut Light and Power Company
Capital Surplus, Paid In
The Connecticut Light and Power Company
Retained Earnings
The Connecticut Light and Power Company
Accumulated Other Comprehensive Loss
NSTAR Electric Company
NSTAR Electric Company
Common Shares
NSTAR Electric Company
Capital Surplus, Paid In
NSTAR Electric Company
Retained Earnings
NSTAR Electric Company
Accumulated Other Comprehensive Loss
Public Service Company of New Hampshire
Public Service Company of New Hampshire
Common Shares
Public Service Company of New Hampshire
Capital Surplus, Paid In
Public Service Company of New Hampshire
Retained Earnings
Public Service Company of New Hampshire
Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2017   316,885,808           6,035,205         200         301      
Balance at Dec. 31, 2017 $ 11,086,242 $ 1,669,392 $ 6,239,940 $ 3,561,084 $ (66,403) $ (317,771) $ 3,587,127 $ 60,352 $ 2,110,765 $ 1,415,741 $ 269 $ 3,446,080 $ 0 $ 1,502,942 $ 1,944,961 $ (1,823) $ 1,350,594 $ 0 $ 843,134 $ 511,382 $ (3,922)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net Income 271,426     271,426     98,568     98,568   77,149     77,149   35,093     35,093  
Dividends on Common Shares (160,027)     (160,027)     (60,000)     (60,000)   (161,000)     (161,000)            
Dividends on Preferred Stock (1,880)     (1,880)     (1,390)     (1,390)   (490)     (490)            
Other                       1     1            
Long-Term Incentive Plan Activity (15,320)   (15,320)                                    
Capital Contributions from Eversource Parent             9,000   9,000     92,500   92,500              
Other Comprehensive Income 3,273       3,273   40       40 106       106 269       269
Balance (in shares) at Mar. 31, 2018   316,885,808           6,035,205         200         301      
Balance at Mar. 31, 2018 $ 11,183,714 $ 1,669,392 6,224,620 3,670,603 (63,130) (317,771) 3,633,345 $ 60,352 2,119,765 1,452,919 309 3,454,346 $ 0 1,595,442 1,860,621 (1,717) 1,385,956 $ 0 843,134 546,475 (3,653)
Balance (in shares) at Dec. 31, 2018 316,885,808 316,885,808           6,035,205         200         301      
Balance at Dec. 31, 2018 $ 11,486,817 $ 1,669,392 6,241,222 3,953,974 (60,000) (317,771) 4,199,317 $ 60,352 2,410,765 1,727,899 301 3,730,155 $ 0 1,633,442 2,098,091 (1,378) 1,302,541 $ 0 678,134 627,258 (2,851)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net Income 310,558     310,558     110,471     110,471   94,014     94,014   32,781     32,781  
Dividends on Common Shares (169,757)     (169,757)     (99,000)     (99,000)   (60,600)     (60,600)   (19,000)     (19,000)  
Dividends on Preferred Stock (1,880)     (1,880)     (1,390)     (1,390)   (490)     (490)            
Long-Term Incentive Plan Activity (16,609)   (16,609)                                    
Issuance of Treasury Shares (in shares)   461,662                                      
Issuance of Treasury Shares 26,109   17,476     8,633                              
Capital Contributions from Eversource Parent                       20,000   20,000              
Other Comprehensive Income $ 2,196       2,196   17       17 117       117 307       307
Balance (in shares) at Mar. 31, 2019 317,347,470 317,347,470           6,035,205         200         301      
Balance at Mar. 31, 2019 $ 11,637,434 $ 1,669,392 $ 6,242,089 $ 4,092,895 $ (57,804) $ (309,138) $ 4,209,415 $ 60,352 $ 2,410,765 $ 1,737,980 $ 318 $ 3,783,196 $ 0 $ 1,653,442 $ 2,131,015 $ (1,261) $ 1,316,629 $ 0 $ 678,134 $ 641,039 $ (2,544)
v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]    
Dividends on Common Shares (in dollars per share) $ 0.535 $ 0.505
v3.19.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities:    
Net Income $ 310,558 $ 271,426
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:    
Depreciation 214,948 204,266
Deferred Income Taxes 18,085 88,481
Uncollectible Expense 18,565 19,613
Pension, SERP and PBOP Expense/(Income), Net 8,428 (1,965)
Pension and PBOP Contributions (4,700) (171,244)
Regulatory (Under)/Over Recoveries, Net (19,232) 70,457
Amortization 70,961 45,194
Other (37,310) (74,582)
Changes in Current Assets and Liabilities:    
Receivables and Unbilled Revenues, Net (155,823) (156,888)
Fuel, Materials, Supplies and Inventory (39,063) (26,956)
Taxes Receivable/Accrued, Net 126,381 (5,061)
Accounts Payable (13,556) (61,571)
Other Current Assets and Liabilities, Net (70,242) (23,456)
Net Cash Flows Provided by Operating Activities 428,000 177,714
Investing Activities:    
Investments in Property, Plant and Equipment (674,694) (607,334)
Proceeds from Sales of Marketable Securities 234,497 145,438
Purchases of Marketable Securities (237,794) (143,264)
Proceeds from the Sale of Generation Assets 0 130,641
Investments in Unconsolidated Affiliates (249,138) (7,340)
Other Investing Activities 4,893 2,140
Net Cash Flows (Used in)/Provided by Investing Activities (922,236) (479,719)
Financing Activities:    
Cash Dividends on Common Stock (169,757) (160,027)
Cash Dividends on Preferred Stock (1,880) (1,880)
Issuance of Treasury Shares 26,109 0
Increase in Notes Payable 829,430 (240,005)
Repayment of Rate Reduction Bonds (30,727) 0
Issuance of Long-Term Debt 0 1,150,000
Retirement of Long-Term Debt (250,215) (150,218)
Other Financing Activities (9,676) (19,140)
Net Cash Flows Provided by Financing Activities 393,284 578,730
Net (Decrease)/Increase in Cash and Restricted Cash (100,952) 276,725
Cash and Restricted Cash - Beginning of Period 209,324 85,890
Cash and Restricted Cash - End of Period 108,372 362,615
The Connecticut Light and Power Company    
Operating Activities:    
Net Income 110,471 98,568
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:    
Depreciation 73,289 67,498
Deferred Income Taxes 15,188 29,109
Uncollectible Expense 4,116 3,912
Pension, SERP and PBOP Expense/(Income), Net 4,063 3,158
Pension Contributions 0 (82,276)
Regulatory (Under)/Over Recoveries, Net (54,671) (8,878)
Amortization of Regulatory Assets, Net 35,671 28,006
Other (5,848) (18,940)
Changes in Current Assets and Liabilities:    
Receivables and Unbilled Revenues, Net (60,506) (46,330)
Taxes Receivable/Accrued, Net 41,399 42,460
Accounts Payable 75,373 (28,408)
Other Current Assets and Liabilities, Net (40,274) (23,160)
Net Cash Flows Provided by Operating Activities 198,271 64,719
Investing Activities:    
Investments in Property, Plant and Equipment (189,423) (202,126)
Other Investing Activities 59 56
Net Cash Flows (Used in)/Provided by Investing Activities (189,364) (202,070)
Financing Activities:    
Cash Dividends on Common Stock (99,000) (60,000)
Cash Dividends on Preferred Stock (1,390) (1,390)
Capital Contributions from Eversource Parent 0 9,000
Increase in Notes Payable to Eversource Parent 261,600 (69,500)
Issuance of Long-Term Debt 0 500,000
Retirement of Long-Term Debt (250,000) 0
Other Financing Activities (326) (6,539)
Net Cash Flows Provided by Financing Activities (89,116) 371,571
Net (Decrease)/Increase in Cash and Restricted Cash (80,209) 234,220
Cash and Restricted Cash - Beginning of Period 91,613 9,619
Cash and Restricted Cash - End of Period 11,404 243,839
NSTAR Electric Company    
Operating Activities:    
Net Income 94,014 77,149
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:    
Depreciation 72,584 70,542
Deferred Income Taxes 3,722 22,542
Uncollectible Expense 5,953 7,526
Pension, SERP and PBOP Income, Net (4,279) (9,295)
Pension and PBOP Contributions (1,503) 0
Regulatory (Under)/Over Recoveries, Net 4,329 17,618
Amortization of Regulatory Assets, Net 22,584 6,364
Other (8,043) (9,730)
Changes in Current Assets and Liabilities:    
Receivables and Unbilled Revenues, Net (29,220) (52,949)
Fuel, Materials, Supplies and Inventory (46,020) (37,427)
Taxes Receivable/Accrued, Net 29,483 (22,698)
Accounts Payable (18,109) 43,170
Other Current Assets and Liabilities, Net 11,466 23,703
Net Cash Flows Provided by Operating Activities 136,961 136,515
Investing Activities:    
Investments in Property, Plant and Equipment (208,540) (192,036)
Other Investing Activities 17 (654)
Net Cash Flows (Used in)/Provided by Investing Activities (208,523) (192,690)
Financing Activities:    
Cash Dividends on Common Stock (60,600) (161,000)
Cash Dividends on Preferred Stock (490) (490)
Capital Contributions from Eversource Parent 20,000 92,500
Increase in Notes Payable to Eversource Parent 22,300 0
Increase in Notes Payable 89,930 133,000
Other Financing Activities 668 (78)
Net Cash Flows Provided by Financing Activities 71,808 63,932
Net (Decrease)/Increase in Cash and Restricted Cash 246 7,757
Cash and Restricted Cash - Beginning of Period 14,659 14,708
Cash and Restricted Cash - End of Period 14,905 22,465
Public Service Company of New Hampshire    
Operating Activities:    
Net Income 32,781 35,093
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:    
Depreciation 22,919 23,493
Deferred Income Taxes 6,541 43,021
Uncollectible Expense 1,700 1,700
Regulatory (Under)/Over Recoveries, Net (26,986) 129
Amortization 13,667 5,035
Other 104 (15,212)
Changes in Current Assets and Liabilities:    
Receivables and Unbilled Revenues, Net 1,103 (80)
Fuel, Materials, Supplies and Inventory 144 4,854
Taxes Receivable/Accrued, Net 17,572 (5,867)
Accounts Payable 58,327 (18,760)
Other Current Assets and Liabilities, Net 6,472 24,543
Net Cash Flows Provided by Operating Activities 132,644 96,249
Investing Activities:    
Investments in Property, Plant and Equipment (110,926) (72,287)
Proceeds from the Sale of Generation Assets 0 130,641
Other Investing Activities 102 97
Net Cash Flows (Used in)/Provided by Investing Activities (110,824) 58,451
Financing Activities:    
Cash Dividends on Common Stock (19,000) (150,000)
Increase in Notes Payable to Eversource Parent 4,000 8,400
Repayment of Rate Reduction Bonds (30,727) 0
Other Financing Activities (20) (38)
Net Cash Flows Provided by Financing Activities (45,747) (141,638)
Net (Decrease)/Increase in Cash and Restricted Cash (23,927) 13,062
Cash and Restricted Cash - Beginning of Period 52,723 2,191
Cash and Restricted Cash - End of Period $ 28,796 $ 15,253
v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.    Basis of Presentation
Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business.  Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities).  Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire.

The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries.  Intercompany transactions have been eliminated in consolidation.  The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."

The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC.  Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations.  The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2018 Form 10-K, which was filed with the SEC on February 26, 2019. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of March 31, 2019 and December 31, 2018, and the results of operations, comprehensive income, common shareholders' equity, and cash flows for the three months ended March 31, 2019 and 2018. The results of operations, comprehensive income, and cash flows for the three months ended March 31, 2019 and 2018 are not necessarily indicative of the results expected for a full year.  

Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent.  Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements.

Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information.

Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation.

B.    Accounting Standards
Accounting Standards Issued but Not Yet Effective: In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Under the new guidance, immediate recognition of all credit losses expected over the life of a financial instrument is required. The new standard also revises the other-than-temporary impairment model for available-for-sale debt securities. The standard is effective January 1, 2020, and requires a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings. The Company is assessing the impacts of this standard on the accounting for credit losses on its financial instruments, including accounts receivable.

Accounting Standards Recently Adopted: On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), which amended existing lease accounting guidance. The Company applied the Topic 842 lease criteria to new leases and lease renewals entered into effective on or after January 1, 2019.  The ASU required balance sheet recognition of leases deemed to be operating leases as well as additional disclosure requirements.  The recognition, measurement and presentation of expenses and cash flows were not significantly changed.

The Company also adopted the modified retrospective transition method allowed in ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which allowed the Company to adopt the new leases standard as of January 1, 2019, with prior periods presented in the financial statements continuing to follow existing lease accounting guidance under Topic 840 (Leases) in the accounting literature.  Implementation of ASU 2018-11 had no effect on retained earnings, and the requirements of the new lease standard (Topic 842) are reflected in the 2019 financial statements and footnotes.

The Company elected the practical expedient package whereby it did not need to reassess whether or not an existing contract is or contains a lease or whether a lease is an operating or capital lease, and it did not need to reassess initial direct costs for leases. Election of this practical expedient allowed us to carry forward our historical lease classifications. The Company elected the practical expedient to not reevaluate land easements existing at adoption if they were not previously accounted for as leases. The Company also elected to use the discount rate as of the January 1, 2019 implementation date to discount its operating lease liabilities. The Company did not elect the hindsight practical expedient to determine the lease term for existing leases.

The Company determined the impact the ASUs had on its financial statements by reviewing its lease population and identifying lease data needed for the disclosure requirements. The Company implemented a new lease accounting system in 2019 to ensure ongoing compliance with the ASU’s requirements. Adoption of the new standard resulted in the recording of operating lease liabilities and right-of-use assets on the balance sheet upon transition at January 1, 2019 of $58.0 million at Eversource, $25.3 million at NSTAR Electric, $0.6 million at CL&P, and $0.6 million at PSNH. Implementation of the new guidance did not have an impact on each company’s results of operations or cash flows.

C.    Northern Pass
Northern Pass is Eversource's planned 1,090 MW HVDC transmission line that will interconnect from the Québec-New Hampshire border to Franklin, New Hampshire and an associated alternating current radial transmission line between Franklin and Deerfield, New Hampshire.  As of March 31, 2019, our capitalized Northern Pass project costs were approximately $311 million.

On January 25, 2018, Northern Pass was selected as the winning bidder in the Massachusetts Clean Energy Request for Proposals ("RFP"). In March 2018, the New Hampshire Site Evaluation Committee ("NHSEC") issued a written decision denying Northern Pass’ siting application after which the Massachusetts EDCs revoked the selection of, and terminated contract negotiations with, Northern Pass under the Massachusetts Clean Energy RFP. On July 12, 2018, the NHSEC issued a written decision denying Northern Pass’ April 2018 motion for rehearing. On October 12, 2018, the New Hampshire Supreme Court accepted an appeal filed by NPT, which alleged that the NHSEC failed to follow applicable law in its review of the project. Subsequently, the NHSEC transmitted the record of its proceedings to the New Hampshire Supreme Court on December 11, 2018. Briefing of the appeal began on February 4, 2019 and concluded on April 10, 2019. The New Hampshire Supreme Court will hear oral arguments on May 15, 2019 and a decision is expected later this year. NPT intends to continue to pursue NHSEC approval to construct the project.

Consistent with Eversource’s and HQ’s long-term relationship to bring clean energy into New England, Eversource and HQ remain committed to Northern Pass and the many benefits this project will bring to our customers and the region. We continue to believe that our project costs are recoverable based on our expectation that the Northern Pass project remains probable of being placed in service. If, as a result of future events and changes in circumstances, a future recoverability review were to conclude that our project costs are not recoverable, then we would reduce Northern Pass' project costs to the estimated fair value, which could result in most of our $311 million of capitalized project costs being impaired. Such an impairment could have a material adverse effect on our financial position and results of operations.

D.    Provision for Uncollectible Accounts
Eversource, including CL&P, NSTAR Electric and PSNH, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts.  This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category.  The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers.  Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience.  Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible.

The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively.  The DPU allows NSTAR Electric and NSTAR Gas to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets.

The total provision for uncollectible accounts is included in Receivables, Net on the balance sheets. The provision for uncollectible hardship accounts is included in the total uncollectible provision balance. The provision balances are as follows:
 
Total Provision for Uncollectible Accounts
 
Provision for Uncollectible Hardship Accounts
(Millions of Dollars)
As of March 31, 2019
 
As of December 31, 2018
 
As of March 31, 2019
 
As of December 31, 2018
Eversource
$
223.3

 
$
212.7

 
$
134.6

 
$
131.5

CL&P
93.0

 
88.0

 
75.2

 
71.9

NSTAR Electric
74.8

 
74.5

 
40.9

 
42.5

PSNH
11.0

 
11.1

 

 



Uncollectible expense associated with customers' accounts receivable included in Operations and Maintenance expense on the statements of income is as follows:
 
For the Three Months Ended
(Millions of Dollars)
March 31, 2019
 
March 31, 2018
Eversource
$
18.6

 
$
19.6

CL&P
4.1

 
3.9

NSTAR Electric
6.0

 
7.5

PSNH
1.7

 
1.7



E.    Fair Value Measurements
Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts.  Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs.

Fair Value Hierarchy:  In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs.  Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes.  The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement.  Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period.  The three levels of the fair value hierarchy are described below:

Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date.  Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.  

Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable.

Level 3 - Quoted market prices are not available.  Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable.  Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products.  

Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy.

Determination of Fair Value:  The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," and Note 11, "Fair Value of Financial Instruments," to the financial statements.

F.    Investments in Unconsolidated Affiliates
Revolution Wind and South Fork Wind: On February 8, 2019, Eversource and Ørsted entered into a 50-50 partnership for key
offshore wind assets in the Northeast. Eversource's initial payment and contribution under the terms of the partnership agreements totaled approximately $225 million for a 50 percent interest in North East Offshore LLC, which holds the Revolution Wind and South Fork Wind power projects, as well as a 257-square-mile tract off the coasts of Massachusetts and Rhode Island. This equity investment is included in long-term assets on the balance sheet and earnings impacts are included in Other Income, Net on the statement of income.

G.    Other Income, Net
The components of Other Income, Net on the statements of income were as follows:
 
For the Three Months Ended
 
March 31, 2019
 
March 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Pension, SERP and PBOP Non-Service
   Income Components
$
7.4

 
$
(0.6
)
 
$
7.0

 
$
0.5

 
$
15.2

 
$
3.0

 
$
8.4

 
$
2.3

AFUDC Equity
10.9

 
2.6

 
4.0

 
0.2

 
9.7

 
2.8

 
3.4

 

Equity in Earnings
5.0

 

 
0.2

 

 
4.6

 

 

 

Investment Income/(Loss)
1.2

 
1.7

 
(0.3
)
 
0.4

 
0.7

 
(0.1
)
 
0.6

 

Interest Income (1)
6.5

 
0.4

 
0.2

 
5.9

 
3.5

 
0.9

 
0.2

 
2.4

Other

 
(0.2
)
 

 

 
0.1

 

 

 

Total Other Income, Net
$
31.0

 
$
3.9

 
$
11.1

 
$
7.0

 
$
33.8

 
$
6.6

 
$
12.6

 
$
4.7


(1) See Note 2, "Regulatory Accounting" for interest income recognized in 2019 for the equity return component of carrying charges on storm costs at PSNH.

H.    Other Taxes
Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:
 
For the Three Months Ended
(Millions of Dollars)
March 31, 2019
 
March 31, 2018
Eversource
$
45.0

 
$
43.4

CL&P
36.2

 
35.6



As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income.   

Separate from the amounts above are $10.7 million and $12.7 million of amounts recorded as Taxes Other than Income Taxes for the three months ended March 31, 2019 and 2018, respectively, related to the future remittance to the State of Connecticut of energy efficiency funds collected from customers in Operating Revenues. These amounts are recorded separately, with collections in Operating Revenues and with payments in Taxes Other than Income Taxes on the Eversource and CL&P statements of income.  

I.    Supplemental Cash Flow Information
Non-cash investing activities include plant additions included in Accounts Payable as follows:
(Millions of Dollars)
As of March 31, 2019
 
As of March 31, 2018
Eversource
$
336.3

 
$
274.4

CL&P
121.9

 
117.7

NSTAR Electric
83.2

 
59.5

PSNH
30.4

 
36.0



The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows:
 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Cash as reported on the Balance Sheets
$
35.1

 
$
7.5

 
$
1.8

 
$
4.0

 
$
108.1

 
$
87.7

 
$
1.6

 
$
1.4

Restricted cash included in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prepayments and Other Current Assets
45.9

 
3.6

 
13.0

 
21.1

 
72.1

 
3.5

 
13.0

 
47.5

Marketable Securities
24.2

 
0.3

 
0.1

 
0.5

 
25.9

 
0.4

 
0.1

 
0.6

Other Long-Term Assets
3.2

 

 

 
3.2

 
3.2

 

 

 
3.2

Cash and Restricted Cash reported on the
   Statements of Cash Flows
$
108.4

 
$
11.4

 
$
14.9

 
$
28.8

 
$
209.3

 
$
91.6

 
$
14.7

 
$
52.7



Restricted cash included in Prepayments and Other Current Assets and Other Long-Term Assets primarily represents cash collections related to the PSNH RRB customer charges that are held in trust, and required ISO-NE cash deposits. Restricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage facilities obligations.
v3.19.1
REGULATORY ACCOUNTING
3 Months Ended
Mar. 31, 2019
Regulated Operations [Abstract]  
REGULATORY ACCOUNTING
REGULATORY ACCOUNTING

Eversource's utility companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The regulated companies' financial statements reflect the effects of the rate-making process.  The rates charged to the customers of Eversource's regulated companies are designed to collect each company's costs to provide service, including a return on investment.  

Management believes it is probable that each of the regulated companies will recover its respective investments in long-lived assets, including regulatory assets.  If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises to any of the regulated companies' operations, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the costs would be charged to net income in the period in which the determination is made.

Regulatory Assets:  The components of regulatory assets were as follows:
 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Benefit Costs
$
1,878.7

 
$
416.0

 
$
534.9

 
$
165.8

 
$
1,914.8

 
$
424.7

 
$
544.4

 
$
169.6

Income Taxes, Net
730.9

 
454.3

 
106.1

 
8.0

 
728.6

 
454.4

 
105.9

 
8.3

Securitized Stranded Costs
597.7

 

 

 
597.7

 
608.4

 

 

 
608.4

Storm Restoration Costs, Net
579.0

 
307.4

 
204.4

 
67.2

 
576.0

 
302.6

 
212.9

 
60.5

Regulatory Tracker Mechanisms
317.7

 
54.4

 
160.2

 
78.0

 
316.0

 
33.2

 
169.1

 
67.3

Derivative Liabilities
353.5

 
353.1

 

 

 
356.5

 
356.5

 

 

Goodwill-related
344.2

 

 
295.5

 

 
348.4

 

 
299.1

 

Asset Retirement Obligations
92.8

 
32.8

 
44.9

 
3.4

 
89.2

 
32.3

 
42.2

 
3.3

Other Regulatory Assets
202.2

 
26.4

 
62.6

 
11.9

 
208.0

 
27.0

 
64.6

 
12.1

Total Regulatory Assets
5,096.7

 
1,644.4


1,408.6


932.0


5,145.9

 
1,630.7


1,438.2


929.5

Less:  Current Portion
507.3

 
147.7

 
234.7

 
76.6

 
514.8

 
125.2

 
241.7

 
67.2

Total Long-Term Regulatory Assets
$
4,589.4

 
$
1,496.7


$
1,173.9


$
855.4


$
4,631.1

 
$
1,505.5


$
1,196.5


$
862.3



Storm Filings: On November 16, 2018, CL&P filed for recovery of $153 million of storm costs incurred from October 2017 through May 2018, with recovery over six years to begin May 1, 2019.  Through the course of the proceeding, CL&P updated its request to $145.5 million to reflect final invoicing and capitalization amounts. On April 17, 2019, PURA authorized recovery of $141.0 million as part of storm cost recovery and the remainder to be recorded to capital or other balance sheet accounts.

On March 26, 2019, the NHPUC approved the recovery of $38.1 million, plus carrying charges, of storm costs incurred from December 2013 through April 2016 and the transfer of funding from PSNH’s major storm reserve to recover those costs. The costs of these storms (excluding the equity return component of the carrying charges) were deferred as regulatory assets, and the funding reserve collected from customers was accrued as a regulatory liability. As a result of the duration of time between incurring storm costs in December 2013 through April 2016 and final approval from the NHPUC in 2019, PSNH recognized $5.2 million (pre-tax) for the equity return component of the carrying charges within Other Income, Net on the statement of income in the first quarter of 2019, which has been collected from customers. Also included in the March 26, 2019 NHPUC approval is a prospective requirement for PSNH to annually net its storm funding reserve collected from customers against deferred storm costs.

Regulatory Costs in Long-Term Assets:  Eversource's regulated companies had $129.5 million (including $41.9 million for CL&P, $52.8 million for NSTAR Electric and $13.9 million for PSNH) and $122.9 million (including $42.1 million for CL&P, $49.3 million for NSTAR Electric and $12.2 million for PSNH) of additional regulatory costs as of March 31, 2019 and December 31, 2018, respectively, that were included in long-term assets on the balance sheets.  These amounts represent incurred costs for which recovery has not yet been specifically approved by the applicable regulatory agency.  However, based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates.

Regulatory Liabilities:  The components of regulatory liabilities were as follows:
 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
EDIT due to Tax Cuts and Jobs Act
$
2,871.4

 
$
1,030.7

 
$
1,096.7

 
$
394.6

 
$
2,883.0

 
$
1,031.0

 
$
1,103.7

 
$
396.4

Cost of Removal
535.0

 
46.2

 
313.4

 
22.1

 
521.0

 
39.9

 
307.1

 
22.1

Benefit Costs
87.2

 

 
73.6

 

 
91.2

 

 
76.9

 

Regulatory Tracker Mechanisms
332.5

 
79.5

 
166.7

 
39.9

 
309.0

 
89.5

 
163.7

 
48.3

AFUDC - Transmission
71.4

 
47.1

 
24.3

 

 
70.7

 
47.4

 
23.3

 

Revenue Subject to Refund due to Tax Cuts
  and Jobs Act
27.0

 

 

 
15.8

 
24.6

 

 

 
12.6

Other Regulatory Liabilities
88.3

 
29.3

 
33.9

 
3.2

 
80.2

 
24.0

 
29.2

 
4.2

Total Regulatory Liabilities
4,012.8

 
1,232.8


1,708.6


475.6


3,979.7

 
1,231.8


1,703.9


483.6

Less:  Current Portion
385.4

 
106.5

 
194.0

 
45.7

 
370.2

 
109.6

 
190.6

 
55.5

Total Long-Term Regulatory Liabilities
$
3,627.4

 
$
1,126.3


$
1,514.6


$
429.9


$
3,609.5

 
$
1,122.2


$
1,513.3


$
428.1

v3.19.1
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION
3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION

The following tables summarize property, plant and equipment by asset category:
Eversource
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
 
Distribution - Electric
$
15,245.9

 
$
15,071.1

Distribution - Natural Gas
3,635.6

 
3,546.2

Transmission - Electric
10,251.1

 
10,153.9

Distribution - Water
1,649.5

 
1,639.8

Solar
169.9

 
164.1

Utility
30,952.0

 
30,575.1

Other (1)
798.3

 
778.6

Property, Plant and Equipment, Gross
31,750.3

 
31,353.7

Less:  Accumulated Depreciation
 
 
 
Utility   
(7,229.5
)
 
(7,126.2
)
Other
(348.7
)
 
(336.7
)
Total Accumulated Depreciation
(7,578.2
)
 
(7,462.9
)
Property, Plant and Equipment, Net
24,172.1

 
23,890.8

Construction Work in Progress
1,860.7

 
1,719.6

Total Property, Plant and Equipment, Net
$
26,032.8

 
$
25,610.4


 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
CL&P
 
NSTAR
Electric
 
PSNH
 
CL&P
 
NSTAR
Electric
 
PSNH
Distribution - Electric
$
6,255.8

 
$
6,828.5

 
$
2,201.8

 
$
6,176.4

 
$
6,756.4

 
$
2,178.6

Transmission - Electric
4,746.4

 
4,085.6

 
1,370.2

 
4,700.5

 
4,065.9

 
1,338.7

Solar

 
169.9

 

 

 
164.1

 

Property, Plant and Equipment, Gross
11,002.2

 
11,084.0

 
3,572.0

 
10,876.9

 
10,986.4

 
3,517.3

Less:  Accumulated Depreciation
(2,328.0
)
 
(2,749.9
)
 
(789.3
)
 
(2,302.6
)
 
(2,702.0
)
 
(772.9
)
Property, Plant and Equipment, Net
8,674.2

 
8,334.1

 
2,782.7

 
8,574.3

 
8,284.4

 
2,744.4

Construction Work in Progress
391.7

 
581.5

 
137.9

 
335.4

 
510.3

 
135.7

Total Property, Plant and Equipment, Net
$
9,065.9

 
$
8,915.6

 
$
2,920.6

 
$
8,909.7

 
$
8,794.7

 
$
2,880.1



(1) 
These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service.
v3.19.1
DERIVATIVE INSTRUMENTS
3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS

The electric and natural gas companies purchase and procure energy and energy-related products, which are subject to price volatility, for their customers.  The costs associated with supplying energy to customers are recoverable from customers in future rates.  These regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts.  

Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance.  The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses on the statements of income, as applicable, as electricity or natural gas is delivered.

Derivative contracts that are not designated as normal are recorded at fair value as current or long-term Derivative Assets or Derivative Liabilities on the balance sheets.  For the electric and natural gas companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract settlement amounts are recovered from, or refunded to, customers in their respective energy supply rates.  

The gross fair values of derivative assets and liabilities with the same counterparty are offset and reported as net Derivative Assets or Derivative Liabilities, with current and long-term portions, on the balance sheets.  The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:
 
 
 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
Fair Value Hierarchy
 
Commodity Supply and Price Risk
Management
 
Netting (1)
 
Net Amount
Recorded as a Derivative
 
Commodity Supply and Price Risk
Management
 
Netting (1)
 
Net Amount
Recorded as
a Derivative
Current Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
$
10.4

 
$
(1.9
)
 
$
8.5

 
$
9.6

 
$
(3.4
)
 
$
6.2

Other
Level 2
 

 

 

 
1.5

 
(0.9
)
 
0.6

Long-Term Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
73.1

 
(2.2
)
 
70.9

 
74.2

 
(2.3
)
 
71.9

Current Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(59.7
)
 

 
(59.7
)
 
(55.1
)
 

 
(55.1
)
Other
Level 2
 
(0.4
)
 
0.2

 
(0.2
)
 

 

 

Long-Term Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(372.8
)
 

 
(372.8
)
 
(379.5
)
 

 
(379.5
)
Other
Level 2
 
(0.2
)
 

 
(0.2
)
 

 

 


(1) 
Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets.  These amounts are subject to master netting agreements or similar agreements for which the right of offset exists.

For further information on the fair value of derivative contracts, see Note 1E, "Summary of Significant Accounting Policies - Fair Value Measurements," to the financial statements.

Derivative Contracts at Fair Value with Offsetting Regulatory Amounts
Commodity Supply and Price Risk Management:  As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities.  CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI.  The combined capacity of these contracts is 787 MW.  The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets.  In addition, CL&P has a contract to purchase 0.1 million MWh of energy per year through 2020.   

As of March 31, 2019 and December 31, 2018, Eversource had New York Mercantile Exchange ("NYMEX") financial contracts for natural gas futures in order to reduce variability associated with the price of 6.2 million and 12.5 million MMBtu of natural gas, respectively.

For the three months ended March 31, 2019 and 2018, there were losses of $5.2 million and $36.1 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts.

Fair Value Measurements of Derivative Instruments
Derivative contracts classified as Level 2 in the fair value hierarchy relate to the financial contracts for natural gas futures.  Prices are obtained from broker quotes and are based on actual market activity.  The contracts are valued using NYMEX natural gas prices.  Valuations of these contracts also incorporate discount rates using the yield curve approach.
 
The fair value of derivative contracts classified as Level 3 utilizes significant unobservable inputs.  The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions related to exit price.  Significant observable inputs for valuations of these contracts include energy and energy-related product prices in future years for which quoted prices in an active market exist.  Fair value measurements categorized in Level 3 of the fair value hierarchy are prepared by individuals with expertise in valuation techniques, pricing of energy and energy-related products, and accounting requirements.  The future power and capacity prices for periods that are not quoted in an active market or established at auction are based on available market data and are escalated based on estimates of inflation in order to address the full term of the contract.  

Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding the timing and likelihood of scheduled payments and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty's credit rating for assets and the Company's credit rating for liabilities.  Valuations incorporate estimates of premiums or discounts that would be required by a market participant to arrive at an exit price, using historical market transactions adjusted for the terms of the contract.  

The following is a summary of CL&P's Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
 
As of March 31, 2019
 
As of December 31, 2018
CL&P
Range
 
Period Covered
 
Range
 
Period Covered
Capacity Prices
$
4.30

 
 
7.34

 
per kW-Month
 
2023 - 2026
 
$
4.30

 
 
7.44

 
per kW-Month
 
2022 - 2026
Forward Reserve
0.75

 
 
1.78

 
per kW-Month
 
2019 - 2024
 
0.75

 
 
1.78

 
per kW-Month
 
2019 - 2024


Exit price premiums of 3.7 percent through 15.1 percent are also applied to these contracts and reflect the uncertainty and illiquidity premiums that would be required based on the most recent market activity available for similar type contracts.

Significant increases or decreases in future capacity or forward reserve prices in isolation would decrease or increase, respectively, the fair value of the derivative liability.  Any increases in risk premiums would increase the fair value of the derivative liability.  Changes in these fair values are recorded as a regulatory asset or liability and do not impact net income.  

Valuations using significant unobservable inputs:  The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis.  The derivative assets and liabilities are presented on a net basis.
CL&P
For the Three Months Ended March 31,
(Millions of Dollars)
2019
 
2018
Derivatives, Net:
 
 
 
Fair Value as of Beginning of Period
$
(356.5
)
 
$
(362.3
)
Net Realized/Unrealized Losses Included in Regulatory Assets
(5.3
)
 
(36.9
)
Settlements
8.7

 
12.7

Fair Value as of End of Period
$
(353.1
)
 
$
(386.5
)
v3.19.1
MARKETABLE SECURITIES
3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
MARKETABLE SECURITIES

Eversource holds marketable securities that are primarily used to fund certain non-qualified executive benefits.  The trusts that hold marketable securities are not subject to regulatory oversight by state or federal agencies.  CYAPC and YAEC maintain legally restricted trusts, each of which holds marketable securities, to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities.

Equity Securities: Unrealized gains and losses on equity securities held in Eversource's non-qualified executive benefit trust are recorded in Other Income, Net on the statements of income. The fair value of these equity securities as of March 31, 2019 and December 31, 2018 was $49.6 million and $44.0 million, respectively.  For the three months ended March 31, 2019 and 2018, there were unrealized gains of $1.0 million and unrealized losses of $0.7 million, respectively, recorded in Other Income, Net related to these equity securities.

Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $166.6 million and $200.0 million as of March 31, 2019 and December 31, 2018, respectively.  Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to Other Long-Term Liabilities on the balance sheets, with no impact on the statements of income.

Available-for-Sale Debt Securities: The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.
 
As of March 31, 2019
 
As of December 31, 2018
Eversource
(Millions of Dollars)
Amortized Cost
 
Pre-Tax
Unrealized Gains
 
Pre-Tax
Unrealized
Losses
 
Fair Value
 
Amortized Cost
 
Pre-Tax
Unrealized Gains
 
Pre-Tax
Unrealized
Losses
 
Fair Value
Debt Securities
$
212.3

 
$
0.9

 
$
(0.9
)
 
$
212.3

 
$
190.0

 
$
0.4

 
$
(4.0
)
 
$
186.4



Eversource's debt securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts in the amounts of $170.7 million and $143.9 million as of March 31, 2019 and December 31, 2018, respectively.

Unrealized gains and losses on available-for-sale debt securities held in Eversource's non-qualified benefit trust are recorded in Accumulated Other Comprehensive Income. There have been no significant unrealized losses, other-than-temporary impairments, or credit losses for the three months ended March 31, 2019 and 2018.  Factors considered in determining whether a credit loss exists include the duration and severity of the impairment, adverse conditions specifically affecting the issuer, and the payment history, ratings and rating changes of the security.  For asset-backed debt securities, underlying collateral and expected future cash flows are also evaluated.

As of March 31, 2019, the contractual maturities of available-for-sale debt securities were as follows:  
Eversource
(Millions of Dollars)
Amortized Cost
 
Fair Value
Less than one year (1)
$
29.7

 
$
29.6

One to five years
48.5

 
48.5

Six to ten years
39.0

 
39.4

Greater than ten years
95.1

 
94.8

Total Debt Securities
$
212.3

 
$
212.3


(1) 
Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets.

Realized Gains and Losses:  Realized gains and losses are recorded in Other Income, Net for Eversource's benefit trust and are offset in Other Long-Term Liabilities for CYAPC and YAEC.  Eversource utilizes the specific identification basis method for the Eversource non-qualified benefit trust, and the average cost basis method for the CYAPC and YAEC spent nuclear fuel trusts to compute the realized gains and losses on the sale of marketable securities.

Fair Value Measurements:  The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:
Eversource
(Millions of Dollars)
As of March 31, 2019
 
As of December 31, 2018
Level 1:  
 
 
 
Mutual Funds and Equities
$
216.2

 
$
244.0

Money Market Funds
24.2

 
25.9

Total Level 1
$
240.4

 
$
269.9

Level 2:
 
 
 
U.S. Government Issued Debt Securities (Agency and Treasury)
$
104.3

 
$
79.6

Corporate Debt Securities
44.7

 
39.5

Asset-Backed Debt Securities
13.9

 
14.0

Municipal Bonds
16.0

 
19.2

Other Fixed Income Securities
9.2

 
8.2

Total Level 2
$
188.1

 
$
160.5

Total Marketable Securities
$
428.5

 
$
430.4



U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates.  Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instruments and also incorporating yield curves, credit spreads and specific bond terms and conditions.  Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables.  Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information.  Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields.  Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows.
v3.19.1
SHORT-TERM AND LONG-TERM DEBT
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT

Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $1.45 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt.  Eversource parent, CL&P, PSNH, NSTAR Gas and Yankee Gas are also parties to a five-year $1.45 billion revolving credit facility, which terminates on December 8, 2023. The revolving credit facility serves to backstop Eversource parent's $1.45 billion commercial paper program.  

NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on December 8, 2023. The revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program.  

The amount of borrowings outstanding and available under the commercial paper programs were as follows:
 
Borrowings Outstanding as of
 
Available Borrowing Capacity as of
 
Weighted-Average Interest Rate as of
 
March 31, 2019
 
December 31, 2018
 
March 31, 2019
 
December 31, 2018
 
March 31, 2019
 
December 31, 2018
(Millions of Dollars)
 
 
 
 
 
Eversource Parent Commercial Paper Program
$
1,371.0

 
$
631.5

 
$
79.0

 
$
818.5

 
2.69
%
 
2.77
%
NSTAR Electric Commercial Paper Program
368.4

 
278.5

 
281.6

 
371.5

 
2.49
%
 
2.50
%


There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of March 31, 2019 or December 31, 2018. Eversource's water distribution segment has a $100 million revolving credit facility, which expires on August 19, 2019, and there were no borrowings outstanding as of March 31, 2019 or December 31, 2018.

Amounts outstanding under the commercial paper programs and revolving credit facility are included in Notes Payable and are classified in current liabilities on the Eversource and NSTAR Electric balance sheets as all borrowings are outstanding for no more than 364 days at one time.  As a result of the CL&P long-term debt issuance on April 1, 2019, the net proceeds of which were used to repay CL&P's short-term borrowings, $261.6 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified to Long-Term Debt as of March 31, 2019.

We expect the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with our existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist them in meeting their short-term borrowing needs. In addition, growth in Eversource's key business initiatives requires cash infusion to those subsidiaries. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of March 31, 2019, there were intercompany loans from Eversource parent to CL&P of $261.6 million, to PSNH of $61.0 million, and to Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric ("HEEC"), of $22.3 million. As of December 31, 2018, there were intercompany loans from Eversource parent to PSNH of $57.0 million. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and are classified in current liabilities on the respective subsidiary's balance sheets. As a result of the CL&P long-term debt issuance on April 1, 2019, $261.6 million of CL&P's intercompany borrowings were reclassified to Long-Term Debt as of March 31, 2019. The proceeds from the CL&P April 1, 2019 debt issuance were used to repay CL&P’s short-term borrowings that were outstanding as of March 31, 2019, and to fund capital expenditures and working capital.

Long-Term Debt: The following table summarizes long-term debt issuances and repayments:
(Millions of Dollars)
Issue Date
 
Issuance/(Repayment)
 
Maturity Date
 
Use of Proceeds for Issuance/
Repayment Information
CL&P:
 
 
 
 
 
 
 
4.00% 2018 Series A First Mortgage Bonds (1)
April 2019
 
$
300.0

 
April 2048
 
Repaid short-term borrowings that were used to repay long-term debt that matured on February 1, 2019 and fund capital expenditures and working capital
5.50% 2009 Series A First Mortgage Bonds
February 2009
 
(250.0
)
 
February 2019
 
Repaid at maturity on February 1, 2019

(1) 
These bonds are part of the same series issued by CL&P in March 2018. The aggregate outstanding principal amount of these bonds is now $800 million.
v3.19.1
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES
3 Months Ended
Mar. 31, 2019
Rate Reduction Bonds and Variable Interest Entity [Abstract]  
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES

Rate Reduction Bonds: On May 8, 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035.  The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and will be paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC on January 30, 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets.

PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements. The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:
(Millions of Dollars)
 
 
 
Balance Sheet:
As of March 31, 2019
 
As of December 31, 2018
Restricted Cash - Current Portion (included in Prepayments and Other Current Assets)
$
21.1

 
$
47.5

Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)
3.2

 
3.2

Securitized Stranded Cost (included in Regulatory Assets)
597.7

 
608.4

Other Regulatory Liabilities (included in Regulatory Liabilities)
10.0

 
5.8

Accrued Interest (included in Other Current Liabilities)
3.5

 
14.4

Rate Reduction Bonds - Current Portion
43.2

 
52.3

Rate Reduction Bonds - Long-Term Portion
561.7

 
583.3

(Millions of Dollars)
For the Three Months Ended
Income Statement:
March 31, 2019
 
March 31, 2018
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)
$
10.6

 
$

Interest Expense on RRB Principal (included in Interest Expense)
5.4

 

v3.19.1
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION
3 Months Ended
Mar. 31, 2019
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 and the intercompany allocations, less the capitalized portions, are included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense for pension, SERP and PBOP 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
 
For the Three Months Ended March 31, 2019
 
For the Three Months Ended March 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Service Cost
$
19.3

 
$
4.8

 
$
3.9

 
$
2.6

 
$
22.7

 
$
5.7

 
$
4.7

 
$
2.9

Interest Cost
54.2

 
11.5

 
11.9

 
6.2

 
48.4

 
10.6

 
10.8

 
5.3

Expected Return on Pension Plan Assets
(92.3
)
 
(18.8
)
 
(24.4
)
 
(10.3
)
 
(98.0
)
 
(20.8
)
 
(25.2
)
 
(10.9
)
Actuarial Loss
35.8

 
8.1

 
9.4

 
3.5

 
36.0

 
7.4

 
10.5

 
3.3

Prior Service Cost
1.1

 

 
0.1

 

 
2.2

 
0.4

 
0.2

 
0.1

Total Net Periodic Benefit Expense
$
18.1

 
$
5.6

 
$
0.9

 
$
2.0

 
$
11.3

 
$
3.3

 
$
1.0

 
$
0.7

Intercompany Allocations
N/A

 
$
7.8

 
$
3.0

 
$
2.4

 
N/A

 
$
1.4

 
$
1.5

 
$
0.5

 
PBOP
 
For the Three Months Ended March 31, 2019
 
For the Three Months Ended March 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Service Cost
$
2.1

 
$
0.4

 
$
0.4

 
$
0.2

 
$
2.7

 
$
0.5

 
$
0.5

 
$
0.3

Interest Cost
8.1

 
1.5

 
2.3

 
0.9

 
7.6

 
1.4

 
2.2

 
0.8

Expected Return on Plan Assets
(16.6
)
 
(2.3
)
 
(7.5
)
 
(1.3
)
 
(18.1
)
 
(2.6
)
 
(8.1
)
 
(1.5
)
Actuarial Loss
2.5

 
0.4

 
0.9

 
0.2

 
2.6

 
0.3

 
0.7

 
0.2

Prior Service Cost/(Credit)
(5.8
)
 
0.3

 
(4.2
)
 
0.1

 
(5.9
)
 
0.3

 
(4.3
)
 
0.1

Total Net Periodic Benefit Expense/(Income)
$
(9.7
)
 
$
0.3

 
$
(8.1
)
 
$
0.1

 
$
(11.1
)
 
$
(0.1
)
 
$
(9.0
)
 
$
(0.1
)
Intercompany Allocations
N/A

 
$
(0.1
)
 
$
(0.2
)
 
$
(0.1
)
 
N/A

 
$
(0.3
)
 
$
(0.3
)
 
$
(0.1
)
v3.19.1
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES

A.    Environmental Matters
Eversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations.

The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows:
 
As of March 31, 2019
 
As of December 31, 2018
 
Number of Sites
 
Reserve
(in millions)
 
Number of Sites
 
Reserve
(in millions)
Eversource
59

 
$
64.8

 
60

 
$
64.7

CL&P
15

 
5.6

 
15

 
5.4

NSTAR Electric
15

 
10.5

 
16

 
10.9

PSNH
9

 
5.3

 
9

 
5.4



Included in the Eversource number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability.  The reserve balances related to these former MGP sites were $50.6 million and $50.1 million as of March 31, 2019 and December 31, 2018, respectively, and related primarily to the natural gas business segment.

These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site.  The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations or changes in cost estimates due to certain economic factors.  It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation.  As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly.

B.     Long-Term Contractual Arrangements
On December 28, 2018, under Public Act 17-3, "An Act Concerning Zero Carbon Procurement," DEEP selected the Millstone Nuclear Power Station generation facility, along with smaller generation facilities, in DEEP’s zero-carbon request for proposal. CL&P and UI were directed by DEEP to enter into ten-year contracts to purchase a combined total of approximately 9 million MWh annually from the Millstone generation facility. On March 15, 2019, CL&P and UI each signed a ten-year contract with the owner of Millstone Nuclear Power Station in order to purchase a combined amount of approximately 50 percent of the facility's output (approximately 40 percent by CL&P). The Millstone Nuclear Power Station has a 2,112 MW nameplate capacity. The parties filed the contract with PURA on March 29, 2019 for review and approval. A decision from PURA is expected in the third quarter of 2019.

The significant output of the generation facility, the contract period, and the pricing will result in a significant multi-billion dollar commitment. We plan to sell the energy purchased under this contract into the market and use the proceeds from these energy sales to offset the contract costs.  As the net costs under this contract will be recovered from customers in future rates, the contract will not have an impact on the net income of CL&P.

C.    Guarantees and Indemnifications
In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric and PSNH, in the form of guarantees.

Eversource parent issued a guaranty on behalf of its subsidiary, NPT, under which, beginning at the time the Northern Pass Transmission line goes into commercial operation, Eversource parent will guarantee the financial obligations of NPT under the TSA with HQ in an amount not to exceed $25 million.  Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations. Eversource parent has also entered into a guaranty on behalf of NPT under which Eversource parent will guarantee NPT's obligations under a facility with a financial institution pursuant to which NPT may request letters of credit in an aggregate amount of up to approximately $14 million.

Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications.  The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of March 31, 2019:  
Company
 
Description
 
Maximum Exposure
(in millions)
 
Expiration Dates
On behalf of subsidiaries:
 
 
 
 
 
 
Eversource Investment LLC
 
Revolution Wind and South Fork Wind (1)
 
$
113.9

 
-
Various
 
Surety Bonds (2)
 
32.0

 
2019 - 2021
Rocky River Realty Company and Eversource Service
 
Lease Payments for Real Estate
 
7.3

 
2024
Bay State Wind LLC
 
Real Estate Purchase
 
2.5

 
2019

(1) 
Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Investment LLC. Eversource parent will guarantee, as a primary obligor, the financial obligations, primarily all post-closing payment obligations of Eversource Investment LLC, under the Sale and Purchase Agreement and an Irrevocable Equity Commitment Letter with Ørsted. Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations.

(2) 
Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended.  Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded.  

Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Gas Transmission LLC, to guarantee the payment of the subsidiary's authorized capital contributions for its investment in the Access Northeast project. As of March 31, 2019, the amount of the Access Northeast project capital contribution guaranty was $184.8 million. On April 1, 2019, pursuant to a provision in the partnership agreement jointly entered into by Eversource, Enbridge, Inc. and National Grid plc, through Algonquin Gas Transmission, LLC, the Access Northeast project was terminated. The rights under the guaranty were released, which terminated the obligation of Eversource parent.

D.     Spent Nuclear Fuel Obligations - Yankee Companies
CL&P, NSTAR Electric and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies fund these costs through litigation proceeds received from the DOE and, to the extent necessary, through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. CL&P, NSTAR Electric and PSNH, in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies collect amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P and NSTAR Electric will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers.

Spent Nuclear Fuel Litigation:
The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to provide for a permanent facility to store spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high level waste disposal contracts between the Yankee Companies and the DOE. The court had previously awarded the Yankee Companies damages for Phase I, II and III of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2012, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers.

DOE Phase IV Damages - On May 22, 2017, each of the Yankee Companies filed subsequent lawsuits against the DOE in the Court of Federal
Claims. The Yankee Companies sought monetary damages totaling $104.4 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2013 to 2016 (“DOE Phase IV”). On February 21, 2019, the Yankee Companies received a partial summary judgment and partial final judgment in their favor for the undisputed amount of monetary damages of $103.2 million. The court awarded CYAPC, YAEC and MYAPC damages of $40.7 million, $28.1 million and $34.4 million, respectively. The DOE did not appeal the court's judgment and the decision became final on April 23, 2019. The DOE Phase IV trial for the $1.2 million of remaining damages is expected to begin in June 2019.

E.    FERC ROE Complaints
Four separate complaints have been filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively the "Complainants"). In each of the first three complaints, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE billed of 10.57 percent and the maximum ROE for transmission incentive ("incentive cap") of 11.74 percent, asserting that these ROEs were unjust and unreasonable.

The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, the FERC set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the "Court").

All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH.

Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of March 31, 2019. This reserve represents the difference between the billed rates during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of March 31, 2019.

On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. The parties to these proceedings were directed to submit briefs on this new proposed framework and how they would apply the proposed framework in each of the four complaint proceedings. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results.

The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those preliminary calculations indicated that for the first complaint period, for the NETOs that FERC concludes are of average financial risk, (1) a preliminary range of presumptively just and reasonable base ROEs is 9.60 percent to 10.99 percent; (2) the pre-existing base ROE of 11.14 percent is therefore unjust and unreasonable; (3) the preliminary just and reasonable base ROE is 10.41 percent; and (4) the preliminary incentive cap on total ROE is 13.08 percent.

If the results of these illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods.

Although the order provided illustrative calculations, FERC stated that these calculations are merely preliminary. The FERC’s preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order, as changes to the methodology by FERC are possible as a result of the parties’ arguments and calculations in the briefing process. Until FERC issues a final decision on each of these four complaints, there is significant uncertainty, and at this time, the Company cannot reasonably estimate a range of gain or loss for any of the four complaint proceedings. The October 16, 2018 FERC order or the 2019 briefs did not provide a reasonable basis for a change to the reserve or recognized ROEs for any of the complaint periods.

Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order.

The average impact of a 10 basis point change to the base ROE for each of the 15-month complaint periods would affect Eversource's after-tax earnings by approximately $3 million.

F.    Eversource and NSTAR Electric Boston Harbor Civil Action
On July 15, 2016, the United States Attorney on behalf of the United States Army Corps of Engineers filed a civil action in the United States District Court for the District of Massachusetts under provisions of the Rivers and Harbors Act of 1899 and the Clean Water Act against NSTAR Electric, HEEC, and the Massachusetts Water Resources Authority (together with NSTAR Electric and HEEC, the "Defendants").  The action alleged that the Defendants failed to comply with certain permitting requirements related to the placement of the HEEC-owned electric distribution cable beneath Boston Harbor.  The action sought an order to compel HEEC to comply with cable depth requirements in the United States Army Corps of Engineers' permit or alternatively to remove the electric distribution cable and cease unauthorized work in U.S. waterways.  The action also sought civil penalties and other costs.

The parties reached a settlement pursuant to which HEEC agreed to install a new 115kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and remove portions of the existing cable. Upon the installation and completion of the new cable and the removal of the portions of the existing cable, all issues surrounding the current permit from the United States Army Corps of Engineers are expected to be resolved, and such litigation is expected to be dismissed with prejudice.

NSTAR Electric agreed to provide a rate base credit of $17.5 million to the Massachusetts Water Resources Authority for the new cable. This negotiated credit resulted in the initial $17.5 million of construction costs on the new cable being expensed as incurred, all of which was fully expensed in 2018. Construction of the new cable is underway and is expected to be completed in 2019.
v3.19.1
LEASES
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
LEASES
LEASES

Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement.  Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term.

Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated.

The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years. The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options.

For leases entered into or modified after the January 1, 2019 implementation date, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease, as the rate implicit in the lease is not determinable.

CL&P and PSNH entered into certain contracts for the purchase of energy that qualify as leases.  These contracts do not have minimum lease payments and therefore are not recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below.  Expense related to these contracts are included as variable lease cost in the table below. The expense and long-term obligation for these contracts are included in the annually reported contractual obligations table in Note 12B, "Commitments and Contingencies - Long-Term Contractual Arrangements," of the Eversource 2018 Form 10-K.  

The components of lease cost, prior to amounts capitalized, are as follows:
 
For the Three Months Ended March 31, 2019
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Financing Lease Cost:
 
 
 
 
 
 
 
Amortization of Right-of-use-Assets
$
0.4

 
$
0.2

 
$

 
$

Interest on Lease Liabilities
0.3

 
0.1

 
0.3

 

Total Finance Lease Cost
0.7

 
0.3

 
0.3

 

Operating Lease Cost
3.0

 
0.1

 
0.5

 

Variable Lease Cost
15.5

 
3.5

 

 
12.0

Total Lease Cost
$
19.2

 
$
3.9

 
$
0.8

 
$
12.0



Operating lease cost, less the capitalized portion, is included in Operations and Maintenance (or Purchased Power, Fuel and Transmission expense for transmission segment leases) on the statements of income. Amortization of finance lease assets is included in Depreciation on the statements of income. Interest expense on finance leases is included in Interest Expense, Net on the statements of income.

Supplemental balance sheet information related to leases is as follows:
 
 
 
As of March 31, 2019
(Millions of Dollars)
Balance Sheet Classification
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Operating Leases:
 
 
 
 
 
 
 
 
 
Operating Lease Right-of-use-Assets, Net
Other Long-Term Assets
 
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

Operating Lease Liabilities
 
 
 
 
 
 
 
 
 
Operating Lease Liabilities - Current Portion
Other Current Liabilities
 
$
9.2

 
$
0.3

 
$
0.8

 
$
0.1

Operating Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
47.5

 
0.2

 
24.3

 
0.4

Total Operating Lease Liabilities
 
 
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

Finance Leases:
 
 
 
 
 
 
 
 
 
Finance Lease Right-of-use-Assets, Net
Property, Plant and Equipment, Net
 
$
8.8

 
$
2.9

 
$
3.5

 
$
0.9

Finance Lease Liabilities
 
 
 
 
 
 
 
 
 
Finance Lease Liabilities - Current Portion
Other Current Liabilities
 
$
1.9

 
$
1.5

 
$

 
$
0.1

Finance Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
9.1

 
2.7

 
4.5

 
0.8

Total Finance Lease Liabilities
 
 
$
11.0

 
$
4.2

 
$
4.5

 
$
0.9



The finance lease payments that NSTAR Electric will make over the next twelve months are entirely interest-related, due to escalating payments. As such, none of the finance lease payments over the next twelve months will reduce the finance lease liability.

Other information related to leases is as follows (in millions of dollars, unless otherwise noted):
 
For the Three Months Ended March 31, 2019
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Weighted-Average Remaining Lease Term (Years):
 
 
 
 
 
 
 
Operating Leases
12

 
3

 
21

 
8

Financing Leases
11

 
3

 
23

 
10

Weighted-Average Discount Rate (Percentage):
 
 
 
 
 
 
 
Operating Leases
3.8
%
 
3.2
%
 
4.1
%
 
3.6
%
Financing Leases
4.5
%
 
10.5
%
 
2.9
%
 
3.5
%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
2.9

 
$
0.1

 
$
0.3

 
$

Operating Cash Flows from Finance Leases
0.3

 
0.2

 
0.1

 

Financing Cash Flows from Finance Leases
0.4

 
0.3

 

 

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
1.3

 

 

 

Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities
1.3

 

 

 



Future minimum lease payments, excluding variable costs, under long-term leases, as of March 31, 2019 are as follows:
 
Operating Leases
 
Finance Leases

(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
April 1, 2019 through December 31, 2019
$
8.3

 
$
0.2

 
$
1.4

 
$
0.1

 
$
2.5

 
$
1.5

 
$
0.4

 
$
0.1

Year Ending December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
9.6

 
0.2

 
1.6

 
0.1

 
3.4

 
2.0

 
0.5

 
0.1

2021
8.7

 

 
1.6

 
0.1

 
2.9

 
1.5

 
0.5

 
0.1

2022
7.3

 

 
1.6

 
0.1

 
1.5

 

 
0.6

 
0.1

2023
4.8

 

 
1.6

 
0.1

 
0.7

 

 
0.6

 
0.1

2024
2.8

 

 
1.7

 
0.1

 
0.7

 

 
0.6

 
0.1

Thereafter
29.7

 
0.1

 
29.4

 
0.1

 
13.2

 

 
12.8

 
0.4

Future lease payments
71.2

 
0.5

 
38.9

 
0.7

 
24.9

 
5.0

 
16.0

 
1.0

Less amount representing interest
14.5

 

 
13.8

 
0.2

 
13.9

 
0.8

 
11.5

 
0.1

Present value of future minimum lease payments
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

 
$
11.0

 
$
4.2

 
$
4.5

 
$
0.9



At December 31, 2018, future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance were as follows:
Operating Leases
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
2019
$
11.5

 
$
1.5

 
$
7.2

 
$
0.5

2020
9.8

 
1.4

 
6.0

 
0.4

2021
8.7

 
1.2

 
5.3

 
0.4

2022
7.2

 
1.1

 
4.4

 
0.4

2023
4.7

 
0.5

 
3.1

 
0.2

Thereafter
32.7

 
0.2

 
29.5

 
0.3

Future minimum lease payments
$
74.6

 
$
5.9

 
$
55.5

 
$
2.2


Capital Leases
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
2019
$
3.4

 
$
2.0

 
$
0.5

 
$
0.1

2020
3.4

 
2.0

 
0.5

 
0.1

2021
2.9

 
1.5

 
0.5

 
0.1

2022
1.5

 

 
0.6

 
0.1

2023
0.7

 

 
0.6

 
0.1

Thereafter
13.9

 

 
13.4

 
0.5

Future minimum lease payments
25.8

 
5.5

 
16.1

 
1.0

Less amount representing interest
13.8

 
1.0

 
12.4

 
0.1

Present value of future minimum lease payments
$
12.0

 
$
4.5

 
$
3.7

 
$
0.9

LEASES
LEASES

Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement.  Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term.

Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated.

The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years. The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options.

For leases entered into or modified after the January 1, 2019 implementation date, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease, as the rate implicit in the lease is not determinable.

CL&P and PSNH entered into certain contracts for the purchase of energy that qualify as leases.  These contracts do not have minimum lease payments and therefore are not recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below.  Expense related to these contracts are included as variable lease cost in the table below. The expense and long-term obligation for these contracts are included in the annually reported contractual obligations table in Note 12B, "Commitments and Contingencies - Long-Term Contractual Arrangements," of the Eversource 2018 Form 10-K.  

The components of lease cost, prior to amounts capitalized, are as follows:
 
For the Three Months Ended March 31, 2019
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Financing Lease Cost:
 
 
 
 
 
 
 
Amortization of Right-of-use-Assets
$
0.4

 
$
0.2

 
$

 
$

Interest on Lease Liabilities
0.3

 
0.1

 
0.3

 

Total Finance Lease Cost
0.7

 
0.3

 
0.3

 

Operating Lease Cost
3.0

 
0.1

 
0.5

 

Variable Lease Cost
15.5

 
3.5

 

 
12.0

Total Lease Cost
$
19.2

 
$
3.9

 
$
0.8

 
$
12.0



Operating lease cost, less the capitalized portion, is included in Operations and Maintenance (or Purchased Power, Fuel and Transmission expense for transmission segment leases) on the statements of income. Amortization of finance lease assets is included in Depreciation on the statements of income. Interest expense on finance leases is included in Interest Expense, Net on the statements of income.

Supplemental balance sheet information related to leases is as follows:
 
 
 
As of March 31, 2019
(Millions of Dollars)
Balance Sheet Classification
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Operating Leases:
 
 
 
 
 
 
 
 
 
Operating Lease Right-of-use-Assets, Net
Other Long-Term Assets
 
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

Operating Lease Liabilities
 
 
 
 
 
 
 
 
 
Operating Lease Liabilities - Current Portion
Other Current Liabilities
 
$
9.2

 
$
0.3

 
$
0.8

 
$
0.1

Operating Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
47.5

 
0.2

 
24.3

 
0.4

Total Operating Lease Liabilities
 
 
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

Finance Leases:
 
 
 
 
 
 
 
 
 
Finance Lease Right-of-use-Assets, Net
Property, Plant and Equipment, Net
 
$
8.8

 
$
2.9

 
$
3.5

 
$
0.9

Finance Lease Liabilities
 
 
 
 
 
 
 
 
 
Finance Lease Liabilities - Current Portion
Other Current Liabilities
 
$
1.9

 
$
1.5

 
$

 
$
0.1

Finance Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
9.1

 
2.7

 
4.5

 
0.8

Total Finance Lease Liabilities
 
 
$
11.0

 
$
4.2

 
$
4.5

 
$
0.9



The finance lease payments that NSTAR Electric will make over the next twelve months are entirely interest-related, due to escalating payments. As such, none of the finance lease payments over the next twelve months will reduce the finance lease liability.

Other information related to leases is as follows (in millions of dollars, unless otherwise noted):
 
For the Three Months Ended March 31, 2019
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Weighted-Average Remaining Lease Term (Years):
 
 
 
 
 
 
 
Operating Leases
12

 
3

 
21

 
8

Financing Leases
11

 
3

 
23

 
10

Weighted-Average Discount Rate (Percentage):
 
 
 
 
 
 
 
Operating Leases
3.8
%
 
3.2
%
 
4.1
%
 
3.6
%
Financing Leases
4.5
%
 
10.5
%
 
2.9
%
 
3.5
%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
2.9

 
$
0.1

 
$
0.3

 
$

Operating Cash Flows from Finance Leases
0.3

 
0.2

 
0.1

 

Financing Cash Flows from Finance Leases
0.4

 
0.3

 

 

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
1.3

 

 

 

Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities
1.3

 

 

 



Future minimum lease payments, excluding variable costs, under long-term leases, as of March 31, 2019 are as follows:
 
Operating Leases
 
Finance Leases

(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
April 1, 2019 through December 31, 2019
$
8.3

 
$
0.2

 
$
1.4

 
$
0.1

 
$
2.5

 
$
1.5

 
$
0.4

 
$
0.1

Year Ending December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
9.6

 
0.2

 
1.6

 
0.1

 
3.4

 
2.0

 
0.5

 
0.1

2021
8.7

 

 
1.6

 
0.1

 
2.9

 
1.5

 
0.5

 
0.1

2022
7.3

 

 
1.6

 
0.1

 
1.5

 

 
0.6

 
0.1

2023
4.8

 

 
1.6

 
0.1

 
0.7

 

 
0.6

 
0.1

2024
2.8

 

 
1.7

 
0.1

 
0.7

 

 
0.6

 
0.1

Thereafter
29.7

 
0.1

 
29.4

 
0.1

 
13.2

 

 
12.8

 
0.4

Future lease payments
71.2

 
0.5

 
38.9

 
0.7

 
24.9

 
5.0

 
16.0

 
1.0

Less amount representing interest
14.5

 

 
13.8

 
0.2

 
13.9

 
0.8

 
11.5

 
0.1

Present value of future minimum lease payments
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

 
$
11.0

 
$
4.2

 
$
4.5

 
$
0.9



At December 31, 2018, future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance were as follows:
Operating Leases
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
2019
$
11.5

 
$
1.5

 
$
7.2

 
$
0.5

2020
9.8

 
1.4

 
6.0

 
0.4

2021
8.7

 
1.2

 
5.3

 
0.4

2022
7.2

 
1.1

 
4.4

 
0.4

2023
4.7

 
0.5

 
3.1

 
0.2

Thereafter
32.7

 
0.2

 
29.5

 
0.3

Future minimum lease payments
$
74.6

 
$
5.9

 
$
55.5

 
$
2.2


Capital Leases
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
2019
$
3.4

 
$
2.0

 
$
0.5

 
$
0.1

2020
3.4

 
2.0

 
0.5

 
0.1

2021
2.9

 
1.5

 
0.5

 
0.1

2022
1.5

 

 
0.6

 
0.1

2023
0.7

 

 
0.6

 
0.1

Thereafter
13.9

 

 
13.4

 
0.5

Future minimum lease payments
25.8

 
5.5

 
16.1

 
1.0

Less amount representing interest
13.8

 
1.0

 
12.4

 
0.1

Present value of future minimum lease payments
$
12.0

 
$
4.5

 
$
3.7

 
$
0.9

v3.19.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair value of each of the following financial instruments:

Preferred Stock, Long-Term Debt and Rate Reduction Bonds:  The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections.  The fair value of long-term debt and RRB debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields.  The fair values provided in the table below are classified as Level 2 within the fair value hierarchy.  Carrying amounts and estimated fair values are as follows:
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
(Millions of Dollars)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
As of March 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock Not Subject to Mandatory Redemption
$
155.6

 
$
157.1

 
$
116.2

 
$
114.2

 
$
43.0

 
$
42.9

 
$

 
$

Long-Term Debt
13,089.8

 
13,519.6

 
3,265.8

 
3,538.0

 
2,945.2

 
3,107.3

 
805.3

 
831.1

Rate Reduction Bonds
604.9

 
623.3

 

 

 

 

 
604.9

 
623.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock Not Subject to Mandatory Redemption
$
155.6

 
$
156.8

 
$
116.2

 
$
113.8

 
$
43.0

 
$
43.0

 
$

 
$

Long-Term Debt
13,086.1

 
13,154.9

 
3,254.0

 
3,429.2

 
2,944.8

 
3,024.1

 
805.2

 
819.5

Rate Reduction Bonds
635.7

 
645.8

 

 

 

 

 
635.7

 
645.8



Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value.  For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements.  

See Note 1E, "Summary of Significant Accounting Policies - Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy.
v3.19.1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
3 Months Ended
Mar. 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 Three Months Ended March 31, 2019
 
For the Three Months Ended March 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

 
0.7

 

 
0.7

 

 
(0.4
)
 

 
(0.4
)
Amounts Reclassified from AOCI
0.3

 

 
1.2

 
1.5

 
0.7

 

 
3.0

 
3.7

Net OCI
0.3

 
0.7

 
1.2

 
2.2

 
0.7

 
(0.4
)
 
3.0

 
3.3

Balance as of March 31st
$
(4.1
)
 
$
0.2

 
$
(53.9
)
 
$
(57.8
)
 
$
(5.5
)
 
$
(0.4
)
 
$
(57.2
)
 
$
(63.1
)


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.
v3.19.1
COMMON SHARES
3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
COMMON SHARES
COMMON SHARES

The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:  
 
Shares
 
 
 
Authorized as of March 31, 2019 and December 31, 2018
 
Issued as of
 
Par Value
 
 
March 31, 2019
 
December 31, 2018
Eversource
$
5

 
380,000,000

 
333,878,402

 
333,878,402

CL&P
$
10

 
24,500,000

 
6,035,205

 
6,035,205

NSTAR Electric
$
1

 
100,000,000

 
200

 
200

PSNH
$
1

 
100,000,000

 
301

 
301



As of March 31, 2019 and December 31, 2018, there were 16,530,932 and 16,992,594 Eversource common shares held as treasury shares, respectively. As of March 31, 2019 and December 31, 2018, Eversource common shares outstanding were 317,347,470 and 316,885,808, respectively.

Beginning in 2019, Eversource began issuing treasury shares to satisfy awards under the Company's incentive plan, shares issued under the dividend reinvestment plan, and matching contributions under the Eversource 401k Plan.
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2019 and 2018. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of March 31, 2019 and December 31, 2018. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest.
v3.19.1
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
COMMON SHARES

The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:  
 
Shares
 
 
 
Authorized as of March 31, 2019 and December 31, 2018
 
Issued as of
 
Par Value
 
 
March 31, 2019
 
December 31, 2018
Eversource
$
5

 
380,000,000

 
333,878,402

 
333,878,402

CL&P
$
10

 
24,500,000

 
6,035,205

 
6,035,205

NSTAR Electric
$
1

 
100,000,000

 
200

 
200

PSNH
$
1

 
100,000,000

 
301

 
301



As of March 31, 2019 and December 31, 2018, there were 16,530,932 and 16,992,594 Eversource common shares held as treasury shares, respectively. As of March 31, 2019 and December 31, 2018, Eversource common shares outstanding were 317,347,470 and 316,885,808, respectively.

Beginning in 2019, Eversource began issuing treasury shares to satisfy awards under the Company's incentive plan, shares issued under the dividend reinvestment plan, and matching contributions under the Eversource 401k Plan.
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2019 and 2018. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of March 31, 2019 and December 31, 2018. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest.
v3.19.1
EARNINGS PER SHARE
3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

Basic EPS is computed based upon the weighted average number of common shares outstanding during each period.  Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards as if they were converted into common shares.  The dilutive effect of unvested RSU and performance share awards is calculated using the treasury stock method.  RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied.  

The following table sets forth the components of basic and diluted EPS:
Eversource
(Millions of Dollars, except share information)
For the Three Months Ended
March 31, 2019
 
March 31, 2018
Net Income Attributable to Common Shareholders
$
308.7

 
$
269.5

Weighted Average Common Shares Outstanding:
 
 
 
Basic
317,624,593

 
317,397,052

Dilutive Effect
691,489

 
595,947

Diluted
318,316,082

 
317,992,999

Basic and Diluted EPS
$
0.97

 
$
0.85

v3.19.1
REVENUES
3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
REVENUES
REVENUES

The following tables present operating revenues disaggregated by revenue source:
 
For the Three Months Ended March 31, 2019
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
1,033.3

 
$
258.9

 
$

 
$
27.0

 
$

 
$

 
$
1,319.2

Commercial
652.6

 
143.8

 

 
14.3

 

 
(1.1
)
 
809.6

Industrial
82.1

 
30.9

 

 
1.1

 

 
(2.7
)
 
111.4

Total Retail Tariff Sales Revenues
1,768.0


433.6

 

 
42.4



 
(3.8
)
 
2,240.2

Wholesale Transmission Revenues

 

 
324.9

 

 
13.5

 
(270.8
)
 
67.6

Wholesale Market Sales Revenues
51.5

 
21.7

 

 
1.0

 

 

 
74.2

Other Revenues from Contracts with Customers
12.6

 
0.9

 
3.2

 
1.7

 
244.6

 
(245.4
)
 
17.6

Reserve for Revenues Subject to Refund
(3.1
)
 
1.6

 

 
(0.8
)
 

 

 
(2.3
)
Total Revenues from Contracts with Customers
1,829.0


457.8

 
328.1

 
44.3


258.1

 
(520.0
)
 
2,397.3

Alternative Revenue Programs
2.1

 
10.4

 
12.4

 
0.9

 

 
(11.1
)
 
14.7

Other Revenues (1)
2.8

 
0.7

 

 
0.3

 

 

 
3.8

Total Operating Revenues
$
1,833.9


$
468.9

 
$
340.5

 
$
45.5


$
258.1

 
$
(531.1
)
 
$
2,415.8


 
For the Three Months Ended March 31, 2018
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
994.4

 
$
248.9

 
$

 
$
26.4

 
$

 
$

 
$
1,269.7

Commercial
611.4

 
134.7

 

 
13.8

 

 

 
759.9

Industrial
81.5

 
29.5

 

 
1.0

 

 
(2.5
)
 
109.5

Total Retail Tariff Sales Revenues
1,687.3

 
413.1

 

 
41.2

 

 
(2.5
)
 
2,139.1

Wholesale Transmission Revenues

 

 
313.6

 

 
10.1

 
(258.7
)
 
65.0

Wholesale Market Sales Revenues
58.5

 
17.8

 

 
0.8

 

 

 
77.1

Other Revenues from Contracts with Customers
16.0

 
(0.6
)
 
3.1

 
4.0

 
220.8

 
(221.4
)
 
21.9

Reserve for Revenues Subject to Refund
(19.3
)
 
(4.5
)
 

 
(2.2
)
 

 

 
(26.0
)
Total Revenues from Contracts with Customers
1,742.5

 
425.8

 
316.7

 
43.8

 
230.9

 
(482.6
)
 
2,277.1

Alternative Revenue Programs
8.7

 
(1.7
)
 
(11.7
)
 
0.7

 

 
10.6

 
6.6

Other Revenues
3.4

 
0.8

 

 
0.1

 

 

 
4.3

Total Operating Revenues
$
1,754.6

 
$
424.9

 
$
305.0

 
$
44.6

 
$
230.9

 
$
(472.0
)
 
$
2,288.0

 
For the Three Months Ended March 31, 2019
 
For the Three Months Ended March 31, 2018
(Millions of Dollars)
CL&P
 
NSTAR Electric
 
PSNH
 
CL&P
 
NSTAR Electric
 
PSNH
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
$
510.5

 
$
371.0

 
$
151.8

 
$
483.4

 
$
364.2

 
$
146.8

Commercial
236.7

 
336.5

 
79.8

 
222.5

 
314.4

 
74.9

Industrial
34.6

 
28.8

 
18.7

 
35.8

 
28.1

 
17.6

Total Retail Tariff Sales Revenues
781.8

 
736.3

 
250.3

 
741.7

 
706.7

 
239.3

Wholesale Transmission Revenues
154.8

 
122.6

 
47.5

 
150.8

 
118.6

 
44.2

Wholesale Market Sales Revenues
13.7

 
24.4

 
13.4

 
10.3

 
24.9

 
24.1

Other Revenues from Contracts with Customers
8.9

 
4.0

 
3.6

 
7.5

 
8.3

 
3.5

Reserve for Revenues Subject to Refund

 

 
(3.1
)
 
(12.5
)
 
(3.7
)
 
(3.1
)
Total Revenues from Contracts with Customers
959.2

 
887.3

 
311.7

 
897.8

 
854.8

 
308.0

Alternative Revenue Programs
5.7

 
7.3

 
1.5

 
(5.1
)
 
6.7

 
(4.6
)
Other Revenues (1)
1.0

 
1.5

 
0.3

 
1.3

 
1.7

 
0.4

Eliminations
(116.7
)
 
(98.5
)
 
(37.1
)
 
(109.0
)
 
(93.1
)
 
(36.4
)
Total Operating Revenues
$
849.2

 
$
797.6

 
$
276.4

 
$
785.0

 
$
770.1

 
$
267.4


(1) Other Revenues include certain fees charged to customers, which are not considered revenue from contracts with customers. Other revenues also includes lease revenues under lessor accounting guidance of $1.0 million at Eversource, $0.2 million at CL&P, and $0.6 million at NSTAR Electric for the three months ended March 31, 2019.
v3.19.1
SEGMENT INFORMATION
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION

Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates.  These reportable segments represent substantially all of Eversource's total consolidated revenues.  Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer.  The Electric Distribution reportable segment includes the results of PSNH's generation facilities prior to sales in January and August 2018, and NSTAR Electric's solar power facilities. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources.
 
The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, 4) Eversource Water Ventures, Inc., parent company of Aquarion, and 5) the results of other unregulated subsidiaries, which are not part of its core business. In addition, Other in the tables below includes Eversource parent's equity ownership interests that are not consolidated, which include a natural gas pipeline project owned by Enbridge, Inc., the offshore wind business, a renewable energy investment fund, and two companies that transmit hydroelectricity imported from the Hydro-Quebec system in Canada. In the ordinary course of business, Yankee Gas and NSTAR Gas purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total approximately $62.5 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income.

Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment.

Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension and PBOP expense.   

Eversource's segment information is as follows:
 
For the Three Months Ended March 31, 2019
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
1,833.9

 
$
468.9

 
$
340.5

 
$
45.5

 
$
258.1

 
$
(531.1
)
 
$
2,415.8

Depreciation and Amortization
(179.2
)
 
(20.4
)
 
(61.5
)
 
(11.8
)
 
(13.6
)
 
0.6

 
(285.9
)
Other Operating Expenses
(1,475.6
)
 
(341.3
)
 
(98.8
)
 
(25.0
)
 
(225.5
)
 
531.0

 
(1,635.2
)
Operating Income
$
179.1

 
$
107.2

 
$
180.2

 
$
8.7

 
$
19.0

 
$
0.5

 
$
494.7

Interest Expense
$
(49.2
)
 
$
(11.7
)
 
$
(30.6
)
 
$
(8.6
)
 
$
(44.2
)
 
$
12.6

 
$
(131.7
)
Other Income, Net
18.2

 
0.2

 
8.1

 
0.4

 
431.7

 
(427.6
)
 
31.0

Net Income Attributable to Common Shareholders
120.1

 
76.5

 
118.2

 
0.9

 
407.5

 
(414.5
)
 
308.7

Cash Flows Used for Investments in Plant
279.3

 
87.4

 
231.4

 
20.7

 
55.9

 

 
674.7

 
For the Three Months Ended March 31, 2018
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
1,754.6

 
$
424.9

 
$
305.0

 
$
44.6

 
$
230.9

 
$
(472.0
)
 
$
2,288.0

Depreciation and Amortization
(144.4
)
 
(26.4
)
 
(56.6
)
 
(10.7
)
 
(12.0
)
 
0.6

 
(249.5
)
Other Operating Expenses
(1,443.5
)
 
(312.6
)
 
(83.2
)
 
(23.9
)
 
(204.7
)
 
471.9

 
(1,596.0
)
Operating Income
$
166.7

 
$
85.9

 
$
165.2

 
$
10.0

 
$
14.2

 
$
0.5

 
$
442.5

Interest Expense
$
(47.4
)
 
$
(11.1
)
 
$
(29.7
)
 
$
(8.4
)
 
$
(31.9
)
 
$
7.4

 
$
(121.1
)
Other Income/(Loss), Net
19.6

 
2.0

 
8.0

 
(0.6
)
 
360.1

 
(355.3
)
 
33.8

Net Income Attributable to Common Shareholders
104.2

 
57.8

 
107.4

 
1.5

 
346.0

 
(347.4
)
 
269.5

Cash Flows Used for Investments in Plant
236.0

 
70.4

 
239.2

 
19.0

 
42.7

 

 
607.3


The following table summarizes Eversource's segmented total assets:
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
As of March 31, 2019
$
21,507.0

 
$
4,019.1

 
$
10,533.4

 
$
2,268.3

 
$
18,939.8

 
$
(18,326.6
)
 
$
38,941.0

As of December 31, 2018
21,389.1

 
3,904.9

 
10,285.0

 
2,253.0

 
17,874.2

 
(17,464.9
)
 
38,241.3

v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business.  Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities).  Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire.

The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries.  Intercompany transactions have been eliminated in consolidation.  The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."

The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC.  Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations.  The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2018 Form 10-K, which was filed with the SEC on February 26, 2019. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of March 31, 2019 and December 31, 2018, and the results of operations, comprehensive income, common shareholders' equity, and cash flows for the three months ended March 31, 2019 and 2018. The results of operations, comprehensive income, and cash flows for the three months ended March 31, 2019 and 2018 are not necessarily indicative of the results expected for a full year.  

Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent.  Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements.

Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information.

Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation.
Accounting Standards
Accounting Standards
Accounting Standards Issued but Not Yet Effective: In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Under the new guidance, immediate recognition of all credit losses expected over the life of a financial instrument is required. The new standard also revises the other-than-temporary impairment model for available-for-sale debt securities. The standard is effective January 1, 2020, and requires a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings. The Company is assessing the impacts of this standard on the accounting for credit losses on its financial instruments, including accounts receivable.

Accounting Standards Recently Adopted: On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), which amended existing lease accounting guidance. The Company applied the Topic 842 lease criteria to new leases and lease renewals entered into effective on or after January 1, 2019.  The ASU required balance sheet recognition of leases deemed to be operating leases as well as additional disclosure requirements.  The recognition, measurement and presentation of expenses and cash flows were not significantly changed.

The Company also adopted the modified retrospective transition method allowed in ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which allowed the Company to adopt the new leases standard as of January 1, 2019, with prior periods presented in the financial statements continuing to follow existing lease accounting guidance under Topic 840 (Leases) in the accounting literature.  Implementation of ASU 2018-11 had no effect on retained earnings, and the requirements of the new lease standard (Topic 842) are reflected in the 2019 financial statements and footnotes.

The Company elected the practical expedient package whereby it did not need to reassess whether or not an existing contract is or contains a lease or whether a lease is an operating or capital lease, and it did not need to reassess initial direct costs for leases. Election of this practical expedient allowed us to carry forward our historical lease classifications. The Company elected the practical expedient to not reevaluate land easements existing at adoption if they were not previously accounted for as leases. The Company also elected to use the discount rate as of the January 1, 2019 implementation date to discount its operating lease liabilities. The Company did not elect the hindsight practical expedient to determine the lease term for existing leases.

The Company determined the impact the ASUs had on its financial statements by reviewing its lease population and identifying lease data needed for the disclosure requirements. The Company implemented a new lease accounting system in 2019 to ensure ongoing compliance with the ASU’s requirements. Adoption of the new standard resulted in the recording of operating lease liabilities and right-of-use assets on the balance sheet upon transition at January 1, 2019 of $58.0 million at Eversource, $25.3 million at NSTAR Electric, $0.6 million at CL&P, and $0.6 million at PSNH. Implementation of the new guidance did not have an impact on each company’s results of operations or cash flows.
Provision for Uncollectible Accounts
Provision for Uncollectible Accounts
Eversource, including CL&P, NSTAR Electric and PSNH, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts.  This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category.  The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers.  Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience.  Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible.

The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively.  The DPU allows NSTAR Electric and NSTAR Gas to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets.
Fair Value Measurements
Fair Value Measurements
Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts.  Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs.

Fair Value Hierarchy:  In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs.  Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes.  The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement.  Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period.  The three levels of the fair value hierarchy are described below:

Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date.  Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.  

Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable.

Level 3 - Quoted market prices are not available.  Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable.  Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products.  

Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy.

Other Taxes
Other Taxes
Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers.
As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income.   

Separate from the amounts above are $10.7 million and $12.7 million of amounts recorded as Taxes Other than Income Taxes for the three months ended March 31, 2019 and 2018, respectively, related to the future remittance to the State of Connecticut of energy efficiency funds collected from customers in Operating Revenues. These amounts are recorded separately, with collections in Operating Revenues and with payments in Taxes Other than Income Taxes on the Eversource and CL&P statements of income.  

Restricted Cash
Restricted cash included in Prepayments and Other Current Assets and Other Long-Term Assets primarily represents cash collections related to the PSNH RRB customer charges that are held in trust, and required ISO-NE cash deposits. Restricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage facilities obligations.
v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Provision for Uncollectible Accounts
 
Total Provision for Uncollectible Accounts
 
Provision for Uncollectible Hardship Accounts
(Millions of Dollars)
As of March 31, 2019
 
As of December 31, 2018
 
As of March 31, 2019
 
As of December 31, 2018
Eversource
$
223.3

 
$
212.7

 
$
134.6

 
$
131.5

CL&P
93.0

 
88.0

 
75.2

 
71.9

NSTAR Electric
74.8

 
74.5

 
40.9

 
42.5

PSNH
11.0

 
11.1

 

 



Uncollectible expense associated with customers' accounts receivable included in Operations and Maintenance expense on the statements of income is as follows:
 
For the Three Months Ended
(Millions of Dollars)
March 31, 2019
 
March 31, 2018
Eversource
$
18.6

 
$
19.6

CL&P
4.1

 
3.9

NSTAR Electric
6.0

 
7.5

PSNH
1.7

 
1.7

Components of Other Income, Net
The components of Other Income, Net on the statements of income were as follows:
 
For the Three Months Ended
 
March 31, 2019
 
March 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Pension, SERP and PBOP Non-Service
   Income Components
$
7.4

 
$
(0.6
)
 
$
7.0

 
$
0.5

 
$
15.2

 
$
3.0

 
$
8.4

 
$
2.3

AFUDC Equity
10.9

 
2.6

 
4.0

 
0.2

 
9.7

 
2.8

 
3.4

 

Equity in Earnings
5.0

 

 
0.2

 

 
4.6

 

 

 

Investment Income/(Loss)
1.2

 
1.7

 
(0.3
)
 
0.4

 
0.7

 
(0.1
)
 
0.6

 

Interest Income (1)
6.5

 
0.4

 
0.2

 
5.9

 
3.5

 
0.9

 
0.2

 
2.4

Other

 
(0.2
)
 

 

 
0.1

 

 

 

Total Other Income, Net
$
31.0

 
$
3.9

 
$
11.1

 
$
7.0

 
$
33.8

 
$
6.6

 
$
12.6

 
$
4.7


(1) See Note 2, "Regulatory Accounting" for interest income recognized in 2019 for the equity return component of carrying charges on storm costs at PSNH.

Other Taxes
These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:
 
For the Three Months Ended
(Millions of Dollars)
March 31, 2019
 
March 31, 2018
Eversource
$
45.0

 
$
43.4

CL&P
36.2

 
35.6

Non-cash Investing Activities
Non-cash investing activities include plant additions included in Accounts Payable as follows:
(Millions of Dollars)
As of March 31, 2019
 
As of March 31, 2018
Eversource
$
336.3

 
$
274.4

CL&P
121.9

 
117.7

NSTAR Electric
83.2

 
59.5

PSNH
30.4

 
36.0

Reconciliation of Cash Balances to Cash and Restricted Cash
The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows:
 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Cash as reported on the Balance Sheets
$
35.1

 
$
7.5

 
$
1.8

 
$
4.0

 
$
108.1

 
$
87.7

 
$
1.6

 
$
1.4

Restricted cash included in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prepayments and Other Current Assets
45.9

 
3.6

 
13.0

 
21.1

 
72.1

 
3.5

 
13.0

 
47.5

Marketable Securities
24.2

 
0.3

 
0.1

 
0.5

 
25.9

 
0.4

 
0.1

 
0.6

Other Long-Term Assets
3.2

 

 

 
3.2

 
3.2

 

 

 
3.2

Cash and Restricted Cash reported on the
   Statements of Cash Flows
$
108.4

 
$
11.4

 
$
14.9

 
$
28.8

 
$
209.3

 
$
91.6

 
$
14.7

 
$
52.7

v3.19.1
REGULATORY ACCOUNTING (Tables)
3 Months Ended
Mar. 31, 2019
Regulated Operations [Abstract]  
Components of Regulatory Assets
The components of regulatory assets were as follows:
 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Benefit Costs
$
1,878.7

 
$
416.0

 
$
534.9

 
$
165.8

 
$
1,914.8

 
$
424.7

 
$
544.4

 
$
169.6

Income Taxes, Net
730.9

 
454.3

 
106.1

 
8.0

 
728.6

 
454.4

 
105.9

 
8.3

Securitized Stranded Costs
597.7

 

 

 
597.7

 
608.4

 

 

 
608.4

Storm Restoration Costs, Net
579.0

 
307.4

 
204.4

 
67.2

 
576.0

 
302.6

 
212.9

 
60.5

Regulatory Tracker Mechanisms
317.7

 
54.4

 
160.2

 
78.0

 
316.0

 
33.2

 
169.1

 
67.3

Derivative Liabilities
353.5

 
353.1

 

 

 
356.5

 
356.5

 

 

Goodwill-related
344.2

 

 
295.5

 

 
348.4

 

 
299.1

 

Asset Retirement Obligations
92.8

 
32.8

 
44.9

 
3.4

 
89.2

 
32.3

 
42.2

 
3.3

Other Regulatory Assets
202.2

 
26.4

 
62.6

 
11.9

 
208.0

 
27.0

 
64.6

 
12.1

Total Regulatory Assets
5,096.7

 
1,644.4


1,408.6


932.0


5,145.9

 
1,630.7


1,438.2


929.5

Less:  Current Portion
507.3

 
147.7

 
234.7

 
76.6

 
514.8

 
125.2

 
241.7

 
67.2

Total Long-Term Regulatory Assets
$
4,589.4

 
$
1,496.7


$
1,173.9


$
855.4


$
4,631.1

 
$
1,505.5


$
1,196.5


$
862.3

Components of Regulatory Liabilities
The components of regulatory liabilities were as follows:
 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
EDIT due to Tax Cuts and Jobs Act
$
2,871.4

 
$
1,030.7

 
$
1,096.7

 
$
394.6

 
$
2,883.0

 
$
1,031.0

 
$
1,103.7

 
$
396.4

Cost of Removal
535.0

 
46.2

 
313.4

 
22.1

 
521.0

 
39.9

 
307.1

 
22.1

Benefit Costs
87.2

 

 
73.6

 

 
91.2

 

 
76.9

 

Regulatory Tracker Mechanisms
332.5

 
79.5

 
166.7

 
39.9

 
309.0

 
89.5

 
163.7

 
48.3

AFUDC - Transmission
71.4

 
47.1

 
24.3

 

 
70.7

 
47.4

 
23.3

 

Revenue Subject to Refund due to Tax Cuts
  and Jobs Act
27.0

 

 

 
15.8

 
24.6

 

 

 
12.6

Other Regulatory Liabilities
88.3

 
29.3

 
33.9

 
3.2

 
80.2

 
24.0

 
29.2

 
4.2

Total Regulatory Liabilities
4,012.8

 
1,232.8


1,708.6


475.6


3,979.7

 
1,231.8


1,703.9


483.6

Less:  Current Portion
385.4

 
106.5

 
194.0

 
45.7

 
370.2

 
109.6

 
190.6

 
55.5

Total Long-Term Regulatory Liabilities
$
3,627.4

 
$
1,126.3


$
1,514.6


$
429.9


$
3,609.5

 
$
1,122.2


$
1,513.3


$
428.1



v3.19.1
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables)
3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Public Utility Property, Plant, and Equipment
The following tables summarize property, plant and equipment by asset category:
Eversource
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
 
Distribution - Electric
$
15,245.9

 
$
15,071.1

Distribution - Natural Gas
3,635.6

 
3,546.2

Transmission - Electric
10,251.1

 
10,153.9

Distribution - Water
1,649.5

 
1,639.8

Solar
169.9

 
164.1

Utility
30,952.0

 
30,575.1

Other (1)
798.3

 
778.6

Property, Plant and Equipment, Gross
31,750.3

 
31,353.7

Less:  Accumulated Depreciation
 
 
 
Utility   
(7,229.5
)
 
(7,126.2
)
Other
(348.7
)
 
(336.7
)
Total Accumulated Depreciation
(7,578.2
)
 
(7,462.9
)
Property, Plant and Equipment, Net
24,172.1

 
23,890.8

Construction Work in Progress
1,860.7

 
1,719.6

Total Property, Plant and Equipment, Net
$
26,032.8

 
$
25,610.4


 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
CL&P
 
NSTAR
Electric
 
PSNH
 
CL&P
 
NSTAR
Electric
 
PSNH
Distribution - Electric
$
6,255.8

 
$
6,828.5

 
$
2,201.8

 
$
6,176.4

 
$
6,756.4

 
$
2,178.6

Transmission - Electric
4,746.4

 
4,085.6

 
1,370.2

 
4,700.5

 
4,065.9

 
1,338.7

Solar

 
169.9

 

 

 
164.1

 

Property, Plant and Equipment, Gross
11,002.2

 
11,084.0

 
3,572.0

 
10,876.9

 
10,986.4

 
3,517.3

Less:  Accumulated Depreciation
(2,328.0
)
 
(2,749.9
)
 
(789.3
)
 
(2,302.6
)
 
(2,702.0
)
 
(772.9
)
Property, Plant and Equipment, Net
8,674.2

 
8,334.1

 
2,782.7

 
8,574.3

 
8,284.4

 
2,744.4

Construction Work in Progress
391.7

 
581.5

 
137.9

 
335.4

 
510.3

 
135.7

Total Property, Plant and Equipment, Net
$
9,065.9

 
$
8,915.6

 
$
2,920.6

 
$
8,909.7

 
$
8,794.7

 
$
2,880.1



(1) 
These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service.
v3.19.1
DERIVATIVE INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Fair Values and Net Amounts of Contracts
The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:
 
 
 
As of March 31, 2019
 
As of December 31, 2018
(Millions of Dollars)
Fair Value Hierarchy
 
Commodity Supply and Price Risk
Management
 
Netting (1)
 
Net Amount
Recorded as a Derivative
 
Commodity Supply and Price Risk
Management
 
Netting (1)
 
Net Amount
Recorded as
a Derivative
Current Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
$
10.4

 
$
(1.9
)
 
$
8.5

 
$
9.6

 
$
(3.4
)
 
$
6.2

Other
Level 2
 

 

 

 
1.5

 
(0.9
)
 
0.6

Long-Term Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
73.1

 
(2.2
)
 
70.9

 
74.2

 
(2.3
)
 
71.9

Current Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(59.7
)
 

 
(59.7
)
 
(55.1
)
 

 
(55.1
)
Other
Level 2
 
(0.4
)
 
0.2

 
(0.2
)
 

 

 

Long-Term Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(372.8
)
 

 
(372.8
)
 
(379.5
)
 

 
(379.5
)
Other
Level 2
 
(0.2
)
 

 
(0.2
)
 

 

 


(1) 
Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets.  These amounts are subject to master netting agreements or similar agreements for which the right of offset exists.
Summary of Level 3 Derivative Contracts and Significant Observable Inputs Used
The following is a summary of CL&P's Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
 
As of March 31, 2019
 
As of December 31, 2018
CL&P
Range
 
Period Covered
 
Range
 
Period Covered
Capacity Prices
$
4.30

 
 
7.34

 
per kW-Month
 
2023 - 2026
 
$
4.30

 
 
7.44

 
per kW-Month
 
2022 - 2026
Forward Reserve
0.75

 
 
1.78

 
per kW-Month
 
2019 - 2024
 
0.75

 
 
1.78

 
per kW-Month
 
2019 - 2024
Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis
The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis.  The derivative assets and liabilities are presented on a net basis.
CL&P
For the Three Months Ended March 31,
(Millions of Dollars)
2019
 
2018
Derivatives, Net:
 
 
 
Fair Value as of Beginning of Period
$
(356.5
)
 
$
(362.3
)
Net Realized/Unrealized Losses Included in Regulatory Assets
(5.3
)
 
(36.9
)
Settlements
8.7

 
12.7

Fair Value as of End of Period
$
(353.1
)
 
$
(386.5
)
v3.19.1
MARKETABLE SECURITIES (Tables)
3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale Debt Securities
The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.
 
As of March 31, 2019
 
As of December 31, 2018
Eversource
(Millions of Dollars)
Amortized Cost
 
Pre-Tax
Unrealized Gains
 
Pre-Tax
Unrealized
Losses
 
Fair Value
 
Amortized Cost
 
Pre-Tax
Unrealized Gains
 
Pre-Tax
Unrealized
Losses
 
Fair Value
Debt Securities
$
212.3

 
$
0.9

 
$
(0.9
)
 
$
212.3

 
$
190.0

 
$
0.4

 
$
(4.0
)
 
$
186.4

Contractual Maturities of Available-for-Sale Debt Securities
As of March 31, 2019, the contractual maturities of available-for-sale debt securities were as follows:  
Eversource
(Millions of Dollars)
Amortized Cost
 
Fair Value
Less than one year (1)
$
29.7

 
$
29.6

One to five years
48.5

 
48.5

Six to ten years
39.0

 
39.4

Greater than ten years
95.1

 
94.8

Total Debt Securities
$
212.3

 
$
212.3


(1) 
Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets.
Marketable Securities Recorded at Fair Value on a Recurring Basis by Level
The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:
Eversource
(Millions of Dollars)
As of March 31, 2019
 
As of December 31, 2018
Level 1:  
 
 
 
Mutual Funds and Equities
$
216.2

 
$
244.0

Money Market Funds
24.2

 
25.9

Total Level 1
$
240.4

 
$
269.9

Level 2:
 
 
 
U.S. Government Issued Debt Securities (Agency and Treasury)
$
104.3

 
$
79.6

Corporate Debt Securities
44.7

 
39.5

Asset-Backed Debt Securities
13.9

 
14.0

Municipal Bonds
16.0

 
19.2

Other Fixed Income Securities
9.2

 
8.2

Total Level 2
$
188.1

 
$
160.5

Total Marketable Securities
$
428.5

 
$
430.4

v3.19.1
SHORT-TERM AND LONG-TERM DEBT (Tables)
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Borrowings Outstanding and Available under the Commecrial Paper Programs
The amount of borrowings outstanding and available under the commercial paper programs were as follows:
 
Borrowings Outstanding as of
 
Available Borrowing Capacity as of
 
Weighted-Average Interest Rate as of
 
March 31, 2019
 
December 31, 2018
 
March 31, 2019
 
December 31, 2018
 
March 31, 2019
 
December 31, 2018
(Millions of Dollars)
 
 
 
 
 
Eversource Parent Commercial Paper Program
$
1,371.0

 
$
631.5

 
$
79.0

 
$
818.5

 
2.69
%
 
2.77
%
NSTAR Electric Commercial Paper Program
368.4

 
278.5

 
281.6

 
371.5

 
2.49
%
 
2.50
%
Summary of Long-Term Debt Issuance and Repayments
The following table summarizes long-term debt issuances and repayments:
(Millions of Dollars)
Issue Date
 
Issuance/(Repayment)
 
Maturity Date
 
Use of Proceeds for Issuance/
Repayment Information
CL&P:
 
 
 
 
 
 
 
4.00% 2018 Series A First Mortgage Bonds (1)
April 2019
 
$
300.0

 
April 2048
 
Repaid short-term borrowings that were used to repay long-term debt that matured on February 1, 2019 and fund capital expenditures and working capital
5.50% 2009 Series A First Mortgage Bonds
February 2009
 
(250.0
)
 
February 2019
 
Repaid at maturity on February 1, 2019

(1) 
These bonds are part of the same series issued by CL&P in March 2018. The aggregate outstanding principal amount of these bonds is now $800 million.

v3.19.1
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables)
3 Months Ended
Mar. 31, 2019
Rate Reduction Bonds and Variable Interest Entity [Abstract]  
Summary of the Impact of Funding on the Balance Sheets and Income Statements
The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:
(Millions of Dollars)
 
 
 
Balance Sheet:
As of March 31, 2019
 
As of December 31, 2018
Restricted Cash - Current Portion (included in Prepayments and Other Current Assets)
$
21.1

 
$
47.5

Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)
3.2

 
3.2

Securitized Stranded Cost (included in Regulatory Assets)
597.7

 
608.4

Other Regulatory Liabilities (included in Regulatory Liabilities)
10.0

 
5.8

Accrued Interest (included in Other Current Liabilities)
3.5

 
14.4

Rate Reduction Bonds - Current Portion
43.2

 
52.3

Rate Reduction Bonds - Long-Term Portion
561.7

 
583.3

(Millions of Dollars)
For the Three Months Ended
Income Statement:
March 31, 2019
 
March 31, 2018
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)
$
10.6

 
$

Interest Expense on RRB Principal (included in Interest Expense)
5.4

 

v3.19.1
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Tables)
3 Months Ended
Mar. 31, 2019
Postemployment Benefits [Abstract]  
Components of Net Periodic Benefit Expense/(Income)
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 and the intercompany allocations, less the capitalized portions, are included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense for pension, SERP and PBOP 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
 
For the Three Months Ended March 31, 2019
 
For the Three Months Ended March 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Service Cost
$
19.3

 
$
4.8

 
$
3.9

 
$
2.6

 
$
22.7

 
$
5.7

 
$
4.7

 
$
2.9

Interest Cost
54.2

 
11.5

 
11.9

 
6.2

 
48.4

 
10.6

 
10.8

 
5.3

Expected Return on Pension Plan Assets
(92.3
)
 
(18.8
)
 
(24.4
)
 
(10.3
)
 
(98.0
)
 
(20.8
)
 
(25.2
)
 
(10.9
)
Actuarial Loss
35.8

 
8.1

 
9.4

 
3.5

 
36.0

 
7.4

 
10.5

 
3.3

Prior Service Cost
1.1

 

 
0.1

 

 
2.2

 
0.4

 
0.2

 
0.1

Total Net Periodic Benefit Expense
$
18.1

 
$
5.6

 
$
0.9

 
$
2.0

 
$
11.3

 
$
3.3

 
$
1.0

 
$
0.7

Intercompany Allocations
N/A

 
$
7.8

 
$
3.0

 
$
2.4

 
N/A

 
$
1.4

 
$
1.5

 
$
0.5

 
PBOP
 
For the Three Months Ended March 31, 2019
 
For the Three Months Ended March 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Service Cost
$
2.1

 
$
0.4

 
$
0.4

 
$
0.2

 
$
2.7

 
$
0.5

 
$
0.5

 
$
0.3

Interest Cost
8.1

 
1.5

 
2.3

 
0.9

 
7.6

 
1.4

 
2.2

 
0.8

Expected Return on Plan Assets
(16.6
)
 
(2.3
)
 
(7.5
)
 
(1.3
)
 
(18.1
)
 
(2.6
)
 
(8.1
)
 
(1.5
)
Actuarial Loss
2.5

 
0.4

 
0.9

 
0.2

 
2.6

 
0.3

 
0.7

 
0.2

Prior Service Cost/(Credit)
(5.8
)
 
0.3

 
(4.2
)
 
0.1

 
(5.9
)
 
0.3

 
(4.3
)
 
0.1

Total Net Periodic Benefit Expense/(Income)
$
(9.7
)
 
$
0.3

 
$
(8.1
)
 
$
0.1

 
$
(11.1
)
 
$
(0.1
)
 
$
(9.0
)
 
$
(0.1
)
Intercompany Allocations
N/A

 
$
(0.1
)
 
$
(0.2
)
 
$
(0.1
)
 
N/A

 
$
(0.3
)
 
$
(0.3
)
 
$
(0.1
)
v3.19.1
COMMITMENTS AND CONTINGENCIES (Tables)
3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Environmental Sites and Related Reserves
The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows:
 
As of March 31, 2019
 
As of December 31, 2018
 
Number of Sites
 
Reserve
(in millions)
 
Number of Sites
 
Reserve
(in millions)
Eversource
59

 
$
64.8

 
60

 
$
64.7

CL&P
15

 
5.6

 
15

 
5.4

NSTAR Electric
15

 
10.5

 
16

 
10.9

PSNH
9

 
5.3

 
9

 
5.4

Summary of Exposure to Guaruantees and Indemnifications
 The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of March 31, 2019:  
Company
 
Description
 
Maximum Exposure
(in millions)
 
Expiration Dates
On behalf of subsidiaries:
 
 
 
 
 
 
Eversource Investment LLC
 
Revolution Wind and South Fork Wind (1)
 
$
113.9

 
-
Various
 
Surety Bonds (2)
 
32.0

 
2019 - 2021
Rocky River Realty Company and Eversource Service
 
Lease Payments for Real Estate
 
7.3

 
2024
Bay State Wind LLC
 
Real Estate Purchase
 
2.5

 
2019

(1) 
Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Investment LLC. Eversource parent will guarantee, as a primary obligor, the financial obligations, primarily all post-closing payment obligations of Eversource Investment LLC, under the Sale and Purchase Agreement and an Irrevocable Equity Commitment Letter with Ørsted. Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations.

(2) 
Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended.  Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded.  
v3.19.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Components of Lease Cost
The components of lease cost, prior to amounts capitalized, are as follows:
 
For the Three Months Ended March 31, 2019
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Financing Lease Cost:
 
 
 
 
 
 
 
Amortization of Right-of-use-Assets
$
0.4

 
$
0.2

 
$

 
$

Interest on Lease Liabilities
0.3

 
0.1

 
0.3

 

Total Finance Lease Cost
0.7

 
0.3

 
0.3

 

Operating Lease Cost
3.0

 
0.1

 
0.5

 

Variable Lease Cost
15.5

 
3.5

 

 
12.0

Total Lease Cost
$
19.2

 
$
3.9

 
$
0.8

 
$
12.0

Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases is as follows:
 
 
 
As of March 31, 2019
(Millions of Dollars)
Balance Sheet Classification
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Operating Leases:
 
 
 
 
 
 
 
 
 
Operating Lease Right-of-use-Assets, Net
Other Long-Term Assets
 
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

Operating Lease Liabilities
 
 
 
 
 
 
 
 
 
Operating Lease Liabilities - Current Portion
Other Current Liabilities
 
$
9.2

 
$
0.3

 
$
0.8

 
$
0.1

Operating Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
47.5

 
0.2

 
24.3

 
0.4

Total Operating Lease Liabilities
 
 
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

Finance Leases:
 
 
 
 
 
 
 
 
 
Finance Lease Right-of-use-Assets, Net
Property, Plant and Equipment, Net
 
$
8.8

 
$
2.9

 
$
3.5

 
$
0.9

Finance Lease Liabilities
 
 
 
 
 
 
 
 
 
Finance Lease Liabilities - Current Portion
Other Current Liabilities
 
$
1.9

 
$
1.5

 
$

 
$
0.1

Finance Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
9.1

 
2.7

 
4.5

 
0.8

Total Finance Lease Liabilities
 
 
$
11.0

 
$
4.2

 
$
4.5

 
$
0.9

Other Information Related to Leases
Other information related to leases is as follows (in millions of dollars, unless otherwise noted):
 
For the Three Months Ended March 31, 2019
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Weighted-Average Remaining Lease Term (Years):
 
 
 
 
 
 
 
Operating Leases
12

 
3

 
21

 
8

Financing Leases
11

 
3

 
23

 
10

Weighted-Average Discount Rate (Percentage):
 
 
 
 
 
 
 
Operating Leases
3.8
%
 
3.2
%
 
4.1
%
 
3.6
%
Financing Leases
4.5
%
 
10.5
%
 
2.9
%
 
3.5
%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
2.9

 
$
0.1

 
$
0.3

 
$

Operating Cash Flows from Finance Leases
0.3

 
0.2

 
0.1

 

Financing Cash Flows from Finance Leases
0.4

 
0.3

 

 

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
1.3

 

 

 

Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities
1.3

 

 

 

Future Minimum Lease Payments under Long-Term Leases
Future minimum lease payments, excluding variable costs, under long-term leases, as of March 31, 2019 are as follows:
 
Operating Leases
 
Finance Leases

(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
April 1, 2019 through December 31, 2019
$
8.3

 
$
0.2

 
$
1.4

 
$
0.1

 
$
2.5

 
$
1.5

 
$
0.4

 
$
0.1

Year Ending December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
9.6

 
0.2

 
1.6

 
0.1

 
3.4

 
2.0

 
0.5

 
0.1

2021
8.7

 

 
1.6

 
0.1

 
2.9

 
1.5

 
0.5

 
0.1

2022
7.3

 

 
1.6

 
0.1

 
1.5

 

 
0.6

 
0.1

2023
4.8

 

 
1.6

 
0.1

 
0.7

 

 
0.6

 
0.1

2024
2.8

 

 
1.7

 
0.1

 
0.7

 

 
0.6

 
0.1

Thereafter
29.7

 
0.1

 
29.4

 
0.1

 
13.2

 

 
12.8

 
0.4

Future lease payments
71.2

 
0.5

 
38.9

 
0.7

 
24.9

 
5.0

 
16.0

 
1.0

Less amount representing interest
14.5

 

 
13.8

 
0.2

 
13.9

 
0.8

 
11.5

 
0.1

Present value of future minimum lease payments
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

 
$
11.0

 
$
4.2

 
$
4.5

 
$
0.9

Future Minimum Lease Payments under Long-Term Leases
Future minimum lease payments, excluding variable costs, under long-term leases, as of March 31, 2019 are as follows:
 
Operating Leases
 
Finance Leases

(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
April 1, 2019 through December 31, 2019
$
8.3

 
$
0.2

 
$
1.4

 
$
0.1

 
$
2.5

 
$
1.5

 
$
0.4

 
$
0.1

Year Ending December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
9.6

 
0.2

 
1.6

 
0.1

 
3.4

 
2.0

 
0.5

 
0.1

2021
8.7

 

 
1.6

 
0.1

 
2.9

 
1.5

 
0.5

 
0.1

2022
7.3

 

 
1.6

 
0.1

 
1.5

 

 
0.6

 
0.1

2023
4.8

 

 
1.6

 
0.1

 
0.7

 

 
0.6

 
0.1

2024
2.8

 

 
1.7

 
0.1

 
0.7

 

 
0.6

 
0.1

Thereafter
29.7

 
0.1

 
29.4

 
0.1

 
13.2

 

 
12.8

 
0.4

Future lease payments
71.2

 
0.5

 
38.9

 
0.7

 
24.9

 
5.0

 
16.0

 
1.0

Less amount representing interest
14.5

 

 
13.8

 
0.2

 
13.9

 
0.8

 
11.5

 
0.1

Present value of future minimum lease payments
$
56.7

 
$
0.5

 
$
25.1

 
$
0.5

 
$
11.0

 
$
4.2

 
$
4.5

 
$
0.9

Future Minimum Rental Payments under Operating Leases
At December 31, 2018, future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance were as follows:
Operating Leases
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
2019
$
11.5

 
$
1.5

 
$
7.2

 
$
0.5

2020
9.8

 
1.4

 
6.0

 
0.4

2021
8.7

 
1.2

 
5.3

 
0.4

2022
7.2

 
1.1

 
4.4

 
0.4

2023
4.7

 
0.5

 
3.1

 
0.2

Thereafter
32.7

 
0.2

 
29.5

 
0.3

Future minimum lease payments
$
74.6

 
$
5.9

 
$
55.5

 
$
2.2

Future Minimum Rental Payments under Capital Leases
Capital Leases
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
2019
$
3.4

 
$
2.0

 
$
0.5

 
$
0.1

2020
3.4

 
2.0

 
0.5

 
0.1

2021
2.9

 
1.5

 
0.5

 
0.1

2022
1.5

 

 
0.6

 
0.1

2023
0.7

 

 
0.6

 
0.1

Thereafter
13.9

 

 
13.4

 
0.5

Future minimum lease payments
25.8

 
5.5

 
16.1

 
1.0

Less amount representing interest
13.8

 
1.0

 
12.4

 
0.1

Present value of future minimum lease payments
$
12.0

 
$
4.5

 
$
3.7

 
$
0.9

v3.19.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Carrying Amounts and Estimated Fair Values of Financial Instruments
Carrying amounts and estimated fair values are as follows:
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
(Millions of Dollars)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
As of March 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock Not Subject to Mandatory Redemption
$
155.6

 
$
157.1

 
$
116.2

 
$
114.2

 
$
43.0

 
$
42.9

 
$

 
$

Long-Term Debt
13,089.8

 
13,519.6

 
3,265.8

 
3,538.0

 
2,945.2

 
3,107.3

 
805.3

 
831.1

Rate Reduction Bonds
604.9

 
623.3

 

 

 

 

 
604.9

 
623.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock Not Subject to Mandatory Redemption
$
155.6

 
$
156.8

 
$
116.2

 
$
113.8

 
$
43.0

 
$
43.0

 
$

 
$

Long-Term Debt
13,086.1

 
13,154.9

 
3,254.0

 
3,429.2

 
2,944.8

 
3,024.1

 
805.2

 
819.5

Rate Reduction Bonds
635.7

 
645.8

 

 

 

 

 
635.7

 
645.8

v3.19.1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)
3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax
The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows:
 
For the Three Months Ended March 31, 2019
 
For the Three Months Ended March 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

 
0.7

 

 
0.7

 

 
(0.4
)
 

 
(0.4
)
Amounts Reclassified from AOCI
0.3

 

 
1.2

 
1.5

 
0.7

 

 
3.0

 
3.7

Net OCI
0.3

 
0.7

 
1.2

 
2.2

 
0.7

 
(0.4
)
 
3.0

 
3.3

Balance as of March 31st
$
(4.1
)
 
$
0.2

 
$
(53.9
)
 
$
(57.8
)
 
$
(5.5
)
 
$
(0.4
)
 
$
(57.2
)
 
$
(63.1
)
v3.19.1
COMMON SHARES (Tables)
3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Common Shares Authorized and Issued
The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:  
 
Shares
 
 
 
Authorized as of March 31, 2019 and December 31, 2018
 
Issued as of
 
Par Value
 
 
March 31, 2019
 
December 31, 2018
Eversource
$
5

 
380,000,000

 
333,878,402

 
333,878,402

CL&P
$
10

 
24,500,000

 
6,035,205

 
6,035,205

NSTAR Electric
$
1

 
100,000,000

 
200

 
200

PSNH
$
1

 
100,000,000

 
301

 
301

v3.19.1
EARNINGS PER SHARE (Tables)
3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Components of Basic and Diluted EPS
The following table sets forth the components of basic and diluted EPS:
Eversource
(Millions of Dollars, except share information)
For the Three Months Ended
March 31, 2019
 
March 31, 2018
Net Income Attributable to Common Shareholders
$
308.7

 
$
269.5

Weighted Average Common Shares Outstanding:
 
 
 
Basic
317,624,593

 
317,397,052

Dilutive Effect
691,489

 
595,947

Diluted
318,316,082

 
317,992,999

Basic and Diluted EPS
$
0.97

 
$
0.85

v3.19.1
REVENUES (Tables)
3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Operating Revenues Disaggregated by Revenue Source
The following tables present operating revenues disaggregated by revenue source:
 
For the Three Months Ended March 31, 2019
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
1,033.3

 
$
258.9

 
$

 
$
27.0

 
$

 
$

 
$
1,319.2

Commercial
652.6

 
143.8

 

 
14.3

 

 
(1.1
)
 
809.6

Industrial
82.1

 
30.9

 

 
1.1

 

 
(2.7
)
 
111.4

Total Retail Tariff Sales Revenues
1,768.0


433.6

 

 
42.4



 
(3.8
)
 
2,240.2

Wholesale Transmission Revenues

 

 
324.9

 

 
13.5

 
(270.8
)
 
67.6

Wholesale Market Sales Revenues
51.5

 
21.7

 

 
1.0

 

 

 
74.2

Other Revenues from Contracts with Customers
12.6

 
0.9

 
3.2

 
1.7

 
244.6

 
(245.4
)
 
17.6

Reserve for Revenues Subject to Refund
(3.1
)
 
1.6

 

 
(0.8
)
 

 

 
(2.3
)
Total Revenues from Contracts with Customers
1,829.0


457.8

 
328.1

 
44.3


258.1

 
(520.0
)
 
2,397.3

Alternative Revenue Programs
2.1

 
10.4

 
12.4

 
0.9

 

 
(11.1
)
 
14.7

Other Revenues (1)
2.8

 
0.7

 

 
0.3

 

 

 
3.8

Total Operating Revenues
$
1,833.9


$
468.9

 
$
340.5

 
$
45.5


$
258.1

 
$
(531.1
)
 
$
2,415.8


 
For the Three Months Ended March 31, 2018
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
994.4

 
$
248.9

 
$

 
$
26.4

 
$

 
$

 
$
1,269.7

Commercial
611.4

 
134.7

 

 
13.8

 

 

 
759.9

Industrial
81.5

 
29.5

 

 
1.0

 

 
(2.5
)
 
109.5

Total Retail Tariff Sales Revenues
1,687.3

 
413.1

 

 
41.2

 

 
(2.5
)
 
2,139.1

Wholesale Transmission Revenues

 

 
313.6

 

 
10.1

 
(258.7
)
 
65.0

Wholesale Market Sales Revenues
58.5

 
17.8

 

 
0.8

 

 

 
77.1

Other Revenues from Contracts with Customers
16.0

 
(0.6
)
 
3.1

 
4.0

 
220.8

 
(221.4
)
 
21.9

Reserve for Revenues Subject to Refund
(19.3
)
 
(4.5
)
 

 
(2.2
)
 

 

 
(26.0
)
Total Revenues from Contracts with Customers
1,742.5

 
425.8

 
316.7

 
43.8

 
230.9

 
(482.6
)
 
2,277.1

Alternative Revenue Programs
8.7

 
(1.7
)
 
(11.7
)
 
0.7

 

 
10.6

 
6.6

Other Revenues
3.4

 
0.8

 

 
0.1

 

 

 
4.3

Total Operating Revenues
$
1,754.6

 
$
424.9

 
$
305.0

 
$
44.6

 
$
230.9

 
$
(472.0
)
 
$
2,288.0

 
For the Three Months Ended March 31, 2019
 
For the Three Months Ended March 31, 2018
(Millions of Dollars)
CL&P
 
NSTAR Electric
 
PSNH
 
CL&P
 
NSTAR Electric
 
PSNH
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
$
510.5

 
$
371.0

 
$
151.8

 
$
483.4

 
$
364.2

 
$
146.8

Commercial
236.7

 
336.5

 
79.8

 
222.5

 
314.4

 
74.9

Industrial
34.6

 
28.8

 
18.7

 
35.8

 
28.1

 
17.6

Total Retail Tariff Sales Revenues
781.8

 
736.3

 
250.3

 
741.7

 
706.7

 
239.3

Wholesale Transmission Revenues
154.8

 
122.6

 
47.5

 
150.8

 
118.6

 
44.2

Wholesale Market Sales Revenues
13.7

 
24.4

 
13.4

 
10.3

 
24.9

 
24.1

Other Revenues from Contracts with Customers
8.9

 
4.0

 
3.6

 
7.5

 
8.3

 
3.5

Reserve for Revenues Subject to Refund

 

 
(3.1
)
 
(12.5
)
 
(3.7
)
 
(3.1
)
Total Revenues from Contracts with Customers
959.2

 
887.3

 
311.7

 
897.8

 
854.8

 
308.0

Alternative Revenue Programs
5.7

 
7.3

 
1.5

 
(5.1
)
 
6.7

 
(4.6
)
Other Revenues (1)
1.0

 
1.5

 
0.3

 
1.3

 
1.7

 
0.4

Eliminations
(116.7
)
 
(98.5
)
 
(37.1
)
 
(109.0
)
 
(93.1
)
 
(36.4
)
Total Operating Revenues
$
849.2

 
$
797.6

 
$
276.4

 
$
785.0

 
$
770.1

 
$
267.4


(1) Other Revenues include certain fees charged to customers, which are not considered revenue from contracts with customers. Other revenues also includes lease revenues under lessor accounting guidance of $1.0 million at Eversource, $0.2 million at CL&P, and $0.6 million at NSTAR Electric for the three months ended March 31, 2019.

v3.19.1
SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Summary of Segment Information and Segmented Total Assets
Eversource's segment information is as follows:
 
For the Three Months Ended March 31, 2019
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
1,833.9

 
$
468.9

 
$
340.5

 
$
45.5

 
$
258.1

 
$
(531.1
)
 
$
2,415.8

Depreciation and Amortization
(179.2
)
 
(20.4
)
 
(61.5
)
 
(11.8
)
 
(13.6
)
 
0.6

 
(285.9
)
Other Operating Expenses
(1,475.6
)
 
(341.3
)
 
(98.8
)
 
(25.0
)
 
(225.5
)
 
531.0

 
(1,635.2
)
Operating Income
$
179.1

 
$
107.2

 
$
180.2

 
$
8.7

 
$
19.0

 
$
0.5

 
$
494.7

Interest Expense
$
(49.2
)
 
$
(11.7
)
 
$
(30.6
)
 
$
(8.6
)
 
$
(44.2
)
 
$
12.6

 
$
(131.7
)
Other Income, Net
18.2

 
0.2

 
8.1

 
0.4

 
431.7

 
(427.6
)
 
31.0

Net Income Attributable to Common Shareholders
120.1

 
76.5

 
118.2

 
0.9

 
407.5

 
(414.5
)
 
308.7

Cash Flows Used for Investments in Plant
279.3

 
87.4

 
231.4

 
20.7

 
55.9

 

 
674.7

 
For the Three Months Ended March 31, 2018
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
1,754.6

 
$
424.9

 
$
305.0

 
$
44.6

 
$
230.9

 
$
(472.0
)
 
$
2,288.0

Depreciation and Amortization
(144.4
)
 
(26.4
)
 
(56.6
)
 
(10.7
)
 
(12.0
)
 
0.6

 
(249.5
)
Other Operating Expenses
(1,443.5
)
 
(312.6
)
 
(83.2
)
 
(23.9
)
 
(204.7
)
 
471.9

 
(1,596.0
)
Operating Income
$
166.7

 
$
85.9

 
$
165.2

 
$
10.0

 
$
14.2

 
$
0.5

 
$
442.5

Interest Expense
$
(47.4
)
 
$
(11.1
)
 
$
(29.7
)
 
$
(8.4
)
 
$
(31.9
)
 
$
7.4

 
$
(121.1
)
Other Income/(Loss), Net
19.6

 
2.0

 
8.0

 
(0.6
)
 
360.1

 
(355.3
)
 
33.8

Net Income Attributable to Common Shareholders
104.2

 
57.8

 
107.4

 
1.5

 
346.0

 
(347.4
)
 
269.5

Cash Flows Used for Investments in Plant
236.0

 
70.4

 
239.2

 
19.0

 
42.7

 

 
607.3


The following table summarizes Eversource's segmented total assets:
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
As of March 31, 2019
$
21,507.0

 
$
4,019.1

 
$
10,533.4

 
$
2,268.3

 
$
18,939.8

 
$
(18,326.6
)
 
$
38,941.0

As of December 31, 2018
21,389.1

 
3,904.9

 
10,285.0

 
2,253.0

 
17,874.2

 
(17,464.9
)
 
38,241.3

v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
customer in Millions, $ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
customer
utility
MW
Mar. 31, 2018
USD ($)
Feb. 08, 2019
USD ($)
mi²
Jan. 01, 2019
USD ($)
Summary of Accounting Policies [Line Items]        
Number of electric, natural gas and water customers | customer 4      
Operating lease liability $ 56.7      
Operating lease right-of-use assets 56.7      
Energy efficiency funds collected from customers to be remitted to the State of Connecticut $ 10.7 $ 12.7    
Northern Pass        
Summary of Accounting Policies [Line Items]        
Capacity required for transmission line | MW 1,090      
Captialized costs for the NPT project $ 311.0      
Revolution Wind and South Fork Wind        
Summary of Accounting Policies [Line Items]        
Cost of investment in unconsolidated affiliate     $ 225.0  
Ownership interest     50.00%  
Area of land | mi²     257  
ASU 2016-02        
Summary of Accounting Policies [Line Items]        
Operating lease liability       $ 58.0
Operating lease right-of-use assets       58.0
NSTAR Electric        
Summary of Accounting Policies [Line Items]        
Operating lease liability 25.1      
Operating lease right-of-use assets 25.1      
NSTAR Electric | ASU 2016-02        
Summary of Accounting Policies [Line Items]        
Operating lease liability       25.3
Operating lease right-of-use assets       25.3
CL&P        
Summary of Accounting Policies [Line Items]        
Operating lease liability 0.5      
Operating lease right-of-use assets $ 0.5      
Period of accounts receivable recoverable under financial or medical duress 180 days      
CL&P | ASU 2016-02        
Summary of Accounting Policies [Line Items]        
Operating lease liability       0.6
Operating lease right-of-use assets       0.6
PSNH        
Summary of Accounting Policies [Line Items]        
Operating lease liability $ 0.5      
Operating lease right-of-use assets $ 0.5      
PSNH | ASU 2016-02        
Summary of Accounting Policies [Line Items]        
Operating lease liability       0.6
Operating lease right-of-use assets       $ 0.6
Yankee Gas        
Summary of Accounting Policies [Line Items]        
Period of accounts receivable recoverable under financial or medical duress 90 days      
Connecticut, Massachusetts and New Hampshire        
Summary of Accounting Policies [Line Items]        
Number of regulated utilities | utility 8      
v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total provision for uncollectible accounts $ 223,300   $ 212,700
Provision for uncollectible hardship accounts 134,600   131,500
Bad debt expense associated with accounts receivable 18,565 $ 19,613  
CL&P      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total provision for uncollectible accounts 93,000   88,000
Provision for uncollectible hardship accounts 75,200   71,900
Bad debt expense associated with accounts receivable 4,116 3,912  
NSTAR Electric      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total provision for uncollectible accounts 74,800   74,500
Provision for uncollectible hardship accounts 40,900   42,500
Bad debt expense associated with accounts receivable 5,953 7,526  
PSNH      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total provision for uncollectible accounts 11,000   11,100
Provision for uncollectible hardship accounts 0   $ 0
Bad debt expense associated with accounts receivable $ 1,700 $ 1,700  
v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Other Income, Net (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Summary of Accounting Policies [Line Items]    
Other Income, Net $ 30,985 $ 33,789
Pension, SERP and PBOP Non-Service Income Components    
Summary of Accounting Policies [Line Items]    
Other Income, Net 7,400 15,200
AFUDC Equity    
Summary of Accounting Policies [Line Items]    
Other Income, Net 10,900 9,700
Equity in Earnings    
Summary of Accounting Policies [Line Items]    
Other Income, Net 5,000 4,600
Investment Income    
Summary of Accounting Policies [Line Items]    
Other Income, Net 1,200 700
Interest Income    
Summary of Accounting Policies [Line Items]    
Other Income, Net 6,500 3,500
Other    
Summary of Accounting Policies [Line Items]    
Other Income, Net 0 100
CL&P    
Summary of Accounting Policies [Line Items]    
Other Income, Net 3,880 6,560
CL&P | Pension, SERP and PBOP Non-Service Income Components    
Summary of Accounting Policies [Line Items]    
Other Income, Net (600) 3,000
CL&P | AFUDC Equity    
Summary of Accounting Policies [Line Items]    
Other Income, Net 2,600 2,800
CL&P | Equity in Earnings    
Summary of Accounting Policies [Line Items]    
Other Income, Net 0 0
CL&P | Investment Income    
Summary of Accounting Policies [Line Items]    
Other Income, Net 1,700 (100)
CL&P | Interest Income    
Summary of Accounting Policies [Line Items]    
Other Income, Net 400 900
CL&P | Other    
Summary of Accounting Policies [Line Items]    
Other Income, Net (200) 0
NSTAR Electric    
Summary of Accounting Policies [Line Items]    
Other Income, Net 11,086 12,601
NSTAR Electric | Pension, SERP and PBOP Non-Service Income Components    
Summary of Accounting Policies [Line Items]    
Other Income, Net 7,000 8,400
NSTAR Electric | AFUDC Equity    
Summary of Accounting Policies [Line Items]    
Other Income, Net 4,000 3,400
NSTAR Electric | Equity in Earnings    
Summary of Accounting Policies [Line Items]    
Other Income, Net 200 0
NSTAR Electric | Investment Income    
Summary of Accounting Policies [Line Items]    
Other Income, Net (300) 600
NSTAR Electric | Interest Income    
Summary of Accounting Policies [Line Items]    
Other Income, Net 200 200
NSTAR Electric | Other    
Summary of Accounting Policies [Line Items]    
Other Income, Net 0 0
PSNH    
Summary of Accounting Policies [Line Items]    
Other Income, Net 7,022 4,749
PSNH | Pension, SERP and PBOP Non-Service Income Components    
Summary of Accounting Policies [Line Items]    
Other Income, Net 500 2,300
PSNH | AFUDC Equity    
Summary of Accounting Policies [Line Items]    
Other Income, Net 200 0
PSNH | Equity in Earnings    
Summary of Accounting Policies [Line Items]    
Other Income, Net 0 0
PSNH | Investment Income    
Summary of Accounting Policies [Line Items]    
Other Income, Net 400 0
PSNH | Interest Income    
Summary of Accounting Policies [Line Items]    
Other Income, Net 5,900 2,400
PSNH | Other    
Summary of Accounting Policies [Line Items]    
Other Income, Net $ 0 $ 0
v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Schedule of Gross Tax Receipts [Line Items]    
Gross receipts taxes $ 45.0 $ 43.4
CL&P    
Schedule of Gross Tax Receipts [Line Items]    
Gross receipts taxes $ 36.2 $ 35.6
v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing Activities (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Schedule of Supplemental Cash Flow [Line Items]    
Plant additions included in accounts payable $ 336.3 $ 274.4
CL&P    
Schedule of Supplemental Cash Flow [Line Items]    
Plant additions included in accounts payable 121.9 117.7
NSTAR Electric    
Schedule of Supplemental Cash Flow [Line Items]    
Plant additions included in accounts payable 83.2 59.5
PSNH    
Schedule of Supplemental Cash Flow [Line Items]    
Plant additions included in accounts payable $ 30.4 $ 36.0
v3.19.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash Balances to Cash and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash as reported on the Balance Sheets $ 35,145 $ 108,068    
Cash and Restricted Cash reported on the Statements of Cash Flows 108,372 209,324 $ 362,615 $ 85,890
Prepayments and Other Current Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 45,900 72,100    
Marketable Securities        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 24,200 25,900    
Other Long-Term Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 3,200 3,200    
CL&P        
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash as reported on the Balance Sheets 7,496 87,721    
Cash and Restricted Cash reported on the Statements of Cash Flows 11,404 91,613 243,839 9,619
CL&P | Prepayments and Other Current Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 3,600 3,500    
CL&P | Marketable Securities        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 300 400    
CL&P | Other Long-Term Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 0 0    
NSTAR Electric        
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash as reported on the Balance Sheets 1,769 1,606    
Cash and Restricted Cash reported on the Statements of Cash Flows 14,905 14,659 22,465 14,708
NSTAR Electric | Prepayments and Other Current Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 13,000 13,000    
NSTAR Electric | Marketable Securities        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 100 100    
NSTAR Electric | Other Long-Term Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 0 0    
PSNH        
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash as reported on the Balance Sheets 3,961 1,439    
Cash and Restricted Cash reported on the Statements of Cash Flows 28,796 52,723 $ 15,253 $ 2,191
PSNH | Prepayments and Other Current Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 21,100 47,500    
PSNH | Marketable Securities        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 500 600    
PSNH | Other Long-Term Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash $ 3,200 $ 3,200    
v3.19.1
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Regulatory Assets [Line Items]    
Total Regulatory Assets $ 5,096,700 $ 5,145,900
Less: Current Portion 507,255 514,779
Total Long-Term Regulatory Assets 4,589,427 4,631,137
Benefit Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 1,878,700 1,914,800
Income Taxes, Net    
Regulatory Assets [Line Items]    
Total Regulatory Assets 730,900 728,600
Securitized Stranded Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 597,700 608,400
Storm Restoration Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 579,000 576,000
Regulatory Tracker Mechanisms    
Regulatory Assets [Line Items]    
Total Regulatory Assets 317,700 316,000
Derivative Liabilities    
Regulatory Assets [Line Items]    
Total Regulatory Assets 353,500 356,500
Goodwill-related    
Regulatory Assets [Line Items]    
Total Regulatory Assets 344,200 348,400
Asset Retirement Obligations    
Regulatory Assets [Line Items]    
Total Regulatory Assets 92,800 89,200
Other Regulatory Assets    
Regulatory Assets [Line Items]    
Total Regulatory Assets 202,200 208,000
CL&P    
Regulatory Assets [Line Items]    
Total Regulatory Assets 1,644,400 1,630,700
Less: Current Portion 147,712 125,155
Total Long-Term Regulatory Assets 1,496,679 1,505,488
CL&P | Benefit Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 416,000 424,700
CL&P | Income Taxes, Net    
Regulatory Assets [Line Items]    
Total Regulatory Assets 454,300 454,400
CL&P | Securitized Stranded Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 0 0
CL&P | Storm Restoration Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 307,400 302,600
CL&P | Regulatory Tracker Mechanisms    
Regulatory Assets [Line Items]    
Total Regulatory Assets 54,400 33,200
CL&P | Derivative Liabilities    
Regulatory Assets [Line Items]    
Total Regulatory Assets 353,100 356,500
CL&P | Goodwill-related    
Regulatory Assets [Line Items]    
Total Regulatory Assets 0 0
CL&P | Asset Retirement Obligations    
Regulatory Assets [Line Items]    
Total Regulatory Assets 32,800 32,300
CL&P | Other Regulatory Assets    
Regulatory Assets [Line Items]    
Total Regulatory Assets 26,400 27,000
NSTAR Electric    
Regulatory Assets [Line Items]    
Total Regulatory Assets 1,408,600 1,438,200
Less: Current Portion 234,662 241,747
Total Long-Term Regulatory Assets 1,173,851 1,196,512
NSTAR Electric | Benefit Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 534,900 544,400
NSTAR Electric | Income Taxes, Net    
Regulatory Assets [Line Items]    
Total Regulatory Assets 106,100 105,900
NSTAR Electric | Securitized Stranded Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 0 0
NSTAR Electric | Storm Restoration Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 204,400 212,900
NSTAR Electric | Regulatory Tracker Mechanisms    
Regulatory Assets [Line Items]    
Total Regulatory Assets 160,200 169,100
NSTAR Electric | Derivative Liabilities    
Regulatory Assets [Line Items]    
Total Regulatory Assets 0 0
NSTAR Electric | Goodwill-related    
Regulatory Assets [Line Items]    
Total Regulatory Assets 295,500 299,100
NSTAR Electric | Asset Retirement Obligations    
Regulatory Assets [Line Items]    
Total Regulatory Assets 44,900 42,200
NSTAR Electric | Other Regulatory Assets    
Regulatory Assets [Line Items]    
Total Regulatory Assets 62,600 64,600
PSNH    
Regulatory Assets [Line Items]    
Total Regulatory Assets 932,000 929,500
Less: Current Portion 76,599 67,228
Total Long-Term Regulatory Assets 855,369 862,288
PSNH | Benefit Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 165,800 169,600
PSNH | Income Taxes, Net    
Regulatory Assets [Line Items]    
Total Regulatory Assets 8,000 8,300
PSNH | Securitized Stranded Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 597,700 608,400
PSNH | Storm Restoration Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 67,200 60,500
PSNH | Regulatory Tracker Mechanisms    
Regulatory Assets [Line Items]    
Total Regulatory Assets 78,000 67,300
PSNH | Derivative Liabilities    
Regulatory Assets [Line Items]    
Total Regulatory Assets 0 0
PSNH | Goodwill-related    
Regulatory Assets [Line Items]    
Total Regulatory Assets 0 0
PSNH | Asset Retirement Obligations    
Regulatory Assets [Line Items]    
Total Regulatory Assets 3,400 3,300
PSNH | Other Regulatory Assets    
Regulatory Assets [Line Items]    
Total Regulatory Assets $ 11,900 $ 12,100
v3.19.1
REGULATORY ACCOUNTING - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended
May 01, 2019
Mar. 31, 2019
Mar. 31, 2018
Apr. 17, 2019
Mar. 26, 2019
Dec. 31, 2018
Nov. 16, 2018
Regulatory Assets [Line Items]              
Amount of regulatory costs not yet approved   $ 129,500       $ 122,900  
Regulatory assets   5,096,700       5,145,900  
Other income, net   30,985 $ 33,789        
PSNH              
Regulatory Assets [Line Items]              
Amount of regulatory costs not yet approved   13,900       12,200  
Regulatory assets   932,000       929,500  
Other income, net   7,022 4,749        
CL&P              
Regulatory Assets [Line Items]              
Amount of regulatory costs not yet approved   41,900       42,100  
Regulatory assets   1,644,400       1,630,700  
Other income, net   3,880 6,560        
NSTAR Electric              
Regulatory Assets [Line Items]              
Amount of regulatory costs not yet approved   52,800       49,300  
Regulatory assets   1,408,600       $ 1,438,200  
Other income, net   11,086 $ 12,601        
Storm Costs | PSNH              
Regulatory Assets [Line Items]              
Regulatory assets         $ 38,100    
Storm Costs | CL&P              
Regulatory Assets [Line Items]              
Amount of regulatory costs not yet approved   145,500         $ 153,000
Storm Costs | CL&P | Subsequent Event              
Regulatory Assets [Line Items]              
Regulatory assets       $ 141,000      
Recovery period 6 years            
Deferred Costs from Generation Asset Sale | PSNH              
Regulatory Assets [Line Items]              
Other income, net   $ 5,200          
v3.19.1
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities $ 4,012,800 $ 3,979,700
Less: Current Portion 385,442 370,230
Total Long-Term Regulatory Liabilities 3,627,389 3,609,475
EDIT due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 2,871,400 2,883,000
Cost of Removal    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 535,000 521,000
Benefit Costs    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 87,200 91,200
Regulatory Tracker Mechanisms    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 332,500 309,000
AFUDC - Transmission    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 71,400 70,700
Revenue Subject to Refund due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 27,000 24,600
Other Regulatory Liabilities    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 88,300 80,200
CL&P    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 1,232,800 1,231,800
Less: Current Portion 106,489 109,614
Total Long-Term Regulatory Liabilities 1,126,279 1,122,157
CL&P | EDIT due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 1,030,700 1,031,000
CL&P | Cost of Removal    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 46,200 39,900
CL&P | Benefit Costs    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 0 0
CL&P | Regulatory Tracker Mechanisms    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 79,500 89,500
CL&P | AFUDC - Transmission    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 47,100 47,400
CL&P | Revenue Subject to Refund due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 0 0
CL&P | Other Regulatory Liabilities    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 29,300 24,000
NSTAR Electric    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 1,708,600 1,703,900
Less: Current Portion 193,959 190,620
Total Long-Term Regulatory Liabilities 1,514,557 1,513,279
NSTAR Electric | EDIT due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 1,096,700 1,103,700
NSTAR Electric | Cost of Removal    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 313,400 307,100
NSTAR Electric | Benefit Costs    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 73,600 76,900
NSTAR Electric | Regulatory Tracker Mechanisms    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 166,700 163,700
NSTAR Electric | AFUDC - Transmission    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 24,300 23,300
NSTAR Electric | Revenue Subject to Refund due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 0 0
NSTAR Electric | Other Regulatory Liabilities    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 33,900 29,200
PSNH    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 475,600 483,600
Less: Current Portion 45,655 55,526
Total Long-Term Regulatory Liabilities 429,932 428,069
PSNH | EDIT due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 394,600 396,400
PSNH | Cost of Removal    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 22,100 22,100
PSNH | Benefit Costs    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 0 0
PSNH | Regulatory Tracker Mechanisms    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 39,900 48,300
PSNH | AFUDC - Transmission    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 0 0
PSNH | Revenue Subject to Refund due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 15,800 12,600
PSNH | Other Regulatory Liabilities    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities $ 3,200 $ 4,200
v3.19.1
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Public Utility, Property, Plant and Equipment [Line Items]    
Distribution - Electric $ 15,245,900 $ 15,071,100
Distribution - Natural Gas 3,635,600 3,546,200
Transmission - Electric 10,251,100 10,153,900
Distribution - Water 1,649,500 1,639,800
Solar 169,900 164,100
Utility 30,952,000 30,575,100
Other 798,300 778,600
Property, Plant and Equipment, Gross 31,750,300 31,353,700
Less: Accumulated Depreciation    
Utility (7,229,500) (7,126,200)
Other (348,700) (336,700)
Total Accumulated Depreciation (7,578,200) (7,462,900)
Property, Plant and Equipment, Net 24,172,100 23,890,800
Construction Work in Progress 1,860,700 1,719,600
Net Plant 26,032,781 25,610,428
CL&P    
Public Utility, Property, Plant and Equipment [Line Items]    
Distribution - Electric 6,255,800 6,176,400
Transmission - Electric 4,746,400 4,700,500
Solar 0 0
Property, Plant and Equipment, Gross 11,002,200 10,876,900
Less: Accumulated Depreciation    
Total Accumulated Depreciation (2,328,000) (2,302,600)
Property, Plant and Equipment, Net 8,674,200 8,574,300
Construction Work in Progress 391,700 335,400
Net Plant 9,065,880 8,909,701
NSTAR Electric    
Public Utility, Property, Plant and Equipment [Line Items]    
Distribution - Electric 6,828,500 6,756,400
Transmission - Electric 4,085,600 4,065,900
Solar 169,900 164,100
Property, Plant and Equipment, Gross 11,084,000 10,986,400
Less: Accumulated Depreciation    
Total Accumulated Depreciation (2,749,900) (2,702,000)
Property, Plant and Equipment, Net 8,334,100 8,284,400
Construction Work in Progress 581,500 510,300
Net Plant 8,915,608 8,794,700
PSNH    
Public Utility, Property, Plant and Equipment [Line Items]    
Distribution - Electric 2,201,800 2,178,600
Transmission - Electric 1,370,200 1,338,700
Solar 0 0
Property, Plant and Equipment, Gross 3,572,000 3,517,300
Less: Accumulated Depreciation    
Total Accumulated Depreciation (789,300) (772,900)
Property, Plant and Equipment, Net 2,782,700 2,744,400
Construction Work in Progress 137,900 135,700
Net Plant $ 2,920,560 $ 2,880,073
v3.19.1
DERIVATIVE INSTRUMENTS - Gross Fair Values and Net Amounts of Contracts (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Current Derivative Assets | CL&P | Level 3    
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]    
Commodity Supply and Price Risk Management $ 10.4 $ 9.6
Netting (1.9) (3.4)
Net Amount Recorded as a Derivative 8.5 6.2
Current Derivative Assets | Other | Level 2    
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]    
Commodity Supply and Price Risk Management 0.0 1.5
Netting 0.0 (0.9)
Net Amount Recorded as a Derivative 0.0 0.6
Long-term Derivative Assets | CL&P | Level 3    
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]    
Commodity Supply and Price Risk Management 73.1 74.2
Netting (2.2) (2.3)
Net Amount Recorded as a Derivative 70.9 71.9
Current Derivative Liabilities | CL&P | Level 3    
Current and Long-Term Derivative Liabilities    
Commodity Supply and Price Risk Management (59.7) (55.1)
Netting 0.0 0.0
Net Amount Recorded as a Derivative (59.7) (55.1)
Current Derivative Liabilities | Other | Level 2    
Current and Long-Term Derivative Liabilities    
Commodity Supply and Price Risk Management (0.4) 0.0
Netting 0.2 0.0
Net Amount Recorded as a Derivative (0.2) 0.0
Long-Term Derivative Liabilities | CL&P | Level 3    
Current and Long-Term Derivative Liabilities    
Commodity Supply and Price Risk Management (372.8) (379.5)
Netting 0.0 0.0
Net Amount Recorded as a Derivative (372.8) (379.5)
Long-Term Derivative Liabilities | Other | Level 2    
Current and Long-Term Derivative Liabilities    
Commodity Supply and Price Risk Management (0.2) 0.0
Netting 0.0 0.0
Net Amount Recorded as a Derivative $ (0.2) $ 0.0
v3.19.1
DERIVATIVE INSTRUMENTS - Narrative (Details)
MWh in Millions, MMBTU in Millions, $ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2019
USD ($)
MMBTU
MWh
MW
Mar. 31, 2018
USD ($)
Dec. 31, 2018
MMBTU
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company 20.00%    
Amount of power to be purchased under capacity-related contract (in MW) | MW 787    
Amount of natural gas to be purchased under futures contracts | MMBTU 6.2   12.5
Gains (losses) on deferred as regulatory costs | $ $ (5.2) $ (36.1)  
Level 3 | Minimum      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Percentage of exit price premiums related to derivative contracts 3.70%    
Level 3 | Maximum      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Percentage of exit price premiums related to derivative contracts 15.10%    
CL&P      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Percentage of costs or benefits borne under capacity-related contracts 80.00%    
Amount of energy to be purchased under renewable energy contract (mwh) | MWh 0.1    
v3.19.1
DERIVATIVE INSTRUMENTS - Summary of Level 3 Derivative Contracts and Significant Observable Inputs Used (Details) - CL&P - Level 3 - $ / KWmo
Mar. 31, 2019
Dec. 31, 2018
Capacity Prices | Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative measurement input 4.30 4.30
Capacity Prices | Maximum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative measurement input 7.34 7.44
Forward Reserve | Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative measurement input 0.75 0.75
Forward Reserve | Maximum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative measurement input 1.78 1.78
v3.19.1
DERIVATIVE INSTRUMENTS - Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis (Details) - CL&P - Level 3 - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Derivatives, Net [Rollforward]    
Fair Value as of Beginning of Period $ (356.5) $ (362.3)
Net Realized/Unrealized Losses Included in Regulatory Assets (5.3) (36.9)
Settlements 8.7 12.7
Fair Value as of End of Period $ (353.1) $ (386.5)
v3.19.1
MARKETABLE SECURITIES - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale equity securities $ 49.6   $ 44.0
Unrealized gains recorded in other income 1.0    
Unrealized losses recorded in other income   $ 0.7  
CYAPC and YAEC      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale equity securities 166.6   200.0
Marketable securities held in nuclear decommissioning trust $ 170.7   $ 143.9
v3.19.1
MARKETABLE SECURITIES - Summary of Available-for-Sale Debt Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]    
Amortized Cost $ 212.3 $ 190.0
Pre-Tax Unrealized Gains 0.9 0.4
Pre-Tax Unrealized Losses (0.9) (4.0)
Fair Value $ 212.3 $ 186.4
v3.19.1
MARKETABLE SECURITIES - Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Amortized Cost    
Less than one year $ 29.7  
One to five years 48.5  
Six to ten years 39.0  
Greater than ten years 95.1  
Amortized Cost 212.3 $ 190.0
Fair Value    
Less than one year 29.6  
One to five years 48.5  
Six to ten years 39.4  
Greater than ten years 94.8  
Fair Value $ 212.3 $ 186.4
v3.19.1
MARKETABLE SECURITIES - Marketable Securities Recorded at Fair Value on a Recurring Basis by Level (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 428.5 $ 430.4
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 240.4 269.9
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 188.1 160.5
Mutual Funds and Equities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 216.2 244.0
Money Market Funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 24.2 25.9
U.S. Government Issued Debt Securities (Agency and Treasury) | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 104.3 79.6
Corporate Debt Securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 44.7 39.5
Asset-Backed Debt Securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 13.9 14.0
Municipal Bonds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 16.0 19.2
Other Fixed Income Securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 9.2 $ 8.2
v3.19.1
SHORT-TERM AND LONG-TERM DEBT - Narrative (Details) - USD ($)
3 Months Ended
Mar. 31, 2019
Dec. 31, 2018
CL&P    
Line of Credit Facility [Line Items]    
Notes payable to Eversource parent $ 261,600,000  
PSNH    
Line of Credit Facility [Line Items]    
Notes payable to Eversource parent 61,000,000 $ 57,000,000
HEEC    
Line of Credit Facility [Line Items]    
Notes payable to Eversource parent 22,300,000  
Commercial Paper | NSTAR Electric    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 650,000,000  
Line of Credit    
Line of Credit Facility [Line Items]    
Amount outstanding under line of credit 0 0
Line of Credit | NSTAR Electric    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 650,000,000  
Debt instrument term 5 years  
Line of Credit | Aquarion    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 100,000,000.0  
Amount outstanding under line of credit 0 $ 0
Eversource Parent | Commercial Paper    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 1,450,000,000  
Commercial paper borrowings 261,600,000  
Eversource Parent | Line of Credit    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 1,450,000,000  
Debt instrument term 5 years  
v3.19.1
SHORT-TERM AND LONG-TERM DEBT - Borrowings Outstanding and Available under the Commercial Paper Programs (Details) - Commercial Paper - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
Borrowings outstanding $ 1,371.0 $ 631.5
Available borrowing capacity $ 79.0 $ 818.5
Weighted-average interest rate 2.69% 2.77%
NSTAR Electric    
Debt Instrument [Line Items]    
Borrowings outstanding $ 368.4 $ 278.5
Available borrowing capacity $ 281.6 $ 371.5
Weighted-average interest rate 2.49% 2.50%
v3.19.1
SHORT-TERM AND LONG-TERM DEBT - Summary of Long-Term Debt Issuance and Repayments (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended
Feb. 01, 2019
Apr. 30, 2019
Mar. 31, 2019
Mar. 31, 2018
Feb. 01, 2009
Debt Instrument [Line Items]          
Repayments     $ (250,215) $ (150,218)  
CL&P          
Debt Instrument [Line Items]          
Repayments     (250,000) $ 0  
CL&P | Senior Notes | 4.00% 2018 Series A First Mortgage Bonds | Subsequent Event          
Debt Instrument [Line Items]          
Issuances   $ 300,000      
Interest rate, stated percentage   4.00%      
CL&P | Senior Notes | 4.00% 2018 Series A First Mortgage Bonds | Eversource Parent          
Debt Instrument [Line Items]          
Long-term debt     $ 800,000    
CL&P | Senior Notes | 5.50% 2009 Series A First Mortgage Bonds          
Debt Instrument [Line Items]          
Repayments $ (250,000)        
Interest rate, stated percentage         5.65%
v3.19.1
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - PSNH - Rate Reduction Bonds
May 08, 2018
USD ($)
Debt Instrument [Line Items]  
Amount of securitized rate reduction bonds issued $ 635,700,000.0
Weighted average interest rate 3.66%
v3.19.1
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Assets $ 5,096,700 $ 5,145,900
Regulatory Liabilities 3,627,389 3,609,475
Accrued Interest (included in Other Current Liabilities) 840,587 823,006
Rate Reduction Bonds - Current Portion 43,210 52,332
Rate Reduction Bonds - Long-Term Portion 561,727 583,331
Securitized Stranded Costs    
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Assets 597,700 608,400
Other Regulatory Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Assets 202,200 208,000
Prepayments and Other Current Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 45,900 72,100
Long-term Derivative Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 3,200 3,200
PSNH    
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Assets 932,000 929,500
Regulatory Liabilities 429,932 428,069
Accrued Interest (included in Other Current Liabilities) 55,088 64,046
Rate Reduction Bonds - Current Portion 43,210 52,332
Rate Reduction Bonds - Long-Term Portion 561,727 583,331
PSNH | Securitized Stranded Costs    
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Assets 597,700 608,400
PSNH | Other Regulatory Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Assets 11,900 12,100
PSNH | Prepayments and Other Current Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 21,100 47,500
PSNH | Long-term Derivative Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 3,200 3,200
PSNH | VIE    
Condensed Balance Sheet Statements, Captions [Line Items]    
Rate Reduction Bonds - Current Portion 43,200 52,300
Rate Reduction Bonds - Long-Term Portion 561,700 583,300
PSNH | VIE | Securitized Stranded Costs    
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Assets 597,700 608,400
PSNH | VIE | Other Regulatory Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Liabilities 10,000 5,800
Accrued Interest (included in Other Current Liabilities) 3,500 14,400
PSNH | VIE | Prepayments and Other Current Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 21,100 47,500
PSNH | VIE | Long-term Derivative Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash $ 3,200 $ 3,200
v3.19.1
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Income Statements (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Condensed Income Statements, Captions [Line Items]    
Interest Expense on RRB Principal (included in Interest Expense) $ 131,734 $ 121,129
PSNH    
Condensed Income Statements, Captions [Line Items]    
Interest Expense on RRB Principal (included in Interest Expense) 14,367 12,772
PSNH | VIE | Rate Reduction Bonds    
Condensed Income Statements, Captions [Line Items]    
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) 10,600 0
Interest Expense on RRB Principal (included in Interest Expense) $ 5,400 $ 0
v3.19.1
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Pension and SERP    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service Cost $ 19.3 $ 22.7
Interest Cost 54.2 48.4
Expected Return on Pension Plan Assets (92.3) (98.0)
Actuarial Loss 35.8 36.0
Prior Service Cost/(Credit) 1.1 2.2
Total Net Periodic Benefit Expense 18.1 11.3
PBOP    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service Cost 2.1 2.7
Interest Cost 8.1 7.6
Expected Return on Pension Plan Assets (16.6) (18.1)
Actuarial Loss 2.5 2.6
Prior Service Cost/(Credit) (5.8) (5.9)
Total Net Periodic Benefit Expense (9.7) (11.1)
CL&P | Pension and SERP    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service Cost 4.8 5.7
Interest Cost 11.5 10.6
Expected Return on Pension Plan Assets (18.8) (20.8)
Actuarial Loss 8.1 7.4
Prior Service Cost/(Credit) 0.0 0.4
Total Net Periodic Benefit Expense 5.6 3.3
Intercompany Allocations 7.8 1.4
CL&P | PBOP    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service Cost 0.4 0.5
Interest Cost 1.5 1.4
Expected Return on Pension Plan Assets (2.3) (2.6)
Actuarial Loss 0.4 0.3
Prior Service Cost/(Credit) 0.3 0.3
Total Net Periodic Benefit Expense 0.3 (0.1)
Intercompany Allocations (0.1) (0.3)
NSTAR Electric | Pension and SERP    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service Cost 3.9 4.7
Interest Cost 11.9 10.8
Expected Return on Pension Plan Assets (24.4) (25.2)
Actuarial Loss 9.4 10.5
Prior Service Cost/(Credit) 0.1 0.2
Total Net Periodic Benefit Expense 0.9 1.0
Intercompany Allocations 3.0 1.5
NSTAR Electric | PBOP    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service Cost 0.4 0.5
Interest Cost 2.3 2.2
Expected Return on Pension Plan Assets (7.5) (8.1)
Actuarial Loss 0.9 0.7
Prior Service Cost/(Credit) (4.2) (4.3)
Total Net Periodic Benefit Expense (8.1) (9.0)
Intercompany Allocations (0.2) (0.3)
PSNH | Pension and SERP    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service Cost 2.6 2.9
Interest Cost 6.2 5.3
Expected Return on Pension Plan Assets (10.3) (10.9)
Actuarial Loss 3.5 3.3
Prior Service Cost/(Credit) 0.0 0.1
Total Net Periodic Benefit Expense 2.0 0.7
Intercompany Allocations 2.4 0.5
PSNH | PBOP    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service Cost 0.2 0.3
Interest Cost 0.9 0.8
Expected Return on Pension Plan Assets (1.3) (1.5)
Actuarial Loss 0.2 0.2
Prior Service Cost/(Credit) 0.1 0.1
Total Net Periodic Benefit Expense 0.1 (0.1)
Intercompany Allocations $ (0.1) $ (0.1)
v3.19.1
COMMITMENTS AND CONTINGENCIES - Environmental Sites and Related Reserves (Details)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2019
USD ($)
site
Dec. 31, 2018
USD ($)
site
Site Contingency [Line Items]    
Number of Sites | site 59 60
Reserve | $ $ 64.8 $ 64.7
CL&P    
Site Contingency [Line Items]    
Number of Sites | site 15 15
Reserve | $ $ 5.6 $ 5.4
NSTAR Electric    
Site Contingency [Line Items]    
Number of Sites | site 15 16
Reserve | $ $ 10.5 $ 10.9
PSNH    
Site Contingency [Line Items]    
Number of Sites | site 9 9
Reserve | $ $ 5.3 $ 5.4
v3.19.1
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Site Contingency [Line Items]    
Reserve balance $ 64.8 $ 64.7
MGP Sites    
Site Contingency [Line Items]    
Reserve balance $ 50.6 $ 50.1
v3.19.1
COMMITMENTS AND CONTINGENCIES - Long-Term Contractual Arrangements (Details) - Milestone Nuclear Power Station
MWh in Millions
Mar. 15, 2019
megawatt
Dec. 28, 2018
MWh
Long-term Purchase Commitment [Line Items]    
Annual purchase requirement (in MWh) | MWh   9
Percent of the facility's output required to be purchased 50.00%  
Nameplate capacity (in megawatts) | megawatt 2,112  
CL&P    
Long-term Purchase Commitment [Line Items]    
Contract term 10 years 10 years
Percent of the facility's output required to be purchased 40.00%  
UI    
Long-term Purchase Commitment [Line Items]    
Contract term 10 years 10 years
v3.19.1
COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications (Details)
Mar. 31, 2019
USD ($)
Eversource Gas Transmission LLC  
Guarantor Obligations [Line Items]  
Capital contribution guaranty $ 184,800,000
Guarantee of Financial Obligations of NPT  
Guarantor Obligations [Line Items]  
Maximum exposure (up to) 25,000,000
Guarantee of NPT Letters of Credit  
Guarantor Obligations [Line Items]  
Maximum exposure (up to) $ 14,000,000
v3.19.1
COMMITMENTS AND CONTINGENCIES - Summary of Exposure to Guaruantees and Indemnifications (Details)
$ in Millions
Mar. 31, 2019
USD ($)
Eversource Investment LLC - Declining Balance Guarantee for Revolution Wind and South Fork Wind  
Loss Contingencies [Line Items]  
Maximum exposure $ 113.9
Various - Surety Bonds  
Loss Contingencies [Line Items]  
Maximum exposure 32.0
Rocky River Realty Company and Eversource Service - Lease Payments for Real Estate  
Loss Contingencies [Line Items]  
Maximum exposure 7.3
Bay State Wind LLC - Real Estate Purchase  
Loss Contingencies [Line Items]  
Maximum exposure $ 2.5
v3.19.1
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations - Yankee Companies (Details) - USD ($)
$ in Millions
Feb. 21, 2019
May 22, 2017
Loss Contingencies [Line Items]    
Remaining damages sought $ 1.2  
CYAPC, YAEC, and MYAPC    
Loss Contingencies [Line Items]    
Damages sought   $ 104.4
Damages awarded 103.2  
CYAPC    
Loss Contingencies [Line Items]    
Damages awarded 40.7  
YAEC    
Loss Contingencies [Line Items]    
Damages awarded 28.1  
MYAPC    
Loss Contingencies [Line Items]    
Damages awarded $ 34.4  
v3.19.1
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) - USD ($)
$ in Millions
3 Months Ended 15 Months Ended 36 Months Ended
Apr. 29, 2016
Oct. 16, 2014
Mar. 31, 2019
Mar. 26, 2014
Oct. 15, 2014
Loss Contingencies [Line Items]          
Percentage of base ROE reasonably justified     10.41%    
Percentage of incentive cap on total ROE     13.08%    
Minimum          
Loss Contingencies [Line Items]          
Percentage of base ROE reasonably justified     9.60%    
Maximum          
Loss Contingencies [Line Items]          
Percentage of base ROE reasonably justified     10.99%    
FERC ROE First, Second and Third Complaints          
Loss Contingencies [Line Items]          
Base ROE subsequently authorized     11.14%    
FERC ROE First, Second and Third Complaints | Minimum          
Loss Contingencies [Line Items]          
Percentage of maximum ROE for any incentive project         11.14%
FERC ROE First, Second and Third Complaints | Maximum          
Loss Contingencies [Line Items]          
Percentage of maximum ROE for any incentive project         13.10%
FERC ROE Complaints          
Loss Contingencies [Line Items]          
Period of complaint     15 months    
Basis point change     0.10%    
Estimate of possible loss for each 10 basis point change to base ROE     $ 3.0    
FERC ROE Fourth Complaint          
Loss Contingencies [Line Items]          
Base ROE percentage of complaint period 10.57%        
Maximum percentage cap of ROE for incentive projects 11.74%        
FERC ROE First Complaint          
Loss Contingencies [Line Items]          
Base ROE subsequently authorized   10.57%      
Percentage of maximum ROE for any incentive project   11.74%      
Amounts associated with first complaint refunded     38.9    
FERC ROE First Complaint | CL&P          
Loss Contingencies [Line Items]          
Amounts associated with first complaint refunded     22.4    
FERC ROE First Complaint | NSTAR Electric          
Loss Contingencies [Line Items]          
Amounts associated with first complaint refunded     13.7    
FERC ROE First Complaint | PSNH          
Loss Contingencies [Line Items]          
Amounts associated with first complaint refunded     2.8    
FERC ROE Second Complaint          
Loss Contingencies [Line Items]          
Base ROE percentage of complaint period       10.57%  
Percentage of maximum ROE for any incentive project       11.74%  
Loss contingency, estimate of possible earnings impact     39.1    
FERC ROE Second Complaint | CL&P          
Loss Contingencies [Line Items]          
Loss contingency, estimate of possible earnings impact     21.4    
FERC ROE Second Complaint | NSTAR Electric          
Loss Contingencies [Line Items]          
Loss contingency, estimate of possible earnings impact     14.6    
FERC ROE Second Complaint | PSNH          
Loss Contingencies [Line Items]          
Loss contingency, estimate of possible earnings impact     $ 3.1    
v3.19.1
COMMITMENTS AND CONTINGENCIES - Eversource and NSTAR Electric Boston Harbor Civil Action (Details)
$ in Millions
12 Months Ended
Jul. 15, 2016
kV
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Loss Contingencies [Line Items]      
Amount of capacity required for installation of distribution cable (in kV) | kV 115    
NSTAR Electric      
Loss Contingencies [Line Items]      
Base rate credit for new cable | $   $ 17.5 $ 17.5
v3.19.1
LEASES - Narrative (Details)
3 Months Ended
Mar. 31, 2019
Minimum  
Lessee, Lease, Description [Line Items]  
Renewal period 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Renewal period 20 years
CL&P | Minimum  
Lessee, Lease, Description [Line Items]  
Renewal period 1 year
CL&P | Maximum  
Lessee, Lease, Description [Line Items]  
Renewal period 20 years
NSTAR Electric | Minimum  
Lessee, Lease, Description [Line Items]  
Renewal period 1 year
NSTAR Electric | Maximum  
Lessee, Lease, Description [Line Items]  
Renewal period 20 years
PSNH | Minimum  
Lessee, Lease, Description [Line Items]  
Renewal period 1 year
PSNH | Maximum  
Lessee, Lease, Description [Line Items]  
Renewal period 20 years
v3.19.1
LEASES - Components of Lease Cost (Details)
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
Financing Lease Cost:  
Amortization of Right-of-use-Assets $ 0.4
Interest on Lease Liabilities 0.3
Total Finance Lease Cost 0.7
Operating Lease Cost 3.0
Variable Lease Cost 15.5
Total Lease Cost 19.2
CL&P  
Financing Lease Cost:  
Amortization of Right-of-use-Assets 0.2
Interest on Lease Liabilities 0.1
Total Finance Lease Cost 0.3
Operating Lease Cost 0.1
Variable Lease Cost 3.5
Total Lease Cost 3.9
NSTAR Electric  
Financing Lease Cost:  
Amortization of Right-of-use-Assets 0.0
Interest on Lease Liabilities 0.3
Total Finance Lease Cost 0.3
Operating Lease Cost 0.5
Variable Lease Cost 0.0
Total Lease Cost 0.8
PSNH  
Financing Lease Cost:  
Amortization of Right-of-use-Assets 0.0
Interest on Lease Liabilities 0.0
Total Finance Lease Cost 0.0
Operating Lease Cost 0.0
Variable Lease Cost 12.0
Total Lease Cost $ 12.0
v3.19.1
LEASES - Supplemental Balance Sheet Information Related to Leases (Details)
$ in Millions
Mar. 31, 2019
USD ($)
Operating Leases:  
Operating Lease Right-of-use-Assets, Net $ 56.7
Operating Lease Liabilities - Current Portion 9.2
Operating Lease Liabilities - Long-Term 47.5
Total Operating Lease Liabilities 56.7
Finance Leases:  
Finance Lease Right-of-use-Assets, Net 8.8
Finance Lease Liabilities - Current Portion 1.9
Finance Lease Liabilities - Long-Term 9.1
Total Finance Lease Liabilities 11.0
CL&P  
Operating Leases:  
Operating Lease Right-of-use-Assets, Net 0.5
Operating Lease Liabilities - Current Portion 0.3
Operating Lease Liabilities - Long-Term 0.2
Total Operating Lease Liabilities 0.5
Finance Leases:  
Finance Lease Right-of-use-Assets, Net 2.9
Finance Lease Liabilities - Current Portion 1.5
Finance Lease Liabilities - Long-Term 2.7
Total Finance Lease Liabilities 4.2
NSTAR Electric  
Operating Leases:  
Operating Lease Right-of-use-Assets, Net 25.1
Operating Lease Liabilities - Current Portion 0.8
Operating Lease Liabilities - Long-Term 24.3
Total Operating Lease Liabilities 25.1
Finance Leases:  
Finance Lease Right-of-use-Assets, Net 3.5
Finance Lease Liabilities - Current Portion 0.0
Finance Lease Liabilities - Long-Term 4.5
Total Finance Lease Liabilities 4.5
PSNH  
Operating Leases:  
Operating Lease Right-of-use-Assets, Net 0.5
Operating Lease Liabilities - Current Portion 0.1
Operating Lease Liabilities - Long-Term 0.4
Total Operating Lease Liabilities 0.5
Finance Leases:  
Finance Lease Right-of-use-Assets, Net 0.9
Finance Lease Liabilities - Current Portion 0.1
Finance Lease Liabilities - Long-Term 0.8
Total Finance Lease Liabilities $ 0.9
v3.19.1
LEASES - Other Information Related to Leases (Details)
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
Weighted-Average Remaining Lease Term:  
Operating Leases 12 years
Financing Leases 11 years
Weighted-Average Discount Rate:  
Operating Leases 3.80%
Financing Leases 4.50%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:  
Operating Cash Flows from Operating Leases $ 2.9
Operating Cash Flows from Finance Leases 0.3
Financing Cash Flows from Finance Leases 0.4
Supplemental Non-Cash Information on Lease Liabilities:  
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 1.3
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities $ 1.3
CL&P  
Weighted-Average Remaining Lease Term:  
Operating Leases 3 years
Financing Leases 3 years
Weighted-Average Discount Rate:  
Operating Leases 3.20%
Financing Leases 10.50%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:  
Operating Cash Flows from Operating Leases $ 0.1
Operating Cash Flows from Finance Leases 0.2
Financing Cash Flows from Finance Leases 0.3
Supplemental Non-Cash Information on Lease Liabilities:  
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.0
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities $ 0.0
NSTAR Electric  
Weighted-Average Remaining Lease Term:  
Operating Leases 21 years
Financing Leases 23 years
Weighted-Average Discount Rate:  
Operating Leases 4.10%
Financing Leases 2.90%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:  
Operating Cash Flows from Operating Leases $ 0.3
Operating Cash Flows from Finance Leases 0.1
Financing Cash Flows from Finance Leases 0.0
Supplemental Non-Cash Information on Lease Liabilities:  
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.0
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities $ 0.0
PSNH  
Weighted-Average Remaining Lease Term:  
Operating Leases 8 years
Financing Leases 10 years
Weighted-Average Discount Rate:  
Operating Leases 3.60%
Financing Leases 3.50%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:  
Operating Cash Flows from Operating Leases $ 0.0
Operating Cash Flows from Finance Leases 0.0
Financing Cash Flows from Finance Leases 0.0
Supplemental Non-Cash Information on Lease Liabilities:  
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.0
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities $ 0.0
v3.19.1
LEASES - Future Minimum Lease Payments under Long-Term Leases (Details)
$ in Millions
Mar. 31, 2019
USD ($)
Operating Leases  
April 1, 2019 through December 31, 2019 $ 8.3
Year Ending December 31,  
2020 9.6
2021 8.7
2022 7.3
2023 4.8
2024 2.8
Thereafter 29.7
Future lease payments 71.2
Less amount representing interest 14.5
Present value of future minimum lease payments 56.7
Finance Leases  
April 1, 2019 through December 31, 2019 2.5
Year Ending December 31,  
2020 3.4
2021 2.9
2022 1.5
2023 0.7
2024 0.7
Thereafter 13.2
Future lease payments 24.9
Less amount representing interest 13.9
Present value of future minimum lease payments 11.0
CL&P  
Operating Leases  
April 1, 2019 through December 31, 2019 0.2
Year Ending December 31,  
2020 0.2
2021 0.0
2022 0.0
2023 0.0
2024 0.0
Thereafter 0.1
Future lease payments 0.5
Less amount representing interest 0.0
Present value of future minimum lease payments 0.5
Finance Leases  
April 1, 2019 through December 31, 2019 1.5
Year Ending December 31,  
2020 2.0
2021 1.5
2022 0.0
2023 0.0
2024 0.0
Thereafter 0.0
Future lease payments 5.0
Less amount representing interest 0.8
Present value of future minimum lease payments 4.2
NSTAR Electric  
Operating Leases  
April 1, 2019 through December 31, 2019 1.4
Year Ending December 31,  
2020 1.6
2021 1.6
2022 1.6
2023 1.6
2024 1.7
Thereafter 29.4
Future lease payments 38.9
Less amount representing interest 13.8
Present value of future minimum lease payments 25.1
Finance Leases  
April 1, 2019 through December 31, 2019 0.4
Year Ending December 31,  
2020 0.5
2021 0.5
2022 0.6
2023 0.6
2024 0.6
Thereafter 12.8
Future lease payments 16.0
Less amount representing interest 11.5
Present value of future minimum lease payments 4.5
PSNH  
Operating Leases  
April 1, 2019 through December 31, 2019 0.1
Year Ending December 31,  
2020 0.1
2021 0.1
2022 0.1
2023 0.1
2024 0.1
Thereafter 0.1
Future lease payments 0.7
Less amount representing interest 0.2
Present value of future minimum lease payments 0.5
Finance Leases  
April 1, 2019 through December 31, 2019 0.1
Year Ending December 31,  
2020 0.1
2021 0.1
2022 0.1
2023 0.1
2024 0.1
Thereafter 0.4
Future lease payments 1.0
Less amount representing interest 0.1
Present value of future minimum lease payments $ 0.9
v3.19.1
LEASES - Future Minimum Rental Payments under Operating Leases (Details)
$ in Millions
Dec. 31, 2018
USD ($)
Operating Leased Assets [Line Items]  
2019 $ 11.5
2020 9.8
2021 8.7
2022 7.2
2023 4.7
Thereafter 32.7
Future minimum lease payments 74.6
CL&P  
Operating Leased Assets [Line Items]  
2019 1.5
2020 1.4
2021 1.2
2022 1.1
2023 0.5
Thereafter 0.2
Future minimum lease payments 5.9
NSTAR Electric  
Operating Leased Assets [Line Items]  
2019 7.2
2020 6.0
2021 5.3
2022 4.4
2023 3.1
Thereafter 29.5
Future minimum lease payments 55.5
PSNH  
Operating Leased Assets [Line Items]  
2019 0.5
2020 0.4
2021 0.4
2022 0.4
2023 0.2
Thereafter 0.3
Future minimum lease payments $ 2.2
v3.19.1
LEASES - Future Minimum Rental Payments under Capital Leases (Details)
$ in Millions
Dec. 31, 2018
USD ($)
Capital Leased Assets [Line Items]  
2019 $ 3.4
2020 3.4
2021 2.9
2022 1.5
2023 0.7
Thereafter 13.9
Future minimum lease payments 25.8
Less amount representing interest 13.8
Present value of future minimum lease payments 12.0
CL&P  
Capital Leased Assets [Line Items]  
2019 2.0
2020 2.0
2021 1.5
2022 0.0
2023 0.0
Thereafter 0.0
Future minimum lease payments 5.5
Less amount representing interest 1.0
Present value of future minimum lease payments 4.5
NSTAR Electric  
Capital Leased Assets [Line Items]  
2019 0.5
2020 0.5
2021 0.5
2022 0.6
2023 0.6
Thereafter 13.4
Future minimum lease payments 16.1
Less amount representing interest 12.4
Present value of future minimum lease payments 3.7
PSNH  
Capital Leased Assets [Line Items]  
2019 0.1
2020 0.1
2021 0.1
2022 0.1
2023 0.1
Thereafter 0.5
Future minimum lease payments 1.0
Less amount representing interest 0.1
Present value of future minimum lease payments $ 0.9
v3.19.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption $ 155,570 $ 155,570
Rate Reduction Bonds 561,727 583,331
Carrying Amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 155,600 155,600
Long-Term Debt 13,089,800 13,086,100
Rate Reduction Bonds 604,900 635,700
Fair Value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 157,100 156,800
Long-Term Debt 13,519,600 13,154,900
Rate Reduction Bonds 623,300 645,800
CL&P    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 116,200 116,200
CL&P | Carrying Amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 116,200 116,200
Long-Term Debt 3,265,800 3,254,000
Rate Reduction Bonds 0 0
CL&P | Fair Value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 114,200 113,800
Long-Term Debt 3,538,000 3,429,200
Rate Reduction Bonds 0 0
NSTAR Electric    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 43,000 43,000
NSTAR Electric | Carrying Amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 43,000 43,000
Long-Term Debt 2,945,200 2,944,800
Rate Reduction Bonds 0 0
NSTAR Electric | Fair Value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 42,900 43,000
Long-Term Debt 3,107,300 3,024,100
Rate Reduction Bonds 0 0
PSNH    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Rate Reduction Bonds 561,727 583,331
PSNH | Carrying Amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 0 0
Long-Term Debt 805,300 805,200
Rate Reduction Bonds 604,900 635,700
PSNH | Fair Value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 0 0
Long-Term Debt 831,100 819,500
Rate Reduction Bonds $ 623,300 $ 645,800
v3.19.1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
AOCI Attributable to Parent [Roll Forward]    
OCI Before Reclassifications $ 700 $ (400)
Amounts Reclassified from AOCI 1,500 3,700
Other Comprehensive Income, Net of Tax 2,196 3,273
Total    
AOCI Attributable to Parent [Roll Forward]    
Balance (60,000) (66,400)
Other Comprehensive Income, Net of Tax 2,196 3,273
Balance (57,800) (63,100)
Qualified Cash Flow Hedging Instruments    
AOCI Attributable to Parent [Roll Forward]    
Balance (4,400)  
OCI Before Reclassifications 0  
Amounts Reclassified from AOCI 300  
Other Comprehensive Income, Net of Tax 300  
Balance (4,100)  
Qualified Cash Flow Hedging Instruments    
AOCI Attributable to Parent [Roll Forward]    
Balance   (6,200)
OCI Before Reclassifications   0
Amounts Reclassified from AOCI   700
Other Comprehensive Income, Net of Tax   700
Balance   (5,500)
Unrealized Gains/(Losses) on Marketable Securities    
AOCI Attributable to Parent [Roll Forward]    
Balance (500) 0
OCI Before Reclassifications 700 (400)
Amounts Reclassified from AOCI 0 0
Other Comprehensive Income, Net of Tax 700 (400)
Balance 200 (400)
Defined Benefit Plans    
AOCI Attributable to Parent [Roll Forward]    
Balance (55,100) (60,200)
OCI Before Reclassifications 0 0
Amounts Reclassified from AOCI 1,200 3,000
Other Comprehensive Income, Net of Tax 1,200 3,000
Balance $ (53,900) $ (57,200)
v3.19.1
COMMON SHARES - Common Shares Authorized and Issued (Details) - $ / shares
Mar. 31, 2019
Dec. 31, 2018
Class of Stock [Line Items]    
Per value (in dollars per share) $ 5  
Authorized (in shares) 380,000,000 380,000,000
Issued (in shares) 333,878,402 333,878,402
CL&P    
Class of Stock [Line Items]    
Per value (in dollars per share) $ 10  
Authorized (in shares) 24,500,000 24,500,000
Issued (in shares) 6,035,205 6,035,205
NSTAR Electric    
Class of Stock [Line Items]    
Per value (in dollars per share) $ 1  
Authorized (in shares) 100,000,000 100,000,000
Issued (in shares) 200 200
PSNH    
Class of Stock [Line Items]    
Per value (in dollars per share) $ 1  
Authorized (in shares) 100,000,000 100,000,000
Issued (in shares) 301 301
v3.19.1
COMMON SHARES - Narrative (Details) - shares
Mar. 31, 2019
Dec. 31, 2018
Equity [Abstract]    
Treasury stock (in shares) 16,530,932 16,992,594
Common stock outstanding (in shares) 317,347,470 316,885,808
v3.19.1
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Class of Stock [Line Items]      
Dividends on preferred stock $ 1,880 $ 1,880  
Noncontrolling interest attributed to preferred stock of subsidiaries 155,570   $ 155,570
CL&P      
Class of Stock [Line Items]      
Dividends on preferred stock 1,390 1,390  
Noncontrolling interest attributed to preferred stock of subsidiaries 116,200   116,200
NSTAR Electric      
Class of Stock [Line Items]      
Dividends on preferred stock 490 $ 490  
Noncontrolling interest attributed to preferred stock of subsidiaries $ 43,000   $ 43,000
v3.19.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Earnings Per Share [Abstract]    
Net Income Attributable to Common Shareholders $ 308,678 $ 269,546
Weighted Average Common Shares Outstanding:    
Basic (in shares) 317,624,593 317,397,052
Dilutive Effect (in shares) 691,489 595,947
Diluted (in shares) 318,316,082 317,992,999
Basic and Diluted EPS (in dollars per share) $ 0.97 $ 0.85
v3.19.1
REVENUES (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers $ 2,397,300 $ 2,277,100
Operating Revenues 2,415,792 2,287,962
Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 1,319,200 1,269,700
Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 809,600 759,900
Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 111,400 109,500
Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 2,240,200 2,139,100
Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 67,600 65,000
Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 74,200 77,100
Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 17,600 21,900
Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (2,300) (26,000)
Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 14,700 6,600
Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 3,800 4,300
Lease revenue 1,000  
Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers  
Operating Revenues  
Operating Segments | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers  
Other    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 258,100 230,900
Operating Revenues 258,100 230,900
Other | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Other | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Other | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Other | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Other | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 13,500 10,100
Other | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Other | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 244,600 220,800
Other | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Other | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 0 0
Other | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 0 0
Eliminations    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (520,000) (482,600)
Operating Revenues (531,100) (472,000)
Eliminations | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Eliminations | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (1,100) 0
Eliminations | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (2,700) (2,500)
Eliminations | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (3,800) (2,500)
Eliminations | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (270,800) (258,700)
Eliminations | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Eliminations | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (245,400) (221,400)
Eliminations | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Eliminations | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues (11,100) 10,600
Eliminations | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 0 0
Electric Distribution | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 1,829,000 1,742,500
Operating Revenues 1,833,900 1,754,600
Electric Distribution | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 1,033,300 994,400
Electric Distribution | Operating Segments | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 652,600 611,400
Electric Distribution | Operating Segments | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 82,100 81,500
Electric Distribution | Operating Segments | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 1,768,000 1,687,300
Electric Distribution | Operating Segments | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Electric Distribution | Operating Segments | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 51,500 58,500
Electric Distribution | Operating Segments | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 12,600 16,000
Electric Distribution | Operating Segments | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (3,100) (19,300)
Electric Distribution | Operating Segments | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 2,100 8,700
Electric Distribution | Operating Segments | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 2,800 3,400
Natural Gas Distribution | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 457,800 425,800
Operating Revenues 468,900 424,900
Natural Gas Distribution | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 258,900 248,900
Natural Gas Distribution | Operating Segments | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 143,800 134,700
Natural Gas Distribution | Operating Segments | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 30,900 29,500
Natural Gas Distribution | Operating Segments | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 433,600 413,100
Natural Gas Distribution | Operating Segments | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Natural Gas Distribution | Operating Segments | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 21,700 17,800
Natural Gas Distribution | Operating Segments | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 900 (600)
Natural Gas Distribution | Operating Segments | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 1,600 (4,500)
Natural Gas Distribution | Operating Segments | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 10,400 (1,700)
Natural Gas Distribution | Operating Segments | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 700 800
Electric Transmission | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 328,100 316,700
Operating Revenues 340,500 305,000
Electric Transmission | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Electric Transmission | Operating Segments | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Electric Transmission | Operating Segments | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Electric Transmission | Operating Segments | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Electric Transmission | Operating Segments | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 324,900 313,600
Electric Transmission | Operating Segments | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Electric Transmission | Operating Segments | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 3,200 3,100
Electric Transmission | Operating Segments | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Electric Transmission | Operating Segments | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 12,400 (11,700)
Electric Transmission | Operating Segments | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 0 0
Water Distribution | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 44,300 43,800
Operating Revenues 45,500 44,600
Water Distribution | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 27,000 26,400
Water Distribution | Operating Segments | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 14,300 13,800
Water Distribution | Operating Segments | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 1,100 1,000
Water Distribution | Operating Segments | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 42,400 41,200
Water Distribution | Operating Segments | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 0
Water Distribution | Operating Segments | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 1,000 800
Water Distribution | Operating Segments | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 1,700 4,000
Water Distribution | Operating Segments | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (800) (2,200)
Water Distribution | Operating Segments | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 900 700
Water Distribution | Operating Segments | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 300 100
CL&P    
Disaggregation of Revenue [Line Items]    
Operating Revenues 849,246 784,983
CL&P | Other Revenues    
Disaggregation of Revenue [Line Items]    
Lease revenue 200  
CL&P | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 959,200 897,800
CL&P | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 510,500 483,400
CL&P | Operating Segments | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 236,700 222,500
CL&P | Operating Segments | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 34,600 35,800
CL&P | Operating Segments | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 781,800 741,700
CL&P | Operating Segments | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 154,800 150,800
CL&P | Operating Segments | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 13,700 10,300
CL&P | Operating Segments | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 8,900 7,500
CL&P | Operating Segments | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 (12,500)
CL&P | Segment Reconciling Items | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 5,700 (5,100)
CL&P | Segment Reconciling Items | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 1,000 1,300
CL&P | Eliminations    
Disaggregation of Revenue [Line Items]    
Operating Revenues (116,700) (109,000)
NSTAR Electric    
Disaggregation of Revenue [Line Items]    
Operating Revenues 797,612 770,127
NSTAR Electric | Other Revenues    
Disaggregation of Revenue [Line Items]    
Lease revenue 600  
NSTAR Electric | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 887,300 854,800
NSTAR Electric | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 371,000 364,200
NSTAR Electric | Operating Segments | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 336,500 314,400
NSTAR Electric | Operating Segments | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 28,800 28,100
NSTAR Electric | Operating Segments | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 736,300 706,700
NSTAR Electric | Operating Segments | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 122,600 118,600
NSTAR Electric | Operating Segments | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 24,400 24,900
NSTAR Electric | Operating Segments | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 4,000 8,300
NSTAR Electric | Operating Segments | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 0 (3,700)
NSTAR Electric | Segment Reconciling Items | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 7,300 6,700
NSTAR Electric | Segment Reconciling Items | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 1,500 1,700
NSTAR Electric | Eliminations    
Disaggregation of Revenue [Line Items]    
Operating Revenues (98,500) (93,100)
PSNH    
Disaggregation of Revenue [Line Items]    
Operating Revenues 276,435 267,350
PSNH | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 311,700 308,000
PSNH | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 151,800 146,800
PSNH | Operating Segments | Commercial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 79,800 74,900
PSNH | Operating Segments | Industrial    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 18,700 17,600
PSNH | Operating Segments | Total Retail Tariff Sale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 250,300 239,300
PSNH | Operating Segments | Transmission Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 47,500 44,200
PSNH | Operating Segments | Wholesale Revenue    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 13,400 24,100
PSNH | Operating Segments | Other Revenues from Contracts with Customers    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers 3,600 3,500
PSNH | Operating Segments | Reserve for Revenues Subject to Refund    
Disaggregation of Revenue [Line Items]    
Revenues from Contracts with Customers (3,100) (3,100)
PSNH | Segment Reconciling Items | Alternative Revenue    
Disaggregation of Revenue [Line Items]    
Operating Revenues 1,500 (4,600)
PSNH | Segment Reconciling Items | Other Revenues    
Disaggregation of Revenue [Line Items]    
Operating Revenues 300 400
PSNH | Eliminations    
Disaggregation of Revenue [Line Items]    
Operating Revenues $ (37,100) $ (36,400)
v3.19.1
SEGMENT INFORMATION - Narrative (Details)
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
segment
company
Segment Reporting Information [Line Items]  
Number of companies that transmit hydro electricity imported from The Hydro-Quebec System in Canada | company 2
CL&P  
Segment Reporting Information [Line Items]  
Number of reportable segments 1
NSTAR Electric  
Segment Reporting Information [Line Items]  
Number of reportable segments 1
PSNH  
Segment Reporting Information [Line Items]  
Number of reportable segments 1
Affiliated Entity  
Segment Reporting Information [Line Items]  
Affiliate transaction costs classified as Purchased Power, Fuel and Transmission Costs | $ $ 62.5
v3.19.1
SEGMENT INFORMATION - Summary of Segment Information and Segmented Total Assets (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Segment Reporting Information [Line Items]      
Operating Revenues $ 2,415,792 $ 2,287,962  
Depreciation and Amortization (285,900) (249,500)  
Other Operating Expenses (1,635,200) (1,596,000)  
Operating Income 494,700 442,532  
Interest Expense (131,734) (121,129)  
Other Income/(Loss), Net 30,985 33,789  
Net Income Attributable to Common Shareholders 308,678 269,546  
Cash Flows Used for Investments in Plant 674,694 607,334  
Assets 38,941,007   $ 38,241,256
Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenues    
Other      
Segment Reporting Information [Line Items]      
Operating Revenues 258,100 230,900  
Depreciation and Amortization (13,600) (12,000)  
Other Operating Expenses (225,500) (204,700)  
Operating Income 19,000 14,200  
Interest Expense (44,200) (31,900)  
Other Income/(Loss), Net 431,700 360,100  
Net Income Attributable to Common Shareholders 407,500 346,000  
Cash Flows Used for Investments in Plant 55,900 42,700  
Assets 18,939,800   17,874,200
Eliminations      
Segment Reporting Information [Line Items]      
Operating Revenues (531,100) (472,000)  
Depreciation and Amortization 600 600  
Other Operating Expenses 531,000 471,900  
Operating Income 500 500  
Interest Expense 12,600 7,400  
Other Income/(Loss), Net (427,600) (355,300)  
Net Income Attributable to Common Shareholders (414,500) (347,400)  
Cash Flows Used for Investments in Plant 0 0  
Assets (18,326,600)   (17,464,900)
Electric Distribution | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenues 1,833,900 1,754,600  
Depreciation and Amortization (179,200) (144,400)  
Other Operating Expenses (1,475,600) (1,443,500)  
Operating Income 179,100 166,700  
Interest Expense (49,200) (47,400)  
Other Income/(Loss), Net 18,200 19,600  
Net Income Attributable to Common Shareholders 120,100 104,200  
Cash Flows Used for Investments in Plant 279,300 236,000  
Assets 21,507,000   21,389,100
Natural Gas Distribution | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenues 468,900 424,900  
Depreciation and Amortization (20,400) (26,400)  
Other Operating Expenses (341,300) (312,600)  
Operating Income 107,200 85,900  
Interest Expense (11,700) (11,100)  
Other Income/(Loss), Net 200 2,000  
Net Income Attributable to Common Shareholders 76,500 57,800  
Cash Flows Used for Investments in Plant 87,400 70,400  
Assets 4,019,100   3,904,900
Electric Transmission | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenues 340,500 305,000  
Depreciation and Amortization (61,500) (56,600)  
Other Operating Expenses (98,800) (83,200)  
Operating Income 180,200 165,200  
Interest Expense (30,600) (29,700)  
Other Income/(Loss), Net 8,100 8,000  
Net Income Attributable to Common Shareholders 118,200 107,400  
Cash Flows Used for Investments in Plant 231,400 239,200  
Assets 10,533,400   10,285,000
Water Distribution | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenues 45,500 44,600  
Depreciation and Amortization (11,800) (10,700)  
Other Operating Expenses (25,000) (23,900)  
Operating Income 8,700 10,000  
Interest Expense (8,600) (8,400)  
Other Income/(Loss), Net 400 (600)  
Net Income Attributable to Common Shareholders 900 1,500  
Cash Flows Used for Investments in Plant 20,700 $ 19,000  
Assets $ 2,268,300   $ 2,253,000