EVERSOURCE ENERGY, 10-Q filed on 11/7/2019
Quarterly Report
v3.19.3
DOCUMENT AND ENTITY INFORMATION - shares
9 Months Ended
Sep. 30, 2019
Oct. 31, 2019
Document And Entity [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Fiscal Period Focus Q3  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2019  
Document Fiscal Year Focus 2019  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity Registrant Name EVERSOURCE ENERGY  
Entity Incorporation, State or Country Code MA  
Entity Central Index Key 0000072741  
Entity Address, Address Line One 300 Cadwell Drive  
Entity Address, City or Town Springfield  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 01104  
City Area Code 800  
Local Phone Number 286-5000  
Entity File Number 1-5324  
Entity Tax Identification Number 04-2147929  
Title of 12(b) Security Common Shares, $5.00 par value per share  
Trading Symbol ES  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   323,761,393
The Connecticut Light and Power Company    
Document And Entity [Line Items]    
Current Fiscal Year End Date --12-31  
Entity Registrant Name THE CONNECTICUT LIGHT AND POWER COMPANY  
Entity Incorporation, State or Country Code CT  
Entity Central Index Key 0000023426  
Entity Address, Address Line One 107 Selden Street  
Entity Address, City or Town Berlin  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06037-1616  
City Area Code 800  
Local Phone Number 286-5000  
Entity File Number 0-00404  
Entity Tax Identification Number 06-0303850  
Entity Filer Category Non-accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   6,035,205
NSTAR Electric Company    
Document And Entity [Line Items]    
Current Fiscal Year End Date --12-31  
Entity Registrant Name NSTAR ELECTRIC COMPANY  
Entity Incorporation, State or Country Code MA  
Entity Central Index Key 0000013372  
Entity Address, Address Line One 800 Boylston Street  
Entity Address, City or Town Boston  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02199  
City Area Code 800  
Local Phone Number 286-5000  
Entity File Number 1-02301  
Entity Tax Identification Number 04-1278810  
Entity Filer Category Non-accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   200
Public Service Company of New Hampshire    
Document And Entity [Line Items]    
Current Fiscal Year End Date --12-31  
Entity Registrant Name PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE  
Entity Incorporation, State or Country Code NH  
Entity Central Index Key 0000315256  
Entity Address, Address Line One Energy Park  
Entity Address, Address Line Two 780 North Commercial Street  
Entity Address, City or Town Manchester  
Entity Address, State or Province NH  
Entity Address, Postal Zip Code 03101-1134  
City Area Code 800  
Local Phone Number 286-5000  
Entity File Number 1-6392  
Entity Tax Identification Number 02-0181050  
Entity Filer Category Non-accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   301
v3.19.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current Assets:    
Cash $ 22,688 $ 108,068
Receivables, Net 993,396 994,055
Unbilled Revenues 150,394 176,285
Fuel, Materials, Supplies and REC Inventory 204,012 238,042
Regulatory Assets 538,162 514,779
Prepayments and Other Current Assets 312,253 260,995
Total Current Assets 2,220,905 2,292,224
Property, Plant and Equipment, Net 26,911,877 25,610,428
Deferred Debits and Other Assets:    
Regulatory Assets 4,292,560 4,631,137
Goodwill 4,427,266 4,427,266
Investments in Unconsolidated Affiliates 861,687 464,286
Marketable Securities 404,804 417,508
Other Long-Term Assets 606,295 398,407
Total Deferred Debits and Other Assets 10,592,612 10,338,604
Total Assets 39,725,394 38,241,256
Current Liabilities:    
Notes Payable 712,500 910,000
Long-Term Debt – Current Portion 853,066 837,319
Rate Reduction Bonds – Current Portion 43,210 52,332
Accounts Payable 892,106 1,119,995
Regulatory Liabilities 441,189 370,230
Other Current Liabilities 806,839 823,006
Total Current Liabilities 3,748,910 4,112,882
Deferred Credits and Other Liabilities:    
Accumulated Deferred Income Taxes 3,604,791 3,506,030
Regulatory Liabilities 3,644,477 3,609,475
Derivative Liabilities 357,869 379,562
Accrued Pension, SERP and PBOP 821,172 962,510
Other Long-Term Liabilities 1,290,704 1,196,336
Total Deferred Credits and Other Liabilities 9,719,013 9,653,913
Long-Term Debt 13,440,165 12,248,743
Rate Reduction Bonds 540,122 583,331
Noncontrolling Interest – Preferred Stock of Subsidiaries 155,570 155,570
Common Shareholders' Equity:    
Common Shares 1,699,292 1,669,392
Capital Surplus, Paid In 6,675,889 6,241,222
Retained Earnings 4,100,220 3,953,974
Accumulated Other Comprehensive Income (Loss) (52,017) (60,000)
Treasury Stock (301,770) (317,771)
Common Shareholders' Equity 12,121,614 11,486,817
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization 39,725,394 38,241,256
The Connecticut Light and Power Company    
Current Assets:    
Cash 9,286 87,721
Receivables, Net 428,050 397,026
Accounts Receivable from Affiliated Companies 34,702 23,082
Unbilled Revenues 48,211 56,971
Fuel, Materials, Supplies and REC Inventory 52,209 44,529
Regulatory Assets 173,339 125,155
Prepaid Property Taxes 66,510 19,555
Prepayments and Other Current Assets 24,236 40,724
Total Current Assets 836,543 794,763
Property, Plant and Equipment, Net 9,456,562 8,909,701
Deferred Debits and Other Assets:    
Regulatory Assets 1,404,502 1,505,488
Other Long-Term Assets 229,092 199,767
Total Deferred Debits and Other Assets 1,633,594 1,705,255
Total Assets 11,926,699 11,409,719
Current Liabilities:    
Notes Payable to Eversource Parent 173,100 0
Long-Term Debt – Current Portion 0 250,000
Accounts Payable 280,463 324,983
Accounts Payable to Affiliated Companies 76,916 26,452
Obligations to Third Party Suppliers 57,823 56,248
Regulatory Liabilities 168,053 109,614
Derivative Liabilities 64,572 55,058
Other Current Liabilities 169,600 161,088
Total Current Liabilities 990,527 983,443
Deferred Credits and Other Liabilities:    
Accumulated Deferred Income Taxes 1,205,687 1,166,784
Regulatory Liabilities 1,159,909 1,122,157
Derivative Liabilities 357,728 379,536
Accrued Pension, SERP and PBOP 248,557 282,771
Other Long-Term Liabilities 149,293 155,495
Total Deferred Credits and Other Liabilities 3,121,174 3,106,743
Long-Term Debt 3,518,464 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 1,708,892 1,727,899
Accumulated Other Comprehensive Income (Loss) 325 301
Common Shareholders' Equity 4,180,334 4,199,317
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization 11,926,699 11,409,719
NSTAR Electric Company    
Current Assets:    
Cash 264 1,606
Receivables, Net 385,689 361,296
Accounts Receivable from Affiliated Companies 39,386 31,344
Unbilled Revenues 42,794 34,518
Fuel, Materials, Supplies and REC Inventory 90,169 114,202
Regulatory Assets 201,215 241,747
Prepayments and Other Current Assets 11,564 51,960
Total Current Assets 771,081 836,673
Property, Plant and Equipment, Net 9,264,180 8,794,700
Deferred Debits and Other Assets:    
Regulatory Assets 1,159,056 1,196,512
Prepaid PBOP 152,978 132,810
Other Long-Term Assets 149,785 109,764
Total Deferred Debits and Other Assets 1,461,819 1,439,086
Total Assets 11,497,080 11,070,459
Current Liabilities:    
Notes Payable 28,000 278,500
Notes Payable to Eversource Parent 48,700 0
Long-Term Debt – Current Portion 95,000 0
Accounts Payable 304,346 384,398
Accounts Payable to Affiliated Companies 84,898 89,636
Obligations to Third Party Suppliers 110,243 109,547
Renewable Portfolio Standards Compliance Obligations 113,330 139,898
Regulatory Liabilities 199,381 190,620
Other Current Liabilities 112,577 74,872
Total Current Liabilities 1,096,475 1,267,471
Deferred Credits and Other Liabilities:    
Accumulated Deferred Income Taxes 1,329,266 1,294,467
Regulatory Liabilities 1,519,631 1,513,279
Accrued Pension, SERP and PBOP 20,544 14,145
Other Long-Term Liabilities 325,617 263,096
Total Deferred Credits and Other Liabilities 3,195,058 3,084,987
Long-Term Debt 3,246,631 2,944,846
Noncontrolling Interest – Preferred Stock of Subsidiaries 43,000 43,000
Common Shareholders' Equity:    
Common Shares 0 0
Capital Surplus, Paid In 1,663,442 1,633,442
Retained Earnings 2,253,509 2,098,091
Accumulated Other Comprehensive Income (Loss) (1,035) (1,378)
Common Shareholders' Equity 3,915,916 3,730,155
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization 11,497,080 11,070,459
Public Service Company of New Hampshire    
Current Assets:    
Cash 1,647 1,439
Receivables, Net 107,096 104,854
Accounts Receivable from Affiliated Companies 23,882 8,444
Unbilled Revenues 38,901 47,145
Taxes Receivable 1,111 25,913
Fuel, Materials, Supplies and REC Inventory 23,960 37,504
Regulatory Assets 78,097 67,228
Special Deposits 18,526 47,498
Prepayments and Other Current Assets 2,726 17,564
Total Current Assets 295,946 357,589
Property, Plant and Equipment, Net 3,031,985 2,880,073
Deferred Debits and Other Assets:    
Regulatory Assets 792,332 862,288
Other Long-Term Assets 40,890 27,406
Total Deferred Debits and Other Assets 833,222 889,694
Total Assets 4,161,153 4,127,356
Current Liabilities:    
Notes Payable to Eversource Parent 42,100 57,000
Long-Term Debt – Current Portion 150,000 150,000
Rate Reduction Bonds – Current Portion 43,210 52,332
Accounts Payable 89,992 111,292
Accounts Payable to Affiliated Companies 35,940 26,029
Regulatory Liabilities 54,681 55,526
Other Current Liabilities 61,260 64,046
Total Current Liabilities 477,183 516,225
Deferred Credits and Other Liabilities:    
Accumulated Deferred Income Taxes 500,391 481,221
Regulatory Liabilities 418,106 428,069
Accrued Pension, SERP and PBOP 88,492 124,457
Other Long-Term Liabilities 33,454 36,339
Total Deferred Credits and Other Liabilities 1,040,443 1,070,086
Long-Term Debt 951,471 655,173
Rate Reduction Bonds 540,122 583,331
Common Shareholders' Equity:    
Common Shares 0 0
Capital Surplus, Paid In 678,134 678,134
Retained Earnings 475,770 627,258
Accumulated Other Comprehensive Income (Loss) (1,970) (2,851)
Common Shareholders' Equity 1,151,934 1,302,541
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization $ 4,161,153 $ 4,127,356
v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Operating Revenues $ 2,175,797 $ 2,271,425 $ 6,476,084 $ 6,413,243
Operating Expenses:        
Purchased Power, Fuel and Transmission 730,255 842,291 2,326,041 2,442,953
Operations and Maintenance 331,054 344,475 994,660 970,881
Depreciation 222,599 208,671 656,632 612,077
Amortization 73,854 92,711 183,760 174,108
Energy Efficiency Programs 136,832 129,965 382,785 366,162
Taxes Other Than Income Taxes 171,965 187,291 537,636 547,155
Impairment of Northern Pass Transmission 0 0 239,644 0
Total Operating Expenses 1,666,559 1,805,404 5,321,158 5,113,336
Operating Income/(Loss) 509,238 466,021 1,154,926 1,299,907
Interest Expense 135,216 125,201 399,654 372,734
Other Income, Net 26,968 16,718 103,818 100,656
Income Before Income Tax Expense 400,990 357,538 859,090 1,027,829
Income Tax Expense 80,226 66,278 194,435 220,497
Net Income 320,764 291,260 664,655 807,332
Net Income Attributable to Noncontrolling Interests 1,880 1,880 5,639 5,639
Net Income Attributable to Common Shareholders $ 318,884 $ 289,380 $ 659,016 $ 801,693
Basic Earnings Per Common Share (in dollars per share) $ 0.98 $ 0.91 $ 2.06 $ 2.53
Diluted Earnings Per Common Share (in dollars per share) $ 0.98 $ 0.91 $ 2.05 $ 2.52
Weighted Average Common Shares Outstanding:        
Basic (in shares) 324,037,169 317,360,110 320,442,253 317,367,252
Diluted (in shares) 326,008,342 317,967,311 321,570,926 317,948,498
The Connecticut Light and Power Company        
Operating Revenues $ 853,943 $ 865,028 $ 2,444,034 $ 2,344,903
Operating Expenses:        
Purchased Power, Fuel and Transmission 299,017 314,571 865,389 850,794
Operations and Maintenance 135,077 128,523 399,065 355,500
Depreciation 76,250 72,017 224,095 208,899
Amortization of Regulatory Assets, Net 30,406 54,031 78,453 97,437
Energy Efficiency Programs 40,129 30,240 86,897 71,606
Taxes Other Than Income Taxes 82,781 92,987 261,244 267,662
Total Operating Expenses 663,660 692,369 1,915,143 1,851,898
Operating Income/(Loss) 190,283 172,659 528,891 493,005
Interest Expense 39,520 37,609 112,274 113,107
Other Income, Net 4,831 7,098 11,564 20,722
Income Before Income Tax Expense 155,594 142,148 428,181 400,620
Income Tax Expense 43,907 41,818 101,219 102,010
Net Income 111,687 100,330 326,962 298,610
NSTAR Electric Company        
Operating Revenues 878,669 939,460 2,358,174 2,400,324
Operating Expenses:        
Purchased Power, Fuel and Transmission 300,726 383,208 859,227 981,895
Operations and Maintenance 120,917 123,634 342,804 344,478
Depreciation 74,664 70,616 220,303 205,210
Amortization of Regulatory Assets, Net 27,296 17,149 73,064 35,467
Energy Efficiency Programs 84,409 89,430 227,042 229,408
Taxes Other Than Income Taxes 51,266 49,927 144,314 145,740
Total Operating Expenses 659,278 733,964 1,866,754 1,942,198
Operating Income/(Loss) 219,391 205,496 491,420 458,126
Interest Expense 29,322 26,958 85,442 80,780
Other Income, Net 10,735 13,697 32,479 40,567
Income Before Income Tax Expense 200,804 192,235 438,457 417,913
Income Tax Expense 45,864 51,640 99,769 112,247
Net Income 154,940 140,595 338,688 305,666
Public Service Company of New Hampshire        
Operating Revenues 280,431 290,203 797,766 792,700
Operating Expenses:        
Purchased Power, Fuel and Transmission 101,381 100,763 300,680 293,975
Operations and Maintenance 50,838 55,429 156,197 153,296
Depreciation 23,539 23,223 69,720 69,524
Amortization of Regulatory Assets, Net 20,421 27,357 39,944 41,318
Energy Efficiency Programs 7,300 5,863 20,229 15,694
Taxes Other Than Income Taxes 12,487 21,095 50,523 59,775
Total Operating Expenses 215,966 233,730 637,293 633,582
Operating Income/(Loss) 64,465 56,473 160,473 159,118
Interest Expense 16,378 16,593 44,654 43,977
Other Income, Net 4,634 16,095 14,640 24,253
Income Before Income Tax Expense 52,721 55,975 130,459 139,394
Income Tax Expense 11,842 15,309 29,947 37,857
Net Income $ 40,879 $ 40,666 $ 100,512 $ 101,537
v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net Income $ 320,764 $ 291,260 $ 664,655 $ 807,332
Other Comprehensive Income, Net of Tax:        
Qualified Cash Flow Hedging Instruments 367   945  
Qualified Cash Flow Hedging Instruments   432   1,627
Changes in Unrealized Gains/(Losses) on Marketable Securities 169 (136) 1,268 (724)
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans 1,088 1,110 5,770 5,918
Other Comprehensive Income (Loss), Net of Tax 1,624 1,406 7,983 6,821
Comprehensive Income Attributable to Noncontrolling Interests (1,880) (1,880) (5,639) (5,639)
Comprehensive Income Attributable to Common Shareholders 320,508 290,786 666,999 808,514
The Connecticut Light and Power Company        
Net Income 111,687 100,330 326,962 298,610
Other Comprehensive Income, Net of Tax:        
Qualified Cash Flow Hedging Instruments (7)   (20)  
Qualified Cash Flow Hedging Instruments   (7)   58
Changes in Unrealized Gains/(Losses) on Marketable Securities 6 (5) 44 (21)
Other Comprehensive Income (Loss), Net of Tax (1) (12) 24 37
Comprehensive Income Attributable to Common Shareholders 111,686 100,318 326,986 298,647
NSTAR Electric Company        
Net Income 154,940 140,595 338,688 305,666
Other Comprehensive Income, Net of Tax:        
Qualified Cash Flow Hedging Instruments 109   328  
Qualified Cash Flow Hedging Instruments   110   328
Changes in Unrealized Gains/(Losses) on Marketable Securities 2 (1) 12 (6)
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans 1 1 3 3
Other Comprehensive Income (Loss), Net of Tax 112 110 343 325
Comprehensive Income Attributable to Common Shareholders 155,052 140,705 339,031 305,991
Public Service Company of New Hampshire        
Net Income 40,879 40,666 100,512 101,537
Other Comprehensive Income, Net of Tax:        
Qualified Cash Flow Hedging Instruments 268   806  
Qualified Cash Flow Hedging Instruments   268   835
Changes in Unrealized Gains/(Losses) on Marketable Securities 10 (7) 75 (36)
Other Comprehensive Income (Loss), Net of Tax 278 261 881 799
Comprehensive Income Attributable to Common Shareholders $ 41,157 $ 40,927 $ 101,393 $ 102,336
v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Shares
Capital Surplus, Paid In
Retained Earnings
Accumulated Other Comprehensive Income (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 Income (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 Income (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 Income (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)            
Long-Term Incentive Plan Activity (15,320)   (15,320)                                    
Capital Contributions from Eversource Parent             9,000   9,000     92,500   92,500              
Other                       1     1            
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, 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 807,332           298,610         305,666         101,537        
Dividends on Preferred Stock (5,600)                                        
Other Comprehensive Income 6,821           37         325         799        
Balance (in shares) at Sep. 30, 2018   316,885,808           6,035,205         200         301      
Balance at Sep. 30, 2018 11,408,778 $ 1,669,392 6,234,044 3,882,695 (59,582) (317,771) 3,921,605 $ 60,352 2,210,765 1,650,182 306 3,695,101 $ 0 1,608,442 2,088,157 (1,498) 1,147,930 $ 0 538,134 612,919 (3,123)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net Income 244,647     244,647     99,712     99,712   87,921     87,921   25,779     25,779  
Dividends on Common Shares (160,027)     (160,027)                                  
Dividends on Preferred Stock (1,880)     (1,880)     (1,390)     (1,390)   (490)     (490)            
Long-Term Incentive Plan Activity 4,627   4,627                                    
Capital Contributions from Eversource Parent             91,000   91,000     8,000   8,000     225,000   225,000    
Return of Capital                                 (530,000)   (530,000)    
Other                                 (1)     (1)  
Other Comprehensive Income 2,142       2,142   9       9 109       109 269       269
Balance (in shares) at Jun. 30, 2018   316,885,808           6,035,205         200         301      
Balance at Jun. 30, 2018 11,273,223 $ 1,669,392 6,229,247 3,753,343 (60,988) (317,771) 3,822,676 $ 60,352 2,210,765 1,551,241 318 3,549,886 $ 0 1,603,442 1,948,052 (1,608) 1,107,003 $ 0 538,134 572,253 (3,384)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net Income 291,260     291,260     100,330     100,330   140,595     140,595   40,666     40,666  
Dividends on Common Shares (160,028)     (160,028)                                  
Dividends on Preferred Stock (1,880)     (1,880)     (1,389)     (1,389)   (490)     (490)            
Long-Term Incentive Plan Activity 4,797   4,797                                    
Capital Contributions from Eversource Parent                       5,000   5,000              
Other Comprehensive Income 1,406       1,406   (12)       (12) 110       110 261       261
Balance (in shares) at Sep. 30, 2018   316,885,808           6,035,205         200         301      
Balance at Sep. 30, 2018 $ 11,408,778 $ 1,669,392 6,234,044 3,882,695 (59,582) (317,771) 3,921,605 $ 60,352 2,210,765 1,650,182 306 3,695,101 $ 0 1,608,442 2,088,157 (1,498) 1,147,930 $ 0 538,134 612,919 (3,123)
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           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)
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 664,655           326,962         338,688         100,512        
Dividends on Preferred Stock (5,600)                                        
Other Comprehensive Income $ 7,983           24         343         881        
Balance (in shares) at Sep. 30, 2019 323,733,423 323,733,423           6,035,205         200         301      
Balance at Sep. 30, 2019 $ 12,121,614 $ 1,699,292 6,675,889 4,100,220 (52,017) (301,770) 4,180,334 $ 60,352 2,410,765 1,708,892 325 3,915,916 $ 0 1,663,442 2,253,509 (1,035) 1,151,934 $ 0 678,134 475,770 (1,970)
Balance (in shares) at Mar. 31, 2019   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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net Income 33,334     33,334     104,804     104,804   89,734     89,734   26,852     26,852  
Dividends on Common Shares (169,857)     (169,857)     (176,400)     (176,400)   (121,200)     (121,200)   (214,000)     (214,000)  
Dividends on Preferred Stock (1,880)     (1,880)     (1,390)     (1,390)   (490)     (490)            
Issuance of Common Shares (in shares)   5,980,000                                      
Issuance of Common Shares 433,550 $ 29,900 403,650                                    
Long-Term Incentive Plan Activity 6,470   6,470                                    
Issuance of Treasury Shares (in shares)   246,969                                      
Issuance of Treasury Shares 18,027   13,448     4,579                              
Capital Stock Expense (6,648)   (6,648)                                    
Other             1     1                      
Other Comprehensive Income 4,163       4,163   8       8 114       114 296       296
Balance (in shares) at Jun. 30, 2019   323,574,439           6,035,205         200         301      
Balance at Jun. 30, 2019 11,954,593 $ 1,699,292 6,659,009 3,954,492 (53,641) (304,559) 4,136,438 $ 60,352 2,410,765 1,664,995 326 3,751,354 $ 0 1,653,442 2,099,059 (1,147) 1,129,777 $ 0 678,134 453,891 (2,248)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                          
Net Income 320,764     320,764     111,687     111,687   154,940     154,940   40,879     40,879  
Dividends on Common Shares (173,156)     (173,156)     (66,400)     (66,400)             (19,000)     (19,000)  
Dividends on Preferred Stock (1,880)     (1,880)     (1,390)     (1,390)   (490)     (490)            
Long-Term Incentive Plan Activity 6,697   6,697                                    
Issuance of Treasury Shares (in shares)   158,984                                      
Issuance of Treasury Shares 12,972   10,183     2,789                              
Capital Contributions from Eversource Parent                       10,000   10,000              
Other Comprehensive Income $ 1,624       1,624   (1)       (1) 112       112 278       278
Balance (in shares) at Sep. 30, 2019 323,733,423 323,733,423           6,035,205         200         301      
Balance at Sep. 30, 2019 $ 12,121,614 $ 1,699,292 $ 6,675,889 $ 4,100,220 $ (52,017) $ (301,770) $ 4,180,334 $ 60,352 $ 2,410,765 $ 1,708,892 $ 325 $ 3,915,916 $ 0 $ 1,663,442 $ 2,253,509 $ (1,035) $ 1,151,934 $ 0 $ 678,134 $ 475,770 $ (1,970)
v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
3 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]            
Dividends on Common Shares (in dollars per share) $ 0.535 $ 0.535 $ 0.535 $ 0.505 $ 0.505 $ 0.505
Issuance of Common Shares, par value (in dollars per share) $ 5 $ 5        
v3.19.3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:    
Net Income $ 664,655 $ 807,332
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:    
Depreciation 656,632 612,077
Deferred Income Taxes 73,487 70,402
Uncollectible Expense 46,417 50,720
Pension, SERP and PBOP Expense, Net 18,507 5,192
Pension and PBOP Contributions (120,373) (188,874)
Regulatory Over/(Under) Recoveries, Net 80,688 189,932
Amortization 183,760 174,108
Proceeds from DOE Spent Nuclear Fuel Litigation 68,840 0
Impairment of Northern Pass Transmission 239,644 0
Other (185,625) (129,039)
Changes in Current Assets and Liabilities:    
Receivables and Unbilled Revenues, Net (57,011) (212,326)
Fuel, Materials, Supplies and REC Inventory 34,030 44,702
Taxes Receivable/Accrued, Net 53,687 70,885
Accounts Payable (157,355) (72,591)
Other Current Assets and Liabilities, Net (105,133) (14,858)
Net Cash Flows Provided by Operating Activities 1,494,850 1,407,662
Investing Activities:    
Investments in Property, Plant and Equipment (2,129,037) (1,885,081)
Proceeds from Sales of Marketable Securities 458,322 405,276
Purchases of Marketable Securities (405,095) (396,277)
Proceeds from the Sale of PSNH Generation Assets 0 193,924
Investments in Unconsolidated Affiliates, Net (374,913) (27,342)
Other Investing Activities (1,126) 3,937
Net Cash Flows Used in Investing Activities (2,451,849) (1,705,563)
Financing Activities:    
Issuance of Common Shares, Net of Issuance Costs 426,902 0
Cash Dividends on Common Shares (495,571) (480,082)
Cash Dividends on Preferred Stock (5,639) (5,639)
(Decrease)/Increase in Notes Payable (197,500) (222,110)
Issuance of Rate Reduction Bonds 0 635,663
Repayment of Rate Reduction Bonds (52,332) 0
Issuance of Long-Term Debt 1,475,000 1,300,000
Retirement of Long-Term Debt (250,855) (860,855)
Other Financing Activities (450) (20,361)
Net Cash Flows Provided by Financing Activities 899,555 346,616
Net (Decrease)/Increase in Cash and Restricted Cash (57,444) 48,715
Cash and Restricted Cash - Beginning of Period 209,324 85,890
Cash and Restricted Cash - End of Period 151,880 134,605
The Connecticut Light and Power Company    
Operating Activities:    
Net Income 326,962 298,610
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:    
Depreciation 224,095 208,899
Deferred Income Taxes 19,999 28,637
Uncollectible Expense 12,084 12,135
Pension, SERP and PBOP Expense, Net 9,843 6,594
Pension Contributions (24,000) (41,150)
Regulatory Over/(Under) Recoveries, Net 32,435 (1,136)
Amortization of Regulatory Assets, Net 78,453 97,437
Other (66,737) (55,827)
Changes in Current Assets and Liabilities:    
Receivables and Unbilled Revenues, Net (70,996) (126,513)
Taxes Receivable/Accrued, Net 32,708 72,702
Accounts Payable 8,604 (15,303)
Other Current Assets and Liabilities, Net (51,937) (33,965)
Net Cash Flows Provided by Operating Activities 531,513 451,120
Investing Activities:    
Investments in Property, Plant and Equipment (699,288) (660,673)
Other Investing Activities 645 167
Net Cash Flows Used in Investing Activities (698,643) (660,506)
Financing Activities:    
Cash Dividends on Common Shares (341,800) (60,000)
Cash Dividends on Preferred Stock (4,169) (4,169)
Capital Contributions from Eversource Parent 0 100,000
Issuance of Long-Term Debt 500,000 500,000
Retirement of Long-Term Debt (250,000) (300,000)
Increase/(Decrease) in Notes Payable to Eversource Parent 173,100 (23,600)
Other Financing Activities 12,667 (7,584)
Net Cash Flows Provided by Financing Activities 89,798 204,647
Net (Decrease)/Increase in Cash and Restricted Cash (77,332) (4,739)
Cash and Restricted Cash - Beginning of Period 91,613 9,619
Cash and Restricted Cash - End of Period 14,281 4,880
NSTAR Electric Company    
Operating Activities:    
Net Income 338,688 305,666
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:    
Depreciation 220,303 205,210
Deferred Income Taxes 11,080 16,203
Uncollectible Expense 18,598 20,433
Pension, SERP and PBOP Income, Net (9,779) (15,855)
Pension and PBOP Contributions (4,910) (60,454)
Regulatory Over/(Under) Recoveries, Net 46,543 180,797
Amortization of Regulatory Assets, Net 73,064 35,467
Other (50,685) (49,178)
Changes in Current Assets and Liabilities:    
Receivables and Unbilled Revenues, Net (68,167) (155,669)
Fuel, Materials, Supplies and REC Inventory 24,033 29,156
Taxes Receivable/Accrued, Net 66,917 42,148
Accounts Payable (47,256) (13,178)
Other Current Assets and Liabilities, Net (31,495) 33,543
Net Cash Flows Provided by Operating Activities 586,934 574,289
Investing Activities:    
Investments in Property, Plant and Equipment (636,214) (538,973)
Other Investing Activities 67 46
Net Cash Flows Used in Investing Activities (636,147) (538,927)
Financing Activities:    
Cash Dividends on Common Shares (181,800) (161,000)
Cash Dividends on Preferred Stock (1,470) (1,470)
Capital Contributions from Eversource Parent 30,000 105,500
Increase in Notes Payable to Eversource Parent 48,700 16,000
(Decrease)/Increase in Notes Payable (250,500) 6,500
Issuance of Long-Term Debt 400,000 0
Other Financing Activities (3,868) (239)
Net Cash Flows Provided by Financing Activities 41,062 (34,709)
Net (Decrease)/Increase in Cash and Restricted Cash (8,151) 653
Cash and Restricted Cash - Beginning of Period 14,659 14,708
Cash and Restricted Cash - End of Period 6,508 15,361
Public Service Company of New Hampshire    
Operating Activities:    
Net Income 100,512 101,537
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:    
Depreciation 69,720 69,524
Deferred Income Taxes 12,960 11,473
Uncollectible Expense 4,977 4,865
Pension, SERP and PBOP Expense, Net 683 1,106
Pension Contributions (15,400) 0
Regulatory Over/(Under) Recoveries, Net (13,347) (19,764)
Amortization of Regulatory Assets, Net 39,944 41,318
Other (23,865) (9,075)
Changes in Current Assets and Liabilities:    
Receivables and Unbilled Revenues, Net (13,498) (32,819)
Fuel, Materials, Supplies and REC Inventory 13,545 14,555
Taxes Receivable/Accrued, Net 31,909 10,929
Accounts Payable (12,100) (3,828)
Other Current Assets and Liabilities, Net 6,754 27,844
Net Cash Flows Provided by Operating Activities 202,794 217,665
Investing Activities:    
Investments in Property, Plant and Equipment (209,031) (236,206)
Proceeds from the Sale of PSNH Generation Assets 0 193,924
Other Investing Activities 904 5,149
Net Cash Flows Used in Investing Activities (208,127) (37,133)
Financing Activities:    
Cash Dividends on Common Shares (252,000) (150,000)
Capital Contributions from Eversource Parent 0 225,000
Return of Capital 0 (530,000)
Issuance of Rate Reduction Bonds 0 635,663
Repayment of Rate Reduction Bonds (52,332) 0
Issuance of Long-Term Debt 300,000 0
Retirement of Long-Term Debt 0 (110,000)
Increase/(Decrease) in Notes Payable to Eversource Parent (14,900) (216,300)
Other Financing Activities (4,146) 1,080
Net Cash Flows Provided by Financing Activities (23,378) (144,557)
Net (Decrease)/Increase in Cash and Restricted Cash (28,711) 35,975
Cash and Restricted Cash - Beginning of Period 52,723 2,191
Cash and Restricted Cash - End of Period $ 24,012 $ 38,166
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 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 September 30, 2019 and December 31, 2018, and the results of operations, comprehensive income and common shareholders' equity for the three and nine months ended September 30, 2019 and 2018, and the cash flows for the nine months ended September 30, 2019 and 2018. The results of operations and comprehensive income for the three and nine months ended September 30, 2019 and 2018 and the cash flows for the nine months ended September 30, 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 standard is effective January 1, 2020 and requires a modified retrospective method 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, and does not expect it to have a material impact on the financial statements.

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.    Impairment of Northern Pass Transmission
Northern Pass was Eversource's planned 1,090 MW HVDC transmission line that would 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 a result of a final decision received on July 19, 2019 from the New Hampshire Supreme Court, whereby the court issued a decision denying Northern Pass’ appeal and affirming the NHSEC’s evaluation and decision that denied Northern Pass’ siting application on NPT, Eversource concluded that construction of NPT was no longer probable. As a result, substantially all of the capitalized project costs, which totaled $318 million, certain of which are subject to cost reimbursement agreements, were impaired.

Based on the conclusion that the construction of Northern Pass was not probable, Eversource recorded an impairment charge in the second quarter of 2019 for all of the project costs associated with Northern Pass, which were primarily engineering design, siting, permitting and legal costs, along with appropriate allowances for funds used during construction, and recognized a receivable for certain cost reimbursement agreements. Additionally, Eversource recorded an impairment charge associated with the land acquired to construct Northern Pass in order to recognize the land at its estimated fair value based on assessed values and transaction costs. In total, this resulted in a pre-tax impairment charge of $239.6 million within Operating Income on the statement of income for the nine months ended September 30, 2019, and was reflected in the Electric Transmission segment. The after-tax impact of the second quarter impairment charge was $204.4 million, or $0.64 per share, after giving effect to the estimated fair value of the related land, reimbursement agreements, and the impact of expected income tax benefits associated with the impairment charge. Eversource does not expect any significant estimated future cash expenditures associated with this impairment charge.

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 September 30, 2019
 
As of December 31, 2018
 
As of September 30, 2019
 
As of December 31, 2018
Eversource
$
225.5

 
$
212.7

 
$
146.5

 
$
131.5

CL&P
94.1

 
88.0

 
77.8

 
71.9

NSTAR Electric
80.7

 
74.5

 
49.4

 
42.5

PSNH
10.6

 
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
 
For the Nine Months Ended
(Millions of Dollars)
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Eversource
$
14.9

 
$
21.5

 
$
46.4

 
$
50.7

CL&P
4.5

 
4.4

 
12.1

 
12.1

NSTAR Electric
7.0

 
9.1

 
18.6

 
20.4

PSNH
1.8

 
1.6

 
5.0

 
4.9



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
Investments in Offshore Wind Business: Eversource's offshore wind business includes ownership interests in North East Offshore and Bay State Wind, which together hold power purchase agreements and contracts for the Revolution Wind, South Fork Wind and Sunrise Wind projects. Eversource's offshore wind projects are being developed in joint and equal partnership with Ørsted.

On February 8, 2019, Eversource and Ørsted entered into an equal partnership to acquire key offshore wind assets in the Northeast, where Eversource owns 50 percent of these assets. Eversource's initial payment and contribution under the terms of the partnership agreements totaled approximately $225 million for a 50 percent ownership interest in North East Offshore, which holds the Revolution Wind and South Fork Wind projects, as well as a 257 square-mile lease off the coasts of Massachusetts and Rhode Island. Eversource also has a 50 percent ownership interest in Bay State Wind, which holds the Sunrise Wind project. These equity investments are included in long-term assets on the balance sheet, and earnings impacts are included in Other Income, Net on the statement of income. As of September 30, 2019, Eversource's total equity investment balance in its offshore wind business was $637.2 million. In the third quarter of 2019, Eversource made additional capital contributions of $133.6 million.

G.    Other Income, Net
The components of Other Income, Net on the statements of income were as follows:
 
For the Three Months Ended
 
September 30, 2019
 
September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Pension, SERP and PBOP Non-Service
   Income Components
$
10.1

 
$
1.7

 
$
5.6

 
$
1.4

 
$
14.8

 
$
2.0

 
$
9.0

 
$
2.0

AFUDC Equity
10.5

 
3.6

 
5.6

 
1.0

 
12.0

 
3.3

 
4.2

 

Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates (1)
6.1

 

 
0.2

 

 
(27.9
)
 

 
0.2

 

Investment Income/(Loss)
(2.8
)
 
(0.8
)
 
(0.9
)
 
(0.3
)
 
1.8

 
0.7

 
(0.4
)
 
0.1

Interest Income (2)
2.9

 
0.3

 
0.1

 
2.5

 
10.8

 
0.9

 
0.2

 
9.6

Gain on Sale of Property

 

 

 

 
5.0

 

 
0.5

 
4.4

Other
0.2

 

 
0.1

 

 
0.2

 
0.2

 

 

Total Other Income, Net
$
27.0

 
$
4.8

 
$
10.7

 
$
4.6

 
$
16.7

 
$
7.1

 
$
13.7

 
$
16.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended
 
September 30, 2019
 
September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Pension, SERP and PBOP Non-Service
   Income Components
$
23.2

 
$
0.1

 
$
18.0

 
$
3.5

 
$
44.6

 
$
7.3

 
$
26.8

 
$
6.4

AFUDC Equity
34.5

 
9.4

 
14.7

 
2.1

 
32.6

 
9.4

 
11.5

 

Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates (1)
37.0

 
0.2

 
0.6

 

 
(0.4
)
 

 
0.6

 

Investment Income/(Loss)
(2.3
)
 
0.9

 
(1.5
)
 

 
2.2

 
0.9

 
0.6

 
0.2

Interest Income (2)
10.8

 
1.1

 
0.5

 
9.0

 
16.2

 
2.9

 
0.6

 
13.3

Gain on Sale of Property
0.2

 

 

 

 
5.0

 

 
0.5

 
4.4

Other
0.4

 
(0.1
)
 
0.2

 

 
0.5

 
0.2

 

 

Total Other Income, Net
$
103.8

 
$
11.6

 
$
32.5

 
$
14.6

 
$
100.7

 
$
20.7

 
$
40.6

 
$
24.3


(1) For the three and nine months ended September 30, 2018, equity in earnings/(loss) and impairment of unconsolidated affiliates includes an other-than-temporary impairment of $32.9 million of the Access Northeast project investment. For the nine months ended September 30, 2019 and 2018, equity in earnings includes $20.4 million and $17.6 million, respectively, of unrealized gains associated with an investment in a renewable energy fund.

(2) For the nine months ended September 30, 2019, see Note 2, "Regulatory Accounting," for further information on $5.2 million of interest income recognized in 2019 for the equity return component of carrying charges on storm costs at PSNH. For the three and nine months ended September 30, 2018, PSNH recognized $8.7 million for the equity return component of carrying charges on storm costs incurred from August 2011 through March 2013.

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
 
For the Nine Months Ended
(Millions of Dollars)
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Eversource
$
42.6

 
$
43.5

 
$
124.0

 
$
122.5

CL&P
39.8

 
40.6

 
107.8

 
107.7



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 above were amounts recorded as Taxes Other Than Income Taxes related to the remittance to the State of Connecticut of energy efficiency funds collected from customers in Operating Revenues. These amounts were $21.4 million for the nine months ended September 30, 2019, and $10.7 million and $36.1 million for the three and nine months ended September 30, 2018, respectively. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were 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 September 30, 2019
 
As of September 30, 2018
Eversource
$
317.8

 
$
303.7

CL&P
107.6

 
103.0

NSTAR Electric
79.0

 
62.5

PSNH
35.8

 
48.3



Beginning in 2019, Eversource began issuing treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares.

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 September 30, 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
$
22.7

 
$
9.3

 
$
0.3

 
$
1.6

 
$
108.1

 
$
87.7

 
$
1.6

 
$
1.4

Restricted cash included in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prepayments and Other Current Assets
37.7

 
4.6

 
6.1

 
18.5

 
72.1

 
3.5

 
13.0

 
47.5

Marketable Securities
19.6

 
0.4

 
0.1

 
0.7

 
25.9

 
0.4

 
0.1

 
0.6

Other Long-Term Assets
71.9

 

 

 
3.2

 
3.2

 

 

 
3.2

Cash and Restricted Cash reported on the
   Statements of Cash Flows
$
151.9

 
$
14.3

 
$
6.5

 
$
24.0

 
$
209.3

 
$
91.6

 
$
14.7

 
$
52.7



Restricted cash included in Prepayments and Other Current 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. Restricted cash included in Other Long-Term Assets at Eversource primarily relates to DOE Phase IV damages proceeds received at CYAPC and YAEC in the second quarter of 2019. See Note 9D, "Commitments and Contingencies - Spent Nuclear Fuel Obligations - Yankee Companies," for further information.
v3.19.3
REGULATORY ACCOUNTING
9 Months Ended
Sep. 30, 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 September 30, 2019
 
As of December 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Benefit Costs
$
1,835.1

 
$
400.5

 
$
542.8

 
$
148.5

 
$
1,914.8

 
$
424.7

 
$
544.4

 
$
169.6

Income Taxes, Net
713.4

 
460.2

 
108.6

 
11.4

 
728.6

 
454.4

 
105.9

 
8.3

Securitized Stranded Costs
576.1

 

 

 
576.1

 
608.4

 

 

 
608.4

Storm Restoration Costs, Net
508.9

 
258.9

 
190.2

 
59.8

 
576.0

 
302.6

 
212.9

 
60.5

Regulatory Tracker Mechanisms
282.7

 
56.5

 
121.1

 
58.1

 
316.0

 
33.2

 
169.1

 
67.3

Derivative Liabilities
345.8

 
342.3

 

 

 
356.5

 
356.5

 

 

Goodwill-related
335.7

 

 
288.3

 

 
348.4

 

 
299.1

 

Asset Retirement Obligations
101.3

 
33.8

 
51.7

 
3.5

 
89.2

 
32.3

 
42.2

 
3.3

Other Regulatory Assets
131.8

 
25.6

 
57.6

 
13.0

 
208.0

 
27.0

 
64.6

 
12.1

Total Regulatory Assets
4,830.8

 
1,577.8


1,360.3


870.4


5,145.9

 
1,630.7


1,438.2


929.5

Less:  Current Portion
538.2

 
173.3

 
201.2

 
78.1

 
514.8

 
125.2

 
241.7

 
67.2

Total Long-Term Regulatory Assets
$
4,292.6

 
$
1,404.5


$
1,159.1


$
792.3


$
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 plant or other balance sheet accounts. CL&P began recovery of the $141.0 million in distribution rates effective May 1, 2019.

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.

In addition, on June 27, 2019, the NHPUC approved a temporary rate settlement that permits PSNH to recover approximately $68.5 million in unrecovered storm costs over a five-year period beginning August 1, 2019, with debt carrying charges.

Regulatory Costs in Long-Term Assets:  Eversource's regulated companies had $144.3 million (including $44.7 million for CL&P, $61.5 million for NSTAR Electric and $17.8 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 September 30, 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 September 30, 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
$
2,846.9

 
$
1,025.7

 
$
1,083.2

 
$
394.0

 
$
2,883.0

 
$
1,031.0

 
$
1,103.7

 
$
396.4

Cost of Removal
552.0

 
56.3

 
325.2

 
20.5

 
521.0

 
39.9

 
307.1

 
22.1

Benefit Costs
79.7

 

 
67.4

 

 
91.2

 

 
76.9

 

Regulatory Tracker Mechanisms
404.3

 
169.7

 
167.9

 
43.3

 
309.0

 
89.5

 
163.7

 
48.3

AFUDC - Transmission
72.6

 
46.4

 
26.2

 

 
70.7

 
47.4

 
23.3

 

Revenue Subject to Refund due to Tax Cuts
  and Jobs Act
18.3

 

 

 
9.0

 
24.6

 

 

 
12.6

Other Regulatory Liabilities
111.9

 
29.9

 
49.1

 
6.0

 
80.2

 
24.0

 
29.2

 
4.2

Total Regulatory Liabilities
4,085.7

 
1,328.0


1,719.0


472.8


3,979.7

 
1,231.8


1,703.9


483.6

Less:  Current Portion
441.2

 
168.1

 
199.4

 
54.7

 
370.2

 
109.6

 
190.6

 
55.5

Total Long-Term Regulatory Liabilities
$
3,644.5

 
$
1,159.9


$
1,519.6


$
418.1


$
3,609.5

 
$
1,122.2


$
1,513.3


$
428.1


v3.19.3
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION
9 Months Ended
Sep. 30, 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 September 30, 2019
 
As of December 31, 2018
(Millions of Dollars)
 
Distribution - Electric
$
15,737.6

 
$
15,071.1

Distribution - Natural Gas
3,723.7

 
3,546.2

Transmission - Electric
10,570.6

 
10,153.9

Distribution - Water
1,686.3

 
1,639.8

Solar
199.2

 
164.1

Utility
31,917.4

 
30,575.1

Other (1)
935.2

 
778.6

Property, Plant and Equipment, Gross
32,852.6

 
31,353.7

Less:  Accumulated Depreciation
 
 
 
Utility   
(7,417.6
)
 
(7,126.2
)
Other
(375.1
)
 
(336.7
)
Total Accumulated Depreciation
(7,792.7
)
 
(7,462.9
)
Property, Plant and Equipment, Net
25,059.9

 
23,890.8

Construction Work in Progress
1,852.0

 
1,719.6

Total Property, Plant and Equipment, Net
$
26,911.9

 
$
25,610.4


 
As of September 30, 2019
 
As of December 31, 2018
(Millions of Dollars)
CL&P
 
NSTAR
Electric
 
PSNH
 
CL&P
 
NSTAR
Electric
 
PSNH
Distribution - Electric
$
6,417.9

 
$
7,102.3

 
$
2,257.7

 
$
6,176.4

 
$
6,756.4

 
$
2,178.6

Transmission - Electric
4,938.5

 
4,186.6

 
1,440.7

 
4,700.5

 
4,065.9

 
1,338.7

Solar

 
199.2

 

 

 
164.1

 

Property, Plant and Equipment, Gross
11,356.4

 
11,488.1

 
3,698.4

 
10,876.9

 
10,986.4

 
3,517.3

Less:  Accumulated Depreciation
(2,370.6
)
 
(2,860.3
)
 
(803.0
)
 
(2,302.6
)
 
(2,702.0
)
 
(772.9
)
Property, Plant and Equipment, Net
8,985.8

 
8,627.8

 
2,895.4

 
8,574.3

 
8,284.4

 
2,744.4

Construction Work in Progress
470.8

 
636.4

 
136.6

 
335.4

 
510.3

 
135.7

Total Property, Plant and Equipment, Net
$
9,456.6

 
$
9,264.2

 
$
3,032.0

 
$
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.

In the second quarter of 2019, Eversource recorded an impairment charge for the NPT project costs, which had been recorded within Construction Work in Progress and also the Transmission - Electric asset category. For further information regarding the impairment of NPT, see Note 1C, "Summary of Significant Accounting Policies - Impairment of Northern Pass Transmission," to the financial statements.
v3.19.3
DERIVATIVE INSTRUMENTS
9 Months Ended
Sep. 30, 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 September 30, 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
 
$
11.6

 
$
(0.3
)
 
$
11.3

 
$
9.6

 
$
(3.4
)
 
$
6.2

Other
Level 2
 

 

 

 
1.5

 
(0.9
)
 
0.6

Long-Term Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
70.9

 
(2.2
)
 
68.7

 
74.2

 
(2.3
)
 
71.9

Current Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(64.6
)
 

 
(64.6
)
 
(55.1
)
 

 
(55.1
)
Other
Level 2
 
(3.5
)
 
0.2

 
(3.3
)
 

 

 

Long-Term Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(357.7
)
 

 
(357.7
)
 
(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 capacities of these contracts as of September 30, 2019 and December 31, 2018, were 679 MW and 787 MW, respectively.  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 September 30, 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 11.6 million and 12.5 million MMBtu of natural gas, respectively.

For the three months ended September 30, 2019 and 2018, there were losses of $9.2 million and gains of $1.6 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. For the nine months ended September 30, 2019 and 2018, there were losses of $19.5 million and $25.8 million, respectively.

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 Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
 
As of September 30, 2019
 
As of December 31, 2018
CL&P
Range
 
Period Covered
 
Range
 
Period Covered
Capacity Prices
$
3.01

 
 
7.34

 
per kW-Month
 
2023 - 2026
 
$
4.30

 
 
7.44

 
per kW-Month
 
2022 - 2026
Forward Reserve
0.80

 
 
1.90

 
per kW-Month
 
2019 - 2024
 
0.75

 
 
1.78

 
per kW-Month
 
2019 - 2024


Exit price premiums of 2.6 percent through 14.1 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 September 30,
 
For the Nine Months Ended September 30,
(Millions of Dollars)
2019
 
2018
 
2019
 
2018
Derivatives, Net:
 
 
 
 
 
 
 
Fair Value as of Beginning of Period
$
(345.4
)
 
$
(369.3
)
 
$
(356.5
)
 
$
(362.3
)
Net Realized/Unrealized (Losses)/Gains Included
  in Regulatory Assets
(8.5
)
 
1.2

 
(16.4
)
 
(27.0
)
Settlements
11.6

 
8.2

 
30.6

 
29.4

Fair Value as of End of Period
$
(342.3
)
 
$
(359.9
)
 
$
(342.3
)
 
$
(359.9
)

v3.19.3
MARKETABLE SECURITIES
9 Months Ended
Sep. 30, 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 September 30, 2019 and December 31, 2018 was $43.4 million and $44.0 million, respectively.  For each of the three months ended September 30, 2019 and 2018, there were unrealized gains of $2.4 million, recorded in Other Income, Net related to these equity securities. For the nine months ended September 30, 2019 and 2018, there were unrealized gains of $5.7 million and $2.6 million, respectively.

Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $163.7 million and $200.0 million as of September 30, 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 September 30, 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
$
203.0

 
$
8.9

 
$
(0.1
)
 
$
211.8

 
$
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 $174.7 million and $143.9 million as of September 30, 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 and nine months ended September 30, 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 September 30, 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)
$
28.6

 
$
28.5

One to five years
49.8

 
51.2

Six to ten years
30.0

 
31.9

Greater than ten years
94.6

 
100.2

Total Debt Securities
$
203.0

 
$
211.8


(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 September 30, 2019
 
As of December 31, 2018
Level 1:  
 
 
 
Mutual Funds and Equities
$
207.1

 
$
244.0

Money Market Funds
19.6

 
25.9

Total Level 1
$
226.7

 
$
269.9

Level 2:
 
 
 
U.S. Government Issued Debt Securities (Agency and Treasury)
$
95.2

 
$
79.6

Corporate Debt Securities
49.5

 
39.5

Asset-Backed Debt Securities
13.1

 
14.0

Municipal Bonds
25.6

 
19.2

Other Fixed Income Securities
8.8

 
8.2

Total Level 2
$
192.2

 
$
160.5

Total Marketable Securities
$
418.9

 
$
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.
v3.19.3
SHORT-TERM AND LONG-TERM DEBT
9 Months Ended
Sep. 30, 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, Yankee Gas and Aquarion Water Company of Connecticut 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
 
September 30, 2019
 
December 31, 2018
 
September 30, 2019
 
December 31, 2018
 
September 30, 2019
 
December 31, 2018
(Millions of Dollars)
 
 
 
 
 
Eversource Parent Commercial Paper Program
$
684.5

 
$
631.5

 
$
765.5

 
$
818.5

 
2.25
%
 
2.77
%
NSTAR Electric Commercial Paper Program
28.0

 
278.5

 
622.0

 
371.5

 
1.98
%
 
2.50
%


There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of September 30, 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.

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 September 30, 2019, there were intercompany loans from Eversource parent to CL&P of $173.1 million, to PSNH of $42.1 million, and to Harbor Electric Energy Company ("HEEC"), a wholly-owned subsidiary of NSTAR Electric, of $48.7 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.

Long-Term Debt Issuance Authorization: On April 26, 2019, the NHPUC approved PSNH’s request for authorization to issue up to $300 million in long-term debt through December 31, 2019. On August 14, 2019, PURA approved CL&P's request for authorization to issue up to $675 million in long-term debt through December 31, 2022.

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
 
Paid short-term borrowings that were used to pay long-term debt that matured on February 1, 2019 and fund capital expenditures and working capital
3.20% 2017 Series A First Mortgage Bonds (2)
September 2019
 
200.0

 
March 2027
 
Paid short-term borrowings and fund capital expenditures and working capital
5.50% 2009 Series A First Mortgage Bonds
February 2009
 
(250.0
)
 
February 2019
 
Paid at maturity on February 1, 2019
NSTAR Electric:
 
 
 
 
 
 
 
3.25% 2019 Debentures
May 2019
 
400.0

 
May 2029
 
Paid short-term borrowings that were used to fund investments in eligible green expenditures
PSNH:
 
 
 
 
 
 
 
3.60% 2019 Series T First Mortgage Bonds
June 2019
 
300.0

 
July 2049
 
Paid long-term debt due to mature in December 2019, paid short-term borrowings and fund capital expenditures and working capital
Other:
 
 
 
 
 
 
 
NSTAR Gas 3.74% Series Q First Mortgage Bonds
July 2019
 
75.0

 
August 2049
 
Paid short-term borrowings and fund capital expenditures and working capital
Yankee Gas 2.23% Series P First Mortgage Bonds
September 2019
 
100.0

 
October 2024
 
Paid long-term debt due to mature in November 2019, paid short-term borrowings and fund capital expenditures and working capital
Yankee Gas 3.30% Series Q First Mortgage Bonds
September 2019
 
100.0

 
October 2049
 
Paid long-term debt due to mature in November 2019, paid short-term borrowings and fund capital expenditures and working capital

(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.

(2) 
These bonds are part of the same series issued by CL&P in March 2017. The aggregate outstanding principal amount of these bonds is now $500 million.
v3.19.3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES
9 Months Ended
Sep. 30, 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 September 30, 2019
 
As of December 31, 2018
Restricted Cash - Current Portion (included in Prepayments and Other Current Assets)
$
18.5

 
$
47.5

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

 
3.2

Securitized Stranded Costs (included in Regulatory Assets)
576.1

 
608.4

Other Regulatory Liabilities (included in Regulatory Liabilities)
7.7

 
5.8

Accrued Interest (included in Other Current Liabilities)
3.4

 
14.4

Rate Reduction Bonds - Current Portion
43.2

 
52.3

Rate Reduction Bonds - Long-Term Portion
540.1

 
583.3

(Millions of Dollars)
For the Three Months Ended
 
For the Nine Months Ended
Income Statement:
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)
$
10.8

 
$
10.2

 
$
32.2

 
$
17.1

Interest Expense on RRB Principal (included in Interest Expense)
5.2

 
6.0

 
15.9

 
8.8


v3.19.3
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION
9 Months Ended
Sep. 30, 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. We contributed $112.5 million and $183.2 million to the Pension Plans for the nine months ended September 30, 2019 and 2018, respectively, and $7.9 million and $5.7 million to the PBOP Plans for the nine months ended September 30, 2019 and 2018, respectively.

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, less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis.
 
Pension and SERP
 
For the Three Months Ended September 30, 2019
 
For the Three Months Ended September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Service Cost
$
16.2

 
$
4.4

 
$
3.6

 
$
1.5

 
$
20.9

 
$
5.2

 
$
4.3

 
$
2.7

Interest Cost
54.8

 
11.4

 
12.3

 
6.0

 
49.2

 
10.5

 
10.9

 
5.5

Expected Return on Pension Plan Assets
(91.6
)
 
(18.1
)
 
(24.2
)
 
(10.1
)
 
(97.8
)
 
(19.4
)
 
(26.6
)
 
(10.8
)
Actuarial Loss
35.6

 
6.3

 
11.8

 
2.3

 
35.7

 
7.1

 
10.1

 
3.3

Prior Service Cost
0.3

 

 

 

 
2.0

 
0.2

 
0.1

 
0.1

Total Net Periodic Benefit Expense/(Income)
$
15.3

 
$
4.0

 
$
3.5

 
$
(0.3
)
 
$
10.0

 
$
3.6

 
$
(1.2
)
 
$
0.8

Intercompany Allocations
N/A

 
$
2.0

 
$
1.9

 
$
0.5

 
N/A

 
$
1.5

 
$
1.6

 
$
0.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and SERP
 
For the Nine Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Service Cost
$
51.6

 
$
13.6

 
$
11.0

 
$
5.6

 
$
64.2

 
$
16.2

 
$
13.1

 
$
8.4

Interest Cost
163.8

 
34.4

 
36.6

 
18.2

 
147.1

 
31.4

 
32.6

 
16.4

Expected Return on Pension Plan Assets
(275.4
)
 
(55.1
)
 
(72.9
)
 
(30.6
)
 
(293.8
)
 
(59.7
)
 
(78.3
)
 
(32.6
)
Actuarial Loss
107.9

 
20.6

 
33.1

 
8.2

 
107.6

 
21.9

 
31.0

 
9.8

Prior Service Cost
0.9

 

 
0.2

 

 
6.0

 
0.8

 
0.2

 
0.2

Total Net Periodic Benefit Expense/(Income)
$
48.8

 
$
13.5

 
$
8.0

 
$
1.4

 
$
31.1

 
$
10.6

 
$
(1.4
)
 
$
2.2

Intercompany Allocations
N/A

 
$
6.5

 
$
6.1

 
$
1.8

 
N/A

 
$
4.5

 
$
4.8

 
$
1.4

 
PBOP
 
For the Three Months Ended September 30, 2019
 
For the Three Months Ended September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Service Cost
$
2.0

 
$
0.3

 
$
0.4

 
$
0.2

 
$
2.5

 
$
0.4

 
$
0.5

 
$
0.3

Interest Cost
8.1

 
1.6

 
2.4

 
0.8

 
7.7

 
1.5

 
2.2

 
0.9

Expected Return on Plan Assets
(16.7
)
 
(2.2
)
 
(7.5
)
 
(1.3
)
 
(18.2
)
 
(2.6
)
 
(8.1
)
 
(1.5
)
Actuarial Loss
2.1

 
0.3

 
0.8

 
0.1

 
2.6

 
0.4

 
0.5

 
0.2

Prior Service Cost/(Credit)
(5.8
)
 
0.2

 
(4.2
)
 
0.1

 
(6.0
)
 
0.3

 
(4.3
)
 
0.1

Total Net Periodic Benefit Expense/(Income)
$
(10.3
)
 
$
0.2

 
$
(8.1
)
 
$
(0.1
)
 
$
(11.4
)
 
$

 
$
(9.2
)
 
$

Intercompany Allocations
N/A

 
$
(0.2
)
 
$
(0.3
)
 
$
(0.1
)
 
N/A

 
$
(0.3
)
 
$
(0.3
)
 
$
(0.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PBOP
 
For the Nine Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Service Cost
$
5.9

 
$
1.1

 
$
1.3

 
$
0.5

 
$
7.5

 
$
1.4

 
$
1.6

 
$
0.9

Interest Cost
24.5

 
4.7

 
7.1

 
2.5

 
23.0

 
4.4

 
6.5

 
2.5

Expected Return on Plan Assets
(50.1
)
 
(6.9
)
 
(22.6
)
 
(4.0
)
 
(54.2
)
 
(7.8
)
 
(24.4
)
 
(4.5
)
Actuarial Loss
6.2

 
1.0

 
2.5

 
0.3

 
7.7

 
1.2

 
1.7

 
0.6

Prior Service Cost/(Credit)
(17.6
)
 
0.8

 
(12.7
)
 
0.3

 
(17.6
)
 
0.8

 
(12.7
)
 
0.4

Total Net Periodic Benefit Expense/(Income)
$
(31.1
)
 
$
0.7

 
$
(24.4
)
 
$
(0.4
)
 
$
(33.6
)
 
$

 
$
(27.3
)
 
$
(0.1
)
Intercompany Allocations
N/A

 
$
(0.6
)
 
$
(0.9
)
 
$
(0.3
)
 
N/A

 
$
(0.8
)
 
$
(1.0
)
 
$
(0.3
)

v3.19.3
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 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 September 30, 2019
 
As of December 31, 2018
 
Number of Sites
 
Reserve
(in millions)
 
Number of Sites
 
Reserve
(in millions)
Eversource
58

 
$
70.3

 
60

 
$
64.7

CL&P
15

 
6.0

 
15

 
5.4

NSTAR Electric
15

 
9.5

 
16

 
10.9

PSNH
9

 
5.7

 
9

 
5.4



Included in the 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 $56.4 million and $50.1 million as of September 30, 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 and Seabrook Nuclear Power Plant, 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. PURA approved the contracts on September 18, 2019.

The significant output of the Millstone generation facility, the contract period, and the pricing will result in estimated annual contractual commitments of approximately $360 million over the ten-year contract term. CL&P plans 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. Energy deliveries under this contract began in October 2019, for which payments will begin in November 2019. Contracts with other suppliers selected by DEEP are being reviewed by PURA.

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 would go into commercial operation, Eversource parent would 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. In the second quarter of 2019, Eversource concluded that construction of the NPT project was no longer probable. For further information regarding the impairment of NPT, see Note 1C, "Summary of Significant Accounting Policies - Impairment of Northern Pass Transmission," to the financial statements. While this guaranty is currently outstanding, it is expected to be extinguished in connection with the final dissolution of NPT.

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 September 30, 2019:  
Company
 
Description
 
Maximum Exposure
(in millions)
 
Expiration Dates
On behalf of subsidiaries:
 
 
 
 
 
 
Various
 
Surety Bonds (1)
 
$
34.3

 
2019 - 2021
Rocky River Realty Company and Eversource Service
 
Lease Payments for Real Estate
 
6.8

 
2024
Bay State Wind
 
Real Estate Purchase
 
2.5

 
2020

(1) 
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.  

On October 25, 2019, Eversource parent issued a guaranty on behalf of its 50 percent-owned joint venture subsidiary, Sunrise Wind LLC, whereby Eversource parent will guaranty Sunrise Wind LLC’s performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the "Agreement"). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority ("NYSERDA") and Sunrise Wind LLC. Obligations of Eversource parent under the guaranty expire at such time as the guaranteed obligations have been fully performed.

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. On June 12, 2019, CYAPC and YAEC received damages of $40.7 million and $28.1 million, respectively, which were recorded as restricted cash within Other Long-Term Assets on the Eversource consolidated balance sheet as of September 30, 2019.

On June 12, 2019, the court accepted an offer of judgment in the amount of $0.5 million to settle the disputed amount of approximately $1 million in Phase IV contested damages. The Yankee Companies received the $0.5 million payment in July 2019.

In September 2019, the Yankee Companies made a required informational filing with FERC as to the use of proceeds. FERC approval and payment to the Eversource utilities (CL&P, NSTAR Electric and PSNH) is expected in the fourth quarter of 2019. At this time, the damages are primarily expected to be used by the Yankee Companies to fund remaining fuel storage obligations, and management does not expect significant amounts to be refunded to the utilities. The utilities will ultimately refund any amounts received to utility customers.

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 September 30, 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 September 30, 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 installation and completion of the new cable and 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. Construction of the new distribution cable was completed in August 2019 and removal of the portions of the existing cable is expected to be completed by May of 2020.

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. In connection with the new cable that was placed into service, a corresponding ARO was recognized for approximately $32 million within Other Long-Term Liabilities on the Eversource and NSTAR Electric balance sheets as of September 30, 2019.
v3.19.3
LEASES
9 Months Ended
Sep. 30, 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 September 30, 2019
 
For the Nine Months Ended September 30, 2019
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Financing Lease Cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of Right-of-use-Assets
$
0.4

 
$
0.2

 
$
0.1

 
$

 
$
1.1

 
$
0.6

 
$
0.1

 
$
0.1

Interest on Lease Liabilities
0.3

 
0.1

 
0.1

 

 
1.0

 
0.4

 
0.4

 

Total Finance Lease Cost
0.7

 
0.3

 
0.2

 

 
2.1

 
1.0

 
0.5

 
0.1

Operating Lease Cost
2.9

 
0.1

 
0.5

 

 
8.9

 
0.3

 
1.3

 
0.1

Variable Lease Cost
15.3

 
3.6

 

 
11.7

 
46.4

 
10.1

 

 
36.3

Total Lease Cost
$
18.9

 
$
4.0

 
$
0.7

 
$
11.7

 
$
57.4

 
$
11.4

 
$
1.8

 
$
36.5



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 September 30, 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
 
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

Operating Lease Liabilities
 
 
 
 
 
 
 
 
 
Operating Lease Liabilities - Current Portion
Other Current Liabilities
 
$
8.9

 
$
0.5

 
$
0.6

 
$

Operating Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
43.4

 
0.4

 
23.6

 
0.4

Total Operating Lease Liabilities
 
 
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

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

 
$
2.2

 
$
3.4

 
$
0.9

Finance Lease Liabilities
 
 
 
 
 
 
 
 
 
Finance Lease Liabilities - Current Portion
Other Current Liabilities
 
$
2.3

 
$
1.6

 
$

 
$
0.1

Finance Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
8.7

 
1.8

 
4.4

 
0.8

Total Finance Lease Liabilities
 
 
$
11.0

 
$
3.4

 
$
4.4

 
$
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):
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
As of September 30, 2019
 
 
 
 
 
 
 
Weighted-Average Remaining Lease Term (Years):
 
 
 
 
 
 
 
Operating Leases
12

 
2

 
20

 
9

Financing Leases
11

 
2

 
22

 
9

Weighted-Average Discount Rate (Percentage):
 
 
 
 
 
 
 
Operating Leases
3.9
%
 
2.5
%
 
4.1
%
 
3.7
%
Financing Leases
4.2
%
 
10.5
%
 
2.9
%
 
3.5
%
 
 
 
 
 
 
 
 
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
 
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
2.9

 
$
0.1

 
$
0.5

 
$

Operating Cash Flows from Finance Leases
0.3

 
0.1

 
0.1

 

Financing Cash Flows from Finance Leases
0.5

 
0.4

 

 

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
0.9

 
0.8

 

 

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

 

 

 


For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
8.7

 
$
0.3

 
$
1.2

 
$
0.1

Operating Cash Flows from Finance Leases
1.0

 
0.4

 
0.4

 

Financing Cash Flows from Finance Leases
1.5

 
1.0

 

 
0.1

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
2.6

 
1.0

 

 
0.2

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 September 30, 2019 are as follows:
 
Operating Leases
 
Finance Leases

(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
October 1, 2019 through December 31, 2019
$
2.6

 
$
0.1

 
$
0.3

 
$

 
$
0.9

 
$
0.5

 
$
0.1

 
$

Year Ending December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
10.1

 
0.5

 
1.6

 
0.1

 
3.4

 
2.0

 
0.5

 
0.1

2021
8.9

 
0.2

 
1.6

 
0.1

 
2.9

 
1.5

 
0.5

 
0.1

2022
7.4

 

 
1.6

 
0.1

 
1.5

 

 
0.6

 
0.1

2023
4.9

 

 
1.6

 

 
0.7

 

 
0.6

 
0.1

2024
2.8

 

 
1.6

 

 
0.7

 

 
0.6

 
0.1

Thereafter
28.9

 
0.1

 
28.7

 
0.2

 
13.3

 

 
12.8

 
0.5

Future lease payments
65.6

 
0.9

 
37.0

 
0.5

 
23.4

 
4.0

 
15.7

 
1.0

Less amount representing interest
13.3

 

 
12.8

 
0.1

 
12.4

 
0.6

 
11.3

 
0.1

Present value of future minimum lease payments
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

 
$
11.0

 
$
3.4

 
$
4.4

 
$
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 September 30, 2019
 
For the Nine Months Ended September 30, 2019
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Financing Lease Cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of Right-of-use-Assets
$
0.4

 
$
0.2

 
$
0.1

 
$

 
$
1.1

 
$
0.6

 
$
0.1

 
$
0.1

Interest on Lease Liabilities
0.3

 
0.1

 
0.1

 

 
1.0

 
0.4

 
0.4

 

Total Finance Lease Cost
0.7

 
0.3

 
0.2

 

 
2.1

 
1.0

 
0.5

 
0.1

Operating Lease Cost
2.9

 
0.1

 
0.5

 

 
8.9

 
0.3

 
1.3

 
0.1

Variable Lease Cost
15.3

 
3.6

 

 
11.7

 
46.4

 
10.1

 

 
36.3

Total Lease Cost
$
18.9

 
$
4.0

 
$
0.7

 
$
11.7

 
$
57.4

 
$
11.4

 
$
1.8

 
$
36.5



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 September 30, 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
 
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

Operating Lease Liabilities
 
 
 
 
 
 
 
 
 
Operating Lease Liabilities - Current Portion
Other Current Liabilities
 
$
8.9

 
$
0.5

 
$
0.6

 
$

Operating Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
43.4

 
0.4

 
23.6

 
0.4

Total Operating Lease Liabilities
 
 
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

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

 
$
2.2

 
$
3.4

 
$
0.9

Finance Lease Liabilities
 
 
 
 
 
 
 
 
 
Finance Lease Liabilities - Current Portion
Other Current Liabilities
 
$
2.3

 
$
1.6

 
$

 
$
0.1

Finance Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
8.7

 
1.8

 
4.4

 
0.8

Total Finance Lease Liabilities
 
 
$
11.0

 
$
3.4

 
$
4.4

 
$
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):
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
As of September 30, 2019
 
 
 
 
 
 
 
Weighted-Average Remaining Lease Term (Years):
 
 
 
 
 
 
 
Operating Leases
12

 
2

 
20

 
9

Financing Leases
11

 
2

 
22

 
9

Weighted-Average Discount Rate (Percentage):
 
 
 
 
 
 
 
Operating Leases
3.9
%
 
2.5
%
 
4.1
%
 
3.7
%
Financing Leases
4.2
%
 
10.5
%
 
2.9
%
 
3.5
%
 
 
 
 
 
 
 
 
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
 
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
2.9

 
$
0.1

 
$
0.5

 
$

Operating Cash Flows from Finance Leases
0.3

 
0.1

 
0.1

 

Financing Cash Flows from Finance Leases
0.5

 
0.4

 

 

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
0.9

 
0.8

 

 

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

 

 

 


For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
8.7

 
$
0.3

 
$
1.2

 
$
0.1

Operating Cash Flows from Finance Leases
1.0

 
0.4

 
0.4

 

Financing Cash Flows from Finance Leases
1.5

 
1.0

 

 
0.1

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
2.6

 
1.0

 

 
0.2

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 September 30, 2019 are as follows:
 
Operating Leases
 
Finance Leases

(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
October 1, 2019 through December 31, 2019
$
2.6

 
$
0.1

 
$
0.3

 
$

 
$
0.9

 
$
0.5

 
$
0.1

 
$

Year Ending December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
10.1

 
0.5

 
1.6

 
0.1

 
3.4

 
2.0

 
0.5

 
0.1

2021
8.9

 
0.2

 
1.6

 
0.1

 
2.9

 
1.5

 
0.5

 
0.1

2022
7.4

 

 
1.6

 
0.1

 
1.5

 

 
0.6

 
0.1

2023
4.9

 

 
1.6

 

 
0.7

 

 
0.6

 
0.1

2024
2.8

 

 
1.6

 

 
0.7

 

 
0.6

 
0.1

Thereafter
28.9

 
0.1

 
28.7

 
0.2

 
13.3

 

 
12.8

 
0.5

Future lease payments
65.6

 
0.9

 
37.0

 
0.5

 
23.4

 
4.0

 
15.7

 
1.0

Less amount representing interest
13.3

 

 
12.8

 
0.1

 
12.4

 
0.6

 
11.3

 
0.1

Present value of future minimum lease payments
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

 
$
11.0

 
$
3.4

 
$
4.4

 
$
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


v3.19.3
FAIR VALUE OF FINANCIAL INSTRUMENTS
9 Months Ended
Sep. 30, 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 September 30, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock Not Subject to Mandatory Redemption
$
155.6

 
$
160.3

 
$
116.2

 
$
116.6

 
$
43.0

 
$
43.7

 
$

 
$

Long-Term Debt
14,293.2

 
15,479.2

 
3,518.5

 
4,104.4

 
3,341.6

 
3,695.3

 
1,101.5

 
1,165.7

Rate Reduction Bonds
583.3

 
634.1

 

 

 

 

 
583.3

 
634.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
v3.19.3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
9 Months Ended
Sep. 30, 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 Nine Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2018
Eversource 
(Millions of Dollars)
Qualified
Cash Flow
Hedging
Instruments
 
Unrealized
Gains/(Losses) on Marketable
Securities
 
Defined
Benefit Plans
 
Total
 
Qualified
Cash Flow
Hedging
Instruments
 
Unrealized
Losses on
Marketable
Securities
 
Defined
Benefit Plans
 
Total
Balance as of January 1st
$
(4.4
)
 
$
(0.5
)
 
$
(55.1
)
 
$
(60.0
)
 
$
(6.2
)
 
$

 
$
(60.2
)
 
$
(66.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCI Before Reclassifications

 
1.3

 
2.6

 
3.9

 

 
(0.7
)
 
2.6

 
1.9

Amounts Reclassified from AOCI
0.9

 

 
3.2

 
4.1

 
1.6

 

 
3.3

 
4.9

Net OCI
0.9

 
1.3

 
5.8

 
8.0

 
1.6

 
(0.7
)
 
5.9

 
6.8

Balance as of September 30th
$
(3.5
)
 
$
0.8

 
$
(49.3
)
 
$
(52.0
)
 
$
(4.6
)
 
$
(0.7
)
 
$
(54.3
)
 
$
(59.6
)


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.

Eversource did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from AOCI to Retained Earnings as permitted by ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220).
v3.19.3
COMMON SHARES
9 Months Ended
Sep. 30, 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 September 30, 2019 and December 31, 2018
 
Issued as of
 
Par Value
 
 
September 30, 2019
 
December 31, 2018
Eversource
$
5

 
380,000,000

 
339,858,402

 
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



Common Share Issuance and Forward Sale Agreement: On June 4, 2019, Eversource completed an equity offering of 17,940,000 common shares, consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. The issuance of 5,980,000 common shares resulted in proceeds of $426.9 million, net of issuance costs, and was reflected in shareholders’ equity and as a financing activity on the statement of cash flows.

Under the forward sale agreement, a total of 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allows Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price is subject to adjustment daily based on a floating interest rate factor and will decrease in respect of certain fixed amounts specified in the agreement, such as dividends.

Eversource’s intent is to physically settle the forward sale agreement by issuing common shares. As of September 30, 2019, if Eversource had elected to net settle the forward sale agreement, Eversource would have been required to pay $169.7 million under a cash settlement or would have been required to deliver 1,985,105 common shares under a net share settlement.

Issuances of shares under the forward sale agreement are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement have or will be recorded in the financial statements until settlements take place. Prior to any settlements, the only impact to the financial statements is the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 15, "Earnings Per Share," for information on the forward sale agreement’s impact on the calculation of diluted EPS.

Treasury Shares: As of September 30, 2019 and December 31, 2018, there were 16,124,979 and 16,992,594 Eversource common shares held as treasury shares, respectively. As of September 30, 2019 and December 31, 2018, Eversource common shares outstanding were 323,733,423 and 316,885,808, respectively.

Beginning in 2019, Eversource began issuing treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase 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 September 30, 2019 and 2018 and $5.6 million for each of the nine months ended September 30, 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 September 30, 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.
v3.19.3
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
9 Months Ended
Sep. 30, 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 September 30, 2019 and December 31, 2018
 
Issued as of
 
Par Value
 
 
September 30, 2019
 
December 31, 2018
Eversource
$
5

 
380,000,000

 
339,858,402

 
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



Common Share Issuance and Forward Sale Agreement: On June 4, 2019, Eversource completed an equity offering of 17,940,000 common shares, consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. The issuance of 5,980,000 common shares resulted in proceeds of $426.9 million, net of issuance costs, and was reflected in shareholders’ equity and as a financing activity on the statement of cash flows.

Under the forward sale agreement, a total of 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allows Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price is subject to adjustment daily based on a floating interest rate factor and will decrease in respect of certain fixed amounts specified in the agreement, such as dividends.

Eversource’s intent is to physically settle the forward sale agreement by issuing common shares. As of September 30, 2019, if Eversource had elected to net settle the forward sale agreement, Eversource would have been required to pay $169.7 million under a cash settlement or would have been required to deliver 1,985,105 common shares under a net share settlement.

Issuances of shares under the forward sale agreement are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement have or will be recorded in the financial statements until settlements take place. Prior to any settlements, the only impact to the financial statements is the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 15, "Earnings Per Share," for information on the forward sale agreement’s impact on the calculation of diluted EPS.

Treasury Shares: As of September 30, 2019 and December 31, 2018, there were 16,124,979 and 16,992,594 Eversource common shares held as treasury shares, respectively. As of September 30, 2019 and December 31, 2018, Eversource common shares outstanding were 323,733,423 and 316,885,808, respectively.

Beginning in 2019, Eversource began issuing treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase 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 September 30, 2019 and 2018 and $5.6 million for each of the nine months ended September 30, 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 September 30, 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.
v3.19.3
EARNINGS PER SHARE
9 Months Ended
Sep. 30, 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 and the equity forward sale agreement, as if they were converted into outstanding common shares.  The dilutive effect of unvested RSU and performance share awards, as well as the equity forward sale agreement, 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.  

As described in Note 13, "Common Shares," earnings per share dilution, if any, related to the forward sale agreement will be determined under the treasury stock method until settlement of the forward sale agreement. Under this method, the number of Eversource common shares used in calculating diluted EPS is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement less the number of shares that would be purchased by Eversource in the market (based on the average market price during the same reporting period) using the proceeds receivable upon settlement (based on the adjusted forward sale price at the end of that reporting period). Share dilution occurs when the average market price of Eversource's common shares is higher than the adjusted forward sale price.

The following table sets forth the components of basic and diluted EPS:
Eversource
(Millions of Dollars, except share information)
For the Three Months Ended
 
For the Nine Months Ended
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Net Income Attributable to Common Shareholders
$
318.9

 
$
289.4

 
$
659.0

 
$
801.7

Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
Basic
324,037,169

 
317,360,110

 
320,442,253

 
317,367,252

Dilutive Effect of:
 
 
 
 
 
 
 
Share-Based Compensation Awards and Other
737,972

 
607,201

 
691,636

 
581,246

Equity Forward Sale Agreement
1,233,201

 

 
437,037

 

Total Dilutive Effect
1,971,173

 
607,201

 
1,128,673

 
581,246

Diluted
326,008,342

 
317,967,311

 
321,570,926

 
317,948,498

Basic EPS
$
0.98

 
$
0.91

 
$
2.06

 
$
2.53

Diluted EPS
$
0.98

 
$
0.91

 
$
2.05

 
$
2.52


v3.19.3
REVENUES
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES

The following tables present operating revenues disaggregated by revenue source:
 
For the Three Months Ended September 30, 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
$
1,041.4

 
$
43.0

 
$

 
$
40.0

 
$

 
$

 
$
1,124.4

Commercial
736.6

 
41.6

 

 
17.8

 

 
(1.4
)
 
794.6

Industrial
90.6

 
18.1

 

 
1.3

 

 
(3.2
)
 
106.8

Total Retail Tariff Sales Revenues
1,868.6


102.7

 

 
59.1



 
(4.6
)
 
2,025.8

Wholesale Transmission Revenues

 

 
365.5

 

 
15.4

 
(300.7
)
 
80.2

Wholesale Market Sales Revenues
33.1

 
5.5

 

 
1.3

 

 

 
39.9

Other Revenues from Contracts with Customers
12.3

 
0.5

 
3.1

 
1.7

 
242.7

 
(243.0
)
 
17.3

Reserve for Revenues Subject to Refund
4.5

 
1.5

 

 
(0.8
)
 

 

 
5.2

Total Revenues from Contracts with Customers
1,918.5


110.2

 
368.6

 
61.3


258.1

 
(548.3
)
 
2,168.4

Alternative Revenue Programs
6.7

 
(7.6
)
 
(20.9
)
 
2.6

 

 
19.0

 
(0.2
)
Other Revenues (1)
6.4

 
0.8

 
0.1

 
0.3

 

 

 
7.6

Total Operating Revenues
$
1,931.6


$
103.4

 
$
347.8

 
$
64.2


$
258.1

 
$
(529.3
)
 
$
2,175.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
For the Nine Months Ended September 30, 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
$
2,879.8

 
$
402.0

 
$

 
$
100.5

 
$

 
$

 
$
3,382.3

Commercial
2,002.0

 
254.9

 

 
48.1

 

 
(3.4
)
 
2,301.6

Industrial
254.0

 
72.5

 

 
3.5

 

 
(8.7
)
 
321.3

Total Retail Tariff Sales Revenues
5,135.8

 
729.4

 

 
152.1

 

 
(12.1
)
 
6,005.2

Wholesale Transmission Revenues

 

 
971.6

 

 
43.7

 
(811.4
)
 
203.9

Wholesale Market Sales Revenues
123.9

 
41.6

 

 
3.2

 

 

 
168.7

Other Revenues from Contracts with Customers
40.0

 
1.9

 
9.9

 
5.2

 
723.4

 
(725.2
)
 
55.2

Reserve for Revenues Subject to Refund
(1.7
)
 
4.7

 

 
(1.9
)
 

 

 
1.1

Total Revenues from Contracts with Customers
5,298.0

 
777.6

 
981.5

 
158.6

 
767.1

 
(1,548.7
)
 
6,434.1

Alternative Revenue Programs
15.0

 

 
56.1

 
4.2

 

 
(50.8
)
 
24.5

Other Revenues (1)
14.2

 
2.3

 
0.3

 
0.7

 

 

 
17.5

Total Operating Revenues
$
5,327.2

 
$
779.9

 
$
1,037.9

 
$
163.5

 
$
767.1

 
$
(1,599.5
)
 
$
6,476.1


 
For the Three Months Ended September 30, 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
$
1,111.7

 
$
42.8

 
$

 
$
41.2

 
$

 
$

 
$
1,195.7

Commercial
789.6

 
40.8

 

 
17.9

 

 
(1.2
)
 
847.1

Industrial
98.7

 
18.9

 

 
1.3

 

 
(2.6
)
 
116.3

Total Retail Tariff Sales Revenues
2,000.0

 
102.5

 

 
60.4

 

 
(3.8
)
 
2,159.1

Wholesale Transmission Revenues

 

 
364.5

 

 
11.7

 
(300.2
)
 
76.0

Wholesale Market Sales Revenues
48.8

 
11.4

 

 
1.3

 

 

 
61.5

Other Revenues from Contracts with Customers
20.2

 
(0.5
)
 
3.1

 
1.9

 
212.9

 
(213.5
)
 
24.1

Reserve for Revenues Subject to Refund
5.2

 
(3.5
)
 

 
(1.3
)
 

 

 
0.4

Total Revenues from Contracts with Customers
2,074.2

 
109.9

 
367.6

 
62.3

 
224.6

 
(517.5
)
 
2,321.1

Alternative Revenue Programs
(51.6
)
 
(1.5
)
 
(37.0
)
 
1.1

 

 
33.8

 
(55.2
)
Other Revenues
4.8

 
0.6

 

 
0.1

 

 

 
5.5

Total Operating Revenues
$
2,027.4

 
$
109.0

 
$
330.6

 
$
63.5

 
$
224.6

 
$
(483.7
)
 
$
2,271.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 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
$
2,900.4

 
$
395.9

 
$

 
$
100.9

 
$

 
$

 
$
3,397.2

Commercial
2,023.0

 
245.4

 

 
47.9

 

 
(3.4
)
 
2,312.9

Industrial
268.6

 
71.9

 

 
3.4

 

 
(7.5
)
 
336.4

Total Retail Tariff Sales Revenues
5,192.0

 
713.2

 

 
152.2

 

 
(10.9
)
 
6,046.5

Wholesale Transmission Revenues

 

 
988.9

 

 
34.4

 
(826.9
)
 
196.4

Wholesale Market Sales Revenues
141.4

 
41.4

 

 
3.1

 

 

 
185.9

Other Revenues from Contracts with Customers
54.4

 
(1.4
)
 
9.4

 
5.4

 
658.1

 
(659.8
)
 
66.1

Reserve for Revenues Subject to Refund
(21.2
)
 
(11.5
)
 

 
(3.3
)
 

 

 
(36.0
)
Total Revenues from Contracts with Customers
5,366.6

 
741.7

 
998.3

 
157.4

 
692.5

 
(1,497.6
)
 
6,458.9

Alternative Revenue Programs
(57.2
)
 
(3.2
)
 
(45.3
)
 
3.7

 

 
41.5

 
(60.5
)
Other Revenues
12.4

 
2.0

 

 
0.4

 

 

 
14.8

Total Operating Revenues
$
5,321.8

 
$
740.5

 
$
953.0

 
$
161.5

 
$
692.5

 
$
(1,456.1
)
 
$
6,413.2

 
For the Three Months Ended September 30, 2019
 
For the Three Months Ended September 30, 2018
(Millions of Dollars)
CL&P
 
NSTAR Electric
 
PSNH
 
CL&P
 
NSTAR Electric
 
PSNH
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
$
513.6

 
$
374.4

 
$
153.4

 
$
539.6

 
$
414.8

 
$
157.3

Commercial
247.0

 
406.1

 
84.1

 
259.0

 
443.8

 
87.3

Industrial
37.4

 
32.4

 
20.8

 
39.4

 
38.0

 
21.3

Total Retail Tariff Sales Revenues
798.0

 
812.9

 
258.3

 
838.0

 
896.6

 
265.9

Wholesale Transmission Revenues
175.2

 
132.9

 
57.4

 
179.1

 
128.3

 
57.1

Wholesale Market Sales Revenues
13.8

 
14.4

 
4.9

 
13.3

 
18.1

 
17.4

Other Revenues from Contracts with Customers
9.0

 
3.1

 
4.0

 
9.3

 
10.3

 
4.0

Reserve for Revenues Subject to Refund

 

 
4.5

 
8.3

 

 
(3.1
)
Total Revenues from Contracts with Customers
996.0

 
963.3

 
329.1

 
1,048.0

 
1,053.3

 
341.3

Alternative Revenue Programs
(15.2
)
 
9.8

 
(8.8
)
 
(64.3
)
 
(15.4
)
 
(8.9
)
Other Revenues (1)
4.1

 
1.8

 
0.6

 
2.8

 
1.8

 
0.2

Eliminations
(131.0
)
 
(96.2
)
 
(40.5
)
 
(121.5
)
 
(100.2
)
 
(42.4
)
Total Operating Revenues
$
853.9

 
$
878.7

 
$
280.4

 
$
865.0

 
$
939.5

 
$
290.2

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2018
(Millions of Dollars)
CL&P
 
NSTAR Electric
 
PSNH
 
CL&P
 
NSTAR Electric
 
PSNH
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
$
1,426.9

 
$
1,027.8

 
$
425.1

 
$
1,410.0

 
$
1,071.6

 
$
418.8

Commercial
708.4

 
1,058.3

 
236.8

 
702.2

 
1,083.8

 
238.4

Industrial
105.8

 
90.1

 
58.1

 
111.8

 
96.9

 
59.9

Total Retail Tariff Sales Revenues
2,241.1

 
2,176.2

 
720.0

 
2,224.0

 
2,252.3

 
717.1

Wholesale Transmission Revenues
445.9

 
383.1

 
142.6

 
469.8

 
367.7

 
151.4

Wholesale Market Sales Revenues
39.6

 
55.9

 
28.4

 
34.3

 
56.4

 
52.3

Other Revenues from Contracts with Customers
27.0

 
13.2

 
11.8

 
25.0

 
27.9

 
11.4

Reserve for Revenues Subject to Refund

 

 
(1.7
)
 
(8.3
)
 
(3.7
)
 
(9.2
)
Total Revenues from Contracts with Customers
2,753.6

 
2,628.4

 
901.1

 
2,744.8

 
2,700.6

 
923.0

Alternative Revenue Programs
45.6

 
19.1

 
6.4

 
(68.4
)
 
(15.6
)
 
(18.5
)
Other Revenues (1)
7.9

 
5.2

 
1.4

 
6.5

 
5.1

 
0.8

Eliminations
(363.1
)
 
(294.5
)
 
(111.1
)
 
(338.0
)
 
(289.8
)
 
(112.6
)
Total Operating Revenues
$
2,444.0

 
$
2,358.2

 
$
797.8

 
$
2,344.9

 
$
2,400.3

 
$
792.7


(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 $1.2 million at Eversource, $0.3 million at CL&P, and $0.7 million at NSTAR Electric for the three months ended September 30, 2019, and $3.4 million at Eversource, $0.7 million at CL&P, and $2.0 million at NSTAR Electric for the nine months ended September 30, 2019, respectively.
v3.19.3
SEGMENT INFORMATION
9 Months Ended
Sep. 30, 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 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 September 30, 2019
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
1,931.6

 
$
103.4

 
$
347.8

 
$
64.2

 
$
258.1

 
$
(529.3
)
 
$
2,175.8

Depreciation and Amortization
(188.4
)
 
(16.1
)
 
(64.3
)
 
(11.1
)
 
(17.2
)
 
0.6

 
(296.5
)
Other Operating Expenses
(1,448.2
)
 
(99.3
)
 
(159.6
)
 
(25.5
)
 
(275.9
)
 
638.4

 
(1,370.1
)
Operating Income/(Loss)
$
295.0

 
$
(12.0
)
 
$
123.9

 
$
27.6

 
$
(35.0
)
 
$
109.7

 
$
509.2

Interest Expense
$
(53.2
)
 
$
(11.7
)
 
$
(33.6
)
 
$
(8.9
)
 
$
(41.7
)
 
$
13.9

 
$
(135.2
)
Other Income/(Loss), Net
13.9

 

 
61.4

 
(0.2
)
 
497.0

 
(545.1
)
 
27.0

Net Income/(Loss) Attributable to Common Shareholders
197.3

 
(17.1
)
 
107.5

 
17.5

 
435.2

 
(421.5
)
 
318.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019
Eversource
(Millions of Dollars)
Electric Distribution
 
Natural Gas Distribution
 
Electric Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
5,327.2

 
$
779.9

 
$
1,037.9

 
$
163.5

 
$
767.1

 
$
(1,599.5
)
 
$
6,476.1

Depreciation and Amortization
(517.6
)
 
(56.0
)
 
(188.0
)
 
(35.0
)
 
(45.6
)
 
1.7

 
(840.5
)
Impairment of Northern Pass Transmission

 

 
(239.6
)
 

 

 

 
(239.6
)
Other Operating Expenses
(4,166.8
)
 
(620.4
)
 
(366.9
)
 
(75.4
)
 
(719.8
)
 
1,708.2

 
(4,241.1
)
Operating Income
$
642.8

 
$
103.5

 
$
243.4

 
$
53.1

 
$
1.7

 
$
110.4

 
$
1,154.9

Interest Expense
$
(153.3
)
 
$
(35.4
)
 
$
(94.5
)
 
$
(26.2
)
 
$
(130.3
)
 
$
40.0

 
$
(399.7
)
Other Income, Net
44.2

 
1.1

 
78.2

 
0.2

 
813.7

 
(833.6
)
 
103.8

Net Income Attributable to Common Shareholders
422.7

 
57.6

 
138.4

 
26.3

 
697.2

 
(683.2
)
 
659.0

Cash Flows Used for Investments in Plant
861.0

 
327.8

 
686.7

 
79.9

 
173.6

 

 
2,129.0

 
For the Three Months Ended September 30, 2018
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
2,027.4

 
$
109.0

 
$
330.6

 
$
63.5

 
$
224.6

 
$
(483.7
)
 
$
2,271.4

Depreciation and Amortization
(206.1
)
 
(13.9
)
 
(58.3
)
 
(11.7
)
 
(12.0
)
 
0.6

 
(301.4
)
Other Operating Expenses
(1,562.2
)
 
(102.4
)
 
(96.7
)
 
(25.5
)
 
(200.9
)
 
483.7

 
(1,504.0
)
Operating Income/(Loss)
$
259.1

 
$
(7.3
)
 
$
175.6

 
$
26.3

 
$
11.7

 
$
0.6

 
$
466.0

Interest Expense
$
(52.4
)
 
$
(11.3
)
 
$
(30.3
)
 
$
(8.5
)
 
$
(30.5
)
 
$
7.8

 
$
(125.2
)
Other Income, Net
32.2

 
1.5

 
9.0

 
0.7

 
251.7

 
(278.4
)
 
16.7

Net Income/(Loss) Attributable to Common Shareholders
173.8

 
(12.6
)
 
109.5

 
17.6

 
271.1

 
(270.0
)
 
289.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2018
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
5,321.8

 
$
740.5

 
$
953.0

 
$
161.5

 
$
692.5

 
$
(1,456.1
)
 
$
6,413.2

Depreciation and Amortization
(486.0
)
 
(59.6
)
 
(171.8
)
 
(34.6
)
 
(35.9
)
 
1.7

 
(786.2
)
Other Operating Expenses
(4,238.6
)
 
(585.7
)
 
(268.7
)
 
(73.9
)
 
(617.2
)
 
1,457.0

 
(4,327.1
)
Operating Income
$
597.2

 
$
95.2

 
$
512.5

 
$
53.0

 
$
39.4

 
$
2.6

 
$
1,299.9

Interest Expense
$
(152.0
)
 
$
(33.7
)
 
$
(89.9
)
 
$
(25.5
)
 
$
(94.8
)
 
$
23.2

 
$
(372.7
)
Other Income/(Loss), Net
70.9

 
5.1

 
26.7

 
(0.4
)
 
913.8

 
(915.4
)
 
100.7

Net Income Attributable to Common Shareholders
379.3

 
50.2

 
329.6

 
26.3

 
905.9

 
(889.6
)
 
801.7

Cash Flows Used for Investments in Plant
717.4

 
245.5

 
735.8

 
68.1

 
118.3

 

 
1,885.1


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 September 30, 2019
$
21,999.4

 
$
4,103.5

 
$
10,666.9

 
$
2,311.9

 
$
19,137.8

 
$
(18,494.1
)
 
$
39,725.4

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


For further information regarding the 2019 impairment of NPT, see Note 1C, "Summary of Significant Accounting Policies - Impairment of Northern Pass Transmission," to the financial statements.
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 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 September 30, 2019 and December 31, 2018, and the results of operations, comprehensive income and common shareholders' equity for the three and nine months ended September 30, 2019 and 2018, and the cash flows for the nine months ended September 30, 2019 and 2018. The results of operations and comprehensive income for the three and nine months ended September 30, 2019 and 2018 and the cash flows for the nine months ended September 30, 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 standard is effective January 1, 2020 and requires a modified retrospective method 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, and does not expect it to have a material impact on the financial statements.

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.

The total provision for uncollectible accounts is included in Receivables, Net 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 TaxesEversource'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 above were amounts recorded as Taxes Other Than Income Taxes related to the remittance to the State of Connecticut of energy efficiency funds collected from customers in Operating Revenues. These amounts were $21.4 million for the nine months ended September 30, 2019, and $10.7 million and $36.1 million for the three and nine months ended September 30, 2018, respectively. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were 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 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. Restricted cash included in Other Long-Term Assets at Eversource primarily relates to DOE Phase IV damages proceeds received at CYAPC and YAEC in the second quarter of 2019.
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 and the equity forward sale agreement, as if they were converted into outstanding common shares.  The dilutive effect of unvested RSU and performance share awards, as well as the equity forward sale agreement, 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.  

As described in Note 13, "Common Shares," earnings per share dilution, if any, related to the forward sale agreement will be determined under the treasury stock method until settlement of the forward sale agreement. Under this method, the number of Eversource common shares used in calculating diluted EPS is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement less the number of shares that would be purchased by Eversource in the market (based on the average market price during the same reporting period) using the proceeds receivable upon settlement (based on the adjusted forward sale price at the end of that reporting period). Share dilution occurs when the average market price of Eversource's common shares is higher than the adjusted forward sale price.
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Provision for Uncollectible Accounts The provision balances are as follows:
 
Total Provision for Uncollectible Accounts
 
Provision for Uncollectible Hardship Accounts
(Millions of Dollars)
As of September 30, 2019
 
As of December 31, 2018
 
As of September 30, 2019
 
As of December 31, 2018
Eversource
$
225.5

 
$
212.7

 
$
146.5

 
$
131.5

CL&P
94.1

 
88.0

 
77.8

 
71.9

NSTAR Electric
80.7

 
74.5

 
49.4

 
42.5

PSNH
10.6

 
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
 
For the Nine Months Ended
(Millions of Dollars)
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Eversource
$
14.9

 
$
21.5

 
$
46.4

 
$
50.7

CL&P
4.5

 
4.4

 
12.1

 
12.1

NSTAR Electric
7.0

 
9.1

 
18.6

 
20.4

PSNH
1.8

 
1.6

 
5.0

 
4.9


Components of Other Income, Net
The components of Other Income, Net on the statements of income were as follows:
 
For the Three Months Ended
 
September 30, 2019
 
September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Pension, SERP and PBOP Non-Service
   Income Components
$
10.1

 
$
1.7

 
$
5.6

 
$
1.4

 
$
14.8

 
$
2.0

 
$
9.0

 
$
2.0

AFUDC Equity
10.5

 
3.6

 
5.6

 
1.0

 
12.0

 
3.3

 
4.2

 

Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates (1)
6.1

 

 
0.2

 

 
(27.9
)
 

 
0.2

 

Investment Income/(Loss)
(2.8
)
 
(0.8
)
 
(0.9
)
 
(0.3
)
 
1.8

 
0.7

 
(0.4
)
 
0.1

Interest Income (2)
2.9

 
0.3

 
0.1

 
2.5

 
10.8

 
0.9

 
0.2

 
9.6

Gain on Sale of Property

 

 

 

 
5.0

 

 
0.5

 
4.4

Other
0.2

 

 
0.1

 

 
0.2

 
0.2

 

 

Total Other Income, Net
$
27.0

 
$
4.8

 
$
10.7

 
$
4.6

 
$
16.7

 
$
7.1

 
$
13.7

 
$
16.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended
 
September 30, 2019
 
September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Pension, SERP and PBOP Non-Service
   Income Components
$
23.2

 
$
0.1

 
$
18.0

 
$
3.5

 
$
44.6

 
$
7.3

 
$
26.8

 
$
6.4

AFUDC Equity
34.5

 
9.4

 
14.7

 
2.1

 
32.6

 
9.4

 
11.5

 

Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates (1)
37.0

 
0.2

 
0.6

 

 
(0.4
)
 

 
0.6

 

Investment Income/(Loss)
(2.3
)
 
0.9

 
(1.5
)
 

 
2.2

 
0.9

 
0.6

 
0.2

Interest Income (2)
10.8

 
1.1

 
0.5

 
9.0

 
16.2

 
2.9

 
0.6

 
13.3

Gain on Sale of Property
0.2

 

 

 

 
5.0

 

 
0.5

 
4.4

Other
0.4

 
(0.1
)
 
0.2

 

 
0.5

 
0.2

 

 

Total Other Income, Net
$
103.8

 
$
11.6

 
$
32.5

 
$
14.6

 
$
100.7

 
$
20.7

 
$
40.6

 
$
24.3


(1) For the three and nine months ended September 30, 2018, equity in earnings/(loss) and impairment of unconsolidated affiliates includes an other-than-temporary impairment of $32.9 million of the Access Northeast project investment. For the nine months ended September 30, 2019 and 2018, equity in earnings includes $20.4 million and $17.6 million, respectively, of unrealized gains associated with an investment in a renewable energy fund.

(2) For the nine months ended September 30, 2019, see Note 2, "Regulatory Accounting," for further information on $5.2 million of interest income recognized in 2019 for the equity return component of carrying charges on storm costs at PSNH. For the three and nine months ended September 30, 2018, PSNH recognized $8.7 million for the equity return component of carrying charges on storm costs incurred from August 2011 through March 2013.

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
 
For the Nine Months Ended
(Millions of Dollars)
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Eversource
$
42.6

 
$
43.5

 
$
124.0

 
$
122.5

CL&P
39.8

 
40.6

 
107.8

 
107.7


Non-cash Investing Activities
Non-cash investing activities include plant additions included in Accounts Payable as follows:
(Millions of Dollars)
As of September 30, 2019
 
As of September 30, 2018
Eversource
$
317.8

 
$
303.7

CL&P
107.6

 
103.0

NSTAR Electric
79.0

 
62.5

PSNH
35.8

 
48.3


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 September 30, 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
$
22.7

 
$
9.3

 
$
0.3

 
$
1.6

 
$
108.1

 
$
87.7

 
$
1.6

 
$
1.4

Restricted cash included in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prepayments and Other Current Assets
37.7

 
4.6

 
6.1

 
18.5

 
72.1

 
3.5

 
13.0

 
47.5

Marketable Securities
19.6

 
0.4

 
0.1

 
0.7

 
25.9

 
0.4

 
0.1

 
0.6

Other Long-Term Assets
71.9

 

 

 
3.2

 
3.2

 

 

 
3.2

Cash and Restricted Cash reported on the
   Statements of Cash Flows
$
151.9

 
$
14.3

 
$
6.5

 
$
24.0

 
$
209.3

 
$
91.6

 
$
14.7

 
$
52.7


v3.19.3
REGULATORY ACCOUNTING (Tables)
9 Months Ended
Sep. 30, 2019
Regulated Operations [Abstract]  
Components of Regulatory Assets The components of regulatory assets were as follows:
 
As of September 30, 2019
 
As of December 31, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Benefit Costs
$
1,835.1

 
$
400.5

 
$
542.8

 
$
148.5

 
$
1,914.8

 
$
424.7

 
$
544.4

 
$
169.6

Income Taxes, Net
713.4

 
460.2

 
108.6

 
11.4

 
728.6

 
454.4

 
105.9

 
8.3

Securitized Stranded Costs
576.1

 

 

 
576.1

 
608.4

 

 

 
608.4

Storm Restoration Costs, Net
508.9

 
258.9

 
190.2

 
59.8

 
576.0

 
302.6

 
212.9

 
60.5

Regulatory Tracker Mechanisms
282.7

 
56.5

 
121.1

 
58.1

 
316.0

 
33.2

 
169.1

 
67.3

Derivative Liabilities
345.8

 
342.3

 

 

 
356.5

 
356.5

 

 

Goodwill-related
335.7

 

 
288.3

 

 
348.4

 

 
299.1

 

Asset Retirement Obligations
101.3

 
33.8

 
51.7

 
3.5

 
89.2

 
32.3

 
42.2

 
3.3

Other Regulatory Assets
131.8

 
25.6

 
57.6

 
13.0

 
208.0

 
27.0

 
64.6

 
12.1

Total Regulatory Assets
4,830.8

 
1,577.8


1,360.3


870.4


5,145.9

 
1,630.7


1,438.2


929.5

Less:  Current Portion
538.2

 
173.3

 
201.2

 
78.1

 
514.8

 
125.2

 
241.7

 
67.2

Total Long-Term Regulatory Assets
$
4,292.6

 
$
1,404.5


$
1,159.1


$
792.3


$
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 September 30, 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
$
2,846.9

 
$
1,025.7

 
$
1,083.2

 
$
394.0

 
$
2,883.0

 
$
1,031.0

 
$
1,103.7

 
$
396.4

Cost of Removal
552.0

 
56.3

 
325.2

 
20.5

 
521.0

 
39.9

 
307.1

 
22.1

Benefit Costs
79.7

 

 
67.4

 

 
91.2

 

 
76.9

 

Regulatory Tracker Mechanisms
404.3

 
169.7

 
167.9

 
43.3

 
309.0

 
89.5

 
163.7

 
48.3

AFUDC - Transmission
72.6

 
46.4

 
26.2

 

 
70.7

 
47.4

 
23.3

 

Revenue Subject to Refund due to Tax Cuts
  and Jobs Act
18.3

 

 

 
9.0

 
24.6

 

 

 
12.6

Other Regulatory Liabilities
111.9

 
29.9

 
49.1

 
6.0

 
80.2

 
24.0

 
29.2

 
4.2

Total Regulatory Liabilities
4,085.7

 
1,328.0


1,719.0


472.8


3,979.7

 
1,231.8


1,703.9


483.6

Less:  Current Portion
441.2

 
168.1

 
199.4

 
54.7

 
370.2

 
109.6

 
190.6

 
55.5

Total Long-Term Regulatory Liabilities
$
3,644.5

 
$
1,159.9


$
1,519.6


$
418.1


$
3,609.5

 
$
1,122.2


$
1,513.3


$
428.1



v3.19.3
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2019
 
As of December 31, 2018
(Millions of Dollars)
 
Distribution - Electric
$
15,737.6

 
$
15,071.1

Distribution - Natural Gas
3,723.7

 
3,546.2

Transmission - Electric
10,570.6

 
10,153.9

Distribution - Water
1,686.3

 
1,639.8

Solar
199.2

 
164.1

Utility
31,917.4

 
30,575.1

Other (1)
935.2

 
778.6

Property, Plant and Equipment, Gross
32,852.6

 
31,353.7

Less:  Accumulated Depreciation
 
 
 
Utility   
(7,417.6
)
 
(7,126.2
)
Other
(375.1
)
 
(336.7
)
Total Accumulated Depreciation
(7,792.7
)
 
(7,462.9
)
Property, Plant and Equipment, Net
25,059.9

 
23,890.8

Construction Work in Progress
1,852.0

 
1,719.6

Total Property, Plant and Equipment, Net
$
26,911.9

 
$
25,610.4


 
As of September 30, 2019
 
As of December 31, 2018
(Millions of Dollars)
CL&P
 
NSTAR
Electric
 
PSNH
 
CL&P
 
NSTAR
Electric
 
PSNH
Distribution - Electric
$
6,417.9

 
$
7,102.3

 
$
2,257.7

 
$
6,176.4

 
$
6,756.4

 
$
2,178.6

Transmission - Electric
4,938.5

 
4,186.6

 
1,440.7

 
4,700.5

 
4,065.9

 
1,338.7

Solar

 
199.2

 

 

 
164.1

 

Property, Plant and Equipment, Gross
11,356.4

 
11,488.1

 
3,698.4

 
10,876.9

 
10,986.4

 
3,517.3

Less:  Accumulated Depreciation
(2,370.6
)
 
(2,860.3
)
 
(803.0
)
 
(2,302.6
)
 
(2,702.0
)
 
(772.9
)
Property, Plant and Equipment, Net
8,985.8

 
8,627.8

 
2,895.4

 
8,574.3

 
8,284.4

 
2,744.4

Construction Work in Progress
470.8

 
636.4

 
136.6

 
335.4

 
510.3

 
135.7

Total Property, Plant and Equipment, Net
$
9,456.6

 
$
9,264.2

 
$
3,032.0

 
$
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.
v3.19.3
DERIVATIVE INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 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 September 30, 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
 
$
11.6

 
$
(0.3
)
 
$
11.3

 
$
9.6

 
$
(3.4
)
 
$
6.2

Other
Level 2
 

 

 

 
1.5

 
(0.9
)
 
0.6

Long-Term Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
70.9

 
(2.2
)
 
68.7

 
74.2

 
(2.3
)
 
71.9

Current Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(64.6
)
 

 
(64.6
)
 
(55.1
)
 

 
(55.1
)
Other
Level 2
 
(3.5
)
 
0.2

 
(3.3
)
 

 

 

Long-Term Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CL&P
Level 3
 
(357.7
)
 

 
(357.7
)
 
(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 Unobservable Inputs Used
The following is a summary of Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
 
As of September 30, 2019
 
As of December 31, 2018
CL&P
Range
 
Period Covered
 
Range
 
Period Covered
Capacity Prices
$
3.01

 
 
7.34

 
per kW-Month
 
2023 - 2026
 
$
4.30

 
 
7.44

 
per kW-Month
 
2022 - 2026
Forward Reserve
0.80

 
 
1.90

 
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 September 30,
 
For the Nine Months Ended September 30,
(Millions of Dollars)
2019
 
2018
 
2019
 
2018
Derivatives, Net:
 
 
 
 
 
 
 
Fair Value as of Beginning of Period
$
(345.4
)
 
$
(369.3
)
 
$
(356.5
)
 
$
(362.3
)
Net Realized/Unrealized (Losses)/Gains Included
  in Regulatory Assets
(8.5
)
 
1.2

 
(16.4
)
 
(27.0
)
Settlements
11.6

 
8.2

 
30.6

 
29.4

Fair Value as of End of Period
$
(342.3
)
 
$
(359.9
)
 
$
(342.3
)
 
$
(359.9
)

v3.19.3
MARKETABLE SECURITIES (Tables)
9 Months Ended
Sep. 30, 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 September 30, 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
$
203.0

 
$
8.9

 
$
(0.1
)
 
$
211.8

 
$
190.0

 
$
0.4

 
$
(4.0
)
 
$
186.4


Contractual Maturities of Available-for-Sale Debt Securities
As of September 30, 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)
$
28.6

 
$
28.5

One to five years
49.8

 
51.2

Six to ten years
30.0

 
31.9

Greater than ten years
94.6

 
100.2

Total Debt Securities
$
203.0

 
$
211.8


(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 September 30, 2019
 
As of December 31, 2018
Level 1:  
 
 
 
Mutual Funds and Equities
$
207.1

 
$
244.0

Money Market Funds
19.6

 
25.9

Total Level 1
$
226.7

 
$
269.9

Level 2:
 
 
 
U.S. Government Issued Debt Securities (Agency and Treasury)
$
95.2

 
$
79.6

Corporate Debt Securities
49.5

 
39.5

Asset-Backed Debt Securities
13.1

 
14.0

Municipal Bonds
25.6

 
19.2

Other Fixed Income Securities
8.8

 
8.2

Total Level 2
$
192.2

 
$
160.5

Total Marketable Securities
$
418.9

 
$
430.4


v3.19.3
SHORT-TERM AND LONG-TERM DEBT (Tables)
9 Months Ended
Sep. 30, 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
 
September 30, 2019
 
December 31, 2018
 
September 30, 2019
 
December 31, 2018
 
September 30, 2019
 
December 31, 2018
(Millions of Dollars)
 
 
 
 
 
Eversource Parent Commercial Paper Program
$
684.5

 
$
631.5

 
$
765.5

 
$
818.5

 
2.25
%
 
2.77
%
NSTAR Electric Commercial Paper Program
28.0

 
278.5

 
622.0

 
371.5

 
1.98
%
 
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
 
Paid short-term borrowings that were used to pay long-term debt that matured on February 1, 2019 and fund capital expenditures and working capital
3.20% 2017 Series A First Mortgage Bonds (2)
September 2019
 
200.0

 
March 2027
 
Paid short-term borrowings and fund capital expenditures and working capital
5.50% 2009 Series A First Mortgage Bonds
February 2009
 
(250.0
)
 
February 2019
 
Paid at maturity on February 1, 2019
NSTAR Electric:
 
 
 
 
 
 
 
3.25% 2019 Debentures
May 2019
 
400.0

 
May 2029
 
Paid short-term borrowings that were used to fund investments in eligible green expenditures
PSNH:
 
 
 
 
 
 
 
3.60% 2019 Series T First Mortgage Bonds
June 2019
 
300.0

 
July 2049
 
Paid long-term debt due to mature in December 2019, paid short-term borrowings and fund capital expenditures and working capital
Other:
 
 
 
 
 
 
 
NSTAR Gas 3.74% Series Q First Mortgage Bonds
July 2019
 
75.0

 
August 2049
 
Paid short-term borrowings and fund capital expenditures and working capital
Yankee Gas 2.23% Series P First Mortgage Bonds
September 2019
 
100.0

 
October 2024
 
Paid long-term debt due to mature in November 2019, paid short-term borrowings and fund capital expenditures and working capital
Yankee Gas 3.30% Series Q First Mortgage Bonds
September 2019
 
100.0

 
October 2049
 
Paid long-term debt due to mature in November 2019, paid short-term borrowings and fund capital expenditures and working capital

(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.

(2) 
These bonds are part of the same series issued by CL&P in March 2017. The aggregate outstanding principal amount of these bonds is now $500 million.
v3.19.3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2019
 
As of December 31, 2018
Restricted Cash - Current Portion (included in Prepayments and Other Current Assets)
$
18.5

 
$
47.5

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

 
3.2

Securitized Stranded Costs (included in Regulatory Assets)
576.1

 
608.4

Other Regulatory Liabilities (included in Regulatory Liabilities)
7.7

 
5.8

Accrued Interest (included in Other Current Liabilities)
3.4

 
14.4

Rate Reduction Bonds - Current Portion
43.2

 
52.3

Rate Reduction Bonds - Long-Term Portion
540.1

 
583.3

(Millions of Dollars)
For the Three Months Ended
 
For the Nine Months Ended
Income Statement:
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)
$
10.8

 
$
10.2

 
$
32.2

 
$
17.1

Interest Expense on RRB Principal (included in Interest Expense)
5.2

 
6.0

 
15.9

 
8.8


v3.19.3
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Tables)
9 Months Ended
Sep. 30, 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, less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis.
 
Pension and SERP
 
For the Three Months Ended September 30, 2019
 
For the Three Months Ended September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Service Cost
$
16.2

 
$
4.4

 
$
3.6

 
$
1.5

 
$
20.9

 
$
5.2

 
$
4.3

 
$
2.7

Interest Cost
54.8

 
11.4

 
12.3

 
6.0

 
49.2

 
10.5

 
10.9

 
5.5

Expected Return on Pension Plan Assets
(91.6
)
 
(18.1
)
 
(24.2
)
 
(10.1
)
 
(97.8
)
 
(19.4
)
 
(26.6
)
 
(10.8
)
Actuarial Loss
35.6

 
6.3

 
11.8

 
2.3

 
35.7

 
7.1

 
10.1

 
3.3

Prior Service Cost
0.3

 

 

 

 
2.0

 
0.2

 
0.1

 
0.1

Total Net Periodic Benefit Expense/(Income)
$
15.3

 
$
4.0

 
$
3.5

 
$
(0.3
)
 
$
10.0

 
$
3.6

 
$
(1.2
)
 
$
0.8

Intercompany Allocations
N/A

 
$
2.0

 
$
1.9

 
$
0.5

 
N/A

 
$
1.5

 
$
1.6

 
$
0.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and SERP
 
For the Nine Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Service Cost
$
51.6

 
$
13.6

 
$
11.0

 
$
5.6

 
$
64.2

 
$
16.2

 
$
13.1

 
$
8.4

Interest Cost
163.8

 
34.4

 
36.6

 
18.2

 
147.1

 
31.4

 
32.6

 
16.4

Expected Return on Pension Plan Assets
(275.4
)
 
(55.1
)
 
(72.9
)
 
(30.6
)
 
(293.8
)
 
(59.7
)
 
(78.3
)
 
(32.6
)
Actuarial Loss
107.9

 
20.6

 
33.1

 
8.2

 
107.6

 
21.9

 
31.0

 
9.8

Prior Service Cost
0.9

 

 
0.2

 

 
6.0

 
0.8

 
0.2

 
0.2

Total Net Periodic Benefit Expense/(Income)
$
48.8

 
$
13.5

 
$
8.0

 
$
1.4

 
$
31.1

 
$
10.6

 
$
(1.4
)
 
$
2.2

Intercompany Allocations
N/A

 
$
6.5

 
$
6.1

 
$
1.8

 
N/A

 
$
4.5

 
$
4.8

 
$
1.4

 
PBOP
 
For the Three Months Ended September 30, 2019
 
For the Three Months Ended September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Service Cost
$
2.0

 
$
0.3

 
$
0.4

 
$
0.2

 
$
2.5

 
$
0.4

 
$
0.5

 
$
0.3

Interest Cost
8.1

 
1.6

 
2.4

 
0.8

 
7.7

 
1.5

 
2.2

 
0.9

Expected Return on Plan Assets
(16.7
)
 
(2.2
)
 
(7.5
)
 
(1.3
)
 
(18.2
)
 
(2.6
)
 
(8.1
)
 
(1.5
)
Actuarial Loss
2.1

 
0.3

 
0.8

 
0.1

 
2.6

 
0.4

 
0.5

 
0.2

Prior Service Cost/(Credit)
(5.8
)
 
0.2

 
(4.2
)
 
0.1

 
(6.0
)
 
0.3

 
(4.3
)
 
0.1

Total Net Periodic Benefit Expense/(Income)
$
(10.3
)
 
$
0.2

 
$
(8.1
)
 
$
(0.1
)
 
$
(11.4
)
 
$

 
$
(9.2
)
 
$

Intercompany Allocations
N/A

 
$
(0.2
)
 
$
(0.3
)
 
$
(0.1
)
 
N/A

 
$
(0.3
)
 
$
(0.3
)
 
$
(0.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PBOP
 
For the Nine Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2018
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR
Electric
 
PSNH
Service Cost
$
5.9

 
$
1.1

 
$
1.3

 
$
0.5

 
$
7.5

 
$
1.4

 
$
1.6

 
$
0.9

Interest Cost
24.5

 
4.7

 
7.1

 
2.5

 
23.0

 
4.4

 
6.5

 
2.5

Expected Return on Plan Assets
(50.1
)
 
(6.9
)
 
(22.6
)
 
(4.0
)
 
(54.2
)
 
(7.8
)
 
(24.4
)
 
(4.5
)
Actuarial Loss
6.2

 
1.0

 
2.5

 
0.3

 
7.7

 
1.2

 
1.7

 
0.6

Prior Service Cost/(Credit)
(17.6
)
 
0.8

 
(12.7
)
 
0.3

 
(17.6
)
 
0.8

 
(12.7
)
 
0.4

Total Net Periodic Benefit Expense/(Income)
$
(31.1
)
 
$
0.7

 
$
(24.4
)
 
$
(0.4
)
 
$
(33.6
)
 
$

 
$
(27.3
)
 
$
(0.1
)
Intercompany Allocations
N/A

 
$
(0.6
)
 
$
(0.9
)
 
$
(0.3
)
 
N/A

 
$
(0.8
)
 
$
(1.0
)
 
$
(0.3
)

v3.19.3
COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2019
 
As of December 31, 2018
 
Number of Sites
 
Reserve
(in millions)
 
Number of Sites
 
Reserve
(in millions)
Eversource
58

 
$
70.3

 
60

 
$
64.7

CL&P
15

 
6.0

 
15

 
5.4

NSTAR Electric
15

 
9.5

 
16

 
10.9

PSNH
9

 
5.7

 
9

 
5.4


Summary of Exposure to Guarantees and Indemnifications  The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of September 30, 2019:  
Company
 
Description
 
Maximum Exposure
(in millions)
 
Expiration Dates
On behalf of subsidiaries:
 
 
 
 
 
 
Various
 
Surety Bonds (1)
 
$
34.3

 
2019 - 2021
Rocky River Realty Company and Eversource Service
 
Lease Payments for Real Estate
 
6.8

 
2024
Bay State Wind
 
Real Estate Purchase
 
2.5

 
2020

(1) 
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.  
v3.19.3
LEASES (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Components of Lease Cost
The components of lease cost, prior to amounts capitalized, are as follows:
 
For the Three Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2019
(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
Financing Lease Cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of Right-of-use-Assets
$
0.4

 
$
0.2

 
$
0.1

 
$

 
$
1.1

 
$
0.6

 
$
0.1

 
$
0.1

Interest on Lease Liabilities
0.3

 
0.1

 
0.1

 

 
1.0

 
0.4

 
0.4

 

Total Finance Lease Cost
0.7

 
0.3

 
0.2

 

 
2.1

 
1.0

 
0.5

 
0.1

Operating Lease Cost
2.9

 
0.1

 
0.5

 

 
8.9

 
0.3

 
1.3

 
0.1

Variable Lease Cost
15.3

 
3.6

 

 
11.7

 
46.4

 
10.1

 

 
36.3

Total Lease Cost
$
18.9

 
$
4.0

 
$
0.7

 
$
11.7

 
$
57.4

 
$
11.4

 
$
1.8

 
$
36.5


Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases is as follows:
 
 
 
As of September 30, 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
 
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

Operating Lease Liabilities
 
 
 
 
 
 
 
 
 
Operating Lease Liabilities - Current Portion
Other Current Liabilities
 
$
8.9

 
$
0.5

 
$
0.6

 
$

Operating Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
43.4

 
0.4

 
23.6

 
0.4

Total Operating Lease Liabilities
 
 
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

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

 
$
2.2

 
$
3.4

 
$
0.9

Finance Lease Liabilities
 
 
 
 
 
 
 
 
 
Finance Lease Liabilities - Current Portion
Other Current Liabilities
 
$
2.3

 
$
1.6

 
$

 
$
0.1

Finance Lease Liabilities - Long-Term
Other Long-Term Liabilities
 
8.7

 
1.8

 
4.4

 
0.8

Total Finance Lease Liabilities
 
 
$
11.0

 
$
3.4

 
$
4.4

 
$
0.9


Other Information Related to Leases

Other information related to leases is as follows (in millions of dollars, unless otherwise noted):
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
As of September 30, 2019
 
 
 
 
 
 
 
Weighted-Average Remaining Lease Term (Years):
 
 
 
 
 
 
 
Operating Leases
12

 
2

 
20

 
9

Financing Leases
11

 
2

 
22

 
9

Weighted-Average Discount Rate (Percentage):
 
 
 
 
 
 
 
Operating Leases
3.9
%
 
2.5
%
 
4.1
%
 
3.7
%
Financing Leases
4.2
%
 
10.5
%
 
2.9
%
 
3.5
%
 
 
 
 
 
 
 
 
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
 
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
2.9

 
$
0.1

 
$
0.5

 
$

Operating Cash Flows from Finance Leases
0.3

 
0.1

 
0.1

 

Financing Cash Flows from Finance Leases
0.5

 
0.4

 

 

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
0.9

 
0.8

 

 

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

 

 

 


For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
 
 
 
 
 
 
 
Operating Cash Flows from Operating Leases
$
8.7

 
$
0.3

 
$
1.2

 
$
0.1

Operating Cash Flows from Finance Leases
1.0

 
0.4

 
0.4

 

Financing Cash Flows from Finance Leases
1.5

 
1.0

 

 
0.1

Supplemental Non-Cash Information on Lease Liabilities:
 
 
 
 
 
 
 
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities
2.6

 
1.0

 

 
0.2

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 September 30, 2019 are as follows:
 
Operating Leases
 
Finance Leases

(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
October 1, 2019 through December 31, 2019
$
2.6

 
$
0.1

 
$
0.3

 
$

 
$
0.9

 
$
0.5

 
$
0.1

 
$

Year Ending December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
10.1

 
0.5

 
1.6

 
0.1

 
3.4

 
2.0

 
0.5

 
0.1

2021
8.9

 
0.2

 
1.6

 
0.1

 
2.9

 
1.5

 
0.5

 
0.1

2022
7.4

 

 
1.6

 
0.1

 
1.5

 

 
0.6

 
0.1

2023
4.9

 

 
1.6

 

 
0.7

 

 
0.6

 
0.1

2024
2.8

 

 
1.6

 

 
0.7

 

 
0.6

 
0.1

Thereafter
28.9

 
0.1

 
28.7

 
0.2

 
13.3

 

 
12.8

 
0.5

Future lease payments
65.6

 
0.9

 
37.0

 
0.5

 
23.4

 
4.0

 
15.7

 
1.0

Less amount representing interest
13.3

 

 
12.8

 
0.1

 
12.4

 
0.6

 
11.3

 
0.1

Present value of future minimum lease payments
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

 
$
11.0

 
$
3.4

 
$
4.4

 
$
0.9


Future Minimum Lease Payments under Long-Term Leases
Future minimum lease payments, excluding variable costs, under long-term leases, as of September 30, 2019 are as follows:
 
Operating Leases
 
Finance Leases

(Millions of Dollars)
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
 
Eversource
 
CL&P
 
NSTAR Electric
 
PSNH
October 1, 2019 through December 31, 2019
$
2.6

 
$
0.1

 
$
0.3

 
$

 
$
0.9

 
$
0.5

 
$
0.1

 
$

Year Ending December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
10.1

 
0.5

 
1.6

 
0.1

 
3.4

 
2.0

 
0.5

 
0.1

2021
8.9

 
0.2

 
1.6

 
0.1

 
2.9

 
1.5

 
0.5

 
0.1

2022
7.4

 

 
1.6

 
0.1

 
1.5

 

 
0.6

 
0.1

2023
4.9

 

 
1.6

 

 
0.7

 

 
0.6

 
0.1

2024
2.8

 

 
1.6

 

 
0.7

 

 
0.6

 
0.1

Thereafter
28.9

 
0.1

 
28.7

 
0.2

 
13.3

 

 
12.8

 
0.5

Future lease payments
65.6

 
0.9

 
37.0

 
0.5

 
23.4

 
4.0

 
15.7

 
1.0

Less amount representing interest
13.3

 

 
12.8

 
0.1

 
12.4

 
0.6

 
11.3

 
0.1

Present value of future minimum lease payments
$
52.3

 
$
0.9

 
$
24.2

 
$
0.4

 
$
11.0

 
$
3.4

 
$
4.4

 
$
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


v3.19.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock Not Subject to Mandatory Redemption
$
155.6

 
$
160.3

 
$
116.2

 
$
116.6

 
$
43.0

 
$
43.7

 
$

 
$

Long-Term Debt
14,293.2

 
15,479.2

 
3,518.5

 
4,104.4

 
3,341.6

 
3,695.3

 
1,101.5

 
1,165.7

Rate Reduction Bonds
583.3

 
634.1

 

 

 

 

 
583.3

 
634.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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


v3.19.3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)
9 Months Ended
Sep. 30, 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 Nine Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2018
Eversource 
(Millions of Dollars)
Qualified
Cash Flow
Hedging
Instruments
 
Unrealized
Gains/(Losses) on Marketable
Securities
 
Defined
Benefit Plans
 
Total
 
Qualified
Cash Flow
Hedging
Instruments
 
Unrealized
Losses on
Marketable
Securities
 
Defined
Benefit Plans
 
Total
Balance as of January 1st
$
(4.4
)
 
$
(0.5
)
 
$
(55.1
)
 
$
(60.0
)
 
$
(6.2
)
 
$

 
$
(60.2
)
 
$
(66.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCI Before Reclassifications

 
1.3

 
2.6

 
3.9

 

 
(0.7
)
 
2.6

 
1.9

Amounts Reclassified from AOCI
0.9

 

 
3.2

 
4.1

 
1.6

 

 
3.3

 
4.9

Net OCI
0.9

 
1.3

 
5.8

 
8.0

 
1.6

 
(0.7
)
 
5.9

 
6.8

Balance as of September 30th
$
(3.5
)
 
$
0.8

 
$
(49.3
)
 
$
(52.0
)
 
$
(4.6
)
 
$
(0.7
)
 
$
(54.3
)
 
$
(59.6
)

v3.19.3
COMMON SHARES (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2019 and December 31, 2018
 
Issued as of
 
Par Value
 
 
September 30, 2019
 
December 31, 2018
Eversource
$
5

 
380,000,000

 
339,858,402

 
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


v3.19.3
EARNINGS PER SHARE (Tables)
9 Months Ended
Sep. 30, 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
 
For the Nine Months Ended
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Net Income Attributable to Common Shareholders
$
318.9

 
$
289.4

 
$
659.0

 
$
801.7

Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
Basic
324,037,169

 
317,360,110

 
320,442,253

 
317,367,252

Dilutive Effect of:
 
 
 
 
 
 
 
Share-Based Compensation Awards and Other
737,972

 
607,201

 
691,636

 
581,246

Equity Forward Sale Agreement
1,233,201

 

 
437,037

 

Total Dilutive Effect
1,971,173

 
607,201

 
1,128,673

 
581,246

Diluted
326,008,342

 
317,967,311

 
321,570,926

 
317,948,498

Basic EPS
$
0.98

 
$
0.91

 
$
2.06

 
$
2.53

Diluted EPS
$
0.98

 
$
0.91

 
$
2.05

 
$
2.52


v3.19.3
REVENUES (Tables)
9 Months Ended
Sep. 30, 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 September 30, 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
$
1,041.4

 
$
43.0

 
$

 
$
40.0

 
$

 
$

 
$
1,124.4

Commercial
736.6

 
41.6

 

 
17.8

 

 
(1.4
)
 
794.6

Industrial
90.6

 
18.1

 

 
1.3

 

 
(3.2
)
 
106.8

Total Retail Tariff Sales Revenues
1,868.6


102.7

 

 
59.1



 
(4.6
)
 
2,025.8

Wholesale Transmission Revenues

 

 
365.5

 

 
15.4

 
(300.7
)
 
80.2

Wholesale Market Sales Revenues
33.1

 
5.5

 

 
1.3

 

 

 
39.9

Other Revenues from Contracts with Customers
12.3

 
0.5

 
3.1

 
1.7

 
242.7

 
(243.0
)
 
17.3

Reserve for Revenues Subject to Refund
4.5

 
1.5

 

 
(0.8
)
 

 

 
5.2

Total Revenues from Contracts with Customers
1,918.5


110.2

 
368.6

 
61.3


258.1

 
(548.3
)
 
2,168.4

Alternative Revenue Programs
6.7

 
(7.6
)
 
(20.9
)
 
2.6

 

 
19.0

 
(0.2
)
Other Revenues (1)
6.4

 
0.8

 
0.1

 
0.3

 

 

 
7.6

Total Operating Revenues
$
1,931.6


$
103.4

 
$
347.8

 
$
64.2


$
258.1

 
$
(529.3
)
 
$
2,175.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
For the Nine Months Ended September 30, 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
$
2,879.8

 
$
402.0

 
$

 
$
100.5

 
$

 
$

 
$
3,382.3

Commercial
2,002.0

 
254.9

 

 
48.1

 

 
(3.4
)
 
2,301.6

Industrial
254.0

 
72.5

 

 
3.5

 

 
(8.7
)
 
321.3

Total Retail Tariff Sales Revenues
5,135.8

 
729.4

 

 
152.1

 

 
(12.1
)
 
6,005.2

Wholesale Transmission Revenues

 

 
971.6

 

 
43.7

 
(811.4
)
 
203.9

Wholesale Market Sales Revenues
123.9

 
41.6

 

 
3.2

 

 

 
168.7

Other Revenues from Contracts with Customers
40.0

 
1.9

 
9.9

 
5.2

 
723.4

 
(725.2
)
 
55.2

Reserve for Revenues Subject to Refund
(1.7
)
 
4.7

 

 
(1.9
)
 

 

 
1.1

Total Revenues from Contracts with Customers
5,298.0

 
777.6

 
981.5

 
158.6

 
767.1

 
(1,548.7
)
 
6,434.1

Alternative Revenue Programs
15.0

 

 
56.1

 
4.2

 

 
(50.8
)
 
24.5

Other Revenues (1)
14.2

 
2.3

 
0.3

 
0.7

 

 

 
17.5

Total Operating Revenues
$
5,327.2

 
$
779.9

 
$
1,037.9

 
$
163.5

 
$
767.1

 
$
(1,599.5
)
 
$
6,476.1


 
For the Three Months Ended September 30, 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
$
1,111.7

 
$
42.8

 
$

 
$
41.2

 
$

 
$

 
$
1,195.7

Commercial
789.6

 
40.8

 

 
17.9

 

 
(1.2
)
 
847.1

Industrial
98.7

 
18.9

 

 
1.3

 

 
(2.6
)
 
116.3

Total Retail Tariff Sales Revenues
2,000.0

 
102.5

 

 
60.4

 

 
(3.8
)
 
2,159.1

Wholesale Transmission Revenues

 

 
364.5

 

 
11.7

 
(300.2
)
 
76.0

Wholesale Market Sales Revenues
48.8

 
11.4

 

 
1.3

 

 

 
61.5

Other Revenues from Contracts with Customers
20.2

 
(0.5
)
 
3.1

 
1.9

 
212.9

 
(213.5
)
 
24.1

Reserve for Revenues Subject to Refund
5.2

 
(3.5
)
 

 
(1.3
)
 

 

 
0.4

Total Revenues from Contracts with Customers
2,074.2

 
109.9

 
367.6

 
62.3

 
224.6

 
(517.5
)
 
2,321.1

Alternative Revenue Programs
(51.6
)
 
(1.5
)
 
(37.0
)
 
1.1

 

 
33.8

 
(55.2
)
Other Revenues
4.8

 
0.6

 

 
0.1

 

 

 
5.5

Total Operating Revenues
$
2,027.4

 
$
109.0

 
$
330.6

 
$
63.5

 
$
224.6

 
$
(483.7
)
 
$
2,271.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 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
$
2,900.4

 
$
395.9

 
$

 
$
100.9

 
$

 
$

 
$
3,397.2

Commercial
2,023.0

 
245.4

 

 
47.9

 

 
(3.4
)
 
2,312.9

Industrial
268.6

 
71.9

 

 
3.4

 

 
(7.5
)
 
336.4

Total Retail Tariff Sales Revenues
5,192.0

 
713.2

 

 
152.2

 

 
(10.9
)
 
6,046.5

Wholesale Transmission Revenues

 

 
988.9

 

 
34.4

 
(826.9
)
 
196.4

Wholesale Market Sales Revenues
141.4

 
41.4

 

 
3.1

 

 

 
185.9

Other Revenues from Contracts with Customers
54.4

 
(1.4
)
 
9.4

 
5.4

 
658.1

 
(659.8
)
 
66.1

Reserve for Revenues Subject to Refund
(21.2
)
 
(11.5
)
 

 
(3.3
)
 

 

 
(36.0
)
Total Revenues from Contracts with Customers
5,366.6

 
741.7

 
998.3

 
157.4

 
692.5

 
(1,497.6
)
 
6,458.9

Alternative Revenue Programs
(57.2
)
 
(3.2
)
 
(45.3
)
 
3.7

 

 
41.5

 
(60.5
)
Other Revenues
12.4

 
2.0

 

 
0.4

 

 

 
14.8

Total Operating Revenues
$
5,321.8

 
$
740.5

 
$
953.0

 
$
161.5

 
$
692.5

 
$
(1,456.1
)
 
$
6,413.2

 
For the Three Months Ended September 30, 2019
 
For the Three Months Ended September 30, 2018
(Millions of Dollars)
CL&P
 
NSTAR Electric
 
PSNH
 
CL&P
 
NSTAR Electric
 
PSNH
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
$
513.6

 
$
374.4

 
$
153.4

 
$
539.6

 
$
414.8

 
$
157.3

Commercial
247.0

 
406.1

 
84.1

 
259.0

 
443.8

 
87.3

Industrial
37.4

 
32.4

 
20.8

 
39.4

 
38.0

 
21.3

Total Retail Tariff Sales Revenues
798.0

 
812.9

 
258.3

 
838.0

 
896.6

 
265.9

Wholesale Transmission Revenues
175.2

 
132.9

 
57.4

 
179.1

 
128.3

 
57.1

Wholesale Market Sales Revenues
13.8

 
14.4

 
4.9

 
13.3

 
18.1

 
17.4

Other Revenues from Contracts with Customers
9.0

 
3.1

 
4.0

 
9.3

 
10.3

 
4.0

Reserve for Revenues Subject to Refund

 

 
4.5

 
8.3

 

 
(3.1
)
Total Revenues from Contracts with Customers
996.0

 
963.3

 
329.1

 
1,048.0

 
1,053.3

 
341.3

Alternative Revenue Programs
(15.2
)
 
9.8

 
(8.8
)
 
(64.3
)
 
(15.4
)
 
(8.9
)
Other Revenues (1)
4.1

 
1.8

 
0.6

 
2.8

 
1.8

 
0.2

Eliminations
(131.0
)
 
(96.2
)
 
(40.5
)
 
(121.5
)
 
(100.2
)
 
(42.4
)
Total Operating Revenues
$
853.9

 
$
878.7

 
$
280.4

 
$
865.0

 
$
939.5

 
$
290.2

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019
 
For the Nine Months Ended September 30, 2018
(Millions of Dollars)
CL&P
 
NSTAR Electric
 
PSNH
 
CL&P
 
NSTAR Electric
 
PSNH
Revenues from Contracts with Customers
 
 
 
 
 
 
 
 
 
 
 
Retail Tariff Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
$
1,426.9

 
$
1,027.8

 
$
425.1

 
$
1,410.0

 
$
1,071.6

 
$
418.8

Commercial
708.4

 
1,058.3

 
236.8

 
702.2

 
1,083.8

 
238.4

Industrial
105.8

 
90.1

 
58.1

 
111.8

 
96.9

 
59.9

Total Retail Tariff Sales Revenues
2,241.1

 
2,176.2

 
720.0

 
2,224.0

 
2,252.3

 
717.1

Wholesale Transmission Revenues
445.9

 
383.1

 
142.6

 
469.8

 
367.7

 
151.4

Wholesale Market Sales Revenues
39.6

 
55.9

 
28.4

 
34.3

 
56.4

 
52.3

Other Revenues from Contracts with Customers
27.0

 
13.2

 
11.8

 
25.0

 
27.9

 
11.4

Reserve for Revenues Subject to Refund

 

 
(1.7
)
 
(8.3
)
 
(3.7
)
 
(9.2
)
Total Revenues from Contracts with Customers
2,753.6

 
2,628.4

 
901.1

 
2,744.8

 
2,700.6

 
923.0

Alternative Revenue Programs
45.6

 
19.1

 
6.4

 
(68.4
)
 
(15.6
)
 
(18.5
)
Other Revenues (1)
7.9

 
5.2

 
1.4

 
6.5

 
5.1

 
0.8

Eliminations
(363.1
)
 
(294.5
)
 
(111.1
)
 
(338.0
)
 
(289.8
)
 
(112.6
)
Total Operating Revenues
$
2,444.0

 
$
2,358.2

 
$
797.8

 
$
2,344.9

 
$
2,400.3

 
$
792.7


(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 $1.2 million at Eversource, $0.3 million at CL&P, and $0.7 million at NSTAR Electric for the three months ended September 30, 2019, and $3.4 million at Eversource, $0.7 million at CL&P, and $2.0 million at NSTAR Electric for the nine months ended September 30, 2019, respectively.

v3.19.3
SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Summary of Segment Information and Segmented Total Assets
Eversource's segment information is as follows:
 
For the Three Months Ended September 30, 2019
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
1,931.6

 
$
103.4

 
$
347.8

 
$
64.2

 
$
258.1

 
$
(529.3
)
 
$
2,175.8

Depreciation and Amortization
(188.4
)
 
(16.1
)
 
(64.3
)
 
(11.1
)
 
(17.2
)
 
0.6

 
(296.5
)
Other Operating Expenses
(1,448.2
)
 
(99.3
)
 
(159.6
)
 
(25.5
)
 
(275.9
)
 
638.4

 
(1,370.1
)
Operating Income/(Loss)
$
295.0

 
$
(12.0
)
 
$
123.9

 
$
27.6

 
$
(35.0
)
 
$
109.7

 
$
509.2

Interest Expense
$
(53.2
)
 
$
(11.7
)
 
$
(33.6
)
 
$
(8.9
)
 
$
(41.7
)
 
$
13.9

 
$
(135.2
)
Other Income/(Loss), Net
13.9

 

 
61.4

 
(0.2
)
 
497.0

 
(545.1
)
 
27.0

Net Income/(Loss) Attributable to Common Shareholders
197.3

 
(17.1
)
 
107.5

 
17.5

 
435.2

 
(421.5
)
 
318.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019
Eversource
(Millions of Dollars)
Electric Distribution
 
Natural Gas Distribution
 
Electric Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
5,327.2

 
$
779.9

 
$
1,037.9

 
$
163.5

 
$
767.1

 
$
(1,599.5
)
 
$
6,476.1

Depreciation and Amortization
(517.6
)
 
(56.0
)
 
(188.0
)
 
(35.0
)
 
(45.6
)
 
1.7

 
(840.5
)
Impairment of Northern Pass Transmission

 

 
(239.6
)
 

 

 

 
(239.6
)
Other Operating Expenses
(4,166.8
)
 
(620.4
)
 
(366.9
)
 
(75.4
)
 
(719.8
)
 
1,708.2

 
(4,241.1
)
Operating Income
$
642.8

 
$
103.5

 
$
243.4

 
$
53.1

 
$
1.7

 
$
110.4

 
$
1,154.9

Interest Expense
$
(153.3
)
 
$
(35.4
)
 
$
(94.5
)
 
$
(26.2
)
 
$
(130.3
)
 
$
40.0

 
$
(399.7
)
Other Income, Net
44.2

 
1.1

 
78.2

 
0.2

 
813.7

 
(833.6
)
 
103.8

Net Income Attributable to Common Shareholders
422.7

 
57.6

 
138.4

 
26.3

 
697.2

 
(683.2
)
 
659.0

Cash Flows Used for Investments in Plant
861.0

 
327.8

 
686.7

 
79.9

 
173.6

 

 
2,129.0

 
For the Three Months Ended September 30, 2018
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
2,027.4

 
$
109.0

 
$
330.6

 
$
63.5

 
$
224.6

 
$
(483.7
)
 
$
2,271.4

Depreciation and Amortization
(206.1
)
 
(13.9
)
 
(58.3
)
 
(11.7
)
 
(12.0
)
 
0.6

 
(301.4
)
Other Operating Expenses
(1,562.2
)
 
(102.4
)
 
(96.7
)
 
(25.5
)
 
(200.9
)
 
483.7

 
(1,504.0
)
Operating Income/(Loss)
$
259.1

 
$
(7.3
)
 
$
175.6

 
$
26.3

 
$
11.7

 
$
0.6

 
$
466.0

Interest Expense
$
(52.4
)
 
$
(11.3
)
 
$
(30.3
)
 
$
(8.5
)
 
$
(30.5
)
 
$
7.8

 
$
(125.2
)
Other Income, Net
32.2

 
1.5

 
9.0

 
0.7

 
251.7

 
(278.4
)
 
16.7

Net Income/(Loss) Attributable to Common Shareholders
173.8

 
(12.6
)
 
109.5

 
17.6

 
271.1

 
(270.0
)
 
289.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2018
Eversource
(Millions of Dollars)
Electric
Distribution
 
Natural Gas
Distribution
 
Electric
Transmission
 
Water Distribution
 
Other
 
Eliminations
 
Total
Operating Revenues
$
5,321.8

 
$
740.5

 
$
953.0

 
$
161.5

 
$
692.5

 
$
(1,456.1
)
 
$
6,413.2

Depreciation and Amortization
(486.0
)
 
(59.6
)
 
(171.8
)
 
(34.6
)
 
(35.9
)
 
1.7

 
(786.2
)
Other Operating Expenses
(4,238.6
)
 
(585.7
)
 
(268.7
)
 
(73.9
)
 
(617.2
)
 
1,457.0

 
(4,327.1
)
Operating Income
$
597.2

 
$
95.2

 
$
512.5

 
$
53.0

 
$
39.4

 
$
2.6

 
$
1,299.9

Interest Expense
$
(152.0
)
 
$
(33.7
)
 
$
(89.9
)
 
$
(25.5
)
 
$
(94.8
)
 
$
23.2

 
$
(372.7
)
Other Income/(Loss), Net
70.9

 
5.1

 
26.7

 
(0.4
)
 
913.8

 
(915.4
)
 
100.7

Net Income Attributable to Common Shareholders
379.3

 
50.2

 
329.6

 
26.3

 
905.9

 
(889.6
)
 
801.7

Cash Flows Used for Investments in Plant
717.4

 
245.5

 
735.8

 
68.1

 
118.3

 

 
1,885.1


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 September 30, 2019
$
21,999.4

 
$
4,103.5

 
$
10,666.9

 
$
2,311.9

 
$
19,137.8

 
$
(18,494.1
)
 
$
39,725.4

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


For further information regarding the 2019 impairment of NPT, see Note 1C, "Summary of Significant Accounting Policies - Impairment of Northern Pass Transmission," to the financial statements.
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ / shares in Units, $ in Thousands, customer in Millions
3 Months Ended 9 Months Ended
Jul. 19, 2019
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
utility
customer
$ / shares
MW
Sep. 30, 2018
USD ($)
Feb. 08, 2019
USD ($)
mi²
Jan. 01, 2019
USD ($)
Dec. 31, 2018
USD ($)
Summary of Accounting Policies [Line Items]                
Number of electric, natural gas and water customers | customer       4,000,000        
Operating lease liability   $ 52,300   $ 52,300        
Operating lease right-of-use asset   52,300   52,300        
Pre-tax impairment charge   0 $ 0 239,644 $ 0      
After-tax impact of impairment charge       $ 204,400        
After-tax impact of impairment charge (in dollars per share) | $ / shares       $ 0.64        
Equity investment balance   861,687   $ 861,687       $ 464,286
Energy efficiency funds collected from customers to be remitted to the State of Connecticut     $ 10,700 21,400 36,100      
Capital contribution       $ 374,913 $ 27,342      
Northern Pass                
Summary of Accounting Policies [Line Items]                
Capacity required for transmission line | MW       1,090        
Pre-tax impairment charge $ 318,000              
Offshore Wind Business                
Summary of Accounting Policies [Line Items]                
Ownership interest           50.00%    
Equity investment balance   637,200   $ 637,200        
Capital contribution   133,600            
Revolution Wind and South Fork Wind                
Summary of Accounting Policies [Line Items]                
Cost of investment in unconsolidated affiliate           $ 225,000    
Ownership interest           50.00%    
Area of land (in square miles) | mi²           257    
Bay State Wind                
Summary of Accounting Policies [Line Items]                
Ownership interest           50.00%    
ASU 2016-02                
Summary of Accounting Policies [Line Items]                
Operating lease liability             $ 58,000  
Operating lease right-of-use asset             58,000  
NSTAR Electric                
Summary of Accounting Policies [Line Items]                
Operating lease liability   24,200   24,200        
Operating lease right-of-use asset   24,200   24,200        
NSTAR Electric | ASU 2016-02                
Summary of Accounting Policies [Line Items]                
Operating lease liability             25,300  
Operating lease right-of-use asset             25,300  
CL&P                
Summary of Accounting Policies [Line Items]                
Operating lease liability   900   900        
Operating lease right-of-use asset   900   $ 900        
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             600  
Operating lease right-of-use asset             600  
PSNH                
Summary of Accounting Policies [Line Items]                
Operating lease liability   400   $ 400        
Operating lease right-of-use asset   $ 400   $ 400        
PSNH | ASU 2016-02                
Summary of Accounting Policies [Line Items]                
Operating lease liability             600  
Operating lease right-of-use asset             $ 600  
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        
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total Provision for Uncollectible Accounts $ 225,500   $ 225,500   $ 212,700
Provision for Uncollectible Hardship Accounts 146,500   146,500   131,500
Bad debt expense associated with accounts receivable 14,900 $ 21,500 46,417 $ 50,720  
CL&P          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total Provision for Uncollectible Accounts 94,100   94,100   88,000
Provision for Uncollectible Hardship Accounts 77,800   77,800   71,900
Bad debt expense associated with accounts receivable 4,500 4,400 12,084 12,135  
NSTAR Electric          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total Provision for Uncollectible Accounts 80,700   80,700   74,500
Provision for Uncollectible Hardship Accounts 49,400   49,400   42,500
Bad debt expense associated with accounts receivable 7,000 9,100 18,598 20,433  
PSNH          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total Provision for Uncollectible Accounts 10,600   10,600   11,100
Provision for Uncollectible Hardship Accounts 0   0   $ 0
Bad debt expense associated with accounts receivable $ 1,800 $ 1,600 $ 4,977 $ 4,865  
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Other Income, Net (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Summary of Accounting Policies [Line Items]          
Other income, net $ 26,968   $ 16,718 $ 103,818 $ 100,656
Other-than-temporary impairment     32,900   32,900
Pension, SERP and PBOP Non-Service Income Components          
Summary of Accounting Policies [Line Items]          
Other income, net 10,100   14,800 23,200 44,600
AFUDC Equity          
Summary of Accounting Policies [Line Items]          
Other income, net 10,500   12,000 34,500 32,600
Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates          
Summary of Accounting Policies [Line Items]          
Other income, net 6,100   (27,900) 37,000 (400)
Unrealized gain associated with investment       20,400 17,600
Investment Income/(Loss)          
Summary of Accounting Policies [Line Items]          
Other income, net (2,800)   1,800 (2,300) 2,200
Interest Income          
Summary of Accounting Policies [Line Items]          
Other income, net 2,900   10,800 10,800 16,200
Gain on Sale of Property          
Summary of Accounting Policies [Line Items]          
Other income, net 0   5,000 200 5,000
Other          
Summary of Accounting Policies [Line Items]          
Other income, net 200   200 400 500
CL&P          
Summary of Accounting Policies [Line Items]          
Other income, net 4,831   7,098 11,564 20,722
CL&P | Pension, SERP and PBOP Non-Service Income Components          
Summary of Accounting Policies [Line Items]          
Other income, net 1,700   2,000 100 7,300
CL&P | AFUDC Equity          
Summary of Accounting Policies [Line Items]          
Other income, net 3,600   3,300 9,400 9,400
CL&P | Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates          
Summary of Accounting Policies [Line Items]          
Other income, net 0   0 200 0
CL&P | Investment Income/(Loss)          
Summary of Accounting Policies [Line Items]          
Other income, net (800)   700 900 900
CL&P | Interest Income          
Summary of Accounting Policies [Line Items]          
Other income, net 300   900 1,100 2,900
CL&P | Gain on Sale of Property          
Summary of Accounting Policies [Line Items]          
Other income, net 0   0 0 0
CL&P | Other          
Summary of Accounting Policies [Line Items]          
Other income, net 0   200 (100) 200
NSTAR Electric          
Summary of Accounting Policies [Line Items]          
Other income, net 10,735   13,697 32,479 40,567
NSTAR Electric | Pension, SERP and PBOP Non-Service Income Components          
Summary of Accounting Policies [Line Items]          
Other income, net 5,600   9,000 18,000 26,800
NSTAR Electric | AFUDC Equity          
Summary of Accounting Policies [Line Items]          
Other income, net 5,600   4,200 14,700 11,500
NSTAR Electric | Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates          
Summary of Accounting Policies [Line Items]          
Other income, net 200   200 600 600
NSTAR Electric | Investment Income/(Loss)          
Summary of Accounting Policies [Line Items]          
Other income, net (900)   (400) (1,500) 600
NSTAR Electric | Interest Income          
Summary of Accounting Policies [Line Items]          
Other income, net 100   200 500 600
NSTAR Electric | Gain on Sale of Property          
Summary of Accounting Policies [Line Items]          
Other income, net 0   500 0 500
NSTAR Electric | Other          
Summary of Accounting Policies [Line Items]          
Other income, net 100   0 200 0
PSNH          
Summary of Accounting Policies [Line Items]          
Other income, net 4,634   16,095 14,640 24,253
PSNH | Deferred Storm Restoration Costs          
Summary of Accounting Policies [Line Items]          
Other income, net   $ 5,200 8,700 5,200 8,700
PSNH | Pension, SERP and PBOP Non-Service Income Components          
Summary of Accounting Policies [Line Items]          
Other income, net 1,400   2,000 3,500 6,400
PSNH | AFUDC Equity          
Summary of Accounting Policies [Line Items]          
Other income, net 1,000   0 2,100 0
PSNH | Equity in Earnings/(Loss) and Impairment of Unconsolidated Affiliates          
Summary of Accounting Policies [Line Items]          
Other income, net 0   0 0 0
PSNH | Investment Income/(Loss)          
Summary of Accounting Policies [Line Items]          
Other income, net (300)   100 0 200
PSNH | Interest Income          
Summary of Accounting Policies [Line Items]          
Other income, net 2,500   9,600 9,000 13,300
PSNH | Gain on Sale of Property          
Summary of Accounting Policies [Line Items]          
Other income, net 0   4,400 0 4,400
PSNH | Other          
Summary of Accounting Policies [Line Items]          
Other income, net $ 0   $ 0 $ 0 $ 0
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Schedule of Gross Tax Receipts [Line Items]        
Gross receipts taxes $ 42.6 $ 43.5 $ 124.0 $ 122.5
CL&P        
Schedule of Gross Tax Receipts [Line Items]        
Gross receipts taxes $ 39.8 $ 40.6 $ 107.8 $ 107.7
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing Activities (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Schedule of Supplemental Cash Flow [Line Items]    
Plant additions included in accounts payable $ 317.8 $ 303.7
CL&P    
Schedule of Supplemental Cash Flow [Line Items]    
Plant additions included in accounts payable 107.6 103.0
NSTAR Electric    
Schedule of Supplemental Cash Flow [Line Items]    
Plant additions included in accounts payable 79.0 62.5
PSNH    
Schedule of Supplemental Cash Flow [Line Items]    
Plant additions included in accounts payable $ 35.8 $ 48.3
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash Balances to Cash and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash as reported on the Balance Sheets $ 22,688 $ 108,068    
Cash and Restricted Cash reported on the Statements of Cash Flows 151,880 209,324 $ 134,605 $ 85,890
Prepayments and Other Current Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 37,700 72,100    
Marketable Securities        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 19,600 25,900    
Other Long-Term Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 71,900 3,200    
CL&P        
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash as reported on the Balance Sheets 9,286 87,721    
Cash and Restricted Cash reported on the Statements of Cash Flows 14,281 91,613 4,880 9,619
CL&P | Prepayments and Other Current Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 4,600 3,500    
CL&P | Marketable Securities        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 400 400    
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 264 1,606    
Cash and Restricted Cash reported on the Statements of Cash Flows 6,508 14,659 15,361 14,708
NSTAR Electric | Prepayments and Other Current Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 6,100 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 1,647 1,439    
Cash and Restricted Cash reported on the Statements of Cash Flows 24,012 52,723 $ 38,166 $ 2,191
PSNH | Prepayments and Other Current Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 18,500 47,500    
PSNH | Marketable Securities        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash 700 600    
PSNH | Other Long-Term Assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash $ 3,200 $ 3,200    
v3.19.3
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Regulatory Assets [Line Items]    
Total Regulatory Assets $ 4,830,800 $ 5,145,900
Less: Current Portion 538,162 514,779
Total Long-Term Regulatory Assets 4,292,560 4,631,137
Benefit Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 1,835,100 1,914,800
Income Taxes, Net    
Regulatory Assets [Line Items]    
Total Regulatory Assets 713,400 728,600
Securitized Stranded Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 576,100 608,400
Storm Restoration Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 508,900 576,000
Regulatory Tracker Mechanisms    
Regulatory Assets [Line Items]    
Total Regulatory Assets 282,700 316,000
Derivative Liabilities    
Regulatory Assets [Line Items]    
Total Regulatory Assets 345,800 356,500
Goodwill-related    
Regulatory Assets [Line Items]    
Total Regulatory Assets 335,700 348,400
Asset Retirement Obligations    
Regulatory Assets [Line Items]    
Total Regulatory Assets 101,300 89,200
Other Regulatory Assets    
Regulatory Assets [Line Items]    
Total Regulatory Assets 131,800 208,000
CL&P    
Regulatory Assets [Line Items]    
Total Regulatory Assets 1,577,800 1,630,700
Less: Current Portion 173,339 125,155
Total Long-Term Regulatory Assets 1,404,502 1,505,488
CL&P | Benefit Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 400,500 424,700
CL&P | Income Taxes, Net    
Regulatory Assets [Line Items]    
Total Regulatory Assets 460,200 454,400
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 258,900 302,600
CL&P | Regulatory Tracker Mechanisms    
Regulatory Assets [Line Items]    
Total Regulatory Assets 56,500 33,200
CL&P | Derivative Liabilities    
Regulatory Assets [Line Items]    
Total Regulatory Assets 342,300 356,500
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 33,800 32,300
CL&P | Other Regulatory Assets    
Regulatory Assets [Line Items]    
Total Regulatory Assets 25,600 27,000
NSTAR Electric    
Regulatory Assets [Line Items]    
Total Regulatory Assets 1,360,300 1,438,200
Less: Current Portion 201,215 241,747
Total Long-Term Regulatory Assets 1,159,056 1,196,512
NSTAR Electric | Benefit Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 542,800 544,400
NSTAR Electric | Income Taxes, Net    
Regulatory Assets [Line Items]    
Total Regulatory Assets 108,600 105,900
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 190,200 212,900
NSTAR Electric | Regulatory Tracker Mechanisms    
Regulatory Assets [Line Items]    
Total Regulatory Assets 121,100 169,100
NSTAR Electric | Derivative Liabilities    
Regulatory Assets [Line Items]    
Total Regulatory Assets 0 0
NSTAR Electric | Goodwill-related    
Regulatory Assets [Line Items]    
Total Regulatory Assets 288,300 299,100
NSTAR Electric | Asset Retirement Obligations    
Regulatory Assets [Line Items]    
Total Regulatory Assets 51,700 42,200
NSTAR Electric | Other Regulatory Assets    
Regulatory Assets [Line Items]    
Total Regulatory Assets 57,600 64,600
PSNH    
Regulatory Assets [Line Items]    
Total Regulatory Assets 870,400 929,500
Less: Current Portion 78,097 67,228
Total Long-Term Regulatory Assets 792,332 862,288
PSNH | Benefit Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 148,500 169,600
PSNH | Income Taxes, Net    
Regulatory Assets [Line Items]    
Total Regulatory Assets 11,400 8,300
PSNH | Securitized Stranded Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 576,100 608,400
PSNH | Storm Restoration Costs    
Regulatory Assets [Line Items]    
Total Regulatory Assets 59,800 60,500
PSNH | Regulatory Tracker Mechanisms    
Regulatory Assets [Line Items]    
Total Regulatory Assets 58,100 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 3,500 3,300
PSNH | Other Regulatory Assets    
Regulatory Assets [Line Items]    
Total Regulatory Assets $ 13,000 $ 12,100
v3.19.3
REGULATORY ACCOUNTING - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jun. 27, 2019
May 01, 2019
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Apr. 17, 2019
Apr. 16, 2019
Mar. 26, 2019
Dec. 31, 2018
Nov. 16, 2018
Regulatory Assets [Line Items]                        
Amount of regulatory costs not yet approved     $ 144,300     $ 144,300         $ 122,900  
Regulatory assets     4,830,800     4,830,800         5,145,900  
Other income, net     26,968   $ 16,718 103,818 $ 100,656          
CL&P                        
Regulatory Assets [Line Items]                        
Amount of regulatory costs not yet approved     44,700     44,700         42,100  
Regulatory assets     1,577,800     1,577,800         1,630,700  
Other income, net     4,831   7,098 11,564 20,722          
CL&P | Storm Costs                        
Regulatory Assets [Line Items]                        
Amount of regulatory costs not yet approved                 $ 145,500     $ 153,000
Recovery period   6 years                    
Regulatory assets   $ 141,000           $ 141,000        
PSNH                        
Regulatory Assets [Line Items]                        
Amount of regulatory costs not yet approved     17,800     17,800         12,200  
Regulatory assets     870,400     870,400         929,500  
Other income, net     4,634   16,095 14,640 24,253          
PSNH | Storm Costs                        
Regulatory Assets [Line Items]                        
Recovery period 5 years                      
Regulatory assets $ 68,500                 $ 38,100    
PSNH | Deferred Costs from Generation Asset Sale                        
Regulatory Assets [Line Items]                        
Other income, net       $ 5,200 8,700 5,200 8,700          
NSTAR Electric                        
Regulatory Assets [Line Items]                        
Amount of regulatory costs not yet approved     61,500     61,500         49,300  
Regulatory assets     1,360,300     1,360,300         $ 1,438,200  
Other income, net     $ 10,735   $ 13,697 $ 32,479 $ 40,567          
v3.19.3
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities $ 4,085,700 $ 3,979,700
Less: Current Portion 441,189 370,230
Total Long-Term Regulatory Liabilities 3,644,477 3,609,475
EDIT due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 2,846,900 2,883,000
Cost of Removal    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 552,000 521,000
Benefit Costs    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 79,700 91,200
Regulatory Tracker Mechanisms    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 404,300 309,000
AFUDC - Transmission    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 72,600 70,700
Revenue Subject to Refund due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 18,300 24,600
Other Regulatory Liabilities    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 111,900 80,200
CL&P    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 1,328,000 1,231,800
Less: Current Portion 168,053 109,614
Total Long-Term Regulatory Liabilities 1,159,909 1,122,157
CL&P | EDIT due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 1,025,700 1,031,000
CL&P | Cost of Removal    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 56,300 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 169,700 89,500
CL&P | AFUDC - Transmission    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 46,400 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 29,900 24,000
NSTAR Electric    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 1,719,000 1,703,900
Less: Current Portion 199,381 190,620
Total Long-Term Regulatory Liabilities 1,519,631 1,513,279
NSTAR Electric | EDIT due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 1,083,200 1,103,700
NSTAR Electric | Cost of Removal    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 325,200 307,100
NSTAR Electric | Benefit Costs    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 67,400 76,900
NSTAR Electric | Regulatory Tracker Mechanisms    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 167,900 163,700
NSTAR Electric | AFUDC - Transmission    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 26,200 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 49,100 29,200
PSNH    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 472,800 483,600
Less: Current Portion 54,681 55,526
Total Long-Term Regulatory Liabilities 418,106 428,069
PSNH | EDIT due to Tax Cuts and Jobs Act    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 394,000 396,400
PSNH | Cost of Removal    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities 20,500 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 43,300 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 9,000 12,600
PSNH | Other Regulatory Liabilities    
Regulatory Liabilities [Line Items]    
Total Regulatory Liabilities $ 6,000 $ 4,200
v3.19.3
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Public Utility, Property, Plant and Equipment [Line Items]    
Distribution - Electric $ 15,737,600 $ 15,071,100
Distribution - Natural Gas 3,723,700 3,546,200
Transmission - Electric 10,570,600 10,153,900
Distribution - Water 1,686,300 1,639,800
Solar 199,200 164,100
Utility 31,917,400 30,575,100
Other 935,200 778,600
Property, Plant and Equipment, Gross 32,852,600 31,353,700
Less: Accumulated Depreciation    
Utility (7,417,600) (7,126,200)
Other (375,100) (336,700)
Total Accumulated Depreciation (7,792,700) (7,462,900)
Property, Plant and Equipment, Net 25,059,900 23,890,800
Construction Work in Progress 1,852,000 1,719,600
Total Property, Plant and Equipment, Net 26,911,877 25,610,428
CL&P    
Public Utility, Property, Plant and Equipment [Line Items]    
Distribution - Electric 6,417,900 6,176,400
Transmission - Electric 4,938,500 4,700,500
Solar 0 0
Property, Plant and Equipment, Gross 11,356,400 10,876,900
Less: Accumulated Depreciation    
Total Accumulated Depreciation (2,370,600) (2,302,600)
Property, Plant and Equipment, Net 8,985,800 8,574,300
Construction Work in Progress 470,800 335,400
Total Property, Plant and Equipment, Net 9,456,562 8,909,701
NSTAR Electric    
Public Utility, Property, Plant and Equipment [Line Items]    
Distribution - Electric 7,102,300 6,756,400
Transmission - Electric 4,186,600 4,065,900
Solar 199,200 164,100
Property, Plant and Equipment, Gross 11,488,100 10,986,400
Less: Accumulated Depreciation    
Total Accumulated Depreciation (2,860,300) (2,702,000)
Property, Plant and Equipment, Net 8,627,800 8,284,400
Construction Work in Progress 636,400 510,300
Total Property, Plant and Equipment, Net 9,264,180 8,794,700
PSNH    
Public Utility, Property, Plant and Equipment [Line Items]    
Distribution - Electric 2,257,700 2,178,600
Transmission - Electric 1,440,700 1,338,700
Solar 0 0
Property, Plant and Equipment, Gross 3,698,400 3,517,300
Less: Accumulated Depreciation    
Total Accumulated Depreciation (803,000) (772,900)
Property, Plant and Equipment, Net 2,895,400 2,744,400
Construction Work in Progress 136,600 135,700
Total Property, Plant and Equipment, Net $ 3,031,985 $ 2,880,073
v3.19.3
DERIVATIVE INSTRUMENTS - Gross Fair Values and Net Amounts of Contracts (Details) - USD ($)
$ in Millions
Sep. 30, 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 $ 11.6 $ 9.6
Netting (0.3) (3.4)
Net Amount Recorded as a Derivative 11.3 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 70.9 74.2
Netting (2.2) (2.3)
Net Amount Recorded as a Derivative 68.7 71.9
Current Derivative Liabilities | CL&P | Level 3    
Current and Long-Term Derivative Liabilities    
Commodity Supply and Price Risk Management (64.6) (55.1)
Netting 0.0 0.0
Net Amount Recorded as a Derivative (64.6) (55.1)
Current Derivative Liabilities | Other | Level 2    
Current and Long-Term Derivative Liabilities    
Commodity Supply and Price Risk Management (3.5) 0.0
Netting 0.2 0.0
Net Amount Recorded as a Derivative (3.3) 0.0
Long-Term Derivative Liabilities | CL&P | Level 3    
Current and Long-Term Derivative Liabilities    
Commodity Supply and Price Risk Management (357.7) (379.5)
Netting 0.0 0.0
Net Amount Recorded as a Derivative (357.7) (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
v3.19.3
DERIVATIVE INSTRUMENTS - Narrative (Details)
MWh in Millions, MMBTU in Millions, $ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
USD ($)
MW
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
MMBTU
MWh
MW
Sep. 30, 2018
USD ($)
Dec. 31, 2018
MMBTU
MW
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 679   679   787
Amount of natural gas to be purchased under futures contracts | MMBTU     11.6   12.5
Gains (losses) on deferred as regulatory costs | $ $ (9.2) $ 1.6 $ (19.5) $ (25.8)  
Level 3 | Minimum          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Percentage of exit price premiums related to derivative contracts     2.60%    
Level 3 | Maximum          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Percentage of exit price premiums related to derivative contracts     14.10%    
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    
v3.19.3
DERIVATIVE INSTRUMENTS - Summary of Level 3 Derivative Contracts and Significant Unobservable Inputs Used (Details) - CL&P - Level 3 - $ / KWmo
Sep. 30, 2019
Dec. 31, 2018
Capacity Prices | Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative measurement input 3.01 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 0.80 0.75
Forward Reserve | Maximum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative measurement input 1.90 1.78
v3.19.3
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 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Derivatives, Net [Rollforward]        
Fair Value as of Beginning of Period $ (345.4) $ (369.3) $ (356.5) $ (362.3)
Net Realized/Unrealized (Losses)/Gains Included in Regulatory Assets (8.5) 1.2 (16.4) (27.0)
Settlements 11.6 8.2 30.6 29.4
Fair Value as of End of Period $ (342.3) $ (359.9) $ (342.3) $ (359.9)
v3.19.3
MARKETABLE SECURITIES - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]          
Available-for-sale equity securities $ 43.4   $ 43.4   $ 44.0
Unrealized gains recorded in other income 2.4 $ 2.4 5.7 $ 2.6  
CYAPC and YAEC          
Debt Securities, Available-for-sale [Line Items]          
Available-for-sale equity securities 163.7   163.7   200.0
Marketable securities held in nuclear decommissioning trust $ 174.7   $ 174.7   $ 143.9
v3.19.3
MARKETABLE SECURITIES - Summary of Available-for-Sale Debt Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]    
Amortized Cost $ 203.0 $ 190.0
Pre-Tax Unrealized Gains 8.9 0.4
Pre-Tax Unrealized Losses (0.1) (4.0)
Fair Value $ 211.8 $ 186.4
v3.19.3
MARKETABLE SECURITIES - Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Amortized Cost    
Less than one year $ 28.6  
One to five years 49.8  
Six to ten years 30.0  
Greater than ten years 94.6  
Amortized Cost 203.0 $ 190.0
Fair Value    
Less than one year 28.5  
One to five years 51.2  
Six to ten years 31.9  
Greater than ten years 100.2  
Fair Value $ 211.8 $ 186.4
v3.19.3
MARKETABLE SECURITIES - Marketable Securities Recorded at Fair Value on a Recurring Basis by Level (Details) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 418.9 $ 430.4
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 226.7 269.9
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 192.2 160.5
Mutual Funds and Equities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 207.1 244.0
Money Market Funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 19.6 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 95.2 79.6
Corporate Debt Securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 49.5 39.5
Asset-Backed Debt Securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 13.1 14.0
Municipal Bonds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 25.6 19.2
Other Fixed Income Securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 8.8 $ 8.2
v3.19.3
SHORT-TERM AND LONG-TERM DEBT - Narrative (Details) - USD ($)
9 Months Ended
Sep. 30, 2019
Aug. 14, 2019
Apr. 26, 2019
Dec. 31, 2018
CL&P        
Line of Credit Facility [Line Items]        
Notes payable to Eversource parent $ 173,100,000      
Amount of long-term debt approved for issuance   $ 675,000,000    
PSNH        
Line of Credit Facility [Line Items]        
Notes payable to Eversource parent 42,100,000     $ 57,000,000.0
Amount of long-term debt approved for issuance     $ 300,000,000  
HEEC        
Line of Credit Facility [Line Items]        
Notes payable to Eversource parent 48,700,000      
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      
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      
Eversource Parent | Line of Credit        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity $ 1,450,000,000      
Debt instrument term 5 years      
v3.19.3
SHORT-TERM AND LONG-TERM DEBT - Borrowings Outstanding and Available under the Commercial Paper Programs (Details) - Commercial Paper - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
Borrowings outstanding $ 684.5 $ 631.5
Available borrowing capacity $ 765.5 $ 818.5
Weighted-average interest rate 2.25% 2.77%
NSTAR Electric    
Debt Instrument [Line Items]    
Borrowings outstanding $ 28.0 $ 278.5
Available borrowing capacity $ 622.0 $ 371.5
Weighted-average interest rate 1.98% 2.50%
v3.19.3
SHORT-TERM AND LONG-TERM DEBT - Summary of Long-Term Debt Issuance and Repayments (Details) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended
Feb. 01, 2019
Sep. 30, 2019
Jul. 31, 2019
Jun. 30, 2019
May 31, 2019
Apr. 30, 2019
Sep. 30, 2019
Sep. 30, 2018
Feb. 01, 2009
Debt Instrument [Line Items]                  
Repayments             $ (250,855) $ (860,855)  
CL&P                  
Debt Instrument [Line Items]                  
Repayments             (250,000) (300,000)  
CL&P | Senior Notes | 4.00% 2018 Series A First Mortgage Bonds                  
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         $ 800,000    
CL&P | Senior Notes | 3.20% 2017 Series A First Mortgage Bonds                  
Debt Instrument [Line Items]                  
Issuances   $ 200,000              
Interest rate, stated percentage   3.20%         3.20%    
CL&P | Senior Notes | 3.20% 2017 Series A First Mortgage Bonds | Eversource Parent                  
Debt Instrument [Line Items]                  
Long-term debt   $ 500,000         $ 500,000    
CL&P | Senior Notes | 5.50% 2009 Series A First Mortgage Bonds                  
Debt Instrument [Line Items]                  
Repayments $ (250,000)                
Interest rate, stated percentage                 5.50%
NSTAR Electric | Senior Notes | 3.25% 2019 Debentures                  
Debt Instrument [Line Items]                  
Issuances         $ 400,000        
Interest rate, stated percentage         3.25%        
PSNH                  
Debt Instrument [Line Items]                  
Repayments             $ 0 $ (110,000)  
PSNH | Senior Notes | 3.60% 2019 Series T First Mortgage Bonds                  
Debt Instrument [Line Items]                  
Issuances       $ 300,000          
Interest rate, stated percentage       3.60%          
NSTAR Gas | Senior Notes | NSTAR Gas 3.74% Series Q First Mortgage Bonds                  
Debt Instrument [Line Items]                  
Issuances     $ 75,000            
Interest rate, stated percentage     3.74%            
NSTAR Gas | Senior Notes | Yankee Gas 2.23% Series P First Mortgage Bonds                  
Debt Instrument [Line Items]                  
Interest rate, stated percentage   2.23%         2.23%    
NSTAR Gas | Senior Notes | Yankee Gas 3.30% Series Q First Mortgage Bonds                  
Debt Instrument [Line Items]                  
Interest rate, stated percentage   3.30%         3.30%    
Yankee Gas | Senior Notes | Yankee Gas 2.23% Series P First Mortgage Bonds                  
Debt Instrument [Line Items]                  
Issuances   $ 100,000              
Yankee Gas | Senior Notes | Yankee Gas 3.30% Series Q First Mortgage Bonds                  
Debt Instrument [Line Items]                  
Issuances   $ 100,000              
v3.19.3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - PSNH - Rate Reduction Bonds
$ in Millions
May 08, 2018
USD ($)
Debt Instrument [Line Items]  
Amount of securitized rate reduction bonds issued $ 635.7
Weighted average interest rate 3.66%
v3.19.3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Balance Sheets (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]    
Securitized Stranded Costs (included in Regulatory Assets) $ 4,830,800 $ 5,145,900
Regulatory Liabilities 3,644,477 3,609,475
Accrued Interest (included in Other Current Liabilities) 806,839 823,006
Rate Reduction Bonds - Current Portion 43,210 52,332
Rate Reduction Bonds - Long-Term Portion 540,122 583,331
Securitized Stranded Costs    
Condensed Balance Sheet Statements, Captions [Line Items]    
Securitized Stranded Costs (included in Regulatory Assets) 576,100 608,400
Other Regulatory Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Securitized Stranded Costs (included in Regulatory Assets) 131,800 208,000
Prepayments and Other Current Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 37,700 72,100
Other Long-Term Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 71,900 3,200
PSNH    
Condensed Balance Sheet Statements, Captions [Line Items]    
Securitized Stranded Costs (included in Regulatory Assets) 870,400 929,500
Regulatory Liabilities 418,106 428,069
Accrued Interest (included in Other Current Liabilities) 61,260 64,046
Rate Reduction Bonds - Current Portion 43,210 52,332
Rate Reduction Bonds - Long-Term Portion 540,122 583,331
PSNH | Securitized Stranded Costs    
Condensed Balance Sheet Statements, Captions [Line Items]    
Securitized Stranded Costs (included in Regulatory Assets) 576,100 608,400
PSNH | Other Regulatory Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Securitized Stranded Costs (included in Regulatory Assets) 13,000 12,100
PSNH | Prepayments and Other Current Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 18,500 47,500
PSNH | Other Long-Term 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 540,100 583,300
PSNH | VIE | Securitized Stranded Costs    
Condensed Balance Sheet Statements, Captions [Line Items]    
Securitized Stranded Costs (included in Regulatory Assets) 576,100 608,400
PSNH | VIE | Other Regulatory Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Regulatory Liabilities 7,700 5,800
Accrued Interest (included in Other Current Liabilities) 3,400 14,400
PSNH | VIE | Prepayments and Other Current Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash 18,500 47,500
PSNH | VIE | Other Long-Term Assets    
Condensed Balance Sheet Statements, Captions [Line Items]    
Restricted Cash $ 3,200 $ 3,200
v3.19.3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Income Statements (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Condensed Income Statements, Captions [Line Items]        
Interest Expense on RRB Principal (included in Interest Expense) $ 135,216 $ 125,201 $ 399,654 $ 372,734
PSNH        
Condensed Income Statements, Captions [Line Items]        
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) 20,421 27,357 39,944 41,318
Interest Expense on RRB Principal (included in Interest Expense) 16,378 16,593 44,654 43,977
PSNH | VIE | Rate Reduction Bonds        
Condensed Income Statements, Captions [Line Items]        
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) 10,800 10,200 32,200 17,100
Interest Expense on RRB Principal (included in Interest Expense) $ 5,200 $ 6,000 $ 15,900 $ 8,800
v3.19.3
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION - Narrative (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Contributions to defined benefit plans $ 112.5 $ 183.2
PBOP    
Defined Benefit Plan Disclosure [Line Items]    
Contributions to defined benefit plans $ 7.9 $ 5.7
v3.19.3
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION - Components of Net Periodic Benefit Expense/(Income) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Pension and SERP        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service Cost $ 16.2 $ 20.9 $ 51.6 $ 64.2
Interest Cost 54.8 49.2 163.8 147.1
Expected Return on Pension Plan Assets (91.6) (97.8) (275.4) (293.8)
Actuarial Loss 35.6 35.7 107.9 107.6
Prior Service Cost/(Credit) 0.3 2.0 0.9 6.0
Total Net Periodic Benefit Expense/(Income) 15.3 10.0 48.8 31.1
PBOP        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service Cost 2.0 2.5 5.9 7.5
Interest Cost 8.1 7.7 24.5 23.0
Expected Return on Pension Plan Assets (16.7) (18.2) (50.1) (54.2)
Actuarial Loss 2.1 2.6 6.2 7.7
Prior Service Cost/(Credit) (5.8) (6.0) (17.6) (17.6)
Total Net Periodic Benefit Expense/(Income) (10.3) (11.4) (31.1) (33.6)
CL&P | Pension and SERP        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service Cost 4.4 5.2 13.6 16.2
Interest Cost 11.4 10.5 34.4 31.4
Expected Return on Pension Plan Assets (18.1) (19.4) (55.1) (59.7)
Actuarial Loss 6.3 7.1 20.6 21.9
Prior Service Cost/(Credit) 0.0 0.2 0.0 0.8
Total Net Periodic Benefit Expense/(Income) 4.0 3.6 13.5 10.6
Intercompany Allocations 2.0 1.5 6.5 4.5
CL&P | PBOP        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service Cost 0.3 0.4 1.1 1.4
Interest Cost 1.6 1.5 4.7 4.4
Expected Return on Pension Plan Assets (2.2) (2.6) (6.9) (7.8)
Actuarial Loss 0.3 0.4 1.0 1.2
Prior Service Cost/(Credit) 0.2 0.3 0.8 0.8
Total Net Periodic Benefit Expense/(Income) 0.2 0.0 0.7 0.0
Intercompany Allocations (0.2) (0.3) (0.6) (0.8)
NSTAR Electric | Pension and SERP        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service Cost 3.6 4.3 11.0 13.1
Interest Cost 12.3 10.9 36.6 32.6
Expected Return on Pension Plan Assets (24.2) (26.6) (72.9) (78.3)
Actuarial Loss 11.8 10.1 33.1 31.0
Prior Service Cost/(Credit) 0.0 0.1 0.2 0.2
Total Net Periodic Benefit Expense/(Income) 3.5 (1.2) 8.0 (1.4)
Intercompany Allocations 1.9 1.6 6.1 4.8
NSTAR Electric | PBOP        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service Cost 0.4 0.5 1.3 1.6
Interest Cost 2.4 2.2 7.1 6.5
Expected Return on Pension Plan Assets (7.5) (8.1) (22.6) (24.4)
Actuarial Loss 0.8 0.5 2.5 1.7
Prior Service Cost/(Credit) (4.2) (4.3) (12.7) (12.7)
Total Net Periodic Benefit Expense/(Income) (8.1) (9.2) (24.4) (27.3)
Intercompany Allocations (0.3) (0.3) (0.9) (1.0)
PSNH | Pension and SERP        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service Cost 1.5 2.7 5.6 8.4
Interest Cost 6.0 5.5 18.2 16.4
Expected Return on Pension Plan Assets (10.1) (10.8) (30.6) (32.6)
Actuarial Loss 2.3 3.3 8.2 9.8
Prior Service Cost/(Credit) 0.0 0.1 0.0 0.2
Total Net Periodic Benefit Expense/(Income) (0.3) 0.8 1.4 2.2
Intercompany Allocations 0.5 0.5 1.8 1.4
PSNH | PBOP        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service Cost 0.2 0.3 0.5 0.9
Interest Cost 0.8 0.9 2.5 2.5
Expected Return on Pension Plan Assets (1.3) (1.5) (4.0) (4.5)
Actuarial Loss 0.1 0.2 0.3 0.6
Prior Service Cost/(Credit) 0.1 0.1 0.3 0.4
Total Net Periodic Benefit Expense/(Income) (0.1) 0.0 (0.4) (0.1)
Intercompany Allocations $ (0.1) $ (0.1) $ (0.3) $ (0.3)
v3.19.3
COMMITMENTS AND CONTINGENCIES - Environmental Sites and Related Reserves (Details)
$ in Millions
9 Months Ended 12 Months Ended
Sep. 30, 2019
USD ($)
site
Dec. 31, 2018
USD ($)
site
Site Contingency [Line Items]    
Number of Sites | site 58 60
Reserve | $ $ 70.3 $ 64.7
CL&P    
Site Contingency [Line Items]    
Number of Sites | site 15 15
Reserve | $ $ 6.0 $ 5.4
NSTAR Electric    
Site Contingency [Line Items]    
Number of Sites | site 15 16
Reserve | $ $ 9.5 $ 10.9
PSNH    
Site Contingency [Line Items]    
Number of Sites | site 9 9
Reserve | $ $ 5.7 $ 5.4
v3.19.3
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Site Contingency [Line Items]    
Reserve balance $ 70.3 $ 64.7
MGP Sites    
Site Contingency [Line Items]    
Reserve balance $ 56.4 $ 50.1
v3.19.3
COMMITMENTS AND CONTINGENCIES - Long-Term Contractual Arrangements (Details) - Milestone Nuclear Power Station
MWh in Millions, $ in Millions
Mar. 15, 2019
USD ($)
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  
Annual contractual commitments over term of contract | $ $ 360  
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
v3.19.3
COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications (Details) - USD ($)
Oct. 25, 2019
Sep. 30, 2019
Sunrise Wind, LLC | Subsequent Event    
Guarantor Obligations [Line Items]    
Maximum exposure (up to) $ 15,400,000  
Ownership interest 50.00%  
Guarantee of Financial Obligations of NPT    
Guarantor Obligations [Line Items]    
Maximum exposure (up to)   $ 25,000,000
v3.19.3
COMMITMENTS AND CONTINGENCIES - Summary of Exposure to Guarantees and Indemnifications (Details)
$ in Millions
Sep. 30, 2019
USD ($)
Various - Surety Bonds  
Loss Contingencies [Line Items]  
Maximum exposure $ 34.3
Rocky River Realty Company and Eversource Service - Lease Payments for Real Estate  
Loss Contingencies [Line Items]  
Maximum exposure 6.8
Bay State Wind LLC - Real Estate Purchase  
Loss Contingencies [Line Items]  
Maximum exposure $ 2.5
v3.19.3
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations - Yankee Companies (Details) - USD ($)
$ in Millions
1 Months Ended
Jun. 12, 2019
Feb. 21, 2019
May 22, 2017
Jul. 31, 2019
Loss Contingencies [Line Items]        
Damages awarded $ 0.5      
Remaining damages sought   $ 1.0    
Damages paid       $ 0.5
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    
v3.19.3
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) - USD ($)
$ in Millions
9 Months Ended 36 Months Ended
Apr. 29, 2016
Oct. 16, 2014
Sep. 30, 2019
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  
v3.19.3
COMMITMENTS AND CONTINGENCIES - Eversource and NSTAR Electric Boston Harbor Civil Action (Details)
$ in Millions
12 Months Ended
Jul. 15, 2016
USD ($)
kV
Dec. 31, 2018
USD ($)
Sep. 30, 2019
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  
Other Long-Term Liabilities      
Loss Contingencies [Line Items]      
Asset Retirement Obligation     $ 32.0
Other Long-Term Liabilities | NSTAR Electric      
Loss Contingencies [Line Items]      
Asset Retirement Obligation     $ 32.0
v3.19.3
LEASES - Narrative (Details)
9 Months Ended
Sep. 30, 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
v3.19.3
LEASES - Components of Lease Cost (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Financing Lease Cost:    
Amortization of Right-of-use-Assets $ 0.4 $ 1.1
Interest on Lease Liabilities 0.3 1.0
Total Finance Lease Cost 0.7 2.1
Operating Lease Cost 2.9 8.9
Variable Lease Cost 15.3 46.4
Total Lease Cost 18.9 57.4
CL&P    
Financing Lease Cost:    
Amortization of Right-of-use-Assets 0.2 0.6
Interest on Lease Liabilities 0.1 0.4
Total Finance Lease Cost 0.3 1.0
Operating Lease Cost 0.1 0.3
Variable Lease Cost 3.6 10.1
Total Lease Cost 4.0 11.4
NSTAR Electric    
Financing Lease Cost:    
Amortization of Right-of-use-Assets 0.1 0.1
Interest on Lease Liabilities 0.1 0.4
Total Finance Lease Cost 0.2 0.5
Operating Lease Cost 0.5 1.3
Variable Lease Cost 0.0 0.0
Total Lease Cost 0.7 1.8
PSNH    
Financing Lease Cost:    
Amortization of Right-of-use-Assets 0.0 0.1
Interest on Lease Liabilities 0.0 0.0
Total Finance Lease Cost 0.0 0.1
Operating Lease Cost 0.0 0.1
Variable Lease Cost 11.7 36.3
Total Lease Cost $ 11.7 $ 36.5
v3.19.3
LEASES - Supplemental Balance Sheet Information Related to Leases (Details)
$ in Millions
Sep. 30, 2019
USD ($)
Operating Leases:  
Operating Lease Right-of-use-Assets, Net $ 52.3
Operating Lease Liabilities - Current Portion 8.9
Operating Lease Liabilities - Long-Term 43.4
Total Operating Lease Liabilities 52.3
Finance Leases:  
Finance Lease Right-of-use-Assets, Net 8.8
Finance Lease Liabilities - Current Portion 2.3
Finance Lease Liabilities - Long-Term 8.7
Total Finance Lease Liabilities 11.0
CL&P  
Operating Leases:  
Operating Lease Right-of-use-Assets, Net 0.9
Operating Lease Liabilities - Current Portion 0.5
Operating Lease Liabilities - Long-Term 0.4
Total Operating Lease Liabilities 0.9
Finance Leases:  
Finance Lease Right-of-use-Assets, Net 2.2
Finance Lease Liabilities - Current Portion 1.6
Finance Lease Liabilities - Long-Term 1.8
Total Finance Lease Liabilities 3.4
NSTAR Electric  
Operating Leases:  
Operating Lease Right-of-use-Assets, Net 24.2
Operating Lease Liabilities - Current Portion 0.6
Operating Lease Liabilities - Long-Term 23.6
Total Operating Lease Liabilities 24.2
Finance Leases:  
Finance Lease Right-of-use-Assets, Net 3.4
Finance Lease Liabilities - Current Portion 0.0
Finance Lease Liabilities - Long-Term 4.4
Total Finance Lease Liabilities 4.4
PSNH  
Operating Leases:  
Operating Lease Right-of-use-Assets, Net 0.4
Operating Lease Liabilities - Current Portion 0.0
Operating Lease Liabilities - Long-Term 0.4
Total Operating Lease Liabilities 0.4
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
v3.19.3
LEASES - Other Information Related to Leases (Details)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2019
USD ($)
Weighted-Average Remaining Lease Term:    
Operating Leases 12 years 12 years
Financing Leases 11 years 11 years
Weighted-Average Discount Rate:    
Operating Leases 3.90% 3.90%
Financing Leases 4.20% 4.20%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:    
Operating Cash Flows from Operating Leases $ 2.9 $ 8.7
Operating Cash Flows from Finance Leases 0.3 1.0
Financing Cash Flows from Finance Leases 0.5 1.5
Supplemental Non-Cash Information on Lease Liabilities:    
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.9 2.6
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities $ 0.0 $ 1.3
CL&P    
Weighted-Average Remaining Lease Term:    
Operating Leases 2 years 2 years
Financing Leases 2 years 2 years
Weighted-Average Discount Rate:    
Operating Leases 2.50% 2.50%
Financing Leases 10.50% 10.50%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:    
Operating Cash Flows from Operating Leases $ 0.1 $ 0.3
Operating Cash Flows from Finance Leases 0.1 0.4
Financing Cash Flows from Finance Leases 0.4 1.0
Supplemental Non-Cash Information on Lease Liabilities:    
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.8 1.0
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities $ 0.0 $ 0.0
NSTAR Electric    
Weighted-Average Remaining Lease Term:    
Operating Leases 20 years 20 years
Financing Leases 22 years 22 years
Weighted-Average Discount Rate:    
Operating Leases 4.10% 4.10%
Financing Leases 2.90% 2.90%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:    
Operating Cash Flows from Operating Leases $ 0.5 $ 1.2
Operating Cash Flows from Finance Leases 0.1 0.4
Financing Cash Flows from Finance Leases 0.0 0.0
Supplemental Non-Cash Information on Lease Liabilities:    
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.0 0.0
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities $ 0.0 $ 0.0
PSNH    
Weighted-Average Remaining Lease Term:    
Operating Leases 9 years 9 years
Financing Leases 9 years 9 years
Weighted-Average Discount Rate:    
Operating Leases 3.70% 3.70%
Financing Leases 3.50% 3.50%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:    
Operating Cash Flows from Operating Leases $ 0.0 $ 0.1
Operating Cash Flows from Finance Leases 0.0 0.0
Financing Cash Flows from Finance Leases 0.0 0.1
Supplemental Non-Cash Information on Lease Liabilities:    
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.0 0.2
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities $ 0.0 $ 0.0
v3.19.3
LEASES - Future Minimum Lease Payments under Long-Term Leases (Details)
$ in Millions
Sep. 30, 2019
USD ($)
Operating Leases  
October 1, 2019 through December 31, 2019 $ 2.6
Year Ending December 31,  
2020 10.1
2021 8.9
2022 7.4
2023 4.9
2024 2.8
Thereafter 28.9
Future lease payments 65.6
Less amount representing interest 13.3
Present value of future minimum lease payments 52.3
Finance Leases  
October 1, 2019 through December 31, 2019 0.9
Year Ending December 31,  
2020 3.4
2021 2.9
2022 1.5
2023 0.7
2024 0.7
Thereafter 13.3
Future lease payments 23.4
Less amount representing interest 12.4
Present value of future minimum lease payments 11.0
CL&P  
Operating Leases  
October 1, 2019 through December 31, 2019 0.1
Year Ending December 31,  
2020 0.5
2021 0.2
2022 0.0
2023 0.0
2024 0.0
Thereafter 0.1
Future lease payments 0.9
Less amount representing interest 0.0
Present value of future minimum lease payments 0.9
Finance Leases  
October 1, 2019 through December 31, 2019 0.5
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 4.0
Less amount representing interest 0.6
Present value of future minimum lease payments 3.4
NSTAR Electric  
Operating Leases  
October 1, 2019 through December 31, 2019 0.3
Year Ending December 31,  
2020 1.6
2021 1.6
2022 1.6
2023 1.6
2024 1.6
Thereafter 28.7
Future lease payments 37.0
Less amount representing interest 12.8
Present value of future minimum lease payments 24.2
Finance Leases  
October 1, 2019 through December 31, 2019 0.1
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 15.7
Less amount representing interest 11.3
Present value of future minimum lease payments 4.4
PSNH  
Operating Leases  
October 1, 2019 through December 31, 2019 0.0
Year Ending December 31,  
2020 0.1
2021 0.1
2022 0.1
2023 0.0
2024 0.0
Thereafter 0.2
Future lease payments 0.5
Less amount representing interest 0.1
Present value of future minimum lease payments 0.4
Finance Leases  
October 1, 2019 through December 31, 2019 0.0
Year Ending December 31,  
2020 0.1
2021 0.1
2022 0.1
2023 0.1
2024 0.1
Thereafter 0.5
Future lease payments 1.0
Less amount representing interest 0.1
Present value of future minimum lease payments $ 0.9
v3.19.3
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
v3.19.3
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
v3.19.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Sep. 30, 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 540,122 583,331
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 14,293,200 13,086,100
Rate Reduction Bonds 583,300 635,700
Fair Value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Preferred Stock Not Subject to Mandatory Redemption 160,300 156,800
Long-Term Debt 15,479,200 13,154,900
Rate Reduction Bonds 634,100 645,800
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 3,518,500 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 116,600 113,800
Long-Term Debt 4,104,400 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 3,341,600 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 43,700 43,000
Long-Term Debt 3,695,300 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 540,122 583,331
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 1,101,500 805,200
Rate Reduction Bonds 583,300 635,700
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 1,165,700 819,500
Rate Reduction Bonds $ 634,100 $ 645,800
v3.19.3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
AOCI Attributable to Parent [Roll Forward]                
OCI Before Reclassifications             $ 3,900 $ 1,900
Amounts Reclassified from AOCI             4,100 4,900
Other Comprehensive Income (Loss), Net of Tax $ 1,624 $ 4,163 $ 2,196 $ 1,406 $ 2,142 $ 3,273 7,983 6,821
Total                
AOCI Attributable to Parent [Roll Forward]                
Balance     (60,000)     (66,400) (60,000) (66,400)
Other Comprehensive Income (Loss), Net of Tax 1,624 $ 4,163 2,196 1,406 $ 2,142 3,273    
Balance (52,000)     (59,600)     (52,000) (59,600)
Qualified Cash Flow Hedging Instruments                
AOCI Attributable to Parent [Roll Forward]                
Balance     (4,400)     (6,200) (4,400) (6,200)
OCI Before Reclassifications             0 0
Amounts Reclassified from AOCI             900 1,600
Other Comprehensive Income (Loss), Net of Tax             900 1,600
Balance (3,500)     (4,600)     (3,500) (4,600)
Unrealized Gains/(Losses) on Marketable Securities                
AOCI Attributable to Parent [Roll Forward]                
Balance     (500)     0 (500) 0
OCI Before Reclassifications             1,300 (700)
Amounts Reclassified from AOCI             0 0
Other Comprehensive Income (Loss), Net of Tax             1,300 (700)
Balance 800     (700)     800 (700)
Defined Benefit Plans                
AOCI Attributable to Parent [Roll Forward]                
Balance     $ (55,100)     $ (60,200) (55,100) (60,200)
OCI Before Reclassifications             2,600 2,600
Amounts Reclassified from AOCI             3,200 3,300
Other Comprehensive Income (Loss), Net of Tax             5,800 5,900
Balance $ (49,300)     $ (54,300)     $ (49,300) $ (54,300)
v3.19.3
COMMON SHARES - Common Shares Authorized and Issued (Details) - $ / shares
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Class of Stock [Line Items]      
Per value (in dollars per share) $ 5 $ 5  
Authorized (in shares) 380,000,000   380,000,000
Issued (in shares) 339,858,402   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
v3.19.3
COMMON SHARES - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
9 Months Ended
Jun. 04, 2019
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Equity [Abstract]        
Equity offering (in shares) 17,940,000      
Common shares issued directly by the Company (in shares) 5,980,000      
Common shares issuable pursuant to forward sale agreement (in shares) 11,960,000      
Net proceeds from common shares issued directly by the Company $ 426,900 $ 426,902 $ 0  
Forward sale price (in dollars per share) $ 71.48      
Amount that would have been required to be paid if net settled   $ 169,700    
Shares that would have been required to be delivered if net settled (in shares)   1,985,105    
Treasury stock (in shares)   16,124,979   16,992,594
Common stock outstanding (in shares)   323,733,423   316,885,808
v3.19.3
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Equity [Abstract]                  
Dividends on preferred stock $ 1,880 $ 1,880 $ 1,880 $ 1,880 $ 1,880 $ 1,880 $ 5,600 $ 5,600  
Noncontrolling interest attributed to preferred stock of subsidiaries $ 155,570           $ 155,570   $ 155,570
v3.19.3
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Earnings Per Share [Abstract]        
Net Income Attributable to Common Shareholders $ 318,884 $ 289,380 $ 659,016 $ 801,693
Weighted Average Common Shares Outstanding:        
Basic (in shares) 324,037,169 317,360,110 320,442,253 317,367,252
Dilutive Effect of:        
Share-Based Compensation Awards and Other (in shares) 737,972 607,201 691,636 581,246
Equity Forward Sale Agreement (in shares) 1,233,201 0 437,037 0
Dilutive Effect (in shares) 1,971,173 607,201 1,128,673 581,246
Diluted (in shares) 326,008,342 317,967,311 321,570,926 317,948,498
Basic EPS (in dollars per share) $ 0.98 $ 0.91 $ 2.06 $ 2.53
Diluted EPS (in dollars per share) $ 0.98 $ 0.91 $ 2.05 $ 2.52
v3.19.3
REVENUES (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers $ 2,168,400 $ 2,321,100 $ 6,434,100 $ 6,458,900
Alternative Revenue Programs (200) (55,200) 24,500 (60,500)
Other Revenues 7,600 5,500 17,500 14,800
Operating Revenues 2,175,797 2,271,425 6,476,084 6,413,243
Lease revenue 1,200   3,400  
Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 1,124,400 1,195,700 3,382,300 3,397,200
Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 794,600 847,100 2,301,600 2,312,900
Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 106,800 116,300 321,300 336,400
Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 2,025,800 2,159,100 6,005,200 6,046,500
Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 80,200 76,000 203,900 196,400
Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 39,900 61,500 168,700 185,900
Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 17,300 24,100 55,200 66,100
Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 5,200 400 1,100 (36,000)
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 258,100 224,600 767,100 692,500
Alternative Revenue Programs 0 0 0 0
Other Revenues 0 0 0 0
Operating Revenues 258,100 224,600 767,100 692,500
Other | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Other | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Other | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Other | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Other | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 15,400 11,700 43,700 34,400
Other | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Other | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 242,700 212,900 723,400 658,100
Other | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers (548,300) (517,500) (1,548,700) (1,497,600)
Alternative Revenue Programs 19,000 33,800 (50,800) 41,500
Other Revenues 0 0 0 0
Operating Revenues (529,300) (483,700) (1,599,500) (1,456,100)
Eliminations | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Eliminations | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers (1,400) (1,200) (3,400) (3,400)
Eliminations | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers (3,200) (2,600) (8,700) (7,500)
Eliminations | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers (4,600) (3,800) (12,100) (10,900)
Eliminations | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers (300,700) (300,200) (811,400) (826,900)
Eliminations | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Eliminations | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers (243,000) (213,500) (725,200) (659,800)
Eliminations | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Electric Distribution | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 1,918,500 2,074,200 5,298,000 5,366,600
Alternative Revenue Programs 6,700 (51,600) 15,000 (57,200)
Other Revenues 6,400 4,800 14,200 12,400
Operating Revenues 1,931,600 2,027,400 5,327,200 5,321,800
Electric Distribution | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 1,041,400 1,111,700 2,879,800 2,900,400
Electric Distribution | Operating Segments | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 736,600 789,600 2,002,000 2,023,000
Electric Distribution | Operating Segments | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 90,600 98,700 254,000 268,600
Electric Distribution | Operating Segments | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 1,868,600 2,000,000 5,135,800 5,192,000
Electric Distribution | Operating Segments | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Electric Distribution | Operating Segments | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 33,100 48,800 123,900 141,400
Electric Distribution | Operating Segments | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 12,300 20,200 40,000 54,400
Electric Distribution | Operating Segments | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 4,500 5,200 (1,700) (21,200)
Natural Gas Distribution | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 110,200 109,900 777,600 741,700
Alternative Revenue Programs (7,600) (1,500) 0 (3,200)
Other Revenues 800 600 2,300 2,000
Operating Revenues 103,400 109,000 779,900 740,500
Natural Gas Distribution | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 43,000 42,800 402,000 395,900
Natural Gas Distribution | Operating Segments | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 41,600 40,800 254,900 245,400
Natural Gas Distribution | Operating Segments | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 18,100 18,900 72,500 71,900
Natural Gas Distribution | Operating Segments | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 102,700 102,500 729,400 713,200
Natural Gas Distribution | Operating Segments | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Natural Gas Distribution | Operating Segments | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 5,500 11,400 41,600 41,400
Natural Gas Distribution | Operating Segments | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 500 (500) 1,900 (1,400)
Natural Gas Distribution | Operating Segments | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 1,500 (3,500) 4,700 (11,500)
Electric Transmission | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 368,600 367,600 981,500 998,300
Alternative Revenue Programs (20,900) (37,000) 56,100 (45,300)
Other Revenues 100 0 300 0
Operating Revenues 347,800 330,600 1,037,900 953,000
Electric Transmission | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Electric Transmission | Operating Segments | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Electric Transmission | Operating Segments | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Electric Transmission | Operating Segments | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Electric Transmission | Operating Segments | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 365,500 364,500 971,600 988,900
Electric Transmission | Operating Segments | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Electric Transmission | Operating Segments | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 3,100 3,100 9,900 9,400
Electric Transmission | Operating Segments | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Water Distribution | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 61,300 62,300 158,600 157,400
Alternative Revenue Programs 2,600 1,100 4,200 3,700
Other Revenues 300 100 700 400
Operating Revenues 64,200 63,500 163,500 161,500
Water Distribution | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 40,000 41,200 100,500 100,900
Water Distribution | Operating Segments | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 17,800 17,900 48,100 47,900
Water Distribution | Operating Segments | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 1,300 1,300 3,500 3,400
Water Distribution | Operating Segments | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 59,100 60,400 152,100 152,200
Water Distribution | Operating Segments | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 0
Water Distribution | Operating Segments | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 1,300 1,300 3,200 3,100
Water Distribution | Operating Segments | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 1,700 1,900 5,200 5,400
Water Distribution | Operating Segments | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers (800) (1,300) (1,900) (3,300)
CL&P        
Disaggregation of Revenue [Line Items]        
Operating Revenues 853,943 865,028 2,444,034 2,344,903
Lease revenue 300   700  
CL&P | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 996,000 1,048,000 2,753,600 2,744,800
Alternative Revenue Programs (15,200) (64,300) 45,600 (68,400)
Other Revenues 4,100 2,800 7,900 6,500
CL&P | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 513,600 539,600 1,426,900 1,410,000
CL&P | Operating Segments | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 247,000 259,000 708,400 702,200
CL&P | Operating Segments | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 37,400 39,400 105,800 111,800
CL&P | Operating Segments | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 798,000 838,000 2,241,100 2,224,000
CL&P | Operating Segments | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 175,200 179,100 445,900 469,800
CL&P | Operating Segments | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 13,800 13,300 39,600 34,300
CL&P | Operating Segments | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 9,000 9,300 27,000 25,000
CL&P | Operating Segments | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 8,300 0 (8,300)
CL&P | Eliminations        
Disaggregation of Revenue [Line Items]        
Operating Revenues (131,000) (121,500) (363,100) (338,000)
NSTAR Electric        
Disaggregation of Revenue [Line Items]        
Operating Revenues 878,669 939,460 2,358,174 2,400,324
Lease revenue 700   2,000  
NSTAR Electric | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 963,300 1,053,300 2,628,400 2,700,600
Alternative Revenue Programs 9,800 (15,400) 19,100 (15,600)
Other Revenues 1,800 1,800 5,200 5,100
NSTAR Electric | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 374,400 414,800 1,027,800 1,071,600
NSTAR Electric | Operating Segments | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 406,100 443,800 1,058,300 1,083,800
NSTAR Electric | Operating Segments | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 32,400 38,000 90,100 96,900
NSTAR Electric | Operating Segments | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 812,900 896,600 2,176,200 2,252,300
NSTAR Electric | Operating Segments | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 132,900 128,300 383,100 367,700
NSTAR Electric | Operating Segments | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 14,400 18,100 55,900 56,400
NSTAR Electric | Operating Segments | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 3,100 10,300 13,200 27,900
NSTAR Electric | Operating Segments | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 0 0 0 (3,700)
NSTAR Electric | Eliminations        
Disaggregation of Revenue [Line Items]        
Operating Revenues (96,200) (100,200) (294,500) (289,800)
PSNH        
Disaggregation of Revenue [Line Items]        
Operating Revenues 280,431 290,203 797,766 792,700
PSNH | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 329,100 341,300 901,100 923,000
Alternative Revenue Programs (8,800) (8,900) 6,400 (18,500)
Other Revenues 600 200 1,400 800
PSNH | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 153,400 157,300 425,100 418,800
PSNH | Operating Segments | Commercial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 84,100 87,300 236,800 238,400
PSNH | Operating Segments | Industrial        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 20,800 21,300 58,100 59,900
PSNH | Operating Segments | Total Retail Tariff Sale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 258,300 265,900 720,000 717,100
PSNH | Operating Segments | Transmission Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 57,400 57,100 142,600 151,400
PSNH | Operating Segments | Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 4,900 17,400 28,400 52,300
PSNH | Operating Segments | Other Revenues from Contracts with Customers        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 4,000 4,000 11,800 11,400
PSNH | Operating Segments | Reserve for Revenues Subject to Refund        
Disaggregation of Revenue [Line Items]        
Revenues from Contracts with Customers 4,500 (3,100) (1,700) (9,200)
PSNH | Eliminations        
Disaggregation of Revenue [Line Items]        
Operating Revenues $ (40,500) $ (42,400) $ (111,100) $ (112,600)
v3.19.3
SEGMENT INFORMATION - Narrative (Details)
$ in Millions
9 Months Ended
Sep. 30, 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
v3.19.3
SEGMENT INFORMATION - Summary of Segment Information and Segmented Total Assets (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Segment Reporting Information [Line Items]          
Operating Revenues $ 2,175,797 $ 2,271,425 $ 6,476,084 $ 6,413,243  
Depreciation and Amortization (296,500) (301,400) (840,500) (786,200)  
Impairment of Northern Pass Transmission 0 0 (239,644) 0  
Other Operating Expenses (1,370,100) (1,504,000) (4,241,100) (4,327,100)  
Operating Income/(Loss) 509,238 466,021 1,154,926 1,299,907  
Interest Expense (135,216) (125,201) (399,654) (372,734)  
Other Income/(Loss), Net 26,968 16,718 103,818 100,656  
Net Income/(Loss) Attributable to Common Shareholders 318,884 289,380 659,016 801,693  
Cash Flows Used for Investments in Plant     2,129,037 1,885,081  
Assets 39,725,394   39,725,394   $ 38,241,256
Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenues        
Other          
Segment Reporting Information [Line Items]          
Operating Revenues 258,100 224,600 767,100 692,500  
Depreciation and Amortization (17,200) (12,000) (45,600) (35,900)  
Impairment of Northern Pass Transmission     0    
Other Operating Expenses (275,900) (200,900) (719,800) (617,200)  
Operating Income/(Loss) (35,000) 11,700 1,700 39,400  
Interest Expense (41,700) (30,500) (130,300) (94,800)  
Other Income/(Loss), Net 497,000 251,700 813,700 913,800  
Net Income/(Loss) Attributable to Common Shareholders 435,200 271,100 697,200 905,900  
Cash Flows Used for Investments in Plant     173,600 118,300  
Assets 19,137,800   19,137,800   17,874,200
Eliminations          
Segment Reporting Information [Line Items]          
Operating Revenues (529,300) (483,700) (1,599,500) (1,456,100)  
Depreciation and Amortization 600 600 1,700 1,700  
Impairment of Northern Pass Transmission     0    
Other Operating Expenses 638,400 483,700 1,708,200 1,457,000  
Operating Income/(Loss) 109,700 600 110,400 2,600  
Interest Expense 13,900 7,800 40,000 23,200  
Other Income/(Loss), Net (545,100) (278,400) (833,600) (915,400)  
Net Income/(Loss) Attributable to Common Shareholders (421,500) (270,000) (683,200) (889,600)  
Cash Flows Used for Investments in Plant     0 0  
Assets (18,494,100)   (18,494,100)   (17,464,900)
Electric Distribution | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenues 1,931,600 2,027,400 5,327,200 5,321,800  
Depreciation and Amortization (188,400) (206,100) (517,600) (486,000)  
Impairment of Northern Pass Transmission     0    
Other Operating Expenses (1,448,200) (1,562,200) (4,166,800) (4,238,600)  
Operating Income/(Loss) 295,000 259,100 642,800 597,200  
Interest Expense (53,200) (52,400) (153,300) (152,000)  
Other Income/(Loss), Net 13,900 32,200 44,200 70,900  
Net Income/(Loss) Attributable to Common Shareholders 197,300 173,800 422,700 379,300  
Cash Flows Used for Investments in Plant     861,000 717,400  
Assets 21,999,400   21,999,400   21,389,100
Natural Gas Distribution | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenues 103,400 109,000 779,900 740,500  
Depreciation and Amortization (16,100) (13,900) (56,000) (59,600)  
Impairment of Northern Pass Transmission     0    
Other Operating Expenses (99,300) (102,400) (620,400) (585,700)  
Operating Income/(Loss) (12,000) (7,300) 103,500 95,200  
Interest Expense (11,700) (11,300) (35,400) (33,700)  
Other Income/(Loss), Net 0 1,500 1,100 5,100  
Net Income/(Loss) Attributable to Common Shareholders (17,100) (12,600) 57,600 50,200  
Cash Flows Used for Investments in Plant     327,800 245,500  
Assets 4,103,500   4,103,500   3,904,900
Electric Transmission | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenues 347,800 330,600 1,037,900 953,000  
Depreciation and Amortization (64,300) (58,300) (188,000) (171,800)  
Impairment of Northern Pass Transmission     (239,600)    
Other Operating Expenses (159,600) (96,700) (366,900) (268,700)  
Operating Income/(Loss) 123,900 175,600 243,400 512,500  
Interest Expense (33,600) (30,300) (94,500) (89,900)  
Other Income/(Loss), Net 61,400 9,000 78,200 26,700  
Net Income/(Loss) Attributable to Common Shareholders 107,500 109,500 138,400 329,600  
Cash Flows Used for Investments in Plant     686,700 735,800  
Assets 10,666,900   10,666,900   10,285,000
Water Distribution | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenues 64,200 63,500 163,500 161,500  
Depreciation and Amortization (11,100) (11,700) (35,000) (34,600)  
Impairment of Northern Pass Transmission     0    
Other Operating Expenses (25,500) (25,500) (75,400) (73,900)  
Operating Income/(Loss) 27,600 26,300 53,100 53,000  
Interest Expense (8,900) (8,500) (26,200) (25,500)  
Other Income/(Loss), Net (200) 700 200 (400)  
Net Income/(Loss) Attributable to Common Shareholders 17,500 $ 17,600 26,300 26,300  
Cash Flows Used for Investments in Plant     79,900 $ 68,100  
Assets $ 2,311,900   $ 2,311,900   $ 2,253,000