Eversource 2013 Annual Report Download - page 105

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The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other
Comprehensive Income (OCI) as well as amounts in Regulatory Assets and OCI reclassified as net periodic benefit expense durin
g the
years presented:
Amounts Reclassified To/From
Regulatory Assets
OCI
(Millions of Dollars)
For the Years Ended December 31,
NU Pension and SERP Plans (1)
2013
2012
2013
2012
Actuarial (Gains)/Losses Arising During the Year
$
(635.2)
$
245.7
$
(28.9)
$
19.1
Actuarial Losses Reclassified as Net Periodic Benefit Expense
(201.2)
(164.6)
(9.4)
(7.8)
Prior Service Cost Reclassified as Net Periodic Benefit Expense
(3.8)
(7.7)
(0.2)
(0.2)
(1) The NU amounts include the NSTAR Pension and SERP Plans beginning April 10, 2012.
The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Loss amounts that have not been
recognized as components of net periodic benefit expense as of December 31, 2013 and 2012, and the amounts that are expected
to be
recognized as components in 2014:
Regulatory Assets as of
Expected
AOCI as of
Expected
(Millions of Dollars)
December 31,
2014
December 31,
2014
NU Pension and SERP Plans
2013
2012
Expense
2013
2012
Expense
Actuarial Loss
$
1,137.4
$
1,973.8
$
126.2
$
43.2
$
81.5
$
5.6
Prior Service Cost
17.4
21.2
4.2
1.0
1.2
0.2
As of December 31, 2013 and 2012, NSTAR Electric had $497.9 million and $724 million, respectively, of unrecognized actuarial losses
included in Regulatory Assets that have not been recognized as components of net periodic benefit expense. For the years ended
December 31, 2013 and 2012, NSTAR Electric reclassified $58.1 million and $62.8 million, respectively, of actuarial losses and $0.3
million and $0.6 million, respectively, of prior service credit as net periodic benefit expense. Actuarial gains of $168 million and
actuarial losses of $4.6 million, respectively, arose during 2013 and 2012, respectively.
PBOP Plans: The NUSCO Plans are accounted for under the multiple-employer approach while the NSTAR Plan is accounted for
under the multi-employer approach. Accordingly, the funded status of the NUSCO PBOP Plans is allocated to its subsidiaries, including
CL&P, PSNH and WMECO, while the NSTAR PBOP Plan is not reflected on the SEC registrant NSTAR Electric’s balance sheet.
NU annually funds postretirement costs through tax deductible contributions to external trusts.
The following tables provide information on PBOP Plan benefit obligations, fair values of plan assets, and funded status:
PBOP
As of December 31,
2013
2012
(Millions of Dollars)
NU
CL&P
PSNH
WMECO
NU (1)
CL&P
PSNH
WMECO
Change in Benefit Obligation
Benefit Obligation as of Beginning of Year
$
(1,233.3)
$
(196.8)
$
(100.2)
$
(42.5)
$
(520.9)
$
(198.9)
$
(99.2)
$
(42.9)
Liabilities Assumed from Merger with NSTAR
-
-
-
-
(770.6)
-
-
-
Service Cost
(16.9)
(3.4)
(2.3)
(0.7)
(15.7)
(3.0)
(2.0)
(0.6)
Interest Cost
(47.2)
(7.9)
(4.0)
(1.7)
(49.0)
(9.2)
(4.6)
(2.0)
Actuarial Gain
200.9
13.3
7.2
3.3
70.9
1.2
0.3
0.1
Federal Subsidy on Benefits Paid
-
-
-
-
(6.2)
(1.7)
(0.6)
(0.3)
Benefits Paid
58.5
14.4
5.8
2.9
58.2
14.8
5.9
3.2
Benefit Obligation as of End of Year
$
(1,038.0)
$
(180.4)
$
(93.5)
$
(38.7)
$
(1,233.3)
$
(196.8)
$
(100.2)
$
(42.5)
Change in Plan Assets
Fair Value of Plan Assets as of Beginning of Year
$
709.1
$
132.2
$
69.5
$
31.0
$
285.4
$
112.2
$
58.7
$
27.1
Assets Assumed from Merger with NSTAR
-
-
-
-
330.4
-
-
-
Actual Return on Plan Assets
118.3
24.8
13.4
6.0
78.8
15.0
7.5
3.5
Employer Contributions
57.6
8.7
4.7
1.2
72.7
19.8
9.2
3.6
Benefits Paid
(58.5)
(14.4)
(5.8)
(2.9)
(58.2)
(14.8)
(5.9)
(3.2)
Fair Value of Plan Assets as of End of Year
$
826.5
$
151.3
$
81.8
$
35.3
$
709.1
$
132.2
$
69.5
$
31.0
Funded Status as of December 31st
$
(211.5)
$
(29.1)
$
(11.7)
$
(3.4)
$
(524.2)
$
(64.6)
$
(30.7)
$
(11.5)
(1)
NU results include NSTAR PBOP Plan activity beginning April 10, 2012.