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115
Details of preferred stock not subject to mandatory redemption are as follows (in millions except in redemption price and shares):
Redemption Price
Shares Outstanding as of As of December 31,
Series
Per Share
December 31, 2013 and 2012
2013
2012
CL&P
$
1.90
Series of 1947
$
52.50
163,912
$
8.2
$
8.2
$
2.00
Series of 1947
$
54.00
336,088
16.8
16.8
$
2.04
Series of 1949
$
52.00
100,000
5.0
5.0
$
2.20
Series of 1949
$
52.50
200,000
10.0
10.0
3.90
%
Series of 1949
$
50.50
160,000
8.0
8.0
$
2.06
Series E of 1954
$
51.00
200,000
10.0
10.0
$
2.09
Series F of 1955
$
51.00
100,000
5.0
5.0
4.50
%
Series of 1956
$
50.75
104,000
5.2
5.2
4.96
%
Series of 1958
$
50.50
100,000
5.0
5.0
4.50
%
Series of 1963
$
50.50
160,000
8.0
8.0
5.28
%
Series of 1967
$
51.43
200,000
10.0
10.0
$
3.24
Series G of 1968
$
51.84
300,000
15.0
15.0
6.56
%
Series of 1968
$
51.44
200,000
10.0
10.0
Total CL&P
2,324,000
$
116.2
$
116.2
NSTAR Electric
4.25
%
Series
$
103.625
180,000
$
18.0
$
18.0
4.78
%
Series
$
102.80
250,000
25.0
25.0
Total NSTAR Electric
430,000
$
43.0
$
43.0
Fair Value Adjustment due to Merger with NSTAR
(3.6)
(3.6)
Total NU - Preferred Stock of Subsidiaries
$
155.6
$
155.6
19.
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
A summary of the changes in Common Shareholders' Equity and Noncontrolling Interests of NU is as follows:
Noncontrolling
Common
Interest -
Shareholders'
Noncontrolling
Total
Preferred Stock
(Millions of Dollars)
Equity
Interest
Equity
of Subsidiaries
Balance as of January 1, 2011
$
3,811.2
$
1.5
$
3,812.7
$
116.2
Net Income
400.5
-
400.5
-
Dividends on Common Shares
(195.6)
-
(195.6)
-
Dividends on Preferred Stock
(5.6)
-
(5.6)
(5.6)
Issuance of Common Shares
5.9
-
5.9
-
Contributions to NPT
-
1.2
1.2
-
Other Transactions, Net
23.9
-
23.9
-
Net Income Attributable to Noncontrolling Interests
(0.3)
0.3
-
5.6
Other Comprehensive Loss (Note 15)
(27.3)
-
(27.3)
-
Balance as of December 31, 2011
$
4,012.7
$
3.0
$
4,015.7
$
116.2
Net Income
533.1
-
533.1
-
Purchase Price of NSTAR (1)
5,038.3
-
5,038.3
-
Other Equity Impacts of Merger with NSTAR (2)
3.4
(3.4)
-
39.4
Dividends on Common Shares
(375.5)
-
(375.5)
-
Dividends on Preferred Stock
(7.0)
-
(7.0)
(7.0)
Issuance of Common Shares
13.3
-
13.3
-
Contributions to NPT
-
0.3
0.3
-
Other Transactions, Net
21.1
-
21.1
-
Net Income Attributable to Noncontrolling Interests
(0.1)
0.1
-
7.0
Other Comprehensive Loss (Note 15)
(2.2)
-
(2.2)
-
Balance as of December 31, 2012
$
9,237.1
$
-
$
9,237.1
$
155.6
Net Income
793.7
-
793.7
-
Dividends on Common Shares
(462.7)
-
(462.7)
-
Dividends on Preferred Stock
(7.7)
-
(7.7)
(7.7)
Issuance of Common Shares
11.1
-
11.1
-
Other Transactions, Net
13.2
-
13.2
-
Net Income Attributable to Noncontrolling Interests
-
-
-
7.7
Other Comprehensive Income (Note 15)
26.8
-
26.8
-
Balance as of December 31, 2013
$
9,611.5
$
-
$
9,611.5
$
155.6
(1) On April 10, 2012, NU issued approximately 136 million common shares to the NSTAR shareholders in connection with the
merger. See Note 2, "Merger of NU and NSTAR," for further information.
(2) The preferred stock of NSTAR Electric is not subject to mandatory redemption and has been presented as a noncontrolling interest
in NSTAR Electric in NU’s financial statements. In addition, upon completion of the merger, an NSTAR subsidiary that held 25
percent of NPT was merged into NUTV, resulting in NUTV owning 100 percent of NPT. Accordingly, the noncontrolling interest
balance was eliminated and 100 percent ownership of NPT is reflected in Common Shareholders' Equity as of December 31, 2013
and 2012.