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80
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. Cash collateral posted or collected under master
netting agreements is recorded as an offset to the derivative asset or liability. The following tables present the gross fair values of
contracts categorized by risk type and the net amount recorded as current or long-term derivative asset or liability:
As of December 31, 2013
Commodity Supply and
Net Amount Recorded as
(Millions of Dollars)
Price Risk Management
Netting (1)
Derivative Asset/(Liability)
Current Derivative Assets:
Level 2:
Other (1)
$
1.9
$
(0.3)
$
1.6
Level 3:
CL&P (1)
17.1
(9.8)
7.3
NSTAR Electric
1.2
-
1.2
WMECO
0.1
-
0.1
Total Current Derivative Assets
$
20.3
$
(10.1)
$
10.2
Long-Term Derivative Assets:
Level 2:
Other
$
0.2
$
-
$
0.2
Level 3:
CL&P (1)
113.6
(42.2)
71.4
WMECO
2.6
-
2.6
Total Long-Term Derivative Assets
$
116.4
$
(42.2)
$
74.2
Current Derivative Liabilities:
Level 3:
CL&P
$
(92.2)
$
-
$
(92.2)
NSTAR Electric
(1.5)
-
(1.5)
Total Current Derivative Liabilities
$
(93.7)
$
-
$
(93.7)
Long-Term Derivative Liabilities:
Level 3:
CL&P
$
(617.1)
$
-
$
(617.1)
NSTAR Electric
(7.0)
-
(7.0)
Total Long-Term Derivative Liabilities
$
(624.1)
$
-
$
(624.1)
As of December 31, 2012
Commodity Supply and
Net Amount Recorded as
(Millions of Dollars)
Price Risk Management
Netting (1)
Derivative Asset/(Liability)
Current Derivative Assets:
Level 2:
Other
$
0.2
$
-
$
0.2
Level 3:
CL&P (1)
17.7
(12.0)
5.7
Other
5.5
-
5.5
Total Current Derivative Assets
$
23.4
$
(12.0)
$
11.4
Long-Term Derivative Assets:
Level 3:
CL&P (1)
$
159.7
$
(69.1)
$
90.6
Total Long-Term Derivative Assets
$
159.7
$
(69.1)
$
90.6
Current Derivative Liabilities:
Level 2:
Other (1) (2)
$
(19.9)
$
0.6
$
(19.3)
Level 3:
CL&P
(96.9)
-
(96.9)
NSTAR Electric
(1.0)
-
(1.0)
Total Current Derivative Liabilities
$
(117.8)
$
0.6
$
(117.2)
Long-Term Derivative Liabilities:
Level 2:
Other
$
(0.2)
$
-
$
(0.2)
Level 3:
CL&P
(865.6)
-
(865.6)
NSTAR Electric
(13.9)
-
(13.9)
WMECO
(3.0)
-
(3.0)
Total Long-Term Derivative Liabilities
$
(882.7)
$
-
$
(882.7)
(1) Amounts represent derivative assets and liabilities that NU 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.