Eversource 2008 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 of the 2008 Eversource annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

68
The amounts recognized on the accompanying consolidated balance sheets for the funded status above at December 31, 2008 and 2007 is as follows:
At December 31,
Postretirement
Pension Benefits SERP Benefits Benefits
(Millions of Dollars) 2008 2007 2008 2007 2008 2007
(Accrued)/prepaid pension $(740.9) $202.5 $ - $ - $ - $ -
Other current liabilities - - (2.3 ) (2.4 ) - -
Other deferred credits and other liabilities - - (31.9 ) (29.7 ) - -
Accrued postretirement benefits - - - - (240.4 ) (181.5 )
For the Pension Plan, the company amortizes its transition obligation over the remaining service lives of its employees as calculated on an individual subsidiary basis and
amortizes the prior service cost and unrecognized net actuarial gain/(loss) over the remaining service lives of its employees as calculated on an NU consolidated basis. For the
PBOP Plan, the company amortizes its transition obligation, prior service cost, and unrecognized net actuarial gain/(loss) over the remaining service lives of its employees as
calculated on an individual operating company basis.
The accumulated benefit obligation for the Pension Plan was $2 billion at December31, 2008 and 2007 and was $32.1 million and $30.2 million for the SERP at December 31, 2008
and 2007, respectively.
The following is a summary of amounts recorded as regulatory assets as a result of SFAS No. 158 at December31, 2008 and 2007 and the changes in those amounts recorded
during the years:
At December 31,
Pension SERP PBOP
(Millions of Dollars) 2008 2007 2008 2007 2008 2007
Transition obligation at beginning of year $ 0.5 $ 0.7 $ - $ - $ 56.6 $ 67.9
Amounts reclassified as net periodic benefit expense (0.2 ) (0.2 ) - - (11.3 ) (11.3 )
Transition obligation at end of year $ 0.3 $ 0.5 $ - $ - $ 45.3 $ 56.6
Prior service cost at beginning of year $ 67.2 $ 38.1 $ 0.5 $ 0.6 $ (3.6 ) $ (3.9 )
Amounts reclassified as net periodic benefit (expense)/income (9.6 ) (8.6 ) (0.1 ) (0.1 ) 0.3 0.3
Prior service cost arising during the year 0.2 37.7 - - - -
Prior service cost at end of year $ 57.8 $ 67.2 $ 0.4 $ 0.5 $ (3.3 ) $ (3.6 )
Net actuarial (gains)/losses at beginning of year $ (24.2 ) $ 184.7 $ 1.8 $ 5.0 $ 102.6 $ 114.3
Amounts reclassified as net periodic benefit expense (5.6 ) (19.9 ) (0.2 ) (0.6 ) (10.4 ) (12.0 )
Actuarial losses/(gains) arising during the year 897.0 (189.0 ) 1.6 (2.6 ) 77.8 0.3
Actuarial losses/(gains) at end of year $ 867.2 $ (24.2 ) $ 3.2 $ 1.8 $ 170.0 $ 102.6
Total deferred benefit costs as regulatory assets $ 925.3 $ 43.5 $ 3.6 $ 2.3 $ 212.0 $ 155.6