Eversource 2010 Annual Report Download - page 111

Download and view the complete annual report

Please find page 111 of the 2010 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 164

  • 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
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164

94
The following table represents information on NU's plan benefit obligations, fair values of plan assets, and funded status:
As of December 31,
Pension Benefits SERP Benefits PBOP Benefits
(Millions of Dollars) 2010 2009 2010 2009 2010 2009
Change in Benefit Obligation
Benefit Obligation as of Beginning of Year $ (2,571.0) $ (2,297.7) $ (39.3) $ (34.2) $ (475.7) $ (436.0)
Service Cost (50.3) (45.0) (0.7) (0.8) (8.5) (7.2)
Interest Cost (150.3) (153.4) (2.3) (2.3) (26.8) (29.1)
A
ctuarial Loss (139.3) (203.8) (1.3) (4.3) (17.5) (44.5)
Federal Subsidy on Benefits Paid - - - - (3.7) (3.5)
Benefits Paid - Excluding Lump Sum Payments 130.2 128.9 2.5 2.3 42.3 44.6
Benefits Paid - Lump Sum Payments 0.9 - - - - -
Benefit Obligation as of End of Year $ (2,779.8) $ (2,571.0) $ (41.1) $ (39.3) $ (489.9) $ (475.7)
Change in Plan Assets
Fair Value of Plan Assets as of Beginning of Year $ 1,789.6 $ 1,556.8 N/A N/A $ 240.3 $ 195.6
A
ctual Return on Plan Assets 274.1 361.7 N/A N/A 34.9 48.5
Employer Contribution 45.0 - N/A N/A 45.6 40.8
Benefits Paid - Excluding Lump Sum Payments (130.2) (128.9) N/A N/A (42.3) (44.6)
Benefits Paid - Lump Sum Payments (0.9) - N/A N/A - -
Fair Value of Plan Assets as of End of Year $ 1,977.6 $ 1,789.6 N/A N/A $ 278.5 $ 240.3
Funded Status as of December 31s
t
$ (802.2) $ (781.4) $ (41.1) $ (39.3) $ (211.4) $ (235.4)
The amounts recognized on the accompanying consolidated balance sheets for the funded status above as of December 31, 2010 and
2009 are as follows:
As of December 31,
(Millions of Dollars) Pension Benefits SERP Benefits PBOP Benefits
NU 2010 2009 2010 2009 2010 2009
A
ccrued Pension $ (802.2) $ (781.4) $ - $ - $ - $ -
Other Current Liabilities - - (4.1) (2.9) - -
Other Long-Term Liabilities - - (37.0) (36.4) (211.4) (235.4)
CL&P
A
ccrued Pension $ (42.5) $ (51.3) $ - $ - $ - $ -
Other Current Liabilities - - (0.4) (0.3) - -
Other Long-Term Liabilities - - (3.0) (3.1) (81.6) (94.9)
PSNH
A
ccrued Pension $ (261.1) $ (272.9) $ - $ - $ - $ -
Other Current Liabilities - - (0.3) (0.1) - -
Other Long-Term Liabilities - - (1.9) (2.0) (33.0) (39.7)
WMECO
Prepaid Pension $ 13.6 $ 6.9 $ - $ - $ - $ -
Other Long-Term Liabilities - - (0.4) (0.4) (15.0) (17.4)
The accumulated benefit obligation for the Pension Plan and SERP as of December 31, 2010 and 2009 is as follows:
Pension Benefits SERP Benefits
(Millions of Dollars) 2010 2009 2010 2009
NU $ 2,512.2 $ 2,034.7 $ 38.9 $ 36.9
CL&P 864.9 725.8 3.4 3.3
PSNH 395.8 312.4 2.1 1.9
WMECO 177.0 146.4 0.4 0.3
The Company amortizes the prior service cost on an individual subsidiary basis and unrecognized net actuarial gains/(losses) and any
remaining transition obligation over the remaining service lives of its employees as calculated on an NU consolidated basis. The
pension transition obligation is fully amortized and the PBOP transition obligation will be fully amortized in 2013.