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104
The following table presents, by asset category, the Pension and PBOP Plan assets recorded at fair value on a recurring basis by the
level in which they are classified within the fair value hierarchy:
NU Consolidated Pension Plans
Fair Value Measurements as of December 31,
(Millions of Dollars)
2012
2011
Asset Category:
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Equity Securities:
United States (2)
$
336.5
$
302.8
$
270.6
$
909.9
$
218.7
$
14.8
$
259.4
$
492.9
International (2)
42.0
362.6
52.1
456.7
20.0
221.9
-
241.9
Emerging Markets (2)
-
135.3
-
135.3
-
66.6
-
66.6
Private Equity
26.7
-
267.9
294.6
11.3
-
255.1
266.4
Fixed Income
(3)
54.9
629.2
315.1
999.2
17.8
268.7
276.2
562.7
Real Estate and
Other Assets
-
78.9
235.4
314.3
24.8
57.8
71.8
154.4
Hedge Funds
-
-
418.9
418.9
-
-
240.0
240.0
Total Master Trust Assets
$
460.1
$
1,508.8
$
1,560.0
$
3,528.9
$
292.6
$
629.8
$
1,102.5
$
2,024.9
Less: 401(h) PBOP Assets (4)
(117.6)
(19.0)
Total Pension Assets
$
3,411.3
$
2,005.9
NSTAR Pension Plan
Fair Value Measurements as of December 31,
(Millions of Dollars)
2012
2011 (1) (5)
Asset Category:
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Equity Securities:
United States (2)
$
96.7
$
246.4
$
-
$
343.1
$
77.0
$
212.3
$
-
$
289.3
International (2)
-
98.3
52.1
150.4
4.0
82.8
41.4
128.2
Emerging Markets (2)
-
55.9
-
55.9
-
46.9
-
46.9
Fixed Income (3)
54.9
292.5
-
347.4
124.7
230.3
-
355.0
Real Estate
-
-
127.2
127.2
-
-
111.0
111.0
Hedge Funds
-
-
122.7
122.7
-
-
126.6
126.6
Total Master Trust Assets
$
151.6
$
693.1
$
302.0
$
1,146.7
$
205.7
$
572.3
$
279.0
$
1,057.0
Less: 401(h) PBOP Assets
(4)
(77.6)
(68.5)
Total Pension Assets
$
1,069.1
$
988.5
NU Consolidated PBOP Plans
Fair Value Measurements as of December 31,
(Millions of Dollars)
2012
2011
Asset Category:
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Cash and Cash
Equivalents
$
9.7
$
-
$
-
$
9.7
$
5.9
$
-
$
-
$
5.9
Equity Securities:
United States (2)
116.3
57.7
36.3
210.3
116.9
-
10.7
127.6
International (2)
68.0
29.7
-
97.7
29.6
-
-
29.6
Emerging Markets (2)
7.7
14.0
-
21.7
4.6
-
-
4.6
Fixed Income (3)
-
137.7
32.1
169.8
-
44.3
26.0
70.3
Hedge Funds
-
-
39.6
39.6
-
-
16.1
16.1
Private Equity
-
-
11.3
11.3
-
-
5.1
5.1
Real Estate and Other
Assets
-
4.7
26.7
31.4
-
4.7
2.5
7.2
Total
$
201.7
$
243.8
$
146.0
$
591.5
$
157.0
$
49.0
$
60.4
$
266.4
Add: 401(h) PBOP Assets (4)
117.6
19.0
Total PBOP Assets
$
709.1
$
285.4
(1) The NSTAR Pension Plan amounts are not included in NU consolidated as of December 31, 2011.
(2) United States, International and Emerging Markets equity securities classified as Level 2 include investments in commingled funds
and unrealized gains/(losses) on holdings in equity index swaps. Level 3 investments include hedge funds that are overlayed with
equity index swaps and futures contracts and funds invested in equities that have redemption restrictions.
(3) Fixed Income investments classified as Level 3 investments include fixed income funds that invest in a variety of opportunistic fixed
income strategies, and hedge funds that are overlayed with fixed income futures.
(4) The assets of the Pension Plans include a 401(h) account that has been allocated to provide health and welfare postretirement
benefits under the PBOP Plans.
(5) For NSTAR Electric, certain pension assets have been reclassified to the current year presentation in order to align the reporting of
pension assets subsequent to the closing of the merger.
CL&P, PSNH and WMECO participate in the NUSCO Pension Plan and NUSCO PBOP Plans. Each company participating in the plans
is allocated a portion of the total plan assets. As of December 31, 2012 and 2011, the NUSCO Pension Plan has total assets of
$2,342.6 million and $2,005.9 million, respectively. CL&P, PSNH and WMECO’s portion of these total plan assets were 40 percent, 17
percent and 9 percent, respectively, as of December 31, 2012, and 43 percent, 14 percent and 10 percent, respectively, as of
December 31, 2011. The NUSCO PBOP Plans had total plan assets of $334.9 million and $285.4 million as of December 31, 2012 and
2011, respectively. CL&P, PSNH and WMECO’s share of these assets were 39 percent, 21 percent and 9 percent, respectively, as of
both December 31, 2012 and 2011.