2016 Q1 Form 10-Q Financial Statement

#000007274116000075 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $2.056B $2.513B
YoY Change -18.21% 9.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $195.0M $163.8M
YoY Change 19.05% 8.62%
% of Gross Profit
Operating Expenses $1.567B $2.016B
YoY Change -22.27% 10.59%
Operating Profit $488.5M $497.5M
YoY Change -1.81% 6.37%
Interest Expense $98.21M -$94.80M
YoY Change -203.6% -205.36%
% of Operating Profit 20.1% -19.06%
Other Income/Expense, Net $2.011M $5.727M
YoY Change -64.89% 243.55%
Pretax Income $392.3M $408.4M
YoY Change -3.92% 7.64%
Income Tax $146.3M $153.2M
% Of Pretax Income 37.29% 37.52%
Net Earnings $246.0M $255.1M
YoY Change -3.57% 7.28%
Net Earnings / Revenue 11.97% 10.15%
Basic Earnings Per Share $0.77 $0.80
Diluted Earnings Per Share $0.77 $0.80
COMMON SHARES
Basic Shares Outstanding 317.5M shares 317.1M shares
Diluted Shares Outstanding 318.5M shares 318.5M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.00M $71.00M
YoY Change -28.17% -20.22%
Cash & Equivalents $51.00M $71.00M
Short-Term Investments
Other Short-Term Assets $1.245B $1.209B
YoY Change 2.98% 13.1%
Inventory $359.0M $281.0M
Prepaid Expenses
Receivables $891.0M $1.131B
Other Receivables $44.00M $100.0M
Total Short-Term Assets $2.591B $2.793B
YoY Change -7.23% 18.05%
LONG-TERM ASSETS
Property, Plant & Equipment $20.10B $18.81B
YoY Change 6.84% 6.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $503.0M $518.0M
YoY Change -2.9% 1.97%
Other Assets $4.003B $4.311B
YoY Change -7.14% 8.02%
Total Long-Term Assets $28.12B $27.16B
YoY Change 3.54% 5.55%
TOTAL ASSETS
Total Short-Term Assets $2.591B $2.793B
Total Long-Term Assets $28.12B $27.16B
Total Assets $30.71B $29.95B
YoY Change 2.54% 6.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $782.0M $896.0M
YoY Change -12.72% 25.84%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $770.0M $1.004B
YoY Change -23.31% 75.83%
Long-Term Debt Due $379.0M $246.0M
YoY Change 54.07% -53.67%
Total Short-Term Liabilities $2.594B $3.112B
YoY Change -16.65% 11.54%
LONG-TERM LIABILITIES
Long-Term Debt $9.145B $8.602B
YoY Change 6.31% 3.41%
Other Long-Term Liabilities $3.096B $3.397B
YoY Change -8.86% 17.18%
Total Long-Term Liabilities $12.24B $12.00B
YoY Change 2.02% 6.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.594B $3.112B
Total Long-Term Liabilities $12.24B $12.00B
Total Liabilities $20.12B $19.69B
YoY Change 2.19% 8.06%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 16.67M shares 16.14M shares
Shareholders Equity $10.59B $10.27B
YoY Change
Total Liabilities & Shareholders Equity $30.71B $29.95B
YoY Change 2.54% 6.6%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $246.0M $255.1M
YoY Change -3.57% 7.28%
Depreciation, Depletion And Amortization $195.0M $163.8M
YoY Change 19.05% 8.62%
Cash From Operating Activities $500.0M $491.5M
YoY Change 1.71% -0.46%
INVESTING ACTIVITIES
Capital Expenditures $431.5M $362.6M
YoY Change 19.0% 3.98%
Acquisitions
YoY Change
Other Investing Activities -$5.494M -$66.00K
YoY Change 8224.24% -95.97%
Cash From Investing Activities -$424.6M -$364.5M
YoY Change 16.48% 3.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $0.00
YoY Change -100.0%
Cash From Financing Activities -$48.35M -$94.69M
YoY Change -48.95% -2.23%
NET CHANGE
Cash From Operating Activities $500.0M $491.5M
Cash From Investing Activities -$424.6M -$364.5M
Cash From Financing Activities -$48.35M -$94.69M
Net Change In Cash $27.02M $32.32M
YoY Change -16.41% -29.4%
FREE CASH FLOW
Cash From Operating Activities $500.0M $491.5M
Capital Expenditures $431.5M $362.6M
Free Cash Flow $68.49M $129.0M
YoY Change -46.89% -11.13%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5727000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
408359000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1879000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
253254000 USD
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
254849000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
509000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1669000 USD
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
245822000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
534000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
871000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
264000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
132000 USD
CY2016Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1880000 USD
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1879000 USD
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.42
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.45
CY2016Q1 us-gaap Interest Expense
InterestExpense
98212000 USD
CY2016Q1 es Renewable Portfolio Standards Compliance Obligation
RenewablePortfolioStandardsComplianceObligation
170021000 USD
CY2015Q4 es Renewable Portfolio Standards Compliance Obligation
RenewablePortfolioStandardsComplianceObligation
130354000 USD
CY2015Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
107759000 USD
CY2016Q1 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
111414000 USD
CY2015Q1 es Energy Efficiency Programs
EnergyEfficiencyPrograms
146603000 USD
CY2015Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
116735000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-66000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
114730000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
954000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1595000 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-13855000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-48345000 USD
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
27019000 USD
CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
148193000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
26495000 USD
CY2015Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
110748000 USD
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-11891000 USD
CY2015Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
328299000 USD
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-68172000 USD
CY2015Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-272021000 USD
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-59496000 USD
CY2015Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-34179000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
491541000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
362586000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-364525000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-10805000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-94692000 USD
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
32324000 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
141157000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
500000000 USD
CY2016Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
1880000 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-391453000 USD
CY2016Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
30383000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
26659000 USD
CY2014Q4 us-gaap Cash
Cash
38703000 USD
CY2015Q1 us-gaap Cash
Cash
71027000 USD
CY2016Q1 es Description Of Consolidation Of Yankee Companies
DescriptionOfConsolidationOfYankeeCompanies
Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's, PSNH's and WMECO's combined ownership interest in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and WMECO and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Access Northeast is a natural gas pipeline and storage project (the "Project") being developed jointly by Eversource, Spectra Energy Corp and National Grid. Access Northeast will enhance the Algonquin and Maritimes & Northeast pipeline systems using existing routes. Eversource and Spectra Energy Corp each own a 40 percent interest in the Project, with the remaining 20 percent interest owned by National Grid. The total projected cost for both the pipeline and the LNG storage is expected to be approximately $3 billion, to be funded in proportion to ownership interest (approximately $1.2 billion by Eversource), with anticipated in-service dates commencing in November 2018. Eversource’s cumulative equity investment in the Project as of March 31, 2016 of $14.4 million is presented in Other Long-Term Assets.
CY2016Q1 es Impact Of New Accounting Standard On Cash Flow Statement
ImpactOfNewAccountingStandardOnCashFlowStatement
9100000 USD
CY2015Q1 es Impact Of New Accounting Standard On Cash Flow Statement
ImpactOfNewAccountingStandardOnCashFlowStatement
9700000 USD
CY2016Q1 es Impact Of Share Based Compensation Accounting Guidance On Income Tax
ImpactOfShareBasedCompensationAccountingGuidanceOnIncomeTax
2500000 USD
CY2016Q1 es Available For Sale Securities Subject To New Accounting Guidance
AvailableForSaleSecuritiesSubjectToNewAccountingGuidance
52000000 USD
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
190700000 USD
CY2016Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
197600000 USD
CY2016Q1 es Uncollectible Hardship Accounts Receivable Reserve
UncollectibleHardshipAccountsReceivableReserve
118900000 USD
CY2015Q4 es Uncollectible Hardship Accounts Receivable Reserve
UncollectibleHardshipAccountsReceivableReserve
118500000 USD
CY2016Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
42200000 USD
CY2015Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
41900000 USD
CY2016Q1 es Electric And Natural Gas Utility Accumulated Depreciation
ElectricAndNaturalGasUtilityAccumulatedDepreciation
6249000000 USD
CY2015Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
110400000 USD
CY2016Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
125600000 USD
CY2016Q1 us-gaap Regulatory Assets
RegulatoryAssets
4622800000 USD
CY2015Q4 us-gaap Regulatory Assets
RegulatoryAssets
4583800000 USD
CY2016Q1 us-gaap Amount Of Regulatory Costs Not Yet Approved
AmountOfRegulatoryCostsNotYetApproved
76100000 USD
CY2015Q4 us-gaap Amount Of Regulatory Costs Not Yet Approved
AmountOfRegulatoryCostsNotYetApproved
75300000 USD
CY2016Q1 us-gaap Regulatory Liabilities
RegulatoryLiabilities
637900000 USD
CY2015Q4 us-gaap Regulatory Liabilities
RegulatoryLiabilities
621400000 USD
CY2016Q1 us-gaap Public Utilities Disclosure Of Regulatory Matters Pending
PublicUtilitiesDisclosureOfRegulatoryMattersPending
CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Distribution
PublicUtilitiesPropertyPlantAndEquipmentDistribution
13227400000 USD
CY2016Q1 es Public Utilities Property Plant And Equipment Distribution Natural Gas
PublicUtilitiesPropertyPlantAndEquipmentDistributionNaturalGas
2759100000 USD
CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Transmission
PublicUtilitiesPropertyPlantAndEquipmentTransmission
7725300000 USD
CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Generation Or Processing
PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing
1210300000 USD
CY2016Q1 es Public Utilities Property Plant And Equipment Electric And Natural Gas Utility Total
PublicUtilitiesPropertyPlantAndEquipmentElectricAndNaturalGasUtilityTotal
24922100000 USD
CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Other Property Plant And Equipment
PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment
575500000 USD
CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
25497600000 USD
CY2016Q1 es Other Accumulated Depreciation
OtherAccumulatedDepreciation
264800000 USD
CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
6513800000 USD
CY2016Q1 es Property Plant And Equipment Net Excluding Construction Work In Progress
PropertyPlantAndEquipmentNetExcludingConstructionWorkInProgress
18983800000 USD
CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Construction Work In Progress
PublicUtilitiesPropertyPlantAndEquipmentConstructionWorkInProgress
1112900000 USD
CY2015Q4 us-gaap Public Utilities Property Plant And Equipment Distribution
PublicUtilitiesPropertyPlantAndEquipmentDistribution
13054800000 USD
CY2015Q4 es Public Utilities Property Plant And Equipment Distribution Natural Gas
PublicUtilitiesPropertyPlantAndEquipmentDistributionNaturalGas
2727200000 USD
CY2015Q4 us-gaap Public Utilities Property Plant And Equipment Transmission
PublicUtilitiesPropertyPlantAndEquipmentTransmission
7691900000 USD
CY2015Q4 us-gaap Public Utilities Property Plant And Equipment Generation Or Processing
PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing
1194100000 USD
CY2015Q4 es Public Utilities Property Plant And Equipment Electric And Natural Gas Utility Total
PublicUtilitiesPropertyPlantAndEquipmentElectricAndNaturalGasUtilityTotal
24668000000 USD
CY2015Q4 us-gaap Public Utilities Property Plant And Equipment Other Property Plant And Equipment
PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment
558600000 USD
CY2015Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
25226600000 USD
CY2015Q4 es Electric And Natural Gas Utility Accumulated Depreciation
ElectricAndNaturalGasUtilityAccumulatedDepreciation
6141100000 USD
CY2015Q4 es Other Accumulated Depreciation
OtherAccumulatedDepreciation
255600000 USD
CY2015Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
6396700000 USD
CY2015Q4 es Property Plant And Equipment Net Excluding Construction Work In Progress
PropertyPlantAndEquipmentNetExcludingConstructionWorkInProgress
18829900000 USD
CY2015Q4 us-gaap Public Utilities Property Plant And Equipment Construction Work In Progress
PublicUtilitiesPropertyPlantAndEquipmentConstructionWorkInProgress
1062500000 USD
CY2016Q1 us-gaap Description Of Derivative Activity Volume
DescriptionOfDerivativeActivityVolume
Commodity Supply and Price Risk Management: As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI. The combined capacity of these contracts is 787 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets. In addition, CL&P has a contract to purchase 0.1 million MWh of energy per year through 2020. NSTAR Electric has a renewable energy contract to purchase 0.1 million MWh of energy per year through 2018 and a capacity-related contract to purchase up to 35 MW per year through 2019. As of March 31, 2016 and December 31, 2015, Eversource had NYMEX financial contracts for natural gas futures in order to reduce variability associated with the purchase price of approximately 5.3 million and 9.1 million MMBtu of natural gas, respectively.
CY2016Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
700000 USD
CY2015Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
5800000 USD
CY2015Q4 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
5800000 USD
CY2016Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
900000 USD
CY2016Q1 es Derivative Instruments Gain Loss Recognized In Regulatory Asset Liability
DerivativeInstrumentsGainLossRecognizedInRegulatoryAssetLiability
-30500000 USD
CY2015Q1 es Derivative Instruments Gain Loss Recognized In Regulatory Asset Liability
DerivativeInstrumentsGainLossRecognizedInRegulatoryAssetLiability
-16600000 USD
CY2016Q1 es Fairvalueinputsexitpricepremium
Fairvalueinputsexitpricepremium
Exit price premiums of 5 percent through 22 percent are also applied on these contracts and reflect the uncertainty and illiquidity premiums that would be required based on the most recent market activity available for similar type contracts
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
415400000 USD
CY2015Q1 es Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Liability Gain Loss Included In Reg Asset Liability
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetLiabilityGainLossIncludedInRegAssetLiability
-12100000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
380900000 USD
CY2016Q1 es Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Liability Gain Loss Included In Reg Asset Liability
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetLiabilityGainLossIncludedInRegAssetLiability
-28900000 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
22100000 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
387700000 USD
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
406800000 USD
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
20700000 USD
CY2016Q1 us-gaap Trading Securities Equity
TradingSecuritiesEquity
14000000 USD
CY2015Q4 us-gaap Trading Securities Equity
TradingSecuritiesEquity
14200000 USD
CY2016Q1 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
200000 USD
CY2015Q1 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
1600000 USD
CY2016Q1 us-gaap Marketable Securities Restricted Noncurrent
MarketableSecuritiesRestrictedNoncurrent
424200000 USD
CY2015Q4 us-gaap Marketable Securities Restricted Noncurrent
MarketableSecuritiesRestrictedNoncurrent
436900000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
38200000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
51500000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
42700000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
125500000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
38200000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
52100000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
44400000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
130100000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
264800000 USD
CY2016Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
257900000 USD
CY2016Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
532000000 USD
CY2015Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
545700000 USD
CY2016Q1 us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
Commercial Paper Programs and Credit Agreements: Eversource parent has a $1.45 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. As of March 31, 2016 and December 31, 2015, Eversource parent had $621 million and approximately $1.1 billion, respectively, in short-term borrowings outstanding under the Eversource parent commercial paper program, leaving $829 million and $351.5 million of available borrowing capacity as of March 31, 2016 and December 31, 2015, respectively. The weighted-average interest rate on these borrowings as of March 31, 2016 and December 31, 2015 was 0.68 percent and 0.72 percent, respectively. As of March 31, 2016, there were intercompany loans from Eversource parent of $115.5 million to CL&P, $157.1 million to PSNH and $143.5 million to WMECO. As of December 31, 2015, there were intercompany loans from Eversource parent of $277.4 million to CL&P, $231.3 million to PSNH and $143.4 million to WMECO. Eversource parent, CL&P, PSNH, WMECO, NSTAR Gas and Yankee Gas are parties to a five-year $1.45 billion revolving credit facility, which terminates on September 4, 2020. The revolving credit facility serves to backstop Eversource parent's $1.45 billion commercial paper program. NSTAR Electric has a $450 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. As of March 31, 2016 and December 31, 2015, NSTAR Electric had $148.5 million and $62.5 million, respectively, in short-term borrowings outstanding under its commercial paper program, leaving $301.5 million and $387.5 million of available borrowing capacity as of March 31, 2016 and December 31, 2015, respectively. The weighted-average interest rate on these borrowings as of March 31, 2016 and December 31, 2015 was 0.38 percent and 0.40 percent, respectively. NSTAR Electric is a party to a five-year $450 million revolving credit facility, which terminates on September 4, 2020. The revolving credit facility serves to backstop NSTAR Electric's $450 million commercial paper program.
CY2016Q1 us-gaap Long Term Debt Description
LongTermDebtDescription
Long-Term Debt: Long-Term Debt: In March 2016, Eversource parent issued $250 million of 2.50 percent Series I Senior Notes due to mature in 2021 and $250 million of 3.35 percent Series J Senior Notes due to mature in 2026. The proceeds, net of issuance costs, were used to repay short-term borrowings under the Eversource parent commercial paper program.
CY2016Q1 es Impact Of Change In Accounting Estimate Spot Rate Discount Rate
ImpactOfChangeInAccountingEstimateSpotRateDiscountRate
2500000 USD
CY2015Q1 es Amount That Represents Deferred Regulatory Assets
AmountThatRepresentsDeferredRegulatoryAssets
1000000 USD
CY2015Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
51100000 USD
CY2016Q1 es Environmental Site Quantity
EnvironmentalSiteQuantity
64 pure
CY2015 es Environmental Site Quantity
EnvironmentalSiteQuantity
64 pure
CY2016Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
51700000 USD
CY2016Q1 us-gaap Loss Contingency Managements Assessment And Process
LossContingencyManagementsAssessmentAndProcess
C.        Spent Nuclear Fuel Litigation - Yankee Companies The Yankee Companies have filed separate complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to provide for a permanent facility to store spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high level waste disposal contracts between the Yankee Companies and the DOE. The court had previously awarded the Yankee Companies damages for Phase I and Phase II of litigation resulting from the DOE's failure to meet its contractual obligations. Phase I covered damages incurred in the years 1998 through 2002 and Phase II covered damages incurred in the years 2001 through 2008 for CYAPC and YAEC and from 2002 through 2008 for MYAPC. DOE Phase III Damages - In August 2013, the Yankee Companies each filed subsequent lawsuits against the DOE seeking recovery of actual damages incurred in the years 2009 through 2012. The DOE Phase III trial concluded on July 1, 2015, followed by a post-trial briefing that concluded on October 14, 2015. On March 25, 2016, the court issued its decision, awarding CYAPC, YAEC and MYAPC damages of $32.6 million, $19.6 million and $24.6 million, respectively. In total, the Yankee Companies were awarded $76.8 million of the $77.9 million in damages sought by the Yankee Companies in Phase III. Any amounts refunded to Eversource utilities, which include CL&P, NSTAR Electric, PSNH and WMECO, will ultimately be refunded to utility customers. The parties have 60 days following the final judgment date to appeal. At this time, management cannot predict the timing or amount of damages that will ultimately be awarded. D.        FERC ROE Complaints FERC ROE Complaints I, II and III: Three separate complaints have been filed at FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (the "Complainants"). In these three separate complaints, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2006 and sought an order to reduce it prospectively from the date of the final FERC order and for the 15-month complaint refund periods stipulated in the separate complaints. In 2014, the FERC ordered a 10.57 percent base ROE for the first complaint refund period and prospectively from October 16, 2014, and that a utility's total or maximum ROE shall not exceed the top of the new zone of reasonableness, which was set at 11.74 percent. In late 2014, the NETOs made a compliance filing, and the Company began issuing refunds to customers from the first complaint period. The Company has refunded all amounts associated with the first complaint period. As a result of developments in this matter, the Company recorded reserves across the complaint periods at its electric subsidiaries in the first quarter of 2015 and recognized a pre-tax charge to earnings (excluding interest) of $20 million, of which $12.5 million was recorded at CL&P, $2.4 million at NSTAR Electric, $1 million at PSNH, and $4.1 million at WMECO. The pre-tax charge was recorded as a regulatory liability and as a reduction to Operating Revenues. The NETOs and Complainants have filed appeals for the first complaint to the D.C. Circuit Court of Appeals. A court decision is expected in late 2016. For the second and third complaints, the state parties, municipal utilities and FERC trial staff each believe that the base ROE should be reduced to an amount lower than 10.57 percent. The NETOs believe that the Complainants' positions are without merit. On March 22, 2016, the FERC ALJ issued an initial decision on the second and third FERC ROE complaints. For the second complaint period, the FERC ALJ recommended a zone of reasonableness of 7.12 percent to 10.42 percent and a base ROE of 9.59 percent. For the third complaint period, the FERC ALJ recommended a zone of reasonableness of 7.04 percent to 12.19 percent and a base ROE of 10.90 percent. The FERC ALJ also affirmed that the maximum ROE for transmission incentive projects should be the top of the zone of reasonableness. The NETOs filed briefs on April 21, 2016, in which the NETOs identified corrections and requested changes that should be made to the FERC ALJ’s recommendations. A final FERC order is expected in late 2016 or early 2017. The Company believes that the range of potential loss for the second complaint period (the 15-month period beginning December 27, 2012) is from a base ROE of 10.57 percent to a base ROE of 9.59 percent. As the FERC ALJ initial decision on the third complaint recommended a base ROE of 10.90 percent, the Company concluded there is currently no range of potential loss for that complaint period. Given the differences between the recommended base ROEs in the FERC ALJ’s initial decision on the second and third complaints, as well as other factors, the Company is unable to predict the outcome of the final FERC order on these complaints. The Company does not believe any base ROE outcome within the 10.57 percent to 9.59 percent range is more likely than the base ROEs used to record the current revenues and reserves, and therefore the Company believes that the current reserves for the second complaint period are appropriate at this time. The impact of a 10 basis point change to the existing base ROE of 10.57 percent would affect Eversource's after-tax earnings by approximately $3 million for each of the 15-month second and third complaint periods.  If the Company adjusted its reserves based on the recommendations in the FERC ALJ initial decision (for both the base ROE and maximum ROE for transmission incentive projects) for the second and third complaints, then it would result in an after-tax increase of approximately $34 million and an after-tax decrease of approximately $8 million, respectively, to the existing reserves. FERC ROE Complaint IV: On April 29, 2016, a fourth complaint was filed with the FERC. At this time, the Company is unable to predict the outcome of this complaint. E.        PSNH Generation Restructuring On June 10, 2015, Eversource and PSNH entered into the 2015 Public Service Company of New Hampshire Restructuring and Rate Stabilization Agreement (the Agreement) with the New Hampshire Office of Energy and Planning, certain members of the NHPUC staff, the Office of Consumer Advocate, two State Senators, and several other parties. The Agreement was filed with the NHPUC on the same day. Under the terms of the Agreement, PSNH agreed to divest its generation assets upon NHPUC approval. The Agreement is designed to provide a resolution of issues pertaining to PSNH's generation assets in pending regulatory proceedings before the NHPUC. The Agreement provided for the Clean Air Project prudence proceeding to be resolved and all remaining Clean Air Project costs to be included in rates effective January 1, 2016. As part of the Agreement, PSNH agreed to forego recovery of $25 million of the deferred equity return related to the Clean Air Project. In addition, PSNH will not seek a general distribution rate increase effective before July 1, 2017 and will contribute $5 million to create a clean energy fund, which will not be recoverable from its customers. In 2015, PSNH recorded the $5 million contribution as a long-term liability and an increase to Operations and Maintenance expense on the statements of income. Upon completion of the divestiture process, all remaining stranded costs will be recovered via bonds that will be secured by a non-bypassable charge or through other recoveries in rates billed to PSNH customers. On January 26, 2016, Advisory Staff of the NHPUC and the parties to the Agreement filed a stipulation with the NHPUC agreeing that near-term divestiture of PSNH’s generation was in the public interest and that the Agreement should be approved. Implementation of the Agreement is subject to NHPUC approval, which is expected in 2016. If the NHPUC approves the settlements and the sale of the plants, the Company expects the plants will be sold in the first half of 2017. The sales price of the generating assets could be less than the carrying value, but the Company believes that full recovery of PSNH's generation assets is probable through a combination of cash flows during the remaining operating period, sales proceeds upon divestiture, and recovery of stranded costs in future rates.
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
100000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
200000 USD
CY2016Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1400000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1500000 USD
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-74000000 USD
CY2015Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-72400000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
16671366 shares
CY2016Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
5
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
333862615 shares
CY2016Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
333878402 shares
CY2016Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
380000000 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
16671366 shares
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
5
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
380000000 shares
CY2016Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
317207036 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
317191249 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
963909 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1400347 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
317517141 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
318481050 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
317090841 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
318491188 shares
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.77
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.80
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
Eversource Energy
CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000072741
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
317207036 shares
CY2016Q1 dei Entity Public Float
EntityPublicFloat
14345789335 USD
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2016Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2016Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016Q1 dei Amendment Flag
AmendmentFlag
false
CY2016Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2016Q1 dei Trading Symbol
TradingSymbol
ES

Files In Submission

Name View Source Status
0000072741-16-000075-index-headers.html Edgar Link pending
0000072741-16-000075-index.html Edgar Link pending
0000072741-16-000075.txt Edgar Link pending
0000072741-16-000075-xbrl.zip Edgar Link pending
es-20160331.xml Edgar Link completed
es-20160331.xsd Edgar Link pending
es-20160331_cal.xml Edgar Link unprocessable
es-20160331_def.xml Edgar Link unprocessable
es-20160331_lab.xml Edgar Link unprocessable
es-20160331_pre.xml Edgar Link unprocessable
exhibit12clp.htm Edgar Link pending
exhibit12es.htm Edgar Link pending
exhibit12nstar.htm Edgar Link pending
exhibit12psnh.htm Edgar Link pending
exhibit12wmeco.htm Edgar Link pending
exhibit311clp.htm Edgar Link pending
exhibit311eversourceenergy.htm Edgar Link pending
exhibit311nstarelectric.htm Edgar Link pending
exhibit311psnh.htm Edgar Link pending
exhibit311wmeco.htm Edgar Link pending
exhibit31clp.htm Edgar Link pending
exhibit31eversourceenergy.htm Edgar Link pending
exhibit31nstarelectric.htm Edgar Link pending
exhibit31psnh.htm Edgar Link pending
exhibit31wmeco.htm Edgar Link pending
exhibit32clp.htm Edgar Link pending
exhibit32eversourceenergy.htm Edgar Link pending
exhibit32nstarelectric.htm Edgar Link pending
exhibit32psnh.htm Edgar Link pending
exhibit32wmeco.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
march312016form10q.htm Edgar Link pending
march312016form10q001.jpg Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending