COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity Registrant Name | EVERSOURCE ENERGY | ||
Entity Incorporation, State or Country Code | MA | ||
Entity Address, Address Line One | 300 Cadwell Drive | ||
Entity Address, City or Town | Springfield | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01104 | ||
City Area Code | 800 | ||
Local Phone Number | 286-5000 | ||
Entity File Number | 001-05324 | ||
Entity Tax Identification Number | 04-2147929 | ||
Title of 12(b) Security | Common Shares, $5.00 par value per share | ||
Trading Symbol | ES | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 27,528,070,961 | ||
Entity Common Stock, Shares Outstanding | 344,439,905 | ||
Documents Incorporated by Reference | NSTAR Electric Company and Public Service Company of New Hampshire each meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K, and each is therefore filing this Form 10-K with the reduced disclosure format specified in General Instruction I(2) of Form 10‑K. Eversource Energy, The Connecticut Light and Power Company, NSTAR Electric Company and Public Service Company of New Hampshire each separately file this combined Form 10-K. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. | ||
Entity Central Index Key | 0000072741 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
The Connecticut Light and Power Company | |||
Entity Information [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | THE CONNECTICUT LIGHT AND POWER COMPANY | ||
Entity Incorporation, State or Country Code | CT | ||
Entity Address, Address Line One | 107 Selden Street | ||
Entity Address, City or Town | Berlin | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06037-1616 | ||
City Area Code | 800 | ||
Local Phone Number | 286-5000 | ||
Entity File Number | 000-00404 | ||
Entity Tax Identification Number | 06-0303850 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 6,035,205 | ||
Entity Central Index Key | 0000023426 | ||
NSTAR Electric Company | |||
Entity Information [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | NSTAR ELECTRIC COMPANY | ||
Entity Incorporation, State or Country Code | MA | ||
Entity Address, Address Line One | 800 Boylston Street | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02199 | ||
City Area Code | 800 | ||
Local Phone Number | 286-5000 | ||
Entity File Number | 001-02301 | ||
Entity Tax Identification Number | 04-1278810 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 200 | ||
Entity Central Index Key | 0000013372 | ||
Public Service Company of New Hampshire | |||
Entity Information [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE | ||
Entity Incorporation, State or Country Code | NH | ||
Entity Address, Address Line One | Energy Park | ||
Entity Address, Address Line Two | 780 North Commercial Street | ||
Entity Address, City or Town | Manchester | ||
Entity Address, State or Province | NH | ||
Entity Address, Postal Zip Code | 03101-1134 | ||
City Area Code | 800 | ||
Local Phone Number | 286-5000 | ||
Entity File Number | 001-06392 | ||
Entity Tax Identification Number | 02-0181050 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 301 | ||
Entity Central Index Key | 0000315256 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Hartford, Connecticut |
The Connecticut Light and Power Company | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Hartford, Connecticut |
NSTAR Electric Company | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Hartford, Connecticut |
Public Service Company of New Hampshire | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Hartford, Connecticut |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 66,773 | $ 106,599 |
Receivables, Net (net of allowance for uncollectible accounts of $181,319 and $157,447 as of December 31, 2021 and 2020, respectively) | 1,226,069 | 1,195,925 |
Unbilled Revenues | 210,879 | 233,025 |
Fuel, Materials, Supplies and REC Inventory | 267,547 | 265,599 |
Regulatory Assets | 1,129,093 | 1,076,556 |
Prepayments and Other Current Assets | 369,759 | 252,439 |
Total Current Assets | 3,270,120 | 3,130,143 |
Property, Plant and Equipment, Net | 33,377,650 | 30,882,523 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 4,586,709 | 5,493,330 |
Goodwill | 4,477,269 | 4,445,988 |
Investments in Unconsolidated Affiliates | 1,436,293 | 1,107,143 |
Marketable Securities | 460,347 | 456,617 |
Other Long-Term Assets | 883,756 | 583,854 |
Total Deferred Debits and Other Assets | 11,844,374 | 12,086,932 |
Total Assets | 48,492,144 | 46,099,598 |
Current Liabilities: | ||
Notes Payable | 1,505,450 | 1,249,325 |
Long-Term Debt – Current Portion | 1,193,097 | 1,053,186 |
Rate Reduction Bonds – Current Portion | 43,210 | 43,210 |
Accounts Payable | 1,672,230 | 1,370,647 |
Regulatory Liabilities | 602,432 | 389,430 |
Other Current Liabilities | 830,620 | 809,214 |
Total Current Liabilities | 5,847,039 | 4,915,012 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 4,597,120 | 4,095,339 |
Regulatory Liabilities | 3,866,251 | 3,850,781 |
Derivative Liabilities | 235,387 | 294,535 |
Asset Retirement Obligations | 500,111 | 499,713 |
Accrued Pension, SERP and PBOP | 242,463 | 1,653,788 |
Other Long-Term Liabilities | 971,080 | 948,506 |
Total Deferred Credits and Other Liabilities | 10,412,412 | 11,342,662 |
Capitalization: | ||
Long-Term Debt | 17,023,577 | 15,125,876 |
Rate Reduction Bonds | 453,702 | 496,912 |
Noncontrolling Interest - Preferred Stock of Subsidiaries | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,789,092 | 1,789,092 |
Capital Surplus, Paid In | 8,098,514 | 8,015,663 |
Retained Earnings | 5,005,391 | 4,613,201 |
Accumulated Other Comprehensive Income | (42,275) | (76,411) |
Treasury Stock | (250,878) | (277,979) |
Common Shareholders' Equity | 14,599,844 | 14,063,566 |
Commitments and Contingencies (Note 13) | ||
Total Liabilities and Capitalization | $ 48,492,144 | $ 46,099,598 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | |||
Allowance for uncollectible accounts | $ 417,406 | $ 358,851 | $ 224,800 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Operating Revenues | $ 9,863,085 | $ 8,904,430 | $ 8,526,470 |
Operating Expenses: | |||
Purchased Power and Transmission | 3,372,344 | 2,987,840 | 3,040,160 |
Operations and Maintenance | 1,739,685 | 1,480,252 | 1,363,113 |
Depreciation | 1,103,008 | 981,380 | 885,278 |
Amortization of Regulatory Assets, Net | 231,965 | 177,679 | 195,380 |
Energy Efficiency Programs | 592,775 | 535,760 | 501,369 |
Taxes Other Than Income Taxes | 829,987 | 752,785 | 711,035 |
Impairment of Northern Pass Transmission | 0 | 0 | 239,644 |
Total Operating Expenses | 7,869,764 | 6,915,696 | 6,935,979 |
Operating Income | 1,993,321 | 1,988,734 | 1,590,491 |
Interest Expense | 582,334 | 538,452 | 533,197 |
Other Income, Net | 161,282 | 108,590 | 132,777 |
Income Before Income Tax Expense | 1,572,269 | 1,558,872 | 1,190,071 |
Income Tax Expense | 344,223 | 346,186 | 273,499 |
Net Income | 1,228,046 | 1,212,686 | 916,572 |
Net Income Attributable to Noncontrolling Interests | 7,519 | 7,519 | 7,519 |
Net Income Attributable to Common Shareholders | $ 1,220,527 | $ 1,205,167 | $ 909,053 |
Basic Earnings Per Common Share (in dollars per share) | $ 3.55 | $ 3.56 | $ 2.83 |
Diluted Earnings Per Common Share (in dollars per share) | $ 3.54 | $ 3.55 | $ 2.81 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 343,972,926 | 338,836,147 | 321,416,086 |
Diluted (in shares) | 344,631,056 | 339,847,062 | 322,941,636 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 972 | 1,596 | 1,393 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (671) | 342 | 1,166 |
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | 33,835 | (13,290) | (7,618) |
Other Comprehensive Income/(Loss), Net of Tax | 34,136 | (11,352) | (5,059) |
Comprehensive Income Attributable to Noncontrolling Interests | (7,519) | (7,519) | (7,519) |
Comprehensive Income Attributable to Common Shareholders | $ 1,254,663 | $ 1,193,815 | $ 903,994 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Adoption of New Accounting Standard | Common Shares | Capital Surplus, Paid In | Retained Earnings | Retained EarningsAdoption of New Accounting Standard | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2018 | 316,885,808 | |||||||
Beginning balance at Dec. 31, 2018 | $ 11,486,817 | $ 1,669,392 | $ 6,241,222 | $ 3,953,974 | $ (60,000) | $ (317,771) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||||
Net Income | $ 916,572 | 916,572 | ||||||
Dividends on Common Stock | (685,979) | (685,979) | ||||||
Dividends on Preferred Stock | (7,519) | (7,519) | ||||||
Issuance of Common Shares (in shares) | 11,980,000 | |||||||
Issuance of Common Shares | 868,550 | $ 59,900 | 808,650 | |||||
Long-Term Incentive Plan Activity | 3,434 | 3,434 | ||||||
Issuance of Treasury Shares (in shares) | 1,014,837 | |||||||
Issuance of Treasury Shares | 69,474 | 50,758 | 18,716 | |||||
Capital Stock Expense | (16,296) | (16,296) | ||||||
Other Comprehensive Income/(Loss), Net of Tax | (5,059) | (5,059) | ||||||
Ending balance (in shares) at Dec. 31, 2019 | 329,880,645 | |||||||
Ending balance at Dec. 31, 2019 | 12,629,994 | $ (1,514) | $ 1,729,292 | 7,087,768 | 4,177,048 | $ (1,514) | (65,059) | (299,055) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 1,212,686 | 1,212,686 | ||||||
Dividends on Common Stock | (767,500) | (767,500) | ||||||
Dividends on Preferred Stock | (7,519) | (7,519) | ||||||
Capital Contributions from Eversource Parent | 25,000 | |||||||
Issuance of Common Shares (in shares) | 11,960,000 | |||||||
Issuance of Common Shares | 949,660 | $ 59,800 | 889,860 | |||||
Long-Term Incentive Plan Activity | 7,890 | 7,890 | ||||||
Issuance of Treasury Shares (in shares) | 1,113,378 | |||||||
Issuance of Treasury Shares | 71,888 | 50,812 | 21,076 | |||||
Capital Stock Expense | (20,667) | (20,667) | ||||||
Other Comprehensive Income/(Loss), Net of Tax | $ (11,352) | (11,352) | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 342,954,023 | 342,954,023 | ||||||
Ending balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | (277,979) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 1,228,046 | 1,228,046 | ||||||
Dividends on Common Stock | (828,337) | (828,337) | ||||||
Dividends on Preferred Stock | (7,519) | (7,519) | ||||||
Long-Term Incentive Plan Activity | 3,537 | 3,537 | ||||||
Issuance of Treasury Shares (in shares) | 986,656 | |||||||
Issuance of Treasury Shares | 68,364 | 49,913 | 18,451 | |||||
Issuance of Treasury Shares for Acquisition of New England Service Company | 29,401 | 8,650 | ||||||
Other Comprehensive Income/(Loss), Net of Tax | $ 34,136 | 34,136 | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | ||||||
Ending balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | $ 8,098,514 | $ 5,005,391 | $ (42,275) | $ (250,878) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends on Common Shares (in dollars per share) | $ 2.41 | $ 2.27 | $ 2.14 |
Par value of Common Shares (in dollars per share) | $ 5 | $ 5 | $ 5 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | |||
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||
Depreciation | 1,103,008 | 981,380 | 885,278 |
Deferred Income Taxes | 347,056 | 257,154 | 209,812 |
Uncollectible Expense | 60,886 | 53,461 | 63,446 |
Pension, SERP and PBOP (Income)/Expense, Net | (14,693) | 12,888 | 22,000 |
Pension and PBOP Contributions | (182,344) | (111,524) | (121,782) |
Regulatory Underrecoveries, Net | (314,211) | (516,411) | (124,870) |
Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | 81,274 | 0 | 0 |
Amortization | 231,965 | 177,679 | 195,380 |
Payments Related to CYAPC's DOE Pre-1983 Spent Nuclear Fuel Obligation | 0 | 0 | (29,000) |
Proceeds from DOE Spent Nuclear Fuel Litigation | 0 | 0 | 68,840 |
Impairment of Northern Pass Transmission | 0 | 0 | 239,644 |
Cost of Removal Expenditures | (242,130) | (148,332) | (153,477) |
Other | (64,640) | (25,957) | (42,610) |
Changes in Current Assets and Liabilities: | |||
Accounts Receivables from Subsidiaries | (135,505) | (351,843) | (98,716) |
Fuel, Materials, Supplies and REC Inventory | (1,859) | (15,404) | (8,074) |
Taxes Receivable/Accrued, Net | (110,621) | 43,819 | (16,129) |
Accounts Payable | (29,201) | 122,567 | 14,866 |
Other Current Assets and Liabilities, Net | 5,569 | (9,591) | (11,603) |
Net Cash Flows Provided by Operating Activities | 1,962,600 | 1,682,572 | 2,009,577 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (3,175,080) | (2,942,996) | (2,911,489) |
Proceeds from Sales of Marketable Securities | 447,893 | 434,124 | 566,592 |
Purchases of Marketable Securities | (414,980) | (401,823) | (537,258) |
Acquisition of Assets of Columbia Gas of Massachusetts, Net of Restricted Cash | 0 | (1,113,252) | 0 |
Investments in Unconsolidated Affiliates, Net | (327,385) | (239,673) | (416,337) |
Other Investing Activities | 22,178 | 23,809 | 24,204 |
Net Cash Flows Used in Investing Activities | (3,447,374) | (4,129,275) | (3,274,288) |
Financing Activities: | |||
Issuance of Common Shares, Net of Issuance Costs | 0 | 928,992 | 852,254 |
Cash Dividends on Common Shares | (805,439) | (744,665) | (663,239) |
Cash Dividends on Preferred Stock | (7,519) | (7,519) | (7,519) |
(Decrease)/Increase in Notes Payable | 256,125 | 13,955 | 325,370 |
Repayment of Rate Reduction Bonds | (43,210) | (43,210) | (52,332) |
Issuance of Long-Term Debt | 3,230,000 | 2,760,000 | 1,520,000 |
Retirement of Long-Term Debt | (1,142,500) | (327,236) | (801,078) |
Other Financing Activities | (46,625) | 14,273 | (1,006) |
Net Cash Flows Provided by Financing Activities | 1,440,832 | 2,594,590 | 1,172,450 |
Net (Decrease)/Increase in Cash and Restricted Cash | (43,942) | 147,887 | (92,261) |
Cash and Restricted Cash - Beginning of Year | 264,950 | 117,063 | 209,324 |
Cash and Restricted Cash - End of Year | 221,008 | 264,950 | 117,063 |
Hingham Water System | |||
Investing Activities: | |||
Proceeds from the Sale of Generation Assets | $ 0 | $ 110,536 | $ 0 |
THE CONNECTICUT LIGHT AND POWER
THE CONNECTICUT LIGHT AND POWER COMPANY BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 66,773 | $ 106,599 |
Receivables, Net (net of allowance for uncollectible accounts of $181,319 and $157,447 as of December 31, 2021 and 2020, respectively) | 1,226,069 | 1,195,925 |
Unbilled Revenues | 210,879 | 233,025 |
Fuel, Materials, Supplies and REC Inventory | 267,547 | 265,599 |
Regulatory Assets | 1,129,093 | 1,076,556 |
Prepayments and Other Current Assets | 369,759 | 252,439 |
Total Current Assets | 3,270,120 | 3,130,143 |
Property, Plant and Equipment, Net | 33,377,650 | 30,882,523 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 4,586,709 | 5,493,330 |
Other Long-Term Assets | 883,756 | 583,854 |
Total Deferred Debits and Other Assets | 11,844,374 | 12,086,932 |
Total Assets | 48,492,144 | 46,099,598 |
Current Liabilities: | ||
Accounts Payable | 1,672,230 | 1,370,647 |
Regulatory Liabilities | 602,432 | 389,430 |
Other Current Liabilities | 830,620 | 809,214 |
Total Current Liabilities | 5,847,039 | 4,915,012 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 4,597,120 | 4,095,339 |
Regulatory Liabilities | 3,866,251 | 3,850,781 |
Derivative Liabilities | 235,387 | 294,535 |
Accrued Pension, SERP and PBOP | 242,463 | 1,653,788 |
Other Long-Term Liabilities | 971,080 | 948,506 |
Total Deferred Credits and Other Liabilities | 10,412,412 | 11,342,662 |
Capitalization: | ||
Long-Term Debt | 17,023,577 | 15,125,876 |
Noncontrolling Interest - Preferred Stock of Subsidiaries | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,789,092 | 1,789,092 |
Capital Surplus, Paid In | 8,098,514 | 8,015,663 |
Retained Earnings | 5,005,391 | 4,613,201 |
Accumulated Other Comprehensive Income | (42,275) | (76,411) |
Common Shareholders' Equity | 14,599,844 | 14,063,566 |
Commitments and Contingencies (Note 13) | ||
Total Liabilities and Capitalization | 48,492,144 | 46,099,598 |
Retained Earnings | ||
Common Shareholders' Equity: | ||
Common Shareholders' Equity | 5,005,391 | 4,613,201 |
The Connecticut Light and Power Company | ||
Current Assets: | ||
Cash | 55,804 | 90,801 |
Receivables, Net (net of allowance for uncollectible accounts of $181,319 and $157,447 as of December 31, 2021 and 2020, respectively) | 447,774 | 459,214 |
Accounts Receivable from Affiliated Companies | 43,944 | 17,486 |
Unbilled Revenues | 56,787 | 57,407 |
Fuel, Materials, Supplies and REC Inventory | 60,264 | 57,924 |
Regulatory Assets | 371,609 | 345,622 |
Prepayments and Other Current Assets | 120,257 | 83,950 |
Total Current Assets | 1,156,439 | 1,112,404 |
Property, Plant and Equipment, Net | 10,803,543 | 10,234,556 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,713,161 | 1,866,152 |
Other Long-Term Assets | 276,513 | 242,862 |
Total Deferred Debits and Other Assets | 1,989,674 | 2,109,014 |
Total Assets | 13,949,656 | 13,455,974 |
Current Liabilities: | ||
Accounts Payable | 533,454 | 451,240 |
Accounts Payable to Affiliated Companies | 132,578 | 51,118 |
Obligations to Third Party Suppliers | 43,183 | 49,967 |
Regulatory Liabilities | 266,489 | 137,166 |
Derivative Liabilities | 73,528 | 68,767 |
Other Current Liabilities | 98,772 | 102,060 |
Total Current Liabilities | 1,148,004 | 860,318 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,562,102 | 1,408,343 |
Regulatory Liabilities | 1,193,259 | 1,204,942 |
Derivative Liabilities | 235,387 | 294,535 |
Accrued Pension, SERP and PBOP | 26,820 | 478,325 |
Other Long-Term Liabilities | 153,004 | 133,690 |
Total Deferred Credits and Other Liabilities | 3,170,572 | 3,519,835 |
Capitalization: | ||
Long-Term Debt | 4,215,379 | 3,914,835 |
Noncontrolling Interest - Preferred Stock of Subsidiaries | 116,200 | 116,200 |
Common Shareholders' Equity: | ||
Common Shares | 60,352 | 60,352 |
Capital Surplus, Paid In | 3,010,765 | 2,810,765 |
Retained Earnings | 2,228,133 | 2,173,367 |
Accumulated Other Comprehensive Income | 251 | 302 |
Common Shareholders' Equity | 5,299,501 | 5,044,786 |
Commitments and Contingencies (Note 13) | ||
Total Liabilities and Capitalization | 13,949,656 | 13,455,974 |
The Connecticut Light and Power Company | Retained Earnings | ||
Common Shareholders' Equity: | ||
Common Shareholders' Equity | $ 2,228,133 | $ 2,173,367 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for uncollectible accounts | $ 417,406 | $ 358,851 | $ 224,800 |
The Connecticut Light and Power Company | |||
Allowance for uncollectible accounts | $ 181,319 | $ 157,447 | $ 97,300 |
THE CONNECTICUT LIGHT AND POW_2
THE CONNECTICUT LIGHT AND POWER COMPANY STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenues | $ 9,863,085 | $ 8,904,430 | $ 8,526,470 |
Operating Expenses: | |||
Purchased Power and Transmission | 3,372,344 | 2,987,840 | 3,040,160 |
Operations and Maintenance | 1,739,685 | 1,480,252 | 1,363,113 |
Depreciation | 1,103,008 | 981,380 | 885,278 |
Amortization of Regulatory Assets, Net | 231,965 | 177,679 | 195,380 |
Energy Efficiency Programs | 592,775 | 535,760 | 501,369 |
Taxes Other Than Income Taxes | 829,987 | 752,785 | 711,035 |
Total Operating Expenses | 7,869,764 | 6,915,696 | 6,935,979 |
Operating Income | 1,993,321 | 1,988,734 | 1,590,491 |
Interest Expense | 582,334 | 538,452 | 533,197 |
Other Income, Net | 161,282 | 108,590 | 132,777 |
Income Before Income Tax Expense | 1,572,269 | 1,558,872 | 1,190,071 |
Income Tax Expense | 344,223 | 346,186 | 273,499 |
Net Income | 1,228,046 | 1,212,686 | 916,572 |
The Connecticut Light and Power Company | |||
Operating Revenues | 3,637,412 | 3,547,527 | 3,232,551 |
Operating Expenses: | |||
Purchased Power and Transmission | 1,392,969 | 1,369,196 | 1,188,202 |
Operations and Maintenance | 644,175 | 572,897 | 549,167 |
Depreciation | 338,915 | 320,709 | 301,188 |
Amortization of Regulatory Assets, Net | 99,009 | 58,412 | 51,621 |
Energy Efficiency Programs | 129,564 | 141,453 | 118,235 |
Taxes Other Than Income Taxes | 363,862 | 344,451 | 342,489 |
Total Operating Expenses | 2,968,494 | 2,807,118 | 2,550,902 |
Operating Income | 668,918 | 740,409 | 681,649 |
Interest Expense | 166,107 | 153,547 | 151,357 |
Other Income, Net | 30,187 | 20,774 | 17,531 |
Income Before Income Tax Expense | 532,998 | 607,636 | 547,823 |
Income Tax Expense | 131,273 | 149,702 | 136,971 |
Net Income | $ 401,725 | $ 457,934 | $ 410,852 |
THE CONNECTICUT LIGHT AND POW_3
THE CONNECTICUT LIGHT AND POWER COMPANY STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 972 | 1,596 | 1,393 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (671) | 342 | 1,166 |
Other Comprehensive Income/(Loss), Net of Tax | 34,136 | (11,352) | (5,059) |
Comprehensive Income Attributable to Common Shareholders | 1,254,663 | 1,193,815 | 903,994 |
The Connecticut Light and Power Company | |||
Net Income | 401,725 | 457,934 | 410,852 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | (26) | (26) | (26) |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (25) | 12 | 41 |
Other Comprehensive Income/(Loss), Net of Tax | (51) | (14) | 15 |
Comprehensive Income Attributable to Common Shareholders | $ 401,674 | $ 457,920 | $ 410,867 |
THE CONNECTICUT LIGHT AND POW_4
THE CONNECTICUT LIGHT AND POWER COMPANY STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | Adoption of New Accounting Standard | Common Stock | Capital Surplus, Paid In | Retained Earnings | Retained EarningsAdoption of New Accounting Standard | Accumulated Other Comprehensive Loss | The Connecticut Light and Power Company | The Connecticut Light and Power CompanyAdoption of New Accounting Standard | The Connecticut Light and Power CompanyCommon Stock | The Connecticut Light and Power CompanyCapital Surplus, Paid In | The Connecticut Light and Power CompanyRetained Earnings | The Connecticut Light and Power CompanyRetained EarningsAdoption of New Accounting Standard | The Connecticut Light and Power CompanyAccumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2018 | 316,885,808 | 6,035,205 | ||||||||||||
Beginning balance at Dec. 31, 2018 | $ 11,486,817 | $ 1,669,392 | $ 6,241,222 | $ 3,953,974 | $ (60,000) | $ 4,199,317 | $ 60,352 | $ 2,410,765 | $ 1,727,899 | $ 301 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||||
Net Income | $ 916,572 | 916,572 | $ 410,852 | 410,852 | ||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | ||||||||||
Dividends on Common Stock | (685,979) | (685,979) | (341,800) | (341,800) | ||||||||||
Capital Contributions from Eversource Parent | 125,000 | 125,000 | ||||||||||||
Other Comprehensive Income/(Loss), Net of Tax | (5,059) | (5,059) | 15 | 15 | ||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 329,880,645 | 6,035,205 | ||||||||||||
Ending balance at Dec. 31, 2019 | 12,629,994 | $ (1,514) | $ 1,729,292 | 7,087,768 | 4,177,048 | $ (1,514) | (65,059) | 4,387,825 | $ (900) | $ 60,352 | 2,535,765 | 1,791,392 | $ (900) | 316 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 1,212,686 | 1,212,686 | 457,934 | 457,934 | ||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | ||||||||||
Dividends on Common Stock | (767,500) | (767,500) | (69,500) | (69,500) | ||||||||||
Capital Contributions from Eversource Parent | 25,000 | 275,000 | 275,000 | |||||||||||
Other Comprehensive Income/(Loss), Net of Tax | $ (11,352) | (11,352) | (14) | (14) | ||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 342,954,023 | 342,954,023 | 6,035,205 | |||||||||||
Ending balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | 5,044,786 | $ 60,352 | 2,810,765 | 2,173,367 | 302 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 1,228,046 | 1,228,046 | 401,725 | 401,725 | ||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | ||||||||||
Dividends on Common Stock | (828,337) | (828,337) | (341,400) | (341,400) | ||||||||||
Capital Contributions from Eversource Parent | 200,000 | 200,000 | ||||||||||||
Other Comprehensive Income/(Loss), Net of Tax | $ 34,136 | 34,136 | (51) | (51) | ||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 6,035,205 | |||||||||||
Ending balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | $ 8,098,514 | $ 5,005,391 | $ (42,275) | $ 5,299,501 | $ 60,352 | $ 3,010,765 | $ 2,228,133 | $ 251 |
THE CONNECTICUT LIGHT AND POW_5
THE CONNECTICUT LIGHT AND POWER COMPANY STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | |||
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||
Depreciation | 1,103,008 | 981,380 | 885,278 |
Deferred Income Taxes | 347,056 | 257,154 | 209,812 |
Uncollectible Expense | 60,886 | 53,461 | 63,446 |
Pension, SERP and PBOP (Income)/Expense, Net | (14,693) | 12,888 | 22,000 |
Pension and PBOP Contributions | (182,344) | (111,524) | (121,782) |
Regulatory Underrecoveries, Net | (314,211) | (516,411) | (124,870) |
Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | 81,274 | 0 | 0 |
Cost of Removal Expenditures | (242,130) | (148,332) | (153,477) |
Other | (64,640) | (25,957) | (42,610) |
Changes in Current Assets and Liabilities: | |||
Accounts Receivables from Subsidiaries | (135,505) | (351,843) | (98,716) |
Fuel, Materials, Supplies and REC Inventory | (1,859) | (15,404) | (8,074) |
Taxes Receivable/Accrued, Net | (110,621) | 43,819 | (16,129) |
Accounts Payable | (29,201) | 122,567 | 14,866 |
Other Current Assets and Liabilities, Net | 5,569 | (9,591) | (11,603) |
Net Cash Flows Provided by Operating Activities | 1,962,600 | 1,682,572 | 2,009,577 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (3,175,080) | (2,942,996) | (2,911,489) |
Other Investing Activities | 22,178 | 23,809 | 24,204 |
Net Cash Flows Used in Investing Activities | (3,447,374) | (4,129,275) | (3,274,288) |
Financing Activities: | |||
Cash Dividends on Common Shares | (805,439) | (744,665) | (663,239) |
Cash Dividends on Preferred Stock | (7,519) | (7,519) | (7,519) |
Issuance of Long-Term Debt | 3,230,000 | 2,760,000 | 1,520,000 |
Retirement of Long-Term Debt | (1,142,500) | (327,236) | (801,078) |
Other Financing Activities | (46,625) | 14,273 | (1,006) |
Net Cash Flows Provided by Financing Activities | 1,440,832 | 2,594,590 | 1,172,450 |
Net (Decrease)/Increase in Cash and Restricted Cash | (43,942) | 147,887 | (92,261) |
Cash and Restricted Cash - Beginning of Year | 264,950 | 117,063 | 209,324 |
Cash and Restricted Cash - End of Year | 221,008 | 264,950 | 117,063 |
The Connecticut Light and Power Company | |||
Operating Activities: | |||
Net Income | 401,725 | 457,934 | 410,852 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||
Depreciation | 338,915 | 320,709 | 301,188 |
Deferred Income Taxes | 123,889 | 144,527 | 54,005 |
Uncollectible Expense | 13,495 | 12,882 | 15,948 |
Pension, SERP and PBOP (Income)/Expense, Net | 5,295 | 11,372 | 12,761 |
Pension and PBOP Contributions | (98,913) | (23,200) | (24,000) |
Regulatory Underrecoveries, Net | (152,775) | (279,941) | (24,653) |
Reserve at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | 81,274 | 0 | 0 |
Amortization of Regulatory Assets, Net | 99,009 | 58,412 | 51,621 |
Cost of Removal Expenditures | (95,792) | (57,343) | (60,399) |
Other | (10,194) | (57,870) | (19,867) |
Changes in Current Assets and Liabilities: | |||
Accounts Receivables from Subsidiaries | (75,881) | (126,638) | (52,746) |
Fuel, Materials, Supplies and REC Inventory | (2,339) | (7,225) | (6,171) |
Taxes Receivable/Accrued, Net | (25,162) | (12,014) | (23,089) |
Accounts Payable | 24,895 | (17,028) | 102,344 |
Other Current Assets and Liabilities, Net | (14,586) | (27,504) | (11,350) |
Net Cash Flows Provided by Operating Activities | 612,855 | 397,073 | 726,444 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (790,083) | (833,973) | (917,532) |
Other Investing Activities | 329 | 573 | 714 |
Net Cash Flows Used in Investing Activities | (789,754) | (833,400) | (916,818) |
Financing Activities: | |||
Cash Dividends on Common Shares | (341,400) | (69,500) | (341,800) |
Cash Dividends on Preferred Stock | (5,559) | (5,559) | (5,559) |
Increase/(Decrease) in Notes Payable to Eversource Parent | 0 | (63,800) | 63,800 |
Issuance of Long-Term Debt | 425,000 | 400,000 | 500,000 |
Retirement of Long-Term Debt | (120,500) | 0 | (250,000) |
Capital Contributions from Eversource Parent | 200,000 | 275,000 | 125,000 |
Other Financing Activities | (5,663) | (4,976) | 12,291 |
Net Cash Flows Provided by Financing Activities | 151,878 | 531,165 | 103,732 |
Net (Decrease)/Increase in Cash and Restricted Cash | (25,021) | 94,838 | (86,642) |
Cash and Restricted Cash - Beginning of Year | 99,809 | 4,971 | 91,613 |
Cash and Restricted Cash - End of Year | $ 74,788 | $ 99,809 | $ 4,971 |
NSTAR ELECTRIC COMPANY AND SUBS
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 66,773 | $ 106,599 |
Receivables, Net (net of allowance for uncollectible accounts of $181,319 and $157,447 as of December 31, 2021 and 2020, respectively) | 1,226,069 | 1,195,925 |
Unbilled Revenues | 210,879 | 233,025 |
Fuel, Materials, Supplies and REC Inventory | 267,547 | 265,599 |
Regulatory Assets | 1,129,093 | 1,076,556 |
Prepayments and Other Current Assets | 369,759 | 252,439 |
Total Current Assets | 3,270,120 | 3,130,143 |
Property, Plant and Equipment, Net | 33,377,650 | 30,882,523 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 4,586,709 | 5,493,330 |
Other Long-Term Assets | 883,756 | 583,854 |
Total Deferred Debits and Other Assets | 11,844,374 | 12,086,932 |
Total Assets | 48,492,144 | 46,099,598 |
Current Liabilities: | ||
Notes Payable | 1,505,450 | 1,249,325 |
Long-Term Debt – Current Portion | 1,193,097 | 1,053,186 |
Accounts Payable | 1,672,230 | 1,370,647 |
Regulatory Liabilities | 602,432 | 389,430 |
Other Current Liabilities | 830,620 | 809,214 |
Total Current Liabilities | 5,847,039 | 4,915,012 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 4,597,120 | 4,095,339 |
Regulatory Liabilities | 3,866,251 | 3,850,781 |
Accrued Pension, SERP and PBOP | 242,463 | 1,653,788 |
Other Long-Term Liabilities | 971,080 | 948,506 |
Total Deferred Credits and Other Liabilities | 10,412,412 | 11,342,662 |
Capitalization: | ||
Long-Term Debt | 17,023,577 | 15,125,876 |
Preferred Stock Not Subject to Mandatory Redemption | 155,570 | 155,570 |
Common Shareholders' Equity: | ||
Common Shares | 1,789,092 | 1,789,092 |
Capital Surplus, Paid In | 8,098,514 | 8,015,663 |
Retained Earnings | 5,005,391 | 4,613,201 |
Accumulated Other Comprehensive Income | (42,275) | (76,411) |
Common Shareholders' Equity | 14,599,844 | 14,063,566 |
Commitments and Contingencies (Note 13) | ||
Total Liabilities and Capitalization | 48,492,144 | 46,099,598 |
NSTAR Electric Company | ||
Current Assets: | ||
Cash | 745 | 102 |
Receivables, Net (net of allowance for uncollectible accounts of $181,319 and $157,447 as of December 31, 2021 and 2020, respectively) | 405,674 | 403,045 |
Accounts Receivable from Affiliated Companies | 67,420 | 30,095 |
Unbilled Revenues | 37,497 | 38,342 |
Fuel, Materials, Supplies and REC Inventory | 116,712 | 133,894 |
Taxes Receivable | 80,617 | 65,051 |
Regulatory Assets | 443,956 | 399,882 |
Prepayments and Other Current Assets | 22,397 | 21,833 |
Total Current Assets | 1,175,018 | 1,092,244 |
Property, Plant and Equipment, Net | 10,876,614 | 10,123,062 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,135,231 | 1,304,019 |
Prepaid Pension and PBOP | 441,426 | 204,138 |
Other Long-Term Assets | 171,657 | 162,836 |
Total Deferred Debits and Other Assets | 1,748,314 | 1,670,993 |
Total Assets | 13,799,946 | 12,886,299 |
Current Liabilities: | ||
Notes Payable | 162,500 | 195,000 |
Notes Payable to Eversource Parent | 0 | 21,300 |
Long-Term Debt – Current Portion | 400,000 | 250,000 |
Accounts Payable | 490,915 | 383,558 |
Accounts Payable to Affiliated Companies | 129,575 | 95,703 |
Obligations to Third Party Suppliers | 116,273 | 98,572 |
Renewable Portfolio Standards Compliance Obligations | 100,200 | 127,536 |
Regulatory Liabilities | 228,248 | 164,761 |
Other Current Liabilities | 84,303 | 72,118 |
Total Current Liabilities | 1,712,014 | 1,408,548 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,579,508 | 1,459,906 |
Regulatory Liabilities | 1,559,072 | 1,550,390 |
Accrued Pension, SERP and PBOP | 2,046 | 172,571 |
Other Long-Term Liabilities | 345,888 | 337,245 |
Total Deferred Credits and Other Liabilities | 3,486,514 | 3,520,112 |
Capitalization: | ||
Long-Term Debt | 3,585,399 | 3,393,221 |
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 2,253,942 | 1,993,942 |
Retained Earnings | 2,718,576 | 2,527,167 |
Accumulated Other Comprehensive Income | 501 | 309 |
Common Shareholders' Equity | 4,973,019 | 4,521,418 |
Commitments and Contingencies (Note 13) | ||
Total Liabilities and Capitalization | $ 13,799,946 | $ 12,886,299 |
NSTAR ELECTRIC COMPANY AND SU_2
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for uncollectible accounts | $ 417,406 | $ 358,851 | $ 224,800 |
NSTAR Electric Company | |||
Allowance for uncollectible accounts | $ 97,005 | $ 91,583 | $ 75,400 |
NSTAR ELECTRIC COMPANY AND SU_3
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenues | $ 9,863,085 | $ 8,904,430 | $ 8,526,470 |
Operating Expenses: | |||
Purchased Power and Transmission | 3,372,344 | 2,987,840 | 3,040,160 |
Operations and Maintenance | 1,739,685 | 1,480,252 | 1,363,113 |
Depreciation | 1,103,008 | 981,380 | 885,278 |
Amortization of Regulatory Assets, Net | 231,965 | 177,679 | 195,380 |
Energy Efficiency Programs | 592,775 | 535,760 | 501,369 |
Taxes Other Than Income Taxes | 829,987 | 752,785 | 711,035 |
Total Operating Expenses | 7,869,764 | 6,915,696 | 6,935,979 |
Operating Income | 1,993,321 | 1,988,734 | 1,590,491 |
Interest Expense | 582,334 | 538,452 | 533,197 |
Other Income, Net | 161,282 | 108,590 | 132,777 |
Income Before Income Tax Expense | 1,572,269 | 1,558,872 | 1,190,071 |
Income Tax Expense | 344,223 | 346,186 | 273,499 |
Net Income | 1,228,046 | 1,212,686 | 916,572 |
NSTAR Electric Company | |||
Operating Revenues | 3,056,350 | 2,941,148 | 3,044,642 |
Operating Expenses: | |||
Purchased Power and Transmission | 932,530 | 879,244 | 1,064,289 |
Operations and Maintenance | 563,172 | 534,118 | 468,436 |
Depreciation | 337,451 | 319,468 | 296,500 |
Amortization of Regulatory Assets, Net | 55,774 | 83,248 | 103,735 |
Energy Efficiency Programs | 288,612 | 263,986 | 289,206 |
Taxes Other Than Income Taxes | 216,703 | 206,764 | 195,586 |
Total Operating Expenses | 2,394,242 | 2,286,828 | 2,417,752 |
Operating Income | 662,108 | 654,320 | 626,890 |
Interest Expense | 146,048 | 130,508 | 114,198 |
Other Income, Net | 74,844 | 52,017 | 44,577 |
Income Before Income Tax Expense | 590,904 | 575,829 | 557,269 |
Income Tax Expense | 114,335 | 130,828 | 125,313 |
Net Income | $ 476,569 | $ 445,001 | $ 431,956 |
NSTAR ELECTRIC COMPANY AND SU_4
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Changes in Funded Status of SERP Benefit Plan | 33,835 | (13,290) | (7,618) |
Qualified Cash Flow Hedging Instruments | 972 | 1,596 | 1,393 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (671) | 342 | 1,166 |
Other Comprehensive Income/(Loss), Net of Tax | 34,136 | (11,352) | (5,059) |
Comprehensive Income Attributable to Common Shareholders | 1,254,663 | 1,193,815 | 903,994 |
NSTAR Electric Company | |||
Net Income | 476,569 | 445,001 | 431,956 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Changes in Funded Status of SERP Benefit Plan | (100) | (286) | 1,084 |
Qualified Cash Flow Hedging Instruments | 298 | 437 | 437 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (6) | 3 | 12 |
Other Comprehensive Income/(Loss), Net of Tax | 192 | 154 | 1,533 |
Comprehensive Income Attributable to Common Shareholders | $ 476,761 | $ 445,155 | $ 433,489 |
NSTAR ELECTRIC COMPANY AND SU_5
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | Adoption of New Accounting Standard | Common Stock | Capital Surplus, Paid In | Retained Earnings | Retained EarningsAdoption of New Accounting Standard | Accumulated Other Comprehensive Loss | NSTAR Electric Company | NSTAR Electric CompanyAdoption of New Accounting Standard | NSTAR Electric CompanyCommon Stock | NSTAR Electric CompanyCapital Surplus, Paid In | NSTAR Electric CompanyRetained Earnings | NSTAR Electric CompanyRetained EarningsAdoption of New Accounting Standard | NSTAR Electric CompanyAccumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2018 | 316,885,808 | 200 | ||||||||||||
Beginning balance at Dec. 31, 2018 | $ 11,486,817 | $ 1,669,392 | $ 6,241,222 | $ 3,953,974 | $ (60,000) | $ 3,730,155 | $ 0 | $ 1,633,442 | $ 2,098,091 | $ (1,378) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 916,572 | 916,572 | 431,956 | 431,956 | ||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (1,960) | (1,960) | ||||||||||
Dividends on Common Stock | $ (685,979) | (685,979) | (181,800) | (181,800) | ||||||||||
Capital Contributions from Eversource Parent | $ 180,000 | 180,000 | ||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||||
Other Comprehensive Income/(Loss), Net of Tax | $ (5,059) | (5,059) | $ 1,533 | 1,533 | ||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 329,880,645 | 200 | ||||||||||||
Ending balance at Dec. 31, 2019 | 12,629,994 | $ (1,514) | $ 1,729,292 | 7,087,768 | 4,177,048 | $ (1,514) | (65,059) | 4,159,884 | $ (161) | $ 0 | 1,813,442 | 2,346,287 | $ (161) | 155 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 1,212,686 | 1,212,686 | 445,001 | 445,001 | ||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (1,960) | (1,960) | ||||||||||
Dividends on Common Stock | (767,500) | (767,500) | (262,000) | (262,000) | ||||||||||
Capital Contributions from Eversource Parent | 25,000 | 180,500 | 180,500 | |||||||||||
Other Comprehensive Income/(Loss), Net of Tax | $ (11,352) | (11,352) | 154 | 154 | ||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 342,954,023 | 342,954,023 | 200 | |||||||||||
Ending balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | 4,521,418 | $ 0 | 1,993,942 | 2,527,167 | 309 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 1,228,046 | 1,228,046 | 476,569 | 476,569 | ||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (1,960) | (1,960) | ||||||||||
Dividends on Common Stock | (828,337) | (828,337) | (283,200) | (283,200) | ||||||||||
Capital Contributions from Eversource Parent | 260,000 | 260,000 | ||||||||||||
Other Comprehensive Income/(Loss), Net of Tax | $ 34,136 | 34,136 | 192 | 192 | ||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 200 | |||||||||||
Ending balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | $ 8,098,514 | $ 5,005,391 | $ (42,275) | $ 4,973,019 | $ 0 | $ 2,253,942 | $ 2,718,576 | $ 501 |
NSTAR ELECTRIC COMPANY AND SU_6
NSTAR ELECTRIC COMPANY AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | |||
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||
Depreciation | 1,103,008 | 981,380 | 885,278 |
Deferred Income Taxes | 347,056 | 257,154 | 209,812 |
Pension, SERP and PBOP (Income)/Expense, Net | (14,693) | 12,888 | 22,000 |
Pension and PBOP Contributions | (182,344) | (111,524) | (121,782) |
Regulatory Underrecoveries, Net | (314,211) | (516,411) | (124,870) |
Uncollectible Expense | 60,886 | 53,461 | 63,446 |
Cost of Removal Expenditures | (242,130) | (148,332) | (153,477) |
Other | (64,640) | (25,957) | (42,610) |
Changes in Current Assets and Liabilities: | |||
Accounts Receivables from Subsidiaries | (135,505) | (351,843) | (98,716) |
Fuel, Materials, Supplies and REC Inventory | (1,859) | (15,404) | (8,074) |
Taxes Receivable/Accrued, Net | (110,621) | 43,819 | (16,129) |
Accounts Payable | (29,201) | 122,567 | 14,866 |
Other Current Assets and Liabilities, Net | 5,569 | (9,591) | (11,603) |
Net Cash Flows Provided by Operating Activities | 1,962,600 | 1,682,572 | 2,009,577 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (3,175,080) | (2,942,996) | (2,911,489) |
Other Investing Activities | 22,178 | 23,809 | 24,204 |
Net Cash Flows Used in Investing Activities | (3,447,374) | (4,129,275) | (3,274,288) |
Financing Activities: | |||
Cash Dividends on Common Shares | (805,439) | (744,665) | (663,239) |
Cash Dividends on Preferred Stock | (7,519) | (7,519) | (7,519) |
(Decrease)/Increase in Notes Payable | 256,125 | 13,955 | 325,370 |
Issuance of Long-Term Debt | 3,230,000 | 2,760,000 | 1,520,000 |
Retirement of Long-Term Debt | (1,142,500) | (327,236) | (801,078) |
Other Financing Activities | (46,625) | 14,273 | (1,006) |
Net Cash Flows Provided by Financing Activities | 1,440,832 | 2,594,590 | 1,172,450 |
Net (Decrease)/Increase in Cash and Restricted Cash | (43,942) | 147,887 | (92,261) |
Cash and Restricted Cash - Beginning of Year | 264,950 | 117,063 | 209,324 |
Cash and Restricted Cash - End of Year | 221,008 | 264,950 | 117,063 |
NSTAR Electric Company | |||
Operating Activities: | |||
Net Income | 476,569 | 445,001 | 431,956 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||
Depreciation | 337,451 | 319,468 | 296,500 |
Deferred Income Taxes | 57,507 | 72,595 | 27,107 |
Pension, SERP and PBOP (Income)/Expense, Net | (26,120) | (18,132) | (12,399) |
Pension and PBOP Contributions | (30,000) | (650) | (6,359) |
Regulatory Underrecoveries, Net | (79,075) | (186,081) | (60,863) |
Amortization of Regulatory Assets, Net | 55,774 | 83,248 | 103,735 |
Uncollectible Expense | 16,649 | 15,293 | 25,079 |
Cost of Removal Expenditures | (58,967) | (39,166) | (44,363) |
Other | (32,447) | (22,888) | (33,857) |
Changes in Current Assets and Liabilities: | |||
Accounts Receivables from Subsidiaries | (45,774) | (81,571) | (11,087) |
Fuel, Materials, Supplies and REC Inventory | 17,182 | (9,834) | (9,858) |
Taxes Receivable/Accrued, Net | (16,219) | (44,045) | 14,147 |
Accounts Payable | 31,650 | 25,573 | (22,659) |
Other Current Assets and Liabilities, Net | (3,238) | (32,997) | 1,194 |
Net Cash Flows Provided by Operating Activities | 700,942 | 525,814 | 698,273 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (960,949) | (907,000) | (861,391) |
Other Investing Activities | 91 | 159 | 86 |
Net Cash Flows Used in Investing Activities | (960,858) | (906,841) | (861,305) |
Financing Activities: | |||
Cash Dividends on Common Shares | (283,200) | (262,000) | (181,800) |
Cash Dividends on Preferred Stock | (1,960) | (1,960) | (1,960) |
(Decrease)/Increase in Notes Payable | 184,500 | ||
(Decrease)/Increase in Notes Payable | (32,500) | (268,000) | |
(Decrease)/Increase in Notes Payable to Eversource Parent | (21,300) | (9,000) | 30,300 |
Capital Contributions from Eversource Parent | 260,000 | 180,500 | 180,000 |
Issuance of Long-Term Debt | 600,000 | 400,000 | 400,000 |
Retirement of Long-Term Debt | (250,000) | (95,000) | 0 |
Other Financing Activities | (10,355) | (4,915) | (3,855) |
Net Cash Flows Provided by Financing Activities | 260,685 | 392,125 | 154,685 |
Net (Decrease)/Increase in Cash and Restricted Cash | 769 | 11,098 | (8,347) |
Cash and Restricted Cash - Beginning of Year | 17,410 | 6,312 | 14,659 |
Cash and Restricted Cash - End of Year | $ 18,179 | $ 17,410 | $ 6,312 |
PUBLIC SERVICE COMPANY OF NEW H
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 66,773 | $ 106,599 |
Receivables, Net (net of allowance for uncollectible accounts of $181,319 and $157,447 as of December 31, 2021 and 2020, respectively) | 1,226,069 | 1,195,925 |
Unbilled Revenues | 210,879 | 233,025 |
Fuel, Materials, Supplies and REC Inventory | 267,547 | 265,599 |
Regulatory Assets | 1,129,093 | 1,076,556 |
Prepayments and Other Current Assets | 369,759 | 252,439 |
Total Current Assets | 3,270,120 | 3,130,143 |
Property, Plant and Equipment, Net | 33,377,650 | 30,882,523 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 4,586,709 | 5,493,330 |
Other Long-Term Assets | 883,756 | 583,854 |
Total Deferred Debits and Other Assets | 11,844,374 | 12,086,932 |
Total Assets | 48,492,144 | 46,099,598 |
Current Liabilities: | ||
Long-Term Debt – Current Portion | 1,193,097 | 1,053,186 |
Rate Reduction Bonds – Current Portion | 43,210 | 43,210 |
Accounts Payable | 1,672,230 | 1,370,647 |
Regulatory Liabilities | 602,432 | 389,430 |
Other Current Liabilities | 830,620 | 809,214 |
Total Current Liabilities | 5,847,039 | 4,915,012 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 4,597,120 | 4,095,339 |
Regulatory Liabilities | 3,866,251 | 3,850,781 |
Accrued Pension, SERP and PBOP | 242,463 | 1,653,788 |
Other Long-Term Liabilities | 971,080 | 948,506 |
Total Deferred Credits and Other Liabilities | 10,412,412 | 11,342,662 |
Capitalization: | ||
Long-Term Debt | 17,023,577 | 15,125,876 |
Rate Reduction Bonds | 453,702 | 496,912 |
Common Shareholders' Equity: | ||
Common Shares | 1,789,092 | 1,789,092 |
Capital Surplus, Paid In | 8,098,514 | 8,015,663 |
Retained Earnings | 5,005,391 | 4,613,201 |
Accumulated Other Comprehensive Income | (42,275) | (76,411) |
Common Shareholders' Equity | 14,599,844 | 14,063,566 |
Commitments and Contingencies (Note 13) | ||
Total Liabilities and Capitalization | 48,492,144 | 46,099,598 |
Public Service Company of New Hampshire | ||
Current Assets: | ||
Cash | 15 | 141 |
Receivables, Net (net of allowance for uncollectible accounts of $181,319 and $157,447 as of December 31, 2021 and 2020, respectively) | 124,232 | 119,899 |
Accounts Receivable from Affiliated Companies | 17,156 | 10,925 |
Unbilled Revenues | 53,937 | 46,041 |
Fuel, Materials, Supplies and REC Inventory | 25,930 | 26,829 |
Regulatory Assets | 107,169 | 115,852 |
Special Deposits | 31,390 | 36,767 |
Prepaid Property Taxes | 15,165 | 26,257 |
Prepayments and Other Current Assets | 6,944 | 10,788 |
Total Current Assets | 381,938 | 393,499 |
Property, Plant and Equipment, Net | 3,656,462 | 3,374,270 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 679,182 | 873,203 |
Other Long-Term Assets | 23,202 | 23,733 |
Total Deferred Debits and Other Assets | 702,384 | 896,936 |
Total Assets | 4,740,784 | 4,664,705 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 110,600 | 46,300 |
Long-Term Debt – Current Portion | 0 | 282,000 |
Rate Reduction Bonds – Current Portion | 43,210 | 43,210 |
Accounts Payable | 166,452 | 132,635 |
Accounts Payable to Affiliated Companies | 43,485 | 43,397 |
Regulatory Liabilities | 120,176 | 58,756 |
Other Current Liabilities | 63,005 | 58,487 |
Total Current Liabilities | 546,928 | 664,785 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 537,978 | 537,627 |
Regulatory Liabilities | 381,366 | 383,183 |
Accrued Pension, SERP and PBOP | 30,184 | 184,715 |
Other Long-Term Liabilities | 34,080 | 37,874 |
Total Deferred Credits and Other Liabilities | 983,608 | 1,143,399 |
Capitalization: | ||
Long-Term Debt | 1,163,833 | 817,070 |
Rate Reduction Bonds | 453,702 | 496,912 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 1,088,134 | 928,134 |
Retained Earnings | 504,556 | 615,018 |
Accumulated Other Comprehensive Income | 23 | (613) |
Common Shareholders' Equity | 1,592,713 | 1,542,539 |
Commitments and Contingencies (Note 13) | ||
Total Liabilities and Capitalization | $ 4,740,784 | $ 4,664,705 |
PUBLIC SERVICE COMPANY OF NEW_2
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for uncollectible accounts | $ 417,406 | $ 358,851 | $ 224,800 |
Public Service Company of New Hampshire | |||
Allowance for uncollectible accounts | $ 24,331 | $ 17,157 | $ 10,500 |
PUBLIC SERVICE COMPANY OF NEW_3
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenues | $ 9,863,085 | $ 8,904,430 | $ 8,526,470 |
Operating Expenses: | |||
Purchased Power and Transmission | 3,372,344 | 2,987,840 | 3,040,160 |
Operations and Maintenance | 1,739,685 | 1,480,252 | 1,363,113 |
Depreciation | 1,103,008 | 981,380 | 885,278 |
Amortization of Regulatory Assets, Net | 231,965 | 177,679 | 195,380 |
Energy Efficiency Programs | 592,775 | 535,760 | 501,369 |
Taxes Other Than Income Taxes | 829,987 | 752,785 | 711,035 |
Total Operating Expenses | 7,869,764 | 6,915,696 | 6,935,979 |
Operating Income | 1,993,321 | 1,988,734 | 1,590,491 |
Interest Expense | 582,334 | 538,452 | 533,197 |
Other Income, Net | 161,282 | 108,590 | 132,777 |
Income Before Income Tax Expense | 1,572,269 | 1,558,872 | 1,190,071 |
Income Tax Expense | 344,223 | 346,186 | 273,499 |
Net Income | 1,228,046 | 1,212,686 | 916,572 |
Public Service Company of New Hampshire | |||
Operating Revenues | 1,177,248 | 1,079,095 | 1,065,936 |
Operating Expenses: | |||
Purchased Power and Transmission | 370,271 | 364,067 | 398,449 |
Operations and Maintenance | 237,659 | 219,325 | 210,995 |
Depreciation | 120,065 | 100,372 | 93,737 |
Amortization of Regulatory Assets, Net | 86,832 | 52,804 | 57,732 |
Energy Efficiency Programs | 38,752 | 37,583 | 25,982 |
Taxes Other Than Income Taxes | 91,465 | 81,611 | 62,574 |
Total Operating Expenses | 945,044 | 855,762 | 849,469 |
Operating Income | 232,204 | 223,333 | 216,467 |
Interest Expense | 56,998 | 58,127 | 60,666 |
Other Income, Net | 14,565 | 13,786 | 19,222 |
Income Before Income Tax Expense | 189,771 | 178,992 | 175,023 |
Income Tax Expense | 39,433 | 31,680 | 40,975 |
Net Income | $ 150,338 | $ 147,312 | $ 134,048 |
PUBLIC SERVICE COMPANY OF NEW_4
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 972 | 1,596 | 1,393 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (671) | 342 | 1,166 |
Other Comprehensive Income/(Loss), Net of Tax | 34,136 | (11,352) | (5,059) |
Comprehensive Income Attributable to Common Shareholders | 1,254,663 | 1,193,815 | 903,994 |
Public Service Company of New Hampshire | |||
Net Income | 150,338 | 147,312 | 134,048 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 673 | 1,075 | 1,075 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (37) | 19 | 69 |
Other Comprehensive Income/(Loss), Net of Tax | 636 | 1,094 | 1,144 |
Comprehensive Income Attributable to Common Shareholders | $ 150,974 | $ 148,406 | $ 135,192 |
PUBLIC SERVICE COMPANY OF NEW_5
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | Adoption of New Accounting Standard | Common Stock | Capital Surplus, Paid In | Retained Earnings | Retained EarningsAdoption of New Accounting Standard | Accumulated Other Comprehensive Loss | Public Service Company of New Hampshire | Public Service Company of New HampshireAdoption of New Accounting Standard | Public Service Company of New HampshireCommon Stock | Public Service Company of New HampshireCapital Surplus, Paid In | Public Service Company of New HampshireRetained Earnings | Public Service Company of New HampshireRetained EarningsAdoption of New Accounting Standard | Public Service Company of New HampshireAccumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2018 | 316,885,808 | 301 | ||||||||||||
Beginning balance at Dec. 31, 2018 | $ 11,486,817 | $ 1,669,392 | $ 6,241,222 | $ 3,953,974 | $ (60,000) | $ 1,302,541 | $ 0 | $ 678,134 | $ 627,258 | $ (2,851) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||||
Net Income | $ 916,572 | 916,572 | $ 134,048 | 134,048 | ||||||||||
Dividends on Common Stock | (271,000) | (271,000) | ||||||||||||
Capital Contributions from Eversource Parent | 225,000 | 225,000 | ||||||||||||
Dividends on Common Stock | (685,979) | (685,979) | ||||||||||||
Other Comprehensive Income/(Loss), Net of Tax | (5,059) | (5,059) | 1,144 | 1,144 | ||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 329,880,645 | 301 | ||||||||||||
Ending balance at Dec. 31, 2019 | 12,629,994 | $ (1,514) | $ 1,729,292 | 7,087,768 | 4,177,048 | $ (1,514) | (65,059) | 1,391,733 | $ (300) | $ 0 | 903,134 | 490,306 | $ (300) | (1,707) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 1,212,686 | 1,212,686 | 147,312 | 147,312 | ||||||||||
Capital Contributions from Eversource Parent | 25,000 | 25,000 | ||||||||||||
Dividends on Common Stock | (767,500) | (767,500) | (22,300) | (22,300) | ||||||||||
Other Comprehensive Income/(Loss), Net of Tax | $ (11,352) | (11,352) | 1,094 | 1,094 | ||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 342,954,023 | 342,954,023 | 301 | |||||||||||
Ending balance at Dec. 31, 2020 | $ 14,063,566 | $ 1,789,092 | 8,015,663 | 4,613,201 | (76,411) | 1,542,539 | $ 0 | 928,134 | 615,018 | (613) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net Income | 1,228,046 | 1,228,046 | 150,338 | 150,338 | ||||||||||
Dividends on Common Stock | (260,800) | (260,800) | ||||||||||||
Capital Contributions from Eversource Parent | 160,000 | 160,000 | ||||||||||||
Dividends on Common Stock | (828,337) | (828,337) | ||||||||||||
Other Comprehensive Income/(Loss), Net of Tax | $ 34,136 | 34,136 | 636 | 636 | ||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 344,403,196 | 344,403,196 | 301 | |||||||||||
Ending balance at Dec. 31, 2021 | $ 14,599,844 | $ 1,789,092 | $ 8,098,514 | $ 5,005,391 | $ (42,275) | $ 1,592,713 | $ 0 | $ 1,088,134 | $ 504,556 | $ 23 |
PUBLIC SERVICE COMPANY OF NEW_6
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | |||
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||
Depreciation | 1,103,008 | 981,380 | 885,278 |
Deferred Income Taxes | 347,056 | 257,154 | 209,812 |
Uncollectible Expense | 60,886 | 53,461 | 63,446 |
Pension, SERP and PBOP (Income)/Expense, Net | (14,693) | 12,888 | 22,000 |
Pension Contributions | (182,344) | (111,524) | (121,782) |
Regulatory Over/(Underrecoveries), Net | (314,211) | (516,411) | (124,870) |
Cost of Removal Expenditures | (242,130) | (148,332) | (153,477) |
Other | (64,640) | (25,957) | (42,610) |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (135,505) | (351,843) | (98,716) |
Materials, Supplies and REC Inventory | (1,859) | (15,404) | (8,074) |
Taxes Receivable/Accrued, Net | (110,621) | 43,819 | (16,129) |
Accounts Payable | (29,201) | 122,567 | 14,866 |
Other Current Assets and Liabilities, Net | 5,569 | (9,591) | (11,603) |
Net Cash Flows Provided by Operating Activities | 1,962,600 | 1,682,572 | 2,009,577 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (3,175,080) | (2,942,996) | (2,911,489) |
Other Investing Activities | 22,178 | 23,809 | 24,204 |
Net Cash Flows Used in Investing Activities | (3,447,374) | (4,129,275) | (3,274,288) |
Financing Activities: | |||
Cash Dividends on Common Shares | (805,439) | (744,665) | (663,239) |
Issuance of Long-Term Debt | 3,230,000 | 2,760,000 | 1,520,000 |
Retirement of Long-Term Debt | (1,142,500) | (327,236) | (801,078) |
Repayment of Rate Reduction Bonds | (43,210) | (43,210) | (52,332) |
Other Financing Activities | (46,625) | 14,273 | (1,006) |
Net Cash Flows Provided by Financing Activities | 1,440,832 | 2,594,590 | 1,172,450 |
Net (Decrease)/Increase in Cash and Restricted Cash | (43,942) | 147,887 | (92,261) |
Cash and Restricted Cash - Beginning of Year | 264,950 | 117,063 | 209,324 |
Cash and Restricted Cash - End of Year | 221,008 | 264,950 | 117,063 |
Public Service Company of New Hampshire | |||
Operating Activities: | |||
Net Income | 150,338 | 147,312 | 134,048 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||
Depreciation | 120,065 | 100,372 | 93,737 |
Deferred Income Taxes | (14,530) | 7,337 | 15,917 |
Uncollectible Expense | 13,113 | 5,164 | 6,726 |
Pension, SERP and PBOP (Income)/Expense, Net | (3,296) | (1,255) | 417 |
Pension Contributions | 0 | (19,500) | (15,400) |
Regulatory Over/(Underrecoveries), Net | 32,587 | (45,830) | (26,288) |
Amortization of Regulatory Assets, Net | 86,832 | 52,804 | 57,732 |
Cost of Removal Expenditures | (30,804) | (22,063) | (21,814) |
Other | (1,370) | 17,221 | (6,414) |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (32,003) | (33,612) | (210) |
Materials, Supplies and REC Inventory | 899 | (1,872) | 1,902 |
Taxes Receivable/Accrued, Net | 3,952 | (6,942) | 25,374 |
Accounts Payable | (3,256) | 27,270 | 12,281 |
Other Current Assets and Liabilities, Net | 13,555 | (7,738) | (3,573) |
Net Cash Flows Provided by Operating Activities | 336,082 | 218,668 | 274,435 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (326,379) | (342,586) | (308,993) |
Other Investing Activities | 562 | 982 | 1,023 |
Net Cash Flows Used in Investing Activities | (325,817) | (341,604) | (307,970) |
Financing Activities: | |||
Cash Dividends on Common Shares | (260,800) | (22,300) | (271,000) |
Increase/(Decrease) in Notes Payable to Eversource Parent | 64,300 | 19,300 | (30,000) |
Issuance of Long-Term Debt | 350,000 | 150,000 | 300,000 |
Retirement of Long-Term Debt | (282,000) | 0 | (150,000) |
Repayment of Rate Reduction Bonds | (43,210) | (43,210) | (52,332) |
Capital Contributions from Eversource Parent | 160,000 | 25,000 | 225,000 |
Other Financing Activities | (2,984) | (2,987) | (4,168) |
Net Cash Flows Provided by Financing Activities | (14,694) | 125,803 | 17,500 |
Net (Decrease)/Increase in Cash and Restricted Cash | (4,429) | 2,867 | (16,035) |
Cash and Restricted Cash - Beginning of Year | 39,555 | 36,688 | 52,723 |
Cash and Restricted Cash - End of Year | $ 35,126 | $ 39,555 | $ 36,688 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. About Eversource, CL&P, NSTAR Electric and PSNH Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and Eversource Gas Company of Massachusetts (EGMA) (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4.4 million electric, natural gas and water customers through ten regulated utilities in Connecticut, Massachusetts and New Hampshire. On October 9, 2020, Eversource acquired certain assets and liabilities that comprised the NiSource Inc. (NiSource) natural gas distribution business in Massachusetts, which was previously doing business as Columbia Gas of Massachusetts (CMA), pursuant to an asset purchase agreement (the Agreement) entered into on February 26, 2020 between Eversource and NiSource. The natural gas distribution assets acquired from CMA were assigned to EGMA, an indirect wholly-owned subsidiary of Eversource formed in 2020. The LNG assets acquired from CMA were assigned to Hopkinton LNG Corp. The cash purchase price was $1.1 billion, plus a working capital amount of $68.6 million, as finalized in the first quarter of 2021. Eversource's consolidated financial information includes the results of the acquisition of the assets of CMA beginning on October 9, 2020. See Note 24, "Acquisition of Assets of Columbia Gas of Massachusetts," for further information. Eversource, CL&P, NSTAR Electric and PSNH are reporting companies under the Securities Exchange Act of 1934. Eversource Energy is a public utility holding company under the Public Utility Holding Company Act of 2005. Arrangements among the regulated electric companies and other Eversource companies, outside agencies and other utilities covering interconnections, interchange of electric power and sales of utility property are subject to regulation by the FERC. Eversource's regulated companies are subject to regulation of rates, accounting and other matters by the FERC and/or applicable state regulatory commissions (the PURA for CL&P, Yankee Gas and Aquarion, the DPU for NSTAR Electric, NSTAR Gas, EGMA and Aquarion, and the NHPUC for PSNH and Aquarion). CL&P, NSTAR Electric and PSNH furnish franchised retail electric service in Connecticut, Massachusetts and New Hampshire, respectively. NSTAR Gas and EGMA are engaged in the distribution and sale of natural gas to customers within Massachusetts and Yankee Gas is engaged in the distribution and sale of natural gas to customers within Connecticut. Aquarion is engaged in the collection, treatment and distribution of water in Connecticut, Massachusetts and New Hampshire. CL&P, NSTAR Electric and PSNH's results include the operations of their respective distribution and transmission businesses. The distribution business also includes the results of NSTAR Electric's solar power facilities. Eversource Service, Eversource's service company, and several wholly-owned real estate subsidiaries of Eversource, provide support services to Eversource, including its regulated companies. B. Basis of Presentation The consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Eversource consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method. In accordance with accounting guidance on noncontrolling interests in consolidated financial statements, the Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric, which are not owned by Eversource or its consolidated subsidiaries and are not subject to mandatory redemption, have been presented as noncontrolling interests in the financial statements of Eversource. The Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric are considered to be temporary equity and have been classified between liabilities and permanent shareholders' equity on the balance sheets of Eversource, CL&P and NSTAR Electric due to a provision in the preferred stock agreements of both CL&P and NSTAR Electric that grant preferred stockholders the right to elect a majority of the CL&P and NSTAR Electric Boards of Directors, respectively, should certain conditions exist, such as if preferred dividends are in arrears for a specified amount of time. The Net Income reported in the statements of income and cash flows represents net income prior to apportionment to noncontrolling interests, which is represented by dividends on preferred stock of CL&P and NSTAR Electric. Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. COVID-19 has adversely affected customers, workers and the U.S. economy. We provide a critical service to our customers and have taken extensive measures to maintain its safety and reliability. We continue to address the impacts of the COVID-19 pandemic and how the related developments affect Eversource. We have not experienced significant impacts directly related to the pandemic that have materially affected our current operations, our workforce, or results of operations. The extent of the impact to us in the future will vary, and depend on the duration, scope and severity of the pandemic and the resulting impact on economic, health care and capital market conditions. The future impact will also depend on the outcome of future proceedings before our state regulatory commissions to recover our incremental costs associated with COVID-19, which include uncollectible customer receivable expenses. See Note 1F, "Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts," for an evaluation of the allowance for doubtful accounts as of December 31, 2021 in light of the COVID-19 pandemic. As of December 31, 2021, we did not identify indicators or triggering events for impairments to our goodwill, long-lived assets, available-for-sale debt securities, or equity method investment carrying values. Certain reclassifications of prior year data were made in the accompanying financial statements to conform to the current year presentation. As of December 31, 2021 and 2020, Eversource's carrying amount of goodwill was $4.48 billion and $4.45 billion, respectively. Eversource performs an assessment for possible impairment of its goodwill at least annually. Eversource completed its annual goodwill impairment assessment for each of its reporting units as of October 1, 2021 and determined that no impairment exists. See Note 25, "Goodwill," for further information. C. Accounting Standards Accounting Standards Recently Adopted: On January 1, 2021, the Company adopted Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which eliminates certain exceptions to the general principles of current income tax guidance in ASC 740 and simplifies and improves consistency in application of that income tax guidance through clarifications of and amendments to ASC 740. The ASU did not have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH. D. Impairment of Northern Pass Transmission Northern Pass was Eversource's planned 1,090 MW HVDC transmission line that would have interconnected from the Québec-New Hampshire border to Franklin, New Hampshire and an associated alternating current radial transmission line between Franklin and Deerfield, New Hampshire. As a result of a final decision received on July 19, 2019 from the New Hampshire Supreme Court, whereby the court denied Northern Pass’ appeal and affirmed the NHSEC’s denial of Northern Pass’ siting application on NPT, Eversource concluded that construction of NPT was no longer probable and that there was no constructive path forward for the project. In 2019, Eversource terminated the project and permanently abandoned any further development. As a result, substantially all of the capitalized project costs, which totaled $318 million, certain of which were subject to cost reimbursement agreements, were impaired. Based on the conclusion that the construction of Northern Pass was no longer probable, Eversource recorded an impairment charge in 2019 for all of the project costs associated with Northern Pass, which were primarily engineering design, siting, permitting and legal costs, along with appropriate allowances for funds used during construction, and recognized a receivable for certain cost reimbursement agreements. Additionally, Eversource recorded an impairment charge associated with the land acquired to construct Northern Pass in order to recognize the land at its estimated fair value based on assessed values and transaction costs. In total, this resulted in a pre-tax impairment charge of $239.6 million within Operating Income on the statement of income for the year ended December 31, 2019 and was reflected in the Electric Transmission segment. The after-tax impact of the impairment charge was $204.4 million, or $0.64 per share, after giving effect to the estimated fair value of the related land, reimbursement agreements, and the impact of expected income tax benefits associated with the impairment charge. As a result of the decision to terminate the NPT project and permanently abandon any further development, Eversource does not expect any future cash expenditures associated with this project. E. Cash Cash includes cash on hand. At the end of each reporting period, any overdraft amounts are reclassified from Cash to Accounts Payable on the balance sheets. F. Allowance for Uncollectible Accounts Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs, and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. The current expected credit loss (CECL) model, which was implemented on January 1, 2020 (ASU 2016-13) is applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded. The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, and management's assessment of collectability from customers, including current conditions, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability of receivables and adjusts estimates based on actual experience and future expectations based on economic indicators, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. As of December 31, 2021, management evaluated the adequacy of the allowance for uncollectible accounts in light of the evolving COVID-19 pandemic. This evaluation included an analysis of collection and customer payment trends, economic conditions, delinquency statistics, aging-based quantitative assessments, the impact on residential customer bills because of energy usage and change in rates, flexible payment plans and financial hardship arrearage management programs being offered to customers, and COVID-19 developments, including any potential federal governmental pandemic relief programs and the expansion of unemployment benefit initiatives, which help to mitigate the potential for increasing customer account delinquencies. Additionally, management considered past economic declines and corresponding uncollectible reserves as part of the current assessment. This evaluation has shown that our operating companies have experienced an increase in aged receivables and lower cash collections from customers because of the length of the moratorium on disconnections in Connecticut and Massachusetts, and the economic slowdown resulting from the COVID-19 pandemic. In Connecticut, the moratorium on disconnections of commercial and non-hardship residential customers ended in June 2021 and September 2021, respectively, but is still in place for hardship residential customers. In Massachusetts, the moratorium on disconnections of commercial customers and residential customers ended in September 2020 and July 2021, respectively. Disconnection activities have resumed after these moratoria have expired, which has resulted in recent improved collection experience, more customers applying for, and receiving, hardship status, and higher write-offs of aged receivable amounts. On July 7, 2021, the NHPUC issued an order to New Hampshire utilities that concluded that recovery of incremental bad debt or waived late fees related to the COVID-19 pandemic would be addressed in a future rate case to the extent those costs are relevant at that time. As a result of the order, PSNH removed its $0.6 million deferral of net incremental COVID-19 costs in 2021. In New Hampshire, the moratorium on disconnections of non-hardship residential and commercial customers ended in late 2020 and for hardship residential customers ended in May 2021 and PSNH has resumed disconnection activities, which has resulted in improved collection of outstanding customer receivable balances. Based upon the evaluation performed, for the year ended December 31, 2021, management increased the allowance for uncollectible accounts for amounts incurred as a result of COVID-19 by $24.1 million for Eversource (increase of $20.1 million for CL&P and $6.6 million at our natural gas businesses, and decrease of $1.3 million at NSTAR Electric). The COVID-19 related uncollectible amounts were deferred either as incremental regulatory costs at our Connecticut and Massachusetts utilities or deferred through existing regulatory tracking mechanisms that recover uncollectible energy supply costs, as management believes it is probable that these costs will ultimately be recovered from customers in future rates. As of December 31, 2021, the total amount incurred as a result of COVID-19 included in the allowance for uncollectible accounts was $55.3 million at Eversource ($23.9 million at CL&P, $9.0 million at NSTAR Electric, and $21.4 million at our natural gas businesses). Based on the status of our COVID-19 regulatory dockets, communications with our state regulatory commissions, and policies and practices in the jurisdictions in which we operate, we believe our state regulatory commissions in Connecticut and Massachusetts will allow us to recover our incremental costs associated with COVID-19, which include uncollectible customer receivable expenses, while balancing the impact on our customers’ bills and our operating cash flows. Management concluded that the reserve balance as of December 31, 2021 adequately reflected the collection risk and net realizable value for Eversource’s receivables. Management will continue to evaluate the adequacy of the uncollectible allowance in future reporting periods based on an ongoing assessment of accounts receivable collections, delinquency statistics, and analysis of aging-based quantitative assessments. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric, NSTAR Gas and EGMA to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. Management uses a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance. The total allowance for uncollectible accounts is included in Receivables, Net on the balance sheets. The activity in the allowance for uncollectible accounts by portfolio segment is as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Total Allowance Balance as of January 1, 2020 $ 143.3 $ 81.5 $ 224.8 $ 80.1 $ 17.2 $ 97.3 $ 43.9 $ 31.5 $ 75.4 $ 10.5 ASU 2016-13 Implementation 21.6 2.2 23.8 21.3 0.9 22.2 (1.6) 0.3 (1.3) 0.3 Increase due to CMA acquisition — 24.2 24.2 — — — — — — — Uncollectible Expense (1) — 53.5 53.5 — 12.9 12.9 — 15.3 15.3 5.2 Uncollectible Costs Deferred (2) 43.1 53.9 97.0 38.2 10.8 49.0 (1.7) 26.4 24.7 7.4 Write-Offs (14.7) (63.3) (78.0) (11.9) (17.8) (29.7) (0.9) (26.3) (27.2) (6.9) Recoveries Collected 1.5 12.1 13.6 1.4 4.3 5.7 — 4.7 4.7 0.7 Balance as of December 31, 2020 $ 194.8 $ 164.1 $ 358.9 $ 129.1 $ 28.3 $ 157.4 $ 39.7 $ 51.9 $ 91.6 $ 17.2 Uncollectible Expense (1) — 60.9 60.9 — 13.5 13.5 — 16.6 16.6 13.1 Uncollectible Costs Deferred (2) 51.9 58.7 110.6 32.3 25.5 57.8 4.3 15.8 20.1 3.1 Write-Offs (22.0) (107.7) (129.7) (18.0) (36.2) (54.2) (0.7) (36.3) (37.0) (10.0) Recoveries Collected 1.4 15.3 16.7 1.2 5.6 6.8 — 5.7 5.7 0.9 Balance as of December 31, 2021 $ 226.1 $ 191.3 $ 417.4 $ 144.6 $ 36.7 $ 181.3 $ 43.3 $ 53.7 $ 97.0 $ 24.3 (1) Uncollectible expense associated with customer and other accounts receivable is included in Operations and Maintenance expense on the statements of income. For the year ended December 31, 2019, uncollectible expense included in Operations and Maintenance Expense was $63.4 million for Eversource, $15.9 million for CL&P, $25.1 million for NSTAR Electric and $6.7 million for PSNH. (2) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to COVID-19 and uncollectible energy supply costs. G. Transfer of Energy Efficiency Loans CL&P transferred a portion of its energy efficiency customer loan portfolio to outside lenders in order to make additional loans to customers. CL&P remains the servicer of the loans and will transmit customer payments to the lenders, with a maximum amount outstanding under this program of $55 million. The amounts of the loans are included in Accounts Receivable, Net and Other Long-Term Assets, and are offset by Other Current Liabilities and Other Long-Term Liabilities on CL&P’s balance sheet. The current and long-term portions totaled $10.5 million and $8.3 million, respectively, as of December 31, 2021, and $12.9 million and $9.5 million, respectively, as of December 31, 2020. H. Fuel, Materials, Supplies and REC Inventory Fuel, Materials, Supplies and REC Inventory include natural gas inventory, materials and supplies purchased primarily for construction or operation and maintenance purposes, and RECs. Inventory is valued at the lower of cost or net realizable value. RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements. The carrying amounts of fuel, materials and supplies, and RECs, which are included in Current Assets on the balance sheets, were as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Fuel $ 56.2 $ — $ — $ — $ 38.2 $ — $ — $ — Materials and Supplies 148.9 60.3 55.0 25.2 151.3 57.9 62.1 22.5 RECs 62.4 — 61.7 0.7 76.1 — 71.8 4.3 Total $ 267.5 $ 60.3 $ 116.7 $ 25.9 $ 265.6 $ 57.9 $ 133.9 $ 26.8 Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets, equity method investments, and AROs, and in the valuation of the acquisition of CMA’s assets in 2020. The fair value measurement guidance was also applied in estimating the fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis. The levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," Note 6, "Investments in Unconsolidated Affiliates," Note 7, "Asset Retirement Obligations," Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," Note 15, "Fair Value of Financial Instruments," Note 24, "Acquisition of Assets of Columbia Gas of Massachusetts," and Note 25, “Goodwill,” to the financial statements. J. Derivative Accounting Many of the electric and natural gas companies' contracts for the purchase and sale of energy or energy-related products are derivatives. The accounting treatment for energy contracts entered into varies and depends on the intended use of the particular contract and on whether or not the contract is a derivative. The application of derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, election and designation of a contract as normal, and determination of the fair value of derivative contracts. All of these judgments can have a significant impact on the financial statements. The judgment applied in the election of a contract as normal (and resulting accrual accounting) includes the conclusion that it is probable at the inception of the contract and throughout its term that it will result in physical delivery of the underlying product and that the quantities will be used or sold by the business in the normal course of business. If facts and circumstances change and management can no longer support this conclusion, then a contract cannot be considered normal, accrual accounting is terminated, and fair value accounting is applied prospectively. The fair value of derivative contracts is based upon the contract terms and conditions and the underlying market price or fair value per unit. When quantities are not specified in the contract, the Company determines whether the contract has a determinable quantity by using amounts referenced in default provisions and other relevant sections of the contract. The fair value of derivative assets and liabilities with the same counterparty are offset and recorded as a net derivative asset or liability on the balance sheets. Regulatory assets or regulatory liabilities are recorded to offset the fair values of derivative contracts related to energy and energy-related products, as contract settlements are recovered from, or refunded to, customers in future rates. All changes in the fair value of derivative contracts are recorded as regulatory assets or liabilities and do not impact net income. For further information regarding derivative contracts, see Note 4, "Derivative Instruments," to the financial statements. K. Operating Expenses Costs related to fuel and natural gas included in Purchased Power, Fuel and Transmission on the statements of income were as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Eversource - Natural Gas and Fuel $ 718.6 $ 464.2 $ 462.1 AFUDC represents the cost of borrowed and equity funds used to finance construction and is included in the cost of the electric, natural gas and water companies' utility plant on the balance sheet. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of Interest Expense, and the AFUDC related to equity funds is recorded as Other Income, Net on the statements of income. AFUDC costs are recovered from customers over the service life of the related plant in the form of increased revenue collected as a result of higher depreciation expense. The average AFUDC rate is based on a FERC-prescribed formula using the cost of a company's short-term financings and capitalization (preferred stock, long-term debt and common equity), as appropriate. The average rate is applied to average eligible CWIP amounts to calculate AFUDC. AFUDC costs and the weighted-average AFUDC rates were as follows: Eversource For the Years Ended December 31, (Millions of Dollars, except percentages) 2021 2020 2019 Borrowed Funds $ 18.4 $ 23.7 $ 25.6 Equity Funds 37.3 42.0 45.0 Total AFUDC $ 55.7 $ 65.7 $ 70.6 Average AFUDC Rate 4.2 % 5.0 % 5.4 % For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars, CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Borrowed Funds $ 2.9 $ 9.0 $ 0.8 $ 6.6 $ 9.1 $ 2.1 $ 7.1 $ 10.4 $ 2.8 Equity Funds 7.7 20.4 1.6 13.8 21.5 4.2 13.2 19.8 3.4 Total AFUDC $ 10.6 $ 29.4 $ 2.4 $ 20.4 $ 30.6 $ 6.3 $ 20.3 $ 30.2 $ 6.2 Average AFUDC Rate 5.0 % 4.9 % 2.5 % 5.9 % 5.7 % 4.7 % 6.3 % 5.7 % 4.6 % M. Other Income, Net The components of Other Income, Net on the statements of income were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Pension, SERP and PBOP Non-Service Income Components (1) $ 84.4 $ 44.4 $ 31.3 AFUDC Equity 37.3 42.0 45.0 Equity in Earnings of Unconsolidated Affiliates (2) 14.2 14.2 42.2 Investment (Loss)/Income (0.2) 1.1 0.8 Interest Income 25.6 4.8 12.8 Other — 2.1 0.7 Total Other Income, Net $ 161.3 $ 108.6 $ 132.8 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Pension, SERP and PBOP Non-Service Income Components (1) $ 15.2 $ 40.2 $ 10.3 $ 3.8 $ 29.3 $ 7.0 $ 0.5 $ 23.5 $ 4.9 AFUDC Equity 7.7 20.4 1.6 13.8 21.5 4.2 13.2 19.8 3.4 Equity in Earnings of Unconsolidated Affiliates — 0.4 — — 0.4 — 0.1 0.7 — Investment Income/(Loss) 1.3 0.1 0.1 1.1 (0.8) 0.1 2.3 (0.4) 0.3 Interest Income 5.9 13.4 2.4 2.0 0.9 2.4 1.5 0.7 10.5 Other 0.1 0.3 0.2 0.1 0.7 0.1 (0.1) 0.3 0.1 Total Other Income, Net $ 30.2 $ 74.8 $ 14.6 $ 20.8 $ 52.0 $ 13.8 $ 17.5 $ 44.6 $ 19.2 (1) See Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for the components of net periodic benefit cost for the Pension, SERP and PBOP Plans. The non-service related components of pension, SERP and PBOP benefit costs, after capitalization or deferral, are presented as non-operating income and recorded in Other Income, Net on the statements of income. (2) Equity in earnings includes $2.1 million and $20.4 million of pre-tax unrealized gains for the years ended December 31, 2021 and 2019, respectively, and $2.4 million of primarily realized gains for the year ended December 31, 2020, associated with an equity method investment in a renewable energy fund. Equity in earnings of unconsolidated affiliates includes an other-than-temporary impairment of $2.8 million related to a write-off of an investment within a renewable energy fund for the year ended December 31, 2020. See Note 6, "Investments in Unconsolidated Affiliates," for further information. N. Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Eversource $ 181.9 $ 170.6 $ 163.1 CL&P 158.1 149.9 141.1 Separate from above were amounts recorded as Taxes Other Than Income Taxes at CL&P related to the remittance to the State of Connecticut of energy efficiency funds collected from customers of $21.4 million in 2019. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were recorded separately, with collections in Operating Revenues and with paym |
REGULATORY ACCOUNTING
REGULATORY ACCOUNTING | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
REGULATORY ACCOUNTING | REGULATORY ACCOUNTING Eversource's utility companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The regulated companies' financial statements reflect the effects of the rate-making process. The rates charged to the customers of Eversource's regulated companies are designed to collect each company's costs to provide service, plus a return on investment. The application of accounting guidance for rate-regulated enterprises results in recording regulatory assets and liabilities. Regulatory assets represent the deferral of incurred costs that are probable of future recovery in customer rates. Regulatory assets are amortized as the incurred costs are recovered through customer rates. Regulatory liabilities represent either revenues received from customers to fund expected costs that have not yet been incurred or probable future refunds to customers. Management believes it is probable that each of the regulated companies will recover its respective investments in long-lived assets and the regulatory assets that have been recorded. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the applicable costs would be charged to net income in the period in which the determination is made. Regulatory Assets: The components of regulatory assets were as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Benefit Costs $ 1,481.0 $ 272.4 $ 395.5 $ 118.9 $ 2,794.2 $ 632.3 $ 690.0 $ 267.6 Income Taxes, Net 790.7 470.5 112.6 17.5 747.1 458.9 110.4 15.2 Securitized Stranded Costs 478.9 — — 478.9 522.1 — — 522.1 Storm Costs, Net 1,102.7 695.6 341.3 65.8 765.6 515.1 186.4 64.1 Regulatory Tracker Mechanisms 1,050.5 333.6 376.6 85.4 850.5 246.6 332.2 95.3 Derivative Liabilities 249.2 249.2 — — 296.3 293.1 — — Goodwill-related 297.8 — 255.7 — 314.7 — 270.2 — Asset Retirement Obligations 115.0 33.6 59.8 4.1 118.4 32.1 58.6 3.9 Other Regulatory Assets 150.0 29.9 37.7 15.8 161.0 33.7 56.1 20.9 Total Regulatory Assets 5,715.8 2,084.8 1,579.2 786.4 6,569.9 2,211.8 1,703.9 989.1 Less: Current Portion 1,129.1 371.6 444.0 107.2 1,076.6 345.6 399.9 115.9 Total Long-Term Regulatory Assets $ 4,586.7 $ 1,713.2 $ 1,135.2 $ 679.2 $ 5,493.3 $ 1,866.2 $ 1,304.0 $ 873.2 Benefit Costs: Eversource's Pension, SERP and PBOP Plans are accounted for in accordance with accounting guidance on defined benefit pension and other PBOP plans. The liability (or asset) recorded by the regulated companies to recognize the funded status of their retiree benefit plans is offset by a regulatory asset (or offset by a regulatory liability in the case of a benefit plan asset) in lieu of a charge to Accumulated Other Comprehensive Income/(Loss), reflecting ultimate recovery from customers through rates. The regulatory asset (or regulatory liability) is amortized as the actuarial gains and losses and prior service cost are amortized to net periodic benefit cost for the pension and PBOP plans. All amounts are remeasured annually. Regulatory accounting is also applied to the portions of Eversource's service company costs that support the regulated companies, as these amounts are also recoverable. As these regulatory assets or regulatory liabilities do not represent a cash outlay for the regulated companies, no carrying charge is recovered from customers. See Note 11A, "Employee Benefits - Pension Benefits and Postretirement Benefits Other Than Pension," for further information on regulatory benefit plan amounts recognized and amortized during the year. CL&P, NSTAR Electric, and PSNH recover benefit costs related to their distribution and transmission operations from customers in rates as allowed by their applicable regulatory commissions. NSTAR Electric recovers qualified pension and PBOP expenses related to its distribution operations through a rate reconciling mechanism that fully tracks the change in net pension and PBOP expenses each year. Income Taxes, Net: The tax effect of temporary book-tax differences (differences between the periods in which transactions affect income in the financial statements and the periods in which they affect the determination of taxable income, including those differences relating to uncertain tax positions) is accounted for in accordance with the rate-making treatment of the applicable regulatory commissions and accounting guidance for income taxes. Differences in income taxes between the accounting guidance and the rate-making treatment of the applicable regulatory commissions are recorded as regulatory assets. As these assets are offset by deferred income tax liabilities, no carrying charge is collected. The amortization period of these assets varies depending on the nature and/or remaining life of the underlying assets and liabilities. For further information regarding income taxes, see Note 12, "Income Taxes," to the financial statements. Securitized Stranded Costs: In 2018, a subsidiary of PSNH issued $635.7 million of securitized RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets. Securitized regulatory assets, which are not earning an equity return, are being recovered over the amortization period of the associated RRBs. The PSNH RRBs are expected to be repaid by February 1, 2033. For further information, see Note 10, "Rate Reduction Bonds and Variable Interest Entities." Storm Costs, Net: The storm cost deferrals relate to costs incurred for storm events at CL&P, NSTAR Electric and PSNH that each company expects to recover from customers. A storm must meet certain criteria to qualify for deferral and recovery with the criteria specific to each state jurisdiction and utility company. Once a storm qualifies for recovery, all qualifying expenses incurred during storm restoration efforts are deferred and recovered from customers. Costs for storms that do not meet the specific criteria are expensed as incurred. In addition to storm restoration costs, CL&P and PSNH are each allowed to recover pre-staging storm costs. Management believes all storm costs deferred were prudently incurred and meet the criteria for specific cost recovery in Connecticut, Massachusetts and New Hampshire, and that recovery from customers is probable through the applicable regulatory recovery processes. Each electric utility company either recovers a carrying charge on its deferred storm cost regulatory asset balance or the regulatory asset balance is included in rate base. In 2021 and 2020, multiple tropical and severe storms caused extensive damage to CL&P’s electric distribution systems and customer outages, along with significant pre-staging costs. These storms resulted in deferred pre-staging and storm restoration costs at CL&P of $232 million for 2021 storms and $344 million for 2020 storms, including the catastrophic impact of Tropical Storm Isaias in August 2020, among others. Management believes that all of these storm costs were prudently incurred and meet the criteria for specific cost recovery. As part of CL&P’s October 1, 2021 settlement agreement described below, it agreed to freeze its current base distribution rates (including storm costs) until no earlier than January 1, 2024. Of Eversource’s total deferred storm costs, $1.01 billion either has yet to be filed with the applicable regulatory commission or is pending regulatory approval (including $643 million at CL&P, $308 million at NSTAR Electric and $61 million at PSNH) as of December 31, 2021. CL&P Tropical Storm Isaias Costs: On August 4, 2020, Tropical Storm Isaias caused catastrophic damage to our electric distribution system, which resulted in significant numbers and durations of customer outages, primarily in Connecticut. In terms of customer outages, this storm was one of the worst in CL&P’s history. PURA will investigate the prudency of costs incurred by CL&P to restore service in response to Tropical Storm Isaias. That investigation is expected to occur either in a separate proceeding not yet initiated or as part of CL&P’s next rate review proceeding. Tropical Storm Isaias resulted in deferred storm restoration costs of approximately $234 million at CL&P and $251 million at Eversource as of December 31, 2021. Although PURA found that CL&P’s performance in its preparation for and response to Tropical Storm Isaias fell below applicable performance standards in certain instances, CL&P believes it will be able to present credible evidence in a future proceeding demonstrating there is no reasonably close causal connection between the alleged sub-standard performance and the storm costs incurred. While it is possible that some amount of storm costs may be disallowed by the PURA in a future proceeding, any such amount cannot be estimated at this time. Eversource and CL&P continue to believe that these storm restoration costs associated with Tropical Storm Isaias were prudently incurred and meet the criteria for cost recovery; and as a result, management does not expect the storm cost review by the PURA to have a material impact on the financial position or results of operations of Eversource or CL&P. NSTAR Electric Storm Threshold Filing: On December 22, 2021, the DPU approved NSTAR Electric to defer for future recovery the storm cost threshold amounts associated with six qualifying major storm events that occurred during 2020, totaling $7.2 million. The DPU approved the deferral of threshold costs that exceeded four storms (those recovered in base rates plus one additional storm) until the next rate case proceeding, at which time the DPU will determine the appropriate level of recovery of storm threshold amounts. In its January 14, 2022 distribution rate case filing, NSTAR Electric is also seeking recovery of the deferral of threshold costs for an additional seven storms in 2021. The pre-tax benefit to earnings for the deferral as a regulatory asset of threshold costs for both the 2020 and 2021 major storms was $15.6 million and was recorded in the fourth quarter of 2021. Regulatory Tracker Mechanisms: The regulated companies' approved rates are designed to recover costs incurred to provide service to customers. The regulated companies recover certain of their costs on a fully-reconciling basis through regulatory commission-approved tracking mechanisms. The differences between the costs incurred (or the rate recovery allowed) and the actual revenues are recorded as regulatory assets (for undercollections) or as regulatory liabilities (for overcollections) to be included in future customer rates each year. Carrying charges are recovered in rates on all material regulatory tracker mechanisms. The electric and natural gas distribution companies recover, on a fully reconciling basis, the costs associated with the procurement of energy supply, electric transmission related costs from FERC-approved transmission tariffs, energy efficiency programs, low income assistance programs, certain uncollectible accounts receivable for hardship customers, restructuring and stranded costs as a result of deregulation (including securitized RRB charges), certain capital tracking mechanisms for infrastructure improvements, and additionally for the Massachusetts utilities, pension and PBOP benefits, net metering for distributed generation, and solar-related programs. CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas, EGMA and the Aquarion Water Company of Connecticut each have a regulatory commission approved revenue decoupling mechanism. Distribution revenues are decoupled from customer sales volumes, where applicable, which breaks the relationship between sales volumes and revenues. Each company reconciles its annual base distribution rate recovery amount to the pre-established levels of baseline distribution delivery service revenues. Any difference between the allowed level of distribution revenue and the actual amount realized during a 12-month period is adjusted through rates in the following period. CL&P Rate Adjustment Mechanisms (RAM) Filing: On July 31, 2020, PURA temporarily suspended its June 26, 2020 approval of certain delivery rate components effective July 1, 2020, and ordered CL&P to restore rates to those in effect as of June 30, 2020 in order to allow PURA time to reexamine the rates. Rates were adjusted effective August 1, 2020. On September 15, 2021, PURA issued its final decision in the 2020 RAM reconciliation filing, which required no adjustment to the GSC, BFMCC, NBFMCC, SBC, CTA, ESI and base distribution rates, but resulted in changes to the TAC and RDM rates effective October 1, 2021. As part of this decision, PURA also approved the recovery of cumulative under-recoveries associated with the NBMFCC, TAC, and RDM of $193 million effective October 1, 2021. The NBFMCC and TAC under-recoveries will be recovered over a 31-month period and the RDM under-recovery will be recovered over a 15-month period. Derivative Liabilities: Regulatory assets are recorded as an offset to derivative liabilities and relate to the fair value of contracts used to purchase energy and energy-related products that will be recovered from customers in future rates. These assets are excluded from rate base and are being recovered as the actual settlements occur over the duration of the contracts. See Note 4, "Derivative Instruments," to the financial statements for further information on these contracts. Goodwill-related: The goodwill regulatory asset originated from a 1999 transaction, and the DPU allowed its recovery in NSTAR Electric and NSTAR Gas rates. This regulatory asset is currently being amortized and recovered from customers in rates without a carrying charge over a 40-year period, and as of December 31, 2021, there were 18 years of amortization remaining. Asset Retirement Obligations: The costs associated with the depreciation of the regulated companies' ARO assets and accretion of the ARO liabilities are recorded as regulatory assets in accordance with regulatory accounting guidance. The regulated companies' ARO assets, regulatory assets, and ARO liabilities offset and are excluded from rate base. These costs are being recovered over the life of the underlying property, plant and equipment. Other Regulatory Assets: Other Regulatory Assets primarily include environmental remediation costs, losses associated with the reacquisition or redemption of long-term debt, certain uncollectible accounts receivable for hardship customers, certain merger-related costs allowed for recovery, contractual obligations associated with the spent nuclear fuel storage costs of the CYAPC, YAEC and MYAPC decommissioned nuclear power facilities, water tank painting costs, and various other items. Regulatory Costs in Long-Term Assets: Eversource's regulated companies had $252.5 million (including $114.9 million for CL&P, $85.0 million for NSTAR Electric and $3.4 million for PSNH) and $196.9 million (including $84.1 million for CL&P, $69.8 million for NSTAR Electric and $4.3 million for PSNH) of additional regulatory costs as of December 31, 2021 and 2020, respectively, that were included in long-term assets on the balance sheets. These amounts represent incurred costs for which recovery has not yet been specifically approved by the applicable regulatory agency. However, based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. As of December 31, 2021 and 2020, these regulatory costs included net incremental COVID-19 related costs deferred of $39.8 million and $24.0 million at Eversource, respectively, of which, $33.0 million and $15.8 million related to non-tracked uncollectible expense and the remainder related to facilities and fleet cleaning, sanitizing costs and supplies for personal protective equipment. Net incremental COVID-19 related costs deferred at CL&P and NSTAR Electric totaled $19.0 million and $11.2 million, respectively, as of December 31, 2021 and $4.7 million and $11.9 million, respectively, as of December 31, 2020, and primarily related to deferred non-tracked uncollectible expense. Equity Return on Regulatory Assets: For rate-making purposes, the regulated companies recover the carrying costs related to their regulatory assets. For certain regulatory assets, the carrying cost recovered includes an equity return component. This equity return is not recorded on the balance sheets. There was no equity return for CL&P as of December 31, 2021 and $0.2 million as of December 31, 2020. The equity return for PSNH was $5.0 million and $5.1 million as of December 31, 2021 and 2020, respectively. These carrying costs will be recovered from customers in future rates. Regulatory Liabilities: The components of regulatory liabilities were as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH EDIT due to Tax Cuts and Jobs Act of 2017 $ 2,685.2 $ 996.1 $ 984.5 $ 359.2 $ 2,778.6 $ 1,010.7 $ 1,044.0 $ 371.5 Cost of Removal 649.6 100.1 381.0 17.2 624.8 98.4 363.6 12.9 Benefit Costs 133.5 — 107.4 — 83.6 — 72.5 — Regulatory Tracker Mechanisms 448.4 182.0 185.1 107.0 366.5 148.9 139.7 47.8 AFUDC - Transmission 81.0 43.2 37.8 — 76.8 44.6 32.2 — CL&P Settlement Agreement and Storm 81.3 81.3 — — — — — — Other Regulatory Liabilities 389.7 57.1 91.5 18.2 309.9 39.5 63.2 9.8 Total Regulatory Liabilities 4,468.7 1,459.8 1,787.3 501.6 4,240.2 1,342.1 1,715.2 442.0 Less: Current Portion 602.4 266.5 228.2 120.2 389.4 137.2 164.8 58.8 Total Long-Term Regulatory Liabilities $ 3,866.3 $ 1,193.3 $ 1,559.1 $ 381.4 $ 3,850.8 $ 1,204.9 $ 1,550.4 $ 383.2 EDIT due to Tax Cuts and Jobs Act of 2017: Pursuant to the Tax Cuts and Jobs Act of 2017, Eversource had remeasured its existing deferred federal income tax balances to reflect the decrease in the U.S. federal corporate income tax rate from 35 percent to 21 percent. The remeasurement resulted in provisional regulated excess accumulated deferred income tax (excess ADIT or EDIT) liabilities that will benefit our customers in future periods and were recognized as regulatory liabilities on the balance sheet. EDIT liabilities related to property, plant, and equipment are subject to IRS normalization rules and will be returned to customers using the same timing as the remaining useful lives of the underlying assets that gave rise to the ADIT liabilities. Eversource's regulated companies (except for the Connecticut water business) are in the process of refunding the EDIT liabilities to customers based on orders issued by applicable state and federal regulatory commissions. Cost of Removal: Eversource's regulated companies currently recover amounts in rates for future costs of removal of plant assets over the lives of the assets. The estimated cost to remove utility assets from service is recognized as a component of depreciation expense, and the cumulative amount collected from customers but not yet expended is recognized as a regulatory liability. AFUDC - Transmission: Regulatory liabilities were recorded by CL&P and NSTAR Electric for AFUDC accrued on certain reliability-related transmission projects to reflect local rate base recovery. These regulatory liabilities will be amortized over the depreciable life of the related transmission assets. CL&P Settlement Agreement and Storm Performance Penalty: On April 28, 2021, PURA issued a final decision on CL&P’s compliance with its emergency response plan that concluded CL&P failed to comply with certain storm performance standards and was imprudent in certain instances. The $28.4 million performance penalty assessed by the PURA was recorded within current regulatory liabilities on CL&P’s balance sheet and is currently being credited to customers on electric bills beginning on September 1, 2021 over a one-year period. On October 1, 2021, CL&P entered into a settlement agreement with the DEEP, Office of Consumer Counsel (OCC), Office of the Attorney General (AG) and the Connecticut Industrial Energy Consumers, resolving certain issues that arose in then-pending regulatory proceedings initiated by the PURA. PURA approved the settlement agreement on October 27, 2021. CL&P recorded a current regulatory liability of $75 million on the balance sheet associated with the provisions of the settlement agreement. Customer credits of $65 million were distributed based on customer sales over a two-month billing period from December 1, 2021 to January 31, 2022. CL&P also agreed to irrevocably set aside $10 million to provide bill payment assistance to certain existing non-hardship and hardship customers carrying arrearages, with the objective of disbursing the funds prior to April 30, 2022. The balance reflected in the table above represents the remaining reserve that has not yet been issued as customer credits or paid out of the fund as of December 31, 2021. See Note 13G, “Commitments and Contingencies - CL&P Regulatory Matters,” for further information. Other Regulatory Liabilities: Other Regulatory Liabilities primarily include the deferred portion of the non-service components of net periodic benefit expense/(income) for the Pension, SERP and PBOP Plans, EGMA’s acquired regulatory liability as a result of the 2020 DPU-approved rate settlement agreement and the CMA asset acquisition on October 9, 2020, and various other items. FERC ROE Complaints : As of December 31, 2021, Eversource has a reserve established for the second ROE complaint period in the pending FERC ROE complaint proceedings, which was recorded as a regulatory liability and is reflected within Regulatory Tracker Mechanisms in the table above. The cumulative pre-tax reserve (excluding interest) as of December 31, 2021 totaled $39.1 million for Eversource (including $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH). See Note 13E, "Commitments and Contingencies – FERC ROE Complaints," for further information on developments in the pending ROE complaint proceedings. |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION Utility property, plant and equipment is recorded at original cost. Original cost includes materials, labor, construction overheads and AFUDC for regulated property. The cost of repairs and maintenance is charged to Operations and Maintenance expense as incurred. The following tables summarize property, plant and equipment by asset category: Eversource As of December 31, (Millions of Dollars) 2021 2020 Distribution - Electric $ 17,679.1 $ 16,703.2 Distribution - Natural Gas 6,694.8 6,111.2 Transmission - Electric 12,882.4 11,954.0 Distribution - Water 1,900.9 1,743.1 Solar 200.9 201.5 Utility 39,358.1 36,713.0 Other (1) 1,469.5 1,269.0 Property, Plant and Equipment, Gross 40,827.6 37,982.0 Less: Accumulated Depreciation Utility (8,885.2) (8,476.3) Other (580.1) (477.6) Total Accumulated Depreciation (9,465.3) (8,953.9) Property, Plant and Equipment, Net 31,362.3 29,028.1 Construction Work in Progress 2,015.4 1,854.4 Total Property, Plant and Equipment, Net $ 33,377.7 $ 30,882.5 As of December 31, 2021 2020 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH Distribution - Electric $ 7,117.6 $ 8,105.5 $ 2,496.2 $ 6,820.7 $ 7,544.4 $ 2,378.4 Transmission - Electric 5,859.0 5,090.5 1,934.6 5,512.0 4,701.3 1,742.4 Solar — 200.9 — — 201.5 — Property, Plant and Equipment, Gross 12,976.6 13,396.9 4,430.8 12,332.7 12,447.2 4,120.8 Less: Accumulated Depreciation (2,572.1) (3,227.3) (908.4) (2,475.4) (3,074.1) (848.9) Property, Plant and Equipment, Net 10,404.5 10,169.6 3,522.4 9,857.3 9,373.1 3,271.9 Construction Work in Progress 399.0 707.0 134.1 377.3 750.0 102.4 Total Property, Plant and Equipment, Net $ 10,803.5 $ 10,876.6 $ 3,656.5 $ 10,234.6 $ 10,123.1 $ 3,374.3 (1) These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company. On October 9, 2020, Eversource completed the CMA asset acquisition. EGMA’s net plant assets of $1.2 billion are reflected in the natural gas distribution asset category. On July 31, 2020, Eversource sold its water system and treatment plant that supplies water to the towns of Hingham, Hull and North Cohasset to the town of Hingham, Massachusetts. Net property, plant and equipment of $63.9 million and goodwill of $23.6 million were included in determining the gain on sale. Proceeds from the sale were $110.5 million, with a pre-tax gain of $16.0 million (after-tax gain of $3.5 million) recognized within Operations and Maintenance Expense on the statement of income for the year ended December 31, 2020. The assets and liabilities associated with the sale of the business were previously reflected in the Water Distribution segment and reporting unit. Depreciation: Depreciation of utility assets is calculated on a straight-line basis using composite rates based on the estimated remaining useful lives of the various classes of property (estimated useful life for PSNH distribution and the water utilities). The composite rates, which are subject to approval by the appropriate state regulatory agency, include a cost of removal component, which is collected from customers over the lives of the plant assets and is recognized as a regulatory liability. Depreciation rates are applied to property from the time it is placed in service. Upon retirement from service, the cost of the utility asset is charged to the accumulated provision for depreciation. The actual incurred removal costs are applied against the related regulatory liability. The depreciation rates for the various classes of utility property, plant and equipment aggregate to composite rates as follows: (Percent) 2021 2020 2019 Eversource 3.1 % 3.0 % 3.0 % CL&P 2.8 % 2.8 % 2.8 % NSTAR Electric 2.8 % 2.8 % 2.8 % PSNH 3.1 % 2.8 % 2.8 % The following table summarizes average remaining useful lives of depreciable assets: As of December 31, 2021 (Years) Eversource CL&P NSTAR Electric PSNH Distribution - Electric 33.4 35.3 33.1 29.7 Distribution - Natural Gas 39.5 — — — Transmission - Electric 40.2 36.5 45.1 40.8 Distribution - Water 38.5 — — — Solar 24.2 — 24.2 — Other (1) 11.2 — — — (1) The estimated useful life of computer software, hardware and equipment primarily ranges from 5 to 15 years and of buildings is 40 years. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The electric and natural gas companies purchase and procure energy and energy-related products, which are subject to price volatility, for their customers. The costs associated with supplying energy to customers are recoverable from customers in future rates. These regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts. Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance. The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses on the statements of income, as applicable, as electricity or natural gas is delivered. Derivative contracts that are not designated as normal are recorded at fair value as current or long-term Derivative Assets or Derivative Liabilities on the balance sheets. For the electric and natural gas companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract settlement amounts are recovered from, or refunded to, customers in their respective energy supply rates. 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. The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities: As of December 31, 2021 2020 (Millions of Dollars) Fair Value Hierarchy Commodity Supply Netting (1) Net Amount Commodity Supply Netting (1) Net Amount Current Derivative Assets: CL&P Level 3 $ 14.7 $ (1.0) $ 13.7 $ 13.7 $ (0.4) $ 13.3 Long-Term Derivative Assets: CL&P Level 3 46.9 (0.9) 46.0 58.7 (1.8) 56.9 Current Derivative Liabilities: CL&P Level 3 (73.5) — (73.5) (68.8) — (68.8) Other Level 2 — — — (3.3) 0.1 (3.2) Long-Term Derivative Liabilities: CL&P Level 3 (235.4) — (235.4) (294.5) — (294.5) (1) Amounts represent derivative assets and liabilities that Eversource 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. The business activities that result in the recognition of derivative assets also create exposure to various counterparties. As of December 31, 2021, CL&P's derivative assets were exposed to counterparty credit risk and contracted with investment grade entities. Derivative Contracts at Fair Value with Offsetting Regulatory Amounts 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 capacities of these contracts as of both December 31, 2021 and 2020 were 675 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. As of December 31, 2020, Eversource had New York Mercantile Exchange (NYMEX) financial contracts for natural gas futures in order to reduce variability associated with the price of 8.9 million MMBtu of natural gas. These contracts were classified as Level 2 in the fair value hierarchy. NSTAR Gas terminated its financial contracts swap program in April 2021. For the years ended December 31, 2021, 2020 and 2019, there were losses of $7.1 million, $21.2 million and $20.7 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. Fair Value Measurements of Derivative Instruments The fair value of derivative contracts classified as Level 3 utilizes significant unobservable inputs. The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions related to exit price. Significant observable inputs for valuations of these contracts include energy-related product prices in future years for which quoted prices in an active market exist. Fair value measurements categorized in Level 3 of the fair value hierarchy are prepared by individuals with expertise in valuation techniques, pricing of energy-related products, and accounting requirements. The future capacity prices for periods that are not quoted in an active market or established at auction are based on available market data and are escalated based on estimates of inflation in order to address the full term of the contract. Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding the timing and likelihood of scheduled payments and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty's credit rating for assets and the Company's credit rating for liabilities. Valuations incorporate estimates of premiums or discounts that would be required by a market participant to arrive at an exit price, using historical market transactions adjusted for the terms of the contract. The following is a summary of Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts: As of December 31, 2021 2020 CL&P Range Weighted Average (1) Period Covered Range Weighted Average (1) Period Covered Capacity Prices $2.61 $ 2.61 per kW-Month 2025 - 2026 $ 4.30 — $5.30 $ 4.63 per kW-Month 2024 - 2026 Forward Reserve $ 0.50 — $1.15 $ 0.82 per kW-Month 2022 - 2024 $ 0.54 — $0.90 $ 0.72 per kW-Month 2021 - 2024 (1) Unobservable inputs were weighted by the relative future capacity and forward reserve prices and contractual MWs over the periods covered. Exit price premiums of 5.0 percent through 9.3 percent, or a weighted average of 8.2 percent, are also applied to 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. The risk premium was weighted by the relative fair value of the net derivative instruments. Significant increases or decreases in future capacity or forward reserve prices in isolation would decrease or increase, respectively, the fair value of the derivative liability. Any increases in risk premiums would increase the fair value of the derivative liability. Changes in these fair values are recorded as a regulatory asset or liability and do not impact net income. The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. CL&P (Millions of Dollars) For the Years Ended December 31, 2021 2020 Derivatives, Net: Fair Value as of Beginning of Period $ (293.1) $ (329.2) Net Realized/Unrealized Losses Included in Regulatory Assets (8.5) (17.9) Settlements 52.4 54.0 Fair Value as of End of Period $ (249.2) $ (293.1) |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Eversource holds marketable securities that are primarily used to fund certain non-qualified executive benefits. The trusts that hold marketable securities are not subject to regulatory oversight by state or federal agencies. CYAPC and YAEC maintain legally restricted trusts, each of which holds marketable securities, to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Equity and available-for-sale debt marketable securities are recorded at fair value, with the current portion recorded in Prepayments and Other Current Assets and the long-term portion recorded in Marketable Securities on the balance sheets. Equity Securities: Unrealized gains and losses on equity securities held in Eversource's non-qualified executive benefit trust are recorded in Other Income, Net on the statements of income. The fair value of these equity securities as of December 31, 2021 and 2020 was $40.2 million and $40.9 million, respectively. For the years ended December 31, 2021 and 2020, there were unrealized gains of $4.4 million and $3.7 million recorded in Other Income, Net related to these equity securities, respectively. Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $214.0 million and $205.1 million as of December 31, 2021 and 2020, respectively. Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to long-term liabilities on the balance sheets, with no impact on the statements of income. Available-for-Sale Debt Securities: The following is a summary of the available-for-sale debt securities: As of December 31, 2021 2020 Eversource (Millions of Dollars) Amortized Pre-Tax Pre-Tax Fair Value Amortized Pre-Tax Pre-Tax Fair Value Debt Securities $ 214.5 $ 5.1 $ (0.2) $ 219.4 $ 213.1 $ 11.2 $ (0.1) $ 224.2 Eversource's debt securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts in the amounts of $189.9 million and $192.5 million as of December 31, 2021 and 2020, respectively. Unrealized gains and losses on available-for-sale debt securities held in Eversource's non-qualified benefit trust are recorded in Accumulated Other Comprehensive Income, excluding amounts related to credit losses or losses on securities intended to be sold, which are recorded in Other Income, Net. There have been no significant unrealized losses and no credit losses for the years ended December 31, 2021 and 2020, and no allowance for credit losses as of December 31, 2021. Factors considered in determining whether a credit loss exists include adverse conditions specifically affecting the issuer, the payment history, ratings and rating changes of the security, and the severity of the impairment. For asset-backed debt securities, underlying collateral and expected future cash flows are also evaluated. Debt securities included in Eversource's non-qualified benefit trust portfolio are investment-grade bonds with a lower default risk based on their credit quality. As of December 31, 2021, the contractual maturities of available-for-sale debt securities were as follows: Eversource (Millions of Dollars) Amortized Fair Less than one year (1) $ 32.2 $ 32.2 One to five years 60.5 61.4 Six to ten years 35.7 36.8 Greater than ten years 86.1 89.0 Total Debt Securities $ 214.5 $ 219.4 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. Realized Gains and Losses: Realized gains and losses are recorded in Other Income, Net for Eversource's benefit trust and are offset in long-term liabilities for CYAPC and YAEC. Eversource utilizes the specific identification basis method for the Eversource non-qualified benefit trust, and the average cost basis method for the CYAPC and YAEC spent nuclear fuel trusts to compute the realized gains and losses on the sale of marketable securities. Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Eversource (Millions of Dollars) As of December 31, 2021 2020 Level 1: Mutual Funds and Equities $ 254.2 $ 246.0 Money Market Funds 31.3 41.2 Total Level 1 $ 285.5 $ 287.2 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 81.3 $ 72.9 Corporate Debt Securities 65.3 63.8 Asset-Backed Debt Securities 12.6 11.9 Municipal Bonds 12.3 24.0 Other Fixed Income Securities 16.6 10.4 Total Level 2 $ 188.1 $ 183.0 Total Marketable Securities $ 473.6 $ 470.2 U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instruments and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows. |
INVESTMENTS IN UNCONSOLIDATED A
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | INVESTMENTS IN UNCONSOLIDATED AFFILIATES Investments in entities that are not consolidated are included in long-term assets on the balance sheets and earnings impacts from these equity investments are included in Other Income, Net on the statements of income. Eversource's investments included the following: Investment Balance as of December 31, (Millions of Dollars) Ownership Interest 2021 2020 Offshore Wind Business - North East Offshore 50 % $ 1,213.6 $ 887.1 Natural Gas Pipeline - Algonquin Gas Transmission, LLC 15 % 121.9 125.2 Renewable Energy Investment Fund 90 % 76.5 71.6 Other various 24.3 23.2 Total Investments in Unconsolidated Affiliates $ 1,436.3 $ 1,107.1 For the years ended December 31, 2021, 2020 and 2019, Eversource had equity in earnings of unconsolidated affiliates of $14.2 million, $14.2 million, and $42.2 million, respectively. Eversource received dividends from its equity method investees of $21.6 million, $21.8 million, and $48.9 million, respectively, for the years ended December 31, 2021, 2020 and 2019. Investments in affiliates where Eversource has the ability to exercise significant influence, but not control, over an investee are initially recognized as an equity method investment at cost. Any differences between the cost of an investment and the amount of underlying equity in net assets of an investee are considered basis differences, and are determined based upon the estimated fair values of the investee's identifiable assets and liabilities. The carrying amount of Eversource’s offshore wind investments exceeded its share of underlying equity in net assets by $300.4 million and $264.1 million, respectively, as of December 31, 2021 and 2020. As of December 31, 2021, these basis differences are primarily comprised of $168.9 million of equity method goodwill that is not being amortized, intangible assets for PPAs, and capitalized interest. Offshore Wind Business: Eversource's offshore wind business includes a 50 percent ownership interest in North East Offshore, which holds PPAs and contracts for the Revolution Wind, South Fork Wind and Sunrise Wind projects, as well as offshore leases issued by BOEM. Eversource's offshore wind projects are being developed and constructed through a joint and equal partnership with Ørsted. This equity investment includes capital expenditures for the three projects, as well as capitalized costs related to future development, acquisition costs of offshore lease areas, and capitalized interest. NSTAR Electric: As of December 31, 2021 and 2020, NSTAR Electric's investments included a 14.5 percent ownership interest in two companies that transmit hydro-electricity imported from the Hydro-Quebec system in Canada of $9.0 million and $8.6 million, respectively. Impairment of Equity Method Investments: Equity method investments are assessed for impairment when conditions exist that indicate that the fair value of the investment is less than book value. If the decline in value is considered to be other-than-temporary, the investment is written down to its estimated fair value, which establishes a new cost basis in the investment. Impairment evaluations involve a significant degree of judgment and estimation, including identifying circumstances that indicate an impairment may exist and developing undiscounted future cash flows. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS Eversource, including CL&P, NSTAR Electric and PSNH, recognizes a liability for the fair value of an ARO on the obligation date if the liability's fair value can be reasonably estimated, even if it is conditional on a future event. Settlement dates and future costs are reasonably estimated when sufficient information becomes available. Management has identified various categories of AROs, primarily CYAPC's and YAEC's obligation to dispose of spent nuclear fuel and high level waste, and also certain assets containing asbestos and hazardous contamination. Management has performed fair value calculations reflecting expected probabilities for settlement scenarios. The fair value of an ARO is recorded as a long-term liability with a corresponding amount included in Property, Plant and Equipment, Net on the balance sheets. The ARO assets are depreciated, and the ARO liabilities are accreted over the estimated life of the obligation and the corresponding credits are recorded as accumulated depreciation and ARO liabilities, respectively. As the electric and natural gas companies are rate-regulated on a cost-of-service basis, these companies apply regulatory accounting guidance and both the depreciation and accretion costs associated with these companies' AROs are recorded as increases to Regulatory Assets on the balance sheets. A reconciliation of the beginning and ending carrying amounts of ARO liabilities is as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Balance as of Beginning of Year $ 499.7 $ 33.4 $ 91.8 $ 4.4 $ 489.5 $ 32.0 $ 97.5 $ 4.2 Liability Assumed Upon CMA Asset Acquisition — — — — 20.1 — — — Liabilities Incurred During the Year — — — — 2.1 — 2.1 — Liabilities Settled During the Year (23.9) (0.6) — — (21.8) (0.7) (1.0) — Accretion 29.4 2.2 4.0 0.3 28.9 2.1 4.3 0.2 Revisions in Estimated Cash Flows (5.1) — 1.7 — (19.1) — (11.1) — Balance as of End of Year $ 500.1 $ 35.0 $ 97.5 $ 4.7 $ 499.7 $ 33.4 $ 91.8 $ 4.4 Eversource's amounts include CYAPC and YAEC's AROs of $325.9 million and $330.3 million as of December 31, 2021 and 2020, respectively. The fair value of the ARO for CYAPC and YAEC includes uncertainties of the fuel off-load dates related to the DOE's timing of performance regarding its obligation to dispose of the spent nuclear fuel and high level waste and other assumptions, including discount rates. The incremental asset recorded as an offset to the ARO liability was fully depreciated since the plants have no remaining useful life. Any changes in the ARO liability are recorded with a corresponding offset to the related regulatory asset. The assets held in the CYAPC and YAEC spent nuclear fuel trusts are restricted for settling the ARO and all other nuclear fuel storage obligations. For further information on the assets held in the spent nuclear fuel trusts, see Note 5, "Marketable Securities," to the financial statements. |
SHORT-TERM DEBT
SHORT-TERM DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SHORT-TERM DEBT | SHORT-TERM DEBT Short-Term Debt - Borrowing Limits: The amount of short-term borrowings that may be incurred by CL&P and NSTAR Electric is subject to periodic approval by the FERC. Because the NHPUC has jurisdiction over PSNH's short-term debt, PSNH is not currently required to obtain FERC approval for its short-term borrowings. On December 3, 2021, the FERC granted authorization that allows CL&P to issue total short-term borrowings in an aggregate principal amount not to exceed $600 million outstanding at any one time, through December 31, 2023. On December 3, 2021, the FERC granted authorization that allows NSTAR Electric to issue total short-term borrowings in an aggregate principal amount not to exceed $655 million outstanding at any one time, through December 31, 2023. PSNH is authorized by regulation of the NHPUC to incur short-term borrowings up to 10 percent of net fixed plant plus an additional $60 million until further ordered by the NHPUC. As of December 31, 2021, PSNH's short-term debt authorization under the 10 percent of net fixed plant test plus $60 million totaled $408 million. CL&P's certificate of incorporation contains preferred stock provisions restricting the amount of unsecured debt that CL&P may incur, including limiting unsecured indebtedness with a maturity of less than 10 years to 10 percent of total capitalization. As of December 31, 2021, CL&P had $963.6 million of unsecured debt capacity available under this authorization. Yankee Gas, NSTAR Gas and EGMA are not required to obtain approval from any state or federal authority to incur short-term debt. Short-Term Debt - Commercial Paper Programs and Credit Agreements : Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility, which terminates on October 15, 2026. This re volving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program. NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on October 15, 2026. The revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program. The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding Available Borrowing Capacity as of December 31, Weighted-Average Interest Rate as of December 31, (Millions of Dollars) 2021 2020 2021 2020 2021 2020 Eversource Parent Commercial Paper Program $ 1,343.0 $ 1,054.3 $ 657.0 $ 945.7 0.31 % 0.25 % NSTAR Electric Commercial Paper Program 162.5 195.0 487.5 455.0 0.14 % 0.16 % There were no borrowings outstanding on the revolving credit facilities as of December 31, 2021 or 2020. CL&P and PSNH have uncommitted line of credit agreements totaling $450 million and $300 million, respectively, which will expire on May 12, 2022. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of December 31, 2021. Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. Under the credit facilities described above, Eversource and its subsidiaries, including CL&P, NSTAR Electric, PSNH, NSTAR Gas, EGMA, Yankee Gas, and Aquarion Water Company of Connecticut, must comply with certain financial and non-financial covenants, including a consolidated debt to total capitalization ratio. As of December 31, 2021 and 2020, Eversource and its subsidiaries were in compliance with these covenants. If Eversource or its subsidiaries were not in compliance with these covenants, an event of default would occur requiring all outstanding borrowings by such borrower to be repaid, and additional borrowings by such borrower would not be permitted under its respective credit facility. The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Details of long-term debt outstanding are as follows: CL&P (Millions of Dollars) As of December 31, 2021 2020 First Mortgage Bonds: 7.875% 1994 Series D due 2024 $ 139.8 $ 139.8 5.750% 2004 Series B due 2034 130.0 130.0 5.625% 2005 Series B due 2035 100.0 100.0 6.350% 2006 Series A due 2036 250.0 250.0 5.750% 2007 Series B due 2037 150.0 150.0 6.375% 2007 Series D due 2037 100.0 100.0 2.500% 2013 Series A due 2023 400.0 400.0 4.300% 2014 Series A due 2044 475.0 475.0 4.150% 2015 Series A due 2045 350.0 350.0 3.200% 2017 Series A due 2027 500.0 500.0 4.000% 2018 Series A due 2048 800.0 800.0 0.750% 2020 Series A due 2025 400.0 400.0 2.050% 2021 Series A due 2031 425.0 — Total First Mortgage Bonds 4,219.8 3,794.8 Pollution Control Revenue Bonds: 4.375% Fixed Rate Tax Exempt due 2028 — 120.5 Unamortized Premiums and Discounts, Net 23.1 25.9 Unamortized Debt Issuance Costs (27.5) (26.4) CL&P Long-Term Debt $ 4,215.4 $ 3,914.8 NSTAR Electric (Millions of Dollars) As of December 31, 2021 2020 Debentures: 5.750% due 2036 $ 200.0 $ 200.0 5.500% due 2040 300.0 300.0 2.375% due 2022 400.0 400.0 4.400% due 2044 300.0 300.0 3.250% due 2025 250.0 250.0 2.700% due 2026 250.0 250.0 3.200% due 2027 700.0 700.0 3.250% due 2029 400.0 400.0 3.950% due 2030 400.0 400.0 3.100% due 2051 300.0 — 1.950% due 2031 300.0 — Total Debentures 3,800.0 3,200.0 Notes: 5.900% Senior Notes Series B due 2034 50.0 50.0 6.700% Senior Notes Series D due 2037 40.0 40.0 3.500% Senior Notes Series F due 2021 — 250.0 3.880% Senior Notes Series G due 2023 80.0 80.0 2.750% Senior Notes Series H due 2026 50.0 50.0 Total Notes 220.0 470.0 Less Amounts due Within One Year (400.0) (250.0) Unamortized Premiums and Discounts, Net (11.2) (6.8) Unamortized Debt Issuance Costs (23.4) (20.0) NSTAR Electric Long-Term Debt $ 3,585.4 $ 3,393.2 PSNH (Millions of Dollars) As of December 31, 2021 2020 First Mortgage Bonds: 5.600% Series M due 2035 $ 50.0 $ 50.0 4.050% Series Q due 2021 — 122.0 3.200% Series R due 2021 — 160.0 3.500% Series S due 2023 325.0 325.0 3.600% Series T due 2049 300.0 300.0 2.400% Series U due 2050 150.0 150.0 2.200% Series V due 2031 350.0 — Total First Mortgage Bonds 1,175.0 1,107.0 Less Amounts due Within One Year — (282.0) Unamortized Premiums and Discounts, Net (2.6) (1.5) Unamortized Debt Issuance Costs (8.6) (6.4) PSNH Long-Term Debt $ 1,163.8 $ 817.1 OTHER (Millions of Dollars) As of December 31, 2021 2020 Yankee Gas - First Mortgage Bonds: 1.380% - 8.480% due 2022 - 2051 $ 765.0 $ 640.0 NSTAR Gas - First Mortgage Bonds: 2.250% - 7.110% due 2025 - 2051 580.0 500.0 EGMA - First Mortgage Bonds: 2.110% - 2.920% due 2031 - 2051 550.0 — Aquarion - Senior Notes 4.000% due 2024 360.0 360.0 Aquarion - Unsecured Notes 0% - 6.430% due 2023 - 2051 394.9 335.2 Aquarion - Secured Debt 1.296% - 9.290% due 2022 - 2044 39.6 35.9 Eversource Parent - Senior Notes 0.300% - 4.250% due 2022 - 2050 6,100.0 5,550.0 Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) 11.7 11.7 Fair Value Adjustment (1) 43.8 74.7 Less Fair Value Adjustment - Current Portion (1) (17.7) (31.0) Less Amounts due in One Year (775.4) (490.2) Unamortized Premiums and Discounts, Net 43.4 46.5 Unamortized Debt Issuance Costs (36.3) (32.0) Total Other Long-Term Debt $ 8,059.0 $ 7,000.8 Total Eversource Long-Term Debt $ 17,023.6 $ 15,125.9 (1) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record long-term debt at fair value on the dates of the 2012 merger with NSTAR and the 2017 acquisition of Aquarion. Availability under Long-Term Debt Issuance Authorizations: On March 31, 2021, the DPU approved NSTAR Electric's request for authorization to issue up to $1.60 billion in long-term debt through December 31, 2023. On September 10, 2021, the DPU approved EGMA’s request for authorization to issue up to $725.0 million in long-term debt through December 31, 2023. The remaining Eversource operating companies, including CL&P and PSNH, have utilized the long-term debt authorizations in place with the respective regulatory commissions. Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issuance/(Repayment) Issue Date or Repayment Date Maturity Date Use of Proceeds for Issuance/ CL&P: 2.05% Series A First Mortgage Bonds $ 425.0 June 2021 July 2031 Repaid short-term debt, paid capital expenditures and working capital 4.38% Series A PCRB (120.5) September 2021 September 2028 Paid on par call date in advance of maturity NSTAR Electric: 3.10% 2021 Debentures 300.0 May 2021 June 2051 Refinanced investments in eligible green expenditures, which were previously financed in 2019 and 2020 3.50% Series F Senior Notes (250.0) June 2021 September 2021 Paid on par call date in advance of maturity 1.95% 2021 Debentures 300.0 August 2021 August 2031 Repaid short-term debt, paid capital expenditures and working capital PSNH: 4.05% Series Q First Mortgage Bonds (122.0) March 2021 June 2021 Paid on par call date in advance of maturity 3.20% Series R First Mortgage Bonds (160.0) June 2021 September 2021 Paid on par call date in advance of maturity 2.20% Series V First Mortgage Bonds 350.0 June 2021 June 2031 Repaid short-term debt, including short-term debt used to redeem Series R First Mortgage Bonds, paid capital expenditures and working capital Other: Eversource Parent 2.50% Series I Senior Notes (450.0) February 2021 March 2021 Paid on par call date in advance of maturity Eversource Parent 2.55% Series S Senior Notes 350.0 March 2021 March 2031 Repaid short-term debt, including short-term debt used to redeem Series I Senior Notes Eversource Parent 1.40% Series U Senior Notes 300.0 August 2021 August 2026 Repaid short-term debt Eversource Parent Variable Rate Series T Senior Notes (1) 350.0 August 2021 August 2023 Repaid short-term debt Aquarion Water Company of Connecticut 3.31% Senior Notes 100.0 April 2021 April 2051 Repaid 5.50% Notes, repaid short-term debt, paid capital expenditures and working capital Aquarion Water Company of Connecticut 5.50% Notes (40.0) April 2021 April 2021 Paid at maturity Yankee Gas 1.38% Series S First Mortgage Bonds 90.0 August 2021 August 2026 (2) Yankee Gas 2.88% Series T First Mortgage Bonds 35.0 August 2021 August 2051 (2) EGMA 2.11% Series A First Mortgage Bonds 310.0 September 2021 October 2031 (2) EGMA 2.92% Series B First Mortgage Bonds 240.0 September 2021 October 2051 (2) NSTAR Gas 2.25% Series T First Mortgage Bonds 40.0 October 2021 November 2031 (2) NSTAR Gas 3.03% Series U First Mortgage Bonds 40.0 October 2021 November 2051 (2) (1) On August 13, 2021, Eversource Parent issued $350 million of floating rate Series T Senior Notes with a maturity date of August 15, 2023. The notes have a coupon rate based on Compounded SOFR plus 0.25%. The notes had an interest rate of 0.30% as of December 31, 2021. (2) The use of proceeds from these various issuances refinanced existing indebtedness, funded capital expenditures and were for general corporate purposes. The EGMA indebtedness that was refinanced included $309.4 million of long-term debt. Long-Term Debt Provisions: The utility plant of CL&P, PSNH, Yankee Gas, NSTAR Gas, EGMA and a portion of Aquarion is subject to the lien of each company's respective first mortgage bond indenture. The Eversource parent, NSTAR Electric and a portion of Aquarion debt is unsecured. Additionally, the long-term debt agreements provide that Eversource and certain of its subsidiaries must comply with certain covenants as are customarily included in such agreements, including equity requirements for NSTAR Electric, NSTAR Gas and Aquarion. Under the equity requirements, NSTAR Electric's and Aquarion's senior notes must maintain a certain consolidated indebtedness to capitalization ratio as of the end of any fiscal quarter and NSTAR Gas' outstanding long-term debt must not exceed equity. Certain secured and unsecured long-term debt securities are callable at redemption price or are subject to make-whole provisions. No long-term debt defaults have occurred as of December 31, 2021. CYAPC's Pre-1983 Spent Nuclear Fuel Obligation: Under the Nuclear Waste Policy Act of 1982, the DOE is responsible for the selection and development of repositories for, and the disposal of, spent nuclear fuel and high-level radioactive waste. CYAPC is obligated to pay the DOE for the costs to dispose of spent nuclear fuel and high-level radioactive waste generated prior to April 7, 1983 (pre-1983 Spent Nuclear Fuel). CYAPC has partially paid this obligation and recorded an accrual for its remaining liability to the DOE. This liability accrues interest costs at the 3-month Treasury bill yield rate. For nuclear fuel used to generate electricity prior to April 7, 1983, payment may be made any time prior to the first delivery of spent fuel to the DOE. As of both December 31, 2021 and 2020, as a result of consolidating CYAPC, Eversource has consolidated $11.7 million, in pre-1983 spent nuclear fuel obligations to the DOE. The obligation includes accumulated interest costs of $8.7 million as of both December 31, 2021 and 2020. CYAPC maintains a trust to fund amounts due to the DOE for the disposal of pre-1983 spent nuclear fuel. For further information, see Note 5, "Marketable Securities," to the financial statements. Fees for disposal of nuclear fuel burned on or after April 7, 1983 were billed to member companies and paid to the DOE. Long-Term Debt Maturities: Long-term debt maturities on debt outstanding for the years 2022 through 2026 and thereafter are shown below. These amounts exclude PSNH rate reduction bonds, CYAPC pre-1983 spent nuclear fuel obligation, net unamortized premiums, discounts and debt issuance costs, and other fair value adjustments as of December 31, 2021: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2022 $ 1,175.4 $ — $ 400.0 $ — 2023 2,008.4 400.0 80.0 325.0 2024 1,050.1 139.8 — — 2025 1,400.2 400.0 250.0 — 2026 940.2 — 300.0 — Thereafter 11,630.0 3,280.0 2,990.0 850.0 Total $ 18,204.3 $ 4,219.8 $ 4,020.0 $ 1,175.0 |
RATE REDUCTION BONDS AND VARIAB
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2021 | |
Rate Reduction Bonds and Variable Interest Entity [Abstract] | |
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES | RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES Rate Reduction Bonds: In May 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035. The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and are paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC in January 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets. The proceeds were used by PSNH Funding to purchase PSNH’s stranded cost asset-recovery property, including its vested property right to bill, collect and adjust a non-bypassable stranded cost recovery charge from PSNH’s retail customers. The collections are used to pay principal, interest and other costs in connection with the RRBs. The RRBs are secured by the stranded cost asset-recovery property. Cash collections from the stranded cost recovery charges and funds on deposit in trust accounts are the sole source of funds to satisfy the debt obligation. PSNH is not the owner of the RRBs, and PSNH Funding’s assets and revenues are not available to pay PSNH’s creditors. The RRBs are non-recourse senior secured obligations of PSNH Funding and are not insured or guaranteed by PSNH or Eversource Energy. PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets. PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements. The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements: (Millions of Dollars) As of December 31, PSNH Balance Sheets: 2021 2020 Restricted Cash - Current Portion (included in Current Assets) $ 31.1 $ 36.8 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 2.1 Securitized Stranded Cost (included in Regulatory Assets) 478.9 522.1 Other Regulatory Liabilities (included in Regulatory Liabilities) 5.4 9.1 Accrued Interest (included in Other Current Liabilities) 7.5 8.0 Rate Reduction Bonds - Current Portion 43.2 43.2 Rate Reduction Bonds - Long-Term Portion 453.7 496.9 (Millions of Dollars) PSNH Income Statements: For the Years Ended December 31, 2021 2020 2019 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 43.2 $ 43.2 $ 43.0 Interest Expense on RRB Principal (included in Interest Expense) 18.4 19.7 21.1 Estimated principal and interest payments on RRBs as of December 31, 2021, is summarized annually through 2026 and thereafter as follows: (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Eversource $ 43.2 $ 43.2 $ 43.2 $ 43.2 $ 43.2 $ 280.9 $ 496.9 Variable Interest Entities - Other: The Company's variable interests outside of the consolidated group include contracts that are required by regulation and provide for regulatory recovery of contract costs and benefits through customer rates. Eversource, CL&P and NSTAR Electric hold variable interests in VIEs through agreements with certain entities that own single renewable energy or peaking generation power plants, with other independent power producers and with transmission businesses. Eversource, CL&P and NSTAR Electric do not control the activities that are economically significant to these VIEs or provide financial or other support to these VIEs. Therefore, Eversource, CL&P and NSTAR Electric do not consolidate these VIEs. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS A. Pension Benefits and Postretirement Benefits Other Than Pension Eversource provides defined benefit retirement plans (Pension Plans) that cover eligible employees and are subject to the provisions of ERISA, as amended by the Pension Protection Act of 2006. Eversource's policy is to annually fund the Pension Plans in an amount at least equal to an amount that will satisfy all federal funding requirements. In addition to the Pension Plans, Eversource maintains non-qualified defined benefit retirement plans (SERP Plans) which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (PBOP Plans) that provide life insurance and a health reimbursement arrangement created for the purpose of reimbursing retirees and dependents for health insurance premiums and certain medical expenses to eligible employees that meet certain age and service eligibility requirements. The benefits provided under the PBOP Plans are not vested, and the Company has the right to modify any benefit provision subject to applicable laws at that time. Eversource annually funds postretirement costs through tax deductible contributions to external trusts. The Pension, SERP and PBOP Plans cover eligible employees, including, among others, employees of the regulated companies. Because the regulated companies recover retiree benefit costs from customers through rates, regulatory assets are recorded in lieu of recording an adjustment to Accumulated Other Comprehensive Income/(Loss) as an offset to the funded status of the Pension, SERP and PBOP Plans. Regulatory accounting is also applied to the portions of the Eversource Service retiree benefit costs that support the regulated companies, as these costs are also recovered from customers. Adjustments to the Pension, SERP and PBOP Plans' funded status for the unregulated companies are recorded on an after-tax basis to Accumulated Other Comprehensive Income/(Loss). For further information, see Note 2, "Regulatory Accounting," and Note 16, "Accumulated Other Comprehensive Income/(Loss)," to the financial statements. Funded Status: The Pension, SERP and PBOP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. Although Eversource maintains marketable securities in a benefit trust, the SERP Plans do not contain any assets. For further information, see Note 5, "Marketable Securities," to the financial statements. The following tables provide information on the plan benefit obligations, fair values of plan assets, and funded status: Pension and SERP As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (7,045.3) $ (1,477.3) $ (1,517.9) $ (748.7) $ (6,321.7) $ (1,331.3) $ (1,397.3) $ (692.6) Service Cost (85.8) (23.0) (15.8) (8.9) (76.2) (21.8) (15.4) (8.2) Interest Cost (130.0) (27.3) (26.8) (14.5) (177.8) (37.3) (38.6) (19.4) Actuarial Gain/(Loss) 177.1 127.8 20.8 14.7 (658.2) (152.3) (139.5) (62.1) Benefits Paid - Pension 309.5 64.6 68.7 34.7 279.3 63.6 59.4 33.5 Benefits Paid - Lump Sum 34.7 — 15.6 — 23.4 — 13.1 — Benefits Paid - SERP 10.1 0.3 0.2 0.4 7.3 0.3 0.2 0.4 Employee Transfers — 4.0 6.8 1.3 — 1.5 0.2 (0.3) Increase due to acquisition of CMA — — — — (121.4) — — — Benefit Obligation as of End of Year $ (6,729.7) $ (1,330.9) $ (1,448.4) $ (721.0) $ (7,045.3) $ (1,477.3) $ (1,517.9) $ (748.7) Change in Pension Plan Assets: Fair Value of Pension Plan Assets as of $ 5,409.2 $ 1,043.1 $ 1,345.1 $ 593.7 $ 4,968.6 $ 986.2 $ 1,288.8 $ 551.6 Employer Contributions 180.0 98.9 30.0 — 109.6 23.2 0.7 19.5 Actual Return on Pension Plan Assets 1,250.5 250.4 312.0 136.9 512.3 98.8 128.3 55.8 Benefits Paid - Pension (309.5) (64.6) (68.7) (34.7) (279.3) (63.6) (59.4) (33.5) Benefits Paid - Lump Sum (34.7) — (15.6) — (23.4) — (13.1) — Employee Transfers — (4.0) (6.8) (1.3) — (1.5) (0.2) 0.3 Increase due to acquisition of CMA — — — — 121.4 — — — Fair Value of Pension Plan Assets as of End of Year $ 6,495.5 $ 1,323.8 $ 1,596.0 $ 694.6 $ 5,409.2 $ 1,043.1 $ 1,345.1 $ 593.7 Funded Status as of December 31st $ (234.2) $ (7.1) $ 147.6 $ (26.4) $ (1,636.1) $ (434.2) $ (172.8) $ (155.0) For the year ended December 31, 2021, the decrease in Eversource's pension liability was primarily attributable to an increase in the return on pension assets. While all pension asset classes performed well, the driver of the increase came from higher valuations of Eversource’s private equity investments. Actuarial Gains and Losses: For the year ended December 31, 2021, the decrease in the benefit obligation due to actuarial gains was primarily attributable to an increase in the discount rate, which resulted in a decrease to Eversource's pension liability of $286.8 million. The decrease in the benefit obligation was partially offset by changes in the mortality assumption. For the year ended December 31, 2020, the increase in the benefit obligation due to actuarial losses was primarily attributable to a decrease in the discount rate, which resulted in an increase to Eversource's pension liability of $603.0 million, which was partially offset by changes in the mortality assumption. The pension and SERP Plans' funded status includes the current portion of the SERP liability totaling $9.7 million and $6.8 million as of December 31, 2021 and 2020, respectively, which is included in Other Current Liabilities on the balance sheets. As of December 31, 2021 and 2020, the accumulated benefit obligation for the Pension and SERP Plans is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2021 $ 6,337.3 $ 1,241.1 $ 1,376.1 $ 670.3 2020 6,669.4 1,356.4 1,449.4 707.2 PBOP As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (993.9) $ (178.6) $ (260.5) $ (109.5) $ (899.0) $ (172.7) $ (258.3) $ (93.0) Service Cost (13.5) (2.3) (2.4) (1.2) (10.2) (1.7) (2.1) (0.9) Interest Cost (17.4) (3.2) (4.4) (1.8) (24.6) (4.4) (6.6) (2.8) Actuarial Gain/(Loss) 81.4 5.8 11.5 14.6 (82.8) (8.6) (7.4) (19.0) Benefits Paid 51.7 10.9 16.3 5.6 50.2 10.1 14.9 6.1 Employee Transfers — 1.9 1.1 — — (1.3) (1.0) 0.1 Impact of Acquisition of CMA 7.4 — — — (27.5) — — — Benefit Obligation as of End of Year $ (884.3) $ (165.5) $ (238.4) $ (92.3) $ (993.9) $ (178.6) $ (260.5) $ (109.5) Change in Plan Assets: Fair Value of Plan Assets as of Beginning of Year $ 1,004.1 $ 134.1 $ 464.6 $ 79.4 $ 935.9 $ 126.3 $ 424.4 $ 76.0 Actual Return on Plan Assets 183.2 24.1 84.2 14.2 116.5 15.7 53.3 9.3 Employer Contributions 2.3 — — — 1.9 — — — Benefits Paid (51.3) (10.9) (16.3) (5.6) (50.2) (10.1) (14.9) (6.1) Employee Transfers — (1.6) (2.5) — — 2.2 1.8 0.2 Fair Value of Plan Assets as of End of Year $ 1,138.3 $ 145.7 $ 530.0 $ 88.0 $ 1,004.1 $ 134.1 $ 464.6 $ 79.4 Funded Status as of December 31st $ 254.0 $ (19.8) $ 291.6 $ (4.3) $ 10.2 $ (44.5) $ 204.1 $ (30.1) The Eversource PBOP funded status includes prepaid assets of $272 million and $34.7 million recorded in Other Long-Term Assets and liabilities of $18.0 million and $24.5 million included in Accrued Pension, SERP and PBOP on the balance sheets as of December 31, 2021 and 2020, respectively. Actuarial Gains and Losses: For the year ended December 31, 2021, the decrease in the benefit obligation due to actuarial gains was primarily attributable to an increase in the discount rate, which resulted in a decrease to the Eversource PBOP liability of $29.8 million, and by changes in our retirement assumptions. For the year ended December 31, 2020, the increase in the benefit obligation due to actuarial losses was primarily attributable to a decrease in the discount rate, which resulted in an increase to the Eversource PBOP liability of $68.3 million, and by changes in our retirement assumptions. The following actuarial assumptions were used in calculating the Pension, SERP and PBOP Plans' year end funded status: Pension and SERP PBOP As of December 31, As of December 31, 2021 2020 2021 2020 Discount Rate 2.8% — 3.0% 2.4% — 2.7% 2.91% — 2.92% 2.5% — 2.6% Compensation/Progression Rate 3.5% — 4.0% 3.5% — 4.0% N/A For the Eversource Service PBOP Plan, the health care cost trend rate is not applicable. For the Aquarion PBOP Plan, the health care cost trend rate for pre-65 retirees is 6.5 percent, with an ultimate rate of 5 percent in 2028, and for post-65 retirees, the health care trend rate and ultimate rate is 3.5 percent. Expense: Eversource charges net periodic benefit plan expense/(income) for the Pension, SERP and PBOP Plans to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. The Company utilizes the spot rate methodology to estimate the discount rate for the service and interest cost components of benefit expense, which provides a relatively precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. The components of net periodic benefit plan expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets/(liabilities) for future recovery or refund, are shown below. The service cost component of net periodic benefit plan expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit plan expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include intercompany allocations of net periodic benefit plan expense/(income), as these amounts are cash settled on a short-term basis. Pension and SERP PBOP For the Year Ended December 31, 2021 For the Year Ended December 31, 2021 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 85.8 $ 23.0 $ 15.8 $ 8.9 $ 13.5 $ 2.3 $ 2.4 $ 1.2 Interest Cost 130.0 27.3 26.8 14.5 17.4 3.2 4.4 1.8 Expected Return on Plan Assets (437.5) (86.8) (108.1) (47.5) (79.1) (10.3) (36.9) (6.1) Actuarial Loss 243.9 45.5 61.6 20.7 8.9 1.8 2.4 0.7 Prior Service Cost/(Credit) 1.4 — 0.3 — (21.2) 1.1 (17.0) 0.4 Total Net Periodic Benefit Plan Expense/(Income) $ 23.6 $ 9.0 $ (3.6) $ (3.4) $ (60.5) $ (1.9) $ (44.7) $ (2.0) Intercompany Expense/(Income) Allocations N/A $ 8.0 $ 8.8 $ 2.7 N/A $ (1.6) $ (1.9) $ (0.6) Pension and SERP PBOP For the Year Ended December 31, 2020 For the Year Ended December 31, 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 76.2 $ 21.8 $ 15.4 $ 8.2 $ 10.2 $ 1.7 $ 2.1 $ 0.9 Interest Cost 177.8 37.3 38.6 19.4 24.6 4.4 6.6 2.8 Expected Return on Plan Assets (400.3) (79.2) (103.0) (44.7) (73.6) (9.9) (34.0) (5.7) Actuarial Loss 202.0 39.2 55.2 15.6 8.4 1.1 2.5 0.8 Prior Service Cost/(Credit) 1.2 — 0.3 — (21.2) 1.1 (17.0) 0.4 Total Net Periodic Benefit Plan Expense/(Income) $ 56.9 $ 19.1 $ 6.5 $ (1.5) $ (51.6) $ (1.6) $ (39.8) $ (0.8) Intercompany Expense/(Income) Allocations N/A $ 9.1 $ 8.9 $ 2.9 N/A $ (1.1) $ (1.4) $ (0.5) Pension and SERP PBOP For the Year Ended December 31, 2019 For the Year Ended December 31, 2019 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 67.7 $ 18.0 $ 14.6 $ 7.1 $ 7.8 $ 1.4 $ 1.7 $ 0.7 Interest Cost 219.0 45.7 49.0 24.0 32.7 6.3 9.5 3.4 Expected Return on Plan Assets (367.1) (73.2) (97.1) (40.7) (66.8) (9.2) (30.2) (5.4) Actuarial Loss 143.2 26.9 44.7 10.6 8.3 1.3 3.3 0.3 Prior Service Cost/(Credit) 0.9 — 0.3 — (23.5) 1.1 (16.9) 0.4 Total Net Periodic Benefit Plan Expense/(Income) $ 63.7 $ 17.4 $ 11.5 $ 1.0 $ (41.5) $ 0.9 $ (32.6) $ (0.6) Intercompany Expense/(Income) Allocations N/A $ 8.5 $ 8.0 $ 2.3 N/A $ (0.9) $ (1.2) $ (0.4) The following actuarial assumptions were used to calculate Pension, SERP and PBOP expense amounts: Pension and SERP PBOP For the Years Ended December 31, For the Years Ended December 31, 2021 2020 2019 2021 2020 2019 Discount Rate 1.5% — 3.0% 2.6% — 3.5% 2.7% — 3.6% 1.8% — 3.1% 2.7% — 3.6% 3.9% — 4.6% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% Compensation/Progression Rate 3.5% — 4.0% 3.5% — 4.0% 3.5% — 4.0% N/A N/A N/A For the Aquarion Pension and PBOP Plans, the expected long-term rate of return was 7 percent for the years ended December 31, 2021 and 2020. For the Aquarion PBOP Plan, the health care cost trend rate was a range of 3.5 percent to 6.2 percent for the year ended December 31, 2021 and 3.5 percent to 6.5 percent for the year ended December 31, 2020. The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income (OCI) as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented: Pension and SERP PBOP Regulatory Assets OCI Regulatory Assets OCI For the Years Ended December 31, For the Years Ended December 31, (Millions of Dollars) 2021 2020 (1) 2021 2020 2021 2020 (1) 2021 2020 Actuarial (Gains)/Losses Arising During the Year $ (961.7) $ 553.1 $ (28.4) $ 24.3 $ (181.5) $ 39.1 $ (4.0) $ 1.3 Actuarial Losses Reclassified as Net Periodic Benefit Expense (231.2) (194.3) (12.7) (7.7) (8.5) (8.0) (0.4) (0.4) Prior Service Cost Arising During the Year — 2.0 — — — — — — Prior Service (Cost)/Credit Reclassified as Net Periodic (1.3) (1.0) (0.1) (0.2) 21.1 21.3 0.1 (0.1) (1) Amounts include the impact of the CMA asset acquisition beginning October 9, 2020. The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2021 and 2020: Regulatory Assets as of December 31, AOCI as of December 31, (Millions of Dollars) 2021 2020 2021 2020 Pension and SERP Actuarial Loss $ 1,427.3 $ 2,620.2 $ 66.3 $ 107.4 Prior Service Cost 5.3 6.6 0.6 0.7 PBOP Actuarial Loss $ 45.0 $ 235.0 $ 3.5 $ 7.9 Prior Service (Credit)/Cost (130.1) (151.2) 1.0 0.9 The difference between the actual return and calculated expected return on plan assets for the Pension and PBOP Plans, as well as changes in actuarial assumptions impacting the projected benefit obligation, are recorded as unamortized actuarial gains or losses arising during the year in Regulatory Assets or Accumulated Other Comprehensive Income/(Loss). Unamortized actuarial gains or losses are amortized as a component of pension and PBOP expense over the estimated average future employee service period. Estimated Future Benefit Payments: The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans: (Millions of Dollars) 2022 2023 2024 2025 2026 2027 - 2031 Pension and SERP $ 359.6 $ 367.4 $ 405.0 $ 381.2 $ 384.3 $ 1,918.2 PBOP 56.4 56.2 55.9 55.3 54.3 254.6 Eversource Contributions: Based on the current status of the Pension Plans and federal pension funding requirements, there is no minimum funding requirement for our Pension Plans for 2022. Eversource currently expects to make contributions between $100 million to $175 million in 2022, most of which will be contributed by Eversource Service, however the planned contribution is discretionary and subject to change. Eversource currently estimates contributing $2.4 million to the PBOP Plans in 2022. Fair Value of Pension and PBOP Plan Assets: Pension and PBOP funds are held in external trusts. Trust assets, including accumulated earnings, must be used exclusively for Pension and PBOP payments. Eversource's investment strategy for its Pension and PBOP Plans is to maximize the long-term rates of return on these plans' assets within an acceptable level of risk. The investment strategy for each asset category includes a diversification of asset types, fund strategies and fund managers and it establishes target asset allocations that are routinely reviewed and periodically rebalanced. PBOP assets are comprised of assets held in the PBOP Plan trust, as well as specific assets within the Pension Plan trust (401(h) assets). The investment policy and strategy of the 401(h) assets is consistent with that of the defined benefit pension plan. Eversource's expected long-term rates of return on Pension and PBOP Plan assets are based on target asset allocation assumptions and related expected long-term rates of return. In developing its expected long-term rate of return assumptions for the Pension and PBOP Plans, Eversource evaluated input from consultants, as well as long-term inflation assumptions and historical returns. Management has assumed long-term rates of return of 8.25 percent for the Eversource Service Pension and PBOP Plan assets and a 7 percent long-term rate of return for the Aquarion Plans to estimate its 2022 Pension and PBOP costs. These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows: As of December 31, 2021 2020 Eversource Pension Plan and PBOP Plan Eversource Pension Plan and PBOP Plan Target Asset Allocation Assumed Rate of Return Target Asset Allocation Assumed Rate of Return Equity Securities: United States 15.0 % 8.5 % 15.0 % 8.5 % Global 10.0 % 8.75 % 10.0 % 8.75 % Non-United States 8.0 % 8.5 % 8.0 % 8.5 % Emerging Markets 4.0 % 10.0 % 4.0 % 10.0 % Debt Securities: Fixed Income 13.0 % 4.0 % 13.0 % 4.0 % Public High Yield Fixed Income 4.0 % 6.5 % 4.0 % 6.5 % Private Debt 13.0 % 9.0 % 15.0 % 9.0 % Private Equity 18.0 % 12.0 % 15.0 % 12.0 % Real Assets 15.0 % 7.5 % 16.0 % 7.5 % 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: Pension Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2021 2020 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities $ 722.5 $ — $ 1,385.2 $ 2,107.7 $ 630.8 $ — $ 1,321.7 $ 1,952.5 Fixed Income 139.6 233.8 1,689.1 2,062.5 113.6 265.6 1,402.5 1,781.7 Private Equity — — 1,702.7 1,702.7 22.3 — 1,175.4 1,197.7 Real Assets 218.3 — 702.8 921.1 158.4 — 580.8 739.2 Total $ 1,080.4 $ 233.8 $ 5,479.8 $ 6,794.0 $ 925.1 $ 265.6 $ 4,480.4 $ 5,671.1 Less: 401(h) PBOP Assets (1) (298.5) (261.9) Total Pension Assets $ 6,495.5 $ 5,409.2 PBOP Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2021 2020 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities $ 191.4 $ — $ 248.3 $ 439.7 $ 176.5 $ — $ 217.8 $ 394.3 Fixed Income 49.7 45.2 125.5 220.4 16.0 43.2 152.9 212.1 Private Equity — — 58.7 58.7 — — 31.5 31.5 Real Assets 90.0 — 31.0 121.0 82.1 — 22.2 104.3 Total $ 331.1 $ 45.2 $ 463.5 $ 839.8 $ 274.6 $ 43.2 $ 424.4 $ 742.2 Add: 401(h) PBOP Assets (1) 298.5 261.9 Total PBOP Assets $ 1,138.3 $ 1,004.1 (1) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan. The Company values assets based on observable inputs when available. Equity securities, exchange traded funds and futures contracts classified as Level 1 in the fair value hierarchy are priced based on the closing price on the primary exchange as of the balance sheet date. Fixed income securities, such as government issued securities and corporate bonds, are included in Level 2 and are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The pricing models utilize observable inputs such as recent trades for the same or similar instruments, yield curves, discount margins and bond structures. Swaps are valued using pricing models that incorporate interest rates and equity and fixed income index closing prices to determine a net present value of the cash flows. Eversource maintains defined contribution plans on behalf of eligible participants. The Eversource 401k Plan provides for employee and employer contributions up to statutory limits. For eligible employees, the Eversource 401k Plan provides employer matching contributions of either 100 percent up to a maximum of three percent of eligible compensation or 50 percent up to a maximum of eight percent of eligible compensation. The Eversource 401k Plan also contains a K-Vantage feature for the benefit of eligible participants, which provides an additional annual employer contribution based on age and years of service. K-Vantage participants are not eligible to actively participate in the Eversource Pension Plan. The total Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2021 $ 55.5 $ 7.0 $ 12.2 $ 4.3 2020 49.4 6.6 11.8 4.1 2019 41.6 5.5 10.3 3.5 Share-based compensation awards are recorded using a fair-value based method at the date of grant. Eversource, CL&P, NSTAR Electric and PSNH record compensation expense related to these awards, as applicable, for shares issued to their respective employees and officers, as well as for the allocation of costs associated with shares issued to Eversource's service company employees and officers that support CL&P, NSTAR Electric and PSNH. Eversource Incentive Plans: Eversource maintains long-term equity-based incentive plans in which Eversource, CL&P, NSTAR Electric and PSNH employees, officers and board members are eligible to participate. The incentive plans authorize Eversource to grant up to 6,700,000 new shares for various types of awards, including RSUs and performance shares, to eligible employees, officers, and board members. As of December 31, 2021 and 2020, Eversource had 2,430,716 and 2,876,601 common shares, respectively, available for issuance under these plans. Eversource accounts for its various share-based plans as follows: • RSUs - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period based upon the fair value of Eversource's common shares at the date of grant. The par value of RSUs is reclassified to Common Stock from Capital Surplus, Paid In as RSUs become issued as common shares. • Performance Shares - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. Performance shares vest based upon the extent to which Company goals are achieved. Vesting of outstanding performance shares is based upon both the Company's EPS growth over the requisite service period and the total shareholder return as compared to the Edison Electric Institute (EEI) Index during the requisite service period. The fair value of performance shares is determined at the date of grant using a lattice model. RSUs: Eversource granted RSUs under the annual long-term incentive programs that are subject to three-year graded vesting schedules for employees, and one-year graded vesting schedules, or immediate vesting, for board members. RSUs are paid in shares, reduced by amounts sufficient to satisfy withholdings for income taxes, subsequent to vesting. A summary of RSU transactions is as follows: RSUs Weighted Average Outstanding as of December 31, 2020 674,218 $ 63.42 Granted 165,930 $ 81.89 Shares Issued (223,484) $ 69.03 Forfeited (22,041) $ 83.86 Outstanding as of December 31, 2021 594,623 $ 65.70 The weighted average grant-date fair value of RSUs granted for the years ended December 31, 2021, 2020 and 2019 was $81.89, $88.23 and $67.91, respectively. As of December 31, 2021 and 2020, the number and weighted average grant-date fair value of unvested RSUs was 297,270 and $83.39 per share, and 379,258 and $77.13 per share, respectively. During 2021, there were 219,560 RSUs at a weighted average grant-date fair value of $72.37 per share that vested during the year and were either paid or deferred. As of December 31, 2021, 297,353 RSUs were fully vested and deferred and an additional 282,407 are expected to vest. Performance Shares: Eversource granted performance shares under the annual long-term incentive programs that vest based upon the extent to which Company goals are achieved at the end of three-year performance measurement periods. Performance shares are paid in shares, after the performance measurement period. A summary of performance share transactions is as follows: Performance Shares Weighted Average Outstanding as of December 31, 2020 447,805 $ 69.93 Granted 286,645 $ 76.08 Shares Issued (256,914) $ 56.88 Forfeited (13,029) $ 84.28 Outstanding as of December 31, 2021 464,507 $ 80.54 The weighted average grant-date fair value of performance shares granted for the years ended December 31, 2021, 2020 and 2019 was $76.08, $75.36 and $68.33, respectively. As of December 31, 2021 and 2020, the number and weighted average grant-date fair value of unvested performance shares was 436,957 and $81.41 per share, and 404,698 and $70.85 per share, respectively. During 2021, there were 241,949 performance shares at a weighted average grant-date fair value of $57.23 per share that vested during the year and were either paid or deferred. As of December 31, 2021, 27,550 performance shares were fully vested and deferred. Compensation Expense: The total compensation expense and associated future income tax benefits recognized by Eversource, CL&P, NSTAR Electric and PSNH for share-based compensation awards were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Compensation Expense $ 28.2 $ 33.9 $ 27.3 Future Income Tax Benefit 7.3 8.9 7.0 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Compensation Expense $ 8.8 $ 9.0 $ 3.0 $ 10.9 $ 11.3 $ 3.6 $ 9.8 $ 9.7 $ 3.3 Future Income Tax Benefit 2.3 2.3 0.8 2.9 3.0 1.0 2.5 2.5 0.8 As of December 31, 2021, there was $17.8 million of total unrecognized compensation expense related to nonvested share-based awards for Eversource, including $3.2 million for CL&P, $5.0 million for NSTAR Electric, and $1.1 million for PSNH. This cost is expected to be recognized ratably over a weighted-average period of 1.72 years for Eversource, CL&P, NSTAR Electric and PSNH. An income tax rate of 26 percent was used to estimate the tax effect on total share-based payments determined under the fair-value based method for all awards. Beginning in 2019, the Company began issuing treasury shares to settle fully vested RSUs and performance shares under the Company's incentive plans. For the years ended December 31, 2021, 2020 and 2019, excess tax benefits associated with the distribution of stock compensation awards reduced income tax expense by $4.0 million, $6.6 million, and $1.5 million, respectively, which increased cash flows from operating activities on the statements of cash flows. Eversource provides retirement and other benefits for certain current and past company officers. These benefits are accounted for on an accrual basis and expensed over a period equal to the service lives of the employees. The actuarially-determined liability for these benefits is included in Other Current and Long-Term Liabilities on the balance sheets. The related expense, which includes the allocation of expense associated with Eversource's service company officers that support CL&P, NSTAR Electric and PSNH, is included in Operations and Maintenance Expense on the income statements. The liability and expense amounts are as follows: Eversource (Millions of Dollars) As of and For the Years Ended December 31, 2021 2020 2019 Actuarially-Determined Liability $ 42.8 $ 45.7 $ 52.0 Other Retirement Benefits Expense 2.2 3.3 2.7 As of and For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Actuarially-Determined Liability $ 0.2 $ 0.1 $ 1.5 $ 0.2 $ 0.1 $ 1.7 $ 0.2 $ 0.1 $ 1.7 Other Retirement Benefits Expense 0.7 0.7 0.3 1.2 1.1 0.5 1.0 0.9 0.4 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of income tax expense are as follows: Eversource (Millions of Dollars) For the Years Ended December 31, 2021 2020 2019 Current Income Taxes: Federal $ 21.5 $ 73.6 $ 56.9 State (21.6) 19.1 10.5 Total Current (0.1) 92.7 67.4 Deferred Income Taxes, Net: Federal 199.7 173.5 138.4 State 147.4 83.7 71.4 Total Deferred 347.1 257.2 209.8 Investment Tax Credits, Net (2.8) (3.7) (3.7) Income Tax Expense $ 344.2 $ 346.2 $ 273.5 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Current Income Taxes: Federal $ 15.0 $ 52.3 $ 43.1 $ 12.0 $ 53.9 $ 20.6 $ 68.4 $ 82.6 $ 22.9 State (7.0) 6.2 10.8 (6.1) 6.9 3.8 15.4 18.2 2.2 Total Current 8.0 58.5 53.9 5.9 60.8 24.4 83.8 100.8 25.1 Deferred Income Taxes, Net: Federal 76.3 16.3 (14.9) 101.1 33.8 (1.3) 35.2 0.1 5.8 State 47.6 41.2 0.4 43.4 38.8 8.6 18.8 27.0 10.1 Total Deferred 123.9 57.5 (14.5) 144.5 72.6 7.3 54.0 27.1 15.9 Investment Tax Credits, Net (0.6) (1.7) — (0.7) (2.6) — (0.8) (2.6) — Income Tax Expense $ 131.3 $ 114.3 $ 39.4 $ 149.7 $ 130.8 $ 31.7 $ 137.0 $ 125.3 $ 41.0 A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows: Eversource (Millions of Dollars, except percentages) For the Years Ended December 31, 2021 2020 2019 Income Before Income Tax Expense $ 1,572.3 $ 1,558.9 $ 1,190.1 Statutory Federal Income Tax Expense at 21% 330.2 327.4 249.9 Tax Effect of Differences: Depreciation (18.1) (11.1) 1.9 Investment Tax Credit Amortization (2.8) (3.7) (3.7) State Income Taxes, Net of Federal Impact 54.4 44.9 24.6 Dividends on ESOP (5.1) (5.1) (5.1) Tax Asset Valuation Allowance/Reserve Adjustments 44.6 33.4 40.1 Excess Stock Benefit (4.0) (6.6) (1.5) EDIT Amortization (69.1) (48.7) (37.4) Other, Net 14.1 15.7 4.7 Income Tax Expense $ 344.2 $ 346.2 $ 273.5 Effective Tax Rate 21.9 % 22.2 % 23.0 % For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars, except percentages) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Income Before Income Tax Expense $ 533.0 $ 590.9 $ 189.8 $ 607.6 $ 575.8 $ 179.0 $ 547.8 $ 557.3 $ 175.0 Statutory Federal Income Tax Expense at 21% 111.9 124.1 39.9 127.6 120.9 37.6 115.0 117.0 36.8 Tax Effect of Differences: Depreciation (6.4) (3.4) (0.2) 0.4 (3.7) (1.4) (0.2) (3.0) (0.8) Investment Tax Credit Amortization (0.6) (1.7) — (0.7) (2.6) — (0.8) (2.6) — State Income Taxes, Net of Federal Impact (4.6) 37.5 8.9 (1.2) 36.0 9.8 2.5 35.7 9.8 Tax Asset Valuation 36.7 — — 30.7 — — 24.5 — — Excess Stock Benefit (1.5) (1.4) (0.5) (2.3) (2.3) (0.8) (0.5) (0.5) (0.2) EDIT Amortization (9.8) (43.2) (10.5) (9.0) (20.4) (15.4) (5.8) (22.9) (4.0) Other, Net 5.6 2.4 1.8 4.2 2.9 1.9 2.3 1.6 (0.6) Income Tax Expense $ 131.3 $ 114.3 $ 39.4 $ 149.7 $ 130.8 $ 31.7 $ 137.0 $ 125.3 $ 41.0 Effective Tax Rate 24.6 % 19.3 % 20.8 % 24.6 % 22.7 % 17.7 % 25.0 % 22.5 % 23.4 % Eversource, CL&P, NSTAR Electric and PSNH file a consolidated federal income tax return and unitary, combined and separate state income tax returns. These entities are also parties to a tax allocation agreement under which taxable subsidiaries do not pay any more taxes than they would have otherwise paid had they filed a separate company tax return, and subsidiaries generating tax losses, if any, are paid for their losses when utilized. Deferred tax assets and liabilities are recognized for the future tax effects of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The tax effect of temporary differences is accounted for in accordance with the rate-making treatment of the applicable regulatory commissions and relevant accounting authoritative literature. The tax effects of temporary differences that give rise to the net accumulated deferred income tax obligations are as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Deferred Tax Assets: Employee Benefits $ 270.8 $ 23.9 $ 40.3 $ 14.1 $ 602.4 $ 144.5 $ 79.8 $ 56.6 Derivative Liabilities 76.8 76.8 — — 92.6 91.8 — — Regulatory Deferrals - Liabilities 390.7 90.9 215.4 24.3 259.8 30.2 161.8 13.4 Allowance for Uncollectible Accounts 104.1 48.8 21.5 6.2 87.5 42.3 20.9 4.6 Tax Effect - Tax Regulatory Liabilities 783.4 328.2 254.3 100.9 810.9 331.4 271.8 105.2 Net Operating Loss Carryforwards 7.5 — — — 12.7 — — — Purchase Accounting Adjustment 67.2 — — — 54.5 — — — Other 196.6 103.9 21.7 22.9 200.3 100.9 14.3 19.8 Total Deferred Tax Assets 1,897.1 672.5 553.2 168.4 2,120.7 741.1 548.6 199.6 Less: Valuation Allowance 61.5 44.5 — — 48.3 33.7 — — Net Deferred Tax Assets $ 1,835.6 $ 628.0 $ 553.2 $ 168.4 $ 2,072.4 $ 707.4 $ 548.6 $ 199.6 Deferred Tax Liabilities: Accelerated Depreciation and Other $ 4,426.0 $ 1,509.5 $ 1,553.7 $ 482.9 $ 4,153.6 $ 1,438.1 $ 1,489.4 $ 453.8 Property Tax Accruals 88.1 40.5 33.7 6.3 88.7 39.0 37.0 5.8 Regulatory Amounts: Regulatory Deferrals - Assets 1,260.3 438.3 337.6 198.4 1,376.7 444.8 324.4 263.4 Tax Effect - Tax Regulatory Assets 257.8 181.4 10.9 8.3 244.6 174.4 11.3 8.6 Goodwill Regulatory Asset - 1999 Merger 81.4 — 69.9 — 86.0 — 73.8 — Derivative Assets 14.9 14.9 — — 17.8 17.8 — — Other 304.2 5.5 126.9 10.5 200.3 1.6 72.6 5.6 Total Deferred Tax Liabilities $ 6,432.7 $ 2,190.1 $ 2,132.7 $ 706.4 $ 6,167.7 $ 2,115.7 $ 2,008.5 $ 737.2 2021 Federal Legislation: On November 5, 2021, Congress passed the Infrastructure Investment and Jobs Act. The Act provided spending of more than $500 billion on roads, highways, bridges, public transit, and utilities. For water and sewer utilities, the Act restored the exclusion from a corporation’s income for contributions in aid of construction where the corporation is a water or sewer utility eliminated by the Tax Cuts and Jobs Act of 2017. Under the Act, a regulated public utility that provides water or sewage disposal services can treat money or property received from any person as a tax-free contribution to capital if it meets certain criteria for contributions made after 2020. The Act did not have a material impact on Eversource in 2021. 2020 Federal Legislation: On March 27, 2020, former President Trump signed the $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act. Among other provisions, the CARES Act provides for loans and other benefits to small and large businesses, expanded unemployment insurance, direct payments to those with wages middle-income and below, new appropriations funding for health care and other priorities, and tax changes like deferrals of employer payroll tax liabilities coupled with an employee retention tax credit and rollbacks of Tax Cuts and Jobs Act of 2017 limitations on net operating losses and certain business interest limitation. For the years ended December 31, 2021 and 2020, we recorded a tax liability of $19.6 million and $39 million, respectively, related to the deferral of employer payroll tax liability provision. Fifty percent of the 2020 deferral of employer payroll tax liability was paid by December 31, 2021 and the remaining amount must be paid by December 31, 2022. Other than the cash flow benefit described, the CARES Act did not have a material impact. On December 27, 2020, former President Trump signed into law H.R. 133, the “Consolidated Appropriations Act, 2021.” The House of Representatives and Senate previously passed the bill with overwhelming support. The legislation included the extension of the Investment Tax Credit (ITC) for solar at 26 percent for facilities the construction of which begins through the end of 2022, at 22 percent for facilities the construction of which begins in 2023, and postponement of the date after which solar facilities placed in service receive only a 10 percent ITC to December 31, 2025, the extension of the ITC at 30 percent (with no phase-down) to offshore wind if construction begins by December 31, 2025 (qualifying offshore wind includes facilities located in the inland navigable waters or in the coastal waters of the U.S.), and the extension and expansion of the CARES Act employee retention tax credit for the period from January 1, 2021 through June 30, 2021, including increasing the credit rate from 50 percent to 70 percent of qualified wages, and increasing the per-employee creditable wages limit from $10,000 per year to $10,000 for each quarter. These credits provide the opportunity to generate additional tax credits in the Company’s renewable energy projects when the projects become operational. The tax credit provision had no impact to Eversource in 2021 and the credits will be evaluated for significant positive developments for the Company in 2022 and forward. Carryforwards: The following table provides the amounts and expiration dates of state tax credit and loss carryforwards and federal tax credit and net operating loss carryforwards: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Expiration Range Eversource CL&P NSTAR PSNH Expiration Range State Net Operating Loss $ 138.3 $ — $ — $ — 2021 - 2040 $ 183.4 $ — $ — $ — 2021 - 2040 State Tax Credit 197.7 137.0 — — 2021 - 2026 186.6 133.4 — — 2020 - 2025 State Charitable Contribution 23.7 — — — 2021 - 2025 10.2 — — — 2020 - 2024 In 2021, the Company increased its valuation allowance reserve for state credits by $13.0 million ($10.8 million for CL&P), net of tax, to reflect an update for expiring tax credits. In 2020 , the Company increased its valuation allowance reserve for state credits by $10.3 million ($8.8 million for CL&P), net of tax, to reflect an update for expiring tax credits. For 2021 and 2020, state credit and state loss carryforwards have been partially reserved by a valuation allowance of $61.5 million and $48.3 million (net of tax), respectively. Unrecognized Tax Benefits: A reconciliation of the activity in unrecognized tax benefits, all of which would impact the effective tax rate if recognized, is as follows: (Millions of Dollars) Eversource CL&P Balance as of January 1, 2019 $ 45.9 $ 18.2 Gross Increases - Current Year 12.1 4.0 Gross Increases - Prior Year 3.4 3.3 Lapse of Statute of Limitations (6.4) (2.4) Balance as of December 31, 2019 55.0 23.1 Gross Increases - Current Year 11.9 4.6 Gross Increases - Prior Year 1.4 0.7 Lapse of Statute of Limitations (6.5) (2.6) Balance as of December 31, 2020 61.8 25.8 Gross Increases - Current Year 11.3 3.8 Gross Decreases - Prior Year (0.3) (0.6) Lapse of Statute of Limitations (7.0) (2.8) Balance as of December 31, 2021 $ 65.8 $ 26.2 Interest and Penalties: Interest on uncertain tax positions is recorded and generally classified as a component of Other Interest Expense on the statements of income. However, when resolution of uncertainties results in the Company receiving interest income, any related interest benefit is recorded in Other Income, Net on the statements of income. No penalties have been recorded. There has been no interest expense or income recognized on uncertain tax positions for the years ended December 31, 2021, 2020 or 2019. The accrued interest payable was $0.1 million as of both December 31, 2021 and 2020. Tax Positions: During 2021 and 2020, Eversource did not resolve any of its uncertain tax positions. Open Tax Years: The following table summarizes Eversource, CL&P, NSTAR Electric, and PSNH's tax years that remain subject to examination by major tax jurisdictions as of December 31, 2021: Description Tax Years Federal 2021 Connecticut 2018 - 2021 Massachusetts 2018 - 2021 New Hampshire 2018 - 2021 Eversource does not estimate to have an earnings impact related to unrecognized tax benefits during the next twelve months. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters Eversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations. Environmental reserves are accrued when assessments indicate it is probable that a liability has been incurred and an amount can be reasonably estimated. The approach used estimates the liability based on the most likely action plan from a variety of available remediation options, including no action required or several different remedies ranging from establishing institutional controls to full site remediation and monitoring. These liabilities are estimated on an undiscounted basis and do not assume that the amounts are recoverable from insurance companies or other third parties. The environmental reserves include sites at different stages of discovery and remediation and do not include any unasserted claims. These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly. The amounts recorded as environmental reserves are included in Other Current Liabilities and Other Long-Term Liabilities on the balance sheets and represent management's best estimate of the liability for environmental costs, and take into consideration site assessment, remediation and long-term monitoring costs. The environmental reserves also take into account recurring costs of managing hazardous substances and pollutants, mandated expenditures to remediate contaminated sites and any other infrequent and non-recurring clean-up costs. A reconciliation of the activity in the environmental reserves is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Balance as of January 1, 2020 $ 81.0 $ 11.4 $ 8.0 $ 7.5 Increase Due to CMA Asset Acquisition 22.9 — — — Additions 8.4 4.2 0.7 — Payments/Reductions (9.9) (3.3) (4.0) (0.4) Balance as of December 31, 2020 102.4 12.3 4.7 7.1 Additions 23.4 4.4 — — Payments/Reductions (10.4) (2.8) (1.4) (0.8) Balance as of December 31, 2021 $ 115.4 $ 13.9 $ 3.3 $ 6.3 The number of environmental sites for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: Eversource CL&P NSTAR Electric PSNH 2021 61 14 11 9 2020 63 15 12 9 The increase in the reserve balance was due primarily to a change in cost estimates at an NSTAR Gas MGP site under investigation, which we now know will require additional remediation. Included in the number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured natural gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability. The reserve balances related to these former MGP sites were $105.6 million and $92.2 million as of December 31, 2021 and 2020, respectively, and related primarily to the natural gas business segment. As of December 31, 2021, for 7 environmental sites (2 for CL&P) that are included in the Company's reserve for environmental costs, the information known and the nature of the remediation options allow for the Company to estimate the range of losses for environmental costs. As of December 31, 2021, $25.9 million (including $3.2 million for CL&P) has been accrued as a liability for these sites, which represents the low end of the range of the liabilities for environmental costs. Management believes that additional losses of up to approximately $10 million ($0.6 million at CL&P) may be incurred in executing current remediation plans for these sites. As of December 31, 2021, for 13 environmental sites (7 for CL&P and 2 for NSTAR Electric) that are included in the Company's reserve for environmental costs, management cannot reasonably estimate the exposure to loss in excess of the reserve, or range of loss, as these sites are under investigation and/or there is significant uncertainty as to what remedial actions, if any, the Company may be required to undertake. As of December 31, 2021, $16.1 million (including $3.9 million for CL&P and $0.2 million for NSTAR Electric) had been accrued as a liability for these sites. As of December 31, 2021, for the remaining 41 environmental sites (including 5 for CL&P, 9 for NSTAR Electric and 9 for PSNH) that are included in the Company's reserve for environmental costs, the $73.4 million accrual (including $6.8 million for CL&P, $3.1 million for NSTAR Electric and $6.3 million for PSNH) represents management's best estimate of the probable liability and no additional loss is estimable at this time. Estimated Future Annual Costs: The estimated future annual costs of significant executed, non-cancelable, long-term contractual arrangements in effect as of December 31, 2021 are as follows: Eversource (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 755.4 $ 700.7 $ 696.4 $ 718.7 $ 714.3 $ 3,571.4 $ 7,156.9 Natural Gas Procurement 377.9 323.6 270.5 265.5 250.4 1,517.2 3,005.1 Purchased Power and Capacity 76.0 87.1 86.7 75.1 2.9 9.8 337.6 Peaker CfDs 26.1 38.9 39.4 36.7 29.9 63.3 234.3 Transmission Support Commitments 16.0 17.8 20.6 22.4 22.6 22.6 122.0 Total $ 1,251.4 $ 1,168.1 $ 1,113.6 $ 1,118.4 $ 1,020.1 $ 5,184.3 $ 10,855.9 CL&P (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 586.2 $ 592.1 $ 592.0 $ 593.9 $ 591.9 $ 2,752.2 $ 5,708.3 Purchased Power and Capacity 72.1 83.4 83.8 72.3 0.1 — 311.7 Peaker CfDs 26.1 38.9 39.4 36.7 29.9 63.3 234.3 Transmission Support Commitments 6.3 7.0 8.1 8.8 8.9 8.9 48.0 Total $ 690.7 $ 721.4 $ 723.3 $ 711.7 $ 630.8 $ 2,824.4 $ 6,302.3 NSTAR Electric (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 102.9 $ 78.3 $ 75.7 $ 76.1 $ 76.4 $ 492.3 $ 901.7 Purchased Power and Capacity 3.0 2.9 2.9 2.8 2.8 9.8 24.2 Transmission Support Commitments 6.3 7.0 8.1 8.9 8.9 8.9 48.1 Total $ 112.2 $ 88.2 $ 86.7 $ 87.8 $ 88.1 $ 511.0 $ 974.0 PSNH (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 66.3 $ 30.3 $ 28.7 $ 48.7 $ 46.0 $ 326.9 $ 546.9 Purchased Power and Capacity 0.9 0.8 — — — — 1.7 Transmission Support Commitments 3.4 3.8 4.4 4.7 4.8 4.8 25.9 Total $ 70.6 $ 34.9 $ 33.1 $ 53.4 $ 50.8 $ 331.7 $ 574.5 Renewable Energy: Renewable energy contracts include non-cancellable commitments under contracts of CL&P, NSTAR Electric and PSNH for the purchase of energy and capacity from renewable energy facilities. Such contracts extend through 2042 for CL&P, 2041 for NSTAR Electric and 2033 for PSNH. As required by 2018 regulation, CL&P and UI each entered into PURA-approved ten-year contracts in 2019 to purchase a combined total of approximately 9 million MWh annually from the Millstone Nuclear Power Station generation facility, which represents a combined amount of approximately 50 percent of the facility's output (approximately 40 percent by CL&P). The Millstone Nuclear Power Station has a 2,112 MW nameplate capacity. Energy deliveries and payments under these contracts began in 2019. Also as required by 2018 regulation, CL&P and UI each entered into PURA-approved eight-year contracts in 2019 to purchase a combined amount of approximately 18 percent of the Seabrook Nuclear Power Plant’s output (approximately 15 percent by CL&P) beginning January 1, 2022. The Seabrook Nuclear Power Plant has an approximate 1,250 MW nameplate capacity. The total estimated remaining future cost of the Millstone Nuclear Power Station and Seabrook Nuclear Power Plant energy purchase contracts are $3.3 billion and are reflected in the table above. CL&P sells the energy purchased under these contracts into the market and uses the proceeds from these energy sales to offset the contract costs. As the net costs under these contracts are recovered from customers in future rates, the contracts do not have an impact on the net income of CL&P. These contracts do not meet the definition of a derivative, and accordingly, the costs of these contracts are being accounted for as incurred. Excluded from the table above are long-term commitments of NSTAR Electric pertaining to the Massachusetts Clean Energy 83D contract, for which construction was suspended prior to December 31, 2021. Should the project attain feasibility and construction recommence, the estimated costs under the contract may potentially begin in 2023 and range between $150 million and $415 million per year under a 20-year contract, totaling approximately $6.7 billion. The contractual obligations table above does not include long-term commitments signed by CL&P and NSTAR Electric, as required by the PURA and DPU, respectively, for the purchase of renewable energy and related products that are contingent on the future construction of energy facilities. Natural Gas Procurement: Eversource's natural gas distribution businesses have long-term contracts for the purchase, transportation and storage of natural gas as part of its portfolio of supplies, which extend through 2045. Purchased Power and Capacity: These contracts include capacity CfDs of CL&P through 2026, and various IPP contracts or purchase obligations for electricity which extend through 2024 for CL&P, 2031 for NSTAR Electric and 2023 for PSNH. 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 capacities of these contracts as of both December 31, 2021 and 2020 were 675 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. CL&P's portion of the costs and benefits of these contracts will be paid by, or refunded to, CL&P's customers. The contractual obligations table above does not include CL&P's, NSTAR Electric's or PSNH's standard/basic service contracts for the purchase of energy supply, the amounts of which vary with customers' energy needs. Peaker CfDs: CL&P, along with UI, has three peaker CfDs for a total of approximately 500 MW of peaking capacity through 2042. CL&P has a sharing agreement with UI, whereby CL&P is responsible for 80 percent and UI for 20 percent of the net costs or benefits of these CfDs. The Peaker CfDs pay the generation facility owner the difference between capacity, forward reserve and energy market revenues and a cost-of-service payment stream for 30 years. The ultimate cost or benefit to CL&P under these contracts will depend on the costs of plant operation and the prices that the projects receive for capacity and other products in the ISO-NE markets. CL&P's portion of the amounts paid or received under the Peaker CfDs are recovered from, or refunded to, CL&P's customers. Transmission Support Commitments: Along with other New England utilities, CL&P, NSTAR Electric and PSNH entered into a series of agreements in the 1980’s to support the costs of, and receive rights to use, transmission and terminal facilities that were built to import electricity from the Hydro-Québec system in Canada. CL&P, NSTAR Electric and PSNH were obligated to pay, over a 30-year period that ended in 2020, their proportionate shares of the annual operation and maintenance expenses and capital costs of those facilities. On December 18, 2020, the parties to these agreements submitted to FERC an offer of settlement and amendments to these agreements implementing the terms of an extension for an additional 20-year period ending in 2040. On May 20, 2021, FERC approved this settlement, effective January 1, 2021. The total costs incurred under these agreements were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Renewable Energy $ 609.2 $ 584.2 $ 320.8 Natural Gas Procurement 712.7 453.4 448.5 Purchased Power and Capacity 56.4 62.7 62.1 Peaker CfDs 24.3 22.7 13.0 Transmission Support Commitments 15.4 22.1 21.8 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Renewable Energy $ 457.1 $ 84.7 $ 67.4 $ 426.3 $ 88.8 $ 69.1 $ 160.6 $ 89.9 $ 70.3 Purchased Power and Capacity 53.1 3.0 0.3 59.3 3.1 0.3 50.4 5.1 6.6 Peaker CfDs 24.3 — — 22.7 — — 13.0 — — Transmission Support Commitments 6.1 6.0 3.3 8.7 8.7 4.7 8.6 8.6 4.6 CL&P, NSTAR Electric and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear power facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies fund these costs through litigation proceeds received from the DOE and, to the extent necessary, through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. CL&P, NSTAR Electric and PSNH, in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies collect amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P and NSTAR Electric will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers. Spent Nuclear Fuel Litigation: The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to accept delivery of, and 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 previously awarded the Yankee Companies damages for Phases I, II, III and IV of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2016, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers. DOE Phase IV Damages - On May 22, 2017, each of the Yankee Companies filed a fourth set of lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies sought monetary damages totaling $104.4 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2013 to 2016 (DOE Phase IV). On February 21, 2019, the Yankee Companies received a partial summary judgment and partial final judgment in their favor for the undisputed amount of monetary damages of $103.2 million. The court awarded CYAPC, YAEC and MYAPC damages of $40.7 million, $28.1 million and $34.4 million, respectively. The DOE did not appeal the court's judgment and the decision became final on April 23, 2019. On June 12, 2019, each of the Yankee Companies received the damages proceeds. On June 12, 2019, the court accepted an offer of judgment in the amount of $0.5 million to settle the disputed amount of approximately $1 million in Phase IV contested damages. The Yankee Companies received the $0.5 million payment in July 2019. In September 2019, the Yankee Companies made a required informational filing with FERC as to the use of proceeds, for which approval was received in the fourth quarter of 2019. In December 2019, YAEC and MYAPC returned proceeds of $5.4 million and $21.0 million, respectively, to its member companies, of which the Eversource utilities (CL&P, NSTAR Electric and PSNH) received a total of $2.8 million from YAEC and $5.0 million from MYAPC. The Eversource utilities refund these amounts received to their utility customers. Also, in December 2019, CYAPC paid $29.0 million to the DOE to partially settle its pre-1983 spent nuclear fuel obligation. DOE Phase V Damages - On March 25, 2021, each of the Yankee Companies filed a fifth set of lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies filed claims seeking monetary damages totaling $120.4 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2017 to 2020 (DOE Phase V). The DOE Phase V trial is expected to begin in the third quarter of 2023. In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric and PSNH, in the form of guarantees. Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications. Guarantees issued on behalf of unconsolidated entities, including equity method offshore wind investments, for which Eversource parent is the guarantor, are recorded at fair value as a liability on the balance sheet at the inception of the guarantee. Eversource regularly reviews performance risk under these guarantee arrangements, and in the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded. The fair value of guarantees issued on behalf of unconsolidated entities are recorded within Other Long-Term Liabilities on the balance sheet, and was $7.3 million as of December 31, 2021. The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties: As of December 31, 2021 Company (Obligor) Description Maximum Exposure Expiration Dates North East Offshore LLC Construction-related purchase agreements with third-party contractors (1) $ 1,080.6 (1) Sunrise Wind LLC Construction-related purchase agreements with third-party contractors (2) 382.3 2026 Revolution Wind, LLC Construction-related purchase agreements with third-party contractors (3) 150.9 2027 South Fork Wind, LLC Construction-related purchase agreements with third-party contractors (4) 125.2 2023 - 2026 Eversource Investment LLC Funding and indemnification obligations of North East Offshore LLC (5) — (5) Sunrise Wind LLC OREC capacity production (6) 2.2 (6) Bay State Wind LLC Real estate purchase 2.5 2022 South Fork Wind, LLC Transmission interconnection 1.2 — Various Surety bonds (7) 54.7 2022 - 2023 Eversource Service Lease payments for real estate 0.8 2024 (1) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, North East Offshore LLC (NEO), under which Eversource parent agreed to guarantee 50 percent of NEO’s performance of obligations under certain purchase agreements with third-party contactors, in an aggregate amount not to exceed $1.3 billion with an expiration date in 2025. Eversource parent also issued a separate guarantee to Ørsted on behalf of NEO, under which Eversource parent agreed to guarantee 50 percent of NEO’s payment obligations under certain offshore wind project construction-related agreements with Ørsted in an aggregate amount not to exceed $62.5 million and expiring upon full performance of the guaranteed obligation. Any amounts paid under this guarantee to Ørsted will count toward, but not increase, the maximum amount of the Funding Guarantee described in Note 5, below. The guarantee expires upon the full performance of the guaranteed obligations. (2) Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an aggregate amount not to exceed $420.6 million, in connection with a construction-related purchase agreement. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) April 2026 and (ii) full performance of the guaranteed obligations. (3) Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Revolution Wind, LLC, whereby Eversource parent will guarantee Revolution Wind, LLC's performance of certain obligations, in an aggregate amount not to exceed $158.9 million, in connection with a construction-related purchase agreement. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) November 2027 and (ii) full performance of the guaranteed obligations. (4) Eversource parent issued three guarantees on behalf of its 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations in connection with three construction-related purchase agreements. Under these guarantees, Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in a total aggregate amount not to exceed $137.2 million. Eversource parent’s obligations under these guarantees expire upon the earlier of (i) dates ranging from October 2023 and August 2026 and (ii) full performance of the guaranteed obligations. (5) Eversource parent issued a guarantee (Funding Guarantee) on behalf of Eversource Investment LLC (EI), its wholly-owned subsidiary that holds a 50 percent ownership interest in NEO, under which Eversource parent agreed to guarantee certain funding obligations and certain indemnification payments of EI under the Amended and Restated Limited Liability Company Operating Agreement of NEO, in an amount not to exceed $910 million. The guaranteed obligations include payment of EI's funding obligations during the construction phase of NEO’s underlying offshore wind projects and indemnification obligations associated with third party credit support for its investment in NEO. Eversource parent’s obligations under the Funding Guarantee expire upon the full performance of the guaranteed obligations. (6) Eversource parent issued a guarantee on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The guarantee expires upon the full performance of the guaranteed obligations. (7) Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. Letter of Credit : On September 16, 2020, Eversource parent entered into a guarantee on behalf of EI, which holds Eversource's investments in offshore wind-related equity method investments, under which Eversource parent would guarantee EI's obligations under a letter of credit facility with a financial institution that EI may request in an aggregate amount of up to approximately $25 million. In January 2022, Eversource parent issued two letters of credit on behalf of South Fork Wind, LLC related to future decommissioning obligations of certain on-shore transmission assets totaling $4.3 million. 2022 Guarantees : In the first quarter of 2022, Eversource parent issued two additional guarantees on behalf of South Fork Wind, LLC totaling $43.4 million, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain PPA and other contractual obligations. Four separate complaints were filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively, the Complainants). In each of the first three complaints, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE billed of 10.57 percent and the maximum ROE for transmission incentive (incentive cap) of 11.74 percent, asserting that these ROEs were unjust and unreasonable. The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, the FERC set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the Court). All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH. Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of both December 31, 2021 and 2020. This reserve represents the difference between the billed rates during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of both December 31, 2021 and 2020. On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results. The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, for the NETOs, which FERC concludes are of average financial risk, the preliminary just and reasonable base ROE is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent. If the results of the illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. These preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order. On November 21, 2019, FERC issued Opinion No. 569 affecting the two pending transmission ROE complaints against the Midcontinent ISO (MISO) transmission owners, in which FERC adopted a new methodology for determining base ROEs. Various parties sought rehearing. On December 23, 2019, the NETOs filed supplementary materials in the NETOs' four pending cases to respond to this new methodology because of the uncertainty of the applicability to the NETOs' cases. On May 21, 2020, the FERC issued its order in Opinion No. 569-A on the rehearing of the MISO transmission owners' cases, in which FERC again changed its methodology for determining the MISO transmission owners' base ROEs. On November 19, 2020, the FERC issued Opinion No. 569-B denying rehearing of Opinion No. 569-A and reaffirmed the methodology previously adopted in Opinion No. 569-A. The new methodology differs significantly from the methodology proposed by FERC in its October 16, 2018 order to determine the NETOs' base ROEs in its four pending cases. FERC Opinion Nos. 569-A and 569-B are currently under appeal with the Court. Given the significant uncertainty regarding the applicability of the FERC opinions in the MISO transmission owners' two complaint cases to the NETOs' pending four complaint cases, Eversource concluded that there is no reasonable basis for a change to the reserve or recognized ROEs for any of the complaint periods at this time. As well, Eversource cannot reasonably estimate a range of any gain or loss for any of the four complaint proceedings at this time. Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order. A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource’s after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods. F. Eversource and NSTAR Electric Boston Harbor Civil Action In 2016, the United States Attorney on behalf of the United States Army Corps of Engineers filed a civil action in the United States District Court for the District of Massachusetts against NSTAR Electric, HEEC, and the Massachusetts Water Resources Authority (together with NSTAR Electric and HEEC, the "Defendants"). The action alleged that the Defendants failed to comply with certain permitting requirements related to the placement of the HEEC-owned electric distribution cable beneath Boston Harbor. The parties reached a settlement pursuant to which HEEC agreed to install a new 115kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and remove portions of the existing cable. Construction of the new distribution cable was completed in August 2019 and removal of the portions of the existing cable was completed in January 2020. All issues surrounding the current permit from the United States Army Corps of Engineers are expected to be resolved and remaining restoration efforts completed, at which time such litigation is expected to be dismissed with prejudice. G. CL&P Regulatory Matters CL&P Tropical Storm Isaias Response Investigation: In August 2020, PURA opened a docket to investigate the preparation for and response to Tropical Storm Isaias by Connecticut utilities, including CL&P. On April 28, 2021, PURA issued a final decision on CL&P’s compliance with its emergency response plan that concluded CL&P failed to comply with certain storm performance standards and was imprudent in certain instances. Specifically, PURA concluded that CL&P did not satisfy the performance standards for managing its municipal liaison program, timely removing electrical hazards from blocked roads, communicating critical information to its customers, or meeting its obligation to secure adequate external contractor and mutual aid resources in a timely manner. Based on its findings, PURA ordered CL&P to adjust its future rates in a pending or future rate proceeding to reflect a monetary penalty i |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term. Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated. The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years. The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options. For leases entered into or modified after the January 1, 2019 implementation date, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease because the rate implicit in the lease is not determinable. CL&P and PSNH entered into certain contracts for the purchase of energy that qualify as leases. These contracts do not have minimum lease payments and therefore are not recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below. Expense related to these contracts is included as variable lease cost in the table below. The expense and long-term obligation for these contracts are also included in Note 13B, "Commitments and Contingencies - Long-Term Contractual Arrangements," to the financial statements. The components of lease cost, prior to amounts capitalized, are as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Finance Lease Cost: Amortization of Right-of-use-Assets $ 4.6 $ 2.6 $ 1.7 Interest on Lease Liabilities 3.9 1.4 1.2 Total Finance Lease Cost 8.5 4.0 2.9 Operating Lease Cost 12.2 11.1 11.7 Variable Lease Cost 61.0 57.8 60.5 Total Lease Cost $ 81.7 $ 72.9 $ 75.1 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Finance Lease Cost: Amortization of Right-of-use-Assets $ 0.5 $ 0.2 $ 0.1 $ 0.7 $ 0.2 $ 0.1 $ 0.7 $ 0.2 $ 0.1 Interest on Lease Liabilities 0.1 0.6 — 0.3 0.6 — 0.6 0.6 — Total Finance Lease Cost 0.6 0.8 0.1 1.0 0.8 0.1 1.3 0.8 0.1 Operating Lease Cost 0.3 2.3 0.1 0.6 2.1 0.1 0.5 3.4 0.1 Variable Lease Cost 16.2 — 44.8 12.2 — 45.6 13.3 — 47.2 Total Lease Cost $ 17.1 $ 3.1 $ 45.0 $ 13.8 $ 2.9 $ 45.8 $ 15.1 $ 4.2 $ 47.4 Operating lease cost, net of the capitalized portion, is included in Operations and Maintenance (or Purchased Power, Fuel and Transmission expense for transmission leases) on the statements of income. Amortization of finance lease assets is included in Depreciation on the statements of income. Interest expense on finance leases is included in Interest Expense on the statements of income. Supplemental balance sheet information related to leases is as follows: As of December 31, 2021 As of December 31, 2020 (Millions of Dollars) Balance Sheet Classification Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Operating Leases: Right-of-use-Assets, Net Other Long-Term Assets $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 55.2 $ 0.3 $ 23.6 $ 0.3 Operating Lease Liabilities Current Portion Other Current Liabilities $ 10.0 $ 0.1 $ 1.1 $ — $ 9.5 $ 0.2 $ 0.7 $ — Long-Term Other Long-Term Liabilities 37.2 — 23.2 0.3 45.7 0.1 22.9 0.3 Total Operating Lease Liabilities $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 55.2 $ 0.3 $ 23.6 $ 0.3 Finance Leases: Right-of-use-Assets, Net Property, Plant and Equipment, Net $ 58.0 $ — $ 3.3 $ 0.7 $ 60.5 $ 0.7 $ 3.5 $ 0.8 Finance Lease Liabilities Current Portion Other Current Liabilities $ 3.9 $ — $ — $ 0.1 $ 5.0 $ 1.4 $ — $ 0.1 Long-Term Other Long-Term Liabilities 55.4 — 4.9 0.6 57.6 — 4.8 0.7 Total Finance Lease Liabilities $ 59.3 $ — $ 4.9 $ 0.7 $ 62.6 $ 1.4 $ 4.8 $ 0.8 The finance lease payments that NSTAR Electric will make over the next twelve months are entirely interest-related, due to escalating payments. As such, none of the finance lease payments over the next twelve months will reduce the finance lease liability. Other information related to leases is as follows: As of December 31, 2021 2020 Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Weighted-Average Remaining Lease Term (Years): Operating Leases 13 7 18 7 10 3 19 8 Finance Leases 16 — 20 7 17 1 21 8 Weighted-Average Discount Rate (Percentage): Operating Leases 4.1 % 3.0 % 4.0 % 3.7 % 4.0 % 2.4 % 4.1 % 3.7 % Finance Leases 2.7 % — % 2.9 % 3.5 % 2.9 % 10.5 % 2.9 % 3.5 % (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 12.1 $ 0.3 $ 2.1 $ 0.1 Operating Cash Flows from Finance Leases 3.4 0.1 0.6 — Financing Cash Flows from Finance Leases 4.1 1.4 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 2.1 — 1.9 — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 2.3 — — — (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 10.9 $ 0.6 $ 1.8 $ 0.1 Operating Cash Flows from Finance Leases 1.7 0.3 0.6 — Financing Cash Flows from Finance Leases 2.8 1.6 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.6 0.1 0.2 — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 0.7 — 0.3 — (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2019 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 11.4 $ 0.4 $ 1.6 $ 0.1 Operating Cash Flows from Finance Leases 1.2 0.6 0.6 — Financing Cash Flows from Finance Leases 2.6 1.4 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 2.9 1.0 0.1 0.2 Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 2.0 — — — In 2020, Eversource also acquired $14.7 million of right-of-use assets in exchange for the assumption of new operating lease liabilities and $54.2 million of right-of-use assets in exchange for the assumption of new finance lease liabilities as a result of the CMA asset acquisition. Future minimum lease payments, excluding variable costs, under long-term leases, as of December 31, 2021 are as follows: Operating Leases Finance Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource NSTAR Electric PSNH Year Ending December 31, 2022 $ 11.1 $ 0.1 $ 2.1 $ 0.1 $ 6.0 $ 0.6 $ 0.1 2023 7.6 — 2.1 0.1 5.2 0.7 0.1 2024 6.1 — 2.1 — 5.3 0.7 0.1 2025 3.2 — 1.7 — 5.2 0.6 0.1 2026 2.5 — 1.7 — 4.7 0.6 0.1 Thereafter 27.8 — 25.3 0.1 56.0 12.4 0.3 Future lease payments 58.3 0.1 35.0 0.3 82.4 15.6 0.8 Less amount representing interest 11.1 — 10.7 — 23.1 10.7 0.1 Present value of future minimum lease payments $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 59.3 $ 4.9 $ 0.7 |
LEASES | LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term. Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated. The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years. The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options. For leases entered into or modified after the January 1, 2019 implementation date, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease because the rate implicit in the lease is not determinable. CL&P and PSNH entered into certain contracts for the purchase of energy that qualify as leases. These contracts do not have minimum lease payments and therefore are not recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below. Expense related to these contracts is included as variable lease cost in the table below. The expense and long-term obligation for these contracts are also included in Note 13B, "Commitments and Contingencies - Long-Term Contractual Arrangements," to the financial statements. The components of lease cost, prior to amounts capitalized, are as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Finance Lease Cost: Amortization of Right-of-use-Assets $ 4.6 $ 2.6 $ 1.7 Interest on Lease Liabilities 3.9 1.4 1.2 Total Finance Lease Cost 8.5 4.0 2.9 Operating Lease Cost 12.2 11.1 11.7 Variable Lease Cost 61.0 57.8 60.5 Total Lease Cost $ 81.7 $ 72.9 $ 75.1 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Finance Lease Cost: Amortization of Right-of-use-Assets $ 0.5 $ 0.2 $ 0.1 $ 0.7 $ 0.2 $ 0.1 $ 0.7 $ 0.2 $ 0.1 Interest on Lease Liabilities 0.1 0.6 — 0.3 0.6 — 0.6 0.6 — Total Finance Lease Cost 0.6 0.8 0.1 1.0 0.8 0.1 1.3 0.8 0.1 Operating Lease Cost 0.3 2.3 0.1 0.6 2.1 0.1 0.5 3.4 0.1 Variable Lease Cost 16.2 — 44.8 12.2 — 45.6 13.3 — 47.2 Total Lease Cost $ 17.1 $ 3.1 $ 45.0 $ 13.8 $ 2.9 $ 45.8 $ 15.1 $ 4.2 $ 47.4 Operating lease cost, net of the capitalized portion, is included in Operations and Maintenance (or Purchased Power, Fuel and Transmission expense for transmission leases) on the statements of income. Amortization of finance lease assets is included in Depreciation on the statements of income. Interest expense on finance leases is included in Interest Expense on the statements of income. Supplemental balance sheet information related to leases is as follows: As of December 31, 2021 As of December 31, 2020 (Millions of Dollars) Balance Sheet Classification Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Operating Leases: Right-of-use-Assets, Net Other Long-Term Assets $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 55.2 $ 0.3 $ 23.6 $ 0.3 Operating Lease Liabilities Current Portion Other Current Liabilities $ 10.0 $ 0.1 $ 1.1 $ — $ 9.5 $ 0.2 $ 0.7 $ — Long-Term Other Long-Term Liabilities 37.2 — 23.2 0.3 45.7 0.1 22.9 0.3 Total Operating Lease Liabilities $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 55.2 $ 0.3 $ 23.6 $ 0.3 Finance Leases: Right-of-use-Assets, Net Property, Plant and Equipment, Net $ 58.0 $ — $ 3.3 $ 0.7 $ 60.5 $ 0.7 $ 3.5 $ 0.8 Finance Lease Liabilities Current Portion Other Current Liabilities $ 3.9 $ — $ — $ 0.1 $ 5.0 $ 1.4 $ — $ 0.1 Long-Term Other Long-Term Liabilities 55.4 — 4.9 0.6 57.6 — 4.8 0.7 Total Finance Lease Liabilities $ 59.3 $ — $ 4.9 $ 0.7 $ 62.6 $ 1.4 $ 4.8 $ 0.8 The finance lease payments that NSTAR Electric will make over the next twelve months are entirely interest-related, due to escalating payments. As such, none of the finance lease payments over the next twelve months will reduce the finance lease liability. Other information related to leases is as follows: As of December 31, 2021 2020 Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Weighted-Average Remaining Lease Term (Years): Operating Leases 13 7 18 7 10 3 19 8 Finance Leases 16 — 20 7 17 1 21 8 Weighted-Average Discount Rate (Percentage): Operating Leases 4.1 % 3.0 % 4.0 % 3.7 % 4.0 % 2.4 % 4.1 % 3.7 % Finance Leases 2.7 % — % 2.9 % 3.5 % 2.9 % 10.5 % 2.9 % 3.5 % (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 12.1 $ 0.3 $ 2.1 $ 0.1 Operating Cash Flows from Finance Leases 3.4 0.1 0.6 — Financing Cash Flows from Finance Leases 4.1 1.4 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 2.1 — 1.9 — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 2.3 — — — (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 10.9 $ 0.6 $ 1.8 $ 0.1 Operating Cash Flows from Finance Leases 1.7 0.3 0.6 — Financing Cash Flows from Finance Leases 2.8 1.6 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.6 0.1 0.2 — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 0.7 — 0.3 — (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2019 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 11.4 $ 0.4 $ 1.6 $ 0.1 Operating Cash Flows from Finance Leases 1.2 0.6 0.6 — Financing Cash Flows from Finance Leases 2.6 1.4 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 2.9 1.0 0.1 0.2 Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 2.0 — — — In 2020, Eversource also acquired $14.7 million of right-of-use assets in exchange for the assumption of new operating lease liabilities and $54.2 million of right-of-use assets in exchange for the assumption of new finance lease liabilities as a result of the CMA asset acquisition. Future minimum lease payments, excluding variable costs, under long-term leases, as of December 31, 2021 are as follows: Operating Leases Finance Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource NSTAR Electric PSNH Year Ending December 31, 2022 $ 11.1 $ 0.1 $ 2.1 $ 0.1 $ 6.0 $ 0.6 $ 0.1 2023 7.6 — 2.1 0.1 5.2 0.7 0.1 2024 6.1 — 2.1 — 5.3 0.7 0.1 2025 3.2 — 1.7 — 5.2 0.6 0.1 2026 2.5 — 1.7 — 4.7 0.6 0.1 Thereafter 27.8 — 25.3 0.1 56.0 12.4 0.3 Future lease payments 58.3 0.1 35.0 0.3 82.4 15.6 0.8 Less amount representing interest 11.1 — 10.7 — 23.1 10.7 0.1 Present value of future minimum lease payments $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 59.3 $ 4.9 $ 0.7 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each of the following financial instruments: Preferred Stock, Long-Term Debt and Rate Reduction Bonds: The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections. The fair value of long-term debt and RRB debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields. The fair values provided in the table below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Carrying Amount Fair Value Carrying Fair Carrying Fair Carrying Fair As of December 31, 2021: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 166.3 $ 116.2 $ 122.3 $ 43.0 $ 44.0 $ — $ — Long-Term Debt 18,216.7 19,636.3 4,215.4 4,848.9 3,985.4 4,453.5 1,163.8 1,220.6 Rate Reduction Bonds 496.9 543.3 — — — — 496.9 543.3 As of December 31, 2020: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 169.1 $ 116.2 $ 123.4 $ 43.0 $ 45.7 $ — $ — Long-Term Debt 16,179.1 18,420.1 3,914.8 4,800.9 3,643.2 4,294.0 1,099.1 1,207.0 Rate Reduction Bonds 540.1 603.4 — — — — 540.1 603.4 Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value. For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements. See Note 1I, "Summary of Significant Accounting Policies – Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows: For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 Eversource (Millions of Dollars) Qualified Unrealized Defined Total Qualified Unrealized Defined Total Balance as of January 1st $ (1.4) $ 1.1 $ (76.1) $ (76.4) $ (3.0) $ 0.7 $ (62.8) $ (65.1) OCI Before Reclassifications — (0.7) 24.1 23.4 — 0.4 (19.6) (19.2) Amounts Reclassified from AOCI 1.0 — 9.7 10.7 1.6 — 6.3 7.9 Net OCI 1.0 (0.7) 33.8 34.1 1.6 0.4 (13.3) (11.3) Balance as of December 31st $ (0.4) $ 0.4 $ (42.3) $ (42.3) $ (1.4) $ 1.1 $ (76.1) $ (76.4) Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI. The related tax effects of the defined benefit plan OCI amounts before reclassifications recognized in AOCI were net deferred tax liabilities of $8.3 million in 2021 and deferred tax assets of $6.0 million and $4.4 million in 2020 and 2019, respectively. The following table sets forth the amounts reclassified from AOCI by component and the impacted line item on the statements of income: Amounts Reclassified from AOCI Eversource (Millions of Dollars) For the Years Ended December 31, Statements of Income 2021 2020 2019 Qualified Cash Flow Hedging Instruments $ (1.7) $ (2.5) $ (2.5) Interest Expense Tax Effect 0.7 0.9 1.1 Income Tax Expense Qualified Cash Flow Hedging Instruments, Net of Tax $ (1.0) $ (1.6) $ (1.4) Defined Benefit Plan Costs: Amortization of Actuarial Losses $ (13.1) $ (8.1) $ (5.7) Other Income, Net (1) Amortization of Prior Service Credit/(Cost) — (0.3) (1.8) Other Income, Net (1) Total Defined Benefit Plan Costs (13.1) (8.4) (7.5) Tax Effect 3.4 2.1 1.9 Income Tax Expense Defined Benefit Plan Costs, Net of Tax $ (9.7) $ (6.3) $ (5.6) Total Amounts Reclassified from AOCI, Net of Tax $ (10.7) $ (7.9) $ (7.0) (1) These amounts are included in the computation of net periodic Pension, SERP and PBOP costs. See Note 1M, "Summary of Significant Accounting Policies – Other Income, Net" and Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for further information. As of December 31, 2021, it is estimated that a pre-tax amount of $0.1 million ($0.1 million for NSTAR Electric) will be reclassified from AOCI as a decrease to Net Income over the next 12 months as a result of the amortization of the interest rate swap agreements which have been settled. |
DIVIDEND RESTRICTIONS
DIVIDEND RESTRICTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
DIVIDEND RESTRICTIONS | DIVIDEND RESTRICTIONS Eversource parent's ability to pay dividends may be affected by certain state statutes, the ability of its subsidiaries to pay common dividends and the leverage restriction tied to its consolidated total debt to total capitalization ratio requirement in its revolving credit agreements. Pursuant to the joint revolving credit agreement of Eversource, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut, and to the NSTAR Electric revolving credit agreement, each company is required to maintain consolidated total indebtedness to total capitalization ratio of no greater than 65 percent at the end of each fiscal quarter. As of December 31, 2021, all companies were in compliance with such covenant and in compliance with all such provisions of the revolving credit agreements that may restrict the payment of dividends as of December 31, 2021. The Retained Earnings balances subject to dividend restrictions were $5.01 billion for Eversource, $2.23 billion for CL&P, $2.72 billion for NSTAR Electric and $504.6 million for PSNH as of December 31, 2021. |
COMMON SHARES
COMMON SHARES | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
COMMON SHARES | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Par Value Authorized as of December 31, 2021 and 2020 Issued as of December 31, 2021 2020 Eversource $ 5 380,000,000 357,818,402 357,818,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 Common Share Issuances and 2019 Forward Sale Agreement: On June 15, 2020, Eversource completed an equity offering of 6,000,000 common shares at a price per share of $86.26. Eversource used the net proceeds of this offering to fund a portion of the purchase of the assets of CMA that closed on October 9, 2020. The issuance of these common shares resulted in proceeds of $509.2 million, net of issuance costs. In June 2019, Eversource completed an equity offering consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. Under the forward sale agreement, 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allowed Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price was subject to adjustment daily based on a floating interest rate factor and would decrease in respect of certain fixed amounts specified in the agreement, such as dividends. Eversource issued 6,000,000 common shares under the forward sale agreement in December 2019. On March 23, 2020, Eversource physically settled a portion of the forward sale agreement by delivering 1,500,000 common shares in exchange for net proceeds of $105.7 million. Subsequently, on March 26, 2020, Eversource physically settled the remaining portion of the forward sale agreement by delivering 4,460,000 common shares in exchange for net proceeds of $314.1 million. The forward sale price used to determine the cash proceeds received by Eversource was calculated based on the initial forward sale price, as adjusted in accordance with the forward sale agreement. The March and June 2020 common share issuances of 5,960,000 and 6,000,000, respectively, resulted in total proceeds of $929.0 million, net of issuance costs. The June and December 2019 common share issuances of 5,980,000 and 6,000,000, respectively, resulted in total proceeds of $852.3 million. These issuances were reflected in shareholders’ equity and as financing activities on the statements of cash flows. Issuances of shares under the forward sale agreement were classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement were recorded in the financial statements until settlements took place. Prior to any settlements, the only impact of the forward sale agreement to the financial statements was the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 21, "Earnings Per Share," to the financial statements for information on the forward sale agreement’s impact on the calculation of diluted EPS. Eversource used the net proceeds received from the direct issuance of common shares and the net proceeds received from settlement of the forward sale agreement to repay short-term debt under the commercial paper program, to partially fund the purchase of the assets of CMA, to fund capital spending and clean energy initiatives, and for general corporate purposes. Treasury Shares: As of December 31, 2021 and 2020, there were 13,415,206 and 14,864,379 Eversource common shares held as treasury shares, respectively. As of December 31, 2021 and 2020, there were 344,403,196 and 342,954,023 Eversource common shares outstanding, respectively. On December 1, 2021, Aquarion acquired New England Service Company (NESC), pursuant to a definitive agreement entered into on April 8, 2021. The acquisition was structured as a stock-for-stock merger and Eversource issued 462,517 treasury shares at closing for a purchase price of $38.1 million. Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares. |
PREFERRED STOCK NOT SUBJECT TO
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION | PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION The CL&P and NSTAR Electric preferred stock is not subject to mandatory redemption and is presented as a noncontrolling interest of a subsidiary in Eversource's financial statements. Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Shares Outstanding as of December 31, As of December 31, Series 2021 2020 2021 2020 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6) (3.6) Other 6.00% Series of 1958 $ 100.00 23 23 $ — $ — Total Eversource - Noncontrolling Interest - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
COMMON SHAREHOLDERS' EQUITY AND
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Par Value Authorized as of December 31, 2021 and 2020 Issued as of December 31, 2021 2020 Eversource $ 5 380,000,000 357,818,402 357,818,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 Common Share Issuances and 2019 Forward Sale Agreement: On June 15, 2020, Eversource completed an equity offering of 6,000,000 common shares at a price per share of $86.26. Eversource used the net proceeds of this offering to fund a portion of the purchase of the assets of CMA that closed on October 9, 2020. The issuance of these common shares resulted in proceeds of $509.2 million, net of issuance costs. In June 2019, Eversource completed an equity offering consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. Under the forward sale agreement, 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allowed Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price was subject to adjustment daily based on a floating interest rate factor and would decrease in respect of certain fixed amounts specified in the agreement, such as dividends. Eversource issued 6,000,000 common shares under the forward sale agreement in December 2019. On March 23, 2020, Eversource physically settled a portion of the forward sale agreement by delivering 1,500,000 common shares in exchange for net proceeds of $105.7 million. Subsequently, on March 26, 2020, Eversource physically settled the remaining portion of the forward sale agreement by delivering 4,460,000 common shares in exchange for net proceeds of $314.1 million. The forward sale price used to determine the cash proceeds received by Eversource was calculated based on the initial forward sale price, as adjusted in accordance with the forward sale agreement. The March and June 2020 common share issuances of 5,960,000 and 6,000,000, respectively, resulted in total proceeds of $929.0 million, net of issuance costs. The June and December 2019 common share issuances of 5,980,000 and 6,000,000, respectively, resulted in total proceeds of $852.3 million. These issuances were reflected in shareholders’ equity and as financing activities on the statements of cash flows. Issuances of shares under the forward sale agreement were classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement were recorded in the financial statements until settlements took place. Prior to any settlements, the only impact of the forward sale agreement to the financial statements was the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 21, "Earnings Per Share," to the financial statements for information on the forward sale agreement’s impact on the calculation of diluted EPS. Eversource used the net proceeds received from the direct issuance of common shares and the net proceeds received from settlement of the forward sale agreement to repay short-term debt under the commercial paper program, to partially fund the purchase of the assets of CMA, to fund capital spending and clean energy initiatives, and for general corporate purposes. Treasury Shares: As of December 31, 2021 and 2020, there were 13,415,206 and 14,864,379 Eversource common shares held as treasury shares, respectively. As of December 31, 2021 and 2020, there were 344,403,196 and 342,954,023 Eversource common shares outstanding, respectively. On December 1, 2021, Aquarion acquired New England Service Company (NESC), pursuant to a definitive agreement entered into on April 8, 2021. The acquisition was structured as a stock-for-stock merger and Eversource issued 462,517 treasury shares at closing for a purchase price of $38.1 million. Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic EPS is computed based upon the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards and the equity forward sale agreement, as if they were converted into outstanding common shares. The dilutive effect of unvested RSU and performance share awards, as well as the equity forward sale agreement, is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. As described in Note 18, "Common Shares," earnings per share dilution related to the forward sale agreement was determined under the treasury stock method until settlement of the forward sale agreement. Under this method, the number of Eversource common shares used in calculating diluted EPS is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement less the number of shares that would be purchased by Eversource in the market (based on the average market price during the same reporting period) using the proceeds receivable upon settlement (based on the adjusted forward sale price at the end of that reporting period). Share dilution occurs when the average market price of Eversource's common shares is higher than the adjusted forward sale price. Eversource physically settled all remaining shares under the forward sale agreement as of March 26, 2020. For the years ended December 31, 2021 and 2019, there were no antidilutive share awards excluded from the computation. For the year ended December 31, 2020, 39,560 antidilutive share awards were excluded from the EPS computation, as their impact would have been antidilutive . Antidilutive shares pertained to a purchase option extended to underwriters in connection with Eversource's common share issuance on June 15, 2020. See Note 18, "Common Shares," for further information. The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Years Ended December 31, 2021 2020 2019 Net Income Attributable to Common Shareholders $ 1,220.5 $ 1,205.2 $ 909.1 Weighted Average Common Shares Outstanding: Basic 343,972,926 338,836,147 321,416,086 Dilutive Effect of: Share-Based Compensation Awards and Other 658,130 738,994 762,215 Equity Forward Sale Agreement — 271,921 763,335 Total Dilutive Effect 658,130 1,010,915 1,525,550 Diluted 344,631,056 339,847,062 322,941,636 Basic EPS $ 3.55 $ 3.56 $ 2.83 Diluted EPS $ 3.54 $ 3.55 $ 2.81 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES Revenue is recognized when promised goods or services (referred to as performance obligations) are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. A five-step model is used for recognizing and measuring revenue from contracts with customers, which includes identifying the contract with the customer, identifying the performance obligations promised within the contract, determining the transaction price (the amount of consideration to which the company expects to be entitled), allocating the transaction price to the performance obligations and recognizing revenue when (or as) the performance obligation is satisfied. The following tables present operating revenues disaggregated by revenue source: For the Year Ended December 31, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 3,989.8 $ 1,000.3 $ — $ 133.5 $ — $ — $ 5,123.6 Commercial 2,486.1 497.6 — 62.8 — (5.1) 3,041.4 Industrial 345.3 167.2 — 4.3 — (17.1) 499.7 Total Retail Tariff Sales Revenues 6,821.2 1,665.1 — 200.6 — (22.2) 8,664.7 Wholesale Transmission Revenues — — 1,751.3 — 86.6 (1,384.7) 453.2 Wholesale Market Sales Revenues 575.8 82.1 — 3.9 — — 661.8 Other Revenues from Contracts with Customers 78.1 5.1 13.6 7.5 1,267.4 (1,257.7) 114.0 Reserve for Revenues Subject to Refund (71.1) — (5.0) (2.6) — — (78.7) Total Revenues from Contracts with Customers 7,404.0 1,752.3 1,759.9 209.4 1,354.0 (2,664.6) 9,815.0 Alternative Revenue Programs 14.7 37.0 (126.1) 1.5 — 114.6 41.7 Other Revenues 4.9 0.3 0.8 0.4 — — 6.4 Total Operating Revenues $ 7,423.6 $ 1,789.6 $ 1,634.6 $ 211.3 $ 1,354.0 $ (2,550.0) $ 9,863.1 For the Year Ended December 31, 2020 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 3,951.5 $ 644.9 $ — $ 145.1 $ — $ — $ 4,741.5 Commercial 2,353.4 361.9 — 62.4 — (4.8) 2,772.9 Industrial 327.1 107.4 — 4.8 — (13.7) 425.6 Total Retail Tariff Sales Revenues 6,632.0 1,114.2 — 212.3 — (18.5) 7,940.0 Wholesale Transmission Revenues — — 1,557.3 — 74.2 (1,290.6) 340.9 Wholesale Market Sales Revenues 327.3 43.0 — 3.8 — — 374.1 Other Revenues from Contracts with Customers 79.3 5.7 13.3 3.5 1,161.7 (1,152.0) 111.5 Total Revenues from Contracts with Customers 7,038.6 1,162.9 1,570.6 219.6 1,235.9 (2,461.1) 8,766.5 Alternative Revenue Programs 88.1 44.7 (35.2) (4.7) — 37.1 130.0 Other Revenues 5.6 1.1 0.7 0.5 — — 7.9 Total Operating Revenues $ 7,132.3 $ 1,208.7 $ 1,536.1 $ 215.4 $ 1,235.9 $ (2,424.0) $ 8,904.4 For the Year Ended December 31, 2019 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 3,723.7 $ 555.1 $ — $ 132.3 $ — $ — $ 4,411.1 Commercial 2,584.8 347.6 — 63.9 — (4.3) 2,992.0 Industrial 331.8 96.9 — 4.5 — (11.6) 421.6 Total Retail Tariff Sales Revenues 6,640.3 999.6 — 200.7 — (15.9) 7,824.7 Wholesale Transmission Revenues — — 1,293.3 — 61.3 (1,085.2) 269.4 Wholesale Market Sales Revenues 215.7 55.4 — 4.1 — — 275.2 Other Revenues from Contracts with Customers 56.1 9.0 13.2 4.2 967.2 (969.0) 80.7 Total Revenues from Contracts with Customers 6,912.1 1,064.0 1,306.5 209.0 1,028.5 (2,070.1) 8,450.0 Alternative Revenue Programs 45.9 (4.9) 81.8 4.6 — (74.2) 53.2 Other Revenues 18.5 3.1 0.7 1.0 — — 23.3 Total Operating Revenues $ 6,976.5 $ 1,062.2 $ 1,389.0 $ 214.6 $ 1,028.5 $ (2,144.3) $ 8,526.5 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,994.2 $ 1,375.8 $ 619.8 $ 2,011.1 $ 1,365.8 $ 574.6 $ 1,837.1 $ 1,322.1 $ 564.5 Commercial 890.6 1,265.0 332.2 878.3 1,176.8 299.9 922.9 1,349.4 314.6 Industrial 131.4 119.1 94.8 137.5 106.4 83.2 138.3 115.8 77.7 Total Retail Tariff Sales Revenues 3,016.2 2,759.9 1,046.8 3,026.9 2,649.0 957.7 2,898.3 2,787.3 956.8 Wholesale Transmission Revenues 863.3 616.3 271.7 754.8 576.5 226.0 587.1 517.3 188.9 Wholesale Market Sales Revenues 408.8 109.2 57.8 230.1 58.4 38.8 105.1 73.1 37.5 Other Revenues from Contracts 26.7 56.2 11.3 32.9 43.6 14.2 36.4 18.7 15.6 (Reserve for)/Amortization of Revenues (76.1) — — — — 4.6 — — 1.3 Total Revenues from Contracts 4,238.9 3,541.6 1,387.6 4,044.7 3,327.5 1,241.3 3,626.9 3,396.4 1,200.1 Alternative Revenue Programs (78.9) (15.1) (17.4) (4.2) 54.5 2.6 77.5 41.6 8.6 Other Revenues 0.4 3.4 1.9 2.2 3.5 0.6 10.3 7.0 1.9 Eliminations (523.0) (473.5) (194.9) (495.2) (444.4) (165.4) (482.1) (400.4) (144.7) Total Operating Revenues $ 3,637.4 $ 3,056.4 $ 1,177.2 $ 3,547.5 $ 2,941.1 $ 1,079.1 $ 3,232.6 $ 3,044.6 $ 1,065.9 Retail Tariff Sales: Regulated utilities provide products and services to their regulated customers under rates, pricing, payment terms and conditions of service, regulated by each state regulatory agency. The arrangement whereby a utility provides commodity service to a customer for a price approved by the respective state regulatory commission is referred to as a tariff sale contract, and the tariff governs all aspects of the provision of regulated services by utilities. The majority of revenue for Eversource, CL&P, NSTAR Electric and PSNH is derived from regulated retail tariff sales for the sale and distribution of electricity, natural gas and water to residential, commercial and industrial retail customers. The utility's performance obligation for the regulated tariff sales is to provide electricity, natural gas or water to the customer as demanded. The promise to provide the commodity represents a single performance obligation, as it is a promise to transfer a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. Revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided by the utility, and the utility satisfies its performance obligation. Revenue is recognized based on the output method as there is a directly observable output to the customer (electricity, natural gas or water units delivered to the customer and immediately consumed). Each Eversource utility is entitled to be compensated for performance completed to date (service taken by the customer) until service is terminated. In regulated tariff sales, the transaction prices are the rates approved by the respective state regulatory commissions. In general, rates can only be changed through formal proceedings with the state regulatory commissions. These rates are designed to recover the costs to provide service to customers and include a return on investment. Regulatory commission-approved tracking mechanisms are included in these rates and are also used to recover, on a fully-reconciling basis, certain costs, such as the procurement of energy supply, retail transmission charges, energy efficiency program costs, net metering for distributed generation, and restructuring and stranded costs. These tracking mechanisms result in rates being changed periodically to ensure recovery of actual costs incurred and the refund of any overcollection of costs. Customers may elect to purchase electricity from each Eversource electric utility or may contract separately with a competitive third party supplier. Revenue is not recorded for the sale of the electricity commodity to customers who have contracted separately with these suppliers, only the delivery to a customer, as the utility is acting as an agent on behalf of the third party supplier. Wholesale Transmission Revenues: The Eversource electric transmission-owning companies (CL&P, NSTAR Electric and PSNH) each own and maintain transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout New England. CL&P, NSTAR Electric and PSNH, as well as most other New England utilities, are parties to a series of agreements that provide for coordinated planning and operation of the region's transmission facilities and the rules by which they acquire transmission services. The Eversource electric transmission-owning companies have a combination of FERC-approved regional and local formula rates that work in tandem to recover all their transmission costs. These rates are part of the ISO-NE Tariff. Regional rates recover the costs of higher voltage transmission facilities that benefit the region and are collected from all New England transmission customers, including the Eversource distribution businesses. Eversource's local rates, under our FERC-approved tariff in effect in 2021, recover the companies' total transmission revenue requirements, less revenues received from regional rates and other sources, and are collected from Eversource's distribution businesses and other transmission customers. The distribution businesses of Eversource, in turn, recover the FERC approved charges from retail customers through annual tracking mechanisms, which are retail tariff sales. The utility's performance obligation for regulated wholesale transmission sales is to provide transmission services to the customer as demanded. The promise to provide transmission service represents a single performance obligation. The transaction prices are the transmission rate formulas as defined by the ISO-NE Tariff and are regulated and established by FERC. Wholesale transmission revenue is recognized over time as the performance obligation is completed, which occurs as transmission services are provided to customers. The revenue is recognized based on the output method. Each Eversource utility is entitled to be compensated for performance completed to date (e.g., use of the transmission system by the customer). Wholesale Market Sales Revenues: Wholesale market sales transactions include sales of energy and energy-related products into the ISO-NE wholesale electricity market, sales of natural gas to third party marketers, and also the sale of RECs to various counterparties. ISO-NE oversees the region's wholesale electricity market and administers the transactions and terms and conditions, including payment terms, which are established in the ISO-NE tariff, between the buyers and sellers in the market. Pricing is set by the wholesale market. The wholesale transactions in the ISO-NE market occur on a day-ahead basis or a real-time basis (daily) and are, therefore, short-term. Transactions are tracked and reported by ISO-NE net by the hour, which is the net hourly position of energy sales and purchases by each market participant. The performance obligation for ISO-NE energy transactions is defined to be the net by hour transaction. Revenue is recognized when the performance obligation for these energy sales transactions is satisfied, when the sale occurs and the energy is transferred to the customer. For sales of natural gas, transportation, and natural gas pipeline capacity to third party marketers, revenue is recognized when the performance obligation is satisfied at the point in time the sale occurs and the natural gas or related product is transferred to the marketer. RECs are sold to various counterparties, and revenue is recognized when the performance obligation is satisfied upon transfer of title to the customer through the New England Power Pool Generation Information System. Wholesale transactions also include the sale of CL&P’s, NSTAR Electric’s and PSNH’s transmission rights associated with their proportionate equity ownership share in the transmission lines of the Hydro-Québec system in Canada. Other Revenues from Contracts with Customers: Other revenues from contracts with customers primarily include property rentals that are not deemed leases. These revenues are generally recognized on a straight-line basis over time as the service is provided to the customer. Other revenues also include revenues from Eversource's service company, which is eliminated in consolidation. (Reserve for)/Amortization of Revenues Subject to Refund: A reserve is recorded as a reduction to revenues when future refunds to customers are deemed probable. The reserve is reversed as refunds are provided to customers. Revenues subject to refund primarily relate to a PURA-approved CL&P settlement agreement with the DEEP, OCC, AG and the Connecticut Industrial Energy Consumers, which resolved certain issues that arose in then-pending regulatory proceedings initiated by the PURA. CL&P recorded a reduction to Operating Revenues of $65 million on the 2021 income statement for a reserve for customer credits associated with the provisions of the settlement agreement. The customer credits were distributed based on customer sales over a two-month billing period from December 1, 2021 to January 31, 2022. Additionally, CL&P recorded a $28.4 million reserve in 2021 for a civil penalty for non-compliance with storm performance standards that is currently being credited to customers on electric bills beginning on September 1, 2021 over a one-year period. In total, the reserve for revenues subject to refund totaled $93.4 million and was recorded as a current regulatory liability on CL&P’s balance sheet and as a reduction to Operating Revenues for the year ended December 31, 2021. The balance reflected in the table above primarily represents the remaining reserve that has not yet been issued as customer credits as of December 31, 2021. See Note 13G, “Commitments and Contingencies - CL&P Regulatory Matters,” for further information. The Connecticut water business continues to record a regulatory liability and reduction to revenues to reflect the difference between the 35 percent federal corporate income tax rate included in base distribution rates charged to customers and the 21 percent federal corporate income tax rate currently effective. This reserve will continue until base distribution rates are updated to reflect the lower federal tax rate. Alternative Revenue Programs: In accordance with accounting guidance for rate-regulated operations, certain of Eversource's utilities' rate making mechanisms qualify as alternative revenue programs (ARPs) if they meet specified criteria, in which case revenues may be recognized prior to billing based on allowed levels of collection in rates. Eversource's utility companies recognize revenue and record a regulatory asset or liability once the condition or event allowing for the automatic adjustment of future rates occurs. ARP revenues include both the recognition of the deferral adjustment to ARP revenues, when the regulator-specified condition or event allowing for additional billing or refund has occurred, and an equal and offsetting reversal of the ARP deferral to revenues as those amounts are reflected in the price of service in subsequent periods. Eversource’s ARPs include the revenue decoupling mechanism, the annual reconciliation adjustment to transmission formula rates, and certain capital tracker mechanisms. Certain Eversource electric, natural gas and water companies, including CL&P and NSTAR Electric, have revenue decoupling mechanisms approved by a regulatory commission (decoupled companies). Decoupled companies’ distribution revenues are not directly based on sales volumes. The decoupled companies reconcile their annual base distribution rate recovery to pre-established levels of baseline distribution delivery service revenues, with any difference between the allowed level of distribution revenue and the actual amount realized adjusted through subsequent rates. The transmission formula rates provide for the annual reconciliation and recovery or refund of estimated costs to actual costs. The financial impacts of differences between actual and estimated costs are deferred for future recovery from, or refund to, transmission customers. This transmission deferral reconciles billed transmission revenues to the revenue requirement for our transmission businesses. Other Revenues: Other Revenues include certain fees charged to customers that are not considered revenue from contracts with customers. Other revenues also include lease revenues under lessor accounting guidance of $4.8 million ($0.8 million at CL&P and $3.1 million at NSTAR Electric), $4.3 million ($0.8 million at CL&P and $2.7 million at NSTAR Electric), $4.4 million, ($1.0 million at CL&P and $2.7 million at NSTAR Electric) for the years ended December 31, 2021, 2020 and 2019, respectively. Intercompany Eliminations: Intercompany eliminations are primarily related to the Eversource electric transmission revenues that are derived from ISO-NE regional transmission charges to the distribution businesses of CL&P, NSTAR Electric and PSNH that recover the costs of the wholesale transmission business, and revenues from Eversource's service company. Intercompany revenues and expenses between the Eversource wholesale transmission businesses and the Eversource distribution businesses and from Eversource's service company are eliminated in consolidation and included in "Eliminations" in the table above. Receivables: Receivables, Net on the balance sheet primarily includes trade receivables from retail customers and from customers related to wholesale transmission contracts, wholesale market sales, sales of RECs, and property rentals. In general, retail tariff customers and wholesale transmission customers are billed monthly and the payment terms are generally due and payable upon receipt of the bill. Unbilled Revenues: Unbilled Revenues on the balance sheet represent estimated amounts due from retail customers for electricity, natural gas or water delivered to customers but not yet billed. The utility company has satisfied its performance obligation and the customer has received and consumed the commodity as of the balance sheet date, and therefore, the utility company records revenue for those services in the period the services were provided. Only the passage of time is required before the company is entitled to payment for the satisfaction of the performance obligation. Payment from customers is due monthly as services are rendered and amounts are billed. Actual amounts billed to customers when meter readings become available may vary from the estimated amount. Unbilled revenues are recognized by allocating estimated unbilled sales volumes to the respective customer classes, and then applying an estimated rate by customer class to those sales volumes. Unbilled revenue estimates reflect seasonality, weather, customer usage patterns, customer rates in effect for customer classes, and the timing of customer billing. The companies that have a decoupling mechanism record a regulatory deferral to reflect the actual allowed amount of revenue associated with their respective decoupled distribution rate design. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. The Electric Distribution reportable segment includes the results of NSTAR Electric's solar power facilities. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, 4) the results of other unregulated subsidiaries, which are not part of its core business, and 5) Eversource parent's equity ownership interests that are not consolidated, which primarily include the offshore wind business, a natural gas pipeline owned by Enbridge, Inc., and a renewable energy investment fund. In the ordinary course of business, Yankee Gas, NSTAR Gas and EGMA purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $77.7 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension and PBOP expense. Eversource's segment information is as follows: For the Year Ended December 31, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 7,423.6 $ 1,789.6 $ 1,634.6 $ 211.3 $ 1,354.0 $ (2,550.0) $ 9,863.1 Depreciation and Amortization (737.8) (142.3) (300.3) (46.1) (113.1) 4.6 (1,335.0) Other Operating Expenses (5,970.0) (1,345.4) (496.2) (101.4) (1,170.4) 2,548.6 (6,534.8) Operating Income 715.8 301.9 838.1 63.8 70.5 3.2 1,993.3 Interest Expense (236.4) (58.6) (133.2) (32.0) (168.8) 46.6 (582.4) Interest Income 20.7 4.5 2.2 — 46.0 (47.8) 25.6 Other Income, Net 78.1 17.9 19.8 3.3 1,363.9 (1,347.3) 135.7 Income Tax (Expense)/Benefit (103.5) (60.9) (179.4) 1.7 (2.1) — (344.2) Net Income 474.7 204.8 547.5 36.8 1,309.5 (1,345.3) 1,228.0 Net Income Attributable to Noncontrolling Interests (4.6) — (2.9) — — — (7.5) Net Income Attributable to Common Shareholders $ 470.1 $ 204.8 $ 544.6 $ 36.8 $ 1,309.5 $ (1,345.3) $ 1,220.5 Total Assets (as of) $ 25,411.2 $ 7,215.9 $ 12,377.8 $ 2,551.1 $ 22,674.7 $ (21,738.6) $ 48,492.1 Cash Flows Used for Investments in Plant $ 1,053.3 $ 721.1 $ 1,024.1 $ 137.2 $ 239.4 $ — $ 3,175.1 For the Year Ended December 31, 2020 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 7,132.3 $ 1,208.7 $ 1,536.1 $ 215.4 $ 1,235.9 $ (2,424.0) $ 8,904.4 Depreciation and Amortization (657.0) (87.9) (278.1) (44.2) (93.5) 1.6 (1,159.1) Other Operating Expenses (5,642.3) (913.8) (470.0) (86.6) (1,071.9) 2,428.0 (5,756.6) Operating Income 833.0 207.0 788.0 84.6 70.5 5.6 1,988.7 Interest Expense (216.0) (40.0) (126.8) (32.9) (161.0) 38.3 (538.4) Interest Income 3.2 0.9 4.7 — 37.8 (41.8) 4.8 Other Income, Net 58.0 3.1 23.3 2.0 1,382.9 (1,365.5) 103.8 Income Tax (Expense)/Benefit (129.6) (36.9) (183.8) (12.5) 16.6 — (346.2) Net Income 548.6 134.1 505.4 41.2 1,346.8 (1,363.4) 1,212.7 Net Income Attributable to Noncontrolling Interests (4.6) — (2.9) — — — (7.5) Net Income Attributable to Common Shareholders $ 544.0 $ 134.1 $ 502.5 $ 41.2 $ 1,346.8 $ (1,363.4) $ 1,205.2 Total Assets (as of) $ 24,981.9 $ 6,450.5 $ 11,695.0 $ 2,375.2 $ 22,089.4 $ (21,492.4) $ 46,099.6 Cash Flows Used for Investments in Plant $ 1,079.0 $ 494.4 $ 1,004.6 $ 118.8 $ 246.2 $ — $ 2,943.0 For the Year Ended December 31, 2019 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 6,976.5 $ 1,062.2 $ 1,389.0 $ 214.6 $ 1,028.5 $ (2,144.3) $ 8,526.5 Depreciation and Amortization (651.3) (68.3) (253.3) (46.9) (63.2) 2.3 (1,080.7) Impairment of Northern Pass Transmission — — (239.6) — — — (239.6) Other Operating Expenses (5,525.1) (830.8) (411.2) (101.0) (891.3) 2,143.7 (5,615.7) Operating Income 800.1 163.1 484.9 66.7 74.0 1.7 1,590.5 Interest Expense (206.4) (47.4) (125.7) (34.6) (170.3) 51.2 (533.2) Interest Income 13.3 0.1 1.5 — 48.7 (50.8) 12.8 Other Income, Net 46.8 1.6 29.2 0.4 945.3 (903.3) 120.0 Income Tax (Expense)/Benefit (135.9) (21.2) (130.5) 2.4 11.7 — (273.5) Net Income 517.9 96.2 259.4 34.9 909.4 (901.2) 916.6 Net Income Attributable to Noncontrolling Interests (4.6) — (2.9) — — — (7.5) Net Income Attributable to Common Shareholders $ 513.3 $ 96.2 $ 256.5 $ 34.9 $ 909.4 $ (901.2) $ 909.1 Cash Flows Used for Investments in Plant $ 1,104.2 $ 460.2 $ 987.0 $ 118.0 $ 242.1 $ — $ 2,911.5 |
ACQUISITION OF ASSETS OF COLUMB
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS | ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS On October 9, 2020, Eversource acquired certain assets and liabilities that comprised the NiSource Inc. (NiSource) natural gas distribution business in Massachusetts, which was previously doing business as CMA, pursuant to an asset purchase agreement (the Agreement) entered into on February 26, 2020 between Eversource and NiSource. The cash purchase price was $1.1 billion, plus a working capital amount of $68.6 million, as finalized in the first quarter of 2021. Eversource financed the acquisition through a combination of debt and equity issuances in a ratio that was consistent with its consolidated capital structure. The natural gas distribution assets acquired from CMA were assigned to EGMA, an indirect wholly-owned subsidiary of Eversource formed in 2020. The LNG assets acquired from CMA were assigned to Hopkinton LNG Corp. The transaction required approval by the DPU, the Maine Public Utilities Commission, the FERC, and the Federal Communications Commission, and review under the Hart-Scott-Rodino Act. The liabilities assumed by Eversource under the Agreement specifically excluded any liabilities (past or future) arising out of, or related to, the fires and explosions that occurred on September 13, 2018 in Lawrence, Andover and North Andover, Massachusetts related to the delivery of natural gas by CMA, including certain subsequent events, all as described and in the DPU's Order on Scope dated December 23, 2019 (D.P.U. 19-141) (the Greater Lawrence Incident or GLI). The liabilities assumed also excluded any further emergency events prior to the closing of the acquisition related to the restoration and reconstruction with respect to the GLI, including any losses arising out of, or related to, any litigation, demand, cause of action, claim, suit, investigation, proceeding, indemnification agreements or rights. Eversource did not assume any of CMA's or NiSource Inc.'s third party debt obligations or notes payable. On October 7, 2020, the DPU approved a rate settlement agreement with Eversource, EGMA, NiSource, Bay State, the Massachusetts Attorney General's Office, the DOER and the Low-Income Weatherization and Fuel Assistance Program Network, which requested approval of the February 26, 2020 Agreement, as well as a rate stabilization plan, among other items. Purchase Price Allocation : The allocation of the total purchase price to the estimated fair values of the assets acquired and liabilities assumed has been determined based on the accounting guidance for fair value measurements, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The final purchase price allocation reflects measurement period adjustments recorded in 2021 to reduce the fair values of certain regulatory and plant assets and certain liabilities acquired, resulting in a corresponding increase to Goodwill, based on new information received during the measurement period. The allocation of the cash purchase price as of October 9, 2020 is as follows: (Millions of Dollars) Current Assets $ 138 Restricted Cash 57 PP&E 1,182 Goodwill 52 Other Noncurrent Assets, excluding Goodwill 131 Other Current Liabilities (81) Other Noncurrent Liabilities (310) Cash Purchase Price $ 1,169 The fair values of CMA's assets and liabilities were determined based on significant estimates and assumptions, including Level 3 inputs, that are judgmental in nature. The allocation of the total purchase price includes adjustments to reflect plant that will not earn a return and to reduce rate base to the allowed $995 million as specified in the rate settlement agreement. Eversource also recorded a $6.7 million liability for the future refund to customers for CMA's overcollection of the lower income tax rate beginning in 2018. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was recognized as goodwill. The goodwill reflects the value paid by Eversource primarily for expanding its natural gas infrastructure. The goodwill resulting from the acquisition has been assigned to the Natural Gas Distribution reporting unit. Under the terms of the rate settlement agreement, a portion of the proceeds of the sale due to NiSource was withheld and used to establish an Energy Relief Fund comprised of two components, an Arrearage Forgiveness Fund and a fund which is restricted for energy efficiency and clean energy measures in the Merrimack Valley. As a result, Eversource funded restricted cash accounts and established a liability totaling $56.8 million on the acquisition date. By December 31, 2020, $15.4 million of the Arrearage Forgiveness Fund was credited back to customers and the remainder was paid back to NiSource. The purchase price included in investing cash outflows on the statement of cash flows of $1.11 billion reflects the payment to NiSource, excluding the restricted cash funds. Pro Forma Financial Information: The following unaudited pro forma financial information reflects the pro forma combined results of operations of Eversource and the CMA business acquired and reflects the amortization of purchase price adjustments assuming the acquisition had taken place on January 1, 2019. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Eversource. Pro forma net income excludes the impact of assets and liabilities not assumed by Eversource, such as amounts directly associated with the GLI incident, and non-recurring costs associated with the transaction. For the Years Ended December 31, (Pro forma amounts in millions, except share amounts) 2020 2019 Operating Revenues $ 9,273 $ 9,103 Net Income Attributable to Common Shareholders 1,265 909 Basic EPS 3.73 2.83 Diluted EPS 3.72 2.82 Revenues and Net Income: The impact of CMA on Eversource's accompanying consolidated statement of income included operating revenues of $154.8 million and net income attributable to common shareholders of $13.9 million for the year ended December 31, 2020. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL In a business combination, the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is evaluated for impairment at least annually and more frequently if indicators of impairment arise. In accordance with the accounting standards, if the fair value of a reporting unit is less than its carrying value (including goodwill), the goodwill is tested for impairment. Goodwill is not subject to amortization, however is subject to a fair value based assessment for impairment at least annually and whenever facts or circumstances indicate that there may be an impairment. A resulting write-down, if any, would be charged to Operating Expenses. Eversource's reporting units for the purpose of testing goodwill are Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution. These reporting units are consistent with the operating segments underlying the reportable segments identified in Note 23, "Segment Information," to the financial statements. Eversource completed the acquisition of NESC on December 1, 2021, resulting in the addition of $21.7 million of goodwill, all of which was allocated to the Water Distribution reporting unit. Eversource completed the CMA asset acquisition on October 9, 2020, resulting in the addition of $51.9 million of goodwill, which included measurement period adjustments in 2021 resulting in an additional $9.6 million of goodwill. The goodwill was allocated to the Natural Gas Distribution reporting unit. On July 31, 2020, Eversource sold its water system and treatment plant that supplies water to the towns of Hingham, Hull and North Cohasset to the town of Hingham, Massachusetts, resulting in a reduction to goodwill of $23.6 million. This goodwill was previously reflected in the Water Distribution reporting unit. In assessing goodwill for impairment, an entity is permitted to first assess qualitatively whether it is more likely than not that goodwill impairment exists as of the annual impairment test date. A quantitative impairment test is required only if it is concluded that it is more likely than not that a reporting unit’s fair value is less than it’s carrying amount. The annual goodwill assessment included a qualitative evaluation of multiple factors that impact the fair value of the reporting units, including general, macroeconomic and market conditions, and entity-specific assumptions that affect the future cash flows of the reporting units. Key considerations include discount rates, utility sector market performance and merger transaction multiples, the Company's share price and credit ratings, analyst reports, financial performance, cost and risk factors, internal estimates and projections of future cash flows and net income, long-term strategy, the timing and outcome of rate cases, and recent regulatory and legislative proceedings. Eversource completed its annual goodwill impairment test for the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reporting units as of October 1, 2021 and determined that no impairment existed. There were no events subsequent to October 1, 2021 that indicated impairment of goodwill. The following table presents goodwill by reportable segment: (Millions of Dollars) Electric Electric Natural Gas Water Distribution Total Balance as of January 1, 2020 $ 2,544 $ 577 $ 399 $ 907 $ 4,427 Acquisition of CMA Assets — — 42 — 42 Sale of Hingham water system — — — (23) (23) Balance as of December 31, 2020 $ 2,544 $ 577 $ 441 $ 884 $ 4,446 CMA Measurement Period Adjustments — — 10 — 10 Acquisition of NESC — — — 21 21 Balance as of December 31, 2021 $ 2,544 $ 577 $ 451 $ 905 $ 4,477 |
SCHEDULE I - FINANCIAL INFORMAT
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS AS OF DECEMBER 31, 2021 AND 2020 (Thousands of Dollars) 2021 2020 ASSETS Current Assets: Cash $ 175 $ 434 Accounts Receivable from Subsidiaries 43,403 39,645 Notes Receivable from Subsidiaries 1,245,900 996,300 Prepayments and Other Current Assets 11,974 19,043 Total Current Assets 1,301,452 1,055,422 Deferred Debits and Other Assets: Investments in Subsidiary Companies, at Equity 16,108,190 15,483,263 Notes Receivable from Subsidiaries 1,001,000 1,110,400 Accumulated Deferred Income Taxes 17,409 33,469 Goodwill 3,852,524 3,231,811 Other Long-Term Assets 101,710 90,735 Total Deferred Debits and Other Assets 21,080,833 19,949,678 Total Assets $ 22,382,285 $ 21,005,100 LIABILITIES AND CAPITALIZATION Current Liabilities: Notes Payable $ 1,342,950 $ 1,054,325 Long-Term Debt - Current Portion 767,681 473,933 Accounts Payable to Subsidiaries 37,609 18,424 Other Current Liabilities 87,745 103,477 Total Current Liabilities 2,235,985 1,650,159 Deferred Credits and Other Liabilities 150,616 163,053 Long-Term Debt 5,395,840 5,128,322 Common Shareholders' Equity: Common Shares 1,789,092 1,789,092 Capital Surplus, Paid in 8,098,514 8,015,663 Retained Earnings 5,005,391 4,613,201 Accumulated Other Comprehensive Loss (42,275) (76,411) Treasury Stock (250,878) (277,979) Common Shareholders' Equity 14,599,844 14,063,566 Total Liabilities and Capitalization $ 22,382,285 $ 21,005,100 See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 18, "Common Shares," material obligations and guarantees as described in Note 13, "Commitments and Contingencies," and debt agreements as described in Note 8, "Short-Term Debt," and Note 9, "Long-Term Debt." SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (Thousands of Dollars, Except Share Information) 2021 2020 2019 Operating Revenues $ — $ — $ — Operating Expenses: Other 43,048 28,645 50,100 Operating Loss (43,048) (28,645) (50,100) Interest Expense 163,613 160,887 163,937 Other Income, Net: Equity in Earnings of Subsidiaries 1,345,199 1,309,630 1,001,526 Other, Net 47,802 38,546 68,137 Other Income, Net 1,393,001 1,348,176 1,069,663 Income Before Income Tax Benefit 1,186,340 1,158,644 855,626 Income Tax Benefit (34,187) (46,523) (53,427) Net Income $ 1,220,527 $ 1,205,167 $ 909,053 Basic Earnings per Common Share $ 3.55 $ 3.56 $ 2.83 Diluted Earnings per Common Share $ 3.54 $ 3.55 $ 2.81 Weighted Average Common Shares Outstanding: Basic 343,972,926 338,836,147 321,416,086 Diluted 344,631,056 339,847,062 322,941,636 STATEMENTS OF COMPREHENSIVE INCOME 2021 2020 2019 Net Income $ 1,220,527 $ 1,205,167 $ 909,053 Other Comprehensive Income/(Loss), Net of Tax: Qualified Cash Flow Hedging Instruments 972 1,596 1,393 Changes in Unrealized (Losses)/Gains on Marketable Securities (671) 342 1,166 Change in Funded Status of Pension, SERP and PBOP Benefit Plans 33,835 (13,290) (7,618) Other Comprehensive Income/(Loss), Net of Tax 34,136 (11,352) (5,059) Comprehensive Income $ 1,254,663 $ 1,193,815 $ 903,994 See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 18, "Common Shares," material obligations and guarantees as described in Note 13, "Commitments and Contingencies," and debt agreements as described in Note 8, "Short-Term Debt," and Note 9, "Long-Term Debt." SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 and 2019 (Thousands of Dollars) 2021 2020 2019 Operating Activities: Net Income $ 1,220,527 $ 1,205,167 $ 909,053 Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: Equity in Earnings of Subsidiaries (1,345,199) (1,309,630) (1,001,526) Cash Dividends Received from Subsidiaries 1,037,100 485,800 883,000 Deferred Income Taxes 20,293 (4,667) 13,382 Other 36,910 39,940 19,584 Changes in Current Assets and Liabilities: Accounts Receivables from Subsidiaries (3,758) (14,575) 7,105 Taxes Receivable/Accrued, Net (19,455) 35,300 (605) Accounts Payable to Subsidiaries 19,185 14,091 (4,099) Other Current Assets and Liabilities, Net 8,144 21,284 (2,503) Net Cash Flows Provided by Operating Activities 973,747 472,710 823,391 Investing Activities: Capital Contributions to Subsidiaries (1,033,000) (1,899,340) (1,039,000) Return of Capital from Subsidiaries 178,800 80,000 — Increase in Notes Receivable from Subsidiaries (140,200) (264,300) (218,100) Other Investing Activities (3,196) (367) (1,799) Net Cash Flows Used in Investing Activities (997,596) (2,084,007) (1,258,899) Financing Activities: Issuance of Common Shares, Net of Issuance Costs — 928,992 852,254 Cash Dividends on Common Shares (805,439) (744,665) (663,239) Issuance of Long-Term Debt 1,000,000 1,550,000 — Retirement of Long-Term Debt (450,000) — (350,000) Increase/(Decrease) in Notes Payable 288,625 (170,545) 593,370 Other Financing Activities (9,545) 46,480 4,001 Net Cash Flows Provided by Financing Activities 23,641 1,610,262 436,386 Net (Decrease)/Increase in Cash and Restricted Cash (208) (1,035) 878 Cash - Beginning of Year 434 1,469 591 Cash and Restricted Cash - End of Year $ 226 $ 434 $ 1,469 Supplemental Cash Flow Information: Cash Paid/(Received) During the Year for: Interest $ 164,568 $ 140,694 $ 161,323 Income Taxes $ (51,277) $ (43,158) $ (63,277) See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 18, "Common Shares," material obligations and guarantees as described in Note 13, "Commitments and Contingencies," and debt agreements as described in Note 8, "Short-Term Debt," and Note 9, "Long-Term Debt." |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | SCHEDULE II EVERSOURCE ENERGY AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (Thousands of Dollars) Column A Column B Column C Column D Column E Additions (1) (2) Description: Balance as of Beginning of Year Charged to Costs and Expenses Charged to Other Deductions -Describe (b) Balance as of End of Year Eversource : Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2021 $ 358,851 $ 60,886 $ 110,572 $ 112,903 $ 417,406 2020 224,821 53,461 145,005 64,436 358,851 2019 212,723 63,446 57,223 108,571 224,821 CL&P: Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2021 $ 157,447 $ 13,495 $ 57,779 $ 47,402 $ 181,319 2020 97,348 12,882 71,223 24,006 157,447 2019 88,034 15,947 38,935 45,568 97,348 NSTAR Electric: Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2021 $ 91,583 $ 16,649 $ 20,064 $ 31,291 $ 97,005 2020 75,406 15,293 23,424 22,540 91,583 2019 74,516 25,079 12,556 36,745 75,406 PSNH : Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2021 $ 17,157 $ 13,113 $ 3,135 $ 9,074 $ 24,331 2020 10,497 5,164 7,692 6,196 17,157 2019 11,065 6,726 872 8,166 10,497 (a) Amounts relate to uncollectible accounts receivables reserved for that are not charged to bad debt expense. CL&P, NSTAR Electric, NSTAR Gas, EGMA and Yankee Gas are allowed to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. CL&P, NSTAR Electric, PSNH, NSTAR Gas and EGMA are also allowed to recover uncollectible energy supply costs through regulatory tracking mechanisms. Amounts in this column in 2020 also include a $24.2 million increase due to the CMA asset acquisition on October 9, 2020 at Eversource, and an increase due to the adoption of the credit loss accounting standard in 2020 of $23.8 million at Eversource, $22.2 million at CL&P, $0.3 million at PSNH, and a decrease of $1.3 million at NSTAR Electric. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Eversource consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method. In accordance with accounting guidance on noncontrolling interests in consolidated financial statements, the Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric, which are not owned by Eversource or its consolidated subsidiaries and are not subject to mandatory redemption, have been presented as noncontrolling interests in the financial statements of Eversource. The Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric are considered to be temporary equity and have been classified between liabilities and permanent shareholders' equity on the balance sheets of Eversource, CL&P and NSTAR Electric due to a provision in the preferred stock agreements of both CL&P and NSTAR Electric that grant preferred stockholders the right to elect a majority of the CL&P and NSTAR Electric Boards of Directors, respectively, should certain conditions exist, such as if preferred dividends are in arrears for a specified amount of time. The Net Income reported in the statements of income and cash flows represents net income prior to apportionment to noncontrolling interests, which is represented by dividends on preferred stock of CL&P and NSTAR Electric. Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. COVID-19 has adversely affected customers, workers and the U.S. economy. We provide a critical service to our customers and have taken extensive measures to maintain its safety and reliability. We continue to address the impacts of the COVID-19 pandemic and how the related developments affect Eversource. We have not experienced significant impacts directly related to the pandemic that have materially affected our current operations, our workforce, or results of operations. The extent of the impact to us in the future will vary, and depend on the duration, scope and severity of the pandemic and the resulting impact on economic, health care and capital market conditions. The future impact will also depend on the outcome of future proceedings before our state regulatory commissions to recover our incremental costs associated with COVID-19, which include uncollectible customer receivable expenses. See Note 1F, "Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts," for an evaluation of the allowance for doubtful accounts as of December 31, 2021 in light of the COVID-19 pandemic. As of December 31, 2021, we did not identify indicators or triggering events for impairments to our goodwill, long-lived assets, available-for-sale debt securities, or equity method investment carrying values. |
Accounting Standards | Accounting Standards Accounting Standards Recently Adopted: On January 1, 2021, the Company adopted Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which eliminates certain exceptions to the general principles of current income tax guidance in ASC 740 and simplifies and improves consistency in application of that income tax guidance through clarifications of and amendments to ASC 740. The ASU did not have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH. |
Cash | CashCash includes cash on hand. At the end of each reporting period, any overdraft amounts are reclassified from Cash to Accounts Payable on the balance sheets. |
Provision for Uncollectible Accounts | Allowance for Uncollectible Accounts Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs, and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. The current expected credit loss (CECL) model, which was implemented on January 1, 2020 (ASU 2016-13) is applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded. The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, and management's assessment of collectability from customers, including current conditions, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability of receivables and adjusts estimates based on actual experience and future expectations based on economic indicators, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. As of December 31, 2021, management evaluated the adequacy of the allowance for uncollectible accounts in light of the evolving COVID-19 pandemic. This evaluation included an analysis of collection and customer payment trends, economic conditions, delinquency statistics, aging-based quantitative assessments, the impact on residential customer bills because of energy usage and change in rates, flexible payment plans and financial hardship arrearage management programs being offered to customers, and COVID-19 developments, including any potential federal governmental pandemic relief programs and the expansion of unemployment benefit initiatives, which help to mitigate the potential for increasing customer account delinquencies. Additionally, management considered past economic declines and corresponding uncollectible reserves as part of the current assessment. This evaluation has shown that our operating companies have experienced an increase in aged receivables and lower cash collections from customers because of the length of the moratorium on disconnections in Connecticut and Massachusetts, and the economic slowdown resulting from the COVID-19 pandemic. In Connecticut, the moratorium on disconnections of commercial and non-hardship residential customers ended in June 2021 and September 2021, respectively, but is still in place for hardship residential customers. In Massachusetts, the moratorium on disconnections of commercial customers and residential customers ended in September 2020 and July 2021, respectively. Disconnection activities have resumed after these moratoria have expired, which has resulted in recent improved collection experience, more customers applying for, and receiving, hardship status, and higher write-offs of aged receivable amounts. On July 7, 2021, the NHPUC issued an order to New Hampshire utilities that concluded that recovery of incremental bad debt or waived late fees related to the COVID-19 pandemic would be addressed in a future rate case to the extent those costs are relevant at that time. As a result of the order, PSNH removed its $0.6 million deferral of net incremental COVID-19 costs in 2021. In New Hampshire, the moratorium on disconnections of non-hardship residential and commercial customers ended in late 2020 and for hardship residential customers ended in May 2021 and PSNH has resumed disconnection activities, which has resulted in improved collection of outstanding customer receivable balances. Based upon the evaluation performed, for the year ended December 31, 2021, management increased the allowance for uncollectible accounts for amounts incurred as a result of COVID-19 by $24.1 million for Eversource (increase of $20.1 million for CL&P and $6.6 million at our natural gas businesses, and decrease of $1.3 million at NSTAR Electric). The COVID-19 related uncollectible amounts were deferred either as incremental regulatory costs at our Connecticut and Massachusetts utilities or deferred through existing regulatory tracking mechanisms that recover uncollectible energy supply costs, as management believes it is probable that these costs will ultimately be recovered from customers in future rates. As of December 31, 2021, the total amount incurred as a result of COVID-19 included in the allowance for uncollectible accounts was $55.3 million at Eversource ($23.9 million at CL&P, $9.0 million at NSTAR Electric, and $21.4 million at our natural gas businesses). Based on the status of our COVID-19 regulatory dockets, communications with our state regulatory commissions, and policies and practices in the jurisdictions in which we operate, we believe our state regulatory commissions in Connecticut and Massachusetts will allow us to recover our incremental costs associated with COVID-19, which include uncollectible customer receivable expenses, while balancing the impact on our customers’ bills and our operating cash flows. Management concluded that the reserve balance as of December 31, 2021 adequately reflected the collection risk and net realizable value for Eversource’s receivables. Management will continue to evaluate the adequacy of the uncollectible allowance in future reporting periods based on an ongoing assessment of accounts receivable collections, delinquency statistics, and analysis of aging-based quantitative assessments. |
Transfer of Energy Efficiency Loans | Transfer of Energy Efficiency LoansCL&P transferred a portion of its energy efficiency customer loan portfolio to outside lenders in order to make additional loans to customers. CL&P remains the servicer of the loans and will transmit customer payments to the lenders, with a maximum amount outstanding under this program of $55 million. The amounts of the loans are included in Accounts Receivable, Net and Other Long-Term Assets, and are offset by Other Current Liabilities and Other Long-Term Liabilities on CL&P’s balance sheet. |
Fuel, Materials, Supplies and REC Inventory | Fuel, Materials, Supplies and REC InventoryFuel, Materials, Supplies and REC Inventory include natural gas inventory, materials and supplies purchased primarily for construction or operation and maintenance purposes, and RECs. Inventory is valued at the lower of cost or net realizable value. RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements. |
Fair Value Measurements | Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets, equity method investments, and AROs, and in the valuation of the acquisition of CMA’s assets in 2020. The fair value measurement guidance was also applied in estimating the fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis. The levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. |
Derivative Accounting | Derivative Accounting Many of the electric and natural gas companies' contracts for the purchase and sale of energy or energy-related products are derivatives. The accounting treatment for energy contracts entered into varies and depends on the intended use of the particular contract and on whether or not the contract is a derivative. The application of derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, election and designation of a contract as normal, and determination of the fair value of derivative contracts. All of these judgments can have a significant impact on the financial statements. The judgment applied in the election of a contract as normal (and resulting accrual accounting) includes the conclusion that it is probable at the inception of the contract and throughout its term that it will result in physical delivery of the underlying product and that the quantities will be used or sold by the business in the normal course of business. If facts and circumstances change and management can no longer support this conclusion, then a contract cannot be considered normal, accrual accounting is terminated, and fair value accounting is applied prospectively. The fair value of derivative contracts is based upon the contract terms and conditions and the underlying market price or fair value per unit. When quantities are not specified in the contract, the Company determines whether the contract has a determinable quantity by using amounts referenced in default provisions and other relevant sections of the contract. The fair value of derivative assets and liabilities with the same counterparty are offset and recorded as a net derivative asset or liability on the balance sheets. Regulatory assets or regulatory liabilities are recorded to offset the fair values of derivative contracts related to energy and energy-related products, as contract settlements are recovered from, or refunded to, customers in future rates. All changes in the fair value of derivative contracts are recorded as regulatory assets or liabilities and do not impact net income. |
Allowance for Funds Used During Construction | Allowance for Funds Used During ConstructionAFUDC represents the cost of borrowed and equity funds used to finance construction and is included in the cost of the electric, natural gas and water companies' utility plant on the balance sheet. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of Interest Expense, and the AFUDC related to equity funds is recorded as Other Income, Net on the statements of income. AFUDC costs are recovered from customers over the service life of the related plant in the form of increased revenue collected as a result of higher depreciation expense. The average AFUDC rate is based on a FERC-prescribed formula using the cost of a company's short-term financings and capitalization (preferred stock, long-term debt and common equity), as appropriate. The average rate is applied to average eligible CWIP amounts to calculate AFUDC. |
Other Taxes | Other TaxesEversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. Separate from above were amounts recorded as Taxes Other Than Income Taxes at CL&P related to the remittance to the State of Connecticut of energy efficiency funds collected from customers of $21.4 million in 2019. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were recorded separately, with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the Eversource and CL&P statements of income. As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. |
Related Parties | Related PartiesEversource Service, Eversource's service company, provides centralized accounting, administrative, engineering, financial, information technology, legal, operational, planning, purchasing, tax, and other services to Eversource's companies. The Rocky River Realty Company and Properties, Inc., two other Eversource subsidiaries, construct, acquire or lease some of the property and facilities used by Eversource's companies. As of both December 31, 2021 and 2020, CL&P, NSTAR Electric and PSNH had long-term receivables from Eversource Service in the amounts of $25.0 million, $5.5 million and $3.8 million, respectively, which were included in Other Long-Term Assets on the balance sheets. These amounts related to the funding of investments held in trust by Eversource Service in connection with certain postretirement benefits for CL&P, NSTAR Electric and PSNH employees and have been eliminated in consolidation on the Eversource financial statements. Included in the CL&P, NSTAR Electric and PSNH balance sheets as of December 31, 2021 and 2020 were Accounts Receivable from Affiliated Companies and Accounts Payable to Affiliated Companies relating to transactions between CL&P, NSTAR Electric and PSNH and other subsidiaries that are wholly-owned by Eversource. These amounts have been eliminated in consolidation on the Eversource financial statements. The Eversource Energy Foundation is an independent not-for-profit charitable entity and is not included in the consolidated financial statements of Eversource as the Company does not have title to, and cannot receive contributions back from, the Eversource Energy Foundation's assets. Eversource did not make any contributions to the Eversource Energy Foundation in 2021 and 2019, and made contributions of $6.4 million in 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Provision for Uncollectible Accounts | The activity in the allowance for uncollectible accounts by portfolio segment is as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Hardship Accounts Retail (Non-Hardship), Total Allowance Total Allowance Balance as of January 1, 2020 $ 143.3 $ 81.5 $ 224.8 $ 80.1 $ 17.2 $ 97.3 $ 43.9 $ 31.5 $ 75.4 $ 10.5 ASU 2016-13 Implementation 21.6 2.2 23.8 21.3 0.9 22.2 (1.6) 0.3 (1.3) 0.3 Increase due to CMA acquisition — 24.2 24.2 — — — — — — — Uncollectible Expense (1) — 53.5 53.5 — 12.9 12.9 — 15.3 15.3 5.2 Uncollectible Costs Deferred (2) 43.1 53.9 97.0 38.2 10.8 49.0 (1.7) 26.4 24.7 7.4 Write-Offs (14.7) (63.3) (78.0) (11.9) (17.8) (29.7) (0.9) (26.3) (27.2) (6.9) Recoveries Collected 1.5 12.1 13.6 1.4 4.3 5.7 — 4.7 4.7 0.7 Balance as of December 31, 2020 $ 194.8 $ 164.1 $ 358.9 $ 129.1 $ 28.3 $ 157.4 $ 39.7 $ 51.9 $ 91.6 $ 17.2 Uncollectible Expense (1) — 60.9 60.9 — 13.5 13.5 — 16.6 16.6 13.1 Uncollectible Costs Deferred (2) 51.9 58.7 110.6 32.3 25.5 57.8 4.3 15.8 20.1 3.1 Write-Offs (22.0) (107.7) (129.7) (18.0) (36.2) (54.2) (0.7) (36.3) (37.0) (10.0) Recoveries Collected 1.4 15.3 16.7 1.2 5.6 6.8 — 5.7 5.7 0.9 Balance as of December 31, 2021 $ 226.1 $ 191.3 $ 417.4 $ 144.6 $ 36.7 $ 181.3 $ 43.3 $ 53.7 $ 97.0 $ 24.3 (1) Uncollectible expense associated with customer and other accounts receivable is included in Operations and Maintenance expense on the statements of income. For the year ended December 31, 2019, uncollectible expense included in Operations and Maintenance Expense was $63.4 million for Eversource, $15.9 million for CL&P, $25.1 million for NSTAR Electric and $6.7 million for PSNH. (2) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to COVID-19 and uncollectible energy supply costs. |
Schedule of Utility Inventory | The carrying amounts of fuel, materials and supplies, and RECs, which are included in Current Assets on the balance sheets, were as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Fuel $ 56.2 $ — $ — $ — $ 38.2 $ — $ — $ — Materials and Supplies 148.9 60.3 55.0 25.2 151.3 57.9 62.1 22.5 RECs 62.4 — 61.7 0.7 76.1 — 71.8 4.3 Total $ 267.5 $ 60.3 $ 116.7 $ 25.9 $ 265.6 $ 57.9 $ 133.9 $ 26.8 |
Costs Related to Fuel and Natural Gas | Costs related to fuel and natural gas included in Purchased Power, Fuel and Transmission on the statements of income were as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Eversource - Natural Gas and Fuel $ 718.6 $ 464.2 $ 462.1 |
Weighted-Average AFUDC Rates | AFUDC costs and the weighted-average AFUDC rates were as follows: Eversource For the Years Ended December 31, (Millions of Dollars, except percentages) 2021 2020 2019 Borrowed Funds $ 18.4 $ 23.7 $ 25.6 Equity Funds 37.3 42.0 45.0 Total AFUDC $ 55.7 $ 65.7 $ 70.6 Average AFUDC Rate 4.2 % 5.0 % 5.4 % For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars, CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Borrowed Funds $ 2.9 $ 9.0 $ 0.8 $ 6.6 $ 9.1 $ 2.1 $ 7.1 $ 10.4 $ 2.8 Equity Funds 7.7 20.4 1.6 13.8 21.5 4.2 13.2 19.8 3.4 Total AFUDC $ 10.6 $ 29.4 $ 2.4 $ 20.4 $ 30.6 $ 6.3 $ 20.3 $ 30.2 $ 6.2 Average AFUDC Rate 5.0 % 4.9 % 2.5 % 5.9 % 5.7 % 4.7 % 6.3 % 5.7 % 4.6 % |
Components of Other Income, Net | The components of Other Income, Net on the statements of income were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Pension, SERP and PBOP Non-Service Income Components (1) $ 84.4 $ 44.4 $ 31.3 AFUDC Equity 37.3 42.0 45.0 Equity in Earnings of Unconsolidated Affiliates (2) 14.2 14.2 42.2 Investment (Loss)/Income (0.2) 1.1 0.8 Interest Income 25.6 4.8 12.8 Other — 2.1 0.7 Total Other Income, Net $ 161.3 $ 108.6 $ 132.8 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Pension, SERP and PBOP Non-Service Income Components (1) $ 15.2 $ 40.2 $ 10.3 $ 3.8 $ 29.3 $ 7.0 $ 0.5 $ 23.5 $ 4.9 AFUDC Equity 7.7 20.4 1.6 13.8 21.5 4.2 13.2 19.8 3.4 Equity in Earnings of Unconsolidated Affiliates — 0.4 — — 0.4 — 0.1 0.7 — Investment Income/(Loss) 1.3 0.1 0.1 1.1 (0.8) 0.1 2.3 (0.4) 0.3 Interest Income 5.9 13.4 2.4 2.0 0.9 2.4 1.5 0.7 10.5 Other 0.1 0.3 0.2 0.1 0.7 0.1 (0.1) 0.3 0.1 Total Other Income, Net $ 30.2 $ 74.8 $ 14.6 $ 20.8 $ 52.0 $ 13.8 $ 17.5 $ 44.6 $ 19.2 (1) See Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for the components of net periodic benefit cost for the Pension, SERP and PBOP Plans. The non-service related components of pension, SERP and PBOP benefit costs, after capitalization or deferral, are presented as non-operating income and recorded in Other Income, Net on the statements of income. |
Other Taxes | These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Eversource $ 181.9 $ 170.6 $ 163.1 CL&P 158.1 149.9 141.1 |
Supplemental Cash Flow Information | Eversource (Millions of Dollars) As of and For the Years Ended December 31, 2021 2020 2019 Cash Paid During the Year for: Interest, Net of Amounts Capitalized $ 568.7 $ 518.0 $ 532.4 Income Taxes 121.6 48.9 56.0 Non-Cash Investing Activities: Plant Additions Included in Accounts Payable (As of) 467.9 367.2 379.4 As of and For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Cash Paid During the Year for: Interest, Net of Amounts Capitalized $ 161.5 $ 141.6 $ 56.5 $ 149.0 $ 129.4 $ 54.5 $ 144.6 $ 121.9 $ 56.9 Income Taxes 38.4 74.2 51.1 10.9 110.7 34.2 80.6 77.9 3.4 Non-Cash Investing Activities: Plant Additions Included in Accounts 110.6 120.0 68.7 101.8 103.2 33.3 111.3 116.4 49.9 |
Cash and Cash Equivalents as Reported on the Balance Sheet | The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Cash as reported on the Balance Sheets $ 66.8 $ 55.8 $ 0.7 $ — $ 106.6 $ 90.8 $ 0.1 $ 0.1 Restricted cash included in: Special Deposits 78.2 18.7 17.4 31.4 73.6 8.7 17.2 36.8 Marketable Securities 31.3 0.3 0.1 0.5 41.2 0.3 0.1 0.6 Other Long-Term Assets 44.7 — — 3.2 43.6 — — 2.1 Cash and Restricted Cash as reported on the $ 221.0 $ 74.8 $ 18.2 $ 35.1 $ 265.0 $ 99.8 $ 17.4 $ 39.6 |
REGULATORY ACCOUNTING (Tables)
REGULATORY ACCOUNTING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulated Operations [Abstract] | |
Components of Regulatory Assets | The components of regulatory assets were as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Benefit Costs $ 1,481.0 $ 272.4 $ 395.5 $ 118.9 $ 2,794.2 $ 632.3 $ 690.0 $ 267.6 Income Taxes, Net 790.7 470.5 112.6 17.5 747.1 458.9 110.4 15.2 Securitized Stranded Costs 478.9 — — 478.9 522.1 — — 522.1 Storm Costs, Net 1,102.7 695.6 341.3 65.8 765.6 515.1 186.4 64.1 Regulatory Tracker Mechanisms 1,050.5 333.6 376.6 85.4 850.5 246.6 332.2 95.3 Derivative Liabilities 249.2 249.2 — — 296.3 293.1 — — Goodwill-related 297.8 — 255.7 — 314.7 — 270.2 — Asset Retirement Obligations 115.0 33.6 59.8 4.1 118.4 32.1 58.6 3.9 Other Regulatory Assets 150.0 29.9 37.7 15.8 161.0 33.7 56.1 20.9 Total Regulatory Assets 5,715.8 2,084.8 1,579.2 786.4 6,569.9 2,211.8 1,703.9 989.1 Less: Current Portion 1,129.1 371.6 444.0 107.2 1,076.6 345.6 399.9 115.9 Total Long-Term Regulatory Assets $ 4,586.7 $ 1,713.2 $ 1,135.2 $ 679.2 $ 5,493.3 $ 1,866.2 $ 1,304.0 $ 873.2 |
Components of Regulatory Liabilities | The components of regulatory liabilities were as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH EDIT due to Tax Cuts and Jobs Act of 2017 $ 2,685.2 $ 996.1 $ 984.5 $ 359.2 $ 2,778.6 $ 1,010.7 $ 1,044.0 $ 371.5 Cost of Removal 649.6 100.1 381.0 17.2 624.8 98.4 363.6 12.9 Benefit Costs 133.5 — 107.4 — 83.6 — 72.5 — Regulatory Tracker Mechanisms 448.4 182.0 185.1 107.0 366.5 148.9 139.7 47.8 AFUDC - Transmission 81.0 43.2 37.8 — 76.8 44.6 32.2 — CL&P Settlement Agreement and Storm 81.3 81.3 — — — — — — Other Regulatory Liabilities 389.7 57.1 91.5 18.2 309.9 39.5 63.2 9.8 Total Regulatory Liabilities 4,468.7 1,459.8 1,787.3 501.6 4,240.2 1,342.1 1,715.2 442.0 Less: Current Portion 602.4 266.5 228.2 120.2 389.4 137.2 164.8 58.8 Total Long-Term Regulatory Liabilities $ 3,866.3 $ 1,193.3 $ 1,559.1 $ 381.4 $ 3,850.8 $ 1,204.9 $ 1,550.4 $ 383.2 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Utility Property, Plant and Equipment | The following tables summarize property, plant and equipment by asset category: Eversource As of December 31, (Millions of Dollars) 2021 2020 Distribution - Electric $ 17,679.1 $ 16,703.2 Distribution - Natural Gas 6,694.8 6,111.2 Transmission - Electric 12,882.4 11,954.0 Distribution - Water 1,900.9 1,743.1 Solar 200.9 201.5 Utility 39,358.1 36,713.0 Other (1) 1,469.5 1,269.0 Property, Plant and Equipment, Gross 40,827.6 37,982.0 Less: Accumulated Depreciation Utility (8,885.2) (8,476.3) Other (580.1) (477.6) Total Accumulated Depreciation (9,465.3) (8,953.9) Property, Plant and Equipment, Net 31,362.3 29,028.1 Construction Work in Progress 2,015.4 1,854.4 Total Property, Plant and Equipment, Net $ 33,377.7 $ 30,882.5 As of December 31, 2021 2020 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH Distribution - Electric $ 7,117.6 $ 8,105.5 $ 2,496.2 $ 6,820.7 $ 7,544.4 $ 2,378.4 Transmission - Electric 5,859.0 5,090.5 1,934.6 5,512.0 4,701.3 1,742.4 Solar — 200.9 — — 201.5 — Property, Plant and Equipment, Gross 12,976.6 13,396.9 4,430.8 12,332.7 12,447.2 4,120.8 Less: Accumulated Depreciation (2,572.1) (3,227.3) (908.4) (2,475.4) (3,074.1) (848.9) Property, Plant and Equipment, Net 10,404.5 10,169.6 3,522.4 9,857.3 9,373.1 3,271.9 Construction Work in Progress 399.0 707.0 134.1 377.3 750.0 102.4 Total Property, Plant and Equipment, Net $ 10,803.5 $ 10,876.6 $ 3,656.5 $ 10,234.6 $ 10,123.1 $ 3,374.3 (1) These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company. The depreciation rates for the various classes of utility property, plant and equipment aggregate to composite rates as follows: (Percent) 2021 2020 2019 Eversource 3.1 % 3.0 % 3.0 % CL&P 2.8 % 2.8 % 2.8 % NSTAR Electric 2.8 % 2.8 % 2.8 % PSNH 3.1 % 2.8 % 2.8 % The following table summarizes average remaining useful lives of depreciable assets: As of December 31, 2021 (Years) Eversource CL&P NSTAR Electric PSNH Distribution - Electric 33.4 35.3 33.1 29.7 Distribution - Natural Gas 39.5 — — — Transmission - Electric 40.2 36.5 45.1 40.8 Distribution - Water 38.5 — — — Solar 24.2 — 24.2 — Other (1) 11.2 — — — (1) The estimated useful life of computer software, hardware and equipment primarily ranges from 5 to 15 years and of buildings is 40 years. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities: As of December 31, 2021 2020 (Millions of Dollars) Fair Value Hierarchy Commodity Supply Netting (1) Net Amount Commodity Supply Netting (1) Net Amount Current Derivative Assets: CL&P Level 3 $ 14.7 $ (1.0) $ 13.7 $ 13.7 $ (0.4) $ 13.3 Long-Term Derivative Assets: CL&P Level 3 46.9 (0.9) 46.0 58.7 (1.8) 56.9 Current Derivative Liabilities: CL&P Level 3 (73.5) — (73.5) (68.8) — (68.8) Other Level 2 — — — (3.3) 0.1 (3.2) Long-Term Derivative Liabilities: CL&P Level 3 (235.4) — (235.4) (294.5) — (294.5) (1) Amounts represent derivative assets and liabilities that Eversource 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. |
Fair Value Inputs, Liabilities, Quantitative Information | The following is a summary of Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts: As of December 31, 2021 2020 CL&P Range Weighted Average (1) Period Covered Range Weighted Average (1) Period Covered Capacity Prices $2.61 $ 2.61 per kW-Month 2025 - 2026 $ 4.30 — $5.30 $ 4.63 per kW-Month 2024 - 2026 Forward Reserve $ 0.50 — $1.15 $ 0.82 per kW-Month 2022 - 2024 $ 0.54 — $0.90 $ 0.72 per kW-Month 2021 - 2024 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. CL&P (Millions of Dollars) For the Years Ended December 31, 2021 2020 Derivatives, Net: Fair Value as of Beginning of Period $ (293.1) $ (329.2) Net Realized/Unrealized Losses Included in Regulatory Assets (8.5) (17.9) Settlements 52.4 54.0 Fair Value as of End of Period $ (249.2) $ (293.1) |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following is a summary of the available-for-sale debt securities: As of December 31, 2021 2020 Eversource (Millions of Dollars) Amortized Pre-Tax Pre-Tax Fair Value Amortized Pre-Tax Pre-Tax Fair Value Debt Securities $ 214.5 $ 5.1 $ (0.2) $ 219.4 $ 213.1 $ 11.2 $ (0.1) $ 224.2 |
Investments Classified by Contractual Maturity Date | As of December 31, 2021, the contractual maturities of available-for-sale debt securities were as follows: Eversource (Millions of Dollars) Amortized Fair Less than one year (1) $ 32.2 $ 32.2 One to five years 60.5 61.4 Six to ten years 35.7 36.8 Greater than ten years 86.1 89.0 Total Debt Securities $ 214.5 $ 219.4 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. |
Marketable Securities Recorded at Fair Value | The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Eversource (Millions of Dollars) As of December 31, 2021 2020 Level 1: Mutual Funds and Equities $ 254.2 $ 246.0 Money Market Funds 31.3 41.2 Total Level 1 $ 285.5 $ 287.2 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 81.3 $ 72.9 Corporate Debt Securities 65.3 63.8 Asset-Backed Debt Securities 12.6 11.9 Municipal Bonds 12.3 24.0 Other Fixed Income Securities 16.6 10.4 Total Level 2 $ 188.1 $ 183.0 Total Marketable Securities $ 473.6 $ 470.2 |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Investments | Eversource's investments included the following: Investment Balance as of December 31, (Millions of Dollars) Ownership Interest 2021 2020 Offshore Wind Business - North East Offshore 50 % $ 1,213.6 $ 887.1 Natural Gas Pipeline - Algonquin Gas Transmission, LLC 15 % 121.9 125.2 Renewable Energy Investment Fund 90 % 76.5 71.6 Other various 24.3 23.2 Total Investments in Unconsolidated Affiliates $ 1,436.3 $ 1,107.1 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | A reconciliation of the beginning and ending carrying amounts of ARO liabilities is as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Balance as of Beginning of Year $ 499.7 $ 33.4 $ 91.8 $ 4.4 $ 489.5 $ 32.0 $ 97.5 $ 4.2 Liability Assumed Upon CMA Asset Acquisition — — — — 20.1 — — — Liabilities Incurred During the Year — — — — 2.1 — 2.1 — Liabilities Settled During the Year (23.9) (0.6) — — (21.8) (0.7) (1.0) — Accretion 29.4 2.2 4.0 0.3 28.9 2.1 4.3 0.2 Revisions in Estimated Cash Flows (5.1) — 1.7 — (19.1) — (11.1) — Balance as of End of Year $ 500.1 $ 35.0 $ 97.5 $ 4.7 $ 499.7 $ 33.4 $ 91.8 $ 4.4 |
SHORT-TERM DEBT (Tables)
SHORT-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings Outstanding | The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding Available Borrowing Capacity as of December 31, Weighted-Average Interest Rate as of December 31, (Millions of Dollars) 2021 2020 2021 2020 2021 2020 Eversource Parent Commercial Paper Program $ 1,343.0 $ 1,054.3 $ 657.0 $ 945.7 0.31 % 0.25 % NSTAR Electric Commercial Paper Program 162.5 195.0 487.5 455.0 0.14 % 0.16 % Details of long-term debt outstanding are as follows: CL&P (Millions of Dollars) As of December 31, 2021 2020 First Mortgage Bonds: 7.875% 1994 Series D due 2024 $ 139.8 $ 139.8 5.750% 2004 Series B due 2034 130.0 130.0 5.625% 2005 Series B due 2035 100.0 100.0 6.350% 2006 Series A due 2036 250.0 250.0 5.750% 2007 Series B due 2037 150.0 150.0 6.375% 2007 Series D due 2037 100.0 100.0 2.500% 2013 Series A due 2023 400.0 400.0 4.300% 2014 Series A due 2044 475.0 475.0 4.150% 2015 Series A due 2045 350.0 350.0 3.200% 2017 Series A due 2027 500.0 500.0 4.000% 2018 Series A due 2048 800.0 800.0 0.750% 2020 Series A due 2025 400.0 400.0 2.050% 2021 Series A due 2031 425.0 — Total First Mortgage Bonds 4,219.8 3,794.8 Pollution Control Revenue Bonds: 4.375% Fixed Rate Tax Exempt due 2028 — 120.5 Unamortized Premiums and Discounts, Net 23.1 25.9 Unamortized Debt Issuance Costs (27.5) (26.4) CL&P Long-Term Debt $ 4,215.4 $ 3,914.8 NSTAR Electric (Millions of Dollars) As of December 31, 2021 2020 Debentures: 5.750% due 2036 $ 200.0 $ 200.0 5.500% due 2040 300.0 300.0 2.375% due 2022 400.0 400.0 4.400% due 2044 300.0 300.0 3.250% due 2025 250.0 250.0 2.700% due 2026 250.0 250.0 3.200% due 2027 700.0 700.0 3.250% due 2029 400.0 400.0 3.950% due 2030 400.0 400.0 3.100% due 2051 300.0 — 1.950% due 2031 300.0 — Total Debentures 3,800.0 3,200.0 Notes: 5.900% Senior Notes Series B due 2034 50.0 50.0 6.700% Senior Notes Series D due 2037 40.0 40.0 3.500% Senior Notes Series F due 2021 — 250.0 3.880% Senior Notes Series G due 2023 80.0 80.0 2.750% Senior Notes Series H due 2026 50.0 50.0 Total Notes 220.0 470.0 Less Amounts due Within One Year (400.0) (250.0) Unamortized Premiums and Discounts, Net (11.2) (6.8) Unamortized Debt Issuance Costs (23.4) (20.0) NSTAR Electric Long-Term Debt $ 3,585.4 $ 3,393.2 PSNH (Millions of Dollars) As of December 31, 2021 2020 First Mortgage Bonds: 5.600% Series M due 2035 $ 50.0 $ 50.0 4.050% Series Q due 2021 — 122.0 3.200% Series R due 2021 — 160.0 3.500% Series S due 2023 325.0 325.0 3.600% Series T due 2049 300.0 300.0 2.400% Series U due 2050 150.0 150.0 2.200% Series V due 2031 350.0 — Total First Mortgage Bonds 1,175.0 1,107.0 Less Amounts due Within One Year — (282.0) Unamortized Premiums and Discounts, Net (2.6) (1.5) Unamortized Debt Issuance Costs (8.6) (6.4) PSNH Long-Term Debt $ 1,163.8 $ 817.1 OTHER (Millions of Dollars) As of December 31, 2021 2020 Yankee Gas - First Mortgage Bonds: 1.380% - 8.480% due 2022 - 2051 $ 765.0 $ 640.0 NSTAR Gas - First Mortgage Bonds: 2.250% - 7.110% due 2025 - 2051 580.0 500.0 EGMA - First Mortgage Bonds: 2.110% - 2.920% due 2031 - 2051 550.0 — Aquarion - Senior Notes 4.000% due 2024 360.0 360.0 Aquarion - Unsecured Notes 0% - 6.430% due 2023 - 2051 394.9 335.2 Aquarion - Secured Debt 1.296% - 9.290% due 2022 - 2044 39.6 35.9 Eversource Parent - Senior Notes 0.300% - 4.250% due 2022 - 2050 6,100.0 5,550.0 Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) 11.7 11.7 Fair Value Adjustment (1) 43.8 74.7 Less Fair Value Adjustment - Current Portion (1) (17.7) (31.0) Less Amounts due in One Year (775.4) (490.2) Unamortized Premiums and Discounts, Net 43.4 46.5 Unamortized Debt Issuance Costs (36.3) (32.0) Total Other Long-Term Debt $ 8,059.0 $ 7,000.8 Total Eversource Long-Term Debt $ 17,023.6 $ 15,125.9 (1) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record long-term debt at fair value on the dates of the 2012 merger with NSTAR and the 2017 acquisition of Aquarion. Availability under Long-Term Debt Issuance Authorizations: On March 31, 2021, the DPU approved NSTAR Electric's request for authorization to issue up to $1.60 billion in long-term debt through December 31, 2023. On September 10, 2021, the DPU approved EGMA’s request for authorization to issue up to $725.0 million in long-term debt through December 31, 2023. The remaining Eversource operating companies, including CL&P and PSNH, have utilized the long-term debt authorizations in place with the respective regulatory commissions. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Long-Term Debt | The amount of borrowings outstanding and available under the commercial paper programs were as follows: Borrowings Outstanding Available Borrowing Capacity as of December 31, Weighted-Average Interest Rate as of December 31, (Millions of Dollars) 2021 2020 2021 2020 2021 2020 Eversource Parent Commercial Paper Program $ 1,343.0 $ 1,054.3 $ 657.0 $ 945.7 0.31 % 0.25 % NSTAR Electric Commercial Paper Program 162.5 195.0 487.5 455.0 0.14 % 0.16 % Details of long-term debt outstanding are as follows: CL&P (Millions of Dollars) As of December 31, 2021 2020 First Mortgage Bonds: 7.875% 1994 Series D due 2024 $ 139.8 $ 139.8 5.750% 2004 Series B due 2034 130.0 130.0 5.625% 2005 Series B due 2035 100.0 100.0 6.350% 2006 Series A due 2036 250.0 250.0 5.750% 2007 Series B due 2037 150.0 150.0 6.375% 2007 Series D due 2037 100.0 100.0 2.500% 2013 Series A due 2023 400.0 400.0 4.300% 2014 Series A due 2044 475.0 475.0 4.150% 2015 Series A due 2045 350.0 350.0 3.200% 2017 Series A due 2027 500.0 500.0 4.000% 2018 Series A due 2048 800.0 800.0 0.750% 2020 Series A due 2025 400.0 400.0 2.050% 2021 Series A due 2031 425.0 — Total First Mortgage Bonds 4,219.8 3,794.8 Pollution Control Revenue Bonds: 4.375% Fixed Rate Tax Exempt due 2028 — 120.5 Unamortized Premiums and Discounts, Net 23.1 25.9 Unamortized Debt Issuance Costs (27.5) (26.4) CL&P Long-Term Debt $ 4,215.4 $ 3,914.8 NSTAR Electric (Millions of Dollars) As of December 31, 2021 2020 Debentures: 5.750% due 2036 $ 200.0 $ 200.0 5.500% due 2040 300.0 300.0 2.375% due 2022 400.0 400.0 4.400% due 2044 300.0 300.0 3.250% due 2025 250.0 250.0 2.700% due 2026 250.0 250.0 3.200% due 2027 700.0 700.0 3.250% due 2029 400.0 400.0 3.950% due 2030 400.0 400.0 3.100% due 2051 300.0 — 1.950% due 2031 300.0 — Total Debentures 3,800.0 3,200.0 Notes: 5.900% Senior Notes Series B due 2034 50.0 50.0 6.700% Senior Notes Series D due 2037 40.0 40.0 3.500% Senior Notes Series F due 2021 — 250.0 3.880% Senior Notes Series G due 2023 80.0 80.0 2.750% Senior Notes Series H due 2026 50.0 50.0 Total Notes 220.0 470.0 Less Amounts due Within One Year (400.0) (250.0) Unamortized Premiums and Discounts, Net (11.2) (6.8) Unamortized Debt Issuance Costs (23.4) (20.0) NSTAR Electric Long-Term Debt $ 3,585.4 $ 3,393.2 PSNH (Millions of Dollars) As of December 31, 2021 2020 First Mortgage Bonds: 5.600% Series M due 2035 $ 50.0 $ 50.0 4.050% Series Q due 2021 — 122.0 3.200% Series R due 2021 — 160.0 3.500% Series S due 2023 325.0 325.0 3.600% Series T due 2049 300.0 300.0 2.400% Series U due 2050 150.0 150.0 2.200% Series V due 2031 350.0 — Total First Mortgage Bonds 1,175.0 1,107.0 Less Amounts due Within One Year — (282.0) Unamortized Premiums and Discounts, Net (2.6) (1.5) Unamortized Debt Issuance Costs (8.6) (6.4) PSNH Long-Term Debt $ 1,163.8 $ 817.1 OTHER (Millions of Dollars) As of December 31, 2021 2020 Yankee Gas - First Mortgage Bonds: 1.380% - 8.480% due 2022 - 2051 $ 765.0 $ 640.0 NSTAR Gas - First Mortgage Bonds: 2.250% - 7.110% due 2025 - 2051 580.0 500.0 EGMA - First Mortgage Bonds: 2.110% - 2.920% due 2031 - 2051 550.0 — Aquarion - Senior Notes 4.000% due 2024 360.0 360.0 Aquarion - Unsecured Notes 0% - 6.430% due 2023 - 2051 394.9 335.2 Aquarion - Secured Debt 1.296% - 9.290% due 2022 - 2044 39.6 35.9 Eversource Parent - Senior Notes 0.300% - 4.250% due 2022 - 2050 6,100.0 5,550.0 Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) 11.7 11.7 Fair Value Adjustment (1) 43.8 74.7 Less Fair Value Adjustment - Current Portion (1) (17.7) (31.0) Less Amounts due in One Year (775.4) (490.2) Unamortized Premiums and Discounts, Net 43.4 46.5 Unamortized Debt Issuance Costs (36.3) (32.0) Total Other Long-Term Debt $ 8,059.0 $ 7,000.8 Total Eversource Long-Term Debt $ 17,023.6 $ 15,125.9 (1) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record long-term debt at fair value on the dates of the 2012 merger with NSTAR and the 2017 acquisition of Aquarion. Availability under Long-Term Debt Issuance Authorizations: On March 31, 2021, the DPU approved NSTAR Electric's request for authorization to issue up to $1.60 billion in long-term debt through December 31, 2023. On September 10, 2021, the DPU approved EGMA’s request for authorization to issue up to $725.0 million in long-term debt through December 31, 2023. The remaining Eversource operating companies, including CL&P and PSNH, have utilized the long-term debt authorizations in place with the respective regulatory commissions. |
Schedule of Issuance and Repayments of Long-Term Debt | The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issuance/(Repayment) Issue Date or Repayment Date Maturity Date Use of Proceeds for Issuance/ CL&P: 2.05% Series A First Mortgage Bonds $ 425.0 June 2021 July 2031 Repaid short-term debt, paid capital expenditures and working capital 4.38% Series A PCRB (120.5) September 2021 September 2028 Paid on par call date in advance of maturity NSTAR Electric: 3.10% 2021 Debentures 300.0 May 2021 June 2051 Refinanced investments in eligible green expenditures, which were previously financed in 2019 and 2020 3.50% Series F Senior Notes (250.0) June 2021 September 2021 Paid on par call date in advance of maturity 1.95% 2021 Debentures 300.0 August 2021 August 2031 Repaid short-term debt, paid capital expenditures and working capital PSNH: 4.05% Series Q First Mortgage Bonds (122.0) March 2021 June 2021 Paid on par call date in advance of maturity 3.20% Series R First Mortgage Bonds (160.0) June 2021 September 2021 Paid on par call date in advance of maturity 2.20% Series V First Mortgage Bonds 350.0 June 2021 June 2031 Repaid short-term debt, including short-term debt used to redeem Series R First Mortgage Bonds, paid capital expenditures and working capital Other: Eversource Parent 2.50% Series I Senior Notes (450.0) February 2021 March 2021 Paid on par call date in advance of maturity Eversource Parent 2.55% Series S Senior Notes 350.0 March 2021 March 2031 Repaid short-term debt, including short-term debt used to redeem Series I Senior Notes Eversource Parent 1.40% Series U Senior Notes 300.0 August 2021 August 2026 Repaid short-term debt Eversource Parent Variable Rate Series T Senior Notes (1) 350.0 August 2021 August 2023 Repaid short-term debt Aquarion Water Company of Connecticut 3.31% Senior Notes 100.0 April 2021 April 2051 Repaid 5.50% Notes, repaid short-term debt, paid capital expenditures and working capital Aquarion Water Company of Connecticut 5.50% Notes (40.0) April 2021 April 2021 Paid at maturity Yankee Gas 1.38% Series S First Mortgage Bonds 90.0 August 2021 August 2026 (2) Yankee Gas 2.88% Series T First Mortgage Bonds 35.0 August 2021 August 2051 (2) EGMA 2.11% Series A First Mortgage Bonds 310.0 September 2021 October 2031 (2) EGMA 2.92% Series B First Mortgage Bonds 240.0 September 2021 October 2051 (2) NSTAR Gas 2.25% Series T First Mortgage Bonds 40.0 October 2021 November 2031 (2) NSTAR Gas 3.03% Series U First Mortgage Bonds 40.0 October 2021 November 2051 (2) (1) On August 13, 2021, Eversource Parent issued $350 million of floating rate Series T Senior Notes with a maturity date of August 15, 2023. The notes have a coupon rate based on Compounded SOFR plus 0.25%. The notes had an interest rate of 0.30% as of December 31, 2021. (2) The use of proceeds from these various issuances refinanced existing indebtedness, funded capital expenditures and were for general corporate purposes. The EGMA indebtedness that was refinanced included $309.4 million of long-term debt. |
Schedule of Maturities of Long-Term Debt Outstanding | Long-term debt maturities on debt outstanding for the years 2022 through 2026 and thereafter are shown below. These amounts exclude PSNH rate reduction bonds, CYAPC pre-1983 spent nuclear fuel obligation, net unamortized premiums, discounts and debt issuance costs, and other fair value adjustments as of December 31, 2021: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2022 $ 1,175.4 $ — $ 400.0 $ — 2023 2,008.4 400.0 80.0 325.0 2024 1,050.1 139.8 — — 2025 1,400.2 400.0 250.0 — 2026 940.2 — 300.0 — Thereafter 11,630.0 3,280.0 2,990.0 850.0 Total $ 18,204.3 $ 4,219.8 $ 4,020.0 $ 1,175.0 |
RATE REDUCTION BONDS AND VARI_2
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Rate Reduction Bonds and Variable Interest Entity [Abstract] | |
Summary of the Impact of Funding on the Balance Sheets and Income Statements | The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements: (Millions of Dollars) As of December 31, PSNH Balance Sheets: 2021 2020 Restricted Cash - Current Portion (included in Current Assets) $ 31.1 $ 36.8 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets) 3.2 2.1 Securitized Stranded Cost (included in Regulatory Assets) 478.9 522.1 Other Regulatory Liabilities (included in Regulatory Liabilities) 5.4 9.1 Accrued Interest (included in Other Current Liabilities) 7.5 8.0 Rate Reduction Bonds - Current Portion 43.2 43.2 Rate Reduction Bonds - Long-Term Portion 453.7 496.9 (Millions of Dollars) PSNH Income Statements: For the Years Ended December 31, 2021 2020 2019 Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net) $ 43.2 $ 43.2 $ 43.0 Interest Expense on RRB Principal (included in Interest Expense) 18.4 19.7 21.1 |
Schedule Of Rate Reduction Bonds, Principal And Interest Payments | Estimated principal and interest payments on RRBs as of December 31, 2021, is summarized annually through 2026 and thereafter as follows: (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Eversource $ 43.2 $ 43.2 $ 43.2 $ 43.2 $ 43.2 $ 280.9 $ 496.9 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following tables provide information on the plan benefit obligations, fair values of plan assets, and funded status: Pension and SERP As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (7,045.3) $ (1,477.3) $ (1,517.9) $ (748.7) $ (6,321.7) $ (1,331.3) $ (1,397.3) $ (692.6) Service Cost (85.8) (23.0) (15.8) (8.9) (76.2) (21.8) (15.4) (8.2) Interest Cost (130.0) (27.3) (26.8) (14.5) (177.8) (37.3) (38.6) (19.4) Actuarial Gain/(Loss) 177.1 127.8 20.8 14.7 (658.2) (152.3) (139.5) (62.1) Benefits Paid - Pension 309.5 64.6 68.7 34.7 279.3 63.6 59.4 33.5 Benefits Paid - Lump Sum 34.7 — 15.6 — 23.4 — 13.1 — Benefits Paid - SERP 10.1 0.3 0.2 0.4 7.3 0.3 0.2 0.4 Employee Transfers — 4.0 6.8 1.3 — 1.5 0.2 (0.3) Increase due to acquisition of CMA — — — — (121.4) — — — Benefit Obligation as of End of Year $ (6,729.7) $ (1,330.9) $ (1,448.4) $ (721.0) $ (7,045.3) $ (1,477.3) $ (1,517.9) $ (748.7) Change in Pension Plan Assets: Fair Value of Pension Plan Assets as of $ 5,409.2 $ 1,043.1 $ 1,345.1 $ 593.7 $ 4,968.6 $ 986.2 $ 1,288.8 $ 551.6 Employer Contributions 180.0 98.9 30.0 — 109.6 23.2 0.7 19.5 Actual Return on Pension Plan Assets 1,250.5 250.4 312.0 136.9 512.3 98.8 128.3 55.8 Benefits Paid - Pension (309.5) (64.6) (68.7) (34.7) (279.3) (63.6) (59.4) (33.5) Benefits Paid - Lump Sum (34.7) — (15.6) — (23.4) — (13.1) — Employee Transfers — (4.0) (6.8) (1.3) — (1.5) (0.2) 0.3 Increase due to acquisition of CMA — — — — 121.4 — — — Fair Value of Pension Plan Assets as of End of Year $ 6,495.5 $ 1,323.8 $ 1,596.0 $ 694.6 $ 5,409.2 $ 1,043.1 $ 1,345.1 $ 593.7 Funded Status as of December 31st $ (234.2) $ (7.1) $ 147.6 $ (26.4) $ (1,636.1) $ (434.2) $ (172.8) $ (155.0) PBOP As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (993.9) $ (178.6) $ (260.5) $ (109.5) $ (899.0) $ (172.7) $ (258.3) $ (93.0) Service Cost (13.5) (2.3) (2.4) (1.2) (10.2) (1.7) (2.1) (0.9) Interest Cost (17.4) (3.2) (4.4) (1.8) (24.6) (4.4) (6.6) (2.8) Actuarial Gain/(Loss) 81.4 5.8 11.5 14.6 (82.8) (8.6) (7.4) (19.0) Benefits Paid 51.7 10.9 16.3 5.6 50.2 10.1 14.9 6.1 Employee Transfers — 1.9 1.1 — — (1.3) (1.0) 0.1 Impact of Acquisition of CMA 7.4 — — — (27.5) — — — Benefit Obligation as of End of Year $ (884.3) $ (165.5) $ (238.4) $ (92.3) $ (993.9) $ (178.6) $ (260.5) $ (109.5) Change in Plan Assets: Fair Value of Plan Assets as of Beginning of Year $ 1,004.1 $ 134.1 $ 464.6 $ 79.4 $ 935.9 $ 126.3 $ 424.4 $ 76.0 Actual Return on Plan Assets 183.2 24.1 84.2 14.2 116.5 15.7 53.3 9.3 Employer Contributions 2.3 — — — 1.9 — — — Benefits Paid (51.3) (10.9) (16.3) (5.6) (50.2) (10.1) (14.9) (6.1) Employee Transfers — (1.6) (2.5) — — 2.2 1.8 0.2 Fair Value of Plan Assets as of End of Year $ 1,138.3 $ 145.7 $ 530.0 $ 88.0 $ 1,004.1 $ 134.1 $ 464.6 $ 79.4 Funded Status as of December 31st $ 254.0 $ (19.8) $ 291.6 $ (4.3) $ 10.2 $ (44.5) $ 204.1 $ (30.1) |
Schedule of Defined Benefit Plans | As of December 31, 2021 and 2020, the accumulated benefit obligation for the Pension and SERP Plans is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2021 $ 6,337.3 $ 1,241.1 $ 1,376.1 $ 670.3 2020 6,669.4 1,356.4 1,449.4 707.2 |
Schedule of Assumptions Used | The following actuarial assumptions were used in calculating the Pension, SERP and PBOP Plans' year end funded status: Pension and SERP PBOP As of December 31, As of December 31, 2021 2020 2021 2020 Discount Rate 2.8% — 3.0% 2.4% — 2.7% 2.91% — 2.92% 2.5% — 2.6% Compensation/Progression Rate 3.5% — 4.0% 3.5% — 4.0% N/A The following actuarial assumptions were used to calculate Pension, SERP and PBOP expense amounts: Pension and SERP PBOP For the Years Ended December 31, For the Years Ended December 31, 2021 2020 2019 2021 2020 2019 Discount Rate 1.5% — 3.0% 2.6% — 3.5% 2.7% — 3.6% 1.8% — 3.1% 2.7% — 3.6% 3.9% — 4.6% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% Compensation/Progression Rate 3.5% — 4.0% 3.5% — 4.0% 3.5% — 4.0% N/A N/A N/A |
Schedule of Net Benefit Costs | The components of net periodic benefit plan expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets/(liabilities) for future recovery or refund, are shown below. The service cost component of net periodic benefit plan expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit plan expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include intercompany allocations of net periodic benefit plan expense/(income), as these amounts are cash settled on a short-term basis. Pension and SERP PBOP For the Year Ended December 31, 2021 For the Year Ended December 31, 2021 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 85.8 $ 23.0 $ 15.8 $ 8.9 $ 13.5 $ 2.3 $ 2.4 $ 1.2 Interest Cost 130.0 27.3 26.8 14.5 17.4 3.2 4.4 1.8 Expected Return on Plan Assets (437.5) (86.8) (108.1) (47.5) (79.1) (10.3) (36.9) (6.1) Actuarial Loss 243.9 45.5 61.6 20.7 8.9 1.8 2.4 0.7 Prior Service Cost/(Credit) 1.4 — 0.3 — (21.2) 1.1 (17.0) 0.4 Total Net Periodic Benefit Plan Expense/(Income) $ 23.6 $ 9.0 $ (3.6) $ (3.4) $ (60.5) $ (1.9) $ (44.7) $ (2.0) Intercompany Expense/(Income) Allocations N/A $ 8.0 $ 8.8 $ 2.7 N/A $ (1.6) $ (1.9) $ (0.6) Pension and SERP PBOP For the Year Ended December 31, 2020 For the Year Ended December 31, 2020 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 76.2 $ 21.8 $ 15.4 $ 8.2 $ 10.2 $ 1.7 $ 2.1 $ 0.9 Interest Cost 177.8 37.3 38.6 19.4 24.6 4.4 6.6 2.8 Expected Return on Plan Assets (400.3) (79.2) (103.0) (44.7) (73.6) (9.9) (34.0) (5.7) Actuarial Loss 202.0 39.2 55.2 15.6 8.4 1.1 2.5 0.8 Prior Service Cost/(Credit) 1.2 — 0.3 — (21.2) 1.1 (17.0) 0.4 Total Net Periodic Benefit Plan Expense/(Income) $ 56.9 $ 19.1 $ 6.5 $ (1.5) $ (51.6) $ (1.6) $ (39.8) $ (0.8) Intercompany Expense/(Income) Allocations N/A $ 9.1 $ 8.9 $ 2.9 N/A $ (1.1) $ (1.4) $ (0.5) Pension and SERP PBOP For the Year Ended December 31, 2019 For the Year Ended December 31, 2019 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Service Cost $ 67.7 $ 18.0 $ 14.6 $ 7.1 $ 7.8 $ 1.4 $ 1.7 $ 0.7 Interest Cost 219.0 45.7 49.0 24.0 32.7 6.3 9.5 3.4 Expected Return on Plan Assets (367.1) (73.2) (97.1) (40.7) (66.8) (9.2) (30.2) (5.4) Actuarial Loss 143.2 26.9 44.7 10.6 8.3 1.3 3.3 0.3 Prior Service Cost/(Credit) 0.9 — 0.3 — (23.5) 1.1 (16.9) 0.4 Total Net Periodic Benefit Plan Expense/(Income) $ 63.7 $ 17.4 $ 11.5 $ 1.0 $ (41.5) $ 0.9 $ (32.6) $ (0.6) Intercompany Expense/(Income) Allocations N/A $ 8.5 $ 8.0 $ 2.3 N/A $ (0.9) $ (1.2) $ (0.4) |
Schedule of Amounts Recognized in Regulatory Assets and OCI | The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income (OCI) as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented: Pension and SERP PBOP Regulatory Assets OCI Regulatory Assets OCI For the Years Ended December 31, For the Years Ended December 31, (Millions of Dollars) 2021 2020 (1) 2021 2020 2021 2020 (1) 2021 2020 Actuarial (Gains)/Losses Arising During the Year $ (961.7) $ 553.1 $ (28.4) $ 24.3 $ (181.5) $ 39.1 $ (4.0) $ 1.3 Actuarial Losses Reclassified as Net Periodic Benefit Expense (231.2) (194.3) (12.7) (7.7) (8.5) (8.0) (0.4) (0.4) Prior Service Cost Arising During the Year — 2.0 — — — — — — Prior Service (Cost)/Credit Reclassified as Net Periodic (1.3) (1.0) (0.1) (0.2) 21.1 21.3 0.1 (0.1) (1) Amounts include the impact of the CMA asset acquisition beginning October 9, 2020. The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2021 and 2020: Regulatory Assets as of December 31, AOCI as of December 31, (Millions of Dollars) 2021 2020 2021 2020 Pension and SERP Actuarial Loss $ 1,427.3 $ 2,620.2 $ 66.3 $ 107.4 Prior Service Cost 5.3 6.6 0.6 0.7 PBOP Actuarial Loss $ 45.0 $ 235.0 $ 3.5 $ 7.9 Prior Service (Credit)/Cost (130.1) (151.2) 1.0 0.9 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans: (Millions of Dollars) 2022 2023 2024 2025 2026 2027 - 2031 Pension and SERP $ 359.6 $ 367.4 $ 405.0 $ 381.2 $ 384.3 $ 1,918.2 PBOP 56.4 56.2 55.9 55.3 54.3 254.6 |
Schedule of Allocation of Plan Assets | These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows: As of December 31, 2021 2020 Eversource Pension Plan and PBOP Plan Eversource Pension Plan and PBOP Plan Target Asset Allocation Assumed Rate of Return Target Asset Allocation Assumed Rate of Return Equity Securities: United States 15.0 % 8.5 % 15.0 % 8.5 % Global 10.0 % 8.75 % 10.0 % 8.75 % Non-United States 8.0 % 8.5 % 8.0 % 8.5 % Emerging Markets 4.0 % 10.0 % 4.0 % 10.0 % Debt Securities: Fixed Income 13.0 % 4.0 % 13.0 % 4.0 % Public High Yield Fixed Income 4.0 % 6.5 % 4.0 % 6.5 % Private Debt 13.0 % 9.0 % 15.0 % 9.0 % Private Equity 18.0 % 12.0 % 15.0 % 12.0 % Real Assets 15.0 % 7.5 % 16.0 % 7.5 % 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: Pension Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2021 2020 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities $ 722.5 $ — $ 1,385.2 $ 2,107.7 $ 630.8 $ — $ 1,321.7 $ 1,952.5 Fixed Income 139.6 233.8 1,689.1 2,062.5 113.6 265.6 1,402.5 1,781.7 Private Equity — — 1,702.7 1,702.7 22.3 — 1,175.4 1,197.7 Real Assets 218.3 — 702.8 921.1 158.4 — 580.8 739.2 Total $ 1,080.4 $ 233.8 $ 5,479.8 $ 6,794.0 $ 925.1 $ 265.6 $ 4,480.4 $ 5,671.1 Less: 401(h) PBOP Assets (1) (298.5) (261.9) Total Pension Assets $ 6,495.5 $ 5,409.2 PBOP Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2021 2020 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities $ 191.4 $ — $ 248.3 $ 439.7 $ 176.5 $ — $ 217.8 $ 394.3 Fixed Income 49.7 45.2 125.5 220.4 16.0 43.2 152.9 212.1 Private Equity — — 58.7 58.7 — — 31.5 31.5 Real Assets 90.0 — 31.0 121.0 82.1 — 22.2 104.3 Total $ 331.1 $ 45.2 $ 463.5 $ 839.8 $ 274.6 $ 43.2 $ 424.4 $ 742.2 Add: 401(h) PBOP Assets (1) 298.5 261.9 Total PBOP Assets $ 1,138.3 $ 1,004.1 (1) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan. |
Schedule of Defined Contribution Plans | The total Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2021 $ 55.5 $ 7.0 $ 12.2 $ 4.3 2020 49.4 6.6 11.8 4.1 2019 41.6 5.5 10.3 3.5 |
Summary of Share Transactions | A summary of RSU transactions is as follows: RSUs Weighted Average Outstanding as of December 31, 2020 674,218 $ 63.42 Granted 165,930 $ 81.89 Shares Issued (223,484) $ 69.03 Forfeited (22,041) $ 83.86 Outstanding as of December 31, 2021 594,623 $ 65.70 Performance Shares Weighted Average Outstanding as of December 31, 2020 447,805 $ 69.93 Granted 286,645 $ 76.08 Shares Issued (256,914) $ 56.88 Forfeited (13,029) $ 84.28 Outstanding as of December 31, 2021 464,507 $ 80.54 |
Schedule of Compensation Expense and Income Tax Benefit | The total compensation expense and associated future income tax benefits recognized by Eversource, CL&P, NSTAR Electric and PSNH for share-based compensation awards were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Compensation Expense $ 28.2 $ 33.9 $ 27.3 Future Income Tax Benefit 7.3 8.9 7.0 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Compensation Expense $ 8.8 $ 9.0 $ 3.0 $ 10.9 $ 11.3 $ 3.6 $ 9.8 $ 9.7 $ 3.3 Future Income Tax Benefit 2.3 2.3 0.8 2.9 3.0 1.0 2.5 2.5 0.8 |
Schedule of Other Retirement Benefits | The liability and expense amounts are as follows: Eversource (Millions of Dollars) As of and For the Years Ended December 31, 2021 2020 2019 Actuarially-Determined Liability $ 42.8 $ 45.7 $ 52.0 Other Retirement Benefits Expense 2.2 3.3 2.7 As of and For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Actuarially-Determined Liability $ 0.2 $ 0.1 $ 1.5 $ 0.2 $ 0.1 $ 1.7 $ 0.2 $ 0.1 $ 1.7 Other Retirement Benefits Expense 0.7 0.7 0.3 1.2 1.1 0.5 1.0 0.9 0.4 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense are as follows: Eversource (Millions of Dollars) For the Years Ended December 31, 2021 2020 2019 Current Income Taxes: Federal $ 21.5 $ 73.6 $ 56.9 State (21.6) 19.1 10.5 Total Current (0.1) 92.7 67.4 Deferred Income Taxes, Net: Federal 199.7 173.5 138.4 State 147.4 83.7 71.4 Total Deferred 347.1 257.2 209.8 Investment Tax Credits, Net (2.8) (3.7) (3.7) Income Tax Expense $ 344.2 $ 346.2 $ 273.5 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Current Income Taxes: Federal $ 15.0 $ 52.3 $ 43.1 $ 12.0 $ 53.9 $ 20.6 $ 68.4 $ 82.6 $ 22.9 State (7.0) 6.2 10.8 (6.1) 6.9 3.8 15.4 18.2 2.2 Total Current 8.0 58.5 53.9 5.9 60.8 24.4 83.8 100.8 25.1 Deferred Income Taxes, Net: Federal 76.3 16.3 (14.9) 101.1 33.8 (1.3) 35.2 0.1 5.8 State 47.6 41.2 0.4 43.4 38.8 8.6 18.8 27.0 10.1 Total Deferred 123.9 57.5 (14.5) 144.5 72.6 7.3 54.0 27.1 15.9 Investment Tax Credits, Net (0.6) (1.7) — (0.7) (2.6) — (0.8) (2.6) — Income Tax Expense $ 131.3 $ 114.3 $ 39.4 $ 149.7 $ 130.8 $ 31.7 $ 137.0 $ 125.3 $ 41.0 |
Summary of Reconciliation Between Income Tax Expense and Expected Tax | A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows: Eversource (Millions of Dollars, except percentages) For the Years Ended December 31, 2021 2020 2019 Income Before Income Tax Expense $ 1,572.3 $ 1,558.9 $ 1,190.1 Statutory Federal Income Tax Expense at 21% 330.2 327.4 249.9 Tax Effect of Differences: Depreciation (18.1) (11.1) 1.9 Investment Tax Credit Amortization (2.8) (3.7) (3.7) State Income Taxes, Net of Federal Impact 54.4 44.9 24.6 Dividends on ESOP (5.1) (5.1) (5.1) Tax Asset Valuation Allowance/Reserve Adjustments 44.6 33.4 40.1 Excess Stock Benefit (4.0) (6.6) (1.5) EDIT Amortization (69.1) (48.7) (37.4) Other, Net 14.1 15.7 4.7 Income Tax Expense $ 344.2 $ 346.2 $ 273.5 Effective Tax Rate 21.9 % 22.2 % 23.0 % For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars, except percentages) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Income Before Income Tax Expense $ 533.0 $ 590.9 $ 189.8 $ 607.6 $ 575.8 $ 179.0 $ 547.8 $ 557.3 $ 175.0 Statutory Federal Income Tax Expense at 21% 111.9 124.1 39.9 127.6 120.9 37.6 115.0 117.0 36.8 Tax Effect of Differences: Depreciation (6.4) (3.4) (0.2) 0.4 (3.7) (1.4) (0.2) (3.0) (0.8) Investment Tax Credit Amortization (0.6) (1.7) — (0.7) (2.6) — (0.8) (2.6) — State Income Taxes, Net of Federal Impact (4.6) 37.5 8.9 (1.2) 36.0 9.8 2.5 35.7 9.8 Tax Asset Valuation 36.7 — — 30.7 — — 24.5 — — Excess Stock Benefit (1.5) (1.4) (0.5) (2.3) (2.3) (0.8) (0.5) (0.5) (0.2) EDIT Amortization (9.8) (43.2) (10.5) (9.0) (20.4) (15.4) (5.8) (22.9) (4.0) Other, Net 5.6 2.4 1.8 4.2 2.9 1.9 2.3 1.6 (0.6) Income Tax Expense $ 131.3 $ 114.3 $ 39.4 $ 149.7 $ 130.8 $ 31.7 $ 137.0 $ 125.3 $ 41.0 Effective Tax Rate 24.6 % 19.3 % 20.8 % 24.6 % 22.7 % 17.7 % 25.0 % 22.5 % 23.4 % |
Schedule of Accumulated Deferred Income Tax Obligations | The tax effects of temporary differences that give rise to the net accumulated deferred income tax obligations are as follows: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Eversource CL&P NSTAR PSNH Deferred Tax Assets: Employee Benefits $ 270.8 $ 23.9 $ 40.3 $ 14.1 $ 602.4 $ 144.5 $ 79.8 $ 56.6 Derivative Liabilities 76.8 76.8 — — 92.6 91.8 — — Regulatory Deferrals - Liabilities 390.7 90.9 215.4 24.3 259.8 30.2 161.8 13.4 Allowance for Uncollectible Accounts 104.1 48.8 21.5 6.2 87.5 42.3 20.9 4.6 Tax Effect - Tax Regulatory Liabilities 783.4 328.2 254.3 100.9 810.9 331.4 271.8 105.2 Net Operating Loss Carryforwards 7.5 — — — 12.7 — — — Purchase Accounting Adjustment 67.2 — — — 54.5 — — — Other 196.6 103.9 21.7 22.9 200.3 100.9 14.3 19.8 Total Deferred Tax Assets 1,897.1 672.5 553.2 168.4 2,120.7 741.1 548.6 199.6 Less: Valuation Allowance 61.5 44.5 — — 48.3 33.7 — — Net Deferred Tax Assets $ 1,835.6 $ 628.0 $ 553.2 $ 168.4 $ 2,072.4 $ 707.4 $ 548.6 $ 199.6 Deferred Tax Liabilities: Accelerated Depreciation and Other $ 4,426.0 $ 1,509.5 $ 1,553.7 $ 482.9 $ 4,153.6 $ 1,438.1 $ 1,489.4 $ 453.8 Property Tax Accruals 88.1 40.5 33.7 6.3 88.7 39.0 37.0 5.8 Regulatory Amounts: Regulatory Deferrals - Assets 1,260.3 438.3 337.6 198.4 1,376.7 444.8 324.4 263.4 Tax Effect - Tax Regulatory Assets 257.8 181.4 10.9 8.3 244.6 174.4 11.3 8.6 Goodwill Regulatory Asset - 1999 Merger 81.4 — 69.9 — 86.0 — 73.8 — Derivative Assets 14.9 14.9 — — 17.8 17.8 — — Other 304.2 5.5 126.9 10.5 200.3 1.6 72.6 5.6 Total Deferred Tax Liabilities $ 6,432.7 $ 2,190.1 $ 2,132.7 $ 706.4 $ 6,167.7 $ 2,115.7 $ 2,008.5 $ 737.2 |
Summary of Tax Credits and Loss Carryforwards | The following table provides the amounts and expiration dates of state tax credit and loss carryforwards and federal tax credit and net operating loss carryforwards: As of December 31, 2021 2020 (Millions of Dollars) Eversource CL&P NSTAR PSNH Expiration Range Eversource CL&P NSTAR PSNH Expiration Range State Net Operating Loss $ 138.3 $ — $ — $ — 2021 - 2040 $ 183.4 $ — $ — $ — 2021 - 2040 State Tax Credit 197.7 137.0 — — 2021 - 2026 186.6 133.4 — — 2020 - 2025 State Charitable Contribution 23.7 — — — 2021 - 2025 10.2 — — — 2020 - 2024 |
Summary of Income Tax Contingencies | A reconciliation of the activity in unrecognized tax benefits, all of which would impact the effective tax rate if recognized, is as follows: (Millions of Dollars) Eversource CL&P Balance as of January 1, 2019 $ 45.9 $ 18.2 Gross Increases - Current Year 12.1 4.0 Gross Increases - Prior Year 3.4 3.3 Lapse of Statute of Limitations (6.4) (2.4) Balance as of December 31, 2019 55.0 23.1 Gross Increases - Current Year 11.9 4.6 Gross Increases - Prior Year 1.4 0.7 Lapse of Statute of Limitations (6.5) (2.6) Balance as of December 31, 2020 61.8 25.8 Gross Increases - Current Year 11.3 3.8 Gross Decreases - Prior Year (0.3) (0.6) Lapse of Statute of Limitations (7.0) (2.8) Balance as of December 31, 2021 $ 65.8 $ 26.2 |
Summary of Income Tax Examinations | The following table summarizes Eversource, CL&P, NSTAR Electric, and PSNH's tax years that remain subject to examination by major tax jurisdictions as of December 31, 2021: Description Tax Years Federal 2021 Connecticut 2018 - 2021 Massachusetts 2018 - 2021 New Hampshire 2018 - 2021 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site | A reconciliation of the activity in the environmental reserves is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Balance as of January 1, 2020 $ 81.0 $ 11.4 $ 8.0 $ 7.5 Increase Due to CMA Asset Acquisition 22.9 — — — Additions 8.4 4.2 0.7 — Payments/Reductions (9.9) (3.3) (4.0) (0.4) Balance as of December 31, 2020 102.4 12.3 4.7 7.1 Additions 23.4 4.4 — — Payments/Reductions (10.4) (2.8) (1.4) (0.8) Balance as of December 31, 2021 $ 115.4 $ 13.9 $ 3.3 $ 6.3 The number of environmental sites for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: Eversource CL&P NSTAR Electric PSNH 2021 61 14 11 9 2020 63 15 12 9 |
Schedule of Estimated Future Annual Costs of Long term Contractual Agreement | The estimated future annual costs of significant executed, non-cancelable, long-term contractual arrangements in effect as of December 31, 2021 are as follows: Eversource (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 755.4 $ 700.7 $ 696.4 $ 718.7 $ 714.3 $ 3,571.4 $ 7,156.9 Natural Gas Procurement 377.9 323.6 270.5 265.5 250.4 1,517.2 3,005.1 Purchased Power and Capacity 76.0 87.1 86.7 75.1 2.9 9.8 337.6 Peaker CfDs 26.1 38.9 39.4 36.7 29.9 63.3 234.3 Transmission Support Commitments 16.0 17.8 20.6 22.4 22.6 22.6 122.0 Total $ 1,251.4 $ 1,168.1 $ 1,113.6 $ 1,118.4 $ 1,020.1 $ 5,184.3 $ 10,855.9 CL&P (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 586.2 $ 592.1 $ 592.0 $ 593.9 $ 591.9 $ 2,752.2 $ 5,708.3 Purchased Power and Capacity 72.1 83.4 83.8 72.3 0.1 — 311.7 Peaker CfDs 26.1 38.9 39.4 36.7 29.9 63.3 234.3 Transmission Support Commitments 6.3 7.0 8.1 8.8 8.9 8.9 48.0 Total $ 690.7 $ 721.4 $ 723.3 $ 711.7 $ 630.8 $ 2,824.4 $ 6,302.3 NSTAR Electric (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 102.9 $ 78.3 $ 75.7 $ 76.1 $ 76.4 $ 492.3 $ 901.7 Purchased Power and Capacity 3.0 2.9 2.9 2.8 2.8 9.8 24.2 Transmission Support Commitments 6.3 7.0 8.1 8.9 8.9 8.9 48.1 Total $ 112.2 $ 88.2 $ 86.7 $ 87.8 $ 88.1 $ 511.0 $ 974.0 PSNH (Millions of Dollars) 2022 2023 2024 2025 2026 Thereafter Total Renewable Energy $ 66.3 $ 30.3 $ 28.7 $ 48.7 $ 46.0 $ 326.9 $ 546.9 Purchased Power and Capacity 0.9 0.8 — — — — 1.7 Transmission Support Commitments 3.4 3.8 4.4 4.7 4.8 4.8 25.9 Total $ 70.6 $ 34.9 $ 33.1 $ 53.4 $ 50.8 $ 331.7 $ 574.5 The total costs incurred under these agreements were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Renewable Energy $ 609.2 $ 584.2 $ 320.8 Natural Gas Procurement 712.7 453.4 448.5 Purchased Power and Capacity 56.4 62.7 62.1 Peaker CfDs 24.3 22.7 13.0 Transmission Support Commitments 15.4 22.1 21.8 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Renewable Energy $ 457.1 $ 84.7 $ 67.4 $ 426.3 $ 88.8 $ 69.1 $ 160.6 $ 89.9 $ 70.3 Purchased Power and Capacity 53.1 3.0 0.3 59.3 3.1 0.3 50.4 5.1 6.6 Peaker CfDs 24.3 — — 22.7 — — 13.0 — — Transmission Support Commitments 6.1 6.0 3.3 8.7 8.7 4.7 8.6 8.6 4.6 |
Schedule of Guarantor Obligations | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties: As of December 31, 2021 Company (Obligor) Description Maximum Exposure Expiration Dates North East Offshore LLC Construction-related purchase agreements with third-party contractors (1) $ 1,080.6 (1) Sunrise Wind LLC Construction-related purchase agreements with third-party contractors (2) 382.3 2026 Revolution Wind, LLC Construction-related purchase agreements with third-party contractors (3) 150.9 2027 South Fork Wind, LLC Construction-related purchase agreements with third-party contractors (4) 125.2 2023 - 2026 Eversource Investment LLC Funding and indemnification obligations of North East Offshore LLC (5) — (5) Sunrise Wind LLC OREC capacity production (6) 2.2 (6) Bay State Wind LLC Real estate purchase 2.5 2022 South Fork Wind, LLC Transmission interconnection 1.2 — Various Surety bonds (7) 54.7 2022 - 2023 Eversource Service Lease payments for real estate 0.8 2024 (1) Eversource parent issued guarantees on behalf of its 50 percent-owned affiliate, North East Offshore LLC (NEO), under which Eversource parent agreed to guarantee 50 percent of NEO’s performance of obligations under certain purchase agreements with third-party contactors, in an aggregate amount not to exceed $1.3 billion with an expiration date in 2025. Eversource parent also issued a separate guarantee to Ørsted on behalf of NEO, under which Eversource parent agreed to guarantee 50 percent of NEO’s payment obligations under certain offshore wind project construction-related agreements with Ørsted in an aggregate amount not to exceed $62.5 million and expiring upon full performance of the guaranteed obligation. Any amounts paid under this guarantee to Ørsted will count toward, but not increase, the maximum amount of the Funding Guarantee described in Note 5, below. The guarantee expires upon the full performance of the guaranteed obligations. (2) Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an aggregate amount not to exceed $420.6 million, in connection with a construction-related purchase agreement. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) April 2026 and (ii) full performance of the guaranteed obligations. (3) Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Revolution Wind, LLC, whereby Eversource parent will guarantee Revolution Wind, LLC's performance of certain obligations, in an aggregate amount not to exceed $158.9 million, in connection with a construction-related purchase agreement. Eversource parent’s obligations under the guarantee expire upon the earlier of (i) November 2027 and (ii) full performance of the guaranteed obligations. (4) Eversource parent issued three guarantees on behalf of its 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations in connection with three construction-related purchase agreements. Under these guarantees, Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in a total aggregate amount not to exceed $137.2 million. Eversource parent’s obligations under these guarantees expire upon the earlier of (i) dates ranging from October 2023 and August 2026 and (ii) full performance of the guaranteed obligations. (5) Eversource parent issued a guarantee (Funding Guarantee) on behalf of Eversource Investment LLC (EI), its wholly-owned subsidiary that holds a 50 percent ownership interest in NEO, under which Eversource parent agreed to guarantee certain funding obligations and certain indemnification payments of EI under the Amended and Restated Limited Liability Company Operating Agreement of NEO, in an amount not to exceed $910 million. The guaranteed obligations include payment of EI's funding obligations during the construction phase of NEO’s underlying offshore wind projects and indemnification obligations associated with third party credit support for its investment in NEO. Eversource parent’s obligations under the Funding Guarantee expire upon the full performance of the guaranteed obligations. (6) Eversource parent issued a guarantee on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guarantee Sunrise Wind LLC's performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The guarantee expires upon the full performance of the guaranteed obligations. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost, prior to amounts capitalized, are as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2021 2020 2019 Finance Lease Cost: Amortization of Right-of-use-Assets $ 4.6 $ 2.6 $ 1.7 Interest on Lease Liabilities 3.9 1.4 1.2 Total Finance Lease Cost 8.5 4.0 2.9 Operating Lease Cost 12.2 11.1 11.7 Variable Lease Cost 61.0 57.8 60.5 Total Lease Cost $ 81.7 $ 72.9 $ 75.1 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Finance Lease Cost: Amortization of Right-of-use-Assets $ 0.5 $ 0.2 $ 0.1 $ 0.7 $ 0.2 $ 0.1 $ 0.7 $ 0.2 $ 0.1 Interest on Lease Liabilities 0.1 0.6 — 0.3 0.6 — 0.6 0.6 — Total Finance Lease Cost 0.6 0.8 0.1 1.0 0.8 0.1 1.3 0.8 0.1 Operating Lease Cost 0.3 2.3 0.1 0.6 2.1 0.1 0.5 3.4 0.1 Variable Lease Cost 16.2 — 44.8 12.2 — 45.6 13.3 — 47.2 Total Lease Cost $ 17.1 $ 3.1 $ 45.0 $ 13.8 $ 2.9 $ 45.8 $ 15.1 $ 4.2 $ 47.4 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows: As of December 31, 2021 As of December 31, 2020 (Millions of Dollars) Balance Sheet Classification Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Operating Leases: Right-of-use-Assets, Net Other Long-Term Assets $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 55.2 $ 0.3 $ 23.6 $ 0.3 Operating Lease Liabilities Current Portion Other Current Liabilities $ 10.0 $ 0.1 $ 1.1 $ — $ 9.5 $ 0.2 $ 0.7 $ — Long-Term Other Long-Term Liabilities 37.2 — 23.2 0.3 45.7 0.1 22.9 0.3 Total Operating Lease Liabilities $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 55.2 $ 0.3 $ 23.6 $ 0.3 Finance Leases: Right-of-use-Assets, Net Property, Plant and Equipment, Net $ 58.0 $ — $ 3.3 $ 0.7 $ 60.5 $ 0.7 $ 3.5 $ 0.8 Finance Lease Liabilities Current Portion Other Current Liabilities $ 3.9 $ — $ — $ 0.1 $ 5.0 $ 1.4 $ — $ 0.1 Long-Term Other Long-Term Liabilities 55.4 — 4.9 0.6 57.6 — 4.8 0.7 Total Finance Lease Liabilities $ 59.3 $ — $ 4.9 $ 0.7 $ 62.6 $ 1.4 $ 4.8 $ 0.8 |
Other Information Related to Leases | Other information related to leases is as follows: As of December 31, 2021 2020 Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Weighted-Average Remaining Lease Term (Years): Operating Leases 13 7 18 7 10 3 19 8 Finance Leases 16 — 20 7 17 1 21 8 Weighted-Average Discount Rate (Percentage): Operating Leases 4.1 % 3.0 % 4.0 % 3.7 % 4.0 % 2.4 % 4.1 % 3.7 % Finance Leases 2.7 % — % 2.9 % 3.5 % 2.9 % 10.5 % 2.9 % 3.5 % (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 12.1 $ 0.3 $ 2.1 $ 0.1 Operating Cash Flows from Finance Leases 3.4 0.1 0.6 — Financing Cash Flows from Finance Leases 4.1 1.4 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 2.1 — 1.9 — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 2.3 — — — (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 10.9 $ 0.6 $ 1.8 $ 0.1 Operating Cash Flows from Finance Leases 1.7 0.3 0.6 — Financing Cash Flows from Finance Leases 2.8 1.6 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 0.6 0.1 0.2 — Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 0.7 — 0.3 — (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH For the Year Ended December 31, 2019 Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating Cash Flows from Operating Leases $ 11.4 $ 0.4 $ 1.6 $ 0.1 Operating Cash Flows from Finance Leases 1.2 0.6 0.6 — Financing Cash Flows from Finance Leases 2.6 1.4 — 0.1 Supplemental Non-Cash Information on Lease Liabilities: Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities 2.9 1.0 0.1 0.2 Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities 2.0 — — — |
Future Minimum Lease Payments under Long-Term Finance Leases | Future minimum lease payments, excluding variable costs, under long-term leases, as of December 31, 2021 are as follows: Operating Leases Finance Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource NSTAR Electric PSNH Year Ending December 31, 2022 $ 11.1 $ 0.1 $ 2.1 $ 0.1 $ 6.0 $ 0.6 $ 0.1 2023 7.6 — 2.1 0.1 5.2 0.7 0.1 2024 6.1 — 2.1 — 5.3 0.7 0.1 2025 3.2 — 1.7 — 5.2 0.6 0.1 2026 2.5 — 1.7 — 4.7 0.6 0.1 Thereafter 27.8 — 25.3 0.1 56.0 12.4 0.3 Future lease payments 58.3 0.1 35.0 0.3 82.4 15.6 0.8 Less amount representing interest 11.1 — 10.7 — 23.1 10.7 0.1 Present value of future minimum lease payments $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 59.3 $ 4.9 $ 0.7 |
Future Minimum Lease Payments under Long-Term Operating Leases | Future minimum lease payments, excluding variable costs, under long-term leases, as of December 31, 2021 are as follows: Operating Leases Finance Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource NSTAR Electric PSNH Year Ending December 31, 2022 $ 11.1 $ 0.1 $ 2.1 $ 0.1 $ 6.0 $ 0.6 $ 0.1 2023 7.6 — 2.1 0.1 5.2 0.7 0.1 2024 6.1 — 2.1 — 5.3 0.7 0.1 2025 3.2 — 1.7 — 5.2 0.6 0.1 2026 2.5 — 1.7 — 4.7 0.6 0.1 Thereafter 27.8 — 25.3 0.1 56.0 12.4 0.3 Future lease payments 58.3 0.1 35.0 0.3 82.4 15.6 0.8 Less amount representing interest 11.1 — 10.7 — 23.1 10.7 0.1 Present value of future minimum lease payments $ 47.2 $ 0.1 $ 24.3 $ 0.3 $ 59.3 $ 4.9 $ 0.7 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The fair values provided in the table below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows: Eversource CL&P NSTAR Electric PSNH (Millions of Dollars) Carrying Amount Fair Value Carrying Fair Carrying Fair Carrying Fair As of December 31, 2021: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 166.3 $ 116.2 $ 122.3 $ 43.0 $ 44.0 $ — $ — Long-Term Debt 18,216.7 19,636.3 4,215.4 4,848.9 3,985.4 4,453.5 1,163.8 1,220.6 Rate Reduction Bonds 496.9 543.3 — — — — 496.9 543.3 As of December 31, 2020: Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 169.1 $ 116.2 $ 123.4 $ 43.0 $ 45.7 $ — $ — Long-Term Debt 16,179.1 18,420.1 3,914.8 4,800.9 3,643.2 4,294.0 1,099.1 1,207.0 Rate Reduction Bonds 540.1 603.4 — — — — 540.1 603.4 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax | The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows: For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 Eversource (Millions of Dollars) Qualified Unrealized Defined Total Qualified Unrealized Defined Total Balance as of January 1st $ (1.4) $ 1.1 $ (76.1) $ (76.4) $ (3.0) $ 0.7 $ (62.8) $ (65.1) OCI Before Reclassifications — (0.7) 24.1 23.4 — 0.4 (19.6) (19.2) Amounts Reclassified from AOCI 1.0 — 9.7 10.7 1.6 — 6.3 7.9 Net OCI 1.0 (0.7) 33.8 34.1 1.6 0.4 (13.3) (11.3) Balance as of December 31st $ (0.4) $ 0.4 $ (42.3) $ (42.3) $ (1.4) $ 1.1 $ (76.1) $ (76.4) |
Schedule of Amounts Reclassified from AOCI by Component | The following table sets forth the amounts reclassified from AOCI by component and the impacted line item on the statements of income: Amounts Reclassified from AOCI Eversource (Millions of Dollars) For the Years Ended December 31, Statements of Income 2021 2020 2019 Qualified Cash Flow Hedging Instruments $ (1.7) $ (2.5) $ (2.5) Interest Expense Tax Effect 0.7 0.9 1.1 Income Tax Expense Qualified Cash Flow Hedging Instruments, Net of Tax $ (1.0) $ (1.6) $ (1.4) Defined Benefit Plan Costs: Amortization of Actuarial Losses $ (13.1) $ (8.1) $ (5.7) Other Income, Net (1) Amortization of Prior Service Credit/(Cost) — (0.3) (1.8) Other Income, Net (1) Total Defined Benefit Plan Costs (13.1) (8.4) (7.5) Tax Effect 3.4 2.1 1.9 Income Tax Expense Defined Benefit Plan Costs, Net of Tax $ (9.7) $ (6.3) $ (5.6) Total Amounts Reclassified from AOCI, Net of Tax $ (10.7) $ (7.9) $ (7.0) (1) These amounts are included in the computation of net periodic Pension, SERP and PBOP costs. See Note 1M, "Summary of Significant Accounting Policies – Other Income, Net" and Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for further information. |
COMMON SHARES (Tables)
COMMON SHARES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Common Shares Authorized and Issued | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Par Value Authorized as of December 31, 2021 and 2020 Issued as of December 31, 2021 2020 Eversource $ 5 380,000,000 357,818,402 357,818,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Shares Outstanding as of December 31, As of December 31, Series 2021 2020 2021 2020 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6) (3.6) Other 6.00% Series of 1958 $ 100.00 23 23 $ — $ — Total Eversource - Noncontrolling Interest - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
PREFERRED STOCK NOT SUBJECT T_2
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Preferred Stock Not Subject to Mandatory Redemption | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Par Value Authorized as of December 31, 2021 and 2020 Issued as of December 31, 2021 2020 Eversource $ 5 380,000,000 357,818,402 357,818,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Shares Outstanding as of December 31, As of December 31, Series 2021 2020 2021 2020 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6) (3.6) Other 6.00% Series of 1958 $ 100.00 23 23 $ — $ — Total Eversource - Noncontrolling Interest - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted EPS | The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Years Ended December 31, 2021 2020 2019 Net Income Attributable to Common Shareholders $ 1,220.5 $ 1,205.2 $ 909.1 Weighted Average Common Shares Outstanding: Basic 343,972,926 338,836,147 321,416,086 Dilutive Effect of: Share-Based Compensation Awards and Other 658,130 738,994 762,215 Equity Forward Sale Agreement — 271,921 763,335 Total Dilutive Effect 658,130 1,010,915 1,525,550 Diluted 344,631,056 339,847,062 322,941,636 Basic EPS $ 3.55 $ 3.56 $ 2.83 Diluted EPS $ 3.54 $ 3.55 $ 2.81 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present operating revenues disaggregated by revenue source: For the Year Ended December 31, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 3,989.8 $ 1,000.3 $ — $ 133.5 $ — $ — $ 5,123.6 Commercial 2,486.1 497.6 — 62.8 — (5.1) 3,041.4 Industrial 345.3 167.2 — 4.3 — (17.1) 499.7 Total Retail Tariff Sales Revenues 6,821.2 1,665.1 — 200.6 — (22.2) 8,664.7 Wholesale Transmission Revenues — — 1,751.3 — 86.6 (1,384.7) 453.2 Wholesale Market Sales Revenues 575.8 82.1 — 3.9 — — 661.8 Other Revenues from Contracts with Customers 78.1 5.1 13.6 7.5 1,267.4 (1,257.7) 114.0 Reserve for Revenues Subject to Refund (71.1) — (5.0) (2.6) — — (78.7) Total Revenues from Contracts with Customers 7,404.0 1,752.3 1,759.9 209.4 1,354.0 (2,664.6) 9,815.0 Alternative Revenue Programs 14.7 37.0 (126.1) 1.5 — 114.6 41.7 Other Revenues 4.9 0.3 0.8 0.4 — — 6.4 Total Operating Revenues $ 7,423.6 $ 1,789.6 $ 1,634.6 $ 211.3 $ 1,354.0 $ (2,550.0) $ 9,863.1 For the Year Ended December 31, 2020 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 3,951.5 $ 644.9 $ — $ 145.1 $ — $ — $ 4,741.5 Commercial 2,353.4 361.9 — 62.4 — (4.8) 2,772.9 Industrial 327.1 107.4 — 4.8 — (13.7) 425.6 Total Retail Tariff Sales Revenues 6,632.0 1,114.2 — 212.3 — (18.5) 7,940.0 Wholesale Transmission Revenues — — 1,557.3 — 74.2 (1,290.6) 340.9 Wholesale Market Sales Revenues 327.3 43.0 — 3.8 — — 374.1 Other Revenues from Contracts with Customers 79.3 5.7 13.3 3.5 1,161.7 (1,152.0) 111.5 Total Revenues from Contracts with Customers 7,038.6 1,162.9 1,570.6 219.6 1,235.9 (2,461.1) 8,766.5 Alternative Revenue Programs 88.1 44.7 (35.2) (4.7) — 37.1 130.0 Other Revenues 5.6 1.1 0.7 0.5 — — 7.9 Total Operating Revenues $ 7,132.3 $ 1,208.7 $ 1,536.1 $ 215.4 $ 1,235.9 $ (2,424.0) $ 8,904.4 For the Year Ended December 31, 2019 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Revenues from Contracts with Customers Retail Tariff Sales Residential $ 3,723.7 $ 555.1 $ — $ 132.3 $ — $ — $ 4,411.1 Commercial 2,584.8 347.6 — 63.9 — (4.3) 2,992.0 Industrial 331.8 96.9 — 4.5 — (11.6) 421.6 Total Retail Tariff Sales Revenues 6,640.3 999.6 — 200.7 — (15.9) 7,824.7 Wholesale Transmission Revenues — — 1,293.3 — 61.3 (1,085.2) 269.4 Wholesale Market Sales Revenues 215.7 55.4 — 4.1 — — 275.2 Other Revenues from Contracts with Customers 56.1 9.0 13.2 4.2 967.2 (969.0) 80.7 Total Revenues from Contracts with Customers 6,912.1 1,064.0 1,306.5 209.0 1,028.5 (2,070.1) 8,450.0 Alternative Revenue Programs 45.9 (4.9) 81.8 4.6 — (74.2) 53.2 Other Revenues 18.5 3.1 0.7 1.0 — — 23.3 Total Operating Revenues $ 6,976.5 $ 1,062.2 $ 1,389.0 $ 214.6 $ 1,028.5 $ (2,144.3) $ 8,526.5 For the Years Ended December 31, 2021 2020 2019 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Revenues from Contracts with Customers Retail Tariff Sales Residential $ 1,994.2 $ 1,375.8 $ 619.8 $ 2,011.1 $ 1,365.8 $ 574.6 $ 1,837.1 $ 1,322.1 $ 564.5 Commercial 890.6 1,265.0 332.2 878.3 1,176.8 299.9 922.9 1,349.4 314.6 Industrial 131.4 119.1 94.8 137.5 106.4 83.2 138.3 115.8 77.7 Total Retail Tariff Sales Revenues 3,016.2 2,759.9 1,046.8 3,026.9 2,649.0 957.7 2,898.3 2,787.3 956.8 Wholesale Transmission Revenues 863.3 616.3 271.7 754.8 576.5 226.0 587.1 517.3 188.9 Wholesale Market Sales Revenues 408.8 109.2 57.8 230.1 58.4 38.8 105.1 73.1 37.5 Other Revenues from Contracts 26.7 56.2 11.3 32.9 43.6 14.2 36.4 18.7 15.6 (Reserve for)/Amortization of Revenues (76.1) — — — — 4.6 — — 1.3 Total Revenues from Contracts 4,238.9 3,541.6 1,387.6 4,044.7 3,327.5 1,241.3 3,626.9 3,396.4 1,200.1 Alternative Revenue Programs (78.9) (15.1) (17.4) (4.2) 54.5 2.6 77.5 41.6 8.6 Other Revenues 0.4 3.4 1.9 2.2 3.5 0.6 10.3 7.0 1.9 Eliminations (523.0) (473.5) (194.9) (495.2) (444.4) (165.4) (482.1) (400.4) (144.7) Total Operating Revenues $ 3,637.4 $ 3,056.4 $ 1,177.2 $ 3,547.5 $ 2,941.1 $ 1,079.1 $ 3,232.6 $ 3,044.6 $ 1,065.9 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Segment Information and Segmented Total Assets | Eversource's segment information is as follows: For the Year Ended December 31, 2021 Eversource (Millions of Dollars) Electric Natural Gas Electric Transmission Water Distribution Other Eliminations Total Operating Revenues $ 7,423.6 $ 1,789.6 $ 1,634.6 $ 211.3 $ 1,354.0 $ (2,550.0) $ 9,863.1 Depreciation and Amortization (737.8) (142.3) (300.3) (46.1) (113.1) 4.6 (1,335.0) Other Operating Expenses (5,970.0) (1,345.4) (496.2) (101.4) (1,170.4) 2,548.6 (6,534.8) Operating Income 715.8 301.9 838.1 63.8 70.5 3.2 1,993.3 Interest Expense (236.4) (58.6) (133.2) (32.0) (168.8) 46.6 (582.4) Interest Income 20.7 4.5 2.2 — 46.0 (47.8) 25.6 Other Income, Net 78.1 17.9 19.8 3.3 1,363.9 (1,347.3) 135.7 Income Tax (Expense)/Benefit (103.5) (60.9) (179.4) 1.7 (2.1) — (344.2) Net Income 474.7 204.8 547.5 36.8 1,309.5 (1,345.3) 1,228.0 Net Income Attributable to Noncontrolling Interests (4.6) — (2.9) — — — (7.5) Net Income Attributable to Common Shareholders $ 470.1 $ 204.8 $ 544.6 $ 36.8 $ 1,309.5 $ (1,345.3) $ 1,220.5 Total Assets (as of) $ 25,411.2 $ 7,215.9 $ 12,377.8 $ 2,551.1 $ 22,674.7 $ (21,738.6) $ 48,492.1 Cash Flows Used for Investments in Plant $ 1,053.3 $ 721.1 $ 1,024.1 $ 137.2 $ 239.4 $ — $ 3,175.1 For the Year Ended December 31, 2020 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 7,132.3 $ 1,208.7 $ 1,536.1 $ 215.4 $ 1,235.9 $ (2,424.0) $ 8,904.4 Depreciation and Amortization (657.0) (87.9) (278.1) (44.2) (93.5) 1.6 (1,159.1) Other Operating Expenses (5,642.3) (913.8) (470.0) (86.6) (1,071.9) 2,428.0 (5,756.6) Operating Income 833.0 207.0 788.0 84.6 70.5 5.6 1,988.7 Interest Expense (216.0) (40.0) (126.8) (32.9) (161.0) 38.3 (538.4) Interest Income 3.2 0.9 4.7 — 37.8 (41.8) 4.8 Other Income, Net 58.0 3.1 23.3 2.0 1,382.9 (1,365.5) 103.8 Income Tax (Expense)/Benefit (129.6) (36.9) (183.8) (12.5) 16.6 — (346.2) Net Income 548.6 134.1 505.4 41.2 1,346.8 (1,363.4) 1,212.7 Net Income Attributable to Noncontrolling Interests (4.6) — (2.9) — — — (7.5) Net Income Attributable to Common Shareholders $ 544.0 $ 134.1 $ 502.5 $ 41.2 $ 1,346.8 $ (1,363.4) $ 1,205.2 Total Assets (as of) $ 24,981.9 $ 6,450.5 $ 11,695.0 $ 2,375.2 $ 22,089.4 $ (21,492.4) $ 46,099.6 Cash Flows Used for Investments in Plant $ 1,079.0 $ 494.4 $ 1,004.6 $ 118.8 $ 246.2 $ — $ 2,943.0 For the Year Ended December 31, 2019 Eversource (Millions of Dollars) Electric Natural Gas Electric Water Distribution Other Eliminations Total Operating Revenues $ 6,976.5 $ 1,062.2 $ 1,389.0 $ 214.6 $ 1,028.5 $ (2,144.3) $ 8,526.5 Depreciation and Amortization (651.3) (68.3) (253.3) (46.9) (63.2) 2.3 (1,080.7) Impairment of Northern Pass Transmission — — (239.6) — — — (239.6) Other Operating Expenses (5,525.1) (830.8) (411.2) (101.0) (891.3) 2,143.7 (5,615.7) Operating Income 800.1 163.1 484.9 66.7 74.0 1.7 1,590.5 Interest Expense (206.4) (47.4) (125.7) (34.6) (170.3) 51.2 (533.2) Interest Income 13.3 0.1 1.5 — 48.7 (50.8) 12.8 Other Income, Net 46.8 1.6 29.2 0.4 945.3 (903.3) 120.0 Income Tax (Expense)/Benefit (135.9) (21.2) (130.5) 2.4 11.7 — (273.5) Net Income 517.9 96.2 259.4 34.9 909.4 (901.2) 916.6 Net Income Attributable to Noncontrolling Interests (4.6) — (2.9) — — — (7.5) Net Income Attributable to Common Shareholders $ 513.3 $ 96.2 $ 256.5 $ 34.9 $ 909.4 $ (901.2) $ 909.1 Cash Flows Used for Investments in Plant $ 1,104.2 $ 460.2 $ 987.0 $ 118.0 $ 242.1 $ — $ 2,911.5 |
ACQUISITION OF ASSETS OF COLU_2
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Preliminary Allocation of the Cash Purchase Price | The allocation of the cash purchase price as of October 9, 2020 is as follows: (Millions of Dollars) Current Assets $ 138 Restricted Cash 57 PP&E 1,182 Goodwill 52 Other Noncurrent Assets, excluding Goodwill 131 Other Current Liabilities (81) Other Noncurrent Liabilities (310) Cash Purchase Price $ 1,169 |
Summary of Unaudited Pro Forma Financial Information | The following unaudited pro forma financial information reflects the pro forma combined results of operations of Eversource and the CMA business acquired and reflects the amortization of purchase price adjustments assuming the acquisition had taken place on January 1, 2019. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Eversource. Pro forma net income excludes the impact of assets and liabilities not assumed by Eversource, such as amounts directly associated with the GLI incident, and non-recurring costs associated with the transaction. For the Years Ended December 31, (Pro forma amounts in millions, except share amounts) 2020 2019 Operating Revenues $ 9,273 $ 9,103 Net Income Attributable to Common Shareholders 1,265 909 Basic EPS 3.73 2.83 Diluted EPS 3.72 2.82 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill by Reportable Segment | The following table presents goodwill by reportable segment: (Millions of Dollars) Electric Electric Natural Gas Water Distribution Total Balance as of January 1, 2020 $ 2,544 $ 577 $ 399 $ 907 $ 4,427 Acquisition of CMA Assets — — 42 — 42 Sale of Hingham water system — — — (23) (23) Balance as of December 31, 2020 $ 2,544 $ 577 $ 441 $ 884 $ 4,446 CMA Measurement Period Adjustments — — 10 — 10 Acquisition of NESC — — — 21 21 Balance as of December 31, 2021 $ 2,544 $ 577 $ 451 $ 905 $ 4,477 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Thousands, customer in Millions | Oct. 09, 2020USD ($) | Dec. 31, 2021USD ($)customerutilityMW | Dec. 31, 2020USD ($)MW | Dec. 31, 2019USD ($)$ / shares |
Summary of Accounting Policies [Line Items] | ||||
Number of electric and natural gas customers | customer | 4.4 | |||
Goodwill | $ 4,477,269 | $ 4,445,988 | $ 4,427,000 | |
Amount of power to be purchased under capacity-related contract (up to) (in MW) | MW | 675 | |||
Pre-tax impairment charge | 0 | $ 0 | 239,644 | |
Allowance for uncollectible accounts for late fees and other receivable amounts | 417,406 | 358,851 | 224,800 | |
Charitable contributions | 6,400 | |||
Increase to operating cash inflows in accounts payable | 29,201 | (122,567) | (14,866) | |
Increase to investing cash outflows in investments in property, plant and equipment | 3,175,080 | 2,942,996 | 2,911,489 | |
Electric Transmission | ||||
Summary of Accounting Policies [Line Items] | ||||
Goodwill | 577,000 | 577,000 | 577,000 | |
Energy Relief Fund | ||||
Summary of Accounting Policies [Line Items] | ||||
Restricted cash | $ 41,500 | |||
Northern Pass Transmission | ||||
Summary of Accounting Policies [Line Items] | ||||
Amount of power to be purchased under capacity-related contract (up to) (in MW) | MW | 1,090 | |||
Pre-tax impairment charge | 318,000 | |||
After-tax impact of impairment charge | $ (204,400) | |||
After-tax impact of impairment charge (in dollars per share) | $ / shares | $ (0.64) | |||
Northern Pass Transmission | Electric Transmission | ||||
Summary of Accounting Policies [Line Items] | ||||
Pre-tax impairment charge | $ 239,600 | |||
Retail Non Hardship Wholesaleand Other Receivables | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 191,300 | 164,100 | 81,500 | |
CMA | ||||
Summary of Accounting Policies [Line Items] | ||||
Purchase price | $ 1,100,000 | |||
Target working capital amount | 68,600 | |||
Goodwill | $ 52,000 | |||
The Connecticut Light and Power Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 181,319 | 157,447 | 97,300 | |
Period of accounts receivable recoverable under financial or medical duress | 180 days | |||
Maximum loans receivable outstanding | $ 55,000 | |||
Loans transferred receivable current | 10,500 | 12,900 | ||
Loans transferred receivable non-current | 8,300 | 9,500 | ||
Tax remittance to state for energy efficiency funds | 21,400 | |||
Long term receivable | 25,000 | 25,000 | ||
Increase to operating cash inflows in accounts payable | (24,895) | 17,028 | (102,344) | |
Increase to investing cash outflows in investments in property, plant and equipment | 790,083 | 833,973 | 917,532 | |
The Connecticut Light and Power Company | Retail Non Hardship Wholesaleand Other Receivables | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 36,700 | 28,300 | 17,200 | |
Yankee Gas Services Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Period of accounts receivable recoverable under financial or medical duress | 90 days | |||
NSTAR Electric Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 97,005 | 91,583 | 75,400 | |
Long term receivable | 5,500 | 5,500 | ||
Increase to operating cash inflows in accounts payable | (31,650) | (25,573) | 22,659 | |
Increase to investing cash outflows in investments in property, plant and equipment | 960,949 | 907,000 | 861,391 | |
NSTAR Electric Company | Retail Non Hardship Wholesaleand Other Receivables | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 53,700 | 51,900 | 31,500 | |
Public Service Company of New Hampshire | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 24,331 | 17,157 | 10,500 | |
Long term receivable | 3,800 | 3,800 | ||
Increase to operating cash inflows in accounts payable | 3,256 | (27,270) | (12,281) | |
Increase to investing cash outflows in investments in property, plant and equipment | $ 326,379 | 342,586 | 308,993 | |
Connecticut, Massachusetts and New Hampshire | ||||
Summary of Accounting Policies [Line Items] | ||||
Number of regulated utilities | utility | 10 | |||
Restatement Adjustment | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 23,800 | |||
Restatement Adjustment | Retail Non Hardship Wholesaleand Other Receivables | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 2,200 | |||
Restatement Adjustment | The Connecticut Light and Power Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 22,200 | |||
Restatement Adjustment | The Connecticut Light and Power Company | Retail Non Hardship Wholesaleand Other Receivables | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | 900 | |||
Restatement Adjustment | NSTAR Electric Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | (1,300) | |||
Restatement Adjustment | NSTAR Electric Company | Retail Non Hardship Wholesaleand Other Receivables | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 300 | |||
Restatement Adjustment | Public Service Company of New Hampshire | ||||
Summary of Accounting Policies [Line Items] | ||||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 300 | |||
COVID 19 | ||||
Summary of Accounting Policies [Line Items] | ||||
Accounts receivable, allowance for uncollectible accounts increase (decrease) | $ 24,100 | |||
Allowance for uncollectible accounts for late fees and other receivable amounts | 55,300 | |||
COVID 19 | The Connecticut Light and Power Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Accounts receivable, allowance for uncollectible accounts increase (decrease) | 20,100 | |||
Allowance for uncollectible accounts for late fees and other receivable amounts | 23,900 | |||
COVID 19 | NSTAR Electric Company | ||||
Summary of Accounting Policies [Line Items] | ||||
Accounts receivable, allowance for uncollectible accounts increase (decrease) | (1,300) | |||
Allowance for uncollectible accounts for late fees and other receivable amounts | 9,000 | |||
COVID 19 | Public Service Company of New Hampshire | ||||
Summary of Accounting Policies [Line Items] | ||||
Decrease in deferral cost | 600 | |||
COVID 19 | Natural Gas Businesses | ||||
Summary of Accounting Policies [Line Items] | ||||
Accounts receivable, allowance for uncollectible accounts increase (decrease) | 6,600 | |||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 21,400 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | $ 358,851 | $ 224,800 | |
Increase due to CMA acquisition | 24,200 | ||
Uncollectible Expense | 60,886 | 53,461 | $ 63,446 |
Uncollectible Costs Deferred | 110,600 | 97,000 | |
Write-Offs | (129,700) | (78,000) | |
Recoveries Collected | 16,700 | 13,600 | |
Balance as of December 31, 2020 | 417,406 | 358,851 | 224,800 |
Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 23,800 | ||
Balance as of December 31, 2020 | 23,800 | ||
Hardship Accounts | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 194,800 | 143,300 | |
Increase due to CMA acquisition | 0 | ||
Uncollectible Expense | 0 | 0 | |
Uncollectible Costs Deferred | 51,900 | 43,100 | |
Write-Offs | (22,000) | (14,700) | |
Recoveries Collected | 1,400 | 1,500 | |
Balance as of December 31, 2020 | 226,100 | 194,800 | 143,300 |
Hardship Accounts | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 21,600 | ||
Balance as of December 31, 2020 | 21,600 | ||
Retail Non Hardship Wholesaleand Other Receivables | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 164,100 | 81,500 | |
Increase due to CMA acquisition | 24,200 | ||
Uncollectible Expense | 60,900 | 53,500 | |
Uncollectible Costs Deferred | 58,700 | 53,900 | |
Write-Offs | (107,700) | (63,300) | |
Recoveries Collected | 15,300 | 12,100 | |
Balance as of December 31, 2020 | 191,300 | 164,100 | 81,500 |
Retail Non Hardship Wholesaleand Other Receivables | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 2,200 | ||
Balance as of December 31, 2020 | 2,200 | ||
The Connecticut Light and Power Company | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 157,447 | 97,300 | |
Increase due to CMA acquisition | 0 | ||
Uncollectible Expense | 13,495 | 12,882 | 15,948 |
Uncollectible Costs Deferred | 57,800 | 49,000 | |
Write-Offs | (54,200) | (29,700) | |
Recoveries Collected | 6,800 | 5,700 | |
Balance as of December 31, 2020 | 181,319 | 157,447 | 97,300 |
The Connecticut Light and Power Company | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 22,200 | ||
Balance as of December 31, 2020 | 22,200 | ||
The Connecticut Light and Power Company | Hardship Accounts | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 129,100 | 80,100 | |
Increase due to CMA acquisition | 0 | ||
Uncollectible Expense | 0 | 0 | |
Uncollectible Costs Deferred | 32,300 | 38,200 | |
Write-Offs | (18,000) | (11,900) | |
Recoveries Collected | 1,200 | 1,400 | |
Balance as of December 31, 2020 | 144,600 | 129,100 | 80,100 |
The Connecticut Light and Power Company | Hardship Accounts | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 21,300 | ||
Balance as of December 31, 2020 | 21,300 | ||
The Connecticut Light and Power Company | Retail Non Hardship Wholesaleand Other Receivables | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 28,300 | 17,200 | |
Increase due to CMA acquisition | 0 | ||
Uncollectible Expense | 13,500 | 12,900 | |
Uncollectible Costs Deferred | 25,500 | 10,800 | |
Write-Offs | (36,200) | (17,800) | |
Recoveries Collected | 5,600 | 4,300 | |
Balance as of December 31, 2020 | 36,700 | 28,300 | 17,200 |
The Connecticut Light and Power Company | Retail Non Hardship Wholesaleand Other Receivables | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 900 | ||
Balance as of December 31, 2020 | 900 | ||
NSTAR Electric Company | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 91,583 | 75,400 | |
Increase due to CMA acquisition | 0 | ||
Uncollectible Expense | 16,649 | 15,293 | 25,079 |
Uncollectible Costs Deferred | 20,100 | 24,700 | |
Write-Offs | (37,000) | (27,200) | |
Recoveries Collected | 5,700 | 4,700 | |
Balance as of December 31, 2020 | 97,005 | 91,583 | 75,400 |
NSTAR Electric Company | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | (1,300) | ||
Balance as of December 31, 2020 | (1,300) | ||
NSTAR Electric Company | Hardship Accounts | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 39,700 | 43,900 | |
Increase due to CMA acquisition | 0 | ||
Uncollectible Expense | 0 | 0 | |
Uncollectible Costs Deferred | 4,300 | (1,700) | |
Write-Offs | (700) | (900) | |
Recoveries Collected | 0 | 0 | |
Balance as of December 31, 2020 | 43,300 | 39,700 | 43,900 |
NSTAR Electric Company | Hardship Accounts | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | (1,600) | ||
Balance as of December 31, 2020 | (1,600) | ||
NSTAR Electric Company | Retail Non Hardship Wholesaleand Other Receivables | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 51,900 | 31,500 | |
Increase due to CMA acquisition | 0 | ||
Uncollectible Expense | 16,600 | 15,300 | |
Uncollectible Costs Deferred | 15,800 | 26,400 | |
Write-Offs | (36,300) | (26,300) | |
Recoveries Collected | 5,700 | 4,700 | |
Balance as of December 31, 2020 | 53,700 | 51,900 | 31,500 |
NSTAR Electric Company | Retail Non Hardship Wholesaleand Other Receivables | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 300 | ||
Balance as of December 31, 2020 | 300 | ||
Public Service Company of New Hampshire | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | 17,157 | 10,500 | |
Increase due to CMA acquisition | 0 | ||
Uncollectible Expense | 13,113 | 5,164 | 6,726 |
Uncollectible Costs Deferred | 3,100 | 7,400 | |
Write-Offs | (10,000) | (6,900) | |
Recoveries Collected | 900 | 700 | |
Balance as of December 31, 2020 | 24,331 | 17,157 | $ 10,500 |
Public Service Company of New Hampshire | Restatement Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, 2020 | $ 300 | ||
Balance as of December 31, 2020 | $ 300 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Transfer of Energy Efficiency Loans (Details) - The Connecticut Light and Power Company - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum loans receivable outstanding | $ 55 | |
Loans transferred receivable current | 10.5 | $ 12.9 |
Loans transferred receivable non-current | $ 8.3 | $ 9.5 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fuel, Materials, Supplies and Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Public Utilities, Inventory [Line Items] | ||
Total | $ 267.5 | $ 265.6 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 56.2 | 38.2 |
Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 148.9 | 151.3 |
RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 62.4 | 76.1 |
The Connecticut Light and Power Company | ||
Public Utilities, Inventory [Line Items] | ||
Total | 60.3 | 57.9 |
The Connecticut Light and Power Company | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
The Connecticut Light and Power Company | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 60.3 | 57.9 |
The Connecticut Light and Power Company | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
NSTAR Electric Company | ||
Public Utilities, Inventory [Line Items] | ||
Total | 116.7 | 133.9 |
NSTAR Electric Company | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
NSTAR Electric Company | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 55 | 62.1 |
NSTAR Electric Company | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 61.7 | 71.8 |
Public Service Company of New Hampshire | ||
Public Utilities, Inventory [Line Items] | ||
Total | 25.9 | 26.8 |
Public Service Company of New Hampshire | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
Public Service Company of New Hampshire | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 25.2 | 22.5 |
Public Service Company of New Hampshire | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | $ 0.7 | $ 4.3 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Operating Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Accounting Policies [Line Items] | |||
Natural gas and fuel costs | $ 718.6 | $ 464.2 | $ 462.1 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of AFUDC and Weighted Average AFUDC (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 18.4 | $ 23.7 | $ 25.6 |
Equity Funds | 37.3 | 42 | 45 |
Total AFUDC | $ 55.7 | $ 65.7 | $ 70.6 |
Average AFUDC Rate | 4.20% | 5.00% | 5.40% |
The Connecticut Light and Power Company | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 2.9 | $ 6.6 | $ 7.1 |
Equity Funds | 7.7 | 13.8 | 13.2 |
Total AFUDC | $ 10.6 | $ 20.4 | $ 20.3 |
Average AFUDC Rate | 5.00% | 5.90% | 6.30% |
NSTAR Electric Company | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 9 | $ 9.1 | $ 10.4 |
Equity Funds | 20.4 | 21.5 | 19.8 |
Total AFUDC | $ 29.4 | $ 30.6 | $ 30.2 |
Average AFUDC Rate | 4.90% | 5.70% | 5.70% |
Public Service Company of New Hampshire | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 0.8 | $ 2.1 | $ 2.8 |
Equity Funds | 1.6 | 4.2 | 3.4 |
Total AFUDC | $ 2.4 | $ 6.3 | $ 6.2 |
Average AFUDC Rate | 2.50% | 4.70% | 4.60% |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | $ 161,282 | $ 108,590 | $ 132,777 |
Unrealized gain associated with investment | 14,200 | 14,200 | 42,200 |
Renewable Energy Fund | |||
Summary of Accounting Policies [Line Items] | |||
Other-than-temporary impairment | 2,800 | ||
Pension, SERP and PBOP Non-Service Income Components | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 84,400 | 44,400 | 31,300 |
AFUDC Equity | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 37,300 | 42,000 | 45,000 |
Equity in Earnings of Unconsolidated Affiliates | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 14,200 | 14,200 | 42,200 |
Unrealized gain associated with investment | 2,100 | 2,400 | 20,400 |
Investment Income/(Loss) | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | (200) | 1,100 | 800 |
Interest Income | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 25,600 | 4,800 | 12,800 |
Other | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 0 | 2,100 | 700 |
The Connecticut Light and Power Company | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 30,187 | 20,774 | 17,531 |
The Connecticut Light and Power Company | Pension, SERP and PBOP Non-Service Income Components | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 15,200 | 3,800 | 500 |
The Connecticut Light and Power Company | AFUDC Equity | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 7,700 | 13,800 | 13,200 |
The Connecticut Light and Power Company | Equity in Earnings of Unconsolidated Affiliates | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 0 | 0 | 100 |
The Connecticut Light and Power Company | Investment Income/(Loss) | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 1,300 | 1,100 | 2,300 |
The Connecticut Light and Power Company | Interest Income | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 5,900 | 2,000 | 1,500 |
The Connecticut Light and Power Company | Other | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 100 | 100 | (100) |
NSTAR Electric Company | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 74,844 | 52,017 | 44,577 |
NSTAR Electric Company | Pension, SERP and PBOP Non-Service Income Components | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 40,200 | 29,300 | 23,500 |
NSTAR Electric Company | AFUDC Equity | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 20,400 | 21,500 | 19,800 |
NSTAR Electric Company | Equity in Earnings of Unconsolidated Affiliates | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 400 | 400 | 700 |
NSTAR Electric Company | Investment Income/(Loss) | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 100 | (800) | (400) |
NSTAR Electric Company | Interest Income | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 13,400 | 900 | 700 |
NSTAR Electric Company | Other | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 300 | 700 | 300 |
Public Service Company of New Hampshire | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 14,565 | 13,786 | 19,222 |
Public Service Company of New Hampshire | Pension, SERP and PBOP Non-Service Income Components | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 10,300 | 7,000 | 4,900 |
Public Service Company of New Hampshire | AFUDC Equity | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 1,600 | 4,200 | 3,400 |
Public Service Company of New Hampshire | Equity in Earnings of Unconsolidated Affiliates | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 0 | 0 | 0 |
Public Service Company of New Hampshire | Investment Income/(Loss) | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 100 | 100 | 300 |
Public Service Company of New Hampshire | Interest Income | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | 2,400 | 2,400 | 10,500 |
Public Service Company of New Hampshire | Other | |||
Summary of Accounting Policies [Line Items] | |||
Other Income, Net | $ 200 | $ 100 | $ 100 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Accounting Policies [Line Items] | |||
Excise and sales taxes | $ 181.9 | $ 170.6 | $ 163.1 |
The Connecticut Light and Power Company | |||
Summary of Accounting Policies [Line Items] | |||
Excise and sales taxes | $ 158.1 | $ 149.9 | $ 141.1 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Paid During the Year for: | |||
Interest, Net of Amounts Capitalized | $ 568.7 | $ 518 | $ 532.4 |
Income Taxes | 121.6 | 48.9 | 56 |
Non-Cash Investing Activities: | |||
Plant additionsincluded in accounts payable (as of) | 467.9 | 367.2 | 379.4 |
The Connecticut Light and Power Company | |||
Cash Paid During the Year for: | |||
Interest, Net of Amounts Capitalized | 161.5 | 149 | 144.6 |
Income Taxes | 38.4 | 10.9 | 80.6 |
Non-Cash Investing Activities: | |||
Plant additionsincluded in accounts payable (as of) | 110.6 | 101.8 | 111.3 |
NSTAR Electric Company | |||
Cash Paid During the Year for: | |||
Interest, Net of Amounts Capitalized | 141.6 | 129.4 | 121.9 |
Income Taxes | 74.2 | 110.7 | 77.9 |
Non-Cash Investing Activities: | |||
Plant additionsincluded in accounts payable (as of) | 120 | 103.2 | 116.4 |
Public Service Company of New Hampshire | |||
Cash Paid During the Year for: | |||
Interest, Net of Amounts Capitalized | 56.5 | 54.5 | 56.9 |
Income Taxes | 51.1 | 34.2 | 3.4 |
Non-Cash Investing Activities: | |||
Plant additionsincluded in accounts payable (as of) | $ 68.7 | $ 33.3 | $ 49.9 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | $ 66,773 | $ 106,599 | ||
Cash and Restricted Cash as reported on the Statements of Cash Flows | 221,008 | 264,950 | $ 117,063 | $ 209,324 |
The Connecticut Light and Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 55,804 | 90,801 | ||
Cash and Restricted Cash as reported on the Statements of Cash Flows | 74,788 | 99,809 | 4,971 | 91,613 |
NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 745 | 102 | ||
Cash and Restricted Cash as reported on the Statements of Cash Flows | 18,179 | 17,410 | 6,312 | 14,659 |
Public Service Company of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash as reported on the Balance Sheets | 15 | 141 | ||
Cash and Restricted Cash as reported on the Statements of Cash Flows | 35,126 | 39,555 | $ 36,688 | $ 52,723 |
Special Deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 78,200 | 73,600 | ||
Special Deposits | The Connecticut Light and Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 18,700 | 8,700 | ||
Special Deposits | NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 17,400 | 17,200 | ||
Special Deposits | Public Service Company of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 31,400 | 36,800 | ||
Marketable Securities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 31,300 | 41,200 | ||
Marketable Securities | The Connecticut Light and Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 300 | 300 | ||
Marketable Securities | NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 100 | 100 | ||
Marketable Securities | Public Service Company of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 500 | 600 | ||
Other Long-Term Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 44,700 | 43,600 | ||
Other Long-Term Assets | The Connecticut Light and Power Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 0 | ||
Other Long-Term Assets | NSTAR Electric Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 0 | 0 | ||
Other Long-Term Assets | Public Service Company of New Hampshire | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 2,100 |
REGULATORY ACCOUNTING - Compone
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 5,715,800 | $ 6,569,900 |
Less: Current Portion | 1,129,093 | 1,076,556 |
Total Long-Term Regulatory Assets | 4,586,709 | 5,493,330 |
Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,481,000 | 2,794,200 |
Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 790,700 | 747,100 |
Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 478,900 | 522,100 |
Storm Costs, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,102,700 | 765,600 |
Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,050,500 | 850,500 |
Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 249,200 | 296,300 |
Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 297,800 | 314,700 |
Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 115,000 | 118,400 |
Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 150,000 | 161,000 |
The Connecticut Light and Power Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 2,084,800 | 2,211,800 |
Less: Current Portion | 371,609 | 345,622 |
Total Long-Term Regulatory Assets | 1,713,161 | 1,866,152 |
The Connecticut Light and Power Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 272,400 | 632,300 |
The Connecticut Light and Power Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 470,500 | 458,900 |
The Connecticut Light and Power Company | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
The Connecticut Light and Power Company | Storm Costs, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 695,600 | 515,100 |
The Connecticut Light and Power Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 333,600 | 246,600 |
The Connecticut Light and Power Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 249,200 | 293,100 |
The Connecticut Light and Power Company | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
The Connecticut Light and Power Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 33,600 | 32,100 |
The Connecticut Light and Power Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 29,900 | 33,700 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,579,200 | 1,703,900 |
Less: Current Portion | 443,956 | 399,882 |
Total Long-Term Regulatory Assets | 1,135,231 | 1,304,019 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 395,500 | 690,000 |
NSTAR Electric Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 112,600 | 110,400 |
NSTAR Electric Company | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric Company | Storm Costs, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 341,300 | 186,400 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 376,600 | 332,200 |
NSTAR Electric Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric Company | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 255,700 | 270,200 |
NSTAR Electric Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 59,800 | 58,600 |
NSTAR Electric Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 37,700 | 56,100 |
Public Service Company of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 786,400 | 989,100 |
Less: Current Portion | 107,169 | 115,852 |
Total Long-Term Regulatory Assets | 679,182 | 873,203 |
Public Service Company of New Hampshire | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 118,900 | 267,600 |
Public Service Company of New Hampshire | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 17,500 | 15,200 |
Public Service Company of New Hampshire | Securitized Stranded Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 478,900 | 522,100 |
Public Service Company of New Hampshire | Storm Costs, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 65,800 | 64,100 |
Public Service Company of New Hampshire | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 85,400 | 95,300 |
Public Service Company of New Hampshire | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
Public Service Company of New Hampshire | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
Public Service Company of New Hampshire | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 4,100 | 3,900 |
Public Service Company of New Hampshire | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 15,800 | $ 20,900 |
REGULATORY ACCOUNTING - Narrati
REGULATORY ACCOUNTING - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Oct. 01, 2021 | Sep. 01, 2021 | May 06, 2021 | May 08, 2018 | |
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | $ 252,500,000 | $ 196,900,000 | ||||
Regulatory assets | 5,715,800,000 | 6,569,900,000 | ||||
Deferred costs related to uncollectible expense | 33,000,000 | 15,800,000 | ||||
Regulatory Liabilities | 602,432,000 | 389,430,000 | ||||
FERC ROE Complaints | ||||||
Regulatory Assets [Line Items] | ||||||
Cumulative pre-tax reserves which include impact of refunds given to customers | 39,100,000 | |||||
COVID 19 | ||||||
Regulatory Assets [Line Items] | ||||||
Deferred costs | 39,800,000 | 24,000,000 | ||||
Deferred Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 1,010,000,000 | |||||
Deferred Storm Restoration Costs | Tropical Storm Isaias | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | $ 251,000,000 | |||||
Goodwill-related | ||||||
Regulatory Assets [Line Items] | ||||||
Recovery period | 40 years | |||||
Remaining amortization | 18 years | |||||
Regulatory assets | $ 297,800,000 | 314,700,000 | ||||
Storm Costs, Net | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 1,102,700,000 | 765,600,000 | ||||
Public Service Company of New Hampshire | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 3,400,000 | 4,300,000 | ||||
Regulatory assets | 786,400,000 | 989,100,000 | ||||
Equity return not recorded on the balance sheet | 5,000,000 | 5,100,000 | ||||
Regulatory Liabilities | 120,176,000 | 58,756,000 | ||||
Public Service Company of New Hampshire | FERC ROE Complaints | ||||||
Regulatory Assets [Line Items] | ||||||
Cumulative pre-tax reserves which include impact of refunds given to customers | 3,100,000 | |||||
Public Service Company of New Hampshire | Deferred Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 61,000,000 | |||||
Public Service Company of New Hampshire | Goodwill-related | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 0 | 0 | ||||
Public Service Company of New Hampshire | Storm Costs, Net | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 65,800,000 | 64,100,000 | ||||
The Connecticut Light and Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 114,900,000 | 84,100,000 | ||||
Regulatory assets | 2,084,800,000 | 2,211,800,000 | ||||
Deferred costs related to uncollectible expense | 19,000,000 | 4,700,000 | ||||
Equity return not recorded on the balance sheet | 200,000 | |||||
Regulatory Liabilities | 266,489,000 | 137,166,000 | ||||
The Connecticut Light and Power Company | CL&P Rate Adjustment Mechanisms (RAM) | ||||||
Regulatory Assets [Line Items] | ||||||
Recovery of cumulative under-recoveries | 193,000,000 | |||||
The Connecticut Light and Power Company | FERC ROE Complaints | ||||||
Regulatory Assets [Line Items] | ||||||
Cumulative pre-tax reserves which include impact of refunds given to customers | 21,400,000 | |||||
The Connecticut Light and Power Company | Unfavorable Regulatory Action | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory Liabilities | 75,000,000 | |||||
Loss contingency, estimate of possible earnings impact, non-compliance with performance standards | $ 28,400,000 | $ 28,400,000 | ||||
Customer credits | $ 65,000,000 | |||||
Customer assistance initiatives | $ 10,000,000 | |||||
The Connecticut Light and Power Company | Deferred Pre-Staging And Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 232,000,000 | 344,000,000 | ||||
The Connecticut Light and Power Company | Deferred Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 643,000,000 | |||||
The Connecticut Light and Power Company | Deferred Storm Restoration Costs | Tropical Storm Isaias | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 234,000,000 | |||||
The Connecticut Light and Power Company | Goodwill-related | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 0 | 0 | ||||
The Connecticut Light and Power Company | Storm Costs, Net | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 695,600,000 | 515,100,000 | ||||
NSTAR Electric Company | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 85,000,000 | 69,800,000 | ||||
Regulatory assets | 1,579,200,000 | 1,703,900,000 | ||||
Deferred costs related to uncollectible expense | 11,200,000 | 11,900,000 | ||||
Regulatory Liabilities | 228,248,000 | 164,761,000 | ||||
NSTAR Electric Company | FERC ROE Complaints | ||||||
Regulatory Assets [Line Items] | ||||||
Cumulative pre-tax reserves which include impact of refunds given to customers | 14,600,000 | |||||
NSTAR Electric Company | Deferred Storm Restoration Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of regulatory costs not yet approved | 308,000,000 | |||||
Amount of regulatory recovery not yet approved | 7,200,000 | |||||
Pre-tax benefit to earnings from settlement agreement | 15,600,000 | 15,600,000 | ||||
NSTAR Electric Company | Goodwill-related | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 255,700,000 | 270,200,000 | ||||
NSTAR Electric Company | Storm Costs, Net | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | $ 341,300,000 | $ 186,400,000 | ||||
Rate Reduction Bonds | Public Service Company of New Hampshire | ||||||
Regulatory Assets [Line Items] | ||||||
Amount of securitized rate reduction bonds issued | $ 635,700,000 |
REGULATORY ACCOUNTING - Compo_2
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 4,468,700 | $ 4,240,200 |
Less: Current Portion | 602,432 | 389,430 |
Total Long-Term Regulatory Liabilities | 3,866,251 | 3,850,781 |
EDIT due to Tax Cuts and Jobs Act of 2017 | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 2,685,200 | 2,778,600 |
Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 649,600 | 624,800 |
Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 133,500 | 83,600 |
Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 448,400 | 366,500 |
AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 81,000 | 76,800 |
CL&P Settlement Agreement and Storm Performance Penalty | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 81,300 | 0 |
Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 389,700 | 309,900 |
The Connecticut Light and Power Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,459,800 | 1,342,100 |
Less: Current Portion | 266,489 | 137,166 |
Total Long-Term Regulatory Liabilities | 1,193,259 | 1,204,942 |
The Connecticut Light and Power Company | EDIT due to Tax Cuts and Jobs Act of 2017 | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 996,100 | 1,010,700 |
The Connecticut Light and Power Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 100,100 | 98,400 |
The Connecticut Light and Power Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
The Connecticut Light and Power Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 182,000 | 148,900 |
The Connecticut Light and Power Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 43,200 | 44,600 |
The Connecticut Light and Power Company | CL&P Settlement Agreement and Storm Performance Penalty | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 81,300 | 0 |
The Connecticut Light and Power Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 57,100 | 39,500 |
NSTAR Electric Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 1,787,300 | 1,715,200 |
Less: Current Portion | 228,248 | 164,761 |
Total Long-Term Regulatory Liabilities | 1,559,072 | 1,550,390 |
NSTAR Electric Company | EDIT due to Tax Cuts and Jobs Act of 2017 | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 984,500 | 1,044,000 |
NSTAR Electric Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 381,000 | 363,600 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 107,400 | 72,500 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 185,100 | 139,700 |
NSTAR Electric Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 37,800 | 32,200 |
NSTAR Electric Company | CL&P Settlement Agreement and Storm Performance Penalty | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
NSTAR Electric Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 91,500 | 63,200 |
Public Service Company of New Hampshire | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 501,600 | 442,000 |
Less: Current Portion | 120,176 | 58,756 |
Total Long-Term Regulatory Liabilities | 381,366 | 383,183 |
Public Service Company of New Hampshire | EDIT due to Tax Cuts and Jobs Act of 2017 | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 359,200 | 371,500 |
Public Service Company of New Hampshire | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 17,200 | 12,900 |
Public Service Company of New Hampshire | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
Public Service Company of New Hampshire | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 107,000 | 47,800 |
Public Service Company of New Hampshire | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
Public Service Company of New Hampshire | CL&P Settlement Agreement and Storm Performance Penalty | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
Public Service Company of New Hampshire | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 18,200 | $ 9,800 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Investment in Utility Property, Plant and Equipment By Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | $ 17,679,100 | $ 16,703,200 |
Distribution - Natural Gas | 6,694,800 | 6,111,200 |
Transmission - Electric | 12,882,400 | 11,954,000 |
Distribution - Water | 1,900,900 | 1,743,100 |
Solar | 200,900 | 201,500 |
Utility | 39,358,100 | 36,713,000 |
Other | 1,469,500 | 1,269,000 |
Property, Plant and Equipment, Gross | 40,827,600 | 37,982,000 |
Less: Accumulated Depreciation | ||
Utility | (8,885,200) | (8,476,300) |
Other | (580,100) | (477,600) |
Total Accumulated Depreciation | (9,465,300) | (8,953,900) |
Property, Plant and Equipment, Net | 31,362,300 | 29,028,100 |
Construction Work in Progress | 2,015,400 | 1,854,400 |
Total Property, Plant and Equipment, Net | 33,377,650 | 30,882,523 |
The Connecticut Light and Power Company | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 7,117,600 | 6,820,700 |
Transmission - Electric | 5,859,000 | 5,512,000 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 12,976,600 | 12,332,700 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,572,100) | (2,475,400) |
Property, Plant and Equipment, Net | 10,404,500 | 9,857,300 |
Construction Work in Progress | 399,000 | 377,300 |
Total Property, Plant and Equipment, Net | 10,803,543 | 10,234,556 |
NSTAR Electric Company | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 8,105,500 | 7,544,400 |
Transmission - Electric | 5,090,500 | 4,701,300 |
Solar | 200,900 | 201,500 |
Property, Plant and Equipment, Gross | 13,396,900 | 12,447,200 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (3,227,300) | (3,074,100) |
Property, Plant and Equipment, Net | 10,169,600 | 9,373,100 |
Construction Work in Progress | 707,000 | 750,000 |
Total Property, Plant and Equipment, Net | 10,876,614 | 10,123,062 |
Public Service Company of New Hampshire | ||
Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 2,496,200 | 2,378,400 |
Transmission - Electric | 1,934,600 | 1,742,400 |
Solar | 0 | 0 |
Property, Plant and Equipment, Gross | 4,430,800 | 4,120,800 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (908,400) | (848,900) |
Property, Plant and Equipment, Net | 3,522,400 | 3,271,900 |
Construction Work in Progress | 134,100 | 102,400 |
Total Property, Plant and Equipment, Net | $ 3,656,462 | $ 3,374,270 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION -Narrative (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Total Assets (as of) | $ 46,099,598 | $ 48,492,144 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hingham Water System | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 63,900 | ||
Goodwill | 23,600 | ||
Proceeds from the sale of Hingham Water System | $ 110,500 | ||
Pre-tax gain (loss) on sale of property, plant and equipment | 16,000 | ||
After-tax gain (loss) on the sale of property, plant and equipment | 3,500 | ||
Eversource Gas Company of Massachusetts | |||
Property, Plant and Equipment [Line Items] | |||
Total Assets (as of) | $ 1,200,000 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Schedule of Aggregate Composite Depreciation Rates (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 3.10% | 3.00% | 3.00% |
The Connecticut Light and Power Company | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 2.80% | 2.80% | 2.80% |
NSTAR Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 2.80% | 2.80% | 2.80% |
Public Service Company of New Hampshire | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 3.10% | 2.80% | 2.80% |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Schedule of Average Remaining Useful Lives of Depreciable Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |
Distribution - Electric | 33 years 4 months 24 days |
Distribution - Natural Gas | 39 years 6 months |
Transmission - Electric | 40 years 2 months 12 days |
Distribution - Water | 38 years 6 months |
Solar | 24 years 2 months 12 days |
Other | 11 years 2 months 12 days |
Computer Software, Hardware and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property, plant and equipment | 5 years |
Computer Software, Hardware and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property, plant and equipment | 15 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property, plant and equipment | 40 years |
The Connecticut Light and Power Company | |
Property, Plant and Equipment [Line Items] | |
Distribution - Electric | 35 years 3 months 18 days |
Transmission - Electric | 36 years 6 months |
NSTAR Electric Company | |
Property, Plant and Equipment [Line Items] | |
Distribution - Electric | 33 years 1 month 6 days |
Transmission - Electric | 45 years 1 month 6 days |
Solar | 24 years 2 months 12 days |
Public Service Company of New Hampshire | |
Property, Plant and Equipment [Line Items] | |
Distribution - Electric | 29 years 8 months 12 days |
Transmission - Electric | 40 years 9 months 18 days |
DERIVATIVE INSTRUMENTS - Schedu
DERIVATIVE INSTRUMENTS - Schedule of Gross Fair Value of Contracts (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Level 2 | Current Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | $ 0 | $ (3.3) |
Netting | 0 | 0.1 |
Net Amount Recorded as a Derivative | 0 | (3.2) |
The Connecticut Light and Power Company | Level 3 | Current Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | 14.7 | 13.7 |
Netting | (1) | (0.4) |
Net Amount Recorded as a Derivative | 13.7 | 13.3 |
The Connecticut Light and Power Company | Level 3 | Long-Term Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | 46.9 | 58.7 |
Netting | (0.9) | (1.8) |
Net Amount Recorded as a Derivative | 46 | 56.9 |
The Connecticut Light and Power Company | Level 3 | Current Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (73.5) | (68.8) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (73.5) | (68.8) |
The Connecticut Light and Power Company | Level 3 | Long-Term Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (235.4) | (294.5) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | $ (235.4) | $ (294.5) |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative Contracts at Fair Value (Details) MMBTU in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)MMBTUMW | Dec. 31, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company (as a percentage) | 20.00% | ||
Amount of power to be purchased under capacity-related contract (up to) (in MW) | MW | 675 | ||
Amount of natural gas to be purchased under futures contracts (in MMBtu) | MMBTU | 8.9 | ||
Loss deferred as regulatory costs | $ | $ 7.1 | $ 21.2 | $ 20.7 |
The Connecticut Light and Power Company | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of costs or benefits borne under capacity-related contracts (as a percentage) | 80.00% | ||
Minimum | Level 3 | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of exit price premiums related to derivative contracts | 5.00% | ||
Minimum | Level 3 | The Connecticut Light and Power Company | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of exit price premiums related to derivative contracts | 9.30% | ||
Weighted Average | Level 3 | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of exit price premiums related to derivative contracts | 8.20% |
DERIVATIVE INSTRUMENTS - Unobse
DERIVATIVE INSTRUMENTS - Unobservable Inputs Utilized (Details) - The Connecticut Light and Power Company - Level 3 - $ / KWmo | Dec. 31, 2021 | Dec. 31, 2020 |
Capacity Prices | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 2.61 | 4.30 |
Capacity Prices | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 5.30 | |
Capacity Prices | Weighted Average | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 2.61 | 4.63 |
Forward Reserve | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 0.50 | 0.54 |
Forward Reserve | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 1.15 | 0.90 |
Forward Reserve | Weighted Average | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative measurement input | 0.82 | 0.72 |
DERIVATIVE INSTRUMENTS - Variat
DERIVATIVE INSTRUMENTS - Variations Using Significant unobservable Inputs (Details) - Level 3 - The Connecticut Light and Power Company - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ (293.1) | $ (329.2) |
Net Realized/Unrealized Losses Included in Regulatory Assets | (8.5) | (17.9) |
Settlements | 52.4 | 54 |
Ending balance | $ (249.2) | $ (293.1) |
MARKETABLE SECURITIES - Equity
MARKETABLE SECURITIES - Equity Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 40.2 | $ 40.9 |
Unrealized gains recorded in other income | 4.4 | 3.7 |
CYAPC and YAEC | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 214 | 205.1 |
Marketable securities held in nuclear decommissioning trusts | $ 189.9 | $ 192.5 |
MARKETABLE SECURITIES - Availab
MARKETABLE SECURITIES - Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 214.5 | $ 213.1 |
Pre-Tax Unrealized Gains | 5.1 | 11.2 |
Pre-Tax Unrealized Losses | (0.2) | (0.1) |
Fair Value | $ 219.4 | $ 224.2 |
MARKETABLE SECURITIES - Contrac
MARKETABLE SECURITIES - Contractual Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Less than one year | $ 32.2 | |
One to five years | 60.5 | |
Six to ten years | 35.7 | |
Greater than ten years | 86.1 | |
Amortized Cost | 214.5 | $ 213.1 |
Fair Value | ||
Less than one year | 32.2 | |
One to five years | 61.4 | |
Six to ten years | 36.8 | |
Greater than ten years | 89 | |
Total Debt Securities | $ 219.4 | $ 224.2 |
MARKETABLE SECURITIES - Fair Va
MARKETABLE SECURITIES - Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | $ 473.6 | $ 470.2 |
Level 1 | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 285.5 | 287.2 |
Level 1 | Mutual Funds and Equities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 254.2 | 246 |
Level 1 | Money Market Funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 31.3 | 41.2 |
Level 2 | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 188.1 | 183 |
Level 2 | U.S. Government Issued Debt Securities (Agency and Treasury) | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 81.3 | 72.9 |
Level 2 | Corporate Debt Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 65.3 | 63.8 |
Level 2 | Asset-Backed Debt Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 12.6 | 11.9 |
Level 2 | Municipal Bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | 12.3 | 24 |
Level 2 | Other Fixed Income Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total Marketable Securities | $ 16.6 | $ 10.4 |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Summary of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated affilitates | $ 1,436,293 | $ 1,107,143 |
Offshore Wind Business - North East Offshore | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 50.00% | |
Investments in unconsolidated affilitates | $ 1,213,600 | 887,100 |
Natural Gas Pipeline - Algonquin Gas Transmission, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 15.00% | |
Investments in unconsolidated affilitates | $ 121,900 | 125,200 |
Renewable Energy Investment Fund | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 90.00% | |
Investments in unconsolidated affilitates | $ 76,500 | 71,600 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated affilitates | $ 24,300 | $ 23,200 |
INVESTMENTS IN UNCONSOLIDATED_4
INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)company | Dec. 31, 2020USD ($)company | Dec. 31, 2019USD ($) | Feb. 08, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings of unconsolidated affiliates, net of impairment | $ 14,200 | $ 14,200 | $ 42,200 | |
Dividends received from equity method investees | $ 21,600 | $ 21,800 | 48,900 | |
Number of companies that transmit hydro electricity imported from The Hydro-Quebec System in Canada | company | 2 | 2 | ||
Payments to acquire investments | $ 327,385 | $ 239,673 | $ 416,337 | |
Offshore Wind Business - North East Offshore | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying amount of equity method investments in excess of the underlying equity in net assets | 300,400 | $ 264,100 | ||
Goodwill | $ 168,900 | |||
Ownership interest | 50.00% | |||
Revolution Wind And South Fork Wind | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 50.00% | |||
Hydro-Quebec System | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 14.50% | 14.50% | ||
Payments to acquire investments | $ 9,000 | $ 8,600 | ||
Renewable Energy Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Other-than-temporary impairment | $ 2,800 |
ASSET RETIREMENT OBLIGATIONS -
ASSET RETIREMENT OBLIGATIONS - Schedule of Reconciliation of Beginning and Ending Balance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | $ 499.7 | $ 489.5 |
Liability Assumed Upon CMA Asset Acquisition | 0 | 20.1 |
Liabilities Incurred During the Year | 0 | 2.1 |
Liabilities Settled During the Year | (23.9) | (21.8) |
Accretion | 29.4 | 28.9 |
Revisions in Estimated Cash Flows | (5.1) | (19.1) |
Balance as of End of Year | 500.1 | 499.7 |
The Connecticut Light and Power Company | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 33.4 | 32 |
Liability Assumed Upon CMA Asset Acquisition | 0 | 0 |
Liabilities Incurred During the Year | 0 | 0 |
Liabilities Settled During the Year | (0.6) | (0.7) |
Accretion | 2.2 | 2.1 |
Revisions in Estimated Cash Flows | 0 | 0 |
Balance as of End of Year | 35 | 33.4 |
NSTAR Electric Company | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 91.8 | 97.5 |
Liability Assumed Upon CMA Asset Acquisition | 0 | 0 |
Liabilities Incurred During the Year | 0 | 2.1 |
Liabilities Settled During the Year | 0 | (1) |
Accretion | 4 | 4.3 |
Revisions in Estimated Cash Flows | 1.7 | (11.1) |
Balance as of End of Year | 97.5 | 91.8 |
Public Service Company of New Hampshire | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 4.4 | 4.2 |
Liability Assumed Upon CMA Asset Acquisition | 0 | 0 |
Liabilities Incurred During the Year | 0 | 0 |
Liabilities Settled During the Year | 0 | 0 |
Accretion | 0.3 | 0.2 |
Revisions in Estimated Cash Flows | 0 | 0 |
Balance as of End of Year | $ 4.7 | $ 4.4 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligations | $ 500.1 | $ 499.7 | $ 489.5 |
CYAPC and YAEC | |||
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligations | $ 325.9 | $ 330.3 |
SHORT-TERM DEBT - Narrative (De
SHORT-TERM DEBT - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 03, 2021 | Dec. 18, 2019 | |
Commercial Paper | Eversource | ||||
Short-term Debt [Line Items] | ||||
Amount of commercial paper program | $ 2,000,000,000 | |||
Line of Credit | ||||
Short-term Debt [Line Items] | ||||
Amount outstanding during period | 0 | $ 0 | ||
Line of Credit | Eversource | ||||
Short-term Debt [Line Items] | ||||
Amount of commercial paper program | $ 2,000,000,000 | |||
Debt instrument term | 5 years | |||
The Connecticut Light and Power Company | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowing limit approved by regulatory agency | $ 600,000,000 | |||
The Connecticut Light and Power Company | Unsecured Debt | ||||
Short-term Debt [Line Items] | ||||
Period of maturity restricting provisions of debt | 10 years | |||
Total capitalization (as a percentage) | 10.00% | |||
Capacity available under preferred stock provisions | $ 963,600,000 | |||
The Connecticut Light and Power Company | Line of Credit | ||||
Short-term Debt [Line Items] | ||||
Amount of commercial paper program | 450,000,000 | |||
Borrowings outstanding | 0 | |||
NSTAR Electric Company | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowing limit approved by regulatory agency | $ 655,000,000 | |||
Notes payable to related parties | 0 | 21,300,000 | ||
NSTAR Electric Company | Commercial Paper | ||||
Short-term Debt [Line Items] | ||||
Amount of commercial paper program | 650,000,000 | |||
NSTAR Electric Company | Line of Credit | ||||
Short-term Debt [Line Items] | ||||
Amount of commercial paper program | $ 650,000,000 | |||
Debt instrument term | 5 years | |||
Public Service Company of New Hampshire | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowing limit approved by regulatory agency | $ 408,000,000 | |||
Notes payable to related parties | $ 110,600,000 | $ 46,300,000 | ||
Public Service Company of New Hampshire | Short Term Debt Authorization Calculation | ||||
Short-term Debt [Line Items] | ||||
Interest rate | 10.00% | |||
Short-term debt borrowing calculation approved by regulatory agency | $ 60,000,000 | |||
Public Service Company of New Hampshire | Line of Credit | ||||
Short-term Debt [Line Items] | ||||
Amount of commercial paper program | $ 300,000,000 |
SHORT-TERM DEBT - Schedule of D
SHORT-TERM DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Borrowings Outstanding | $ 1,505,450 | $ 1,249,325 |
Eversource Parent Commercial Paper Program | ||
Line of Credit Facility [Line Items] | ||
Borrowings Outstanding | 1,342,950 | 1,054,325 |
Commercial Paper | Eversource Parent Commercial Paper Program | ||
Line of Credit Facility [Line Items] | ||
Borrowings Outstanding | 1,343,000 | 1,054,300 |
Available Borrowing Capacity | $ 657,000 | $ 945,700 |
Weighted-Average Interest Rate (as a percentage) | 0.31% | 0.25% |
Commercial Paper | NSTAR Electric Company | ||
Line of Credit Facility [Line Items] | ||
Borrowings Outstanding | $ 162,500 | $ 195,000 |
Available Borrowing Capacity | $ 487,500 | $ 455,000 |
Weighted-Average Interest Rate (as a percentage) | 0.14% | 0.16% |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 31, 2021 | Aug. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 |
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 17,023,577 | $ 15,125,876 | ||||||
Less Amounts due in One Year | (1,193,097) | (1,053,186) | ||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized Premiums and Discounts, Net | 43,400 | 46,500 | ||||||
Unamortized Debt Issuance Costs | (36,300) | (32,000) | ||||||
Long-Term Debt | 17,023,600 | 15,125,900 | ||||||
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 11,700 | 11,700 | ||||||
Fair Value Adjustment | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 43,800 | 74,700 | ||||||
Fair Value Adjustment - Current Portion | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | (17,700) | (31,000) | ||||||
Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Less Amounts due in One Year | (775,400) | (490,200) | ||||||
Total Other Long-Term Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 8,059,000 | 7,000,800 | ||||||
Eversource | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 5,395,840 | 5,128,322 | ||||||
Less Amounts due in One Year | (767,681) | (473,933) | ||||||
Eversource | Unsecured Debt | Eversource Parent - Senior Notes 0.300% - 4.250% due 2022 - 2050 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 6,100,000 | 5,550,000 | ||||||
Eversource | Unsecured Debt | Eversource Parent - Senior Notes 0.300% - 4.250% due 2022 - 2050 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0.30% | |||||||
Eversource | Unsecured Debt | Eversource Parent - Senior Notes 0.300% - 4.250% due 2022 - 2050 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.25% | |||||||
The Connecticut Light and Power Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 4,215,379 | 3,914,835 | ||||||
The Connecticut Light and Power Company | 4.375% Fixed Rate Tax Exempt due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 0 | 120,500 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 4,219,800 | 3,794,800 | ||||||
Unamortized Premiums and Discounts, Net | 23,100 | 25,900 | ||||||
Unamortized Debt Issuance Costs | (27,500) | (26,400) | ||||||
Long-Term Debt | $ 4,215,400 | 3,914,800 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 7.875% 1994 Series D due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 7.875% | |||||||
Long-Term Debt | $ 139,800 | 139,800 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 5.750% 2004 Series B due 2034 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.75% | |||||||
Long-Term Debt | $ 130,000 | 130,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 5.625% 2005 Series B due 2035 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.625% | |||||||
Long-Term Debt | $ 100,000 | 100,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 6.350% 2006 Series A due 2036 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.35% | |||||||
Long-Term Debt | $ 250,000 | 250,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 5.750% 2007 Series B due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.75% | |||||||
Long-Term Debt | $ 150,000 | 150,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 6.375% 2007 Series D due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.375% | |||||||
Long-Term Debt | $ 100,000 | 100,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 2.500% 2013 Series A due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.50% | |||||||
Long-Term Debt | $ 400,000 | 400,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 4.300% 2014 Series A due 2044 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.30% | |||||||
Long-Term Debt | $ 475,000 | 475,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 4.150% 2015 Series A due 2045 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.15% | |||||||
Long-Term Debt | $ 350,000 | 350,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 3.200% 2017 Series A due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.20% | |||||||
Long-Term Debt | $ 500,000 | 500,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 4.000% 2018 Series A due 2048 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.00% | |||||||
Long-Term Debt | $ 800,000 | 800,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 0.750% 2020 Series A due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0.75% | |||||||
Long-Term Debt | $ 400,000 | 400,000 | ||||||
The Connecticut Light and Power Company | First Mortgage Bonds | 2.050% 2021 Series A due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.05% | |||||||
Long-Term Debt | $ 425,000 | 0 | ||||||
NSTAR Electric Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 3,585,399 | 3,393,221 | ||||||
Less Amounts due in One Year | (400,000) | (250,000) | ||||||
NSTAR Electric Company | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 3,800,000 | 3,200,000 | ||||||
Less Amounts due in One Year | (400,000) | (250,000) | ||||||
Unamortized Premiums and Discounts, Net | (11,200) | (6,800) | ||||||
Unamortized Debt Issuance Costs | (23,400) | (20,000) | ||||||
Long-Term Debt | $ 3,585,400 | 3,393,200 | ||||||
NSTAR Electric Company | Unsecured Debt | 5.750% due 2036 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.75% | |||||||
Long-Term Debt | $ 200,000 | 200,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 5.500% due 2040 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.50% | |||||||
Long-Term Debt | $ 300,000 | 300,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 2.375% due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.375% | |||||||
Long-Term Debt | $ 400,000 | 400,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 4.400% due 2044 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.40% | |||||||
Long-Term Debt | $ 300,000 | 300,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 3.250% due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.25% | |||||||
Long-Term Debt | $ 250,000 | 250,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 2.700% due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.70% | |||||||
Long-Term Debt | $ 250,000 | 250,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 3.200% due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.20% | |||||||
Long-Term Debt | $ 700,000 | 700,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 3.250% due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.25% | |||||||
Long-Term Debt | $ 400,000 | 400,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 3.950% due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.95% | |||||||
Long-Term Debt | $ 400,000 | 400,000 | ||||||
NSTAR Electric Company | Unsecured Debt | 3.100% due 2051 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.10% | |||||||
Long-Term Debt | 300,000 | 0 | ||||||
NSTAR Electric Company | Unsecured Debt | 1.950% due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 1.95% | |||||||
Long-Term Debt | 300,000 | 0 | ||||||
NSTAR Electric Company | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 220,000 | 470,000 | ||||||
NSTAR Electric Company | Senior Notes | 5.900% Senior Notes Series B due 2034 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.90% | |||||||
Long-Term Debt | $ 50,000 | 50,000 | ||||||
NSTAR Electric Company | Senior Notes | 6.700% Senior Notes Series D due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.70% | |||||||
Long-Term Debt | $ 40,000 | 40,000 | ||||||
NSTAR Electric Company | Senior Notes | 3.500% Senior Notes Series F due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.50% | |||||||
Long-Term Debt | $ 0 | 250,000 | ||||||
NSTAR Electric Company | Senior Notes | 3.880% Senior Notes Series G due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.88% | |||||||
Long-Term Debt | $ 80,000 | 80,000 | ||||||
NSTAR Electric Company | Senior Notes | 2.750% Senior Notes Series H due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.75% | |||||||
Long-Term Debt | $ 50,000 | 50,000 | ||||||
Public Service Company of New Hampshire | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 1,163,833 | 817,070 | ||||||
Less Amounts due in One Year | 0 | (282,000) | ||||||
Public Service Company of New Hampshire | First Mortgage Bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | 1,175,000 | 1,107,000 | ||||||
Less Amounts due in One Year | 0 | (282,000) | ||||||
Unamortized Premiums and Discounts, Net | (2,600) | (1,500) | ||||||
Unamortized Debt Issuance Costs | (8,600) | (6,400) | ||||||
Long-Term Debt | $ 1,163,800 | 817,100 | ||||||
Public Service Company of New Hampshire | First Mortgage Bonds | 5.600% Series M due 2035 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.60% | |||||||
Long-Term Debt | $ 50,000 | 50,000 | ||||||
Public Service Company of New Hampshire | First Mortgage Bonds | 4.050% Series Q due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.05% | |||||||
Long-Term Debt | 0 | 122,000 | ||||||
Public Service Company of New Hampshire | First Mortgage Bonds | 3.200% Series R due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.20% | |||||||
Long-Term Debt | $ 0 | 160,000 | ||||||
Public Service Company of New Hampshire | First Mortgage Bonds | 3.500% Series S due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.50% | |||||||
Long-Term Debt | $ 325,000 | 325,000 | ||||||
Public Service Company of New Hampshire | First Mortgage Bonds | 3.600% Series T due 2049 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.60% | |||||||
Long-Term Debt | $ 300,000 | 300,000 | ||||||
Public Service Company of New Hampshire | First Mortgage Bonds | 2.400% Series U due 2050 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.40% | |||||||
Long-Term Debt | 150,000 | 150,000 | ||||||
Public Service Company of New Hampshire | First Mortgage Bonds | 2.200% Series V due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.20% | |||||||
Long-Term Debt | 350,000 | 0 | ||||||
Yankee Gas | First Mortgage Bonds | Yankee Gas - First Mortgage Bonds: 1.380% - 8.480% due 2022 - 2051 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 765,000 | 640,000 | ||||||
Yankee Gas | First Mortgage Bonds | Yankee Gas - First Mortgage Bonds: 1.380% - 8.480% due 2022 - 2051 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 1.38% | |||||||
Yankee Gas | First Mortgage Bonds | Yankee Gas - First Mortgage Bonds: 1.380% - 8.480% due 2022 - 2051 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 8.48% | |||||||
NSTAR Gas | First Mortgage Bonds | NSTAR Gas - First Mortgage Bonds: 2.250% - 7.110% due 2025 - 2051 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 580,000 | 500,000 | ||||||
NSTAR Gas | First Mortgage Bonds | NSTAR Gas - First Mortgage Bonds: 2.250% - 7.110% due 2025 - 2051 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.25% | |||||||
NSTAR Gas | First Mortgage Bonds | NSTAR Gas - First Mortgage Bonds: 2.250% - 7.110% due 2025 - 2051 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 7.11% | |||||||
EGMA | First Mortgage Bonds | EGMA - First Mortgage Bonds: 2.110% - 2.920% due 2031 - 2051 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 550,000 | 0 | ||||||
EGMA | First Mortgage Bonds | EGMA - First Mortgage Bonds: 2.110% - 2.920% due 2031 - 2051 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.11% | |||||||
EGMA | First Mortgage Bonds | EGMA - First Mortgage Bonds: 2.110% - 2.920% due 2031 - 2051 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.92% | |||||||
Aquarion | Unsecured Debt | Aquarion - Senior Notes 4.000% due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 360,000 | 360,000 | ||||||
Aquarion | Unsecured Debt | Aquarion - Senior Notes 4.000% due 2024 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.00% | |||||||
Aquarion | Unsecured Debt | Aquarion - Unsecured Notes 0% - 6.430% due 2023 - 2051 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 394,900 | 335,200 | ||||||
Aquarion | Unsecured Debt | Aquarion - Unsecured Notes 0% - 6.430% due 2023 - 2051 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0.00% | |||||||
Aquarion | Unsecured Debt | Aquarion - Unsecured Notes 0% - 6.430% due 2023 - 2051 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.43% | |||||||
Aquarion | Secured Debt | Aquarion - Secured Debt 1.296% - 9.290% due 2022 - 2044 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt | $ 39,600 | $ 35,900 | ||||||
Aquarion | Secured Debt | Aquarion - Secured Debt 1.296% - 9.290% due 2022 - 2044 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 1.296% | |||||||
Aquarion | Secured Debt | Aquarion - Secured Debt 1.296% - 9.290% due 2022 - 2044 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 9.29% |
LONG-TERM DEBT - Schedule of Is
LONG-TERM DEBT - Schedule of Issuances and Repayments (Details) - USD ($) $ in Thousands | Aug. 13, 2021 | Oct. 31, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Jun. 30, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | May 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2021 |
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (1,142,500) | $ (327,236) | $ (801,078) | ||||||||||
Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 17,023,600 | 15,125,900 | |||||||||||
The Connecticut Light and Power Company | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (120,500) | 0 | (250,000) | ||||||||||
The Connecticut Light and Power Company | Senior Notes | 4.38% Series A PCRB | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 4.38% | 4.375% | |||||||||||
Repayments of debt | $ (120,500) | ||||||||||||
The Connecticut Light and Power Company | PSNH 4.050% Series Q First Mortgage Bond | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 4,215,400 | 3,914,800 | |||||||||||
The Connecticut Light and Power Company | PSNH 4.050% Series Q First Mortgage Bond | 2.050% 2021 Series A due 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.05% | ||||||||||||
Issuance | $ 425,000 | ||||||||||||
NSTAR Electric Company | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (250,000) | (95,000) | 0 | ||||||||||
NSTAR Electric Company | Senior Notes | 3.500% Senior Notes Series F due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.50% | ||||||||||||
Repayments of debt | $ (250,000) | ||||||||||||
NSTAR Electric Company | Unsecured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 3,585,400 | 3,393,200 | |||||||||||
NSTAR Electric Company | Unsecured Debt [Member] | 3.100% due 2051 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.10% | ||||||||||||
Issuance | $ 300,000 | ||||||||||||
NSTAR Electric Company | Unsecured Debt [Member] | 1.950% due 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 1.95% | ||||||||||||
Issuance | $ 300,000 | ||||||||||||
Public Service Company of New Hampshire | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | (282,000) | 0 | (150,000) | ||||||||||
Public Service Company of New Hampshire | PSNH 4.050% Series Q First Mortgage Bond | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 1,163,800 | 817,100 | |||||||||||
Public Service Company of New Hampshire | PSNH 4.050% Series Q First Mortgage Bond | 4.050% Series Q due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 4.05% | ||||||||||||
Repayments of debt | $ (122,000) | ||||||||||||
Public Service Company of New Hampshire | PSNH 4.050% Series Q First Mortgage Bond | 3.200% Series R due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.20% | ||||||||||||
Repayments of debt | $ (160,000) | ||||||||||||
Public Service Company of New Hampshire | PSNH 4.050% Series Q First Mortgage Bond | 2.200% Series V due 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.20% | ||||||||||||
Issuance | $ 350,000 | ||||||||||||
Aquarion | Senior Notes | Aquarion Water Company of Connecticut 3.31% Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.31% | ||||||||||||
Issuance | $ 100,000 | ||||||||||||
Aquarion | Senior Notes | Aquarion Water Company of Connecticut 5.50% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 5.50% | ||||||||||||
Repayments of debt | $ (40,000) | ||||||||||||
Yankee Gas | Senior Notes | Yankee Gas 2.88% Series T First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.88% | ||||||||||||
Issuance | $ 35,000 | ||||||||||||
Yankee Gas | PSNH 4.050% Series Q First Mortgage Bond | Yankee Gas - First Mortgage Bonds: 1.380% - 8.480% due 2022 - 2051 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issuance | $ 90,000 | ||||||||||||
Yankee Gas | PSNH 4.050% Series Q First Mortgage Bond | Yankee Gas - First Mortgage Bonds: 1.380% - 8.480% due 2022 - 2051 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 1.38% | ||||||||||||
EGMA | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Refinanced amount | $ 309,400 | ||||||||||||
EGMA | Senior Notes | EGMA 2.11% Series A First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issuance | 310,000 | ||||||||||||
EGMA | Senior Notes | EGMA 2.92% Series B First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issuance | $ 240,000 | ||||||||||||
NSTAR Gas | Senior Notes | NSTAR Gas 3.03% Series U First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.03% | ||||||||||||
Issuance | $ 40,000 | ||||||||||||
NSTAR Gas | PSNH 4.050% Series Q First Mortgage Bond | NSTAR Gas - First Mortgage Bonds: 2.250% - 7.110% due 2025 - 2051 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issuance | $ 40,000 | ||||||||||||
NSTAR Gas | PSNH 4.050% Series Q First Mortgage Bond | NSTAR Gas - First Mortgage Bonds: 2.250% - 7.110% due 2025 - 2051 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.25% | ||||||||||||
Eversource | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (450,000) | $ 0 | $ (350,000) | ||||||||||
Eversource | Senior Notes | Eversource Parent 2.50% Series I Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.50% | ||||||||||||
Repayments of debt | $ (450,000) | ||||||||||||
Eversource | Senior Notes | Eversource Parent 2.55% Series S Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.55% | ||||||||||||
Issuance | $ 350,000 | ||||||||||||
Eversource | Senior Notes | Eversource Parent 1.40% Series U Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 1.40% | ||||||||||||
Issuance | $ 300,000 | ||||||||||||
Eversource | Senior Notes | Eversource Parent Variable Rate Series T Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 0.30% | ||||||||||||
Issuance | $ 350,000 | $ 350,000 | |||||||||||
Eversource | Senior Notes | Eversource Parent Variable Rate Series T Senior Notes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on compounded SOFR | 0.25% |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 10, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 17,023,577 | $ 15,125,876 | ||
Interest included in payment to settle spent nuclear fuel obligation | 8,700 | |||
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 11,700 | 11,700 | ||
NSTAR Electric Company | ||||
Debt Instrument [Line Items] | ||||
Amount of long-term debt requested for issuance | $ 1,600,000 | |||
Long-term debt | $ 3,585,399 | $ 3,393,221 | ||
Massachusetts Department of Public Utilities | ||||
Debt Instrument [Line Items] | ||||
Amount of long-term debt requested for issuance | $ 725,000 |
LONG-TERM DEBT - Schedule of _2
LONG-TERM DEBT - Schedule of Long-term Debt Maturities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 1,175.4 |
2023 | 2,008.4 |
2024 | 1,050.1 |
2025 | 1,400.2 |
2026 | 940.2 |
Thereafter | 11,630 |
Total | 18,204.3 |
The Connecticut Light and Power Company | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 400 |
2024 | 139.8 |
2025 | 400 |
2026 | 0 |
Thereafter | 3,280 |
Total | 4,219.8 |
NSTAR Electric Company | |
Debt Instrument [Line Items] | |
2022 | 400 |
2023 | 80 |
2024 | 0 |
2025 | 250 |
2026 | 300 |
Thereafter | 2,990 |
Total | 4,020 |
Public Service Company of New Hampshire | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 325 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 850 |
Total | $ 1,175 |
RATE REDUCTION BONDS AND VARI_3
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - Public Service Company of New Hampshire - Rate Reduction Bonds | May 08, 2018USD ($) |
Debt Instrument [Line Items] | |
Amount of securitized rate reduction bonds issued | $ 635,700,000 |
Weighted average interest rate | 3.66% |
RATE REDUCTION BONDS AND VARI_4
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | $ 5,715,800 | $ 6,569,900 |
Regulatory Liabilities | 3,866,251 | 3,850,781 |
Accrued Interest (included in Other Current Liabilities) | 830,620 | 809,214 |
Rate Reduction Bonds - Current Portion | 43,210 | 43,210 |
Rate Reduction Bonds - Long-Term Portion | 453,702 | 496,912 |
Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 478,900 | 522,100 |
Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 150,000 | 161,000 |
Special Deposits | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 78,200 | 73,600 |
Other Long-Term Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 44,700 | 43,600 |
Public Service Company of New Hampshire | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 786,400 | 989,100 |
Regulatory Liabilities | 381,366 | 383,183 |
Accrued Interest (included in Other Current Liabilities) | 63,005 | 58,487 |
Rate Reduction Bonds - Current Portion | 43,210 | 43,210 |
Rate Reduction Bonds - Long-Term Portion | 453,702 | 496,912 |
Public Service Company of New Hampshire | Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 478,900 | 522,100 |
Public Service Company of New Hampshire | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 15,800 | 20,900 |
Public Service Company of New Hampshire | Special Deposits | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 31,400 | 36,800 |
Public Service Company of New Hampshire | Other Long-Term Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 2,100 | |
Variable Interest Entity, Primary Beneficiary | Public Service Company of New Hampshire | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Rate Reduction Bonds - Current Portion | 43,200 | 43,200 |
Rate Reduction Bonds - Long-Term Portion | 453,700 | 496,900 |
Variable Interest Entity, Primary Beneficiary | Public Service Company of New Hampshire | Securitized Stranded Costs | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Securitized Stranded Cost (included in Regulatory Assets) | 478,900 | 522,100 |
Variable Interest Entity, Primary Beneficiary | Public Service Company of New Hampshire | Other Regulatory Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Regulatory Liabilities | 5,400 | 9,100 |
Accrued Interest (included in Other Current Liabilities) | 7,500 | 8,000 |
Variable Interest Entity, Primary Beneficiary | Public Service Company of New Hampshire | Special Deposits | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | 31,100 | 36,800 |
Variable Interest Entity, Primary Beneficiary | Public Service Company of New Hampshire | Other Long-Term Assets | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Restricted Cash | $ 3,200 | $ 2,100 |
RATE REDUCTION BONDS AND VARI_5
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Interest Expense on RRB Principal (included in Interest Expense) | $ 582,334 | $ 538,452 | $ 533,197 |
Public Service Company of New Hampshire | |||
Condensed Income Statements, Captions [Line Items] | |||
Amortization of Regulatory Assets, Net | 86,832 | 52,804 | 57,732 |
Interest Expense on RRB Principal (included in Interest Expense) | 56,998 | 58,127 | 60,666 |
Variable Interest Entity, Primary Beneficiary | Public Service Company of New Hampshire | Rate Reduction Bonds | |||
Condensed Income Statements, Captions [Line Items] | |||
Amortization of Regulatory Assets, Net | 43,200 | 43,200 | 43,000 |
Interest Expense on RRB Principal (included in Interest Expense) | $ 18,400 | $ 19,700 | $ 21,100 |
RATE REDUCTION BONDS AND VARI_6
RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES- Rate Reduction Bonds, Principal and Interest Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 43.2 |
2023 | 43.2 |
2024 | 43.2 |
2025 | 43.2 |
2026 | 43.2 |
Thereafter | 280.9 |
Total | $ 496.9 |
EMPLOYEE BENEFITS - Schedule of
EMPLOYEE BENEFITS - Schedule of Pension Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | $ (7,045.3) | $ (6,321.7) | |
Service Cost | (85.8) | (76.2) | $ (67.7) |
Interest Cost | (130) | (177.8) | (219) |
Actuarial Gain/(Loss) | 177.1 | (658.2) | |
Benefits Paid | 309.5 | 279.3 | |
Benefits Paid - Lump Sum | 34.7 | 23.4 | |
Benefits Paid - SERP | 10.1 | 7.3 | |
Employee Transfers | 0 | 0 | |
Increase due to acquisition of CMA | 0 | (121.4) | |
Benefit Obligation as of End of Year | (6,729.7) | (7,045.3) | (6,321.7) |
Change in Pension Plan Assets: | |||
Fair Value of Plan Assets as of Beginning of Year | 5,409.2 | 4,968.6 | |
Employer Contributions | 180 | 109.6 | |
Actual Return on Plan Assets | 1,250.5 | 512.3 | |
Benefits Paid - Pension | (309.5) | (279.3) | |
Benefits Paid - Lump Sum | (34.7) | (23.4) | |
Employee Transfers | 0 | 0 | |
Increase due to acquisition of CMA | 0 | 121.4 | |
Fair Value of Plan Assets as of End of Year | 6,495.5 | 5,409.2 | 4,968.6 |
Funded Status as of December 31st | (234.2) | (1,636.1) | |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (993.9) | (899) | |
Service Cost | (13.5) | (10.2) | (7.8) |
Interest Cost | (17.4) | (24.6) | (32.7) |
Actuarial Gain/(Loss) | 81.4 | (82.8) | |
Benefits Paid | 51.7 | 50.2 | |
Employee Transfers | 0 | 0 | |
Increase due to acquisition of CMA | 7.4 | (27.5) | |
Benefit Obligation as of End of Year | (884.3) | (993.9) | (899) |
Change in Pension Plan Assets: | |||
Fair Value of Plan Assets as of Beginning of Year | 1,004.1 | 935.9 | |
Employer Contributions | 2.3 | 1.9 | |
Actual Return on Plan Assets | 183.2 | 116.5 | |
Benefits Paid - Pension | (51.3) | (50.2) | |
Employee Transfers | 0 | 0 | |
Fair Value of Plan Assets as of End of Year | 1,138.3 | 1,004.1 | 935.9 |
Funded Status as of December 31st | 254 | 10.2 | |
The Connecticut Light and Power Company | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (1,477.3) | (1,331.3) | |
Service Cost | (23) | (21.8) | (18) |
Interest Cost | (27.3) | (37.3) | (45.7) |
Actuarial Gain/(Loss) | 127.8 | (152.3) | |
Benefits Paid | 64.6 | 63.6 | |
Benefits Paid - Lump Sum | 0 | 0 | |
Benefits Paid - SERP | 0.3 | 0.3 | |
Employee Transfers | 4 | 1.5 | |
Increase due to acquisition of CMA | 0 | 0 | |
Benefit Obligation as of End of Year | (1,330.9) | (1,477.3) | (1,331.3) |
Change in Pension Plan Assets: | |||
Fair Value of Plan Assets as of Beginning of Year | 1,043.1 | 986.2 | |
Employer Contributions | 98.9 | 23.2 | |
Actual Return on Plan Assets | 250.4 | 98.8 | |
Benefits Paid - Pension | (64.6) | (63.6) | |
Benefits Paid - Lump Sum | 0 | 0 | |
Employee Transfers | (4) | (1.5) | |
Increase due to acquisition of CMA | 0 | 0 | |
Fair Value of Plan Assets as of End of Year | 1,323.8 | 1,043.1 | 986.2 |
Funded Status as of December 31st | (7.1) | (434.2) | |
The Connecticut Light and Power Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (178.6) | (172.7) | |
Service Cost | (2.3) | (1.7) | (1.4) |
Interest Cost | (3.2) | (4.4) | (6.3) |
Actuarial Gain/(Loss) | 5.8 | (8.6) | |
Benefits Paid | 10.9 | 10.1 | |
Employee Transfers | 1.9 | (1.3) | |
Increase due to acquisition of CMA | 0 | 0 | |
Benefit Obligation as of End of Year | (165.5) | (178.6) | (172.7) |
Change in Pension Plan Assets: | |||
Fair Value of Plan Assets as of Beginning of Year | 134.1 | 126.3 | |
Employer Contributions | 0 | 0 | |
Actual Return on Plan Assets | 24.1 | 15.7 | |
Benefits Paid - Pension | (10.9) | (10.1) | |
Employee Transfers | (1.6) | 2.2 | |
Fair Value of Plan Assets as of End of Year | 145.7 | 134.1 | 126.3 |
Funded Status as of December 31st | (19.8) | (44.5) | |
NSTAR Electric Company | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (1,517.9) | (1,397.3) | |
Service Cost | (15.8) | (15.4) | (14.6) |
Interest Cost | (26.8) | (38.6) | (49) |
Actuarial Gain/(Loss) | 20.8 | (139.5) | |
Benefits Paid | 68.7 | 59.4 | |
Benefits Paid - Lump Sum | 15.6 | 13.1 | |
Benefits Paid - SERP | 0.2 | 0.2 | |
Employee Transfers | 6.8 | 0.2 | |
Increase due to acquisition of CMA | 0 | 0 | |
Benefit Obligation as of End of Year | (1,448.4) | (1,517.9) | (1,397.3) |
Change in Pension Plan Assets: | |||
Fair Value of Plan Assets as of Beginning of Year | 1,345.1 | 1,288.8 | |
Employer Contributions | 30 | 0.7 | |
Actual Return on Plan Assets | 312 | 128.3 | |
Benefits Paid - Pension | (68.7) | (59.4) | |
Benefits Paid - Lump Sum | (15.6) | (13.1) | |
Employee Transfers | (6.8) | (0.2) | |
Increase due to acquisition of CMA | 0 | 0 | |
Fair Value of Plan Assets as of End of Year | 1,596 | 1,345.1 | 1,288.8 |
Funded Status as of December 31st | 147.6 | (172.8) | |
NSTAR Electric Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (260.5) | (258.3) | |
Service Cost | (2.4) | (2.1) | (1.7) |
Interest Cost | (4.4) | (6.6) | (9.5) |
Actuarial Gain/(Loss) | 11.5 | (7.4) | |
Benefits Paid | 16.3 | 14.9 | |
Employee Transfers | 1.1 | (1) | |
Increase due to acquisition of CMA | 0 | 0 | |
Benefit Obligation as of End of Year | (238.4) | (260.5) | (258.3) |
Change in Pension Plan Assets: | |||
Fair Value of Plan Assets as of Beginning of Year | 464.6 | 424.4 | |
Employer Contributions | 0 | 0 | |
Actual Return on Plan Assets | 84.2 | 53.3 | |
Benefits Paid - Pension | (16.3) | (14.9) | |
Employee Transfers | (2.5) | 1.8 | |
Fair Value of Plan Assets as of End of Year | 530 | 464.6 | 424.4 |
Funded Status as of December 31st | 291.6 | 204.1 | |
Public Service Company of New Hampshire | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (748.7) | (692.6) | |
Service Cost | (8.9) | (8.2) | (7.1) |
Interest Cost | (14.5) | (19.4) | (24) |
Actuarial Gain/(Loss) | 14.7 | (62.1) | |
Benefits Paid | 34.7 | 33.5 | |
Benefits Paid - Lump Sum | 0 | 0 | |
Benefits Paid - SERP | 0.4 | 0.4 | |
Employee Transfers | 1.3 | (0.3) | |
Increase due to acquisition of CMA | 0 | 0 | |
Benefit Obligation as of End of Year | (721) | (748.7) | (692.6) |
Change in Pension Plan Assets: | |||
Fair Value of Plan Assets as of Beginning of Year | 593.7 | 551.6 | |
Employer Contributions | 0 | 19.5 | |
Actual Return on Plan Assets | 136.9 | 55.8 | |
Benefits Paid - Pension | (34.7) | (33.5) | |
Benefits Paid - Lump Sum | 0 | 0 | |
Employee Transfers | (1.3) | 0.3 | |
Increase due to acquisition of CMA | 0 | 0 | |
Fair Value of Plan Assets as of End of Year | 694.6 | 593.7 | 551.6 |
Funded Status as of December 31st | (26.4) | (155) | |
Public Service Company of New Hampshire | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (109.5) | (93) | |
Service Cost | (1.2) | (0.9) | (0.7) |
Interest Cost | (1.8) | (2.8) | (3.4) |
Actuarial Gain/(Loss) | 14.6 | (19) | |
Benefits Paid | 5.6 | 6.1 | |
Employee Transfers | 0 | 0.1 | |
Increase due to acquisition of CMA | 0 | 0 | |
Benefit Obligation as of End of Year | (92.3) | (109.5) | (93) |
Change in Pension Plan Assets: | |||
Fair Value of Plan Assets as of Beginning of Year | 79.4 | 76 | |
Employer Contributions | 0 | 0 | |
Actual Return on Plan Assets | 14.2 | 9.3 | |
Benefits Paid - Pension | (5.6) | (6.1) | |
Employee Transfers | 0 | 0.2 | |
Fair Value of Plan Assets as of End of Year | 88 | 79.4 | $ 76 |
Funded Status as of December 31st | $ (4.3) | $ (30.1) |
EMPLOYEE BENEFITS - Pension Pla
EMPLOYEE BENEFITS - Pension Plan Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Liability | $ 242,463 | $ 1,653,788 | |
Expected long-term rate of return | 7.00% | 7.00% | |
The Connecticut Light and Power Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Liability | $ 26,820 | $ 478,325 | |
Public Service Company of New Hampshire | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Liability | 30,184 | 184,715 | |
Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Increase in liability due to amendment in pension plan | 286,800 | 603,000 | |
Funded status of plan | $ (234,200) | $ (1,636,100) | |
Expected long-term rate of return | 8.25% | 8.25% | 8.25% |
Pension Plan | The Connecticut Light and Power Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Funded status of plan | $ (7,100) | $ (434,200) | |
Pension Plan | Public Service Company of New Hampshire | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Funded status of plan | (26,400) | (155,000) | |
Other Postretirement Benefits Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Increase in liability due to amendment in pension plan | 29,800 | 68,300 | |
Funded status of plan | $ 254,000 | $ 10,200 | |
Expected long-term rate of return | 8.25% | 8.25% | 8.25% |
Estimated future employer contributions in next fiscal year | $ 2,400 | ||
Other Postretirement Benefits Plan | The Connecticut Light and Power Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Funded status of plan | (19,800) | $ (44,500) | |
Other Postretirement Benefits Plan | Public Service Company of New Hampshire | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Funded status of plan | (4,300) | (30,100) | |
Other Current Liabilities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Funded status of plan | 9,700 | 6,800 | |
Other Long-Term Assets | Other Postretirement Benefits Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Prepaid asset | 272,000 | 34,700 | |
Accrued Pension, SERP and PBOP | Other Postretirement Benefits Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Liability | 18,000 | $ 24,500 | |
Minimum | Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Estimated future employer contributions in next fiscal year | 100,000 | ||
Maximum | Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Estimated future employer contributions in next fiscal year | $ 175,000 | ||
Pre-65 Plan | Other Postretirement Benefits Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Health care trend rate | 6.50% | ||
Ultimate rate | 5.00% | ||
Pre-65 Plan | Minimum | Other Postretirement Benefits Plan | Aquarion | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Health care trend rate | 3.50% | 3.50% | |
Pre-65 Plan | Maximum | Other Postretirement Benefits Plan | Aquarion | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Health care trend rate | 6.20% | 6.50% | |
Post-65 Plan | Other Postretirement Benefits Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Ultimate rate | 3.50% | ||
Eversource Service Pension and PBOP Plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Assumed rate of return | 8.25% | ||
Aquarion Plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Assumed rate of return | 7.00% |
EMPLOYEE BENEFITS - Schedule _2
EMPLOYEE BENEFITS - Schedule of Funded Status (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 6,337.3 | $ 6,669.4 |
The Connecticut Light and Power Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 1,241.1 | 1,356.4 |
NSTAR Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 1,376.1 | 1,449.4 |
Public Service Company of New Hampshire | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 670.3 | $ 707.2 |
EMPLOYEE BENEFITS - Schedule _3
EMPLOYEE BENEFITS - Schedule of Actuarial Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.80% | 2.40% |
Compensation/Progression Rate | 3.50% | 3.50% |
Pension Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.00% | 2.70% |
Compensation/Progression Rate | 4.00% | 4.00% |
Other Postretirement Benefits Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.91% | 2.50% |
Other Postretirement Benefits Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.92% | 2.60% |
Pre-65 Plan | Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care trend rate | 6.50% |
EMPLOYEE BENEFITS - Schedule _4
EMPLOYEE BENEFITS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 85.8 | $ 76.2 | $ 67.7 |
Interest Cost | 130 | 177.8 | 219 |
Expected Return on Plan Assets | (437.5) | (400.3) | (367.1) |
Actuarial Loss | 243.9 | 202 | 143.2 |
Prior Service Cost/(Credit) | 1.4 | 1.2 | 0.9 |
Total Net Periodic Benefit Plan Expense/(Income) | 23.6 | 56.9 | 63.7 |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 13.5 | 10.2 | 7.8 |
Interest Cost | 17.4 | 24.6 | 32.7 |
Expected Return on Plan Assets | (79.1) | (73.6) | (66.8) |
Actuarial Loss | 8.9 | 8.4 | 8.3 |
Prior Service Cost/(Credit) | (21.2) | (21.2) | (23.5) |
Total Net Periodic Benefit Plan Expense/(Income) | (60.5) | (51.6) | (41.5) |
The Connecticut Light and Power Company | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 23 | 21.8 | 18 |
Interest Cost | 27.3 | 37.3 | 45.7 |
Expected Return on Plan Assets | (86.8) | (79.2) | (73.2) |
Actuarial Loss | 45.5 | 39.2 | 26.9 |
Prior Service Cost/(Credit) | 0 | 0 | 0 |
Total Net Periodic Benefit Plan Expense/(Income) | 9 | 19.1 | 17.4 |
Intercompany Expense/(Income) Allocations | 8 | 9.1 | 8.5 |
The Connecticut Light and Power Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 2.3 | 1.7 | 1.4 |
Interest Cost | 3.2 | 4.4 | 6.3 |
Expected Return on Plan Assets | (10.3) | (9.9) | (9.2) |
Actuarial Loss | 1.8 | 1.1 | 1.3 |
Prior Service Cost/(Credit) | 1.1 | 1.1 | 1.1 |
Total Net Periodic Benefit Plan Expense/(Income) | (1.9) | (1.6) | 0.9 |
Intercompany Expense/(Income) Allocations | (1.6) | (1.1) | (0.9) |
NSTAR Electric Company | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 15.8 | 15.4 | 14.6 |
Interest Cost | 26.8 | 38.6 | 49 |
Expected Return on Plan Assets | (108.1) | (103) | (97.1) |
Actuarial Loss | 61.6 | 55.2 | 44.7 |
Prior Service Cost/(Credit) | 0.3 | 0.3 | 0.3 |
Total Net Periodic Benefit Plan Expense/(Income) | (3.6) | 6.5 | 11.5 |
Intercompany Expense/(Income) Allocations | 8.8 | 8.9 | 8 |
NSTAR Electric Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 2.4 | 2.1 | 1.7 |
Interest Cost | 4.4 | 6.6 | 9.5 |
Expected Return on Plan Assets | (36.9) | (34) | (30.2) |
Actuarial Loss | 2.4 | 2.5 | 3.3 |
Prior Service Cost/(Credit) | (17) | (17) | (16.9) |
Total Net Periodic Benefit Plan Expense/(Income) | (44.7) | (39.8) | (32.6) |
Intercompany Expense/(Income) Allocations | (1.9) | (1.4) | (1.2) |
Public Service Company of New Hampshire | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 8.9 | 8.2 | 7.1 |
Interest Cost | 14.5 | 19.4 | 24 |
Expected Return on Plan Assets | (47.5) | (44.7) | (40.7) |
Actuarial Loss | 20.7 | 15.6 | 10.6 |
Prior Service Cost/(Credit) | 0 | 0 | 0 |
Total Net Periodic Benefit Plan Expense/(Income) | (3.4) | (1.5) | 1 |
Intercompany Expense/(Income) Allocations | 2.7 | 2.9 | 2.3 |
Public Service Company of New Hampshire | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 1.2 | 0.9 | 0.7 |
Interest Cost | 1.8 | 2.8 | 3.4 |
Expected Return on Plan Assets | (6.1) | (5.7) | (5.4) |
Actuarial Loss | 0.7 | 0.8 | 0.3 |
Prior Service Cost/(Credit) | 0.4 | 0.4 | 0.4 |
Total Net Periodic Benefit Plan Expense/(Income) | (2) | (0.8) | (0.6) |
Intercompany Expense/(Income) Allocations | $ (0.6) | $ (0.5) | $ (0.4) |
EMPLOYEE BENEFITS - Schedule _5
EMPLOYEE BENEFITS - Schedule of Assumptions used To Calculate Pension and SERP and PBOP (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-Term Rate of Return | 7.00% | 7.00% | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-Term Rate of Return | 8.25% | 8.25% | 8.25% |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-Term Rate of Return | 8.25% | 8.25% | 8.25% |
Minimum | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 1.50% | 2.60% | 2.70% |
Compensation/Progression Rate | 3.50% | 3.50% | 3.50% |
Minimum | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 1.80% | 2.70% | 3.90% |
Maximum | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.00% | 3.50% | 3.60% |
Compensation/Progression Rate | 4.00% | 4.00% | |
Maximum | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.10% | 3.60% | 4.60% |
EMPLOYEE BENEFITS - Summary of
EMPLOYEE BENEFITS - Summary of Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | ||
Net Regulatory Assets [Abstract] | ||
Actuarial (Gains)/Losses Arising During the Year | $ (961.7) | $ 553.1 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (231.2) | (194.3) |
Prior Service Cost Arising During the Year | 0 | 2 |
Prior Service (Cost)/Credit Reclassified as Net Periodic Benefit (Expense)/Income | (1.3) | (1) |
Actuarial Loss | 1,427.3 | 2,620.2 |
Prior Service Cost | 5.3 | 6.6 |
OCI | ||
Actuarial (Gains)/Losses Arising During the Year | (28.4) | 24.3 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (12.7) | (7.7) |
Prior Service Cost Arising During the Year | 0 | 0 |
Prior Service (Cost)/Credit Reclassified as Net Periodic Benefit (Expense)/Income | (0.1) | (0.2) |
Actuarial Loss | 66.3 | 107.4 |
Prior Service Cost | 0.6 | 0.7 |
Other Postretirement Benefits Plan | ||
Net Regulatory Assets [Abstract] | ||
Actuarial (Gains)/Losses Arising During the Year | (181.5) | 39.1 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (8.5) | (8) |
Prior Service Cost Arising During the Year | 0 | 0 |
Prior Service (Cost)/Credit Reclassified as Net Periodic Benefit (Expense)/Income | 21.1 | 21.3 |
Actuarial Loss | 45 | 235 |
Prior Service Cost | (130.1) | (151.2) |
OCI | ||
Actuarial (Gains)/Losses Arising During the Year | (4) | 1.3 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (0.4) | (0.4) |
Prior Service Cost Arising During the Year | 0 | 0 |
Prior Service (Cost)/Credit Reclassified as Net Periodic Benefit (Expense)/Income | 0.1 | (0.1) |
Actuarial Loss | 3.5 | 7.9 |
Prior Service Cost | $ 1 | $ 0.9 |
EMPLOYEE BENEFITS - Schedule _6
EMPLOYEE BENEFITS - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Plan | |
Defined Contribution Plan Disclosure [Line Items] | |
2022 | $ 359.6 |
2023 | 367.4 |
2024 | 405 |
2025 | 381.2 |
2026 | 384.3 |
2027 - 2031 | 1,918.2 |
Other Postretirement Benefits Plan | |
Defined Contribution Plan Disclosure [Line Items] | |
2022 | 56.4 |
2023 | 56.2 |
2024 | 55.9 |
2025 | 55.3 |
2026 | 54.3 |
2027 - 2031 | $ 254.6 |
EMPLOYEE BENEFITS - Schedule _7
EMPLOYEE BENEFITS - Schedule of Long-term Rates of Return on Pension and PBOP (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 15.00% | 15.00% |
Assumed Rate of Return | 8.50% | 8.50% |
Global | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 10.00% | 10.00% |
Assumed Rate of Return | 8.75% | 8.75% |
Non-United States | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 8.00% | 8.00% |
Assumed Rate of Return | 8.50% | 8.50% |
Emerging Markets | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 4.00% | 4.00% |
Assumed Rate of Return | 10.00% | 10.00% |
Fixed Income | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 13.00% | 13.00% |
Assumed Rate of Return | 4.00% | 4.00% |
Public High Yield Fixed Income | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 4.00% | 4.00% |
Assumed Rate of Return | 6.50% | 6.50% |
Private Debt | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 13.00% | 15.00% |
Assumed Rate of Return | 9.00% | 9.00% |
Private Equity | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 18.00% | 15.00% |
Assumed Rate of Return | 12.00% | 12.00% |
Real Assets | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 15.00% | 16.00% |
Assumed Rate of Return | 7.50% | 7.50% |
EMPLOYEE BENEFITS - Schedule _8
EMPLOYEE BENEFITS - Schedule of Asset Category (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 6,495.5 | $ 5,409.2 | $ 4,968.6 |
Uncategorized | 5,479.8 | 4,480.4 | |
Pension Plan | Total Assets Before 401 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 6,794 | 5,671.1 | |
Pension Plan | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2,107.7 | 1,952.5 | |
Uncategorized | 1,385.2 | 1,321.7 | |
Pension Plan | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2,062.5 | 1,781.7 | |
Uncategorized | 1,689.1 | 1,402.5 | |
Pension Plan | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,702.7 | 1,197.7 | |
Uncategorized | 1,702.7 | 1,175.4 | |
Pension Plan | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 921.1 | 739.2 | |
Uncategorized | 702.8 | 580.8 | |
Pension Plan | 401 PBOP Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | (298.5) | (261.9) | |
Pension Plan | Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,080.4 | 925.1 | |
Pension Plan | Level 1 | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 722.5 | 630.8 | |
Pension Plan | Level 1 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 139.6 | 113.6 | |
Pension Plan | Level 1 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 22.3 | |
Pension Plan | Level 1 | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 218.3 | 158.4 | |
Pension Plan | Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 233.8 | 265.6 | |
Pension Plan | Level 2 | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Pension Plan | Level 2 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 233.8 | 265.6 | |
Pension Plan | Level 2 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Pension Plan | Level 2 | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,138.3 | 1,004.1 | $ 935.9 |
Uncategorized | 463.5 | 424.4 | |
Other Postretirement Benefits Plan | Total Assets Before 401 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 839.8 | 742.2 | |
Other Postretirement Benefits Plan | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 439.7 | 394.3 | |
Uncategorized | 248.3 | 217.8 | |
Other Postretirement Benefits Plan | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 220.4 | 212.1 | |
Uncategorized | 125.5 | 152.9 | |
Other Postretirement Benefits Plan | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 58.7 | 31.5 | |
Uncategorized | 58.7 | 31.5 | |
Other Postretirement Benefits Plan | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 121 | 104.3 | |
Uncategorized | 31 | 22.2 | |
Other Postretirement Benefits Plan | 401 PBOP Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 298.5 | 261.9 | |
Other Postretirement Benefits Plan | Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 331.1 | 274.6 | |
Other Postretirement Benefits Plan | Level 1 | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 191.4 | 176.5 | |
Other Postretirement Benefits Plan | Level 1 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 49.7 | 16 | |
Other Postretirement Benefits Plan | Level 1 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Level 1 | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 90 | 82.1 | |
Other Postretirement Benefits Plan | Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 45.2 | 43.2 | |
Other Postretirement Benefits Plan | Level 2 | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Level 2 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 45.2 | 43.2 | |
Other Postretirement Benefits Plan | Level 2 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Level 2 | Real Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 0 | $ 0 |
EMPLOYEE BENEFITS - Defined Con
EMPLOYEE BENEFITS - Defined Contribution Plan Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Contribution Plan, 401K | |
Defined Contribution Plan Disclosure [Line Items] | |
Employer matching contribution (as a percentage) | 100.00% |
Percentage of employees' pay (up to) | 3.00% |
Defined Contribution Plan, Alternate Contribution 401K | |
Defined Contribution Plan Disclosure [Line Items] | |
Employer matching contribution (as a percentage) | 50.00% |
Percentage of employees' pay (up to) | 8.00% |
EMPLOYEE BENEFITS - Schedule _9
EMPLOYEE BENEFITS - Schedule of Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | $ 55.5 | $ 49.4 | $ 41.6 |
The Connecticut Light and Power Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | 7 | 6.6 | 5.5 |
NSTAR Electric Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | 12.2 | 11.8 | 10.3 |
Public Service Company of New Hampshire | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | $ 4.3 | $ 4.1 | $ 3.5 |
EMPLOYEE BENEFITS - Share-Based
EMPLOYEE BENEFITS - Share-Based Payments Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted in incentive plan (up to) (in shares) | 6,700,000 | ||
Shares available for issuance under incentive plan (in shares) | 2,430,716 | 2,876,601 | |
Shares outstanding (in shares) | 297,270 | ||
Weighted average grant date fair value of restricted stock units (in dollars per share) | $ 72.37 | ||
Total unrecognized compensation expense | $ 17.8 | ||
Period for recognition | 1 year 8 months 19 days | ||
Tax effect on total share-based payments (in percentage) | 26.00% | ||
Excess stock benefit | $ 4 | $ 6.6 | $ 1.5 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in dollars per share) | $ 81.89 | $ 88.23 | $ 67.91 |
Shares outstanding (in shares) | 379,258 | ||
Weighted average shares outstanding (in dollars per share) | $ 83.39 | $ 77.13 | |
Restricted stock units available (in shares) | 219,560 | ||
Restricted stock unit fully vested (in shares) | 297,353 | ||
Additional restricted stock unit expected to vest (in shares) | 282,407 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in dollars per share) | $ 76.08 | $ 75.36 | $ 68.33 |
Shares outstanding (in shares) | 436,957 | 404,698 | |
Weighted average shares outstanding (in dollars per share) | $ 81.41 | $ 70.85 | |
Restricted stock units available (in shares) | 241,949 | ||
Weighted average grant date fair value of restricted stock units (in dollars per share) | $ 57.23 | ||
Restricted stock unit fully vested (in shares) | 27,550 | ||
The Connecticut Light and Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ 3.2 | ||
Excess stock benefit | 1.5 | $ 2.3 | $ 0.5 |
NSTAR Electric Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | 5 | ||
Excess stock benefit | 1.4 | 2.3 | 0.5 |
Public Service Company of New Hampshire | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | 1.1 | ||
Excess stock benefit | $ 0.5 | $ 0.8 | $ 0.2 |
Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of graded vesting schedule under long-term incentive program | 3 years | ||
Board Members | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of graded vesting schedule under long-term incentive program | 1 year |
EMPLOYEE BENEFITS - Summary o_2
EMPLOYEE BENEFITS - Summary of RSU and Share Transactions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units (RSUs) | |||
Units | |||
Beginning balance (in shares) | 674,218 | ||
Granted (in shares) | 165,930 | ||
Shares issued (in shares) | (223,484) | ||
Forfeited (in shares) | (22,041) | ||
Ending balance (in shares) | 594,623 | 674,218 | |
Weighted Average Grant-Date Fair Value | |||
Beginning balance (in dollars per share) | $ 63.42 | ||
Granted (in dollars per share) | 81.89 | $ 88.23 | $ 67.91 |
Shares issued (in dollars per share) | 69.03 | ||
Forfeited (in dollars per share) | 83.86 | ||
Ending balance (in dollars per share) | $ 65.70 | $ 63.42 | |
Performance Shares | |||
Units | |||
Beginning balance (in shares) | 447,805 | ||
Granted (in shares) | 286,645 | ||
Shares issued (in shares) | (256,914) | ||
Forfeited (in shares) | (13,029) | ||
Ending balance (in shares) | 464,507 | 447,805 | |
Weighted Average Grant-Date Fair Value | |||
Beginning balance (in dollars per share) | $ 69.93 | ||
Granted (in dollars per share) | 76.08 | $ 75.36 | $ 68.33 |
Shares issued (in dollars per share) | 56.88 | ||
Forfeited (in dollars per share) | 84.28 | ||
Ending balance (in dollars per share) | $ 80.54 | $ 69.93 |
EMPLOYEE BENEFITS - Schedule_10
EMPLOYEE BENEFITS - Schedule of Compensation Expense and Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 28.2 | $ 33.9 | $ 27.3 |
Future Income Tax Benefit | 7.3 | 8.9 | 7 |
The Connecticut Light and Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 8.8 | 10.9 | 9.8 |
Future Income Tax Benefit | 2.3 | 2.9 | 2.5 |
NSTAR Electric Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 9 | 11.3 | 9.7 |
Future Income Tax Benefit | 2.3 | 3 | 2.5 |
Public Service Company of New Hampshire | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 3 | 3.6 | 3.3 |
Future Income Tax Benefit | $ 0.8 | $ 1 | $ 0.8 |
EMPLOYEE BENEFITS - Schedule_11
EMPLOYEE BENEFITS - Schedule of Other Retirement Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | $ 42.8 | $ 45.7 | $ 52 |
Other Retirement Benefits Expense | 2.2 | 3.3 | 2.7 |
The Connecticut Light and Power Company | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 0.2 | 0.2 | 0.2 |
Other Retirement Benefits Expense | 0.7 | 1.2 | 1 |
NSTAR Electric Company | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 0.1 | 0.1 | 0.1 |
Other Retirement Benefits Expense | 0.7 | 1.1 | 0.9 |
Public Service Company of New Hampshire | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 1.5 | 1.7 | 1.7 |
Other Retirement Benefits Expense | $ 0.3 | $ 0.5 | $ 0.4 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Income Taxes: | |||
Federal | $ 21,500 | $ 73,600 | $ 56,900 |
State | (21,600) | 19,100 | 10,500 |
Total Current | (100) | 92,700 | 67,400 |
Deferred Income Taxes, Net: | |||
Federal | 199,700 | 173,500 | 138,400 |
State | 147,400 | 83,700 | 71,400 |
Total Deferred | 347,056 | 257,154 | 209,812 |
Investment Tax Credits, Net | (2,800) | (3,700) | (3,700) |
Income Tax Expense | 344,223 | 346,186 | 273,499 |
The Connecticut Light and Power Company | |||
Current Income Taxes: | |||
Federal | 15,000 | 12,000 | 68,400 |
State | (7,000) | (6,100) | 15,400 |
Total Current | 8,000 | 5,900 | 83,800 |
Deferred Income Taxes, Net: | |||
Federal | 76,300 | 101,100 | 35,200 |
State | 47,600 | 43,400 | 18,800 |
Total Deferred | 123,889 | 144,527 | 54,005 |
Investment Tax Credits, Net | (600) | (700) | (800) |
Income Tax Expense | 131,273 | 149,702 | 136,971 |
NSTAR Electric Company | |||
Current Income Taxes: | |||
Federal | 52,300 | 53,900 | 82,600 |
State | 6,200 | 6,900 | 18,200 |
Total Current | 58,500 | 60,800 | 100,800 |
Deferred Income Taxes, Net: | |||
Federal | 16,300 | 33,800 | 100 |
State | 41,200 | 38,800 | 27,000 |
Total Deferred | 57,507 | 72,595 | 27,107 |
Investment Tax Credits, Net | (1,700) | (2,600) | (2,600) |
Income Tax Expense | 114,335 | 130,828 | 125,313 |
Public Service Company of New Hampshire | |||
Current Income Taxes: | |||
Federal | 43,100 | 20,600 | 22,900 |
State | 10,800 | 3,800 | 2,200 |
Total Current | 53,900 | 24,400 | 25,100 |
Deferred Income Taxes, Net: | |||
Federal | (14,900) | (1,300) | 5,800 |
State | 400 | 8,600 | 10,100 |
Total Deferred | (14,530) | 7,337 | 15,917 |
Investment Tax Credits, Net | 0 | 0 | 0 |
Income Tax Expense | $ 39,433 | $ 31,680 | $ 40,975 |
INCOME TAXES - Reconciliation B
INCOME TAXES - Reconciliation Between Income Tax Expense and Expected Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 1,572,269 | $ 1,558,872 | $ 1,190,071 |
Statutory Federal Income Tax Expense at 21% | 330,200 | 327,400 | 249,900 |
Tax Effect of Differences: | |||
Depreciation | (18,100) | (11,100) | 1,900 |
Investment Tax Credit Amortization | (2,800) | (3,700) | (3,700) |
State Income Taxes, Net of Federal Impact | 54,400 | 44,900 | 24,600 |
Dividends on ESOP | (5,100) | (5,100) | (5,100) |
Tax Asset Valuation Allowance/Reserve Adjustments | 44,600 | 33,400 | 40,100 |
Excess Stock Benefit | (4,000) | (6,600) | (1,500) |
EDIT Amortization | (69,100) | (48,700) | (37,400) |
Other, Net | 14,100 | 15,700 | 4,700 |
Income Tax Expense | $ 344,223 | $ 346,186 | $ 273,499 |
Effective Tax Rate | 21.90% | 22.20% | 23.00% |
The Connecticut Light and Power Company | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 532,998 | $ 607,636 | $ 547,823 |
Statutory Federal Income Tax Expense at 21% | 111,900 | 127,600 | 115,000 |
Tax Effect of Differences: | |||
Depreciation | (6,400) | 400 | (200) |
Investment Tax Credit Amortization | (600) | (700) | (800) |
State Income Taxes, Net of Federal Impact | (4,600) | (1,200) | 2,500 |
Tax Asset Valuation Allowance/Reserve Adjustments | 36,700 | 30,700 | 24,500 |
Excess Stock Benefit | (1,500) | (2,300) | (500) |
EDIT Amortization | (9,800) | (9,000) | (5,800) |
Other, Net | 5,600 | 4,200 | 2,300 |
Income Tax Expense | $ 131,273 | $ 149,702 | $ 136,971 |
Effective Tax Rate | 24.60% | 24.60% | 25.00% |
NSTAR Electric Company | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 590,904 | $ 575,829 | $ 557,269 |
Statutory Federal Income Tax Expense at 21% | 124,100 | 120,900 | 117,000 |
Tax Effect of Differences: | |||
Depreciation | (3,400) | (3,700) | (3,000) |
Investment Tax Credit Amortization | (1,700) | (2,600) | (2,600) |
State Income Taxes, Net of Federal Impact | 37,500 | 36,000 | 35,700 |
Tax Asset Valuation Allowance/Reserve Adjustments | 0 | 0 | 0 |
Excess Stock Benefit | (1,400) | (2,300) | (500) |
EDIT Amortization | (43,200) | (20,400) | (22,900) |
Other, Net | 2,400 | 2,900 | 1,600 |
Income Tax Expense | $ 114,335 | $ 130,828 | $ 125,313 |
Effective Tax Rate | 19.30% | 22.70% | 22.50% |
Public Service Company of New Hampshire | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 189,771 | $ 178,992 | $ 175,023 |
Statutory Federal Income Tax Expense at 21% | 39,900 | 37,600 | 36,800 |
Tax Effect of Differences: | |||
Depreciation | (200) | (1,400) | (800) |
Investment Tax Credit Amortization | 0 | 0 | 0 |
State Income Taxes, Net of Federal Impact | 8,900 | 9,800 | 9,800 |
Tax Asset Valuation Allowance/Reserve Adjustments | 0 | 0 | 0 |
Excess Stock Benefit | (500) | (800) | (200) |
EDIT Amortization | (10,500) | (15,400) | (4,000) |
Other, Net | 1,800 | 1,900 | (600) |
Income Tax Expense | $ 39,433 | $ 31,680 | $ 40,975 |
Effective Tax Rate | 20.80% | 17.70% | 23.40% |
INCOME TAXES - Temporary Differ
INCOME TAXES - Temporary Differences That Give Rise To Accumulated Deferred Income Tax Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets: | ||
Employee Benefits | $ 270.8 | $ 602.4 |
Derivative Liabilities | 76.8 | 92.6 |
Regulatory Deferrals - Liabilities | 390.7 | 259.8 |
Allowance for Uncollectible Accounts | 104.1 | 87.5 |
Tax Effect - Tax Regulatory Liabilities | 783.4 | 810.9 |
Net Operating Loss Carryforwards | 7.5 | 12.7 |
Purchase Accounting Adjustment | 67.2 | 54.5 |
Other | 196.6 | 200.3 |
Total Deferred Tax Assets | 1,897.1 | 2,120.7 |
Less: Valuation Allowance | 61.5 | 48.3 |
Net Deferred Tax Assets | 1,835.6 | 2,072.4 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 4,426 | 4,153.6 |
Property Tax Accruals | 88.1 | 88.7 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 1,260.3 | 1,376.7 |
Tax Effect - Tax Regulatory Assets | 257.8 | 244.6 |
Goodwill Regulatory Asset - 1999 Merger | 81.4 | 86 |
Derivative Assets | 14.9 | 17.8 |
Other | 304.2 | 200.3 |
Total Deferred Tax Liabilities | 6,432.7 | 6,167.7 |
The Connecticut Light and Power Company | ||
Deferred Tax Assets: | ||
Employee Benefits | 23.9 | 144.5 |
Derivative Liabilities | 76.8 | 91.8 |
Regulatory Deferrals - Liabilities | 90.9 | 30.2 |
Allowance for Uncollectible Accounts | 48.8 | 42.3 |
Tax Effect - Tax Regulatory Liabilities | 328.2 | 331.4 |
Net Operating Loss Carryforwards | 0 | 0 |
Purchase Accounting Adjustment | 0 | 0 |
Other | 103.9 | 100.9 |
Total Deferred Tax Assets | 672.5 | 741.1 |
Less: Valuation Allowance | 44.5 | 33.7 |
Net Deferred Tax Assets | 628 | 707.4 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 1,509.5 | 1,438.1 |
Property Tax Accruals | 40.5 | 39 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 438.3 | 444.8 |
Tax Effect - Tax Regulatory Assets | 181.4 | 174.4 |
Goodwill Regulatory Asset - 1999 Merger | 0 | 0 |
Derivative Assets | 14.9 | 17.8 |
Other | 5.5 | 1.6 |
Total Deferred Tax Liabilities | 2,190.1 | 2,115.7 |
NSTAR Electric Company | ||
Deferred Tax Assets: | ||
Employee Benefits | 40.3 | 79.8 |
Derivative Liabilities | 0 | 0 |
Regulatory Deferrals - Liabilities | 215.4 | 161.8 |
Allowance for Uncollectible Accounts | 21.5 | 20.9 |
Tax Effect - Tax Regulatory Liabilities | 254.3 | 271.8 |
Net Operating Loss Carryforwards | 0 | 0 |
Purchase Accounting Adjustment | 0 | 0 |
Other | 21.7 | 14.3 |
Total Deferred Tax Assets | 553.2 | 548.6 |
Less: Valuation Allowance | 0 | 0 |
Net Deferred Tax Assets | 553.2 | 548.6 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 1,553.7 | 1,489.4 |
Property Tax Accruals | 33.7 | 37 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 337.6 | 324.4 |
Tax Effect - Tax Regulatory Assets | 10.9 | 11.3 |
Goodwill Regulatory Asset - 1999 Merger | 69.9 | 73.8 |
Derivative Assets | 0 | 0 |
Other | 126.9 | 72.6 |
Total Deferred Tax Liabilities | 2,132.7 | 2,008.5 |
Public Service Company of New Hampshire | ||
Deferred Tax Assets: | ||
Employee Benefits | 14.1 | 56.6 |
Derivative Liabilities | 0 | 0 |
Regulatory Deferrals - Liabilities | 24.3 | 13.4 |
Allowance for Uncollectible Accounts | 6.2 | 4.6 |
Tax Effect - Tax Regulatory Liabilities | 100.9 | 105.2 |
Net Operating Loss Carryforwards | 0 | 0 |
Purchase Accounting Adjustment | 0 | 0 |
Other | 22.9 | 19.8 |
Total Deferred Tax Assets | 168.4 | 199.6 |
Less: Valuation Allowance | 0 | 0 |
Net Deferred Tax Assets | 168.4 | 199.6 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 482.9 | 453.8 |
Property Tax Accruals | 6.3 | 5.8 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 198.4 | 263.4 |
Tax Effect - Tax Regulatory Assets | 8.3 | 8.6 |
Goodwill Regulatory Asset - 1999 Merger | 0 | 0 |
Derivative Assets | 0 | 0 |
Other | 10.5 | 5.6 |
Total Deferred Tax Liabilities | $ 706.4 | $ 737.2 |
INCOME TAXES - Tax Credits and
INCOME TAXES - Tax Credits and Loss Carryforwards (Details) - State and Local Jurisdiction - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | $ 197.7 | $ 186.6 |
Operating Loss Carryforwards | 138.3 | 183.4 |
Federal and State Charitable Contribution | 23.7 | 10.2 |
The Connecticut Light and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 137 | 133.4 |
Operating Loss Carryforwards | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
NSTAR Electric Company | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Operating Loss Carryforwards | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
Public Service Company of New Hampshire | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Operating Loss Carryforwards | 0 | 0 |
Federal and State Charitable Contribution | $ 0 | $ 0 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Tax liability related to the deferral of employer payroll tax liability provision of the CARES Act | $ 19.6 | $ 39 |
Accrued interest payable | 0.1 | 0.1 |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance for tax credit and operating loss carryforward | 61.5 | 48.3 |
State and Local Jurisdiction | The Connecticut Light and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Change in valuation allowance | 10.8 | 8.8 |
Eversource | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Change in valuation allowance | $ 13 | $ 10.3 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 61.8 | $ 55 | $ 45.9 |
Gross Increases - Current Year | 11.3 | 11.9 | 12.1 |
Gross Increases - Prior Year | 1.4 | 3.4 | |
Gross Decreases - Prior Year | (0.3) | ||
Lapse of Statute of Limitations | (7) | (6.5) | (6.4) |
Ending Balance | 65.8 | 61.8 | 55 |
The Connecticut Light and Power Company | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 25.8 | 23.1 | 18.2 |
Gross Increases - Current Year | 3.8 | 4.6 | 4 |
Gross Increases - Prior Year | 0.7 | 3.3 | |
Gross Decreases - Prior Year | (0.6) | ||
Lapse of Statute of Limitations | (2.8) | (2.6) | (2.4) |
Ending Balance | $ 26.2 | $ 25.8 | $ 23.1 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Reconciliation of Activity in Environmental Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | $ 102.4 | $ 81 |
Increase Due to CMA Asset Acquisition | 22.9 | |
Additions | 23.4 | 8.4 |
Payments/Reductions | (10.4) | (9.9) |
Accrual for Environmental Loss Contingencies, Ending Balance | 115.4 | 102.4 |
The Connecticut Light and Power Company | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 12.3 | 11.4 |
Increase Due to CMA Asset Acquisition | 0 | |
Additions | 4.4 | 4.2 |
Payments/Reductions | (2.8) | (3.3) |
Accrual for Environmental Loss Contingencies, Ending Balance | 13.9 | 12.3 |
NSTAR Electric Company | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 4.7 | 8 |
Increase Due to CMA Asset Acquisition | 0 | |
Additions | 0 | 0.7 |
Payments/Reductions | (1.4) | (4) |
Accrual for Environmental Loss Contingencies, Ending Balance | 3.3 | 4.7 |
Public Service Company of New Hampshire | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 7.1 | 7.5 |
Increase Due to CMA Asset Acquisition | 0 | |
Additions | 0 | 0 |
Payments/Reductions | (0.8) | (0.4) |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 6.3 | $ 7.1 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Number of Sites and Reserves (Details) - site | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Number of Sites | 61 | 63 |
The Connecticut Light and Power Company | ||
Loss Contingencies [Line Items] | ||
Number of Sites | 14 | 15 |
NSTAR Electric Company | ||
Loss Contingencies [Line Items] | ||
Number of Sites | 11 | 12 |
Public Service Company of New Hampshire | ||
Loss Contingencies [Line Items] | ||
Number of Sites | 9 | 9 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Environmental Matters Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)site | Dec. 31, 2020USD ($)site | Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |||
Number of sites | site | 61 | 63 | |
Reserve | $ 115.4 | $ 102.4 | $ 81 |
The Connecticut Light and Power Company | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 14 | 15 | |
Reserve | $ 13.9 | $ 12.3 | 11.4 |
NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 11 | 12 | |
Reserve | $ 3.3 | $ 4.7 | 8 |
Public Service Company of New Hampshire | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 9 | 9 | |
Reserve | $ 6.3 | $ 7.1 | $ 7.5 |
MGP Site accrual | |||
Loss Contingencies [Line Items] | |||
Reserve balances related to former MGP sites | $ 105.6 | $ 92.2 | |
Environmental Sites for Which a Range of Loss Exists | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 7 | ||
Reserve | $ 25.9 | ||
Best estimate of potential remediation costs (up to) | $ 10 | ||
Environmental Sites for Which a Range of Loss Exists | The Connecticut Light and Power Company | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 2 | ||
Reserve | $ 3.2 | ||
Best estimate of potential remediation costs (up to) | $ 0.6 | ||
Environmental Site for Which a Range is Too Early to Determine | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 13 | ||
Reserve | $ 16.1 | ||
Environmental Site for Which a Range is Too Early to Determine | The Connecticut Light and Power Company | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 7 | ||
Reserve | $ 3.9 | ||
Environmental Site for Which a Range is Too Early to Determine | NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 2 | ||
Reserve | $ 0.2 | ||
Evironmental Sites with Best Estimate | |||
Loss Contingencies [Line Items] | |||
Number of sites | site | 41 | ||
Reserve | $ 73.4 | ||
Evironmental Sites with Best Estimate | The Connecticut Light and Power Company | |||
Loss Contingencies [Line Items] | |||
Reserve | $ 6.8 | ||
Environmental site quantity remaining | site | 5 | ||
Evironmental Sites with Best Estimate | NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Reserve | $ 3.1 | ||
Environmental site quantity remaining | site | 9 | ||
Evironmental Sites with Best Estimate | Public Service Company of New Hampshire | |||
Loss Contingencies [Line Items] | |||
Reserve | $ 6.3 | ||
Environmental site quantity remaining | site | 9 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Schedule of Estimated Future Annual Costs of Long term Contractual Agreement (Details) $ in Millions | Dec. 31, 2021USD ($) |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | $ 1,251.4 |
2023 | 1,168.1 |
2024 | 1,113.6 |
2025 | 1,118.4 |
2026 | 1,020.1 |
Thereafter | 5,184.3 |
Total | 10,855.9 |
Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 755.4 |
2023 | 700.7 |
2024 | 696.4 |
2025 | 718.7 |
2026 | 714.3 |
Thereafter | 3,571.4 |
Total | 7,156.9 |
Natural Gas Procurement | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 377.9 |
2023 | 323.6 |
2024 | 270.5 |
2025 | 265.5 |
2026 | 250.4 |
Thereafter | 1,517.2 |
Total | 3,005.1 |
Purchased Power and Capacity | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 76 |
2023 | 87.1 |
2024 | 86.7 |
2025 | 75.1 |
2026 | 2.9 |
Thereafter | 9.8 |
Total | 337.6 |
Peaker CfDs | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 26.1 |
2023 | 38.9 |
2024 | 39.4 |
2025 | 36.7 |
2026 | 29.9 |
Thereafter | 63.3 |
Total | 234.3 |
Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2022 | 16 |
2023 | 17.8 |
2024 | 20.6 |
2025 | 22.4 |
2026 | 22.6 |
Thereafter | 22.6 |
Total | 122 |
The Connecticut Light and Power Company | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 690.7 |
2023 | 721.4 |
2024 | 723.3 |
2025 | 711.7 |
2026 | 630.8 |
Thereafter | 2,824.4 |
Total | 6,302.3 |
The Connecticut Light and Power Company | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 586.2 |
2023 | 592.1 |
2024 | 592 |
2025 | 593.9 |
2026 | 591.9 |
Thereafter | 2,752.2 |
Total | 5,708.3 |
The Connecticut Light and Power Company | Purchased Power and Capacity | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 72.1 |
2023 | 83.4 |
2024 | 83.8 |
2025 | 72.3 |
2026 | 0.1 |
Thereafter | 0 |
Total | 311.7 |
The Connecticut Light and Power Company | Peaker CfDs | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 26.1 |
2023 | 38.9 |
2024 | 39.4 |
2025 | 36.7 |
2026 | 29.9 |
Thereafter | 63.3 |
Total | 234.3 |
The Connecticut Light and Power Company | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2022 | 6.3 |
2023 | 7 |
2024 | 8.1 |
2025 | 8.8 |
2026 | 8.9 |
Thereafter | 8.9 |
Total | 48 |
NSTAR Electric Company | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 112.2 |
2023 | 88.2 |
2024 | 86.7 |
2025 | 87.8 |
2026 | 88.1 |
Thereafter | 511 |
Total | 974 |
NSTAR Electric Company | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 102.9 |
2023 | 78.3 |
2024 | 75.7 |
2025 | 76.1 |
2026 | 76.4 |
Thereafter | 492.3 |
Total | 901.7 |
NSTAR Electric Company | Purchased Power and Capacity | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 3 |
2023 | 2.9 |
2024 | 2.9 |
2025 | 2.8 |
2026 | 2.8 |
Thereafter | 9.8 |
Total | 24.2 |
NSTAR Electric Company | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2022 | 6.3 |
2023 | 7 |
2024 | 8.1 |
2025 | 8.9 |
2026 | 8.9 |
Thereafter | 8.9 |
Total | 48.1 |
Public Service Company of New Hampshire | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 70.6 |
2023 | 34.9 |
2024 | 33.1 |
2025 | 53.4 |
2026 | 50.8 |
Thereafter | 331.7 |
Total | 574.5 |
Public Service Company of New Hampshire | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 66.3 |
2023 | 30.3 |
2024 | 28.7 |
2025 | 48.7 |
2026 | 46 |
Thereafter | 326.9 |
Total | 546.9 |
Public Service Company of New Hampshire | Purchased Power and Capacity | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 0.9 |
2023 | 0.8 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | 1.7 |
Public Service Company of New Hampshire | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2022 | 3.4 |
2023 | 3.8 |
2024 | 4.4 |
2025 | 4.7 |
2026 | 4.8 |
Thereafter | 4.8 |
Total | $ 25.9 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Long-Term Contractual Arrangement Narrative (Details) MWh in Millions, $ in Millions | Oct. 31, 2020 | Nov. 22, 2019megawatt | Mar. 15, 2019megawatt | Dec. 28, 2018MWh | Dec. 31, 2021USD ($)contractMW |
Long-term Purchase Commitment [Line Items] | |||||
Estimated cost of energy purchase contracts | $ 10,855.9 | ||||
Contract term | 20 years | ||||
Construction in Progress | |||||
Long-term Purchase Commitment [Line Items] | |||||
Total construction contract cost | $ 6,700 | ||||
Minimum | |||||
Long-term Purchase Commitment [Line Items] | |||||
Estimated costs under construction contract | 150 | ||||
Maximum | |||||
Long-term Purchase Commitment [Line Items] | |||||
Estimated costs under construction contract | 415 | ||||
Peaker Contracts For Differences | |||||
Long-term Purchase Commitment [Line Items] | |||||
Estimated cost of energy purchase contracts | $ 234.3 | ||||
Percentage of costs and benefits borne by United Illuminated Company | 20.00% | ||||
Period of payment to generation facility owner | 30 years | ||||
The Connecticut Light and Power Company | |||||
Long-term Purchase Commitment [Line Items] | |||||
Estimated cost of energy purchase contracts | $ 6,302.3 | ||||
The Connecticut Light and Power Company | Peaker Contracts For Differences | |||||
Long-term Purchase Commitment [Line Items] | |||||
Estimated cost of energy purchase contracts | $ 234.3 | ||||
Number of capacity contracts | contract | 3 | ||||
Amount of peaking capacity contracts (in MW) | MW | 500 | ||||
Percentage of costs and benefits borne | 80.00% | ||||
CL&P, NSTAR Electric and PSNH | Transmission Support Commitments | |||||
Long-term Purchase Commitment [Line Items] | |||||
Period of payment of annual operation and maintenance expense | 20 years | 30 years | |||
Millstone Nuclear Power Station and Seabrook Nuclear Power Plant | |||||
Long-term Purchase Commitment [Line Items] | |||||
Estimated cost of energy purchase contracts | $ 3,300 | ||||
Milestone Nuclear Power Station | |||||
Long-term Purchase Commitment [Line Items] | |||||
Annual purchase requirement (in MWh) | MWh | 9 | ||||
Percent of the facility's output required to be purchased | 50.00% | ||||
Nameplate capacity (in MW) | megawatt | 2,112 | ||||
Milestone Nuclear Power Station | The Connecticut Light and Power Company | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contract term | 10 years | ||||
Percent of the facility's output required to be purchased | 40.00% | ||||
Milestone Nuclear Power Station | UI | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contract term | 10 years | ||||
Seabrook Nuclear Power Plant | |||||
Long-term Purchase Commitment [Line Items] | |||||
Percent of the facility's output required to be purchased | 18.00% | ||||
Nameplate capacity (in MW) | megawatt | 1,250 | ||||
Seabrook Nuclear Power Plant | The Connecticut Light and Power Company | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contract term | 8 years | ||||
Percent of the facility's output required to be purchased | 15.00% | ||||
Seabrook Nuclear Power Plant | UI | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contract term | 8 years |
COMMITMENTS AND CONTINGENCIES_6
COMMITMENTS AND CONTINGENCIES - Schedule of Total Costs Incurred (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Purchase Commitment [Line Items] | |||
Renewable Energy | $ 609.2 | $ 584.2 | $ 320.8 |
Natural Gas Procurement | 712.7 | 453.4 | 448.5 |
Purchased Power and Capacity | 56.4 | 62.7 | 62.1 |
Peaker CfDs | 24.3 | 22.7 | 13 |
Transmission Support Commitments | 15.4 | 22.1 | 21.8 |
The Connecticut Light and Power Company | |||
Long-term Purchase Commitment [Line Items] | |||
Renewable Energy | 457.1 | 426.3 | 160.6 |
Purchased Power and Capacity | 53.1 | 59.3 | 50.4 |
Peaker CfDs | 24.3 | 22.7 | 13 |
Transmission Support Commitments | 6.1 | 8.7 | 8.6 |
NSTAR Electric Company | |||
Long-term Purchase Commitment [Line Items] | |||
Renewable Energy | 84.7 | 88.8 | 89.9 |
Purchased Power and Capacity | 3 | 3.1 | 5.1 |
Peaker CfDs | 0 | 0 | 0 |
Transmission Support Commitments | 6 | 8.7 | 8.6 |
Public Service Company of New Hampshire | |||
Long-term Purchase Commitment [Line Items] | |||
Renewable Energy | 67.4 | 69.1 | 70.3 |
Purchased Power and Capacity | 0.3 | 0.3 | 6.6 |
Peaker CfDs | 0 | 0 | 0 |
Transmission Support Commitments | $ 3.3 | $ 4.7 | $ 4.6 |
COMMITMENTS AND CONTINGENCIES_7
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations Narrative (Details) - USD ($) $ in Thousands | Mar. 25, 2021 | Jun. 12, 2019 | Feb. 21, 2019 | May 22, 2017 | Dec. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Guarantor Obligations [Line Items] | |||||||||
Net of damages awarded | $ 500 | ||||||||
Remaining damages sought | $ 1,000 | ||||||||
Damages paid | $ 500 | ||||||||
DOE settlement payment | $ 29,000 | $ 0 | $ 0 | $ (29,000) | |||||
Yankee Companies | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Damages sought | $ 120,400 | $ 104,400 | |||||||
YAEC | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Net of damages awarded | 2,800 | ||||||||
Total amount of damages awarded | 5,400 | ||||||||
MYAPC | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Net of damages awarded | 5,000 | ||||||||
Total amount of damages awarded | $ 21,000 | ||||||||
CYAPC, YAEC, And MYAPC | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Net of damages awarded | $ 103,200 | ||||||||
CYAPC | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Net of damages awarded | 40,700 | ||||||||
YAEC | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Net of damages awarded | 28,100 | ||||||||
MYAPC | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Net of damages awarded | $ 34,400 |
COMMITMENTS AND CONTINGENCIES_8
COMMITMENTS AND CONTINGENCIES - Schedule of Guarantees and Indemnifications (Details) - USD ($) | Mar. 31, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Oct. 25, 2019 |
Guarantor Obligations [Line Items] | ||||
Fair value of guarantees | $ 7,300,000 | |||
North East Offshore LLC | ||||
Guarantor Obligations [Line Items] | ||||
Ownership interest | 50.00% | |||
Sunrise Wind LLC | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 420,600,000 | $ 15,400,000 | ||
Ownership interest | 50.00% | 50.00% | ||
Revolution Wind, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 158,900,000 | |||
Ownership interest | 50.00% | |||
Construction-related Purchase Contracts with Third-Party Suppliers | South Fork Wind, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Ownership interest | 50.00% | |||
North East Offshore LLC | Construction-related Purchase Contracts with Third-Party Suppliers | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 1,080,600,000 | |||
North East Offshore LLC | Performance Guarantee | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 1,300,000,000 | |||
Percent of obligations guaranteed | 50.00% | |||
North East Offshore LLC | Payment Guarantee | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 62,500,000 | |||
Percent of obligations guaranteed | 50.00% | |||
Sunrise Wind LLC | Construction-related Purchase Contracts with Third-Party Suppliers | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 382,300,000 | |||
Sunrise Wind LLC | OREC Capacity Production | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 2,200,000 | |||
Revolution Wind, LLC | Construction-related Purchase Contracts with Third-Party Suppliers | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 150,900,000 | |||
South Fork Wind, LLC | Letter of Credit | Subsequent Event | ||||
Guarantor Obligations [Line Items] | ||||
Borrowings outstanding | $ 43,400,000 | $ 4,300,000 | ||
South Fork Wind, LLC | Construction-related Purchase Contracts with Third-Party Suppliers | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 137,200,000 | |||
South Fork Wind, LLC | Transmission Interconnection | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 1,200,000 | |||
South Fork Wind, LLC | Purchase Guarantee Expiring 2026 | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 125,200,000 | |||
Eversource Investment LLC | North East Offshore LLC | ||||
Guarantor Obligations [Line Items] | ||||
Ownership interest | 50.00% | |||
Eversource Investment LLC | Funding and Indemnification Obligations | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 0 | |||
Eversource Investment LLC | Funding and Indemnification Obligations | North East Offshore LLC | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 910,000,000 | |||
Bay State Wind LLC | Real Estate Purchase | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 2,500,000 | |||
Various | Surety Bonds | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | 54,700,000 | |||
Eversource Service | Lease Payments for Real Estate | ||||
Guarantor Obligations [Line Items] | ||||
Maximum Exposure | $ 800,000 |
COMMITMENTS AND CONTINGENCIES_9
COMMITMENTS AND CONTINGENCIES - Guarantees and Obligations Narrative (Details) - USD ($) | Dec. 31, 2021 | Sep. 16, 2020 |
Loss Contingencies [Line Items] | ||
Fair value of guarantees | $ 7,300,000 | |
Letter of Credit | Eversource Investment LLC | ||
Loss Contingencies [Line Items] | ||
Maximum borrowing capacity | $ 25,000,000 |
COMMITMENTS AND CONTINGENCIE_10
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) $ in Millions | Oct. 16, 2018complaint | Apr. 29, 2016complaint | Dec. 31, 2021USD ($) | Apr. 14, 2017 | Oct. 15, 2014 | Dec. 31, 2020USD ($) | Jul. 31, 2014complaint |
Loss Contingencies [Line Items] | |||||||
Percentage of base ROE reasonably justified | 10.41% | ||||||
Percentage of incentive cap on total ROE | 13.08% | ||||||
FERC ROE Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, pending claims, number | complaint | 4 | 4 | |||||
Period of complaint | 15 months | ||||||
Basis point change | 0.10% | ||||||
Estimate of possible loss for each 10 basis point change to base ROE | $ 3 | ||||||
FERC ROE First, Second and Third Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, pending claims, number | complaint | 3 | ||||||
Base ROE percentage challenged by complainants | 11.14% | ||||||
Percentage of ROE for any incentive project | 13.08% | ||||||
FERC ROE First Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of ROE for any incentive project | 11.74% | ||||||
Refund payments | $ 38.9 | ||||||
FERC ROE Second Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of base ROE of complaint period | 10.57% | 10.57% | |||||
Percentage of ROE for any incentive project | 11.74% | ||||||
Loss contingency, estimate of possible earnings impact | $ 39.1 | ||||||
FERC ROE Fourth Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of base ROE of complaint period | 10.57% | ||||||
Maximum percentage cap of ROE for incentive projects | 11.74% | ||||||
Percentage of ROE for any incentive project | 10.57% | ||||||
Original base ROE authorized by FERC at time of complaint | 11.74% | ||||||
The Connecticut Light and Power Company | FERC ROE First Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Refund payments | $ 22.4 | ||||||
The Connecticut Light and Power Company | FERC ROE Second Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimate of possible earnings impact | 21.4 | $ 21.4 | |||||
NSTAR Electric Company | FERC ROE First Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Refund payments | 13.7 | ||||||
NSTAR Electric Company | FERC ROE Second Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimate of possible earnings impact | 14.6 | 14.6 | |||||
Public Service Company of New Hampshire | FERC ROE First Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Refund payments | 2.8 | ||||||
Public Service Company of New Hampshire | FERC ROE Second Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimate of possible earnings impact | $ 3.1 | $ 3.1 | |||||
Minimum | FERC ROE First, Second and Third Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of ROE for any incentive project | 11.14% | ||||||
Maximum | FERC ROE First, Second and Third Complaints | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of ROE for any incentive project | 13.10% |
COMMITMENTS AND CONTINGENCIE_11
COMMITMENTS AND CONTINGENCIES - Eversource and NSTAR Electric Boston Harbor Civil Action (Details) $ in Millions | Jul. 15, 2016kV | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Site Contingency [Line Items] | ||||
Amount of capacity required for installation of distribution cable (in kV) | kV | 115 | |||
Asset retirement obligations | $ 500.1 | $ 499.7 | $ 489.5 | |
NSTAR Electric Company | ||||
Site Contingency [Line Items] | ||||
Asset retirement obligations | $ 97.5 | $ 91.8 | $ 97.5 |
COMMITMENTS AND CONTINGENCIE_12
COMMITMENTS AND CONTINGENCIES - CL&P Tropical Storm Isaias Response Investigation (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2021 | Jul. 14, 2021 | May 07, 2021 | May 06, 2021 | Apr. 28, 2021 |
Loss Contingencies [Line Items] | |||||
Loss contingency, allowed rate of ROE | 9.25% | ||||
Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible earnings impact | $ 30 | ||||
Loss contingency, estimate of possible earnings impact, accident reporting violation fines | $ 1.6 | ||||
Non-compliance fine | $ 28.6 | ||||
Loss contingency, accident reporting violation fines | $ 0.2 | ||||
Loss contingency, penalty rate as a percent of distribution revenues | 2.50% | ||||
Loss contingency, after-tax earnings impact per share (in dollars per share) | $ (0.25) | $ 0.07 |
COMMITMENTS AND CONTINGENCIE_13
COMMITMENTS AND CONTINGENCIES - CL&P Comprehensive Settlement Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 14, 2021 |
Loss Contingencies [Line Items] | |||||
Regulatory Liabilities | $ 602,432 | $ 389,430 | |||
Loss related to litigation settlement | 81,274 | 0 | $ 0 | ||
Basis points reduction to return on equity, scenario one | 0.90% | ||||
Basis points reduction to return on equity, scenario two | 0.45% | ||||
The Connecticut Light and Power Company | |||||
Loss Contingencies [Line Items] | |||||
Regulatory Liabilities | 266,489 | 137,166 | |||
Loss related to litigation settlement | 81,274 | $ 0 | $ 0 | ||
Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | 103,600 | ||||
Customer credits and assistance | $ 75,000 | ||||
Loss related to litigation settlement, net of tax | $ 86,100 | ||||
Loss contingency, after-tax earnings impact per share (in dollars per share) | $ 0.25 | $ (0.07) | |||
Unfavorable Regulatory Action | Sales | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | $ 65,000 | ||||
Unfavorable Regulatory Action | Oil and Gas, Operation and Maintenance | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | 10,000 | ||||
Unfavorable Regulatory Action | The Connecticut Light and Power Company | |||||
Loss Contingencies [Line Items] | |||||
Customer credits | 65,000 | ||||
Customer assistance initiatives | $ 10,000 | ||||
Regulatory Liabilities | 75,000 | ||||
Unfavorable Regulatory Action | The Connecticut Light and Power Company | Sales | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | $ 65,000 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | $ 2.1 | $ 0.6 | $ 2.9 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 2.3 | 0.7 | 2 |
CMA | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 14.7 | ||
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 54.2 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal period | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal period | 20 years | ||
The Connecticut Light and Power Company | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | $ 0 | 0.1 | 1 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 | 0 | 0 |
The Connecticut Light and Power Company | Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal period | 1 year | ||
The Connecticut Light and Power Company | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal period | 20 years | ||
NSTAR Electric Company | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | $ 1.9 | 0.2 | 0.1 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 | 0.3 | 0 |
NSTAR Electric Company | Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal period | 1 year | ||
NSTAR Electric Company | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal period | 20 years | ||
Public Service Company of New Hampshire | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | $ 0 | 0 | 0.2 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 | $ 0 | $ 0 |
Public Service Company of New Hampshire | Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal period | 1 year | ||
Public Service Company of New Hampshire | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal period | 20 years |
LEASES - Components of Lease Co
LEASES - Components of Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease, Cost [Abstract] | |||
Amortization of Right-of-use-Assets | $ 4.6 | $ 2.6 | $ 1.7 |
Interest on Lease Liabilities | 3.9 | 1.4 | 1.2 |
Total Finance Lease Cost | 8.5 | 4 | 2.9 |
Operating Lease Cost | 12.2 | 11.1 | 11.7 |
Variable Lease Cost | 61 | 57.8 | 60.5 |
Total Lease Cost | 81.7 | 72.9 | 75.1 |
The Connecticut Light and Power Company | |||
Lease, Cost [Abstract] | |||
Amortization of Right-of-use-Assets | 0.5 | 0.7 | 0.7 |
Interest on Lease Liabilities | 0.1 | 0.3 | 0.6 |
Total Finance Lease Cost | 0.6 | 1 | 1.3 |
Operating Lease Cost | 0.3 | 0.6 | 0.5 |
Variable Lease Cost | 16.2 | 12.2 | 13.3 |
Total Lease Cost | 17.1 | 13.8 | 15.1 |
NSTAR Electric Company | |||
Lease, Cost [Abstract] | |||
Amortization of Right-of-use-Assets | 0.2 | 0.2 | 0.2 |
Interest on Lease Liabilities | 0.6 | 0.6 | 0.6 |
Total Finance Lease Cost | 0.8 | 0.8 | 0.8 |
Operating Lease Cost | 2.3 | 2.1 | 3.4 |
Variable Lease Cost | 0 | 0 | 0 |
Total Lease Cost | 3.1 | 2.9 | 4.2 |
Public Service Company of New Hampshire | |||
Lease, Cost [Abstract] | |||
Amortization of Right-of-use-Assets | 0.1 | 0.1 | 0.1 |
Interest on Lease Liabilities | 0 | 0 | 0 |
Total Finance Lease Cost | 0.1 | 0.1 | 0.1 |
Operating Lease Cost | 0.1 | 0.1 | 0.1 |
Variable Lease Cost | 44.8 | 45.6 | 47.2 |
Total Lease Cost | $ 45 | $ 45.8 | $ 47.4 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases: | ||
Right-of-use-Assets, Net | $ 47.2 | $ 55.2 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Long-Term Assets | Other Long-Term Assets |
Current Portion | $ 10 | $ 9.5 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Current Liabilities | Other Current Liabilities |
Long-Term | $ 37.2 | $ 45.7 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Long-Term Liabilities | Other Long-Term Liabilities |
Total Operating Lease Liabilities | $ 47.2 | $ 55.2 |
Finance Leases: | ||
Right-of-use-Assets, Net | $ 58 | $ 60.5 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Current Portion | $ 3.9 | $ 5 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Current Liabilities | Other Current Liabilities |
Long-Term | $ 55.4 | $ 57.6 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Long-Term Liabilities | Other Long-Term Liabilities |
Total Finance Lease Liabilities | $ 59.3 | $ 62.6 |
The Connecticut Light and Power Company | ||
Operating Leases: | ||
Right-of-use-Assets, Net | 0.1 | 0.3 |
Current Portion | 0.1 | 0.2 |
Long-Term | 0 | 0.1 |
Total Operating Lease Liabilities | 0.1 | 0.3 |
Finance Leases: | ||
Right-of-use-Assets, Net | 0 | 0.7 |
Current Portion | 0 | 1.4 |
Long-Term | 0 | 0 |
Total Finance Lease Liabilities | 0 | 1.4 |
NSTAR Electric Company | ||
Operating Leases: | ||
Right-of-use-Assets, Net | 24.3 | 23.6 |
Current Portion | 1.1 | 0.7 |
Long-Term | 23.2 | 22.9 |
Total Operating Lease Liabilities | 24.3 | 23.6 |
Finance Leases: | ||
Right-of-use-Assets, Net | 3.3 | 3.5 |
Current Portion | 0 | 0 |
Long-Term | 4.9 | 4.8 |
Total Finance Lease Liabilities | 4.9 | 4.8 |
Public Service Company of New Hampshire | ||
Operating Leases: | ||
Right-of-use-Assets, Net | 0.3 | 0.3 |
Current Portion | 0 | 0 |
Long-Term | 0.3 | 0.3 |
Total Operating Lease Liabilities | 0.3 | 0.3 |
Finance Leases: | ||
Right-of-use-Assets, Net | 0.7 | 0.8 |
Current Portion | 0.1 | 0.1 |
Long-Term | 0.6 | 0.7 |
Total Finance Lease Liabilities | $ 0.7 | $ 0.8 |
LEASES - Other Information Rela
LEASES - Other Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted-Average Remaining Lease Term (Years): | |||
Operating Leases | 13 years | 10 years | |
Finance Leases | 16 years | 17 years | |
Weighted-Average Discount Rate (Percentage): | |||
Operating Leases | 4.10% | 4.00% | |
Finance Leases | 2.70% | 2.90% | |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |||
Operating Cash Flows from Operating Leases | $ 12.1 | $ 10.9 | $ 11.4 |
Operating Cash Flows from Finance Leases | 3.4 | 1.7 | 1.2 |
Financing Cash Flows from Finance Leases | 4.1 | 2.8 | 2.6 |
Supplemental Non-Cash Information on Lease Liabilities: | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 2.1 | 0.6 | 2.9 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 2.3 | $ 0.7 | 2 |
The Connecticut Light and Power Company | |||
Weighted-Average Remaining Lease Term (Years): | |||
Operating Leases | 7 years | 3 years | |
Finance Leases | 1 year | ||
Weighted-Average Discount Rate (Percentage): | |||
Operating Leases | 3.00% | 2.40% | |
Finance Leases | 0.00% | 10.50% | |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |||
Operating Cash Flows from Operating Leases | $ 0.3 | $ 0.6 | 0.4 |
Operating Cash Flows from Finance Leases | 0.1 | 0.3 | 0.6 |
Financing Cash Flows from Finance Leases | 1.4 | 1.6 | 1.4 |
Supplemental Non-Cash Information on Lease Liabilities: | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 0 | 0.1 | 1 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 | $ 0 | 0 |
NSTAR Electric Company | |||
Weighted-Average Remaining Lease Term (Years): | |||
Operating Leases | 18 years | 19 years | |
Finance Leases | 20 years | 21 years | |
Weighted-Average Discount Rate (Percentage): | |||
Operating Leases | 4.00% | 4.10% | |
Finance Leases | 2.90% | 2.90% | |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |||
Operating Cash Flows from Operating Leases | $ 2.1 | $ 1.8 | 1.6 |
Operating Cash Flows from Finance Leases | 0.6 | 0.6 | 0.6 |
Financing Cash Flows from Finance Leases | 0 | 0 | 0 |
Supplemental Non-Cash Information on Lease Liabilities: | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 1.9 | 0.2 | 0.1 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 | $ 0.3 | 0 |
Public Service Company of New Hampshire | |||
Weighted-Average Remaining Lease Term (Years): | |||
Operating Leases | 7 years | 8 years | |
Finance Leases | 7 years | 8 years | |
Weighted-Average Discount Rate (Percentage): | |||
Operating Leases | 3.70% | 3.70% | |
Finance Leases | 3.50% | 3.50% | |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |||
Operating Cash Flows from Operating Leases | $ 0.1 | $ 0.1 | 0.1 |
Operating Cash Flows from Finance Leases | 0 | 0 | 0 |
Financing Cash Flows from Finance Leases | 0.1 | 0.1 | 0.1 |
Supplemental Non-Cash Information on Lease Liabilities: | |||
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 0 | 0 | 0.2 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | $ 0 | $ 0 | $ 0 |
LEASES - Future Minimum Lease P
LEASES - Future Minimum Lease Payments under Long-Term Leases (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 11.1 | |
2023 | 7.6 | |
2024 | 6.1 | |
2025 | 3.2 | |
2026 | 2.5 | |
Thereafter | 27.8 | |
Future lease payments | 58.3 | |
Less amount representing interest | 11.1 | |
Present value of future minimum lease payments | 47.2 | $ 55.2 |
Finance Leases | ||
2022 | 6 | |
2023 | 5.2 | |
2024 | 5.3 | |
2025 | 5.2 | |
2026 | 4.7 | |
Thereafter | 56 | |
Future lease payments | 82.4 | |
Less amount representing interest | 23.1 | |
Present value of future minimum lease payments | 59.3 | 62.6 |
The Connecticut Light and Power Company | ||
Operating Leases | ||
2022 | 0.1 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Future lease payments | 0.1 | |
Less amount representing interest | 0 | |
Present value of future minimum lease payments | 0.1 | 0.3 |
Finance Leases | ||
Present value of future minimum lease payments | 0 | 1.4 |
NSTAR Electric Company | ||
Operating Leases | ||
2022 | 2.1 | |
2023 | 2.1 | |
2024 | 2.1 | |
2025 | 1.7 | |
2026 | 1.7 | |
Thereafter | 25.3 | |
Future lease payments | 35 | |
Less amount representing interest | 10.7 | |
Present value of future minimum lease payments | 24.3 | 23.6 |
Finance Leases | ||
2022 | 0.6 | |
2023 | 0.7 | |
2024 | 0.7 | |
2025 | 0.6 | |
2026 | 0.6 | |
Thereafter | 12.4 | |
Future lease payments | 15.6 | |
Less amount representing interest | 10.7 | |
Present value of future minimum lease payments | 4.9 | 4.8 |
Public Service Company of New Hampshire | ||
Operating Leases | ||
2022 | 0.1 | |
2023 | 0.1 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0.1 | |
Future lease payments | 0.3 | |
Less amount representing interest | 0 | |
Present value of future minimum lease payments | 0.3 | 0.3 |
Finance Leases | ||
2022 | 0.1 | |
2023 | 0.1 | |
2024 | 0.1 | |
2025 | 0.1 | |
2026 | 0.1 | |
Thereafter | 0.3 | |
Future lease payments | 0.8 | |
Less amount representing interest | 0.1 | |
Present value of future minimum lease payments | $ 0.7 | $ 0.8 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | $ 155,570 | $ 155,570 |
Rate Reduction Bonds | 453,702 | 496,912 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 155,600 | 155,600 |
Long-Term Debt | 18,216,700 | 16,179,100 |
Rate Reduction Bonds | 496,900 | 540,100 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 166,300 | 169,100 |
Long-Term Debt | 19,636,300 | 18,420,100 |
Rate Reduction Bonds | 543,300 | 603,400 |
The Connecticut Light and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
The Connecticut Light and Power Company | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
Long-Term Debt | 4,215,400 | 3,914,800 |
The Connecticut Light and Power Company | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 122,300 | 123,400 |
Long-Term Debt | 4,848,900 | 4,800,900 |
NSTAR Electric Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
NSTAR Electric Company | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
Long-Term Debt | 3,985,400 | 3,643,200 |
NSTAR Electric Company | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 44,000 | 45,700 |
Long-Term Debt | 4,453,500 | 4,294,000 |
Public Service Company of New Hampshire | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rate Reduction Bonds | 453,702 | 496,912 |
Public Service Company of New Hampshire | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 1,163,800 | 1,099,100 |
Rate Reduction Bonds | 496,900 | 540,100 |
Public Service Company of New Hampshire | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 1,220,600 | 1,207,000 |
Rate Reduction Bonds | $ 543,300 | $ 603,400 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Schedule of Changes in AOCI By Component (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 14,063,566 | $ 12,629,994 |
OCI Before Reclassifications | 23,400 | (19,200) |
Amounts Reclassified from AOCI | 10,700 | 7,900 |
Net OCI | 34,100 | (11,300) |
Ending balance | 14,599,844 | 14,063,566 |
Total | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (76,411) | (65,059) |
Ending balance | (42,275) | (76,411) |
Qualified Cash Flow Hedging Instruments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (1,400) | (3,000) |
OCI Before Reclassifications | 0 | 0 |
Amounts Reclassified from AOCI | 1,000 | 1,600 |
Net OCI | 1,000 | 1,600 |
Ending balance | (400) | (1,400) |
Unrealized Gains/(Losses) on Marketable Securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 1,100 | 700 |
OCI Before Reclassifications | (700) | 400 |
Amounts Reclassified from AOCI | 0 | 0 |
Net OCI | (700) | 400 |
Ending balance | 400 | 1,100 |
Defined Benefit Plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (76,100) | (62,800) |
OCI Before Reclassifications | 24,100 | (19,600) |
Amounts Reclassified from AOCI | 9,700 | 6,300 |
Net OCI | 33,800 | (13,300) |
Ending balance | $ (42,300) | $ (76,100) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Related tax effect recognized in AOCI | $ 8.3 | $ 6 | $ 4.4 |
Pre-tax amount reclassified from AOCI as a decrease to net income | 0.1 | ||
NSTAR Electric Company | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Pre-tax amount reclassified from AOCI as a decrease to net income | $ 0.1 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Schedule of Amounts Reclassified From AOCI By Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax Effect | $ (344,223) | $ (346,186) | $ (273,499) |
Net Income Attributable to Common Shareholders | 1,220,527 | 1,205,167 | 909,053 |
Defined Benefit Plan Costs: | |||
Total Amounts Reclassified from AOCI, Net of Tax | (10,700) | (7,900) | (7,000) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax Effect | 700 | 900 | 1,100 |
Qualified Cash Flow Hedging Instruments, Net of Tax | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net Income Attributable to Common Shareholders | (1,000) | (1,600) | (1,400) |
Amortization of Actuarial Losses | |||
Defined Benefit Plan Costs: | |||
Reclassifications from AOCI | (13,100) | (8,100) | (5,700) |
Amortization of Prior Service Credit/(Cost) | |||
Defined Benefit Plan Costs: | |||
Reclassifications from AOCI | 0 | (300) | (1,800) |
Defined Benefit Plans | |||
Defined Benefit Plan Costs: | |||
Reclassifications from AOCI | (13,100) | (8,400) | (7,500) |
Tax Effect | 3,400 | 2,100 | 1,900 |
Total Amounts Reclassified from AOCI, Net of Tax | (9,700) | (6,300) | (5,600) |
Interest Expense | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Qualified Cash Flow Hedging Instruments | $ (1,700) | $ (2,500) | $ (2,500) |
DIVIDEND RESTRICTIONS (Details)
DIVIDEND RESTRICTIONS (Details) $ in Millions | Dec. 31, 2021USD ($) |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Consolidated total debt to total capital ratio (as a percentage) | 0.65 |
Retained earnings subject to restrictions | $ 5,010 |
The Connecticut Light and Power Company | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | 2,230 |
NSTAR Electric Company | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | 2,720 |
Public Service Company of New Hampshire | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | $ 504.6 |
COMMON SHARES - Common Shares A
COMMON SHARES - Common Shares Authorized and Issued (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||
Per share par value (in dollars per share) | $ 5 | $ 5 | $ 5 |
Authorized (in shares) | 380,000,000 | 380,000,000 | |
Issued (in shares) | 357,818,402 | 357,818,402 | |
The Connecticut Light and Power Company | |||
Class of Stock [Line Items] | |||
Per share par value (in dollars per share) | $ 10 | $ 10 | |
Authorized (in shares) | 24,500,000 | 24,500,000 | |
Issued (in shares) | 6,035,205 | 6,035,205 | |
NSTAR Electric Company | |||
Class of Stock [Line Items] | |||
Per share par value (in dollars per share) | $ 1 | $ 1 | |
Authorized (in shares) | 100,000,000 | 100,000,000 | |
Issued (in shares) | 200 | 200 | |
Public Service Company of New Hampshire | |||
Class of Stock [Line Items] | |||
Per share par value (in dollars per share) | $ 1 | $ 1 | |
Authorized (in shares) | 100,000,000 | 100,000,000 | |
Issued (in shares) | 301 | 301 |
COMMON SHARES - Narrative (Deta
COMMON SHARES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 01, 2021 | Apr. 08, 2021 | Jun. 15, 2020 | Mar. 26, 2020 | Mar. 23, 2020 | Dec. 30, 2019 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||||||||||||||
Equity offering (in shares) | 6,000,000 | 5,980,000 | ||||||||||||
Price per share (in dollars per share) | $ 86.26 | |||||||||||||
Net proceeds from common shares issued directly by the Company | $ 509,200 | $ 314,100 | $ 105,700 | $ 929,000 | $ 852,300 | $ 0 | $ 928,992 | $ 852,254 | ||||||
Common shares issuable pursuant to forward sale agreement (in shares) | 11,960,000 | 4,460,000 | 1,500,000 | 6,000,000 | ||||||||||
Forward sale price (in dollars per share) | $ 71.48 | |||||||||||||
Common shares issued directly by the Company (in shares) | 5,960,000 | |||||||||||||
Treasury stock (in shares) | 13,415,206 | 14,864,379 | ||||||||||||
Common stock outstanding (in shares) | 344,403,196 | 342,954,023 | ||||||||||||
Issuance of Treasury Shares for Acquisition of New England Service Company | $ 38,100 | $ 38,051 | ||||||||||||
Common Shares | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Common shares issued directly by the Company (in shares) | 11,960,000 | 11,980,000 | ||||||||||||
Common stock outstanding (in shares) | 329,880,645 | 344,403,196 | 342,954,023 | 329,880,645 | 316,885,808 | |||||||||
Class of Stock [Line Items] | ||||||||||||||
Issuance of Treasury Shares for Acquisition of New England Service Company (in shares) | 462,517 |
PREFERRED STOCK NOT SUBJECT T_3
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION - Narrative (Details) | Dec. 31, 2021$ / sharesshares |
The Connecticut Light and Power Company | |
Class of Stock [Line Items] | |
Preferred stock, shares authorized (in shares) | shares | 9,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 50 |
NSTAR Electric Company | |
Class of Stock [Line Items] | |
Preferred stock, shares authorized (in shares) | shares | 2,890,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 100 |
PREFERRED STOCK NOT SUBJECT T_4
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION - Schedule of Preferred Stock by Class (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Preferred stock value outstanding | $ 155.6 | $ 155.6 |
The Connecticut Light and Power Company | ||
Class of Stock [Line Items] | ||
Shares outstanding (in shares) | 2,324,000 | 2,324,000 |
Preferred stock value outstanding | $ 116.2 | $ 116.2 |
The Connecticut Light and Power Company | Series of 1947 Preferred Stock at $1.90 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 1,900,000 | $ 1,900,000 |
Redemption Price Per Share (in dollars per share) | $ 52.50 | |
Shares outstanding (in shares) | 163,912 | 163,912 |
Preferred stock value outstanding | $ 8.2 | $ 8.2 |
The Connecticut Light and Power Company | Series of 1947 Preferred Stock at $2.00 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2,000,000 | $ 2,000,000 |
Redemption Price Per Share (in dollars per share) | $ 54 | |
Shares outstanding (in shares) | 336,088 | 336,088 |
Preferred stock value outstanding | $ 16.8 | $ 16.8 |
The Connecticut Light and Power Company | Series of 1949 Preferred Stock at $2.04 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2,040,000 | $ 2,040,000 |
Redemption Price Per Share (in dollars per share) | $ 52 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light and Power Company | Series of 1949 Preferred Stock at $2.20 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2,200,000 | $ 2,200,000 |
Redemption Price Per Share (in dollars per share) | $ 52.50 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light and Power Company | Series of 1949 Preferred Stock at 3.90% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 3.90% | 3.90% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 160,000 | 160,000 |
Preferred stock value outstanding | $ 8 | $ 8 |
The Connecticut Light and Power Company | Series E of 1954 Preferred Stock at $2.06 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2,060,000 | $ 2,060,000 |
Redemption Price Per Share (in dollars per share) | $ 51 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light and Power Company | Series F of 1955 Preferred Stock at $2.09 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2,090,000 | $ 2,090,000 |
Redemption Price Per Share (in dollars per share) | $ 51 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light and Power Company | Series of 1956 Preferred Stock at 4.5% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.50% | 4.50% |
Redemption Price Per Share (in dollars per share) | $ 50.75 | |
Shares outstanding (in shares) | 104,000 | 104,000 |
Preferred stock value outstanding | $ 5.2 | $ 5.2 |
The Connecticut Light and Power Company | Series of 1958 Preferred Stock at 4.96% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.96% | 4.96% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light and Power Company | Series of 1963 Preferred Stock at 4.5% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.50% | 4.50% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 160,000 | 160,000 |
Preferred stock value outstanding | $ 8 | $ 8 |
The Connecticut Light and Power Company | Series of 1967 Preferred Stock at 5.28% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 5.28% | 5.28% |
Redemption Price Per Share (in dollars per share) | $ 51.43 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light and Power Company | Series G of 1968 Preferred Stock at $3.24 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 3,240,000 | $ 3,240,000 |
Redemption Price Per Share (in dollars per share) | $ 51.84 | |
Shares outstanding (in shares) | 300,000 | 300,000 |
Preferred stock value outstanding | $ 15 | $ 15 |
The Connecticut Light and Power Company | Series of 1968 Preferred Stock at 6.56% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 6.56% | 6.56% |
Redemption Price Per Share (in dollars per share) | $ 51.44 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Shares outstanding (in shares) | 430,000 | 430,000 |
Preferred stock value outstanding | $ 43 | $ 43 |
NSTAR Electric Company | Preferred Stock 4.25% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.25% | 4.25% |
Redemption Price Per Share (in dollars per share) | $ 103.625 | |
Shares outstanding (in shares) | 180,000 | 180,000 |
Preferred stock value outstanding | $ 18 | $ 18 |
NSTAR Electric Company | Preferred Stock 4.78% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.78% | 4.78% |
Redemption Price Per Share (in dollars per share) | $ 102.80 | |
Shares outstanding (in shares) | 250,000 | 250,000 |
Preferred stock value outstanding | $ 25 | $ 25 |
Aquarion Water Company | Series of Preferred Stock at 6% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 6.00% | |
Redemption Price Per Share (in dollars per share) | $ 100 | |
Shares outstanding (in shares) | 23 | 23 |
Preferred stock value outstanding | $ 0 | $ 0 |
Fair Value Adjustment | NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Preferred stock value outstanding | $ 3.6 | $ 3.6 |
COMMON SHAREHOLDERS' EQUITY A_2
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Net income attributable to noncontrolling interests | $ 7,500 | $ 7,500 | $ 7,500 |
Noncontrolling interest - preferred stock of subsidiaries | $ 155,570 | $ 155,570 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Antidilutive share awards excluded from the EPS computation (in shares) | 39,560 | 0 | 0 |
EARNINGS PER SHARE - Components
EARNINGS PER SHARE - Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net Income Attributable to Common Shareholders | $ 1,220,527 | $ 1,205,167 | $ 909,053 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 343,972,926 | 338,836,147 | 321,416,086 |
Dilutive Effect of: | |||
Share-Based Compensation Awards and Other (in shares) | 658,130 | 738,994 | 762,215 |
Equity Forward Sale Agreement (in shares) | 0 | 271,921 | 763,335 |
Dilutive Effect (in shares) | 658,130 | 1,010,915 | 1,525,550 |
Diluted (in shares) | 344,631,056 | 339,847,062 | 322,941,636 |
Basic EPS (in dollars per share) | $ 3.55 | $ 3.56 | $ 2.83 |
Diluted EPS (in dollars per share) | $ 3.54 | $ 3.55 | $ 2.81 |
REVENUES - Operating Revenues D
REVENUES - Operating Revenues Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | $ 9,815,000 | $ 8,766,500 | $ 8,450,000 |
Alternative Revenue Programs | 41,700 | 130,000 | 53,200 |
Other Revenues | 6,400 | 7,900 | 23,300 |
Operating Revenues | 9,863,085 | 8,904,430 | 8,526,470 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 5,123,600 | 4,741,500 | 4,411,100 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 3,041,400 | 2,772,900 | 2,992,000 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 499,700 | 425,600 | 421,600 |
Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 8,664,700 | 7,940,000 | 7,824,700 |
Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 453,200 | 340,900 | 269,400 |
Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 661,800 | 374,100 | 275,200 |
Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 114,000 | 111,500 | 80,700 |
Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (78,700) | ||
The Connecticut Light and Power Company | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenues | 3,637,412 | 3,547,527 | 3,232,551 |
NSTAR Electric Company | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenues | 3,056,350 | 2,941,148 | 3,044,642 |
Public Service Company of New Hampshire | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenues | 1,177,248 | 1,079,095 | 1,065,936 |
Operating Segments | Electric Distribution | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 7,404,000 | 7,038,600 | 6,912,100 |
Alternative Revenue Programs | 14,700 | 88,100 | 45,900 |
Other Revenues | 4,900 | 5,600 | 18,500 |
Operating Revenues | 7,423,600 | 7,132,300 | 6,976,500 |
Operating Segments | Electric Distribution | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 3,989,800 | 3,951,500 | 3,723,700 |
Operating Segments | Electric Distribution | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 2,486,100 | 2,353,400 | 2,584,800 |
Operating Segments | Electric Distribution | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 345,300 | 327,100 | 331,800 |
Operating Segments | Electric Distribution | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 6,821,200 | 6,632,000 | 6,640,300 |
Operating Segments | Electric Distribution | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Electric Distribution | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 575,800 | 327,300 | 215,700 |
Operating Segments | Electric Distribution | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 78,100 | 79,300 | 56,100 |
Operating Segments | Electric Distribution | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (71,100) | ||
Operating Segments | Natural Gas Distribution | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,752,300 | 1,162,900 | 1,064,000 |
Alternative Revenue Programs | 37,000 | 44,700 | (4,900) |
Other Revenues | 300 | 1,100 | 3,100 |
Operating Revenues | 1,789,600 | 1,208,700 | 1,062,200 |
Operating Segments | Natural Gas Distribution | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,000,300 | 644,900 | 555,100 |
Operating Segments | Natural Gas Distribution | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 497,600 | 361,900 | 347,600 |
Operating Segments | Natural Gas Distribution | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 167,200 | 107,400 | 96,900 |
Operating Segments | Natural Gas Distribution | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,665,100 | 1,114,200 | 999,600 |
Operating Segments | Natural Gas Distribution | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Natural Gas Distribution | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 82,100 | 43,000 | 55,400 |
Operating Segments | Natural Gas Distribution | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 5,100 | 5,700 | 9,000 |
Operating Segments | Natural Gas Distribution | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | ||
Operating Segments | Electric Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,759,900 | 1,570,600 | 1,306,500 |
Alternative Revenue Programs | (126,100) | (35,200) | 81,800 |
Other Revenues | 800 | 700 | 700 |
Operating Revenues | 1,634,600 | 1,536,100 | 1,389,000 |
Operating Segments | Electric Transmission | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Electric Transmission | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Electric Transmission | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Electric Transmission | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Electric Transmission | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,751,300 | 1,557,300 | 1,293,300 |
Operating Segments | Electric Transmission | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Electric Transmission | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 13,600 | 13,300 | 13,200 |
Operating Segments | Electric Transmission | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (5,000) | ||
Operating Segments | Water Distribution | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 209,400 | 219,600 | 209,000 |
Alternative Revenue Programs | 1,500 | (4,700) | 4,600 |
Other Revenues | 400 | 500 | 1,000 |
Operating Revenues | 211,300 | 215,400 | 214,600 |
Operating Segments | Water Distribution | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 133,500 | 145,100 | 132,300 |
Operating Segments | Water Distribution | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 62,800 | 62,400 | 63,900 |
Operating Segments | Water Distribution | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 4,300 | 4,800 | 4,500 |
Operating Segments | Water Distribution | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 200,600 | 212,300 | 200,700 |
Operating Segments | Water Distribution | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Water Distribution | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 3,900 | 3,800 | 4,100 |
Operating Segments | Water Distribution | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 7,500 | 3,500 | 4,200 |
Operating Segments | Water Distribution | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (2,600) | ||
Operating Segments | The Connecticut Light and Power Company | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 4,238,900 | 4,044,700 | 3,626,900 |
Alternative Revenue Programs | (78,900) | (4,200) | 77,500 |
Other Revenues | 400 | 2,200 | 10,300 |
Operating Segments | The Connecticut Light and Power Company | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,994,200 | 2,011,100 | 1,837,100 |
Operating Segments | The Connecticut Light and Power Company | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 890,600 | 878,300 | 922,900 |
Operating Segments | The Connecticut Light and Power Company | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 131,400 | 137,500 | 138,300 |
Operating Segments | The Connecticut Light and Power Company | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 3,016,200 | 3,026,900 | 2,898,300 |
Operating Segments | The Connecticut Light and Power Company | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 863,300 | 754,800 | 587,100 |
Operating Segments | The Connecticut Light and Power Company | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 408,800 | 230,100 | 105,100 |
Operating Segments | The Connecticut Light and Power Company | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 26,700 | 32,900 | 36,400 |
Operating Segments | The Connecticut Light and Power Company | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (76,100) | 0 | 0 |
Operating Segments | NSTAR Electric Company | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 3,541,600 | 3,327,500 | 3,396,400 |
Alternative Revenue Programs | (15,100) | 54,500 | 41,600 |
Other Revenues | 3,400 | 3,500 | 7,000 |
Operating Segments | NSTAR Electric Company | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,375,800 | 1,365,800 | 1,322,100 |
Operating Segments | NSTAR Electric Company | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,265,000 | 1,176,800 | 1,349,400 |
Operating Segments | NSTAR Electric Company | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 119,100 | 106,400 | 115,800 |
Operating Segments | NSTAR Electric Company | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 2,759,900 | 2,649,000 | 2,787,300 |
Operating Segments | NSTAR Electric Company | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 616,300 | 576,500 | 517,300 |
Operating Segments | NSTAR Electric Company | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 109,200 | 58,400 | 73,100 |
Operating Segments | NSTAR Electric Company | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 56,200 | 43,600 | 18,700 |
Operating Segments | NSTAR Electric Company | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Operating Segments | Public Service Company of New Hampshire | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,387,600 | 1,241,300 | 1,200,100 |
Alternative Revenue Programs | (17,400) | 2,600 | 8,600 |
Other Revenues | 1,900 | 600 | 1,900 |
Operating Segments | Public Service Company of New Hampshire | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 619,800 | 574,600 | 564,500 |
Operating Segments | Public Service Company of New Hampshire | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 332,200 | 299,900 | 314,600 |
Operating Segments | Public Service Company of New Hampshire | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 94,800 | 83,200 | 77,700 |
Operating Segments | Public Service Company of New Hampshire | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,046,800 | 957,700 | 956,800 |
Operating Segments | Public Service Company of New Hampshire | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 271,700 | 226,000 | 188,900 |
Operating Segments | Public Service Company of New Hampshire | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 57,800 | 38,800 | 37,500 |
Operating Segments | Public Service Company of New Hampshire | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 11,300 | 14,200 | 15,600 |
Operating Segments | Public Service Company of New Hampshire | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 4,600 | 1,300 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,354,000 | 1,235,900 | 1,028,500 |
Alternative Revenue Programs | 0 | 0 | 0 |
Other Revenues | 0 | 0 | 0 |
Operating Revenues | 1,354,000 | 1,235,900 | 1,028,500 |
Other | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Other | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Other | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Other | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Other | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 86,600 | 74,200 | 61,300 |
Other | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Other | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 1,267,400 | 1,161,700 | 967,200 |
Other | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | ||
Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (2,664,600) | (2,461,100) | (2,070,100) |
Alternative Revenue Programs | 114,600 | 37,100 | (74,200) |
Other Revenues | 0 | 0 | 0 |
Operating Revenues | (2,550,000) | (2,424,000) | (2,144,300) |
Eliminations | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Eliminations | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (5,100) | (4,800) | (4,300) |
Eliminations | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (17,100) | (13,700) | (11,600) |
Eliminations | Total Retail Tariff Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (22,200) | (18,500) | (15,900) |
Eliminations | Wholesale Transmission Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (1,384,700) | (1,290,600) | (1,085,200) |
Eliminations | Wholesale Market Sales Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | 0 | 0 |
Eliminations | Other Revenues from Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | (1,257,700) | (1,152,000) | (969,000) |
Eliminations | Reserve for Revenues Subject to Refund | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 0 | ||
Consolidations Eliminations | The Connecticut Light and Power Company | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenues | (523,000) | (495,200) | (482,100) |
Consolidations Eliminations | NSTAR Electric Company | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenues | (473,500) | (444,400) | (400,400) |
Consolidations Eliminations | Public Service Company of New Hampshire | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenues | $ (194,900) | $ (165,400) | $ (144,700) |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 01, 2021 | May 06, 2021 | |
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | $ 81,274 | $ 0 | $ 0 | ||
Revenues from Contracts with Customers | 9,815,000 | 8,766,500 | 8,450,000 | ||
Lease revenue | 4,800 | 4,300 | 4,400 | ||
The Connecticut Light and Power Company | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | 81,274 | 0 | 0 | ||
Lease revenue | 800 | 800 | 1,000 | ||
NSTAR Electric Company | |||||
Loss Contingencies [Line Items] | |||||
Lease revenue | 3,100 | 2,700 | 2,700 | ||
Reserve for Revenues Subject to Refund | |||||
Loss Contingencies [Line Items] | |||||
Revenues from Contracts with Customers | (78,700) | ||||
Operating Segments | The Connecticut Light and Power Company | |||||
Loss Contingencies [Line Items] | |||||
Revenues from Contracts with Customers | 4,238,900 | 4,044,700 | 3,626,900 | ||
Operating Segments | NSTAR Electric Company | |||||
Loss Contingencies [Line Items] | |||||
Revenues from Contracts with Customers | 3,541,600 | 3,327,500 | 3,396,400 | ||
Operating Segments | Reserve for Revenues Subject to Refund | The Connecticut Light and Power Company | |||||
Loss Contingencies [Line Items] | |||||
Revenues from Contracts with Customers | (76,100) | 0 | 0 | ||
Operating Segments | Reserve for Revenues Subject to Refund | NSTAR Electric Company | |||||
Loss Contingencies [Line Items] | |||||
Revenues from Contracts with Customers | 0 | $ 0 | $ 0 | ||
Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | 103,600 | ||||
Unfavorable Regulatory Action | The Connecticut Light and Power Company | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible earnings impact, non-compliance with performance standards | $ 28,400 | $ 28,400 | |||
Unfavorable Regulatory Action | Operating Segments | Reserve for Revenues Subject to Refund | The Connecticut Light and Power Company | |||||
Loss Contingencies [Line Items] | |||||
Revenues from Contracts with Customers | 93,400 | ||||
Sales | Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | 65,000 | ||||
Sales | Unfavorable Regulatory Action | The Connecticut Light and Power Company | |||||
Loss Contingencies [Line Items] | |||||
Loss related to litigation settlement | $ 65,000 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Yankee Gas, NSTAR Gas and EGMA | |
Segment Reporting Information [Line Items] | |
Amount of natural gas transmission purchased | $ | $ 77.7 |
The Connecticut Light and Power Company | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
NSTAR Electric Company | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Public Service Company of New Hampshire | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Operating Revenues | $ 9,863,085 | $ 8,904,430 | $ 8,526,470 |
Depreciation and Amortization | (1,335,000) | (1,159,100) | (1,080,700) |
Impairment of Northern Pass Transmission | 0 | 0 | (239,644) |
Other Operating Expenses | (6,534,800) | (5,756,600) | (5,615,700) |
Operating Income | 1,993,321 | 1,988,734 | 1,590,491 |
Interest Expense | (582,334) | (538,452) | (533,197) |
Interest Income | 25,600 | 4,800 | 12,800 |
Other Income, Net | 135,700 | 103,800 | 120,000 |
Income Tax (Expense)/Benefit | (344,223) | (346,186) | (273,499) |
Net Income | 1,228,046 | 1,212,686 | 916,572 |
Net Income Attributable to Noncontrolling Interests | (7,519) | (7,519) | (7,519) |
Net Income Attributable to Common Shareholders | 1,220,527 | 1,205,167 | 909,053 |
Total Assets (as of) | 48,492,144 | 46,099,598 | |
Cash Flows Used for Investments in Plant | 3,175,080 | 2,942,996 | 2,911,489 |
Operating Segments | Electric Distribution | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 7,423,600 | 7,132,300 | 6,976,500 |
Depreciation and Amortization | (737,800) | (657,000) | (651,300) |
Impairment of Northern Pass Transmission | 0 | ||
Other Operating Expenses | (5,970,000) | (5,642,300) | (5,525,100) |
Operating Income | 715,800 | 833,000 | 800,100 |
Interest Expense | (236,400) | (216,000) | (206,400) |
Interest Income | 20,700 | 3,200 | 13,300 |
Other Income, Net | 78,100 | 58,000 | 46,800 |
Income Tax (Expense)/Benefit | (103,500) | (129,600) | (135,900) |
Net Income | 474,700 | 548,600 | 517,900 |
Net Income Attributable to Noncontrolling Interests | (4,600) | (4,600) | (4,600) |
Net Income Attributable to Common Shareholders | 470,100 | 544,000 | 513,300 |
Total Assets (as of) | 25,411,200 | 24,981,900 | |
Cash Flows Used for Investments in Plant | 1,053,300 | 1,079,000 | 1,104,200 |
Operating Segments | Natural Gas Distribution | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 1,789,600 | 1,208,700 | 1,062,200 |
Depreciation and Amortization | (142,300) | (87,900) | (68,300) |
Impairment of Northern Pass Transmission | 0 | ||
Other Operating Expenses | (1,345,400) | (913,800) | (830,800) |
Operating Income | 301,900 | 207,000 | 163,100 |
Interest Expense | (58,600) | (40,000) | (47,400) |
Interest Income | 4,500 | 900 | 100 |
Other Income, Net | 17,900 | 3,100 | 1,600 |
Income Tax (Expense)/Benefit | (60,900) | (36,900) | (21,200) |
Net Income | 204,800 | 134,100 | 96,200 |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 |
Net Income Attributable to Common Shareholders | 204,800 | 134,100 | 96,200 |
Total Assets (as of) | 7,215,900 | 6,450,500 | |
Cash Flows Used for Investments in Plant | 721,100 | 494,400 | 460,200 |
Operating Segments | Electric Transmission | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 1,634,600 | 1,536,100 | 1,389,000 |
Depreciation and Amortization | (300,300) | (278,100) | (253,300) |
Impairment of Northern Pass Transmission | (239,600) | ||
Other Operating Expenses | (496,200) | (470,000) | (411,200) |
Operating Income | 838,100 | 788,000 | 484,900 |
Interest Expense | (133,200) | (126,800) | (125,700) |
Interest Income | 2,200 | 4,700 | 1,500 |
Other Income, Net | 19,800 | 23,300 | 29,200 |
Income Tax (Expense)/Benefit | (179,400) | (183,800) | (130,500) |
Net Income | 547,500 | 505,400 | 259,400 |
Net Income Attributable to Noncontrolling Interests | (2,900) | (2,900) | (2,900) |
Net Income Attributable to Common Shareholders | 544,600 | 502,500 | 256,500 |
Total Assets (as of) | 12,377,800 | 11,695,000 | |
Cash Flows Used for Investments in Plant | 1,024,100 | 1,004,600 | 987,000 |
Operating Segments | Water Distribution | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 211,300 | 215,400 | 214,600 |
Depreciation and Amortization | (46,100) | (44,200) | (46,900) |
Impairment of Northern Pass Transmission | 0 | ||
Other Operating Expenses | (101,400) | (86,600) | (101,000) |
Operating Income | 63,800 | 84,600 | 66,700 |
Interest Expense | (32,000) | (32,900) | (34,600) |
Interest Income | 0 | 0 | 0 |
Other Income, Net | 3,300 | 2,000 | 400 |
Income Tax (Expense)/Benefit | 1,700 | (12,500) | 2,400 |
Net Income | 36,800 | 41,200 | 34,900 |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 |
Net Income Attributable to Common Shareholders | 36,800 | 41,200 | 34,900 |
Total Assets (as of) | 2,551,100 | 2,375,200 | |
Cash Flows Used for Investments in Plant | 137,200 | 118,800 | 118,000 |
Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 1,354,000 | 1,235,900 | 1,028,500 |
Depreciation and Amortization | (113,100) | (93,500) | (63,200) |
Impairment of Northern Pass Transmission | 0 | ||
Other Operating Expenses | (1,170,400) | (1,071,900) | (891,300) |
Operating Income | 70,500 | 70,500 | 74,000 |
Interest Expense | (168,800) | (161,000) | (170,300) |
Interest Income | 46,000 | 37,800 | 48,700 |
Other Income, Net | 1,363,900 | 1,382,900 | 945,300 |
Income Tax (Expense)/Benefit | (2,100) | 16,600 | 11,700 |
Net Income | 1,309,500 | 1,346,800 | 909,400 |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 |
Net Income Attributable to Common Shareholders | 1,309,500 | 1,346,800 | 909,400 |
Total Assets (as of) | 22,674,700 | 22,089,400 | |
Cash Flows Used for Investments in Plant | 239,400 | 246,200 | 242,100 |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | (2,550,000) | (2,424,000) | (2,144,300) |
Depreciation and Amortization | 4,600 | 1,600 | 2,300 |
Impairment of Northern Pass Transmission | 0 | ||
Other Operating Expenses | 2,548,600 | 2,428,000 | 2,143,700 |
Operating Income | 3,200 | 5,600 | 1,700 |
Interest Expense | 46,600 | 38,300 | 51,200 |
Interest Income | (47,800) | (41,800) | (50,800) |
Other Income, Net | (1,347,300) | (1,365,500) | (903,300) |
Income Tax (Expense)/Benefit | 0 | 0 | 0 |
Net Income | (1,345,300) | (1,363,400) | (901,200) |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 |
Net Income Attributable to Common Shareholders | (1,345,300) | (1,363,400) | (901,200) |
Total Assets (as of) | (21,738,600) | (21,492,400) | |
Cash Flows Used for Investments in Plant | $ 0 | $ 0 | $ 0 |
ACQUISITION OF ASSETS OF COLU_3
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS - Narrative (Details) - USD ($) | Oct. 01, 2021 | Oct. 09, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 07, 2020 |
Business Acquisition [Line Items] | |||||||
Operating revenues | $ 154,800,000 | ||||||
Pre-tax income | 13,900,000 | ||||||
Impairment loss | $ 0 | ||||||
Acquisition of Assets of Columbia Gas of Massachusetts, Net of Restricted Cash | $ 0 | (1,113,252,000) | $ 0 | ||||
TSA | |||||||
Business Acquisition [Line Items] | |||||||
TSA and pre-TSA costs | $ 21,400,000 | $ 15,900,000 | |||||
Energy Efficiency expense | 2,000,000 | ||||||
DPU | |||||||
Business Acquisition [Line Items] | |||||||
Approved rate base | $ 995,000,000 | ||||||
CMA | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 1,100,000,000 | ||||||
Operating revenues | 9,273,000,000 | $ 9,103,000,000 | |||||
Contingent liability for future refund to customers | 6,700,000 | ||||||
Energy relief fund liability | $ 56,800,000 | ||||||
Arrearage Forgiveness Fund | $ 15,400,000 | 15,400,000 | |||||
Acquisition of Assets of Columbia Gas of Massachusetts, Net of Restricted Cash | $ (1,110,000,000) |
ACQUISITION OF ASSETS OF COLU_4
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS - Preliminary Allocation of the Cash Purchase Price (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 09, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,477,269 | $ 4,445,988 | $ 4,427,000 | |
CMA | ||||
Business Acquisition [Line Items] | ||||
Current Assets | $ 138,000 | |||
Restricted Cash | 57,000 | |||
PP&E | 1,182,000 | |||
Goodwill | 52,000 | |||
Other Noncurrent Assets, excluding Goodwill | 131,000 | |||
Other Current Liabilities | (81,000) | |||
Other Noncurrent Liabilities | (310,000) | |||
Cash Purchase Price | $ 1,169,000 |
ACQUISITION OF ASSETS OF COLU_5
ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Operating Revenues | $ 154.8 | |
CMA | ||
Business Acquisition [Line Items] | ||
Operating Revenues | 9,273 | $ 9,103 |
Net Income Attributable to Common Shareholders | $ 1,265 | $ 909 |
Basic EPS (in dollars per share) | $ 3.73 | $ 2.83 |
Diluted EPS (in dollars per share) | $ 3.72 | $ 2.82 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) - USD ($) | Oct. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | |||
Goodwill acquired | $ 21,000,000 | $ 42,000,000 | |
Goodwill measurement period adjustments | 10,000,000 | ||
Goodwill disposed of | 23,000,000 | ||
Impairment loss | $ 0 | ||
CMA | |||
Goodwill [Line Items] | |||
Goodwill acquired | 51,900,000 | ||
Water Distribution | |||
Goodwill [Line Items] | |||
Goodwill acquired | 21,700,000 | 0 | |
Goodwill measurement period adjustments | 0 | ||
Goodwill disposed of | 23,000,000 | ||
Water Distribution | Hingham Water System | |||
Goodwill [Line Items] | |||
Goodwill disposed of | 23,600,000 | ||
Water Distribution | CMA | |||
Goodwill [Line Items] | |||
Goodwill measurement period adjustments | 9,600,000 | ||
Natural Gas Distribution | |||
Goodwill [Line Items] | |||
Goodwill acquired | 0 | 42,000,000 | |
Goodwill measurement period adjustments | $ 10,000,000 | ||
Goodwill disposed of | $ 0 |
GOODWILL - Summary of Goodwill
GOODWILL - Summary of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Balance | $ 4,445,988 | $ 4,427,000 |
Goodwill acquired | 21,000 | 42,000 |
Sale of Hingham water system | (23,000) | |
Goodwill measurement period adjustments | 10,000 | |
Balance | 4,477,269 | 4,445,988 |
Electric Distribution | ||
Goodwill [Roll Forward] | ||
Balance | 2,544,000 | 2,544,000 |
Goodwill acquired | 0 | 0 |
Sale of Hingham water system | 0 | |
Goodwill measurement period adjustments | 0 | |
Balance | 2,544,000 | 2,544,000 |
Electric Transmission | ||
Goodwill [Roll Forward] | ||
Balance | 577,000 | 577,000 |
Goodwill acquired | 0 | 0 |
Sale of Hingham water system | 0 | |
Goodwill measurement period adjustments | 0 | |
Balance | 577,000 | 577,000 |
Water Distribution | ||
Goodwill [Roll Forward] | ||
Balance | 884,000 | 907,000 |
Goodwill acquired | 21,700 | 0 |
Sale of Hingham water system | (23,000) | |
Goodwill measurement period adjustments | 0 | |
Balance | 905,000 | 884,000 |
Natural Gas Distribution | ||
Goodwill [Roll Forward] | ||
Balance | 441,000 | 399,000 |
Goodwill acquired | 0 | 42,000 |
Sale of Hingham water system | 0 | |
Goodwill measurement period adjustments | 10,000 | |
Balance | $ 451,000 | $ 441,000 |
SCHEDULE I - FINANCIAL INFORM_2
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - BALANCE SHEET (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||||
Cash | $ 66,773 | $ 106,599 | ||
Prepayments and Other Current Assets | 369,759 | 252,439 | ||
Total Current Assets | 3,270,120 | 3,130,143 | ||
Deferred Debits and Other Assets: | ||||
Investments in Subsidiary Companies, at Equity | 1,436,293 | 1,107,143 | ||
Goodwill | 4,477,269 | 4,445,988 | $ 4,427,000 | |
Other Long-Term Assets | 883,756 | 583,854 | ||
Total Deferred Debits and Other Assets | 11,844,374 | 12,086,932 | ||
Total Assets (as of) | 48,492,144 | 46,099,598 | ||
Current Liabilities: | ||||
Notes Payable | 1,505,450 | 1,249,325 | ||
Long-Term Debt – Current Portion | 1,193,097 | 1,053,186 | ||
Other Current Liabilities | 830,620 | 809,214 | ||
Total Current Liabilities | 5,847,039 | 4,915,012 | ||
Deferred Credits and Other Liabilities | 10,412,412 | 11,342,662 | ||
Capitalization: | ||||
Long-Term Debt | 17,023,577 | 15,125,876 | ||
Common Shareholders' Equity: | ||||
Common Shares | 1,789,092 | 1,789,092 | ||
Capital Surplus, Paid in | 8,098,514 | 8,015,663 | ||
Retained Earnings | 5,005,391 | 4,613,201 | ||
Accumulated Other Comprehensive Loss | (42,275) | (76,411) | ||
Treasury Stock | (250,878) | (277,979) | ||
Stockholders' equity | 14,599,844 | 14,063,566 | $ 12,629,994 | $ 11,486,817 |
Total Liabilities and Capitalization | 48,492,144 | 46,099,598 | ||
Eversource | ||||
Current Assets: | ||||
Cash | 175 | 434 | ||
Accounts Receivable from Subsidiaries | 43,403 | 39,645 | ||
Notes Receivable from Subsidiaries | 1,245,900 | 996,300 | ||
Prepayments and Other Current Assets | 11,974 | 19,043 | ||
Total Current Assets | 1,301,452 | 1,055,422 | ||
Deferred Debits and Other Assets: | ||||
Investments in Subsidiary Companies, at Equity | 16,108,190 | 15,483,263 | ||
Notes Receivable from Subsidiaries | 1,001,000 | 1,110,400 | ||
Accumulated Deferred Income Taxes | 17,409 | 33,469 | ||
Goodwill | 3,852,524 | 3,231,811 | ||
Other Long-Term Assets | 101,710 | 90,735 | ||
Total Deferred Debits and Other Assets | 21,080,833 | 19,949,678 | ||
Total Assets (as of) | 22,382,285 | 21,005,100 | ||
Current Liabilities: | ||||
Notes Payable | 1,342,950 | 1,054,325 | ||
Long-Term Debt – Current Portion | 767,681 | 473,933 | ||
Accounts Payable to Subsidiaries | 37,609 | 18,424 | ||
Other Current Liabilities | 87,745 | 103,477 | ||
Total Current Liabilities | 2,235,985 | 1,650,159 | ||
Deferred Credits and Other Liabilities | 150,616 | 163,053 | ||
Capitalization: | ||||
Long-Term Debt | 5,395,840 | 5,128,322 | ||
Common Shareholders' Equity: | ||||
Common Shares | 1,789,092 | 1,789,092 | ||
Capital Surplus, Paid in | 8,098,514 | 8,015,663 | ||
Retained Earnings | 5,005,391 | 4,613,201 | ||
Accumulated Other Comprehensive Loss | (42,275) | (76,411) | ||
Treasury Stock | (250,878) | (277,979) | ||
Stockholders' equity | 14,599,844 | 14,063,566 | ||
Total Liabilities and Capitalization | $ 22,382,285 | $ 21,005,100 |
SCHEDULE I - FINANCIAL INFORM_3
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF INCOME (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Operating Revenues | $ 9,863,085 | $ 8,904,430 | $ 8,526,470 |
Operating Expenses: | |||
Other | 1,739,685 | 1,480,252 | 1,363,113 |
Operating Income (Loss) | 1,993,321 | 1,988,734 | 1,590,491 |
Interest Expense | 582,334 | 538,452 | 533,197 |
Other Income, Net: | |||
Equity in Earnings of Subsidiaries | 14,200 | 14,200 | 42,200 |
Other Income, Net | 161,282 | 108,590 | 132,777 |
Income Before Income Tax Expense | 1,572,269 | 1,558,872 | 1,190,071 |
Income Tax Benefit | 344,223 | 346,186 | 273,499 |
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Basic Earnings Per Common Share (in dollars per share) | $ 3.55 | $ 3.56 | $ 2.83 |
Diluted Earnings Per Common Share (in dollars per share) | $ 3.54 | $ 3.55 | $ 2.81 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 343,972,926 | 338,836,147 | 321,416,086 |
Diluted (in shares) | 344,631,056 | 339,847,062 | 322,941,636 |
Eversource | |||
Condensed Income Statements, Captions [Line Items] | |||
Operating Revenues | $ 0 | $ 0 | $ 0 |
Operating Expenses: | |||
Other | 43,048 | 28,645 | 50,100 |
Operating Income (Loss) | (43,048) | (28,645) | (50,100) |
Interest Expense | 163,613 | 160,887 | 163,937 |
Other Income, Net: | |||
Equity in Earnings of Subsidiaries | 1,345,199 | 1,309,630 | 1,001,526 |
Other, Net | 47,802 | 38,546 | 68,137 |
Other Income, Net | 1,393,001 | 1,348,176 | 1,069,663 |
Income Before Income Tax Expense | 1,186,340 | 1,158,644 | 855,626 |
Income Tax Benefit | (34,187) | (46,523) | (53,427) |
Net Income | $ 1,220,527 | $ 1,205,167 | $ 909,053 |
Basic Earnings Per Common Share (in dollars per share) | $ 3.55 | $ 3.56 | $ 2.83 |
Diluted Earnings Per Common Share (in dollars per share) | $ 3.54 | $ 3.55 | $ 2.81 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 343,972,926 | 338,836,147 | 321,416,086 |
Diluted (in shares) | 344,631,056 | 339,847,062 | 322,941,636 |
SCHEDULE I - FINANCIAL INFORM_4
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Statement of Income Captions [Line Items] | |||
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 972 | 1,596 | 1,393 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (671) | 342 | 1,166 |
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | 33,835 | (13,290) | (7,618) |
Other Comprehensive Income/(Loss), Net of Tax | 34,136 | (11,352) | (5,059) |
Comprehensive Income | 1,254,663 | 1,193,815 | 903,994 |
Eversource | |||
Condensed Statement of Income Captions [Line Items] | |||
Net Income | 1,220,527 | 1,205,167 | 909,053 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 972 | 1,596 | 1,393 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (671) | 342 | 1,166 |
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | 33,835 | (13,290) | (7,618) |
Other Comprehensive Income/(Loss), Net of Tax | 34,136 | (11,352) | (5,059) |
Comprehensive Income | $ 1,254,663 | $ 1,193,815 | $ 903,994 |
SCHEDULE I - FINANCIAL INFORM_5
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENT OF CASH FLOW (Details) - USD ($) $ in Thousands | Jun. 15, 2020 | Mar. 26, 2020 | Mar. 23, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Activities: | ||||||||
Net Income | $ 1,228,046 | $ 1,212,686 | $ 916,572 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||||||||
Equity in Earnings of Subsidiaries | (14,200) | (14,200) | (42,200) | |||||
Deferred Income Taxes | 347,056 | 257,154 | 209,812 | |||||
Other | (64,640) | (25,957) | (42,610) | |||||
Accounts Receivables from Subsidiaries | (135,505) | (351,843) | (98,716) | |||||
Taxes Receivable/Accrued, Net | (110,621) | 43,819 | (16,129) | |||||
Other Current Assets and Liabilities, Net | 5,569 | (9,591) | (11,603) | |||||
Net Cash Flows Provided by Operating Activities | 1,962,600 | 1,682,572 | 2,009,577 | |||||
Investing Activities: | ||||||||
Other Investing Activities | 22,178 | 23,809 | 24,204 | |||||
Net Cash Flows Used in Investing Activities | (3,447,374) | (4,129,275) | (3,274,288) | |||||
Financing Activities: | ||||||||
Issuance of Common Shares, Net of Issuance Costs | $ 509,200 | $ 314,100 | $ 105,700 | $ 929,000 | $ 852,300 | 0 | 928,992 | 852,254 |
Cash Dividends on Common Shares | (805,439) | (744,665) | (663,239) | |||||
Issuance of Long-Term Debt | 3,230,000 | 2,760,000 | 1,520,000 | |||||
Retirement of Long-Term Debt | (1,142,500) | (327,236) | (801,078) | |||||
Other Financing Activities | (46,625) | 14,273 | (1,006) | |||||
Net Cash Flows Provided by Financing Activities | 1,440,832 | 2,594,590 | 1,172,450 | |||||
Net (Decrease)/Increase in Cash and Restricted Cash | (43,942) | 147,887 | (92,261) | |||||
Cash and Restricted Cash - Beginning of Year | 264,950 | 117,063 | 209,324 | |||||
Cash and Restricted Cash - End of Year | 117,063 | 221,008 | 264,950 | 117,063 | ||||
Cash Paid/(Received) During the Year for: | ||||||||
Interest | 568,700 | 518,000 | 532,400 | |||||
Income Taxes | 121,600 | 48,900 | 56,000 | |||||
Eversource | ||||||||
Operating Activities: | ||||||||
Net Income | 1,220,527 | 1,205,167 | 909,053 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||||||||
Equity in Earnings of Subsidiaries | (1,345,199) | (1,309,630) | (1,001,526) | |||||
Cash Dividends Received from Subsidiaries | 1,037,100 | 485,800 | 883,000 | |||||
Deferred Income Taxes | 20,293 | (4,667) | 13,382 | |||||
Other | 36,910 | 39,940 | 19,584 | |||||
Accounts Receivables from Subsidiaries | (3,758) | (14,575) | 7,105 | |||||
Taxes Receivable/Accrued, Net | (19,455) | 35,300 | (605) | |||||
Accounts Payable to Subsidiaries | 19,185 | 14,091 | (4,099) | |||||
Other Current Assets and Liabilities, Net | 8,144 | 21,284 | (2,503) | |||||
Net Cash Flows Provided by Operating Activities | 973,747 | 472,710 | 823,391 | |||||
Investing Activities: | ||||||||
Capital Contributions to Subsidiaries | (1,033,000) | (1,899,340) | (1,039,000) | |||||
Return of Capital from Subsidiaries | 178,800 | 80,000 | 0 | |||||
Increase in Notes Receivable from Subsidiaries | (140,200) | (264,300) | (218,100) | |||||
Other Investing Activities | (3,196) | (367) | (1,799) | |||||
Net Cash Flows Used in Investing Activities | (997,596) | (2,084,007) | (1,258,899) | |||||
Financing Activities: | ||||||||
Issuance of Common Shares, Net of Issuance Costs | 0 | 928,992 | 852,254 | |||||
Cash Dividends on Common Shares | (805,439) | (744,665) | (663,239) | |||||
Issuance of Long-Term Debt | 1,000,000 | 1,550,000 | 0 | |||||
Retirement of Long-Term Debt | (450,000) | 0 | (350,000) | |||||
(Decrease)/Increase in Notes Payable | 288,625 | (170,545) | 593,370 | |||||
Other Financing Activities | (9,545) | 46,480 | 4,001 | |||||
Net Cash Flows Provided by Financing Activities | 23,641 | 1,610,262 | 436,386 | |||||
Net (Decrease)/Increase in Cash and Restricted Cash | (208) | (1,035) | 878 | |||||
Cash and Restricted Cash - Beginning of Year | 434 | 1,469 | 591 | |||||
Cash and Restricted Cash - End of Year | $ 1,469 | 226 | 434 | 1,469 | ||||
Cash Paid/(Received) During the Year for: | ||||||||
Interest | 164,568 | 140,694 | 161,323 | |||||
Income Taxes | $ (51,277) | $ (43,158) | $ (63,277) |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Increase due to CMA acquisition | $ 24,200 | ||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 417,406 | 358,851 | $ 224,800 |
Restatement Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for uncollectible accounts for late fees and other receivable amounts | 23,800 | ||
The Connecticut Light and Power Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Period of accounts receivable recoverable under financial or medical duress | 180 days | ||
Increase due to CMA acquisition | 0 | ||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 181,319 | 157,447 | 97,300 |
The Connecticut Light and Power Company | Restatement Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for uncollectible accounts for late fees and other receivable amounts | 22,200 | ||
NSTAR Electric Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Increase due to CMA acquisition | 0 | ||
Allowance for uncollectible accounts for late fees and other receivable amounts | 97,005 | 91,583 | 75,400 |
NSTAR Electric Company | Restatement Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for uncollectible accounts for late fees and other receivable amounts | (1,300) | ||
Public Service Company of New Hampshire | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Increase due to CMA acquisition | 0 | ||
Allowance for uncollectible accounts for late fees and other receivable amounts | $ 24,331 | 17,157 | 10,500 |
Public Service Company of New Hampshire | Restatement Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for uncollectible accounts for late fees and other receivable amounts | 300 | ||
Yankee Gas Services Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Period of accounts receivable recoverable under financial or medical duress | 90 days | ||
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 358,851 | 224,821 | 212,723 |
Additions, Charged to Costs and Expense | 60,886 | 53,461 | 63,446 |
Additions, Charged to Other Accounts | 110,572 | 145,005 | 57,223 |
Deductions | 112,903 | 64,436 | 108,571 |
Balance at end of period | 417,406 | 358,851 | 224,821 |
Allowance for Doubtful Accounts | The Connecticut Light and Power Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 157,447 | 97,348 | 88,034 |
Additions, Charged to Costs and Expense | 13,495 | 12,882 | 15,947 |
Additions, Charged to Other Accounts | 57,779 | 71,223 | 38,935 |
Deductions | 47,402 | 24,006 | 45,568 |
Balance at end of period | 181,319 | 157,447 | 97,348 |
Allowance for Doubtful Accounts | NSTAR Electric Company | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 91,583 | 75,406 | 74,516 |
Additions, Charged to Costs and Expense | 16,649 | 15,293 | 25,079 |
Additions, Charged to Other Accounts | 20,064 | 23,424 | 12,556 |
Deductions | 31,291 | 22,540 | 36,745 |
Balance at end of period | 97,005 | 91,583 | 75,406 |
Allowance for Doubtful Accounts | Public Service Company of New Hampshire | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 17,157 | 10,497 | 11,065 |
Additions, Charged to Costs and Expense | 13,113 | 5,164 | 6,726 |
Additions, Charged to Other Accounts | 3,135 | 7,692 | 872 |
Deductions | 9,074 | 6,196 | 8,166 |
Balance at end of period | $ 24,331 | $ 17,157 | $ 10,497 |