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ACQUISITION OF ASSETS OF COLUMBIA GAS OF MASSACHUSETTS | 9 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [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. 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. Preliminary Purchase Price Allocation: The 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 preliminary allocation of the cash purchase price is as follows:
(Millions of Dollars) |
Current Assets | $ | 138 |
Restricted Cash | 57 |
PP&E | 1,184 |
Goodwill | 50 |
Other Noncurrent Assets, excluding Goodwill | 131 |
Other Current Liabilities | (81) |
Other Noncurrent Liabilities | (310) |
Cash Purchase Price | $ | 1,169 |

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- References No definition available. + Details
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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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