XML 34 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

SHORT-TERM AND LONG-TERM DEBT | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-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 revolving 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 as of |  | Available Borrowing Capacity as of |  | Weighted-Average Interest Rate as of
| September 30, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020
(Millions of Dollars) |  |  |  |  |
Eversource Parent Commercial Paper Program | $ | 653.0 |  |  | $ | 1,054.3 |  |  | $ | 1,347.0 |  |  | $ | 945.7 |  |  | 0.18 | % |  | 0.25 | %
NSTAR Electric Commercial Paper Program | 138.0 |  |  | 195.0 |  |  | 512.0 |  |  | 455.0 |  |  | 0.10 | % |  | 0.16 | %
There were no borrowings outstanding on the revolving credit facilities as of September 30, 2021 or December 31, 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 September 30, 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. As a result of the NSTAR Gas long-term debt issuances in October 2021, $80.0 million of commercial paper borrowings under the Eversource parent commercial paper program were classified as Long-Term Debt as of September 30, 2021. 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. Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of September 30, 2021, there were intercompany loans from Eversource parent to PSNH of $66.5 million, and to a subsidiary of NSTAR Electric of $24.6 million. As of December 31, 2020, there were intercompany loans from Eversource parent to PSNH of $46.3 million, and to a subsidiary of NSTAR Electric of $21.3 million. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets. 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 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/ Repayment Information
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 date
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 date
3.20% Series R First Mortgage Bonds | (160.0) |  |  | June 2021 |  | September 2021 |  | Paid on par call date in advance of maturity date
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 date
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 10, 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 the Compounded SOFR plus 0.25%. (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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration