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INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 12 Months Ended
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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. During the year ended December 31, 2020, Eversource recorded an other-than-temporary impairment of $2.8 million within Other Income, Net on the statement of income, related to a write-off of an investment within a renewable energy fund.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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