XML 63 R44.htm IDEA: XBRL DOCUMENT
v3.22.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Accounting Policies [Abstract] |
Allowance for Uncollectible Accounts | The activity in the allowance for uncollectible accounts by portfolio segment as of June 30th is as follows:
| Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
(Millions of Dollars) | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Total Allowance
Three Months Ended 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 225.5 |  |  | $ | 206.7 |  |  | $ | 432.2 |  |  | $ | 140.1 |  |  | $ | 40.4 |  |  | $ | 180.5 |  |  | $ | 39.7 |  |  | $ | 55.1 |  |  | $ | 94.8 |  |  | $ | 26.2 |
Uncollectible Expense | — |  |  | 12.9 |  |  | 12.9 |  |  | — |  |  | 2.9 |  |  | 2.9 |  |  | — |  |  | 4.0 |  |  | 4.0 |  |  | 2.0 |
Uncollectible Costs Deferred (1) | 21.4 |  |  | 12.6 |  |  | 34.0 |  |  | 15.0 |  |  | 2.2 |  |  | 17.2 |  |  | 5.4 |  |  | 2.4 |  |  | 7.8 |  |  | 0.1 |
Write-Offs | (4.6) |  |  | (21.1) |  |  | (25.7) |  |  | (3.3) |  |  | (6.2) |  |  | (9.5) |  |  | (0.1) |  |  | (7.7) |  |  | (7.8) |  |  | (1.3) |
Recoveries Collected | 0.4 |  |  | 4.0 |  |  | 4.4 |  |  | 0.3 |  |  | 1.3 |  |  | 1.6 |  |  | — |  |  | 1.7 |  |  | 1.7 |  |  | 0.3 |
Ending Balance | $ | 242.7 |  |  | $ | 215.1 |  |  | $ | 457.8 |  |  | $ | 152.1 |  |  | $ | 40.6 |  |  | $ | 192.7 |  |  | $ | 45.0 |  |  | $ | 55.5 |  |  | $ | 100.5 |  |  | $ | 27.3 |
Six Months Ended 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 226.1 |  |  | $ | 191.3 |  |  | $ | 417.4 |  |  | $ | 144.6 |  |  | $ | 36.7 |  |  | $ | 181.3 |  |  | $ | 43.3 |  |  | $ | 53.7 |  |  | $ | 97.0 |  |  | $ | 24.3 |
Uncollectible Expense | — |  |  | 30.0 |  |  | 30.0 |  |  | — |  |  | 6.7 |  |  | 6.7 |  |  | — |  |  | 8.7 |  |  | 8.7 |  |  | 4.5 |
Uncollectible Costs Deferred (1) | 22.4 |  |  | 27.3 |  |  | 49.7 |  |  | 11.0 |  |  | — |  |  | 11.0 |  |  | 2.1 |  |  | 7.8 |  |  | 9.9 |  |  | 1.1 |
Write-Offs | (6.9) |  |  | (43.1) |  |  | (50.0) |  |  | (4.4) |  |  | (6.7) |  |  | (11.1) |  |  | (0.4) |  |  | (18.3) |  |  | (18.7) |  |  | (3.1) |
Recoveries Collected | 1.1 |  |  | 9.6 |  |  | 10.7 |  |  | 0.9 |  |  | 3.9 |  |  | 4.8 |  |  | — |  |  | 3.6 |  |  | 3.6 |  |  | 0.5 |
Ending Balance | $ | 242.7 |  |  | $ | 215.1 |  |  | $ | 457.8 |  |  | $ | 152.1 |  |  | $ | 40.6 |  |  | $ | 192.7 |  |  | $ | 45.0 |  |  | $ | 55.5 |  |  | $ | 100.5 |  |  | $ | 27.3 |
| Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
(Millions of Dollars) | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Total Allowance
Three Months Ended 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 197.3 |  |  | $ | 194.4 |  |  | $ | 391.7 |  |  | $ | 138.4 |  |  | $ | 36.7 |  |  | $ | 175.1 |  |  | $ | 31.1 |  |  | $ | 58.2 |  |  | $ | 89.3 |  |  | $ | 17.3 |
Uncollectible Expense | — |  |  | 11.4 |  |  | 11.4 |  |  | — |  |  | 2.8 |  |  | 2.8 |  |  | — |  |  | 3.5 |  |  | 3.5 |  |  | 2.0 |
Uncollectible Costs Deferred (1) | 16.6 |  |  | 24.5 |  |  | 41.1 |  |  | 9.3 |  |  | 8.3 |  |  | 17.6 |  |  | 4.9 |  |  | 6.9 |  |  | 11.8 |  |  | (0.3) |
Write-Offs | (3.4) |  |  | (18.1) |  |  | (21.5) |  |  | (2.3) |  |  | (5.4) |  |  | (7.7) |  |  | (0.1) |  |  | (7.7) |  |  | (7.8) |  |  | (2.0) |
Recoveries Collected | 0.2 |  |  | 2.9 |  |  | 3.1 |  |  | 0.2 |  |  | 0.8 |  |  | 1.0 |  |  | — |  |  | 1.2 |  |  | 1.2 |  |  | 0.2 |
Ending Balance | $ | 210.7 |  |  | $ | 215.1 |  |  | $ | 425.8 |  |  | $ | 145.6 |  |  | $ | 43.2 |  |  | $ | 188.8 |  |  | $ | 35.9 |  |  | $ | 62.1 |  |  | $ | 98.0 |  |  | $ | 17.2 |
Six Months Ended 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 194.8 |  |  | $ | 164.1 |  |  | $ | 358.9 |  |  | $ | 129.1 |  |  | $ | 28.3 |  |  | $ | 157.4 |  |  | $ | 39.7 |  |  | $ | 51.9 |  |  | $ | 91.6 |  |  | $ | 17.2 |
Uncollectible Expense | — |  |  | 27.7 |  |  | 27.7 |  |  | — |  |  | 6.6 |  |  | 6.6 |  |  | — |  |  | 7.4 |  |  | 7.4 |  |  | 3.2 |
Uncollectible Costs Deferred (1) | 22.0 |  |  | 51.6 |  |  | 73.6 |  |  | 21.2 |  |  | 15.7 |  |  | 36.9 |  |  | (3.5) |  |  | 15.2 |  |  | 11.7 |  |  | 0.8 |
Write-Offs | (6.7) |  |  | (34.8) |  |  | (41.5) |  |  | (5.2) |  |  | (9.3) |  |  | (14.5) |  |  | (0.3) |  |  | (15.2) |  |  | (15.5) |  |  | (4.5) |
Recoveries Collected | 0.6 |  |  | 6.5 |  |  | 7.1 |  |  | 0.5 |  |  | 1.9 |  |  | 2.4 |  |  | — |  |  | 2.8 |  |  | 2.8 |  |  | 0.5 |
Ending Balance | $ | 210.7 |  |  | $ | 215.1 |  |  | $ | 425.8 |  |  | $ | 145.6 |  |  | $ | 43.2 |  |  | $ | 188.8 |  |  | $ | 35.9 |  |  | $ | 62.1 |  |  | $ | 98.0 |  |  | $ | 17.2 |
(1) 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 uncollectible energy supply costs and COVID-19.
Components of Other Income, Net | The components of Other Income, Net on the statements of income were as follows:
| For the Three Months Ended
| June 30, 2022 |  | June 30, 2021
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion | $ | 54.9 |  |  | $ | 16.2 |  |  | $ | 21.4 |  |  | $ | 6.7 |  |  | $ | 22.1 |  |  | $ | 4.3 |  |  | $ | 10.2 |  |  | $ | 2.7 |
AFUDC Equity | 11.2 |  |  | 2.8 |  |  | 6.1 |  |  | 0.6 |  |  | 9.2 |  |  | 1.7 |  |  | 6.2 |  |  | 0.3 |
Equity in Earnings of Unconsolidated Affiliates (1) | 16.6 |  |  | — |  |  | 0.1 |  |  | — |  |  | 4.7 |  |  | — |  |  | 0.1 |  |  | — |
Investment Income/(Loss) | 1.3 |  |  | (0.7) |  |  | 0.5 |  |  | 0.1 |  |  | 1.9 |  |  | 1.2 |  |  | 0.6 |  |  | 0.3 |
Interest Income | 9.5 |  |  | 1.5 |  |  | 6.1 |  |  | 0.4 |  |  | 8.4 |  |  | 2.7 |  |  | 4.8 |  |  | 0.9 |
Other | 0.4 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.1 |
Total Other Income, Net | $ | 93.9 |  |  | $ | 19.8 |  |  | $ | 34.3 |  |  | $ | 7.8 |  |  | $ | 46.6 |  |  | $ | 9.9 |  |  | $ | 21.9 |  |  | $ | 4.3 |
| For the Six Months Ended
| June 30, 2022 |  | June 30, 2021
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion | $ | 109.2 |  |  | $ | 32.1 |  |  | $ | 42.4 |  |  | $ | 13.3 |  |  | $ | 42.2 |  |  | $ | 7.0 |  |  | $ | 20.2 |  |  | $ | 5.4 |
AFUDC Equity | 21.1 |  |  | 5.6 |  |  | 11.0 |  |  | 1.0 |  |  | 18.4 |  |  | 3.4 |  |  | 12.4 |  |  | 0.9 |
Equity in Earnings of Unconsolidated Affiliates (1) | 17.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 8.4 |  |  | — |  |  | 0.2 |  |  | — |
Investment Income/(Loss) | 1.1 |  |  | (1.1) |  |  | 0.2 |  |  | 0.3 |  |  | 1.3 |  |  | 1.5 |  |  | 0.8 |  |  | 0.4 |
Interest Income | 16.1 |  |  | 2.8 |  |  | 9.6 |  |  | 0.7 |  |  | 9.9 |  |  | 2.8 |  |  | 4.9 |  |  | 1.6 |
Other | 0.8 |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.6 |  |  | 0.1 |  |  | 0.2 |  |  | 0.1 |
Total Other Income, Net | $ | 165.4 |  |  | $ | 39.4 |  |  | $ | 63.5 |  |  | $ | 15.3 |  |  | $ | 80.8 |  |  | $ | 14.8 |  |  | $ | 38.7 |  |  | $ | 8.4 |
(1) Equity in earnings of unconsolidated affiliates includes $12.2 million of pre-tax unrealized gains associated with an investment in a renewable energy fund for the three and six months ended June 30, 2022. For the three and six months ended June 30, 2021, equity in earnings of unconsolidated affiliates included $2.1 million of pre-tax unrealized gains associated with this investment.
Investments in Unconsolidated Affiliates | Eversource's investments included the following:
(Millions of Dollars) | Ownership Interest |  | As of June 30, 2022 |  | As of December 31, 2021
Offshore Wind Business - North East Offshore | 50 | % |  | $ | 1,487.1 |  |  | $ | 1,213.6 |
Natural Gas Pipeline - Algonquin Gas Transmission, LLC | 15 | % |  | 119.3 |  |  | 121.9 |
Renewable Energy Investment Fund | 90 | % |  | 88.4 |  |  | 76.5 |
Other | various |  | 25.1 |  |  | 24.3 |
Total Investments in Unconsolidated Affiliates |  |  | $ | 1,719.9 |  |  | $ | 1,436.3 |
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 an undeveloped offshore lease area. The offshore wind investment includes capital expenditures for the three offshore wind projects, as well as capitalized costs related to future development, acquisition costs of offshore lease areas, and capitalized interest. Cash flows used in investing activities presented in Investments in Unconsolidated Affiliates, Net on the statements of cash flows relates to capital contributions in the offshore wind investment.On May 4, 2022, Eversource announced that it had initiated a strategic review of its offshore wind investment portfolio. As part of that review, Eversource is exploring strategic alternatives that could result in a potential sale of all, or part, of its 50 percent interest in its offshore wind partnership with Ørsted. Eversource has advanced its strategic review process and is working with its advisors on the outreach strategy and marketing materials, which will aid the Company in evaluating the alternatives available for its wind investment. In late July, Eversource started preliminary and targeted outreach to potential buyers. Eversource expects to complete this review during 2022. Eversource’s strategic review of its offshore wind investment does not impact the June 30, 2022 financial statements.
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 Three Months Ended |  | For the Six Months Ended
(Millions of Dollars) | June 30, 2022 |  | June 30, 2021 |  | June 30, 2022 |  | June 30, 2021
Eversource | $ | 44.5 |  |  | $ | 39.9 |  |  | $ | 93.1 |  |  | $ | 88.5 |
CL&P | 39.0 |  |  | 35.4 |  |  | 76.8 |  |  | 74.6
Non-cash Investing Activities | Non-cash investing activities include plant additions included in Accounts Payable as follows:
(Millions of Dollars) | As of June 30, 2022 |  | As of June 30, 2021
Eversource | $ | 357.2 |  |  | $ | 344.8 |
CL&P | 96.7 |  |  | 66.4 |
NSTAR Electric | 75.1 |  |  | 103.8 |
PSNH | 49.6 |  |  | 33.9 |
Reconciliation of Cash Balances to Cash and Restricted Cash | 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 June 30, 2022 |  | As of December 31, 2021
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Cash as reported on the Balance Sheets | $ | 29.5 |  |  | $ | 9.2 |  |  | $ | 5.3 |  |  | $ | 0.1 |  |  | $ | 66.8 |  |  | $ | 55.8 |  |  | $ | 0.7 |  |  | $ | — |
Restricted cash included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Deposits | 90.8 |  |  | 8.7 |  |  | 17.4 |  |  | 30.9 |  |  | 78.2 |  |  | 18.7 |  |  | 17.4 |  |  | 31.4 |
Marketable Securities | 17.2 |  |  | — |  |  | — |  |  | 0.1 |  |  | 31.3 |  |  | 0.3 |  |  | 0.1 |  |  | 0.5 |
Other Long-Term Assets | 19.2 |  |  | — |  |  | — |  |  | 3.2 |  |  | 44.7 |  |  | — |  |  | — |  |  | 3.2 |
Cash and Restricted Cash as reported on the Statements of Cash Flows | $ | 156.7 |  |  | $ | 17.9 |  |  | $ | 22.7 |  |  | $ | 34.3 |  |  | $ | 221.0 |  |  | $ | 74.8 |  |  | $ | 18.2 |  |  | $ | 35.1 |

X
- Definition [Table Text Block] for Other Income, Net [Table] + References No definition available. + Details
Name: | es_OtherIncomeNetTableTextBlock
Namespace Prefix: | es_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Gross Earnings Taxes [Table Text Block] + References No definition available. + Details
Name: | es_ScheduleofGrossEarningsTaxesTableTextBlock
Namespace Prefix: | es_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126999549&loc=SL98516268-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration