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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2022
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,
Interest Rate |  | 2022 |  | 2021
First Mortgage Bonds: |  |  |  |  |
1994 Series D due 2024 | 7.875 | % |  | $ | 139.8 |  |  | $ | 139.8 |
2004 Series B due 2034 | 5.750 | % |  | 130.0 |  |  | 130.0 |
2005 Series B due 2035 | 5.625 | % |  | 100.0 |  |  | 100.0 |
2006 Series A due 2036 | 6.350 | % |  | 250.0 |  |  | 250.0 |
2007 Series B due 2037 | 5.750 | % |  | 150.0 |  |  | 150.0 |
2007 Series D due 2037 | 6.375 | % |  | 100.0 |  |  | 100.0 |
2013 Series A due 2023 | 2.500 | % |  | 400.0 |  |  | 400.0 |
2014 Series A due 2044 | 4.300 | % |  | 475.0 |  |  | 475.0 |
2015 Series A due 2045 | 4.150 | % |  | 350.0 |  |  | 350.0 |
2017 Series A due 2027 | 3.200 | % |  | 500.0 |  |  | 500.0 |
2018 Series A due 2048 | 4.000 | % |  | 800.0 |  |  | 800.0 |
2020 Series A due 2025 | 0.750 | % |  | 400.0 |  |  | 400.0 |
2021 Series A due 2031 | 2.050 | % |  | 425.0 |  |  | 425.0 |
Total First Mortgage Bonds |  |  | 4,219.8 |  |  | 4,219.8 |
Less Amounts due Within One Year |  |  | (400.0) |  |  | — |
Current Portion Classified as Long-Term Debt (1) |  |  | 400.0 |  |  | — |
Unamortized Premiums and Discounts, Net |  |  | 21.5 |  |  | 23.1 |
Unamortized Debt Issuance Costs |  |  | (24.8) |  |  | (27.5) |
CL&P Long-Term Debt |  |  | $ | 4,216.5 |  |  | $ | 4,215.4 |
NSTAR Electric (Millions of Dollars) |  |  | As of December 31,
Interest Rate |  | 2022 |  | 2021
Debentures: |  |  |  |  |
2006 Debentures due 2036 | 5.750 | % |  | $ | 200.0 |  |  | $ | 200.0 |
2010 Debentures due 2040 | 5.500 | % |  | 300.0 |  |  | 300.0 |
2012 Debentures due 2022 | 2.375 | % |  | — |  |  | 400.0 |
2014 Debentures due 2044 | 4.400 | % |  | 300.0 |  |  | 300.0 |
2015 Debentures due 2025 | 3.250 | % |  | 250.0 |  |  | 250.0 |
2016 Debentures due 2026 | 2.700 | % |  | 250.0 |  |  | 250.0 |
2017 Debentures due 2027 | 3.200 | % |  | 700.0 |  |  | 700.0 |
2019 Debentures due 2029 | 3.250 | % |  | 400.0 |  |  | 400.0 |
2020 Debentures due 2030 | 3.950 | % |  | 400.0 |  |  | 400.0 |
2021 Debentures due 2051 | 3.100 | % |  | 300.0 |  |  | 300.0 |
2021 Debentures due 2031 | 1.950 | % |  | 300.0 |  |  | 300.0 |
2022 Debentures due 2052 | 4.550 | % |  | 450.0 |  |  | — |
2022 Debentures due 2052 | 4.950 | % |  | 400.0 |  |  | — |
Total Debentures |  |  | 4,250.0 |  |  | 3,800.0 |
Notes: |  |  |  |  |
2004 Senior Notes Series B due 2034 | 5.900 | % |  | 50.0 |  |  | 50.0 |
2007 Senior Notes Series D due 2037 | 6.700 | % |  | 40.0 |  |  | 40.0 |
2013 Senior Notes Series G due 2023 | 3.880 | % |  | 80.0 |  |  | 80.0 |
2016 Senior Notes Series H due 2026 | 2.750 | % |  | 50.0 |  |  | 50.0 |
Total Notes |  |  | 220.0 |  |  | 220.0 |
Less Amounts due Within One Year |  |  | (80.0) |  |  | (400.0) |
Unamortized Premiums and Discounts, Net |  |  | (14.8) |  |  | (11.2) |
Unamortized Debt Issuance Costs |  |  | (30.1) |  |  | (23.4) |
NSTAR Electric Long-Term Debt |  |  | $ | 4,345.1 |  |  | $ | 3,585.4 |
PSNH (Millions of Dollars) |  |  | As of December 31,
Interest Rate |  | 2022 |  | 2021
First Mortgage Bonds: |  |  |  |  |
2005 Series M due 2035 | 5.600 | % |  | $ | 50.0 |  |  | $ | 50.0 |
2013 Series S due 2023 | 3.500 | % |  | 325.0 |  |  | 325.0 |
2019 Series T due 2049 | 3.600 | % |  | 300.0 |  |  | 300.0 |
2020 Series U due 2050 | 2.400 | % |  | 150.0 |  |  | 150.0 |
2021 Series V due 2031 | 2.200 | % |  | 350.0 |  |  | 350.0 |
Total First Mortgage Bonds |  |  | 1,175.0 |  |  | 1,175.0 |
Less Amounts due Within One Year |  |  | (325.0) |  |  | — |
Current Portion Classified as Long-Term Debt (1) |  |  | 295.3 |  |  | — |
Unamortized Premiums and Discounts, Net |  |  | (2.5) |  |  | (2.6) |
Unamortized Debt Issuance Costs |  |  | (7.9) |  |  | (8.6) |
PSNH Long-Term Debt |  |  | $ | 1,134.9 |  |  | $ | 1,163.8 |
OTHER (Millions of Dollars) |  |  |  |  | As of December 31,
Interest Rate |  | 2022 |  | 2021
Yankee Gas - First Mortgage Bonds due 2024 - 2051 | 1.380 | % | - | 5.350% |  | $ | 845.0 |  |  | $ | 765.0 |
NSTAR Gas - First Mortgage Bonds due 2025 - 2051 | 2.250 | % | - | 7.110% |  | 705.0 |  |  | 580.0 |
EGMA - First Mortgage Bonds due 2031 - 2052 | 2.110 | % | - | 4.700% |  | 650.0 |  |  | 550.0 |
Aquarion - Senior Notes due 2024 | 4.000% |  | 360.0 |  |  | 360.0 |
Aquarion - Unsecured Notes due 2023 - 2052 | — | % | - | 6.430% |  | 464.7 |  |  | 394.9 |
Aquarion - Secured Debt due 2023 - 2044 | 2.864 | % | - | 9.290% |  | 34.4 |  |  | 39.6 |
Eversource Parent - Senior Notes due 2023 - 2050 | 0.800 | % | - | 4.600% |  | 8,150.0 |  |  | 6,100.0 |
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) |  |  |  |  | 11.9 |  |  | 11.7 |
Fair Value Adjustment (2) |  |  |  |  | 26.2 |  |  | 43.8 |
Less Fair Value Adjustment - Current Portion (2) |  |  |  |  | (7.0) |  |  | (17.7) |
Less Amounts due in One Year |  |  |  |  | (1,203.4) |  |  | (775.4) |
Unamortized Premiums and Discounts, Net |  |  |  |  | 40.1 |  |  | 43.4 |
Unamortized Debt Issuance Costs |  |  |  |  | (49.4) |  |  | (36.3) |
Total Other Long-Term Debt |  |  |  |  | $ | 10,027.5 |  |  | $ | 8,059.0 |
Total Eversource Long-Term Debt |  |  |  |  | $ | 19,724.0 |  |  | $ | 17,023.6 |
(1) As a result of the CL&P and PSNH long-term debt issuances in January 2023, $400 million and $295.3 million, respectively, of current portion of long-term debt were reclassified as Long-Term Debt on CL&P’s and PSNH’s balance sheets as of December 31, 2022. (2) 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 December 14, 2022, the NHPUC approved PSNH’s request for authorization to issue up to $600 million in long-term debt through December 31, 2023. On November 30, 2022, the PURA approved CL&P's request for authorization to issue up to $1.15 billion in long-term debt through December 31, 2024. On June 14, 2022, the DPU approved NSTAR Gas’ request for authorization to issue up to $325 million in long-term debt through December 31, 2024. The remaining Eversource operating companies, including NSTAR Electric, 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) | Interest Rate |  | Issuance/ (Repayment) |  | Issue Date or Repayment Date |  | Maturity Date |  | Use of Proceeds for Issuance/ Repayment Information
CL&P 2023 Series A First Mortgage Bonds | 5.25 | % |  | $ | 500.0 |  |  | January 2023 |  | January 2053 |  | Repaid 2013 Series A Bonds at maturity and short-term debt, and paid capital expenditures and working capital
CL&P 2013 Series A First Mortgage Bonds | 2.50 | % |  | (400.0) |  |  | January 2023 |  | January 2023 |  | Paid at maturity
NSTAR Electric 2022 Debentures | 4.55 | % |  | 450.0 |  |  | May 2022 |  | June 2052 |  | Repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric 2022 Debentures | 4.95 | % |  | 400.0 |  |  | September 2022 |  | September 2052 |  | Refinanced investments in eligible green expenditures, which were previously financed using short-term debt from October 1, 2020 through June 30, 2022
NSTAR Electric 2012 Debentures | 2.375 | % |  | (400.0) |  |  | October 2022 |  | October 2022 |  | Paid at maturity
PSNH Series W First Mortgage Bonds | 5.15 | % |  | 300.0 |  |  | January 2023 |  | January 2053 |  | Repaid short-term debt, paid capital expenditures and working capital
Eversource Parent Series V Senior Notes | 2.90 | % |  | 650.0 |  |  | February 2022 |  | March 2027 |  | Repaid Series K Senior Notes at maturity and short-term debt
Eversource Parent Series W Senior Notes | 3.375 | % |  | 650.0 |  |  | February 2022 |  | March 2032 |  | Repaid Series K Senior Notes at maturity and short-term debt
Eversource Parent Series X Senior Notes | 4.20 | % |  | 900.0 |  |  | June 2022 |  | June 2024 |  | Repaid short-term debt and paid working capital
Eversource Parent Series Y Senior Notes | 4.60 | % |  | 600.0 |  |  | June 2022 |  | July 2027 |  | Repaid short-term debt and paid working capital
Eversource Parent Series K Senior Notes | 2.75 | % |  | (750.0) |  |  | March 2022 |  | March 2022 |  | Paid at maturity
Yankee Gas Series B First Mortgage Bonds | 8.48 | % |  | (20.0) |  |  | March 2022 |  | March 2022 |  | Paid at maturity
Yankee Gas Series U First Mortgage Bonds | 4.31 | % |  | 100.0 |  |  | September 2022 |  | September 2032 |  | Repaid short-term debt, paid capital expenditures and for general corporate purposes
EGMA Series C First Mortgage Bonds | 4.70 | % |  | 100.0 |  |  | June 2022 |  | June 2052 |  | Repaid short-term debt, paid capital expenditures and for general corporate purposes
NSTAR Gas Series V First Mortgage Bonds | 4.40 | % |  | 125.0 |  |  | July 2022 |  | August 2032 |  | Repaid short-term debt, paid capital expenditures and for general corporate purposes
Aquarion Water Company of New Hampshire General Mortgage Bonds | 4.45 | % |  | (5.0) |  |  | July 2022 |  | July 2022 |  | Paid at maturity
Aquarion Water Company of Connecticut Senior Notes | 4.69 | % |  | 70.0 |  |  | August 2022 |  | September 2052 |  | Repaid short-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, 2022. 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 December 31, 2022 and 2021, as a result of consolidating CYAPC, Eversource has consolidated $11.9 million and $11.7 million, respectively, in pre-1983 spent nuclear fuel obligations to the DOE. The obligation includes accumulated interest costs of $8.8 million and $8.7 million as of December 31, 2022 and 2021, respectively. 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 2023 through 2027 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, 2022:
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
2023 | $ | 2,008.4 |  |  | $ | 400.0 |  |  | $ | 80.0 |  |  | $ | 325.0 |
2024 | 1,950.0 |  |  | 139.8 |  |  | — |  |  | — |
2025 | 1,400.2 |  |  | 400.0 |  |  | 250.0 |  |  | — |
2026 | 940.2 |  |  | — |  |  | 300.0 |  |  | — |
2027 | 2,539.2 |  |  | 500.0 |  |  | 700.0 |  |  | — |
Thereafter | 12,236.0 |  |  | 2,780.0 |  |  | 3,140.0 |  |  | 850.0 |
Total | $ | 21,074.0 |  |  | $ | 4,219.8 |  |  | $ | 4,470.0 |  |  | $ | 1,175.0 |

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