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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. The Electric Distribution reportable segment includes the results of NSTAR Electric's solar power facilities. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, 4) the results of other unregulated subsidiaries, which are not part of its core business, and 5) Eversource parent's equity ownership interests that are not consolidated, which primarily include the offshore wind business, a natural gas pipeline owned by Enbridge, Inc., and a renewable energy investment fund that was liquidated in the first quarter of 2023. In the ordinary course of business, Yankee Gas, NSTAR Gas and EGMA purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $77.7 million annually and are classified as Purchased Power, Purchased Natural Gas and Transmission on the Eversource statements of income. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP income/expense. Eversource's segment information is as follows:
| For the Three Months Ended June 30, 2023
Eversource (Millions of Dollars) | Electric Distribution |  | Natural Gas Distribution |  | Electric Transmission |  | Water Distribution |  | Other |  | Eliminations |  | Total
Operating Revenues | $ | 2,054.4 |  |  | $ | 409.1 |  |  | $ | 480.1 |  |  | $ | 58.1 |  |  | $ | 408.8 |  |  | $ | (781.2) |  |  | $ | 2,629.3 |
Depreciation and Amortization | 82.1 |  |  | (41.7) |  |  | (92.0) |  |  | (14.1) |  |  | (38.0) |  |  | 2.2 |  |  | (101.5) |
Other Operating Expenses | (1,905.2) |  |  | (339.4) |  |  | (136.2) |  |  | (28.6) |  |  | (337.2) |  |  | 779.5 |  |  | (1,967.1) |
Operating Income | $ | 231.3 |  |  | $ | 28.0 |  |  | $ | 251.9 |  |  | $ | 15.4 |  |  | $ | 33.6 |  |  | $ | 0.5 |  |  | $ | 560.7 |
Interest Expense | $ | (68.2) |  |  | $ | (21.5) |  |  | $ | (42.2) |  |  | $ | (9.2) |  |  | $ | (100.6) |  |  | $ | 34.4 |  |  | $ | (207.3) |
Impairment of Offshore Wind Investment | — |  |  | — |  |  | — |  |  | — |  |  | (401.0) |  |  | — |  |  | (401.0) |
Other Income, Net | 47.9 |  |  | 9.7 |  |  | 9.5 |  |  | 1.5 |  |  | 100.9 |  |  | (74.6) |  |  | 94.9 |
Net Income Attributable to Common Shareholders | 165.5 |  |  | 11.7 |  |  | 161.0 |  |  | 9.3 |  |  | (292.4) |  |  | (39.7) |  |  | 15.4 |
| For the Six Months Ended June 30, 2023
Eversource (Millions of Dollars) | Electric Distribution |  | Natural Gas Distribution |  | Electric Transmission |  | Water Distribution |  | Other |  | Eliminations |  | Total
Operating Revenues | $ | 4,643.0 |  |  | $ | 1,454.3 |  |  | $ | 938.8 |  |  | $ | 108.3 |  |  | $ | 822.7 |  |  | $ | (1,542.1) |  |  | $ | 6,425.0 |
Depreciation and Amortization | 60.0 |  |  | (118.7) |  |  | (181.9) |  |  | (27.4) |  |  | (74.8) |  |  | 4.3 |  |  | (338.5) |
Other Operating Expenses | (4,247.4) |  |  | (1,069.8) |  |  | (264.5) |  |  | (56.5) |  |  | (676.9) |  |  | 1,538.8 |  |  | (4,776.3) |
Operating Income | $ | 455.6 |  |  | $ | 265.8 |  |  | $ | 492.4 |  |  | $ | 24.4 |  |  | $ | 71.0 |  |  | $ | 1.0 |  |  | $ | 1,310.2 |
Interest Expense | $ | (137.6) |  |  | $ | (42.7) |  |  | $ | (83.7) |  |  | $ | (18.6) |  |  | $ | (185.7) |  |  | $ | 66.4 |  |  | $ | (401.9) |
Impairment of Offshore Wind Investment | — |  |  | — |  |  | — |  |  | — |  |  | (401.0) |  |  | — |  |  | (401.0) |
Other Income, Net | 102.1 |  |  | 18.7 |  |  | 18.9 |  |  | 2.7 |  |  | 666.8 |  |  | (625.3) |  |  | 183.9 |
Net Income Attributable to Common Shareholders | 331.0 |  |  | 181.9 |  |  | 316.1 |  |  | 10.8 |  |  | 224.7 |  |  | (557.9) |  |  | 506.6 |
Cash Flows Used for Investments in Plant | 817.3 |  |  | 371.5 |  |  | 636.9 |  |  | 74.7 |  |  | 139.1 |  |  | — |  |  | 2,039.5 |
| For the Three Months Ended June 30, 2022
Eversource (Millions of Dollars) | Electric Distribution |  | Natural Gas Distribution |  | Electric Transmission |  | Water Distribution |  | Other |  | Eliminations |  | Total
Operating Revenues | $ | 2,004.4 |  |  | $ | 416.2 |  |  | $ | 457.6 |  |  | $ | 54.6 |  |  | $ | 335.7 |  |  | $ | (695.9) |  |  | $ | 2,572.6 |
Depreciation and Amortization | (198.1) |  |  | (39.1) |  |  | (83.3) |  |  | (12.5) |  |  | (33.2) |  |  | 1.6 |  |  | (364.6) |
Other Operating Expenses | (1,636.1) |  |  | (360.7) |  |  | (141.3) |  |  | (27.0) |  |  | (279.4) |  |  | 692.1 |  |  | (1,752.4) |
Operating Income | $ | 170.2 |  |  | $ | 16.4 |  |  | $ | 233.0 |  |  | $ | 15.1 |  |  | $ | 23.1 |  |  | $ | (2.2) |  |  | $ | 455.6 |
Interest Expense | $ | (60.3) |  |  | $ | (16.7) |  |  | $ | (37.5) |  |  | $ | (8.4) |  |  | $ | (53.5) |  |  | $ | 16.3 |  |  | $ | (160.1) |
Other Income, Net | 53.0 |  |  | 10.6 |  |  | 9.3 |  |  | 2.1 |  |  | 354.3 |  |  | (335.4) |  |  | 93.9 |
Net Income Attributable to Common Shareholders | 129.0 |  |  | 7.7 |  |  | 151.5 |  |  | 9.0 |  |  | 316.0 |  |  | (321.3) |  |  | 291.9 |
| For the Six Months Ended June 30, 2022
Eversource (Millions of Dollars) | Electric Distribution |  | Natural Gas Distribution |  | Electric Transmission |  | Water Distribution |  | Other |  | Eliminations |  | Total
Operating Revenues | $ | 4,390.7 |  |  | $ | 1,343.8 |  |  | $ | 892.8 |  |  | $ | 103.1 |  |  | $ | 719.3 |  |  | $ | (1,405.7) |  |  | $ | 6,044.0 |
Depreciation and Amortization | (549.7) |  |  | (91.1) |  |  | (165.3) |  |  | (24.8) |  |  | (63.4) |  |  | 3.3 |  |  | (891.0) |
Other Operating Expenses | (3,481.7) |  |  | (1,018.0) |  |  | (270.5) |  |  | (54.1) |  |  | (610.9) |  |  | 1,400.8 |  |  | (4,034.4) |
Operating Income | $ | 359.3 |  |  | $ | 234.7 |  |  | $ | 457.0 |  |  | $ | 24.2 |  |  | $ | 45.0 |  |  | $ | (1.6) |  |  | $ | 1,118.6 |
Interest Expense | $ | (119.8) |  |  | $ | (32.5) |  |  | $ | (70.6) |  |  | $ | (16.5) |  |  | $ | (100.3) |  |  | $ | 26.4 |  |  | $ | (313.3) |
Other Income, Net | 100.5 |  |  | 20.8 |  |  | 18.2 |  |  | 4.2 |  |  | 850.2 |  |  | (828.5) |  |  | 165.4 |
Net Income Attributable to Common Shareholders | 269.9 |  |  | 171.7 |  |  | 300.0 |  |  | 12.7 |  |  | 784.7 |  |  | (803.7) |  |  | 735.3 |
Cash Flows Used for Investments in Plant | 541.8 |  |  | 275.4 |  |  | 543.6 |  |  | 65.6 |  |  | 122.7 |  |  | — |  |  | 1,549.1 |
The following table summarizes Eversource's segmented total assets:
Eversource (Millions of Dollars) | Electric Distribution |  | Natural Gas Distribution |  | Electric Transmission |  | Water Distribution |  | Other |  | Eliminations |  | Total
As of June 30, 2023 | $ | 27,932.6 |  |  | $ | 8,089.8 |  |  | $ | 14,054.2 |  |  | $ | 2,817.2 |  |  | $ | 27,475.0 |  |  | $ | (25,829.1) |  |  | $ | 54,539.7 |
As of December 31, 2022 | 27,365.0 |  |  | 8,084.9 |  |  | 13,369.5 |  |  | 2,783.8 |  |  | 26,365.2 |  |  | (24,737.5) |  |  | 53,230.9 |

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