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v3.23.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2023
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 (2)
Three Months Ended 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 318.7 |  |  | $ | 216.4 |  |  | $ | 535.1 |  |  | $ | 216.2 |  |  | $ | 37.2 |  |  | $ | 253.4 |  |  | $ | 42.0 |  |  | $ | 52.6 |  |  | $ | 94.6 |  |  | $ | 33.5 |
Uncollectible Expense | — |  |  | 1.4 |  |  | 1.4 |  |  | — |  |  | 0.9 |  |  | 0.9 |  |  | — |  |  | 3.1 |  |  | 3.1 |  |  | (5.5) |
Uncollectible Costs Deferred (1) | 27.0 |  |  | (5.5) |  |  | 21.5 |  |  | 16.6 |  |  | 3.4 |  |  | 20.0 |  |  | 3.7 |  |  | 3.9 |  |  | 7.6 |  |  | (13.5) |
Write-Offs | (8.1) |  |  | (21.8) |  |  | (29.9) |  |  | (6.8) |  |  | (6.7) |  |  | (13.5) |  |  | (0.1) |  |  | (8.6) |  |  | (8.7) |  |  | (2.0) |
Recoveries Collected | 0.6 |  |  | 3.7 |  |  | 4.3 |  |  | 0.5 |  |  | 1.5 |  |  | 2.0 |  |  | — |  |  | 1.2 |  |  | 1.2 |  |  | 0.2 |
Ending Balance | $ | 338.2 |  |  | $ | 194.2 |  |  | $ | 532.4 |  |  | $ | 226.5 |  |  | $ | 36.3 |  |  | $ | 262.8 |  |  | $ | 45.6 |  |  | $ | 52.2 |  |  | $ | 97.8 |  |  | $ | 12.7 |
Six Months Ended 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 284.4 |  |  | $ | 201.9 |  |  | $ | 486.3 |  |  | $ | 188.9 |  |  | $ | 36.4 |  |  | $ | 225.3 |  |  | $ | 43.7 |  |  | $ | 51.3 |  |  | $ | 95.0 |  |  | $ | 29.2 |
Uncollectible Expense | — |  |  | 24.2 |  |  | 24.2 |  |  | — |  |  | 4.8 |  |  | 4.8 |  |  | — |  |  | 7.8 |  |  | 7.8 |  |  | (0.5) |
Uncollectible Costs Deferred (1) | 70.8 |  |  | 8.7 |  |  | 79.5 |  |  | 50.9 |  |  | 6.1 |  |  | 57.0 |  |  | 2.4 |  |  | 9.3 |  |  | 11.7 |  |  | (12.2) |
Write-Offs | (17.8) |  |  | (48.0) |  |  | (65.8) |  |  | (14.1) |  |  | (13.7) |  |  | (27.8) |  |  | (0.5) |  |  | (18.9) |  |  | (19.4) |  |  | (4.2) |
Recoveries Collected | 0.8 |  |  | 7.4 |  |  | 8.2 |  |  | 0.8 |  |  | 2.7 |  |  | 3.5 |  |  | — |  |  | 2.7 |  |  | 2.7 |  |  | 0.4 |
Ending Balance | $ | 338.2 |  |  | $ | 194.2 |  |  | $ | 532.4 |  |  | $ | 226.5 |  |  | $ | 36.3 |  |  | $ | 262.8 |  |  | $ | 45.6 |  |  | $ | 52.2 |  |  | $ | 97.8 |  |  | $ | 12.7 |
| 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 |
(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. The increase in the allowance for uncollectible hardship accounts in 2023 at Eversource and CL&P primarily relates to increased customer enrollment in disconnection prevention programs in Connecticut. (2) In connection with PSNH’s pole purchase agreement on May 1, 2023, the purchase price included the forgiveness of previously reserved receivables for reimbursement of operation and maintenance and vegetation management costs.
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, 2023 |  | June 30, 2022
(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 | $ | 33.3 |  |  | $ | 8.4 |  |  | $ | 14.1 |  |  | $ | 3.9 |  |  | $ | 54.9 |  |  | $ | 16.2 |  |  | $ | 21.4 |  |  | $ | 6.7 |
AFUDC Equity | 19.0 |  |  | 4.6 |  |  | 12.0 |  |  | 1.1 |  |  | 11.2 |  |  | 2.8 |  |  | 6.1 |  |  | 0.6 |
Equity in Earnings of Unconsolidated Affiliates (1) | 5.0 |  |  | — |  |  | 0.1 |  |  | — |  |  | 16.6 |  |  | — |  |  | 0.1 |  |  | — |
Investment (Loss)/Income | (1.4) |  |  | (1.1) |  |  | 0.3 |  |  | (0.3) |  |  | 1.3 |  |  | (0.7) |  |  | 0.5 |  |  | 0.1 |
Interest Income | 21.4 |  |  | 1.5 |  |  | 14.4 |  |  | 1.2 |  |  | 9.5 |  |  | 1.5 |  |  | 6.1 |  |  | 0.4 |
Other (1) | 17.6 |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |  |  | — |  |  | 0.1 |  |  | — |
Total Other Income, Net | $ | 94.9 |  |  | $ | 13.4 |  |  | $ | 40.9 |  |  | $ | 6.3 |  |  | $ | 93.9 |  |  | $ | 19.8 |  |  | $ | 34.3 |  |  | $ | 7.8 |
| For the Six Months Ended
| June 30, 2023 |  | June 30, 2022
(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 | $ | 68.1 |  |  | $ | 17.9 |  |  | $ | 28.8 |  |  | $ | 8.1 |  |  | $ | 109.2 |  |  | $ | 32.1 |  |  | $ | 42.4 |  |  | $ | 13.3 |
AFUDC Equity | 34.5 |  |  | 8.7 |  |  | 21.5 |  |  | 1.8 |  |  | 21.1 |  |  | 5.6 |  |  | 11.0 |  |  | 1.0 |
Equity in Earnings of Unconsolidated Affiliates (1) | 8.8 |  |  | — |  |  | 0.2 |  |  | — |  |  | 17.1 |  |  | — |  |  | 0.1 |  |  | — |
Investment (Loss)/Income | (3.1) |  |  | (1.7) |  |  | (0.2) |  |  | (0.4) |  |  | 1.1 |  |  | (1.1) |  |  | 0.2 |  |  | 0.3 |
Interest Income | 44.5 |  |  | 3.4 |  |  | 30.4 |  |  | 2.1 |  |  | 16.1 |  |  | 2.8 |  |  | 9.6 |  |  | 0.7 |
Other (1) | 31.1 |  |  | — |  |  | 0.1 |  |  | 0.4 |  |  | 0.8 |  |  | — |  |  | 0.2 |  |  | — |
Total Other Income, Net | $ | 183.9 |  |  | $ | 28.3 |  |  | $ | 80.8 |  |  | $ | 12.0 |  |  | $ | 165.4 |  |  | $ | 39.4 |  |  | $ | 63.5 |  |  | $ | 15.3 |
(1) Eversource’s equity method investment in a renewable energy fund was liquidated in March 2023. Liquidation proceeds in excess of the carrying value were recorded in both the first and second quarters of 2023 within Other in the table above. See Note 1E, "Summary of Significant Accounting Policies - Investments in Unconsolidated Affiliates," for further information. For the three and six months ended June 30, 2022, pre-tax income of $12.2 million associated with this investment was included in Equity in Earnings of Unconsolidated Affiliates within Other Income, Net in the table above.
Investments in Unconsolidated Affiliates | Eversource's investments included the following:
|  |  | Investment Balance
(Millions of Dollars) | Ownership Interest |  | As of June 30, 2023 |  | As of December 31, 2022
Offshore Wind Business - North East Offshore | 50 | % |  | $ | 2,083.1 |  |  | $ | 1,947.1 |
Natural Gas Pipeline - Algonquin Gas Transmission, LLC | 15 | % |  | 116.4 |  |  | 118.8 |
Renewable Energy Investment Fund | 90 | % |  | — |  |  | 84.1 |
Other | various |  | 27.8 |  |  | 26.1 |
Total Investments in Unconsolidated Affiliates |  |  | $ | 2,227.3 |  |  | $ | 2,176.1 |
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, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Eversource | $ | 44.7 |  |  | $ | 44.5 |  |  | $ | 99.7 |  |  | $ | 93.1 |
CL&P | 38.9 |  |  | 39.0 |  |  | 82.0 |  |  | 76.8
Non-cash Investing Activities | Non-cash investing activities include plant additions included in Accounts Payable as follows:
(Millions of Dollars) | As of June 30, 2023 |  | As of June 30, 2022
Eversource | $ | 457.5 |  |  | $ | 357.2 |
CL&P | 104.8 |  |  | 96.7 |
NSTAR Electric | 113.4 |  |  | 75.1 |
PSNH | 59.6 |  |  | 49.6 |
Reconciliation of Cash Balances to Cash and Restricted Cash | The following table reconciles cash and cash equivalents as reported on the balance sheets to the cash, cash equivalents and restricted cash balance as reported on the statements of cash flows:
| As of June 30, 2023 |  | As of December 31, 2022
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Cash and Cash Equivalents as reported on the Balance Sheets | $ | 42.2 |  |  | $ | 14.2 |  |  | $ | 6.5 |  |  | $ | 0.1 |  |  | $ | 374.6 |  |  | $ | 11.3 |  |  | $ | 327.7 |  |  | $ | 0.1 |
Restricted cash included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Deposits | 75.6 |  |  | 9.0 |  |  | 2.3 |  |  | 32.9 |  |  | 102.2 |  |  | 8.8 |  |  | 17.5 |  |  | 33.1 |
Marketable Securities | 42.6 |  |  | 0.9 |  |  | 0.3 |  |  | 1.6 |  |  | 25.4 |  |  | 0.2 |  |  | 0.1 |  |  | 0.4 |
Other Long-Term Assets | 17.6 |  |  | — |  |  | — |  |  | 3.2 |  |  | 19.6 |  |  | — |  |  | — |  |  | 3.2 |
Cash, Cash Equivalents and Restricted Cash as reported on the Statements of Cash Flows | $ | 178.0 |  |  | $ | 24.1 |  |  | $ | 9.1 |  |  | $ | 37.8 |  |  | $ | 521.8 |  |  | $ | 20.3 |  |  | $ | 345.3 |  |  | $ | 36.8 |

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