XML 85 R57.htm IDEA: XBRL DOCUMENT
v3.24.0.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Accounting Policies [Abstract] |
Provision for Uncollectible Accounts | The activity in the allowance for uncollectible accounts by portfolio segment 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)
Balance as of January 1, 2021 | $ | 194.8 |  |  | $ | 164.1 |  |  | $ | 358.9 |  |  | $ | 129.1 |  |  | $ | 28.3 |  |  | $ | 157.4 |  |  | $ | 39.7 |  |  | $ | 51.9 |  |  | $ | 91.6 |  |  | $ | 17.2 |
Uncollectible Expense | — |  |  | 60.9 |  |  | 60.9 |  |  | — |  |  | 13.5 |  |  | 13.5 |  |  | — |  |  | 16.6 |  |  | 16.6 |  |  | 13.1 |
Uncollectible Costs Deferred (1) | 51.9 |  |  | 58.7 |  |  | 110.6 |  |  | 32.3 |  |  | 25.5 |  |  | 57.8 |  |  | 4.3 |  |  | 15.8 |  |  | 20.1 |  |  | 3.1 |
Write-Offs | (22.0) |  |  | (107.7) |  |  | (129.7) |  |  | (18.0) |  |  | (36.2) |  |  | (54.2) |  |  | (0.7) |  |  | (36.3) |  |  | (37.0) |  |  | (10.0) |
Recoveries Collected | 1.4 |  |  | 15.3 |  |  | 16.7 |  |  | 1.2 |  |  | 5.6 |  |  | 6.8 |  |  | — |  |  | 5.7 |  |  | 5.7 |  |  | 0.9 |
Balance as of December 31, 2021 | $ | 226.1 |  |  | $ | 191.3 |  |  | $ | 417.4 |  |  | $ | 144.6 |  |  | $ | 36.7 |  |  | $ | 181.3 |  |  | $ | 43.3 |  |  | $ | 53.7 |  |  | $ | 97.0 |  |  | $ | 24.3 |
Uncollectible Expense | — |  |  | 61.9 |  |  | 61.9 |  |  | — |  |  | 15.6 |  |  | 15.6 |  |  | — |  |  | 21.6 |  |  | 21.6 |  |  | 9.2 |
Uncollectible Costs Deferred (1) | 77.8 |  |  | 34.7 |  |  | 112.5 |  |  | 58.3 |  |  | 1.2 |  |  | 59.5 |  |  | 1.5 |  |  | 10.9 |  |  | 12.4 |  |  | 2.5 |
Write-Offs | (21.3) |  |  | (102.7) |  |  | (124.0) |  |  | (15.3) |  |  | (23.0) |  |  | (38.3) |  |  | (1.1) |  |  | (41.2) |  |  | (42.3) |  |  | (7.7) |
Recoveries Collected | 1.8 |  |  | 16.7 |  |  | 18.5 |  |  | 1.3 |  |  | 5.9 |  |  | 7.2 |  |  | — |  |  | 6.3 |  |  | 6.3 |  |  | 0.9 |
Balance as of December 31, 2022 | $ | 284.4 |  |  | $ | 201.9 |  |  | $ | 486.3 |  |  | $ | 188.9 |  |  | $ | 36.4 |  |  | $ | 225.3 |  |  | $ | 43.7 |  |  | $ | 51.3 |  |  | $ | 95.0 |  |  | $ | 29.2 |
Uncollectible Expense | — |  |  | 72.5 |  |  | 72.5 |  |  | — |  |  | 11.7 |  |  | 11.7 |  |  | — |  |  | 22.8 |  |  | 22.8 |  |  | 4.0 |
Uncollectible Costs Deferred (1) | 137.0 |  |  | 21.2 |  |  | 158.2 |  |  | 114.4 |  |  | 12.0 |  |  | 126.4 |  |  | 1.5 |  |  | 16.0 |  |  | 17.5 |  |  | (8.7) |
Write-Offs | (55.9) |  |  | (122.2) |  |  | (178.1) |  |  | (44.7) |  |  | (28.5) |  |  | (73.2) |  |  | (1.6) |  |  | (41.7) |  |  | (43.3) |  |  | (10.9) |
Recoveries Collected | 1.3 |  |  | 14.3 |  |  | 15.6 |  |  | 1.1 |  |  | 4.7 |  |  | 5.8 |  |  | — |  |  | 5.0 |  |  | 5.0 |  |  | 0.7 |
Balance as of December 31, 2023 | $ | 366.8 |  |  | $ | 187.7 |  |  | $ | 554.5 |  |  | $ | 259.7 |  |  | $ | 36.3 |  |  | $ | 296.0 |  |  | $ | 43.6 |  |  | $ | 53.4 |  |  | $ | 97.0 |  |  | $ | 14.3 |
(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 both 2023 and 2022 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.
Schedule of Utility Inventory | The carrying amounts of materials and supplies, natural gas inventory, and RECs, which are included in Current Assets on the balance sheets, were as follows:
| As of December 31,
| 2023 |  | 2022
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Materials and Supplies | $ | 397.9 |  |  | $ | 156.2 |  |  | $ | 130.8 |  |  | $ | 76.5 |  |  | $ | 221.0 |  |  | $ | 88.2 |  |  | $ | 81.0 |  |  | $ | 34.4 |
Natural Gas | 65.5 |  |  | — |  |  | — |  |  | — |  |  | 95.9 |  |  | — |  |  | — |  |  | — |
RECs | 43.9 |  |  | 0.3 |  |  | 43.0 |  |  | 0.6 |  |  | 57.5 |  |  | — |  |  | 57.4 |  |  | 0.1 |
Total | $ | 507.3 |  |  | $ | 156.5 |  |  | $ | 173.8 |  |  | $ | 77.1 |  |  | $ | 374.4 |  |  | $ | 88.2 |  |  | $ | 138.4 |  |  | $ | 34.5 |
Costs Related to Fuel and Natural Gas | The cost of natural gas included in Purchased Power, Purchased Natural Gas and Transmission on the statements of income were as follows:
| For the Years Ended December 31,
(Millions of Dollars) | 2023 |  | 2022 |  | 2021
Eversource - Cost of Natural Gas | $ | 792.2 |  |  | $ | 1,010.2 |  |  | $ | 718.6 |
Weighted-Average AFUDC Rates | AFUDC costs and the weighted-average AFUDC rates were as follows:
Eversource | For the Years Ended December 31,
(Millions of Dollars, except percentages) | 2023 |  | 2022 |  | 2021
Borrowed Funds | $ | 44.6 |  |  | $ | 21.8 |  |  | $ | 18.4 |
Equity Funds | 78.1 |  |  | 47.3 |  |  | 37.3 |
Total AFUDC | $ | 122.7 |  |  | $ | 69.1 |  |  | $ | 55.7 |
Average AFUDC Rate | 5.8 | % |  | 4.7 | % |  | 4.2 | %
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
(Millions of Dollars, except percentages) | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH
Borrowed Funds | $ | 7.7 |  |  | $ | 17.2 |  |  | $ | 6.1 |  |  | $ | 4.8 |  |  | $ | 10.7 |  |  | $ | 1.4 |  |  | $ | 2.9 |  |  | $ | 9.0 |  |  | $ | 0.8 |
Equity Funds | 20.0 |  |  | 45.7 |  |  | 5.4 |  |  | 13.6 |  |  | 24.6 |  |  | 2.5 |  |  | 7.7 |  |  | 20.4 |  |  | 1.6 |
Total AFUDC | $ | 27.7 |  |  | $ | 62.9 |  |  | $ | 11.5 |  |  | $ | 18.4 |  |  | $ | 35.3 |  |  | $ | 3.9 |  |  | $ | 10.6 |  |  | $ | 29.4 |  |  | $ | 2.4 |
Average AFUDC Rate | 6.7 | % |  | 5.9 | % |  | 5.1 | % |  | 6.6 | % |  | 5.4 | % |  | 2.6 | % |  | 5.0 | % |  | 4.9 | % |  | 2.5 | %
Components of Other Income, Net | The components of Other Income, Net on the statements of income were as follows:
Eversource | For the Years Ended December 31,
(Millions of Dollars) | 2023 |  | 2022 |  | 2021
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion (1) | $ | 132.9 |  |  | $ | 219.8 |  |  | $ | 84.4 |
AFUDC Equity | 78.1 |  |  | 47.3 |  |  | 37.3 |
Equity in Earnings of Unconsolidated Affiliates (2) | 15.5 |  |  | 22.9 |  |  | 14.2 |
Investment (Loss)/Income | (4.9) |  |  | 1.9 |  |  | (0.2) |
Interest Income | 94.2 |  |  | 50.5 |  |  | 25.6 |
Other (2) | 32.3 |  |  | 3.7 |  |  | — |
Total Other Income, Net | $ | 348.1 |  |  | $ | 346.1 |  |  | $ | 161.3 |
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
(Millions of Dollars) | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion (1) | $ | 34.9 |  |  | $ | 57.4 |  |  | $ | 16.2 |  |  | $ | 64.4 |  |  | $ | 85.5 |  |  | $ | 26.8 |  |  | $ | 15.2 |  |  | $ | 40.2 |  |  | $ | 10.3 |
AFUDC Equity | 20.0 |  |  | 45.7 |  |  | 5.4 |  |  | 13.6 |  |  | 24.6 |  |  | 2.5 |  |  | 7.7 |  |  | 20.4 |  |  | 1.6 |
Investment (Loss)/Income | (2.4) |  |  | (0.2) |  |  | (0.7) |  |  | (1.3) |  |  | 1.2 |  |  | 0.2 |  |  | 1.3 |  |  | 0.1 |  |  | 0.1 |
Interest Income | 9.0 |  |  | 60.6 |  |  | 5.3 |  |  | 6.5 |  |  | 30.7 |  |  | 3.1 |  |  | 5.9 |  |  | 13.4 |  |  | 2.4 |
Other | 0.1 |  |  | 0.6 |  |  | 0.4 |  |  | 0.1 |  |  | 0.7 |  |  | 0.1 |  |  | 0.1 |  |  | 0.7 |  |  | 0.2 |
Total Other Income, Net | $ | 61.6 |  |  | $ | 164.1 |  |  | $ | 26.6 |  |  | $ | 83.3 |  |  | $ | 142.7 |  |  | $ | 32.7 |  |  | $ | 30.2 |  |  | $ | 74.8 |  |  | $ | 14.6 |
(1) See Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for the components of net periodic benefit income/expense for the Pension, SERP and PBOP Plans. The non-service related components of pension, SERP and PBOP benefit income/expense, after capitalization or deferral, are presented as non-operating income and recorded in Other Income, Net on the statements of income. (2) 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 2023 within Other in the table above. See Note 6, “Investments in Unconsolidated Affiliates,” for further information. For the years ended December 31, 2022 and 2021, pre-tax income of $12.2 million and $2.1 million, respectively, associated with this investment was included in Equity in Earnings of Unconsolidated Affiliates within Other Income, Net in the table above.
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 Years Ended December 31,
(Millions of Dollars) | 2023 |  | 2022 |  | 2021
Eversource | $ | 202.9 |  |  | $ | 194.7 |  |  | $ | 181.9 |
CL&P | 174.9 |  |  | 166.1 |  |  | 158.1 |
Supplemental Cash Flow Information |
Eversource (Millions of Dollars) | As of and For the Years Ended December 31,
2023 |  | 2022 |  | 2021
Cash Paid During the Year for: |  |  |  |  |
Interest, Net of Amounts Capitalized | $ | 783.2 |  |  | $ | 636.2 |  |  | $ | 568.7 |
Income Taxes | 39.2 |  |  | 77.9 |  |  | 121.6 |
Non-Cash Investing Activities: |  |  |  |  |
Plant Additions Included in Accounts Payable (As of) | 564.1 |  |  | 586.9 |  |  | 467.9 |
| As of and For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
(Millions of Dollars) | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH
Cash Paid/(Received) During the Year for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest, Net of Amounts Capitalized | $ | 176.8 |  |  | $ | 182.8 |  |  | $ | 62.8 |  |  | $ | 167.2 |  |  | $ | 152.8 |  |  | $ | 58.3 |  |  | $ | 161.5 |  |  | $ | 141.6 |  |  | $ | 56.5 |
Income Taxes | (44.1) |  |  | 31.3 |  |  | (59.9) |  |  | 117.6 |  |  | 23.8 |  |  | 58.3 |  |  | 38.4 |  |  | 74.2 |  |  | 51.1 |
Non-Cash Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plant Additions Included in Accounts Payable (As of) | 139.8 |  |  | 178.9 |  |  | 65.9 |  |  | 131.8 |  |  | 184.3 |  |  | 76.2 |  |  | 110.6 |  |  | 120.0 |  |  | 68.7 |
Cash and Cash Equivalents as Reported on the Balance Sheet |
| As of December 31,
| 2023 |  | 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 | $ | 53.9 |  |  | $ | 10.2 |  |  | $ | 6.7 |  |  | $ | 0.2 |  |  | $ | 374.6 |  |  | $ | 11.3 |  |  | $ | 327.7 |  |  | $ | 0.1 |
Restricted cash included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Deposits | 81.5 |  |  | 2.0 |  |  | 16.1 |  |  | 31.6 |  |  | 102.2 |  |  | 8.8 |  |  | 17.5 |  |  | 33.1 |
Marketable Securities | 13.7 |  |  | — |  |  | — |  |  | — |  |  | 25.4 |  |  | 0.2 |  |  | 0.1 |  |  | 0.4 |
Other Long-Term Assets | 17.3 |  |  | — |  |  | — |  |  | 3.2 |  |  | 19.6 |  |  | — |  |  | — |  |  | 3.2 |
Cash, Cash Equivalents and Restricted Cash as reported on the Statements of Cash Flows | $ | 166.4 |  |  | $ | 12.2 |  |  | $ | 22.8 |  |  | $ | 35.0 |  |  | $ | 521.8 |  |  | $ | 20.3 |  |  | $ | 345.3 |  |  | $ | 36.8 |

X
- Definition [Table Text Block] for Other Income, Net [Table] + References No definition available. + Details
Name: | es_OtherIncomeNetTableTextBlock
Namespace Prefix: | es_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | es_ScheduleOfAllowanceForFundsUsedDuringConstructionTableTextBlock
Namespace Prefix: | es_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | es_ScheduleOfFuelCostsTableTextBlock
Namespace Prefix: | es_
Data Type: | dtr-types1: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-types1: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 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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 8 -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all information related to inventories for utilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfUtilityInventoryTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration