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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term. Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated. The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years. The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options. For leases entered into or modified after the January 1, 2019 implementation date of the leases standard under Topic 842, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease because the rate implicit in the lease is not determinable. CL&P and PSNH entered into certain contracts for the purchase of energy that qualify as leases. These contracts do not have minimum lease payments and therefore are not recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below. Expense related to these contracts is included as variable lease cost in the table below. The expense and long-term obligation for these contracts are also included in Note 13B, "Commitments and Contingencies - Long-Term Contractual Arrangements," to the financial statements. The components of lease cost, prior to amounts capitalized, are as follows:
Eversource | For the Years Ended December 31,
(Millions of Dollars) | 2023 |  | 2022 |  | 2021
Finance Lease Cost: |  |  |  |  |
Amortization of Right-of-use-Assets | $ | 4.8 |  |  | $ | 8.3 |  |  | $ | 4.6 |
Interest on Lease Liabilities | 2.0 |  |  | 2.0 |  |  | 3.9 |
Total Finance Lease Cost | 6.8 |  |  | 10.3 |  |  | 8.5 |
Operating Lease Cost | 11.4 |  |  | 11.6 |  |  | 12.2 |
Variable Lease Cost | 69.2 |  |  | 78.1 |  |  | 61.0 |
Total Lease Cost | $ | 87.4 |  |  | $ | 100.0 |  |  | $ | 81.7 |
| 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
Finance Lease Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of Right-of-use-Assets | $ | — |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 0.1 |
Interest on Lease Liabilities | — |  |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.1 |  |  | 0.6 |  |  | — |
Total Finance Lease Cost | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |  |  | 0.1 |  |  | 0.6 |  |  | 0.8 |  |  | 0.1 |
Operating Lease Cost | 0.7 |  |  | 3.0 |  |  | 0.4 |  |  | 0.3 |  |  | 2.3 |  |  | 0.1 |  |  | 0.3 |  |  | 2.3 |  |  | 0.1 |
Variable Lease Cost | 21.9 |  |  | — |  |  | 47.3 |  |  | 25.6 |  |  | — |  |  | 52.5 |  |  | 16.2 |  |  | — |  |  | 44.8 |
Total Lease Cost | $ | 22.6 |  |  | $ | 3.8 |  |  | $ | 47.7 |  |  | $ | 25.9 |  |  | $ | 3.1 |  |  | $ | 52.7 |  |  | $ | 17.1 |  |  | $ | 3.1 |  |  | $ | 45.0 |
Operating lease cost, net of the capitalized portion, is included in Operations and Maintenance (or Purchased Power, Purchased Natural Gas and Transmission expense for transmission leases) on the statements of income. Amortization of finance lease assets is included in Depreciation on the statements of income. Interest expense on finance leases is included in Interest Expense on the statements of income. Supplemental balance sheet information related to leases is as follows:
|  |  | As of December 31, 2023 |  | As of December 31, 2022
(Millions of Dollars) | Balance Sheet Classification |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use-Assets, Net | Other Long-Term Assets |  | $ | 53.5 |  |  | $ | 2.2 |  |  | $ | 27.7 |  |  | $ | 4.7 |  |  | $ | 56.9 |  |  | $ | 2.2 |  |  | $ | 22.5 |  |  | $ | — |
Operating Lease Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Portion | Other Current Liabilities |  | $ | 9.5 |  |  | $ | 0.8 |  |  | $ | 2.2 |  |  | $ | 1.5 |  |  | $ | 9.0 |  |  | $ | 0.6 |  |  | $ | 1.2 |  |  | $ | — |
Long-Term | Other Long-Term Liabilities |  | 44.0 |  |  | 1.4 |  |  | 25.5 |  |  | 3.2 |  |  | 47.9 |  |  | 1.6 |  |  | 21.3 |  |  | — |
Total Operating Lease Liabilities |  | $ | 53.5 |  |  | $ | 2.2 |  |  | $ | 27.7 |  |  | $ | 4.7 |  |  | $ | 56.9 |  |  | $ | 2.2 |  |  | $ | 22.5 |  |  | $ | — |
Finance Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use-Assets, Net | Property, Plant and Equipment, Net |  | $ | 68.6 |  |  | $ | 18.3 |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | 54.5 |  |  | $ | — |  |  | $ | 3.2 |  |  | $ | — |
Finance Lease Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Portion | Other Current Liabilities |  | $ | 5.4 |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-Term | Other Long-Term Liabilities |  | 67.3 |  |  | 16.9 |  |  | 4.9 |  |  | — |  |  | 54.2 |  |  | — |  |  | 4.9 |  |  | — |
Total Finance Lease Liabilities |  |  | $ | 72.7 |  |  | $ | 18.3 |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | 58.0 |  |  | $ | — |  |  | $ | 4.9 |  |  | $ | — |
The finance lease payments that NSTAR Electric will make over the next twelve months are entirely interest-related, due to escalating payments. As such, none of the finance lease payments over the next twelve months will reduce the finance lease liability. Other information related to leases is as follows:
| As of December 31,
| 2023 |  | 2022
| Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Weighted-Average Remaining Lease Term (Years): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Leases | 9 |  | 4 |  | 13 |  | 3 |  | 11 |  | 4 |  | 17 |  | — |
Finance Leases | 13 |  | 9 |  | 18 |  | — |  |  | 15 |  | — |  |  | 19 |  | — |
Weighted-Average Discount Rate (Percentage): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Leases | 4.0 | % |  | 5.2 | % |  | 4.2 | % |  | 5.2 | % |  | 3.2 | % |  | 3.8 | % |  | 4.0 | % |  | — | %
Finance Leases | 3.3 | % |  | 5.3 | % |  | 2.9 | % |  | — | % |  | 2.7 | % |  | — | % |  | 2.9 | % |  | — | %
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
For the Year Ended December 31, 2023 |  |  |  |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |
Operating Cash Flows from Operating Leases | $ | 10.5 |  |  | $ | 0.7 |  |  | $ | 2.5 |  |  | $ | 0.4 |
Operating Cash Flows from Finance Leases | 2.0 |  |  | — |  |  | 0.6 |  |  | — |
Financing Cash Flows from Finance Leases | 3.9 |  |  | — |  |  | — |  |  | — |
Supplemental Non-Cash Information on Lease Liabilities: |  |  |  |  |  |  |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 12.8 |  |  | 0.6 |  |  | 7.0 |  |  | 5.0 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 18.5 |  |  | 18.3 |  |  | — |  |  | — |
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
For the Year Ended December 31, 2022 |  |  |  |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |
Operating Cash Flows from Operating Leases | $ | 11.3 |  |  | $ | 0.3 |  |  | $ | 2.1 |  |  | $ | 0.1 |
Operating Cash Flows from Finance Leases | 2.0 |  |  | — |  |  | 0.6 |  |  | — |
Financing Cash Flows from Finance Leases | 3.9 |  |  | — |  |  | — |  |  | 0.1 |
Supplemental Non-Cash Information on Lease Liabilities: |  |  |  |  |  |  |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 18.9 |  |  | 2.4 |  |  | — |  |  | — |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 3.5 |  |  | — |  |  | — |  |  | — |
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
For the Year Ended December 31, 2021 |  |  |  |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |
Operating Cash Flows from Operating Leases | $ | 12.1 |  |  | $ | 0.3 |  |  | $ | 2.1 |  |  | $ | 0.1 |
Operating Cash Flows from Finance Leases | 3.4 |  |  | 0.1 |  |  | 0.6 |  |  | — |
Financing Cash Flows from Finance Leases | 4.1 |  |  | 1.4 |  |  | — |  |  | 0.1 |
Supplemental Non-Cash Information on Lease Liabilities: |  |  |  |  |  |  |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 2.1 |  |  | — |  |  | 1.9 |  |  | — |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 2.3 |  |  | — |  |  | — |  |  | — |
As of December 31, 2023, lease agreements executed but not having yet commenced totaled $11.5 million for Eversource, $7 million for CL&P and $4.5 million for NSTAR Electric. These amounts are not recorded as right-of-use assets and operating lease liabilities as of December 31, 2023, but will be in 2024. Also in 2023, EGMA executed an early termination of an office space lease in connection with the purchase of the same facilities from the lessor, which reduced right-of-use assets for operating leases of Eversource by $7.5 million. Future minimum lease payments, excluding variable costs, under long-term leases, as of December 31, 2023 are as follows:
| Operating Leases |  | Finance Leases
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric | PSNH |  | Eversource |  | CL&P | NSTAR Electric
Year Ending December 31, |  |  |  |  |  |  |  |  |  |  |
2024 | $ | 11.1 |  |  | $ | 0.9 |  |  | $ | 3.4 |  | $ | 1.7 |  |  | $ | 7.8 |  |  | $ | 1.9 |  | $ | 0.6 |
2025 | 8.3 |  |  | 0.9 |  |  | 3.0 |  | 1.7 |  |  | 8.2 |  |  | 2.3 |  | 0.7 |
2026 | 6.9 |  |  | 0.5 |  |  | 3.0 |  | 1.5 |  |  | 7.8 |  |  | 2.4 |  | 0.7 |
2027 | 4.3 |  |  | — |  |  | 2.3 |  | 0.1 |  |  | 7.9 |  |  | 2.5 |  | 0.7 |
2028 | 4.3 |  |  | — |  |  | 2.4 |  | — |  |  | 7.2 |  |  | 2.6 |  | 0.7 |
Thereafter | 30.3 |  |  | — |  |  | 24.6 |  | — |  |  | 57.8 |  |  | 11.5 |  | 11.0 |
Future lease payments | 65.2 |  |  | 2.3 |  |  | 38.7 |  | 5.0 |  |  | 96.7 |  |  | 23.2 |  | 14.4 |
Less amount representing interest | 11.7 |  |  | 0.1 |  |  | 11.0 |  | 0.3 |  |  | 24.0 |  |  | 4.9 |  | 9.5 |
Present value of future minimum lease payments | $ | 53.5 |  |  | $ | 2.2 |  |  | $ | 27.7 |  | $ | 4.7 |  |  | $ | 72.7 |  |  | $ | 18.3 |  | $ | 4.9 |
LEASES | LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term. Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated. The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years. The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options. For leases entered into or modified after the January 1, 2019 implementation date of the leases standard under Topic 842, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease because the rate implicit in the lease is not determinable. CL&P and PSNH entered into certain contracts for the purchase of energy that qualify as leases. These contracts do not have minimum lease payments and therefore are not recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below. Expense related to these contracts is included as variable lease cost in the table below. The expense and long-term obligation for these contracts are also included in Note 13B, "Commitments and Contingencies - Long-Term Contractual Arrangements," to the financial statements. The components of lease cost, prior to amounts capitalized, are as follows:
Eversource | For the Years Ended December 31,
(Millions of Dollars) | 2023 |  | 2022 |  | 2021
Finance Lease Cost: |  |  |  |  |
Amortization of Right-of-use-Assets | $ | 4.8 |  |  | $ | 8.3 |  |  | $ | 4.6 |
Interest on Lease Liabilities | 2.0 |  |  | 2.0 |  |  | 3.9 |
Total Finance Lease Cost | 6.8 |  |  | 10.3 |  |  | 8.5 |
Operating Lease Cost | 11.4 |  |  | 11.6 |  |  | 12.2 |
Variable Lease Cost | 69.2 |  |  | 78.1 |  |  | 61.0 |
Total Lease Cost | $ | 87.4 |  |  | $ | 100.0 |  |  | $ | 81.7 |
| 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
Finance Lease Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of Right-of-use-Assets | $ | — |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 0.1 |
Interest on Lease Liabilities | — |  |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.1 |  |  | 0.6 |  |  | — |
Total Finance Lease Cost | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |  |  | 0.1 |  |  | 0.6 |  |  | 0.8 |  |  | 0.1 |
Operating Lease Cost | 0.7 |  |  | 3.0 |  |  | 0.4 |  |  | 0.3 |  |  | 2.3 |  |  | 0.1 |  |  | 0.3 |  |  | 2.3 |  |  | 0.1 |
Variable Lease Cost | 21.9 |  |  | — |  |  | 47.3 |  |  | 25.6 |  |  | — |  |  | 52.5 |  |  | 16.2 |  |  | — |  |  | 44.8 |
Total Lease Cost | $ | 22.6 |  |  | $ | 3.8 |  |  | $ | 47.7 |  |  | $ | 25.9 |  |  | $ | 3.1 |  |  | $ | 52.7 |  |  | $ | 17.1 |  |  | $ | 3.1 |  |  | $ | 45.0 |
Operating lease cost, net of the capitalized portion, is included in Operations and Maintenance (or Purchased Power, Purchased Natural Gas and Transmission expense for transmission leases) on the statements of income. Amortization of finance lease assets is included in Depreciation on the statements of income. Interest expense on finance leases is included in Interest Expense on the statements of income. Supplemental balance sheet information related to leases is as follows:
|  |  | As of December 31, 2023 |  | As of December 31, 2022
(Millions of Dollars) | Balance Sheet Classification |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use-Assets, Net | Other Long-Term Assets |  | $ | 53.5 |  |  | $ | 2.2 |  |  | $ | 27.7 |  |  | $ | 4.7 |  |  | $ | 56.9 |  |  | $ | 2.2 |  |  | $ | 22.5 |  |  | $ | — |
Operating Lease Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Portion | Other Current Liabilities |  | $ | 9.5 |  |  | $ | 0.8 |  |  | $ | 2.2 |  |  | $ | 1.5 |  |  | $ | 9.0 |  |  | $ | 0.6 |  |  | $ | 1.2 |  |  | $ | — |
Long-Term | Other Long-Term Liabilities |  | 44.0 |  |  | 1.4 |  |  | 25.5 |  |  | 3.2 |  |  | 47.9 |  |  | 1.6 |  |  | 21.3 |  |  | — |
Total Operating Lease Liabilities |  | $ | 53.5 |  |  | $ | 2.2 |  |  | $ | 27.7 |  |  | $ | 4.7 |  |  | $ | 56.9 |  |  | $ | 2.2 |  |  | $ | 22.5 |  |  | $ | — |
Finance Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use-Assets, Net | Property, Plant and Equipment, Net |  | $ | 68.6 |  |  | $ | 18.3 |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | 54.5 |  |  | $ | — |  |  | $ | 3.2 |  |  | $ | — |
Finance Lease Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Portion | Other Current Liabilities |  | $ | 5.4 |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-Term | Other Long-Term Liabilities |  | 67.3 |  |  | 16.9 |  |  | 4.9 |  |  | — |  |  | 54.2 |  |  | — |  |  | 4.9 |  |  | — |
Total Finance Lease Liabilities |  |  | $ | 72.7 |  |  | $ | 18.3 |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | 58.0 |  |  | $ | — |  |  | $ | 4.9 |  |  | $ | — |
The finance lease payments that NSTAR Electric will make over the next twelve months are entirely interest-related, due to escalating payments. As such, none of the finance lease payments over the next twelve months will reduce the finance lease liability. Other information related to leases is as follows:
| As of December 31,
| 2023 |  | 2022
| Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Weighted-Average Remaining Lease Term (Years): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Leases | 9 |  | 4 |  | 13 |  | 3 |  | 11 |  | 4 |  | 17 |  | — |
Finance Leases | 13 |  | 9 |  | 18 |  | — |  |  | 15 |  | — |  |  | 19 |  | — |
Weighted-Average Discount Rate (Percentage): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Leases | 4.0 | % |  | 5.2 | % |  | 4.2 | % |  | 5.2 | % |  | 3.2 | % |  | 3.8 | % |  | 4.0 | % |  | — | %
Finance Leases | 3.3 | % |  | 5.3 | % |  | 2.9 | % |  | — | % |  | 2.7 | % |  | — | % |  | 2.9 | % |  | — | %
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
For the Year Ended December 31, 2023 |  |  |  |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |
Operating Cash Flows from Operating Leases | $ | 10.5 |  |  | $ | 0.7 |  |  | $ | 2.5 |  |  | $ | 0.4 |
Operating Cash Flows from Finance Leases | 2.0 |  |  | — |  |  | 0.6 |  |  | — |
Financing Cash Flows from Finance Leases | 3.9 |  |  | — |  |  | — |  |  | — |
Supplemental Non-Cash Information on Lease Liabilities: |  |  |  |  |  |  |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 12.8 |  |  | 0.6 |  |  | 7.0 |  |  | 5.0 |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 18.5 |  |  | 18.3 |  |  | — |  |  | — |
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
For the Year Ended December 31, 2022 |  |  |  |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |
Operating Cash Flows from Operating Leases | $ | 11.3 |  |  | $ | 0.3 |  |  | $ | 2.1 |  |  | $ | 0.1 |
Operating Cash Flows from Finance Leases | 2.0 |  |  | — |  |  | 0.6 |  |  | — |
Financing Cash Flows from Finance Leases | 3.9 |  |  | — |  |  | — |  |  | 0.1 |
Supplemental Non-Cash Information on Lease Liabilities: |  |  |  |  |  |  |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 18.9 |  |  | 2.4 |  |  | — |  |  | — |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 3.5 |  |  | — |  |  | — |  |  | — |
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
For the Year Ended December 31, 2021 |  |  |  |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |
Operating Cash Flows from Operating Leases | $ | 12.1 |  |  | $ | 0.3 |  |  | $ | 2.1 |  |  | $ | 0.1 |
Operating Cash Flows from Finance Leases | 3.4 |  |  | 0.1 |  |  | 0.6 |  |  | — |
Financing Cash Flows from Finance Leases | 4.1 |  |  | 1.4 |  |  | — |  |  | 0.1 |
Supplemental Non-Cash Information on Lease Liabilities: |  |  |  |  |  |  |
Right-of-use-Assets Obtained in Exchange for New Operating Lease Liabilities | 2.1 |  |  | — |  |  | 1.9 |  |  | — |
Right-of-use-Assets Obtained in Exchange for New Finance Lease Liabilities | 2.3 |  |  | — |  |  | — |  |  | — |
As of December 31, 2023, lease agreements executed but not having yet commenced totaled $11.5 million for Eversource, $7 million for CL&P and $4.5 million for NSTAR Electric. These amounts are not recorded as right-of-use assets and operating lease liabilities as of December 31, 2023, but will be in 2024. Also in 2023, EGMA executed an early termination of an office space lease in connection with the purchase of the same facilities from the lessor, which reduced right-of-use assets for operating leases of Eversource by $7.5 million. Future minimum lease payments, excluding variable costs, under long-term leases, as of December 31, 2023 are as follows:
| Operating Leases |  | Finance Leases
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric | PSNH |  | Eversource |  | CL&P | NSTAR Electric
Year Ending December 31, |  |  |  |  |  |  |  |  |  |  |
2024 | $ | 11.1 |  |  | $ | 0.9 |  |  | $ | 3.4 |  | $ | 1.7 |  |  | $ | 7.8 |  |  | $ | 1.9 |  | $ | 0.6 |
2025 | 8.3 |  |  | 0.9 |  |  | 3.0 |  | 1.7 |  |  | 8.2 |  |  | 2.3 |  | 0.7 |
2026 | 6.9 |  |  | 0.5 |  |  | 3.0 |  | 1.5 |  |  | 7.8 |  |  | 2.4 |  | 0.7 |
2027 | 4.3 |  |  | — |  |  | 2.3 |  | 0.1 |  |  | 7.9 |  |  | 2.5 |  | 0.7 |
2028 | 4.3 |  |  | — |  |  | 2.4 |  | — |  |  | 7.2 |  |  | 2.6 |  | 0.7 |
Thereafter | 30.3 |  |  | — |  |  | 24.6 |  | — |  |  | 57.8 |  |  | 11.5 |  | 11.0 |
Future lease payments | 65.2 |  |  | 2.3 |  |  | 38.7 |  | 5.0 |  |  | 96.7 |  |  | 23.2 |  | 14.4 |
Less amount representing interest | 11.7 |  |  | 0.1 |  |  | 11.0 |  | 0.3 |  |  | 24.0 |  |  | 4.9 |  | 9.5 |
Present value of future minimum lease payments | $ | 53.5 |  |  | $ | 2.2 |  |  | $ | 27.7 |  | $ | 4.7 |  |  | $ | 72.7 |  |  | $ | 18.3 |  | $ | 4.9 |

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