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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. About Eversource, CL&P, NSTAR Electric and PSNH Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and EGMA (natural gas utilities), and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4.4 million electric, natural gas and water customers through twelve regulated utilities in Connecticut, Massachusetts and New Hampshire. Eversource, CL&P, NSTAR Electric and PSNH are reporting companies under the Securities Exchange Act of 1934. Eversource Energy is a public utility holding company under the Public Utility Holding Company Act of 2005. Arrangements among the regulated electric companies and other Eversource companies, outside agencies and other utilities covering interconnections, interchange of electric power and sales of utility property are subject to regulation by the FERC. Eversource's regulated companies are subject to regulation of rates, accounting and other matters by the FERC and/or applicable state regulatory commissions (the PURA for CL&P, Yankee Gas and Aquarion, the DPU for NSTAR Electric, NSTAR Gas, EGMA and Aquarion, and the NHPUC for PSNH and Aquarion). CL&P, NSTAR Electric and PSNH furnish franchised retail electric service in Connecticut, Massachusetts and New Hampshire, respectively. NSTAR Gas and EGMA are engaged in the distribution and sale of natural gas to customers within Massachusetts and Yankee Gas is engaged in the distribution and sale of natural gas to customers within Connecticut. Aquarion is engaged in the collection, treatment and distribution of water in Connecticut, Massachusetts and New Hampshire. CL&P, NSTAR Electric and PSNH's results include the operations of their respective distribution and transmission businesses. The distribution business also includes the results of NSTAR Electric's solar power facilities. Eversource Service, Eversource's service company, and several wholly-owned real estate subsidiaries of Eversource, provide support services to Eversource, including its regulated companies. B. Basis of Presentation The consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. CYAPC and YAEC are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates the operations of CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method, including 50 percent ownership interests in three offshore wind projects and a tax equity investment in one of the projects. See Note 6, “Investments in Unconsolidated Affiliates,” for further information on Eversource’s equity method investments and impairment charges recorded in 2023 to the offshore wind investments carrying value. In accordance with accounting guidance on noncontrolling interests in consolidated financial statements, the Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric, which are not owned by Eversource or its consolidated subsidiaries and are not subject to mandatory redemption, have been presented as noncontrolling interests in the financial statements of Eversource. The Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric are considered to be temporary equity and have been classified between liabilities and permanent shareholders' equity on the balance sheets of Eversource, CL&P and NSTAR Electric due to a provision in the preferred stock agreements of both CL&P and NSTAR Electric that grant preferred stockholders the right to elect a majority of the CL&P and NSTAR Electric Boards of Directors, respectively, should certain conditions exist, such as if preferred dividends are in arrears for a specified amount of time. The Net Income reported in the statements of income and cash flows represents net income prior to apportionment to noncontrolling interests, which is represented by dividends on preferred stock of CL&P and NSTAR Electric. Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. As of December 31, 2023 and 2022, Eversource's carrying amount of goodwill was $4.53 billion and $4.52 billion, respectively. Eversource performs an assessment for possible impairment of its goodwill at least annually. Eversource completed its annual goodwill impairment assessment for each of its reporting units as of October 1, 2023 and determined that no impairment exists. See Note 24, "Goodwill," for further information. Certain reclassifications of prior year data were made in the accompanying financial statements to conform to the current year presentation. C. Cash and Cash Equivalents Cash includes cash on hand. At the end of each reporting period, any overdraft amounts are reclassified from Cash to Accounts Payable on the balance sheets. Cash Equivalents include short-term cash investments that are highly liquid in nature and have original maturities of three months or less. D. Allowance for Uncollectible Accounts Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs, and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). The current expected credit loss (CECL) model is applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded. The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including an aging-based quantitative assessment that applies an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, analysis of delinquency statistics, and management's assessment of collectability from customers, including current economic conditions, customer payment trends, the impact on customer bills because of energy usage trends and changes in rates, flexible payment plans and financial hardship arrearage management programs offered to customers, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability of receivables and adjusts estimates based on actual experience and future expectations based on economic conditions, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. Management concluded that the reserve balance as of December 31, 2023 adequately reflected the collection risk and net realizable value for its receivables. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric, NSTAR Gas and EGMA to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. Management uses a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance. The total allowance for uncollectible accounts is included in Receivables, Net on the balance sheets. 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. E. Transfer of Energy Efficiency Loans CL&P transferred a portion of its energy efficiency customer loan portfolio to outside lenders in order to make additional loans to customers. CL&P remains the servicer of the loans and will transmit customer payments to the lenders, with a maximum amount outstanding under this program of $55 million. The amounts of the loans are included in Receivables, Net and Other Long-Term Assets, and are offset by Other Current Liabilities and Other Long-Term Liabilities on CL&P’s balance sheet. The current and long-term portions totaled $8.5 million and $14.5 million, respectively, as of December 31, 2023, and $9.1 million and $13.0 million, respectively, as of December 31, 2022. F. Materials, Supplies, Natural Gas and REC Inventory Materials, Supplies, Natural Gas and REC Inventory include materials and supplies purchased primarily for construction or operation and maintenance purposes, natural gas purchased for delivery to customers, and RECs. Inventory is valued at the lower of cost or net realizable value. RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements. 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 |
Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets, equity method investments, AROs, and in the valuation of business combinations and asset acquisitions. The fair value measurement guidance was also applied in estimating the fair value of preferred stock, long-term debt and RRBs. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis. The levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy. Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," Note 6, "Investments in Unconsolidated Affiliates," Note 7, "Asset Retirement Obligations," Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," Note 15, "Fair Value of Financial Instruments," and Note 24, “Goodwill,” to the financial statements. H. Derivative Accounting Many of the electric and natural gas companies' contracts for the purchase and sale of energy or energy-related products are derivatives. The accounting treatment for energy contracts entered into varies and depends on the intended use of the particular contract and on whether or not the contract is a derivative. The application of derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, election and designation of a contract as normal, and determination of the fair value of derivative contracts. All of these judgments can have a significant impact on the financial statements. The judgment applied in the election of a contract as normal (and resulting accrual accounting) includes the conclusion that it is probable at the inception of the contract and throughout its term that it will result in physical delivery of the underlying product and that the quantities will be used or sold by the business in the normal course of business. If facts and circumstances change and management can no longer support this conclusion, then a contract cannot be considered normal, accrual accounting is terminated, and fair value accounting is applied prospectively. The fair value of derivative contracts is based upon the contract terms and conditions and the underlying market price or fair value per unit. When quantities are not specified in the contract, the Company determines whether the contract has a determinable quantity by using amounts referenced in default provisions and other relevant sections of the contract. The fair value of derivative assets and liabilities with the same counterparty are offset and recorded as a net derivative asset or liability on the balance sheets. Regulatory assets or regulatory liabilities are recorded to offset the fair values of these derivative contracts related to energy and energy-related products, as contract settlements are recovered from, or refunded to, customers in future rates. All changes in the fair value of these derivative contracts are recorded as regulatory assets or liabilities and do not impact net income. For further information regarding derivative contracts, see Note 4, "Derivative Instruments," to the financial statements. I. Operating Expenses 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 |
Allowance for Funds Used During Construction AFUDC represents the cost of borrowed and equity funds used to finance construction and is included in the cost of the electric, natural gas and water companies' utility plant on the balance sheet. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of Interest Expense, and the AFUDC related to equity funds is recorded as Other Income, Net on the statements of income. AFUDC costs are recovered from customers over the service life of the related plant in the form of increased revenue collected as a result of higher depreciation expense. The average AFUDC rate is based on a FERC-prescribed formula using the cost of a company's short-term financings and capitalization (preferred stock, long-term debt and common equity), as appropriate. The average rate is applied to average eligible CWIP amounts to calculate AFUDC. 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 | %
K. 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. L. Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. 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 |
As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. M. 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 |
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 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 |
Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, cash held in escrow accounts, and CYAPC and YAEC cash balances. Special Deposits are included in Current Assets on the balance sheets. As of both December 31, 2023 and December 31, 2022, restricted cash included in Marketable Securities represented money market funds held in restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations. As of December 31, 2022, restricted cash included in Marketable Securities also included money market funds held in trusts to fund certain non-qualified executive benefits. Eversource’s restricted cash includes an Energy Relief Fund for energy efficiency and clean energy measures in the Merrimack Valley established under the terms of the EGMA 2020 settlement agreement. This restricted cash held in escrow accounts included $20.0 million recorded as short-term in Special Deposits as of both December 31, 2023 and December 31, 2022, and $14.1 million and $15.9 million recorded in Other Long-Term Assets on the balance sheets as of December 31, 2023 and December 31, 2022, respectively. N. Related Parties Eversource Service, Eversource's service company, provides centralized accounting, administrative, engineering, financial, information technology, legal, operational, planning, purchasing, tax, and other services to Eversource's companies. The Rocky River Realty Company and Properties, Inc., two other Eversource subsidiaries, construct, acquire or lease some of the property and facilities used by Eversource's companies. As of December 31, 2022, CL&P, NSTAR Electric and PSNH had long-term receivables from Eversource Service in the amounts of $25.0 million, $5.5 million and $3.8 million, which were included in Other Long-Term Assets on the balance sheets. These amounts related to the funding of investments held in trust by Eversource Service in connection with certain postretirement benefits for CL&P, NSTAR Electric and PSNH employees and were eliminated in consolidation on the Eversource financial statements. As of December 31, 2023, these intercompany balances were settled. Included in the CL&P, NSTAR Electric and PSNH balance sheets as of December 31, 2023 and 2022 were Accounts Receivable from Affiliated Companies and Accounts Payable to Affiliated Companies relating to transactions between CL&P, NSTAR Electric and PSNH and other subsidiaries that are wholly-owned by Eversource. These amounts have been eliminated in consolidation on the Eversource financial statements. The Eversource Energy Foundation is an independent not-for-profit charitable entity and is not included in the consolidated financial statements of Eversource as the Company does not have title to, and cannot receive contributions back from, the Eversource Energy Foundation's assets. Eversource made contributions to the Eversource Energy Foundation of $20.0 million in 2023 and $8.0 million in 2022, and did not make any contributions in 2021.

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