XML 90 R62.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Investments | Eversource's investments included the following:
|  |  |  |  | Investment Balance as of December 31,
(Millions of Dollars) | Ownership Interest |  | 2023 |  | 2022
Offshore Wind Business | 50% | - | 100% |  | $ | 515.5 |  |  | $ | 1,947.1 |
Natural Gas Pipeline - Algonquin Gas Transmission, LLC | 15% |  | 116.0 |  |  | 118.8 |
Renewable Energy Investment Fund | 90% |  | — |  |  | 84.1 |
Other | various |  | 29.0 |  |  | 26.1 |
Total Investments in Unconsolidated Affiliates |  |  |  |  | $ | 660.5 |  |  | $ | 2,176.1 |
A summary of the significant estimates and assumptions included in the 2023 impairment charges is as follows:
|  | Second Quarter 2023 |  | Fourth Quarter 2023 |  | Total
(Millions of Dollars) |  |  |
Lower expected sales proceeds across all three wind projects |  | $ | 401 |  |  | $ | 525 |  |  | $ | 926 |
Expected cost overruns not recovered in the sales price |  | — |  |  | 441 |  |  | 441 |
Loss of sales value from the sale price offered by GIP, including loss of ITC adders value, cancellation costs and other impacts assuming Sunrise Wind project is abandoned |  | — |  |  | 800 |  |  | 800 |
Impairment Charges, pre-tax |  | 401 |  |  | 1,766 |  |  | 2,167 |
Tax Benefit |  | (70) |  |  | (144) |  |  | (214) |
Impairment Charges, after-tax |  | $ | 331 |  |  | $ | 1,622 |  |  | 1,953 |
A summary of the carrying value by investee and by project as of December 31, 2023 is as follows:
| Investments Expected to be Disposed of |  | Investment to be Held |  |
| North East Offshore |  | South Fork Class B Member, LLC |  | South Fork Wind Holdings, LLC Class A |  | Total Offshore Wind Investments
(Millions of Dollars) | Sunrise Wind |  | Revolution Wind |  |  |
Carrying Value as of December 31, 2023, before Impairment Charge | $ | 699 |  |  | $ | 799 |  |  | $ | 299 |  |  | $ | 485 |  |  | $ | 2,282 |
Fourth Quarter 2023 Impairment Charge | (1,218) |  |  | (544) |  |  | — |  |  | (4) |  |  | (1,766) |
Carrying Value as of December 31, 2023 | $ | (519) |  |  | $ | 255 |  |  | $ | 299 |  |  | $ | 481 |  |  | $ | 516 |

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration