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SHORT-TERM AND LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility, which terminates on October 11, 2029. This revolving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program. NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on October 11, 2029, that serves to backstop NSTAR Electric's $650 million commercial paper program. The amount of borrowings outstanding and available under the commercial paper programs were as follows:
| Borrowings Outstanding as of |  | Available Borrowing Capacity as of |  | Weighted-Average Interest Rate as of
| September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
(Millions of Dollars) |  |  |  |  |
Eversource Parent Commercial Paper Program | $ | 322.0 |  |  | $ | 1,771.9 |  |  | $ | 1,678.0 |  |  | $ | 228.1 |  |  | 5.12 | % |  | 5.60 | %
NSTAR Electric Commercial Paper Program | 537.5 |  |  | 365.8 |  |  | 112.5 |  |  | 284.2 |  |  | 4.94 | % |  | 5.40 | %
There were no borrowings outstanding on the revolving credit facilities as of September 30, 2024 or December 31, 2023. CL&P and PSNH have uncommitted line of credit agreements totaling $375 million and $250 million, respectively, all of which will expire in either May 2025, September 2025 or October 2025. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of September 30, 2024. Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. As a result of the CL&P long-term debt issuance in January 2024, $207.3 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified to Long-Term Debt on Eversource parent’s balance sheet as of December 31, 2023. As a result of the EGMA long-term debt issuance in October 2024, $100.0 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified to Long-Term Debt on Eversource parent’s balance sheet as of September 30, 2024. Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of September 30, 2024, there were intercompany loans from Eversource parent to CL&P of $135.0 million and to PSNH of $89.3 million. As of December 31, 2023, there were intercompany loans from Eversource parent to CL&P of $457.0 million and to PSNH of $233.0 million. Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets, as these intercompany borrowings are outstanding for no more than 364 days at one time. As a result of the CL&P long-term debt issuance in January 2024, $207.3 million of CL&P’s intercompany borrowings were reclassified to Long-Term Debt on CL&P’s balance sheet as of December 31, 2023. Sources and Uses of Cash: The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities. Long-Term Debt Issuance Authorizations: On February 8, 2024, the NHPUC approved PSNH’s request for authorization to issue up to $300 million in long-term debt through December 31, 2024. On May 1, 2024, the DPU approved NSTAR Electric’s request for authorization to issue up to $2.4 billion in long-term debt through December 31, 2026. On July 24, 2024, PURA approved CL&P’s request for authorization to issue up to $1.0 billion in long-term debt through December 31, 2025. On August 12, 2024 the DPU approved EGMA’s request for authorization to issue up to $325 million in long-term debt through December 31, 2026. Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments:
(Millions of Dollars) | Interest Rate |  | Issuance/(Repayment) |  | Issue Date or Repayment Date |  | Maturity Date |  | Use of Proceeds for Issuance/ Repayment Information
CL&P Series A First Mortgage Bonds | 4.65 | % |  | $ | 350.0 |  |  | January 2024 |  | January 2029 |  | Repaid short-term debt, paid capital expenditures and working capital
CL&P Series B First Mortgage Bonds | 4.95 | % |  | 300.0 |  |  | August 2024 |  | August 2034 |  | Repaid Series D Bonds, repaid short-term debt, and working capital
CL&P Series D First Mortgage Bonds | 7.875 | % |  | (139.8) |  |  | October 2024 |  | October 2024 |  | Paid at maturity
NSTAR Electric Debentures | 5.40 | % |  | 600.0 |  |  | May 2024 |  | June 2034 |  | Repaid short-term debt, paid capital expenditures and working capital
PSNH Series X First Mortgage Bonds | 5.35 | % |  | 300.0 |  |  | April 2024 |  | October 2033 |  | Repaid short-term debt, paid capital expenditures and working capital
Eversource Parent Series DD Senior Notes | 5.00 | % |  | 350.0 |  |  | January 2024 |  | January 2027 |  | Repaid short-term debt
Eversource Parent Series EE Senior Notes | 5.50 | % |  | 650.0 |  |  | January 2024 |  | January 2034 |  | Repaid short-term debt
Eversource Parent Series FF Senior Notes | 5.85 | % |  | 700.0 |  |  | April 2024 |  | April 2031 |  | Repaid Series X Senior Notes and Aquarion’s 2014 Senior Notes at maturity and short-term debt
Eversource Parent Series GG Senior Notes | 5.95 | % |  | 700.0 |  |  | April 2024 |  | July 2034 |  | Repaid Series X Senior Notes and Aquarion’s 2014 Senior Notes at maturity and short-term debt
Eversource Parent Series X Senior Notes | 4.20 | % |  | (900.0) |  |  | June 2024 |  | June 2024 |  | Paid at maturity
Eversource Parent Series L Senior Notes | 2.90 | % |  | (450.0) |  |  | October 2024 |  | October 2024 |  | Paid at maturity
NSTAR Gas Series W First Mortgage Bonds | 5.29 | % |  | 160.0 |  |  | June 2024 |  | June 2029 |  | Repaid short-term debt, paid capital expenditures and general corporate purchases
NSTAR Gas Series X First Mortgage Bonds | 5.48 | % |  | 40.0 |  |  | June 2024 |  | June 2034 |  | Repaid short-term debt, paid capital expenditures and general corporate purchases
Yankee Gas Series W First Mortgage Bonds | 5.50 | % |  | 90.0 |  |  | July 2024 |  | July 2029 |  | Repaid short-term debt, paid capital expenditures, working capital and repaid Series P bonds at maturity
Yankee Gas Series X First Mortgage Bonds | 5.74 | % |  | 90.0 |  |  | July 2024 |  | July 2034 |  | Repaid short-term debt, paid capital expenditures, working capital and repaid Series P bonds at maturity
Yankee Gas Series P First Mortgage Bonds | 2.23 | % |  | (100.0) |  |  | October 2024 |  | October 2024 |  | Paid at maturity
EGMA Series E First Mortgage Bonds | 5.17 | % |  | 100.0 |  |  | October 2024 |  | November 2034 |  | Refinanced existing indebtedness, paid capital expenditures and general corporate purchases
Aquarion Senior Notes | 4.00 | % |  | (360.0) |  |  | August 2024 |  | August 2024 |  | Paid at maturity
Aquarion Water Company of Connecticut Senior Notes | 5.57 | % |  | 70.0 |  |  | August 2024 |  | September 2034 |  | Repaid short-term debt, paid capital expenditures and general corporate purchases

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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