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Assets Held For Sale | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held For Sale | ASSETS HELD FOR SALE In early 2024, Eversource initiated an exploratory assessment of the potential sale of the Aquarion water distribution business. In December 2024, final bids were received, and Eversource obtained approval from its Board of Trustees to sell the Aquarion water distribution business. On January 27, 2025, Eversource entered into a definitive agreement to sell Aquarion. Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which includes approximately $1.6 billion for the equity and $800 million of net debt that will be extinguished at closing. The sale is subject to approval by PURA, DPU and the NHPUC, as well as other approvals pursuant to the Hart-Scott-Rodino Antitrust Improvements Act as well as other customary closing conditions. The sale is expected to close in late 2025. Eversource plans to use the net proceeds from the pending sale to pay down parent company debt. The assets and liabilities of the Aquarion water distribution business met the criteria to be classified as held for sale and have been classified separately as current or long-term assets and liabilities held for sale on the Eversource balance sheet as of December 31, 2024. As Eversource concluded this is the sale of a business, all goodwill held by the water distribution reporting unit was included in the carrying amount of the business and is also classified within assets held for sale. Long-term debt will be repaid by Eversource upon closing and is therefore excluded from liabilities held for sale. Assets and liabilities classified as held for sale are measured at the lower of carrying amount or fair value less costs to sell. In the fourth quarter of 2024, upon classifying the assets and liabilities as held for sale, Eversource concluded that the likely sale of Aquarion at a loss resulted in the requirement to test water distribution goodwill for impairment. Eversource performed an impairment test by comparing the fair value of the business to its carrying value and recorded a goodwill impairment of $297 million, as the estimated fair value of the business based on the anticipated sale was less than the carrying value. The fair value included future cash outflows of approximately $140 million of estimated income taxes as a result of the transaction. The goodwill impairment charge is presented separately within Operating Income on the Eversource statement of income for the year ended December 31, 2024. The water distribution business did not and will not meet the criteria to be presented as a discontinued operation. As of December 31, 2024, the major classes of Aquarion’s assets and liabilities presented in current and long-term Assets Held for Sale and Liabilities Held for Sale on the Eversource balance sheet, which are included in the Water Distribution reportable segment, were as follows:
(Millions of Dollars) |
Restricted Cash | $ | 5.8 |
Receivables, Net | 14.4 |
Unbilled Revenues | 11.5 |
Prepayments and Other Current Assets | 24.6 |
Total Current Assets Held for Sale | $ | 56.3 |
Property, Plant and Equipment, Net | $ | 1,885.2 |
Regulatory Assets | 51.2 |
Goodwill | 662.5 |
Other Long-Term Assets | 12.2 |
Total Long-Term Assets Held for Sale | $ | 2,611.1 |
Accounts Payable | $ | 24.2 |
Other Current Liabilities | 28.4 |
Total Current Liabilities Held for Sale | $ | 52.6 |
Regulatory Liabilities | $ | 132.2 |
Other Long-Term Liabilities | 266.7 |
Total Long-Term Liabilities Held for Sale | $ | 398.9 |
For the years ended December 31, 2024, 2023 and 2022, pre-tax income associated with the held for sale water distribution business (excluding the goodwill impairment recognized in 2024) was $43.1 million, $26.8 million and $33.6 million, respectively.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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