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EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2024
Postemployment Benefits [Abstract] |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following tables provide information on the plan benefit obligations, fair values of plan assets, and funded status:
| Pension and SERP
| As of December 31,
| 2024 |  | 2023
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Change in Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligation as of Beginning of Year | $ | (5,238.4) |  |  | $ | (1,048.5) |  |  | $ | (1,107.0) |  |  | $ | (562.3) |  |  | $ | (5,220.1) |  |  | $ | (1,030.0) |  |  | $ | (1,110.4) |  |  | $ | (556.2) |
Service Cost | (44.3) |  |  | (12.7) |  |  | (7.7) |  |  | (4.3) |  |  | (43.1) |  |  | (12.3) |  |  | (7.8) |  |  | (4.3) |
Interest Cost | (250.0) |  |  | (50.3) |  |  | (51.6) |  |  | (26.8) |  |  | (254.0) |  |  | (50.5) |  |  | (53.9) |  |  | (27.3) |
Actuarial Gain/(Loss) | 280.2 |  |  | 56.2 |  |  | 74.1 |  |  | 30.7 |  |  | (110.4) |  |  | (19.7) |  |  | (17.6) |  |  | (11.6) |
Benefits Paid - Pension | 320.9 |  |  | 68.1 |  |  | 67.1 |  |  | 38.0 |  |  | 317.3 |  |  | 66.1 |  |  | 76.7 |  |  | 35.7 |
Benefits Paid - Lump Sum | 24.0 |  |  | — |  |  | 7.6 |  |  | 0.1 |  |  | 28.9 |  |  | — |  |  | 5.3 |  |  | 1.0 |
Benefits Paid - SERP | 19.4 |  |  | 0.3 |  |  | 0.2 |  |  | 0.4 |  |  | 43.0 |  |  | 0.3 |  |  | 0.2 |  |  | 0.4 |
Employee Transfers | — |  |  | 4.0 |  |  | 13.8 |  |  | 2.7 |  |  | — |  |  | (2.4) |  |  | 0.5 |  |  | — |
Reclassified to Assets Held for Sale | 142.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Benefit Obligation as of End of Year | $ | (4,745.7) |  |  | $ | (982.9) |  |  | $ | (1,003.5) |  |  | $ | (521.5) |  |  | $ | (5,238.4) |  |  | $ | (1,048.5) |  |  | $ | (1,107.0) |  |  | $ | (562.3) |
Change in Pension Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair Value of Pension Plan Assets as of Beginning of Year | $ | 5,775.0 |  |  | $ | 1,170.0 |  |  | $ | 1,411.6 |  |  | $ | 614.0 |  |  | $ | 5,806.4 |  |  | $ | 1,172.0 |  |  | $ | 1,418.8 |  |  | $ | 618.0 |
Employer Contributions | 5.0 |  |  | — |  |  | — |  |  | — |  |  | 5.0 |  |  | — |  |  | — |  |  | — |
Actual Return on Pension Plan Assets | 227.0 |  |  | 46.5 |  |  | 55.1 |  |  | 24.3 |  |  | 309.8 |  |  | 61.7 |  |  | 75.3 |  |  | 32.7 |
Benefits Paid - Pension | (320.9) |  |  | (68.1) |  |  | (67.1) |  |  | (38.0) |  |  | (317.3) |  |  | (66.1) |  |  | (76.7) |  |  | (35.7) |
Benefits Paid - Lump Sum | (24.0) |  |  | — |  |  | (7.6) |  |  | (0.1) |  |  | (28.9) |  |  | — |  |  | (5.3) |  |  | (1.0) |
Employee Transfers | — |  |  | (4.0) |  |  | (13.8) |  |  | (2.7) |  |  | — |  |  | 2.4 |  |  | (0.5) |  |  | — |
Reclassified to Assets Held for Sale | (148.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair Value of Pension Plan Assets as of End of Year | $ | 5,514.0 |  |  | $ | 1,144.4 |  |  | $ | 1,378.2 |  |  | $ | 597.5 |  |  | $ | 5,775.0 |  |  | $ | 1,170.0 |  |  | $ | 1,411.6 |  |  | $ | 614.0 |
Funded Status as of December 31st | $ | 768.3 |  |  | $ | 161.5 |  |  | $ | 374.7 |  |  | $ | 76.0 |  |  | $ | 536.6 |  |  | $ | 121.5 |  |  | $ | 304.6 |  |  | $ | 51.7 |
| PBOP
| As of December 31,
| 2024 |  | 2023
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Change in Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligation as of Beginning of Year | $ | (676.0) |  |  | $ | (120.6) |  |  | $ | (188.3) |  |  | $ | (72.0) |  |  | $ | (693.7) |  |  | $ | (127.9) |  |  | $ | (189.5) |  |  | $ | (74.6) |
Service Cost | (7.0) |  |  | (1.2) |  |  | (1.2) |  |  | (0.6) |  |  | (7.6) |  |  | (1.3) |  |  | (1.2) |  |  | (0.7) |
Interest Cost | (31.9) |  |  | (5.6) |  |  | (8.8) |  |  | (3.4) |  |  | (33.8) |  |  | (6.2) |  |  | (9.2) |  |  | (3.7) |
Actuarial Gain/(Loss) | 41.3 |  |  | 8.9 |  |  | 10.7 |  |  | 3.9 |  |  | 5.0 |  |  | 4.4 |  |  | (5.8) |  |  | 0.8 |
Benefits Paid | 51.7 |  |  | 9.4 |  |  | 15.9 |  |  | 6.2 |  |  | 52.7 |  |  | 10.0 |  |  | 16.7 |  |  | 6.1 |
Employee Transfers | — |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |  |  | (0.1) |
Plan Amendment | — |  |  | — |  |  | — |  |  | — |  |  | 1.4 |  |  | 0.4 |  |  | 0.2 |  |  | 0.2 |
Reclassified to Assets Held for Sale | 34.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Benefit Obligation as of End of Year | $ | (587.4) |  |  | $ | (109.1) |  |  | $ | (171.4) |  |  | $ | (65.9) |  |  | $ | (676.0) |  |  | $ | (120.6) |  |  | $ | (188.3) |  |  | $ | (72.0) |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair Value of Plan Assets as of Beginning of Year | $ | 1,024.4 |  |  | $ | 123.0 |  |  | $ | 490.4 |  |  | $ | 74.7 |  |  | $ | 970.1 |  |  | $ | 120.6 |  |  | $ | 456.1 |  |  | $ | 72.3 |
Actual Return on Plan Assets | 92.3 |  |  | 11.2 |  |  | 45.8 |  |  | 7.6 |  |  | 104.7 |  |  | 12.6 |  |  | 52.3 |  |  | 8.3 |
Employer Contributions | 0.9 |  |  | — |  |  | — |  |  | — |  |  | 1.9 |  |  | — |  |  | — |  |  | — |
Benefits Paid | (51.8) |  |  | (9.4) |  |  | (15.9) |  |  | (6.1) |  |  | (52.3) |  |  | (10.0) |  |  | (16.7) |  |  | (6.1) |
Employee Transfers | — |  |  | (0.4) |  |  | (1.1) |  |  | 0.2 |  |  | — |  |  | (0.2) |  |  | (1.3) |  |  | 0.2 |
Reclassified to Assets Held for Sale | (29.5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair Value of Plan Assets as of End of Year | $ | 1,036.3 |  |  | $ | 124.4 |  |  | $ | 519.2 |  |  | $ | 76.4 |  |  | $ | 1,024.4 |  |  | $ | 123.0 |  |  | $ | 490.4 |  |  | $ | 74.7 |
Funded Status as of December 31st | $ | 448.9 |  |  | $ | 15.3 |  |  | $ | 347.8 |  |  | $ | 10.5 |  |  | $ | 348.4 |  |  | $ | 2.4 |  |  | $ | 302.1 |  |  | $ | 2.7 |
Schedule of Defined Benefit Plans | As of December 31, 2024 and 2023, the accumulated benefit obligation for the Pension and SERP Plans is as follows:
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
2024 | $ | 4,617.1 |  |  | $ | 953.9 |  |  | $ | 969.5 |  |  | $ | 507.4 |
2023 | 4,936.8 |  |  | 977.8 |  |  | 1,051.9 |  |  | 522.1 |
A reconciliation of the prepaid assets and liabilities within the Eversource Pension, SERP and PBOP Plans’ funded status to the balance sheets is as follows:
| As of December 31,
| 2024 |  | 2023
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Prepaid Pension (1) | $ | 887.7 |  |  | $ | 167.2 |  |  | $ | 376.9 |  |  | $ | 80.5 |  |  | $ | 672.2 |  |  | $ | 127.4 |  |  | $ | 306.5 |  |  | $ | 56.3 |
Prepaid PBOP | 448.9 |  |  | 15.3 |  |  | 347.8 |  |  | 10.5 |  |  | 356.0 |  |  | 2.4 |  |  | 302.1 |  |  | 2.7 |
Prepaid Pension and PBOP | $ | 1,336.6 |  |  | $ | 182.5 |  |  | $ | 724.7 |  |  | $ | 91.0 |  |  | $ | 1,028.2 |  |  | $ | 129.8 |  |  | $ | 608.6 |  |  | $ | 59.0 |
Accrued SERP (1) | $ | 119.4 |  |  | $ | 5.7 |  |  | $ | 2.2 |  |  | $ | 4.5 |  |  | $ | 135.6 |  |  | $ | 5.9 |  |  | $ | 1.9 |  |  | $ | 4.6 |
Accrued PBOP (1) | — |  |  | — |  |  | — |  |  | — |  |  | 7.6 |  |  | — |  |  | — |  |  | — |
Less: Accrued SERP - current portion | (24.0) |  |  | (0.4) |  |  | (0.2) |  |  | (0.4) |  |  | (19.4) |  |  | (0.3) |  |  | (0.2) |  |  | (0.4) |
Accrued SERP and PBOP | $ | 95.4 |  |  | $ | 5.3 |  |  | $ | 2.0 |  |  | $ | 4.1 |  |  | $ | 123.8 |  |  | $ | 5.6 |  |  | $ | 1.7 |  |  | $ | 4.2 |
(1) As of December 31, 2024, the Aquarion water distribution business’s prepaid pension has been reclassified to Assets Held for Sale and the accrued SERP and PBOP liabilities have been reclassified to Liabilities Held for Sale on the Eversource balance sheet. As of December 31, 2023, these balances were recorded within Prepaid Pension and PBOP and Accrued SERP and PBOP on the Eversource balance sheet. For further information, see Note 24, “Assets Held for Sale.”
Schedule of Assumptions Used | The following actuarial assumptions were used in calculating the Pension, SERP and PBOP Plans' year end funded status:
| Pension and SERP |  | PBOP
| As of December 31, |  | As of December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount Rate |  | 5.6% | — | 5.7% |  | 4.9% | — | 5.0% |  | 5.7% |  | 5.0% | — | 5.2%
Compensation/Progression Rate |  | 3.5% | — | 4.0% |  | 3.5% | — | 4.0% |  | N/A
The following actuarial assumptions were used to calculate Pension, SERP and PBOP expense amounts:
| Pension and SERP |  | PBOP
| For the Years Ended December 31, |  | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount Rate | 4.7% | — | 5.1% |  | 4.9% | — | 5.3% |  | 2.2% | — | 3.2% |  | 4.9% | — | 5.2% |  | 5.1% | — | 5.4% |  | 2.3% | — | 3.3%
Expected Long-Term Rate of Return | 8.25% |  | 8.25% |  | 8.25% |  | 8.25% |  | 8.25% |  | 8.25%
Compensation/Progression Rate | 3.5% | — | 4.0% |  | 3.5% | — | 4.0% |  | 3.5% | — | 4.0% |  | N/A |  | N/A |  | N/A
Schedule of Net Benefit Costs | The components of net periodic benefit plan expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets/(liabilities) for future recovery or refund, are shown below. The service cost component of net periodic benefit plan expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit plan expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP plan expense/(income) reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include intercompany allocations of net periodic benefit plan expense/(income), as these amounts are cash settled on a short-term basis.
| Pension and SERP |  | PBOP
| For the Year Ended December 31, 2024 |  | For the Year Ended December 31, 2024
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Service Cost | $ | 44.3 |  |  | $ | 12.7 |  |  | $ | 7.7 |  |  | $ | 4.3 |  |  | $ | 7.0 |  |  | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | 0.6 |
Interest Cost | 250.0 |  |  | 50.3 |  |  | 51.6 |  |  | 26.8 |  |  | 31.9 |  |  | 5.6 |  |  | 8.8 |  |  | 3.4 |
Expected Return on Plan Assets | (462.6) |  |  | (93.5) |  |  | (112.4) |  |  | (48.9) |  |  | (81.2) |  |  | (9.5) |  |  | (39.5) |  |  | (5.6) |
Actuarial Loss/(Gain) | 85.9 |  |  | 12.1 |  |  | 25.6 |  |  | 5.0 |  |  | (0.4) |  |  | — |  |  | — |  |  | — |
Prior Service Cost/(Credit) | 1.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | (21.6) |  |  | 1.1 |  |  | (17.0) |  |  | 0.4 |
Settlement Loss | 4.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Net Periodic Benefit Plan Income | $ | (76.8) |  |  | $ | (18.4) |  |  | $ | (27.2) |  |  | $ | (12.8) |  |  | $ | (64.3) |  |  | $ | (1.6) |  |  | $ | (46.5) |  |  | $ | (1.2) |
Intercompany Income Allocations | N/A |  | $ | (1.6) |  |  | $ | (1.3) |  |  | $ | (0.4) |  |  | N/A |  | $ | (2.2) |  |  | $ | (2.6) |  |  | $ | (0.9) |
| Pension and SERP |  | PBOP
| For the Year Ended December 31, 2023 |  | For the Year Ended December 31, 2023
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Service Cost | $ | 43.1 |  |  | $ | 12.3 |  |  | $ | 7.8 |  |  | $ | 4.3 |  |  | $ | 7.6 |  |  | $ | 1.3 |  |  | $ | 1.2 |  |  | $ | 0.7 |
Interest Cost | 254.0 |  |  | 50.5 |  |  | 53.9 |  |  | 27.3 |  |  | 33.8 |  |  | 6.2 |  |  | 9.2 |  |  | 3.7 |
Expected Return on Plan Assets | (465.0) |  |  | (94.2) |  |  | (113.8) |  |  | (49.5) |  |  | (77.1) |  |  | (9.4) |  |  | (36.9) |  |  | (5.5) |
Actuarial Loss | 45.8 |  |  | 2.5 |  |  | 17.1 |  |  | 1.5 |  |  | — |  |  | — |  |  | — |  |  | — |
Prior Service Cost/(Credit) | 1.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | (21.6) |  |  | 1.1 |  |  | (17.0) |  |  | 0.4 |
Settlement Loss | 12.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Net Periodic Benefit Plan Income | $ | (108.4) |  |  | $ | (28.9) |  |  | $ | (34.7) |  |  | $ | (16.4) |  |  | $ | (57.3) |  |  | $ | (0.8) |  |  | $ | (43.5) |  |  | $ | (0.7) |
Intercompany Income Allocations | N/A |  | $ | (4.0) |  |  | $ | (3.0) |  |  | $ | (0.8) |  |  | N/A |  | $ | (1.9) |  |  | $ | (2.1) |  |  | $ | (0.7) |
| Pension and SERP |  | PBOP
| For the Year Ended December 31, 2022 |  | For the Year Ended December 31, 2022
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Service Cost | $ | 70.1 |  |  | $ | 18.7 |  |  | $ | 13.8 |  |  | $ | 6.9 |  |  | $ | 11.6 |  |  | $ | 2.0 |  |  | $ | 2.0 |  |  | $ | 1.1 |
Interest Cost | 154.5 |  |  | 31.3 |  |  | 32.8 |  |  | 16.9 |  |  | 20.2 |  |  | 3.7 |  |  | 5.3 |  |  | 2.2 |
Expected Return on Plan Assets | (523.6) |  |  | (106.3) |  |  | (128.4) |  |  | (56.1) |  |  | (89.9) |  |  | (11.4) |  |  | (42.4) |  |  | (6.7) |
Actuarial Loss | 116.0 |  |  | 16.2 |  |  | 32.8 |  |  | 7.9 |  |  | — |  |  | — |  |  | — |  |  | — |
Prior Service Cost/(Credit) | 1.4 |  |  | — |  |  | 0.3 |  |  | — |  |  | (21.7) |  |  | 1.1 |  |  | (17.0) |  |  | 0.4 |
Total Net Periodic Benefit Plan Income | $ | (181.6) |  |  | $ | (40.1) |  |  | $ | (48.7) |  |  | $ | (24.4) |  |  | $ | (79.8) |  |  | $ | (4.6) |  |  | $ | (52.1) |  |  | $ | (3.0) |
Intercompany Income Allocations | N/A |  | $ | (16.0) |  |  | $ | (12.4) |  |  | $ | (3.6) |  |  | N/A |  | $ | (3.7) |  |  | $ | (3.6) |  |  | $ | (1.2) |
Schedule of Amounts Recognized in Regulatory Assets and OCI | The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income (OCI) as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented:
| Pension and SERP |  | PBOP
| Regulatory Assets |  | OCI |  | Regulatory Assets |  | OCI
| For the Years Ended December 31, |  | For the Years Ended December 31,
(Millions of Dollars) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Actuarial (Gain)/Loss Arising During the Year | $ | (49.2) |  |  | $ | 251.1 |  |  | $ | 2.3 |  |  | $ | 14.0 |  |  | $ | (50.9) |  |  | $ | (32.0) |  |  | $ | (0.6) |  |  | $ | (0.3) |
Actuarial (Loss)/Gain Reclassified as Net Periodic Benefit (Expense)/Income | (79.1) |  |  | (38.8) |  |  | (6.8) |  |  | (7.0) |  |  | 0.4 |  |  | — |  |  | — |  |  | — |
Actuarial (Loss)/Gain Reclassified as Held for Sale | (16.6) |  |  | — |  |  | — |  |  | — |  |  | 7.1 |  |  | — |  |  | — |  |  | — |
Settlement Loss | — |  |  | — |  |  | (4.3) |  |  | (12.4) |  |  | — |  |  | — |  |  | — |  |  | — |
Prior Service Cost/(Credit) Arising During the Year | 1.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.9) |  |  | — |  |  | — |
Prior Service (Cost)/Credit Reclassified as Net Periodic Benefit (Expense)/Income | (1.2) |  |  | (1.2) |  |  | (0.1) |  |  | (0.1) |  |  | 21.8 |  |  | 21.8 |  |  | (0.2) |  |  | (0.2) |
Prior Service Cost Reclassified as Held for Sale | (1.2) |  |  | — |  |  | — |  |  | — |  |  | (0.6) |  |  | — |  |  | — |  |  | — |
The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Income amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2024 and 2023:
| Regulatory Assets as of December 31, |  | AOCI as of December 31,
(Millions of Dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Pension and SERP |  |  |  |  |  |  |
Actuarial Loss | $ | 956.1 |  |  | $ | 1,101.0 |  |  | $ | 47.7 |  |  | $ | 56.5 |
Prior Service Cost | 1.8 |  |  | 2.9 |  |  | 0.2 |  |  | 0.3 |
PBOP |  |  |  |  |  |  |
Actuarial Loss | $ | 6.4 |  |  | $ | 49.8 |  |  | $ | 1.8 |  |  | $ | 2.4 |
Prior Service (Credit)/Cost | (66.2) |  |  | (87.4) |  |  | 0.5 |  |  | 0.7 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans:
(Millions of Dollars) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 - 2034
Pension and SERP | $ | 367.3 |  |  | $ | 363.3 |  |  | $ | 369.5 |  |  | $ | 372.9 |  |  | $ | 375.4 |  |  | $ | 1,879.4 |
PBOP | 51.3 |  |  | 50.6 |  |  | 49.8 |  |  | 48.9 |  |  | 48.0 |  |  | 223.3 |
Schedule of Allocation of Plan Assets | These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows:
| As of December 31,
| 2024 |  | 2023
| Target Asset Allocation |  | Assumed Rate of Return |  | Target Asset Allocation |  | Assumed Rate of Return
| Eversource Pension Plan |  | Eversource PBOP Plan |  | Eversource Pension Plan and PBOP Plan |  | Eversource Pension Plan |  | Eversource PBOP Plan |  | Eversource Pension Plan and PBOP Plan
Equity Securities: |  |  |  |  |  |  |  |  |  |  |
United States | — | % |  | 20.0 | % |  | 8.5 | % |  | — | % |  | 20.0 | % |  | 8.5 | %
Global | 20.0 | % |  | — | % |  | 8.8 | % |  | 20.0 | % |  | — | % |  | 8.75 | %
Non-United States | — | % |  | 11.0 | % |  | 8.5 | % |  | — | % |  | 11.0 | % |  | 8.5 | %
Emerging Markets | — | % |  | 6.0 | % |  | 10.0 | % |  | — | % |  | 6.0 | % |  | 10.0 | %
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
Fixed Income | 16.0 | % |  | 17.0 | % |  | 5.5 | % |  | 16.0 | % |  | 17.0 | % |  | 5.5 | %
Public High Yield Fixed Income | 5.0 | % |  | — | % |  | 7.5 | % |  | 5.0 | % |  | — | % |  | 7.5 | %
United States Treasuries | 11.0 | % |  | — | % |  | 4.5 | % |  | 11.0 | % |  | — | % |  | 4.5 | %
Private Debt | 10.0 | % |  | 13.0 | % |  | 10.0 | % |  | 10.0 | % |  | 13.0 | % |  | 10.0 | %
Private Equity | 23.0 | % |  | 18.0 | % |  | 12.0 | % |  | 23.0 | % |  | 18.0 | % |  | 12.0 | %
Real Assets | 15.0 | % |  | 15.0 | % |  | 7.5 | % |  | 15.0 | % |  | 15.0 | % |  | 7.5 | %
The following tables present, by asset category, the Pension and PBOP Plan assets recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:
| Pension Plan
| Fair Value Measurements as of December 31,
(Millions of Dollars) | 2024 (1) |  | 2023 (2)
Asset Category: | Level 1 |  | Level 2 |  | Uncategorized |  | Total |  | Level 1 |  | Level 2 |  | Uncategorized |  | Total
Equity Securities | $ | 323.6 |  |  | $ | — |  |  | $ | 826.0 |  |  | $ | 1,149.6 |  |  | $ | 374.0 |  |  | $ | — |  |  | $ | 853.0 |  |  | $ | 1,227.0 |
Fixed Income | 314.3 |  |  | 344.7 |  |  | 1,329.6 |  |  | 1,988.6 |  |  | 354.6 |  |  | 340.9 |  |  | 1,516.4 |  |  | 2,211.9 |
Private Equity | — |  |  | — |  |  | 1,710.9 |  |  | 1,710.9 |  |  | — |  |  | — |  |  | 1,685.3 |  |  | 1,685.3 |
Real Assets | 243.8 |  |  | — |  |  | 652.2 |  |  | 896.0 |  |  | 173.6 |  |  | — |  |  | 722.1 |  |  | 895.7 |
Total | $ | 881.7 |  |  | $ | 344.7 |  |  | $ | 4,518.7 |  |  | $ | 5,745.1 |  |  | $ | 902.2 |  |  | $ | 340.9 |  |  | $ | 4,776.8 |  |  | $ | 6,019.9 |
Less: 401(h) PBOP Assets (3) |  |  |  |  |  |  | (231.1) |  |  |  |  |  |  |  |  | (244.9) |
Total Pension Assets |  |  |  |  |  |  | $ | 5,514.0 |  |  |  |  |  |  |  |  | $ | 5,775.0 |
| PBOP Plan
| Fair Value Measurements as of December 31,
(Millions of Dollars) | 2024 (1) |  | 2023
Asset Category: | Level 1 |  | Level 2 |  | Uncategorized |  | Total |  | Level 1 |  | Level 2 |  | Uncategorized |  | Total
Equity Securities | $ | 184.8 |  |  | $ | — |  |  | $ | 166.3 |  |  | $ | 351.1 |  |  | $ | 139.1 |  |  | $ | — |  |  | $ | 212.1 |  |  | $ | 351.2 |
Fixed Income | 61.8 |  |  | 44.6 |  |  | 127.5 |  |  | 233.9 |  |  | 33.4 |  |  | 43.0 |  |  | 159.8 |  |  | 236.2 |
Private Equity | — |  |  | — |  |  | 99.0 |  |  | 99.0 |  |  | — |  |  | — |  |  | 87.7 |  |  | 87.7 |
Real Assets | 83.7 |  |  | — |  |  | 37.5 |  |  | 121.2 |  |  | 70.5 |  |  | — |  |  | 33.9 |  |  | 104.4 |
Total | $ | 330.3 |  |  | $ | 44.6 |  |  | $ | 430.3 |  |  | $ | 805.2 |  |  | $ | 243.0 |  |  | $ | 43.0 |  |  | $ | 493.5 |  |  | $ | 779.5 |
Add: 401(h) PBOP Assets (3) |  |  |  |  |  |  | 231.1 |  |  |  |  |  |  |  |  | 244.9 |
Total PBOP Assets |  |  |  |  |  |  | $ | 1,036.3 |  |  |  |  |  |  |  |  | $ | 1,024.4 |
(1) As of December 31, 2024, the funded status of the Aquarion water distribution business’s Pension and PBOP benefit plans have been reclassified in held for sale presentation on the Eversource balance sheet. Therefore, these Pension and PBOP asset balances have been excluded from the table above as of December 31, 2024. (2) Fixed Income investments classified as Level 1 as of December 31, 2023 include pending purchases and pending redemption settlements of $31 million. (3) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan.
Schedule of Defined Contribution Plans | The total Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows:
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
2024 | $ | 76.2 |  |  | $ | 10.6 |  |  | $ | 15.4 |  |  | $ | 6.0 |
2023 | 67.3 |  |  | 9.0 |  |  | 13.7 |  |  | 5.4 |
2022 | 59.9 |  |  | 7.7 |  |  | 12.8 |  |  | 4.8 |
Summary of Share Transactions | A summary of RSU transactions is as follows:
| RSUs (Units) |  | Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2023 | 672,242 |  |  | $ | 65.89 |
Granted | 372,400 |  |  | $ | 57.93 |
Shares Issued | (289,372) |  |  | $ | 65.25 |
Forfeited | (39,828) |  |  | $ | 66.91 |
Outstanding as of December 31, 2024 | 715,442 |  |  | $ | 61.95 |
A summary of performance share transactions is as follows:
| Performance Shares (Units) |  | Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 2023 | 664,424 |  |  | $ | 85.33 |
Granted | 431,789 |  |  | $ | 55.87 |
Shares Issued | (126,054) |  |  | $ | 85.54 |
Forfeited | (105,967) |  |  | $ | 77.98 |
Outstanding as of December 31, 2024 | 864,192 |  |  | $ | 71.48 |
Schedule of Compensation Expense and Income Tax Benefit | The total compensation expense and associated future income tax benefits recognized by Eversource, CL&P, NSTAR Electric and PSNH for share-based compensation awards were as follows:
Eversource | For the Years Ended December 31,
(Millions of Dollars) | 2024 |  | 2023 |  | 2022
Compensation Expense | $ | 30.0 |  |  | $ | 27.8 |  |  | $ | 33.4 |
Future Income Tax Benefit | 7.8 |  |  | 7.3 |  |  | 8.7 |
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
(Millions of Dollars) | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH
Compensation Expense | $ | 9.3 |  |  | $ | 9.6 |  |  | $ | 3.6 |  |  | $ | 8.7 |  |  | $ | 8.7 |  |  | $ | 3.0 |  |  | $ | 10.0 |  |  | $ | 10.7 |  |  | $ | 3.6 |
Future Income Tax Benefit | 2.4 |  |  | 2.5 |  |  | 0.9 |  |  | 2.3 |  |  | 2.3 |  |  | 0.8 |  |  | 2.6 |  |  | 2.8 |  |  | 0.9 |
Schedule of Other Retirement Benefits | The liability and expense amounts are as follows:
Eversource (Millions of Dollars) | As of and For the Years Ended December 31,
2024 |  | 2023 |  | 2022
Actuarially-Determined Liability | $ | 30.2 |  |  | $ | 32.6 |  |  | $ | 43.4 |
Other Retirement Benefits Expense (1) | 2.4 |  |  | 2.6 |  |  | 10.9 |
| As of and For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
(Millions of Dollars) | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH
Actuarially-Determined Liability | 0.1 |  | $ | — |  |  | $ | 1.0 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 1.3 |
Other Retirement Benefits Expense (1) | 0.8 |  |  | 0.8 |  |  | 0.3 |  |  | 0.8 |  |  | 0.8 |  |  | 0.4 |  |  | 4.0 |  |  | 3.7 |  |  | 1.3 |
(1) Other Retirement Benefits Expense in 2022 includes a one-time special retirement benefit payable of $9.2 million, which was paid in 2023.

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