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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense are as follows:

Eversource (Millions of Dollars)			For the Years Ended December 31,
			2024						2023						2022
Current Income Taxes:
Federal			$	(23.4)					$	75.8					$	95.8
State			14.3						0.6						13.6
Total Current			(9.1)						76.4						109.4
Deferred Income Taxes, Net:
Federal			266.3						(0.9)						198.8
State			169.6						86.3						148.0
Total Deferred			435.9						85.4						346.8
Investment Tax Credits, Net			(2.1)						(2.1)						(2.6)
Income Tax Expense			$	424.7					$	159.7					$	453.6

			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
Current Income Taxes:
Federal			$	25.9					$	65.9					$	(1.7)					$	(10.8)					$	50.7					$	(40.0)					$	106.2					$	55.0					$	29.6
State			(6.8)						15.2						(5.2)						(2.3)						7.8						(20.0)						20.1						8.7						5.9
Total Current			19.1						81.1						(6.9)						(13.1)						58.5						(60.0)						126.3						63.7						35.5
Deferred Income Taxes, Net:
Federal			107.9						63.9						50.8						130.3						50.1						81.2						17.2						35.6						5.9
State			67.5						47.3						26.3						53.7						46.1						37.8						28.2						42.4						9.9
Total Deferred			175.4						111.2						77.1						184.0						96.2						119.0						45.4						78.0						15.8
Investment Tax Credits, Net			—						(1.7)						—						—						(1.7)						—						(0.5)						(1.7)						—
Income Tax Expense			$	194.5					$	190.6					$	70.2					$	170.9					$	153.0					$	59.0					$	171.2					$	140.0					$	51.3

Summary of Reconciliation Between Income Tax Expense and Expected Tax

A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows:

Eversource (Millions of Dollars, except percentages)			For the Years Ended December 31,
			2024						2023						2022
Income/(Loss) Before Income Tax Expense			$	1,243.8					$	(275.0)					$	1,866.0
Statutory Federal Income Tax Expense at 21%			261.2						(57.7)						391.9
Tax Effect of Differences:
Depreciation			(22.6)						(25.8)						(17.1)
Investment Tax Credit Amortization			(2.1)						(2.1)						(2.6)
Other Federal Tax Credits			(67.0)						(42.5)						—
State Income Taxes, Net of Federal Impact			43.2						(11.4)						75.9
Dividends on ESOP			(5.5)						(5.3)						(5.1)
Tax Asset Valuation Allowance/Reserve Adjustments			278.6						295.8						51.6
Tax Deficiency/(Excess Stock Benefit)			2.3						0.5						(2.1)
EDIT Amortization			(37.0)						(51.5)						(49.1)
Other, Net			(26.4)						59.7						10.2
Income Tax Expense			$	424.7					$	159.7					$	453.6
Effective Tax Rate			34.1		%				(58.1)		%				24.3		%

			For the Years Ended December 31,
			2024																		2023																		2022
(Millions of Dollars, except percentages)			CL&P						NSTAR Electric						PSNH						CL&P						NSTAR Electric						PSNH						CL&P						NSTAR Electric						PSNH
Income Before Income Tax Expense			$	707.1					$	826.9					$	285.1					$	689.6					$	697.5					$	254.7					$	704.1					$	632.4					$	222.9
Statutory Federal Income Tax Expense at 21%			148.5						173.7						59.9						144.9						146.5						53.5						147.9						132.8						46.8
Tax Effect of Differences:
Depreciation			0.4						(10.9)						(1.0)						(5.6)						(8.8)						(1.0)						(3.7)						(4.2)						0.9
Investment Tax Credit Amortization			—						(1.7)						—						—						(1.7)						—						(0.5)						(1.7)						—
State Income Taxes, Net of Federal Impact			(2.8)						49.4						16.7						(10.7)						42.5						14.1						(6.6)						40.3						12.5
Tax Asset Valuation   Allowance/Reserve Adjustments			50.8						—						—						51.3						—						—						44.7						—						—
Tax Deficiency/(Excess Stock Benefit)			0.8						0.8						0.3						0.2						0.2						0.1						(0.7)						(0.8)						(0.3)
EDIT Amortization			(9.2)						(20.0)						(6.5)						(10.5)						(28.4)						(6.8)						(9.2)						(29.2)						(7.7)
Other, Net			6.0						(0.7)						0.8						1.3						2.7						(0.9)						(0.7)						2.8						(0.9)
Income Tax Expense			$	194.5					$	190.6					$	70.2					$	170.9					$	153.0					$	59.0					$	171.2					$	140.0					$	51.3
Effective Tax Rate			27.5		%				23.0		%				24.6		%				24.8		%				21.9		%				23.2		%				24.3		%				22.1		%				23.0		%

Schedule of Accumulated Deferred Income Tax Obligations

The tax effects of temporary differences that give rise to the net accumulated deferred income tax obligations are as follows:

			As of December 31,
			2024																								2023
(Millions of Dollars)			Eversource						CL&P						NSTAR Electric						PSNH						Eversource						CL&P						NSTAR Electric						PSNH
Deferred Tax Assets:
Employee Benefits			$	266.9					$	33.7					$	83.5					$	14.5					$	244.5					$	29.9					$	66.8					$	13.0
Derivative Liabilities			19.6						19.6						—						—						33.0						33.0						—						—
Regulatory Deferrals - Liabilities			508.7						128.0						316.7						19.6						452.0						94.4						291.5						23.8
Allowance for Uncollectible Accounts			145.3						75.4						26.5						3.8						143.8						79.6						21.5						3.9
Tax Effect - Tax Regulatory Liabilities			720.8						317.6						214.3						93.2						739.0						320.7						227.1						95.5
Net Operating Loss Carryforwards			198.2						—						—						1.5						13.8						—						—						—
Purchase Accounting Adjustment			52.1						—						—						—						56.7						—						—						—
Equity Method Wind Investments			1,098.6						—						—						—						584.9						—						—						—
Other			267.1						134.7						31.5						24.1						200.1						125.3						25.0						23.4
Total Deferred Tax Assets			3,277.3						709.0						672.5						156.7						2,467.8						682.9						631.9						159.6
Less:  Valuation Allowance (1)			558.2						104.1						—						—						328.1						80.6						—						—
Net Deferred Tax Assets			$	2,719.1					$	604.9					$	672.5					$	156.7					$	2,139.7					$	602.3					$	631.9					$	159.6
Deferred Tax Liabilities:
Accelerated Depreciation and Other   Plant-Related Differences			$	5,493.3					$	1,820.3					$	1,845.2					$	618.4					$	5,103.3					$	1,703.4					$	1,728.6					$	566.5
Property Tax Accruals			107.4						49.8						44.5						6.5						95.0						42.0						39.8						6.3
Regulatory Amounts:
Regulatory Deferrals - Assets			1,709.1						522.9						519.9						277.8						1,512.3						470.0						474.5						250.3
Tax Effect - Tax Regulatory Assets			294.5						194.7						10.0						9.4						284.0						191.9						10.5						8.3
Goodwill-related Regulatory Asset - 1999 Merger			67.5						—						58.0						—						72.2						—						61.9						—
Employee Benefits			353.0						51.0						175.4						23.5						282.0						38.8						146.7						16.8
Derivative Assets			3.8						3.8						—						—						6.4						6.4						—						—
Other			101.7						15.2						24.9						2.7						88.2						9.9						19.5						2.9
Total Deferred Tax Liabilities			$	8,130.3					$	2,657.7					$	2,677.9					$	938.3					$	7,443.4					$	2,462.4					$	2,481.5					$	851.1

(1)    As of December 31, 2024 and 2023, the Eversource Valuation Allowance of $558.2 million and $328.1 million, includes $427.0 million and $224.0 million, respectively, related to Eversource’s share of offshore wind investments.

Summary of Tax Credits and Loss Carryforwards

The following table provides the amounts and expiration dates of state tax credit and loss carryforwards and federal tax credit and net operating loss carryforwards:

			As of December 31,
			2024																														2023
(Millions of Dollars)			Eversource						CL&P						NSTAR Electric						PSNH						Expiration Range						Eversource						CL&P						NSTAR Electric						PSNH						Expiration Range
Federal Net Operating Loss			$	877.7					$	—					$	—					$	7.1					—						$	—					$	—					$	—					$	—					—
Federal Tax Credit			404.1						—						—						—						2044						—						—						—						—						—
Federal Capital Loss			2,700.0						—						—						—						2024 - 2029						—						—						—						—						—
State Net Operating Loss			214.1						—						—						—						2024 - 2044						243.4						—						—						—						2023 - 2041
State Tax Credit			238.3						157.7						—						—						2024 - 2029						228.5						157.5						—						—						2023 - 2028
State Capital Loss			2,700.0						—						—						—						2024 - 2029						—						—						—						—						—
State Charitable Contribution			15.2						—						—						—						2024 - 2028						7.9						—						—						—						2023 - 2027

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the activity in unrecognized tax benefits, all of which would impact the effective tax rate if recognized, is as follows:

(Millions of Dollars)			Eversource						CL&P
Balance as of January 1, 2022			$	65.8					$	26.2
Gross Increases - Current Year			11.5						3.5
Gross Decreases - Prior Year			(2.4)						(0.9)
Lapse of Statute of Limitations			(7.8)						(3.3)
Balance as of December 31, 2022			67.1						25.5
Gross Increases - Current Year			23.4						4.0
Gross Increases - Prior Year			0.1						0.1
Gross Decreases - Prior Year			(0.1)						—
Lapse of Statute of Limitations			(9.2)						(3.8)
Balance as of December 31, 2023			81.3						25.8
Gross Increases - Current Year			14.2						2.9
Gross Increases - Prior Year			11.0						—
Gross Decreases - Prior Year			(0.2)						(0.2)
Lapse of Statute of Limitations			(12.6)						(6.6)
Balance as of December 31, 2024			$	93.7					$	21.9

Summary of Income Tax Examinations

The following table summarizes Eversource, CL&P, NSTAR Electric, and PSNH's tax years that remain subject to examination by major tax jurisdictions as of December 31, 2024:

Description			Tax Years
Federal			2022 - 2024(1)
Connecticut			2021 - 2024
Massachusetts			2022 - 2024
New Hampshire			2021 - 2024

(1) The Company’s Corporate Income Tax Returns for 2022 and 2023 were reviewed and closed as part of the annual IRS CAP program, with the exception for partnership investments of the Company. The Company was recently informed of an IRS audit of one of the partnership returns for the tax year 2022 and the IRS reserves the right to audit 2023. The Company recorded in the above Unrecognized Tax Benefits a reserve associated with this Partnership audit. These years remain open in relation to those audits.

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