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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. The Electric Distribution segment consists of the rate-regulated distribution businesses of CL&P, NSTAR Electric and PSNH, and includes the results of NSTAR Electric's solar power facilities. The Electric Transmission segment consists of the rate-regulated electric transmission businesses of CL&P, NSTAR Electric and PSNH. The Natural Gas Distribution segment consists of the rate-regulated businesses of Yankee Gas, NSTAR Gas and EGMA. The Water Distribution segment consists of the rate-regulated business of Aquarion. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. The chief operating decision maker uses the net income of each reportable segment to evaluate return generated from assets and decide how to reinvest profits and allocate resources, to monitor budget-to-actual results, in the planning and forecasting process, in determining compensation achievement, and in benchmarking to Eversource’s peers. Eversource’s chief operating decision maker is its chief executive officer. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, 4) the results of other unregulated subsidiaries, which are not part of its core business, and 5) Eversource parent's equity ownership interests that are not consolidated, which primarily included the offshore wind investments until sale of the three offshore wind projects in the third quarter of 2024 and a natural gas pipeline owned by Enbridge, Inc. In the ordinary course of business, Yankee Gas, NSTAR Gas and EGMA purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $77.7 million annually and are classified as Purchased Power, Purchased Natural Gas and Transmission on the Eversource statements of income. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP income/expense. Eversource's segment information is as follows:
| For the Three Months Ended March 31, 2025
Eversource (Millions of Dollars) | Electric Distribution |  | Natural Gas Distribution |  | Electric Transmission |  | Water Distribution |  | Other |  | Eliminations |  | Total
Operating Revenues | $ | 2,777.7 |  |  | $ | 1,141.4 |  |  | $ | 547.8 |  |  | $ | 50.3 |  |  | $ | 439.0 |  |  | $ | (837.8) |  |  | $ | 4,118.4 |
Depreciation and Amortization | (564.7) |  |  | (104.5) |  |  | (106.8) |  |  | (11.2) |  |  | (50.6) |  |  | 2.8 |  |  | (835.0) |
Operations and Maintenance (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Operations, Excluding Storm Costs | (101.7) |  |  | (46.2) |  |  | (31.5) |  |  |  |  |  |  |  |  |
Corporate Shared Services | (116.4) |  |  | (30.3) |  |  | (21.8) |  |  |  |  |  |  |  |  |
Storm Costs | (19.9) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Employee Benefits | (48.6) |  |  | (18.6) |  |  | (11.7) |  |  |  |  |  |  |  |  |
Uncollectible Expense | (43.7) |  |  | (30.0) |  |  | — |  |  |  |  |  |  |  |  |
Other | (27.4) |  |  | 2.1 |  |  | (10.9) |  |  |  |  |  |  |  |  |
Total Operations and Maintenance | (357.7) |  |  | (123.0) |  |  | (75.9) |  |  | (22.8) |  |  | (349.1) |  |  | 441.0 |  |  | (487.5) |
Purchased Power, Purchased Natural Gas and Transmission, Other Taxes and Energy Efficiency (2) | (1,580.6) |  |  | (605.2) |  |  | (69.6) |  |  | (6.8) |  |  | (1.4) |  |  | 394.1 |  |  | (1,869.5) |
Operating Income | 274.7 |  |  | 308.7 |  |  | 295.5 |  |  | 9.5 |  |  | 37.9 |  |  | 0.1 |  |  | 926.4 |
Interest Expense | (91.1) |  |  | (28.4) |  |  | (38.6) |  |  | (7.7) |  |  | (178.4) |  |  | 43.4 |  |  | (300.8) |
Interest Income | 27.3 |  |  | 6.7 |  |  | — |  |  | — |  |  | 43.4 |  |  | (43.4) |  |  | 34.0 |
Other Income, Net | 35.3 |  |  | 5.5 |  |  | 12.1 |  |  | 0.8 |  |  | 625.7 |  |  | (621.1) |  |  | 58.3 |
Income Tax (Expense)/Benefit | (56.6) |  |  | (74.1) |  |  | (68.9) |  |  | 1.0 |  |  | 33.4 |  |  | — |  |  | (165.2) |
Net Income | 189.6 |  |  | 218.4 |  |  | 200.1 |  |  | 3.6 |  |  | 562.0 |  |  | (621.0) |  |  | 552.7 |
Net Income Attributable to Noncontrolling Interests | (1.2) |  |  | — |  |  | (0.7) |  |  | — |  |  | — |  |  | — |  |  | (1.9) |
Net Income Attributable to Common Shareholders | $ | 188.4 |  |  | $ | 218.4 |  |  | $ | 199.4 |  |  | $ | 3.6 |  |  | $ | 562.0 |  |  | $ | (621.0) |  |  | $ | 550.8 |
Cash Flows Used for Investments in Plant | $ | 489.6 |  |  | $ | 193.9 |  |  | $ | 244.8 |  |  | $ | 28.5 |  |  | $ | 50.6 |  |  | $ | — |  |  | $ | 1,007.4 |
| For the Three Months Ended March 31, 2024
Eversource (Millions of Dollars) | Electric Distribution |  | Natural Gas Distribution |  | Electric Transmission |  | Water Distribution |  | Other |  | Eliminations |  | Total
Operating Revenues | $ | 2,261.7 |  |  | $ | 906.0 |  |  | $ | 507.8 |  |  | $ | 50.1 |  |  | $ | 443.6 |  |  | $ | (836.6) |  |  | $ | 3,332.6 |
Depreciation and Amortization | (109.8) |  |  | (83.0) |  |  | (101.0) |  |  | (0.6) |  |  | (45.7) |  |  | 2.5 |  |  | (337.6) |
Operations and Maintenance (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Operations, Excluding Storm Costs | (111.7) |  |  | (42.6) |  |  | (33.0) |  |  |  |  |  |  |  |  |
Corporate Shared Services | (112.5) |  |  | (27.0) |  |  | (19.5) |  |  |  |  |  |  |  |  |
Storm Costs | (26.4) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Employee Benefits | (44.9) |  |  | (17.3) |  |  | (12.2) |  |  |  |  |  |  |  |  |
Uncollectible Expense | (35.4) |  |  | (16.1) |  |  | — |  |  |  |  |  |  |  |  |
Other | (17.2) |  |  | (3.1) |  |  | (15.7) |  |  |  |  |  |  |  |  |
Total Operations and Maintenance | (348.1) |  |  | (106.1) |  |  | (80.4) |  |  | (25.5) |  |  | (348.6) |  |  | 445.7 |  |  | (463.0) |
Purchased Power, Purchased Natural Gas and Transmission, Other Taxes and Energy Efficiency (2) | (1,557.0) |  |  | (448.5) |  |  | (61.5) |  |  | (6.5) |  |  | (0.9) |  |  | 388.4 |  |  | (1,686.0) |
Operating Income | 246.8 |  |  | 268.4 |  |  | 264.9 |  |  | 17.5 |  |  | 48.4 |  |  | — |  |  | 846.0 |
Interest Expense | (82.5) |  |  | (24.5) |  |  | (40.9) |  |  | (11.4) |  |  | (146.1) |  |  | 54.7 |  |  | (250.7) |
Interest Income | 24.5 |  |  | 5.4 |  |  | 0.1 |  |  | — |  |  | 54.7 |  |  | (54.7) |  |  | 30.0 |
Other Income, Net | 32.1 |  |  | 4.7 |  |  | 14.0 |  |  | 1.7 |  |  | 567.9 |  |  | (559.4) |  |  | 61.0 |
Income Tax (Expense)/Benefit | (51.6) |  |  | (63.4) |  |  | (60.7) |  |  | (2.4) |  |  | 15.5 |  |  | — |  |  | (162.6) |
Net Income | 169.3 |  |  | 190.6 |  |  | 177.4 |  |  | 5.4 |  |  | 540.4 |  |  | (559.4) |  |  | 523.7 |
Net Income Attributable to Noncontrolling Interests | (1.2) |  |  | — |  |  | (0.7) |  |  | — |  |  | — |  |  | — |  |  | (1.9) |
Net Income Attributable to Common Shareholders | $ | 168.1 |  |  | $ | 190.6 |  |  | $ | 176.7 |  |  | $ | 5.4 |  |  | $ | 540.4 |  |  | $ | (559.4) |  |  | $ | 521.8 |
Cash Flows Used for Investments in Plant | $ | 471.3 |  |  | $ | 244.8 |  |  | $ | 358.4 |  |  | $ | 31.9 |  |  | $ | 43.0 |  |  | $ | — |  |  | $ | 1,149.4 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Costs of the operations organization include labor and overtime, outside services, vehicles, vegetation management, employee expenses, fees and payments, regulatory assessments, and materials, partially offset by reimbursements. Corporate shared services include corporate centralized functions. Costs within these corporate functions primarily include labor, services by vendors, fees and payments, insurance, and regulatory assessments. Other includes information technology system depreciation at Eversource Service charged to the operating businesses, as well as storm funding, capitalization and various other corporate costs. The segment-level operating expense for information technology system depreciation is eliminated and reflected in depreciation in Eversource’s consolidation. For the water distribution segment, the chief operating decision maker is provided with total operations and maintenance expense information to manage its operations. Operations and maintenance expenses primarily include employee costs, benefits, and outside services. (2) Other segment line items for the electric distribution, electric transmission and natural gas distribution segments primarily include purchased power, purchased natural gas and transmission, taxes other than income taxes including property, payroll-related and Connecticut gross earnings taxes, and energy efficiency program expenses. Other segment line items for the water distribution business primarily include taxes other than income taxes. The following table summarizes Eversource's segmented total assets:
Eversource (Millions of Dollars) | Electric Distribution |  | Natural Gas Distribution |  | Electric Transmission |  | Water Distribution |  | Other |  | Eliminations |  | Total
As of March 31, 2025 | $ | 32,280.6 |  |  | $ | 9,955.8 |  |  | $ | 16,205.6 |  |  | $ | 2,528.2 |  |  | $ | 28,824.6 |  |  | $ | (29,600.1) |  |  | $ | 60,194.7 |
As of December 31, 2024 | 32,031.9 |  |  | 9,786.7 |  |  | 16,070.9 |  |  | 2,515.8 |  |  | 29,041.1 |  |  | (29,851.9) |  |  | 59,594.5 |

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- Definition The entire disclosure for reporting segments including data and tables. 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