XML 44 R24.htm IDEA: XBRL DOCUMENT v3.21.2
SEGMENT INFORMATION
9 Months Ended
Sep. 30, 2021
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.  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.  The Electric Distribution reportable segment includes the results of NSTAR Electric's solar power facilities. 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 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 include the offshore wind business, a natural gas pipeline owned by Enbridge, Inc., and a renewable energy investment fund.

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, Fuel 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 but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension and PBOP expense.   
Eversource's segment information is as follows:
For the Three Months Ended September 30, 2021
Eversource
(Millions of Dollars)
Electric
Distribution
Natural Gas
Distribution
Electric
Transmission
Water DistributionOtherEliminationsTotal
Operating Revenues$2,055.2 $185.5 $418.3 $61.8 $326.1 $(614.1)$2,432.8 
Depreciation and Amortization(179.8)(28.5)(75.4)(11.5)(28.0)1.1 (322.1)
Other Operating Expenses(1,640.5)(176.9)(122.4)(26.1)(275.2)613.7 (1,627.4)
Operating Income/(Loss)$234.9 $(19.9)$220.5 $24.2 $22.9 $0.7 $483.3 
Interest Expense$(61.0)$(15.7)$(33.5)$(8.0)$(42.5)$12.7 $(148.0)
Other Income, Net25.4 6.7 5.0 1.2 325.9 (320.4)43.8 
Net Income/(Loss) Attributable to Common
   Shareholders
150.4 (22.0)139.4 17.5 304.9 (307.0)283.2 
For the Nine Months Ended September 30, 2021
Eversource
(Millions of Dollars)
Electric DistributionNatural Gas DistributionElectric TransmissionWater DistributionOtherEliminationsTotal
Operating Revenues$5,632.1 $1,277.8 $1,230.1 $161.0 $999.1 $(1,918.9)$7,381.2 
Depreciation and Amortization(534.1)(108.7)(223.4)(34.3)(83.7)3.1 (981.1)
Other Operating Expenses(4,531.3)(970.6)(359.6)(76.7)(860.3)1,918.9 (4,879.6)
Operating Income$566.7 $198.5 $647.1 $50.0 $55.1 $3.1 $1,520.5 
Interest Expense$(175.4)$(44.2)$(98.7)$(24.0)$(125.9)$37.0 $(431.2)
Other Income, Net76.0 15.2 17.3 3.1 1,059.2 (1,046.2)124.6 
Net Income Attributable to Common Shareholders365.4 129.6 412.4 30.0 982.5 (1,006.1)913.8 
Cash Flows Used for Investments in Plant764.9 506.4 691.0 91.2 157.6 — 2,211.1 
For the Three Months Ended September 30, 2020
Eversource
(Millions of Dollars)
Electric
Distribution
Natural Gas
Distribution (1)
Electric
Transmission
Water Distribution
Other (1)
Eliminations (1)
Total
Operating Revenues$2,060.3 $110.2 $389.3 $64.1 $322.3 $(602.6)$2,343.6 
Depreciation and Amortization(182.0)(14.8)(70.6)(10.8)(24.1)0.3 (302.0)
Other Operating Expenses(1,577.0)(104.2)(120.6)(10.2)(271.5)603.1 (1,480.4)
Operating Income/(Loss)$301.3 $(8.8)$198.1 $43.1 $26.7 $0.8 $561.2 
Interest Expense$(53.3)$(10.1)$(31.1)$(8.0)$(38.7)$7.1 $(134.1)
Other Income, Net16.0 0.7 6.9 1.6 401.0 (397.0)29.2 
Net Income/(Loss) Attributable to Common
   Shareholders
205.5 (15.4)125.6 23.1 396.6 (389.1)346.3 
For the Nine Months Ended September 30, 2020
Eversource
(Millions of Dollars)
Electric
Distribution
Natural Gas
Distribution (1)
Electric
Transmission
Water Distribution
Other (1)
Eliminations (1)
Total
Operating Revenues$5,481.9 $770.0 $1,135.6 $166.6 $900.7 $(1,784.3)$6,670.5 
Depreciation and Amortization(490.0)(55.1)(206.8)(33.1)(68.1)1.2 (851.9)
Other Operating Expenses(4,309.9)(592.0)(338.5)(60.7)(771.4)1,787.9 (4,284.6)
Operating Income$682.0 $122.9 $590.3 $72.8 $61.2 $4.8 $1,534.0 
Interest Expense$(160.7)$(32.1)$(93.8)$(25.1)$(119.0)$27.6 $(403.1)
Other Income, Net44.9 2.5 22.7 1.7 1,087.9 (1,076.1)83.6 
Net Income Attributable to Common Shareholders450.6 73.3 381.8 35.6 1,035.6 (1,043.7)933.2 
Cash Flows Used for Investments in Plant781.2 322.8 732.4 84.0 181.2 — 2,101.6 

(1)    On October 9, 2020, Eversource completed the CMA asset acquisition, with Yankee Energy System, Inc. (Yankee parent) as the acquiring entity. Yankee parent is the parent company of Yankee Gas, NSTAR Gas, EGMA and Hopkinton LNG Corp. As a result of the acquisition, in the fourth quarter of 2020, our chief operating decision maker assessed the performance of the Natural Gas Distribution segment including Yankee parent. Previously, Yankee parent was presented within Other and its equity in earnings were eliminated in consolidation. Prior comparative periods were revised to conform to the current period segment presentation.

The following table summarizes Eversource's segmented total assets:
Eversource
(Millions of Dollars)
Electric
Distribution
Natural Gas
Distribution
Electric
Transmission
Water DistributionOtherEliminationsTotal
As of September 30, 2021$25,604.2 $6,865.6 $12,123.5 $2,444.9 $21,624.5 $(20,648.6)$48,014.1 
As of December 31, 202024,981.9 6,450.5 11,695.0 2,375.2 22,089.4 (21,492.4)46,099.6