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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Pay Versus Performance
Pursuant to Item 402(v) of Regulation S-K, we are providing the following information regarding certain measures of the relationship between executive compensation and our financial performance for each of the last three completed calendar years. In determining the Compensation Actually Paid (CAP) to our NEOs, we make various adjustments to amounts that have been previously reported in the Summary Compensation Table (SCT) in previous years, as the SEC’s valuation methods for this section differ from those required in the SCT. Note that for our NEOs other than our principal executive officer (the PEO), compensation is reported as average compensation.
In the 2022 Annual Incentive Program Performance Assessment as well as the Long-Term Incentive Program sections of the CD&A, we describe all of the elements that have a direct connection to the Company’s financial performance and to the CAP of the Company’s PEO and the NEOs as a group (excluding the PEO). As the majority of total direct compensation is provided to our PEO and NEOs through long-term incentives, the Company’s stock price also has a direct relationship to the CAP.
Value of Initial
Fixed $100
Investment Based on
Fiscal
Year
SCT Total
PEO
#1
(1)
CAP PEO
#1
(1)
SCT Total
PEO
#2
(1)
CAP PEO
#2
(1)
Average SCT
Non-PEO
NEOs
(2)
CAP
Non-PEO
NEOs
(2)
Company
TSR
(3)
Peer
Group
TSR
(3)
Net
Income
Company
Selected
Measure (EPS
Non-GAAP)
(4)
a
b
c
d
e
f
g
h
i
j
k
(2022)
12,959,134 10,858,066 3,410,910 2,951,647 107 117 1,404.9 4.09
(2021)
6,467,078 5,120,192 10,220,941 10,910,465 4,157,260 3,471,045 113 116 1,220.5 3.86
(2020)
14,575,276 14,062,876 5,002,344 3,960,432 105 99 1,205.2 3.64
(1)
The PEOs for each year are as follows:
a.
2022 and 2021 — Joseph Nolan
b.
2020 and 2021 — James Judge. Mr. Nolan became the Company’s Chief Executive Officer on May 5, 2021
(2)
The Non-PEO NEOs for each year are as follows:
a.
2022 — John Moreira, Werner Schweiger, Gregory Butler, Christine Carmody, James Judge, and Philip Lembo
b.
2021 — Philip Lembo, Werner Schweiger, Gregory Butler, and Christine Carmody
c.
2020 — Philip Lembo, Werner Schweiger, Gregory Butler, and Joseph Nolan
(3)
The values disclosed in this TSR column represent the measurement period value of an investment of $100 in our units as of December 31, 2020, and then valued again on each of December 31, 2021 and December 31, 2022 as compared to the Edison Electric Institute (“EEI”) Index, as disclosed in our Annual Report on Form 10-K for fiscal year ended 2022 pursusant to Item 201(e) of Regulation S-K
(4)
Set forth in Footnote 1 on page 36 and Exhibit A to the CD&A is a full description of how non-GAAP EPS was determined. The Company believes non-GAAP EPS is a very important measure to investors and which is indicative of Company performance; accordingly, it represents a significant factor in determining both annual and long term executive compensation
To calculate CAP for our PEOs and Non-PEO NEOs in the table above, the following amounts were deducted and added to the values as reported in the SCT:
Fiscal
Year
SCT Total
PEO #1
Pension
Deducted
from SCT
Pension
Service
Value
Added to
SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in
Fair Value
of Unvested
Equity
Grants
CAP PEO #1
a
b
c
d
e
f
g
h
i
(2022)
12,959,134 -2,143,443 429,463 -6,825,923 6,749,195 -235,802 -74,557 10,858,066
(2021)
6,467,078 -1,705,782 336,850 -1,441,650 1,546,319 -201,335 118,712 5,120,192
Fiscal
Year
SCT Total
PEO #2
Pension
Deducted
from SCT
Pension
Service
Value
Added to SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in Fair
Value of
Unvested
Equity
Grants
CAP PEO #2
a
b
c
d
e
f
g
h
i
(2021)
10,220,941 0 845,242 -6,786,337 7,279,051 -1,266,246 617,814 10,910,465
(2020)
14,575,276 -3,742,215 111,326 -6,682,612 6,707,152 2,047,648 1,046,301 14,062,876
Fiscal
Year
Average SCT
Non-PEO
NEOs
Pension
Deducted
from SCT
Pension
Service
Value
Added to
SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in
Fair Value
of Unvested
Equity
Grants
Average CAP
Non-PEO NEOs
a
b
c
d
e
f
g
h
i
(2022)
3,410,910 -69,941 162,780 -2,054,232 2,031,140 -419,104 -109,907 2,951,647
(2021)
4,157,260 -1,205,814 530,849 -1,408,117 1,510,350 -238,540 125,057 3,471,045
(2020)
5,002,344 -1,929,875 257,161 -1,494,123 1,499,609 422,302 203,013 3,960,432
(a)
The total pension benefit adjustments for each applicable year include the aggregate of two components: (i) the actuarially determined service cost for services rendered by the PEO and non-PEO NEOs during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP
Fiscal Year
Service
Cost
Prior
Service
Cost
Total
Pension
Benefit
Adjustments
a
b
c
d
PEO#1 (2022)
429,463 0 429,463
PEO#1 (2021)
336,850 0 336,850
PEO#2 (2021)
845,242 0 845,242
PEO#2 (2020)
111,326 0 111,326
Average Non-PEO NEO (2022)
162,780 0 162,780
Average Non-PEO NEO (2021)
530,849 0 530,849
Average Non-PEO NEO (2020)
257,161 0 257,161
(b)
For the periods covered, no individual equity awards were granted and vested in the same year, except as it relates to the 2022 awards to Mr. Lembo and Mr. Judge, who retired on November 30, 2022 and December 31, 2022, respectively, and no dividends or other earnings were paid on outstanding and unvested awards. The valuation assumptions used to calculate the fair values of performance shares reflect the probable outcome of the performance conditions as of the applicable measuring date (or actual performance results approved by the Compensation Committee as of the applicable vesting date). Outstanding RSUs accrue dividend equivalent units in the form of additional common shares that are not distributed unless and until the underlying award vests and becomes payable. The value of dividend equivalent units are reflected in the values set forth above
   
Company Selected Measure Name EPS    
Named Executive Officers, Footnote [Text Block]
(1)
The PEOs for each year are as follows:
a.
2022 and 2021 — Joseph Nolan
b.
2020 and 2021 — James Judge. Mr. Nolan became the Company’s Chief Executive Officer on May 5, 2021
(2)
The Non-PEO NEOs for each year are as follows:
a.
2022 — John Moreira, Werner Schweiger, Gregory Butler, Christine Carmody, James Judge, and Philip Lembo
b.
2021 — Philip Lembo, Werner Schweiger, Gregory Butler, and Christine Carmody
c.
2020 — Philip Lembo, Werner Schweiger, Gregory Butler, and Joseph Nolan
   
Peer Group Issuers, Footnote [Text Block]
(3)
The values disclosed in this TSR column represent the measurement period value of an investment of $100 in our units as of December 31, 2020, and then valued again on each of December 31, 2021 and December 31, 2022 as compared to the Edison Electric Institute (“EEI”) Index, as disclosed in our Annual Report on Form 10-K for fiscal year ended 2022 pursusant to Item 201(e) of Regulation S-K
   
Adjustment To PEO Compensation, Footnote [Text Block]
To calculate CAP for our PEOs and Non-PEO NEOs in the table above, the following amounts were deducted and added to the values as reported in the SCT:
Fiscal
Year
SCT Total
PEO #1
Pension
Deducted
from SCT
Pension
Service
Value
Added to
SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in
Fair Value
of Unvested
Equity
Grants
CAP PEO #1
a
b
c
d
e
f
g
h
i
(2022)
12,959,134 -2,143,443 429,463 -6,825,923 6,749,195 -235,802 -74,557 10,858,066
(2021)
6,467,078 -1,705,782 336,850 -1,441,650 1,546,319 -201,335 118,712 5,120,192
Fiscal
Year
SCT Total
PEO #2
Pension
Deducted
from SCT
Pension
Service
Value
Added to SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in Fair
Value of
Unvested
Equity
Grants
CAP PEO #2
a
b
c
d
e
f
g
h
i
(2021)
10,220,941 0 845,242 -6,786,337 7,279,051 -1,266,246 617,814 10,910,465
(2020)
14,575,276 -3,742,215 111,326 -6,682,612 6,707,152 2,047,648 1,046,301 14,062,876
Fiscal
Year
Average SCT
Non-PEO
NEOs
Pension
Deducted
from SCT
Pension
Service
Value
Added to
SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in
Fair Value
of Unvested
Equity
Grants
Average CAP
Non-PEO NEOs
a
b
c
d
e
f
g
h
i
(2022)
3,410,910 -69,941 162,780 -2,054,232 2,031,140 -419,104 -109,907 2,951,647
(2021)
4,157,260 -1,205,814 530,849 -1,408,117 1,510,350 -238,540 125,057 3,471,045
(2020)
5,002,344 -1,929,875 257,161 -1,494,123 1,499,609 422,302 203,013 3,960,432
(a)
The total pension benefit adjustments for each applicable year include the aggregate of two components: (i) the actuarially determined service cost for services rendered by the PEO and non-PEO NEOs during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP
Fiscal Year
Service
Cost
Prior
Service
Cost
Total
Pension
Benefit
Adjustments
a
b
c
d
PEO#1 (2022)
429,463 0 429,463
PEO#1 (2021)
336,850 0 336,850
PEO#2 (2021)
845,242 0 845,242
PEO#2 (2020)
111,326 0 111,326
Average Non-PEO NEO (2022)
162,780 0 162,780
Average Non-PEO NEO (2021)
530,849 0 530,849
Average Non-PEO NEO (2020)
257,161 0 257,161
(b)
For the periods covered, no individual equity awards were granted and vested in the same year, except as it relates to the 2022 awards to Mr. Lembo and Mr. Judge, who retired on November 30, 2022 and December 31, 2022, respectively, and no dividends or other earnings were paid on outstanding and unvested awards. The valuation assumptions used to calculate the fair values of performance shares reflect the probable outcome of the performance conditions as of the applicable measuring date (or actual performance results approved by the Compensation Committee as of the applicable vesting date). Outstanding RSUs accrue dividend equivalent units in the form of additional common shares that are not distributed unless and until the underlying award vests and becomes payable. The value of dividend equivalent units are reflected in the values set forth above
   
Non-PEO NEO Average Total Compensation Amount $ 3,410,910 $ 4,157,260 $ 5,002,344
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,951,647 3,471,045 3,960,432
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
To calculate CAP for our PEOs and Non-PEO NEOs in the table above, the following amounts were deducted and added to the values as reported in the SCT:
Fiscal
Year
SCT Total
PEO #1
Pension
Deducted
from SCT
Pension
Service
Value
Added to
SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in
Fair Value
of Unvested
Equity
Grants
CAP PEO #1
a
b
c
d
e
f
g
h
i
(2022)
12,959,134 -2,143,443 429,463 -6,825,923 6,749,195 -235,802 -74,557 10,858,066
(2021)
6,467,078 -1,705,782 336,850 -1,441,650 1,546,319 -201,335 118,712 5,120,192
Fiscal
Year
SCT Total
PEO #2
Pension
Deducted
from SCT
Pension
Service
Value
Added to SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in Fair
Value of
Unvested
Equity
Grants
CAP PEO #2
a
b
c
d
e
f
g
h
i
(2021)
10,220,941 0 845,242 -6,786,337 7,279,051 -1,266,246 617,814 10,910,465
(2020)
14,575,276 -3,742,215 111,326 -6,682,612 6,707,152 2,047,648 1,046,301 14,062,876
Fiscal
Year
Average SCT
Non-PEO
NEOs
Pension
Deducted
from SCT
Pension
Service
Value
Added to
SCT
Stock
Awards
Deducted
from SCT
Fair Value
of Equity
Awards
Granted
during the
Year and
Remained
Unvested
at Year-End
Change in
Fair Value
of Unvested
Equity
Awards
that Vested
During the
Year
Change in
Fair Value
of Unvested
Equity
Grants
Average CAP
Non-PEO NEOs
a
b
c
d
e
f
g
h
i
(2022)
3,410,910 -69,941 162,780 -2,054,232 2,031,140 -419,104 -109,907 2,951,647
(2021)
4,157,260 -1,205,814 530,849 -1,408,117 1,510,350 -238,540 125,057 3,471,045
(2020)
5,002,344 -1,929,875 257,161 -1,494,123 1,499,609 422,302 203,013 3,960,432
(a)
The total pension benefit adjustments for each applicable year include the aggregate of two components: (i) the actuarially determined service cost for services rendered by the PEO and non-PEO NEOs during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP
Fiscal Year
Service
Cost
Prior
Service
Cost
Total
Pension
Benefit
Adjustments
a
b
c
d
PEO#1 (2022)
429,463 0 429,463
PEO#1 (2021)
336,850 0 336,850
PEO#2 (2021)
845,242 0 845,242
PEO#2 (2020)
111,326 0 111,326
Average Non-PEO NEO (2022)
162,780 0 162,780
Average Non-PEO NEO (2021)
530,849 0 530,849
Average Non-PEO NEO (2020)
257,161 0 257,161
(b)
For the periods covered, no individual equity awards were granted and vested in the same year, except as it relates to the 2022 awards to Mr. Lembo and Mr. Judge, who retired on November 30, 2022 and December 31, 2022, respectively, and no dividends or other earnings were paid on outstanding and unvested awards. The valuation assumptions used to calculate the fair values of performance shares reflect the probable outcome of the performance conditions as of the applicable measuring date (or actual performance results approved by the Compensation Committee as of the applicable vesting date). Outstanding RSUs accrue dividend equivalent units in the form of additional common shares that are not distributed unless and until the underlying award vests and becomes payable. The value of dividend equivalent units are reflected in the values set forth above
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
Relationship Between CAP for the PEOs and Non-PEO NEOs (Average) vs. TSR
As presented in graph below, the Company delivered positive TSR over three-year period, leading the EEI Index for 2020 but behind for the 2021 and 2022 periods. TSR is half of the measurement used for the Performance Share payout of our Long-Term Incentive Program. Three-year average EPS Growth is cross-referenced with the actual
three-year TSR percentile to determine the actual performance share payout as a percentage of target. Similar to the previous two graphs, compensation, however, fluctuated due to the impact of the change in executive roster over the same three year period.
[MISSING IMAGE: bc_tsr-bw.jpg]
   
Compensation Actually Paid vs. Net Income [Text Block]
Relationship Between CAP for the PEOs and Non-PEO NEOs (Average) vs. Net Income
The graph below illustrates that over the three year period, net income consistently increased. The Company does not use net income as a performance measure in its overall
executive compensation program and therefore would not necessarily expect a meaningful relationship to exist between the measures.
[MISSING IMAGE: bc_netincome-bw.jpg]
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
Relationship Between CAP for the PEOs and Non-PEO NEOs (Average) vs. Non-GAAP EPS
The graph below illustrates the trend in CAP over the three years to our non-GAAP EPS. This illustrates that over the three year period, EPS consistently increased.
Compensation, however, fluctuated due to the impact of the change in executive roster over the same three year period.
[MISSING IMAGE: bc_eps-bw.jpg]
   
Tabular List [Table Text Block]
Most Important Performance Measures
Earnings per share
Dividend Growth
Total Shareholder Return
Reliability
Restoration
Strategic Growth Initiatives
   
Total Shareholder Return Amount $ 107 113 105
Peer Group Total Shareholder Return Amount 117 116 99
Net Income (Loss) $ 1,404.9 $ 1,220.5 $ 1,205.2
Company Selected Measure Amount 4.09 3.86 3.64
PEO Name Joseph Nolan    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Earnings per share    
Non-GAAP Measure Description [Text Block]
(4)
Set forth in Footnote 1 on page 36 and Exhibit A to the CD&A is a full description of how non-GAAP EPS was determined. The Company believes non-GAAP EPS is a very important measure to investors and which is indicative of Company performance; accordingly, it represents a significant factor in determining both annual and long term executive compensation
   
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Dividend Growth    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Total Shareholder Return    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Reliability    
Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name Restoration    
Measure [Axis]: 6      
Pay vs Performance Disclosure [Table]      
Measure Name Strategic Growth Initiatives    
Joseph Nolan [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount $ 12,959,134 $ 6,467,078  
PEO Actually Paid Compensation Amount 10,858,066 5,120,192  
Joseph Nolan [Member] | Pension Deducted from SCT      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (2,143,443) (1,705,782)  
Joseph Nolan [Member] | Total Pension Benefit Adjustments      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 429,463 336,850  
Joseph Nolan [Member] | Stock Awards Deducted from SCT      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (6,825,923) (1,441,650)  
Joseph Nolan [Member] | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End ​[Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 6,749,195 1,546,319  
Joseph Nolan [Member] | Change in Fair Value of Unvested Equity Awards that Vested During the Year      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (235,802) (201,335)  
Joseph Nolan [Member] | Change in Fair Value of Unvested Equity Grants      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (74,557) 118,712  
Joseph Nolan [Member] | Service Cost      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 429,463 336,850  
Joseph Nolan [Member] | Prior Service Cost      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0  
 James Judge [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount   10,220,941 $ 14,575,276
PEO Actually Paid Compensation Amount   10,910,465 14,062,876
 James Judge [Member] | Pension Deducted from SCT      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   0 (3,742,215)
 James Judge [Member] | Total Pension Benefit Adjustments      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   845,242 111,326
 James Judge [Member] | Stock Awards Deducted from SCT      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   (6,786,337) (6,682,612)
 James Judge [Member] | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End ​[Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   7,279,051 6,707,152
 James Judge [Member] | Change in Fair Value of Unvested Equity Awards that Vested During the Year      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   (1,266,246) 2,047,648
 James Judge [Member] | Change in Fair Value of Unvested Equity Grants      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   617,814 1,046,301
 James Judge [Member] | Service Cost      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   845,242 111,326
 James Judge [Member] | Prior Service Cost      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   0 0
Non-PEO NEO [Member] | Pension Deducted from SCT      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (69,941) (1,205,814) (1,929,875)
Non-PEO NEO [Member] | Total Pension Benefit Adjustments      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 162,780 530,849 257,161
Non-PEO NEO [Member] | Stock Awards Deducted from SCT      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (2,054,232) (1,408,117) (1,494,123)
Non-PEO NEO [Member] | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End ​[Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,031,140 1,510,350 1,499,609
Non-PEO NEO [Member] | Change in Fair Value of Unvested Equity Awards that Vested During the Year      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (419,104) (238,540) 422,302
Non-PEO NEO [Member] | Change in Fair Value of Unvested Equity Grants      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (109,907) 125,057 203,013
Non-PEO NEO [Member] | Service Cost      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 162,780 530,849 257,161
Non-PEO NEO [Member] | Prior Service Cost      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 0 $ 0 $ 0