In August 2024, Eversource communicated to its employees participating in the Eversource 401k Plan enhanced defined contribution feature (referred to as K-Vantage) that effective January 1, 2025, a Cash Balance Pension Plan is established, which replaces employer K-Vantage contributions. Eversource transferred into the Cash Balance Pension Plan employees who are participants in the K-Vantage plan, with the exception of one union group that voted to enter effective January 1, 2026, and will credit employees a set percentage of an employee’s eligible pay based on age and years of service on the employee’s behalf. This benefit is a new, additional obligation of the existing Pension Plan and will be funded through the existing assets of the Eversource Pension Plan. The liability began accruing benefits upon the effective date of January 1, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension and SERP | | PBOP | | | For the Three Months Ended June 30, 2025 | | For the Three Months Ended June 30, 2025 | | (Millions of Dollars) | Eversource | | CL&P | | NSTAR Electric | | PSNH | | Eversource | | CL&P | | NSTAR Electric | | PSNH | | Service Cost | $ | 17.2 | | | $ | 3.8 | | | $ | 2.4 | | | $ | 1.6 | | | $ | 1.6 | | | $ | 0.3 | | | $ | 0.3 | | | $ | 0.1 | | | Interest Cost | 64.1 | | | 12.9 | | | 13.4 | | | 6.8 | | | 8.0 | | | 1.4 | | | 2.2 | | | 0.8 | | | Expected Return on Plan Assets | (113.7) | | | (23.0) | | | (27.7) | | | (12.0) | | | (21.1) | | | (2.4) | | | (10.5) | | | (1.4) | | | Actuarial Loss/(Gain) | 11.0 | | | 1.3 | | | 3.7 | | | 0.5 | | | (0.2) | | | — | | | — | | | — | | | Prior Service Cost/(Credit) | 0.3 | | | — | | | 0.1 | | | — | | | (5.4) | | | 0.3 | | | (4.3) | | | 0.1 | | | | | | | | | | | | | | | | | | | Total Net Periodic Benefit Plan Income | $ | (21.1) | | | $ | (5.0) | | | $ | (8.1) | | | $ | (3.1) | | | $ | (17.1) | | | $ | (0.4) | | | $ | (12.3) | | | $ | (0.4) | | | Intercompany Income Allocations | N/A | | $ | (0.5) | | | $ | (0.3) | | | $ | (0.1) | | | N/A | | $ | (0.5) | | | $ | (0.7) | | | $ | (0.2) | | | | | | | | | | | | | | | | | | | Pension and SERP | | PBOP | | For the Six Months Ended June 30, 2025 | | For the Six Months Ended June 30, 2025 | | (Millions of Dollars) | Eversource | | CL&P | | NSTAR
Electric | | PSNH | | Eversource | | CL&P | | NSTAR
Electric | | PSNH | | Service Cost | $ | 33.6 | | | $ | 7.6 | | | $ | 4.9 | | | $ | 3.2 | | | $ | 3.2 | | | $ | 0.5 | | | $ | 0.5 | | | $ | 0.2 | | | Interest Cost | 127.3 | | | 25.7 | | | 26.4 | | | 13.6 | | | 16.0 | | | 2.8 | | | 4.4 | | | 1.6 | | | Expected Return on Plan Assets | (227.0) | | | (45.9) | | | (55.4) | | | (23.9) | | | (42.3) | | | (4.8) | | | (21.0) | | | (2.8) | | | Actuarial Loss/(Gain) | 21.0 | | | 2.5 | | | 6.9 | | | 1.0 | | | (0.5) | | | — | | | — | | | — | | | Prior Service Cost/(Credit) | 0.6 | | | — | | | 0.2 | | | — | | | (10.8) | | | 0.6 | | | (8.5) | | | 0.2 | | | Settlement Loss | 3.3 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total Net Periodic Benefit Plan Income | $ | (41.2) | | | $ | (10.1) | | | $ | (17.0) | | | $ | (6.1) | | | $ | (34.4) | | | $ | (0.9) | | | $ | (24.6) | | | $ | (0.8) | | | Intercompany (Income)/Expense Allocations | N/A | | $ | (0.4) | | | $ | — | | | $ | — | | | N/A | | $ | (1.0) | | | $ | (1.4) | | | $ | (0.4) | | | | | | | | | | | | | | | | | | | Pension and SERP | | PBOP | | For the Three Months Ended June 30, 2024 | | For the Three Months Ended June 30, 2024 | | (Millions of Dollars) | Eversource | | CL&P | | NSTAR
Electric | | PSNH | | Eversource | | CL&P | | NSTAR
Electric | | PSNH | | Service Cost | $ | 11.2 | | | $ | 3.3 | | | $ | 1.9 | | | $ | 1.1 | | | $ | 1.8 | | | $ | 0.3 | | | $ | 0.3 | | | $ | 0.2 | | | Interest Cost | 62.7 | | | 12.7 | | | 12.8 | | | 6.7 | | | 8.0 | | | 1.4 | | | 2.2 | | | 0.8 | | | Expected Return on Plan Assets | (115.7) | | | (23.5) | | | (28.0) | | | (12.2) | | | (20.3) | | | (2.3) | | | (9.9) | | | (1.4) | | | Actuarial Loss/(Gain) | 22.1 | | | 3.2 | | | 6.4 | | | 1.3 | | | (0.1) | | | — | | | — | | | — | | | Prior Service Cost/(Credit) | 0.3 | | | — | | | 0.1 | | | — | | | (5.4) | | | 0.2 | | | (4.3) | | | 0.1 | | | Total Net Periodic Benefit Plan Income | $ | (19.4) | | | $ | (4.3) | | | $ | (6.8) | | | $ | (3.1) | | | $ | (16.0) | | | $ | (0.4) | | | $ | (11.7) | | | $ | (0.3) | | | Intercompany Income Allocations | N/A | | $ | (0.6) | | | $ | (0.6) | | | $ | (0.2) | | | N/A | | $ | (0.5) | | | $ | (0.6) | | | $ | (0.2) | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension and SERP | | PBOP | | For the Six Months Ended June 30, 2024 | | For the Six Months Ended June 30, 2024 | | (Millions of Dollars) | Eversource | | CL&P | | NSTAR
Electric | | PSNH | | Eversource | | CL&P | | NSTAR
Electric | | PSNH | | Service Cost | $ | 22.0 | | | $ | 6.2 | | | $ | 4.0 | | | $ | 2.1 | | | $ | 3.5 | | | $ | 0.6 | | | $ | 0.6 | | | $ | 0.3 | | | Interest Cost | 124.7 | | | 25.1 | | | 25.9 | | | 13.4 | | | 16.0 | | | 2.8 | | | 4.4 | | | 1.7 | | | Expected Return on Plan Assets | (231.3) | | | (46.8) | | | (56.3) | | | (24.4) | | | (40.7) | | | (4.7) | | | (19.8) | | | (2.8) | | | Actuarial Loss/(Gain) | 41.9 | | | 5.7 | | | 12.8 | | | 2.4 | | | (0.2) | | | — | | | — | | | — | | | Prior Service Cost/(Credit) | 0.6 | | | — | | | 0.2 | | | — | | | (10.8) | | | 0.5 | | | (8.5) | | | 0.2 | | | Settlement Loss | 4.3 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total Net Periodic Benefit Plan Income | $ | (37.8) | | | $ | (9.8) | | | $ | (13.4) | | | $ | (6.5) | | | $ | (32.2) | | | $ | (0.8) | | | $ | (23.3) | | | $ | (0.6) | | | Intercompany Income Allocations | N/A | | $ | (0.3) | | | $ | (0.2) | | | $ | (0.1) | | | N/A | | $ | (1.1) | | | $ | (1.3) | | | $ | (0.4) | |
|