MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Eversource’s marketable securities include the CYAPC and YAEC legally restricted trusts that each hold equity and available-for-sale debt securities to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Equity and available-for-sale debt marketable securities are recorded at fair value. CYAPC and YAEC’s spent nuclear fuel trusts are restricted and are classified in long-term Marketable Securities on the balance sheets.

Equity Securities: Eversource's equity securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $170.4 million and $161.8 million as of March 31, 2026 and December 31, 2025, respectively. Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to long-term liabilities on the balance sheets, with no impact on the statements of income.

Eversource’s water business also holds a trust. As of March 31, 2026 and December 31, 2025, the securities held in this trust of $2.9 million and $3.5 million were classified as Marketable Securities on the Eversource balance sheet, respectively. There were unrealized losses of $0.6 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively, recorded in Other Income, Net, related to these equity securities.

Available-for-Sale Debt Securities: The following is a summary of available-for-sale debt securities, which are held in CYAPC’s and YAEC’s spent nuclear fuel trusts:


	As of March 31, 2026								As of December 31, 2025
Eversource (Millions of Dollars)	Amortized Cost		Pre-Tax Unrealized Gains		Pre-Tax Unrealized Losses		Fair Value		Amortized Cost		Pre-Tax Unrealized Gains		Pre-Tax Unrealized Losses		Fair Value
Debt Securities	$	151.6	$	1.7	$	(1.4)	$	151.9	$	156.5	$	0.7	$	(1.8)	$	155.4

Unrealized gains and losses for available-for-sale debt securities included in the CYAPC and YAEC spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to long-term liabilities on the balance sheets, with no impact on the statements of income.

As of March 31, 2026, the contractual maturities of available-for-sale debt securities were as follows:


Eversource (Millions of Dollars)	Amortized Cost		Fair Value
Less than one year	$	11.8	$	12.0
One to five years	45.2		46.0
Six to ten years	22.7		22.9
Greater than ten years	71.9		71.0
Total Debt Securities	$	151.6	$	151.9

Realized Gains and Losses: Realized gains and losses are offset in long-term liabilities for CYAPC and YAEC and are recorded in Other Income, Net for Eversource's benefit trusts. Eversource utilizes the average cost basis method for the CYAPC and YAEC spent nuclear fuel trusts.

Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:


Eversource (Millions of Dollars)	As of March 31, 2026		As of December 31, 2025
Level 1:
Mutual Funds and Equities	$	173.3	$	165.3
Money Market Funds	8.2		14.0
Total Level 1	$	181.5	$	179.3
Level 2:
U.S. Government Issued Debt Securities (Agency and Treasury)	$	82.9	$	82.0
Corporate Debt Securities	38.6		37.9
Asset-Backed Debt Securities	6.1		6.4
Municipal Bonds	7.3		7.2
Other Fixed Income Securities	8.8		7.9
Total Level 2	$	143.7	$	141.4
Total Marketable Securities	$	325.2	$	320.7

U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instruments and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows.