MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

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.

Eversource’s water business also holds a trust. As of December 31, 2024, the securities held in this trust of $4.1 million were classified as Assets Held for Sale on the Eversource balance sheet. As of December 31, 2025, these securities held in this trust of $3.5 million were reclassified as Marketable Securities on the Eversource balance sheet. For further information, see Note 24, “Assets Held for Sale.” For the years ended December 31, 2025 and 2024, there were unrealized losses of $0.7 million and unrealized gains of $0.9 million recorded in Other Income, Net, related to these equity securities, respectively.

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 $161.8 million and $163.1 million as of December 31, 2025 and 2024, 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.

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 December 31,
	2025								2024
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	$	156.5	$	0.7	$	(1.8)	$	155.4	$	163.2	$	0.1	$	(6.1)	$	157.2

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 December 31, 2025, the contractual maturities of available-for-sale debt securities were as follows:


Eversource (Millions of Dollars)	Amortized Cost		Fair Value

Less than one year	$	15.7	$	15.8
One to five years	39.9		40.6
Six to ten years	26.0		26.1
Greater than ten years	74.9		72.9
Total Debt Securities	$	156.5	$	155.4

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 December 31,
	2025		2024
Level 1:
Mutual Funds and Equities	$	165.3	$	163.1
Money Market Funds	14.0		10.0
Total Level 1	$	179.3	$	173.1
Level 2:
U.S. Government Issued Debt Securities (Agency and Treasury)	$	82.0	$	92.0
Corporate Debt Securities	37.9		32.5
Asset-Backed Debt Securities	6.4		7.8
Municipal Bonds	7.2		6.8
Other Fixed Income Securities	7.9		8.1
Total Level 2	$	141.4	$	147.2
Total Marketable Securities	$	320.7	$	320.3

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.