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Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The tables below reconcile revenue disaggregation by customer class to segment revenue, as well as to revenues reflected on the Statements of Consolidated Income:

Year Ended December 31, 2023 (in millions)			Gas Distribution Operations(2)						Electric Operations(3)						Corporate and Other						Total
Customer Revenues(1)
Residential			$	2,462.5					$	583.9					$	—					$	3,046.4
Commercial			847.9						578.1						—						1,426.0
Industrial			226.0						474.1						—						700.1
Off-system			60.6						—						—						60.6
Wholesale			1.6						32.0						—						33.6
Public Authority			—						11.5						—						11.5
Miscellaneous(4)			48.2						21.4						—						69.6
Total Customer Revenues			$	3,646.8					$	1,701.0					$	—					$	5,347.8
Other Revenues			73.6						83.2						0.8						157.6
Total Operating Revenues			$	3,720.4					$	1,784.2					$	0.8					$	5,505.4

(1)Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues.

(2)Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms.

(3)Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets.

(4)Amounts included in Gas Distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to late fees, property rentals, revenue refunds and adjustments.

Year Ended December 31, 2022 (in millions)			Gas Distribution Operations(2)						Electric Operations(3)						Corporate and Other(4)						Total
Customer Revenues(1)
Residential			$	2,609.7					$	592.4					$	—					$	3,202.1
Commercial			939.6						571.0						—						1,510.6
Industrial			220.6						560.6						—						781.2
Off-system			192.9						—						—						192.9
Wholesale			2.1						13.5						—						15.6
Public Authority			—						12.1						—						12.1
Miscellaneous(5)			38.2						(14.1)						—						24.1
Total Customer Revenues			$	4,003.1					$	1,735.5					$	—					$	5,738.6
Other Revenues			4.1						95.4						12.5						112.0
Total Operating Revenues			$	4,007.2					$	1,830.9					$	12.5					$	5,850.6

(1)Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues.

(2)Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms.

(3)Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets.

(4)Other revenues related to the Transition Services Agreement entered into in connection with the sale of the Massachusetts Business, which was substantially completed as of June 30, 2022.

(5)Amounts included in Gas distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to revenue trackers, late fees, and property rentals.

Year Ended December 31, 2021 (in millions)			Gas Distribution Operations(2)						Electric Operations(3)						Corporate and Other(4)						Total
Customer Revenues(1)
Residential			$	2,109.4					$	567.9					$	—					$	2,677.3
Commercial			722.4						534.9						—						1,257.3
Industrial			195.7						493.4						—						689.1
Off-system			71.3						—						—						71.3
Wholesale			1.4						15.7						—						17.1
Public Authority			—						12.5						—						12.5
Miscellaneous(5)			25.9						(20.0)						0.8						6.7
Total Customer Revenues			$	3,126.1					$	1,604.4					$	0.8					$	4,731.3
Other Revenues			45.1						91.9						31.3						168.3
Total Operating Revenues			$	3,171.2					$	1,696.3					$	32.1					$	4,899.6

(1)Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues.

(2)Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms.

(3)Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets.

(4)Other revenues related to the Transition Services Agreement entered into in connection with the sale of the Massachusetts Business.

(5)Amounts included in Gas distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to revenue trackers, late fees and property rentals.

Customer Accounts Receivable

The opening and closing balances of customer receivables for the year ended December 31, 2023, are presented in the table below. We had no significant contract assets or liabilities during the period. Additionally, we have not incurred any significant costs to obtain or fulfill contracts.

(in millions)			Customer Accounts Receivable, Billed (less reserve)						Customer Accounts Receivable, Unbilled (less reserve)
Balance as of December 31, 2022			$	560.5					$	453.0
Balance as of December 31, 2023			479.4						337.6

Utility revenues are billed to customers monthly on a cycle basis. We expect that substantially all customer accounts receivable will be collected following customer billing, as this revenue consists primarily of periodic, tariff-based billings for service and usage. We maintain common utility credit risk mitigation practices, including requiring deposits and actively pursuing collection of past due amounts. Our regulated operations also utilize certain regulatory mechanisms that facilitate recovery of bad debt costs within tariff-based rates, which provides further evidence of collectibility. It is probable that substantially all of the consideration to which we are entitled from customers will be collected upon satisfaction of performance obligations.

Financing Receivable, Allowance for Credit Loss

A rollforward of our allowance for credit losses as of December 31, 2023 and December 31, 2022, are presented in the tables below:

(in millions)			Gas Distribution Operations						Electric Operations						Corporate and Other						Total
Balance as of January 1, 2023			$	17.2					$	5.9					$	0.8					$	23.9
Current period provisions			33.8						6.0						—						39.8
Write-offs charged against allowance			(55.4)						(6.2)						—						(61.6)
Recoveries of amounts previously written off			20.4						0.4						—						20.8
Balance as of December 31, 2023			$	16.0					$	6.1					$	0.8					$	22.9

(in millions)			Gas Distribution Operations						Electric Operations						Corporate and Other						Total
Balance as of January 1, 2022			$	18.9					$	3.8					$	0.8					$	23.5
Current period provisions			29.1						6.9						—						36.0
Write-offs charged against allowance			(52.1)						(5.3)						—						(57.4)
Recoveries of amounts previously written off			21.3						0.5						—						21.8
Balance as of December 31, 2022			$	17.2					$	5.9					$	0.8					$	23.9

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13

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