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v2.4.1.9

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2014
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of December 31, 2014 and 2013.
Accrued Revenue (millions) |  | December 31, |
| 2014 |  |  | 2013 |
Regulatory Assets—Current |  | $ | 37.8 |  |  | $ | 43.6 |
Unbilled Revenues |  |  | 10.7 |  |  |  | 13.0 |
Total Accrued Revenue |  | $ | 48.5 |  |  | $ | 56.6 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of December 31, 2014 and 2013.
Exchange Gas Receivable (millions) |  | December 31, |
| 2014 |  |  | 2013 |
Northern Utilities |  | $ | 14.2 |  |  | $ | 9.8 |
Fitchburg |  |  | 0.8 |  |  |  | 1.0 |
Total Exchange Gas Receivable |  | $ | 15.0 |  |  | $ | 10.8 |
Components of Gas Inventory | The following table shows the components of Gas Inventory as of December 31, 2014 and 2013.
Gas Inventory (millions) |  | December 31, |
| 2014 |  |  | 2013 |
Natural Gas |  | $ | 0.8 |  |  | $ | 0.8 |
Propane |  |  | 0.2 |  |  |  | 0.3 |
Liquefied Natural Gas & Other |  |  | 0.1 |  |  |  | 0.1 |
Total Gas Inventory |  | $ | 1.1 |  |  | $ | 1.2 |
Regulatory Assets |
Regulatory Assets consist of the following (millions) |  | December 31, |
| 2014 |  |  | 2013 |
Retirement Benefits |  | $ | 65.1 |  |  | $ | 42.6 |
Energy Supply & Other Regulatory Tracker Mechanisms |  |  | 31.0 |  |  |  | 32.5 |
Deferred Storm Charges |  |  | 21.2 |  |  |  | 25.6 |
Environmental |  |  | 11.0 |  |  |  | 16.1 |
Income Taxes |  |  | 9.7 |  |  |  | 11.9 |
Deferred Restructuring Costs |  |  | 1.6 |  |  |  | 9.3 |
Other |  |  | 5.8 |  |  |  | 5.7 |
Total Regulatory Assets |  | $ | 145.4 |  |  | $ | 143.7 |
Less: Current Portion of Regulatory Assets(1) |  |  | 37.8 |  |  |  | 43.6 |
Regulatory Assets—noncurrent |  | $ | 107.6 |  |  | $ | 100.1 |
| (1) | Reflects amounts included in Accrued Revenue on the Company’s Consolidated Balance Sheets and in the Accrued Revenue table shown above.
Regulatory Liabilities |
Regulatory Liabilities consist of the following (millions) |  | December 31, |
| 2014 |  |  | 2013 |
Regulatory Tracker Mechanisms |  | $ | 8.7 |  |  | $ | 9.7 |
Total Regulatory Liabilities |  | $ | 8.7 |  |  | $ | 9.7 |
Fair Value Amount of Derivative Assets Liabilities Offset in Regulatory Liabilities Assets | Fair Value Amount of Derivative Assets / Liabilities (millions) Offset in Regulatory Liabilities / Assets, as of:
|  |  |  | Fair Value |
Description |  | Balance Sheet Location |  | December 31, 2014 |  |  | December 31, 2013 |
Derivative Assets |  |  |  |  |  |  |  |  |  |
Natural Gas Futures / Options Contracts |  | Prepayments and Other |  | $ | — |  |  | $ | 0.1 |
Natural Gas Futures / Options Contracts |  | Other Noncurrent Assets |  |  | 0.1 |  |  |  | 0.1 |
Total Derivative Assets |  |  |  | $ | 0.1 |  |  | $ | 0.2 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |
Natural Gas Futures / Options Contracts |  | Other Current Liabilities |  | $ | — |  |  | $ | — |
Natural Gas Futures / Options Contracts |  | Other Noncurrent Liabilities |  |  | — |  |  |  | — |
Total Derivative Liabilities |  |  |  | $ | — |  |  | $ | — |
Regulatory Assets Liabilities and Reclassification from Regulatory Assets Liabilities into Purchased Gas |
|  | Twelve Months Ended December 31, |
|  | 2014 |  |  | 2013 |
Amount of Loss / (Gain) Recognized in Regulatory Assets (Liabilities) for Derivatives: |  |  |  |  |  |  |  |
Natural Gas Futures / Options Contracts |  | $ | (0.7 | ) |  | $ | 0.3 |
Amount of Loss / (Gain) Reclassified into the Consolidated Statements of Earnings(1): |  |  |  |  |  |  |  |
Cost of Gas Sales |  | $ | (0.8 | ) |  | $ | 1.2 |
| (1) | These amounts are offset in the Consolidated Statements of Earnings with Accrued Revenue and therefore there is no effect on earnings.
Components of Energy Supply Obligations |
|  | December 31, |
Energy Supply Obligations consist of the following: (millions) |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |  |  |
Exchange Gas Obligation |  | $ | 14.2 |  |  | $ | 9.8 |
Renewable Energy Portfolio Standards |  |  | 7.4 |  |  |  | 3.7 |
Power Supply Contract Divestitures |  |  | 0.5 |  |  |  | 0.9 |
Total Energy Supply Obligations—Current |  | $ | 22.1 |  |  | $ | 14.4 |
Long-Term: |  |  |  |  |  |  |  |
Power Supply Contract Divestitures |  | $ | 1.9 |  |  | $ | 2.5 |
Total Energy Supply Obligations |  | $ | 24.0 |  |  | $ | 16.9 |

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