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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of March 31, 2015, March 31, 2014 and December 31, 2014, which are included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, were as follows:

($ millions)

March 31,

December 31,

2015

2014

Allowance for Doubtful Accounts

1.9

2.1

1.8

Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of March 31, 2015, March 31, 2014 and December 31, 2014.


	March 31,				December 31,
Accrued Revenue ($ millions)	2015		2014		2014
Regulatory Assets – Current	$	33.7	$	39.7	$	37.8
Gas Pipeline Refund (Note 6)		22.0		—		—
Unbilled Revenues		8.5		9.9		10.7

Total Accrued Revenue	$	64.2	$	49.6	$	48.5

Components of Exchange Gas Receivable

The following table shows the components of Exchange Gas Receivable as of March 31, 2015, March 31, 2014 and December 31, 2014.


	March 31,				December 31,
Exchange Gas Receivable ($ millions)	2015		2014		2014
Northern Utilities	$	3.6	$	1.0	$	14.2
Fitchburg		0.4		0.3		0.8

Total Exchange Gas Receivable	$	4.0	$	1.3	$	15.0

Components of Gas Inventory

The following table shows the components of Gas Inventory as of March 31, 2015, March 31, 2014 and December 31, 2014.


	March 31,				December 31,
Gas Inventory ($ millions)	2015		2014		2014
Natural Gas	$	0.1	$	0.2	$	0.8
Propane		0.2		0.1		0.2
Liquefied Natural Gas & Other		0.1		0.3		0.1

Total Gas Inventory	$	0.4	$	0.6	$	1.1

Regulatory Assets


	March 31,				December 31,
Regulatory Assets consist of the following ($ millions)	2015		2014		2014
Retirement Benefits	$	65.0	$	42.3	$	65.1
Energy Supply & Other Regulatory Tracker Mechanisms		28.5		30.3		31.0
Deferred Storm Charges		20.1		24.2		21.2
Environmental		11.0		16.0		11.0
Income Taxes		9.5		10.7		9.7
Deferred Restructuring Costs		—		6.9		1.6
Other		5.8		5.8		5.8

Total Regulatory Assets		139.9		136.2		145.4
Less: Current Portion of Regulatory Assets⁽¹⁾		33.7		39.7		37.8

Regulatory Assets – noncurrent	$	106.2	$	96.5	$	107.6

⁽¹⁾

Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets.

Regulatory Liabilities


	March 31,				December 31,
Regulatory Liabilities consist of the following ($ millions)	2015		2014		2014
Regulatory Tracker Mechanisms	$	17.4	$	13.1	$	8.7
Gas Pipeline Refund (Note 6)		22.0		—		—

Total Regulatory Liabilities	$	39.4	$	13.1	$	8.7

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	March 31, 2015		March 31, 2014		December 31, 2014
Derivative Assets
Natural Gas Futures/ Options Contracts	Prepayments and Other	$	0.1	$	0.2	$	—
Natural Gas Futures/ Options Contracts	Other Assets		—		—		0.1

Total Derivative Assets		$	0.1	$	0.2	$	0.1

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


	Three Months Ended March 31,
($ millions)	2015		2014
Amount of Loss / (Gain) Recognized in Regulatory Assets (Liabilities) for Derivatives:
Natural Gas Futures / Options Contracts	$	—	$	0.9
Amount of Loss / (Gain) Reclassified into unaudited Consolidated Statements of Earnings⁽¹⁾:
Cost of Gas Sales	$	—	$	0.9

⁽¹⁾	These amounts are offset in the unaudited Consolidated Statements of Earnings with Accrued Revenue and therefore there is no effect on earnings.

Components of Energy Supply Obligations


	March 31,				December 31,
Energy Supply Obligations ($ millions)	2015		2014		2014
Current:
Exchange Gas Obligation	$	3.6	$	1.0	$	14.2
Renewable Energy Portfolio Standards		8.5		4.3		7.4
Power Supply Contract Divestitures		0.5		0.8		0.5

Total Energy Supply Obligations – Current		12.6		6.1		22.1
Long-Term:
Power Supply Contract Divestitures		1.9		2.3		1.9

Total Energy Supply Obligations	$	14.5	$	8.4	$	24.0