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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2015
Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of September 30, 2015, September 30, 2014 and December 31, 2014, which are included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, were as follows:

 

($ millions)

    September 30,      December 31,  
     2015      2014      2014  

Allowance for Doubtful Accounts

    $ 2.0       $ 2.1       $ 1.8   
  

 

 

     

 

 

     

 

 

  
Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of September 30, 2015, September 30, 2014 and December 31, 2014.

 

     September 30,      December 31,  

Accrued Revenue ($ millions)

    2015      2014      2014  

Regulatory Assets – Current

    $ 22.6       $ 24.6       $ 37.8   

Unbilled Revenues

      6.2         6.8         10.7   
  

 

 

     

 

 

     

 

 

  

Total Accrued Revenue

    $ 28.8       $ 31.4       $ 48.5   
  

 

 

     

 

 

     

 

 

  
Components of Exchange Gas Receivable

The following table shows the components of Exchange Gas Receivable as of September 30, 2015, September 30, 2014 and December 31, 2014.

 

     September 30,      December 31,  

Exchange Gas Receivable ($ millions)

    2015      2014      2014  

Northern Utilities

    $ 9.9       $ 13.4       $ 14.2   

Fitchburg

      0.7         1.1         0.8   
  

 

 

     

 

 

     

 

 

  

Total Exchange Gas Receivable

    $ 10.6       $ 14.5       $ 15.0   
  

 

 

     

 

 

     

 

 

  
Components of Gas Inventory

The following table shows the components of Gas Inventory as of September 30, 2015, September 30, 2014 and December 31, 2014.

 

     September 30,      December 31,  

Gas Inventory ($ millions)

    2015      2014      2014  

Natural Gas

    $ 0.3       $ 0.8       $ 0.8   

Propane

      0.2         0.1         0.2   

Liquefied Natural Gas & Other

      0.1         0.1         0.1   
  

 

 

     

 

 

     

 

 

  

Total Gas Inventory

    $ 0.6       $ 1.0       $ 1.1   
  

 

 

     

 

 

     

 

 

  
Regulatory Assets
     September 30,      December 31,  

Regulatory Assets consist of the following ($ millions)

    2015      2014      2014  

Retirement Benefits

    $ 65.3       $ 42.2       $ 65.1   

Energy Supply & Other Regulatory Tracker Mechanisms

      17.4         17.6         31.0   

Deferred Storm Charges

      16.9         20.7         21.2   

Environmental

      11.1         10.6         11.0   

Income Taxes

      8.9         10.1         9.7   

Deferred Restructuring Costs

      —           2.1         1.6   

Other

      5.8         6.6         5.8   
  

 

 

     

 

 

     

 

 

  

Total Regulatory Assets

    $ 125.4       $ 109.9       $ 145.4   

Less: Current Portion of Regulatory Assets(1)

      22.6         24.6         37.8   
  

 

 

     

 

 

     

 

 

  

Regulatory Assets – noncurrent

    $ 102.8       $ 85.3       $ 107.6   
  

 

 

     

 

 

     

 

 

  

 

(1) 

Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets.
Regulatory Liabilities
     September 30,      December 31,  

Regulatory Liabilities consist of the following ($ millions)

    2015      2014      2014  

Regulatory Tracker Mechanisms

    $ 17.1       $ 13.0       $ 8.8   

Gas Pipeline Refund (Note 6)

      22.0         —           —     
  

 

 

     

 

 

     

 

 

  

Total Regulatory Liabilities

      39.1         13.0       $ 8.8   

Less: Current Portion of Regulatory Liabilities

      28.1         13.0         8.7   
  

 

 

     

 

 

     

 

 

  

Regulatory Liabilities – noncurrent

    $ 11.0       $ —         $ 0.1   
  

 

 

     

 

 

     

 

 

  
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		    Sept.  30,
2015		      Sept. 30,
2014		      December 31,
2014		  

Derivative Assets

            

Natural Gas Options Contracts

    Prepayments
and Other		    $ —         $ —         $ —     

Natural Gas Options Contracts

    Other Assets      0.1         —           0.1   
     

 

 

     

 

 

     

 

 

  

Total Derivative Assets

       $ 0.1       $ —         $ 0.1   
     

 

 

     

 

 

     

 

 

  

Derivative Liabilities

            

Natural Gas Options Contracts

    Other Current
Liabilities		    $ —         $ 0.1       $ —     

Natural Gas Options Contracts

    Other
Noncurrent
Liabilities		      —           0.1         —     
     

 

 

     

 

 

     

 

 

  

Total Derivative Liabilities

       $ —         $ 0.2       $ —     
     

 

 

     

 

 

     

 

 

  
Regulatory Assets Liabilities and Reclassification from Regulatory Assets Liabilities into Purchased Gas
     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
($ millions)    2015      2014      2015      2014  

Amount of Loss / (Gain) Recognized in Regulatory Assets (Liabilities) for Derivatives:

            

Natural Gas Futures / Options Contracts

    $ 0.2       $ 0.1       $ 0.2       $ (0.4 ) 

Amount of Loss / (Gain) Reclassified into unaudited Consolidated Statements of Earnings(1):

            

Cost of Gas Sales

    $ 0.2       $ 0.1       $ 0.2       $ (0.8 ) 

 

(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
     September 30,      December 31,  

Energy Supply Obligations ($ millions)

    2015      2014      2014  

Current:

         

Exchange Gas Obligation

    $ 9.9       $ 13.4       $ 14.2   

Renewable Energy Portfolio Standards

      5.5         4.1         7.4   

Power Supply Contract Divestitures

      0.4         0.6         0.5   
  

 

 

     

 

 

     

 

 

  

Total Energy Supply Obligations – Current

      15.8         18.1         22.1   

Long-Term:

         

Power Supply Contract Divestitures

      1.7         2.1         1.9   
  

 

 

     

 

 

     

 

 

  

Total Energy Supply Obligations

    $ 17.5       $ 20.2       $ 24.0