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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2016
Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of March 31, 2016, March 31, 2015 and December 31, 2015, which are included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, was as follows:

 

($ millions)

       
     March 31,      December 31,  
     2016      2015      2015  

Allowance for Doubtful Accounts

    $ 1.5       $ 1.9       $ 1.2   
  

 

 

     

 

 

     

 

 

  
Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of March 31, 2016, March 31, 2015 and December 31, 2015.

 

     March 31,      December 31,  

Accrued Revenue ($ millions)

    2016      2015      2015  

Regulatory Assets – Current

    $ 33.7       $ 33.7       $ 26.8   

Gas Pipeline Refund (Note 6)

      —           22.0         —     

Unbilled Revenues

      8.4         8.5         11.6   
  

 

 

     

 

 

     

 

 

  

Total Accrued Revenue

    $ 42.1       $ 64.2       $ 38.4   
  

 

 

     

 

 

     

 

 

  
Components of Exchange Gas Receivable

The following table shows the components of Exchange Gas Receivable as of March 31, 2016, March 31, 2015 and December 31, 2015.

 

     March 31,      December 31,  

Exchange Gas Receivable ($ millions)

    2016      2015      2015  

Northern Utilities

    $ 6.3       $ 3.6       $ 10.3   

Fitchburg

      0.5         0.4         0.8   
  

 

 

     

 

 

     

 

 

  

Total Exchange Gas Receivable

    $ 6.8       $ 4.0       $ 11.1   
  

 

 

     

 

 

     

 

 

  
Components of Gas Inventory

The following table shows the components of Gas Inventory as of March 31, 2016, March 31, 2015 and December 31, 2015.

 

     March 31,      December 31,  

Gas Inventory ($ millions)

    2016      2015      2015  

Natural Gas

    $ 0.1       $ 0.1       $ 0.3   

Propane

      0.2         0.2         0.3   

Liquefied Natural Gas & Other

      0.1         0.1         0.2   
  

 

 

     

 

 

     

 

 

  

Total Gas Inventory

    $ 0.4       $ 0.4       $ 0.8   
  

 

 

     

 

 

     

 

 

  
Regulatory Assets
     March 31,      December 31,  

Regulatory Assets consist of the following ($ millions)

    2016      2015      2015  

Retirement Benefits

    $ 64.4       $ 65.0       $ 64.7   

Energy Supply & Other Regulatory Tracker Mechanisms

      28.2         28.5         21.3   

Deferred Storm Charges

      13.8         20.1         15.4   

Environmental

      11.9         11.0         11.2   

Income Taxes

      8.3         9.5         8.5   

Other

      5.3         5.8         5.3   
  

 

 

     

 

 

     

 

 

  

Total Regulatory Assets

      131.9         139.9         126.4   

Less: Current Portion of Regulatory Assets(1)

      33.7         33.7         26.8   
  

 

 

     

 

 

     

 

 

  

Regulatory Assets – noncurrent

    $ 98.2       $ 106.2       $ 99.6   
  

 

 

     

 

 

     

 

 

  

 

(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)

    2016      2015      2015  

Regulatory Tracker Mechanisms

    $ 12.0       $ 17.4       $ 8.0   

Gas Pipeline Refund (Note 6)

      10.1         22.0         15.7   
  

 

 

     

 

 

     

 

 

  

Total Regulatory Liabilities

      22.1         39.4         23.7   

Less: Current Portion of Regulatory Liabilities

      18.8         39.4         15.6   
  

 

 

     

 

 

     

 

 

  

Regulatory Liabilities – noncurrent

    $ 3.3       $ —         $ 8.1   
  

 

 

     

 

 

     

 

 

  
Fair Value of Marketable Securities

These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, net.

 

     March 31,      December 31,  

Fair Value of Marketable Securities ($ millions)

    2016      2015      2015  

Equity Funds

    $ 0.4       $ —         $ 0.4   

Fixed Income Funds

      0.3         —           0.3   
  

 

 

     

 

 

     

 

 

  

Total Marketable Securities

    $ 0.7       $ —         $ 0.7   
  

 

 

     

 

 

     

 

 

  
Components of Energy Supply Obligations (Current Portion) and Other Noncurrent Liabilities (Noncurrent Portion)
     March 31,      December 31,  

Energy Supply Obligations ($ millions)

    2016      2015      2015  

Current:

         

Exchange Gas Obligation

    $ 6.3       $ 3.6       $ 10.3   

Renewable Energy Portfolio Standards

      7.3         8.5         4.0   

Power Supply Contract Divestitures

      0.3         0.5         0.3   
  

 

 

     

 

 

     

 

 

  

Total Energy Supply Obligations – Current

      13.9         12.6         14.6   

Long-Term:

         

Power Supply Contract Divestitures

      1.5         1.9         1.6   
  

 

 

     

 

 

     

 

 

  

Total Energy Supply Obligations

    $ 15.4       $ 14.5       $ 16.2