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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2017
Allowance for Doubtful Accounts Included in Accounts Receivable Net | The Allowance for Doubtful Accounts as of March 31, 2017, March 31, 2016 and December 31, 2016, which are included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, was as follows:
($ millions) |  |  |
|  | March 31, |  |  | December 31, |
|  | 2017 |  |  | 2016 |  |  | 2016 |
Allowance for Doubtful Accounts |  | $ | 1.0 |  |  | $ | 1.5 |  |  | $ | 1.1 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of March 31, 2017, March 31, 2016 and December 31, 2016.
|  | March 31, |  |  | December 31, |
Accrued Revenue ($ millions) |  | 2017 |  |  | 2016 |  |  | 2016 |
Regulatory Assets – Current |  | $ | 32.0 |  |  | $ | 33.7 |  |  | $ | 37.9 |
Unbilled Revenues |  |  | 9.3 |  |  |  | 8.4 |  |  |  | 11.6 |
Total Accrued Revenue |  | $ | 41.3 |  |  | $ | 42.1 |  |  | $ | 49.5
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of March 31, 2017, March 31, 2016 and December 31, 2016.
|  | March 31, |  |  | December 31, |
Exchange Gas Receivable ($ millions) |  | 2017 |  |  | 2016 |  |  | 2016 |
Northern Utilities |  | $ | 1.9 |  |  | $ | 6.3 |  |  | $ | 7.8 |
Fitchburg |  |  | 0.2 |  |  |  | 0.5 |  |  |  | 0.5 |
Total Exchange Gas Receivable |  | $ | 2.1 |  |  | $ | 6.8 |  |  | $ | 8.3
Components of Gas Inventory | The following table shows the components of Gas Inventory as of March 31, 2017, March 31, 2016 and December 31, 2016.
|  | March 31, |  |  | December 31, |
Gas Inventory ($ millions) |  | 2017 |  |  | 2016 |  |  | 2016 |
Natural Gas |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.3 |
Propane |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.2 |
Liquefied Natural Gas & Other |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total Gas Inventory |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.6 |
Regulatory Assets |
|  | March 31, |  |  | December 31, |
Regulatory Assets consist of the following ($ millions) |  | 2017 |  |  | 2016 |  |  | 2016 |
Retirement Benefits |  | $ | 75.7 |  |  | $ | 64.4 |  |  | $ | 75.9 |
Energy Supply & Other Regulatory Tracker Mechanisms |  |  | 27.7 |  |  |  | 28.2 |  |  |  | 32.7 |
Deferred Storm Charges |  |  | 8.6 |  |  |  | 13.8 |  |  |  | 9.6 |
Environmental |  |  | 10.7 |  |  |  | 11.9 |  |  |  | 10.8 |
Income Taxes |  |  | 7.3 |  |  |  | 8.3 |  |  |  | 7.3 |
Other |  |  | 5.5 |  |  |  | 5.3 |  |  |  | 5.7 |
Total Regulatory Assets |  |  | 135.5 |  |  |  | 131.9 |  |  |  | 142.0 |
Less: Current Portion of Regulatory Assets(1) |  |  | 32.0 |  |  |  | 33.7 |  |  |  | 37.9 |
Regulatory Assets – noncurrent |  | $ | 103.5 |  |  | $ | 98.2 |  |  | $ | 104.1 |
(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) |  | 2017 |  |  | 2016 |  |  | 2016 |
Regulatory Tracker Mechanisms |  | $ | 9.2 |  |  | $ | 12.0 |  |  | $ | 6.2 |
Gas Pipeline Refund (Note 6) |  |  | 4.3 |  |  |  | 10.1 |  |  |  | 6.8 |
Total Regulatory Liabilities |  |  | 13.5 |  |  |  | 22.1 |  |  |  | 13.0 |
Less: Current Portion of Regulatory Liabilities |  |  | 12.8 |  |  |  | 18.8 |  |  |  | 10.4 |
Regulatory Liabilities – noncurrent |  | $ | 0.7 |  |  | $ | 3.3 |  |  | $ | 2.6 |
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) |  | 2017 |  |  | 2016 |  |  | 2016 |
Equity Funds |  | $ | 1.1 |  |  | $ | 0.4 |  |  | $ | 1.1 |
Fixed Income Funds |  |  | 0.9 |  |  |  | 0.3 |  |  |  | 0.8 |
Cash and Equivalents |  |  | 1.3 |  |  |  | — |  |  |  | — |
Total Marketable Securities |  | $ | 3.3 |  |  | $ | 0.7 |  |  | $ | 1.9 |
Components of Energy Supply Obligations |
|  | March 31, |  |  | December 31, |
Energy Supply Obligations ($ millions) |  | 2017 |  |  | 2016 |  |  | 2016 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Exchange Gas Obligation |  | $ | 1.9 |  |  | $ | 6.3 |  |  | $ | 7.8 |
Renewable Energy Portfolio Standards |  |  | 6.8 |  |  |  | 7.3 |  |  |  | 3.9 |
Power Supply Contract Divestitures |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.3 |
Total Energy Supply Obligations – Current |  |  | 9.0 |  |  |  | 13.9 |  |  |  | 12.0 |
Long-Term: |  |  |  |  |  |  |  |  |  |  |  |
Power Supply Contract Divestitures |  |  | 1.2 |  |  |  | 1.5 |  |  |  | 1.3 |
Total Energy Supply Obligations |  | $ | 10.2 |  |  | $ | 15.4 |  |  | $ | 13.3 |

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