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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2018
Components of Gas and Electric Operating Revenue | In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. The lower revenues reported in the first quarter of 2018 to account for the reduction in the corporate income tax rate under the Tax Cuts and Jobs Act of 2017 (TCJA) are shown separately in the table below for informational purposes.
|  | Three Months Ended March 31, 2018 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 35.8 |  |  | $ | 34.4 |  |  | $ | 70.2 |
C&I |  |  | 50.6 |  |  |  | 24.1 |  |  |  | 74.7 |
Other |  |  | 6.5 |  |  |  | 3.9 |  |  |  | 10.4 |
Revenue Reductions – TCJA |  |  | (1.5 | ) |  |  | (0.8 | ) |  |  | (2.3 | )
Total Billed and Unbilled Revenue |  |  | 91.4 |  |  |  | 61.6 |  |  |  | 153.0 |
Rate Adjustment Mechanism Revenue |  |  | (4.4 | ) |  |  | (4.1 | ) |  |  | (8.5 | )
Total Gas and Electric Operating Revenues |  | $ | 87.0 |  |  | $ | 57.5 |  |  | $ | 144.5 |
|  | Three Months Ended March 31, 2017 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 30.9 |  |  | $ | 27.3 |  |  | $ | 58.2 |
C&I |  |  | 42.3 |  |  |  | 19.5 |  |  |  | 61.8 |
Other |  |  | 5.6 |  |  |  | 2.2 |  |  |  | 7.8 |
Total Billed and Unbilled Revenue |  |  | 78.8 |  |  |  | 49.0 |  |  |  | 127.8 |
Rate Adjustment Mechanism Revenue |  |  | (4.0 | ) |  |  | 0.5 |  |  |  | (3.5 | )
Total Gas and Electric Operating Revenues |  | $ | 74.8 |  |  | $ | 49.5 |  |  | $ | 124.3 |
Schedule of Other Operating Revenues and Operating Expenses | If ASU 2014-09 had been adopted retroactively for the three months ended March 31, 2017, the result would have been corresponding reductions of $0.3 million in both “Other” in in the “Operating Revenues” section of the Consolidated Statements of Earnings and “Operation and Maintenance” in the “Operating Expenses” section of the Company’s Consolidated Statements of Earnings as shown in the tables below.
|  | Three Months Ended March 31, |
|  | As Reported |  |  | If ASU 2014-09 Had Been in Effect |
Other Operating Revenues ($ millions): |  | 2018 |  |  | 2017 |
Usource Contract Revenue |  | $ | 1.6 |  |  | $ | 1.7 |
Less: Revenue Sharing Payments |  |  | 0.3 |  |  |  | 0.3 |
Total Other Operating Revenues |  | $ | 1.3 |  |  | $ | 1.4 |
|  | Three Months Ended March 31, |
|  | As Reported |  |  | If ASU 2014-09 Had Been in Effect |
Operation and Maintenance Expense ($ millions): |  | 2018 |  |  | 2017 |
Operation and Maintenance Expense |  | $ | 17.3 |  |  | $ | 15.7 |
Allowance for Doubtful Accounts Included in Accounts Receivable Net | The Allowance for Doubtful Accounts as of March 31, 2018, March 31, 2017 and December 31, 2017, which are included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, was as follows:
($ millions) |  |  |
|  | March 31, |  |  | December 31, |
|  | 2018 |  |  | 2017 |  |  | 2017 |
Allowance for Doubtful Accounts |  | $ | 1.6 |  |  | $ | 1.0 |  |  | $ | 1.6 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of March 31, 2018, March 31, 2017 and December 31, 2017.
|  | March 31, |  |  | December 31, |
Accrued Revenue ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Regulatory Assets – Current |  | $ | 34.6 |  |  | $ | 32.0 |  |  | $ | 39.5 |
Unbilled Revenues |  |  | 10.5 |  |  |  | 9.3 |  |  |  | 13.8 |
Total Accrued Revenue |  | $ | 45.1 |  |  | $ | 41.3 |  |  | $ | 53.3 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of March 31, 2018, March 31, 2017 and December 31, 2017.
|  | March 31, |  |  | December 31, |
Exchange Gas Receivable ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Northern Utilities |  | $ | — |  |  | $ | 1.9 |  |  | $ | 5.4 |
Fitchburg |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.4 |
Total Exchange Gas Receivable |  | $ | 0.2 |  |  | $ | 2.1 |  |  | $ | 5.8 |
Components of Gas Inventory | The Company uses the weighted average cost methodology to value natural gas inventory. The following table shows the components of Gas Inventory as of March 31, 2018, March 31, 2017 and December 31, 2017.
|  | March 31, |  |  | December 31, |
Gas Inventory ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Natural Gas |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |
Propane |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.1 |
Liquefied Natural Gas & Other |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total Gas Inventory |  | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | 0.6 |
Regulatory Assets |
|  | March 31, |  |  | December 31, |
Regulatory Assets consist of the following ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Retirement Benefits |  | $ | 85.4 |  |  | $ | 75.7 |  |  | $ | 84.5 |
Energy Supply & Other Rate Adjustment Mechanisms |  |  | 31.9 |  |  |  | 27.7 |  |  |  | 36.0 |
Deferred Storm Charges |  |  | 8.0 |  |  |  | 8.6 |  |  |  | 7.2 |
Environmental |  |  | 9.0 |  |  |  | 10.7 |  |  |  | 9.5 |
Income Taxes |  |  | 6.3 |  |  |  | 7.3 |  |  |  | 6.5 |
Other |  |  | 5.2 |  |  |  | 5.5 |  |  |  | 5.4 |
Total Regulatory Assets |  |  | 145.8 |  |  |  | 135.5 |  |  |  | 149.1 |
Less: Current Portion of Regulatory Assets(1) |  |  | 34.6 |  |  |  | 32.0 |  |  |  | 39.5 |
Regulatory Assets – noncurrent |  | $ | 111.2 |  |  | $ | 103.5 |  |  | $ | 109.6 |
(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) |  | 2018 |  |  | 2017 |  |  | 2017 |
Rate Adjustment Mechanisms |  | $ | 10.3 |  |  | $ | 9.2 |  |  | $ | 6.9 |
Gas Pipeline Refund (Note 6) |  |  | 0.6 |  |  |  | 4.3 |  |  |  | 2.3 |
Income Taxes (Note 8) |  |  | 49.1 |  |  |  | — |  |  |  | 48.9 |
Total Regulatory Liabilities |  |  | 60.0 |  |  |  | 13.5 |  |  |  | 58.1 |
Less: Current Portion of Regulatory Liabilities |  |  | 10.9 |  |  |  | 12.8 |  |  |  | 9.2 |
Regulatory Liabilities – noncurrent |  | $ | 49.1 |  |  | $ | 0.7 |  |  | $ | 48.9 |
Fair Value of Marketable Securities | Changes in the fair value of these investments are recorded in Other Expense, net.
|  | March 31, |  |  | December 31, |
Fair Value of Marketable Securities ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Equity Funds |  | $ | 1.9 |  |  | $ | 1.1 |  |  | $ | 2.1 |
Fixed Income Funds |  |  | 1.6 |  |  |  | 0.9 |  |  |  | 1.5 |
Cash and Equivalents |  |  | 1.6 |  |  |  | 1.3 |  |  |  | — |
Total Marketable Securities |  | $ | 5.1 |  |  | $ | 3.3 |  |  | $ | 3.6 |
Components of Energy Supply Obligations | The following discussion and table summarize the nature and amounts of the items recorded as Energy Supply Obligations (current portion) and Other Noncurrent Liabilities (noncurrent portion) on the Company’s Consolidated Balance Sheets.
|  | March 31, |  |  | December 31, |
Energy Supply Obligations ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Exchange Gas Obligation |  | $ | — |  |  | $ | 1.9 |  |  | $ | 5.4 |
Renewable Energy Portfolio Standards |  |  | 7.5 |  |  |  | 6.8 |  |  |  | 4.0 |
Power Supply Contract Divestitures |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.3 |
Total Energy Supply Obligations – Current |  |  | 7.8 |  |  |  | 9.0 |  |  |  | 9.7 |
Long-Term: |  |  |  |  |  |  |  |  |  |  |  |
Power Supply Contract Divestitures |  |  | 0.8 |  |  |  | 1.2 |  |  |  | 0.9 |
Total Energy Supply Obligations |  | $ | 8.6 |  |  | $ | 10.2 |  |  | $ | 10.6 |

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