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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 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 three and nine months ended 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 tables below for informational purposes.
|  | Three Months Ended September 30, 2018 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 6.6 |  |  | $ | 33.6 |  |  | $ | 40.2 |
C&I |  |  | 11.9 |  |  |  | 25.3 |  |  |  | 37.2 |
Other |  |  | 1.5 |  |  |  | 2.6 |  |  |  | 4.1 |
Revenue Reductions – TCJA |  |  | (0.4 | ) |  |  | (0.6 | ) |  |  | (1.0 | )
Total Billed and Unbilled Revenue |  |  | 19.6 |  |  |  | 60.9 |  |  |  | 80.5 |
Rate Adjustment Mechanism Revenue |  |  | 6.1 |  |  |  | 0.5 |  |  |  | 6.6 |
Total Gas and Electric Operating Revenues |  | $ | 25.7 |  |  | $ | 61.4 |  |  | $ | 87.1 |
|  | Three Months Ended September 30, 2017 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 6.8 |  |  | $ | 29.9 |  |  | $ | 36.7 |
C&I |  |  | 11.5 |  |  |  | 24.3 |  |  |  | 35.8 |
Other |  |  | 1.5 |  |  |  | 1.3 |  |  |  | 2.8 |
Total Billed and Unbilled Revenue |  |  | 19.8 |  |  |  | 55.5 |  |  |  | 75.3 |
Rate Adjustment Mechanism Revenue |  |  | 5.3 |  |  |  | 2.0 |  |  |  | 7.3 |
Total Gas and Electric Operating Revenues |  | $ | 25.1 |  |  | $ | 57.5 |  |  | $ | 82.6 |
|  | Nine Months Ended September 30, 2018 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 58.3 |  |  | $ | 95.6 |  |  | $ | 153.9 |
C&I |  |  | 84.7 |  |  |  | 74.1 |  |  |  | 158.8 |
Other |  |  | 11.0 |  |  |  | 8.6 |  |  |  | 19.6 |
Revenue Reductions – TCJA |  |  | (2.9 | ) |  |  | (2.1 | ) |  |  | (5.0 | )
Total Billed and Unbilled Revenue |  |  | 151.1 |  |  |  | 176.2 |  |  |  | 327.3 |
Rate Adjustment Mechanism Revenue |  |  | (3.7 | ) |  |  | (8.6 | ) |  |  | (12.3 | )
Total Gas and Electric Operating Revenues |  | $ | 147.4 |  |  | $ | 167.6 |  |  | $ | 315.0 |
|  | Nine Months Ended September 30, 2017 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 52.7 |  |  | $ | 80.9 |  |  | $ | 133.6 |
C&I |  |  | 73.7 |  |  |  | 65.0 |  |  |  | 138.7 |
Other |  |  | 9.0 |  |  |  | 4.3 |  |  |  | 13.3 |
Total Billed and Unbilled Revenue |  |  | 135.4 |  |  |  | 150.2 |  |  |  | 285.6 |
Rate Adjustment Mechanism Revenue |  |  | (3.5 | ) |  |  | 4.2 |  |  |  | 0.7 |
Total Gas and Electric Operating Revenues |  | $ | 131.9 |  |  | $ | 154.4 |  |  | $ | 286.3 |
Schedule of Other Operating Revenues and Operating Expenses | If ASU 2014-09 had been in effect for the three and nine months ended September 30, 2017, the result would have been corresponding reductions of $0.3 million and $0.8 million, respectively, in both “Other” in the “Operating Revenues” section of the Consolidated Statements of Earnings and “Operation and Maintenance” in the “Operating Expenses” section of the Company’s Consolidated Statements of Earnings as shown in the tables below.
|  | Three Months Ended September 30, |
|  | As Reported |  |  | If ASU 2014-09 Had Been in Effect |
Other Operating Revenues ($ millions): |  | 2018 |  |  | 2017 |
Usource Contract Revenue |  | $ | 1.4 |  |  | $ | 1.4 |
Less: Revenue Sharing Payments |  |  | 0.3 |  |  |  | 0.3 |
Total Other Operating Revenues |  | $ | 1.1 |  |  | $ | 1.1 |
|  | Three Months Ended September 30, |
|  | As Reported |  |  | If ASU 2014-09 Had Been in Effect |
Operation and Maintenance Expense ($ millions): |  | 2018 |  |  | 2017 |
Operation and Maintenance Expense |  | $ | 16.4 |  |  | $ | 16.6 |
|  | Nine Months Ended September 30, |
|  | As Reported |  |  | If ASU 2014-09 Had Been in Effect |
Other Operating Revenues ($ millions): |  | 2018 |  |  | 2017 |
Usource Contract Revenue |  | $ | 4.3 |  |  | $ | 4.5 |
Less: Revenue Sharing Payments |  |  | 0.8 |  |  |  | 0.8 |
Total Other Operating Revenues |  | $ | 3.5 |  |  | $ | 3.7 |
|  | Nine Months Ended September 30, |
|  | As Reported |  |  | If ASU 2014-09 Had Been in Effect |
Operation and Maintenance Expense ($ millions): |  | 2018 |  |  | 2017 |
Operation and Maintenance Expense |  | $ | 51.5 |  |  | $ | 48.6 |
Allowance for Doubtful Accounts Included in Accounts Receivable Net | The Allowance for Doubtful Accounts as of September 30, 2018, September 30, 2017 and December 31, 2017, which is included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, was as follows:
($ millions) |  |  |
|  | September 30, |  |  | December 31, |
|  | 2018 |  |  | 2017 |  |  | 2017 |
Allowance for Doubtful Accounts |  | $ | 1.2 |  |  | $ | 1.5 |  |  | $ | 1.6 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of September 30, 2018, September 30, 2018 and December 31, 2017.
|  | September 30, |  |  | December 31, |
Accrued Revenue ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Regulatory Assets – Current |  | $ | 26.4 |  |  | $ | 31.3 |  |  | $ | 39.5 |
Unbilled Revenues |  |  | 9.6 |  |  |  | 7.9 |  |  |  | 13.8 |
Total Accrued Revenue |  | $ | 36.0 |  |  | $ | 39.2 |  |  | $ | 53.3 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of September 30, 2018, September 30, 2017 and December 31, 2017.
|  | September 30, |  |  | December 31, |
Exchange Gas Receivable ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Northern Utilities |  | $ | 9.5 |  |  | $ | 8.9 |  |  | $ | 5.4 |
Fitchburg |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 0.4 |
Total Exchange Gas Receivable |  | $ | 10.1 |  |  | $ | 9.5 |  |  | $ | 5.8 |
Components of Gas Inventory | The following table shows the components of gas inventory as of September 30, 2018, September 30, 2017 and December 31, 2017 which are recorded on the Consolidated Balance Sheets in Prepayments and Other.
|  | September 30, |  |  | December 31, |
Gas Inventory ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Natural Gas |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Propane |  |  | 0.4 |  |  |  | 0.2 |  |  |  | 0.1 |
Liquefied Natural Gas & Other |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total Gas Inventory |  | $ | 0.9 |  |  | $ | 0.7 |  |  | $ | 0.6 |
Regulatory Assets |
|  | September 30, |  |  | December 31, |
Regulatory Assets consist of the following ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Retirement Benefits |  | $ | 88.0 |  |  | $ | 76.2 |  |  | $ | 84.5 |
Energy Supply & Other Rate Adjustment Mechanisms |  |  | 24.8 |  |  |  | 28.2 |  |  |  | 36.0 |
Deferred Storm Charges |  |  | 6.3 |  |  |  | 6.8 |  |  |  | 7.2 |
Environmental |  |  | 8.9 |  |  |  | 9.9 |  |  |  | 9.5 |
Income Taxes |  |  | 5.9 |  |  |  | 6.7 |  |  |  | 6.5 |
Other |  |  | 4.1 |  |  |  | 5.5 |  |  |  | 5.4 |
Total Regulatory Assets |  |  | 138.0 |  |  |  | 133.3 |  |  |  | 149.1 |
Less: Current Portion of Regulatory Assets(1) |  |  | 26.4 |  |  |  | 31.3 |  |  |  | 39.5 |
Regulatory Assets – noncurrent |  | $ | 111.6 |  |  | $ | 102.0 |  |  | $ | 109.6 |
(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) |  | 2018 |  |  | 2017 |  |  | 2017 |
Rate Adjustment Mechanisms |  | $ | 12.2 |  |  | $ | 11.6 |  |  | $ | 6.9 |
Gas Pipeline Refund (Note 6) |  |  | — |  |  |  | 3.4 |  |  |  | 2.3 |
Income Taxes (Note 8) |  |  | 47.9 |  |  |  | — |  |  |  | 48.9 |
Total Regulatory Liabilities |  |  | 60.1 |  |  |  | 15.0 |  |  |  | 58.1 |
Less: Current Portion of Regulatory Liabilities |  |  | 12.2 |  |  |  | 15.0 |  |  |  | 9.2 |
Regulatory Liabilities – noncurrent |  | $ | 47.9 |  |  | $ | — |  |  | $ | 48.9 |
Fair Value of Marketable Securities | Changes in the fair value of these investments are recorded in Other Expense, net.
|  | September 30, |  |  | December 31, |
Fair Value of Marketable Securities ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Equity Funds |  | $ | 3.0 |  |  | $ | 1.9 |  |  | $ | 2.1 |
Fixed Income Funds |  |  | 2.3 |  |  |  | 1.5 |  |  |  | 1.5 |
Total Marketable Securities |  | $ | 5.3 |  |  | $ | 3.4 |  |  | $ | 3.6 |
Components of Energy Supply Obligations | The following discussion and table summarize the nature and amounts of the items recorded as current and noncurrent Energy Supply Obligations on the Company’s Consolidated Balance Sheets. The noncurrent portion of Energy Supply Obligations is recorded in Other Noncurrent Liabilities on the Company’s Consolidated Balance Sheets.
|  | September 30, |  |  | December 31, |
Energy Supply Obligations ($ millions) |  | 2018 |  |  | 2017 |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Exchange Gas Obligation |  | $ | 9.5 |  |  | $ | 8.9 |  |  | $ | 5.4 |
Renewable Energy Portfolio Standards |  |  | 5.2 |  |  |  | 3.7 |  |  |  | 4.0 |
Power Supply Contract Divestitures |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.3 |
Total Energy Supply Obligations – Current |  |  | 15.0 |  |  |  | 12.9 |  |  |  | 9.7 |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |
Power Supply Contract Divestitures |  |  | 0.7 |  |  |  | 1.0 |  |  |  | 0.9 |
Total Energy Supply Obligations |  | $ | 15.7 |  |  | $ | 13.9 |  |  | $ | 10.6 |

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