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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 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 twelve months ended December 31, 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.

		Twelve Months Ended December 31, 2018
Gas and Electric Operating Revenues ($ millions):		Gas				Electric				Total
Billed and Unbilled Revenue:
Residential		$	81.4			$	123.6			$	205.0
Commercial & Industrial			119.7				96.4				216.1
Other			13.3				11.3				24.6
Revenue Reductions—TCJA			(3.7	)			(2.6	)			(6.3	)
Total Billed and Unbilled Revenue			210.7				228.7				439.4
Rate Adjustment Mechanism Revenue			5.4				(5.4	)			—
Total Gas and Electric Operating Revenues		$	216.1			$	223.3			$	439.4
		Twelve Months Ended December 31, 2017
Gas and Electric Operating Revenues ($ millions):		Gas				Electric				Total
Billed and Unbilled Revenue:
Residential		$	71.2			$	107.9			$	179.1
Commercial & Industrial			102.8				87.7				190.5
Other			13.5				6.0				19.5
Total Billed and Unbilled Revenue			187.5				201.6				389.1
Rate Adjustment Mechanism Revenue			6.5				4.6				11.1
Total Gas and Electric Operating Revenues		$	194.0			$	206.2			$	400.2
		Twelve Months Ended December 31, 2016
Gas and Electric Operating Revenues ($ millions):		Gas				Electric				Total
Billed and Unbilled Revenue:
Residential		$	61.5			$	101.9			$	163.4
Commercial & Industrial			92.7				81.5				174.2
Other			11.2				4.9				16.1
Total Billed and Unbilled Revenue			165.4				188.3				353.7
Rate Adjustment Mechanism Revenue			15.8				7.8				23.6
Total Gas and Electric Operating Revenues		$	181.2			$	196.1			$	377.3

Schedule of Other Operating Revenues and Operating Expenses

If ASU 2014-09 had been in effect for 2017 and 2016, the result would have been corresponding reductions of $1.1 million and $1.0 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.

Other Operating Revenues ($ millions):		Twelve Months Ended December 31
		As Reported				If ASU 2014-09 Had Been in Effect
		2018				2017				2016
Usource Contract Revenue		$	5.7			$	6.0			$	6.1
Less: Revenue Sharing Payments			(1.0	)			(1.1	)			(1.0	)
Total Other Operating Revenues		$	4.7			$	4.9			$	5.1

Operation and Maintenance Expense ($ millions):		Twelve Months Ended December 31
		As Reported				If ASU 2014-09 Had Been in Effect
		2018				2017				2016
Operation and Maintenance Expense		$	69.5			$	63.4			$	60.4

Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of December 31, 2018 and 2017.

Accrued Revenue (millions)		December 31,
		2018				2017
Regulatory Assets—Current		$	41.3			$	39.5
Unbilled Revenues			13.4				13.8
Total Accrued Revenue		$	54.7			$	53.3

Components of Exchange Gas Receivable

The following table shows the components of Exchange Gas Receivable as of December 31, 2018 and 2017.

Exchange Gas Receivable (millions)		December 31,
		2018				2017
Northern Utilities		$	7.5			$	5.4
Fitchburg			0.6				0.4
Total Exchange Gas Receivable		$	8.1			$	5.8

Components of Gas Inventory

The following table shows the components of Gas Inventory as of December 31, 2018 and 2017.

Gas Inventory (millions)		December 31,
		2018				2017
Natural Gas		$	0.3			$	0.4
Propane			0.4				0.1
Liquefied Natural Gas & Other			0.1				0.1
Total Gas Inventory		$	0.8			$	0.6

Regulatory Assets

Regulatory Assets consist of the following (millions)		December 31,
		2018				2017
Retirement Benefits		$	72.0			$	84.5
Energy Supply & Other Rate Adjustment Mechanisms			38.4				36.0
Deferred Storm Charges			6.3				7.2
Environmental			7.9				9.5
Income Taxes			5.7				6.5
Other Deferred Charges			10.0				5.4
Total Regulatory Assets		$	140.3			$	149.1
Less: Current Portion of Regulatory Assets(1)			41.3				39.5
Regulatory Assets—noncurrent		$	99.0			$	109.6

⁽¹⁾  Reflects amounts included in Accrued Revenue on the Company’s Consolidated Balance Sheets and in the Accrued Revenue table shown above.

Regulatory Liabilities

Regulatory Liabilities consist of the following (millions)		December 31,
		2018				2017
Rate Adjustment Mechanisms		$	11.5			$	6.9
Gas Pipeline Refund			—				2.3
Income Taxes (Note 9)			47.0				48.9
Total Regulatory Liabilities			58.5				58.1
Less: Current Portion of Regulatory Liabilities			11.5				9.2
Regulatory Liabilities—noncurrent		$	47.0			$	48.9

Fair Value of Marketable Securities

Changes in the fair value of these investments are recorded in Other Expense, net.

Fair Value of Marketable Securities (millions)		December 31,
		2018				2017
Equity Funds		$	—			$	2.1
Fixed Income Funds			—				1.5
Money Market Funds			4.8				—
Total Marketable Securities		$	4.8			$	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.

		December 31,
Energy Supply Obligations consist of the following: (millions)		2018				2017
Current:
Exchange Gas Obligation		$	7.5			$	5.4
Renewable Energy Portfolio Standards			5.6				4.0
Power Supply Contract Divestitures			0.3				0.3
Total Energy Supply Obligations—Current		$	13.4			$	9.7
Noncurrent:
Power Supply Contract Divestitures		$	0.6			$	0.9
Total Energy Supply Obligations		$	14.0			$	10.6

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