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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2019

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.

 

		Three Months Ended September 30, 2019
Gas and Electric Operating Revenues ($ millions):		Gas				Electric				Total
Billed and Unbilled Revenue:
Residential		$	6.9			$	31.3			$	38.2
C&I			12.5				24.5				37.0
Other			1.1				1.5				2.6
Total Billed and Unbilled Revenue			20.5				57.3				77.8
Rate Adjustment Mechanism Revenue			4.4				3.1				7.5
Total Gas and Electric Operating Revenues		$	24.9			$	60.4			$	85.3
		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			1.1				2.0				3.1
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
		Nine Months Ended September 30, 2019
Gas and Electric Operating Revenues ($ millions):		Gas				Electric				Total
Billed and Unbilled Revenue:
Residential		$	61.4			$	94.8			$	156.2
C&I			89.5				72.2				161.7
Other			9.1				5.8				14.9
Total Billed and Unbilled Revenue			160.0				172.8				332.8
Rate Adjustment Mechanism Revenue			(16.1	)			4.2				(11.9	)
Total Gas and Electric Operating Revenues		$	143.9			$	177.0			$	320.9

		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			8.1				6.5				14.6
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

Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of September 30, 2019, September 30, 2018 and December 31, 2018, which is included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, was as follows:

($ millions)
		September 30,								December 31,
		2019				2018				2018
Allowance for Doubtful Accounts		$	1.0			$	1.2			$	1.3

Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of September 30, 2019, September 30, 2018 and December 31, 2018. 

		September 30,								December 31,
Accrued Revenue ($ millions)		2019				2018				2018
Regulatory Assets – Current		$	24.9			$	26.4			$	41.3
Unbilled Revenues			10.4				9.6				13.4
Total Accrued Revenue		$	35.3			$	36.0			$	54.7

Components of Exchange Gas Receivable

The following table shows the components of Exchange Gas Receivable as of September 30, 2019, September 30, 2018 and December 31, 2018.

		September 30,								December 31,
Exchange Gas Receivable ($ millions)		2019				2018				2018
Northern Utilities		$	8.0			$	9.5			$	7.5
Fitchburg			0.6				0.6				0.6
Total Exchange Gas Receivable		$	8.6			$	10.1			$	8.1

Components of Gas Inventory

The following table shows the components of Gas Inventory as of September 30, 2019, September 30, 2018 and December 31, 2018.

		September 30,								December 31,
Gas Inventory ($ millions)		2019				2018				2018
Natural Gas		$	0.4			$	0.4			$	0.3
Propane			0.3				0.4				0.4
Liquefied Natural Gas & Other			0.1				0.1				0.1
Total Gas Inventory		$	0.8			$	0.9			$	0.8

Regulatory Assets

		September 30,								December 31,
Regulatory Assets consist of the following ($ millions)		2019				2018				2018
Retirement Benefits		$	74.0			$	88.0			$	72.0
Energy Supply & Other Rate Adjustment Mechanisms			20.6				24.8				38.4
Deferred Storm Charges			5.0				6.3				6.3
Environmental			8.0				8.9				7.9
Income Taxes			4.3				5.9				5.7
Other			11.7				4.1				10.0
Total Regulatory Assets			123.6				138.0				140.3
Less: Current Portion of Regulatory Assets(1)			24.9				26.4				41.3
Regulatory Assets – noncurrent		$	98.7			$	111.6			$	99.0

(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)		2019				2018				2018
Income Taxes (Note 8)		$	47.6			$	47.9			$	47.0
Energy Supply & Other Rate Adjustment Mechanisms			13.5				12.2				11.5
Total Regulatory Liabilities			61.1				60.1				58.5
Less: Current Portion of Regulatory Liabilities			14.4				12.2				11.5
Regulatory Liabilities—noncurrent		$	46.7			$	47.9			$	47.0

Fair Value of Marketable Securities

Changes in the fair value of these investments are recorded in Other Expense (Income), Net.

		September 30,								December 31,
Fair Value of Marketable Securities ($ millions)		2019				2018				2018
Equity Funds		$	—			$	3.0			$	—
Fixed Income Funds			—				2.3				—
Money Market Funds			5.9				—				4.8
Total Marketable Securities		$	5.9			$	5.3			$	4.8

Components of Energy Supply Obligations

The following ​​​​​​​discussion and table summarize the nature and amounts of the items recorded on the Company’s Consolidated Balance Sheets. The current portion of these obligations is recorded as Energy Supply Obligations and the noncurrent portion is included in Other Noncurrent Liabilities on the Company’s Consolidated Balance Sheets.

		September 30,								December 31,
Energy Supply Obligations ($ millions)		2019				2018				2018
Current:
Exchange Gas Obligation		$	8.0			$	9.5			$	7.5
Renewable Energy Portfolio Standards			4.2				5.2				5.6
Power Supply Contract Divestitures			0.3				0.3				0.3
Total Energy Supply Obligations – Current			12.5				15.0				13.4
Noncurrent:
Power Supply Contract Divestitures			0.4				0.7				0.6
Total Energy Supply Obligations		$	12.9			$	15.7			$	14.0

Deferred Compensation Plan [Member]

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)		2019				2018				2018
Equity Funds		$	—			$	—			$	—
Money Market Funds			0.1				—				—
Total Marketable Securities		$	0.1			$	—			$	—

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