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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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.

		Twelve Months Ended December 31, 2019
Gas and Electric Operating Revenues (millions):		Gas				Electric				Total
Billed and Unbilled Revenue:
Residential		$	81.4			$	121.5			$	202.9
Commercial & Industrial			120.1				93.8				213.9
Other			10.6				7.8				18.4
Total Billed and Unbilled Revenue			212.1				223.1				435.2
Rate Adjustment Mechanism Revenue			(8.7	)			10.8				2.1
Total Gas and Electric Operating Revenues		$	203.4			$	233.9			$	437.3
		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			9.6				8.7				18.3
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

Schedule of Other Operating Revenues and Operating Expenses

If ASU 2014-09 had been in effect for 2017, the result would have been corresponding reductions of $1.1 million 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
		2019				2018				2017
Usource Contract Revenue		$	1.1			$	5.7			$	6.0
Less: Revenue Sharing Payments			(0.2	)			(1.0	)			(1.1	)
Total Other Operating Revenues		$	0.9			$	4.7			$	4.9

Operation and Maintenance Expense ($ millions):		Twelve Months Ended December 31
		As Reported								If ASU 2014-09 Had Been in Effect
		2019				2018				2017
Operation and Maintenance Expense		$	67.2			$	69.5			$	63.4

Components of Accrued Revenue

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

Accrued Revenue (millions)		December 31,
		2019				2018
Regulatory Assets—Current		$	35.8			$	41.3
Unbilled Revenues			14.2				13.4
Total Accrued Revenue		$	50.0			$	54.7

Components of Exchange Gas Receivable

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

Exchange Gas Receivable (millions)		December 31,
		2019				2018
Northern Utilities		$	5.5			$	7.5
Fitchburg			0.6				0.6
Total Exchange Gas Receivable		$	6.1			$	8.1

Components of Gas Inventory

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

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

Regulatory Assets

Regulatory Assets consist of the following (millions)		December 31,
		2019				2018
Retirement Benefits		$	88.9			$	72.0
Energy Supply & Other Rate Adjustment Mechanisms			31.0				38.4
Deferred Storm Charges			5.6				6.3
Environmental			7.2				7.9
Income Taxes			4.2				5.7
Other Deferred Charges			10.9				10.0
Total Regulatory Assets			147.8				140.3
Less: Current Portion of Regulatory Assets(1)			35.8				41.3
Regulatory Assets—noncurrent		$	112.0			$	99.0

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

Regulatory Liabilities

Regulatory Liabilities consist of the following (millions)		December 31,
		2019				2018
Rate Adjustment Mechanisms		$	6.0			$	11.5
Income Taxes (Note 9)			47.6				47.0
Other			0.4				—
Total Regulatory Liabilities			54.0				58.5
Less: Current Portion of Regulatory Liabilities			7.4				11.5
Regulatory Liabilities—noncurrent		$	46.6			$	47.0

Fair Value of Marketable Securities

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

Fair Value of Marketable Securities (millions)		December 31,
		2019				2018
Equity Funds		$	0.1			$	—
Money Market Funds			0.1				—
Total Marketable Securities		$	0.2			$	—

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)		2019				2018
Current:
Exchange Gas Obligation		$	5.5			$	7.5
Renewable Energy Portfolio Standards			4.7				5.6
Power Supply Contract Divestitures			0.3				0.3
Total Energy Supply Obligations—Current			10.5				13.4
Noncurrent:
Power Supply Contract Divestitures			0.3				0.6
Total Energy Supply Obligations		$	10.8			$	14.0

Deferred Compensation Plan [Member]

Fair Value of Marketable Securities

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

Fair Value of Marketable Securities (millions)		December 31,
		2019				2018
Money Market Funds		$	5.6			$	4.8
Total Marketable Securities		$	5.6			$	4.8

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