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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2020
Components of Gas and Electric Operating Revenue
                         
 
Three Months Ended March 31, 2020
 
Gas and Electric Operating Revenues ($ millions):
 
Gas
 
 
Electric
 
 
Total
 
Billed and Unbilled Revenue:
   
     
     
 
Residential
  $
31.1
    $
 34.4
    $
65.5
 
C&I
   
42.3
     
24.1
     
66.4
 
Other
   
3.0
     
2.0
     
5.0
 
                         
Total Billed and Unbilled Revenue
   
76.4
     
60.5
     
136.9
 
Rate Adjustment Mechanism Revenue
   
(6.2
 )    
(0.3
 )    
(6.5
 )
                         
Total Gas and Electric Operating Revenues
 
$
70.2
 
  
$
 60.2
 
  
$
130.4
 
                         
       
 
Three Months Ended March 31, 2019
 
Gas and Electric Operating Revenues ($ millions):
 
Gas
 
 
Electric
 
 
Total
 
Billed and Unbilled Revenue:
   
     
     
 
Residential
  $
38.7
    $
 35.7
    $
74.4
 
C&I
   
54.0
     
24.7
     
78.7
 
Other
   
6.5
     
2.3
     
8.8
 
                         
Total Billed and Unbilled Revenue
   
99.2
     
62.7
     
161.9
 
Rate Adjustment Mechanism Revenue
   
(12.8
 )    
2.1
     
(10.7
 )
                         
Total Gas and Electric Operating Revenues
 
$
86.4
 
  
$
 64.8
 
  
$
151.2
 
                         
 
 
 
 
 
 
 
 
 
 
Allowance for Doubtful Accounts Included in Accounts Receivable Net was as follows:
                         
($ millions)
 
   
 
 
March 31,
   
December 31,
 
 
2020
 
  
2019
   
2019
 
Allowance for Doubtful Accounts
 
$
1.8
 
   $
1.7
    $
 1.0
 
                         
 
 
 
 
 
 
 
 
 
 
Components of Accrued Revenue
                         
 
March 31,
   
December 31,
 
Accrued Revenue ($ millions)
 
2020
 
  
2019
   
2019
 
Regulatory Assets – Current
 
$
28.4
 
   $
29.4
    $
 35.8
 
Unbilled Revenues
, net
  
 
10.2
 
    
10.8
     
14.2
 
                         
Total Accrued Revenue
   $
38.6
     $
40.2
    $
 50.0
 
                         
 
 
 
 
 
 
Components of Exchange Gas Receivable
                         
 
March 31,
   
December 31,
 
Exchange Gas Receivable ($ millions)
 
2020
 
  
2019
   
2019
 
Northern Utilities
 
$
1.9
 
   $
0.2
    $
5.5
 
Fitchburg
 
 
0.3
 
    
0.2
     
0.6
 
                         
Total Exchange Gas Receivable
   $
2.2
     $
0.4
    $
6.1
 
                         
 
 
 
 
 
 
Components of Gas Inventory The following table shows the components of Gas Inventory as of March 31, 2020, March 31, 2019 and December 31, 2019.
                         
 
March 31,
 
 
December 31,
 
Gas Inventory ($ millions)
 
2020
 
 
2019
 
 
2019
 
Natural Gas
 
$
—
 
 
$
—
 
 
$
0.4
 
Propane
 
 
0.3
 
 
 
0.4
 
 
 
0.3
 
Liquefied Natural Gas & Other
 
 
0.1
 
 
 
0.1
 
 
 
0.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Gas Inventory
 
$
0.4
 
 
$
0.5
 
 
$
0.8
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
Regulatory Assets
                         
 
March 31,
   
December 31,
 
Regulatory Assets consist of the following ($ millions)
 
2020
 
  
2019
   
2019
 
Retirement Benefits
 
$
80.8
 
   $
72.4
    $
88.9
 
Energy Supply & Other Rate Adjustment Mechanisms
 
 
25.7
 
    
25.1
     
31.0
 
Deferred Storm Charges
 
 
5.3
 
    
5.9
     
5.6
 
Environmental
 
 
6.4
 
    
7.6
     
7.2
 
Income Taxes
 
 
4.0
 
    
4.7
     
4.2
 
Other Deferred Charges
 
 
11.5
 
    
11.6
      
10.9
  
                         
Total Regulatory Assets
 
 
133.7
 
    
127.3
     
147.8
 
Less: Current Portion of Regulatory Assets
(1)
  
 
28.4
 
    
29.4
     
35.8
 
                         
Regulatory Assets – noncurrent
 
$
105.3
 
   $
97.9
    $
 112.0
 
                         
 
 
 
 
 
 
 
 
(1)
 Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets.
 
 
 
 
 
 
Regulatory Liabilities
                         
 
March 31,
   
December 31,
 
Regulatory Liabilities consist of the following ($ millions)
 
2020
 
  
2019
   
2019
 
Income Taxes (Note 8)
 
$
46.1
 
   $
48.2
    $
 47.6
 
Rate Adjustment Mechanisms
 
 
9.1
 
    
13.6
      
6.0
  
Other
 
 
0.4
 
    
0.6
      
0.4
  
                         
Total Regulatory Liabilities
 
 
55.6
 
    
62.4
     
54.0
 
Less: Current Portion of Regulatory Liabilities
 
 
10.5
 
    
15.0
     
7.4
 
                         
Regulatory Liabilities—noncurrent
 
$
45.1
 
   $
47.4
    $
 46.6
 
                         
 
 
 
 
 
 
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)
 
2020
 
  
2019
   
2019
 
Money Market Funds
 
$
5.5
 
   $
5.1
     $
 5.6
 
                         
Total Marketable Securities
 
$
5.5
 
   $
5.1
    $
 5.6
 
                         
 
 
 
 
 
 
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)
 
2020
 
  
2019
   
2019
 
Current:
   
     
     
 
Exchange Gas Obligation
 
$
1.9
 
   $
0.2
    $
5.5
 
Renewable Energy Portfolio Standards
 
 
5.7
 
    
4.1
     
4.7
 
Power Supply Contract Divestitures
 
 
0.3
 
    
0.3
     
0.3
 
                         
Total Energy Supply Obligations – Current
 
 
7.9
 
    
4.6
     
10.5
 
Long-Term:
 
 
 
    
     
 
Power Supply Contract Divestitures
 
 
0.2
 
    
0.5
     
0.3
 
                         
Total Energy Supply Obligations
  
$
8.1
 
   $
5.1
    $
 10.8
 
                         
 
 
 
 
 
 
Deferred Compensation Plan [Member]  
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)
 
2020
 
 
2019
 
 
2019
 
Equity Funds
 
$
0.1
 
 
$
 —  
 
 
$
0.1
 
Money Market Funds
 
 
0.3
 
 
 
0.1
 
 
 
0.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Marketable Securities
 
$
0.4
 
 
$
0.1
 
 
$
0.2