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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2021

Components of Gas and Electric Operating Revenue

		Three Months Ended March 31, 2021
Gas and Electric Operating Revenues ($ millions):		Gas				Electric				Total
Billed and Unbilled Revenue:
Residential		$	37.7			$	38.1			$	75.8
C&I			50.1				25.9				76.0
Other			5.4				1.8				7.2
Total Billed and Unbilled Revenue			93.2				65.8				159.0
Rate Adjustment Mechanism Revenue			(14.5	)			(5.7	)			(20.2	)
Total Gas and Electric Operating Revenues		$	78.7			$	60.1			$	138.8

		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

Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of March 31, 2021, March 31, 2020 and December 31, 2020, was as follows:

($ millions)
		March 31,								December 31,
		2021				2020				2020
Allowance for Doubtful Accounts		$	4.4			$	1.8			$	3.3

Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of March 31, 2021, March 31, 2020 and December 31, 2020.

		March 31,								December 31,
Accrued Revenue ($ millions)		2021				2020				2020
Regulatory Assets – Current		$	24.0			$	28.4			$	37.3
Unbilled Revenues, net			10.7				10.2				13.6
Total Accrued Revenue		$	34.7			$	38.6			$	50.9

Components of Exchange Gas Receivable

		March 31,								December 31,
Exchange Gas Receivable ($ millions)		2021				2020				2020
Northern Utilities		$	1.0			$	1.9			$	4.4
Fitchburg			0.2				0.3				0.5
Total Exchange Gas Receivable		$	1.2			$	2.2			$	4.9

 

Components of Gas Inventory

		March 31,								December 31,
Gas Inventory ($ millions)		2021				2020				2020
Natural Gas		$	—			$	—			$	0.2
Propane			0.3				0.3				0.3
Liquefied Natural Gas & Other			0.1				0.1				0.1
Total Gas Inventory		$	0.4			$	0.4			$	0.6

 

Regulatory Assets

		March 31,								December 31,
Regulatory Assets consist of the following ($ millions)		2021				2020				2020
Retirement Benefits		$	104.5			$	80.8			$	103.7
Energy Supply & Other Rate Adjustment Mechanisms			20.2				25.7				34.1
Deferred Storm Charges			3.7				5.3				4.1
Environmental			5.0				6.4				5.2
Income Taxes			3.2				4.0				3.4
Other Deferred Charges			16.1				11.5				14.2
Total Regulatory Assets			152.7				133.7				164.7
Less: Current Portion of Regulatory Assets(1)			24.0				28.4				37.3
Regulatory Assets – noncurrent		$	128.7			$	105.3			$	127.4

 

(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)		2021				2020				2020
Income Taxes (Note 8)		$	45.1			$	46.1			$	45.5
Rate Adjustment Mechanisms			12.9				9.1				4.1
Other			0.2				0.4				0.2
Total Regulatory Liabilities			58.2				55.6				49.8
Less: Current Portion of Regulatory Liabilities			14.7				10.5				5.5
Regulatory Liabilities – noncurrent		$	43.5			$	45.1			$	44.3

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)		2021				2020				2020
Money Market Funds		$	5.6			$	5.5			$	5.7
Total Marketable Securities		$	5.6			$	5.5			$	5.7

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)		2021				2020				2020
Current:
Exchange Gas Obligation		$	1.0			$	1.9			$	4.4
Renewable Energy Portfolio Standards			6.5				5.7				5.7
Power Supply Contract Divestitures			0.2				0.3				0.3
Total Energy Supply Obligations - Current			7.7				7.9				10.4
Long-Term:
Power Supply Contract Divestitures			—				0.2				—
Total Energy Supply Obligations		$	7.7			$	8.1			$	10.4

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)		2021				2020				2020
Equity Funds		$	0.3			$	0.1			$	0.2
Money Market Funds			0.3				0.3				0.3
Total Marketable Securities		$	0.6			$	0.4			$	0.5

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