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v3.21.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 2021
Components of Gas and Electric Operating Revenue |
|  | Three Months Ended September 30, 2021 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 7.9 |  |  | $ | 35.0 |  |  | $ | 42.9 |
C&I |  |  | 14.4 |  |  |  | 26.8 |  |  |  | 41.2 |
Other |  |  | 0.8 |  |  |  | 3.2 |  |  |  | 4.0 |
Total Billed and Unbilled Revenue |  |  | 23.1 |  |  |  | 65.0 |  |  |  | 88.1 |
Rate Adjustment Mechanism Revenue |  |  | 9.5 |  |  |  | 0.5 |  |  |  | 10.0 |
Total Gas and Electric Operating Revenues |  | $ | 32.6 |  |  | $ | 65.5 |  |  | $ | 98.1 |
|  | Three Months Ended September 30, 2020 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 7.0 |  |  | $ | 35.3 |  |  | $ | 42.3 |
C&I |  |  | 11.6 |  |  |  | 24.1 |  |  |  | 35.7 |
Other |  |  | 1.4 |  |  |  | 1.4 |  |  |  | 2.8 |
Total Billed and Unbilled Revenue |  |  | 20.0 |  |  |  | 60.8 |  |  |  | 80.8 |
Rate Adjustment Mechanism Revenue |  |  | 7.5 |  |  |  | (0.9 | ) |  |  | 6.6 |
Total Gas and Electric Operating Revenues |  | $ | 27.5 |  |  | $ | 59.9 |  |  | $ | 87.4 |
|  | Nine Months Ended September 30, 2021 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 60.5 |  |  | $ | 104.0 |  |  | $ | 164.5 |
C&I |  |  | 86.2 |  |  |  | 78.2 |  |  |  | 164.4 |
Other |  |  | 7.6 |  |  |  | 6.9 |  |  |  | 14.5 |
Total Billed and Unbilled Revenue |  |  | 154.3 |  |  |  | 189.1 |  |  |  | 343.4 |
Rate Adjustment Mechanism Revenue |  |  | (3.0 | ) |  |  | (6.9 | ) |  |  | (9.9 | )
Total Gas and Electric Operating Revenues |  | $ | 151.3 |  |  | $ | 182.2 |  |  | $ | 333.5 |
|  | Nine Months Ended September 30, 2020 |
Gas and Electric Operating Revenues ($ millions): |  | Gas |  |  | Electric |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 52.4 |  |  | $ | 99.9 |  |  | $ | 152.3 |
C&I |  |  | 72.9 |  |  |  | 68.7 |  |  |  | 141.6 |
Other |  |  | 5.6 |  |  |  | 4.9 |  |  |  | 10.5 |
Total Billed and Unbilled Revenue |  |  | 130.9 |  |  |  | 173.5 |  |  |  | 304.4 |
Rate Adjustment Mechanism Revenue |  |  | 0.5 |  |  |  | (3.2 | ) |  |  | (2.7 | )
Total Gas and Electric Operating Revenues |  | $ | 131.4 |  |  | $ | 170.3 |  |  | $ | 301.7 |
Allowance for Doubtful Accounts Included in Accounts Receivable Net |
($ millions) |  |  |  |  |  |  |  |  |
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |  |  | 2020 |
Allowance for Doubtful Accounts |  | $ | 4.3 |  |  | $ | 1.6 |  |  | $ | 3.3 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of September 30, 2021, September 30, 2020 and December 31, 2020.
|  | September 30, |  |  | December 31, |
Accrued Revenue ($ millions) |  | 2021 |  |  | 2020 |  |  | 2020 |
Regulatory Assets – Current |  | $ | 30.6 |  |  | $ | 31.7 |  |  | $ | 37.3 |
Unbilled Revenues |  |  | 8.0 |  |  |  | 7.4 |  |  |  | 13.6 |
Total Accrued Revenue |  | $ | 38.6 |  |  | $ | 39.1 |  |  | $ | 50.9 |
Components of Exchange Gas Receivable |
|  | September 30, |  |  | December 31, |
Exchange Gas Receivable ($ millions) |  | 2021 |  |  | 2020 |  |  | 2020 |
Northern Utilities |  | $ | 9.7 |  |  | $ | 6.0 |  |  | $ | 4.4 |
Fitchburg |  |  | 0.8 |  |  |  | 0.5 |  |  |  | 0.5 |
Total Exchange Gas Receivable |  | $ | 10.5 |  |  | $ | 6.5 |  |  | $ | 4.9 |
Components of Gas Inventory |
|  | September 30, |  |  | December 31, |
Gas Inventory ($ millions) |  | 2021 |  |  | 2020 |  |  | 2020 |
Natural Gas |  | $ | 0.4 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Propane |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.3 |
Liquefied Natural Gas & Other |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total Gas Inventory |  | $ | 0.9 |  |  | $ | 0.6 |  |  | $ | 0.6 |
Regulatory Assets |
|  | September 30, |  |  | December 31, |
Regulatory Assets consist of the following ($ millions) |  | 2021 |  |  | 2020 |  |  | 2020 |
Retirement Benefits |  | $ | 107.0 |  |  | $ | 81.0 |  |  | $ | 103.7 |
Energy Supply & Other Rate Adjustment Mechanisms |  |  | 27.3 |  |  |  | 28.9 |  |  |  | 34.1 |
Deferred Storm Charges |  |  | 3.4 |  |  |  | 4.4 |  |  |  | 4.1 |
Environmental |  |  | 4.8 |  |  |  | 6.1 |  |  |  | 5.2 |
Income Taxes |  |  | 2.8 |  |  |  | 3.6 |  |  |  | 3.4 |
Other Deferred Charges |  |  | 17.7 |  |  |  | 12.1 |  |  |  | 14.2 |
Total Regulatory Assets |  | $ | 163.0 |  |  | $ | 136.1 |  |  | $ | 164.7 |
Less: Current Portion of Regulatory Assets (1) |  |  | 30.6 |  |  |  | 31.7 |  |  |  | 37.3 |
Regulatory Assets – noncurrent |  | $ | 132.4 |  |  | $ | 104.4 |  |  | $ | 127.4 |
(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) |  | 2021 |  |  | 2020 |  |  | 2020 |
Income Taxes (Note 8) |  | $ | 44.6 |  |  | $ | 45.8 |  |  | $ | 45.5 |
Rate Adjustment Mechanisms |  |  | 11.3 |  |  |  | 9.2 |  |  |  | 4.1 |
Other |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.2 |
Total Regulatory Liabilities |  | $ | 56.0 |  |  | $ | 55.3 |  |  | $ | 49.8 |
Less: Current Portion of Regulatory Liabilities |  |  | 13.1 |  |  |  | 10.6 |  |  |  | 5.5 |
Regulatory Liabilities - noncurrent |  | $ | 42.9 |  |  | $ | 44.7 |  |  | $ | 44.3 |
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) |  | 2021 |  |  | 2020 |  |  | 2020 |
Money Market Fund |  | $ | 5.6 |  |  | $ | 5.7 |  |  | $ | 5.7 |
Total Marketable Securities |  | $ | 5.6 |  |  | $ | 5.7 |  |  | $ | 5.7 |
Components of Energy Supply Obligations |
|  | September 30, |  |  | December 31, |
Energy Supply Obligations ($ millions) |  | 2021 |  |  | 2020 |  |  | 2020 |
Exchange Gas Obligation |  | $ | 9.7 |  |  | $ | 6.0 |  |  | $ | 4.4 |
Renewable Energy Portfolio Standards |  |  | 6.4 |  |  |  | 5.8 |  |  |  | 5.7 |
Power Supply Contract Divestitures |  |  | — |  |  |  | 0.3 |  |  |  | 0.3 |
Total Energy Supply Obligations |  | $ | 16.1 |  |  | $ | 12.1 |  |  | $ | 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.
|  | September 30, |  |  | December 31, |
Fair Value of Marketable Securities ($ millions) |  | 2021 |  |  | 2020 |  |  | 2020 |
Equity Funds |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Money Market Funds |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.3 |
Total Marketable Securities |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.5 |

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