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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022
Electric and Gas Operating Revenues ($ millions):		Electric				Gas				Total
Billed and Unbilled Revenue:
Residential		$	49.4			$	45.6			$	95.0
Commercial and Industrial			31.0				64.6				95.6
Other			4.3				3.5				7.8
Total Billed and Unbilled Revenue			84.7				113.7				198.4
Rate Adjustment Mechanism Revenue			4.5				(10.3	)			(5.8	)
Total Electric and Gas Operating Revenues		$	89.2			$	103.4			$	192.6

Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of March 31, 2022, March 31, 2021 and December 31, 2021, was as follows:

($ millions)
		March 31,								December 31,
		2022				2021				2021
Allowance for Doubtful Accounts		$	3.4			$	4.4			$	3.3

Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of March 31, 2022, March 31, 2021 and December 31, 2021.

		March 31,								December 31,
Accrued Revenue ($ millions)		2022				2021				2021
Regulatory Assets – Current		$	45.2			$	24.0			$	47.4
Unbilled Revenues, net			11.1				10.7				13.8
Total Accrued Revenue		$	56.3			$	34.7			$	61.2

Components of Exchange Gas Receivable

The following table shows the components of Exchange Gas Receivable as of March 31, 2022, March 31, 2021 and December 31, 2021.

		March 31,								December 31,
Exchange Gas Receivable ($ millions)		2022				2021				2021
Northern Utilities		$	0.5			$	1.0			$	6.7
Fitchburg			0.2				0.2				0.7
Total Exchange Gas Receivable		$	0.7			$	1.2			$	7.4

Components of Gas Inventory

The following table shows the components of Gas Inventory as of March 31, 2022, March 31, 2021 and December 31, 2021.

		March 31,								December 31,
Gas Inventory ($ millions)		2022				2021				2021
Natural Gas		$	—			$	—			$	0.5
Propane			0.4				0.3				0.4
Liquefied Natural Gas & Other			0.1				0.1				0.1
Total Gas Inventory		$	0.5			$	0.4			$	1.0

Regulatory Assets

		March 31,								December 31,
Regulatory Assets consist of the following ($ millions)		2022				2021				2021
Retirement Benefits		$	86.5			$	104.5			$	86.4
Energy Supply and Other Rate Adjustment Mechanisms			41.9				20.2				44.1
Deferred Storm Charges			2.9				3.7				3.3
Environmental			4.5				5.0				4.6
Income Taxes			2.4				3.2				2.6
Other Deferred Charges			15.1				16.1				15.3
Total Regulatory Assets			153.3				152.7				156.3
Less: Current Portion of Regulatory Assets(1)			45.2				24.0				47.4
Regulatory Assets – noncurrent		$	108.1			$	128.7			$	108.9

(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)		2022				2021				2021
Income Taxes (Note 8)		$	43.9			$	45.1			$	44.3
Rate Adjustment Mechanisms			13.8				12.9				7.7
Other			—				0.2				0.1
Total Regulatory Liabilities			57.7				58.2				52.1
Less: Current Portion of Regulatory Liabilities			15.6				14.7				9.5
Regulatory Liabilities – noncurrent		$	42.1			$	43.5			$	42.6

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)		2022				2021				2021
Money Market Funds		$	5.5			$	5.6			$	5.7
Total Marketable Securities		$	5.5			$	5.6			$	5.7

Components of Energy Supply Obligations

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)		2022				2021				2021
Current:
Exchange Gas Obligation		$	0.5			$	1.0			$	6.7
Renewable Energy Portfolio Standards			6.4				6.5				7.8
Power Supply Contract Divestitures			—				0.2				—
Total Energy Supply Obligations		$	6.9			$	7.7			$	14.5

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)		2022				2021				2021
Equity Funds		$	0.4			$	0.3			$	0.2
Money Market Funds			0.4				0.3				0.4
Total Marketable Securities		$	0.8			$	0.6			$	0.6

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