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v3.22.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2022 |
Electric and Gas Operating Revenues ($ millions): |  | Electric |  |  | Gas |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 33.8 |  |  | $ | 18.1 |  |  | $ | 51.9 |
Commercial and Industrial |  |  | 25.7 |  |  |  | 28.0 |  |  |  | 53.7 |
Other |  |  | 4.6 |  |  |  | 3.5 |  |  |  | 8.1 |
Total Billed and Unbilled Revenue |  |  | 64.1 |  |  |  | 49.6 |  |  |  | 113.7 |
Rate Adjustment Mechanism Revenue |  |  | (9.8 | ) |  |  | (5.0 | ) |  |  | (14.8 | )
Total Electric and Gas Operating Revenues |  | $ | 54.3 |  |  | $ | 44.6 |  |  | $ | 98.9 |
|  | Three Months Ended June 30, 2021 |
Electric and Gas Operating Revenues ($ millions): |  | Electric |  |  | Gas |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 30.8 |  |  | $ | 14.9 |  |  | $ | 45.7 |
Commercial and Industrial |  |  | 25.5 |  |  |  | 21.8 |  |  |  | 47.3 |
Other |  |  | 2.0 |  |  |  | 1.3 |  |  |  | 3.3 |
Total Billed and Unbilled Revenue |  |  | 58.3 |  |  |  | 38.0 |  |  |  | 96.3 |
Rate Adjustment Mechanism Revenue |  |  | (1.7 | ) |  |  | 2.0 |  |  |  | 0.3 |
Total Electric and Gas Operating Revenues |  | $ | 56.6 |  |  | $ | 40.0 |  |  | $ | 96.6 |
|  | Six Months Ended June 30, 2022 |
Electric and Gas Operating Revenues ($ millions): |  | Electric |  |  | Gas |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 83.0 |  |  | $ | 63.6 |  |  | $ | 146.6 |
Commercial and Industrial |  |  | 56.7 |  |  |  | 92.7 |  |  |  | 149.4 |
Other |  |  | 9.1 |  |  |  | 7.0 |  |  |  | 16.1 |
Total Billed and Unbilled Revenue |  |  | 148.8 |  |  |  | 163.3 |  |  |  | 312.1 |
Rate Adjustment Mechanism Revenue |  |  | (5.3 | ) |  |  | (15.3 | ) |  |  | (20.6 | )
Total Electric and Gas Operating Revenues |  | $ | 143.5 |  |  | $ | 148.0 |  |  | $ | 291.5 |
|  | Six Months Ended June 30, 2021 |
Electric and Gas Operating Revenues ($ millions): |  | Electric |  |  | Gas |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 68.9 |  |  | $ | 52.6 |  |  | $ | 121.5 |
Commercial and Industrial |  |  | 51.4 |  |  |  | 71.9 |  |  |  | 123.3 |
Other |  |  | 3.8 |  |  |  | 6.7 |  |  |  | 10.5 |
Total Billed and Unbilled Revenue |  |  | 124.1 |  |  |  | 131.2 |  |  |  | 255.3 |
Rate Adjustment Mechanism Revenue |  |  | (7.4 | ) |  |  | (12.5 | ) |  |  | (19.9 | )
Total Electric and Gas Operating Revenues |  | $ | 116.7 |  |  | $ | 118.7 |  |  | $ | 235.4 |
Fitchburg and Unitil Energy are subject to revenue decoupling. As of August 1, 2022, the New Hampshire division of Northern Utilities also is subject to decoupling. Revenue decoupling is the term given to the elimination of the dependency of a utility’s distribution revenue on the volume of electricity or gas sales. The difference between distribution revenue amounts billed to customers and the targeted revenue decoupling amounts is recorded as an increase or a decrease in Accrued Revenue, which forms the basis for resetting rates for future cash recoveries from, or credits to, customers. These revenue decoupling targets may be adjusted as a result of rate cases that the Company files with the Massachusetts Department of Public Utilities (MDPU) and the New Hampshire Public Utilities Commission (NHPUC).
Allowance for Doubtful Accounts Included in Accounts Receivable Net | The Allowance for Doubtful Accounts as of June 30, 2022, June 30, 2021 and December 31, 2021, was as follows:
($ millions) |  |  |  |  |  |  |  |  |
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2021 |
Allowance for Doubtful Accounts |  | $ | 2.7 |  |  | $ | 4.6 |  |  | $ | 3.3 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of June 30, 2022, June 30, 2021 and December 31, 2021.
|  | June 30, |  |  | December 31, |
Accrued Revenue ($ millions) |  | 2022 |  |  | 2021 |  |  | 2021 |
Regulatory Assets – Current |  | $ | 41.4 |  |  | $ | 25.0 |  |  | $ | 47.4 |
Unbilled Revenues, net |  |  | 4.2 |  |  |  | 9.6 |  |  |  | 13.8 |
Total Accrued Revenue |  | $ | 45.6 |  |  | $ | 34.6 |  |  | $ | 61.2 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of June 30, 2022, June 30, 2021 and December 31, 2021.
|  | June 30, |  |  | December 31, |
Exchange Gas Receivable ($ millions) |  | 2022 |  |  | 2021 |  |  | 2021 |
Northern Utilities |  | $ | 12.5 |  |  | $ | 4.8 |  |  | $ | 6.7 |
Fitchburg |  |  | 0.9 |  |  |  | 0.4 |  |  |  | 0.7 |
Total Exchange Gas Receivable |  | $ | 13.4 |  |  | $ | 5.2 |  |  | $ | 7.4 |
Components of Gas Inventory | The following table shows the components of Gas Inventory as of June 30, 2022, June 30, 2021 and December 31, 2021.
|  | June 30, |  |  | December 31, |
Gas Inventory ($ millions) |  | 2022 |  |  | 2021 |  |  | 2021 |
Natural Gas |  | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 0.5 |
Propane |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.4 |
Liquefied Natural Gas & Other |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total Gas Inventory |  | $ | 1.0 |  |  | $ | 0.6 |  |  | $ | 1.0 |
Regulatory Assets |
|  | June 30, |  |  | December 31, |
Regulatory Assets consist of the following ($ millions) |  | 2022 |  |  | 2021 |  |  | 2021 |
Retirement Benefits |  | $ | 86.9 |  |  | $ | 105.7 |  |  | $ | 86.4 |
Energy Supply and Other Rate Adjustment Mechanisms |  |  | 38.2 |  |  |  | 21.5 |  |  |  | 44.1 |
Deferred Storm Charges |  |  | 2.9 |  |  |  | 3.4 |  |  |  | 3.3 |
Environmental |  |  | 4.5 |  |  |  | 4.7 |  |  |  | 4.6 |
Income Taxes |  |  | 2.2 |  |  |  | 3.0 |  |  |  | 2.6 |
Other Deferred Charges |  |  | 13.3 |  |  |  | 17.8 |  |  |  | 15.3 |
Total Regulatory Assets |  |  | 148.0 |  |  |  | 156.1 |  |  |  | 156.3 |
Less: Current Portion of Regulatory Assets (1) |  |  | 41.4 |  |  |  | 25.0 |  |  |  | 47.4 |
Regulatory Assets – noncurrent |  | $ | 106.6 |  |  | $ | 131.1 |  |  | $ | 108.9 |
Regulatory Liabilities |
|  | June 30, |  |  | December 31, |
Regulatory Liabilities consist of the following ($ millions) |  | 2022 |  |  | 2021 |  |  | 2021 |
Income Taxes (Note 8) |  | $ | 42.6 |  |  | $ | 44.8 |  |  | $ | 44.3 |
Rate Adjustment Mechanisms |  |  | 22.2 |  |  |  | 15.3 |  |  |  | 7.7 |
Other |  |  | — |  |  |  | 0.2 |  |  |  | 0.1 |
Total Regulatory Liabilities |  |  | 64.8 |  |  |  | 60.3 |  |  |  | 52.1 |
Less: Current Portion of Regulatory Liabilities |  |  | 25.9 |  |  |  | 17.1 |  |  |  | 9.5 |
Regulatory Liabilities – noncurrent |  | $ | 38.9 |  |  | $ | 43.2 |  |  | $ | 42.6 |
Fair Value of Marketable Securities | Changes in the fair value of these investments are recorded in Other Expense, Net.
|  | June 30, |  |  | December 31, |
Fair Value of Marketable Securities ($ millions) |  | 2022 |  |  | 2021 |  |  | 2021 |
Money Market Funds |  | $ | 5.4 |  |  | $ | 5.5 |  |  | $ | 5.7 |
Total Marketable Securities |  | $ | 5.4 |  |  | $ | 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.
|  | June 30, |  |  | December 31, |
Energy Supply Obligations ($ millions) |  | 2022 |  |  | 2021 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Exchange Gas Obligation |  | $ | 12.5 |  |  | $ | 4.8 |  |  | $ | 6.7 |
Renewable Energy Portfolio Standards |  |  | 4.1 |  |  |  | 5.0 |  |  |  | 7.8 |
Power Supply Contract Divestitures |  |  | — |  |  |  | 0.1 |  |  |  | — |
Total Energy Supply Obligations |  | $ | 16.6 |  |  | $ | 9.9 |  |  | $ | 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.
|  | June 30, |  |  | December 31, |
Fair Value of Marketable Securities ($ millions) |  | 2022 |  |  | 2021 |  |  | 2021 |
Equity Funds |  | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | 0.2 |
Money Market Funds |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.4 |
Total Marketable Securities |  | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 0.6 |

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