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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

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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