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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 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.

		Twelve Months Ended
		December 31, 2022
Electric and Gas Operating Revenues (millions):		Electric				Gas				Total
Billed and Unbilled Revenue:
Residential		$	159.9			$	98.2			$	258.1
Commercial & Industrial			112.6				153.8				266.4
Other			17.7				11.3				29.0
Total Billed and Unbilled Revenue			290.2				263.3				553.5
Rate Adjustment Mechanism Revenue			7.7				2.0				9.7
Total Electric and Gas Operating Revenues		$	297.9			$	265.3			$	563.2

		Twelve Months Ended
		December 31, 2021
Electric and Gas Operating Revenues (millions):		Electric				Gas				Total
Billed and Unbilled Revenue:
Residential		$	135.1			$	83.9			$	219.0
Commercial & Industrial			103.3				124.1				227.4
Other			10.1				9.6				19.7
Total Billed and Unbilled Revenue			248.5				217.6				466.1
Rate Adjustment Mechanism Revenue			—				7.2				7.2
Total Electric and Gas Operating Revenues		$	248.5			$	224.8			$	473.3

		Twelve Months Ended
		December 31, 2020
Electric and Gas Operating Revenues (millions):		Electric				Gas				Total
Billed and Unbilled Revenue:
Residential		$	128.7			$	73.1			$	201.8
Commercial & Industrial			91.4				104.5				195.9
Other			6.6				7.6				14.2
Total Billed and Unbilled Revenue			226.7				185.2				411.9
Rate Adjustment Mechanism Revenue			0.5				6.2				6.7
Total Electric and Gas Operating Revenues		$	227.2			$	191.4			$	418.6

Estimated Percentage of Decoupled Sales

The following table shows the estimated percentages of electric and gas sales that are subject to revenue decoupling for the periods presented.

Revenue Decoupling

Estimated Percentage of Decoupled Sales

For Periods Presented

Electric
Before June 1, 2022		27%
After June 1, 2022		Substantially All
Gas
Before August 1, 2022		11%
After August 1, 2022		43%

Components of Accrued Revenue

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

		December 31,
Accrued Revenue (millions)		2022				2021
Regulatory Assets—Current		$	66.5			$	47.4
Unbilled Revenues			6.3				13.8
Total Accrued Revenue		$	72.8			$	61.2

Components of Exchange Gas Receivable

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

		December 31,
Exchange Gas Receivable (millions)		2022				2021
Northern Utilities		$	16.3			$	6.7
Fitchburg			1.7				0.7
Total Exchange Gas Receivable		$	18.0			$	7.4

Components of Gas Inventory

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

		December 31,
Gas Inventory (millions)		2022				2021
Natural Gas		$	1.0			$	0.5
Propane			0.4				0.4
Liquefied Natural Gas & Other			0.4				0.1
Total Gas Inventory		$	1.8			$	1.0

Regulatory Assets

The Company currently receives recovery in rates or expects to receive recovery of these hardship accounts in future rate cases.

		December 31,
Regulatory Assets consist of the following (millions)		2022				2021
Retirement Benefits		$	29.1			$	86.4
Energy Supply & Other Rate Adjustment Mechanisms			63.0				44.1
Deferred Storm Charges			3.4				3.3
Environmental			5.9				4.6
Income Taxes			1.8				2.6
Other Deferred Charges			11.1				15.3
Total Regulatory Assets			114.3				156.3
Less: Current Portion of Regulatory Assets(1)			66.5				47.4
Regulatory Assets—noncurrent		$	47.8			$	108.9

(1)Reflects amounts included in Accrued Revenue on the Company’s Consolidated Balance Sheets.

Regulatory Liabilities

		December 31,
Regulatory Liabilities consist of the following (millions)		2022				2021
Rate Adjustment Mechanisms		$	10.9			$	7.7
Income Taxes			41.0				44.3
Other			—				0.1
Total Regulatory Liabilities			51.9				52.1
Less: Current Portion of Regulatory Liabilities			15.0				9.5
Regulatory Liabilities—noncurrent		$	36.9			$	42.6

Fair Value of Marketable Securities

Changes in the fair value of these investments are recorded in Other (Income) Expense, Net.

		December 31,
Fair Value of Marketable Securities (millions)		2022				2021
Money Market Funds		$	5.8			$	5.7
Total Marketable Securities		$	5.8			$	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 on the Company’s Consolidated Balance Sheets.

		December 31,
Energy Supply Obligations consist of the following (millions)		2022				2021
Renewable Energy Portfolio Standards		$	7.8			$	7.8
Exchange Gas Obligation			16.3				6.7
Power Supply Contract Divestitures			—				—
Total Energy Supply Obligations		$	24.1			$	14.5

Deferred Compensation Plan [Member]

Fair Value of Marketable Securities

Changes in the fair value of these investments are recorded in Other (Income) Expense, Net.

		December 31,
Fair Value of Marketable Securities (millions)		2022				2021
Equity Funds		$	0.5			$	0.2
Money Market Funds			0.1				0.4
Total Marketable Securities		$	0.6			$	0.6

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