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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
Electric and Gas Operating Revenues (millions):		Electric				Gas				Total
Billed and Unbilled Revenue:
Residential		$	60.1			$	49.1			$	109.2
Commercial and Industrial			34.8				69.2				104.0
Other			2.7				3.6				6.3
Total Billed and Unbilled Revenue			97.6				121.9				219.5
Rate Adjustment Mechanism Revenue			10.6				(9.9	)			0.7
Total Electric and Gas Operating Revenues		$	108.2			$	112.0			$	220.2

		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

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%

Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of March 31, 2023, March 31, 2022 and December 31, 2022, was as follows:

(millions)
		March 31,								December 31,
		2023				2022				2022
Allowance for Doubtful Accounts		$	3.1			$	3.4			$	2.6

Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of March 31, 2023, March 31, 2022 and December 31, 2022.

		March 31,								December 31,
Accrued Revenue (millions)		2023				2022				2022
Regulatory Assets – Current		$	66.4			$	45.2			$	66.5
Unbilled Revenues, net			5.2				11.1				6.3
Total Accrued Revenue		$	71.6			$	56.3			$	72.8

Components of Exchange Gas Receivable

The following table shows the components of Exchange Gas Receivable as of March 31, 2023, March 31, 2022 and December 31, 2022.

		March 31,								December 31,
Exchange Gas Receivable (millions)		2023				2022				2022
Northern Utilities		$	4.0			$	0.5			$	16.3
Fitchburg			0.7				0.2				1.7
Total Exchange Gas Receivable		$	4.7			$	0.7			$	18.0

Components of Gas Inventory

The following table shows the components of Gas Inventory as of March 31, 2023, March 31, 2022 and December 31, 2022.

		March 31,								December 31,
Gas Inventory (millions)		2023				2022				2022
Natural Gas		$	0.4			$	—			$	1.0
Propane			0.3				0.4				0.4
Liquefied Natural Gas & Other			0.1				0.1				0.4
Total Gas Inventory		$	0.8			$	0.5			$	1.8

Regulatory Assets

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

		March 31,								December 31,
Regulatory Assets consist of the following (millions)		2023				2022				2022
Retirement Benefits		$	28.0			$	86.5			$	29.1
Energy Supply and Other Rate Adjustment Mechanisms			63.3				41.9				63.0
Deferred Storm Charges			7.7				2.9				3.4
Environmental			6.2				4.5				5.9
Income Taxes			1.6				2.4				1.8
Other Deferred Charges			11.2				15.1				11.1
Total Regulatory Assets			118.0				153.3				114.3
Less: Current Portion of Regulatory Assets(1)			66.4				45.2				66.5
Regulatory Assets – noncurrent		$	51.6			$	108.1			$	47.8

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)		2023				2022				2022
Income Taxes (Note 8)		$	40.3			$	43.9			$	41.0
Rate Adjustment Mechanisms			12.9				13.8				10.9
Total Regulatory Liabilities			53.2				57.7				51.9
Less: Current Portion of Regulatory Liabilities			17.0				15.6				15.0
Regulatory Liabilities – noncurrent		$	36.2			$	42.1			$	36.9

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)		2023				2022				2022
Money Market Funds		$	5.7			$	5.5			$	5.8
Total Marketable Securities		$	5.7			$	5.5			$	5.8

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.

		March 31,								December 31,
Energy Supply Obligations (millions)		2023				2022				2022
Current:
Exchange Gas Obligation		$	4.0			$	0.5			$	16.3
Renewable Energy Portfolio Standards			6.6				6.4				7.8
Total Energy Supply Obligations		$	10.6			$	6.9			$	24.1

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)		2023				2022				2022
Equity Funds		$	0.8			$	0.4			$	0.5
Money Market Funds			0.1				0.4				0.1
Total Marketable Securities		$	0.9			$	0.8			$	0.6

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