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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 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.
|  | Twelve Months Ended |
|  | December 31, 2023 |
Electric and Gas Operating Revenues (millions): |  | Electric |  |  | Gas |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |
Residential |  | $ | 181.6 |  |  | $ | 98.8 |  |  | $ | 280.4 |
Commercial & Industrial |  |  | 120.1 |  |  |  | 146.9 |  |  |  | 267.0 |
Other |  |  | 10.0 |  |  |  | 8.1 |  |  |  | 18.1 |
Total Billed and Unbilled Revenue |  |  | 311.7 |  |  |  | 253.8 |  |  |  | 565.5 |
Rate Adjustment Mechanism Revenue |  |  | (5.2 | ) |  |  | (3.2 | ) |  |  | (8.4 | )
Total Electric and Gas Operating Revenues |  | $ | 306.5 |  |  | $ | 250.6 |  |  | $ | 557.1 |
|  | 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 |
Estimated Percentage of Decoupled Sales | 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 |  | 42%
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of December 31, 2023 and 2022.
|  | December 31, |
Accrued Revenue (millions) |  | 2023 |  |  | 2022 |
Regulatory Assets—Current |  | $ | 56.5 |  |  | $ | 66.5 |
Unbilled Revenues |  |  | 6.9 |  |  |  | 6.3 |
Total Accrued Revenue |  | $ | 63.4 |  |  | $ | 72.8 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of December 31, 2023 and 2022.
|  | December 31, |
Exchange Gas Receivable (millions) |  | 2023 |  |  | 2022 |
Northern Utilities |  | $ | 8.6 |  |  | $ | 16.3 |
Fitchburg |  |  | 0.8 |  |  |  | 1.7 |
Total Exchange Gas Receivable |  | $ | 9.4 |  |  | $ | 18.0 |
Components of Gas Inventory | The following table shows the components of Gas Inventory as of December 31, 2023 and 2022.
|  | December 31, |
Gas Inventory (millions) |  | 2023 |  |  | 2022 |
Natural Gas |  | $ | 0.3 |  |  | $ | 1.0 |
Propane |  |  | 0.3 |  |  |  | 0.4 |
Liquefied Natural Gas & Other |  |  | 0.4 |  |  |  | 0.4 |
Total Gas Inventory |  | $ | 1.0 |  |  | $ | 1.8 |
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) |  | 2023 |  |  | 2022 |
Retirement Benefits |  | $ | 29.8 |  |  | $ | 29.1 |
Energy Supply & Other Rate Adjustment Mechanisms |  |  | 52.4 |  |  |  | 63.0 |
Deferred Storm Charges |  |  | 9.2 |  |  |  | 3.4 |
Environmental |  |  | 6.1 |  |  |  | 5.9 |
Income Taxes |  |  | 1.1 |  |  |  | 1.8 |
Other Deferred Charges |  |  | 11.0 |  |  |  | 11.1 |
Total Regulatory Assets |  |  | 109.6 |  |  |  | 114.3 |
Less: Current Portion of Regulatory Assets(1) |  |  | 56.5 |  |  |  | 66.5 |
Regulatory Assets—noncurrent |  | $ | 53.1 |  |  | $ | 47.8 |
(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) |  | 2023 |  |  | 2022 |
Rate Adjustment Mechanisms |  | $ | 9.3 |  |  | $ | 10.9 |
Income Taxes |  |  | 38.6 |  |  |  | 41.0 |
Total Regulatory Liabilities |  |  | 47.9 |  |  |  | 51.9 |
Less: Current Portion of Regulatory Liabilities |  |  | 13.5 |  |  |  | 15.0 |
Regulatory Liabilities—noncurrent |  | $ | 34.4 |  |  | $ | 36.9 |
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) |  | 2023 |  |  | 2022 |
Money Market Funds |  | $ | 2.0 |  |  | $ | 5.8 |
Fixed Income Funds |  |  | 4.0 |  |  |  | — |
Total Marketable Securities |  | $ | 6.0 |  |  | $ | 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 on the Company’s Consolidated Balance Sheets.
|  | December 31, |
Energy Supply Obligations consist of the following (millions) |  | 2023 |  |  | 2022 |
Renewable Energy Portfolio Standards |  | $ | 6.4 |  |  | $ | 7.8 |
Exchange Gas Obligation |  |  | 8.6 |  |  |  | 16.3 |
Total Energy Supply Obligations |  | $ | 15.0 |  |  | $ | 24.1 |
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) |  | 2023 |  |  | 2022 |
Equity Funds |  | $ | 1.1 |  |  | $ | 0.5 |
Fixed Income Funds |  |  | 0.1 |  |  |  | — |
Money Market Funds |  |  | 0.1 |  |  |  | 0.1 |
Total Marketable Securities |  | $ | 1.3 |  |  | $ | 0.6 |

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