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v3.24.1.u1

Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 |
Electric and Gas Operating Revenues (millions): |  | Electric |  |  | Gas |  |  | Total |
Billed and Unbilled Revenue: |  |  |  |  |  |  |  |  |
Residential |  | $ | 40.5 |  |  | $ | 41.1 |  |  | $ | 81.6 |
Commercial and Industrial |  |  | 28.1 |  |  |  | 55.2 |  |  |  | 83.3 |
Other |  |  | 2.4 |  |  |  | 4.1 |  |  |  | 6.5 |
Total Billed and Unbilled Revenue |  |  | 71.0 |  |  |  | 100.4 |  |  |  | 171.4 |
Rate Adjustment Mechanism Revenue |  |  | 2.6 |  |  |  | 4.7 |  |  |  | 7.3 |
Total Electric and Gas Operating Revenues |  | $ | 73.6 |  |  | $ | 105.1 |  |  | $ | 178.7 |
|  | 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 |
Allowance for Doubtful Accounts Included in Accounts Receivable Net | The Allowance for Doubtful Accounts as of March 31, 2024, March 31, 2023 and December 31, 2023, was as follows:
|  | March 31, |  |  | December 31, |
(millions) |  | 2024 |  |  | 2023 |  |  | 2023 |
Allowance for Doubtful Accounts |  | $ | 2.8 |  |  | $ | 3.1 |  |  | $ | 2.4 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of March 31, 2024, March 31, 2023 and December 31, 2023.
|  | March 31, |  |  | December 31, |
Accrued Revenue (millions) |  | 2024 |  |  | 2023 |  |  | 2023 |
Regulatory Assets – Current |  | $ | 65.1 |  |  | $ | 66.4 |  |  | $ | 56.5 |
Unbilled Revenues, net |  |  | 7.1 |  |  |  | 5.2 |  |  |  | 6.9 |
Total Accrued Revenue |  | $ | 72.2 |  |  | $ | 71.6 |  |  | $ | 63.4 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of March 31, 2024, March 31, 2023 and December 31, 2023.
|  | March 31, |  |  | December 31, |
Exchange Gas Receivable (millions) |  | 2024 |  |  | 2023 |  |  | 2023 |
Northern Utilities |  | $ | 1.9 |  |  | $ | 4.0 |  |  | $ | 8.6 |
Fitchburg |  |  | 0.3 |  |  |  | 0.7 |  |  |  | 0.8 |
Total Exchange Gas Receivable |  | $ | 2.2 |  |  | $ | 4.7 |  |  | $ | 9.4 |
Components of Gas Inventory | The following table shows the components of Gas Inventory as of March 31, 2024, March 31, 2023 and December 31, 2023.
|  | March 31, |  |  | December 31, |
Gas Inventory (millions) |  | 2024 |  |  | 2023 |  |  | 2023 |
Natural Gas |  | $ | — |  |  | $ | 0.4 |  |  | $ | 0.3 |
Propane |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.3 |
Liquefied Natural Gas & Other |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.4 |
Total Gas Inventory |  | $ | 0.3 |  |  | $ | 0.8 |  |  | $ | 1.0 |
Regulatory Assets | The Company currently receives recovery in rates or expects to receive recovery of these hardship accounts in future rate cases.
|  | March 31, |  |  | December 31, |
Regulatory Assets consist of the following (millions) |  | 2024 |  |  | 2023 |  |  | 2023 |
Retirement Benefits |  | $ | 27.4 |  |  | $ | 28.0 |  |  | $ | 29.8 |
Energy Supply and Other Rate Adjustment Mechanisms |  |  | 62.3 |  |  |  | 63.3 |  |  |  | 52.4 |
Deferred Storm Charges |  |  | 7.8 |  |  |  | 7.7 |  |  |  | 9.2 |
Environmental |  |  | 6.2 |  |  |  | 6.2 |  |  |  | 6.1 |
Income Taxes |  |  | 0.9 |  |  |  | 1.6 |  |  |  | 1.1 |
Other Deferred Charges |  |  | 12.6 |  |  |  | 11.2 |  |  |  | 11.0 |
Total Regulatory Assets |  |  | 117.2 |  |  |  | 118.0 |  |  |  | 109.6 |
Less: Current Portion of Regulatory Assets(1) |  |  | 65.1 |  |  |  | 66.4 |  |  |  | 56.5 |
Regulatory Assets – noncurrent |  | $ | 52.1 |  |  | $ | 51.6 |  |  | $ | 53.1 |
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) |  | 2024 |  |  | 2023 |  |  | 2023 |
Income Taxes (Note 8) |  | $ | 37.9 |  |  | $ | 40.3 |  |  | $ | 38.6 |
Rate Adjustment Mechanisms & Other |  |  | 14.0 |  |  |  | 12.9 |  |  |  | 9.3 |
Total Regulatory Liabilities |  |  | 51.9 |  |  |  | 53.2 |  |  |  | 47.9 |
Less: Current Portion of Regulatory Liabilities |  |  | 17.9 |  |  |  | 17.0 |  |  |  | 13.5 |
Regulatory Liabilities – noncurrent |  | $ | 34.0 |  |  | $ | 36.2 |  |  | $ | 34.4 |
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) |  | 2024 |  |  | 2023 |  |  | 2023 |
Money Market Funds |  | $ | 2.0 |  |  | $ | 5.7 |  |  | $ | 2.0 |
Fixed Income Funds |  |  | 3.9 |  |  |  | — |  |  |  | 4.0 |
Total Marketable Securities |  | $ | 5.9 |  |  | $ | 5.7 |  |  | $ | 6.0 |
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) |  | 2024 |  |  | 2023 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
Exchange Gas Obligation |  | $ | 1.9 |  |  | $ | 4.0 |  |  | $ | 6.4 |
Renewable Energy Portfolio Standards |  |  | 5.1 |  |  |  | 6.6 |  |  |  | 8.6 |
Total Energy Supply Obligations |  | $ | 7.0 |  |  | $ | 10.6 |  |  | $ | 15.0 |
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) |  | 2024 |  |  | 2023 |  |  | 2023 |
Equity Funds |  | $ | 1.6 |  |  | $ | 0.8 |  |  | $ | 1.1 |
Fixed Income Funds |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |
Money Market Funds |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total Marketable Securities |  | $ | 1.8 |  |  | $ | 0.9 |  |  | $ | 1.3 |

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