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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the components of AOCL during the nine months ended September 30, 2022 are as follows:


$ in millions	Change in cash flow hedges		Change in unfunded pension and postretirement benefit obligations		Total
Balance as of January 1, 2022	$	12.8	$	(17.6)	$	(4.8)


Amounts reclassified from AOCL to earnings	(0.5)		0.7		0.2


Balance as of September 30, 2022	$	12.3	$	(16.9)	$	(4.6)

Reclassification out of Accumulated Other Comprehensive Income

The amounts reclassified out of AOCL by component during the three and nine months ended September 30, 2022 and 2021 are as follows:


Details about AOCL components	Affected line item in the Condensed Consolidated Statements of Operations	Three months ended				Nine months ended
		September 30,				September 30,
$ in millions		2022		2021		2022		2021
Net gains on cash flow hedges (Note 4):
	Interest expense	$	(0.2)	$	(0.2)	$	(0.7)	$	(0.7)
	Income tax effect	0.1		—		0.2		0.1
	Net of income taxes	(0.1)		(0.2)		(0.5)		(0.6)





Amortization of defined benefit pension items (Note 7):
	Other expense	0.3		0.6		0.9		1.9
	Income tax effect	(0.1)		(0.1)		(0.2)		(0.4)
	Net of income taxes	0.2		0.5		0.7		1.5

Total reclassifications for the period, net of income taxes		$	0.1	$	0.3	$	0.2	$	0.9

Schedule of Supplemental Financial Information

The following table summarizes accounts receivable as of September 30, 2022 and December 31, 2021:


	September 30,		December 31,
$ in millions	2022		2021
Accounts receivable, net:
Customer receivables	$	66.0	$	42.3
Unbilled revenue	15.0		19.2
Amounts due from affiliates	4.6		3.1
Due from PJM transmission enhancement settlement	1.7		1.7
Other	2.7		5.5
Allowance for credit losses	(0.4)		(0.3)
Total accounts receivable, net	$	89.6	$	71.5

Accounts Receivable, Allowance for Credit Loss

The following table is a roll forward of our allowance for credit losses related to the accounts receivable balances for the nine months ended September 30, 2022 and 2021:


$ in millions	Beginning Allowance Balance		Current Period Provision		Write-offs Charged Against Allowances		Recoveries Collected		Ending Allowance Balance
2022	$	0.3	$	1.4	$	(2.1)	$	0.8	$	0.4
2021	$	2.8	$	(0.4)	$	(2.6)	$	1.1	$	0.9

The allowance for credit losses primarily relates to utility customer receivables, including unbilled amounts. Expected credit loss estimates are developed by disaggregating customers into those with similar credit risk characteristics and using historical credit loss experience. In addition, we also consider how current and future economic conditions are expected to impact collectability. Amounts are written off when reasonable collections efforts have been exhausted. During 2021, the current period provision and allowance for credit losses decreased due to lower past due customer receivable balances.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements Adopted in 2022

The following table provides a brief description of recent accounting pronouncements that had an impact on our consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s financial statements.


ASU Number and Name	Description	Date of Adoption	Effect on the financial statements upon adoption
2020-04 and 2021-01, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	The amendments in these updates provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform, and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These amendments are effective for a limited period of time (March 12, 2020 - December 31, 2022).	Effective for all entities as of March 12, 2020 through December 31, 2022	We are implementing the reference rate reform and do not expect these amendments to have a material impact on our consolidated financial statements. See Implementation for further details.

New Accounting Pronouncements Issued But Not Yet Effective

We have assessed and determined that the new accounting pronouncements issued but not yet effective are not expected to have a material impact on our consolidated financial statements.

Schedule of Cash and Cash Equivalents [Table Text Block]

The following table summarizes cash, cash equivalents, and restricted cash amounts reported on the Condensed Consolidated Balance Sheets that reconcile to the total of such amounts as shown on the Condensed Consolidated Statements of Cash Flows:


$ in millions	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	44.3	$	26.6
Restricted cash (included in Prepayments and other current assets)	0.1		0.1
Cash, Cash Equivalents, and Restricted Cash, End of Period	$	44.4	$	26.7

Schedule of New Accounting Pronouncements

New Accounting Pronouncements Issued But Not Yet Effective

We have assessed and determined that the new accounting pronouncements issued but not yet effective are not expected to have a material impact on our consolidated financial statements.

Subsidiaries [Member]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the components of AOCL during the nine months ended September 30, 2022 are as follows:


$ in millions	Change in Accumulated other comprehensive loss
Balance as of January 1, 2022	$	(31.8)


Amounts reclassified from AOCL to earnings	2.0


Balance as of September 30, 2022	$	(29.8)

Reclassification out of Accumulated Other Comprehensive Income

The amounts reclassified out of AOCL by component during the three and nine months ended September 30, 2022 and 2021 are as follows:


Details about AOCL components	Affected line item in the Condensed Consolidated Statements of Operations	Three months ended				Nine months ended
		September 30,				September 30,
$ in millions		2022		2021		2022		2021
Amortization of defined benefit pension items (Note 6):
	Other expense	0.8		1.3		2.6		3.8
	Income tax effect	(0.2)		(0.3)		(0.6)		(0.9)
	Net of income taxes	0.6		1.0		2.0		2.9

Total reclassifications for the period, net of income taxes		$	0.6	$	1.0	$	2.0	$	2.9

Schedule of Supplemental Financial Information

The following table summarizes accounts receivable as of September 30, 2022 and December 31, 2021:


	September 30,		December 31,
$ in millions	2022		2021
Accounts receivable, net:
Customer receivables	65.0		$	41.6
Unbilled revenue	15.0		19.2
Amounts due from affiliates	5.7		4.4
Due from PJM transmission enhancement settlement	1.7		1.7
Other	2.6		5.3
Allowance for credit losses	(0.4)		(0.3)
Total accounts receivable, net	$	89.6	$	71.9

Accounts Receivable, Allowance for Credit Loss

The following table is a roll forward of our allowance for credit losses related to the accounts receivable balances for the nine months ended September 30, 2022 and 2021:


$ in millions	Beginning Allowance Balance		Current Period Provision		Write-offs Charged Against Allowances		Recoveries Collected		Ending Allowance Balance
2022	$	0.3	$	1.4	$	(2.1)	$	0.8	$	0.4
2021	$	2.8	$	(0.4)	$	(2.6)	$	1.1	$	0.9

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements Adopted in 2022

The following table provides a brief description of recent accounting pronouncements that had an impact on our financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s financial statements.


ASU Number and Name	Description	Date of Adoption	Effect on the financial statements upon adoption
2020-04 and 2021-01, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	The amendments in these updates provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform, and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These amendments are effective for a limited period of time (March 12, 2020 - December 31, 2022).	Effective for all entities as of March 12, 2020 through December 31, 2022	We are implementing the reference rate reform and do not expect these amendments to have a material impact on our financial statements. See Implementation for further details.

Schedule of Cash and Cash Equivalents [Table Text Block]

The following table summarizes cash, cash equivalents, and restricted cash amounts reported on the Condensed Balance Sheets that reconcile to the total of such amounts as shown on the Condensed Statements of Cash Flows:


$ in millions	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	27.6	$	14.4
Restricted cash (included in Prepayments and other current assets)	0.1		0.1
Cash, Cash Equivalents, and Restricted Cash, End of Period	$	27.7	$	14.5

Schedule of New Accounting Pronouncements

New Accounting Pronouncements Issued But Not Yet Effective

We have assessed and determined that the new accounting pronouncements issued but not yet effective are not expected to have a material impact on our financial statements.