XML 29 R20.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024

 

Electric and Gas Operating Revenues (millions):

 

Electric

 

 

Gas

 

 

Total

 

Billed and Unbilled Revenue:

 

 

 

 

 

 

 

 

 

Residential

 

$

30.4

 

 

$

18.4

 

 

$

48.8

 

Commercial and Industrial

 

 

26.3

 

 

 

27.0

 

 

 

53.3

 

Other

 

 

2.1

 

 

 

1.6

 

 

 

3.7

 

Total Billed and Unbilled Revenue

 

 

58.8

 

 

 

47.0

 

 

 

105.8

 

Rate Adjustment Mechanism Revenue

 

 

(2.4

)

 

 

(7.7

)

 

 

(10.1

)

Total Electric and Gas Operating Revenues

 

$

56.4

 

 

$

39.3

 

 

$

95.7

 

 

 

Three Months Ended June 30, 2023

 

Electric and Gas Operating Revenues (millions):

 

Electric

 

 

Gas

 

 

Total

 

Billed and Unbilled Revenue:

 

 

 

 

 

 

 

 

 

Residential

 

$

39.8

 

 

$

17.9

 

 

$

57.7

 

Commercial and Industrial

 

 

28.1

 

 

 

26.4

 

 

 

54.5

 

Other

 

 

1.9

 

 

 

1.0

 

 

 

2.9

 

Total Billed and Unbilled Revenue

 

 

69.8

 

 

 

45.3

 

 

 

115.1

 

Rate Adjustment Mechanism Revenue

 

 

(5.3

)

 

 

(6.4

)

 

 

(11.7

)

Total Electric and Gas Operating Revenues

 

$

64.5

 

 

$

38.9

 

 

$

103.4

 

 

 

Six Months Ended June 30, 2024

 

Electric and Gas Operating Revenues (millions):

 

Electric

 

 

Gas

 

 

Total

 

Billed and Unbilled Revenue:

 

 

 

 

 

 

 

 

 

Residential

 

$

71.0

 

 

$

59.4

 

 

$

130.4

 

Commercial and Industrial

 

 

54.3

 

 

 

82.2

 

 

 

136.5

 

Other

 

 

4.5

 

 

 

5.7

 

 

 

10.2

 

Total Billed and Unbilled Revenue

 

 

129.8

 

 

 

147.3

 

 

 

277.1

 

Rate Adjustment Mechanism Revenue

 

 

0.2

 

 

 

(2.9

)

 

 

(2.7

)

Total Electric and Gas Operating Revenues

 

$

130.0

 

 

$

144.4

 

 

$

274.4

 

 

 

 

Six Months Ended June 30, 2023

 

Electric and Gas Operating Revenues (millions):

 

Electric

 

 

Gas

 

 

Total

 

Billed and Unbilled Revenue:

 

 

 

 

 

 

 

 

 

Residential

 

$

99.9

 

 

$

67.0

 

 

$

166.9

 

Commercial and Industrial

 

 

62.9

 

 

 

95.6

 

 

 

158.5

 

Other

 

 

4.6

 

 

 

4.6

 

 

 

9.2

 

Total Billed and Unbilled Revenue

 

 

167.4

 

 

 

167.2

 

 

 

334.6

 

Rate Adjustment Mechanism Revenue

 

 

5.3

 

 

 

(16.3

)

 

 

(11.0

)

Total Electric and Gas Operating Revenues

 

$

172.7

 

 

$

150.9

 

 

$

323.6

 
Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of June 30, 2024, June 30, 2023 and December 31, 2023, was as follows:

 

 

 

June 30,

 

 

December 31,

 

(millions)

 

2024

 

 

2023

 

 

2023

 

Allowance for Doubtful Accounts

 

$

2.2

 

 

$

2.2

 

 

$

2.4

 
Components of Accrued Revenue The following table shows the components of Accrued Revenue as of June 30, 2024, June 30, 2023 and December 31, 2023.

 

 

June 30,

 

 

December 31,

 

Accrued Revenue (millions)

 

2024

 

 

2023

 

 

2023

 

Regulatory Assets – Current

 

$

61.1

 

 

$

56.8

 

 

$

56.5

 

Unbilled Revenues, net

 

 

4.8

 

 

 

3.6

 

 

 

6.9

 

Total Accrued Revenue

 

$

65.9

 

 

$

60.4

 

 

$

63.4

 
Components of Exchange Gas Receivable The following table shows the components of Exchange Gas Receivable as of June 30, 2024, June 30, 2023 and December 31, 2023.

 

 

June 30,

 

 

December 31,

 

Exchange Gas Receivable (millions)

 

2024

 

 

2023

 

 

2023

 

Northern Utilities

 

$

5.4

 

 

$

8.7

 

 

$

8.6

 

Fitchburg

 

 

0.4

 

 

 

0.7

 

 

 

0.8

 

Total Exchange Gas Receivable

 

$

5.8

 

 

$

9.4

 

 

$

9.4

 
Components of Gas Inventory The following table shows the components of Gas Inventory as of June 30, 2024, June 30, 2023 and December 31, 2023.

 

 

June 30,

 

 

December 31,

 

Gas Inventory (millions)

 

2024

 

 

2023

 

 

2023

 

Natural Gas

 

$

0.1

 

 

$

0.6

 

 

$

0.3

 

Propane

 

 

0.2

 

 

 

0.3

 

 

 

0.3

 

Liquefied Natural Gas & Other

 

 

0.1

 

 

 

0.1

 

 

 

0.4

 

Total Gas Inventory

 

$

0.4

 

 

$

1.0

 

 

$

1.0

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

 

 

June 30,

 

 

December 31,

 

Regulatory Assets consist of the following (millions)

 

2024

 

 

2023

 

 

2023

 

Retirement Benefits

 

$

26.8

 

 

$

27.2

 

 

$

29.8

 

Energy Supply and Other Rate Adjustment Mechanisms

 

 

57.3

 

 

 

54.0

 

 

 

52.4

 

Deferred Storm Charges

 

 

10.1

 

 

 

8.5

 

 

 

9.2

 

Environmental

 

 

6.1

 

 

 

6.1

 

 

 

6.1

 

Income Taxes

 

 

0.7

 

 

 

1.5

 

 

 

1.1

 

Other Deferred Charges

 

 

13.1

 

 

 

11.0

 

 

 

11.0

 

Total Regulatory Assets

 

 

114.1

 

 

 

108.3

 

 

 

109.6

 

Less: Current Portion of Regulatory Assets(1)

 

 

61.1

 

 

 

56.8

 

 

 

56.5

 

Regulatory Assets – noncurrent

 

$

53.0

 

 

$

51.5

 

 

$

53.1

 

 

Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets.
Regulatory Liabilities

 

June 30,

 

 

December 31,

 

Regulatory Liabilities consist of the following (millions)

 

2024

 

 

2023

 

 

2023

 

Income Taxes (Note 8)

 

$

37.2

 

 

$

39.6

 

 

$

38.6

 

Rate Adjustment Mechanisms & Other

 

 

20.6

 

 

 

14.3

 

 

 

9.3

 

Total Regulatory Liabilities

 

 

57.8

 

 

 

53.9

 

 

 

47.9

 

Less: Current Portion of Regulatory Liabilities

 

 

24.5

 

 

 

18.4

 

 

 

13.5

 

Regulatory Liabilities – noncurrent

 

$

33.3

 

 

$

35.5

 

 

$

34.4

 
Fair Value of Marketable Securities Changes in the fair value of these investments are recorded in Other Expense, Net.

 

 

June 30,

 

 

December 31,

 

Fair Value of Marketable Securities (millions)

 

2024

 

 

2023

 

 

2023

 

Money Market Funds

 

$

1.8

 

 

$

5.8

 

 

$

2.0

 

Fixed Income Funds

 

 

4.0

 

 

 

—

 

 

 

4.0

 

Total Marketable Securities

 

$

5.8

 

 

$

5.8

 

 

$

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.

 

 

June 30,

 

 

December 31,

 

Energy Supply Obligations (millions)

 

2024

 

 

2023

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

Exchange Gas Obligation

 

$

5.5

 

 

$

8.7

 

 

$

6.4

 

Renewable Energy Portfolio Standards

 

 

3.1

 

 

 

5.2

 

 

 

8.6

 

Total Energy Supply Obligations

 

$

8.6

 

 

$

13.9

 

 

$

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.

 

 

June 30,

 

 

December 31,

 

Fair Value of Marketable Securities (millions)

 

2024

 

 

2023

 

 

2023

 

Equity Funds

 

$

1.7

 

 

$

1.0

 

 

$

1.1

 

Fixed Income Funds

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Money Market Funds

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

Total Marketable Securities

 

$

1.9

 

 

$

1.1

 

 

$

1.3