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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2022
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 September 30, 2022
 
Electric and Gas Operating Revenues ($ millions):
  
  Electric  
 
  
  Gas  
 
  
  Total  
 
Billed and Unbilled Revenue:
  
      
  
      
  
      
Residential
    $ 42.5      $
 
 
 
 8.8      $
 
 
 51.3  
Commercial and Industrial
      30.2        17.8        48.0  
Other
      5.1        0.8        5.9  
    
 
 
     
 
 
     
 
 
  
Total Billed and Unbilled Revenue
      77.8       
 
 27.4        105.2  
Rate Adjustment Mechanism Revenue
      (2.1 )       7.1        5.0  
    
 
 
     
 
 
     
 
 
  
Total Electric and Gas Operating Revenues
   
$
75.7
 
   
$
34.5
 
   
$
110.2
 
    
 
 
     
 
 
     
 
 
  
 
  
Three Months Ended September 30, 2021
 
Electric and Gas Operating Revenues ($ millions):
  
  Electric  
 
  
  Gas  
 
  
  Total  
 
Billed and Unbilled Revenue:
  
      
  
      
  
      
Residential
    $ 35.0      $ 7.9      $ 42.9  
Commercial and Industrial
      26.8        14.4        41.2  
Other
      3.2        0.8        4.0  
    
 
 
     
 
 
     
 
 
  
Total Billed and Unbilled Revenue
      65.0        23.1        88.1  
Rate Adjustment Mechanism Revenue
      0.5        9.5        10.0  
    
 
 
     
 
 
     
 
 
  
Total Electric and Gas Operating Revenues
   
$
65.5
 
   
$
32.6
 
   
$
98.1
 
    
 
 
     
 
 
     
 
 
  
   
    
Nine Months Ended September 30, 2022
  
Electric and Gas Operating Revenues ($ millions):
   
Electric
     
Gas
     
Total
  
Billed and Unbilled Revenue:
                           
Residential
    $ 125.5      $ 72.4      $ 197.9  
Commercial and Industrial
      86.9        110.5        197.4  
Other
      14.3        7.7        22.0  
    
 
 
     
 
 
     
 
 
  
Total Billed and Unbilled Revenue
      226.7        190.6        417.3  
Rate Adjustment Mechanism Revenue
      (7.5 )       (8.1 )       (15.6 ) 
    
 
 
     
 
 
     
 
 
  
Total Electric and Gas Operating Revenues
   
$
219.2
 
   
$
182.5
 
   
$
401.7
 
    
 
 
     
 
 
     
 
 
  
   
    
Nine Months Ended September 30, 2021
  
Electric and Gas Operating Revenues ($ millions):
   
Electric
     
Gas
     
Total
  
Billed and Unbilled Revenue:
                           
Residential
    $ 104.0      $ 60.5      $ 164.5  
Commercial and Industrial
      78.2        86.2        164.4  
Other
      6.9        7.6        14.5  
    
 
 
     
 
 
     
 
 
  
Total Billed and Unbilled Revenue
      189.1        154.3        343.4  
Rate Adjustment Mechanism Revenue
      (6.9 )       (3.0 )       (9.9 ) 
    
 
 
     
 
 
     
 
 
  
Total Electric and Gas Operating Revenues
   
$
182.2
 
   
$
151.3
 
   
$
333.5
 
    
 
 
     
 
 
     
 
 
  
Fi
tchbu
rg is subject to revenue decoupling. As of June1, 2022, Unitil Energy is subject to decoupling. As of August 1, 2022, the New Hampshire division of Northern Utilities also is subject to decoupling. Revenue decoupling is the term given to the elimination of the dependency of a utility’s distribution revenue on the volume of electricity or gas sales. The difference between distribution revenue amounts billed to customers and the targeted revenue decoupling amounts is recorded as an increase or a decrease in Accrued Revenue, which forms the basis for resetting rates for future cash recoveries from, or credits to, customers. These revenue decoupling targets may be adjusted as a result
of rate cases that the Company files with the Massachusetts Department of Public Utilities (MDPU) and the New Hampshire Public Utilities Commission
 
(NHPUC).
Allowance for Doubtful Accounts Included in Accounts Receivable Net
The Allowance for Doubtful Accounts as of September 30, 2022, September 30, 2021 and December 31, 2021, was as follows:
 
($ millions)
  
 
 
  
 
 
  
 
 
 
  
September 30,
 
  
December 31,
 
 
  
2022
 
  
2021
 
  
2021
 
Allowance for Doubtful Accounts
   
$
2.4
 
    $ 4.3      $ 3.3  
    
 
 
     
 
 
     
 
 
  
Components of Accrued Revenue The following table shows the components of Accrued Revenue as of September 30, 2022, September 30, 2021 and December 31, 2021.
 
  
September 30,
 
  
December 31,
 
Accrued Revenue ($ millions)
  
2022
 
  
2021
 
  
2021
 
Regulatory Assets – Current
   
$
44.0
 
    $ 30.6      $ 47.4  
Unbilled Revenues, net
   
 
2.9
 
      8.0        13.8  
    
 
 
     
 
 
     
 
 
  
Total Accrued Revenue
   
$
46.9
 
    $ 38.6      $ 61.2  
    
 
 
     
 
 
     
 
 
  
Components of Exchange Gas Receivable The following table shows the components of Exchange Gas Receivable as of September 30, 2022, September 30, 2021 and December 31, 2021.
 

 
  
September 30,
 
  
December 31,
 
Exchange Gas Receivable ($ millions)
  
2022
 
  
2021
 
  
2021
 
Northern Utilities
   
$
23.1
 
    $ 9.7      $ 6.7  
Fitchburg
   
 
2.0
 
      0.8        0.7  
    
 
 
     
 
 
     
 
 
  
Total Exchange Gas Receivable
   
$
25.1
 
    $ 10.5      $ 7.4  
    
 
 
     
 
 
     
 
 
  
Components of Gas Inventory The following table shows the components of Gas Inventory as of September 30, 2022, September 30, 2021 and December 31, 2021.
 
  
September 30,
 
  
December 31,
 
Gas Inventory ($ millions)
  
2022
 
  
2021
 
  
2021
 
Natural Gas
   
$
1.1
 
    $ 0.4      $ 0.5  
Propane
   
 
  0.4
 
        0.4        0.4  
Liquefied Natural Gas & Other
   
 
0.2
 
      0.1        0.1  
    
 
 
     
 
 
     
 
 
  
Total Gas Inventory
   
$
1.7
 
    $ 0.9      $ 1.0  
    
 
 
     
 
 
     
 
 
  
Regulatory Assets
 
 
  
September 30,
 
  
December 31,
 
Regulatory Assets consist of the following ($ millions)
  
2022
 
  
2021
 
  
2021
 
Retirement Benefits
  
$
87.4
 
   $  107.0     $ 86.4  
Energy Supply and Other Rate Adjustment Mechanisms
  
 
40.9
 
     27.3       44.1  
Deferred Storm Charges
  
 
2.7
 
     3.4       3.3  
Environmental
  
 
4.5
 
     4.8       4.6  
Income Taxes
  
 
2.0
 
     2.8       2.6  
Other Deferred Charges
  
 
12.0
 
     17.7       15.3  
   
 
 
    
 
 
    
 
 
  
Total Regulatory Assets
  
 
149.5
 
     163.0       156.3  
Less: Current Portion of Regulatory Assets
(1)
  
 
44.0
 
     30.6       47.4  
   
 
 
    
 
 
    
 
 
  
Regulatory Assets – noncurrent
  
$
 105.5
 
   $ 132.4     $ 108.9  
   
 
 
    
 
 
    
 
 
  
Regulatory Liabilities
 
 
  
September 30,
 
  
December 31,
 
Regulatory Liabilities consist of the following ($ millions)
  
2022
 
  
2021
 
  
2021
 
Income Taxes (Note 8)
   
$
42.1
 
   $ 44.6     $  44.3  
Rate Adjustment Mechanisms
   
 
16.6
 
     11.3       7.7  
Other
   
 
—  
 
     0.1       0.1  
    
 
 
    
 
 
    
 
 
  
Total Regulatory Liabilities
   
 
58.7
 
     56.0       52.1  
Less: Current Portion of Regulatory Liabilities
   
 
20.8
 
     13.1       9.5  
    
 
 
    
 
 
    
 
 
  
Regulatory Liabilities – noncurrent
   
$
37.9
 
   $ 42.9     $ 42.6  
    
 
 
    
 
 
    
 
 
  
Fair Value of Marketable Securities Changes in the fair value of these investments are recorded in Other Expense​​​​​​​,Net.
 
  
September 30,
 
  
December 31,
 
Fair Value of Marketable Securities ($ millions)
  
2022
 
  
2021
 
  
2021
 
Money Market Funds
   
$
5.6
 
    $ 5.6      $ 5.7  
    
 
 
     
 
 
     
 
 
  
Total Marketable Securities
   
$
5.6
 
    $ 5.6      $ 5.7  
    
 
 
     
 
 
     
 
 
  
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.
 
 
  
September 30,
 
  
December 31,
 
Energy Supply Obligations ($ millions)
  
2022
 
  
2021
 
  
2021
 
Current:
                           
Exchange Gas Obligation
   
$
23.1
 
    $ 9.7      $ 6.7  
Renewable Energy Portfolio Standards
   
 
6.7
 
      6.4        7.8  
    
 
 
     
 
 
     
 
 
  
Total Energy Supply Obligations
   
$
29.8
 
    $ 16.1      $ 14.5  
    
 
 
     
 
 
     
 
 
  
Deferred Compensation Plan [Member]  
Fair Value of Marketable Securities Changes in the fair value of these investments are recorded in Other Expense,Net.
 
  
September 30,
 
  
December 31,
 
Fair Value of Marketable Securities ($ millions)
  
2022
 
  
2021
 
  
2021
 
Equity Funds
   
$
0.5
 
    $ 0.1      $ 0.2  
Money Market Funds
   
 
0.1
 
      0.4        0.4  
    
 
 
     
 
 
     
 
 
  
Total Marketable Securities
   
$
0.6
 
    $ 0.5      $ 0.6