SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
Jun. 30, 2016 |
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| Allowance for Doubtful Accounts Included in Accounts Receivable Net |
The Allowance for Doubtful
Accounts as of June 30, 2016, June 30, 2015 and
December 31, 2015, which is included in Accounts Receivable,
net on the accompanying unaudited consolidated balance sheets, was
as follows:
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($
millions)
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June 30, |
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December 31, |
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2016 |
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2015 |
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2015 |
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Allowance for Doubtful
Accounts
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$ |
1.5 |
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$ |
2.0 |
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$ |
1.2 |
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| Components of Accrued Revenue |
The following table shows
the components of Accrued Revenue as of June 30,
2016, June 30, 2015 and December 31,
2015.
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June 30, |
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December 31, |
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Accrued
Revenue ($ millions)
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2016 |
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2015 |
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2015 |
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Regulatory Assets –
Current
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$ |
25.2 |
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$ |
22.6 |
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$ |
26.8 |
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Unbilled
Revenues
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6.7 |
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6.0 |
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11.6 |
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Total Accrued
Revenue
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$ |
31.9 |
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$ |
28.6 |
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$ |
38.4 |
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| Components of Exchange Gas Receivable |
The following table shows
the components of Exchange Gas Receivable as of June 30,
2016, June 30, 2015 and December 31,
2015.
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June 30, |
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December 31, |
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Exchange Gas
Receivable ($ millions)
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2016 |
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2015 |
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2015 |
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Northern
Utilities
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$ |
7.6 |
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$ |
6.7 |
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$ |
10.3 |
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Fitchburg
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0.4 |
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0.5 |
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0.8 |
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Total Exchange Gas
Receivable
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$ |
8.0 |
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$ |
7.2 |
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$ |
11.1 |
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| Components of Gas Inventory |
The following table shows
the components of Gas Inventory as of June 30,
2016, June 30, 2015 and December 31,
2015.
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June 30, |
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December 31, |
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Gas
Inventory ($ millions)
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2016 |
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2015 |
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2015 |
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Natural Gas
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$ |
0.1 |
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$ |
0.2 |
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$ |
0.3 |
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Propane
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0.2 |
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0.2 |
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0.3 |
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Liquefied Natural Gas &
Other
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0.1 |
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0.1 |
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0.2 |
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Total Gas
Inventory
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$ |
0.4 |
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$ |
0.5 |
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$ |
0.8 |
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| Regulatory Assets |
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June 30, |
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December 31, |
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Regulatory
Assets consist of the following ($ millions)
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2016 |
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2015 |
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2015 |
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Retirement
Benefits
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$ |
64.5 |
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$ |
65.1 |
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$ |
64.7 |
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Energy Supply &
Tracker Mechanisms
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19.7 |
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17.4 |
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21.3 |
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Deferred Storm
Charges
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12.5 |
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18.6 |
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15.4 |
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Environmental
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12.3 |
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10.9 |
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11.2 |
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Income Taxes
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7.9 |
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9.1 |
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8.5 |
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Other
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6.4 |
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5.8 |
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5.3 |
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Total Regulatory
Assets
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$ |
123.3 |
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$ |
126.9 |
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$ |
126.4 |
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Less: Current Portion of
Regulatory Assets(1)
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25.2 |
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22.6 |
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26.8 |
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Regulatory Assets
– noncurrent
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$ |
98.1 |
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$ |
104.3 |
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$ |
99.6 |
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| (1) |
Reflects amounts included in Accrued Revenue, discussed above,
on the Company’s Consolidated Balance Sheets.
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| Regulatory Liabilities |
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June 30, |
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December 31, |
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Regulatory
Liabilities consist of the following ($ millions)
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2016 |
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2015 |
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2015 |
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Tracker
Mechanisms
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$ |
11.0 |
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$ |
20.2 |
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$ |
8.0 |
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Gas Pipeline Refund (Note
6)
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8.6 |
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22.0 |
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15.7 |
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Total Regulatory
Liabilities
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19.6 |
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42.2 |
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23.7 |
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Less: Current Portion of
Regulatory Liabilities
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15.9 |
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31.2 |
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15.6 |
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Regulatory Liabilities
– noncurrent
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$ |
3.7 |
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$ |
11.0 |
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$ |
8.1 |
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| Fair Value of Marketable Securities |
These investments are
valued based on quoted prices from active markets and are
categorized in Level 1 as they are actively traded and no valuation
adjustments have been applied. Changes in the fair value of these
investments are recorded in Other Expense, net.
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June 30, |
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December 31, |
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Fair Value
of Marketable Securities ($ millions)
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2016 |
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2015 |
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2015 |
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Equity Funds
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$ |
1.1 |
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$ |
0.4 |
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$ |
0.4 |
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Fixed Income
Funds
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0.8 |
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0.3 |
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0.3 |
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Total Marketable
Securities
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$ |
1.9 |
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$ |
0.7 |
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$ |
0.7 |
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| Components of Current and Noncurrent Energy Supply Obligations |
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June 30, |
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December 31, |
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Energy
Supply Obligations ($ millions)
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2016 |
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2015 |
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2015 |
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Current:
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Exchange Gas
Obligation
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$ |
7.6 |
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$ |
6.7 |
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$ |
10.3 |
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Renewable Energy Portfolio
Standards
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4.9 |
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6.7 |
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4.0 |
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Power Supply Contract
Divestitures
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0.3 |
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0.4 |
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0.3 |
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Total Energy Supply
Obligations – Current
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12.8 |
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13.8 |
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14.6 |
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Long-Term:
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Power Supply Contract
Divestitures
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1.4 |
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1.8 |
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1.6 |
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Total Energy Supply
Obligations
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$ |
14.2 |
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$ |
15.6 |
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$ |
16.2 |
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