CREDIT LOSSES (Tables)

6 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Schedule of gross receivables and related allowances for credit losses

We have included a table below that shows our gross third-party receivable balances and related allowance for credit losses.

(in millions)	June 30, 2024			December 31, 2023
Accounts receivable and unbilled revenues	$	207.8		$	230.1
Allowance for credit losses	8.3			10.9
Accounts receivable and unbilled revenues, net (1)	$	199.5		$	219.2
Total accounts receivable, net – past due greater than 90 days (1)	$	8.8		$	8.3
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1)	95.5		%	93.4		%

(1)Our exposure to credit losses for certain regulated utility customers is mitigated by a regulatory mechanism we have in place. Specifically, our residential tariffs include a mechanism for cost recovery or refund of uncollectible expense based on the difference between actual uncollectible write-offs and the amounts recovered in rates. As a result, at June 30, 2024, $88.8 million, or 44.5%, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses.

Rollforward of the allowances for credit losses

A rollforward of the allowance for credit losses is included below:

	Three Months Ended June 30
(in millions)	2024		2023
Balance at April 1	$	9.6	$	13.2
Provision for credit losses	2.2		(0.1)
Provision for credit losses deferred for future recovery or refund	(0.8)		(2.1)
Write-offs charged against the allowance	(4.1)		(2.9)
Recoveries of amounts previously written off	1.4		2.5
Balance at June 30	$	8.3	$	10.6

	Six Months Ended June 30
(in millions)	2024		2023
Balance at January 1	$	10.9	$	11.7
Provision for credit losses	3.6		1.5
Provision for credit losses deferred for future recovery or refund	(0.8)		0.5
Write-offs charged against the allowance	(8.1)		(6.4)
Recoveries of amounts previously written off	2.7		3.3
Balance at June 30	$	8.3	$	10.6