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Debt and Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2014
Fair Value of Long Term Debt

Estimated Fair Value of Long-Term Debt (millions)

    December 31,  
     2014      2013  

Estimated Fair Value of Long-Term Debt

    $ 380.6       $ 327.3   
Details on Long Term Debt

Details on long-term debt at December 31, 2014 and 2013 are shown below:

 

Long-Term Debt (millions)

    December 31,  
   2014      2013  

Unitil Corporation Senior Notes:

      

6.33% Notes, Due May 1, 2022

    $ 20.0       $ 20.0   

Unitil Energy First Mortgage Bonds:

      

5.24% Series, Due March 2, 2020

      15.0         15.0   

8.49% Series, Due October 14, 2024

      15.0         15.0   

6.96% Series, Due September 1, 2028

      20.0         20.0   

8.00% Series, Due May 1, 2031

      15.0         15.0   

6.32% Series, Due September 15, 2036

      15.0         15.0   

Fitchburg Long-Term Notes:

      

6.75% Notes, Due November 30, 2023

      15.2         19.0   

7.37% Notes, Due January 15, 2029

      12.0         12.0   

7.98% Notes, Due June 1, 2031

      14.0         14.0   

6.79% Notes, Due October 15, 2025

      10.0         10.0   

5.90% Notes, Due December 15, 2030

      15.0         15.0   

Northern Utilities Senior Notes:

      

6.95% Senior Notes, Series A, Due December 3, 2018

      30.0         30.0   

5.29% Senior Notes, Due March 2, 2020

      25.0         25.0   

7.72% Senior Notes, Series B, Due December 3, 2038

      50.0         50.0   

4.42% Senior Notes, Due October 15, 2044

      50.0         —   

Granite State Senior Notes:

      

7.15% Senior Notes, Due December 15, 2018

      10.0         10.0   

Unitil Realty Corp. Senior Secured Notes:

      

8.00% Notes, Due August 1, 2017

      1.7         2.3   
  

 

 

     

 

 

  

Total Long-Term Debt

      332.9         287.3   

Less: Current Portion

      4.0         2.5   
  

 

 

     

 

 

  

Total Long-Term Debt, Less Current Portion

    $ 328.9       $ 284.8   
  

 

 

     

 

 

  
Summary of Interest Expense and Interest Income

A summary of interest expense and interest income is provided in the following table:

 

Interest Expense, net (millions)

  
     2014     2013     2012  

Interest Expense

       

Long-Term Debt

    $ 20.5      $ 20.2      $ 20.3   

Short-Term Debt

      1.1        1.2        1.5   

Regulatory Liabilities

      0.6        0.6        0.5   
  

 

 

    

 

 

    

 

 

  

Subtotal Interest Expense

      22.2        22.0        22.3   
  

 

 

    

 

 

    

 

 

  

Interest Income

       

Regulatory Assets

      (0.6 )      (2.3 )      (3.4 ) 

AFUDC(1) and Other

      (0.7 )      (0.9 )      (0.8 ) 
  

 

 

    

 

 

    

 

 

  

Subtotal Interest Income

      (1.3 )      (3.2 )      (4.2 ) 
  

 

 

    

 

 

    

 

 

  

Total Interest Expense, net

    $ 20.9      $ 18.8      $ 18.1   
  

 

 

    

 

 

    

 

 

  

 

  (1) 

AFUDC—Allowance for Funds Used During Construction
Borrowing Limits Amounts Outstanding and Amounts Available Under Revolving Credit Facility

The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of December 31, 2014 and December 31, 2013:

 

Revolving Credit Facility (millions)

  
     December 31,  
     2014      2013  

Limit

    $ 120.0       $ 120.0   

Outstanding

    $ 29.3       $ 60.2   

Available

    $ 90.7       $ 59.8   
Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases

The following table is a schedule of future operating lease payment obligations and future minimum lease payments under capital leases as of December 31, 2014. The payments for capital leases consist of $0.4 million included in Other Current Liabilities and $7.5 million of noncurrent Capital Lease Obligations on the Company’s Consolidated Balance Sheets as of December 31, 2014. The $7.5 million of noncurrent Capital Lease Obligations includes $6.9 million under a master lease agreement for the financing of the construction and installation of a customer information system, including software and equipment, with a maximum availability of $15 million. The customer information system is expected to be placed in service at the end of 2015 at which point the final term of the lease will be determined.

 

Year Ending December 31, (000’s)

    Operating
Leases		      Capital
Leases		  

2015

    $ 1,277       $ 471   

2016

      1,090         7,256   

2017

      810         154   

2018

      460         39   

2019

      123         3   

2020 – 2024

      75         —   
  

 

 

     

 

 

  

Total Payments

    $ 3,835       $ 7,923