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Debt and Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Long Term Debt

Estimated Fair Value of Long-Term Debt (millions)		December 31,
		2015				2014
Estimated Fair Value of Long-Term Debt		$	345.2			$	380.6

Details on Long Term Debt

Details on long-term debt at December 31, 2015 and 2014 are shown below:

Long-Term Debt (millions)		December 31,
		2015				2014
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			12.0				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			11.4				15.2
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				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			1.1				1.7
Total Long-Term Debt			325.5				332.9
Less: Current Portion			17.4				4.0
Total Long-Term Debt, Less Current Portion		$	308.1			$	328.9

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)
		2015				2014				2013
Interest Expense
Long-Term Debt		$	22.0			$	20.5			$	20.2
Short-Term Debt			0.9				1.1				1.2
Regulatory Liabilities			0.9				0.6				0.6
Subtotal Interest Expense			23.8				22.2				22.0
Interest Income
Regulatory Assets			(0.7	)			(0.6	)			(2.3	)
AFUDC(1) and Other			(1.2	)			(0.7	)			(0.9	)
Subtotal Interest Income			(1.9	)			(1.3	)			(3.2	)
Total Interest Expense, net		$	21.9			$	20.9			$	18.8

⁽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, 2015 and December 31, 2014:

Revolving Credit Facility (millions)
		December 31,
		2015				2014
Limit		$	120.0			$	120.0
Outstanding		$	42.0			$	29.3
Available		$	78.0			$	90.7

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, 2015. The payments for capital leases consist of $3.1 million of current Capital Lease Obligations and $11.0 million of noncurrent Capital Lease Obligations on the Company’s Consolidated Balance Sheets as of December 31, 2015. $2.6 million of the current Capital Lease Obligations and $10.4 million of the noncurrent Capital Lease Obligations reflect amounts under a financing arrangement entered into in April 2014 for various information systems and technology equipment. The financing arrangement is structured as a capital lease obligation.

Year Ending December 31, (000’s)		Operating Leases				Capital Leases
2016		$	1,326			$	3,060
2017			1,048				2,937
2018			698				2,891
2019			355				2,851
2020			180				2,357
2021 – 2025			125				—
Total Payments		$	3,732			$	14,096

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