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Debt and Financing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2016
Fair Value of Long Term Debt |
Estimated Fair Value of Long-Term Debt (millions) |  | December 31, |
|  | 2016 |  |  | 2015 |
Estimated Fair Value of Long-Term Debt |  | $ | 370.3 |  |  | $ | 345.2 |
Details on Long Term Debt | Details on long-term debt at December 31, 2016 and 2015 are shown below:
Long-Term Debt (millions) |  | December 31, |
| 2016 |  |  | 2015 |
Unitil Corporation Senior Notes: |  |  |  |  |  |  |  |
6.33% Notes, Due May 1, 2022 |  | $ | 20.0 |  |  | $ | 20.0 |
3.70% Notes, Due August 1, 2026 |  |  | 30.0 |  |  |  | — |
Unitil Energy First Mortgage Bonds: |  |  |  |  |  |  |  |
5.24% Series, Due March 2, 2020 |  |  | 15.0 |  |  |  | 15.0 |
8.49% Series, Due October 14, 2024 |  |  | 9.0 |  |  |  | 12.0 |
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 |  |  | 9.5 |  |  |  | 11.4 |
6.79% Notes, Due October 15, 2025 |  |  | 10.0 |  |  |  | 10.0 |
7.37% Notes, Due January 15, 2029 |  |  | 12.0 |  |  |  | 12.0 |
5.90% Notes, Due December 15, 2030 |  |  | 15.0 |  |  |  | 15.0 |
7.98% Notes, Due June 1, 2031 |  |  | 14.0 |  |  |  | 14.0 |
Northern Utilities Senior Notes: |  |  |  |  |  |  |  |
6.95% Senior Notes, Series A, Due December 3, 2018 |  |  | 20.0 |  |  |  | 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 |  |  | 6.7 |  |  |  | 10.0 |
Unitil Realty Corp. Senior Secured Notes: |  |  |  |  |  |  |  |
8.00% Notes, Due August 1, 2017 |  |  | 0.4 |  |  |  | 1.1 |
Total Long-Term Debt |  |  | 336.6 |  |  |  | 325.5 |
Less: Unamortized Debt Issuance Costs |  |  | 3.0 |  |  |  | 2.9 |
Total Long-Term Debt, net of Unamortized Debt Issuance Costs |  |  | 333.6 |  |  |  | 322.6 |
Less: Current Portion |  |  | 16.8 |  |  |  | 17.1 |
Total Long-Term Debt, Less Current Portion |  | $ | 316.8 |  |  | $ | 305.5 |
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) |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt |  | $ | 21.8 |  |  | $ | 22.0 |  |  | $ | 20.5 |
Short-Term Debt |  |  | 1.4 |  |  |  | 0.9 |  |  |  | 1.1 |
Regulatory Liabilities |  |  | 0.5 |  |  |  | 0.9 |  |  |  | 0.6 |
Subtotal Interest Expense |  |  | 23.7 |  |  |  | 23.8 |  |  |  | 22.2 |
Interest Income |  |  |  |  |  |  |  |  |  |  |  |
Regulatory Assets |  |  | (0.3 | ) |  |  | (0.7 | ) |  |  | (0.6 | )
AFUDC(1) and Other |  |  | (0.9 | ) |  |  | (1.2 | ) |  |  | (0.7 | )
Subtotal Interest Income |  |  | (1.2 | ) |  |  | (1.9 | ) |  |  | (1.3 | )
Total Interest Expense, net |  | $ | 22.5 |  |  | $ | 21.9 |  |  | $ | 20.9 |
| (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, 2016 and December 31, 2015:
Revolving Credit Facility (millions) |
|  | December 31, |
|  | 2016 |  |  | 2015 |
Limit |  | $ | 120.0 |  |  | $ | 120.0 |
Short-Term Borrowings Outstanding |  | $ | 81.9 |  |  | $ | 42.0 |
Letters of Credit Outstanding |  | $ | 1.1 |  |  | $ | 0.0 |
Available |  | $ | 37.0 |  |  | $ | 78.0 |
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, 2016. The payments for capital leases consist of $3.0 million of current Capital Lease Obligations and $8.3 million of noncurrent Capital Lease Obligations on the Company’s Consolidated Balance Sheets as of December 31, 2016. $2.6 million of the current Capital Lease Obligations and $7.8 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 |
2017 |  | $ | 1,274 |  |  | $ | 3,015 |
2018 |  |  | 926 |  |  |  | 2,973 |
2019 |  |  | 582 |  |  |  | 2,935 |
2020 |  |  | 405 |  |  |  | 2,373 |
2021 |  |  | 236 |  |  |  | 2 |
2022 – 2026 |  |  | 132 |  |  |  | — |
Total Payments |  | $ | 3,555 |  |  | $ | 11,298 |

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