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Debt and Financing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2017
Fair Value of Long Term Debt |
Estimated Fair Value of Long-Term Debt (millions) |  | December 31, |
|  | 2017 |  |  | 2016 |
Estimated Fair Value of Long-Term Debt |  | $ | 457.1 |  |  | $ | 370.3 |
Details on Long Term Debt | Details on long-term debt at December 31, 2017 and 2016 are shown below:
Long-Term Debt (millions) |  | December 31, |
| 2017 |  |  | 2016 |
Unitil Corporation: |  |  |  |  |  |  |  |
6.33% Senior Notes, Due May 1, 2022 |  | $ | 20.0 |  |  | $ | 20.0 |
3.70% Senior Notes, Due August 1, 2026 |  |  | 30.0 |  |  |  | 30.0 |
Unitil Energy First Mortgage Bonds: |  |  |  |  |  |  |  |
5.24% Senior Secured Notes, Due March 2, 2020 |  |  | 15.0 |  |  |  | 15.0 |
8.49% Senior Secured Notes, Due October 14, 2024 |  |  | 7.5 |  |  |  | 9.0 |
6.96% Senior Secured Notes, Due September 1, 2028 |  |  | 20.0 |  |  |  | 20.0 |
8.00% Senior Secured Notes, Due May 1, 2031 |  |  | 15.0 |  |  |  | 15.0 |
6.32% Senior Secured Notes, Due September 15, 2036 |  |  | 15.0 |  |  |  | 15.0 |
Fitchburg: |  |  |  |  |  |  |  |
6.75% Senior Notes, Due November 30, 2023 |  |  | 7.6 |  |  |  | 9.5 |
6.79% Senior Notes, Due October 15, 2025 |  |  | 10.0 |  |  |  | 10.0 |
3.52% Senior Notes, Due November 1, 2027 |  |  | 10.0 |  |  |  | — |
7.37% Senior Notes, Due January 15, 2029 |  |  | 12.0 |  |  |  | 12.0 |
5.90% Senior Notes, Due December 15, 2030 |  |  | 15.0 |  |  |  | 15.0 |
7.98% Senior Notes, Due June 1, 2031 |  |  | 14.0 |  |  |  | 14.0 |
4.32% Senior Notes, Due November 1, 2047 |  |  | 15.0 |  |  |  | — |
Northern Utilities: |  |  |  |  |  |  |  |
6.95% Senior Notes, Due December 3, 2018 |  |  | 10.0 |  |  |  | 20.0 |
5.29% Senior Notes, Due March 2, 2020 |  |  | 25.0 |  |  |  | 25.0 |
3.52% Senior Notes, Due November 1, 2027 |  |  | 20.0 |  |  |  | — |
7.72% Senior Notes, Due December 3, 2038 |  |  | 50.0 |  |  |  | 50.0 |
4.42% Senior Notes, Due October 15, 2044 |  |  | 50.0 |  |  |  | 50.0 |
4.32% Senior Notes, Due November 1, 2047 |  |  | 30.0 |  |  |  | — |
Granite State: |  |  |  |  |  |  |  |
7.15% Senior Notes, Due December 15, 2018 |  |  | 3.3 |  |  |  | 6.7 |
3.72% Senior Notes, Due November 1, 2027 |  |  | 15.0 |  |  |  | — |
Unitil Realty Corp.: |  |  |  |  |  |  |  |
8.00% Senior Secured Notes, Due August 1, 2017 |  |  | — |  |  |  | 0.4 |
Total Long-Term Debt |  |  | 409.4 |  |  |  | 336.6 |
Less: Unamortized Debt Issuance Costs |  |  | 3.3 |  |  |  | 3.0 |
Total Long-Term Debt, net of Unamortized Debt Issuance Costs |  |  | 406.1 |  |  |  | 333.6 |
Less: Current Portion |  |  | 29.8 |  |  |  | 16.8 |
Total Long-Term Debt, Less Current Portion |  | $ | 376.3 |  |  | $ | 316.8 |
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) |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt |  | $ | 21.8 |  |  | $ | 21.8 |  |  | $ | 22.0 |
Short-Term Debt |  |  | 2.5 |  |  |  | 1.4 |  |  |  | 0.9 |
Regulatory Liabilities |  |  | 1.2 |  |  |  | 0.5 |  |  |  | 0.9 |
Subtotal Interest Expense |  |  | 25.5 |  |  |  | 23.7 |  |  |  | 23.8 |
Interest Income |  |  |  |  |  |  |  |  |  |  |  |
Regulatory Assets |  |  | (0.7 | ) |  |  | (0.3 | ) |  |  | (0.7 | )
AFUDC(1) and Other |  |  | (1.7 | ) |  |  | (0.9 | ) |  |  | (1.2 | )
Subtotal Interest Income |  |  | (2.4 | ) |  |  | (1.2 | ) |  |  | (1.9 | )
Total Interest Expense, net |  | $ | 23.1 |  |  | $ | 22.5 |  |  | $ | 21.9 |
| (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, 2017 and December 31, 2016:
Revolving Credit Facility (millions) |
|  | December 31, |
|  | 2017 |  |  | 2016 |
Limit |  | $ | 120.0 |  |  | $ | 120.0 |
Short-Term Borrowings Outstanding |  | $ | 38.3 |  |  | $ | 81.9 |
Letters of Credit Outstanding |  | $ | — |  |  | $ | 1.1 |
Available |  | $ | 81.7 |  |  | $ | 37.0 |
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, 2017. The payments for capital leases consist of $3.1 million of current Capital Lease Obligations and $5.7 million of noncurrent Capital Lease Obligations on the Company’s Consolidated Balance Sheets as of December 31, 2017. $2.7 million of the current Capital Lease Obligations and $5.1 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 |
2018 |  | $ | 1,351 |  |  | $ | 3,087 |
2019 |  |  | 1,013 |  |  |  | 3,054 |
2020 |  |  | 842 |  |  |  | 2,496 |
2021 |  |  | 672 |  |  |  | 98 |
2022 |  |  | 397 |  |  |  | 14 |
2023 – 2027 |  |  | 220 |  |  |  | — |
Total Payments |  | $ | 4,495 |  |  | $ | 8,749 |

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