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v3.19.1

DEBT AND FINANCING ARRANGEMENTS (Tables) | 3 Months Ended
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Mar. 31, 2019
Details on Long Term Debt | Details on long-term debt at March 31, 2019, March 31, 2018 and December 31, 2018 are shown below:
($ millions) |  | March 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2018 |
Unitil Corporation: |  |  |  |  |  |  |  |  |  |  |  |
6.33% Senior Notes, Due May 1, 2022 |  | $ | 20.0 |  |  | $ | 20.0 |  |  | $ | 20.0 |
3.70% Senior Notes, Due August 1, 2026 |  |  | 30.0 |  |  |  | 30.0 |  |  |  | 30.0 |
Unitil Energy First Mortgage Bonds: |  |  |  |  |  |  |  |  |  |  |  |
5.24% Senior Secured Notes, Due March 2, 2020 |  |  | 5.0 |  |  |  | 10.0 |  |  |  | 10.0 |
8.49% Senior Secured Notes, Due October 14, 2024 |  |  | 6.0 |  |  |  | 7.5 |  |  |  | 6.0 |
6.96% Senior Secured Notes, Due September 1, 2028 |  |  | 20.0 |  |  |  | 20.0 |  |  |  | 20.0 |
8.00% Senior Secured Notes, Due May 1, 2031 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
6.32% Senior Secured Notes, Due September 15, 2036 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
4.18% Senior Secured Notes, Due November 30, 2048 |  |  | 30.0 |  |  |  | — |  |  |  | 30.0 |
Fitchburg: |  |  |  |  |  |  |  |  |  |  |  |
6.75% Senior Notes, Due November 30, 2023 |  |  | 5.7 |  |  |  | 7.6 |  |  |  | 5.7 |
6.79% Senior Notes, Due October 15, 2025 |  |  | 10.0 |  |  |  | 10.0 |  |  |  | 10.0 |
3.52% Senior Notes, Due November 1, 2027 |  |  | 10.0 |  |  |  | 10.0 |  |  |  | 10.0 |
7.37% Senior Notes, Due January 15, 2029 |  |  | 12.0 |  |  |  | 12.0 |  |  |  | 12.0 |
5.90% Senior Notes, Due December 15, 2030 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
7.98% Senior Notes, Due June 1, 2031 |  |  | 14.0 |  |  |  | 14.0 |  |  |  | 14.0 |
4.32% Senior Notes, Due November 1, 2047 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
Northern Utilities: |  |  |  |  |  |  |  |  |  |  |  |
6.95% Senior Notes, Due December 3, 2018 |  |  | — |  |  |  | 10.0 |  |  |  | — |
5.29% Senior Notes, Due March 2, 2020 |  |  | 8.2 |  |  |  | 16.6 |  |  |  | 16.6 |
3.52% Senior Notes, Due November 1, 2027 |  |  | 20.0 |  |  |  | 20.0 |  |  |  | 20.0 |
7.72% Senior Notes, Due December 3, 2038 |  |  | 50.0 |  |  |  | 50.0 |  |  |  | 50.0 |
4.42% Senior Notes, Due October 15, 2044 |  |  | 50.0 |  |  |  | 50.0 |  |  |  | 50.0 |
4.32% Senior Notes, Due November 1, 2047 |  |  | 30.0 |  |  |  | 30.0 |  |  |  | 30.0 |
Granite State: |  |  |  |  |  |  |  |  |  |  |  |
7.15% Senior Notes, Due December 15, 2018 |  |  | — |  |  |  | 3.3 |  |  |  | — |
3.72% Senior Notes, Due November 1, 2027 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
Total Long-Term Debt |  |  | 395.9 |  |  |  | 396.0 |  |  |  | 409.3 |
Less: Unamortized Debt Issuance Costs |  |  | 3.4 |  |  |  | 3.2 |  |  |  | 3.5 |
Total Long-Term Debt, net of Unamortized Debt Issuance Costs |  |  | 392.5 |  |  |  | 392.8 |  |  |  | 405.8 |
Less: Current Portion |  |  | 19.5 |  |  |  | 29.8 |  |  |  | 18.4 |
Total Long-term Debt, Less Current Portion |  | $ | 373.0 |  |  | $ | 363.0 |  |  | $ | 387.4 |
Fair Value of Long Term Debt |
($ millions) |  | March 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2018 |
Estimated Fair Value of Long-Term Debt |  | $ | 418.0 |  |  | $ | 428.0 |  |  | $ | 422.0 |
Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility | The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of March 31, 2019, March 31, 2018 and December 31, 2018:
|  | Revolving Credit Facility ($ millions) |
|  | March 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2018 |
Limit |  | $ | 120.0 |  |  | $ | 120.0 |  |  | $ | 120.0 |
Short-Term Borrowings Outstanding |  | $ | 65.8 |  |  | $ | 45.3 |  |  | $ | 82.8 |
Available |  | $ | 54.2 |  |  | $ | 74.7 |  |  | $ | 37.2 |
Classification of the Company Lease Obligations | The balance sheet classification of the Company’s lease obligations was as follows:
|  | March 31, |  |  | December 31, |
Lease Obligations ($ millions) |  | 2019 |  |  | 2018 |  |  | 2018 |
Operating Lease Obligations: |  |  |  |  |  |  |  |  |  |  |  |
Other Current Liabilities (current portion) |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |
Other Noncurrent Liabilities (long-term portion) |  |  | 2.8 |  |  |  | — |  |  |  | — |
Total Operating Lease Obligations |  | $ | 3.9 |  |  | $ | — |  |  | $ | — |
Capital Lease Obligations: |  |  |  |  |  |  |  |  |  |  |  |
Other Current Liabilities (current portion) |  | $ | 3.0 |  |  | $ | 3.1 |  |  | $ | 3.1 |
Other Noncurrent Liabilities (long-term portion) |  |  | 1.9 |  |  |  | 4.9 |  |  |  | 2.7 |
Total Capital Lease Obligations |  | $ | 4.9 |  |  | $ | 8.0 |  |  | $ | 5.8 |
Total Lease Obligations |  | $ | 8.8 |  |  | $ | 8.0 |  |  | $ | 5.8 |
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 March 31, 2019. The payments for capital leases consist of $3.0 million of current capital lease obligations, which are included in Other Current Liabilities and $1.9 million of noncurrent capital lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of March 31, 2019. $2.8 million of the current capital lease obligations and $1.6 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. The payments for operating leases consist of $1.1 million of current operating lease obligations, which are included in Other Current Liabilities and $2.8 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of March 31, 2019.
Lease Payments ($000’s) |  | Operating |  |  | Capital |
Year Ending December 31, |  | Leases |  |  | Leases |
Rest of 2019 |  | $ | 967 |  |  | $ | 2,369 |
2020 |  |  | 1,141 |  |  |  | 2,576 |
2021 |  |  | 972 |  |  |  | 96 |
2022 |  |  | 691 |  |  |  | 33 |
2023 |  |  | 391 |  |  |  | 15 |
2024-2028 |  |  | 119 |  |  |  | — |
Total Payments |  |  | 4,281 |  |  |  | 5,089 |
Less: Interest |  |  | 426 |  |  |  | 122 |
Amount of Lease Obligations Recorded on Consolidated Balance Sheets |  | $ | 3,855 |  |  | $ | 4,967 |
The payment amounts in the following table, which are as of December 31, 2018, would not differ substantially from the payment amounts as of March 31, 2018.
Lease Payments ($000’s) |  | Operating |  |  | Capital |
Year Ending December 31, |  | Leases |  |  | Leases |
2019 |  | $ | 1,372 |  |  | $ | 3,069 |
2020 |  |  | 1,138 |  |  |  | 2,535 |
2021 |  |  | 969 |  |  |  | 93 |
2022 |  |  | 689 |  |  |  | 32 |
2023 |  |  | 390 |  |  |  | 14 |
2024-2028 |  |  | 120 |  |  |  | — |
Total Payments |  | $ | 4,678 |  |  | $ | 5,743 |

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