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DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

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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