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Debt and Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value of Long Term Debt
                 
Estimated Fair Value of Long-Term Debt (millions)
 
December 31,
 
 
2019
 
  
2018
 
Estimated Fair Value of Long-Term Debt
 
$
518.7
 
 
$
422.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Details on Long Term Debt
Details on long-term debt at December 31
, 2019
and 2018
are shown below:
                 
Long-Term Debt (millions)
 
December 31,
 
2019
 
 
2018
 
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
 
3.43% Senior Notes, Due December 18, 2029
 
 
30.0
 
 
 
—
 
 
 
 
 
 
 
 
 
 
Unitil Energy First Mortgage Bonds:
 
 
 
 
 
 
5.24
% Senior Secured
Notes, Due March 2, 2020
 
 
5.0
 
 
 
10.0
 
8.49
% Senior Secured Notes, Due October 14, 2024
 
 
4.5
 
 
 
6.0
 
6.96
% Senior Secured Notes, Due September 1, 2028
 
 
18.0
 
 
 
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
 
4.18
% Senior Secured
Notes, Due November 30, 2048
 
 
30.0
 
 
 
30.0
 
 
 
 
 
 
 
 
 
 
Fitchburg:
 
 
 
 
 
 
6.75
% Senior
Notes, Due November 30, 2023
 
 
3.8
 
 
 
5.7
 
6.79
% Senior Notes, Due October 15, 2025
 
 
10.0
 
 
 
10.0
 
3.52
% Senior Notes, Due November 1, 2027
 
 
10.0
 
 
 
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
 
 
 
15.0
 
 
 
 
 
 
 
 
 
 
Northern Utilities:
 
 
 
 
 
 
5.29
% Senior Notes, Due March 2, 2020
 
 
8.2
 
 
 
16.6
 
3.52
% Senior Notes, Due November 1, 2027
 
 
20.0
 
 
 
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
 
 
 
30.0
 
4.04% Senior Notes, Due September 12, 2049
 
 
40.0
 
 
 
—
 
 
 
 
 
 
 
 
 
 
Granite State:
 
 
 
 
 
 
3.72
% Senior Notes
, Due November 1, 2027
 
 
15.0
 
 
 
15.0
 
 
 
 
 
 
 
 
 
 
Total Long-Term Debt
 
 
460.5
 
 
 
409.3
 
Less: Unamortized Debt Issuance Costs
 
 
3.5
 
 
 
3.5
 
 
 
 
 
 
 
 
 
 
Total Long-Term Debt, net of Unamortized Debt Issuance Costs
 
 
457.0
 
 
 
405.8
 
Less: Current Portion
(1)
 
 
19.5
 
 
 
18.4
 
 
 
 
 
 
 
 
 
 
Total Long-Term Debt, Less Current Portion
 
$
437.5
 
 
$
387.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The Current Portion of Long-Term Debt includes sinking fund payments.
 
 
 
 
 
 
 
Summary of Interest Expense and Interest Income A summary of interest expense and interest income is provided in the following table:
                         
Interest Expense,
N
et (millions)
 
 
2019
 
 
2018
 
 
2017
 
Interest Expense
 
 
 
 
 
 
 
 
 
Long-Term Debt
 
$
22.9
 
 
$
23.1
 
 
$
21.8
 
Short-Term Debt
 
 
3.0
 
 
 
2.6
 
 
 
2.5
 
Regulatory Liabilities
 
 
0.7
 
 
 
0.7
 
 
 
1.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal Interest Expense
 
 
26.6
 
 
 
26.4
 
 
 
25.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Income
 
 
 
 
 
 
 
 
 
Regulatory Assets
 
 
(0.8
)
 
 
(0.8
)
 
 
(0.7
)
AFUDC
(1)
and Other
 
 
(2.1
)
 
 
(1.6
)
 
 
(1.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal Interest Income
 
 
(2.9
)
 
 
(2.4
)
 
 
(2.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Interest Expense,
N
et
 
$
23.7
 
 
$
24.0
 
 
$
23.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
AFUDC—Allowance for Funds Used During Construction
 
 
 
 
 
 
 
 
Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of December 31, 2019 and December 31, 2018:
                 
Revolving Credit Facility (millions)
 
 
December 31,
 
 
201
9
 
 
201
8
 
Limit
 
$
120.0
 
   $
120.0
 
Short-Term Borrowings Outstanding
 
$
58.6
 
   $
82.8
 
Letters of Credit Outstanding
 
$
0.1
 
   $
—
 
Available
 
$
61.3
 
   $
37.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Classification of the Company Lease Obligations
The balance sheet classification of the Company’s lease obligations was as follows:
                 
 
December 31,
 
Lease Obligations (millions)
 
2019
 
 
2018
 
Operating Lease Obligations:
 
 
 
 
 
 
Other Current Liabilities (current portion)
 
$
 1.2
 
 
$
 —
 
Other Noncurrent Liabilities (long-term portion)
 
 
2.8
 
 
 
—
 
 
 
 
 
 
 
 
 
 
Total Operating Lease Obligations
 
 
4.0
 
 
 
—
 
 
 
 
 
 
 
 
 
 
Capital Lease Obligations:
 
 
 
 
 
 
Other Current Liabilities (current portion)
 
 
0.2
 
 
 
3.1
 
Other Noncurrent Liabilities (long-term portion)
 
 
0.3
 
 
 
2.7
 
 
 
 
 
 
 
 
 
 
Total Capital Lease Obligations
 
 
0.5
 
 
 
5.8
 
 
 
 
 
 
 
 
 
 
Total Lease Obligations
 
$
 4.5
 
 
$
 
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 December 31, 2019. The payments for capital leases consist of
 
$0.2
 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.3
 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2019.
The payments for operating leases consist of $1.2
 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 December 31, 2019.
                 
Lease Payments ($000’s)
Year Ending December 31,
  
Operating
Leases
 
  
Capital
Leases
 
2020
 
$
1,355
 
 
$
262
 
2021
 
 
1,185
 
 
 
161
 
2022
 
 
904
 
 
 
97
 
2023
 
 
604
 
 
 
55
 
2024
 
 
274
 
 
 
—
 
2025
 
–
 
2029
 
 
139
 
 
 
—
 
                 
Total Payments
 
 
4,461
 
 
 
575
 
                 
Less: Interest
 
 
435
 
 
 
29
 
                 
Amount of Lease Obligations Recorded on Consolidated Balance Sheets
 
$
 4,026
 
 
$
 546
 
                 
 
Operating lease obligations are based on the net present value of the remaining lease payments
over the remaining lease term. In determining the present value of lease payments, the Company used the interest rate stated in each lease agreement. As of December 31, 2019, the weighted average remaining lease term is 3.9
years and the weighted average operating discount rate used to determine the operating lease obligations was 5.2
%.
Disclosures Related to Periods Prior to the Adoption of ASU NO. 2016-02—Leases (See Note 1).
The payment amounts in the following table are as of December 31, 2018.
                 
Lease Payments ($000’s)
Year Ending December 31,
  
Operating
Leases
 
  
Capital
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