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DEBT AND FINANCING ARRANGEMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
Details on Long Term Debt
Details on long-term debt at June 30, 2020, June 30, 2019 and December 31, 2019 are shown below:
 
($ millions)
   
June 30,
      December 31,  
    
2020
      2019      2019  
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  
3.43% Senior Notes, Due December 18, 2029
   
 
30.0
 
      —          30.0  
Unitil Energy First Mortgage Bonds:
         
5.24% Senior Secured Notes, Due March 2, 2020
   
 
—  
 
      5.0        5.0  
8.49% Senior Secured Notes, Due October 14, 2024
   
 
4.5
 
      6.0        4.5  
6.96% Senior Secured Notes, Due September 1, 2028
   
 
18.0
 
      20.0        18.0  
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        30.0  
Fitchburg:
         
6.75% Senior Notes, Due November 30, 2023
   
 
3.8
 
      5.7        3.8  
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
   
 
10.8
 
      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:
         
5.29% Senior Notes, Due March 2, 2020
   
 
—  
 
      8.2        8.2  
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  
4.04% Senior Notes, Due September 12, 2049
   
 
40.0
 
      —          40.0  
Granite State:
         
3.72% Senior Notes, Due November 1, 2027
   
 
15.0
 
      15.0        15.0  
  
 
 
     
 
 
     
 
 
  
Total Long-Term Debt
   
 
446.1
 
      395.9        460.5  
Less: Unamortized Debt Issuance Costs
   
 
3.4
 
      3.3        3.5  
  
 
 
     
 
 
     
 
 
  
Total Long-Term Debt, net of Unamortized Debt Issuance Costs
   
 
442.7
 
      392.6        457.0  
Less: Current Portion
   
 
6.3
 
      19.5        19.5  
  
 
 
     
 
 
     
 
 
  
Total Long-term Debt, Less Current Portion
   
$
436.4
 
    $ 373.1      $ 437.5  
  
 
 
     
 
 
     
 
 
  
Fair Value of Long Term Debt
($ millions)
   
June 30,
      December 31,  
    
2020
      2019      2019  
Estimated Fair Value of Long-Term Debt
   
$
516.6
 
    $ 430.6      $ 518.7  
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 June 30 2020, June 30, 2019 and December 31, 2019:
    
Revolving Credit Facility ($ millions)
  
    
June 30,
      December 31,  
    
2020
      2019      2019  
Limit
   
$
120.0
 
    $ 120.0      $ 120.0  
Short-Term Borrowings Outstanding
   
 
74.9
 
      64.8        58.6  
Letter of Credit Outstanding
   
 
0.1
 
      —          0.1  
  
 
 
     
 
 
     
 
 
  
Available
   
$
45.0
 
    $ 55.2      $ 61.3  
  
 
 
     
 
 
     
 
 
  
Classification of the Company Lease Obligations
The balance sheet classification of the Company’s lease obligations was as follows:
 
    
June 30,
      December 31,  
Lease Obligations ($ millions)
   
2020
      2019      2019  
Operating Lease Obligations:
         
Other Current Liabilities (current portion)
   
$
1.3
 
    $ 1.0      $ 1.2  
Other Noncurrent Liabilities (long-term portion)
   
 
3.2
 
      2.6        2.8  
  
 
 
     
 
 
     
 
 
  
Total Operating Lease Obligations
   
$
4.5
 
    $ 3.6      $ 4.0  
  
 
 
     
 
 
     
 
 
  
Capital Lease Obligations:
         
Other Current Liabilities (current portion)
   
$
0.2
 
    $ 0.2      $ 0.2  
Other Noncurrent Liabilities (long-term portion)
   
 
0.3
 
      0.2        0.3  
  
 
 
     
 
 
     
 
 
  
Total Capital Lease Obligations
   
$
0.5
 
    $ 0.4      $ 0.5  
  
 
 
     
 
 
     
 
 
  
Total Lease Obligations
   
$
5.0
 
    $ 4.0      $ 4.5  
  
 
 
     
 
 
     
 
 
  
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 June 30, 2020. 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 June 30, 2020.
The payments for operating leases consist of $1.3 million of current operating lease obligations, which are included in Other Current Liabilities and $3.2 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of June 30, 2020.
Lease Payments ($000’s)
   
Operating
     
Capital
  
Year Ending December 31,
   
Leases
     
Leases
  
Rest of 2020
    $ 795      $ 138  
2021
      1,448        194  
2022
      1,169        130  
2023
      873        88  
2024
      544        33  
2025-2029
      140        —    
  
 
 
     
 
 
  
Total Payments
   
 
4,969
 
   
 
583
 
  
 
 
     
 
 
  
Less: Interest
      436        34  
  
 
 
     
 
 
  
Amount of Lease Obligations Recorded on Consolidated Balance Sheets
   
$
4,533
 
   
$
549