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Debt and Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Details on Long Term Debt

Details on long-term debt at December 31, 2020 and 2019 are shown below:

Long-Term Debt (millions)		December 31,
		2020				2019
Unitil Corporation:
6.33% Senior Notes, Due May 1, 2022		$	15.0			$	20.0
3.70% Senior Notes, Due August 1, 2026			30.0				30.0
3.43% Senior Notes, Due December 18, 2029			30.0				30.0
Unitil Energy First Mortgage Bonds:
5.24% Senior Secured Notes, Due March 2, 2020			—				5.0
8.49% Senior Secured Notes, Due October 14, 2024			3.0				4.5
6.96% Senior Secured Notes, Due September 1, 2028			16.0				18.0
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
3.58% Senior Secured Notes, Due September 15, 2040			27.5				—
4.18% Senior Secured Notes, Due November 30, 2048			30.0				30.0
Fitchburg:
6.75% Senior Notes, Due November 30, 2023			1.9				3.8
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			10.8				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
3.78% Senior Notes, Due September 15, 2040			27.5				—
4.32% Senior Notes, Due November 1, 2047			15.0				15.0
Northern Utilities:
5.29% Senior Notes, Due March 2, 2020			—				8.2
3.52% Senior Notes, Due November 1, 2027			20.0				20.0
7.72% Senior Notes, Due December 3, 2038			50.0				50.0
3.78% Senior Notes, Due September 15, 2040			40.0				—
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				40.0
Granite State:
3.72% Senior Notes, Due November 1, 2027			15.0				15.0
Unitil Realty Corp.:
2.64% Senior Secured Notes, Due December 18, 2030			4.7				—
Total Long-Term Debt			535.4				460.5
Less: Unamortized Debt Issuance Costs			3.8				3.5
Total Long-Term Debt, net of Unamortized Debt Issuance Costs			531.6				457.0
Less: Current Portion(1)			8.5				19.5
Total Long-Term Debt, Less Current Portion		$	523.1			$	437.5

(1)  The Current Portion of Long-Term Debt includes sinking fund payments.

Fair Value of Long Term Debt

Estimated Fair Value of Long-Term Debt (millions)		December 31,
		2020				2019
Estimated Fair Value of Long-Term Debt		$	633.1			$	518.7

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)
		2020				2019				2018
Interest Expense
Long-Term Debt		$	24.8			$	22.9			$	23.1
Short-Term Debt			1.4				3.0				2.6
Regulatory Liabilities			0.2				0.7				0.7
Subtotal Interest Expense			26.4				26.6				26.4
Interest Income
Regulatory Assets			(0.8	)			(0.8	)			(0.8	)
AFUDC(1) and Other			(1.8	)			(2.1	)			(1.6	)
Subtotal Interest Income			(2.6	)			(2.9	)			(2.4	)
Total Interest Expense, Net		$	23.8			$	23.7			$	24.0

(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, 2020 and December 31, 2019:

Revolving Credit Facility (millions)
		December 31,
		2020				2019
Limit		$	120.0			$	120.0
Short-Term Borrowings Outstanding		$	54.7			$	58.6
Letters of Credit Outstanding		$	0.1			$	0.1
Available		$	65.2			$	61.3

Summary of Company's Contractual Obligations for Log-term Debt

The following table lists the Company’s contractual obligations for long-term debt as of December 31, 2020.

						Payments Due by Period
Long-Term Debt Contractual Obligations (millions) as of December 31, 2020		Total				2021				2022				2023				2024				2025				2026 & Beyond
Long-Term Debt		$	535.4			$	8.8			$	23.4			$	6.9			$	7.0			$	7.0			$	482.3
Interest on Long-Term Debt			387.8				26.3				25.1				24.0				23.5				23.1				265.8
Total		$	923.2			$	35.1			$	48.5			$	30.9			$	30.5			$	30.1			$	748.1

Classification of the Company Lease Obligations

The balance sheet classification of the Company’s lease obligations was as follows:

		December 31,
Lease Obligations (millions)		2020				2019
Operating Lease Obligations:
Other Current Liabilities (current portion)		$	1.5			$	1.2
Other Noncurrent Liabilities (long-term portion)			3.7				2.8
Total Operating Lease Obligations			5.2				4.0
Capital Lease Obligations:
Other Current Liabilities (current portion)			0.2				0.2
Other Noncurrent Liabilities (long-term portion)			0.2				0.3
Total Capital Lease Obligations			0.4				0.5
Total Lease Obligations		$	5.6			$	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 December 31, 2020. The payments for capital leases consist of $0.2 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.2 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2020.

The payments for operating leases consist of $1.5 million of current operating lease obligations, which are included in Other Current Liabilities and $3.7 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2020.

Lease Payments ($000’s) Year Ending December 31,		Operating Leases				Capital Leases
2021		$	1,746			$	193
2022			1,468				130
2023			1,172				88
2024			842				33
2025			276				—
2026-2030			149				—
Total Payments			5,653				444
Less: Interest			443				20
Amount of Lease Obligations Recorded on Consolidated Balance Sheets		$	5,210			$	424

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