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v3.22.4

Debt and Financing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2022
Details on Long Term Debt | Details on long-term debt at December 31, 2022 and 2021 are shown below:
|  | December 31, |
Long-Term Debt (millions) |  | 2022 |  |  | 2021 |
Unitil Corporation: |  |  |  |  |  |
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: |  |  |  |  |  |
8.49% Senior Secured Notes, Due October 14, 2024 |  |  | — |  |  |  | 1.5 |
6.96% Senior Secured Notes, Due September 1, 2028 |  |  | 12.0 |  |  |  | 14.0 |
8.00% Senior Secured Notes, Due May 1, 2031 |  |  | 13.5 |  |  |  | 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 |  |  |  | 27.5 |
4.18% Senior Secured Notes, Due November 30, 2048 |  |  | 30.0 |  |  |  | 30.0 |
Fitchburg: |  |  |  |  |  |
6.79% Senior Notes, Due October 15, 2025 |  |  | 2.0 |  |  |  | 6.0 |
3.52% Senior Notes, Due November 1, 2027 |  |  | 10.0 |  |  |  | 10.0 |
7.37% Senior Notes, Due January 15, 2029 |  |  | 8.4 |  |  |  | 9.6 |
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 |  |  |  | 27.5 |
4.32% Senior Notes, Due November 1, 2047 |  |  | 15.0 |  |  |  | 15.0 |
Northern Utilities: |  |  |  |  |  |
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 |  |  |  | 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 |  |  | 4.2 |  |  |  | 4.5 |
Total Long-Term Debt |  |  | 499.1 |  |  |  | 509.6 |
Less: Unamortized Debt Issuance Costs |  |  | 3.3 |  |  |  | 3.6 |
Total Long-Term Debt, net of Unamortized Debt Issuance Costs |  |  | 495.8 |  |  |  | 506.0 |
Less: Current Portion(1) |  |  | 6.7 |  |  |  | 8.2 |
Total Long-Term Debt, Less Current Portion |  | $ | 489.1 |  |  | $ | 497.8 |
The Current Portion of Long-Term Debt includes sinking fund payments.
Fair Value of Long Term Debt |
|  | December 31, |
Estimated Fair Value of Long-Term Debt (millions) |  | 2022 |  |  | 2021 |
Estimated Fair Value of Long-Term Debt |  | $ | 455.3 |  |  | $ | 584.9 |
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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Interest Expense |  |  |  |  |  |  |  |  |
Long-Term Debt |  | $ | 24.7 |  |  | $ | 26.0 |  |  | $ | 24.8 |
Short-Term Debt |  |  | 3.0 |  |  |  | 0.8 |  |  |  | 1.4 |
Regulatory Liabilities |  |  | 0.6 |  |  |  | 0.4 |  |  |  | 0.2 |
Subtotal Interest Expense |  |  | 28.3 |  |  |  | 27.2 |  |  |  | 26.4 |
Interest Income |  |  |  |  |  |  |  |  |
Regulatory Assets |  |  | (1.0 | ) |  |  | (0.5 | ) |  |  | (0.8 | )
AFUDC(1) and Other |  |  | (1.8 | ) |  |  | (1.1 | ) |  |  | (1.8 | )
Subtotal Interest Income |  |  | (2.8 | ) |  |  | (1.6 | ) |  |  | (2.6 | )
Total Interest Expense, Net |  | $ | 25.5 |  |  | $ | 25.6 |  |  | $ | 23.8 |
(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, 2022 and December 31, 2021:
|  | December 31, |
Revolving Credit Facility (millions) |  | 2022 |  |  | 2021 |
Limit |  | $ | 200.0 |  |  | $ | 120.0 |
Short-Term Borrowings Outstanding |  | $ | 116.0 |  |  | $ | 64.1 |
Available |  | $ | 84.0 |  |  | $ | 55.9 |
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, 2022.
|  |  |  |  | Payments Due by Period |
Long-Term Debt Contractual Obligations (millions) as of December 31, 2022 |  | Total |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 & Beyond |
Long-Term Debt |  | $ | 499.1 |  |  | $ | 6.9 |  |  | $ | 4.9 |  |  | $ | 4.9 |  |  | $ | 37.9 |  |  | $ | 55.7 |  |  | $ | 388.8 |
Interest on Long-Term Debt |  |  | 335.7 |  |  |  | 23.8 |  |  |  | 23.3 |  |  |  | 22.9 |  |  |  | 22.5 |  |  |  | 20.8 |  |  |  | 222.4 |
Total |  | $ | 834.8 |  |  | $ | 30.7 |  |  | $ | 28.2 |  |  | $ | 27.8 |  |  | $ | 60.4 |  |  | $ | 76.5 |  |  | $ | 611.2 |
Classification of the Company Lease Obligations | The balance sheet classification of the Company’s lease obligations was as follows:
|  | December 31, |
Lease Obligations (millions) |  | 2022 |  |  | 2021 |
Operating Lease Obligations: |  |  |  |  |  |
Other Current Liabilities (current portion) |  | $ | 1.5 |  |  | $ | 1.6 |
Other Noncurrent Liabilities (long-term portion) |  |  | 2.8 |  |  |  | 3.1 |
Total Operating Lease Obligations |  |  | 4.3 |  |  |  | 4.7 |
Capital Lease Obligations: |  |  |  |  |  |
Other Current Liabilities (current portion) |  |  | 0.1 |  |  |  | 0.1 |
Other Noncurrent Liabilities (long-term portion) |  |  | 0.1 |  |  |  | 0.2 |
Total Capital Lease Obligations |  |  | 0.2 |  |  |  | 0.3 |
Total Lease Obligations |  | $ | 4.5 |  |  | $ | 5.0 |
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, 2022. The payments for operating leases consist of $1.5 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, 2022. The payments for capital leases consist of $0.1 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.1 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2022.
Lease Payments ($000’s) Year Ending December 31, |  | Operating Leases |  |  | Capital Leases |
2023 |  | $ | 1,676 |  |  | $ | 114 |
2024 |  |  | 1,354 |  |  |  | 59 |
2025 |  |  | 783 |  |  |  | 26 |
2026 |  |  | 483 |  |  |  | 6 |
2027 |  |  | 206 |  |  |  | 3 |
2028-2032 |  |  | 104 |  |  |  | — |
Total Payments |  |  | 4,606 |  |  |  | 208 |
Less: Interest |  |  | 293 |  |  |  | 4 |
Amount of Lease Obligations Recorded on Consolidated Balance Sheets |  | $ | 4,313 |  |  | $ | 204 |

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