XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.22.4

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Information | Note 2: Segment Information Unitil reports two segments: utility electric operations and utility gas operations. Unitil previously reported a non-regulated segment. Unitil divested its non-regulated business in the first quarter of 2019. Since 2019 information is no longer presented, the Company has restated prior periods to remove the non-regulated segment as that segment did not have any continuing significance in the periods presented. Unitil’s principal business is the local distribution of electricity in the southeastern seacoast and state capital regions of New Hampshire and the greater Fitchburg area of north central Massachusetts and the local distribution of natural gas in southeastern New Hampshire, portions of southern Maine to the Lewiston-Auburn area and in the greater Fitchburg area of north central Massachusetts. Unitil has three distribution utility subsidiaries, Unitil Energy, which operates in New Hampshire, Fitchburg, which operates in Massachusetts and Northern Utilities, which operates in New Hampshire and Maine. Granite State is an interstate natural gas transmission pipeline company, operating 86 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three major natural gas pipelines and access to domestic natural gas supplies in the south and Canadian natural gas supplies in the north. Granite State derives its revenues principally from the transmission services provided to Northern Utilities and, to a lesser extent, third-party marketers. Granite State is included in the utility gas operations segment. Unitil Service, Unitil Resources, Unitil Realty and the holding company are included in Other. Unitil Service provides centralized management and administrative services, including information systems management and financial record keeping. Unitil Resources is the Company’s wholly-owned non-regulated subsidiary, which currently does not have any activity. Unitil Realty owns certain real estate, principally the Company’s corporate headquarters. The earnings of the holding company are principally derived from income earned on short-term investments and real property owned for Unitil and its subsidiaries’ use. The segments follow the same accounting policies as described in the Summary of Significant Accounting Policies. Intersegment sales take place at cost and the effects of all intersegment and/or intercompany transactions are eliminated in the consolidated financial statements. Segment profit or loss is based on profit or loss from operations after income taxes and preferred stock dividends. Expenses used to determine operating income before taxes are charged directly to each segment or are allocated based on cost allocation factors included in rate applications approved by the FERC, NHPUC, MDPU, and MPUC. Assets allocated to each segment are based upon specific identification of such assets provided by Company records. The following tables provide significant segment financial data for the years ended December 31, 2022, 2021 and 2020 (millions):
Year Ended December 31, 2022 |  | Electric |  |  | Gas |  |  | Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Billed and Unbilled Revenue |  | $ | 290.2 |  |  | $ | 263.3 |  |  | $ | — |  |  | $ | 553.5 |
Rate Adjustment Mechanism Revenue |  |  | 7.7 |  |  |  | 2.0 |  |  |  | — |  |  |  | 9.7 |
Total Operating Revenues |  |  | 297.9 |  |  |  | 265.3 |  |  |  | — |  |  |  | 563.2 |
Interest Income |  |  | 0.9 |  |  |  | 1.0 |  |  |  | 0.9 |  |  |  | 2.8 |
Interest Expense |  |  | 9.1 |  |  |  | 16.8 |  |  |  | 2.4 |  |  |  | 28.3 |
Depreciation & Amortization Expense |  |  | 25.4 |  |  |  | 36.3 |  |  |  | 0.9 |  |  |  | 62.6 |
Income Tax Expense (Benefit) |  |  | 3.1 |  |  |  | 8.2 |  |  |  | (0.1 | ) |  |  | 11.2 |
Segment Profit (Loss) |  |  | 15.7 |  |  |  | 26.5 |  |  |  | (0.8 | ) |  |  | 41.4 |
Segment Assets |  |  | 580.9 |  |  |  | 988.8 |  |  |  | 20.7 |  |  |  | 1,590.4 |
Capital Expenditures |  |  | 33.8 |  |  |  | 87.6 |  |  |  | 0.7 |  |  |  | 122.1 |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Billed and Unbilled Revenue |  | $ | 248.5 |  |  | $ | 217.6 |  |  | $ | — |  |  | $ | 466.1 |
Rate Adjustment Mechanism Revenue |  |  | — |  |  |  | 7.2 |  |  |  | — |  |  |  | 7.2 |
Total Operating Revenues |  |  | 248.5 |  |  |  | 224.8 |  |  |  | — |  |  |  | 473.3 |
Interest Income |  |  | 0.8 |  |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 1.6 |
Interest Expense |  |  | 9.0 |  |  |  | 15.3 |  |  |  | 2.9 |  |  |  | 27.2 |
Depreciation & Amortization Expense |  |  | 25.9 |  |  |  | 32.6 |  |  |  | 1.0 |  |  |  | 59.5 |
Income Tax Expense (Benefit) |  |  | 4.5 |  |  |  | 7.7 |  |  |  | (0.7 | ) |  |  | 11.5 |
Segment Profit (Loss) |  |  | 14.0 |  |  |  | 23.2 |  |  |  | (1.1 | ) |  |  | 36.1 |
Segment Assets |  |  | 584.0 |  |  |  | 935.9 |  |  |  | 20.4 |  |  |  | 1,540.3 |
Capital Expenditures |  |  | 38.1 |  |  |  | 75.8 |  |  |  | 1.1 |  |  |  | 115.0 |
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Billed and Unbilled Revenue |  | $ | 226.7 |  |  | $ | 185.2 |  |  | $ | — |  |  | $ | 411.9 |
Rate Adjustment Mechanism Revenue |  |  | 0.5 |  |  |  | 6.2 |  |  |  | — |  |  |  | 6.7 |
Total Operating Revenues |  |  | 227.2 |  |  |  | 191.4 |  |  |  | — |  |  |  | 418.6 |
Interest Income |  |  | 1.1 |  |  |  | 1.1 |  |  |  | 0.4 |  |  |  | 2.6 |
Interest Expense |  |  | 8.7 |  |  |  | 14.2 |  |  |  | 3.5 |  |  |  | 26.4 |
Depreciation & Amortization Expense |  |  | 23.8 |  |  |  | 29.8 |  |  |  | 0.9 |  |  |  | 54.5 |
Income Tax Expense (Benefit) |  |  | 4.7 |  |  |  | 7.3 |  |  |  | (1.8 | ) |  |  | 10.2 |
Segment Profit |  |  | 12.9 |  |  |  | 19.3 |  |  |  | — |  |  |  | 32.2 |
Segment Assets |  |  | 571.8 |  |  |  | 886.3 |  |  |  | 19.8 |  |  |  | 1,477.9 |
Capital Expenditures |  |  | 45.5 |  |  |  | 71.1 |  |  |  | 6.0 |  |  |  | 122.6 |

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration