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Debt and Financing Arrangements (Tables)

12 Months Ended

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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