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Debt and Financing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2023
Details on Long Term Debt | Details on long-term debt at December 31, 2023 and 2022 are shown below:
|  | December 31, |
Long-Term Debt (millions) |  | 2023 |  |  | 2022 |
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: |  |  |  |  |  |
6.96% Senior Secured Notes, Due September 1, 2028 |  |  | 10.0 |  |  |  | 12.0 |
8.00% Senior Secured Notes, Due May 1, 2031 |  |  | 12.0 |  |  |  | 13.5 |
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 |
3.52% Senior Notes, Due November 1, 2027 |  |  | 10.0 |  |  |  | 10.0 |
7.37% Senior Notes, Due January 15, 2029 |  |  | 7.2 |  |  |  | 8.4 |
5.90% Senior Notes, Due December 15, 2030 |  |  | 15.0 |  |  |  | 15.0 |
7.98% Senior Notes, Due June 1, 2031 |  |  | 14.0 |  |  |  | 14.0 |
5.70% Senior Notes, Due July 2, 2033 |  |  | 12.0 |  |  |  | — |
3.78% Senior Notes, Due September 15, 2040 |  |  | 27.5 |  |  |  | 27.5 |
4.32% Senior Notes, Due November 1, 2047 |  |  | 15.0 |  |  |  | 15.0 |
5.96% Senior Notes, Due July 2, 2053 |  |  | 13.0 |  |  |  | — |
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 |  |  | 4.0 |  |  |  | 4.2 |
Total Long-Term Debt |  |  | 517.2 |  |  |  | 499.1 |
Less: Unamortized Debt Issuance Costs |  |  | 3.2 |  |  |  | 3.3 |
Total Long-Term Debt, net of Unamortized Debt Issuance Costs |  |  | 514.0 |  |  |  | 495.8 |
Less: Current Portion(1) |  |  | 4.9 |  |  |  | 6.7 |
Total Long-Term Debt, Less Current Portion |  | $ | 509.1 |  |  | $ | 489.1 |
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) |  | 2023 |  |  | 2022 |
Estimated Fair Value of Long-Term Debt |  | $ | 470.5 |  |  | $ | 455.3 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Interest Expense |  |  |  |  |  |  |  |  |
Long-Term Debt |  | $ | 24.7 |  |  | $ | 24.7 |  |  | $ | 26.0 |
Short-Term Debt |  |  | 9.2 |  |  |  | 3.0 |  |  |  | 0.8 |
Regulatory Liabilities & Other |  |  | 1.0 |  |  |  | 0.6 |  |  |  | 0.4 |
Subtotal Interest Expense |  |  | 34.9 |  |  |  | 28.3 |  |  |  | 27.2 |
Interest Income |  |  |  |  |  |  |  |  |
Regulatory Assets |  |  | (3.3 | ) |  |  | (1.0 | ) |  |  | (0.5 | )
AFUDC(1) and Other |  |  | (2.9 | ) |  |  | (1.8 | ) |  |  | (1.1 | )
Subtotal Interest Income |  |  | (6.2 | ) |  |  | (2.8 | ) |  |  | (1.6 | )
Total Interest Expense, Net |  | $ | 28.7 |  |  | $ | 25.5 |  |  | $ | 25.6 |
(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, 2023 and December 31, 2022:
|  | December 31, |
Revolving Credit Facility (millions) |  | 2023 |  |  | 2022 |
Limit |  | $ | 200.0 |  |  | $ | 200.0 |
Short-Term Borrowings Outstanding |  | $ | 162.0 |  |  | $ | 116.0 |
Available |  | $ | 38.0 |  |  | $ | 84.0 |
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, 2023.
|  |  |  |  | Payments Due by Period |
Long-Term Debt Contractual Obligations (millions) as of December 31, 2022 |  | Total |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 & Beyond |
Long-Term Debt |  | $ | 517.2 |  |  | $ | 4.9 |  |  | $ | 4.9 |  |  | $ | 37.9 |  |  | $ | 55.7 |  |  | $ | 10.7 |  |  | $ | 403.1 |
Interest on Long-Term Debt |  |  | 342.1 |  |  |  | 24.7 |  |  |  | 24.4 |  |  |  | 24.0 |  |  |  | 22.3 |  |  |  | 19.9 |  |  |  | 226.8 |
Total |  | $ | 859.3 |  |  | $ | 29.6 |  |  | $ | 29.3 |  |  | $ | 61.9 |  |  | $ | 78.0 |  |  | $ | 30.6 |  |  | $ | 629.9 |
Classification of the Company Lease Obligations | The balance sheet classification of the Company’s lease obligations was as follows:
|  | December 31, |
Lease Obligations (millions) |  | 2023 |  |  | 2022 |
Operating Lease Obligations: |  |  |  |  |  |
Operating Lease Obligations (current portion) |  | $ | 1.9 |  |  | $ | 1.5 |
Operating Lease Obligations (long-term portion) |  |  | 3.7 |  |  |  | 2.8 |
Total Operating Lease Obligations |  |  | 5.6 |  |  |  | 4.3 |
Capital Lease Obligations: |  |  |  |  |  |
Other Current Liabilities (current portion) |  |  | 0.1 |  |  |  | 0.1 |
Other Noncurrent Liabilities (long-term portion) |  |  | 0.4 |  |  |  | 0.1 |
Total Capital Lease Obligations |  |  | 0.5 |  |  |  | 0.2 |
Total Lease Obligations |  | $ | 6.1 |  |  | $ | 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, 2023. The payments for operating leases consist of $1.9 million of current operating lease obligations and $3.7 million of noncurrent operating lease obligations on the Company’s Consolidated Balance Sheets as of December 31, 2023. The payments for capital leases consist of $0.1 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.4 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2023.
Lease Payments ($000’s) Year Ending December 31, |  | Operating Leases |  |  | Capital Leases |
2024 |  | $ | 2,063 |  |  | $ | 152 |
2025 |  |  | 1,502 |  |  |  | 120 |
2026 |  |  | 1,171 |  |  |  | 107 |
2027 |  |  | 898 |  |  |  | 104 |
2028 |  |  | 336 |  |  |  | 19 |
2029-2033 |  |  | 84 |  |  |  | — |
Total Payments |  |  | 6,054 |  |  |  | 502 |
Less: Interest |  |  | 493 |  |  |  | 26 |
Amount of Lease Obligations Recorded on Consolidated Balance Sheets |  | $ | 5,561 |  |  | $ | 476 |

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