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v3.24.3

Debt and Financing Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2024
Details on Long Term Debt | Details on long-term debt at September 30, 2024, September 30, 2023 and December 31, 2023 are shown below.
(millions) |  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2023 |
Unitil Corporation: |  |  |  |  |  |  |  |  |
3.70% Senior Notes, Due August 1, 2026 |  | $ | 30.0 |  |  | $ | 30.0 |  |  | $ | 30.0 |
3.43% Senior Notes, Due December 18, 2029 |  |  | 30.0 |  |  |  | 30.0 |  |  |  | 30.0 |
5.99% Senior Notes, Due August 21, 2034 |  |  | 20.0 |  |  |  | — |  |  |  | — |
Unitil Energy First Mortgage Bonds: |  |  |  |  |  |  |  |  |
6.96% Senior Secured Notes, Due September 1, 2028 |  |  | 8.0 |  |  |  | 10.0 |  |  |  | 10.0 |
8.00% Senior Secured Notes, Due May 1, 2031 |  |  | 10.5 |  |  |  | 12.0 |  |  |  | 12.0 |
6.32% Senior Secured Notes, Due September 15, 2036 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
3.58% Senior Secured Notes, Due September 15, 2040 |  |  | 27.5 |  |  |  | 27.5 |  |  |  | 27.5 |
4.18% Senior Secured Notes, Due November 30, 2048 |  |  | 30.0 |  |  |  | 30.0 |  |  |  | 30.0 |
5.69% Senior Secured Notes, Due August 21, 2054 |  |  | 40.0 |  |  |  | — |  |  |  | — |
Fitchburg: |  |  |  |  |  |  |  |  |
6.79% Senior Notes, Due October 15, 2025 |  |  | — |  |  |  | 2.0 |  |  |  | — |
3.52% Senior Notes, Due November 1, 2027 |  |  | 10.0 |  |  |  | 10.0 |  |  |  | 10.0 |
7.37% Senior Notes, Due January 15, 2029 |  |  | 6.0 |  |  |  | 7.2 |  |  |  | 7.2 |
5.90% Senior Notes, Due December 15, 2030 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
7.98% Senior Notes, Due June 1, 2031 |  |  | 14.0 |  |  |  | 14.0 |  |  |  | 14.0 |
5.70% Senior Notes, Due July 2, 2033 |  |  | 12.0 |  |  |  | 12.0 |  |  |  | 12.0 |
5.54% Senior Notes, Due August 21, 2034 |  |  | 12.5 |  |  |  | — |  |  |  | — |
3.78% Senior Notes, Due September 15, 2040 |  |  | 27.5 |  |  |  | 27.5 |  |  |  | 27.5 |
5.99% Senior Notes, Due August 21, 2044 |  |  | 12.5 |  |  |  | — |  |  |  | — |
4.32% Senior Notes, Due November 1, 2047 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
5.96% Senior Notes, Due July 2, 2053 |  |  | 13.0 |  |  |  | 13.0 |  |  |  | 13.0 |
Northern Utilities: |  |  |  |  |  |  |  |  |
3.52% Senior Notes, Due November 1, 2027 |  |  | 20.0 |  |  |  | 20.0 |  |  |  | 20.0 |
5.54% Senior Notes, Due August 21, 2034 |  |  | 25.0 |  |  |  | — |  |  |  | — |
7.72% Senior Notes, Due December 3, 2038 |  |  | 50.0 |  |  |  | 50.0 |  |  |  | 50.0 |
5.74% Senior Notes, Due August 21, 2039 |  |  | 15.0 |  |  |  | — |  |  |  | — |
3.78% Senior Notes, Due September 15, 2040 |  |  | 40.0 |  |  |  | 40.0 |  |  |  | 40.0 |
4.42% Senior Notes, Due October 15, 2044 |  |  | 50.0 |  |  |  | 50.0 |  |  |  | 50.0 |
4.32% Senior Notes, Due November 1, 2047 |  |  | 30.0 |  |  |  | 30.0 |  |  |  | 30.0 |
4.04% Senior Notes, Due September 12, 2049 |  |  | 40.0 |  |  |  | 40.0 |  |  |  | 40.0 |
Granite State: |  |  |  |  |  |  |  |  |
3.72% Senior Notes, Due November 1, 2027 |  |  | 15.0 |  |  |  | 15.0 |  |  |  | 15.0 |
5.74% Senior Notes, Due August 21, 2034 |  |  | 10.0 |  |  |  | — |  |  |  | — |
Unitil Realty Corp.: |  |  |  |  |  |  |  |  |
2.64% Senior Secured Notes, Due December 18, 2030 |  |  | 3.8 |  |  |  | 4.1 |  |  |  | 4.0 |
Total Long-Term Debt |  |  | 647.3 |  |  |  | 519.3 |  |  |  | 517.2 |
Less: Unamortized Debt Issuance Costs |  |  | 4.0 |  |  |  | 3.3 |  |  |  | 3.2 |
Total Long-Term Debt, net of Unamortized Debt Issuance Costs |  |  | 643.3 |  |  |  | 516.0 |  |  |  | 514.0 |
Less: Current Portion |  |  | 4.9 |  |  |  | 7.0 |  |  |  | 4.9 |
Total Long-term Debt, Less Current Portion |  | $ | 638.4 |  |  | $ | 509.0 |  |  | $ | 509.1 |
Fair Value of Long Term Debt |
(millions) |  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2023 |
Estimated Fair Value of Long-Term Debt |  | $ | 617.9 |  |  | $ | 453.5 |  |  | $ | 470.5 |
Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility | The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of September 30, 2024, September 30, 2023 and December 31, 2023:
|  | Revolving Credit Facility (millions) |
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2023 |
Limit |  | $ | 200.0 |  |  | $ | 200.0 |  |  | $ | 200.0 |
Short-Term Borrowings Outstanding |  |  | 64.3 |  |  |  | 129.5 |  |  |  | 162.0 |
Available |  | $ | 135.7 |  |  | $ | 70.5 |  |  | $ | 38.0 |
Classification of the Company Lease Obligations | The balance sheet classification of the Company’s lease obligations was as follows:
|  | September 30, |  |  | December 31, |
Lease Obligations (millions) |  | 2024 |  |  | 2023 |  |  | 2023 |
Operating Lease Obligations: |  |  |  |  |  |  |  |  |
Other Current Liabilities (current portion) |  | $ | 1.6 |  |  | $ | 1.8 |  |  | $ | 1.9 |
Other Noncurrent Liabilities (long-term portion) |  |  | 3.0 |  |  |  | 3.7 |  |  |  | 3.7 |
Total Operating Lease Obligations |  |  | 4.6 |  |  |  | 5.5 |  |  |  | 5.6 |
Capital Lease Obligations: |  |  |  |  |  |  |  |  |
Other Current Liabilities (current portion) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Other Noncurrent Liabilities (long-term portion) |  |  | 0.3 |  |  |  | 0.4 |  |  |  | 0.4 |
Total Capital Lease Obligations |  |  | 0.4 |  |  |  | 0.5 |  |  |  | 0.5 |
Total Lease Obligations |  | $ | 5.0 |  |  | $ | 6.0 |  |  | $ | 6.1 |
Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases | The following table is a schedule of future operating lease payment obli gations and future minimum lease payments under capital leases as of September 30, 2024. The payments for operating leases consist of $1.6 million of current operating lease obligations, which are included in Other Current Liabilities and $3.0 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of September 30, 2024. The payments for capital leases consist of $0.1 million of current capital lease obligations, which are included in Other Current Liabilities and $0.3 million of noncurrent capital lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of September 30, 2024.
Lease Payments ($000’s) |  | Operating |  |  | Capital |
Year Ending December 31, |  | Leases |  |  | Leases |
Rest of 2024 |  | $ | 1,250 |  |  | $ | 99 |
2025 |  |  | 1,228 |  |  |  | 99 |
2026 |  |  | 913 |  |  |  | 86 |
2027 |  |  | 982 |  |  |  | 104 |
2028 |  |  | 420 |  |  |  | 19 |
2029 - 2033 |  |  | 223 |  |  |  | — |
Total Payments |  |  | 5,016 |  |  |  | 407 |
Less: Interest |  |  | 401 |  |  |  | 30 |
Amount of Lease Obligations Recorded on Consolidated Balance Sheets |  | $ | 4,615 |  |  | $ | 377 |

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