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Debt and Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2024

Details on Long Term Debt

Details on long-term debt at December 31, 2024 and 2023 are shown below:

		December 31,
Long-Term Debt (millions)		2024				2023
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
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
8.00% Senior Secured Notes, Due May 1, 2031			10.5				12.0
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
5.69% Senior Secured Notes, Due August 21, 2054			40.0				—
Fitchburg:
3.52% Senior Notes, Due November 1, 2027			10.0				10.0
7.37% Senior Notes, Due January 15, 2029			6.0				7.2
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				12.0
5.54% Senior Notes, Due August 21, 2034			12.5				—
3.78% Senior Notes, Due September 15, 2040			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
5.96% Senior Notes, Due July 2, 2053			13.0				13.0
Northern Utilities:
3.52% Senior Notes, Due November 1, 2027			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
5.74% Senior Notes, Due August 21, 2039			15.0				—
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
5.74% Senior Notes, Due August 21, 2034			10.0				—
Unitil Realty Corp.:
2.64% Senior Secured Notes, Due December 18, 2030			3.8				4.0
Total Long-Term Debt			647.3				517.2
Less: Unamortized Debt Issuance Costs			4.0				3.2
Total Long-Term Debt, net of Unamortized Debt Issuance Costs			643.3				514.0
Less: Current Portion(1)			4.9				4.9
Total Long-Term Debt, Less Current Portion		$	638.4			$	509.1

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)		2024				2023
Estimated Fair Value of Long-Term Debt		$	598.9			$	470.5

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)		2024				2023				2022
Interest Expense
Long-Term Debt		$	27.8			$	24.7			$	24.7
Short-Term Debt			8.4				9.2				3.0
Regulatory Liabilities & Other			1.5				1.0				0.6
Subtotal Interest Expense			37.7				34.9				28.3
Interest Income
Regulatory Assets			(4.1	)			(3.3	)			(1.0	)
AFUDC(1) and Other			(4.3	)			(2.9	)			(1.8	)
Subtotal Interest Income			(8.4	)			(6.2	)			(2.8	)
Total Interest Expense, Net		$	29.3			$	28.7			$	25.5

(1)AFUDC—Allowance for Funds Used During Construction

Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility

		December 31,
Revolving Credit Facility (millions)		2024				2023
Limit		$	200.0			$	200.0
Short-Term Borrowings Outstanding		$	105.8			$	162.0
Available		$	94.2			$	38.0

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, 2024.

						Payments Due by Period
Long-Term Debt Contractual Obligations (millions) as of December 31, 2024		Total				2025				2026				2027				2028				2029				2030 & Beyond
Long-Term Debt		$	647.3			$	4.9			$	37.9			$	55.7			$	10.8			$	43.8			$	494.2
Interest on Long-Term Debt			452.0				32.1				31.8				30.0				27.6				26.9				303.6
Total		$	1,099.3			$	37.0			$	69.7			$	85.7			$	38.4			$	70.7			$	797.8

Classification of the Company Lease Obligations

The balance sheet classification of the Company’s lease obligations was as follows:

		December 31,
Lease Obligations (millions)		2024				2023
Operating Lease Obligations:
Operating Lease Obligations (current portion)		$	1.8			$	1.9
Operating Lease Obligations (long-term portion)			4.9				3.7
Total Operating Lease Obligations			6.7				5.6
Capital Lease Obligations:
Other Current Liabilities (current portion)			0.1				0.1
Other Noncurrent Liabilities (long-term portion)			0.4				0.4
Total Capital Lease Obligations			0.5				0.5
Total Lease Obligations		$	7.2			$	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 obligations and future minimum lease payments under capital leases as of December 31, 2024. The payments for operating leases consist of $1.8 million of current operating lease obligations and $4.9 million of noncurrent operating lease obligations on the Company’s Consolidated Balance Sheets as of December 31, 2024. The payments for capital leases consist of $0.1 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.4 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2024.

Lease Payments ($000’s) Year Ending December 31,		Operating Leases				Capital Leases
2025		$	2,137			$	154
2026			1,819				145
2027			1,519				131
2028			958				45
2029			628				22
2030-2034			404				—
Total Payments			7,465				497
Less: Interest			788				41
Amount of Lease Obligations Recorded on Consolidated Balance Sheets		$	6,677			$	456

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