XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Information | note 3 - Segment Information The Company’s Chief Operating Decision Maker (CODM), consists of the Company’s Chairman and Chief Executive Officer, President and Chief Administrative Officer, Chief Financial Officer, and Chief Accounting Officer. These individuals assess financial performance and make decisions, including the allocation of resources to the various operating segments, based on meeting with the managers of each segment and through their review of reports and analyses that are regularly provided to the CODM. The CODM uses Net Income Applicable to Common Shares for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. Unitil reports two operating and reportable segments: utility electric operations and utility gas operations. 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, the greater Bangor area of central Maine and in the greater Fitchburg area of north central Massachusetts. Unitil has four distribution utility subsidiaries, Unitil Energy, which operates in New Hampshire, Fitchburg, which operates in Massachusetts, Northern Utilities, which operates in New Hampshire and Maine and Bangor, which operates in Maine. Unitil Energy and the electric division of Fitchburg are included in the electric segment. Northern Utilities, Bangor and the gas division of Fitchburg are included in the gas segment. Unitil Energy, Fitchburg, Northern Utilities and Bangor have a well-diversified customer mix and are not dependent on a single customer, or a few customers, for their electric and natural gas sales. Granite State is an interstate natural gas transmission pipeline company, operating 85 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 (the holding company), and Unitil Resources are included in the “Other” category (ASC 280-10-50-15). The holding company has no operating income of its own. The earnings of the holding company are principally derived from income earned on short-term investments. Unitil Resources is the Company’s wholly-owned non-regulated subsidiary and currently does not have any activity. Unitil Service provides centralized management and administrative services, including information systems management and financial record keeping, to support the affiliated Unitil companies. Unitil Realty owns certain real estate, principally the Company’s corporate headquarters in Hampton, New Hampshire and land for future use in Kingston, New Hampshire. Unitil Service’s and Unitil Realty’s costs are allocated to the Electric and Gas segments based on cost allocation factors. The segments follow the same accounting policies as described in the Summary of Significant Accounting Policies. Intrasegment sales take place at cost and the effects of all intrasegment and/or intercompany transactions are eliminated in the consolidated financial statements. Segment profit or loss is based on Net Income Applicable to Common Shares. 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 table provides significant segment financial data for the three months ended March 31, 2025 and March 31, 2024.
|  | Electric |  |  | Gas |  |  | Total Reportable Segments |  |  | Other |  |  | Total |
Three Months Ended March 31, 2025 (millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Operating Revenues |  | $ | 60.2 |  |  | $ | 110.6 |  |  | $ | 170.8 |  |  | $ | — |  |  | $ | 170.8 |
Energy Supply Costs |  |  | 32.7 |  |  |  | 39.7 |  |  |  | 72.4 |  |  |  | — |  |  |  | 72.4 |
Operation and Maintenance |  |  | 9.5 |  |  |  | 12.1 |  |  |  | 21.6 |  |  |  | 1.0 |  |  |  | 22.6 |
Depreciation and Amortization |  |  | 7.9 |  |  |  | 13.8 |  |  |  | 21.7 |  |  |  | — |  |  |  | 21.7 |
Other Segment Expenses (Income) |  |  | 3.2 |  |  |  | 4.8 |  |  |  | 8.0 |  |  |  | — |  |  |  | 8.0 |
Interest Income |  |  | (0.8 | ) |  |  | (0.8 | ) |  |  | (1.6 | ) |  |  | — |  |  |  | (1.6 | )
Interest Expense |  |  | 3.4 |  |  |  | 6.1 |  |  |  | 9.5 |  |  |  | 1.2 |  |  |  | 10.7 |
Provision for Income Taxes |  |  | 0.7 |  |  |  | 9.4 |  |  |  | 10.1 |  |  |  | (0.6 | ) |  |  | 9.5 |
Net Income Attributable to Common Shares |  |  | 3.6 |  |  |  | 25.5 |  |  |  | 29.1 |  |  |  | (1.6 | ) |  |  | 27.5 |
Segment Assets |  |  | 669.6 |  |  |  | 1,188.5 |  |  |  | 1,858.1 |  |  |  | 32.6 |  |  |  | 1,890.7 |
Capital Expenditures |  |  | 21.2 |  |  |  | 11.4 |  |  |  | 32.6 |  |  |  | — |  |  |  | 32.6 |
Three Months Ended March 31, 2024 (millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Operating Revenues |  | $ | 73.6 |  |  | $ | 105.1 |  |  |  | 178.7 |  |  | $ | — |  |  | $ | 178.7 |
Energy Supply Costs |  |  | 46.5 |  |  |  | 44.1 |  |  |  | 90.6 |  |  |  | — |  |  |  | 90.6 |
Operation and Maintenance |  |  | 8.4 |  |  |  | 9.8 |  |  |  | 18.2 |  |  |  | — |  |  |  | 18.2 |
Depreciation and Amortization |  |  | 7.0 |  |  |  | 10.8 |  |  |  | 17.8 |  |  |  | 0.2 |  |  |  | 18.0 |
Other Segment Expenses (Income) |  |  | 3.3 |  |  |  | 4.7 |  |  |  | 8.0 |  |  |  | — |  |  |  | 8.0 |
Interest Income |  |  | (0.8 | ) |  |  | (0.9 | ) |  |  | (1.7 | ) |  |  | (0.3 | ) |  |  | (2.0 | )
Interest Expense |  |  | 3.1 |  |  |  | 6.0 |  |  |  | 9.1 |  |  |  | 0.2 |  |  |  | 9.3 |
Provision for Income Taxes |  |  | 1.2 |  |  |  | 8.2 |  |  |  | 9.4 |  |  |  | — |  |  |  | 9.4 |
Net Income Attributable to Common Shares |  |  | 4.9 |  |  |  | 22.4 |  |  |  | 27.3 |  |  |  | (0.1 | ) |  |  | 27.2 |
Segment Assets |  |  | 625.5 |  |  |  | 1,043.7 |  |  |  | 1,669.2 |  |  |  | 28.7 |  |  |  | 1,697.9 |
Capital Expenditures |  |  | 8.7 |  |  |  | 10.7 |  |  |  | 19.4 |  |  |  | 0.8 |  |  |  | 20.2 |

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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration