Debt and Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2023

Details on Long Term Debt

Details on long-term debt at September 30, 2023, September 30, 2022 and December 31, 2022 are shown below.

(millions)	September 30,				December 31,
	2023		2022		2022
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
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		10.0		12.0		12.0
8.00% Senior Secured Notes, Due May 1, 2031		12.0		13.5		13.5
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
Fitchburg:
6.79% Senior Notes, Due October 15, 2025		2.0		6.0		2.0
3.52% Senior Notes, Due November 1, 2027		10.0		10.0		10.0
7.37% Senior Notes, Due January 15, 2029		7.2		8.4		8.4
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		—		—
3.78% Senior Notes, Due September 15, 2040		27.5		27.5		27.5
4.32% Senior Notes, Due November 1, 2047		15.0		15.0		15.0
5.96% Senior Notes, Due July 2, 2053		13.0		—		—
Northern Utilities:
3.52% Senior Notes, Due November 1, 2027		20.0		20.0		20.0
7.72% Senior Notes, Due December 3, 2038		50.0		50.0		50.0
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
Unitil Realty Corp.:
2.64% Senior Secured Notes, Due December 18, 2030		4.1		4.3		4.2
Total Long-Term Debt		519.3		504.7		499.1
Less: Unamortized Debt Issuance Costs		3.3		3.4		3.3
Total Long-Term Debt, net of Unamortized Debt Issuance    Costs		516.0		501.3		495.8
Less: Current Portion		7.0		8.2		6.7
Total Long-term Debt, Less Current Portion	$	509.0	$	493.1	$	489.1

Fair Value of Long Term Debt

(millions)	September 30,				December 31,
	2023		2022		2022
Estimated Fair Value of Long-Term Debt	$	453.5	$	458.3	$	455.3

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, 2023, September 30, 2022 and December 31, 2022:

	Revolving Credit Facility (millions)
	September 30,				December 31,
	2023		2022		2022
Limit	$	200.0	$	200.0	$	200.0
Short-Term Borrowings Outstanding		129.5		72.0		116.0
Available	$	70.5	$	128.0	$	84.0

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)	2023		2022		2022
Operating Lease Obligations:
Other Current Liabilities (current portion)	$	1.8	$	1.6	$	1.5
Other Noncurrent Liabilities (long-term portion)		3.7		3.0		2.8
Total Operating Lease Obligations		5.5		4.6		4.3
Capital Lease Obligations:
Other Current Liabilities (current portion)		0.1		0.1		0.1
Other Noncurrent Liabilities (long-term portion)		0.4		0.1		0.1
Total Capital Lease Obligations		0.5		0.2		0.2
Total Lease Obligations	$	6.0	$	4.8	$	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 September 30, 2023. The payments for operating leases consist of $1.8 million of current operating lease obligations, which are included in Other Current Liabilities and $3.7 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of September 30, 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 September 30, 2023.

Lease Payments ($000’s)	Operating		Capital
Year Ending December 31,	Leases		Leases
Rest of 2023	$	545	$	38
2024		1,941		152
2025		1,360		120
2026		1,053		107
2027		777		104
2028 - 2032		320		19
Total Payments		5,996		540
Less: Interest		490		31
Amount of Lease Obligations Recorded on Consolidated    Balance Sheets	$	5,506	$	509