Debt and Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value of Long Term Debt

Estimated Fair Value of Long-Term Debt (millions)	December 31,
	2017		2016
Estimated Fair Value of Long-Term Debt	$	457.1	$	370.3

Details on Long Term Debt

Details on long-term debt at December 31, 2017 and 2016 are shown below:

Long-Term Debt (millions)	December 31,
	2017		2016
Unitil Corporation:
6.33% Senior Notes, Due May 1, 2022	$	20.0	$	20.0
3.70% Senior Notes, Due August 1, 2026		30.0		30.0
Unitil Energy First Mortgage Bonds:
5.24% Senior Secured Notes, Due March 2, 2020		15.0		15.0
8.49% Senior Secured Notes, Due October 14, 2024		7.5		9.0
6.96% Senior Secured Notes, Due September 1, 2028		20.0		20.0
8.00% Senior Secured Notes, Due May 1, 2031		15.0		15.0
6.32% Senior Secured Notes, Due September 15, 2036		15.0		15.0
Fitchburg:
6.75% Senior Notes, Due November 30, 2023		7.6		9.5
6.79% Senior Notes, Due October 15, 2025		10.0		10.0
3.52% Senior Notes, Due November 1, 2027		10.0		—
7.37% Senior Notes, Due January 15, 2029		12.0		12.0
5.90% Senior Notes, Due December 15, 2030		15.0		15.0
7.98% Senior Notes, Due June 1, 2031		14.0		14.0
4.32% Senior Notes, Due November 1, 2047		15.0		—
Northern Utilities:
6.95% Senior Notes, Due December 3, 2018		10.0		20.0
5.29% Senior Notes, Due March 2, 2020		25.0		25.0
3.52% Senior Notes, Due November 1, 2027		20.0		—
7.72% Senior Notes, Due December 3, 2038		50.0		50.0
4.42% Senior Notes, Due October 15, 2044		50.0		50.0
4.32% Senior Notes, Due November 1, 2047		30.0		—
Granite State:
7.15% Senior Notes, Due December 15, 2018		3.3		6.7
3.72% Senior Notes, Due November 1, 2027		15.0		—
Unitil Realty Corp.:
8.00% Senior Secured Notes, Due August 1, 2017		—		0.4
Total Long-Term Debt		409.4		336.6
Less: Unamortized Debt Issuance Costs		3.3		3.0
Total Long-Term Debt, net of Unamortized Debt Issuance Costs		406.1		333.6
Less: Current Portion		29.8		16.8
Total Long-Term Debt, Less Current Portion	$	376.3	$	316.8

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)
	2017			2016			2015
Interest Expense
Long-Term Debt	$	21.8		$	21.8		$	22.0
Short-Term Debt		2.5			1.4			0.9
Regulatory Liabilities		1.2			0.5			0.9
Subtotal Interest Expense		25.5			23.7			23.8
Interest Income
Regulatory Assets		(0.7	)		(0.3	)		(0.7	)
AFUDC(1) and Other		(1.7	)		(0.9	)		(1.2	)
Subtotal Interest Income		(2.4	)		(1.2	)		(1.9	)
Total Interest Expense, net	$	23.1		$	22.5		$	21.9

⁽¹⁾  AFUDC—Allowance for Funds Used During Construction

Borrowing Limits Amounts Outstanding and Amounts Available under Revolving Credit Facility

The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of December 31, 2017 and December 31, 2016:

Revolving Credit Facility (millions)
	December 31,
	2017		2016
Limit	$	120.0	$	120.0
Short-Term Borrowings Outstanding	$	38.3	$	81.9
Letters of Credit Outstanding	$	—	$	1.1
Available	$	81.7	$	37.0

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, 2017. The payments for capital leases consist of $3.1 million of current Capital Lease Obligations and $5.7 million of noncurrent Capital Lease Obligations on the Company’s Consolidated Balance Sheets as of December 31, 2017. $2.7 million of the current Capital Lease Obligations and $5.1 million of the noncurrent Capital Lease Obligations reflect amounts under a financing arrangement entered into in April 2014 for various information systems and technology equipment. The financing arrangement is structured as a capital lease obligation.

Year Ending December 31, (000’s)	Operating Leases		Capital Leases
2018	$	1,351	$	3,087
2019		1,013		3,054
2020		842		2,496
2021		672		98
2022		397		14
2023 – 2027		220		—
Total Payments	$	4,495	$	8,749