QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive office) |
(Zip Code) |
Title of each class |
Trading Symbol |
Name of each exchange of which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
Class |
Outstanding at October 29, 2021 | |
Common Stock, no par value |
Page No. |
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2 |
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Part I. Financial Information |
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Item 1. |
Financial Statements - Unaudited |
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18 |
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19-20 |
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21 |
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22-23 |
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24-51 |
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Item 2. |
3-17 |
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Item 3. |
52 |
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Item 4. |
52 |
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Part II. Other Information |
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Item 1. |
52 |
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Item 1A. |
52 |
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Item 2. |
52 |
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Item 3. |
Defaults Upon Senior Securities |
Inapplicable |
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Item 4. |
Mine Safety Disclosures |
Inapplicable |
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Item 5. |
53 |
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Item 6. |
53-54 |
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55 |
• | the novel coronavirus (COVID-19) pandemic could adversely affect Unitil’s business, financial condition, results of operations and cash flows, including by disrupting the Company’s employees’ and contractors’ ability to provide ongoing services to the Company, by reducing customer demand for electricity or natural gas, or by reducing the supply of electricity or natural gas; |
• | unforeseen or changing circumstances, which could adversely affect the reduction of Company-wide direct greenhouse gas emissions; |
• | the Company’s regulatory and legislative environment (including laws and regulations relating to climate change, greenhouse gas emissions and other environmental matters), could affect the rates the Company is able to charge, the Company’s authorized rate of return, the Company’s ability to recover costs in its rates, the Company’s financial condition, results of operations and cash flows and the scope of the Company’s regulated activities; |
• | fluctuations in the supply of, demand for, and the prices of, gas and electric energy commodities and transmission and transportation capacity and the Company’s ability to recover energy supply costs in its rates; |
• | customers’ preferred energy sources; |
• | severe storms and the Company’s ability to recover storm costs in its rates; |
• | declines in the valuation of capital markets, which could require the Company to make substantial cash contributions to cover its pension obligations, and the Company’s ability to recover pension obligation costs in its rates; |
• | general economic conditions, which could adversely affect (i) the Company’s customers and, consequently, the demand for the Company’s distribution services, (ii) the availability of credit and liquidity resources and (iii) certain of the Company’s counterparty’s obligations (including those of its insurers and lenders); |
• | the Company’s ability to obtain debt or equity financing on acceptable terms; |
• | increases in interest rates, which could increase the Company’s interest expense; |
• | restrictive covenants contained in the terms of the Company’s and its subsidiaries’ indebtedness, which restrict certain aspects of the Company’s business operations; |
• | variations in weather, which could decrease demand for the Company’s distribution services; |
• | long-term global climate change, which could adversely affect customer demand or cause extreme weather events that could disrupt the Company’s electric and gas distribution services; |
• | cyber-attacks, acts of terrorism, acts of war, severe weather, a solar event, an electromagnetic event, a natural disaster, the age and condition of information technology assets, human error, or other reasons could disrupt the Company’s operations and cause the Company to incur unanticipated losses and expense; |
• | outsourcing of services to third parties could expose us to substandard quality of service delivery or substandard deliverables, which may result in missed deadlines or other timeliness issues, non-compliance (including with applicable legal requirements and industry standards) or reputational harm, which could negatively affect our results of operations; |
• | numerous hazards and operating risks relating to the Company’s electric and gas distribution activities, which could result in accidents and other operating risks and costs; |
• | catastrophic events; |
• | the Company’s ability to retain its existing customers and attract new customers; and |
• | increased competition. |
i) | Unitil Energy Systems, Inc. (Unitil Energy), which provides electric service in the southeastern seacoast and state capital regions of New Hampshire, including the capital city of Concord; |
ii) | Fitchburg Gas and Electric Light Company (Fitchburg), which provides both electric and gas service in the greater Fitchburg area of north central Massachusetts; and |
iii) | Northern Utilities, Inc. (Northern Utilities), which provides gas service in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland, which is the largest city in northern New England. |
Three Months Ended September 30, 2021 ($ millions) |
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Gas |
Electric |
Non- Regulated and Other |
Total |
|||||||||||||
Total Operating Revenue |
$ | 32.6 | $ | 65.5 | $ | — | $ | 98.1 | ||||||||
Less: Cost of Sales |
(13.2 | ) | (40.1 | ) | — | (53.3 | ) | |||||||||
Less: Depreciation and Amortization |
(8.1 | ) | (6.5 | ) | (0.2 | ) | (14.8 | ) | ||||||||
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GAAP Gross Margin |
11.3 | 18.9 | (0.2 | ) | 30.0 | |||||||||||
Depreciation and Amortization |
8.1 | 6.5 | 0.2 | 14.8 | ||||||||||||
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Adjusted Gross Margin |
$ | 19.4 | $ | 25.4 | $ | — | $ | 44.8 | ||||||||
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Three Months Ended September 30, 2020 ($ millions) |
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Gas |
Electric |
Non- Regulated and Other |
Total |
|||||||||||||
Total Operating Revenue |
$ | 27.5 | $ | 59.9 | $ | — | $ | 87.4 | ||||||||
Less: Cost of Sales |
(9.5 | ) | (35.4 | ) | — | (44.9 | ) | |||||||||
Less: Depreciation and Amortization |
(7.5 | ) | (6.0 | ) | (0.2 | ) | (13.7 | ) | ||||||||
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GAAP Gross Margin |
10.5 | 18.5 | (0.2 | ) | 28.8 | |||||||||||
Depreciation and Amortization |
7.5 | 6.0 | 0.2 | 13.7 | ||||||||||||
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Adjusted Gross Margin |
$ | 18.0 | $ | 24.5 | $ | — | $ | 42.5 | ||||||||
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Nine Months Ended September 30, 2021 ($ millions) |
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Gas |
Electric |
Non- Regulated and Other |
Total |
|||||||||||||
Total Operating Revenue |
$ | 151.3 | $ | 182.2 | $ | — | $ | 333.5 | ||||||||
Less: Cost of Sales |
(59.1 | ) | (108.8 | ) | — | (167.9 | ) | |||||||||
Less: Depreciation and Amortization |
(24.5 | ) | (19.4 | ) | (0.6 | ) | (44.5 | ) | ||||||||
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GAAP Gross Margin |
67.7 | 54.0 | (0.6 | ) | 121.1 | |||||||||||
Depreciation and Amortization |
24.5 | 19.4 | 0.6 | 44.5 | ||||||||||||
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Adjusted Gross Margin |
$ | 92.2 | $ | 73.4 | $ | — | $ | 165.6 | ||||||||
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Nine Months Ended September 30, 2020 ($ millions) |
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Gas |
Electric |
Non- Regulated and Other |
Total |
|||||||||||||
Total Operating Revenue |
$ | 131.4 | $ | 170.3 | $ | — | $ | 301.7 | ||||||||
Less: Cost of Sales |
(48.1 | ) | (100.3 | ) | — | (148.4 | ) | |||||||||
Less: Depreciation and Amortization |
(22.3 | ) | (17.8 | ) | (0.6 | ) | (40.7 | ) | ||||||||
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GAAP Gross Margin |
61.0 | 52.2 | (0.6 | ) | 112.6 | |||||||||||
Depreciation and Amortization |
22.3 | 17.8 | 0.6 | 40.7 | ||||||||||||
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Adjusted Gross Margin |
$ | 83.3 | $ | 70.0 | $ | — | $ | 153.3 | ||||||||
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Therm Sales (millions) |
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2021 |
2020 | Change | % Change | 2021 |
2020 | Change | % Change | |||||||||||||||||||||||||
Residential |
2.6 |
2.7 | (0.1 | ) | (3.7 | %) | 34.3 |
34.2 | 0.1 | 0.3 | % | |||||||||||||||||||||
Commercial / Industrial |
24.7 |
23.3 | 1.4 | 6.0 | % | 132.7 |
125.9 | 6.8 | 5.4 | % | ||||||||||||||||||||||
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Total |
27.3 |
26.0 | 1.3 | 5.0 | % | 167.0 |
160.1 | 6.9 | 4.3 | % | ||||||||||||||||||||||
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Gas Operating Revenues and Gas Adjusted Gross Margin ($ millions) |
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2021 |
2020 | $ Change | % Change | 2021 |
2020 | $ Change | % Change | |||||||||||||||||||||||||
Gas Operating Revenue: |
||||||||||||||||||||||||||||||||
Residential |
$ |
12.0 |
$ | 10.2 | $ | 1.8 | 17.6 | % | $ |
61.4 |
$ | 54.3 | $ | 7.1 | 13.1 | % | ||||||||||||||||
Commercial / Industrial |
20.6 |
17.3 | 3.3 | 19.1 | % | 89.9 |
77.1 | 12.8 | 16.6 | % | ||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||
Total Gas Operating Revenue |
$ |
32.6 |
$ | 27.5 | $ | 5.1 | 18.5 | % | $ |
151.3 |
$ | 131.4 | $ | 19.9 | 15.1 | % | ||||||||||||||||
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Cost of Gas Sales |
$ |
13.2 |
$ | 9.5 | $ | 3.7 | 38.9 | % | $ |
59.1 |
$ | 48.1 | $ | 11.0 | 22.9 | % | ||||||||||||||||
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Gas Adjusted Gross Margin |
$ |
19.4 |
$ | 18.0 | $ | 1.4 | 7.8 | % | $ |
92.2 |
$ | 83.3 | $ | 8.9 | 10.7 | % | ||||||||||||||||
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kWh Sales (millions) |
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2021 |
2020 | Change | % Change | 2021 |
2020 | Change | % Change | |||||||||||||||||||||||||
Residential |
199.7 |
207.0 | (7.3 | ) | (3.5 | %) | 541.4 |
539.4 | 2.0 | 0.4 | % | |||||||||||||||||||||
Commercial / Industrial |
258.7 |
250.4 | 8.3 | 3.3 | % | 714.6 |
692.4 | 22.2 | 3.2 | % | ||||||||||||||||||||||
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Total |
458.4 |
457.4 | 1.0 | 0.2 | % | 1,256.0 |
1,231.8 | 24.2 | 2.0 | % | ||||||||||||||||||||||
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Electric Operating Revenues and Electric Adjusted Gross Margin ($ millions) |
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2021 |
2020 | $ Change | % Change | 2021 |
2020 | $ Change | % Change | |||||||||||||||||||||||||
Electric Operating Revenue: |
||||||||||||||||||||||||||||||||
Residential |
$ |
37.6 |
$ | 36.1 | $ | 1.5 | 4.2 | % | $ |
105.3 |
$ | 102.3 | $ | 3.0 | 2.9 | % | ||||||||||||||||
Commercial / Industrial |
27.9 |
23.8 | 4.1 | 17.2 | % | 76.9 |
68.0 | 8.9 | 13.1 | % | ||||||||||||||||||||||
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Total Electric Operating Revenue |
$ |
65.5 |
$ | 59.9 | $ | 5.6 | 9.3 | % | $ |
182.2 |
$ | 170.3 | $ | 11.9 | 7.0 | % | ||||||||||||||||
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Cost of Electric Sales |
$ |
40.1 |
$ | 35.4 | $ | 4.7 | 13.3 | % | $ |
108.8 |
$ | 100.3 | $ | 8.5 | 8.5 | % | ||||||||||||||||
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Electric Adjusted Gross Margin |
$ |
25.4 |
$ | 24.5 | $ | 0.9 | 3.7 | % | $ |
73.4 |
$ | 70.0 | $ | 3.4 | 4.9 | % | ||||||||||||||||
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Interest Expense, Net ($ millions) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
2021 |
2020 | Change | 2021 |
2020 | Change | |||||||||||||||||||
Interest Expense |
||||||||||||||||||||||||
Long-term Debt |
$ |
6.5 |
$ | 6.0 | $ | 0.5 | $ |
19.8 |
$ | 18.1 | $ | 1.7 | ||||||||||||
Short-term Debt |
0.2 |
0.3 | (0.1 | ) | 0.5 |
1.3 | (0.8 | ) | ||||||||||||||||
Regulatory Liabilities |
0.1 |
0.1 | — | 0.3 |
0.2 | 0.1 | ||||||||||||||||||
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Subtotal Interest Expense |
6.8 |
6.4 | 0.4 | 20.6 |
19.6 | 1.0 | ||||||||||||||||||
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Interest (Income) |
||||||||||||||||||||||||
Regulatory Assets |
— |
(0.2 | ) | 0.2 | (0.4 |
) |
(0.6 | ) | 0.2 | |||||||||||||||
AFUDC (1) and Other |
(0.3 |
) |
(0.6 | ) | 0.3 | (0.7 |
) |
(1.3 | ) | 0.6 | ||||||||||||||
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Subtotal Interest (Income) |
(0.3 |
) |
(0.8 | ) | 0.5 | (1.1 |
) |
(1.9 | ) | 0.8 | ||||||||||||||
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Total Interest Expense, Net |
$ |
6.5 |
$ | 5.6 | $ | 0.9 | $ |
19.5 |
$ | 17.7 | $ | 1.8 | ||||||||||||
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(1) |
AFUDC – Allowance for Funds Used During Construction. |
Revolving Credit Facility ($ millions) |
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September 30, |
December 31, | |||||||||||
2021 |
2020 | 2020 | ||||||||||
Limit |
$ |
120.0 |
$ | 120.0 | $ | 120.0 | ||||||
Short-Term Borrowings Outstanding |
30.5 |
17.3 | 54.7 | |||||||||
Letter of Credit Outstanding |
— |
0.1 | 0.1 | |||||||||
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Available |
$ |
89.5 |
$ | 102.6 | $ | 65.2 | ||||||
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Employees Covered |
CBA Expiration |
|||||||
Fitchburg |
44 | 05/31/2022 | ||||||
Northern Utilities NH Division |
36 | 06/07/2025 | ||||||
Northern Utilities ME Division |
36 | 03/31/2026 | ||||||
Granite State |
4 | 03/31/2026 | ||||||
Unitil Energy |
40 | 05/31/2023 | ||||||
Unitil Service |
5 | 05/31/2023 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2021 |
2020 | 2021 |
2020 | |||||||||||||
Operating Revenues |
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Gas |
$ |
$ | $ |
$ | ||||||||||||
Electric |
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Total Operating Revenues |
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Operating Expenses |
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Cost of Gas Sales |
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Cost of Electric Sales |
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Operation and Maintenance |
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Depreciation and Amortization |
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Taxes Other Than Income Taxes |
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Total Operating Expenses |
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Operating Income |
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Interest Expense, Net |
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Other Expense (Income), Net |
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Income (Loss) Before Income Taxes |
( |
) |
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Provision (Benefit) for Income Taxes |
( |
) |
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Net Income |
$ |
$ | $ |
$ | ||||||||||||
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Net Income Per Common Share (Basic and Diluted) |
$ |
$ | $ |
$ | ||||||||||||
Weighted Average Common Shares Outstanding – (Basic and Diluted) |
September 30, |
December 31, | |||||||||||
2021 |
2020 | 2020 | ||||||||||
ASSETS: |
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Current Assets |
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Cash and Cash Equivalents |
$ |
$ | $ | |||||||||
Accounts Receivable, Net |
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Accrued Revenue |
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Exchange Gas Receivable |
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Gas Inventory |
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Materials and Supplies |
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Prepayments and Other |
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Total Current Assets |
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Utility Plant: |
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Gas |
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Electric |
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Common |
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Construction Work in Progress |
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Utility Plant |
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Less: Accumulated Depreciation |
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Net Utility Plant |
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Other Noncurrent Assets: |
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Regulatory Assets |
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Operating Lease Right of Use Assets |
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Other Assets |
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Total Other Noncurrent Assets |
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TOTAL ASSETS |
$ |
$ | $ | |||||||||
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September 30, |
December 31, | |||||||||||
2021 |
2020 | 2020 | ||||||||||
LIABILITIES AND CAPITALIZATION: |
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Current Liabilities: |
||||||||||||
Accounts Payable |
$ |
$ | $ | |||||||||
Short-Term Debt |
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Long-Term Debt, Current Portion |
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Regulatory Liabilities |
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Energy Supply Obligations |
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Interest Payable |
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Environmental Obligations |
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Other Current Liabilities |
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Total Current Liabilities |
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Noncurrent Liabilities: |
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Retirement Benefit Obligations |
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Deferred Income Taxes, net |
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Cost of Removal Obligations |
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Regulatory Liabilities |
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Environmental Obligations |
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Other Noncurrent Liabilities |
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Total Noncurrent Liabilities |
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Capitalization: |
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Long-Term Debt, Less Current Portion |
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Stockholders’ Equity: |
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Common Equity (Authorized: |
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Retained Earnings |
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Total Common Stock Equity |
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Preferred Stock |
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Total Stockholders’ Equity |
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Total Capitalization |
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Commitments and Contingencies (Notes 6 & 7) |
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TOTAL LIABILITIES AND CAPITALIZATION |
$ |
$ | $ | |||||||||
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|
Nine Months Ended September 30, |
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2021 |
2020 | |||||||
Operating Activities: |
||||||||
Net Income |
$ |
$ | |
|||||
Adjustments to Reconcile Net Income to Cash |
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Provided by Operating Activities: |
||||||||
Depreciation and Amortization |
||||||||
Deferred Tax Provision |
||||||||
Changes in Working Capital Items: |
||||||||
Accounts Receivable |
||||||||
Accrued Revenue |
||||||||
Exchange Gas Receivable |
( |
) |
( |
) | ||||
Regulatory Liabilities |
||||||||
Accounts Payable |
( |
) |
( |
) | ||||
Other Changes in Working Capital Items |
||||||||
Deferred Regulatory and Other Charges |
( |
) |
||||||
Other, net |
( |
) | ||||||
|
|
|
|
|||||
Cash Provided by Operating Activities |
||||||||
|
|
|
|
|||||
Investing Activities: |
||||||||
Property, Plant and Equipment Additions |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Cash (Used in) Investing Activities |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Financing Activities: |
||||||||
Repayment of Short-Term Debt, net |
( |
) |
( |
) | ||||
Repayment of Long-Term Debt |
( |
) |
( |
) | ||||
Issuance of Long-Term Debt |
— |
|||||||
Long-Term Debt Issuance Costs |
— |
( |
) | |||||
Net Increase in Exchange Gas Financing |
||||||||
Decrease in Capital Lease Obligations |
( |
) |
— | |||||
Dividends Paid |
( |
) |
( |
) | ||||
Proceeds from Issuance of Common Stock |
||||||||
|
|
|
|
|||||
Cash (Used in) Provided by Financing Activities |
( |
) |
||||||
|
|
|
|
|||||
Net Increase in Cash and Cash Equivalents |
||||||||
Cash and Cash Equivalents at Beginning of Period |
||||||||
|
|
|
|
|||||
Cash and Cash Equivalents at End of Period |
$ |
$ | ||||||
|
|
|
|
|||||
Supplemental Cash Flow Information: |
||||||||
Interest Paid |
$ |
$ | ||||||
Income Taxes Paid |
$ |
$ | ||||||
Payments on Capital Leases |
$ |
$ | ||||||
Non-cash Investing Activity: |
||||||||
Capital Expenditures Included in Accounts Payable |
$ |
$ | ||||||
Right-of-Use |
$ |
$ |
Common Equity |
Retained Earnings |
Total |
||||||||||
Three Months Ended September 30, 2021 |
||||||||||||
Balance at July 1, 2021 |
$ | $ | |
$ |
||||||||
Net Income |
— |
— |
||||||||||
Dividends on Common Shares ($ |
( |
) |
( |
) | ||||||||
Stock Compensation Plans |
||||||||||||
Issuance of |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at September 30, 2021 |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Three Months Ended September 30, 2020 |
||||||||||||
Balance at July 1, 2020 |
$ | $ | $ |
|||||||||
Net Income |
||||||||||||
Dividends on Common Shares ($ |
( |
) | ( |
) | ||||||||
Stock Compensation Plans |
||||||||||||
Issuance of |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at September 30, 2020 |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
Common Equity |
Retained Earnings |
Total | ||||||||||
Nine Months Ended September 30, 2021 |
||||||||||||
Balance at January 1, 2021 |
$ | $ | |
$ |
||||||||
Net Income |
||||||||||||
Dividends on Common Shares ($ |
( |
) | ( |
) | ||||||||
Stock Compensation Plans |
||||||||||||
Issuance of |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at September 30, 2021 |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Nine Months Ended September 30, 2020 |
||||||||||||
Balance at January 1, 2020 |
$ | $ | $ |
|||||||||
Net Income |
||||||||||||
Dividends on Common Shares ($ |
( |
) | ( |
) | ||||||||
Stock Compensation Plans |
||||||||||||
Issuance of |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at September 30, 2020 |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
Three Months Ended September 30, 2021 |
||||||||||||
Gas and Electric Operating Revenues ($ millions): |
Gas |
Electric |
Total |
|||||||||
Billed and Unbilled Revenue: |
||||||||||||
Residential |
$ | $ | $ | |||||||||
C&I |
||||||||||||
Other |
||||||||||||
|
|
|
|
|
|
|||||||
Total Billed and Unbilled Revenue |
||||||||||||
Rate Adjustment Mechanism Revenue |
||||||||||||
|
|
|
|
|
|
|||||||
Total Gas and Electric Operating Revenues |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Three Months Ended September 30, 2020 |
||||||||||||
Gas and Electric Operating Revenues ($ millions): |
Gas |
Electric |
Total |
|||||||||
Billed and Unbilled Revenue: |
||||||||||||
Residential |
$ | $ | $ | |||||||||
C&I |
||||||||||||
Other |
||||||||||||
|
|
|
|
|
|
|||||||
Total Billed and Unbilled Revenue |
||||||||||||
Rate Adjustment Mechanism Revenue |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Total Gas and Electric Operating Revenues |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Nine Months Ended September 30, 2021 |
||||||||||||
Gas and Electric Operating Revenues ($ millions): |
Gas |
Electric |
Total |
|||||||||
Billed and Unbilled Revenue: |
||||||||||||
Residential |
$ | $ | $ | |||||||||
C&I |
||||||||||||
Other |
||||||||||||
|
|
|
|
|
|
|||||||
Total Billed and Unbilled Revenue |
||||||||||||
Rate Adjustment Mechanism Revenue |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total Gas and Electric Operating Revenues |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Nine Months Ended September 30, 2020 |
||||||||||||
Gas and Electric Operating Revenues ($ millions): |
Gas |
Electric |
Total |
|||||||||
Billed and Unbilled Revenue: |
||||||||||||
Residential |
$ | $ | $ | |||||||||
C&I |
||||||||||||
Other |
||||||||||||
|
|
|
|
|
|
|||||||
Total Billed and Unbilled Revenue |
||||||||||||
Rate Adjustment Mechanism Revenue |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total Gas and Electric Operating Revenues |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
($ millions) |
||||||||||||
September 30, |
December 31, |
|||||||||||
2021 |
2020 |
2020 |
||||||||||
Allowance for Doubtful Accounts |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
September 30, |
December 31, |
|||||||||||
Accrued Revenue ($ millions) |
2021 |
2020 |
2020 |
|||||||||
Regulatory Assets – Current |
$ |
$ |
$ |
|||||||||
Unbilled Revenues |
||||||||||||
|
|
|
|
|
|
|||||||
Total Accrued Revenue |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
September 30, |
December 31, |
|||||||||||
Exchange Gas Receivable ($ millions) |
2021 |
2020 |
2020 |
|||||||||
Northern Utilities |
$ |
$ |
$ |
|||||||||
Fitchburg |
||||||||||||
|
|
|
|
|
|
|||||||
Total Exchange Gas Receivable |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
September 30, |
December 31, | |||||||||||
Gas Inventory ($ millions) |
2021 |
2020 | 2020 | |||||||||
Natural Gas |
$ |
$ | |
$ | |
|||||||
Propane |
||||||||||||
Liquefied Natural Gas & Other |
||||||||||||
|
|
|
|
|
|
|||||||
Total Gas Inventory |
$ |
$ | $ | |||||||||
|
|
|
|
|
|
September 30, |
December 31, |
|||||||||||
Regulatory Assets consist of the following ($ millions) |
2021 |
2020 |
2020 |
|||||||||
Retirement Benefits |
$ |
$ |
$ |
|||||||||
Energy Supply & Other Rate Adjustment Mechanisms |
||||||||||||
Deferred Storm Charges |
||||||||||||
Environmental |
||||||||||||
Income Taxes |
||||||||||||
Other Deferred Charges |
||||||||||||
Total Regulatory Assets |
$ |
$ |
$ |
|||||||||
Less: Current Portion of Regulatory Assets (1) |
||||||||||||
Regulatory Assets – noncurrent |
$ |
$ |
$ |
|||||||||
(1) |
Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets. |
September 30, |
December 31, |
|||||||||||
Regulatory Liabilities consist of the following ($ millions) |
2021 |
2020 |
2020 |
|||||||||
Income Taxes (Note 8) |
$ |
$ |
$ |
|||||||||
Rate Adjustment Mechanisms |
||||||||||||
Other |
||||||||||||
Total Regulatory Liabilities |
$ |
$ |
$ |
|||||||||
Less: Current Portion of Regulatory Liabilities |
||||||||||||
Regulatory Liabilities - noncurrent |
$ |
$ |
$ |
|||||||||
September 30, |
December 31, | |||||||||||
Fair Value of Marketable Securities ($ millions) |
2021 |
2020 | 2020 | |||||||||
Money Market Fund |
$ |
$ | |
$ | |
|||||||
Total Marketable Securities |
$ |
$ | $ | |||||||||
September 30, |
December 31, | |||||||||||
Fair Value of Marketable Securities ($ millions) |
2021 |
2020 | 2020 | |||||||||
Equity Funds |
$ |
$ | |
$ | |
|||||||
Money Market Funds |
||||||||||||
Total Marketable Securities |
$ |
$ | $ | |||||||||
September 30, |
December 31, | |||||||||||
Energy Supply Obligations ($ millions) |
2021 |
2020 | 2020 | |||||||||
Exchange Gas Obligation |
$ |
$ | $ | |||||||||
Renewable Energy Portfolio Standards |
||||||||||||
Power Supply Contract Divestitures |
||||||||||||
|
|
|
|
|
|
|||||||
Total Energy Supply Obligations |
$ |
$ | $ | |
||||||||
|
|
|
|
|
|
Declaration Date |
Date Paid (Payable) |
Shareholder of Record Date |
Dividend Amount | |||
$ | ||||||
$ | ||||||
$ | ||||||
$ | ||||||
$ | ||||||
$ | ||||||
$ | ||||||
$ |
Gas |
Electric |
Non- Regulated |
Other |
Total |
||||||||||||||||
Three Months Ended Sept. 30, 2021 ($ millions) |
||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Billed and Unbilled Revenue |
$ |
$ |
$ |
— |
$ |
— |
$ |
|||||||||||||
Rate Adjustment Mechanism Revenue |
— |
— |
||||||||||||||||||
Other Operating Revenue – Non-Regulated |
— |
— |
— |
|||||||||||||||||
Total Operating Revenues |
$ |
$ |
$ |
— |
$ |
— |
$ |
|||||||||||||
Segment Profit (Loss) |
( |
) |
— |
( |
) |
|||||||||||||||
Capital Expenditures |
— |
|||||||||||||||||||
Three Months Ended Sept. 30, 2020 ($ millions) |
||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Billed and Unbilled Revenue |
$ | $ | $ | — | $ | — | $ | |
||||||||||||
Rate Adjustment Mechanism Revenue |
( |
) | — | — | ||||||||||||||||
Other Operating Revenue – Non-Regulated |
— | — | — | |||||||||||||||||
Total Operating Revenues |
$ | $ | $ | — | $ | — | $ | |
||||||||||||
Segment Profit (Loss) |
( |
) | — | ( |
) | |||||||||||||||
Capital Expenditures |
— | |||||||||||||||||||
Nine Months Ended Sept. 30, 2021 ($ millions) |
||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Billed and Unbilled Revenue |
$ |
$ |
$ |
— |
$ |
— |
$ |
|||||||||||||
Rate Adjustment Mechanism Revenue |
( |
) |
( |
) |
— |
— |
( |
) | ||||||||||||
Other Operating Revenue – Non-Regulated |
— |
— |
— |
|||||||||||||||||
Total Operating Revenues |
$ |
$ |
$ |
— |
$ |
— |
$ |
|||||||||||||
Segment Profit (Loss) |
( |
) |
||||||||||||||||||
Capital Expenditures |
— |
|||||||||||||||||||
Segment Assets |
— |
|||||||||||||||||||
Nine Months Ended Sept. 30, 2020 ($ millions) |
||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Billed and Unbilled Revenue |
$ | $ | $ | — | $ | — | $ | |
||||||||||||
Rate Adjustment Mechanism Revenue |
( |
) | — | — | ( |
) | ||||||||||||||
Other Operating Revenue – Non-Regulated |
— | — | — | |||||||||||||||||
Total Operating Revenues |
$ | $ | $ | — | $ | — | $ | |
||||||||||||
Segment Profit |
— | ( |
) | |||||||||||||||||
Capital Expenditures |
— | |||||||||||||||||||
Segment Assets |
— |
($ millions) |
September 30, |
December 31, | ||||||||||
2021 |
2020 | 2020 | ||||||||||
Unitil Corporation: |
||||||||||||
$ |
$ | $ | ||||||||||
Unitil Energy First Mortgage Bonds: |
||||||||||||
Fitchburg: |
||||||||||||
— |
||||||||||||
Northern Utilities: |
||||||||||||
Granite State: |
||||||||||||
Unitil Realty Corp.: |
||||||||||||
— | ||||||||||||
Total Long-Term Debt |
||||||||||||
Less: Unamortized Debt Issuance Costs |
||||||||||||
Total Long-Term Debt, net of Unamortized Debt Issuance Costs |
||||||||||||
Less: Current Portion |
||||||||||||
Total Long-term Debt, Less Current Portion |
$ |
$ | $ | |||||||||
($ millions) |
September 30, |
December 31, | ||||||||||
2021 |
2020 | 2020 | ||||||||||
Estimated Fair Value of Long-Term Debt |
$ |
$ | |
$ | |
|||||||
Revolving Credit Facility ($ millions) |
||||||||||||
September 30, |
December 31, | |||||||||||
2021 |
2020 | 2020 | ||||||||||
Limit |
$ |
$ | $ | |
||||||||
Short-Term Borrowings Outstanding |
||||||||||||
Letter of Credit Outstanding |
— |
|||||||||||
Available |
$ |
$ | |
$ | ||||||||
September 30, |
December 31, | |||||||||||
Lease Obligations ($ millions) |
2021 |
2020 | 2020 | |||||||||
Operating Lease Obligations: |
||||||||||||
Other Current Liabilities (current portion) |
$ |
$ | |
$ | |
|||||||
Other Noncurrent Liabilities (long-term portion) |
||||||||||||
|
|
|
|
|
|
|||||||
Total Operating Lease Obligations |
$ |
$ | $ | |||||||||
|
|
|
|
|
|
|||||||
Capital Lease Obligations: |
||||||||||||
Other Current Liabilities (current portion) |
$ |
$ | $ | |||||||||
Other Noncurrent Liabilities (long-term portion) |
||||||||||||
|
|
|
|
|
|
|||||||
Total Capital Lease Obligations |
$ |
$ | $ | |||||||||
|
|
|
|
|
|
|||||||
Total Lease Obligations |
$ |
$ | $ | |||||||||
|
|
|
|
|
|
Lease Payments ($000’s) Year Ending December 31, |
Operating Leases |
Capital Leases |
||||||
Rest of 2021 |
$ | $ | ||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
2025 |
||||||||
2026-2030 |
||||||||
|
|
|
|
|||||
Total Payments |
||||||||
|
|
|
|
|||||
Less: Interest |
||||||||
|
|
|
|
|||||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets |
$ |
$ |
||||||
|
|
|
|
Restricted Stock Units (Equity Portion) |
Units | Weighted Average Stock Price |
|||||||
Restricted Stock Units as of December 31, 2020 |
$ | |||||||
Restricted Stock Units Granted |
||||||||
Dividend Equivalents Earned |
$ | |||||||
Restricted Stock Units Settled |
||||||||
|
|
|||||||
Restricted Stock Units as of September 30, 2021 |
$ | |
||||||
|
|
Environmental Obligations ($ millions) |
||||||||
September 30, |
||||||||
2021 |
2020 |
|||||||
Total Balance at Beginning of Period |
$ |
$ |
||||||
Additions |
||||||||
Less: Payments / Reductions |
||||||||
|
|
|
|
|||||
Total Balance at End of Period |
||||||||
|
|
|
|
|||||
Less: Current Portion |
||||||||
|
|
|
|
|||||
Noncurrent Balance at End of Period |
$ |
$ |
||||||
|
|
|
|
Nine Months Ended September 30 |
||||||||
2021 |
2020 |
|||||||
Statutory Federal Income Tax Rate |
% |
% | ||||||
Income Tax Effects of: |
||||||||
State Income Taxes, net |
||||||||
Utility Plant Differences |
( |
) |
( |
) | ||||
Other, net |
||||||||
|
|
|
|
|||||
Effective Income Tax Rate |
% |
% | ||||||
|
|
|
|
Used to Determine Plan Costs |
2021 |
2020 | ||||||
Discount Rate |
% |
% | ||||||
Rate of Compensation Increase |
% |
% | ||||||
Expected Long-term rate of return on plan assets |
% |
% | ||||||
Health Care Cost Trend Rate Assumed for Next Year |
% |
% | ||||||
Ultimate Health Care Cost Trend Rate |
% |
% | ||||||
Year that Ultimate Health Care Cost Trend Rate is reached |
Pension Plan |
PBOP Plan |
SERP |
||||||||||||||||||||||
Three Months Ended September 30, |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
||||||||||||||||||
Service Cost |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Interest Cost |
||||||||||||||||||||||||
Expected Return on Plan Assets |
( |
) |
( |
) |
( |
) |
( |
) |
— |
— |
||||||||||||||
Prior Service Cost Amortization |
||||||||||||||||||||||||
Actuarial Loss Amortization |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Sub-total |
||||||||||||||||||||||||
Amounts Capitalized and Deferred |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Periodic Benefit Cost Recognized |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan |
PBOP Plan |
SERP |
||||||||||||||||||||||
Nine Months Ended September 30, |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Service Cost |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Interest Cost |
||||||||||||||||||||||||
Expected Return on Plan Assets |
( |
) |
( |
) |
( |
) |
( |
) |
— |
— |
||||||||||||||
Prior Service Cost Amortization |
||||||||||||||||||||||||
Actuarial Loss Amortization |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Sub-total |
||||||||||||||||||||||||
Amounts Capitalized and Deferred |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Periodic Benefit Cost Recognized |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Total Number of Shares Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
|||||||||||||
7/1/21 – 7/31/21 |
— |
— |
— |
$ |
808 |
|||||||||||
8/1/21 – 8/31/21 |
— |
— |
— |
$ |
350,500 |
|||||||||||
9/1/21 – 9/30/21 |
— |
— |
— |
$ |
350,500 |
|||||||||||
|
|
|
|
|||||||||||||
Total |
— |
— |
— |
|||||||||||||
|
|
|
|
Exhibit No. |
Description of Exhibit |
Reference | ||
1.1 |
Exhibit 1.1 to Form 8-K dated August 3, 2021 (File No. 1-8858) | |||
11 |
Filed herewith | |||
31.1 |
Filed herewith | |||
31.2 |
Filed herewith | |||
31.3 |
Filed herewith | |||
32.1 |
Filed herewith | |||
99.1 |
Furnished herewith |
101.INS | Inline XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith | ||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed herewith | ||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith | ||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Filed herewith | ||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith | ||
104 | Cover Page Interactive Data File – The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | Filed herewith |
UNITIL CORPORATION | ||||||
(Registrant) | ||||||
Date: November 2, 2021 | /s/ Robert B. Hevert | |||||
Robert B. Hevert | ||||||
Chief Financial Officer |
Date: November 2, 2021 | /s/ Daniel J. Hurstak | |||||
Daniel J. Hurstak | ||||||
Chief Accounting Officer |