Debt and Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Details on Long Term Debt

Details on long-term debt at December 31, 2021 and 2020 are shown below:

Long-Term Debt (millions)	December 31,
	2021		2020
Unitil Corporation:
6.33% Senior Notes, Due May 1, 2022	$	—	$	15.0
3.70% Senior Notes, Due August 1, 2026		30.0		30.0
3.43% Senior Notes, Due December 18, 2029		30.0		30.0
Unitil Energy First Mortgage Bonds:
8.49% Senior Secured Notes, Due October 14, 2024		1.5		3.0
6.96% Senior Secured Notes, Due September 1, 2028		14.0		16.0
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
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
Fitchburg:
6.75% Senior Notes, Due November 30, 2023		—		1.9
6.79% Senior Notes, Due October 15, 2025		6.0		10.0
3.52% Senior Notes, Due November 1, 2027		10.0		10.0
7.37% Senior Notes, Due January 15, 2029		9.6		10.8
5.90% Senior Notes, Due December 15, 2030		15.0		15.0
7.98% Senior Notes, Due June 1, 2031		14.0		14.0
3.78% Senior Notes, Due September 15, 2040		27.5		27.5
4.32% Senior Notes, Due November 1, 2047		15.0		15.0
Northern Utilities:
3.52% Senior Notes, Due November 1, 2027		20.0		20.0
7.72% Senior Notes, Due December 3, 2038		50.0		50.0
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
Unitil Realty Corp.:
2.64% Senior Secured Notes, Due December 18, 2030		4.5		4.7
Total Long-Term Debt		509.6		535.4
Less: Unamortized Debt Issuance Costs		3.6		3.8
Total Long-Term Debt, net of Unamortized Debt Issuance Costs		506.0		531.6
Less: Current Portion(1)		8.2		8.5
Total Long-Term Debt, Less Current Portion	$	497.8	$	523.1

(1)  The Current Portion of Long-Term Debt includes sinking fund payments.

Fair Value of Long Term Debt

Estimated Fair Value of Long-Term Debt (millions)	December 31,
	2021		2020
Estimated Fair Value of Long-Term Debt	$	584.9	$	633.1

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)
	2021			2020			2019
Interest Expense
Long-Term Debt	$	26.0		$	24.8		$	22.9
Short-Term Debt		0.8			1.4			3.0
Regulatory Liabilities		0.4			0.2			0.7
Subtotal Interest Expense		27.2			26.4			26.6
Interest Income
Regulatory Assets		(0.5	)		(0.8	)		(0.8	)
AFUDC(1) and Other		(1.1	)		(1.8	)		(2.1	)
Subtotal Interest Income		(1.6	)		(2.6	)		(2.9	)
Total Interest Expense, Net	$	25.6		$	23.8		$	23.7

(1)  AFUDC—Allowance for Funds Used During Construction

Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility

The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of December 31, 2021 and December 31, 2020:

Revolving Credit Facility (millions)
	December 31,
	2021		2020
Limit	$	120.0	$	120.0
Short-Term Borrowings Outstanding	$	64.1	$	54.7
Letters of Credit Outstanding	$	—	$	0.1
Available	$	55.9	$	65.2

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, 2021.

			Payments Due by Period
Long-Term Debt Contractual Obligations (millions) as of December 31, 2021	Total		2022		2023		2024		2025		2026		2027 & Beyond
Long-Term Debt	$	509.6	$	8.4	$	6.9	$	6.9	$	5.0	$	38.0	$	444.4
Interest on Long-Term Debt		360.5		24.5		23.9		23.4		22.9		22.6		243.2
Total	$	870.1	$	32.9	$	30.8	$	30.3	$	27.9	$	60.6	$	687.6

Classification of the Company Lease Obligations

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

	December 31,
Lease Obligations (millions)	2021		2020
Operating Lease Obligations:
Other Current Liabilities (current portion)	$	1.6	$	1.5
Other Noncurrent Liabilities (long-term portion)		3.1		3.7
Total Operating Lease Obligations		4.7		5.2
Capital Lease Obligations:
Other Current Liabilities (current portion)		0.1		0.2
Other Noncurrent Liabilities (long-term portion)		0.2		0.2
Total Capital Lease Obligations		0.3		0.4
Total Lease Obligations	$	5.0	$	5.6

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, 2021. The payments for operating leases consist of $1.6 million of current operating lease obligations, which are included in Other Current Liabilities and $3.1 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2021. The payments for capital leases consist of $0.1 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.2 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2021.

Lease Payments ($000’s) Year Ending December 31,	Operating Leases		Capital Leases
2022	$	1,695	$	150
2023		1,399		107
2024		1,069		52
2025		503		19
2026		199		—
2027-2031		121		—
Total Payments		4,986		328
Less: Interest		316		12
Amount of Lease Obligations Recorded on Consolidated Balance Sheets	$	4,670	$	316