☒ | 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 |
New Hampshire | 02-0381573 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
6 Liberty Lane West, Hampton, New Hampshire | 03842-1720 | |
(Address of principal executive office) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange of which registered | ||
Common Stock, no par value | UTL | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||
Emerging growth company | ☐ |
Class | Outstanding at July | |
Common Stock, |
Page No. | ||||||||||
2 | ||||||||||
Part I. Financial Information | ||||||||||
Item 1. | ||||||||||
21 | ||||||||||
24 | ||||||||||
25-26 | ||||||||||
Item 2. | ||||||||||
Item 3. | 53 | |||||||||
Item 4. | ||||||||||
Part II. Other Information | ||||||||||
Item 1. | 54 | |||||||||
Item 1A. | 54 | |||||||||
Item 2. | 54 | |||||||||
Item 3. | Inapplicable | |||||||||
Item 4. | Inapplicable | |||||||||
Item 5. | 55 | |||||||||
Item 6. | ||||||||||
57 |
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 |
ii) | Fitchburg Gas and Electric Light Company (Fitchburg), which provides both electric and |
iii) | Northern Utilities, Inc. (Northern Utilities), which provides |
Three Months Ended June 30, 2020 | ||||||||||||||||
Gas | Electric | Non-Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 33.7 | $ | 50.2 | $ | — | $ | 83.9 | ||||||||
Less: Cost of Sales | (10.8 | ) | (27.8 | ) | — | (38.6 | ) | |||||||||
Less: Depreciation and Amortization | (7.4 | ) | (5.9 | ) | (0.2 | ) | (13.5 | ) | ||||||||
GAAP Gross Margin | 15.5 | 16.5 | (0.2 | ) | 31.8 | |||||||||||
Depreciation and Amortization | 7.4 | 5.9 | 0.2 | 13.5 | ||||||||||||
Adjusted Gross Margin | $ | 22.9 | $ | 22.4 | $ | — | $ | 45.3 | ||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||
Gas | Electric | Non-Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 32.6 | $ | 51.8 | $ | — | $ | 84.4 | ||||||||
Less: Cost of Sales | (9.3 | ) | (29.4 | ) | — | (38.7 | ) | |||||||||
Less: Depreciation and Amortization | (6.9 | ) | (5.3 | ) | (0.2 | ) | (12.4 | ) | ||||||||
GAAP Gross Margin | 16.4 | 17.1 | (0.2 | ) | 33.3 | |||||||||||
Depreciation and Amortization | 6.9 | 5.3 | 0.2 | 12.4 | ||||||||||||
Adjusted Gross Margin | $ | 23.3 | $ | 22.4 | $ | — | $ | 45.7 | ||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||
Gas | Electric | Non-Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 103.9 | $ | 110.4 | $ | — | $ | 214.3 | ||||||||
Less: Cost of Sales | (38.6 | ) | (64.9 | ) | — | (103.5 | ) | |||||||||
Less: Depreciation and Amortization | (14.8 | ) | (11.8 | ) | (0.4 | ) | (27.0 | ) | ||||||||
GAAP Gross Margin | 50.5 | 33.7 | (0.4 | ) | 83.8 | |||||||||||
Depreciation and Amortization | 14.8 | 11.8 | 0.4 | 27.0 | ||||||||||||
Adjusted Gross Margin | $ | 65.3 | $ | 45.5 | $ | — | $ | 110.8 | ||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||
Gas | Electric | Non-Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 119.0 | $ | 116.6 | $ | 0.9 | $ | 236.5 | ||||||||
Less: Cost of Sales | (52.2 | ) | (71.1 | ) | — | (123.3 | ) | |||||||||
Less: Depreciation and Amortization | (14.3 | ) | (11.4 | ) | (0.5 | ) | (26.2 | ) | ||||||||
GAAP Gross Margin | 52.5 | 34.1 | 0.4 | 87.0 | ||||||||||||
Depreciation and Amortization | 14.3 | 11.4 | 0.5 | 26.2 | ||||||||||||
Adjusted Gross Margin | $ | 66.8 | $ | 45.5 | $ | 0.9 | $ | 113.2 | ||||||||
Therm Sales (millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2019 | 2018 | Change | % Change | |||||||||||||||||||||||||
Residential | 9.6 | 9.6 | — | — | 33.6 | 33.4 | 0.2 | 0.6 | % | |||||||||||||||||||||||
Commercial / Industrial | 39.2 | 38.1 | 1.1 | 2.9 | % | 111.3 | 108.4 | 2.9 | 2.7 | % | ||||||||||||||||||||||
Total | 48.8 | 47.7 | 1.1 | 2.3 | % | 144.9 | 141.8 | 3.1 | 2.2 | % | ||||||||||||||||||||||
Therm Sales | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | % Change | 2020 | 2019 | Change | % Change | |||||||||||||||||||||||||
Residential | 9.4 | 9.6 | (0.2 | ) | (2.1 | %) | 31.5 | 33.6 | (2.1 | ) | (6.3 | %) | ||||||||||||||||||||
Commercial / Industrial | 35.0 | 39.2 | (4.2 | ) | (10.7 | %) | 102.6 | 111.3 | (8.7 | ) | (7.8 | %) | ||||||||||||||||||||
Total | 44.4 | 48.8 | (4.4 | ) | (9.0 | %) | 134.1 | 144.9 | (10.8 | ) | (7.5 | %) | ||||||||||||||||||||
Gas Operating Revenues and Sales Margin (millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||||||
Gas Operating Revenue: | ||||||||||||||||||||||||||||||||
Residential | $ | 13.1 | $ | 13.9 | $ | (0.8 | ) | (5.8 | %) | $ | 48.9 | $ | 49.7 | $ | (0.8 | ) | (1.6 | %) | ||||||||||||||
Commercial / Industrial | 19.5 | 20.8 | (1.3 | ) | (6.3 | %) | 70.1 | 72.0 | (1.9 | ) | (2.6 | %) | ||||||||||||||||||||
Total Gas Operating Revenue | $ | 32.6 | $ | 34.7 | $ | (2.1 | ) | (6.1 | %) | $ | 119.0 | $ | 121.7 | $ | (2.7 | ) | (2.2 | %) | ||||||||||||||
Cost of Gas Sales | $ | 9.3 | $ | 11.8 | $ | (2.5 | ) | (21.2 | %) | $ | 52.2 | $ | 58.9 | $ | (6.7 | ) | (11.4 | %) | ||||||||||||||
Gas Sales Margin | $ | 23.3 | $ | 22.9 | $ | 0.4 | 1.7 | % | $ | 66.8 | $ | 62.8 | $ | 4.0 | 6.4 | % | ||||||||||||||||
Gas Operating Revenues and Gas Adjusted Gross Margin | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | % Change | 2020 | 2019 | Change | % Change | |||||||||||||||||||||||||
Gas Operating Revenue: | ||||||||||||||||||||||||||||||||
Residential | $ | 14.2 | $ | 13.1 | $ | 1.1 | 8.4 | % | $ | 43.7 | $ | 48.9 | $ | (5.2 | ) | (10.6 | %) | |||||||||||||||
Commercial / Industrial | 19.5 | 19.5 | — | — | 60.2 | 70.1 | (9.9 | ) | (14.1 | %) | ||||||||||||||||||||||
Total Gas Operating Revenue | $ | 33.7 | $ | 32.6 | $ | 1.1 | 3.4 | % | $ | 103.9 | $ | 119.0 | $ | (15.1 | ) | (12.7 | %) | |||||||||||||||
Cost of Gas Sales | $ | 10.8 | $ | 9.3 | $ | 1.5 | 16.1 | % | $ | 38.6 | $ | 52.2 | $ | (13.6 | ) | (26.1 | %) | |||||||||||||||
Gas Adjusted Gross Margin | $ | 22.9 | $ | 23.3 | $ | (0.4 | ) | (1.7 | %) | $ | 65.3 | $ | 66.8 | $ | (1.5 | ) | (2.2 | %) | ||||||||||||||
kWh Sales (millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2019 | 2018 | Change | % Change | |||||||||||||||||||||||||
Residential | 135.9 | 144.3 | (8.4 | ) | (5.8 | %) | 317.4 | 332.8 | (15.4 | ) | (4.6 | %) | ||||||||||||||||||||
Commercial / Industrial | 224.8 | 239.8 | (15.0 | ) | (6.3 | %) | 460.8 | 487.6 | (26.8 | ) | (5.5 | %) | ||||||||||||||||||||
Total | 360.7 | 384.1 | (23.4 | ) | (6.1 | %) | 778.2 | 820.4 | (42.2 | ) | (5.1 | %) | ||||||||||||||||||||
kWh Sales | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | % Change | 2020 | 2019 | Change | % Change | |||||||||||||||||||||||||
Residential | 153.3 | 135.9 | 17.4 | 12.8 | % | 332.4 | 317.4 | 15.0 | 4.7 | % | ||||||||||||||||||||||
Commercial / Industrial | 200.1 | 224.8 | (24.7 | ) | (11.0 | %) | 442.0 | 460.8 | (18.8 | ) | (4.1 | %) | ||||||||||||||||||||
Total | 353.4 | 360.7 | (7.3 | ) | (2.0 | %) | 774.4 | 778.2 | (3.8 | ) | (0.5 | %) | ||||||||||||||||||||
Electric Operating Revenues and Sales Margin (millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||||||
Electric Operating Revenue: | ||||||||||||||||||||||||||||||||
Residential | $ | 28.7 | $ | 26.4 | $ | 2.3 | 8.7 | % | $ | 67.5 | $ | 60.2 | $ | 7.3 | 12.1 | % | ||||||||||||||||
Commercial / Industrial | 23.1 | 22.3 | 0.8 | 3.6 | % | 49.1 | 46.0 | 3.1 | 6.7 | % | ||||||||||||||||||||||
Total Electric Operating Revenue | $ | 51.8 | $ | 48.7 | $ | 3.1 | 6.4 | % | $ | 116.6 | $ | 106.2 | $ | 10.4 | 9.8 | % | ||||||||||||||||
Cost of Electric Sales | $ | 29.4 | $ | 26.4 | $ | 3.0 | 11.4 | % | $ | 71.1 | $ | 61.6 | $ | 9.5 | 15.4 | % | ||||||||||||||||
Electric Sales Margin | $ | 22.4 | $ | 22.3 | $ | 0.1 | 0.4 | % | $ | 45.5 | $ | 44.6 | $ | 0.9 | 2.0 | % | ||||||||||||||||
Electric Operating Revenues and Electric Adjusted Gross Margin | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | % Change | 2020 | 2019 | Change | % Change | |||||||||||||||||||||||||
Electric Operating Revenue: | ||||||||||||||||||||||||||||||||
Residential | $ | 30.4 | $ | 28.7 | $ | 1.7 | 5.9 | % | $ | 66.3 | $ | 67.5 | $ | (1.2 | ) | (1.8 | %) | |||||||||||||||
Commercial / Industrial | 19.8 | 23.1 | (3.3 | ) | (14.3 | %) | 44.1 | 49.1 | (5.0 | ) | (10.2 | %) | ||||||||||||||||||||
Total Electric Operating Revenue | $ | 50.2 | $ | 51.8 | $ | (1.6 | ) | (3.1 | %) | $ | 110.4 | $ | 116.6 | $ | (6.2 | ) | (5.3 | %) | ||||||||||||||
Cost of Electric Sales | $ | 27.8 | $ | 29.4 | $ | (1.6 | ) | (5.4 | %) | $ | 64.9 | $ | 71.1 | $ | (6.2 | ) | (8.7 | %) | ||||||||||||||
Electric Adjusted Gross Margin | $ | 22.4 | $ | 22.4 | $ | — | — | $ | 45.5 | $ | 45.5 | $ | — | — | ||||||||||||||||||
Other Revenue | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | % Change | 2020 | 2019 | Change | % Change | |||||||||||||||||||||||||
Other | $ | — | $ | — | $ | — | N/M | $ | — | $ | 0.9 | $ | (0.9 | ) | N/M | |||||||||||||||||
Total Other Operating Revenue | $ | — | $ | — | $ | — | N/M | $ | — | $ | 0.9 | $ | (0.9 | ) | N/M | |||||||||||||||||
Other Revenue (000’s) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | $ | % Change | 2019 | 2018 | $ | % Change | |||||||||||||||||||||||||
Other | $ | — | $ | 1.1 | $ | (1.1 | ) | N/M | $ | 0.9 | $ | 2.4 | $ | (1.5 | ) | (62.5 | %) | |||||||||||||||
Total Other Revenue | $ | — | $ | 1.1 | $ | (1.1 | ) | N/M | $ | 0.9 | $ | 2.4 | $ | (1.5 | ) | (62.5 | %) | |||||||||||||||
Interest Expense, Net | Three Months | Six Months | ||||||||||||||||||||||
($ millions) | Ended June 30, | Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Long-term Debt | $ | 5.9 | $ | 5.6 | $ | 0.3 | $ | 12.0 | $ | 11.2 | $ | 0.8 | ||||||||||||
Short-term Debt | 0.3 | 0.8 | (0.5 | ) | 0.6 | 1.8 | (1.2 | ) | ||||||||||||||||
Regulatory Liabilities | 0.1 | 0.2 | (0.1 | ) | 0.2 | 0.4 | (0.2 | ) | ||||||||||||||||
Subtotal Interest Expense | 6.3 | 6.6 | (0.3 | ) | 12.8 | 13.4 | (0.6 | ) | ||||||||||||||||
Interest (Income) | ||||||||||||||||||||||||
Regulatory Assets | (0.2 | ) | (0.2 | ) | — | (0.4 | ) | (0.4 | ) | — | ||||||||||||||
AFUDC (1) and Other | (0.2 | ) | (0.5 | ) | 0.3 | (0.3 | ) | (0.9 | ) | 0.6 | ||||||||||||||
Subtotal Interest (Income) | (0.4 | ) | (0.7 | ) | 0.3 | (0.7 | ) | (1.3 | ) | 0.6 | ||||||||||||||
Total Interest Expense, Net | $ | 5.9 | $ | 5.9 | $ | — | $ | 12.1 | $ | 12.1 | $ | — | ||||||||||||
Interest Expense, Net (Millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Long-term Debt | $ | 5.6 | $ | 5.7 | $ | (0.1 | ) | $ | 11.2 | $ | 11.5 | $ | (0.3 | ) | ||||||||||
Short-term Debt | 0.8 | 0.5 | 0.3 | 1.8 | 1.0 | 0.8 | ||||||||||||||||||
Regulatory Liabilities | 0.2 | 0.2 | — | 0.4 | 0.3 | 0.1 | ||||||||||||||||||
Subtotal Interest Expense | 6.6 | 6.4 | 0.2 | 13.4 | 12.8 | 0.6 | ||||||||||||||||||
Interest (Income) | ||||||||||||||||||||||||
Regulatory Assets | (0.2 | ) | (0.2 | ) | — | (0.4 | ) | (0.4 | ) | — | ||||||||||||||
AFUDC (1) and Other | (0.5 | ) | (0.3 | ) | (0.2 | ) | (0.9 | ) | (0.5 | ) | (0.4 | ) | ||||||||||||
Subtotal Interest (Income) | (0.7 | ) | (0.5 | ) | (0.2 | ) | (1.3 | ) | (0.9 | ) | (0.4 | ) | ||||||||||||
Total Interest Expense, Net | $ | 5.9 | $ | 5.9 | $ | — | $ | 12.1 | $ | 11.9 | $ | 0.2 | ||||||||||||
(1) | AFUDC – Allowance for Funds Used During Construction. |
Revolving Credit Facility ($ millions) | |||||||||||||
June 30, | December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Limit | $ | 120.0 | $ | 120.0 | $ | 120.0 | |||||||
Short-Term Borrowings Outstanding | $ | 64.8 | $ | 37.4 | $ | 82.8 | |||||||
Available | $ | 55.2 | $ | 82.6 | $ | 37.2 | |||||||
Revolving Credit Facility ($ millions) | ||||||||||||
June 30, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
Limit | $ | 120.0 | $ | 120.0 | $ | 120.0 | ||||||
Short-Term Borrowings Outstanding | 74.9 | 64.8 | 58.6 | |||||||||
Letter of Credit Outstanding | 0.1 | — | 0.1 | |||||||||
Available | $ | 45.0 | $ | 55.2 | $ | 61.3 | ||||||
Employees Covered | CBA Expiration | ||||||||
Fitchburg | 47 | 05/31/2022 | |||||||
Northern Utilities NH Division | |||||||||
Northern Utilities ME Division | 03/31/2021 | ||||||||
Granite State | 4 | 03/31/2021 | |||||||
Unitil Energy | 38 | 05/31/2023 | |||||||
Unitil Service | 05/31/2023 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating Revenues | ||||||||||||||||
Gas | $ | 32.6 | $ | 34.7 | $ | 119.0 | $ | 121.7 | ||||||||
Electric | 51.8 | 48.7 | 116.6 | 106.2 | ||||||||||||
Other | — | 1.1 | 0.9 | 2.4 | ||||||||||||
Total Operating Revenues | 84.4 | 84.5 | 236.5 | 230.3 | ||||||||||||
Operating Expenses | ||||||||||||||||
Cost of Gas Sales | 9.3 | 11.8 | 52.2 | 58.9 | ||||||||||||
Cost of Electric Sales | 29.4 | 26.4 | 71.1 | 61.6 | ||||||||||||
Operation and Maintenance | 15.9 | 17.8 | 34.4 | 35.1 | ||||||||||||
Depreciation and Amortization | 12.4 | 12.7 | 26.2 | 25.0 | ||||||||||||
Taxes Other Than Income Taxes | 5.1 | 5.2 | 11.5 | 11.0 | ||||||||||||
Total Operating Expenses | 72.1 | 73.9 | 195.4 | 191.6 | ||||||||||||
Operating Income | 12.3 | 10.6 | 41.1 | 38.7 | ||||||||||||
Interest Expense, Net | 5.9 | 5.9 | 12.1 | 11.9 | ||||||||||||
Other Expense (Income), Net | 1.3 | 1.3 | (10.8 | ) | 3.0 | |||||||||||
Income Before Income Taxes | 5.1 | 3.4 | 39.8 | 23.8 | ||||||||||||
Provision (Benefit) for Income Taxes | 1.1 | (0.2 | ) | 9.3 | 4.6 | |||||||||||
Net Income | $ | 4.0 | $ | 3.6 | $ | 30.5 | $ | 19.2 | ||||||||
Net Income Per Common Share (Basic and Diluted) | $ | 0.27 | $ | 0.24 | $ | 2.05 | $ | 1.30 | ||||||||
Weighted Average Common Shares Outstanding – (Basic and Diluted) | 14.9 | 14.8 | 14.9 | 14.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operating Revenues | ||||||||||||||||
Gas | $ | 33.7 | $ | 32.6 | $ | 103.9 | $ | 119.0 | ||||||||
Electric | 50.2 | 51.8 | 110.4 | 116.6 | ||||||||||||
Other | — | — | — | 0.9 | ||||||||||||
Total Operating Revenues | 83.9 | 84.4 | 214.3 | 236.5 | ||||||||||||
Operating Expenses | ||||||||||||||||
Cost of Gas Sales | 10.8 | 9.3 | 38.6 | 52.2 | ||||||||||||
Cost of Electric Sales | 27.8 | 29.4 | 64.9 | 71.1 | ||||||||||||
Operation and Maintenance | 14.6 | 15.9 | 32.5 | 34.4 | ||||||||||||
Depreciation and Amortization | 13.5 | 12.4 | 27.0 | 26.2 | ||||||||||||
Taxes Other Than Income Taxes | 6.1 | 5.1 | 12.6 | 11.5 | ||||||||||||
Total Operating Expenses | 72.8 | 72.1 | 175.6 | 195.4 | ||||||||||||
Operating Income | 11.1 | 12.3 | 38.7 | 41.1 | ||||||||||||
Interest Expense, Net | 5.9 | 5.9 | 12.1 | 12.1 | ||||||||||||
Other Expense (Income), Net | 1.4 | 1.3 | 2.9 | (10.8 | ) | |||||||||||
Income Before Income Taxes | 3.8 | 5.1 | 23.7 | 39.8 | ||||||||||||
Provision for Income Taxes | 0.7 | 1.1 | 5.4 | 9.3 | ||||||||||||
Net Income | $ | 3.1 | $ | 4.0 | $ | 18.3 | $ | 30.5 | ||||||||
Net Income Per Common Share (Basic and Diluted) | $ | 0.21 | $ | 0.27 | $ | 1.23 | $ | 2.05 | ||||||||
Weighted Average Common Shares Outstanding – (Basic and Diluted) | 14.9 | 14.9 | 14.9 | 14.9 |
June 30, | December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
ASSETS: | |||||||||||||
Current Assets | |||||||||||||
Cash and Cash Equivalents | $ | 4.8 | $ | 8.5 | $ | 7.8 | |||||||
Accounts Receivable, Net | 48.7 | 56.2 | 66.8 | ||||||||||
Accrued Revenue | 32.1 | 29.7 | 54.7 | ||||||||||
Exchange Gas Receivable | 5.3 | 5.5 | 8.1 | ||||||||||
Refundable Taxes | — | 1.2 | 0.5 | ||||||||||
Gas Inventory | 0.7 | 0.6 | 0.8 | ||||||||||
Materials and Supplies | 7.5 | 7.5 | 7.0 | ||||||||||
Prepayments and Other | 8.3 | 8.9 | 6.5 | ||||||||||
Total Current Assets | 107.4 | 118.1 | 152.2 | ||||||||||
Utility Plant: | |||||||||||||
Gas | 779.4 | 709.8 | 760.6 | ||||||||||
Electric | 511.6 | 479.7 | 500.1 | ||||||||||
Common | 61.2 | 69.5 | 83.1 | ||||||||||
Construction Work in Progress | 44.9 | 51.0 | 25.5 | ||||||||||
Utility Plant | 1,397.1 | 1,310.0 | 1,369.3 | ||||||||||
Less: Accumulated Depreciation | 343.6 | 320.2 | 332.5 | ||||||||||
Net Utility Plant | 1,053.5 | 989.8 | 1,036.8 | ||||||||||
Other Noncurrent Assets: | |||||||||||||
Regulatory Assets | 97.3 | 110.7 | 99.0 | ||||||||||
Operating Lease Right of Use Assets | 3.6 | — | — | ||||||||||
Other Assets | 17.5 | 16.0 | 10.3 | ||||||||||
Total Other Noncurrent Assets | 118.4 | 126.7 | 109.3 | ||||||||||
TOTAL ASSETS | $ | 1,279.3 | $ | 1,234.6 | $ | 1,298.3 | |||||||
June 30, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
ASSETS: | ||||||||||||
Current Assets | ||||||||||||
Cash and Cash Equivalents | $ | 4.2 | $ | 4.8 | $ | 5.2 | ||||||
Accounts Receivable, Net | 48.3 | 48.7 | 55.1 | |||||||||
Accrued Revenue | 34.9 | 32.1 | 50.0 | |||||||||
Exchange Gas Receivable | 4.2 | 5.3 | 6.1 | |||||||||
Gas Inventory | 0.5 | 0.7 | 0.8 | |||||||||
Materials and Supplies | 9.2 | 7.5 | 7.9 | |||||||||
Prepayments and Other | 8.3 | 8.3 | 5.8 | |||||||||
Total Current Assets | 109.6 | 107.4 | 130.9 | |||||||||
Utility Plant: | ||||||||||||
Gas | 870.5 | 779.4 | 837.7 | |||||||||
Electric | 541.7 | 511.6 | 529.7 | |||||||||
Common | 62.8 | 61.2 | 62.7 | |||||||||
Construction Work in Progress | 68.9 | 44.9 | 37.4 | |||||||||
Utility Plant | 1,543.9 | 1,397.1 | 1,467.5 | |||||||||
Less: Accumulated Depreciation | 396.3 | 343.6 | 356.0 | |||||||||
Net Utility Plant | 1,147.6 | 1,053.5 | 1,111.5 | |||||||||
Other Noncurrent Assets: | ||||||||||||
Regulatory Assets | 104.9 | 97.3 | 112.0 | |||||||||
Operating Lease Right of Use Assets | 4.5 | 3.6 | 4.0 | |||||||||
Other Assets | 17.9 | 17.5 | 12.4 | |||||||||
Total Other Noncurrent Assets | 127.3 | 118.4 | 128.4 | |||||||||
TOTAL ASSETS | $ | 1,384.5 | $ | 1,279.3 | $ | 1,370.8 | ||||||
June 30, | December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
LIABILITIES AND CAPITALIZATION: | |||||||||||||
Current Liabilities: | |||||||||||||
Accounts Payable | $ | 21.9 | $ | 24.7 | $ | 42.6 | |||||||
Short-Term Debt | 64.8 | 37.4 | 82.8 | ||||||||||
Long-Term Debt, Current Portion | 19.5 | 29.7 | 18.4 | ||||||||||
Regulatory Liabilities | 18.5 | 14.2 | 11.5 | ||||||||||
Energy Supply Obligations | 9.2 | 9.4 | 13.4 | ||||||||||
Interest Payable | 4.0 | 4.1 | 4.3 | ||||||||||
Other Current Liabilities | 18.1 | 15.9 | 19.5 | ||||||||||
Total Current Liabilities | 156.0 | 135.4 | 192.5 | ||||||||||
Noncurrent Liabilities: | |||||||||||||
Retirement Benefit Obligations | 123.3 | 154.7 | 121.5 | ||||||||||
Deferred Income Taxes, net | 104.1 | 88.1 | 97.8 | ||||||||||
Cost of Removal Obligations | 94.0 | 87.8 | 90.7 | ||||||||||
Regulatory Liabilities | 46.9 | 47.1 | 47.0 | ||||||||||
Other Noncurrent Liabilities | 8.9 | 11.2 | 10.1 | ||||||||||
Total Noncurrent Liabilities | 377.2 | 388.9 | 367.1 | ||||||||||
Capitalization: | |||||||||||||
Long-Term Debt, Less Current Portion | 373.1 | 363.1 | 387.4 | ||||||||||
Stockholders’ Equity: | |||||||||||||
Common Equity (Authorized: 25,000,000 and Outstanding: 14,921,171, 14,866,588 and 14,876,955 Shares) | 281.3 | 277.9 | 279.1 | ||||||||||
Retained Earnings | 91.5 | 69.1 | 72.0 | ||||||||||
Total Common Stock Equity | 372.8 | 347.0 | 351.1 | ||||||||||
Preferred Stock | 0.2 | 0.2 | 0.2 | ||||||||||
Total Stockholders’ Equity | 373.0 | 347.2 | 351.3 | ||||||||||
Total Capitalization | 746.1 | 710.3 | 738.7 | ||||||||||
Commitments and Contingencies (Notes 6 & 7) | |||||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,279.3 | $ | 1,234.6 | $ | 1,298.3 | |||||||
June 30, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
LIABILITIES AND CAPITALIZATION: | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts Payable | $ | 24.7 | $ | 21.9 | $ | 37.6 | ||||||
Short-Term Debt | 74.9 | 64.8 | 58.6 | |||||||||
Long-Term Debt, Current Portion | 6.3 | 19.5 | 19.5 | |||||||||
Regulatory Liabilities | 12.6 | 18.5 | 7.4 | |||||||||
Energy Supply Obligations | 8.4 | 9.2 | 10.5 | |||||||||
Interest Payable | 4.2 | 4.0 | 4.5 | |||||||||
Environmental Obligations | 0.3 | 0.6 | 0.6 | |||||||||
Other Current Liabilities | 17.9 | 17.5 | 21.1 | |||||||||
Total Current Liabilities | 149.3 | 156.0 | 159.8 | |||||||||
Noncurrent Liabilities: | ||||||||||||
Retirement Benefit Obligations | 147.5 | 123.3 | 141.9 | |||||||||
Deferred Income Taxes, net | 109.0 | 104.1 | 103.6 | |||||||||
Cost of Removal Obligations | 102.6 | 94.0 | 96.0 | |||||||||
Regulatory Liabilities | 44.8 | 46.9 | 46.6 | |||||||||
Environmental Obligations | 1.9 | 1.4 | 2.1 | |||||||||
Other Noncurrent Liabilities | 7.3 | 7.5 | 6.5 | |||||||||
Total Noncurrent Liabilities | 413.1 | 377.2 | 396.7 | |||||||||
Capitalization: | ||||||||||||
Long-Term Debt, Less Current Portion | 436.4 | 373.1 | 437.5 | |||||||||
Stockholders’ Equity: | ||||||||||||
Common Equity (Authorized: 25,000,000 and Outstanding: 14,996,231, 14,921,171 and 14,930,170 Shares) | 284.4 | 281.3 | 282.5 | |||||||||
Retained Earnings | 101.1 | 91.5 | 94.1 | |||||||||
Total Common Stock Equity | 385.5 | 372.8 | 376.6 | |||||||||
Preferred Stock | 0.2 | 0.2 | 0.2 | |||||||||
Total Stockholders’ Equity | 385.7 | 373.0 | 376.8 | |||||||||
Total Capitalization | 822.1 | 746.1 | 814.3 | |||||||||
Commitments and Contingencies (Notes 6 & 7) | ||||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,384.5 | $ | 1,279.3 | $ | 1,370.8 | ||||||
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 30.5 | $ | 19.2 | ||||
Adjustments to Reconcile Net Income to Cash | ||||||||
Provided by Operating Activities: | ||||||||
Depreciation and Amortization | 26.2 | 25.0 | ||||||
Deferred Tax Provision | 8.4 | 3.6 | ||||||
Gain on Divestiture, Net (See Note 1) | (13.4 | ) | — | |||||
Changes in Working Capital Items: | ||||||||
Accounts Receivable | 18.1 | 11.2 | ||||||
Accrued Revenue | 22.6 | 23.6 | ||||||
Exchange Gas Receivable | 2.8 | 0.3 | ||||||
Regulatory Liabilities | 7.0 | 5.0 | ||||||
Accounts Payable | (20.7 | ) | (16.8 | ) | ||||
Other Changes in Working Capital Items | (3.1 | ) | (4.9 | ) | ||||
Deferred Regulatory and Other Charges | (8.0 | ) | (10.3 | ) | ||||
Other, net | 1.7 | 7.4 | ||||||
Cash Provided by Operating Activities | 72.1 | 63.3 | ||||||
Investing Activities: | ||||||||
Property, Plant and Equipment Additions | (38.7 | ) | (37.2 | ) | ||||
Proceeds from Divestiture, Net (See Note 1) | 13.4 | — | ||||||
Cash (Used in) Investing Activities | (25.3 | ) | (37.2 | ) | ||||
Financing Activities: | ||||||||
Repayment of Short-Term Debt, net | (18.0 | ) | (0.9 | ) | ||||
Repayment of Long-Term Debt | (13.4 | ) | (13.5 | ) | ||||
Decrease in Capital Lease Obligations | (5.4 | ) | (1.6 | ) | ||||
Net Decrease in Exchange Gas Financing | (2.6 | ) | (0.2 | ) | ||||
Dividends Paid | (11.0 | ) | (10.9 | ) | ||||
Proceeds from Issuance of Common Stock, net | 0.6 | 0.6 | ||||||
Cash (Used in) Financing Activities | (49.8 | ) | (26.5 | ) | ||||
Net Decrease in Cash and Cash Equivalents | (3.0 | ) | (0.4 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 7.8 | 8.9 | ||||||
Cash and Cash Equivalents at End of Period | $ | 4.8 | $ | 8.5 | ||||
Supplemental Cash Flow Information: | ||||||||
Interest Paid | $ | 12.7 | $ | 12.4 | ||||
Income Taxes Paid | $ | 0.9 | $ | 0.4 | ||||
Payments on Capital Leases | $ | 5.3 | $ | 1.5 | ||||
Non-cash Investing Activity: | ||||||||
Capital Expenditures Included in Accounts Payable | $ | 0.7 | $ | 0.4 | ||||
Right-of-Use Assets Obtained in Exchange for Lease Obligations | $ | 3.6 | $ | — |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 18.3 | $ | 30.5 | ||||
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||||||||
Depreciation and Amortization | 27.0 | 26.2 | ||||||
Deferred Tax Provision | 4.8 | 8.4 | ||||||
Gain on Divestiture, Net (See Note 1) | — | (13.4 | ) | |||||
Changes in Working Capital Items: | ||||||||
Accounts Receivable | 6.8 | 18.1 | ||||||
Accrued Revenue | 15.1 | 22.6 | ||||||
Exchange Gas Receivable | 1.9 | 2.8 | ||||||
Regulatory Liabilities | 5.2 | 7.0 | ||||||
Accounts Payable | (12.9 | ) | (20.7 | ) | ||||
Other Changes in Working Capital Items | (8.0 | ) | (3.1 | ) | ||||
Deferred Regulatory and Other Charges | (0.8 | ) | (8.0 | ) | ||||
Other, net | 0.9 | 1.7 | ||||||
Cash Provided by Operating Activities | 58.3 | 72.1 | ||||||
Investing Activities: | ||||||||
Property, Plant and Equipment Additions | (48.8 | ) | (38.7 | ) | ||||
Proceeds from Divestiture, Net (See Note 1) | — | 13.4 | ||||||
Cash (Used in) Investing Activities | (48.8 | ) | (25.3 | ) | ||||
Financing Activities: | ||||||||
Proceeds from (Repayment of) Short-Term Debt, net | 16.3 | (18.0 | ) | |||||
Repayment of Long-Term Debt | (14.4 | ) | (13.4 | ) | ||||
Increase (Decrease) in Capital Lease Obligations | — | (5.4 | ) | |||||
Net Decrease in Exchange Gas Financing | (1.6 | ) | (2.6 | ) | ||||
Dividends Paid | (11.3 | ) | (11.0 | ) | ||||
Proceeds from Issuance of Common Stock | 0.5 | 0.6 | ||||||
Cash (Used in) Financing Activities | (10.5 | ) | (49.8 | ) | ||||
Net Decrease in Cash and Cash Equivalents | (1.0 | ) | (3.0 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 5.2 | 7.8 | ||||||
Cash and Cash Equivalents at End of Period | $ | 4.2 | $ | 4.8 | ||||
Supplemental Cash Flow Information: | ||||||||
Interest Paid | $ | 12.6 | $ | 12.7 | ||||
Income Taxes Paid | $ | 0.6 | $ | 0.9 | ||||
Payments on Capital Leases | $ | 0.2 | $ | 5.3 | ||||
Non-cash Investing Activity: | ||||||||
Capital Expenditures Included in Accounts Payable | $ | 0.9 | $ | 0.7 | ||||
Right-of-Use | $ | 0.5 | $ | 3.6 |
Common Equity | Retained Earnings | Total | ||||||||||
Three Months Ended June 30, 2019 | ||||||||||||
Balance at April 1, 2019 | $ | 280.7 | $ | 93.0 | $ | 373.7 | ||||||
Net Income | 4.0 | 4.0 | ||||||||||
Dividends on Common Shares ($0.370 per share) | (5.5 | ) | (5.5 | ) | ||||||||
Stock Compensation Plans | 0.3 | 0.3 | ||||||||||
Issuance of 5,127 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at June 30, 2019 | $ | 281.3 | $ | 91.5 | $ | 372.8 | ||||||
Three Months Ended June 30, 2018 | ||||||||||||
Balance at April 1, 2018 | $ | 277.4 | $ | 71.0 | $ | 348.4 | ||||||
Net Income | 3.6 | 3.6 | ||||||||||
Dividends on Common Shares ($0.365 per share) | (5.5 | ) | (5.5 | ) | ||||||||
Stock Compensation Plans | 0.2 | 0.2 | ||||||||||
Issuance of 6,465 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at June 30, 2018 | $ | 277.9 | $ | 69.1 | $ | 347.0 | ||||||
Common Equity | Retained Earnings | Total | ||||||||||
Three Months Ended June 30, 2020 | ||||||||||||
Balance at April 1, 2020 | $ | 284.0 | $ | 103.7 | $ | 387.7 | ||||||
Net Income | 3.1 | 3.1 | ||||||||||
Dividends on Common Shares ($0.375 per share) | (5.7 | ) | (5.7 | ) | ||||||||
Stock Compensation Plans | 0.2 | 0.2 | ||||||||||
Issuance of 5,555 Common Shares | 0.2 | 0.2 | ||||||||||
Balance at June 30, 2020 | $ | 284.4 | $ | 101.1 | $ | 385.5 | ||||||
Three Months Ended June 30, 2019 | ||||||||||||
Balance at April 1, 2019 | $ | 280.7 | $ | 93.0 | $ | 373.7 | ||||||
Net Income | 4.0 | 4.0 | ||||||||||
Dividends on Common Shares ($0.370 per share) | (5.5 | ) | (5.5 | ) | ||||||||
Stock Compensation Plans | 0.3 | 0.3 | ||||||||||
Issuance of 5,127 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at June 30, 2019 | $ | 281.3 | $ | 91.5 | $ | 372.8 | ||||||
Common Equity | Retained Earnings | Total | ||||||||||
Six Months Ended June 30, 2019 | ||||||||||||
Balance at January 1, 2019 | $ | 279.1 | $ | 72.0 | $ | 351.1 | ||||||
Net Income | 30.5 | 30.5 | ||||||||||
Dividends on Common Shares ($0.740 per share) | (11.0 | ) | (11.0 | ) | ||||||||
Stock Compensation Plans | 1.6 | 1.6 | ||||||||||
Issuance of 11,066 Common Shares | 0.6 | 0.6 | ||||||||||
Balance at June 30, 2019 | $ | 281.3 | $ | 91.5 | $ | 372.8 | ||||||
Six Months Ended June 30, 2018 | ||||||||||||
Balance at January 1, 2018 | $ | 275.8 | $ | 60.8 | $ | 336.6 | ||||||
Net Income | 19.2 | 19.2 | ||||||||||
Dividends on Common Shares ($0.730 per share) | (10.9 | ) | (10.9 | ) | ||||||||
Stock Compensation Plans | 1.5 | 1.5 | ||||||||||
Issuance of 14,277 Common Shares | 0.6 | 0.6 | ||||||||||
Balance at June 30, 2018 | $ | 277.9 | $ | 69.1 | $ | 347.0 | ||||||
Common Equity | Retained Earnings | Total | ||||||||||
Six Months Ended June 30, 2020 | ||||||||||||
Balance at January 1, 2020 | $ | 282.5 | $ | 94.1 | $ | 376.6 | ||||||
Net Income | 18.3 | 18.3 | ||||||||||
Dividends on Common Shares ($0.750 per share) | (11.3 | ) | (11.3 | ) | ||||||||
Stock Compensation Plans | 1.4 | 1.4 | ||||||||||
Issuance of 10,199 Common Shares | 0.5 | 0.5 | ||||||||||
Balance at June 30, 2020 | $ | 284.4 | $ | 101.1 | $ | 385.5 | ||||||
Six Months Ended June 30, 2019 | ||||||||||||
Balance at January 1, 2019 | $ | 279.1 | $ | 72.0 | $ | 351.1 | ||||||
Net Income | 30.5 | 30.5 | ||||||||||
Dividends on Common Shares ($0.740 per share) | (11.0 | ) | (11.0 | ) | ||||||||
Stock Compensation Plans | 1.6 | 1.6 | ||||||||||
Issuance of 11,066 Common Shares | 0.6 | 0.6 | ||||||||||
Balance at June 30, 2019 | $ | 281.3 | $ | 91.5 | $ | 372.8 | ||||||
Three Months Ended June 30, 2019 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 15.7 | $ | 27.7 | $ | 43.4 | ||||||
C&I | 23.1 | 23.0 | 46.1 | |||||||||
Other | 1.5 | 2.1 | 3.6 | |||||||||
Total Billed and Unbilled Revenue | 40.3 | 52.8 | 93.1 | |||||||||
Rate Adjustment Mechanism Revenue | (7.7 | ) | (1.0 | ) | (8.7 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 32.6 | $ | 51.8 | $ | 84.4 | ||||||
Three Months Ended June 30, 2018 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 15.8 | $ | 27.5 | $ | 43.3 | ||||||
C&I | 22.9 | 24.0 | 46.9 | |||||||||
Other | 1.4 | 2.2 | 3.6 | |||||||||
Total Billed and Unbilled Revenue | 40.1 | 53.7 | 93.8 | |||||||||
Rate Adjustment Mechanism Revenue | (5.4 | ) | (5.0 | ) | (10.4 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 34.7 | $ | 48.7 | $ | 83.4 | ||||||
Six Months Ended June 30, 2019 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 54.4 | $ | 63.5 | $ | 117.9 | ||||||
C&I | 77.1 | 47.7 | 124.8 | |||||||||
Other | 8.0 | 4.3 | 12.3 | |||||||||
Total Billed and Unbilled Revenue | 139.5 | 115.5 | 255.0 | |||||||||
Rate Adjustment Mechanism Revenue | (20.5 | ) | 1.1 | (19.4 | ) | |||||||
Total Gas and Electric Operating Revenues | $ | 119.0 | $ | 116.6 | $ | 235.6 | ||||||
Three Months Ended June 30, 2020 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 14.3 | $ | 30.2 | $ | 44.5 | ||||||
C&I | 19.0 | 20.5 | 39.5 | |||||||||
Other | 1.2 | 1.5 | 2.7 | |||||||||
Total Billed and Unbilled Revenue | 34.5 | 52.2 | 86.7 | |||||||||
Rate Adjustment Mechanism Revenue | (0.8 | ) | (2.0 | ) | (2.8 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 33.7 | $ | 50.2 | $ | 83.9 | ||||||
Three Months Ended June 30, 2019 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 15.7 | $ | 27.7 | $ | 43.4 | ||||||
C&I | 23.1 | 23.0 | 46.1 | |||||||||
Other | 1.5 | 2.1 | 3.6 | |||||||||
Total Billed and Unbilled Revenue | 40.3 | 52.8 | 93.1 | |||||||||
Rate Adjustment Mechanism Revenue | (7.7 | ) | (1.0 | ) | (8.7 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 32.6 | $ | 51.8 | $ | 84.4 | ||||||
Six Months Ended June 30, 2020 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 45.4 | $ | 64.6 | $ | 110.0 | ||||||
C&I | 61.3 | 44.7 | 106.0 | |||||||||
Other | 4.2 | 3.5 | 7.7 | |||||||||
Total Billed and Unbilled Revenue | 110.9 | 112.8 | 223.7 | |||||||||
Rate Adjustment Mechanism Revenue | (7.0 | ) | (2.4 | ) | (9.4 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 103.9 | $ | 110.4 | $ | 214.3 | ||||||
Six Months Ended June 30, 2019 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 54.4 | $ | 63.5 | $ | 117.9 | ||||||
C&I | 77.1 | 47.7 | 124.8 | |||||||||
Other | 8.0 | 4.3 | 12.3 | |||||||||
Total Billed and Unbilled Revenue | 139.5 | 115.5 | 255.0 | |||||||||
Rate Adjustment Mechanism Revenue | (20.5 | ) | 1.1 | (19.4 | ) | |||||||
Total Gas and Electric Operating Revenues | $ | 119.0 | $ | 116.6 | $ | 235.6 | ||||||
Six Months Ended June 30, 2018 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 51.7 | $ | 62.0 | $ | 113.7 | ||||||
C&I | 72.8 | 48.9 | 121.7 | |||||||||
Other | 7.0 | 4.4 | 11.4 | |||||||||
Total Billed and Unbilled Revenue | 131.5 | 115.3 | 246.8 | |||||||||
Rate Adjustment Mechanism Revenue | (9.8 | ) | (9.1 | ) | (18.9 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 121.7 | $ | 106.2 | $ | 227.9 | ||||||
($ millions) | |||||||||||||
June 30, | December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Allowance for Doubtful Accounts | $ | 1.6 | $ | 1.4 | $ | 1.3 | |||||||
June 30, | December 31, | |||||||||||
($ millions) | 2020 | 2019 | 2019 | |||||||||
Allowance for Doubtful Accounts | $ | 1.4 | $ | 1.6 | $ | 1.0 | ||||||
June 30, | December 31, | ||||||||||||
Accrued Revenue ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Regulatory Assets – Current | $ | 23.1 | $ | 21.2 | $ | 41.3 | |||||||
Unbilled Revenues | 9.0 | 8.5 | 13.4 | ||||||||||
Total Accrued Revenue | $ | 32.1 | $ | 29.7 | $ | 54.7 | |||||||
June 30, | December 31, | |||||||||||
Accrued Revenue ($ millions) | 2020 | 2019 | 2019 | |||||||||
Regulatory Assets – Current | $ | 26.8 | $ | 23.1 | $ | 35.8 | ||||||
Unbilled Revenues | 8.1 | 9.0 | 14.2 | |||||||||
Total Accrued Revenue | $ | 34.9 | $ | 32.1 | $ | 50.0 | ||||||
June 30, | December 31, | ||||||||||||
Exchange Gas Receivable ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Northern Utilities | $ | 4.9 | $ | 5.2 | $ | 7.5 | |||||||
Fitchburg | 0.4 | 0.3 | 0.6 | ||||||||||
Total Exchange Gas Receivable | $ | 5.3 | $ | 5.5 | $ | 8.1 | |||||||
June 30, | December 31, | |||||||||||
Exchange Gas Receivable ($ millions) | 2020 | 2019 | ||||||||||
Northern Utilities | $ | 3.9 | $ | 4.9 | $ | 5.5 | ||||||
Fitchburg | 0.3 | 0.4 | 0.6 | |||||||||
Total Exchange Gas Receivable | $ | 4.2 | $ | 5.3 | $ | 6.1 | ||||||
June 30, | December 31, | ||||||||||||
Gas Inventory ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Natural Gas | $ | 0.2 | $ | 0.2 | $ | 0.3 | |||||||
Propane | 0.4 | 0.3 | 0.4 | ||||||||||
Liquefied Natural Gas & Other | 0.1 | 0.1 | 0.1 | ||||||||||
Total Gas Inventory | $ | 0.7 | $ | 0.6 | $ | 0.8 | |||||||
June 30, | December 31, | |||||||||||
Gas Inventory ($ millions) | 2020 | 2019 | 2019 | |||||||||
Natural Gas | $ | 0.1 | $ | 0.2 | $ | 0.4 | ||||||
Propane | 0.3 | 0.4 | 0.3 | |||||||||
Liquefied Natural Gas & Other | 0.1 | 0.1 | 0.1 | |||||||||
Total Gas Inventory | $ | 0.5 | $ | 0.7 | $ | 0.8 | ||||||
June 30, | December 31, | ||||||||||||
Regulatory Assets consist of the following ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Retirement Benefits | $ | 73.2 | $ | 86.7 | $ | 72.0 | |||||||
Energy Supply & Other Rate Adjustment Mechanisms | 18.5 | 19.0 | 38.4 | ||||||||||
Deferred Storm Charges | 5.5 | 6.8 | 6.3 | ||||||||||
Environmental | 7.4 | 9.0 | 7.9 | ||||||||||
Income Taxes | 4.5 | 6.1 | 5.7 | ||||||||||
Other | 11.3 | 4.3 | 10.0 | ||||||||||
Total Regulatory Assets | $ | 120.4 | $ | 131.9 | $ | 140.3 | |||||||
Less: Current Portion of Regulatory Assets (1) | 23.1 | 21.2 | 41.3 | ||||||||||
Regulatory Assets – noncurrent | $ | 97.3 | $ | 110.7 | $ | 99.0 | |||||||
June 30, | December 31, | |||||||||||
Regulatory Assets consist of the following ($ millions) | 2020 | 2019 | 2019 | |||||||||
Retirement Benefits | $ | 80.8 | $ | 73.2 | $ | 88.9 | ||||||
Energy Supply & Other Rate Adjustment Mechanisms | 23.8 | 18.5 | 31.0 | |||||||||
Deferred Storm Charges | 4.9 | 5.5 | 5.6 | |||||||||
Environmental | 6.2 | 7.4 | 7.2 | |||||||||
Income Taxes | 3.8 | 4.5 | 4.2 | |||||||||
Other Deferred Charges | 12.2 | 11.3 | 10.9 | |||||||||
Total Regulatory Assets | $ | 131.7 | $ | 120.4 | $ | 147.8 | ||||||
Less: Current Portion of Regulatory Assets (1) | 26.8 | 23.1 | 35.8 | |||||||||
Regulatory Assets – noncurrent | $ | 104.9 | $ | 97.3 | $ | 112.0 | ||||||
(1) | Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets. |
June 30, | December 31, | |||||||||||
Regulatory Liabilities consist of the following ($ millions) | 2020 | 2019 | 2019 | |||||||||
Income Taxes (Note 8) | $ | 45.9 | $ | 47.8 | $ | 47.6 | ||||||
Rate Adjustment Mechanisms | 11.2 | 17.0 | 6.0 | |||||||||
Other | 0.3 | 0.6 | 0.4 | |||||||||
Total Regulatory Liabilities | $ | 57.4 | $ | 65.4 | $ | 54.0 | ||||||
Less: Current Portion of Regulatory Liabilities | 12.6 | 18.5 | 7.4 | |||||||||
Regulatory Liabilities – noncurrent | $ | 44.8 | $ | 46.9 | $ | 46.6 | ||||||
June 30, | December 31, | ||||||||||||
Regulatory Liabilities consist of the following ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Income Taxes (Note 8) | 47.8 | 47.1 | 47.0 | ||||||||||
Energy Supply & Other Rate Adjustment Mechanisms | $ | 17.6 | $ | 14.2 | $ | 11.5 | |||||||
Total Regulatory Liabilities | 65.4 | 61.3 | 58.5 | ||||||||||
Less: Current Portion of Regulatory Liabilities | 18.5 | 14.2 | 11.5 | ||||||||||
Regulatory Liabilities—noncurrent | $ | 46.9 | $ | 47.1 | $ | 47.0 | |||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||||
Fair Value of Marketable Securities ($ millions) | 2019 | 2018 | 2018 | 2020 | 2019 | 2019 | |||||||||||||||||||
Equity Funds | $ | — | $ | 2.9 | $ | — | |||||||||||||||||||
Fixed Income Funds | — | 2.3 | — | ||||||||||||||||||||||
Money Market Funds | 5.5 | — | 4.8 | $ | 5.6 | $ | 5.5 | $ | 5.6 | ||||||||||||||||
Total Marketable Securities | $ | 5.5 | $ | 5.2 | $ | 4.8 | $ | 5.6 | $ | 5.5 | $ | 5.6 | |||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||||
Fair Value of Marketable Securities ($ millions) | 2019 | 2018 | 2018 | 2020 | 2019 | 2019 | |||||||||||||||||||
Equity Funds | $ | — | $ | — | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||||||
Money Market Funds | 0.1 | — | — | 0.3 | 0.1 | 0.1 | |||||||||||||||||||
Total Marketable Securities | $ | 0.1 | $ | — | $ | — | $ | 0.4 | $ | 0.1 | $ | 0.2 | |||||||||||||
June 30, | December 31, | ||||||||||||
Energy Supply Obligations ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Current: | |||||||||||||
Exchange Gas Obligation | $ | 4.9 | $ | 5.2 | $ | 7.5 | |||||||
Renewable Energy Portfolio Standards | 4.0 | 3.9 | 5.6 | ||||||||||
Power Supply Contract Divestitures | 0.3 | 0.3 | 0.3 | ||||||||||
Total Energy Supply Obligations – Current | 9.2 | 9.4 | 13.4 | ||||||||||
Noncurrent: | |||||||||||||
Power Supply Contract Divestitures | 0.4 | 0.8 | 0.6 | ||||||||||
Total Energy Supply Obligations | $ | 9.6 | $ | 10.2 | $ | 14.0 | |||||||
June 30, | December 31, | |||||||||||
Energy Supply Obligations ($ millions) | 2020 | 2019 | 2019 | |||||||||
Current: | ||||||||||||
Exchange Gas Obligation | $ | 3.9 | $ | 4.9 | $ | 5.5 | ||||||
Renewable Energy Portfolio Standards | 4.2 | 4.0 | 4.7 | |||||||||
Power Supply Contract Divestitures | 0.3 | 0.3 | 0.3 | |||||||||
Total Energy Supply Obligations – Current | 8.4 | 9.2 | 10.5 | |||||||||
Noncurrent: | ||||||||||||
Power Supply Contract Divestitures | 0.1 | 0.4 | 0.3 | |||||||||
Total Energy Supply Obligations | $ | 8.5 | $ | 9.6 | $ | 10.8 | ||||||
Declaration Date | Date | Shareholder of Record Date | Dividend Amount | |||||||||
07/ | 08/ | 08/14/20 | ||||||||||
04/29/20 | 05/29/20 | 05/15/20 | $ 0.375 | |||||||||
01/29/20 | 02/28/20 | 02/14/20 | $ 0.375 | |||||||||
10/23/19 | 11/27/19 | 11/13/19 | $ 0.370 | |||||||||
$ 0.370 | ||||||||||||
$ 0.370 | ||||||||||||
01/30/19 | 02/28/19 | |||||||||||
02/14/19 | $ | |||||||||||
0.370 |
Gas | Electric | Non- Regulated | Other | Total | ||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 40.3 | $ | 52.8 | $ | — | $ | — | $ | 93.1 | ||||||||||
Rate Adjustment Mechanism Revenue | (7.7 | ) | (1.0 | ) | — | — | (8.7 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 32.6 | $ | 51.8 | $ | — | $ | — | $ | 84.4 | ||||||||||
Segment Profit | 0.3 | 3.4 | 0.1 | 0.2 | 4.0 | |||||||||||||||
Capital Expenditures | 18.1 | 8.3 | — | 1.4 | 27.8 | |||||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 40.1 | $ | 53.7 | $ | — | $ | — | $ | 93.8 | ||||||||||
Rate Adjustment Mechanism Revenue | (5.4 | ) | (5.0 | ) | — | — | (10.4 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | 1.1 | — | 1.1 | |||||||||||||||
Total Operating Revenues | $ | 34.7 | $ | 48.7 | $ | 1.1 | $ | — | $ | 84.5 | ||||||||||
Segment Profit (Loss) | (0.3 | ) | 2.7 | 0.2 | 1.0 | 3.6 | ||||||||||||||
Capital Expenditures | 18.6 | 7.6 | — | 0.9 | 27.1 | |||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 139.5 | $ | 115.5 | $ | — | $ | — | $ | 255.0 | ||||||||||
Rate Adjustment Mechanism Revenue | (20.5 | ) | 1.1 | — | — | (19.4 | ) | |||||||||||||
Other Operating Revenue – Non-Regulated | — | — | 0.9 | — | 0.9 | |||||||||||||||
Total Operating Revenues | $ | 119.0 | $ | 116.6 | $ | 0.9 | $ | — | $ | 236.5 | ||||||||||
Segment Profit | 14.0 | 5.3 | 10.2 | 1.0 | 30.5 | |||||||||||||||
Capital Expenditures | 21.4 | 14.9 | — | 2.4 | 38.7 | |||||||||||||||
Segment Assets | 760.0 | 500.4 | 0.6 | 18.3 | 1,279.3 |
Gas | Electric | Non- Regulated | Other | Total | ||||||||||||||||
Three Months Ended June 30, 2020 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 34.5 | $ | 52.2 | $ | — | $ | — | $ | 86.7 | ||||||||||
Rate Adjustment Mechanism Revenue | (0.8 | ) | (2.0 | ) | — | — | (2.8 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 33.7 | $ | 50.2 | $ | — | $ | — | $ | 83.9 | ||||||||||
Segment Profit | (0.1 | ) | 3.1 | — | 0.1 | 3.1 | ||||||||||||||
Capital Expenditures | 16.8 | 14.0 | — | 1.2 | 32.0 | |||||||||||||||
Three Months Ended June 30, 2019 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 40.3 | $ | 52.8 | $ | — | $ | — | $ | 93.1 | ||||||||||
Rate Adjustment Mechanism Revenue | (7.7 | ) | (1.0 | ) | — | — | (8.7 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 32.6 | $ | 51.8 | $ | — | $ | — | $ | 84.4 | ||||||||||
Segment Profit (Loss) | 0.3 | 3.4 | 0.1 | 0.2 | 4.0 | |||||||||||||||
Capital Expenditures | 18.1 | 8.3 | — | 1.4 | 27.8 | |||||||||||||||
Six Months Ended June 30, 2020 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 110.9 | $ | 112.8 | $ | — | $ | — | $ | 223.7 | ||||||||||
Rate Adjustment Mechanism Revenue | (7.0 | ) | (2.4 | ) | — | — | (9.4 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 103.9 | $ | 110.4 | $ | — | $ | — | $ | 214.3 | ||||||||||
Segment Profit | 12.2 | 5.7 | — | 0.4 | 18.3 | |||||||||||||||
Capital Expenditures | 22.6 | 23.9 | — | 2.3 | 48.8 | |||||||||||||||
Segment Assets | 821.1 | 543.8 | — | 19.6 | 1,384.5 | |||||||||||||||
Six Months Ended June 30, 2019 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 139.5 | $ | 115.5 | $ | — | $ | — | $ | 255.0 | ||||||||||
Rate Adjustment Mechanism Revenue | (20.5 | ) | 1.1 | — | — | (19.4 | ) | |||||||||||||
Other Operating Revenue – Non-Regulated | — | — | 0.9 | — | 0.9 | |||||||||||||||
Total Operating Revenues | $ | 119.0 | $ | 116.6 | $ | 0.9 | $ | — | $ | 236.5 | ||||||||||
Segment Profit | 14.0 | 5.3 | 10.2 | 1.0 | 30.5 | |||||||||||||||
Capital Expenditures | 21.4 | 14.9 | — | 2.4 | 38.7 | |||||||||||||||
Segment Assets | 760.0 | 500.4 | 0.6 | 18.3 | 1,279.3 |
Six Months Ended June 30, 2018 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 131.5 | $ | 115.3 | $ | — | $ | — | $ | 246.8 | ||||||||||
Rate Adjustment Mechanism Revenue | (9.8 | ) | (9.1 | ) | — | — | (18.9 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | 2.4 | — | 2.4 | |||||||||||||||
Total Operating Revenues | $ | 121.7 | $ | 106.2 | $ | 2.4 | $ | — | $ | 230.3 | ||||||||||
Segment Profit | 12.3 | 5.7 | 0.6 | 0.6 | 19.2 | |||||||||||||||
Capital Expenditures | 22.2 | 13.6 | — | 1.4 | 37.2 | |||||||||||||||
Segment Assets | 703.2 | 479.3 | 6.4 | 45.7 | 1,234.6 |
($ millions) | June 30, | December 31, | |||||||||||
2019 | 2018 | 2018 | |||||||||||
Unitil Corporation: | |||||||||||||
6.33% Senior Notes, Due May 1, 2022 | $ | 20.0 | $ | 20.0 | $ | 20.0 | |||||||
3.70% Senior Notes, Due August 1, 2026 | 30.0 | 30.0 | 30.0 | ||||||||||
Unitil Energy First Mortgage Bonds: | |||||||||||||
5.24% Senior Secured Notes, Due March 2, 2020 | 5.0 | 10.0 | 10.0 | ||||||||||
8.49% Senior Secured Notes, Due October 14, 2024 | 6.0 | 7.5 | 6.0 | ||||||||||
6.96% Senior Secured Notes, Due September 1, 2028 | 20.0 | 20.0 | 20.0 | ||||||||||
8.00% Senior Secured Notes, Due May 1, 2031 | 15.0 | 15.0 | 15.0 | ||||||||||
6.32% Senior Secured Notes, Due September 15, 2036 | 15.0 | 15.0 | 15.0 | ||||||||||
4.18% Senior Secured Notes, Due November 30, 2048 | 30.0 | — | 30.0 | ||||||||||
Fitchburg: | |||||||||||||
6.75% Senior Notes, Due November 30, 2023 | 5.7 | 7.6 | 5.7 | ||||||||||
6.79% Senior Notes, Due October 15, 2025 | 10.0 | 10.0 | 10.0 | ||||||||||
3.52% Senior Notes, Due November 1, 2027 | 10.0 | 10.0 | 10.0 | ||||||||||
7.37% Senior Notes, Due January 15, 2029 | 12.0 | 12.0 | 12.0 | ||||||||||
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 | ||||||||||
4.32% Senior Notes, Due November 1, 2047 | 15.0 | 15.0 | 15.0 | ||||||||||
Northern Utilities: | |||||||||||||
6.95% Senior Notes, Due December 3, 2018 | — | 10.0 | — | ||||||||||
5.29% Senior Notes, Due March 2, 2020 | 8.2 | 16.6 | 16.6 | ||||||||||
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 | ||||||||||
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 | ||||||||||
Granite State: | |||||||||||||
7.15% Senior Notes, Due December 15, 2018 | — | 3.3 | — | ||||||||||
3.72% Senior Notes, Due November 1, 2027 | 15.0 | 15.0 | 15.0 | ||||||||||
Total Long-Term Debt | 395.9 | 396.0 | 409.3 | ||||||||||
Less: Unamortized Debt Issuance Costs | 3.3 | 3.2 | 3.5 | ||||||||||
Total Long-Term Debt, net of Unamortized Debt Issuance Costs | 392.6 | 392.8 | 405.8 | ||||||||||
Less: Current Portion | 19.5 | 29.7 | 18.4 | ||||||||||
Total Long-term Debt, Less Current Portion | $ | 373.1 | $ | 363.1 | $ | 387.4 | |||||||
($ millions) | June 30, | December 31, | ||||||||||
2020 | 2019 | 2019 | ||||||||||
Unitil Corporation: | ||||||||||||
6.33% Senior Notes, Due May 1, 2022 | $ | 20.0 | $ | 20.0 | $ | 20.0 | ||||||
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 | |||||||||
Unitil Energy First Mortgage Bonds: | ||||||||||||
5.24% Senior Secured Notes, Due March 2, 2020 | — | 5.0 | 5.0 | |||||||||
8.49% Senior Secured Notes, Due October 14, 2024 | 4.5 | 6.0 | 4.5 | |||||||||
6.96% Senior Secured Notes, Due September 1, 2028 | 18.0 | 20.0 | 18.0 | |||||||||
8.00% Senior Secured Notes, Due May 1, 2031 | 15.0 | 15.0 | 15.0 | |||||||||
6.32% Senior Secured Notes, Due September 15, 2036 | 15.0 | 15.0 | 15.0 | |||||||||
4.18% Senior Secured Notes, Due November 30, 2048 | 30.0 | 30.0 | 30.0 | |||||||||
Fitchburg: | ||||||||||||
6.75% Senior Notes, Due November 30, 2023 | 3.8 | 5.7 | 3.8 | |||||||||
6.79% Senior Notes, Due October 15, 2025 | 10.0 | 10.0 | 10.0 | |||||||||
3.52% Senior Notes, Due November 1, 2027 | 10.0 | 10.0 | 10.0 | |||||||||
7.37% Senior Notes, Due January 15, 2029 | 10.8 | 12.0 | 12.0 | |||||||||
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 | |||||||||
4.32% Senior Notes, Due November 1, 2047 | 15.0 | 15.0 | 15.0 | |||||||||
Northern Utilities: | ||||||||||||
5.29% Senior Notes, Due March 2, 2020 | — | 8.2 | 8.2 | |||||||||
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 | |||||||||
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 | |||||||||
Granite State: | ||||||||||||
3.72% Senior Notes, Due November 1, 2027 | 15.0 | 15.0 | 15.0 | |||||||||
Total Long-Term Debt | 446.1 | 395.9 | 460.5 | |||||||||
Less: Unamortized Debt Issuance Costs | 3.4 | 3.3 | 3.5 | |||||||||
Total Long-Term Debt, net of Unamortized Debt Issuance Costs | 442.7 | 392.6 | 457.0 | |||||||||
Less: Current Portion | 6.3 | 19.5 | 19.5 | |||||||||
Total Long-term Debt, Less Current Portion | $ | 436.4 | $ | 373.1 | $ | 437.5 | ||||||
($ millions) | June 30, | December 31, | |||||||||||
2019 | 2018 | 2018 | |||||||||||
Estimated Fair Value of Long-Term Debt | $ | 430.6 | $ | 420.5 | $ | 422.0 |
($ millions) | June 30, | December 31, | ||||||||||
2020 | 2019 | 2019 | ||||||||||
Estimated Fair Value of Long-Term Debt | $ | 516.6 | $ | 430.6 | $ | 518.7 |
Revolving Credit Facility ($ millions) | Revolving Credit Facility ($ millions) | ||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||||||||||
2019 | 2018 | 2018 | 2020 | 2019 | 2019 | ||||||||||||||||||||
Limit | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | |||||||||||||
Short-Term Borrowings Outstanding | $ | 64.8 | $ | 37.4 | $ | 82.8 | 74.9 | 64.8 | 58.6 | ||||||||||||||||
Letter of Credit Outstanding | 0.1 | — | 0.1 | ||||||||||||||||||||||
Available | $ | 55.2 | $ | 82.6 | $ | 37.2 | $ | 45.0 | $ | 55.2 | $ | 61.3 | |||||||||||||
June 30, | December 31, | ||||||||||||
Lease Obligations ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Operating Lease Obligations: | |||||||||||||
Other Current Liabilities (current portion) | $ | 1.0 | $ | — | $ | — | |||||||
Other Noncurrent Liabilities (long-term portion) | 2.6 | — | — | ||||||||||
Total Operating Lease Obligations | $ | 3.6 | $ | — | $ | — | |||||||
Capital Lease Obligations: | |||||||||||||
Other Current Liabilities (current portion) | 0.2 | $ | 3.1 | $ | 3.1 | ||||||||
Other Noncurrent Liabilities (long-term portion) | 0.2 | 4.1 | 2.7 | ||||||||||
Total Capital Lease Obligations | 0.4 | $ | 7.2 | $ | 5.8 | ||||||||
Total Lease Obligations | 4.0 | $ | 7.2 | $ | 5.8 | ||||||||
June 30, | December 31, | |||||||||||
Lease Obligations ($ millions) | 2020 | 2019 | 2019 | |||||||||
Operating Lease Obligations: | ||||||||||||
Other Current Liabilities (current portion) | $ | 1.3 | $ | 1.0 | $ | 1.2 | ||||||
Other Noncurrent Liabilities (long-term portion) | 3.2 | 2.6 | 2.8 | |||||||||
Total Operating Lease Obligations | $ | 4.5 | $ | 3.6 | $ | 4.0 | ||||||
Capital Lease Obligations: | ||||||||||||
Other Current Liabilities (current portion) | $ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||
Other Noncurrent Liabilities (long-term portion) | 0.3 | 0.2 | 0.3 | |||||||||
Total Capital Lease Obligations | $ | 0.5 | $ | 0.4 | $ | 0.5 | ||||||
Total Lease Obligations | $ | 5.0 | $ | 4.0 | $ | 4.5 | ||||||
Lease Payments ($000’s) | Operating | Capital | Operating | Capital | ||||||||||||
Year Ending December 31, | Leases | Leases | Leases | Leases | ||||||||||||
Rest of 2019 | $ | 634 | $ | 138 | ||||||||||||
2020 | 1,153 | 198 | ||||||||||||||
Rest of 2020 | $ | 795 | $ | 138 | ||||||||||||
2021 | 984 | 96 | 1,448 | 194 | ||||||||||||
2022 | 703 | 33 | 1,169 | 130 | ||||||||||||
2023 | 403 | 15 | 873 | 88 | ||||||||||||
2024-2028 | 122 | — | ||||||||||||||
2024 | 544 | 33 | ||||||||||||||
2025-2029 | 140 | — | ||||||||||||||
Total Payments | 3,999 | 480 | 4,969 | 583 | ||||||||||||
Less: Interest | 380 | 22 | 436 | 34 | ||||||||||||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ | 3,619 | $ $ | 458 | $ | 4,533 | $ | 549 | ||||||||
Lease Payments ($000’s) | Operating | Capital | ||||||
Year Ending December 31, | Leases | Leases | ||||||
2019 | $ | 1,372 | $ | 3,069 | ||||
2020 | 1,138 | 2,535 | ||||||
2021 | 969 | 93 | ||||||
2022 | 689 | 32 | ||||||
2023 | 390 | 14 | ||||||
2024-2028 | 120 | — | ||||||
Total Payments | $ | 4,678 | $ | 5,743 | ||||
Restricted Stock Units (Equity Portion) | ||||||||
Units | Weighted Average Stock Price | |||||||
Restricted Stock Units as of December 31, 2018 | 61,789 | $ | 38.25 | |||||
Restricted Stock Units Granted | — | — | ||||||
Dividend Equivalents Earned | 826 | $ | 55.59 | |||||
Restricted Stock Units Settled | — | — | ||||||
Restricted Stock Units as of June 30, 2019 | 62,615 | $ | 38.48 | |||||
Restricted Stock Units (Equity Portion) | ||||||||
Units | Weighted Average Stock Price | |||||||
Restricted Stock Units as of December 31, 2019 | 70,364 | $ | 41.20 | |||||
Restricted Stock Units Granted | — | — | ||||||
Dividend Equivalents Earned | 768 | $ | 53.16 | |||||
Restricted Stock Units Settled | (32,422 | ) | $ | 41.09 | ||||
Restricted Stock Units as of June 30, 2020 | 38,710 | $ | 41.54 | |||||
($ millions) | ($ millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fitchburg | Northern Utilities | Total | Fitchburg | Northern Utilities | Total | |||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Total Balance at Beginning of Period | $ | — | $ | 0.1 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.1 | $ | — | $ | — | $ | 2.7 | $ | 2.0 | $ | 2.7 | $ | 2.0 | ||||||||||||||||||||||||
Additions | — | — | 0.1 | 0.5 | 0.1 | 0.5 | — | — | — | 0.1 | — | 0.1 | ||||||||||||||||||||||||||||||||||||
Less: Payments / Reductions | — | 0.1 | 0.1 | 0.4 | 0.1 | 0.5 | — | — | 0.5 | 0.1 | 0.5 | 0.1 | ||||||||||||||||||||||||||||||||||||
Total Balance at End of Period | — | — | 2.0 | 2.1 | 2.0 | 2.1 | — | — | 2.2 | 2.0 | 2.2 | 2.0 | ||||||||||||||||||||||||||||||||||||
Less: Current Portion | — | — | 0.6 | 0.6 | 0.6 | 0.6 | — | — | 0.3 | 0.6 | 0.3 | 0.6 | ||||||||||||||||||||||||||||||||||||
Noncurrent Balance at End of Period | $ | — | $ | — | $ | 1.4 | $ | 1.5 | $ | 1.4 | $ | 1.5 | $ | — | $ | — | $ | 1.9 | $ | 1.4 | $ | 1.9 | $ | 1.4 | ||||||||||||||||||||||||
Used to Determine Plan Costs | 2019 | 2018 | ||||||
Discount Rate | 4.25 | % | 3.60 | % | ||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | ||||
Expected Long-term rate of return on plan assets | 7.75 | % | 7.75 | % | ||||
Health Care Cost Trend Rate Assumed for Next Year | 7.00 | % | 7.50 | % | ||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | ||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2024 | 2024 |
Used to Determine Plan Costs | 2020 | 2019 | ||||||
Discount Rate | 3.25 | % | 4.25 | % | ||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | ||||
Expected Long-term rate of return on plan assets | 7.40 | % | 7.75 | % | ||||
Health Care Cost Trend Rate Assumed for Next Year | 7.00 | % | 7.00 | % | ||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | ||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2024 |
Pension Plan | PBOP Plan | SERP Plan | ||||||||||||||||||||||
Three Months Ended June 30, | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Service Cost | $ | 776 | $ | 848 | $ | 576 | $ | 733 | $ | 63 | $ | 122 | ||||||||||||
Interest Cost | 1,621 | 1,469 | 856 | 851 | 145 | 101 | ||||||||||||||||||
Expected Return on Plan Assets | (2,118 | ) | (1,946 | ) | (411 | ) | (409 | ) | — | — | ||||||||||||||
Prior Service Cost Amortization | 80 | 81 | 303 | 327 | 25 | 47 | ||||||||||||||||||
Actuarial Loss Amortization | 1,081 | 1,447 | 57 | 346 | 156 | 122 | ||||||||||||||||||
Sub-total | 1,440 | 1,899 | 1,381 | 1,848 | 389 | 392 | ||||||||||||||||||
Amounts Capitalized and Deferred | (597 | ) | (908 | ) | (606 | ) | (885 | ) | (112 | ) | (113 | ) | ||||||||||||
Net Periodic Benefit Cost Recognized | $ | 843 | $ | 991 | $ | 775 | $ | 963 | $ | 277 | $ | 279 |
Pension Plan | PBOP Plan | SERP Plan | ||||||||||||||||||||||
Three Months Ended June 30, | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Service Cost | $ | 831 | $ | 776 | $ | 675 | $ | 576 | $ | 71 | $ | 63 | ||||||||||||
Interest Cost | 1,443 | 1,621 | 779 | 856 | 138 | 145 | ||||||||||||||||||
Expected Return on Plan Assets | (2,255 | ) | (2,118 | ) | (516 | ) | (411 | ) | — | — | ||||||||||||||
Prior Service Cost Amortization | 80 | 80 | 303 | 303 | 14 | 25 | ||||||||||||||||||
Actuarial Loss Amortization | 1,618 | 1,081 | 186 | 57 | 259 | 156 | ||||||||||||||||||
Sub-total | 1,717 | 1,440 | 1,427 | 1,381 | 482 | 389 | ||||||||||||||||||
Amounts Capitalized and Deferred | (807 | ) | (597 | ) | (695 | ) | (606 | ) | (152) | (112 | ) | |||||||||||||
Net Periodic Benefit Cost Recognized | $ | 910 | $ | 843 | $ | 732 | $ | 775 | $ | 330 | $ | 277 | ||||||||||||
Pension Plan | PBOP Plan | SERP Plan | ||||||||||||||||||||||
Six Months Ended June 30, | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Service Cost | $ | 1,662 | $ | 1,552 | $ | 1,350 | $ | 1,152 | $ | 142 | $ | 123 | ||||||||||||
Interest Cost | 2,887 | 3,242 | 1,559 | 1,712 | 275 | 284 | ||||||||||||||||||
Expected Return on Plan Assets | (4,510 | ) | (4,237 | ) | (1,032 | ) | (822 | ) | — | — | ||||||||||||||
Prior Service Cost Amortization | 160 | 160 | 606 | 606 | 28 | 28 | ||||||||||||||||||
Actuarial Loss Amortization | 3,236 | 2,162 | 372 | 114 | 518 | 314 | ||||||||||||||||||
Sub-total | 3,435 | 2,879 | 2,855 | 2,762 | 963 | 749 | ||||||||||||||||||
Amounts Capitalized and Deferred | (1,437 | ) | (1,009 | ) | (1,227 | ) | (1,080 | ) | (290 | ) | (215 | ) | ||||||||||||
Net Periodic Benefit Cost Recognized | $ | 1,998 | $ | 1,870 | $ | 1,628 | $ | 1,682 | $ | 673 | $ | 534 | ||||||||||||
Pension Plan | PBOP Plan | SERP Plan | ||||||||||||||||||||||
Six Months Ended June 30, | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Service Cost | $ | 1,552 | $ | 1,696 | $ | 1,152 | $ | 1,466 | $ | 123 | $ | 244 | ||||||||||||
Interest Cost | 3,242 | 2,938 | 1,712 | 1,702 | 284 | 202 | ||||||||||||||||||
Expected Return on Plan Assets | (4,237 | ) | (3,892 | ) | (822 | ) | (818 | ) | — | — | ||||||||||||||
Prior Service Cost Amortization | 160 | 162 | 606 | 654 | 28 | 94 | ||||||||||||||||||
Actuarial Loss Amortization | 2,162 | 2,894 | 114 | 692 | 314 | 244 | ||||||||||||||||||
Sub-total | 2,879 | 3,798 | 2,762 | 3,696 | 749 | 784 | ||||||||||||||||||
Amounts Capitalized and Deferred | (1,009 | ) | (1,628 | ) | (1,080 | ) | (1,627 | ) | (215 | ) | (226 | ) | ||||||||||||
Net Periodic Benefit Cost Recognized | $ | 1,870 | $ | 2,170 | $ | 1,682 | $ | 2,069 | $ | 534 | $ | 558 | ||||||||||||
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 | |||||||||||||
4/1/19 – 4/30/19 | — | — | — | $ | 59,311 | |||||||||||
5/1/19 – 5/31/19 | — | — | — | $ | 195,000 | |||||||||||
6/1/19 – 6/30/19 | — | — | — | $ | 195,000 | |||||||||||
Total | — | — | — | |||||||||||||
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 | |||||||||||||
4/1/20 – 4/30/20 | — | — | — | $ | 10,034 | |||||||||||
5/1/20 – 5/31/20 | — | — | — | $ | 516,000 | |||||||||||
6/1/20 – 6/30/20 | — | — | — | $ | 516,000 | |||||||||||
Total | — | — | — | |||||||||||||
Exhibit No. | Description of Exhibit | Reference | ||||||
3.1 | Unitil Corporation Fourth Amended and Restated By-Laws | Exhibit 3.1 to Form 8-K dated April 29, 2020 (SEC 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 | ||||||||
Filed herewith | ||||||||
101.INS | ||||||||
Inline XBRL Instance 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: July | ||||||
/s/ Laurence M. Brock | ||||||
Laurence M. Brock | ||||||
Chief |
Date: July 30, 2020 | /s/ Daniel J. Hurstak | |||||
Daniel J. Hurstak | ||||||
Controller |