☒ | 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, | UTL | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Class | Outstanding at | |
Common Stock, no par value |
Page No. | ||||||||||
2-3 | ||||||||||
Part I. Financial Information | ||||||||||
Item 1. | Financial | |||||||||
18 | ||||||||||
19-20 | ||||||||||
21 | ||||||||||
22-23 | ||||||||||
24-50 | ||||||||||
Item 2. | 3-17 | |||||||||
Item 3. | 50 | |||||||||
Item 4. | 50 | |||||||||
Part II. Other Information | ||||||||||
Item 1. | 50 | |||||||||
Item 1A. | 50 | |||||||||
Item 2. | 50-51 | |||||||||
Item 3. | Defaults Upon Senior Securities | Inapplicable | ||||||||
Item 4. | Mine Safety Disclosures | Inapplicable | ||||||||
Item 5. | 51 | |||||||||
Item | 51-52 | |||||||||
53 |
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 March 31, 2022 ($ in millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 ($ millions) | Three Months Ended June 30, 2022 ($ millions) | |||||||||||||||||||||||||||||||
Electric | Gas | Non- Regulated and Other | Total | Electric | Gas | Non- Regulated and Other | Total | |||||||||||||||||||||||||
Total Operating Revenue | $ | 89.2 | $ | 103.4 | $ | — | $ | 192.6 | $ | 54.3 | $ | 44.6 | $ | — | $ | 98.9 | ||||||||||||||||
Less: Cost of Sales | (64.6 | ) | (51.4 | ) | — | (116.0 | ) | (30.7 | ) | (16.4 | ) | — | (47.1 | ) | ||||||||||||||||||
Less: Depreciation and Amortization | (6.7 | ) | (8.5 | ) | (0.3 | ) | (15.5 | ) | (5.7 | ) | (8.9 | ) | (0.2 | ) | (14.8 | ) | ||||||||||||||||
GAAP Gross Margin | 17.9 | 43.5 | (0.3 | ) | 61.1 | 17.9 | 19.3 | (0.2 | ) | 37.0 | ||||||||||||||||||||||
Depreciation and Amortization | 6.7 | 8.5 | 0.3 | 15.5 | 5.7 | 8.9 | 0.2 | 14.8 | ||||||||||||||||||||||||
Adjusted Gross Margin | $ | 24.6 | $ | 52.0 | $ | — | $ | 76.6 | $ | 23.6 | $ | 28.2 | $ | — | $ | 51.8 | ||||||||||||||||
Three Months Ended March 31, 2021 ($ in millions) | ||||||||||||||||
Electric | Gas | Non- Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 60.1 | $ | 78.7 | $ | — | $ | 138.8 | ||||||||
Less: Cost of Sales | (36.4 | ) | (30.9 | ) | — | (67.3 | ) | |||||||||
Less: Depreciation and Amortization | (6.5 | ) | (8.2 | ) | (0.2 | ) | (14.9 | ) | ||||||||
GAAP Gross Margin | 17.2 | 39.6 | (0.2 | ) | 56.6 | |||||||||||
Depreciation and Amortization | 6.5 | 8.2 | 0.2 | 14.9 | ||||||||||||
Adjusted Gross Margin | $ | 23.7 | $ | 47.8 | $ | — | $ | 71.5 | ||||||||
Three Months Ended June 30, 2021 ($ millions) | ||||||||||||||||
Electric | Gas | Non- Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 56.6 | $ | 40.0 | $ | — | $ | 96.6 | ||||||||
Less: Cost of Sales | (32.3 | ) | (15.0 | ) | — | (47.3 | ) | |||||||||
Less: Depreciation and Amortization | (6.4 | ) | (8.2 | ) | (0.2 | ) | (14.8 | ) | ||||||||
GAAP Gross Margin | 17.9 | 16.8 | (0.2 | ) | 34.5 | |||||||||||
Depreciation and Amortization | 6.4 | 8.2 | 0.2 | 14.8 | ||||||||||||
Adjusted Gross Margin | $ | 24.3 | $ | 25.0 | $ | — | $ | 49.3 | ||||||||
Six Months Ended June 30, 2022 ($ millions) | ||||||||||||||||
Electric | Gas | Non- Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 143.5 | $ | 148.0 | $ | — | $ | 291.5 | ||||||||
Less: Cost of Sales | (95.3 | ) | (67.8 | ) | — | (163.1 | ) | |||||||||
Less: Depreciation and Amortization | (12.4 | ) | (17.4 | ) | (0.5 | ) | (30.3 | ) | ||||||||
GAAP Gross Margin | 35.8 | 62.8 | (0.5 | ) | 98.1 | |||||||||||
Depreciation and Amortization | 12.4 | 17.4 | 0.5 | 30.3 | ||||||||||||
Adjusted Gross Margin | $ | 48.2 | $ | 80.2 | $ | — | $ | 128.4 | ||||||||
Six Months Ended June 30, 2021 ($ millions) | ||||||||||||||||
Electric | Gas | Non- Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 116.7 | $ | 118.7 | $ | — | $ | 235.4 | ||||||||
Less: Cost of Sales | (68.7 | ) | (45.9 | ) | — | (114.6 | ) | |||||||||
Less: Depreciation and Amortization | (12.9 | ) | (16.4 | ) | (0.4 | ) | (29.7 | ) | ||||||||
GAAP Gross Margin | 35.1 | 56.4 | (0.4 | ) | 91.1 | |||||||||||
Depreciation and Amortization | 12.9 | 16.4 | 0.4 | 29.7 | ||||||||||||
Adjusted Gross Margin | $ | 48.0 | $ | 72.8 | $ | — | $ | 120.8 | ||||||||
kWh Sales (millions) | kWh Sales (millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||
Residential | 192.8 | 192.2 | 0.6 | 0.3 | % | 143.7 | 149.5 | (5.8 | ) | (3.9 | %) | 336.5 | 341.7 | (5.2 | ) | (1.5 | %) | |||||||||||||||||||||||||||||||
Commercial / Industrial | 237.2 | 231.9 | 5.3 | 2.3 | % | 224.0 | 224.0 | — | — | 461.2 | 455.9 | 5.3 | 1.2 | % | ||||||||||||||||||||||||||||||||||
Total | 430.0 | 424.1 | 5.9 | 1.4 | % | 367.7 | 373.5 | (5.8 | ) | (1.6 | %) | 797.7 | 797.6 | 0.1 | — | |||||||||||||||||||||||||||||||||
Electric Operating Revenues and Adjusted Gross Margin ($ in millions) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2022 | 2021 | $ Change | % Change | |||||||||||||
Electric Operating Revenues: | ||||||||||||||||
Residential | $ | 54.8 | $ | 36.2 | $ | 18.6 | 51.4 | % | ||||||||
Commercial / Industrial | 34.4 | 23.9 | 10.5 | 43.9 | % | |||||||||||
Total Electric Operating Revenues | $ | 89.2 | $ | 60.1 | $ | 29.1 | 48.4 | % | ||||||||
Total Cost of Electric Sales | $ | 64.6 | $ | 36.4 | $ | 28.2 | 77.5 | % | ||||||||
Electric Sales Margin | $ | 24.6 | $ | 23.7 | $ | 0.9 | 3.8 | % | ||||||||
Electric Operating Revenues and Electric Adjusted Gross Margin ($ millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||
Electric Operating Revenue: | ||||||||||||||||||||||||||||||||
Residential | $ | 30.5 | $ | 31.5 | $ | (1.0 | ) | (3.2 | %) | $ | 85.3 | $ | 67.7 | $ | 17.6 | 26.0 | % | |||||||||||||||
Commercial / Industrial | 23.8 | 25.1 | (1.3 | ) | (5.2 | %) | 58.2 | 49.0 | 9.2 | 18.8 | % | |||||||||||||||||||||
Total Electric Operating Revenue | $ | 54.3 | $ | 56.6 | $ | (2.3 | ) | (4.1 | %) | $ | 143.5 | $ | 116.7 | $ | 26.8 | 23.0 | % | |||||||||||||||
Cost of Electric Sales | $ | 30.7 | $ | 32.3 | $ | (1.6 | ) | (5.0 | %) | $ | 95.3 | $ | 68.7 | $ | 26.6 | 38.7 | % | |||||||||||||||
Electric Adjusted Gross Margin | $ | 23.6 | $ | 24.3 | $ | (0.7 | ) | (2.9 | )% | $ | 48.2 | $ | 48.0 | $ | 0.2 | 0.4 | % | |||||||||||||||
Therm Sales (millions) | Therm Sales (millions) | Therm Sales (millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||
Residential | 24.3 | 23.6 | 0.7 | 3.0 | % | 8.3 | 8.1 | 0.2 | 2.5 | % | 32.6 | 31.7 | 0.9 | 2.8 | % | |||||||||||||||||||||||||||||||||
Commercial / Industrial | 74.5 | 71.6 | 2.9 | 4.1 | % | 37.2 | 36.4 | 0.8 | 2.2 | % | 111.7 | 108.0 | 3.7 | 3.4 | % | |||||||||||||||||||||||||||||||||
Total | 98.8 | 95.2 | 3.6 | 3.8 | % | 45.5 | 44.5 | 1.0 | 2.2 | % | 144.3 | 139.7 | 4.6 | 3.3 | % | |||||||||||||||||||||||||||||||||
Gas Operating Revenues and Adjusted Gross Margin ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gas Operating Revenues and Gas Adjusted Gross Margin ($ millions) | Gas Operating Revenues and Gas Adjusted Gross Margin ($ millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Gas Operating Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Gas Operating Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 42.8 | $ | 33.4 | $ | 9.4 | 28.1 | % | $ | 17.4 | $ | 16.0 | $ | 1.4 | 8.8 | % | $ | 60.2 | $ | 49.4 | $ | 10.8 | 21.9 | % | ||||||||||||||||||||||||
Commercial / Industrial | 60.6 | 45.3 | 15.3 | 33.8 | % | 27.2 | 24.0 | 3.2 | 13.3 | % | 87.8 | 69.3 | 18.5 | 26.7 | % | |||||||||||||||||||||||||||||||||
Total Gas Operating Revenues | $ | 103.4 | $ | 78.7 | $ | 24.7 | 31.4 | % | ||||||||||||||||||||||||||||||||||||||||
Total Gas Operating Revenue | $ | 44.6 | $ | 40.0 | $ | 4.6 | 11.5 | % | $ | 148.0 | $ | 118.7 | $ | 29.3 | 24.7 | % | ||||||||||||||||||||||||||||||||
Cost of Gas Sales | $ | 51.4 | $ | 30.9 | $ | 20.5 | 66.3 | % | $ | 16.4 | $ | 15.0 | $ | 1.4 | 9.3 | % | $ | 67.8 | $ | 45.9 | $ | 21.9 | 47.7 | % | ||||||||||||||||||||||||
Gas Adjusted Gross Margin | $ | 52.0 | $ | 47.8 | $ | 4.2 | 8.8 | % | $ | 28.2 | $ | 25.0 | $ | 3.2 | 12.8 | % | $ | 80.2 | $ | 72.8 | $ | 7.4 | 10.2 | % | ||||||||||||||||||||||||
Interest Expense, Net ($ millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Long-term Debt | $ | 6.2 | $ | 6.5 | $ | (0.3 | ) | $ | 12.4 | $ | 13.2 | $ | (0.8 | ) | ||||||||||
Short-term Debt | 0.4 | 0.1 | 0.3 | 0.7 | 0.3 | 0.4 | ||||||||||||||||||
Regulatory Liabilities | 0.1 | 0.1 | — | 0.2 | 0.2 | — | ||||||||||||||||||
Subtotal Interest Expense | 6.7 | 6.7 | — | 13.3 | 13.7 | (0.4 | ) | |||||||||||||||||
Interest (Income) | ||||||||||||||||||||||||
Regulatory Assets | (0.2 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.4 | ) | — | |||||||||||||
AFUDC (1) and Other | (0.2 | ) | (0.3 | ) | 0.1 | (0.4 | ) | (0.3 | ) | (0.1 | ) | |||||||||||||
Subtotal Interest (Income) | (0.4 | ) | (0.4 | ) | — | (0.8 | ) | (0.7 | ) | (0.1 | ) | |||||||||||||
Total Interest Expense, Net | $ | 6.3 | $ | 6.3 | $ | — | $ | 12.5 | $ | 13.0 | $ | (0.5 | ) | |||||||||||
Interest Expense, Net ($ in millions) | Three Months Ended March 31, | |||||||||||
2022 | 2021 | Change | ||||||||||
Interest Expense | ||||||||||||
Long-term Debt | $ | 6.2 | $ | 6.6 | $ | (0.4 | ) | |||||
Short-term Debt | 0.3 | 0.2 | 0.1 | |||||||||
Regulatory Liabilities | 0.1 | 0.1 | — | |||||||||
Subtotal Interest Expense | 6.6 | 6.9 | (0.3 | ) | ||||||||
Interest (Income) | ||||||||||||
Regulatory Assets | (0.2 | ) | (0.1 | ) | (0.1 | ) | ||||||
AFUDC and Other | (0.2 | ) | (0.1 | ) | (0.1 | ) | ||||||
Subtotal Interest (Income) | (0.4 | ) | (0.2 | ) | (0.2 | ) | ||||||
Total Interest Expense, Net | $ | 6.2 | $ | 6.7 | $ | (0.5 | ) | |||||
(1) | AFUDC – Allowance for Funds Used During Construction. |
Revolving Credit Facility ($ in millions) | Revolving Credit Facility ($ millions) | |||||||||||||||||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||||||||||
2022 | 2021 | 2021 | 2022 | 2021 | 2021 | |||||||||||||||||||
Limit | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | ||||||||||||
Short-Term Borrowings Outstanding | 64.0 | 37.3 | 64.1 | 46.2 | 29.7 | 64.1 | ||||||||||||||||||
Available | $ | 56.0 | $ | 82.7 | $ | 55.9 | $ | 73.8 | $ | 90.3 | $ | 55.9 | ||||||||||||
Employees Covered | CBA Expiration | |||||||
Fitchburg | 05/31/ | |||||||
Northern Utilities NH Division | 06/07/2025 | |||||||
Northern Utilities ME Division | 03/31/2026 | |||||||
Granite State | 4 | 03/31/2026 | ||||||
Unitil Energy | 05/31/2023 | |||||||
Unitil Service – Gas Control | 03/31/2024 | |||||||
Unitil Service | 5 | 05/31/2023 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Operating Revenues | ||||||||
Electric | $ | 89.2 | $ | 60.1 | ||||
Gas | 103.4 | 78.7 | ||||||
Total Operating Revenues | 192.6 | 138.8 | ||||||
Operating Expenses | ||||||||
Cost of Electric Sales | 64.6 | 36.4 | ||||||
Cost of Gas Sales | 51.4 | 30.9 | ||||||
Operation and Maintenance | 18.5 | 17.0 | ||||||
Depreciation and Amortization | 15.5 | 14.9 | ||||||
Taxes Other than Income Taxes | 6.8 | 6.2 | ||||||
Total Operating Expenses | 156.8 | 105.4 | ||||||
Operating Income | 35.8 | 33.4 | ||||||
Interest Expense, Net | 6.2 | 6.7 | ||||||
Other Expense (Income), Net | 0.7 | 1.3 | ||||||
Income Before Income Taxes | 28.9 | 25.4 | ||||||
Provision For Income Taxes | 7.4 | 6.5 | ||||||
Net Income | $ | 21.5 | $ | 18.9 | ||||
Net Income Per Common Share (Basic and Diluted) | $ | 1.35 | $ | 1.26 | ||||
Weighted Average Common Shares Outstanding – (Basic and Diluted) | 16.0 | 15.0 |
March 31, | December 31, | |||||||||||
2022 | 2021 | 2021 | ||||||||||
ASSETS: | ||||||||||||
Current Assets | ||||||||||||
Cash and Cash Equivalents | $ | 6.5 | $ | 6.1 | $ | 6.5 | ||||||
Accounts Receivable, Net | 81.9 | 73.2 | 66.9 | |||||||||
Accrued Revenue | 56.3 | 34.7 | 61.2 | |||||||||
Exchange Gas Receivable | 0.7 | 1.2 | 7.4 | |||||||||
Gas Inventory | 0.5 | 0.4 | 1.0 | |||||||||
Materials and Supplies | 9.4 | 9.2 | 8.6 | |||||||||
Prepayments and Other | 7.8 | 7.9 | 8.1 | |||||||||
Total Current Assets | 163.1 | 132.7 | 159.7 | |||||||||
Utility Plant: | ||||||||||||
Electric | 606.7 | 576.8 | 602.4 | |||||||||
Gas | 986.3 | 922.4 | 972.6 | |||||||||
Common | 66.6 | 64.5 | 66.4 | |||||||||
Construction Work in Progress | 36.5 | 38.3 | 47.5 | |||||||||
Total Utility Plant | 1,696.1 | 1,602.0 | 1,688.9 | |||||||||
Less: Accumulated Depreciation | 436.2 | 409.7 | 431.7 | |||||||||
Net Utility Plant | 1,259.9 | 1,192.3 | 1,257.2 | |||||||||
Other Noncurrent Assets: | ||||||||||||
Regulatory Assets | 108.1 | 128.7 | 108.9 | |||||||||
Operating Lease Right of Use Assets | 4.8 | 5.4 | 4.7 | |||||||||
Other Assets | 16.4 | 17.9 | 9.8 | |||||||||
Total Other Noncurrent Assets | 129.3 | 152.0 | 123.4 | |||||||||
TOTAL ASSETS | $ | 1,552.3 | $ | 1,477.0 | $ | 1,540.3 | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating Revenues | ||||||||||||||||
Electric | $ | 54.3 | $ | 56.6 | $ | 143.5 | $ | 116.7 | ||||||||
Gas | 44.6 | 40.0 | 148.0 | 118.7 | ||||||||||||
Total Operating Revenues | 98.9 | 96.6 | 291.5 | 235.4 | ||||||||||||
Operating Expenses | ||||||||||||||||
Cost of Electric Sales | 30.7 | 32.3 | 95.3 | 68.7 | ||||||||||||
Cost of Gas Sales | 16.4 | 15.0 | 67.8 | 45.9 | ||||||||||||
Operation and Maintenance | 18.4 | 17.5 | 36.9 | 34.5 | ||||||||||||
Depreciation and Amortization | 14.8 | 14.8 | 30.3 | 29.7 | ||||||||||||
Taxes Other Than Income Taxes | 6.7 | 6.2 | 13.5 | 12.4 | ||||||||||||
Total Operating Expenses | 87.0 | 85.8 | 243.8 | 191.2 | ||||||||||||
Operating Income | 11.9 | 10.8 | 47.7 | 44.2 | ||||||||||||
Interest Expense, Net | 6.3 | 6.3 | 12.5 | 13.0 | ||||||||||||
Other Expense (Income), Net | 0.6 | 1.1 | 1.3 | 2.4 | ||||||||||||
Income Before Income Taxes | 5.0 | 3.4 | 33.9 | 28.8 | ||||||||||||
Provision for Income Taxes | 0.1 | 0.7 | 7.5 | 7.2 | ||||||||||||
Net Income | $ | 4.9 | $ | 2.7 | $ | 26.4 | $ | 21.6 | ||||||||
Net Income Per Common Share (Basic and Diluted) | $ | 0.30 | $ | 0.18 | $ | 1.65 | $ | 1.44 | ||||||||
Weighted Average Common Shares Outstanding – (Basic and Diluted) | 16.0 | 15.0 | 16.0 | 15.0 |
June 30, | December 31, | |||||||||||
2022 | 2021 | 2021 | ||||||||||
ASSETS: | ||||||||||||
Current Assets | ||||||||||||
Cash and Cash Equivalents | $ | 5.1 | $ | 5.0 | $ | 6.5 | ||||||
Accounts Receivable, Net | 54.3 | 50.3 | 66.9 | |||||||||
Accrued Revenue | 45.6 | 34.6 | 61.2 | |||||||||
Exchange Gas Receivable | 13.4 | 5.2 | 7.4 | |||||||||
Gas Inventory | 1.0 | 0.6 | 1.0 | |||||||||
Materials and Supplies | 9.7 | 8.6 | 8.6 | |||||||||
Prepayments and Other | 10.0 | 9.9 | 8.1 | |||||||||
Total Current Assets | 139.1 | 114.2 | 159.7 | |||||||||
Utility Plant: | ||||||||||||
Electric | 610.1 | 578.6 | 602.4 | |||||||||
Gas | 988.9 | 923.6 | 972.6 | |||||||||
Common | 66.7 | 64.6 | 66.4 | |||||||||
Construction Work in Progress | 56.2 | 60.6 | 47.5 | |||||||||
Utility Plant | 1,721.9 | 1,627.4 | 1,688.9 | |||||||||
Less: Accumulated Depreciation | 442.8 | 417.6 | 431.7 | |||||||||
Net Utility Plant | 1,279.1 | 1,209.8 | 1,257.2 | |||||||||
Other Noncurrent Assets: | ||||||||||||
Regulatory Assets | 106.6 | 131.1 | 108.9 | |||||||||
Operating Lease Right of Use Assets | 4.4 | 4.9 | 4.7 | |||||||||
Other Assets | 17.9 | 17.1 | 9.8 | |||||||||
Total Other Noncurrent Assets | 128.9 | 153.1 | 123.4 | |||||||||
TOTAL ASSETS | $ | 1,547.1 | $ | 1,477.1 | $ | 1,540.3 | ||||||
March 31, | December 31, | |||||||||||
2022 | 2021 | 2021 | ||||||||||
LIABILITIES AND CAPITALIZATION: | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts Payable | $ | 39.0 | $ | 28.7 | $ | 52.4 | ||||||
Short-Term Debt | 64.0 | 37.3 | 64.1 | |||||||||
Long-Term Debt, Current Portion | 8.2 | 8.5 | 8.2 | |||||||||
Regulatory Liabilities | 15.6 | 14.7 | 9.5 | |||||||||
Energy Supply Obligations | 6.9 | 7.7 | 14.5 | |||||||||
Interest Payable | 6.4 | 6.8 | 4.8 | |||||||||
Environmental Obligations | 0.5 | 0.3 | 0.5 | |||||||||
Other Current Liabilities | 17.1 | 18.9 | 19.5 | |||||||||
Total Current Liabilities | 157.7 | 122.9 | 173.5 | |||||||||
Noncurrent Liabilities: | ||||||||||||
Retirement Benefit Obligations | 136.3 | 164.8 | 133.9 | |||||||||
Deferred Income Taxes, Net | 135.0 | 115.4 | 127.7 | |||||||||
Cost of Removal Obligations | 109.8 | 102.5 | 107.5 | |||||||||
Regulatory Liabilities | 42.1 | 43.5 | 42.6 | |||||||||
Environmental Obligations | 2.2 | 1.8 | 2.2 | |||||||||
Other Noncurrent Liabilities | 7.3 | 7.0 | 6.6 | |||||||||
Total Noncurrent Liabilities | 432.7 | 435.0 | 420.5 | |||||||||
Capitalization: | ||||||||||||
Long-Term Debt, Less Current Portion | 496.6 | 515.8 | 497.8 | |||||||||
Stockholders’ Equity: | ||||||||||||
Common Equity (Authorized: 25,000,000 and Outstanding:16,020,047, 15,041,629 and 15,977,766 Shares) | 333.7 | 286.3 | 332.1 | |||||||||
Retained Earnings | 131.4 | 116.8 | 116.2 | |||||||||
Total Common Stock Equity | 465.1 | 403.1 | 448.3 | |||||||||
Preferred Stock | 0.2 | 0.2 | 0.2 | |||||||||
Total Stockholders’ Equity | 465.3 | 403.3 | 448.5 | |||||||||
Total Capitalization | 961.9 | 919.1 | 946.3 | |||||||||
Commitments and Contingencies | 0 | |||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,552.3 | $ | 1,477.0 | $ | 1,540.3 | ||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 21.5 | $ | 18.9 | ||||
Adjustments to Reconcile Net Income to Cash | ||||||||
Provided by Operating Activities: | ||||||||
Depreciation and Amortization | 15.5 | 14.9 | ||||||
Deferred Tax Provision | 7.1 | 6.2 | ||||||
Changes in Working Capital Items: | ||||||||
Accounts Receivable | (15.0 | ) | (11.2 | ) | ||||
Accrued Revenue | 4.9 | 16.2 | ||||||
Exchange Gas Receivable | 6.7 | 3.7 | ||||||
Regulatory Liabilities | 6.1 | 9.2 | ||||||
Accounts Payable | (13.4 | ) | (4.5 | ) | ||||
Other Changes in Working Capital Items | (2.2 | ) | 0.8 | |||||
Deferred Regulatory and Other Charges | (5.9 | ) | (7.7 | ) | ||||
Other, Net | 3.8 | 1.2 | ||||||
Cash Provided by Operating Activities | 29.1 | 47.7 | ||||||
Investing Activities: | ||||||||
Property, Plant and Equipment Additions | (15.4 | ) | (14.1 | ) | ||||
Cash (Used in) Investing Activities | (15.4 | ) | (14.1 | ) | ||||
Financing Activities: | ||||||||
Repayment of Short-Term Debt, Net | (0.1 | ) | (17.4 | ) | ||||
Repayment of Long-Term Debt | (1.3 | ) | (7.2 | ) | ||||
(Decrease) Increase in Capital Lease Obligations | (0.1 | ) | 0.1 | |||||
Net Decrease in Exchange Gas Financing | (6.2 | ) | (3.5 | ) | ||||
Dividends Paid | (6.3 | ) | (5.8 | ) | ||||
Proceeds from Issuance of Common Stock | 0.3 | 0.3 | ||||||
Cash (Used in) Financing Activities | (13.7 | ) | (33.5 | ) | ||||
Net Increase in Cash and Cash Equivalents | 0 | 0.1 | ||||||
Cash and Cash Equivalents at Beginning of Period | 6.5 | 6.0 | ||||||
Cash and Cash Equivalents at End of Period | $ | 6.5 | $ | 6.1 | ||||
Supplemental Cash Flow Information: | ||||||||
Interest Paid | $ | 4.7 | $ | 4.9 | ||||
Income Taxes Paid | $ | 0.4 | $ | 0.3 | ||||
Payments on Capital Leases | $ | 0.1 | $ | 0.1 | ||||
Non-cash Investing Activity: | ||||||||
Capital Expenditures Included in Accounts Payable | $ | 4.6 | $ | 4.1 | ||||
Right-of-Use | $ | 0.6 | $ | 0.2 |
June 30, | December 31, | |||||||||||
2022 | 2021 | 2021 | ||||||||||
LIABILITIES AND CAPITALIZATION: | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts Payable | $ | 34.3 | $ | 32.6 | $ | 52.4 | ||||||
Short-Term Debt | 46.2 | 29.7 | 64.1 | |||||||||
Long-Term Debt, Current Portion | 8.2 | 19.0 | 8.2 | |||||||||
Regulatory Liabilities | 25.9 | 17.1 | 9.5 | |||||||||
Energy Supply Obligations | 16.6 | 9.9 | 14.5 | |||||||||
Interest Payable | 4.8 | 4.9 | 4.8 | |||||||||
Environmental Obligations | 0.6 | 0.4 | 0.5 | |||||||||
Other Current Liabilities | 18.4 | 19.7 | 19.5 | |||||||||
Total Current Liabilities | 155.0 | 133.3 | 173.5 | |||||||||
Noncurrent Liabilities: | ||||||||||||
Retirement Benefit Obligations | 135.9 | 165.1 | 133.9 | |||||||||
Deferred Income Taxes, net | 136.4 | 115.4 | 127.7 | |||||||||
Cost of Removal Obligations | 112.4 | 105.1 | 107.5 | |||||||||
Regulatory Liabilities | 38.9 | 43.2 | 42.6 | |||||||||
Environmental Obligations | 2.2 | 1.7 | 2.2 | |||||||||
Other Noncurrent Liabilities | 6.9 | 7.2 | 6.6 | |||||||||
Total Noncurrent Liabilities | 432.7 | 437.7 | 420.5 | |||||||||
Capitalization: | ||||||||||||
Long-Term Debt, Less Current Portion | 495.1 | 505.3 | 497.8 | |||||||||
Stockholders’ Equity: | ||||||||||||
Common Equity (Authorized: 25,000,000 and Outstanding: 16,034,635, 15,046,469 and 15,977,766 Shares) | 334.1 | 286.8 | 332.1 | |||||||||
Retained Earnings | 130.0 | 113.8 | 116.2 | |||||||||
Total Common Stock Equity | 464.1 | 400.6 | 448.3 | |||||||||
Preferred Stock | 0.2 | 0.2 | 0.2 | |||||||||
Total Stockholders’ Equity | 464.3 | 400.8 | 448.5 | |||||||||
Total Capitalization | 959.4 | 906.1 | 946.3 | |||||||||
Commitments and Contingencies (Notes 6 & 7) | 0 | |||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,547.1 | $ | 1,477.1 | $ | 1,540.3 | ||||||
Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 26.4 | $ | 21.6 | ||||
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||||||||
Depreciation and Amortization | 30.3 | 29.7 | ||||||
Deferred Tax Provision | 7.2 | 6.2 | ||||||
Changes in Working Capital Items: | ||||||||
Accounts Receivable | 12.6 | 11.7 | ||||||
Accrued Revenue | 15.6 | 16.3 | ||||||
Exchange Gas Receivable | (6.0 | ) | (0.3 | ) | ||||
Regulatory Liabilities | 16.4 | 11.6 | ||||||
Accounts Payable | (18.1 | ) | (0.6 | ) | ||||
Other Changes in Working Capital Items | (7.6 | ) | (3.3 | ) | ||||
Deferred Regulatory and Other Charges | (10.2 | ) | (9.4 | ) | ||||
Other, net | 4.4 | 0.9 | ||||||
Cash Provided by Operating Activities | 71.0 | 84.4 | ||||||
Investing Activities: | ||||||||
Property, Plant and Equipment Additions | (45.3 | ) | (42.5 | ) | ||||
Cash (Used in) Investing Activities | (45.3 | ) | (42.5 | ) | ||||
Financing Activities: | ||||||||
Repayment of Short-Term Debt, net | (17.9 | ) | (25.0 | ) | ||||
Repayment of Long-Term Debt | (2.8 | ) | (7.3 | ) | ||||
Net Increase in Exchange Gas Financing | 5.8 | 0.4 | ||||||
Decrease in Capital Lease Obligations | (0.1 | ) | — | |||||
Dividends Paid | (12.6 | ) | (11.5 | ) | ||||
Proceeds from Issuance of Common Stock | 0.5 | 0.5 | ||||||
Cash Used in Financing Activities | (27.1 | ) | (42.9 | ) | ||||
Net Decrease in Cash and Cash Equivalents | (1.4 | ) | (1.0 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 6.5 | 6.0 | ||||||
Cash and Cash Equivalents at End of Period | $ | 5.1 | $ | 5.0 | ||||
Supplemental Cash Flow Information: | ||||||||
Interest Paid | $ | 12.8 | $ | 13.2 | ||||
Income Taxes Paid | $ | 1.1 | $ | 1.0 | ||||
Payments on Capital Leases | $ | 0.1 | $ | 0.1 | ||||
Non-cash Investing Activity: | ||||||||
Capital Expenditures Included in Accounts Payable | $ | 3.9 | $ | 3.9 | ||||
Right-of-Use Assets Obtained in Exchange for Lease Obligations | $ | 0.5 | $ | 0.4 |
Common Equity | Retained Earnings | Total | ||||||||||
Three Months Ended June 30, 2022 | ||||||||||||
Balance at April 1, 2022 | $ | 333.7 | $ | 131.4 | $ | 465.1 | ||||||
Net Income | 4.9 | 4.9 | ||||||||||
Dividends on Common Shares ($0.39 per share) | (6.3 | ) | (6.3 | ) | ||||||||
Stock Compensation Plans | 0.2 | 0.2 | ||||||||||
Issuance of 4,352 Common Shares | 0.2 | 0.2 | ||||||||||
Balance at June 30, 2022 | $ | 334.1 | $ | 130.0 | $ | 464.1 | ||||||
Three Months Ended June 30, 2021 | ||||||||||||
Balance at April 1, 2021 | $ | 286.3 | $ | 116.8 | $ | 403.1 | ||||||
Net Income | 2.7 | 2.7 | ||||||||||
Dividends on Common Shares ($0.38 per share) | (5.7 | ) | (5.7 | ) | ||||||||
Stock Compensation Plans | 0.2 | 0.2 | ||||||||||
Issuance of 4,840 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at June 30, 2021 | $ | 286.8 | $ | 113.8 | $ | 400.6 | ||||||
Common Equity | Retained Earnings | Total | ||||||||||
Balance at January 1, 2022 | $ | 332.1 | $ | 116.2 | $ | 448.3 | ||||||
Net Income | 21.5 | 21.5 | ||||||||||
Dividends on Common Shares ($0.39 per Common Share) | (6.3 | ) | (6.3 | ) | ||||||||
Stock Compensation Plans | 1.3 | 1.3 | ||||||||||
Issuance of 5,511 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at March 31, 2022 | $ | 333.7 | $ | 131.4 | $ | 465.1 | ||||||
Balance at January 1, 2021 | $ | 285.3 | $ | 103.7 | $ | 389.0 | ||||||
Net Income | 18.9 | 18.9 | ||||||||||
Dividends on Common Shares ($0.38 per Common Share) | (5.8 | ) | (5.8 | ) | ||||||||
Stock Compensation Plans | 0.7 | 0.7 | ||||||||||
Issuance of 6,179 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at March 31, 2021 | $ | 286.3 | $ | 116.8 | $ | 403.1 | ||||||
Common Equity | Retained Earnings | Total | ||||||||||
Six Months Ended June 30, 2022 | ||||||||||||
Balance at January 1, 2022 | $ | 332.1 | $ | 116.2 | $ | 448.3 | ||||||
Net Income | 26.4 | 26.4 | ||||||||||
Dividends on Common Shares ($0.78 per share) | (12.6 | ) | (12.6 | ) | ||||||||
Stock Compensation Plans | 1.5 | 1.5 | ||||||||||
Issuance of 9,863 Common Shares | 0.5 | 0.5 | ||||||||||
Balance at June 30, 2022 | $ | 334.1 | $ | 130.0 | $ | 464.1 | ||||||
Six Months Ended June 30, 2021 | ||||||||||||
Balance at January 1, 2021 | $ | 285.3 | $ | 103.7 | $ | 389.0 | ||||||
Net Income | 21.6 | 21.6 | ||||||||||
Dividends on Common Shares ($0.76 per share) | (11.5 | ) | (11.5 | ) | ||||||||
Stock Compensation Plans | 1.0 | 1.0 | ||||||||||
Issuance of 11,019 Common Shares | 0.5 | 0.5 | ||||||||||
Balance at June 30, 2021 | $ | 286.8 | $ | 113.8 | $ | 400.6 | ||||||
Three Months Ended March 31, 2022 | ||||||||||||
Electric and Gas Operating Revenues ($ millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 49.4 | $ | 45.6 | $ | 95.0 | ||||||
Commercial and Industrial | 31.0 | 64.6 | 95.6 | |||||||||
Other | 4.3 | 3.5 | 7.8 | |||||||||
Total Billed and Unbilled Revenue | 84.7 | 113.7 | 198.4 | |||||||||
Rate Adjustment Mechanism Revenue | 4.5 | (10.3 | ) | (5.8 | ) | |||||||
Total Electric and Gas Operating Revenues | $ | 89.2 | $ | 103.4 | $ | 192.6 | ||||||
Three Months Ended June 30, 2022 | ||||||||||||
Electric and Gas Operating Revenues ($ millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 33.8 | $ | 18.1 | $ | 51.9 | ||||||
Commercial and Industrial | 25.7 | 28.0 | 53.7 | |||||||||
Other | 4.6 | 3.5 | 8.1 | |||||||||
Total Billed and Unbilled Revenue | 64.1 | 49.6 | 113.7 | |||||||||
Rate Adjustment Mechanism Revenue | (9.8 | ) | (5.0 | ) | (14.8 | ) | ||||||
Total Electric and Gas Operating Revenues | $ | 54.3 | $ | 44.6 | $ | 98.9 | ||||||
Three Months Ended March 31, 2021 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Electric and Gas Operating Revenues ($ millions): | Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||
Billed and Unbilled Revenue: | ||||||||||||||||||||||||
Residential | $ | 38.1 | $ | 37.7 | $ | 75.8 | $ | 30.8 | $ | 14.9 | $ | 45.7 | ||||||||||||
Commercial and Industrial | 25.9 | 50.1 | 76.0 | 25.5 | 21.8 | 47.3 | ||||||||||||||||||
Other | 1.8 | 5.4 | 7.2 | 2.0 | 1.3 | 3.3 | ||||||||||||||||||
Total Billed and Unbilled Revenue | 65.8 | 93.2 | 159.0 | 58.3 | 38.0 | 96.3 | ||||||||||||||||||
Rate Adjustment Mechanism Revenue | (5.7 | ) | (14.5 | ) | (20.2 | ) | (1.7 | ) | 2.0 | 0.3 | ||||||||||||||
Total Electric and Gas Operating Revenues | $ | 60.1 | $ | 78.7 | $ | 138.8 | $ | 56.6 | $ | 40.0 | $ | 96.6 | ||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||
Electric and Gas Operating Revenues ($ millions): | Electric | Gas | Total | |||||||||||||||||||||
Billed and Unbilled Revenue: | ||||||||||||||||||||||||
Residential | $ | 83.0 | $ | 63.6 | $ | 146.6 | ||||||||||||||||||
Commercial and Industrial | 56.7 | 92.7 | 149.4 | |||||||||||||||||||||
Other | 9.1 | 7.0 | 16.1 | |||||||||||||||||||||
Total Billed and Unbilled Revenue | 148.8 | 163.3 | 312.1 | |||||||||||||||||||||
Rate Adjustment Mechanism Revenue | (5.3 | ) | (15.3 | ) | (20.6 | ) | ||||||||||||||||||
Total Electric and Gas Operating Revenues | $ | 143.5 | $ | 148.0 | $ | 291.5 | ||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||
Electric and Gas Operating Revenues ($ millions): | Electric | Gas | Total | |||||||||||||||||||||
Billed and Unbilled Revenue: | ||||||||||||||||||||||||
Residential | $ | 68.9 | $ | 52.6 | $ | 121.5 | ||||||||||||||||||
Commercial and Industrial | 51.4 | 71.9 | 123.3 | |||||||||||||||||||||
Other | 3.8 | 6.7 | 10.5 | |||||||||||||||||||||
Total Billed and Unbilled Revenue | 124.1 | 131.2 | 255.3 | |||||||||||||||||||||
Rate Adjustment Mechanism Revenue | (7.4 | ) | (12.5 | ) | (19.9 | ) | ||||||||||||||||||
Total Electric and Gas Operating Revenues | $ | 116.7 | $ | 118.7 | $ | 235.4 | ||||||||||||||||||
($ millions) | ||||||||||||||||||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||||||||||
2022 | 2021 | 2021 | 2022 | 2021 | 2021 | |||||||||||||||||||
Allowance for Doubtful Accounts | $ | 3.4 | $ | 4.4 | $ | 3.3 | $ | 2.7 | $ | 4.6 | $ | 3.3 | ||||||||||||
March 31, | December 31, | |||||||||||
Accrued Revenue ($ millions) | 2022 | 2021 | 2021 | |||||||||
Regulatory Assets – Current | $ | 45.2 | $ | 24.0 | $ | 47.4 | ||||||
Unbilled Revenues, net | 11.1 | 10.7 | 13.8 | |||||||||
Total Accrued Revenue | $ | 56.3 | $ | 34.7 | $ | 61.2 | ||||||
June 30, | December 31, | |||||||||||
Accrued Revenue ($ millions) | 2022 | 2021 | 2021 | |||||||||
Regulatory Assets – Current | $ | 41.4 | $ | 25.0 | $ | 47.4 | ||||||
Unbilled Revenues, net | 4.2 | 9.6 | 13.8 | |||||||||
Total Accrued Revenue | $ | 45.6 | $ | 34.6 | $ | 61.2 | ||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||||||||||
Exchange Gas Receivable ($ millions) | 2022 | 2021 | 2021 | 2022 | 2021 | 2021 | ||||||||||||||||||
Northern Utilities | $ | 0.5 | $ | 1.0 | $ | 6.7 | $ | 12.5 | $ | 4.8 | $ | 6.7 | ||||||||||||
Fitchburg | 0.2 | 0.2 | 0.7 | 0.9 | 0.4 | 0.7 | ||||||||||||||||||
Total Exchange Gas Receivable | $ | 0.7 | $ | 1.2 | $ | 7.4 | $ | 13.4 | $ | 5.2 | $ | 7.4 | ||||||||||||
June 30, | December 31, | |||||||||||
Gas Inventory ($ millions) | 2022 | 2021 | 2021 | |||||||||
Natural Gas | $ | 0.5 | $ | 0.2 | $ | 0.5 | ||||||
Propane | 0.4 | 0.3 | 0.4 | |||||||||
Liquefied Natural Gas & Other | 0.1 | 0.1 | 0.1 | |||||||||
Total Gas Inventory | $ | 1.0 | $ | 0.6 | $ | 1.0 | ||||||
March 31, | December 31, | |||||||||||
Gas Inventory ($ millions) | 2022 | 2021 | 2021 | |||||||||
Natural Gas | $ | — | $ | — | $ | 0.5 | ||||||
Propane | 0.4 | 0.3 | 0.4 | |||||||||
Liquefied Natural Gas & Other | 0.1 | 0.1 | 0.1 | |||||||||
Total Gas Inventory | $ | 0.5 | $ | 0.4 | $ | 1.0 | ||||||
June 30, | December 31, | |||||||||||
Regulatory Assets consist of the following ($ millions) | 2022 | 2021 | 2021 | |||||||||
Retirement Benefits | $ | 86.9 | $ | 105.7 | $ | 86.4 | ||||||
Energy Supply and Other Rate Adjustment Mechanisms | 38.2 | 21.5 | 44.1 | |||||||||
Deferred Storm Charges | 2.9 | 3.4 | 3.3 | |||||||||
Environmental | 4.5 | 4.7 | 4.6 | |||||||||
Income Taxes | 2.2 | 3.0 | 2.6 | |||||||||
Other Deferred Charges | 13.3 | 17.8 | 15.3 | |||||||||
Total Regulatory Assets | 148.0 | 156.1 | 156.3 | |||||||||
Less: Current Portion of Regulatory Assets (1) | 41.4 | 25.0 | 47.4 | |||||||||
Regulatory Assets – noncurrent | $ | 106.6 | $ | 131.1 | $ | 108.9 | ||||||
(1) | Reflects amounts included in the Accrued Revenue on theCompany’s Consolidated Balance Sheets. |
June 30, | December 31, | |||||||||||
Regulatory Liabilities consist of the following ($ millions) | 2022 | 2021 | 2021 | |||||||||
Income Taxes (Note 8) | $ | 42.6 | $ | 44.8 | $ | 44.3 | ||||||
Rate Adjustment Mechanisms | 22.2 | 15.3 | 7.7 | |||||||||
Other | — | 0.2 | 0.1 | |||||||||
Total Regulatory Liabilities | 64.8 | 60.3 | 52.1 | |||||||||
Less: Current Portion of Regulatory Liabilities | 25.9 | 17.1 | 9.5 | |||||||||
Regulatory Liabilities – noncurrent | $ | 38.9 | $ | 43.2 | $ | 42.6 | ||||||
March 31, | December 31, | |||||||||||
Regulatory Assets consist of the following ($ millions) | 2022 | 2021 | 2021 | |||||||||
Retirement Benefits | $ | 86.5 | $ | 104.5 | $ | 86.4 | ||||||
Energy Supply and Other Rate Adjustment Mechanisms | 41.9 | 20.2 | 44.1 | |||||||||
Deferred Storm Charges | 2.9 | 3.7 | 3.3 | |||||||||
Environmental | 4.5 | 5.0 | 4.6 | |||||||||
Income Taxes | 2.4 | 3.2 | 2.6 | |||||||||
Other Deferred Charges | 15.1 | 16.1 | 15.3 | |||||||||
Total Regulatory Assets | 153.3 | 152.7 | 156.3 | |||||||||
Less: Current Portion of Regulatory Assets (1) | 45.2 | 24.0 | 47.4 | |||||||||
Regulatory Assets – noncurrent | $ | 108.1 | $ | 128.7 | $ | 108.9 | ||||||
March 31, | December 31, | |||||||||||
Regulatory Liabilities consist of the following ($ millions) | 2022 | 2021 | 2021 | |||||||||
Income Taxes (Note 8) | $ | 43.9 | $ | 45.1 | $ | 44.3 | ||||||
Rate Adjustment Mechanisms | 13.8 | 12.9 | 7.7 | |||||||||
Other | 0 | 0.2 | 0.1 | |||||||||
Total Regulatory Liabilities | 57.7 | 58.2 | 52.1 | |||||||||
Less: Current Portion of Regulatory Liabilities | 15.6 | 14.7 | 9.5 | |||||||||
Regulatory Liabilities – noncurrent | $ | 42.1 | $ | 43.5 | $ | 42.6 | ||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||||||||||
Fair Value of Marketable Securities ($ millions) | 2022 | 2021 | 2021 | 2022 | 2021 | 2021 | ||||||||||||||||||
Money Market Funds | $ | 5.5 | $ | 5.6 | $ | 5.7 | $ | 5.4 | $ | 5.5 | $ | 5.7 | ||||||||||||
Total Marketable Securities | $ | 5.5 | $ | 5.6 | $ | 5.7 | $ | 5.4 | $ | 5.5 | $ | 5.7 | ||||||||||||
March 31, | December 31, | |||||||||||
Fair Value of Marketable Securities ($ millions) | 2022 | 2021 | 2021 | |||||||||
Equity Funds | $ | 0.4 | $ | 0.3 | $ | 0.2 | ||||||
Money Market Funds | 0.4 | 0.3 | 0.4 | |||||||||
Total Marketable Securities | $ | 0.8 | $ | 0.6 | $ | 0.6 | ||||||
June 30, | December 31, | |||||||||||
Fair Value of Marketable Securities ($ millions) | 2022 | 2021 | 2021 | |||||||||
Equity Funds | $ | 0.4 | $ | 0.3 | $ | 0.2 | ||||||
Money Market Funds | 0.4 | 0.4 | 0.4 | |||||||||
Total Marketable Securities | $ | 0.8 | $ | 0.7 | $ | 0.6 | ||||||
June 30, | December 31, | |||||||||||
Energy Supply Obligations ($ millions) | 2022 | 2021 | 2021 | |||||||||
Current: | ||||||||||||
Exchange Gas Obligation | $ | 12.5 | $ | 4.8 | $ | 6.7 | ||||||
Renewable Energy Portfolio Standards | 4.1 | 5.0 | 7.8 | |||||||||
Power Supply Contract Divestitures | — | 0.1 | — | |||||||||
Total Energy Supply Obligations | $ | 16.6 | $ | 9.9 | $ | 14.5 | ||||||
March 31, | December 31, | |||||||||||
Energy Supply Obligations ($ millions) | 2022 | 2021 | 2021 | |||||||||
Current: | ||||||||||||
Exchange Gas Obligation | $ | 0.5 | $ | 1.0 | $ | 6.7 | ||||||
Renewable Energy Portfolio Standards | 6.4 | 6.5 | 7.8 | |||||||||
Power Supply Contract Divestitures | 0 | 0.2 | — | |||||||||
Total Energy Supply Obligations | $ | 6.9 | $ | 7.7 | $ | 14.5 | ||||||
Declaration Date | Date Paid (Payable) | Shareholder of Record Date | Dividend Amount | |||
7/27/22 | 8/27/22 | 8/12/22 | $0.39 | |||
04/27/22 | 05/27/22 | 05/13/22 | $0.39 | |||
01/26/22 | 02/25/22 | 02/11/22 | $0.39 | |||
10/27/21 | 11/29/21 | 11/15/21 | $0.38 | |||
07/28/21 | 08/27/21 | 08/13/21 | $0.38 | |||
04/28/21 | 05/28/21 | 05/14/21 | $0.38 | |||
01/27/21 | 02/26/21 | 02/12/21 | $0.38 |
Electric | Gas | Non- Regulated | Other | Total | ||||||||||||||||
Three Months Ended March 31, 2022 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 84.7 | $ | 113.7 | $ | — | $ | — | $ | 198.4 | ||||||||||
Rate Adjustment Mechanism Revenue | 4.5 | (10.3 | ) | — | — | (5.8 | ) | |||||||||||||
Total Operating Revenues | 89.2 | 103.4 | — | — | 192.6 | |||||||||||||||
Segment Profit (Loss) | 3.4 | 18.5 | — | (0.4 | ) | 21.5 | ||||||||||||||
Identifiable Segment Assets | 598.2 | 932.6 | — | 21.5 | 1,552.3 | |||||||||||||||
Capital Expenditures | 6.3 | 9.0 | — | 0.1 | 15.4 | |||||||||||||||
Three Months Ended March 31, 2021 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 65.8 | $ | 93.2 | $ | — | $ | — | $ | 159.0 | ||||||||||
Rate Adjustment Mechanism Revenue | (5.7 | ) | (14.5 | ) | — | — | (20.2 | ) | ||||||||||||
Total Operating Revenues | 60.1 | 78.7 | — | — | 138.8 | |||||||||||||||
Segment Profit (Loss) | 2.9 | 16.4 | — | (0.4 | ) | 18.9 | ||||||||||||||
Identifiable Segment Assets | 574.8 | 881.1 | 0 | 21.1 | 1,477.0 | |||||||||||||||
Capital Expenditures | 9.5 | 4.3 | — | 0.3 | 14.1 |
Electric | Gas | Non- Regulated | Other | Total | ||||||||||||||||
Three Months Ended June 30, 2022 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 64.1 | $ | 49.6 | $ | — | $ | — | $ | 113.7 | ||||||||||
Rate Adjustment Mechanism Revenue | (9.8 | ) | (5.0 | ) | — | — | (14.8 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 54.3 | $ | 44.6 | $ | — | $ | — | $ | 98.9 | ||||||||||
Segment Profit (Loss) | 3.9 | 1.3 | (0.3 | ) | 4.9 | |||||||||||||||
Capital Expenditures | 7.9 | 22.0 | — | — | 29.9 | |||||||||||||||
Three Months Ended June 30, 2021 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 58.3 | $ | 38.0 | $ | — | $ | — | $ | 96.3 | ||||||||||
Rate Adjustment Mechanism Revenue | (1.7 | ) | 2.0 | — | — | 0.3 | ||||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 56.6 | $ | 40.0 | $ | — | $ | — | $ | 96.6 | ||||||||||
Segment Profit (Loss) | 3.4 | (0.2 | ) | 0.1 | (0.6 | ) | 2.7 | |||||||||||||
Capital Expenditures | 9.2 | 18.9 | — | 0.3 | 28.4 | |||||||||||||||
Six Months Ended June 30, 2022 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 148.8 | $ | 163.3 | $ | — | $ | — | $ | 312.1 | ||||||||||
Rate Adjustment Mechanism Revenue | (5.3 | ) | (15.3 | ) | — | — | (20.6 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 143.5 | $ | 148.0 | $ | — | $ | — | $ | 291.5 | ||||||||||
Segment Profit (Loss) | 7.3 | 19.8 | — | (0.7 | ) | 26.4 | ||||||||||||||
Capital Expenditures | 14.2 | 31.0 | — | 0.1 | 45.3 | |||||||||||||||
Segment Assets | 593.0 | 936.0 | — | 18.1 | 1,547.1 | |||||||||||||||
Six Months Ended June 30, 2021 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 124.1 | $ | 131.2 | $ | — | $ | — | $ | 255.3 | ||||||||||
Rate Adjustment Mechanism Revenue | (7.4 | ) | (12.5 | ) | — | — | (19.9 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 116.7 | $ | 118.7 | $ | — | $ | — | $ | 235.4 | ||||||||||
Segment Profit | 6.3 | 16.2 | 0.1 | (1.0 | ) | 21.6 | ||||||||||||||
Capital Expenditures | 18.7 | 23.2 | — | 0.6 | 42.5 | |||||||||||||||
Segment Assets | 577.3 | 878.3 | — | 21.5 | 1,477.1 |
($ millions) | March 31, | December 31, | ||||||||||
2022 | 2021 | 2021 | ||||||||||
Unitil Corporation: | ||||||||||||
6.33% Senior Notes, Due May 1, 2022 | $ | 0 | $ | 9.0 | $ | 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 | 30.0 | |||||||||
Unitil Energy First Mortgage Bonds: | ||||||||||||
8.49% Senior Secured Notes, Due October 14, 2024 | 1.5 | 3.0 | 1.5 | |||||||||
6.96% Senior Secured Notes, Due September 1, 2028 | 14.0 | 16.0 | 14.0 | |||||||||
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 | |||||||||
3.58% Senior Secured Notes, Due September 15, 2040 | 27.5 | 27.5 | 27.5 | |||||||||
4.18% Senior Secured Notes, Due November 30, 2048 | 30.0 | 30.0 | 30.0 | |||||||||
Fitchburg: | ||||||||||||
6.75% Senior Notes, Due November 30, 2023 | 0 | 1.9 | 0 | |||||||||
6.79% Senior Notes, Due October 15, 2025 | 6.0 | 10.0 | 6.0 | |||||||||
3.52% Senior Notes, Due November 1, 2027 | 10.0 | 10.0 | 10.0 | |||||||||
7.37% Senior Notes, Due January 15, 2029 | 8.4 | 9.6 | 9.6 | |||||||||
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 | |||||||||
3.78% Senior Notes, Due September 15, 2040 | 27.5 | 27.5 | 27.5 | |||||||||
4.32% Senior Notes, Due November 1, 2047 | 15.0 | 15.0 | 15.0 | |||||||||
Northern Utilities: | ||||||||||||
3.52% Senior Notes, Due November 1, 2027 | 20.0 | 20.0 | 20.0 | |||||||||
7.72% Senior Notes, Due December 3, 2038 | 50.0 | 50.0 | 50.0 | |||||||||
3.78% Senior Notes, Due September 15, 2040 | 40.0 | 40.0 | 40.0 | |||||||||
4.42% Senior Notes, Due October 15, 2044 | 50.0 | 50.0 | 50.0 | |||||||||
4.32% Senior Notes, Due November 1, 2047 | 30.0 | 30.0 | 30.0 | |||||||||
4.04% Senior Notes, Due September 12, 2049 | 40.0 | 40.0 | 40.0 | |||||||||
Granite State: | ||||||||||||
3.72% Senior Notes, Due November 1, 2027 | 15.0 | 15.0 | 15.0 | |||||||||
Unitil Realty Corp.: | ||||||||||||
2.64% Senior Secured Notes, Due December 18, 2030 | 4.4 | 4.7 | 4.5 | |||||||||
Total Long-Term Debt | 508.3 | 528.2 | 509.6 | |||||||||
Less: Unamortized Debt Issuance Costs | 3.5 | 3.9 | 3.6 | |||||||||
Total Long-Term Debt, net of Unamortized Debt Issuance Costs | 504.8 | 524.3 | 506.0 | |||||||||
Less: Current Portion | 8.2 | 8.5 | 8.2 | |||||||||
Total Long-term Debt, Less Current Portion | $ | 496.6 | $ | 515.8 | $ | 497.8 | ||||||
($ millions) | June 30, | December 31, | ||||||||||
2022 | 2021 | 2021 | ||||||||||
Unitil Corporation: | ||||||||||||
6.33% Senior Notes, Due May 1, 2022 | $ | — | $ | 9.0 | $ | — | ||||||
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 | 30.0 | |||||||||
Unitil Energy First Mortgage Bonds: | ||||||||||||
8.49% Senior Secured Notes, Due October 14, 2024 | 1.5 | 3.0 | 1.5 | |||||||||
6.96% Senior Secured Notes, Due September 1, 2028 | 14.0 | 16.0 | 14.0 | |||||||||
8.00% Senior Secured Notes, Due May 1, 2031 | 13.5 | 15.0 | 15.0 | |||||||||
6.32% Senior Secured Notes, Due September 15, 2036 | 15.0 | 15.0 | 15.0 | |||||||||
3.58% Senior Secured Notes, Due September 15, 2040 | 27.5 | 27.5 | 27.5 | |||||||||
4.18% Senior Secured Notes, Due November 30, 2048 | 30.0 | 30.0 | 30.0 | |||||||||
Fitchburg: | ||||||||||||
6.75% Senior Notes, Due November 30, 2023 | — | 1.9 | — | |||||||||
6.79% Senior Notes, Due October 15, 2025 | 6.0 | 10.0 | 6.0 | |||||||||
3.52% Senior Notes, Due November 1, 2027 | 10.0 | 10.0 | 10.0 | |||||||||
7.37% Senior Notes, Due January 15, 2029 | 8.4 | 9.6 | 9.6 | |||||||||
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 | |||||||||
3.78% Senior Notes, Due September 15, 2040 | 27.5 | 27.5 | 27.5 | |||||||||
4.32% Senior Notes, Due November 1, 2047 | 15.0 | 15.0 | 15.0 | |||||||||
Northern Utilities: | ||||||||||||
3.52% Senior Notes, Due November 1, 2027 | 20.0 | 20.0 | 20.0 | |||||||||
7.72% Senior Notes, Due December 3, 2038 | 50.0 | 50.0 | 50.0 | |||||||||
3.78% Senior Notes, Due September 15, 2040 | 40.0 | 40.0 | 40.0 | |||||||||
4.42% Senior Notes, Due October 15, 2044 | 50.0 | 50.0 | 50.0 | |||||||||
4.32% Senior Notes, Due November 1, 2047 | 30.0 | 30.0 | 30.0 | |||||||||
4.04% Senior Notes, Due September 12, 2049 | 40.0 | 40.0 | 40.0 | |||||||||
Granite State: | ||||||||||||
3.72% Senior Notes, Due November 1, 2027 | 15.0 | 15.0 | 15.0 | |||||||||
Unitil Realty Corp.: | ||||||||||||
2.64% Senior Secured Notes, Due December 18, 2030 | 4.4 | 4.6 | 4.5 | |||||||||
Total Long-Term Debt | 506.8 | 528.1 | 509.6 | |||||||||
Less: Unamortized Debt Issuance Costs | 3.5 | 3.8 | 3.6 | |||||||||
Total Long-Term Debt, net of Unamortized Debt Issuance Costs | 503.3 | 524.3 | 506.0 | |||||||||
Less: Current Portion | 8.2 | 19.0 | 8.2 | |||||||||
Total Long-term Debt, Less Current Portion | $ | 495.1 | $ | 505.3 | $ | 497.8 | ||||||
($ millions) | March 31, | December 31, | June 30, | December 31, | ||||||||||||||||||||
2022 | 2021 | 2021 | 2022 | 2021 | 2021 | |||||||||||||||||||
Estimated Fair Value of Long-Term Debt | $ | 524.8 | $ | 581.0 | $ | 584.9 | $ | 477.3 | $ | 597.8 | $ | 584.9 | ||||||||||||
Revolving Credit Facility ($ millions) | Revolving Credit Facility ($ millions) | |||||||||||||||||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||||||||||
2022 | 2021 | 2021 | 2022 | 2021 | 2021 | |||||||||||||||||||
Limit | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | ||||||||||||
Short-Term Borrowings Outstanding | 64.0 | 37.3 | 64.1 | 46.2 | 29.7 | 64.1 | ||||||||||||||||||
Available | $ | 56.0 | $ | 82.7 | $ | 55.9 | $ | 73.8 | $ | 90.3 | $ | 55.9 | ||||||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||||||||||
Lease Obligations ($ millions) | 2022 | 2021 | 2021 | 2022 | 2021 | 2021 | ||||||||||||||||||
Operating Lease Obligations: | ||||||||||||||||||||||||
Other Current Liabilities (current portion) | $ | 1.6 | $ | 1.6 | $ | 1.6 | $ | 1.5 | $ | 1.5 | $ | 1.6 | ||||||||||||
Other Noncurrent Liabilities (long-term portion) | 3.2 | 3.8 | 3.1 | 2.9 | 3.4 | 3.1 | ||||||||||||||||||
Total Operating Lease Obligations | $ | 4.8 | $ | 5.4 | $ | 4.7 | $ | 4.4 | $ | 4.9 | $ | 4.7 | ||||||||||||
Capital Lease Obligations: | ||||||||||||||||||||||||
Other Current Liabilities (current portion) | $ | 0.1 | $ | 0.2 | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.1 | ||||||||||||
Other Noncurrent Liabilities (long-term portion) | 0.2 | 0.3 | 0.2 | 0.1 | 0.2 | 0.2 | ||||||||||||||||||
Total Capital Lease Obligations | $ | 0.3 | $ | 0.5 | $ | 0.3 | $ | 0.2 | $ | 0.4 | $ | 0.3 | ||||||||||||
Total Lease Obligations | $ | 5.1 | $ | 5.9 | $ | 5.0 | $ | 4.6 | $ | 5.3 | $ | 5.0 | ||||||||||||
Lease Payments ($000’s) Year Ending December 31, | Operating Leases | Capital Leases | Operating Leases | Capital Leases | ||||||||||||
Rest of 2022 | $ | 1,340 | $ | 111 | $ | 874 | $ | 72 | ||||||||
2023 | 1,515 | 107 | 1,515 | 107 | ||||||||||||
2024 | 1,186 | 52 | 1,186 | 52 | ||||||||||||
2025 | 620 | 19 | 620 | 19 | ||||||||||||
2026 | 316 | 0 | 316 | — | ||||||||||||
2027-2031 | 121 | 0 | 121 | — | ||||||||||||
Total Payments | 5,098 | 289 | 4,632 | 250 | ||||||||||||
Less: Interest | 297 | 10 | 254 | 8 | ||||||||||||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ | 4,801 | $ | 279 | $ | 4,378 | $ | 242 | ||||||||
Restricted Stock Units (Equity Portion) | ||||||||
Units | Weighted Average Stock Price | |||||||
Restricted Stock Units as of December 31, 2021 | 49,182 | $ | 41.67 | |||||
Restricted Stock Units Granted | — | — | ||||||
Dividend Equivalents Earned | 649 | $ | 53.17 | |||||
Restricted Stock Units Settled | (10,236 | ) | $ | 51.28 | ||||
Restricted Stock Units as of June 30, 2022 | 39,595 | $ | 39.37 | |||||
Units | Weighted Average Stock Price | |||||||
Restricted Stock Units as of December 31, 2021 | 49,182 | $ | 41.67 | |||||
Restricted Stock Units Granted | 0 | 0 | ||||||
Dividend Equivalents Earned | 377 | $ | 50.90 | |||||
Restricted Stock Units Settled | 0 | 0 | ||||||
Restricted Stock Units as of March 31, 2022 | 49,559 | $ | 41.74 | |||||
Environmental Obligations ($ millions) | ||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Total Balance at Beginning of Period | $ | 2.7 | $ | 2.1 | ||||
Additions | 0 | 0.1 | ||||||
Less: Payments / Reductions | 0 | 0.1 | ||||||
Total Balance at End of Period | 2.7 | 2.1 | ||||||
Less: Current Portion | 0.5 | 0.3 | ||||||
Noncurrent Balance at End of Period | $ | 2.2 | $ | 1.8 | ||||
Environmental Obligations ($ millions) | ||||||||
June 30, | ||||||||
2022 | 2021 | |||||||
Total Balance at Beginning of Period | $ | 2.7 | $ | 2.1 | ||||
Additions | 0.3 | 0.1 | ||||||
Less: Payments / Reductions | 0.2 | 0.1 | ||||||
Total Balance at End of Period | 2.8 | 2.1 | ||||||
Less: Current Portion | 0.6 | 0.4 | ||||||
Noncurrent Balance at End of Period | $ | 2.2 | $ | 1.7 | ||||
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Statutory Federal Income Tax Rate | 21 | % | 21 | % | 21 | % | 21 | % | ||||||||
Income Tax Effects of: | ||||||||||||||||
State Income Taxes, net | 6 | 6 | 6 | 6 | ||||||||||||
Utility Plant Differences | (1 | ) | (1 | ) | (5 | ) | (2 | ) | ||||||||
Other, net | 0 | 0 | — | — | ||||||||||||
Effective Income Tax Rate | 26 | % | 26 | % | 22 | % | 25 | % | ||||||||
Used to Determine Plan Costs | 2022 | 2021 | ||||||
Discount Rate | 2.85 | % | 2.50 | % | ||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | ||||
Expected Long-term rate of return on plan assets | 7.50 | % | 7.50 | % | ||||
Health Care Cost Trend Rate Assumed for Next Year | 6.20 | % | 6.60 | % | ||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | ||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2029 |
Pension Plan | PBOP Plan | SERP | ||||||||||||||||||||||
Three Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Service Cost | $ | 791 | $ | 868 | $ | 722 | $ | 758 | $ | 68 | $ | 88 | ||||||||||||
Interest Cost | 1,371 | 1,251 | 799 | 685 | 118 | 115 | ||||||||||||||||||
Expected Return on Plan Assets | (2,720 | ) | (2,423 | ) | (854 | ) | (627 | ) | — | — | ||||||||||||||
Prior Service Cost Amortization | 89 | 75 | 273 | 302 | 14 | 14 | ||||||||||||||||||
Actuarial Loss Amortization | 1,377 | 2,022 | 255 | 262 | 199 | 373 | ||||||||||||||||||
Sub-total | 908 | 1,793 | 1,195 | 1,380 | 399 | 590 | ||||||||||||||||||
Amounts Capitalized and Deferred | (309 | ) | (887 | ) | (622 | ) | (791 | ) | (119 | ) | (178 | ) | ||||||||||||
Net Periodic Benefit Cost Recognized | $ | 599 | $ | 906 | $ | 573 | $ | 589 | $ | 280 | $ | 412 | ||||||||||||
Pension Plan | PBOP Plan | SERP | Pension Plan | PBOP Plan | SERP | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 791 | $ | 868 | $ | 722 | $ | 758 | $ | 68 | $ | 89 | $ | 1,582 | $ | 1,736 | $ | 1,444 | $ | 1,516 | $ | 136 | $ | 177 | ||||||||||||||||||||||||
Interest Cost | 1,371 | 1,251 | 799 | 685 | 118 | 114 | 2,742 | 2,502 | 1,598 | 1,370 | 236 | 229 | ||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (2,720 | ) | (2,423 | ) | (854 | ) | (627 | ) | — | — | (5,440 | ) | (4,846 | ) | (1,708 | ) | (1,254 | ) | — | — | ||||||||||||||||||||||||||||
Prior Service Cost Amortization | 89 | 75 | 273 | 302 | 14 | 14 | 178 | 150 | 546 | 604 | 28 | 28 | ||||||||||||||||||||||||||||||||||||
Actuarial Loss Amortization | 1,377 | 2,022 | 255 | 262 | 199 | 372 | 2,754 | 4,044 | 510 | 524 | 399 | 745 | ||||||||||||||||||||||||||||||||||||
Sub-total | 908 | 1,793 | 1,195 | 1,380 | 399 | 589 | 1,816 | 3,586 | 2,390 | 2,760 | 799 | 1,179 | ||||||||||||||||||||||||||||||||||||
Amounts Capitalized and Deferred | (156 | ) | (713 | ) | (511 | ) | (662 | ) | (118 | ) | (178 | ) | (464 | ) | (1,600 | ) | (1,133 | ) | (1,454 | ) | (238 | ) | (356 | ) | ||||||||||||||||||||||||
Net Periodic Benefit Cost Recognized | $ | 752 | $ | 1,080 | $ | 684 | $ | 718 | $ | 281 | $ | 411 | $ | 1,352 | $ | 1,986 | $ | 1,257 | $ | 1,306 | $ | 561 | $ | 823 | ||||||||||||||||||||||||
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 | |||||||||||||
1/1/22 – 1/31/22 | — | — | — | $ | 11 | |||||||||||
2/1/22 – 2/28/22 | — | — | — | $ | 11 | |||||||||||
3/1/22 – 3/31/22 | — | — | — | $ | 11 | |||||||||||
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 | |||||||||||||
4/1/22 – 4/30/22 | — | — | — | $ | 11 | |||||||||||
5/1/22 – 5/31/22 | — | — | — | $ | 587,000 | |||||||||||
6/1/22 – 6/30/22 | — | — | — | $ | 587,000 | |||||||||||
Total | — | — | — | |||||||||||||
32.1 | Certifications of Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | ||
99.1 | Unitil Corporation Press Release Dated | 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: | /s/ Robert B. Hevert | |||||
Robert B. Hevert | ||||||
Chief Financial Officer |
Date: | /s/ Daniel J. Hurstak | |||||
Daniel J. Hurstak | ||||||
Chief Accounting Officer |