Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 22, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | UTL | |
Entity Registrant Name | UNITIL CORP | |
Entity Central Index Key | 0000755001 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 14,916,405 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Revenues | ||
Total Operating Revenues | $ 152.1 | $ 145.8 |
Operating Expenses | ||
Operation and Maintenance | 18.5 | 17.3 |
Depreciation and Amortization | 13.8 | 12.3 |
Taxes Other than Income Taxes | 6.4 | 5.8 |
Total Operating Expenses | 123.3 | 117.7 |
Operating Income | 28.8 | 28.1 |
Interest Expense, Net | 6.2 | 6 |
Other (Income) Expense, Net | (12.1) | 1.7 |
Income Before Income Taxes | 34.7 | 20.4 |
Provision For Income Taxes | 8.2 | 4.8 |
Net Income | $ 26.5 | $ 15.6 |
Net Income Per Common Share (Basic and Diluted) | $ 1.78 | $ 1.06 |
Weighted Average Common Shares Outstanding - (Basic and Diluted) | 14.9 | 14.8 |
Gas | ||
Operating Revenues | ||
Total Operating Revenues | $ 86.4 | $ 87 |
Operating Expenses | ||
Operating Expenses | 42.9 | 47.1 |
Electric | ||
Operating Revenues | ||
Total Operating Revenues | 64.8 | 57.5 |
Operating Expenses | ||
Operating Expenses | 41.7 | 35.2 |
Other | ||
Operating Revenues | ||
Total Operating Revenues | $ 0.9 | $ 1.3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Current Assets: | |||
Cash and Cash Equivalents | $ 4.3 | $ 7.8 | $ 9.5 |
Accounts Receivable, Net | 73.9 | 66.8 | 74.4 |
Accrued Revenue | 40.2 | 54.7 | 45.1 |
Exchange Gas Receivable | 0.4 | 8.1 | 0.2 |
Gas Inventory | 0.5 | 0.8 | 0.4 |
Materials and Supplies | 7.8 | 7 | 7.8 |
Prepayments and Other | 6.8 | 7 | 7.1 |
Total Current Assets | 133.9 | 152.2 | 144.5 |
Utility Plant: | |||
Gas | 778.6 | 760.6 | 706.7 |
Electric | 511.3 | 500.1 | 478.8 |
Common | 61.1 | 83.1 | 69.1 |
Construction Work in Progress | 26.1 | 25.5 | 32.1 |
Total Utility Plant | 1,377.1 | 1,369.3 | 1,286.7 |
Less: Accumulated Depreciation | 339.3 | 332.5 | 314.3 |
Net Utility Plant | 1,037.8 | 1,036.8 | 972.4 |
Other Noncurrent Assets: | |||
Regulatory Assets | 97.9 | 99 | 111.2 |
Operating Lease Right of Use Assets | 3.9 | ||
Other Assets | 16.7 | 10.3 | 16.2 |
Total Other Noncurrent Assets | 118.5 | 109.3 | 127.4 |
TOTAL ASSETS | 1,290.2 | 1,298.3 | 1,244.3 |
Current Liabilities: | |||
Accounts Payable | 33 | 42.6 | 30.1 |
Short-Term Debt | 65.8 | 82.8 | 45.3 |
Long-Term Debt, Current Portion | 19.5 | 18.4 | 29.8 |
Regulatory Liabilities | 15 | 11.5 | 10.9 |
Energy Supply Obligations | 4.6 | 13.4 | 7.8 |
Interest Payable | 7 | 4.3 | 6.9 |
Other Current Liabilities | 19.9 | 19.5 | 15.5 |
Total Current Liabilities | 164.8 | 192.5 | 146.3 |
Noncurrent Liabilities: | |||
Retirement Benefit Obligations | 122.9 | 121.5 | 151.6 |
Deferred Income Taxes, Net | 103.8 | 97.8 | 87 |
Cost of Removal Obligations | 93.7 | 90.7 | 86.6 |
Regulatory Liabilities | 47.4 | 47 | 49.1 |
Other Noncurrent Liabilities | 10.7 | 10.1 | 12.1 |
Total Noncurrent Liabilities | 378.5 | 367.1 | 386.4 |
Capitalization: | |||
Long-Term Debt, Less Current Portion | 373 | 387.4 | 363 |
Stockholders' Equity: | |||
Common Equity (Authorized: 25,000,000 and Outstanding:14,916,044, 14,860,123 and 14,876,955 Shares) | 280.7 | 279.1 | 277.4 |
Retained Earnings | 93 | 72 | 71 |
Total Common Stock Equity | 373.7 | 351.1 | 348.4 |
Preferred Stock | 0.2 | 0.2 | 0.2 |
Total Stockholders' Equity | 373.9 | 351.3 | 348.6 |
Total Capitalization | 746.9 | 738.7 | 711.6 |
Commitments and Contingencies (Notes 6 & 7) | |||
TOTAL LIABILITIES AND CAPITALIZATION | $ 1,290.2 | $ 1,298.3 | $ 1,244.3 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Common Stock Authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common Equity Outstanding | 14,916,044 | 14,876,955 | 14,860,123 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities: | ||
Net Income | $ 26.5 | $ 15.6 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 13.8 | 12.3 |
Deferred Tax Provision | 8.2 | 4.7 |
Gain on Divestiture, Net (See Note 1) | (13.4) | |
Changes in Working Capital Items: | ||
Accounts Receivable | (7.1) | (7) |
Accrued Revenue | 14.5 | 8.2 |
Exchange Gas Receivable | 7.7 | 5.6 |
Regulatory Liabilities | 3.5 | 1.7 |
Accounts Payable | (9.6) | (11.4) |
Other Changes in Working Capital Items | 0.3 | 3.6 |
Deferred Regulatory and Other Charges | (6.9) | (7.9) |
Other, Net | 0.3 | 3 |
Cash Provided by Operating Activities | 37.8 | 28.4 |
Investing Activities: | ||
Property, Plant and Equipment Additions | (10.9) | (10.1) |
Proceeds from Divestiture, Net (See Note 1) | 13.4 | |
Cash Provided by (Used in) Investing Activities | 2.5 | (10.1) |
Financing Activities: | ||
(Repayment of) Proceeds from Short-Term Debt, Net | (17) | 7 |
Repayment of Long-Term Debt | (13.4) | (13.4) |
Decrease in Capital Lease Obligations | (0.9) | (0.8) |
Net Decrease in Exchange Gas Financing | (7.3) | (5.4) |
Dividends Paid | (5.5) | (5.4) |
Proceeds from Issuance of Common Stock | 0.3 | 0.3 |
Cash (Used in) Financing Activities | (43.8) | (17.7) |
Net (Decrease) Increase in Cash and Cash Equivalents | (3.5) | 0.6 |
Cash and Cash Equivalents at Beginning of Period | 7.8 | 8.9 |
Cash and Cash Equivalents at End of Period | 4.3 | 9.5 |
Supplemental Cash Flow Information: | ||
Interest Paid | 3.6 | 3.6 |
Income Taxes Paid | 0.2 | |
Payments on Capital Leases | 0.8 | 0.8 |
Non-cash Investing Activity: | ||
Capital Expenditures Included in Accounts Payable | 0.7 | $ 0.5 |
Right-of-Use Assets Obtained in Exchange for Lease Obligations | $ 3.9 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY - USD ($) $ in Millions | Total | Common Equity | Retained Earnings |
Beginning Balance at Dec. 31, 2017 | $ 336.6 | $ 275.8 | $ 60.8 |
Net Income | 15.6 | 15.6 | |
Dividends on Common Shares | (5.4) | (5.4) | |
Stock Compensation Plans | 1.3 | 1.3 | |
Issuance of Common Shares | 0.3 | 0.3 | |
Ending Balance at Mar. 31, 2018 | 348.4 | 277.4 | 71 |
Beginning Balance at Dec. 31, 2018 | 351.1 | 279.1 | 72 |
Net Income | 26.5 | 26.5 | |
Dividends on Common Shares | (5.5) | (5.5) | |
Stock Compensation Plans | 1.3 | 1.3 | |
Issuance of Common Shares | 0.3 | 0.3 | |
Ending Balance at Mar. 31, 2019 | $ 373.7 | $ 280.7 | $ 93 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Common stock, shares issued | 5,939 | 7,812 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations non-regulated The Company’s earnings are seasonal and are typically higher in the first and fourth quarters when customers use natural gas for heating purposes. Unitil’s principal business is the local distribution of electricity in the southeastern seacoast and state capital regions of New Hampshire and the greater Fitchburg area of north central Massachusetts, and the local distribution of natural gas in southeastern New Hampshire, portions of southern and central Maine and in the greater Fitchburg area of north central Massachusetts. Unitil has three distribution utility subsidiaries, Unitil Energy, which operates in New Hampshire, Fitchburg, which operates in Massachusetts and Northern Utilities, which operates in New Hampshire and Maine (collectively referred to as the distribution utilities). Granite State is a natural gas transportation pipeline, operating 86 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three major natural gas pipelines and access to domestic natural gas supplies in the south and Canadian natural gas supplies in the north. Granite State derives its revenues principally from the transportation services provided to Northern Utilities and, to a lesser extent, third-party marketers. A fifth utility subsidiary, Unitil Power, formerly functioned as the full requirements wholesale power supply provider for Unitil Energy. In connection with the implementation of electric industry restructuring in New Hampshire, Unitil Power ceased being the wholesale supplier of Unitil Energy on May 1, 2003 and divested of its long-term power supply contracts through the sale of the entitlements to the electricity associated with various electric power supply contracts it had acquired to serve Unitil Energy’s customers. Unitil also has three other wholly-owned subsidiaries: Unitil Service; Unitil Realty; and Unitil Resources. Unitil Service provides, at cost, a variety of administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology, energy management and management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire and leases this facility to Unitil Service under a long-term lease arrangement. Unitil Resources is the Company’s wholly-owned non-regulated Basis of Presentation – 10-Q 10-K Divestiture of Non-Regulated non-regulated after-tax pre-tax Utility Revenue Recognition – Billed and unbilled revenue is recorded when service is rendered or energy is delivered to customers. However, the determination of energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each calendar month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenues are calculated. These unbilled revenues are calculated each month based on estimated customer usage by class and applicable customer rates and are then reversed in the following month when billed to customers. A majority of the Company’s revenue from contracts with customers continues to be recognized on a monthly basis based on applicable tariffs and customer monthly consumption. Such revenue is recognized using the invoice practical expedient which allows an entity to recognize revenue in the amount that directly corresponds to the value transferred to the customer. The Company’s billed and unbilled revenue meets the definition of “revenues from contracts with customers” as defined in ASU 2014-09. 980-605-25-3, 2014-09 In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. Three Months Ended March 31, 2019 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 38.7 $ 35.7 $ 74.4 C&I 54.0 24.7 78.7 Other 6.5 2.3 8.8 Total Billed and Unbilled Revenue 99.2 62.7 161.9 Rate Adjustment Mechanism Revenue (12.8 ) 2.1 (10.7 ) Total Gas and Electric Operating Revenues $ 86.4 $ 64.8 $ 151.2 Three Months Ended March 31, 2018 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 35.8 $ 34.4 $ 70.2 C&I 50.6 24.1 74.7 Other 5.0 3.1 8.1 Total Billed and Unbilled Revenue 91.4 61.6 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) (8.5 ) Total Gas and Electric Operating Revenues $ 87.0 $ 57.5 $ 144.5 Fitchburg is subject to revenue decoupling. Revenue decoupling is the term given to the elimination of the dependency of a utility’s distribution revenue on the volume of electricity or natural gas sales. The difference between distribution revenue amounts billed to customers and the targeted revenue decoupling amounts is recorded as an increase or a decrease in Accrued Revenue, which forms the basis for resetting rates for future cash recoveries from, or credits to, customers. These revenue decoupling targets may be adjusted as a result of rate cases that the Company files with the MDPU. Other Operating Revenue – Non-regulated non-regulated Income Taxes – The Company classifies penalty and interest expense related to income tax liabilities as income tax expense and interest expense, respectively, in the Consolidated Statements of Earnings. Provisions for income taxes are calculated in each of the jurisdictions in which the Company operates for each period for which a statement of earnings is presented. The Company accounts for income taxes in accordance with the FASB Codification guidance on Income Taxes, which requires an asset and liability approach for the financial accounting and reporting of income taxes. Significant judgments and estimates are required in determining the current and deferred tax assets and liabilities. The Company’s current and deferred tax assets and liabilities reflect its best assessment of estimated future taxes to be paid. In accordance with the FASB Codification, the Company periodically assesses the realization of its deferred tax assets and liabilities and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts and circumstances which gave rise to the revision become known. Cash and Cash Equivalents – (ISO-NE) ISO-NE. 2-1/2 ISO-NE Allowance for Doubtful Accounts – written-off shut-off. The Allowance for Doubtful Accounts as of March 31, 2019, March 31, 2018 and December 31, 2018, which are included in Accounts Receivable, Net on the accompanying unaudited consolidated balance sheets, was as follows: ($ millions) March 31, December 31, 2019 2018 2018 Allowance for Doubtful Accounts $ 1.7 $ 1.6 $ 1.3 Accrued Revenue – March 31, December 31, Accrued Revenue ($ millions) 2019 2018 2018 Regulatory Assets – Current $ 29.4 $ 34.6 $ 41.3 Unbilled Revenues 10.8 10.5 13.4 Total Accrued Revenue $ 40.2 $ 45.1 $ 54.7 Exchange Gas Receivable – March 31, December 31, Exchange Gas Receivable ($ millions) 2019 2018 2018 Northern Utilities $ 0.2 $ — $ 7.5 Fitchburg 0.2 0.2 0.6 Total Exchange Gas Receivable $ 0.4 $ 0.2 $ 8.1 Gas Inventory March 31, December 31, Gas Inventory ($ millions) 2019 2018 2018 Natural Gas $ — $ — $ 0.3 Propane 0.4 0.3 0.4 Liquefied Natural Gas & Other 0.1 0.1 0.1 Total Gas Inventory $ 0.5 $ 0.4 $ 0.8 Utility Plant – Leases – No. 2016-02, . Regulatory Accounting – March 31, December 31, Regulatory Assets consist of the following ($ millions) 2019 2018 2018 Retirement Benefits $ 72.4 $ 85.4 $ 72.0 Energy Supply & Other Rate Adjustment Mechanisms 25.1 31.9 38.4 Deferred Storm Charges 5.9 8.0 6.3 Environmental 7.6 9.0 7.9 Income Taxes 4.7 6.3 5.7 Other Deferred Charges 11.6 5.2 10.0 Total Regulatory Assets 127.3 145.8 140.3 Less: Current Portion of Regulatory Assets (1) 29.4 34.6 41.3 Regulatory Assets – noncurrent $ 97.9 $ 111.2 $ 99.0 Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets. March 31, December 31, Regulatory Liabilities consist of the following ($ millions) 2019 2018 2018 Income Taxes (Note 8) $ 48.2 $ 49.1 $ 47.0 Energy Supply & Other Rate Adjustment Mechanisms 13.6 10.3 11.5 Gas Pipeline Refund (Note 6) — 0.6 — Other 0.6 — — Total Regulatory Liabilities 62.4 60.0 58.5 Less: Current Portion of Regulatory Liabilities 15.0 10.9 11.5 Regulatory Liabilities – noncurrent $ 47.4 $ 49.1 $ 47.0 Generally, the Company receives a return on investment on its regulated assets for which a cash outflow has been made. Included in Regulatory Assets as of March 31, 2019 are $5.9 million of environmental costs, rate case costs and other expenditures to be recovered over varying periods in the next seven years. Regulators have authorized recovery of these expenditures, but without a return. Regulatory commissions can reach different conclusions about the recovery of costs, which can have a material impact on the Company’s Consolidated Financial Statements. The Company believes it is probable that its regulated distribution and transmission utilities will recover their investments in long-lived assets, including regulatory assets. If the Company, or a portion of its assets or operations, were to cease meeting the criteria for application of these accounting rules, accounting standards for businesses in general would become applicable and immediate recognition of any previously deferred costs, or a portion of deferred costs, would be required in the year in which the criteria are no longer met, if such deferred costs were not recoverable in the portion of the business that continues to meet the criteria for application of the FASB Codification topic on Regulated Operations. If unable to continue to apply the FASB Codification provisions for Regulated Operations, the Company would be required to apply the provisions for the Discontinuation of Rate-Regulated Accounting included in the FASB Codification. In the Company’s opinion, its regulated operations will be subject to the FASB Codification provisions for Regulated Operations for the foreseeable future. Derivatives – Investments in Marketable Securities At March 31, 2019, March 31, 2018 and December 31, 2018, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, were $5.1 million, $5.1 and $4.8 million, respectively, as shown in the table below. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2019 2018 2018 Equity Funds $ — $ 1.9 $ — Fixed Income Funds — 1.6 — Money Market Funds 5.1 1.6 4.8 Total Marketable Securities $ 5.1 $ 5.1 $ 4.8 The Company also sponsors the Unitil Corporation Deferred Compensation Plan (the “DC Plan”). The DC Plan is a non-qualified tax-deferred At March 31, 2019, March 31, 2018 and December 31, 2018, the fair value of the Company’s investments in these trading securities related to the DC Plan, which are recorded on the Consolidated Balance Sheets in Other Assets, were $0.1 million, $0 and $0, respectively, as shown in the table below. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2019 2018 2018 Equity Funds $ — $ — $ — Money Market Funds 0.1 — — Total Marketable Securities $ 0.1 $ — $ — Energy Supply Obligations – March 31, December 31, Energy Supply Obligations ($ millions) 2019 2018 2018 Current: Exchange Gas Obligation $ 0.2 $ — $ 7.5 Renewable Energy Portfolio Standards 4.1 7.5 5.6 Power Supply Contract Divestitures 0.3 0.3 0.3 Total Energy Supply Obligations – Current 4.6 7.8 13.4 Long-Term: Power Supply Contract Divestitures 0.5 0.8 0.6 Total Energy Supply Obligations $ 5.1 $ 8.6 $ 14.0 Exchange Gas Obligation Renewable Energy Portfolio Standards Fitchburg has entered into long-term renewable contracts for the purchase of clean energy and/or renewable energy certificates (RECs) pursuant to Massachusetts legislation, specifically, An Act Relative to Green Communities (“Green Communities Act”, 2008), An Act Relative to Competitively Priced Electricity in the Commonwealth (2012) and An Act to Promote Energy Diversity (“Energy Diversity Act”, 2016). The generating facilities associated with four of these contracts have been constructed and are now operating. Since 2017, the Company has participated in two major statewide procurements which resulted in contracts for imported hydroelectric power and associated transmission and for offshore wind generation. The contracts were filed with MDPU in 2018 and approvals remain pending. Additional long-term clean energy contracts are expected in compliance with the Energy Diversity Act and An Act to Promote a Clean Energy Future (2018). Fitchburg recovers the costs associated with long-term renewable contracts on a fully reconciling basis through a MDPU-approved cost recovery mechanism. Power Supply Contract Divestitures – Recently Issued Pronouncements – No. 2016-02, Other than the pronouncement discussed above, there are no recently issued pronouncements that the Company has not already adopted or that have a material impact on the Company. Subsequent Events – |
DIVIDENDS DECLARED PER SHARE
DIVIDENDS DECLARED PER SHARE | 3 Months Ended |
Mar. 31, 2019 | |
DIVIDENDS DECLARED PER SHARE | NOTE 2 – DIVIDENDS DECLARED PER SHARE Declaration Date Date Shareholder of Record Date Dividend Amount 04/24/19 05/29/19 05/15/19 $ 0.370 01/30/19 02/28/19 02/14/19 $ 0.370 10/24/18 11/29/18 11/15/18 $0.365 07/25/18 08/29/18 08/15/18 $0.365 04/25/18 05/29/18 05/15/18 $ 0.365 01/30/18 02/28/18 02/14/18 $ 0.365 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
SEGMENT INFORMATION | NOTE 3 – SEGMENT INFORMATION The following table provides significant segment financial data for the three months ended March 31, 2019 and March 31, 2018: Gas Electric Non- Regulated Other Total Three Months Ended March 31, 2019 ($ millions) Revenues: Billed and Unbilled Revenue $ 99.2 $ 62.7 $ — $ — $ 161.9 Rate Adjustment Mechanism Revenue (12.8 ) 2.1 — — (10.7 ) Other Operating Revenue – Non-Regulated — — 0.9 — 0.9 Total Operating Revenues $ 86.4 $ 64.8 $ 0.9 $ — $ 152.1 Segment Profit (Loss) 13.7 1.9 10.1 0.8 26.5 Identifiable Segment Assets 771.6 502.3 0.1 16.2 1,290.2 Capital Expenditures 3.3 6.6 — 1.0 10.9 Three Months Ended March 31, 2018 ($ millions) Revenues: Billed and Unbilled Revenue $ 91.4 $ 61.6 $ — $ — $ 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) — — (8.5 ) Other Operating Revenue – Non-Regulated — — 1.3 — 1.3 Total Operating Revenues $ 87.0 $ 57.5 $ 1.3 $ — $ 145.8 Segment Profit (Loss) 12.6 3.0 0.4 (0.4 ) 15.6 Identifiable Segment Assets 712.6 481.8 7.1 42.8 1,244.3 Capital Expenditures 3.6 6.0 — 0.5 10.1 |
DEBT AND FINANCING ARRANGEMENTS
DEBT AND FINANCING ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2019 | |
DEBT AND FINANCING ARRANGEMENTS | NOTE 4 – DEBT AND FINANCING ARRANGEMENTS Details on long-term debt at March 31, 2019, March 31, 2018 and December 31, 2018 are shown below: ($ millions) March 31, 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 3.4 3.2 3.5 Total Long-Term Debt, net of Unamortized Debt Issuance Costs 392.5 392.8 405.8 Less: Current Portion 19.5 29.8 18.4 Total Long-term Debt, Less Current Portion $ 373.0 $ 363.0 $ 387.4 Currently, the Company believes that there is no active market in the Company’s debt securities, which have all been sold through private placements. If there were an active market for the Company’s debt securities, the fair value of the Company’s long-term debt would be estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities. The fair value of the Company’s long-term debt is estimated using Level 2 inputs (valuations based on quoted prices available in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are directly observable, and inputs derived principally from market data.) In estimating the fair value of the Company’s long-term debt, the assumed market yield reflects the Moody’s Baa Utility Bond Average Yield. Costs, including prepayment costs, associated with the early settlement of long-term debt are not taken into consideration in determining fair value. ($ millions) March 31, December 31, 2019 2018 2018 Estimated Fair Value of Long-Term Debt $ 418.0 $ 428.0 $ 422.0 Credit Arrangements On July 25, 2018, the Company entered into a Second Amended and Restated Credit Agreement and related documents (collectively, the “Credit Facility”) with a syndicate of lenders, which amended and restated in its entirety the Company’s prior credit facility. The Credit Facility extends to July 25, 2023, subject to two one-year one-month The Company utilizes the Credit Facility for cash management purposes related to its short-term operating activities. Total gross borrowings were $75.7 million for the three months ended March 31, 2019. Total gross repayments were $92.7 million for the three months ended March 31, 2019. The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of March 31, 2019, March 31, 2018 and December 31, 2018: Revolving Credit Facility ($ millions) March 31, December 31, 2019 2018 2018 Limit $ 120.0 $ 120.0 $ 120.0 Short-Term Borrowings Outstanding $ 65.8 $ 45.3 $ 82.8 Available $ 54.2 $ 74.7 $ 37.2 The Credit Facility contains customary terms and conditions for credit facilities of this type, including affirmative and negative covenants. There are restrictions on, among other things, the Company’s and its subsidiaries’ ability to permit liens or incur indebtedness, and restrictions on the Company’s ability to merge or consolidate with another entity or change its line of business. The affirmative and negative covenants under the Credit Facility shall apply until the Credit Facility terminates and all amounts borrowed under the Credit Facility are paid in full (or with respect to letters of credit, they are cash collateralized). The only financial covenant in the Credit Facility provides that Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At March 31, 2019, March 31, 2018 and December 31, 2018, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date. (See also “Credit Arrangements” in Note 4.) The Company believes the future operating cash flows of the Company, along with its existing borrowing availability and access to financial markets for the issuance of new long-term debt, will be sufficient to meet any working capital and future operating requirements, and capital investment forecast opportunities. The weighted average interest rates on all short-term borrowings and intercompany money pool transactions were 3.7% and 2.9% for the three months ended March 31, 2019 and March 31, 2018, respectively. The weighted average interest rate on all short-term borrowings for the twelve months ended December 31, 2018 was 3.3%. As discussed previously, the Company divested of its non-regulated On November 30, 2018 Unitil Energy issued $30 million of First Mortgage Bonds due November 30, 2048 at 4.18%. Unitil Energy used the net proceeds from this offering to repay short-term debt and for general corporate purposes. Approximately $0.5 million of costs associated with these issuances have been netted against long-term debt for presentation purposes on the Consolidated Balance Sheets. In April 2014, Unitil Service Corp. entered into a financing arrangement, structured as a capital lease obligation, for various information systems and technology equipment. Final funding under this capital lease occurred on October 30, 2015, resulting in total funding of $13.4 million. The capital lease matures on September 30, 2020. As of March 31, 2019, there are $2.8 million of current and $1.6 million of noncurrent obligations under this capital lease on the Company’s Consolidated Balance Sheets. Unitil Corporation and its utility subsidiaries, Fitchburg, Unitil Energy, Northern Utilities, and Granite State are currently rated “BBB+” by Standard & Poor’s Ratings Services. Unitil Corporation and Granite State are currently rated “Baa2”, and Fitchburg, Unitil Energy and Northern Utilities are currently rated “Baa1” by Moody’s Investors Services. Northern Utilities enters into asset management agreements under which Northern Utilities releases certain natural gas pipeline and storage assets, resells the natural gas storage inventory to an asset manager and subsequently repurchases the inventory over the course of the natural gas heating season at the same price at which it sold the natural gas inventory to the asset manager. There was $2.2 million, $1.0 million and $8.4 million of natural gas storage inventory at March 31, 2019, March 31, 2018 and December 31, 2018, respectively, related to these asset management agreements. The amount of natural gas inventory released in March 2019 and payable in April 2019 is $2.1 million and is recorded in Accounts Payable at March 31, 2019. The amount of natural gas inventory released in March 2018 and payable in April 2018 was $1.0 million and was recorded in Accounts Payable at March 31, 2018. The amount of natural gas inventory released in December 2018 and payable in January 2019 was $0.9 million and was recorded in Accounts Payable at December 31, 2018. Guarantees The Company provides limited guarantees on certain energy and natural gas storage management contracts entered into by the distribution utilities. The Company’s policy is to limit the duration of these guarantees. As of March 31, 2019, there were approximately $4.3 million of guarantees outstanding. Leases Unitil’s subsidiaries and also lease some of their vehicles, machinery and office equipment under both capital and operating lease arrangements. Total rental expense under operating leases charged to operations for the three months ended March 31, 2019 and 2018 amounted to $0.4 million and $0.5 million, respectively. The balance sheet classification of the Company’s lease obligations was as follows: March 31, December 31, Lease Obligations ($ millions) 2019 2018 2018 Operating Lease Obligations: Other Current Liabilities (current portion) $ 1.1 $ — $ — Other Noncurrent Liabilities (long-term portion) 2.8 — — Total Operating Lease Obligations $ 3.9 $ — $ — Capital Lease Obligations: Other Current Liabilities (current portion) $ 3.0 $ 3.1 $ 3.1 Other Noncurrent Liabilities (long-term portion) 1.9 4.9 2.7 Total Capital Lease Obligations $ 4.9 $ 8.0 $ 5.8 Total Lease Obligations $ 8.8 $ 8.0 $ 5.8 Cash paid for amounts included in the measurement of operating lease obligations for the three months ended March 31, 2019 was $0.4 million and was included in Cash Provided by Operating Activities on the Consolidated Statements of Cash Flows. Assets under capital leases amounted to approximately $14.9 million, $15.0 million and $15.0 million as of March 31, 2019, March 31, 2018 and December 31, 2018, respectively, less accumulated amortization of $1.8 million, $1.1 million and $1.7 million, respectively and are included in Net Utility Plant on the Company’s Consolidated Balance Sheets. The following table is a schedule of future operating lease payment obligations and future minimum lease payments under capital leases as of March 31, 2019. The payments for capital leases consist of $3.0 million of current capital lease obligations, which are included in Other Current Liabilities and $1.9 million of noncurrent capital lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of March 31, 2019. $2.8 million of the current capital lease obligations and $1.6 million of the noncurrent capital lease obligations reflect amounts under a financing arrangement entered into in April 2014 for various information systems and technology equipment. The financing arrangement is structured as a capital lease obligation. The payments for operating leases consist of $1.1 million of current operating lease obligations, which are included in Other Current Liabilities and $2.8 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of March 31, 2019. Lease Payments ($000’s) Operating Capital Year Ending December 31, Leases Leases Rest of 2019 $ 967 $ 2,369 2020 1,141 2,576 2021 972 96 2022 691 33 2023 391 15 2024-2028 119 — Total Payments 4,281 5,089 Less: Interest 426 122 Amount of Lease Obligations Recorded on Consolidated Balance Sheets $ 3,855 $ 4,967 Operating lease obligations are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company used the interest rate stated in each lease agreement. As of March 31, 2019, the weighted average remaining lease term is 3.9 years and the weighted average operating discount rate used to determine the operating lease obligations was 5.3%. Disclosures Related to Periods Prior to the Adoption of ASU NO. 2016-02 The payment amounts in the following table, which are as of December 31, 2018, would not differ substantially from the payment amounts as of March 31, 2018. 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 |
COMMON STOCK AND PREFERRED STOC
COMMON STOCK AND PREFERRED STOCK | 3 Months Ended |
Mar. 31, 2019 | |
COMMON STOCK AND PREFERRED STOCK | NOTE 5 – COMMON STOCK AND PREFERRED STOCK Common Stock The Company’s common stock trades on the New York Stock Exchange under the symbol, “UTL.” The Company had 14,860,123, 14,876,955 and 14,916,044 shares of common stock outstanding at March 31, 2018, December 31, 2018 and March 31, 2019, respectively. Dividend Reinvestment and Stock Purchase Plan – Stock Plan – The maximum number of shares available for awards to participants under the Stock Plan is 677,500. The maximum number of shares that may be awarded in any one calendar year to any one participant is 20,000. In the event of any change in capitalization of the Company, the Compensation Committee is authorized to make an equitable adjustment to the number and kind of shares of common stock that may be delivered under the Stock Plan and, in addition, may authorize and make an equitable adjustment to the Stock Plan’s annual individual award limit. Restricted Shares Outstanding awards of Restricted Shares fully vest over a period of four years at a rate of 25% each year. During the vesting period, dividends on Restricted Shares underlying the award may be credited to a participant’s account. The Company may deduct or withhold, or require a participant to remit to the Company, an amount sufficient to satisfy any taxes required by federal, state, or local law or regulation to be withheld with respect to any taxable event arising in connection with an Award. For purposes of compensation expense, Restricted Shares vest immediately upon a participant becoming eligible for retirement, as defined in the Stock Plan. Prior to the end of the vesting period, the restricted shares are subject to forfeiture if the participant ceases to be employed by the Company other than due to the participant’s death. On January 29, 2019, 33,150 Restricted Shares were issued in conjunction with the Stock Plan with an aggregate market value at the date of issuance of approximately $1.6 million. There were 60,496 and 90,882 non-vested Restricted Stock Units Restricted Stock Units earn dividend equivalents and will generally be settled by payment to each Director as soon as practicable following the Director’s separation from service to the Company. The Restricted Stock Units will be paid such that the Director will receive (i) 70% of the shares of the Company’s common stock underlying the restricted stock units and (ii) cash in an amount equal to the fair market value of 30% of the shares of the Company’s common stock underlying the Restricted Stock Units. The equity portion of Restricted Stock Units activity during the three months ended March 31, 2019 in conjunction with the Stock Plan are presented in the following table: 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 417 $ 54.91 Restricted Stock Units Settled — — Restricted Stock Units as of March 31, 2019 62,206 $ 38.36 There were 52,677 Restricted Stock Units outstanding as of March 31, 2018 with a weighted average stock price of $36.27. Included in Other Noncurrent Liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2019, March 31, 2018 and December 31, 2018 is $1.4 million, $1.0 million and $1.3 million, respectively, representing the fair value of liabilities associated with the portion of fully vested RSUs that will be settled in cash. Preferred Stock There was $0.2 million, or 1,893 shares, of Unitil Energy’s 6.00% Series Preferred Stock outstanding as of March 31, 2019, March 31, 2018 and December 31, 2018. There were less than $0.1 million of total dividends declared on Preferred Stock in each of the three month periods ended March 31, 2019 and March 31, 2018, respectively. |
REGULATORY MATTERS
REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2019 | |
REGULATORY MATTERS | NOTE 6 – REGULATORY MATTERS UNITIL’S REGULATORY MATTERS ARE DESCRIBED IN NOTE 8 TO THE FINANCIAL STATEMENTS IN ITEM 8 OF PART II OF UNITIL CORPORATION’S FORM 10-K Tax Cuts and Jobs Act of 2017 On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law. Among other things, the TCJA substantially reduced the corporate income tax rate to 21 percent, effective January 1, 2018. Each state public utility commission, with jurisdiction over the areas that are served by Unitil’s electric and gas subsidiary companies, issued orders directing how the tax law changes were to be reflected in rates. Unitil has complied with these orders and has made the required changes to its rates as directed by the commissions. The FERC has opened a rulemaking proceeding on this matter which has been addressed in a rate settlement filing by Granite State. More recently, on November 15, 2018, the FERC issued a Notice of Proposed Rulemaking and a Policy Statement to address the TCJA’s effects on the Accumulated Deferred Income Taxes (ADIT) on transmission rates. Under the proposed rules all public utilities with transmission formula rates, including Fitchburg, would be required to: (1) include mechanisms to deduct any excess ADIT from or add any deficient ADIT to their rate bases; (2) include mechanisms in those rates that would raise or lower their income tax allowances by any amortized excess or deficient ADIT; and (3) incorporate a new permanent worksheet into their rates that will annually track information related to excess or deficient ADIT. The Company believes that these matters are substantially resolved and will not have a material impact on its financial position, operating results, or cash flows. Rate Case Activity Unitil Energy – Base Rates – one-year Fitchburg – Base Rates – Electric – Fitchburg – Base Rates – Gas – Fitchburg – Gas System Enhancement Program – year-to-year Northern Utilities – Base Rates – Maine – Northern Utilities – Targeted Infrastructure Replacement Adjustment (TIRA) – Maine – Northern Utilities – Base Rates – New Hampshire – Granite State – Base Rates – Other Matters Fitchburg – Independent Statewide Examination of the Safety of the Commonwealth’s Gas Distribution System – on-going. Reconciliation Filings – Fitchburg – Massachusetts RFPs – The EDCs issued the RFP for Section 83D Long-Term Contracts for Qualified Clean Energy Projects in March 2017, and after selection of final projects and negotiation, final contracts for 9,554,940 MWh of Qualified Clean Energy and associated Environmental Attributes from hydroelectric generation were filed in July 2018 for approval by the MDPU. The Section 83D matter remains pending with the EDCs awaiting an approval. The EDCs issued the RFP pursuant to Section 83C for Long-Term Contracts for Offshore Wind Energy Generation in June 2017. Final selection of projects was made in May 2018, contracts were signed in July 2018 and on July 23, 2018, the EDCs, including Fitchburg, filed two long-term contracts, each for 400MW of offshore wind energy generation with MDPU for approval. On April 12, 2019, the MDPU approved the Offshore Wind Energy Generation power purchase agreements, including the EDCs’ proposal to sell the energy procured under the contract into the ISO-NE wholesale market and to credit or charge the difference between the contract costs and the ISO-NE market costs to customers. The MDPU also determined that the EDCs’ request for remuneration equal to 2.75 percent is reasonable and in the public interest. Also, the MDPU approved the EDCs’ proposal to amend their respective tariffs to include the recovery of costs associated with the contracts. The Company believes that the power purchase obligations under these long-term contracts will have a material impact on the contractual obligations and regulatory assets of Fitchburg. Northern Utilities Gas Supply Cost Investigation – FERC Transmission Formula Rate Proceedings – ISO-New Also pending at FERC is a Section 206 proceeding concerning the justness and reasonableness of ISO-New Legal Proceedings The Company is involved in legal and administrative proceedings and claims of various types, which arise in the ordinary course of business. The Company believes, based upon information furnished by counsel and others, that the ultimate resolution of these claims will not have a material impact on its financial position, operating results or cash flows. |
ENVIRONMENTAL MATTERS
ENVIRONMENTAL MATTERS | 3 Months Ended |
Mar. 31, 2019 | |
ENVIRONMENTAL MATTERS | NOTE 7 – ENVIRONMENTAL MATTERS UNITIL’S ENVIRONMENTAL MATTERS ARE DESCRIBED IN NOTE 8 TO THE FINANCIAL STATEMENTS IN ITEM 8 OF PART II OF UNITIL CORPORATION’S FORM 10-K The Company’s past and present operations include activities that are generally subject to extensive and complex federal and state environmental laws and regulations. The Company is in material compliance with applicable environmental and safety laws and regulations and, as of March 31, 2019, has not identified any material losses reasonably likely to be incurred in excess of recorded amounts. However, the Company cannot assure that significant costs and liabilities will not be incurred in the future. It is possible that other developments, such as increasingly stringent federal, state or local environmental laws and regulations could result in increased environmental compliance costs. Based on the Company’s current assessment of its environmental responsibilities, existing legal requirements and regulatory policies, the Company does not believe that these environmental costs will have a material adverse effect on the Company’s consolidated financial position or results of operations. Northern Utilities Manufactured Gas Plant Sites – mid-1800s mid-1900s. Northern Utilities has worked with the Maine Department of Environmental Protection and New Hampshire Department of Environmental Services to address environmental concerns with these sites. Northern Utilities or others have substantially completed remediation of all sites, though on site monitoring continues and it is possible that future activities may be required. The NHPUC and MPUC have approved regulatory mechanisms for the recovery of MGP environmental costs. For Northern Utilities’ New Hampshire division, the NHPUC has approved the recovery of MGP environmental costs over succeeding seven-year periods. For Northern Utilities’ Maine division, the MPUC has authorized the recovery of environmental remediation costs over succeeding five-year periods. The Environmental Obligations table below shows the amounts accrued for Northern Utilities related to estimated future cleanup costs associated with Northern Utilities’ environmental remediation obligations for former MGP sites. Corresponding Regulatory Assets were recorded to reflect that the future recovery of these environmental remediation costs is expected based on regulatory precedent and established practices. Fitchburg’s Manufactured Gas Plant Site – The Environmental Obligations table below shows the amounts accrued for Fitchburg related to estimated and periodic, regulatory review costs for the completed permanent remediation of the Sawyer Passway site. A corresponding Regulatory Asset was recorded to reflect that the recovery of these environmental remediation costs is probable through the regulatory process. The amounts recorded do not assume any amounts are recoverable from insurance companies or other third parties. Fitchburg recovers the environmental response costs incurred at this former MGP site in gas rates pursuant to the terms of a cost recovery agreement approved by the MDPU. Pursuant to this agreement, Fitchburg is authorized to amortize and recover environmental response costs from gas customers over succeeding seven-year periods. The following table sets forth a summary of changes in the Company’s liability for Environmental Obligations for the three months ended March 31, 2019 and 2018. Environmental Obligations ($ millions) Fitchburg Northern Total Three months ended March 31, 2019 2018 2019 2018 2019 2018 Total Balance at Beginning of Period $ — $ 0.1 $ 2.0 $ 2.0 $ 2.0 $ 2.1 Additions — 0.1 0.1 0.1 0.1 0.2 Less: Payments / Reductions — 0.1 0.1 0.1 0.1 0.2 Total Balance at End of Period — 0.1 2.0 2.0 2.0 2.1 Less: Current Portion — 0.1 0.6 0.5 0.6 0.6 Noncurrent Balance at End of Period $ — $ — $ 1.4 $ 1.5 $ 1.4 $ 1.5 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2019 | |
INCOME TAXES | NOTE 8: INCOME TAXES In December 2017, the Tax Cuts and Jobs Act (TCJA), which included a reduction to the corporate federal income tax rate to 21% effective January 1, 2018, was signed into law. In accordance with GAAP Accounting Standard 740, the Company revalued its Accumulated Deferred Income Taxes (ADIT) at the new 21% tax rate at which the ADIT will be reversed in future periods. The Company recorded a net Regulatory Liability in the amount of $48.9 million at December 31, 2017 as a result of the ADIT revaluation. The MDPU issued a multi-utility Order D.P.U. 18-15-E non-plant D.P.U.18-15-E On November 15, 2018 the FERC issued two pronouncements regarding the accounting for income taxes due to the TCJA; 1) Notice of Proposed Rulemaking Docket No. RM 19-5-000 19-2-000 Based on communications received by the Company from its state regulators in rate cases and other regulatory proceedings in the first quarter of 2018 and as prescribed in the TCJA, the recent FERC guidance noted above and IRS normalization rules; the benefit of these protected excess ADIT amounts will be subject to flow back to customers in future utility rates according to the Average Rate Assumption Method (ARAM). ARAM reconciles excess ADIT at the reversal rate of the underlying book/tax temporary timing differences. The Company estimates the ARAM flow back period to be between fifteen and twenty years. Subject to regulatory approval, the Company expects to flow back to customers a net $47.1 million of protected excess ADIT created as a result of the lowering of the statutory tax rate by the TCJA over periods estimated to be fifteen to twenty years. In addition to the protected excess $47.1 million ADIT amounts the Company expects to flow through to customers in utility rates, as noted above, there is approximately $1.8 million of excess ADIT created through reconciling mechanisms at December 31, 2017, related to the implementation of the new federal tax rate of the TCJA, which had not been previously collected from customers through utility rates. The Company will reconcile these excess ADIT amounts through the specific reconciliation mechanisms in the next filing of each of those individual reconciling mechanisms which will be subject to the review of state regulators. In addition to the $48.9 million of net excess ADIT noted above; there is $5.8 million of excess ADIT at December 31, 2017, created by the recognition of Net Operating Loss Carryforward assets (NOLC), discussed below, and related to the implementation of the new federal tax rate of the TCJA, which had not been previously included in utility rates. The Company is recognizing the benefit of this excess ADIT in accordance with the regulatory treatment of excess ADIT for each of jurisdiction. In 2018 the Company recognized $2.4 million of this tax benefit provision due to the turning of book/tax temporary differences associated with this excess ADIT. The Company expects to recognize the remaining $3.4 million of this excess ADIT in future periods, which is currently expected to be in 2019 and 2020, in accordance with regulatory guidance as discussed above. The Company has not yet received regulatory orders in all of its jurisdictions regarding the flow-back of excess deferred taxes. The Company’s regulators are expected to issue additional ratemaking guidance in future periods that will determine the final disposition of the re-measurement Under the Company’s Tax Sharing Agreement (the “Agreement”) which was approved upon the formation of Unitil as a PUHC; the Company files consolidated Federal and State tax returns and Unitil Corporation and each of its utility operating subsidiaries recognize the results of their operations in its tax returns as if it were a stand-alone taxpayer. The Agreement provides that the Company will account for income taxes in compliance with U.S. GAAP and regulatory accounting principles. The Company filed its tax returns for the year ended December 31, 2017 with the Internal Revenue Service in September 2018 and generated additional federal NOLC assets of $3.7 million principally due to pension cost deductions, tax repair deductions, tax depreciation and research and development deductions. For the year ended December 31, 2018, the Company calculated federal current tax of $7.7 million and offset it with a decrease to the federal NOLC of $7.7 million, resulting in no federal current taxes payable for the period. As of December 31, 2018, the Company had recorded cumulative federal and state NOLC assets of $10.8 million to offset against taxes payable in future periods. If unused, the Company’s NOLC carryforward assets will begin to expire in 2029. In addition, at December 31, 2017, the Company had $3.5 million of cumulative alternative minimum tax credits, general business tax credit and other state tax credit carryforwards to offset future income taxes payable. In assessing the near-term use of NOLCs and tax credits, the Company evaluates the expected level of future taxable income, available tax planning strategies, reversals of existing taxable temporary differences and taxable income available in carryback years. Based on all available evidence, both positive and negative, and the weight of that evidence to the extent such evidence can be objectively verified, the Company expects to utilize all of its NOLCs by December 31, 2019 prior to their expiration in 2029. In March 2018, Unitil Corporation received notice that its Federal Income Tax return filings for the years ended December 31, 2015 and December 31, 2016 are under examination by the IRS. Currently, the Company believes that the ultimate resolution of this examination will not have a material impact on the Company’s financial statements. The Company remains subject to examination by New Hampshire tax authorities for the tax periods ended December 31, 2015; December 31, 2016; and December 31, 2017. Income tax filings for the year ended December 31, 2017 have been filed with the New Hampshire Department of Revenue Administration. The State of Maine has concluded its review of the Company’s tax returns for December 31, 2014, December 31, 2015, and December 31, 2016 which resulted in a small additional refund to the Company. The Company evaluated its tax positions at March 31, 2019 in accordance with the FASB Codification, and has concluded that no adjustment for recognition, de-recognition, The Company bills its customers for sales tax in Massachusetts and Maine. These taxes are remitted to the appropriate departments of revenue in each state and are excluded from revenues on the Company’s unaudited Consolidated Statements of Earnings. |
RETIREMENT BENEFIT OBLIGATIONS
RETIREMENT BENEFIT OBLIGATIONS | 3 Months Ended |
Mar. 31, 2019 | |
RETIREMENT BENEFIT OBLIGATIONS | NOTE 9: RETIREMENT BENEFIT OBLIGATIONS The Company co-sponsors 10-K The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations: 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 The following table provides the components of the Company’s Retirement plan costs ($000’s): Pension Plan PBOP Plan SERP Three Months Ended March 31, 2019 2018 2019 2018 2019 2018 Service Cost $ 776 $ 848 $ 576 $ 733 $ 60 $ 122 Interest Cost 1,621 1,469 856 851 139 101 Expected Return on Plan Assets (2,119 ) (1,946 ) (411 ) (409 ) — — Prior Service Cost Amortization 80 81 303 327 3 47 Actuarial Loss Amortization 1,081 1,447 57 346 158 122 Sub-total 1,439 1,899 1,381 1,848 360 392 Amounts Capitalized and Deferred (412 ) (720 ) (474 ) (742 ) (103 ) (113 ) Net Periodic Benefit Cost Recognized $ 1,027 $ 1,179 $ 907 $ 1,106 $ 257 $ 279 Employer Contributions As of March 31, 2019, the Company had made $1.3 million and $0.4 million of contributions to its Pension Plan and PBOP Plan, respectively, in 2019. The Company, along with its subsidiaries, expects to continue to make contributions to its Pension and PBOP Plans in 2019 and future years at minimum required and discretionary funding levels consistent with the amounts recovered in the distribution utilities’ rates for these Pension and PBOP Plan costs. As of March 31, 2019, the Company had made $0.1 million of benefit payments under the SERP Plan in 2019. The Company presently anticipates making an additional $0.5 million of benefit payments under the SERP Plan in 2019. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Nature of Operations | Nature of Operations non-regulated The Company’s earnings are seasonal and are typically higher in the first and fourth quarters when customers use natural gas for heating purposes. Unitil’s principal business is the local distribution of electricity in the southeastern seacoast and state capital regions of New Hampshire and the greater Fitchburg area of north central Massachusetts, and the local distribution of natural gas in southeastern New Hampshire, portions of southern and central Maine and in the greater Fitchburg area of north central Massachusetts. Unitil has three distribution utility subsidiaries, Unitil Energy, which operates in New Hampshire, Fitchburg, which operates in Massachusetts and Northern Utilities, which operates in New Hampshire and Maine (collectively referred to as the distribution utilities). Granite State is a natural gas transportation pipeline, operating 86 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three major natural gas pipelines and access to domestic natural gas supplies in the south and Canadian natural gas supplies in the north. Granite State derives its revenues principally from the transportation services provided to Northern Utilities and, to a lesser extent, third-party marketers. A fifth utility subsidiary, Unitil Power, formerly functioned as the full requirements wholesale power supply provider for Unitil Energy. In connection with the implementation of electric industry restructuring in New Hampshire, Unitil Power ceased being the wholesale supplier of Unitil Energy on May 1, 2003 and divested of its long-term power supply contracts through the sale of the entitlements to the electricity associated with various electric power supply contracts it had acquired to serve Unitil Energy’s customers. Unitil also has three other wholly-owned subsidiaries: Unitil Service; Unitil Realty; and Unitil Resources. Unitil Service provides, at cost, a variety of administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology, energy management and management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire and leases this facility to Unitil Service under a long-term lease arrangement. Unitil Resources is the Company’s wholly-owned non-regulated |
Basis of Presentation | Basis of Presentation – 10-Q 10-K |
Divestiture of Non-Regulated Business Subsidiary | Divestiture of Non-Regulated non-regulated after-tax pre-tax |
Utility Revenue Recognition | Utility Revenue Recognition – Billed and unbilled revenue is recorded when service is rendered or energy is delivered to customers. However, the determination of energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each calendar month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenues are calculated. These unbilled revenues are calculated each month based on estimated customer usage by class and applicable customer rates and are then reversed in the following month when billed to customers. A majority of the Company’s revenue from contracts with customers continues to be recognized on a monthly basis based on applicable tariffs and customer monthly consumption. Such revenue is recognized using the invoice practical expedient which allows an entity to recognize revenue in the amount that directly corresponds to the value transferred to the customer. The Company’s billed and unbilled revenue meets the definition of “revenues from contracts with customers” as defined in ASU 2014-09. 980-605-25-3, 2014-09 In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. Three Months Ended March 31, 2019 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 38.7 $ 35.7 $ 74.4 C&I 54.0 24.7 78.7 Other 6.5 2.3 8.8 Total Billed and Unbilled Revenue 99.2 62.7 161.9 Rate Adjustment Mechanism Revenue (12.8 ) 2.1 (10.7 ) Total Gas and Electric Operating Revenues $ 86.4 $ 64.8 $ 151.2 Three Months Ended March 31, 2018 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 35.8 $ 34.4 $ 70.2 C&I 50.6 24.1 74.7 Other 5.0 3.1 8.1 Total Billed and Unbilled Revenue 91.4 61.6 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) (8.5 ) Total Gas and Electric Operating Revenues $ 87.0 $ 57.5 $ 144.5 Fitchburg is subject to revenue decoupling. Revenue decoupling is the term given to the elimination of the dependency of a utility’s distribution revenue on the volume of electricity or natural gas sales. The difference between distribution revenue amounts billed to customers and the targeted revenue decoupling amounts is recorded as an increase or a decrease in Accrued Revenue, which forms the basis for resetting rates for future cash recoveries from, or credits to, customers. These revenue decoupling targets may be adjusted as a result of rate cases that the Company files with the MDPU. |
Other Operating Revenue - Non-regulated | Other Operating Revenue – Non-regulated non-regulated |
Income Taxes | Income Taxes – The Company classifies penalty and interest expense related to income tax liabilities as income tax expense and interest expense, respectively, in the Consolidated Statements of Earnings. Provisions for income taxes are calculated in each of the jurisdictions in which the Company operates for each period for which a statement of earnings is presented. The Company accounts for income taxes in accordance with the FASB Codification guidance on Income Taxes, which requires an asset and liability approach for the financial accounting and reporting of income taxes. Significant judgments and estimates are required in determining the current and deferred tax assets and liabilities. The Company’s current and deferred tax assets and liabilities reflect its best assessment of estimated future taxes to be paid. In accordance with the FASB Codification, the Company periodically assesses the realization of its deferred tax assets and liabilities and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts and circumstances which gave rise to the revision become known. |
Cash and Cash Equivalents | Cash and Cash Equivalents – (ISO-NE) ISO-NE. 2-1/2 ISO-NE |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts – written-off shut-off. The Allowance for Doubtful Accounts as of March 31, 2019, March 31, 2018 and December 31, 2018, which are included in Accounts Receivable, Net on the accompanying unaudited consolidated balance sheets, was as follows: ($ millions) March 31, December 31, 2019 2018 2018 Allowance for Doubtful Accounts $ 1.7 $ 1.6 $ 1.3 |
Accrued Revenue | Accrued Revenue – March 31, December 31, Accrued Revenue ($ millions) 2019 2018 2018 Regulatory Assets – Current $ 29.4 $ 34.6 $ 41.3 Unbilled Revenues 10.8 10.5 13.4 Total Accrued Revenue $ 40.2 $ 45.1 $ 54.7 |
Exchange Gas Receivable | Exchange Gas Receivable – March 31, December 31, Exchange Gas Receivable ($ millions) 2019 2018 2018 Northern Utilities $ 0.2 $ — $ 7.5 Fitchburg 0.2 0.2 0.6 Total Exchange Gas Receivable $ 0.4 $ 0.2 $ 8.1 |
Gas Inventory | Gas Inventory March 31, December 31, Gas Inventory ($ millions) 2019 2018 2018 Natural Gas $ — $ — $ 0.3 Propane 0.4 0.3 0.4 Liquefied Natural Gas & Other 0.1 0.1 0.1 Total Gas Inventory $ 0.5 $ 0.4 $ 0.8 |
Utility Plant | Utility Plant – |
Leases | Leases – No. 2016-02, . |
Regulatory Accounting | Regulatory Accounting – March 31, December 31, Regulatory Assets consist of the following ($ millions) 2019 2018 2018 Retirement Benefits $ 72.4 $ 85.4 $ 72.0 Energy Supply & Other Rate Adjustment Mechanisms 25.1 31.9 38.4 Deferred Storm Charges 5.9 8.0 6.3 Environmental 7.6 9.0 7.9 Income Taxes 4.7 6.3 5.7 Other Deferred Charges 11.6 5.2 10.0 Total Regulatory Assets 127.3 145.8 140.3 Less: Current Portion of Regulatory Assets (1) 29.4 34.6 41.3 Regulatory Assets – noncurrent $ 97.9 $ 111.2 $ 99.0 Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets. March 31, December 31, Regulatory Liabilities consist of the following ($ millions) 2019 2018 2018 Income Taxes (Note 8) $ 48.2 $ 49.1 $ 47.0 Energy Supply & Other Rate Adjustment Mechanisms 13.6 10.3 11.5 Gas Pipeline Refund (Note 6) — 0.6 — Other 0.6 — — Total Regulatory Liabilities 62.4 60.0 58.5 Less: Current Portion of Regulatory Liabilities 15.0 10.9 11.5 Regulatory Liabilities – noncurrent $ 47.4 $ 49.1 $ 47.0 Generally, the Company receives a return on investment on its regulated assets for which a cash outflow has been made. Included in Regulatory Assets as of March 31, 2019 are $5.9 million of environmental costs, rate case costs and other expenditures to be recovered over varying periods in the next seven years. Regulators have authorized recovery of these expenditures, but without a return. Regulatory commissions can reach different conclusions about the recovery of costs, which can have a material impact on the Company’s Consolidated Financial Statements. The Company believes it is probable that its regulated distribution and transmission utilities will recover their investments in long-lived assets, including regulatory assets. If the Company, or a portion of its assets or operations, were to cease meeting the criteria for application of these accounting rules, accounting standards for businesses in general would become applicable and immediate recognition of any previously deferred costs, or a portion of deferred costs, would be required in the year in which the criteria are no longer met, if such deferred costs were not recoverable in the portion of the business that continues to meet the criteria for application of the FASB Codification topic on Regulated Operations. If unable to continue to apply the FASB Codification provisions for Regulated Operations, the Company would be required to apply the provisions for the Discontinuation of Rate-Regulated Accounting included in the FASB Codification. In the Company’s opinion, its regulated operations will be subject to the FASB Codification provisions for Regulated Operations for the foreseeable future. |
Derivatives | Derivatives – |
Investments in Marketable Securities | Investments in Marketable Securities At March 31, 2019, March 31, 2018 and December 31, 2018, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, were $5.1 million, $5.1 and $4.8 million, respectively, as shown in the table below. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2019 2018 2018 Equity Funds $ — $ 1.9 $ — Fixed Income Funds — 1.6 — Money Market Funds 5.1 1.6 4.8 Total Marketable Securities $ 5.1 $ 5.1 $ 4.8 The Company also sponsors the Unitil Corporation Deferred Compensation Plan (the “DC Plan”). The DC Plan is a non-qualified tax-deferred At March 31, 2019, March 31, 2018 and December 31, 2018, the fair value of the Company’s investments in these trading securities related to the DC Plan, which are recorded on the Consolidated Balance Sheets in Other Assets, were $0.1 million, $0 and $0, respectively, as shown in the table below. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2019 2018 2018 Equity Funds $ — $ — $ — Money Market Funds 0.1 — — Total Marketable Securities $ 0.1 $ — $ — |
Energy Supply Obligations | Energy Supply Obligations – March 31, December 31, Energy Supply Obligations ($ millions) 2019 2018 2018 Current: Exchange Gas Obligation $ 0.2 $ — $ 7.5 Renewable Energy Portfolio Standards 4.1 7.5 5.6 Power Supply Contract Divestitures 0.3 0.3 0.3 Total Energy Supply Obligations – Current 4.6 7.8 13.4 Long-Term: Power Supply Contract Divestitures 0.5 0.8 0.6 Total Energy Supply Obligations $ 5.1 $ 8.6 $ 14.0 Exchange Gas Obligation Renewable Energy Portfolio Standards Fitchburg has entered into long-term renewable contracts for the purchase of clean energy and/or renewable energy certificates (RECs) pursuant to Massachusetts legislation, specifically, An Act Relative to Green Communities (“Green Communities Act”, 2008), An Act Relative to Competitively Priced Electricity in the Commonwealth (2012) and An Act to Promote Energy Diversity (“Energy Diversity Act”, 2016). The generating facilities associated with four of these contracts have been constructed and are now operating. Since 2017, the Company has participated in two major statewide procurements which resulted in contracts for imported hydroelectric power and associated transmission and for offshore wind generation. The contracts were filed with MDPU in 2018 and approvals remain pending. Additional long-term clean energy contracts are expected in compliance with the Energy Diversity Act and An Act to Promote a Clean Energy Future (2018). Fitchburg recovers the costs associated with long-term renewable contracts on a fully reconciling basis through a MDPU-approved cost recovery mechanism. Power Supply Contract Divestitures – |
Recently Issued Pronouncements | Recently Issued Pronouncements – No. 2016-02, Other than the pronouncement discussed above, there are no recently issued pronouncements that the Company has not already adopted or that have a material impact on the Company. |
Subsequent Events | Subsequent Events – |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Components of Gas and Electric Operating Revenue | In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. Three Months Ended March 31, 2019 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 38.7 $ 35.7 $ 74.4 C&I 54.0 24.7 78.7 Other 6.5 2.3 8.8 Total Billed and Unbilled Revenue 99.2 62.7 161.9 Rate Adjustment Mechanism Revenue (12.8 ) 2.1 (10.7 ) Total Gas and Electric Operating Revenues $ 86.4 $ 64.8 $ 151.2 Three Months Ended March 31, 2018 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 35.8 $ 34.4 $ 70.2 C&I 50.6 24.1 74.7 Other 5.0 3.1 8.1 Total Billed and Unbilled Revenue 91.4 61.6 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) (8.5 ) Total Gas and Electric Operating Revenues $ 87.0 $ 57.5 $ 144.5 |
Allowance for Doubtful Accounts Included in Accounts Receivable Net | The Allowance for Doubtful Accounts as of March 31, 2019, March 31, 2018 and December 31, 2018, which are included in Accounts Receivable, Net on the accompanying unaudited consolidated balance sheets, was as follows: ($ millions) March 31, December 31, 2019 2018 2018 Allowance for Doubtful Accounts $ 1.7 $ 1.6 $ 1.3 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of March 31, 2019, March 31, 2018 and December 31, 2018. March 31, December 31, Accrued Revenue ($ millions) 2019 2018 2018 Regulatory Assets – Current $ 29.4 $ 34.6 $ 41.3 Unbilled Revenues 10.8 10.5 13.4 Total Accrued Revenue $ 40.2 $ 45.1 $ 54.7 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of March 31, 2019, March 31, 2018 and December 31, 2018. March 31, December 31, Exchange Gas Receivable ($ millions) 2019 2018 2018 Northern Utilities $ 0.2 $ — $ 7.5 Fitchburg 0.2 0.2 0.6 Total Exchange Gas Receivable $ 0.4 $ 0.2 $ 8.1 |
Components of Gas Inventory | The following table shows the components of Gas Inventory as of March 31, 2019, March 31, 2018 and December 31, 2018. March 31, December 31, Gas Inventory ($ millions) 2019 2018 2018 Natural Gas $ — $ — $ 0.3 Propane 0.4 0.3 0.4 Liquefied Natural Gas & Other 0.1 0.1 0.1 Total Gas Inventory $ 0.5 $ 0.4 $ 0.8 |
Regulatory Assets | March 31, December 31, Regulatory Assets consist of the following ($ millions) 2019 2018 2018 Retirement Benefits $ 72.4 $ 85.4 $ 72.0 Energy Supply & Other Rate Adjustment Mechanisms 25.1 31.9 38.4 Deferred Storm Charges 5.9 8.0 6.3 Environmental 7.6 9.0 7.9 Income Taxes 4.7 6.3 5.7 Other Deferred Charges 11.6 5.2 10.0 Total Regulatory Assets 127.3 145.8 140.3 Less: Current Portion of Regulatory Assets (1) 29.4 34.6 41.3 Regulatory Assets – noncurrent $ 97.9 $ 111.2 $ 99.0 Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets. |
Regulatory Liabilities | March 31, December 31, Regulatory Liabilities consist of the following ($ millions) 2019 2018 2018 Income Taxes (Note 8) $ 48.2 $ 49.1 $ 47.0 Energy Supply & Other Rate Adjustment Mechanisms 13.6 10.3 11.5 Gas Pipeline Refund (Note 6) — 0.6 — Other 0.6 — — Total Regulatory Liabilities 62.4 60.0 58.5 Less: Current Portion of Regulatory Liabilities 15.0 10.9 11.5 Regulatory Liabilities – noncurrent $ 47.4 $ 49.1 $ 47.0 |
Fair Value of Marketable Securities | Changes in the fair value of these investments are recorded in Other Expense, Net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2019 2018 2018 Equity Funds $ — $ 1.9 $ — Fixed Income Funds — 1.6 — Money Market Funds 5.1 1.6 4.8 Total Marketable Securities $ 5.1 $ 5.1 $ 4.8 |
Components of Energy Supply Obligations | The following discussion and table summarize the nature and amounts of the items recorded as Energy Supply Obligations (current portion) and Other Noncurrent Liabilities (noncurrent portion) on the Company’s Consolidated Balance Sheets. March 31, December 31, Energy Supply Obligations ($ millions) 2019 2018 2018 Current: Exchange Gas Obligation $ 0.2 $ — $ 7.5 Renewable Energy Portfolio Standards 4.1 7.5 5.6 Power Supply Contract Divestitures 0.3 0.3 0.3 Total Energy Supply Obligations – Current 4.6 7.8 13.4 Long-Term: Power Supply Contract Divestitures 0.5 0.8 0.6 Total Energy Supply Obligations $ 5.1 $ 8.6 $ 14.0 |
Deferred Compensation Plan [Member] | |
Fair Value of Marketable Securities | Changes in the fair value of these investments are recorded in Other Expense, Net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2019 2018 2018 Equity Funds $ — $ — $ — Money Market Funds 0.1 — — Total Marketable Securities $ 0.1 $ — $ — |
DIVIDENDS DECLARED PER SHARE (T
DIVIDENDS DECLARED PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Dividends Declared | Declaration Date Date Shareholder of Record Date Dividend Amount 04/24/19 05/29/19 05/15/19 $ 0.370 01/30/19 02/28/19 02/14/19 $ 0.370 10/24/18 11/29/18 11/15/18 $0.365 07/25/18 08/29/18 08/15/18 $0.365 04/25/18 05/29/18 05/15/18 $ 0.365 01/30/18 02/28/18 02/14/18 $ 0.365 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Significant Segment Financial Data | The following table provides significant segment financial data for the three months ended March 31, 2019 and March 31, 2018: Gas Electric Non- Regulated Other Total Three Months Ended March 31, 2019 ($ millions) Revenues: Billed and Unbilled Revenue $ 99.2 $ 62.7 $ — $ — $ 161.9 Rate Adjustment Mechanism Revenue (12.8 ) 2.1 — — (10.7 ) Other Operating Revenue – Non-Regulated — — 0.9 — 0.9 Total Operating Revenues $ 86.4 $ 64.8 $ 0.9 $ — $ 152.1 Segment Profit (Loss) 13.7 1.9 10.1 0.8 26.5 Identifiable Segment Assets 771.6 502.3 0.1 16.2 1,290.2 Capital Expenditures 3.3 6.6 — 1.0 10.9 Three Months Ended March 31, 2018 ($ millions) Revenues: Billed and Unbilled Revenue $ 91.4 $ 61.6 $ — $ — $ 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) — — (8.5 ) Other Operating Revenue – Non-Regulated — — 1.3 — 1.3 Total Operating Revenues $ 87.0 $ 57.5 $ 1.3 $ — $ 145.8 Segment Profit (Loss) 12.6 3.0 0.4 (0.4 ) 15.6 Identifiable Segment Assets 712.6 481.8 7.1 42.8 1,244.3 Capital Expenditures 3.6 6.0 — 0.5 10.1 |
DEBT AND FINANCING ARRANGEMEN_2
DEBT AND FINANCING ARRANGEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Details on Long Term Debt | Details on long-term debt at March 31, 2019, March 31, 2018 and December 31, 2018 are shown below: ($ millions) March 31, 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 3.4 3.2 3.5 Total Long-Term Debt, net of Unamortized Debt Issuance Costs 392.5 392.8 405.8 Less: Current Portion 19.5 29.8 18.4 Total Long-term Debt, Less Current Portion $ 373.0 $ 363.0 $ 387.4 |
Fair Value of Long Term Debt | ($ millions) March 31, December 31, 2019 2018 2018 Estimated Fair Value of Long-Term Debt $ 418.0 $ 428.0 $ 422.0 |
Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility | The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of March 31, 2019, March 31, 2018 and December 31, 2018: Revolving Credit Facility ($ millions) March 31, December 31, 2019 2018 2018 Limit $ 120.0 $ 120.0 $ 120.0 Short-Term Borrowings Outstanding $ 65.8 $ 45.3 $ 82.8 Available $ 54.2 $ 74.7 $ 37.2 |
Classification of the Company Lease Obligations | The balance sheet classification of the Company’s lease obligations was as follows: March 31, December 31, Lease Obligations ($ millions) 2019 2018 2018 Operating Lease Obligations: Other Current Liabilities (current portion) $ 1.1 $ — $ — Other Noncurrent Liabilities (long-term portion) 2.8 — — Total Operating Lease Obligations $ 3.9 $ — $ — Capital Lease Obligations: Other Current Liabilities (current portion) $ 3.0 $ 3.1 $ 3.1 Other Noncurrent Liabilities (long-term portion) 1.9 4.9 2.7 Total Capital Lease Obligations $ 4.9 $ 8.0 $ 5.8 Total Lease Obligations $ 8.8 $ 8.0 $ 5.8 |
Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases | The following table is a schedule of future operating lease payment obligations and future minimum lease payments under capital leases as of March 31, 2019. The payments for capital leases consist of $3.0 million of current capital lease obligations, which are included in Other Current Liabilities and $1.9 million of noncurrent capital lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of March 31, 2019. $2.8 million of the current capital lease obligations and $1.6 million of the noncurrent capital lease obligations reflect amounts under a financing arrangement entered into in April 2014 for various information systems and technology equipment. The financing arrangement is structured as a capital lease obligation. The payments for operating leases consist of $1.1 million of current operating lease obligations, which are included in Other Current Liabilities and $2.8 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of March 31, 2019. Lease Payments ($000’s) Operating Capital Year Ending December 31, Leases Leases Rest of 2019 $ 967 $ 2,369 2020 1,141 2,576 2021 972 96 2022 691 33 2023 391 15 2024-2028 119 — Total Payments 4,281 5,089 Less: Interest 426 122 Amount of Lease Obligations Recorded on Consolidated Balance Sheets $ 3,855 $ 4,967 The payment amounts in the following table, which are as of December 31, 2018, would not differ substantially from the payment amounts as of March 31, 2018. 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 |
COMMON STOCK AND PREFERRED ST_2
COMMON STOCK AND PREFERRED STOCK (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Stock Units Issued | The equity portion of Restricted Stock Units activity during the three months ended March 31, 2019 in conjunction with the Stock Plan are presented in the following table: 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 417 $ 54.91 Restricted Stock Units Settled — — Restricted Stock Units as of March 31, 2019 62,206 $ 38.36 |
ENVIRONMENTAL MATTERS (Tables)
ENVIRONMENTAL MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Environmental Obligations Recognized by Company | The following table sets forth a summary of changes in the Company’s liability for Environmental Obligations for the three months ended March 31, 2019 and 2018. Environmental Obligations ($ millions) Fitchburg Northern Total Three months ended March 31, 2019 2018 2019 2018 2019 2018 Total Balance at Beginning of Period $ — $ 0.1 $ 2.0 $ 2.0 $ 2.0 $ 2.1 Additions — 0.1 0.1 0.1 0.1 0.2 Less: Payments / Reductions — 0.1 0.1 0.1 0.1 0.2 Total Balance at End of Period — 0.1 2.0 2.0 2.0 2.1 Less: Current Portion — 0.1 0.6 0.5 0.6 0.6 Noncurrent Balance at End of Period $ — $ — $ 1.4 $ 1.5 $ 1.4 $ 1.5 |
RETIREMENT BENEFIT OBLIGATIONS
RETIREMENT BENEFIT OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations | The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations: 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 |
Components of Retirement Plan Costs | The following table provides the components of the Company’s Retirement plan costs ($000’s): Pension Plan PBOP Plan SERP Three Months Ended March 31, 2019 2018 2019 2018 2019 2018 Service Cost $ 776 $ 848 $ 576 $ 733 $ 60 $ 122 Interest Cost 1,621 1,469 856 851 139 101 Expected Return on Plan Assets (2,119 ) (1,946 ) (411 ) (409 ) — — Prior Service Cost Amortization 80 81 303 327 3 47 Actuarial Loss Amortization 1,081 1,447 57 346 158 122 Sub-total 1,439 1,899 1,381 1,848 360 392 Amounts Capitalized and Deferred (412 ) (720 ) (474 ) (742 ) (103 ) (113 ) Net Periodic Benefit Cost Recognized $ 1,027 $ 1,179 $ 907 $ 1,106 $ 257 $ 279 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($)Subsidiarymi | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Length Of Pipeline | mi | 86 | |||
Gain on divestiture of business, pretax | $ 13.4 | |||
Gain on divestiture of business, net | 9.8 | |||
Provision for income taxes | 3.6 | |||
Cost of removal obligation | 93.7 | $ 90.7 | $ 86.6 | |
Recognition of lease assets | $ 4.2 | |||
Recognition of lease liabilities | $ 4.2 | |||
Regulatory assets | 127.3 | 140.3 | 145.8 | |
Investments in trading securities | 5.1 | 4.8 | 5.1 | |
Deferred Compensation Plan [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Investments in trading securities | $ 0.1 | 0 | 0 | |
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Cash equivalents maturity period | 3 months | |||
Lease term | 12 months | |||
ISO-NE Obligations | ||||
Significant Accounting Policies [Line Items] | ||||
Cash Deposits | $ 3 | $ 3.5 | $ 3.3 | |
Environmental and Rate Case Costs and Other Expenditures | Recovered over the next seven years | ||||
Significant Accounting Policies [Line Items] | ||||
Regulatory assets | $ 5.9 | |||
Utilities | ||||
Significant Accounting Policies [Line Items] | ||||
Number of Subsidiaries | Subsidiary | 3 | |||
Unitil Service; Unitil Realty; and Unitil Resources | ||||
Significant Accounting Policies [Line Items] | ||||
Number of Subsidiaries | Subsidiary | 3 |
Components of Gas and Electric
Components of Gas and Electric Operating Revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | $ 151.2 | $ 144.5 |
Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 161.9 | 153 |
Rate Adjustment Mechanism Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | (10.7) | (8.5) |
Gas Segment | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 86.4 | 87 |
Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 99.2 | 91.4 |
Gas Segment | Rate Adjustment Mechanism Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | (12.8) | (4.4) |
Electric | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 64.8 | 57.5 |
Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 62.7 | 61.6 |
Electric | Rate Adjustment Mechanism Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 2.1 | (4.1) |
Residential | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 74.4 | 70.2 |
Residential | Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 38.7 | 35.8 |
Residential | Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 35.7 | 34.4 |
C&I | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 78.7 | 74.7 |
C&I | Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 54 | 50.6 |
C&I | Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 24.7 | 24.1 |
Other | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 8.8 | 8.1 |
Other | Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 6.5 | 5 |
Other | Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | $ 2.3 | $ 3.1 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts Included in Accounts Receivable Net (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Valuation Allowance [Line Items] | |||
Allowance for Doubtful Accounts | $ 1.7 | $ 1.3 | $ 1.6 |
Components of Accrued Revenue (
Components of Accrued Revenue (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Deferred Revenue Arrangement [Line Items] | |||
Accrued Revenue | $ 40.2 | $ 54.7 | $ 45.1 |
Unbilled Revenues | |||
Deferred Revenue Arrangement [Line Items] | |||
Accrued Revenue | 10.8 | 13.4 | 10.5 |
Regulatory Assets | |||
Deferred Revenue Arrangement [Line Items] | |||
Accrued Revenue | $ 29.4 | $ 41.3 | $ 34.6 |
Components of Exchange Gas Rece
Components of Exchange Gas Receivable (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Receivables [Line Items] | |||
Total Exchange Gas Receivable | $ 0.4 | $ 8.1 | $ 0.2 |
Northern Utilities Inc | |||
Receivables [Line Items] | |||
Total Exchange Gas Receivable | 0.2 | 7.5 | |
Fitchburg Gas and Electric Light Company | |||
Receivables [Line Items] | |||
Total Exchange Gas Receivable | $ 0.2 | $ 0.6 | $ 0.2 |
Components of Gas Inventory (De
Components of Gas Inventory (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | $ 0.5 | $ 0.8 | $ 0.4 |
Liquefied Natural Gas & Other | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | 0.1 | 0.1 | 0.1 |
Natural Gas | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | 0.3 | ||
Propane | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | $ 0.4 | $ 0.4 | $ 0.3 |
Regulatory Assets (Detail)
Regulatory Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Regulatory Assets [Line Items] | ||||
Regulatory assets | $ 127.3 | $ 140.3 | $ 145.8 | |
Less: Current Portion of Regulatory Assets | [1] | 29.4 | 41.3 | 34.6 |
Regulatory Assets - noncurrent | 97.9 | 99 | 111.2 | |
Environmental Matters | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets | 7.6 | 7.9 | 9 | |
Other Deferred Charges | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets | 11.6 | 10 | 5.2 | |
Retirement Benefits | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets | 72.4 | 72 | 85.4 | |
Deferred Storm Charges | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets | 5.9 | 6.3 | 8 | |
Income Taxes | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets | 4.7 | 5.7 | 6.3 | |
Energy Supply & Other Rate Adjustment Mechanisms | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets | $ 25.1 | $ 38.4 | $ 31.9 | |
[1] | Reflects amounts included in Accrued Revenue, discussed above, on the Company's Consolidated Balance Sheets. |
Regulatory Liabilities (Detail)
Regulatory Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Regulatory Liabilities [Line Items] | ||||
Regulatory Liabilities | $ 62.4 | $ 58.5 | $ 60 | |
Less: Current Portion of Regulatory Liabilities | 15 | 11.5 | 10.9 | |
Regulatory Liabilities-noncurrent | 47.4 | 47 | 49.1 | |
Other Liabilities | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory Liabilities | 0.6 | |||
Energy Supply & Other Rate Adjustment Mechanisms | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory Liabilities | 13.6 | 11.5 | 10.3 | |
Gas Pipeline Refund | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory Liabilities | 0.6 | |||
Income Tax Related Liabilities | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory Liabilities | $ 48.2 | $ 47 | $ 49.1 | $ 48.9 |
Fair Value of Marketable Securi
Fair Value of Marketable Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | $ 5.1 | $ 4.8 | $ 5.1 |
Deferred Compensation Plan [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 0.1 | 0 | 0 |
Fair Value, Inputs, Level 1 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 5.1 | 4.8 | 5.1 |
Fair Value, Inputs, Level 1 | Deferred Compensation Plan [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 0.1 | ||
Fair Value, Inputs, Level 1 | Equity Funds | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 1.9 | ||
Fair Value, Inputs, Level 1 | Fixed Income Funds | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 1.6 | ||
Fair Value, Inputs, Level 1 | Money Market Funds | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 5.1 | $ 4.8 | $ 1.6 |
Fair Value, Inputs, Level 1 | Money Market Funds | Deferred Compensation Plan [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | $ 0.1 |
Components of Energy Supply Obl
Components of Energy Supply Obligations (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | $ 4.6 | $ 13.4 | $ 7.8 |
Power Supply Contract Divestitures, Noncurrent | 0.5 | 0.6 | 0.8 |
Total Energy Supply Obligations | 5.1 | 14 | 8.6 |
Exchange Gas Obligation | |||
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | 0.2 | 7.5 | |
Renewable Energy Portfolio Standards | |||
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | 4.1 | 5.6 | 7.5 |
Power Supply Contract Divestitures | |||
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | $ 0.3 | $ 0.3 | $ 0.3 |
Dividends Declared Per Share (D
Dividends Declared Per Share (Detail) | 3 Months Ended |
Mar. 31, 2019$ / shares | |
Group One | |
Dividends Payable [Line Items] | |
Declaration Date | Apr. 24, 2019 |
Date Paid (Payable) | May 29, 2019 |
Shareholder of Record Date | May 15, 2019 |
Dividend Amount | $ 0.370 |
Group Two | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 30, 2019 |
Date Paid (Payable) | Feb. 28, 2019 |
Shareholder of Record Date | Feb. 14, 2019 |
Dividend Amount | $ 0.370 |
Group Three | |
Dividends Payable [Line Items] | |
Declaration Date | Oct. 24, 2018 |
Date Paid (Payable) | Nov. 29, 2018 |
Shareholder of Record Date | Nov. 15, 2018 |
Dividend Amount | $ 0.365 |
Group Four | |
Dividends Payable [Line Items] | |
Declaration Date | Jul. 25, 2018 |
Date Paid (Payable) | Aug. 29, 2018 |
Shareholder of Record Date | Aug. 15, 2018 |
Dividend Amount | $ 0.365 |
Group Five | |
Dividends Payable [Line Items] | |
Declaration Date | Apr. 25, 2018 |
Date Paid (Payable) | May 29, 2018 |
Shareholder of Record Date | May 15, 2018 |
Dividend Amount | $ 0.365 |
Group Six | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 30, 2018 |
Date Paid (Payable) | Feb. 28, 2018 |
Shareholder of Record Date | Feb. 14, 2018 |
Dividend Amount | $ 0.365 |
Significant Segment Financial D
Significant Segment Financial Data (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other Operating Revenue - Non-Regulated | $ 0.9 | $ 1.3 | |
Total Operating Revenues | 152.1 | 145.8 | |
Segment Profit (Loss) | 26.5 | 15.6 | |
Identifiable Segment Assets | 1,290.2 | 1,244.3 | $ 1,298.3 |
Capital Expenditures | 10.9 | 10.1 | |
Billed and Unbilled Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Operating Revenues | 161.9 | 153 | |
Rate Adjustment Mechanism Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Operating Revenues | (10.7) | (8.5) | |
Gas Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Operating Revenues | 86.4 | 87 | |
Segment Profit (Loss) | 13.7 | 12.6 | |
Identifiable Segment Assets | 771.6 | 712.6 | |
Capital Expenditures | 3.3 | 3.6 | |
Gas Segment | Billed and Unbilled Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Operating Revenues | 99.2 | 91.4 | |
Gas Segment | Rate Adjustment Mechanism Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Operating Revenues | (12.8) | (4.4) | |
Electric | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Operating Revenues | 64.8 | 57.5 | |
Segment Profit (Loss) | 1.9 | 3 | |
Identifiable Segment Assets | 502.3 | 481.8 | |
Capital Expenditures | 6.6 | 6 | |
Electric | Billed and Unbilled Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Operating Revenues | 62.7 | 61.6 | |
Electric | Rate Adjustment Mechanism Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Operating Revenues | 2.1 | (4.1) | |
All Other Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Profit (Loss) | 0.8 | (0.4) | |
Identifiable Segment Assets | 16.2 | 42.8 | |
Capital Expenditures | 1 | 0.5 | |
Unregulated Operation | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other Operating Revenue - Non-Regulated | 0.9 | 1.3 | |
Total Operating Revenues | 0.9 | 1.3 | |
Segment Profit (Loss) | 10.1 | 0.4 | |
Identifiable Segment Assets | $ 0.1 | $ 7.1 |
Details on Long Term Debt (Deta
Details on Long Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 395.9 | $ 409.3 | $ 396 |
Less: Unamortized Debt Issuance Costs | 3.4 | 3.5 | 3.2 |
Long-Term Debt | 392.5 | 405.8 | 392.8 |
Less: Current Portion | 19.5 | 18.4 | 29.8 |
Total Long-Term Debt, Less Current Portion | 373 | 387.4 | 363 |
Long-Term Debt | 392.5 | 405.8 | 392.8 |
6.33% Senior Notes, Due May 1, 2022 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 20 | 20 | 20 |
3.70% Senior Notes, Due August 1, 2026 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | 30 |
Unitil Energy Systems Inc | First Mortgage Bonds 5.24% Senior Secured Notes, Due March 2, 2020 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 5 | 10 | 10 |
Unitil Energy Systems Inc | First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 6 | 6 | 7.5 |
Unitil Energy Systems Inc | First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 20 | 20 | 20 |
Unitil Energy Systems Inc | First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Unitil Energy Systems Inc | First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Unitil Energy Systems Inc | First Mortgage Bonds 4.18% Senior Secured Notes Due November 30, 2048 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | |
Fitchburg Gas and Electric Light Company | 6.75% Senior Notes, Due November 30, 2023 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 5.7 | 5.7 | 7.6 |
Fitchburg Gas and Electric Light Company | 6.79% Senior Notes, Due October 15, 2025 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10 | 10 | 10 |
Fitchburg Gas and Electric Light Company | 3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10 | 10 | 10 |
Fitchburg Gas and Electric Light Company | 7.37% Notes, Due January 15, 2029 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 12 | 12 | 12 |
Fitchburg Gas and Electric Light Company | 5.90% Notes, Due December 15, 2030 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Fitchburg Gas and Electric Light Company | 7.98% Notes, Due June 1, 2031 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 14 | 14 | 14 |
Fitchburg Gas and Electric Light Company | 4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Northern Utilities Inc | 3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 20 | 20 | 20 |
Northern Utilities Inc | 4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | 30 |
Northern Utilities Inc | 6.95% Senior Notes, Due December 3, 2018 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10 | ||
Northern Utilities Inc | 5.29% Senior Notes, Due March 2, 2020 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 8.2 | 16.6 | 16.6 |
Northern Utilities Inc | 7.72% Senior Notes, Due December 3, 2038 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 50 | 50 | 50 |
Northern Utilities Inc | 4.42% Senior Notes, Due October 15, 2044 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 50 | 50 | 50 |
Granite State Gas Transmission Inc | 7.15% Senior Notes, Due December 15, 2018 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 3.3 | ||
Granite State Gas Transmission Inc | 3.72% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 15 | $ 15 | $ 15 |
Details on Long Term Debt (Pare
Details on Long Term Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
6.33% Senior Notes, Due May 1, 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.33% | 6.33% | 6.33% |
Debt instrument due date | May 1, 2022 | May 1, 2022 | May 1, 2022 |
3.70% Senior Notes, Due August 1, 2026 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.70% | 3.70% | 3.70% |
Debt instrument due date | Aug. 1, 2026 | Aug. 1, 2026 | Aug. 1, 2026 |
First Mortgage Bonds 5.24% Senior Secured Notes, Due March 2, 2020 | Unitil Energy Systems Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.24% | 5.24% | 5.24% |
Debt instrument due date | Mar. 2, 2020 | Mar. 2, 2020 | Mar. 2, 2020 |
First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024 | Unitil Energy Systems Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 8.49% | 8.49% | 8.49% |
Debt instrument due date | Oct. 14, 2024 | Oct. 14, 2024 | Oct. 14, 2024 |
First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028 | Unitil Energy Systems Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.96% | 6.96% | 6.96% |
Debt instrument due date | Sep. 1, 2028 | Sep. 1, 2028 | Sep. 1, 2028 |
First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031 | Unitil Energy Systems Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 8.00% | 8.00% | 8.00% |
Debt instrument due date | May 1, 2031 | May 1, 2031 | May 1, 2031 |
First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036 | Unitil Energy Systems Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.32% | 6.32% | 6.32% |
Debt instrument due date | Sep. 15, 2036 | Sep. 15, 2036 | Sep. 15, 2036 |
First Mortgage Bonds 4.18% Senior Secured Notes Due November 30, 2048 | Unitil Energy Systems Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.18% | 4.18% | 4.18% |
Debt instrument due date | Nov. 30, 2048 | Nov. 30, 2048 | Nov. 30, 2048 |
6.75% Senior Notes, Due November 30, 2023 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.75% | 6.75% | 6.75% |
Debt instrument due date | Nov. 30, 2023 | Nov. 30, 2023 | Nov. 30, 2023 |
6.79% Senior Notes, Due October 15, 2025 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.79% | 6.79% | 6.79% |
Debt instrument due date | Oct. 15, 2025 | Oct. 15, 2025 | Oct. 15, 2025 |
3.52% Senior Notes, Due November 1, 2027 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.52% | 3.52% | 3.52% |
Debt instrument due date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 |
3.52% Senior Notes, Due November 1, 2027 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.52% | 3.52% | 3.52% |
Debt instrument due date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 |
7.37% Notes, Due January 15, 2029 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.37% | 7.37% | 7.37% |
Debt instrument due date | Jan. 15, 2029 | Jan. 15, 2029 | Jan. 15, 2029 |
5.90% Notes, Due December 15, 2030 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | 5.90% | 5.90% |
Debt instrument due date | Dec. 15, 2030 | Dec. 15, 2030 | Dec. 15, 2030 |
7.98% Notes, Due June 1, 2031 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.98% | 7.98% | 7.98% |
Debt instrument due date | Jun. 1, 2031 | Jun. 1, 2031 | Jun. 1, 2031 |
4.32% Senior Notes, Due November 1, 2047 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.32% | 4.32% | 4.32% |
Debt instrument due date | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 |
4.32% Senior Notes, Due November 1, 2047 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.32% | 4.32% | 4.32% |
Debt instrument due date | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 |
6.95% Senior Notes, Due December 3, 2018 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.95% | 6.95% | 6.95% |
Debt instrument due date | Dec. 3, 2018 | Dec. 3, 2018 | Dec. 3, 2018 |
5.29% Senior Notes, Due March 2, 2020 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.29% | 5.29% | 5.29% |
Debt instrument due date | Mar. 2, 2020 | Mar. 2, 2020 | Mar. 2, 2020 |
7.72% Senior Notes, Due December 3, 2038 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.72% | 7.72% | 7.72% |
Debt instrument due date | Dec. 3, 2038 | Dec. 3, 2038 | Dec. 3, 2038 |
4.42% Senior Notes, Due October 15, 2044 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.42% | 4.42% | 4.42% |
Debt instrument due date | Oct. 15, 2044 | Oct. 15, 2044 | Oct. 15, 2044 |
7.15% Senior Notes, Due December 15, 2018 | Granite State Gas Transmission Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.15% | 7.15% | 7.15% |
Debt instrument due date | Dec. 15, 2018 | Dec. 15, 2018 | Dec. 15, 2018 |
3.72% Senior Notes, Due November 1, 2027 | Granite State Gas Transmission Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.72% | 3.72% | 3.72% |
Debt instrument due date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 |
Estimated Fair Value of Long Te
Estimated Fair Value of Long Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value, Inputs, Level 2 | |||
Debt Instrument [Line Items] | |||
Estimated Fair Value of Long-Term Debt | $ 418 | $ 422 | $ 428 |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements - Additional Information (Detail) - USD ($) | Jul. 25, 2018 | Nov. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Oct. 30, 2015 |
Line of Credit Facility [Line Items] | ||||||
Weighted average interest rate on short term borrowings | 3.70% | 2.90% | 3.30% | |||
Gain on divestiture of business, net | $ 9,800,000 | |||||
Issuance of long-term debt | $ 500,000 | |||||
Capital lease obligation, total capitalized cost | 4,967,000 | $ 8,000,000 | $ 5,800,000 | |||
Capital lease obligation, current | 3,000,000 | 3,100,000 | 3,100,000 | |||
Capital lease obligation, noncurrent | 1,900,000 | 4,900,000 | 2,700,000 | |||
Accounts Payable | 33,000,000 | 30,100,000 | 42,600,000 | |||
Guarantee outstanding | 4,300,000 | |||||
Total rental expense under operating leases | 400,000 | 500,000 | ||||
Operating lease obligations | 400,000 | |||||
Net Utility Plant | 1,037,800,000 | 972,400,000 | 1,036,800,000 | |||
Current operating lease obligation | 1,100,000 | |||||
Non-current operating lease obligation | $ 2,800,000 | |||||
Operating lease, weighted average remaining lease term | 3 years 10 months 24 days | |||||
Operating lease, weighted average discount rate percentage | 5.30% | |||||
Financing Arrangements | ||||||
Line of Credit Facility [Line Items] | ||||||
Capital lease obligation, current | $ 2,800,000 | |||||
Capital lease obligation, noncurrent | 1,600,000 | |||||
Assets under Capital Leases | ||||||
Line of Credit Facility [Line Items] | ||||||
Net Utility Plant | 14,900,000 | 15,000,000 | 15,000,000 | |||
Net Utility Plant, accumulated amortization | $ 1,800,000 | 1,100,000 | 1,700,000 | |||
Unitil Service Corp. | ||||||
Line of Credit Facility [Line Items] | ||||||
Capital lease obligation, total capitalized cost | $ 13,400,000 | |||||
Capital lease obligation, maturity period | Sep. 30, 2020 | |||||
Capital lease obligation, current | $ 2,800,000 | |||||
Capital lease obligation, noncurrent | 1,600,000 | |||||
Northern Utilities Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Natural gas storage inventory | 2,200,000 | 1,000,000 | 8,400,000 | |||
Accounts Payable | 2,100,000 | 1,000,000 | 900,000 | |||
Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Revolving credit facility | 120,000,000 | $ 120,000,000 | $ 120,000,000 | |||
Proceeds from lines of credit | 75,700,000 | |||||
Repayments of lines of credit | $ 92,700,000 | |||||
Credit Facility | Amended Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Revolving credit facility | $ 120,000,000 | |||||
Sublimit for the issuance of standby letters of credit | $ 25,000,000 | |||||
Revolving credit facility termination date | Jul. 25, 2023 | |||||
Increase in borrowing limit | $ 50,000,000 | |||||
Credit Facility | Amended Credit Facility [Member] | London Interbank Offered Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, daily fluctuating rate of interest | 1.125% | |||||
Credit Facility | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Percentage of capitalization | The affirmative and negative covenants under the Credit Facility shall apply until the Credit Facility terminates and all amounts borrowed under the Credit Facility are paid in full (or with respect to letters of credit, they are cash collateralized). The only financial covenant in the Credit Facility provides that Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At March 31, 2018, March 31, 2017 and December 31, 2017, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date. | |||||
4.18% First Mortgage Bonds, Due November 30, 2048 | Unitil Energy | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, aggregate principal amount | $ 30,000,000 | |||||
Long-term debt, stated interest rate | 4.18% | |||||
Long-term debt, maturity date | Nov. 30, 2048 |
Borrowing Limits Amounts Outsta
Borrowing Limits Amounts Outstanding and Amounts Available under Revolving Credit Facility (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | |||
Short-Term Borrowings Outstanding | $ 65,800,000 | $ 82,800,000 | $ 45,300,000 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, limit | 120,000,000 | 120,000,000 | 120,000,000 |
Short-Term Borrowings Outstanding | 65,800,000 | 82,800,000 | 45,300,000 |
Available revolving credit facility | $ 54,200,000 | $ 37,200,000 | $ 74,700,000 |
Debt and Financing Arrangemen_4
Debt and Financing Arrangements - Classification of the Company Lease Obligations (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Operating Lease Obligations: | |||
Other Current Liabilities (current portion) | $ 1,100 | ||
Other Noncurrent Liabilities (long-term portion) | 2,800 | ||
Total Operating Lease Obligations | 3,855 | ||
Capital Lease Obligations: | |||
Other Current Liabilities (current portion) | 3,000 | $ 3,100 | $ 3,100 |
Other Noncurrent Liabilities (long-term portion) | 1,900 | 2,700 | 4,900 |
Total Capital Lease Obligations | 4,967 | 5,800 | 8,000 |
Total Lease Obligations | $ 8,800 | $ 5,800 | $ 8,000 |
Future Operating Lease Payment
Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Operating leases | |||
Rest of 2019 | $ 967,000 | ||
2019 | $ 1,372,000 | ||
2020 | 1,141,000 | 1,138,000 | |
2021 | 972,000 | 969,000 | |
2022 | 691,000 | 689,000 | |
2023 | 391,000 | 390,000 | |
2024-2028 | 119,000 | 120,000 | |
Total Payments | 4,281,000 | 4,678,000 | |
Less: Interest | 426,000 | ||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | 3,855,000 | ||
Capital lease | |||
Rest of 2019 | 2,369,000 | ||
2019 | 3,069 | ||
2020 | 2,576,000 | 2,535 | |
2021 | 96,000 | 93 | |
2022 | 33,000 | 32 | |
2023 | 15,000 | 14 | |
2024-2028 | 0 | 0 | |
Total Payments | 5,089,000 | 5,743 | |
Less: Interest | 122,000 | ||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ 4,967,000 | $ 5,800,000 | $ 8,000,000 |
Common Stock And Preferred St_3
Common Stock And Preferred Stock - Additional Information (Detail) - USD ($) | Jan. 29, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||
Common stock, shares outstanding | 14,916,044 | 14,860,123 | 14,876,955 | |
Common stock, shares issued | 5,939 | 7,812 | ||
Proceeds from Issuance of Common Stock | $ 300,000 | $ 300,000 | ||
Share based compensation expense | $ 1,700,000 | 1,800,000 | ||
Percentage of fully-vested restricted stock units that directors will receive in common shares when settled | 70.00% | |||
Percentage of fully-vested restricted stock units that directors will receive in cash when settled | 30.00% | |||
Fair value of liabilities associated with fully vested RSUs that will be settled in cash | $ 1,400,000 | 1,000,000 | $ 1,300,000 | |
Preferred Stock | 200,000 | 200,000 | $ 200,000 | |
Maximum | ||||
Class of Stock [Line Items] | ||||
Dividend declared | 100,000 | $ 100,000 | ||
Dividend and Distribution Reinvestment and Share Purchase Plan | ||||
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 314,700 | |||
Dividend and Distribution Reinvestment and Share Purchase Plan | Average | ||||
Class of Stock [Line Items] | ||||
Common stock price per share | $ 52.98 | |||
Dividend and Distribution Reinvestment and Share Purchase Plan | Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued | 5,939 | |||
Unitil Energy Systems Inc | Series 6 | ||||
Class of Stock [Line Items] | ||||
Preferred stock, outstanding | 1,893 | 1,893 | 1,893 | |
Preferred Stock | $ 200,000 | $ 200,000 | $ 200,000 | |
Dividend rate | 6.00% | 6.00% | 6.00% | |
Restricted Stock | ||||
Class of Stock [Line Items] | ||||
Restricted stock vesting period | 4 years | |||
Restricted stock non-vested | 60,496 | 90,882 | ||
Restricted stock weighted average grant date fair value | $ 46.23 | $ 41.93 | ||
Unrecognized share based compensation | $ 1,300,000 | |||
Share compensation recognition period | 3 years | |||
Restricted Stock Units Granted | 33,150 | |||
Aggregate Market Value | $ 1,600,000 | |||
Forfeitures under the stock plan | 0 | |||
Cancellations under the stock plan | 0 | |||
Restricted Stock | Maximum | ||||
Class of Stock [Line Items] | ||||
Restricted stock available for awards | 677,500 | |||
Restricted stock that may be awarded in any one calendar year to any one participant | 20,000 | |||
Restricted Stock | Vesting Annually | ||||
Class of Stock [Line Items] | ||||
Restricted stock vesting percentage annually | 25.00% | |||
Restricted Stock Units (RSUs) | ||||
Class of Stock [Line Items] | ||||
Restricted Stock Units Granted | 0 | |||
Restricted stock units outstanding | 52,677 | |||
Weighted-Average Stock Price | $ 36.27 |
Restricted Stock Units Issued (
Restricted Stock Units Issued (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Restricted Stock Units | |
Beginning Restricted Stock Units | shares | 61,789 |
Restricted Stock Units Granted | shares | 0 |
Dividend Equivalents Earned | shares | 417 |
Restricted Stock Units Settled | shares | 0 |
Ending Restricted Stock Units | shares | 62,206 |
Weighted-Average Stock Price | |
Beginning Restricted Stock Units | $ / shares | $ 38.25 |
Restricted Stock Units Granted | $ / shares | 0 |
Dividend Equivalents Earned | $ / shares | 54.91 |
Restricted Stock Units Settled | $ / shares | 0 |
Ending Restricted Stock Units | $ / shares | $ 38.36 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | May 01, 2019USD ($) | Feb. 28, 2019USD ($) | Oct. 31, 2018USD ($) | May 07, 2018USD ($) | May 02, 2018USD ($) | May 01, 2018USD ($) | Apr. 30, 2018USD ($) | Feb. 28, 2018USD ($) | Jan. 01, 2018USD ($) | Aug. 01, 2017USD ($) | Jun. 30, 2017MW | Apr. 20, 2017USD ($) | Oct. 31, 2018USD ($) | Dec. 31, 2017 | Mar. 31, 2019 | Jun. 30, 2027MW | Dec. 31, 2022MWh | Apr. 03, 2019USD ($) | Jul. 31, 2018MWhMW | Jul. 23, 2018MW |
Regulatory Assets [Line Items] | ||||||||||||||||||||
Annual revenue adjustment | $ 2,300,000 | |||||||||||||||||||
Tax Year 2018 | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Corporate income tax rate | 21.00% | 21.00% | ||||||||||||||||||
Scenario Forecast | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Annual revenue adjustment | $ 1,400,000 | |||||||||||||||||||
Unitil Energy Systems Inc | New Hampshire | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Permanent rate increase | $ 4,100,000 | |||||||||||||||||||
Increase (decrease) in annual revenue | $ 340,000 | $ 300,000 | ||||||||||||||||||
Reduction of federal tax decrease | 2,200,000 | |||||||||||||||||||
Reconciliation adjustment of recouped difference between temporary rates and final rates | 1,400,000 | |||||||||||||||||||
Unitil Energy Systems Inc | New Hampshire | Second rate Step Adjustments [Member] | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Increase (decrease) in annual revenue | $ 3,300,000 | |||||||||||||||||||
Fitchburg Gas and Electric Light Company | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Increase (decrease) in annual revenue | $ 800,000 | $ 900,000 | ||||||||||||||||||
Annual revenue adjustment | $ 400,000 | |||||||||||||||||||
Amendment effective date | Nov. 1, 2018 | |||||||||||||||||||
Fitchburg Gas and Electric Light Company | Subsequent Event | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Recovery amount | $ 400,000 | |||||||||||||||||||
Fitchburg Gas and Electric Light Company | Offshore Wind Energy | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Power generation facility | MW | 400 | 400 | ||||||||||||||||||
Remuneration percentage | 2.75% | |||||||||||||||||||
Fitchburg Gas and Electric Light Company | Qualified Clean Energy | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Power generation capacity | MWh | 9,554,940 | |||||||||||||||||||
Fitchburg Gas and Electric Light Company | Minimum | Offshore Wind Energy | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Power generation facility | MW | 400 | |||||||||||||||||||
Pro rata percentage share of contracts | 1.00% | |||||||||||||||||||
Fitchburg Gas and Electric Light Company | Scenario Forecast | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Power generation capacity | MWh | 9,450,000 | |||||||||||||||||||
Fitchburg Gas and Electric Light Company | Scenario Forecast | Offshore Wind Energy | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Power generation facility | MW | 1,600 | |||||||||||||||||||
Northern Utilities Inc | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Increase (decrease) in annual revenue | $ 2,600,000 | $ 3,200,000 | $ 2,600,000 | |||||||||||||||||
Increase in annual base rate | 2.10% | 2.40% | ||||||||||||||||||
Annual TIRA Adjustment | $ 1,000,000 | $ 1,100,000 | ||||||||||||||||||
TIRA initial term | Four years | |||||||||||||||||||
Northern Utilities Inc | Revenue Offset [Member] | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Increase (decrease) in annual revenue | $ (1,700,000) | |||||||||||||||||||
Northern Utilities Inc | Maine | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Increase (decrease) in annual revenue | $ 2,100,000 | |||||||||||||||||||
Percentage of approved return on equity | 9.50% | |||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 50.00% | |||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 50.00% | |||||||||||||||||||
TIRA extended term | 8 years | |||||||||||||||||||
Northern Utilities Inc | Maine | Revenue Offset [Member] | ||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||
Increase (decrease) in annual revenue | $ 2,200,000 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) - Environmental Restoration Costs | 3 Months Ended |
Mar. 31, 2019 | |
Maine | |
Site Contingency [Line Items] | |
Amortization period for environmental costs | 5 years |
New Hampshire | |
Site Contingency [Line Items] | |
Amortization period for environmental costs | 7 years |
Company's Liability for Environ
Company's Liability for Environmental Obligations (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Environmental Exit Cost [Line Items] | ||||
Total Balance at Beginning of Period | $ 2 | $ 2.1 | ||
Additions | 0.1 | 0.2 | ||
Less: Payments / Reductions | 0.1 | 0.2 | ||
Total Balance at End of Period | 2 | 2.1 | ||
Less: Current Portion | $ 0.6 | $ 0.6 | ||
Noncurrent Balance | 1.4 | 1.5 | ||
Total Balance at End of period | 2 | 2.1 | 2 | 2.1 |
Fitchburg Gas and Electric Light Company | ||||
Environmental Exit Cost [Line Items] | ||||
Total Balance at Beginning of Period | 0.1 | |||
Additions | 0.1 | |||
Less: Payments / Reductions | 0.1 | |||
Total Balance at End of Period | 0.1 | |||
Less: Current Portion | 0.1 | |||
Total Balance at End of period | 0.1 | 0.1 | ||
Northern Utilities Inc | ||||
Environmental Exit Cost [Line Items] | ||||
Total Balance at Beginning of Period | 2 | 2 | ||
Additions | 0.1 | 0.1 | ||
Less: Payments / Reductions | 0.1 | 0.1 | ||
Total Balance at End of Period | 2 | 2 | ||
Less: Current Portion | 0.6 | 0.5 | ||
Noncurrent Balance | 1.4 | 1.5 | ||
Total Balance at End of period | $ 2 | $ 2 | $ 2 | $ 2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | |
Income Taxes [Line Items] | ||||||
Regulatory Liability | $ 62,400,000 | $ 58,500,000 | $ 60,000,000 | |||
Regulatory liability, expected flow back to customers | $ 47,100,000 | $ 48,900,000 | ||||
Tax provision | 2,400,000 | |||||
Net Operating Loss Carryforwards | 10,800,000 | $ 3,700,000 | ||||
Calculated federal current tax | 7,700,000 | |||||
Deferred tax assets, operating loss carryforwards, federal | 7,700,000 | |||||
Federal current taxes payable | $ 0 | |||||
NOL carryforward assets expiration date | 2029 | |||||
Alternative minimum tax credit carryforwards | $ 3,500,000 | 3,500,000 | ||||
Reconciling Mechanisms | ||||||
Income Taxes [Line Items] | ||||||
Regulatory liability, expected pass back to ratepayers | 1,800,000 | |||||
Net Operating Loss Carryforward Assets | ||||||
Income Taxes [Line Items] | ||||||
Regulatory liability, expected pass back to ratepayers | $ 3,400,000 | 5,800,000 | ||||
Minimum | ||||||
Income Taxes [Line Items] | ||||||
Average Rate Assumption Method estimated flow back period | 15 years | |||||
Maximum | ||||||
Income Taxes [Line Items] | ||||||
Average Rate Assumption Method estimated flow back period | 20 years | |||||
Fitchburg Gas and Electric Light Company | ||||||
Income Taxes [Line Items] | ||||||
Average Rate Assumption Method estimated flow back period | 15 years | |||||
Income Tax Related Liabilities | ||||||
Income Taxes [Line Items] | ||||||
Regulatory Liability | $ 48,900,000 | $ 48,200,000 | $ 47,000,000 | $ 48,900,000 | $ 49,100,000 | |
Electric Ratepayers | Fitchburg Gas and Electric Light Company | ||||||
Income Taxes [Line Items] | ||||||
Regulatory liability, expected flow back to customers | 10,100,000 | |||||
Gas Ratepayers | Fitchburg Gas and Electric Light Company | ||||||
Income Taxes [Line Items] | ||||||
Regulatory liability, expected flow back to customers | $ 10,400,000 | |||||
Tax Year 2018 | ||||||
Income Taxes [Line Items] | ||||||
Corporate federal income tax | 21.00% | 21.00% | ||||
Federal, Maine, Massachusetts, and New Hampshire Tax Authorities | ||||||
Income Taxes [Line Items] | ||||||
Tax examination description | The Company remains subject to examination by Federal, Maine, Massachusetts, and New Hampshire tax authorities for the tax periods ended December 31, 2015; December 31, 2016; and December 31, 2017. |
Key Weighted Average Assumption
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations (Detail) - Benefit Plan Costs | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
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 |
Components of Retirement Plan C
Components of Retirement Plan Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | $ 776 | $ 848 |
Interest Cost | 1,621 | 1,469 |
Expected Return on Plan Assets | (2,119) | (1,946) |
Prior Service Cost Amortization | 80 | 81 |
Actuarial Loss Amortization | 1,081 | 1,447 |
Sub-total | 1,439 | 1,899 |
Amounts Capitalized and Deferred | (412) | (720) |
Net Periodic Benefit Cost Recognized | 1,027 | 1,179 |
Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 576 | 733 |
Interest Cost | 856 | 851 |
Expected Return on Plan Assets | (411) | (409) |
Prior Service Cost Amortization | 303 | 327 |
Actuarial Loss Amortization | 57 | 346 |
Sub-total | 1,381 | 1,848 |
Amounts Capitalized and Deferred | (474) | (742) |
Net Periodic Benefit Cost Recognized | 907 | 1,106 |
Supplemental Employee Retirement Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 60 | 122 |
Interest Cost | 139 | 101 |
Prior Service Cost Amortization | 3 | 47 |
Actuarial Loss Amortization | 158 | 122 |
Sub-total | 360 | 392 |
Amounts Capitalized and Deferred | (103) | (113) |
Net Periodic Benefit Cost Recognized | $ 257 | $ 279 |
Retirement Benefit Obligation_2
Retirement Benefit Obligations - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions to benefit plan | $ 1.3 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions to benefit plan | 0.4 |
Supplemental Employee Retirement Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments under SERP Plan | 0.1 |
Expected additional benefit payments for the remainder of 2018 | $ 0.5 |