Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 29, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Interactive Data Current | Yes | ||
Document Transition Report | false | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | UNITIL CORPORATION | ||
Entity Central Index Key | 0000755001 | ||
Entity File Number | 1-8858 | ||
Entity Tax Identification Number | 02-0381573 | ||
Entity Incorporation, State or Country Code | NH | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Address Line One | 6 Liberty Lane West | ||
Entity Address, City or Town | Hampton | ||
Entity Address, Postal Zip Code | 03842-1720 | ||
Entity Address, State or Province | NH | ||
City Area Code | 603 | ||
Local Phone Number | 772-0775 | ||
Trading Symbol | UTL | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 15,013,542 | ||
Title of 12(b) Security | Common Stock | ||
Document Annual Report | true | ||
Entity Public Float | $ 663,233,171 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Revenues | |||
Total Operating Revenues | $ 418,600 | $ 438,200 | $ 444,100 |
Operating Expenses | |||
Operation and Maintenance | 65,700 | 67,200 | 69,500 |
Depreciation and Amortization | 54,500 | 52,000 | 50,400 |
Taxes Other Than Income Taxes | 23,900 | 22,700 | 22,400 |
Total Operating Expenses | 347,200 | 365,100 | 372,900 |
Operating Income | 71,400 | 73,100 | 71,200 |
Interest Expense, Net | 23,800 | 23,700 | 24,000 |
Other Expense (Income), Net | 5,200 | (8,600) | 5,800 |
Income Before Income Taxes | 42,400 | 58,000 | 41,400 |
Provision for Income Taxes | 10,249 | 13,808 | 8,393 |
Net Income Applicable to Common Shares | $ 32,200 | $ 44,200 | $ 33,000 |
Earnings per Common Share—Basic and Diluted | $ 2.15 | $ 2.97 | $ 2.23 |
Weighted Average Common Shares Outstanding—(Basic and Diluted) | 15 | 14.9 | 14.8 |
Gas | |||
Operating Revenues | |||
Total Operating Revenues | $ 191,400 | $ 203,400 | $ 216,100 |
Operating Expenses | |||
Total Operating Expenses | 68,800 | 81,200 | 99,200 |
Electric | |||
Operating Revenues | |||
Total Operating Revenues | 227,200 | 233,900 | 223,300 |
Operating Expenses | |||
Total Operating Expenses | $ 134,300 | 142,000 | 131,400 |
Other | |||
Operating Revenues | |||
Total Operating Revenues | $ 900 | $ 4,700 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Assets: | ||||
Cash and Cash Equivalents | $ 6 | $ 5.2 | ||
Accounts Receivable, Net | 62 | 55.1 | ||
Accrued Revenue | 50.9 | 50 | ||
Exchange Gas Receivable | 4.9 | 6.1 | ||
Gas Inventory | 0.6 | 0.8 | ||
Materials and Supplies | 8.5 | 7.9 | ||
Prepayments and Other | 6.4 | 5.8 | ||
Total Current Assets | 139.3 | 130.9 | ||
Utility Plant: | ||||
Gas | 920.2 | 837.7 | ||
Electric | 575.9 | 529.7 | ||
Common | 64.1 | 62.7 | ||
Construction Work in Progress | 34.8 | 37.4 | ||
Utility Plant | 1,595 | 1,467.5 | ||
Less: Accumulated Depreciation | 401.8 | 356 | ||
Net Utility Plant | 1,193.2 | 1,111.5 | ||
Other Noncurrent Assets: | ||||
Regulatory Assets | 127.4 | 112 | ||
Operating Lease Right of Use Assets | 5.2 | 4 | ||
Other Assets | 12.8 | 12.4 | ||
Total Other Noncurrent Assets | 145.4 | 128.4 | ||
TOTAL ASSETS | 1,477.9 | 1,370.8 | ||
Current Liabilities: | ||||
Accounts Payable | 33.2 | 37.6 | ||
Short-Term Debt | 54.7 | 58.6 | ||
Long-Term Debt, Current Portion | [1] | 8.5 | 19.5 | |
Regulatory Liabilities | 5.5 | 7.4 | ||
Energy Supply Obligations | 10.4 | 10.5 | ||
Environmental Obligations | 0.3 | 0.6 | ||
Other Current Liabilities | 23.5 | 25.6 | ||
Total Current Liabilities | 136.1 | 159.8 | ||
Noncurrent Liabilities: | ||||
Retirement Benefit Obligations | 162.3 | 141.9 | ||
Deferred Income Taxes, net | 109 | 103.6 | ||
Cost of Removal Obligations | 105.2 | 96 | ||
Regulatory Liabilities | 44.3 | 46.6 | ||
Environmental Obligations | 1.8 | 2.1 | ||
Other Noncurrent Liabilities | 6.9 | 6.5 | ||
Total Noncurrent Liabilities | 429.5 | 396.7 | ||
Capitalization: | ||||
Long-Term Debt, Less Current Portion | 523.1 | 437.5 | ||
Stockholders' Equity: | ||||
Common Equity (Outstanding 15,012,310 and 14,930,170 Shares) | 285.3 | 282.5 | ||
Retained Earnings | 103.7 | 94.1 | ||
Total Common Stock Equity | 389 | 376.6 | ||
Preferred Stock | 0.2 | 0.2 | ||
Total Stockholders' Equity | 389.2 | 376.8 | ||
Total Capitalization | 912.3 | 814.3 | ||
Commitments and Contingencies (Note 8) | ||||
TOTAL LIABILITIES AND CAPITALIZATION | $ 1,477.9 | $ 1,370.8 | ||
[1] | The Current Portion of Long-Term Debt includes sinking fund payments. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common Equity Outstanding | 15,012,310 | 14,930,170 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | |||
Net Income | $ 32.2 | $ 44.2 | $ 33 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 54.5 | 52 | 50.4 |
Deferred Tax Provision | 9.3 | 13.5 | 8 |
Gain on Divestiture, net (See Note 1) | (13.4) | ||
Changes in Working Capital Items: | |||
Accounts Receivable | (6.9) | 11.7 | 0.6 |
Accrued Revenue | (0.9) | 4.7 | (1.4) |
Regulatory Liabilities | (1.9) | (4.1) | 2.3 |
Exchange Gas Receivable | 1.2 | 2 | (2.3) |
Accounts Payable | (4.4) | (5) | 1.1 |
Other Changes in Working Capital Items | (2.4) | 4.6 | 3.6 |
Deferred Regulatory and Other Charges | (9.3) | (5.3) | (11.3) |
Other, net | 4.3 | (5.5) | |
Cash Provided by Operating Activities | 75.7 | 104.9 | 78.5 |
Investing Activities: | |||
Property, Plant and Equipment Additions | (122.6) | (119.2) | (102.4) |
Proceeds from Divestiture, Net (See Note 1) | 13.4 | ||
Cash Used In Investing Activities | (122.6) | (105.8) | (102.4) |
Financing Activities: | |||
(Repayment of) Proceeds from Short-Term Debt, net | (3.9) | (24.2) | 44.5 |
Issuance of Long-Term Debt | 99.7 | 70 | 30 |
Repayment of Long-Term Debt | (24.8) | (18.8) | (30.1) |
Long-Term Debt Issuance Costs | (0.6) | (0.4) | (0.1) |
Decrease in Capital Lease Obligations | (0.1) | (5.3) | (3) |
Net (Decrease) Increase in Exchange Gas Financing | (1.1) | (2) | 2.1 |
Dividends Paid | (22.6) | (22.1) | (21.8) |
Proceeds from Issuance of Common Stock | 1.1 | 1.1 | 1.2 |
Cash Provided by (Used In) Financing Activities | 47.7 | (1.7) | 22.8 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0.8 | (2.6) | (1.1) |
Cash and Cash Equivalents at Beginning of Year | 5.2 | 7.8 | 8.9 |
Cash and Cash Equivalents at End of Year | 6 | 5.2 | 7.8 |
Supplemental Information: | |||
Interest Paid | 23.7 | 24.1 | 24.6 |
Income Taxes Paid | 0.9 | 0.8 | 0.4 |
Payments on Capital Leases | 0.3 | 5.5 | 3.3 |
Capital Expenditures Included in Accounts Payable | 1.7 | 0.6 | $ 0.5 |
Non-Cash Additions to Property, Plant and Equipment | 0 | ||
Right-of-Use Assets Obtained in Exchange for Lease Obligations | $ 1.2 | $ 4 |
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 | 33 | 33 | |
Dividends on Common Shares | (21.8) | (21.8) | |
Shares Issued Under Stock Plans | 2.1 | 2.1 | |
Issuance of Common Shares | 1.2 | 1.2 | |
Ending Balance at Dec. 31, 2018 | 351.1 | 279.1 | 72 |
Net Income | 44.2 | 44.2 | |
Dividends on Common Shares | (22.1) | (22.1) | |
Shares Issued Under Stock Plans | 2.3 | 2.3 | |
Issuance of Common Shares | 1.1 | 1.1 | |
Ending Balance at Dec. 31, 2019 | 376.6 | 282.5 | 94.1 |
Net Income | 32.2 | 32.2 | |
Dividends on Common Shares | (22.6) | (22.6) | |
Shares Issued Under Stock Plans | 1.7 | 1.7 | |
Issuance of Common Shares | 1.1 | 1.1 | |
Ending Balance at Dec. 31, 2020 | $ 389 | $ 285.3 | $ 103.7 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends per Common Share | $ 1.50 | $ 1.48 | $ 1.46 |
Common stock, shares issued | 23,658 | 20,065 | 25,932 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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 capital city areas 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 Maine to the Lewiston-Auburn area 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 an interstate natural gas transmission pipeline company, 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 for 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 Divestiture of Non-Regulated non-regulated after-tax pre-tax Basis of Presentation Principles of Consolidation Use of Estimates Fair Value Level 1— Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2— Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3— Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3. There have been no changes in the valuation techniques used during the current period. 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 estimated each month based on estimated customer usage by class and applicable customer rates, taking into account current and historical weather data, assumptions pertaining to metering patterns, billing cycle statistics, and other estimates and assumptions, 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 Accounting Standards Codification (ASC) 606. Revenue recognized in connection with rate adjustment mechanisms is consistent with the definition of alternative revenue programs in ASC 980-605-25-3, 980-605-25-4. In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 73.1 $ 128.7 $ 201.8 Commercial & Industrial 104.5 91.4 195.9 Other 7.6 6.6 14.2 Total Billed and Unbilled Revenue 185.2 226.7 411.9 Rate Adjustment Mechanism Revenue 6.2 0.5 6.7 Total Gas and Electric Operating Revenues $ 191.4 $ 227.2 $ 418.6 Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 81.4 $ 121.5 $ 202.9 Commercial & Industrial 120.1 93.8 213.9 Other 10.6 7.8 18.4 Total Billed and Unbilled Revenue 212.1 223.1 435.2 Rate Adjustment Mechanism Revenue (8.7 ) 10.8 2.1 Total Gas and Electric Operating Revenues $ 203.4 $ 233.9 $ 437.3 Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 81.4 $ 123.6 $ 205.0 Commercial & Industrial 119.7 96.4 216.1 Other 9.6 8.7 18.3 Total Billed and Unbilled Revenue 210.7 228.7 439.4 Rate Adjustment Mechanism Revenue 5.4 (5.4 ) — Total Gas and Electric Operating Revenues $ 216.1 $ 223.3 $ 439.4 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 the current portion of 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 Massachusetts Department of Public Utilities (MDPU). The Company estimates that revenue decoupling applies to approximately 27% and 11% of Unitil’s total annual electric and natural gas sales volumes, respectively. 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 Consolidated Statements of Earnings. Other Operating Revenue—Non-regulated Other Operating Revenue non-regulated Depreciation and Amortization effect Stock-based Employee Compensation Sales and Consumption Taxes Income Taxes— 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 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. Dividends $0.38 per share, an increase of $0.005 per share on a quarterly basis, resulting in an increase in the effective annualized dividend rate to $1.52 per share from $1.50 per share. Cash and Cash Equivalents (ISO-NE) ISO-NE. 2-1/2 , ISO-NE Financial Instruments — 2016-13, Allowance for Doubtful Accounts written-off Accounts Receivable, Net includes $3.1 million and $1.0 million of the Allowance for Doubtful Accounts at December 31, 2020 and December 31, 2019, respectively. Unbilled Revenues, net (a component of Accrued Revenue ) Accrued Revenue— . Accrued Revenue (millions) December 31, 2020 2019 Regulatory Assets—Current $ 37.3 $ 35.8 Unbilled Revenues 13.6 14.2 Total Accrued Revenue $ 50.9 $ 50.0 Exchange Gas Receivable Exchange Gas Receivable (millions) December 31, 2020 2019 Northern Utilities $ 4.4 $ 5.5 Fitchburg 0.5 0.6 Total Exchange Gas Receivable $ 4.9 $ 6.1 Gas Inventory Gas Inventory (millions) December 31, 2020 2019 Natural Gas $ 0.2 $ 0.4 Propane 0.3 0.3 Liquefied Natural Gas & Other 0.1 0.1 Total Gas Inventory $ 0.6 $ 0.8 The Company also has an inventory of Materials and Supplies in the amounts of $8.5 million and $7.9 million as of December 31, 2020 and December 31, 2019, respectively. These amounts are recorded at weighted average cost. Utility Plant The Company includes in its mass asset depreciation rates, which are periodically reviewed as part of its ratemaking proceedings, cost of removal amounts to provide for future negative salvage value. At December 31, 2020 and 2019, the Company has recorded cost of removal amounts of $105.2 million and $96.0 million, respectively, that have been collected in depreciation rates but have not yet been expended, and which represent regulatory liabilities. These amounts are recorded on the Consolidated Balance Sheets in Cost of Removal Obligations. Regulatory Accounting Regulatory Assets consist of the following (millions) December 31, 2020 2019 Retirement Benefits $ 103.7 $ 88.9 Energy Supply & Other Rate Adjustment Mechanisms 34.1 31.0 Deferred Storm Charges 4.1 5.6 Environmental 5.2 7.2 Income Taxes 3.4 4.2 Other Deferred Charges 14.2 10.9 Total Regulatory Assets 164.7 147.8 Less: Current Portion of Regulatory Assets (1) 37.3 35.8 Regulatory Assets—noncurrent $ 127.4 $ 112.0 ( 1) Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets. Regulatory Liabilities consist of the following (millions) December 31, 2020 2019 Rate Adjustment Mechanisms $ 4.1 $ 6.0 Income Taxes 45.5 47.6 Other 0.2 0.4 Total Regulatory Liabilities 49.8 54.0 Less: Current Portion of Regulatory Liabilities 5.5 7.4 Regulatory Liabilities—noncurrent $ 44.3 $ 46.6 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 December 31, 2020 are $8.0 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 effect 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 Leases – not separate non-lease Derivatives The Company previously operated a regulatory approved hedging program for Northern Utilities designed to fix or cap a portion of its gas supply costs for the coming years of service, which included use of derivative instruments. The hedging program was terminated in 2018. Under the hedging program previously operated by Northern Utilities, any gains or losses resulting from the change in the fair value of these derivatives were passed through to ratepayers directly through Northern Utilities’ Cost of Gas Clause. The fair value of these derivatives was determined using Level 2 inputs (valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly), specifically based on the NYMEX closing prices for outstanding contracts as of the balance sheet date. As a result of the ratemaking process, the Company recorded gains and losses resulting from the change in fair value of the derivatives as regulatory liabilities or assets, then reclassified these gains or losses into Cost of Gas Sales when the gains and losses were passed through to customers through the Cost of Gas Clause. The Company had no derivative assets or liabilities recorded on its Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019. There were no losses / (gains) recognized in Regulatory Assets / Liabilities for the years ended December 31, 2020 and 2019. There were no losses / (gains) reclassified into the Consolidated Statements of Earnings for the years ended December 31, 2020, 2019 and 2018. Fitchburg has entered into power purchase agreements for which contingencies exist (see “Fitchburg – Massachusetts RFP’s” section of Note 8 (Commitments and Contingencies). Until these contingencies are satisfied, these contracts will not qualify for derivative accounting. The Company believes that the power purchase obligations under these long-term contracts will have a material effect on the contractual obligations of Fitchburg. Investments in Marketable Securities maintains invests At December 31, 2020 and 2019, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, were $5.7 million and $5.6 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 (Income) Expense, Net. Fair Value of Marketable Securities (millions) December 31, 2020 2019 Money Market Funds $ 5.7 $ 5.6 Total Marketable Securities $ 5.7 $ 5.6 The Company also sponsors the Unitil Corporation Deferred Compensation Plan (the DC Plan). The DC Plan is a non-qualified tax-deferred At December 31, 2020 and 2019, 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 $0.5 million and $0.2 million, respectively . Fair Value of Marketable Securities (millions) December 31, 2020 2019 Equity Funds $ 0.2 $ 0.1 Money Market Funds 0.3 0.1 Total Marketable Securities $ 0.5 $ 0.2 Energy Supply Obligations December 31, Energy Supply Obligations consist of the following: (millions) 2020 2019 Current: Exchange Gas Obligation $ 4.4 $ 5.5 Renewable Energy Portfolio Standards 5.7 4.7 Power Supply Contract Divestitures 0.3 0.3 Total Energy Supply Obligations—Current 10.4 10.5 Noncurrent: Power Supply Contract Divestitures — 0.3 Total Energy Supply Obligations $ 10.4 $ 10.8 Exchange Gas Obligation— Renewable Energy Portfolio Standards for each calendar year on the following July 1. Due to timing differences between collection of revenue from customers and payment of REC costs to suppliers, Unitil Energy and Fitchburg typically defer costs for RPS compliance which are recorded within Accrued Revenue with a corresponding liability in Energy Supply Obligations on the Company’s Consolidated Balance Sheets. Fitchburg has entered into long-term renewable contracts for the purchase of clean energy and/or 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 seven of these contracts have been constructed and are now operating. In 2020, three of the long-term contracts were terminated due to an inability to meet critical milestones. In 2018, the Company filed two long-term contracts with the MDPU, one for offshore wind generation and another for imported hydroelectric power and associated transmission. Those contracts were approved in 2019. In 2019, the Company participated in an additional statewide procurement for offshore wind generation and the resulting contracts were filed with the MDPU during the first quarter of 2020. An Order approving the contracts was issued by the MDPU in November 2020 but the Attorney General’s Office immediately filed a Motion for Reconsideration on the issue of remuneration. The matter is pending at the MDPU. In compliance with An Act to Promote a Clean Energy Future (2018), in late 2020 in coordination with the other electric utilities in Massachusetts, the Company began efforts on the next long-term renewable procurement which will seek up to an additional 1,600MW of offshore wind generation. 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— Retirement Benefit Obligations non-union non-qualified The Company records on its balance sheets as an asset or liability the overfunded or underfunded status of its retirement benefit obligations (RBO) based on the projected benefit obligations. The Company has recognized a corresponding Regulatory Asset, reflecting ultimate recovery from customers through rates. The regulatory asset (or regulatory liability) is amortized as the actuarial gains and losses and prior service cost are amortized to net periodic benefit cost for the Pension and PBOP plans. All amounts are remeasured annually. (See Note 10 (Retirement Benefit Plans). Commitments and Contingencies Environmental Matters Subsequent Events |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information | Note 2: Quarterly Financial Information (unaudited; millions, except per share data) Quarterly earnings per share may not agree with the annual amounts due to rounding and the effect of additional common share issuances. Basic and Diluted Earnings per Share are the same for the periods presented. The Company divested Usource in the first quarter of 2019 (see Note 1 (Summary of Significant Accounting Policies)). Three Months Ended March 31, June 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Total Operating Revenues $ 130.4 $ 152.1 $ 83.9 $ 84.4 $ 87.4 $ 85.3 $ 116.9 $ 116.4 Operating Income $ 27.6 $ 28.8 $ 11.1 $ 12.3 $ 7.4 $ 10.0 $ 25.3 $ 22.0 Net Income Applicable to Common $ 15.2 $ 26.5 $ 3.1 $ 4.0 $ 0.3 $ 2.3 $ 13.6 $ 11.4 Per Share Data: Earnings Per Common Share $ 1.02 $ 1.78 $ 0.21 $ 0.27 $ 0.02 $ 0.15 $ 0.90 $ 0.77 Dividends Paid Per Common Share $ 0.375 $ 0.37 $ 0.375 $ 0.37 $ 0.375 $ 0.37 $ 0.375 $ 0.37 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information | Note 3: Segment Information Unitil reports three segments operations non-regulated. Granite State is an interstate natural gas transmission pipeline company, 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 transmission services provided to Northern Utilities and, to a lesser extent, third-party marketers. Granite State is included in the utility gas operations segment. Unitil Resources is the Company’s wholly-owned non-regulated Non-Regulated Unitil Realty, Unitil Service and the holding company are included in Other. Unitil Service provides centralized management and administrative services, including information systems management and financial record keeping. Unitil Realty owns certain real estate, principally the Company’s corporate headquarters. The earnings of the holding company are principally derived from income earned on short-term investments and real property owned for Unitil and its subsidiaries’ use. The segments follow the same accounting policies as described in the Summary Accounting The following tables provide significant segment financial data for the years ended December 31, 2020, 2019 and 2018 (millions): Year Ended December 31, 2020 Gas Electric Non- Other Total Revenues: Billed and Unbilled Revenue $ 185.2 $ 226.7 $ — $ — $ 411.9 Rate Adjustment Mechanism Revenue 6.2 0.5 — — 6.7 Total Operating Revenues 191.4 227.2 — — 418.6 Interest Income 1.1 1.1 — 0.4 2.6 Interest Expense 14.2 8.7 — 3.5 26.4 Depreciation & Amortization Expense 29.8 23.8 — 0.9 54.5 Income Tax Expense (Benefit) 7.3 4.7 — (1.8 ) 10.2 Segment Profit 19.3 12.9 — — 32.2 Segment Assets 886.3 571.8 — 19.8 1,477.9 Capital Expenditures 71.1 45.5 — 6.0 122.6 Year Ended December 31, 2019 Revenues: Billed and Unbilled Revenue $ 212.1 $ 223.1 $ — $ — $ 435.2 Rate Adjustment Mechanism Revenue (8.7 ) 10.8 — — 2.1 Other Operating Revenue— Non-Regulated — — 0.9 — 0.9 Total Operating Revenues 203.4 233.9 0.9 — 438.2 Interest Income 1.2 0.9 0.2 0.6 2.9 Interest Expense 14.4 9.4 — 2.8 26.6 Depreciation & Amortization Expense 28.5 22.6 — 0.9 52.0 Income Tax Expense (Benefit) 7.2 4.2 3.8 (1.4 ) 13.8 Segment Profit 19.1 11.5 10.2 3.4 44.2 Segment Assets 823.3 529.3 0.3 17.9 1,370.8 Capital Expenditures 74.0 39.6 — 5.6 119.2 Year Ended December 31, 2018 Revenues: Billed and Unbilled Revenue $ 210.7 $ 228.7 $ — $ — $ 439.4 Rate Adjustment Mechanism Revenue 5.4 (5.4 ) — — — Other Operating Revenue— Non-Regulated — — 4.7 — 4.7 Total Operating Revenues 216.1 223.3 4.7 — 444.1 Interest Income 0.8 0.8 0.2 0.6 2.4 Interest Expense 14.2 9.0 — 3.2 26.4 Depreciation & Amortization Expense 24.9 23.1 0.1 2.3 50.4 Income Tax Expense (Benefit) 7.1 4.2 0.5 (3.4 ) 8.4 Segment Profit 18.8 11.4 1.3 1.5 33.0 Segment Assets 764.1 484.2 6.9 43.1 1,298.3 Capital Expenditures 70.8 28.4 — 3.2 102.4 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Allowance For Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts | Note 4: Allowance for Doubtful Accounts Unitil’s distribution utilities are authorized by regulators to recover the costs of their energy commodity portion of bad debts through rate mechanisms. In 2020, 2019 and 2018, the Company recorded provisions for the energy commodity portion of bad debts of $1.6 million, $2.3 million and $2.6 million, respectively. These provisions were recognized in Cost of Gas Sales and Cost of Electric Sales expense as the associated electric and gas utility revenues were billed. Cost of Gas Sales and Cost of Electric Sales costs are recovered from customers through periodic rate reconciling mechanisms. Also, the electric and gas divisions of Fitchburg are authorized to recover through rates past due amounts associated with hardship accounts that are protected from shut-off. Accounts Receivable, Net includes $3.1 million and $1.0 million of the Allowance for Doubtful Accounts at December 31, 2020 and December 31, 2019, respectively. Unbilled Revenues, net (a component of Accrued Revenue) includes $0.2 million of the Allowance for Doubtful Accounts at December 31, 2020. The following table shows the balances and activity in the Company’s Allowance for Doubtful Accounts for (millions): ALLOWANCE FOR DOUBTFUL ACCOUNTS Balance at Provision Recoveries Accounts Regulatory Deferrals* Balance at Year Ended December 31, 2020 Electric $ 0.6 $ 2.9 $ 0.3 $ 2.6 $ 0.4 $ 1.6 Gas 0.4 2.6 0.3 1.8 0.2 1.7 Other — — — — — — $ 1.0 $ 5.5 $ 0.6 $ 4.4 $ 0.6 $ 3.3 Year Ended December 31, 2019 Electric $ 0.5 $ 3.0 $ 0.3 $ 3.2 $ — $ 0.6 Gas 0.8 1.9 0.5 2.8 — 0.4 Other — — — — — — $ 1.3 $ 4.9 $ 0.8 $ 6.0 $ — $ 1.0 Year Ended December 31, 2018 Electric $ 0.9 $ 3.2 $ 0.3 $ 3.9 $ — $ 0.5 Gas 0.6 2.9 0.3 3.0 — 0.8 Other 0.1 (0.1 ) — — — — $ 1.6 $ 6.0 $ 0.6 $ 6.9 $ — $ 1.3 * The Company has incurred greater than normal bad debt expense due to the coronavirus pandemic. Incremental bad debt expense amounts have been deferred as regulatory assets based on certain regulatory proceedings and management’s belief that such amounts are probable of recovery (See the “Financial Effects of COVID-19 |
Debt and Financing Arrangements
Debt and Financing Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | Note 5: Debt and Financing Arrangements The Company funds a portion of its operations through the issuance of long-term debt, and short-term borrowings under its revolving Credit Facility. The Company’s subsidiaries conduct a portion of their operations in leased facilities and lease some of their machinery, vehicles and office equipment. Long-Term Debt and Interest Expense Long-Term Debt Structure and Covenants The long-term debt of Unitil is issued under Unsecured Promissory Notes with negative pledge provisions. The long-term debt’s negative pledge provisions contain restrictions which, among other things, limit the incursion of additional long-term debt. Accordingly, in order for Unitil to issue new long-term debt, the covenants of the existing long-term agreement(s) must be satisfied, including that Unitil have total funded indebtedness less than 70% of total capitalization, and earnings available for interest equal to at least two times the interest charges for funded indebtedness. Each future senior long-term debt issuance of Unitil will rank pari passu with all other senior unsecured long-term debt issuances. The Unitil long-term debt agreement requires that if Unitil defaults on any other future long-term debt agreement(s), it would constitute a default under Unitil’s present long-term debt agreement. Furthermore, the default provisions are triggered by the defaults of certain Unitil subsidiaries or certain other actions against Unitil subsidiaries. Substantially all of the property of Unitil Energy is subject to liens of indenture under which First Mortgage Bonds (FMB) have been issued. In order to issue new FMB, the customary covenants of the existing Unitil Energy Indenture Agreement must be met, including that Unitil Energy have sufficient available net bondable plant to issue the securities and earnings available for interest charges equal to at least two times the annual interest requirement. The Unitil Energy agreements further require that if Unitil Energy defaults on any Unitil Energy FMB, it would constitute a default for all Unitil Energy FMB. The Unitil Energy default provisions are not triggered by the actions or defaults of Unitil or its other subsidiaries. All of the long-term debt of Fitchburg, Northern Utilities and Granite State are issued under Unsecured Promissory Notes with negative pledge provisions. Each issue of long-term debt ranks pari passu with its other senior unsecured long-term debt within that subsidiary. The long-term debt’s negative pledge provisions contain restrictions which, among other things, limit the incursion of additional long-term debt. Accordingly, in order for Fitchburg, Northern Utilities or Granite State to issue new long-term debt, the covenants of the existing long-term agreements of that subsidiary must be satisfied, including that the subsidiary have total funded indebtedness less than 65% of total capitalization. Additionally, to issue new long-term debt, Fitchburg must maintain earnings available for interest equal to at least two times the interest charges for funded indebtedness. As with the Unitil Energy agreements, the Fitchburg, Northern Utilities and Granite State long-term debt agreements each require that if that subsidiary defaults on any of its own long-term debt agreements, it would constitute a default under all of that subsidiary’s long-term debt agreements. None of the Fitchburg, Northern Utilities and Granite State default provisions are triggered by the actions or defaults of Unitil or any of its other subsidiaries. The Unitil, Unitil Energy, Fitchburg, Northern Utilities and Granite State long-term debt instruments and agreements contain covenants restricting the ability of each company to incur liens and to enter into sale and leaseback transactions, and restricting the ability of each company to consolidate with, to merge with or into, or to sell or otherwise dispose of all or substantially all of its assets. Unitil Energy, Fitchburg, Northern Utilities and Granite State pay common dividends to their sole common shareholder, Unitil Corporation and these common dividends are the primary source of cash for the payment of dividends to Unitil’s common shareholders. The long-term debt issued by the Company and its subsidiaries contains certain covenants that determine the amount that the Company and each of these subsidiary companies has available to pay for dividends. As of December 31, 2020, in accordance with the covenants, these subsidiary companies had a combined amount of $325.8 million available for the payment of dividends and Unitil Corporation had $133.8 million available for the payment of dividends. As of December 31, 2020, the Company’s balance in Retained Earnings was $103.7 million. Therefore, there were no restrictions on the Company’s Retained Earnings at December 31, 2020 for the payment of dividends. Issuance of Long-Term Debt On September 15, 2020, Northern Utilities issued $40 million of Notes due 2040 On December 18, 2019, Unitil Corporation issued $30 million of Notes due 2029 On September 12, 2019, Northern Utilities issued $40 million of Notes due 2049 Debt Repayment The aggregate amount of bond repayment requirements and normal scheduled long-term debt repayments for each of the five years following 2020 is: 2021—$8.8 million; 2022—$23.4 million; 2023—$6.9 million; 2024—$7.0 million; 2025—$7.0 million and thereafter $482.3 million. Fair Value of Long-Term Debt Estimated Fair Value of Long-Term Debt (millions) December 31, 2020 201 9 Estimated Fair Value of Long-Term Debt $ 633.1 $ 518.7 Details on long-term debt at December 31, 2020 and 2019 are shown below: Long-Term Debt (millions) December 31, 2020 2019 Unitil Corporation: 6.33% Senior Notes, Due May 1, 2022 $ 15.0 $ 20.0 3.70% Senior Notes, Due August 1, 2026 30.0 30.0 3.43% Senior Notes, Due December 18, 2029 30.0 30.0 Unitil Energy First Mortgage Bonds: 5.24% Senior Secured Notes, Due March 2, 2020 — 5.0 8.49% Senior Secured Notes, Due October 14, 2024 3.0 4.5 6.96% Senior Secured Notes, Due September 1, 2028 16.0 18.0 8.00% Senior Secured Notes, Due May 1, 2031 15.0 15.0 6.32% Senior Secured Notes, Due September 15, 2036 15.0 15.0 3.58% Senior Secured Notes, Due September 15, 2040 27.5 — 4.18% Senior Secured Notes, Due November 30, 2048 30.0 30.0 Fitchburg: 6.75% Senior Notes, Due November 30, 2023 1.9 3.8 6.79% Senior Notes, Due October 15, 2025 10.0 10.0 3.52% Senior Notes, Due November 1, 2027 10.0 10.0 7.37% Senior Notes, Due January 15, 2029 10.8 12.0 5.90% Senior Notes, Due December 15, 2030 15.0 15.0 7.98% Senior Notes, Due June 1, 2031 14.0 14.0 3.78% Senior Notes, Due September 15, 2040 27.5 — 4.32% Senior Notes, Due November 1, 2047 15.0 15.0 Northern Utilities: 5.29% Senior Notes, Due March 2, 2020 — 8.2 3.52% Senior Notes, Due November 1, 2027 20.0 20.0 7.72% Senior Notes, Due December 3, 2038 50.0 50.0 3.78% Senior Notes, Due September 15, 2040 40.0 — 4.42% Senior Notes, Due October 15, 2044 50.0 50.0 4.32% Senior Notes, Due November 1, 2047 30.0 30.0 4.04% Senior Notes, Due September 12, 2049 40.0 40.0 Granite State: 3.72% Senior Notes, Due November 1, 2027 15.0 15.0 Unitil Realty Corp.: 2.64% Senior Secured Notes, Due December 18, 2030 4.7 — Total Long-Term Debt 535.4 460.5 Less: Unamortized Debt Issuance Costs 3.8 3.5 Total Long-Term Debt, net of Unamortized Debt Issuance Costs 531.6 457.0 Less: Current Portion (1) 8.5 19.5 Total Long-Term Debt, Less Current Portion $ 523.1 $ 437.5 (1) The Current Portion of Long-Term Debt includes sinking fund payments. Interest Expense, Net Unitil’s utility subsidiaries operate a number of reconciling rate mechanisms to recover specifically identified costs on a pass-through basis. These reconciling rate mechanisms track costs and revenue on a monthly basis. In any given month, this monthly tracking and reconciling process will produce either an under-collected or an over-collected balance of costs. In accordance with the distribution utilities’ rate tariffs, interest is accrued on these balances and will produce either interest income or interest expense. Consistent with regulatory precedent, interest income is recorded on an under-collection of costs, which creates a regulatory asset to be recovered in future periods when rates are reset. Interest expense is recorded on an over-collection of costs, which creates a regulatory liability to be refunded in future periods when rates are reset. A summary of interest expense and interest income is provided in the following table: Interest Expense, Net (millions) 2020 2019 2018 Interest Expense Long-Term Debt $ 24.8 $ 22.9 $ 23.1 Short-Term Debt 1.4 3.0 2.6 Regulatory Liabilities 0.2 0.7 0.7 Subtotal Interest Expense 26.4 26.6 26.4 Interest Income Regulatory Assets (0.8 ) (0.8 ) (0.8 ) AFUDC (1) (1.8 ) (2.1 ) (1.6 ) Subtotal Interest Income (2.6 ) (2.9 ) (2.4 ) Total Interest Expense, Net $ 23.8 $ 23.7 $ 24.0 (1) AFUDC—Allowance for Funds Used During Construction Credit Arrangements On July 25, 2018, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Facility”) with a syndicate of lenders, which amended and restated in its entirety the Company’s prior credit agreement, dated as of October 4, 2013, as amended. 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 $248.9 million and $252.7 million for the years ended December 31, 2020 and December 31, 2019, respectively. Total gross repayments were $252.8 million and $276.9 million for the years ended December 31, 2020 and December 31, 2019, respectively. The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of December 31, 2020 and December 31, 2019: Revolving Credit Facility (millions) December 31, 2020 2019 Limit $ 120.0 $ 120.0 Short-Term Borrowings Outstanding $ 54.7 $ 58.6 Letters of Credit Outstanding $ 0.1 $ 0.1 Available $ 65.2 $ 61.3 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, Unitil’s and its subsidiaries’ ability to permit liens or incur indebtedness, and restrictions on Unitil’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 to Unitil 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 Unitil’s Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At December 31, 2020 and December 31, 2019, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date. The weighted average interest rates on all short-term borrowings were 1.7%, 3.4%, and 3.3% during 2020 9 8 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. In April 2014, Unitil Service 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. This capital lease was paid in full in the second quarter of 2019. 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 $5.4 million and $6.5 million of natural gas storage inventory at December 31, 2020 and 2019, respectively, related to these asset management agreements. The amount of natural gas inventory released in December 2020, which was payable in January 2021, was $1.0 million and recorded in Accounts Payable at December 31, 2020. The amount of natural gas inventory released in December 2019, which was payable in January 2020, was $1.0 million and recorded in Accounts Payable at December 31, 2019. Contractual Obligations The following table lists the Company’s contractual obligations for long-term debt as of December 31, 2020. Payments Due by Period Long-Term Debt Contractual Obligations (millions) as of December 31, 2020 Total 2021 2022 2023 2024 2025 2026 & Long-Term Debt $ 535.4 $ 8.8 $ 23.4 $ 6.9 $ 7.0 $ 7.0 $ 482.3 Interest on Long-Term Debt 387.8 26.3 25.1 24.0 23.5 23.1 265.8 Total $ 923.2 $ 35.1 $ 48.5 $ 30.9 $ 30.5 $ 30.1 $ 748.1 Leases Unitil’s subsidiaries 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 years ended December 31, 2020, 2019 and 2018 amounted to $1.8 million, $1.4 million and $2.2 million respectively. The balance sheet classification of the Company’s lease obligations was as follows: December 31, Lease Obligations (millions) 2020 2019 Operating Lease Obligations: Other Current Liabilities (current portion) $ 1.5 $ 1.2 Other Noncurrent Liabilities (long-term portion) 3.7 2.8 Total Operating Lease Obligations 5.2 4.0 Capital Lease Obligations: Other Current Liabilities (current portion) 0.2 0.2 Other Noncurrent Liabilities (long-term portion) 0.2 0.3 Total Capital Lease Obligations 0.4 0.5 Total Lease Obligations $ 5.6 $ 4.5 Cash paid for amounts included in the measurement of operating lease obligations for the twelve months ended December 31, 2020 and 2019 were $1.4 million, respectively and w Assets under capital leases amounted to approximately $1.0 million and $1.2 million as of December 31, 2020 and 2019, respectively, less accumulated amortization of $0.5 million and $0.6 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 December 31, 2020. The payments for capital leases consist of $0.2 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.2 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2020. The payments for operating leases consist of $1.5 million of current operating lease obligations, which are included in Other Current Liabilities and $3.7 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2020. Lease Payments ($000’s) Operating Capital 2021 $ 1,746 $ 193 2022 1,468 130 2023 1,172 88 2024 842 33 2025 276 — 2026-2030 149 — Total Payments 5,653 444 Less: Interest 443 20 Amount of Lease Obligations Recorded on Consolidated Balance Sheets $ 5,210 $ 424 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 December 31, 2020, the weighted average remaining lease term is 3.8 years and the weighted average operating discount rate used to determine the operating As of December 31, 2019, the weighted average remaining lease term was 3.9 years and the weighted average operating discount rate used to determine the operating lease obligations was 5.2%. 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 December 31, 2020, there were approximately $1.3 million of guarantees outstanding with a duration of less than one year. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity | Note 6: Equity The Company has common stock outstanding and one of our subsidiaries has preferred stock outstanding. Common Stock The Company’s common stock trades on the New York Stock Exchange under the symbol “UTL”. The Company had 15,012,310 and 14,930,170 shares of common stock outstanding at December 31, 2020 and December 31, 2019, respectively. The Company has 25,000,000 shares of common stock authorized as of December 31, 2020 and December 31, 2019. Dividend Reinvestment and Stock Purchase Plan Common Shares Repurchased, Cancelled and Retired 10b5-1 10b5-1 During 2020, 2019 and 2018, the Company did not cancel or retire any of its common stock. Stock-Based Compensation Plans 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. 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 or retirement. Restricted Shares issued for 2018 – 2020 in conjunction with the Stock Plan are presented in the following table: Issuance Date Shares Aggregate 1/29/18 37,510 $1.6 1/29/19 33,150 $1.6 1/28/20 28,630 $1.8 7/28/20 3,000 $0.1 There were 39,426 and 32,950 non-vested Restricted Restricted Stock Units Restricted Stock Units, which are issued to members of the Company’s Board of Directors, 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 2020 and 2019 in conjunction with the Stock Plan are presented in the following table: Restricted Stock Units (Equity Portion) 2020 2019 Units Weighted Units Weighted Beginning Restricted Stock Units 70,364 $ 41.20 61,789 $ 38.25 Restricted Stock Units Granted 3,743 $ 39.26 6,943 $ 63.50 Dividend Equivalents Earned 1,507 $ 47.34 1,632 $ 58.15 Restricted Stock Units Settled (32,422 ) $ 41.09 — — Ending Restricted Stock Units 43,192 $ 41.34 70,364 $ 41.20 Included in Other Noncurrent Liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019 are $0.8 million and $1.9 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 were $0.2 million, or 1,887 shares, of Unitil Energy’s 6.00% Series Preferred Stock outstanding as of December 31, 2020 and 2019. There were less than $0.1 million of total dividends declared on Preferred Stock in each of the twelve month periods ended December 31, 2020 and December 31, 2019, respectively. Earnings Per Share The following table reconciles basic and diluted earnings per share (EPS). (Millions except shares and per share data) 2020 2019 2018 Earnings Available to Common Shareholders $ 32.2 $ 44.2 $ 33.0 Weighted Average Common Shares Outstanding—Basic (000’s) 14,951 14,894 14,824 Plus: Diluted Effect of Incremental Shares (000’s) 1 6 5 Weighted Average Common Shares Outstanding—Diluted (000’s) 14,952 14,900 14,829 Earnings per Share—Basic and Diluted $ 2.15 $ 2.97 $ 2.23 The following table shows the number of weighted average non-vested 2020 2019 2018 Weighted Average Non-Vested 42,813 — 6,102 |
Energy Supply
Energy Supply | 12 Months Ended |
Dec. 31, 2020 | |
Energy Supply [Abstract] | |
Energy Supply | Note 7: Energy Supply NATURAL GAS SUPPLY Unitil purchases and manages gas supply for customers served by Northern Utilities in Maine and New Hampshire, and by Fitchburg in Massachusetts. Northern Utilities’ C&I customers are entitled to purchase their natural gas supply from third-party gas suppliers. Many of Northern Utilities’ large, and some of its medium, C&I customers purchase their gas supply from third-party suppliers. Most small C&I customers, and all residential customers, purchase their gas supply from Northern Utilities under regulated rates and tariffs. As of December 2020, 80% of Unitil’s largest New Hampshire gas customers, representing 39% of Unitil’s New Hampshire gas therm sales, and 67% of Unitil’s largest Maine customers, representing 25% of Unitil’s Maine gas therm sales, purchased their gas supply from a third-party supplier. Regulated Natural Gas Supply Northern Utilities purchases the Northern Utilities has available under firm contract 122,000 million British Thermal Units (MMbtu) per day of year-round and seasonal transportation capacity to its distribution facilities, and 4.3 billion cubic feet (BCF) of underground storage. As a supplement to pipeline natural gas, Northern Utilities owns an LNG storage and vaporization facility. This plant is used principally during peak load periods to augment the supply of pipeline natural gas. Fitchburg purchases natural gas under contracts from producers and marketers largely under contracts of one year or less, and occasionally on the spot market. Fitchburg arranges for gas transportation and delivery to its system through its own long-term contracts with Tennessee Gas Pipeline, through peaking supply contracts delivered to its system, or in the case of LNG or liquefied propane gas (LPG), via trucking of supplies to storage facilities within Fitchburg’s service territory. Fitchburg has available under firm contract 14,439 MMbtu per day of year-round transportation and ELECTRIC POWER SUPPLY Fitchburg, Unitil Energy, and Unitil Power each are members of the New England Power Pool (NEPOOL) and participate in the Independent System Operator—New England (ISO-NE) In New Hampshire, the percentage of residential customers purchasing electricity from a third-party supplier as of December 2020 is 8.3%, down 0.6% from 2019 and reflecting a downward trend from a high of 13% in 2015. Most residential and small commercial customers continue to purchase their electric supply through Unitil’s electric distribution utilities under regulated energy rates and tariffs. Regulated Electric Power Supply To provide regulated electric supply service to their customers, Unitil’s electric distribution utilities enter into load-following wholesale electric power supply contracts to purchase electric supply from various wholesale suppliers. Unitil Energy currently has power supply contracts with various wholesale suppliers for the provision of Default Service to its customers. Currently, with approval of the NHPUC, Unitil Energy purchases Default Service power supply contracts for small, medium and large customers every six months for 100% of the supply requirements. Fitchburg has power supply contracts with various wholesale suppliers for the provision of Basic Service electric supply. MDPU policy establishes ISO-NE , ISO-NE’s The NHPUC and MDPU regularly review alternatives to their procurement policy, which may lead to future changes in this regulated power supply procurement structure. Regional Electric Transmission and Power Markets Fitchburg, Unitil Energy and Unitil Power, as well as virtually all New England electric utilities, are participants in the ISO-NE ISO-NE ISO-NE ISO-NE ISO-NE Electric Power Supply Divestiture In connection with the implementation of retail choice, Unitil Power, which formerly functioned as the wholesale power supply provider for Unitil Energy, and Fitchburg divested their long-term power supply contracts through the sale of the entitlements to the electricity sold under those contracts. Unitil Energy and Fitchburg recover in their rates all the costs associated with the divestiture of their power supply portfolios and have secured regulatory approval from the NHPUC and MDPU, respectively, for the recovery of power supply-related stranded costs and other restructuring-related regulatory assets. The companies have a continuing obligation to submit regulatory filings that demonstrate their compliance with regulatory mandates and provide for timely recovery of costs in accordance with their approved restructuring plans. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8: Commitments and Contingencies Regulatory Matters Overview regulatory structure, Unitil Energy, Fitchburg, and Northern Utilities recover the cost of providing distribution service to their customers based on a representative test year, including a return on their capital investment in utility assets. Fitchburg’s electric and gas divisions also operate under revenue decoupling mechanisms. Most of Unitil’s customers may elect to purchase their electric or natural gas supplies from third-party suppliers. For Northern Utilities, only business customers may purchase their natural gas supplies from third-party suppliers at this time. Most small and medium-sized In connection with the implementation of retail choice, Unitil Power and Fitchburg divested their long-term power supply contracts through the sale of the entitlements to the electricity sold under those contracts. Unitil Energy and Fitchburg recover in their rates all the costs associated with the divestiture of their power supply portfolios and have secured regulatory approval from the NHPUC and MDPU, respectively, for the recovery of power supply-related stranded costs and other restructuring-related regulatory assets. These assets have been principally recovered as of December 31, 2020. The remaining balance of these assets is $0.3 million, recorded in Current Assets as Accrued Revenue on the Company’s Consolidated Balance Sheet as of December 31, 2020 and projected to be recovered in the next year. Unitil’s distribution companies have a continuing obligation to submit filings in Massachusetts and New Hampshire demonstrating their compliance with regulatory mandates and provide for timely recovery of costs in accordance with their approved restructuring plans. 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%, 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 issued a Notice of Proposed Rulemaking that would allow it to determine which pipelines under the Natural Gas Act may be collecting unjust and unreasonable rates in light of the corporate tax reduction. This matter was resolved for Granite State in its May 2, 2018 uncontested rate settlement filing, which accounted for the effect of the TCJA. On November 21, 2019, the FERC issued Order No. 864, a final rule on Public Utility Transmission Rate Changes to Address Accumulated Deferred Income Taxes. The new rule requires public utilities with formula transmission rates to revise their formula rates to include a transparent methodology to address the TCJA and future tax law changes on customer rates by accounting for “excess” or “deficient” Accumulated Deferred Income Taxes (ADIT). FERC also required transmission providers with stated rates to account for TCJA’s effect on ADIT in their next rate case. The Company is complying with the new rule and there is no material effect on its financial position, operating results, or cash flows. Rate Case Activity Northern Utilities—Base Rates—Maine— Northern Utilities—Targeted Infrastructure Replacement Adjustment (TIRA)—Maine— Northern Utilities—Base Rates—New Hampshire— Unitil Energy—Base Rates— Fitchburg—Base Rates—Electric— final approval of the filing was issued . On October 29, 2019, Fitchburg filed its cumulative revenue requirement of $1.1 million associated with the Company’s 2015-2018 capital expenditures. On December 22, 2020, final approval of issued On April 17, 2020, the MDPU approved a settlement agreement entered into by the Company and the Massachusetts Office of the Attorney General providing for a distribution increase of $1.1 million, effective November 1, 2020. The Company’s subsequent Compliance Filing reflected an adjusted distribution increase of $0.9 million, a decrease of $0.2 million from the original settlement amount. On May 21, 2020, the MDPU approved the Company’s Compliance Filing. The agreement provides for a return on equity of 9.7% and a capital structure reflecting 52.45% equity and 47.55% long-term debt. Under the agreement, the Company will not increase or redesign base distribution rates to become effective prior to November 1, 2023, though the Company may seek cost recovery for certain exogenous events that meet a revenue threshold of $0.1 million. The agreement also provides for the implementation of a major storm reserve fund, whereby the Company may recover the costs of restoration for qualifying storm events. In addition, the agreement provides for the extension of the annual capital cost recovery mechanism, modified to allow the recovery of property tax on the cumulative net capital expenditures. Fitchburg—Base Rates—Gas— On February 28, 2020, the MDPU approved a settlement agreement between the Company and the Massachusetts Office of the Attorney General. The agreement provides for an annual distribution revenue increase of $4.6 million to be phased-in Fitchburg—Gas System Enhancement Program— In an Order issued on April 30, 2019, the MDPU approved Fitchburg’s 2018 GSEP Filing and increased the annual cap on recovery. The Order resulted in a revenue increase of $1.0 million that went into effect on May 1, 2019, subject to reconciliation. The amount that exceeded the cap, $0.6 million, has been deferred to be recovered in a later proceeding. On May 1, 2019, the Company made its 2019 GREC Filing, seeking a waiver of the annual cap and a revenue increase of $1.0 million. The MDPU approved the Company’s request in its Order issued October 31, 2019. On October 31, 2019, the Company made its annual filing for an increase in revenues associated with 2020 GSEP investment for rates effective May 1, 2020. On March 12, 2020, the Company made a revised GSEP filing to incorporate the 2015 through 2018 GSEP investments in base rates effective March 1, 2020; on April 30, 2020, the MDPU approved the Company’s filing. On May 1, 2020, the Company made its 2020 GREC Filing. In accordance with the approved gas rate case settlement agreement, the Company decreased the Gas System Enhancement Reconciliation Adjustment Factors (GSERAF) and Gas System Enhancement Adjustment Factors to zero effective March 1, 2020, and will recover the February 29, 2020 GSEP deferral balance including interest over a 24 month period beginning March 1, 2021. As a result, the current year’s GSERAF will change on March 1, 2021, instead of November 1, 2020. The GSERAF recovery amount to be recovered over months beginning March 1, 2021 is $ million. This matter remains pending before the MDPU. Granite State—Base Rates— Other Matters Fitchburg—Independent Statewide Examination of the Safety of the Commonwealth’s Gas Distribution System— Fitchburg—Investigation into the role of gas LDCs to achieve Commonwealth 2050 climate goals net-zero net-zero Financial Effects of COVID-19 COVID-19 costs incurred for employees to work safely and protect the public. Fitchburg, Unitil Energy and Northern Utilities are active participants in these proceedings, and are in full compliance with all regulatory orders governing service shut-off 20-58, Northern Utilities / Granite State—Firm Capacity Contract one-year 12-month Reconciliation Filings— Fitchburg—Massachusetts RFPs— companies (EDCs), including Fitchburg, are required to jointly solicit proposals for long-term contracts for at least 400 megawatts (MW) of offshore wind energy generation by June 30, 2017, as part of a total of seek proposals for cost-effective clean energy (hydroelectric, solar and land-based wind) long-term contracts via one or more staggered megawatt-hours (MWh) by December 31, 2022. Unitil’s pro rata share of these contracts is approximately one percent. 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 ISO-NE ISO-NE of the contract payments is reasonable and in the public interest and approved the EDCs’ proposal to amend their respective tariffs to include the recovery of costs associated with the contracts. The Massachusetts Supreme Judicial Court upheld the MDPU’s approval in an Order dated September 3, 2020. The Company believes the power purchase obligations under these long-term contracts will have a material effect on the contractual obligations of Fitchburg, once certain conditions and contingencies are met. The EDCs issued the RFP pursuant to Section 83C for Long-Term Contracts for Offshore Wind Energy Generation in June 2017. The EDCs selected an 800 MW project submitted by Vineyard Wind 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 400 MW of offshore wind energy generation with the 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 ISO-NE The EDCs issued a second RFP pursuant to Section 83C for Long-Term Contracts for Offshore Wind Energy Generation on May 23, 2019. This solicitation sought to procure the remaining obligation under 83C to procure an additional 800 MW of offshore wind energy generation. The EDCs selected an 800 MW project submitted by Mayflower Wind and contracts were executed on January 10, 2020. A filing with the MDPU for approval of two long-term contracts, each for 400 MW of offshore wind energy generation, was made on February 10, 2020. On November 5, 2020, the MDPU approved the Offshore Wind Energy Generation power purchase agreements. The MDPU also determined that the EDCs’ request for remuneration equal to 2.75% is reasonable and in the public interest. On November 25, 2020 the Office of the Attorney General filed a Motion for Reconsideration regarding the MDPU’s order as it relates to remuneration. The matter is still pending at the MDPU. The Company believes that the power purchase obligations under these long-term contracts will have a material effect on the contractual obligations of Fitchburg, once certain conditions and contingencies are met. FERC Transmission Formula Rate Proceedings— ISO-New EL14-12, methodology for calculating the ROE. In response to the FERC order in EL 14-12, The FERC Section 206 proceeding concerning the justness and reasonableness of ISO-New Contractual Obligations The following table lists the Company’s known specified gas and electric supply contractual obligations as of December 31, 2020. Payments Due by Period Gas and Electric Supply Contractual Obligations (millions) as of December 31, 2020 Total 2021 2022 2023 2024 2025 2026 & Gas Supply Contracts $ 556.2 $ 55.9 $ 49.3 $ 46.5 $ 37.6 $ 36.2 $ 330.7 Electric Supply Contracts 15.6 1.3 1.3 1.4 1.4 1.4 8.8 Total $ 571.8 $ 57.2 $ 50.6 $ 47.9 $ 39.0 $ 37.6 $ 339.5 The Company and its subsidiaries have material energy supply commitments (see Note 7 (Energy Supply)). Cash outlays for the purchase of electricity and natural gas to serve customers are subject to reconciling recovery through periodic changes in rates, with carrying charges on deferred balances. From year to year, there are likely to be timing differences associated with the cash recovery of such costs, creating under- or over-recovery situations at any point in time. Rate recovery mechanisms are typically designed to collect the under-recovered cash or refund the over-collected cash over subsequent periods of less than a year. Legal Proceedings The Company is involved in legal and administrative proceedings and claims of various types, including those 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 effect on its financial position, operating results or cash flows. Environmental Matters 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 December 31, 2020, 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 (NH DES) to address environmental concerns with these sites. Northern Utilities or others have completed remediation activities at all sites; however, on site monitoring continues at several sites which may result in future remedial actions as directed by the applicable regulatory agency. In July 2019, the NH DES requested that Northern Utilities review modeled expectations for groundwater contaminants against observed data at the Rochester site. In June 2020, the NH DES coupled the submittal of the review to a proposed extension of the gas distribution system by Northern Utilities; both the review and extension are expected to be completed by the end of the second quarter of 2021. While any recommendation is subject to approval by the NH DES, the Company has accrued $0.8 million for estimated costs to complete the remediation at the Rochester site, which is included in the Environmental Obligations table below. 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 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— Additionally, in November 2020, the Mass DEP conducted an audit of the final remediation solution at Sawyer Passway. Site security improvements were required by the Mass DEP, which Fitchburg will complete in early 2021. 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 the current and long-term portions of the Company’s environmental obligations, which are included in Other Current Liabilities and Other Noncurrent Liabilities, respectively, on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019. Environmental Obligations (millions) Fitchburg Northern Total 2020 2019 2020 2019 2020 2019 Total Balance at Beginning of Period $ — $ — $ 2.7 $ 2.0 $ 2.7 $ 2.0 Additions 0.1 — 0.1 0.9 0.2 0.9 Less: Payments / Reductions — — 0.8 0.2 0.8 0.2 Total Balance at End of Period $ 0.1 $ — $ 2.0 $ 2.7 $ 2.1 $ 2.7 Less: Current Portion 0.1 — 0.2 0.6 0.3 0.6 Noncurrent Balance at December 31, $ — $ — $ 1.8 $ 2.1 $ 1.8 $ 2.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | Note 9: Income Taxes Provisions for Federal and State Income Taxes reflected as operating expenses in the accompanying consolidated statements of earnings for the years ended December 31, 2020, 2019 and 2018 are shown in the following table: ($000’s) 2020 2019 2018 Current Income Tax Provision Federal $ 250 $ — $ — State 678 351 355 Total Current Income Taxes $ 928 $ 351 $ 355 Deferred Income Provision Federal $ 6,483 $ 9,340 $ 5,032 State 2,838 4,117 3,006 Total Deferred Income Taxes 9,321 13,457 8,038 Total Income Tax Expense $ 10,249 $ 13,808 $ 8,393 The differences between the Company’s provisions for Income Taxes and the provisions calculated at the statutory federal tax rate, expressed in percentages, are shown in the following table: 2020 2019 2018 Statutory Federal Income Tax Rate 21 % 21 % 21 % Income Tax Effects of: State Income Taxes, net 6 6 6 Utility Plant Differences (4 ) (3 ) (7 ) Other, ne t 1 — — Effective Income Tax Rate 24 % 24 % 20 % Temporary differences which gave rise to deferred tax assets and liabilities in 2020 and 2019 are shown in the following table: Temporary Differences (000’s) 2020 2019 Deferred Tax Assets Retirement Benefit Obligations $ 40,740 $ 36,551 Net Operating Loss Carryforwards — 1,609 Tax Credit Carryforwards 344 1,489 Other, net 1,252 1,589 Total Deferred Tax Assets $ 42,336 $ 41,238 Deferred Tax Liabilities Utility Plant Differences $ 143,800 $ 134,011 Regulatory Assets & Liabilities 6,247 5,239 Other, net 1,307 5,539 Total Deferred Tax Liabilities 151,354 144,789 Net Deferred Tax Liabilities $ 109,018 $ 103,551 Under the Company’s Tax Sharing Agreement (the Agreement) which was approved upon the formation of Unitil as a public utility holding company, 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 has evaluated its tax positions at December 31, 2020 in accordance with the FASB Codification, and has concluded that no adjustment for recognition, de-recognition, Income tax filings for the year ended December 31, 2019 have been filed with the IRS, Massachusetts Department of Revenue, the Maine Revenue Service, and the New Hampshire Department of Revenue Administration. In the Company’s federal tax returns for the year ended December 31, 2019 which were filed with the IRS in October 2020, the Company utilized federal NOLC assets of $8.2 million. As of December 31, 2020, the Company had recognized the utilization of the remaining federal NOLC assets of $2.7 million to offset against taxes current payable. The Company received $0.9 million of the Alternative Minimum Tax (AMT) credits in 2019 and will receive $0.9 million of the AMT credits in 2021 as provided for in the CARES Act. In addition, at December 31, 2020, the Company had $0.3 million of cumulative state tax credit carryforwards to offset future income taxes payable. If unused, the Company’s state tax credit carryforwards will begin to expire in 2023. In March 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The CARES Act included several tax changes as part of its economic package. These changes principally related to expanded Net Operating Loss (NOL) carryback periods, increases to interest deductibility limitations, and accelerated Alternative Minimum Tax (AMT) refunds. The Company has evaluated these items and determined that the items do not have a material impact on the Company’s financial statements as of December 31, 2020. Additionally, the CARES Act enacted the Employment Retention Credit (“ERC”) to incentivize companies to retain employees. The ERC is a credit on employee wages for employees that are retained and cannot perform their job duties at capacity as a result of coronavirus pandemic restrictions. The ERC is take as a credit on employment tax form 941. In the third quarter of 2020, the Company recorded an ERC of $0.6 million as a reduction to employment tax expense which is recorded as a reduction to Taxes other than Income Taxes in the consolidated statement of earnings . In December 2020, the Consolidated Appropriations Act, 2021 (CAA) was signed into law. The CAA included additional funding through tax credits as part of its economic package for 2021. The Company evaluated these items in its tax computation as of December 31, 2020 and determined that the items do not have a material impact on the Company’s financial statements as of December 31, 2020. 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 FASB Codification Topic 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 Company expects to flow through to customers $47.1 million of excess ADIT in utility base rates. Approximately $1.8 million of excess ADIT was created through reconciling mechanisms at December 31, 2017, which had not been previously collected from customers through utility rates. The Company reconciled these excess ADIT amounts through the specific reconciliation mechanisms in each of those individual reconciling mechanisms which were reviewed by state regulators. In addition to the $48.9 million of net excess ADIT noted above, as of December 31, 2018, there was $2.0 million of remaining excess ADIT 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 recognized the benefit of this excess ADIT in accordance with the regulatory treatment of excess ADIT for each of jurisdiction. In 2019 the Company recognized $1.7 million of this amount and the remaining $0.3 million was recognized in 2020. 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 , fifteen As of December 31, 2020, the Company flowed back $1.9 million to customers in its Massachusetts, Maine, and federal jurisdictions. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefit Plans | Note 10: Retirement Benefit Plans The Company sponsors the following retirement benefit plans to provide certain pension and post-retirement benefits for its retirees and current employees as follows: • The Unitil Corporation Retirement Plan (Pension Plan)—The Pension Plan is a defined benefit pension plan. Under the Pension Plan, retirement benefits are based upon an employee’s level of compensation and length of service. Effective January 1, 2010, the Pension Plan was closed to new non-union employees. For union employees, the Pension Plan was closed on various dates between December 31, 2010 and June 1, 2013, depending on the various Collective Bargaining Agreements of each union. • The Unitil Retiree Health and Welfare Benefits Plan (PBOP Plan)—The PBOP Plan provides health care and life insurance benefits to retirees. The Company has established Voluntary Employee Benefit Trusts, into which it funds contributions to the PBOP Plan. • The Unitil Corporation Supplemental Executive Retirement Plan (SERP)—The SERP is a non-qualified The following table includes the key assumptions used in determining the Company’s benefit plan costs and obligations: 2020 2019 2018 Used to Determine Plan costs for years ended December 31: Discount Rate 3.25 % 4.25 % 3.60 % Rate of Compensation Increase 3.00 % 3.00 % 3.00 % Expected Long-term rate of return on plan assets 7.40 % 7.50 % 7.75 % Health Care Cost Trend Rate Assumed for Next Year 7.00 % 7.00 % 7.50 % Ultimate Health Care Cost Trend Rate 4.50 % 4.50 % 4.50 % Year that Ultimate Health Care Cost Trend Rate is reached 2029 2024 2024 Used to Determine Benefit Obligations at December 31: Discount Rate 2.50 % 3.25 % 4.25 % Rate of Compensation Increase 3.00 % 3.00 % 3.00 % Health Care Cost Trend Rate Assumed for Next Year 6.60 % 7.00 % 7.00 % Ultimate Health Care Cost Trend Rate 4.50 % 4.50 % 4.50 % Year that Ultimate Health Care Cost Trend Rate is reached 2029 2029 2024 The Discount Rate assumptions used in determining retirement plan costs and retirement plan obligations are based on an assessment of current market conditions using high quality corporate bond interest rate indices and pension yield curves. For 2020, a change in the discount rate of 0.25% would have resulted in an increase or decrease of approximately $629,000 in the Net Periodic Benefit Cost (NPBC). The Rate of Compensation Increase assumption used for 2020 was based on the expected long-term increase in compensation costs for personnel covered by the plans. The following table provides the components of the Company’s Retirement plan costs (000’s): Pension Plan PBOP Plan SERP 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service Cost $ 3,322 $ 3,104 $ 3,393 $ 2,698 $ 2,304 $ 2,933 $ 283 $ 247 $ 487 Interest Cost 5,776 6,484 5,878 3,121 3,426 3,404 549 567 404 Expected Return on Plan Assets (9,019 ) (8,475 ) (7,785 ) (2,063 ) (1,645 ) (1,635 ) — — — Prior Service Cost Amortization 320 320 324 1,210 1,213 1,309 57 56 189 Actuarial Loss Amortization 6,472 4,324 5,786 744 227 1,383 1,036 628 486 Sub-total 6,871 5,757 7,596 5,710 5,525 7,394 1,925 1,498 1,566 Amounts Capitalized or Deferred (3,083 ) (2,227 ) (3,465 ) (2,865 ) (2,317 ) (3,416 ) (579 ) (430 ) (451 ) NPBC Recognized $ 3,788 $ 3,530 $ 4,131 $ 2,845 $ 3,208 $ 3,978 $ 1,346 $ 1,068 $ 1,115 The Company bases the actuarial determination of pension expense on a market-related valuation of assets, which reduces year-to-year volatility. This market-related valuation recognizes investment gains or losses over a three-year period from the year in which they occur. Investment gains or losses for this purpose are the difference between the expected return calculated using the market-related value of assets and the actual return based on the fair value of assets. Since the market-related value of assets recognizes gains or losses over a three-year period, the future value of the market-related assets will be affected as previously deferred gains or losses are recognized. The Company’s pension expense for the years 2020, 2019 and 2018 before capitalization and deferral was The following table represents information on the plans’ assets, projected benefit obligations (PBO), and funded status (000’s): Pension Plan PBOP Plan SERP Change in Plan Assets: 2020 2019 2020 2019 2020 2019 Plan Assets at Beginning of Year $ 125,755 $ 107,808 $ 27,280 $ 21,109 $ — $ — Actual Return on Plan Assets 13,024 17,908 3,739 3,808 — — Employer Contributions 4,665 6,916 4,156 4,000 654 610 Participant Contributions — — 240 121 — — Benefits Paid (6,038 ) (6,877 ) (2,568 ) (1,758 ) (654 ) (610 ) Plan Assets at End of Year $ 137,406 $ 125,755 $ 32,847 $ 27,280 $ — $ — Change in PBO: PBO at Beginning of Year $ 182,135 $ 156,197 $ 95,657 $ 81,005 $ 17,759 $ 13,754 Service Cost 3,322 3,104 2,698 2,304 283 247 Interest Cost 5,776 6,484 3,121 3,426 549 567 Participant Contributions — — 240 121 — — Plan Amendments 732 — — — — 225 Benefits Paid (6,038 ) (6,877 ) (2,568 ) (1,758 ) (654 ) (610 ) Actuarial (Gain) or Loss 20,165 23,227 7,683 10,559 2,288 3,576 PBO at End of Year $ 206,092 $ 182,135 $ 106,831 $ 95,657 $ 20,225 $ 17,759 Funded Status: Assets vs PBO $ (68,686 ) $ (56,380 ) $ (73,984 ) $ (68,377 ) $ (20,225 ) $ (17,759 ) The increases in the PBO for the Pension and PBOP plans as of December 31, 2020 compared to December 31, 2019 reflects a decrease in the assumed discount rate as of December 31, 2020. The funded status of the Pension, PBOP and SERP Plans is calculated based on the difference between the benefit obligation and the fair value of plan assets and is recorded on the balance sheets as an asset or a liability. Because the Company recovers the retiree benefit costs from customers through rates, regulatory assets are recorded in lieu of an adjustment to Accumulated Other Comprehensive Income/(Loss). The Company has recorded on its consolidated balance sheets as a liability the underfunded status of its and its subsidiaries’ retirement benefit obligations based on the projected benefit obligation. The Company has recognized Regulatory Assets, net of deferred tax benefits, of $103.7 million and $88.9 million at December 31, 2020 and 2019, respectively, to account for the future collection of these plan obligations in electric and gas rates. The Accumulated Benefit Obligation (ABO) is required to be disclosed for all plans where the ABO is in excess of plan assets. The difference between the PBO and the ABO is that the PBO includes projected compensation increases. The ABO for the Pension Plan was $189.4 million and $166.5 million as of December 31, 2020 and 2019, respectively. The ABO for the SERP was $16.7 million and $13.6 million as of December 31, 2020 and 2019, respectively. For the PBOP Plan, the ABO and PBO are the same. (See Note 1 (Summary of Significant Accounting Policies) for further discussion of SERP funding.) The Company, along with its subsidiaries, expects to continue to make contributions to its Pension Plan in 2021 and future years at minimum required and discretionary funding levels consistent with the amounts recovered in the distribution utilities’ rates for these Pension Plan costs. The following table represents employer contributions, participant contributions and benefit payments (000’s). Pension Plan PBOP Plan SERP 2020 2019 2018 2020 2019 2018 2020 2019 2018 Employer Contributions $ 4,665 $ 6,916 $ 16,628 $ 4,156 $ 4,000 $ 4,000 $ 654 $ 610 $ 401 Participant Contributions $ — $ — $ — $ 240 $ 121 $ 153 $ — $ — $ — Benefit Payments $ 6,038 $ 6,877 $ 4,986 $ 2,568 $ 1,758 $ 2,193 $ 654 $ 610 $ 401 The following table represents estimated future benefit payments (000’s). Estimated Future Benefit Payments Pension PBOP SERP 2021 $ 7,150 $ 2,948 $ 637 2022 7,051 3,066 636 2023 7,864 3,235 635 2024 8,532 3,418 634 2025 8,648 3,704 1,182 2026—2030 52,765 21,958 6,258 The Expected Long-Term Rate of Return on Pension Plan assets assumption used by the Company is developed based on input from actuaries and investment managers. The Company’s Expected Long-Term Rate of Return on Pension Plan assets is based on target investment allocation of 56% in common stock equities, 39% in fixed income securities and 5% in real estate securities. The Company’s Expected Long-Term Rate of Return on PBOP Plan assets is based on target investment allocation of 55% in common stock equities and 45% in fixed income securities. Pension Plan Target Actual Allocation at 2020 2019 2018 Equity Funds 56 % 58 % 54 % 49 % Debt Funds 39 % 37 % 36 % 40 % Real Estate Fund 5 % 4 % 9 % 10 % Other (1) — 1 % 1 % 1 % Total 100 % 100 % 100 % (1) Represents investments being held in cash equivalents as of December 31, 2020, December 31, 2019 and December 31, 2018 pending payment of benefits. PBOP Plan Target Actual Allocation at 2020 2019 2018 Equity Funds 55 % 55 % 56 % 53 % Debt Funds 45 % 45 % 44 % 47 % Total 100 % 100 % 100 % The combination of these target allocations and expected returns resulted in the overall assumed long-term rate of return of 7.40% for 2020. The Company evaluates the actuarial assumptions, including the expected rate of return, at least annually. The desired investment objective is a long-term rate of return on assets that is approximately 5 – 6% greater than the assumed rate of inflation as measured by the Consumer Price Index. The target rate of return for the Plans has been based upon an analysis of historical returns supplemented with an economic and structural review for each asset class. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2020 and 2019. Please also see Note 1 (Summary of Significant Accounting Policies) for a discussion of the Company’s fair value accounting policy. Equity, Fixed Income, Index and Asset Allocation Funds These investments are valued based on quoted prices from active markets. These securities are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Cash Equivalents These investments are valued at cost, which approximates fair value, and are categorized in Level 1. Real Estate Fund These investments are valued at net asset value per unit based on a combination of market- and income-based models utilizing market discount rates, projected cash flows and the estimated value into perpetuity. In accordance with FASB Codification Topic 820, “Fair Value Measurement”, these investments have not been classified in the fair value hierarchy. The fair value amounts presented in the tables below for the Real Estate Fund are intended to permit reconciliation of the fair value hierarchy to the “Plan Assets at End of Year” line item shown in the “Change in Plan Assets” table above. Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2020 and 2019 are as follows (000’s): Fair Value Measurements at Reporting Date Using Description Balance as of December 31, Quoted Markets for Identical Assets (Level 1) Significant Significant 2020 Pension Plan Assets: Mutual Funds: Equity Funds $ 79,690 $ 79,690 $ — $ — Fixed Income Funds 50,622 50,622 — — Total Mutual Funds 130,312 130,312 — — Cash Equivalents 1,277 1,277 Total Assets in the Fair Value $ 131,589 $ 131,589 $ — $ — Real Estate Fund–Measured at Net 5,817 Total Assets $ 137,406 Fair Value Measurements at Reporting Date Using Description Balance as of Quoted Significant Significant 2019 Pension Plan Assets: Mutual Funds: Equity Funds $ 68,848 $ 68,848 $ — $ — Fixed Income Funds 44,980 44,980 — — Total Mutual Funds 113,828 113,828 — — Cash Equivalents 750 750 Total Assets in the Fair Value Hierarchy $ 114,578 $ 114,578 $ — $ — Real Estate Fund–Measured at Net Asset Value 11,177 Total Assets $ 125,755 Redemptions of the Real Estate Fund are subject to a sixty-five day notice period and the fund is valued quarterly. There are no unfunded commitments. Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2020 and 2019 are as follows (000’s): Fair Value Measurements at Reporting Date Using Description Balance as of Quoted Significant Significant 2020 PBOP Plan Assets: Mutual Funds: Fixed Income Funds $ 14,716 $ 14,716 $ — $ — Equity Funds 18,131 18,131 — — Total Assets $ 32,847 $ 32,847 $ — $ — 2019 PBOP Plan Assets: Mutual Funds: Fixed Income Funds $ 11,888 $ 11,888 $ — $ — Equity Funds 15,392 15,392 — — Total Assets $ 27,280 $ 27,280 $ — $ — Employee 401(k) Tax Deferred Savings Plan— The Company’s contributions to the 401(k) Plan were $3.0 million, $2.8 million and $2.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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 capital city areas 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 Maine to the Lewiston-Auburn area 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 an interstate natural gas transmission pipeline company, 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 for 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 |
Divestiture of Non-Regulated Business Subsidiary | Divestiture of Non-Regulated non-regulated after-tax pre-tax |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates |
Fair Value | Fair Value Level 1— Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2— Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3— Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3. There have been no changes in the valuation techniques used during the current period. |
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 estimated each month based on estimated customer usage by class and applicable customer rates, taking into account current and historical weather data, assumptions pertaining to metering patterns, billing cycle statistics, and other estimates and assumptions, 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 Accounting Standards Codification (ASC) 606. Revenue recognized in connection with rate adjustment mechanisms is consistent with the definition of alternative revenue programs in ASC 980-605-25-3, 980-605-25-4. In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 73.1 $ 128.7 $ 201.8 Commercial & Industrial 104.5 91.4 195.9 Other 7.6 6.6 14.2 Total Billed and Unbilled Revenue 185.2 226.7 411.9 Rate Adjustment Mechanism Revenue 6.2 0.5 6.7 Total Gas and Electric Operating Revenues $ 191.4 $ 227.2 $ 418.6 Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 81.4 $ 121.5 $ 202.9 Commercial & Industrial 120.1 93.8 213.9 Other 10.6 7.8 18.4 Total Billed and Unbilled Revenue 212.1 223.1 435.2 Rate Adjustment Mechanism Revenue (8.7 ) 10.8 2.1 Total Gas and Electric Operating Revenues $ 203.4 $ 233.9 $ 437.3 Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 81.4 $ 123.6 $ 205.0 Commercial & Industrial 119.7 96.4 216.1 Other 9.6 8.7 18.3 Total Billed and Unbilled Revenue 210.7 228.7 439.4 Rate Adjustment Mechanism Revenue 5.4 (5.4 ) — Total Gas and Electric Operating Revenues $ 216.1 $ 223.3 $ 439.4 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 the current portion of 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 Massachusetts Department of Public Utilities (MDPU). The Company estimates that revenue decoupling applies to approximately 27% and 11% of Unitil’s total annual electric and natural gas sales volumes, respectively. 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 Consolidated Statements of Earnings. |
Other Operating Revenue - Non-regulated | Other Operating Revenue—Non-regulated Other Operating Revenue non-regulated |
Depreciation and Amortization | Depreciation and Amortization effect |
Stock-based Employee Compensation | Stock-based Employee Compensation |
Sales and Consumption Taxes | Sales and Consumption Taxes |
Income Taxes | Income Taxes— 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 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. |
Dividends | Dividends $0.38 per share, an increase of $0.005 per share on a quarterly basis, resulting in an increase in the effective annualized dividend rate to $1.52 per share from $1.50 per share. |
Cash and Cash Equivalents | Cash and Cash Equivalents (ISO-NE) ISO-NE. 2-1/2 , ISO-NE |
Financial Instruments | Financial Instruments — 2016-13, |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts written-off Accounts Receivable, Net includes $3.1 million and $1.0 million of the Allowance for Doubtful Accounts at December 31, 2020 and December 31, 2019, respectively. Unbilled Revenues, net (a component of Accrued Revenue ) |
Accrued Revenue | Accrued Revenue— . Accrued Revenue (millions) December 31, 2020 2019 Regulatory Assets—Current $ 37.3 $ 35.8 Unbilled Revenues 13.6 14.2 Total Accrued Revenue $ 50.9 $ 50.0 |
Exchange Gas Receivable | Exchange Gas Receivable Exchange Gas Receivable (millions) December 31, 2020 2019 Northern Utilities $ 4.4 $ 5.5 Fitchburg 0.5 0.6 Total Exchange Gas Receivable $ 4.9 $ 6.1 |
Gas Inventory | Gas Inventory Gas Inventory (millions) December 31, 2020 2019 Natural Gas $ 0.2 $ 0.4 Propane 0.3 0.3 Liquefied Natural Gas & Other 0.1 0.1 Total Gas Inventory $ 0.6 $ 0.8 The Company also has an inventory of Materials and Supplies in the amounts of $8.5 million and $7.9 million as of December 31, 2020 and December 31, 2019, respectively. These amounts are recorded at weighted average cost. |
Utility Plant | Utility Plant The Company includes in its mass asset depreciation rates, which are periodically reviewed as part of its ratemaking proceedings, cost of removal amounts to provide for future negative salvage value. At December 31, 2020 and 2019, the Company has recorded cost of removal amounts of $105.2 million and $96.0 million, respectively, that have been collected in depreciation rates but have not yet been expended, and which represent regulatory liabilities. These amounts are recorded on the Consolidated Balance Sheets in Cost of Removal Obligations. |
Regulatory Accounting | Regulatory Accounting Regulatory Assets consist of the following (millions) December 31, 2020 2019 Retirement Benefits $ 103.7 $ 88.9 Energy Supply & Other Rate Adjustment Mechanisms 34.1 31.0 Deferred Storm Charges 4.1 5.6 Environmental 5.2 7.2 Income Taxes 3.4 4.2 Other Deferred Charges 14.2 10.9 Total Regulatory Assets 164.7 147.8 Less: Current Portion of Regulatory Assets (1) 37.3 35.8 Regulatory Assets—noncurrent $ 127.4 $ 112.0 ( 1) Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets. Regulatory Liabilities consist of the following (millions) December 31, 2020 2019 Rate Adjustment Mechanisms $ 4.1 $ 6.0 Income Taxes 45.5 47.6 Other 0.2 0.4 Total Regulatory Liabilities 49.8 54.0 Less: Current Portion of Regulatory Liabilities 5.5 7.4 Regulatory Liabilities—noncurrent $ 44.3 $ 46.6 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 December 31, 2020 are $8.0 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 effect 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 |
Leases | Leases – not separate non-lease |
Derivatives | Derivatives The Company previously operated a regulatory approved hedging program for Northern Utilities designed to fix or cap a portion of its gas supply costs for the coming years of service, which included use of derivative instruments. The hedging program was terminated in 2018. Under the hedging program previously operated by Northern Utilities, any gains or losses resulting from the change in the fair value of these derivatives were passed through to ratepayers directly through Northern Utilities’ Cost of Gas Clause. The fair value of these derivatives was determined using Level 2 inputs (valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly), specifically based on the NYMEX closing prices for outstanding contracts as of the balance sheet date. As a result of the ratemaking process, the Company recorded gains and losses resulting from the change in fair value of the derivatives as regulatory liabilities or assets, then reclassified these gains or losses into Cost of Gas Sales when the gains and losses were passed through to customers through the Cost of Gas Clause. The Company had no derivative assets or liabilities recorded on its Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019. There were no losses / (gains) recognized in Regulatory Assets / Liabilities for the years ended December 31, 2020 and 2019. There were no losses / (gains) reclassified into the Consolidated Statements of Earnings for the years ended December 31, 2020, 2019 and 2018. Fitchburg has entered into power purchase agreements for which contingencies exist (see “Fitchburg – Massachusetts RFP’s” section of Note 8 (Commitments and Contingencies). Until these contingencies are satisfied, these contracts will not qualify for derivative accounting. The Company believes that the power purchase obligations under these long-term contracts will have a material effect on the contractual obligations of Fitchburg. |
Investments in Marketable Securities | Investments in Marketable Securities maintains invests At December 31, 2020 and 2019, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, were $5.7 million and $5.6 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 (Income) Expense, Net. Fair Value of Marketable Securities (millions) December 31, 2020 2019 Money Market Funds $ 5.7 $ 5.6 Total Marketable Securities $ 5.7 $ 5.6 The Company also sponsors the Unitil Corporation Deferred Compensation Plan (the DC Plan). The DC Plan is a non-qualified tax-deferred At December 31, 2020 and 2019, 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 $0.5 million and $0.2 million, respectively . Fair Value of Marketable Securities (millions) December 31, 2020 2019 Equity Funds $ 0.2 $ 0.1 Money Market Funds 0.3 0.1 Total Marketable Securities $ 0.5 $ 0.2 |
Energy Supply Obligations | Energy Supply Obligations December 31, Energy Supply Obligations consist of the following: (millions) 2020 2019 Current: Exchange Gas Obligation $ 4.4 $ 5.5 Renewable Energy Portfolio Standards 5.7 4.7 Power Supply Contract Divestitures 0.3 0.3 Total Energy Supply Obligations—Current 10.4 10.5 Noncurrent: Power Supply Contract Divestitures — 0.3 Total Energy Supply Obligations $ 10.4 $ 10.8 Exchange Gas Obligation— Renewable Energy Portfolio Standards for each calendar year on the following July 1. Due to timing differences between collection of revenue from customers and payment of REC costs to suppliers, Unitil Energy and Fitchburg typically defer costs for RPS compliance which are recorded within Accrued Revenue with a corresponding liability in Energy Supply Obligations on the Company’s Consolidated Balance Sheets. Fitchburg has entered into long-term renewable contracts for the purchase of clean energy and/or 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 seven of these contracts have been constructed and are now operating. In 2020, three of the long-term contracts were terminated due to an inability to meet critical milestones. In 2018, the Company filed two long-term contracts with the MDPU, one for offshore wind generation and another for imported hydroelectric power and associated transmission. Those contracts were approved in 2019. In 2019, the Company participated in an additional statewide procurement for offshore wind generation and the resulting contracts were filed with the MDPU during the first quarter of 2020. An Order approving the contracts was issued by the MDPU in November 2020 but the Attorney General’s Office immediately filed a Motion for Reconsideration on the issue of remuneration. The matter is pending at the MDPU. In compliance with An Act to Promote a Clean Energy Future (2018), in late 2020 in coordination with the other electric utilities in Massachusetts, the Company began efforts on the next long-term renewable procurement which will seek up to an additional 1,600MW of offshore wind generation. 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— |
Retirement Benefit Obligations | Retirement Benefit Obligations non-union non-qualified The Company records on its balance sheets as an asset or liability the overfunded or underfunded status of its retirement benefit obligations (RBO) based on the projected benefit obligations. The Company has recognized a corresponding Regulatory Asset, reflecting ultimate recovery from customers through rates. The regulatory asset (or regulatory liability) is amortized as the actuarial gains and losses and prior service cost are amortized to net periodic benefit cost for the Pension and PBOP plans. All amounts are remeasured annually. (See Note 10 (Retirement Benefit Plans). |
Commitments and Contingencies | Commitments and Contingencies |
Environmental Matters | Environmental Matters |
Subsequent Events | Subsequent Events |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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. Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 73.1 $ 128.7 $ 201.8 Commercial & Industrial 104.5 91.4 195.9 Other 7.6 6.6 14.2 Total Billed and Unbilled Revenue 185.2 226.7 411.9 Rate Adjustment Mechanism Revenue 6.2 0.5 6.7 Total Gas and Electric Operating Revenues $ 191.4 $ 227.2 $ 418.6 Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 81.4 $ 121.5 $ 202.9 Commercial & Industrial 120.1 93.8 213.9 Other 10.6 7.8 18.4 Total Billed and Unbilled Revenue 212.1 223.1 435.2 Rate Adjustment Mechanism Revenue (8.7 ) 10.8 2.1 Total Gas and Electric Operating Revenues $ 203.4 $ 233.9 $ 437.3 Twelve Months Ended Gas and Electric Operating Revenues (millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 81.4 $ 123.6 $ 205.0 Commercial & Industrial 119.7 96.4 216.1 Other 9.6 8.7 18.3 Total Billed and Unbilled Revenue 210.7 228.7 439.4 Rate Adjustment Mechanism Revenue 5.4 (5.4 ) — Total Gas and Electric Operating Revenues $ 216.1 $ 223.3 $ 439.4 |
Components of Accrued Revenue | Accrued Revenue (millions) December 31, 2020 2019 Regulatory Assets—Current $ 37.3 $ 35.8 Unbilled Revenues 13.6 14.2 Total Accrued Revenue $ 50.9 $ 50.0 |
Components of Exchange Gas Receivable | Exchange Gas Receivable (millions) December 31, 2020 2019 Northern Utilities $ 4.4 $ 5.5 Fitchburg 0.5 0.6 Total Exchange Gas Receivable $ 4.9 $ 6.1 |
Components of Gas Inventory | The following table shows the components of Gas Inventory as of December 31, 2020 and 2019. Gas Inventory (millions) December 31, 2020 2019 Natural Gas $ 0.2 $ 0.4 Propane 0.3 0.3 Liquefied Natural Gas & Other 0.1 0.1 Total Gas Inventory $ 0.6 $ 0.8 |
Regulatory Assets | Regulatory Assets consist of the following (millions) December 31, 2020 2019 Retirement Benefits $ 103.7 $ 88.9 Energy Supply & Other Rate Adjustment Mechanisms 34.1 31.0 Deferred Storm Charges 4.1 5.6 Environmental 5.2 7.2 Income Taxes 3.4 4.2 Other Deferred Charges 14.2 10.9 Total Regulatory Assets 164.7 147.8 Less: Current Portion of Regulatory Assets (1) 37.3 35.8 Regulatory Assets—noncurrent $ 127.4 $ 112.0 ( 1) Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets. |
Regulatory Liabilities | Regulatory Liabilities consist of the following (millions) December 31, 2020 2019 Rate Adjustment Mechanisms $ 4.1 $ 6.0 Income Taxes 45.5 47.6 Other 0.2 0.4 Total Regulatory Liabilities 49.8 54.0 Less: Current Portion of Regulatory Liabilities 5.5 7.4 Regulatory Liabilities—noncurrent $ 44.3 $ 46.6 |
Fair Value of Marketable Securities | Fair Value of Marketable Securities (millions) December 31, 2020 2019 Money Market Funds $ 5.7 $ 5.6 Total Marketable Securities $ 5.7 $ 5.6 |
Components of Energy Supply Obligations | December 31, Energy Supply Obligations consist of the following: (millions) 2020 2019 Current: Exchange Gas Obligation $ 4.4 $ 5.5 Renewable Energy Portfolio Standards 5.7 4.7 Power Supply Contract Divestitures 0.3 0.3 Total Energy Supply Obligations—Current 10.4 10.5 Noncurrent: Power Supply Contract Divestitures — 0.3 Total Energy Supply Obligations $ 10.4 $ 10.8 |
Deferred Compensation Plan [Member] | |
Components of Energy Supply Obligations | Fair Value of Marketable Securities (millions) December 31, 2020 2019 Equity Funds $ 0.2 $ 0.1 Money Market Funds 0.3 0.1 Total Marketable Securities $ 0.5 $ 0.2 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information | Three Months Ended March 31, June 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 2020 2019 Total Operating Revenues $ 130.4 $ 152.1 $ 83.9 $ 84.4 $ 87.4 $ 85.3 $ 116.9 $ 116.4 Operating Income $ 27.6 $ 28.8 $ 11.1 $ 12.3 $ 7.4 $ 10.0 $ 25.3 $ 22.0 Net Income Applicable to Common $ 15.2 $ 26.5 $ 3.1 $ 4.0 $ 0.3 $ 2.3 $ 13.6 $ 11.4 Per Share Data: Earnings Per Common Share $ 1.02 $ 1.78 $ 0.21 $ 0.27 $ 0.02 $ 0.15 $ 0.90 $ 0.77 Dividends Paid Per Common Share $ 0.375 $ 0.37 $ 0.375 $ 0.37 $ 0.375 $ 0.37 $ 0.375 $ 0.37 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Segment Financial Data | The following tables provide significant segment financial data for the years ended December 31, 2020, 2019 and 2018 (millions): Year Ended December 31, 2020 Gas Electric Non- Other Total Revenues: Billed and Unbilled Revenue $ 185.2 $ 226.7 $ — $ — $ 411.9 Rate Adjustment Mechanism Revenue 6.2 0.5 — — 6.7 Total Operating Revenues 191.4 227.2 — — 418.6 Interest Income 1.1 1.1 — 0.4 2.6 Interest Expense 14.2 8.7 — 3.5 26.4 Depreciation & Amortization Expense 29.8 23.8 — 0.9 54.5 Income Tax Expense (Benefit) 7.3 4.7 — (1.8 ) 10.2 Segment Profit 19.3 12.9 — — 32.2 Segment Assets 886.3 571.8 — 19.8 1,477.9 Capital Expenditures 71.1 45.5 — 6.0 122.6 Year Ended December 31, 2019 Revenues: Billed and Unbilled Revenue $ 212.1 $ 223.1 $ — $ — $ 435.2 Rate Adjustment Mechanism Revenue (8.7 ) 10.8 — — 2.1 Other Operating Revenue— Non-Regulated — — 0.9 — 0.9 Total Operating Revenues 203.4 233.9 0.9 — 438.2 Interest Income 1.2 0.9 0.2 0.6 2.9 Interest Expense 14.4 9.4 — 2.8 26.6 Depreciation & Amortization Expense 28.5 22.6 — 0.9 52.0 Income Tax Expense (Benefit) 7.2 4.2 3.8 (1.4 ) 13.8 Segment Profit 19.1 11.5 10.2 3.4 44.2 Segment Assets 823.3 529.3 0.3 17.9 1,370.8 Capital Expenditures 74.0 39.6 — 5.6 119.2 Year Ended December 31, 2018 Revenues: Billed and Unbilled Revenue $ 210.7 $ 228.7 $ — $ — $ 439.4 Rate Adjustment Mechanism Revenue 5.4 (5.4 ) — — — Other Operating Revenue— Non-Regulated — — 4.7 — 4.7 Total Operating Revenues 216.1 223.3 4.7 — 444.1 Interest Income 0.8 0.8 0.2 0.6 2.4 Interest Expense 14.2 9.0 — 3.2 26.4 Depreciation & Amortization Expense 24.9 23.1 0.1 2.3 50.4 Income Tax Expense (Benefit) 7.1 4.2 0.5 (3.4 ) 8.4 Segment Profit 18.8 11.4 1.3 1.5 33.0 Segment Assets 764.1 484.2 6.9 43.1 1,298.3 Capital Expenditures 70.8 28.4 — 3.2 102.4 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Allowance For Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts | The following table shows the balances and activity in the Company’s Allowance for Doubtful Accounts for (millions): ALLOWANCE FOR DOUBTFUL ACCOUNTS Balance at Provision Recoveries Accounts Regulatory Deferrals* Balance at Year Ended December 31, 2020 Electric $ 0.6 $ 2.9 $ 0.3 $ 2.6 $ 0.4 $ 1.6 Gas 0.4 2.6 0.3 1.8 0.2 1.7 Other — — — — — — $ 1.0 $ 5.5 $ 0.6 $ 4.4 $ 0.6 $ 3.3 Year Ended December 31, 2019 Electric $ 0.5 $ 3.0 $ 0.3 $ 3.2 $ — $ 0.6 Gas 0.8 1.9 0.5 2.8 — 0.4 Other — — — — — — $ 1.3 $ 4.9 $ 0.8 $ 6.0 $ — $ 1.0 Year Ended December 31, 2018 Electric $ 0.9 $ 3.2 $ 0.3 $ 3.9 $ — $ 0.5 Gas 0.6 2.9 0.3 3.0 — 0.8 Other 0.1 (0.1 ) — — — — $ 1.6 $ 6.0 $ 0.6 $ 6.9 $ — $ 1.3 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Details on Long Term Debt | Details on long-term debt at December 31, 2020 and 2019 are shown below: Long-Term Debt (millions) December 31, 2020 2019 Unitil Corporation: 6.33% Senior Notes, Due May 1, 2022 $ 15.0 $ 20.0 3.70% Senior Notes, Due August 1, 2026 30.0 30.0 3.43% Senior Notes, Due December 18, 2029 30.0 30.0 Unitil Energy First Mortgage Bonds: 5.24% Senior Secured Notes, Due March 2, 2020 — 5.0 8.49% Senior Secured Notes, Due October 14, 2024 3.0 4.5 6.96% Senior Secured Notes, Due September 1, 2028 16.0 18.0 8.00% Senior Secured Notes, Due May 1, 2031 15.0 15.0 6.32% Senior Secured Notes, Due September 15, 2036 15.0 15.0 3.58% Senior Secured Notes, Due September 15, 2040 27.5 — 4.18% Senior Secured Notes, Due November 30, 2048 30.0 30.0 Fitchburg: 6.75% Senior Notes, Due November 30, 2023 1.9 3.8 6.79% Senior Notes, Due October 15, 2025 10.0 10.0 3.52% Senior Notes, Due November 1, 2027 10.0 10.0 7.37% Senior Notes, Due January 15, 2029 10.8 12.0 5.90% Senior Notes, Due December 15, 2030 15.0 15.0 7.98% Senior Notes, Due June 1, 2031 14.0 14.0 3.78% Senior Notes, Due September 15, 2040 27.5 — 4.32% Senior Notes, Due November 1, 2047 15.0 15.0 Northern Utilities: 5.29% Senior Notes, Due March 2, 2020 — 8.2 3.52% Senior Notes, Due November 1, 2027 20.0 20.0 7.72% Senior Notes, Due December 3, 2038 50.0 50.0 3.78% Senior Notes, Due September 15, 2040 40.0 — 4.42% Senior Notes, Due October 15, 2044 50.0 50.0 4.32% Senior Notes, Due November 1, 2047 30.0 30.0 4.04% Senior Notes, Due September 12, 2049 40.0 40.0 Granite State: 3.72% Senior Notes, Due November 1, 2027 15.0 15.0 Unitil Realty Corp.: 2.64% Senior Secured Notes, Due December 18, 2030 4.7 — Total Long-Term Debt 535.4 460.5 Less: Unamortized Debt Issuance Costs 3.8 3.5 Total Long-Term Debt, net of Unamortized Debt Issuance Costs 531.6 457.0 Less: Current Portion (1) 8.5 19.5 Total Long-Term Debt, Less Current Portion $ 523.1 $ 437.5 (1) The Current Portion of Long-Term Debt includes sinking fund payments. |
Fair Value of Long Term Debt | Estimated Fair Value of Long-Term Debt (millions) December 31, 2020 201 9 Estimated Fair Value of Long-Term Debt $ 633.1 $ 518.7 |
Summary of Interest Expense and Interest Income | A summary of interest expense and interest income is provided in the following table: Interest Expense, Net (millions) 2020 2019 2018 Interest Expense Long-Term Debt $ 24.8 $ 22.9 $ 23.1 Short-Term Debt 1.4 3.0 2.6 Regulatory Liabilities 0.2 0.7 0.7 Subtotal Interest Expense 26.4 26.6 26.4 Interest Income Regulatory Assets (0.8 ) (0.8 ) (0.8 ) AFUDC (1) (1.8 ) (2.1 ) (1.6 ) Subtotal Interest Income (2.6 ) (2.9 ) (2.4 ) Total Interest Expense, Net $ 23.8 $ 23.7 $ 24.0 (1) AFUDC—Allowance for Funds Used During Construction |
Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility | The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of December 31, 2020 and December 31, 2019: Revolving Credit Facility (millions) December 31, 2020 2019 Limit $ 120.0 $ 120.0 Short-Term Borrowings Outstanding $ 54.7 $ 58.6 Letters of Credit Outstanding $ 0.1 $ 0.1 Available $ 65.2 $ 61.3 |
Summary of Company's Contractual Obligations for Log-term Debt | The following table lists the Company’s contractual obligations for long-term debt as of December 31, 2020. Payments Due by Period Long-Term Debt Contractual Obligations (millions) as of December 31, 2020 Total 2021 2022 2023 2024 2025 2026 & Long-Term Debt $ 535.4 $ 8.8 $ 23.4 $ 6.9 $ 7.0 $ 7.0 $ 482.3 Interest on Long-Term Debt 387.8 26.3 25.1 24.0 23.5 23.1 265.8 Total $ 923.2 $ 35.1 $ 48.5 $ 30.9 $ 30.5 $ 30.1 $ 748.1 |
Classification of the Company Lease Obligations | The balance sheet classification of the Company’s lease obligations was as follows: December 31, Lease Obligations (millions) 2020 2019 Operating Lease Obligations: Other Current Liabilities (current portion) $ 1.5 $ 1.2 Other Noncurrent Liabilities (long-term portion) 3.7 2.8 Total Operating Lease Obligations 5.2 4.0 Capital Lease Obligations: Other Current Liabilities (current portion) 0.2 0.2 Other Noncurrent Liabilities (long-term portion) 0.2 0.3 Total Capital Lease Obligations 0.4 0.5 Total Lease Obligations $ 5.6 $ 4.5 |
Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases | The following table is a schedule of future operating lease payment obligations and future minimum lease payments under capital leases as of December 31, 2020. The payments for capital leases consist of $0.2 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.2 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2020. The payments for operating leases consist of $1.5 million of current operating lease obligations, which are included in Other Current Liabilities and $3.7 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2020. Lease Payments ($000’s) Operating Capital 2021 $ 1,746 $ 193 2022 1,468 130 2023 1,172 88 2024 842 33 2025 276 — 2026-2030 149 — Total Payments 5,653 444 Less: Interest 443 20 Amount of Lease Obligations Recorded on Consolidated Balance Sheets $ 5,210 $ 424 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Table Text Block Supplement [Abstract] | |
Restricted Shares Issued in Conjunction with Stock Plan | Restricted Shares issued for 2018 – 2020 in conjunction with the Stock Plan are presented in the following table: Issuance Date Shares Aggregate 1/29/18 37,510 $1.6 1/29/19 33,150 $1.6 1/28/20 28,630 $1.8 7/28/20 3,000 $0.1 |
Restricted Stock Units Issued | The equity portion of Restricted Stock Units activity during 2020 and 2019 in conjunction with the Stock Plan are presented in the following table: Restricted Stock Units (Equity Portion) 2020 2019 Units Weighted Units Weighted Beginning Restricted Stock Units 70,364 $ 41.20 61,789 $ 38.25 Restricted Stock Units Granted 3,743 $ 39.26 6,943 $ 63.50 Dividend Equivalents Earned 1,507 $ 47.34 1,632 $ 58.15 Restricted Stock Units Settled (32,422 ) $ 41.09 — — Ending Restricted Stock Units 43,192 $ 41.34 70,364 $ 41.20 |
Reconciliation of Basic and Diluted Earnings Per Share | The following table reconciles basic and diluted earnings per share (EPS). (Millions except shares and per share data) 2020 2019 2018 Earnings Available to Common Shareholders $ 32.2 $ 44.2 $ 33.0 Weighted Average Common Shares Outstanding—Basic (000’s) 14,951 14,894 14,824 Plus: Diluted Effect of Incremental Shares (000’s) 1 6 5 Weighted Average Common Shares Outstanding—Diluted (000’s) 14,952 14,900 14,829 Earnings per Share—Basic and Diluted $ 2.15 $ 2.97 $ 2.23 |
Weighted Average Non Vested Restricted Shares Excluded from Computation of Earnings Per Share | The following table shows the number of weighted average non-vested 2020 2019 2018 Weighted Average Non-Vested 42,813 — 6,102 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Gas And Electric Supply Contractual Obligations | The following table lists the Company’s known specified gas and electric supply contractual obligations as of December 31, 2020. Payments Due by Period Gas and Electric Supply Contractual Obligations (millions) as of December 31, 2020 Total 2021 2022 2023 2024 2025 2026 & Gas Supply Contracts $ 556.2 $ 55.9 $ 49.3 $ 46.5 $ 37.6 $ 36.2 $ 330.7 Electric Supply Contracts 15.6 1.3 1.3 1.4 1.4 1.4 8.8 Total $ 571.8 $ 57.2 $ 50.6 $ 47.9 $ 39.0 $ 37.6 $ 339.5 |
Environmental Obligations Recognized by Company | The following table sets forth a summary of changes in the Company’s liability for the current and long-term portions of the Company’s environmental obligations, which are included in Other Current Liabilities and Other Noncurrent Liabilities, respectively, on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019. Environmental Obligations (millions) Fitchburg Northern Total 2020 2019 2020 2019 2020 2019 Total Balance at Beginning of Period $ — $ — $ 2.7 $ 2.0 $ 2.7 $ 2.0 Additions 0.1 — 0.1 0.9 0.2 0.9 Less: Payments / Reductions — — 0.8 0.2 0.8 0.2 Total Balance at End of Period $ 0.1 $ — $ 2.0 $ 2.7 $ 2.1 $ 2.7 Less: Current Portion 0.1 — 0.2 0.6 0.3 0.6 Noncurrent Balance at December 31, $ — $ — $ 1.8 $ 2.1 $ 1.8 $ 2.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provisions for Federal and State Income Taxes | Provisions for Federal and State Income Taxes reflected as operating expenses in the accompanying consolidated statements of earnings for the years ended December 31, 2020, 2019 and 2018 are shown in the following table: ($000’s) 2020 2019 2018 Current Income Tax Provision Federal $ 250 $ — $ — State 678 351 355 Total Current Income Taxes $ 928 $ 351 $ 355 Deferred Income Provision Federal $ 6,483 $ 9,340 $ 5,032 State 2,838 4,117 3,006 Total Deferred Income Taxes 9,321 13,457 8,038 Total Income Tax Expense $ 10,249 $ 13,808 $ 8,393 |
Differences Between Provisions for Income Taxes and Provisions Calculated at Statutory Federal Tax Rate | The differences between the Company’s provisions for Income Taxes and the provisions calculated at the statutory federal tax rate, expressed in percentages, are shown in the following table: 2020 2019 2018 Statutory Federal Income Tax Rate 21 % 21 % 21 % Income Tax Effects of: State Income Taxes, net 6 6 6 Utility Plant Differences (4 ) (3 ) (7 ) Other, ne t 1 — — Effective Income Tax Rate 24 % 24 % 20 % |
Deferred Tax Assets and Liabilities | Temporary differences which gave rise to deferred tax assets and liabilities in 2020 and 2019 are shown in the following table: Temporary Differences (000’s) 2020 2019 Deferred Tax Assets Retirement Benefit Obligations $ 40,740 $ 36,551 Net Operating Loss Carryforwards — 1,609 Tax Credit Carryforwards 344 1,489 Other, net 1,252 1,589 Total Deferred Tax Assets $ 42,336 $ 41,238 Deferred Tax Liabilities Utility Plant Differences $ 143,800 $ 134,011 Regulatory Assets & Liabilities 6,247 5,239 Other, net 1,307 5,539 Total Deferred Tax Liabilities 151,354 144,789 Net Deferred Tax Liabilities $ 109,018 $ 103,551 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations | The following table includes the key assumptions used in determining the Company’s benefit plan costs and obligations: 2020 2019 2018 Used to Determine Plan costs for years ended December 31: Discount Rate 3.25 % 4.25 % 3.60 % Rate of Compensation Increase 3.00 % 3.00 % 3.00 % Expected Long-term rate of return on plan assets 7.40 % 7.50 % 7.75 % Health Care Cost Trend Rate Assumed for Next Year 7.00 % 7.00 % 7.50 % Ultimate Health Care Cost Trend Rate 4.50 % 4.50 % 4.50 % Year that Ultimate Health Care Cost Trend Rate is reached 2029 2024 2024 Used to Determine Benefit Obligations at December 31: Discount Rate 2.50 % 3.25 % 4.25 % Rate of Compensation Increase 3.00 % 3.00 % 3.00 % Health Care Cost Trend Rate Assumed for Next Year 6.60 % 7.00 % 7.00 % Ultimate Health Care Cost Trend Rate 4.50 % 4.50 % 4.50 % Year that Ultimate Health Care Cost Trend Rate is reached 2029 2029 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 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service Cost $ 3,322 $ 3,104 $ 3,393 $ 2,698 $ 2,304 $ 2,933 $ 283 $ 247 $ 487 Interest Cost 5,776 6,484 5,878 3,121 3,426 3,404 549 567 404 Expected Return on Plan Assets (9,019 ) (8,475 ) (7,785 ) (2,063 ) (1,645 ) (1,635 ) — — — Prior Service Cost Amortization 320 320 324 1,210 1,213 1,309 57 56 189 Actuarial Loss Amortization 6,472 4,324 5,786 744 227 1,383 1,036 628 486 Sub-total 6,871 5,757 7,596 5,710 5,525 7,394 1,925 1,498 1,566 Amounts Capitalized or Deferred (3,083 ) (2,227 ) (3,465 ) (2,865 ) (2,317 ) (3,416 ) (579 ) (430 ) (451 ) NPBC Recognized $ 3,788 $ 3,530 $ 4,131 $ 2,845 $ 3,208 $ 3,978 $ 1,346 $ 1,068 $ 1,115 |
Plans' Assets, Projected Benefit Obligations (PBO), and Funded Status | The following table represents information on the plans’ assets, projected benefit obligations (PBO), and funded status (000’s): Pension Plan PBOP Plan SERP Change in Plan Assets: 2020 2019 2020 2019 2020 2019 Plan Assets at Beginning of Year $ 125,755 $ 107,808 $ 27,280 $ 21,109 $ — $ — Actual Return on Plan Assets 13,024 17,908 3,739 3,808 — — Employer Contributions 4,665 6,916 4,156 4,000 654 610 Participant Contributions — — 240 121 — — Benefits Paid (6,038 ) (6,877 ) (2,568 ) (1,758 ) (654 ) (610 ) Plan Assets at End of Year $ 137,406 $ 125,755 $ 32,847 $ 27,280 $ — $ — Change in PBO: PBO at Beginning of Year $ 182,135 $ 156,197 $ 95,657 $ 81,005 $ 17,759 $ 13,754 Service Cost 3,322 3,104 2,698 2,304 283 247 Interest Cost 5,776 6,484 3,121 3,426 549 567 Participant Contributions — — 240 121 — — Plan Amendments 732 — — — — 225 Benefits Paid (6,038 ) (6,877 ) (2,568 ) (1,758 ) (654 ) (610 ) Actuarial (Gain) or Loss 20,165 23,227 7,683 10,559 2,288 3,576 PBO at End of Year $ 206,092 $ 182,135 $ 106,831 $ 95,657 $ 20,225 $ 17,759 Funded Status: Assets vs PBO $ (68,686 ) $ (56,380 ) $ (73,984 ) $ (68,377 ) $ (20,225 ) $ (17,759 ) |
Employer Contributions, Participant Contributions and Benefit Payments | The following table represents employer contributions, participant contributions and benefit payments (000’s). Pension Plan PBOP Plan SERP 2020 2019 2018 2020 2019 2018 2020 2019 2018 Employer Contributions $ 4,665 $ 6,916 $ 16,628 $ 4,156 $ 4,000 $ 4,000 $ 654 $ 610 $ 401 Participant Contributions $ — $ — $ — $ 240 $ 121 $ 153 $ — $ — $ — Benefit Payments $ 6,038 $ 6,877 $ 4,986 $ 2,568 $ 1,758 $ 2,193 $ 654 $ 610 $ 401 |
Estimated Future Benefit Payments | The following table represents estimated future benefit payments (000’s). Estimated Future Benefit Payments Pension PBOP SERP 2021 $ 7,150 $ 2,948 $ 637 2022 7,051 3,066 636 2023 7,864 3,235 635 2024 8,532 3,418 634 2025 8,648 3,704 1,182 2026—2030 52,765 21,958 6,258 |
Pension Plans | |
Schedule of Allocation of Plan Assets | Pension Plan Target Actual Allocation at 2020 2019 2018 Equity Funds 56 % 58 % 54 % 49 % Debt Funds 39 % 37 % 36 % 40 % Real Estate Fund 5 % 4 % 9 % 10 % Other (1) — 1 % 1 % 1 % Total 100 % 100 % 100 % (1) Represents investments being held in cash equivalents as of December 31, 2020, December 31, 2019 and December 31, 2018 pending payment of benefits. Fair Value Measurements at Reporting Date Using Description Balance as of December 31, Quoted Markets for Identical Assets (Level 1) Significant Significant 2020 Pension Plan Assets: Mutual Funds: Equity Funds $ 79,690 $ 79,690 $ — $ — Fixed Income Funds 50,622 50,622 — — Total Mutual Funds 130,312 130,312 — — Cash Equivalents 1,277 1,277 Total Assets in the Fair Value $ 131,589 $ 131,589 $ — $ — Real Estate Fund–Measured at Net 5,817 Total Assets $ 137,406 Fair Value Measurements at Reporting Date Using Description Balance as of Quoted Significant Significant 2019 Pension Plan Assets: Mutual Funds: Equity Funds $ 68,848 $ 68,848 $ — $ — Fixed Income Funds 44,980 44,980 — — Total Mutual Funds 113,828 113,828 — — Cash Equivalents 750 750 Total Assets in the Fair Value Hierarchy $ 114,578 $ 114,578 $ — $ — Real Estate Fund–Measured at Net Asset Value 11,177 Total Assets $ 125,755 |
Other Postretirement Benefit Plans, Defined Benefit | |
Schedule of Allocation of Plan Assets | PBOP Plan Target Actual Allocation at 2020 2019 2018 Equity Funds 55 % 55 % 56 % 53 % Debt Funds 45 % 45 % 44 % 47 % Total 100 % 100 % 100 % Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2020 and 2019 are as follows (000’s): Fair Value Measurements at Reporting Date Using Description Balance as of Quoted Significant Significant 2020 PBOP Plan Assets: Mutual Funds: Fixed Income Funds $ 14,716 $ 14,716 $ — $ — Equity Funds 18,131 18,131 — — Total Assets $ 32,847 $ 32,847 $ — $ — 2019 PBOP Plan Assets: Mutual Funds: Fixed Income Funds $ 11,888 $ 11,888 $ — $ — Equity Funds 15,392 15,392 — — Total Assets $ 27,280 $ 27,280 $ — $ — |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2021$ / shares | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2020USD ($)miSubsidiaryEntity$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | |
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 | $ 105.2 | $ 96 | $ 105.2 | 96 | |||||||||
Regulatory assets | 164.7 | 147.8 | 164.7 | 147.8 | |||||||||
Investments in trading securities | 5.7 | 5.6 | $ 5.7 | 5.6 | |||||||||
Number of Subsidiaries | Entity | 3 | ||||||||||||
Allowance for doubtful accounts | $ 3.3 | 1 | $ 3.3 | 1 | $ 1.3 | $ 1.6 | |||||||
Power Supply Contract Divestitures | $ 0.3 | $ 0.3 | |||||||||||
Depreciation rate based on average depreciable property balance | 3.34% | 3.41% | 3.38% | ||||||||||
Common stock dividend paid per share | $ / shares | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | |||||
Common stock dividend per share, declared | $ / shares | $ 1.50 | $ 1.48 | $ 1.46 | ||||||||||
Increase in dividend declared amount per share | $ / shares | $ 1.50 | ||||||||||||
Inventory of materials and supplies | $ 0.6 | $ 0.8 | $ 0.6 | $ 0.8 | |||||||||
Average Interest Rate On Debt | 3.12% | 3.90% | 2.70% | ||||||||||
Materials And Supplies [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Inventory of materials and supplies | 8.5 | 7.9 | $ 8.5 | $ 7.9 | |||||||||
Subsequent Event [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Increase in dividend declared amount per share | $ / shares | $ 1.52 | ||||||||||||
Unbilled Revenues | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Allowance for doubtful accounts | 0.2 | 0.2 | |||||||||||
Accounts Receivable | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Allowance for doubtful accounts | 3.1 | 1 | $ 3.1 | $ 1 | |||||||||
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 | ||||||||||||
Power Supply Contract Divestitures | 0.3 | $ 0.3 | |||||||||||
Quarterly Payment [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Common stock dividend paid per share | $ / shares | $ 0.37 | $ 0.365 | |||||||||||
Common stock dividend per share, declared | $ / shares | $ 0.375 | ||||||||||||
Quarterly Payment [Member] | Subsequent Event [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Common stock dividend paid per share | $ / shares | 0.38 | ||||||||||||
Increase in dividend declared amount per share | $ / shares | $ 0.005 | ||||||||||||
Annual Electric Sales Volume | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of total sales volumes revenue subject to RDM | 27.00% | ||||||||||||
Annual Natural Gas Sales Volume | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of total sales volumes revenue subject to RDM | 11.00% | ||||||||||||
Environmental and Rate Case Costs and Other Expenditures | Recovered over the next seven years | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Regulatory assets | 8 | $ 8 | |||||||||||
ISO-NE Obligations | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Cash Deposits | $ 2.4 | 1.9 | $ 2.4 | $ 1.9 | |||||||||
Maximum | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Lease term | 12 months | 12 months | |||||||||||
Deferred Compensation Plan [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Investments in trading securities | $ 0.5 | $ 0.2 | $ 0.5 | $ 0.2 |
Components of Gas and Electric
Components of Gas and Electric Operating Revenue (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | $ 418.6 | $ 437.3 | $ 439.4 |
Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 411.9 | 435.2 | 439.4 |
Rate Adjustment Mechanism Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 6.7 | 2.1 | |
Gas Segment | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 191.4 | 203.4 | 216.1 |
Gas Segment | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 185.2 | 212.1 | 210.7 |
Gas Segment | Rate Adjustment Mechanism Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 6.2 | (8.7) | 5.4 |
Electric | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 227.2 | 233.9 | 223.3 |
Electric | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 226.7 | 223.1 | 228.7 |
Electric | Rate Adjustment Mechanism Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 0.5 | 10.8 | (5.4) |
Residential | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 201.8 | 202.9 | 205 |
Residential | Gas Segment | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 73.1 | 81.4 | 81.4 |
Residential | Electric | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 128.7 | 121.5 | 123.6 |
C&I | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 195.9 | 213.9 | 216.1 |
C&I | Gas Segment | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 104.5 | 120.1 | 119.7 |
C&I | Electric | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 91.4 | 93.8 | 96.4 |
Other | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 14.2 | 18.4 | 18.3 |
Other | Gas Segment | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | 7.6 | 10.6 | 9.6 |
Other | Electric | Billed and Unbilled Revenue | |||
Operating Revenues [Line Items] | |||
Total Gas and Electric Operating Revenues | $ 6.6 | $ 7.8 | $ 8.7 |
Components of Accrued Revenue (
Components of Accrued Revenue (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Revenue Arrangement [Line Items] | |||
Regulatory Assets – Current | [1] | $ 37.3 | $ 35.8 |
Total Accrued Revenue | 50.9 | 50 | |
Unbilled Revenues | |||
Deferred Revenue Arrangement [Line Items] | |||
Regulatory Assets – Current | 13.6 | 14.2 | |
Regulatory Assets | |||
Deferred Revenue Arrangement [Line Items] | |||
Regulatory Assets – Current | $ 37.3 | $ 35.8 | |
[1] | Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets. |
Components of Exchange Gas Rece
Components of Exchange Gas Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Line Items] | ||
Total Exchange Gas Receivable | $ 4.9 | $ 6.1 |
Northern Utilities Inc | ||
Receivables [Line Items] | ||
Total Exchange Gas Receivable | 4.4 | 5.5 |
Fitchburg | ||
Receivables [Line Items] | ||
Total Exchange Gas Receivable | $ 0.5 | $ 0.6 |
Components of Gas Inventory (De
Components of Gas Inventory (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Public Utilities, Inventory [Line Items] | ||
Weighted average cost inventory amount | $ 0.6 | $ 0.8 |
Liquefied Natural Gas & Other | ||
Public Utilities, Inventory [Line Items] | ||
Weighted average cost inventory amount | 0.1 | 0.1 |
Natural Gas | ||
Public Utilities, Inventory [Line Items] | ||
Weighted average cost inventory amount | 0.2 | 0.4 |
Propane | ||
Public Utilities, Inventory [Line Items] | ||
Weighted average cost inventory amount | $ 0.3 | $ 0.3 |
Regulatory Assets (Detail)
Regulatory Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Regulatory Assets [Line Items] | |||
Regulatory Assets | $ 164.7 | $ 147.8 | |
Less: Current Portion of Regulatory Assets | [1] | 37.3 | 35.8 |
Regulatory Assets—noncurrent | 127.4 | 112 | |
Environmental Matters | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 5.2 | 7.2 | |
Other Deferred Charges | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 14.2 | 10.9 | |
Retirement Benefits | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 103.7 | 88.9 | |
Deferred Storm Charges | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 4.1 | 5.6 | |
Income Taxes | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 3.4 | 4.2 | |
Energy Supply & Other Rate Adjustment Mechanisms | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | $ 34.1 | $ 31 | |
[1] | Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets. |
Regulatory Liabilities (Detail)
Regulatory Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 |
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | $ 49.8 | $ 54 | $ 48.9 |
Less: Current Portion of Regulatory Liabilities | 5.5 | 7.4 | |
Regulatory Liabilities-noncurrent | 44.3 | 46.6 | |
Rate Adjustment Mechanisms | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | 4.1 | 6 | |
Income Taxes | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | 45.5 | 47.6 | |
Other | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | $ 0.2 | $ 0.4 |
Fair Value of Marketable Securi
Fair Value of Marketable Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Trading Securities | $ 5.7 | $ 5.6 |
Deferred Compensation Plan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Trading Securities | 0.5 | 0.2 |
Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Trading Securities | 5.7 | 5.6 |
Fair Value, Inputs, Level 1 | Deferred Compensation Plan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Trading Securities | 0.5 | 0.2 |
Fair Value, Inputs, Level 1 | Equity Funds | Deferred Compensation Plan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Trading Securities | 0.2 | 0.1 |
Fair Value, Inputs, Level 1 | Money Market Funds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Trading Securities | 5.7 | 5.6 |
Fair Value, Inputs, Level 1 | Money Market Funds | Deferred Compensation Plan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Trading Securities | $ 0.3 | $ 0.1 |
Components of Energy Supply Obl
Components of Energy Supply Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contractual Obligation [Line Items] | ||
Energy Supply Obligations-Current | $ 10.4 | $ 10.5 |
Power Supply Contract Divestitures, Noncurrent | 0.3 | |
Total Energy Supply Obligations | 10.4 | 10.8 |
Renewable Energy Portfolio Standards | ||
Contractual Obligation [Line Items] | ||
Energy Supply Obligations-Current | 5.7 | 4.7 |
Power Supply Contract Divestitures | ||
Contractual Obligation [Line Items] | ||
Energy Supply Obligations-Current | 0.3 | 0.3 |
Exchange Gas Obligation | ||
Contractual Obligation [Line Items] | ||
Energy Supply Obligations-Current | $ 4.4 | $ 5.5 |
Quarterly Financial Informati_3
Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information [Line Items] | |||||||||||
Total Operating Revenues | $ 116.9 | $ 87.4 | $ 83.9 | $ 130.4 | $ 116.4 | $ 85.3 | $ 84.4 | $ 152.1 | $ 418.6 | $ 438.2 | $ 444.1 |
Operating Income | 25.3 | 7.4 | 11.1 | 27.6 | 22 | 10 | 12.3 | 28.8 | 71.4 | 73.1 | 71.2 |
Net Income Applicable to Common | $ 13.6 | $ 0.3 | $ 3.1 | $ 15.2 | $ 11.4 | $ 2.3 | $ 4 | $ 26.5 | $ 32.2 | $ 44.2 | $ 33 |
Per Share Data: | |||||||||||
Earnings Per Common Share | $ 0.90 | $ 0.02 | $ 0.21 | $ 1.02 | $ 0.77 | $ 0.15 | $ 0.27 | $ 1.78 | $ 2.15 | $ 2.97 | $ 2.23 |
Dividends Paid Per Common Share | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 |
Significant Segment Financial D
Significant Segment Financial Data (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Other Operating Revenue – Non-Regulated | $ 900 | $ 4,700 | |||||||||
Total Operating Revenues | $ 116,900 | $ 87,400 | $ 83,900 | $ 130,400 | $ 116,400 | $ 85,300 | $ 84,400 | $ 152,100 | $ 418,600 | 438,200 | 444,100 |
Interest Income | 2,600 | 2,900 | 2,400 | ||||||||
Interest Expense | 26,400 | 26,600 | 26,400 | ||||||||
Depreciation & Amortization Expense | 54,500 | 52,000 | 50,400 | ||||||||
Income Tax Expense (Benefit) | 10,249 | 13,808 | 8,393 | ||||||||
Segment Profit | 13,600 | $ 300 | $ 3,100 | $ 15,200 | 11,400 | $ 2,300 | $ 4,000 | $ 26,500 | 32,200 | 44,200 | 33,000 |
Segment Assets | 1,477,900 | 1,370,800 | 1,477,900 | 1,370,800 | 1,298,300 | ||||||
Capital Expenditures | 122,600 | 119,200 | 102,400 | ||||||||
Billed and Unbilled Revenue | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total Operating Revenues | 411,900 | 435,200 | 439,400 | ||||||||
Rate Adjustment Mechanism Revenue | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total Operating Revenues | 6,700 | 2,100 | |||||||||
Gas Segment | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total Operating Revenues | 191,400 | 203,400 | 216,100 | ||||||||
Interest Income | 1,100 | 1,200 | 800 | ||||||||
Interest Expense | 14,200 | 14,400 | 14,200 | ||||||||
Depreciation & Amortization Expense | 29,800 | 28,500 | 24,900 | ||||||||
Income Tax Expense (Benefit) | 7,300 | 7,200 | 7,100 | ||||||||
Segment Profit | 19,300 | 19,100 | 18,800 | ||||||||
Segment Assets | 886,300 | 823,300 | 886,300 | 823,300 | 764,100 | ||||||
Capital Expenditures | 71,100 | 74,000 | 70,800 | ||||||||
Gas Segment | Billed and Unbilled Revenue | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total Operating Revenues | 185,200 | 212,100 | 210,700 | ||||||||
Gas Segment | Rate Adjustment Mechanism Revenue | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total Operating Revenues | 6,200 | (8,700) | 5,400 | ||||||||
Electric | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total Operating Revenues | 227,200 | 233,900 | 223,300 | ||||||||
Interest Income | 1,100 | 900 | 800 | ||||||||
Interest Expense | 8,700 | 9,400 | 9,000 | ||||||||
Depreciation & Amortization Expense | 23,800 | 22,600 | 23,100 | ||||||||
Income Tax Expense (Benefit) | 4,700 | 4,200 | 4,200 | ||||||||
Segment Profit | 12,900 | 11,500 | 11,400 | ||||||||
Segment Assets | 571,800 | 529,300 | 571,800 | 529,300 | 484,200 | ||||||
Capital Expenditures | 45,500 | 39,600 | 28,400 | ||||||||
Electric | Billed and Unbilled Revenue | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total Operating Revenues | 226,700 | 223,100 | 228,700 | ||||||||
Electric | Rate Adjustment Mechanism Revenue | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total Operating Revenues | 500 | 10,800 | (5,400) | ||||||||
All Other Segments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Interest Income | 400 | 600 | 600 | ||||||||
Interest Expense | 3,500 | 2,800 | 3,200 | ||||||||
Depreciation & Amortization Expense | 900 | 900 | 2,300 | ||||||||
Income Tax Expense (Benefit) | (1,800) | (1,400) | (3,400) | ||||||||
Segment Profit | 0 | 3,400 | 1,500 | ||||||||
Segment Assets | $ 19,800 | 17,900 | 19,800 | 17,900 | 43,100 | ||||||
Capital Expenditures | $ 6,000 | 5,600 | 3,200 | ||||||||
Unregulated Operation | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Other Operating Revenue – Non-Regulated | 900 | 4,700 | |||||||||
Total Operating Revenues | 900 | 4,700 | |||||||||
Interest Income | 200 | 200 | |||||||||
Depreciation & Amortization Expense | 100 | ||||||||||
Income Tax Expense (Benefit) | 3,800 | 500 | |||||||||
Segment Profit | 10,200 | 1,300 | |||||||||
Segment Assets | $ 300 | $ 300 | $ 6,900 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Recoveries | $ 0.6 | $ 0.8 | $ 0.6 | |
Provision for Bad Debt | 5.5 | 4.9 | 6 | |
Allowance for doubtful accounts | 3.3 | 1 | 1.3 | $ 1.6 |
Unbilled Revenues | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for doubtful accounts | 0.2 | |||
Accounts Receivable | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for doubtful accounts | 3.1 | 1 | ||
Regulatory Assets Harship Accounts | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recoveries | 6.8 | 5.6 | ||
Energy Commodity | ||||
Financing Receivable, Impaired [Line Items] | ||||
Provision for Bad Debt | $ 1.6 | $ 2.3 | $ 2.6 |
Activity in Company's Allowance
Activity in Company's Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at Beginning of Period | $ 1 | $ 1.3 | $ 1.6 | |
Provision | 5.5 | 4.9 | 6 | |
Recoveries | 0.6 | 0.8 | 0.6 | |
Accounts Written Off | 4.4 | 6 | 6.9 | |
Regulatory Defferals | [1] | 0.6 | ||
Balance at End of Period | 3.3 | 1 | 1.3 | |
Electric | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at Beginning of Period | 0.6 | 0.5 | 0.9 | |
Provision | 2.9 | 3 | 3.2 | |
Recoveries | 0.3 | 0.3 | 0.3 | |
Accounts Written Off | 2.6 | 3.2 | 3.9 | |
Regulatory Defferals | [1] | 0.4 | ||
Balance at End of Period | 1.6 | 0.6 | 0.5 | |
Gas | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at Beginning of Period | 0.4 | 0.8 | 0.6 | |
Provision | 2.6 | 1.9 | 2.9 | |
Recoveries | 0.3 | 0.5 | 0.3 | |
Accounts Written Off | 1.8 | 2.8 | 3 | |
Regulatory Defferals | [1] | 0.2 | ||
Balance at End of Period | $ 1.7 | $ 0.4 | 0.8 | |
Others | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at Beginning of Period | 0.1 | |||
Provision | $ (0.1) | |||
[1] | The Company has incurred greater than normal bad debt expense due to the coronavirus pandemic. Incremental bad debt expense amounts have been deferred as regulatory assets based on certain regulatory proceedings and management’s belief that such amounts are probable of recovery (See the “Financial Effects of COVID-19 Pandemic” section in Note 8 (Commitments and Contingencies). The Company will track the collection of receivables and to the extent incremental bad debt amounts are collected in the future, such amounts will reduce the regulatory assets recorded. |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements - Additional Information (Detail) - USD ($) | Dec. 18, 2020 | Sep. 15, 2020 | Sep. 12, 2019 | Jul. 25, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 18, 2019 | Oct. 30, 2015 |
Line of Credit Facility [Line Items] | |||||||||
Weighted average interest rate on short term borrowings | 1.70% | 3.40% | 3.30% | ||||||
Accounts Payable | $ 33,200,000 | $ 37,600,000 | |||||||
Guarantee outstanding | 1,300,000 | ||||||||
Total rental expense under operating leases | 1,800,000 | 1,400,000 | $ 2,200,000 | ||||||
Operating lease obligations | 1,800,000 | 1,400,000 | |||||||
Net Utility Plant | $ 1,193,200,000 | $ 1,111,500,000 | |||||||
Issuance of long-term debt | $ 100,000 | $ 500,000 | $ 200,000 | $ 200,000 | |||||
Operating lease, weighted average remaining lease term | 3 years 9 months 18 days | 3 years 10 months 24 days | |||||||
Operating lease, weighted average discount rate percentage | 4.40% | 5.20% | |||||||
Restriction on retained earnings for dividend payments | Therefore, there were no restrictions on the Company’s Retained Earnings at December 31, 2020 for the payment of dividends. | ||||||||
Amount available for the payment of dividends | $ 133,800,000 | ||||||||
Retained Earnings | 103,700,000 | $ 94,100,000 | |||||||
Long term debt repayments | 24,800,000 | 18,800,000 | 30,100,000 | ||||||
Lease Obligations [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Capital lease obligation, total capitalized cost | 424,000 | 500,000 | |||||||
Capital lease obligation, current | 200,000 | 200,000 | |||||||
Capital lease obligation, noncurrent | 200,000 | 300,000 | |||||||
Other current operating lease obligation | 1,500,000 | 1,200,000 | |||||||
Other noncurrent operating lease obligation | 3,700,000 | $ 2,800,000 | |||||||
Unitil Energy, Fitchburg, Northern Utilities and Granite State | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Amount available for the payment of dividends | $ 325,800,000 | ||||||||
Credit Facility [Member] | Second Amended Credit Facility | |||||||||
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 [Member] | London Interbank Offered Rate | Second Amended Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, daily fluctuating rate of interest | 1.125% | ||||||||
3.43% Senior Notes, Due December 18, 2029 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, stated interest rate | 3.43% | 3.43% | |||||||
Long-term debt, maturity date | Dec. 18, 2029 | Dec. 18, 2029 | |||||||
4.04% Senior Notes, Due September 12, 2049 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, maturity date | Sep. 12, 2049 | ||||||||
Bonds [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long term debt repayments | $ 24,800,000 | $ 18,800,000 | $ 30,100,000 | ||||||
Debt repayment, 2021 | 8,800,000 | ||||||||
Debt repayment, 2022 | 23,400,000 | ||||||||
Debt repayment, 2023 | 6,900,000 | ||||||||
Debt repayment, 2024 | 7,000,000 | ||||||||
Debt repayment, 2025 | 7,000,000 | ||||||||
Debt repayment, Thereafter | 482,300,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Revolving credit facility | 120,000,000 | 120,000,000 | |||||||
Proceeds from lines of credit | 248,900,000 | 252,700,000 | |||||||
Repayments of lines of credit | $ 252,800,000 | 276,900,000 | |||||||
Percentage of capitalization | The affirmative and negative covenants under the Credit Facility shall apply to Unitil 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 Unitil’s Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At December 31, 2020 and December 31, 2019, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date. | ||||||||
Revolving Credit Facility [Member] | Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Percentage of capitalization | The affirmative and negative covenants under the Credit Facility shall apply to Unitil 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 Unitil’s Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At December 31, 2020 and December 31, 2019, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date. | ||||||||
Accounts Payable | 1,000,000 | ||||||||
Natural gas storage inventory | $ 5,400,000 | 6,500,000 | |||||||
Unitil Service Corp | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Capital lease obligation, total capitalized cost | $ 13,400,000 | ||||||||
Northern Utilities Inc | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Accounts Payable | 1,000,000 | 1,000,000 | |||||||
Long-term debt, aggregate principal amount | $ 40,000,000 | ||||||||
Long-term debt, stated interest rate | 4.04% | ||||||||
Natural gas storage inventory | $ 5,400,000 | $ 6,500,000 | |||||||
Total funded indebtedness as percentage of capitalization | 65.00% | ||||||||
Northern Utilities Inc | 4.04% Senior Notes, Due September 12, 2049 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, aggregate principal amount | $ 40,000,000 | ||||||||
Long-term debt, stated interest rate | 4.04% | 4.04% | |||||||
Long-term debt, maturity date | Sep. 12, 2049 | Sep. 12, 2049 | |||||||
Granite State Gas Transmission Inc | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total funded indebtedness as percentage of capitalization | 65.00% | ||||||||
Fitchburg Gas and Electric Light Company | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total funded indebtedness as percentage of capitalization | 65.00% | ||||||||
Fitchburg Gas and Electric Light Company | 3.78% Senior Notes, Due September 15, 2040 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, aggregate principal amount | $ 27,500,000 | ||||||||
Long-term debt, stated interest rate | 3.78% | ||||||||
Unitil Corporation | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total funded indebtedness as percentage of capitalization | 70.00% | ||||||||
Unitil Corporation | 3.43% Senior Notes, Due December 18, 2029 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, aggregate principal amount | $ 30,000,000 | ||||||||
Long-term debt, stated interest rate | 3.43% | ||||||||
Long-term debt, maturity date | Dec. 18, 2029 | ||||||||
Northern Utilities And Fitchburg | 3.78% Senior Notes, Due September 15, 2040 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, stated interest rate | 3.78% | ||||||||
Long-term debt, maturity date | Sep. 15, 2040 | ||||||||
Unitil Energy Systems Inc | 3.58% Mortgage Bonds, Due September 12, 2040 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, aggregate principal amount | $ 27,500,000 | ||||||||
Long-term debt, stated interest rate | 3.58% | ||||||||
Unitil Reality Corp | 2.64% Senior Secured Notes, Due December 18, 2030 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, aggregate principal amount | $ 4,700,000 | ||||||||
Long-term debt, stated interest rate | 2.64% | ||||||||
Long-term debt, maturity date | Dec. 18, 2030 | ||||||||
Assets under Capital Leases [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Net Utility Plant | $ 1,000,000 | $ 1,200,000 | |||||||
Net Utility Plant, accumulated amortization | $ 500,000 | $ 600,000 |
Estimated Fair Value of Long Te
Estimated Fair Value of Long Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 2 | ||
Debt Instrument [Line Items] | ||
Estimated Fair Value of Long-Term Debt | $ 633.1 | $ 518.7 |
Details on Long Term Debt (Deta
Details on Long Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 535.4 | $ 460.5 | |
Less: Unamortized Debt Issuance Costs | 3.8 | 3.5 | |
Long-Term Debt | 531.6 | 457 | |
Less: Current Portion | [1] | 8.5 | 19.5 |
Total Long-Term Debt, Less Current Portion | 523.1 | 437.5 | |
6.33% Senior Notes, Due May 1, 2022 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 20 | |
3.70% Senior Notes, Due August 1, 2026 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | |
3.43% Senior Notes, Due December 18, 2029 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | |
2.64% Senior Notes, Due December 18, 2030 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 4.7 | ||
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 | ||
Unitil Energy Systems Inc | First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 3 | 4.5 | |
Unitil Energy Systems Inc | First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 16 | 18 | |
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 | |
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 | |
Unitil Energy Systems Inc | First Mortgage Bonds 3.58% Senior Secured Notes Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 27.5 | ||
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 | 1.9 | 3.8 | |
Fitchburg Gas and Electric Light Company | 6.79% Senior Notes, Due October 15, 2025 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 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 | |
Fitchburg Gas and Electric Light Company | 7.37% Notes, Due January 15, 2029 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10.8 | 12 | |
Fitchburg Gas and Electric Light Company | 5.90% Notes, Due December 15, 2030 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 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 | |
Fitchburg Gas and Electric Light Company | 3.78% Senior Notes, Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 27.5 | ||
Fitchburg Gas and Electric Light Company | 4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | |
Northern Utilities Inc | 3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 20 | 20 | |
Northern Utilities Inc | 3.78% Senior Notes, Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 40 | ||
Northern Utilities Inc | 4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | |
Northern Utilities Inc | 5.29% Senior Notes, Due March 2, 2020 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 8.2 | ||
Northern Utilities Inc | 7.72% Senior Notes, Due December 3, 2038 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 50 | 50 | |
Northern Utilities Inc | 4.42% Senior Notes, Due October 15, 2044 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 50 | 50 | |
Northern Utilities Inc | 4.04% Senior Notes, Due September 12, 2049 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 40 | 40 | |
Granite State Gas Transmission Inc | 3.72% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 15 | $ 15 | |
[1] | The Current Portion of Long-Term Debt includes sinking fund payments. |
Details on Long Term Debt (Pare
Details on Long Term Debt (Parenthetical) (Detail) | Sep. 12, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.04% | ||
6.33% Senior Notes, Due May 1, 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.33% | 6.33% | |
Debt instrument due date | 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% | |
Debt instrument due date | Aug. 1, 2026 | Aug. 1, 2026 | |
3.43% Senior Notes, Due December 18, 2029 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.43% | 3.43% | |
Debt instrument due date | Dec. 18, 2029 | Dec. 18, 2029 | |
First Mortgage Bonds 5.24% Senior Secured Notes, Due March 2, 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Mar. 2, 2020 | ||
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% | |
Debt instrument due date | Mar. 2, 2020 | ||
First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Oct. 14, 2024 | ||
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% | |
Debt instrument due date | Oct. 14, 2024 | ||
First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Sep. 1, 2028 | ||
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% | |
Debt instrument due date | Sep. 1, 2028 | ||
First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | May 1, 2031 | ||
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% | |
Debt instrument due date | May 1, 2031 | ||
First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Sep. 15, 2036 | ||
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% | |
Debt instrument due date | Sep. 15, 2036 | ||
First Mortgage Bonds 3.58% Senior Secured Notes Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Sep. 15, 2040 | ||
First Mortgage Bonds 3.58% Senior Secured Notes Due September 15, 2040 | Unitil Energy Systems Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.58% | 3.58% | |
Debt instrument due date | Sep. 15, 2040 | ||
First Mortgage Bonds 4.18% Senior Secured Notes Due November 30, 2048 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Nov. 30, 2048 | ||
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% | |
Debt instrument due date | Nov. 30, 2048 | ||
6.75% Senior Notes, Due November 30, 2023 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Nov. 30, 2023 | ||
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% | |
Debt instrument due date | Nov. 30, 2023 | ||
6.79% Senior Notes, Due October 15, 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Oct. 15, 2025 | ||
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% | |
Debt instrument due date | Oct. 15, 2025 | ||
3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Nov. 1, 2027 | ||
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% | |
Debt instrument due date | 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% | |
Debt instrument due date | Nov. 1, 2027 | ||
7.37% Notes, Due January 15, 2029 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Jan. 15, 2029 | ||
7.37% Notes, Due January 15, 2029 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.37% | 7.37% | |
Debt instrument due date | Jan. 15, 2029 | ||
5.90% Notes, Due December 15, 2030 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Dec. 15, 2030 | ||
5.90% Notes, Due December 15, 2030 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | 5.90% | |
Debt instrument due date | Dec. 15, 2030 | ||
7.98% Notes, Due June 1, 2031 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Jun. 1, 2031 | ||
7.98% Notes, Due June 1, 2031 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.98% | 7.98% | |
Debt instrument due date | Jun. 1, 2031 | ||
3.78% Senior Notes, Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Sep. 15, 2040 | ||
3.78% Senior Notes, Due September 15, 2040 | Fitchburg Gas and Electric Light Company | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.78% | 3.78% | |
Debt instrument due date | Sep. 15, 2040 | ||
3.78% Senior Notes, Due September 15, 2040 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.78% | 3.78% | |
Debt instrument due date | Sep. 15, 2040 | ||
4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Nov. 1, 2047 | ||
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% | |
Debt instrument due date | 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% | |
Debt instrument due date | Nov. 1, 2047 | ||
5.29% Senior Notes, Due March 2, 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Mar. 2, 2020 | ||
5.29% Senior Notes, Due March 2, 2020 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.29% | 5.29% | |
Debt instrument due date | Mar. 2, 2020 | ||
7.72% Senior Notes, Due December 3, 2038 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Dec. 3, 2038 | ||
7.72% Senior Notes, Due December 3, 2038 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.72% | 7.72% | |
Debt instrument due date | Dec. 3, 2038 | ||
4.42% Senior Notes, Due October 15, 2044 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Oct. 15, 2044 | ||
4.42% Senior Notes, Due October 15, 2044 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.42% | 4.42% | |
Debt instrument due date | Oct. 15, 2044 | ||
4.04% Senior Notes, Due September 12, 2049 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Sep. 12, 2049 | ||
4.04% Senior Notes, Due September 12, 2049 | Northern Utilities Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.04% | 4.04% | |
Debt instrument due date | Sep. 12, 2049 | Sep. 12, 2049 | |
3.72% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Debt instrument due date | Nov. 1, 2027 | ||
3.72% Senior Notes, Due November 1, 2027 | Granite State Gas Transmission Inc | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.72% | 3.72% | |
Debt instrument due date | Nov. 1, 2027 | ||
2.64% Senior Notes, Due December 18, 2030 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.64% | 2.64% | |
Debt instrument due date | Dec. 18, 2030 | Dec. 18, 2030 |
Summary of Interest Expense and
Summary of Interest Expense and Interest Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Interest Expense | ||||
Long-Term Debt | $ 24.8 | $ 22.9 | $ 23.1 | |
Short-Term Debt | 1.4 | 3 | 2.6 | |
Regulatory Liabilities | 0.2 | 0.7 | 0.7 | |
Interest Expense | 26.4 | 26.6 | 26.4 | |
Interest Income | ||||
Interest and Other Income | (2.6) | (2.9) | (2.4) | |
Total Interest Expense, Net | 23.8 | 23.7 | 24 | |
Regulatory Assets | ||||
Interest Income | ||||
Interest and Other Income | (0.8) | (0.8) | (0.8) | |
AFUDC and Other | ||||
Interest Income | ||||
Interest and Other Income | [1] | $ (1.8) | $ (2.1) | $ (1.6) |
[1] | AFUDC—Allowance for Funds Used During Construction |
Borrowing Limits Amounts Outsta
Borrowing Limits Amounts Outstanding and Amounts Available under Revolving Credit Facility (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Short-Term Borrowings Outstanding | $ 54,700,000 | $ 58,600,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, limit | 120,000,000 | 120,000,000 |
Short-Term Borrowings Outstanding | 54,700,000 | 58,600,000 |
Letters of Credit Outstanding | 100,000 | 100,000 |
Available revolving credit facility | $ 65,200,000 | $ 61,300,000 |
Summary of Contractual Obligati
Summary of Contractual Obligations for Long-term Debt (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Contractual Obligation Fiscal Year Maturity Schedule [Line Items] | |
Total | $ 571.8 |
2021 | 57.2 |
2022 | 50.6 |
2023 | 47.9 |
2024 | 39 |
2025 | 37.6 |
2026 & Beyond | 339.5 |
Long Term Debt Comprising Principal And Interest [Member] | |
Contractual Obligation Fiscal Year Maturity Schedule [Line Items] | |
Total | 923.2 |
2021 | 35.1 |
2022 | 48.5 |
2023 | 30.9 |
2024 | 30.5 |
2025 | 30.1 |
2026 & Beyond | 748.1 |
Long-Term Debt [Member] | Long Term Debt Comprising Principal And Interest [Member] | |
Contractual Obligation Fiscal Year Maturity Schedule [Line Items] | |
Total | 535.4 |
2021 | 8.8 |
2022 | 23.4 |
2023 | 6.9 |
2024 | 7 |
2025 | 7 |
2026 & Beyond | 482.3 |
Interest on Long-Term Debt [Member] | Long Term Debt Comprising Principal And Interest [Member] | |
Contractual Obligation Fiscal Year Maturity Schedule [Line Items] | |
Total | 387.8 |
2021 | 26.3 |
2022 | 25.1 |
2023 | 24 |
2024 | 23.5 |
2025 | 23.1 |
2026 & Beyond | $ 265.8 |
Debt and Financing Arrangemen_4
Debt and Financing Arrangements - Classification of the Company Lease Obligations (Detail) - Lease Obligations [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease Obligations: | ||
Other Current Liabilities (current portion) | $ 1,500 | $ 1,200 |
Other Noncurrent Liabilities (long-term portion) | 3,700 | 2,800 |
Total Operating Lease Obligations | 5,210 | 4,000 |
Capital Lease Obligations: | ||
Other Current Liabilities (current portion) | 200 | 200 |
Other Noncurrent Liabilities (long-term portion) | 200 | 300 |
Total Capital Lease Obligations | 424 | 500 |
Total Lease Obligations | $ 5,600 | $ 4,500 |
Future Operating Lease Payment
Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases (Detail) - Lease Obligations [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating leases | ||
Rest of 2021 | $ 1,746 | |
2022 | 1,468 | |
2023 | 1,172 | |
2024 | 842 | |
2025 | 276 | |
2026-2030 | 149 | |
Total Payments | 5,653 | |
Less: Interest | 443 | |
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | 5,210 | $ 4,000 |
Capital lease | ||
Rest of 2021 | 193 | |
2022 | 130 | |
2023 | 88 | |
2024 | 33 | |
2025 | 0 | |
2026-2030 | 0 | |
Total Payments | 444 | |
Less: Interest | 20 | |
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ 424 | $ 500 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Jan. 26, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||
Common stock, shares outstanding | 15,012,310 | 14,930,170 | ||
Common stock, shares issued | 23,658 | 20,065 | 25,932 | |
Common stock, shares authorized | 25,000,000 | 25,000,000 | ||
Proceeds from Issuance of Common Stock | $ 1,100,000 | $ 1,100,000 | $ 1,200,000 | |
Percentage of fully-vested restricted stock units that directors will receive in common shares when settled | 70.00% | |||
Common stock shares repurchase | 13,194 | 2,911 | 791 | |
Fair value of liabilities associated with fully vested RSUs that will be settled in cash | $ 800,000 | $ 1,900,000 | ||
Share based compensation expense | $ 2,200,000 | 2,300,000 | $ 2,200,000 | |
Percentage of fully-vested restricted stock units that directors will receive in cash when settled | 30.00% | |||
Preferred Stock | $ 200,000 | $ 200,000 | ||
Restricted Stock | ||||
Class of Stock [Line Items] | ||||
Restricted stock vesting period | 4 years | |||
Restricted stock non-vested | 39,426 | 32,950 | ||
Restricted stock weighted average grant date fair value | $ 55.46 | $ 47.35 | ||
Unrecognized share based compensation | $ 800,000 | |||
Share compensation recognition period | 2 years 8 months 12 days | |||
Forfeitures under the stock plan | 5,570 | |||
Cancellations under the stock plan | 0 | |||
Restricted Stock | Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Restricted Stock Units Granted | 23,140 | |||
Aggregate Market Value | $ 900,000 | |||
Restricted Stock | Vesting Annually | ||||
Class of Stock [Line Items] | ||||
Restricted stock vesting percentage annually | 25.00% | |||
Unitil Energy Systems Inc | Series 6 | ||||
Class of Stock [Line Items] | ||||
Preferred stock, outstanding | 1,887 | 1,887 | ||
Preferred Stock | $ 200,000 | $ 200,000 | ||
Dividend rate | 6.00% | 6.00% | ||
Dividend and Distribution Reinvestment and Share Purchase Plan | ||||
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 1,100,000 | $ 1,100,000 | $ 1,200,000 | |
Dividend and Distribution Reinvestment and Share Purchase Plan | Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued | 23,658 | 20,065 | 25,932 | |
Maximum | ||||
Class of Stock [Line Items] | ||||
Dividend declared | $ 100,000 | $ 100,000 | ||
Repurchase expense | $ 500,000 | $ 200,000 | $ 100,000 | |
Maximum | Restricted Stock | ||||
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 | |||
Average | Dividend and Distribution Reinvestment and Share Purchase Plan | ||||
Class of Stock [Line Items] | ||||
Common stock price per share | $ 46.08 |
Restricted Shares Issued in Con
Restricted Shares Issued in Conjunction with Stock Plan (Detail) - Restricted Stock $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Period 1 | |
Class of Stock [Line Items] | |
Issuance Date | Jan. 29, 2018 |
Shares | shares | 37,510 |
Aggregate Market Value | $ | $ 1.6 |
Period 2 | |
Class of Stock [Line Items] | |
Issuance Date | Jan. 29, 2019 |
Shares | shares | 33,150 |
Aggregate Market Value | $ | $ 1.6 |
Period 3 | |
Class of Stock [Line Items] | |
Issuance Date | Jan. 28, 2020 |
Shares | shares | 28,630 |
Aggregate Market Value | $ | $ 1.8 |
Period 4 | |
Class of Stock [Line Items] | |
Issuance Date | Jul. 28, 2020 |
Shares | shares | 3,000 |
Aggregate Market Value | $ | $ 0.1 |
Restricted Stock Units Issued (
Restricted Stock Units Issued (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units | ||
Beginning Restricted Stock Units | 70,364 | 61,789 |
Restricted Stock Units Granted | 3,743 | 6,943 |
Dividend Equivalents Earned | 1,507 | 1,632 |
Restricted Stock Units Settled | (32,422) | |
Ending Restricted Stock Units | 43,192 | 70,364 |
Weighted-Average Stock Price | ||
Beginning Restricted Stock Units | $ 41.20 | $ 38.25 |
Restricted Stock Units Granted | 39.26 | 63.50 |
Dividend Equivalents Earned | 47.34 | 58.15 |
Restricted Stock Units Settled | 41.09 | |
Ending Restricted Stock Units | $ 41.34 | $ 41.20 |
Reconciliation of Basic and Dil
Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | |||||||||||
Earnings Available to Common Shareholders | $ 32.2 | $ 44.2 | $ 33 | ||||||||
Weighted Average Common Shares Outstanding—Basic | 14,951 | 14,894 | 14,824 | ||||||||
Plus: Diluted Effect of Incremental Shares | 1 | 6 | 5 | ||||||||
Weighted Average Common Shares Outstanding—Diluted | 14,952 | 14,900 | 14,829 | ||||||||
Earnings per Share—Basic and Diluted | $ 0.90 | $ 0.02 | $ 0.21 | $ 1.02 | $ 0.77 | $ 0.15 | $ 0.27 | $ 1.78 | $ 2.15 | $ 2.97 | $ 2.23 |
Weighted Average Non Vested Res
Weighted Average Non Vested Restricted Shares Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Non Vested Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted Average Non-Vested Restricted Shares Not Included in EPS Computation | 42,813 | 6,102 |
Energy Supply - Additional Info
Energy Supply - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020BcfMMBTU | |
Northern Utilities Inc | |
Gas and Oil Acreage [Line Items] | |
Natural gas available under firm contract per day of year-round and seasonal transportation and underground storage capacity to distribution facilities | MMBTU | 122,000,000,000 |
Natural gas, underground storage | Bcf | 4,300,000,000 |
Northern Utilities Inc | Maximum | |
Gas and Oil Acreage [Line Items] | |
Purchases of natural gas, contract duration | 1 year |
Fitchburg Gas and Electric Light Company | |
Gas and Oil Acreage [Line Items] | |
Natural gas available under firm contract per day of year-round and seasonal transportation and underground storage capacity to distribution facilities | MMBTU | 14,439 |
Natural gas, underground storage | Bcf | 0.4 |
Percentage of power supply requirement | 50.00% |
Power supply contract duration | 12 months |
Unitil Energy Systems Inc | |
Gas and Oil Acreage [Line Items] | |
Percentage of power supply requirement | 100.00% |
Power supply contract duration | 6 months |
Gas And Electric Supply Contrac
Gas And Electric Supply Contractual Obligations (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Total | $ 571.8 |
2021 | 57.2 |
2022 | 50.6 |
2023 | 47.9 |
2024 | 39 |
2025 | 37.6 |
2026 & Beyond | 339.5 |
Gas Supply Contracts | |
Total | 556.2 |
2021 | 55.9 |
2022 | 49.3 |
2023 | 46.5 |
2024 | 37.6 |
2025 | 36.2 |
2026 & Beyond | 330.7 |
Electric Supply Contracts | |
Total | 15.6 |
2021 | 1.3 |
2022 | 1.3 |
2023 | 1.4 |
2024 | 1.4 |
2025 | 1.4 |
2026 & Beyond | $ 8.8 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Nov. 30, 2020USD ($) | Nov. 02, 2020USD ($) | Nov. 01, 2020USD ($) | Apr. 17, 2020USD ($) | Mar. 26, 2020USD ($) | Feb. 28, 2020USD ($) | Oct. 29, 2019USD ($) | Jun. 25, 2019 | May 01, 2019USD ($) | Apr. 30, 2019USD ($) | Nov. 01, 2018USD ($) | May 02, 2018USD ($) | Apr. 20, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 10, 2020MWh | May 23, 2019MWh | Jul. 31, 2018MWMWh | Jun. 30, 2017MWhMW |
Regulatory Assets [Line Items] | |||||||||||||||||||||
Accrued Revenue | $ 50,900,000 | $ 50,000,000 | |||||||||||||||||||
Regulatory Assets | $ 127,400,000 | $ 112,000,000 | |||||||||||||||||||
Corporate income tax rate | 21.00% | 21.00% | 21.00% | ||||||||||||||||||
Spending cap | $ 571,800,000 | ||||||||||||||||||||
Accrued Estimated Costs For Remediation | $ 800,000 | ||||||||||||||||||||
Tax Year 2018 | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Corporate income tax rate | 21.00% | 21.00% | 21.00% | ||||||||||||||||||
Other Restructuring | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Accrued Revenue | $ 300,000 | ||||||||||||||||||||
Regulatory Assets | $ 300,000 | ||||||||||||||||||||
Cost recovery period, years | 2 years | ||||||||||||||||||||
Regulatory assets approved revenue increase decrease regulatory period | 2 years | ||||||||||||||||||||
New Hampshire | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Increase (decrease) in annual revenue | $ 3,200,000 | ||||||||||||||||||||
Northern Utilities Inc | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Increase (decrease) in annual revenue | $ 1,400,000 | $ 1,400,000 | |||||||||||||||||||
Northern Utilities Inc | Maine | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Increase (decrease) in annual revenue | $ 3,600,000 | ||||||||||||||||||||
Percentage of increase in test year operating revenue | 3.60% | ||||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 50.00% | ||||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 50.00% | ||||||||||||||||||||
Percentage of approved return on equity | 9.48% | ||||||||||||||||||||
Fitchburg Gas and Electric Light Company | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Increase (decrease) in annual revenue | $ 1,400,000 | $ 1,100,000 | $ 900,000 | $ 1,100,000 | $ 1,000,000 | $ 900,000 | |||||||||||||||
Original Settlement Amount | $ 200,000 | ||||||||||||||||||||
Recovery amount | 600,000 | ||||||||||||||||||||
Power generation capacity | MWh | 9,450,000 | ||||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 52.45% | 52.45% | |||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 47.55% | 47.55% | |||||||||||||||||||
Percentage of approved return on equity | 9.70% | 9.70% | |||||||||||||||||||
Revenue Impact Threshold | $ 100,000 | $ 40,000 | |||||||||||||||||||
Fitchburg Gas and Electric Light Company | Offshore Wind Energy | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Power generation facility | MW | 400 | 1,600 | |||||||||||||||||||
Remuneration Percentage | 2.75% | ||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Offshore Wind Energy | First Solicitation [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Power generation facility | MWh | 800 | ||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Offshore Wind Energy | Second Solicitation [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Power generation facility | MWh | 800 | ||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Qualified Clean Energy | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Power generation capacity | MWh | 9,554,940 | ||||||||||||||||||||
Remuneration Percentage | 2.75% | ||||||||||||||||||||
Unitil Energy Systems Inc | New Hampshire | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Permanent rate increase | $ 4,100,000 | ||||||||||||||||||||
Unitil Energy Systems Inc | New Hampshire | Second Rate Step Adjustments | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Increase (decrease) in annual revenue | $ 340,000 | ||||||||||||||||||||
Fitchburg Gas Company | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Cost recovery period, years | 24 months | ||||||||||||||||||||
Increase (decrease) in annual revenue | 4,600,000 | ||||||||||||||||||||
Regulatory assets approved increase in revenue due to be recovered | $ 2,200,000 | ||||||||||||||||||||
Regulatory assets approved revenue increase decrease regulatory period | 24 months | ||||||||||||||||||||
Fitchburg Gas Company | First Solicitation [Member] | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Increase (decrease) in annual revenue | $ 3,700,000 | ||||||||||||||||||||
Granite State | |||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||
Increase (decrease) in annual revenue | $ 1,300,000 | ||||||||||||||||||||
Spending cap | $ 14,600,000 |
Company's Liability for Environ
Company's Liability for Environmental Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Environmental Exit Cost [Line Items] | ||
Total Balance at Beginning of Period | $ 2.7 | $ 2 |
Additions | 0.2 | 0.9 |
Less: Payments / Reductions | 0.8 | 0.2 |
Total Balance at End of Period | 2.1 | 2.7 |
Less: Current Portion | 0.3 | 0.6 |
Noncurrent Balance at End of Period | 1.8 | 2.1 |
Fitchburg Gas and Electric Light Company | ||
Environmental Exit Cost [Line Items] | ||
Total Balance at Beginning of Period | 0 | |
Additions | 0.1 | |
Less: Payments / Reductions | 0 | |
Total Balance at End of Period | 0.1 | 0 |
Less: Current Portion | 0.1 | |
Noncurrent Balance at End of Period | 0 | |
Northern Utilities Inc | ||
Environmental Exit Cost [Line Items] | ||
Total Balance at Beginning of Period | 2.7 | 2 |
Additions | 0.1 | 0.9 |
Less: Payments / Reductions | 0.8 | 0.2 |
Total Balance at End of Period | 2 | 2.7 |
Less: Current Portion | 0.2 | 0.6 |
Noncurrent Balance at End of Period | $ 1.8 | $ 2.1 |
Provisions for Federal and Stat
Provisions for Federal and State Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Income Tax Provision | |||
Federal | $ 250 | ||
State | 678 | $ 351 | $ 355 |
Total Current Income Taxes | 928 | 351 | 355 |
Deferred Income Provision | |||
Federal | 6,483 | 9,340 | 5,032 |
State | 2,838 | 4,117 | 3,006 |
Total Deferred Income Taxes | 9,321 | 13,457 | 8,038 |
Total Income Tax Expense | $ 10,249 | $ 13,808 | $ 8,393 |
Differences Between Provisions
Differences Between Provisions for Income Taxes and Provisions Calculated at Statutory Federal Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination [Line Items] | |||
Statutory Federal Income Tax Rate | 21.00% | 21.00% | 21.00% |
State Income Taxes, net | 6.00% | 6.00% | 6.00% |
Utility Plant Differences | (4.00%) | (3.00%) | (7.00%) |
Other, net | 1.00% | ||
Effective Income Tax Rate | 24.00% | 24.00% | 20.00% |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets | ||
Retirement Benefit Obligations | $ 40,740 | $ 36,551 |
Net Operating Loss Carryforwards | 1,609 | |
Tax Credit Carryforwards | 344 | 1,489 |
Other, net | 1,252 | 1,589 |
Total Deferred Tax Assets | 42,336 | 41,238 |
Deferred Tax Liabilities | ||
Utility Plant Differences | 143,800 | 134,011 |
Regulatory Assets & Liabilities | 6,247 | 5,239 |
Other, net | 1,307 | 5,539 |
Total Deferred Tax Liabilities | 151,354 | 144,789 |
Net Deferred Tax Liabilities | $ 109,018 | $ 103,551 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Line Items] | |||||
Corporate federal income tax | 21.00% | 21.00% | 21.00% | ||
Regulatory Liability | $ 49.8 | $ 49.8 | $ 54 | $ 48.9 | |
Regulatory liability, expected flow back to customers | 47.1 | 48.9 | |||
Regulatory liability, expected pass back to ratepayers | 0.3 | 1.7 | $ 1.8 | ||
Net Operating Loss Carryforwards Utilized For Income Taxes | $ 8.2 | ||||
Deferred tax assets, operating loss carryforwards, federal | 2.7 | 2.7 | |||
Alternative minimum tax credit carryforwards | 0.9 | $ 0.9 | |||
Percentage of employment retention credit | 50.00% | ||||
Employment retention duties capacity | 100.00% | ||||
Employment tax expense | $ 0.6 | ||||
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 | ||||
Gas Ratepayers | Massachusetts And Maine [Member] | |||||
Income Taxes [Line Items] | |||||
Regulatory liability, expected flow back to customers | $ 1.9 | ||||
Net Operating Loss Carryforward Assets | |||||
Income Taxes [Line Items] | |||||
Regulatory liability, expected pass back to ratepayers | $ 2 | ||||
Tax Year 2018 | |||||
Income Taxes [Line Items] | |||||
Corporate federal income tax | 21.00% | 21.00% | 21.00% |
Key Weighted Average Assumption
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Benefit Plan Costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.25% | 4.25% | 3.60% |
Rate of Compensation Increase | 3.00% | 3.00% | 3.00% |
Expected Long-term rate of return on plan assets | 7.40% | 7.50% | 7.75% |
Health Care Cost Trend Rate Assumed for Next Year | 7.00% | 7.00% | 7.50% |
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% |
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2024 | 2024 |
Benefit Obligation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 2.50% | 3.25% | 4.25% |
Rate of Compensation Increase | 3.00% | 3.00% | 3.00% |
Health Care Cost Trend Rate Assumed for Next Year | 6.60% | 7.00% | 7.00% |
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% |
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2029 | 2024 |
Retirement Benefit Obligations
Retirement Benefit Obligations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Change in Discount Rate | 0.25% | |||
Increase or decrease of Net Periodic Benefit Cost (NPBC) due to change in the discount rate | $ 629 | |||
Pension expense | 6,900 | $ 5,800 | $ 7,600 | |
Regulatory assets | $ 164,700 | 147,800 | ||
Defined Benefit Plan, Expected Long-term Rate-of-Return on Assets Assumption | The desired investment objective is a long-term rate of return on assets that is approximately 5 – 6% greater than the assumed rate of inflation as measured by the Consumer Price Index. | |||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | $ 189,400 | 166,500 | ||
Company's contributions | 4,665 | 6,916 | 16,628 | |
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company's contributions | 4,156 | 4,000 | 4,000 | |
Supplemental Employee Retirement Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | 16,700 | 13,600 | ||
Company's contributions | 654 | 610 | 401 | |
Fair Value Of Plan Assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension expense | 6,500 | 7,300 | 7,200 | |
Defined Benefit Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Regulatory assets | 103,700 | 88,900 | ||
Four Zero One K Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company's contributions | $ 3,000 | $ 2,800 | $ 2,700 | |
Benefit Plan Costs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Long-term Return on Assets | 7.40% | 7.50% | 7.75% | |
Scenario Forecast | Pension Plans | Equity Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 56.00% | |||
Scenario Forecast | Pension Plans | Fixed Income Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 39.00% | |||
Scenario Forecast | Other Postretirement Benefit Plans, Defined Benefit | Equity Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 55.00% | |||
Scenario Forecast | Other Postretirement Benefit Plans, Defined Benefit | Fixed Income Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | |||
Real Estate Funds | Scenario Forecast | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% |
Components of Retirement Plan C
Components of Retirement Plan Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 3,322 | $ 3,104 | $ 3,393 |
Interest Cost | 5,776 | 6,484 | 5,878 |
Expected Return on Plan Assets | (9,019) | (8,475) | (7,785) |
Prior Service Cost Amortization | 320 | 320 | 324 |
Actuarial Loss Amortization | 6,472 | 4,324 | 5,786 |
Sub-total | 6,871 | 5,757 | 7,596 |
Amounts Capitalized or Deferred | (3,083) | (2,227) | (3,465) |
NPBC Recognized | 3,788 | 3,530 | 4,131 |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 2,698 | 2,304 | 2,933 |
Interest Cost | 3,121 | 3,426 | 3,404 |
Expected Return on Plan Assets | (2,063) | (1,645) | (1,635) |
Prior Service Cost Amortization | 1,210 | 1,213 | 1,309 |
Actuarial Loss Amortization | 744 | 227 | 1,383 |
Sub-total | 5,710 | 5,525 | 7,394 |
Amounts Capitalized or Deferred | (2,865) | (2,317) | (3,416) |
NPBC Recognized | 2,845 | 3,208 | 3,978 |
Supplemental Employee Retirement Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 283 | 247 | 487 |
Interest Cost | 549 | 567 | 404 |
Prior Service Cost Amortization | 57 | 56 | 189 |
Actuarial Loss Amortization | 1,036 | 628 | 486 |
Sub-total | 1,925 | 1,498 | 1,566 |
Amounts Capitalized or Deferred | (579) | (430) | (451) |
NPBC Recognized | $ 1,346 | $ 1,068 | $ 1,115 |
Summary of Information on Plans
Summary of Information on Plans' Assets, Projected Benefit Obligations (PBO), and Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets at Beginning of Year | $ 125,755 | $ 107,808 | |
Actual Return on Plan Assets | 13,024 | 17,908 | |
Employer Contributions | 4,665 | 6,916 | $ 16,628 |
Benefits Paid | (6,038) | (6,877) | |
Plan Assets at End of Year | 137,406 | 125,755 | 107,808 |
PBO at Beginning of Year | 182,135 | 156,197 | |
Service Cost | 3,322 | 3,104 | 3,393 |
Interest Cost | 5,776 | 6,484 | 5,878 |
Plan Amendments | 732 | ||
Benefits Paid | (6,038) | (6,877) | (4,986) |
Actuarial (Gain) or Loss | 20,165 | 23,227 | |
PBO at End of Year | 206,092 | 182,135 | 156,197 |
Funded Status: Assets vs PBO | (68,686) | (56,380) | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets at Beginning of Year | 27,280 | 21,109 | |
Actual Return on Plan Assets | 3,739 | 3,808 | |
Employer Contributions | 4,156 | 4,000 | 4,000 |
Participant Contributions | 240 | 121 | |
Benefits Paid | (2,568) | (1,758) | |
Plan Assets at End of Year | 32,847 | 27,280 | 21,109 |
PBO at Beginning of Year | 95,657 | 81,005 | |
Service Cost | 2,698 | 2,304 | 2,933 |
Interest Cost | 3,121 | 3,426 | 3,404 |
Benefits Paid | (2,568) | (1,758) | (2,193) |
Actuarial (Gain) or Loss | 7,683 | 10,559 | |
PBO at End of Year | 106,831 | 95,657 | 81,005 |
Funded Status: Assets vs PBO | (73,984) | (68,377) | |
Supplemental Employee Retirement Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Contributions | 654 | 610 | 401 |
Benefits Paid | (654) | (610) | |
PBO at Beginning of Year | 17,759 | 13,754 | |
Service Cost | 283 | 247 | 487 |
Interest Cost | 549 | 567 | 404 |
Plan Amendments | 225 | ||
Benefits Paid | (654) | (610) | (401) |
Actuarial (Gain) or Loss | 2,288 | 3,576 | |
PBO at End of Year | 20,225 | 17,759 | $ 13,754 |
Funded Status: Assets vs PBO | $ (20,225) | $ (17,759) |
Employer Contributions, Partici
Employer Contributions, Participant Contributions and Benefit Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer Contributions | $ 4,665 | $ 6,916 | $ 16,628 |
Benefit Payments | 6,038 | 6,877 | 4,986 |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer Contributions | 4,156 | 4,000 | 4,000 |
Participant Contributions | 240 | 121 | 153 |
Benefit Payments | 2,568 | 1,758 | 2,193 |
Supplemental Employee Retirement Plans, Defined Benefit | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer Contributions | 654 | 610 | 401 |
Benefit Payments | $ 654 | $ 610 | $ 401 |
Estimated Future Benefit Paymen
Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 7,150 |
2022 | 7,051 |
2023 | 7,864 |
2024 | 8,532 |
2025 | 8,648 |
2026 — 2030 | 52,765 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 2,948 |
2022 | 3,066 |
2023 | 3,235 |
2024 | 3,418 |
2025 | 3,704 |
2026 — 2030 | 21,958 |
Supplemental Employee Retirement Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 637 |
2022 | 636 |
2023 | 635 |
2024 | 634 |
2025 | 1,182 |
2026 — 2030 | $ 6,258 |
Actual Investment Allocations (
Actual Investment Allocations (Detail) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual Allocation | 100.00% | 100.00% | 100.00% | ||
Pension Plans | Equity Funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual Allocation | 58.00% | 54.00% | 49.00% | ||
Pension Plans | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual Allocation | 37.00% | 36.00% | 40.00% | ||
Pension Plans | Other | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual Allocation | [1] | 1.00% | 1.00% | 1.00% | |
Other Postretirement Benefit Plans, Defined Benefit | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual Allocation | 100.00% | 100.00% | 100.00% | ||
Other Postretirement Benefit Plans, Defined Benefit | Equity Funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual Allocation | 55.00% | 56.00% | 53.00% | ||
Other Postretirement Benefit Plans, Defined Benefit | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual Allocation | 45.00% | 44.00% | 47.00% | ||
Real Estate Funds | Pension Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual Allocation | 4.00% | 9.00% | 10.00% | ||
Scenario Forecast | Pension Plans | Equity Funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 56.00% | ||||
Scenario Forecast | Pension Plans | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 39.00% | ||||
Scenario Forecast | Other Postretirement Benefit Plans, Defined Benefit | Equity Funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 55.00% | ||||
Scenario Forecast | Other Postretirement Benefit Plans, Defined Benefit | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 45.00% | ||||
Scenario Forecast | Real Estate Funds | Pension Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target Allocation | 5.00% | ||||
[1] | Represents investments being held in cash equivalents as of December 31, 2020, December 31, 2019 and December 31, 2018 pending payment of benefits. |
Assets Measured at Fair Value o
Assets Measured at Fair Value on Recurring Basis for Pension Plan (Detail) - Pension Plans - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 137,406 | $ 125,755 | $ 107,808 |
Mutual Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 130,312 | 113,828 | |
Mutual Fund | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 79,690 | 68,848 | |
Mutual Fund | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 50,622 | 44,980 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 1,277 | 750 | |
Mutual Fund Including Cash And Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 131,589 | 114,578 | |
Real Estate Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 5,817 | 11,177 | |
Fair Value, Inputs, Level 1 | Mutual Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 130,312 | 113,828 | |
Fair Value, Inputs, Level 1 | Mutual Fund | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 79,690 | 68,848 | |
Fair Value, Inputs, Level 1 | Mutual Fund | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 50,622 | 44,980 | |
Fair Value, Inputs, Level 1 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 1,277 | 750 | |
Fair Value, Inputs, Level 1 | Mutual Fund Including Cash And Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 131,589 | $ 114,578 |
Assets Measured at Fair Value_2
Assets Measured at Fair Value on Recurring Basis for PBOP Plan (Detail) - Other Postretirement Benefit Plans, Defined Benefit - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 32,847 | $ 27,280 | $ 21,109 |
Mutual Fund | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 14,716 | 11,888 | |
Mutual Fund | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 18,131 | 15,392 | |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 32,847 | 27,280 | |
Fair Value, Inputs, Level 1 | Mutual Fund | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 14,716 | 11,888 | |
Fair Value, Inputs, Level 1 | Mutual Fund | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 18,131 | $ 15,392 |