Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Document Information [Line Items] | ||
Entity Interactive Data Current | Yes | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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 Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
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 | 16,039,938 | |
Title of 12(b) Security | Common Stock |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Revenues | ||||
Total Operating Revenues | $ 110.2 | $ 98.1 | $ 401.7 | $ 333.5 |
Operating Expenses | ||||
Operation and Maintenance | 18.6 | 16.7 | 55.5 | 51.2 |
Depreciation and Amortization | 16.6 | 14.8 | 46.9 | 44.5 |
Taxes Other than Income Taxes | 6.4 | 6.1 | 19.9 | 18.5 |
Total Operating Expenses | 103 | 90.9 | 346.8 | 282.1 |
Operating Income | 7.2 | 7.2 | 54.9 | 51.4 |
Interest Expense, Net | 6.6 | 6.5 | 19.1 | 19.5 |
Other Expense (Income), Net | 0.6 | 1 | 1.9 | 3.4 |
Income (Loss) Before Income Taxes | 0 | (0.3) | 33.9 | 28.5 |
Provision (Benefit) for Income Taxes | (0.5) | (0.3) | 7 | 6.9 |
Net Income | $ 0.5 | $ 0 | $ 26.9 | $ 21.6 |
Net Income Per Common Share-Basic | $ 0.03 | $ 0 | $ 1.68 | $ 1.42 |
Net Income Per Common Share-Diluted | $ 0.03 | $ 0 | $ 1.68 | $ 1.42 |
Weighted Average Common Shares Outstanding-Basic | 16 | 15.5 | 16 | 15.2 |
Weighted Average Common Shares Outstanding-Diluted | 16 | 15.5 | 16 | 15.2 |
Electric | ||||
Operating Revenues | ||||
Total Operating Revenues | $ 75.7 | $ 65.5 | $ 219.2 | $ 182.2 |
Operating Expenses | ||||
Cost of Sales | 47.3 | 40.1 | 142.6 | 108.8 |
Gas | ||||
Operating Revenues | ||||
Total Operating Revenues | 34.5 | 32.6 | 182.5 | 151.3 |
Operating Expenses | ||||
Cost of Sales | $ 14.1 | $ 13.2 | $ 81.9 | $ 59.1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Current Assets: | |||
Cash and Cash Equivalents | $ 7.9 | $ 6.5 | $ 8.8 |
Accounts Receivable, Net | 51.7 | 66.9 | 46.3 |
Accrued Revenue | 46.9 | 61.2 | 38.6 |
Exchange Gas Receivable | 25.1 | 7.4 | 10.5 |
Gas Inventory | 1.7 | 1 | 0.9 |
Materials and Supplies | 10.1 | 8.6 | 8.6 |
Prepayments and Other | 7.2 | 8.1 | 7.3 |
Total Current Assets | 150.6 | 159.7 | 121 |
Utility Plant: | |||
Electric | 612.7 | 602.4 | 581 |
Gas | 995.7 | 972.6 | 932.8 |
Common | 66.7 | 66.4 | 64.8 |
Construction Work in Progress | 81.9 | 47.5 | 84.8 |
Total Utility Plant | 1,757 | 1,688.9 | 1,663.4 |
Less: Accumulated Depreciation | 453.2 | 431.7 | 426.1 |
Net Utility Plant | 1,303.8 | 1,257.2 | 1,237.3 |
Other Noncurrent Assets: | |||
Regulatory Assets | 105.5 | 108.9 | 132.4 |
Operating Lease Right of Use Assets | 4.6 | 4.7 | 5.1 |
Other Assets | 14.4 | 9.8 | 13.2 |
Total Other Noncurrent Assets | 124.5 | 123.4 | 150.7 |
TOTAL ASSETS | 1,578.9 | 1,540.3 | 1,509 |
Current Liabilities: | |||
Accounts Payable | 35.2 | 52.4 | 29.5 |
Short-Term Debt | 72 | 64.1 | 30.5 |
Long-Term Debt, Current Portion | 8.2 | 8.2 | 10.1 |
Regulatory Liabilities | 20.8 | 9.5 | 13.1 |
Energy Supply Obligations | 29.8 | 14.5 | 16.1 |
Interest Payable | 6.5 | 4.8 | 6.7 |
Environmental Obligations | 0.6 | 0.5 | 0.7 |
Other Current Liabilities | 20.5 | 19.5 | 19.9 |
Total Current Liabilities | 193.6 | 173.5 | 126.6 |
Noncurrent Liabilities: | |||
Retirement Benefit Obligations | 135.2 | 133.9 | 166.2 |
Deferred Income Taxes, Net | 136.1 | 127.7 | 115.7 |
Cost of Removal Obligations | 115.4 | 107.5 | 108.2 |
Regulatory Liabilities | 37.9 | 42.6 | 42.9 |
Environmental Obligations | 2.2 | 2.2 | 1.7 |
Other Noncurrent Liabilities | 6.6 | 6.6 | 6.8 |
Total Noncurrent Liabilities | 433.4 | 420.5 | 441.5 |
Capitalization: | |||
Long-Term Debt, Less Current Portion | 493.1 | 497.8 | 501.3 |
Stockholders' Equity: | |||
Common Equity (Authorized: 25,000,000 and Outstanding: 16,039,141 15,971,962 and 15,977,766 Shares) | 334.4 | 332.1 | 331.6 |
Retained Earnings | 124.2 | 116.2 | 107.8 |
Total Common Stock Equity | 458.6 | 448.3 | 439.4 |
Preferred Stock | 0.2 | 0.2 | 0.2 |
Total Stockholders' Equity | 458.8 | 448.5 | 439.6 |
Total Capitalization | 951.9 | 946.3 | 940.9 |
Commitments and Contingencies (Notes 6 & 7) | |||
TOTAL LIABILITIES AND CAPITALIZATION | $ 1,578.9 | $ 1,540.3 | $ 1,509 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | |||
Common Stock Authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common Equity Outstanding | 16,039,141 | 15,977,766 | 15,971,962 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities: | ||
Net Income | $ 26.9 | $ 21.6 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 46.9 | 44.5 |
Deferred Tax Provision | 6.4 | 5.5 |
Changes in Working Capital Items: | ||
Accounts Receivable | 15.2 | 15.7 |
Accrued Revenue | 14.3 | 12.3 |
Exchange Gas Receivable | (17.7) | (5.6) |
Regulatory Liabilities | 11.3 | 7.6 |
Accounts Payable | (17.2) | (3.7) |
Other Changes in Working Capital Items | 0.3 | 2.7 |
Deferred Regulatory and Other Charges | (8.3) | (8) |
Other, net | 4.6 | 3.3 |
Cash Provided by Operating Activities | 82.7 | 95.9 |
Investing Activities: | ||
Property, Plant and Equipment Additions | (82.5) | (81.5) |
Cash (Used in) Investing Activities | (82.5) | (81.5) |
Financing Activities: | ||
Proceeds from (Repayment of) Short-Term Debt, net | 7.9 | (24.2) |
Repayment of Long-Term Debt | (4.9) | (20.3) |
(Decrease) Increase in Capital Lease Obligations | (0.1) | (0.1) |
Net Decrease in Exchange Gas Financing | 16.4 | 5.2 |
Dividends Paid | (18.9) | (17.5) |
Proceeds from Issuance of Common Stock | 0.8 | 45.3 |
Cash Provided by (Used in) Financing Activities | 1.2 | (11.6) |
Net Increase in Cash and Cash Equivalents | 1.4 | 2.8 |
Cash and Cash Equivalents at Beginning of Period | 6.5 | 6 |
Cash and Cash Equivalents at End of Period | 7.9 | 8.8 |
Supplemental Cash Flow Information: | ||
Interest Paid | 17.7 | 17.9 |
Income Taxes Paid | 1.2 | 1.4 |
Payments on Capital Leases | 0.1 | 0.2 |
Non-cash Investing Activity: | ||
Capital Expenditures Included in Accounts Payable | 5.4 | 4.2 |
Right-of-Use Assets Obtained in Exchange for Lease Obligations | $ 1.2 | $ 0.9 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY - USD ($) $ in Millions | Total | Common Equity | Retained Earnings |
Beginning Balance at Dec. 31, 2020 | $ 389 | $ 285.3 | $ 103.7 |
Net Income | 21.6 | 21.6 | |
Dividends on Common Shares | (17.5) | (17.5) | |
Stock Compensation Plans | 1 | 1 | |
Issuance of Common Shares | 45.3 | 45.3 | |
Ending Balance at Sep. 30, 2021 | 439.4 | 331.6 | 107.8 |
Beginning Balance at Jun. 30, 2021 | 400.6 | 286.8 | 113.8 |
Net Income | 0 | 0 | |
Dividends on Common Shares | (6) | (6) | |
Stock Compensation Plans | 0.1 | 0.1 | |
Issuance of Common Shares | 44.7 | 44.7 | |
Ending Balance at Sep. 30, 2021 | 439.4 | 331.6 | 107.8 |
Beginning Balance at Dec. 31, 2021 | 448.3 | 332.1 | 116.2 |
Net Income | 26.9 | 26.9 | |
Dividends on Common Shares | (18.9) | (18.9) | |
Stock Compensation Plans | 1.5 | 1.5 | |
Issuance of Common Shares | 0.8 | 0.8 | |
Ending Balance at Sep. 30, 2022 | 458.6 | 334.4 | 124.2 |
Beginning Balance at Jun. 30, 2022 | 464.1 | 334.1 | 130 |
Net Income | 0.5 | 0.5 | |
Dividends on Common Shares | (6.3) | (6.3) | |
Stock Compensation Plans | 0.1 | 0.1 | |
Issuance of Common Shares | 0.2 | 0.2 | |
Ending Balance at Sep. 30, 2022 | $ 458.6 | $ 334.4 | $ 124.2 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Dividends per Common Share | $ 0.39 | $ 0.38 | $ 1.17 | $ 1.14 |
Common stock, shares issued | 4,506 | 925,493 | 14,369 | 936,512 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations - non-regulated The Company’s earnings historically have been seasonal and typically higher in the first and fourth quarters when customers use 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 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, including 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 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 gas pipelines and access to domestic gas supplies in the south and Canadian gas supplies in the north. Granite State derives its revenues principally from 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, on May 1, 2003 Unitil Power ceased being the wholesale supplier of Unitil Energy and divested of its long-term power supply contracts through the sale of the entitlements to the electricity associated with various electric power supply contracts it had acquired to serve Unitil Energy’s customers. In the period since, Unitil Power continued to flow revenues and expenses from remaining contracts to Unitil Energy under the Amended Unitil System Agreement. The last of those contracts expired October 31, 2020, and the Company no longer has material revenues or expenses associated with them. Unitil also has three other wholly-owned subsidiaries: Unitil Service, Unitil Realty and Unitil Resources. Unitil Service provides, at cost, a variety of administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology, energy management and management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire and leases this facility to Unitil Service under a long-term lease arrangement. Unitil Resources is the Company’s wholly-owned non-regulated Basis of Presentation - companyi 10-Q 10-K Utility Revenue Recognition - 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. Three Months Ended September 30, 2022 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 42.5 $ 8.8 $ 51.3 Commercial and Industrial 30.2 17.8 48.0 Other 5.1 0.8 5.9 Total Billed and Unbilled Revenue 77.8 27.4 105.2 Rate Adjustment Mechanism Revenue (2.1 ) 7.1 5.0 Total Electric and Gas Operating Revenues $ 75.7 $ 34.5 $ 110.2 Three Months Ended September 30, 2021 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 35.0 $ 7.9 $ 42.9 Commercial and Industrial 26.8 14.4 41.2 Other 3.2 0.8 4.0 Total Billed and Unbilled Revenue 65.0 23.1 88.1 Rate Adjustment Mechanism Revenue 0.5 9.5 10.0 Total Electric and Gas Operating Revenues $ 65.5 $ 32.6 $ 98.1 Nine Months Ended September 30, 2022 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 125.5 $ 72.4 $ 197.9 Commercial and Industrial 86.9 110.5 197.4 Other 14.3 7.7 22.0 Total Billed and Unbilled Revenue 226.7 190.6 417.3 Rate Adjustment Mechanism Revenue (7.5 ) (8.1 ) (15.6 ) Total Electric and Gas Operating Revenues $ 219.2 $ 182.5 $ 401.7 Nine Months Ended September 30, 2021 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 104.0 $ 60.5 $ 164.5 Commercial and Industrial 78.2 86.2 164.4 Other 6.9 7.6 14.5 Total Billed and Unbilled Revenue 189.1 154.3 343.4 Rate Adjustment Mechanism Revenue (6.9 ) (3.0 ) (9.9 ) Total Electric and Gas Operating Revenues $ 182.2 $ 151.3 $ 333.5 Fi tchbu (NHPUC). Income Taxes - Provisions for income taxes are calculated in each jurisdiction 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. Cash and Cash Equivalents - (ISO-NE) ISO-NE. 2-1/2 ISO-NE Allowance for Doubtful Accounts - written-off The Allowance for Doubtful Accounts as of September 30, 2022, September 30, 2021 and December 31, 2021, was as follows: ($ millions) September 30, December 31, 2022 2021 2021 Allowance for Doubtful Accounts $ 2.4 $ 4.3 $ 3.3 Accounts Receivable, Net includes $2.4 million, $4.2 million, and $3.1 million of the Allowance for Doubtful Accounts at September 30, 2022, September 30, 2021 and December 31, 2021, respectively. Unbilled Revenues , net (a component of Accrued Revenue) includes less than $0.1 million, $0.1 million and $0.2 million of the Allowance for Doubtful Accounts at September 30, 2022, September 30, 2021 and December 31, 2021, respectively. Accrued Revenue - September 30, December 31, Accrued Revenue ($ millions) 2022 2021 2021 Regulatory Assets – Current $ 44.0 $ 30.6 $ 47.4 Unbilled Revenues, net 2.9 8.0 13.8 Total Accrued Revenue $ 46.9 $ 38.6 $ 61.2 Exchange Gas Receivable - September 30, December 31, Exchange Gas Receivable ($ millions) 2022 2021 2021 Northern Utilities $ 23.1 $ 9.7 $ 6.7 Fitchburg 2.0 0.8 0.7 Total Exchange Gas Receivable $ 25.1 $ 10.5 $ 7.4 Gas Inventory September 30, December 31, Gas Inventory ($ millions) 2022 2021 2021 Natural Gas $ 1.1 $ 0.4 $ 0.5 Propane 0.4 0.4 0.4 Liquefied Natural Gas & Other 0.2 0.1 0.1 Total Gas Inventory $ 1.7 $ 0.9 $ 1.0 Utility Plant - addition Leases - non-lease Regulatory Accounting - shut-off. cases. September 30, December 31, Regulatory Assets consist of the following ($ millions) 2022 2021 2021 Retirement Benefits $ 87.4 $ 107.0 $ 86.4 Energy Supply and Other Rate Adjustment Mechanisms 40.9 27.3 44.1 Deferred Storm Charges 2.7 3.4 3.3 Environmental 4.5 4.8 4.6 Income Taxes 2.0 2.8 2.6 Other Deferred Charges 12.0 17.7 15.3 Total Regulatory Assets 149.5 163.0 156.3 Less: Current Portion of Regulatory Assets (1) 44.0 30.6 47.4 Regulatory Assets – noncurrent $ 105.5 $ 132.4 $ 108.9 (1) Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets. September 30, December 31, Regulatory Liabilities consist of the following ($ millions) 2022 2021 2021 Income Taxes (Note 8) $ 42.1 $ 44.6 $ 44.3 Rate Adjustment Mechanisms 16.6 11.3 7.7 Other — 0.1 0.1 Total Regulatory Liabilities 58.7 56.0 52.1 Less: Current Portion of Regulatory Liabilities 20.8 13.1 9.5 Regulatory Liabilities – noncurrent $ 37.9 $ 42.9 $ 42.6 Generally, the Company receives a return on investment on its regulatory assets for which a cash outflow has been made. Included in Regulatory Assets as of September 30, 2022 are $5.8 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 application of the FASB Codification topic on Regulated Operations. If unable to continue to apply the FASB Codification provisions for Regulated Operations, the Company would be required to apply the provisions for the Discontinuation of Rate-Regulated Accounting included in the FASB Codification. In the C ompany Derivatives - Fitchburg has entered into power purchase agreements for which contingencies exist (see Note 6, Regulatory Matters—Fitchburg—Massachusetts Request for Proposal (RFPs)). 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 - At September 30, 2022, September 30, 2021 and December 31, 2021, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, was $5.6 million, $5.6 million and $5.7 million, respectively, as shown in the following table. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net. September 30, December 31, Fair Value of Marketable Securities ($ millions) 2022 2021 2021 Money Market Funds $ 5.6 $ 5.6 $ 5.7 Total Marketable Securities $ 5.6 $ 5.6 $ 5.7 The Company also sponsors the Unitil Corporation Deferred Compensation Plan (the “DC Plan”). The DC Plan is a non-qualified tax-deferred 2019, is open to senior management or other highly compensated employees as determined by the Company’s Board of Directors, and may also be used for recruitment and retention purposes for newly hired senior executives. The DC Plan design mirrors the Company’s Tax Deferred Savings and Investment Plan formula, but provides for contributions on compensation above the IRS limit, which will allow participants to defer up to 85% of base salary, and up to 85% of any cash incentive for retirement. The Company may also elect to make discretionary contributions on behalf of any participant in an amount determined by the Company’s Board of Directors. A trust has been established to invest the funds associated with the DC Plan. At September 30, 2022, September 30, 2021 and December 31, 2021, 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 $0.6 million, $0.5 million and $0.6 million, respectively, as shown in the following table. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net. September 30, December 31, Fair Value of Marketable Securities ($ millions) 2022 2021 2021 Equity Funds $ 0.5 $ 0.1 $ 0.2 Money Market Funds 0.1 0.4 0.4 Total Marketable Securities $ 0.6 $ 0.5 $ 0.6 Energy Supply Obligations - Sheets. September 30, December 31, Energy Supply Obligations ($ millions) 2022 2021 2021 Current: Exchange Gas Obligation $ 23.1 $ 9.7 $ 6.7 Renewable Energy Portfolio Standards 6.7 6.4 7.8 Total Energy Supply Obligations $ 29.8 $ 16.1 $ 14.5 Exchange Gas Obligation - Renewable Energy Portfolio Standards - 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 ten of these contracts have been constructed and are now operating. Three approved contracts are currently under development. These include two long-term contracts filed with the MDPU in 2018, one for offshore wind generation and one for imported hydroelectric power and associated transmission, which were approved in 2019 and another for offshore wind generation contracts filed with the MDPU during the first quarter of 2020 and approved in 2021. In compliance with An Act to Promote a Clean Energy Future (2018), in 2021 in coordination with the other electric utilities in Massachusetts, the Company issued its most recent long-term renewable solicitation seeking up to an additional 1,600 megawatts (MW) of offshore wind generation. In December 2021, a portfolio of projects comprising 1,600 MW of offshore wind capacity was selected for negotiation. Those contracts were filed for approval with the MDPU on May 25, 2022, and remain pending. Fitchburg recovers the costs associated with long-term renewable contracts on a fully reconciling basis through a MDPU-approved cost recovery mechanism, and has received remuneration for entering into them. Power Supply Contract Divestitures - Subsequent Events - Th |
DIVIDENDS DECLARED PER SHARE
DIVIDENDS DECLARED PER SHARE | 9 Months Ended |
Sep. 30, 2022 | |
DIVIDENDS DECLARED PER SHARE [Abstract] | |
DIVIDENDS DECLARED PER SHARE | NOTE 2 - DIVIDENDS DECLARED PER SHARE Declaration Date Shareholder of Dividend 10/26/22 11/28/22 11/14/22 $0.39 07/27/22 08/26/22 08/12/22 $0.39 04/27/22 05/27/22 05/13/22 $0.39 01/26/22 02/25/22 02/11/22 $0.39 10/27/21 11/29/21 11/15/21 $0.38 07/28/21 08/27/21 08/13/21 $0.38 04/28/21 05/28/21 05/14/21 $0.38 01/27/21 02/26/21 02/12/21 $0.38 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2022 | |
Segment Information | NOTE 3 - SEGMENT INFORMATION The following table provides significant segment financial data for the three and nine months ended September 30, 2022 and September 30, 2021: Electric Gas Non- Regulated Other Total Three Months Ended Sept. 30, 2022 ($ millions) Revenues: Billed and Unbilled Revenue $ 77.8 $ 27.4 $ — $ — $ 105.2 Rate Adjustment Mechanism Revenue (2.1 ) 7.1 — — 5.0 Other Operating Revenue – Non-Regulated — — — — — Total Operating Revenues $ 75.7 $ 34.5 $ — $ — $ 110.2 Segment Profit (Loss) 5.9 (5.3 ) — (0.1 ) 0.5 Capital Expenditures 8.3 28.9 — — 37.2 Three Months Ended Sept. 30, 2021 ($ millions) Revenues: Billed and Unbilled Revenue $ 65.0 $ 23.1 $ — $ — $ 88.1 Rate Adjustment Mechanism Revenue 0.5 9.5 — — 10.0 Other Operating Revenue – Non-Regulated — — — — — Total Operating Revenues $ 65.5 $ 32.6 $ — $ — $ 98.1 Segment Profit (Loss) 4.4 (4.1 ) — (0.3 ) — Capital Expenditures 10.1 28.5 — 0.4 39.0 Nine Months Ended Sept. 30, 2022 ($ millions) Revenues: Billed and Unbilled Revenue $ 226.7 $ 190.6 $ — $ — $ 417.3 Rate Adjustment Mechanism Revenue (7.5 ) (8.1 ) — — (15.6 ) Other Operating Revenue – Non-Regulated — — — — — Total Operating Revenues $ 219.2 $ 182.5 $ — $ — $ 401.7 Segment Profit (Loss) 13.2 14.5 — (0.8 ) 26.9 Capital Expenditures 22.5 59.9 — 0.1 82.5 Segment Assets 590.9 967.5 — 20.5 1,578.9 Nine Months Ended Sept. 30, 2021 ($ millions) Revenues: Billed and Unbilled Revenue $ 189.1 $ 154.3 $ — $ — $ 343.4 Rate Adjustment Mechanism Revenue (6.9 ) (3.0 ) — — (9.9 ) Other Operating Revenue – Non-Regulated — — — — — Total Operating Revenues $ 182.2 $ 151.3 $ — $ — $ 333.5 Segment Profit 10.7 12.1 0.1 (1.3 ) 21.6 Capital Expenditures 28.8 51.7 — 1.0 81.5 Segment Assets 583.6 906.2 — 19.2 1,509.0 |
DEBT AND FINANCING ARRANGEMENTS
DEBT AND FINANCING ARRANGEMENTS | 9 Months Ended |
Sep. 30, 2022 | |
Debt And Financing Arrangements | NOTE 4 - DEBT AND FINANCING ARRANGEMENTS Details on long-term debt at September 30, 2022, September 30, 2021 and December 31, 2021 are shown below: ($ millions) September 30, December 31, 2022 2021 2021 Unitil Corporation: 3.70% Senior Notes, Due August 1, 2026 $ 30.0 $ 30.0 $ 30.0 3.43% Senior Notes, Due December 18, 2029 30.0 30.0 30.0 Unitil Energy First Mortgage Bonds: 8.49% Senior Secured Notes, Due October 14, 2024 1.5 3.0 1.5 6.96% Senior Secured Notes, Due September 1, 2028 12.0 14.0 14.0 8.00% Senior Secured Notes, Due May 1, 2031 13.5 15.0 15.0 6.32% Senior Secured Notes, Due September 15, 2036 15.0 15.0 15.0 3.58% Senior Secured Notes, Due September 15, 2040 27.5 27.5 27.5 4.18% Senior Secured Notes, Due November 30, 2048 30.0 30.0 30.0 Fitchburg: 6.79% Senior Notes, Due October 15, 2025 6.0 10.0 6.0 3.52% Senior Notes, Due November 1, 2027 10.0 10.0 10.0 7.37% Senior Notes, Due January 15, 2029 8.4 9.6 9.6 5.90% Senior Notes, Due December 15, 2030 15.0 15.0 15.0 7.98% Senior Notes, Due June 1, 2031 14.0 14.0 14.0 3.78% Senior Notes, Due September 15, 2040 27.5 27.5 27.5 4.32% Senior Notes, Due November 1, 2047 15.0 15.0 15.0 Northern Utilities: 3.52% Senior Notes, Due November 1, 2027 20.0 20.0 20.0 7.72% Senior Notes, Due December 3, 2038 50.0 50.0 50.0 3.78% Senior Notes, Due September 15, 2040 40.0 40.0 40.0 4.42% Senior Notes, Due October 15, 2044 50.0 50.0 50.0 4.32% Senior Notes, Due November 1, 2047 30.0 30.0 30.0 4.04% Senior Notes, Due September 12, 2049 40.0 40.0 40.0 Granite State: 3.72% Senior Notes, Due November 1, 2027 15.0 15.0 15.0 Unitil Realty Corp.: 2.64% Senior Secured Notes, Due December 18, 2030 4.3 4.5 4.5 Total Long-Term Debt 504.7 515.1 509.6 Less: Unamortized Debt Issuance Costs 3.4 3.7 3.6 Total Long-Term Debt, net of Unamortized Debt Issuance Costs 501.3 511.4 506.0 Less: Current Portion 8.2 10.1 8.2 Total Long-term Debt, Less Current Portion $ 493.1 $ 501.3 $ 497.8 Fair Value of Long-Term Debt - value. ($ millions) September 30, December 31, 2022 2021 2021 Estimated Fair Value of Long-Term Debt $ 458.3 $ 598.2 $ 584.9 On September 29, 2022, the Company entered into a Third Amended and Restated Credit Agreement with a syndicate of lenders (collectively, the “Credit Facility”), which amended and restated in its entirety the prior credit facility. Unitil may borrow under the Credit Facility until September 29, 2027, subject to two one-year The Credit Facility has a borrowing limit of $200 million, which includes a $25 million sublimit for the issuance of standby letters of credit. Unitil may increase the borrowing limit under the Credit Facility by up to $75 million under certain circumstances. The Credit Facility generally provides Unitil with the ability to elect that borrowings under the Credit Facility bear interest under several options, including a daily fluctuating rate equal to (a) the forward-looking secured overnight financing rate (as administered by the Federal Reserve Bank of New York) term rate with a term equivalent to one month beginning on that date, plus (b) 0.1000%, plus (c) a margin of 1.125% to 1.375% (based on Unitil’s credit rating). As of the close of business on September 29, 2022, Unitil’s aggregate borrowings under the Credit Facility were approximately $65.5 million at an interest rate per annum of approximately 4.272% (which interest rate was based on the lowest end of the margin range discussed above). The Company uses the Credit Facility for cash management purposes related to its short-term operating activities. Total gross borrowings were $214.0 million for the nine months ended September 30, 2022. Total gross repayments were $206.1 million for the nine months ended September 30, 2022. The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of September 30, 2022 and the prior credit facility as of September 31, 2021 and December 31, 2021: Revolving Credit Facility ($ millions) September 30, December 31, 2022 2021 2021 Limit $ 200.0 $ 120.0 $ 120.0 Short-Term Borrowings Outstanding 72.0 30.5 64.1 Available $ 128.0 $ 89.5 $ 55.9 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 incur 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 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 September 30, 2022, September 30, 2021 and December 31, 2021, the Company was in compliance with the covenants contained in the Credit Facility or the prior credit facility, as applicable, in effect on those dates. The average interest rates on all short-term borrowings and intercompany money pool transactions were 3.6% and 1.2% for the three months ended September 30, 2022 and September 30, 2021, respectively. The average interest rates on all short-term borrowings and intercompany money pool transactions were 2.4% and 1.2% for the nine months ended September 30, 2022 and September 30, 2021, respectively. The average interest rate on all short-term borrowings for the twelve months ended December 31, 2021 was 1.2%. Unitil Corporation and its utility subsidiaries, Fitchburg, Unitil Energy, Northern Utilities, and Granite State currently are rated “BBB+” by Standard & Poor’s Ratings Services. Unitil Corporation and Granite State currently are rated “Baa2”, and Fitchburg, Unitil Energy and Northern Utilities are currently rated “Baa1” by Moody’s Investors Services. Northern Utilities enters into asset management agreements under which Northern Utilities releases certain gas pipeline and storage assets, sells to an asset manager and subsequently repurchases the gas over the course of the gas heating season at the same price at which it sold the gas to the asset manager. There was $23.4 million, $9.7 million and $8.3 million of gas obligations at September 30, 2022, September 30, 2021 and December 31, 2021, respectively, related to these asset management agreements. The amount of gas released in September 2022 and payable in October 2022 is $0.3 million and is recorded in Accounts Payable at September 30, 2022. The amount of gas released in September 2021 and payable in October 2021 was $0.1 million and was recorded in Accounts Payable at September 30, 2021. The amount of gas released in December 2021 and payable in January 2022 was $1.6 million and was recorded in Accounts Payable at December 31, 2021. Guarantees The Company provides limited guarantees on certain energy and gas storage management contracts entered into by the distribution utilities. The Company’s policy is to limit the duration of these guarantees. As of September 30, 2022, there were approximately $1.6 million of guarantees outstanding with a duration less than one year. 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 three months ended September 30, 2022 and 2021 amounted to $0.5 million and $0.5 million, respectively. Total rental expense under operating leases charged to operations for the nine months ended September 30, 2022 and 2021 amounted to $1.4 million and $1.4 million, respectively. The balance sheet classification of the Company’s lease obligations was as follows: September 30, December 31, Lease Obligations ($ millions) 2022 2021 2021 Operating Lease Obligations: Other Current Liabilities (current portion) $ 1.6 $ 1.6 $ 1.6 Other Noncurrent Liabilities (long-term portion) 3.0 3.5 3.1 Total Operating Lease Obligations $ 4.6 $ 5.1 $ 4.7 Capital Lease Obligations: Other Current Liabilities (current portion) $ 0.1 $ 0.2 $ 0.1 Other Noncurrent Liabilities (long-term portion) 0.1 0.2 0.2 Total Capital Lease Obligations $ 0.2 $ 0.4 $ 0.3 Total Lease Obligations $ 4.8 $ 5.5 $ 5.0 Cash paid for amounts included in the measurement of operating lease obligations for the nine months ended September 30, 2022 and September 30, 2021 was $1.4 million and $1.4 million and was included in Cash Provided by Operating Activities on the Consolidated Statements of Cash Flows. Assets under capital leases amounted to approximately $0.6 million, $0.7 million and $0.7 million as of September 30, 2022, September 30, 2021 and December 31, 2021, respectively, less accumulated amortization of $0.3 million, $0.3 million and $0.3 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 September 30, 2022. The payments for operating leases consist of $1.6 million of current operating lease obligations, which are included in Other Current Liabilities and $3.0 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of September 30, 2022. The payments for capital leases consist of $0.1 million of current capital lease obligations, which are included in Other Current Liabilities and $0.1 million of noncurrent capital lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of September 30, 2022. Lease Payments ($000’s) Year Ending December 31, Operating Capital Rest of 2022 $ 457 $ 36 2023 1,655 114 2024 1,325 59 2025 759 26 2026 456 6 2027-2031 291 3 Total Payments 4,943 244 Less: Interest 329 9 Amount of Lease Obligations Recorded on Consolidated Balance Sheets $ 4,614 $ 235 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 September 30, 2022, the weighted average remaining lease term is 3.4 years and the weighted average operating discount rate used to determine the operating lease obligations was 3.7%. As of September 30, 2021, the weighted average remaining lease term was 3.7 years and the weighted average operating discount rate used to determine the operating lease obligations was 4.0%. |
COMMON STOCK AND PREFERRED STOC
COMMON STOCK AND PREFERRED STOCK | 9 Months Ended |
Sep. 30, 2022 | |
COMMON STOCK AND PREFERRED STOCK | NOTE 5 – COMMON STOCK AND PREFERRED STOCK Common Stock The Company’s common stock trades on the New York Stock Exchange under the symbol, “UTL.” The Company had , and shares of common stock outstanding at September 30, 2022, September 30, 2021 and December 31, 2021, respectively. Dividend Reinvestment and Stock Purchase Plan - Stock Plan - The maximum number of shares available for awards to participants under the Stock Plan is 677,500. The maximum number of shares that may be awarded in any one calendar year to any one participant is 20,000. In the event of any change in capitalization of the Company, the Compensation Committee is authorized to make an equitable adjustment to the number and kind of shares of common stock that may be delivered under the Stock Plan and, in addition, may authorize and make an equitable adjustment to the Stock Plan’s annual individual award limit. Restricted Shares Outstanding awards of Restricted Shares fully vest over a period of four years at a rate of 25% each year. During the vesting period, dividends on Restricted Shares underlying the award may be credited to a participant’s account. The Company may deduct or withhold, or require a participant to remit to the Company, an amount sufficient to satisfy any taxes required by federal, state, or local law or regulation to be withheld with respect to any taxable event arising in connection with an award. For purposes of compensation expense, Restricted Shares vest immediately upon a participant becoming eligible for retirement, as defined in the Stock Plan. Prior to the end of the vesting period, the restricted shares are subject to forfeiture if the participant ceases to be employed by the Company other than due to the participant’s death. On January 25, 2022, 36,770 Restricted Shares were issued in conjunction with the Stock Plan with an aggregate market value at the date of issuance of approximately $1.7 million. There were 72,428 and 57,408 non-vested compensation expense associated with the issuance of shares under the Stock Plan is being recognized over the vesting period and was $1.9 million and $1.4 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, there was approximately $0.9 million of total unrecognized compensation cost under the Stock Plan which is expected to be recognized over approximately 2.7 years. During the nine months ended September 30, 2022 there were zero restricted shares forfeited and zero restricted shares cancelled under the Stock Plan. Restricted Stock Units Non-management Restricted Stock Units (Equity Portion) Units Weighted Restricted Stock Units as of December 31, 2021 49,182 $ 41.67 Restricted Stock Units Granted — — Dividend Equivalents Earned 932 $ 53.60 Restricted Stock Units Settled (10,236 ) $ 51.28 Restricted Stock Units as of September 30, 2022 39,878 $ 39.48 There were 44,224 Restricted Stock Units outstanding as of September 30, 2021 with a weighted average stock price of $41.49. Included in Other Noncurrent Liabilities on the Company’s Consolidated Balance Sheets as of September 30, 2022, September 30, 2021 and December 31, 2021 is $0.8 million, $0.8 million and $1.0 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 1,861 shares, of Unitil Energy’s 6.00% Series Preferred Stock outstanding as of September 30, 2022, September 30, 2021 and December 31, 2021. There were less than $0.1 million of total dividends declared on Preferred Stock in each of the three month periods ended September 30, 2022 and September 30, 2021, respectively. |
REGULATORY MATTERS
REGULATORY MATTERS | 9 Months Ended |
Sep. 30, 2022 | |
REGULATORY MATTERS | NOTE 6 - REGULATORY MATTERS UNITIL’S REGULATORY MATTERS ARE DESCRIBED IN NOTE 8 TO THE FINANCIAL STATEMENTS IN ITEM 8 OF PART II OF UNITIL CORPORATION’S FORM 10-K Rate Case Activity Northern Utilities - Base Rates - Maine recovery of some, but not all, of the Company’s implementation costs associated with its customer information system pending the completion of an investigation, including a third-party audit. On March 9, 2021, the MPUC opened a new docket to investigate the amount of customer information system costs that will be allowed in rates. On January 27, 2022, the Company and the Maine Office of the Public Advocate filed a stipulation in this docket. The stipulation includes no finding of imprudence or asset disallowance. The terms of the stipulation provide for recovery of the revenue requirement related to the Company’s customer information system in base rates starting November 1, 2022, which coincides with the timing of the Company’s winter cost of gas rate change. On February 9, 2022, the MPUC approved the stipulation. On September 30, 2022, the Company filed revised distribution rates to recover the annual revenue requirement of $0.6 million for effect November 1, 2022. Northern Utilities - Targeted Infrastructure Replacement Adjustment (TIRA) - Maine Northern Utilities - Base Rates - New Hampshire non-growth “Stay-Out Stay-Out Unitil Energy - Base Rates (3) time-of-use to June 1, 2021, the effective date of temporary rates previously approved in this docket. This distribution base rate case reflects the Company’s operating costs and investments in utility plant for a test year ended December 31, 2020 as adjusted for known and measurable changes. The Order provides for a return on equity of 9.2% and a capital structure reflecting 52% equity and 48% long-term debt. On July 28, 2022, the NHPUC approved, subject to reconciliation, the Company’s first step increase of approximately $1.3 million of annual revenue to recover eligible 2021 capital investments, effective August 1, 2022. Fitchburg - Base Rates - Electric On November 2, 2020, Fitchburg filed its cumulative revenue requirement of $1.4 million associated with its 2019 capital expenditures. The MDPU allowed the associated rate increase to become effective on January 1, 2021, subject to further investigation and reconciliation. On June 15, 2021, final approval of the filing was 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. On September 22, 2022, Fitchburg filed a petition with the MDPU to adjust its base distribution rates by $0.7 million effective January 1, 2023 to recover costs due to the exogenous event described below. The filing also includes a request to recover the exogenous costs incurred from July 2021 through December 2022 through a reconciling mechanism over a 24 month period, beginning January 1, 2023. The Massachusetts Department of Revenue has determined that the “net book value” or “NBV” of utility plant is no longer the basis of valuation for utility property. Most of the municipalities that levy property taxes on Unitil have adopted a hybrid valuation approach that increases property tax expense over and above what it would be if NBV was used as the basis of valuation. The change in valuation is a regulatory change that is outside the Company’s control and it uniquely affects the electric and gas industries, thus it is an exogenous event. As of September 30, 2022, the Company has deferred $1.5 million related this exogenous event and believes recovery of this amount is probable. This matter remains pending. 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 over two years: (1) an increase of $3.7 million, which became effective on March 1, 2020; and (2) an increase of $0.9 million, which became effective on March 1, 2021. Under the agreement, the Company will not increase or redesign base distribution rates to become effective prior to March 1, 2023, though the Company may seek cost recovery for certain exogenous events that meet a revenue effect threshold of $40,000. 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. In its September 22, 2022 exogenous cost filing as discussed above, the Company also requested to adjust its gas base distribution rates by $0.7 million effective March 1, 2023 to recover these exogenous costs. The filing also includes a request to recover the exogenous costs incurred from July 2021 through February 2023 through a reconciling mechanism over a 24 month period, beginning March 1, 2023. This matter remains pending. Fitchburg - Gas System Enhancement Program 29 1 8 2 2 31 2 Granite State - Base Rates On August 24, 2021, the FERC accepted Granite State’s first limited Section 4 rate adjustment pursuant to the Settlement Agreement, for an annual revenue increase of $0.1 million, effective September 1, 2021. On July 28, 2022, Granite State filed its second limited Section 4 rate adjustment, for an annual revenue increase of $0.3 million, effective September 1, 2022. On August 19, 2022, the FERC approved this filing. Other Matters Unitil Energy - Proposal to Construct Utility-Scale Solar Facility Fitchburg - Grid Modernization Fitchburg - Grid Modernization Cost Recovery Factor 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 shut-off 20-58, COVID-19 COVID-19 COVID-19 COVID-19 Northern Utilities / Granite State - Firm Capacity Contract one-year 12-month one-year one-year Reconciliation Filings Fitchburg - Massachusetts Request for Proposals (RFPs) The EDCs issued the RFP for Section 83D Long-Term Contracts for Qualified Clean Energy Projects in March 2017, and after selection of final projects and negotiation, final contracts for 9,554,940 MWh of Qualified Clean Energy and associated Environmental Attributes from Hydro-Quebec Energy Services (U.S.), Inc. for hydroelectric generation were filed in July 2018 for approval by the MDPU. On June 25, 2019, the MDPU approved the power purchase agreements, including the EDCs’ proposal to sell the energy procured under the contract into the ISO-NE ISO-NE 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 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 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 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 obligation remaining under 83C at the time, an additional 800 MW of offshore wind energy generation. The EDCs selected an 800 MW project submitted by Mayflower Wind Energy LLC 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. 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. In accordance with the requirement of Chapter 227 of the Acts of 2018, An Act to Advance Clean Energy, signed August 9, 2018, Massachusetts Department of Energy Resources (MDOER) prepared a report on the necessity, benefits and costs of requiring the EDCs to competitively conduct offshore wind generation RFPs for up to an additional 1,600 MW. The MDOER filed its report with the Legislature in May, 2019, recommending that, “the EDCs should proceed with additional offshore wind solicitations for up to 1,600 MW of offshore wind in 2022 and 2024 and only enter into contracts if found to be cost-effective.” On March 10, 2021, Fitchburg, along with the other EDCs, filed a petition with the MDPU for approval of a proposed timetable and method of solicitation and execution of long-term contracts for up to an additional 1,600 MW of off shore wind generation. On May 5, 2021, the DPU approved the proposed timetable and method for the solicitation, and the RFP was issued on May 7, 2021. On December 17, 2021, the EDCs selected a 1,600 MW portfolio of offshore wind generation that includes a 1,200 MW project submitted by Vineyard Wind and a 400 MW project submitted by Mayflower Wind. Contract negotiations were completed in early April 2022 and the contracts were submitted for approval to the MDPU on May 25, 2022. This matter remains pending. Section 83C of Chapter 169 of the Acts of 2008 was recently amended by the Acts of 2021 to increase the aggregate amount of offshore wind capacity to be procured to 5,600 MW not later than June 30, 2027. After considering the two approved offshore wind contracts of 800 MW each and the most recent selection of 1,600 MW there is another 2,400 MW of offshore wind capacity to be procured in the future. FERC Transmission Formula Rate Proceedings ISO-New EL14-12, 14-12, The FERC Section 206 proceeding concerning the justness and reasonableness of ISO-New Legal Proceedings The Company is involved in legal and administrative proceedings and claims of various types, 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
ENVIRONMENTAL MATTERS | 9 Months Ended |
Sep. 30, 2022 | |
ENVIRONMENTAL MATTERS | NOTE 7 – ENVIRONMENTAL MATTERS UNITIL’S ENVIRONMENTAL MATTERS ARE DESCRIBED IN NOTE 8 TO THE FINANCIAL STATEMENTS IN ITEM 8 OF PART II OF UNITIL CORPORATION’S FORM 10-K The Company’s past and present operations include activities that are generally subject to extensive and complex federal and state environmental laws and regulations. The Company is in material compliance with applicable environmental and safety laws and regulations and, as of September 30, 2022, 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 its 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. Northern Utilities submitted the review in January 2022, and the NH DES directed that soil treatability studies as part of a Remedial Action Plan (RAP) be developed in June 2022. The Company anticipates submittal of these studies and RAP later in 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 In August 2021, the Mass DEP issued a Notice of Non-compliance 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. Unitil Energy - Kensington Distribution Operations Center The following table sets forth a summary of changes in the Company’s liability for Environmental Obligations for the nine months ended September 30, 2022 and 2021. Environmental Obligations ($ millions) September 30, 2022 2021 Total Balance at Beginning of Period $ 2.7 $ 2.1 Additions 0.4 0.6 Less: Payments / Reductions 0.3 0.3 Total Balance at End of Period 2.8 2.4 Less: Current Portion 0.6 0.7 Noncurrent Balance at End of Period $ 2.2 $ 1.7 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8: INCOME TAXES 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: Nine Months Ended September 30, 2022 2021 Statutory Federal Income Tax Rate 21 % 21 % Income Tax Effects of: State Income Taxes, net 6 6 Utility Plant Differences (6 ) (3 ) Effective Income Tax Rate 21 % 24 % 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 September 30, 2022 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, 2021 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, 2021, which were filed with the IRS in October 2022, the Company utilized federal Net Operating Loss Carryforward (NOLC) assets of $2.4 million and has approximatel y million of NOLC assets available to offset 2022 taxable income. In addition, at September 30, 2022, the Company had $1.0 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 2027. 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 carryback periods, increases to interest deductibility limitations, and accelerated Alternative Minimum Tax refunds. Additionally, the CARES Act enacted the Employee 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. 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. These changes include the temporary removal of deduction limitations on business meals through December 2022 and additional funding for the ERC with expanded benefits extended through June 30, 2021. The expanded ERC is a 70% credit on employee wages for employees that are retained and cannot perform their job duties at 100% capacity as a result of coronavirus pandemic restrictions. In March 2021, the American Rescue Plan Act of 2021 (ARPA) was signed into law. The ARPA included certain provisions that provide economic relief for the ongoing COVID-19 In August 2022, the Inflation Reduction Act of 2022 (IRA) was signed into law. The IRA includes new taxes on corporations, such as the Corporate Alternative Minimum Tax (AMT) and the Excise Tax on Repurchase of Corporate Stock. The AMT is equal to 15% of a corporation’s adjusted financial statement income (AFSI) and applies to companies that have a 3 year average AFSI of greater than $1 billion. The IRA also extends and modifies certain tax incentives for investments in clean and renewable energy projects. The Company has evaluated each of the CARES, CAA, ARPA, and IRA provisions and determined that they do not have a material effect on the Company’s financial statements as of September 30, 2022. 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. 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, FERC guidance and IRS normalization rules, the benefit of protected excess ADIT amounts will be subject to flow back to customers in future utility rates according to the Average Rate Assumption Method (ARAM). ARAM reconciles excess ADIT at the reversal rate of the underlying book/tax temporary timing differences. The Company estimates the ARAM flow back period for protected and unprotected excess ADIT to be between fifteen and twenty years over the remaining life of the related utility plant. Subject to regulatory approval, the Company expects to flow back to customers a net $47.1 million of protected excess ADIT created as a result of the lowering of the statutory tax rate by the TCJA over periods estimated to be fifteen |
RETIREMENT BENEFIT OBLIGATIONS
RETIREMENT BENEFIT OBLIGATIONS | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | NOTE 9: RETIREMENT BENEFIT OBLIGATIONS The Company co-sponsors 10-K The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations: Used to Determine Plan Costs 2022 2021 Discount Rate 2.85 % 2.50 % Rate of Compensation Increase 3.00 % 3.00 % Expected Long-term rate of return on plan assets 7.50 % 7.50 % Health Care Cost Trend Rate Assumed for Next Year 6.20 % 6.60 % Ultimate Health Care Cost Trend Rate 4.50 % 4.50 % Year that Ultimate Health Care Cost Trend Rate is reached 2029 2029 The following tables provide the components of the Company’s Retirement plan costs ($000’s): Pension Plan PBOP Plan SERP Three Months Ended September 30, 2022 2021 2022 2021 2022 2021 Service Cost $ 792 $ 868 $ 723 $ 759 $ 69 $ 89 Interest Cost 1,372 1,250 798 685 118 114 Expected Return on Plan Assets (2,722 ) (2,422 ) (853 ) (627 ) — — Prior Service Cost Amortization 89 76 273 302 14 14 Actuarial Loss Amortization 1,376 2,021 255 260 196 372 Sub-total 907 1,793 1,196 1,379 397 589 Amounts Capitalized and Deferred (345 ) (944 ) (655 ) (904 ) (117 ) (178 ) Net Periodic Benefit Cost Recognized $ 562 $ 849 $ 541 $ 475 $ 280 $ 411 Pension Plan PBOP Plan SERP Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 Service Cost $ 2,374 $ 2,604 $ 2,167 $ 2,275 $ 205 $ 266 Interest Cost 4,114 3,752 2,396 2,055 354 343 Expected Return on Plan Assets (8,162 ) (7,268 ) (2,561 ) (1,881 ) — — Prior Service Cost Amortization 267 226 819 906 42 42 Actuarial Loss Amortization 4,130 6,065 765 784 595 1,117 Sub-total 2,723 5,379 3,586 4,139 1,196 1,768 Amounts Capitalized and Deferred (810 ) (2,544 ) (1,788 ) (2,358 ) (354 ) (534 ) Net Periodic Benefit Cost Recognized $ 1,913 $ 2,835 $ 1,798 $ 1,781 $ 842 $ 1,234 Employer Contributions As of September 30, 2022, the Company had made $3.8 million and $2.0 million of contributions to its Pension Plan and PBOP Plan, respectively, in 2022. The Company, along with its subsidiaries, expects to continue to make contributions to its Pension and PBOP Plans in 2022 and future years at minimum required and discretionary funding levels consistent with the amounts recovered in the distribution utilities’ rates for these Pension and PBOP Plan costs. As of September 30, 2022, the Company had made $0.5 million of benefit payments under the SERP Plan in 2022. The Company presently anticipates making an additional $0.1 million of benefit payments under the SERP Plan in 2022. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations - non-regulated The Company’s earnings historically have been seasonal and typically higher in the first and fourth quarters when customers use 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 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, including 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 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 gas pipelines and access to domestic gas supplies in the south and Canadian gas supplies in the north. Granite State derives its revenues principally from 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, on May 1, 2003 Unitil Power ceased being the wholesale supplier of Unitil Energy and divested of its long-term power supply contracts through the sale of the entitlements to the electricity associated with various electric power supply contracts it had acquired to serve Unitil Energy’s customers. In the period since, Unitil Power continued to flow revenues and expenses from remaining contracts to Unitil Energy under the Amended Unitil System Agreement. The last of those contracts expired October 31, 2020, and the Company no longer has material revenues or expenses associated with them. Unitil also has three other wholly-owned subsidiaries: Unitil Service, Unitil Realty and Unitil Resources. Unitil Service provides, at cost, a variety of administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology, energy management and management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire and leases this facility to Unitil Service under a long-term lease arrangement. Unitil Resources is the Company’s wholly-owned non-regulated |
Basis of Presentation | Basis of Presentation - companyi 10-Q 10-K |
Utility Revenue Recognition | Utility Revenue Recognition - 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. Three Months Ended September 30, 2022 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 42.5 $ 8.8 $ 51.3 Commercial and Industrial 30.2 17.8 48.0 Other 5.1 0.8 5.9 Total Billed and Unbilled Revenue 77.8 27.4 105.2 Rate Adjustment Mechanism Revenue (2.1 ) 7.1 5.0 Total Electric and Gas Operating Revenues $ 75.7 $ 34.5 $ 110.2 Three Months Ended September 30, 2021 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 35.0 $ 7.9 $ 42.9 Commercial and Industrial 26.8 14.4 41.2 Other 3.2 0.8 4.0 Total Billed and Unbilled Revenue 65.0 23.1 88.1 Rate Adjustment Mechanism Revenue 0.5 9.5 10.0 Total Electric and Gas Operating Revenues $ 65.5 $ 32.6 $ 98.1 Nine Months Ended September 30, 2022 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 125.5 $ 72.4 $ 197.9 Commercial and Industrial 86.9 110.5 197.4 Other 14.3 7.7 22.0 Total Billed and Unbilled Revenue 226.7 190.6 417.3 Rate Adjustment Mechanism Revenue (7.5 ) (8.1 ) (15.6 ) Total Electric and Gas Operating Revenues $ 219.2 $ 182.5 $ 401.7 Nine Months Ended September 30, 2021 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 104.0 $ 60.5 $ 164.5 Commercial and Industrial 78.2 86.2 164.4 Other 6.9 7.6 14.5 Total Billed and Unbilled Revenue 189.1 154.3 343.4 Rate Adjustment Mechanism Revenue (6.9 ) (3.0 ) (9.9 ) Total Electric and Gas Operating Revenues $ 182.2 $ 151.3 $ 333.5 Fi tchbu (NHPUC). |
Income Taxes | Income Taxes - Provisions for income taxes are calculated in each jurisdiction 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents - (ISO-NE) ISO-NE. 2-1/2 ISO-NE |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts - written-off The Allowance for Doubtful Accounts as of September 30, 2022, September 30, 2021 and December 31, 2021, was as follows: ($ millions) September 30, December 31, 2022 2021 2021 Allowance for Doubtful Accounts $ 2.4 $ 4.3 $ 3.3 Accounts Receivable, Net includes $2.4 million, $4.2 million, and $3.1 million of the Allowance for Doubtful Accounts at September 30, 2022, September 30, 2021 and December 31, 2021, respectively. Unbilled Revenues , net (a component of Accrued Revenue) includes less than $0.1 million, $0.1 million and $0.2 million of the Allowance for Doubtful Accounts at September 30, 2022, September 30, 2021 and December 31, 2021, respectively. |
Accrued Revenue | Accrued Revenue - September 30, December 31, Accrued Revenue ($ millions) 2022 2021 2021 Regulatory Assets – Current $ 44.0 $ 30.6 $ 47.4 Unbilled Revenues, net 2.9 8.0 13.8 Total Accrued Revenue $ 46.9 $ 38.6 $ 61.2 |
Exchange Gas Receivable | Exchange Gas Receivable - September 30, December 31, Exchange Gas Receivable ($ millions) 2022 2021 2021 Northern Utilities $ 23.1 $ 9.7 $ 6.7 Fitchburg 2.0 0.8 0.7 Total Exchange Gas Receivable $ 25.1 $ 10.5 $ 7.4 |
Gas Inventory | Gas Inventory September 30, December 31, Gas Inventory ($ millions) 2022 2021 2021 Natural Gas $ 1.1 $ 0.4 $ 0.5 Propane 0.4 0.4 0.4 Liquefied Natural Gas & Other 0.2 0.1 0.1 Total Gas Inventory $ 1.7 $ 0.9 $ 1.0 |
Utility Plant | Utility Plant - addition |
Leases | Leases - non-lease |
Regulatory Accounting | Regulatory Accounting - shut-off. cases. September 30, December 31, Regulatory Assets consist of the following ($ millions) 2022 2021 2021 Retirement Benefits $ 87.4 $ 107.0 $ 86.4 Energy Supply and Other Rate Adjustment Mechanisms 40.9 27.3 44.1 Deferred Storm Charges 2.7 3.4 3.3 Environmental 4.5 4.8 4.6 Income Taxes 2.0 2.8 2.6 Other Deferred Charges 12.0 17.7 15.3 Total Regulatory Assets 149.5 163.0 156.3 Less: Current Portion of Regulatory Assets (1) 44.0 30.6 47.4 Regulatory Assets – noncurrent $ 105.5 $ 132.4 $ 108.9 (1) Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets. September 30, December 31, Regulatory Liabilities consist of the following ($ millions) 2022 2021 2021 Income Taxes (Note 8) $ 42.1 $ 44.6 $ 44.3 Rate Adjustment Mechanisms 16.6 11.3 7.7 Other — 0.1 0.1 Total Regulatory Liabilities 58.7 56.0 52.1 Less: Current Portion of Regulatory Liabilities 20.8 13.1 9.5 Regulatory Liabilities – noncurrent $ 37.9 $ 42.9 $ 42.6 Generally, the Company receives a return on investment on its regulatory assets for which a cash outflow has been made. Included in Regulatory Assets as of September 30, 2022 are $5.8 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 application of the FASB Codification topic on Regulated Operations. If unable to continue to apply the FASB Codification provisions for Regulated Operations, the Company would be required to apply the provisions for the Discontinuation of Rate-Regulated Accounting included in the FASB Codification. In the C ompany |
Derivatives | Derivatives - Fitchburg has entered into power purchase agreements for which contingencies exist (see Note 6, Regulatory Matters—Fitchburg—Massachusetts Request for Proposal (RFPs)). 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 - At September 30, 2022, September 30, 2021 and December 31, 2021, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, was $5.6 million, $5.6 million and $5.7 million, respectively, as shown in the following table. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net. September 30, December 31, Fair Value of Marketable Securities ($ millions) 2022 2021 2021 Money Market Funds $ 5.6 $ 5.6 $ 5.7 Total Marketable Securities $ 5.6 $ 5.6 $ 5.7 The Company also sponsors the Unitil Corporation Deferred Compensation Plan (the “DC Plan”). The DC Plan is a non-qualified tax-deferred 2019, is open to senior management or other highly compensated employees as determined by the Company’s Board of Directors, and may also be used for recruitment and retention purposes for newly hired senior executives. The DC Plan design mirrors the Company’s Tax Deferred Savings and Investment Plan formula, but provides for contributions on compensation above the IRS limit, which will allow participants to defer up to 85% of base salary, and up to 85% of any cash incentive for retirement. The Company may also elect to make discretionary contributions on behalf of any participant in an amount determined by the Company’s Board of Directors. A trust has been established to invest the funds associated with the DC Plan. At September 30, 2022, September 30, 2021 and December 31, 2021, 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 $0.6 million, $0.5 million and $0.6 million, respectively, as shown in the following table. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net. September 30, December 31, Fair Value of Marketable Securities ($ millions) 2022 2021 2021 Equity Funds $ 0.5 $ 0.1 $ 0.2 Money Market Funds 0.1 0.4 0.4 Total Marketable Securities $ 0.6 $ 0.5 $ 0.6 |
Energy Supply Obligations | Energy Supply Obligations - Sheets. September 30, December 31, Energy Supply Obligations ($ millions) 2022 2021 2021 Current: Exchange Gas Obligation $ 23.1 $ 9.7 $ 6.7 Renewable Energy Portfolio Standards 6.7 6.4 7.8 Total Energy Supply Obligations $ 29.8 $ 16.1 $ 14.5 Exchange Gas Obligation - Renewable Energy Portfolio Standards - 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 ten of these contracts have been constructed and are now operating. Three approved contracts are currently under development. These include two long-term contracts filed with the MDPU in 2018, one for offshore wind generation and one for imported hydroelectric power and associated transmission, which were approved in 2019 and another for offshore wind generation contracts filed with the MDPU during the first quarter of 2020 and approved in 2021. In compliance with An Act to Promote a Clean Energy Future (2018), in 2021 in coordination with the other electric utilities in Massachusetts, the Company issued its most recent long-term renewable solicitation seeking up to an additional 1,600 megawatts (MW) of offshore wind generation. In December 2021, a portfolio of projects comprising 1,600 MW of offshore wind capacity was selected for negotiation. Those contracts were filed for approval with the MDPU on May 25, 2022, and remain pending. Fitchburg recovers the costs associated with long-term renewable contracts on a fully reconciling basis through a MDPU-approved cost recovery mechanism, and has received remuneration for entering into them. Power Supply Contract Divestitures - |
Subsequent Events | Subsequent Events - Th |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Components of Gas and Electric Operating Revenue | In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. Three Months Ended September 30, 2022 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 42.5 $ 8.8 $ 51.3 Commercial and Industrial 30.2 17.8 48.0 Other 5.1 0.8 5.9 Total Billed and Unbilled Revenue 77.8 27.4 105.2 Rate Adjustment Mechanism Revenue (2.1 ) 7.1 5.0 Total Electric and Gas Operating Revenues $ 75.7 $ 34.5 $ 110.2 Three Months Ended September 30, 2021 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 35.0 $ 7.9 $ 42.9 Commercial and Industrial 26.8 14.4 41.2 Other 3.2 0.8 4.0 Total Billed and Unbilled Revenue 65.0 23.1 88.1 Rate Adjustment Mechanism Revenue 0.5 9.5 10.0 Total Electric and Gas Operating Revenues $ 65.5 $ 32.6 $ 98.1 Nine Months Ended September 30, 2022 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 125.5 $ 72.4 $ 197.9 Commercial and Industrial 86.9 110.5 197.4 Other 14.3 7.7 22.0 Total Billed and Unbilled Revenue 226.7 190.6 417.3 Rate Adjustment Mechanism Revenue (7.5 ) (8.1 ) (15.6 ) Total Electric and Gas Operating Revenues $ 219.2 $ 182.5 $ 401.7 Nine Months Ended September 30, 2021 Electric and Gas Operating Revenues ($ millions): Electric Gas Total Billed and Unbilled Revenue: Residential $ 104.0 $ 60.5 $ 164.5 Commercial and Industrial 78.2 86.2 164.4 Other 6.9 7.6 14.5 Total Billed and Unbilled Revenue 189.1 154.3 343.4 Rate Adjustment Mechanism Revenue (6.9 ) (3.0 ) (9.9 ) Total Electric and Gas Operating Revenues $ 182.2 $ 151.3 $ 333.5 Fi tchbu (NHPUC). |
Allowance for Doubtful Accounts Included in Accounts Receivable Net | The Allowance for Doubtful Accounts as of September 30, 2022, September 30, 2021 and December 31, 2021, was as follows: ($ millions) September 30, December 31, 2022 2021 2021 Allowance for Doubtful Accounts $ 2.4 $ 4.3 $ 3.3 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of September 30, 2022, September 30, 2021 and December 31, 2021. September 30, December 31, Accrued Revenue ($ millions) 2022 2021 2021 Regulatory Assets – Current $ 44.0 $ 30.6 $ 47.4 Unbilled Revenues, net 2.9 8.0 13.8 Total Accrued Revenue $ 46.9 $ 38.6 $ 61.2 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of September 30, 2022, September 30, 2021 and December 31, 2021. September 30, December 31, Exchange Gas Receivable ($ millions) 2022 2021 2021 Northern Utilities $ 23.1 $ 9.7 $ 6.7 Fitchburg 2.0 0.8 0.7 Total Exchange Gas Receivable $ 25.1 $ 10.5 $ 7.4 |
Components of Gas Inventory | The following table shows the components of Gas Inventory as of September 30, 2022, September 30, 2021 and December 31, 2021. September 30, December 31, Gas Inventory ($ millions) 2022 2021 2021 Natural Gas $ 1.1 $ 0.4 $ 0.5 Propane 0.4 0.4 0.4 Liquefied Natural Gas & Other 0.2 0.1 0.1 Total Gas Inventory $ 1.7 $ 0.9 $ 1.0 |
Regulatory Assets | September 30, December 31, Regulatory Assets consist of the following ($ millions) 2022 2021 2021 Retirement Benefits $ 87.4 $ 107.0 $ 86.4 Energy Supply and Other Rate Adjustment Mechanisms 40.9 27.3 44.1 Deferred Storm Charges 2.7 3.4 3.3 Environmental 4.5 4.8 4.6 Income Taxes 2.0 2.8 2.6 Other Deferred Charges 12.0 17.7 15.3 Total Regulatory Assets 149.5 163.0 156.3 Less: Current Portion of Regulatory Assets (1) 44.0 30.6 47.4 Regulatory Assets – noncurrent $ 105.5 $ 132.4 $ 108.9 |
Regulatory Liabilities | September 30, December 31, Regulatory Liabilities consist of the following ($ millions) 2022 2021 2021 Income Taxes (Note 8) $ 42.1 $ 44.6 $ 44.3 Rate Adjustment Mechanisms 16.6 11.3 7.7 Other — 0.1 0.1 Total Regulatory Liabilities 58.7 56.0 52.1 Less: Current Portion of Regulatory Liabilities 20.8 13.1 9.5 Regulatory Liabilities – noncurrent $ 37.9 $ 42.9 $ 42.6 |
Fair Value of Marketable Securities | Changes in the fair value of these investments are recorded in Other Expense,Net. September 30, December 31, Fair Value of Marketable Securities ($ millions) 2022 2021 2021 Money Market Funds $ 5.6 $ 5.6 $ 5.7 Total Marketable Securities $ 5.6 $ 5.6 $ 5.7 |
Components of Energy Supply Obligations | The following discussion and table summarize the nature and amounts of the items recorded as Energy Supply Obligations (current portion) and Other Noncurrent Liabilities (noncurrent portion) on the Company’s Consolidated Balance Sheets. September 30, December 31, Energy Supply Obligations ($ millions) 2022 2021 2021 Current: Exchange Gas Obligation $ 23.1 $ 9.7 $ 6.7 Renewable Energy Portfolio Standards 6.7 6.4 7.8 Total Energy Supply Obligations $ 29.8 $ 16.1 $ 14.5 |
Deferred Compensation Plan [Member] | |
Fair Value of Marketable Securities | Changes in the fair value of these investments are recorded in Other Expense,Net. September 30, December 31, Fair Value of Marketable Securities ($ millions) 2022 2021 2021 Equity Funds $ 0.5 $ 0.1 $ 0.2 Money Market Funds 0.1 0.4 0.4 Total Marketable Securities $ 0.6 $ 0.5 $ 0.6 |
DIVIDENDS DECLARED PER SHARE (T
DIVIDENDS DECLARED PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
DIVIDENDS DECLARED PER SHARE [Abstract] | |
Schedule of Dividends Declared | Declaration Date Shareholder of Dividend 10/26/22 11/28/22 11/14/22 $0.39 07/27/22 08/26/22 08/12/22 $0.39 04/27/22 05/27/22 05/13/22 $0.39 01/26/22 02/25/22 02/11/22 $0.39 10/27/21 11/29/21 11/15/21 $0.38 07/28/21 08/27/21 08/13/21 $0.38 04/28/21 05/28/21 05/14/21 $0.38 01/27/21 02/26/21 02/12/21 $0.38 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Significant Segment Financial Data | The following table provides significant segment financial data for the three and nine months ended September 30, 2022 and September 30, 2021: Electric Gas Non- Regulated Other Total Three Months Ended Sept. 30, 2022 ($ millions) Revenues: Billed and Unbilled Revenue $ 77.8 $ 27.4 $ — $ — $ 105.2 Rate Adjustment Mechanism Revenue (2.1 ) 7.1 — — 5.0 Other Operating Revenue – Non-Regulated — — — — — Total Operating Revenues $ 75.7 $ 34.5 $ — $ — $ 110.2 Segment Profit (Loss) 5.9 (5.3 ) — (0.1 ) 0.5 Capital Expenditures 8.3 28.9 — — 37.2 Three Months Ended Sept. 30, 2021 ($ millions) Revenues: Billed and Unbilled Revenue $ 65.0 $ 23.1 $ — $ — $ 88.1 Rate Adjustment Mechanism Revenue 0.5 9.5 — — 10.0 Other Operating Revenue – Non-Regulated — — — — — Total Operating Revenues $ 65.5 $ 32.6 $ — $ — $ 98.1 Segment Profit (Loss) 4.4 (4.1 ) — (0.3 ) — Capital Expenditures 10.1 28.5 — 0.4 39.0 Nine Months Ended Sept. 30, 2022 ($ millions) Revenues: Billed and Unbilled Revenue $ 226.7 $ 190.6 $ — $ — $ 417.3 Rate Adjustment Mechanism Revenue (7.5 ) (8.1 ) — — (15.6 ) Other Operating Revenue – Non-Regulated — — — — — Total Operating Revenues $ 219.2 $ 182.5 $ — $ — $ 401.7 Segment Profit (Loss) 13.2 14.5 — (0.8 ) 26.9 Capital Expenditures 22.5 59.9 — 0.1 82.5 Segment Assets 590.9 967.5 — 20.5 1,578.9 Nine Months Ended Sept. 30, 2021 ($ millions) Revenues: Billed and Unbilled Revenue $ 189.1 $ 154.3 $ — $ — $ 343.4 Rate Adjustment Mechanism Revenue (6.9 ) (3.0 ) — — (9.9 ) Other Operating Revenue – Non-Regulated — — — — — Total Operating Revenues $ 182.2 $ 151.3 $ — $ — $ 333.5 Segment Profit 10.7 12.1 0.1 (1.3 ) 21.6 Capital Expenditures 28.8 51.7 — 1.0 81.5 Segment Assets 583.6 906.2 — 19.2 1,509.0 |
DEBT AND FINANCING ARRANGEMEN_2
DEBT AND FINANCING ARRANGEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Details on Long Term Debt | Details on long-term debt at September 30, 2022, September 30, 2021 and December 31, 2021 are shown below: ($ millions) September 30, December 31, 2022 2021 2021 Unitil Corporation: 3.70% Senior Notes, Due August 1, 2026 $ 30.0 $ 30.0 $ 30.0 3.43% Senior Notes, Due December 18, 2029 30.0 30.0 30.0 Unitil Energy First Mortgage Bonds: 8.49% Senior Secured Notes, Due October 14, 2024 1.5 3.0 1.5 6.96% Senior Secured Notes, Due September 1, 2028 12.0 14.0 14.0 8.00% Senior Secured Notes, Due May 1, 2031 13.5 15.0 15.0 6.32% Senior Secured Notes, Due September 15, 2036 15.0 15.0 15.0 3.58% Senior Secured Notes, Due September 15, 2040 27.5 27.5 27.5 4.18% Senior Secured Notes, Due November 30, 2048 30.0 30.0 30.0 Fitchburg: 6.79% Senior Notes, Due October 15, 2025 6.0 10.0 6.0 3.52% Senior Notes, Due November 1, 2027 10.0 10.0 10.0 7.37% Senior Notes, Due January 15, 2029 8.4 9.6 9.6 5.90% Senior Notes, Due December 15, 2030 15.0 15.0 15.0 7.98% Senior Notes, Due June 1, 2031 14.0 14.0 14.0 3.78% Senior Notes, Due September 15, 2040 27.5 27.5 27.5 4.32% Senior Notes, Due November 1, 2047 15.0 15.0 15.0 Northern Utilities: 3.52% Senior Notes, Due November 1, 2027 20.0 20.0 20.0 7.72% Senior Notes, Due December 3, 2038 50.0 50.0 50.0 3.78% Senior Notes, Due September 15, 2040 40.0 40.0 40.0 4.42% Senior Notes, Due October 15, 2044 50.0 50.0 50.0 4.32% Senior Notes, Due November 1, 2047 30.0 30.0 30.0 4.04% Senior Notes, Due September 12, 2049 40.0 40.0 40.0 Granite State: 3.72% Senior Notes, Due November 1, 2027 15.0 15.0 15.0 Unitil Realty Corp.: 2.64% Senior Secured Notes, Due December 18, 2030 4.3 4.5 4.5 Total Long-Term Debt 504.7 515.1 509.6 Less: Unamortized Debt Issuance Costs 3.4 3.7 3.6 Total Long-Term Debt, net of Unamortized Debt Issuance Costs 501.3 511.4 506.0 Less: Current Portion 8.2 10.1 8.2 Total Long-term Debt, Less Current Portion $ 493.1 $ 501.3 $ 497.8 |
Fair Value of Long Term Debt | ($ millions) September 30, December 31, 2022 2021 2021 Estimated Fair Value of Long-Term Debt $ 458.3 $ 598.2 $ 584.9 |
Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility | The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of September 30, 2022 and the prior credit facility as of September 31, 2021 and December 31, Revolving Credit Facility ($ millions) September 30, December 31, 2022 2021 2021 Limit $ 200.0 $ 120.0 $ 120.0 Short-Term Borrowings Outstanding 72.0 30.5 64.1 Available $ 128.0 $ 89.5 $ 55.9 |
Classification of the Company Lease Obligations | The balance sheet classification of the Company’s lease obligations was as follows: September 30, December 31, Lease Obligations ($ millions) 2022 2021 2021 Operating Lease Obligations: Other Current Liabilities (current portion) $ 1.6 $ 1.6 $ 1.6 Other Noncurrent Liabilities (long-term portion) 3.0 3.5 3.1 Total Operating Lease Obligations $ 4.6 $ 5.1 $ 4.7 Capital Lease Obligations: Other Current Liabilities (current portion) $ 0.1 $ 0.2 $ 0.1 Other Noncurrent Liabilities (long-term portion) 0.1 0.2 0.2 Total Capital Lease Obligations $ 0.2 $ 0.4 $ 0.3 Total Lease Obligations $ 4.8 $ 5.5 $ 5.0 |
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 September 30, 2022. The payments for operating leases consist of $1.6 million of current operating lease obligations, which are included in Other Current Liabilities and $3.0 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of September 30, 2022. The payments for capital leases consist of $0.1 million of current capital lease obligations, which are included in Other Current Liabilities and $0.1 million of noncurrent capital lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of September 30, 2022. Lease Payments ($000’s) Year Ending December 31, Operating Capital Rest of 2022 $ 457 $ 36 2023 1,655 114 2024 1,325 59 2025 759 26 2026 456 6 2027-2031 291 3 Total Payments 4,943 244 Less: Interest 329 9 Amount of Lease Obligations Recorded on Consolidated Balance Sheets $ 4,614 $ 235 |
COMMON STOCK AND PREFERRED ST_2
COMMON STOCK AND PREFERRED STOCK (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Table Text Block Supplement [Abstract] | |
Restricted Stock Units Issued | The equity portion of Restricted Stock Units activity during the nine months ended September 30, 2022 in conjunction with the Stock Plan is presented in the following table: Restricted Stock Units (Equity Portion) Units Weighted Restricted Stock Units as of December 31, 2021 49,182 $ 41.67 Restricted Stock Units Granted — — Dividend Equivalents Earned 932 $ 53.60 Restricted Stock Units Settled (10,236 ) $ 51.28 Restricted Stock Units as of September 30, 2022 39,878 $ 39.48 |
ENVIRONMENTAL MATTERS (Tables)
ENVIRONMENTAL MATTERS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Environmental Obligations Recognized by Company | The following table sets forth a summary of changes in the Company’s liability for Environmental Obligations for the nine months ended September 30, 2022 and 2021. Environmental Obligations ($ millions) September 30, 2022 2021 Total Balance at Beginning of Period $ 2.7 $ 2.1 Additions 0.4 0.6 Less: Payments / Reductions 0.3 0.3 Total Balance at End of Period 2.8 2.4 Less: Current Portion 0.6 0.7 Noncurrent Balance at End of Period $ 2.2 $ 1.7 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
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: Nine Months Ended September 30, 2022 2021 Statutory Federal Income Tax Rate 21 % 21 % Income Tax Effects of: State Income Taxes, net 6 6 Utility Plant Differences (6 ) (3 ) Effective Income Tax Rate 21 % 24 % |
RETIREMENT BENEFIT OBLIGATIONS
RETIREMENT BENEFIT OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations | The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations: Used to Determine Plan Costs 2022 2021 Discount Rate 2.85 % 2.50 % Rate of Compensation Increase 3.00 % 3.00 % Expected Long-term rate of return on plan assets 7.50 % 7.50 % Health Care Cost Trend Rate Assumed for Next Year 6.20 % 6.60 % Ultimate Health Care Cost Trend Rate 4.50 % 4.50 % Year that Ultimate Health Care Cost Trend Rate is reached 2029 2029 |
Components of Retirement Plan Costs | The following tables provide the components of the Company’s Retirement plan costs ($000’s): Pension Plan PBOP Plan SERP Three Months Ended September 30, 2022 2021 2022 2021 2022 2021 Service Cost $ 792 $ 868 $ 723 $ 759 $ 69 $ 89 Interest Cost 1,372 1,250 798 685 118 114 Expected Return on Plan Assets (2,722 ) (2,422 ) (853 ) (627 ) — — Prior Service Cost Amortization 89 76 273 302 14 14 Actuarial Loss Amortization 1,376 2,021 255 260 196 372 Sub-total 907 1,793 1,196 1,379 397 589 Amounts Capitalized and Deferred (345 ) (944 ) (655 ) (904 ) (117 ) (178 ) Net Periodic Benefit Cost Recognized $ 562 $ 849 $ 541 $ 475 $ 280 $ 411 Pension Plan PBOP Plan SERP Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 Service Cost $ 2,374 $ 2,604 $ 2,167 $ 2,275 $ 205 $ 266 Interest Cost 4,114 3,752 2,396 2,055 354 343 Expected Return on Plan Assets (8,162 ) (7,268 ) (2,561 ) (1,881 ) — — Prior Service Cost Amortization 267 226 819 906 42 42 Actuarial Loss Amortization 4,130 6,065 765 784 595 1,117 Sub-total 2,723 5,379 3,586 4,139 1,196 1,768 Amounts Capitalized and Deferred (810 ) (2,544 ) (1,788 ) (2,358 ) (354 ) (534 ) Net Periodic Benefit Cost Recognized $ 1,913 $ 2,835 $ 1,798 $ 1,781 $ 842 $ 1,234 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Subsidiary mi | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of Subsidiaries | Entity | Subsidiary | 3 | ||
Length Of Pipeline | mi | 86 | ||
Cost of removal obligation | $ 115.4 | $ 107.5 | $ 108.2 |
Investments in trading securities | 5.6 | 5.7 | 5.6 |
Allowance for doubtful accounts | 2.4 | 3.3 | 4.3 |
Regulatory assets | 149.5 | 156.3 | 163 |
Other Deferred Charges [Member] | |||
Significant Accounting Policies [Line Items] | |||
Regulatory assets | 12 | 15.3 | 17.7 |
Unbilled Revenues [member] | |||
Significant Accounting Policies [Line Items] | |||
Allowance for doubtful accounts | 0.1 | 0.2 | 0.1 |
Accounts Receivable [member] | |||
Significant Accounting Policies [Line Items] | |||
Allowance for doubtful accounts | $ 2.4 | 3.1 | 4.2 |
Utilities | |||
Significant Accounting Policies [Line Items] | |||
Number of Subsidiaries | Entity | Subsidiary | 3 | ||
Unitil Service; Unitil Realty; and Unitil Resources | |||
Significant Accounting Policies [Line Items] | |||
Number of Subsidiaries | Entity | Subsidiary | 3 | ||
Fitchburg Gas And Electric Light Company [Member] | Other Deferred Charges [Member] | Electric And Gas Division [Member] | |||
Significant Accounting Policies [Line Items] | |||
Hardship accounts in regulatory assets | $ 5.8 | 7.9 | 9.5 |
Environmental and Rate Case Costs and Other Expenditures | Recovered over the next seven years | |||
Significant Accounting Policies [Line Items] | |||
Regulatory assets | 5.8 | ||
ISO-NE Obligations | |||
Significant Accounting Policies [Line Items] | |||
Cash Deposits | $ 4.8 | 2.7 | 5.7 |
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Lease term | 12 months | ||
Deferred Compensation Plan [Member] | |||
Significant Accounting Policies [Line Items] | |||
Investments in trading securities | $ 0.6 | $ 0.6 | $ 0.5 |
Components of Gas and Electric
Components of Gas and Electric Operating Revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | $ 110.2 | $ 98.1 | $ 401.7 | $ 333.5 |
Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 105.2 | 88.1 | 417.3 | 343.4 |
Rate Adjustment Mechanism Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 5 | 10 | (15.6) | (9.9) |
Electric | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 75.7 | 65.5 | 219.2 | 182.2 |
Electric | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 77.8 | 65 | 226.7 | 189.1 |
Electric | Rate Adjustment Mechanism Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | (2.1) | 0.5 | (7.5) | (6.9) |
Gas Segment | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 34.5 | 32.6 | 182.5 | 151.3 |
Gas Segment | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 27.4 | 23.1 | 190.6 | 154.3 |
Gas Segment | Rate Adjustment Mechanism Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 7.1 | 9.5 | (8.1) | (3) |
Residential | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 51.3 | 42.9 | 197.9 | 164.5 |
Residential | Electric | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 42.5 | 35 | 125.5 | 104 |
Residential | Gas Segment | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 8.8 | 7.9 | 72.4 | 60.5 |
Commercial & Industrial | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 48 | 41.2 | 197.4 | 164.4 |
Commercial & Industrial | Electric | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 30.2 | 26.8 | 86.9 | 78.2 |
Commercial & Industrial | Gas Segment | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 17.8 | 14.4 | 110.5 | 86.2 |
Other | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 5.9 | 4 | 22 | 14.5 |
Other | Electric | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | 5.1 | 3.2 | 14.3 | 6.9 |
Other | Gas Segment | Billed and Unbilled Revenue | ||||
Operating Revenues [Line Items] | ||||
Total Gas and Electric Operating Revenues | $ 0.8 | $ 0.8 | $ 7.7 | $ 7.6 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts Included in Accounts Receivable Net (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Allowance for Doubtful Accounts Included in Accounts Receivable Net Detail [Abstract] | |||
Allowance for Doubtful Accounts | $ 2.4 | $ 3.3 | $ 4.3 |
Components of Accrued Revenue (
Components of Accrued Revenue (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Deferred Revenue Arrangement [Line Items] | |||
Regulatory Assets – Current | $ 44 | $ 47.4 | $ 30.6 |
Total Accrued Revenue | 46.9 | 61.2 | 38.6 |
Unbilled Revenues | |||
Deferred Revenue Arrangement [Line Items] | |||
Regulatory Assets – Current | 2.9 | 13.8 | 8 |
Regulatory Assets | |||
Deferred Revenue Arrangement [Line Items] | |||
Regulatory Assets – Current | $ 44 | $ 47.4 | $ 30.6 |
Components of Exchange Gas Rece
Components of Exchange Gas Receivable (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Receivables [Line Items] | |||
Total Exchange Gas Receivable | $ 25.1 | $ 7.4 | $ 10.5 |
Northern Utilities Inc | |||
Receivables [Line Items] | |||
Total Exchange Gas Receivable | 23.1 | 6.7 | 9.7 |
Fitchburg | |||
Receivables [Line Items] | |||
Total Exchange Gas Receivable | $ 2 | $ 0.7 | $ 0.8 |
Components of Gas Inventory (De
Components of Gas Inventory (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | $ 1.7 | $ 1 | $ 0.9 |
Liquefied Natural Gas & Other | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | 0.2 | 0.1 | 0.1 |
Natural Gas | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | 1.1 | 0.5 | 0.4 |
Propane | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | $ 0.4 | $ 0.4 | $ 0.4 |
Regulatory Assets (Detail)
Regulatory Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Regulatory Assets [Line Items] | |||
Regulatory Assets | $ 149.5 | $ 156.3 | $ 163 |
Less: Current Portion of Regulatory Assets | 44 | 47.4 | 30.6 |
Regulatory Assets – noncurrent | 105.5 | 108.9 | 132.4 |
Environmental Matters | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 4.5 | 4.6 | 4.8 |
Other Deferred Charges | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 12 | 15.3 | 17.7 |
Retirement Benefits | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 87.4 | 86.4 | 107 |
Deferred Storm Charges | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 2.7 | 3.3 | 3.4 |
Income Taxes | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | 2 | 2.6 | 2.8 |
Energy Supply and Other Rate Adjustment Mechanisms | |||
Regulatory Assets [Line Items] | |||
Regulatory Assets | $ 40.9 | $ 44.1 | $ 27.3 |
Regulatory Liabilities (Detail)
Regulatory Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | $ 58.7 | $ 52.1 | $ 56 |
Less: Current Portion of Regulatory Liabilities | 20.8 | 9.5 | 13.1 |
Regulatory Liabilities – noncurrent | 37.9 | 42.6 | 42.9 |
Income Taxes | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | 42.1 | 44.3 | 44.6 |
Rate Adjustment Mechanisms | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | 16.6 | 7.7 | 11.3 |
Other | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | $ 0 | $ 0.1 | $ 0.1 |
Fair Value of Marketable Securi
Fair Value of Marketable Securities (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | $ 5.6 | $ 5.7 | $ 5.6 |
Deferred Compensation Plan [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 0.6 | 0.6 | 0.5 |
Fair Value, Inputs, Level 1 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 5.6 | 5.7 | 5.6 |
Fair Value, Inputs, Level 1 | Deferred Compensation Plan [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 0.6 | 0.6 | 0.5 |
Fair Value, Inputs, Level 1 | Equity Funds | Deferred Compensation Plan [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 0.5 | 0.2 | 0.1 |
Fair Value, Inputs, Level 1 | Money Market Funds | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Trading Securities | 5.6 | 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 | $ 0.1 | $ 0.4 | $ 0.4 |
Components of Energy Supply Obl
Components of Energy Supply Obligations (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | $ 29.8 | $ 14.5 | $ 16.1 |
Exchange Gas Obligation | |||
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | 23.1 | 6.7 | 9.7 |
Renewable Energy Portfolio Standards | |||
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | $ 6.7 | $ 7.8 | $ 6.4 |
Dividends Declared Per Share (D
Dividends Declared Per Share (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Dividends Payable [Line Items] | ||||
Dividend Amount | $ 0.39 | $ 0.38 | $ 1.17 | $ 1.14 |
Group One | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Oct. 26, 2022 | |||
Date Paid (Payable) | Nov. 28, 2022 | |||
Shareholder of Record Date | Nov. 14, 2022 | |||
Dividend Amount | $ 0.39 | |||
Group Two | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jul. 27, 2022 | |||
Date Paid (Payable) | Aug. 26, 2022 | |||
Shareholder of Record Date | Aug. 12, 2022 | |||
Dividend Amount | $ 0.39 | |||
Group Three | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Apr. 27, 2022 | |||
Date Paid (Payable) | May 27, 2022 | |||
Shareholder of Record Date | May 13, 2022 | |||
Dividend Amount | $ 0.39 | |||
Group Four | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 26, 2022 | |||
Date Paid (Payable) | Feb. 25, 2022 | |||
Shareholder of Record Date | Feb. 11, 2022 | |||
Dividend Amount | $ 0.39 | |||
Group Five | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Oct. 27, 2021 | |||
Date Paid (Payable) | Nov. 29, 2021 | |||
Shareholder of Record Date | Nov. 15, 2021 | |||
Dividend Amount | $ 0.38 | |||
Group Six | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jul. 28, 2021 | |||
Date Paid (Payable) | Aug. 27, 2021 | |||
Shareholder of Record Date | Aug. 13, 2021 | |||
Dividend Amount | $ 0.38 | |||
Group Seven | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Apr. 28, 2021 | |||
Date Paid (Payable) | May 28, 2021 | |||
Shareholder of Record Date | May 14, 2021 | |||
Dividend Amount | $ 0.38 | |||
Group Eight | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 27, 2021 | |||
Date Paid (Payable) | Feb. 26, 2021 | |||
Shareholder of Record Date | Feb. 12, 2021 | |||
Dividend Amount | $ 0.38 |
Significant Segment Financial D
Significant Segment Financial Data (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | $ 110.2 | $ 98.1 | $ 401.7 | $ 333.5 | |
Segment Profit (Loss) | 0.5 | 26.9 | 21.6 | ||
Identifiable Segment Assets | 1,578.9 | 1,509 | 1,578.9 | 1,509 | $ 1,540.3 |
Capital Expenditures | 37.2 | 39 | 82.5 | 81.5 | |
Billed and Unbilled Revenue | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | 105.2 | 88.1 | 417.3 | 343.4 | |
Rate Adjustment Mechanism Revenue | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | 5 | 10 | (15.6) | (9.9) | |
Gas Segment | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | 34.5 | 32.6 | 182.5 | 151.3 | |
Segment Profit (Loss) | (5.3) | (4.1) | 14.5 | 12.1 | |
Identifiable Segment Assets | 967.5 | 906.2 | 967.5 | 906.2 | |
Capital Expenditures | 28.9 | 28.5 | 59.9 | 51.7 | |
Gas Segment | Billed and Unbilled Revenue | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | 27.4 | 23.1 | 190.6 | 154.3 | |
Gas Segment | Rate Adjustment Mechanism Revenue | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | 7.1 | 9.5 | (8.1) | (3) | |
Electric | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | 75.7 | 65.5 | 219.2 | 182.2 | |
Segment Profit (Loss) | 5.9 | 4.4 | 13.2 | 10.7 | |
Identifiable Segment Assets | 590.9 | 583.6 | 590.9 | 583.6 | |
Capital Expenditures | 8.3 | 10.1 | 22.5 | 28.8 | |
Electric | Billed and Unbilled Revenue | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | 77.8 | 65 | 226.7 | 189.1 | |
Electric | Rate Adjustment Mechanism Revenue | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Operating Revenues | (2.1) | 0.5 | (7.5) | (6.9) | |
All Other Segments | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Profit (Loss) | (0.1) | (0.3) | (0.8) | (1.3) | |
Identifiable Segment Assets | $ 20.5 | 19.2 | 20.5 | 19.2 | |
Capital Expenditures | $ 0.4 | $ 0.1 | 1 | ||
Non- Regulated Operation | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Profit (Loss) | $ 0.1 |
Details on Long Term Debt (Deta
Details on Long Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 504.7 | $ 509.6 | $ 515.1 |
Less: Unamortized Debt Issuance Costs | 3.4 | 3.6 | 3.7 |
Long-Term Debt | 501.3 | 506 | 511.4 |
Less: Current Portion | 8.2 | 8.2 | 10.1 |
Total Long-Term Debt, Less Current Portion | 493.1 | 497.8 | 501.3 |
3.70% Senior Notes, Due August 1, 2026 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | 30 |
3.43% Senior Notes, Due December 18, 2029 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | 30 |
Unitil Energy Systems Inc | First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 1.5 | 1.5 | 3 |
Unitil Energy Systems Inc | First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 12 | 14 | 14 |
Unitil Energy Systems Inc | First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 13.5 | 15 | 15 |
Unitil Energy Systems Inc | First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Unitil Energy Systems Inc | First Mortgage Bonds 4.18% Senior Secured Notes Due November 30, 2048 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | 30 |
Unitil Energy Systems Inc | 3.58% Senior Secured Notes, Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 27.5 | 27.5 | 27.5 |
Fitchburg Gas and Electric Light Company | 6.79% Senior Notes, Due October 15, 2025 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 6 | 6 | 10 |
Fitchburg Gas and Electric Light Company | 3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10 | 10 | 10 |
Fitchburg Gas and Electric Light Company | 7.37% Notes, Due January 15, 2029 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 8.4 | 9.6 | 9.6 |
Fitchburg Gas and Electric Light Company | 5.90% Notes, Due December 15, 2030 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Fitchburg Gas and Electric Light Company | 7.98% Notes, Due June 1, 2031 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 14 | 14 | 14 |
Fitchburg Gas and Electric Light Company | 4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Fitchburg Gas and Electric Light Company | 3.78% Senior Notes, Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 27.5 | 27.5 | 27.5 |
Northern Utilities Inc | 3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 20 | 20 | 20 |
Northern Utilities Inc | 4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | 30 |
Northern Utilities Inc | 7.72% Senior Notes, Due December 3, 2038 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 50 | 50 | 50 |
Northern Utilities Inc | 4.42% Senior Notes, Due October 15, 2044 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 50 | 50 | 50 |
Northern Utilities Inc | 4.04% Senior Notes, Due September 12, 2049 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 40 | 40 | 40 |
Northern Utilities Inc | 3.78% Senior Notes, Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 40 | 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 | 15 |
Unitil Realty Corp [Member] | 2.64% Senior Secured Notes, Due December 18, 2030 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 4.3 | $ 4.5 | $ 4.5 |
Details on Long Term Debt (Pare
Details on Long Term Debt (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
3.70% Senior Notes, Due August 1, 2026 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.70% | 3.70% | 3.70% |
Debt instrument due date | Aug. 01, 2026 | Aug. 01, 2026 | Aug. 01, 2026 |
3.43% Senior Notes, Due December 18, 2029 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.43% | 3.43% | 3.43% |
Debt instrument due date | Dec. 18, 2029 | Dec. 18, 2029 | Dec. 18, 2029 |
First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 8.49% | 8.49% | 8.49% |
Debt instrument due date | Oct. 14, 2024 | Oct. 14, 2024 | Oct. 14, 2024 |
First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.96% | 6.96% | 6.96% |
Debt instrument due date | Sep. 01, 2028 | Sep. 01, 2028 | Sep. 01, 2028 |
First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 8% | 8% | 8% |
Debt instrument due date | May 01, 2031 | May 01, 2031 | May 01, 2031 |
First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.32% | 6.32% | 6.32% |
Debt instrument due date | Sep. 15, 2036 | Sep. 15, 2036 | Sep. 15, 2036 |
3.58% Senior Secured Notes, Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.58% | 3.58% | 3.58% |
Debt instrument due date | Sep. 15, 2040 | Sep. 15, 2040 | Sep. 15, 2040 |
First Mortgage Bonds 4.18% Senior Secured Notes Due November 30, 2048 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.18% | 4.18% | 4.18% |
Debt instrument due date | Nov. 30, 2048 | Nov. 30, 2048 | Nov. 30, 2048 |
6.79% Senior Notes, Due October 15, 2025 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.79% | 6.79% | 6.79% |
Debt instrument due date | Oct. 15, 2025 | Oct. 15, 2025 | Oct. 15, 2025 |
3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.52% | 3.52% | 3.52% |
Debt instrument due date | Nov. 01, 2027 | Nov. 01, 2027 | Nov. 01, 2027 |
7.37% Notes, Due January 15, 2029 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.37% | 7.37% | 7.37% |
Debt instrument due date | Jan. 15, 2029 | Jan. 15, 2029 | Jan. 15, 2029 |
5.90% Notes, Due December 15, 2030 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | 5.90% | 5.90% |
Debt instrument due date | Dec. 15, 2030 | Dec. 15, 2030 | Dec. 15, 2030 |
7.98% Notes, Due June 1, 2031 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.98% | 7.98% | 7.98% |
Debt instrument due date | Jun. 01, 2031 | Jun. 01, 2031 | Jun. 01, 2031 |
3.78% Senior Notes, Due September 15, 2040 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.78% | 3.78% | 3.78% |
Debt instrument due date | Sep. 15, 2040 | Sep. 15, 2040 | Sep. 15, 2040 |
4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.32% | 4.32% | 4.32% |
Debt instrument due date | Nov. 01, 2047 | Nov. 01, 2047 | Nov. 01, 2047 |
7.72% Senior Notes, Due December 3, 2038 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.72% | 7.72% | 7.72% |
Debt instrument due date | Dec. 03, 2038 | Dec. 03, 2038 | Dec. 03, 2038 |
4.42% Senior Notes, Due October 15, 2044 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.42% | 4.42% | 4.42% |
Debt instrument due date | Oct. 15, 2044 | Oct. 15, 2044 | Oct. 15, 2044 |
4.04% Senior Notes, Due September 12, 2049 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.04% | 4.04% | 4.04% |
Debt instrument due date | Sep. 12, 2049 | Sep. 12, 2049 | Sep. 12, 2049 |
3.72% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.72% | 3.72% | 3.72% |
Debt instrument due date | Nov. 01, 2027 | Nov. 01, 2027 | Nov. 01, 2027 |
2.64% Senior Secured Notes, Due December 18, 2030 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.64% | 2.64% | 2.64% |
Debt instrument due date | Dec. 18, 2030 | Dec. 18, 2030 | Dec. 18, 2030 |
Estimated Fair Value of Long Te
Estimated Fair Value of Long Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Fair Value, Inputs, Level 2 | |||
Debt Instrument [Line Items] | |||
Estimated Fair Value of Long-Term Debt | $ 458.3 | $ 584.9 | $ 598.2 |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 29, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||||||
Weighted average interest rate on short term borrowings | 3.60% | 1.20% | 2.40% | 1.20% | 1.20% | |
Capital lease obligation, current | $ 100,000 | $ 100,000 | ||||
Capital lease obligation, noncurrent | 100,000 | 100,000 | ||||
Accounts Payable | 35,200,000 | $ 29,500,000 | 35,200,000 | $ 29,500,000 | $ 52,400,000 | |
Total rental expense under operating leases | 500,000 | 500,000 | 1,400,000 | 1,400,000 | ||
Net Utility Plant | 1,303,800,000 | $ 1,237,300,000 | 1,303,800,000 | 1,237,300,000 | 1,257,200,000 | |
Guarantee outstanding | 1,600,000 | 1,600,000 | ||||
Operating lease obligations | 1,400,000 | $ 1,400,000 | ||||
Other current operating lease obligation | 1,600,000 | 1,600,000 | ||||
Other noncurrent operating lease obligation | $ 3,000,000 | $ 3,000,000 | ||||
Operating lease, weighted average remaining lease term | 3 years 4 months 24 days | 3 years 8 months 12 days | 3 years 4 months 24 days | 3 years 8 months 12 days | ||
Operating lease, weighted average discount rate percentage | 3.70% | 4% | 3.70% | 4% | ||
Guarantee Term Period | 1 year | |||||
Assets under Capital Leases [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Net Utility Plant | $ 600,000 | $ 700,000 | $ 600,000 | $ 700,000 | 700,000 | |
Net Utility Plant, accumulated amortization | $ 300,000 | 300,000 | $ 300,000 | 300,000 | 300,000 | |
Northern Utilities Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Total funded indebtedness as percentage of capitalization | 65% | 65% | ||||
Natural gas storage inventory | $ 23,400,000 | 9,700,000 | $ 23,400,000 | 9,700,000 | 8,300,000 | |
Accounts Payable | 300,000 | 100,000 | 300,000 | 100,000 | 1,600,000 | |
Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Revolving credit facility | $ 200,000,000 | $ 120,000,000 | 200,000,000 | $ 120,000,000 | $ 120,000,000 | |
Proceeds from lines of credit | 214,000,000 | |||||
Repayments of lines of credit | $ 206,100,000 | |||||
Credit Facility | Third Amendment Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Sublimit for the issuance of standby letters of credit | $ 25,000,000 | |||||
Revolving credit facility | $ 200,000,000 | |||||
Credit Facility | Revolving Credit Facility | Third Amendment Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility expiration date | Sep. 29, 2027 | |||||
Credit Facility | Revolving Credit Facility | Third Amendment Credit Facility | Secured Overnight Financing Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, daily fluctuating rate of interest | 0.10% | |||||
Line of credit outstanding | $ 65,500,000 | |||||
Line of credit interest rate during the period | 4.272% | |||||
Credit Facility | Revolving Credit Facility | Third Amendment Credit Facility | Secured Overnight Financing Rate [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, daily fluctuating rate of interest | 1.375% | |||||
Debt instrument variable interest rate additional spread | 1.375% | |||||
Credit Facility | Revolving Credit Facility | Third Amendment Credit Facility | Secured Overnight Financing Rate [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, daily fluctuating rate of interest | 1.125% | |||||
Debt instrument variable interest rate additional spread | 1.125% |
Borrowing Limits Amounts Outsta
Borrowing Limits Amounts Outstanding and Amounts Available under Revolving Credit Facility (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Instrument [Line Items] | |||
Short-Term Borrowings Outstanding | $ 72 | $ 64.1 | $ 30.5 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, limit | 200 | 120 | 120 |
Short-Term Borrowings Outstanding | 72 | 64.1 | 30.5 |
Available revolving credit facility | $ 128 | $ 55.9 | $ 89.5 |
Debt and Financing Arrangemen_4
Debt and Financing Arrangements - Classification of the Company Lease Obligations (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Operating Lease Obligations: | |||
Other Current Liabilities (current portion) | $ 1,600 | ||
Other Noncurrent Liabilities (long-term portion) | 3,000 | ||
Capital Lease Obligations: | |||
Other Current Liabilities (current portion) | 100 | ||
Other Noncurrent Liabilities (long-term portion) | 100 | ||
Lease Obligations [Member] | |||
Operating Lease Obligations: | |||
Other Current Liabilities (current portion) | 1,600 | $ 1,600 | $ 1,600 |
Other Noncurrent Liabilities (long-term portion) | 3,000 | 3,100 | 3,500 |
Total Operating Lease Obligations | 4,614 | 4,700 | 5,100 |
Capital Lease Obligations: | |||
Other Current Liabilities (current portion) | 100 | 100 | 200 |
Other Noncurrent Liabilities (long-term portion) | 100 | 200 | 200 |
Total Capital Lease Obligations | 200 | 300 | 400 |
Total Lease Obligations | $ 4,800 | $ 5,000 | $ 5,500 |
Future Operating Lease Payment
Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases (Detail) - Lease Obligations [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Operating leases | |||
Rest of 2022 | $ 457 | ||
2023 | 1,655 | ||
2024 | 1,325 | ||
2025 | 759 | ||
2026 | 456 | ||
2027-2031 | 291 | ||
Total Payments | 4,943 | ||
Less: Interest | 329 | ||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | 4,614 | $ 4,700 | $ 5,100 |
Capital leases | |||
Rest of 2022 | 36 | ||
2023 | 114 | ||
2024 | 59 | ||
2025 | 26 | ||
2026 | 6 | ||
2027-2031 | 3 | ||
Total Payments | 244 | ||
Less: Interest | 9 | ||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ 235 |
Common Stock And Preferred St_3
Common Stock And Preferred Stock - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 25, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||
Common stock, shares outstanding | 16,039,141 | 15,971,962 | 16,039,141 | 15,971,962 | 15,977,766 | |
Common stock, shares issued | 4,506 | 925,493 | 14,369 | 936,512 | ||
Proceeds from Issuance of Common Stock | $ 800,000 | $ 45,300,000 | ||||
Restricted Stock Units Granted | $ 47.46 | $ 49.61 | ||||
Share based compensation expense | $ 1,900,000 | $ 1,400,000 | ||||
Percentage of fully-vested restricted stock units that directors will receive in common shares when settled | 70% | |||||
Fair value of liabilities associated with fully vested RSUs that will be settled in cash | $ 800,000 | $ 800,000 | $ 800,000 | 800,000 | $ 1,000,000 | |
Percentage of fully-vested restricted stock units that directors will receive in cash when settled | 30% | |||||
Preferred Stock | 200,000 | 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | |
Maximum | ||||||
Class of Stock [Line Items] | ||||||
Dividend declared | $ 100,000 | $ 100,000 | ||||
Restricted Stock | ||||||
Class of Stock [Line Items] | ||||||
Restricted stock vesting period | 4 years | |||||
Restricted stock non-vested | 72,428 | 57,408 | 72,428 | 57,408 | ||
Unrecognized share based compensation | $ 900,000 | $ 900,000 | ||||
Share compensation recognition period | 2 years 8 months 12 days | |||||
Restricted Stock Units Granted | 36,770 | |||||
Aggregate Market Value | $ 1,700,000 | |||||
Forfeitures under the stock plan | 0 | |||||
Cancellations under the stock plan | 0 | |||||
Restricted Stock | Maximum | ||||||
Class of Stock [Line Items] | ||||||
Restricted stock available for awards | 677,500 | 677,500 | ||||
Restricted stock that may be awarded in any one calendar year to any one participant | 20,000 | 20,000 | ||||
Restricted Stock | Vesting Annually | ||||||
Class of Stock [Line Items] | ||||||
Restricted stock vesting percentage annually | 25% | |||||
Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Restricted Stock Units Granted | 0 | |||||
Restricted stock units outstanding | 44,224 | 44,224 | ||||
Weighted-Average Stock Price | $ 41.49 | $ 41.49 | ||||
Series 6 | Unitil Energy Systems Inc | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, outstanding | 1,861 | 1,861 | 1,861 | 1,861 | 1,861 | |
Preferred Stock | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | |
Dividend rate | 6% | 6% | 6% | |||
Dividend and Distribution Reinvestment and Share Purchase Plan | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from Issuance of Common Stock | $ 752,200 | |||||
Dividend and Distribution Reinvestment and Share Purchase Plan | Average | ||||||
Class of Stock [Line Items] | ||||||
Common stock price per share | $ 52.35 | $ 52.35 | ||||
Dividend and Distribution Reinvestment and Share Purchase Plan | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 14,369 |
Restricted Stock Units Issued (
Restricted Stock Units Issued (Detail) - Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Restricted Stock Units | |
Beginning Restricted Stock Units | shares | 49,182 |
Restricted Stock Units Granted | shares | 0 |
Dividend Equivalents Earned | shares | 932 |
Restricted Stock Units Settled | shares | (10,236) |
Ending Restricted Stock Units | shares | 39,878 |
Weighted-Average Stock Price | |
Beginning Restricted Stock Units | $ / shares | $ 41.67 |
Restricted Stock Units Granted | $ / shares | 0 |
Dividend Equivalents Earned | $ / shares | 53.6 |
Restricted Stock Units Settled | $ / shares | 51.28 |
Ending Restricted Stock Units | $ / shares | $ 39.48 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2022 USD ($) | Sep. 22, 2022 USD ($) | Jul. 28, 2022 USD ($) | Jul. 20, 2022 USD ($) | Jul. 15, 2022 USD ($) | Jun. 08, 2022 USD ($) | May 12, 2022 USD ($) | May 03, 2022 USD ($) | May 01, 2022 USD ($) | Jan. 31, 2022 USD ($) | Nov. 02, 2021 USD ($) | Aug. 24, 2021 USD ($) | Mar. 01, 2021 USD ($) | Nov. 30, 2020 USD ($) | Nov. 02, 2020 USD ($) | Mar. 26, 2020 USD ($) | Feb. 28, 2020 USD ($) | Jul. 01, 2018 MW | Mar. 31, 2020 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2027 MW | Dec. 31, 2022 MW | Oct. 31, 2022 USD ($) | Oct. 07, 2022 USD ($) | May 27, 2022 USD ($) | Mar. 10, 2021 MW | May 31, 2019 MW | Aug. 09, 2018 MW | Jul. 31, 2018 MW Bcf | Jun. 30, 2017 MW | |
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Approved annual increase in rates | $ 3,600,000 | $ 4,600,000 | |||||||||||||||||||||||||||||
Increase in annual base rate | 3.60% | ||||||||||||||||||||||||||||||
Requested annual increase in rates | $ 1,500,000 | ||||||||||||||||||||||||||||||
Approved annual increase in rates | $ 3,700,000 | ||||||||||||||||||||||||||||||
Approved Recover Amount In COVID Nineteen Related Costs Relating To Expenses As Per Authorization Provided In Order | $ 386,957 | ||||||||||||||||||||||||||||||
Deferred cost related to exogenous event | 1,500,000 | $ 1,500,000 | |||||||||||||||||||||||||||||
Second Solicitation [Member] | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation capacity | MW | 800 | ||||||||||||||||||||||||||||||
Second Rate Step Adjustments | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation capacity | MW | 800 | ||||||||||||||||||||||||||||||
Other Restructuring | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Cost recovery period, years | 2 years | ||||||||||||||||||||||||||||||
Offshore Wind Energy | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation facility | MW | 1,600 | ||||||||||||||||||||||||||||||
Northern Utilities Inc | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Percentage of approved return on equity | 9.20% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 52% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 48% | ||||||||||||||||||||||||||||||
Approved annual increase in rates | $ 6,300,000 | ||||||||||||||||||||||||||||||
Public utilities approved increase amount of annual revenue to recover eligible capital investments | $ 1,300,000 | ||||||||||||||||||||||||||||||
Approved Recover Amount In COVID Nineteen Related Costs Relating To Expenses As Per Authorization Provided In Order | 68,061 | ||||||||||||||||||||||||||||||
Northern Utilities Inc | Arrearage Management Program [Member] | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Expenses associated with the program excluded from the revenue requirement as per order and adjusted increase amount will result in reasonable rates | $ 5,900,000 | ||||||||||||||||||||||||||||||
Northern Utilities Inc | ME | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Percentage of approved return on equity | 9.48% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 50% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 50% | ||||||||||||||||||||||||||||||
Northern Utilities Inc | New Hampshire | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Percentage of approved return on equity | 9.30% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 52% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 48% | ||||||||||||||||||||||||||||||
Requested annual increase in rates | $ 1,600,000 | ||||||||||||||||||||||||||||||
Threshold amount that will be allowed to adjust distribution rates upward or downward during the term of stay out period | $ 200,000 | ||||||||||||||||||||||||||||||
Northern Utilities Inc | New Hampshire | Settlement Agreement [Member] | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Approved annual increase in rates | $ 6,100,000 | ||||||||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 1,600,000 | $ 1,400,000 | |||||||||||||||||||||||||||||
Percentage of approved return on equity | 9.70% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 52.45% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 47.55% | ||||||||||||||||||||||||||||||
Revenue impact threshold | $ 100,000 | ||||||||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Offshore Wind Energy | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation facility | Bcf | 400 | ||||||||||||||||||||||||||||||
Remuneration Percentage | 2.75% | 2.75% | |||||||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Offshore Wind Energy | First Solicitation [Member] | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation facility | MW | 1,600 | ||||||||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Offshore Wind Energy | Second Solicitation [Member] | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation facility | MW | 1,600 | 1,600 | |||||||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Qualified Clean Energy | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation capacity | MW | 9,554,940 | ||||||||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Minimum [Member] | Offshore Wind Energy | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation facility | MW | 400 | ||||||||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Scenario Forecast | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Power generation capacity | MW | 9,450,000 | ||||||||||||||||||||||||||||||
Fitchburg Gas Company | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Percentage of approved return on equity | 9.70% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 52.45% | ||||||||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 47.55% | ||||||||||||||||||||||||||||||
Regulatory assets approved increase in revenue due to be recovered | $ 3,300,000 | $ 4,500,000 | $ 400,000 | ||||||||||||||||||||||||||||
Approved annual increase in rates | $ 1,100,000 | $ 900,000 | |||||||||||||||||||||||||||||
Approved annual increase in rates | $ 900,000 | ||||||||||||||||||||||||||||||
Apporved annual decrease in rates | $ 200,000 | ||||||||||||||||||||||||||||||
Revenue impact threshold | $ 40,000 | ||||||||||||||||||||||||||||||
Fitchburg Gas Company | Subsequent Event [Member] | Track One [Member] | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Amount of capital expenditure approved by regulatory authority | $ 9,100,000 | ||||||||||||||||||||||||||||||
Amount of capital expenditure requested for approval | $ 9,800,000 | ||||||||||||||||||||||||||||||
Granite State | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 300,000 | $ 100,000 | $ 1,300,000 | ||||||||||||||||||||||||||||
Spending cap | 14,600,000 | $ 14,600,000 | |||||||||||||||||||||||||||||
With Effect From First Of November Two Thousand And Twenty Two [Member] | Northern Utilities Inc | ME | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Approved annual increase in rates | $ 600,000 | ||||||||||||||||||||||||||||||
With Effect From First January Two Thousand And Twenty Three [Member] | Fitchburg Gas Company | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Public utilities interim increase decrease amount | $ 700,000 | ||||||||||||||||||||||||||||||
With Effect From First March Two Thousand And Twenty Three [Member] | Fitchburg Gas Company | |||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||
Public utilities interim increase decrease amount | $ 700,000 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Environmental Restoration Costs | |
Site Contingency [Line Items] | |
Estimated Costs Accrued For Remediation | $ 0.8 |
Maine | Environmental Restoration Costs | |
Site Contingency [Line Items] | |
Amortization period for environmental costs | 5 years |
New Hampshire | |
Site Contingency [Line Items] | |
Amortization period for environmental costs | 7 years |
Company's Liability for Environ
Company's Liability for Environmental Obligations (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Environmental Exit Cost [Line Items] | |||
Total Balance at Beginning of Period | $ 2.7 | $ 2.1 | |
Additions | 0.4 | 0.6 | |
Less: Payments / Reductions | 0.3 | 0.3 | |
Total Balance at End of Period | 2.8 | 2.4 | |
Less: Current Portion | 0.6 | 0.7 | $ 0.5 |
Noncurrent Balance at End of Period | $ 2.2 | $ 1.7 | $ 2.2 |
Differences Between Provisions
Differences Between Provisions for Income Taxes and Provisions Calculated at Statutory Federal Tax Rate (Detail) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Examination [Line Items] | ||
Statutory Federal Income Tax Rate | 21% | 21% |
State Income Taxes, net | 6% | 6% |
Utility Plant Differences | (6.00%) | (3.00%) |
Effective Income Tax Rate | 21% | 24% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 | Dec. 31, 2020 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||||||
Corporate federal income tax | 21% | 21% | ||||||
Regulatory liability, expected flow back to customers | $ 47.1 | |||||||
Regulatory liability, expected pass back to ratepayers | $ 1 | |||||||
Net Operating Loss Carryforwards Utilized For Income Taxes | $ 2.4 | |||||||
Deferred tax assets, operating loss carryforwards, federal | $ 5.8 | |||||||
Percentage of employment retention credit | 50% | |||||||
Employment retention duties capacity | 100% | |||||||
Percentage of alternate minimum tax | 15% | |||||||
Adjustment financial statement income | $ 1,000 | |||||||
Number of years used for calculating adjusted financial statement income | 3 years | |||||||
Consolidated Appropriations Act 2021 [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Percentage of employment retention credit | 70% | |||||||
Employment retention duties capacity | 100% | |||||||
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 | $ 5.4 | |||||||
Tax Year 2018 | ||||||||
Income Taxes [Line Items] | ||||||||
Corporate federal income tax | 21% | 21% |
Key Weighted Average Assumption
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations (Detail) - Benefit Plan Costs | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.85% | 2.50% |
Rate of Compensation Increase | 3% | 3% |
Expected Long-term rate of return on plan assets | 7.50% | 7.50% |
Health Care Cost Trend Rate Assumed for Next Year | 6.20% | 6.60% |
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2029 |
Components of Retirement Plan C
Components of Retirement Plan Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 792 | $ 868 | $ 2,374 | $ 2,604 |
Interest Cost | 1,372 | 1,250 | 4,114 | 3,752 |
Expected Return on Plan Assets | (2,722) | (2,422) | (8,162) | (7,268) |
Prior Service Cost Amortization | 89 | 76 | 267 | 226 |
Actuarial Loss Amortization | 1,376 | 2,021 | 4,130 | 6,065 |
Sub-total | 907 | 1,793 | 2,723 | 5,379 |
Amounts Capitalized and Deferred | (345) | (944) | (810) | (2,544) |
Net Periodic Benefit Cost Recognized | 562 | 849 | 1,913 | 2,835 |
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 723 | 759 | 2,167 | 2,275 |
Interest Cost | 798 | 685 | 2,396 | 2,055 |
Expected Return on Plan Assets | (853) | (627) | (2,561) | (1,881) |
Prior Service Cost Amortization | 273 | 302 | 819 | 906 |
Actuarial Loss Amortization | 255 | 260 | 765 | 784 |
Sub-total | 1,196 | 1,379 | 3,586 | 4,139 |
Amounts Capitalized and Deferred | (655) | (904) | (1,788) | (2,358) |
Net Periodic Benefit Cost Recognized | 541 | 475 | 1,798 | 1,781 |
Supplemental Employee Retirement Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 69 | 89 | 205 | 266 |
Interest Cost | 118 | 114 | 354 | 343 |
Prior Service Cost Amortization | 14 | 14 | 42 | 42 |
Actuarial Loss Amortization | 196 | 372 | 595 | 1,117 |
Sub-total | 397 | 589 | 1,196 | 1,768 |
Amounts Capitalized and Deferred | (117) | (178) | (354) | (534) |
Net Periodic Benefit Cost Recognized | $ 280 | $ 411 | $ 842 | $ 1,234 |
Retirement Benefit Obligation_2
Retirement Benefit Obligations - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | $ 3.8 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | 2 |
Supplemental Employee Retirement Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments under SERP Plan | 0.5 |
Expected additional benefit payments for the remainder of 2020 | $ 0.1 |