☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New Hampshire | 02-0381573 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
6 Liberty Lane West, Hampton, | 03842-1720 | ||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange of which registered | ||
Common Stock, | UTL | New York Stock Exchange |
Item | Description | Page | ||||
PART I | ||||||
1. | 3 | |||||
3 | ||||||
4 | ||||||
6 | ||||||
8 | ||||||
9 | ||||||
11 | ||||||
12 | ||||||
12 | ||||||
12 | ||||||
1A. | 13 | |||||
1B. | 19 | |||||
2. | 19 | |||||
3. | 20 | |||||
4. | 21 | |||||
PART II | ||||||
5. | 22 | |||||
6. | 25 | |||||
7. | 26 | |||||
7A. | 41 | |||||
8. | 43 | |||||
9. | 92 | |||||
9A. | 92 | |||||
9B. | 92 | |||||
PART III | ||||||
10. | 93 | |||||
11. | 93 | |||||
12. | 93 | |||||
13. | 93 | |||||
14. | 93 | |||||
PART IV | ||||||
15. | 94 | |||||
SIGNATURES | ||||||
100 |
Item | Description | Page | ||
PART I | ||||
1. | 3 | |||
3 | ||||
4 | ||||
6 | ||||
7 | ||||
7 | ||||
7 | ||||
1A. | 8 | |||
1B. | 15 | |||
2. | 15 | |||
3. | 16 | |||
4. | 16 | |||
PART II | ||||
5. | 17 | |||
6. | 19 | |||
7. | 19 | |||
7A. | 35 | |||
8. | 36 | |||
9. | 84 | |||
9A. | 84 | |||
9B. | 84 | |||
9C. | 84 | |||
PART III | ||||
10. | 85 | |||
11. | 85 | |||
12. | 85 | |||
13. | 85 | |||
14. | 85 | |||
PART IV | ||||
15. | 86 | |||
SIGNATURES | ||||
93 |
Item | 1. Business |
Company Name | State and Year of Organization | Principal Business | ||||||
Unitil Energy Systems, Inc. (Unitil Energy) | NH - 1901 | Electric Distribution Utility | ||||||
Fitchburg Gas and Electric Light Company (Fitchburg) | MA - 1852 | Electric & Natural Gas Distribution Utility | ||||||
Northern Utilities, Inc. (Northern Utilities) | NH - 1979 | Natural Gas Distribution Utility | ||||||
Granite State Gas Transmission, Inc. (Granite State) | NH - 1955 | Natural Gas Transmission Pipeline | ||||||
Unitil Power Corp. (Unitil Power) | NH - 1984 | Wholesale Electric Power Utility | ||||||
Unitil Service Corp. (Unitil Service) | NH - 1984 | Utility Service Company | ||||||
Unitil Realty Corp. (Unitil Realty) | NH - 1986 | Real Estate Management | ||||||
Unitil Resources, Inc. (Unitil Resources) | NH - 1993 | Non-regulated Energy Services |
Customers Served as of December 31, 2019 | ||||||||||||
Residential | Commercial & Industrial (C&I) | Total | ||||||||||
Electric: | ||||||||||||
Unitil Energy | 65,366 | 11,198 | 76,564 | |||||||||
Fitchburg | 25,617 | 3,948 | 29,565 | |||||||||
Total Electric | 90,983 | 15,146 | 106,129 | |||||||||
Natural Gas: | ||||||||||||
Northern Utilities | 51,492 | 16,370 | 67,862 | |||||||||
Fitchburg | 14,344 | 1,705 | 16,049 | |||||||||
Total Natural Gas | 65,836 | 18,075 | 83,911 | |||||||||
Total Customers Served | 156,819 | 33,221 | 190,040 | |||||||||
Customers Served as of December 31, 2021 | ||||||||||||
Residential | Commercial & Industrial (C&I) | Total | ||||||||||
Electric: | ||||||||||||
Unitil Energy | 66,331 | 11,315 | 77,646 | |||||||||
Fitchburg | 25,983 | 4,051 | 30,034 | |||||||||
Total Electric | 92,314 | 15,366 | 107,680 | |||||||||
Natural Gas: | ||||||||||||
Northern Utilities | 53,700 | 16,698 | 70,398 | |||||||||
Fitchburg | 14,482 | 1,715 | 16,197 | |||||||||
Total Natural Gas | 68,182 | 18,413 | 86,595 | |||||||||
Total Customers Served | 160,496 | 33,779 | 194,275 | |||||||||
Northern Utilities | Fitchburg | Granite State | Total | |||||||||||||||||
Description | NH | ME | ||||||||||||||||||
Underground Natural Gas Mains—Miles | 560 | 597 | 273 | — | 1,430 | |||||||||||||||
Natural Gas Transmission Pipeline—Miles | — | — | — | 86 | 86 | |||||||||||||||
Service Pipes | 23,912 | 22,883 | 11,123 | — | 57,918 |
Employees Covered | CBA Expiration | |||||||
Fitchburg | 43 | 05/31/2022 | ||||||
Northern Utilities NH Division | 37 | 06/07/2025 | ||||||
Northern Utilities ME Division | 38 | 03/31/2026 | ||||||
Granite State | 4 | 03/31/2026 | ||||||
Unitil Energy | 40 | 05/31/2023 | ||||||
Unitil Service | 5 | 05/31/2023 |
Item 1A. | Risk Factors |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Description | Unitil Energy | Fitchburg | Total | |||||||||
Primary Transmission and Distribution Pole Miles—Overhead | 1,279 | 446 | 1,725 | |||||||||
Conduit Distribution Bank Miles—Underground | 233 | 67 | 300 | |||||||||
Transmission and Distribution Substations | 34 | 16 | 50 | |||||||||
Transformer Capacity of Transmission and Distribution Substations (MVA) | 542.7 | 608.2 | 1,150.9 |
Description | Unitil Energy | Fitchburg | Total | |||||||||
Primary Transmission and Distribution Pole Miles—Overhead | 1,294 | 455 | 1,749 | |||||||||
Conduit Distribution Bank Miles—Underground | 240 | 68 | 308 | |||||||||
Transmission and Distribution Substations | 34 | 15 | 49 | |||||||||
Transformer Capacity of Transmission and Distribution Substations* (MVA) | 470.1 | 429.4 | 899.5 |
* | Does not include load served directly from sub-transmission. |
Northern Utilities | Fitchburg | Granite State | Total | |||||||||||||||||
Description | NH | ME | ||||||||||||||||||
Underground Natural Gas Mains—Miles | 576 | 604 | 272 | — | 1,452 | |||||||||||||||
Natural Gas Transmission Pipeline—Miles | — | — | — | 86 | 86 | |||||||||||||||
Service Pipes | 24,494 | 23,556 | 11,211 | — | 59,261 |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Dividends per Common Share | 2019 | 2018 | ||||||
1st Quarter | $ | 0.370 | $ | 0.365 | ||||
2nd Quarter | 0.370 | 0.365 | ||||||
3rd Quarter | 0.370 | 0.365 | ||||||
4th Quarter | 0.370 | 0.365 | ||||||
Total for Year | $ | 1.48 | $ | 1.46 | ||||
Dividends per Common Share | 2021 | 2020 | ||||||
1st Quarter | $ | 0.380 | $ | 0.375 | ||||
2nd Quarter | 0.380 | 0.375 | ||||||
3rd Quarter | 0.380 | 0.375 | ||||||
4th Quarter | 0.380 | 0.375 | ||||||
Total for Year | $ | 1.52 | $ | 1.50 | ||||
(a) | (b) | (c) | |||||||||||
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | ||||||||||
Equity compensation plans approved by security holders (1) | — | — | |||||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||
Total | — | — | 190,677 | ||||||||||
(1) | Consists of the Second Amended and Restated 2003 Stock Plan (the Plan). On April 19, 2012, shareholders approved the Plan, and a total of 677,500 shares of our common stock were reserved for issuance pursuant to awards of restricted stock, restricted stock units and common stock under the Plan. A total of |
(1) | The graph above assumes $100 invested on December 31, |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
10/1/19 – 10/31/19 | 2,911 | $ | 63.54 | 2,911 | $ | 10,034 | ||||||||||
11/1/19 – 11/30/19 | — | — | — | $ | 10,034 | |||||||||||
12/1/19 – 12/31/19 | — | — | — | $ | 10,034 | |||||||||||
Total | 2,911 | $ | 63.54 | 2,911 | ||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
10/1/21 – 10/31/21 | 8,012 | $ | 43.746 | 8,012 | $ | 11 | ||||||||||
11/1/21 – 11/30/21 | — | — | — | $ | 11 | |||||||||||
12/1/21 – 12/31/21 | — | — | — | $ | 11 | |||||||||||
Total | 8,012 | $ | 43.746 | 8,012 | ||||||||||||
Item 6. | Reserved |
For the Years Ended December 31, (all data in millions except customers served, shares, % and per share data) | ||||||||||||||||||||
2019 (2) | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Customers Served (Year-End): | ||||||||||||||||||||
Electric: | ||||||||||||||||||||
Residential | 90,983 | 90,537 | 90,009 | 89,400 | 88,444 | |||||||||||||||
Commercial & Industrial | 15,146 | 15,034 | 14,969 | 14,872 | 14,825 | |||||||||||||||
Total Electric | 106,129 | 105,571 | 104,978 | 104,272 | 103,269 | |||||||||||||||
Natural Gas: | ||||||||||||||||||||
Residential | 65,836 | 64,604 | 63,441 | 62,284 | 61,270 | |||||||||||||||
Commercial & Industrial | 18,075 | 18,155 | 17,868 | 17,654 | 17,479 | |||||||||||||||
Total Natural Gas | 83,911 | 82,759 | 81,309 | 79,938 | 78,749 | |||||||||||||||
Total Customers Served | 190,040 | 188,330 | 186,287 | 184,210 | 182,018 | |||||||||||||||
Electric and Gas Sales: | ||||||||||||||||||||
Electric Distribution Sales (kWh) | 1,595.7 | 1,675.8 | 1,624.1 | 1,628.8 | 1,667.7 | |||||||||||||||
Firm Natural Gas Distribution Sales (Therms) | 232.1 | 231.1 | 213.8 | 205.7 | 219.4 | |||||||||||||||
Consolidated Statements of Earnings: | ||||||||||||||||||||
Operating Revenue | $ | 438.2 | $ | 444.1 | $ | 406.2 | $ | 383.4 | $ | 426.8 | ||||||||||
Operating Income | 73.1 | 71.2 | 75.4 | 70.2 | 68.0 | |||||||||||||||
Interest Expense, Net | 23.7 | 24.0 | 23.1 | 22.5 | 21.9 | |||||||||||||||
Other Expense (Income), Net | (8.6 | ) | 5.8 | 5.8 | 5.2 | 4.4 | ||||||||||||||
Income Before Income Taxes | 58.0 | 41.4 | 46.5 | 42.5 | 41.7 | |||||||||||||||
Income Taxes | 13.8 | 8.4 | 17.5 | 15.4 | 15.4 | |||||||||||||||
Net Income | 44.2 | 33.0 | 29.0 | 27.1 | 26.3 | |||||||||||||||
Dividends on Preferred Stock | — | — | — | — | — | |||||||||||||||
Earnings Applicable to Common Shareholders | $ | 44.2 | $ | 33.0 | $ | 29.0 | $ | 27.1 | $ | 26.3 | ||||||||||
Earnings Per Average Share: | $ | 2.97 | $ | 2.23 | $ | 2.06 | $ | 1.94 | $ | 1.89 | ||||||||||
Common Stock—(Diluted Weighted Average Outstanding, 000’s) | 14,900 | 14,829 | 14,102 | 13,996 | 13,920 | |||||||||||||||
Dividends Declared Per Share | $ | 1.48 | $ | 1.46 | $ | 1.44 | $ | 1.42 | $ | 1.40 | ||||||||||
Book Value Per Share (Year-End) | $ | 25.22 | $ | 23.60 | $ | 22.72 | $ | 20.82 | $ | 20.20 | ||||||||||
Balance Sheet Data (as of December 31,): | ||||||||||||||||||||
Utility Plant | $ | 1,467.5 | $ | 1,369.3 | $ | 1,279.2 | $ | 1,173.4 | $ | 1,080.6 | ||||||||||
Lease Obligations (1) | $ | 4.5 | $ | 5.8 | $ | 8.8 | $ | 11.3 | $ | 14.1 | ||||||||||
Total Assets | $ | 1,370.8 | $ | 1,298.3 | $ | 1,241.9 | $ | 1,128.2 | $ | 1,038.8 | ||||||||||
Capitalization: | ||||||||||||||||||||
Common Stock Equity | $ | 376.6 | $ | 351.1 | $ | 336.6 | $ | 292.9 | $ | 282.6 | ||||||||||
Preferred Stock | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||
Long-Term Debt, less current portion | 437.5 | 387.4 | 376.3 | 316.8 | 305.5 | |||||||||||||||
Total Capitalization | $ | 814.3 | $ | 738.7 | $ | 713.1 | $ | 609.9 | $ | 588.3 | ||||||||||
Current Portion of Long-Term Debt | $ | 19.5 | $ | 18.4 | $ | 29.8 | $ | 16.8 | $ | 17.1 | ||||||||||
Short-Term Debt | $ | 58.6 | $ | 82.8 | $ | 38.3 | $ | 81.9 | $ | 42.0 | ||||||||||
Capital Structure Ratios (as of December 31,): | ||||||||||||||||||||
Common Stock Equity | 46 | % | 48 | % | 47 | % | 48 | % | 48 | % | ||||||||||
Long-Term Debt, less current portion | 54 | % | 52 | % | 53 | % | 52 | % | 52 | % |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) (Note references are to the Notes to the Consolidated Financial Statements included in Item |
i) | Unitil Energy, which provides electric service in the southeastern seacoast and state capital regions of New Hampshire; |
ii) | Fitchburg, which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts; and |
iii) | Northern Utilities, which provides natural gas service in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland and the Lewiston-Auburn area. |
Twelve Months Ended December 31, 2021 ($ millions) | ||||||||||||||||
Electric | Gas | Non-Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 248.5 | $ | 224.8 | $ | — | $ | 473.3 | ||||||||
Less: Cost of Sales | (151.1 | ) | (91.7 | ) | — | (242.8 | ) | |||||||||
Less: Depreciation and Amortization | (25.9 | ) | (32.6 | ) | (1.0 | ) | (59.5 | ) | ||||||||
GAAP Gross Margin | 71.5 | 100.5 | (1.0 | ) | 171.0 | |||||||||||
Depreciation and Amortization | 25.9 | 32.6 | 1.0 | 59.5 | ||||||||||||
Adjusted Gross Margin | $ | 97.4 | $ | 133.1 | $ | — | $ | 230.5 | ||||||||
Twelve Months Ended December 31, 2020 ($ millions) | ||||||||||||||||
Electric | Gas | Non-Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 227.2 | $ | 191.4 | $ | — | $ | 418.6 | ||||||||
Less: Cost of Sales | (134.3 | ) | (68.8 | ) | — | (203.1 | ) | |||||||||
Less: Depreciation and Amortization | (23.8 | ) | (29.8 | ) | (0.9 | ) | (54.5 | ) | ||||||||
GAAP Gross Margin | 69.1 | 92.8 | (0.9 | ) | 161.0 | |||||||||||
Depreciation and Amortization | 23.8 | 29.8 | 0.9 | 54.5 | ||||||||||||
Adjusted Gross Margin | $ | 92.9 | $ | 122.6 | $ | — | $ | 215.5 | ||||||||
Twelve Months Ended December 31, 2019 ($ millions) | ||||||||||||||||
Electric | Gas | Non-Regulated and Other | Total | |||||||||||||
Total Operating Revenue | $ | 233.9 | $ | 203.4 | $ | 0.9 | $ | 438.2 | ||||||||
Less: Cost of Sales | (142.0 | ) | (81.2 | ) | — | (223.2 | ) | |||||||||
Less: Depreciation and Amortization | (22.6 | ) | (28.5 | ) | (0.9 | ) | (52.0 | ) | ||||||||
GAAP Gross Margin | 69.3 | 93.7 | — | 163.0 | ||||||||||||
Depreciation and Amortization | 22.6 | 28.5 | 0.9 | 52.0 | ||||||||||||
Adjusted Gross Margin | $ | 91.9 | $ | 122.2 | $ | 0.9 | $ | 215.0 | ||||||||
Therm Sales (millions) | Change | |||||||||||||||||||||||||||
2019 vs. 2018 | 2018 vs. 2017 | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | Therms | % | Therms | % | ||||||||||||||||||||||
Residential | 48.0 | 48.7 | 43.4 | (0.7 | ) | (1.4 | %) | 5.3 | 12.2 | % | ||||||||||||||||||
Commercial & Industrial | 184.1 | 182.4 | 170.4 | 1.7 | 0.9 | % | 12.0 | 7.0 | % | |||||||||||||||||||
Total Therm Sales | 232.1 | 231.1 | 213.8 | 1.0 | 0.4 | % | 17.3 | 8.1 | % | |||||||||||||||||||
Gas Operating Revenues and Sales Margin (millions) | ||||||||||||||||||||||||||||
Change | ||||||||||||||||||||||||||||
2019 vs. 2018 | 2018 vs. 2017 | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | $ | % | $ | % | ||||||||||||||||||||||
Gas Operating Revenue: | ||||||||||||||||||||||||||||
Residential | $ | 81.2 | $ | 86.0 | $ | 77.3 | $ | (4.8 | ) | (5.6 | %) | $ | 8.7 | 11.3 | % | |||||||||||||
Commercial & Industrial | 122.2 | 130.1 | 116.7 | (7.9 | ) | (6.1 | %) | 13.4 | 11.5 | % | ||||||||||||||||||
Total Gas Operating Revenue | $ | 203.4 | $ | 216.1 | $ | 194.0 | $ | (12.7 | ) | (5.9 | %) | $ | 22.1 | 11.4 | % | |||||||||||||
Cost of Gas Sales | $ | 81.2 | $ | 99.2 | $ | 84.3 | $ | (18.0 | ) | (18.1 | %) | $ | 14.9 | 17.7 | % | |||||||||||||
Gas Sales Margin | $ | 122.2 | $ | 116.9 | $ | 109.7 | $ | 5.3 | 4.5 | % | $ | 7.2 | 6.6 | % | ||||||||||||||
kWh Sales (millions) | Change | |||||||||||||||||||||||||||
2019 vs. 2018 | 2018 vs. 2017 | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | kWh | % | kWh | % | ||||||||||||||||||||||
Residential | 648.2 | 685.5 | 649.4 | (37.3 | ) | (5.4 | %) | 36.1 | 5.6 | % | ||||||||||||||||||
Commercial & Industrial | 947.5 | 990.3 | 974.7 | (42.8 | ) | (4.3 | %) | 15.6 | 1.6 | % | ||||||||||||||||||
Total kWh Sales | 1,595.7 | 1,675.8 | 1,624.1 | (80.1 | ) | (4.8 | %) | 51.7 | 3.2 | % | ||||||||||||||||||
kWh Sales (millions) | Change | |||||||||||||||||||||||||||
2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | kWh | % | kWh | % | ||||||||||||||||||||||
Residential | 694.2 | 690.6 | 648.2 | 3.6 | 0.5 | % | 42.4 | 6.5 | % | |||||||||||||||||||
Commercial & Industrial | 936.8 | 905.3 | 947.5 | 31.5 | 3.5 | % | (42.2 | ) | (4.5 | %) | ||||||||||||||||||
Total kWh Sales | 1,631.0 | 1,595.9 | 1,595.7 | 35.1 | 2.2 | % | 0.2 | — | ||||||||||||||||||||
Electric Operating Revenues and Sales Margin (millions) | ||||||||||||||||||||||||||||
Change | ||||||||||||||||||||||||||||
2019 vs. 2018 | 2018 vs. 2017 | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | $ | % | $ | % | ||||||||||||||||||||||
Electric Operating Revenue: | ||||||||||||||||||||||||||||
Residential | $ | 133.8 | $ | 127.2 | $ | 115.5 | $ | 6.6 | 5.2 | % | $ | 11.7 | 10.1 | % | ||||||||||||||
Commercial & Industrial | 100.1 | 96.1 | 90.7 | 4.0 | 4.2 | % | 5.4 | 6.0 | % | |||||||||||||||||||
Total Electric Operating Revenue | $ | 233.9 | $ | 223.3 | $ | 206.2 | $ | 10.6 | 4.7 | % | $ | 17.1 | 8.3 | % | ||||||||||||||
Cost of Electric Sales | $ | 142.0 | $ | 131.4 | $ | 114.0 | $ | 10.6 | 8.1 | % | $ | 17.4 | 15.3 | % | ||||||||||||||
Electric Sales Margin | $ | 91.9 | $ | 91.9 | $ | 92.2 | $ | — | — | $ | (0.3 | ) | (0.3 | %) | ||||||||||||||
Other Revenue (millions) | ||||||||||||||||||||||||||||
Change | ||||||||||||||||||||||||||||
2019 vs. 2018 | 2018 vs. 2017 | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | $ | % | $ | % | ||||||||||||||||||||||
Usource | $ | 0.9 | $ | 4.7 | $ | 6.0 | $ | (3.8 | ) | (80.9 | %) | $ | (1.3 | ) | (21.7 | %) | ||||||||||||
Total Other Revenue | $ | 0.9 | $ | 4.7 | $ | 6.0 | $ | (3.8 | ) | (80.9 | %) | $ | (1.3 | ) | (21.7 | %) | ||||||||||||
Electric Operating Revenues and Electric Adjusted Gross Margin (millions) | ||||||||||||||||||||||||||||
Change | ||||||||||||||||||||||||||||
2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | $ | % | $ | % | ||||||||||||||||||||||
Electric Operating Revenue: | ||||||||||||||||||||||||||||
Residential | $ | 140.8 | $ | 134.7 | $ | 133.8 | $ | 6.1 | 4.5 | % | $ | 0.9 | 0.7% | |||||||||||||||
Commercial & Industrial | 107.7 | 92.5 | 100.1 | 15.2 | 16.4 | % | (7.6 | ) | (7.6%) | |||||||||||||||||||
Total Electric Operating Revenue | $ | 248.5 | $ | 227.2 | $ | 233.9 | $ | 21.3 | 9.4 | % | $ | (6.7 | ) | (2.9%) | ||||||||||||||
Cost of Electric Sales | $ | 151.1 | $ | 134.3 | $ | 142.0 | $ | 16.8 | 12.5 | % | $ | (7.7 | ) | (5.4%) | ||||||||||||||
Electric | 97.4 | $ | 92.9 | $ | 91.9 | $ | 4.5 | 4.8 | % | $ | 1.0 | 1.1% | ||||||||||||||||
Therm Sales (millions) | Change | |||||||||||||||||||||||||||
2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | Therms | % | Therms | % | ||||||||||||||||||||||
Residential | 44.4 | 44.7 | 48.0 | (0.3 | ) | (0.7 | %) | (3.3 | ) | (6.9 | %) | |||||||||||||||||
Commercial & Industrial | 177.5 | 170.1 | 184.1 | 7.4 | 4.4 | % | (14.0 | ) | (7.6 | %) | ||||||||||||||||||
Total Therm Sales | 221.9 | 214.8 | 232.1 | 7.1 | 3.3 | % | (17.3 | ) | (7.5 | %) | ||||||||||||||||||
Gas Operating Revenues and Gas Adjusted Gross Margin (millions) | ||||||||||||||||||||||||||||
Change | ||||||||||||||||||||||||||||
2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | $ | % | $ | % | ||||||||||||||||||||||
Gas Operating Revenue: | ||||||||||||||||||||||||||||
Residential | $ | 90.6 | $ | 78.0 | $ | 81.2 | $ | 12.6 | 16.2 | % | $ | (3.2 | ) | (3.9%) | ||||||||||||||
Commercial & Industrial | 134.2 | 113.4 | 122.2 | 20.8 | 18.3 | % | (8.8 | ) | (7.2%) | |||||||||||||||||||
Total Gas Operating Revenue | $ | 224.8 | $ | 191.4 | $ | 203.4 | $ | 33.4 | 17.5 | % | $ | (12.0 | ) | (5.9%) | ||||||||||||||
Cost of Gas Sales | $ | 91.7 | $ | 68.8 | $ | 81.2 | $ | 22.9 | 33.3 | % | $ | (12.4 | ) | (15.3%) | ||||||||||||||
Gas Adjusted Gross Margin | $ | 133.1 | $ | 122.6 | $ | 122.2 | $ | 10.5 | 8.6 | % | $ | 0.4 | 0.3% | |||||||||||||||
Revolving Credit Facility (millions) | ||||||||
December 31, | ||||||||
2021 | 2020 | |||||||
Limit | $ | 120.0 | $ | 120.0 | ||||
Short-Term Borrowings Outstanding | $ | 64.1 | $ | 54.7 | ||||
Letters of Credit Outstanding | $ | — | $ | 0.1 | ||||
Available | $ | 55.9 | $ | 65.2 |
Revolving Credit Facility (millions) | ||||||||
December 31, | ||||||||
2019 | 2018 | |||||||
Limit | $ | 120.0 | $ | 120.0 | ||||
Short-Term Borrowings Outstanding | $ | 58.6 | $ | 82.8 | ||||
Letters of Credit Outstanding | $ | 0.1 | $ | — | ||||
Available | $ | 61.3 | $ | 37.2 |
Payments Due by Period | ||||||||||||||||||||
Contractual Obligations (millions) as of December 31, 2019 | Total | 2020 | 2021— 2022 | 2023— 2024 | 2025 & Beyond | |||||||||||||||
Long-Term Debt | $ | 460.5 | $ | 19.8 | $ | 36.8 | $ | 13.4 | $ | 390.5 | ||||||||||
Interest on Long-Term Debt | 340.4 | 23.8 | 44.5 | 40.3 | 231.8 | |||||||||||||||
Gas Supply Contracts | 584.8 | 45.6 | 96.7 | 82.0 | 360.5 | |||||||||||||||
Electric Supply Contracts | 14.2 | 2.0 | 2.4 | 2.4 | 7.4 | |||||||||||||||
Other (Including Capital and Operating Lease Obligations) | 5.1 | 1.7 | 2.3 | 1.0 | 0.1 | |||||||||||||||
Total Contractual Cash Obligations | $ | 1,405.0 | $ | 92.9 | $ | 182.7 | $ | 139.1 | $ | 990.3 | ||||||||||
2019 | 2018 | |||||||
Cash Provided by Operating Activities | $ | 104.9 | $ | 78.5 | ||||
2021 | 2020 | |||||||
Cash Provided by Operating Activities | $ | 107.8 | $ | 75.7 | ||||
2019 | 2018 | |||||||
Cash Used in Investing Activities | $ | (105.8 | ) | $ | (102.4 | ) | ||
2021 | 2020 | |||||||
Cash Used in Investing Activities | $ | (115.0 | ) | $ | (122.6 | ) | ||
2019 | 2018 | |||||||
Cash (Used In) Provided by Financing Activities | $ | (1.7 | ) | $ | 22.8 | |||
2021 | 2020 | |||||||
Cash Provided by Financing Activities | $ | 7.7 | $ | 47.7 | ||||
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Year Ended December 31, | 2019 | 2018 | 2017 | |||||||||
Operating Revenues: | ||||||||||||
Gas | $ | 203.4 | $ | 216.1 | $ | 194.0 | ||||||
Electric | 233.9 | 223.3 | 206.2 | |||||||||
Other | 0.9 | 4.7 | 6.0 | |||||||||
Total Operating Revenues | 438.2 | 444.1 | 406.2 | |||||||||
Operating Expenses: | ||||||||||||
Cost of Gas Sales | 81.2 | 99.2 | 84.3 | |||||||||
Cost of Electric Sales | 142.0 | 131.4 | 114.0 | |||||||||
Operation and Maintenance | 67.2 | 69.5 | 64.5 | |||||||||
Depreciation and Amortization | 52.0 | 50.4 | 46.9 | |||||||||
Taxes Other Than Income Taxes | 22.7 | 22.4 | 21.1 | |||||||||
Total Operating Expenses | 365.1 | 372.9 | 330.8 | |||||||||
Operating Income | 73.1 | 71.2 | 75.4 | |||||||||
Interest Expense, Net | 23.7 | 24.0 | 23.1 | |||||||||
Other (Income) Expense, Net | (8.6 | ) | 5.8 | 5.8 | ||||||||
Income Before Income Taxes | 58.0 | 41.4 | 46.5 | |||||||||
Provision for Income Taxes | 13.8 | 8.4 | 17.5 | |||||||||
Net Income Applicable to Common Shares | $ | 44.2 | $ | 33.0 | $ | 29.0 | ||||||
Earnings per Common Share—Basic and Diluted | $ | 2.97 | $ | 2.23 | $ | 2.06 | ||||||
Weighted Average Common Shares Outstanding—(Basic and Diluted) | 14.9 | 14.8 | 14.1 |
Year Ended December 31, | 2021 | 2020 | 2019 | |||||||||
Operating Revenues: | ||||||||||||
Electric | $ | 248.5 | $ | 227.2 | $ | 233.9 | ||||||
Gas | 224.8 | 191.4 | 203.4 | |||||||||
Other | — | — | 0.9 | |||||||||
Total Operating Revenues | 473.3 | 418.6 | 438.2 | |||||||||
Operating Expenses: | ||||||||||||
Cost of Electric Sales | 151.1 | 134.3 | 142.0 | |||||||||
Cost of Gas Sales | 91.7 | 68.8 | 81.2 | |||||||||
Operation and Maintenance | 68.7 | 65.7 | 67.2 | |||||||||
Depreciation and Amortization | 59.5 | 54.5 | 52.0 | |||||||||
Taxes Other Than Income Taxes | 24.5 | 23.9 | 22.7 | |||||||||
Total Operating Expenses | 395.5 | 347.2 | 365.1 | |||||||||
Operating Income | 77.8 | 71.4 | 73.1 | |||||||||
Interest Expense, Net | 25.6 | 23.8 | 23.7 | |||||||||
Other Expense (Income), Net | 4.6 | 5.2 | (8.6 | ) | ||||||||
Income Before Income Taxes | 47.6 | 42.4 | 58.0 | |||||||||
Provision for Income Taxes | 11.5 | 10.2 | 13.8 | |||||||||
Net Income Applicable to Common Shares | $ | 36.1 | $ | 32.2 | $ | 44.2 | ||||||
Earnings per Common Share—Basic and Diluted | $ | 2.35 | $ | 2.15 | $ | 2.97 | ||||||
Weighted Average Common Shares Outstanding—(Basic and Diluted) | 15.4 | 15.0 | 14.9 |
December 31, | 2019 | 2018 | ||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 5.2 | $ | 7.8 | ||||
Accounts Receivable, Net | 55.1 | 66.8 | ||||||
Accrued Revenue | 50.0 | 54.7 | ||||||
Exchange Gas Receivable | 6.1 | 8.1 | ||||||
Gas Inventory | 0.8 | 0.8 | ||||||
Materials and Supplies | 7.9 | 7.0 | ||||||
Prepayments and Other | 5.8 | 7.0 | ||||||
Total Current Assets | 130.9 | 152.2 | ||||||
Utility Plant: | ||||||||
Gas | 837.7 | 760.6 | ||||||
Electric | 529.7 | 500.1 | ||||||
Common | 62.7 | 83.1 | ||||||
Construction Work in Progress | 37.4 | 25.5 | ||||||
Utility Plant | 1,467.5 | 1,369.3 | ||||||
Less: Accumulated Depreciation | 356.0 | 332.5 | ||||||
Net Utility Plant | 1,111.5 | 1,036.8 | ||||||
Other Noncurrent Assets: | ||||||||
Regulatory Assets | 112.0 | 99.0 | ||||||
Operating Lease Right of Use Assets | 4.0 | — | ||||||
Other Assets | 12.4 | 10.3 | ||||||
Total Other Noncurrent Assets | 128.4 | 109.3 | ||||||
TOTAL ASSETS | $ | 1,370.8 | $ | 1,298.3 | ||||
December 31, | 2021 | 2020 | ||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 6.5 | $ | 6.0 | ||||
Accounts Receivable, Net | 66.9 | 62.0 | ||||||
Accrued Revenue | 61.2 | 50.9 | ||||||
Exchange Gas Receivable | 7.4 | 4.9 | ||||||
Gas Inventory | 1.0 | 0.6 | ||||||
Materials and Supplies | 8.6 | 8.5 | ||||||
Prepayments and Other | 8.1 | 6.4 | ||||||
Total Current Assets | 159.7 | 139.3 | ||||||
Utility Plant: | ||||||||
Electric | 602.4 | 575.9 | ||||||
Gas | 972.6 | 920.2 | ||||||
Common | 66.4 | 64.1 | ||||||
Construction Work in Progress | 47.5 | 34.8 | ||||||
Utility Plant | 1,688.9 | 1,595.0 | ||||||
Less: Accumulated Depreciation | 431.7 | 401.8 | ||||||
Net Utility Plant | 1,257.2 | 1,193.2 | ||||||
Other Noncurrent Assets: | ||||||||
Regulatory Assets | 108.9 | 127.4 | ||||||
Operating Lease Right of Use Assets | 4.7 | 5.2 | ||||||
Other Assets | 9.8 | 12.8 | ||||||
Total Other Noncurrent Assets | 123.4 | 145.4 | ||||||
TOTAL ASSETS | $ | 1,540.3 | $ | 1,477.9 | ||||
December 31, | 2019 | 2018 | ||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 37.6 | $ | 42.6 | ||||
Short-Term Debt | 58.6 | 82.8 | ||||||
Long-Term Debt, Current Portion | 19.5 | 18.4 | ||||||
Regulatory Liabilities | 7.4 | 11.5 | ||||||
Energy Supply Obligations | 10.5 | 13.4 | ||||||
Environmental Obligations | 0.6 | 0.6 | ||||||
Other Current Liabilities | 25.6 | 23.2 | ||||||
Total Current Liabilities | 159.8 | 192.5 | ||||||
Noncurrent Liabilities: | ||||||||
Retirement Benefit Obligations | 141.9 | 121.5 | ||||||
Deferred Income Taxes, Ne t | 103.6 | 97.8 | ||||||
Cost of Removal Obligations | 96.0 | 90.7 | ||||||
Regulatory Liabilities | 46.6 | 47.0 | ||||||
Environmental Obligations | 2.1 | 1.4 | ||||||
Other Noncurrent Liabilities | 6.5 | 8.7 | ||||||
Total Noncurrent Liabilities | 396.7 | 367.1 | ||||||
Capitalization: | ||||||||
Long-Term Debt, Less Current Portion | 437.5 | 387.4 | ||||||
Stockholders’ Equity: | ||||||||
Common Equity (Outstanding 14,930,170 and 14,876,955 Shares) | 282.5 | 279.1 | ||||||
Retained Earnings | 94.1 | 72.0 | ||||||
Total Common Stock Equity | 376.6 | 351.1 | ||||||
Preferred Stock | 0.2 | 0.2 | ||||||
Total Stockholders’ Equity | 376.8 | 351.3 | ||||||
Total Capitalization | 814.3 | 738.7 | ||||||
Commitments and Contingencies | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,370.8 | $ | 1,298.3 | ||||
December 31, | 2021 | 2020 | ||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 52.4 | $ | 33.2 | ||||
Short-Term Debt | 64.1 | 54.7 | ||||||
Long-Term Debt, Current Portion | 8.2 | 8.5 | ||||||
Regulatory Liabilities | 9.5 | 5.5 | ||||||
Energy Supply Obligations | 14.5 | 10.4 | ||||||
Environmental Obligations | 0.5 | 0.3 | ||||||
Other Current Liabilities | 24.3 | 23.5 | ||||||
Total Current Liabilities | 173.5 | 136.1 | ||||||
Noncurrent Liabilities: | ||||||||
Retirement Benefit Obligations | 133.9 | 162.3 | ||||||
Deferred Income Taxes, Net | 127.7 | 109.0 | ||||||
Cost of Removal Obligations | 107.5 | 105.2 | ||||||
Regulatory Liabilities | 42.6 | 44.3 | ||||||
Environmental Obligations | 2.2 | 1.8 | ||||||
Other Noncurrent Liabilities | 6.6 | 6.9 | ||||||
Total Noncurrent Liabilities | 420.5 | 429.5 | ||||||
Capitalization: | ||||||||
Long-Term Debt, Less Current Portion | 497.8 | 523.1 | ||||||
Stockholders’ Equity: | ||||||||
Common Equity (Outstanding 15,977,766 and 15,012,310 Shares) | 332.1 | 285.3 | ||||||
Retained Earnings | 116.2 | 103.7 | ||||||
Total Common Stock Equity | 448.3 | 389.0 | ||||||
Preferred Stock | 0.2 | 0.2 | ||||||
Total Stockholders’ Equity | 448.5 | 389.2 | ||||||
Total Capitalization | 946.3 | 912.3 | ||||||
Commitments and Contingencies 7 ) | 0 | 0 | ||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,540.3 | $ | 1,477.9 | ||||
Year Ended December 31, | 2019 | 2018 | 2017 | |||||||||
Operating Activities: | ||||||||||||
Net Income | $ | 44.2 | $ | 33.0 | $ | 29.0 | ||||||
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||||||||||||
Depreciation and Amortization | 52.0 | 50.4 | 46.9 | |||||||||
Deferred Tax Provision | 13.5 | 8.0 | 17.5 | |||||||||
Gain on Divestiture, net (See Note 1) | (13.4 | ) | — | — | ||||||||
Changes in Working Capital Items: | ||||||||||||
Accounts Receivable | 11.7 | 0.6 | (14.5 | ) | ||||||||
Accrued Revenue | 4.7 | (1.4 | ) | (3.8 | ) | |||||||
Regulatory Liabilities | (4.1 | ) | 2.3 | (1.2 | ) | |||||||
Exchange Gas Receivable | 2.0 | (2.3 | ) | 2.5 | ||||||||
Accounts Payable | (5.0 | ) | 1.1 | 9.1 | ||||||||
Other Changes in Working Capital Items | 4.6 | 3.6 | (1.8 | ) | ||||||||
Deferred Regulatory and Other Charges | (5.3 | ) | (11.3 | ) | (6.1 | ) | ||||||
Other, net | — | (5.5 | ) | 8.6 | ||||||||
Cash Provided by Operating Activities | 104.9 | 78.5 | 86.2 | |||||||||
Investing Activities: | ||||||||||||
Property, Plant and Equipment Additions | (119.2 | ) | (102.4 | ) | (119.3 | ) | ||||||
Proceeds from Divestiture, Net (See Note 1) | 13.4 | — | — | |||||||||
Cash Used In Investing Activities | (105.8 | ) | (102.4 | ) | (119.3 | ) | ||||||
Financing Activities: | ||||||||||||
(Repayment of) Proceeds from Short-Term Debt, net | (24.2 | ) | 44.5 | (43.6 | ) | |||||||
Issuance of Long-Term Debt | 69.6 | 29.9 | 89.3 | |||||||||
Repayment of Long-Term Debt | (18.8 | ) | (30.1 | ) | (17.2 | ) | ||||||
Decrease in Capital Lease Obligations | (5.3 | ) | (3.0 | ) | (2.5 | ) | ||||||
Net (Decrease) Increase in Exchange Gas Financing | (2.0 | ) | 2.1 | (2.4 | ) | |||||||
Dividends Paid | (22.1 | ) | (21.8 | ) | (20.4 | ) | ||||||
Proceeds from Issuance of Common Stock | 1.1 | 1.2 | 33.0 | |||||||||
Cash (Used In) Provided by Financing Activities | (1.7 | ) | 22.8 | 36.2 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (2.6 | ) | (1.1 | ) | 3.1 | |||||||
Cash and Cash Equivalents at Beginning of Year | 7.8 | 8.9 | 5.8 | |||||||||
Cash and Cash Equivalents at End of Year | $ | 5.2 | $ | 7.8 | $ | 8.9 | ||||||
Supplemental Information: | ||||||||||||
Interest Paid | $ | 24.1 | $ | 24.6 | $ | 23.0 | ||||||
Income Taxes Paid | $ | 0.8 | $ | 0.4 | $ | — | ||||||
Payments on Capital Leases | $ | 5.5 | $ | 3.3 | $ | 3.3 | ||||||
Capital Expenditures Included in Accounts Payable | $ | 0.6 | $ | 0.5 | $ | 1.1 | ||||||
Non-Cash Additions to Property, Plant and Equipment | $ | — | $ | — | $ | — | ||||||
Right-of-Use Assets Obtained in Exchange for Lease Obligations | $ | 4.0 | $ | — | $ | — |
Year Ended December 31, | 2021 | 2020 | 2019 | |||||||||
Operating Activities: | ||||||||||||
Net Income | $ | 36.1 | $ | 32.2 | $ | 44.2 | ||||||
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||||||||||||
Depreciation and Amortization | 59.5 | 54.5 | 52.0 | |||||||||
Deferred Tax Provision | 10.8 | 9.3 | 13.5 | |||||||||
Gain on Divestiture, net (See Note 1) | — | — | (13.4 | ) | ||||||||
Changes in Working Capital Items: | ||||||||||||
Accounts Receivable | (4.9 | ) | (6.9 | ) | 11.7 | |||||||
Accrued Revenue | (10.3 | ) | (0.9 | ) | 4.7 | |||||||
Regulatory Liabilities | 4.0 | (1.9 | ) | (4.1 | ) | |||||||
Exchange Gas Receivable | (2.5 | ) | 1.2 | 2.0 | ||||||||
Accounts Payable | 19.2 | (4.4 | ) | (5.0 | ) | |||||||
Other Changes in Working Capital Items | 0.7 | (2.4 | ) | 4.6 | ||||||||
Deferred Regulatory and Other Charges | (2.7 | ) | (9.3 | ) | (5.3 | ) | ||||||
Other, net | (2.1 | ) | 4.3 | — | ||||||||
Cash Provided by Operating Activities | 107.8 | 75.7 | 104.9 | |||||||||
Investing Activities: | ||||||||||||
Property, Plant and Equipment Additions | (115.0 | ) | (122.6 | ) | (119.2 | ) | ||||||
Proceeds from Divestiture, Net (See Note 1) | — | — | 13.4 | |||||||||
Cash Used In Inves t ing Activities | (115.0 | ) | (122.6 | ) | (105.8 | ) | ||||||
Financing Activities: | ||||||||||||
Proceeds from (Repayment of) Short-Term Debt, net | 9.4 | (3.9 | ) | (24.2 | ) | |||||||
Issuance of Long-Term Debt | — | 99.7 | 70.0 | |||||||||
Repayment of Long-Term Debt | (25.8 | ) | (24.8 | ) | (18.8 | ) | ||||||
Long-Term Debt Issuance Costs | — | (0.6 | ) | (0.4 | ) | |||||||
Decrease in Capital Lease Obligations | (0.1 | ) | (0.1 | ) | (5.3 | ) | ||||||
Net Increase (Decrease) in Exchange Gas Financing | 2.3 | (1.1 | ) | (2.0 | ) | |||||||
Dividends Paid | (23.6 | ) | (22.6 | ) | (22.1 | ) | ||||||
Proceeds from Issuance of Common Stock | 45.5 | 1.1 | 1.1 | |||||||||
Cash Provided by (Used In) Financing Activities | 7.7 | 47.7 | (1.7 | ) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 0.5 | 0.8 | (2.6 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year | 6.0 | 5.2 | 7.8 | |||||||||
Cash and Cash Equivalents at End of Year | $ | 6.5 | $ | 6.0 | $ | 5.2 | ||||||
Supplemental Information: | ||||||||||||
Interest Paid | $ | 26.0 | $ | 23.7 | $ | 24.1 | ||||||
Income Taxes Paid | $ | 1.4 | $ | 0.9 | $ | 0.8 | ||||||
Payments on Capital Leases | $ | 0.2 | $ | 0.3 | $ | 5.5 | ||||||
Capital Expenditures Included in Accounts Payable | $ | 4.9 | $ | 1.7 | $ | 0.6 | ||||||
Right-of-Use | $ | 0.7 | $ | 1.2 | $ | 4.0 |
Common Equity | Retained Earnings | Total | ||||||||||
Balance at January 1, 2017 | $ | 240.7 | $ | 52.2 | $ | 292.9 | ||||||
Net Income for 2017 | 29.0 | 29.0 | ||||||||||
Dividends ($1.44 per Common Share) | (20.4 | ) | (20.4 | ) | ||||||||
Shares Issued Under Stock Plans | 2.1 | 2.1 | ||||||||||
Issuance of 26,256 Common Shares (See Note 6) | 1.3 | 1.3 | ||||||||||
Issuance of 690,000 Common Shares (See Note 6) | 31.7 | 31.7 | ||||||||||
Balance at December 31, 2017 | 275.8 | 60.8 | 336.6 | |||||||||
Net Income for 201 8 | 33.0 | 33.0 | ||||||||||
Dividends ($1.46 per Common Share) | (21.8 | ) | (21.8 | ) | ||||||||
Shares Issued Under Stock Plans | 2.1 | 2.1 | ||||||||||
Issuance of 25,932 Common Shares (See Note 6) | 1.2 | 1.2 | ||||||||||
Balance at December 31, 2018 | 279.1 | 72.0 | 351.1 | |||||||||
Net Income for 2019 | 44.2 | 44.2 | ||||||||||
Dividends ($1.48 per Common Share) | (22.1 | ) | (22.1 | ) | ||||||||
Shares Issued Under Stock Plans | 2.3 | 2.3 | ||||||||||
Issuance of 20,065 Common Shares (See Note 6) | 1.1 | 1.1 | ||||||||||
Balance at December 31, 2019 | $ | 282.5 | $ | 94.1 | $ | 376.6 |
Common Equity | Retained Earnings | Total | ||||||||||
Balance at January 1, 2019 | $ | 279.1 | $ | 72.0 | $ | 351.1 | ||||||
Net Income for 2019 | 44.2 | 44.2 | ||||||||||
Dividends ($1.48 per Common Share) | (22.1 | ) | (22.1 | ) | ||||||||
Shares Issued Under Stock Plans | 2.3 | 2.3 | ||||||||||
Issuance of 20,065 Common Shares (See Note 5 ) | 1.1 | 1.1 | ||||||||||
Balance at December 31, 2019 | 282.5 | 94.1 | 376.6 | |||||||||
Net Income for 2020 | 32.2 | 32.2 | ||||||||||
Dividends ($1.50 per Common Share) | (22.6 | ) | (22.6 | ) | ||||||||
Shares Issued Under Stock Plans | 1.7 | 1.7 | ||||||||||
Issuance of 23,658 Common Shares (See Note 5 ) | 1.1 | 1.1 | ||||||||||
Balance at December 31, 2020 | 285.3 | 103.7 | 389.0 | |||||||||
Net Income for 2020 | 36.1 | 36.1 | ||||||||||
Dividends ($1.52 per Common Share) | (23.6 | ) | (23.6 | ) | ||||||||
Shares Issued Under Stock Plans | 1.3 | 1.3 | ||||||||||
Issuance of 942,316 Common Shares (See Note 5 ) | 45.5 | 45.5 | ||||||||||
Balance at December 31, 2021 | $ | 332.1 | $ | 116.2 | $ | 448.3 | ||||||
Level 1— | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||
Level 2— | Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||
Level 3— | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
Twelve Months Ended December 31, 2019 | ||||||||||||
Gas and Electric Operating Revenues (millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 81.4 | $ | 121.5 | $ | 202.9 | ||||||
Commercial & Industrial | 120.1 | 93.8 | 213.9 | |||||||||
Other | 10.6 | 7.8 | 18.4 | |||||||||
Total Billed and Unbilled Revenue | 212.1 | 223.1 | 435.2 | |||||||||
Rate Adjustment Mechanism Revenue | (8.7 | ) | 10.8 | 2.1 | ||||||||
Total Gas and Electric Operating Revenues | $ | 203.4 | $ | 233.9 | $ | 437.3 | ||||||
Twelve Months Ended December 31, 2018 | ||||||||||||
Gas and Electric Operating Revenues (millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 81.4 | $ | 123.6 | $ | 205.0 | ||||||
Commercial & Industrial | 119.7 | 96.4 | 216.1 | |||||||||
Other | 9.6 | 8.7 | 18.3 | |||||||||
Total Billed and Unbilled Revenue | 210.7 | 228.7 | 439.4 | |||||||||
Rate Adjustment Mechanism Revenue | 5.4 | (5.4 | ) | — | ||||||||
Total Gas and Electric Operating Revenues | $ | 216.1 | $ | 223.3 | $ | 439.4 | ||||||
Twelve Months Ended December 31, 2021 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 135.1 | $ | 83.9 | $ | 219.0 | ||||||
Commercial & Industrial | 103.3 | 124.1 | 227.4 | |||||||||
Other | 10.1 | 9.6 | 19.7 | |||||||||
Total Billed and Unbilled Revenue | 248.5 | 217.6 | 466.1 | |||||||||
Rate Adjustment Mechanism Revenue | 0 | 7.2 | 7.2 | |||||||||
Total Electric and Gas Operating Revenues | $ | 248.5 | $ | 224.8 | $ | 473.3 | ||||||
Twelve Months Ended December 31, 2020 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 128.7 | $ | 73.1 | $ | 201.8 | ||||||
Commercial & Industrial | 91.4 | 104.5 | 195.9 | |||||||||
Other | 6.6 | 7.6 | 14.2 | |||||||||
Total Billed and Unbilled Revenue | 226.7 | 185.2 | 411.9 | |||||||||
Rate Adjustment Mechanism Revenue | 0.5 | 6.2 | 6.7 | |||||||||
Total Electric and Gas Operating Revenues | $ | 227.2 | $ | 191.4 | $ | 418.6 | ||||||
Twelve Months Ended December 31, 2017 | ||||||||||||
Gas and Electric Operating Revenues (millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 71.2 | $ | 107.9 | $ | 179.1 | ||||||
Commercial & Industrial | 102.8 | 87.7 | 190.5 | |||||||||
Other | 13.5 | 6.0 | 19.5 | |||||||||
Total Billed and Unbilled Revenue | 187.5 | 201.6 | 389.1 | |||||||||
Rate Adjustment Mechanism Revenue | 6.5 | 4.6 | 11.1 | |||||||||
Total Gas and Electric Operating Revenues | $ | 194.0 | $ | 206.2 | $ | 400.2 | ||||||
Twelve Months Ended December 31, 2019 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 121.5 | $ | 81.4 | $ | 202.9 | ||||||
Commercial & Industrial | 93.8 | 120.1 | 213.9 | |||||||||
Other | 7.8 | 10.6 | 18.4 | |||||||||
Total Billed and Unbilled Revenue | 223.1 | 212.1 | 435.2 | |||||||||
Rate Adjustment Mechanism Revenue | 10.8 | (8.7 | ) | 2.1 | ||||||||
Total Electric and Gas Operating Revenues | $ | 233.9 | $ | 203.4 | $ | 437.3 | ||||||
Other Operating Revenues ($ millions): | Twelve Months Ended December 31 | |||||||||||
As Reported | If ASU 2014-09 Had Been in Effect | |||||||||||
2019 | 2018 | 2017 | ||||||||||
Usource Contract Revenue | $ | 1.1 | $ | 5.7 | $ | 6.0 | ||||||
Less: Revenue Sharing Payments | (0.2 | ) | (1.0 | ) | (1.1 | ) | ||||||
Total Other Operating Revenues | $ | 0.9 | $ | 4.7 | $ | 4.9 |
Operation and Maintenance Expense ($ millions): | Twelve Months Ended December 31 | |||||||||||
As Reported | If ASU 2014-09 Had Been in Effect | |||||||||||
2019 | 2018 | 2017 | ||||||||||
Operation and Maintenance Expense | $ | 67.2 | $ | 69.5 | $ | 63.4 |
December 31, | 2021 | 2020 | ||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 52.4 | $ | 33.2 | ||||
Short-Term Debt | 64.1 | 54.7 | ||||||
Long-Term Debt, Current Portion | 8.2 | 8.5 | ||||||
Regulatory Liabilities | 9.5 | 5.5 | ||||||
Energy Supply Obligations | 14.5 | 10.4 | ||||||
Environmental Obligations | 0.5 | 0.3 | ||||||
Other Current Liabilities | 24.3 | 23.5 | ||||||
Total Current Liabilities | 173.5 | 136.1 | ||||||
Noncurrent Liabilities: | ||||||||
Retirement Benefit Obligations | 133.9 | 162.3 | ||||||
Deferred Income Taxes, Net | 127.7 | 109.0 | ||||||
Cost of Removal Obligations | 107.5 | 105.2 | ||||||
Regulatory Liabilities | 42.6 | 44.3 | ||||||
Environmental Obligations | 2.2 | 1.8 | ||||||
Other Noncurrent Liabilities | 6.6 | 6.9 | ||||||
Total Noncurrent Liabilities | 420.5 | 429.5 | ||||||
Capitalization: | ||||||||
Long-Term Debt, Less Current Portion | 497.8 | 523.1 | ||||||
Stockholders’ Equity: | ||||||||
Common Equity (Outstanding 15,977,766 and 15,012,310 Shares) | 332.1 | 285.3 | ||||||
Retained Earnings | 116.2 | 103.7 | ||||||
Total Common Stock Equity | 448.3 | 389.0 | ||||||
Preferred Stock | 0.2 | 0.2 | ||||||
Total Stockholders’ Equity | 448.5 | 389.2 | ||||||
Total Capitalization | 946.3 | 912.3 | ||||||
Commitments and Contingencies 7 ) | 0 | 0 | ||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,540.3 | $ | 1,477.9 | ||||
Year Ended December 31, | 2021 | 2020 | 2019 | |||||||||
Operating Activities: | ||||||||||||
Net Income | $ | 36.1 | $ | 32.2 | $ | 44.2 | ||||||
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||||||||||||
Depreciation and Amortization | 59.5 | 54.5 | 52.0 | |||||||||
Deferred Tax Provision | 10.8 | 9.3 | 13.5 | |||||||||
Gain on Divestiture, net (See Note 1) | — | — | (13.4 | ) | ||||||||
Changes in Working Capital Items: | ||||||||||||
Accounts Receivable | (4.9 | ) | (6.9 | ) | 11.7 | |||||||
Accrued Revenue | (10.3 | ) | (0.9 | ) | 4.7 | |||||||
Regulatory Liabilities | 4.0 | (1.9 | ) | (4.1 | ) | |||||||
Exchange Gas Receivable | (2.5 | ) | 1.2 | 2.0 | ||||||||
Accounts Payable | 19.2 | (4.4 | ) | (5.0 | ) | |||||||
Other Changes in Working Capital Items | 0.7 | (2.4 | ) | 4.6 | ||||||||
Deferred Regulatory and Other Charges | (2.7 | ) | (9.3 | ) | (5.3 | ) | ||||||
Other, net | (2.1 | ) | 4.3 | — | ||||||||
Cash Provided by Operating Activities | 107.8 | 75.7 | 104.9 | |||||||||
Investing Activities: | ||||||||||||
Property, Plant and Equipment Additions | (115.0 | ) | (122.6 | ) | (119.2 | ) | ||||||
Proceeds from Divestiture, Net (See Note 1) | — | — | 13.4 | |||||||||
Cash Used In Inves t ing Activities | (115.0 | ) | (122.6 | ) | (105.8 | ) | ||||||
Financing Activities: | ||||||||||||
Proceeds from (Repayment of) Short-Term Debt, net | 9.4 | (3.9 | ) | (24.2 | ) | |||||||
Issuance of Long-Term Debt | — | 99.7 | 70.0 | |||||||||
Repayment of Long-Term Debt | (25.8 | ) | (24.8 | ) | (18.8 | ) | ||||||
Long-Term Debt Issuance Costs | — | (0.6 | ) | (0.4 | ) | |||||||
Decrease in Capital Lease Obligations | (0.1 | ) | (0.1 | ) | (5.3 | ) | ||||||
Net Increase (Decrease) in Exchange Gas Financing | 2.3 | (1.1 | ) | (2.0 | ) | |||||||
Dividends Paid | (23.6 | ) | (22.6 | ) | (22.1 | ) | ||||||
Proceeds from Issuance of Common Stock | 45.5 | 1.1 | 1.1 | |||||||||
Cash Provided by (Used In) Financing Activities | 7.7 | 47.7 | (1.7 | ) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 0.5 | 0.8 | (2.6 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year | 6.0 | 5.2 | 7.8 | |||||||||
Cash and Cash Equivalents at End of Year | $ | 6.5 | $ | 6.0 | $ | 5.2 | ||||||
Supplemental Information: | ||||||||||||
Interest Paid | $ | 26.0 | $ | 23.7 | $ | 24.1 | ||||||
Income Taxes Paid | $ | 1.4 | $ | 0.9 | $ | 0.8 | ||||||
Payments on Capital Leases | $ | 0.2 | $ | 0.3 | $ | 5.5 | ||||||
Capital Expenditures Included in Accounts Payable | $ | 4.9 | $ | 1.7 | $ | 0.6 | ||||||
Right-of-Use | $ | 0.7 | $ | 1.2 | $ | 4.0 |
Common Equity | Retained Earnings | Total | ||||||||||
Balance at January 1, 2019 | $ | 279.1 | $ | 72.0 | $ | 351.1 | ||||||
Net Income for 2019 | 44.2 | 44.2 | ||||||||||
Dividends ($1.48 per Common Share) | (22.1 | ) | (22.1 | ) | ||||||||
Shares Issued Under Stock Plans | 2.3 | 2.3 | ||||||||||
Issuance of 20,065 Common Shares (See Note 5 ) | 1.1 | 1.1 | ||||||||||
Balance at December 31, 2019 | 282.5 | 94.1 | 376.6 | |||||||||
Net Income for 2020 | 32.2 | 32.2 | ||||||||||
Dividends ($1.50 per Common Share) | (22.6 | ) | (22.6 | ) | ||||||||
Shares Issued Under Stock Plans | 1.7 | 1.7 | ||||||||||
Issuance of 23,658 Common Shares (See Note 5 ) | 1.1 | 1.1 | ||||||||||
Balance at December 31, 2020 | 285.3 | 103.7 | 389.0 | |||||||||
Net Income for 2020 | 36.1 | 36.1 | ||||||||||
Dividends ($1.52 per Common Share) | (23.6 | ) | (23.6 | ) | ||||||||
Shares Issued Under Stock Plans | 1.3 | 1.3 | ||||||||||
Issuance of 942,316 Common Shares (See Note 5 ) | 45.5 | 45.5 | ||||||||||
Balance at December 31, 2021 | $ | 332.1 | $ | 116.2 | $ | 448.3 | ||||||
Level 1— | Inputs are quoted prices (unadjusted) in active markets for | |
Level 2— | Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | |
Level 3— | Prices or valuations that require inputs that are both significant to the fair |
Twelve Months Ended December 31, 2021 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 135.1 | $ | 83.9 | $ | 219.0 | ||||||
Commercial & Industrial | 103.3 | 124.1 | 227.4 | |||||||||
Other | 10.1 | 9.6 | 19.7 | |||||||||
Total Billed and Unbilled Revenue | 248.5 | 217.6 | 466.1 | |||||||||
Rate Adjustment Mechanism Revenue | 0 | 7.2 | 7.2 | |||||||||
Total Electric and Gas Operating Revenues | $ | 248.5 | $ | 224.8 | $ | 473.3 | ||||||
Twelve Months Ended December 31, 2020 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 128.7 | $ | 73.1 | $ | 201.8 | ||||||
Commercial & Industrial | 91.4 | 104.5 | 195.9 | |||||||||
Other | 6.6 | 7.6 | 14.2 | |||||||||
Total Billed and Unbilled Revenue | 226.7 | 185.2 | 411.9 | |||||||||
Rate Adjustment Mechanism Revenue | 0.5 | 6.2 | 6.7 | |||||||||
Total Electric and Gas Operating Revenues | $ | 227.2 | $ | 191.4 | $ | 418.6 | ||||||
Twelve Months Ended December 31, 2019 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 121.5 | $ | 81.4 | $ | 202.9 | ||||||
Commercial & Industrial | 93.8 | 120.1 | 213.9 | |||||||||
Other | 7.8 | 10.6 | 18.4 | |||||||||
Total Billed and Unbilled Revenue | 223.1 | 212.1 | 435.2 | |||||||||
Rate Adjustment Mechanism Revenue | 10.8 | (8.7 | ) | 2.1 | ||||||||
Total Electric and Gas Operating Revenues | $ | 233.9 | $ | 203.4 | $ | 437.3 | ||||||
Accrued Revenue (millions) | December 31, | |||||||
2019 | 2018 | |||||||
Regulatory Assets—Current | $ | 35.8 | $ | 41.3 | ||||
Unbilled Revenues | 14.2 | 13.4 | ||||||
Total Accrued Revenue | $ | 50.0 | $ | 54.7 |
Exchange Gas Receivable (millions) | December 31, | |||||||
201 9 | 201 8 | |||||||
Northern Utilities | $ | 5.5 | $ | 7.5 | ||||
Fitchburg | 0.6 | 0.6 | ||||||
Total Exchange Gas Receivable | $ | 6.1 | $ | 8.1 |
Gas Inventory (millions) | December 31, | |||||||
201 9 | 201 8 | |||||||
Natural Gas | $ | 0.4 | $ | 0.3 | ||||
Propane | 0.3 | 0.4 | ||||||
Liquefied Natural Gas & Other | 0.1 | 0.1 | ||||||
Total Gas Inventory | $ | 0.8 | $ | 0.8 | ||||
Regulatory Assets consist of the following (millions) | December 31 , | |||||||
2019 | 2018 | |||||||
Retirement Benefits | $ | 88.9 | $ | 72.0 | ||||
Energy Supply & Other Rate Adjustment Mechanisms | 31.0 | 38.4 | ||||||
Deferred Storm Charges | 5.6 | 6.3 | ||||||
Environmental | 7.2 | 7.9 | ||||||
Income Taxes | 4.2 | 5.7 | ||||||
Other Deferred Charges | 10.9 | 10.0 | ||||||
Total Regulatory Assets | 147.8 | 140.3 | ||||||
Less: Current Portion of Regulatory Assets (1) | 35.8 | 41.3 | ||||||
Regulatory Assets—noncurrent | $ | 112.0 | $ | 99.0 | ||||
December 31, | 2021 | 2020 | ||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 52.4 | $ | 33.2 | ||||
Short-Term Debt | 64.1 | 54.7 | ||||||
Long-Term Debt, Current Portion | 8.2 | 8.5 | ||||||
Regulatory Liabilities | 9.5 | 5.5 | ||||||
Energy Supply Obligations | 14.5 | 10.4 | ||||||
Environmental Obligations | 0.5 | 0.3 | ||||||
Other Current Liabilities | 24.3 | 23.5 | ||||||
Total Current Liabilities | 173.5 | 136.1 | ||||||
Noncurrent Liabilities: | ||||||||
Retirement Benefit Obligations | 133.9 | 162.3 | ||||||
Deferred Income Taxes, Net | 127.7 | 109.0 | ||||||
Cost of Removal Obligations | 107.5 | 105.2 | ||||||
Regulatory Liabilities | 42.6 | 44.3 | ||||||
Environmental Obligations | 2.2 | 1.8 | ||||||
Other Noncurrent Liabilities | 6.6 | 6.9 | ||||||
Total Noncurrent Liabilities | 420.5 | 429.5 | ||||||
Capitalization: | ||||||||
Long-Term Debt, Less Current Portion | 497.8 | 523.1 | ||||||
Stockholders’ Equity: | ||||||||
Common Equity (Outstanding 15,977,766 and 15,012,310 Shares) | 332.1 | 285.3 | ||||||
Retained Earnings | 116.2 | 103.7 | ||||||
Total Common Stock Equity | 448.3 | 389.0 | ||||||
Preferred Stock | 0.2 | 0.2 | ||||||
Total Stockholders’ Equity | 448.5 | 389.2 | ||||||
Total Capitalization | 946.3 | 912.3 | ||||||
Commitments and Contingencies 7 ) | 0 | 0 | ||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,540.3 | $ | 1,477.9 | ||||
Year Ended December 31, | 2021 | 2020 | 2019 | |||||||||
Operating Activities: | ||||||||||||
Net Income | $ | 36.1 | $ | 32.2 | $ | 44.2 | ||||||
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||||||||||||
Depreciation and Amortization | 59.5 | 54.5 | 52.0 | |||||||||
Deferred Tax Provision | 10.8 | 9.3 | 13.5 | |||||||||
Gain on Divestiture, net (See Note 1) | — | — | (13.4 | ) | ||||||||
Changes in Working Capital Items: | ||||||||||||
Accounts Receivable | (4.9 | ) | (6.9 | ) | 11.7 | |||||||
Accrued Revenue | (10.3 | ) | (0.9 | ) | 4.7 | |||||||
Regulatory Liabilities | 4.0 | (1.9 | ) | (4.1 | ) | |||||||
Exchange Gas Receivable | (2.5 | ) | 1.2 | 2.0 | ||||||||
Accounts Payable | 19.2 | (4.4 | ) | (5.0 | ) | |||||||
Other Changes in Working Capital Items | 0.7 | (2.4 | ) | 4.6 | ||||||||
Deferred Regulatory and Other Charges | (2.7 | ) | (9.3 | ) | (5.3 | ) | ||||||
Other, net | (2.1 | ) | 4.3 | — | ||||||||
Cash Provided by Operating Activities | 107.8 | 75.7 | 104.9 | |||||||||
Investing Activities: | ||||||||||||
Property, Plant and Equipment Additions | (115.0 | ) | (122.6 | ) | (119.2 | ) | ||||||
Proceeds from Divestiture, Net (See Note 1) | — | — | 13.4 | |||||||||
Cash Used In Inves t ing Activities | (115.0 | ) | (122.6 | ) | (105.8 | ) | ||||||
Financing Activities: | ||||||||||||
Proceeds from (Repayment of) Short-Term Debt, net | 9.4 | (3.9 | ) | (24.2 | ) | |||||||
Issuance of Long-Term Debt | — | 99.7 | 70.0 | |||||||||
Repayment of Long-Term Debt | (25.8 | ) | (24.8 | ) | (18.8 | ) | ||||||
Long-Term Debt Issuance Costs | — | (0.6 | ) | (0.4 | ) | |||||||
Decrease in Capital Lease Obligations | (0.1 | ) | (0.1 | ) | (5.3 | ) | ||||||
Net Increase (Decrease) in Exchange Gas Financing | 2.3 | (1.1 | ) | (2.0 | ) | |||||||
Dividends Paid | (23.6 | ) | (22.6 | ) | (22.1 | ) | ||||||
Proceeds from Issuance of Common Stock | 45.5 | 1.1 | 1.1 | |||||||||
Cash Provided by (Used In) Financing Activities | 7.7 | 47.7 | (1.7 | ) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 0.5 | 0.8 | (2.6 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year | 6.0 | 5.2 | 7.8 | |||||||||
Cash and Cash Equivalents at End of Year | $ | 6.5 | $ | 6.0 | $ | 5.2 | ||||||
Supplemental Information: | ||||||||||||
Interest Paid | $ | 26.0 | $ | 23.7 | $ | 24.1 | ||||||
Income Taxes Paid | $ | 1.4 | $ | 0.9 | $ | 0.8 | ||||||
Payments on Capital Leases | $ | 0.2 | $ | 0.3 | $ | 5.5 | ||||||
Capital Expenditures Included in Accounts Payable | $ | 4.9 | $ | 1.7 | $ | 0.6 | ||||||
Right-of-Use | $ | 0.7 | $ | 1.2 | $ | 4.0 |
Regulatory Liabilities consist of the following (millions) | December 31, | |||||||
2019 | 2018 | |||||||
Rate Adjustment Mechanisms | $ | 6.0 | $ | 11.5 | ||||
Income Taxes (Note 9) | 47.6 | 47.0 | ||||||
Other | 0.4 | — | ||||||
Total Regulatory Liabilities | 54.0 | 58.5 | ||||||
Less: Current Portion of Regulatory Liabilities | 7.4 | 11.5 | ||||||
Regulatory Liabilities—noncurrent | $ | 46.6 | $ | 47.0 | ||||
Common Equity | Retained Earnings | Total | ||||||||||
Balance at January 1, 2019 | $ | 279.1 | $ | 72.0 | $ | 351.1 | ||||||
Net Income for 2019 | 44.2 | 44.2 | ||||||||||
Dividends ($1.48 per Common Share) | (22.1 | ) | (22.1 | ) | ||||||||
Shares Issued Under Stock Plans | 2.3 | 2.3 | ||||||||||
Issuance of 20,065 Common Shares (See Note 5 ) | 1.1 | 1.1 | ||||||||||
Balance at December 31, 2019 | 282.5 | 94.1 | 376.6 | |||||||||
Net Income for 2020 | 32.2 | 32.2 | ||||||||||
Dividends ($1.50 per Common Share) | (22.6 | ) | (22.6 | ) | ||||||||
Shares Issued Under Stock Plans | 1.7 | 1.7 | ||||||||||
Issuance of 23,658 Common Shares (See Note 5 ) | 1.1 | 1.1 | ||||||||||
Balance at December 31, 2020 | 285.3 | 103.7 | 389.0 | |||||||||
Net Income for 2020 | 36.1 | 36.1 | ||||||||||
Dividends ($1.52 per Common Share) | (23.6 | ) | (23.6 | ) | ||||||||
Shares Issued Under Stock Plans | 1.3 | 1.3 | ||||||||||
Issuance of 942,316 Common Shares (See Note 5 ) | 45.5 | 45.5 | ||||||||||
Balance at December 31, 2021 | $ | 332.1 | $ | 116.2 | $ | 448.3 | ||||||
Inputs are quoted prices (unadjusted) in active markets for | ||
Level 2— | Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or | |
Level 3— | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
Twelve Months Ended December 31, 2021 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 135.1 | $ | 83.9 | $ | 219.0 | ||||||
Commercial & Industrial | 103.3 | 124.1 | 227.4 | |||||||||
Other | 10.1 | 9.6 | 19.7 | |||||||||
Total Billed and Unbilled Revenue | 248.5 | 217.6 | 466.1 | |||||||||
Rate Adjustment Mechanism Revenue | 0 | 7.2 | 7.2 | |||||||||
Total Electric and Gas Operating Revenues | $ | 248.5 | $ | 224.8 | $ | 473.3 | ||||||
Twelve Months Ended December 31, 2020 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 128.7 | $ | 73.1 | $ | 201.8 | ||||||
Commercial & Industrial | 91.4 | 104.5 | 195.9 | |||||||||
Other | 6.6 | 7.6 | 14.2 | |||||||||
Total Billed and Unbilled Revenue | 226.7 | 185.2 | 411.9 | |||||||||
Rate Adjustment Mechanism Revenue | 0.5 | 6.2 | 6.7 | |||||||||
Total Electric and Gas Operating Revenues | $ | 227.2 | $ | 191.4 | $ | 418.6 | ||||||
Twelve Months Ended December 31, 2019 | ||||||||||||
Electric and Gas Operating Revenues (millions): | Electric | Gas | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 121.5 | $ | 81.4 | $ | 202.9 | ||||||
Commercial & Industrial | 93.8 | 120.1 | 213.9 | |||||||||
Other | 7.8 | 10.6 | 18.4 | |||||||||
Total Billed and Unbilled Revenue | 223.1 | 212.1 | 435.2 | |||||||||
Rate Adjustment Mechanism Revenue | 10.8 | (8.7 | ) | 2.1 | ||||||||
Total Electric and Gas Operating Revenues | $ | 233.9 | $ | 203.4 | $ | 437.3 | ||||||
Accrued Revenue (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Regulatory Assets—Current | $ | 47.4 | $ | 37.3 | ||||
Unbilled Revenues | 13.8 | 13.6 | ||||||
Total Accrued Revenue | $ | 61.2 | $ | 50.9 | ||||
Exchange Gas Receivable (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Northern Utilities | $ | 6.7 | $ | 4.4 | ||||
Fitchburg | 0.7 | 0.5 | ||||||
Total Exchange Gas Receivable | $ | 7.4 | $ | 4.9 | ||||
Gas Inventory (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Natural Gas | $ | 0.5 | $ | 0.2 | ||||
Propane | 0.4 | 0.3 | ||||||
Liquefied Natural Gas & Other | 0.1 | 0.1 | ||||||
Total Gas Inventory | $ | 1.0 | $ | 0.6 | ||||
Regulatory Assets consist of the following (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Retirement Benefits | $ | 86.4 | $ | 103.7 | ||||
Energy Supply & Other Rate Adjustment Mechanisms | 44.1 | 34.1 | ||||||
Deferred Storm Charges | 3.3 | 4.1 | ||||||
Environmental | 4.6 | 5.2 | ||||||
Income Taxes | 2.6 | 3.4 | ||||||
Other Deferred Charges | 15.3 | 14.2 | ||||||
Total Regulatory Assets | 156.3 | 164.7 | ||||||
Less: Current Portion of Regulatory Assets (1) | 47.4 | 37.3 | ||||||
Regulatory Assets—noncurrent | $ | 108.9 | $ | 127.4 | ||||
(1) | Reflects amounts included in the Accrued Revenue on the |
Regulatory Liabilities consist of the following (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Rate Adjustment Mechanisms | $ | 7.7 | $ | 4.1 | ||||
Income Taxes | 44.3 | 45.5 | ||||||
Other | 0.1 | 0.2 | ||||||
Total Regulatory Liabilities | 52.1 | 49.8 | ||||||
Less: Current Portion of Regulatory Liabilities | 9.5 | 5.5 | ||||||
Regulatory Liabilities—noncurrent | $ | 42.6 | $ | 44.3 | ||||
Fair Value of Marketable Securities (millions) | December 31, | |||||||
2019 | 2018 | |||||||
Money Market Funds | $ | 5.6 | $ | 4.8 | ||||
Total Marketable Securities | $ | 5.6 | $ | 4.8 | ||||
Fair Value of Marketable Securities (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Money Market Funds | $ | 5.7 | $ | 5.7 | ||||
Total Marketable Securities | $ | 5.7 | $ | 5.7 | ||||
Fair Value of Marketable Securities (millions) | December 31 , | |||||||
2019 | 2018 | |||||||
Equity Funds | $ | 0.1 | $ | — | ||||
Money Market Funds | 0.1 | — | ||||||
Total Marketable Securities | $ | 0.2 | $ | — | ||||
Fair Value of Marketable Securities (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Equity Funds | $ | 0.2 | $ | 0.2 | ||||
Money Market Funds | 0.4 | 0.3 | ||||||
Total Marketable Securities | $ | 0.6 | $ | 0.5 | ||||
December 31, | ||||||||
Energy Supply Obligations consist of the following: (millions) | 2019 | 2018 | ||||||
Current: | ||||||||
Exchange Gas Obligation | $ | 5.5 | $ | 7.5 | ||||
Renewable Energy Portfolio Standards | 4.7 | 5.6 | ||||||
Power Supply Contract Divestitures | 0.3 | 0.3 | ||||||
Total Energy Supply Obligations—Current | 10.5 | 13.4 | ||||||
Noncurrent: | ||||||||
Power Supply Contract Divestitures | 0.3 | 0.6 | ||||||
Total Energy Supply Obligations | $ | 10.8 | $ | 14.0 | ||||
December 31, | ||||||||
Energy Supply Obligations consist of the following: (millions) | 2021 | 2020 | ||||||
Renewable Energy Portfolio Standards | $ | 7.8 | $ | 5.7 | ||||
Exchange Gas Obligation | 6.7 | 4.4 | ||||||
Power Supply Contract Divestitures | 0 | 0.3 | ||||||
Total Energy Supply Obligations | $ | 14.5 | $ | 10.4 | ||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Total Operating Revenues | $ | 152.1 | $ | 145.8 | $ | 84.4 | $ | 84.5 | $ | 85.3 | $ | 88.2 | $ | 116.4 | $ | 125.6 | ||||||||||||||||
Operating Income | $ | 28.8 | $ | 28.1 | $ | 12.3 | $ | 10.6 | $ | 10.0 | $ | 10.3 | $ | 22.0 | $ | 22.2 | ||||||||||||||||
Net Income Applicable to Common | $ | 26.5 | $ | 15.6 | $ | 4.0 | $ | 3.6 | $ | 2.3 | $ | 2.8 | $ | 11.4 | $ | 11.0 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Earnings Per Common Share | $ | 1.78 | $ | 1.06 | $ | 0.27 | $ | 0.24 | $ | 0.15 | $ | 0.19 | $ | 0.77 | $ | 0.74 | ||||||||||||||||
Dividends Paid Per Common Share | $ | 0.37 | $ | 0.365 | $ | 0.37 | $ | 0.365 | $ | 0.37 | $ | 0.365 | $ | 0.37 | $ | 0.365 |
Year Ended December 31, 2019 | Gas | Electric | Non- Regulated | Other | Total | |||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 212.1 | $ | 223.1 | $ | $ | $ | 435.2 | ||||||||||||
Rate Adjustment Mechanism Revenue | (8.7 | ) | 10.8 | — | — | 2.1 | ||||||||||||||
Other Operating Revenue— Non-Regulated | — | — | 0.9 | — | 0.9 | |||||||||||||||
Total Operating Revenues | 203.4 | 233.9 | 0.9 | — | 438.2 | |||||||||||||||
Interest Income | 1.2 | 0.9 | 0.2 | 0.6 | 2.9 | |||||||||||||||
Interest Expense | 14.4 | 9.4 | — | 2.8 | 26.6 | |||||||||||||||
Depreciation & Amortization Expense | 28.5 | 22.6 | — | 0.9 | 52.0 | |||||||||||||||
Income Tax Expense (Benefit) | 7.2 | 4.2 | 3.8 | (1.4 | ) | 13.8 | ||||||||||||||
Segment Profit | 19.1 | 11.5 | 10.2 | 3.4 | 44.2 | |||||||||||||||
Segment Assets | 823.3 | 529.3 | 0.3 | 17.9 | 1,370.8 | |||||||||||||||
Capital Expenditures | 74.0 | 39.6 | — | 5.6 | 119.2 | |||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 210.7 | $ | 228.7 | $ | — | $ | — | $ | 439.4 | ||||||||||
Rate Adjustment Mechanism Revenue | 5.4 | (5.4 | ) | — | — | — | ||||||||||||||
Other Operating Revenue— Non-Regulated | — | — | 4.7 | — | 4.7 | |||||||||||||||
Total Operating Revenues | 216.1 | 223.3 | 4.7 | — | 444.1 | |||||||||||||||
Interest Income | 0.8 | 0.8 | 0.2 | 0.6 | 2.4 | |||||||||||||||
Interest Expense | 14.2 | 9.0 | — | 3.2 | 26.4 | |||||||||||||||
Depreciation & Amortization Expense | 24.9 | 23.1 | 0.1 | 2.3 | 50.4 | |||||||||||||||
Income Tax Expense (Benefit) | 7.1 | 4.2 | 0.5 | (3.4 | ) | 8.4 | ||||||||||||||
Segment Profit | 18.8 | 11.4 | 1.3 | 1.5 | 33.0 | |||||||||||||||
Segment Assets | 764.1 | 484.2 | 6.9 | 43.1 | 1,298.3 | |||||||||||||||
Capital Expenditures | 70.8 | 28.4 | — | 3.2 | 102.4 | |||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||
Revenues | $ | 194.0 | $ | 206.2 | $ | 6.0 | $ | — | $ | 406.2 | ||||||||||
Interest Income | 0.7 | 1.0 | 0.1 | 0.6 | 2.4 | |||||||||||||||
Interest Expense | 13.7 | 8.8 | — | 3.0 | 25.5 | |||||||||||||||
Depreciation & Amortization Expense | 22.4 | 23.4 | 0.1 | 1.0 | 46.9 | |||||||||||||||
Income Tax Expense (Benefit) | 10.7 | 7.5 | 0.7 | (1.4 | ) | 17.5 | ||||||||||||||
Segment Profit | 16.4 | 11.9 | 1.2 | (0.5 | ) | 29.0 | ||||||||||||||
Segment Assets | 714.3 | 476.9 | 6.7 | 44.0 | 1,241.9 | |||||||||||||||
Capital Expenditures | 72.1 | 33.7 | — | 13.5 | 119.3 |
Year Ended December 31, 2021 | Electric | Gas | Non- Regulated | Other | Total | |||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 248.5 | $ | 217.6 | $ | — | $ | — | $ | 466.1 | ||||||||||
Rate Adjustment Mechanism Revenue | 0 | 7.2 | — | — | 7.2 | |||||||||||||||
Total Operating Revenues | 248.5 | 224.8 | — | — | 473.3 | |||||||||||||||
Interest Income | 0.8 | 0.5 | — | 0.3 | 1.6 | |||||||||||||||
Interest Expense | 9.0 | 15.3 | — | 2.9 | 27.2 | |||||||||||||||
Depreciation & Amortization Expense | 25.9 | 32.6 | — | 1.0 | 59.5 | |||||||||||||||
Income Tax Expense (Benefit) | 4.5 | 7.7 | (0.1 | ) | (0.6 | ) | 11.5 | |||||||||||||
Segment Profit (Loss) | 14.0 | 23.2 | 0.1 | (1.2 | ) | 36.1 | ||||||||||||||
Segment Assets | 584.0 | 935.9 | — | 20.4 | 1,540.3 | |||||||||||||||
Capital Expenditures | 38.1 | 75.8 | — | 1.1 | 115.0 | |||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 226.7 | $ | 185.2 | $ | — | $ | — | $ | 411.9 | ||||||||||
Rate Adjustment Mechanism Revenue | 0.5 | 6.2 | — | — | 6.7 | |||||||||||||||
Total Operating Revenues | 227.2 | 191.4 | — | — | 418.6 | |||||||||||||||
Interest Income | 1.1 | 1.1 | — | 0.4 | 2.6 | |||||||||||||||
Interest Expense | 8.7 | 14.2 | — | 3.5 | 26.4 | |||||||||||||||
Depreciation & Amortization Expense | 23.8 | 29.8 | — | 0.9 | 54.5 | |||||||||||||||
Income Tax Expense (Benefit) | 4.7 | 7.3 | — | (1.8 | ) | 10.2 | ||||||||||||||
Segment Profit | 12.9 | 19.3 | — | — | 32.2 | |||||||||||||||
Segment Assets | 571.8 | 886.3 | — | 19.8 | 1,477.9 | |||||||||||||||
Capital Expenditures | 45.5 | 71.1 | — | 6.0 | 122.6 | |||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 223.1 | $ | 212.1 | $ | — | $ | — | $ | 435.2 | ||||||||||
Rate Adjustment Mechanism Revenue | 10.8 | (8.7 | ) | — | — | 2.1 | ||||||||||||||
Other Operating Revenue—Non-Regulated | — | — | 0.9 | — | 0.9 | |||||||||||||||
Total Operating Revenues | 233.9 | 203.4 | 0.9 | — | 438.2 | |||||||||||||||
Interest Income | 0.9 | 1.2 | 0.2 | 0.6 | 2.9 | |||||||||||||||
Interest Expense | 9.4 | 14.4 | — | 2.8 | 26.6 | |||||||||||||||
Depreciation & Amortization Expense | 22.6 | 28.5 | — | 0.9 | 52.0 | |||||||||||||||
Income Tax Expense (Benefit) | 4.2 | 7.2 | 3.8 | (1.4 | ) | 13.8 | ||||||||||||||
Segment Profit | 11.5 | 19.1 | 10.2 | 3.4 | 44.2 | |||||||||||||||
Segment Assets | 529.3 | 823.3 | 0.3 | 17.9 | 1,370.8 | |||||||||||||||
Capital Expenditures | 39.6 | 74.0 | — | 5.6 | 119.2 |
Balance at Beginning of Period | Provision | Recoveries | Accounts Written Off | Regulatory Deferrals* | Balance at End of Period | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 1.6 | $ | 3.3 | $ | 0.4 | $ | 3.4 | $ | 0.1 | $ | 2.0 | ||||||||||||||||||||||||||||||||
Gas | 1.7 | 2.3 | 0.4 | 3.1 | — | 1.3 | ||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 3.3 | $ | 5.6 | $ | 0.8 | $ | 6.5 | $ | 0.1 | $ | 3.3 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 0.6 | $ | 2.9 | $ | 0.3 | $ | 2.6 | $ | 0.4 | $ | 1.6 | ||||||||||||||||||||||||||||||||
Gas | 0.4 | 2.6 | 0.3 | 1.8 | 0.2 | 1.7 | ||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 1.0 | $ | 5.5 | $ | 0.6 | $ | 4.4 | $ | 0.6 | $ | 3.3 | |||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Provision | Recoveries | Accounts Written Off | Balance at End of Period | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 0.5 | $ | 3.0 | $ | 0.3 | $ | 3.2 | $ | 0.6 | $ | 0.5 | $ | 3.0 | $ | 0.3 | $ | 3.2 | $ | — | $ | 0.6 | ||||||||||||||||||||||
Gas | 0.8 | 1.9 | 0.5 | 2.8 | 0.4 | 0.8 | 1.9 | 0.5 | 2.8 | — | 0.4 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
$ | 1.3 | $ | 4.9 | $ | 0.8 | $ | 6.0 | $ | 1.0 | $ | 1.3 | $ | 4.9 | $ | 0.8 | $ | 6.0 | $ | — | $ | 1.0 | |||||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 0.9 | $ | 3.2 | $ | 0.3 | $ | 3.9 | $ | 0.5 | ||||||||||||||||||||||||||||||||||
Gas | 0.6 | 2.9 | 0.3 | 3.0 | 0.8 | |||||||||||||||||||||||||||||||||||||||
Other | 0.1 | (0.1 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 1.6 | $ | 6.0 | $ | 0.6 | $ | 6.9 | $ | 1.3 | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 0.8 | $ | 1.8 | $ | 0.3 | $ | 2.0 | $ | 0.9 | ||||||||||||||||||||||||||||||||||
Gas | 0.2 | 1.9 | 0.3 | 1.8 | 0.6 | |||||||||||||||||||||||||||||||||||||||
Other | 0.1 | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||
$ | 1.1 | $ | 3.7 | $ | 0.6 | $ | 3.8 | $ | 1.6 | |||||||||||||||||||||||||||||||||||
* | The Company has incurred greater than normal bad debt expense due to the coronavirus pandemic. Incremental bad debt expense amounts have been deferred as regulatory assets based on certain regulatory proceedings and management’s belief that such amounts are probable of recovery (See the “Financial Effects of COVID-19 Pandemic” section in Note7 (Commitments and Contingencies). The Company will track the collection of receivables and to the extent incremental bad debt amounts are collected in the future, such amounts will reduce the regulatory assets recorded. |
Estimated Fair Value of Long-Term Debt (millions) | December 31, | |||||||
2019 | 2018 | |||||||
Estimated Fair Value of Long-Term Debt | $ | 518.7 | $ | 422.0 |
Estimated Fair Value of Long-Term Debt (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Estimated Fair Value of Long-Term Debt | $ | 584.9 | $ | 633.1 |
Long-Term Debt (millions) | December 31, | |||||||
2019 | 2018 | |||||||
Unitil Corporation: | ||||||||
6.33 % Senior Notes, Due May 1, 2022 | $ | 20.0 | $ | 20.0 | ||||
3.70 % Senior Notes, Due August 1, 2026 | 30.0 | 30.0 | ||||||
3.43% Senior Notes, Due December 18, 2029 | 30.0 | — | ||||||
Unitil Energy First Mortgage Bonds: | ||||||||
5.24 % Senior Secured Notes, Due March 2, 2020 | 5.0 | 10.0 | ||||||
8.49 % Senior Secured Notes, Due October 14, 2024 | 4.5 | 6.0 | ||||||
6.96 % Senior Secured Notes, Due September 1, 2028 | 18.0 | 20.0 | ||||||
8.00 % Senior Secured Notes, Due May 1, 2031 | 15.0 | 15.0 | ||||||
6.32 % Senior Secured Notes, Due September 15, 2036 | 15.0 | 15.0 | ||||||
4.18 % Senior Secured Notes, Due November 30, 2048 | 30.0 | 30.0 | ||||||
Fitchburg: | ||||||||
6.75 % Senior Notes, Due November 30, 2023 | 3.8 | 5.7 | ||||||
6.79 % Senior Notes, Due October 15, 2025 | 10.0 | 10.0 | ||||||
3.52 % Senior Notes, Due November 1, 2027 | 10.0 | 10.0 | ||||||
7.37 % Senior Notes, Due January 15, 2029 | 12.0 | 12.0 | ||||||
5.90 % Senior Notes, Due December 15, 2030 | 15.0 | 15.0 | ||||||
7.98 % Senior Notes, Due June 1, 2031 | 14.0 | 14.0 | ||||||
4.32 % Senior Notes, Due November 1, 2047 | 15.0 | 15.0 | ||||||
Northern Utilities: | ||||||||
5.29 % Senior Notes, Due March 2, 2020 | 8.2 | 16.6 | ||||||
3.52 % Senior Notes, Due November 1, 2027 | 20.0 | 20.0 | ||||||
7.72 % Senior Notes, Due December 3, 2038 | 50.0 | 50.0 | ||||||
4.42 % Senior Notes , Due October 15, 2044 | 50.0 | 50.0 | ||||||
4.32 % Senior Notes, Due November 1, 2047 | 30.0 | 30.0 | ||||||
4.04% Senior Notes, Due September 12, 2049 | 40.0 | — | ||||||
Granite State: | ||||||||
3.72 % Senior Notes , Due November 1, 2027 | 15.0 | 15.0 | ||||||
Total Long-Term Debt | 460.5 | 409.3 | ||||||
Less: Unamortized Debt Issuance Costs | 3.5 | 3.5 | ||||||
Total Long-Term Debt, net of Unamortized Debt Issuance Costs | 457.0 | 405.8 | ||||||
Less: Current Portion (1) | 19.5 | 18.4 | ||||||
Total Long-Term Debt, Less Current Portion | $ | 437.5 | $ | 387.4 | ||||
Long-Term Debt (millions) | December 31, | |||||||
2021 | 2020 | |||||||
Unitil Corporation: | ||||||||
6.33% Senior Notes, Due May 1, 2022 | $ | — | $ | 15.0 | ||||
3.70% Senior Notes, Due August 1, 2026 | 30.0 | 30.0 | ||||||
3.43% Senior Notes, Due December 18, 2029 | 30.0 | 30.0 | ||||||
Unitil Energy First Mortgage Bonds: | ||||||||
8.49% Senior Secured Notes, Due October 14, 2024 | 1.5 | 3.0 | ||||||
6.96% Senior Secured Notes, Due September 1, 2028 | 14.0 | 16.0 | ||||||
8.00% Senior Secured Notes, Due May 1, 2031 | 15.0 | 15.0 | ||||||
6.32% Senior Secured Notes, Due September 15, 2036 | 15.0 | 15.0 | ||||||
3.58% Senior Secured Notes, Due September 15, 2040 | 27.5 | 27.5 | ||||||
4.18% Senior Secured Notes, Due November 30, 2048 | 30.0 | 30.0 | ||||||
Fitchburg: | ||||||||
6.75% Senior Notes, Due November 30, 2023 | — | 1.9 | ||||||
6.79% Senior Notes, Due October 15, 2025 | 6.0 | 10.0 | ||||||
3.52% Senior Notes, Due November 1, 2027 | 10.0 | 10.0 | ||||||
7.37% Senior Notes, Due January 15, 2029 | 9.6 | 10.8 | ||||||
5.90% Senior Notes, Due December 15, 2030 | 15.0 | 15.0 | ||||||
7.98% Senior Notes, Due June 1, 2031 | 14.0 | 14.0 | ||||||
3.78% Senior Notes, Due September 15, 2040 | 27.5 | 27.5 | ||||||
4.32% Senior Notes, Due November 1, 2047 | 15.0 | 15.0 | ||||||
Northern Utilities: | ||||||||
3.52% Senior Notes, Due November 1, 2027 | 20.0 | 20.0 | ||||||
7.72% Senior Notes, Due December 3, 2038 | 50.0 | 50.0 | ||||||
3.78% Senior Notes, Due September 15, 2040 | 40.0 | 40.0 | ||||||
4.42% Senior Notes, Due October 15, 2044 | 50.0 | 50.0 | ||||||
4.32% Senior Notes, Due November 1, 2047 | 30.0 | 30.0 | ||||||
4.04% Senior Notes, Due September 12, 2049 | 40.0 | 40.0 | ||||||
Granite State: | ||||||||
3.72% Senior Notes, Due November 1, 2027 | 15.0 | 15.0 | ||||||
Unitil Realty Corp.: | ||||||||
2.64% Senior Secured Notes, Due December 18, 2030 | 4.5 | 4.7 | ||||||
Total Long-Term Debt | 509.6 | 535.4 | ||||||
Less: Unamortized Debt Issuance Costs | 3.6 | 3.8 | ||||||
Total Long-Term Debt, net of Unamortized Debt Issuance Costs | 506.0 | 531.6 | ||||||
Less: Current Portion (1) | 8.2 | 8.5 | ||||||
Total Long-Term Debt, Less Current Portion | $ | 497.8 | $ | 523.1 | ||||
(1) | The Current Portion of Long-Term Debt includes sinking fund payments. |
Interest Expense, N et (millions) | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Interest Expense | ||||||||||||
Long-Term Debt | $ | 22.9 | $ | 23.1 | $ | 21.8 | ||||||
Short-Term Debt | 3.0 | 2.6 | 2.5 | |||||||||
Regulatory Liabilities | 0.7 | 0.7 | 1.2 | |||||||||
Subtotal Interest Expense | 26.6 | 26.4 | 25.5 | |||||||||
Interest Income | ||||||||||||
Regulatory Assets | (0.8 | ) | (0.8 | ) | (0.7 | ) | ||||||
AFUDC (1) and Other | (2.1 | ) | (1.6 | ) | (1.7 | ) | ||||||
Subtotal Interest Income | (2.9 | ) | (2.4 | ) | (2.4 | ) | ||||||
Total Interest Expense, N et | $ | 23.7 | $ | 24.0 | $ | 23.1 | ||||||
Interest Expense, Net (millions) | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Interest Expense | ||||||||||||
Long-Term Debt | $ | 26.0 | $ | 24.8 | $ | 22.9 | ||||||
Short-Term Debt | 0.8 | 1.4 | 3.0 | |||||||||
Regulatory Liabilities | 0.4 | 0.2 | 0.7 | |||||||||
Subtotal Interest Expense | 27.2 | 26.4 | 26.6 | |||||||||
Interest Income | ||||||||||||
Regulatory Assets | (0.5 | ) | (0.8 | ) | (0.8 | ) | ||||||
AFUDC (1) and Other | (1.1 | ) | (1.8 | ) | (2.1 | ) | ||||||
Subtotal Interest Income | (1.6 | ) | (2.6 | ) | (2.9 | ) | ||||||
Total Interest Expense, Net | $ | 25.6 | $ | 23.8 | $ | 23.7 | ||||||
(1) | AFUDC—Allowance for Funds Used During Construction |
Revolving Credit Facility (millions) | ||||||||
December 31, | ||||||||
201 9 | 201 8 | |||||||
Limit | $ | 120.0 | $ | 120.0 | ||||
Short-Term Borrowings Outstanding | $ | 58.6 | $ | 82.8 | ||||
Letters of Credit Outstanding | $ | 0.1 | $ | — | ||||
Available | $ | 61.3 | $ | 37.2 |
Revolving Credit Facility (millions) | ||||||||
December 31, | ||||||||
2021 | 2020 | |||||||
Limit | $ | 120.0 | $ | 120.0 | ||||
Short-Term Borrowings Outstanding | $ | 64.1 | $ | 54.7 | ||||
Letters of Credit Outstanding | $ | — | $ | 0.1 | ||||
Available | $ | 55.9 | $ | 65.2 |
Payments Due by Period | ||||||||||||||||||||||||||||
Long-Term Debt Contractual Obligations (millions) as of December 31, 2021 | Total | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 & Beyond | |||||||||||||||||||||
Long-Term Debt | $ | 509.6 | $ | 8.4 | $ | 6.9 | $ | 6.9 | $ | 5.0 | $ | 38.0 | $ | 444.4 | ||||||||||||||
Interest on Long-Term Debt | 360.5 | 24.5 | 23.9 | 23.4 | 22.9 | 22.6 | 243.2 | |||||||||||||||||||||
Total | $ | 870.1 | $ | 32.9 | $ | 30.8 | $ | 30.3 | $ | 27.9 | $ | 60.6 | $ | 687.6 | ||||||||||||||
December 31, | ||||||||
Lease Obligations (millions) | 2019 | 2018 | ||||||
Operating Lease Obligations: | ||||||||
Other Current Liabilities (current portion) | $ | 1.2 | $ | — | ||||
Other Noncurrent Liabilities (long-term portion) | 2.8 | — | ||||||
Total Operating Lease Obligations | 4.0 | — | ||||||
Capital Lease Obligations: | ||||||||
Other Current Liabilities (current portion) | 0.2 | 3.1 | ||||||
Other Noncurrent Liabilities (long-term portion) | 0.3 | 2.7 | ||||||
Total Capital Lease Obligations | 0.5 | 5.8 | ||||||
Total Lease Obligations | $ | 4.5 | $ | 5.8 | ||||
December 31, | ||||||||
Lease Obligations (millions) | 2021 | 2020 | ||||||
Operating Lease Obligations: | ||||||||
Other Current Liabilities (current portion) | $ | 1.6 | $ | 1.5 | ||||
Other Noncurrent Liabilities (long-term portion) | 3.1 | 3.7 | ||||||
Total Operating Lease Obligations | 4.7 | 5.2 | ||||||
Capital Lease Obligations: | ||||||||
Other Current Liabilities (current portion) | 0.1 | 0.2 | ||||||
Other Noncurrent Liabilities (long-term portion) | 0.2 | 0.2 | ||||||
Total Capital Lease Obligations | 0.3 | 0.4 | ||||||
Total Lease Obligations | $ | 5.0 | $ | 5.6 | ||||
Lease Payments ($000’s) Year Ending December 31, | Operating Leases | Capital Leases | ||||||
2022 | $ | 1,695 | $ | 150 | ||||
2023 | 1,399 | 107 | ||||||
2024 | 1,069 | 52 | ||||||
2025 | 503 | 19 | ||||||
2026 | 199 | — | ||||||
2027-2031 | 121 | — | ||||||
Total Payments | 4,986 | 328 | ||||||
Less: Interest | 316 | 12 | ||||||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ | 4,670 | $ | 316 | ||||
Lease Payments ($000’s) Year Ending December 31, | Operating Leases | Capital Leases | ||||||
2020 | $ | 1,355 | $ | 262 | ||||
2021 | 1,185 | 161 | ||||||
2022 | 904 | 97 | ||||||
2023 | 604 | 55 | ||||||
2024 | 274 | — | ||||||
2025 | 139 | — | ||||||
Total Payments | 4,461 | 575 | ||||||
Less: Interest | 435 | 29 | ||||||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ | 4,026 | $ | 546 | ||||
Lease Payments ($000’s) Year Ending December 31, | Operating Leases | Capital Leases | ||||||
2019 | $ | 1,372 | $ | 3,069 | ||||
2020 | 1,138 | 2,535 | ||||||
2021 | 969 | 93 | ||||||
2022 | 689 | 32 | ||||||
2023 | 390 | 14 | ||||||
2024 | 120 | — | ||||||
Total Payments | $ | 4,678 | $ | 5,743 |
Issuance Date | Shares | Aggregate Market Value (millions) | ||
1/30/17 | 34,930 | $1.6 | ||
1/29/18 | 37,510 | $1.6 | ||
1/29/19 | 33,150 | $1.6 |
Issuance Date | Shares | Aggregate Market Value (millions) | ||
1/29/19 | 33,150 | $1.6 | ||
1/28/20 | 28,630 | $1.8 | ||
7/28/20 | 3,000 | $0.1 | ||
1/26/21 | 23,140 | $0.9 |
Restricted Stock Units (Equity Portion) | ||||||||||||||||
2019 | 2018 | |||||||||||||||
Units | Weighted Average Stock Price | Units | Weighted Average Stock Price | |||||||||||||
Beginning Restricted Stock Units | 61,789 | $ | 38.25 | 52,224 | $ | 36.22 | ||||||||||
Restricted Stock Units Granted | 6,943 | $ | 63.50 | 7,892 | $ | 49.63 | ||||||||||
Dividend Equivalents Earned | 1,632 | $ | 58.15 | 1,673 | $ | 47.85 | ||||||||||
Restricted Stock Units Settled | — | — | — | — | ||||||||||||
Ending Restricted Stock Units | 70,364 | $ | 41.20 | 61,789 | $ | 38.25 | ||||||||||
Restricted Stock Units (Equity Portion) | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Units | Weighted Average Stock Price | Units | Weighted Average Stock Price | |||||||||||||
Beginning Restricted Stock Units | 43,192 | $ | 41.34 | 70,364 | $ | 41.20 | ||||||||||
Restricted Stock Units Granted | 4,519 | $ | 43.35 | 3,743 | $ | 39.26 | ||||||||||
Dividend Equivalents Earned | 1,471 | $ | 46.34 | 1,507 | $ | 47.34 | ||||||||||
Restricted Stock Units Settled | — | $ | — | (32,422 | ) | $ | 41.09 | |||||||||
Ending Restricted Stock Units | 49,182 | $ | 41.67 | 43,192 | $ | 41.34 | ||||||||||
(Millions except shares and per share data) | 2019 | 2018 | 2017 | |||||||||
Earnings Available to Common Shareholders | $ | 44.2 | $ | 33.0 | $ | 29.0 | ||||||
Weighted Average Common Shares Outstanding—Basic (000’s) | 14,894 | 14,824 | 14,095 | |||||||||
Plus: Diluted Effect of Incremental Shares (000’s) | 6 | 5 | 7 | |||||||||
Weighted Average Common Shares Outstanding—Diluted (000’s) | 14,900 | 14,829 | 14,102 | |||||||||
Earnings per Share—Basic and Diluted | $ | 2.97 | $ | 2.23 | $ | 2.06 | ||||||
(Millions except shares and per share data) | 2021 | 2020 | 2019 | |||||||||
Earnings Available to Common Shareholders | $ | 36.1 | $ | 32.2 | $ | 44.2 | ||||||
Weighted Average Common Shares Outstanding—Basic (000’s) | 15,373 | 14,951 | 14,894 | |||||||||
Plus: Diluted Effect of Incremental Shares (000’s) | 3 | 1 | 6 | |||||||||
Weighted Average Common Shares Outstanding—Diluted (000’s) | 15,376 | 14,952 | 14,900 | |||||||||
Earnings per Share—Basic and Diluted | $ | 2.35 | $ | 2.15 | $ | 2.97 | ||||||
2019 | 2018 | 2017 | ||||||||||
Weighted Average Non-Vested Restricted Shares Not Included in EPS Computation | — | 6,102 | 8,733 |
2021 | 2020 | 2019 | ||||||||||
Weighted Average Non-Vested Restricted Shares Not Included in EPS Computation | 23,636 | 42,813 | — | |||||||||
Payments Due by Period | ||||||||||||||||||||||||||||
Gas and Electric Supply Contractual Obligations (millions) as of December 31, 2019 | Total | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 & Beyond | |||||||||||||||||||||
Gas Supply Contracts | $ | 584.8 | $ | 45.6 | $ | 48.7 | $ | 48.0 | $ | 45.5 | $ | 36.5 | $ | 360.5 | ||||||||||||||
Electric Supply Contracts | 14.2 | 2.0 | 1.2 | 1.2 | 1.2 | 1.2 | 7.4 | |||||||||||||||||||||
Total | $ | 599.0 | $ | 47.6 | $ | 49.9 | $ | 49.2 | $ | 46.7 | $ | 37.7 | $ | 367.9 | ||||||||||||||
Payments Due by Period | ||||||||||||||||||||||||||||
Gas and Electric Supply Contractual Obligations (millions) as of December 31, 2021 | Total | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 & Beyond | |||||||||||||||||||||
Gas Supply Contracts | $ | 523.9 | $ | 58.5 | $ | 50.6 | $ | 38.8 | $ | 37.3 | $ | 36.9 | $ | 301.8 | ||||||||||||||
Electric Supply Contracts | 14.2 | 1.2 | 1.2 | 1.2 | 1.3 | 1.3 | 8.0 | |||||||||||||||||||||
Total | $ | 538.1 | $ | 59.7 | $ | 51.8 | $ | 40.0 | $ | 38.6 | $ | 38.2 | $ | 309.8 | ||||||||||||||
(millions) | ||||||||||||||||||||||||
Fitchburg | Northern Utilities | Total | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Total Balance at Beginning of Period | $ | — | $ | 0.1 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.1 | ||||||||||||
Additions | — | — | 0.9 | 0.3 | 0.9 | 0.3 | ||||||||||||||||||
Less: Payments / Reductions | — | 0.1 | 0.2 | 0.3 | 0.2 | 0.4 | ||||||||||||||||||
Total Balance at End of Period | $ | — | $ | — | $ | 2.7 | $ | 2.0 | $ | 2.7 | $ | 2.0 | ||||||||||||
Less: Current Portion | — | — | 0.6 | 0.6 | 0.6 | 0.6 | ||||||||||||||||||
Noncurrent Balance at December 31, | $ | — | $ | — | $ | 2.1 | $ | 1.4 | $ | 2.1 | $ | 1.4 | ||||||||||||
December 31, | ||||||||
2021 | 2020 | |||||||
Total Balance at Beginning of Period | $ | 2.1 | $ | 2.7 | ||||
Additions | 0.9 | 0.2 | ||||||
Less: Payments / Reductions | 0.3 | 0.8 | ||||||
Total Balance at End of Period | 2.7 | 2.1 | ||||||
Less: Current Portion | 0.5 | 0.3 | ||||||
Noncurrent Balance at End of Period | $ | 2.2 | $ | 1.8 | ||||
($000’s) | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Current Income Tax Provision | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State | 351 | 355 | — | |||||||||
Total Current Income Taxes | $ | 351 | $ | 355 | $ | — | ||||||
Deferred Income Provision | ||||||||||||
Federal | $ | 9,340 | $ | 5,032 | $ | 13,675 | ||||||
State | 4,117 | 3,006 | 3,862 | |||||||||
Total Deferred Income Taxes | 13,457 | 8,038 | 17,537 | |||||||||
Total Income Tax Expense | $ | 13,808 | $ | 8,393 | $ | 17,537 | ||||||
(in millions) | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Current Income Tax Provision | ||||||||||||
Federal | $ | — | $ | 0.3 | $ | — | ||||||
State | 0.7 | 0.6 | 0.3 | |||||||||
Total Current Income Taxes | $ | 0.7 | $ | 0.9 | $ | 0.3 | ||||||
Deferred Income Tax Provision | ||||||||||||
Federal | $ | 7.3 | $ | 6.5 | $ | 9.4 | ||||||
State | 3.5 | 2.8 | 4.1 | |||||||||
Total Deferred Income Taxes | 10.8 | 9.3 | 13.5 | |||||||||
Total Income Tax Expense | $ | 11.5 | $ | 10.2 | $ | 13.8 | ||||||
2019 | 2018 | 2017 | ||||||||||
Statutory Federal Income Tax Rate | 21 | % | 21 | % | 34 | % | ||||||
Income Tax Effects of: | ||||||||||||
State Income Taxes, net | 6 | 6 | 6 | |||||||||
Utility Plant Differences | (3 | ) | (7 | ) | (1 | ) | ||||||
Tax Credits | — | — | (1 | ) | ||||||||
Other, net | — | — | — | |||||||||
Effective Income Tax Rate | 24 | % | 20 | % | 38 | % | ||||||
2021 | 2020 | 2019 | ||||||||||
Statutory Federal Income Tax Rate | 21 | % | 21 | % | 21 | % | ||||||
Income Tax Effects of: | ||||||||||||
State Income Taxes, net | 6 | 6 | 6 | |||||||||
Utility Plant Differences | (3 | ) | (4 | ) | (3 | ) | ||||||
Other, net | — | 1 | — | |||||||||
Effective Income Tax Rate | 24 | % | 24 | % | 24 | % | ||||||
Temporary Differences (000’s) | 2019 | 2018 | ||||||
Deferred Tax Assets | ||||||||
Retirement Benefit Obligations | $ | 36,551 | $ | 32,249 | ||||
Net Operating Loss Carryforwards | 1,609 | 10,773 | ||||||
Tax Credit Carryforwards | 1,489 | 2,704 | ||||||
Other, net | 1,589 | 1,571 | ||||||
Total Deferred Tax Assets | $ | 41,238 | $ | 47,297 | ||||
Deferred Tax Liabilities | ||||||||
Utility Plant Differences | $ | 134,011 | $ | 132,682 | ||||
Regulatory Assets & Liabilities | 5,239 | 6,429 | ||||||
Other, net | 5,539 | 5,964 | ||||||
Total Deferred Tax Liabilities | 144,789 | 145,075 | ||||||
Net Deferred Tax Liabilities | $ | 103,551 | $ | 97,778 | ||||
Temporary Differences (in millions) | 2021 | 2020 | ||||||
Deferred Tax Assets | ||||||||
Retirement Benefit Obligations | $ | 34.1 | $ | 40.7 | ||||
Net Operating Loss Carryforwards | 4.1 | — | ||||||
Tax Credit Carryforwards | 0.7 | 0.3 | ||||||
Other, net | 1.3 | 1.3 | ||||||
Total Deferred Tax Assets | $ | 40.2 | $ | 42.3 | ||||
Deferred Tax Liabilities | ||||||||
Utility Plant Differences | 157.4 | $ | 143.8 | |||||
Regulatory Assets & Liabilities | 9.4 | 6.2 | ||||||
Other, net | 1.1 | 1.3 | ||||||
Total Deferred Tax Liabilities | 167.9 | 151.3 | ||||||
Net Deferred Tax Liabilities | $ | 127.7 | $ | 109.0 | ||||
2019 | 2018 | 2017 | ||||||||||
Used to Determine Plan costs for years ended December 31: | ||||||||||||
Discount Rate | 4.25 | % | 3.60 | % | 4.10 | % | ||||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | 3.00 | % | ||||||
Expected Long-term rate of return on plan assets | 7.50 | % | 7.75 | % | 7.75 | % | ||||||
Health Care Cost Trend Rate Assumed for Next Year | 7.00 | % | 7.50 | % | 8.00 | % | ||||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | 4.00 | % | ||||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2024 | 2024 | 2025 | |||||||||
Used to Determine Benefit Obligations at December 31: | ||||||||||||
Discount Rate | 3.25 | % | 4.25 | % | 3.60 | % | ||||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | 3.00 | % | ||||||
Health Care Cost Trend Rate Assumed for Next Year | 7.00 | % | 7.00 | % | 7.50 | % | ||||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | 4.50 | % | ||||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2024 | 2024 |
2021 | 2020 | 2019 | ||||||||||
Used to Determine Plan costs for years ended December 31: | ||||||||||||
Discount Rate | 2.50 | % | 3.25 | % | 4.25 | % | ||||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | 3.00 | % | ||||||
Expected Long-term rate of return on plan assets | 7.50 | % | 7.40 | % | 7.50 | % | ||||||
Health Care Cost Trend Rate Assumed for Next Year | 6.60 | % | 7.00 | % | 7.00 | % | ||||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | 4.50 | % | ||||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2029 | 2024 |
Used to Determine Benefit Obligations at December 31: | ||||||||||||
Discount Rate | 2.85 | % | 2.50 | % | 3.25 | % | ||||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | 3.00 | % | ||||||
Health Care Cost Trend Rate Assumed for Next Year | 6.20 | % | 6.60 | % | 7.00 | % | ||||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | 4.50 | % | ||||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2029 | 2029 |
Pension Plan | PBOP Plan | SERP | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Service Cost | $ | 3,104 | $ | 3,393 | $ | 3,295 | $ | 2,304 | $ | 2,933 | $ | 2,974 | $ | 247 | $ | 487 | $ | 460 | ||||||||||||||||||
Interest Cost | 6,484 | 5,878 | 6,057 | 3,426 | 3,404 | 3,913 | 567 | 404 | 392 | |||||||||||||||||||||||||||
Expected Return on Plan Assets | (8,475 | ) | (7,785 | ) | (7,306 | ) | (1,645 | ) | (1,635 | ) | (1,347 | ) | — | — | — | |||||||||||||||||||||
Prior Service Cost Amortization | 320 | 324 | 263 | 1,213 | 1,309 | 1,399 | 56 | 189 | 189 | |||||||||||||||||||||||||||
Actuarial Loss Amortization | 4,324 | 5,786 | 4,662 | 227 | 1,383 | 2,098 | 628 | 486 | 295 | |||||||||||||||||||||||||||
Sub-total | 5,757 | 7,596 | 6,971 | 5,525 | 7,394 | 9,037 | 1,498 | 1,566 | 1,336 | |||||||||||||||||||||||||||
Amounts Capitalized or Deferred | (2,227 | ) | (3,465 | ) | (3,122 | ) | (2,317 | ) | (3,416 | ) | (4,515 | ) | (430 | ) | (451 | ) | (397 | ) | ||||||||||||||||||
NPBC Recognized | $ | 3,530 | $ | 4,131 | $ | 3,849 | $ | 3,208 | $ | 3,978 | $ | 4,522 | $ | 1,068 | $ | 1,115 | $ | 939 | ||||||||||||||||||
Pension Plan | PBOP Plan | SERP | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||
Service Cost | $ | 3,472 | $ | 3,322 | $ | 3,104 | $ | 3,034 | $ | 2,698 | $ | 2,304 | $ | 354 | $ | 283 | $ | 247 | ||||||||||||||||||
Interest Cost | 5,003 | 5,776 | 6,484 | 2,740 | 3,121 | 3,426 | 458 | 549 | 567 | |||||||||||||||||||||||||||
Expected Return on Plan Assets | (9,693 | ) | (9,019 | ) | (8,475 | ) | (2,508 | ) | (2,063 | ) | (1,645 | ) | — | — | — | |||||||||||||||||||||
Prior Service Cost Amortization | 301 | 320 | 320 | 1,208 | 1,210 | 1,213 | 56 | 57 | 56 | |||||||||||||||||||||||||||
Actuarial Loss Amortization | 8,089 | 6,472 | 4,324 | 1,045 | 744 | 227 | 1,489 | 1,036 | 628 | |||||||||||||||||||||||||||
Sub-total | 7,172 | 6,871 | 5,757 | 5,519 | 5,710 | 5,525 | 2,357 | 1,925 | 1,498 | |||||||||||||||||||||||||||
Amounts Capitalized or Deferred | (3,384 | ) | (3,083 | ) | (2,227 | ) | (3,136 | ) | (2,865 | ) | (2,317 | ) | (712 | ) | (579 | ) | (430 | ) | ||||||||||||||||||
NPBC Recognized | $ | 3,788 | $ | 3,788 | $ | 3,530 | $ | 2,383 | $ | 2,845 | $ | 3,208 | $ | 1,645 | $ | 1,346 | $ | 1,068 | ||||||||||||||||||
Pension Plan | PBOP Plan | SERP | ||||||||||||||||||||||
Change in Plan Assets: | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Plan Assets at Beginning of Year | $ | 107,808 | $ | 102,315 | $ | 21,109 | $ | 20,234 | $ | — | $ | — | ||||||||||||
Actual Return on Plan Assets | 17,908 | (6,149 | ) | 3,808 | (1,085 | ) | — | — | ||||||||||||||||
Employer Contributions | 6,916 | 16,628 | 4,000 | 4,000 | 610 | 401 | ||||||||||||||||||
Participant Contributions | — | — | 121 | 153 | — | — | ||||||||||||||||||
Benefits Paid | (6,877 | ) | (4,986 | ) | (1,758 | ) | (2,193 | ) | (610 | ) | (401 | ) | ||||||||||||
Plan Assets at End of Year | $ | 125,755 | $ | 107,808 | $ | 27,280 | $ | 21,109 | $ | — | $ | — | ||||||||||||
Change in PBO: | ||||||||||||||||||||||||
PBO at Beginning of Year | $ | 156,197 | $ | 166,921 | $ | 81,005 | $ | 94,122 | $ | 13,754 | $ | 11,723 | ||||||||||||
Service Cost | 3,104 | 3,393 | 2,304 | 2,933 | 247 | 487 | ||||||||||||||||||
Interest Cost | 6,484 | 5,878 | 3,426 | 3,404 | 567 | 404 | ||||||||||||||||||
Participant Contributions | — | — | 121 | 153 | — | — | ||||||||||||||||||
Plan Amendments | — | — | — | — | 225 | — | ||||||||||||||||||
Benefits Paid | (6,877 | ) | (4,986 | ) | (1,758 | ) | (2,193 | ) | (610 | ) | (401 | ) | ||||||||||||
Actuarial (Gain) or Loss | 23,227 | (15,009 | ) | 10,559 | (17,414 | ) | 3,576 | 1,541 | ||||||||||||||||
PBO at End of Year | $ | 182,135 | $ | 156,197 | $ | 95,657 | $ | 81,005 | $ | 17,759 | $ | 13,754 | ||||||||||||
Funded Status: Assets vs PBO | $ | (56,380 | ) | $ | (48,389 | ) | $ | (68,377 | ) | $ | (59,896 | ) | $ | (17,759 | ) | $ | (13,754 | ) |
Pension Plan | PBOP Plan | SERP | ||||||||||||||||||||||
Change in Plan Assets: | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||
Plan Assets at Beginning of Year | $ | 137,406 | $ | 125,755 | $ | 32,847 | $ | 27,280 | $ | — | $ | — | ||||||||||||
Actual Return on Plan Assets | 16,989 | 13,024 | 3,586 | 3,739 | — | — | ||||||||||||||||||
Employer Contributions | 4,100 | 4,665 | 8,903 | 4,156 | 637 | 654 | ||||||||||||||||||
Participant Contributions | — | — | 220 | 240 | — | — | ||||||||||||||||||
Benefits Paid | (6,489 | ) | (6,038 | ) | (2,905 | ) | (2,568 | ) | (637 | ) | (654 | ) | ||||||||||||
Plan Assets at End of Year | $ | 152,006 | $ | 137,406 | $ | 42,651 | $ | 32,847 | $ | — | $ | — | ||||||||||||
Change in PBO: | ||||||||||||||||||||||||
PBO at Beginning of Year | $ | 206,092 | $ | 182,135 | $ | 106,831 | $ | 95,657 | $ | 20,225 | $ | 17,759 | ||||||||||||
Service Cost | 3,472 | 3,322 | 3,034 | 2,698 | 354 | 283 | ||||||||||||||||||
Interest Cost | 5,003 | 5,776 | 2,740 | 3,121 | 458 | 549 | ||||||||||||||||||
Participant Contributions | — | — | 220 | 240 | — | — | ||||||||||||||||||
Plan Amendments | 674 | 732 | — | — | — | — | ||||||||||||||||||
Benefits Paid | (6,489 | ) | (6,038 | ) | (2,905 | ) | (2,568 | ) | (637 | ) | (654 | ) | ||||||||||||
Actuarial (Gain) or Loss | (9,334 | ) | 20,165 | 2,167 | 7,683 | (2,686 | ) | 2,288 | ||||||||||||||||
PBO at End of Year | $ | 199,418 | $ | 206,092 | $ | 112,087 | $ | 106,831 | $ | 17,714 | $ | 20,225 | ||||||||||||
Funded Status: Assets vs PBO | $ | (47,412 | ) | $ | (68,686 | ) | $ | (69,436 | ) | $ | (73,984 | ) | $ | (17,714 | ) | $ | (20,225 | ) | ||||||
Pension Plan | PBOP Plan | SERP | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Employer Contributions | $ | 6,916 | $ | 16,628 | $ | 4,100 | $ | 4,000 | $ | 4,000 | $ | 4,000 | $ | 610 | $ | 401 | $ | 34 | ||||||||||||||||||
Participant Contributions | $ | — | $ | — | $ | — | $ | 121 | $ | 153 | $ | 126 | $ | — | $ | — | $ | — | ||||||||||||||||||
Benefit Payments | $ | 6,877 | $ | 4,986 | $ | 5,574 | $ | 1,758 | $ | 2,193 | $ | 2,405 | $ | 610 | $ | 401 | $ | 34 |
Pension Plan | PBOP Plan | SERP | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||
Employer Contributions | $ | 4,100 | $ | 4,665 | $ | 6,916 | $ | 8,903 | $ | 4,156 | $ | 4,000 | $ | 637 | $ | 654 | $ | 610 | ||||||||||||||||||
Participant Contributions | $ | — | $ | — | $ | — | $ | 220 | $ | 240 | $ | 121 | $ | — | $ | — | $ | — | ||||||||||||||||||
Benefit Payments | $ | 6,489 | $ | 6,038 | $ | 6,877 | $ | 2,905 | $ | 2,568 | $ | 1,758 | $ | 637 | $ | 654 | $ | 610 |
Estimated Future Benefit Payments | ||||||||||||
Pension | PBOP | SERP | ||||||||||
2020 | $ | 6,706 | $ | 2,774 | $ | 653 | ||||||
2021 | 7,192 | 3,035 | 653 | |||||||||
2022 | 6,903 | 3,167 | 651 | |||||||||
2023 | 7,687 | 3,341 | 650 | |||||||||
2024 | 8,622 | 3,622 | 648 | |||||||||
2025 - 2029 | 49,511 | 21,761 | 6,037 |
Estimated Future Benefit Payments | ||||||||||||
Pension | PBOP | SERP | ||||||||||
2022 | $ | 7,040 | $ | 3,151 | $ | 637 | ||||||
2023 | 8,046 | 3,448 | 636 | |||||||||
2024 | 8,497 | 3,559 | 635 | |||||||||
2025 | 8,702 | 3,862 | 1,090 | |||||||||
2026 | 9,804 | 4,158 | 1,144 | |||||||||
2027—2031 | 54,565 | 23,853 | 5,583 |
Pension Plan | Target Allocation 2020 | Actual Allocation at December 31, | Target Allocation 2022 | Actual Allocation at December 31, | ||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Target Allocation 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Equity Funds | 53 | % | 54 | % | 49 | % | 49 | % | 56 | % | 57 | % | 58 | % | 54 | % | ||||||||||||||||
Debt Funds | 37 | % | 36 | % | 40 | % | 34 | % | 39 | % | 38 | % | 37 | % | 36 | % | ||||||||||||||||
Real Estate Fund | 10 | % | 9 | % | 10 | % | 10 | % | 5 | % | 4 | % | 4 | % | 9 | % | ||||||||||||||||
Asset Allocation Fund (1) | — | — | — | 6 | % | |||||||||||||||||||||||||||
Other | — | 1 | % | 1 | % | 1 | % | — | 1 | % | 1 | % | 1 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||
(1) |
PBOP Plan | Target Allocation 2020 | Actual Allocation at December 31, | ||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||
Equity Funds | 55 | % | 56 | % | 53 | % | 56 | % | ||||||||
Debt Funds | 45 | % | 44 | % | 47 | % | 42 | % | ||||||||
Other (1) | — | — | — | 2 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
Represents investments being held in cash equivalents as of December 31, |
PBOP Plan | Target Allocation 2022 | Actual Allocation at December 31, | ||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||
Equity Funds | 55 | % | 56 | % | 55 | % | 56 | % | ||||||||
Debt Funds | 45 | % | 44 | % | 45 | % | 44 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Balance as of December 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
2019 | ||||||||||||||||
Pension Plan Assets: | ||||||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds | $ | 68,848 | $ | 68,848 | $ | — | $ | — | ||||||||
Fixed Income Funds | 44,980 | 44,980 | — | — | ||||||||||||
Total Mutual Funds | 113,828 | 113,828 | — | — | ||||||||||||
Cash Equivalents | 750 | 750 | ||||||||||||||
Total Assets in the Fair Value Hierarchy | $ | 114,578 | $ | 114,578 | $ | — | $ | — | ||||||||
Real Estate Fund–Measured at Net Asset Value | 11,177 | |||||||||||||||
Total Assets | $ | 125,755 | ||||||||||||||
2018 | ||||||||||||||||
Pension Plan Assets: | ||||||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds | $ | 52,884 | $ | 52,884 | $ | — | $ | — | ||||||||
Fixed Income Funds | 43,281 | 43,281 | — | — | ||||||||||||
Total Mutual Funds | 96,165 | 96,165 | — | — | ||||||||||||
Cash Equivalents | 1,202 | 1,202 | ||||||||||||||
Total Assets in the Fair Value Hierarchy | $ | 97,367 | $ | 97,367 | $ | — | $ | — | ||||||||
Real Estate Fund–Measured at Net Asset Value | 10,441 | |||||||||||||||
Total Assets | $ | 107,808 | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Balance as of December 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
2021 | ||||||||||||||||
Pension Plan Assets: | ||||||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds | $ | 86,356 | $ | 86,356 | $ | — | $ | — | ||||||||
Fixed Income Funds | 57,883 | 57,883 | — | — | ||||||||||||
Total Mutual Funds | 144,239 | 144,239 | — | — | ||||||||||||
Cash Equivalents | 912 | 912 | ||||||||||||||
Total Assets in the Fair Value Hierarchy | $ | 145,151 | $ | 145,151 | $ | — | $ | — | ||||||||
Real Estate Fund–Measured at Net Asset Value | 6,855 | |||||||||||||||
Total Assets | $ | 152,006 | ||||||||||||||
2020 | ||||||||||||||||
Pension Plan Assets: | ||||||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds | $ | 79,690 | $ | 79,690 | $ | — | $ | — | ||||||||
Fixed Income Funds | 50,622 | 50,622 | — | — | ||||||||||||
Total Mutual Funds | 130,312 | 130,312 | — | — | ||||||||||||
Cash Equivalents | 1,277 | 1,277 | ||||||||||||||
Total Assets in the Fair Value Hierarchy | $ | 131,589 | $ | 131,589 | $ | — | $ | — | ||||||||
Real Estate Fund–Measured at Net Asset Value | 5,817 | |||||||||||||||
Total Assets | $ | 137,406 | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Balance as of December 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
2019 | ||||||||||||||||
PBOP Plan Assets: | ||||||||||||||||
Mutual Funds: | ||||||||||||||||
Fixed Income Funds | $ | 11,888 | $ | 11,888 | $ | — | $ | — | ||||||||
Equity Funds | 15,392 | 15,392 | — | — | ||||||||||||
Total Assets | $ | 27,280 | $ | 27,280 | $ | — | $ | — | ||||||||
2018 | ||||||||||||||||
PBOP Plan Assets: | ||||||||||||||||
Mutual Funds: | ||||||||||||||||
Fixed Income Funds | $ | 9,905 | $ | 9,905 | $ | — | $ | — | ||||||||
Equity Funds | 11,204 | 11,204 | — | — | ||||||||||||
Total Assets | $ | 21,109 | $ | 21,109 | $ | — | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Balance as of December 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
2021 | ||||||||||||||||
PBOP Plan Assets: | ||||||||||||||||
Mutual Funds: | ||||||||||||||||
Fixed Income Funds | $ | 18,882 | $ | 18,882 | $ | — | $ | — | ||||||||
Equity Funds | 23,769 | 23,769 | — | — | ||||||||||||
Total Assets | $ | 42,651 | $ | 42,651 | $ | — | $ | — | ||||||||
2020 | ||||||||||||||||
PBOP Plan Assets: | ||||||||||||||||
Mutual Funds: | ||||||||||||||||
Fixed Income Funds | $ | 14,716 | $ | 14,716 | $ | — | $ | — | ||||||||
Equity Funds | 18,131 | 18,131 | — | — | ||||||||||||
Total Assets | $ | 32,847 | $ | 32,847 | $ | — | $ | — | ||||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
Exhibit Number | Description of Exhibit | Reference* | ||||||
3.1 | Articles of Incorporation of Unitil Corporation. | Exhibit 3.1 to Form S-14 Registration Statement No. 2-93769 dated October 12, 1984 (P) | ||||||
3.2 | Articles of Amendment to the Articles of Incorporation Filed with the Secretary of State of the State of New Hampshire on March 4, 1992. | Exhibit 3.2 to Form 10-K for 1991 (SEC FileNo. 1-8858) (P) | ||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
4.1 | ||||||||
4.2 | Fitchburg Note Agreement dated November 1, 1993 for the 6.75% Notes due November 30, 2023. | Exhibit 4.18 to Form 10-K for 1993 (SEC FileNo. 1-8858) (P) |
Exhibit Number | Description of Exhibit | Reference* | ||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | Fitchburg Note Agreement dated December 21, 2005 for the 5.90% Notes due December 15, 2030. | ** | ||||||
4.7 | Thirteenth Supplemental Indenture of Unitil Energy Systems, Inc., dated as of September 26, 2006. | ** | ||||||
4.8 | Unitil Corporation Note Purchase Agreement, dated as of May 2, 2007, for the 6.33% Senior Notes due May 1, 2022. | ** | ||||||
4.9 | ||||||||
4.10 | ||||||||
4.18 |
Exhibit Number | Description of Exhibit | Reference* | ||||||
4.19 | ||||||||
Exhibit Number | Description of Exhibit | Reference* | ||||
4.49 | Mortgage Loan Note dated December 18, 2020 issued to TD Bank, N.A. | Exhibit 4.50 to Form 10-K for 2020 (SEC File No. 1-8858) | ||||
4.50 | Description of Registrant’s Securities | Filed herewith | ||||
10.1*** | Amended and Restated Form of Severance Agreement between the Company and the persons listed at the end of such Agreement. | |||||
10.2*** | ||||||
10.3*** | ||||||
10.4*** | ||||||
10.5*** | ||||||
10.6*** | Severance Agreement dated March 23, 2020, between the Company and Daniel J. Hurstak. | Exhibit 10.1 to Form 8-K dated March 19, 2020 (SEC File No. 1-8858) | ||||
10.8*** | ||||||
10.10*** | ||||||
10.11*** | ||||||
10.12*** | ||||||
10.13*** | ||||||
Exhibit 4.7 to Form S-8 Registration Statement No. 333-184849 dated November 9, 2012 |
Exhibit Number | Description of Exhibit | |||||||
Reference* | ||||||||
10.14*** | ||||||||
10.17*** | ||||||||
10.19*** | ||||||||
10.20*** | ||||||||
10.21*** | ||||||||
10.22 | ||||||||
11.1 | ||||||||
21.1 |
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 |
Exhibit Number | Description of Exhibit | Reference* | ||||
99.1 | Unitil Corporation Press Release Dated February 1, 2022 Announcing Earnings For the Year Ended December 31, 2021. | Furnished herewith | ||||
Inline XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith | |||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed herewith | ||||
Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith | |||||
101.DEF | ||||||
Inline XBRL Taxonomy Extension Definition Linkbase Document. | Filed herewith | |||||
101.LAB | ||||||
Inline XBRL Taxonomy Extension Label Linkbase Document. | Filed herewith | |||||
101.PRE | ||||||
Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith | |||||
104 | ||||||
Cover Page Interactive Data File – The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | Filed herewith |
* | The exhibits referred to in this column by specific designations and dates have heretofore been filed with or furnished to the Securities and Exchange Commission under such designations and are hereby incorporated by reference. |
** | In accordance with Item 601(b)(4)(iii)(A) of Regulation S-K, the instrument defining the debt of the Registrant and its subsidiary, described above, has been omitted but will be furnished to the Commission upon request. |
*** | These exhibits represent a management contract or compensatory plan. |
**** | This Note or Bond (each, an “Instrument”) is substantially identical in all material respects to other Instruments that are otherwise required to be filed as exhibits, except as to the registered payee of such Instrument, the identifying number of such Instrument, and the principal amount of such Instrument. In accordance with instruction no. 2 to Item 601 of Regulation S-K, the registrant has filed a copy of only one of such Instruments, with a schedule identifying the other Instruments omitted and setting forth the material details in which such Instruments differ from the Instrument that was filed. The registrant acknowledges that the Securities and Exchange Commission may at any time in its discretion require filing of copies of any Instruments so omitted. |
(P) | Paper exhibit. |
U NITIL CORPORATION | ||||||
By | / S / THOMAS P. MEISSNER , JR . | |||||
Thomas P. Meissner, Jr. | ||||||
Chairman of the Board of Directors, Chief Executive Officer and President |
Signature | Capacity | Date | ||||
/ R .Thomas P. Meissner, Jr. | Principal Executive Officer; Director | February 1, 2022 | ||||
/ OBERT B. HEVERT Robert B. Hevert | Principal Financial Officer | February 1, 2022 | ||||
/ ANIEL J. HURSTAK Daniel J. Hurstak | Principal Accounting Officer | February 1, 2022 | ||||
/ ICHAEL B. GREEN Michael B. Green | Director | February 1, 2022 | ||||
/ BEN S. MOULTON Eben S. Moulton | Director | February 1, 2022 | ||||
/ DWARD F. GODFREY Edward F. Godfrey | Director | February 1, 2022 | ||||
/ INFIELD S. BROWN Winfield S. Brown | Director | February 1, 2022 | ||||
/ ISA CRUTCHFIELD Lisa Crutchfield | Director | February 1, 2022 | ||||
/ AVID A. WHITELEY David A. Whiteley | Director | February 1, 2022 | ||||
/ OSTER Suzanne Foster | Director | February 1, 2022 | ||||
/ USTINE VOGEL Justine Vogel | Director | February 1, 2022 | ||||
/ ARK H. COLLIN Mark H. Collin | Director | |||||