☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New Hampshire | 02-0381573 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
6 Liberty Lane West, Hampton, New Hampshire | 03842-1720 | |
(Address of principal executive office) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange of which registered | ||
Common Stock , no par value | UTL | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||
Emerging growth company | ☐ |
Class | Outstanding at | |
Common Stock, n o par value |
Page No. | ||||||
3 | ||||||
Part I. Financial Information | ||||||
Item 1. | ||||||
19 | ||||||
20- 21 | ||||||
22 | ||||||
23 | ||||||
Item 2. | 4- 18 | |||||
Item 3. | 48 | |||||
Item 4. | 48 | |||||
Part II. Other Information | ||||||
Item 1. | 48 | |||||
Item 1A. | 49 | |||||
Item 2. | 49 | |||||
Item 3. | Inapplicable | |||||
Item 4. | Inapplicable | |||||
Item 5. | 50 | |||||
Item 6. | 51 | |||||
52 |
i) | Unitil Energy Systems, Inc. (Unitil Energy), which provides electric service in the southeastern seacoast and state capital regions of New Hampshire, including the capital city of |
ii) | Fitchburg Gas and Electric Light Company (Fitchburg), which provides both electric and |
iii) | Northern Utilities, Inc. (Northern Utilities), which provides |
Three Months Ended March 31, 2020 ($ in millions) | ||||||||||||||||
Non- Regulated | ||||||||||||||||
Gas | Electric | and Other | Total | |||||||||||||
Total Operating Revenue | $ | 70.2 | $ | 60.2 | $ | — | $ | 130.4 | ||||||||
Less: Cost of Sales | (27.8 | ) | (37.1 | ) | — | (64.9 | ) | |||||||||
Less: Depreciation and Amortization | (7.4 | ) | (5.9 | ) | (0.2 | ) | (13.5 | ) | ||||||||
GAAP Gross Margin | 35.0 | 17.2 | (0.2 | ) | 52.0 | |||||||||||
Depreciation and Amortization | 7.4 | 5.9 | 0.2 | 13.5 | ||||||||||||
Adjusted Gross Margin | $ | 42.4 | $ | 23.1 | $ | — | $ | 65.5 | ||||||||
Three Months Ended March 31, 2019 ($ in millions) | ||||||||||||||||
Non- Regulated | ||||||||||||||||
Gas | Electric | and Other | Total | |||||||||||||
Total Operating Revenue | $ | 86.4 | $ | 64.8 | $ | 0.9 | $ | 152.1 | ||||||||
Less: Cost of Sales | (42.9 | ) | (41.7 | ) | — | (84.6 | ) | |||||||||
Less: Depreciation and Amortization | (7.4 | ) | (6.1 | ) | (0.3 | ) | (13.8 | ) | ||||||||
GAAP Gross Margin | 36.1 | 17.0 | 0.6 | 53.7 | ||||||||||||
Depreciation and Amortization | 7.4 | 6.1 | 0.3 | 13.8 | ||||||||||||
Adjusted Gross Margin | $ | 43.5 | $ | 23.1 | $ | 0.9 | $ | 67.5 | ||||||||
Therm Sales (millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2019 | 2018 | Change | % Change | |||||||||||||||||||||||||
Residential | 9.6 | 9.6 | — | — | 33.6 | 33.4 | 0.2 | 0.6 | % | |||||||||||||||||||||||
Commercial / Industrial | 39.2 | 38.1 | 1.1 | 2.9 | % | 111.3 | 108.4 | 2.9 | 2.7 | % | ||||||||||||||||||||||
Total | 48.8 | 47.7 | 1.1 | 2.3 | % | 144.9 | 141.8 | 3.1 | 2.2 | % | ||||||||||||||||||||||
Therm Sales (millions) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||||
Residential | 22.1 | 24.0 | (1.9 | ) | (7.9 | %) | ||||||||||
Commercial / Industrial | 67.6 | 72.1 | (4.5 | ) | (6.2 | %) | ||||||||||
Total | 89.7 | 96.1 | (6.4 | ) | (6.7 | %) | ||||||||||
Gas Operating Revenues and Sales Margin (millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||||||
Gas Operating Revenue: | ||||||||||||||||||||||||||||||||
Residential | $ | 13.1 | $ | 13.9 | $ | (0.8 | ) | (5.8 | %) | $ | 48.9 | $ | 49.7 | $ | (0.8 | ) | (1.6 | %) | ||||||||||||||
Commercial / Industrial | 19.5 | 20.8 | (1.3 | ) | (6.3 | %) | 70.1 | 72.0 | (1.9 | ) | (2.6 | %) | ||||||||||||||||||||
Total Gas Operating Revenue | $ | 32.6 | $ | 34.7 | $ | (2.1 | ) | (6.1 | %) | $ | 119.0 | $ | 121.7 | $ | (2.7 | ) | (2.2 | %) | ||||||||||||||
Cost of Gas Sales | $ | 9.3 | $ | 11.8 | $ | (2.5 | ) | (21.2 | %) | $ | 52.2 | $ | 58.9 | $ | (6.7 | ) | (11.4 | %) | ||||||||||||||
Gas Sales Margin | $ | 23.3 | $ | 22.9 | $ | 0.4 | 1.7 | % | $ | 66.8 | $ | 62.8 | $ | 4.0 | 6.4 | % | ||||||||||||||||
Gas Operating Revenues and Adjusted Gross Margin ($ in millions) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Gas Operating Revenues: | ||||||||||||||||
Residential | $ | 29.5 | $ | 35.8 | $ | (6.3 | ) | (17.6 | %) | |||||||
Commercial / Industrial | 40.7 | 50.6 | (9.9 | ) | (19.6 | %) | ||||||||||
Total Gas Operating Revenues | $ | 70.2 | $ | 86.4 | $ | (16.2 | ) | (18.8 | %) | |||||||
Cost of Gas Sales | $ | 27.8 | $ | 42.9 | $ | (15.1 | ) | (35.2 | %) | |||||||
Gas Adjusted Gross Margin | $ | 42.4 | $ | 43.5 | $ | (1.1 | ) | (2.5 | %) | |||||||
kWh Sales (millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | Change | % Change | 2019 | 2018 | Change | % Change | |||||||||||||||||||||||||
Residential | 135.9 | 144.3 | (8.4 | ) | (5.8 | %) | 317.4 | 332.8 | (15.4 | ) | (4.6 | %) | ||||||||||||||||||||
Commercial / Industrial | 224.8 | 239.8 | (15.0 | ) | (6.3 | %) | 460.8 | 487.6 | (26.8 | ) | (5.5 | %) | ||||||||||||||||||||
Total | 360.7 | 384.1 | (23.4 | ) | (6.1 | %) | 778.2 | 820.4 | (42.2 | ) | (5.1 | %) | ||||||||||||||||||||
kWh Sales (millions) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||||
Residential | 179.1 | 181.5 | (2.4 | ) | (1.3 | %) | ||||||||||
Commercial / Industrial | 241.9 | 236.0 | 5.9 | 2.5 | % | |||||||||||
Total | 421.0 | 417.5 | 3.5 | 0.8 | % | |||||||||||
Electric Operating Revenues and Adjusted Gross Margin ($ in millions) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Electric Operating Revenues: | ||||||||||||||||
Residential | $ | 35.9 | $ | 38.8 | $ | (2.9 | ) | (7.5 | %) | |||||||
Commercial / Industrial | 24.3 | 26.0 | (1.7 | ) | (6.5 | %) | ||||||||||
Total Electric Operating Revenues | $ | 60.2 | $ | 64.8 | $ | (4.6 | ) | (7.1 | %) | |||||||
Total Cost of Electric Sales | $ | 37.1 | $ | 41.7 | $ | (4.6 | ) | (11.0 | %) | |||||||
Electric Sales Margin | $ | 23.1 | $ | 23.1 | $ | — | — | |||||||||
Electric Operating Revenues and Sales Margin (millions) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||||||
Electric Operating Revenue: | ||||||||||||||||||||||||||||||||
Residential | $ | 28.7 | $ | 26.4 | $ | 2.3 | 8.7 | % | $ | 67.5 | $ | 60.2 | $ | 7.3 | 12.1 | % | ||||||||||||||||
Commercial / Industrial | 23.1 | 22.3 | 0.8 | 3.6 | % | 49.1 | 46.0 | 3.1 | 6.7 | % | ||||||||||||||||||||||
Total Electric Operating Revenue | $ | 51.8 | $ | 48.7 | $ | 3.1 | 6.4 | % | $ | 116.6 | $ | 106.2 | $ | 10.4 | 9.8 | % | ||||||||||||||||
Cost of Electric Sales | $ | 29.4 | $ | 26.4 | $ | 3.0 | 11.4 | % | $ | 71.1 | $ | 61.6 | $ | 9.5 | 15.4 | % | ||||||||||||||||
Electric Sales Margin | $ | 22.4 | $ | 22.3 | $ | 0.1 | 0.4 | % | $ | 45.5 | $ | 44.6 | $ | 0.9 | 2.0 | % | ||||||||||||||||
Other Revenue (000’s) | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2019 | 2018 | $ | % Change | 2019 | 2018 | $ | % Change | |||||||||||||||||||||||||
Other | $ | — | $ | 1.1 | $ | (1.1 | ) | N/M | $ | 0.9 | $ | 2.4 | $ | (1.5 | ) | (62.5 | %) | |||||||||||||||
Total Other Revenue | $ | — | $ | 1.1 | $ | (1.1 | ) | N/M | $ | 0.9 | $ | 2.4 | $ | (1.5 | ) | (62.5 | %) | |||||||||||||||
Other Operating Revenue ($ in millions) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Other | $ | — | $ | 0.9 | $ | (0.9 | ) | N/M | ||||||||
Total Other Operating Revenue | $ | — | $ | 0.9 | $ | (0.9 | ) | N/M | ||||||||
Interest Expense, Net (Millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Long-term Debt | $ | 5.6 | $ | 5.7 | $ | (0.1 | ) | $ | 11.2 | $ | 11.5 | $ | (0.3 | ) | ||||||||||
Short-term Debt | 0.8 | 0.5 | 0.3 | 1.8 | 1.0 | 0.8 | ||||||||||||||||||
Regulatory Liabilities | 0.2 | 0.2 | — | 0.4 | 0.3 | 0.1 | ||||||||||||||||||
Subtotal Interest Expense | 6.6 | 6.4 | 0.2 | 13.4 | 12.8 | 0.6 | ||||||||||||||||||
Interest (Income) | ||||||||||||||||||||||||
Regulatory Assets | (0.2 | ) | (0.2 | ) | — | (0.4 | ) | (0.4 | ) | — | ||||||||||||||
AFUDC (1) and Other | (0.5 | ) | (0.3 | ) | (0.2 | ) | (0.9 | ) | (0.5 | ) | (0.4 | ) | ||||||||||||
Subtotal Interest (Income) | (0.7 | ) | (0.5 | ) | (0.2 | ) | (1.3 | ) | (0.9 | ) | (0.4 | ) | ||||||||||||
Total Interest Expense, Net | $ | 5.9 | $ | 5.9 | $ | — | $ | 12.1 | $ | 11.9 | $ | 0.2 | ||||||||||||
Interest Expense, Net ($in millions) | Three Months Ended March 31, | |||||||||||
2020 | 2019 | Change | ||||||||||
Interest Expense | ||||||||||||
Long-term Debt | $ | 6.1 | $ | 5.7 | $ | 0.4 | ||||||
Short-term Debt | 0.6 | 1.0 | (0.4 | ) | ||||||||
Regulatory Liabilities | 0.1 | 0.1 | — | |||||||||
Subtotal Interest Expense | 6.8 | 6.8 | — | |||||||||
Interest (Income) | ||||||||||||
Regulatory Assets | (0.3 | ) | (0.2 | ) | (0.1 | ) | ||||||
AFUDC and Other | (0.3 | ) | (0.4 | ) | 0.1 | |||||||
Subtotal Interest (Income) | (0.6 | ) | (0.6 | ) | — | |||||||
Total Interest Expense, Net | $ | 6.2 | $ | 6.2 | $ | — | ||||||
Revolving Credit Facility ($ millions) | |||||||||||||
June 30, | December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Limit | $ | 120.0 | $ | 120.0 | $ | 120.0 | |||||||
Short-Term Borrowings Outstanding | $ | 64.8 | $ | 37.4 | $ | 82.8 | |||||||
Available | $ | 55.2 | $ | 82.6 | $ | 37.2 | |||||||
Revolving Credit Facility ($in millions) | ||||||||||||
March 31, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
Limit | $ | 120.0 | $ | 120.0 | $ | 120.0 | ||||||
Short-Term Borrowings Outstanding | 71.6 | 65.8 | 58.6 | |||||||||
Letter of Credit Outstanding | 0.1 | — | 0.1 | |||||||||
Available | $ | 48.3 | $ | 54.2 | $ | 61.3 | ||||||
Employees Covered | CBA Expiration | |||||||
Fitchburg | 05/31/2022 | |||||||
Northern Utilities NH Division | ||||||||
Northern Utilities ME Division | 03/31/2021 | |||||||
Granite State | 4 | 03/31/2021 | ||||||
Unitil Energy | 05/31/2023 | |||||||
Unitil Service | 05/31/2023 |
Item 1. | Financial Statements |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||
Gas | $ | 32.6 | $ | 34.7 | $ | 119.0 | $ | 121.7 | $ | 70.2 | $ | 86.4 | ||||||||||||
Electric | 51.8 | 48.7 | 116.6 | 106.2 | 60.2 | 64.8 | ||||||||||||||||||
Other | — | 1.1 | 0.9 | 2.4 | — | 0.9 | ||||||||||||||||||
Total Operating Revenues | 84.4 | 84.5 | 236.5 | 230.3 | 130.4 | 152.1 | ||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||
Cost of Gas Sales | 9.3 | 11.8 | 52.2 | 58.9 | 27.8 | 42.9 | ||||||||||||||||||
Cost of Electric Sales | 29.4 | 26.4 | 71.1 | 61.6 | 37.1 | 41.7 | ||||||||||||||||||
Operation and Maintenance | 15.9 | 17.8 | 34.4 | 35.1 | 17.9 | 18.5 | ||||||||||||||||||
Depreciation and Amortization | 12.4 | 12.7 | 26.2 | 25.0 | 13.5 | 13.8 | ||||||||||||||||||
Taxes Other Than Income Taxes | 5.1 | 5.2 | 11.5 | 11.0 | ||||||||||||||||||||
Taxes Other than Income Taxes | 6.5 | 6.4 | ||||||||||||||||||||||
Total Operating Expenses | 72.1 | 73.9 | 195.4 | 191.6 | 102.8 | 123.3 | ||||||||||||||||||
Operating Income | 12.3 | 10.6 | 41.1 | 38.7 | 27.6 | 28.8 | ||||||||||||||||||
Interest Expense, Net | 5.9 | 5.9 | 12.1 | 11.9 | 6.2 | 6.2 | ||||||||||||||||||
Other Expense (Income), Net | 1.3 | 1.3 | (10.8 | ) | 3.0 | 1.5 | (12.1 | ) | ||||||||||||||||
Income Before Income Taxes | 5.1 | 3.4 | 39.8 | 23.8 | 19.9 | 34.7 | ||||||||||||||||||
Provision (Benefit) for Income Taxes | 1.1 | (0.2 | ) | 9.3 | 4.6 | |||||||||||||||||||
Provision For Income Taxes | 4.7 | 8.2 | ||||||||||||||||||||||
Net Income | $ | 4.0 | $ | 3.6 | $ | 30.5 | $ | 19.2 | $ | 15.2 | $ | 26.5 | ||||||||||||
Net Income Per Common Share (Basic and Diluted) | $ | 0.27 | $ | 0.24 | $ | 2.05 | $ | 1.30 | $ | 1.02 | $ | 1.78 | ||||||||||||
Weighted Average Common Shares Outstanding – (Basic and Diluted) | 14.9 | 14.8 | 14.9 | 14.8 | 14.9 | 14.9 |
June 30, | December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
ASSETS: | |||||||||||||
Current Assets | |||||||||||||
Cash and Cash Equivalents | $ | 4.8 | $ | 8.5 | $ | 7.8 | |||||||
Accounts Receivable, Net | 48.7 | 56.2 | 66.8 | ||||||||||
Accrued Revenue | 32.1 | 29.7 | 54.7 | ||||||||||
Exchange Gas Receivable | 5.3 | 5.5 | 8.1 | ||||||||||
Refundable Taxes | — | 1.2 | 0.5 | ||||||||||
Gas Inventory | 0.7 | 0.6 | 0.8 | ||||||||||
Materials and Supplies | 7.5 | 7.5 | 7.0 | ||||||||||
Prepayments and Other | 8.3 | 8.9 | 6.5 | ||||||||||
Total Current Assets | 107.4 | 118.1 | 152.2 | ||||||||||
Utility Plant: | |||||||||||||
Gas | 779.4 | 709.8 | 760.6 | ||||||||||
Electric | 511.6 | 479.7 | 500.1 | ||||||||||
Common | 61.2 | 69.5 | 83.1 | ||||||||||
Construction Work in Progress | 44.9 | 51.0 | 25.5 | ||||||||||
Utility Plant | 1,397.1 | 1,310.0 | 1,369.3 | ||||||||||
Less: Accumulated Depreciation | 343.6 | 320.2 | 332.5 | ||||||||||
Net Utility Plant | 1,053.5 | 989.8 | 1,036.8 | ||||||||||
Other Noncurrent Assets: | |||||||||||||
Regulatory Assets | 97.3 | 110.7 | 99.0 | ||||||||||
Operating Lease Right of Use Assets | 3.6 | — | — | ||||||||||
Other Assets | 17.5 | 16.0 | 10.3 | ||||||||||
Total Other Noncurrent Assets | 118.4 | 126.7 | 109.3 | ||||||||||
TOTAL ASSETS | $ | 1,279.3 | $ | 1,234.6 | $ | 1,298.3 | |||||||
March 31, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
ASSETS: | ||||||||||||
Current Assets | ||||||||||||
Cash and Cash Equivalents | $ | 6.2 | $ | 4.3 | $ | 5.2 | ||||||
Accounts Receivable, Net | 62.6 | 73.9 | 55.1 | |||||||||
Accrued Revenue | 38.6 | 40.2 | 50.0 | |||||||||
Exchange Gas Receivable | 2.2 | 0.4 | 6.1 | |||||||||
Gas Inventory | 0.4 | 0.5 | 0.8 | |||||||||
Materials and Supplies | 9.2 | 7.8 | 7.9 | |||||||||
Prepayments and Other | 6.6 | 6.8 | 5.8 | |||||||||
Total Current Assets | 125.8 | 133.9 | 130.9 | |||||||||
Utility Plant: | ||||||||||||
Gas | 869.7 | 778.6 | 837.7 | |||||||||
Electric | 538.4 | 511.3 | 529.7 | |||||||||
Common | 62.8 | 61.1 | 62.7 | |||||||||
Construction Work in Progress | 43.3 | 26.1 | 37.4 | |||||||||
Total Utility Plant | 1,514.2 | 1,377.1 | 1,467.5 | |||||||||
Less: Accumulated Depreciation | 389.1 | 339.3 | 356.0 | |||||||||
Net Utility Plant | 1,125.1 | 1,037.8 | 1,111.5 | |||||||||
Other Noncurrent Assets: | ||||||||||||
Regulatory Assets | 105.3 | 97.9 | 112.0 | |||||||||
Operating Lease Right of Use Assets | 4.9 | 3.9 | 4.0 | |||||||||
Other Assets | 17.3 | 16.7 | 12.4 | |||||||||
Total Other Noncurrent Assets | 127.5 | 118.5 | 128.4 | |||||||||
TOTAL ASSETS | $ | 1,378.4 | $ | 1,290.2 | $ | 1,370.8 | ||||||
March 31, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
LIABILITIES AND CAPITALIZATION: | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts Payable | $ | 26.5 | $ | 33.0 | $ | 37.6 | ||||||
Short-Term Debt | 71.6 | 65.8 | 58.6 | |||||||||
Long-Term Debt, Current Portion | 6.3 | 19.5 | 19.5 | |||||||||
Regulatory Liabilities | 10.5 | 15.0 | 7.4 | |||||||||
Energy Supply Obligations | 7.9 | 4.6 | 10.5 | |||||||||
Interest Payable | 7.2 | 7.0 | 4.5 | |||||||||
Environmental Obligations | 0.3 | 0.6 | 0.6 | |||||||||
Other Current Liabilities | 16.8 | 19.3 | 21.1 | |||||||||
Total Current Liabilities | 147.1 | 164.8 | 159.8 | |||||||||
Noncurrent Liabilities: | ||||||||||||
Retirement Benefit Obligations | 145.4 | 122.9 | 141.9 | |||||||||
Deferred Income Taxes, Net | 108.7 | 103.8 | 103.6 | |||||||||
Cost of Removal Obligations | 98.8 | 93.7 | 96.0 | |||||||||
Regulatory Liabilities | 45.1 | 47.4 | 46.6 | |||||||||
Environmental Obligations | 1.9 | 1.4 | 2.1 | |||||||||
Other Noncurrent Liabilities | 7.2 | 9.3 | 6.5 | |||||||||
Total Noncurrent Liabilities | 407.1 | 378.5 | 396.7 | |||||||||
Capitalization: | ||||||||||||
Long-Term Debt, Less Current Portion | 436.3 | 373.0 | 437.5 | |||||||||
Stockholders’ Equity: | ||||||||||||
Common Equity (Authorized: 25,000,000 and Outstanding: | 284.0 | 280.7 | 282.5 | |||||||||
Retained Earnings | 103.7 | 93.0 | 94.1 | |||||||||
Total Common Stock Equity | 387.7 | 373.7 | 376.6 | |||||||||
Preferred Stock | 0.2 | 0.2 | 0.2 | |||||||||
Total Stockholders’ Equity | 387.9 | 373.9 | 376.8 | |||||||||
Total Capitalization | 824.2 | 746.9 | 814.3 | |||||||||
Commitments and Contingencies | ||||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,378.4 | $ | 1,290.2 | $ | 1,370.8 | ||||||
June 30, | December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
LIABILITIES AND CAPITALIZATION: | |||||||||||||
Current Liabilities: | |||||||||||||
Accounts Payable | $ | 21.9 | $ | 24.7 | $ | 42.6 | |||||||
Short-Term Debt | 64.8 | 37.4 | 82.8 | ||||||||||
Long-Term Debt, Current Portion | 19.5 | 29.7 | 18.4 | ||||||||||
Regulatory Liabilities | 18.5 | 14.2 | 11.5 | ||||||||||
Energy Supply Obligations | 9.2 | 9.4 | 13.4 | ||||||||||
Interest Payable | 4.0 | 4.1 | 4.3 | ||||||||||
Other Current Liabilities | 18.1 | 15.9 | 19.5 | ||||||||||
Total Current Liabilities | 156.0 | 135.4 | 192.5 | ||||||||||
Noncurrent Liabilities: | |||||||||||||
Retirement Benefit Obligations | 123.3 | 154.7 | 121.5 | ||||||||||
Deferred Income Taxes, net | 104.1 | 88.1 | 97.8 | ||||||||||
Cost of Removal Obligations | 94.0 | 87.8 | 90.7 | ||||||||||
Regulatory Liabilities | 46.9 | 47.1 | 47.0 | ||||||||||
Other Noncurrent Liabilities | 8.9 | 11.2 | 10.1 | ||||||||||
Total Noncurrent Liabilities | 377.2 | 388.9 | 367.1 | ||||||||||
Capitalization: | |||||||||||||
Long-Term Debt, Less Current Portion | 373.1 | 363.1 | 387.4 | ||||||||||
Stockholders’ Equity: | |||||||||||||
Common Equity (Authorized: 25,000,000 and Outstanding: 14,921,171, 14,866,588 and 14,876,955 Shares) | 281.3 | 277.9 | 279.1 | ||||||||||
Retained Earnings | 91.5 | 69.1 | 72.0 | ||||||||||
Total Common Stock Equity | 372.8 | 347.0 | 351.1 | ||||||||||
Preferred Stock | 0.2 | 0.2 | 0.2 | ||||||||||
Total Stockholders’ Equity | 373.0 | 347.2 | 351.3 | ||||||||||
Total Capitalization | 746.1 | 710.3 | 738.7 | ||||||||||
Commitments and Contingencies (Notes 6 & 7) | |||||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 1,279.3 | $ | 1,234.6 | $ | 1,298.3 | |||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 15.2 | $ | 26.5 | ||||
Adjustments to Reconcile Net Income to Cash | ||||||||
Provided by Operating Activities: | ||||||||
Depreciation and Amortization | 13.5 | 13.8 | ||||||
Deferred Tax Provision | 4.7 | 8.2 | ||||||
Gain on Divestiture, Net (See Note 1) | — | (13.4 | ) | |||||
Changes in Working Capital Items: | ||||||||
Accounts Receivable | (7.5 | ) | (7.1 | ) | ||||
Accrued Revenue | 11.4 | 14.5 | ||||||
Exchange Gas Receivable | 3.9 | 7.7 | ||||||
Regulatory Liabilities | 3.1 | 3.5 | ||||||
Accounts Payable | (11.1 | ) | (9.6 | ) | ||||
Other Changes in Working Capital Items | (3.0 | ) | 0.3 | |||||
Deferred Regulatory and Other Charges | (0.4 | ) | (6.9 | ) | ||||
Other, Net | (1.9 | ) | 0.3 | |||||
Cash Provided by Operating Activities | 27.9 | 37.8 | ||||||
Investing Activities: | ||||||||
Property, Plant and Equipment Additions | (16.8 | ) | (10.9 | ) | ||||
Proceeds from Divestiture, Net (See Note 1) | — | 13.4 | ||||||
Cash Provided by (Used in) Investing Activities | (16.8 | ) | 2.5 | |||||
Financing Activities: | ||||||||
Proceeds from (Repayment of) Short-Term Debt, Net | 13.0 | (17.0 | ) | |||||
Repayment of Long-Term Debt | (14.4 | ) | (13.4 | ) | ||||
Increase (Decrease) in Capital Lease Obligations | 0.2 | (0.9 | ) | |||||
Net Decrease in Exchange Gas Financing | (3.6 | ) | (7.3 | ) | ||||
Dividends Paid | (5.6 | ) | (5.5 | ) | ||||
Proceeds from Issuance of Common Stock | 0.3 | 0.3 | ||||||
Cash (Used in) Financing Activities | (10.1 | ) | (43.8 | ) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | 1.0 | (3.5 | ) | |||||
Cash and Cash Equivalents at Beginning of Period | 5.2 | 7.8 | ||||||
Cash and Cash Equivalents at End of Period | $ | 6.2 | $ | 4.3 | ||||
Supplemental Cash Flow Information: | ||||||||
Interest Paid | $ | 3.6 | $ | 3.6 | ||||
Income Taxes Paid | $ | — | $ | — | ||||
Payments on Capital Leases | $ | 0.1 | $ | 0.8 | ||||
Non-cash Investing Activity: | ||||||||
Capital Expenditures Included in Accounts Payable | $ | 0.5 | $ | 0.7 | ||||
Right-of-Use Assets Obtained in Exchange for Lease Obligations | $ | 0.9 | $ | 3.9 |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 30.5 | $ | 19.2 | ||||
Adjustments to Reconcile Net Income to Cash | ||||||||
Provided by Operating Activities: | ||||||||
Depreciation and Amortization | 26.2 | 25.0 | ||||||
Deferred Tax Provision | 8.4 | 3.6 | ||||||
Gain on Divestiture, Net (See Note 1) | (13.4 | ) | — | |||||
Changes in Working Capital Items: | ||||||||
Accounts Receivable | 18.1 | 11.2 | ||||||
Accrued Revenue | 22.6 | 23.6 | ||||||
Exchange Gas Receivable | 2.8 | 0.3 | ||||||
Regulatory Liabilities | 7.0 | 5.0 | ||||||
Accounts Payable | (20.7 | ) | (16.8 | ) | ||||
Other Changes in Working Capital Items | (3.1 | ) | (4.9 | ) | ||||
Deferred Regulatory and Other Charges | (8.0 | ) | (10.3 | ) | ||||
Other, net | 1.7 | 7.4 | ||||||
Cash Provided by Operating Activities | 72.1 | 63.3 | ||||||
Investing Activities: | ||||||||
Property, Plant and Equipment Additions | (38.7 | ) | (37.2 | ) | ||||
Proceeds from Divestiture, Net (See Note 1) | 13.4 | — | ||||||
Cash (Used in) Investing Activities | (25.3 | ) | (37.2 | ) | ||||
Financing Activities: | ||||||||
Repayment of Short-Term Debt, net | (18.0 | ) | (0.9 | ) | ||||
Repayment of Long-Term Debt | (13.4 | ) | (13.5 | ) | ||||
Decrease in Capital Lease Obligations | (5.4 | ) | (1.6 | ) | ||||
Net Decrease in Exchange Gas Financing | (2.6 | ) | (0.2 | ) | ||||
Dividends Paid | (11.0 | ) | (10.9 | ) | ||||
Proceeds from Issuance of Common Stock, net | 0.6 | 0.6 | ||||||
Cash (Used in) Financing Activities | (49.8 | ) | (26.5 | ) | ||||
Net Decrease in Cash and Cash Equivalents | (3.0 | ) | (0.4 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 7.8 | 8.9 | ||||||
Cash and Cash Equivalents at End of Period | $ | 4.8 | $ | 8.5 | ||||
Supplemental Cash Flow Information: | ||||||||
Interest Paid | $ | 12.7 | $ | 12.4 | ||||
Income Taxes Paid | $ | 0.9 | $ | 0.4 | ||||
Payments on Capital Leases | $ | 5.3 | $ | 1.5 | ||||
Non-cash Investing Activity: | ||||||||
Capital Expenditures Included in Accounts Payable | $ | 0.7 | $ | 0.4 | ||||
Right-of-Use Assets Obtained in Exchange for Lease Obligations | $ | 3.6 | $ | — |
Common Equity | Retained Earnings | Total | ||||||||||
Balance at January 1, 2020 | $ | 282.5 | $ | 94.1 | $ | 376.6 | ||||||
Net Income | 15.2 | 15.2 | ||||||||||
Dividends on Common Shares ($0.375 per Common Share) | (5.6 | ) | (5.6 | ) | ||||||||
Stock Compensation Plans | 1.2 | 1.2 | ||||||||||
Issuance of 4,644 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at March 31, 2020 | $ | 284.0 | $ | 103.7 | $ | 387.7 | ||||||
Balance at January 1, 2019 | $ | 279.1 | $ | 72.0 | $ | 351.1 | ||||||
Net Income | 26.5 | 26.5 | ||||||||||
Dividends on Common Shares ($0.370 per Common Share) | (5.5 | ) | (5.5 | ) | ||||||||
Stock Compensation Plans | 1.3 | 1.3 | ||||||||||
Issuance of 5,939 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at March 31, 2019 | $ | 280.7 | $ | 93.0 | $ | 373.7 | ||||||
Common Equity | Retained Earnings | Total | ||||||||||
Three Months Ended June 30, 2019 | ||||||||||||
Balance at April 1, 2019 | $ | 280.7 | $ | 93.0 | $ | 373.7 | ||||||
Net Income | 4.0 | 4.0 | ||||||||||
Dividends on Common Shares ($0.370 per share) | (5.5 | ) | (5.5 | ) | ||||||||
Stock Compensation Plans | 0.3 | 0.3 | ||||||||||
Issuance of 5,127 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at June 30, 2019 | $ | 281.3 | $ | 91.5 | $ | 372.8 | ||||||
Three Months Ended June 30, 2018 | ||||||||||||
Balance at April 1, 2018 | $ | 277.4 | $ | 71.0 | $ | 348.4 | ||||||
Net Income | 3.6 | 3.6 | ||||||||||
Dividends on Common Shares ($0.365 per share) | (5.5 | ) | (5.5 | ) | ||||||||
Stock Compensation Plans | 0.2 | 0.2 | ||||||||||
Issuance of 6,465 Common Shares | 0.3 | 0.3 | ||||||||||
Balance at June 30, 2018 | $ | 277.9 | $ | 69.1 | $ | 347.0 | ||||||
Common Equity | Retained Earnings | Total | ||||||||||
Six Months Ended June 30, 2019 | ||||||||||||
Balance at January 1, 2019 | $ | 279.1 | $ | 72.0 | $ | 351.1 | ||||||
Net Income | 30.5 | 30.5 | ||||||||||
Dividends on Common Shares ($0.740 per share) | (11.0 | ) | (11.0 | ) | ||||||||
Stock Compensation Plans | 1.6 | 1.6 | ||||||||||
Issuance of 11,066 Common Shares | 0.6 | 0.6 | ||||||||||
Balance at June 30, 2019 | $ | 281.3 | $ | 91.5 | $ | 372.8 | ||||||
Six Months Ended June 30, 2018 | ||||||||||||
Balance at January 1, 2018 | $ | 275.8 | $ | 60.8 | $ | 336.6 | ||||||
Net Income | 19.2 | 19.2 | ||||||||||
Dividends on Common Shares ($0.730 per share) | (10.9 | ) | (10.9 | ) | ||||||||
Stock Compensation Plans | 1.5 | 1.5 | ||||||||||
Issuance of 14,277 Common Shares | 0.6 | 0.6 | ||||||||||
Balance at June 30, 2018 | $ | 277.9 | $ | 69.1 | $ | 347.0 | ||||||
Three Months Ended June 30, 2019 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 15.7 | $ | 27.7 | $ | 43.4 | ||||||
C&I | 23.1 | 23.0 | 46.1 | |||||||||
Other | 1.5 | 2.1 | 3.6 | |||||||||
Total Billed and Unbilled Revenue | 40.3 | 52.8 | 93.1 | |||||||||
Rate Adjustment Mechanism Revenue | (7.7 | ) | (1.0 | ) | (8.7 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 32.6 | $ | 51.8 | $ | 84.4 | ||||||
Three Months Ended June 30, 2018 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 15.8 | $ | 27.5 | $ | 43.3 | ||||||
C&I | 22.9 | 24.0 | 46.9 | |||||||||
Other | 1.4 | 2.2 | 3.6 | |||||||||
Total Billed and Unbilled Revenue | 40.1 | 53.7 | 93.8 | |||||||||
Rate Adjustment Mechanism Revenue | (5.4 | ) | (5.0 | ) | (10.4 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 34.7 | $ | 48.7 | $ | 83.4 | ||||||
Six Months Ended June 30, 2019 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 54.4 | $ | 63.5 | $ | 117.9 | ||||||
C&I | 77.1 | 47.7 | 124.8 | |||||||||
Other | 8.0 | 4.3 | 12.3 | |||||||||
Total Billed and Unbilled Revenue | 139.5 | 115.5 | 255.0 | |||||||||
Rate Adjustment Mechanism Revenue | (20.5 | ) | 1.1 | (19.4 | ) | |||||||
Total Gas and Electric Operating Revenues | $ | 119.0 | $ | 116.6 | $ | 235.6 | ||||||
Six Months Ended June 30, 2018 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 51.7 | $ | 62.0 | $ | 113.7 | ||||||
C&I | 72.8 | 48.9 | 121.7 | |||||||||
Other | 7.0 | 4.4 | 11.4 | |||||||||
Total Billed and Unbilled Revenue | 131.5 | 115.3 | 246.8 | |||||||||
Rate Adjustment Mechanism Revenue | (9.8 | ) | (9.1 | ) | (18.9 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 121.7 | $ | 106.2 | $ | 227.9 | ||||||
Three Months Ended March 31, 2020 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 31.1 | $ | 34.4 | $ | 65.5 | ||||||
C&I | 42.3 | 24.1 | 66.4 | |||||||||
Other | 3.0 | 2.0 | 5.0 | |||||||||
Total Billed and Unbilled Revenue | 76.4 | 60.5 | 136.9 | |||||||||
Rate Adjustment Mechanism Revenue | (6.2 | ) | (0.3 | ) | (6.5 | ) | ||||||
Total Gas and Electric Operating Revenues | $ | 70.2 | $ | 60.2 | $ | 130.4 | ||||||
Three Months Ended March 31, 2019 | ||||||||||||
Gas and Electric Operating Revenues ($ millions): | Gas | Electric | Total | |||||||||
Billed and Unbilled Revenue: | ||||||||||||
Residential | $ | 38.7 | $ | 35.7 | $ | 74.4 | ||||||
C&I | 54.0 | 24.7 | 78.7 | |||||||||
Other | 6.5 | 2.3 | 8.8 | |||||||||
Total Billed and Unbilled Revenue | 99.2 | 62.7 | 161.9 | |||||||||
Rate Adjustment Mechanism Revenue | (12.8 | ) | 2.1 | (10.7 | ) | |||||||
Total Gas and Electric Operating Revenues | $ | 86.4 | $ | 64.8 | $ | 151.2 | ||||||
($ millions) | |||||||||||||
June 30, | December 31, | ||||||||||||
2019 | 2018 | 2018 | |||||||||||
Allowance for Doubtful Accounts | $ | 1.6 | $ | 1.4 | $ | 1.3 | |||||||
($ millions) | ||||||||||||
March 31, | December 31, | |||||||||||
2020 | 2019 | 2019 | ||||||||||
Allowance for Doubtful Accounts | $ | 1.8 | $ | 1.7 | $ | 1.0 | ||||||
June 30, | December 31, | ||||||||||||
Accrued Revenue ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Regulatory Assets – Current | $ | 23.1 | $ | 21.2 | $ | 41.3 | |||||||
Unbilled Revenues | 9.0 | 8.5 | 13.4 | ||||||||||
Total Accrued Revenue | $ | 32.1 | $ | 29.7 | $ | 54.7 | |||||||
March 31, | December 31, | |||||||||||
Accrued Revenue ($ millions) | 2020 | 2019 | 2019 | |||||||||
Regulatory Assets – Current | $ | 28.4 | $ | 29.4 | $ | 35.8 | ||||||
Unbilled Revenues , net | 10.2 | 10.8 | 14.2 | |||||||||
Total Accrued Revenue | $ | 38.6 | $ | 40.2 | $ | 50.0 | ||||||
June 30, | December 31, | ||||||||||||
Exchange Gas Receivable ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Northern Utilities | $ | 4.9 | $ | 5.2 | $ | 7.5 | |||||||
Fitchburg | 0.4 | 0.3 | 0.6 | ||||||||||
Total Exchange Gas Receivable | $ | 5.3 | $ | 5.5 | $ | 8.1 | |||||||
March 31, | December 31, | |||||||||||
Exchange Gas Receivable ($ millions) | 2020 | 2019 | 2019 | |||||||||
Northern Utilities | $ | 1.9 | $ | 0.2 | $ | 5.5 | ||||||
Fitchburg | 0.3 | 0.2 | 0.6 | |||||||||
Total Exchange Gas Receivable | $ | 2.2 | $ | 0.4 | $ | 6.1 | ||||||
June 30, | December 31, | ||||||||||||
Gas Inventory ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Natural Gas | $ | 0.2 | $ | 0.2 | $ | 0.3 | |||||||
Propane | 0.4 | 0.3 | 0.4 | ||||||||||
Liquefied Natural Gas & Other | 0.1 | 0.1 | 0.1 | ||||||||||
Total Gas Inventory | $ | 0.7 | $ | 0.6 | $ | 0.8 | |||||||
March 31, | December 31, | |||||||||||
Gas Inventory ($ millions) | 2020 | 2019 | 2019 | |||||||||
Natural Gas | $ | — | $ | — | $ | 0.4 | ||||||
Propane | 0.3 | 0.4 | 0.3 | |||||||||
Liquefied Natural Gas & Other | 0.1 | 0.1 | 0.1 | |||||||||
Total Gas Inventory | $ | 0.4 | $ | 0.5 | $ | 0.8 | ||||||
June 30, | December 31, | ||||||||||||
Regulatory Assets consist of the following ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Retirement Benefits | $ | 73.2 | $ | 86.7 | $ | 72.0 | |||||||
Energy Supply & Other Rate Adjustment Mechanisms | 18.5 | 19.0 | 38.4 | ||||||||||
Deferred Storm Charges | 5.5 | 6.8 | 6.3 | ||||||||||
Environmental | 7.4 | 9.0 | 7.9 | ||||||||||
Income Taxes | 4.5 | 6.1 | 5.7 | ||||||||||
Other | 11.3 | 4.3 | 10.0 | ||||||||||
Total Regulatory Assets | $ | 120.4 | $ | 131.9 | $ | 140.3 | |||||||
Less: Current Portion of Regulatory Assets (1) | 23.1 | 21.2 | 41.3 | ||||||||||
Regulatory Assets – noncurrent | $ | 97.3 | $ | 110.7 | $ | 99.0 | |||||||
March 31, | December 31, | |||||||||||
Regulatory Assets consist of the following ($ millions) | 2020 | 2019 | 2019 | |||||||||
Retirement Benefits | $ | 80.8 | $ | 72.4 | $ | 88.9 | ||||||
Energy Supply & Other Rate Adjustment Mechanisms | 25.7 | 25.1 | 31.0 | |||||||||
Deferred Storm Charges | 5.3 | 5.9 | 5.6 | |||||||||
Environmental | 6.4 | 7.6 | 7.2 | |||||||||
Income Taxes | 4.0 | 4.7 | 4.2 | |||||||||
Other Deferred Charges | 11.5 | 11.6 | 10.9 | |||||||||
Total Regulatory Assets | 133.7 | 127.3 | 147.8 | |||||||||
Less: Current Portion of Regulatory Assets (1) | 28.4 | 29.4 | 35.8 | |||||||||
Regulatory Assets – noncurrent | $ | 105.3 | $ | 97.9 | $ | 112.0 | ||||||
(1) | Reflects amounts included in the Accrued Revenue |
June 30, | December 31, | ||||||||||||
Regulatory Liabilities consist of the following ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Income Taxes (Note 8) | 47.8 | 47.1 | 47.0 | ||||||||||
Energy Supply & Other Rate Adjustment Mechanisms | $ | 17.6 | $ | 14.2 | $ | 11.5 | |||||||
Total Regulatory Liabilities | 65.4 | 61.3 | 58.5 | ||||||||||
Less: Current Portion of Regulatory Liabilities | 18.5 | 14.2 | 11.5 | ||||||||||
Regulatory Liabilities—noncurrent | $ | 46.9 | $ | 47.1 | $ | 47.0 | |||||||
March 31, | December 31, | |||||||||||
Regulatory Liabilities consist of the following ($ millions) | 2020 | 2019 | 2019 | |||||||||
Income Taxes (Note 8) | $ | 46.1 | $ | 48.2 | $ | 47.6 | ||||||
Rate Adjustment Mechanisms | 9.1 | 13.6 | 6.0 | |||||||||
Other | 0.4 | 0.6 | 0.4 | |||||||||
Total Regulatory Liabilities | 55.6 | 62.4 | 54.0 | |||||||||
Less: Current Portion of Regulatory Liabilities | 10.5 | 15.0 | 7.4 | |||||||||
Regulatory Liabilities—noncurrent | $ | 45.1 | $ | 47.4 | $ | 46.6 | ||||||
June 30, | December 31, | ||||||||||||
Fair Value of Marketable Securities ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Equity Funds | $ | — | $ | 2.9 | $ | — | |||||||
Fixed Income Funds | — | 2.3 | — | ||||||||||
Money Market Funds | 5.5 | — | 4.8 | ||||||||||
Total Marketable Securities | $ | 5.5 | $ | 5.2 | $ | 4.8 | |||||||
March 31, | December 31, | |||||||||||
Fair Value of Marketable Securities ($ millions) | 2020 | 2019 | 2019 | |||||||||
Money Market Funds | $ | 5.5 | $ | 5.1 | $ | 5.6 | ||||||
Total Marketable Securities | $ | 5.5 | $ | 5.1 | $ | 5.6 | ||||||
June 30, | December 31, | ||||||||||||
Fair Value of Marketable Securities ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Equity Funds | $ | — | $ | — | $ | — | |||||||
Money Market Funds | 0.1 | — | — | ||||||||||
Total Marketable Securities | $ | 0.1 | $ | — | $ | — | |||||||
March 31, | December 31, | |||||||||||
Fair Value of Marketable Securities ($ millions) | 2020 | 2019 | 2019 | |||||||||
Equity Funds | $ | 0.1 | $ | — | $ | 0.1 | ||||||
Money Market Funds | 0.3 | 0.1 | 0.1 | |||||||||
Total Marketable Securities | $ | 0.4 | $ | 0.1 | $ | 0.2 | ||||||
June 30, | December 31, | ||||||||||||
Energy Supply Obligations ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Current: | |||||||||||||
Exchange Gas Obligation | $ | 4.9 | $ | 5.2 | $ | 7.5 | |||||||
Renewable Energy Portfolio Standards | 4.0 | 3.9 | 5.6 | ||||||||||
Power Supply Contract Divestitures | 0.3 | 0.3 | 0.3 | ||||||||||
Total Energy Supply Obligations – Current | 9.2 | 9.4 | 13.4 | ||||||||||
Noncurrent: | |||||||||||||
Power Supply Contract Divestitures | 0.4 | 0.8 | 0.6 | ||||||||||
Total Energy Supply Obligations | $ | 9.6 | $ | 10.2 | $ | 14.0 | |||||||
March 31, | December 31, | |||||||||||
Energy Supply Obligations ($ millions) | 2020 | 2019 | 2019 | |||||||||
Current: | ||||||||||||
Exchange Gas Obligation | $ | 1.9 | $ | 0.2 | $ | 5.5 | ||||||
Renewable Energy Portfolio Standards | 5.7 | 4.1 | 4.7 | |||||||||
Power Supply Contract Divestitures | 0.3 | 0.3 | 0.3 | |||||||||
Total Energy Supply Obligations – Current | 7.9 | 4.6 | 10.5 | |||||||||
Long-Term: | ||||||||||||
Power Supply Contract Divestitures | 0.2 | 0.5 | 0.3 | |||||||||
Total Energy Supply Obligations | $ | 8.1 | $ | 5.1 | $ | 10.8 | ||||||
Declaration Date | Date Paid (Payable) | Shareholder of Record Date | Dividend Amount | |||||||||
04/29/20 | 05/29/20 | 05/15/20 | $ 0.375 | |||||||||
01/29/20 | 02/28/20 | 02/14/20 | $ 0.375 | |||||||||
10/23/19 | 11/27/19 | 11/13/19 | $0.370 | |||||||||
07/24/19 | 08/29/19 | 08/15/19 | ||||||||||
$0.370 | ||||||||||||
04/24/ | 05/29/ | 05/15/ | ||||||||||
$ 0.370 | ||||||||||||
01/30/19 | 02/28/19 | |||||||||||
02/ | $ 0.370 |
Gas | Electric | Non- Regulated | Other | Total | ||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 40.3 | $ | 52.8 | $ | — | $ | — | $ | 93.1 | ||||||||||
Rate Adjustment Mechanism Revenue | (7.7 | ) | (1.0 | ) | — | — | (8.7 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | $ | 32.6 | $ | 51.8 | $ | — | $ | — | $ | 84.4 | ||||||||||
Segment Profit | 0.3 | 3.4 | 0.1 | 0.2 | 4.0 | |||||||||||||||
Capital Expenditures | 18.1 | 8.3 | — | 1.4 | 27.8 | |||||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 40.1 | $ | 53.7 | $ | — | $ | — | $ | 93.8 | ||||||||||
Rate Adjustment Mechanism Revenue | (5.4 | ) | (5.0 | ) | — | — | (10.4 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | 1.1 | — | 1.1 | |||||||||||||||
Total Operating Revenues | $ | 34.7 | $ | 48.7 | $ | 1.1 | $ | — | $ | 84.5 | ||||||||||
Segment Profit (Loss) | (0.3 | ) | 2.7 | 0.2 | 1.0 | 3.6 | ||||||||||||||
Capital Expenditures | 18.6 | 7.6 | — | 0.9 | 27.1 | |||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 139.5 | $ | 115.5 | $ | — | $ | — | $ | 255.0 | ||||||||||
Rate Adjustment Mechanism Revenue | (20.5 | ) | 1.1 | — | — | (19.4 | ) | |||||||||||||
Other Operating Revenue – Non-Regulated | — | — | 0.9 | — | 0.9 | |||||||||||||||
Total Operating Revenues | $ | 119.0 | $ | 116.6 | $ | 0.9 | $ | — | $ | 236.5 | ||||||||||
Segment Profit | 14.0 | 5.3 | 10.2 | 1.0 | 30.5 | |||||||||||||||
Capital Expenditures | 21.4 | 14.9 | — | 2.4 | 38.7 | |||||||||||||||
Segment Assets | 760.0 | 500.4 | 0.6 | 18.3 | 1,279.3 |
Six Months Ended June 30, 2018 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 131.5 | $ | 115.3 | $ | — | $ | — | $ | 246.8 | ||||||||||
Rate Adjustment Mechanism Revenue | (9.8 | ) | (9.1 | ) | — | — | (18.9 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | 2.4 | — | 2.4 | |||||||||||||||
Total Operating Revenues | $ | 121.7 | $ | 106.2 | $ | 2.4 | $ | — | $ | 230.3 | ||||||||||
Segment Profit | 12.3 | 5.7 | 0.6 | 0.6 | 19.2 | |||||||||||||||
Capital Expenditures | 22.2 | 13.6 | — | 1.4 | 37.2 | |||||||||||||||
Segment Assets | 703.2 | 479.3 | 6.4 | 45.7 | 1,234.6 |
Gas | Electric | Non- Regulated | Other | Total | ||||||||||||||||
Three Months Ended March 31, 2020 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 76.4 | $ | 60.5 | $ | — | $ | — | $ | 136.9 | ||||||||||
Rate Adjustment Mechanism Revenue | (6.2 | ) | (0.3 | ) | — | — | (6.5 | ) | ||||||||||||
Other Operating Revenue – Non-Regulated | — | — | — | — | — | |||||||||||||||
Total Operating Revenues | 70.2 | 60.2 | — | — | 130.4 | |||||||||||||||
Segment Profit (Loss) | 12.3 | 2.6 | — | 0.3 | 15.2 | |||||||||||||||
Identifiable Segment Assets | 821.4 | 537.7 | 0.1 | 19.2 | 1,378.4 | |||||||||||||||
Capital Expenditures | 5.8 | 9.9 | — | 1.1 | 16.8 | |||||||||||||||
Three Months Ended March 31, 2019 ($ millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Billed and Unbilled Revenue | $ | 99.2 | $ | 62.7 | $ | — | $ | — | $ | 161.9 | ||||||||||
Rate Adjustment Mechanism Revenue | (12.8 | ) | 2.1 | — | — | (10.7 | ) | |||||||||||||
Other Operating Revenue – Non-Regulated | — | — | 0.9 | — | 0.9 | |||||||||||||||
Total Operating Revenues | 86.4 | 64.8 | 0.9 | — | 152.1 | |||||||||||||||
Segment Profit (Loss) | 13.7 | 1.9 | 10.1 | 0.8 | 26.5 | |||||||||||||||
Identifiable Segment Assets | 771.6 | 502.3 | 0.1 | 16.2 | 1,290.2 | |||||||||||||||
Capital Expenditures | 3.3 | 6.6 | — | 1.0 | 10.9 |
($ millions) | June 30, | December 31, | March 31, | December 31, | |||||||||||||||||||||
2019 | 2018 | 2018 | 2020 | 2019 | 2019 | ||||||||||||||||||||
Unitil Corporation: | |||||||||||||||||||||||||
6.33% Senior Notes, Due May 1, 2022 | $ | 20.0 | $ | 20.0 | $ | 20.0 | $ | 20.0 | $ | 20.0 | $ | 20.0 | |||||||||||||
3.70% Senior Notes, Due August 1, 2026 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | |||||||||||||||||||
3.43% Senior Notes, Due December 18, 2029 | 30.0 | — | 30.0 | ||||||||||||||||||||||
Unitil Energy First Mortgage Bonds: | |||||||||||||||||||||||||
5.24% Senior Secured Notes, Due March 2, 2020 | 5.0 | 10.0 | 10.0 | — | 5.0 | 5.0 | |||||||||||||||||||
8.49% Senior Secured Notes, Due October 14, 2024 | 6.0 | 7.5 | 6.0 | 4.5 | 6.0 | 4.5 | |||||||||||||||||||
6.96% Senior Secured Notes, Due September 1, 2028 | 20.0 | 20.0 | 20.0 | 18.0 | 20.0 | 18.0 | |||||||||||||||||||
8.00% Senior Secured Notes, Due May 1, 2031 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | |||||||||||||||||||
6.32% Senior Secured Notes, Due September 15, 2036 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | |||||||||||||||||||
4.18% Senior Secured Notes, Due November 30, 2048 | 30.0 | — | 30.0 | 30.0 | 30.0 | 30.0 | |||||||||||||||||||
Fitchburg: | |||||||||||||||||||||||||
6.75% Senior Notes, Due November 30, 2023 | 5.7 | 7.6 | 5.7 | 3.8 | 5.7 | 3.8 | |||||||||||||||||||
6.79% Senior Notes, Due October 15, 2025 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | |||||||||||||||||||
3.52% Senior Notes, Due November 1, 2027 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | |||||||||||||||||||
7.37% Senior Notes, Due January 15, 2029 | 12.0 | 12.0 | 12.0 | 10.8 | 12.0 | 12.0 | |||||||||||||||||||
5.90% Senior Notes, Due December 15, 2030 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | |||||||||||||||||||
7.98% Senior Notes, Due June 1, 2031 | 14.0 | 14.0 | 14.0 | 14.0 | 14.0 | 14.0 | |||||||||||||||||||
4.32% Senior Notes, Due November 1, 2047 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | |||||||||||||||||||
Northern Utilities: | |||||||||||||||||||||||||
6.95% Senior Notes, Due December 3, 2018 | — | 10.0 | — | ||||||||||||||||||||||
5.29% Senior Notes, Due March 2, 2020 | 8.2 | 16.6 | 16.6 | — | 8.2 | 8.2 | |||||||||||||||||||
3.52% Senior Notes, Due November 1, 2027 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | |||||||||||||||||||
7.72% Senior Notes, Due December 3, 2038 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | |||||||||||||||||||
4.42% Senior Notes, Due October 15, 2044 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | |||||||||||||||||||
4.32% Senior Notes, Due November 1, 2047 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | |||||||||||||||||||
4.04% Senior Notes, Due September 12, 2049 | 40.0 | — | 40.0 | ||||||||||||||||||||||
Granite State: | |||||||||||||||||||||||||
7.15% Senior Notes, Due December 15, 2018 | — | 3.3 | — | ||||||||||||||||||||||
3.72% Senior Notes, Due November 1, 2027 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | |||||||||||||||||||
Total Long-Term Debt | 395.9 | 396.0 | 409.3 | 446.1 | 395.9 | 460.5 | |||||||||||||||||||
Less: Unamortized Debt Issuance Costs | 3.3 | 3.2 | 3.5 | 3.5 | 3.4 | 3.5 | |||||||||||||||||||
Total Long-Term Debt, net of Unamortized Debt Issuance Costs | 392.6 | 392.8 | 405.8 | 442.6 | 392.5 | 457.0 | |||||||||||||||||||
Less: Current Portion | 19.5 | 29.7 | 18.4 | 6.3 | 19.5 | 19.5 | |||||||||||||||||||
Total Long-term Debt, Less Current Portion | $ | 373.1 | $ | 363.1 | $ | 387.4 | $ | 436.3 | $ | 373.0 | $ | 437.5 | |||||||||||||
($ millions) | June 30, | December 31, | March 31, | December 31, | |||||||||||||||||||||
2019 | 2018 | 2018 | 2020 | 2019 | 2019 | ||||||||||||||||||||
Estimated Fair Value of Long-Term Debt | $ | 430.6 | $ | 420.5 | $ | 422.0 | $ | 494.7 | $ | 418.0 | $ | 518.7 |
Revolving Credit Facility ($ millions) | Revolving Credit Facility ($ millions) | ||||||||||||||||||||||||
June 30, | December 31, | March 31, | December 31, | ||||||||||||||||||||||
2019 | 2018 | 2018 | 2020 | 2019 | 2019 | ||||||||||||||||||||
Limit | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | $ | 120.0 | |||||||||||||
Short-Term Borrowings Outstanding | $ | 64.8 | $ | 37.4 | $ | 82.8 | 71.6 | 65.8 | 58.6 | ||||||||||||||||
Letter of Credit Outstanding | 0.1 | — | 0.1 | ||||||||||||||||||||||
Available | $ | 55.2 | $ | 82.6 | $ | 37.2 | $ | 48.3 | $ | 54.2 | $ | 61.3 | |||||||||||||
June 30, | December 31, | ||||||||||||
Lease Obligations ($ millions) | 2019 | 2018 | 2018 | ||||||||||
Operating Lease Obligations: | |||||||||||||
Other Current Liabilities (current portion) | $ | 1.0 | $ | — | $ | — | |||||||
Other Noncurrent Liabilities (long-term portion) | 2.6 | — | — | ||||||||||
Total Operating Lease Obligations | $ | 3.6 | $ | — | $ | — | |||||||
Capital Lease Obligations: | |||||||||||||
Other Current Liabilities (current portion) | 0.2 | $ | 3.1 | $ | 3.1 | ||||||||
Other Noncurrent Liabilities (long-term portion) | 0.2 | 4.1 | 2.7 | ||||||||||
Total Capital Lease Obligations | 0.4 | $ | 7.2 | $ | 5.8 | ||||||||
Total Lease Obligations | 4.0 | $ | 7.2 | $ | 5.8 | ||||||||
March 31, | December 31, | |||||||||||
Lease Obligations ($ millions) | 2020 | 2019 | 2019 | |||||||||
Operating Lease Obligations: | ||||||||||||
Other Current Liabilities (current portion) | $ | 1.4 | $ | 1.1 | $ | 1.2 | ||||||
Other Noncurrent Liabilities (long-term portion) | 3.5 | 2.8 | 2.8 | |||||||||
Total Operating Lease Obligations | $ | 4.9 | $ | 3.9 | $ | 4.0 | ||||||
Capital Lease Obligations: | ||||||||||||
Other Current Liabilities (current portion) | $ | 0.2 | $ | 3.0 | $ | 0.2 | ||||||
Other Noncurrent Liabilities (long-term portion) | 0.4 | 1.9 | 0.3 | |||||||||
Total Capital Lease Obligations | $ | 0.6 | $ | 4.9 | $ | 0.5 | ||||||
Total Lease Obligations | $ | 5.5 | $ | 8.8 | $ | 4.5 | ||||||
Lease Payments ($000’s) | Operating | Capital | ||||||
Year Ending December 31, | Leases | Leases | ||||||
Rest of 2019 | $ | 634 | $ | 138 | ||||
2020 | 1,153 | 198 | ||||||
2021 | 984 | 96 | ||||||
2022 | 703 | 33 | ||||||
2023 | 403 | 15 | ||||||
2024-2028 | 122 | — | ||||||
Total Payments | 3,999 | 480 | ||||||
Less: Interest | 380 | 22 | ||||||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ | 3,619 | $ $ | 458 | ||||
Lease Payments ($000’s) Year Ending December 31, | Operating Leases | Capital Leases | ||||||
Rest of 2020 | $ | 1,211 | $ | 215 | ||||
2021 | 1,455 | 193 | ||||||
2022 | 1,174 | 130 | ||||||
2023 | 873 | 88 | ||||||
2024 | 544 | 33 | ||||||
2025-2029 | 140 | — | ||||||
Total Payments | 5,397 | 659 | ||||||
Less: Interest | 497 | 35 | ||||||
Amount of Lease Obligations Recorded on Consolidated Balance Sheets | $ | 4,900 | $ | 624 | ||||
Lease Payments ($000’s) | Operating | Capital | ||||||
Year Ending December 31, | Leases | Leases | ||||||
2019 | $ | 1,372 | $ | 3,069 | ||||
2020 | 1,138 | 2,535 | ||||||
2021 | 969 | 93 | ||||||
2022 | 689 | 32 | ||||||
2023 | 390 | 14 | ||||||
2024-2028 | 120 | — | ||||||
Total Payments | $ | 4,678 | $ | 5,743 | ||||
Restricted Stock Units (Equity Portion) | ||||||||
Units | Weighted Average Stock Price | |||||||
Restricted Stock Units as of December 31, 2018 | 61,789 | $ | 38.25 | |||||
Restricted Stock Units Granted | — | — | ||||||
Dividend Equivalents Earned | 826 | $ | 55.59 | |||||
Restricted Stock Units Settled | — | — | ||||||
Restricted Stock Units as of June 30, 2019 | 62,615 | $ | 38.48 | |||||
Restricted Stock Units (Equity Portion) | ||||||||
Units | Weighted Average Stock Price | |||||||
Restricted Stock Units as of December 31, 2019 | 70,364 | $ | 41.20 | |||||
Restricted Stock Units Granted | — | — | ||||||
Dividend Equivalents Earned | 469 | $ | 56.34 | |||||
Restricted Stock Units Settled | — | — | ||||||
Restricted Stock Units as of March 31, 2020 | 70,833 | $ | 41.30 | |||||
($ millions) | ||||||||||||||||||||||||
Fitchburg | Northern Utilities | Total | ||||||||||||||||||||||
Six months ended June 30, | ||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Total Balance at Beginning of Period | $ | — | $ | 0.1 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.1 | ||||||||||||
Additions | — | — | 0.1 | 0.5 | 0.1 | 0.5 | ||||||||||||||||||
Less: Payments / Reductions | — | 0.1 | 0.1 | 0.4 | 0.1 | 0.5 | ||||||||||||||||||
Total Balance at End of Period | — | — | 2.0 | 2.1 | 2.0 | 2.1 | ||||||||||||||||||
Less: Current Portion | — | — | 0.6 | 0.6 | 0.6 | 0.6 | ||||||||||||||||||
Noncurrent Balance at End of Period | $ | — | $ | — | $ | 1.4 | $ | 1.5 | $ | 1.4 | $ | 1.5 | ||||||||||||
Environmental Obligations | ||||||||||||||||||||||||
($ millions) | ||||||||||||||||||||||||
Fitchburg | Northern Utilities | Total | ||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Total Balance at Beginning of Period | $ | — | $ | — | $ | 2.7 | $ | 2.0 | $ | 2.7 | $ | 2.0 | ||||||||||||
Additions | — | — | — | 0.1 | — | 0.1 | ||||||||||||||||||
Less: Payments / Reductions | — | — | 0.5 | 0.1 | 0.5 | 0.1 | ||||||||||||||||||
Total Balance at End of Period | — | — | 2.2 | 2.0 | 2.2 | 2.0 | ||||||||||||||||||
Less: Current Portion | — | — | 0.3 | 0.6 | 0.3 | 0.6 | ||||||||||||||||||
Noncurrent Balance at End of Period | $ | — | $ | — | $ | 1.9 | $ | 1.4 | $ | 1.9 | $ | 1.4 | ||||||||||||
Used to Determine Plan Costs | 2020 | 2019 | ||||||
Discount Rate | 3.25 | % | 4.25 | % | ||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | ||||
Expected Long-term rate of return on plan assets | 7.40 | % | 7.75 | % | ||||
Health Care Cost Trend Rate Assumed for Next Year | 7.00 | % | 7.00 | % | ||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | ||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2029 | 2024 |
Used to Determine Plan Costs | 2019 | 2018 | ||||||
Discount Rate | 4.25 | % | 3.60 | % | ||||
Rate of Compensation Increase | 3.00 | % | 3.00 | % | ||||
Expected Long-term rate of return on plan assets | 7.75 | % | 7.75 | % | ||||
Health Care Cost Trend Rate Assumed for Next Year | 7.00 | % | 7.50 | % | ||||
Ultimate Health Care Cost Trend Rate | 4.50 | % | 4.50 | % | ||||
Year that Ultimate Health Care Cost Trend Rate is reached | 2024 | 2024 |
Pension Plan | PBOP Plan | SERP Plan | ||||||||||||||||||||||
Three Months Ended June 30, | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Service Cost | $ | 776 | $ | 848 | $ | 576 | $ | 733 | $ | 63 | $ | 122 | ||||||||||||
Interest Cost | 1,621 | 1,469 | 856 | 851 | 145 | 101 | ||||||||||||||||||
Expected Return on Plan Assets | (2,118 | ) | (1,946 | ) | (411 | ) | (409 | ) | — | — | ||||||||||||||
Prior Service Cost Amortization | 80 | 81 | 303 | 327 | 25 | 47 | ||||||||||||||||||
Actuarial Loss Amortization | 1,081 | 1,447 | 57 | 346 | 156 | 122 | ||||||||||||||||||
Sub-total | 1,440 | 1,899 | 1,381 | 1,848 | 389 | 392 | ||||||||||||||||||
Amounts Capitalized and Deferred | (597 | ) | (908 | ) | (606 | ) | (885 | ) | (112 | ) | (113 | ) | ||||||||||||
Net Periodic Benefit Cost Recognized | $ | 843 | $ | 991 | $ | 775 | $ | 963 | $ | 277 | $ | 279 |
Pension Plan | PBOP Plan | SERP Plan | ||||||||||||||||||||||
Six Months Ended June 30, | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Service Cost | $ | 1,552 | $ | 1,696 | $ | 1,152 | $ | 1,466 | $ | 123 | $ | 244 | ||||||||||||
Interest Cost | 3,242 | 2,938 | 1,712 | 1,702 | 284 | 202 | ||||||||||||||||||
Expected Return on Plan Assets | (4,237 | ) | (3,892 | ) | (822 | ) | (818 | ) | — | — | ||||||||||||||
Prior Service Cost Amortization | 160 | 162 | 606 | 654 | 28 | 94 | ||||||||||||||||||
Actuarial Loss Amortization | 2,162 | 2,894 | 114 | 692 | 314 | 244 | ||||||||||||||||||
Sub-total | 2,879 | 3,798 | 2,762 | 3,696 | 749 | 784 | ||||||||||||||||||
Amounts Capitalized and Deferred | (1,009 | ) | (1,628 | ) | (1,080 | ) | (1,627 | ) | (215 | ) | (226 | ) | ||||||||||||
Net Periodic Benefit Cost Recognized | $ | 1,870 | $ | 2,170 | $ | 1,682 | $ | 2,069 | $ | 534 | $ | 558 | ||||||||||||
Pension Plan | PBOP Plan | SERP | ||||||||||||||||||||||
Three Months Ended March 31, | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Service Cost | $ | 831 | $ | 776 | $ | 675 | $ | 576 | $ | 71 | $ | 60 | ||||||||||||
Interest Cost | 1,444 | 1,621 | 780 | 856 | 137 | 139 | ||||||||||||||||||
Expected Return on Plan Assets | (2,255 | ) | (2,119 | ) | (516 | ) | (411 | ) | — | — | ||||||||||||||
Prior Service Cost Amortization | 80 | 80 | 303 | 303 | 14 | 3 | ||||||||||||||||||
Actuarial Loss Amortization | 1,618 | 1,081 | 186 | 57 | 259 | 158 | ||||||||||||||||||
Sub-total | 1,718 | 1,439 | 1,428 | 1,381 | 481 | 360 | ||||||||||||||||||
Amounts Capitalized and Deferred | (630 | ) | (412 | ) | (532 | ) | (474 | ) | (138 | ) | (103 | ) | ||||||||||||
Net Periodic Benefit Cost Recognized | $ | 1,088 | $ | 1,027 | $ | 896 | $ | 907 | $ | 343 | $ | 257 | ||||||||||||
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||
4/1/19 – 4/30/19 | — | — | — | $ | 59,311 | |||||||||||
5/1/19 – 5/31/19 | — | — | — | $ | 195,000 | |||||||||||
6/1/19 – 6/30/19 | — | — | — | $ | 195,000 | |||||||||||
Total | — | — | — | |||||||||||||
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||
1/1/20 – 1/31/20 | — | — | — | $ | 10,034 | |||||||||||
2/1/20 – 2/29/20 | — | — | — | $ | 10,034 | |||||||||||
3/1/20 – 3/31/20 | — | — | — | $ | 10,034 | |||||||||||
Total | — | — | — | |||||||||||||
Exhibit | Description of Exhibit | Reference | ||||||
10.1 | Form 8-K datedMarch 19, 2020 (SEC File No. 1-8858) | |||||||
11 | Filed herewith | |||||||
31.1 | Filed herewith | |||||||
31.2 | Filed herewith | |||||||
31.3 | Filed herewith | |||||||
32.1 | Filed herewith | |||||||
99.1 | Filed herewith |
101.INS | Inline XBRL Instance | Filed herewith | ||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed herewith | ||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith | ||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Filed herewith | ||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith | ||||||
104 | Cover Page Interactive Data File – The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | Filed herewith |
UNITIL CORPORATION | ||||
(Registrant) | ||||
Date: | ||||
/s/ Laurence M. Brock | ||||
Laurence M. Brock | ||||
Chief | ||||
Date: April 30, 2020 | /s/ Daniel J. Hurstak | |||
Daniel J. Hurstak | ||||
Controller |