Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 23, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | UTL | |
Entity Registrant Name | UNITIL CORP | |
Entity Central Index Key | 755,001 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,861,228 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Revenues | ||
Gas | $ 87 | $ 74.8 |
Electric | 57.5 | 49.5 |
Other | 1.3 | 1.7 |
Total Operating Revenues | 145.8 | 126 |
Operating Expenses | ||
Cost of Gas Sales | 47.1 | 36.8 |
Cost of Electric Sales | 35.2 | 27.5 |
Operation and Maintenance | 17.3 | 16 |
Depreciation and Amortization | 12.3 | 12.5 |
Taxes Other than Income Taxes | 5.8 | 5.5 |
Total Operating Expenses | 117.7 | 98.3 |
Operating Income | 28.1 | 27.7 |
Interest Expense, net | 6 | 6 |
Other Expense (Income), net | 1.7 | 1.6 |
Income Before Income Taxes | 20.4 | 20.1 |
Income Taxes | 4.8 | 7.7 |
Net Income | $ 15.6 | $ 12.4 |
Net Income Per Common Share (Basic and Diluted) | $ 1.06 | $ 0.88 |
Weighted Average Common Shares Outstanding - (Basic and Diluted) | 14.8 | 14 |
Dividends Declared Per Share of Common Stock | $ 0.365 | $ 0.360 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Current Assets: | |||
Cash and Cash Equivalents | $ 9.5 | $ 8.9 | $ 8.8 |
Accounts Receivable, net | 74.4 | 67.4 | 57.6 |
Accrued Revenue | 45.1 | 53.3 | 41.3 |
Exchange Gas Receivable | 0.2 | 5.8 | 2.1 |
Gas Inventory | 0.4 | 0.6 | 0.3 |
Materials and Supplies | 7.8 | 6.9 | 7.1 |
Prepayments and Other | 7.1 | 8.4 | 8.9 |
Total Current Assets | 144.5 | 151.3 | 126.1 |
Utility Plant: | |||
Gas | 706.7 | 699.6 | 642 |
Electric | 478.8 | 476.7 | 440.9 |
Common | 69.1 | 67.4 | 35.9 |
Construction Work in Progress | 32.1 | 35.5 | 68.6 |
Total Utility Plant | 1,286.7 | 1,279.2 | 1,187.4 |
Less: Accumulated Depreciation | 314.3 | 307.7 | 296.5 |
Net Utility Plant | 972.4 | 971.5 | 890.9 |
Other Noncurrent Assets: | |||
Regulatory Assets | 111.2 | 109.6 | 103.5 |
Other Assets | 16.2 | 9.5 | 13.9 |
Total Other Noncurrent Assets | 127.4 | 119.1 | 117.4 |
TOTAL ASSETS | 1,244.3 | 1,241.9 | 1,134.4 |
Current Liabilities: | |||
Accounts Payable | 30.1 | 41.5 | 28.1 |
Short-Term Debt | 45.3 | 38.3 | 76.6 |
Long-Term Debt, Current Portion | 29.8 | 29.8 | 30 |
Regulatory Liabilities | 10.9 | 9.2 | 12.8 |
Energy Supply Obligations | 7.8 | 9.7 | 9 |
Environmental Obligations | 0.6 | 0.5 | 0.5 |
Capital Lease Obligations | 3.1 | 3.1 | 3 |
Interest Payable | 6.9 | 4.4 | 6 |
Other Current Liabilities | 11.8 | 14.5 | 11 |
Total Current Liabilities | 146.3 | 151 | 177 |
Noncurrent Liabilities: | |||
Retirement Benefit Obligations | 151.6 | 150.1 | 151.5 |
Deferred Income Taxes, net | 87 | 82.9 | 106 |
Cost of Removal Obligations | 86.6 | 84.3 | 79.7 |
Regulatory Liabilities | 49.1 | 48.9 | 0.7 |
Capital Lease Obligations | 4.9 | 5.7 | 7.5 |
Environmental Obligations | 1.5 | 1.6 | 1.8 |
Other Noncurrent Liabilities | 5.7 | 4.3 | 4.9 |
Total Noncurrent Liabilities | 386.4 | 377.8 | 352.1 |
Capitalization: | |||
Long-Term Debt, Less Current Portion | 363 | 376.3 | 303.5 |
Stockholders' Equity: | |||
Common Equity (Authorized: 25,000,000 and Outstanding:14,860,123, 14,107,741 and 14,815,585 Shares) | 277.4 | 275.8 | 242.1 |
Retained Earnings | 71 | 60.8 | 59.5 |
Total Common Stock Equity | 348.4 | 336.6 | 301.6 |
Preferred Stock | 0.2 | 0.2 | 0.2 |
Total Stockholders' Equity | 348.6 | 336.8 | 301.8 |
Total Capitalization | 711.6 | 713.1 | 605.3 |
Commitments and Contingencies (Notes 6 & 7) | |||
TOTAL LIABILITIES AND CAPITALIZATION | $ 1,244.3 | $ 1,241.9 | $ 1,134.4 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Common Stock Authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common Equity Outstanding | 14,860,123 | 14,815,585 | 14,107,741 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities: | ||
Net Income | $ 15.6 | $ 12.4 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 12.3 | 12.5 |
Deferred Tax Provision | 4.7 | 7.9 |
Changes in Working Capital Items: | ||
Accounts Receivable | (7) | (4.7) |
Accrued Revenue | 8.2 | 8.2 |
Exchange Gas Receivable | 5.6 | 6.2 |
Regulatory Liabilities | 1.7 | 2.4 |
Accounts Payable | (11.4) | (4.3) |
Other Changes in Working Capital Items | 3.6 | (1.2) |
Deferred Regulatory and Other Charges | (7.9) | (7.7) |
Other, net | 3 | 5.8 |
Cash Provided by Operating Activities | 28.4 | 37.5 |
Investing Activities: | ||
Property, Plant and Equipment Additions | (10.1) | (17.5) |
Cash (Used in) Investing Activities | (10.1) | (17.5) |
Financing Activities: | ||
Proceeds from (Repayment of) Short-Term Debt, net | 7 | (5.3) |
Repayment of Long-Term Debt | (13.4) | (0.2) |
Decrease in Capital Lease Obligations | (0.8) | (0.8) |
Net Decrease in Exchange Gas Financing | (5.4) | (5.9) |
Dividends Paid | (5.4) | (5.1) |
Proceeds from Issuance of Common Stock | 0.3 | 0.3 |
Cash (Used in) Financing Activities | (17.7) | (17) |
Net Increase in Cash and Cash Equivalents | 0.6 | 3 |
Cash and Cash Equivalents at Beginning of Period | 8.9 | 5.8 |
Cash and Cash Equivalents at End of Period | 9.5 | 8.8 |
Supplemental Cash Flow Information: | ||
Interest Paid | 3.6 | 4 |
Income Taxes Paid | 0.2 | |
Payments on Capital Leases | 0.8 | 0.9 |
Non-cash Investing Activity: | ||
Capital Expenditures Included in Accounts Payable | $ 0.5 | $ 0.6 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY - USD ($) $ in Millions | Total | Common Equity | Retained Earnings |
Beginning Balance at Dec. 31, 2016 | $ 292.9 | $ 240.7 | $ 52.2 |
Net Income | 12.4 | 12.4 | |
Dividends on Common Shares | (5.1) | (5.1) | |
Stock Compensation Plans | 1.1 | 1.1 | |
Issuance of Common Shares | 0.3 | 0.3 | |
Ending Balance at Mar. 31, 2017 | 301.6 | 242.1 | 59.5 |
Beginning Balance at Dec. 31, 2017 | 336.6 | 275.8 | 60.8 |
Net Income | 15.6 | 15.6 | |
Dividends on Common Shares | (5.4) | 0 | (5.4) |
Stock Compensation Plans | 1.3 | 1.3 | |
Issuance of Common Shares | 0.3 | 0.3 | |
Ending Balance at Mar. 31, 2018 | $ 348.4 | $ 277.4 | $ 71 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Common stock, shares issued | 7,812 | 7,581 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations non-regulated The Company’s earnings are seasonal and are typically higher in the first and fourth quarters when customers use natural gas for heating purposes. Unitil’s principal business is the local distribution of electricity in the southeastern seacoast and state capital regions of New Hampshire and the greater Fitchburg area of north central Massachusetts, and the local distribution of natural gas in southeastern New Hampshire, portions of southern and central Maine and in the greater Fitchburg area of north central Massachusetts. Unitil has three distribution utility subsidiaries, Unitil Energy, which operates in New Hampshire, Fitchburg, which operates in Massachusetts and Northern Utilities, which operates in New Hampshire and Maine (collectively referred to as the distribution utilities). Granite State is a natural gas transportation pipeline, operating 86 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three major natural gas pipelines and access to domestic natural gas supplies in the south and Canadian natural gas supplies in the north. Granite State derives its revenues principally from the transportation services provided to Northern Utilities and, to a lesser extent, third-party marketers. A fifth utility subsidiary, Unitil Power, formerly functioned as the full requirements wholesale power supply provider for Unitil Energy. In connection with the implementation of electric industry restructuring in New Hampshire, Unitil Power ceased being the wholesale supplier of Unitil Energy on May 1, 2003 and divested of its long-term power supply contracts through the sale of the entitlements to the electricity associated with various electric power supply contracts it had acquired to serve Unitil Energy’s customers. Unitil also has three other wholly-owned subsidiaries: Unitil Service; Unitil Realty; and Unitil Resources. Unitil Service provides, at cost, a variety of administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology, energy management and management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire and leases this facility to Unitil Service under a long-term lease arrangement. Unitil Resources is the Company’s wholly-owned non-regulated Basis of Presentation – 10-Q 10-K Utility Revenue Recognition – Billed and unbilled revenue is recorded when service is rendered or energy is delivered to customers. However, the determination of energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each calendar month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenues are calculated. These unbilled revenues are calculated each month based on estimated customer usage by class and applicable customer rates and are then reversed in the following month when billed to customers. In the first quarter of 2018, the Company adopted Accounting Standards Update (ASU) 2014-09, 2015-14, 2016-08, 2016-10 2017-13, As discussed below, the Company plans to disclose billed and unbilled revenue separately from rate adjustment mechanism revenue in the Notes to the Consolidated Financial Statements for periods in 2018 going forward, and will also provide this disclosure for prior periods for informational purposes. The Company’s billed and unbilled revenue meets the definition of “revenues from contracts with customers” as defined in ASU 2014-09. 980-605-25-3, 2014-09 In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. The lower revenues reported in the first quarter of 2018 to account for the reduction in the corporate income tax rate under the Tax Cuts and Jobs Act of 2017 (TCJA) are shown separately in the table below for informational purposes. Three Months Ended March 31, 2018 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 35.8 $ 34.4 $ 70.2 C&I 50.6 24.1 74.7 Other 6.5 3.9 10.4 Revenue Reductions – TCJA (1.5 ) (0.8 ) (2.3 ) Total Billed and Unbilled Revenue 91.4 61.6 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) (8.5 ) Total Gas and Electric Operating Revenues $ 87.0 $ 57.5 $ 144.5 Three Months Ended March 31, 2017 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 30.9 $ 27.3 $ 58.2 C&I 42.3 19.5 61.8 Other 5.6 2.2 7.8 Total Billed and Unbilled Revenue 78.8 49.0 127.8 Rate Adjustment Mechanism Revenue (4.0 ) 0.5 (3.5 ) Total Gas and Electric Operating Revenues $ 74.8 $ 49.5 $ 124.3 Fitchburg is subject to revenue decoupling. Revenue decoupling is the term given to the elimination of the dependency of a utility’s distribution revenue on the volume of electricity or natural gas sales. The difference between distribution revenue amounts billed to customers and the targeted revenue decoupling amounts is recorded as an increase or a decrease in Accrued Revenue, which forms the basis for resetting rates for future cash recoveries from, or credits to, customers. These revenue decoupling targets may be adjusted as a result of rate cases that the Company files with the MDPU. The Company estimates that revenue decoupling applies to approximately 27% and 11% of Unitil’s total annual electric and natural gas sales volumes, respectively. Other Operating Revenue – Non-regulated non-regulated As discussed above, the Company adopted ASU 2014-09 2014-09 2014-09, If ASU 2014-09 Three Months Ended March 31, As Reported If ASU 2014-09 Effect Other Operating Revenues ($ millions): 2018 2017 Usource Contract Revenue $ 1.6 $ 1.7 Less: Revenue Sharing Payments 0.3 0.3 Total Other Operating Revenues $ 1.3 $ 1.4 Three Months Ended March 31, As Reported If ASU 2014-09 Effect Operation and Maintenance Expense ($ millions): 2018 2017 Operation and Maintenance Expense $ 17.3 $ 15.7 Retirement Benefit Costs – No. 2017-07, Accordingly, for all periods presented in the Consolidated Financial Statements in this Form 10-Q non-service Income Taxes – Provisions for income taxes are calculated in each of the jurisdictions in which the Company operates for each period for which a statement of earnings is presented. The Company accounts for income taxes in accordance with the FASB Codification guidance on Income Taxes, which requires an asset and liability approach for the financial accounting and reporting of income taxes. Significant judgments and estimates are required in determining the current and deferred tax assets and liabilities. The Company’s current and deferred tax assets and liabilities reflect its best assessment of estimated future taxes to be paid. In accordance with the FASB Codification, the Company periodically assesses the realization of its deferred tax assets and liabilities and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts and circumstances which gave rise to the revision become known. Cash and Cash Equivalents – (ISO-NE) ISO-NE. 2-1/2 ISO-NE Allowance for Doubtful Accounts – written-off shut-off. The Allowance for Doubtful Accounts as of March 31, 2018, March 31, 2017 and December 31, 2017, which are included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, was as follows: ($ millions) March 31, December 31, 2018 2017 2017 Allowance for Doubtful Accounts $ 1.6 $ 1.0 $ 1.6 Accrued Revenue March 31, December 31, Accrued Revenue ($ millions) 2018 2017 2017 Regulatory Assets – Current $ 34.6 $ 32.0 $ 39.5 Unbilled Revenues 10.5 9.3 13.8 Total Accrued Revenue $ 45.1 $ 41.3 $ 53.3 Exchange Gas Receivable March 31, December 31, Exchange Gas Receivable ($ millions) 2018 2017 2017 Northern Utilities $ — $ 1.9 $ 5.4 Fitchburg 0.2 0.2 0.4 Total Exchange Gas Receivable $ 0.2 $ 2.1 $ 5.8 Gas Inventory March 31, December 31, Gas Inventory ($ millions) 2018 2017 2017 Natural Gas $ — $ — $ 0.4 Propane 0.3 0.2 0.1 Liquefied Natural Gas & Other 0.1 0.1 0.1 Total Gas Inventory $ 0.4 $ 0.3 $ 0.6 Utility Plant – Regulatory Accounting – March 31, December 31, Regulatory Assets consist of the following ($ millions) 2018 2017 2017 Retirement Benefits $ 85.4 $ 75.7 $ 84.5 Energy Supply & Other Rate Adjustment Mechanisms 31.9 27.7 36.0 Deferred Storm Charges 8.0 8.6 7.2 Environmental 9.0 10.7 9.5 Income Taxes 6.3 7.3 6.5 Other 5.2 5.5 5.4 Total Regulatory Assets 145.8 135.5 149.1 Less: Current Portion of Regulatory Assets (1) 34.6 32.0 39.5 Regulatory Assets – noncurrent $ 111.2 $ 103.5 $ 109.6 (1) Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets. March 31, December 31, Regulatory Liabilities consist of the following ($ millions) 2018 2017 2017 Rate Adjustment Mechanisms $ 10.3 $ 9.2 $ 6.9 Gas Pipeline Refund (Note 6) 0.6 4.3 2.3 Income Taxes (Note 8) 49.1 — 48.9 Total Regulatory Liabilities 60.0 13.5 58.1 Less: Current Portion of Regulatory Liabilities 10.9 12.8 9.2 Regulatory Liabilities – noncurrent $ 49.1 $ 0.7 $ 48.9 Generally, the Company receives a return on investment on its regulated assets for which a cash outflow has been made. Included in Regulatory Assets as of March 31, 2018 are $0.5 million of deferred storm charges to be recovered over the year and $6.5 million of environmental costs, rate case costs and other expenditures to be recovered over varying periods in the next seven years. Regulators have authorized recovery of these expenditures, but without a return. Regulatory commissions can reach different conclusions about the recovery of costs, which can have a material impact on the Company’s Consolidated Financial Statements. The Company believes it is probable that its regulated distribution and transmission utilities will recover their investments in long-lived assets, including regulatory assets. If the Company, or a portion of its assets or operations, were to cease meeting the criteria for application of these accounting rules, accounting standards for businesses in general would become applicable and immediate recognition of any previously deferred costs, or a portion of deferred costs, would be required in the year in which the criteria are no longer met, if such deferred costs were not recoverable in the portion of the business that continues to meet the criteria for application of the FASB Codification topic on Regulated Operations. If unable to continue to apply the FASB Codification provisions for Regulated Operations, the Company would be required to apply the provisions for the Discontinuation of Rate-Regulated Accounting included in the FASB Codification. In the Company’s opinion, its regulated operations will be subject to the FASB Codification provisions for Regulated Operations for the foreseeable future. Derivatives – The Company has managed a regulatory approved hedging program for Northern Utilities, which is designed to fix or cap a portion of its gas supply costs for the coming years of service through the purchase of European call option contracts. Any gains or losses resulting from these option contracts are passed through to customers directly through Northern Utilities’ Cost of Gas Adjustment Clause. The fair value of these derivatives is determined using Level 2 inputs (valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly), specifically based on the NYMEX closing prices for outstanding contracts as of the balance sheet date. As a result of the ratemaking process, the Company records gains and losses resulting from the change in fair value of the derivatives as regulatory liabilities or assets, then reclassifies these gains or losses into Cost of Gas Sales when the gains and losses are passed through to customers through the Cost of Gas Adjustment Clause. Currently, there are no active transactions and the Company has proposed to regulators to discontinue the program. This matter remains pending. As of March 31, 2018, March 31, 2017 and December 31, 2017 the Company had zero, 1.2 billion and 0.6 billion cubic feet (BCF), respectively, outstanding in natural gas futures and options contracts under its hedging program. As of March 31, 2018 and March 31, 2017 and December 31, 2017, the Company’s derivatives that are not designated as hedging instruments under FASB ASC 815-20 Investments in Marketable Securities At March 31, 2018, March 31, 2017 and December 31, 2017, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, were $5.1 million, $3.3 and $3.6 million, respectively, as shown in the table below. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2018 2017 2017 Equity Funds $ 1.9 $ 1.1 $ 2.1 Fixed Income Funds 1.6 0.9 1.5 Cash and Equivalents 1.6 1.3 — Total Marketable Securities $ 5.1 $ 3.3 $ 3.6 Energy Supply Obligations – March 31, December 31, Energy Supply Obligations ($ millions) 2018 2017 2017 Current: Exchange Gas Obligation $ — $ 1.9 $ 5.4 Renewable Energy Portfolio Standards 7.5 6.8 4.0 Power Supply Contract Divestitures 0.3 0.3 0.3 Total Energy Supply Obligations – Current 7.8 9.0 9.7 Long-Term: Power Supply Contract Divestitures 0.8 1.2 0.9 Total Energy Supply Obligations $ 8.6 $ 10.2 $ 10.6 Exchange Gas Obligation – As discussed above, Northern Utilities enters into gas exchange agreements under which Northern Utilities releases certain natural gas pipeline and storage assets, resells the natural gas storage inventory to an asset manager and subsequently repurchases the inventory over the course of the natural gas heating season at the same price at which it sold the natural gas inventory to the asset manager. The gas inventory related to these agreements is recorded in Exchange Gas Receivable on the Company’s Consolidated Balance Sheets while the corresponding obligations are recorded in Energy Supply Obligations. Renewable Energy Portfolio Standards – Renewable Energy Portfolio Standards (RPS) require retail electricity suppliers, including public utilities, to demonstrate that required percentages of their sales are met with power generated from certain types of resources or technologies. Compliance is demonstrated by purchasing and retiring Renewable Energy Certificates (REC) generated by facilities approved by the state as qualifying for REC treatment. Unitil Energy and Fitchburg purchase RECs in compliance with RPS legislation in New Hampshire and Massachusetts for supply provided to default service customers. RPS compliance costs are a supply cost that is recovered in customer default service rates. Unitil Energy and Fitchburg collect RPS compliance costs from customers throughout the year and demonstrate compliance for each calendar year on the following July 1. Due to timing differences between collection of revenue from customers and payment of REC costs to suppliers, Unitil Energy and Fitchburg typically maintain accrued revenue for RPS compliance which is recorded in Accrued Revenue with a corresponding liability in Energy Supply Obligations on the Company’s Consolidated Balance Sheets. Fitchburg has entered into long-term renewable contracts for electric energy and/or renewable energy credits pursuant to Massachusetts legislation, specifically, the Act Relative to Green Communities of 2008 and the Act Relative to Competitively Priced Electricity (2012) in the Commonwealth, and the MDPU’s regulations implementing the legislation. The generating facilities associated with three of these contracts have been constructed and are operating. A recent round of long-term renewable energy procurements was conducted during 2016 and several contracts were finalized and submitted to MDPU for approval in 2017. These approvals remain pending. Additional procurements are expected in compliance with the Act to Promote Energy Diversity (2016). Fitchburg recovers the costs associated with long-term renewable contracts on a fully reconciling basis through a MDPU-approved cost recovery mechanism. Power Supply Contract Divestitures – Unitil Energy’s and Fitchburg’s customers are entitled to purchase their electric or natural gas supplies from third-party suppliers. In connection with the implementation of retail choice, Unitil Power, which formerly functioned as the wholesale power supply provider for Unitil Energy, and Fitchburg divested their long-term power supply contracts through the sale of the entitlements to the electricity sold under those contracts. Unitil Energy and Fitchburg recover in their rates all the costs associated with the divestiture of their power supply portfolios and have secured regulatory approval from the NHPUC and MDPU, respectively, for the recovery of power supply-related stranded costs. The obligations related to these divestitures are recorded in Energy Supply Obligations (current portion) and Other Noncurrent Liabilities (noncurrent portion) on the Company’s Consolidated Balance Sheets with corresponding regulatory assets recorded in Accrued Revenue (current portion) and Regulatory Assets (noncurrent portion). Recently Issued Pronouncements No. 2017-07, In May 2014, the FASB issued ASU No. 2014-09, The majority of the Company’s revenue, including energy provided to customers, is from tariff offerings that provide natural gas or electricity without a defined contractual term. For such arrangements, the Company generally expects that the revenue from contracts with these customers will continue to be equivalent to the electricity or natural gas supplied and billed in that period (including unbilled revenues) and the adoption of the new guidance will not result in a significant shift in the timing of revenue recognition for such sales. The Company used the modified retrospective method when adopting the new standard on January 1, 2018. The new guidance did not have a material impact to the Consolidated Financial Statements. (See “Utility Revenue Recognition” and “Other Operating Revenue – Non-regulated” In February 2016, the FASB issued ASU 2016-02, In January 2016, the FASB issued Accounting Standards Update (ASU) 2016-01 Other than the pronouncements discussed above, there are no recently issued pronouncements that the Company has not already adopted or that have a material impact on the Company. Subsequent Events |
DIVIDENDS DECLARED PER SHARE
DIVIDENDS DECLARED PER SHARE | 3 Months Ended |
Mar. 31, 2018 | |
DIVIDENDS DECLARED PER SHARE | NOTE 2 – DIVIDENDS DECLARED PER SHARE Declaration Date Date Paid (Payable) Shareholder of Record Date Dividend Amount 04/25/18 05/29/18 05/15/18 $0.365 01/30/18 02/28/18 02/14/18 $0.365 10/25/17 11/29/17 11/15/17 $0.360 07/26/17 08/29/17 08/15/17 $0.360 04/26/17 05/30/17 05/16/17 $0.360 01/25/17 02/28/17 02/14/17 $0.360 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2018 | |
SEGMENT INFORMATION | NOTE 3 – SEGMENT INFORMATION The following table provides significant segment financial data for the three months ended March 31, 2018 and March 31, 2017: Gas Electric Non- Regulated Other Total Three Months Ended March 31, 2018 ($ millions) Revenues: Billed and Unbilled Revenue $ 91.4 $ 61.6 $ — $ — $ 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) — — (8.5 ) Other Operating Revenue – Non-Regulated — — 1.3 — 1.3 Total Operating Revenues $ 87.0 $ 57.5 $ 1.3 $ — $ 145.8 Segment Profit (Loss) 12.6 3.0 0.4 (0.4 ) 15.6 Identifiable Segment Assets 712.6 481.8 7.1 42.8 1,244.3 Capital Expenditures 3.6 6.0 — 0.5 10.1 Three Months Ended March 31, 2017 ($ millions) Revenues $ 74.8 $ 49.5 $ 1.7 $ — $ 126.0 Segment Profit 9.9 2.1 0.4 — 12.4 Identifiable Segment Assets 641.8 442.8 7.0 42.8 1,134.4 Capital Expenditures 5.7 8.3 — 3.5 17.5 As of December 31, 2017 ($ millions) Identifiable Segment Assets $ 714.3 $ 476.9 $ 6.7 $ 44.0 $ 1,241.9 |
DEBT AND FINANCING ARRANGEMENTS
DEBT AND FINANCING ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2018 | |
DEBT AND FINANCING ARRANGEMENTS | NOTE 4 – DEBT AND FINANCING ARRANGEMENTS Details on long-term debt at March 31, 2018, March 31, 2017 and December 31, 2017 are shown below: ($ millions) March 31, December 31, 2018 2017 2017 Unitil Corporation: 6.33% Senior Notes, Due May 1, 2022 $ 20.0 $ 20.0 $ 20.0 3.70% Senior Notes, Due August 1, 2026 30.0 30.0 30.0 Unitil Energy First Mortgage Bonds: 5.24% Senior Secured Notes, Due March 2, 2020 10.0 15.0 15.0 8.49% Senior Secured Notes, Due October 14, 2024 7.5 9.0 7.5 6.96% Senior Secured Notes, Due September 1, 2028 20.0 20.0 20.0 8.00% Senior Secured Notes, Due May 1, 2031 15.0 15.0 15.0 6.32% Senior Secured Notes, Due September 15, 2036 15.0 15.0 15.0 Fitchburg: 6.75% Senior Notes, Due November 30, 2023 7.6 9.5 7.6 6.79% Senior Notes, Due October 15, 2025 10.0 10.0 10.0 3.52% Senior Notes, Due November 1, 2027 10.0 — 10.0 7.37% Senior Notes, Due January 15, 2029 12.0 12.0 12.0 5.90% Senior Notes, Due December 15, 2030 15.0 15.0 15.0 7.98% Senior Notes, Due June 1, 2031 14.0 14.0 14.0 4.32% Senior Notes, Due November 1, 2047 15.0 — 15.0 Northern Utilities: 6.95% Senior Notes, Due December 3, 2018 10.0 20.0 10.0 5.29% Senior Notes, Due March 2, 2020 16.6 25.0 25.0 3.52% Senior Notes, Due November 1, 2027 20.0 — 20.0 7.72% Senior Notes, Due December 3, 2038 50.0 50.0 50.0 4.42% Senior Notes, Due October 15, 2044 50.0 50.0 50.0 4.32% Senior Notes, Due November 1, 2047 30.0 — 30.0 Granite State: 7.15% Senior Notes, Due December 15, 2018 3.3 6.7 3.3 3.72% Senior Notes, Due November 1, 2027 15.0 — 15.0 Unitil Realty Corp.: 8.00% Senior Secured Notes, Due Through August 1, 2017 — 0.2 — Total Long-Term Debt 396.0 336.4 409.4 Less: Unamortized Debt Issuance Costs 3.2 2.9 3.3 Total Long-Term Debt, net of Unamortized Debt Issuance Costs 392.8 333.5 406.1 Less: Current Portion 29.8 30.0 29.8 Total Long-term Debt, Less Current Portion $ 363.0 $ 303.5 $ 376.3 Fair Value of Long-Term Debt ($ millions) March 31, December 31, 2018 2017 2017 Estimated Fair Value of Long-Term Debt $ 428.0 $ 374.3 $ 457.1 Credit Arrangements On October 4, 2013, the Company entered into an Amended and Restated Credit Agreement (as further amended, restated, amended and restated, modified or supplemented from time to time, the “Credit Facility”). The Credit Facility terminates October 4, 2020 and provides for a borrowing limit of $120 million which includes a $25 million sublimit for the issuance of standby letters of credit. The Credit Facility provides Unitil with the ability to elect that borrowings under the Credit Facility bear interest under several options, including at a daily fluctuating rate of interest per annum equal to one-month one-time The Company utilizes the Credit Facility for cash management purposes related to its short-term operating activities. Total gross borrowings were $88.9 million for the three months ended March 31, 2018. Total gross repayments were $81.9 million for the three months ended March 31, 2017. The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of March 31, 2018, March 31, 2017 and December 31, 2017: Revolving Credit Facility ($ millions) March 31, December 31, 2018 2017 2017 Limit $ 120.0 $ 120.0 $ 120.0 Short-Term Borrowings Outstanding $ 45.3 $ 76.6 $ 38.3 Letters of Credit Outstanding $ 0.0 $ 1.1 $ 0.0 Available $ 74.7 $ 42.3 $ 81.7 The Credit Facility contains customary terms and conditions for credit facilities of this type, including affirmative and negative covenants. There are restrictions on, among other things, Unitil Corporation’s and its subsidiaries’ ability to permit liens or incur indebtedness, and restrictions on Unitil’s ability to merge or consolidate with another entity or change its line of business. The affirmative and negative covenants under the Credit Facility shall apply until the Credit Facility terminates and all amounts borrowed under the Credit Facility are paid in full (or with respect to letters of credit, they are cash collateralized). The only financial covenant in the Credit Facility provides that Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At March 31, 2018, March 31, 2017 and December 31, 2017, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date. (See also “Credit Arrangements” in Note 4.) The weighted average interest rates on all short-term borrowings and intercompany money pool transactions were 2.9% and 2.1% for the three months ended March 31, 2018 and March 31, 2017, respectively. The weighted average interest rate on all short-term borrowings for the twelve months ended December 31, 2017 was 2.4%. On November 1, 2017, Northern Utilities issued $20 million of Notes due 2027 at 3.52% and $30 million of Notes due 2047 at 4.32%. Fitchburg issued $10 million of Notes due 2027 at 3.52% and $15 million of Notes due 2047 at 4.32%. Granite State issued $15 million of Notes due 2027 at 3.72%. Northern Utilities, Fitchburg and Granite State used the net proceeds from these offerings to refinance higher cost long-term debt that matured in 2017, to repay short-term debt and for general corporate purposes. Approximately $0.7 million of costs associated with these issuances have been netted against Long-Term Debt for presentation purposes on the Consolidated Balance Sheets. In April 2014, Unitil Service Corp. entered into a financing arrangement, structured as a capital lease obligation, for various information systems and technology equipment. Final funding under this capital lease occurred on October 30, 2015, resulting in total funding of $13.4 million. The capital lease matures on September 30, 2020. As of March 31, 2018, there are $2.7 million of current and $4.4 million of noncurrent obligations under this capital lease on the Company’s Consolidated Balance Sheets. Unitil Corporation and its utility subsidiaries, Fitchburg, Unitil Energy, Northern Utilities, and Granite State are currently rated “BBB+” by Standard & Poor’s Ratings Services. Unitil Corporation and Granite State are currently rated “Baa2”, and Fitchburg, Unitil Energy and Northern Utilities are currently rated “Baa1” by Moody’s Investors Services. Northern Utilities enters into asset management agreements under which Northern Utilities releases certain natural gas pipeline and storage assets, resells the natural gas storage inventory to an asset manager and subsequently repurchases the inventory over the course of the natural gas heating season at the same price at which it sold the natural gas inventory to the asset manager. There was $1.0 million, $3.8 million and $8.5 million of natural gas storage inventory at March 31, 2018, March 31, 2017 and December 31, 2017, respectively, related to these asset management agreements. The amount of natural gas inventory released in March 2018 and payable in April 2018 is $1.0 million and is recorded in Accounts Payable at March 31, 2018. The amount of natural gas inventory released in March 2017 and payable in April 2017 was $2.0 million and was recorded in Accounts Payable at March 31, 2017. The amount of natural gas inventory released in December 2017 and payable in January 2018 was $3.1 million and was recorded in Accounts Payable at December 31, 2017. Guarantees The Company provides limited guarantees on certain energy and natural gas storage management contracts entered into by the distribution utilities. The Company’s policy is to limit the duration of these guarantees. As of March 31, 2018, there were approximately $17.9 million of guarantees outstanding and the longest term guarantee extends through August 2018. The Company also guarantees the payment of principal, interest and other amounts payable on the notes issued by Granite State. As of March 31, 2018, the principal amount outstanding for the 7.15% Granite State notes was $3.3 million. |
COMMON STOCK AND PREFERRED STOC
COMMON STOCK AND PREFERRED STOCK | 3 Months Ended |
Mar. 31, 2018 | |
COMMON STOCK AND PREFERRED STOCK | NOTE 5 – COMMON STOCK AND PREFERRED STOCK Common Stock The Company’s common stock trades on the New York Stock Exchange under the symbol, “UTL.” The Company had 14,107,741, 14,815,585 and 14,860,123 shares of common stock outstanding at March 31, 2017, December 31, 2017 and March 31, 2018, respectively. Unitil Corporation Common Stock Offering Dividend Reinvestment and Stock Purchase Plan - Stock Plan - The maximum number of shares available for awards to participants under the Stock Plan is 677,500. The maximum number of shares that may be awarded in any one calendar year to any one participant is 20,000. In the event of any change in capitalization of the Company, the Compensation Committee is authorized to make an equitable adjustment to the number and kind of shares of common stock that may be delivered under the Stock Plan and, in addition, may authorize and make an equitable adjustment to the Stock Plan’s annual individual award limit. Restricted Shares Outstanding awards of Restricted Shares fully vest over a period of four years at a rate of 25% each year. During the vesting period, dividends on Restricted Shares underlying the award may be credited to a participant’s account. The Company may deduct or withhold, or require a participant to remit to the Company, an amount sufficient to satisfy any taxes required by federal, state, or local law or regulation to be withheld with respect to any taxable event arising in connection with an Award. For purposes of compensation expense, Restricted Shares vest immediately upon a participant becoming eligible for retirement, as defined in the Stock Plan. Prior to the end of the vesting period, the restricted shares are subject to forfeiture if the participant ceases to be employed by the Company other than due to the participant’s death. On January 29, 2018, 37,510 Restricted Shares were issued in conjunction with the Stock Plan with an aggregate market value at the date of issuance of approximately $1.6 million. There were 90,882 and 94,880 non-vested Restricted Stock Units Restricted Stock Units earn dividend equivalents and will generally be settled by payment to each Director as soon as practicable following the Director’s separation from service to the Company. The Restricted Stock Units will be paid such that the Director will receive (i) 70% of the shares of the Company’s common stock underlying the restricted stock units and (ii) cash in an amount equal to the fair market value of 30% of the shares of the Company’s common stock underlying the Restricted Stock Units. The equity portion of Restricted Stock Units activity during the three months ended March 31, 2018 in conjunction with the Stock Plan are presented in the following table: Restricted Stock Units (Equity Portion) Units Weighted Average Stock Price Restricted Stock Units as of December 31, 2017 52,224 $ 36.22 Restricted Stock Units Granted — — Dividend Equivalents Earned 453 $ 42.04 Restricted Stock Units Settled — — Restricted Stock Units as of March 31, 2018 52,677 $ 36.27 There were 43,696 Restricted Stock Units outstanding as of March 31, 2017 with a weighted average stock price of $33.49. Included in Other Noncurrent Liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2018, March 31, 2017 and December 31, 2017 is $1.0 million, $0.8 million and $1.0 million, respectively, representing the fair value of liabilities associated with the portion of fully vested RSUs that will be settled in cash. Preferred Stock There was $0.2 million, or 1,893 shares, of Unitil Energy’s 6.00% Series Preferred Stock outstanding as of March 31, 2018, March 31, 2017 and December 31, 2017. There were less than $0.1 million of total dividends declared on Preferred Stock in each of the three month periods ended March 31, 2018 and March 31, 2017, respectively. |
REGULATORY MATTERS
REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2018 | |
REGULATORY MATTERS | NOTE 6 – REGULATORY MATTERS UNITIL’S REGULATORY MATTERS ARE DESCRIBED IN NOTE 8 TO THE FINANCIAL STATEMENTS IN ITEM 8 OF PART II OF UNITIL CORPORATION’S FORM 10-K Tax Cuts and Jobs Act of 2017 At the end of December 2017, the United States Congress voted and the President signed into law major federal tax law changes Tax Cuts and Jobs Act of 2017 (TCJA) effective for tax year 2018. Among other things, the TCJA substantially reduces the corporate income tax rate to 21 percent, effective January 1, 2018. Each state public utility commission, with jurisdiction over the areas that are served by Unitil’s electric and gas subsidiary companies, has or is in the process of issuing procedural orders directing how the tax law changes are to be reflected in rates, including requiring that the companies provide certain filings and calculations. Unitil is fully complying with these orders and will make any necessary changes to its rates as directed by the commissions. The FERC has opened a rulemaking proceeding on this matter (described below). The Company believes that the ultimate resolution of these matters will not have a material impact on its financial position, operating results or cash flows. In Maine, Northern Utilities’ Maine division has recently completed a base rate case (described more fully below). The MPUC had issued a procedural order indicating that the tax law changes were to be reflected in its calculation of final rates for the Company, and the final order in that docket incorporated the lower tax rates. In New Hampshire, Northern Utilities’ New Hampshire division has a base rate case proceeding pending (described below), and the NHPUC issued an order directing the Company to show how the tax changes can be effected within the schedule for the rate case. On April 6, 2018, Northern Utilities filed a proposed comprehensive settlement agreement among the Company, the Staff of the Public Utilities Commission and the Office of Consumer Advocate which includes the effect of the tax changes in the calculation of the agreed upon revenue requirement. With respect to Unitil Energy, the NHPUC directed the Company to make a filing by April 1, 2018, showing the effect of the tax law changes on rates. On March 16, 2018, the Company filed for its annual step increase pursuant to the provisions of its last base rate case, and included in that filing proposed adjustments to account for the tax changes. This proposal remains pending. In Massachusetts, the Attorney General filed a petition with the MDPU requesting that it open an investigation to require the flow-through of the tax law changes in rates for all utilities subject to the MDPU’s jurisdiction. On February 2, 2018 the MDPU issued an order opening an investigation into the effect on rates of the decrease in the federal corporate income tax rate on the MDPU’s regulated utilities. The MDPU consolidated the Attorney General’s petition into its investigation. In its order, the MDPU required each utility company subject to its jurisdiction to file, by May 1, 2018, a proposal to address the effects of the TCJA and to reduce its rates through the establishment of a revised cost of service incorporating the lower federal corporate income tax rate as of January 1, 2018. Such proposals must address the adjustment of rates going forward and also incorporate the timely refund of revenues associated with the lower tax expense on current income and excess accumulated deferred income taxes (ADIT). Fitchburg plans to submit filings for both its gas and electric divisions with estimated revenue reductions of $0.8 million at each respective division. This matter remains pending. On March 15, 2018, the FERC issued a Notice of Proposed Rulemaking (NOPR) that would allow it to determine which pipelines under the Natural Gas Act may be collecting unjust and unreasonable rates in light of the corporate tax rate reduction and changes to the FERC’s income tax allowance policies. The proposed rule, if adopted, would require an interstate pipeline to file a one-time one-time Rate Case Activity Unitil Energy – Base Rates – one-year Fitchburg – Base Rates – Electric – Fitchburg – Base Rates – Gas – Fitchburg – Gas Operations – one-year Northern Utilities – Base Rates – Maine – Build-out On February 28, 2018 the MPUC issued its Final Order (Order) in the base rate case. The Order provides for a revenue increase of $2.1 million offset by a revenue decrease of $2.2 million to incorporate the effect of the lower federal income tax rate under the TCJA, resulting in an overall annual revenue decrease of $0.1 million. The MPUC approved a return on equity of 9.5 percent and a capital structure reflecting 50 percent equity and 50 percent long-term debt. The Order also provides for a reduction in annual depreciation expense reducing the Company’s annual operating costs by approximately $0.5 million. The Order addresses a number of other issues including a change to therm billing, increases in other delivery charges, and cost recovery under the Company’s TAB Program and TIRA mechanism. The new rates and other changes became effective as of March 1, 2018. On March 16, 2018, the Company filed a Motion for Clarification requesting the MPUC clarify its Order in light of what the Company believes to be an inadvertent inconsistency with the Order regarding 2016 TIRA Eligible Facilities, rate base and related annual revenue adjustments. Northern Utilities – Targeted Infrastructure Replacement Adjustment – Maine – Northern Utilities – Targeted Area Build-out Northern Utilities – Base Rates – New Hampshire – Northern Utilities reached a settlement agreement on temporary rates to produce an increase in annual revenues of approximately $1.6 million, effective with service rendered on and after August 1, 2017, and until a final, non-appealable On April 6, 2018, Northern Utilities filed a proposed comprehensive settlement agreement among the Company, the NHPUC Staff and the Office of the Consumer Advocate. The settling parties agreed to an annual revenue increase of $2.6 million and an offsetting decrease of $1.7 million to reflect the effect of the TCJA, for a net annual revenue increase of $0.9 million, effective May 1, 2018. The parties also agreed to a step increase of $2.3 million to recover post-test year capital investments, also effective May 1, 2018. Under the agreement, the company may file for a second step increase for effect May 1, 2019 to recover eligible capital investments in 2018, up to a revenue requirement cap of $2.2 million. If the company chooses the option to implement the second step increase, the next distribution base rate case shall be based on an historic test year of no earlier than twelve months ending December 31, 2020. A hearing before the NHPUC to consider the settlement agreement was held on April 12, 2018. This matter remains pending. Northern Utilities – Pipeline Refund – No. 524-A, Granite State – Base Rates – Other Matters NHPUC Energy Efficiency Resource Standard Proceeding – Unitil Energy – Electric Grid Modernization – Unitil Energy – Net Metering – time-of-use Fitchburg – Electric Operations – Fitchburg – Service Quality – Fitchburg – Solar Generation – Low-Income Fitchburg – Energy Diversity – Fitchburg – Clean Energy RFP – Fitchburg – Other – SREC-II, On May 11, 2016, the MDPU issued an Order commencing a rulemaking proceeding to adopt emergency regulations amending 220 C.M.R. § 18.00 et seq. (“Net Metering Regulations”). Specifically, the MDPU amended its Net Metering Regulations to implement the net metering provisions of An Act Relative to Solar Energy, St. 2016, c. 75, §§ 3-9, In December 2013, the MDPU opened an investigation into Modernization of the Electric Grid. The stated objective of the Grid Modernization proceeding is to ensure that the electric distribution companies “adopt grid modernization policies and practices.” In June 2014, the MDPU issued its first Grid Modernization order, setting forth a requirement that each electric distribution company submit a ten-year pre-authorization, On January 28, 2016 the MDPU approved Fitchburg’s Three-Year Energy Efficiency Plan for 2016-2018, subject to limited modifications and directives in the Order. The Department found that the savings goals included in each Three-Year Plan are reasonable and are consistent with the achievement of all available cost-effective energy efficiency; approved each Program Administrator’s program implementation cost budget for the Three-Year Plans; approved the performance incentive pool, mechanism, and payout rates; found that all proposed energy efficiency programs are cost-effective; found that funding sources are reasonable and that each Program Administrator may recover the funds to implement its energy efficiency plan through its Energy Efficiency Surcharge; and found that each Program Administrator’s Three-Year Plan is consistent with the Green Communities Act, the Guidelines, and Department precedent. FERC Transmission Formula Rate Proceedings – ISO-New Legal Proceedings The Company is involved in legal and administrative proceedings and claims of various types, which arise in the ordinary course of business. The Company believes, based upon information furnished by counsel and others, that the ultimate resolution of these claims will not have a material impact on its financial position, operating results or cash flows. In early 2009, a putative class action complaint was filed against Unitil’s Massachusetts based utility, Fitchburg, in Massachusetts’ Worcester Superior Court (the “Court”), (captioned Bellermann et al v. Fitchburg Gas and Electric Light Company). The Complaint seeks an unspecified amount of damages, including the cost of temporary housing and alternative fuel sources, emotional and physical pain and suffering and property damages allegedly incurred by customers in connection with the loss of electric service during the ice storm in Fitchburg’s service territory in December 2008. The Massachusetts Supreme Judicial Court issued an order denying class certification status in July 2016, though the plaintiffs’ individual claims remain pending. The Company continues to believe these claims are without merit and will continue to defend itself vigorously. |
ENVIRONMENTAL MATTERS
ENVIRONMENTAL MATTERS | 3 Months Ended |
Mar. 31, 2018 | |
ENVIRONMENTAL MATTERS | NOTE 7 – ENVIRONMENTAL MATTERS UNITIL’S ENVIRONMENTAL MATTERS ARE DESCRIBED IN NOTE 8 TO THE FINANCIAL STATEMENTS IN ITEM 8 OF PART II OF UNITIL CORPORATION’S FORM 10-K The Company’s past and present operations include activities that are generally subject to extensive and complex federal and state environmental laws and regulations. The Company is in material compliance with applicable environmental and safety laws and regulations and, as of March 31, 2018, has not identified any material losses reasonably likely to be incurred in excess of recorded amounts. However, we cannot assure that significant costs and liabilities will not be incurred in the future. It is possible that other developments, such as increasingly stringent federal, state or local environmental laws and regulations could result in increased environmental compliance costs. Based on the Company’s current assessment of its environmental responsibilities, existing legal requirements and regulatory policies, the Company does not believe that these environmental costs will have a material adverse effect on the Company’s consolidated financial position or results of operations. Northern Utilities Manufactured Gas Plant Sites – mid-1800s mid-1900s. Northern Utilities has worked with the Maine Department of Environmental Protection (ME DEP) and New Hampshire Department of Environmental Services (NH DES) to address environmental concerns with these sites. Northern Utilities or others have substantially completed remediation of all sites, though on site monitoring continues and it is possible that future activities may be required. Supplemental remediation at the Exeter and Somersworth MGP sites commenced in the second quarter of 2018 with anticipated completions by the third quarter of 2018. The NHPUC and MPUC have approved regulatory mechanisms for the recovery of MGP environmental costs. For Northern Utilities’ New Hampshire division, the NHPUC has approved the recovery of MGP environmental costs over succeeding seven-year periods. For Northern Utilities’ Maine division, the MPUC has authorized the recovery of environmental remediation costs over succeeding five- year periods. The Environmental Obligations table below shows the amounts accrued for Northern Utilities related to estimated future cleanup costs associated with Northern Utilities’ environmental remediation obligations for former MGP sites. Corresponding Regulatory Assets were recorded to reflect that the future recovery of these environmental remediation costs is expected based on regulatory precedent and established practices. Fitchburg’s Manufactured Gas Plant Site – The Environmental Obligations table below shows the amounts accrued for Fitchburg related to estimated future cleanup costs for permanent remediation of the Sawyer Passway site with a corresponding Regulatory Asset recorded to reflect that the recovery of these environmental remediation costs are probable through the regulatory process. The amounts recorded do not assume any amounts are recoverable from insurance companies or other third parties. Fitchburg recovers the environmental response costs incurred at this former MGP site in gas rates pursuant to the terms of a cost recovery agreement approved by the MDPU. Pursuant to this agreement, Fitchburg is authorized to amortize and recover environmental response costs from gas customers over succeeding seven-year periods. The following table sets forth a summary of changes in the Company’s liability for Environmental Obligations for the three months ended March 31, 2018 and 2017. Environmental Obligations ($ millions) Fitchburg Northern Total Three months ended March 31, 2018 2017 2018 2017 2018 2017 Total Balance at Beginning of Period $ 0.1 $ 0.1 $ 2.0 $ 1.9 $ 2.1 $ 2.0 Additions 0.1 — 0.1 0.4 0.2 0.4 Less: Payments / Reductions 0.1 — 0.1 0.1 0.2 0.1 Total Balance at End of Period 0.1 0.1 2.0 2.2 2.1 2.3 Less: Current Portion 0.1 0.1 0.5 0.4 0.6 0.5 Noncurrent Balance at End of Period $ — $ — $ 1.5 $ 1.8 $ 1.5 $ 1.8 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2018 | |
INCOME TAXES | NOTE 8: INCOME TAXES In December 2017, the Tax Cuts and Jobs Act (TCJA), which included a reduction to the corporate federal income tax rate to 21% effective January 1, 2018, was signed into law. In accordance with GAAP Accounting Standard 740, the Company revalued its Accumulated Deferred Income Taxes (ADIT) at the new 21% tax rate at which the ADIT will be reversed in future periods. The Company recorded reasonable estimates to reflect the impacts of the Tax Act and recorded a net Regulatory Liability in the amount of $48.9 million at December 31, 2017 as a result of the ADIT revaluation. On March 15, 2018; FERC issued its Notice of Proposed Rulemaking in Docket No. RM18-11-000 in which FERC provided specific guidance on the flow back of excess ADIT: The amount of the reduction to ADIT that was collected from customers but is no longer payable to the IRS is excess ADIT and should be flowed back to ratepayers under general ratemaking principles. Based on communications received by the Company from its state regulators in rate cases and other regulatory proceedings in the first quarter of 2018 and as prescribed in the TCJA, the recent FERC guidance noted above and IRS normalization rules; the benefit of these excess ADIT amounts will be subject to flow back to customers in future utility rates according to the Average Rate Assumption Method (ARAM). ARAM reconciles excess ADIT at the reversal rate of the underlying book/tax temporary timing differences. The Company estimates the ARAM flow back period to be between fifteen and twenty years. The Company’s regulators and the IRS are each expected to issue guidance in future periods that will determine the final disposition of the re-measurement of regulatory deferred tax balances. At this time, the Company has applied a reasonable interpretation of the TCJA and a reasonable estimate of the regulatory resolution. Future clarification of the TCJA and regulatory decisions may change the amounts estimated. In addition to the excess $47.1 million ADIT amounts the Company expects to flow back to customers in future utility rates, as noted above, there was $1.8 million of excess ADIT at December 31, 2017, which had not been previously included in customers’ utility rates. During 2018, the Company determined that since this excess ADIT had not been previously collected from utility customers; it would, therefore, not be subject to flow back to customers in future rates. The Company will recognize a nonrecurring benefit in its tax provision as the underlying book/tax temporary differences reverse in the current and future periods. The Company filed its tax returns for the year ended December 31, 2016 with the Internal Revenue Service in September 2017 and generated additional federal net operating loss carryforward (NOLC) assets principally due to current tax repair deductions, tax depreciation and research and development deductions. In 2016, the Company recorded a benefit of approximately $0.7 million for New Hampshire business enterprise tax credits utilized in filing the Company’s 2015 tax returns. For the year ended December 31, 2017, the Company decreased its federal NOLC $1.1 million in the calculation of its provisions for income taxes for the period and revalued the NOLC by $10.1 million for federal rate of 21% enacted in the TCJA. As of December 31, 2017, the Company had recorded cumulative federal and state NOLC assets of $12.7 million to offset against taxes payable in future periods. If unused, the Company’s NOLC carryforward assets will begin to expire in 2029. In addition, at December 31, 2017, the Company had $3.5 million of cumulative alternative minimum tax credits, general business tax credit and other state tax credit carryforwards to offset future income taxes payable. In March 2018, Unitil Corporation received notice that its Federal Income Tax return filings for the years ended December 31, 2015 and December 31, 2016 are under examination by the IRS. Currently, the Company believes that the ultimate resolution of this examination will not have a material impact on the Company’s financial statements. The Company remains subject to examination by New Hampshire tax authorities for the tax periods ended December 31, 2014; December 31, 2015; and December 31, 2016. Income tax filings for the year ended December 31, 2016 have been filed with the New Hampshire Department of Revenue Administration. The State of Maine has concluded its review of the Company’s tax returns for December 31, 2014, December 31, 2015, and December 31, 2016 which resulted in a small additional refund to the Company. The Company evaluated its tax positions at March 31, 2018 in accordance with the FASB Codification, and has concluded that no adjustment for recognition, de-recognition, The Company bills its customers for sales tax in Massachusetts and Maine and consumption tax in New Hampshire. These taxes are remitted to the appropriate departments of revenue in each state and are excluded from revenues on the Company’s unaudited Consolidated Statements of Earnings. |
RETIREMENT BENEFIT OBLIGATIONS
RETIREMENT BENEFIT OBLIGATIONS | 3 Months Ended |
Mar. 31, 2018 | |
RETIREMENT BENEFIT OBLIGATIONS | NOTE 9: RETIREMENT BENEFIT OBLIGATIONS The Company co-sponsors 10-K The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations: 2018 2017 Used to Determine Plan Costs Discount Rate 3.60 % 4.10 % 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 7.50 % 8.00 % Ultimate Health Care Cost Trend Rate 4.50 % 4.00 % Year that Ultimate Health Care Cost Trend Rate is reached 2024 2025 The following table provides the components of the Company’s Retirement plan costs ($000’s): Pension Plan PBOP Plan SERP Three Months Ended March 31, 2018 2017 2018 2017 2018 2017 Service Cost $ 848 $ 824 $ 733 $ 744 $ 122 $ 115 Interest Cost 1,469 1,514 851 978 101 98 Expected Return on Plan Assets (1,946 ) (1,819 ) (409 ) (337 ) — — Prior Service Cost Amortization 81 66 327 350 47 47 Actuarial Loss Amortization 1,447 1,176 346 524 122 74 Sub-total 1,899 1,761 1,848 2,259 392 334 Amounts Capitalized and Deferred (720 ) (662 ) (742 ) (1,037 ) (113 ) (99 ) Net Periodic Benefit Cost Recognized $ 1,179 $ 1,099 $ 1,106 $ 1,222 $ 279 $ 235 Employer Contributions As of March 31, 2018, the Company had made $1.2 million and $1.0 million of contributions to its Pension Plan and PBOP Plan, respectively, in 2018. The Company, along with its subsidiaries, expects to continue to make contributions to its Pension and PBOP Plans in 2018 and future years at minimum required and discretionary funding levels consistent with the amounts recovered in the distribution utilities’ rates for these Pension and PBOP Plan costs. As of March 31, 2018, the Company had made $43,900 of benefit payments under the SERP Plan in 2018. The Company presently anticipates making an additional $356,300 of benefit payments under the SERP Plan in 2018. |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Nature of Operations | Nature of Operations non-regulated The Company’s earnings are seasonal and are typically higher in the first and fourth quarters when customers use natural gas for heating purposes. Unitil’s principal business is the local distribution of electricity in the southeastern seacoast and state capital regions of New Hampshire and the greater Fitchburg area of north central Massachusetts, and the local distribution of natural gas in southeastern New Hampshire, portions of southern and central Maine and in the greater Fitchburg area of north central Massachusetts. Unitil has three distribution utility subsidiaries, Unitil Energy, which operates in New Hampshire, Fitchburg, which operates in Massachusetts and Northern Utilities, which operates in New Hampshire and Maine (collectively referred to as the distribution utilities). Granite State is a natural gas transportation pipeline, operating 86 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three major natural gas pipelines and access to domestic natural gas supplies in the south and Canadian natural gas supplies in the north. Granite State derives its revenues principally from the transportation services provided to Northern Utilities and, to a lesser extent, third-party marketers. A fifth utility subsidiary, Unitil Power, formerly functioned as the full requirements wholesale power supply provider for Unitil Energy. In connection with the implementation of electric industry restructuring in New Hampshire, Unitil Power ceased being the wholesale supplier of Unitil Energy on May 1, 2003 and divested of its long-term power supply contracts through the sale of the entitlements to the electricity associated with various electric power supply contracts it had acquired to serve Unitil Energy’s customers. Unitil also has three other wholly-owned subsidiaries: Unitil Service; Unitil Realty; and Unitil Resources. Unitil Service provides, at cost, a variety of administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology, energy management and management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire and leases this facility to Unitil Service under a long-term lease arrangement. Unitil Resources is the Company’s wholly-owned non-regulated |
Basis of Presentation | Basis of Presentation – 10-Q 10-K |
Utility Revenue Recognition | Utility Revenue Recognition – Billed and unbilled revenue is recorded when service is rendered or energy is delivered to customers. However, the determination of energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each calendar month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenues are calculated. These unbilled revenues are calculated each month based on estimated customer usage by class and applicable customer rates and are then reversed in the following month when billed to customers. In the first quarter of 2018, the Company adopted Accounting Standards Update (ASU) 2014-09, 2015-14, 2016-08, 2016-10 2017-13, As discussed below, the Company plans to disclose billed and unbilled revenue separately from rate adjustment mechanism revenue in the Notes to the Consolidated Financial Statements for periods in 2018 going forward, and will also provide this disclosure for prior periods for informational purposes. The Company’s billed and unbilled revenue meets the definition of “revenues from contracts with customers” as defined in ASU 2014-09. 980-605-25-3, 2014-09 In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. The lower revenues reported in the first quarter of 2018 to account for the reduction in the corporate income tax rate under the Tax Cuts and Jobs Act of 2017 (TCJA) are shown separately in the table below for informational purposes. Three Months Ended March 31, 2018 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 35.8 $ 34.4 $ 70.2 C&I 50.6 24.1 74.7 Other 6.5 3.9 10.4 Revenue Reductions – TCJA (1.5 ) (0.8 ) (2.3 ) Total Billed and Unbilled Revenue 91.4 61.6 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) (8.5 ) Total Gas and Electric Operating Revenues $ 87.0 $ 57.5 $ 144.5 Three Months Ended March 31, 2017 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 30.9 $ 27.3 $ 58.2 C&I 42.3 19.5 61.8 Other 5.6 2.2 7.8 Total Billed and Unbilled Revenue 78.8 49.0 127.8 Rate Adjustment Mechanism Revenue (4.0 ) 0.5 (3.5 ) Total Gas and Electric Operating Revenues $ 74.8 $ 49.5 $ 124.3 Fitchburg is subject to revenue decoupling. Revenue decoupling is the term given to the elimination of the dependency of a utility’s distribution revenue on the volume of electricity or natural gas sales. The difference between distribution revenue amounts billed to customers and the targeted revenue decoupling amounts is recorded as an increase or a decrease in Accrued Revenue, which forms the basis for resetting rates for future cash recoveries from, or credits to, customers. These revenue decoupling targets may be adjusted as a result of rate cases that the Company files with the MDPU. The Company estimates that revenue decoupling applies to approximately 27% and 11% of Unitil’s total annual electric and natural gas sales volumes, respectively. |
Other Operating Revenue - Non-regulated | Other Operating Revenue – Non-regulated non-regulated As discussed above, the Company adopted ASU 2014-09 2014-09 2014-09, If ASU 2014-09 Three Months Ended March 31, As Reported If ASU 2014-09 Effect Other Operating Revenues ($ millions): 2018 2017 Usource Contract Revenue $ 1.6 $ 1.7 Less: Revenue Sharing Payments 0.3 0.3 Total Other Operating Revenues $ 1.3 $ 1.4 Three Months Ended March 31, As Reported If ASU 2014-09 Effect Operation and Maintenance Expense ($ millions): 2018 2017 Operation and Maintenance Expense $ 17.3 $ 15.7 |
Retirement Benefit Costs | Retirement Benefit Costs – No. 2017-07, Accordingly, for all periods presented in the Consolidated Financial Statements in this Form 10-Q non-service |
Income Taxes | Income Taxes – Provisions for income taxes are calculated in each of the jurisdictions in which the Company operates for each period for which a statement of earnings is presented. The Company accounts for income taxes in accordance with the FASB Codification guidance on Income Taxes, which requires an asset and liability approach for the financial accounting and reporting of income taxes. Significant judgments and estimates are required in determining the current and deferred tax assets and liabilities. The Company’s current and deferred tax assets and liabilities reflect its best assessment of estimated future taxes to be paid. In accordance with the FASB Codification, the Company periodically assesses the realization of its deferred tax assets and liabilities and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts and circumstances which gave rise to the revision become known. |
Cash and Cash Equivalents | Cash and Cash Equivalents – (ISO-NE) ISO-NE. 2-1/2 ISO-NE |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts – written-off shut-off. The Allowance for Doubtful Accounts as of March 31, 2018, March 31, 2017 and December 31, 2017, which are included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, was as follows: ($ millions) March 31, December 31, 2018 2017 2017 Allowance for Doubtful Accounts $ 1.6 $ 1.0 $ 1.6 |
Accrued Revenue | Accrued Revenue March 31, December 31, Accrued Revenue ($ millions) 2018 2017 2017 Regulatory Assets – Current $ 34.6 $ 32.0 $ 39.5 Unbilled Revenues 10.5 9.3 13.8 Total Accrued Revenue $ 45.1 $ 41.3 $ 53.3 |
Exchange Gas Receivable | Exchange Gas Receivable March 31, December 31, Exchange Gas Receivable ($ millions) 2018 2017 2017 Northern Utilities $ — $ 1.9 $ 5.4 Fitchburg 0.2 0.2 0.4 Total Exchange Gas Receivable $ 0.2 $ 2.1 $ 5.8 |
Gas Inventory | Gas Inventory March 31, December 31, Gas Inventory ($ millions) 2018 2017 2017 Natural Gas $ — $ — $ 0.4 Propane 0.3 0.2 0.1 Liquefied Natural Gas & Other 0.1 0.1 0.1 Total Gas Inventory $ 0.4 $ 0.3 $ 0.6 |
Utility Plant | Utility Plant – |
Regulatory Accounting | Regulatory Accounting – March 31, December 31, Regulatory Assets consist of the following ($ millions) 2018 2017 2017 Retirement Benefits $ 85.4 $ 75.7 $ 84.5 Energy Supply & Other Rate Adjustment Mechanisms 31.9 27.7 36.0 Deferred Storm Charges 8.0 8.6 7.2 Environmental 9.0 10.7 9.5 Income Taxes 6.3 7.3 6.5 Other 5.2 5.5 5.4 Total Regulatory Assets 145.8 135.5 149.1 Less: Current Portion of Regulatory Assets (1) 34.6 32.0 39.5 Regulatory Assets – noncurrent $ 111.2 $ 103.5 $ 109.6 (1) Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets. March 31, December 31, Regulatory Liabilities consist of the following ($ millions) 2018 2017 2017 Rate Adjustment Mechanisms $ 10.3 $ 9.2 $ 6.9 Gas Pipeline Refund (Note 6) 0.6 4.3 2.3 Income Taxes (Note 8) 49.1 — 48.9 Total Regulatory Liabilities 60.0 13.5 58.1 Less: Current Portion of Regulatory Liabilities 10.9 12.8 9.2 Regulatory Liabilities – noncurrent $ 49.1 $ 0.7 $ 48.9 Generally, the Company receives a return on investment on its regulated assets for which a cash outflow has been made. Included in Regulatory Assets as of March 31, 2018 are $0.5 million of deferred storm charges to be recovered over the year and $6.5 million of environmental costs, rate case costs and other expenditures to be recovered over varying periods in the next seven years. Regulators have authorized recovery of these expenditures, but without a return. Regulatory commissions can reach different conclusions about the recovery of costs, which can have a material impact on the Company’s Consolidated Financial Statements. The Company believes it is probable that its regulated distribution and transmission utilities will recover their investments in long-lived assets, including regulatory assets. If the Company, or a portion of its assets or operations, were to cease meeting the criteria for application of these accounting rules, accounting standards for businesses in general would become applicable and immediate recognition of any previously deferred costs, or a portion of deferred costs, would be required in the year in which the criteria are no longer met, if such deferred costs were not recoverable in the portion of the business that continues to meet the criteria for application of the FASB Codification topic on Regulated Operations. If unable to continue to apply the FASB Codification provisions for Regulated Operations, the Company would be required to apply the provisions for the Discontinuation of Rate-Regulated Accounting included in the FASB Codification. In the Company’s opinion, its regulated operations will be subject to the FASB Codification provisions for Regulated Operations for the foreseeable future. |
Derivatives | Derivatives – The Company has managed a regulatory approved hedging program for Northern Utilities, which is designed to fix or cap a portion of its gas supply costs for the coming years of service through the purchase of European call option contracts. Any gains or losses resulting from these option contracts are passed through to customers directly through Northern Utilities’ Cost of Gas Adjustment Clause. The fair value of these derivatives is determined using Level 2 inputs (valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly), specifically based on the NYMEX closing prices for outstanding contracts as of the balance sheet date. As a result of the ratemaking process, the Company records gains and losses resulting from the change in fair value of the derivatives as regulatory liabilities or assets, then reclassifies these gains or losses into Cost of Gas Sales when the gains and losses are passed through to customers through the Cost of Gas Adjustment Clause. Currently, there are no active transactions and the Company has proposed to regulators to discontinue the program. This matter remains pending. As of March 31, 2018, March 31, 2017 and December 31, 2017 the Company had zero, 1.2 billion and 0.6 billion cubic feet (BCF), respectively, outstanding in natural gas futures and options contracts under its hedging program. As of March 31, 2018 and March 31, 2017 and December 31, 2017, the Company’s derivatives that are not designated as hedging instruments under FASB ASC 815-20 |
Investments in Marketable Securities | Investments in Marketable Securities At March 31, 2018, March 31, 2017 and December 31, 2017, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, were $5.1 million, $3.3 and $3.6 million, respectively, as shown in the table below. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2018 2017 2017 Equity Funds $ 1.9 $ 1.1 $ 2.1 Fixed Income Funds 1.6 0.9 1.5 Cash and Equivalents 1.6 1.3 — Total Marketable Securities $ 5.1 $ 3.3 $ 3.6 |
Energy Supply Obligations | Energy Supply Obligations – March 31, December 31, Energy Supply Obligations ($ millions) 2018 2017 2017 Current: Exchange Gas Obligation $ — $ 1.9 $ 5.4 Renewable Energy Portfolio Standards 7.5 6.8 4.0 Power Supply Contract Divestitures 0.3 0.3 0.3 Total Energy Supply Obligations – Current 7.8 9.0 9.7 Long-Term: Power Supply Contract Divestitures 0.8 1.2 0.9 Total Energy Supply Obligations $ 8.6 $ 10.2 $ 10.6 Exchange Gas Obligation – As discussed above, Northern Utilities enters into gas exchange agreements under which Northern Utilities releases certain natural gas pipeline and storage assets, resells the natural gas storage inventory to an asset manager and subsequently repurchases the inventory over the course of the natural gas heating season at the same price at which it sold the natural gas inventory to the asset manager. The gas inventory related to these agreements is recorded in Exchange Gas Receivable on the Company’s Consolidated Balance Sheets while the corresponding obligations are recorded in Energy Supply Obligations. Renewable Energy Portfolio Standards – Renewable Energy Portfolio Standards (RPS) require retail electricity suppliers, including public utilities, to demonstrate that required percentages of their sales are met with power generated from certain types of resources or technologies. Compliance is demonstrated by purchasing and retiring Renewable Energy Certificates (REC) generated by facilities approved by the state as qualifying for REC treatment. Unitil Energy and Fitchburg purchase RECs in compliance with RPS legislation in New Hampshire and Massachusetts for supply provided to default service customers. RPS compliance costs are a supply cost that is recovered in customer default service rates. Unitil Energy and Fitchburg collect RPS compliance costs from customers throughout the year and demonstrate compliance for each calendar year on the following July 1. Due to timing differences between collection of revenue from customers and payment of REC costs to suppliers, Unitil Energy and Fitchburg typically maintain accrued revenue for RPS compliance which is recorded in Accrued Revenue with a corresponding liability in Energy Supply Obligations on the Company’s Consolidated Balance Sheets. Fitchburg has entered into long-term renewable contracts for electric energy and/or renewable energy credits pursuant to Massachusetts legislation, specifically, the Act Relative to Green Communities of 2008 and the Act Relative to Competitively Priced Electricity (2012) in the Commonwealth, and the MDPU’s regulations implementing the legislation. The generating facilities associated with three of these contracts have been constructed and are operating. A recent round of long-term renewable energy procurements was conducted during 2016 and several contracts were finalized and submitted to MDPU for approval in 2017. These approvals remain pending. Additional procurements are expected in compliance with the Act to Promote Energy Diversity (2016). Fitchburg recovers the costs associated with long-term renewable contracts on a fully reconciling basis through a MDPU-approved cost recovery mechanism. Power Supply Contract Divestitures – Unitil Energy’s and Fitchburg’s customers are entitled to purchase their electric or natural gas supplies from third-party suppliers. In connection with the implementation of retail choice, Unitil Power, which formerly functioned as the wholesale power supply provider for Unitil Energy, and Fitchburg divested their long-term power supply contracts through the sale of the entitlements to the electricity sold under those contracts. Unitil Energy and Fitchburg recover in their rates all the costs associated with the divestiture of their power supply portfolios and have secured regulatory approval from the NHPUC and MDPU, respectively, for the recovery of power supply-related stranded costs. The obligations related to these divestitures are recorded in Energy Supply Obligations (current portion) and Other Noncurrent Liabilities (noncurrent portion) on the Company’s Consolidated Balance Sheets with corresponding regulatory assets recorded in Accrued Revenue (current portion) and Regulatory Assets (noncurrent portion). |
Recently Issued Pronouncements | Recently Issued Pronouncements No. 2017-07, In May 2014, the FASB issued ASU No. 2014-09, The majority of the Company’s revenue, including energy provided to customers, is from tariff offerings that provide natural gas or electricity without a defined contractual term. For such arrangements, the Company generally expects that the revenue from contracts with these customers will continue to be equivalent to the electricity or natural gas supplied and billed in that period (including unbilled revenues) and the adoption of the new guidance will not result in a significant shift in the timing of revenue recognition for such sales. The Company used the modified retrospective method when adopting the new standard on January 1, 2018. The new guidance did not have a material impact to the Consolidated Financial Statements. (See “Utility Revenue Recognition” and “Other Operating Revenue – Non-regulated” In February 2016, the FASB issued ASU 2016-02, In January 2016, the FASB issued Accounting Standards Update (ASU) 2016-01 Other than the pronouncements discussed above, there are no recently issued pronouncements that the Company has not already adopted or that have a material impact on the Company. |
Subsequent Events | Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Components of Gas and Electric Operating Revenue | In the following tables, revenue is classified by the types of goods/services rendered and market/customer type. The lower revenues reported in the first quarter of 2018 to account for the reduction in the corporate income tax rate under the Tax Cuts and Jobs Act of 2017 (TCJA) are shown separately in the table below for informational purposes. Three Months Ended March 31, 2018 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 35.8 $ 34.4 $ 70.2 C&I 50.6 24.1 74.7 Other 6.5 3.9 10.4 Revenue Reductions – TCJA (1.5 ) (0.8 ) (2.3 ) Total Billed and Unbilled Revenue 91.4 61.6 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) (8.5 ) Total Gas and Electric Operating Revenues $ 87.0 $ 57.5 $ 144.5 Three Months Ended March 31, 2017 Gas and Electric Operating Revenues ($ millions): Gas Electric Total Billed and Unbilled Revenue: Residential $ 30.9 $ 27.3 $ 58.2 C&I 42.3 19.5 61.8 Other 5.6 2.2 7.8 Total Billed and Unbilled Revenue 78.8 49.0 127.8 Rate Adjustment Mechanism Revenue (4.0 ) 0.5 (3.5 ) Total Gas and Electric Operating Revenues $ 74.8 $ 49.5 $ 124.3 |
Schedule of Other Operating Revenues and Operating Expenses | If ASU 2014-09 Three Months Ended March 31, As Reported If ASU 2014-09 Effect Other Operating Revenues ($ millions): 2018 2017 Usource Contract Revenue $ 1.6 $ 1.7 Less: Revenue Sharing Payments 0.3 0.3 Total Other Operating Revenues $ 1.3 $ 1.4 Three Months Ended March 31, As Reported If ASU 2014-09 Effect Operation and Maintenance Expense ($ millions): 2018 2017 Operation and Maintenance Expense $ 17.3 $ 15.7 |
Allowance for Doubtful Accounts Included in Accounts Receivable Net | The Allowance for Doubtful Accounts as of March 31, 2018, March 31, 2017 and December 31, 2017, which are included in Accounts Receivable, net on the accompanying unaudited consolidated balance sheets, was as follows: ($ millions) March 31, December 31, 2018 2017 2017 Allowance for Doubtful Accounts $ 1.6 $ 1.0 $ 1.6 |
Components of Accrued Revenue | The following table shows the components of Accrued Revenue as of March 31, 2018, March 31, 2017 and December 31, 2017. March 31, December 31, Accrued Revenue ($ millions) 2018 2017 2017 Regulatory Assets – Current $ 34.6 $ 32.0 $ 39.5 Unbilled Revenues 10.5 9.3 13.8 Total Accrued Revenue $ 45.1 $ 41.3 $ 53.3 |
Components of Exchange Gas Receivable | The following table shows the components of Exchange Gas Receivable as of March 31, 2018, March 31, 2017 and December 31, 2017. March 31, December 31, Exchange Gas Receivable ($ millions) 2018 2017 2017 Northern Utilities $ — $ 1.9 $ 5.4 Fitchburg 0.2 0.2 0.4 Total Exchange Gas Receivable $ 0.2 $ 2.1 $ 5.8 |
Components of Gas Inventory | The Company uses the weighted average cost methodology to value natural gas inventory. The following table shows the components of Gas Inventory as of March 31, 2018, March 31, 2017 and December 31, 2017. March 31, December 31, Gas Inventory ($ millions) 2018 2017 2017 Natural Gas $ — $ — $ 0.4 Propane 0.3 0.2 0.1 Liquefied Natural Gas & Other 0.1 0.1 0.1 Total Gas Inventory $ 0.4 $ 0.3 $ 0.6 |
Regulatory Assets | March 31, December 31, Regulatory Assets consist of the following ($ millions) 2018 2017 2017 Retirement Benefits $ 85.4 $ 75.7 $ 84.5 Energy Supply & Other Rate Adjustment Mechanisms 31.9 27.7 36.0 Deferred Storm Charges 8.0 8.6 7.2 Environmental 9.0 10.7 9.5 Income Taxes 6.3 7.3 6.5 Other 5.2 5.5 5.4 Total Regulatory Assets 145.8 135.5 149.1 Less: Current Portion of Regulatory Assets (1) 34.6 32.0 39.5 Regulatory Assets – noncurrent $ 111.2 $ 103.5 $ 109.6 (1) Reflects amounts included in Accrued Revenue, discussed above, on the Company’s Consolidated Balance Sheets. |
Regulatory Liabilities | March 31, December 31, Regulatory Liabilities consist of the following ($ millions) 2018 2017 2017 Rate Adjustment Mechanisms $ 10.3 $ 9.2 $ 6.9 Gas Pipeline Refund (Note 6) 0.6 4.3 2.3 Income Taxes (Note 8) 49.1 — 48.9 Total Regulatory Liabilities 60.0 13.5 58.1 Less: Current Portion of Regulatory Liabilities 10.9 12.8 9.2 Regulatory Liabilities – noncurrent $ 49.1 $ 0.7 $ 48.9 |
Fair Value of Marketable Securities | Changes in the fair value of these investments are recorded in Other Expense, net. March 31, December 31, Fair Value of Marketable Securities ($ millions) 2018 2017 2017 Equity Funds $ 1.9 $ 1.1 $ 2.1 Fixed Income Funds 1.6 0.9 1.5 Cash and Equivalents 1.6 1.3 — Total Marketable Securities $ 5.1 $ 3.3 $ 3.6 |
Components of Energy Supply Obligations | The following discussion and table summarize the nature and amounts of the items recorded as Energy Supply Obligations (current portion) and Other Noncurrent Liabilities (noncurrent portion) on the Company’s Consolidated Balance Sheets. March 31, December 31, Energy Supply Obligations ($ millions) 2018 2017 2017 Current: Exchange Gas Obligation $ — $ 1.9 $ 5.4 Renewable Energy Portfolio Standards 7.5 6.8 4.0 Power Supply Contract Divestitures 0.3 0.3 0.3 Total Energy Supply Obligations – Current 7.8 9.0 9.7 Long-Term: Power Supply Contract Divestitures 0.8 1.2 0.9 Total Energy Supply Obligations $ 8.6 $ 10.2 $ 10.6 |
DIVIDENDS DECLARED PER SHARE (T
DIVIDENDS DECLARED PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Dividends Declared | Declaration Date Date Paid (Payable) Shareholder of Record Date Dividend Amount 04/25/18 05/29/18 05/15/18 $0.365 01/30/18 02/28/18 02/14/18 $0.365 10/25/17 11/29/17 11/15/17 $0.360 07/26/17 08/29/17 08/15/17 $0.360 04/26/17 05/30/17 05/16/17 $0.360 01/25/17 02/28/17 02/14/17 $0.360 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Significant Segment Financial Data | The following table provides significant segment financial data for the three months ended March 31, 2018 and March 31, 2017: Gas Electric Non- Regulated Other Total Three Months Ended March 31, 2018 ($ millions) Revenues: Billed and Unbilled Revenue $ 91.4 $ 61.6 $ — $ — $ 153.0 Rate Adjustment Mechanism Revenue (4.4 ) (4.1 ) — — (8.5 ) Other Operating Revenue – Non-Regulated — — 1.3 — 1.3 Total Operating Revenues $ 87.0 $ 57.5 $ 1.3 $ — $ 145.8 Segment Profit (Loss) 12.6 3.0 0.4 (0.4 ) 15.6 Identifiable Segment Assets 712.6 481.8 7.1 42.8 1,244.3 Capital Expenditures 3.6 6.0 — 0.5 10.1 Three Months Ended March 31, 2017 ($ millions) Revenues $ 74.8 $ 49.5 $ 1.7 $ — $ 126.0 Segment Profit 9.9 2.1 0.4 — 12.4 Identifiable Segment Assets 641.8 442.8 7.0 42.8 1,134.4 Capital Expenditures 5.7 8.3 — 3.5 17.5 As of December 31, 2017 ($ millions) Identifiable Segment Assets $ 714.3 $ 476.9 $ 6.7 $ 44.0 $ 1,241.9 |
DEBT AND FINANCING ARRANGEMEN21
DEBT AND FINANCING ARRANGEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Details on Long Term Debt | Details on long-term debt at March 31, 2018, March 31, 2017 and December 31, 2017 are shown below: ($ millions) March 31, December 31, 2018 2017 2017 Unitil Corporation: 6.33% Senior Notes, Due May 1, 2022 $ 20.0 $ 20.0 $ 20.0 3.70% Senior Notes, Due August 1, 2026 30.0 30.0 30.0 Unitil Energy First Mortgage Bonds: 5.24% Senior Secured Notes, Due March 2, 2020 10.0 15.0 15.0 8.49% Senior Secured Notes, Due October 14, 2024 7.5 9.0 7.5 6.96% Senior Secured Notes, Due September 1, 2028 20.0 20.0 20.0 8.00% Senior Secured Notes, Due May 1, 2031 15.0 15.0 15.0 6.32% Senior Secured Notes, Due September 15, 2036 15.0 15.0 15.0 Fitchburg: 6.75% Senior Notes, Due November 30, 2023 7.6 9.5 7.6 6.79% Senior Notes, Due October 15, 2025 10.0 10.0 10.0 3.52% Senior Notes, Due November 1, 2027 10.0 — 10.0 7.37% Senior Notes, Due January 15, 2029 12.0 12.0 12.0 5.90% Senior Notes, Due December 15, 2030 15.0 15.0 15.0 7.98% Senior Notes, Due June 1, 2031 14.0 14.0 14.0 4.32% Senior Notes, Due November 1, 2047 15.0 — 15.0 Northern Utilities: 6.95% Senior Notes, Due December 3, 2018 10.0 20.0 10.0 5.29% Senior Notes, Due March 2, 2020 16.6 25.0 25.0 3.52% Senior Notes, Due November 1, 2027 20.0 — 20.0 7.72% Senior Notes, Due December 3, 2038 50.0 50.0 50.0 4.42% Senior Notes, Due October 15, 2044 50.0 50.0 50.0 4.32% Senior Notes, Due November 1, 2047 30.0 — 30.0 Granite State: 7.15% Senior Notes, Due December 15, 2018 3.3 6.7 3.3 3.72% Senior Notes, Due November 1, 2027 15.0 — 15.0 Unitil Realty Corp.: 8.00% Senior Secured Notes, Due Through August 1, 2017 — 0.2 — Total Long-Term Debt 396.0 336.4 409.4 Less: Unamortized Debt Issuance Costs 3.2 2.9 3.3 Total Long-Term Debt, net of Unamortized Debt Issuance Costs 392.8 333.5 406.1 Less: Current Portion 29.8 30.0 29.8 Total Long-term Debt, Less Current Portion $ 363.0 $ 303.5 $ 376.3 |
Fair Value of Long Term Debt | ($ millions) March 31, December 31, 2018 2017 2017 Estimated Fair Value of Long-Term Debt $ 428.0 $ 374.3 $ 457.1 |
Borrowing Limits Amounts Outstanding and Amounts Available under Revolving Credit Facility | The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of March 31, 2018, March 31, 2017 and December 31, 2017: Revolving Credit Facility ($ millions) March 31, December 31, 2018 2017 2017 Limit $ 120.0 $ 120.0 $ 120.0 Short-Term Borrowings Outstanding $ 45.3 $ 76.6 $ 38.3 Letters of Credit Outstanding $ 0.0 $ 1.1 $ 0.0 Available $ 74.7 $ 42.3 $ 81.7 |
COMMON STOCK AND PREFERRED ST22
COMMON STOCK AND PREFERRED STOCK (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restricted Stock Units Issued | The equity portion of Restricted Stock Units activity during the three months ended March 31, 2018 in conjunction with the Stock Plan are presented in the following table: Restricted Stock Units (Equity Portion) Units Weighted Average Stock Price Restricted Stock Units as of December 31, 2017 52,224 $ 36.22 Restricted Stock Units Granted — — Dividend Equivalents Earned 453 $ 42.04 Restricted Stock Units Settled — — Restricted Stock Units as of March 31, 2018 52,677 $ 36.27 |
ENVIRONMENTAL MATTERS (Tables)
ENVIRONMENTAL MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Environmental Obligations Recognized by Company | The following table sets forth a summary of changes in the Company’s liability for Environmental Obligations for the three months ended March 31, 2018 and 2017. Environmental Obligations ($ millions) Fitchburg Northern Total Three months ended March 31, 2018 2017 2018 2017 2018 2017 Total Balance at Beginning of Period $ 0.1 $ 0.1 $ 2.0 $ 1.9 $ 2.1 $ 2.0 Additions 0.1 — 0.1 0.4 0.2 0.4 Less: Payments / Reductions 0.1 — 0.1 0.1 0.2 0.1 Total Balance at End of Period 0.1 0.1 2.0 2.2 2.1 2.3 Less: Current Portion 0.1 0.1 0.5 0.4 0.6 0.5 Noncurrent Balance at End of Period $ — $ — $ 1.5 $ 1.8 $ 1.5 $ 1.8 |
RETIREMENT BENEFIT OBLIGATIONS
RETIREMENT BENEFIT OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations | The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations: 2018 2017 Used to Determine Plan Costs Discount Rate 3.60 % 4.10 % 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 7.50 % 8.00 % Ultimate Health Care Cost Trend Rate 4.50 % 4.00 % Year that Ultimate Health Care Cost Trend Rate is reached 2024 2025 |
Components of Retirement Plan Costs | The following table provides the components of the Company’s Retirement plan costs ($000’s): Pension Plan PBOP Plan SERP Three Months Ended March 31, 2018 2017 2018 2017 2018 2017 Service Cost $ 848 $ 824 $ 733 $ 744 $ 122 $ 115 Interest Cost 1,469 1,514 851 978 101 98 Expected Return on Plan Assets (1,946 ) (1,819 ) (409 ) (337 ) — — Prior Service Cost Amortization 81 66 327 350 47 47 Actuarial Loss Amortization 1,447 1,176 346 524 122 74 Sub-total 1,899 1,761 1,848 2,259 392 334 Amounts Capitalized and Deferred (720 ) (662 ) (742 ) (1,037 ) (113 ) (99 ) Net Periodic Benefit Cost Recognized $ 1,179 $ 1,099 $ 1,106 $ 1,222 $ 279 $ 235 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Additional Information (Detail) Bcf in Billions | 3 Months Ended | ||
Mar. 31, 2018USD ($)SubsidiarymiBcf | Mar. 31, 2017USD ($)Bcf | Dec. 31, 2017USD ($)Bcf | |
Significant Accounting Policies [Line Items] | |||
Length Of Pipeline | mi | 86 | ||
Revenue sharing payments | $ 300,000 | $ 300,000 | |
Other | 1,300,000 | 1,700,000 | |
Operation and Maintenance Expense | 17,300,000 | 16,000,000 | |
Cost of removal obligation | 86,600,000 | 79,700,000 | $ 84,300,000 |
Regulatory Assets | $ 145,800,000 | $ 135,500,000 | $ 149,100,000 |
Number of Natural Gas Storage Outstanding | Bcf | 0 | 1.2 | 0.6 |
Investments in trading securities | $ 5,100,000 | $ 3,300,000 | $ 3,600,000 |
ASU 2014-09 | |||
Significant Accounting Policies [Line Items] | |||
Revenue sharing payments | 300,000 | ||
Operation and Maintenance Expense | 15,700,000 | ||
Non Service | |||
Significant Accounting Policies [Line Items] | |||
Non-service cost net periodic benefit costs | 1,500,000 | 1,600,000 | |
Not Designated as Hedging Instruments | |||
Significant Accounting Policies [Line Items] | |||
Derivative Assets, not designated as hedging instruments | $ 0 | 300,000 | 100,000 |
Annual Electric Sales Volume | |||
Significant Accounting Policies [Line Items] | |||
Percentage of total sales volumes revenue subject to RDM | 27.00% | ||
Annual Natural Gas Sales Volume | |||
Significant Accounting Policies [Line Items] | |||
Percentage of total sales volumes revenue subject to RDM | 11.00% | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Cash equivalents maturity period | 3 months | ||
ISO-NE Obligations | |||
Significant Accounting Policies [Line Items] | |||
Cash Deposits | $ 3,300,000 | 2,600,000 | 2,900,000 |
Natural Gas Hedging Program | |||
Significant Accounting Policies [Line Items] | |||
Cash Deposits | 0 | 0 | 0 |
Restatement Adjustment [Member] | ASU 2014-09 | |||
Significant Accounting Policies [Line Items] | |||
Other | (300,000) | ||
Operation and Maintenance Expense | (300,000) | ||
Deferred Storm Charges | |||
Significant Accounting Policies [Line Items] | |||
Regulatory Assets | 8,000,000 | $ 8,600,000 | $ 7,200,000 |
Deferred Storm Charges | Recovered over Next Year | |||
Significant Accounting Policies [Line Items] | |||
Regulatory Assets | 500,000 | ||
Environmental and Rate Case Costs and Other Expenditures | Recovered over the next seven years | |||
Significant Accounting Policies [Line Items] | |||
Regulatory Assets | $ 6,500,000 | ||
Unitil Service; Unitil Realty; and Unitil Resources | |||
Significant Accounting Policies [Line Items] | |||
Number of Subsidiaries | Subsidiary | 3 | ||
Utilities | |||
Significant Accounting Policies [Line Items] | |||
Number of Subsidiaries | Subsidiary | 3 |
Components of Gas and Electric
Components of Gas and Electric Operating Revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | $ 144.5 | $ 124.3 |
Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 153 | 127.8 |
Rate Adjustment Mechanism Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | (8.5) | (3.5) |
Gas Segment | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 87 | 74.8 |
Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 91.4 | 78.8 |
Gas Segment | Rate Adjustment Mechanism Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | (4.4) | (4) |
Electric | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 57.5 | 49.5 |
Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 61.6 | 49 |
Electric | Rate Adjustment Mechanism Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | (4.1) | 0.5 |
Residential | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 70.2 | 58.2 |
Residential | Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 35.8 | 30.9 |
Residential | Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 34.4 | 27.3 |
C&I | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 74.7 | 61.8 |
C&I | Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 50.6 | 42.3 |
C&I | Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 24.1 | 19.5 |
Other | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 10.4 | 7.8 |
Other | Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 6.5 | 5.6 |
Other | Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | 3.9 | $ 2.2 |
Revenue Reduction - TCJA | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | (2.3) | |
Revenue Reduction - TCJA | Gas Segment | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | (1.5) | |
Revenue Reduction - TCJA | Electric | Billed and Unbilled Revenue | ||
Operating Revenues [Line Items] | ||
Total Gas and Electric Operating Revenues | $ (0.8) |
Schedule of Other Operating Rev
Schedule of Other Operating Revenues and Operating Expenses (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Component of Operating Other Cost and Expense [Abstract] | ||
Usource Contract Revenue | $ 1.6 | |
Less: Revenue Sharing Payments | 0.3 | $ 0.3 |
Total Other Operating Revenues | 1.3 | |
Operation and Maintenance Expense | $ 17.3 | 16 |
ASU 2014-09 | ||
Component of Operating Other Cost and Expense [Abstract] | ||
Usource Contract Revenue | 1.7 | |
Less: Revenue Sharing Payments | 0.3 | |
Total Other Operating Revenues | 1.4 | |
Operation and Maintenance Expense | $ 15.7 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts Included in Accounts Receivable Net (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Valuation Allowance [Line Items] | |||
Allowance for Doubtful Accounts | $ 1.6 | $ 1.6 | $ 1 |
Components of Accrued Revenue (
Components of Accrued Revenue (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Deferred Revenue Arrangement [Line Items] | |||
Accrued Revenue | $ 45.1 | $ 53.3 | $ 41.3 |
Unbilled Revenues | |||
Deferred Revenue Arrangement [Line Items] | |||
Accrued Revenue | 10.5 | 13.8 | 9.3 |
Regulatory Assets | |||
Deferred Revenue Arrangement [Line Items] | |||
Accrued Revenue | $ 34.6 | $ 39.5 | $ 32 |
Components of Exchange Gas Rece
Components of Exchange Gas Receivable (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Receivables [Line Items] | |||
Total Exchange Gas Receivable | $ 0.2 | $ 5.8 | $ 2.1 |
Northern Utilities Inc | |||
Receivables [Line Items] | |||
Total Exchange Gas Receivable | 5.4 | 1.9 | |
Fitchburg Gas and Electric Light Company | |||
Receivables [Line Items] | |||
Total Exchange Gas Receivable | $ 0.2 | $ 0.4 | $ 0.2 |
Components of Gas Inventory (De
Components of Gas Inventory (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | $ 0.4 | $ 0.6 | $ 0.3 |
Liquefied Natural Gas & Other | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | 0.1 | 0.1 | 0.1 |
Natural Gas | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | 0.4 | ||
Propane | |||
Public Utilities, Inventory [Line Items] | |||
Weighted average cost inventory amount | $ 0.3 | $ 0.1 | $ 0.2 |
Regulatory Assets (Detail)
Regulatory Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Regulatory Assets [Line Items] | ||||
Regulatory Assets | $ 145.8 | $ 149.1 | $ 135.5 | |
Less: Current Portion of Regulatory Assets | [1] | 34.6 | 39.5 | 32 |
Regulatory Assets - noncurrent | 111.2 | 109.6 | 103.5 | |
Environmental Matters | ||||
Regulatory Assets [Line Items] | ||||
Regulatory Assets | 9 | 9.5 | 10.7 | |
Other Assets | ||||
Regulatory Assets [Line Items] | ||||
Regulatory Assets | 5.2 | 5.4 | 5.5 | |
Retirement Benefits | ||||
Regulatory Assets [Line Items] | ||||
Regulatory Assets | 85.4 | 84.5 | 75.7 | |
Deferred Storm Charges | ||||
Regulatory Assets [Line Items] | ||||
Regulatory Assets | 8 | 7.2 | 8.6 | |
Income Taxes | ||||
Regulatory Assets [Line Items] | ||||
Regulatory Assets | 6.3 | 6.5 | 7.3 | |
Energy Supply & Other Rate Adjustment Mechanisms | ||||
Regulatory Assets [Line Items] | ||||
Regulatory Assets | $ 31.9 | $ 36 | $ 27.7 | |
[1] | Reflects amounts included in Accrued Revenue, discussed above, on the Company's Consolidated Balance Sheets. |
Regulatory Liabilities (Detail)
Regulatory Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | $ 60 | $ 58.1 | $ 13.5 |
Less: Current Portion of Regulatory Liabilities | 10.9 | 9.2 | 12.8 |
Regulatory Liabilities-noncurrent | 49.1 | 48.9 | 0.7 |
Rate Adjustment Mechanisms | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | 10.3 | 6.9 | 9.2 |
Gas Pipeline Refund | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | 0.6 | 2.3 | $ 4.3 |
Income Tax Related Liabilities | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liabilities | $ 49.1 | $ 48.9 |
Fair Value of Marketable Securi
Fair Value of Marketable Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Trading Securities | $ 5.1 | $ 3.6 | $ 3.3 |
Fair Value, Inputs, Level 1 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Trading Securities | 5.1 | 3.6 | 3.3 |
Fair Value, Inputs, Level 1 | Equity Funds | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Trading Securities | 1.9 | 2.1 | 1.1 |
Fair Value, Inputs, Level 1 | Fixed Income Funds | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Trading Securities | 1.6 | $ 1.5 | 0.9 |
Fair Value, Inputs, Level 1 | Cash Equivalents | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Trading Securities | $ 1.6 | $ 1.3 |
Components of Energy Supply Obl
Components of Energy Supply Obligations (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | $ 7.8 | $ 9.7 | $ 9 |
Power Supply Contract Divestitures, Noncurrent | 0.8 | 0.9 | 1.2 |
Total Energy Supply Obligations | 8.6 | 10.6 | 10.2 |
Exchange Gas Obligation | |||
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | 5.4 | 1.9 | |
Renewable Energy Portfolio Standards | |||
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | 7.5 | 4 | 6.8 |
Power Supply Contract Divestitures | |||
Contractual Obligation [Line Items] | |||
Energy Supply Obligations-Current | $ 0.3 | $ 0.3 | $ 0.3 |
Dividends Declared Per Share (D
Dividends Declared Per Share (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Dividends Payable [Line Items] | ||
Dividend Amount | $ 0.365 | $ 0.360 |
Group One | ||
Dividends Payable [Line Items] | ||
Declaration Date | Apr. 25, 2018 | |
Date Paid (Payable) | May 29, 2018 | |
Shareholder of Record Date | May 15, 2018 | |
Dividend Amount | $ 0.365 | |
Group Two | ||
Dividends Payable [Line Items] | ||
Declaration Date | Jan. 30, 2018 | |
Date Paid (Payable) | Feb. 28, 2018 | |
Shareholder of Record Date | Feb. 14, 2018 | |
Dividend Amount | $ 0.365 | |
Group Three | ||
Dividends Payable [Line Items] | ||
Declaration Date | Oct. 25, 2017 | |
Date Paid (Payable) | Nov. 29, 2017 | |
Shareholder of Record Date | Nov. 15, 2017 | |
Dividend Amount | $ 0.360 | |
Group Four | ||
Dividends Payable [Line Items] | ||
Declaration Date | Jul. 26, 2017 | |
Date Paid (Payable) | Aug. 29, 2017 | |
Shareholder of Record Date | Aug. 15, 2017 | |
Dividend Amount | $ 0.360 | |
Group Five | ||
Dividends Payable [Line Items] | ||
Declaration Date | Apr. 26, 2017 | |
Date Paid (Payable) | May 30, 2017 | |
Shareholder of Record Date | May 16, 2017 | |
Dividend Amount | $ 0.360 | |
Group Six | ||
Dividends Payable [Line Items] | ||
Declaration Date | Jan. 25, 2017 | |
Date Paid (Payable) | Feb. 28, 2017 | |
Shareholder of Record Date | Feb. 14, 2017 | |
Dividend Amount | $ 0.360 |
Significant Segment Financial D
Significant Segment Financial Data (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other Operating Revenue - Non-Regulated | $ 1.3 | ||
Revenues | 145.8 | $ 126 | |
Segment Profit | 15.6 | 12.4 | |
Identifiable Segment Assets | 1,244.3 | 1,134.4 | $ 1,241.9 |
Capital Expenditures | 10.1 | 17.5 | |
Billed and Unbilled Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 153 | ||
Rate Adjustment Mechanism Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | (8.5) | ||
Gas Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 87 | 74.8 | |
Segment Profit | 12.6 | 9.9 | |
Identifiable Segment Assets | 712.6 | 641.8 | 714.3 |
Capital Expenditures | 3.6 | 5.7 | |
Gas Segment | Billed and Unbilled Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 91.4 | ||
Gas Segment | Rate Adjustment Mechanism Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | (4.4) | ||
Electric | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 57.5 | 49.5 | |
Segment Profit | 3 | 2.1 | |
Identifiable Segment Assets | 481.8 | 442.8 | 476.9 |
Capital Expenditures | 6 | 8.3 | |
Electric | Billed and Unbilled Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 61.6 | ||
Electric | Rate Adjustment Mechanism Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | (4.1) | ||
All Other Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Profit | (0.4) | ||
Identifiable Segment Assets | 42.8 | 42.8 | 44 |
Capital Expenditures | 0.5 | 3.5 | |
Unregulated Operation | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other Operating Revenue - Non-Regulated | 1.3 | ||
Revenues | 1.3 | 1.7 | |
Segment Profit | 0.4 | 0.4 | |
Identifiable Segment Assets | $ 7.1 | $ 7 | $ 6.7 |
Details on Long Term Debt (Deta
Details on Long Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 396 | $ 409.4 | $ 336.4 |
Less: Unamortized Debt Issuance Costs | 3.2 | 3.3 | 2.9 |
Long-Term Debt | 392.8 | 406.1 | 333.5 |
Less: Current Portion | 29.8 | 29.8 | 30 |
Total Long-term Debt, Less Current Portion | 363 | 376.3 | 303.5 |
Long-Term Debt | 392.8 | 406.1 | 333.5 |
6.33% Senior Notes, Due May 1, 2022 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 20 | 20 | 20 |
3.70% Senior Notes, Due August 1, 2026 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | 30 |
Unitil Energy Systems Inc | First Mortgage Bonds 5.24% Senior Secured Notes, Due March 2, 2020 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10 | 15 | 15 |
Unitil Energy Systems Inc | First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 7.5 | 7.5 | 9 |
Unitil Energy Systems Inc | First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 20 | 20 | 20 |
Unitil Energy Systems Inc | First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Unitil Energy Systems Inc | First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Fitchburg Gas and Electric Light Company | 6.75% Senior Notes, Due November 30, 2023 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 7.6 | 7.6 | 9.5 |
Fitchburg Gas and Electric Light Company | 6.79% Senior Notes, Due October 15, 2025 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10 | 10 | 10 |
Fitchburg Gas and Electric Light Company | 3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10 | 10 | |
Fitchburg Gas and Electric Light Company | 7.37% Senior Notes, Due January 15, 2029 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 12 | 12 | 12 |
Fitchburg Gas and Electric Light Company | 5.90% Senior Notes, Due December 15, 2030 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | 15 |
Fitchburg Gas and Electric Light Company | 7.98% Senior Notes, Due June 1, 2031 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 14 | 14 | 14 |
Fitchburg Gas and Electric Light Company | 4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 15 | 15 | |
Northern Utilities Inc | 3.52% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 20 | 20 | |
Northern Utilities Inc | 4.32% Senior Notes, Due November 1, 2047 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 30 | 30 | |
Northern Utilities Inc | 6.95% Senior Notes, Due December 3, 2018 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 10 | 10 | 20 |
Northern Utilities Inc | 5.29% Senior Notes, Due March 2, 2020 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 16.6 | 25 | 25 |
Northern Utilities Inc | 7.72% Senior Notes, Due December 3, 2038 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 50 | 50 | 50 |
Northern Utilities Inc | 4.42% Senior Notes, Due October 15, 2044 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 50 | 50 | 50 |
Granite State Gas Transmission Inc | 7.15% Senior Notes, Due December 15, 2018 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | 3.3 | 3.3 | 6.7 |
Granite State Gas Transmission Inc | 3.72% Senior Notes, Due November 1, 2027 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 15 | $ 15 | |
Unitil Realty Corp | 8.00% Senior Secured Notes, Due August 1, 2017 | |||
Debt Instrument [Line Items] | |||
Total Long-Term Debt | $ 0.2 |
Details on Long Term Debt (Pare
Details on Long Term Debt (Parenthetical) (Detail) | Nov. 01, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
6.33% Senior Notes, Due May 1, 2022 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.33% | 6.33% | 6.33% | |
Debt instrument due date | May 1, 2022 | May 1, 2022 | May 1, 2022 | |
3.70% Senior Notes, Due August 1, 2026 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.70% | 3.70% | 3.70% | |
Debt instrument due date | Aug. 1, 2026 | Aug. 1, 2026 | Aug. 1, 2026 | |
First Mortgage Bonds 5.24% Senior Secured Notes, Due March 2, 2020 | Unitil Energy Systems Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.24% | 5.24% | 5.24% | |
Debt instrument due date | Mar. 2, 2020 | Mar. 2, 2020 | Mar. 2, 2020 | |
First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024 | Unitil Energy Systems Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 8.49% | 8.49% | 8.49% | |
Debt instrument due date | Oct. 14, 2024 | Oct. 14, 2024 | Oct. 14, 2024 | |
First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028 | Unitil Energy Systems Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.96% | 6.96% | 6.96% | |
Debt instrument due date | Sep. 1, 2028 | Sep. 1, 2028 | Sep. 1, 2028 | |
First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031 | Unitil Energy Systems Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 8.00% | 8.00% | 8.00% | |
Debt instrument due date | May 1, 2031 | May 1, 2031 | May 1, 2031 | |
First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036 | Unitil Energy Systems Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.32% | 6.32% | 6.32% | |
Debt instrument due date | Sep. 15, 2036 | Sep. 15, 2036 | Sep. 15, 2036 | |
6.75% Senior Notes, Due November 30, 2023 | Fitchburg Gas and Electric Light Company | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.75% | 6.75% | 6.75% | |
Debt instrument due date | Nov. 30, 2023 | Nov. 30, 2023 | Nov. 30, 2023 | |
6.79% Senior Notes, Due October 15, 2025 | Fitchburg Gas and Electric Light Company | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.79% | 6.79% | 6.79% | |
Debt instrument due date | Oct. 15, 2025 | Oct. 15, 2025 | Oct. 15, 2025 | |
3.52% Senior Notes, Due November 1, 2027 | Fitchburg Gas and Electric Light Company | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.52% | 3.52% | 3.52% | 3.52% |
Debt instrument due date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 |
3.52% Senior Notes, Due November 1, 2027 | Northern Utilities Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.52% | 3.52% | 3.52% | 3.52% |
Debt instrument due date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 |
7.37% Senior Notes, Due January 15, 2029 | Fitchburg Gas and Electric Light Company | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.37% | 7.37% | 7.37% | |
Debt instrument due date | Jan. 15, 2029 | Jan. 15, 2029 | Jan. 15, 2029 | |
5.90% Senior Notes, Due December 15, 2030 | Fitchburg Gas and Electric Light Company | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.90% | 5.90% | 5.90% | |
Debt instrument due date | Dec. 15, 2030 | Dec. 15, 2030 | Dec. 15, 2030 | |
7.98% Senior Notes, Due June 1, 2031 | Fitchburg Gas and Electric Light Company | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.98% | 7.98% | 7.98% | |
Debt instrument due date | Jun. 1, 2031 | Jun. 1, 2031 | Jun. 1, 2031 | |
4.32% Senior Notes, Due November 1, 2047 | Fitchburg Gas and Electric Light Company | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.32% | 4.32% | 4.32% | 4.32% |
Debt instrument due date | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 |
4.32% Senior Notes, Due November 1, 2047 | Northern Utilities Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.32% | 4.32% | 4.32% | 4.32% |
Debt instrument due date | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 |
6.95% Senior Notes, Due December 3, 2018 | Northern Utilities Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.95% | 6.95% | 6.95% | |
Debt instrument due date | Dec. 3, 2018 | Dec. 3, 2018 | Dec. 3, 2018 | |
5.29% Senior Notes, Due March 2, 2020 | Northern Utilities Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.29% | 5.29% | 5.29% | |
Debt instrument due date | Mar. 2, 2020 | Mar. 2, 2020 | Mar. 2, 2020 | |
7.72% Senior Notes, Due December 3, 2038 | Northern Utilities Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.72% | 7.72% | 7.72% | |
Debt instrument due date | Dec. 3, 2038 | Dec. 3, 2038 | Dec. 3, 2038 | |
4.42% Senior Notes, Due October 15, 2044 | Northern Utilities Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.42% | 4.42% | 4.42% | |
Debt instrument due date | Oct. 15, 2044 | Oct. 15, 2044 | Oct. 15, 2044 | |
7.15% Senior Notes, Due December 15, 2018 | Granite State Gas Transmission Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.15% | 7.15% | 7.15% | |
Debt instrument due date | Dec. 15, 2018 | Dec. 15, 2018 | Dec. 15, 2018 | |
3.72% Senior Notes, Due November 1, 2027 | Granite State Gas Transmission Inc | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.72% | 3.72% | 3.72% | 3.72% |
Debt instrument due date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 |
8.00% Senior Secured Notes, Due August 1, 2017 | Unitil Realty Corp | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 8.00% | 8.00% | 8.00% | |
Debt instrument due date | Aug. 1, 2017 | Aug. 1, 2017 | Aug. 1, 2017 |
Estimated Fair Value of Long Te
Estimated Fair Value of Long Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Fair Value, Inputs, Level 2 | |||
Debt Instrument [Line Items] | |||
Estimated Fair Value of Long-Term Debt | $ 428 | $ 457.1 | $ 374.3 |
Debt and Financing Arrangemen41
Debt and Financing Arrangements - Additional Information (Detail) - USD ($) | Nov. 01, 2017 | Oct. 04, 2013 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Oct. 30, 2015 |
Line of Credit Facility [Line Items] | ||||||
Weighted average interest rate on short term borrowings | 2.90% | 2.10% | 2.40% | |||
Issuance of long-term debt | $ 700,000 | |||||
Capital lease obligation, current | $ 3,100,000 | $ 3,000,000 | $ 3,100,000 | |||
Capital lease obligation, noncurrent | 4,900,000 | 7,500,000 | 5,700,000 | |||
Accounts Payable | 30,100,000 | 28,100,000 | 41,500,000 | |||
Guarantee outstanding | $ 17,900,000 | |||||
Unitil Service Corp. | ||||||
Line of Credit Facility [Line Items] | ||||||
Capital lease obligation, total capitalized cost | $ 13,400,000 | |||||
Capital lease obligation, maturity period | Sep. 30, 2020 | |||||
Capital lease obligation, current | $ 2,700,000 | |||||
Capital lease obligation, noncurrent | 4,400,000 | |||||
Northern Utilities Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Natural gas storage inventory | 1,000,000 | 3,800,000 | 8,500,000 | |||
Accounts Payable | 1,000,000 | 2,000,000 | 3,100,000 | |||
Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Revolving credit facility | 120,000,000 | 120,000,000 | $ 120,000,000 | |||
Proceeds from lines of credit | $ 88,900,000 | |||||
Repayments of lines of credit | $ 81,900,000 | |||||
Credit Facility | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Revolving credit facility | $ 120,000,000 | |||||
Sublimit for the issuance of standby letters of credit | 25,000,000 | |||||
Credit Facility by an aggregate additional amount | $ 30,000,000 | |||||
Revolving credit facility termination date | Oct. 4, 2020 | |||||
Percentage of capitalization | The affirmative and negative covenants under the Credit Facility shall apply until the Credit Facility terminates and all amounts borrowed under the Credit Facility are paid in full (or with respect to letters of credit, they are cash collateralized). The only financial covenant in the Credit Facility provides that Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At March 31, 2018, March 31, 2017 and December 31, 2017, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date. | |||||
Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, daily fluctuating rate of interest | 1.25% | |||||
7.15% Senior Notes, Due December 15, 2018 | Granite State Gas Transmission Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, maturity date | Dec. 15, 2018 | Dec. 15, 2018 | Dec. 15, 2018 | |||
Long-term debt, stated interest rate | 7.15% | 7.15% | 7.15% | |||
Senior Notes | $ 3,300,000 | |||||
3.52% Senior Notes, Due November 1, 2027 | Northern Utilities Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, aggregate principal amount | $ 20,000,000 | |||||
Long-term debt, maturity date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | ||
Long-term debt, stated interest rate | 3.52% | 3.52% | 3.52% | 3.52% | ||
3.52% Senior Notes, Due November 1, 2027 | Fitchburg Gas and Electric Light Company | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, aggregate principal amount | $ 10,000,000 | |||||
Long-term debt, maturity date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | ||
Long-term debt, stated interest rate | 3.52% | 3.52% | 3.52% | 3.52% | ||
4.32% Senior Notes, Due November 1, 2047 | Northern Utilities Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, aggregate principal amount | $ 30,000,000 | |||||
Long-term debt, maturity date | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 | ||
Long-term debt, stated interest rate | 4.32% | 4.32% | 4.32% | 4.32% | ||
4.32% Senior Notes, Due November 1, 2047 | Fitchburg Gas and Electric Light Company | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, aggregate principal amount | $ 15,000,000 | |||||
Long-term debt, maturity date | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 | Nov. 1, 2047 | ||
Long-term debt, stated interest rate | 4.32% | 4.32% | 4.32% | 4.32% | ||
3.72% Senior Notes, Due November 1, 2027 | Granite State Gas Transmission Inc | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, aggregate principal amount | $ 15,000,000 | |||||
Long-term debt, maturity date | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | Nov. 1, 2027 | ||
Long-term debt, stated interest rate | 3.72% | 3.72% | 3.72% | 3.72% |
Borrowing Limits Amounts Outsta
Borrowing Limits Amounts Outstanding and Amounts Available under Revolving Credit Facility (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | |||
Short-Term Borrowings Outstanding | $ 45,300,000 | $ 38,300,000 | $ 76,600,000 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, limit | 120,000,000 | 120,000,000 | 120,000,000 |
Short-Term Borrowings Outstanding | 45,300,000 | 38,300,000 | 76,600,000 |
Letters of Credit Outstanding | 0 | 0 | 1,100,000 |
Available revolving credit facility | $ 74,700,000 | $ 81,700,000 | $ 42,300,000 |
Common Stock And Preferred St43
Common Stock And Preferred Stock - Additional Information (Detail) - USD ($) | Jan. 29, 2018 | Dec. 14, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||||
Common stock, shares outstanding | 14,860,123 | 14,107,741 | 14,815,585 | ||
Common stock, shares issued | 7,812 | 7,581 | |||
Proceeds from Issuance of Common Stock | $ 300,000 | $ 300,000 | |||
Share based compensation expense | $ 1,800,000 | 1,700,000 | |||
Percentage of fully-vested restricted stock units that directors will receive in common shares when settled | 70.00% | ||||
Percentage of fully-vested restricted stock units that directors will receive in cash when settled | 30.00% | ||||
Fair value of liabilities associated with fully vested RSUs that will be settled in cash | $ 1,000,000 | 800,000 | $ 1,000,000 | ||
Preferred Stock | 200,000 | 200,000 | $ 200,000 | ||
Maximum | |||||
Class of Stock [Line Items] | |||||
Dividend declared | 100,000 | $ 100,000 | |||
Registered Public Offering | |||||
Class of Stock [Line Items] | |||||
Proceeds from Issuance of Common Stock | $ 31,700,000 | ||||
Registered Public Offering | Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 690,000 | ||||
Common stock price per share | $ 48.30 | ||||
Dividend and Distribution Reinvestment and Share Purchase Plan | |||||
Class of Stock [Line Items] | |||||
Proceeds from Issuance of Common Stock | $ 341,500 | ||||
Dividend and Distribution Reinvestment and Share Purchase Plan | Average | |||||
Class of Stock [Line Items] | |||||
Common stock price per share | $ 43.71 | ||||
Dividend and Distribution Reinvestment and Share Purchase Plan | Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 7,812 | ||||
Unitil Energy Systems Inc | Series 6 | |||||
Class of Stock [Line Items] | |||||
Preferred stock, outstanding | 1,893 | 1,893 | 1,893 | ||
Preferred Stock | $ 200,000 | $ 200,000 | $ 200,000 | ||
Dividend rate | 6.00% | 6.00% | 6.00% | ||
Restricted Stock | |||||
Class of Stock [Line Items] | |||||
Restricted stock vesting period | 4 years | ||||
Restricted stock non-vested | 90,882 | 94,880 | |||
Restricted stock weighted average grant date fair value | $ 41.93 | $ 39.55 | |||
Unrecognized share based compensation | $ 1,300,000 | ||||
Share compensation recognition period | 2 years 9 months 18 days | ||||
Restricted Stock Units Granted | 37,510 | ||||
Aggregate Market Value | $ 1,600,000 | ||||
Forfeitures under the stock plan | 784 | ||||
Cancellations under the stock plan | 0 | ||||
Restricted Stock | Maximum | |||||
Class of Stock [Line Items] | |||||
Restricted stock available for awards | 677,500 | ||||
Restricted stock that may be awarded in any one calendar year to any one participant | 20,000 | ||||
Restricted Stock | Vesting Annually | |||||
Class of Stock [Line Items] | |||||
Restricted stock vesting percentage annually | 25.00% | ||||
Restricted Stock Units (RSUs) | |||||
Class of Stock [Line Items] | |||||
Restricted Stock Units Granted | 0 | ||||
Restricted stock units outstanding | 43,696 | ||||
Weighted-Average Stock Price | $ 33.49 |
Restricted Stock Units Issued (
Restricted Stock Units Issued (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Restricted Stock Units | |
Beginning Restricted Stock Units | shares | 52,224 |
Restricted Stock Units Granted | shares | 0 |
Dividend Equivalents Earned | shares | 453 |
Restricted Stock Units Settled | shares | 0 |
Ending Restricted Stock Units | shares | 52,677 |
Weighted-Average Stock Price | |
Beginning Restricted Stock Units | $ / shares | $ 36.22 |
Restricted Stock Units Granted | $ / shares | 0 |
Dividend Equivalents Earned | $ / shares | 42.04 |
Restricted Stock Units Settled | $ / shares | 0 |
Ending Restricted Stock Units | $ / shares | $ 36.27 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | May 01, 2019USD ($) | May 01, 2018USD ($) | Apr. 06, 2018USD ($) | Mar. 16, 2018USD ($) | Feb. 28, 2018USD ($) | Dec. 20, 2017USD ($) | Oct. 31, 2017 | Aug. 25, 2017MW | Jul. 31, 2017USD ($) | Jun. 21, 2017USD ($) | Jun. 05, 2017USD ($) | Apr. 28, 2017 | Apr. 20, 2017USD ($) | Oct. 31, 2016USD ($) | Apr. 29, 2016USD ($) | Apr. 15, 2015USD ($) | May 31, 2017USD ($) | Mar. 31, 2018USD ($)StateCustomer | Jun. 30, 2027MW | Dec. 31, 2022MWh | Jun. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017MW | Jun. 23, 2017kW | Mar. 31, 2017USD ($) | Aug. 19, 2016MW |
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Corporate income tax rate | 21.00% | |||||||||||||||||||||||||
Current Portion of Regulatory Liabilities | $ 10,900,000 | $ 9,200,000 | $ 12,800,000 | |||||||||||||||||||||||
Power capacity facility for small customers | kW | 100 | |||||||||||||||||||||||||
Northern Utilities Inc | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 1,600,000 | $ 6,000,000 | $ 700,000 | |||||||||||||||||||||||
Amendment effective date | Aug. 1, 2017 | |||||||||||||||||||||||||
TIRA initial term | Four years | |||||||||||||||||||||||||
Deferred cost | $ 1,100,000 | |||||||||||||||||||||||||
Pipeline refund received | $ 22,000,000 | 21,400,000 | ||||||||||||||||||||||||
Current Portion of Regulatory Liabilities | 600,000 | |||||||||||||||||||||||||
Northern Utilities Inc | Subsequent Event | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 2,600,000 | |||||||||||||||||||||||||
Northern Utilities Inc | Revenue Offset [Member] | Subsequent Event | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ (1,700,000) | |||||||||||||||||||||||||
Northern Utilities Inc | Scenario Forecast | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 0.9 | |||||||||||||||||||||||||
Annual revenue adjustment | $ 2,200,000 | $ 2,300,000 | ||||||||||||||||||||||||
Northern Utilities Inc | Maine | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 2,100,000 | $ (100,000) | ||||||||||||||||||||||||
Percentage of approved return on equity | 9.50% | |||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on equity | 50.00% | |||||||||||||||||||||||||
Percentage of approved return on equity, reflecting on debt | 50.00% | |||||||||||||||||||||||||
Reduction of annual operating costs | $ (500,000) | |||||||||||||||||||||||||
TIRA extended term | 8 years | |||||||||||||||||||||||||
Construction completion period | 3 years | |||||||||||||||||||||||||
Number of new customers | Customer | 1,000 | |||||||||||||||||||||||||
Potential regulated operating revenue | $ 1,000,000 | |||||||||||||||||||||||||
Grace period to receive refund | 3 years | |||||||||||||||||||||||||
Northern Utilities Inc | Maine | Second TAB program | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Number of new customers | Customer | 2,000 | |||||||||||||||||||||||||
Potential regulated operating revenue | $ 2,000,000 | |||||||||||||||||||||||||
Northern Utilities Inc | Maine | Revenue Offset [Member] | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ (2,200,000) | |||||||||||||||||||||||||
Northern Utilities Inc | New Hampshire | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Grace period to receive refund | 3 years | |||||||||||||||||||||||||
Northern Utilities Inc | New Hampshire | Natural Gas Distribution | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 4,700,000 | |||||||||||||||||||||||||
Granite State Gas Transmission Inc | Gas Transportation and Storage | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 200,000 | |||||||||||||||||||||||||
Amendment effective date | Aug. 1, 2017 | Jul. 28, 2017 | ||||||||||||||||||||||||
Unitil Energy Systems Inc | New Hampshire | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 400,000 | |||||||||||||||||||||||||
Permanent rate increase | $ 4,100,000 | |||||||||||||||||||||||||
Unitil Energy Systems Inc | New Hampshire | First Rate Step Adjustments | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Permanent rate increase | $ 900,000 | |||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 500,000 | $ (800,000) | ||||||||||||||||||||||||
Recovery amount | $ 900,000 | |||||||||||||||||||||||||
Percentage of waiver approved on annual changes in the revenue requirement eligible for recovery | 1.50% | |||||||||||||||||||||||||
Amendment effective date | May 1, 2017 | |||||||||||||||||||||||||
Revenues sought approval to collect, deferred for recovery in future periods | $ 400,000 | |||||||||||||||||||||||||
Percentage of waiver sought on annual changes in the revenue requirement eligible for recovery | 3.00% | 1.50% | ||||||||||||||||||||||||
Number of states with electric distribution companies | State | 3 | |||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Solar Generation | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Power generation facility | MW | 1.3 | |||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Minimum | Offshore Wind Energy | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Power generation facility | MW | 400 | |||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Solar Massachusetts Renewable Target Program | Solar Generation | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Power generation capacity | MW | 1,600 | |||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Scenario Forecast | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Power generation capacity | MWh | 9,450,000 | |||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Scenario Forecast | Solar Generation | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Recovery amount | $ 300,000 | |||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Scenario Forecast | Offshore Wind Energy | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Power generation facility | MW | 1,600 | |||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Electric base | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 2,100,000 | |||||||||||||||||||||||||
Amendment effective date | Jan. 1, 2018 | May 1, 2016 | Jan. 1, 2017 | |||||||||||||||||||||||
Annual revenue adjustment | $ 400,000 | $ 500,000 | ||||||||||||||||||||||||
Fitchburg Gas and Electric Light Company | Gas base | ||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||
Increase (decrease) in annual revenue | $ 1,600,000 | |||||||||||||||||||||||||
Amendment effective date | May 1, 2016 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) - Environmental Restoration Costs | 3 Months Ended |
Mar. 31, 2018 | |
Maine | |
Site Contingency [Line Items] | |
Amortization period for environmental costs | 5 years |
New Hampshire | |
Site Contingency [Line Items] | |
Amortization period for environmental costs | 7 years |
Company's Liability for Environ
Company's Liability for Environmental Obligations (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Environmental Exit Cost [Line Items] | |||||
Total Balance at Beginning of Period | $ 2.1 | $ 2 | |||
Additions | 0.2 | 0.4 | |||
Less: Payments / Reductions | 0.2 | 0.1 | |||
Total Balance at End of Period | 2.1 | 2.3 | |||
Less: Current Portion | $ 0.6 | $ 0.5 | $ 0.5 | ||
Noncurrent Balance | 1.5 | 1.6 | 1.8 | ||
Total Balance at End of period | 2.1 | 2.3 | 2.1 | 2.1 | 2.3 |
Fitchburg Gas and Electric Light Company | |||||
Environmental Exit Cost [Line Items] | |||||
Total Balance at Beginning of Period | 0.1 | 0.1 | |||
Additions | 0.1 | ||||
Less: Payments / Reductions | 0.1 | ||||
Total Balance at End of Period | 0.1 | 0.1 | |||
Less: Current Portion | 0.1 | 0.1 | |||
Total Balance at End of period | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
Northern Utilities Inc | |||||
Environmental Exit Cost [Line Items] | |||||
Total Balance at Beginning of Period | 2 | 1.9 | |||
Additions | 0.1 | 0.4 | |||
Less: Payments / Reductions | 0.1 | 0.1 | |||
Total Balance at End of Period | 2 | 2.2 | |||
Less: Current Portion | 0.5 | 0.4 | |||
Noncurrent Balance | 1.5 | 1.8 | |||
Total Balance at End of period | $ 2 | $ 2.2 | $ 2 | $ 2 | $ 2.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Income Taxes [Line Items] | |||||
Corporate federal income tax | 21.00% | ||||
Regulatory Liability | $ 58.1 | $ 60 | $ 58.1 | $ 13.5 | |
Regulatory liability, expected flow back to customers | $ 47.1 | ||||
Regulatory liability, expected pass back to ratepayers | 1.8 | ||||
Tax benefit for New Hampshire business enterprise tax credits | $ 0.7 | ||||
Deferred tax assets, operating loss carryforwards, federal | 1.1 | 1.1 | |||
Net Operating Loss Carryforwards | 12.7 | $ 12.7 | |||
NOL carryforward assets expiration date | 2,029 | ||||
Alternative minimum tax credit carryforwards | 3.5 | $ 3.5 | |||
Minimum | |||||
Income Taxes [Line Items] | |||||
Average Rate Assumption Method estimated flow back period | 15 years | ||||
Maximum | |||||
Income Taxes [Line Items] | |||||
Average Rate Assumption Method estimated flow back period | 20 years | ||||
Income Tax Related Liabilities | |||||
Income Taxes [Line Items] | |||||
Regulatory Liability | $ 48.9 | $ 49.1 | 48.9 | ||
Tax Year 2018 | |||||
Income Taxes [Line Items] | |||||
Corporate federal income tax | 21.00% | ||||
Deferred tax assets, operating loss carryforwards, federal | $ 10.1 | $ 10.1 | |||
Federal, Maine, Massachusetts, and New Hampshire Tax Authorities | |||||
Income Taxes [Line Items] | |||||
Tax examination description | The Company remains subject to examination by Federal, Maine, Massachusetts, and New Hampshire tax authorities for the tax periods ended December 31, 2014; December 31, 2015; and December 31, 2016 |
Key Weighted Average Assumption
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations (Detail) - Benefit Plan Costs | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.60% | 4.10% |
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 | 7.50% | 8.00% |
Ultimate Health Care Cost Trend Rate | 4.50% | 4.00% |
Year that Ultimate Health Care Cost Trend Rate is reached | 2,024 | 2,025 |
Components of Retirement Plan C
Components of Retirement Plan Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | $ 848 | $ 824 |
Interest Cost | 1,469 | 1,514 |
Expected Return on Plan Assets | (1,946) | (1,819) |
Prior Service Cost Amortization | 81 | 66 |
Actuarial Loss Amortization | 1,447 | 1,176 |
Sub-total | 1,899 | 1,761 |
Amounts Capitalized and Deferred | (720) | (662) |
Net Periodic Benefit Cost Recognized | 1,179 | 1,099 |
Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 733 | 744 |
Interest Cost | 851 | 978 |
Expected Return on Plan Assets | (409) | (337) |
Prior Service Cost Amortization | 327 | 350 |
Actuarial Loss Amortization | 346 | 524 |
Sub-total | 1,848 | 2,259 |
Amounts Capitalized and Deferred | (742) | (1,037) |
Net Periodic Benefit Cost Recognized | 1,106 | 1,222 |
Supplemental Employee Retirement Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 122 | 115 |
Interest Cost | 101 | 98 |
Prior Service Cost Amortization | 47 | 47 |
Actuarial Loss Amortization | 122 | 74 |
Sub-total | 392 | 334 |
Amounts Capitalized and Deferred | (113) | (99) |
Net Periodic Benefit Cost Recognized | $ 279 | $ 235 |
Retirement Benefit Obligation51
Retirement Benefit Obligations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions to benefit plan | $ 1,200,000 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions to benefit plan | 1,000,000 |
Supplemental Employee Retirement Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments under SERP Plan | 356,300 |
Expected additional benefit payments under SERP Plan in 2016 | $ 43,900 |