Debt and Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Details on long-term debt at December 31, 2025 and 2024 are shown below:


	December 31,
Long-Term Debt (millions)	2025		2024
Unitil Corporation:
3.70% Senior Notes, Due August 1, 2026	$	30.0	$	30.0
3.43% Senior Notes, Due December 18, 2029		30.0		30.0
5.99% Senior Notes, Due August 21, 2034		20.0		20.0
Unitil Energy First Mortgage Bonds:
6.96% Senior Secured Notes, Due September 1, 2028		6.0		8.0
8.00% Senior Secured Notes, Due May 1, 2031		9.0		10.5
6.32% Senior Secured Notes, Due September 15, 2036		15.0		15.0
3.58% Senior Secured Notes, Due September 15, 2040		27.5		27.5
4.18% Senior Secured Notes, Due November 30, 2048		30.0		30.0
5.69% Senior Secured Notes, Due August 21, 2054		40.0		40.0
Fitchburg:
3.52% Senior Notes, Due November 1, 2027		10.0		10.0
7.37% Senior Notes, Due January 15, 2029		4.8		6.0
5.90% Senior Notes, Due December 15, 2030		15.0		15.0
7.98% Senior Notes, Due June 1, 2031		14.0		14.0
5.70% Senior Notes, Due July 2, 2033		12.0		12.0
5.54% Senior Notes, Due August 21, 2034		12.5		12.5
3.78% Senior Notes, Due September 15, 2040		27.5		27.5
5.99% Senior Notes, Due August 21, 2044		12.5		12.5
4.32% Senior Notes, Due November 1, 2047		15.0		15.0
5.96% Senior Notes, Due July 2, 2053		13.0		13.0
Northern Utilities:
3.52% Senior Notes, Due November 1, 2027		20.0		20.0
5.54% Senior Notes, Due August 21, 2034		25.0		25.0
7.72% Senior Notes, Due December 3, 2038		50.0		50.0
5.74% Senior Notes, Due August 21, 2039		15.0		15.0
3.78% Senior Notes, Due September 15, 2040		40.0		40.0
4.42% Senior Notes, Due October 15, 2044		50.0		50.0
4.32% Senior Notes, Due November 1, 2047		30.0		30.0
4.04% Senior Notes, Due September 12, 2049		40.0		40.0
Bangor:
5.70% Senior Notes, Due July 8, 2030		14.0		—
6.31% Senior Notes, Due July 8, 2035		18.0		—
Granite State:
3.72% Senior Notes, Due November 1, 2027		15.0		15.0
5.74% Senior Notes, Due August 21, 2034		10.0		10.0
Unitil Realty Corp.:
2.64% Senior Secured Notes, Due December 18, 2030		3.5		3.8
Total Long-Term Debt		674.3		647.3
Less: Unamortized Debt Issuance Costs		3.8		4.0
Total Long-Term Debt, net of Unamortized Debt Issuance Costs		670.5		643.3
Less: Current Portion(1)		37.9		4.9
Total Long-Term Debt, Less Current Portion	$	632.6	$	638.4

The Current Portion of Long-Term Debt includes sinking fund payments.

Fair Value of Long Term Debt


	December 31,
Estimated Fair Value of Long-Term Debt (millions)	2025		2024
Estimated Fair Value of Long-Term Debt	$	623.4	$	598.9

Summary of Interest Expense and Interest Income

A summary of interest expense and interest income is provided in the following table:


Interest Expense, Net (millions)	2025			2024			2023
Interest Expense
Long-Term Debt	$	33.3		$	27.8		$	24.7
Short-Term Debt		8.5			8.4			9.2
Regulatory Liabilities & Other		2.0			1.5			1.0
Subtotal Interest Expense		43.8			37.7			34.9
Interest Income
Regulatory Assets		(3.5	)		(4.1	)		(3.3	)
AFUDC(1) and Other		(3.6	)		(4.3	)		(2.9	)
Subtotal Interest Income		(7.1	)		(8.4	)		(6.2	)
Total Interest Expense, Net	$	36.7		$	29.3		$	28.7

(1)

AFUDC—Allowance for Funds Used During Construction

Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility


	December 31,
Revolving Credit Facility (millions)	2025		2024
Limit	$	275.0	$	200.0
Short-Term Borrowings Outstanding	$	169.7	$	105.8
Available	$	105.3	$	94.2

Summary of Company's Contractual Obligations for Log-term Debt

The following table lists the Company’s contractual obligations for long-term debt as of December 31, 2025.


			Payments Due by Period
Long-Term Debt Contractual Obligations (millions) as of December 31, 2025	Total		2026		2027		2028		2029		2030		2031 & Beyond
Long-Term Debt	$	674.3	$	37.9	$	55.7	$	10.7	$	43.7	$	26.5	$	499.8
Interest on Long-Term Debt		435.2		33.7		31.9		29.6		28.9		26.9		284.2
Total	$	1,109.5	$	71.6	$	87.6	$	40.3	$	72.6	$	53.4	$	784.0

Classification of the Company Lease Obligations

The balance sheet classification of the Company’s lease obligations was as follows:


	December 31,
Lease Obligations (millions)	2025		2024
Operating Lease Obligations:
Operating Lease Obligations (current portion)	$	2.1	$	1.8
Operating Lease Obligations (long-term portion)		4.9		4.9
Total Operating Lease Obligations		7.0		6.7
Capital Lease Obligations:
Other Current Liabilities (current portion)		0.2		0.1
Other Noncurrent Liabilities (long-term portion)		0.4		0.4
Total Capital Lease Obligations		0.6		0.5
Total Lease Obligations	$	7.6	$	7.2

Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases

The following table is a schedule of future operating lease payment obligations and future minimum lease payments under capital leases as of December 31, 2025. The payments for operating leases consist of $2.1 million of current operating lease obligations and $4.9 million of noncurrent operating lease obligations on the Company’s Consolidated Balance Sheets as of December 31, 2025. The payments for capital leases consist of $0.2 million of current Capital Lease Obligations, which are included in Other Current Liabilities, and $0.4 million of noncurrent Capital Lease Obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of December 31, 2025.


Lease Payments ($000’s) Year Ending December 31,	Operating Leases		Capital Leases
2026	$	2,439	$	208
2027		2,070		208
2028		1,520		112
2029		1,150		89
2030		478		42
2031-2035		161		—
Total Payments		7,818		659
Less: Interest		771		57
Amount of Lease Obligations Recorded on Consolidated Balance Sheets	$	7,047	$	602

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

UNITIL CORP 10-K