0001193125-22-137544 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Entity Interactive Data Current	Yes
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	UNITIL CORP
Entity Central Index Key	0000755001
Entity File Number	1-8858
Entity Tax Identification Number	02-0381573
Entity Incorporation, State or Country Code	NH
Current Fiscal Year End Date	--12-31
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Address, Address Line One	6 Liberty Lane West
Entity Address, City or Town	Hampton
Entity Address, Postal Zip Code	03842-1720
Entity Address, State or Province	NH
City Area Code	603
Local Phone Number	772-0775
Trading Symbol	UTL
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		16,031,008
Title of 12(b) Security	Common Stock

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Revenues
Total Operating Revenues	$ 192.6	$ 138.8
Operating Expenses
Operation and Maintenance	18.5	17.0
Depreciation and Amortization	15.5	14.9
Taxes Other than Income Taxes	6.8	6.2
Total Operating Expenses	156.8	105.4
Operating Income	35.8	33.4
Interest Expense, Net	6.2	6.7
Other Expense (Income), Net	0.7	1.3
Income Before Income Taxes	28.9	25.4
Provision For Income Taxes	7.4	6.5
Net Income	$ 21.5	$ 18.9
Net Income Per Common Share (Basic and Diluted)	$ 1.35	$ 1.26
Weighted Average Common Shares Outstanding – (Basic and Diluted)	16.0	15.0
Gas
Operating Revenues
Total Operating Revenues	$ 103.4	$ 78.7
Operating Expenses
Cost of Sales	51.4	30.9
Electric
Operating Revenues
Total Operating Revenues	89.2	60.1
Operating Expenses
Cost of Sales	$ 64.6	$ 36.4

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 6.5	$ 6.5	$ 6.1
Accounts Receivable, Net	81.9	66.9	73.2
Accrued Revenue	56.3	61.2	34.7
Exchange Gas Receivable	0.7	7.4	1.2
Gas Inventory	0.5	1.0	0.4
Materials and Supplies	9.4	8.6	9.2
Prepayments and Other	7.8	8.1	7.9
Total Current Assets	163.1	159.7	132.7
Utility Plant:
Electric	606.7	602.4	576.8
Gas	986.3	972.6	922.4
Common	66.6	66.4	64.5
Construction Work in Progress	36.5	47.5	38.3
Total Utility Plant	1,696.1	1,688.9	1,602.0
Less: Accumulated Depreciation	436.2	431.7	409.7
Net Utility Plant	1,259.9	1,257.2	1,192.3
Other Noncurrent Assets:
Regulatory Assets	108.1	108.9	128.7
Operating Lease Right of Use Assets	4.8	4.7	5.4
Other Assets	16.4	9.8	17.9
Total Other Noncurrent Assets	129.3	123.4	152.0
TOTAL ASSETS	1,552.3	1,540.3	1,477.0
Current Liabilities:
Accounts Payable	39.0	52.4	28.7
Short-Term Debt	64.0	64.1	37.3
Long-Term Debt, Current Portion	8.2	8.2	8.5
Regulatory Liabilities	15.6	9.5	14.7
Energy Supply Obligations	6.9	14.5	7.7
Interest Payable	6.4	4.8	6.8
Environmental Obligations	0.5	0.5	0.3
Other Current Liabilities	17.1	19.5	18.9
Total Current Liabilities	157.7	173.5	122.9
Noncurrent Liabilities:
Retirement Benefit Obligations	136.3	133.9	164.8
Deferred Income Taxes, Net	135.0	127.7	115.4
Cost of Removal Obligations	109.8	107.5	102.5
Regulatory Liabilities	42.1	42.6	43.5
Environmental Obligations	2.2	2.2	1.8
Other Noncurrent Liabilities	7.3	6.6	7.0
Total Noncurrent Liabilities	432.7	420.5	435.0
Capitalization:
Long-Term Debt, Less Current Portion	496.6	497.8	515.8
Stockholders' Equity:
Common Equity (Authorized: 25,000,000 and Outstanding:16,020,047, 15,041,629 and 15,977,766 Shares)	333.7	332.1	286.3
Retained Earnings	131.4	116.2	116.8
Total Common Stock Equity	465.1	448.3	403.1
Preferred Stock	0.2	0.2	0.2
Total Stockholders' Equity	465.3	448.5	403.3
Total Capitalization	961.9	946.3	919.1
Commitments and Contingencies (Notes 6 & 7)
TOTAL LIABILITIES AND CAPITALIZATION	$ 1,552.3	$ 1,540.3	$ 1,477.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Common Stock Authorized	25,000,000	25,000,000	25,000,000
Common Equity Outstanding	16,020,047	15,977,766	15,041,629

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Net Income	$ 21.5	$ 18.9
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation and Amortization	15.5	14.9
Deferred Tax Provision	7.1	6.2
Changes in Working Capital Items:
Accounts Receivable	(15.0)	(11.2)
Accrued Revenue	4.9	16.2
Exchange Gas Receivable	6.7	3.7
Regulatory Liabilities	6.1	9.2
Accounts Payable	(13.4)	(4.5)
Other Changes in Working Capital Items	(2.2)	0.8
Deferred Regulatory and Other Charges	(5.9)	(7.7)
Other, net	3.8	1.2
Cash Provided by Operating Activities	29.1	47.7
Investing Activities:
Property, Plant and Equipment Additions	(15.4)	(14.1)
Cash (Used in) Investing Activities	(15.4)	(14.1)
Financing Activities:
Repayment of Short-Term Debt, Net	(0.1)	(17.4)
Repayment of Long-Term Debt	(1.3)	(7.2)
(Decrease) Increase in Capital Lease Obligations	(0.1)	0.1
Net Decrease in Exchange Gas Financing	(6.2)	(3.5)
Dividends Paid	(6.3)	(5.8)
Proceeds from Issuance of Common Stock	0.3	0.3
Cash (Used in) Financing Activities	(13.7)	(33.5)
Net Increase in Cash and Cash Equivalents	0.0	0.1
Cash and Cash Equivalents at Beginning of Period	6.5	6.0
Cash and Cash Equivalents at End of Period	6.5	6.1
Supplemental Cash Flow Information:
Interest Paid	4.7	4.9
Income Taxes Paid	0.4	0.3
Payments on Capital Leases	0.1	0.1
Non-cash Investing Activity:
Capital Expenditures Included in Accounts Payable	4.6	4.1
Right-of-Use Assets Obtained in Exchange for Lease Obligations	$ 0.6	$ 0.2

CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY - USD ($) $ in Millions	Total	Common Equity	Retained Earnings
Beginning Balance at Dec. 31, 2020	$ 389.0	$ 285.3	$ 103.7
Net Income	18.9		18.9
Dividends on Common Shares	(5.8)		(5.8)
Stock Compensation Plans	0.7	0.7
Issuance of Common Shares	0.3	0.3
Ending Balance at Mar. 31, 2021	403.1	286.3	116.8
Beginning Balance at Dec. 31, 2021	448.3	332.1	116.2
Net Income	21.5		21.5
Dividends on Common Shares	(6.3)		(6.3)
Stock Compensation Plans	1.3	1.3
Issuance of Common Shares	0.3	0.3
Ending Balance at Mar. 31, 2022	$ 465.1	$ 333.7	$ 131.4

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Dividends per Common Share	$ 0.39	$ 0.38
Common stock, shares issued	5,511	6,179

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Unitil Corporation (Unitil or the Company) is a public utility holding company. Unitil and its subsidiaries are subject to regulation as a holding company system by the Federal Energy Regulatory Commission (FERC) under the Energy Policy Act of 2005. The following companies are wholly-owned subsidiaries of Unitil: Unitil Energy Systems, Inc. (Unitil Energy), Fitchburg Gas and Electric Light Company (Fitchburg), Northern Utilities, Inc. (Northern Utilities), Granite State Gas Transmission, Inc. (Granite State), Unitil Power Corp. (Unitil Power), Unitil Realty Corp. (Unitil Realty), Unitil Service Corp. (Unitil Service) and its

non-regulated

business unit Unitil Resources, Inc. (Unitil Resources).

The Company’s earnings are seasonal and typically are higher in the first and fourth quarters when customers use gas for heating purposes.

Unitil’s principal business is the local distribution of electricity in the southeastern seacoast and capital city areas of New Hampshire and the greater Fitchburg area of north central Massachusetts and the local distribution of gas in southeastern New Hampshire, portions of southern Maine to the Lewiston-Auburn area and in the greater Fitchburg area of north central Massachusetts. Unitil has three distribution utility subsidiaries, including Unitil Energy, which operates in New Hampshire; Fitchburg, which operates in Massachusetts; and Northern Utilities, which operates in New Hampshire and Maine (collectively referred to as the “distribution utilities”).

Granite State is an interstate gas transmission pipeline company, operating 86 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three major gas pipelines and access to domestic gas supplies in the south and Canadian gas supplies in the north. Granite State derives its revenues principally from transportation services provided to Northern Utilities and, to a lesser extent, third-party marketers.

A fifth utility subsidiary, Unitil Power, formerly functioned as the full requirements wholesale power supply provider for Unitil Energy. In connection with the implementation of electric industry restructuring in New Hampshire, on May 1, 2003 Unitil Power ceased being the wholesale supplier of Unitil Energy and divested of its long-term power supply contracts through the sale of the entitlements to the electricity associated with various electric power supply contracts it had acquired to serve Unitil Energy’s customers. In the period since, Unitil Power continued to flow revenues and expenses from remaining contracts to Unitil Energy under the Amended Unitil System Agreement. The last of those contracts expired October 31, 2020, and the Company no longer has material revenues or expenses associated with them.

Unitil also has three other wholly-owned subsidiaries: Unitil Service, Unitil Realty and Unitil Resources. Unitil Service provides, at cost, a variety of administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology, energy management and management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire and leases this facility to Unitil Service under a long-term lease arrangement. Unitil Resources is the Company’s wholly-owned

non-regulated

subsidiary.

Basis of Presentation -

The accompanying unaudited consolidated financial statements of Unitil have been prepared in accordance with the instructions to Form

10-Q

and include the information and footnotes required by generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022. For additional information, refer to Note 1 of Part II to the Consolidated Financial Statements – “Summary of Significant Accounting Policies” of the Company’s Form

10-K

for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (SEC) on February 1, 2022, for a description of the Company’s Basis of Presentation.

Revenue is recorded when service is rendered or energy is delivered to customers. However, the determination of energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each calendar month, amounts of energy delivered to customers since the date of the last meter reading are estimated and the corresponding unbilled revenues are calculated. These unbilled revenues are estimated each month based on estimated customer usage by class and applicable customer rates, taking into account current and historical weather data, assumptions pertaining to metering patterns, billing cycle statistics, and other estimates and assumptions, and are then reversed in the following month when billed to customers.

A majority of the Company’s revenue from contracts with customers continues to be recognized on a monthly basis based on applicable tariffs and customer monthly consumption. Such revenue is recognized using the invoice practical expedient, which allows an entity to recognize revenue in the amount that directly corresponds to the value transferred to the customer.

The Company’s billed and unbilled revenue meets the definition of “revenues from contracts with customers” as defined in Accounting Standards Codification (ASC) 606. Revenue recognized in connection with rate adjustment mechanisms is consistent with the definition of alternative revenue programs in ASC

980-605-25-3,

as the Company has the ability to adjust rates in the future as a result of past activities or completed events. The rate adjustment mechanisms meet the criteria within ASC

980-605-25-4.

In cases where allowable costs are greater than operating revenues billed in the current period for the individual rate adjustment mechanism, additional operating revenue is recognized. In cases where allowable costs are less than operating revenues billed in the current period for the individual rate adjustment mechanism, operating revenue is reduced. ASC 606 requires the Company to disclose separately the amount of revenues from contracts with customers and alternative revenue program revenues.

In the following tables, revenue is classified by the types of goods/services rendered and market/customer type.


	Three Months Ended March 31, 2022
Electric and Gas Operating Revenues ($ millions):	Electric		Gas			Total
Billed and Unbilled Revenue:
Residential	$	49.4	$	45.6		$	95.0
Commercial and Industrial		31.0		64.6			95.6
Other		4.3		3.5			7.8

Total Billed and Unbilled Revenue		84.7		113.7			198.4
Rate Adjustment Mechanism Revenue		4.5		(10.3	)		(5.8	)

Total Electric and Gas Operating Revenues	$	89.2	$	103.4		$	192.6

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 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 Massachusetts Department of Public Utilities (MDPU).

Income Taxes -

The Company is subject to Federal and State income taxes and various other business taxes. The Company’s process for determining income tax amounts involves estimating the Company’s current tax liabilities, and assessing temporary and permanent differences resulting from the timing of the deductions of expenses and recognition of taxable income for tax and book accounting purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Company’s Consolidated Balance Sheets. The Company accounts for income tax assets, liabilities and expenses in accordance with the Financial Accounting Standards Board (FASB) Codification guidance on Income Taxes. The Company classifies penalties and interest expense related to income tax liabilities as income tax expense and interest expense, respectively, in the Consolidated Statements of Earnings.

Provisions for income taxes are calculated in each jurisdiction in which the Company operates, for each period for which a statement of earnings is presented. The Company accounts for income taxes in accordance with the FASB Codification guidance on Income Taxes, which requires an asset and liability approach for the financial accounting and reporting of income taxes. Significant judgments and estimates are required in determining the current and deferred tax assets and liabilities. The Company’s deferred tax assets and liabilities reflect its best assessment of estimated future taxes to be paid. In accordance with the FASB Codification, the Company periodically assesses the realization of its deferred tax assets and liabilities and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts and circumstances which gave rise to the revision become known.

Cash and Cash Equivalents -

Cash and Cash Equivalents includes all cash and cash equivalents to which the Company has legal title. Cash equivalents include short-term investments with original maturities of three months or less and interest bearing deposits. The Company’s cash and cash equivalents are held at financial institutions and at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. Under the Independent System Operator—New England

(ISO-NE)

Financial Assurance Policy (Policy), Unitil’s subsidiaries Unitil Energy, Fitchburg and Unitil Power are required to provide assurance of their ability to satisfy their obligations to

ISO-NE.

Under this Policy, Unitil’s subsidiaries provide cash deposits covering approximately

2-1/2

months of outstanding obligations, less credit amounts that are based on the Company’s credit rating. As of March 31, 2022, March 31, 2021 and December 31, 2021, the Unitil subsidiaries had deposited $2.9 million, $2.2 million and $2.7 million, respectively to satisfy their

ISO-NE

obligations.

Allowance for Doubtful Accounts -

The Company recognizes a provision for doubtful accounts that reflects the Company’s estimate of expected credit losses for electric and gas utility service accounts receivable. The allowance for doubtful accounts is calculated by applying a historical loss rate to customer account balances and management’s assessment of current and expected economic

conditions, customer trends, or other factors such as the extent and duration of any shutoff or collection moratoriums. The Company also calculates the amount of

written-off

receivables that are recoverable through regulatory rate reconciling mechanisms. The Company’s distribution utilities are authorized by regulators to recover the costs of the energy commodity portion of bad debts through rate mechanisms. Also, the electric and gas divisions of Fitchburg are authorized to recover through rates past due amounts associated with protected hardship accounts. Evaluating the adequacy of the allowance for doubtful accounts requires judgment about the assumptions used in the analysis. The Company’s experience has been that the assumptions used in evaluating the adequacy of the allowance for doubtful accounts have proven to be reasonably accurate.

The Allowance for Doubtful Accounts as of March 31, 2022, March 31, 2021 and December 31, 2021, was as follows:


($ millions)
	March 31,				December 31,
	2022		2021		2021
Allowance for Doubtful Accounts	$	3.4	$	4.4	$	3.3

Accounts Receivable, Net includes $3.3 million, $4.3 million, and $3.1 million of the Allowance for Doubtful Accounts at March 31, 2022, March 31, 2021 and December 31, 2021, respectively. Unbilled Revenues, net (a component of Accrued Revenue) includes $0.1 million, $0.1 million and $0.2 million of the Allowance for Doubtful Accounts at March 31, 2022, March 31, 2021 and December 31, 2021, respectively.

Accrued Revenue

Accrued Revenue includes the current portion of Regulatory Assets and unbilled revenues. The following table shows the components of Accrued Revenue as of March 31, 2022, March 31, 2021 and December 31, 2021.


	March 31,				December 31,
Accrued Revenue ($ millions)	2022		2021		2021
Regulatory Assets – Current	$	45.2	$	24.0	$	47.4
Unbilled Revenues, net		11.1		10.7		13.8

Total Accrued Revenue	$	56.3	$	34.7	$	61.2


	March 31,				December 31,
Gas Inventory ($ millions)	2022		2021		2021
Natural Gas	$	—	$	—	$	0.5
Propane		0.4		0.3		0.4
Liquefied Natural Gas & Other		0.1		0.1		0.1

Total Gas Inventory	$	0.5	$	0.4	$	1.0

Utility Plant

The cost of additions to Utility Plant and the cost of renewals and betterments are capitalized. Cost consists of labor, materials, services and certain indirect construction costs, including an allowance for funds used during construction (AFUDC). The costs of current repairs and minor replacements are charged to appropriate operating expense accounts. The original cost of utility plant retired or otherwise disposed of is charged to the accumulated provision for depreciation. The Company includes in its mass asset depreciation rates, which are periodically reviewed as part of its ratemaking proceedings, cost of removal amounts to provide for future negative salvage value. At March 31, 2022, March 31, 2021 and December 31, 2021, the cost of removal amounts, which are recorded on the Consolidated Balance Sheets in Cost of Removal Obligations, were estimated to be $109.8 million, $102.5 million, and $107.5 million, respectively.

Leases

The Company records assets and liabilities on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company has elected the practical expedient to not separate

non-lease

components from lease components and instead to account for both as a single lease component. The Company’s accounting policy election for leases with a lease term of 12 months or less is to recognize the lease payments as lease expense in the Consolidated Statements of Earnings on a straight-line basis over the lease term. See additional discussion in the “Leases” section of Note 4 (Debt and Financing Arrangements).

Regulatory Accounting

The Company’s principal business is the distribution of electricity and natural gas by the three distribution utilities: Unitil Energy, Fitchburg and Northern Utilities. Unitil Energy and Fitchburg are subject to regulation by the FERC. Fitchburg is also regulated by the MDPU, Unitil Energy is regulated by the New Hampshire Public Utilities Commission (NHPUC) and Northern Utilities is regulated by the Maine Public Utilities Commission (MPUC) and NHPUC. Granite State, the Company’s natural gas transmission pipeline, is regulated by the FERC. Accordingly, the Company uses the Regulated Operations guidance as set forth in the FASB Codification. The Company has recorded Regulatory Assets and Regulatory Liabilities which will be recovered from customers, or applied for customer benefit, in accordance with rate provisions approved by the applicable public utility regulatory commission. The electric and gas divisions of Fitchburg are authorized to recover through rates past due amounts associated with hardship accounts that are protected from

shut-off.

As of March 31, 2022, March 31, 2021 and December 31, 2021, the Company has recorded $7.9 million, $8.0 million and $7.9 million, respectively, of hardship accounts in Regulatory Assets. These amounts are included in “Other Deferred Charges” in the following table. The Company currently receives recovery in rates or expects to receive recovery of these hardship accounts in future rate cases.


	March 31,				December 31,
Regulatory Assets consist of the following ($ millions)	2022		2021		2021
Retirement Benefits	$	86.5	$	104.5	$	86.4
Energy Supply and Other Rate Adjustment Mechanisms		41.9		20.2		44.1
Deferred Storm Charges		2.9		3.7		3.3
Environmental		4.5		5.0		4.6
Income Taxes		2.4		3.2		2.6
Other Deferred Charges		15.1		16.1		15.3

Total Regulatory Assets		153.3		152.7		156.3
Less: Current Portion of Regulatory Assets (1)		45.2		24.0		47.4

Regulatory Assets – noncurrent	$	108.1	$	128.7	$	108.9

(1)	Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets.


	March 31,				December 31,
Regulatory Liabilities consist of the following ($ millions)	2022		2021		2021
Income Taxes (Note 8)	$	43.9	$	45.1	$	44.3
Rate Adjustment Mechanisms		13.8		12.9		7.7
Other		—		0.2		0.1

Total Regulatory Liabilities		57.7		58.2		52.1
Less: Current Portion of Regulatory Liabilities		15.6		14.7		9.5

Regulatory Liabilities – noncurrent	$	42.1	$	43.5	$	42.6

Generally, the Company receives a return on investment on its regulatory assets for which a cash outflow has been made. Included in Regulatory Assets as of March 31, 2022 are $7.8 million of environmental costs, rate case costs and other expenditures to be recovered over varying periods in the next seven years. Regulators have authorized recovery of these expenditures, but without a return. Regulatory commissions can reach different conclusions about the recovery of costs, which can have a material effect on the Company’s Consolidated Financial Statements. The Company believes it is probable that its regulated distribution and transmission utilities will recover their investments in long-lived assets, including regulatory assets. If the Company, or a portion of its assets or operations, were to cease meeting the criteria for application of these accounting rules, accounting standards for businesses in general would become applicable and immediate recognition of any previously deferred costs, or a portion of deferred costs, would be required in the year in which the criteria are no longer met, if such deferred costs were not recoverable in the portion of the business that continues to meet the criteria for application of the FASB Codification topic on Regulated Operations. If unable to continue to apply the FASB Codification provisions for Regulated Operations, the Company would be required to apply the provisions for the Discontinuation of Rate-Regulated Accounting included in the FASB Codification. In the Company’s opinion, its regulated operations will be subject to the FASB Codification provisions for Regulated Operations for the foreseeable future.

Derivatives -

The Company’s regulated energy subsidiaries enter into energy supply contracts to serve their electric and gas customers. The Company follows a procedure for determining whether each contract qualifies as a derivative instrument under the guidance provided by the FASB Codification on Derivatives and Hedging. For each contract, the Company reviews and documents the key terms of the contract. Based on those terms and any additional relevant components of the contract, the Company determines and documents whether the contract qualifies as a derivative instrument as defined in the FASB Codification. The Company has determined that its energy supply contracts either do not qualify as a derivative instrument under the guidance set forth in the FASB Codification, have been elected as a normal purchase, or have contingencies that have not yet been met in order to establish a notional amount.

Fitchburg has entered into power purchase agreements for which contingencies exist (see Note 6, Regulatory Matters). Until these contingencies are satisfied, these contracts will not qualify for derivative accounting. The Company believes that the power purchase obligations under these long-term contracts will have a material effect on the contractual obligations of Fitchburg.

Investments in Marketable Securities

The Company maintains a trust through which it invests in a money market fund. This fund is intended to satisfy obligations under the Company’s SERP (See additional discussion of the SERP in Note 9).

At March 31, 2022, March 31, 2021 and December 31, 2021, the fair value of the Company’s investments in these trading securities, which are recorded on the Consolidated Balance Sheets in Other Assets, w

$5.5 million, $5.6 million and $5.7 million, respectively, as shown in the following table. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net.


	March 31,				December 31,
Fair Value of Marketable Securities ($ millions)	2022		2021		2021
Money Market Funds	$	5.5	$	5.6	$	5.7

Total Marketable Securities	$	5.5	$	5.6	$	5.7

The Company also sponsors the Unitil Corporation Deferred Compensation Plan (the “DC Plan”). The DC Plan is a

non-qualified

deferred compensation plan that provides a vehicle for participants to accumulate

tax-deferred

savings to supplement retirement income. The DC Plan, which was effective January 1, 2019, is open to senior management or other highly compensated employees as determined by the Company’s Board of Directors, and may also be used for recruitment and retention purposes for newly hired senior executives. The DC Plan design mirrors the Company’s Tax Deferred Savings and Investment Plan formula, but provides for contributions on compensation above the IRS limit, which will allow participants to defer up to 85% of base salary, and up to 85% of any cash incentive for retirement. The Company may also elect to make discretionary contributions on behalf of any participant in an amount determined by the Company’s Board of Directors. A trust has been established to invest the funds associated with the DC Plan.

At March 31, 2022, March 31, 2021 and December 31, 2021, the fair value of the Company’s investments in these trading securities related to the DC Plan, which are recorded on the Consolidated Balance Sheets in Other Assets, were $0.8 million, $0.6 million and $0.6 million, respectively, as shown in the following table. These investments are valued based on quoted prices from active markets and are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net.


	March 31,				December 31,
Fair Value of Marketable Securities ($ millions)	2022		2021		2021
Equity Funds	$	0.4	$	0.3	$	0.2
Money Market Funds		0.4		0.3		0.4

Total Marketable Securities	$	0.8	$	0.6	$	0.6

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)	2022		2021		2021
Current:
Exchange Gas Obligation	$	0.5	$	1.0	$	6.7
Renewable Energy Portfolio Standards		6.4		6.5		7.8
Power Supply Contract Divestitures		—		0.2		—

Total Energy Supply Obligations	$	6.9	$	7.7	$	14.5

Exchange Gas Obligation

Northern Utilities enters into gas exchange agreements under which Northern Utilities releases certain gas pipeline and storage assets, resells the gas storage inventory to an asset manager and subsequently repurchases the inventory over the course of the gas heating season at the same price at which it sold the 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 defer costs for RPS compliance which are recorded within 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 the purchase of clean energy and/or RECs pursuant to Massachusetts legislation, specifically, An Act Relative to Green Communities (Green Communities Act, 2008), An Act Relative to Competitively Priced Electricity in the Commonwealth (2012) and An Act to Promote Energy Diversity (Energy Diversity Act, 2016). The generating facilities associated with ten of these contracts have been constructed and are now operating. Three approved contracts are currently under development. These include two long-term contracts filed with the MDPU in 2018, one for offshore wind generation and one for imported hydroelectric power and associated transmission, which were approved in 2019 and another for offshore wind generation contracts filed with the MDPU during the first quarter of 2020 and approved in 2021. In compliance with An Act to Promote a Clean Energy Future (2018), in 2021 in coordination with the other electric utilities in Massachusetts, the Company issued its most recent long-term renewable solicitation seeking up to an additional 1,600 megawatts (MW) of offshore wind generation. In December 2021, a portfolio of projects comprising 1,600 MW of offshore wind capacity was selected for negotiation. Those contracts will be filed for approval with the MDPU in May 2022. 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. As of March 31, 2022, Fitchburg and Unitil Energy have fully recovered their power supply-related stranded costs. The obligations for prior periods related to these divestitures are recorded in Energy Supply Obligations on the Company’s Consolidated Balance Sheets with a corresponding regulatory asset recorded in Accrued Revenue.

Subsequent Events -

The Company evaluates all events or transactions through the date of the related filing. During the period through the date of this filing, the Company did not have any material subsequent events that would result in adjustment to or disclosure in its Consolidated Financial Statements.

DIVIDENDS DECLARED PER SHARE

3 Months Ended

Mar. 31, 2022

DIVIDENDS DECLARED PER SHARE [Abstract]

DIVIDENDS DECLARED PER SHARE

NOTE 2 - DIVIDENDS DECLARED PER SHARE


Declaration Date	Date Paid (Payable)	Shareholder of Record Date	Dividend Amount
04/27/22	05/27/22	05/13/22	$ 0.39
01/26/22	02/25/22	02/11/22	$ 0.39
10/27/21	11/29/21	11/15/21	$ 0.38
07/28/21	08/27/21	08/13/21	$ 0.38
04/28/21	05/28/21	05/14/21	$ 0.38
01/27/21	02/26/21	02/12/21	$ 0.38

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

Segment Information

NOTE 3 - SEGMENT INFORMATION

The following table provides segment financial data for the three months ended March 31, 2022 and March 31, 2021


	Electric			Gas			Non- Regulated		Other			Total
Three Months Ended March 31, 2022 ($ millions)
Revenues:
Billed and Unbilled Revenue	$	84.7		$	113.7		$	—	$	—		$	198.4
Rate Adjustment Mechanism Revenue		4.5			(10.3	)		—		—			(5.8	)

Total Operating Revenues		89.2			103.4			—		—			192.6

Segment Profit (Loss)		3.4			18.5			—		(0.4	)		21.5
Identifiable Segment Assets		598.2			932.6			—		21.5			1,552.3
Capital Expenditures		6.3			9.0			—		0.1			15.4

Three Months Ended March 31, 2021 ($ millions)
Revenues:
Billed and Unbilled Revenue	$	65.8		$	93.2		$	—	$	—		$	159.0
Rate Adjustment Mechanism Revenue		(5.7	)		(14.5	)		—		—			(20.2	)

Total Operating Revenues		60.1			78.7			—		—			138.8

Segment Profit (Loss)		2.9			16.4			—		(0.4	)		18.9
Identifiable Segment Assets		574.8			881.1			—		21.1			1,477.0
Capital Expenditures		9.5			4.3			—		0.3			14.1

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

DEBT AND FINANCING ARRANGEMENTS

3 Months Ended

Mar. 31, 2022

Debt And Financing Arrangements

NOTE 4 - DEBT AND FINANCING ARRANGEMENTS

Details on long-term debt at March 31, 2022, March 31, 2021 and December 31, 2021 are shown in the following table:


($ millions)	March 31,				December 31,
	2022		2021		2021
Unitil Corporation:
6.33% Senior Notes, Due May 1, 2022	$	—	$	9.0	$	—
3.70% Senior Notes, Due August 1, 2026		30.0		30.0		30.0
3.43% Senior Notes, Due December 18, 2029		30.0		30.0		30.0
Unitil Energy First Mortgage Bonds:
8.49% Senior Secured Notes, Due October 14, 2024		1.5		3.0		1.5
6.96% Senior Secured Notes, Due September 1, 2028		14.0		16.0		14.0
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
3.58% Senior Secured Notes, Due September 15, 2040		27.5		27.5		27.5
4.18% Senior Secured Notes, Due November 30, 2048		30.0		30.0		30.0
Fitchburg:
6.75% Senior Notes, Due November 30, 2023		—		1.9		—
6.79% Senior Notes, Due October 15, 2025		6.0		10.0		6.0
3.52% Senior Notes, Due November 1, 2027		10.0		10.0		10.0
7.37% Senior Notes, Due January 15, 2029		8.4		9.6		9.6
5.90% Senior Notes, Due December 15, 2030		15.0		15.0		15.0
7.98% Senior Notes, Due June 1, 2031		14.0		14.0		14.0
3.78% Senior Notes, Due September 15, 2040		27.5		27.5		27.5
4.32% Senior Notes, Due November 1, 2047		15.0		15.0		15.0
Northern Utilities:
3.52% Senior Notes, Due November 1, 2027		20.0		20.0		20.0
7.72% Senior Notes, Due December 3, 2038		50.0		50.0		50.0
3.78% Senior Notes, Due September 15, 2040		40.0		40.0		40.0
4.42% Senior Notes, Due October 15, 2044		50.0		50.0		50.0
4.32% Senior Notes, Due November 1, 2047		30.0		30.0		30.0
4.04% Senior Notes, Due September 12, 2049		40.0		40.0		40.0
Granite State:
3.72% Senior Notes, Due November 1, 2027		15.0		15.0		15.0
Unitil Realty Corp.:
2.64% Senior Secured Notes, Due December 18, 2030		4.4		4.7		4.5

Total Long-Term Debt		508.3		528.2		509.6
Less: Unamortized Debt Issuance Costs		3.5		3.9		3.6

Total Long-Term Debt, net of Unamortized Debt Issuance Costs		504.8		524.3		506.0
Less: Current Portion		8.2		8.5		8.2

Total Long-term Debt, Less Current Portion	$	496.6	$	515.8	$	497.8

Fair Value of Long-Term Debt

Currently, the Company believes there is no active market in the Company’s debt securities, which have all been sold through private placements. If there were an active market for the Company’s debt securities, the fair value of the Company’s long-term debt would be estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities. The fair value of the Company’s long-term debt is estimated using Level 2 inputs (valuations based on quoted prices available in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are directly observable, and inputs derived principally from market data). In estimating the fair value of the Company’s long-term debt, the assumed market yield reflects the Moody’s Baa Utility Bond Average Yield. Costs, including prepayment costs, associated with the early settlement of long-term debt are not taken into consideration in determining fair value.


($ millions)	March 31,				December 31,
	2022		2021		2021
Estimated Fair Value of Long-Term Debt	$	524.8	$	581.0	$	584.9

On July 25, 2018, the Company entered into a Second Amended and Restated Credit Agreement and related documents (collectively, the Credit Facility) with a syndicate of lenders, which amended and restated in its entirety the Company’s prior credit facility. The Credit Facility has a borrowing limit of $120 million, which includes a $25 million sublimit for the issuance of standby letters of credit

, extends to July 25, 2023, and, under certain conditions, allows for an increase in the borrowing limit by up to $50 million, and two

one-year

extensions

. The Credit Facility provides the Company 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

London Interbank Offered Rate plus 1.125%. The terms of the current credit facility allow for a comparable successor rate to be used if the

one-month

LIBOR rate becomes unavailable. The Company believes that a change to a new rate will not have a material effect on its financial position, operating results, or cash flows.

The Company utilizes the Credit Facility for cash management purposes related to its short-term operating activities. Total gross borrowings were $96.8 million for the three months ended March 31, 2022. Total gross repayments were $96.9 million for the three months ended March 31, 2022. The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of March 31 2022, March 31, 2021 and December 31, 2021:


	Revolving Credit Facility ($ millions)
	March 31,				December 31,
	2022		2021		2021
Limit	$	120.0	$	120.0	$	120.0
Short-Term Borrowings Outstanding		64.0		37.3		64.1

Available	$	56.0	$	82.7	$	55.9

The Credit Facility contains customary terms and conditions for credit facilities of this type, including affirmative and negative covenants. There are restrictions on, among other things, the Company’s and its subsidiaries’ ability to permit liens or incur indebtedness, and restrictions on the Company’s ability to merge or consolidate with another entity or change its line of business. The affirmative and negative covenants under the Credit Facility 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, 2022, March 31, 2021 and December 31, 2021, the Company was in compliance with the covenants contained in the Credit Facility in effect on those dates.

The average interest rates on all short-term borrowings and intercompany money pool transactions were 1.4% and 1.3% for the three months ended March 31, 2022 and March 31, 2021, respectively. The average interest rate on all short-term borrowings for the twelve months ended December 31, 2021 was 1.2%.

Unitil Corporation and its utility subsidiaries, Fitchburg, Unitil Energy, Northern Utilities, and Granite State currently are rated “BBB+” by Standard & Poor’s Ratings Services. Unitil Corporation and Granite State currently are rated “Baa2”, and Fitchburg, Unitil Energy and Northern Utilities are currently rated “Baa1” by Moody’s Investors Services.

Northern Utilities enters into asset management agreements under which Northern Utilities releases certain gas pipeline and storage assets, resells the gas storage inventory to an asset manager and subsequently repurchases the inventory over the course of the gas heating season at the same price at which it sold the gas inventory to the asset manager. There was $2.0 million, $1.5 million and $8.3 million of gas storage inventory at March 31, 2022, March 31, 2021 and December 31, 2021, respectively, related to these asset management agreements. The amount of gas inventory released in March 2022 and payable in April 2022 is $1.5 million and is recorded in Accounts Payable at March 31, 2022. The amount of gas inventory released in March 2021 and payable in April 2021 was $0.5 million and was recorded in Accounts Payable at March 31, 2021. The amount of gas inventory released in December 2021 and payable in January 2022 was $1.6 million and was recorded in Accounts Payable at December 31, 2021.

Guarantees

The Company provides limited guarantees on certain energy and gas storage management contracts entered into by the distribution utilities. The Company’s policy is to limit the duration of these guarantees. As of March 31, 2022, there were approximately $0.7 million of guarantees outstanding with a duration less than one year.

Leases

Unitil’s subsidiaries lease certain vehicles, machinery and office equipment under both capital and operating lease arrangements.

Total rental expense under operating leases charged to operations for the three months ended March 31, 2022 and 2021 amounted to $0.5 million and $0.5 million, respectively.

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


	March 31,				December 31,
Lease Obligations ($ millions)	2022		2021		2021
Operating Lease Obligations:
Other Current Liabilities (current portion)	$	1.6	$	1.6	$	1.6
Other Noncurrent Liabilities (long-term portion)		3.2		3.8		3.1

Total Operating Lease Obligations	$	4.8	$	5.4	$	4.7

Capital Lease Obligations:
Other Current Liabilities (current portion)	$	0.1	$	0.2	$	0.1
Other Noncurrent Liabilities (long-term portion)		0.2		0.3		0.2

Total Capital Lease Obligations	$	0.3	$	0.5	$	0.3

Total Lease Obligations	$	5.1	$	5.9	$	5.0

Cash paid for amounts included in the measurement of operating lease obligations for the three months ended March 31, 2022 and March 31, 2021 was

$0.5 million

and

$0.5 million

respectively, and was included in Cash Provided by Operating Activities on the Consolidated Statements of Cash Flows.

Assets under capital leases amounted to approximately $0.6 million, $0.9 million and $0.7 million as of March 31, 2022, March 31, 2021 and December 31, 2021, respectively, less accumulated amortization of $0.3 million, $0.4 million and $0.3 million, respectively, and are included in Net Utility Plant on the Company’s Consolidated Balance Sheets.

The following table is a schedule of future operating lease payment obligations and future minimum lease payments under capital leases as of March 31, 2022. The payments for operating leases consist of $1.6 million of current operating lease obligations, which are included in Other Current Liabilities and $3.2 million of noncurrent operating lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of March 31, 2022. The payments for capital leases consist of $0.1 million of current capital lease obligations, which are included in Other Current Liabilities and $0.2 million of noncurrent capital lease obligations, which are included in Other Noncurrent Liabilities, on the Company’s Consolidated Balance Sheets as of March 31, 2022.


Lease Payments ($000’s) Year Ending December 31,	Operating Leases		Capital Leases
Rest of 2022	$	1,340	$	111
2023		1,515		107
2024		1,186		52
2025		620		19
2026		316		—
2027-2031		121		—

Total Payments		5,098		289

Less: Interest		297		10

Amount of Lease Obligations Recorded on Consolidated Balance Sheets	$	4,801	$	279

Operating lease obligations are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company used the interest rate stated in each lease agreement. As of March 31, 2022, the weighted average remaining lease term is 3.5 years and the weighted average operating discount rate used to determine the operating lease obligations was 3.7%. As of March 31, 2021, the weighted average remaining lease term was 3.8 years and the weighted average operating discount rate used to determine the operating lease obligations was 4.2%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

COMMON STOCK AND PREFERRED STOCK

3 Months Ended

Mar. 31, 2022

COMMON STOCK AND PREFERRED STOCK

NOTE 5 - COMMON STOCK AND PREFERRED STOCK

Common Stock

The Company’s common stock trades on the New York Stock Exchange under the symbol “UTL.”

The Company had 16,020,047, 15,041,629 and 15,977,766 shares of common stock outstanding at March 31, 2022, March 31, 2021 and December 31, 2021, respectively.

Dividend Reinvestment and Stock Purchase Plan -

During the first quarter of 2022, the Company sold 5,511 shares of its common stock, at an average price of $48.75 per share, in connection with its Dividend Reinvestment and Stock Purchase Plan (DRP) and its 401(k) plans resulting in net proceeds of approximately $268,600. The DRP provides participants in the plan a method for investing cash dividends on the Company’s common stock and cash payments in additional shares of the Company’s common stock.

Stock Plan -

The Company maintains the Unitil Corporation Second Amended and Restated 2003 Stock Plan (the Stock Plan). Participants in the Stock Plan are selected by the Compensation Committee of the Board of Directors to receive awards under the Stock Plan, including awards of restricted shares (Restricted Shares), or of restricted stock units (Restricted Stock Units). The Compensation Committee has the authority to determine the sizes of awards; determine the terms and conditions of awards in a

manner consistent with the Stock Plan; construe and interpret the Stock Plan and any agreement or instrument entered into under the Stock Plan as they apply to participants; establish, amend, or waive rules and regulations for the Stock Plan’s administration as they apply to participants; and, subject to the provisions of the Stock Plan, amend the terms and conditions of any outstanding award to the extent such terms and conditions are within the discretion of the Compensation Committee as provided for in the Stock Plan. On April 19, 2012, the Company’s shareholders approved an amendment to the Stock Plan to, among other things, increase the maximum number of shares of common stock available for awards to plan participants.

The maximum number of shares available for awards to participants under the Stock Plan is 677,500. The maximum number of shares that may be awarded in any one calendar year to any one participant is 20,000. In the event of any change in capitalization of the Company, the Compensation Committee is authorized to make an equitable adjustment to the number and kind of shares of common stock that may be delivered under the Stock Plan and, in addition, may authorize and make an equitable adjustment to the Stock Plan’s annual individual award limit.

Restricted Shares

Outstanding awards of Restricted Shares fully vest over a period of four years at a rate of 25% each year. During the vesting period, dividends on Restricted Shares underlying the award may be credited to a participant’s account. The Company may deduct or withhold, or require a participant to remit to the Company, an amount sufficient to satisfy any taxes required by federal, state, or local law or regulation to be withheld with respect to any taxable event arising in connection with an Award. For purposes of compensation expense, Restricted Shares vest immediately upon a participant becoming eligible for retirement, as defined in the Stock Plan. Prior to the end of the vesting period, the restricted shares are subject to forfeiture if the participant ceases to be employed by the Company other than due to the participant’s death.

On January 25, 2022, 36,770 Restricted Shares were issued in conjunction with the Stock Plan with an aggregate market value at the date of issuance of approximately $1.7 million. There were 73,178 and 62,566

non-vested

shares under the Stock Plan as of March 31, 2022 and 2021, respectively. The weighted average grant date fair value of these shares was $47.44 and $49.44, respectively. The compensation expense associated with the issuance of shares under the Stock Plan is being recognized over the vesting period and was $1.7 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, there was approximately $1.1 million of total unrecognized compensation cost under the Stock Plan which is expected to be recognized over approximately 3.2 years. During the three months ended March 31, 2022 there were zero restricted shares forfeited and zero restricted shares cancelled under the Stock Plan.

Restricted Stock Units

, which are issued to members of the Company’s Board of Directors,

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, 2022 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, 2021		49,182	$	41.67
Restricted Stock Units Granted		—		—
Dividend Equivalents Earned		377	$	50.90
Restricted Stock Units Settled		—		—

Restricted Stock Units as of March 31, 2022		49,559	$	41.74

There were 43,584 Restricted Stock Units outstanding as of March 31, 2021 with a weighted average stock price of $41.34. Included in Other Noncurrent Liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2022, March 31, 2021 and December 31, 2021 is $1.1 million, $0.9 million and $1.0 million, respectively, representing the fair value of liabilities associated with the portion of fully vested RSUs that will be settled in cash.

Preferred Stock

There were $0.2 million, or 1,861 shares, of Unitil Energy’s 6.00% Series Preferred Stock outstanding as of March 31, 2022 and December 31, 2021. There were $0.2 million, or 1,887 shares, of Unitil Energy’s 6.00% Series Preferred Stock outstanding as of March 31, 2021. There were less than $0.1 million of total dividends declared on Preferred Stock in each of the three month periods ended March 31, 2022 and March 31, 2021, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

REGULATORY MATTERS

3 Months Ended

Mar. 31, 2022

REGULATORY MATTERS

NOTE 6 - REGULATORY MATTERS

UNITIL’S REGULATORY MATTERS ARE DESCRIBED IN NOTE 8 TO THE FINANCIAL STATEMENTS IN ITEM 8 OF PART II OF UNITIL CORPORATION’S FORM

10-K

FOR DECEMBER 31, 2021 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 1, 2022.

Tax Cuts and Jobs Act of 2017

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law. Among other things, the TCJA substantially reduced the corporate income tax rate to 21%, 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, issued orders directing how the tax law changes were to be reflected in rates. Unitil has complied with these orders and has made the required changes to its rates as directed by the commissions. The FERC issued a Notice of Proposed Rulemaking 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 reduction. This matter was resolved for Granite State in its May 2, 2018 uncontested rate settlement filing, which accounted for the effect of the TCJA.

On November 21, 2019, the FERC issued Order No. 864, a final rule on Public Utility Transmission Rate Changes to Address Accumulated Deferred Income Taxes. The new rule requires public utilities with formula transmission rates to revise their formula rates to include a transparent methodology to address the TCJA and future tax law changes on customer rates by accounting for “excess” or “deficient” Accumulated Deferred Income Taxes (ADIT). The FERC also required transmission providers with stated rates to account for TCJA’s effect on ADIT in their next rate case. The Company is complying with the new rule and there is no material effect on its financial position, operating results, or cash flows.

Rate Case Activity

Northern Utilities - Base Rates - Maine

On March 26, 2020, the MPUC approved an increase to base revenue of $3.6 million, a 3.6% increase over the Company’s test year operating revenues, effective April 1, 2020. The order approved a Return on Equity of 9.48%, and a hypothetical capital structure of 50% equity and 50% debt. As part of the order and increase in base revenue, the MPUC provided for

recovery of some, but not all, of the Company’s implementation costs associated with its customer information system pending the completion of an investigation, including a third-party audit. On March 9, 2021, the MPUC opened a new docket to investigate the amount of customer information system costs that will be allowed in rates. On January 27, 2022, the Company and the Maine Office of the Public Advocate filed a stipulation in this docket. The stipulation includes no finding of imprudence or asset disallowance. The terms of the stipulation provide for recovery of the revenue requirement related to the Company’s customer information system in base rates starting November 1, 2022, which coincides with the timing of the Company’s winter cost of gas rate change. On February 9, 2022, the MPUC approved the stipulation.

Northern Utilities - Targeted Infrastructure Replacement Adjustment (TIRA) - Maine

The settlement in Northern Utilities’ Maine division’s 2013 rate case authorized the Company to implement a TIRA rate mechanism to adjust base distribution rates annually to recover the revenue requirements associated with targeted investments in gas distribution system infrastructure replacement and upgrade projects, including the Company’s Cast Iron Replacement Program (CIRP). In its Final Order issued on February 28, 2018 for Northern Utilities’ 2017 base rate case, the MPUC approved an extension of the TIRA mechanism for an additional eight-year period, which will allow for annual rate adjustments through the end of the CIRP program. The Company’s most recent request under the TIRA mechanism, to increase annual base rates by $1.5

million for 2021 eligible facilities, was filed with the MPUC on February 28, 2022. On April 27, 2022, the MPUC issued an order approving the filing, for rates effective May 1, 2022.

Northern Utilities - Base Rates - New Hampshire

On August 2, 2021, Northern Utilities filed a base rate case with the NHPUC, requesting a permanent increase in total annual revenues of $7.8 million, which represents an increase of 8.1% over total annual revenue at present rates. The multi-year rate filing includes a revenue decoupling mechanism and an Arrearage Management Program for financial hardship customers. Northern Utilities also requested implementation of temporary rates for service rendered on and after October 1, 2021. On September 30, 2021, the NHPUC approved a settlement providing for a temporary rate increase of $2.6 million, effective October 1, 2021. As provided by statute, once a final order on permanent rates is issued, the permanent rate level is reconciled back to the effective date of the temporary rates.

Unitil Energy - Base Rates

On April 2, 2021, Unitil Energy filed a base rate case with the NHPUC, requesting a permanent increase in total annual revenues of $12.0 million, which represents an increase

of 4.4% above present rates. Unitil Energy also requested implementation of temporary rates for service rendered on and after June 1, 2021, and until a final order on permanent rates is issued. The filing includes (1) a proposed multi-year rate plan, (2) a revenue decoupling mechanism, (3) a Grid Modernization plan that includes a group of foundational grid modernization projects, (4) a suite of proposed time of use (TOU) rates including rates for electric vehicles (EV), (5) an EV infrastructure development program which includes rebates for residential customers for the installation of smart charging equipment and a public “make-ready” program for general service customers under which the Company will install the infrastructure required to connect an EV charger, (6) a Marketing, Communications, and Education Plan to engage with customers about the TOU rates and EV program offerings, (7) resiliency programs to further the Company’s commitment to reliability, (8) an Arrearage Management Program for financial hardship customers, and (9) other rate design and tariff changes. On May 27, 2021, the NHPUC approved a settlement agreement providing for a temporary rate increase of $4.5 million in annual electric distribution revenues, effective June 1, 2021. As provided by statute, once a final order on permanent rates is issued, the permanent rate level is reconciled back to the effective date of the temporary rates. On February 11, 2022, the Company filed a signed Settlement Agreement on permanent rates among Unitil Energy Systems, Inc., the Department of Energy (DOE), the Office of the Consumer Advocate (OCA), the Department of Environmental Services, Clean Energy New Hampshire (CENH), and ChargePoint, Inc. The NHPUC held a hearing on the Settlement Agreement on March 3, 2022 and written closing statements were filed by the Company, DOE, OCA, and CENH on March 11, 2022. This matter remains pending.

Fitchburg - Base Rates - Electric

Fitchburg’s base rates are decoupled in order to mitigate economic, weather, and energy efficiency effects to the Company’s revenues and subject to an annual revenue decoupling adjustment mechanism, which includes a cap on the amount that rates may be increased in any year. In addition, Fitchburg has an annual capital cost recovery mechanism to recover the revenue

requirement associated with certain capital additions. On November 2, 2021, Fitchburg filed its cumulative revenue requirement of $1.6 million associated with its 2019 and 2020 capital expenditures. The Department allowed the associated rate increase to become effective on January 1, 2022, subject to further investigation and reconciliation.

On April 17, 2020, the MDPU approved a settlement agreement entered into by the Company and the Massachusetts Office of the Attorney General providing for a distribution increase of $1.1 million, effective November 1, 2020. The Company’s subsequent Compliance Filing reflected an adjusted distribution increase of $0.9 million, a decrease of $0.2 million from the original settlement amount. On May 21, 2020, the MDPU approved the Company’s Compliance Filing. The agreement provides for a Return on Equity of 9.7% and a capital structure reflecting 52.45% equity and 47.55% long-term debt. Under the agreement, the Company will not increase or redesign base distribution rates to become effective prior to November 1, 2023, though the Company may seek cost recovery for certain exogenous events that meet a revenue threshold of $0.1 million. The agreement also provides for the implementation of a major storm reserve fund, whereby the Company may recover the costs of restoration for qualifying storm events. In addition, the agreement provides for the extension of the annual capital cost recovery mechanism, modified to allow the recovery of property tax on the cumulative net capital expenditures.

Fitchburg - Base Rates - Gas

Pursuant to its revenue decoupling adjustment clause tariff, as approved in its last base rate case, the Company is allowed to modify, on a semi-annual basis, its base distribution rates to an established revenue per customer target in order to mitigate economic, weather and energy efficiency affect to the Company’s revenues. The MDPU consistently has found the Company’s filings are in accord with its approved tariffs, applicable law and precedent, and that they result in just and reasonable rates.

On February 28, 2020, the MDPU approved a settlement agreement between the Company and the Massachusetts Office of the Attorney General. The agreement provides for an annual distribution revenue increase of $4.6 million to be phased in over two years: (1) an increase of $3.7 million, which became effective on March 1, 2020; and (2) an increase of $0.9 million, which became effective on March 1, 2021. Under the agreement, the Company will not increase or redesign base distribution rates to become effective prior to March 1, 2023, though the Company may seek cost recovery for certain exogenous events that meet a revenue effect threshold of $40,000. The agreement provides for a Return on Equity of 9.7% and a capital structure reflecting 52.45% equity and 47.55% long-term debt.

Fitchburg - Gas System Enhancement Program

Pursuant to statute and MDPU order, Fitchburg has an approved Gas System Enhancement Plan tariff through which it may recover certain gas infrastructure replacement and safety related investment costs, subject to an annual cap. Under the plan, the Company is required to make two annual filings with the MDPU: a forward-looking filing for the subsequent construction year, to be filed on or before October 31; and a filing, submitted on or before May 1, of final project documentation for projects completed during the prior year, demonstrating substantial compliance with its plan in effect for that year and showing that project costs were reasonably and prudently incurred. Fitchburg’s forward-looking filing submitted on October 30, 2020 requested recovery of approximately $2.2

million, and received final approval on April 29, 2021, effective May 1, 2021. The Company’s most recent forward-looking filing, filed on October 29, 2021, requested recovery of approximately $3.3 million. On April 28, 2022, the MDPU issued an order approving this filing for rates effective May 1, 2022. The Company considers these to be routine regulatory proceedings, and there are no material issues outstanding.

Granite State - Base Rates

On November 30, 2020, the FERC approved Granite State’s filing of an uncontested rate settlement which provides for an increase in annual revenues of approximately $1.3 million, effective November 1, 2020. The Settlement Agreement permits the filing of limited Section 4 rate adjustments for capital cost projects eligible for cost recovery in 2021, 2022, and 2023, and sets forth an overall cap of

approximately $14.6 million

on the capital cost recoverable under such filings during the term of the Settlement. Under the Settlement Agreement, Granite may not file a new general rate case earlier than April 30, 2024 with rates to be effective no earlier than November 1, 2024 based on a test year ending no earlier than December 31, 2023.

On August 24, 2021, the FERC accepted Granite State’s first limited Section 4 rate adjustment pursuant to the Settlement Agreement, for an annual revenue increase of $0.1 million, effective September 1, 2021.

Other Matters

Fitchburg - Grid Modernization

- On July 1, 2021, Fitchburg submitted its Grid Modernization Plan (GMP) to the MDPU. The GMP includes a five year strategic plan, including a plan for the full deployment of advanced metering functionality, and a four-year short-term investment plan, which focuses on foundational investments to facilitate the interconnection and integration of distributed energy resources, optimizing system performance through command and control and self-healing measures, and optimizing system demand by facilitating consumer price-responsiveness. The GMP is subject to review and approval by the MDPU and remains pending.

Fitchburg - Grid Modernization Cost Recovery Factor

- On April 15, 2021, Fitchburg filed its Grid Modernization Factor (GMF) rate adjustment and reconciliation filing pursuant to the Company’s proposed GMF Tariff, for recovery of the costs incurred as a result of implementing the Company’s 2018-2021 GMP, previously approved by the MDPU on February 7, 2019. The proposed GMF was approved on May 27, 2021, effective June 1, 2021, subject to further investigation and reconciliation.

Fitchburg - Investigation into the role of gas LDCs to achieve Commonwealth 2050 climate goals -

The MDPU has opened an investigation to examine the role of Massachusetts gas local distribution companies (LDCs) in helping the Commonwealth achieve its 2050 climate goal of

net-zero

greenhouse gas (GHG) emissions. In its Order opening the inquiry, the MDPU stated it is required to consider new policies and structures as the Commonwealth reduces reliance on fossil fuels, including natural gas, which may require LDCs to make significant changes to their planning processes and business models. The LDCs, including Fitchburg, engaged an independent consultant to conduct a study and prepare a report (Consultant Report), including a detailed study of each LDC, that analyzes the feasibility of all identified pathways to help the Commonwealth achieve its

net-zero

GHG goal. The study includes an examination of the potential pathways identified in the 2050 Decarbonization Roadmap developed by the MA Executive Office of Energy and Environmental Affairs, in consultation with the Massachusetts Department of Environmental Protection and the Massachusetts Department of Energy Resources. Following an active stakeholder process, on March 18, 2022, Consultant Reports on decarbonization pathways, regulatory designs and stakeholder engagement were submitted to the MDPU. Also on March 18, 2022, the LDCs, including Fitchburg, submitted proposals to the MDPU that include the LDCs’ recommendations and plans for helping the Commonwealth achieve its 2050 climate goals, supported by the Consultant Reports. The MDPU held a technical session on the Consultant Report on March 30, 2022 and a technical session on the LDC proposals on April 15, 2022. Discovery by the MDPU is ongoing.

Financial Effects of

COVID-19

Pandemic

The NHPUC and the MDPU have opened proceedings to consider the revenue and cost effects on the regulated electric and gas utilities within their respective jurisdictions of the requirement to continue the availability of gas, electric and water service to customers during the

COVID-19

pandemic. Among the effects under investigation are the revenue effects associated with service disconnection moratoriums, the waiver of fees and expanded customer payments arrangements; the increased cost of customer accounts that cannot be collected, including the cost of bad debt reserves and increased working capital costs; and increased operating and maintenance costs incurred for employees to work safely and protect the public. Fitchburg, Unitil Energy and Northern Utilities are active participants in these proceedings, and are in full compliance with all regulatory orders governing service

shut-off

moratoriums and other customer service protection measures. These matters remain pending. On December 31, 2020, in docket DPU

20-58,

the MDPU issued an order which, among

other provisions, allows the utility companies to defer for future recovery of bad debt expense in excess of a baseline. On July 7, 2021, the NHPUC issued an order which declined to authorize New Hampshire’s rate-regulated utilities’ establishment of a regulatory asset for incremental bad debt or waived late payment fees related to the

COVID-19

pandemic. The NHPUC stated that these costs will be addressed in each utility’s next rate case. On September 7, 2021, the NHPUC clarified its July 7 Order, determining that it has not foreclosed rate-regulated utilities from utilizing accounting mechanisms to defer costs in order to seek recovery in a future rate proceeding, and that Unitil Energy’s and Northern Utilities’ respective pending rate cases are the appropriate venue to address incremental bad debt and/or waived late payment fees resulting from the

COVID-19

public health emergency orders and directives.

Northern Utilities / Granite State - Firm Capacity Contract

- Northern Utilities relies on the transportation of gas supply over its affiliate Granite State pipeline to serve its customers in the Maine and New Hampshire service territories. Granite State facilitates critical upstream interconnections with interstate pipelines and third party suppliers essential to Northern Utilities’ service to its customers. Northern Utilities reserves firm capacity through a contract with Granite State, which is renewed annually. Pursuant to statutory requirements in Maine and orders of the MPUC, Northern Utilities submits an annual informational report requesting approval of a

one-year

extension of its

12-month

contract for firm pipeline capacity reservation, with an evergreen provision and three-month termination notification requirement. On April 1, 2022, Northern Utilities submitted an annual informational report requesting approval on a

one-year

extension for the period of November 1, 2022 through October 31, 2023. The matter remains pending.

Reconciliation Filings

Fitchburg, Unitil Energy and Northern Utilities each have a number of regulatory reconciling accounts that require annual or semi-annual filings with the MDPU, NHPUC and MPUC, respectively, to reconcile costs and revenues, and to seek approval of any rate changes. These filings include: annual electric reconciliation filings by Fitchburg and Unitil Energy for a number of items, including default service, stranded cost changes and transmission charges; costs associated with energy efficiency programs in New Hampshire and Massachusetts, as directed by the NHPUC and MDPU; recovery of the ongoing costs of storm repairs incurred by Unitil Energy; and the actual wholesale energy costs for electric power and gas incurred by each of the three companies. Fitchburg, Unitil Energy and Northern Utilities have been, and remain in full compliance with all directives and orders regarding these filings. The Company considers these to be routine regulatory proceedings, and there are no material issues outstanding.

Fitchburg - Massachusetts Request for Proposals (RFPs)

Pursuant to a comprehensive energy law enacted in 2016, “An Act to Promote Energy Diversity,” (the Act) under Section 83C, the Massachusetts electric distribution companies (EDCs), including Fitchburg, are required to jointly solicit proposals for long-term contracts for at least 400 megawatts of offshore wind energy generation by June 30, 2017, as part of a total of 1,600 MW of offshore wind the EDCs are directed to procure by June 30, 2027. Under Section 83D of the Act, the EDCs are required to jointly seek proposals for cost-effective clean energy (hydroelectric, solar and land-based wind) long-term contracts via one or more staggered solicitations for a total of 9,450,000 megawatt-hours (MWh) by December 31, 2022. Unitil’s pro rata share of these contracts is approximately one percent.

The EDCs issued the RFP for Section 83D Long-Term Contracts for Qualified Clean Energy Projects in March 2017, and after selection of final projects and negotiation, final contracts for 9,554,940 MWh of Qualified Clean Energy and associated Environmental Attributes from Hydro-Quebec Energy Services (U.S.), Inc. for hydroelectric generation were filed in July 2018 for approval by the MDPU. On June 25, 2019, the MDPU approved the power purchase agreements, including the EDCs’ proposal to sell the energy procured under the contract into the

ISO-NE

wholesale market and to credit or charge the difference between the contract costs and the

ISO-NE

market costs to customers. The MDPU also determined that the EDCs’ request for remuneration equal to 2.75% of the contract payments is reasonable and in the public interest and approved the EDCs’ proposal to amend their respective tariffs to include the recovery of costs associated with the contracts. The Massachusetts Supreme Judicial Court upheld the MDPU’s approval in an opinion dated September 3, 2020. The Company believes the power purchase obligations under these long-term contracts will have a material effect on the contractual obligations of Fitchburg, once certain conditions and contingencies are met.

The EDCs issued the RFP pursuant to Section 83C for Long-Term Contracts for Offshore Wind Energy Generation in June 2017. The EDCs selected an 800 MW project submitted by Vineyard Wind in May 2018, contracts were signed in July 2018 and on July 23, 2018, the EDCs, including Fitchburg, filed two long-term contracts, each for 400 MW of offshore wind energy generation with the MDPU for approval. On April 12, 2019, the MDPU approved the offshore wind energy generation power purchase agreements, including the EDCs’ proposal to sell the energy procured under the contract into the

ISO-NE

wholesale market and to credit or charge the difference between the contract costs and the

ISO-NE

market costs to

customers. The MDPU also determined that the EDCs’ request for remuneration equal to 2.75% of the contract payments is reasonable and in the public interest and approved the EDCs’ proposal to amend their respective tariffs to include the recovery of costs associated with the contracts. The Company believes the power purchase obligations under these long-term contracts will have a material effect on the contractual obligations of Fitchburg, once certain conditions and contingencies are met.

The EDCs issued a second RFP pursuant to Section 83C for Long-Term Contracts for Offshore Wind Energy Generation on May 23, 2019. This solicitation sought to procure the obligation remaining under 83C at the time, an additional 800 MW of offshore wind energy generation. The EDCs selected an 800 MW project submitted by Mayflower Wind Energy LLC and contracts were executed on January 10, 2020. A filing with the MDPU for approval of two long-term contracts, each for 400 MW of offshore wind energy generation, was made on February 10, 2020. On November 5, 2020, the MDPU approved the Offshore Wind Energy Generation power purchase agreements. The MDPU also determined that the EDCs’ request for remuneration equal to 2.75% is reasonable and in the public interest. The Company believes the power purchase obligations under these long-term contracts will have a material effect on the contractual obligations of Fitchburg, once certain conditions and contingencies are met.

In accordance with the requirement of Chapter 227 of the Acts of 2018, An Act to Advance Clean Energy, signed August 9, 2018, Massachusetts Department of Energy Resources (MDOER) prepared a report on the necessity, benefits and costs of requiring the EDCs to competitively conduct offshore wind generation RFPs for up to an additional 1,600 MW. The MDOER filed its report with the Legislature in May, 2019, recommending that, “the EDCs should proceed with additional offshore wind solicitations for up to 1,600 MW of offshore wind in 2022 and 2024 and only enter into contracts if found to be cost-effective.” On March 10, 2021, Fitchburg, along with the other EDCs, filed a petition with the MDPU for approval of a proposed timetable and method of solicitation and execution of long-term contracts for up to an additional 1,600 MW of off shore wind generation. On May 5, 2021, the DPU approved the proposed timetable and method for the solicitation, and the RFP was issued on May 7, 2021. On December 17, 2021, the EDCs selected a 1,600 MW portfolio of offshore wind generation that includes a 1,200 MW project submitted by Vineyard Wind and a 400 MW project submitted by Mayflower Wind. Contract negotiations

were

completed in early April 2022 and

the contracts will be

submitted for approval to the MDPU by the end of

2022.

Section 83C of Chapter 169 of the Acts of 2008 was recently amended by the Acts of 2021 to increase the aggregate amount of offshore wind capacity to be procured to 5,600 MW not later than June 30, 2027. After considering the two approved offshore wind contracts of 800 MW each and the most recent selection of 1,600 MW there is another 2,400 MW of offshore wind capacity to be procured in the future.

FERC Transmission Formula Rate Proceedings

Pursuant to Section 206 of the Federal Power Act, there are several pending proceedings before the FERC concerning the justness and reasonableness of the Return on Equity (ROE) component of the

ISO-New

England, Inc. Participating Transmission Owners’ Regional Network Service and Local Network Service formula rates. On April 14, 2017, the U.S. Court of Appeals for the D.C. Circuit (the Court) issued an opinion vacating a decision of the FERC with respect to the ROE, and remanded it for further proceedings. The FERC had found that the Transmission Owners existing ROE was unlawful, and set a new ROE. The Court found that the FERC had failed to articulate a satisfactory explanation for its orders. At this time, the ROE set in the vacated order will remain in place until further FERC action is taken. Separately, on March 15, 2018, the Transmission Owners filed a petition for review with the Court of certain orders of the FERC setting for hearing other complaints challenging the allowed Return on Equity component of the formula rates. On November 21, 2019 the FERC issued an order in

EL14-12,

Midcontinent Independent System Operator ROE, in which FERC outlined a new methodology for calculating the ROE. In response to the FERC order in EL

14-12,

the New England Transmission Owners (NETOs) filed a motion to reopen the record, which has been granted. This matter remains pending. The Company does not believe these proceedings will have a material adverse effect on its financial condition or results of operations.

The FERC Section 206 proceeding concerning the justness and reasonableness of

ISO-New

England, Inc. Participating Transmission Owners’ Regional Network Service and Local Network Service formula rates and to develop formula rate protocols for these rates has been resolved. On August 17, 2018 a joint settlement agreement among a number of the parties was filed with the FERC. FERC rejected the

settlement agreement on May 22, 2019 and remanded the proceeding to the Chief Administrative Law Judge to resume hearing procedures. On May 24, 2019 the judge appointed a Dispute Resolution Facilitator to aid parties in settlement negotiations. The procedural schedule was suspended September 24, 2019 in order to allow participants to focus on settlement negotiations. On October 24, 2019, the NETOs filed an unopposed motion to suspend the procedural schedule and waiver of answer period indicating that the NETOs, Municipal Pool Transmission Facility Owners and the Commission Trial Staff have reached agreement in principle on the terms of a settlement to resolve all open issues in the proceeding. On June 15, 2020 a settlement was filed. The FERC approved the settlement agreement on December 28, 2020. Pursuant to the terms of the settlement agreement, the negotiated formula rates took effect on January 1, 2022. Fitchburg and Unitil Energy are Participating Transmission Owners, although Unitil Energy does not own transmission plant.

Legal Proceedings

The Company is involved in legal and administrative proceedings and claims of various types, including those which arise in the ordinary course of business. The Company believes, based upon information furnished by counsel and others, that the ultimate resolution of these claims will not have a material effect on its financial position, operating results or cash flows.

ENVIRONMENTAL MATTERS

3 Months Ended

Mar. 31, 2022

ENVIRONMENTAL MATTERS

NOTE 7 - ENVIRONMENTAL MATTERS

UNITIL’S ENVIRONMENTAL MATTERS ARE DESCRIBED IN NOTE 8 TO THE FINANCIAL STATEMENTS IN ITEM 8 OF PART II OF UNITIL CORPORATION’S FORM

10-K

FOR DECEMBER 31, 2021 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 1, 2022.

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, 2022, has not identified any material losses reasonably likely to be incurred in excess of recorded amounts. However, the Company cannot assure that significant costs and liabilities will not be incurred in the future. It is possible that other developments, such as increasingly stringent federal, state or local environmental laws and regulations could result in increased environmental compliance costs. Based on its current assessment of its environmental responsibilities, existing legal requirements and regulatory policies, the Company does not believe that these environmental costs will have a material adverse effect on the Company’s consolidated financial position or results of operations.

Northern Utilities Manufactured Gas Plant Sites

- Northern Utilities has an extensive program to identify, investigate and remediate former manufactured gas plant (MGP) sites, which were operated from the

mid-1800s

through the

mid-1900s.

In New Hampshire, MGP sites were identified in Dover, Exeter, Portsmouth, Rochester and Somersworth. In Maine, Northern Utilities has documented the presence of MGP sites in Lewiston and Portland, and a former MGP disposal site in Scarborough.

Northern Utilities has worked with the Maine Department of Environmental Protection and New Hampshire Department of Environmental Services (NH DES) to address environmental concerns with these sites. Northern Utilities or others have completed remediation activities at all sites; however, on site monitoring continues at several sites which may result in future remedial actions as directed by the applicable regulatory agency.

In July 2019, the NH DES requested that Northern Utilities review modeled expectations for groundwater contaminants against observed data at the Rochester site. In June 2020, the NH DES coupled the submittal of the review to a proposed extension of the gas distribution system by Northern Utilities. Northern Utilities submitted the review in January 2022. In anticipation of the NH DES approval of the work plan, the Company has accrued $0.8 million for estimated costs to complete the remediation at the Rochester site, which is included in Environmental Obligations.

The NHPUC and MPUC have approved regulatory mechanisms for the recovery of MGP environmental costs. For Northern Utilities’ New Hampshire division, the NHPUC has approved the recovery of MGP environmental costs over succeeding seven-year periods. For Northern Utilities’ Maine division, the MPUC has authorized the recovery of environmental remediation costs over succeeding five-year periods.

The Environmental Obligations table shows the amounts accrued for Northern Utilities related to estimated future cleanup costs associated with Northern Utilities’ environmental remediation obligations for former MGP sites. Corresponding Regulatory Assets were recorded to reflect that the future recovery of these environmental remediation costs is expected based on regulatory precedent and established practices.

Fitchburg’s Manufactured Gas Plant Site

- Fitchburg has worked with the Massachusetts Department of Environmental Protection (Mass DEP) to address environmental concerns with the former MGP site at Sawyer Passway, and has substantially completed remediation activities, though on site monitoring continues. In April 2020, Fitchburg received notification from the Massachusetts Department of Transportation (Mass DOT) that a portion of the site may be incorporated into the proposed Twin City Rail Trail with an anticipated completion in 2023. Depending upon the final agreement between Fitchburg and Mass DOT, additional minor costs are expected prior to completion.

In August 2021, the Mass DEP issued a Notice of

Non-compliance

to FGE following a November 2020 audit of the September 2015 Response Action Outcome on the MGP site. Mass DEP directed Fitchburg to further define the extent of MGP site contaminants in the sediment and riverbank of an abutting watercourse. Fitchburg began the investigation in November 2021 with an anticipated completion by June 2022. The Company does not believe this investigation will have a material adverse effect on its financial condition, results of operations or cash flows.

Fitchburg recovers the environmental response costs incurred at this former MGP site in gas rates pursuant to the terms of a cost recovery agreement approved by the MDPU. Pursuant to this agreement, Fitchburg is authorized to amortize and recover environmental response costs from gas customers over succeeding seven-year periods.

Unitil Energy - Kensington Distribution Operations Center

Unitil Energy conducted a Phase I and II environmental site assessment (ESA) in the second quarter of 2021. The ESA results identified soil and groundwater contaminants in excess of state regulatory standards. In September 2021, the NH DES directed Unitil Energy to conduct a supplemental site investigation (SSI) and identify whether there is a need to conduct further investigation or remedial actions. Unitil Energy began the SSI in December 2021 with an anticipated completion June 2022.

The following table sets forth a summary of changes in the Company’s liability for Environmental Obligations for the three months ended March 31, 2022 and 2021.


Environmental Obligations ($ millions)
	Three Months Ended March 31,
	2022		2021
Total Balance at Beginning of Period	$	2.7	$	2.1
Additions		—		0.1
Less: Payments / Reductions		—		0.1

Total Balance at End of Period		2.7		2.1

Less: Current Portion		0.5		0.3

Noncurrent Balance at End of Period	$	2.2	$	1.8

INCOME TAXES

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 8: INCOME TAXES

The differences between the Company’s provisions for Income Taxes and the provisions calculated at the statutory federal tax rate, expressed in percentages, are shown in the following table:


	Three Months Ended March 31,
	2022			2021
Statutory Federal Income Tax Rate		21	%		21	%
Income Tax Effects of:
State Income Taxes, net		6			6
Utility Plant Differences		(1	)		(1	)
Other, net		—			—

Effective Income Tax Rate		26	%		26	%

Under the Company’s Tax Sharing Agreement (the Agreement) which was approved upon the formation of Unitil as a public utility holding company, the Company files consolidated Federal and State tax returns and Unitil Corporation and each of its utility operating subsidiaries recognize the results of their operations in its tax returns as if it were a stand-alone taxpayer. The Agreement provides that the Company will account for income taxes in compliance with U.S. GAAP and regulatory accounting principles. The Company has evaluated its tax positions at March 31, 2022 in accordance with the FASB Codification, and has concluded that no adjustment for recognition,

de-recognition,

settlement or foreseeable future events to any tax liabilities or assets as defined by the FASB Codification is required. The Company remains subject to examination by Maine, Massachusetts, and New Hampshire tax authorities for the tax periods ended December 31, 2020; December 31, 2019; and December 31, 2018.

Income tax filings for the year ended December 31, 2020 have been filed with the IRS, Massachusetts Department of Revenue, the Maine Revenue Service, and the New Hampshire Department of Revenue Administration. In the Company’s federal tax returns for the year ended December 31, 2020, which were filed with the IRS in October 2021, the Company generated federal Net Operating Loss Carryforward (NOLC) assets of $7.7 million, principally due to tax repairs expense and tax depreciation. As of December 31, 2021, the Company recognized the utilization of approximately $3.6 million of the NOLC asset to offset current taxes payable. In addition, at December 31, 2021, the Company had $0.7 million of cumulative state tax credit carryforwards to offset future income taxes payable. If unused, the Company’s state tax credit carryforwards will begin to expire in 2024.

In March 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The CARES Act included several tax changes as part of its economic package. These changes principally related to expanded Net Operating Loss carryback periods, increases to interest deductibility limitations, and accelerated Alternative Minimum Tax refunds. Additionally, the CARES Act enacted the Employee Retention Credit (ERC) to incentivize companies to retain employees. The ERC is a 50% credit on employee wages for employees that are retained and cannot perform their job duties at 100% capacity as a result of coronavirus pandemic restrictions.

In December 2020, the Consolidated Appropriations Act, 2021 (CAA) was signed into law. The CAA included additional funding through tax credits as part of its economic package for 2021. These changes include the temporary removal of deduction limitations on business meals through December 2022 and additional funding for the ERC with expanded benefits extended through June 30, 2021. The expanded ERC is a 70% credit on employee wages for employees that are retained and cannot perform their job duties at 100% capacity as a result of coronavirus pandemic restrictions.

In March 2021, the American Rescue Plan Act of 2021 (ARPA) was signed into law. The ARPA included certain provisions that provide economic relief for the

ongoing COVID-19

pandemic, such as extending the ERC through December 31, 2021, and other future governmental revenue producing provisions, such as expanding the scope for deduction limitations on executive compensation in future years.

The Company has evaluated each of the CARES, CAA and ARPA provisions and determined that they do not have a material effect on the Company’s financial statements as of March 31, 2022.

In December 2017, the Tax Cuts and Jobs Act (TCJA), which included a reduction to the corporate federal income tax rate to 21% effective January 1, 2018, was signed into law. In accordance with FASB Codification Topic 740, the Company revalued its Accumulated Deferred Income Taxes (ADIT) at the new 21% tax rate at which the ADIT will be reversed in future periods. Based on communications received by the Company from its state regulators in rate cases and other regulatory proceedings in the first quarter of 2018 and as prescribed in the TCJA, FERC guidance and IRS normalization rules, the benefit of protected excess ADIT amounts will be subject to flow back to customers in future utility rates according to the Average Rate Assumption Method (ARAM). ARAM reconciles excess ADIT at the reversal rate of the underlying book/tax temporary timing differences. The Company estimates the ARAM flow back period for protected and unprotected excess ADIT to be between fifteen and twenty years over the remaining life of the related utility plant. Subject to regulatory approval, the Company expects to flow back to customers a net $47.1 million of protected excess ADIT created as a result of the lowering of the statutory tax rate by the TCJA over periods estimated to be fifteen to twenty years. As of March 31, 2022, the Company flowed back $3.6 million to customers in its Massachusetts, Maine, and federal jurisdictions. New Hampshire liabilities will begin to flow back once rate proceedings have finalized in that jurisdiction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RETIREMENT BENEFIT OBLIGATIONS

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Retirement Benefit Plans

NOTE 9: RETIREMENT BENEFIT OBLIGATIONS

The Company sponsors the following retirement benefit plans to provide certain pension and post-retirement benefits for its retirees and current employees as follows:

•

The Unitil Corporation Retirement Plan (Pension Plan)

The Pension Plan is a defined benefit pension plan. Under the Pension Plan, retirement benefits are based upon an employee’s level of compensation and length of service. Effective January 1, 2010, the Pension Plan was closed to new

non-union

employees. For union employees, the Pension Plan was closed on various dates between December 31, 2010 and June 1, 2013, depending on the various Collective Bargaining Agreements of each union.

•

The Unitil Retiree Health and Welfare Benefits Plan (PBOP Plan)

The PBOP Plan provides health care and life insurance benefits to retirees. The Company has established Voluntary Employee Benefit Trusts, into which it funds contributions to the PBOP Plan.

•

The Unitil Corporation Supplemental Executive Retirement Plan (SERP)

The SERP is a

non-qualified

retirement plan, with participation limited to executives selected by the Board of Directors.

See Note 10 (Retirement Benefit Plans) to the Consolidated Financial Statements in the Company’s Form

10-K

for the year ended December 31, 2021 as filed with the SEC on February 1, 2022 for additional information regarding these plans.

The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations:


Used to Determine Plan Costs	2022			2021
Discount Rate		2.85	%		2.50	%
Rate of Compensation Increase		3.00	%		3.00	%
Expected Long-term rate of return on plan assets		7.50	%		7.50	%
Health Care Cost Trend Rate Assumed for Next Year		6.20	%		6.60	%
Ultimate Health Care Cost Trend Rate		4.50	%		4.50	%
Year that Ultimate Health Care Cost Trend Rate is reached		2029			2029

The following table provides the components of the Company’s Retirement plan costs ($000’s):


	Pension Plan						PBOP Plan						SERP
Three Months Ended March 31,	2022			2021			2022			2021			2022			2021
Service Cost	$	791		$	868		$	722		$	758		$	68		$	89
Interest Cost		1,371			1,251			799			685			118			114
Expected Return on Plan Assets		(2,720	)		(2,423	)		(854	)		(627	)		—			—
Prior Service Cost Amortization		89			75			273			302			14			14
Actuarial Loss Amortization		1,377			2,022			255			262			199			372

Sub-total		908			1,793			1,195			1,380			399			589
Amounts Capitalized and Deferred		(156	)		(713	)		(511	)		(662	)		(118	)		(178	)

Net Periodic Benefit Cost Recognized	$	752		$	1,080		$	684		$	718		$	281		$	411

Employer Contributions

As of March 31, 2022, the Company had not made any contributions to its Pension Plan and PBOP Plan, respectively, in 2022. The Company, along with its subsidiaries, expects to make contributions to its Pension and PBOP Plans in 2022 and future years at minimum required and discretionary funding levels consistent with the amounts recovered in the distribution utilities’ rates for these Pension and PBOP Plan costs.

As of March 31, 2022, the Company had made $0.2 million of benefit payments under the SERP Plan in 2022. The Company presently anticipates making an additional $0.4 million of benefit payments under the SERP Plan in 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Nature of Operations

non-regulated

business unit Unitil Resources, Inc. (Unitil Resources).

The Company’s earnings are seasonal and typically are higher in the first and fourth quarters when customers use gas for heating purposes.

non-regulated

subsidiary.

Basis of Presentation

Basis of Presentation -

The accompanying unaudited consolidated financial statements of Unitil have been prepared in accordance with the instructions to Form

10-Q

10-K

for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (SEC) on February 1, 2022, for a description of the Company’s Basis of Presentation.

Utility Revenue Recognition

980-605-25-3,

as the Company has the ability to adjust rates in the future as a result of past activities or completed events. The rate adjustment mechanisms meet the criteria within ASC

980-605-25-4.

In the following tables, revenue is classified by the types of goods/services rendered and market/customer type.


	Three Months Ended March 31, 2022
Electric and Gas Operating Revenues ($ millions):	Electric		Gas			Total
Billed and Unbilled Revenue:
Residential	$	49.4	$	45.6		$	95.0
Commercial and Industrial		31.0		64.6			95.6
Other		4.3		3.5			7.8

Total Billed and Unbilled Revenue		84.7		113.7			198.4
Rate Adjustment Mechanism Revenue		4.5		(10.3	)		(5.8	)

Total Electric and Gas Operating Revenues	$	89.2	$	103.4		$	192.6

Income Taxes

Income Taxes -

Cash and Cash Equivalents

Cash and Cash Equivalents -

(ISO-NE)

Financial Assurance Policy (Policy), Unitil’s subsidiaries Unitil Energy, Fitchburg and Unitil Power are required to provide assurance of their ability to satisfy their obligations to

ISO-NE.

Under this Policy, Unitil’s subsidiaries provide cash deposits covering approximately

2-1/2

ISO-NE

obligations.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts -

conditions, customer trends, or other factors such as the extent and duration of any shutoff or collection moratoriums. The Company also calculates the amount of

written-off

The Allowance for Doubtful Accounts as of March 31, 2022, March 31, 2021 and December 31, 2021, was as follows:


($ millions)
	March 31,				December 31,
	2022		2021		2021
Allowance for Doubtful Accounts	$	3.4	$	4.4	$	3.3

Accrued Revenue


	March 31,				December 31,
Accrued Revenue ($ millions)	2022		2021		2021
Regulatory Assets – Current	$	45.2	$	24.0	$	47.4
Unbilled Revenues, net		11.1		10.7		13.8

Total Accrued Revenue	$	56.3	$	34.7	$	61.2

Exchange Gas Receivable

Northern Utilities and Fitchburg have gas exchange and storage agreements whereby gas purchases during the months of April through October are delivered to a third party. The third party delivers gas back to the Company during the months of November through March. The exchange and storage gas volumes are recorded at weighted average cost. The following table shows the components of Exchange Gas Receivable as of March 31, 2022, March 31, 2021 and December 31, 2021.


	March 31,				December 31,
Exchange Gas Receivable ($ millions)	2022		2021		2021
Northern Utilities	$	0.5	$	1.0	$	6.7
Fitchburg		0.2		0.2		0.7

Total Exchange Gas Receivable	$	0.7	$	1.2	$	7.4

Gas Inventory

The Company uses the weighted average cost methodology to value gas inventory. The following table shows the components of Gas Inventory as of March 31, 2022, March 31, 2021 and December 31, 2021.


	March 31,				December 31,
Gas Inventory ($ millions)	2022		2021		2021
Natural Gas	$	—	$	—	$	0.5
Propane		0.4		0.3		0.4
Liquefied Natural Gas & Other		0.1		0.1		0.1

Total Gas Inventory	$	0.5	$	0.4	$	1.0

Utility Plant

Leases

non-lease

Regulatory Accounting

shut-off.


	March 31,				December 31,
Regulatory Assets consist of the following ($ millions)	2022		2021		2021
Retirement Benefits	$	86.5	$	104.5	$	86.4
Energy Supply and Other Rate Adjustment Mechanisms		41.9		20.2		44.1
Deferred Storm Charges		2.9		3.7		3.3
Environmental		4.5		5.0		4.6
Income Taxes		2.4		3.2		2.6
Other Deferred Charges		15.1		16.1		15.3

Total Regulatory Assets		153.3		152.7		156.3
Less: Current Portion of Regulatory Assets (1)		45.2		24.0		47.4

Regulatory Assets – noncurrent	$	108.1	$	128.7	$	108.9

(1)	Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets.


	March 31,				December 31,
Regulatory Liabilities consist of the following ($ millions)	2022		2021		2021
Income Taxes (Note 8)	$	43.9	$	45.1	$	44.3
Rate Adjustment Mechanisms		13.8		12.9		7.7
Other		—		0.2		0.1

Total Regulatory Liabilities		57.7		58.2		52.1
Less: Current Portion of Regulatory Liabilities		15.6		14.7		9.5

Regulatory Liabilities – noncurrent	$	42.1	$	43.5	$	42.6

Derivatives

Derivatives -

Investments in Marketable Securities


	March 31,				December 31,
Fair Value of Marketable Securities ($ millions)	2022		2021		2021
Money Market Funds	$	5.5	$	5.6	$	5.7

Total Marketable Securities	$	5.5	$	5.6	$	5.7

The Company also sponsors the Unitil Corporation Deferred Compensation Plan (the “DC Plan”). The DC Plan is a

non-qualified

deferred compensation plan that provides a vehicle for participants to accumulate

tax-deferred


	March 31,				December 31,
Fair Value of Marketable Securities ($ millions)	2022		2021		2021
Equity Funds	$	0.4	$	0.3	$	0.2
Money Market Funds		0.4		0.3		0.4

Total Marketable Securities	$	0.8	$	0.6	$	0.6

Energy Supply Obligations

Energy Supply Obligations -


	March 31,				December 31,
Energy Supply Obligations ($ millions)	2022		2021		2021
Current:
Exchange Gas Obligation	$	0.5	$	1.0	$	6.7
Renewable Energy Portfolio Standards		6.4		6.5		7.8
Power Supply Contract Divestitures		—		0.2		—

Total Energy Supply Obligations	$	6.9	$	7.7	$	14.5

Exchange Gas Obligation

Renewable Energy Portfolio Standards

Power Supply Contract Divestitures -

Subsequent Events

Subsequent Events -

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

Components of Gas and Electric Operating Revenue

In the following tables, revenue is classified by the types of goods/services rendered and market/customer type.


	Three Months Ended March 31, 2022
Electric and Gas Operating Revenues ($ millions):	Electric		Gas			Total
Billed and Unbilled Revenue:
Residential	$	49.4	$	45.6		$	95.0
Commercial and Industrial		31.0		64.6			95.6
Other		4.3		3.5			7.8

Total Billed and Unbilled Revenue		84.7		113.7			198.4
Rate Adjustment Mechanism Revenue		4.5		(10.3	)		(5.8	)

Total Electric and Gas Operating Revenues	$	89.2	$	103.4		$	192.6

Allowance for Doubtful Accounts Included in Accounts Receivable Net

The Allowance for Doubtful Accounts as of March 31, 2022, March 31, 2021 and December 31, 2021, was as follows:


($ millions)
	March 31,				December 31,
	2022		2021		2021
Allowance for Doubtful Accounts	$	3.4	$	4.4	$	3.3

Components of Accrued Revenue

The following table shows the components of Accrued Revenue as of March 31, 2022, March 31, 2021 and December 31, 2021.


	March 31,				December 31,
Accrued Revenue ($ millions)	2022		2021		2021
Regulatory Assets – Current	$	45.2	$	24.0	$	47.4
Unbilled Revenues, net		11.1		10.7		13.8

Total Accrued Revenue	$	56.3	$	34.7	$	61.2

Components of Exchange Gas Receivable

The following table shows the components of Exchange Gas Receivable as of March 31, 2022, March 31, 2021 and December 31, 2021.


	March 31,				December 31,
Exchange Gas Receivable ($ millions)	2022		2021		2021
Northern Utilities	$	0.5	$	1.0	$	6.7
Fitchburg		0.2		0.2		0.7

Total Exchange Gas Receivable	$	0.7	$	1.2	$	7.4

Components of Gas Inventory

The following table shows the components of Gas Inventory as of March 31, 2022, March 31, 2021 and December 31, 2021.


	March 31,				December 31,
Gas Inventory ($ millions)	2022		2021		2021
Natural Gas	$	—	$	—	$	0.5
Propane		0.4		0.3		0.4
Liquefied Natural Gas & Other		0.1		0.1		0.1

Total Gas Inventory	$	0.5	$	0.4	$	1.0

Regulatory Assets


	March 31,				December 31,
Regulatory Assets consist of the following ($ millions)	2022		2021		2021
Retirement Benefits	$	86.5	$	104.5	$	86.4
Energy Supply and Other Rate Adjustment Mechanisms		41.9		20.2		44.1
Deferred Storm Charges		2.9		3.7		3.3
Environmental		4.5		5.0		4.6
Income Taxes		2.4		3.2		2.6
Other Deferred Charges		15.1		16.1		15.3

Total Regulatory Assets		153.3		152.7		156.3
Less: Current Portion of Regulatory Assets (1)		45.2		24.0		47.4

Regulatory Assets – noncurrent	$	108.1	$	128.7	$	108.9

(1)	Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets.

Regulatory Liabilities


	March 31,				December 31,
Regulatory Liabilities consist of the following ($ millions)	2022		2021		2021
Income Taxes (Note 8)	$	43.9	$	45.1	$	44.3
Rate Adjustment Mechanisms		13.8		12.9		7.7
Other		—		0.2		0.1

Total Regulatory Liabilities		57.7		58.2		52.1
Less: Current Portion of Regulatory Liabilities		15.6		14.7		9.5

Regulatory Liabilities – noncurrent	$	42.1	$	43.5	$	42.6

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)	2022		2021		2021
Money Market Funds	$	5.5	$	5.6	$	5.7

Total Marketable Securities	$	5.5	$	5.6	$	5.7

Components of Energy Supply Obligations

Energy Supply Obligations -


	March 31,				December 31,
Energy Supply Obligations ($ millions)	2022		2021		2021
Current:
Exchange Gas Obligation	$	0.5	$	1.0	$	6.7
Renewable Energy Portfolio Standards		6.4		6.5		7.8
Power Supply Contract Divestitures		—		0.2		—

Total Energy Supply Obligations	$	6.9	$	7.7	$	14.5

Deferred Compensation Plan [Member]

Fair Value of Marketable Securities

Changes in the fair value of these investments are recorded in Other Expense, Net.


	March 31,				December 31,
Fair Value of Marketable Securities ($ millions)	2022		2021		2021
Equity Funds	$	0.4	$	0.3	$	0.2
Money Market Funds		0.4		0.3		0.4

Total Marketable Securities	$	0.8	$	0.6	$	0.6

DIVIDENDS DECLARED PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

DIVIDENDS DECLARED PER SHARE [Abstract]

Schedule of Dividends Declared


Declaration Date	Date Paid (Payable)	Shareholder of Record Date	Dividend Amount
04/27/22	05/27/22	05/13/22	$ 0.39
01/26/22	02/25/22	02/11/22	$ 0.39
10/27/21	11/29/21	11/15/21	$ 0.38
07/28/21	08/27/21	08/13/21	$ 0.38
04/28/21	05/28/21	05/14/21	$ 0.38
01/27/21	02/26/21	02/12/21	$ 0.38

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Significant Segment Financial Data

The following table provides segment financial data for the three months ended March 31, 2022 and March 31, 2021


	Electric			Gas			Non- Regulated		Other			Total
Three Months Ended March 31, 2022 ($ millions)
Revenues:
Billed and Unbilled Revenue	$	84.7		$	113.7		$	—	$	—		$	198.4
Rate Adjustment Mechanism Revenue		4.5			(10.3	)		—		—			(5.8	)

Total Operating Revenues		89.2			103.4			—		—			192.6

Segment Profit (Loss)		3.4			18.5			—		(0.4	)		21.5
Identifiable Segment Assets		598.2			932.6			—		21.5			1,552.3
Capital Expenditures		6.3			9.0			—		0.1			15.4

Three Months Ended March 31, 2021 ($ millions)
Revenues:
Billed and Unbilled Revenue	$	65.8		$	93.2		$	—	$	—		$	159.0
Rate Adjustment Mechanism Revenue		(5.7	)		(14.5	)		—		—			(20.2	)

Total Operating Revenues		60.1			78.7			—		—			138.8

Segment Profit (Loss)		2.9			16.4			—		(0.4	)		18.9
Identifiable Segment Assets		574.8			881.1			—		21.1			1,477.0
Capital Expenditures		9.5			4.3			—		0.3			14.1

DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Details on Long Term Debt

Details on long-term debt at March 31, 2022, March 31, 2021 and December 31, 2021 are shown in the following table:


($ millions)	March 31,				December 31,
	2022		2021		2021
Unitil Corporation:
6.33% Senior Notes, Due May 1, 2022	$	—	$	9.0	$	—
3.70% Senior Notes, Due August 1, 2026		30.0		30.0		30.0
3.43% Senior Notes, Due December 18, 2029		30.0		30.0		30.0
Unitil Energy First Mortgage Bonds:
8.49% Senior Secured Notes, Due October 14, 2024		1.5		3.0		1.5
6.96% Senior Secured Notes, Due September 1, 2028		14.0		16.0		14.0
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
3.58% Senior Secured Notes, Due September 15, 2040		27.5		27.5		27.5
4.18% Senior Secured Notes, Due November 30, 2048		30.0		30.0		30.0
Fitchburg:
6.75% Senior Notes, Due November 30, 2023		—		1.9		—
6.79% Senior Notes, Due October 15, 2025		6.0		10.0		6.0
3.52% Senior Notes, Due November 1, 2027		10.0		10.0		10.0
7.37% Senior Notes, Due January 15, 2029		8.4		9.6		9.6
5.90% Senior Notes, Due December 15, 2030		15.0		15.0		15.0
7.98% Senior Notes, Due June 1, 2031		14.0		14.0		14.0
3.78% Senior Notes, Due September 15, 2040		27.5		27.5		27.5
4.32% Senior Notes, Due November 1, 2047		15.0		15.0		15.0
Northern Utilities:
3.52% Senior Notes, Due November 1, 2027		20.0		20.0		20.0
7.72% Senior Notes, Due December 3, 2038		50.0		50.0		50.0
3.78% Senior Notes, Due September 15, 2040		40.0		40.0		40.0
4.42% Senior Notes, Due October 15, 2044		50.0		50.0		50.0
4.32% Senior Notes, Due November 1, 2047		30.0		30.0		30.0
4.04% Senior Notes, Due September 12, 2049		40.0		40.0		40.0
Granite State:
3.72% Senior Notes, Due November 1, 2027		15.0		15.0		15.0
Unitil Realty Corp.:
2.64% Senior Secured Notes, Due December 18, 2030		4.4		4.7		4.5

Total Long-Term Debt		508.3		528.2		509.6
Less: Unamortized Debt Issuance Costs		3.5		3.9		3.6

Total Long-Term Debt, net of Unamortized Debt Issuance Costs		504.8		524.3		506.0
Less: Current Portion		8.2		8.5		8.2

Total Long-term Debt, Less Current Portion	$	496.6	$	515.8	$	497.8

Fair Value of Long Term Debt


($ millions)	March 31,				December 31,
	2022		2021		2021
Estimated Fair Value of Long-Term Debt	$	524.8	$	581.0	$	584.9

Borrowing Limits Amounts Outstanding and Amounts Available under Credit Facility

The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of March 31 2022, March 31, 2021 and December 31, 2021:


	Revolving Credit Facility ($ millions)
	March 31,				December 31,
	2022		2021		2021
Limit	$	120.0	$	120.0	$	120.0
Short-Term Borrowings Outstanding		64.0		37.3		64.1

Available	$	56.0	$	82.7	$	55.9

Classification of the Company Lease Obligations

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


	March 31,				December 31,
Lease Obligations ($ millions)	2022		2021		2021
Operating Lease Obligations:
Other Current Liabilities (current portion)	$	1.6	$	1.6	$	1.6
Other Noncurrent Liabilities (long-term portion)		3.2		3.8		3.1

Total Operating Lease Obligations	$	4.8	$	5.4	$	4.7

Capital Lease Obligations:
Other Current Liabilities (current portion)	$	0.1	$	0.2	$	0.1
Other Noncurrent Liabilities (long-term portion)		0.2		0.3		0.2

Total Capital Lease Obligations	$	0.3	$	0.5	$	0.3

Total Lease Obligations	$	5.1	$	5.9	$	5.0

Cash paid for amounts included in the measurement of operating lease obligations for the three months ended March 31, 2022 and March 31, 2021 was

$0.5 million

and

$0.5 million

respectively, and was included in Cash Provided by Operating Activities on the Consolidated Statements of Cash Flows.

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


Lease Payments ($000’s) Year Ending December 31,	Operating Leases		Capital Leases
Rest of 2022	$	1,340	$	111
2023		1,515		107
2024		1,186		52
2025		620		19
2026		316		—
2027-2031		121		—

Total Payments		5,098		289

Less: Interest		297		10

Amount of Lease Obligations Recorded on Consolidated Balance Sheets	$	4,801	$	279

- 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.

+ References

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+ Details

COMMON STOCK AND PREFERRED STOCK (Tables)

3 Months Ended

Mar. 31, 2022

Table Text Block Supplement [Abstract]

Restricted Stock Units Issued

The equity portion of Restricted Stock Units activity during the three months ended March 31, 2022 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, 2021		49,182	$	41.67
Restricted Stock Units Granted		—		—
Dividend Equivalents Earned		377	$	50.90
Restricted Stock Units Settled		—		—

Restricted Stock Units as of March 31, 2022		49,559	$	41.74

ENVIRONMENTAL MATTERS (Tables)

3 Months Ended

Mar. 31, 2022

Environmental Obligations Recognized by Company

The following table sets forth a summary of changes in the Company’s liability for Environmental Obligations for the three months ended March 31, 2022 and 2021.


Environmental Obligations ($ millions)
	Three Months Ended March 31,
	2022		2021
Total Balance at Beginning of Period	$	2.7	$	2.1
Additions		—		0.1
Less: Payments / Reductions		—		0.1

Total Balance at End of Period		2.7		2.1

Less: Current Portion		0.5		0.3

Noncurrent Balance at End of Period	$	2.2	$	1.8

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Differences Between Provisions for Income Taxes and Provisions Calculated at Statutory Federal Tax Rate

The differences between the Company’s provisions for Income Taxes and the provisions calculated at the statutory federal tax rate, expressed in percentages, are shown in the following table:


	Three Months Ended March 31,
	2022			2021
Statutory Federal Income Tax Rate		21	%		21	%
Income Tax Effects of:
State Income Taxes, net		6			6
Utility Plant Differences		(1	)		(1	)
Other, net		—			—

Effective Income Tax Rate		26	%		26	%

RETIREMENT BENEFIT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2022

Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations

The following table includes the key weighted average assumptions used in determining the Company’s benefit plan costs and obligations:


Used to Determine Plan Costs	2022			2021
Discount Rate		2.85	%		2.50	%
Rate of Compensation Increase		3.00	%		3.00	%
Expected Long-term rate of return on plan assets		7.50	%		7.50	%
Health Care Cost Trend Rate Assumed for Next Year		6.20	%		6.60	%
Ultimate Health Care Cost Trend Rate		4.50	%		4.50	%
Year that Ultimate Health Care Cost Trend Rate is reached		2029			2029

Components of Retirement Plan Costs

The following table provides the components of the Company’s Retirement plan costs ($000’s):


	Pension Plan						PBOP Plan						SERP
Three Months Ended March 31,	2022			2021			2022			2021			2022			2021
Service Cost	$	791		$	868		$	722		$	758		$	68		$	89
Interest Cost		1,371			1,251			799			685			118			114
Expected Return on Plan Assets		(2,720	)		(2,423	)		(854	)		(627	)		—			—
Prior Service Cost Amortization		89			75			273			302			14			14
Actuarial Loss Amortization		1,377			2,022			255			262			199			372

Sub-total		908			1,793			1,195			1,380			399			589
Amounts Capitalized and Deferred		(156	)		(713	)		(511	)		(662	)		(118	)		(178	)

Net Periodic Benefit Cost Recognized	$	752		$	1,080		$	684		$	718		$	281		$	411

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) Subsidiary mi	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of Subsidiaries \| Entity \| Subsidiary	3
Length Of Pipeline \| mi	86
Cost of removal obligation	$ 109.8	$ 107.5	$ 102.5
Investments in trading securities	5.5	5.7	5.6
Allowance for doubtful accounts	3.4	3.3	4.4
Regulatory assets	153.3	156.3	152.7
Other Deferred Charges [Member]
Significant Accounting Policies [Line Items]
Regulatory assets	15.1	15.3	16.1
Unbilled Revenues [member]
Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	0.1	0.2	0.1
Accounts Receivable [member]
Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 3.3	3.1	4.3
Utilities
Significant Accounting Policies [Line Items]
Number of Subsidiaries \| Entity \| Subsidiary	3
Unitil Service; Unitil Realty; and Unitil Resources
Significant Accounting Policies [Line Items]
Number of Subsidiaries \| Entity \| Subsidiary	3
Fitchburg Gas And Electric Light Company [Member] \| Other Deferred Charges [Member] \| Electric And Gas Division [Member]
Significant Accounting Policies [Line Items]
Hardship accounts in regulatory assets	$ 7.9	7.9	8.0
Environmental and Rate Case Costs and Other Expenditures \| Recovered over the next seven years
Significant Accounting Policies [Line Items]
Regulatory assets	7.8
ISO-NE Obligations
Significant Accounting Policies [Line Items]
Cash Deposits	$ 2.9	2.7	2.2
Maximum
Significant Accounting Policies [Line Items]
Lease term	12 months
Deferred Compensation Plan [Member]
Significant Accounting Policies [Line Items]
Investments in trading securities	$ 0.8	$ 0.6	$ 0.6

Components of Gas and Electric Operating Revenue (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	$ 192.6	$ 138.8
Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	198.4	159.0
Rate Adjustment Mechanism Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	(5.8)	(20.2)
Electric
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	89.2	60.1
Electric \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	84.7	65.8
Electric \| Rate Adjustment Mechanism Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	4.5	(5.7)
Gas Segment
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	103.4	78.7
Gas Segment \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	113.7	93.2
Gas Segment \| Rate Adjustment Mechanism Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	(10.3)	(14.5)
Residential \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	95.0	75.8
Residential \| Electric \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	49.4	38.1
Residential \| Gas Segment \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	45.6	37.7
Commercial & Industrial \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	95.6	76.0
Commercial & Industrial \| Electric \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	31.0	25.9
Commercial & Industrial \| Gas Segment \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	64.6	50.1
Other \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	7.8	7.2
Other \| Electric \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	4.3	1.8
Other \| Gas Segment \| Billed and Unbilled Revenue
Operating Revenues [Line Items]
Total Gas and Electric Operating Revenues	$ 3.5	$ 5.4

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Allowance for Doubtful Accounts Included in Accounts Receivable Net (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Allowance for Doubtful Accounts Included in Accounts Receivable Net Detail [Abstract]
Allowance for Doubtful Accounts	$ 3.4	$ 3.3	$ 4.4

Components of Accrued Revenue (Detail) - USD ($)
$ in Millions

Mar. 31, 2022

Dec. 31, 2021

Mar. 31, 2021

Deferred Revenue Arrangement [Line Items]

Regulatory Assets – Current

^[1]

$ 45.2

$ 47.4

$ 24.0

Total Accrued Revenue

56.3

61.2

34.7

Unbilled Revenues

Deferred Revenue Arrangement [Line Items]

Regulatory Assets – Current

11.1

13.8

10.7

Regulatory Assets

Deferred Revenue Arrangement [Line Items]

Regulatory Assets – Current

$ 45.2

$ 47.4

$ 24.0

[1]	Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets.

Components of Exchange Gas Receivable (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Receivables [Line Items]
Total Exchange Gas Receivable	$ 0.7	$ 7.4	$ 1.2
Northern Utilities Inc
Receivables [Line Items]
Total Exchange Gas Receivable	0.5	6.7	1.0
Fitchburg
Receivables [Line Items]
Total Exchange Gas Receivable	$ 0.2	$ 0.7	$ 0.2

Components of Gas Inventory (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Public Utilities, Inventory [Line Items]
Weighted average cost inventory amount	$ 0.5	$ 1.0	$ 0.4
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		0.5
Propane
Public Utilities, Inventory [Line Items]
Weighted average cost inventory amount	$ 0.4	$ 0.4	$ 0.3

Regulatory Assets (Detail) - USD ($)
$ in Millions

Mar. 31, 2022

Dec. 31, 2021

Mar. 31, 2021

Regulatory Assets [Line Items]

Regulatory Assets

$ 153.3

$ 156.3

$ 152.7

Less: Current Portion of Regulatory Assets

^[1]

45.2

47.4

24.0

Regulatory Assets – noncurrent

108.1

108.9

128.7

Environmental Matters

Regulatory Assets [Line Items]

Regulatory Assets

4.5

4.6

5.0

Other Deferred Charges

Regulatory Assets [Line Items]

Regulatory Assets

15.1

15.3

16.1

Retirement Benefits

Regulatory Assets [Line Items]

Regulatory Assets

86.5

86.4

104.5

Deferred Storm Charges

Regulatory Assets [Line Items]

Regulatory Assets

2.9

3.3

3.7

Income Taxes

Regulatory Assets [Line Items]

Regulatory Assets

2.4

2.6

3.2

Energy Supply and Other Rate Adjustment Mechanisms

Regulatory Assets [Line Items]

Regulatory Assets

$ 41.9

$ 44.1

$ 20.2

[1]	Reflects amounts included in the Accrued Revenue on the Company’s Consolidated Balance Sheets.

Regulatory Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Regulatory Liabilities [Line Items]
Regulatory Liabilities	$ 57.7	$ 52.1	$ 58.2
Less: Current Portion of Regulatory Liabilities	15.6	9.5	14.7
Regulatory Liabilities – noncurrent	42.1	42.6	43.5
Income Taxes
Regulatory Liabilities [Line Items]
Regulatory Liabilities	43.9	44.3	45.1
Rate Adjustment Mechanisms
Regulatory Liabilities [Line Items]
Regulatory Liabilities	13.8	7.7	12.9
Other
Regulatory Liabilities [Line Items]
Regulatory Liabilities	$ 0.0	$ 0.1	$ 0.2

Fair Value of Marketable Securities (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading Securities	$ 5.5	$ 5.7	$ 5.6
Deferred Compensation Plan [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading Securities	0.8	0.6	0.6
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading Securities	5.5	5.7	5.6
Fair Value, Inputs, Level 1 \| Deferred Compensation Plan [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading Securities	0.8	0.6	0.6
Fair Value, Inputs, Level 1 \| Equity Funds \| Deferred Compensation Plan [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading Securities	0.4	0.2	0.3
Fair Value, Inputs, Level 1 \| Money Market Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading Securities	5.5	5.7	5.6
Fair Value, Inputs, Level 1 \| Money Market Funds \| Deferred Compensation Plan [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading Securities	$ 0.4	$ 0.4	$ 0.3

Components of Energy Supply Obligations (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Contractual Obligation [Line Items]
Energy Supply Obligations-Current	$ 6.9	$ 14.5	$ 7.7
Exchange Gas Obligation
Contractual Obligation [Line Items]
Energy Supply Obligations-Current	0.5	6.7	1.0
Renewable Energy Portfolio Standards
Contractual Obligation [Line Items]
Energy Supply Obligations-Current	6.4	$ 7.8	6.5
Power Supply Contract Divestitures
Contractual Obligation [Line Items]
Energy Supply Obligations-Current	$ 0.0		$ 0.2

Dividends Declared Per Share (Detail) - $ / shares	3 Months Ended
Dividends Declared Per Share (Detail) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
Dividends Payable [Line Items]
Dividend Amount	$ 0.39	$ 0.38
Group One
Dividends Payable [Line Items]
Declaration Date	Apr. 27, 2022
Date Paid (Payable)	May 27, 2022
Shareholder of Record Date	May 13, 2022
Dividend Amount	$ 0.39
Group Two
Dividends Payable [Line Items]
Declaration Date	Jan. 26, 2022
Date Paid (Payable)	Feb. 25, 2022
Shareholder of Record Date	Feb. 11, 2022
Dividend Amount	$ 0.39
Group Three
Dividends Payable [Line Items]
Declaration Date	Oct. 27, 2021
Date Paid (Payable)	Nov. 29, 2021
Shareholder of Record Date	Nov. 15, 2021
Dividend Amount	$ 0.38
Group Four
Dividends Payable [Line Items]
Declaration Date	Jul. 28, 2021
Date Paid (Payable)	Aug. 27, 2021
Shareholder of Record Date	Aug. 13, 2021
Dividend Amount	$ 0.38
Group Five
Dividends Payable [Line Items]
Declaration Date	Apr. 28, 2021
Date Paid (Payable)	May 28, 2021
Shareholder of Record Date	May 14, 2021
Dividend Amount	$ 0.38
Group Six
Dividends Payable [Line Items]
Declaration Date	Jan. 27, 2021
Date Paid (Payable)	Feb. 26, 2021
Shareholder of Record Date	Feb. 12, 2021
Dividend Amount	$ 0.38

Significant Segment Financial Data (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	$ 192.6	$ 138.8
Segment Profit (Loss)	21.5	18.9
Identifiable Segment Assets	1,552.3	1,477.0	$ 1,540.3
Capital Expenditures	15.4	14.1
Billed and Unbilled Revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	198.4	159.0
Rate Adjustment Mechanism Revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	(5.8)	(20.2)
Gas Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	103.4	78.7
Segment Profit (Loss)	18.5	16.4
Identifiable Segment Assets	932.6	881.1
Capital Expenditures	9.0	4.3
Gas Segment \| Billed and Unbilled Revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	113.7	93.2
Gas Segment \| Rate Adjustment Mechanism Revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	(10.3)	(14.5)
Electric
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	89.2	60.1
Segment Profit (Loss)	3.4	2.9
Identifiable Segment Assets	598.2	574.8
Capital Expenditures	6.3	9.5
Electric \| Billed and Unbilled Revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	84.7	65.8
Electric \| Rate Adjustment Mechanism Revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Revenues	4.5	(5.7)
All Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Profit (Loss)	(0.4)	(0.4)
Identifiable Segment Assets	21.5	21.1
Capital Expenditures	$ 0.1	0.3
Non- Regulated Operation
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Identifiable Segment Assets		$ 0.0

Details on Long Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Total Long-Term Debt	$ 508.3	$ 509.6	$ 528.2
Less: Unamortized Debt Issuance Costs	3.5	3.6	3.9
Long-Term Debt	504.8	506.0	524.3
Less: Current Portion	8.2	8.2	8.5
Total Long-Term Debt, Less Current Portion	496.6	497.8	515.8
6.33% Senior Notes, Due May 1, 2022
Debt Instrument [Line Items]
Total Long-Term Debt	0.0	0.0	9.0
3.70% Senior Notes, Due August 1, 2026
Debt Instrument [Line Items]
Total Long-Term Debt	30.0	30.0	30.0
3.43% Senior Notes, Due December 18, 2029
Debt Instrument [Line Items]
Total Long-Term Debt	30.0	30.0	30.0
Unitil Energy Systems Inc \| First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024
Debt Instrument [Line Items]
Total Long-Term Debt	1.5	1.5	3.0
Unitil Energy Systems Inc \| First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028
Debt Instrument [Line Items]
Total Long-Term Debt	14.0	14.0	16.0
Unitil Energy Systems Inc \| First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031
Debt Instrument [Line Items]
Total Long-Term Debt	15.0	15.0	15.0
Unitil Energy Systems Inc \| First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036
Debt Instrument [Line Items]
Total Long-Term Debt	15.0	15.0	15.0
Unitil Energy Systems Inc \| First Mortgage Bonds 4.18% Senior Secured Notes Due November 30, 2048
Debt Instrument [Line Items]
Total Long-Term Debt	30.0	30.0	30.0
Unitil Energy Systems Inc \| 3.58% Senior Secured Notes, Due September 15, 2040
Debt Instrument [Line Items]
Total Long-Term Debt	27.5	27.5	27.5
Fitchburg Gas and Electric Light Company \| 6.75% Senior Notes, Due November 30, 2023
Debt Instrument [Line Items]
Total Long-Term Debt	0.0	0.0	1.9
Fitchburg Gas and Electric Light Company \| 6.79% Senior Notes, Due October 15, 2025
Debt Instrument [Line Items]
Total Long-Term Debt	6.0	6.0	10.0
Fitchburg Gas and Electric Light Company \| 3.52% Senior Notes, Due November 1, 2027
Debt Instrument [Line Items]
Total Long-Term Debt	10.0	10.0	10.0
Fitchburg Gas and Electric Light Company \| 7.37% Notes, Due January 15, 2029
Debt Instrument [Line Items]
Total Long-Term Debt	8.4	9.6	9.6
Fitchburg Gas and Electric Light Company \| 5.90% Notes, Due December 15, 2030
Debt Instrument [Line Items]
Total Long-Term Debt	15.0	15.0	15.0
Fitchburg Gas and Electric Light Company \| 7.98% Notes, Due June 1, 2031
Debt Instrument [Line Items]
Total Long-Term Debt	14.0	14.0	14.0
Fitchburg Gas and Electric Light Company \| 4.32% Senior Notes, Due November 1, 2047
Debt Instrument [Line Items]
Total Long-Term Debt	15.0	15.0	15.0
Fitchburg Gas and Electric Light Company \| 3.78% Senior Notes, Due September 15, 2040
Debt Instrument [Line Items]
Total Long-Term Debt	27.5	27.5	27.5
Northern Utilities Inc \| 3.52% Senior Notes, Due November 1, 2027
Debt Instrument [Line Items]
Total Long-Term Debt	20.0	20.0	20.0
Northern Utilities Inc \| 4.32% Senior Notes, Due November 1, 2047
Debt Instrument [Line Items]
Total Long-Term Debt	30.0	30.0	30.0
Northern Utilities Inc \| 7.72% Senior Notes, Due December 3, 2038
Debt Instrument [Line Items]
Total Long-Term Debt	50.0	50.0	50.0
Northern Utilities Inc \| 4.42% Senior Notes, Due October 15, 2044
Debt Instrument [Line Items]
Total Long-Term Debt	50.0	50.0	50.0
Northern Utilities Inc \| 4.04% Senior Notes, Due September 12, 2049
Debt Instrument [Line Items]
Total Long-Term Debt	40.0	40.0	40.0
Northern Utilities Inc \| 3.78% Senior Notes, Due September 15, 2040
Debt Instrument [Line Items]
Total Long-Term Debt	40.0	40.0	40.0
Granite State Gas Transmission Inc \| 3.72% Senior Notes, Due November 1, 2027
Debt Instrument [Line Items]
Total Long-Term Debt	15.0	15.0	15.0
Unitil Realty Corp [Member] \| 2.64% Senior Secured Notes, Due December 18, 2030
Debt Instrument [Line Items]
Total Long-Term Debt	$ 4.4	$ 4.5	$ 4.7

Details on Long Term Debt (Parenthetical) (Detail)	3 Months Ended		12 Months Ended
Details on Long Term Debt (Parenthetical) (Detail)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Stated interest rate	6.33%	6.33%	6.33%
Debt instrument due date	May 01, 2022	May 01, 2022	May 01, 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. 01, 2026	Aug. 01, 2026	Aug. 01, 2026
3.43% Senior Notes, Due December 18, 2029
Debt Instrument [Line Items]
Stated interest rate	3.43%	3.43%	3.43%
Debt instrument due date	Dec. 18, 2029	Dec. 18, 2029	Dec. 18, 2029
First Mortgage Bonds 8.49% Senior Secured Notes, Due October 14, 2024
Debt Instrument [Line Items]
Stated interest rate	8.49%	8.49%	8.49%
Debt instrument due date	Oct. 14, 2024	Oct. 14, 2024	Oct. 14, 2024
First Mortgage Bonds 6.96% Senior Secured Notes, Due September 1, 2028
Debt Instrument [Line Items]
Stated interest rate	6.96%	6.96%	6.96%
Debt instrument due date	Sep. 01, 2028	Sep. 01, 2028	Sep. 01, 2028
First Mortgage Bonds 8.00% Senior Secured Notes, Due May 1, 2031
Debt Instrument [Line Items]
Stated interest rate	8.00%	8.00%	8.00%
Debt instrument due date	May 01, 2031	May 01, 2031	May 01, 2031
First Mortgage Bonds 6.32% Senior Secured Notes, Due September 15, 2036
Debt Instrument [Line Items]
Stated interest rate	6.32%	6.32%	6.32%
Debt instrument due date	Sep. 15, 2036	Sep. 15, 2036	Sep. 15, 2036
3.58% Senior Secured Notes, Due September 15, 2040
Debt Instrument [Line Items]
Stated interest rate	3.58%	3.58%	3.58%
Debt instrument due date	Sep. 15, 2040	Sep. 15, 2040	Sep. 15, 2040
First Mortgage Bonds 4.18% Senior Secured Notes Due November 30, 2048
Debt Instrument [Line Items]
Stated interest rate	4.18%	4.18%	4.18%
Debt instrument due date	Nov. 30, 2048	Nov. 30, 2048	Nov. 30, 2048
6.75% Senior Notes, Due November 30, 2023
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
Debt Instrument [Line Items]
Stated interest rate	6.79%	6.79%	6.79%
Debt instrument due date	Oct. 15, 2025	Oct. 15, 2025	Oct. 15, 2025
3.52% Senior Notes, Due November 1, 2027
Debt Instrument [Line Items]
Stated interest rate	3.52%	3.52%	3.52%
Debt instrument due date	Nov. 01, 2027	Nov. 01, 2027	Nov. 01, 2027
7.37% Notes, Due January 15, 2029
Debt Instrument [Line Items]
Stated interest rate	7.37%	7.37%	7.37%
Debt instrument due date	Jan. 15, 2029	Jan. 15, 2029	Jan. 15, 2029
5.90% Notes, Due December 15, 2030
Debt Instrument [Line Items]
Stated interest rate	5.90%	5.90%	5.90%
Debt instrument due date	Dec. 15, 2030	Dec. 15, 2030	Dec. 15, 2030
7.98% Notes, Due June 1, 2031
Debt Instrument [Line Items]
Stated interest rate	7.98%	7.98%	7.98%
Debt instrument due date	Jun. 01, 2031	Jun. 01, 2031	Jun. 01, 2031
3.78% Senior Notes, Due September 15, 2040
Debt Instrument [Line Items]
Stated interest rate	3.78%	3.78%	3.78%
Debt instrument due date	Sep. 15, 2040	Sep. 15, 2040	Sep. 15, 2040
4.32% Senior Notes, Due November 1, 2047
Debt Instrument [Line Items]
Stated interest rate	4.32%	4.32%	4.32%
Debt instrument due date	Nov. 01, 2047	Nov. 01, 2047	Nov. 01, 2047
7.72% Senior Notes, Due December 3, 2038
Debt Instrument [Line Items]
Stated interest rate	7.72%	7.72%	7.72%
Debt instrument due date	Dec. 03, 2038	Dec. 03, 2038	Dec. 03, 2038
4.42% Senior Notes, Due October 15, 2044
Debt Instrument [Line Items]
Stated interest rate	4.42%	4.42%	4.42%
Debt instrument due date	Oct. 15, 2044	Oct. 15, 2044	Oct. 15, 2044
4.04% Senior Notes, Due September 12, 2049
Debt Instrument [Line Items]
Stated interest rate	4.04%	4.04%	4.04%
Debt instrument due date	Sep. 12, 2049	Sep. 12, 2049	Sep. 12, 2049
3.72% Senior Notes, Due November 1, 2027
Debt Instrument [Line Items]
Stated interest rate	3.72%	3.72%	3.72%
Debt instrument due date	Nov. 01, 2027	Nov. 01, 2027	Nov. 01, 2027
2.64% Senior Secured Notes, Due December 18, 2030
Debt Instrument [Line Items]
Stated interest rate	2.64%	2.64%	2.64%
Debt instrument due date	Dec. 18, 2030	Dec. 18, 2030	Dec. 18, 2030

Estimated Fair Value of Long Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Estimated Fair Value of Long-Term Debt	$ 524.8	$ 584.9	$ 581.0

Debt and Financing Arrangements - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 25, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Weighted average interest rate on short term borrowings		1.40%	1.30%	1.20%
Capital lease obligation, current		$ 100,000
Capital lease obligation, noncurrent		200,000
Accounts Payable		39,000,000.0	$ 28,700,000	$ 52,400,000
Total rental expense under operating leases		500,000	500,000
Net Utility Plant		1,259,900,000	1,192,300,000	1,257,200,000
Guarantee outstanding		700,000
Operating lease obligations		500,000	$ 500,000
Other current operating lease obligation		1,600,000
Other noncurrent operating lease obligation		$ 3,200,000
Operating lease, weighted average remaining lease term		3 years 6 months	3 years 9 months 18 days
Operating lease, weighted average discount rate percentage		3.70%	4.20%
Guarantee Term Period		1 year
Assets under Capital Leases [Member]
Line of Credit Facility [Line Items]
Net Utility Plant		$ 600,000	$ 900,000	700,000
Net Utility Plant, accumulated amortization		$ 300,000	400,000	300,000
Northern Utilities Inc
Line of Credit Facility [Line Items]
Total funded indebtedness as percentage of capitalization		65.00%
Natural gas storage inventory		$ 2,000,000.0	1,500,000	8,300,000
Accounts Payable		1,500,000	500,000	1,600,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility		120,000,000.0	$ 120,000,000.0	$ 120,000,000.0
Proceeds from lines of credit		96,800,000
Repayments of lines of credit		$ 96,900,000
Credit Facility \| Second Amended 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 \| Second Amended Credit Facility \| London Interbank Offered Rate
Line of Credit Facility [Line Items]
Credit facility, daily fluctuating rate of interest	1.125%

Borrowing Limits Amounts Outstanding and Amounts Available under Revolving Credit Facility (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Short-Term Borrowings Outstanding	$ 64.0	$ 64.1	$ 37.3
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, limit	120.0	120.0	120.0
Short-Term Borrowings Outstanding	64.0	64.1	37.3
Available revolving credit facility	$ 56.0	$ 55.9	$ 82.7

Debt and Financing Arrangements - Classification of the Company Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Operating Lease Obligations:
Other Current Liabilities (current portion)	$ 1,600
Other Noncurrent Liabilities (long-term portion)	3,200
Capital Lease Obligations:
Other Current Liabilities (current portion)	100
Other Noncurrent Liabilities (long-term portion)	200
Lease Obligations [Member]
Operating Lease Obligations:
Other Current Liabilities (current portion)	1,600	$ 1,600	$ 1,600
Other Noncurrent Liabilities (long-term portion)	3,200	3,100	3,800
Total Operating Lease Obligations	4,801	4,700	5,400
Capital Lease Obligations:
Other Current Liabilities (current portion)	100	100	200
Other Noncurrent Liabilities (long-term portion)	200	200	300
Total Capital Lease Obligations	300	300	500
Total Lease Obligations	$ 5,100	$ 5,000	$ 5,900

Future Operating Lease Payment Obligations and Future Minimum Lease Payments under Capital Leases (Detail) - Lease Obligations [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Operating leases
Rest of 2022	$ 1,340
2023	1,515
2024	1,186
2025	620
2026	316
2027-2031	121
Total Payments	5,098
Less: Interest	297
Amount of Lease Obligations Recorded on Consolidated Balance Sheets	4,801	$ 4,700	$ 5,400
Capital lease
Rest of 2022	111
2023	107
2024	52
2025	19
2026	0
2027-2031	0
Total Payments	289
Less: Interest	10
Amount of Lease Obligations Recorded on Consolidated Balance Sheets	$ 279

Common Stock And Preferred Stock - Additional Information (Detail) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 25, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, shares outstanding		16,020,047	15,041,629	15,977,766
Common stock, shares issued		5,511	6,179
Proceeds from Issuance of Common Stock		$ 300,000	$ 300,000
Restricted Stock Units Granted		$ 47.44	$ 49.44
Share based compensation expense		$ 1,700,000	$ 900,000
Percentage of fully-vested restricted stock units that directors will receive in common shares when settled		70.00%
Fair value of liabilities associated with fully vested RSUs that will be settled in cash		$ 1,100,000	900,000	$ 1,000,000.0
Percentage of fully-vested restricted stock units that directors will receive in cash when settled		30.00%
Preferred Stock		$ 200,000	200,000	$ 200,000
Maximum
Class of Stock [Line Items]
Dividend declared		$ 100,000	$ 100,000
Restricted Stock
Class of Stock [Line Items]
Restricted stock vesting period		4 years
Restricted stock non-vested		73,178	62,566
Unrecognized share based compensation		$ 1,100,000
Share compensation recognition period		3 years 2 months 12 days
Restricted Stock Units Granted	36,770
Aggregate Market Value	$ 1,700,000
Forfeitures under the stock plan		0
Cancellations under the stock plan		0
Restricted Stock \| Maximum
Class of Stock [Line Items]
Restricted stock available for awards		677,500
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			43,584
Weighted-Average Stock Price			$ 41.34
Series 6 \| Unitil Energy Systems Inc
Class of Stock [Line Items]
Preferred stock, outstanding		1,861	1,887	1,861
Preferred Stock		$ 200,000	$ 200,000	$ 200,000
Dividend rate		6.00%	6.00%	6.00%
Dividend and Distribution Reinvestment and Share Purchase Plan
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 268,600
Dividend and Distribution Reinvestment and Share Purchase Plan \| Average
Class of Stock [Line Items]
Common stock price per share		$ 48.75
Dividend and Distribution Reinvestment and Share Purchase Plan \| Common Stock
Class of Stock [Line Items]
Common stock, shares issued		5,511

Restricted Stock Units Issued (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted Stock Units
Beginning Restricted Stock Units \| shares	49,182
Restricted Stock Units Granted \| shares	0
Dividend Equivalents Earned \| shares	377
Restricted Stock Units Settled \| shares	0
Ending Restricted Stock Units \| shares	49,559
Weighted-Average Stock Price
Beginning Restricted Stock Units \| $ / shares	$ 41.67
Restricted Stock Units Granted \| $ / shares	0
Dividend Equivalents Earned \| $ / shares	50.90
Restricted Stock Units Settled \| $ / shares	0
Ending Restricted Stock Units \| $ / shares	$ 41.74

Regulatory Matters - Additional Information (Detail)												1 Months Ended	3 Months Ended		12 Months Ended
Regulatory Matters - Additional Information (Detail)	Jan. 31, 2022 USD ($)	Oct. 01, 2021 USD ($)	Aug. 24, 2021 USD ($)	Aug. 02, 2021 USD ($)	May 27, 2021 USD ($)	May 01, 2021 USD ($)	Apr. 02, 2021 USD ($)	Mar. 01, 2021 USD ($)	Nov. 30, 2020 USD ($)	Mar. 26, 2020 USD ($)	Feb. 28, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2017	Jun. 30, 2027 MW	Dec. 31, 2022 MW	Mar. 10, 2021 MW	Nov. 05, 2020	May 31, 2019 MW	Aug. 09, 2018 MW	Jul. 31, 2018 MW Bcf	Jun. 30, 2017 MW
Regulatory Assets [Line Items]
Corporate income tax rate													21.00%	21.00%
Approved annual increase in rates										$ 3,600,000	$ 4,600,000	$ 3,700,000
Increase in annual base rate										3.60%
Requested annual increase in rates						$ 1,500,000
Tax Year 2018
Regulatory Assets [Line Items]
Corporate income tax rate													21.00%		21.00%	21.00%
Other Restructuring
Regulatory Assets [Line Items]
Cost recovery period, years													2 years
Offshore Wind Energy
Regulatory Assets [Line Items]
Power generation facility \| MW																	1,600
Northern Utilities Inc
Regulatory Assets [Line Items]
Approved annual increase in rates					$ 4,500,000		$ 12,000,000.0
Increase in annual base rate							4.40%
Northern Utilities Inc \| ME
Regulatory Assets [Line Items]
Percentage of approved return on equity										9.48%
Percentage of approved return on equity, reflecting on equity										50.00%
Percentage of approved return on equity, reflecting on debt										50.00%
Northern Utilities Inc \| New Hampshire
Regulatory Assets [Line Items]
Approved annual increase in rates		$ 2,600,000
Requested annual increase in rates				$ 7,800,000
Requested annual increase in rates Percent				8.10%
Fitchburg Gas and Electric Light Company
Regulatory Assets [Line Items]
Percentage of approved return on equity	9.70%
Percentage of approved return on equity, reflecting on equity	52.45%
Percentage of approved return on equity, reflecting on debt	47.55%
Revenue impact threshold	$ 100,000
Fitchburg Gas and Electric Light Company \| Offshore Wind Energy
Regulatory Assets [Line Items]
Power generation facility \| Bcf																							400
Remuneration Percentage																				2.75%			2.75%	2.75%
Fitchburg Gas and Electric Light Company \| Offshore Wind Energy \| First Solicitation [Member]
Regulatory Assets [Line Items]
Power generation facility \| MW																						1,600
Fitchburg Gas and Electric Light Company \| Offshore Wind Energy \| Second Solicitation [Member]
Regulatory Assets [Line Items]
Power generation facility \| MW																			1,600		1,600		800
Fitchburg Gas and Electric Light Company \| Offshore Wind Energy \| Second Rate Step Adjustments
Regulatory Assets [Line Items]
Power generation facility \| MW																							800
Fitchburg Gas and Electric Light Company \| Qualified Clean Energy
Regulatory Assets [Line Items]
Power generation capacity \| MW																							9,554,940
Fitchburg Gas and Electric Light Company \| Minimum [Member] \| Offshore Wind Energy
Regulatory Assets [Line Items]
Power generation facility \| MW																								400
Fitchburg Gas and Electric Light Company \| Scenario Forecast
Regulatory Assets [Line Items]
Power generation capacity \| MW																		9,450,000
Fitchburg Gas Company
Regulatory Assets [Line Items]
Percentage of approved return on equity											9.70%
Percentage of approved return on equity, reflecting on equity											52.45%
Percentage of approved return on equity, reflecting on debt											47.55%
Regulatory assets approved increase in revenue due to be recovered						$ 2,200,000
Approved annual increase in rates	$ 1,100,000							$ 900,000
Approved annual increase in rates													$ 900,000
Apporved annual decrease in rates													200,000
Revenue impact threshold											$ 40,000
Granite State
Regulatory Assets [Line Items]
Increase (decrease) in annual revenue			$ 100,000						$ 1,300,000
Spending cap													$ 14,600,000

Environmental Matters - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Environmental Restoration Costs
Site Contingency [Line Items]
Estimated Costs Accrued For Remediation	$ 0.8
Maine \| Environmental Restoration Costs
Site Contingency [Line Items]
Amortization period for environmental costs	5 years
New Hampshire
Site Contingency [Line Items]
Amortization period for environmental costs	7 years

Company's Liability for Environmental Obligations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Environmental Exit Cost [Line Items]
Total Balance at Beginning of Period	$ 2.7	$ 2.1
Additions	0.0	0.1
Less: Payments / Reductions	0.0	0.1
Total Balance at End of Period	2.7	2.1
Less: Current Portion	0.5	0.3	$ 0.5
Noncurrent Balance at End of Period	$ 2.2	$ 1.8	$ 2.2

Differences Between Provisions for Income Taxes and Provisions Calculated at Statutory Federal Tax Rate (Detail)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Examination [Line Items]
Statutory Federal Income Tax Rate	21.00%	21.00%
State Income Taxes, net	6.00%	6.00%
Utility Plant Differences	(1.00%)	(1.00%)
Other, net	0.00%
Effective Income Tax Rate	26.00%	26.00%

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Income Taxes [Line Items]
Corporate federal income tax		21.00%	21.00%
Regulatory liability, expected flow back to customers					$ 47.1
Regulatory liability, expected pass back to ratepayers				$ 0.7
Net Operating Loss Carryforwards Utilized For Income Taxes					$ 7.7
Deferred tax assets, operating loss carryforwards, federal				$ 3.6
Percentage of employment retention credit		50.00%
Employment retention duties capacity		100.00%
Consolidated Appropriations Act 2021 [Member]
Income Taxes [Line Items]
Percentage of employment retention credit	70.00%
Employment retention duties capacity	100.00%
Minimum
Income Taxes [Line Items]
Average Rate Assumption Method estimated flow back period		15 years
Maximum
Income Taxes [Line Items]
Average Rate Assumption Method estimated flow back period		20 years
Gas Ratepayers \| Massachusetts And Maine [Member]
Income Taxes [Line Items]
Regulatory liability, expected flow back to customers		$ 3.6
Tax Year 2018
Income Taxes [Line Items]
Corporate federal income tax		21.00%			21.00%	21.00%

Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations (Detail) - Benefit Plan Costs	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	2.85%	2.50%
Rate of Compensation Increase	3.00%	3.00%
Expected Long-term rate of return on plan assets	7.50%	7.50%
Health Care Cost Trend Rate Assumed for Next Year	6.20%	6.60%
Ultimate Health Care Cost Trend Rate	4.50%	4.50%
Year that Ultimate Health Care Cost Trend Rate is reached	2029	2029

Components of Retirement Plan Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 791	$ 868
Interest Cost	1,371	1,251
Expected Return on Plan Assets	(2,720)	(2,423)
Prior Service Cost Amortization	89	75
Actuarial Loss Amortization	1,377	2,022
Sub-total	908	1,793
Amounts Capitalized and Deferred	(156)	(713)
Net Periodic Benefit Cost Recognized	752	1,080
Other Postretirement Benefit Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Service Cost	722	758
Interest Cost	799	685
Expected Return on Plan Assets	(854)	(627)
Prior Service Cost Amortization	273	302
Actuarial Loss Amortization	255	262
Sub-total	1,195	1,380
Amounts Capitalized and Deferred	(511)	(662)
Net Periodic Benefit Cost Recognized	684	718
Supplemental Employee Retirement Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Service Cost	68	89
Interest Cost	118	114
Prior Service Cost Amortization	14	14
Actuarial Loss Amortization	199	372
Sub-total	399	589
Amounts Capitalized and Deferred	(118)	(178)
Net Periodic Benefit Cost Recognized	$ 281	$ 411

Retirement Benefit Obligations - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Company's contributions	$ 0.0
Supplemental Employee Retirement Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Benefit payments under SERP Plan	0.2
Expected additional benefit payments for the remainder of 2020	$ 0.4

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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