v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

note 3 - Segment Information

The Company’s Chief Operating Decision Maker (CODM), consists of the Company’s Chairman and Chief Executive Officer, President and Chief Administrative Officer, Chief Financial Officer, and Chief Accounting Officer. These individuals assess financial performance and make decisions, including the allocation of resources to the various operating segments, based on meeting with the managers of each segment and through their review of reports and analyses that are regularly provided to the CODM. The CODM uses Net Income Applicable to Common Shares for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. Unitil reports three operating units: utility electric operations, utility gas operations and utility water operations; and two reportable segments: utility electric operations and utility gas operations.

 

Unitil’s principal business is the local distribution of electricity in the southeastern seacoast and state capital regions of New Hampshire and the greater Fitchburg area of north central Massachusetts and the local distribution of natural gas in southeastern New Hampshire, portions of southern Maine to the Lewiston-Auburn area, portions of central Maine including Augusta and the Bangor area, and in the greater Fitchburg area of north central Massachusetts. Unitil has five energy distribution utility subsidiaries: Unitil Energy, which operates in New Hampshire; Fitchburg, which operates in Massachusetts; Northern Utilities, which operates in New Hampshire and Maine; Bangor, which operates in Maine; and Maine Natural, which operates in Maine. Unitil Energy and the electric division of Fitchburg are included in the electric segment. Northern Utilities, Bangor, Maine Natural and the gas division of Fitchburg are included in the gas segment. Unitil Energy, Fitchburg, Northern Utilities, Bangor and Maine Natural have a well-diversified customer mix and are not dependent on a single customer, or a few customers, for their electric and natural gas sales. Granite State is an interstate natural gas transmission pipeline company, operating 85 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three major natural gas pipelines and access to domestic natural gas supplies in the south and Canadian natural gas supplies in the north. Granite State derives

its revenues principally from the transmission services provided to Northern Utilities and, to a lesser extent, third-party marketers. Granite State is included in the utility gas operations segment. Unitil has two water distribution utility subsidiaries: including AWC-NH and Abenaki, which both operate in New Hampshire. The Company acquired AWC-NH and Abenaki on June 30, 2026, which was considered to be a new operating segment. Financial statement results were not considered material as a result of the acquisition of AWC-NH and Abenaki by Unitil and were not reported separately. Therefore, the results of the utility water operations segment will be included in Other for the six months ended June 30, 2026.

 

Unitil (the holding company) and Unitil Resources are included in the “Other” category (ASC 280-10-50-15). The holding company has no operating income of its own. The earnings of the holding company are principally derived from income earned on short-term investments. Unitil Resources is the Company’s wholly owned non-regulated subsidiary and currently does not have any activity. Unitil Service provides centralized management and administrative services, including information systems management and financial record keeping, to support the affiliated Unitil companies. Unitil Realty owns certain real estate, principally the Company’s corporate headquarters in Hampton, New Hampshire and land in Kingston, New Hampshire, which holds Unitil Energy's solar facility. Unitil Service’s and Unitil Realty’s costs are allocated to the Electric and Gas segments based on cost allocation factors. Unitil Water does not have any activity.

 

The segments follow the same accounting policies as described in the Summary of Significant Accounting Policies. Intrasegment sales take place at cost and the effects of all intrasegment and/or intercompany transactions are eliminated in the consolidated financial statements. Segment profit or loss is based on Net Income Applicable to Common Shares. Expenses used to determine operating income before taxes are charged directly to each segment or are allocated based on cost allocation factors included in rate applications approved by the FERC, NHPUC, MDPU, and MPUC. Assets allocated to each segment are based upon specific identification of such assets provided by Company records.

 

The following tables provide significant segment financial data for the three and six months ended June 30, 2026 and June 30, 2025.

 

Three Months Ended June 30, 2026 (millions)

 

Electric

 

 

Gas

 

 

Total Reportable Segments

 

 

Other

 

 

Total

 

Total Operating Revenues

 

$

61.7

 

 

$

55.3

 

 

$

117.0

 

 

$

—

 

 

$

117.0

 

Energy Supply Costs

 

 

30.1

 

 

 

14.7

 

 

 

44.8

 

 

 

—

 

 

 

44.8

 

Operation and Maintenance

 

 

9.9

 

 

 

13.6

 

 

 

23.5

 

 

 

0.3

 

 

 

23.8

 

Depreciation and Amortization

 

 

8.6

 

 

 

15.6

 

 

 

24.2

 

 

 

—

 

 

 

24.2

 

Other Segment Expenses (Income)

 

 

4.0

 

 

 

4.0

 

 

 

8.0

 

 

 

—

 

 

 

8.0

 

Interest Income

 

 

(0.7

)

 

 

(0.7

)

 

 

(1.4

)

 

 

—

 

 

 

(1.4

)

Interest Expense

 

 

3.9

 

 

 

6.5

 

 

 

10.4

 

 

 

1.4

 

 

 

11.8

 

Provision for Income Taxes

 

 

1.3

 

 

 

0.2

 

 

 

1.5

 

 

 

(0.4

)

 

 

1.1

 

Net Income Attributable to Common Shares

 

 

4.6

 

 

 

1.4

 

 

 

6.0

 

 

 

(1.3

)

 

 

4.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

 

18.9

 

 

 

24.7

 

 

 

43.6

 

 

 

—

 

 

 

43.6

 

 

Three Months Ended June 30, 2025 (millions)

 

Electric

 

 

Gas

 

 

Total Reportable Segments

 

 

Other

 

 

Total

 

Total Operating Revenues

 

$

51.0

 

 

$

51.6

 

 

$

102.6

 

 

$

—

 

 

$

102.6

 

Energy Supply Costs

 

 

25.2

 

 

 

14.4

 

 

 

39.6

 

 

 

—

 

 

 

39.6

 

Operation and Maintenance

 

 

9.6

 

 

 

10.9

 

 

 

20.5

 

 

 

0.8

 

 

 

21.3

 

Depreciation and Amortization

 

 

7.8

 

 

 

14.0

 

 

 

21.8

 

 

 

—

 

 

 

21.8

 

Other Segment Expenses (Income)

 

 

2.2

 

 

 

3.9

 

 

 

6.1

 

 

 

(0.2

)

 

 

5.9

 

Interest Income

 

 

(0.8

)

 

 

(0.6

)

 

 

(1.4

)

 

 

—

 

 

 

(1.4

)

Interest Expense

 

 

3.8

 

 

 

5.9

 

 

 

9.7

 

 

 

1.0

 

 

 

10.7

 

Provision for Income Taxes

 

 

0.4

 

 

 

0.6

 

 

 

1.0

 

 

 

(0.3

)

 

 

0.7

 

Net Income Attributable to Common Shares

 

 

2.8

 

 

 

2.5

 

 

 

5.3

 

 

 

(1.3

)

 

 

4.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

 

16.0

 

 

 

24.2

 

 

 

40.2

 

 

 

—

 

 

 

40.2

 

 

Six Months Ended June 30, 2026 (millions)

 

Electric

 

 

Gas

 

 

Total Reportable Segments

 

 

Other

 

 

Total

 

Total Operating Revenues

 

$

127.2

 

 

$

206.7

 

 

$

333.9

 

 

$

—

 

 

$

333.9

 

Energy Supply Costs

 

 

66.0

 

 

 

84.0

 

 

 

150.0

 

 

 

—

 

 

 

150.0

 

Operation and Maintenance

 

 

19.8

 

 

 

27.8

 

 

 

47.6

 

 

 

(0.4

)

 

 

47.2

 

Depreciation and Amortization

 

 

16.9

 

 

 

30.6

 

 

 

47.5

 

 

 

—

 

 

 

47.5

 

Other Segment Expenses (Income)

 

 

7.6

 

 

 

9.5

 

 

 

17.1

 

 

 

—

 

 

 

17.1

 

Interest Income

 

 

(1.3

)

 

 

(1.5

)

 

 

(2.8

)

 

 

(0.1

)

 

 

(2.9

)

Interest Expense

 

 

8.0

 

 

 

13.4

 

 

 

21.4

 

 

 

2.7

 

 

 

24.1

 

Provision for Income Taxes

 

 

2.2

 

 

 

11.4

 

 

 

13.6

 

 

 

(0.6

)

 

 

13.0

 

Net Income Attributable to Common Shares

 

 

8.0

 

 

 

31.5

 

 

 

39.5

 

 

 

(1.6

)

 

 

37.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Assets

 

 

763.9

 

 

 

1,368.0

 

 

 

2,131.9

 

 

 

89.0

 

 

 

2,220.9

 

Capital Expenditures

 

 

39.6

 

 

 

36.4

 

 

 

76.0

 

 

 

—

 

 

 

76.0

 

 

Six Months Ended June 30, 2025 (millions)

 

Electric

 

 

Gas

 

 

Total Reportable Segments

 

 

Other

 

 

Total

 

Total Operating Revenues

 

$

111.2

 

 

$

162.2

 

 

$

273.4

 

 

$

—

 

 

$

273.4

 

Energy Supply Costs

 

 

57.9

 

 

 

54.1

 

 

 

112.0

 

 

 

—

 

 

 

112.0

 

Operation and Maintenance

 

 

19.1

 

 

 

23.0

 

 

 

42.1

 

 

 

1.8

 

 

 

43.9

 

Depreciation and Amortization

 

 

15.7

 

 

 

27.8

 

 

 

43.5

 

 

 

—

 

 

 

43.5

 

Other Segment Expenses (Income)

 

 

5.4

 

 

 

8.7

 

 

 

14.1

 

 

 

(0.2

)

 

 

13.9

 

Interest Income

 

 

(1.6

)

 

 

(1.4

)

 

 

(3.0

)

 

 

—

 

 

 

(3.0

)

Interest Expense

 

 

7.2

 

 

 

12.0

 

 

 

19.2

 

 

 

2.2

 

 

 

21.4

 

Provision for Income Taxes

 

 

1.1

 

 

 

10.0

 

 

 

11.1

 

 

 

(0.9

)

 

 

10.2

 

Net Income Attributable to Common Shares

 

 

6.4

 

 

 

28.0

 

 

 

34.4

 

 

 

(2.9

)

 

 

31.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Assets

 

 

677.3

 

 

 

1,185.5

 

 

 

1,862.8

 

 

 

29.9

 

 

 

1,892.7

 

Capital Expenditures

 

 

37.2

 

 

 

35.6

 

 

 

72.8

 

 

 

—

 

 

 

72.8