The Current Portion of Long-Term Debt includes sinking fund payments. Many of these risks are beyond the Company's control. Unitil Realty owns and manages the Company's corporate office in Hampton, New Hampshire. Unitil Resources is the Company's wholly-owned non-regulated subsidiary. The Company's GAAP Gas Gross Margin was $92.8 million in 2020. Northern Utilities has a diversified customer base both in Maine and New Hampshire. Commercial businesses include healthcare, education, government and retail. Granite State had operating revenue of $6.5 million in 2020. Unitil Energy's service territory consists of approximately 408 square miles. The Company divested Usource in the first quarter of 2019. Fitchburg is subject to revenue decoupling. As of December 31, 2020, the Company and its subsidiaries had 512 employees. Employees at Unitil have the opportunity to be heard. AVAILABLE INFORMATION The Internet address for the Company's website is www.unitil.com. The risk factors below are categorized by operational, regulatory, financial and general. We also continue to pursue enhancements to modernize our systems and processes. Fitchburg owns full interest in the poles upon which its wires are installed. The Company believes that its facilities are currently adequate for their intended uses. 16 Table of Contents PART II Item 5. The distribution utilities are local "pipes and wires" operating companies. Gas therm sales decreased 7.5% in 2020 compared to 2019. These negative effects on 2020 gas therm sales were partially offset by customer growth. Electric kilowatt-hour (kWh) sales in 2020 were essentially on par with 2019. The lower labor costs reflect lower employee benefit costs. Cost of Gas Sales decreased $12.4 million, or 15.3%, in 2020 compared to 2019. Total O&M expenses decreased $1.5 million, or 2.2% in 2020 compared to 2019. See Note 9 (Income Taxes) to the accompanying Consolidated Financial Statements. See also "Credit Arrangements" in Note 5 (Debt and Financing Arrangements.) Unitil Energy issued $27.5 million of Bonds due 2040 at 3.58%. On September 12, 2019, Northern Utilities issued $40 million of Notes due 2049 at 4.04%. This capital lease was paid in full in the second quarter of 2019. The Company believes it has sufficient sources of working capital to fund its operations. The Company's policy is to limit the duration of these guarantees. Unitil Energy and Fitchburg are subject to regulation by the FERC. Granite State, the Company's natural gas transmission pipeline, is regulated by the FERC. Effective January 1, 2010, the Pension Plan was closed to new non-union employees. Usource conducted its business activities as a broker of competitive energy services. These amounts are recorded at weighted average cost. The hedging program was terminated in 2018. The matter is pending at the MDPU. Unitil Resources and Usource are included in the Non-Regulated segment. These reconciling rate mechanisms track costs and revenue on a monthly basis. On November 21, 2019, the FERC issued Order No. On December 22, 2020, final approval of the filing was issued. The MDPU approved the Company's request in its Order issued October 31, 2019. The CARES Act included several tax changes as part of its economic package. There have been no changes in the methodologies used at December 31, 2020 and 2019. 1-8858) 3.6 Fourth Amended and Restated By-Laws of Unitil Corporation. Exhibit 4.7 to Form 10-K for 2003 (SEC File No. Exhibit 4.3 to Form 8-K dat
