|
|
|
|
|
|
|
|
|
|
|
1. | Basis of Preparation of Financials |
|
2. | Pension and Other Post-Retirement Benefits |
Three Months | Nine Months | ||||||||||||||
Period ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service Cost | $ | 482 | $ | 474 | $ | 1,446 | $ | 1,421 | |||||||
Interest Cost | 800 | 803 | 2,400 | 2,409 | |||||||||||
Expected Return on Plan Assets | (1,073 | ) | (1,020 | ) | (3,218 | ) | (3,060 | ) | |||||||
Amortization of: | |||||||||||||||
Prior Service Cost | 4 | 4 | 12 | 12 | |||||||||||
Net Recognized Loss | 517 | 512 | 1,548 | 1,537 | |||||||||||
Net Periodic Benefit Cost | $ | 730 | $ | 773 | $ | 2,188 | $ | 2,319 |
Three Months | Nine Months | ||||||||||||||
Period ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service Cost | $ | 85 | $ | 94 | $ | 252 | $ | 282 | |||||||
Interest Cost | 128 | 135 | 384 | 406 | |||||||||||
Expected Return on Plan Assets | (89 | ) | (86 | ) | (266 | ) | (256 | ) | |||||||
Other | 57 | 57 | 169 | 169 | |||||||||||
Amortization of: | |||||||||||||||
Prior Service Credit | (46 | ) | (100 | ) | (136 | ) | (300 | ) | |||||||
Recognized Net (Gain) Loss | (20 | ) | 8 | (60 | ) | 27 | |||||||||
Net Periodic Benefit Cost | $ | 115 | $ | 108 | $ | 343 | $ | 328 |
|
4. | Recently Adopted and New Accounting Pronouncements |
|
5. | Accumulated Other Comprehensive Income |
Three months ended September 30, 2017 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 328 | $ | (1,063 | ) | $ | (735 | ) | ||||
Other Comprehensive Income Before Reclassification | (2 | ) | — | (2 | ) | |||||||
Amounts Reclassified from AOCI | 28 | 48 | 76 | |||||||||
Net current-period Other Comprehensive Income | 26 | 48 | 74 | |||||||||
Ending Balance | $ | 354 | $ | (1,015 | ) | $ | (661 | ) | ||||
Three months ended September 30, 2016 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 187 | $ | (1,057 | ) | $ | (870 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | 46 | — | 46 | |||||||||
Amounts Reclassified from AOCI | — | 39 | 39 | |||||||||
Net current-period Other Comprehensive (Loss) Income | 46 | 39 | 85 | |||||||||
Ending Balance | $ | 233 | $ | (1,018 | ) | $ | (785 | ) | ||||
Nine months ended September 30, 2017 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 235 | $ | (1,159 | ) | $ | (924 | ) | ||||
Other Comprehensive Income Before Reclassification | 83 | — | 83 | |||||||||
Amounts Reclassified from AOCI | 36 | 144 | 180 | |||||||||
Net current-period Other Comprehensive Income | 119 | 144 | 263 | |||||||||
Ending Balance | $ | 354 | $ | (1,015 | ) | $ | (661 | ) | ||||
Nine months ended September 30, 2016 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 200 | $ | (1,135 | ) | $ | (935 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | 23 | — | 23 | |||||||||
Amounts Reclassified from AOCI | 10 | 117 | 127 | |||||||||
Net current-period Other Comprehensive (Loss) Income | 33 | 117 | 150 | |||||||||
Ending Balance | $ | 233 | $ | (1,018 | ) | $ | (785 | ) | ||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. |
Details about Other AOCI Components | Amounts Reclassified from AOCI Three Months Ended September 30, 2017(a) | Amounts Reclassified from AOCI Three Months Ended September 30, 2016(a) | Affected Line Items on Income Statement | |||||||
Realized Gains on Investments | $ | 47 | $ | — | Other Income | |||||
Tax expense | (19 | ) | — | Other Income | ||||||
28 | — | |||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 78 | 64 | Other Income (b) | |||||||
Tax expense | (30 | ) | (25 | ) | Other Income | |||||
48 | 39 | |||||||||
Total Reclassifications for the period, net of tax | $ | 76 | $ | 39 | ||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Nine Months Ended September 30, 2017(a) | Amounts Reclassified from AOCI Nine Months Ended September 30, 2016(a) | Affected Line Items on Income Statement | |||||||
Realized Gains on Investments | $ | 60 | $ | 17 | Other Income | |||||
Tax expense | (24 | ) | (7 | ) | Other Income | |||||
36 | 10 | |||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 235 | 192 | Other Income (b) | |||||||
Tax expense | (91 | ) | (75 | ) | Other Income | |||||
144 | 117 | |||||||||
Total Reclassifications for the period, net of tax | $ | 180 | $ | 127 | ||||||
(a) Amounts in parentheses indicate loss/expense. | ||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
|
Long-Term Debt |
2017 | 2016 | |||||||||
4.09% | CTWS | Term Loan Note | $ | 12,632 | $ | 13,437 | ||||
4.15% | CTWS | CoBank Term Note Payable, Due 2037 | 15,000 | — | ||||||
Total CTWS | 27,632 | 13,437 | ||||||||
Var. | Connecticut Water | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | Connecticut Water | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | Connecticut Water | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.00% | Connecticut Water | 2011 A Series, Due 2021 | 22,969 | 23,115 | ||||||
3.16% | Connecticut Water | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | ||||||
3.51% | Connecticut Water | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | ||||||
4.29% | Connecticut Water | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | ||||||
4.72% | Connecticut Water | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | ||||||
4.75% | Connecticut Water | CoBank Note Payable, Due 2033 | 14,550 | 14,550 | ||||||
4.36% | Connecticut Water | CoBank Note Payable, Due May 2036 | 30,000 | 30,000 | ||||||
4.04% | Connecticut Water | CoBank Note Payable, Due July 2036 | 19,930 | 19,930 | ||||||
3.53% | Connecticut Water | NY Life Senior Note, Due September 2037 | 35,000 | — | ||||||
Total Connecticut Water | 199,109 | 164,255 | ||||||||
4.75% | HVWC | 2011 Farmington Bank Loan, Due 2034 | 4,504 | — | ||||||
3.05% | Avon Water | Mortgage Note Payable, due 2033 | 3,343 | — | ||||||
8.95% | Maine Water | 1994 Series G, Due 2024 | 7,200 | 7,200 | ||||||
2.68% | Maine Water | 1999 Series J, Due 2019 | 170 | 254 | ||||||
0.00% | Maine Water | 2001 Series K, Due 2031 | 574 | 615 | ||||||
2.58% | Maine Water | 2002 Series L, Due 2022 | 60 | 67 | ||||||
1.53% | Maine Water | 2003 Series M, Due 2023 | 321 | 341 | ||||||
1.73% | Maine Water | 2004 Series N, Due 2024 | 341 | 371 | ||||||
0.00% | Maine Water | 2004 Series O, Due 2034 | 113 | 120 | ||||||
1.76% | Maine Water | 2006 Series P, Due 2026 | 361 | 391 | ||||||
1.57% | Maine Water | 2009 Series R, Due 2029 | 207 | 217 | ||||||
0.00% | Maine Water | 2009 Series S, Due 2029 | 538 | 583 | ||||||
0.00% | Maine Water | 2009 Series T, Due 2029 | 1,509 | 1,634 | ||||||
0.00% | Maine Water | 2012 Series U, Due 2042 | 148 | 154 | ||||||
1.00% | Maine Water | 2013 Series V, Due 2033 | 1,310 | 1,335 | ||||||
2.52% | Maine Water | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | ||||||
4.24% | Maine Water | CoBank Note Payable, Due 2024 | 4,500 | 4,500 | ||||||
4.18% | Maine Water | CoBank Note Payable, Due 2026 | 5,000 | — | ||||||
7.72% | Maine Water | Series L, Due 2018 | 2,250 | 2,250 | ||||||
2.40% | Maine Water | Series N, Due 2022 | 1,026 | 1,101 | ||||||
1.86% | Maine Water | Series O, Due 2025 | 750 | 790 | ||||||
2.23% | Maine Water | Series P, Due 2028 | 1,264 | 1,294 | ||||||
0.01% | Maine Water | Series Q, Due 2035 | 1,678 | 1,771 | ||||||
1.00% | Maine Water | Series R, Due 2025 | 2,010 | 2,250 | ||||||
Various | Maine Water | Various Capital Leases | 3 | 8 | ||||||
Total Maine Water | 33,298 | 29,211 | ||||||||
Add: Acquisition Fair Value Adjustment | 196 | 321 | ||||||||
Less: Current Portion | (7,950 | ) | (4,859 | ) | ||||||
Less: Unamortized Debt Issuance Expense | (4,939 | ) | (5,318 | ) | ||||||
Total Long-Term Debt | $ | 255,193 | $ | 197,047 |
|
Fair Value Disclosures |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Money Market Fund | $ | 69 | $ | — | $ | — | $ | 69 | |||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,991 | — | — | 1,991 | |||||||||||
Fixed Income Funds (2) | 642 | — | — | 642 | |||||||||||
Total | $ | 2,702 | $ | — | $ | — | $ | 2,702 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Money Market Fund | $ | 122 | $ | — | $ | — | $ | 122 | |||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,662 | — | — | 1,662 | |||||||||||
Fixed Income Funds (2) | 534 | — | — | 534 | |||||||||||
Total | $ | 2,318 | $ | — | $ | — | $ | 2,318 |
(1) | Mutual funds consist primarily of equity securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets. |
(2) | Mutual funds consist primarily of fixed income securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets. |
|
Segment Reporting |
Three months ended September 30, 2017 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense (Benefit) | Net Income | ||||||||||||
Water Operations | $ | 32,252 | $ | 10,500 | $ | 36 | $ | 10,464 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,256 | 465 | 213 | 252 | ||||||||||||
Total | $ | 33,508 | $ | 10,965 | $ | 249 | $ | 10,716 |
Three months ended September 30, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 29,791 | $ | 10,529 | $ | 1,177 | $ | 9,352 | ||||||||
Real Estate Transactions | 8 | 4 | 2 | 2 | ||||||||||||
Services and Rentals | 1,419 | 573 | 392 | 181 | ||||||||||||
Total | $ | 31,218 | $ | 11,106 | $ | 1,571 | $ | 9,535 |
Nine months ended September 30, 2017 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense (Benefit) | Net Income | ||||||||||||
Water Operations | $ | 83,258 | $ | 21,112 | $ | (1,215 | ) | $ | 22,327 | |||||||
Real Estate Transactions | 212 | 55 | 22 | 33 | ||||||||||||
Services and Rentals | 3,745 | 1,461 | 619 | 842 | ||||||||||||
Total | $ | 87,215 | $ | 22,628 | $ | (574 | ) | $ | 23,202 |
Nine months ended September 30, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 78,022 | $ | 23,652 | $ | 2,010 | $ | 21,642 | ||||||||
Real Estate Transactions | 8 | 4 | 2 | 2 | ||||||||||||
Services and Rentals | 3,862 | 1,673 | 691 | 982 | ||||||||||||
Total | $ | 81,892 | $ | 25,329 | $ | 2,703 | $ | 22,626 |
September 30, 2017 | December 31, 2016 | ||||||
Total Plant and Other Investments: | |||||||
Water Operations | $ | 693,037 | $ | 609,508 | |||
Non-Water | 1,025 | 959 | |||||
694,062 | 610,467 | ||||||
Other Assets: | |||||||
Water Operations | 237,224 | 171,674 | |||||
Non-Water | 8,090 | 2,361 | |||||
245,314 | 174,035 | ||||||
Total Assets | $ | 939,376 | $ | 784,502 |
|
Income Taxes |
|
Lines of Credit |
|
HVWC | Avon Water | ||||||
Net Utility Plant | $ | 28,861 | $ | 28,330 | |||
Cash and Cash Equivalents | 1,336 | 455 | |||||
Accounts Receivable, net | 345 | 376 | |||||
Prepayments and Other Current Assets | 63 | 247 | |||||
Accrued Unbilled Revenues | — | 467 | |||||
Materials and Supplies, at Average Cost | 200 | 151 | |||||
Goodwill | 12,618 | 23,935 | |||||
Unrecovered Income Taxes - Regulatory Asset | — | 4,662 | |||||
Deferred Charges and Other Costs | 343 | 799 | |||||
Total Assets Acquired | $ | 43,766 | $ | 59,422 | |||
Long-Term Debt, including current portion | $ | 4,642 | $ | 3,345 | |||
Accounts Payable and Accrued Expenses | 21 | 581 | |||||
Interim Bank Loans Payable | — | 2,500 | |||||
Other Current Liabilities | 228 | 35 | |||||
Advances for Construction | 1,897 | 1,537 | |||||
Deferred Federal and State Income Taxes | 1,623 | 1,803 | |||||
Unfunded Future Income Taxes | — | 4,662 | |||||
Other Long-Term Liabilities | — | 315 | |||||
Total Liabilities Assumed | $ | 8,411 | $ | 14,778 | |||
Contributions in Aid of Construction | 18,452 | 11,560 | |||||
Net Assets Acquired | $ | 16,903 | $ | 33,084 |
Three months ended September 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 31,797 | $ | 32,058 | |||
Other Water Activities Revenues | 455 | 356 | |||||
Real Estate Revenues | — | 8 | |||||
Service and Rentals Revenues | 1,256 | 1,435 | |||||
Total Revenues | $ | 33,508 | $ | 33,857 | |||
Net Income | $ | 10,716 | $ | 10,333 | |||
Basic Earnings per Average Share Outstanding | $ | 0.92 | $ | 0.88 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.90 | $ | 0.86 | |||
Nine months ended September 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 84,823 | $ | 83,490 | |||
Other Water Activities Revenues | 1,179 | 1,060 | |||||
Real Estate Revenues | 212 | 8 | |||||
Service and Rentals Revenues | 3,754 | 3,912 | |||||
Total Revenues | $ | 89,968 | $ | 88,470 | |||
Net Income | $ | 23,188 | $ | 23,888 | |||
Basic Earnings per Average Share Outstanding | $ | 1.96 | $ | 2.03 | |||
Diluted Earnings per Average Share Outstanding | $ | 1.92 | $ | 1.99 |
Three months ended September 30, 2017 | |||
Operating Revenues | $ | 2,368 | |
Other Water Activities Revenues | 42 | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 2,410 | |
Net Income | $ | 476 | |
Basic Earnings per Average Share Outstanding | $ | 0.04 | |
Diluted Earnings per Average Share Outstanding | $ | 0.04 | |
Period ending September 30, 2017 | |||
Operating Revenues | $ | 3,721 | |
Other Water Activities Revenues | 42 | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 3,763 | |
Net Income | $ | 693 | |
Basic Earnings per Average Share Outstanding | $ | 0.06 | |
Diluted Earnings per Average Share Outstanding | $ | 0.06 |
|
Three Months | Nine Months | ||||||||||||||
Period ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service Cost | $ | 482 | $ | 474 | $ | 1,446 | $ | 1,421 | |||||||
Interest Cost | 800 | 803 | 2,400 | 2,409 | |||||||||||
Expected Return on Plan Assets | (1,073 | ) | (1,020 | ) | (3,218 | ) | (3,060 | ) | |||||||
Amortization of: | |||||||||||||||
Prior Service Cost | 4 | 4 | 12 | 12 | |||||||||||
Net Recognized Loss | 517 | 512 | 1,548 | 1,537 | |||||||||||
Net Periodic Benefit Cost | $ | 730 | $ | 773 | $ | 2,188 | $ | 2,319 |
Three Months | Nine Months | ||||||||||||||
Period ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service Cost | $ | 85 | $ | 94 | $ | 252 | $ | 282 | |||||||
Interest Cost | 128 | 135 | 384 | 406 | |||||||||||
Expected Return on Plan Assets | (89 | ) | (86 | ) | (266 | ) | (256 | ) | |||||||
Other | 57 | 57 | 169 | 169 | |||||||||||
Amortization of: | |||||||||||||||
Prior Service Credit | (46 | ) | (100 | ) | (136 | ) | (300 | ) | |||||||
Recognized Net (Gain) Loss | (20 | ) | 8 | (60 | ) | 27 | |||||||||
Net Periodic Benefit Cost | $ | 115 | $ | 108 | $ | 343 | $ | 328 |
|
Three months ended September 30, 2017 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 328 | $ | (1,063 | ) | $ | (735 | ) | ||||
Other Comprehensive Income Before Reclassification | (2 | ) | — | (2 | ) | |||||||
Amounts Reclassified from AOCI | 28 | 48 | 76 | |||||||||
Net current-period Other Comprehensive Income | 26 | 48 | 74 | |||||||||
Ending Balance | $ | 354 | $ | (1,015 | ) | $ | (661 | ) | ||||
Three months ended September 30, 2016 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 187 | $ | (1,057 | ) | $ | (870 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | 46 | — | 46 | |||||||||
Amounts Reclassified from AOCI | — | 39 | 39 | |||||||||
Net current-period Other Comprehensive (Loss) Income | 46 | 39 | 85 | |||||||||
Ending Balance | $ | 233 | $ | (1,018 | ) | $ | (785 | ) | ||||
Nine months ended September 30, 2017 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 235 | $ | (1,159 | ) | $ | (924 | ) | ||||
Other Comprehensive Income Before Reclassification | 83 | — | 83 | |||||||||
Amounts Reclassified from AOCI | 36 | 144 | 180 | |||||||||
Net current-period Other Comprehensive Income | 119 | 144 | 263 | |||||||||
Ending Balance | $ | 354 | $ | (1,015 | ) | $ | (661 | ) | ||||
Nine months ended September 30, 2016 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 200 | $ | (1,135 | ) | $ | (935 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | 23 | — | 23 | |||||||||
Amounts Reclassified from AOCI | 10 | 117 | 127 | |||||||||
Net current-period Other Comprehensive (Loss) Income | 33 | 117 | 150 | |||||||||
Ending Balance | $ | 233 | $ | (1,018 | ) | $ | (785 | ) | ||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. |
Details about Other AOCI Components | Amounts Reclassified from AOCI Three Months Ended September 30, 2017(a) | Amounts Reclassified from AOCI Three Months Ended September 30, 2016(a) | Affected Line Items on Income Statement | |||||||
Realized Gains on Investments | $ | 47 | $ | — | Other Income | |||||
Tax expense | (19 | ) | — | Other Income | ||||||
28 | — | |||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 78 | 64 | Other Income (b) | |||||||
Tax expense | (30 | ) | (25 | ) | Other Income | |||||
48 | 39 | |||||||||
Total Reclassifications for the period, net of tax | $ | 76 | $ | 39 | ||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Nine Months Ended September 30, 2017(a) | Amounts Reclassified from AOCI Nine Months Ended September 30, 2016(a) | Affected Line Items on Income Statement | |||||||
Realized Gains on Investments | $ | 60 | $ | 17 | Other Income | |||||
Tax expense | (24 | ) | (7 | ) | Other Income | |||||
36 | 10 | |||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 235 | 192 | Other Income (b) | |||||||
Tax expense | (91 | ) | (75 | ) | Other Income | |||||
144 | 117 | |||||||||
Total Reclassifications for the period, net of tax | $ | 180 | $ | 127 | ||||||
(a) Amounts in parentheses indicate loss/expense. | ||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
|
2017 | 2016 | |||||||||
4.09% | CTWS | Term Loan Note | $ | 12,632 | $ | 13,437 | ||||
4.15% | CTWS | CoBank Term Note Payable, Due 2037 | 15,000 | — | ||||||
Total CTWS | 27,632 | 13,437 | ||||||||
Var. | Connecticut Water | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | Connecticut Water | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | Connecticut Water | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.00% | Connecticut Water | 2011 A Series, Due 2021 | 22,969 | 23,115 | ||||||
3.16% | Connecticut Water | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | ||||||
3.51% | Connecticut Water | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | ||||||
4.29% | Connecticut Water | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | ||||||
4.72% | Connecticut Water | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | ||||||
4.75% | Connecticut Water | CoBank Note Payable, Due 2033 | 14,550 | 14,550 | ||||||
4.36% | Connecticut Water | CoBank Note Payable, Due May 2036 | 30,000 | 30,000 | ||||||
4.04% | Connecticut Water | CoBank Note Payable, Due July 2036 | 19,930 | 19,930 | ||||||
3.53% | Connecticut Water | NY Life Senior Note, Due September 2037 | 35,000 | — | ||||||
Total Connecticut Water | 199,109 | 164,255 | ||||||||
4.75% | HVWC | 2011 Farmington Bank Loan, Due 2034 | 4,504 | — | ||||||
3.05% | Avon Water | Mortgage Note Payable, due 2033 | 3,343 | — | ||||||
8.95% | Maine Water | 1994 Series G, Due 2024 | 7,200 | 7,200 | ||||||
2.68% | Maine Water | 1999 Series J, Due 2019 | 170 | 254 | ||||||
0.00% | Maine Water | 2001 Series K, Due 2031 | 574 | 615 | ||||||
2.58% | Maine Water | 2002 Series L, Due 2022 | 60 | 67 | ||||||
1.53% | Maine Water | 2003 Series M, Due 2023 | 321 | 341 | ||||||
1.73% | Maine Water | 2004 Series N, Due 2024 | 341 | 371 | ||||||
0.00% | Maine Water | 2004 Series O, Due 2034 | 113 | 120 | ||||||
1.76% | Maine Water | 2006 Series P, Due 2026 | 361 | 391 | ||||||
1.57% | Maine Water | 2009 Series R, Due 2029 | 207 | 217 | ||||||
0.00% | Maine Water | 2009 Series S, Due 2029 | 538 | 583 | ||||||
0.00% | Maine Water | 2009 Series T, Due 2029 | 1,509 | 1,634 | ||||||
0.00% | Maine Water | 2012 Series U, Due 2042 | 148 | 154 | ||||||
1.00% | Maine Water | 2013 Series V, Due 2033 | 1,310 | 1,335 | ||||||
2.52% | Maine Water | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | ||||||
4.24% | Maine Water | CoBank Note Payable, Due 2024 | 4,500 | 4,500 | ||||||
4.18% | Maine Water | CoBank Note Payable, Due 2026 | 5,000 | — | ||||||
7.72% | Maine Water | Series L, Due 2018 | 2,250 | 2,250 | ||||||
2.40% | Maine Water | Series N, Due 2022 | 1,026 | 1,101 | ||||||
1.86% | Maine Water | Series O, Due 2025 | 750 | 790 | ||||||
2.23% | Maine Water | Series P, Due 2028 | 1,264 | 1,294 | ||||||
0.01% | Maine Water | Series Q, Due 2035 | 1,678 | 1,771 | ||||||
1.00% | Maine Water | Series R, Due 2025 | 2,010 | 2,250 | ||||||
Various | Maine Water | Various Capital Leases | 3 | 8 | ||||||
Total Maine Water | 33,298 | 29,211 | ||||||||
Add: Acquisition Fair Value Adjustment | 196 | 321 | ||||||||
Less: Current Portion | (7,950 | ) | (4,859 | ) | ||||||
Less: Unamortized Debt Issuance Expense | (4,939 | ) | (5,318 | ) | ||||||
Total Long-Term Debt | $ | 255,193 | $ | 197,047 |
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Money Market Fund | $ | 69 | $ | — | $ | — | $ | 69 | |||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,991 | — | — | 1,991 | |||||||||||
Fixed Income Funds (2) | 642 | — | — | 642 | |||||||||||
Total | $ | 2,702 | $ | — | $ | — | $ | 2,702 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Money Market Fund | $ | 122 | $ | — | $ | — | $ | 122 | |||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,662 | — | — | 1,662 | |||||||||||
Fixed Income Funds (2) | 534 | — | — | 534 | |||||||||||
Total | $ | 2,318 | $ | — | $ | — | $ | 2,318 |
(1) | Mutual funds consist primarily of equity securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets. |
|
Three months ended September 30, 2017 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense (Benefit) | Net Income | ||||||||||||
Water Operations | $ | 32,252 | $ | 10,500 | $ | 36 | $ | 10,464 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,256 | 465 | 213 | 252 | ||||||||||||
Total | $ | 33,508 | $ | 10,965 | $ | 249 | $ | 10,716 |
Three months ended September 30, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 29,791 | $ | 10,529 | $ | 1,177 | $ | 9,352 | ||||||||
Real Estate Transactions | 8 | 4 | 2 | 2 | ||||||||||||
Services and Rentals | 1,419 | 573 | 392 | 181 | ||||||||||||
Total | $ | 31,218 | $ | 11,106 | $ | 1,571 | $ | 9,535 |
Nine months ended September 30, 2017 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense (Benefit) | Net Income | ||||||||||||
Water Operations | $ | 83,258 | $ | 21,112 | $ | (1,215 | ) | $ | 22,327 | |||||||
Real Estate Transactions | 212 | 55 | 22 | 33 | ||||||||||||
Services and Rentals | 3,745 | 1,461 | 619 | 842 | ||||||||||||
Total | $ | 87,215 | $ | 22,628 | $ | (574 | ) | $ | 23,202 |
Nine months ended September 30, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 78,022 | $ | 23,652 | $ | 2,010 | $ | 21,642 | ||||||||
Real Estate Transactions | 8 | 4 | 2 | 2 | ||||||||||||
Services and Rentals | 3,862 | 1,673 | 691 | 982 | ||||||||||||
Total | $ | 81,892 | $ | 25,329 | $ | 2,703 | $ | 22,626 |
September 30, 2017 | December 31, 2016 | ||||||
Total Plant and Other Investments: | |||||||
Water Operations | $ | 693,037 | $ | 609,508 | |||
Non-Water | 1,025 | 959 | |||||
694,062 | 610,467 | ||||||
Other Assets: | |||||||
Water Operations | 237,224 | 171,674 | |||||
Non-Water | 8,090 | 2,361 | |||||
245,314 | 174,035 | ||||||
Total Assets | $ | 939,376 | $ | 784,502 |
|
HVWC | Avon Water | ||||||
Net Utility Plant | $ | 28,861 | $ | 28,330 | |||
Cash and Cash Equivalents | 1,336 | 455 | |||||
Accounts Receivable, net | 345 | 376 | |||||
Prepayments and Other Current Assets | 63 | 247 | |||||
Accrued Unbilled Revenues | — | 467 | |||||
Materials and Supplies, at Average Cost | 200 | 151 | |||||
Goodwill | 12,618 | 23,935 | |||||
Unrecovered Income Taxes - Regulatory Asset | — | 4,662 | |||||
Deferred Charges and Other Costs | 343 | 799 | |||||
Total Assets Acquired | $ | 43,766 | $ | 59,422 | |||
Long-Term Debt, including current portion | $ | 4,642 | $ | 3,345 | |||
Accounts Payable and Accrued Expenses | 21 | 581 | |||||
Interim Bank Loans Payable | — | 2,500 | |||||
Other Current Liabilities | 228 | 35 | |||||
Advances for Construction | 1,897 | 1,537 | |||||
Deferred Federal and State Income Taxes | 1,623 | 1,803 | |||||
Unfunded Future Income Taxes | — | 4,662 | |||||
Other Long-Term Liabilities | — | 315 | |||||
Total Liabilities Assumed | $ | 8,411 | $ | 14,778 | |||
Contributions in Aid of Construction | 18,452 | 11,560 | |||||
Net Assets Acquired | $ | 16,903 | $ | 33,084 |
Three months ended September 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 31,797 | $ | 32,058 | |||
Other Water Activities Revenues | 455 | 356 | |||||
Real Estate Revenues | — | 8 | |||||
Service and Rentals Revenues | 1,256 | 1,435 | |||||
Total Revenues | $ | 33,508 | $ | 33,857 | |||
Net Income | $ | 10,716 | $ | 10,333 | |||
Basic Earnings per Average Share Outstanding | $ | 0.92 | $ | 0.88 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.90 | $ | 0.86 | |||
Nine months ended September 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 84,823 | $ | 83,490 | |||
Other Water Activities Revenues | 1,179 | 1,060 | |||||
Real Estate Revenues | 212 | 8 | |||||
Service and Rentals Revenues | 3,754 | 3,912 | |||||
Total Revenues | $ | 89,968 | $ | 88,470 | |||
Net Income | $ | 23,188 | $ | 23,888 | |||
Basic Earnings per Average Share Outstanding | $ | 1.96 | $ | 2.03 | |||
Diluted Earnings per Average Share Outstanding | $ | 1.92 | $ | 1.99 |
Three months ended September 30, 2017 | |||
Operating Revenues | $ | 2,368 | |
Other Water Activities Revenues | 42 | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 2,410 | |
Net Income | $ | 476 | |
Basic Earnings per Average Share Outstanding | $ | 0.04 | |
Diluted Earnings per Average Share Outstanding | $ | 0.04 | |
Period ending September 30, 2017 | |||
Operating Revenues | $ | 3,721 | |
Other Water Activities Revenues | 42 | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 3,763 | |
Net Income | $ | 693 | |
Basic Earnings per Average Share Outstanding | $ | 0.06 | |
Diluted Earnings per Average Share Outstanding | $ | 0.06 |
|
HVWC | Avon Water | ||||||
Net Utility Plant | $ | 28,861 | $ | 28,330 | |||
Cash and Cash Equivalents | 1,336 | 455 | |||||
Accounts Receivable, net | 345 | 376 | |||||
Prepayments and Other Current Assets | 63 | 247 | |||||
Accrued Unbilled Revenues | — | 467 | |||||
Materials and Supplies, at Average Cost | 200 | 151 | |||||
Goodwill | 12,618 | 23,935 | |||||
Unrecovered Income Taxes - Regulatory Asset | — | 4,662 | |||||
Deferred Charges and Other Costs | 343 | 799 | |||||
Total Assets Acquired | $ | 43,766 | $ | 59,422 | |||
Long-Term Debt, including current portion | $ | 4,642 | $ | 3,345 | |||
Accounts Payable and Accrued Expenses | 21 | 581 | |||||
Interim Bank Loans Payable | — | 2,500 | |||||
Other Current Liabilities | 228 | 35 | |||||
Advances for Construction | 1,897 | 1,537 | |||||
Deferred Federal and State Income Taxes | 1,623 | 1,803 | |||||
Unfunded Future Income Taxes | — | 4,662 | |||||
Other Long-Term Liabilities | — | 315 | |||||
Total Liabilities Assumed | $ | 8,411 | $ | 14,778 | |||
Contributions in Aid of Construction | 18,452 | 11,560 | |||||
Net Assets Acquired | $ | 16,903 | $ | 33,084 |
Three months ended September 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 31,797 | $ | 32,058 | |||
Other Water Activities Revenues | 455 | 356 | |||||
Real Estate Revenues | — | 8 | |||||
Service and Rentals Revenues | 1,256 | 1,435 | |||||
Total Revenues | $ | 33,508 | $ | 33,857 | |||
Net Income | $ | 10,716 | $ | 10,333 | |||
Basic Earnings per Average Share Outstanding | $ | 0.92 | $ | 0.88 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.90 | $ | 0.86 | |||
Nine months ended September 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 84,823 | $ | 83,490 | |||
Other Water Activities Revenues | 1,179 | 1,060 | |||||
Real Estate Revenues | 212 | 8 | |||||
Service and Rentals Revenues | 3,754 | 3,912 | |||||
Total Revenues | $ | 89,968 | $ | 88,470 | |||
Net Income | $ | 23,188 | $ | 23,888 | |||
Basic Earnings per Average Share Outstanding | $ | 1.96 | $ | 2.03 | |||
Diluted Earnings per Average Share Outstanding | $ | 1.92 | $ | 1.99 |
Three months ended September 30, 2017 | |||
Operating Revenues | $ | 2,368 | |
Other Water Activities Revenues | 42 | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 2,410 | |
Net Income | $ | 476 | |
Basic Earnings per Average Share Outstanding | $ | 0.04 | |
Diluted Earnings per Average Share Outstanding | $ | 0.04 | |
Period ending September 30, 2017 | |||
Operating Revenues | $ | 3,721 | |
Other Water Activities Revenues | 42 | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 3,763 | |
Net Income | $ | 693 | |
Basic Earnings per Average Share Outstanding | $ | 0.06 | |
Diluted Earnings per Average Share Outstanding | $ | 0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|