|
|
|
|
|
|
|
|
|
|
|
1. | Basis of Preparation of Financials |
|
2. | Pension and Other Post-Retirement Benefits |
Three Months | Six Months | ||||||||||||||
Period ended June 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service Cost | $ | 450 | $ | 426 | $ | 964 | $ | 947 | |||||||
Interest Cost | 806 | 812 | 1,600 | 1,606 | |||||||||||
Expected Return on Plan Assets | (1,044 | ) | (1,061 | ) | (2,145 | ) | (2,040 | ) | |||||||
Amortization of: | |||||||||||||||
Prior Service Cost | 4 | 4 | 8 | 8 | |||||||||||
Net Recognized Loss | 486 | 514 | 1,031 | 1,025 | |||||||||||
Net Periodic Benefit Cost | $ | 702 | $ | 695 | $ | 1,458 | $ | 1,546 |
Three Months | Six Months | ||||||||||||||
Period ended June 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service Cost | $ | 74 | $ | 85 | $ | 167 | $ | 188 | |||||||
Interest Cost | 123 | 135 | 256 | 271 | |||||||||||
Expected Return on Plan Assets | (89 | ) | (85 | ) | (177 | ) | (170 | ) | |||||||
Other | 56 | 56 | 112 | 112 | |||||||||||
Amortization of: | |||||||||||||||
Prior Service Credit | (45 | ) | (100 | ) | (90 | ) | (200 | ) | |||||||
Recognized Net Loss | (31 | ) | 11 | (40 | ) | 19 | |||||||||
Net Periodic Benefit Cost | $ | 88 | $ | 102 | $ | 228 | $ | 220 |
|
4. | Recently Adopted and New Accounting Pronouncements |
|
5. | Accumulated Other Comprehensive Income |
Three months ended June 30, 2017 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 299 | $ | (1,120 | ) | $ | (821 | ) | ||||
Other Comprehensive Income Before Reclassification | 21 | — | 21 | |||||||||
Amounts Reclassified from AOCI | 8 | 57 | 65 | |||||||||
Net current-period Other Comprehensive Income | 29 | 57 | 86 | |||||||||
Ending Balance | $ | 328 | $ | (1,063 | ) | $ | (735 | ) | ||||
Three months ended June 30, 2016 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 185 | $ | (1,100 | ) | $ | (915 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | (8 | ) | — | (8 | ) | |||||||
Amounts Reclassified from AOCI | 10 | 43 | 53 | |||||||||
Net current-period Other Comprehensive (Loss) Income | 2 | 43 | 45 | |||||||||
Ending Balance | $ | 187 | $ | (1,057 | ) | $ | (870 | ) | ||||
Six months ended June 30, 2017 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 235 | $ | (1,159 | ) | $ | (924 | ) | ||||
Other Comprehensive Income Before Reclassification | 85 | — | 85 | |||||||||
Amounts Reclassified from AOCI | 8 | 96 | 104 | |||||||||
Net current-period Other Comprehensive Income | 93 | 96 | 189 | |||||||||
Ending Balance | $ | 328 | $ | (1,063 | ) | $ | (735 | ) | ||||
Six months ended June 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 | 78 | 88 | |||||||||
Net current-period Other Comprehensive (Loss) Income | (13 | ) | 78 | 65 | ||||||||
Ending Balance | $ | 187 | $ | (1,057 | ) | $ | (870 | ) | ||||
(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 June 30, 2017(a) | Amounts Reclassified from AOCI Three Months Ended June 30, 2016(a) | Affected Line Items on Income Statement | |||||||
Realized Gains on Investments | $ | 13 | $ | 17 | Other Income | |||||
Tax expense | (5 | ) | (7 | ) | Other Income | |||||
8 | 10 | |||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 93 | 71 | Other Income (b) | |||||||
Tax expense | (36 | ) | (28 | ) | Other Income | |||||
57 | 43 | |||||||||
Total Reclassifications for the period, net of tax | $ | 65 | $ | 53 | ||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Six Months Ended June 30, 2017(a) | Amounts Reclassified from AOCI Six Months Ended June 30, 2016(a) | Affected Line Items on Income Statement | |||||||
Realized Gains on Investments | $ | 13 | $ | 17 | Other Income | |||||
Tax expense | (5 | ) | (7 | ) | Other Income | |||||
8 | 10 | |||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 157 | 128 | Other Income (b) | |||||||
Tax expense | (61 | ) | (50 | ) | Other Income | |||||
96 | 78 | |||||||||
Total Reclassifications for the period, net of tax | $ | 104 | $ | 88 | ||||||
(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 | ||||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note | $ | 12,903 | $ | 13,437 | ||||
The Connecticut Water Company: | |||||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,051 | 23,115 | ||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | ||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | ||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | ||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | ||||||
4.75% | CoBank Note Payable, Due 2033 | 14,550 | 14,550 | ||||||
4.36% | CoBank Note Payable, Due May 2036 | 30,000 | 30,000 | ||||||
4.04% | CoBank Note Payable, Due July 2036 | 19,930 | 19,930 | ||||||
Total The Connecticut Water Company | 164,191 | 164,255 | |||||||
The Heritage Village Water Company | |||||||||
4.75% | 2011 Farmington Bank Loan, Due 2034 | 4,543 | — | ||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 7,200 | 7,200 | ||||||
2.68% | 1999 Series J, Due 2019 | 170 | 254 | ||||||
0.00% | 2001 Series K, Due 2031 | 574 | 615 | ||||||
2.58% | 2002 Series L, Due 2022 | 60 | 67 | ||||||
1.53% | 2003 Series M, Due 2023 | 321 | 341 | ||||||
1.73% | 2004 Series N, Due 2024 | 371 | 371 | ||||||
0.00% | 2004 Series O, Due 2034 | 113 | 120 | ||||||
1.76% | 2006 Series P, Due 2026 | 361 | 391 | ||||||
1.57% | 2009 Series R, Due 2029 | 207 | 217 | ||||||
0.00% | 2009 Series S, Due 2029 | 560 | 583 | ||||||
0.00% | 2009 Series T, Due 2029 | 1,572 | 1,634 | ||||||
0.00% | 2012 Series U, Due 2042 | 148 | 154 | ||||||
1.00% | 2013 Series V, Due 2033 | 1,310 | 1,335 | ||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | ||||||
4.24% | CoBank Note Payable, Due 2024 | 4,500 | 4,500 | ||||||
4.18% | CoBank Note Payable, Due 2026 | 5,000 | — | ||||||
7.72% | Series L, Due 2018 | 2,250 | 2,250 | ||||||
2.40% | Series N, Due 2022 | 1,026 | 1,101 | ||||||
1.86% | Series O, Due 2025 | 790 | 790 | ||||||
2.23% | Series P, Due 2028 | 1,264 | 1,294 | ||||||
0.01% | Series Q, Due 2035 | 1,678 | 1,771 | ||||||
1.00% | Series R, Due 2025 | 2,250 | 2,250 | ||||||
Various | Various Capital Leases | 5 | 8 | ||||||
Total The Maine Water Company | 33,695 | 29,211 | |||||||
Add: Acquisition Fair Value Adjustment | 255 | 321 | |||||||
Less: Current Portion | (5,196 | ) | (4,859 | ) | |||||
Less: Unamortized Debt Issuance Expense | (5,040 | ) | (5,318 | ) | |||||
Total Long-Term Debt | $ | 205,351 | $ | 197,047 |
|
Fair Value Disclosures |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Money Market Fund | $ | 35 | $ | — | $ | — | $ | 35 | |||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,787 | — | — | 1,787 | |||||||||||
Fixed Income Funds (2) | 550 | — | — | 550 | |||||||||||
Total | $ | 2,372 | $ | — | $ | — | $ | 2,372 |
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 June 30, 2017 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense(Benefit) | Net Income | ||||||||||||
Water Operations | $ | 28,220 | $ | 7,117 | $ | (969 | ) | $ | 8,086 | |||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,279 | 505 | 173 | 332 | ||||||||||||
Total | $ | 29,499 | $ | 7,622 | $ | (796 | ) | $ | 8,418 |
Three months ended June 30, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 26,376 | $ | 10,173 | $ | 636 | $ | 9,537 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,212 | 563 | 157 | 406 | ||||||||||||
Total | $ | 27,588 | $ | 10,736 | $ | 793 | $ | 9,943 |
Six months ended June 30, 2017 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense(Benefit) | Net Income | ||||||||||||
Water Operations | $ | 51,006 | $ | 10,612 | $ | (1,251 | ) | $ | 11,863 | |||||||
Real Estate Transactions | 212 | 55 | 22 | 33 | ||||||||||||
Services and Rentals | 2,489 | 996 | 406 | 590 | ||||||||||||
Total | $ | 53,707 | $ | 11,663 | $ | (823 | ) | $ | 12,486 |
Six months ended June 30, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 48,231 | $ | 13,123 | $ | 833 | $ | 12,290 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 2,443 | 1,100 | 299 | 801 | ||||||||||||
Total | $ | 50,674 | $ | 14,223 | $ | 1,132 | $ | 13,091 |
June 30, 2017 | December 31, 2016 | ||||||
Total Plant and Other Investments: | |||||||
Water Operations | $ | 656,556 | $ | 609,508 | |||
Non-Water | 1,026 | 959 | |||||
657,582 | 610,467 | ||||||
Other Assets: | |||||||
Water Operations | 194,609 | 171,674 | |||||
Non-Water | 2,825 | 2,361 | |||||
197,434 | 174,035 | ||||||
Total Assets | $ | 855,016 | $ | 784,502 |
|
Income Taxes |
|
Lines of Credit |
|
Net Utility Plant | $ | 28,861 | |
Cash and Cash Equivalents | 1,336 | ||
Accounts Receivable, net | 345 | ||
Prepayments and Other Current Assets | 63 | ||
Materials and Supplies, at Average Cost | 200 | ||
Goodwill | 12,618 | ||
Deferred Charges and Other Costs | 343 | ||
Total Assets Acquired | $ | 43,766 | |
Advances for Construction | |||
Long-Term Debt, including current portion | $ | 4,642 | |
Accounts Payable and Accrued Expenses | 21 | ||
Other Current Liabilities | 228 | ||
Advances for Construction | 1,897 | ||
Deferred Federal and State Income Taxes | 1,623 | ||
Total Liabilities Assumed | $ | 8,411 | |
Contributions in Aid of Construction | 18,452 | ||
Net Assets Acquired | $ | 16,903 |
Three months ended June 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 27,902 | $ | 27,039 | |||
Other Water Activities Revenues | 318 | 320 | |||||
Real Estate Revenues | — | — | |||||
Service and Rentals Revenues | 1,279 | 1,212 | |||||
Total Revenues | $ | 29,499 | $ | 28,571 | |||
Net Income | $ | 8,418 | $ | 9,950 | |||
Basic Earnings per Average Share Outstanding | $ | 0.75 | $ | 0.89 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.73 | $ | 0.86 | |||
Six months ended June 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 50,971 | $ | 49,460 | |||
Other Water Activities Revenues | 641 | 624 | |||||
Real Estate Revenues | 212 | — | |||||
Service and Rentals Revenues | 2,489 | 2,443 | |||||
Total Revenues | $ | 54,313 | $ | 52,527 | |||
Net Income | $ | 12,510 | $ | 13,166 | |||
Basic Earnings per Average Share Outstanding | $ | 1.10 | $ | 1.17 | |||
Diluted Earnings per Average Share Outstanding | $ | 1.08 | $ | 1.14 |
Three months ended June 30, 2017 | |||
Operating Revenues | $ | 1,017 | |
Other Water Activities Revenues | — | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 1,017 | |
Net Income | $ | 132 | |
Basic Earnings per Average Share Outstanding | $ | 0.01 | |
Diluted Earnings per Average Share Outstanding | $ | 0.01 | |
Period ending June 30, 2017 | |||
Operating Revenues | $ | 1,353 | |
Other Water Activities Revenues | — | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 1,353 | |
Net Income | $ | 217 | |
Basic Earnings per Average Share Outstanding | $ | 0.02 | |
Diluted Earnings per Average Share Outstanding | $ | 0.02 |
|
|
Three Months | Six Months | ||||||||||||||
Period ended June 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service Cost | $ | 450 | $ | 426 | $ | 964 | $ | 947 | |||||||
Interest Cost | 806 | 812 | 1,600 | 1,606 | |||||||||||
Expected Return on Plan Assets | (1,044 | ) | (1,061 | ) | (2,145 | ) | (2,040 | ) | |||||||
Amortization of: | |||||||||||||||
Prior Service Cost | 4 | 4 | 8 | 8 | |||||||||||
Net Recognized Loss | 486 | 514 | 1,031 | 1,025 | |||||||||||
Net Periodic Benefit Cost | $ | 702 | $ | 695 | $ | 1,458 | $ | 1,546 |
Three Months | Six Months | ||||||||||||||
Period ended June 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service Cost | $ | 74 | $ | 85 | $ | 167 | $ | 188 | |||||||
Interest Cost | 123 | 135 | 256 | 271 | |||||||||||
Expected Return on Plan Assets | (89 | ) | (85 | ) | (177 | ) | (170 | ) | |||||||
Other | 56 | 56 | 112 | 112 | |||||||||||
Amortization of: | |||||||||||||||
Prior Service Credit | (45 | ) | (100 | ) | (90 | ) | (200 | ) | |||||||
Recognized Net Loss | (31 | ) | 11 | (40 | ) | 19 | |||||||||
Net Periodic Benefit Cost | $ | 88 | $ | 102 | $ | 228 | $ | 220 |
|
Three months ended June 30, 2017 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 299 | $ | (1,120 | ) | $ | (821 | ) | ||||
Other Comprehensive Income Before Reclassification | 21 | — | 21 | |||||||||
Amounts Reclassified from AOCI | 8 | 57 | 65 | |||||||||
Net current-period Other Comprehensive Income | 29 | 57 | 86 | |||||||||
Ending Balance | $ | 328 | $ | (1,063 | ) | $ | (735 | ) | ||||
Three months ended June 30, 2016 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 185 | $ | (1,100 | ) | $ | (915 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | (8 | ) | — | (8 | ) | |||||||
Amounts Reclassified from AOCI | 10 | 43 | 53 | |||||||||
Net current-period Other Comprehensive (Loss) Income | 2 | 43 | 45 | |||||||||
Ending Balance | $ | 187 | $ | (1,057 | ) | $ | (870 | ) | ||||
Six months ended June 30, 2017 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 235 | $ | (1,159 | ) | $ | (924 | ) | ||||
Other Comprehensive Income Before Reclassification | 85 | — | 85 | |||||||||
Amounts Reclassified from AOCI | 8 | 96 | 104 | |||||||||
Net current-period Other Comprehensive Income | 93 | 96 | 189 | |||||||||
Ending Balance | $ | 328 | $ | (1,063 | ) | $ | (735 | ) | ||||
Six months ended June 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 | 78 | 88 | |||||||||
Net current-period Other Comprehensive (Loss) Income | (13 | ) | 78 | 65 | ||||||||
Ending Balance | $ | 187 | $ | (1,057 | ) | $ | (870 | ) | ||||
(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 June 30, 2017(a) | Amounts Reclassified from AOCI Three Months Ended June 30, 2016(a) | Affected Line Items on Income Statement | |||||||
Realized Gains on Investments | $ | 13 | $ | 17 | Other Income | |||||
Tax expense | (5 | ) | (7 | ) | Other Income | |||||
8 | 10 | |||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 93 | 71 | Other Income (b) | |||||||
Tax expense | (36 | ) | (28 | ) | Other Income | |||||
57 | 43 | |||||||||
Total Reclassifications for the period, net of tax | $ | 65 | $ | 53 | ||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Six Months Ended June 30, 2017(a) | Amounts Reclassified from AOCI Six Months Ended June 30, 2016(a) | Affected Line Items on Income Statement | |||||||
Realized Gains on Investments | $ | 13 | $ | 17 | Other Income | |||||
Tax expense | (5 | ) | (7 | ) | Other Income | |||||
8 | 10 | |||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 157 | 128 | Other Income (b) | |||||||
Tax expense | (61 | ) | (50 | ) | Other Income | |||||
96 | 78 | |||||||||
Total Reclassifications for the period, net of tax | $ | 104 | $ | 88 | ||||||
(a) Amounts in parentheses indicate loss/expense. | ||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
|
2017 | 2016 | ||||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note | $ | 12,903 | $ | 13,437 | ||||
The Connecticut Water Company: | |||||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,051 | 23,115 | ||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | ||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | ||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | ||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | ||||||
4.75% | CoBank Note Payable, Due 2033 | 14,550 | 14,550 | ||||||
4.36% | CoBank Note Payable, Due May 2036 | 30,000 | 30,000 | ||||||
4.04% | CoBank Note Payable, Due July 2036 | 19,930 | 19,930 | ||||||
Total The Connecticut Water Company | 164,191 | 164,255 | |||||||
The Heritage Village Water Company | |||||||||
4.75% | 2011 Farmington Bank Loan, Due 2034 | 4,543 | — | ||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 7,200 | 7,200 | ||||||
2.68% | 1999 Series J, Due 2019 | 170 | 254 | ||||||
0.00% | 2001 Series K, Due 2031 | 574 | 615 | ||||||
2.58% | 2002 Series L, Due 2022 | 60 | 67 | ||||||
1.53% | 2003 Series M, Due 2023 | 321 | 341 | ||||||
1.73% | 2004 Series N, Due 2024 | 371 | 371 | ||||||
0.00% | 2004 Series O, Due 2034 | 113 | 120 | ||||||
1.76% | 2006 Series P, Due 2026 | 361 | 391 | ||||||
1.57% | 2009 Series R, Due 2029 | 207 | 217 | ||||||
0.00% | 2009 Series S, Due 2029 | 560 | 583 | ||||||
0.00% | 2009 Series T, Due 2029 | 1,572 | 1,634 | ||||||
0.00% | 2012 Series U, Due 2042 | 148 | 154 | ||||||
1.00% | 2013 Series V, Due 2033 | 1,310 | 1,335 | ||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | ||||||
4.24% | CoBank Note Payable, Due 2024 | 4,500 | 4,500 | ||||||
4.18% | CoBank Note Payable, Due 2026 | 5,000 | — | ||||||
7.72% | Series L, Due 2018 | 2,250 | 2,250 | ||||||
2.40% | Series N, Due 2022 | 1,026 | 1,101 | ||||||
1.86% | Series O, Due 2025 | 790 | 790 | ||||||
2.23% | Series P, Due 2028 | 1,264 | 1,294 | ||||||
0.01% | Series Q, Due 2035 | 1,678 | 1,771 | ||||||
1.00% | Series R, Due 2025 | 2,250 | 2,250 | ||||||
Various | Various Capital Leases | 5 | 8 | ||||||
Total The Maine Water Company | 33,695 | 29,211 | |||||||
Add: Acquisition Fair Value Adjustment | 255 | 321 | |||||||
Less: Current Portion | (5,196 | ) | (4,859 | ) | |||||
Less: Unamortized Debt Issuance Expense | (5,040 | ) | (5,318 | ) | |||||
Total Long-Term Debt | $ | 205,351 | $ | 197,047 |
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Money Market Fund | $ | 35 | $ | — | $ | — | $ | 35 | |||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,787 | — | — | 1,787 | |||||||||||
Fixed Income Funds (2) | 550 | — | — | 550 | |||||||||||
Total | $ | 2,372 | $ | — | $ | — | $ | 2,372 |
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 June 30, 2017 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense(Benefit) | Net Income | ||||||||||||
Water Operations | $ | 28,220 | $ | 7,117 | $ | (969 | ) | $ | 8,086 | |||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,279 | 505 | 173 | 332 | ||||||||||||
Total | $ | 29,499 | $ | 7,622 | $ | (796 | ) | $ | 8,418 |
Three months ended June 30, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 26,376 | $ | 10,173 | $ | 636 | $ | 9,537 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,212 | 563 | 157 | 406 | ||||||||||||
Total | $ | 27,588 | $ | 10,736 | $ | 793 | $ | 9,943 |
Six months ended June 30, 2017 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense(Benefit) | Net Income | ||||||||||||
Water Operations | $ | 51,006 | $ | 10,612 | $ | (1,251 | ) | $ | 11,863 | |||||||
Real Estate Transactions | 212 | 55 | 22 | 33 | ||||||||||||
Services and Rentals | 2,489 | 996 | 406 | 590 | ||||||||||||
Total | $ | 53,707 | $ | 11,663 | $ | (823 | ) | $ | 12,486 |
Six months ended June 30, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 48,231 | $ | 13,123 | $ | 833 | $ | 12,290 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 2,443 | 1,100 | 299 | 801 | ||||||||||||
Total | $ | 50,674 | $ | 14,223 | $ | 1,132 | $ | 13,091 |
June 30, 2017 | December 31, 2016 | ||||||
Total Plant and Other Investments: | |||||||
Water Operations | $ | 656,556 | $ | 609,508 | |||
Non-Water | 1,026 | 959 | |||||
657,582 | 610,467 | ||||||
Other Assets: | |||||||
Water Operations | 194,609 | 171,674 | |||||
Non-Water | 2,825 | 2,361 | |||||
197,434 | 174,035 | ||||||
Total Assets | $ | 855,016 | $ | 784,502 |
|
Net Utility Plant | $ | 28,861 | |
Cash and Cash Equivalents | 1,336 | ||
Accounts Receivable, net | 345 | ||
Prepayments and Other Current Assets | 63 | ||
Materials and Supplies, at Average Cost | 200 | ||
Goodwill | 12,618 | ||
Deferred Charges and Other Costs | 343 | ||
Total Assets Acquired | $ | 43,766 | |
Advances for Construction | |||
Long-Term Debt, including current portion | $ | 4,642 | |
Accounts Payable and Accrued Expenses | 21 | ||
Other Current Liabilities | 228 | ||
Advances for Construction | 1,897 | ||
Deferred Federal and State Income Taxes | 1,623 | ||
Total Liabilities Assumed | $ | 8,411 | |
Contributions in Aid of Construction | 18,452 | ||
Net Assets Acquired | $ | 16,903 |
Three months ended June 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 27,902 | $ | 27,039 | |||
Other Water Activities Revenues | 318 | 320 | |||||
Real Estate Revenues | — | — | |||||
Service and Rentals Revenues | 1,279 | 1,212 | |||||
Total Revenues | $ | 29,499 | $ | 28,571 | |||
Net Income | $ | 8,418 | $ | 9,950 | |||
Basic Earnings per Average Share Outstanding | $ | 0.75 | $ | 0.89 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.73 | $ | 0.86 | |||
Six months ended June 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 50,971 | $ | 49,460 | |||
Other Water Activities Revenues | 641 | 624 | |||||
Real Estate Revenues | 212 | — | |||||
Service and Rentals Revenues | 2,489 | 2,443 | |||||
Total Revenues | $ | 54,313 | $ | 52,527 | |||
Net Income | $ | 12,510 | $ | 13,166 | |||
Basic Earnings per Average Share Outstanding | $ | 1.10 | $ | 1.17 | |||
Diluted Earnings per Average Share Outstanding | $ | 1.08 | $ | 1.14 |
Three months ended June 30, 2017 | |||
Operating Revenues | $ | 1,017 | |
Other Water Activities Revenues | — | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 1,017 | |
Net Income | $ | 132 | |
Basic Earnings per Average Share Outstanding | $ | 0.01 | |
Diluted Earnings per Average Share Outstanding | $ | 0.01 | |
Period ending June 30, 2017 | |||
Operating Revenues | $ | 1,353 | |
Other Water Activities Revenues | — | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 1,353 | |
Net Income | $ | 217 | |
Basic Earnings per Average Share Outstanding | $ | 0.02 | |
Diluted Earnings per Average Share Outstanding | $ | 0.02 |
|
Net Utility Plant | $ | 28,861 | |
Cash and Cash Equivalents | 1,336 | ||
Accounts Receivable, net | 345 | ||
Prepayments and Other Current Assets | 63 | ||
Materials and Supplies, at Average Cost | 200 | ||
Goodwill | 12,618 | ||
Deferred Charges and Other Costs | 343 | ||
Total Assets Acquired | $ | 43,766 | |
Advances for Construction | |||
Long-Term Debt, including current portion | $ | 4,642 | |
Accounts Payable and Accrued Expenses | 21 | ||
Other Current Liabilities | 228 | ||
Advances for Construction | 1,897 | ||
Deferred Federal and State Income Taxes | 1,623 | ||
Total Liabilities Assumed | $ | 8,411 | |
Contributions in Aid of Construction | 18,452 | ||
Net Assets Acquired | $ | 16,903 |
Three months ended June 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 27,902 | $ | 27,039 | |||
Other Water Activities Revenues | 318 | 320 | |||||
Real Estate Revenues | — | — | |||||
Service and Rentals Revenues | 1,279 | 1,212 | |||||
Total Revenues | $ | 29,499 | $ | 28,571 | |||
Net Income | $ | 8,418 | $ | 9,950 | |||
Basic Earnings per Average Share Outstanding | $ | 0.75 | $ | 0.89 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.73 | $ | 0.86 | |||
Six months ended June 30, | 2017 | 2016 | |||||
Operating Revenues | $ | 50,971 | $ | 49,460 | |||
Other Water Activities Revenues | 641 | 624 | |||||
Real Estate Revenues | 212 | — | |||||
Service and Rentals Revenues | 2,489 | 2,443 | |||||
Total Revenues | $ | 54,313 | $ | 52,527 | |||
Net Income | $ | 12,510 | $ | 13,166 | |||
Basic Earnings per Average Share Outstanding | $ | 1.10 | $ | 1.17 | |||
Diluted Earnings per Average Share Outstanding | $ | 1.08 | $ | 1.14 |
Three months ended June 30, 2017 | |||
Operating Revenues | $ | 1,017 | |
Other Water Activities Revenues | — | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 1,017 | |
Net Income | $ | 132 | |
Basic Earnings per Average Share Outstanding | $ | 0.01 | |
Diluted Earnings per Average Share Outstanding | $ | 0.01 | |
Period ending June 30, 2017 | |||
Operating Revenues | $ | 1,353 | |
Other Water Activities Revenues | — | ||
Real Estate Revenues | — | ||
Service and Rentals Revenues | — | ||
Total Revenues | $ | 1,353 | |
Net Income | $ | 217 | |
Basic Earnings per Average Share Outstanding | $ | 0.02 | |
Diluted Earnings per Average Share Outstanding | $ | 0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|