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(in thousands) | December 31, | ||||||
2016 | 2015 | ||||||
Assets: | |||||||
Pension Benefits and Post-Retirement Benefits Other Than Pension | $ | 12,531 | $ | 12,882 | |||
Unrecovered Income Taxes | 93,264 | 77,510 | |||||
Deferred revenue (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) | 3,910 | 5,033 | |||||
Other (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) | 4,276 | 3,561 | |||||
Total regulatory assets | $ | 113,981 | $ | 98,986 | |||
Liabilities: | |||||||
Other (included in Other Current Liabilities) | $ | 1,710 | $ | 1,567 | |||
Unamortized Investment Tax Credits | 1,189 | 1,264 | |||||
Refunds to Customers (including Current Portion of Refund to Customers) | 963 | 3,987 | |||||
Unfunded Future Income Taxes (including Other Long-Term Liabilities) | 90,977 | 74,712 | |||||
Total regulatory liabilities | $ | 94,839 | $ | 81,530 |
• | Current off-campus customers of UCONN will become customers of Connecticut Water at UCONN’s water rates in effect at that time (subject to any state-approved surcharges); |
• | Future water customers in the Town of Mansfield will be served by Connecticut Water at the rates authorized by the PURA; |
• | Connecticut Water will assume responsibility for maintaining, repairing and replacing the off-campus water system serving the Town of Mansfield; |
• | Connecticut Water will make any source or system improvements to meet current and future water supply needs of the area; and |
• | Pursuant to the Agreement, a Water System Advisory Committee (“WSAC”) was created with representatives of the Town of Mansfield, UCONN, regional representatives and other key stakeholders to advise Connecticut Water regarding water service and the system’s operations, expansion or integration as well as recommended best management practices, including water conservation programs. The WSAC meets quarterly. |
(in thousands) | 2016 | 2015 | 2014 | ||||||||
Additions to Utility Plant: | |||||||||||
Company Financed | $ | 66,339 | $ | 47,774 | $ | 44,969 | |||||
Allowance for Funds Used During Construction | 1,198 | 530 | 518 | ||||||||
Subtotal – Utility Plant Increase to Rate Base | 67,537 | 48,304 | 45,487 | ||||||||
Advances from Others for Construction | 350 | 251 | 699 | ||||||||
Net Additions to Utility Plant | $ | 67,887 | $ | 48,555 | $ | 46,186 |
Years ended December 31, | 2016 | 2015 | 2014 | ||||||||
Numerator (in thousands) | |||||||||||
Basic Net Income Applicable to Common Stock | $ | 23,349 | $ | 22,723 | $ | 21,281 | |||||
Diluted Net Income Applicable to Common Stock | $ | 23,349 | $ | 22,723 | $ | 21,281 | |||||
Denominator (in thousands) | |||||||||||
Basic Weighted Average Shares Outstanding | 11,009 | 10,958 | 10,893 | ||||||||
Dilutive Effect of Stock Awards | 219 | 206 | 198 | ||||||||
Diluted Weighted Average Shares Outstanding | 11,228 | 11,164 | 11,091 | ||||||||
Earnings per Share | |||||||||||
Basic Earnings per Share | $ | 2.12 | $ | 2.07 | $ | 1.95 | |||||
Dilutive Effect of Stock Awards | 0.04 | 0.03 | 0.03 | ||||||||
Diluted Earnings per Share | $ | 2.08 | $ | 2.04 | $ | 1.92 |
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(in thousands) | 2016 | 2015 | 2014 | |||||||||
Federal Classified as Operating (Benefit) Expense | $ | 1,782 | $ | (562 | ) | $ | 2,919 | |||||
Federal Classified as Other Utility Income | 385 | 409 | 424 | |||||||||
Federal Classified as Other Income (Expense) | ||||||||||||
Land Sales and Donations | 57 | (70 | ) | 26 | ||||||||
Non-Water Sales | 702 | 664 | 788 | |||||||||
Other | (686 | ) | (832 | ) | (825 | ) | ||||||
Total Federal Income Tax (Benefit) Expense | 2,240 | (391 | ) | 3,332 | ||||||||
State Classified as Operating (Benefit) Expense | 788 | (257 | ) | 677 | ||||||||
State Classified as Other Utility Income | 92 | 98 | 100 | |||||||||
State Classified as Other Income (Expense) | ||||||||||||
Land Sales and Donations | — | (287 | ) | 6 | ||||||||
Non-Water Sales | 172 | 196 | 194 | |||||||||
Other | (126 | ) | (128 | ) | (82 | ) | ||||||
Total State Income Tax (Benefit) Expense | 926 | (378 | ) | 895 | ||||||||
Total Income Tax (Benefit) Expense | $ | 3,166 | $ | (769 | ) | $ | 4,227 |
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Current Income Taxes | ||||||||||||
Federal | $ | (15 | ) | $ | 315 | $ | 427 | |||||
State | 463 | 201 | (306 | ) | ||||||||
Total Current | 448 | 516 | 121 | |||||||||
Deferred Income Taxes, Net | ||||||||||||
Federal | ||||||||||||
Investment Tax Credit | (75 | ) | (75 | ) | (75 | ) | ||||||
Excess Deferred Taxes | (110 | ) | 192 | — | ||||||||
Deferred Revenue | (353 | ) | (754 | ) | 215 | |||||||
Land Donations | 37 | (179 | ) | (56 | ) | |||||||
Depreciation | 1,769 | 660 | 1,728 | |||||||||
Net Operating Loss Carry-forwards | (1,258 | ) | (1,171 | ) | (600 | ) | ||||||
AMT Credit Carry-forwards | — | 53 | — | |||||||||
Provision for uncertain positions | 2,487 | 874 | 2,177 | |||||||||
Other | (242 | ) | (306 | ) | (484 | ) | ||||||
Total Federal | 2,255 | (706 | ) | 2,905 | ||||||||
State | ||||||||||||
Land Donations | 55 | 41 | — | |||||||||
Provision for uncertain positions | 611 | 41 | 663 | |||||||||
Other | (203 | ) | (661 | ) | 538 | |||||||
Total State | 463 | (579 | ) | 1,201 | ||||||||
Total Deferred Income Taxes | 2,718 | (1,285 | ) | 4,106 | ||||||||
Total Income Tax | $ | 3,166 | $ | (769 | ) | $ | 4,227 |
(in thousands) | 2016 | 2015 | ||||||
Unrecovered Income Taxes - Regulatory Asset | $ | (93,264 | ) | $ | (77,510 | ) | ||
Deferred Federal and State Income Taxes | 50,558 | 48,036 | ||||||
Unfunded Future Income Taxes | 90,977 | 74,712 | ||||||
Unamortized Investment Tax Credits - Regulatory Liability | 1,189 | 1,264 | ||||||
Net Deferred Income Tax Liability | $ | 49,460 | $ | 46,502 |
(in thousands) | 2016 | 2015 | ||||||
Tax Credit Carry-forward (1) | $ | (968 | ) | $ | (904 | ) | ||
Charitable Contribution Carry-forwards (2) | (389 | ) | (372 | ) | ||||
Valuation Allowance on Charitable Contributions | 107 | — | ||||||
Prepaid Income Taxes on CIAC | 58 | 63 | ||||||
Net Operating Loss Carry-forwards (3) | (5,132 | ) | (3,730 | ) | ||||
Valuation Allowance on Net Operating Losses | 1,471 | 1,326 | ||||||
Other Comprehensive Income | (589 | ) | (597 | ) | ||||
Accelerated Depreciation | 51,119 | 49,341 | ||||||
Provision on Repair Deductions | 9,464 | 6,366 | ||||||
Long-Term Compensation Agreements | (4,416 | ) | (4,004 | ) | ||||
Unamortized Investment Tax Credits | 1,189 | 1,264 | ||||||
Other | (2,454 | ) | (2,251 | ) | ||||
Net Deferred Income Tax Liability | $ | 49,460 | $ | 46,502 |
(1) | State tax credit carry-forwards expire beginning in 2019 and ending in 2040. |
(2) | Charitable Contribution carry-forwards expire with the filing of the 2016 Federal and State Tax Returns in 2017 and ending in 2021. |
(3) | Net operating loss carry-forwards expire beginning in 2017 and ending in 2036. |
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Pre-Tax Income | ||||||||||||
Net Income | $ | 23,387 | $ | 22,761 | $ | 21,319 | ||||||
Income Taxes | 3,166 | (769 | ) | 4,227 | ||||||||
Total Pre-Tax Income | $ | 26,553 | $ | 21,992 | $ | 25,546 |
2016 | 2015 | 2014 | |||||||
Federal Statutory Tax Rate | 34.0 | % | 34.0 | % | 34.0 | % | |||
Tax Effect Differences: | |||||||||
State Income Taxes Net of Federal Benefit | 2.6 | % | — | % | 1.3 | % | |||
Property Related Items | (30.4 | )% | (19.2 | )% | (25.0 | )% | |||
Performance Stock | (0.8 | )% | 0.2 | % | 1.2 | % | |||
Pension Costs | (0.4 | )% | (1.7 | )% | 2.9 | % | |||
Repair Regulatory Liability | (3.9 | )% | (11.5 | )% | (6.3 | )% | |||
Change in Estimate of Prior Year Income Tax Expense | 0.3 | % | (10.6 | )% | (1.4 | )% | |||
Provision for Uncertain Tax Positions | 10.2 | % | 4.1 | % | 9.2 | % | |||
Other | 0.3 | % | 1.2 | % | 0.7 | % | |||
Effective Income Tax Rate | 11.9 | % | (3.5 | )% | 16.6 | % |
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(in thousands, except share data) | Shares | Issuance Amount | Expense | Total | ||||||||||
Balance, January 1, 2014 | 11,038,232 | $ | 142,681 | $ | (4,090 | ) | $ | 138,591 | ||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 35,433 | 1,396 | — | 1,396 | ||||||||||
Dividend Reinvestment Plan | 50,965 | 1,697 | — | 1,697 | ||||||||||
Balance, December 31, 2014 | 11,124,630 | 145,774 | (4,090 | ) | 141,684 | |||||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 25,575 | 1,314 | — | 1,314 | ||||||||||
Dividend Reinvestment Plan | 42,677 | 1,536 | — | 1,536 | ||||||||||
Balance, December 31, 2015 | 11,192,882 | 148,624 | (4,090 | ) | 144,534 | |||||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 22,128 | (405 | ) | — | (405 | ) | ||||||||
Dividend Reinvestment Plan | 33,448 | 1,610 | — | 1,610 | ||||||||||
Balance, December 31, 2016 (1) | 11,248,458 | $ | 149,829 | $ | (4,090 | ) | $ | 145,739 |
(1) | Includes 53,821 restricted shares and 217,954 common stock equivalent shares issued through the Performance Stock Programs through December 31, 2016. |
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(in thousands, except per share data) | 2016 | 2015 | 2014 | |||||||||
Balance, beginning of year | $ | 80,378 | $ | 69,370 | $ | 59,277 | ||||||
Net Income | 23,387 | 22,761 | 21,319 | |||||||||
Sub-total | 103,765 | 92,131 | 80,596 | |||||||||
Dividends declared: | ||||||||||||
Cumulative Preferred Stock, Series A, $0.80 per share | 12 | 12 | 12 | |||||||||
Cumulative Preferred Stock, Series $0.90, $0.90 per share | 26 | 26 | 26 | |||||||||
Common Stock: | ||||||||||||
$1.115, $1.05 and $1.01 per Common Share in 2016, 2015 and 2014, respectively | 12,514 | 11,715 | 11,188 | |||||||||
Total Dividends Declared | 12,552 | 11,753 | 11,226 | |||||||||
Balance, end of year | $ | 91,213 | $ | 80,378 | $ | 69,370 |
|
(in thousands) | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Balance as of January 1, 2014 (a) | $ | 259 | $ | (374 | ) | $ | (115 | ) | ||||
Other Comprehensive Income (Loss) Before Reclassification | 2 | (1,748 | ) | (1,746 | ) | |||||||
Amounts Reclassified from AOCI | 37 | 221 | 258 | |||||||||
Net current-period Other Comprehensive Income (Loss) | 39 | (1,527 | ) | (1,488 | ) | |||||||
Balance as of December 31, 2014 | $ | 298 | $ | (1,901 | ) | $ | (1,603 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | (195 | ) | 582 | 387 | ||||||||
Amounts Reclassified from AOCI | 97 | 184 | 281 | |||||||||
Net current-period Other Comprehensive (Loss) Income | (98 | ) | 766 | 668 | ||||||||
Balance as of December 31, 2015 | $ | 200 | $ | (1,135 | ) | $ | (935 | ) | ||||
Other Comprehensive Income (Loss) Before Reclassification | 24 | (227 | ) | (203 | ) | |||||||
Amounts Reclassified from AOCI | 11 | 203 | 214 | |||||||||
Net current-period Other Comprehensive Income (Loss) | 35 | (24 | ) | 11 | ||||||||
Balance as of December 31, 2016 | $ | 235 | $ | (1,159 | ) | $ | (924 | ) | ||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. |
Details about Other AOCI Components (in thousands) | Amounts Reclassified from AOCI for the Year Ended December 31, 2016(a) | Amounts Reclassified from AOCI for the Year Ended December 31, 2015(a) | Amounts Reclassified from AOCI for the Year Ended December 31, 2014(a) | Affected Line Items on Income Statement | ||||||||||
Realized Gains on Investments | $ | 17 | $ | 148 | $ | 55 | Other | |||||||
Tax expense | (6 | ) | (51 | ) | (18 | ) | Other | |||||||
Total Reclassified from AOCI | 11 | 97 | 37 | |||||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 308 | 281 | 335 | Other (b) | ||||||||||
Tax expense | (105 | ) | (97 | ) | (114 | ) | Other | |||||||
Total Reclassified from AOCI | 203 | 184 | 221 | |||||||||||
Total Reclassifications for the period, net of tax | $ | 214 | $ | 281 | $ | 258 | ||||||||
(a) Amounts in parentheses indicate loss/expense. | ||||||||||||||
(b) Included in computation of net periodic pension cost (see Note 12 “Long-Term Compensation Arrangements” for additional details). |
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December 31, 2016 | |||||||||||||||
(in thousands) | 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 |
December 31, 2015 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Asset Type: | |||||||||||||||
Money Market Fund | $ | 122 | $ | — | $ | — | $ | 122 | |||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,441 | — | — | 1,441 | |||||||||||
Fixed Income Funds (2) | 485 | — | — | 485 | |||||||||||
Total | $ | 2,048 | $ | — | $ | — | $ | 2,048 |
(1) | Mutual funds consisting primarily of equity securities. |
(2) | Mutual funds consisting primarily of fixed income securities. |
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(in thousands) | 2016 | 2015 | |||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note and Supplement A, Due 2027 | $ | 13,437 | $ | 14,472 | ||||
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 | ||||||
5.10% | 2009 A Series, Due 2039 | — | 19,930 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,115 | 23,303 | ||||||
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 | — | ||||||
4.04% | CoBank Note Payable, Due July 2036 | 19,930 | — | ||||||
Total The Connecticut Water Company | 164,255 | 134,443 | |||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 7,200 | 8,100 | ||||||
2.68% | 1999 Series J, Due 2019 | 254 | 339 | ||||||
0.00% | 2001 Series K, Due 2031 | 615 | 656 | ||||||
2.58% | 2002 Series L, Due 2022 | 67 | 75 | ||||||
1.53% | 2003 Series M, Due 2023 | 341 | 361 | ||||||
1.73% | 2004 Series N, Due 2024 | 371 | 401 | ||||||
0.00% | 2004 Series O, Due 2034 | 120 | 127 | ||||||
1.76% | 2006 Series P, Due 2026 | 391 | 411 | ||||||
1.57% | 2009 Series R, Due 2029 | 217 | 227 | ||||||
0.00% | 2009 Series S, Due 2029 | 583 | 628 | ||||||
0.00% | 2009 Series T, Due 2029 | 1,634 | 1,760 | ||||||
0.00% | 2012 Series U, Due 2042 | 154 | 160 | ||||||
1.00% | 2013 Series V, Due 2033 | 1,335 | 1,360 | ||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | ||||||
4.24% | CoBank Note Payable, Due 2024 | 4,500 | 4,500 | ||||||
7.72% | Series L, Due 2018 | 2,250 | 2,250 | ||||||
2.40% | Series N, Due 2022 | 1,101 | 1,176 | ||||||
1.86% | Series O, Due 2025 | 790 | 830 | ||||||
2.23% | Series P, Due 2028 | 1,294 | 1,324 | ||||||
0.01% | Series Q, Due 2035 | 1,771 | 1,864 | ||||||
1.00% | Series R, Due 2025 | 2,250 | 2,488 | ||||||
Various | Various Capital Leases | 8 | 17 | ||||||
Total The Maine Water Company | 29,211 | 31,019 | |||||||
Add: Acquisition Fair Value Adjustment | 321 | 562 | |||||||
Less: Current Portion | (4,859 | ) | (2,842 | ) | |||||
Less: Unamortized Debt Issuance Expense | (5,318 | ) | (5,786 | ) | |||||
Total Long-Term Debt | $ | 197,047 | $ | 171,868 |
(in thousands) | ||||
2017 | $ | 4,859 | ||
2018 | $ | 5,342 | ||
2019 | $ | 3,194 | ||
2020 | $ | 3,186 | ||
2021 | $ | 3,239 |
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(in thousands, except share data) | 2016 | 2015 | ||||||
Connecticut Water Service, Inc. | ||||||||
Cumulative Series A Voting, $20 Par Value; Authorized, Issued and Outstanding 15,000 Shares | $ | 300 | $ | 300 | ||||
Cumulative Series $0.90 Non-Voting, $16 Par Value; Authorized 50,000 Shares, Issued and Outstanding 29,499 | 472 | 472 | ||||||
Total Preferred Stock | $ | 772 | $ | 772 |
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(in thousands) | 2016 | 2015 | |||||
Land | $ | 13,724 | $ | 13,615 | |||
Source of supply | 36,405 | 35,973 | |||||
Pumping | 38,902 | 37,110 | |||||
Water treatment | 84,594 | 81,544 | |||||
Transmission and distribution | 530,716 | 490,489 | |||||
General | 75,438 | 66,341 | |||||
Held for future use | 432 | 432 | |||||
Acquisition Adjustment | (2,351 | ) | (3,057 | ) | |||
Total | $ | 777,860 | $ | 722,447 |
(in thousands) | 2016 | 2015 | |||||
Land | $ | 13,724 | $ | 13,615 | |||
Source of supply | 36,405 | 35,973 | |||||
Pumping | 38,902 | 37,110 | |||||
Water treatment | 84,594 | 81,544 | |||||
Transmission and distribution | 530,716 | 490,489 | |||||
General | 75,438 | 66,341 | |||||
Held for future use | 432 | 432 | |||||
Acquisition Adjustment | (2,351 | ) | (3,057 | ) | |||
Total | $ | 777,860 | $ | 722,447 |
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(in thousands) | 2016 | 2015 | 2014 | |||||||||
Municipal Property Taxes | $ | 8,501 | $ | 7,896 | $ | 7,659 | ||||||
Payroll Taxes | 1,295 | 1,398 | 1,372 | |||||||||
Total Taxes Other than Income Taxes | $ | 9,796 | $ | 9,294 | $ | 9,031 |
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(in thousands) | 2016 | 2015 | |||||
Defined Benefit Pension Plan | $ | 16,628 | $ | 19,232 | |||
Post-Retirement Benefit Other than Pension | 5,246 | 5,041 | |||||
Supplemental Executive Retirement Plan | 8,688 | 7,915 | |||||
Deferred Compensation | 2,932 | 2,131 | |||||
Other Long-Term Compensation | 46 | 70 | |||||
Total Long-Term Compensation Arrangements | $ | 33,540 | $ | 34,389 |
2016 | 2015 | ||||
Equity | 65 | % | 65 | % | |
Fixed Income | 35 | % | 35 | % | |
Total | 100 | % | 100 | % |
Pension Benefits (in thousands) | 2016 | 2015 | |||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | 75,845 | $ | 79,815 | |||
Service cost | 1,895 | 2,152 | |||||
Interest cost | 3,212 | 3,114 | |||||
Actuarial loss (gain) | 2,017 | (4,350 | ) | ||||
Benefits paid | (3,553 | ) | (4,806 | ) | |||
Administrative expenses | (109 | ) | (80 | ) | |||
Benefit obligation, end of year | $ | 79,307 | $ | 75,845 | |||
Change in plan assets: | |||||||
Fair value, beginning of year | $ | 56,613 | $ | 61,635 | |||
Actual return on plan assets | 4,203 | (136 | ) | ||||
Employer contributions | 5,525 | — | |||||
Benefits paid | (3,553 | ) | (4,806 | ) | |||
Administrative expenses | (109 | ) | (80 | ) | |||
Fair value, end of year | $ | 62,679 | $ | 56,613 | |||
Funded Status | $ | (16,628 | ) | $ | (19,232 | ) | |
Amount Recognized in Consolidated Balance Sheets Consisted of: | |||||||
Non-current asset | $ | — | $ | — | |||
Current liability | — | — | |||||
Non-current liability | (16,628 | ) | (19,232 | ) | |||
Net amount recognized | $ | (16,628 | ) | $ | (19,232 | ) |
Weighted-average assumptions used to determine benefit obligations at December 31: | 2016 | 2015 | |||
Discount rate | 4.10 | % | 4.30 | % | |
Rate of compensation increase | 4.00 | % | 4.00 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2016 | 2015 | 2014 | |||||
Discount rate | 4.30 | % | 3.95 | % | 4.90 | % | ||
Expected long-term return on plan assets | 7.25 | % | 7.25 | % | 7.25 | % | ||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % |
Pension Benefits (in thousands) | 2016 | 2015 | 2014 | ||||||||
Components of net periodic benefit costs | |||||||||||
Service cost | $ | 1,895 | $ | 2,152 | $ | 1,829 | |||||
Interest cost | 3,212 | 3,114 | 3,087 | ||||||||
Expected return on plan assets | (4,080 | ) | (3,847 | ) | (3,567 | ) | |||||
Amortization of: | |||||||||||
Prior service cost | 16 | 16 | 73 | ||||||||
Net loss | 2,049 | 2,979 | 1,319 | ||||||||
Net Periodic Pension Benefit Costs | $ | 3,092 | $ | 4,414 | $ | 2,741 |
Pension Benefits (in thousands) | 2016 | 2015 | |||||
Change in net (gain) loss | $ | 1,866 | $ | (429 | ) | ||
Change in prior service cost | — | — | |||||
Other - regulatory action | — | 2,050 | |||||
Amortization of prior service cost | (16 | ) | (16 | ) | |||
Amortization of net loss | (1,998 | ) | (2,904 | ) | |||
Total recognized to Regulatory Asset | $ | (148 | ) | $ | (1,299 | ) |
Pension Benefits (in thousands) | 2016 | 2015 | |||||
Change in net (gain) loss | $ | 28 | $ | 62 | |||
Change in prior service cost | — | — | |||||
Amortization of prior service cost | — | — | |||||
Amortization of net loss | (51 | ) | (75 | ) | |||
Total recognized to OCI | $ | (23 | ) | $ | (13 | ) |
Amounts Recognized as a Regulatory Asset at December 31: (in thousands) | 2016 | 2015 | |||||
Prior service cost | $ | 70 | $ | 86 | |||
Net loss | 12,196 | 12,328 | |||||
Total Recognized as a Regulatory Asset | $ | 12,266 | $ | 12,414 |
Amounts Recognized in OCI at December 31: (in thousands) | 2016 | 2015 | 2014 | ||||||||
Transition obligation | $ | — | $ | — | $ | — | |||||
Prior service cost | — | — | — | ||||||||
Net loss | 315 | 338 | 2,401 | ||||||||
Total Recognized in Other Comprehensive Income | $ | 315 | $ | 338 | $ | 2,401 |
Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands) | 2017 | ||
Amortization of transition obligation | $ | — | |
Amortization of prior service cost | 15 | ||
Amortization of net loss | 2,030 | ||
Total Estimated Net Periodic Benefit Cost Amortizations | $ | 2,045 |
2016 | 2015 | ||||
Equity | 65 | % | 64 | % | |
Fixed Income | 35 | % | 36 | % | |
Total | 100 | % | 100 | % |
2016 | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market Fund | $ | 1,174 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 21,070 | — | — | ||||||||
Equity Funds (2) | 40,435 | — | — | ||||||||
Total | $ | 62,679 | $ | — | $ | — |
2015 | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market Fund | $ | 805 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 19,609 | — | — | ||||||||
Equity Funds (2) | 36,199 | — | — | ||||||||
Total | $ | 56,613 | $ | — | $ | — |
(1) | Mutual funds consisting primarily of fixed income securities. |
(2) | Mutual funds consisting primarily of equity securities. |
(in thousands) | |||
2017 | $ | 3,928 | |
2018 | 4,339 | ||
2019 | 4,846 | ||
2020 | 4,746 | ||
2021 | 4,973 | ||
Years 2021 – 2025 | 26,452 |
PBOP Benefits (in thousands) | 2016 | 2015 | |||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | 13,192 | $ | 15,533 | |||
Service cost | 376 | 458 | |||||
Interest cost | 541 | 562 | |||||
Plan participant contributions | 151 | 156 | |||||
Actuarial (gain) | (351 | ) | (3,115 | ) | |||
Benefits paid | (367 | ) | (402 | ) | |||
Benefit obligation, end of year | $ | 13,542 | $ | 13,192 | |||
Change in plan assets: | |||||||
Fair value, beginning of year | $ | 8,203 | $ | 8,429 | |||
Actual return on plan assets | 346 | 7 | |||||
Employer contributions | 12 | 13 | |||||
Plan participant contributions | 151 | 156 | |||||
Benefits paid | (367 | ) | (402 | ) | |||
Fair value, end of year | $ | 8,345 | $ | 8,203 | |||
Funded Status | $ | (5,197 | ) | $ | (4,989 | ) | |
Amount Recognized in Consolidated Balance Sheets Consisted of: | |||||||
Non-current asset | $ | — | $ | — | |||
Current liability | — | — | |||||
Non-current liability | (5,197 | ) | (4,989 | ) | |||
Net amount recognized | $ | (5,197 | ) | $ | (4,989 | ) |
Weighted-average assumptions used to determine benefit obligations at December 31: | 2016 | 2015 | |||
Discount rate | 3.95 | % | 4.15 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2016 | 2015 | 2014 | |||||
Discount rate | 4.15 | % | 3.80 | % | 4.80 | % | ||
Expected long-term return on plan assets | 4.50 | % | 4.50 | % | 4.50 | % |
PBOP Benefits (in thousands) | 2016 | 2015 | 2014 | ||||||||
Components of net periodic benefit costs | |||||||||||
Service cost | $ | 376 | $ | 458 | $ | 494 | |||||
Interest cost | 541 | 562 | 625 | ||||||||
Expected return on plan assets | (341 | ) | (324 | ) | (305 | ) | |||||
Other | 225 | 225 | 225 | ||||||||
Amortization of: | |||||||||||
Prior service credit | (400 | ) | (571 | ) | (806 | ) | |||||
Recognized net loss | 39 | 388 | 344 | ||||||||
Net Periodic Post Retirement Benefit Costs | $ | 440 | $ | 738 | $ | 577 |
PBOP Benefits (in thousands) | 2016 | 2015 | |||||
Change in net gain | $ | (356 | ) | $ | (2,797 | ) | |
Amortization of prior service cost | 400 | 571 | |||||
Amortization of net loss | (39 | ) | (388 | ) | |||
Other regulatory amortization | (236 | ) | (236 | ) | |||
Total recognized to Regulatory Liability | $ | (231 | ) | $ | (2,850 | ) |
Amounts Recognized as a Regulatory Liability Asset at December 31: (in thousands) | 2016 | 2015 | |||||
Transition obligation | $ | — | $ | — | |||
Prior service cost | (182 | ) | (583 | ) | |||
Net loss | (531 | ) | (135 | ) | |||
Other regulatory asset | 254 | 494 | |||||
Total Recognized as a Regulatory Liability | $ | (459 | ) | $ | (224 | ) |
Estimated Benefit Cost Amortizations for the periods January 1 - December 31:(in thousands) | 2017 | ||
Amortization of transition obligation | $ | — | |
Amortization of prior service credit | (181 | ) | |
Amortization of net loss | (30 | ) | |
Total Estimated Net Periodic Benefit Cost Amortizations | $ | (211 | ) |
Assumed health care cost trend rates at December 31: | 2016 | 2015 | |||||||||
Medical | Dental | Medical | Dental | ||||||||
Health care cost trend rate assumed for next year (1) | 8.25 | % | 8.25 | % | 8.5 | % | 8.5 | % | |||
Rate to which the cost trend rate is assumed to decline | 4.75 | % | 4.75 | % | 5.00 | % | 5.00 | % | |||
Year that the rate reaches the ultimate trend rate | 2024 | 2024 | 2023 | 2023 |
(in thousands) | 1 Percentage-Point | ||||||
Increase | Decrease | ||||||
Effect on total of service and interest cost components | $ | 49 | $ | (45 | ) | ||
Effect on post-retirement benefit obligation | $ | 665 | $ | (627 | ) |
2016 | 2015 | ||||
Equity | 64 | % | 63 | % | |
Fixed Income | 36 | % | 37 | % | |
Total | 100 | % | 100 | % |
2016 | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market | $ | 222 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 2,770 | — | — | ||||||||
Equity Funds (2) | 5,353 | — | — | ||||||||
Total | $ | 8,345 | $ | — | $ | — |
2015 | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market | $ | 239 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 2,810 | — | — | ||||||||
Equity Funds (2) | 5,154 | — | — | ||||||||
Total | $ | 8,203 | $ | — | $ | — |
(1) | Mutual funds consisting primarily of fixed income securities. |
(2) | Mutual funds consisting primarily of equity securities. |
(in thousands) | |||
2017 | $ | 447 | |
2018 | 510 | ||
2019 | 572 | ||
2020 | 645 | ||
2021 | 712 | ||
Years 2021 – 2025 | 4,441 |
|
2016 | 2015 | ||||||||||||
Number of Shares | Grant Date Weighted Average Fair Value | Number of Shares | Grant Date Weighted Average Fair Value | ||||||||||
Non-vested at beginning of year | 39,997 | $ | 34.59 | 40,969 | $ | 32.63 | |||||||
Granted | 21,110 | 39.70 | 26,828 | 35.81 | |||||||||
Vested | (19,077 | ) | 34.16 | (16,548 | ) | 31.71 | |||||||
Forfeited | (6,888 | ) | 35.81 | (11,252 | ) | 34.70 | |||||||
Non-vested at end of year | 35,142 | $ | 37.66 | 39,997 | $ | 34.59 |
|
(in thousands) | Revenues | Depreciation | Other Operating Expenses | Other Income (Deductions) | Interest Expense (net of AFUDC) | Income Taxes | Net Income (Loss) | ||||||||||||||||||||
For the year ended December 31, 2016 | |||||||||||||||||||||||||||
Water Operations | $ | 100,001 | $ | 13,905 | $ | 54,100 | $ | (1,822 | ) | $ | 5,718 | $ | 2,234 | $ | 22,222 | ||||||||||||
Real Estate Transactions | 8 | — | 4 | — | — | 58 | (54 | ) | |||||||||||||||||||
Services and Rentals | 5,307 | 25 | 3,189 | — | — | 874 | 1,219 | ||||||||||||||||||||
Total | $ | 105,316 | $ | 13,930 | $ | 57,293 | $ | (1,822 | ) | $ | 5,718 | $ | 3,166 | $ | 23,387 | ||||||||||||
For the year ended December 31, 2015 | |||||||||||||||||||||||||||
Water Operations | $ | 97,472 | $ | 12,871 | $ | 57,474 | $ | (1,158 | ) | $ | 6,206 | $ | (1,255 | ) | $ | 21,018 | |||||||||||
Real Estate Transactions | 14 | — | 22 | — | — | (357 | ) | 349 | |||||||||||||||||||
Services and Rentals | 5,602 | 3 | 3,362 | — | — | 843 | 1,394 | ||||||||||||||||||||
Total | $ | 103,088 | $ | 12,874 | $ | 60,858 | $ | (1,158 | ) | $ | 6,206 | $ | (769 | ) | $ | 22,761 | |||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||||||||||
Water Operations | $ | 95,516 | $ | 11,784 | $ | 53,614 | $ | (1,096 | ) | $ | 5,997 | $ | 3,227 | $ | 19,798 | ||||||||||||
Real Estate Transactions | 243 | — | 161 | — | — | 32 | 50 | ||||||||||||||||||||
Services and Rentals | 5,784 | 5 | 3,340 | — | — | 968 | 1,471 | ||||||||||||||||||||
Total | $ | 101,543 | $ | 11,789 | $ | 57,115 | $ | (1,096 | ) | $ | 5,997 | $ | 4,227 | $ | 21,319 |
in thousands): | 2016 | 2015 | |||||
Total Plant and Other Investments: | |||||||
Water | $ | 609,508 | $ | 553,773 | |||
Non-Water | 959 | 637 | |||||
Total Plant and Other Investments | 610,467 | 554,410 | |||||
Other Assets: | |||||||
Water | 171,674 | 154,090 | |||||
Non-Water | 2,361 | 2,215 | |||||
Total Other Assets | 174,035 | 156,305 | |||||
Total Assets | $ | 784,502 | $ | 710,715 |
|
|
(in thousands) | ||||
2017 | $ | 1,562 | ||
2018 | $ | 1,601 | ||
2019 | $ | 1,643 | ||
2020 | $ | 1,601 | ||
2021 | $ | 1,546 |
|
(in thousands, except for per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
Operating Revenues | $ | 21,552 | $ | 20,030 | $ | 26,055 | $ | 26,624 | $ | 29,477 | $ | 28,444 | $ | 21,583 | $ | 20,943 | |||||||||||||||
Total Utility Operating Income | 4,178 | 4,320 | 11,217 | 9,954 | 10,939 | 9,709 | 2,615 | 3,456 | |||||||||||||||||||||||
Net Income | 3,148 | 3,103 | 9,943 | 8,675 | 9,535 | 8,755 | 761 | 2,228 | |||||||||||||||||||||||
Basic Earnings per Common Share | 0.29 | 0.28 | 0.90 | 0.79 | 0.86 | 0.80 | 0.07 | 0.20 | |||||||||||||||||||||||
Diluted Earnings per Common Share | 0.28 | 0.28 | 0.89 | 0.77 | 0.84 | 0.79 | 0.07 | 0.20 |
|
(in thousands) | December 31, | ||||||
2016 | 2015 | ||||||
Assets: | |||||||
Pension Benefits and Post-Retirement Benefits Other Than Pension | $ | 12,531 | $ | 12,882 | |||
Unrecovered Income Taxes | 93,264 | 77,510 | |||||
Deferred revenue (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) | 3,910 | 5,033 | |||||
Other (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) | 4,276 | 3,561 | |||||
Total regulatory assets | $ | 113,981 | $ | 98,986 | |||
Liabilities: | |||||||
Other (included in Other Current Liabilities) | $ | 1,710 | $ | 1,567 | |||
Unamortized Investment Tax Credits | 1,189 | 1,264 | |||||
Refunds to Customers (including Current Portion of Refund to Customers) | 963 | 3,987 | |||||
Unfunded Future Income Taxes (including Other Long-Term Liabilities) | 90,977 | 74,712 | |||||
Total regulatory liabilities | $ | 94,839 | $ | 81,530 |
(in thousands) | 2016 | 2015 | 2014 | ||||||||
Additions to Utility Plant: | |||||||||||
Company Financed | $ | 66,339 | $ | 47,774 | $ | 44,969 | |||||
Allowance for Funds Used During Construction | 1,198 | 530 | 518 | ||||||||
Subtotal – Utility Plant Increase to Rate Base | 67,537 | 48,304 | 45,487 | ||||||||
Advances from Others for Construction | 350 | 251 | 699 | ||||||||
Net Additions to Utility Plant | $ | 67,887 | $ | 48,555 | $ | 46,186 |
|
(in thousands) | December 31, | ||||||
2016 | 2015 | ||||||
Assets: | |||||||
Pension Benefits and Post-Retirement Benefits Other Than Pension | $ | 12,531 | $ | 12,882 | |||
Unrecovered Income Taxes | 93,264 | 77,510 | |||||
Deferred revenue (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) | 3,910 | 5,033 | |||||
Other (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) | 4,276 | 3,561 | |||||
Total regulatory assets | $ | 113,981 | $ | 98,986 | |||
Liabilities: | |||||||
Other (included in Other Current Liabilities) | $ | 1,710 | $ | 1,567 | |||
Unamortized Investment Tax Credits | 1,189 | 1,264 | |||||
Refunds to Customers (including Current Portion of Refund to Customers) | 963 | 3,987 | |||||
Unfunded Future Income Taxes (including Other Long-Term Liabilities) | 90,977 | 74,712 | |||||
Total regulatory liabilities | $ | 94,839 | $ | 81,530 |
(in thousands) | 2016 | 2015 | 2014 | ||||||||
Additions to Utility Plant: | |||||||||||
Company Financed | $ | 66,339 | $ | 47,774 | $ | 44,969 | |||||
Allowance for Funds Used During Construction | 1,198 | 530 | 518 | ||||||||
Subtotal – Utility Plant Increase to Rate Base | 67,537 | 48,304 | 45,487 | ||||||||
Advances from Others for Construction | 350 | 251 | 699 | ||||||||
Net Additions to Utility Plant | $ | 67,887 | $ | 48,555 | $ | 46,186 |
Years ended December 31, | 2016 | 2015 | 2014 | ||||||||
Numerator (in thousands) | |||||||||||
Basic Net Income Applicable to Common Stock | $ | 23,349 | $ | 22,723 | $ | 21,281 | |||||
Diluted Net Income Applicable to Common Stock | $ | 23,349 | $ | 22,723 | $ | 21,281 | |||||
Denominator (in thousands) | |||||||||||
Basic Weighted Average Shares Outstanding | 11,009 | 10,958 | 10,893 | ||||||||
Dilutive Effect of Stock Awards | 219 | 206 | 198 | ||||||||
Diluted Weighted Average Shares Outstanding | 11,228 | 11,164 | 11,091 | ||||||||
Earnings per Share | |||||||||||
Basic Earnings per Share | $ | 2.12 | $ | 2.07 | $ | 1.95 | |||||
Dilutive Effect of Stock Awards | 0.04 | 0.03 | 0.03 | ||||||||
Diluted Earnings per Share | $ | 2.08 | $ | 2.04 | $ | 1.92 |
|
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Federal Classified as Operating (Benefit) Expense | $ | 1,782 | $ | (562 | ) | $ | 2,919 | |||||
Federal Classified as Other Utility Income | 385 | 409 | 424 | |||||||||
Federal Classified as Other Income (Expense) | ||||||||||||
Land Sales and Donations | 57 | (70 | ) | 26 | ||||||||
Non-Water Sales | 702 | 664 | 788 | |||||||||
Other | (686 | ) | (832 | ) | (825 | ) | ||||||
Total Federal Income Tax (Benefit) Expense | 2,240 | (391 | ) | 3,332 | ||||||||
State Classified as Operating (Benefit) Expense | 788 | (257 | ) | 677 | ||||||||
State Classified as Other Utility Income | 92 | 98 | 100 | |||||||||
State Classified as Other Income (Expense) | ||||||||||||
Land Sales and Donations | — | (287 | ) | 6 | ||||||||
Non-Water Sales | 172 | 196 | 194 | |||||||||
Other | (126 | ) | (128 | ) | (82 | ) | ||||||
Total State Income Tax (Benefit) Expense | 926 | (378 | ) | 895 | ||||||||
Total Income Tax (Benefit) Expense | $ | 3,166 | $ | (769 | ) | $ | 4,227 |
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Current Income Taxes | ||||||||||||
Federal | $ | (15 | ) | $ | 315 | $ | 427 | |||||
State | 463 | 201 | (306 | ) | ||||||||
Total Current | 448 | 516 | 121 | |||||||||
Deferred Income Taxes, Net | ||||||||||||
Federal | ||||||||||||
Investment Tax Credit | (75 | ) | (75 | ) | (75 | ) | ||||||
Excess Deferred Taxes | (110 | ) | 192 | — | ||||||||
Deferred Revenue | (353 | ) | (754 | ) | 215 | |||||||
Land Donations | 37 | (179 | ) | (56 | ) | |||||||
Depreciation | 1,769 | 660 | 1,728 | |||||||||
Net Operating Loss Carry-forwards | (1,258 | ) | (1,171 | ) | (600 | ) | ||||||
AMT Credit Carry-forwards | — | 53 | — | |||||||||
Provision for uncertain positions | 2,487 | 874 | 2,177 | |||||||||
Other | (242 | ) | (306 | ) | (484 | ) | ||||||
Total Federal | 2,255 | (706 | ) | 2,905 | ||||||||
State | ||||||||||||
Land Donations | 55 | 41 | — | |||||||||
Provision for uncertain positions | 611 | 41 | 663 | |||||||||
Other | (203 | ) | (661 | ) | 538 | |||||||
Total State | 463 | (579 | ) | 1,201 | ||||||||
Total Deferred Income Taxes | 2,718 | (1,285 | ) | 4,106 | ||||||||
Total Income Tax | $ | 3,166 | $ | (769 | ) | $ | 4,227 |
(in thousands) | 2016 | 2015 | ||||||
Unrecovered Income Taxes - Regulatory Asset | $ | (93,264 | ) | $ | (77,510 | ) | ||
Deferred Federal and State Income Taxes | 50,558 | 48,036 | ||||||
Unfunded Future Income Taxes | 90,977 | 74,712 | ||||||
Unamortized Investment Tax Credits - Regulatory Liability | 1,189 | 1,264 | ||||||
Net Deferred Income Tax Liability | $ | 49,460 | $ | 46,502 |
(in thousands) | 2016 | 2015 | ||||||
Tax Credit Carry-forward (1) | $ | (968 | ) | $ | (904 | ) | ||
Charitable Contribution Carry-forwards (2) | (389 | ) | (372 | ) | ||||
Valuation Allowance on Charitable Contributions | 107 | — | ||||||
Prepaid Income Taxes on CIAC | 58 | 63 | ||||||
Net Operating Loss Carry-forwards (3) | (5,132 | ) | (3,730 | ) | ||||
Valuation Allowance on Net Operating Losses | 1,471 | 1,326 | ||||||
Other Comprehensive Income | (589 | ) | (597 | ) | ||||
Accelerated Depreciation | 51,119 | 49,341 | ||||||
Provision on Repair Deductions | 9,464 | 6,366 | ||||||
Long-Term Compensation Agreements | (4,416 | ) | (4,004 | ) | ||||
Unamortized Investment Tax Credits | 1,189 | 1,264 | ||||||
Other | (2,454 | ) | (2,251 | ) | ||||
Net Deferred Income Tax Liability | $ | 49,460 | $ | 46,502 |
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Pre-Tax Income | ||||||||||||
Net Income | $ | 23,387 | $ | 22,761 | $ | 21,319 | ||||||
Income Taxes | 3,166 | (769 | ) | 4,227 | ||||||||
Total Pre-Tax Income | $ | 26,553 | $ | 21,992 | $ | 25,546 |
2016 | 2015 | 2014 | |||||||
Federal Statutory Tax Rate | 34.0 | % | 34.0 | % | 34.0 | % | |||
Tax Effect Differences: | |||||||||
State Income Taxes Net of Federal Benefit | 2.6 | % | — | % | 1.3 | % | |||
Property Related Items | (30.4 | )% | (19.2 | )% | (25.0 | )% | |||
Performance Stock | (0.8 | )% | 0.2 | % | 1.2 | % | |||
Pension Costs | (0.4 | )% | (1.7 | )% | 2.9 | % | |||
Repair Regulatory Liability | (3.9 | )% | (11.5 | )% | (6.3 | )% | |||
Change in Estimate of Prior Year Income Tax Expense | 0.3 | % | (10.6 | )% | (1.4 | )% | |||
Provision for Uncertain Tax Positions | 10.2 | % | 4.1 | % | 9.2 | % | |||
Other | 0.3 | % | 1.2 | % | 0.7 | % | |||
Effective Income Tax Rate | 11.9 | % | (3.5 | )% | 16.6 | % |
|
(in thousands, except share data) | Shares | Issuance Amount | Expense | Total | ||||||||||
Balance, January 1, 2014 | 11,038,232 | $ | 142,681 | $ | (4,090 | ) | $ | 138,591 | ||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 35,433 | 1,396 | — | 1,396 | ||||||||||
Dividend Reinvestment Plan | 50,965 | 1,697 | — | 1,697 | ||||||||||
Balance, December 31, 2014 | 11,124,630 | 145,774 | (4,090 | ) | 141,684 | |||||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 25,575 | 1,314 | — | 1,314 | ||||||||||
Dividend Reinvestment Plan | 42,677 | 1,536 | — | 1,536 | ||||||||||
Balance, December 31, 2015 | 11,192,882 | 148,624 | (4,090 | ) | 144,534 | |||||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 22,128 | (405 | ) | — | (405 | ) | ||||||||
Dividend Reinvestment Plan | 33,448 | 1,610 | — | 1,610 | ||||||||||
Balance, December 31, 2016 (1) | 11,248,458 | $ | 149,829 | $ | (4,090 | ) | $ | 145,739 |
|
(in thousands, except per share data) | 2016 | 2015 | 2014 | |||||||||
Balance, beginning of year | $ | 80,378 | $ | 69,370 | $ | 59,277 | ||||||
Net Income | 23,387 | 22,761 | 21,319 | |||||||||
Sub-total | 103,765 | 92,131 | 80,596 | |||||||||
Dividends declared: | ||||||||||||
Cumulative Preferred Stock, Series A, $0.80 per share | 12 | 12 | 12 | |||||||||
Cumulative Preferred Stock, Series $0.90, $0.90 per share | 26 | 26 | 26 | |||||||||
Common Stock: | ||||||||||||
$1.115, $1.05 and $1.01 per Common Share in 2016, 2015 and 2014, respectively | 12,514 | 11,715 | 11,188 | |||||||||
Total Dividends Declared | 12,552 | 11,753 | 11,226 | |||||||||
Balance, end of year | $ | 91,213 | $ | 80,378 | $ | 69,370 |
|
(in thousands) | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Balance as of January 1, 2014 (a) | $ | 259 | $ | (374 | ) | $ | (115 | ) | ||||
Other Comprehensive Income (Loss) Before Reclassification | 2 | (1,748 | ) | (1,746 | ) | |||||||
Amounts Reclassified from AOCI | 37 | 221 | 258 | |||||||||
Net current-period Other Comprehensive Income (Loss) | 39 | (1,527 | ) | (1,488 | ) | |||||||
Balance as of December 31, 2014 | $ | 298 | $ | (1,901 | ) | $ | (1,603 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | (195 | ) | 582 | 387 | ||||||||
Amounts Reclassified from AOCI | 97 | 184 | 281 | |||||||||
Net current-period Other Comprehensive (Loss) Income | (98 | ) | 766 | 668 | ||||||||
Balance as of December 31, 2015 | $ | 200 | $ | (1,135 | ) | $ | (935 | ) | ||||
Other Comprehensive Income (Loss) Before Reclassification | 24 | (227 | ) | (203 | ) | |||||||
Amounts Reclassified from AOCI | 11 | 203 | 214 | |||||||||
Net current-period Other Comprehensive Income (Loss) | 35 | (24 | ) | 11 | ||||||||
Balance as of December 31, 2016 | $ | 235 | $ | (1,159 | ) | $ | (924 | ) | ||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. |
Details about Other AOCI Components (in thousands) | Amounts Reclassified from AOCI for the Year Ended December 31, 2016(a) | Amounts Reclassified from AOCI for the Year Ended December 31, 2015(a) | Amounts Reclassified from AOCI for the Year Ended December 31, 2014(a) | Affected Line Items on Income Statement | ||||||||||
Realized Gains on Investments | $ | 17 | $ | 148 | $ | 55 | Other | |||||||
Tax expense | (6 | ) | (51 | ) | (18 | ) | Other | |||||||
Total Reclassified from AOCI | 11 | 97 | 37 | |||||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 308 | 281 | 335 | Other (b) | ||||||||||
Tax expense | (105 | ) | (97 | ) | (114 | ) | Other | |||||||
Total Reclassified from AOCI | 203 | 184 | 221 | |||||||||||
Total Reclassifications for the period, net of tax | $ | 214 | $ | 281 | $ | 258 | ||||||||
(a) Amounts in parentheses indicate loss/expense. | ||||||||||||||
(b) Included in computation of net periodic pension cost (see Note 12 “Long-Term Compensation Arrangements” for additional details). |
|
December 31, 2016 | |||||||||||||||
(in thousands) | 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 |
December 31, 2015 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Asset Type: | |||||||||||||||
Money Market Fund | $ | 122 | $ | — | $ | — | $ | 122 | |||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,441 | — | — | 1,441 | |||||||||||
Fixed Income Funds (2) | 485 | — | — | 485 | |||||||||||
Total | $ | 2,048 | $ | — | $ | — | $ | 2,048 |
|
(in thousands) | 2016 | 2015 | |||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note and Supplement A, Due 2027 | $ | 13,437 | $ | 14,472 | ||||
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 | ||||||
5.10% | 2009 A Series, Due 2039 | — | 19,930 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,115 | 23,303 | ||||||
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 | — | ||||||
4.04% | CoBank Note Payable, Due July 2036 | 19,930 | — | ||||||
Total The Connecticut Water Company | 164,255 | 134,443 | |||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 7,200 | 8,100 | ||||||
2.68% | 1999 Series J, Due 2019 | 254 | 339 | ||||||
0.00% | 2001 Series K, Due 2031 | 615 | 656 | ||||||
2.58% | 2002 Series L, Due 2022 | 67 | 75 | ||||||
1.53% | 2003 Series M, Due 2023 | 341 | 361 | ||||||
1.73% | 2004 Series N, Due 2024 | 371 | 401 | ||||||
0.00% | 2004 Series O, Due 2034 | 120 | 127 | ||||||
1.76% | 2006 Series P, Due 2026 | 391 | 411 | ||||||
1.57% | 2009 Series R, Due 2029 | 217 | 227 | ||||||
0.00% | 2009 Series S, Due 2029 | 583 | 628 | ||||||
0.00% | 2009 Series T, Due 2029 | 1,634 | 1,760 | ||||||
0.00% | 2012 Series U, Due 2042 | 154 | 160 | ||||||
1.00% | 2013 Series V, Due 2033 | 1,335 | 1,360 | ||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | ||||||
4.24% | CoBank Note Payable, Due 2024 | 4,500 | 4,500 | ||||||
7.72% | Series L, Due 2018 | 2,250 | 2,250 | ||||||
2.40% | Series N, Due 2022 | 1,101 | 1,176 | ||||||
1.86% | Series O, Due 2025 | 790 | 830 | ||||||
2.23% | Series P, Due 2028 | 1,294 | 1,324 | ||||||
0.01% | Series Q, Due 2035 | 1,771 | 1,864 | ||||||
1.00% | Series R, Due 2025 | 2,250 | 2,488 | ||||||
Various | Various Capital Leases | 8 | 17 | ||||||
Total The Maine Water Company | 29,211 | 31,019 | |||||||
Add: Acquisition Fair Value Adjustment | 321 | 562 | |||||||
Less: Current Portion | (4,859 | ) | (2,842 | ) | |||||
Less: Unamortized Debt Issuance Expense | (5,318 | ) | (5,786 | ) | |||||
Total Long-Term Debt | $ | 197,047 | $ | 171,868 |
(in thousands) | ||||
2017 | $ | 4,859 | ||
2018 | $ | 5,342 | ||
2019 | $ | 3,194 | ||
2020 | $ | 3,186 | ||
2021 | $ | 3,239 |
|
(in thousands, except share data) | 2016 | 2015 | ||||||
Connecticut Water Service, Inc. | ||||||||
Cumulative Series A Voting, $20 Par Value; Authorized, Issued and Outstanding 15,000 Shares | $ | 300 | $ | 300 | ||||
Cumulative Series $0.90 Non-Voting, $16 Par Value; Authorized 50,000 Shares, Issued and Outstanding 29,499 | 472 | 472 | ||||||
Total Preferred Stock | $ | 772 | $ | 772 |
|
(in thousands) | 2016 | 2015 | |||||
Land | $ | 13,724 | $ | 13,615 | |||
Source of supply | 36,405 | 35,973 | |||||
Pumping | 38,902 | 37,110 | |||||
Water treatment | 84,594 | 81,544 | |||||
Transmission and distribution | 530,716 | 490,489 | |||||
General | 75,438 | 66,341 | |||||
Held for future use | 432 | 432 | |||||
Acquisition Adjustment | (2,351 | ) | (3,057 | ) | |||
Total | $ | 777,860 | $ | 722,447 |
|
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Municipal Property Taxes | $ | 8,501 | $ | 7,896 | $ | 7,659 | ||||||
Payroll Taxes | 1,295 | 1,398 | 1,372 | |||||||||
Total Taxes Other than Income Taxes | $ | 9,796 | $ | 9,294 | $ | 9,031 |
|
PBOP Benefits (in thousands) | 2016 | 2015 | 2014 | ||||||||
Components of net periodic benefit costs | |||||||||||
Service cost | $ | 376 | $ | 458 | $ | 494 | |||||
Interest cost | 541 | 562 | 625 | ||||||||
Expected return on plan assets | (341 | ) | (324 | ) | (305 | ) | |||||
Other | 225 | 225 | 225 | ||||||||
Amortization of: | |||||||||||
Prior service credit | (400 | ) | (571 | ) | (806 | ) | |||||
Recognized net loss | 39 | 388 | 344 | ||||||||
Net Periodic Post Retirement Benefit Costs | $ | 440 | $ | 738 | $ | 577 |
Pension Benefits (in thousands) | 2016 | 2015 | 2014 | ||||||||
Components of net periodic benefit costs | |||||||||||
Service cost | $ | 1,895 | $ | 2,152 | $ | 1,829 | |||||
Interest cost | 3,212 | 3,114 | 3,087 | ||||||||
Expected return on plan assets | (4,080 | ) | (3,847 | ) | (3,567 | ) | |||||
Amortization of: | |||||||||||
Prior service cost | 16 | 16 | 73 | ||||||||
Net loss | 2,049 | 2,979 | 1,319 | ||||||||
Net Periodic Pension Benefit Costs | $ | 3,092 | $ | 4,414 | $ | 2,741 |
(in thousands) | 2016 | 2015 | |||||
Defined Benefit Pension Plan | $ | 16,628 | $ | 19,232 | |||
Post-Retirement Benefit Other than Pension | 5,246 | 5,041 | |||||
Supplemental Executive Retirement Plan | 8,688 | 7,915 | |||||
Deferred Compensation | 2,932 | 2,131 | |||||
Other Long-Term Compensation | 46 | 70 | |||||
Total Long-Term Compensation Arrangements | $ | 33,540 | $ | 34,389 |
2016 | 2015 | ||||
Equity | 65 | % | 65 | % | |
Fixed Income | 35 | % | 35 | % | |
Total | 100 | % | 100 | % |
PBOP Benefits (in thousands) | 2016 | 2015 | |||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | 13,192 | $ | 15,533 | |||
Service cost | 376 | 458 | |||||
Interest cost | 541 | 562 | |||||
Plan participant contributions | 151 | 156 | |||||
Actuarial (gain) | (351 | ) | (3,115 | ) | |||
Benefits paid | (367 | ) | (402 | ) | |||
Benefit obligation, end of year | $ | 13,542 | $ | 13,192 | |||
Change in plan assets: | |||||||
Fair value, beginning of year | $ | 8,203 | $ | 8,429 | |||
Actual return on plan assets | 346 | 7 | |||||
Employer contributions | 12 | 13 | |||||
Plan participant contributions | 151 | 156 | |||||
Benefits paid | (367 | ) | (402 | ) | |||
Fair value, end of year | $ | 8,345 | $ | 8,203 | |||
Funded Status | $ | (5,197 | ) | $ | (4,989 | ) | |
Amount Recognized in Consolidated Balance Sheets Consisted of: | |||||||
Non-current asset | $ | — | $ | — | |||
Current liability | — | — | |||||
Non-current liability | (5,197 | ) | (4,989 | ) | |||
Net amount recognized | $ | (5,197 | ) | $ | (4,989 | ) |
Pension Benefits (in thousands) | 2016 | 2015 | |||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | 75,845 | $ | 79,815 | |||
Service cost | 1,895 | 2,152 | |||||
Interest cost | 3,212 | 3,114 | |||||
Actuarial loss (gain) | 2,017 | (4,350 | ) | ||||
Benefits paid | (3,553 | ) | (4,806 | ) | |||
Administrative expenses | (109 | ) | (80 | ) | |||
Benefit obligation, end of year | $ | 79,307 | $ | 75,845 | |||
Change in plan assets: | |||||||
Fair value, beginning of year | $ | 56,613 | $ | 61,635 | |||
Actual return on plan assets | 4,203 | (136 | ) | ||||
Employer contributions | 5,525 | — | |||||
Benefits paid | (3,553 | ) | (4,806 | ) | |||
Administrative expenses | (109 | ) | (80 | ) | |||
Fair value, end of year | $ | 62,679 | $ | 56,613 | |||
Funded Status | $ | (16,628 | ) | $ | (19,232 | ) | |
Amount Recognized in Consolidated Balance Sheets Consisted of: | |||||||
Non-current asset | $ | — | $ | — | |||
Current liability | — | — | |||||
Non-current liability | (16,628 | ) | (19,232 | ) | |||
Net amount recognized | $ | (16,628 | ) | $ | (19,232 | ) |
Weighted-average assumptions used to determine benefit obligations at December 31: | 2016 | 2015 | |||
Discount rate | 3.95 | % | 4.15 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2016 | 2015 | 2014 | |||||
Discount rate | 4.15 | % | 3.80 | % | 4.80 | % | ||
Expected long-term return on plan assets | 4.50 | % | 4.50 | % | 4.50 | % |
Weighted-average assumptions used to determine benefit obligations at December 31: | 2016 | 2015 | |||
Discount rate | 4.10 | % | 4.30 | % | |
Rate of compensation increase | 4.00 | % | 4.00 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2016 | 2015 | 2014 | |||||
Discount rate | 4.30 | % | 3.95 | % | 4.90 | % | ||
Expected long-term return on plan assets | 7.25 | % | 7.25 | % | 7.25 | % | ||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % |
Pension Benefits (in thousands) | 2016 | 2015 | |||||
Change in net (gain) loss | $ | 1,866 | $ | (429 | ) | ||
Change in prior service cost | — | — | |||||
Other - regulatory action | — | 2,050 | |||||
Amortization of prior service cost | (16 | ) | (16 | ) | |||
Amortization of net loss | (1,998 | ) | (2,904 | ) | |||
Total recognized to Regulatory Asset | $ | (148 | ) | $ | (1,299 | ) |
PBOP Benefits (in thousands) | 2016 | 2015 | |||||
Change in net gain | $ | (356 | ) | $ | (2,797 | ) | |
Amortization of prior service cost | 400 | 571 | |||||
Amortization of net loss | (39 | ) | (388 | ) | |||
Other regulatory amortization | (236 | ) | (236 | ) | |||
Total recognized to Regulatory Liability | $ | (231 | ) | $ | (2,850 | ) |
Pension Benefits (in thousands) | 2016 | 2015 | |||||
Change in net (gain) loss | $ | 28 | $ | 62 | |||
Change in prior service cost | — | — | |||||
Amortization of prior service cost | — | — | |||||
Amortization of net loss | (51 | ) | (75 | ) | |||
Total recognized to OCI | $ | (23 | ) | $ | (13 | ) |
Amounts Recognized as a Regulatory Liability Asset at December 31: (in thousands) | 2016 | 2015 | |||||
Transition obligation | $ | — | $ | — | |||
Prior service cost | (182 | ) | (583 | ) | |||
Net loss | (531 | ) | (135 | ) | |||
Other regulatory asset | 254 | 494 | |||||
Total Recognized as a Regulatory Liability | $ | (459 | ) | $ | (224 | ) |
Amounts Recognized as a Regulatory Asset at December 31: (in thousands) | 2016 | 2015 | |||||
Prior service cost | $ | 70 | $ | 86 | |||
Net loss | 12,196 | 12,328 | |||||
Total Recognized as a Regulatory Asset | $ | 12,266 | $ | 12,414 |
Amounts Recognized in OCI at December 31: (in thousands) | 2016 | 2015 | 2014 | ||||||||
Transition obligation | $ | — | $ | — | $ | — | |||||
Prior service cost | — | — | — | ||||||||
Net loss | 315 | 338 | 2,401 | ||||||||
Total Recognized in Other Comprehensive Income | $ | 315 | $ | 338 | $ | 2,401 |
Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands) | 2017 | ||
Amortization of transition obligation | $ | — | |
Amortization of prior service cost | 15 | ||
Amortization of net loss | 2,030 | ||
Total Estimated Net Periodic Benefit Cost Amortizations | $ | 2,045 |
Estimated Benefit Cost Amortizations for the periods January 1 - December 31:(in thousands) | 2017 | ||
Amortization of transition obligation | $ | — | |
Amortization of prior service credit | (181 | ) | |
Amortization of net loss | (30 | ) | |
Total Estimated Net Periodic Benefit Cost Amortizations | $ | (211 | ) |
2016 | 2015 | ||||
Equity | 65 | % | 64 | % | |
Fixed Income | 35 | % | 36 | % | |
Total | 100 | % | 100 | % |
2016 | 2015 | ||||
Equity | 64 | % | 63 | % | |
Fixed Income | 36 | % | 37 | % | |
Total | 100 | % | 100 | % |
2016 | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market Fund | $ | 1,174 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 21,070 | — | — | ||||||||
Equity Funds (2) | 40,435 | — | — | ||||||||
Total | $ | 62,679 | $ | — | $ | — |
2015 | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market Fund | $ | 805 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 19,609 | — | — | ||||||||
Equity Funds (2) | 36,199 | — | — | ||||||||
Total | $ | 56,613 | $ | — | $ | — |
2016 | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market | $ | 222 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 2,770 | — | — | ||||||||
Equity Funds (2) | 5,353 | — | — | ||||||||
Total | $ | 8,345 | $ | — | $ | — |
2015 | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market | $ | 239 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 2,810 | — | — | ||||||||
Equity Funds (2) | 5,154 | — | — | ||||||||
Total | $ | 8,203 | $ | — | $ | — |
(in thousands) | |||
2017 | $ | 3,928 | |
2018 | 4,339 | ||
2019 | 4,846 | ||
2020 | 4,746 | ||
2021 | 4,973 | ||
Years 2021 – 2025 | 26,452 |
(in thousands) | |||
2017 | $ | 447 | |
2018 | 510 | ||
2019 | 572 | ||
2020 | 645 | ||
2021 | 712 | ||
Years 2021 – 2025 | 4,441 |
Assumed health care cost trend rates at December 31: | 2016 | 2015 | |||||||||
Medical | Dental | Medical | Dental | ||||||||
Health care cost trend rate assumed for next year (1) | 8.25 | % | 8.25 | % | 8.5 | % | 8.5 | % | |||
Rate to which the cost trend rate is assumed to decline | 4.75 | % | 4.75 | % | 5.00 | % | 5.00 | % | |||
Year that the rate reaches the ultimate trend rate | 2024 | 2024 | 2023 | 2023 |
(in thousands) | 1 Percentage-Point | ||||||
Increase | Decrease | ||||||
Effect on total of service and interest cost components | $ | 49 | $ | (45 | ) | ||
Effect on post-retirement benefit obligation | $ | 665 | $ | (627 | ) |
|
2016 | 2015 | ||||||||||||
Number of Shares | Grant Date Weighted Average Fair Value | Number of Shares | Grant Date Weighted Average Fair Value | ||||||||||
Non-vested at beginning of year | 39,997 | $ | 34.59 | 40,969 | $ | 32.63 | |||||||
Granted | 21,110 | 39.70 | 26,828 | 35.81 | |||||||||
Vested | (19,077 | ) | 34.16 | (16,548 | ) | 31.71 | |||||||
Forfeited | (6,888 | ) | 35.81 | (11,252 | ) | 34.70 | |||||||
Non-vested at end of year | 35,142 | $ | 37.66 | 39,997 | $ | 34.59 |
|
(in thousands) | Revenues | Depreciation | Other Operating Expenses | Other Income (Deductions) | Interest Expense (net of AFUDC) | Income Taxes | Net Income (Loss) | ||||||||||||||||||||
For the year ended December 31, 2016 | |||||||||||||||||||||||||||
Water Operations | $ | 100,001 | $ | 13,905 | $ | 54,100 | $ | (1,822 | ) | $ | 5,718 | $ | 2,234 | $ | 22,222 | ||||||||||||
Real Estate Transactions | 8 | — | 4 | — | — | 58 | (54 | ) | |||||||||||||||||||
Services and Rentals | 5,307 | 25 | 3,189 | — | — | 874 | 1,219 | ||||||||||||||||||||
Total | $ | 105,316 | $ | 13,930 | $ | 57,293 | $ | (1,822 | ) | $ | 5,718 | $ | 3,166 | $ | 23,387 | ||||||||||||
For the year ended December 31, 2015 | |||||||||||||||||||||||||||
Water Operations | $ | 97,472 | $ | 12,871 | $ | 57,474 | $ | (1,158 | ) | $ | 6,206 | $ | (1,255 | ) | $ | 21,018 | |||||||||||
Real Estate Transactions | 14 | — | 22 | — | — | (357 | ) | 349 | |||||||||||||||||||
Services and Rentals | 5,602 | 3 | 3,362 | — | — | 843 | 1,394 | ||||||||||||||||||||
Total | $ | 103,088 | $ | 12,874 | $ | 60,858 | $ | (1,158 | ) | $ | 6,206 | $ | (769 | ) | $ | 22,761 | |||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||||||||||
Water Operations | $ | 95,516 | $ | 11,784 | $ | 53,614 | $ | (1,096 | ) | $ | 5,997 | $ | 3,227 | $ | 19,798 | ||||||||||||
Real Estate Transactions | 243 | — | 161 | — | — | 32 | 50 | ||||||||||||||||||||
Services and Rentals | 5,784 | 5 | 3,340 | — | — | 968 | 1,471 | ||||||||||||||||||||
Total | $ | 101,543 | $ | 11,789 | $ | 57,115 | $ | (1,096 | ) | $ | 5,997 | $ | 4,227 | $ | 21,319 |
in thousands): | 2016 | 2015 | |||||
Total Plant and Other Investments: | |||||||
Water | $ | 609,508 | $ | 553,773 | |||
Non-Water | 959 | 637 | |||||
Total Plant and Other Investments | 610,467 | 554,410 | |||||
Other Assets: | |||||||
Water | 171,674 | 154,090 | |||||
Non-Water | 2,361 | 2,215 | |||||
Total Other Assets | 174,035 | 156,305 | |||||
Total Assets | $ | 784,502 | $ | 710,715 |
|
(in thousands, except for per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
Operating Revenues | $ | 21,552 | $ | 20,030 | $ | 26,055 | $ | 26,624 | $ | 29,477 | $ | 28,444 | $ | 21,583 | $ | 20,943 | |||||||||||||||
Total Utility Operating Income | 4,178 | 4,320 | 11,217 | 9,954 | 10,939 | 9,709 | 2,615 | 3,456 | |||||||||||||||||||||||
Net Income | 3,148 | 3,103 | 9,943 | 8,675 | 9,535 | 8,755 | 761 | 2,228 | |||||||||||||||||||||||
Basic Earnings per Common Share | 0.29 | 0.28 | 0.90 | 0.79 | 0.86 | 0.80 | 0.07 | 0.20 | |||||||||||||||||||||||
Diluted Earnings per Common Share | 0.28 | 0.28 | 0.89 | 0.77 | 0.84 | 0.79 | 0.07 | 0.20 |
|
Description | Balance Beginning of Year | Additions Charged to Income | Deductions from Reserves(1) | Balance End of Year | |||||||||||
Allowance for Uncollectible Accounts | |||||||||||||||
Year Ended December 31, 2016 | $ | 947 | $ | 558 | $ | 405 | $ | 1,100 | |||||||
Year Ended December 31, 2015 | $ | 1,202 | $ | 158 | $ | 413 | $ | 947 | |||||||
Year Ended December 31, 2014 | $ | 1,127 | $ | 549 | $ | 474 | $ | 1,202 |
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