Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 10, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'YORK WATER CO | ' | ' |
Entity Central Index Key | '0000108985 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $245,469,828 |
Entity Common Stock, Shares Outstanding | ' | 12,997,632 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
UTILITY PLANT, at original cost | $301,570 | $292,483 |
Plant acquisition adjustments | -2,900 | -2,904 |
Accumulated depreciation | -54,433 | -50,040 |
Net utility plant | 244,237 | 239,539 |
OTHER PHYSICAL PROPERTY: | ' | ' |
Net of accumulated depreciation of $240 in 2013 and $219 in 2012 | 763 | 776 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | 7,565 | 4,012 |
Restricted cash | 95 | 0 |
Accounts receivable, net of reserves of $320 in 2013 and $305 in 2012 | 3,772 | 4,038 |
Unbilled revenues | 2,286 | 2,322 |
Materials and supplies inventories, at cost | 722 | 728 |
Prepaid expenses | 573 | 337 |
Deferred income taxes | 219 | 208 |
Total current assets | 15,232 | 11,645 |
OTHER LONG-TERM ASSETS: | ' | ' |
Deferred debt expense | 2,187 | 2,291 |
Notes receivable | 306 | 338 |
Deferred regulatory assets | 16,123 | 23,835 |
Restricted cash-compensating balance | 0 | 500 |
Other assets | 3,681 | 3,566 |
Total other long-term assets | 22,297 | 30,530 |
Total Assets | 282,529 | 282,490 |
COMMON STOCKHOLDERS' EQUITY: | ' | ' |
Common stock, no par value, authorized 46,500,000 shares, issued and outstanding 12,979,281 shares in 2013 and 12,918,633 shares in 2012 | 80,545 | 79,299 |
Retained earnings | 22,966 | 20,526 |
Total common stockholders' equity | 103,511 | 99,825 |
PREFERRED STOCK, authorized 500,000 shares, no shares issued | 0 | 0 |
LONG-TERM DEBT, excluding current portion | 84,885 | 84,933 |
COMMITMENTS | ' | ' |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt | 43 | 42 |
Accounts payable | 1,758 | 1,121 |
Dividends payable | 1,606 | 1,548 |
Accrued compensation and benefits | 1,125 | 1,082 |
Accrued income taxes | 1,724 | 96 |
Accrued interest | 1,064 | 1,065 |
Other accrued expenses | 523 | 520 |
Total current liabilities | 7,843 | 5,474 |
DEFERRED CREDITS: | ' | ' |
Customers' advances for construction | 11,636 | 12,949 |
Deferred income taxes | 34,594 | 32,425 |
Deferred employee benefits | 7,903 | 15,198 |
Other deferred credits | 2,231 | 3,463 |
Total deferred credits | 56,364 | 64,035 |
Contributions in aid of construction | 29,926 | 28,223 |
Total Stockholders' Equity and Liabilities | $282,529 | $282,490 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
OTHER PHYSICAL PROPERTY: | ' | ' |
Other physical property, accumulated depreciation | $240 | $219 |
CURRENT ASSETS: | ' | ' |
Receivables, reserves | $320 | $305 |
COMMON STOCKHOLDERS' EQUITY: | ' | ' |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, authorized (in shares) | 46,500,000 | 46,500,000 |
Common stock, issued (in shares) | 12,979,281 | 12,918,633 |
Common stock, outstanding (in shares) | 12,979,281 | 12,918,633 |
Preferred stock, authorized (in shares) | 500,000 | 500,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Statements_of_Income
Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING REVENUES: | ' | ' | ' |
Residential | $26,796 | $26,114 | $25,693 |
Commercial and industrial | 12,299 | 12,114 | 11,820 |
Other | 3,288 | 3,219 | 3,116 |
Operating revenues | 42,383 | 41,447 | 40,629 |
OPERATING EXPENSES: | ' | ' | ' |
Operation and maintenance | 7,350 | 7,221 | 7,333 |
Administrative and general | 7,406 | 7,303 | 7,309 |
Depreciation and amortization | 5,744 | 5,170 | 4,905 |
Taxes other than income taxes | 1,122 | 1,180 | 1,207 |
Operating expenses | 21,622 | 20,874 | 20,754 |
Operating income | 20,761 | 20,573 | 19,875 |
OTHER INCOME (EXPENSES): | ' | ' | ' |
Interest on debt | -5,244 | -5,249 | -5,254 |
Allowance for funds used during construction | 82 | 105 | 99 |
Other income (expenses), net | -133 | -520 | -677 |
Other income (expenses) | -5,295 | -5,664 | -5,832 |
Income before income taxes | 15,466 | 14,909 | 14,043 |
Income taxes | 5,812 | 5,606 | 4,959 |
Net Income | $9,654 | $9,303 | $9,084 |
Basic Earnings Per Share (in dollars per share) | $0.75 | $0.72 | $0.71 |
Cash Dividends Declared Per Share (in shares) | $0.56 | $0.54 | $0.53 |
Statements_of_Common_Stockhold
Statements of Common Stockholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | |||
Balance at Dec. 31, 2010 | $75,481 | $15,776 | $91,257 |
Balance (in shares) at Dec. 31, 2010 | 12,692,054 | ' | ' |
Net income | 0 | 9,084 | 9,084 |
Dividends | 0 | -6,708 | -6,708 |
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans | 1,632 | 0 | 1,632 |
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans (in shares) | 99,617 | ' | ' |
Balance at Dec. 31, 2011 | 77,113 | 18,152 | 95,265 |
Balance (in shares) at Dec. 31, 2011 | 12,791,671 | ' | ' |
Net income | 0 | 9,303 | 9,303 |
Dividends | 0 | -6,929 | -6,929 |
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans | 2,186 | 0 | 2,186 |
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans (in shares) | 126,962 | ' | ' |
Balance at Dec. 31, 2012 | 79,299 | 20,526 | 99,825 |
Balance (in shares) at Dec. 31, 2012 | 12,918,633 | ' | 12,918,633 |
Net income | 0 | 9,654 | 9,654 |
Dividends | 0 | -7,214 | -7,214 |
Retirement of common stock | -1,772 | 0 | -1,772 |
Retirement of common stock (in shares) | -94,414 | ' | -94,414 |
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans | 3,018 | 0 | 3,018 |
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans (in shares) | 155,062 | ' | ' |
Balance at Dec. 31, 2013 | $80,545 | $22,966 | $103,511 |
Balance (in shares) at Dec. 31, 2013 | 12,979,281 | ' | 12,979,281 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $9,654 | $9,303 | $9,084 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 5,744 | 5,170 | 4,905 |
Increase in deferred income taxes | 1,939 | 2,311 | 3,189 |
Other | 213 | 208 | 378 |
Changes in assets and liabilities: | ' | ' | ' |
(Increase) decrease in accounts receivable and unbilled revenues | 11 | -699 | -172 |
(Increase) decrease in recoverable income taxes | 0 | 197 | -176 |
Increase in materials and supplies, prepaid expenses, regulatory and other assets | -1,056 | -650 | -1,300 |
Increase in accounts payable, accrued compensation and benefits, accrued expenses, deferred employee benefits, and other deferred credits | 306 | 486 | 1,569 |
Increase (decrease) in accrued interest and taxes | 1,627 | 96 | -3 |
Net cash provided by operating activities | 18,438 | 16,422 | 17,474 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Utility plant additions, including debt portion of allowance for funds used during construction of $46 in 2013, $59 in 2012 and $55 in 2011 | -9,852 | -11,543 | -9,472 |
Acquisitions of water and wastewater systems | -28 | -661 | 0 |
Decrease in compensating balance | 500 | 0 | 0 |
Decrease in notes receivable | 32 | 30 | 39 |
Net cash used in investing activities | -9,348 | -12,174 | -9,433 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Customers' advances for construction and contributions in aid of construction | 733 | 780 | 124 |
Repayments of customer advances | -313 | -304 | -295 |
Repayments of long-term debt | -47 | -42 | -156 |
Repurchase of common stock | -1,772 | 0 | 0 |
Issuance of common stock | 3,018 | 2,186 | 1,632 |
Dividends paid | -7,156 | -6,862 | -6,667 |
Net cash used in financing activities | -5,537 | -4,242 | -5,362 |
Net change in cash and cash equivalents | 3,553 | 6 | 2,679 |
Cash and cash equivalents at beginning of period | 4,012 | 4,006 | 1,327 |
Cash and cash equivalents at end of period | 7,565 | 4,012 | 4,006 |
Cash paid during the period for: | ' | ' | ' |
Interest, net of amounts capitalized | 5,198 | 5,192 | 5,202 |
Income taxes | $1,921 | $2,703 | $1,625 |
Statements_of_Cash_Flows_Paren
Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Utility plant additions, debt portion of allowance for funds used during construction | $46 | $59 | $55 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' | ' |
Accounts payable, construction of utility plant | $974 | $674 | $600 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Significant Accounting Policies | ' | |||||||||||
Significant Accounting Policies | ' | |||||||||||
1 | Significant Accounting Policies | |||||||||||
The primary business of The York Water Company is to impound, purify and distribute water. The Company also operates a single wastewater collection and treatment system. The Company operates within its franchised territory located in York and Adams Counties, Pennsylvania, and is subject to regulation by the Pennsylvania Public Utility Commission, or PPUC. | ||||||||||||
The following summarizes the significant accounting policies employed by The York Water Company. | ||||||||||||
Utility Plant and Depreciation | ||||||||||||
The cost of additions includes contracted cost, direct labor and fringe benefits, materials, overhead and, for certain utility plant, allowance for funds used during construction. In accordance with regulatory accounting requirements, water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. The difference between the estimated original cost less applicable accumulated depreciation, and the purchase price is recorded as an acquisition adjustment within utility plant as permitted by the PPUC. At December 31, 2013 and 2012, utility plant includes a net credit acquisition adjustment of $2,900 and $2,904, respectively. For those amounts approved by the PPUC, the net acquisition adjustment is being amortized over the remaining life of the respective assets. Certain amounts are still awaiting approval from the PPUC before amortization will commence. Amortization amounted to $50 in each of the years ended December 31, 2013, 2012, and 2011. | ||||||||||||
Upon normal retirement of depreciable property, the estimated or actual cost of the asset is credited to the utility plant account, and such amounts, together with the cost of removal less salvage value, are charged to the reserve for depreciation. To the extent the Company recovers cost of removal or other retirement costs through rates after the retirement costs are incurred, a regulatory asset is reported. Gains or losses from abnormal retirements are reflected in income currently. | ||||||||||||
The Company charges to maintenance expense the cost of repairs and replacements and renewals of minor items of property. Maintenance of transportation equipment is charged to clearing accounts and apportioned therefrom in a manner similar to depreciation. The cost of replacements, renewals and betterments of units of property is capitalized to the utility plant accounts. | ||||||||||||
The straight-line remaining life method is used to compute depreciation on utility plant cost, exclusive of land and land rights. Annual provisions for depreciation of transportation and mechanical equipment included in utility plant are computed on a straight-line basis over the estimated service lives. Such provisions are charged to clearing accounts and apportioned therefrom to operating expenses and other accounts in accordance with the Uniform System of Accounts as prescribed by the PPUC. | ||||||||||||
The following remaining lives are used for financial reporting purposes: | ||||||||||||
December 31, | Approximate range | |||||||||||
Utility Plant Asset Category | 2013 | 2012 | of remaining lives | |||||||||
Mains and accessories | $ | 157,113 | $ | 152,193 | 8 – 84 years | |||||||
Services, meters and hydrants | 61,206 | 59,211 | 19 – 55 years | |||||||||
Operations structures, reservoirs and water tanks | 42,692 | 42,186 | 14 – 41 years | |||||||||
Pumping and treatment equipment | 23,411 | 22,933 | 3 – 31 years | |||||||||
Office, transportation and operating equipment | 10,994 | 10,728 | 3 – 22 years | |||||||||
Land and other non-depreciable assets | 3,127 | 3,121 | - | |||||||||
Utility plant in service | 298,543 | 290,372 | ||||||||||
Construction work in progress | 3,027 | 2,111 | - | |||||||||
Total Utility Plant | $ | 301,570 | $ | 292,483 | ||||||||
The effective rate of depreciation was 2.28% in 2013, 2.13% in 2012, and 2.11% in 2011 on average utility plant, net of customers' advances and contributions. Larger depreciation provisions resulting from allowable accelerated methods are deducted for tax purposes. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
For the purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents except for those instruments earmarked to fund construction expenditures or repay long-term debt. | ||||||||||||
The Company periodically maintains cash balances in major financial institutions in excess of federally insured limit by the Federal Deposit Insurance Corporation (FDIC). The Company has not experienced any losses and believes it is not exposed to any significant credit risk on cash and cash equivalents. | ||||||||||||
Restricted Cash | ||||||||||||
The Company serves as the custodian for an escrow account that will be used to rehabilitate a neighborhood within the service territory of the Company. The deposits made by various community organizations have been classified as restricted cash on the balance sheet of the Company. The cash is restricted for the use in the rehabilitation project only. Those future payments have been recorded as a current liability on the balance sheet of the Company. | ||||||||||||
In 2012, the Company had a compensating balance requirement for one of its lines of credit which was recorded as Restricted Cash – compensating balance. This requirement was removed in 2013. | ||||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable are stated at outstanding balances, less a reserve for doubtful accounts. The reserve for doubtful accounts is established through provisions charged against income. Accounts deemed to be uncollectible are charged against the reserve and subsequent recoveries, if any, are credited to the reserve. The reserve for doubtful accounts is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management's periodic evaluation of the adequacy of the reserve is based on past experience, agings of the receivables, adverse situations that may affect a customer's ability to pay, current economic conditions, and other relevant factors. This evaluation is inherently subjective. Unpaid balances remaining after the stated payment terms are considered past due. | ||||||||||||
Revenue Recognition | ||||||||||||
Operating revenues include amounts billed to water customers on a cycle basis and unbilled amounts based on actual and estimated usage from the latest meter reading to the end of the accounting period. Operating revenues also include a flat monthly fee billed to wastewater customers. | ||||||||||||
Materials and Supplies Inventories | ||||||||||||
Materials and supplies inventories are stated at cost. Costs are determined using the average cost method. | ||||||||||||
Deferred Debt Expense | ||||||||||||
Deferred debt expense is amortized on a straight-line basis over the term of the related debt. | ||||||||||||
Notes Receivable | ||||||||||||
Notes receivable are recorded at cost and represent amounts due from various municipalities for construction of water mains in their particular municipality. Management, considering current information and events regarding the borrowers' ability to repay their obligations, considers a note to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the note agreement. When a note is considered to be impaired, the carrying value of the note is written down. The amount of the impairment is measured based on the present value of expected future cash flows discounted at the note's effective interest rate. | ||||||||||||
Regulatory Assets and Liabilities | ||||||||||||
The Company is subject to the provisions of generally accepted accounting principles regarding rate-regulated entities. The accounting standards provide for the recognition of regulatory assets and liabilities as allowed by regulators for costs or credits that are reflected in current customer rates or are considered probable of being included in future rates. The regulatory assets or liabilities are then relieved as the cost or credit is reflected in rates. Regulatory assets represent costs that are expected to be fully recovered from customers in future rates while regulatory liabilities represent amounts that are expected to be refunded to customers in future rates. These deferred costs have been excluded from the Company's rate base and, therefore, no return is being earned on the unamortized balances. | ||||||||||||
Regulatory assets and liabilities are comprised of the following: | ||||||||||||
December 31, | Remaining Recovery | |||||||||||
2013 | 2012 | Periods | ||||||||||
Assets | ||||||||||||
Income taxes | $ | 5,653 | $ | 5,459 | Various | |||||||
Postretirement benefits | 7,136 | 14,244 | 5 – 10 years | |||||||||
Unrealized swap losses | 1,611 | 2,807 | 1 – 16 years | |||||||||
Utility plant retirement costs | 1,408 | 1,313 | 5 years | |||||||||
Service life study expenses | 7 | 10 | 4 years | |||||||||
Rate case filing expenses | 308 | 2 | 2 years | |||||||||
$ | 16,123 | $ | 23,835 | |||||||||
Liabilities | ||||||||||||
Income taxes | $ | 809 | $ | 836 | 1 – 50 years | |||||||
Certain items giving rise to deferred state income taxes related primarily to differences between book and tax depreciation expense, as well as a portion of deferred federal income taxes associated with the gross-up of revenues related to the differences, are recognized for ratemaking purposes on a cash or flow-through basis and will be recovered in rates as they reverse. | ||||||||||||
Postretirement benefits include (a) deferred pension expense in excess of contributions made to the plans, and (b) the underfunded status of the pension plans. The underfunded status represents the excess of the projected benefit obligation over the fair market value of the assets. Both are expected to be recovered in future years as additional contributions are made or market conditions improve. The recovery period is dependent on contributions made to the plans, plan asset performance and the discount rate used to value the obligations. The period is estimated at between 5 and 10 years. | ||||||||||||
The Company uses regulatory accounting treatment to defer the mark-to-market unrealized gains and losses on its interest rate swap to reflect that the gain or loss is included in the ratemaking formula when the transaction actually settles. The value of the swap as of the balance sheet date is recorded as part of other deferred credits. Realized gains or losses on the swap will be recorded as interest expense in the statement of income over its remaining life of 16 years. | ||||||||||||
The regulatory asset for utility plant retirement costs, including cost of removal, represents costs already incurred which are expected to be recovered over a five-year period in rates, through depreciation expense. Service life study and rate case filing expenses are deferred and amortized over their remaining lives of four and two years, respectively. | ||||||||||||
Regulatory liabilities relate mainly to deferred investment tax credits, and additionally to deferred taxes related to postretirement death benefits and bad debts. These liabilities will be given back to customers in rates as tax deductions occur over the next 1-50 years. Regulatory liabilities are part of other accrued expenses and other deferred credits on the balance sheets. | ||||||||||||
Other Assets | ||||||||||||
Other assets consist mainly of the cash value of life insurance policies held as an investment by the Company for reimbursement of costs and benefits associated with its supplemental retirement and deferred compensation programs. | ||||||||||||
Customers' Advances for Construction | ||||||||||||
Customer advances are cash payments from developers, municipalities, customers or builders for construction of utility plant, and are refundable upon completion of construction, as operating revenues are earned. If the Company loaned funds for construction to the customer, the refund amount is credited to the note receivable rather than paid out in cash. After all refunds to which the customer is entitled are made, any remaining balance is transferred to contributions in aid of construction. From 1986 to 1996 when customer advances were taxable income to the Company, additional funds were collected from customers to cover the taxes. Those funds were recorded as a liability within Customer Advances and are being amortized as deferred income over the tax life of the underlying assets. | ||||||||||||
Contributions in Aid of Construction | ||||||||||||
Contributions in Aid of Construction is composed of (i) direct, non-refundable contributions from developers, customers or builders for construction of water infrastructure and (ii) customer advances that have become non-refundable. Contributions in aid of construction are deducted from the Company's rate base, and therefore, no return is earned on property financed with contributions. The PPUC requires that contributions received remain on the Company's balance sheet indefinitely as a long-term liability. | ||||||||||||
Interest Rate Swap Agreement | ||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company utilizes an interest rate swap agreement to convert its variable-rate debt to a fixed rate. The Company has designated the interest rate swap agreement as a cash flow hedge. Interest rate swaps are contracts in which a series of interest rate cash flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. The interest rate swap agreement is classified as a financial derivative used for non-trading activities. | ||||||||||||
The accounting standards regarding accounting for derivatives and hedging activities requires companies to recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. In accordance with the standards, the interest rate swap is recorded on the balance sheet in other deferred credits at fair value. | ||||||||||||
The Company uses regulatory accounting treatment rather than hedge accounting to defer the unrealized gains and losses on its interest rate swap. Instead of the effective portion being recorded as other comprehensive income and the ineffective portion being recognized in earnings, the entire unrealized swap value is recorded as a regulatory asset. Based on current ratemaking treatment, the Company expects the gains and losses to be recognized in rates and in interest expense as the swap settlements occur. Swap settlements are recorded in the income statement with the hedged item as interest expense. During the year ended December 31, 2013, $366 was reclassified from regulatory assets to interest expense as a result of swap settlements. The overall swap result was a gain of $830 for the year ended December 31, 2013. During the twelve months ending December 31, 2014, the Company expects to reclassify $362 (before tax) from regulatory assets to interest expense. | ||||||||||||
The interest rate swap will expire on October 1, 2029. | ||||||||||||
Income Taxes | ||||||||||||
Certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes. | ||||||||||||
Deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. To the extent such income taxes increase or decrease future rates, an offsetting regulatory asset or liability has been recorded. | ||||||||||||
Investment tax credits have been deferred and are being amortized to income over the average estimated service lives of the related assets. As of December 31, 2013 and 2012, deferred investment tax credits amounted to $773 and $812, respectively. | ||||||||||||
Allowance for Funds Used During Construction | ||||||||||||
Allowance for funds used during construction (AFUDC) represents the estimated cost of funds used for construction purposes during the period of construction. These costs are reflected as non-cash income during the construction period and as an addition to the cost of plant constructed. AFUDC includes the net cost of borrowed funds and a rate of return on other funds. The PPUC approved rate of 10.04% was applied for 2013, 2012 and 2011. AFUDC is recovered through water rates as utility plant is depreciated. | ||||||||||||
Use of Estimates in the Preparation of Financial Statements | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Acquisitions
Acquisitions | 12 Months Ended | |
Dec. 31, 2013 | ||
Acquisitions | ' | |
Acquisitions | ' | |
2 | Acquisitions | |
On July 31, 2012, the Company completed the acquisition of the wastewater facilities of the Asbury Pointe Water and Sewer Company, in York County, Pennsylvania. The Company began operating the existing collection and treatment facilities on August 1, 2012. The acquisition resulted in the addition of approximately 240 wastewater customers with purchase price and acquisition costs of approximately $359, which is less than the depreciated original cost of the assets. The Company recorded a negative acquisition adjustment of approximately $367 as of December 31, 2012. During the third quarter of 2013, the Company received a refund of approximately $1 for certain acquisition expenditures which resulted in an increase of the negative acquisition adjustment to $368. The Company will seek approval from the PPUC to amortize the negative acquisition adjustment over the remaining life of the acquired assets. | ||
On August 16, 2012, the Company completed the acquisition and began operating the water system of York Starview, LP in York County, Pennsylvania. The Company acquired and is using York Starview's distribution facilities through an interconnection with its current distribution system. The acquisition resulted in the addition of approximately 240 new water customers with purchase price and acquisition costs of approximately $131, which is more than the depreciated original costs of the assets. The Company recorded a positive acquisition adjustment of approximately $36. The Company will seek approval by the PPUC to amortize the positive acquisition adjustment over the remaining life of the acquired assets. | ||
On October 12, 2012, the Company completed the acquisition of the water system of Section A Water Corporation in Adams County, Pennsylvania. The Company began operating the existing system as a satellite location on October 15, 2012. The acquisition resulted in the addition of approximately 100 new water customers at a purchase price including acquisition costs of approximately $171. The Company recorded a positive acquisition adjustment of approximately $35. The Company will seek approval by the PPUC to amortize the positive acquisition adjustment over the remaining life of the acquired assets. | ||
On March 7, 2013, the Company completed the acquisition of the Windy Brae Mobile Home Park water assets of Barkas, Inc. in York County, Pennsylvania. The Company began operating the existing system through an interconnection with its current distribution system on March 11, 2013. The acquisition resulted in the addition of approximately 135 new water customers with purchase price and acquisition costs of approximately $29, which is less than the depreciated original cost of the assets. The Company recorded a negative acquisition adjustment of approximately $45 and will seek approval from the PPUC to amortize the negative acquisition adjustment over the remaining life of the acquired assets. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
3 | Income Taxes | ||||||||||||
The provisions for income taxes consist of: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal current | $ | 2,720 | $ | 2,100 | $ | 1,357 | |||||||
State current | 1,153 | 1,195 | 413 | ||||||||||
Federal deferred | 1,907 | 2,371 | 3,291 | ||||||||||
State deferred | 71 | (21 | ) | (63 | ) | ||||||||
Federal investment tax credit, net of current utilization | (39 | ) | (39 | ) | (39 | ) | |||||||
Total income taxes | $ | 5,812 | $ | 5,606 | $ | 4,959 | |||||||
A reconciliation of the statutory Federal tax provision (34%) to the total provision follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory Federal tax provision | $ | 5,258 | $ | 5,069 | $ | 4,775 | |||||||
State income taxes, net of Federal benefit | 808 | 775 | 231 | ||||||||||
Tax-exempt interest | (34 | ) | (33 | ) | (32 | ) | |||||||
Amortization of investment tax credit | (39 | ) | (39 | ) | (39 | ) | |||||||
Cash value of life insurance | (32 | ) | (27 | ) | 90 | ||||||||
Domestic production deduction | (154 | ) | (140 | ) | (115 | ) | |||||||
Other, net | 5 | 1 | 49 | ||||||||||
Total income taxes | $ | 5,812 | $ | 5,606 | $ | 4,959 | |||||||
The tax effects of temporary differences between book and tax balances that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2013 and 2012 are summarized in the following table: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserve for doubtful accounts | $ | 130 | $ | 124 | |||||||||
Compensated absences | 193 | 200 | |||||||||||
Deferred compensation | 1,265 | 1,328 | |||||||||||
Customers' advances and contributions | 20 | 37 | |||||||||||
Deferred taxes associated with the gross-up of revenues necessary to return, in rates, the effect of temporary differences | 114 | 114 | |||||||||||
Pensions | 2,010 | 4,895 | |||||||||||
Other costs deducted for book, not for tax | 37 | 43 | |||||||||||
Total deferred tax assets | 3,769 | 6,741 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation | 32,260 | 30,454 | |||||||||||
Investment tax credit | 459 | 482 | |||||||||||
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences | 2,080 | 1,991 | |||||||||||
Tax effect of pension regulatory asset | 2,897 | 5,782 | |||||||||||
Other costs deducted for tax, not for book | 448 | 249 | |||||||||||
Total deferred tax liabilities | 38,144 | 38,958 | |||||||||||
Net deferred tax liability | $ | 34,375 | $ | 32,217 | |||||||||
Reflected on balance sheets as: | |||||||||||||
Current deferred tax asset | $ | (219 | ) | $ | (208 | ) | |||||||
Noncurrent deferred tax liability | 34,594 | 32,425 | |||||||||||
Net deferred tax liability | $ | 34,375 | $ | 32,217 | |||||||||
No valuation allowance is required for deferred tax assets as of December 31, 2013 and 2012. In assessing the soundness of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and the current regulatory environment, management believes it is more likely than not that the Company will realize the benefits of these deductible differences. | |||||||||||||
The Company determined that there were no uncertain tax positions meeting the recognition and measurement test of the accounting standards recorded in the years that remain open for review by taxing authorities. The federal income tax returns and the state income tax returns for the years 2010 through 2012 remain open. The Company has not yet filed tax returns for 2013, but has not taken any new positions in its 2013 income tax provision. | |||||||||||||
The Company's policy is to recognize interest and penalties related to income tax matters in other expenses. There were no interest or penalties for the years ended December 31, 2013, 2012, and 2011. |
LongTerm_Debt_and_ShortTerm_Bo
Long-Term Debt and Short-Term Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Debt and Short-Term Borrowings [Abstract] | ' | ||||||||
Long-Term Debt and Short-Term Borrowings | ' | ||||||||
4 | Long-Term Debt and Short-Term Borrowings | ||||||||
Long-term debt as of December 31, 2013 and 2012 is summarized in the following table: | |||||||||
2013 | 2012 | ||||||||
4.05% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series A, due 2016 | $ | 2,350 | $ | 2,350 | |||||
5.00% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series A, due 2016 | 4,950 | 4,950 | |||||||
10.17% Senior Notes, Series A, due 2019 | 6,000 | 6,000 | |||||||
9.60% Senior Notes, Series B, due 2019 | 5,000 | 5,000 | |||||||
1.00% Pennvest Loan, due 2019 | 248 | 290 | |||||||
10.05% Senior Notes, Series C, due 2020 | 6,500 | 6,500 | |||||||
8.43% Senior Notes, Series D, due 2022 | 7,500 | 7,500 | |||||||
Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series 2008A, due 2029 | 12,000 | 12,000 | |||||||
4.75% Industrial Development Authority Revenue Bonds, Series 2006, due 2036 | 10,500 | 10,500 | |||||||
6.00% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series 2008B, due 2038 | 14,880 | 14,885 | |||||||
5.00% Monthly Senior Notes, Series 2010A, due 2040 | 15,000 | 15,000 | |||||||
Total long-term debt | 84,928 | 84,975 | |||||||
Less current maturities | (43 | ) | (42 | ) | |||||
Long-term portion | $ | 84,885 | $ | 84,933 | |||||
Payments due by year: | |||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||
$43 | $12,043 | $7,344 | $44 | $44 | |||||
The 6.00% Pennsylvania Economic Development Financing Authority, or PEDFA, Exempt Facilities Revenue Bonds, Series 2008B, contain both optional and special redemption provisions. Under the optional provisions, the Company can redeem all or a portion of the bonds on or after November 1, 2013. Under the special provisions, representatives of deceased beneficial owners of the bonds have the right to request redemption prior to the stated maturity of all or part of their interest in the bonds. The Company is not obligated to redeem any individual interest exceeding $25, or aggregate interest exceeding $300, in any annual period. In 2013, the Company retired $5 under these provisions. In 2012, no bonds were retired under these provisions. Currently, no additional bonds that met the special provisions have been tendered for redemption. | |||||||||
The 4.05% and 5.00% PEDFA Exempt Facilities Revenue Bonds, Series A, contain optional redemption provisions that allow the Company to redeem all or a portion of the bonds on or after April 1, 2014. | |||||||||
Payments due in 2015 include potential payments of $12,000 on the variable rate bonds (due 2029) which would only be payable if all of the bonds were tendered and could not be remarketed. There is currently no such indication of this happening. | |||||||||
Variable Rate Long-Term Debt | |||||||||
On May 7, 2008, the PEDFA issued $12,000 aggregate principal amount of PEDFA Exempt Facilities Revenue Refunding Bonds, Series A of 2008 (the "Series A Bonds") for the Company's benefit pursuant to the terms of a trust indenture, dated as of May 1, 2008, between the PEDFA and Manufacturers and Traders Trust Company, as trustee. The PEDFA then loaned the proceeds of the offering of the Series A Bonds to us pursuant to a loan agreement, dated as of May 1, 2008, between us and the PEDFA. The loan agreement provides for a $12,000 loan with a maturity date of October 1, 2029. Amounts outstanding under the loan agreement are the Company's direct general obligations. The proceeds of the loan were used to redeem the PEDFA Exempt Facilities Revenue Bonds, Series B of 2004 (the "2004 Series B Bonds"). The 2004 Series B Bonds were redeemed because the bonds were tendered and could not be remarketed due to the downgrade of the bond insurer's credit rating. | |||||||||
Borrowings under the loan agreement bear interest at a variable rate as determined by PNC Capital Markets, as remarketing agent, on a periodic basis elected by us. The Company has currently elected that the interest rate be determined on a weekly basis. The remarketing agent determines the interest rate based on then current market conditions in order to determine the lowest interest rate which would cause the Series A Bonds to have a market value equal to the principal amount thereof plus accrued interest thereon. The variable interest rate under the loan agreement averaged 0.13% in 2013 and 0.19% in 2012. As of December 31, 2013 and 2012, the interest rate was 0.09% and 0.14%, respectively. | |||||||||
The holders of the $12,000 Series A Bonds may tender their bonds at any time. When the bonds are tendered, they are subject to an annual remarketing agreement, pursuant to which a remarketing agent attempts to remarket the tendered bonds pursuant to the terms of the indenture. In order to keep variable interest rates down and to enhance the marketability of the Series A Bonds, the Company entered into a Reimbursement, Credit and Security Agreement with PNC Bank, National Association ("the Bank") dated as of May 1, 2008. This agreement provides for a direct pay letter of credit issued by the Bank to the trustee for the Series A Bonds. The Bank is responsible for providing the trustee with funds for the timely payment of the principal and interest on the Series A Bonds and for the purchase price of the Series A Bonds that have been tendered or deemed tendered for purchase and have not been remarketed. The Company's responsibility is to reimburse the Bank the same day as regular interest payments are made, and within fourteen months for the purchase price of tendered bonds that have not been remarketed. The reimbursement period for the principal is immediate at maturity, upon default by the Company, or if the Bank does not renew the Letter of Credit. The current expiration date of the Letter of Credit is May 6, 2015. It is reviewed annually for a potential extension of the expiration date. | |||||||||
The Company may elect to have the Series A Bonds redeemed, in whole or in part, on any date that interest is payable for a redemption price equal to the principal amount thereof plus accrued interest to the date of redemption. The Series A Bonds are also subject to mandatory redemption for the same redemption price in the event that the Internal Revenue Service determines that the interest payable on the Series A Bonds is includable in gross income of the holders of the bonds for federal tax purposes. | |||||||||
Interest Rate Swap Agreement | |||||||||
In connection with the issuance of the PEDFA 2004 Series B Bonds, the Company entered into an interest rate swap agreement with a counterparty, in the notional principal amount of $12,000. The Company elected to retain the swap agreement for the 2008 Series A Bonds. Interest rate swap agreements derive their value from underlying interest rates. These transactions involve both credit and market risk. The notional amounts are amounts on which calculations, payments, and the value of the derivative are based. Notional amounts do not represent direct credit exposure. Direct credit exposure is limited to the net difference between the calculated amounts to be received and paid, if any. Such difference, which represents the fair value of the swap, is reflected on the Company's balance sheet. See Note 10 for additional information regarding the fair value of the swap. | |||||||||
The interest rate swap will terminate on the maturity date of the 2008 Series A Bonds (which is the same date as the maturity date of the loan under the loan agreement), unless sooner terminated pursuant to its terms. In the event the interest rate swap terminates prior to the maturity date of the 2008 Series A Bonds, either the Company or the swap counterparty may be required to make a termination payment to the other based on market conditions at such time. The Company is exposed to credit-related losses in the event of nonperformance by the counterparty. The Company controls the credit risk of its financial contracts through credit approvals, limits and monitoring procedures, and does not expect the counterparty to default on its obligations. Notwithstanding the terms of the swap agreement, the Company is ultimately obligated for all amounts due and payable under the loan agreement. | |||||||||
The interest rate swap agreement contains provisions that require the Company to maintain a credit rating of at least BBB- with Standard & Poor's. On April 24, 2013, Standard & Poor's affirmed the Company's credit rating at A-, with a stable outlook and adequate liquidity. If the Company's rating were to fall below this rating, it would be in violation of these provisions, and the counterparty to the derivative could request immediate payment if the derivative was in a liability position. The Company's interest rate swap was in a liability position as of December 31, 2013. If a violation were triggered on December 31, 2013, the Company would have been required to pay the counterparty approximately $1,655. | |||||||||
The Company's interest rate swap agreement provides that it pay the counterparty a fixed interest rate of 3.16% on the notional amount of $12,000. In exchange, the counterparty pays the Company a floating interest rate (based on 59% of the U.S. Dollar one-month LIBOR rate) on the notional amount. The floating interest rate paid to the Company is intended, over the term of the swap, to approximate the variable interest rate on the loan agreement and the interest rate paid to bondholders, thereby managing its exposure to fluctuations in prevailing interest rates. The Company's net payment rate on the swap averaged 3.05% in 2013 and 3.01% in 2012. | |||||||||
As of December 31, 2013, there was a negative spread of 1 basis point between the variable rate paid to bondholders and the variable rate received from the swap counterparty, which equated to an overall effective rate of 3.15% (including variable interest and swap payments). As of December 31, 2012, there was a spread of 2 basis points which equated to an overall effective rate of 3.18% (including variable interest and swap payments). | |||||||||
Short-Term Borrowings | |||||||||
As of December 31, 2013, the Company maintained unsecured lines of credit aggregating $29,000 with three banks. The first line of credit, in the amount of $13,000, is a committed line of credit with a revolving 2-year maturity (currently May 2015), and carries an interest rate of LIBOR plus 1.20%. The second line of credit, in the amount of $11,000, is a committed line of credit, which matures in May 2015 and carries an interest rate of LIBOR plus 1.25%. This line of credit had a compensating balance requirement of $500 which was eliminated in 2013. The third line of credit, in the amount of $5,000, is a committed line of credit, which matures in June 2014 and carries an interest rate of LIBOR plus 1.50%. The Company had no outstanding borrowings under any of its lines of credit as of December 31, 2013 and 2012. | |||||||||
Debt Covenants and Restrictions | |||||||||
The terms of the debt agreements carry certain covenants and limit in some cases the Company's ability to borrow additional funds, to prepay its borrowings and include certain restrictions with respect to declaration and payment of cash dividends and acquisition of the Company's stock. Under the terms of the most restrictive agreements, the Company cannot borrow in excess of 60% of its utility plant, and cumulative payments for dividends and acquisition of stock since December 31, 1982 may not exceed $1,500 plus net income since that date. As of December 31, 2013, none of the earnings retained in the business are restricted under these provisions. The Company's Pennvest Loan is secured by $800 of receivables. Other than this loan, the Company's debt is unsecured. | |||||||||
The Company's lines of credit require it to maintain a minimum equity to total capitalization ratio (defined as the sum of equity plus funded debt) and a minimum interest coverage ratio (defined as net income plus interest expense plus income tax expense divided by interest expense). As of December 31, 2013, the Company was in compliance with these covenants. |
Common_Stock_and_Earnings_Per_
Common Stock and Earnings Per Share | 12 Months Ended | |
Dec. 31, 2013 | ||
Common Stock And Earnings Per Share [Abstract] | ' | |
Common Stock and Earnings Per Share | ' | |
5 | Common Stock and Earnings Per Share | |
Earnings per share are based upon the weighted average number of shares outstanding of 12,928,040 in 2013, 12,847,160 in 2012, and 12,734,420 in 2011. The Company does not have dilutive securities outstanding. | ||
Under the employee stock purchase plan, all full-time employees who have been employed at least ninety consecutive days may purchase shares of the Company's common stock limited to 10% of gross compensation. The purchase price is 95% of the fair market value (as defined). On October 1, 2013, the Company filed a Registration Statement on Form S-8 with the Securities and Exchange Commission, or SEC, to authorize an additional 80,000 shares to be issued under the plan. Shares issued during 2013, 2012 and 2011 were 6,711, 7,776 and 7,814, respectively. As of December 31, 2013, 95,559 authorized shares remain unissued under the plan. | ||
In June 2008, the Company modified its Dividend Reinvestment Plan to include direct stock purchase and sale options. These options are subject to certain restrictions and are available to both current shareholders and the general public. Purchases are made weekly at 100% of the stock's fair market value, as defined in the Prospectus contained in Amendment No. 1 to Securities and Exchange Commission Form S-3, filed by the Company on June 26, 2008. | ||
Under the optional dividend reinvestment portion of the plan, holders of the Company's common stock may purchase additional shares instead of receiving cash dividends. The purchase price is 95% of the fair market value (as defined). | ||
Shares issued under the 2008 Dividend Reinvestment and Direct Stock Purchase and Sale Plan, during 2013, 2012 and 2011 were 112,163, 119,186 and 91,803, respectively. | ||
On October 1, 2013, the Company filed a Registration Statement on Form S-3 with the SEC to authorize 500,000 shares to be issued under the new Prospectus for the Dividend Reinvestment and Direct Stock Purchase and Sale Plan. Other provisions of the plan were left substantially unchanged. The Registration Statement was declared effective by the SEC on October 31, 2013. Shares issued in 2013 under the new Prospectus were 36,188. As of December 31, 2013, 463,812 authorized shares remain unissued under the plan. | ||
On March 11, 2013, the Board of Directors authorized a share repurchase program granting the Company authority to repurchase up to 1,200,000 shares of the Company's common stock from time to time. Under the stock repurchase program, the Company may repurchase shares in the open market or through privately negotiated transactions. The Company may suspend or discontinue the repurchase program at any time. During 2013, the Company repurchased and retired 94,414 shares. As of December 31, 2013, 1,105,586 shares remain available for repurchase. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
6 | Employee Benefit Plans | ||||||||||||||||||||||||
Pensions | |||||||||||||||||||||||||
The Company maintains a general and administrative and a union-represented defined benefit pension plan covering all of its employees hired prior to May 1, 2010. Employees hired after May 1, 2010 are eligible for an enhanced 401(k) plan rather than a defined benefit plan. The benefits under the defined benefit plans are based upon years of service and compensation near retirement. The Company's funding policy is to contribute annually the amount permitted by the PPUC to be collected from customers in rates, but in no case less than the minimum Employee Retirement Income Security Act (ERISA) required contribution. | |||||||||||||||||||||||||
The following table sets forth the plans' funded status as of December 31, 2013 and 2012. The measurement of assets and obligations of the plans is as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Obligations and Funded Status | 2013 | 2012 | |||||||||||||||||||||||
At December 31 | |||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||
Pension benefit obligation beginning of year | $ | 34,726 | $ | 31,580 | |||||||||||||||||||||
Service cost | 1,188 | 1,050 | |||||||||||||||||||||||
Interest cost | 1,280 | 1,288 | |||||||||||||||||||||||
Actuarial (gain) loss | (4,074 | ) | 1,789 | ||||||||||||||||||||||
Benefit payments | (1,066 | ) | (981 | ) | |||||||||||||||||||||
Pension benefit obligation end of year | 32,054 | 34,726 | |||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets beginning of year | 22,666 | 19,815 | |||||||||||||||||||||||
Actual return on plan assets | 3,911 | 2,239 | |||||||||||||||||||||||
Employer contributions | 1,593 | 1,593 | |||||||||||||||||||||||
Benefits paid | (1,068 | ) | (981 | ) | |||||||||||||||||||||
Fair value of plan assets end of year | 27,102 | 22,666 | |||||||||||||||||||||||
Funded Status of Plans at End of Year | $ | (4,952 | ) | $ | (12,060 | ) | |||||||||||||||||||
The accounting standards require that the funded status of defined benefit pension plans be fully recognized on the balance sheet. They also call for the unrecognized actuarial gain or loss, the unrecognized prior service cost and the unrecognized transition costs to be adjustments to shareholders' equity (accumulated other comprehensive income). Due to a rate order granted by the PPUC, the Company is permitted under the accounting standards to defer the charges to accumulated other comprehensive income as a regulatory asset. Management believes these costs will be recovered in future rates charged to customers. The liability for the funded status of the Company's pension plans is recorded in "Deferred employee benefits" on its balance sheet. | |||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net (gain) loss arising during the period | $ | (6,339 | ) | $ | 991 | ||||||||||||||||||||
Recognized net actuarial loss | (698 | ) | (641 | ) | |||||||||||||||||||||
Recognized prior service cost | (10 | ) | (17 | ) | |||||||||||||||||||||
Total changes in regulatory asset during the year | $ | (7,047 | ) | $ | 333 | ||||||||||||||||||||
Amounts recognized in regulatory assets that have not yet been recognized as components of net periodic benefit cost consist of the following at December 31: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net loss | $ | 4,765 | $ | 11,802 | |||||||||||||||||||||
Prior service cost | 57 | 67 | |||||||||||||||||||||||
Regulatory asset | $ | 4,822 | $ | 11,869 | |||||||||||||||||||||
Components of Net Periodic Benefit Cost are as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Service cost | $ | 1,188 | $ | 1,050 | $ | 930 | |||||||||||||||||||
Interest cost | 1,280 | 1,288 | 1,391 | ||||||||||||||||||||||
Expected return on plan assets | (1,644 | ) | (1,441 | ) | (1,334 | ) | |||||||||||||||||||
Plan amendments | - | - | 92 | ||||||||||||||||||||||
Amortization of loss | 698 | 641 | 313 | ||||||||||||||||||||||
Amortization of prior service cost | 10 | 17 | 17 | ||||||||||||||||||||||
Rate-regulated adjustment | 61 | 38 | 184 | ||||||||||||||||||||||
Net periodic benefit cost | $ | 1,593 | $ | 1,593 | $ | 1,593 | |||||||||||||||||||
The rate-regulated adjustment set forth above is required in order to reflect pension expense for the Company in accordance with the method used in establishing water rates. The Company is permitted by rate order of the PPUC to expense pension costs to the extent of contributions and defer the remaining expense to regulatory assets to be collected in rates at a later date as additional contributions are made. During 2013, the deferral declined by $61. | |||||||||||||||||||||||||
The estimated costs for the defined benefit pension plans relating to the December 31, 2013 balance sheet that will be amortized from regulatory assets into net periodic benefit cost over the next fiscal year are as follows: | |||||||||||||||||||||||||
Net loss | $ | 130 | |||||||||||||||||||||||
Net prior service cost | 10 | ||||||||||||||||||||||||
$ | 140 | ||||||||||||||||||||||||
The Company plans to contribute $2,182 to the plans in 2014. | |||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in each of the next five years and the subsequent five years in the aggregate: | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019-2023 | ||||||||||||||||||||
$1,280 | $1,504 | $1,541 | $1,543 | $1,709 | $9,853 | ||||||||||||||||||||
The following tables show the projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets as of December 31: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 32,054 | $ | 34,726 | |||||||||||||||||||||
Fair value of plan assets | 27,102 | 22,666 | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accumulated benefit obligation | $ | 29,279 | $ | 31,412 | |||||||||||||||||||||
Fair value of plan assets | 27,102 | 22,666 | |||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Discount rate | 4.65% | 3.75% | |||||||||||||||||||||||
Rate of compensation increase | 3.00% | 3.00% | |||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Discount rate | 3.75% | 4.25% | 5.35% | ||||||||||||||||||||||
Expected long-term return on plan assets | 7.00% | 7.00% | 7.00% | ||||||||||||||||||||||
Rate of compensation increase | 3.00% | 3.00% | 3.50 - 4.00% | ||||||||||||||||||||||
The selected long-term rate of return on plan assets was primarily based on the asset allocation of the plan's assets (approximately 50% to 70% equity securities and 30% to 50% fixed income securities). Analysis of the historic returns of these asset classes and projections of expected future returns were considered in setting the long-term rate of return. | |||||||||||||||||||||||||
The investment objective of the Company's defined benefit pension plans is that of Growth and Income. The weighted-average target asset allocations are 50% to 70% equity securities, 30% to 50% fixed income securities, 0% to 20% alternatives and 0% to 10% reserves (cash and cash equivalents). Within the equity category, the Company's target allocation is approximately 60-95% large cap, 0-25% mid cap, 0-10% small cap, 0-25% International Developed Nations, and 0-10% International Emerging Nations. Within the fixed income category, its target allocation is approximately 15-55% U.S. Treasuries, 0–22% Federal Agency securities, 0-40% corporate bonds, 15-55% mortgage-backed securities, 0-20% international, and 0-20% high yield bonds. The Company's investment performance objectives over a three to five year period are to exceed the annual rate of inflation as measured by the Consumer Price Index by 3%, and to exceed the annualized total return of specified benchmarks applicable to the funds within the asset categories. | |||||||||||||||||||||||||
Further guidelines within equity securities include: (1) holdings in any one company cannot exceed 5% of the portfolio; (2) a minimum of 20 individual stocks must be included in the domestic stock portfolio; (3) a minimum of 30 individual stocks must be included in the international stock portfolio; (4) equity holdings in any one industry cannot exceed 20-25% of the portfolio; and (5) only U.S.-denominated currency securities are permitted. | |||||||||||||||||||||||||
Further guidelines for fixed income securities include: (1) fixed income holdings in a single issuer are limited to 5% of the portfolio; (2) acceptable investments include money market securities, U.S. Government and its agencies and sponsored entities' securities, mortgage-backed and asset-backed securities, corporate securities and mutual funds offering high yield bond portfolios; (3) purchases must be limited to investment grade or higher; (4) non-U.S. dollar denominated securities are not permissible; and (5) high risk derivatives are prohibited. | |||||||||||||||||||||||||
The fair values of the Company's pension plan assets at December 31, 2013 and 2012 by asset category and fair value hierarchy level are as follows. The majority of the valuations are based on quoted prices on active markets (Level 1), with the remaining valuations based on broker/dealer quotes, active market makers, models, and yield curves (Level 2). | |||||||||||||||||||||||||
Total | Quoted Prices in | Significant Other | |||||||||||||||||||||||
Fair | Active Markets for | Observable Inputs | |||||||||||||||||||||||
Value | Identical Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Asset Category | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Cash and Money Market Funds (a) | $ | 621 | $ | 534 | $ | 621 | $ | 534 | $ | - | $ | - | |||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Common Equity Securities (b) | 5,136 | 3,974 | 5,136 | 3,974 | - | - | |||||||||||||||||||
Equity Mutual Funds (c) | 13,907 | 11,309 | 13,907 | 11,309 | - | - | |||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
U.S. Treasury Obligations | 815 | 355 | - | - | 815 | 355 | |||||||||||||||||||
U.S. Government Agencies | - | 806 | - | - | - | 806 | |||||||||||||||||||
Corporate and Foreign Bonds (d) | 398 | 409 | - | - | 398 | 409 | |||||||||||||||||||
Fixed Income Mutual Funds (e) | 6,225 | 5,279 | 6,225 | 5,279 | - | - | |||||||||||||||||||
Total Plan Assets | $ | 27,102 | $ | 22,666 | $ | 25,889 | $ | 21,096 | $ | 1,213 | $ | 1,570 | |||||||||||||
(a) | The portfolios are designed to keep approximately three months of distributions in immediately available funds. The Company was more heavily-weighted in cash as of December 31, 2013 in anticipation of the curtailment of quantitative easing by the government causing a quick rise in interest rates. | ||||||||||||||||||||||||
(b) | This category includes investments in U.S. common stocks widely distributed among consumer discretionary, consumer staples, healthcare, information technology, financial services, telecommunications, industrials, energy and utilities. The individual stocks are primarily large cap stocks which track with the S&P 500 with the exception of $404 (1.5% of total plan assets) which is invested in York Water Company common stock. | ||||||||||||||||||||||||
(c) | This category includes a majority of investments in closed-end mutual funds as well as domestic equity mutual funds, U.S. commodities used primarily as inflation hedges, and international mutual funds which give the portfolio exposure to small, mid and large cap index funds as well as international diversified index funds. | ||||||||||||||||||||||||
(d) | This category currently includes only the U.S. corporate bonds and notes of one holding company engaged in a number of diverse business activities. | ||||||||||||||||||||||||
(e) | This category includes fixed income investments in mutual funds which include government, corporate and mortgage securities of both the U.S. and other countries. The mortgage and asset-backed securities and non-U.S. corporate and sovereign investments add further diversity to the fixed income portion of the portfolio. | ||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||
The Company has a savings plan pursuant to the provisions of section 401(k) of the Internal Revenue Code. For employees hired before May 1, 2010, this plan provides for elective employee contributions of up to 15% of compensation and Company matching contributions of 100% of the participant's contribution, up to a maximum annual Company contribution of $2.8 for each employee. | |||||||||||||||||||||||||
Employees hired after May 1, 2010 are entitled to an enhanced feature of the plan. This feature provides for elective employee contributions of up to 15% of compensation and Company matching contributions of 100% of the participant's contribution, up to a maximum of 4% of the employee's compensation. In addition, the Company will make an annual contribution of $1.2 to each employee's account whether or not they defer their own compensation. Employees eligible for this enhanced 401k) plan feature are not eligible for the defined benefit plans. As of December 31, 2013, six employees were participating in the enhanced feature of the plan. The Company's contributions to the plan amounted to $222 in 2013, $244 in 2012, and $220 in 2011. | |||||||||||||||||||||||||
Deferred Compensation | |||||||||||||||||||||||||
The Company has non-qualified deferred compensation and supplemental retirement agreements with certain members of management. The future commitments under these arrangements are offset by corporate-owned life insurance policies. At December 31, 2013 and 2012, the present value of the future obligations was approximately $3,115 and $3,271, respectively. The insurance policies included in other assets had a total cash value of approximately $3,591 and $3,477, respectively, at December 31, 2013 and 2012. The Company's net (income) expenses under the plans amounted to $(91) in 2013, $358 in 2012 and $514 in 2011. |
Rate_Increases
Rate Increases | 12 Months Ended | |
Dec. 31, 2013 | ||
Rate Increases [Abstract] | ' | |
Rate Increases | ' | |
7 | Rate Increases | |
From time to time, the Company files applications for rate increases with the PPUC and is granted rate relief as a result of such requests. The most recent rate request was filed by the Company on May 29, 2013 and sought an increase in rates designed to produce additional annual water revenues of $7,116 and additional annual wastewater revenues of $28. Effective February 28, 2014, the PPUC authorized an increase in water rates designed to produce approximately $4,972 in additional annual revenues, and an increase in wastewater rates for the Asbury Pointe subdivision to produce approximately $28 in additional annual revenues. | ||
The PPUC permits water utilities to collect a distribution system improvement charge (DSIC). The DSIC allows the Company to add a charge to customers' bills for qualified replacement costs of certain infrastructure without submitting a rate filing. This surcharge mechanism typically adjusts periodically based on additional qualified capital expenditures completed or anticipated in a future period. The DSIC is capped at 5% of base rates, and is reset to zero when new base rates that reflect the costs of those additions become effective or when a utility's earnings exceed a regulatory benchmark. The surcharge reset to zero when the new base rates took effect on February 28, 2014. The DSIC provided revenues in 2013, 2012 and 2011 of $1,445, $583 and $0, respectively. The DSIC is subject to audit by the PPUC. |
Notes_Receivable_and_Customers
Notes Receivable and Customers' Advances for Construction | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Receivable and Customers' Advances for Construction [Abstract] | ' | ||||||||
Notes Receivable and Customers' Advances for Construction | ' | ||||||||
8 | Notes Receivable and Customers' Advances for Construction | ||||||||
The Company has agreements with three municipalities to extend water service into previously formed water districts. The Company loaned funds to the municipalities to cover the costs related to the projects. The municipalities concurrently advanced these funds back to the Company in the form of customers' advances for construction. The municipalities are required by enacted ordinances to charge application fees and water revenue surcharges (fees) to customers connected to the system, which are remitted to the Company. The note principal and the related customer advance are reduced periodically as operating revenues are earned by the Company from customers connected to the system and refunds of advances are made. There is no due date for the notes or expiration date for the advances. | |||||||||
The Company has recorded interest income of $101 in 2013, $98 in 2012 and $95 in 2011. Interest rates on the notes outstanding at December 31, 2013 vary from 6.75% to 7.5%. | |||||||||
Included in the accompanying balance sheets at December 31, 2013 and 2012 were the following amounts related to these projects. | |||||||||
2013 | 2012 | ||||||||
Notes receivable, including interest | $ | 306 | $ | 338 | |||||
Customers' advances for construction | 928 | 938 | |||||||
The Company has other customers' advances for construction totaling $10,708 and $12,011 at December 31, 2013 and 2012, respectively. |
Commitments
Commitments | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments [Abstract] | ' | |
Commitments | ' | |
9 | Commitments | |
Based on its capital budget, the Company anticipates construction and acquisition expenditures for 2014 and 2015 of approximately $12,500 and $16,900, respectively, exclusive of any potential acquisitions. The Company plans to finance ongoing capital expenditures with cash on hand, internally-generated funds, borrowings against the Company's lines of credit, proceeds from the issuance of common stock under its dividend reinvestment and direct stock purchase and sale plan and ESPP, potential common stock or debt issues and customer advances. | ||
In November 2011, during a routine tank cleaning, the Company discovered a small amount of mercury in the bottom of the tank. The tank was not in service at the time of the discovery and remains out of service. A number of tests were performed to confirm no mercury entered the water supply and no employees or contractors present during the discovery were impacted. The tank will remain out of service until it is confirmed that it is approved for service by the DEP. No disruption of service to any customers has occurred or is expected to occur. The Company incurred total costs of $186 through December 31, 2013, none of which were in 2013. Recent tests have shown the tank is in compliance with safe drinking water standards and the Company has requested permission to place the tank back into service from the DEP. If the DEP does not approve based on the testing completed, other options will be reviewed, including a project to reline and strengthen the interior of the tank through capital expenditures. | ||
As of December 31, 2013, the Company employed 104 full time people, including 39 under union contract. The current contract was ratified in March 2014 and expires on April 30, 2017. | ||
The Company is involved in certain legal and administrative proceedings before various courts and governmental agencies concerning water service and other matters. The Company expects that the ultimate disposition of these proceedings will not have a material effect on the Company's financial position, results of operations and cash flows. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||
Dec. 31, 2013 | |||
Fair Value of Financial Instruments [Abstract] | ' | ||
Fair Value of Financial Instruments | ' | ||
10 | Fair Value of Financial Instruments | ||
The accounting standards regarding fair value measurements establish a fair value hierarchy which indicates the extent to which inputs used in measuring fair value are observable in the market. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management's own judgments about the assumptions market participants would use in pricing the asset or liability. | |||
The Company has recorded its interest rate swap liability at fair value in accordance with the standards. The liability is recorded under the caption "Other deferred credits" on the balance sheet. The table below illustrates the fair value of the interest rate swap as of the end of the reporting period. | |||
Description | 31-Dec-13 | Fair Value Measurements | |
at Reporting Date Using | |||
Significant Other Observable Inputs (Level 2) | |||
Interest Rate Swap | $1,641 | $1,641 | |
Fair values are measured as the present value of all expected future cash flows based on the LIBOR-based swap yield curve as of the date of the valuation. These inputs to this calculation are deemed to be Level 2 inputs. The balance sheet carrying value reflects the Company's credit quality as of December 31, 2013. The rate used in discounting all prospective cash flows anticipated to be made under this swap reflects a representation of the yield to maturity for 30-year debt on utilities rated A- as of December 31, 2013. The use of the Company's credit quality resulted in a reduction in the swap liability of $14. The fair value of the swap reflecting the Company's credit quality as of December 31, 2012 is shown in the table below. | |||
Description | 31-Dec-12 | Fair Value Measurements | |
at Reporting Date Using | |||
Significant Other Observable Inputs (Level 2) | |||
Interest Rate Swap | $2,836 | $2,836 | |
The carrying amount of current assets and liabilities that are considered financial instruments approximates fair value as of the dates presented. The Company's long-term debt (including current maturities), with a carrying value of $84,928 at December 31, 2013, and $84,975 at December 31, 2012, had an estimated fair value of approximately $94,000 and $107,000 at December 31, 2013 and 2012, respectively. The estimated fair value of debt was calculated using a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration and risk profile. These inputs to this calculation are deemed to be Level 2 inputs. The Company recognized its credit rating in determining the yield curve, and did not factor in third party credit enhancements including bond insurance on the 2004 PEDFA Series A and 2006 Industrial Development Authority issues, and the letter of credit on the 2008 PEDFA Series A issue. | |||
Customers' advances for construction and notes receivable have carrying values at December 31, 2013 of $11,636 and $306, respectively. At December 31, 2012, customers' advances for construction and notes receivable had carrying values of $12,949 and $338, respectively. The relative fair values of these amounts cannot be accurately estimated since the timing of future payment streams is dependent upon several factors, including new customer connections, customer consumption levels and future rate increases. |
Taxes_Other_than_Income_Taxes
Taxes Other than Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Taxes Other Than Income Taxes [Abstract] | ' | ||||||||||||
Taxes Other than Income Taxes | ' | ||||||||||||
11 | Taxes Other than Income Taxes | ||||||||||||
The following table provides the components of taxes other than income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Regulatory Assessment | $ | 220 | $ | 228 | $ | 213 | |||||||
Property | 364 | 342 | 332 | ||||||||||
Payroll, net of amounts capitalized | 462 | 458 | 445 | ||||||||||
Capital Stock | 75 | 151 | 216 | ||||||||||
Other | 1 | 1 | 1 | ||||||||||
Total taxes other than income taxes | $ | 1,122 | $ | 1,180 | $ | 1,207 |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
12 | Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $ | 10,069 | $ | 10,737 | $ | 10,912 | $ | 10,665 | $ | 42,383 | |||||||||||
Operating income | 4,773 | 5,301 | 5,367 | 5,320 | 20,761 | ||||||||||||||||
Net income | 2,139 | 2,342 | 2,535 | 2,638 | 9,654 | ||||||||||||||||
Basic earnings per share | 0.17 | 0.18 | 0.19 | 0.21 | 0.75 | ||||||||||||||||
Dividends declared per share | 0.1383 | 0.1383 | 0.1383 | 0.1431 | 0.558 | ||||||||||||||||
2012 | |||||||||||||||||||||
Operating revenues | $ | 9,669 | $ | 10,352 | $ | 11,025 | $ | 10,401 | $ | 41,447 | |||||||||||
Operating income | 4,427 | 5,052 | 5,781 | 5,313 | 20,573 | ||||||||||||||||
Net income | 1,941 | 2,204 | 2,760 | 2,398 | 9,303 | ||||||||||||||||
Basic earnings per share | 0.15 | 0.17 | 0.22 | 0.18 | 0.72 | ||||||||||||||||
Dividends declared per share | 0.1336 | 0.1336 | 0.1336 | 0.1383 | 0.5391 |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts [Text Block] | ' | ||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
FOR THE THREE YEARS ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Recoveries | Deductions | Balance at | ||||||||||||||||
Beginning | Cost and | End of Year | |||||||||||||||||||
of Year | Expenses | ||||||||||||||||||||
FOR THE YEAR ENDED | $ | 305,000 | $ | 290,886 | $ | 36,369 | $ | 312,255 | $ | 320,000 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
Reserve for | |||||||||||||||||||||
uncollectible accounts | |||||||||||||||||||||
FOR THE YEAR ENDED | $ | 333,681 | $ | 302,032 | $ | 46,789 | $ | 377,502 | $ | 305,000 | |||||||||||
31-Dec-12 | |||||||||||||||||||||
Reserve for | |||||||||||||||||||||
uncollectible accounts | |||||||||||||||||||||
FOR THE YEAR ENDED | $ | 245,000 | $ | 480,807 | $ | 32,801 | $ | 424,927 | $ | 333,681 | |||||||||||
31-Dec-11 | |||||||||||||||||||||
Reserve for | |||||||||||||||||||||
uncollectible accounts | |||||||||||||||||||||
The Deductions column above represents write-offs of accounts receivable during the applicable year. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Significant Accounting Policies | ' | |||||||||||
Nature of Operations | ' | |||||||||||
The primary business of The York Water Company is to impound, purify and distribute water. The Company also operates a single wastewater collection and treatment system. The Company operates within its franchised territory located in York and Adams Counties, Pennsylvania, and is subject to regulation by the Pennsylvania Public Utility Commission, or PPUC. | ||||||||||||
Utility Plant and Depreciation | ' | |||||||||||
Utility Plant and Depreciation | ||||||||||||
The cost of additions includes contracted cost, direct labor and fringe benefits, materials, overhead and, for certain utility plant, allowance for funds used during construction. In accordance with regulatory accounting requirements, water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. The difference between the estimated original cost less applicable accumulated depreciation, and the purchase price is recorded as an acquisition adjustment within utility plant as permitted by the PPUC. At December 31, 2013 and 2012, utility plant includes a net credit acquisition adjustment of $2,900 and $2,904, respectively. For those amounts approved by the PPUC, the net acquisition adjustment is being amortized over the remaining life of the respective assets. Certain amounts are still awaiting approval from the PPUC before amortization will commence. Amortization amounted to $50 in each of the years ended December 31, 2013, 2012, and 2011. | ||||||||||||
Upon normal retirement of depreciable property, the estimated or actual cost of the asset is credited to the utility plant account, and such amounts, together with the cost of removal less salvage value, are charged to the reserve for depreciation. To the extent the Company recovers cost of removal or other retirement costs through rates after the retirement costs are incurred, a regulatory asset is reported. Gains or losses from abnormal retirements are reflected in income currently. | ||||||||||||
The Company charges to maintenance expense the cost of repairs and replacements and renewals of minor items of property. Maintenance of transportation equipment is charged to clearing accounts and apportioned therefrom in a manner similar to depreciation. The cost of replacements, renewals and betterments of units of property is capitalized to the utility plant accounts. | ||||||||||||
The straight-line remaining life method is used to compute depreciation on utility plant cost, exclusive of land and land rights. Annual provisions for depreciation of transportation and mechanical equipment included in utility plant are computed on a straight-line basis over the estimated service lives. Such provisions are charged to clearing accounts and apportioned therefrom to operating expenses and other accounts in accordance with the Uniform System of Accounts as prescribed by the PPUC. | ||||||||||||
The following remaining lives are used for financial reporting purposes: | ||||||||||||
December 31, | Approximate range | |||||||||||
Utility Plant Asset Category | 2013 | 2012 | of remaining lives | |||||||||
Mains and accessories | $ | 157,113 | $ | 152,193 | 8 – 84 years | |||||||
Services, meters and hydrants | 61,206 | 59,211 | 19 – 55 years | |||||||||
Operations structures, reservoirs and water tanks | 42,692 | 42,186 | 14 – 41 years | |||||||||
Pumping and treatment equipment | 23,411 | 22,933 | 3 – 31 years | |||||||||
Office, transportation and operating equipment | 10,994 | 10,728 | 3 – 22 years | |||||||||
Land and other non-depreciable assets | 3,127 | 3,121 | - | |||||||||
Utility plant in service | 298,543 | 290,372 | ||||||||||
Construction work in progress | 3,027 | 2,111 | - | |||||||||
Total Utility Plant | $ | 301,570 | $ | 292,483 | ||||||||
The effective rate of depreciation was 2.28% in 2013, 2.13% in 2012, and 2.11% in 2011 on average utility plant, net of customers' advances and contributions. Larger depreciation provisions resulting from allowable accelerated methods are deducted for tax purposes. | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
For the purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents except for those instruments earmarked to fund construction expenditures or repay long-term debt. | ||||||||||||
The Company periodically maintains cash balances in major financial institutions in excess of federally insured limit by the Federal Deposit Insurance Corporation (FDIC). The Company has not experienced any losses and believes it is not exposed to any significant credit risk on cash and cash equivalents. | ||||||||||||
Restricted Cash | ' | |||||||||||
Restricted Cash | ||||||||||||
The Company serves as the custodian for an escrow account that will be used to rehabilitate a neighborhood within the service territory of the Company. The deposits made by various community organizations have been classified as restricted cash on the balance sheet of the Company. The cash is restricted for the use in the rehabilitation project only. Those future payments have been recorded as a current liability on the balance sheet of the Company. | ||||||||||||
In 2012, the Company had a compensating balance requirement for one of its lines of credit which was recorded as Restricted Cash – compensating balance. This requirement was removed in 2013. | ||||||||||||
Accounts Receivable | ' | |||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable are stated at outstanding balances, less a reserve for doubtful accounts. The reserve for doubtful accounts is established through provisions charged against income. Accounts deemed to be uncollectible are charged against the reserve and subsequent recoveries, if any, are credited to the reserve. The reserve for doubtful accounts is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management's periodic evaluation of the adequacy of the reserve is based on past experience, agings of the receivables, adverse situations that may affect a customer's ability to pay, current economic conditions, and other relevant factors. This evaluation is inherently subjective. Unpaid balances remaining after the stated payment terms are considered past due. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition | ||||||||||||
Operating revenues include amounts billed to water customers on a cycle basis and unbilled amounts based on actual and estimated usage from the latest meter reading to the end of the accounting period. Operating revenues also include a flat monthly fee billed to wastewater customers. | ||||||||||||
Materials and Supplies Inventories | ' | |||||||||||
Materials and Supplies Inventories | ||||||||||||
Materials and supplies inventories are stated at cost. Costs are determined using the average cost method. | ||||||||||||
Deferred Debt Expense | ' | |||||||||||
Deferred Debt Expense | ||||||||||||
Deferred debt expense is amortized on a straight-line basis over the term of the related debt. | ||||||||||||
Notes Receivable | ' | |||||||||||
Notes Receivable | ||||||||||||
Notes receivable are recorded at cost and represent amounts due from various municipalities for construction of water mains in their particular municipality. Management, considering current information and events regarding the borrowers' ability to repay their obligations, considers a note to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the note agreement. When a note is considered to be impaired, the carrying value of the note is written down. The amount of the impairment is measured based on the present value of expected future cash flows discounted at the note's effective interest rate. | ||||||||||||
Regulatory Assets and Liabilities | ' | |||||||||||
Regulatory Assets and Liabilities | ||||||||||||
The Company is subject to the provisions of generally accepted accounting principles regarding rate-regulated entities. The accounting standards provide for the recognition of regulatory assets and liabilities as allowed by regulators for costs or credits that are reflected in current customer rates or are considered probable of being included in future rates. The regulatory assets or liabilities are then relieved as the cost or credit is reflected in rates. Regulatory assets represent costs that are expected to be fully recovered from customers in future rates while regulatory liabilities represent amounts that are expected to be refunded to customers in future rates. These deferred costs have been excluded from the Company's rate base and, therefore, no return is being earned on the unamortized balances. | ||||||||||||
Regulatory assets and liabilities are comprised of the following: | ||||||||||||
December 31, | Remaining Recovery | |||||||||||
2013 | 2012 | Periods | ||||||||||
Assets | ||||||||||||
Income taxes | $ | 5,653 | $ | 5,459 | Various | |||||||
Postretirement benefits | 7,136 | 14,244 | 5 – 10 years | |||||||||
Unrealized swap losses | 1,611 | 2,807 | 1 – 16 years | |||||||||
Utility plant retirement costs | 1,408 | 1,313 | 5 years | |||||||||
Service life study expenses | 7 | 10 | 4 years | |||||||||
Rate case filing expenses | 308 | 2 | 2 years | |||||||||
$ | 16,123 | $ | 23,835 | |||||||||
Liabilities | ||||||||||||
Income taxes | $ | 809 | $ | 836 | 1 – 50 years | |||||||
Certain items giving rise to deferred state income taxes related primarily to differences between book and tax depreciation expense, as well as a portion of deferred federal income taxes associated with the gross-up of revenues related to the differences, are recognized for ratemaking purposes on a cash or flow-through basis and will be recovered in rates as they reverse. | ||||||||||||
Postretirement benefits include (a) deferred pension expense in excess of contributions made to the plans, and (b) the underfunded status of the pension plans. The underfunded status represents the excess of the projected benefit obligation over the fair market value of the assets. Both are expected to be recovered in future years as additional contributions are made or market conditions improve. The recovery period is dependent on contributions made to the plans, plan asset performance and the discount rate used to value the obligations. The period is estimated at between 5 and 10 years. | ||||||||||||
The Company uses regulatory accounting treatment to defer the mark-to-market unrealized gains and losses on its interest rate swap to reflect that the gain or loss is included in the ratemaking formula when the transaction actually settles. The value of the swap as of the balance sheet date is recorded as part of other deferred credits. Realized gains or losses on the swap will be recorded as interest expense in the statement of income over its remaining life of 16 years. | ||||||||||||
The regulatory asset for utility plant retirement costs, including cost of removal, represents costs already incurred which are expected to be recovered over a five-year period in rates, through depreciation expense. Service life study and rate case filing expenses are deferred and amortized over their remaining lives of four and two years, respectively. | ||||||||||||
Regulatory liabilities relate mainly to deferred investment tax credits, and additionally to deferred taxes related to postretirement death benefits and bad debts. These liabilities will be given back to customers in rates as tax deductions occur over the next 1-50 years. Regulatory liabilities are part of other accrued expenses and other deferred credits on the balance sheets. | ||||||||||||
Other Assets | ' | |||||||||||
Other Assets | ||||||||||||
Other assets consist mainly of the cash value of life insurance policies held as an investment by the Company for reimbursement of costs and benefits associated with its supplemental retirement and deferred compensation programs. | ||||||||||||
Customers' Advances for Construction | ' | |||||||||||
Customers' Advances for Construction | ||||||||||||
Customer advances are cash payments from developers, municipalities, customers or builders for construction of utility plant, and are refundable upon completion of construction, as operating revenues are earned. If the Company loaned funds for construction to the customer, the refund amount is credited to the note receivable rather than paid out in cash. After all refunds to which the customer is entitled are made, any remaining balance is transferred to contributions in aid of construction. From 1986 to 1996 when customer advances were taxable income to the Company, additional funds were collected from customers to cover the taxes. Those funds were recorded as a liability within Customer Advances and are being amortized as deferred income over the tax life of the underlying assets. | ||||||||||||
Contributions in Aid of Construction | ' | |||||||||||
Contributions in Aid of Construction | ||||||||||||
Contributions in Aid of Construction is composed of (i) direct, non-refundable contributions from developers, customers or builders for construction of water infrastructure and (ii) customer advances that have become non-refundable. Contributions in aid of construction are deducted from the Company's rate base, and therefore, no return is earned on property financed with contributions. The PPUC requires that contributions received remain on the Company's balance sheet indefinitely as a long-term liability. | ||||||||||||
Interest Rate Swap Agreement | ' | |||||||||||
Interest Rate Swap Agreement | ||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company utilizes an interest rate swap agreement to convert its variable-rate debt to a fixed rate. The Company has designated the interest rate swap agreement as a cash flow hedge. Interest rate swaps are contracts in which a series of interest rate cash flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. The interest rate swap agreement is classified as a financial derivative used for non-trading activities. | ||||||||||||
The accounting standards regarding accounting for derivatives and hedging activities requires companies to recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. In accordance with the standards, the interest rate swap is recorded on the balance sheet in other deferred credits at fair value. | ||||||||||||
The Company uses regulatory accounting treatment rather than hedge accounting to defer the unrealized gains and losses on its interest rate swap. Instead of the effective portion being recorded as other comprehensive income and the ineffective portion being recognized in earnings, the entire unrealized swap value is recorded as a regulatory asset. Based on current ratemaking treatment, the Company expects the gains and losses to be recognized in rates and in interest expense as the swap settlements occur. Swap settlements are recorded in the income statement with the hedged item as interest expense. During the year ended December 31, 2013, $366 was reclassified from regulatory assets to interest expense as a result of swap settlements. The overall swap result was a gain of $830 for the year ended December 31, 2013. During the twelve months ending December 31, 2014, the Company expects to reclassify $362 (before tax) from regulatory assets to interest expense. | ||||||||||||
The interest rate swap will expire on October 1, 2029. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes. | ||||||||||||
Deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. To the extent such income taxes increase or decrease future rates, an offsetting regulatory asset or liability has been recorded. | ||||||||||||
Investment tax credits have been deferred and are being amortized to income over the average estimated service lives of the related assets. As of December 31, 2013 and 2012, deferred investment tax credits amounted to $773 and $812, respectively. | ||||||||||||
Allowance for Funds Used During Construction | ' | |||||||||||
Allowance for Funds Used During Construction | ||||||||||||
Allowance for funds used during construction (AFUDC) represents the estimated cost of funds used for construction purposes during the period of construction. These costs are reflected as non-cash income during the construction period and as an addition to the cost of plant constructed. AFUDC includes the net cost of borrowed funds and a rate of return on other funds. The PPUC approved rate of 10.04% was applied for 2013, 2012 and 2011. AFUDC is recovered through water rates as utility plant is depreciated. | ||||||||||||
Use of Estimates in the Preparation of Financial Statements | ' | |||||||||||
Use of Estimates in the Preparation of Financial Statements | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Significant Accounting Policies | ' | |||||||||||
Schedule of Utility Plant | ' | |||||||||||
The following remaining lives are used for financial reporting purposes: | ||||||||||||
December 31, | Approximate range | |||||||||||
Utility Plant Asset Category | 2013 | 2012 | of remaining lives | |||||||||
Mains and accessories | $ | 157,113 | $ | 152,193 | 8 – 84 years | |||||||
Services, meters and hydrants | 61,206 | 59,211 | 19 – 55 years | |||||||||
Operations structures, reservoirs and water tanks | 42,692 | 42,186 | 14 – 41 years | |||||||||
Pumping and treatment equipment | 23,411 | 22,933 | 3 – 31 years | |||||||||
Office, transportation and operating equipment | 10,994 | 10,728 | 3 – 22 years | |||||||||
Land and other non-depreciable assets | 3,127 | 3,121 | - | |||||||||
Utility plant in service | 298,543 | 290,372 | ||||||||||
Construction work in progress | 3,027 | 2,111 | - | |||||||||
Total Utility Plant | $ | 301,570 | $ | 292,483 | ||||||||
Regulatory assets and liabilities | ' | |||||||||||
Regulatory assets and liabilities are comprised of the following: | ||||||||||||
December 31, | Remaining Recovery | |||||||||||
2013 | 2012 | Periods | ||||||||||
Assets | ||||||||||||
Income taxes | $ | 5,653 | $ | 5,459 | Various | |||||||
Postretirement benefits | 7,136 | 14,244 | 5 – 10 years | |||||||||
Unrealized swap losses | 1,611 | 2,807 | 1 – 16 years | |||||||||
Utility plant retirement costs | 1,408 | 1,313 | 5 years | |||||||||
Service life study expenses | 7 | 10 | 4 years | |||||||||
Rate case filing expenses | 308 | 2 | 2 years | |||||||||
$ | 16,123 | $ | 23,835 | |||||||||
Liabilities | ||||||||||||
Income taxes | $ | 809 | $ | 836 | 1 – 50 years |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Provisions for income taxes | ' | ||||||||||||
The provisions for income taxes consist of: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal current | $ | 2,720 | $ | 2,100 | $ | 1,357 | |||||||
State current | 1,153 | 1,195 | 413 | ||||||||||
Federal deferred | 1,907 | 2,371 | 3,291 | ||||||||||
State deferred | 71 | (21 | ) | (63 | ) | ||||||||
Federal investment tax credit, net of current utilization | (39 | ) | (39 | ) | (39 | ) | |||||||
Total income taxes | $ | 5,812 | $ | 5,606 | $ | 4,959 | |||||||
Reconciliation of statutory Federal tax provision | ' | ||||||||||||
A reconciliation of the statutory Federal tax provision (34%) to the total provision follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory Federal tax provision | $ | 5,258 | $ | 5,069 | $ | 4,775 | |||||||
State income taxes, net of Federal benefit | 808 | 775 | 231 | ||||||||||
Tax-exempt interest | (34 | ) | (33 | ) | (32 | ) | |||||||
Amortization of investment tax credit | (39 | ) | (39 | ) | (39 | ) | |||||||
Cash value of life insurance | (32 | ) | (27 | ) | 90 | ||||||||
Domestic production deduction | (154 | ) | (140 | ) | (115 | ) | |||||||
Other, net | 5 | 1 | 49 | ||||||||||
Total income taxes | $ | 5,812 | $ | 5,606 | $ | 4,959 | |||||||
Schedule of deferred tax assets and liabilities | ' | ||||||||||||
The tax effects of temporary differences between book and tax balances that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2013 and 2012 are summarized in the following table: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserve for doubtful accounts | $ | 130 | $ | 124 | |||||||||
Compensated absences | 193 | 200 | |||||||||||
Deferred compensation | 1,265 | 1,328 | |||||||||||
Customers' advances and contributions | 20 | 37 | |||||||||||
Deferred taxes associated with the gross-up of revenues necessary to return, in rates, the effect of temporary differences | 114 | 114 | |||||||||||
Pensions | 2,010 | 4,895 | |||||||||||
Other costs deducted for book, not for tax | 37 | 43 | |||||||||||
Total deferred tax assets | 3,769 | 6,741 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation | 32,260 | 30,454 | |||||||||||
Investment tax credit | 459 | 482 | |||||||||||
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences | 2,080 | 1,991 | |||||||||||
Tax effect of pension regulatory asset | 2,897 | 5,782 | |||||||||||
Other costs deducted for tax, not for book | 448 | 249 | |||||||||||
Total deferred tax liabilities | 38,144 | 38,958 | |||||||||||
Net deferred tax liability | $ | 34,375 | $ | 32,217 | |||||||||
Reflected on balance sheets as: | |||||||||||||
Current deferred tax asset | $ | (219 | ) | $ | (208 | ) | |||||||
Noncurrent deferred tax liability | 34,594 | 32,425 | |||||||||||
Net deferred tax liability | $ | 34,375 | $ | 32,217 |
LongTerm_Debt_and_ShortTerm_Bo1
Long-Term Debt and Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Debt and Short-Term Borrowings [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-term debt as of December 31, 2013 and 2012 is summarized in the following table: | |||||||||
2013 | 2012 | ||||||||
4.05% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series A, due 2016 | $ | 2,350 | $ | 2,350 | |||||
5.00% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series A, due 2016 | 4,950 | 4,950 | |||||||
10.17% Senior Notes, Series A, due 2019 | 6,000 | 6,000 | |||||||
9.60% Senior Notes, Series B, due 2019 | 5,000 | 5,000 | |||||||
1.00% Pennvest Loan, due 2019 | 248 | 290 | |||||||
10.05% Senior Notes, Series C, due 2020 | 6,500 | 6,500 | |||||||
8.43% Senior Notes, Series D, due 2022 | 7,500 | 7,500 | |||||||
Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series 2008A, due 2029 | 12,000 | 12,000 | |||||||
4.75% Industrial Development Authority Revenue Bonds, Series 2006, due 2036 | 10,500 | 10,500 | |||||||
6.00% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series 2008B, due 2038 | 14,880 | 14,885 | |||||||
5.00% Monthly Senior Notes, Series 2010A, due 2040 | 15,000 | 15,000 | |||||||
Total long-term debt | 84,928 | 84,975 | |||||||
Less current maturities | (43 | ) | (42 | ) | |||||
Long-term portion | $ | 84,885 | $ | 84,933 | |||||
Payments Due by Year | ' | ||||||||
Payments due by year: | |||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||
$43 | $12,043 | $7,344 | $44 | $44 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Measurement of assets and obligations of plans | ' | ||||||||||||||||||||||||
The following table sets forth the plans' funded status as of December 31, 2013 and 2012. The measurement of assets and obligations of the plans is as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Obligations and Funded Status | 2013 | 2012 | |||||||||||||||||||||||
At December 31 | |||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||
Pension benefit obligation beginning of year | $ | 34,726 | $ | 31,580 | |||||||||||||||||||||
Service cost | 1,188 | 1,050 | |||||||||||||||||||||||
Interest cost | 1,280 | 1,288 | |||||||||||||||||||||||
Actuarial (gain) loss | (4,074 | ) | 1,789 | ||||||||||||||||||||||
Benefit payments | (1,066 | ) | (981 | ) | |||||||||||||||||||||
Pension benefit obligation end of year | 32,054 | 34,726 | |||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets beginning of year | 22,666 | 19,815 | |||||||||||||||||||||||
Actual return on plan assets | 3,911 | 2,239 | |||||||||||||||||||||||
Employer contributions | 1,593 | 1,593 | |||||||||||||||||||||||
Benefits paid | (1,068 | ) | (981 | ) | |||||||||||||||||||||
Fair value of plan assets end of year | 27,102 | 22,666 | |||||||||||||||||||||||
Funded Status of Plans at End of Year | $ | (4,952 | ) | $ | (12,060 | ) | |||||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets | ' | ||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net (gain) loss arising during the period | $ | (6,339 | ) | $ | 991 | ||||||||||||||||||||
Recognized net actuarial loss | (698 | ) | (641 | ) | |||||||||||||||||||||
Recognized prior service cost | (10 | ) | (17 | ) | |||||||||||||||||||||
Total changes in regulatory asset during the year | $ | (7,047 | ) | $ | 333 | ||||||||||||||||||||
Amounts recognized in regulatory assets that have not yet been recognized as components of net periodic benefit cost [Table Text Block] | ' | ||||||||||||||||||||||||
Amounts recognized in regulatory assets that have not yet been recognized as components of net periodic benefit cost consist of the following at December 31: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net loss | $ | 4,765 | $ | 11,802 | |||||||||||||||||||||
Prior service cost | 57 | 67 | |||||||||||||||||||||||
Regulatory asset | $ | 4,822 | $ | 11,869 | |||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost are as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Service cost | $ | 1,188 | $ | 1,050 | $ | 930 | |||||||||||||||||||
Interest cost | 1,280 | 1,288 | 1,391 | ||||||||||||||||||||||
Expected return on plan assets | (1,644 | ) | (1,441 | ) | (1,334 | ) | |||||||||||||||||||
Plan amendments | - | - | 92 | ||||||||||||||||||||||
Amortization of loss | 698 | 641 | 313 | ||||||||||||||||||||||
Amortization of prior service cost | 10 | 17 | 17 | ||||||||||||||||||||||
Rate-regulated adjustment | 61 | 38 | 184 | ||||||||||||||||||||||
Net periodic benefit cost | $ | 1,593 | $ | 1,593 | $ | 1,593 | |||||||||||||||||||
Regulatory assets to be reclassified into net periodic benefit cost during the next 12 months [Table Text Block] | ' | ||||||||||||||||||||||||
The estimated costs for the defined benefit pension plans relating to the December 31, 2013 balance sheet that will be amortized from regulatory assets into net periodic benefit cost over the next fiscal year are as follows: | |||||||||||||||||||||||||
Net loss | $ | 130 | |||||||||||||||||||||||
Net prior service cost | 10 | ||||||||||||||||||||||||
$ | 140 | ||||||||||||||||||||||||
Benefit payments, which reflect expected future service, as appropriate, are expected to be paid | ' | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in each of the next five years and the subsequent five years in the aggregate: | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019-2023 | ||||||||||||||||||||
$1,280 | $1,504 | $1,541 | $1,543 | $1,709 | $9,853 | ||||||||||||||||||||
Projected benefit obligation and fair value of plan assets | ' | ||||||||||||||||||||||||
The following tables show the projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets as of December 31: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 32,054 | $ | 34,726 | |||||||||||||||||||||
Fair value of plan assets | 27,102 | 22,666 | |||||||||||||||||||||||
Accumulated benefit obligation and fair value of plan assets | ' | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accumulated benefit obligation | $ | 29,279 | $ | 31,412 | |||||||||||||||||||||
Fair value of plan assets | 27,102 | 22,666 | |||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost | ' | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Discount rate | 4.65% | 3.75% | |||||||||||||||||||||||
Rate of compensation increase | 3.00% | 3.00% | |||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Discount rate | 3.75% | 4.25% | 5.35% | ||||||||||||||||||||||
Expected long-term return on plan assets | 7.00% | 7.00% | 7.00% | ||||||||||||||||||||||
Rate of compensation increase | 3.00% | 3.00% | 3.50 - 4.00% | ||||||||||||||||||||||
Fair values of pension plan assets | ' | ||||||||||||||||||||||||
The fair values of the Company's pension plan assets at December 31, 2013 and 2012 by asset category and fair value hierarchy level are as follows. The majority of the valuations are based on quoted prices on active markets (Level 1), with the remaining valuations based on broker/dealer quotes, active market makers, models, and yield curves (Level 2). | |||||||||||||||||||||||||
Total | Quoted Prices in | Significant Other | |||||||||||||||||||||||
Fair | Active Markets for | Observable Inputs | |||||||||||||||||||||||
Value | Identical Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Asset Category | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Cash and Money Market Funds (a) | $ | 621 | $ | 534 | $ | 621 | $ | 534 | $ | - | $ | - | |||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Common Equity Securities (b) | 5,136 | 3,974 | 5,136 | 3,974 | - | - | |||||||||||||||||||
Equity Mutual Funds (c) | 13,907 | 11,309 | 13,907 | 11,309 | - | - | |||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
U.S. Treasury Obligations | 815 | 355 | - | - | 815 | 355 | |||||||||||||||||||
U.S. Government Agencies | - | 806 | - | - | - | 806 | |||||||||||||||||||
Corporate and Foreign Bonds (d) | 398 | 409 | - | - | 398 | 409 | |||||||||||||||||||
Fixed Income Mutual Funds (e) | 6,225 | 5,279 | 6,225 | 5,279 | - | - | |||||||||||||||||||
Total Plan Assets | $ | 27,102 | $ | 22,666 | $ | 25,889 | $ | 21,096 | $ | 1,213 | $ | 1,570 | |||||||||||||
(a) | The portfolios are designed to keep approximately three months of distributions in immediately available funds. The Company was more heavily-weighted in cash as of December 31, 2013 in anticipation of the curtailment of quantitative easing by the government causing a quick rise in interest rates. | ||||||||||||||||||||||||
(b) | This category includes investments in U.S. common stocks widely distributed among consumer discretionary, consumer staples, healthcare, information technology, financial services, telecommunications, industrials, energy and utilities. The individual stocks are primarily large cap stocks which track with the S&P 500 with the exception of $404 (1.5% of total plan assets) which is invested in York Water Company common stock. | ||||||||||||||||||||||||
(c) | This category includes a majority of investments in closed-end mutual funds as well as domestic equity mutual funds, U.S. commodities used primarily as inflation hedges, and international mutual funds which give the portfolio exposure to small, mid and large cap index funds as well as international diversified index funds. | ||||||||||||||||||||||||
(d) | This category currently includes only the U.S. corporate bonds and notes of one holding company engaged in a number of diverse business activities. | ||||||||||||||||||||||||
(e) | This category includes fixed income investments in mutual funds which include government, corporate and mortgage securities of both the U.S. and other countries. The mortgage and asset-backed securities and non-U.S. corporate and sovereign investments add further diversity to the fixed income portion of the portfolio. |
Notes_Receivable_and_Customers1
Notes Receivable and Customers' Advances for Construction (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Receivable and Customers' Advances for Construction [Abstract] | ' | ||||||||
Amounts related to water district projects included in balance sheet [Table Text Block] | ' | ||||||||
Included in the accompanying balance sheets at December 31, 2013 and 2012 were the following amounts related to these projects. | |||||||||
2013 | 2012 | ||||||||
Notes receivable, including interest | $ | 306 | $ | 338 | |||||
Customers' advances for construction | 928 | 938 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Fair Value of Financial Instruments [Abstract] | ' | ||
Interest Rate Swap Liability at Fair Value | ' | ||
The Company has recorded its interest rate swap liability at fair value in accordance with the standards. The liability is recorded under the caption "Other deferred credits" on the balance sheet. The table below illustrates the fair value of the interest rate swap as of the end of the reporting period. | |||
Description | 31-Dec-13 | Fair Value Measurements | |
at Reporting Date Using | |||
Significant Other Observable Inputs (Level 2) | |||
Interest Rate Swap | $1,641 | $1,641 | |
Fair values are measured as the present value of all expected future cash flows based on the LIBOR-based swap yield curve as of the date of the valuation. These inputs to this calculation are deemed to be Level 2 inputs. The balance sheet carrying value reflects the Company's credit quality as of December 31, 2013. The rate used in discounting all prospective cash flows anticipated to be made under this swap reflects a representation of the yield to maturity for 30-year debt on utilities rated A- as of December 31, 2013. The use of the Company's credit quality resulted in a reduction in the swap liability of $14. The fair value of the swap reflecting the Company's credit quality as of December 31, 2012 is shown in the table below. | |||
Description | 31-Dec-12 | Fair Value Measurements | |
at Reporting Date Using | |||
Significant Other Observable Inputs (Level 2) | |||
Interest Rate Swap | $2,836 | $2,836 |
Taxes_Other_than_Income_Taxes_
Taxes Other than Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Taxes Other Than Income Taxes [Abstract] | ' | ||||||||||||
Components of taxes other than income taxes | ' | ||||||||||||
The following table provides the components of taxes other than income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Regulatory Assessment | $ | 220 | $ | 228 | $ | 213 | |||||||
Property | 364 | 342 | 332 | ||||||||||
Payroll, net of amounts capitalized | 462 | 458 | 445 | ||||||||||
Capital Stock | 75 | 151 | 216 | ||||||||||
Other | 1 | 1 | 1 | ||||||||||
Total taxes other than income taxes | $ | 1,122 | $ | 1,180 | $ | 1,207 |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
2013 | |||||||||||||||||||||
Operating revenues | $ | 10,069 | $ | 10,737 | $ | 10,912 | $ | 10,665 | $ | 42,383 | |||||||||||
Operating income | 4,773 | 5,301 | 5,367 | 5,320 | 20,761 | ||||||||||||||||
Net income | 2,139 | 2,342 | 2,535 | 2,638 | 9,654 | ||||||||||||||||
Basic earnings per share | 0.17 | 0.18 | 0.19 | 0.21 | 0.75 | ||||||||||||||||
Dividends declared per share | 0.1383 | 0.1383 | 0.1383 | 0.1431 | 0.558 | ||||||||||||||||
2012 | |||||||||||||||||||||
Operating revenues | $ | 9,669 | $ | 10,352 | $ | 11,025 | $ | 10,401 | $ | 41,447 | |||||||||||
Operating income | 4,427 | 5,052 | 5,781 | 5,313 | 20,573 | ||||||||||||||||
Net income | 1,941 | 2,204 | 2,760 | 2,398 | 9,303 | ||||||||||||||||
Basic earnings per share | 0.15 | 0.17 | 0.22 | 0.18 | 0.72 | ||||||||||||||||
Dividends declared per share | 0.1336 | 0.1336 | 0.1336 | 0.1383 | 0.5391 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies | ' | ' | ' |
Utility plant acquisition adjustments | $2,900 | $2,904 | ' |
Amortization of utility plant acquisition adjustments | 50 | 50 | 50 |
Deferred investment tax credits | 773 | 812 | ' |
PPUC approved rate for AFUDC (in hundredths) | 0.1004 | 0.1004 | 0.1004 |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | 301,570 | 292,483 | ' |
Effective rate of depreciation (in hundredths) | 2.28% | 2.13% | 2.11% |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Regulatory assets | 16,123 | 23,835 | ' |
Interest Rate Swap Derivatives [Abstract] | ' | ' | ' |
Interest rate swap settlements reclassified to interest expense | 366 | ' | ' |
Interest rate swap gain (loss) capitalized | 830 | ' | ' |
Interest rate swap settlements to be reclassified during the next 12 months | 362 | ' | ' |
Interest rate swap expire period | 1-Oct-29 | ' | ' |
Income taxes [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Regulatory assets | 5,653 | 5,459 | ' |
Regulatory liability | 809 | 836 | ' |
Postretirement benefits [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Regulatory assets | 7,136 | 14,244 | ' |
Unrealized swap losses [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Regulatory assets | 1,611 | 2,807 | ' |
Utility plant retirement costs [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Regulatory assets | 1,408 | 1,313 | ' |
Remaining Recovery Periods, Assets | '5 years | ' | ' |
Rate case filing expenses [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Regulatory assets | 308 | 2 | ' |
Remaining Recovery Periods, Assets | '2 years | ' | ' |
Service life study expenses [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Regulatory assets | 7 | 10 | ' |
Remaining Recovery Periods, Assets | '4 years | ' | ' |
Minimum [Member] | Income taxes [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Remaining Recovery Periods, Liability | '1 year | ' | ' |
Minimum [Member] | Postretirement benefits [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Remaining Recovery Periods, Assets | '5 years | ' | ' |
Minimum [Member] | Unrealized swap losses [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Remaining Recovery Periods, Assets | '1 year | ' | ' |
Maximum [Member] | Income taxes [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Remaining Recovery Periods, Liability | '50 years | ' | ' |
Maximum [Member] | Postretirement benefits [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Remaining Recovery Periods, Assets | '10 years | ' | ' |
Maximum [Member] | Unrealized swap losses [Member] | ' | ' | ' |
Regulatory Assets and Liabilities [Abstract] | ' | ' | ' |
Remaining Recovery Periods, Assets | '16 years | ' | ' |
Mains and Accessories [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | 157,113 | 152,193 | ' |
Mains and Accessories [Member] | Minimum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '8 years | ' | ' |
Mains and Accessories [Member] | Maximum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '84 years | ' | ' |
Services, meters and hydrants [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | 61,206 | 59,211 | ' |
Services, meters and hydrants [Member] | Minimum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '19 years | ' | ' |
Services, meters and hydrants [Member] | Maximum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '55 years | ' | ' |
Operations structures, reservoirs and water tanks [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | 42,692 | 42,186 | ' |
Operations structures, reservoirs and water tanks [Member] | Minimum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '14 years | ' | ' |
Operations structures, reservoirs and water tanks [Member] | Maximum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '41 years | ' | ' |
Pumping and treatment equipment [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | 23,411 | 22,933 | ' |
Pumping and treatment equipment [Member] | Minimum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '3 years | ' | ' |
Pumping and treatment equipment [Member] | Maximum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '31 years | ' | ' |
Office, transportation and operating equipment [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | 10,994 | 10,728 | ' |
Office, transportation and operating equipment [Member] | Minimum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '3 years | ' | ' |
Office, transportation and operating equipment [Member] | Maximum [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Approximate range of remaining lives | '22 years | ' | ' |
Land and other non-depreciable assets [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | 3,127 | 3,121 | ' |
Approximate range of remaining lives | '0 years | ' | ' |
Utility plant in service [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | 298,543 | 290,372 | ' |
Construction work in progress [Member] | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ' | ' | ' |
Total Utility Plant | $3,027 | $2,111 | ' |
Approximate range of remaining lives | '0 years | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asbury Pointe Water and Sewer Company [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Date of Acquisition Agreement | 31-Jul-12 | ' |
Business Acquisition, Effective Date of Acquisition | 1-Aug-12 | ' |
Number of Customers Acquired | 240 | ' |
Purchase price | $359 | ' |
Change in acquisition adjustment | 1 | ' |
Acquisition adjustment | 368 | 367 |
York Starview, LP [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Date of Acquisition Agreement | 16-Aug-12 | ' |
Business Acquisition, Effective Date of Acquisition | 16-Aug-12 | ' |
Number of Customers Acquired | 240 | ' |
Purchase price | 131 | ' |
Acquisition adjustment | 36 | ' |
Section A Water Corporation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Date of Acquisition Agreement | 12-Oct-12 | ' |
Business Acquisition, Effective Date of Acquisition | 15-Oct-12 | ' |
Number of Customers Acquired | 100 | ' |
Purchase price | 171 | ' |
Acquisition adjustment | 35 | ' |
Windy Brae Mobile Home Park [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Date of Acquisition Agreement | 7-Mar-13 | ' |
Business Acquisition, Effective Date of Acquisition | 11-Mar-13 | ' |
Number of Customers Acquired | 135 | ' |
Purchase price | 29 | ' |
Acquisition adjustment | $45 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Provisions for income taxes [Abstract] | ' | ' | ' | ' |
Federal current | $2,720 | $2,100 | $1,357 | ' |
State current | 1,153 | 1,195 | 413 | ' |
Federal deferred | 1,907 | 2,371 | 3,291 | ' |
State deferred | 71 | -21 | -63 | ' |
Federal investment tax credit, net of current utilization | -39 | -39 | -39 | ' |
Total income taxes | 5,812 | 5,606 | 4,959 | ' |
Reconciliation of statutory Federal tax provision [Abstract] | ' | ' | ' | ' |
Statutory Federal tax provision | 5,258 | 5,069 | 4,775 | ' |
State income taxes, net of Federal benefit | 808 | 775 | 231 | ' |
Tax-exempt interest | -34 | -33 | -32 | ' |
Amortization of investment tax credit | -39 | -39 | -39 | ' |
Cash value of life insurance | -32 | -27 | 90 | ' |
Domestic production deduction | -154 | -140 | -115 | ' |
Other, net | 5 | 1 | 49 | ' |
Total income taxes | 5,812 | 5,606 | 4,959 | ' |
Reconciliation of statutory Federal tax provision (in hundredths) | 34.00% | 34.00% | 34.00% | ' |
Deferred tax assets [Abstract] | ' | ' | ' | ' |
Reserve for doubtful accounts | 130 | 124 | ' | ' |
Compensated absences | 193 | 200 | ' | ' |
Deferred compensation | 1,265 | 1,328 | ' | ' |
Customers' advances and contributions | 20 | 37 | ' | ' |
Deferred taxes associated with the gross-up of revenues necessary to return, in rates, the effect of temporary differences | 114 | 114 | ' | ' |
Pensions | 2,010 | 4,895 | ' | ' |
Other costs deducted for book, not for tax | 37 | 43 | ' | ' |
Total deferred tax assets | 3,769 | 6,741 | ' | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' | ' |
Accelerated depreciation | 32,260 | 30,454 | ' | ' |
Investment tax credit | 459 | 482 | ' | ' |
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences | 2,080 | 1,991 | ' | ' |
Tax effect of pension regulatory asset | 2,897 | 5,782 | ' | ' |
Other costs deducted for tax, not for book | 448 | 249 | ' | ' |
Total deferred tax liabilities | 38,144 | 38,958 | ' | ' |
Net deferred tax liability | 34,375 | 32,217 | ' | ' |
Reflected on balance sheets as [Abstract] | ' | ' | ' | ' |
Current deferred tax asset | -219 | -208 | ' | ' |
Noncurrent deferred tax liability | 34,594 | 32,425 | ' | ' |
Net deferred tax liability | 34,375 | 32,217 | ' | ' |
Other Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Valuation allowance | 0 | 0 | ' | ' |
Open tax year | ' | '2012 | '2011 | '2010 |
Interest or penalties | $0 | $0 | $0 | ' |
LongTerm_Debt_and_ShortTerm_Bo2
Long-Term Debt and Short-Term Borrowings (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $84,928 | $84,975 |
Less current maturities | -43 | -42 |
Long-term portion | 84,885 | 84,933 |
Payments due by year [Abstract] | ' | ' |
2014 | 43 | ' |
2015 | 12,043 | ' |
2016 | 7,344 | ' |
2017 | 44 | ' |
2018 | 44 | ' |
Long Term debt [Abstract] | ' | ' |
Maximum borrowing percentage of utility plant (in hundredths) | 60.00% | ' |
Base amount added to annual net income to determine restriction on dividends and stock acquisition | 1,500 | ' |
Line of Credit Facility [Abstract] | ' | ' |
Unsecured lines of credit aggregating amount | 29,000 | ' |
Number of banks in wich unsecured line of credit maintained | 3 | ' |
Line of credit compensating balance requirement | 0 | 500 |
Unsecured Line of Credit, First Note [Member] | ' | ' |
Line of Credit Facility [Abstract] | ' | ' |
Unsecured lines of credit aggregating amount | 13,000 | ' |
Line of credit maturity date | 1-May-15 | ' |
Basis for interest rate | 'LIBOR plus 1.20% | ' |
Line of credit amount outstanding | 0 | 0 |
Unsecured Line of Credit, Second Note [Member] | ' | ' |
Line of Credit Facility [Abstract] | ' | ' |
Unsecured lines of credit aggregating amount | 11,000 | ' |
Line of credit maturity date | 1-May-15 | ' |
Basis for interest rate | 'LIBOR plus 1.25% | ' |
Line of credit amount outstanding | 0 | 0 |
Unsecured Line of Credit, Third Note [Member] | ' | ' |
Line of Credit Facility [Abstract] | ' | ' |
Unsecured lines of credit aggregating amount | 5,000 | ' |
Line of credit maturity date | 1-Jun-14 | ' |
Basis for interest rate | 'LIBOR plus 1.50% | ' |
Line of credit amount outstanding | 0 | 0 |
Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series A, due 2016, 4.05 Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 2,350 | 2,350 |
Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series A, due 2016, 5.00 Percent [Member | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 4,950 | 4,950 |
Senior Notes, Series A, due 2019, 10.17 percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 6,000 | 6,000 |
Senior Notes, Series B, due 2019, 9.6 percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 5,000 | 5,000 |
Pennvest Loan, due 2019, 1.00 percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 248 | 290 |
Long Term debt [Abstract] | ' | ' |
Amount of receivables as collateral | 800 | ' |
Senior Notes, Series C, due 2020, 10.05 percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 6,500 | 6,500 |
Senior Notes, Series D, due 2022, 8.43 percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 7,500 | 7,500 |
Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds Series 2008A due 2029 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 12,000 | 12,000 |
Long Term debt [Abstract] | ' | ' |
Variable interest rate, annual average (in hundredths) | 0.13% | 0.19% |
Variable interest rate, at year end (in hundredths) | 0.09% | 0.14% |
Interest Rate Swap Derivatives [Abstract] | ' | ' |
Notional amount of swap | 12,000 | ' |
Fixed interest rate paid to the counterparty (in hundredths) | 3.16% | ' |
Net payment rate on swap (in hundredths) | 3.05% | 3.01% |
Potential payment to counterparty | 1,655 | ' |
Interest rate spread in basis points | 1 | 2 |
Overall effective rate, including variable interest and swap payments (in hundredths) | 3.15% | 3.18% |
Basis for floating interest rate paid to the Company | '59% of the U.S. Dollar one-month LIBOR rate | ' |
Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds Series 2008A due 2029 [Member] | Letter of Credit [Member] | ' | ' |
Line of Credit Facility [Abstract] | ' | ' |
Line of credit maturity date | 6-May-15 | ' |
Industrial Development Authority Revenue Bonds, series 2006, due 2036, 4.75 percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 10,500 | 10,500 |
Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds, Series 2008B, due 2038, 6.00 percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 14,880 | 14,885 |
Long Term debt [Abstract] | ' | ' |
Special provision, amount to be redeemed per individual interest, per year, maximum | 25 | ' |
Special provision, amount to be redeemed in the aggregate, per year, maximum | 300 | ' |
Special provision, repayment of bonds | 5 | 0 |
Monthly Senior Notes, Series 2010A, due 2040, 5.00 percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $15,000 | $15,000 |
Common_Stock_and_Earnings_Per_1
Common Stock and Earnings Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock And Earnings Per Share [Abstract] | ' | ' | ' |
Weighted average number of shares outstanding (in shares) | 12,928,040 | 12,847,160 | 12,734,420 |
Common Stock Issues by Plan [Line Items] | ' | ' | ' |
Number of shares authorized to be repurchased under the stock repurchase program | 1,200,000 | ' | ' |
Number of shares repurchased and retired under the stock repurchase program | 94,414 | ' | ' |
Number of remaining shares authorized to be repurchased under the stock repurchase program | 1,105,586 | ' | ' |
Employee stock purchase plan [Member] | ' | ' | ' |
Common Stock Issues by Plan [Line Items] | ' | ' | ' |
Minimum service period required to purchase shares | '90 days | ' | ' |
Maximum gross compensation allocated to purchase shares | 10.00% | ' | ' |
Percentage of purchase price of fair market value (in hundredths) | 95.00% | ' | ' |
Shares authorized under registration statement | 80,000 | ' | ' |
Shares issued during period (in shares) | 6,711 | 7,776 | 7,814 |
Number of authorized shares remains unissued (in shares) | 95,559 | ' | ' |
Direct Stock Purchase and Sale portion of plan [Member] | ' | ' | ' |
Common Stock Issues by Plan [Line Items] | ' | ' | ' |
Percentage of purchase price of fair market value (in hundredths) | 100.00% | ' | ' |
Optional dividend reinvestment portion of plan [Member] | ' | ' | ' |
Common Stock Issues by Plan [Line Items] | ' | ' | ' |
Percentage of purchase price of fair market value (in hundredths) | 95.00% | ' | ' |
2008 Dividend Reinvestment and Direct Stock Purchase and Sale Plan [Member] | ' | ' | ' |
Common Stock Issues by Plan [Line Items] | ' | ' | ' |
Shares issued during period (in shares) | 112,163 | 119,186 | 91,803 |
2013 Dividend Reinvestment and Direct Stock Purchase Plan [Member] | ' | ' | ' |
Common Stock Issues by Plan [Line Items] | ' | ' | ' |
Shares authorized under registration statement | 500,000 | ' | ' |
Shares issued during period (in shares) | 36,188 | ' | ' |
Number of authorized shares remains unissued (in shares) | 463,812 | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Estimated employer contributions | $2,182,000 | ' | ' | ||
Change in Benefit Obligation [Abstract] | ' | ' | ' | ||
Pension benefit obligation beginning of year | 34,726,000 | 31,580,000 | ' | ||
Service cost | 1,188,000 | 1,050,000 | 930,000 | ||
Interest cost | 1,280,000 | 1,288,000 | 1,391,000 | ||
Actuarial (gain) loss | -4,074,000 | 1,789,000 | ' | ||
Plan amendments | 0 | 0 | 92,000 | ||
Benefit payments | -1,066,000 | -981,000 | ' | ||
Pension benefit obligation end of year | 32,054,000 | 34,726,000 | 31,580,000 | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets beginning of year | 22,666,000 | 19,815,000 | ' | ||
Actual return on plan assets | 3,911,000 | 2,239,000 | ' | ||
Employer contributions | 1,593,000 | 1,593,000 | ' | ||
Benefits paid | -1,068,000 | -981,000 | ' | ||
Fair value of plan assets end of year | 27,102,000 | 22,666,000 | 19,815,000 | ||
Funded Status of Plans at End of Year | -4,952,000 | -12,060,000 | ' | ||
Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets [Abstract] | ' | ' | ' | ||
Net loss (gain) arising during the period | -6,339,000 | 991,000 | ' | ||
Recognized net actuarial loss | -698,000 | -641,000 | -313,000 | ||
Recognized prior service cost | -10,000 | -17,000 | -17,000 | ||
Total changes in regulatory asset during the year | -7,047,000 | 333,000 | ' | ||
Amounts recognized in regulatory assets that have not yet been recognized as components of net periodic benefit cost [Abstract] | ' | ' | ' | ||
Net loss | 4,765,000 | 11,802,000 | ' | ||
Prior service cost | 57,000 | 67,000 | ' | ||
Regulatory asset | 4,822,000 | 11,869,000 | ' | ||
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ||
Service cost | 1,188,000 | 1,050,000 | 930,000 | ||
Interest cost | 1,280,000 | 1,288,000 | 1,391,000 | ||
Expected return on plan assets | -1,644,000 | -1,441,000 | -1,334,000 | ||
Plan amendments | 0 | 0 | 92,000 | ||
Amortization of loss | 698,000 | 641,000 | 313,000 | ||
Amortization of prior service cost | 10,000 | 17,000 | 17,000 | ||
Rate-regulated adjustment | 61,000 | 38,000 | 184,000 | ||
Net periodic benefit cost | 1,593,000 | 1,593,000 | 1,593,000 | ||
Change in defined benefit plan regulatory asset from pension contribution greater (less) than net periodic benefit cost | 61,000 | ' | ' | ||
Regulatory assets to be reclassified into net periodic benefit cost during the next 12 months [Abstract] | ' | ' | ' | ||
Net loss | 130,000 | ' | ' | ||
Net prior service cost | 10,000 | ' | ' | ||
Regulatory assets to be reclassified into net periodic benefit cost during the next 12 months | 140,000 | ' | ' | ||
Benefit payments expected to be paid for future services [Abstract] | ' | ' | ' | ||
2014 | 1,280,000 | ' | ' | ||
2015 | 1,504,000 | ' | ' | ||
2016 | 1,541,000 | ' | ' | ||
2017 | 1,543,000 | ' | ' | ||
2018 | 1,709,000 | ' | ' | ||
2019-2023 | 9,853,000 | ' | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Accumulated benefit obligation | 29,279,000 | 31,412,000 | ' | ||
Fair value of plan assets | 27,102,000 | 22,666,000 | 19,815,000 | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Projected benefit obligation | 32,054,000 | 34,726,000 | 31,580,000 | ||
Fair value of plan assets | 27,102,000 | 22,666,000 | 19,815,000 | ||
Weighted-average assumptions used to determine benefit obligations [Abstract] | ' | ' | ' | ||
Discount rate (in hundredths) | 4.65% | 3.75% | ' | ||
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | ' | ||
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | ' | ' | ' | ||
Discount rate (in hundredths) | 3.75% | 4.25% | 5.35% | ||
Expected long-term return on plan assets (in hundredths) | 7.00% | 7.00% | 7.00% | ||
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Percentage by which the return on plan assets should exceed the annual rate of inflation (in hundredths) | 3.00% | ' | ' | ||
Maximum equity securities holdings in any one company (in hundredths) | 5.00% | ' | ' | ||
Minimum number of individual stocks that must be included in the domestic stock portfolio | 20 | ' | ' | ||
Minimum number of individual stocks that must be included in the international stock portfolio | 30 | ' | ' | ||
Maximum fixed income securities holdings in any single issuer (in hundredths) | 5.00% | ' | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 27,102,000 | 22,666,000 | 19,815,000 | ||
Fair value of plan assets invested in Company stock | 404,000 | ' | ' | ||
Percentage of fair value of plan assets invested in Company stock (in hundredths) | 1.50% | ' | ' | ||
Defined Contribution Plan [Abstract] | ' | ' | ' | ||
Maximum elective employee contributions (in hundredths) | 15.00% | ' | ' | ||
Company matching contributions (in hundredths) | 100.00% | ' | ' | ||
Maximum annual Company contribution for each employee | 2,800 | ' | ' | ||
Number of employees participating in enhanced feature of plan | 6 | ' | ' | ||
Company's total contributions to defined contribution plan | 222,000 | 244,000 | 220,000 | ||
Maximum annual Company contribution as a percentage of employee's compensation (in hundredths) | 4.00% | ' | ' | ||
Annual Company discretionary contribution | 1,200 | ' | ' | ||
Deferred Compensation [Abstract] | ' | ' | ' | ||
Present value of future obligations | 3,115,000 | 3,271,000 | ' | ||
Total cash value of insurance policies | 3,591,000 | 3,477,000 | ' | ||
Company's expenses under deferred compensation plans | -91,000 | 358,000 | 514,000 | ||
Cash and Money Market Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 621,000 | [1] | 534,000 | [1] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 621,000 | [1] | 534,000 | [1] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 621,000 | [1] | 534,000 | [1] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 621,000 | [1] | 534,000 | [1] | ' |
Common Equity Securities [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 5,136,000 | [2] | 3,974,000 | [2] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 5,136,000 | [2] | 3,974,000 | [2] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 5,136,000 | [2] | 3,974,000 | [2] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 5,136,000 | [2] | 3,974,000 | [2] | ' |
Equity Mutual Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 13,907,000 | [3] | 11,309,000 | [3] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 13,907,000 | [3] | 11,309,000 | [3] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 13,907,000 | [3] | 11,309,000 | [3] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 13,907,000 | [3] | 11,309,000 | [3] | ' |
U.S. Treasury Obligations [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 815,000 | 355,000 | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 815,000 | 355,000 | ' | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 815,000 | 355,000 | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 815,000 | 355,000 | ' | ||
U.S. Government Agencies [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | 806,000 | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | 806,000 | ' | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | 806,000 | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 0 | 806,000 | ' | ||
Corporate and Foreign Bonds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 398,000 | [4] | 409,000 | [4] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 398,000 | [4] | 409,000 | [4] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 398,000 | [4] | 409,000 | [4] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 398,000 | [4] | 409,000 | [4] | ' |
Fixed Income Mutual Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 6,225,000 | [5] | 5,279,000 | [5] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 6,225,000 | [5] | 5,279,000 | [5] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 6,225,000 | [5] | 5,279,000 | [5] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 6,225,000 | [5] | 5,279,000 | [5] | ' |
Minimum [Member] | ' | ' | ' | ||
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | ' | ' | ' | ||
Rate of compensation increase (in hundredths) | ' | ' | 3.50% | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Investment performance objectives benchmark period | '3 years | ' | ' | ||
Maximum equity securities holding in portfolio per industry (in hundredths) | 20.00% | ' | ' | ||
Minimum [Member] | Large cap [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 60.00% | ' | ' | ||
Minimum [Member] | Mid cap [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | Small cap [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | International Developed Nations [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | International Emerging Nations [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | International [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | Mortgage-backed securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 15.00% | ' | ' | ||
Minimum [Member] | High yield bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | U.S. Treasuries [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 15.00% | ' | ' | ||
Minimum [Member] | Federal Agency Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | Corporate bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | Cash and Money Market Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | Common Equity Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 50.00% | ' | ' | ||
Asset allocation of plan assets (in hundredths) | 50.00% | ' | ' | ||
Minimum [Member] | Alternatives [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 0.00% | ' | ' | ||
Minimum [Member] | Debt Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 30.00% | ' | ' | ||
Asset allocation of plan assets (in hundredths) | 30.00% | ' | ' | ||
Maximum [Member] | ' | ' | ' | ||
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | ' | ' | ' | ||
Rate of compensation increase (in hundredths) | ' | ' | 4.00% | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Investment performance objectives benchmark period | '5 years | ' | ' | ||
Maximum equity securities holding in portfolio per industry (in hundredths) | 25.00% | ' | ' | ||
Maximum [Member] | Large cap [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 95.00% | ' | ' | ||
Maximum [Member] | Mid cap [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 25.00% | ' | ' | ||
Maximum [Member] | Small cap [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 10.00% | ' | ' | ||
Maximum [Member] | International Developed Nations [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 25.00% | ' | ' | ||
Maximum [Member] | International Emerging Nations [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 10.00% | ' | ' | ||
Maximum [Member] | International [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 20.00% | ' | ' | ||
Maximum [Member] | Mortgage-backed securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 55.00% | ' | ' | ||
Maximum [Member] | High yield bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 20.00% | ' | ' | ||
Maximum [Member] | U.S. Treasuries [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 55.00% | ' | ' | ||
Maximum [Member] | Federal Agency Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 22.00% | ' | ' | ||
Maximum [Member] | Corporate bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 40.00% | ' | ' | ||
Maximum [Member] | Cash and Money Market Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 10.00% | ' | ' | ||
Maximum [Member] | Common Equity Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 70.00% | ' | ' | ||
Asset allocation of plan assets (in hundredths) | 70.00% | ' | ' | ||
Maximum [Member] | Alternatives [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 20.00% | ' | ' | ||
Maximum [Member] | Debt Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' | ||
Weighted-average target asset allocations (in hundredths) | 50.00% | ' | ' | ||
Asset allocation of plan assets (in hundredths) | 50.00% | ' | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 25,889,000 | 21,096,000 | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 25,889,000 | 21,096,000 | ' | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 25,889,000 | 21,096,000 | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 25,889,000 | 21,096,000 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Money Market Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 621,000 | [1] | 534,000 | [1] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 621,000 | [1] | 534,000 | [1] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 621,000 | [1] | 534,000 | [1] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 621,000 | [1] | 534,000 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Equity Securities [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 5,136,000 | [2] | 3,974,000 | [2] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 5,136,000 | [2] | 3,974,000 | [2] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 5,136,000 | [2] | 3,974,000 | [2] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 5,136,000 | [2] | 3,974,000 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 13,907,000 | [3] | 11,309,000 | [3] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 13,907,000 | [3] | 11,309,000 | [3] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 13,907,000 | [3] | 11,309,000 | [3] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 13,907,000 | [3] | 11,309,000 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Obligations [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | 0 | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Government Agencies [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | 0 | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate and Foreign Bonds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | [4] | 0 | [4] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [4] | 0 | [4] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [4] | 0 | [4] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 0 | [4] | 0 | [4] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Mutual Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 6,225,000 | [5] | 5,279,000 | [5] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 6,225,000 | [5] | 5,279,000 | [5] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 6,225,000 | [5] | 5,279,000 | [5] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 6,225,000 | [5] | 5,279,000 | [5] | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 1,213,000 | 1,570,000 | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 1,213,000 | 1,570,000 | ' | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 1,213,000 | 1,570,000 | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 1,213,000 | 1,570,000 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash and Money Market Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | [1] | 0 | [1] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 0 | [1] | 0 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Common Equity Securities [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | [2] | 0 | [2] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 0 | [2] | 0 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | [3] | 0 | [3] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 0 | [3] | 0 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Obligations [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 815,000 | 355,000 | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 815,000 | 355,000 | ' | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 815,000 | 355,000 | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 815,000 | 355,000 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agencies [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | 806,000 | ' | ||
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | 806,000 | ' | ||
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | 806,000 | ' | ||
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 0 | 806,000 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate and Foreign Bonds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 398,000 | [4] | 409,000 | [4] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 398,000 | [4] | 409,000 | [4] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 398,000 | [4] | 409,000 | [4] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | 398,000 | [4] | 409,000 | [4] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Mutual Funds [Member] | ' | ' | ' | ||
Change in Plan Assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets end of year | 0 | [5] | 0 | [5] | ' |
Accumulated benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [5] | 0 | [5] | ' |
Projected benefit obligation and fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets | 0 | [5] | 0 | [5] | ' |
Fair values of pension plan assets [Abstract] | ' | ' | ' | ||
Total Plan Assets | $0 | [5] | $0 | [5] | ' |
[1] | (a)The portfolios are designed to keep approximately three months of distributions in immediately available funds. The Company was more heavily-weighted in cash as of December 31, 2013 in anticipation of the curtailment of quantitative easing by the government causing a quick rise in interest rates. | ||||
[2] | (b)This category includes investments in U.S. common stocks widely distributed among consumer discretionary, consumer staples, healthcare, information technology, financial services, telecommunications, industrials, energy and utilities. The individual stocks are primarily large cap stocks which track with the S&P 500 with the exception of $404 (1.5% of total plan assets) which is invested in York Water Company common stock. | ||||
[3] | (c)This category includes a majority of investments in closed-end mutual funds as well as domestic equity mutual funds, U.S. commodities used primarily as inflation hedges, and international mutual funds which give the portfolio exposure to small, mid and large cap index funds as well as international diversified index funds. | ||||
[4] | (d)This category currently includes only the U.S. corporate bonds and notes of one holding company engaged in a number of diverse business activities. | ||||
[5] | (e)This category includes fixed income investments in mutual funds which include government, corporate and mortgage securities of both the U.S. and other countries. The mortgage and asset-backed securities and non-U.S. corporate and sovereign investments add further diversity to the fixed income portion of the portfolio. |
Rate_Increases_Details
Rate Increases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rate Increases [Abstract] | ' | ' | ' |
Requested Dollar Increase In Annual Water Revenues From Ppuc | $7,116 | ' | ' |
Requested Dollar Increase In Annual Wastewater Revenue From Ppuc | 28 | ' | ' |
Authorized Dollar Increase In Annual Water Revenue By Ppuc | 4,972 | ' | ' |
Authorized Dollar Increase In Annual Wastewater Revenue By Ppuc | 28 | ' | ' |
Distribution system improvement charge percentage over base rate | 5.00% | ' | ' |
Distribution system improvement charge revenue | $1,445 | $583 | $0 |
Notes_Receivable_and_Customers2
Notes Receivable and Customers' Advances for Construction (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Notes Receivable and Customers' Advances for Construction [Abstract] | ' | ' | ' |
Number of municipalities with agreements to extend water service | 3 | ' | ' |
Interest income on notes receivable | $101 | $98 | $95 |
Minimum interest rates on notes outstanding (in hundredths) | 6.75% | ' | ' |
Maximum interest rates on notes outstanding (in hundredths) | 7.50% | ' | ' |
Amounts related to water district projects included in balance sheet [Abstract] | ' | ' | ' |
Notes receivable, including interest | 306 | 338 | ' |
Customers' advances for construction | 928 | 938 | ' |
Other customers' advances for construction | $10,708 | $12,011 | ' |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Commitments [Abstract] | ' |
Capital budget amount year one | $12,500 |
Capital budget amount year two | 16,900 |
Cost of services, environmental remediation | $186 |
Number of people employed | 104 |
Number of people employed under union contract | 39 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap | $1,641 | $2,836 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Reduction in the fair value of swap liability | 14 | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Customer advances for constructions, fair value estimate not practicable | 11,636 | 12,949 |
Notes receivable, fair value estimate not practicable | 306 | 338 |
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Customer advances for constructions, fair value estimate not practicable | 11,636 | 12,949 |
Notes receivable, fair value estimate not practicable | 306 | 338 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt at fair value | 84,928 | 84,975 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt at fair value | 94,000 | 107,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap | $1,641 | $2,836 |
Taxes_Other_than_Income_Taxes_1
Taxes Other than Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of taxes other than income taxes [Abstract] | ' | ' | ' |
Regulatory Assessment | $220 | $228 | $213 |
Property | 364 | 342 | 332 |
Payroll, net of amounts capitalized | 462 | 458 | 445 |
Capital Stock | 75 | 151 | 216 |
Other | 1 | 1 | 1 |
Total taxes other than income taxes | $1,122 | $1,180 | $1,207 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly financial data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $10,665 | $10,912 | $10,737 | $10,069 | $10,401 | $11,025 | $10,352 | $9,669 | $42,383 | $41,447 | $40,629 |
Operating income | 5,320 | 5,367 | 5,301 | 4,773 | 5,313 | 5,781 | 5,052 | 4,427 | 20,761 | 20,573 | 19,875 |
Net income | $2,638 | $2,535 | $2,342 | $2,139 | $2,398 | $2,760 | $2,204 | $1,941 | $9,654 | $9,303 | $9,084 |
Basic earnings per share (in dollars per share) | $0.21 | $0.19 | $0.18 | $0.17 | $0.18 | $0.22 | $0.17 | $0.15 | $0.75 | $0.72 | $0.71 |
Dividends declared per share (in dollars per share) | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.13 | $0.13 | $0.13 | $0.56 | $0.54 | $0.53 |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule II Valuation and Qualifying Accounts [Abstract] | ' | ' | ' |
Balance at Beginning of Year | $305,000 | $333,681 | $245,000 |
Charge to Cost and Expenses | 290,886 | 302,032 | 480,807 |
Recoveries | 36,369 | 46,789 | 32,801 |
Deductions | 312,255 | 377,502 | 424,927 |
Balance at End of Year | $320,000 | $305,000 | $333,681 |