Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Entities [Table] | ' | ' |
Entity Registrant Name | 'CONNECTICUT WATER SERVICE INC / CT | ' |
Entity Central Index Key | '0000276209 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 11,018,161 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Utility Plant | $627,503,000 | $611,787,000 |
Construction Work in Progress | 11,946,000 | 7,734,000 |
Gross Utility Plant | 639,449,000 | 619,521,000 |
Accumulated Provision for Depreciation | -177,639,000 | -171,610,000 |
Net Utility Plant | 461,810,000 | 447,911,000 |
Other Property and Investments | 7,135,000 | 6,394,000 |
Cash and Cash Equivalents | 1,588,000 | 13,150,000 |
Accounts Receivable (Less Allowance, 2013 - $1,036; 2012 - $1,058) | 14,306,000 | 11,526,000 |
Accrued Unbilled Revenues | 8,708,000 | 7,233,000 |
Materials and Supplies | 2,021,000 | 1,629,000 |
Prepaid Income Taxes - Refund Receivable | 13,813,000 | 347,000 |
Prepayments and Other Current Assets | 6,785,000 | 2,477,000 |
Total Current Assets | 47,221,000 | 36,362,000 |
Restricted Cash | 9,938,000 | 9,820,000 |
Unamortized Debt Issuance Expense | 6,979,000 | 7,411,000 |
Unrecovered Income Taxes - Regulatory Asset | 41,870,000 | 9,871,000 |
Pension Benefits - Regulatory Asset | 16,716,000 | 18,319,000 |
Post-Retirement Benefits Other Than Pension - Regulatory Asset | 3,134,000 | 3,022,000 |
Goodwill | 31,685,000 | 31,685,000 |
Deferred Charges and Other Costs | 9,114,000 | 8,180,000 |
Total Regulatory and Other Long-Term Assets | 119,436,000 | 88,308,000 |
Total Assets | 635,602,000 | 578,975,000 |
CAPITALIZATION AND LIABILITIES | ' | ' |
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2013 - 11,016,494; 2012 - 10,939,486 | 137,085,000 | 134,873,000 |
Retained Earnings (Accumulated Deficit) | 60,108,000 | 51,804,000 |
Accumulated Other Comprehensive Loss | -1,091,000 | -1,328,000 |
Common Stockholders' Equity | 196,102,000 | 185,349,000 |
Preferred Stock | 772,000 | 772,000 |
Long-Term Debt | 175,533,000 | 178,475,000 |
Total Capitalization | 372,407,000 | 364,596,000 |
Debt, Current | 4,103,000 | 1,304,000 |
Interim Bank Loans Payable | 1,324,000 | 1,660,000 |
Accounts Payable and Accrued Expenses | 7,432,000 | 10,016,000 |
Accrued Interest | 1,450,000 | 889,000 |
Customer Refund Liability, Current | 3,100,000 | 0 |
Other Current Liabilities | 1,849,000 | 2,008,000 |
Total Current Liabilities | 19,258,000 | 15,877,000 |
Advances for Construction | 31,566,000 | 31,030,000 |
Contributions in Aid of Construction | 77,346,000 | 77,372,000 |
Deferred Federal and State Income Taxes | 45,537,000 | 40,869,000 |
Unfunded Future Income Taxes | 41,442,000 | 8,992,000 |
Long-Term Compensation Arrangements | 36,279,000 | 36,430,000 |
Unamortized Investment Tax Credits | 1,435,000 | 1,490,000 |
Refund to Customers - Regulatory Liability | 9,299,000 | 0 |
Other Long-Term Liabilities | 1,033,000 | 2,319,000 |
Total Long-Term Liabilities | 243,937,000 | 198,502,000 |
Commitments and Contingencies | 0 | 0 |
Total Capitalization and Liabilities | $635,602,000 | $578,975,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Issued | 11,016,494 | 10,939,486 |
Outstanding | 11,016,494 | 10,939,486 |
ASSETS | ' | ' |
Allowance | $1,036 | $1,058 |
Capitalization, Long-term Debt and Equity [Abstract] | ' | ' |
Common Stock, No Par Value | $0 | $0 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Operating Revenues | $27,632 | $24,461 | $69,906 | $64,349 |
Operating Expenses | ' | ' | ' | ' |
Operation and Maintenance | 11,099 | 10,273 | 31,834 | 29,984 |
Depreciation | 2,684 | 2,387 | 7,988 | 7,166 |
Income Taxes | 1,659 | 2,098 | 5,306 | 5,244 |
Taxes Other Than Income Taxes | 2,135 | 1,985 | 6,105 | 5,675 |
Total Operating Expenses | 17,577 | 16,743 | 51,233 | 48,069 |
Net Operating Revenues | 10,055 | 7,718 | 18,673 | 16,280 |
Other Utility Income, Net of Taxes | 194 | 243 | 579 | 607 |
Total Utility Operating Income | 10,249 | 7,961 | 19,252 | 16,887 |
Other Income (Deductions), Net of Taxes | ' | ' | ' | ' |
Gain (Loss) on Real Estate Transactions | -7 | -31 | -7 | 951 |
Non-Water Sales Earnings | 381 | 329 | 1,143 | 1,012 |
Allowance for Funds Used During Construction | 79 | 59 | 209 | 194 |
Other | 423 | -156 | 251 | -597 |
Total Other Income, Net of Taxes | 876 | 201 | 1,596 | 1,560 |
Interest and Debt Expense | ' | ' | ' | ' |
Interest on Long-Term Debt | 1,827 | 1,925 | 5,405 | 5,772 |
Other Interest Charges | -142 | 172 | -842 | 359 |
Amortization of Debt Expense | -2 | 91 | -80 | 269 |
Total Interest and Debt Expense | 1,683 | 2,188 | 4,483 | 6,400 |
Net Income | 9,442 | 5,974 | 16,365 | 12,047 |
Preferred Stock Dividend Requirement | 10 | 10 | 29 | 29 |
Net Income Applicable to Common Stock | $9,432 | $5,964 | $16,336 | $12,018 |
Weighted Average Common Shares Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 10,835 | 8,689 | 10,819 | 8,669 |
Diluted (in shares) | 11,006 | 8,829 | 10,987 | 8,805 |
Earnings Per Common Share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.87 | $0.69 | $1.51 | $1.39 |
Diluted (in dollars per share) | $0.86 | $0.67 | $1.49 | $1.36 |
Dividends Per Common Share (in dollars per share) | $0.25 | $0.24 | $0.73 | $0.72 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $9,442 | $5,974 | $16,365 | $12,047 |
Other Comprehensive Income, net of tax | ' | ' | ' | ' |
Qualified Cash Flow Hedging Instrument Expense, net of tax benift of $12 and $1 for three months ended September 30, 2013 and 2012, respectively, and $12 and $1 for nine months ended September 30, 2013 and 2012, respectively | 40 | 1 | 41 | 2 |
Reclassification to Pension and Post-Retirement Benefits Other Than Pension, net of tax (expense) benefit of $(34) and $15 for the three months ended September 30, 2013 and 2012 and $(80) and $46 for the nine months ended September 30, 2013 and 2012, respectively | 22 | -18 | 89 | -53 |
Unrealized gain (loss) on investments, net of tax expense of $31 and $20 for the three months ended September 30, 2013 and 2012, repectively, and $66 and $41 for the nine months ended September 30, 2013 and 2012, repectively | 54 | 30 | 107 | 61 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 116 | 13 | 237 | 10 |
Comprehensive Income | $9,558 | $5,987 | $16,602 | $12,057 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income, net of tax | ' | ' | ' | ' |
Qualified Cash Flow Hedging Instrument Expense, net of tax benefitof | $12 | $1 | $12 | $1 |
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (expense) benefit of | -34 | 15 | -80 | 46 |
Unrealized Investment loss, net of tax expense of | ($31) | ($20) | ($66) | ($41) |
CONSOLIDATED_STATEMENTS_OF_RET
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Balance at Beginning of Period | $53,395 | $48,544 | $51,804 | $46,669 |
Net Income | 9,442 | 5,974 | 16,365 | 12,047 |
Retained Earnings before Dividends | 62,837 | 54,518 | 68,169 | 58,716 |
Dividends Declared: | ' | ' | ' | ' |
Cumulative Preferred, Class A, $0.20 per share for the three months ended September 30, 2013 and 2012 and $0.60 for the nine months ended September 30, 2013 and 2012, respectively | 10 | 10 | 29 | 29 |
Common Stock - $0.2475 per share and $0.2425 per share for the three months ended September 30, 2013 and 2012, respectively, and $0.7325 and $0.7175 for the nine months ended September 30, 2013 and 2012, respectively | 2,719 | 2,142 | 8,032 | 6,321 |
Total Dividends Declared | 2,729 | 2,152 | 8,061 | 6,350 |
Balance at End of Period | 60,108 | 52,366 | 60,108 | 52,366 |
Series A Voting | ' | ' | ' | ' |
Dividends Declared: | ' | ' | ' | ' |
Cumulative Preferred, Class A, $0.20 per share for the three months ended September 30, 2013 and 2012 and $0.60 for the nine months ended September 30, 2013 and 2012, respectively | 3 | 3 | 9 | 9 |
Cumulative Preferred Stock | ' | ' | ' | ' |
Dividends Declared: | ' | ' | ' | ' |
Cumulative Preferred, Class A, $0.20 per share for the three months ended September 30, 2013 and 2012 and $0.60 for the nine months ended September 30, 2013 and 2012, respectively | $7 | $7 | $20 | $20 |
CONSOLIDATED_STATEMENTS_OF_RET1
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Dividends Declared: | ' | ' | ' | ' |
Common Stock (in dollars per share) | $0.25 | $0.24 | $0.73 | $0.72 |
Cumulative Preferred Stock | ' | ' | ' | ' |
Dividends Declared: | ' | ' | ' | ' |
Preferred Stock (in dollars per share) | $0.23 | $0.23 | $0.68 | $0.68 |
Series A Voting | ' | ' | ' | ' |
Dividends Declared: | ' | ' | ' | ' |
Preferred Stock (in dollars per share) | $0.20 | $0.20 | $0.60 | $0.60 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
Net Income | $16,365 | $12,047 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' |
Deferred Revenues | -2,583 | 179 |
Provision for Deferred Income Taxes and Investment Tax Credits, Net | -5,063 | -1,756 |
Allowance for Funds Used During Construction | -209 | -194 |
Depreciation (including $533 and $330 in 2013 and 2012 charged to other accounts) | 8,521 | 7,496 |
Gain (Loss) on Sale of Properties | 7 | -951 |
Change in Assets and Liabilities: | ' | ' |
Decrease in Accounts Receivable and Accrued Unbilled Revenues | -4,255 | -4,745 |
Increase in Prepayments and Other Current Assets | -18,170 | -2,173 |
Decrease in Other Non-Current Items | 11,429 | 4,137 |
Decrease in Accounts Payable, Accrued Expenses and Other Current Liabilities | 1,876 | 930 |
Total Adjustments | 1,679 | 6,435 |
Net Cash and Cash Equivalents Provided by Operating Activities | 18,044 | 18,482 |
Investing Activities: | ' | ' |
Company Financed Additions to Utility Plant | -22,703 | -17,779 |
Advances from Others for Construction | -179 | -53 |
Net Additions to Utility Plant Used in Continuing Operations | -22,882 | -17,832 |
Purchase of water systems, net of cash acquired | 0 | -36,340 |
Proceeds from Sale of Land Held-for-investment | 95 | 1,450 |
Release of restricted cash | 1,295 | 6,117 |
Net Cash and Cash Equivalents Used in Investing Activities | -21,492 | -46,605 |
Financing Activities: | ' | ' |
Proceeds from Interim Bank Loans | 1,324 | 22,617 |
Repayment of Interim Bank Loans | -1,660 | -21,372 |
Proceeds from Issuance of Common Stock | 1,209 | 735 |
Proceeds from Issuance of Long-term Debt | 14,550 | 36,088 |
Proceeds from the Exercise of Stock Options | 0 | 631 |
Costs to Issue Long-Term Debt and Common Stock | -42 | -254 |
Repayment of Long-Term Debt Including Current Portion | -15,613 | -871 |
Advances from Others for Construction | 179 | 53 |
Cash Dividends Paid | -8,061 | -6,350 |
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities | -8,114 | 31,277 |
Net (Decrease) Increase in Cash and Cash Equivalents | -11,562 | 3,154 |
Cash and Cash Equivalents at Beginning of Period | 13,150 | 1,012 |
Cash and Cash Equivalents at End of Year | 1,588 | 4,166 |
Non-Cash Investing and Financing Activities: | ' | ' |
Non-Cash Contributed Utility Plant | 438 | 718 |
Short-term Investment of Bond Proceeds Held in Restricted Cash | 9,938 | 9,819 |
Cash Paid for: | ' | ' |
Interest | 4,126 | 5,123 |
State and Federal Income Taxes | $2,550 | $4,337 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' |
Depreciation charged to other accounts | $533 | $330 |
Basis_of_Preparation_of_Financ
Basis of Preparation of Financials | 9 Months Ended | |
Sep. 30, 2013 | ||
Notes To Financial Statements [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
1 | Basis of Preparation of Financials | |
The condensed consolidated financial statements included herein have been prepared by Connecticut Water Service, Inc. and Subsidiaries (the “Company”), pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments that are of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the results for interim periods. The Company’s primary operating subsidiaries are: The Connecticut Water Company (“Connecticut Water”), The Maine Water Company (“Maine Water”) and the Biddeford & Saco Water Company ("BSWC"). Certain information and footnote disclosures have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The Condensed Consolidated Balance Sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2012 and as updated in the Company's Quarterly Report on Forms 10-Q for the periods ended March 31, 2013 and June 30, 2013. | ||
Effective January 1, 2013, the Company began recording an accrual for future patronage refunds from a banking partner based on past history, where in prior years the refund was recorded when received. The Company received $588,000 in patronage distribution during the first quarter of 2013 which related to the year ended December 31, 2012. The Company has determined that changing the accounting to an accrual basis in 2013 is appropriate. The Company believes that the amounts received and recorded in prior periods were not material to the Company's consolidated results of operations or consolidated financial position. | ||
During the second quarter of 2013, the Company recognized that it was not properly amortizing the fair value of debt that was recorded as part of the Company's acquisitions of Maine Water and BSWC. As a result, in the second quarter of 2013, the Company recorded $169,000 and $85,000 of amortization into income relating to year ended December 31, 2012 and the first quarter of 2013, respectively. The Company believes that the amounts recorded were not material to the Company's consolidated results of operations or consolidated financial position. | ||
Certain reclassifications have been made to the 2012 Condensed Consolidated Balance Sheet and the 2012 Condensed Consolidated Statement of Cash Flows to conform previously reported data to the current presentation. | ||
The results for interim periods are not necessarily indicative of results to be expected for the year since the consolidated earnings are subject to seasonal factors. | ||
Regulatory Matters | ||
The rates we charge our Connecticut water customers are established under the jurisdiction of and are approved by the Connecticut Public Utilities Regulatory Authority ("PURA"), formerly the Connecticut Department of Public Utility Control. It is our policy to seek rate relief as necessary to enable us to achieve an adequate rate of return. Connecticut Water’s allowed return on equity and return on rate base, effective as of July 14, 2010 are 9.75% and 7.32%, respectively. | ||
On January 25, 2013, Connecticut Water filed a Water Infrastructure Conservation Act ("WICA") application with the PURA requesting an additional 1.08% surcharge to customer bills related to approximately $6.5 million spending on WICA projects. This application also reduced the surcharge by 0.09% for the prior year reconciliation adjustment which expired April 1, 2013. On January 30, 2013, Connecticut Water filed for a 0.10% reconciliation adjustment for the 2012 shortfall in WICA, to become effective April 1, 2013. On March 25, 2013, the PURA approved an additional 1.06% surcharge, effective April 1, 2013. Additionally, on March 27, 2013, the PURA approved a 0.10% reconciliation adjustment, effective April 1, 2013. As of April 1, 2013, Connecticut Water's cumulative WICA surcharge was 6.80%. | ||
On July 25, 2013, Connecticut Water filed a WICA application with the PURA requesting an additional 1.09% surcharge to customers' bills, representing approximately $5.6 million in WICA related projects. On September 18, 2013 the PURA approved the 1.09% surcharge with the new rates becoming effective on October 1, 2013. As of October 1, 2013, the cumulative WICA surcharge was 7.89%. | ||
On June 28, 2013, Connecticut Water entered into a settlement agreement with the Office of the Consumer Counsel of the State of Connecticut and the Office of the Attorney General for the State of Connecticut (the "Settlement Agreement"), whereby Connecticut Water would adjust the water rates charged to its customers effective April 1, 2014 in accordance with the elements of the Settlement Agreement (the "Connecticut Water Rate Reduction Plan"). On July 1, 2013, Connecticut Water submitted an application to the PURA seeking formal approval of the Settlement Agreement. | ||
The Settlement Agreement contemplates that Connecticut Water will adopt temporary and proposed regulations issued by the Internal Revenue Service ("IRS") that allows the Company to adopt an alternative method for determining how expenditures related to tangible property can be treated for federal tax purposes for tax years beginning on or after January 1, 2012. This tax accounting method change treats certain expenditures that the Company historically capitalized for tax purposes, as a deductible repair expense on its tax return. The adoption of the tax accounting method change allowed Connecticut Water to record a favorable “catch up adjustment” on the Company's consolidated 2012 federal tax return which was filed in September 2013. The Company filed for a tax refund of approximately $13.6 million by carrying back the net operating loss generated from this adjustment. | ||
The Settlement Agreement includes, as a result of negotiated compromise of the parties' respective positions, the following key elements related to the Connecticut Water Rate Reduction Plan: | ||
1) Connecticut Water crediting its water customers with the amount of the catch up adjustment plus the amount by which 2012 federal income taxes are reduced by the repair deduction (the deduction amount filed on the Company's 2012 federal tax return was approximately $45 million) in order to offset an anticipated rate increase arising from the revenue adjustment mechanism authorized by the State of Connecticut in Public Act No. 13-78 with any associated change in rates to also be reflected on Connecticut Water customers' bills as of April 1, 2014; | ||
2) Resetting Connecticut Water's adjustment under Connecticut's WICA mechanism to zero by integrating the present WICA surcharge of 7.89% into Connecticut Water's base rates; and | ||
3) Connecticut Water agreeing not to file for a general rate increase (except under extraordinary circumstances outside Connecticut Water's control) for new rates to be effective any sooner than October 1, 2015. | ||
In the Settlement Agreement, the parties also requested that PURA approve an accounting treatment for Connecticut Water to: 1) allow for the deferral of the tax refund described above and a credit of the tax benefit to customers over a proposed two-year period through a credit on water bills issued starting April 1, 2014 and 2) defer on the balance sheet as a regulatory asset or liability, for later crediting to or collection from customers of the amount by which actual revenues deviate from the revenues allowed in Connecticut Water's in most recent general rate proceedings, including WICA proceedings (the "Revenue Adjustment Mechanism" or "RAM"). The RAM removes the financial disincentive for water utilities to develop and implement effective water conservation programs. | ||
On August 30, 2013, the PURA issued a final decision approving the Settlement Agreement. The Company will begin to issue a credit on customers' bills of approximately 8% beginning April 1, 2014. | ||
Connecticut Water's allowed revenues for the nine months ended September 30, 2013, as approved by PURA during our 2010 general rate case and including subsequently approved WICA surcharges, are approximately $58.3 million. Through normal billing and accrual of unbilled water usage for the nine months ended September 30, 2013 revenue for Connecticut Water would have been approximately $55.5 million had the RAM not been implemented effective January 1, 2013. As a result of the implementation of the RAM, Connecticut Water recorded $2.8 million in additional revenue for the nine months ended September 30, 2013. | ||
The rates we charge our Maine water customers are established under the jurisdiction of and are approved by the MPUC. It is our policy to seek rate relief as necessary to enable us to achieve an adequate rate of return. Maine Water’s average allowed return on equity and return on rate base, as of September 30, 2013 were 10.00% and 8.31%, respectively. BSWC’s allowed return on equity, as of September 30, 2013, was 10.00%. | ||
In April 2013, Maine Water filed for rate increases in three of its divisions, totaling approximately $94,000 in additional revenue, driven primarily by dropping consumption and small expense increases. On July 9, 2013, the MPUC approved rate increases totaling $88,000 for these divisions, to be effective July 1, 2013. In June 2013, Maine Water filed for rate increases in three additional divisions, totaling approximately $554,000 in additional revenue, driven primarily by capital expenditures, declining consumption and small expense increases. These applications are currently under review at the MPUC, and a final decision is expected within nine months of the initial filing. | ||
Effective June 2013, a Water Infrastructure Surcharge (“WISC”) is available in Maine that allows for expedited recovery of investment in water system infrastructure replacement, both treatment and distribution. The Company expects that Maine Water and BSWC will begin to use this in late 2013 or early 2014. | ||
On September 3, 2013, an application was filed with the MPUC to merge Maine Water and BSWC, with Maine Water as the surviving entity. This application is currently under review by the MPUC, and a decision is expected before the end of 2013. |
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Pension and Other Post-Retirement Benefits | ' | |||||||||||||||
2 | Pension and Other Post-Retirement Benefits | |||||||||||||||
The following tables set forth the components of pension and other post-retirement benefit costs for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Components of Net Periodic Cost (in thousands): | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
Period ended September 30, | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service Cost | $ | 550 | $ | 505 | $ | 1,650 | $ | 1,515 | ||||||||
Interest Cost | 696 | 642 | 2,087 | 1,927 | ||||||||||||
Expected Return on Plan Assets | (799 | ) | (674 | ) | (2,397 | ) | (2,020 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior Service Cost | 19 | 19 | 56 | 56 | ||||||||||||
Net Loss | 563 | 438 | 1,689 | 1,315 | ||||||||||||
Net Periodic Benefit Cost | $ | 1,029 | $ | 930 | $ | 3,085 | $ | 2,793 | ||||||||
The Company made a contribution to its defined benefit pension plan of $2,490,000 in 2013 for the 2012 plan year, as allowed by the current funding status. | ||||||||||||||||
Post-Retirement Benefits Other Than Pension (PBOP) | ||||||||||||||||
Components of Net Periodic Cost (in thousands): | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
Period ended September 30, | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service Cost | $ | 169 | $ | 136 | $ | 506 | $ | 411 | ||||||||
Interest Cost | 127 | 136 | 381 | 406 | ||||||||||||
Expected Return on Plan Assets | (73 | ) | (67 | ) | (218 | ) | (202 | ) | ||||||||
Other | 57 | 57 | 169 | 169 | ||||||||||||
Amortization of: | ||||||||||||||||
Transition Obligation | — | 1 | — | 1 | ||||||||||||
Prior Service Cost | (202 | ) | (202 | ) | (605 | ) | (605 | ) | ||||||||
Recognized Net Loss | 108 | 152 | 323 | 458 | ||||||||||||
Net Periodic Benefit Cost | $ | 186 | $ | 213 | $ | 556 | $ | 638 | ||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Earnings per Share | ' | |||||||
3 | Earnings per Share | |||||||
Earnings per weighted average common share are calculated by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding during the respective periods as detailed below (diluted shares include the effect of unexercised stock options): | ||||||||
Three months ended September 30, | 2013 | 2012 | ||||||
Common Shares Outstanding End of Period: | 11,016,494 | 8,848,848 | ||||||
Weighted Average Shares Outstanding (Days Outstanding Basis): | ||||||||
Basic | 10,834,532 | 8,689,116 | ||||||
Diluted | 11,006,240 | 8,829,025 | ||||||
Basic Earnings per Share | $ | 0.87 | $ | 0.69 | ||||
Dilutive Effect of Unexercised Stock Options | (0.01 | ) | (0.02 | ) | ||||
Diluted Earnings per Share | $ | 0.86 | $ | 0.67 | ||||
Nine Months ended September 30, | ||||||||
Weighted Average Shares Outstanding (Days Outstanding Basis): | ||||||||
Basic | 10,818,996 | 8,669,229 | ||||||
Diluted | 10,986,731 | 8,805,061 | ||||||
Basic Earnings per Share | $ | 1.51 | $ | 1.39 | ||||
Dilutive Effect of Unexercised Stock Options | (0.02 | ) | (0.03 | ) | ||||
Diluted Earnings per Share | $ | 1.49 | $ | 1.36 | ||||
Total unrecognized compensation expense for all stock awards was approximately $1.0 million as of September 30, 2013 and will be recognized over a weighted average period of 1.1 years. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Notes To Financial Statements [Abstract] | ' | |
New Accounting Pronouncements | ' | |
4 | New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued updated accounting guidance to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). The update requires an entity to present information about the amounts reclassified from AOCI in their financial statements in either a single note or parenthetically on the face of the financial statements. The updated guidance is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted the provisions of the updated guidance for its quarterly reporting period beginning January 1, 2013. The adoption of the revised guidance had no impact on the Company's consolidated results of operations or consolidated financial position, but the Company did add additional disclosures, see Note 5. | ||
In July 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the Net Operating Loss or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. This ASU is effective prospectively for fiscal years beginning after December 15, 2013. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
5 | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The changes in Accumulated Other Comprehensive Income/(Loss) ("AOCI") by component, net of tax, for the three and nine months ended September 30, 2013 is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, 2013 | Interest Rate Swap | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||||||
Beginning Balance (a) | $ | (40 | ) | $ | 122 | $ | (1,289 | ) | $ | (1,207 | ) | ||||||
Other Comprehensive Income Before Reclassification | — | 54 | — | 54 | |||||||||||||
Amounts Reclassified from AOCI | 40 | — | 22 | 62 | |||||||||||||
Net current-period Other Comprehensive Income | 40 | 54 | 22 | 116 | |||||||||||||
Ending Balance | $ | — | $ | 176 | $ | (1,267 | ) | $ | (1,091 | ) | |||||||
Nine Months Ended September 30, 2013 | Interest Rate Swap | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||||||
Beginning Balance (a) | $ | (41 | ) | $ | 69 | $ | (1,356 | ) | $ | (1,328 | ) | ||||||
Other Comprehensive Income Before Reclassification | — | 95 | — | 95 | |||||||||||||
Amounts Reclassified from AOCI | 41 | 12 | 89 | 142 | |||||||||||||
Net current-period Other Comprehensive Income | 41 | 107 | 89 | 237 | |||||||||||||
Ending Balance | $ | — | $ | 176 | $ | (1,267 | ) | $ | (1,091 | ) | |||||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. | |||||||||||||||||
The following table sets forth the amounts reclassified from AOCI by component and the affected line item on the Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Three Months Ended September 30, 2013(a) | Amounts Reclassified from AOCI Nine Months Ended September 30, 2013(a) | Affected Line Items on Income Statement | ||||||||||||||
Amortization of Cash Flow Hedging Instrument | 28 | 29 | Other Income | ||||||||||||||
Tax benefit | 12 | 12 | Other Income | ||||||||||||||
40 | 41 | ||||||||||||||||
Realized Gains on Investments | — | 21 | Other Income | ||||||||||||||
Tax expense | — | (9 | ) | Other Income | |||||||||||||
— | 12 | ||||||||||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 56 | 169 | Other Income (b) | ||||||||||||||
Tax expense | (34 | ) | (80 | ) | Other Income | ||||||||||||
22 | 89 | ||||||||||||||||
Total Reclassifications for the period, net of tax | 62 | 142 | |||||||||||||||
(a) Amounts in parentheses indicate loss/expense. | |||||||||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||
Long-Term Debt | ' | |||||||||
Long-Term Debt | ||||||||||
Long-Term Debt at September 30, 2013 and December 31, 2012 consisted of the following (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Connecticut Water Service, Inc.: | ||||||||||
4.09% | Term Loan Note | $ | 16,653 | $ | 17,337 | |||||
The Connecticut Water Company: | ||||||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | |||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | |||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | |||||||
5.00% | 2007 A Series, Due 2037 | — | 14,550 | |||||||
5.10% | 2009 A Series, Due 2039 | 19,950 | 19,950 | |||||||
5.00% | 2011 A Series, Due 2021 | 23,651 | 23,797 | |||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | |||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | |||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | |||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | |||||||
4.75% | CoBank Note Payable, Due 2033 | 14,550 | — | |||||||
Total The Connecticut Water Company | 134,811 | 134,957 | ||||||||
The Maine Water Company: | ||||||||||
8.95% | 1994 Series G, Due 2024 | 9,000 | 9,000 | |||||||
2.68% | 1999 Series J, Due 2019 | 474 | 524 | |||||||
0.00% | 2001 Series K, Due 2031 | 739 | 780 | |||||||
2.58% | 2002 Series L, Due 2022 | 90 | 98 | |||||||
1.53% | 2003 Series M, Due 2023 | 401 | 421 | |||||||
1.73% | 2004 Series N, Due 2024 | 451 | 471 | |||||||
0.00% | 2004 Series O, Due 2034 | 140 | 147 | |||||||
1.76% | 2006 Series P, Due 2026 | 451 | 471 | |||||||
1.57% | 2009 Series R, Due 2029 | 242 | 247 | |||||||
0.00% | 2009 Series S, Due 2029 | 717 | 762 | |||||||
0.00% | 2009 Series T, Due 2029 | 2,012 | 2,137 | |||||||
0.00% | 2012 Series U, Due 2042 | 171 | 177 | |||||||
1.00% | 2013 Series V, Due 2033 | 1,410 | — | |||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | |||||||
Total The Maine Water Company | 18,263 | 17,200 | ||||||||
The Biddeford & Saco Water Company | ||||||||||
6.45% | Series M, Due 2014 | 2,700 | 2,700 | |||||||
7.72% | Series L, Due 2018 | 2,250 | 2,250 | |||||||
2.40% | Series N, Due 2022 | 1,297 | 1,297 | |||||||
1.86% | Series O, Due 2025 | 862 | 862 | |||||||
2.23% | Series P, Due 2028 | 1,354 | 1,354 | |||||||
Various | Various Capital Leases | 94 | 126 | |||||||
Total The Biddeford & Saco Water Company | 8,557 | 8,589 | ||||||||
Add: Acquisition Fair Value Adjustment | 1,352 | 1,696 | ||||||||
Less: Current Portion | (4,103 | ) | (1,304 | ) | ||||||
Total Long-Term Debt | $ | 175,533 | $ | 178,475 | ||||||
As of September 30, 2013, the Company and its subsidiaries will make principal payments of approximately $4,103,000 over the next twelve months. | ||||||||||
In December 2011, Connecticut Water borrowed $22.05 million through the issuance of Water Facilities Revenue Bonds by Connecticut Innovations, Inc. (formerly known as the Connecticut Development Authority). Connecticut Water received approximately $24,000,000 in cash in exchange for the issuance of bonds with an aggregate principal amount of $22,050,000 with a maturity date of December 20, 2021 and a 5% coupon. Connecticut Water recorded a bond premium in connection with this transaction and is amortizing that premium over the life of the bond. The proceeds from the sale of the bonds are being used to finance construction and installation of various capital improvements to Connecticut Water’s existing water system. | ||||||||||
There are no mandatory sinking fund payments required on Connecticut Water’s outstanding Water Facilities Revenue Bonds. However, certain fixed rate Unsecured Water Facilities Revenue Refinancing Bonds provide for an estate redemption right whereby the estate of deceased bondholders or surviving joint owners may submit bonds to the Trustee for redemption at par, subject to a $25,000 per individual holder and a 3% annual aggregate limitation. | ||||||||||
On January 1, 2012, the Company and CoBank, ACB ("CoBank") entered into an amendment to the CoBank Agreement (the “Amendment”) and two additional Promissory Note and Single Advance Term Loan Supplements providing for two additional Term Loans to the Company (the “2012 Term Loan Notes”). Under the terms of the Amendment and the 2012 Term Loan Notes, on January 3, 2012 the Company borrowed from CoBank, in the aggregate, an additional $36.1 million of an available $40 million to be applied to the Company’s acquisition of the issued and outstanding capital stock of Aqua Maine, Inc. from Aqua America, Inc. | ||||||||||
Under one Term Loan Note and Supplement, CoBank loaned the Company $18.0 million, which shall be repaid by the Company in 60 equal quarterly installments of principal and interest over a 15-year amortizing term, with the first installment paid on April 20, 2012 and the last installment due on January 20, 2027. Under the other Term Loan Note and Supplement, as amended in September 2012, CoBank loaned the Company $18.1 million, which shall be repaid by the Company in quarterly interest payments and repayment of the principal balance in full on the earlier of January 2, 2014 or upon the Company raising equity capital, in the aggregate, up to the outstanding amount owed under the second Term Note and Supplement. The second Term Note was repaid in December 2012 with a portion of the proceeds from the Company's equity issuance. | ||||||||||
On October 29, 2012, Connecticut Water entered into a Master Loan Agreement (the “Agreement”) with CoBank, ACB, (“CoBank”). Connecticut Water also delivered to CoBank four Promissory Note and Single Advance Term Loan Supplements, each dated October 29, 2012 (the “Promissory Notes”). On the terms and subject to the conditions set forth in the Promissory Notes issued pursuant to the Agreement, CoBank agreed to make unsecured loans (each a “Loan,” and collectively the “Loans”) to Connecticut Water from time to time, in an aggregate principal amount of up to $54,645,000. Connecticut Water used substantially all of the proceeds of the Loans to refinance the 1998 Series A, 1998 Series B, 2003A Series, 2003C Series and 2005A Series bonds outstanding. | ||||||||||
On December 7, 2012, Maine Water entered into an amended and restated Master Loan Agreement with CoBank, pursuant to which CoBank loaned Maine Water $1,965,000, which proceeds were used by Maine Water to reimburse itself for the repayment in full on November 29, 2012 of all principal, accrued interest, premiums, surcharges and other amounts owed by Maine Water pursuant to its long-term bonds previously issued in 1999. | ||||||||||
On March 5, 2013, Connecticut Water and CoBank entered into a Promissory Note and Single Advance Term Loan Supplement to the MLA (the “Note”) in which CoBank agreed to make an additional Loan to Connecticut Water in an aggregate principal amount of up to $14,550,000, with a maturity date of March 4, 2033. Additionally, the Company entered into an Amendment to the Guarantee dated March 5, 2013 (the “Guarantee Amendment”), pursuant to which the Company agreed to guarantee the payment of certain of Connecticut Water's obligations under the Note pursuant to the same terms of the Guarantee. Connecticut Water used substantially all of the proceeds of the Loans to refinance the 2007 A Series bonds outstanding. | ||||||||||
On June 3, 2013, Maine Water completed the issuance of $1,409,888 aggregate principal amount of its First Mortgage Bonds, Series V, 1.0% due April 1, 2033 (the “Bonds”). The Bonds were issued by Maine Water to the Maine Municipal Bond Bank (the “Bank”) and the proceeds of the issuance were loaned (the “Loan”) by the Bank to Maine Water pursuant to a Loan Agreement by and between Maine Water and the Bank dated as of June 3, 2013. The proceeds of the Loan will be used by Maine Water to fund various water facilities projects. | ||||||||||
Financial Covenants – The Company and its subsidiaries are required to comply with certain covenants in connection with various long term loan agreements. The most restrictive of these covenants is to maintain a consolidated debt to capitalization ratio of not more than 60%. The Company and its subsidiaries were in compliance with all covenants at September 30, 2013. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
Fair Value Disclosures | ||||||||||||||||
FASB Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures (“FASB ASC 820”) provides enhanced guidance for using fair value to measure assets and liabilities and expands disclosure with respect to fair value measurements. | ||||||||||||||||
FASB ASC 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels, as follows: | ||||||||||||||||
Level 1 – Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 – Inputs other than Level 1 that are either directly or indirectly observable. | ||||||||||||||||
Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that the Company believes market participants would use. | ||||||||||||||||
The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of September 30, 2013 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Type: | ||||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,719 | $ | — | $ | 2,719 | ||||||||
Money Market Fund | 115 | — | — | 115 | ||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds (1) | 1,378 | — | — | 1,378 | ||||||||||||
Total | $ | 1,493 | $ | 2,719 | $ | — | $ | 4,212 | ||||||||
The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2012 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Type: | ||||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,538 | $ | — | $ | 2,538 | ||||||||
Money Market Fund | 28 | — | — | 28 | ||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds (1) | 1,046 | — | — | 1,046 | ||||||||||||
Total | $ | 1,074 | $ | 2,538 | $ | — | $ | 3,612 | ||||||||
-1 | Mutual funds consist primarily of equity securities and are presented on the Other Property and Investments line item of the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||
The fair value of Company Owned Life Insurance is based on the cash surrender value of the contracts. These contracts are based principally on a referenced pool of investment funds that actively redeem shares and are observable and measurable and are presented on the Other Property and Investments line item of the Company's Condensed Consolidated Balance Sheets. | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each of the following financial instruments, which are not recorded at fair value on the financial statements. | ||||||||||||||||
Cash and cash equivalents – Cash equivalents consist of highly liquid instruments with original maturities at the time of purchase of three months or less. The carrying amount approximates fair value. Under the fair value hierarchy the fair value of cash and cash equivalents is classified as a Level 1 measurement. | ||||||||||||||||
Restricted Cash – As part of the Connecticut Water’s December 2011 and Maine Water's June 2013 bond offerings, the Company recorded unused proceeds from this bond issuance as restricted cash as the funds can only be used for certain capital expenditures. The Company expects to use the remainder of the proceeds during 2013 and 2014, as the approved capital expenditures are completed. The carrying amount approximates fair value. Under the fair value hierarchy the fair value of restricted cash is classified as a Level 1 measurement. | ||||||||||||||||
Long-Term Debt – The fair value of the Company's fixed rate long-term debt is based upon borrowing rates currently available to the Company. As of September 30, 2013 and December 31, 2012, the estimated fair value of the Company's long-term debt was $181,160,000 and $194,900,000, respectively, as compared to the carrying amounts of $175,533,000 and $178,475,000, respectively. The estimated fair value of long term debt was calculated using a discounted cash flow model that uses comparable interest rates and yield curve data based on the A-rated MMD (Municipal Market Data) Index which is the benchmark of current municipal bond yields. Under the fair value hierarchy, the fair value of long term debt is classified as a Level 2 measurement. | ||||||||||||||||
The fair values shown above have been reported to meet the disclosure requirements of accounting principles generally accepted in the United States and do not purport to represent the amounts at which those obligations would be settled. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Segment Reporting | |||||||||||||||||
The Company operates principally in three business segments: Water Activities, Real Estate Transactions, and Services and Rentals. Results of operations for the three and nine months ended September 30, 2013 include the results of BSWC. Financial data for the segments is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income (Loss) | Income Tax Expense (Benefit) | Net Income (Loss) | |||||||||||||
Water Activities | $ | 27,982 | $ | 10,294 | $ | 1,226 | $ | 9,068 | |||||||||
Real Estate Transactions | 95 | (8 | ) | (1 | ) | (7 | ) | ||||||||||
Services and Rentals | 1,491 | 588 | 207 | 381 | |||||||||||||
Total | $ | 29,568 | $ | 10,874 | $ | 1,432 | $ | 9,442 | |||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income (Loss) | |||||||||||||
Water Activities | $ | 24,919 | $ | 7,795 | $ | 2,119 | $ | 5,676 | |||||||||
Real Estate Transactions | — | — | 31 | (31 | ) | ||||||||||||
Services and Rentals | 1,586 | 559 | 230 | 329 | |||||||||||||
Total | $ | 26,505 | $ | 8,354 | $ | 2,380 | $ | 5,974 | |||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income (Loss) | Income Tax Expense (Benefit) | Net Income (Loss) | |||||||||||||
Water Activities | $ | 70,964 | $ | 20,223 | $ | 4,994 | $ | 15,229 | |||||||||
Real Estate Transactions | 95 | (8 | ) | (1 | ) | (7 | ) | ||||||||||
Services and Rentals | 4,357 | 1,875 | 732 | 1,143 | |||||||||||||
Total | $ | 75,416 | $ | 22,090 | $ | 5,725 | $ | 16,365 | |||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
Water Activities | $ | 65,480 | $ | 15,209 | $ | 5,125 | $ | 10,084 | |||||||||
Real Estate Transactions | 1,450 | 1,331 | 380 | 951 | |||||||||||||
Services and Rentals | 4,287 | 1,712 | 700 | 1,012 | |||||||||||||
Total | $ | 71,217 | $ | 18,252 | $ | 6,205 | $ | 12,047 | |||||||||
The revenues shown in Water Activities above consisted of revenues from water customers of $27,632,000 and $24,461,000 for the three months ended September 30, 2013 and 2012, respectively. Additionally, there were revenues associated with utility plant leased to others of $350,000 and $458,000 for the three months ended September 30, 2013 and 2012, respectively. The revenues shown in Water Activities above consisted of revenues from water customers of $69,906,000 and $64,349,000 for the nine months ended September 30, 2013 and 2012, respectively. Additionally, there were revenues associated with utility plant leased to others of $1,058,000 and $1,131,000 for the nine months ended September 30, 2013 and 2012, respectively. The revenues from water customers for the three and nine months ended September 30, 2013 include $2,762,000 in revenues related to the implementation of the RAM during the third quarter of 2013. | |||||||||||||||||
The Company owns various small, discrete parcels of land that are no longer required for water supply purposes. From time to time, the Company may sell or donate these parcels, depending on various factors, including the current market for land, the amount of tax benefits received for donations and the Company’s ability to use any benefits received from donations. During the nine months ended September 30, 2013, the Company completed the sale of a small rental property in the Town of Killingly, CT. During the nine months ended September 30, 2012, the Company completed the previously announced sale of a parcel of land in the Town of Plymouth, CT. | |||||||||||||||||
Assets by segment (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Total Plant and Other Investments: | |||||||||||||||||
Water Activities | $ | 468,240 | $ | 453,625 | |||||||||||||
Non-Water | 705 | 680 | |||||||||||||||
468,945 | 454,305 | ||||||||||||||||
Other Assets: | |||||||||||||||||
Water Activities | 155,602 | 118,020 | |||||||||||||||
Non-Water | 11,055 | 6,650 | |||||||||||||||
166,657 | 124,670 | ||||||||||||||||
Total Assets | $ | 635,602 | $ | 578,975 | |||||||||||||
Income_Tax_Expense
Income Tax Expense | 9 Months Ended | |
Sep. 30, 2013 | ||
Notes To Financial Statements [Abstract] | ' | |
Income Taxes | ' | |
Income Taxes | ||
FASB ASC 740 Income Taxes (“FASB ASC 740”) addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under FASB ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. On June 11, 2013, the Company was notified by the Connecticut Department of Revenue Services that its state tax filings for the years 2009 through 2011 would be reviewed during the fourth quarter of 2013. The Company is also aware that certain of its peers have been challenged on certain tax credits associated with fixed capital investment credits and believes that this may be a focus of the State's review. While the Company firmly believes that all fixed capital investment credits are appropriate and conservatively measured, the Company believes, based on recent activities by taxing authorities, that it is more likely than not that the Company's fixed capital investment credits claimed in prior years may be challenged and ultimately disallowed. Therefore, as required by FASB ASC 740, during the nine months ended September 30, 2013, the Company recorded a reserve of $2.3 million, or 100% of the credits recorded that would be subject to disallowance, of which approximately $0.9 million was recorded in the three months ended September 30, 2013. | ||
On the 2012 tax return, filed in September 2013, the subsidiary Connecticut Water Company filed a change in accounting method to adopt the Internal Revenue Services' temporary tangible property regulations. This method change allowed the Company to take a current year deduction for expenses that were previously capitalized for tax purposes. Since the filing of the 2012 tax return, the IRS has issued final regulations. While the Company believes that the deduction taken on its tax return is appropriate, the methodology for determining the deduction could be challenged by the taxing authorities. Therefore, as required by FASB ASC 740, during the three and nine months ended September 30, 2013, the Company recorded a reserve of $2.2 million for a portion of the benefit that is not being returned to customers. | ||
From time to time, the Company may be assessed interest and penalties by taxing authorities. In those cases, the charges would appear on the Other line item within the Other Income (Deductions), Net of Taxes section of the Company's Condensed Consolidated Statements of Income. There were no such charges for the nine months ended September 30, 2013 and 2012. Additionally, there were no accruals relating to interest or penalties as of September 30, 2013 and December 31, 2012. The Company remains subject to examination by federal authorities for the 2010, 2011 and 2012 tax years. | ||
The Company is currently engaged in an analysis to determine the amount of expenditures related to tangible property that will be reflected on its 2013 Federal Tax Return to be filed in September 2014. As a result, through the third quarter of 2013, the Company has estimated the portion of its infrastructure investment that will qualify as a repair deduction for 2013 and has reflected that deduction in its effective tax rate at 50% of the expected $15 million of infrastructure improvement. Consistent with other differences between book and tax expenditures, the Company is required to flow-through any timing differences not required by the Internal Revenue Service to be normalized. | ||
The Company’s effective income tax rate for the three months ended of September 30, 2013 and 2012 was 13.2% and 28.5%, respectively. The Company's effective tax rate, excluding discrete items booked during the quarter, was 16.1% for the three months ended September 30, 2013. The statutory income tax rates during each period was 41%. In determining its annual estimated effective tax rate for interim periods, the Company reflects its estimated permanent and flow-through tax differences for the taxable year, including the basis difference for the adoption of the tangible property regulations in the current year. | ||
The Company’s effective income tax rate for the first nine months of 2013 and 2012 was 25.9% and 34.0%, respectively. The Company's effective tax rate, excluding discrete items such as the tax reserves described above and the 2012 return to accrual true up, was 27.3% for the nine months ended September 30, 2013. The statutory income tax rates during each period was 41%. In determining its annual estimated effective tax rate for interim periods, the Company reflects its estimated permanent and flow-through tax differences for the taxable year, including the basis difference for the adoption of the tangible property regulations in the current year. |
Lines_of_Credit
Lines of Credit | 9 Months Ended | |
Sep. 30, 2013 | ||
Notes To Financial Statements [Abstract] | ' | |
Lines of Credit | ' | |
Lines of Credit | ||
On June 30, 2009, the Company entered into a $15 million line of credit agreement with CoBank, ACB, which was amended in May 2010, July 2011 and September 2012 and is currently scheduled to expire on July 1, 2014. The Company maintains an additional line of credit of $20 million, with an expiration date of June 30, 2014. On June 30, 2013, the Company allowed BSWC's $2.25 million line of credit to expire. As of September 30, 2013, the total lines of credit available to the Company was $35.0 million. Interim Bank Loans Payable at September 30, 2013 and December 31, 2012 was approximately $1.3 million and $1.7 million, respectively, and represents the outstanding aggregate balances on these lines of credit. As discussed in Part I, Item 2 below, the Company used a portion of the $47.5 million of net proceeds of its December 2012 equity issuance to pay down a portion of its outstanding balances on these lines of credit. As of September 30, 2013, the Company had $33.7 million in unused lines of credit. Interest expense charged on interim bank loans will fluctuate based on market interest rates. |
Aquisitions
Aquisitions | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Business Combination Disclosure [Text Block] | ' | |||||||
Acquisitions | ||||||||
Effective December 10, 2012, the Company completed the acquisition of the Biddeford & Saco Water Company ("BSWC"). This acquisition further expanded the Company's footprint into another New England state, providing the Company with diversity with respect to weather and regulatory climate and ratemaking. Shareholders of BSWC common stock exchanged all outstanding shares of BSWC for 380,254 shares of Connecticut Water Service, Inc. in a transaction valued at approximately $12.0 million, based on the closing price of the Company's common stock on the acquisition date. BSWC is a public water utility regulated by the Maine Public Utility Commission ("MPUC") that serves approximately 15,000 customers in 4 communities in the State of Maine. The Company is accounting for the acquisition in accordance with FASB ASC 805 Business Combinations ("FASB ASC 805"). | ||||||||
The estimated fair values of assets acquired and liabilities assumed, including BSWC's outstanding long-term debt, are based upon the information that was available as of the acquisition dates, which management believes provides a reasonable basis for the estimated values. The fair values of long term-debt were based on similar marketable instruments. Management is analyzing additional data necessary to finalize these fair values, which are subject to change. While such changes could be significant, management does not expect them to be, based upon the information provided to date. The valuation, and thus the purchase price allocation, is expected to be completed as soon as practicable but no later than one year from the acquisition date. | ||||||||
The Company incurred pre-tax acquisition and closing related expenses of approximately $544,000 during the year ended December 31, 2012 to acquire BSWC which is recorded on the "Other" line item of the "Other Income (Deductions), Net of Taxes" section of the Consolidated Statements of Income. | ||||||||
The following table summarizes the estimated fair value of the BSWC assets acquired on December 10, 2012, the date of the acquisition (in thousands): | ||||||||
Net Utility Plant | $ | 19,411 | ||||||
Cash and Cash Equivalents | 14 | |||||||
Accounts Receivable, net | 628 | |||||||
Prepayments and Other Current Assets | 545 | |||||||
Goodwill | 7,708 | |||||||
Deferred Charges and Other Costs | 554 | |||||||
Total Assets Acquired | $ | 28,860 | ||||||
Long-Term Debt, including current portion | $ | 9,263 | ||||||
Accounts Payable and Accrued Expenses | 254 | |||||||
Other Current Liabilities | 1,076 | |||||||
Advances for Construction | 714 | |||||||
Contributions in Aid of Construction | 2,568 | |||||||
Deferred Federal and State Income Taxes | 1,668 | |||||||
Other Long-Term Liabilities | 1,305 | |||||||
Total Liabilities Assumed | $ | 16,848 | ||||||
Net Assets Acquired | $ | 12,012 | ||||||
The estimated fair values of the assets acquired and the liabilities assumed were determined based on the accounting guidance for fair value measurement under GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value analysis assumes the highest and best use of the assets by market participants. For BSWC, the allocation of the purchase price includes an adjustment to fair value related to BSWC's long-term debt and any associated deferred taxes. The excess of the purchase price paid over the estimated fair value of the assets acquired and the liabilities assumed was recognized as goodwill in the Water Activities Segment, none of which is deductible for tax purposes. | ||||||||
Goodwill is calculated as the excess of the purchase price over the net assets acquired and the contributing factors to the amount recorded include expected future cash flows, potential operational synergies, the utilization of technology and cost savings opportunities in the delivery of certain shared administrative and other services. | ||||||||
The following unaudited pro forma summary for the three and nine months ended September 30, 2012 presents information as if BSWC had been acquired on January 1, 2012 and assumes that there were no other changes in our operations. The following pro forma information does not necessarily reflect the actual results that would have occurred had the Company operated the business since January 1, 2012, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands): | ||||||||
Three Months Ended | Nine Months Ended | |||||||
Operating Revenues | $ | 25,703 | $ | 67,658 | ||||
Other Water Activities Revenues | 458 | 1,131 | ||||||
Real Estate Revenues | — | 1,450 | ||||||
Service and Rentals Revenues | 1,608 | 4,375 | ||||||
Total Revenues | $ | 27,769 | $ | 74,614 | ||||
Net Income | $ | 6,035 | $ | 12,170 | ||||
Basic Earnings per Average Share Outstanding | $ | 0.69 | $ | 1.4 | ||||
Diluted Earnings per Average Share Outstanding | $ | 0.68 | $ | 1.38 | ||||
The following table summarizes the results of BSWC for the three and nine months ended September 30, 2013, and is included in the Condensed Consolidated Statement of Income for the period (in thousands): | ||||||||
Three Months Ended | Nine Months Ended | |||||||
Operating Revenues | $ | 1,134 | $ | 3,173 | ||||
Other Water Activities Revenues | — | — | ||||||
Real Estate Revenues | — | — | ||||||
Service and Rentals Revenues | 22 | 85 | ||||||
Total Revenues | $ | 1,156 | $ | 3,258 | ||||
Net Income (Loss) | $ | 24 | $ | (75 | ) | |||
Basic Income (Loss) per Average Share Outstanding | $ | — | $ | (0.01 | ) | |||
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefits Pension and Post-Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Pension and Other Post-Retirement Benefits [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||
Pension Benefits | ||||||||||||||||
Components of Net Periodic Cost (in thousands): | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
Period ended September 30, | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service Cost | $ | 550 | $ | 505 | $ | 1,650 | $ | 1,515 | ||||||||
Interest Cost | 696 | 642 | 2,087 | 1,927 | ||||||||||||
Expected Return on Plan Assets | (799 | ) | (674 | ) | (2,397 | ) | (2,020 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior Service Cost | 19 | 19 | 56 | 56 | ||||||||||||
Net Loss | 563 | 438 | 1,689 | 1,315 | ||||||||||||
Net Periodic Benefit Cost | $ | 1,029 | $ | 930 | $ | 3,085 | $ | 2,793 | ||||||||
schedule of post retirement benefits other than pension costs [Table Text Block] | ' | |||||||||||||||
Post-Retirement Benefits Other Than Pension (PBOP) | ||||||||||||||||
Components of Net Periodic Cost (in thousands): | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
Period ended September 30, | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service Cost | $ | 169 | $ | 136 | $ | 506 | $ | 411 | ||||||||
Interest Cost | 127 | 136 | 381 | 406 | ||||||||||||
Expected Return on Plan Assets | (73 | ) | (67 | ) | (218 | ) | (202 | ) | ||||||||
Other | 57 | 57 | 169 | 169 | ||||||||||||
Amortization of: | ||||||||||||||||
Transition Obligation | — | 1 | — | 1 | ||||||||||||
Prior Service Cost | (202 | ) | (202 | ) | (605 | ) | (605 | ) | ||||||||
Recognized Net Loss | 108 | 152 | 323 | 458 | ||||||||||||
Net Periodic Benefit Cost | $ | 186 | $ | 213 | $ | 556 | $ | 638 | ||||||||
Earnings_per_Share_Earnings_pe
Earnings per Share Earnings per Share (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
Earnings per weighted average common share are calculated by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding during the respective periods as detailed below (diluted shares include the effect of unexercised stock options): | ||||||||
Three months ended September 30, | 2013 | 2012 | ||||||
Common Shares Outstanding End of Period: | 11,016,494 | 8,848,848 | ||||||
Weighted Average Shares Outstanding (Days Outstanding Basis): | ||||||||
Basic | 10,834,532 | 8,689,116 | ||||||
Diluted | 11,006,240 | 8,829,025 | ||||||
Basic Earnings per Share | $ | 0.87 | $ | 0.69 | ||||
Dilutive Effect of Unexercised Stock Options | (0.01 | ) | (0.02 | ) | ||||
Diluted Earnings per Share | $ | 0.86 | $ | 0.67 | ||||
Nine Months ended September 30, | ||||||||
Weighted Average Shares Outstanding (Days Outstanding Basis): | ||||||||
Basic | 10,818,996 | 8,669,229 | ||||||
Diluted | 10,986,731 | 8,805,061 | ||||||
Basic Earnings per Share | $ | 1.51 | $ | 1.39 | ||||
Dilutive Effect of Unexercised Stock Options | (0.02 | ) | (0.03 | ) | ||||
Diluted Earnings per Share | $ | 1.49 | $ | 1.36 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The changes in Accumulated Other Comprehensive Income/(Loss) ("AOCI") by component, net of tax, for the three and nine months ended September 30, 2013 is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, 2013 | Interest Rate Swap | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||||||
Beginning Balance (a) | $ | (40 | ) | $ | 122 | $ | (1,289 | ) | $ | (1,207 | ) | ||||||
Other Comprehensive Income Before Reclassification | — | 54 | — | 54 | |||||||||||||
Amounts Reclassified from AOCI | 40 | — | 22 | 62 | |||||||||||||
Net current-period Other Comprehensive Income | 40 | 54 | 22 | 116 | |||||||||||||
Ending Balance | $ | — | $ | 176 | $ | (1,267 | ) | $ | (1,091 | ) | |||||||
Nine Months Ended September 30, 2013 | Interest Rate Swap | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||||||
Beginning Balance (a) | $ | (41 | ) | $ | 69 | $ | (1,356 | ) | $ | (1,328 | ) | ||||||
Other Comprehensive Income Before Reclassification | — | 95 | — | 95 | |||||||||||||
Amounts Reclassified from AOCI | 41 | 12 | 89 | 142 | |||||||||||||
Net current-period Other Comprehensive Income | 41 | 107 | 89 | 237 | |||||||||||||
Ending Balance | $ | — | $ | 176 | $ | (1,267 | ) | $ | (1,091 | ) | |||||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. | |||||||||||||||||
The following table sets forth the amounts reclassified from AOCI by component and the affected line item on the Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Three Months Ended September 30, 2013(a) | Amounts Reclassified from AOCI Nine Months Ended September 30, 2013(a) | Affected Line Items on Income Statement | ||||||||||||||
Amortization of Cash Flow Hedging Instrument | 28 | 29 | Other Income | ||||||||||||||
Tax benefit | 12 | 12 | Other Income | ||||||||||||||
40 | 41 | ||||||||||||||||
Realized Gains on Investments | — | 21 | Other Income | ||||||||||||||
Tax expense | — | (9 | ) | Other Income | |||||||||||||
— | 12 | ||||||||||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 56 | 169 | Other Income (b) | ||||||||||||||
Tax expense | (34 | ) | (80 | ) | Other Income | ||||||||||||
22 | 89 | ||||||||||||||||
Total Reclassifications for the period, net of tax | 62 | 142 | |||||||||||||||
(a) Amounts in parentheses indicate loss/expense. | |||||||||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt Long-Term Debt (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||
Long-Term Debt at September 30, 2013 and December 31, 2012 consisted of the following (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Connecticut Water Service, Inc.: | ||||||||||
4.09% | Term Loan Note | $ | 16,653 | $ | 17,337 | |||||
The Connecticut Water Company: | ||||||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | |||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | |||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | |||||||
5.00% | 2007 A Series, Due 2037 | — | 14,550 | |||||||
5.10% | 2009 A Series, Due 2039 | 19,950 | 19,950 | |||||||
5.00% | 2011 A Series, Due 2021 | 23,651 | 23,797 | |||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | |||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | |||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | |||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | |||||||
4.75% | CoBank Note Payable, Due 2033 | 14,550 | — | |||||||
Total The Connecticut Water Company | 134,811 | 134,957 | ||||||||
The Maine Water Company: | ||||||||||
8.95% | 1994 Series G, Due 2024 | 9,000 | 9,000 | |||||||
2.68% | 1999 Series J, Due 2019 | 474 | 524 | |||||||
0.00% | 2001 Series K, Due 2031 | 739 | 780 | |||||||
2.58% | 2002 Series L, Due 2022 | 90 | 98 | |||||||
1.53% | 2003 Series M, Due 2023 | 401 | 421 | |||||||
1.73% | 2004 Series N, Due 2024 | 451 | 471 | |||||||
0.00% | 2004 Series O, Due 2034 | 140 | 147 | |||||||
1.76% | 2006 Series P, Due 2026 | 451 | 471 | |||||||
1.57% | 2009 Series R, Due 2029 | 242 | 247 | |||||||
0.00% | 2009 Series S, Due 2029 | 717 | 762 | |||||||
0.00% | 2009 Series T, Due 2029 | 2,012 | 2,137 | |||||||
0.00% | 2012 Series U, Due 2042 | 171 | 177 | |||||||
1.00% | 2013 Series V, Due 2033 | 1,410 | — | |||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | |||||||
Total The Maine Water Company | 18,263 | 17,200 | ||||||||
The Biddeford & Saco Water Company | ||||||||||
6.45% | Series M, Due 2014 | 2,700 | 2,700 | |||||||
7.72% | Series L, Due 2018 | 2,250 | 2,250 | |||||||
2.40% | Series N, Due 2022 | 1,297 | 1,297 | |||||||
1.86% | Series O, Due 2025 | 862 | 862 | |||||||
2.23% | Series P, Due 2028 | 1,354 | 1,354 | |||||||
Various | Various Capital Leases | 94 | 126 | |||||||
Total The Biddeford & Saco Water Company | 8,557 | 8,589 | ||||||||
Add: Acquisition Fair Value Adjustment | 1,352 | 1,696 | ||||||||
Less: Current Portion | (4,103 | ) | (1,304 | ) | ||||||
Total Long-Term Debt | $ | 175,533 | $ | 178,475 | ||||||
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures Fair Value Disclosures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of September 30, 2013 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Type: | ||||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,719 | $ | — | $ | 2,719 | ||||||||
Money Market Fund | 115 | — | — | 115 | ||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds (1) | 1,378 | — | — | 1,378 | ||||||||||||
Total | $ | 1,493 | $ | 2,719 | $ | — | $ | 4,212 | ||||||||
The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2012 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Type: | ||||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,538 | $ | — | $ | 2,538 | ||||||||
Money Market Fund | 28 | — | — | 28 | ||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds (1) | 1,046 | — | — | 1,046 | ||||||||||||
Total | $ | 1,074 | $ | 2,538 | $ | — | $ | 3,612 | ||||||||
-1 | Mutual funds consist primarily of equity securities and are presented on the Other Property and Investments line item of the Company's Condensed Consolidated Balance Sheets. |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||
Financial data for the segments is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income (Loss) | Income Tax Expense (Benefit) | Net Income (Loss) | |||||||||||||
Water Activities | $ | 27,982 | $ | 10,294 | $ | 1,226 | $ | 9,068 | |||||||||
Real Estate Transactions | 95 | (8 | ) | (1 | ) | (7 | ) | ||||||||||
Services and Rentals | 1,491 | 588 | 207 | 381 | |||||||||||||
Total | $ | 29,568 | $ | 10,874 | $ | 1,432 | $ | 9,442 | |||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income (Loss) | |||||||||||||
Water Activities | $ | 24,919 | $ | 7,795 | $ | 2,119 | $ | 5,676 | |||||||||
Real Estate Transactions | — | — | 31 | (31 | ) | ||||||||||||
Services and Rentals | 1,586 | 559 | 230 | 329 | |||||||||||||
Total | $ | 26,505 | $ | 8,354 | $ | 2,380 | $ | 5,974 | |||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income (Loss) | Income Tax Expense (Benefit) | Net Income (Loss) | |||||||||||||
Water Activities | $ | 70,964 | $ | 20,223 | $ | 4,994 | $ | 15,229 | |||||||||
Real Estate Transactions | 95 | (8 | ) | (1 | ) | (7 | ) | ||||||||||
Services and Rentals | 4,357 | 1,875 | 732 | 1,143 | |||||||||||||
Total | $ | 75,416 | $ | 22,090 | $ | 5,725 | $ | 16,365 | |||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
Water Activities | $ | 65,480 | $ | 15,209 | $ | 5,125 | $ | 10,084 | |||||||||
Real Estate Transactions | 1,450 | 1,331 | 380 | 951 | |||||||||||||
Services and Rentals | 4,287 | 1,712 | 700 | 1,012 | |||||||||||||
Total | $ | 71,217 | $ | 18,252 | $ | 6,205 | $ | 12,047 | |||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||
Assets by segment (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Total Plant and Other Investments: | |||||||||||||||||
Water Activities | $ | 468,240 | $ | 453,625 | |||||||||||||
Non-Water | 705 | 680 | |||||||||||||||
468,945 | 454,305 | ||||||||||||||||
Other Assets: | |||||||||||||||||
Water Activities | 155,602 | 118,020 | |||||||||||||||
Non-Water | 11,055 | 6,650 | |||||||||||||||
166,657 | 124,670 | ||||||||||||||||
Total Assets | $ | 635,602 | $ | 578,975 | |||||||||||||
Aquisitions_Acquisitions_Table
Aquisitions Acquisitions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Acquisitions [Abstract] | ' | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||
The following table summarizes the estimated fair value of the BSWC assets acquired on December 10, 2012, the date of the acquisition (in thousands): | ||||||||
Net Utility Plant | $ | 19,411 | ||||||
Cash and Cash Equivalents | 14 | |||||||
Accounts Receivable, net | 628 | |||||||
Prepayments and Other Current Assets | 545 | |||||||
Goodwill | 7,708 | |||||||
Deferred Charges and Other Costs | 554 | |||||||
Total Assets Acquired | $ | 28,860 | ||||||
Long-Term Debt, including current portion | $ | 9,263 | ||||||
Accounts Payable and Accrued Expenses | 254 | |||||||
Other Current Liabilities | 1,076 | |||||||
Advances for Construction | 714 | |||||||
Contributions in Aid of Construction | 2,568 | |||||||
Deferred Federal and State Income Taxes | 1,668 | |||||||
Other Long-Term Liabilities | 1,305 | |||||||
Total Liabilities Assumed | $ | 16,848 | ||||||
Net Assets Acquired | $ | 12,012 | ||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||
The following unaudited pro forma summary for the three and nine months ended September 30, 2012 presents information as if BSWC had been acquired on January 1, 2012 and assumes that there were no other changes in our operations. The following pro forma information does not necessarily reflect the actual results that would have occurred had the Company operated the business since January 1, 2012, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands): | ||||||||
Three Months Ended | Nine Months Ended | |||||||
Operating Revenues | $ | 25,703 | $ | 67,658 | ||||
Other Water Activities Revenues | 458 | 1,131 | ||||||
Real Estate Revenues | — | 1,450 | ||||||
Service and Rentals Revenues | 1,608 | 4,375 | ||||||
Total Revenues | $ | 27,769 | $ | 74,614 | ||||
Net Income | $ | 6,035 | $ | 12,170 | ||||
Basic Earnings per Average Share Outstanding | $ | 0.69 | $ | 1.4 | ||||
Diluted Earnings per Average Share Outstanding | $ | 0.68 | $ | 1.38 | ||||
The following table summarizes the results of BSWC for the three and nine months ended September 30, 2013, and is included in the Condensed Consolidated Statement of Income for the period (in thousands): | ||||||||
Three Months Ended | Nine Months Ended | |||||||
Operating Revenues | $ | 1,134 | $ | 3,173 | ||||
Other Water Activities Revenues | — | — | ||||||
Real Estate Revenues | — | — | ||||||
Service and Rentals Revenues | 22 | 85 | ||||||
Total Revenues | $ | 1,156 | $ | 3,258 | ||||
Net Income (Loss) | $ | 24 | $ | (75 | ) | |||
Basic Income (Loss) per Average Share Outstanding | $ | — | $ | (0.01 | ) | |||
Basis_of_Preparation_of_Financ1
Basis of Preparation of Financials In text details (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Patronage Received from Banking Partner | $588 |
Amoritzation of Fair Value of Debt Acquired 2012 Portion | 169 |
Amoritzation of Fair Value of Debt Acquired 2013 Portion | $85 |
Maine Water Company [Member] | ' |
Allowed Rate of Return on Equity | 10.00% |
Allowed Return on Rate Base | 8.31% |
Biddeford & Saco Water Company [Member] | ' |
Allowed Rate of Return on Equity | 10.00% |
The Connecticut Water Company [Member] | ' |
Allowed Rate of Return on Equity | 9.75% |
Allowed Return on Rate Base | 7.32% |
Pension_and_Other_PostRetireme2
Pension and Other Post-Retirement Benefits Pension Benefit Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $550 | $505 | $1,650 | $1,515 |
Defined Benefit Plan, Interest Cost | 696 | 642 | 2,087 | 1,927 |
Defined Benefit Plan, Expected Return on Plan Assets | -799 | -674 | -2,397 | -2,020 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 19 | 19 | 56 | 56 |
Defined Benefit Plan, Amortization of Gains (Losses) | 563 | 438 | 1,689 | 1,315 |
Defined Benefit Plan, Net Periodic Benefit Cost | 1,029 | 930 | 3,085 | 2,793 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 169 | 136 | 506 | 411 |
Defined Benefit Plan, Interest Cost | 127 | 136 | 381 | 406 |
Defined Benefit Plan, Expected Return on Plan Assets | -73 | -67 | -218 | -202 |
Defined benefit plan amortization of regulatory assets | 57 | 57 | 169 | 169 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | 0 | 1 | 0 | 1 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -202 | -202 | -605 | -605 |
Defined Benefit Plan, Amortization of Gains (Losses) | 108 | 152 | 323 | 458 |
Defined Benefit Plan, Net Periodic Benefit Cost | $186 | $213 | $556 | $638 |
Pension_and_Other_PostRetireme3
Pension and Other Post-Retirement Benefits In Text Linking (Details) (Pension Plans, Defined Benefit [Member], USD $) | Sep. 30, 2013 |
Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $2,490,000 |
Earnings_per_Share_Earnings_pe1
Earnings per Share Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 11,016,494 | 8,848,848 | 11,016,494 | 8,848,848 | 10,939,486 |
Weighted Average Number of Shares Outstanding, Basic | 10,835,000 | 8,689,000 | 10,819,000 | 8,669,000 | ' |
Diluted (in shares) | 11,006,000 | 8,829,000 | 10,987,000 | 8,805,000 | ' |
Basic (in dollars per share) | $0.87 | $0.69 | $1.51 | $1.39 | ' |
Incremental Common Shares Attributal To Share Based Payements Arrangements | ($0.01) | ($0.02) | ($0.02) | ($0.03) | ' |
Earnings Per Share, Diluted | $0.86 | $0.67 | $1.49 | $1.36 | ' |
Earnings_per_Share_EPS_in_Text
Earnings per Share EPS in Text Tagging (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 1 month 20 days | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | $1 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 |
Amounts Recognized in Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax | $0 | ' | $21 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 0 | ' | -9 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | ' | 0 | ' | -40 | -41 |
Accumulated Other Comprehensive Loss | -1,091 | ' | -1,091 | ' | -1,207 | -1,328 |
Other Comprehensive Income Loss Derivatives Before Reclassification Adjustments Net Of Tax | 0 | ' | 0 | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 40 | ' | 41 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | 0 | ' | 12 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 56 | ' | 169 | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | -34 | ' | -80 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 176 | ' | 176 | ' | 122 | 69 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -1,267 | ' | -1,267 | ' | -1,289 | -1,356 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 54 | ' | 95 | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | ' | 0 | ' | ' | ' |
Total Other Comprehensive Income Before Reclassification, Net of Tax | 54 | ' | 95 | ' | ' | ' |
Other Comprehensive Income Loss Reclassification Adjustment Derivatives Included In Net Income Net Of Tax | 40 | ' | 41 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 22 | ' | 89 | ' | ' | ' |
Total Amounts Reclassified From AOCI, Net of Tax | 62 | ' | 142 | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 54 | ' | 107 | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 22 | ' | 89 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $116 | $13 | $237 | $10 | ' | ' |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | $175,533 | $178,475 |
Long-term Debt, Current Maturities | -4,103 | -1,304 |
Long-term Debt | 175,533 | 178,475 |
Connecticut Water Service Term Loan Note and Supplement A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 16,653 | 17,337 |
Subsidiaries [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Current Maturities | 134,811 | 134,957 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series Issued 2004, Due 2029 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 12,500 | 12,500 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2004 Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 5,000 | 5,000 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 2004 Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 4,550 | 4,550 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2007, Due 2037 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | 14,550 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 19,950 | 19,950 |
Subsidiaries [Member] | CoBank Note Payable, Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 8,000 | 8,000 |
Subsidiaries [Member] | CoBank Note Payable Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 14,795 | 14,795 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 23,651 | 23,797 |
Subsidiaries [Member] | CoBank Note Payable Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 17,020 | 17,020 |
Subsidiaries [Member] | CoBank Note Payable Due 2032 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 14,795 | 14,795 |
Subsidiaries [Member] | CoBank Note Payable, Due 2033 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 14,550 | 0 |
Subsidiaries [Member] | Maine Water Company Series G [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 9,000 | 9,000 |
Subsidiaries [Member] | Maine Water Company Series J [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 474 | 524 |
Maine Water Company [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 18,263 | 17,200 |
Maine Water Company [Member] | Maine Water Company Series K [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 739 | 780 |
Maine Water Company [Member] | Maine Water Company Series L [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 90 | 98 |
Maine Water Company [Member] | Maine Water Company Series M [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 401 | 421 |
Maine Water Company [Member] | Maine Water Company Series N [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 451 | 471 |
Maine Water Company [Member] | Maine Water Company Series O [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 140 | 147 |
Maine Water Company [Member] | Maine Water Company Series P [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 451 | 471 |
Maine Water Company [Member] | Maine Water Company Series R [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 242 | 247 |
Maine Water Company [Member] | Maine Water Company Series S [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 717 | 762 |
Maine Water Company [Member] | Maine Water Company Series T [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 2,012 | 2,137 |
Maine Water Company [Member] | Fair Value Adjustment of Long-Term Debt Assume [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,352 | 1,696 |
Maine Water Company [Member] | 2012 Series U, Due 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 171 | 177 |
Maine Water Company [Member] | 2013 Series V, Due 2033 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,410 | 0 |
Maine Water Company [Member] | CoBank Note Payable, Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Current Maturities | 1,965 | 1,965 |
Biddeford & Saco Water Company [Member] | Series M, Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 2,700 | 2,700 |
Biddeford & Saco Water Company [Member] | Series L, Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 2,250 | 2,250 |
Biddeford & Saco Water Company [Member] | Series N, Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,297 | 1,297 |
Biddeford & Saco Water Company [Member] | Series O, Due 2025 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 862 | 862 |
Biddeford & Saco Water Company [Member] | Series P, Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,354 | 1,354 |
Biddeford & Saco Water Company [Member] | Long Term Capital Leases [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 94 | 126 |
Biddeford and Saco [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Current Maturities | $8,557 | $8,589 |
LongTerm_Debt_LongTerm_Debt_Pa
Long-Term Debt Long-Term Debt Parenthetical (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
Connecticut Water Service Term Loan Note and Supplement A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | 4.09% |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2007, Due 2037 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.10% | 5.10% |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Subsidiaries [Member] | CoBank Note Payable, Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.16% | 3.16% |
Subsidiaries [Member] | CoBank Note Payable Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.51% | 3.51% |
Subsidiaries [Member] | CoBank Note Payable Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.29% | 4.29% |
Subsidiaries [Member] | CoBank Note Payable Due 2032 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.72% | 4.72% |
Subsidiaries [Member] | CoBank Note Payable, Due 2033 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ' |
Maine Water Company [Member] | Maine Water Company Series G [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.95% | 8.95% |
Maine Water Company [Member] | Maine Water Company Series J [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.68% | 2.68% |
Maine Water Company [Member] | Maine Water Company Series K [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Maine Water Company [Member] | Maine Water Company Series L [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.58% | 2.58% |
Maine Water Company [Member] | Maine Water Company Series M [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.53% | 1.53% |
Maine Water Company [Member] | Maine Water Company Series N [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.73% | 1.73% |
Maine Water Company [Member] | Maine Water Company Series O [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Maine Water Company [Member] | Maine Water Company Series P [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.76% | 1.76% |
Maine Water Company [Member] | Maine Water Company Series R [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.57% | 1.57% |
Maine Water Company [Member] | Maine Water Company Series S [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Maine Water Company [Member] | Maine Water Company Series T [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Maine Water Company [Member] | 2012 Series U, Due 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Maine Water Company [Member] | 2013 Series V, Due 2033 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% |
Biddeford & Saco Water Company [Member] | Series M, Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | 6.45% |
Biddeford & Saco Water Company [Member] | Series L, Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.72% | 7.72% |
Biddeford & Saco Water Company [Member] | Series N, Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | 2.40% |
Biddeford & Saco Water Company [Member] | Series O, Due 2025 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.86% | 1.86% |
Biddeford & Saco Water Company [Member] | Series P, Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.23% | 2.23% |
LongTerm_Debt_LongTerm_Debt_in
Long-Term Debt Long-Term Debt in Text (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Oct. 29, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Long-term Debt, Current Maturities | ($4,103,000) | ' | ($1,304,000) | ' |
Proceeds from Issuance of Long-term Debt | 14,550,000 | 36,088,000 | ' | ' |
Monetary Limit of Deceased Bond Holders Redemption per Year | 25,000 | ' | ' | ' |
Percent Limit of Deceased Bond Holders Redemption per Year | 3.00% | ' | ' | ' |
Total Amount Borrowed Under Two Term Loan Notes | 36,100,000 | ' | ' | ' |
Total Amount Originally Available Under Two Term Loan Notes | 40,000,000 | ' | ' | ' |
Number of Quarterly Principal and Interest Payments | 60 | ' | ' | ' |
Life of Term Loan Supplement A | '15 years | ' | ' | ' |
Total Available Loans for Refinancing | ' | ' | ' | 54,645,000 |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Long-term Debt, Description | '22.05 | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | 24,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate Terms | '.05 | ' | ' | ' |
Debt Instrument, Face Amount | 22,050,000 | ' | ' | ' |
Debt Instrument, Maturity Date | 20-Dec-21 | ' | ' | ' |
Connecticut Water Service Term Loan Note and Supplement A [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 18,000,000 | ' | ' | ' |
Debt Instrument, Date of First Required Payment | 20-Apr-12 | ' | ' | ' |
Debt Instrument, Maturity Date | 20-Jan-27 | ' | ' | ' |
Connecticut Water Service Term Loan Note and Supplement B [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 18,100,000 | ' | ' | ' |
Debt Instrument, Maturity Date | 2-Jan-14 | ' | ' | ' |
Subsidiaries [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Long-term Debt, Current Maturities | $134,811,000 | ' | $134,957,000 | ' |
Fair_Value_Disclosures_Fair_Va1
Fair Value Disclosures Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | $4,212 | $3,612 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 1,493 | 1,074 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 2,719 | 2,538 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Cash Surrender Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 2,719 | 2,538 |
Cash Surrender Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Cash Surrender Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 2,719 | 2,538 |
Cash Surrender Value [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 115 | 28 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 115 | 28 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Equity Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 1,378 | 1,046 |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 1,378 | 1,046 |
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | $0 | $0 |
Fair_Value_Disclosures_In_Text
Fair Value Disclosures In Text Tagging (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-term Debt, Fair Value | $181,160 | $194,900 |
Long-term Debt | $175,533 | $178,475 |
Segment_Reporting_Segment_Repo1
Segment Reporting Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $29,568 | $26,505 | $75,416 | $71,217 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 10,874 | 8,354 | 22,090 | 18,252 |
Income Tax Expense (Benefit), Continuing Operations | 1,432 | 2,380 | 5,725 | 6,205 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 9,442 | 5,974 | 16,365 | 12,047 |
Water Activities [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 27,982 | 24,919 | 70,964 | 65,480 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 10,294 | 7,795 | 20,223 | 15,209 |
Income Tax Expense (Benefit), Continuing Operations | 1,226 | 2,119 | 4,994 | 5,125 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 9,068 | 5,676 | 15,229 | 10,084 |
Real Estate Transactions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 95 | 0 | 95 | 1,450 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -8 | 0 | -8 | 1,331 |
Income Tax Expense (Benefit), Continuing Operations | -1 | 31 | -1 | 380 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -7 | -31 | -7 | 951 |
Services and Rentals [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 1,491 | 1,586 | 4,357 | 4,287 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 588 | 559 | 1,875 | 1,712 |
Income Tax Expense (Benefit), Continuing Operations | 207 | 230 | 732 | 700 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $381 | $329 | $1,143 | $1,012 |
Segment_Reporting_Segment_Repo2
Segment Reporting Segment Reporting Textual Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Revenues | $27,632,000 | $24,461,000 | $69,906,000 | $64,349,000 |
Regulated Operating Revenue, Other | $350,000 | $458,000 | $1,058,000 | $1,131,000 |
Segment_Reporting_Assets_by_Se
Segment Reporting Assets by Segment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Plant and Other Investments | $468,945 | $454,305 |
Other Assets | 166,657 | 124,670 |
Assets | 635,602 | 578,975 |
Water Activities [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Plant and Other Investments | 468,240 | 453,625 |
Other Assets | 155,602 | 118,020 |
Services and Rentals and Real Estate Combine [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Plant and Other Investments | 705 | 680 |
Other Assets | $11,055 | $6,650 |
Income_Tax_Expense_Income_Tax_
Income Tax Expense Income Tax Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Rate | Rate | Rate | Rate | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Reserve Against Fixed Capital Investment Credits Claimed in Prior Years | $900,000 | ' | $2,300,000 | ' |
Effective Income Tax Rate, Continuing Operations | 13.20% | 28.50% | 25.90% | 34.00% |
Effective Tax Rate Excluding Reserve Against Fixed Capital Investment Credits Claimed in Prior Years | 16.10% | ' | 27.30% | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 41.00% | ' | 41.00% | ' |
Lines_of_Credit_Lines_of_Credi
Lines of Credit Lines of Credit (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $35 | ' |
Line of Credit, Current | 1.3 | 1.7 |
Line of Credit Facility, Remaining Borrowing Capacity | 33.7 | ' |
CTWS Line of Credit A [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 15 | ' |
CTWS Line of Credit B [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 20 | ' |
BSWC Line of Credit [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $2.25 | ' |
Aquisitions_Fair_Value_of_Asse
Aquisitions Fair Value of Assets Acquired (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 10, 2012 |
In Thousands, unless otherwise specified | Biddeford and Saco Water Company Acquisition [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Public Utilities, Property, Plant and Equipment, Net | $461,810 | $447,911 | ' | ' | $19,411 |
Cash and Cash Equivalents | 1,588 | 13,150 | 4,166 | 1,012 | 14 |
Accounts Receivable, Net, Current | 14,306 | 11,526 | ' | ' | 628 |
Prepayments and Other Current Assets | 6,785 | 2,477 | ' | ' | 545 |
Goodwill | 31,685 | 31,685 | ' | ' | 7,708 |
Deferred Charges and Other Costs | 9,114 | 8,180 | ' | ' | 554 |
Total Assets | 635,602 | 578,975 | ' | ' | 28,860 |
Long-term Debt | 175,533 | 178,475 | ' | ' | 9,263 |
Accounts Payable and Accrued Expenses | 7,432 | 10,016 | ' | ' | 254 |
Other Current Liabilities | 1,849 | 2,008 | ' | ' | 1,076 |
Advances for Construction | 31,566 | 31,030 | ' | ' | 714 |
Contributions in Aid of Construction | 77,346 | 77,372 | ' | ' | 2,568 |
Deferred Federal and State Income Taxes | 45,537 | 40,869 | ' | ' | 1,668 |
Other Long-Term Liabilities | 1,033 | 2,319 | ' | ' | 1,305 |
Liabilities | ' | ' | ' | ' | 16,848 |
Assets, Net | ' | ' | ' | ' | $12,012 |
Aquisitions_Pro_Forma_Summary_
Aquisitions Pro Forma Summary for Prior Year (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' |
Operating Revenues | $27,632,000 | $24,461,000 | $69,906,000 | $64,349,000 |
Regulated Operating Revenue, Other | 350,000 | 458,000 | 1,058,000 | 1,131,000 |
Revenues | 29,568,000 | 26,505,000 | 75,416,000 | 71,217,000 |
Net Income | 9,442,000 | 5,974,000 | 16,365,000 | 12,047,000 |
Earnings Per Share, Basic | $0.87 | $0.69 | $1.51 | $1.39 |
Earnings Per Share, Diluted | $0.86 | $0.67 | $1.49 | $1.36 |
Biddeford and Saco Water Company Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' |
Operating Revenues | 1,134,000 | 25,703,000 | 3,173,000 | 67,658,000 |
Regulated Operating Revenue, Other | 0 | 458,000 | 0 | 1,131,000 |
Real Estate Revenue, Net | 0 | 0 | 0 | 1,450,000 |
Sales Revenue, Services, Net | 22,000 | 1,608,000 | 85,000 | 4,375,000 |
Revenues | 1,156,000 | 27,769,000 | 3,258,000 | 74,614,000 |
Net Income | $24,000 | $6,035,000 | ($75,000) | $12,170,000 |
Earnings Per Share, Basic | $0 | $0.69 | ($0.01) | $1.40 |
Earnings Per Share, Diluted | ' | $0.68 | ' | $1.38 |
Aquisitions_Maine_Water_Summar
Aquisitions Maine Water Summary (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' |
Operating Revenues | $27,632,000 | $24,461,000 | $69,906,000 | $64,349,000 |
Regulated Operating Revenue, Other | 350,000 | 458,000 | 1,058,000 | 1,131,000 |
Revenues | 29,568,000 | 26,505,000 | 75,416,000 | 71,217,000 |
Net Income | 9,442,000 | 5,974,000 | 16,365,000 | 12,047,000 |
Earnings Per Share, Basic | $0.87 | $0.69 | $1.51 | $1.39 |
Earnings Per Share, Diluted | $0.86 | $0.67 | $1.49 | $1.36 |
Biddeford and Saco Water Company Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' |
Operating Revenues | 1,134,000 | 25,703,000 | 3,173,000 | 67,658,000 |
Regulated Operating Revenue, Other | 0 | 458,000 | 0 | 1,131,000 |
Real Estate Revenue, Net | 0 | 0 | 0 | 1,450,000 |
Sales Revenue, Services, Net | 22,000 | 1,608,000 | 85,000 | 4,375,000 |
Revenues | 1,156,000 | 27,769,000 | 3,258,000 | 74,614,000 |
Net Income | $24,000 | $6,035,000 | ($75,000) | $12,170,000 |
Earnings Per Share, Basic | $0 | $0.69 | ($0.01) | $1.40 |
Earnings Per Share, Diluted | ' | $0.68 | ' | $1.38 |
Aquisitions_Goodwill_Rollforwa
Aquisitions Goodwill Rollforward (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $31,685 | $31,685 |