Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
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-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 11,112,589 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Utility Plant | $662,411 | $639,704 |
Construction Work in Progress | 20,642 | 12,066 |
Gross Utility Plant | 683,053 | 651,770 |
Accumulated Provision for Depreciation | -188,482 | -179,894 |
Net Utility Plant | 494,571 | 471,876 |
Other Property and Investments | 7,691 | 7,388 |
Cash and Cash Equivalents | 1,626 | 18,371 |
Accounts Receivable (Less Allowance, 2014 - $1,150; 2013 - $1,127) | 12,968 | 12,340 |
Accrued Unbilled Revenues | 9,521 | 7,624 |
Materials and Supplies | 1,632 | 1,633 |
Prepayments and Other Current Assets | 13,553 | 6,928 |
Total Current Assets | 39,300 | 46,896 |
Restricted Cash | 1,291 | 5,777 |
Unamortized Debt Issuance Expense | 6,428 | 6,841 |
Unrecovered Income Taxes - Regulatory Asset | 52,554 | 47,135 |
Pension Benefits - Regulatory Asset | 2,099 | 3,085 |
Post-Retirement Benefits Other Than Pension - Regulatory Asset | 1,456 | 1,288 |
Goodwill | 31,685 | 31,685 |
Deferred Charges and Other Costs | 9,382 | 8,840 |
Total Regulatory and Other Long-Term Assets | 104,895 | 104,651 |
Total Assets | 646,457 | 630,811 |
CAPITALIZATION AND LIABILITIES | ' | ' |
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2014 - 11,111,444; 2013 - 11,038,232 | 140,241 | 138,591 |
Retained Earnings (Accumulated Deficit) | 69,842 | 59,277 |
Accumulated Other Comprehensive Loss | 45 | -115 |
Common Stockholders' Equity | 210,128 | 197,753 |
Preferred Stock | 772 | 772 |
Long-Term Debt | 173,395 | 175,042 |
Total Capitalization | 384,295 | 373,567 |
Debt, Current | 1,546 | 4,121 |
Interim Bank Loans Payable | 693 | 0 |
Accounts Payable and Accrued Expenses | 9,026 | 10,846 |
Accrued Interest | 1,426 | 753 |
Customer Refund Liability, Current | 6,087 | 4,650 |
Other Current Liabilities | 2,297 | 2,359 |
Total Current Liabilities | 21,075 | 22,729 |
Advances for Construction | 26,874 | 28,718 |
Deferred Federal and State Income Taxes | 53,742 | 47,470 |
Unfunded Future Income Taxes | 52,314 | 46,723 |
Long-Term Compensation Arrangements | 19,215 | 20,651 |
Unamortized Investment Tax Credits | 1,358 | 1,414 |
Refund to Customers - Regulatory Liability | 3,100 | 7,749 |
Other Long-Term Liabilities | 1,010 | 1,018 |
Total Long-Term Liabilities | 157,613 | 153,743 |
Contributions in Aid of Construction | 83,474 | 80,772 |
Commitments and Contingencies | 0 | 0 |
Total Capitalization and Liabilities | $646,457 | $630,811 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Issued | 11,111,444 | 11,038,232 |
Outstanding | 11,111,444 | 11,038,232 |
ASSETS | ' | ' |
Allowance | $1,150 | $1,127 |
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 Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Operating Revenues | $27,554 | $27,632 | $73,273 | $69,906 |
Operating Expenses | ' | ' | ' | ' |
Operation and Maintenance | 10,871 | 11,099 | 32,041 | 31,834 |
Depreciation | 2,947 | 2,684 | 8,593 | 7,988 |
Income Taxes | 2,062 | 1,659 | 4,396 | 5,306 |
Taxes Other Than Income Taxes | 2,169 | 2,135 | 6,557 | 6,105 |
Total Operating Expenses | 18,049 | 17,577 | 51,587 | 51,233 |
Net Operating Revenues | 9,505 | 10,055 | 21,686 | 18,673 |
Other Utility Income, Net of Taxes | 177 | 194 | 564 | 579 |
Total Utility Operating Income | 9,682 | 10,249 | 22,250 | 19,252 |
Other Income (Deductions), Net of Taxes | ' | ' | ' | ' |
Gain (Loss) on Real Estate Transactions | 4 | -7 | 4 | -7 |
Non-Water Sales Earnings | 378 | 381 | 1,209 | 1,143 |
Allowance for Funds Used During Construction | 150 | 79 | 417 | 209 |
Other | -165 | 423 | -96 | 251 |
Total Other Income, Net of Taxes | 367 | 876 | 1,534 | 1,596 |
Interest and Debt Expense | ' | ' | ' | ' |
Interest on Long-Term Debt | 1,766 | 1,827 | 5,285 | 5,405 |
Interest Income (Expense), Net | -168 | -142 | -490 | -842 |
Amortization of Debt Expense | 3 | -2 | 65 | -80 |
Total Interest and Debt Expense | 1,601 | 1,683 | 4,860 | 4,483 |
Net Income | 8,448 | 9,442 | 18,924 | 16,365 |
Preferred Stock Dividend Requirement | 10 | 10 | 29 | 29 |
Net Income Applicable to Common Stock | $8,438 | $9,432 | $18,895 | $16,336 |
Weighted Average Common Shares Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 10,901,934 | 10,834,532 | 10,885,988 | 10,818,996 |
Diluted (in shares) | 11,101,610 | 11,006,240 | 11,082,812 | 10,986,731 |
Earnings Per Common Share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.78 | $0.87 | $1.74 | $1.51 |
Diluted (in dollars per share) | $0.76 | $0.86 | $1.70 | $1.49 |
Dividends Per Common Share (in dollars per share) | $0.26 | $0.25 | $0.75 | $0.73 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $8,448 | $9,442 | $18,924 | $16,365 |
Other Comprehensive Income, net of tax | ' | ' | ' | ' |
Qualified Cash Flow Hedging Instrument Expense, net of tax benefit of $0 and $12 for the three months ended September 30, 2014 and 2013, respectively, and $0 and $12 for the nine months ended September 30, 2014 and 2013, respectively | 0 | 40 | 0 | 41 |
Reclassification to Pension and Post-Retirement Benefits Other Than Pension, net of tax (expense) of $(61) and $(34) for the three months ended September 30, 2014 and 2013, respectively, and $(87) and $(80) for the nine months ended September 30, 2014 and 2013, respectively | 14 | 22 | 136 | 89 |
Unrealized (loss) gain on investments, net of tax benefit (expense) of $9 and $(31) for the three months ended September 30, 2014 and 2013, respectively, and $(15) and $(66) for the nine months ended September 30, 2014 and 2013, respectively | -14 | 54 | 24 | 107 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 116 | 160 | 237 |
Comprehensive Income | $8,448 | $9,558 | $19,084 | $16,602 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Comprehensive Income, net of tax | ' | ' | ' | ' |
Qualified Cash Flow Hedging Instrument Expense, net of tax benefitof | $0 | $12 | $0 | $12 |
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (expense) benefit of | -61 | -34 | -87 | -80 |
Unrealized Investment loss, net of tax expense of | $9 | ($31) | ($15) | ($66) |
CONSOLIDATED_STATEMENTS_OF_RET
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Balance at Beginning of Period | $64,259 | $53,395 | $59,277 | $51,804 |
Net Income | 8,448 | 9,442 | 18,924 | 16,365 |
Retained Earnings before Dividends | 72,707 | 62,837 | 78,201 | 68,169 |
Dividends Declared: | ' | ' | ' | ' |
Cumulative Preferred, Class A, $0.20 per share for the three months ended September 30, 2014 and 2013, respectively, and $0.60 for the nine months ended September 30, 2014 and 2013, respectively | 10 | 10 | 29 | 29 |
Common Stock - 2014 $0.2575 per share; 2013 $0.2425 per share for the three months ended September 30, 2014 and 2013, respectively, and $0.7525 and $0.7325 for the nine months ended September 30, 2014 and 2013, respectively | 2,855 | 2,719 | 8,330 | 8,032 |
Total Dividends Declared | 2,865 | 2,729 | 8,359 | 8,061 |
Balance at End of Period | 69,842 | 60,108 | 69,842 | 60,108 |
Series A Voting | ' | ' | ' | ' |
Dividends Declared: | ' | ' | ' | ' |
Cumulative Preferred, Class A, $0.20 per share for the three months ended September 30, 2014 and 2013, respectively, and $0.60 for the nine months ended September 30, 2014 and 2013, 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, 2014 and 2013, respectively, and $0.60 for the nine months ended September 30, 2014 and 2013, respectively | $7 | $7 | $20 | $20 |
CONSOLIDATED_STATEMENTS_OF_RET1
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Dividends Declared: | ' | ' | ' | ' |
Common Stock (in dollars per share) | $0.26 | $0.25 | $0.75 | $0.73 |
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, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net Income | $18,924 | $16,365 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' |
Deferred Revenues | -4,291 | -2,583 |
Provision for Deferred Income Taxes and Investment Tax Credits, Net | 6,385 | 5,063 |
Allowance for Funds Used During Construction | -417 | -209 |
Depreciation (including $599 and $453 in 2014 and 2013 charged to other accounts) | 9,192 | 8,441 |
(Gain) Loss on Sale of Properties | -4 | 7 |
Change in Assets and Liabilities: | ' | ' |
Increase in Accounts Receivable and Accrued Unbilled Revenues | -2,525 | -4,255 |
Increase in Prepayments and Other Current Assets | -6,625 | -18,170 |
(Increase) Decrease in Other Non-Current Items | -1,336 | 11,509 |
Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities | 524 | 1,876 |
Total Adjustments | 903 | 1,679 |
Net Cash and Cash Equivalents Provided by Operating Activities | 19,827 | 18,044 |
Investing Activities: | ' | ' |
Net Additions to Utility Plant Used in Continuing Operations | -31,069 | -22,882 |
Proceeds from Sale of Land Held-for-investment | 7 | 95 |
Release of restricted cash | 4,488 | 1,295 |
Net Cash and Cash Equivalents Used in Investing Activities | -26,574 | -21,492 |
Financing Activities: | ' | ' |
Proceeds from Interim Bank Loans | 693 | 1,324 |
Repayment of Interim Bank Loans | 0 | -1,660 |
Proceeds from Issuance of Common Stock | 1,295 | 1,209 |
Proceeds from Issuance of Long-term Debt | 0 | 14,550 |
Costs to Issue Long-Term Debt and Common Stock | 0 | -42 |
Repayment of Long-Term Debt Including Current Portion | -3,866 | -15,613 |
Advances from Others for Construction | 239 | 179 |
Cash Dividends Paid | -8,359 | -8,061 |
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities | -9,998 | -8,114 |
Net (Decrease) Increase in Cash and Cash Equivalents | -16,745 | -11,562 |
Cash and Cash Equivalents at Beginning of Period | 18,371 | 13,150 |
Cash and Cash Equivalents at End of Year | 1,626 | 1,588 |
Non-Cash Investing and Financing Activities: | ' | ' |
Non-Cash Contributed Utility Plant | 768 | 438 |
Short-term Investment of Bond Proceeds Held in Restricted Cash | 1,291 | 9,938 |
Cash Paid for: | ' | ' |
Interest | 4,250 | 4,126 |
State and Federal Income Taxes | $1,135 | $2,550 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' |
Depreciation charged to other accounts | $599 | $453 |
Basis_of_Preparation_of_Financ
Basis of Preparation of Financials | 9 Months Ended | |
Sep. 30, 2014 | ||
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. (the “Company”) and its wholly-owned subsidiaries, 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. 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 Company’s primary operating subsidiaries are: The Connecticut Water Company (“Connecticut Water”) and The Maine Water Company (“Maine Water”). The Biddeford & Saco Water Company (“BSWC”) was merged with and into Maine Water, with Maine Water remaining as the surviving entity, effective January 1, 2014. The Condensed Consolidated Balance Sheet at December 31, 2013 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, 2013 (the “10-K”) and as updated in the Company's Quarterly Reports on Form 10-Q for the periods ended March 31, 2014 and June 30, 2014. | ||
Certain reclassifications have been made to the 2013 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”). 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 September 30, 2014 were 9.75% and 7.32%, respectively. | ||
On January 25, 2013, Connecticut Water filed a Water Infrastructure Conservation Adjustment (“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%. | ||
Effective April 1, 2014, in accordance with a settlement agreement with the Office of the Consumer Counsel of the State of Connecticut (the “OCC”) and the Office of the Attorney General for the State of Connecticut, discussed below, Connecticut Water's cumulative WICA surcharge of 7.89% was rolled into base rates charged to customers. | ||
On July 29, 2014, Connecticut Water filed a WICA application with the PURA requesting a 1.59% surcharge to customers' bills, representing approximately $12.7 million in WICA related projects. On September 26, 2014, the PURA approved the 1.59% surcharge with the new rates becoming effective on October 1, 2014. | ||
On June 5, 2013, the Connecticut's General Assembly passed Public Act 13-78, “An Act Concerning Water Infrastructure and Conservation, Municipal Reporting Requirements and Unpaid Utility Accounts at Multi-Family Dwellings” (“PA 13-78”), which authorized a Water Revenue Adjustment (“WRA”) to reconcile actual water demands with the demands projected in the last general rate case and allows companies to adjust rates as necessary to recover the revenues approved by PURA in the last general rate case. The WRA removes the financial disincentive for water utilities to develop and implement effective water conservation programs. The WRA allows water companies to defer on the balance sheet, as a regulatory asset or liability, for later collection from or crediting to customers the amount by which actual revenues deviate from the revenues allowed in the most recent general rate proceedings, including WICA proceedings. Additionally, PA 13-78 raised the cap for WICA charges to 10%, from 7.5%, between general rate cases and expands the eligible projects to include energy conservation projects, improvements required to comply with streamflow regulations, and improvements to acquired systems. | ||
On June 28, 2013, Connecticut Water entered into a settlement agreement with the OCC and the Office of the Attorney General for the State of Connecticut (the “Settlement Agreement”), whereby Connecticut Water adjusted 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 would adopt 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 allows 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) that would be offset in whole or in part by an anticipated rate increase arising from the WRA authorized by the State of Connecticut in Public Act No. 13-78 with any associated net change in rates 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 which started on April 1, 2014 and 2) as discussed above, use the WRA to defer on the balance sheet as a regulatory asset or liability, for later collection from or crediting to customers of the amount by which actual revenues deviate from the revenues allowed in Connecticut Water's most recent general rate proceedings, including WICA proceedings. | ||
On August 30, 2013, the PURA issued a final decision approving the Settlement Agreement. Connecticut Water began to issue a credit on customers' bills of approximately 8.5% on April 1, 2014, related to the repair deduction. Additionally, Connecticut Water began adding an approximate 4.5% surcharge to customer bills related to the WRA for a net surcredit of approximately 4.0%. | ||
Connecticut Water's allowed revenues for the nine months ended September 30, 2014, as approved by PURA during our 2010 general rate case and including subsequently approved WICA surcharges, are approximately $57.9 million. Through normal billing for the nine months ended September 30, 2014, revenue for Connecticut Water would have been approximately $53.4 million had the WRA not been implemented. As a result of the implementation of the WRA, Connecticut Water recorded $4.5 million in additional revenue for the nine months ended September 30, 2014. As of September 30, 2014, the Company has $6.1 million in deferred revenues as a regulatory asset to be recovered from customers found on the "Prepayments and Other Current Assets" and "Deferred Charges and Other Costs" lines on the Condensed Consolidated Balance Sheet. | ||
The rates we charge our Maine water customers are established under the jurisdiction of and are approved by the Maine Public Utilities Commission (“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, effective September 30, 2014 were 9.50% and 7.96%, respectively. | ||
In April 2013, Maine Water filed for rate increases in three of its ten divisions, totaling approximately $94,000 in additional revenue, driven primarily by declining consumption and small expense increases. On July 9, 2013, the MPUC approved rate increases totaling $88,000 for these divisions, which became effective on 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. Two of these cases were approved by the MPUC with additional annual revenue of $90,000 which became effective on November 1, 2013. The remaining case was approved by the MPUC during the first quarter of 2014 and granted an annual increase of $340,000, which became effective on March 25, 2014. Additionally, Maine Water filed for a general rate increase for its Biddeford and Saco division, its largest division, on November 5, 2014 requesting $1.7 million in additional revenues, offset by $700,000 in the first year due to the adoption of IRS Revenue Procedure 2012-19 (“Repair Regulations”). | ||
Effective June 2013, a Water Infrastructure Charge (“WISC”) became available in Maine that allows for expedited recovery of investment in water system infrastructure replacement, both treatment and distribution. Because the MPUC sets rates for Maine Water on a division-by-division basis, the WISC must be implemented in the same manner. To date in 2014, Maine Water has implemented a WISC in six of its ten divisions with expected annual revenue totaling $212,000, with plans to implement additional WISCs in most of the remaining divisions by the end of 2014. | ||
On October 30, 2014, Maine Water petitioned the MPUC for approval of an accounting order that would allow them to refund a federal income tax refund stemming from the adoption of Repair Regulations. If approved the petition would allow Maine Water to reduce customer rates by $1.8 million over a three year period, with no impact on the Company's earnings per share. |
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and 2013. | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Components of Net Periodic Cost (in thousands): | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
Period ended September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service Cost | $ | 395 | $ | 550 | $ | 1,371 | $ | 1,650 | ||||||||
Interest Cost | 789 | 696 | 2,315 | 2,087 | ||||||||||||
Expected Return on Plan Assets | (896 | ) | (799 | ) | (2,674 | ) | (2,397 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior Service Cost | 19 | 19 | 55 | 56 | ||||||||||||
Net Recognized Loss | 443 | 563 | 989 | 1,689 | ||||||||||||
Net Periodic Benefit Cost | $ | 750 | $ | 1,029 | $ | 2,056 | $ | 3,085 | ||||||||
The Company made a contribution to its defined benefit pension plan of $3,426,000 in 2014 for the 2013 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, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service Cost | $ | 63 | $ | 169 | $ | 371 | $ | 506 | ||||||||
Interest Cost | 150 | 127 | 470 | 381 | ||||||||||||
Expected Return on Plan Assets | (75 | ) | (73 | ) | (229 | ) | (218 | ) | ||||||||
Other | 57 | 57 | 169 | 169 | ||||||||||||
Amortization of: | ||||||||||||||||
Prior Service Credit | (203 | ) | (202 | ) | (605 | ) | (605 | ) | ||||||||
Recognized Net Loss | 120 | 108 | 256 | 323 | ||||||||||||
Net Periodic Benefit Cost | $ | 112 | $ | 186 | $ | 432 | $ | 556 | ||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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 stock awards): | ||||||||
Three months ended September 30, | 2014 | 2013 | ||||||
Common Shares Outstanding End of Period: | 11,111,444 | 11,016,494 | ||||||
Weighted Average Shares Outstanding (Days Outstanding Basis): | ||||||||
Basic | 10,901,934 | 10,834,532 | ||||||
Diluted | 11,101,610 | 11,006,240 | ||||||
Basic Earnings per Share | $ | 0.78 | $ | 0.87 | ||||
Dilutive Effect of Stock Awards | (0.02 | ) | (0.01 | ) | ||||
Diluted Earnings per Share | $ | 0.76 | $ | 0.86 | ||||
Nine months ended September 30, | ||||||||
Weighted Average Shares Outstanding (Days Outstanding Basis): | ||||||||
Basic | 10,885,988 | 10,818,996 | ||||||
Diluted | 11,082,812 | 10,986,731 | ||||||
Basic Earnings per Share | $ | 1.74 | $ | 1.51 | ||||
Dilutive Effect of Stock Awards | (0.04 | ) | (0.02 | ) | ||||
Diluted Earnings per Share | $ | 1.7 | $ | 1.49 | ||||
Total unrecognized compensation expense for all stock awards was approximately $1.2 million as of September 30, 2014 and will be recognized over a weighted average period of 1.4 years. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2014 | ||
Notes To Financial Statements [Abstract] | ' | |
Recently Adopted and New Accounting Pronouncements | ' | |
4 | Recently Adopted and New Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists.” ASU No. 2013-11 requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carry-forward, or similar tax loss or tax credit carry-forward, rather than as a liability when (1) the uncertain tax position would reduce the Net Operating Loss or other carry-forward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. This ASU was effective prospectively for fiscal years beginning after December 15, 2013. The adoption of this guidance did not materially impact our consolidated financial position. | ||
In January 2014, the FASB issued ASU No. 2014-05, “Service Concession Arrangements.” The ASU clarifies that an operating entity should not account for a services concession arrangement with a public-sector grantor as a lease if: (1) the grantor controls or has the ability to modify or approve the services the operating entity must provide, to whom it must provide them, and at what price and (2) the grantor controls any residual interest in the infrastructure at the end of the arrangement. In addition, the infrastructure used in a service concession arrangement would not be recognized as property, plant and equipment of the operating entity. The ASU is to be applied on a modified retrospective basis to service concession arrangements outstanding upon adoption and will be effective for the Company beginning January 1, 2015. The Company is currently assessing the impact of this standard on its consolidated financial statements and footnote disclosures, but does not expect that the adoption of this guidance will materially impact our consolidated financial position. | ||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which amends its guidance related to revenue recognition. ASU 2014-09 requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. ASU 2014-09 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2016, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, however early adoption is not permitted. The Company is currently determining its implementation approach and assessing the impact that this guidance may have on our consolidated financial position. | ||
In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU No. 2014-12 requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. As such, the performance target that affects vesting should not be reflected in estimating that fair value of the award at the grant date. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements and footnote disclosures, but does not expect that the adoption of this guidance will materially impact our consolidated financial position. | ||
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” (“ASU 2014-15”). ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern for a one year period subsequent to the date of the financial statements. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for all entities for the first annual period ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. Adoption of this guidance is not expected to have any impact on the determination or reporting of the Company’s financial results. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
5 | Accumulated Other Comprehensive Income | ||||||||||||||||
The changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by component, net of tax, for the three months ended September 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Three months ended September 30, 2014 | Interest Rate Swap | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||||||
Beginning Balance (a) | $ | — | $ | 297 | $ | (252 | ) | $ | 45 | ||||||||
Other Comprehensive Income (Loss) Before Reclassification | — | (14 | ) | — | (14 | ) | |||||||||||
Amounts Reclassified from AOCI | — | — | 14 | 14 | |||||||||||||
Net current-period Other Comprehensive Income | — | (14 | ) | 14 | — | ||||||||||||
Ending Balance | $ | — | $ | 283 | $ | (238 | ) | $ | 45 | ||||||||
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 | ) | |||||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. | |||||||||||||||||
The changes in AOCI by component, net of tax, for the nine months ended September 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Nine months ended September 30, 2014 | Interest Rate Swap | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||||||
Beginning Balance (a) | $ | — | $ | 259 | $ | (374 | ) | $ | (115 | ) | |||||||
Other Comprehensive Income Before Reclassification | — | 13 | — | 13 | |||||||||||||
Amounts Reclassified from AOCI | — | 11 | 136 | 147 | |||||||||||||
Net current-period Other Comprehensive Income | — | 24 | 136 | 160 | |||||||||||||
Ending Balance | $ | — | $ | 283 | $ | (238 | ) | $ | 45 | ||||||||
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 Statements of Income for the three months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Three Months Ended September 30, 2014(a) | Amounts Reclassified from AOCI Three Months Ended September 30, 2013(a) | Affected Line Items on Income Statement | ||||||||||||||
Amortization of Cash Flow Hedging Instrument | $ | — | $ | 28 | Other Income | ||||||||||||
Tax benefit | — | 12 | Other Income | ||||||||||||||
— | 40 | ||||||||||||||||
Realized Gains on Investments | $ | — | $ | — | Other Income | ||||||||||||
Tax expense | — | — | Other Income | ||||||||||||||
— | — | ||||||||||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 75 | 56 | Other Income (b) | ||||||||||||||
Tax expense | (61 | ) | (34 | ) | Other Income | ||||||||||||
14 | 22 | ||||||||||||||||
Total Reclassifications for the period, net of tax | $ | 14 | $ | 62 | |||||||||||||
(a) Amounts in parentheses indicate loss/expense. | |||||||||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). | |||||||||||||||||
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 nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Nine Months Ended September 30, 2014(a) | Amounts Reclassified from AOCI Nine Months Ended September 30, 2013(a) | Affected Line Items on Income Statement | ||||||||||||||
Amortization of Cash Flow Hedging Instrument | — | 29 | Other Income | ||||||||||||||
Tax benefit | — | 12 | Other Income | ||||||||||||||
— | 41 | ||||||||||||||||
Realized Gains on Investments | $ | 18 | $ | 21 | Other Income | ||||||||||||
Tax expense | (7 | ) | (9 | ) | Other Income | ||||||||||||
11 | 12 | ||||||||||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 223 | 169 | Other Income (b) | ||||||||||||||
Tax expense | (87 | ) | (80 | ) | Other Income | ||||||||||||
136 | 89 | ||||||||||||||||
Total Reclassifications for the period, net of tax | $ | 147 | $ | 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, 2014 | ||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||
Long-Term Debt | ' | |||||||||
Long-Term Debt | ||||||||||
Long-Term Debt at September 30, 2014 and December 31, 2013 consisted of the following (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Connecticut Water Service, Inc.: | ||||||||||
4.09% | Term Loan Note | $ | 15,708 | $ | 16,420 | |||||
The Connecticut Water Company: | ||||||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | |||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | |||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | |||||||
5.10% | 2009 A Series, Due 2039 | 19,950 | 19,950 | |||||||
5.00% | 2011 A Series, Due 2021 | 23,527 | 23,602 | |||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | |||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | |||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | |||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | |||||||
4.75% | CoBank Note Payable, Due 2033 | 14,550 | 14,550 | |||||||
Total The Connecticut Water Company | 134,687 | 134,762 | ||||||||
The Maine Water Company: | ||||||||||
8.95% | 1994 Series G, Due 2024 | 9,000 | 9,000 | |||||||
2.68% | 1999 Series J, Due 2019 | 424 | 474 | |||||||
0.00% | 2001 Series K, Due 2031 | 697 | 739 | |||||||
2.58% | 2002 Series L, Due 2022 | 83 | 90 | |||||||
1.53% | 2003 Series M, Due 2023 | 381 | 401 | |||||||
1.73% | 2004 Series N, Due 2024 | 431 | 451 | |||||||
0.00% | 2004 Series O, Due 2034 | 133 | 140 | |||||||
1.76% | 2006 Series P, Due 2026 | 431 | 451 | |||||||
1.57% | 2009 Series R, Due 2029 | 237 | 242 | |||||||
0.00% | 2009 Series S, Due 2029 | 672 | 717 | |||||||
0.00% | 2009 Series T, Due 2029 | 1,886 | 2,012 | |||||||
0.00% | 2012 Series U, Due 2042 | 166 | 171 | |||||||
1.00% | 2013 Series V, Due 2033 | 1,385 | 1,410 | |||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | |||||||
6.45% | BSWC Series M, Due 2014 | — | 2,700 | |||||||
7.72% | BSWC Series L, Due 2018 | 2,250 | 2,250 | |||||||
2.40% | BSWC Series N, Due 2022 | 1,251 | 1,297 | |||||||
1.86% | BSWC Series O, Due 2025 | 846 | 862 | |||||||
2.23% | BSWC Series P, Due 2028 | 1,354 | 1,354 | |||||||
Various | Various Capital Leases | 43 | 70 | |||||||
Total The Maine Water Company | 23,635 | 26,796 | ||||||||
Add: Acquisition Fair Value Adjustment | 911 | 1,185 | ||||||||
Less: Current Portion | (1,546 | ) | (4,121 | ) | ||||||
Total Long-Term Debt | $ | 173,395 | $ | 175,042 | ||||||
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 March 5, 2013, Connecticut Water and CoBank, ACB (“CoBank”) entered into a Promissory Note and Single Advance Term Loan Supplement to an existing Master Loan Agreement (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 then 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 are being 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%. Additionally, Maine Water has restrictions on cash dividends paid based on restricted net assets. The Company and its subsidiaries were in compliance with all covenants at September 30, 2014. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Type: | ||||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,902 | $ | — | $ | 2,902 | ||||||||
Money Market Fund | 90 | — | — | 90 | ||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds (1) | 1,446 | — | — | 1,446 | ||||||||||||
Total | $ | 1,536 | $ | 2,902 | $ | — | $ | 4,438 | ||||||||
The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2013 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Type: | ||||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,843 | $ | — | $ | 2,843 | ||||||||
Money Market Fund | 62 | — | — | 62 | ||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds (1) | 1,528 | — | — | 1,528 | ||||||||||||
Total | $ | 1,590 | $ | 2,843 | $ | — | $ | 4,433 | ||||||||
-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 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, 2014 and December 31, 2013, the estimated fair value of the Company's long-term debt was $183,730,000 and $178,526,000, respectively, as compared to the carrying amounts of $173,395,000 and $175,042,000, 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. | ||||||||||||||||
Advances for Construction – Customer advances for construction have a carrying amount of $26,874,000 and $28,718,000 at September 30, 2014 and December 31, 2013, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases. | ||||||||||||||||
The fair values shown above have been reported to meet the disclosure requirements of FASB ASC 825, “Financial Instruments” (“FASB ASC 825”) and do not purport to represent the amounts at which those obligations would be settled. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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. Financial data for the segments is as follows (in thousands): | |||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
Water Activities | $ | 27,895 | $ | 10,054 | $ | 1,988 | $ | 8,066 | |||||||||
Real Estate Transactions | 7 | 7 | 3 | 4 | |||||||||||||
Services and Rentals | 1,503 | 634 | 256 | 378 | |||||||||||||
Total | $ | 29,405 | $ | 10,695 | $ | 2,247 | $ | 8,448 | |||||||||
Three months ended September 30, 2013 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
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 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
Water Activities | $ | 74,325 | $ | 21,809 | $ | 4,098 | $ | 17,711 | |||||||||
Real Estate Transactions | 7 | 7 | 3 | 4 | |||||||||||||
Services and Rentals | 4,391 | 1,999 | 790 | 1,209 | |||||||||||||
Total | $ | 78,723 | $ | 23,815 | $ | 4,891 | $ | 18,924 | |||||||||
Nine months ended September 30, 2013 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
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 | |||||||||
The revenues shown in Water Activities above consisted of revenues from water customers of $27,554,000 and $27,632,000 for the three months ended September 30, 2014 and 2013, respectively. Additionally, there were revenues associated with utility plant leased to others of $341,000 and $350,000 for the three months ended September 30, 2014 and 2013, respectively. The revenues from water customers for the three months ended September 30, 2014 and 2013 include $1,678,000 and $2,762,000 in additional revenues related to the implementation of the WRA, respectively. Since the Company implemented the WRA in the period ended September 30, 2013, the amount recorded in the three months ended September 30, 2013 represents nine months of WRA. Approximately $532,000 of the revenue recorded in the period ending September 30, 2013 was associated with the three months ending September 30, 2013, and $2,230,000 was associated with the six month period ending June 30, 2013. The revenues shown in Water Activities above consisted of revenues from water customers of $73,273,000 and $69,906,000 for the nine months ended September 30, 2014 and 2013, respectively. Additionally, there were revenues associated with utility plant leased to others of $1,052,000 and $1,058,000 for the nine months ended September 30, 2014 and 2013, respectively. The revenues from water customers for the nine months ended September 30, 2014 and 2013 include $4,471,000 and $2,762,000 in additional revenues related to the implementation of the WRA, respectively. A PURA order that became effective in January of 2014 changed the methodology for calculating the WRA by requiring that only revenues for services that have already been billed be considered in determining the WRA. In 2013, as allowed in the Settlement Agreement, the WRA was based upon both the billed component as well as any accrued revenues for services not billed at the close of any quarter. While this is expected to have a minimal impact for the December 31, 2014 calculation of WRA, it did reduce the three and nine month September 30, 2013 by approximately $363,000 and $1,339,000 respectively. | |||||||||||||||||
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. | |||||||||||||||||
Assets by segment (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total Plant and Other Investments: | |||||||||||||||||
Water Activities | $ | 501,520 | $ | 478,560 | |||||||||||||
Non-Water | 742 | 704 | |||||||||||||||
502,262 | 479,264 | ||||||||||||||||
Other Assets: | |||||||||||||||||
Water Activities | 140,776 | 136,246 | |||||||||||||||
Non-Water | 3,419 | 15,301 | |||||||||||||||
144,195 | 151,547 | ||||||||||||||||
Total Assets | $ | 646,457 | $ | 630,811 | |||||||||||||
Income_Tax_Expense
Income Tax Expense | 9 Months Ended | |
Sep. 30, 2014 | ||
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 beginning in the fourth quarter of 2013. The Company has provided requested information to the taxing authorities and is currently awaiting further correspondence. The Company is also aware that certain of its peers have been challenged on certain tax credits associated with fixed capital investment 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. Through September 30, 2014, the Company has recorded, as required by FASB ASC 740, a provision of $2.0 million, or 100% of the credits recorded for transmission and distribution projects that would be subject to disallowance. | ||
On the 2012 Federal tax return, filed in September 2013, Connecticut Water filed a change in accounting method to adopt the IRS' 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. On February 11, 2014, the Company was notified by the IRS that its Federal tax filing for the 2012 would be reviewed. This review, which is still ongoing, began in the first quarter of 2014. 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. On the 2013 Federal tax return, filed in September 2014, Maine Water filed the same change in accounting method. Through September 30, 2014, the Company has recorded, as required by FASB ASC 740, a provision of $3.6 million for a portion of the benefit that is not being returned to customers resulting from any possible tax authority challenge. | ||
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, 2014 and 2013. Additionally, there were no accruals relating to interest or penalties as of September 30, 2014 and December 31, 2013. The Company remains subject to examination by federal tax authorities for the 2011 through 2013 tax years; and the state tax authorities for the 2009 through 2013 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 2014 Federal Tax Return to be filed in September 2015. As a result, through the third quarter of 2014, the Company has estimated the portion of its infrastructure investment that will qualify as a repair deduction for 2014 and has reflected that deduction in its effective tax rate at 75% 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 IRS to be normalized. | ||
The Company’s effective income tax rate for the three months ended September 30, 2014 and 2013 was 21.0% and 13.2%, respectively. The Company's effective tax rate, excluding discrete items booked during the quarter, was 18.8% for the three months ended September 30, 2014. These discrete items included an adjustment related to the recording of the provision for the repair deduction and the recording of the change in estimate of prior year income taxes. The statutory income tax rates during each period were 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 nine months ended September 30, 2014 and 2013 was 20.5% and 25.9%, respectively. The Company's effective tax rate, excluding discrete items booked during the quarter, was 17.9% for the nine months ended September 30, 2014. These discrete items included an adjustment related to the recording in the first quarter of 2014, of a tax benefit associated with the amortization of the fair value of debt in connection with the purchases of Maine Water and BSWC, the recording of the change in estimate of prior year income taxes, and the recording of the provision for the repair deduction. The statutory income tax rates during each period were 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, 2014 | ||
Notes To Financial Statements [Abstract] | ' | |
Lines of Credit | ' | |
Lines of Credit | ||
The Company entered into a $15.0 million line of credit agreement with CoBank, that is currently scheduled to expire on July 1, 2016. The Company maintains an additional line of credit of $20.0 million with RBS Citizens, N.A., with an expiration date of June 30, 2017. As of September 30, 2014, the total lines of credit available to the Company was $35.0 million. As of September 30, 2014 the Company had $0.7 million of Interim Bank Loans Payable. The Company did not have any Interim Bank Loans Payable as of December 31, 2013. As of September 30, 2014, the Company had $34.3 million in unused lines of credit. Interest expense charged on lines of credit will fluctuate based on market interest rates. |
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefits Pension and Post-Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service Cost | $ | 395 | $ | 550 | $ | 1,371 | $ | 1,650 | ||||||||
Interest Cost | 789 | 696 | 2,315 | 2,087 | ||||||||||||
Expected Return on Plan Assets | (896 | ) | (799 | ) | (2,674 | ) | (2,397 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior Service Cost | 19 | 19 | 55 | 56 | ||||||||||||
Net Recognized Loss | 443 | 563 | 989 | 1,689 | ||||||||||||
Net Periodic Benefit Cost | $ | 750 | $ | 1,029 | $ | 2,056 | $ | 3,085 | ||||||||
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, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service Cost | $ | 63 | $ | 169 | $ | 371 | $ | 506 | ||||||||
Interest Cost | 150 | 127 | 470 | 381 | ||||||||||||
Expected Return on Plan Assets | (75 | ) | (73 | ) | (229 | ) | (218 | ) | ||||||||
Other | 57 | 57 | 169 | 169 | ||||||||||||
Amortization of: | ||||||||||||||||
Prior Service Credit | (203 | ) | (202 | ) | (605 | ) | (605 | ) | ||||||||
Recognized Net Loss | 120 | 108 | 256 | 323 | ||||||||||||
Net Periodic Benefit Cost | $ | 112 | $ | 186 | $ | 432 | $ | 556 | ||||||||
Earnings_per_Share_Earnings_pe
Earnings per Share Earnings per Share (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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 stock awards): | ||||||||
Three months ended September 30, | 2014 | 2013 | ||||||
Common Shares Outstanding End of Period: | 11,111,444 | 11,016,494 | ||||||
Weighted Average Shares Outstanding (Days Outstanding Basis): | ||||||||
Basic | 10,901,934 | 10,834,532 | ||||||
Diluted | 11,101,610 | 11,006,240 | ||||||
Basic Earnings per Share | $ | 0.78 | $ | 0.87 | ||||
Dilutive Effect of Stock Awards | (0.02 | ) | (0.01 | ) | ||||
Diluted Earnings per Share | $ | 0.76 | $ | 0.86 | ||||
Nine months ended September 30, | ||||||||
Weighted Average Shares Outstanding (Days Outstanding Basis): | ||||||||
Basic | 10,885,988 | 10,818,996 | ||||||
Diluted | 11,082,812 | 10,986,731 | ||||||
Basic Earnings per Share | $ | 1.74 | $ | 1.51 | ||||
Dilutive Effect of Stock Awards | (0.04 | ) | (0.02 | ) | ||||
Diluted Earnings per Share | $ | 1.7 | $ | 1.49 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 months ended September 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Three months ended September 30, 2014 | Interest Rate Swap | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||||||
Beginning Balance (a) | $ | — | $ | 297 | $ | (252 | ) | $ | 45 | ||||||||
Other Comprehensive Income (Loss) Before Reclassification | — | (14 | ) | — | (14 | ) | |||||||||||
Amounts Reclassified from AOCI | — | — | 14 | 14 | |||||||||||||
Net current-period Other Comprehensive Income | — | (14 | ) | 14 | — | ||||||||||||
Ending Balance | $ | — | $ | 283 | $ | (238 | ) | $ | 45 | ||||||||
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 | ) | |||||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. | |||||||||||||||||
The changes in AOCI by component, net of tax, for the nine months ended September 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Nine months ended September 30, 2014 | Interest Rate Swap | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||||||
Beginning Balance (a) | $ | — | $ | 259 | $ | (374 | ) | $ | (115 | ) | |||||||
Other Comprehensive Income Before Reclassification | — | 13 | — | 13 | |||||||||||||
Amounts Reclassified from AOCI | — | 11 | 136 | 147 | |||||||||||||
Net current-period Other Comprehensive Income | — | 24 | 136 | 160 | |||||||||||||
Ending Balance | $ | — | $ | 283 | $ | (238 | ) | $ | 45 | ||||||||
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 Statements of Income for the three months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Three Months Ended September 30, 2014(a) | Amounts Reclassified from AOCI Three Months Ended September 30, 2013(a) | Affected Line Items on Income Statement | ||||||||||||||
Amortization of Cash Flow Hedging Instrument | $ | — | $ | 28 | Other Income | ||||||||||||
Tax benefit | — | 12 | Other Income | ||||||||||||||
— | 40 | ||||||||||||||||
Realized Gains on Investments | $ | — | $ | — | Other Income | ||||||||||||
Tax expense | — | — | Other Income | ||||||||||||||
— | — | ||||||||||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 75 | 56 | Other Income (b) | ||||||||||||||
Tax expense | (61 | ) | (34 | ) | Other Income | ||||||||||||
14 | 22 | ||||||||||||||||
Total Reclassifications for the period, net of tax | $ | 14 | $ | 62 | |||||||||||||
(a) Amounts in parentheses indicate loss/expense. | |||||||||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). | |||||||||||||||||
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 nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Details about Other AOCI Components | Amounts Reclassified from AOCI Nine Months Ended September 30, 2014(a) | Amounts Reclassified from AOCI Nine Months Ended September 30, 2013(a) | Affected Line Items on Income Statement | ||||||||||||||
Amortization of Cash Flow Hedging Instrument | — | 29 | Other Income | ||||||||||||||
Tax benefit | — | 12 | Other Income | ||||||||||||||
— | 41 | ||||||||||||||||
Realized Gains on Investments | $ | 18 | $ | 21 | Other Income | ||||||||||||
Tax expense | (7 | ) | (9 | ) | Other Income | ||||||||||||
11 | 12 | ||||||||||||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 223 | 169 | Other Income (b) | ||||||||||||||
Tax expense | (87 | ) | (80 | ) | Other Income | ||||||||||||
136 | 89 | ||||||||||||||||
Total Reclassifications for the period, net of tax | $ | 147 | $ | 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, 2014 | ||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||
Long-Term Debt at September 30, 2014 and December 31, 2013 consisted of the following (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Connecticut Water Service, Inc.: | ||||||||||
4.09% | Term Loan Note | $ | 15,708 | $ | 16,420 | |||||
The Connecticut Water Company: | ||||||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | |||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | |||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | |||||||
5.10% | 2009 A Series, Due 2039 | 19,950 | 19,950 | |||||||
5.00% | 2011 A Series, Due 2021 | 23,527 | 23,602 | |||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | |||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | |||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | |||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | |||||||
4.75% | CoBank Note Payable, Due 2033 | 14,550 | 14,550 | |||||||
Total The Connecticut Water Company | 134,687 | 134,762 | ||||||||
The Maine Water Company: | ||||||||||
8.95% | 1994 Series G, Due 2024 | 9,000 | 9,000 | |||||||
2.68% | 1999 Series J, Due 2019 | 424 | 474 | |||||||
0.00% | 2001 Series K, Due 2031 | 697 | 739 | |||||||
2.58% | 2002 Series L, Due 2022 | 83 | 90 | |||||||
1.53% | 2003 Series M, Due 2023 | 381 | 401 | |||||||
1.73% | 2004 Series N, Due 2024 | 431 | 451 | |||||||
0.00% | 2004 Series O, Due 2034 | 133 | 140 | |||||||
1.76% | 2006 Series P, Due 2026 | 431 | 451 | |||||||
1.57% | 2009 Series R, Due 2029 | 237 | 242 | |||||||
0.00% | 2009 Series S, Due 2029 | 672 | 717 | |||||||
0.00% | 2009 Series T, Due 2029 | 1,886 | 2,012 | |||||||
0.00% | 2012 Series U, Due 2042 | 166 | 171 | |||||||
1.00% | 2013 Series V, Due 2033 | 1,385 | 1,410 | |||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | |||||||
6.45% | BSWC Series M, Due 2014 | — | 2,700 | |||||||
7.72% | BSWC Series L, Due 2018 | 2,250 | 2,250 | |||||||
2.40% | BSWC Series N, Due 2022 | 1,251 | 1,297 | |||||||
1.86% | BSWC Series O, Due 2025 | 846 | 862 | |||||||
2.23% | BSWC Series P, Due 2028 | 1,354 | 1,354 | |||||||
Various | Various Capital Leases | 43 | 70 | |||||||
Total The Maine Water Company | 23,635 | 26,796 | ||||||||
Add: Acquisition Fair Value Adjustment | 911 | 1,185 | ||||||||
Less: Current Portion | (1,546 | ) | (4,121 | ) | ||||||
Total Long-Term Debt | $ | 173,395 | $ | 175,042 | ||||||
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures Fair Value Disclosures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Type: | ||||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,902 | $ | — | $ | 2,902 | ||||||||
Money Market Fund | 90 | — | — | 90 | ||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds (1) | 1,446 | — | — | 1,446 | ||||||||||||
Total | $ | 1,536 | $ | 2,902 | $ | — | $ | 4,438 | ||||||||
The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2013 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Asset Type: | ||||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,843 | $ | — | $ | 2,843 | ||||||||
Money Market Fund | 62 | — | — | 62 | ||||||||||||
Mutual Funds: | ||||||||||||||||
Equity Funds (1) | 1,528 | — | — | 1,528 | ||||||||||||
Total | $ | 1,590 | $ | 2,843 | $ | — | $ | 4,433 | ||||||||
-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, 2014 | |||||||||||||||||
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, 2014 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
Water Activities | $ | 27,895 | $ | 10,054 | $ | 1,988 | $ | 8,066 | |||||||||
Real Estate Transactions | 7 | 7 | 3 | 4 | |||||||||||||
Services and Rentals | 1,503 | 634 | 256 | 378 | |||||||||||||
Total | $ | 29,405 | $ | 10,695 | $ | 2,247 | $ | 8,448 | |||||||||
Three months ended September 30, 2013 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
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 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
Water Activities | $ | 74,325 | $ | 21,809 | $ | 4,098 | $ | 17,711 | |||||||||
Real Estate Transactions | 7 | 7 | 3 | 4 | |||||||||||||
Services and Rentals | 4,391 | 1,999 | 790 | 1,209 | |||||||||||||
Total | $ | 78,723 | $ | 23,815 | $ | 4,891 | $ | 18,924 | |||||||||
Nine months ended September 30, 2013 | |||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | |||||||||||||
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 | |||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||
Assets by segment (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total Plant and Other Investments: | |||||||||||||||||
Water Activities | $ | 501,520 | $ | 478,560 | |||||||||||||
Non-Water | 742 | 704 | |||||||||||||||
502,262 | 479,264 | ||||||||||||||||
Other Assets: | |||||||||||||||||
Water Activities | 140,776 | 136,246 | |||||||||||||||
Non-Water | 3,419 | 15,301 | |||||||||||||||
144,195 | 151,547 | ||||||||||||||||
Total Assets | $ | 646,457 | $ | 630,811 | |||||||||||||
Basis_of_Preparation_of_Financ1
Basis of Preparation of Financials In text details (Details) | Sep. 30, 2014 |
Rate | |
Maine Water Company [Member] | ' |
Allowed Rate of Return on Equity | 9.50% |
Allowed Return on Rate Base | 7.96% |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $395 | $550 | $1,371 | $1,650 |
Defined Benefit Plan, Interest Cost | 789 | 696 | 2,315 | 2,087 |
Defined Benefit Plan, Expected Return on Plan Assets | -896 | -799 | -2,674 | -2,397 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 19 | 19 | 55 | 56 |
Defined Benefit Plan, Amortization of Gains (Losses) | 443 | 563 | 989 | 1,689 |
Defined Benefit Plan, Net Periodic Benefit Cost | 750 | 1,029 | 2,056 | 3,085 |
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 | 63 | 169 | 371 | 506 |
Defined Benefit Plan, Interest Cost | 150 | 127 | 470 | 381 |
Defined Benefit Plan, Expected Return on Plan Assets | -75 | -73 | -229 | -218 |
Defined benefit plan amortization of regulatory assets | 57 | 57 | 169 | 169 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -203 | -202 | -605 | -605 |
Defined Benefit Plan, Amortization of Gains (Losses) | 120 | 108 | 256 | 323 |
Defined Benefit Plan, Net Periodic Benefit Cost | $112 | $186 | $432 | $556 |
Pension_and_Other_PostRetireme3
Pension and Other Post-Retirement Benefits In Text Linking (Details) (Pension Plans, Defined Benefit [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $3,426,000 |
Earnings_per_Share_Earnings_pe1
Earnings per Share Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 11,111,444 | 11,016,494 | 11,111,444 | 11,016,494 | 11,038,232 |
Weighted Average Number of Shares Outstanding, Basic | 10,901,934 | 10,834,532 | 10,885,988 | 10,818,996 | ' |
Diluted (in shares) | 11,101,610 | 11,006,240 | 11,082,812 | 10,986,731 | ' |
Basic (in dollars per share) | $0.78 | $0.87 | $1.74 | $1.51 | ' |
Incremental Common Shares Attributal To Share Based Payements Arrangements | ($0.02) | ($0.01) | ($0.04) | ($0.02) | ' |
Earnings Per Share, Diluted | $0.76 | $0.86 | $1.70 | $1.49 | ' |
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, 2014 |
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 5 months 12 days |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $1.20 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Amounts Recognized in Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | $0 | $28 | $0 | $29 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 0 | 12 | 0 | 12 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 0 | 40 | 0 | 41 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax | 0 | 0 | 18 | 21 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 0 | 0 | -7 | -9 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | 0 | 0 | 0 | 0 | 0 | -40 | -41 |
Accumulated Other Comprehensive Loss | 45 | -1,091 | 45 | -1,091 | 45 | -115 | -1,207 | -1,328 |
Other Comprehensive Income Loss Derivatives Before Reclassification Adjustments Net Of Tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | 40 | 0 | 41 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | 0 | 0 | 11 | 12 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 75 | 56 | 223 | 169 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | -61 | -34 | -87 | -80 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 283 | 176 | 283 | 176 | 297 | 259 | 122 | 69 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -238 | -1,267 | -238 | -1,267 | -252 | -374 | -1,289 | -1,356 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | -14 | 54 | 13 | 95 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Total Other Comprehensive Income Before Reclassification, Net of Tax | -14 | 54 | 13 | 95 | ' | ' | ' | ' |
Other Comprehensive Income Loss Reclassification Adjustment Derivatives Included In Net Income Net Of Tax | 0 | 40 | 0 | 41 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 14 | 22 | 136 | 89 | ' | ' | ' | ' |
Total Amounts Reclassified From AOCI, Net of Tax | 14 | 62 | 147 | 142 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -14 | 54 | 24 | 107 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 14 | 22 | 136 | 89 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $0 | $116 | $160 | $237 | ' | ' | ' | ' |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | $173,395 | $175,042 |
Long-term Debt, Current Maturities | -1,546 | -4,121 |
Long-term Debt | 173,395 | 175,042 |
Parent [Member] | Connecticut Water Service Term Loan Note and Supplement A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 15,708 | 16,420 |
The Connecticut Water Company [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Current Maturities | -134,687 | -134,762 |
The Connecticut Water Company [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 |
The Connecticut Water Company [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 |
The Connecticut Water Company [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 |
The Connecticut Water Company [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 |
The Connecticut Water Company [Member] | CoBank Note Payable, Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 8,000 | 8,000 |
The Connecticut Water Company [Member] | CoBank Note Payable Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 14,795 | 14,795 |
The Connecticut Water Company [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 23,527 | 23,602 |
The Connecticut Water Company [Member] | CoBank Note Payable Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 17,020 | 17,020 |
The Connecticut Water Company [Member] | CoBank Note Payable Due 2032 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 14,795 | 14,795 |
The Connecticut Water Company [Member] | CoBank Note Payable, Due 2033 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 14,550 | 14,550 |
Maine Water Company [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Current Maturities | -23,635 | -26,796 |
Maine Water Company [Member] | Maine Water Company Series G [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 9,000 | 9,000 |
Maine Water Company [Member] | Maine Water Company Series J [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 424 | 474 |
Maine Water Company [Member] | Maine Water Company Series K [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 697 | 739 |
Maine Water Company [Member] | Maine Water Company Series L [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 83 | 90 |
Maine Water Company [Member] | Maine Water Company Series M [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 381 | 401 |
Maine Water Company [Member] | Maine Water Company Series N [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 431 | 451 |
Maine Water Company [Member] | Maine Water Company Series O [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 133 | 140 |
Maine Water Company [Member] | Maine Water Company Series P [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 431 | 451 |
Maine Water Company [Member] | Maine Water Company Series R [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 237 | 242 |
Maine Water Company [Member] | Maine Water Company Series S [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 672 | 717 |
Maine Water Company [Member] | Maine Water Company Series T [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,886 | 2,012 |
Maine Water Company [Member] | Fair Value Adjustment of Long-Term Debt Assume [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 911 | 1,185 |
Maine Water Company [Member] | 2012 Series U, Due 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 166 | 171 |
Maine Water Company [Member] | 2013 Series V, Due 2033 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,385 | 1,410 |
Maine Water Company [Member] | CoBank Note Payable, Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Current Maturities | -1,965 | -1,965 |
Maine Water Company [Member] | Series M, Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | 2,700 |
Maine Water Company [Member] | Series L, Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 2,250 | 2,250 |
Maine Water Company [Member] | Series N, Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,251 | 1,297 |
Maine Water Company [Member] | Series O, Due 2025 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 846 | 862 |
Maine Water Company [Member] | Series P, Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,354 | 1,354 |
Maine Water Company [Member] | Long Term Capital Leases [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | $43 | $70 |
LongTerm_Debt_LongTerm_Debt_Pa
Long-Term Debt Long-Term Debt Parenthetical (Details) | Sep. 30, 2014 | Dec. 31, 2013 |
Parent [Member] | Connecticut Water Service Term Loan Note and Supplement A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | 4.09% |
The Connecticut Water Company [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% |
The Connecticut Water Company [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% |
The Connecticut Water Company [Member] | CoBank Note Payable, Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.16% | 3.16% |
The Connecticut Water Company [Member] | CoBank Note Payable Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.51% | 3.51% |
The Connecticut Water Company [Member] | CoBank Note Payable Due 2028 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.29% | 4.29% |
The Connecticut Water Company [Member] | CoBank Note Payable Due 2032 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.72% | 4.72% |
The Connecticut Water Company [Member] | CoBank Note Payable, Due 2033 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 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% |
Maine Water Company [Member] | CoBank Note Payable, Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% |
Maine Water Company [Member] | Series M, Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | 6.45% |
Maine Water Company [Member] | Series L, Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.72% | 7.72% |
Maine Water Company [Member] | Series N, Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | 2.40% |
Maine Water Company [Member] | Series O, Due 2025 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.86% | 1.86% |
Maine 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, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Current Maturities | $1,546,000 | ' | $4,121,000 |
Proceeds from Issuance of Long-term Debt | 0 | 14,550,000 | ' |
Monetary Limit of Deceased Bond Holders Redemption per Year | $25,000 | ' | ' |
Percent Limit of Deceased Bond Holders Redemption per Year | 3.00% | ' | ' |
Fair_Value_Disclosures_Fair_Va1
Fair Value Disclosures Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | $4,438 | $4,433 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 1,536 | 1,590 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 2,902 | 2,843 |
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 | 2,902 | 2,843 |
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 | 2,902 | 2,843 |
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 | 90 | 62 |
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 | 90 | 62 |
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 | 1,446 | 1,528 |
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 | 1,446 | 1,528 |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-term Debt, Fair Value | $183,730 | $178,526 |
Long-term Debt | 173,395 | 175,042 |
Advances for Construction | $26,874 | $28,718 |
Segment_Reporting_Segment_Repo1
Segment Reporting Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $29,405 | $29,568 | $78,723 | $75,416 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 10,695 | 10,874 | 23,815 | 22,090 |
Income Tax Expense (Benefit), Continuing Operations | 2,247 | 1,432 | 4,891 | 5,725 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 8,448 | 9,442 | 18,924 | 16,365 |
Water Activities [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 27,895 | 27,982 | 74,325 | 70,964 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 10,054 | 10,294 | 21,809 | 20,223 |
Income Tax Expense (Benefit), Continuing Operations | 1,988 | 1,226 | 4,098 | 4,994 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 8,066 | 9,068 | 17,711 | 15,229 |
Real Estate Transactions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 7 | 95 | 7 | 95 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 7 | -8 | 7 | -8 |
Income Tax Expense (Benefit), Continuing Operations | 3 | -1 | 3 | -1 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4 | -7 | 4 | -7 |
Services and Rentals [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 1,503 | 1,491 | 4,391 | 4,357 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 634 | 588 | 1,999 | 1,875 |
Income Tax Expense (Benefit), Continuing Operations | 256 | 207 | 790 | 732 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $378 | $381 | $1,209 | $1,143 |
Segment_Reporting_Segment_Repo2
Segment Reporting Segment Reporting Textual Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Revenues | $27,554,000 | $27,632,000 | $73,273,000 | $69,906,000 |
Regulated Operating Revenue, Other | 341,000 | 350,000 | 1,052,000 | 1,058,000 |
Water Revenue Adjustment | $1,678,000 | $2,762,000 | $4,471,000 | $2,762,000 |
Segment_Reporting_Assets_by_Se
Segment Reporting Assets by Segment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Plant and Other Investments | $502,262 | $479,264 |
Other Assets | 144,195 | 151,547 |
Assets | 646,457 | 630,811 |
Water Activities [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Plant and Other Investments | 501,520 | 478,560 |
Other Assets | 140,776 | 136,246 |
Services and Rentals and Real Estate Combine [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Plant and Other Investments | 742 | 704 |
Other Assets | $3,419 | $15,301 |
Income_Tax_Expense_Income_Tax_
Income Tax Expense Income Tax Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Rate | Rate | Rate | Rate | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Reserve Against Fixed Capital Investment Credits Claimed in Prior Years | ' | ' | $2,000,000 | ' |
Effective Income Tax Rate, Continuing Operations | 21.00% | 13.20% | 20.50% | 25.90% |
Effective Tax Rate Excluding Reserve Against Fixed Capital Investment Credits Claimed in Prior Years | 18.80% | ' | 17.90% | ' |
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, 2014 | Dec. 31, 2013 |
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $35,000,000 | ' |
Interim Bank Loans Payable | 693,000 | 0 |
Line of Credit Facility, Remaining Borrowing Capacity | 34,300,000 | ' |
CTWS Line of Credit A [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 15,000,000 | ' |
CTWS Line of Credit B [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $20,000,000 | ' |