Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Entity Information [Line Items] | |
Entity Registrant Name | CONNECTICUT WATER SERVICE INC / CT |
Entity Central Index Key | 276,209 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 11,218,582 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Utility Plant | $ 731,624 | $ 722,447 |
Construction Work in Progress | 25,939 | 23,298 |
Gross Utility Plant | 757,563 | 745,745 |
Accumulated Provision for Depreciation | (203,054) | (199,461) |
Net Utility Plant | 554,509 | 546,284 |
Other Property and Investments | 8,677 | 8,126 |
Cash and Cash Equivalents | 1,540 | 731 |
Accounts Receivable (Less Allowance, 2016 - $974; 2015 - $947) | 9,744 | 11,012 |
Accrued Unbilled Revenues | 8,119 | 8,259 |
Materials and Supplies | 1,659 | 1,617 |
Prepayments and Other Current Assets | 8,281 | 5,393 |
Total Current Assets | 29,343 | 27,012 |
Restricted Cash | 198 | 846 |
Unrecovered Income Taxes - Regulatory Asset | 80,585 | 77,510 |
Pension Benefits - Regulatory Asset | 12,002 | 12,414 |
Post-Retirement Benefits Other Than Pension - Regulatory Asset | 500 | 468 |
Goodwill | 30,427 | 30,427 |
Deferred Charges and Other Costs | 7,860 | 7,628 |
Total Regulatory and Other Long-Term Assets | 131,572 | 129,293 |
Total Assets | 724,101 | 710,715 |
CAPITALIZATION AND LIABILITIES | ||
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2016 - 11,218,582; 2015 - 11,192,882 | 146,228 | 144,534 |
Retained Earnings (Accumulated Deficit) | 80,521 | 80,378 |
Accumulated Other Comprehensive Loss | (915) | (935) |
Common Stockholders' Equity | 225,834 | 223,977 |
Preferred Stock | 772 | 772 |
Long-Term Debt | 171,102 | 171,868 |
Total Capitalization | 397,708 | 396,617 |
Debt, Current | 2,850 | 2,842 |
Interim Bank Loans Payable | 29,472 | 16,085 |
Accounts Payable and Accrued Expenses | 8,499 | 11,882 |
Accrued Interest | 1,501 | 727 |
Customer Refund Liability, Current | 1,715 | 2,994 |
Other Current Liabilities | 2,274 | 2,409 |
Total Current Liabilities | 46,311 | 36,939 |
Advances for Construction | 21,376 | 21,444 |
Deferred Federal and State Income Taxes | 49,063 | 48,036 |
Unfunded Future Income Taxes | 77,883 | 74,712 |
Long-Term Compensation Arrangements | 33,075 | 34,389 |
Unamortized Investment Tax Credits | 1,245 | 1,264 |
Refund to Customers - Regulatory Liability | 592 | 993 |
Other Long-Term Liabilities | 5,216 | 5,273 |
Total Long-Term Liabilities | 188,450 | 186,111 |
Contributions in Aid of Construction | 91,632 | 91,048 |
Commitments and Contingencies | 0 | 0 |
Total Capitalization and Liabilities | $ 724,101 | $ 710,715 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Issued | 11,218,582 | 11,192,882 |
Outstanding | 11,218,582 | 11,192,882 |
ASSETS | ||
Allowance | $ 974 | $ 947 |
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 INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Revenues | $ 21,552 | $ 20,030 |
Operating Expenses | ||
Operation and Maintenance | 11,289 | 11,324 |
Depreciation | 3,398 | 3,136 |
Income Taxes | 393 | (941) |
Taxes Other Than Income Taxes | 2,449 | 2,346 |
Total Operating Expenses | 17,529 | 15,865 |
Net Operating Revenues | 4,023 | 4,165 |
Other Utility Income, Net of Taxes | 155 | 155 |
Total Utility Operating Income | 4,178 | 4,320 |
Other Income (Deductions), Net of Taxes | ||
Non-Water Sales Earnings | 395 | 369 |
Allowance for Funds Used During Construction | 232 | 90 |
Other | (32) | (7) |
Total Other Income, Net of Taxes | 595 | 452 |
Interest and Debt Expense | ||
Interest on Long-Term Debt | 1,736 | 1,774 |
Interest Income (Expense), Net | (142) | (132) |
Amortization of Debt Expense | 31 | 27 |
Total Interest and Debt Expense | 1,625 | 1,669 |
Net Income | 3,148 | 3,103 |
Preferred Stock Dividend Requirement | 9 | 9 |
Net Income Applicable to Common Stock | $ 3,139 | $ 3,094 |
Weighted Average Common Shares Outstanding: | ||
Basic (in shares) | 10,992,486 | 10,924,330 |
Diluted (in shares) | 11,211,283 | 11,144,297 |
Earnings Per Common Share: | ||
Basic (in dollars per share) | $ 0.29 | $ 0.28 |
Diluted (in dollars per share) | 0.28 | 0.28 |
Dividends Per Common Share (in dollars per share) | $ 0.2675 | $ 0.2575 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Income | $ 3,148 | $ 3,103 |
Other Comprehensive Income, net of tax | ||
Reclassification to Pension and Post-Retirement Benefits Other Than Pension, net of tax (expense) of $(22) and $(37) for the three months ended March 31, 2016 and 2015, respectively | 35 | 97 |
Unrealized (loss) gain on investments, net of tax benefit (expense) of $10 and $(9) for the three months ended March 31, 2016 and 2015, respectively | (15) | 14 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 20 | 111 |
Comprehensive Income | $ 3,168 | $ 3,214 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income, net of tax | ||
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (expense) benefit of | $ 22 | $ 37 |
Unrealized Investment loss, net of tax expense of | $ 9 | $ (9) |
CONSOLIDATED STATEMENTS OF RETA
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Balance at Beginning of Period | $ 80,378 | $ 69,370 |
Net Income | 3,148 | 3,103 |
Retained Earnings before Dividends | 83,526 | 72,473 |
Dividends Declared: | ||
Cumulative Preferred, Class A, $0.20 per share for the three months ended March 31, 2016 and 2015, respectively | 9 | 9 |
Common Stock - $0.2675 per share and $0.2575 per share for the three months ended March 31, 2016 and 2015, respectively | 2,996 | 2,869 |
Total Dividends Declared | 3,005 | 2,878 |
Balance at End of Period | 80,521 | 69,595 |
Series A Voting | ||
Dividends Declared: | ||
Cumulative Preferred, Class A, $0.20 per share for the three months ended March 31, 2016 and 2015, respectively | 3 | 3 |
Cumulative Preferred Stock | ||
Dividends Declared: | ||
Cumulative Preferred, Class A, $0.20 per share for the three months ended March 31, 2016 and 2015, respectively | $ 6 | $ 6 |
CONSOLIDATED STATEMENTS OF RET8
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Dividends Declared: | ||
Common Stock (in dollars per share) | $ 0.2675 | $ 0.2575 |
Cumulative Preferred Stock | ||
Dividends Declared: | ||
Preferred Stock (in dollars per share) | 0.225 | 0.225 |
Series A Voting | ||
Dividends Declared: | ||
Preferred Stock (in dollars per share) | $ 0.20 | $ 0.20 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Additions to Utility Plant Used in Continuing Operations | $ 11,753 | $ 6,523 |
Operating Activities: | ||
Net Income | 3,148 | 3,103 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Deferred Revenues | (340) | 249 |
Provision for Deferred Income Taxes and Investment Tax Credits, Net | 710 | (1,366) |
Allowance for Funds Used During Construction | (232) | (90) |
Depreciation (including $243 and $220 in 2016 and 2015, respectively, charged to other accounts) | 3,641 | 3,356 |
Change in Assets and Liabilities: | ||
Increase in Accounts Receivable and Accrued Unbilled Revenues | 1,408 | 1,468 |
Increase in Prepayments and Other Current Assets | (2,536) | (1,557) |
(Increase) Decrease in Other Non-Current Items | (532) | 632 |
Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities | (3,513) | 292 |
Total Adjustments | (1,394) | 2,984 |
Net Cash and Cash Equivalents Provided by Operating Activities | 1,754 | 6,087 |
Investing Activities: | ||
Release of restricted cash | 649 | 0 |
Net Cash and Cash Equivalents Used in Investing Activities | (11,104) | (6,523) |
Financing Activities: | ||
Proceeds from Interim Bank Loans | 29,472 | 5,422 |
Repayment of Interim Bank Loans | (16,085) | (1,991) |
Proceeds from Issuance of Common Stock | 425 | 366 |
Costs to Issue Long-Term Debt and Common Stock | 0 | (5) |
Repayment of Long-Term Debt Including Current Portion | (762) | (661) |
Advances from Others for Construction | 114 | 52 |
Cash Dividends Paid | (3,005) | (2,878) |
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities | 10,159 | 305 |
Net (Decrease) Increase in Cash and Cash Equivalents | 809 | (131) |
Cash and Cash Equivalents at Beginning of Period | 731 | 2,475 |
Cash and Cash Equivalents at End of Year | 1,540 | 2,344 |
Non-Cash Investing and Financing Activities: | ||
Non-Cash Contributed Utility Plant | 431 | 8 |
Short-term Investment of Bond Proceeds Held in Restricted Cash | 198 | |
Cash Paid for: | ||
Interest | 871 | 931 |
State and Federal Income Taxes | $ 130 | $ 130 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation charged to other accounts | $ 243 | $ 220 |
Basis of Preparation of Financi
Basis of Preparation of Financials | 3 Months Ended |
Mar. 31, 2016 | |
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 Condensed Consolidated Balance Sheet at December 31, 2015 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, 2015 (the “10-K”). 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. Certain previously reported information has been reclassified to conform to the current period presentation. Regulatory Matters The rates we charge our water customers in Connecticut and Maine are established under the jurisdiction of and are approved by the Connecticut Public Utilities Regulatory Authority (“PURA”) and the Maine Public Utilities Commission (“MPUC”), respectively. 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 March 31, 2016 , were 9.75% and 7.32% , respectively. Maine Water’s average allowed return on equity and return on rate base, effective March 31, 2016 , were 9.50% and 7.96% , respectively. The PURA establishes rates in Connecticut on a company-wide basis while the MPUC approves Maine Water’s rates on a division-by-division basis. Both Connecticut Water and Maine Water are allowed to add surcharges to customers’ bills in order to recover certain approved capital projects in between full rate cases. On March 11, 2016, Maine Water entered into a purchase and sale agreement with the Coastal Mountains Land Trust, a Maine nonprofit corporation (the “Land Trust”) pursuant to which Maine Water agreed to sell two conservation easements to the Land Trust on approximately 1,300 acres of land located in the towns of Rockport, Camden and Hope, in Knox County, Maine valued in the aggregate at $3.1 million. The land had a book value of approximately $600,000 at December 31, 2015 and is included in “Utility Plant” on the Company’s “Consolidated Balance Sheets”. The easements and purchase prices are as follows: 1. Ragged Mountain Mirror Lake Conservation Easement: $1,875,000; and 2. Grassy Pond conservation Easement: $600,000. The two easement sale and donation transactions are expected to close no later than December 31, 2017 and December 31, 2019, respectively. Maine Water will make a $200,000 contribution to the Land Trust upon completion of the closing of the first easement sale. Maine Water also expects to claim a charitable deduction for the $600,000 in excess of the fair market value of the second easement over the $600,000 sale price. Connecticut Rates In Connecticut, the Water Infrastructure Conservation Adjustment (“WICA”) was 1.59% and 4.19% at March 31, 2015 and 2016, respectively. On January 27, 2016, Connecticut Water filed a WICA application with the PURA requesting a 1.00% surcharge to customers' bills, representing approximately $8.4 million in WICA related projects. On February 9, 2016, Connecticut Water filed for a 0.03% reconciliation adjustment for the 2015 shortfall in WICA. On March 9, 2016 and March 24, 2016, the PURA approved the reconciliation adjustment and the WICA application, respectively. Effective April 1, 2016, the cumulative WICA surcharge is 5.12%. WICA surcharges are capped at 10% between general rate cases. Since 2013, Connecticut law has 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, projects eligible for WICA surcharges were expanded to include energy conservation projects, improvements required to comply with streamflow regulations, and improvements to acquired systems. Connecticut Water’s allowed revenues for the three months ended March 31, 2016 , as approved by PURA during our 2010 general rate case and including subsequently approved WICA surcharges, are approximately $16.9 million. Through normal billing for the three months ended March 31, 2016 , revenue for Connecticut Water would have been approximately $16.5 million had the WRA not been implemented. As a result of the implementation of the WRA, Connecticut Water recorded $0.4 million in additional revenue for the three months ended March 31, 2016 . Maine Rates In Maine, the overall, cumulative Water Infrastructure Charge (“WISC”) for all divisions was 1.13% and 3.08% as of March 31, 2015 and 2016, respectively. Maine Water filed for an increase in its WISC for one division in February, 2016, which the MPUC approved in March, 2016, and which became effective on April 1, 2016, which increased the overall WISC to 4.08%. A newly passed water revenue adjustment mechanism law in Maine became available to regulated water utilities in Maine on October 15, 2015. As discussed below, Maine Water is currently precluded from seeking new rates due to various agreements with the MPUC. Maine Water is currently evaluating how and when this new mechanism can be implemented. On October 30, 2014, Maine Water petitioned the MPUC for approval of an accounting order that would allow it to return to its customers a federal income tax refund stemming from the adoption of the Internal Revenue Service (“IRS”) Revenue Procedure 2012-19 (“Repair Regulations”) to eight of its ten divisions, and to allow flow-through treatment of the repair deduction as of January 1, 2014. On February 26, 2015, the MPUC approved a stipulation between Maine Water and the Office of the Public Advocate (“Maine Water Stipulation Agreement”) that refunds $2.9 million to the customers of the eight divisions over a two year period starting no later than July 1, 2015, and allows the requested accounting treatment. In addition, Maine Water agreed not to file a general rate case during the two year refund period in any of the eight divisions that were allowed the refund. As part of the Biddeford Stipulation Agreement and the Maine Water Stipulation Agreement, Maine Water was required to determine the remaining deferred tax liabilities associated with the fixed assets which Maine Water would be deducting as part of the adoption of the Repair Regulations. All parties to the Biddeford Stipulation Agreement and the Maine Water Stipulation Agreement, and the MPUC, agreed that any benefit resulting from the elimination of deferred tax liabilities previously recorded on qualifying fixed assets subject to the Repair Regulation deduction, would be deferred and considered in a separate docket initiated after Maine Water had analyzed this additional deferred tax liability in more detail. The Company viewed the completion of the docket determining the ultimate disposition of the deferred tax liability associated with the qualifying fixed assets subject to the Repair Regulation deduction as materially linked to the flow-through treatment granted in the MPUC’s order issued on February 26, 2015. On April 8, 2015, Maine Water filed a petition with the MPUC that asked for amortization of the identified deferred tax liabilities in each of its ten divisions. On June 16, 2015, Maine Water and the Office of the Public Advocate reached a settlement agreement that allowed for the amortization of these deferred tax liabilities over a one to nine year period, depending on the division. The MPUC approved this agreement on June 22, 2015, at which point Maine Water began the amortization based on the agreed upon schedule. With the completion of this docket, Maine Water recorded in the quarter ended June 30, 2015 the retroactive benefit associated with the flow-through of Repair Regulations from January 1, 2014. The 2014 benefit, reflected in the second quarter of 2015, was approximately $931,000, or $0.09 per basic share outstanding. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 and 2015 . Pension Benefits Components of Net Periodic Cost (in thousands): Three Months Period ended March 31, 2016 2015 Service Cost $ 521 $ 570 Interest Cost 794 771 Expected Return on Plan Assets (979 ) (966 ) Amortization of: Prior Service Cost 4 4 Net Recognized Loss 511 691 Net Periodic Benefit Cost $ 851 $ 1,070 The Company expects to make a total contribution of approximately $5,525,000 in 2016 for the 2015 plan year. As of March 31, 2016 , the Company has contributed $2,000,000 . Post-Retirement Benefits Other Than Pension (PBOP) Components of Net Periodic Cost (in thousands): Three Months Period ended March 31, 2016 2015 Service Cost $ 103 $ 152 Interest Cost 136 147 Expected Return on Plan Assets (85 ) (81 ) Other 56 56 Amortization of: Prior Service Credit (100 ) (142 ) Recognized Net Loss 8 110 Net Periodic Benefit Cost $ 118 $ 242 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Common Shares Outstanding End of Period: 11,218,582 11,151,193 Weighted Average Shares Outstanding (Days Outstanding Basis): Basic 10,992,486 10,924,330 Diluted 11,211,283 11,144,297 Basic Earnings per Share $ 0.29 $ 0.28 Dilutive Effect of Stock Awards (0.01 ) — Diluted Earnings per Share $ 0.28 $ 0.28 Total unrecognized compensation expense for all stock awards was approximately $1.1 million as of March 31, 2016 and will be recognized over a weighted average period of 1.4 years . |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Recently Adopted and New Accounting Pronouncements | 4. Recently Adopted and New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” (“No. 2014-09”) which amends its guidance related to revenue recognition. ASU No. 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 No. 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. On April 1, 2015, the FASB voted for a one-year deferral of the effective date of ASU No. 2014-09, making ASU No. 2014-09 effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently determining its implementation approach and assessing the impact that this guidance may have on our consolidated financial position, including its impact on the Company’s contracted services provided to water and wastewater utilities. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU No. 2015-03”). The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. The Company has adopted ASU No. 2015-03, effective January 1, 2016, which had the effect of reducing the December 31, 2015 Long-Term Debt balance by $5,786,000 on the Condensed Consolidated Balance Sheet. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” (“ASU No. 2015-11”) which applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost or net realizable value, which is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged under the updated guidance for inventory that is measured using last-in, last-out (“LIFO”). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company uses average cost to value its inventory and, therefore, ASU No. 2015-11 is expected to have no impact on the Company. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes” (“ASU No. 2015-17”). ASU No. 2015-17 requires net deferred tax assets and liabilities to be classified as non-current on the Company’s Consolidated Balance Sheets. Prior to adoption of the new standard, net deferred tax assets and liabilities were presented separately as current and non-current on the Consolidated Balance Sheets. ASU No. 2015-17 is effective for financial statements issued for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company has adopted ASU No. 2015-17, effective January 1, 2016, which had the effect of reducing the December 31, 2015 Prepayments and Other Current Assets and Deferred Federal and State Income Taxes balances by $17,000 on the Condensed Consolidated Balance Sheet. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, (“ASU No. 2016-02”), which will require lessees to recognize the following for all leases at the commencement date of a lease: a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Public business entities should apply the amendments in ASU No. 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. 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 March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU No. 2016-09). ASU No. 2016-09 impacts several aspects of the accounting for share-based payment transactions, including classification of certain items on the Consolidated Statement of Cash Flows and accounting for income taxes. Specifically, ASU No. 2016-09 requires that excess tax benefits and tax deficiencies (the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes) be recognized as income tax expense or benefit in the Consolidated Statements of Income, introducing a new element of volatility to the provision for income taxes. ASU No. 2016-09 is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We have not yet determined the effect of ASU No. 2016-09 on our consolidated financial statements nor have we selected a transition method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015 are as follows (in thousands): Three months ended March 31, 2016 Unrealized Gains on Investments Defined Benefit Items Total Beginning Balance (a) $ 200 $ (1,135 ) $ (935 ) Other Comprehensive (Loss) Income Before Reclassification (15 ) — (15 ) Amounts Reclassified from AOCI — 35 35 Net current-period Other Comprehensive (Loss) Income (15 ) 35 20 Ending Balance $ 185 $ (1,100 ) $ (915 ) Three months ended March 31, 2015 Unrealized Gains on Investments Defined Benefit Items Total Beginning Balance (a) $ 298 $ (1,901 ) $ (1,603 ) Other Comprehensive (Loss) Income Before Reclassification 14 — 14 Amounts Reclassified from AOCI — 97 97 Net current-period Other Comprehensive (Loss) Income 14 97 111 Ending Balance $ 312 $ (1,804 ) $ (1,492 ) (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 March 31, 2016 and 2015 (in thousands): Details about Other AOCI Components Amounts Reclassified from AOCI Three Months Ended March 31, 2016(a) Amounts Reclassified from AOCI Three Months Ended March 31, 2015(a) Affected Line Items on Income Statement Amortization of Recognized Net Gain from Defined Benefit Items 57 135 Other Income (b) Tax expense (22 ) (38 ) Other Income 35 97 Total Reclassifications for the period, net of tax $ 35 $ 97 (a) Amounts in parentheses indicate loss/expense. (b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Long-Term Debt | Long-Term Debt Long-Term Debt at March 31, 2016 and December 31, 2015 consisted of the following (in thousands): 2016 2015 Connecticut Water Service, Inc.: 4.09% Term Loan Note $ 14,217 $ 14,472 The Connecticut Water Company: Var. 2004 Series Variable Rate, Due 2029 12,500 12,500 Var. 2004 Series A, Due 2028 5,000 5,000 Var. 2004 Series B, Due 2028 4,550 4,550 5.10% 2009 A Series, Due 2039 19,930 19,930 5.00% 2011 A Series, Due 2021 23,257 23,303 3.16% CoBank Note Payable, Due 2020 8,000 8,000 3.51% CoBank Note Payable, Due 2022 14,795 14,795 4.29% CoBank Note Payable, Due 2028 17,020 17,020 4.72% CoBank Note Payable, Due 2032 14,795 14,795 4.75% CoBank Note Payable, Due 2033 14,550 14,550 Total The Connecticut Water Company 134,397 134,443 The Maine Water Company: 8.95% 1994 Series G, Due 2024 8,100 8,100 2.68% 1999 Series J, Due 2019 254 339 0.00% 2001 Series K, Due 2031 615 656 2.58% 2002 Series L, Due 2022 68 75 1.53% 2003 Series M, Due 2023 341 361 1.73% 2004 Series N, Due 2024 401 401 0.00% 2004 Series O, Due 2034 120 127 1.76% 2006 Series P, Due 2026 391 411 1.57% 2009 Series R, Due 2029 217 227 0.00% 2009 Series S, Due 2029 605 628 0.00% 2009 Series T, Due 2029 1,697 1,760 0.00% 2012 Series U, Due 2042 154 160 1.00% 2013 Series V, Due 2033 1,335 1,360 2.52% CoBank Note Payable, Due 2017 1,965 1,965 4.24% CoBank Note Payable, Due 2024 4,500 4,500 7.72% Series L, Due 2018 2,250 2,250 2.40% Series N, Due 2022 1,101 1,176 1.86% Series O, Due 2025 830 830 2.23% Series P, Due 2028 1,294 1,324 0.01% Series Q, Due 2035 1,771 1,864 1.00% Series R, Due 2025 2,488 2,488 Various Various Capital Leases 15 17 Total The Maine Water Company 30,512 31,019 Add: Acquisition Fair Value Adjustment 502 562 Less: Current Portion (2,850 ) (2,842 ) Less: Unamortized Debt Issuance Expense (5,676 ) (5,786 ) Total Long-Term Debt $ 171,102 $ 171,868 There are no mandatory sinking fund payments required on Connecticut Water’s outstanding 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 17, 2015, Maine Water completed the issuance of $1,864,050 aggregate principal amount of its First Mortgage Bonds, Series Q, 0.01% due March 17, 2035 (the “Series Q Bonds”). The Series Q Bonds were issued by Maine Water to the Bank and the proceeds of the issuance were loaned (the “Series Q Loan”) by the Bank to Maine Water pursuant to a Loan Agreement by and between Maine Water and the Bank dated as of March 17, 2015. The proceeds of the Series Q Loan were used by Maine Water to fund various water facilities projects, including the replacement of a booster station and modifications to a treatment plant, each located in the City of Biddeford, Maine. On November 25, 2015, Maine Water completed the issuance of $2,487,630 aggregate principal amount of its First Mortgage Bonds, Series R, 1.0% due November 25, 2025 (the “Series R Bonds”). The Series R Bonds were issued by Maine Water to the Bank and the proceeds of the issuance were loaned (the “Series R Loan”) by the Bank to Maine Water pursuant to a Loan Agreement by and between Maine Water and the Bank dated as of November 25, 2015. The remaining proceeds of the Series R Loan will be used by Maine Water to fund the construction of a 3 million gallon water storage tank, located in the City of Biddeford, Maine, which will replace an existing in-ground 7.5 million gallon reservoir. In April 2016, Connecticut Water filed an application with PURA to issue promissory notes in the aggregate principal amount of up to $49,930,000 with CoBank, ACB (“CoBank”) under its existing Master Loan Agreement by and between Connecticut Water and CoBank dated October 29, 2012, in order for Connecticut Water to redeem its $19,930,000 2009A Series of outstanding Water Facility Revenue Bonds previously issued by the Connecticut Development Authority (the “2009A Bonds”) and to provide $30,000,000 to partially fund its ongoing construction program. The notes will have a 20-year term, will be unsecured by Connecticut Water and will have fixed interest rates. During the first three months of 2016 , the Company paid approximately $255,000 related to Connecticut Water Service’s Term Note Payable issued as part of the 2012 acquisition of Maine Water and approximately $507,000 in sinking funds related to Maine Water’s outstanding bonds. 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 March 31, 2016 . |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 (in thousands): Level 1 Level 2 Level 3 Total Asset Type: Company Owned Life Insurance $ — $ 2,915 $ — $ 2,915 Money Market Fund 68 — — 68 Mutual Funds: Equity Funds (1) 1,422 — — 1,422 Fixed Income Funds (2) 493 — — 493 Total $ 1,983 $ 2,915 $ — $ 4,898 The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total Asset Type: Company Owned Life Insurance $ — $ 2,909 $ — $ 2,909 Money Market Fund 122 — — 122 Mutual Funds: Equity Funds (1) 1,441 — — 1,441 Fixed Income Funds (2) 485 — — 485 Total $ 2,048 $ 2,909 $ — $ 4,957 (1) Mutual funds consist primarily of equity securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets. (2) Mutual funds consist primarily of fixed income securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets. 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 Maine Water’s November 2015 bond offering, 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 2016, 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 March 31, 2016 and December 31, 2015 , the estimated fair value of the Company’s long-term debt was $194,943,000 and $191,616,000 , respectively, as compared to the carrying amounts of $176,776,000 and $177,654,000 , 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 a 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 had a carrying amount of $21,376,000 and $21,444,000 at March 31, 2016 and December 31, 2015 , 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 | 3 Months Ended |
Mar. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Segment Reporting | Segment Reporting The Company operates principally in three business segments: Water Operations, Real Estate Transactions, and Services and Rentals. Financial data for the segments is as follows (in thousands): Three months ended March 31, 2016 Segment Revenues Pre-Tax Income Income Tax Expense Net Income Water Operations $ 21,855 $ 2,950 $ 197 $ 2,753 Real Estate Transactions — — — — Services and Rentals 1,231 537 142 395 Total $ 23,086 $ 3,487 $ 339 $ 3,148 Three months ended March 31, 2015 Segment Revenues Pre-Tax Income Income Tax Expense(Benefit) Net Income Water Operations $ 20,340 $ 1,687 $ (1,047 ) $ 2,734 Real Estate Transactions — — — — Services and Rentals 1,362 629 260 369 Total $ 21,702 $ 2,316 $ (787 ) $ 3,103 The revenues shown in Water Operations above consisted of revenues from water customers of $21,552,000 and $20,030,000 for the three months ended March 31, 2016 and 2015 , respectively. Additionally, there were revenues associated with utility plant leased to others of $303,000 and $310,000 for the three months ended March 31, 2016 and 2015 , respectively. The revenues from water customers for the three months ended March 31, 2016 and 2015 include $400,000 in additional revenues and a $189,000 reduction in revenues related to the application of the WRA, 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): March 31, 2016 December 31, 2015 Total Plant and Other Investments: Water Operations $ 562,224 $ 553,773 Non-Water 963 637 563,187 554,410 Other Assets: Water Operations 157,289 154,090 Non-Water 3,625 2,215 160,914 156,305 Total Assets $ 724,101 $ 710,715 |
Income Tax Expense
Income Tax Expense | 3 Months Ended |
Mar. 31, 2016 | |
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. On March 24, 2015, the Company was notified by the Connecticut Department of Revenue Services that the audit was expanded to include the 2012 and 2013 tax years. The State focused its review on tax credits associated with fixed capital investment. The Company and the State came to an agreement (“Closing Agreement”) regarding investments eligible for the credit. The Closing Agreement was executed on May 4, 2015. The Company had previously recorded a provision for the possible disallowance of these credits and, therefore, there was minimal impact in 2015. On the 2012 tax return, filed in September 2013, Connecticut Water filed a change in accounting method to adopt the Internal Revenue Service’s (“IRS”) temporary tangible property regulations. On the 2013 Federal tax return, filed in September 2014, Maine Water filed the same change in accounting method. 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 2012 would be reviewed. This review, which began in the first quarter of 2014 and was completed in the first quarter of 2015, resulted in no change to the tax liability. Since the Company had previously recorded a provision for the possible disallowance of the repair deduction in prior periods, the completion of the audit resulted in the reversal of the provision in the amount of $1,185,000 in the first quarter of 2015. While the Company maintains the belief that the deduction taken on its tax return is appropriate, the methodology for determining the deduction has not been agreed to by the taxing authorities. Through March 31, 2016 , the Company has recorded, as required by FASB ASC 740, a provision of $400,000 for a portion of the benefit that is not being returned to customers resulting from any possible tax authority challenge. The Company had previously recorded a provision of $6.3 million in the prior year for a cumulative total of $6.7 million. 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 three months ended March 31, 2016 and 2015 . Additionally, there were no accruals relating to interest or penalties as of March 31, 2016 and December 31, 2015 . The Company remains subject to examination by federal tax authorities for the 2013 and 2014 tax years; the State of Maine’s tax authorities for the 2012 through 2014 tax years; and the State of Connecticut’s tax authorities for the 2014 tax year. The Company is currently engaged in an analysis to determine the amount of expenditures related to tangible property that will be reflected on its 2015 Federal Tax Return to be filed in September 2016. As a result, through the first quarter of 2016 , the Company has estimated the portion of its infrastructure investment that will qualify as a repair deduction for 2016 and has reflected that deduction in its effective tax rate, net of any reserves. Consistent with other differences between book and tax expenditures, the Company is required to use the flow-through method to account for any timing differences not required by the IRS to be normalized. The Company’s effective income tax rate for the three months ended March 31, 2016 and 2015 was 9.7% and (34.0)% , respectively. The Company’s effective tax rate, excluding discrete items recorded during the quarter, was (2.2)% for the three months ended March 31, 2016 . These discrete items include adjustments related to the provisions for the repair deduction in both Connecticut and Maine. The blended Federal and State 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. |
Lines of Credit
Lines of Credit | 3 Months Ended |
Mar. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Lines of Credit | Lines of Credit As of March 31, 2016 , the Company maintained a $15.0 million line of credit agreement with CoBank, that is currently scheduled to expire on July 1, 2020 . The Company maintained an additional line of credit of $20.0 million with RBS Citizens, N.A., with an expiration date of June 30, 2017 . As of March 31, 2016 , the total lines of credit available to the Company were $35.0 million . As of March 31, 2016 and December 31, 2015 , the Company had $29.5 million and $16.1 million , respectively, of Interim Bank Loans Payable. As of March 31, 2016 , the Company had $5.5 million in unused lines of credit. Interest expense charged on lines of credit will fluctuate based on market interest rates. On April 25, 2016, the Company and RBS Citizens agreed to increase the amount of the Line of Credit from $20,000,000 to $45,000,000 and to extend the maturity date of the Line of Credit until April 25, 2021. |
Pension and Other Post-Retire21
Pension and Other Post-Retirement Benefits Pension and Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Period ended March 31, 2016 2015 Service Cost $ 521 $ 570 Interest Cost 794 771 Expected Return on Plan Assets (979 ) (966 ) Amortization of: Prior Service Cost 4 4 Net Recognized Loss 511 691 Net Periodic Benefit Cost $ 851 $ 1,070 |
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 Period ended March 31, 2016 2015 Service Cost $ 103 $ 152 Interest Cost 136 147 Expected Return on Plan Assets (85 ) (81 ) Other 56 56 Amortization of: Prior Service Credit (100 ) (142 ) Recognized Net Loss 8 110 Net Periodic Benefit Cost $ 118 $ 242 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Common Shares Outstanding End of Period: 11,218,582 11,151,193 Weighted Average Shares Outstanding (Days Outstanding Basis): Basic 10,992,486 10,924,330 Diluted 11,211,283 11,144,297 Basic Earnings per Share $ 0.29 $ 0.28 Dilutive Effect of Stock Awards (0.01 ) — Diluted Earnings per Share $ 0.28 $ 0.28 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015 are as follows (in thousands): Three months ended March 31, 2016 Unrealized Gains on Investments Defined Benefit Items Total Beginning Balance (a) $ 200 $ (1,135 ) $ (935 ) Other Comprehensive (Loss) Income Before Reclassification (15 ) — (15 ) Amounts Reclassified from AOCI — 35 35 Net current-period Other Comprehensive (Loss) Income (15 ) 35 20 Ending Balance $ 185 $ (1,100 ) $ (915 ) Three months ended March 31, 2015 Unrealized Gains on Investments Defined Benefit Items Total Beginning Balance (a) $ 298 $ (1,901 ) $ (1,603 ) Other Comprehensive (Loss) Income Before Reclassification 14 — 14 Amounts Reclassified from AOCI — 97 97 Net current-period Other Comprehensive (Loss) Income 14 97 111 Ending Balance $ 312 $ (1,804 ) $ (1,492 ) (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 March 31, 2016 and 2015 (in thousands): Details about Other AOCI Components Amounts Reclassified from AOCI Three Months Ended March 31, 2016(a) Amounts Reclassified from AOCI Three Months Ended March 31, 2015(a) Affected Line Items on Income Statement Amortization of Recognized Net Gain from Defined Benefit Items 57 135 Other Income (b) Tax expense (22 ) (38 ) Other Income 35 97 Total Reclassifications for the period, net of tax $ 35 $ 97 (a) Amounts in parentheses indicate loss/expense. (b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt at March 31, 2016 and December 31, 2015 consisted of the following (in thousands): 2016 2015 Connecticut Water Service, Inc.: 4.09% Term Loan Note $ 14,217 $ 14,472 The Connecticut Water Company: Var. 2004 Series Variable Rate, Due 2029 12,500 12,500 Var. 2004 Series A, Due 2028 5,000 5,000 Var. 2004 Series B, Due 2028 4,550 4,550 5.10% 2009 A Series, Due 2039 19,930 19,930 5.00% 2011 A Series, Due 2021 23,257 23,303 3.16% CoBank Note Payable, Due 2020 8,000 8,000 3.51% CoBank Note Payable, Due 2022 14,795 14,795 4.29% CoBank Note Payable, Due 2028 17,020 17,020 4.72% CoBank Note Payable, Due 2032 14,795 14,795 4.75% CoBank Note Payable, Due 2033 14,550 14,550 Total The Connecticut Water Company 134,397 134,443 The Maine Water Company: 8.95% 1994 Series G, Due 2024 8,100 8,100 2.68% 1999 Series J, Due 2019 254 339 0.00% 2001 Series K, Due 2031 615 656 2.58% 2002 Series L, Due 2022 68 75 1.53% 2003 Series M, Due 2023 341 361 1.73% 2004 Series N, Due 2024 401 401 0.00% 2004 Series O, Due 2034 120 127 1.76% 2006 Series P, Due 2026 391 411 1.57% 2009 Series R, Due 2029 217 227 0.00% 2009 Series S, Due 2029 605 628 0.00% 2009 Series T, Due 2029 1,697 1,760 0.00% 2012 Series U, Due 2042 154 160 1.00% 2013 Series V, Due 2033 1,335 1,360 2.52% CoBank Note Payable, Due 2017 1,965 1,965 4.24% CoBank Note Payable, Due 2024 4,500 4,500 7.72% Series L, Due 2018 2,250 2,250 2.40% Series N, Due 2022 1,101 1,176 1.86% Series O, Due 2025 830 830 2.23% Series P, Due 2028 1,294 1,324 0.01% Series Q, Due 2035 1,771 1,864 1.00% Series R, Due 2025 2,488 2,488 Various Various Capital Leases 15 17 Total The Maine Water Company 30,512 31,019 Add: Acquisition Fair Value Adjustment 502 562 Less: Current Portion (2,850 ) (2,842 ) Less: Unamortized Debt Issuance Expense (5,676 ) (5,786 ) Total Long-Term Debt $ 171,102 $ 171,868 |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 (in thousands): Level 1 Level 2 Level 3 Total Asset Type: Company Owned Life Insurance $ — $ 2,915 $ — $ 2,915 Money Market Fund 68 — — 68 Mutual Funds: Equity Funds (1) 1,422 — — 1,422 Fixed Income Funds (2) 493 — — 493 Total $ 1,983 $ 2,915 $ — $ 4,898 The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total Asset Type: Company Owned Life Insurance $ — $ 2,909 $ — $ 2,909 Money Market Fund 122 — — 122 Mutual Funds: Equity Funds (1) 1,441 — — 1,441 Fixed Income Funds (2) 485 — — 485 Total $ 2,048 $ 2,909 $ — $ 4,957 (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 Repor
Segment Reporting Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Segment Revenues Pre-Tax Income Income Tax Expense Net Income Water Operations $ 21,855 $ 2,950 $ 197 $ 2,753 Real Estate Transactions — — — — Services and Rentals 1,231 537 142 395 Total $ 23,086 $ 3,487 $ 339 $ 3,148 Three months ended March 31, 2015 Segment Revenues Pre-Tax Income Income Tax Expense(Benefit) Net Income Water Operations $ 20,340 $ 1,687 $ (1,047 ) $ 2,734 Real Estate Transactions — — — — Services and Rentals 1,362 629 260 369 Total $ 21,702 $ 2,316 $ (787 ) $ 3,103 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets by segment (in thousands): March 31, 2016 December 31, 2015 Total Plant and Other Investments: Water Operations $ 562,224 $ 553,773 Non-Water 963 637 563,187 554,410 Other Assets: Water Operations 157,289 154,090 Non-Water 3,625 2,215 160,914 156,305 Total Assets $ 724,101 $ 710,715 |
Basis of Preparation of Finan27
Basis of Preparation of Financials In text details (Details) | Mar. 31, 2016Rate |
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 Post-Retire28
Pension and Other Post-Retirement Benefits Pension Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 521 | $ 570 |
Defined Benefit Plan, Interest Cost | 794 | 771 |
Defined Benefit Plan, Expected Return on Plan Assets | (979) | (966) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 4 | 4 |
Defined Benefit Plan, Amortization of Gains (Losses) | 511 | 691 |
Defined Benefit Plan, Net Periodic Benefit Cost | 851 | 1,070 |
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 | 103 | 152 |
Defined Benefit Plan, Interest Cost | 136 | 147 |
Defined Benefit Plan, Expected Return on Plan Assets | (85) | (81) |
Defined benefit plan amortization of regulatory assets | 56 | 56 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (100) | (142) |
Defined Benefit Plan, Amortization of Gains (Losses) | 8 | 110 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 118 | $ 242 |
Pension and Other Post-Retire29
Pension and Other Post-Retirement Benefits In Text Linking (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 5,525,000 |
Pension Contributions | $ 2,000,000 |
Earnings per Share Earnings p30
Earnings per Share Earnings per Share (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common Stock, Shares, Outstanding | 11,218,582 | 11,151,193 | 11,192,882 |
Weighted Average Number of Shares Outstanding, Basic | 10,992,486 | 10,924,330 | |
Diluted (in shares) | 11,211,283 | 11,144,297 | |
Basic (in dollars per share) | $ 0.29 | $ 0.28 | |
Incremental Common Shares Attributal To Share Based Payements Arrangements | (0.01) | 0 | |
Earnings Per Share, Diluted | $ 0.28 | $ 0.28 |
Earnings per Share EPS in Text
Earnings per Share EPS in Text Tagging (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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 10 days |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 1.1 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) Tables [Abstract] | ||||
Accumulated Other Comprehensive Loss | $ (915) | $ (1,492) | $ (935) | $ (1,603) |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 57 | 135 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | (22) | (38) | ||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 185 | 312 | 200 | 298 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (1,100) | (1,804) | $ (1,135) | $ (1,901) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (15) | 14 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | ||
Total Other Comprehensive Income Before Reclassification, Net of Tax | (15) | 14 | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 35 | 97 | ||
Total Amounts Reclassified From AOCI, Net of Tax | 35 | 97 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (15) | 14 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 35 | 97 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 20 | $ 111 |
Long-Term Debt Long-Term Debt33
Long-Term Debt Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 171,102 | $ 171,868 |
Long-term Debt, Current Maturities | (2,850) | (2,842) |
Less: Unamortized Debt Issuance Expense | (5,676) | (5,786) |
Long-term Debt | 171,102 | 171,868 |
Parent [Member] | Connecticut Water Service Term Loan Note and Supplement A [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 14,217 | 14,472 |
The Connecticut Water Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | (134,397) | (134,443) |
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 | 19,930 | 19,930 |
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 | 23,257 | 23,303 |
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 | (30,512) | (31,019) |
Maine Water Company [Member] | Maine Water Company Series G [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 8,100 | 8,100 |
Maine Water Company [Member] | Maine Water Company Series J [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 254 | 339 |
Maine Water Company [Member] | Maine Water Company Series K [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 615 | 656 |
Maine Water Company [Member] | Maine Water Company Series L [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 68 | 75 |
Maine Water Company [Member] | Maine Water Company Series M [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 341 | 361 |
Maine Water Company [Member] | Maine Water Company Series N [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 401 | 401 |
Maine Water Company [Member] | Maine Water Company Series O [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 120 | 127 |
Maine Water Company [Member] | Maine Water Company Series P [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 391 | 411 |
Maine Water Company [Member] | Maine Water Company Series R [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 217 | 227 |
Maine Water Company [Member] | Maine Water Company Series S [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 605 | 628 |
Maine Water Company [Member] | Maine Water Company Series T [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 1,697 | 1,760 |
Maine Water Company [Member] | Fair Value Adjustment of Long-Term Debt Assume [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 502 | 562 |
Maine Water Company [Member] | 2012 Series U, Due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 154 | 160 |
Maine Water Company [Member] | 2013 Series V, Due 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 1,335 | 1,360 |
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] | CoBank Note Payable, Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | (4,500) | (4,500) |
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 | 1,101 | 1,176 |
Maine Water Company [Member] | Series O, Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 830 | 830 |
Maine Water Company [Member] | Series P, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 1,294 | 1,324 |
Maine Water Company [Member] | Series Q, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | (1,771) | (1,864) |
Maine Water Company [Member] | Series R, Due 2025 [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | (2,488) | (2,488) |
Maine Water Company [Member] | Long Term Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 15 | $ 17 |
Long-Term Debt Long-Term Debt P
Long-Term Debt Long-Term Debt Parenthetical (Details) | Mar. 31, 2016Rate | Dec. 31, 2015Rate |
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 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% |
Maine Water Company [Member] | Series Q, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.01% | 0.01% |
Maine Water Company [Member] | Series R, Due 2025 [Domain] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% |
Long-Term Debt Long-Term Debt i
Long-Term Debt Long-Term Debt in Text (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | $ 2,850,000 | $ 2,842,000 |
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 V36
Fair Value Disclosures Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 4,898 | $ 4,957 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,983 | 2,048 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,915 | 2,909 |
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 | 2,915 | 2,909 |
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 | 2,915 | 2,909 |
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 | 68 | 122 |
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 | 68 | 122 |
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 | 1,422 | 1,441 |
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 | 1,422 | 1,441 |
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 |
Fixed Income Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 493 | |
Fixed Income 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 | 493 | |
Fixed Income 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 | |
Fixed Income 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 |
Fair Value Disclosures In Text
Fair Value Disclosures In Text Tagging (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 194,943,000 | $ 191,616,000 |
Long-term Debt, Gross | 176,776,000 | 177,654,000 |
Advances for Construction | $ 21,376,000 | $ 21,444,000 |
Segment Reporting Segment Rep38
Segment Reporting Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 23,086 | $ 21,702 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 3,487 | 2,316 |
Income Tax Expense (Benefit), Continuing Operations | 339 | (787) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 3,148 | 3,103 |
Water Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 21,855 | 20,340 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 2,950 | 1,687 |
Income Tax Expense (Benefit), Continuing Operations | 197 | (1,047) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,753 | 2,734 |
Real Estate Transactions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 |
Income Tax Expense (Benefit), Continuing Operations | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 |
Services and Rentals [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,231 | 1,362 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 537 | 629 |
Income Tax Expense (Benefit), Continuing Operations | 142 | 260 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 395 | $ 369 |
Segment Reporting Segment Rep39
Segment Reporting Segment Reporting Textual Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Operating Revenues | $ 21,552,000 | $ 20,030,000 |
Regulated Operating Revenue, Other | 303,000 | 310,000 |
Water Revenue Adjustment | $ 400,000 | $ 189,000 |
Segment Reporting Assets by Seg
Segment Reporting Assets by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total Plant and Other Investments | $ 563,187 | $ 554,410 |
Other Assets | 160,914 | 156,305 |
Assets | 724,101 | 710,715 |
Water Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Plant and Other Investments | 562,224 | 553,773 |
Other Assets | 157,289 | 154,090 |
Services and Rentals and Real Estate Combine [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Plant and Other Investments | 963 | 637 |
Other Assets | $ 3,625 | $ 2,215 |
Income Tax Expense Income Tax E
Income Tax Expense Income Tax Expense (Details) | 3 Months Ended | |
Mar. 31, 2016Rate | Mar. 31, 2015Rate | |
Operating Loss Carryforwards [Line Items] | ||
Effective Income Tax Rate, Continuing Operations | 9.70% | (34.00%) |
Effective Tax Rate Excluding Reserve Against Fixed Capital Investment Credits Claimed in Prior Years | (2.20%) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 41.00% |
Lines of Credit Lines of Credit
Lines of Credit Lines of Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000 | |
Interim Bank Loans Payable | 29,472 | $ 16,085 |
Line of Credit Facility, Remaining Borrowing Capacity | 5,500 | |
CTWS Line of Credit A [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 15,000 | |
CTWS Line of Credit B [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 20,000 |