Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document and Enity Information [Abstract] | |||
Entity Registrant Name | CONNECTICUT WATER SERVICE INC / CT | ||
Entity Central Index Key | 276,209 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 619,633,255 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 11,258,790 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Revenues | $ 98,667,000 | $ 96,041,000 | $ 94,020,000 |
Operating Expenses | |||
Operation and Maintenance | 44,191,000 | 48,052,000 | 44,445,000 |
Depreciation | 13,905,000 | 12,871,000 | 11,784,000 |
Income Taxes | 2,570,000 | (818,000) | 3,596,000 |
Taxes Other Than Income Taxes | 9,796,000 | 9,294,000 | 9,031,000 |
Total Operating Expenses | 70,462,000 | 69,399,000 | 68,856,000 |
Net Operating Revenues | 28,205,000 | 26,642,000 | 25,164,000 |
Other Utility Income, Net of Taxes | 744,000 | 797,000 | 833,000 |
Total Utility Operating Income | 28,949,000 | 27,439,000 | 25,997,000 |
Other Income (Deductions), Net of Taxes | |||
Gain (Loss) on Real Estate Transactions | (54,000) | 349,000 | 50,000 |
Non-Water Sales Earnings | 1,219,000 | 1,394,000 | 1,471,000 |
Allowance for Funds Used During Construction | 1,198,000 | 530,000 | 518,000 |
Other | (1,009,000) | (214,000) | (202,000) |
Total Other Income, Net of Taxes | 1,354,000 | 2,059,000 | 1,837,000 |
Interest and Debt Expense | |||
Interest on Long-Term Debt | 7,714,000 | 7,087,000 | 7,023,000 |
Other Interest Charges | (922,000) | (458,000) | (573,000) |
Amortization of Debt Expense | 124,000 | 108,000 | 65,000 |
Total Interest and Debt Expense | 6,916,000 | 6,737,000 | 6,515,000 |
Net Income | 23,387,000 | 22,761,000 | 21,319,000 |
Preferred Stock Dividend Requirement | 38,000 | 38,000 | 38,000 |
Net Income Applicable to Common Stock | $ 23,349,000 | $ 22,723,000 | $ 21,281,000 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 11,009 | 10,958 | 10,893 |
Diluted (in shares) | 11,228 | 11,164 | 11,091 |
Earnings Per Common Share: | |||
Basic (in dollars per share) | $ 2.12 | $ 2.07 | $ 1.95 |
Diluted (in dollars per share) | $ 2.08 | $ 2.04 | $ 1.92 |
Adjustment to post-retirement benefit plans, net of tax benefit (expense) of $15, $(505), and $735 in 2016, 2015, and 2014, respectively | $ (24,000) | $ 765,000 | $ (1,527,000) |
Unrealized Investment gain (loss), net of tax (expense) benefit of $(22), $62 and $(25), in 2016, 2015, and 2014, respectively | 35,000 | (97,000) | 39,000 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 11,000 | 668,000 | (1,488,000) |
Comprehensive Income | $ 23,398,000 | $ 23,429,000 | $ 19,831,000 |
CONSOLIDATED STATEMETS OF INCOM
CONSOLIDATED STATEMETS OF INCOME (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of | $ (15,000) | $ 505,000 | $ (735,000) |
Unrealized Investment loss, net of tax expense (benefit) of | $ 22,000 | $ (62,000) | $ 25,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Utility Plant | $ 777,860 | $ 722,447 |
Construction Work in Progress | 33,748 | 23,298 |
Gross Utility Plant | 811,608 | 745,745 |
Accumulated Provision for Depreciation | (210,212) | (199,461) |
Net Utility Plant | 601,396 | 546,284 |
Other Property and Investments | 9,071 | 8,126 |
Cash and Cash Equivalents | 1,564 | 731 |
Accounts Receivable (Less Allowance, 2016 - $1,100; 2015 - $947) | 13,024 | 11,012 |
Accrued Unbilled Revenues | 8,171 | 8,259 |
Materials and Supplies | 1,536 | 1,617 |
Prepayments and Other Current Assets | 5,069 | 5,393 |
Total Current Assets | 29,364 | 27,012 |
Restricted Cash | 0 | 846 |
Unamortized Debt Issuance Expense | 5,318 | 5,786 |
Unrecovered Income Taxes - Regulatory Asset | 93,264 | 77,510 |
Pension Benefits - Regulatory Asset | 12,266 | 12,414 |
Post-Retirement Benefits Other Than Pension - Regulatory Asset | 265 | 468 |
Goodwill | 30,427 | 30,427 |
Deferred Charges and Other Costs | 8,449 | 7,628 |
Total Regulatory and Other Long-Term Assets | 144,671 | 129,293 |
Total Assets | 784,502 | 710,715 |
CAPITALIZATION AND LIABILITIES | ||
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2016 - 11,248,458; 2015 - 11,192,882 | 145,739 | 144,534 |
Retained Earnings (Accumulated Deficit) | 91,213 | 80,378 |
Accumulated Other Comprehensive Loss | (924) | (935) |
Common Stockholders' Equity | 236,028 | 223,977 |
Preferred Stock | 772 | 772 |
Long-Term Debt | 197,047 | 171,868 |
Total Capitalization | 433,847 | 396,617 |
Debt, Current | 4,859 | 2,842 |
Interim Bank Loans Payable | 32,953 | 16,085 |
Accounts Payable and Accrued Expenses | 13,116 | 11,882 |
Accrued Interest | 1,012 | 727 |
Customer Refund Liability, Current | 855 | 2,994 |
Other Current Liabilities | 2,330 | 2,409 |
Total Current Liabilities | 55,125 | 36,939 |
Advances for Construction | 19,127 | 21,444 |
Deferred Federal and State Income Taxes | 50,558 | 48,036 |
Unfunded Future Income Taxes | 90,977 | 74,712 |
Long-Term Compensation Arrangements | 33,540 | 34,389 |
Unamortized Investment Tax Credits | 1,189 | 1,264 |
Customer Refund Liability, Noncurrent | 108 | 993 |
Other Long-Term Liabilities | 5,074 | 5,273 |
Total Long-Term Liabilities | 200,573 | 186,111 |
Contributions in Aid of Construction | 94,957 | 91,048 |
Commitments and Contingencies | 0 | 0 |
Total Capitalization and Liabilities | $ 784,502 | $ 710,715 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Issued | 11,248,458 | 11,192,882 |
Common Stock, Shares, Outstanding | 11,248,458 | 11,192,882 |
ASSETS | ||
Allowance | $ 1,100,000 | $ 947,000 |
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 COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income, net of tax | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 11 | $ 668 | $ (1,488) |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income, net of tax | |||
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of | $ (15,000) | $ 505,000 | $ (735,000) |
Unrealized Investment loss, net of tax expense (benefit) of | $ 22,000 | $ (62,000) | $ 25,000 |
CONSOLIDATED STATEMENTS OF RETA
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at Beginning of Period | $ 80,378 | $ 69,370 | $ 80,378 | $ 69,370 | $ 59,277 | ||||||
Net Income | $ 761 | $ 9,535 | $ 9,943 | $ 3,148 | $ 2,228 | $ 8,755 | $ 8,675 | $ 3,103 | 23,387 | 22,761 | 21,319 |
Dividends Declared: | |||||||||||
Cumulative Preferred, Class A, $0.20 per share | 38 | 38 | 38 | ||||||||
Common Stock - 2012 $0.2375 per share; 2011 $0.2325 per share | 12,514 | 11,715 | 11,188 | ||||||||
Total Dividends Declared | 12,552 | 11,753 | 11,226 | ||||||||
Balance at End of Period | $ 91,213 | $ 80,378 | 91,213 | 80,378 | 69,370 | ||||||
Series A Voting | |||||||||||
Dividends Declared: | |||||||||||
Cumulative Preferred, Class A, $0.20 per share | 12 | 12 | 12 | ||||||||
Cumulative Preferred Stock | |||||||||||
Dividends Declared: | |||||||||||
Cumulative Preferred, Class A, $0.20 per share | $ 26 | $ 26 | $ 26 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Operating Activities: | |||
Net Income | $ 23,387 | $ 22,761 | $ 21,319 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Deferred Revenues | (893) | (1,344) | (3,461) |
Allowance for Funds Used During Construction | (1,198) | (530) | (518) |
Depreciation and Amortization (including $732 in 2016, $27 in 2015, and $673 in 2014 charged to other accounts) | 13,173 | 12,898 | 12,457 |
Gain (Loss) on Sale of Properties | 54 | (349) | (50) |
Change in Assets and Liabilities: | |||
Increase in Accounts Receivable and Accrued Unbilled Revenues | (1,925) | 984 | (291) |
Increase in Prepayments and Other Current Assets | 338 | 6,540 | (5,012) |
Decrease in Other Non-Current Items | (2,741) | 11,383 | (1,286) |
Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities | 176 | (3,695) | 1,169 |
Increase in Deferred Income Taxes and Investment Tax Credits, Net | 2,950 | (7,502) | 5,878 |
Total Adjustments | 9,934 | 18,385 | 8,886 |
Net Cash and Cash Equivalents Provided by Operating Activities | 33,321 | 41,146 | 30,205 |
Investing Activities: | |||
Net Additions to Utility Plant Used in Continuing Operations | (66,689) | (48,025) | (45,668) |
Proceeds from Sale of Land Held-for-investment | 9 | 14 | 243 |
Release of restricted cash | 846 | (846) | 5,779 |
Net Cash and Cash Equivalents Used in Investing Activities | (65,834) | (48,857) | (39,646) |
Financing Activities: | |||
Proceeds from Interim Bank Loans | 32,953 | 16,085 | 1,991 |
Repayment of Interim Bank Loans | (16,085) | (1,991) | 0 |
Proceeds from Issuance of Common Stock | 1,610 | 1,536 | 1,697 |
Proceeds from Issuance of Long-term Debt | 49,930 | 4,352 | 4,500 |
Costs to Issue Long-Term Debt and Common Stock | (88) | (37) | (2) |
Repayment of Long-Term Debt Including Current Portion | (22,772) | (2,476) | (4,114) |
Advances from Others for Construction | 350 | 251 | 699 |
Cash Dividends Paid | (12,552) | (11,753) | (11,226) |
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities | 33,346 | 5,967 | (6,455) |
Net Increase in Cash and Cash Equivalents | 833 | (1,744) | (15,896) |
Cash and Cash Equivalents at Beginning of Period | 731 | 2,475 | 18,371 |
Cash and Cash Equivalents at End of Year | 1,564 | 731 | 2,475 |
Non-Cash Investing and Financing Activities: | |||
Non-Cash Contributed Utility Plant | 1,394 | 1,282 | 1,130 |
Short-term Investment of Bond Proceeds Held in Restricted Cash | 0 | 846 | |
Cash Paid for: | |||
Interest | 6,678 | 6,761 | 6,665 |
State and Federal Income Taxes | $ 445 | $ 537 | $ 1,135 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation charged to other accounts | $ 732 | $ 27 | $ 673 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION – The Consolidated Financial Statements include the operations of Connecticut Water Service, Inc. (the “Company”), an investor-owned holding company and its wholly-owned subsidiaries, including: The Connecticut Water Company (“Connecticut Water”) The Maine Water Company (“Maine Water”) Chester Realty, Inc. (“Chester Realty”) New England Water Utility Services, Inc. (“NEWUS”) The Barnstable Holding Company (“Barnstable Holding”) - Inactive As of December 31, 2016 , Connecticut Water and Maine Water were our regulated public water utility companies (collectively the “Regulated Companies”), which together served 124,968 customers in 77 towns throughout Connecticut and Maine. Chester Realty is a real estate company whose net profits from rental of property are included in the “Other Income (Deductions), Net of Taxes” section of the Consolidated Statements of Income in the “Non-Water Sales Earnings” category. NEWUS is engaged in water-related services, including the Linebacker ® program, emergency drinking water, pool water and contract operations. Its earnings are included in the “Non-Water Sales Earnings” category of the Consolidated Statements of Income. Intercompany accounts and transactions have been eliminated. During the preparation of the Condensed Consolidated Financial Statements for the quarter ended June 30, 2016, the Company identified two errors related to the accounting treatment of stock-based performance awards granted to officers of the Company. First, the Company had mistakenly classified a portion of its stock-based performance awards as equity awards and, secondly, incorrectly marked those awards to the market price of the Company’s common stock price at the end of each reporting period. A portion of these awards should have been classified as liability awards and only those awards should have been marked-to-market based on the Company’s common stock price. During the second quarter of 2016, the Company reversed all of the incorrectly recorded mark-to-market expense as a cumulative out-of-period adjustment resulting in a one-time benefit of approximately $2.6 million on the Operation and Maintenance line item on its Condensed Consolidated Statements of Income for the three months ended June 30, 2016 and $1.6 million for the six months ended June 30, 2016. Approximately $1.6 million of the out of period adjustment pertained to years prior to 2016, with the remaining $1.0 million related to the first quarter of 2016. Additionally, the Company decreased its Common Stock Without Par Value and increased its Long-Term Compensation Arrangement line items on the Condensed Consolidated Balance Sheet as of June 30, 2016 by approximately $0.6 million to reflect both the awards that should have been classified as liability awards and their corresponding mark-to-market adjustments. The Company performed various quantitative and qualitative analyses and determined that these errors were not material to the previously reported quarterly and annual results. The Company also determined that recording these entries as an out-of- period adjustment during the second quarter of 2016 was not material to the full year ended December 31, 2016 results of operations. PUBLIC UTILITY REGULATION – Connecticut Water is subject to regulation for rates and other matters by the Connecticut Public Utility Regulatory Authority (“PURA”) and follows accounting policies prescribed by the PURA. Maine Water is subject to regulation for rates and other matters by the Maine Public Utilities Commission (“MPUC”). The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which includes the provisions of Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 980 “Regulated Operations” (“FASB ASC 980”). FASB ASC 980 requires cost-based, rate-regulated enterprises, such as Connecticut Water and Maine Water, to reflect the impact of regulatory decisions in their financial statements. The state regulators, through the rate regulation process, can create regulatory assets and liabilities that result when costs and benefits are allowed for ratemaking purposes in a period after the period in which the costs or benefits would be charged to expense by an unregulated enterprise. The Consolidated Balance Sheets include regulatory assets and liabilities as appropriate, primarily related to income taxes, post-retirement benefit costs and deferred revenues associated with the Water Revenue Adjustment (“WRA”) used by Connecticut Water. In accordance with FASB ASC 980, costs which benefit future periods are amortized over the periods they benefit. The Company believes, based on current regulatory circumstances, that the regulatory assets recorded are probable to be recovered and that its use of regulatory accounting is appropriate and in accordance with the provisions of FASB ASC 980. Regulatory assets and liabilities are comprised of the following: (in thousands) December 31, 2016 2015 Assets: Pension Benefits and Post-Retirement Benefits Other Than Pension $ 12,531 $ 12,882 Unrecovered Income Taxes 93,264 77,510 Deferred revenue (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) 3,910 5,033 Other (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) 4,276 3,561 Total regulatory assets $ 113,981 $ 98,986 Liabilities: Other (included in Other Current Liabilities) $ 1,710 $ 1,567 Unamortized Investment Tax Credits 1,189 1,264 Refunds to Customers (including Current Portion of Refund to Customers) 963 3,987 Unfunded Future Income Taxes (including Other Long-Term Liabilities) 90,977 74,712 Total regulatory liabilities $ 94,839 $ 81,530 Pension and post-retirement benefits include costs in excess of amounts funded. The Company believes these costs will be recoverable in future years, through rates, as funding is required and has recorded regulatory assets for those costs. The recovery period is dependent on contributions made to the plans and remaining life expectancy. Certain items giving rise to deferred state income taxes, as well as a portion of deferred federal income taxes related primarily to differences between book and tax depreciation expense, are recognized for ratemaking purposes on a cash or flow-through basis and are recognized as unrecovered future income taxes that will be recovered in rates in future years as they reverse. In addition, basis differences resulting from the repair tax deduction adopted in 2013 contribute to the change in unfunded future income taxes. Deferred revenue represents a portion of the rate increase granted in Connecticut Water’s 2007 rate decision. The PURA decision required the Company to defer for future collection, beginning in 2008, a portion of the increase. Additionally, revenue recorded under the WRA, discussed below, is included in deferred revenue. Regulatory liabilities include deferred investment tax credits and amounts to be refunded to customers as a result of the adoption of the tangible property regulations in Connecticut and Maine. These liabilities will be given back to customers in rates as tax deductions occur in the future. Regulatory Matters The rates we charge our customers in Connecticut and Maine are established under the jurisdiction of and are approved by the PURA and 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 as of December 31, 2016 were 9.75% and 7.32% , respectively. Maine Water’s average allowed return on equity and return on rate base, as of December 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 permitted to add surcharges to customers’ bills in order to recover certain approved capital projects in between full rate cases, as well as approved surcharges for Water Revenue Adjustments in Connecticut, as discussed in more detail below. University of Connecticut Agreement Connecticut Water and the University of Connecticut (“UCONN”) negotiated a definitive agreement for Connecticut Water to provide a long-term supply of potable water for UCONN’s Storrs campus facilities which was approved by the Board of Trustees at their December 11, 2013 meeting and executed on December 18, 2013. The definitive agreement is consistent with the requirements of the project’s Environmental Impact Evaluation (“EIE”) and record of decision, as approved by the Office of Policy and Management, an agency of the State of Connecticut, that identified the Company as the preferred option to supply UCONN and the Town of Mansfield, Connecticut with up to 2.2 million gallons of water per day over the next 47 years. Connecticut Water will fund a 5-mile pipeline from Tolland and other necessary infrastructure improvements at no cost to UCONN, the Town or the state’s taxpayers to serve the area. The Company was responsible for obtaining any required regulatory permits, licenses and approvals to implement the water supply solution, including but not limited to those from PURA, the Connecticut Department of Energy and Environmental Protection (“DEEP”) and the Connecticut Department of Public Health (“DPH”). The capital improvements were completed on time and the pipeline was connected to the UCONN campus in December 2016, which was within the agreed upon timeframe. Town of Mansfield Agreement Connecticut Water and the Town of Mansfield entered into an agreement for Connecticut Water to serve the Town of Mansfield community. On January 13, 2014, the Mansfield Town Council voted to authorize the Town Manager to execute the agreement with Connecticut Water and it was signed by the parties on January 21, 2014. The key provisions of the agreement with the Town of Mansfield are as follows: • Current off-campus customers of UCONN will become customers of Connecticut Water at UCONN’s water rates in effect at that time (subject to any state-approved surcharges); • Future water customers in the Town of Mansfield will be served by Connecticut Water at the rates authorized by the PURA; • Connecticut Water will assume responsibility for maintaining, repairing and replacing the off-campus water system serving the Town of Mansfield; • Connecticut Water will make any source or system improvements to meet current and future water supply needs of the area; and • Pursuant to the Agreement, a Water System Advisory Committee (“WSAC”) was created with representatives of the Town of Mansfield, UCONN, regional representatives and other key stakeholders to advise Connecticut Water regarding water service and the system’s operations, expansion or integration as well as recommended best management practices, including water conservation programs. The WSAC meets quarterly. The former off-campus customers of UCONN in the Town of Mansfield became customers of Connecticut Water in December 2016. Avon Water Company Acquisition On October 11, 2016, the Company entered into an Agreement and Plan of Merger (the “Avon Agreement”) with The Avon Water Company, a specially-chartered Connecticut corporation (“Avon Water”). Founded in 1911, Avon Water serves about 4,800 customers in the Farmington Valley communities of Avon, Farmington, and Simsbury, Connecticut, and is located near Connecticut Water’s existing operations in Avon and Farmington. The Boards of Directors of the Company and Avon Water have each unanimously approved the Avon Agreement and the transactions contemplated thereby. Consummation of the merger is subject to regulatory, Avon Water shareholder and other specified approvals described below and is expected to be consummated by the end of the third quarter of 2017. Under the terms of the Avon Agreement, each of the 121,989 Avon Water common stock shares outstanding at the time of the closing of the merger will be exchanged and converted into the right to receive the following merger consideration: (i) a cash payment of $50.37; and (ii) a stock consideration component, consisting of 4.38 shares of Company Common Stock, provided that the Company’s Share Price (as defined below) over a specified period prior to the closing date of the merger is equal to or greater than $45.00 but less than or equal to $52.00. If the Company’s Share Price is less than $45.00 as of the closing date, each share of Avon Water common stock issued and outstanding at the time of the closing of the merger will be exchanged and converted into the right to receive that number of shares of Company Common Stock equal to 197.10 divided by the Company’s Share Price, rounded to the nearest hundredth. If the Company’s Share Price is more than $52.00 as of the closing date, each share of Avon Water common stock issued and outstanding at the time of the closing of the merger will be exchanged and converted into the right to receive that number of shares of Company Common Stock equal to 227.76 divided by the Company’s Share Price, rounded to the nearest hundredth. The “Company’s Share Price” is determined by calculating an average of the closing prices for shares of the Company’s Common Stock on the Nasdaq Stock Market, LLC for the twenty trading days immediately preceding the third business day prior to the closing of the Merger. Holders of Avon Water common stock prior to the Merger will receive cash in lieu of fractional shares of Company Common Stock. The Avon Agreement contains customary representations and warranties regarding, on the one hand, Avon Water, its business and operations and related matters, and, on the other hand, the Company, made by the parties as of specified dates, and customary affirmative and negative covenants with respect to the conduct of Avon Water’s business prior to the closing. In the Avon Agreement, Avon Water has agreed that its Board of Directors will, subject to certain exceptions, recommend adoption of the Avon Agreement by Avon Water shareholders and the transactions contemplated by the Avon Agreement. Avon Water has also agreed: (i) to cause a special meeting of shareholders of Avon Water to be held to consider the approval and adoption of the Agreement and the transactions contemplated thereby; and (ii) not to solicit proposals relating to alternative business combination transactions or, subject to certain exceptions, enter into discussions concerning confidential information in connection with alternative business combination transactions. The obligation of the parties to complete the merger is subject to the satisfaction or waiver on or prior to the closing date of certain specified conditions, including the following: (i) receipt of final and non-appealable orders from each of PURA and the MPUC approving the merger in form and substance reasonably acceptable to the parties; (ii) approval of the merger by the affirmative vote of the holders of not less than two-thirds (66 2/3 rd %) Avon Water’s issued and outstanding shares of common stock as required under the Connecticut Business Corporation Act; (iii) the receipt of all other necessary consents or approvals to the merger; (iv) approval for listing of the Company Common Stock to be issued in the merger on the Nasdaq Stock Market, LLC; (v) the absence of laws, orders, judgments and injunctions that restrain, enjoin or otherwise prohibit consummation of the Merger; (vi) effectiveness under the Securities Act of the Company’s registration statement on Form S-4 relating to the issuance of the Company Common Stock in the merger and absence of any stop order in respect thereof or proceedings by the SEC for that purpose; (vii) the receipt of a legal opinion from counsel to Avon Water regarding certain corporate law matters; (viii) the receipt of a customary tax opinion from counsel to the Company that will state that the merger will qualify as a tax-free reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986; (ix) the accuracy of representations and warranties with respect to the businesses of Avon Water and the Company and compliance by Avon Water and the Company with their respective covenants contained in the Avon Agreement; (xi) no event(s) occurring that could reasonably be expected to result in either a “Company Material Adverse Effect” or a “CWS Material Adverse Effect” (each, as defined in the Avon Agreement) and (xii) holders of no more than 5% of Avon Water’s common stock have exercised appraisal rights under Connecticut law. The Avon Agreement contains certain termination rights for both the Company and Avon Water and further provides that, in connection with the termination of the Avon Agreement under specified circumstances, Avon Water may be required to pay to the Company, or the Company may be required to pay to Avon Water, a termination fee of $200,000 in cash, as liquidated damages. During the fourth quarter of 2016, Connecticut Water filed an application with PURA seeking approval of the transaction, which the Company expects to receive in April 2017. Maine Water Land Sale 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 7.13%, 4.19% and 1.59% above base rates at December 31, 2016, 2015, and 2014 , respectively. On January 26, 2017, Connecticut Water filed a WICA application with the PURA requesting a 1.09% surcharge to customers’ bills, representing approximately $8.5 million in WICA related projects. Additionally, on February 9, 2017, Connecticut Water filed its annual WICA reconciliation which requested a 0.06% surcharge, which would replace the 0.03% reconciliation adjustment filed in January 2016. If approved as filed, Connecticut Water’s cumulative WICA surcharge, effective April 1, 2017, will be 8.25%. Since 2013, Connecticut law has authorized a 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 year ended December 31, 2016 , as approved by PURA during our 2010 general rate case and including subsequently approved WICA surcharges, were approximately $76.7 million. Through normal billing for the year ended December 31, 2016 operating revenue for Connecticut Water would have been approximately $75.6 million had the WRA not been implemented. As a result of the implementation of the WRA, Connecticut Water recorded $1.1 million in additional revenue for the year ended December 31, 2016 . During the year ended December 31, 2015 and 2014 , Connecticut Water recorded $1.6 million and $3.7 million , respectively, in additional revenue related to the WRA. Maine Rates In Maine, the overall, approved cumulative Water Infrastructure Charge (“WISC”) for all divisions was 4.7%, 1.6% and 2.0% above base rates as of December 31, 2016, 2015 and 2014, respectively. Two pending WISC filings as of December 31, 2016 have since been approved in the first quarter of 2017, bringing the total to 6.5%. In 2014 and 2015, Maine Water petitioned the MPUC for approval of accounting orders that would address (1) the 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”), and (2) the treatment of any benefit resulting from the elimination of deferred tax liabilities previously recorded on these qualifying fixed assets that are now deducted under the Repair Regulations. On February 26, 2015, the MPUC approved a stipulation between Maine Water and the Office of the Public Advocate 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 flow-through treatment of the repair deduction as of January 1, 2014. 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. On June 22, 2015, the MPUC approved a settlement agreement between Maine Water and the Office of the Public Advocate that allowed for the amortization of the deferred tax liabilities over a one to nine year period, depending on the division. Maine Water commenced amortization per the agreed upon schedule. With the completion of these two dockets, Maine Water recorded in the quarter ended June 30, 2015 the retroactive benefit associated with the flow-through of the 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. A newly passed water revenue adjustment mechanism law in Maine became available to regulated water utilities in Maine on October 15, 2015. Maine Water is currently precluded from seeking new rates in certain divisions due to various agreements with the MPUC, but is evaluating how and when this new mechanism can be implemented. USE OF ESTIMATES – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. REVENUES – The Company’s accounting policies regarding revenue recognition by segment are as follows: Water Operations – Most of our water customers are billed quarterly, with the exception of larger commercial and industrial customers, as well as certain public and private fire protection customers who are billed monthly. Most customers, except fire protection customers, are metered. Revenues from metered customers are based on their water usage multiplied by approved, regulated rates and are earned when water is delivered. Public fire protection revenues are based on the length of the water main, and number of hydrants in service and are earned on a monthly basis. Private fire protection charges are based on the diameter of the connection to the water main. Our Regulated Companies accrue an estimate for metered customers for the amount of revenues earned relating to water delivered but unbilled at the end of each quarter, which is reflected as “Accrued Unbilled Revenues” in the accompanying Consolidated Balance Sheets. Beginning in 2013, Connecticut Water began to record deferred revenue to represent under collection from customers based upon allowed revenues as approved by PURA. More detailed information, including revenues, costs and income taxes associated with the segment can be found in Note 14, “Segment Reporting”. Real Estate Transactions – Revenues are recorded when a sale or other transaction has been completed and title to the real estate has been transferred. Net income from the Real Estate Transactions segment is shown net in the “Other Income (Deductions), Net of Taxes” portion of the Company’s Consolidated Statements of Income. More detailed information, including revenues, costs and income taxes associated with the segment can be found in Note 14, “Segment Reporting”. Services and Rentals – Revenues are recorded when the Company has delivered the services called for by contractual obligation. Net income from the Services and Rentals segment is shown net in the “Other Income (Deductions), Net of Taxes” portion of the Company’s Consolidated Statements of Income. More detailed information, including revenues, costs and income taxes associated with the segment can be found in Note 14, “Segment Reporting”. UTILITY PLANT – Utility plant is stated at the original cost of such property when first devoted to public service. Utility plant accounts are charged with the cost of improvements and replacements of property including an Allowance for Funds Used During Construction (“AFUDC”). Retired or disposed depreciable plant is charged to accumulated provision for depreciation together with any costs applicable to retirement, less any salvage received. Maintenance of utility plant is charged to expense. Accounting policies relating to other areas of utility plant are listed below: Allowance For Funds Used During Construction – AFUDC is the cost of debt and equity funds used to finance the construction of utility plant. The amount shown on the Consolidated Statements of Income relates to the equity portion. The debt portion is included as an offset to “Other Interest Income, Net”. Generally, utility plant under construction is not recognized as part of rate base for ratemaking purposes until facilities are placed into service, and accordingly, AFUDC is charged to the construction cost of utility plant. Capitalized AFUDC, which does not represent current cash income, is recovered through rates over the service lives of the assets. Our Regulated Companies’ allowed rate of return on rate base is used to calculate AFUDC. Customers’ Advances For Construction, Contributed Plant and Contributions In Aid Of Construction –Under the terms of construction contracts with real estate developers and others, the Regulated Companies periodically receive either advances for the costs of new main installations or title to the main after it is constructed and financed by the developer. Refunds are made, without interest, as services are connected to the main, over periods not exceeding fifteen years and not in excess of the original advance. Unrefunded balances, at the end of the contract period, are credited to contributions in aid of construction (“CIAC”) and are no longer refundable. Utility Plant is added in two ways. The majority of the Company’s plant additions occur from direct investment of Company funds that originated through operating or financings activities. The Company manages the construction of these plant additions. These plant additions are part of the Company’s depreciable utility plant and are generally part of rate base. The Company’s rate base is a key component of how its regulated rates are set, and is recovered through the depreciation component of the Company’s rates. The second way in which plant additions occur are through developer advances and contributions. Under this scenario either the developer funds the additions through payments to the Company, who in turn manages the construction of the project, or the developer pays for the plant construction directly and contributes the asset to the Company after it is complete. Plant additions that are financed by a developer, either directly or indirectly, are excluded from the Company’s rate base and not recovered through the rates process, and are also not depreciated. The components that comprise net additions to Utility Plant during the last three years ending December 31 are as follows: (in thousands) 2016 2015 2014 Additions to Utility Plant: Company Financed $ 66,339 $ 47,774 $ 44,969 Allowance for Funds Used During Construction 1,198 530 518 Subtotal – Utility Plant Increase to Rate Base 67,537 48,304 45,487 Advances from Others for Construction 350 251 699 Net Additions to Utility Plant $ 67,887 $ 48,555 $ 46,186 Depreciation – Depreciation is computed on a straight-line basis at various rates as approved by the state regulators on a company by company basis. Depreciation allows the Company to recover the investment in utility plant over its useful life. The overall consolidated company depreciation rate, based on the average balances of depreciable property, was 1.9% , 1.9% , and 1.9% for 2016 , 2015 , and 2014 , respectively. INCOME TAXES – The Company provides income tax expense for its utility operations in accordance with the regulatory accounting policies of the applicable jurisdictions. The Company’s income tax provision is calculated on a separate return basis. The Connecticut PURA requires the flow-through method of accounting for most state tax temporary differences as well as for certain federal temporary differences. The MPUC requires the flow-through method of accounting for most state temporary differences and normalized accounting for most federal temporary differences. However, in its approvals of the stipulation agreements between Maine Water and the Office of the Public Advocate, issued in 2015, the MPUC has allowed flow-through method of accounting stemming from Maine Water’s adoption of the IRS’ Repair Regulations in all of its divisions. The Company computes deferred tax liabilities for all temporary book-tax differences using the liability method prescribed in FASB ASC 740 “Income Taxes” (“FASB ASC 740”). Under the liability method, deferred income taxes are recognized at currently enacted income tax rates to reflect the tax effect of temporary differences between the financial reporting and tax bases of assets and liabilities. Such temporary differences are the result of provisions in the income tax law that either require or permit certain items to be reported on the income tax return in a different period than they are reported in the financial statements. Deferred tax liabilities that have not been reflected in tax expense due to regulatory treatment are reflected as “Unfunded Future Income Taxes”, and are expected to be included in future years’ rates. The Company believes that deferred income tax assets, net of provisions, will be realized in the future. The majority of unfunded future income taxes, prior to 2013, relate to deferred state income taxes regarding book to tax depreciation differences. Beginning in 2013, basis differences resulting from the repair tax deduction contribute to the change in unfunded income taxes. Deferred Federal and State Income Taxes include amounts that have been provided for accelerated depreciation subsequent to 1981, as required by federal income tax regulations, as well as the basis differences associated with expenditures qualifying for repair tax deduction as clarified by the IRS in regulations issued in 2013. Deferred taxes have also been provided for temporary differences in the recognition of certain expenses for tax and financial statement purposes as allowed by regulatory ratemaking policies. MUNICIPAL TAXES – Municipal taxes are reflected as “Taxes Other Than Income Taxes” and are generally expensed over the twelve-month period beginning on July 1 following the lien date, corresponding with the period in which the municipal services are provided. UNAMORTIZED DEBT ISSUANCE EXPENSE – The issuance costs of long-term debt, including the remaining balance of issuance costs on long-term debt issues that have been refinanced prior to maturity, and related call prem |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Income Taxes | NOTE 2: INCOME TAX EXPENSE Under ASC 740, we 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. From time to time, the Company is 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 Consolidated Statements of Income. There were no such charges or accruals for the years ending December 31, 2016, 2015, and 2014 . 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 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 reserves in the amount of $1,185,000. 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. Therefore, as required by FASB ASC 740, during the year ended December 31, 2016 , the Company recorded a provision of $3.1 million 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 $9.4 million . The Company remains subject to examination by federal tax authorities for the 2013 through 2015 tax years; the State of Maine’s tax authorities for the 2013 through 2015 tax years; and the State of Connecticut’s tax authorities for the 2014 and 2015 tax years. Income Tax (Benefit) Expense for the years ended December 31, is comprised of the following: (in thousands) 2016 2015 2014 Federal Classified as Operating (Benefit) Expense $ 1,782 $ (562 ) $ 2,919 Federal Classified as Other Utility Income 385 409 424 Federal Classified as Other Income (Expense) Land Sales and Donations 57 (70 ) 26 Non-Water Sales 702 664 788 Other (686 ) (832 ) (825 ) Total Federal Income Tax (Benefit) Expense 2,240 (391 ) 3,332 State Classified as Operating (Benefit) Expense 788 (257 ) 677 State Classified as Other Utility Income 92 98 100 State Classified as Other Income (Expense) Land Sales and Donations — (287 ) 6 Non-Water Sales 172 196 194 Other (126 ) (128 ) (82 ) Total State Income Tax (Benefit) Expense 926 (378 ) 895 Total Income Tax (Benefit) Expense $ 3,166 $ (769 ) $ 4,227 The components of the Federal and State income tax provisions are: (in thousands) 2016 2015 2014 Current Income Taxes Federal $ (15 ) $ 315 $ 427 State 463 201 (306 ) Total Current 448 516 121 Deferred Income Taxes, Net Federal Investment Tax Credit (75 ) (75 ) (75 ) Excess Deferred Taxes (110 ) 192 — Deferred Revenue (353 ) (754 ) 215 Land Donations 37 (179 ) (56 ) Depreciation 1,769 660 1,728 Net Operating Loss Carry-forwards (1,258 ) (1,171 ) (600 ) AMT Credit Carry-forwards — 53 — Provision for uncertain positions 2,487 874 2,177 Other (242 ) (306 ) (484 ) Total Federal 2,255 (706 ) 2,905 State Land Donations 55 41 — Provision for uncertain positions 611 41 663 Other (203 ) (661 ) 538 Total State 463 (579 ) 1,201 Total Deferred Income Taxes 2,718 (1,285 ) 4,106 Total Income Tax $ 3,166 $ (769 ) $ 4,227 Deferred income tax (assets) and liabilities are categorized as follows on the Consolidated Balance Sheets: (in thousands) 2016 2015 Unrecovered Income Taxes - Regulatory Asset $ (93,264 ) $ (77,510 ) Deferred Federal and State Income Taxes 50,558 48,036 Unfunded Future Income Taxes 90,977 74,712 Unamortized Investment Tax Credits - Regulatory Liability 1,189 1,264 Net Deferred Income Tax Liability $ 49,460 $ 46,502 Net deferred income tax liability increased from December 31, 2015 to December 31, 2016 due to the current year tax effects of temporary differences mostly related to plant items and the recording of provisions for uncertain tax positions. Deferred income tax (assets) and liabilities are comprised of the following: (in thousands) 2016 2015 Tax Credit Carry-forward (1) $ (968 ) $ (904 ) Charitable Contribution Carry-forwards (2) (389 ) (372 ) Valuation Allowance on Charitable Contributions 107 — Prepaid Income Taxes on CIAC 58 63 Net Operating Loss Carry-forwards (3) (5,132 ) (3,730 ) Valuation Allowance on Net Operating Losses 1,471 1,326 Other Comprehensive Income (589 ) (597 ) Accelerated Depreciation 51,119 49,341 Provision on Repair Deductions 9,464 6,366 Long-Term Compensation Agreements (4,416 ) (4,004 ) Unamortized Investment Tax Credits 1,189 1,264 Other (2,454 ) (2,251 ) Net Deferred Income Tax Liability $ 49,460 $ 46,502 (1) State tax credit carry-forwards expire beginning in 2019 and ending in 2040. (2) Charitable Contribution carry-forwards expire with the filing of the 2016 Federal and State Tax Returns in 2017 and ending in 2021. (3) Net operating loss carry-forwards expire beginning in 2017 and ending in 2036. The calculation of Pre-Tax Income is as follows: (in thousands) 2016 2015 2014 Pre-Tax Income Net Income $ 23,387 $ 22,761 $ 21,319 Income Taxes 3,166 (769 ) 4,227 Total Pre-Tax Income $ 26,553 $ 21,992 $ 25,546 In accordance with required regulatory treatment, certain deferred income taxes are not provided for certain timing differences. This treatment, along with other items, causes differences between the statutory income tax rate and the effective income tax rate. The differences between the effective income tax rate recorded by the Company and the statutory federal tax rate are as follows: 2016 2015 2014 Federal Statutory Tax Rate 34.0 % 34.0 % 34.0 % Tax Effect Differences: State Income Taxes Net of Federal Benefit 2.6 % — % 1.3 % Property Related Items (30.4 )% (19.2 )% (25.0 )% Performance Stock (0.8 )% 0.2 % 1.2 % Pension Costs (0.4 )% (1.7 )% 2.9 % Repair Regulatory Liability (3.9 )% (11.5 )% (6.3 )% Change in Estimate of Prior Year Income Tax Expense 0.3 % (10.6 )% (1.4 )% Provision for Uncertain Tax Positions 10.2 % 4.1 % 9.2 % Other 0.3 % 1.2 % 0.7 % Effective Income Tax Rate 11.9 % (3.5 )% 16.6 % In the second quarter of 2015, the MPUC approved the flow through treatment of the repair tax deduction. The flow through treatment of the deductions taken on the Company’s 2013 tax return is reflected in the change in estimate of prior year income tax expense. In addition, the adoption of the repair tax deduction allowed for a benefit which is reflected in property related items. Beginning in the second quarter of 2014, the return to customers of the repair tax benefit is reflected under Repair Regulatory Liability. Provisions for uncertain tax positions were recorded to reflect the possible challenge of the Company’s methodology for determining its repair deduction as required by FASB ASC 740. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Common stock | NOTE 3: COMMON STOCK The Company has 25,000,000 authorized shares of common stock, no par value. A summary of the changes in the common stock accounts for the period January 1, 2014 through December 31, 2016 , appears below: (in thousands, except share data) Shares Issuance Amount Expense Total Balance, January 1, 2014 11,038,232 $ 142,681 $ (4,090 ) $ 138,591 Stock and equivalents issued through Performance Stock Program, Net of Forfeitures 35,433 1,396 — 1,396 Dividend Reinvestment Plan 50,965 1,697 — 1,697 Balance, December 31, 2014 11,124,630 145,774 (4,090 ) 141,684 Stock and equivalents issued through Performance Stock Program, Net of Forfeitures 25,575 1,314 — 1,314 Dividend Reinvestment Plan 42,677 1,536 — 1,536 Balance, December 31, 2015 11,192,882 148,624 (4,090 ) 144,534 Stock and equivalents issued through Performance Stock Program, Net of Forfeitures 22,128 (405 ) — (405 ) Dividend Reinvestment Plan 33,448 1,610 — 1,610 Balance, December 31, 2016 (1) 11,248,458 $ 149,829 $ (4,090 ) $ 145,739 (1) Includes 53,821 restricted shares and 217,954 common stock equivalent shares issued through the Performance Stock Programs through December 31, 2016 . The Company may not pay any dividends on its common stock unless full cumulative dividends to the preceding dividend date for all outstanding shares of Preferred Stock of the Company have been paid or set aside for payment. All such Preferred Stock dividends have been paid. |
Retained Earnings
Retained Earnings | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Retained Earnings | NOTE 4: RETAINED EARNINGS The summary of the changes in Retained Earnings for the period January 1, 2014 through December 31, 2016 , appears below: (in thousands, except per share data) 2016 2015 2014 Balance, beginning of year $ 80,378 $ 69,370 $ 59,277 Net Income 23,387 22,761 21,319 Sub-total 103,765 92,131 80,596 Dividends declared: Cumulative Preferred Stock, Series A, $0.80 per share 12 12 12 Cumulative Preferred Stock, Series $0.90, $0.90 per share 26 26 26 Common Stock: $1.115, $1.05 and $1.01 per Common Share in 2016, 2015 and 2014, respectively 12,514 11,715 11,188 Total Dividends Declared 12,552 11,753 11,226 Balance, end of year $ 91,213 $ 80,378 $ 69,370 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 5: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in Accumulated Other Comprehensive Income/(Loss) (“AOCI”) by component, net of tax, for the years ended December 31, 2016, 2015, and 2014 , appear below: (in thousands) Unrealized Gains on Investments Defined Benefit Items Total Balance as of January 1, 2014 (a) $ 259 $ (374 ) $ (115 ) Other Comprehensive Income (Loss) Before Reclassification 2 (1,748 ) (1,746 ) Amounts Reclassified from AOCI 37 221 258 Net current-period Other Comprehensive Income (Loss) 39 (1,527 ) (1,488 ) Balance as of December 31, 2014 $ 298 $ (1,901 ) $ (1,603 ) Other Comprehensive (Loss) Income Before Reclassification (195 ) 582 387 Amounts Reclassified from AOCI 97 184 281 Net current-period Other Comprehensive (Loss) Income (98 ) 766 668 Balance as of December 31, 2015 $ 200 $ (1,135 ) $ (935 ) Other Comprehensive Income (Loss) Before Reclassification 24 (227 ) (203 ) Amounts Reclassified from AOCI 11 203 214 Net current-period Other Comprehensive Income (Loss) 35 (24 ) 11 Balance as of December 31, 2016 $ 235 $ (1,159 ) $ (924 ) (a) All amounts shown are net of tax. Amounts in parentheses indicate loss. The following table sets forth the amounts reclassified from AOCI by component and the affected line item on the Consolidated Statements of Income for the for the years ended December 31, 2016, 2015, and 2014 : Details about Other AOCI Components (in thousands) Amounts Reclassified from AOCI for the Year Ended December 31, 2016(a) Amounts Reclassified from AOCI for the Year Ended December 31, 2015(a) Amounts Reclassified from AOCI for the Year Ended December 31, 2014(a) Affected Line Items on Income Statement Realized Gains on Investments $ 17 $ 148 $ 55 Other Tax expense (6 ) (51 ) (18 ) Other Total Reclassified from AOCI 11 97 37 Amortization of Recognized Net Gain from Defined Benefit Items 308 281 335 Other (b) Tax expense (105 ) (97 ) (114 ) Other Total Reclassified from AOCI 203 184 221 Total Reclassifications for the period, net of tax $ 214 $ 281 $ 258 (a) Amounts in parentheses indicate loss/expense. (b) Included in computation of net periodic pension cost (see Note 12 “Long-Term Compensation Arrangements” for additional details). |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Fair Value Disclosures | NOTE 6: FAIR VALUE OF FINANCIAL INSTRUMENTS FASB 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 tables summarize our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2016 and 2015 . These instruments are included in “Other Property and Investments” on the Company’s Consolidated Balance Sheets: December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Asset Type: Money Market Fund $ 122 $ — $ — $ 122 Mutual Funds: Equity Funds (1) 1,662 — — 1,662 Fixed Income Funds (2) 534 — — 534 Total $ 2,318 $ — $ — $ 2,318 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Asset Type: Money Market Fund $ 122 $ — $ — $ 122 Mutual Funds: Equity Funds (1) 1,441 — — 1,441 Fixed Income Funds (2) 485 — — 485 Total $ 2,048 $ — $ — $ 2,048 (1) Mutual funds consisting primarily of equity securities. (2) Mutual funds consisting primarily of fixed income securities. 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 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 bond offerings in March and November of 2015, the Company recorded unused proceeds from these bond issuances as restricted cash as the funds can only be used for certain capital expenditures. The Company used the remainder of the proceeds during 2016, as the approved capital expenditures were completed. The carrying amount of restricted cash as of December 31, 2015 approximates fair value. Under the fair value hierarchy the fair value of restricted cash is classified as a Level 1 measurement. COMPANY OWNED LIFE INSURANCE – 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 Consolidated Balance Sheets. The value of Company Owned Life Insurance at December 31, 2016 and 2015 was $3,075,000 and $2,909,000 , respectively. 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 and similar marketable securities. As of December 31, 2016 and 2015 , the estimated fair value of the Company’s long-term debt was $210,463,000 and $191,616,000 , respectively, as compared to the carrying amounts of $202,365,000 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 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 $19,127,000 and $21,444,000 at December 31, 2016 and 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Notes To Financial Statements [Abstract] | |
Long-Term Debt | NOTE 7: LONG-TERM DEBT Long-Term Debt at December 31, consisted of the following: (in thousands) 2016 2015 Connecticut Water Service, Inc.: 4.09% Term Loan Note and Supplement A, Due 2027 $ 13,437 $ 14,472 The Connecticut Water Company: Var. 2004 Series Variable Rate, Due 2029 12,500 12,500 Var. 2004 Series A, Due 2028 5,000 5,000 Var. 2004 Series B, Due 2028 4,550 4,550 5.10% 2009 A Series, Due 2039 — 19,930 5.00% 2011 A Series, Due 2021 23,115 23,303 3.16% CoBank Note Payable, Due 2020 8,000 8,000 3.51% CoBank Note Payable, Due 2022 14,795 14,795 4.29% CoBank Note Payable, Due 2028 17,020 17,020 4.72% CoBank Note Payable, Due 2032 14,795 14,795 4.75% CoBank Note Payable, Due 2033 14,550 14,550 4.36% CoBank Note Payable, Due May 2036 30,000 — 4.04% CoBank Note Payable, Due July 2036 19,930 — Total The Connecticut Water Company 164,255 134,443 The Maine Water Company: 8.95% 1994 Series G, Due 2024 7,200 8,100 2.68% 1999 Series J, Due 2019 254 339 0.00% 2001 Series K, Due 2031 615 656 2.58% 2002 Series L, Due 2022 67 75 1.53% 2003 Series M, Due 2023 341 361 1.73% 2004 Series N, Due 2024 371 401 0.00% 2004 Series O, Due 2034 120 127 1.76% 2006 Series P, Due 2026 391 411 1.57% 2009 Series R, Due 2029 217 227 0.00% 2009 Series S, Due 2029 583 628 0.00% 2009 Series T, Due 2029 1,634 1,760 0.00% 2012 Series U, Due 2042 154 160 1.00% 2013 Series V, Due 2033 1,335 1,360 2.52% CoBank Note Payable, Due 2017 1,965 1,965 4.24% CoBank Note Payable, Due 2024 4,500 4,500 7.72% Series L, Due 2018 2,250 2,250 2.40% Series N, Due 2022 1,101 1,176 1.86% Series O, Due 2025 790 830 2.23% Series P, Due 2028 1,294 1,324 0.01% Series Q, Due 2035 1,771 1,864 1.00% Series R, Due 2025 2,250 2,488 Various Various Capital Leases 8 17 Total The Maine Water Company 29,211 31,019 Add: Acquisition Fair Value Adjustment 321 562 Less: Current Portion (4,859 ) (2,842 ) Less: Unamortized Debt Issuance Expense (5,318 ) (5,786 ) Total Long-Term Debt $ 197,047 $ 171,868 The Company’s required principal payments for the years 2017 through 2021 are as follows: (in thousands) 2017 $ 4,859 2018 $ 5,342 2019 $ 3,194 2020 $ 3,186 2021 $ 3,239 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 Maine Municipal Bond Bank (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 proceeds of the Series R Loan were used by Maine Water to fund the construction of a 3 million gallon water storage tank, located in the City of Biddeford, Maine, which replaced 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. On June 1, 2016, Connecticut Water issued $30,000,000, at 4.36%, in debt under its existing Master Loan Agreement with CoBank, with a maturity date of May 20, 2036. On July 7, 2016, Connecticut Water issued $19,930,000, at 4.04%, in debt under its existing Master Loan Agreement with CoBank, with a maturity date of July 7, 2036. Connecticut Water used the proceeds to immediately pay off the $19,930,000 2009A Bonds. On January 10, 2017, Maine Water executed and delivered to CoBank a new Promissory Note and Single Advance Term Loan Supplement, dated January 10, 2017 (the “Third Promissory Note”). On the terms and subject to the conditions set forth in the Third Promissory Note issued pursuant to the Agreement, CoBank agreed to make an unsecured loan (the “Loan”) to Maine Water in the principal amount of $5,000,000 at 4.18%, due December 30, 2026. The proceeds of the Loan will be used to finance new capital expenditures and refinance existing debt owed to the Company, incurred in connection with general water system improvements. In addition to paying off the 2009A Bonds, Due 2039 using the proceeds of the July CoBank issuance discussed above, during the year ending December 31, 2016 , the Company paid approximately $1,035,000 related to Connecticut Water Service’s Term Note Payable issued as part of the 2012 acquisition of Maine Water and approximately $1,808,000 in sinking funds related to Maine Water’s outstanding bonds. Financial Covenants – The Company is 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 was in compliance with all covenants at December 31, 2016 . |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Preferred Stock | NOTE 8: PREFERRED STOCK The Company’s Preferred Stock at December 31, consisted of the following: (in thousands, except share data) 2016 2015 Connecticut Water Service, Inc. Cumulative Series A Voting, $20 Par Value; Authorized, Issued and Outstanding 15,000 Shares $ 300 $ 300 Cumulative Series $0.90 Non-Voting, $16 Par Value; Authorized 50,000 Shares, Issued and Outstanding 29,499 472 472 Total Preferred Stock $ 772 $ 772 All or any part of any series of either class of the Company’s issued Preferred Stock may be called for redemption by the Company at any time. The per share redemption prices of the Series A and Series $0.90 Preferred Stock, if called by the Company, are $21.00 and $16.00 , respectively. The Company is authorized to issue 400,000 shares of an additional class of Preferred Stock, $25 par value, the general preferences, voting powers, restrictions and qualifications of which are similar to the Company’s existing Preferred Stock. No shares of the $25 par value Preferred Stock have been issued. The Company is also authorized to issue 1,000,000 shares of $1 par value Preference Stock, junior to the Company’s existing Preferred Stock in rights to dividends and upon liquidation of the Company. 150,000 of such shares have been designated as “Series A Junior Participating Preference Stock”. |
Lines of Credit
Lines of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Lines of Credit | NOTE 9: BANK LINES OF CREDIT The Company maintains a $15 million line of credit agreement with CoBank, ACB, that is currently scheduled to expire on July 1, 2020 . The Company maintains an additional line of credit of $45 million with RBS Citizens, N.A., with an expiration date of April 25, 2021 . As of December 31, 2016 the total lines of credit available to the Company were $60 million . As of December 31, 2016 and 2015 , the Company had $33.0 million and $16.1 million of “Interim Bank Loans Payable”, respectively. As of December 31, 2016 , the Company had $27.0 million in unused lines of credit. Interest expense charged on interim bank loans will fluctuate based on market interest rates. At December 31, 2016 and 2015 , the weighted average interest rates on these short-term borrowings outstanding was 2.7% and 2.4% , respectively. |
Utility Plant
Utility Plant | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 10: UTILITY PLANT The components of utility plant and equipment at December 31, were as follows: (in thousands) 2016 2015 Land $ 13,724 $ 13,615 Source of supply 36,405 35,973 Pumping 38,902 37,110 Water treatment 84,594 81,544 Transmission and distribution 530,716 490,489 General 75,438 66,341 Held for future use 432 432 Acquisition Adjustment (2,351 ) (3,057 ) Total $ 777,860 $ 722,447 The amounts of depreciable utility plant at December 31, 2016 and 2015 included in total utility plant were $719,070,000 and $664,415,000 , respectively. Non-depreciable plant is primarily funded through CIAC. |
Utility Plant | The components of utility plant and equipment at December 31, were as follows: (in thousands) 2016 2015 Land $ 13,724 $ 13,615 Source of supply 36,405 35,973 Pumping 38,902 37,110 Water treatment 84,594 81,544 Transmission and distribution 530,716 490,489 General 75,438 66,341 Held for future use 432 432 Acquisition Adjustment (2,351 ) (3,057 ) Total $ 777,860 $ 722,447 |
Taxes Other than Income Taxes
Taxes Other than Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Taxes Other Than Income Taxes | NOTE 11: TAXES OTHER THAN INCOME TAXES Taxes Other than Income Taxes consist of the following: (in thousands) 2016 2015 2014 Municipal Property Taxes $ 8,501 $ 7,896 $ 7,659 Payroll Taxes 1,295 1,398 1,372 Total Taxes Other than Income Taxes $ 9,796 $ 9,294 $ 9,031 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Notes To Financial Statements [Abstract] | |
Pension and Other Post-Retirement Benefits | NOTE 12: LONG-TERM COMPENSATION ARRANGEMENTS The Company has accrued for long-term compensation arrangements as of December 31 as follows: (in thousands) 2016 2015 Defined Benefit Pension Plan $ 16,628 $ 19,232 Post-Retirement Benefit Other than Pension 5,246 5,041 Supplemental Executive Retirement Plan 8,688 7,915 Deferred Compensation 2,932 2,131 Other Long-Term Compensation 46 70 Total Long-Term Compensation Arrangements $ 33,540 $ 34,389 Investment Strategy – The Corporate Finance and Investment Committee (the “Committee”) reviews and approves the investment strategy of the investments made on behalf of various pension and post-retirement benefit plans provided by the Company and certain of its subsidiaries. The Company uses a variety of mutual funds, managed by different fund managers, to achieve its investment goals. The Committee wants to ensure that the plans establish a target mix that is expected to achieve investment objectives, by assuring a broad diversification of investment assets among investment types, while avoiding short-term changes to the target asset mix, unless unusual market conditions make such a move appropriate to reduce risk. The targeted asset allocation ratios for those plans as set by the Committee at December 31 : 2016 2015 Equity 65 % 65 % Fixed Income 35 % 35 % Total 100 % 100 % The Committee recognizes that a variation of up to 5% in either direction from its targeted asset allocation mix is acceptable due to market fluctuations. Our expected long-term rate of return on the various benefit plan assets is based upon the plan’s expected asset allocation, expected returns on various classes of plan assets as well as historical returns. The expected long-term rate of return on the Company’s pension plan assets is 7.25% . PENSION Defined Benefit Plan – The Company and certain of its subsidiaries have a noncontributory defined benefit pension plan covering qualified employees. In general, the Company’s policy is to fund accrued pension costs as permitted by federal income tax and The Employee Retirement Income Security Act of 1974 regulations. The Company amortizes actuarial gains and losses over the average remaining service period of active participants. A contribution of $5,525,000 was made in 2016 for the 2015 plan year. The Company expects to make a contribution of approximately $2,971,000 in 2017 for the 2016 plan year. The Company has amended its pension plan to exclude employees hired after January 1, 2009. The Company’s pension plan was amended by the Board of Directors in 2012 primarily to admit current Maine Water and former Aqua Maine employees that were hired before April 1, 2013 to participate under the terms and provisions in effect for Aqua Maine upon the purchase of Maine Water by the Company. The pension plan was also amended in 2014 to reflect the changed definition of spouse under Federal law. Effective January 1, 2015, the Pension Plan was further amended and restated to consolidate prior amendments, and to comply with various legislative and regulatory developments. The amended and restated Plan was submitted to the IRS with the Company’s application for a Determination Letter on January 29, 2016. The following tables set forth the benefit obligation and fair value of the assets of the Company’s defined benefit plans at December 31, the latest valuation date: Pension Benefits (in thousands) 2016 2015 Change in benefit obligation: Benefit obligation, beginning of year $ 75,845 $ 79,815 Service cost 1,895 2,152 Interest cost 3,212 3,114 Actuarial loss (gain) 2,017 (4,350 ) Benefits paid (3,553 ) (4,806 ) Administrative expenses (109 ) (80 ) Benefit obligation, end of year $ 79,307 $ 75,845 Change in plan assets: Fair value, beginning of year $ 56,613 $ 61,635 Actual return on plan assets 4,203 (136 ) Employer contributions 5,525 — Benefits paid (3,553 ) (4,806 ) Administrative expenses (109 ) (80 ) Fair value, end of year $ 62,679 $ 56,613 Funded Status $ (16,628 ) $ (19,232 ) Amount Recognized in Consolidated Balance Sheets Consisted of: Non-current asset $ — $ — Current liability — — Non-current liability (16,628 ) (19,232 ) Net amount recognized $ (16,628 ) $ (19,232 ) The accumulated benefit obligation for all defined benefit pension plans was approximately $70,748,000 and $66,818,000 at December 31, 2016 and 2015 , respectively. Weighted-average assumptions used to determine benefit obligations at December 31: 2016 2015 Discount rate 4.10 % 4.30 % Rate of compensation increase 4.00 % 4.00 % Weighted-average assumptions used to determine net periodic cost for years ended December 31: 2016 2015 2014 Discount rate 4.30 % 3.95 % 4.90 % Expected long-term return on plan assets 7.25 % 7.25 % 7.25 % Rate of compensation increase 4.00 % 4.00 % 4.00 % The Company based its discount rate assumptions the Citigroup Above Median AA Pension Discount Curve. The following table shows the components of periodic benefit costs: Pension Benefits (in thousands) 2016 2015 2014 Components of net periodic benefit costs Service cost $ 1,895 $ 2,152 $ 1,829 Interest cost 3,212 3,114 3,087 Expected return on plan assets (4,080 ) (3,847 ) (3,567 ) Amortization of: Prior service cost 16 16 73 Net loss 2,049 2,979 1,319 Net Periodic Pension Benefit Costs $ 3,092 $ 4,414 $ 2,741 The following table shows the other changes in plan assets and benefit obligations recognized as a regulatory asset: Pension Benefits (in thousands) 2016 2015 Change in net (gain) loss $ 1,866 $ (429 ) Change in prior service cost — — Other - regulatory action — 2,050 Amortization of prior service cost (16 ) (16 ) Amortization of net loss (1,998 ) (2,904 ) Total recognized to Regulatory Asset $ (148 ) $ (1,299 ) The following table shows the other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (“OCI”): Pension Benefits (in thousands) 2016 2015 Change in net (gain) loss $ 28 $ 62 Change in prior service cost — — Amortization of prior service cost — — Amortization of net loss (51 ) (75 ) Total recognized to OCI $ (23 ) $ (13 ) Amounts Recognized as a Regulatory Asset at December 31: (in thousands) 2016 2015 Prior service cost $ 70 $ 86 Net loss 12,196 12,328 Total Recognized as a Regulatory Asset $ 12,266 $ 12,414 Amounts Recognized in OCI at December 31: (in thousands) 2016 2015 2014 Transition obligation $ — $ — $ — Prior service cost — — — Net loss 315 338 2,401 Total Recognized in Other Comprehensive Income $ 315 $ 338 $ 2,401 Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands) 2017 Amortization of transition obligation $ — Amortization of prior service cost 15 Amortization of net loss 2,030 Total Estimated Net Periodic Benefit Cost Amortizations $ 2,045 Plan Assets The Company’s pension plan weighted-average asset allocations at December 31, 2016 and 2015 by asset category were as follows: 2016 2015 Equity 65 % 64 % Fixed Income 35 % 36 % Total 100 % 100 % See Note 6, “Fair Value of Financial Instruments”, for discussion on how fair value is determined. The fair values of the Company’s pension plan assets at December 31, 2016 and 2015 were as follows: 2016 (in thousands) Level 1 Level 2 Level 3 Asset Type: Money Market Fund $ 1,174 $ — $ — Mutual Funds: Fixed Income Funds (1) 21,070 — — Equity Funds (2) 40,435 — — Total $ 62,679 $ — $ — 2015 (in thousands) Level 1 Level 2 Level 3 Asset Type: Money Market Fund $ 805 $ — $ — Mutual Funds: Fixed Income Funds (1) 19,609 — — Equity Funds (2) 36,199 — — Total $ 56,613 $ — $ — (1) Mutual funds consisting primarily of fixed income securities. (2) Mutual funds consisting primarily of equity securities. The plan’s expected future benefit payments are: (in thousands) 2017 $ 3,928 2018 4,339 2019 4,846 2020 4,746 2021 4,973 Years 2021 – 2025 26,452 POST-RETIREMENT BENEFITS OTHER THAN PENSION (“PBOP”) – In addition to providing pension benefits, Connecticut Water and Maine Water, provide certain medical, dental and life insurance benefits to retired employees partially funded by a 501(c)(9) Voluntary Employee Beneficiary Association Trust. Covered employees may become eligible for these benefits if they retire on or after age 55 with 10 years of service. The contribution for calendar years 2016 and 2015 was $12,000 and $13,000 , respectively. The Company has amended its PBOP to exclude employees hired after January 1, 2009. In addition, effective April 1, 2009, the Company will no longer provide prescription drug coverage for its retirees age 65 and over. Those retirees, who are entitled to Medicare coverage, will continue to receive the current non-prescription medical coverage. The Company amortizes actuarial gains and losses over the average remaining service period of active participants. Connecticut Water has elected to recognize the transition obligation on a delayed basis over a period equal to the plan participants’ 21.6 years of average future service. Another subsidiary company, Barnstable Holding, also provides certain health care benefits to eligible retired employees. Employees of Barnstable Holding, became eligible for these benefits if they retired on or after age 65 with at least 15 years of service. Post-65 medical coverage is provided for retired employees up to a maximum coverage of $500 per quarter. Barnstable Holding’s PBOP currently is not funded. Barnstable Holding no longer has any employees; therefore, no new participants will be entering Barnstable Holding’s PBOP. The tables below do not include Barnstable Holding’s PBOP. Barnstable Holding’s PBOP had a Benefit Obligation of $49,000 and $52,000 at December 31, 2016 and 2015 , respectively. Additionally, this plan did not hold any assets as of December 31, 2016 and 2015 . Barnstable Holding’s PBOP’s net periodic benefit costs were less than $1,000 in 2016 and 2015 . The following tables set forth the benefit obligation and fair value of the assets of Connecticut Water and Maine Water’s PBOP at December 31, the latest valuation date: PBOP Benefits (in thousands) 2016 2015 Change in benefit obligation: Benefit obligation, beginning of year $ 13,192 $ 15,533 Service cost 376 458 Interest cost 541 562 Plan participant contributions 151 156 Actuarial (gain) (351 ) (3,115 ) Benefits paid (367 ) (402 ) Benefit obligation, end of year $ 13,542 $ 13,192 Change in plan assets: Fair value, beginning of year $ 8,203 $ 8,429 Actual return on plan assets 346 7 Employer contributions 12 13 Plan participant contributions 151 156 Benefits paid (367 ) (402 ) Fair value, end of year $ 8,345 $ 8,203 Funded Status $ (5,197 ) $ (4,989 ) Amount Recognized in Consolidated Balance Sheets Consisted of: Non-current asset $ — $ — Current liability — — Non-current liability (5,197 ) (4,989 ) Net amount recognized $ (5,197 ) $ (4,989 ) Weighted-average assumptions used to determine benefit obligations at December 31: 2016 2015 Discount rate 3.95 % 4.15 % Weighted-average assumptions used to determine net periodic cost for years ended December 31: 2016 2015 2014 Discount rate 4.15 % 3.80 % 4.80 % Expected long-term return on plan assets 4.50 % 4.50 % 4.50 % The Company based its discount rate assumptions the Citigroup Above Median AA Pension Discount Curve. The following table shows the components of periodic benefit costs: PBOP Benefits (in thousands) 2016 2015 2014 Components of net periodic benefit costs Service cost $ 376 $ 458 $ 494 Interest cost 541 562 625 Expected return on plan assets (341 ) (324 ) (305 ) Other 225 225 225 Amortization of: Prior service credit (400 ) (571 ) (806 ) Recognized net loss 39 388 344 Net Periodic Post Retirement Benefit Costs $ 440 $ 738 $ 577 The following table shows the other changes in plan assets and benefit obligations recognized as a regulatory liability: PBOP Benefits (in thousands) 2016 2015 Change in net gain $ (356 ) $ (2,797 ) Amortization of prior service cost 400 571 Amortization of net loss (39 ) (388 ) Other regulatory amortization (236 ) (236 ) Total recognized to Regulatory Liability $ (231 ) $ (2,850 ) Amounts Recognized as a Regulatory Liability Asset at December 31: (in thousands) 2016 2015 Transition obligation $ — $ — Prior service cost (182 ) (583 ) Net loss (531 ) (135 ) Other regulatory asset 254 494 Total Recognized as a Regulatory Liability $ (459 ) $ (224 ) The “Other regulatory amortization” and “Other regulatory asset” shown above refers to costs whose recovery was authorized by the PURA and MPUC with the adoption of Statement of Financial Accounting Standard 106, “Employers’ Accounting for Post-Retirement Benefits Other than Pension”, now ASU No. 715. There were no other changes in plan assets and benefit obligations recognized as a regulatory asset. Estimated Benefit Cost Amortizations for the periods January 1 - December 31: (in thousands) 2017 Amortization of transition obligation $ — Amortization of prior service credit (181 ) Amortization of net loss (30 ) Total Estimated Net Periodic Benefit Cost Amortizations $ (211 ) Assumed health care cost trend rates at December 31: 2016 2015 Medical Dental Medical Dental Health care cost trend rate assumed for next year (1) 8.25 % 8.25 % 8.5 % 8.5 % Rate to which the cost trend rate is assumed to decline 4.75 % 4.75 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2024 2024 2023 2023 (1) – Twenty-five basis point declining trend rate from 2015 to 2016 . Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects on Connecticut Water and Maine Water’s plan and would have no impact on the Barnstable Holding plan: (in thousands) 1 Percentage-Point Increase Decrease Effect on total of service and interest cost components $ 49 $ (45 ) Effect on post-retirement benefit obligation $ 665 $ (627 ) Plan Assets Connecticut Water and Maine Water’s other post-retirement benefit plan weighted-average asset allocations at December 31, 2016 and 2015 by asset category were as follows: 2016 2015 Equity 64 % 63 % Fixed Income 36 % 37 % Total 100 % 100 % See Note 6, “Fair Value of Financial Instruments”, for discussion on how fair value is determined. The fair values of the Company’s PBOP assets at December 31, 2016 and 2015 were as follows: 2016 (in thousands) Level 1 Level 2 Level 3 Asset Type: Money Market $ 222 $ — $ — Mutual Funds: Fixed Income Funds (1) 2,770 — — Equity Funds (2) 5,353 — — Total $ 8,345 $ — $ — 2015 (in thousands) Level 1 Level 2 Level 3 Asset Type: Money Market $ 239 $ — $ — Mutual Funds: Fixed Income Funds (1) 2,810 — — Equity Funds (2) 5,154 — — Total $ 8,203 $ — $ — (1) Mutual funds consisting primarily of fixed income securities. (2) Mutual funds consisting primarily of equity securities. Cash Flows The Company contributed $12,000 to its other post-retirement benefit plan in 2016 for plan year 2016 . The Company does not expect to make a contribution in 2017 for plan year 2017 . Expected future benefit payments are: (in thousands) 2017 $ 447 2018 510 2019 572 2020 645 2021 712 Years 2021 – 2025 4,441 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (“SERP”) – The Company and certain of its subsidiaries provide additional pension benefits to senior management through supplemental executive retirement contracts. The additional pension supplement from the SERP results in participants receiving the same overall benefit as other eligible employees enrolled in the Company’s pension plan. At December 31, 2016 and 2015 , the actuarial present values of the projected benefit obligation of these contracts were $8,570,000 and $7,759,000 , respectively. Expense associated with these contracts was approximately $1,012,000 for 2016 , $1,034,000 for 2015 , and $899,000 for 2014 and is reflected in “Other Income (Deductions), Net of Taxes” in the Consolidated Statements of Income. Included in “Other Property and Investments” at December 31, 2016 and 2015 is $5,393,000 and $4,957,000 of investments purchased by the Company to fund these obligations, primarily consisting of life insurance contracts. The remaining assets are carried at fair value and are considered Level 1 within the fair value hierarchy as outlined under FASB ASC 820 and are included in the table shown in Note 6, “Fair Value of Financial Instruments”. SAVINGS PLAN (“401(k)”) – The Company and certain of its subsidiaries maintain an employee savings plan which allows participants to contribute from 1% to 50% of pre-tax compensation, plus for those aged 50 years and older, catch-up contributions as allowed by law. Effective January 1, 2009, the Company changed its 401(k) plan to meet the requirements of a special IRS safe harbor. Under the provisions of this safe harbor plan, the Company will make an automatic contribution of 3% of compensation for all eligible employees, even if employees do not make their own contributions. For employees hired after January 1, 2009 and ineligible to participate in the Company’s pension plan, the Company will contribute an additional 1.5% of compensation. The savings plan was amended by the Board of Directors effective January 1, 2012 to admit eligible Maine Water employees and effective January 1, 2014 to admit eligible employees who were previously employed by BSWC. The plan was further amended and restated, effective as of January 1, 2016, as required to comply with IRS rules regarding pre-approved volume submitter plans. The Company contribution charged to expense in 2016 , 2015 , and 2014 was $663,000 , $601,000 , and $583,000 , respectively. |
Stock Based Compensation Plans
Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Stock Based Compensation Plans | NOTE 13: STOCK BASED COMPENSATION PLANS The Company follows FASB ASC 718, “Compensation – Stock Compensation” (“FASB ASC 718”) to account for all share-based payments to employees. For purposes of calculating the fair value of each option at the date of grant, the Company used the Black Scholes Option Pricing model. For other share based awards, the Company uses the market price the day before the stock grant to value awards. The Company has not issued any stock options since 2003, and does not anticipate issuing any for the foreseeable future. The Company’s 2014 Performance Stock Program (“2014 PSP”), approved by shareholders in 2014, authorizes the issuance of up to 450,000 shares of Company Common Stock. As of December 31, 2016 , there were 388,626 shares available for grant and payment of dividend equivalents on shares previously awarded under the 2014 PSP. There are five forms of awards available under the 2014 PSP: Restricted Stock, Performance Shares, Cash Units, Stock Appreciation Rights (“SAR”) and Other Awards. The Company’s 2004 Performance Stock Program (“2004 PSP”), approved by shareholders in 2004, authorized the issuance of up to 700,000 shares of Company Common Stock. As of December 31, 2016 , there were 263,388 shares available for payment of dividend equivalents on shares previously awarded under the 2004 PSP. Under the original Plan (“1994 PSP”) there were 700,000 shares authorized for issuance and 218,462 shares available for payment of dividend equivalents on shares previously awarded under the 1994 PSP as performance shares at December 31, 2016 . Under the 2014 PSP, restricted shares of Common Stock, common stock equivalents, cash units, SAR or other awards may be awarded annually to officers and key employees. Based upon the occurrence of certain events, including the achievement of goals established by the Compensation Committee, the restrictions on the stock can be removed. Amounts charged to expense on account of restricted shares of Common Stock, common stock equivalents or cash units pursuant to the 2014 PSP, 2004 PSP and 1994 PSP were $948,000 , $1,677,000 , and $1,957,000 , for 2016, 2015, and 2014 , respectively. RESTRICTED STOCK AND COMMON STOCK EQUIVALENTS – Prior to May 2014, the Company granted restricted shares of Common Stock and Performance Shares to key members of management under the 2004 PSP. All grants made after May 2014 are being made under the 2014 PSP. These Common Stock share awards provide the grantee with the dividend rights of a shareholder, but not the right to sell or otherwise transfer the shares during the restriction period. Restricted shares also have the voting rights of a shareholder, while the Performance Shares do not. The value of these restricted shares is based on the market price of the Company’s Common Stock on the date of grant and compensation expense is recorded on a straight-line basis over the awards’ vesting periods. Restricted Stock and Common Stock Equivalents (Performance-Based) – The following tables summarize the performance-based restricted stock amounts and activity for the years ended December 31, 2016 and 2015 : 2016 2015 Number of Shares Grant Date Weighted Average Fair Value Number of Shares Grant Date Weighted Average Fair Value Non-vested at beginning of year 39,997 $ 34.59 40,969 $ 32.63 Granted 21,110 39.70 26,828 35.81 Vested (19,077 ) 34.16 (16,548 ) 31.71 Forfeited (6,888 ) 35.81 (11,252 ) 34.70 Non-vested at end of year 35,142 $ 37.66 39,997 $ 34.59 Upon meeting specific performance targets, approximately 21,000 shares, reduced for actual performance targets achieved in 2016 , will begin vesting in the first quarter of 2017 and the remaining earned shares will vest over two years. The cost is being recognized ratably over the vesting period. The aggregate intrinsic value of performance-based restricted stock as of December 31, 2016 was $1,084,000 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Segment Reporting | NOTE 14: SEGMENT REPORTING Our Company operates principally in three segments: water operations, real estate transactions, and services and rentals. The water segment is comprised of our core regulated water operations to supply water to our customers. Our real estate transactions segment involves selling or donating for income tax benefits our limited excess real estate holdings. Our services and rentals segment provides services on a contract basis and also leases certain of our properties to third parties. The accounting policies of each reportable segment are the same as those described in the summary of significant accounting policies. Financial data for reportable segments is as follows: (in thousands) Revenues Depreciation Other Operating Expenses Other Income (Deductions) Interest Expense (net of AFUDC) Income Taxes Net Income (Loss) For the year ended December 31, 2016 Water Operations $ 100,001 $ 13,905 $ 54,100 $ (1,822 ) $ 5,718 $ 2,234 $ 22,222 Real Estate Transactions 8 — 4 — — 58 (54 ) Services and Rentals 5,307 25 3,189 — — 874 1,219 Total $ 105,316 $ 13,930 $ 57,293 $ (1,822 ) $ 5,718 $ 3,166 $ 23,387 For the year ended December 31, 2015 Water Operations $ 97,472 $ 12,871 $ 57,474 $ (1,158 ) $ 6,206 $ (1,255 ) $ 21,018 Real Estate Transactions 14 — 22 — — (357 ) 349 Services and Rentals 5,602 3 3,362 — — 843 1,394 Total $ 103,088 $ 12,874 $ 60,858 $ (1,158 ) $ 6,206 $ (769 ) $ 22,761 For the year ended December 31, 2014 Water Operations $ 95,516 $ 11,784 $ 53,614 $ (1,096 ) $ 5,997 $ 3,227 $ 19,798 Real Estate Transactions 243 — 161 — — 32 50 Services and Rentals 5,784 5 3,340 — — 968 1,471 Total $ 101,543 $ 11,789 $ 57,115 $ (1,096 ) $ 5,997 $ 4,227 $ 21,319 The Revenues shown in Water Operations above consist of revenues from water customers of $98,667,000 , $96,041,000 and $94,020,000 in the years 2016, 2015, and 2014 , respectively. Additionally, there were revenues associated with utility plant leased to others of $1,334,000 , $1,431,000 and $1,496,000 in the years 2016, 2015, and 2014 , respectively which are reflected in “Other Utility Income, Net of Taxes” on the Consolidated Statements of Income. The revenues from water customers for the the years ended December 31, 2016, 2015, and 2014 include $1,132,000 , $1,583,000 and $3,700,000 in additional revenues related to the implementation of the WRA, respectively. The table below shows assets by segment at December 31 : in thousands): 2016 2015 Total Plant and Other Investments: Water $ 609,508 $ 553,773 Non-Water 959 637 Total Plant and Other Investments 610,467 554,410 Other Assets: Water 171,674 154,090 Non-Water 2,361 2,215 Total Other Assets 174,035 156,305 Total Assets $ 784,502 $ 710,715 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Subsequent Events [Text Block] | NOTE 15: SUBSEQUENT EVENTS Heritage Village Water Company Acquisition On May 10, 2016, the Company announced that it had reached an agreement to acquire The Heritage Village Water Company ("HVWC"), pending a vote of HVWC shareholders, approval by PURA and MPUC and the satisfaction of other various closing conditions, pursuant to the terms of that certain Agreement and Plan of Merger dated May 10, 2016 between and among HVWC, the Company, and HAC, Inc., the Company’s wholly-owned Maine subsidiary (the “Merger Agreement”). HVWC serves approximately 4,700 water customers in the Towns of Southbury, Middlebury, and Oxford, Connecticut and approximately 3,000 wastewater customers in the Town of Southbury, Connecticut. Under the Merger Agreement, the acquisition was agreed to be executed through a stock-for-stock merger transaction valued at approximately $16.1 million . Holders of HVWC common stock will receive shares of the Company’s common stock in a tax-free exchange. In addition the transaction reflects a total enterprise value of HVWC of approximately $20.7 million. The Company received regulatory approval from MPUC on September 28, 2016 and from PURA on December 5, 2016, to proceed with the transaction. The shareholders of HVWC voted to approve the acquisition at a special meeting of HVWC’s shareholders held on February 27, 2017. On February 27, 2017, the Company completed the acquisition of HVWC by completing the merger of Connecticut Water’s wholly-owned subsidiary HAC, Inc. with and into HVWC, with HVWC as the surviving corporation, pursuant to the terms of the Merger Agreement and Connecticut corporate law. Upon the effective time of the Merger, the holders of HVWC’s 1,620 issued and outstanding shares of common stock became entitled to receive an aggregate of 300,445 shares of the Company’s common stock in a tax-free exchange, which exchange was commenced promptly by the issuance of a letter of transmittal and related materials by Connecticut Water’s exchange agent. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Commitments and Contingencies | NOTE 16: COMMITMENTS AND CONTINGENCIES Water Supply – Connecticut Water has an agreement with the South Central Connecticut Regional Water Authority (“RWA”) to purchase water from RWA. The agreement was signed April 2006 and became effective upon the receipt of all regulatory approvals in 2008 and remains in effect for a minimum of fifty years upon the effective date. Connecticut Water will pay RWA $75,000 per year, for a total of 14 years, starting on the effective date of the agreement. In addition, Connecticut Water is able, but under no obligation, to purchase up to one million gallons of water per day at the then current wholesale rates per the agreement. Connecticut Water has an agreement with The Metropolitan District (“MDC”) to purchase water from MDC to serve the Unionville system. The agreement became effective on October 6, 2000 and has a term of fifty years beginning May 19, 2003, the date the water supply facilities related to the agreement were placed in service. Connecticut Water agrees to purchase 283 million gallons of water annually from MDC. Connecticut Water has an agreement with Avon Water (“Avon”) to purchase twelve million gallons per year from Avon. The agreement became effective on October 3, 2008 and has a term of 10 years. Connecticut Water has a 99 year lease with 19 Perry Street to obtain well water for its public water supply system. The agreement became effective in 1975 and is based on current water rates in effect each year. There is no limitation on the amount of water that can be withdrawn from the leased property. Maine Water has an agreement with the Kenebec Water District for potable water service. The agreement was extended and became effective on November 7, 2015 for a new term of 5 years. Water sales to Maine Water are billed at a flat rate per gallon plus the monthly minimum tariff rate for a 4-inch metered service. During 2016 , 2015 , and 2014 , the Company spent $1,556,000 , $1,112,000 and $3,700,000 , respectively, on these agreements. The Company’s expected payments related to these agreements for the years 2017 through 2021 will be as follows: (in thousands) 2017 $ 1,562 2018 $ 1,601 2019 $ 1,643 2020 $ 1,601 2021 $ 1,546 Reviews by Taxing Authorities – 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 IRS’s 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 reserves in the amount of $1,185,000. 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. Therefore, as required by FASB ASC 740, during the year ended December 31, 2016 , the Company recorded a provision of $3.1 million 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 $9.4 million . The Company remains subject to examination by federal tax authorities for the 2013 through 2015 tax years; the State of Maine’s tax authorities for the 2013 through 2015 tax years; and the State of Connecticut’s tax authorities for the 2014 and 2015 tax years. Environmental and Water Quality Regulation – The Company is subject to environmental and water quality regulations. Costs to comply with environmental and water quality regulations are substantial. We are presently in compliance with current regulations, but the regulations are subject to change at any time. The costs to comply with future changes in state or federal regulations, which could require us to modify current filtration facilities and/or construct new ones, or to replace any reduction of the safe yield from any of our current sources of supply, could be substantial. Legal Proceedings – We are involved in various legal proceedings from time to time. Although the results of legal proceedings cannot be predicted with certainty, there are no pending legal proceedings to which we, or any of our subsidiaries are a party, or to which any of our properties is subject, that presents a reasonable likelihood of a material adverse impact on the Company’s financial condition, results of operations or cash flows. Rate Relief – Connecticut Water and Maine Water are regulated public utilities, which provide water services to their customers. The rates that Regulated Companies charge their water customers are subject to the jurisdiction of the regulatory authority of the PURA in Connecticut and the MPUC in Maine. Connecticut Water’s allowed rate of return on equity and return on rate base are currently 9.75% and 7.32% , respectively. Maine Water’s average allowed return on equity and return on rate base, as of December 31, 2016 were 9.50% and 7.96% , respectively. Land Dispositions – The Company and its subsidiaries own additional parcels of land in Connecticut and Maine, which may be suitable in the future for disposition or for further protection through conservation easements, through sale or by donation to municipalities, other local governments or private charitable entities such as local land trusts. In Connecticut, these additional parcels would include certain Class I and II parcels previously identified for long term conservation by the Connecticut Department of Energy and Environmental Protection (“DEEP”), which have restrictions on development and resale based on provisions of the Connecticut General Statutes. In Maine, these parcels include primarily company-owned land used for water supply protection, and a permanent conservation easement may be appropriate for some parcels to ensure the permanent protection of the watersheds, while balancing the appropriate community and recreational use of the land. Capital Expenditures – The Company has received approval from its Board of Directors to spend $55.4 million on capital expenditures in 2017 , in part to fund improvements to water treatment plants and increased spending related to infrastructure improvements. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Quarterly Financial Data (Unaudited) | NOTE 17: QUARTERLY FINANCIAL DATA (Unaudited) Selected quarterly financial data for the years ended December 31, 2016 and 2015 appears below: (in thousands, except for per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2016 2015 2016 2015 2016 2015 2016 2015 Operating Revenues $ 21,552 $ 20,030 $ 26,055 $ 26,624 $ 29,477 $ 28,444 $ 21,583 $ 20,943 Total Utility Operating Income 4,178 4,320 11,217 9,954 10,939 9,709 2,615 3,456 Net Income 3,148 3,103 9,943 8,675 9,535 8,755 761 2,228 Basic Earnings per Common Share 0.29 0.28 0.90 0.79 0.86 0.80 0.07 0.20 Diluted Earnings per Common Share 0.28 0.28 0.89 0.77 0.84 0.79 0.07 0.20 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 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,” (“ASU 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, retrospectively to each prior reporting period presented or retrospectively with a cumulative effect adjustment to retained earnings for initial application, 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 utilities and the impact ASU No. 2014-09 will have on the Company’s accounting surrounding Contributions in Aid of Construction. In April 2015, the FASB issued ASU No. 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. ASU No. 2015-03 requires retrospective application and represents a change in accounting principle. The update became effective for the Company on January 1, 2016, which had the effect of reducing the December 31, 2015 “Long-Term Debt” and “Total Regulatory and Other Long-Term Assets” balances by $5,786,000 on the Consolidated Balance Sheet. In July 2015, the FASB issued ASU No. 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 will not have an impact on the Company. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU No. 2015-16”) which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Acquirers would now recognize measurement-period adjustments during the period in which they determine the amount of the adjustment. ASU No. 2015-16 is effective for the Company on January 1, 2017 and will be adopted on a prospective basis. The adoption is not expected to have a material impact on our consolidated financial position. 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. The Company 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 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 position and results of operations, but does not expect that the adoption of this guidance will have material impact. In March 2016, the FASB issued ASU No. 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. The Company early adopted ASU No. 2016-09 during the second quarter of 2016, which had the effect of decreasing the “Other” line item on the Consolidated Statements of Income for the year ended December 31, 2016 by approximately $19,000. In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments” (“ASU No. 2016-15”). The amendments ASU No. 2016-15 clarify the classification for eight different types of activities, including debt prepayment and extinguishment costs, proceeds from insurance claims and distributions from equity method investees. For public business entities, ASU No. 2016-15 is effective for financial statements issued for fiscal years beginning after December 15, 2017. The Company is currently assessing the impact of this standard on its Consolidated Statements of Cash Flows, but does not expect that the adoption of this guidance will materially impact our consolidated financial position or results of operation. |
Business Description and Basis of Presentation [Text Block] | BASIS OF PRESENTATION – The Consolidated Financial Statements include the operations of Connecticut Water Service, Inc. (the “Company”), an investor-owned holding company and its wholly-owned subsidiaries, including: The Connecticut Water Company (“Connecticut Water”) The Maine Water Company (“Maine Water”) Chester Realty, Inc. (“Chester Realty”) New England Water Utility Services, Inc. (“NEWUS”) The Barnstable Holding Company (“Barnstable Holding”) - Inactive As of December 31, 2016 , Connecticut Water and Maine Water were our regulated public water utility companies (collectively the “Regulated Companies”), which together served 124,968 customers in 77 towns throughout Connecticut and Maine. Chester Realty is a real estate company whose net profits from rental of property are included in the “Other Income (Deductions), Net of Taxes” section of the Consolidated Statements of Income in the “Non-Water Sales Earnings” category. NEWUS is engaged in water-related services, including the Linebacker ® program, emergency drinking water, pool water and contract operations. Its earnings are included in the “Non-Water Sales Earnings” category of the Consolidated Statements of Income. Intercompany accounts and transactions have been eliminated. During the preparation of the Condensed Consolidated Financial Statements for the quarter ended June 30, 2016, the Company identified two errors related to the accounting treatment of stock-based performance awards granted to officers of the Company. First, the Company had mistakenly classified a portion of its stock-based performance awards as equity awards and, secondly, incorrectly marked those awards to the market price of the Company’s common stock price at the end of each reporting period. A portion of these awards should have been classified as liability awards and only those awards should have been marked-to-market based on the Company’s common stock price. During the second quarter of 2016, the Company reversed all of the incorrectly recorded mark-to-market expense as a cumulative out-of-period adjustment resulting in a one-time benefit of approximately $2.6 million on the Operation and Maintenance line item on its Condensed Consolidated Statements of Income for the three months ended June 30, 2016 and $1.6 million for the six months ended June 30, 2016. Approximately $1.6 million of the out of period adjustment pertained to years prior to 2016, with the remaining $1.0 million related to the first quarter of 2016. Additionally, the Company decreased its Common Stock Without Par Value and increased its Long-Term Compensation Arrangement line items on the Condensed Consolidated Balance Sheet as of June 30, 2016 by approximately $0.6 million to reflect both the awards that should have been classified as liability awards and their corresponding mark-to-market adjustments. The Company performed various quantitative and qualitative analyses and determined that these errors were not material to the previously reported quarterly and annual results. The Company also determined that recording these entries as an out-of- period adjustment during the second quarter of 2016 was not material to the full year ended December 31, 2016 results of operations. |
Income Tax, Policy [Policy Text Block] | INCOME TAXES – The Company provides income tax expense for its utility operations in accordance with the regulatory accounting policies of the applicable jurisdictions. The Company’s income tax provision is calculated on a separate return basis. The Connecticut PURA requires the flow-through method of accounting for most state tax temporary differences as well as for certain federal temporary differences. The MPUC requires the flow-through method of accounting for most state temporary differences and normalized accounting for most federal temporary differences. However, in its approvals of the stipulation agreements between Maine Water and the Office of the Public Advocate, issued in 2015, the MPUC has allowed flow-through method of accounting stemming from Maine Water’s adoption of the IRS’ Repair Regulations in all of its divisions. The Company computes deferred tax liabilities for all temporary book-tax differences using the liability method prescribed in FASB ASC 740 “Income Taxes” (“FASB ASC 740”). Under the liability method, deferred income taxes are recognized at currently enacted income tax rates to reflect the tax effect of temporary differences between the financial reporting and tax bases of assets and liabilities. Such temporary differences are the result of provisions in the income tax law that either require or permit certain items to be reported on the income tax return in a different period than they are reported in the financial statements. Deferred tax liabilities that have not been reflected in tax expense due to regulatory treatment are reflected as “Unfunded Future Income Taxes”, and are expected to be included in future years’ rates. The Company believes that deferred income tax assets, net of provisions, will be realized in the future. The majority of unfunded future income taxes, prior to 2013, relate to deferred state income taxes regarding book to tax depreciation differences. Beginning in 2013, basis differences resulting from the repair tax deduction contribute to the change in unfunded income taxes. Deferred Federal and State Income Taxes include amounts that have been provided for accelerated depreciation subsequent to 1981, as required by federal income tax regulations, as well as the basis differences associated with expenditures qualifying for repair tax deduction as clarified by the IRS in regulations issued in 2013. Deferred taxes have also been provided for temporary differences in the recognition of certain expenses for tax and financial statement purposes as allowed by regulatory ratemaking policies. |
Public Utilities, Policy [Policy Text Block] | PUBLIC UTILITY REGULATION – Connecticut Water is subject to regulation for rates and other matters by the Connecticut Public Utility Regulatory Authority (“PURA”) and follows accounting policies prescribed by the PURA. Maine Water is subject to regulation for rates and other matters by the Maine Public Utilities Commission (“MPUC”). The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which includes the provisions of Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 980 “Regulated Operations” (“FASB ASC 980”). FASB ASC 980 requires cost-based, rate-regulated enterprises, such as Connecticut Water and Maine Water, to reflect the impact of regulatory decisions in their financial statements. The state regulators, through the rate regulation process, can create regulatory assets and liabilities that result when costs and benefits are allowed for ratemaking purposes in a period after the period in which the costs or benefits would be charged to expense by an unregulated enterprise. The Consolidated Balance Sheets include regulatory assets and liabilities as appropriate, primarily related to income taxes, post-retirement benefit costs and deferred revenues associated with the Water Revenue Adjustment (“WRA”) used by Connecticut Water. In accordance with FASB ASC 980, costs which benefit future periods are amortized over the periods they benefit. The Company believes, based on current regulatory circumstances, that the regulatory assets recorded are probable to be recovered and that its use of regulatory accounting is appropriate and in accordance with the provisions of FASB ASC 980. Regulatory assets and liabilities are comprised of the following: (in thousands) December 31, 2016 2015 Assets: Pension Benefits and Post-Retirement Benefits Other Than Pension $ 12,531 $ 12,882 Unrecovered Income Taxes 93,264 77,510 Deferred revenue (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) 3,910 5,033 Other (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) 4,276 3,561 Total regulatory assets $ 113,981 $ 98,986 Liabilities: Other (included in Other Current Liabilities) $ 1,710 $ 1,567 Unamortized Investment Tax Credits 1,189 1,264 Refunds to Customers (including Current Portion of Refund to Customers) 963 3,987 Unfunded Future Income Taxes (including Other Long-Term Liabilities) 90,977 74,712 Total regulatory liabilities $ 94,839 $ 81,530 Pension and post-retirement benefits include costs in excess of amounts funded. The Company believes these costs will be recoverable in future years, through rates, as funding is required and has recorded regulatory assets for those costs. The recovery period is dependent on contributions made to the plans and remaining life expectancy. Certain items giving rise to deferred state income taxes, as well as a portion of deferred federal income taxes related primarily to differences between book and tax depreciation expense, are recognized for ratemaking purposes on a cash or flow-through basis and are recognized as unrecovered future income taxes that will be recovered in rates in future years as they reverse. In addition, basis differences resulting from the repair tax deduction adopted in 2013 contribute to the change in unfunded future income taxes. Deferred revenue represents a portion of the rate increase granted in Connecticut Water’s 2007 rate decision. The PURA decision required the Company to defer for future collection, beginning in 2008, a portion of the increase. Additionally, revenue recorded under the WRA, discussed below, is included in deferred revenue. Regulatory liabilities include deferred investment tax credits and amounts to be refunded to customers as a result of the adoption of the tangible property regulations in Connecticut and Maine. These liabilities will be given back to customers in rates as tax deductions occur in the future. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Utility, Revenue and Expense Recognition, Policy [Policy Text Block] | REVENUES – The Company’s accounting policies regarding revenue recognition by segment are as follows: Water Operations – Most of our water customers are billed quarterly, with the exception of larger commercial and industrial customers, as well as certain public and private fire protection customers who are billed monthly. Most customers, except fire protection customers, are metered. Revenues from metered customers are based on their water usage multiplied by approved, regulated rates and are earned when water is delivered. Public fire protection revenues are based on the length of the water main, and number of hydrants in service and are earned on a monthly basis. Private fire protection charges are based on the diameter of the connection to the water main. Our Regulated Companies accrue an estimate for metered customers for the amount of revenues earned relating to water delivered but unbilled at the end of each quarter, which is reflected as “Accrued Unbilled Revenues” in the accompanying Consolidated Balance Sheets. Beginning in 2013, Connecticut Water began to record deferred revenue to represent under collection from customers based upon allowed revenues as approved by PURA. More detailed information, including revenues, costs and income taxes associated with the segment can be found in Note 14, “Segment Reporting”. Real Estate Transactions – Revenues are recorded when a sale or other transaction has been completed and title to the real estate has been transferred. Net income from the Real Estate Transactions segment is shown net in the “Other Income (Deductions), Net of Taxes” portion of the Company’s Consolidated Statements of Income. More detailed information, including revenues, costs and income taxes associated with the segment can be found in Note 14, “Segment Reporting”. Services and Rentals – Revenues are recorded when the Company has delivered the services called for by contractual obligation. Net income from the Services and Rentals segment is shown net in the “Other Income (Deductions), Net of Taxes” portion of the Company’s Consolidated Statements of Income. More detailed information, including revenues, costs and income taxes associated with the segment can be found in Note 14, “Segment Reporting”. |
Property, Plant and Equipment, Policy [Policy Text Block] | UTILITY PLANT – Utility plant is stated at the original cost of such property when first devoted to public service. Utility plant accounts are charged with the cost of improvements and replacements of property including an Allowance for Funds Used During Construction (“AFUDC”). Retired or disposed depreciable plant is charged to accumulated provision for depreciation together with any costs applicable to retirement, less any salvage received. Maintenance of utility plant is charged to expense. Accounting policies relating to other areas of utility plant are listed below: Allowance For Funds Used During Construction – AFUDC is the cost of debt and equity funds used to finance the construction of utility plant. The amount shown on the Consolidated Statements of Income relates to the equity portion. The debt portion is included as an offset to “Other Interest Income, Net”. Generally, utility plant under construction is not recognized as part of rate base for ratemaking purposes until facilities are placed into service, and accordingly, AFUDC is charged to the construction cost of utility plant. Capitalized AFUDC, which does not represent current cash income, is recovered through rates over the service lives of the assets. Our Regulated Companies’ allowed rate of return on rate base is used to calculate AFUDC. Customers’ Advances For Construction, Contributed Plant and Contributions In Aid Of Construction –Under the terms of construction contracts with real estate developers and others, the Regulated Companies periodically receive either advances for the costs of new main installations or title to the main after it is constructed and financed by the developer. Refunds are made, without interest, as services are connected to the main, over periods not exceeding fifteen years and not in excess of the original advance. Unrefunded balances, at the end of the contract period, are credited to contributions in aid of construction (“CIAC”) and are no longer refundable. Utility Plant is added in two ways. The majority of the Company’s plant additions occur from direct investment of Company funds that originated through operating or financings activities. The Company manages the construction of these plant additions. These plant additions are part of the Company’s depreciable utility plant and are generally part of rate base. The Company’s rate base is a key component of how its regulated rates are set, and is recovered through the depreciation component of the Company’s rates. The second way in which plant additions occur are through developer advances and contributions. Under this scenario either the developer funds the additions through payments to the Company, who in turn manages the construction of the project, or the developer pays for the plant construction directly and contributes the asset to the Company after it is complete. Plant additions that are financed by a developer, either directly or indirectly, are excluded from the Company’s rate base and not recovered through the rates process, and are also not depreciated. The components that comprise net additions to Utility Plant during the last three years ending December 31 are as follows: (in thousands) 2016 2015 2014 Additions to Utility Plant: Company Financed $ 66,339 $ 47,774 $ 44,969 Allowance for Funds Used During Construction 1,198 530 518 Subtotal – Utility Plant Increase to Rate Base 67,537 48,304 45,487 Advances from Others for Construction 350 251 699 Net Additions to Utility Plant $ 67,887 $ 48,555 $ 46,186 Depreciation – Depreciation is computed on a straight-line basis at various rates as approved by the state regulators on a company by company basis. Depreciation allows the Company to recover the investment in utility plant over its useful life. The overall consolidated company depreciation rate, based on the average balances of depreciable property, was 1.9% , 1.9% , and 1.9% for 2016 , 2015 , and 2014 , respectively. |
Municipal Taxes [Policy Text Block] | MUNICIPAL TAXES – Municipal taxes are reflected as “Taxes Other Than Income Taxes” and are generally expensed over the twelve-month period beginning on July 1 following the lien date, corresponding with the period in which the municipal services are provided. |
Unamortized Debt Expense [Policy Text Block] | UNAMORTIZED DEBT ISSUANCE EXPENSE – The issuance costs of long-term debt, including the remaining balance of issuance costs on long-term debt issues that have been refinanced prior to maturity, and related call premiums, are amortized over the respective lives of the outstanding debt, as approved by the PURA and the MPUC. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | GOODWILL – As part of the purchase of regulated water companies, the Company recorded goodwill of $30.4 million as of December 31, 2016 representing the amount of the purchase price over net book value of the assets acquired. The Company accounts for goodwill in accordance with Accounting Standards Codification 350 “Intangibles – Goodwill and Other” (“FASB ASC 350”). As a result of the rate order issued by the MPUC, the Company reduced its goodwill balance by $1.3 million in the year ended December 31, 2015. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Regulatory Assets and Liabilities [Text Block] | Regulatory assets and liabilities are comprised of the following: (in thousands) December 31, 2016 2015 Assets: Pension Benefits and Post-Retirement Benefits Other Than Pension $ 12,531 $ 12,882 Unrecovered Income Taxes 93,264 77,510 Deferred revenue (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) 3,910 5,033 Other (included in Prepayments and Other Current Assets and Deferred Charges and Other Costs) 4,276 3,561 Total regulatory assets $ 113,981 $ 98,986 Liabilities: Other (included in Other Current Liabilities) $ 1,710 $ 1,567 Unamortized Investment Tax Credits 1,189 1,264 Refunds to Customers (including Current Portion of Refund to Customers) 963 3,987 Unfunded Future Income Taxes (including Other Long-Term Liabilities) 90,977 74,712 Total regulatory liabilities $ 94,839 $ 81,530 |
Components of Addition to Net Utility Plant [Table Text Block] | The components that comprise net additions to Utility Plant during the last three years ending December 31 are as follows: (in thousands) 2016 2015 2014 Additions to Utility Plant: Company Financed $ 66,339 $ 47,774 $ 44,969 Allowance for Funds Used During Construction 1,198 530 518 Subtotal – Utility Plant Increase to Rate Base 67,537 48,304 45,487 Advances from Others for Construction 350 251 699 Net Additions to Utility Plant $ 67,887 $ 48,555 $ 46,186 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | EARNINGS PER SHARE – The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share for the years ended December 31: Years ended December 31, 2016 2015 2014 Numerator (in thousands) Basic Net Income Applicable to Common Stock $ 23,349 $ 22,723 $ 21,281 Diluted Net Income Applicable to Common Stock $ 23,349 $ 22,723 $ 21,281 Denominator (in thousands) Basic Weighted Average Shares Outstanding 11,009 10,958 10,893 Dilutive Effect of Stock Awards 219 206 198 Diluted Weighted Average Shares Outstanding 11,228 11,164 11,091 Earnings per Share Basic Earnings per Share $ 2.12 $ 2.07 $ 1.95 Dilutive Effect of Stock Awards 0.04 0.03 0.03 Diluted Earnings per Share $ 2.08 $ 2.04 $ 1.92 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Expense [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income Tax (Benefit) Expense for the years ended December 31, is comprised of the following: (in thousands) 2016 2015 2014 Federal Classified as Operating (Benefit) Expense $ 1,782 $ (562 ) $ 2,919 Federal Classified as Other Utility Income 385 409 424 Federal Classified as Other Income (Expense) Land Sales and Donations 57 (70 ) 26 Non-Water Sales 702 664 788 Other (686 ) (832 ) (825 ) Total Federal Income Tax (Benefit) Expense 2,240 (391 ) 3,332 State Classified as Operating (Benefit) Expense 788 (257 ) 677 State Classified as Other Utility Income 92 98 100 State Classified as Other Income (Expense) Land Sales and Donations — (287 ) 6 Non-Water Sales 172 196 194 Other (126 ) (128 ) (82 ) Total State Income Tax (Benefit) Expense 926 (378 ) 895 Total Income Tax (Benefit) Expense $ 3,166 $ (769 ) $ 4,227 The components of the Federal and State income tax provisions are: (in thousands) 2016 2015 2014 Current Income Taxes Federal $ (15 ) $ 315 $ 427 State 463 201 (306 ) Total Current 448 516 121 Deferred Income Taxes, Net Federal Investment Tax Credit (75 ) (75 ) (75 ) Excess Deferred Taxes (110 ) 192 — Deferred Revenue (353 ) (754 ) 215 Land Donations 37 (179 ) (56 ) Depreciation 1,769 660 1,728 Net Operating Loss Carry-forwards (1,258 ) (1,171 ) (600 ) AMT Credit Carry-forwards — 53 — Provision for uncertain positions 2,487 874 2,177 Other (242 ) (306 ) (484 ) Total Federal 2,255 (706 ) 2,905 State Land Donations 55 41 — Provision for uncertain positions 611 41 663 Other (203 ) (661 ) 538 Total State 463 (579 ) 1,201 Total Deferred Income Taxes 2,718 (1,285 ) 4,106 Total Income Tax $ 3,166 $ (769 ) $ 4,227 |
Deferred Tax (Assets) Liabilities on Consolidated Balance Sheets [Table Text Block] | Deferred income tax (assets) and liabilities are categorized as follows on the Consolidated Balance Sheets: (in thousands) 2016 2015 Unrecovered Income Taxes - Regulatory Asset $ (93,264 ) $ (77,510 ) Deferred Federal and State Income Taxes 50,558 48,036 Unfunded Future Income Taxes 90,977 74,712 Unamortized Investment Tax Credits - Regulatory Liability 1,189 1,264 Net Deferred Income Tax Liability $ 49,460 $ 46,502 |
Components of Deferred Tax (Assets) Liabilities [Table Text Block] | Deferred income tax (assets) and liabilities are comprised of the following: (in thousands) 2016 2015 Tax Credit Carry-forward (1) $ (968 ) $ (904 ) Charitable Contribution Carry-forwards (2) (389 ) (372 ) Valuation Allowance on Charitable Contributions 107 — Prepaid Income Taxes on CIAC 58 63 Net Operating Loss Carry-forwards (3) (5,132 ) (3,730 ) Valuation Allowance on Net Operating Losses 1,471 1,326 Other Comprehensive Income (589 ) (597 ) Accelerated Depreciation 51,119 49,341 Provision on Repair Deductions 9,464 6,366 Long-Term Compensation Agreements (4,416 ) (4,004 ) Unamortized Investment Tax Credits 1,189 1,264 Other (2,454 ) (2,251 ) Net Deferred Income Tax Liability $ 49,460 $ 46,502 |
Calculation of Pre-Tax Income [Table Text Block] | The calculation of Pre-Tax Income is as follows: (in thousands) 2016 2015 2014 Pre-Tax Income Net Income $ 23,387 $ 22,761 $ 21,319 Income Taxes 3,166 (769 ) 4,227 Total Pre-Tax Income $ 26,553 $ 21,992 $ 25,546 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | : 2016 2015 2014 Federal Statutory Tax Rate 34.0 % 34.0 % 34.0 % Tax Effect Differences: State Income Taxes Net of Federal Benefit 2.6 % — % 1.3 % Property Related Items (30.4 )% (19.2 )% (25.0 )% Performance Stock (0.8 )% 0.2 % 1.2 % Pension Costs (0.4 )% (1.7 )% 2.9 % Repair Regulatory Liability (3.9 )% (11.5 )% (6.3 )% Change in Estimate of Prior Year Income Tax Expense 0.3 % (10.6 )% (1.4 )% Provision for Uncertain Tax Positions 10.2 % 4.1 % 9.2 % Other 0.3 % 1.2 % 0.7 % Effective Income Tax Rate 11.9 % (3.5 )% 16.6 % |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Class of Stock [Line Items] | |
Schedule of Stockholders Equity [Table Text Block] | A summary of the changes in the common stock accounts for the period January 1, 2014 through December 31, 2016 , appears below: (in thousands, except share data) Shares Issuance Amount Expense Total Balance, January 1, 2014 11,038,232 $ 142,681 $ (4,090 ) $ 138,591 Stock and equivalents issued through Performance Stock Program, Net of Forfeitures 35,433 1,396 — 1,396 Dividend Reinvestment Plan 50,965 1,697 — 1,697 Balance, December 31, 2014 11,124,630 145,774 (4,090 ) 141,684 Stock and equivalents issued through Performance Stock Program, Net of Forfeitures 25,575 1,314 — 1,314 Dividend Reinvestment Plan 42,677 1,536 — 1,536 Balance, December 31, 2015 11,192,882 148,624 (4,090 ) 144,534 Stock and equivalents issued through Performance Stock Program, Net of Forfeitures 22,128 (405 ) — (405 ) Dividend Reinvestment Plan 33,448 1,610 — 1,610 Balance, December 31, 2016 (1) 11,248,458 $ 149,829 $ (4,090 ) $ 145,739 |
Retained Earnings (Tables)
Retained Earnings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Retained Earnings [Abstract] | |
Retained Earnings [Table Text Block] | The summary of the changes in Retained Earnings for the period January 1, 2014 through December 31, 2016 , appears below: (in thousands, except per share data) 2016 2015 2014 Balance, beginning of year $ 80,378 $ 69,370 $ 59,277 Net Income 23,387 22,761 21,319 Sub-total 103,765 92,131 80,596 Dividends declared: Cumulative Preferred Stock, Series A, $0.80 per share 12 12 12 Cumulative Preferred Stock, Series $0.90, $0.90 per share 26 26 26 Common Stock: $1.115, $1.05 and $1.01 per Common Share in 2016, 2015 and 2014, respectively 12,514 11,715 11,188 Total Dividends Declared 12,552 11,753 11,226 Balance, end of year $ 91,213 $ 80,378 $ 69,370 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2016, 2015, and 2014 , appear below: (in thousands) Unrealized Gains on Investments Defined Benefit Items Total Balance as of January 1, 2014 (a) $ 259 $ (374 ) $ (115 ) Other Comprehensive Income (Loss) Before Reclassification 2 (1,748 ) (1,746 ) Amounts Reclassified from AOCI 37 221 258 Net current-period Other Comprehensive Income (Loss) 39 (1,527 ) (1,488 ) Balance as of December 31, 2014 $ 298 $ (1,901 ) $ (1,603 ) Other Comprehensive (Loss) Income Before Reclassification (195 ) 582 387 Amounts Reclassified from AOCI 97 184 281 Net current-period Other Comprehensive (Loss) Income (98 ) 766 668 Balance as of December 31, 2015 $ 200 $ (1,135 ) $ (935 ) Other Comprehensive Income (Loss) Before Reclassification 24 (227 ) (203 ) Amounts Reclassified from AOCI 11 203 214 Net current-period Other Comprehensive Income (Loss) 35 (24 ) 11 Balance as of December 31, 2016 $ 235 $ (1,159 ) $ (924 ) (a) All amounts shown are net of tax. Amounts in parentheses indicate loss. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table sets forth the amounts reclassified from AOCI by component and the affected line item on the Consolidated Statements of Income for the for the years ended December 31, 2016, 2015, and 2014 : Details about Other AOCI Components (in thousands) Amounts Reclassified from AOCI for the Year Ended December 31, 2016(a) Amounts Reclassified from AOCI for the Year Ended December 31, 2015(a) Amounts Reclassified from AOCI for the Year Ended December 31, 2014(a) Affected Line Items on Income Statement Realized Gains on Investments $ 17 $ 148 $ 55 Other Tax expense (6 ) (51 ) (18 ) Other Total Reclassified from AOCI 11 97 37 Amortization of Recognized Net Gain from Defined Benefit Items 308 281 335 Other (b) Tax expense (105 ) (97 ) (114 ) Other Total Reclassified from AOCI 203 184 221 Total Reclassifications for the period, net of tax $ 214 $ 281 $ 258 (a) Amounts in parentheses indicate loss/expense. (b) Included in computation of net periodic pension cost (see Note 12 “Long-Term Compensation Arrangements” for additional details). |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2016 and 2015 . These instruments are included in “Other Property and Investments” on the Company’s Consolidated Balance Sheets: December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Asset Type: Money Market Fund $ 122 $ — $ — $ 122 Mutual Funds: Equity Funds (1) 1,662 — — 1,662 Fixed Income Funds (2) 534 — — 534 Total $ 2,318 $ — $ — $ 2,318 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Asset Type: Money Market Fund $ 122 $ — $ — $ 122 Mutual Funds: Equity Funds (1) 1,441 — — 1,441 Fixed Income Funds (2) 485 — — 485 Total $ 2,048 $ — $ — $ 2,048 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt at December 31, consisted of the following: (in thousands) 2016 2015 Connecticut Water Service, Inc.: 4.09% Term Loan Note and Supplement A, Due 2027 $ 13,437 $ 14,472 The Connecticut Water Company: Var. 2004 Series Variable Rate, Due 2029 12,500 12,500 Var. 2004 Series A, Due 2028 5,000 5,000 Var. 2004 Series B, Due 2028 4,550 4,550 5.10% 2009 A Series, Due 2039 — 19,930 5.00% 2011 A Series, Due 2021 23,115 23,303 3.16% CoBank Note Payable, Due 2020 8,000 8,000 3.51% CoBank Note Payable, Due 2022 14,795 14,795 4.29% CoBank Note Payable, Due 2028 17,020 17,020 4.72% CoBank Note Payable, Due 2032 14,795 14,795 4.75% CoBank Note Payable, Due 2033 14,550 14,550 4.36% CoBank Note Payable, Due May 2036 30,000 — 4.04% CoBank Note Payable, Due July 2036 19,930 — Total The Connecticut Water Company 164,255 134,443 The Maine Water Company: 8.95% 1994 Series G, Due 2024 7,200 8,100 2.68% 1999 Series J, Due 2019 254 339 0.00% 2001 Series K, Due 2031 615 656 2.58% 2002 Series L, Due 2022 67 75 1.53% 2003 Series M, Due 2023 341 361 1.73% 2004 Series N, Due 2024 371 401 0.00% 2004 Series O, Due 2034 120 127 1.76% 2006 Series P, Due 2026 391 411 1.57% 2009 Series R, Due 2029 217 227 0.00% 2009 Series S, Due 2029 583 628 0.00% 2009 Series T, Due 2029 1,634 1,760 0.00% 2012 Series U, Due 2042 154 160 1.00% 2013 Series V, Due 2033 1,335 1,360 2.52% CoBank Note Payable, Due 2017 1,965 1,965 4.24% CoBank Note Payable, Due 2024 4,500 4,500 7.72% Series L, Due 2018 2,250 2,250 2.40% Series N, Due 2022 1,101 1,176 1.86% Series O, Due 2025 790 830 2.23% Series P, Due 2028 1,294 1,324 0.01% Series Q, Due 2035 1,771 1,864 1.00% Series R, Due 2025 2,250 2,488 Various Various Capital Leases 8 17 Total The Maine Water Company 29,211 31,019 Add: Acquisition Fair Value Adjustment 321 562 Less: Current Portion (4,859 ) (2,842 ) Less: Unamortized Debt Issuance Expense (5,318 ) (5,786 ) Total Long-Term Debt $ 197,047 $ 171,868 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The Company’s required principal payments for the years 2017 through 2021 are as follows: (in thousands) 2017 $ 4,859 2018 $ 5,342 2019 $ 3,194 2020 $ 3,186 2021 $ 3,239 |
Preferred Stock Schedule of Pre
Preferred Stock Schedule of Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Preferred Stock [Abstract] | |
Schedule of Preferred Units [Table Text Block] | The Company’s Preferred Stock at December 31, consisted of the following: (in thousands, except share data) 2016 2015 Connecticut Water Service, Inc. Cumulative Series A Voting, $20 Par Value; Authorized, Issued and Outstanding 15,000 Shares $ 300 $ 300 Cumulative Series $0.90 Non-Voting, $16 Par Value; Authorized 50,000 Shares, Issued and Outstanding 29,499 472 472 Total Preferred Stock $ 772 $ 772 |
Utility Plant Components of Uti
Utility Plant Components of Utitlity Plant (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |
Utility Plant | The components of utility plant and equipment at December 31, were as follows: (in thousands) 2016 2015 Land $ 13,724 $ 13,615 Source of supply 36,405 35,973 Pumping 38,902 37,110 Water treatment 84,594 81,544 Transmission and distribution 530,716 490,489 General 75,438 66,341 Held for future use 432 432 Acquisition Adjustment (2,351 ) (3,057 ) Total $ 777,860 $ 722,447 |
Taxes Other than Income Taxes T
Taxes Other than Income Taxes Taxes Other Than Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Taxes Other Than Income Taxes [Abstract] | |
Taxes Other Than Income Taxes [Table Text Block] | Taxes Other than Income Taxes consist of the following: (in thousands) 2016 2015 2014 Municipal Property Taxes $ 8,501 $ 7,896 $ 7,659 Payroll Taxes 1,295 1,398 1,372 Total Taxes Other than Income Taxes $ 9,796 $ 9,294 $ 9,031 |
Pension and Other Post-Retire39
Pension and Other Post-Retirement Benefits Pension and Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The following table shows the components of periodic benefit costs: PBOP Benefits (in thousands) 2016 2015 2014 Components of net periodic benefit costs Service cost $ 376 $ 458 $ 494 Interest cost 541 562 625 Expected return on plan assets (341 ) (324 ) (305 ) Other 225 225 225 Amortization of: Prior service credit (400 ) (571 ) (806 ) Recognized net loss 39 388 344 Net Periodic Post Retirement Benefit Costs $ 440 $ 738 $ 577 The following table shows the components of periodic benefit costs: Pension Benefits (in thousands) 2016 2015 2014 Components of net periodic benefit costs Service cost $ 1,895 $ 2,152 $ 1,829 Interest cost 3,212 3,114 3,087 Expected return on plan assets (4,080 ) (3,847 ) (3,567 ) Amortization of: Prior service cost 16 16 73 Net loss 2,049 2,979 1,319 Net Periodic Pension Benefit Costs $ 3,092 $ 4,414 $ 2,741 |
Components of Long-Term Compensation Arrangements [Table Text Block] | The Company has accrued for long-term compensation arrangements as of December 31 as follows: (in thousands) 2016 2015 Defined Benefit Pension Plan $ 16,628 $ 19,232 Post-Retirement Benefit Other than Pension 5,246 5,041 Supplemental Executive Retirement Plan 8,688 7,915 Deferred Compensation 2,932 2,131 Other Long-Term Compensation 46 70 Total Long-Term Compensation Arrangements $ 33,540 $ 34,389 |
Target Asset Allocation [Table Text Block] | The targeted asset allocation ratios for those plans as set by the Committee at December 31 : 2016 2015 Equity 65 % 65 % Fixed Income 35 % 35 % Total 100 % 100 % |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following tables set forth the benefit obligation and fair value of the assets of Connecticut Water and Maine Water’s PBOP at December 31, the latest valuation date: PBOP Benefits (in thousands) 2016 2015 Change in benefit obligation: Benefit obligation, beginning of year $ 13,192 $ 15,533 Service cost 376 458 Interest cost 541 562 Plan participant contributions 151 156 Actuarial (gain) (351 ) (3,115 ) Benefits paid (367 ) (402 ) Benefit obligation, end of year $ 13,542 $ 13,192 Change in plan assets: Fair value, beginning of year $ 8,203 $ 8,429 Actual return on plan assets 346 7 Employer contributions 12 13 Plan participant contributions 151 156 Benefits paid (367 ) (402 ) Fair value, end of year $ 8,345 $ 8,203 Funded Status $ (5,197 ) $ (4,989 ) Amount Recognized in Consolidated Balance Sheets Consisted of: Non-current asset $ — $ — Current liability — — Non-current liability (5,197 ) (4,989 ) Net amount recognized $ (5,197 ) $ (4,989 ) The following tables set forth the benefit obligation and fair value of the assets of the Company’s defined benefit plans at December 31, the latest valuation date: Pension Benefits (in thousands) 2016 2015 Change in benefit obligation: Benefit obligation, beginning of year $ 75,845 $ 79,815 Service cost 1,895 2,152 Interest cost 3,212 3,114 Actuarial loss (gain) 2,017 (4,350 ) Benefits paid (3,553 ) (4,806 ) Administrative expenses (109 ) (80 ) Benefit obligation, end of year $ 79,307 $ 75,845 Change in plan assets: Fair value, beginning of year $ 56,613 $ 61,635 Actual return on plan assets 4,203 (136 ) Employer contributions 5,525 — Benefits paid (3,553 ) (4,806 ) Administrative expenses (109 ) (80 ) Fair value, end of year $ 62,679 $ 56,613 Funded Status $ (16,628 ) $ (19,232 ) Amount Recognized in Consolidated Balance Sheets Consisted of: Non-current asset $ — $ — Current liability — — Non-current liability (16,628 ) (19,232 ) Net amount recognized $ (16,628 ) $ (19,232 ) |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine benefit obligations at December 31: 2016 2015 Discount rate 3.95 % 4.15 % Weighted-average assumptions used to determine net periodic cost for years ended December 31: 2016 2015 2014 Discount rate 4.15 % 3.80 % 4.80 % Expected long-term return on plan assets 4.50 % 4.50 % 4.50 % Weighted-average assumptions used to determine benefit obligations at December 31: 2016 2015 Discount rate 4.10 % 4.30 % Rate of compensation increase 4.00 % 4.00 % Weighted-average assumptions used to determine net periodic cost for years ended December 31: 2016 2015 2014 Discount rate 4.30 % 3.95 % 4.90 % Expected long-term return on plan assets 7.25 % 7.25 % 7.25 % Rate of compensation increase 4.00 % 4.00 % 4.00 % |
Changes in Plan Assets and Benefit Obligations Recognized as a Regulatory Liability [Table Text Block] | The following table shows the other changes in plan assets and benefit obligations recognized as a regulatory asset: Pension Benefits (in thousands) 2016 2015 Change in net (gain) loss $ 1,866 $ (429 ) Change in prior service cost — — Other - regulatory action — 2,050 Amortization of prior service cost (16 ) (16 ) Amortization of net loss (1,998 ) (2,904 ) Total recognized to Regulatory Asset $ (148 ) $ (1,299 ) The following table shows the other changes in plan assets and benefit obligations recognized as a regulatory liability: PBOP Benefits (in thousands) 2016 2015 Change in net gain $ (356 ) $ (2,797 ) Amortization of prior service cost 400 571 Amortization of net loss (39 ) (388 ) Other regulatory amortization (236 ) (236 ) Total recognized to Regulatory Liability $ (231 ) $ (2,850 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following table shows the other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (“OCI”): Pension Benefits (in thousands) 2016 2015 Change in net (gain) loss $ 28 $ 62 Change in prior service cost — — Amortization of prior service cost — — Amortization of net loss (51 ) (75 ) Total recognized to OCI $ (23 ) $ (13 ) |
Amounts Recognized as Regulatory Asset [Table Text Block] | Amounts Recognized as a Regulatory Liability Asset at December 31: (in thousands) 2016 2015 Transition obligation $ — $ — Prior service cost (182 ) (583 ) Net loss (531 ) (135 ) Other regulatory asset 254 494 Total Recognized as a Regulatory Liability $ (459 ) $ (224 ) Amounts Recognized as a Regulatory Asset at December 31: (in thousands) 2016 2015 Prior service cost $ 70 $ 86 Net loss 12,196 12,328 Total Recognized as a Regulatory Asset $ 12,266 $ 12,414 |
Amounts Recognized in Other Comprehensive Income [Table Text Block] | Amounts Recognized in OCI at December 31: (in thousands) 2016 2015 2014 Transition obligation $ — $ — $ — Prior service cost — — — Net loss 315 338 2,401 Total Recognized in Other Comprehensive Income $ 315 $ 338 $ 2,401 |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands) 2017 Amortization of transition obligation $ — Amortization of prior service cost 15 Amortization of net loss 2,030 Total Estimated Net Periodic Benefit Cost Amortizations $ 2,045 Estimated Benefit Cost Amortizations for the periods January 1 - December 31: (in thousands) 2017 Amortization of transition obligation $ — Amortization of prior service credit (181 ) Amortization of net loss (30 ) Total Estimated Net Periodic Benefit Cost Amortizations $ (211 ) |
Acutal Asset Allocation [Table Text Block] | Plan Assets The Company’s pension plan weighted-average asset allocations at December 31, 2016 and 2015 by asset category were as follows: 2016 2015 Equity 65 % 64 % Fixed Income 35 % 36 % Total 100 % 100 % Connecticut Water and Maine Water’s other post-retirement benefit plan weighted-average asset allocations at December 31, 2016 and 2015 by asset category were as follows: 2016 2015 Equity 64 % 63 % Fixed Income 36 % 37 % Total 100 % 100 % |
Fair Value of Benefit Plan Assets [Table Text Block] | See Note 6, “Fair Value of Financial Instruments”, for discussion on how fair value is determined. The fair values of the Company’s pension plan assets at December 31, 2016 and 2015 were as follows: 2016 (in thousands) Level 1 Level 2 Level 3 Asset Type: Money Market Fund $ 1,174 $ — $ — Mutual Funds: Fixed Income Funds (1) 21,070 — — Equity Funds (2) 40,435 — — Total $ 62,679 $ — $ — 2015 (in thousands) Level 1 Level 2 Level 3 Asset Type: Money Market Fund $ 805 $ — $ — Mutual Funds: Fixed Income Funds (1) 19,609 — — Equity Funds (2) 36,199 — — Total $ 56,613 $ — $ — 2016 (in thousands) Level 1 Level 2 Level 3 Asset Type: Money Market $ 222 $ — $ — Mutual Funds: Fixed Income Funds (1) 2,770 — — Equity Funds (2) 5,353 — — Total $ 8,345 $ — $ — 2015 (in thousands) Level 1 Level 2 Level 3 Asset Type: Money Market $ 239 $ — $ — Mutual Funds: Fixed Income Funds (1) 2,810 — — Equity Funds (2) 5,154 — — Total $ 8,203 $ — $ — |
Schedule of Expected Benefit Payments [Table Text Block] | The plan’s expected future benefit payments are: (in thousands) 2017 $ 3,928 2018 4,339 2019 4,846 2020 4,746 2021 4,973 Years 2021 – 2025 26,452 Expected future benefit payments are: (in thousands) 2017 $ 447 2018 510 2019 572 2020 645 2021 712 Years 2021 – 2025 4,441 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates at December 31: 2016 2015 Medical Dental Medical Dental Health care cost trend rate assumed for next year (1) 8.25 % 8.25 % 8.5 % 8.5 % Rate to which the cost trend rate is assumed to decline 4.75 % 4.75 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2024 2024 2023 2023 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects on Connecticut Water and Maine Water’s plan and would have no impact on the Barnstable Holding plan: (in thousands) 1 Percentage-Point Increase Decrease Effect on total of service and interest cost components $ 49 $ (45 ) Effect on post-retirement benefit obligation $ 665 $ (627 ) |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
STOCK BASED COMPENSATION [Abstract] | |
Performance Based Share Awards [Table Text Block] | – The following tables summarize the performance-based restricted stock amounts and activity for the years ended December 31, 2016 and 2015 : 2016 2015 Number of Shares Grant Date Weighted Average Fair Value Number of Shares Grant Date Weighted Average Fair Value Non-vested at beginning of year 39,997 $ 34.59 40,969 $ 32.63 Granted 21,110 39.70 26,828 35.81 Vested (19,077 ) 34.16 (16,548 ) 31.71 Forfeited (6,888 ) 35.81 (11,252 ) 34.70 Non-vested at end of year 35,142 $ 37.66 39,997 $ 34.59 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial data for reportable segments is as follows: (in thousands) Revenues Depreciation Other Operating Expenses Other Income (Deductions) Interest Expense (net of AFUDC) Income Taxes Net Income (Loss) For the year ended December 31, 2016 Water Operations $ 100,001 $ 13,905 $ 54,100 $ (1,822 ) $ 5,718 $ 2,234 $ 22,222 Real Estate Transactions 8 — 4 — — 58 (54 ) Services and Rentals 5,307 25 3,189 — — 874 1,219 Total $ 105,316 $ 13,930 $ 57,293 $ (1,822 ) $ 5,718 $ 3,166 $ 23,387 For the year ended December 31, 2015 Water Operations $ 97,472 $ 12,871 $ 57,474 $ (1,158 ) $ 6,206 $ (1,255 ) $ 21,018 Real Estate Transactions 14 — 22 — — (357 ) 349 Services and Rentals 5,602 3 3,362 — — 843 1,394 Total $ 103,088 $ 12,874 $ 60,858 $ (1,158 ) $ 6,206 $ (769 ) $ 22,761 For the year ended December 31, 2014 Water Operations $ 95,516 $ 11,784 $ 53,614 $ (1,096 ) $ 5,997 $ 3,227 $ 19,798 Real Estate Transactions 243 — 161 — — 32 50 Services and Rentals 5,784 5 3,340 — — 968 1,471 Total $ 101,543 $ 11,789 $ 57,115 $ (1,096 ) $ 5,997 $ 4,227 $ 21,319 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The table below shows assets by segment at December 31 : in thousands): 2016 2015 Total Plant and Other Investments: Water $ 609,508 $ 553,773 Non-Water 959 637 Total Plant and Other Investments 610,467 554,410 Other Assets: Water 171,674 154,090 Non-Water 2,361 2,215 Total Other Assets 174,035 156,305 Total Assets $ 784,502 $ 710,715 |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Selected quarterly financial data for the years ended December 31, 2016 and 2015 appears below: (in thousands, except for per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2016 2015 2016 2015 2016 2015 2016 2015 Operating Revenues $ 21,552 $ 20,030 $ 26,055 $ 26,624 $ 29,477 $ 28,444 $ 21,583 $ 20,943 Total Utility Operating Income 4,178 4,320 11,217 9,954 10,939 9,709 2,615 3,456 Net Income 3,148 3,103 9,943 8,675 9,535 8,755 761 2,228 Basic Earnings per Common Share 0.29 0.28 0.90 0.79 0.86 0.80 0.07 0.20 Diluted Earnings per Common Share 0.28 0.28 0.89 0.77 0.84 0.79 0.07 0.20 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | EARNINGS PER SHARE – The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share for the years ended December 31: Years ended December 31, 2016 2015 2014 Numerator (in thousands) Basic Net Income Applicable to Common Stock $ 23,349 $ 22,723 $ 21,281 Diluted Net Income Applicable to Common Stock $ 23,349 $ 22,723 $ 21,281 Denominator (in thousands) Basic Weighted Average Shares Outstanding 11,009 10,958 10,893 Dilutive Effect of Stock Awards 219 206 198 Diluted Weighted Average Shares Outstanding 11,228 11,164 11,091 Earnings per Share Basic Earnings per Share $ 2.12 $ 2.07 $ 1.95 Dilutive Effect of Stock Awards 0.04 0.03 0.03 Diluted Earnings per Share $ 2.08 $ 2.04 $ 1.92 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) Description Balance Beginning of Year Additions Charged to Income Deductions from Reserves (1) Balance End of Year Allowance for Uncollectible Accounts Year Ended December 31, 2016 $ 947 $ 558 $ 405 $ 1,100 Year Ended December 31, 2015 $ 1,202 $ 158 $ 413 $ 947 Year Ended December 31, 2014 $ 1,127 $ 549 $ 474 $ 1,202 (1) Amounts charged off as uncollectible after deducting recoveries. |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Significant Accounting Policies [Abstract] | ||
Pension and post-retirement benefits | $ 12,531 | $ 12,882 |
Unrecovered Income Taxes - Regulatory Asset | 93,264 | 77,510 |
Deferred Revenue | 3,910 | 5,033 |
Other Regulatory Assets | 4,276 | 3,561 |
Regulatory Assets | 113,981 | 98,986 |
Other Regulated Liabilities, Current | 1,710 | 1,567 |
Unamortized Investment Tax Credits | 1,189 | 1,264 |
Customer Refund Liability, Total | 963 | 3,987 |
Deferred Future Income Taxes and Other | 90,977 | 74,712 |
Regulatory Liabilities | $ 94,839 | $ 81,530 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies Components of Addition to Net Utility Plant (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |||
Company Financed Additions to Utility Plant | $ 66,339 | $ 47,774 | $ 44,969 |
Increase (Decrease) in Allowance for Equity Funds Used During Construction | 1,198 | 530 | 518 |
Subtotal - Utility Plant Increase to Rate Base | 67,537 | 48,304 | 45,487 |
Advances from Others for Construction | 350 | 251 | 699 |
Property, Plant and Equipment, Additions | $ 67,887 | $ 48,555 | $ 46,186 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 23,349 | $ 22,723 | $ 21,281 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 23,349 | $ 22,723 | $ 21,281 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 11,009 | 10,958 | 10,893 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 219 | 206 | 198 | ||||||||
Diluted (in shares) | 11,228 | 11,164 | 11,091 | ||||||||
Basic (in dollars per share) | $ 0.07 | $ 0.86 | $ 0.90 | $ 0.29 | $ 0.20 | $ 0.80 | $ 0.79 | $ 0.28 | $ 2.12 | $ 2.07 | $ 1.95 |
Incremental Common Shares Attributal To Share Based Payements Arrangements | 0.04 | 0.03 | 0.03 | ||||||||
Diluted (in dollars per share) | $ 0.07 | $ 0.84 | $ 0.89 | $ 0.28 | $ 0.20 | $ 0.79 | $ 0.77 | $ 0.28 | $ 2.08 | $ 2.04 | $ 1.92 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies In Text Linking (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Rate | Dec. 31, 2015USD ($)Rate | Dec. 31, 2014Rate | |
Water Revenue Adjustment | $ 1,132,000 | $ 1,583,000 | |
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | Rate | 1.90% | 1.90% | 1.90% |
Total Number of Customers Served | 124,968 | ||
Total Towns Served | 77 | ||
Goodwill | $ 30,427,000 | $ 30,427,000 |
Income Tax Expense (Details)
Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Reserve against tangible property deductions | $ 3.1 | ||
Effective Income Tax Rate, Continuing Operations | 11.90% | (3.50%) | 16.60% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | 34.00% | 34.00% |
Income Tax Expense Components o
Income Tax Expense Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense [Abstract] | |||
Federal Classified as Operating Expense | $ 1,782 | $ (562) | $ 2,919 |
Federal Classified as Other Utility Income | 385 | 409 | 424 |
Federal Classified as Other Income - Land Sales and Donations | 57 | (70) | 26 |
Federal Classified as Other Income - Non-Water Sales | 702 | 664 | 788 |
Federal Classified as Other Income - Other | (686) | (832) | (825) |
Total Federal Income Tax Expense | 2,240 | (391) | 3,332 |
State Classified as Operating Expense | 788 | (257) | 677 |
Statet Classified as Other Utility Income | 92 | 98 | 100 |
State Classified as Other - Land Sales and Donations | 0 | (287) | 6 |
State Classified as Other - Non-Water Sales | 172 | 196 | 194 |
State Classified as Other - Other | (126) | (128) | (82) |
Total State Income Tax Expense | 926 | (378) | 895 |
Total Income Tax Expense | $ 3,166 | $ (769) | $ 4,227 |
Income Tax Expense Components51
Income Tax Expense Components of Federal and State Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ (15) | $ 315 | $ 427 |
Current State and Local Tax Expense (Benefit) | 463 | 201 | (306) |
Current Income Tax Expense (Benefit) | 448 | 516 | 121 |
Deferred Federal - Investment Tax Credit | (75) | (75) | (75) |
Excess Deferred Taxes | (110) | 192 | 0 |
Deferred Federal - Deferred Revenue | (353) | (754) | 215 |
Deferred Federal - Land Donations | 37 | (179) | (56) |
Deferred Federal - Depreciation | 1,769 | 660 | 1,728 |
Net Operating Loss Carryforwards | (1,258) | (1,171) | (600) |
AMT Credit Carry-forwards | 0 | 53 | 0 |
Tax Credit Carryforward, Amount | 968 | 904 | |
Provision for Uncertain Tax Positions, Federal | 2,487 | 874 | 2,177 |
Deferred Federal - Other | (242) | (306) | (484) |
Deferred Federal Income Tax Expense (Benefit) | 2,255 | (706) | 2,905 |
Deferred State - Land Donations | 55 | 41 | 0 |
Provision for Uncertain Tax Positions, State | 611 | 41 | 663 |
Deferred State - Other | (203) | (661) | 538 |
Deferred State and Local Income Tax Expense (Benefit) | 463 | (579) | 1,201 |
Deferred Income Tax Expense (Benefit) | 2,718 | (1,285) | 4,106 |
Total Income Tax Expense | $ 3,166 | $ (769) | $ 4,227 |
Income Tax Expense Deferred Tax
Income Tax Expense Deferred Tax (Assets) Liabilities on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Expense [Abstract] | ||
Income Taxes Receivable, Noncurrent | $ (93,264) | $ (77,510) |
Deferred Federal and State Income Taxes | 50,558 | 48,036 |
Unfunded Future Income Taxes | 90,977 | 74,712 |
Unamortized Investment Tax Credits | 1,189 | 1,264 |
Net Deferred Income Tax (Asset) Liability | $ 49,460 | $ 46,502 |
Income Tax Expense Components53
Income Tax Expense Components of Deferred Tax (Assets) Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Expense [Abstract] | ||
Tax Credit Carryforward, Amount | $ (968) | $ (904) |
Deferred Tax Assets, Charitable Contribution Carryforwards | (389) | (372) |
Prepaid Income Taxes on CIAC | 58 | 63 |
Deferred Tax Assets, Operating Loss Carryforwards | (5,132) | (3,730) |
Deferred Tax - Other Comprehensive Income | (589) | (597) |
Accelerated Depreciation | 51,119 | 49,341 |
Deferred Tax Liability, Provision on Repair Deductions | 9,464 | 6,366 |
Unamortized Investment Tax Credits | 1,189 | 1,264 |
Other Deferred Tax (Assets) Liabilities | (2,454) | (2,251) |
Net Deferred Income Tax (Asset) Liability | $ 49,460 | $ 46,502 |
Income Tax Expense Calculation
Income Tax Expense Calculation of Pre-Tax Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense [Abstract] | |||||||||||
Net Income | $ 761 | $ 9,535 | $ 9,943 | $ 3,148 | $ 2,228 | $ 8,755 | $ 8,675 | $ 3,103 | $ 23,387 | $ 22,761 | $ 21,319 |
Total Income Tax Expense | 3,166 | (769) | 4,227 | ||||||||
Total Pre-Tax Income | $ 26,553 | $ 21,992 | $ 25,546 |
Income Tax Expense Differences
Income Tax Expense Differences Between the Effective Income Tax Rate and the Statutory Federal Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2016Rate | Dec. 31, 2015Rate | Dec. 31, 2014Rate | |
Income Tax Expense [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | 34.00% | 34.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.60% | 0.00% | 1.30% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation | (30.40%) | (19.20%) | (25.00%) |
Effective Income Tax Rate Reconciliation, Tax Credits | (0.80%) | 0.20% | 1.20% |
Effective Income Tax Rate Reconciliation, Pension Costs | (0.40%) | (1.70%) | 2.90% |
Effective Tax Rate Reconciliation, Repair Regulatory Liability | (3.90%) | (11.50%) | (6.30%) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | 0.30% | (10.60%) | (1.40%) |
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | 10.20% | 4.10% | 9.20% |
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.30% | 1.20% | 0.70% |
Effective Income Tax Rate, Continuing Operations | 11.90% | (3.50%) | 16.60% |
Income Tax Expense In text link
Income Tax Expense In text linking (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||
Reserve against tangible property deductions | $ 3.1 | |
Reserve against tangible property deductions | $ 9.4 | $ 6.3 |
Common Stock Summary of Common
Common Stock Summary of Common Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 11,248,458 | 11,192,882 | 11,124,630 | 11,038,232 |
Common Stock Gross, Value, Issued | $ 149,829 | $ 148,624 | $ 145,774 | $ 142,681 |
Common Stock Issuance Expense, Value, Issued | $ (4,090) | $ (4,090) | $ (4,090) | (4,090) |
Shares Issued Through Performance Stock Program | 22,128 | 25,575 | 35,433 | |
Shares Issued Through Performance Stock Program, Value | $ (405) | $ 1,314 | $ 1,396 | |
Shares Issued Through Performance Stock Program, Value, Expense | 0 | 0 | 0 | |
Shares Issued Through Performance Stock Program, Value, Net | $ (405) | $ 1,314 | $ 1,396 | |
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 33,448 | 42,677 | 50,965 | |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 1,610 | $ 1,536 | $ 1,697 | |
Stock Issued During Period, Dividend Reinvestment Plan, Expense | 0 | 0 | 0 | |
Stock Issued During Period, Dividend Reinvestment Plan, Net | 1,610 | 1,536 | 1,697 | |
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2012 - 8,848,848; 2011 - 8,755,398 | $ 145,739 | $ 144,534 | $ 141,684 | $ 138,591 |
Common Stock In Text Linking (D
Common Stock In Text Linking (Details) | Dec. 31, 2016shares |
Class of Stock [Line Items] | |
Restricted Shares Outstanding | 53,821 |
Common Stock Equivalent Shares Outstanding | 217,954 |
Retained Earnings Retained Earn
Retained Earnings Retained Earnings Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retained Earnings [Line Items] | ||||||||||||
Retained Earnings (Accumulated Deficit) | $ 91,213 | $ 80,378 | $ 91,213 | $ 80,378 | $ 69,370 | $ 59,277 | ||||||
Net Income | $ 761 | $ 9,535 | $ 9,943 | $ 3,148 | $ 2,228 | $ 8,755 | $ 8,675 | $ 3,103 | 23,387 | 22,761 | 21,319 | |
Retained Earnings before Dividends | 103,765 | 92,131 | 80,596 | |||||||||
Preferred Stock Dividend Requirement | 38 | 38 | 38 | |||||||||
Dividends, Common Stock | 12,514 | 11,715 | 11,188 | |||||||||
Dividends | 12,552 | 11,753 | 11,226 | |||||||||
Cumulative Preferred Stock | ||||||||||||
Retained Earnings [Line Items] | ||||||||||||
Preferred Stock Dividend Requirement | 26 | 26 | 26 | |||||||||
Series A Voting | ||||||||||||
Retained Earnings [Line Items] | ||||||||||||
Preferred Stock Dividend Requirement | $ 12 | $ 12 | $ 12 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) Tables [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $ 235 | $ 200 | $ 298 | $ 259 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 24 | (195) | 2 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 35 | (98) | 39 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (1,159) | (1,135) | (1,901) | (374) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | (227) | 582 | (1,748) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (24) | 766 | (1,527) | |
Accumulated Other Comprehensive Loss | (924) | (935) | (1,603) | $ (115) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 11 | 668 | (1,488) | |
Total Other Comprehensive Income Before Reclassification, Net of Tax | (203) | 387 | (1,746) | |
Realized Gains on Investments Reclassified From AOCI, Before Tax | 17 | 148 | 55 | |
Realized Gains on Investments Reclassified From AOCI, Tax | (6) | (51) | (18) | |
Realized Gains on Investments Reclassified From AOCI, Net of Tax | 11 | 97 | 37 | |
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Before Tax | 308 | 281 | 335 | |
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Tax | (105) | (97) | (114) | |
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Net of Tax | 203 | 184 | 221 | |
Total Amounts Reclassified From AOCI, Net of Tax | $ 214 | $ 281 | $ 258 |
Fair Value Disclosures Fair V61
Fair Value Disclosures Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 2,318 | $ 2,048 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,318 | 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 | 0 | 0 |
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 | 122 | |
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 | 122 | |
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 | 0 | |
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 | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 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 | 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 | |
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 | |
Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,662 | 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 | 1,662 | 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 | 534 | 485 |
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 | 534 | 485 |
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 | 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 | $ 0 |
Fair Value Disclosures In Text
Fair Value Disclosures In Text Tagging (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 210,463,000 | $ 191,616,000 |
Long-term Debt, Gross | 202,365,000 | 177,654,000 |
Advances for Construction | $ 19,127,000 | $ 21,444,000 |
Long-Term Debt Long-Term Debt63
Long-Term Debt Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 197,047 | $ 171,868 |
Long-term Debt, Current Maturities | (4,859) | (2,842) |
Unamortized Debt Issuance Expense | (5,318) | (5,786) |
Long-term Debt | 197,047 | 171,868 |
Connecticut Water Service Term Loan Note and Supplement A [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 13,437 | 14,472 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | (164,255) | (134,443) |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series Issued 2004, Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 12,500 | 12,500 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2004 Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 5,000 | 5,000 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 2004 Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 4,550 | 4,550 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 0 | 19,930 |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 23,115 | 23,303 |
Subsidiaries [Member] | CoBank Note Payable, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 8,000 | 8,000 |
Subsidiaries [Member] | CoBank Note Payable Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 14,795 | 14,795 |
Subsidiaries [Member] | CoBank Note Payable Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 17,020 | 17,020 |
Subsidiaries [Member] | CoBank Note Payable Due 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 14,795 | 14,795 |
Subsidiaries [Member] | Maine Water Company Series G [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 7,200 | 8,100 |
Subsidiaries [Member] | Maine Water Company Series J [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 254 | 339 |
Subsidiaries [Member] | CoBank Note Payable, Due 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 14,550 | 14,550 |
The Connecticut Water Company [Member] | CoBank Note Payable, Due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 30,000 | 0 |
The Connecticut Water Company [Member] | CoBank Note Payable, Due July 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 19,930 | 0 |
Maine Water Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 29,211 | 31,019 |
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 | 67 | 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 | 371 | 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 | 583 | 628 |
Maine Water Company [Member] | Maine Water Company Series T [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 1,634 | 1,760 |
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 | 790 | 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 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | (2,250) | (2,488) |
Maine Water Company [Member] | Long Term Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 8 | 17 |
Maine Water Company [Member] | Fair Value Adjustment of Long-Term Debt Assume [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 321 | $ 562 |
Long-Term Debt Long-Term Debt P
Long-Term Debt Long-Term Debt Parenthetical (Details) | Dec. 31, 2016Rate | Dec. 31, 2015Rate |
Connecticut Water Service Term Loan Note and Supplement A [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | 4.09% |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.10% | 5.10% |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
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 | 2.00% | 2.00% |
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% |
Long-Term Debt Long-Term Debt i
Long-Term Debt Long-Term Debt in Text (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | $ 4,859,000 | $ 2,842,000 | |
Proceeds from Issuance of Long-term Debt | 49,930,000 | 4,352,000 | $ 4,500,000 |
Monetary Limit of Deceased Bond Holders Redemption per Year | $ 25,000 | ||
Percent Limit of Deceased Bond Holders Redemption per Year | 3.00% | ||
Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | $ 164,255,000 | $ 134,443,000 |
Long-Term Debt Schedule of Long
Long-Term Debt Schedule of Long Term Debt Maturities (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 4,859 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 5,342 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,194 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,186 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 3,239 |
Long-Term Debt Paranthetical (D
Long-Term Debt Paranthetical (Details) | Dec. 31, 2016Rate | Dec. 31, 2015Rate |
Connecticut Water Service Term Loan Note and Supplement A [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | 4.09% |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.10% | 5.10% |
Subsidiaries [Member] | Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Subsidiaries [Member] | CoBank Note Payable, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.16% | 3.16% |
Subsidiaries [Member] | CoBank Note Payable Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.51% | 3.51% |
Subsidiaries [Member] | CoBank Note Payable Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.29% | 4.29% |
Subsidiaries [Member] | CoBank Note Payable Due 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.72% | 4.72% |
Subsidiaries [Member] | CoBank Note Payable, Due 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% |
The Connecticut Water Company [Member] | CoBank Note Payable, Due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 4.36% |
The Connecticut Water Company [Member] | CoBank Note Payable, Due July 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.04% | 4.04% |
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 | 2.00% | 2.00% |
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 | 2.52% | 2.52% |
Maine Water Company [Member] | CoBank Note Payable, Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
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 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 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% |
Biddeford & Saco Water Company [Member] | Series P, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.23% | 2.23% |
Preferred Stock Preferred Stock
Preferred Stock Preferred Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Preferred Stock | $ 772 | $ 772 |
Series A [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock | 300 | 300 |
Cumulative Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock | $ 472 | $ 472 |
Preferred Stock In Text Linking
Preferred Stock In Text Linking (Details) | Dec. 31, 2016$ / sharesshares |
Series A [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Redemption Price Per Share | $ / shares | $ 21 |
Cumulative Preferred Stock | |
Class of Stock [Line Items] | |
Preferred Stock, Redemption Price Per Share | $ / shares | $ 16 |
Preferred Stock, $25 par value [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Shares Authorized | shares | 400,000 |
Preferred Stock, $1 Par Value [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Shares Authorized | shares | 1,000,000 |
Lines of Credit Lines of Credit
Lines of Credit Lines of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 60,000 | |
Interim Bank Loans Payable | 32,953 | $ 16,085 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 27,000 | |
Short-term Debt, Weighted Average Interest Rate | 2.70% | 2.40% |
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 | $ 45,000 |
Utility Plant Components of U71
Utility Plant Components of Utility Plant (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 13,724 | $ 13,615 |
Source of Supply | 36,405 | 35,973 |
Pumping Equipment | 38,902 | 37,110 |
Water Treatment | 84,594 | 81,544 |
Public Utilities, Property, Plant and Equipment, Transmission and Distribution | 530,716 | 490,489 |
General Plant | 75,438 | 66,341 |
Plant Held for Future Use Amount | 432 | 432 |
Acquisition Adjustment | (2,351) | (3,057) |
Utility Plant | $ 777,860 | $ 722,447 |
Utility Plant In Text Linking (
Utility Plant In Text Linking (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Depreciable Plant | $ 719,070,000 | $ 664,415,000 |
Taxes Other than Income Taxes73
Taxes Other than Income Taxes Taxes Other than Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |||
Amortization of Deferred Property Taxes | $ 8,501 | $ 7,896 | $ 7,659 |
Payroll Taxes | 1,295 | 1,398 | 1,372 |
Taxes Other Than Income Taxes | $ 9,796 | $ 9,294 | $ 9,031 |
Pension and Other Post-Retire74
Pension and Other Post-Retirement Benefits Pension Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Return on Plan Assets | $ 0 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Service Cost | 1,895 | $ 2,152 | $ 1,829 |
Defined Benefit Plan, Interest Cost | 3,212 | 3,114 | 3,087 |
Defined Benefit Plan, Expected Return on Plan Assets | (4,080) | (3,847) | (3,567) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 16 | 16 | 73 |
Defined Benefit Plan, Amortization of Gains (Losses) | 2,049 | 2,979 | 1,319 |
Defined Benefit Plan, Net Periodic Benefit Cost | 3,092 | 4,414 | 2,741 |
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 | 376 | 458 | 494 |
Defined Benefit Plan, Interest Cost | 541 | 562 | 625 |
Defined Benefit Plan, Expected Return on Plan Assets | (341) | (324) | (305) |
Defined benefit plan amortization of regulatory assets | 225 | 225 | 225 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | (400) | (571) | (806) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 39 | 388 | 344 |
Defined Benefit Plan, Amortization of Gains (Losses) | $ 440 | $ 738 | $ 577 |
Pension and Other Post-Retire75
Pension and Other Post-Retirement Benefits In Text Linking (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Return on Plan Assets | $ 0 | ||
Defined Contribution Plan, Cost Recognized | 663,000 | $ 601,000 | $ 583,000 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 3,092,000 | 4,414,000 | 2,741,000 |
Defined Benefit Plan, Accumulated Benefit Obligation | 70,748,000 | 66,818,000 | |
Defined Benefit Plan, Expected Return on Plan Assets | 4,080,000 | 3,847,000 | 3,567,000 |
Defined Benefit Plan, Contributions by Employer | 5,525,000 | 0 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 2,971,000 | ||
Defined Benefit Plan, Benefit Obligation | 79,307,000 | 75,845,000 | 79,815,000 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 62,679,000 | $ 56,613,000 | $ 61,635,000 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.10% | 4.30% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | 7.25% | 7.25% |
Defined Benefit Plan, Amortization of Gains (Losses) | $ (2,049,000) | $ (2,979,000) | $ (1,319,000) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Return on Plan Assets | 341,000 | 324,000 | 305,000 |
Defined Benefit Plan, Contributions by Employer | 12,000 | 13,000 | |
Defined Benefit Plan, Benefit Obligation | 13,542,000 | 13,192,000 | 15,533,000 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 8,345,000 | $ 8,203,000 | $ 8,429,000 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.95% | 4.15% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.50% | 4.50% | 4.50% |
Defined Benefit Plan, Amortization of Gains (Losses) | $ (440,000) | $ (738,000) | $ (577,000) |
Barnstable Water PBOP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 49,000 | 52,000 | |
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 8,570,000 | 7,759,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 5,393,000 | 4,957,000 | |
Defined Benefit Plan, Amortization of Gains (Losses) | $ (1,012,000) | $ (1,034,000) | $ (899,000) |
Pension and Other Post-Retire76
Pension and Other Post-Retirement Benefits Components of Long-Term Compensation Arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
LONG-TERM COMPENSATION BENEFITS [Abstract] | ||
Long-Term Compensation Defined Benefit Pension Plan | $ 16,628 | $ 19,232 |
Long-Term Compensation Post Retirement Other Than Pension | 5,246 | 5,041 |
Long-Term Compensation Supplemental Retirement Plan | 8,688 | 7,915 |
Long-Term Compensation Deferred Compensation | 2,932 | 2,131 |
Long-Term Compensation Other Long-Term Compensation | 46 | 70 |
Long-Term Compensation Arrangements | $ 33,540 | $ 34,389 |
Pension and Other Post-Retire77
Pension and Other Post-Retirement Benefits Target Asset Allocation (Details) | Dec. 31, 2015Rate | Dec. 31, 2014Rate |
LONG-TERM COMPENSATION ARRAGEMENTS [Abstract] | ||
Targeted Equity Allocation | 65.00% | 65.00% |
Targeted Fixed Income Allocation | 35.00% | 35.00% |
Total Asset Allocation | 100.00% | 100.00% |
Pension and Other Post-Retire78
Pension and Other Post-Retirement Benefits Benefit Plan Obligation Table (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 13,542,000 | $ 13,192,000 | $ 15,533,000 |
Defined Benefit Plan, Service Cost | 376,000 | 458,000 | 494,000 |
Defined Benefit Plan, Interest Cost | 541,000 | 562,000 | 625,000 |
Defined Benefit Plan, Actuarial Gain (Loss) | (351,000) | (3,115,000) | |
Defined Benefit Plan, Benefits Paid | (367,000) | (402,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 8,345,000 | 8,203,000 | 8,429,000 |
Defined Benefit Plan, Actual Return on Plan Assets | 346,000 | 7,000 | |
Defined Benefit Plan, Contributions by Employer | 12,000 | 13,000 | |
Defined Benefit Plan, Funded Status of Plan | (5,197,000) | (4,989,000) | |
Pension And Other Postretirement Defined Benefit Plans Non-Current Assets | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (5,197,000) | (4,989,000) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (5,197,000) | (4,989,000) | |
Defined Benefit Plan, Contributions by Plan Participants | 151,000 | 156,000 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 79,307,000 | 75,845,000 | 79,815,000 |
Defined Benefit Plan, Service Cost | 1,895,000 | 2,152,000 | 1,829,000 |
Defined Benefit Plan, Interest Cost | 3,212,000 | 3,114,000 | 3,087,000 |
Defined Benefit Plan, Actuarial Gain (Loss) | 2,017,000 | (4,350,000) | |
Defined Benefit Plan, Benefits Paid | (3,553,000) | (4,806,000) | |
Defined Benefit Plan, Administration Expenses | (109,000) | (80,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 62,679,000 | 56,613,000 | $ 61,635,000 |
Defined Benefit Plan, Actual Return on Plan Assets | 4,203,000 | (136,000) | |
Defined Benefit Plan, Contributions by Employer | 5,525,000 | 0 | |
Defined Benefit Plan, Funded Status of Plan | (16,628,000) | (19,232,000) | |
Pension And Other Postretirement Defined Benefit Plans Non-Current Assets | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (16,628,000) | (19,232,000) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | $ (16,628,000) | $ (19,232,000) |
Pension and Other Post-Retire79
Pension and Other Post-Retirement Benefits Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Return on Plan Assets | $ 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 376 | $ 458 | $ 494 |
Defined Benefit Plan, Interest Cost | 541 | 562 | 625 |
Defined Benefit Plan, Expected Return on Plan Assets | (341) | (324) | (305) |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | (400) | (571) | (806) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 39 | 388 | 344 |
Defined Benefit Plan, Amortization of Gains (Losses) | 440 | 738 | 577 |
Defined benefit plan amortization of regulatory assets | 225 | 225 | 225 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 1,895 | 2,152 | 1,829 |
Defined Benefit Plan, Interest Cost | 3,212 | 3,114 | 3,087 |
Defined Benefit Plan, Expected Return on Plan Assets | (4,080) | (3,847) | (3,567) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 16 | 16 | 73 |
Defined Benefit Plan, Amortization of Gains (Losses) | 2,049 | 2,979 | 1,319 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 3,092 | $ 4,414 | $ 2,741 |
Pension and Other Post-Retire80
Pension and Other Post-Retirement Benefits Benefit Plan Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2015Rate | Dec. 31, 2014Rate | Dec. 31, 2013Rate | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.15% | 3.80% | 4.80% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.95% | 4.15% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.50% | 4.50% | 4.50% |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.30% | 3.95% | 4.90% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.10% | 4.30% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | 7.25% | 7.25% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.00% | 4.00% |
Pension and Other Post-Retire81
Pension and Other Post-Retirement Benefits Changes in Plan Assets and Benefit Obligations Recognized as a Regulatory Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Changes in Plan Assets and Benefit Obligations Recognized as a Regulatory Liability [Line Items] | ||
Change in Net Loss (Gain) Recognized as Regulatory Asset (Liability) | $ (356) | $ (2,797) |
Amortization of Prior Service Cost Recognized as Regulatory Asset (Liability) | 400 | 571 |
Amortization of Net Loss Recognized as Regulatory Asset (Liability) | (39) | (388) |
Total Recognized to Regulatory Asset | (231) | (2,850) |
Pension Plans, Defined Benefit [Member] | ||
Changes in Plan Assets and Benefit Obligations Recognized as a Regulatory Liability [Line Items] | ||
Change in Net Loss (Gain) Recognized as Regulatory Asset (Liability) | 1,866 | (429) |
Change Prior Service Cost Recognized as Regulatory Asset (Liability) | 0 | 0 |
Amortization of Prior Service Cost Recognized as Regulatory Asset (Liability) | (16) | (16) |
Amortization of Net Loss Recognized as Regulatory Asset (Liability) | (1,998) | (2,904) |
Total Recognized to Regulatory Asset | $ (148) | $ (1,299) |
Pension and Other Post-Retire82
Pension and Other Post-Retirement Benefits Amounts Recognized as Regulatory Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Amounts Recognized as Regulatory Asset [Line Items] | ||
Amounts Recognized as Regulatory Asset - Transition Obligation | $ 0 | $ 0 |
Amounts Recognized as Regulatory Asset - Prior Service Cost | (182) | (583) |
Amounts Recognized as Regulatory Asset - Net Loss | (531) | (135) |
Total Recognized as a Regulatory Asset | (459) | (224) |
Pension Plans, Defined Benefit [Member] | ||
Amounts Recognized as Regulatory Asset [Line Items] | ||
Amounts Recognized as Regulatory Asset - Prior Service Cost | 70 | 86 |
Amounts Recognized as Regulatory Asset - Net Loss | 12,196 | 12,328 |
Total Recognized as a Regulatory Asset | $ 12,266 | $ 12,414 |
Pension and Other Post-Retire83
Pension and Other Post-Retirement Benefits Amounts Recognized in Comprehensive Income (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Amounts Recognized in Other Comprehensive Income [Line Items] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Transition Assets (Obligations), before Tax | $ 0 | $ 0 | $ 0 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 | 0 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 315 | 338 | 2,401 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ 315 | $ 338 | $ 2,401 |
Pension and Other Post-Retire84
Pension and Other Post-Retirement Benefits Estimated Net Benefit Cost Amortizations (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated Amortization of Net Transition Obligation | $ 0 |
Estimated Amortization of Prior Service Cost | (181) |
Estimated Amortization of Net Loss | (30) |
Total Estimated Net Periodic Benefit Cost Amortizations | (211) |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated Amortization of Net Transition Obligation | 0 |
Estimated Amortization of Prior Service Cost | 15 |
Estimated Amortization of Net Loss | 2,030 |
Total Estimated Net Periodic Benefit Cost Amortizations | $ 2,045 |
Pension and Other Post-Retire85
Pension and Other Post-Retirement Benefits Actual Asset Allocation (Details) | Dec. 31, 2015Rate | Dec. 31, 2014Rate |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Acutal Asset Allocation [Line Items] | ||
Actual Equity Allocation | 64.00% | 63.00% |
Actual Fixed Income Allocation | 36.00% | 37.00% |
Total Actual Asset Allocation | 100.00% | 100.00% |
Pension Plans, Defined Benefit [Member] | ||
Acutal Asset Allocation [Line Items] | ||
Actual Equity Allocation | 65.00% | 64.00% |
Actual Fixed Income Allocation | 35.00% | 36.00% |
Total Actual Asset Allocation | 100.00% | 100.00% |
Pension and Other Post-Retire86
Pension and Other Post-Retirement Benefits Fair Value of Benefit Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 8,345 | $ 8,203 | $ 8,429 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8,345 | 8,203 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 222 | 239 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,770 | 2,810 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5,353 | 5,154 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 62,679 | 56,613 | $ 61,635 |
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 62,679 | 56,613 | |
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,174 | 805 | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 21,070 | 19,609 | |
Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 40,435 | 36,199 | |
Pension Plans, Defined Benefit [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value of Benefit Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Pension and Other Post-Retire87
Pension and Other Post-Retirement Benefits Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Expected Future Benefit Payments [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 447 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 510 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 572 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 645 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 712 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 4,441 |
Pension Plans, Defined Benefit [Member] | |
Expected Future Benefit Payments [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 3,928 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 4,339 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 4,846 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 4,746 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 4,973 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 26,452 |
Pension and Other Post-Retire88
Pension and Other Post-Retirement Benefits Assumed Health Care Trend Rates (Details) | 12 Months Ended | |
Dec. 31, 2015Rate | Dec. 31, 2014Rate | |
Medical [Member] | ||
Assumed Health Care Trend Rates [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.30% | 8.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.80% | 5.00% |
Year That the Rate Reaches the Ultimate Trend Rate | 2,024 | 2,023 |
Dental [Member] | ||
Assumed Health Care Trend Rates [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.30% | 8.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.80% | 5.00% |
Year That the Rate Reaches the Ultimate Trend Rate | 2,024 | 2,023 |
Pension and Other Post-Retire89
Pension and Other Post-Retirement Benefits Percentage Change in Assumed Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 49 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | (45) |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 665 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (627) |
Stock Based Compensation Plan90
Stock Based Compensation Plans In Text Linking (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 948,000 | $ 1,677,000 | $ 1,957,000 |
Shares To Begin Vesting in Next Fiscal Year | 21,000 | ||
Aggregate Intrinsic Value of Performance Based Awards | $ 1,084,000 | ||
2014 Performance Stock Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 450,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 388,626 | ||
2004 Performance Stock Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 700,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 263,388 | ||
1994 Performance Stock Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 700,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 218,462 |
Stock Based Compensation Plan91
Stock Based Compensation Plans Performance Based Share Awards (Details) - Performance Based Awards [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Non-Vested Shares Outstanding | 35,142 | 39,997 | 40,969 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Non-Vested Shares Outstanding, Weighted Average Grant Date Fair Value | $ 37.66 | $ 34.59 | $ 32.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,110 | 26,828 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 39.70 | $ 35.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (19,077) | (16,548) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 34.16 | $ 31.71 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (6,888) | (11,252) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 35.81 | $ 34.70 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 105,316 | $ 103,088 | $ 101,543 |
Depreciation, Depletion and Amortization | 13,930 | 12,874 | 11,789 |
Operating Expenses | 57,293 | 60,858 | 57,115 |
Other Income (Deductions) | (1,822) | (1,158) | (1,096) |
Interest Expense (Net of AFUDC) | 5,718 | 6,206 | 5,997 |
Income Tax Expense (Benefit) by Segment | 3,166 | (769) | 4,227 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 23,387 | 22,761 | 21,319 |
Water Activities [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 100,001 | 97,472 | 95,516 |
Depreciation, Depletion and Amortization | 13,905 | 12,871 | 11,784 |
Operating Expenses | 54,100 | 57,474 | 53,614 |
Other Income (Deductions) | (1,822) | (1,158) | (1,096) |
Interest Expense (Net of AFUDC) | 5,718 | 6,206 | 5,997 |
Income Tax Expense (Benefit) by Segment | 2,234 | (1,255) | 3,227 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 22,222 | 21,018 | 19,798 |
Real Estate Transactions [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 8 | 14 | 243 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 |
Operating Expenses | 4 | 22 | 161 |
Other Income (Deductions) | 0 | 0 | 0 |
Interest Expense (Net of AFUDC) | 0 | 0 | 0 |
Income Tax Expense (Benefit) by Segment | 58 | (357) | 32 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (54) | 349 | 50 |
Services and Rentals [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,307 | 5,602 | 5,784 |
Depreciation, Depletion and Amortization | 25 | 3 | 5 |
Operating Expenses | 3,189 | 3,362 | 3,340 |
Other Income (Deductions) | 0 | 0 | 0 |
Interest Expense (Net of AFUDC) | 0 | 0 | 0 |
Income Tax Expense (Benefit) by Segment | 874 | 843 | 968 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,219 | $ 1,394 | $ 1,471 |
Segment Reporting Segment Rep93
Segment Reporting Segment Reporting Textual Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ 21,583,000 | $ 29,477,000 | $ 26,055,000 | $ 21,552,000 | $ 20,943,000 | $ 28,444,000 | $ 26,624,000 | $ 20,030,000 | $ 98,667,000 | $ 96,041,000 | $ 94,020,000 |
Regulated Operating Revenue, Other | 1,334,000 | 1,431,000 | 1,496,000 | ||||||||
Water Revenue Adjustment | 1,132,000 | 1,583,000 | |||||||||
Amount spent on purchased water contracts | $ 1,556,000 | $ 1,112,000 | $ 3,700,000 |
Segment Reporting Assets by Seg
Segment Reporting Assets by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total Plant and Other Investments | $ 610,467 | $ 554,410 |
Other Assets | 174,035 | 156,305 |
Assets | 784,502 | 710,715 |
Water Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Plant and Other Investments | 609,508 | 553,773 |
Other Assets | 171,674 | 154,090 |
Services and Rentals and Real Estate Combine [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Plant and Other Investments | 959 | 637 |
Other Assets | $ 2,361 | $ 2,215 |
Subsequent Event In Text Taggin
Subsequent Event In Text Tagging (Details) $ in Millions | 1 Months Ended | |
Mar. 27, 2017USD ($) | Feb. 27, 2017Customers | |
Subsequent Event [Line Items] | ||
Number of customers | 4,700 | |
waste water customers served | 3,000 | |
Business Combination, Consideration Transferred | $ | $ 16.1 |
Aquisitions Fair Value of Asset
Aquisitions Fair Value of Assets Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Public Utilities, Property, Plant and Equipment, Net | $ 601,396 | $ 546,284 | ||
Cash and Cash Equivalents | 1,564 | 731 | $ 2,475 | $ 18,371 |
Accounts Receivable, Net, Current | 13,024 | 11,012 | ||
Prepayments and Other Current Assets | 5,069 | 5,393 | ||
Goodwill | 30,427 | 30,427 | ||
Deferred Charges and Other Costs | 8,449 | 7,628 | ||
Total Assets | 784,502 | 710,715 | ||
Long-term Debt | 197,047 | 171,868 | ||
Accounts Payable and Accrued Expenses | 13,116 | 11,882 | ||
Other Current Liabilities | 2,330 | 2,409 | ||
Advances for Construction | 19,127 | 21,444 | ||
Contributions in Aid of Construction | 94,957 | 91,048 | ||
Deferred Federal and State Income Taxes | 50,558 | 48,036 | ||
Other Long-Term Liabilities | $ 5,074 | $ 5,273 |
Aquisitions Pro Forma Summary f
Aquisitions Pro Forma Summary for Prior Year (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Operating Revenues | $ 21,583,000 | $ 29,477,000 | $ 26,055,000 | $ 21,552,000 | $ 20,943,000 | $ 28,444,000 | $ 26,624,000 | $ 20,030,000 | $ 98,667,000 | $ 96,041,000 | $ 94,020,000 |
Regulated Operating Revenue, Other | 1,334,000 | 1,431,000 | 1,496,000 | ||||||||
Revenues | 105,316,000 | 103,088,000 | 101,543,000 | ||||||||
Net Income | $ 761,000 | $ 9,535,000 | $ 9,943,000 | $ 3,148,000 | $ 2,228,000 | $ 8,755,000 | $ 8,675,000 | $ 3,103,000 | $ 23,387,000 | $ 22,761,000 | $ 21,319,000 |
Earnings Per Share, Basic | $ 0.07 | $ 0.86 | $ 0.90 | $ 0.29 | $ 0.20 | $ 0.80 | $ 0.79 | $ 0.28 | $ 2.12 | $ 2.07 | $ 1.95 |
Earnings Per Share, Diluted | $ 0.07 | $ 0.84 | $ 0.89 | $ 0.28 | $ 0.20 | $ 0.79 | $ 0.77 | $ 0.28 | $ 2.08 | $ 2.04 | $ 1.92 |
Aquisitions Maine Water Summary
Aquisitions Maine Water Summary (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Operating Revenues | $ 21,583,000 | $ 29,477,000 | $ 26,055,000 | $ 21,552,000 | $ 20,943,000 | $ 28,444,000 | $ 26,624,000 | $ 20,030,000 | $ 98,667,000 | $ 96,041,000 | $ 94,020,000 |
Regulated Operating Revenue, Other | 1,334,000 | 1,431,000 | 1,496,000 | ||||||||
Revenues | 105,316,000 | 103,088,000 | 101,543,000 | ||||||||
Net Income | $ 761,000 | $ 9,535,000 | $ 9,943,000 | $ 3,148,000 | $ 2,228,000 | $ 8,755,000 | $ 8,675,000 | $ 3,103,000 | $ 23,387,000 | $ 22,761,000 | $ 21,319,000 |
Earnings Per Share, Basic | $ 0.07 | $ 0.86 | $ 0.90 | $ 0.29 | $ 0.20 | $ 0.80 | $ 0.79 | $ 0.28 | $ 2.12 | $ 2.07 | $ 1.95 |
Earnings Per Share, Diluted | $ 0.07 | $ 0.84 | $ 0.89 | $ 0.28 | $ 0.20 | $ 0.79 | $ 0.77 | $ 0.28 | $ 2.08 | $ 2.04 | $ 1.92 |
Aquisitions In Text Linking (De
Aquisitions In Text Linking (Details) $ in Millions | 1 Months Ended | |
Mar. 27, 2017USD ($) | Feb. 27, 2017Customers | |
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ | $ 16.1 | |
Number of customers | Customers | 4,700 |
Aquisitions Goodwill Rollforwar
Aquisitions Goodwill Rollforward (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Goodwill | $ 30,427 | $ 30,427 |
Commitments and Contingencies I
Commitments and Contingencies In Text Linking (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Amount spent on purchased water contracts | $ 1,556,000 | $ 1,112,000 | $ 3,700,000 |
Reserve against tangible property deductions | 3,100,000 | ||
Reserve against tangible property deductions | 9,400,000 | $ 6,300,000 | |
Board Approved Capital Budget in Next Fiscal Year | $ 55,400,000 | ||
The Connecticut Water Company [Member] | |||
Loss Contingencies [Line Items] | |||
Allowed Rate of Return on Equity | 9.75% | ||
Allowed Return on Rate Base | 7.32% | ||
Maine Water Company [Member] | |||
Loss Contingencies [Line Items] | |||
Allowed Rate of Return on Equity | 9.50% | ||
Allowed Return on Rate Base | 7.96% |
Quarterly Financial Data Qua102
Quarterly Financial Data Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial [Abstract] | |||||||||||
Operating Revenues | $ 21,583,000 | $ 29,477,000 | $ 26,055,000 | $ 21,552,000 | $ 20,943,000 | $ 28,444,000 | $ 26,624,000 | $ 20,030,000 | $ 98,667,000 | $ 96,041,000 | $ 94,020,000 |
Operating Income (Loss) | 2,615,000 | 10,939,000 | 11,217,000 | 4,178,000 | 3,456,000 | 9,709,000 | 9,954,000 | 4,320,000 | 28,949,000 | 27,439,000 | 25,997,000 |
Net Income | $ 761,000 | $ 9,535,000 | $ 9,943,000 | $ 3,148,000 | $ 2,228,000 | $ 8,755,000 | $ 8,675,000 | $ 3,103,000 | $ 23,387,000 | $ 22,761,000 | $ 21,319,000 |
Basic (in dollars per share) | $ 0.07 | $ 0.86 | $ 0.90 | $ 0.29 | $ 0.20 | $ 0.80 | $ 0.79 | $ 0.28 | $ 2.12 | $ 2.07 | $ 1.95 |
Diluted (in dollars per share) | $ 0.07 | $ 0.84 | $ 0.89 | $ 0.28 | $ 0.20 | $ 0.79 | $ 0.77 | $ 0.28 | $ 2.08 | $ 2.04 | $ 1.92 |
Earnings per Share Earnings 103
Earnings per Share Earnings per Share (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Common Stock, Shares, Outstanding | 11,248,458 | 11,192,882 | 11,248,458 | 11,192,882 | 11,124,630 | 11,038,232 | ||||||
Weighted Average Number of Shares Outstanding, Basic | 11,009,000 | 10,958,000 | 10,893,000 | |||||||||
Diluted (in shares) | 11,228,000 | 11,164,000 | 11,091,000 | |||||||||
Basic (in dollars per share) | $ 0.07 | $ 0.86 | $ 0.90 | $ 0.29 | $ 0.20 | $ 0.80 | $ 0.79 | $ 0.28 | $ 2.12 | $ 2.07 | $ 1.95 | |
Incremental Common Shares Attributal To Share Based Payements Arrangements | (0.04) | (0.03) | (0.03) | |||||||||
Diluted (in dollars per share) | $ 0.07 | $ 0.84 | $ 0.89 | $ 0.28 | $ 0.20 | $ 0.79 | $ 0.77 | $ 0.28 | $ 2.08 | $ 2.04 | $ 1.92 |
Schedule II - Valuation and 104
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Balance | $ 1,100 | $ 947 | $ 1,202 | $ 1,127 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 558 | 158 | 549 | |
Valuation Allowances and Reserves, Deductions | $ 405 | $ 413 | $ 474 |