CONNECTICUT WATER SERVICE INC / CT, 10-K filed on 3/14/2016
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2015
Jan. 31, 2016
Jun. 30, 2015
Document and Enity Information [Abstract]
 
 
 
Entity Registrant Name
CONNECTICUT WATER SERVICE INC / CT 
 
 
Entity Central Index Key
0000276209 
 
 
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
 
 
$ 378,702,884 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2015 
 
 
Document Fiscal Year Focus
2015 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
11,209,802 
 
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Revenues
$ 96,041 
$ 94,020 
$ 91,481 
Operating Expenses
 
 
 
Operation and Maintenance
48,052 
44,445 
44,564 
Depreciation
12,871 
11,784 
10,792 
Income Taxes
(818)
3,596 
5,944 
Taxes Other Than Income Taxes
9,294 
9,031 
8,188 
Total Operating Expenses
69,399 
68,856 
69,488 
Net Operating Revenues
26,642 
25,164 
21,993 
Other Utility Income, Net of Taxes
797 
833 
856 
Total Utility Operating Income
27,439 
25,997 
22,849 
Other Income (Deductions), Net of Taxes
 
 
 
Gain (Loss) on Real Estate Transactions
349 
50 
(7)
Non-Water Sales Earnings
1,394 
1,471 
1,483 
Allowance for Funds Used During Construction
530 
518 
366 
Other
(214)
(202)
(292)
Total Other Income, Net of Taxes
2,059 
1,837 
1,550 
Interest and Debt Expense
 
 
 
Interest on Long-Term Debt
7,087 
7,023 
7,200 
Other Interest Charges
(458)
(573)
(913)
Amortization of Debt Expense
108 
65 
(157)
Total Interest and Debt Expense
6,737 
6,515 
6,130 
Net Income
22,761 
21,319 
18,269 
Preferred Stock Dividend Requirement
38 
38 
38 
Net Income Applicable to Common Stock
22,723 
21,281 
18,231 
Weighted Average Common Shares Outstanding:
 
 
 
Basic (in shares)
10,958 
10,893 
10,827 
Diluted (in shares)
11,164 
11,091 
10,996 
Earnings Per Common Share:
 
 
 
Basic (in dollars per share)
$ 2.07 
$ 1.95 
$ 1.68 
Diluted (in dollars per share)
$ 2.04 
$ 1.92 
$ 1.66 
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent
0 
0 
41 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent
765 
(1,527)
982 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
(97)
39 
190 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
668 
(1,488)
1,213 
Comprehensive Income
$ 23,429 
$ 19,831 
$ 19,482 
CONSOLIDATED STATEMETS OF INCOME (Parentheticals) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Qualified Cash Flow Hedging Instrument Expense, net of tax (benefit) expense of
$ 0 
$ 0 
$ 12,000 
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of
505,000 
(735,000)
398,000 
Unrealized Investment loss, net of tax expense (benefit) of
$ (62,000)
$ 25,000 
$ 119,000 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
ASSETS
 
 
Utility Plant
$ 722,447 
$ 685,654 
Construction Work in Progress
23,298 
9,304 
Gross Utility Plant
745,745 
694,958 
Accumulated Provision for Depreciation
(199,461)
(188,019)
Net Utility Plant
546,284 
506,939 
Other Property and Investments
8,126 
8,271 
Cash and Cash Equivalents
731 
2,475 
Accounts Receivable (Less Allowance, 2015 - $947; 2014 - $1,202)
11,012 
11,971 
Accrued Unbilled Revenues
8,259 
8,283 
Materials and Supplies
1,617 
1,486 
Prepayments and Other Current Assets
5,410 
11,953 
Total Current Assets
27,029 
36,168 
Restricted Cash
846 
0 
Unamortized Debt Issuance Expense
5,786 
6,292 
Unrecovered Income Taxes - Regulatory Asset
77,510 
57,331 
Pension Benefits - Regulatory Asset
12,414 
13,713 
Post-Retirement Benefits Other Than Pension - Regulatory Asset
468 
2,626 
Goodwill
30,427 
31,685 
Deferred Charges and Other Costs
7,628 
8,164 
Total Regulatory and Other Long-Term Assets
135,079 
119,811 
Total Assets
716,518 
671,189 
CAPITALIZATION AND LIABILITIES
 
 
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2015 - 11,192,882; 2014 - 11,124,630
144,534 
141,684 
Retained Earnings (Accumulated Deficit)
80,378 
69,370 
Accumulated Other Comprehensive Loss
(935)
(1,603)
Common Stockholders' Equity
223,977 
209,451 
Preferred Stock
772 
772 
Long-Term Debt
177,654 
176,601 
Total Capitalization
402,403 
386,824 
Debt, Current
2,842 
2,457 
Interim Bank Loans Payable
16,085 
1,991 
Accounts Payable and Accrued Expenses
11,882 
10,019 
Accrued Interest
727 
693 
Customer Refund Liability, Current
2,994 
6,079 
Other Current Liabilities
2,409 
2,383 
Total Current Liabilities
36,939 
23,622 
Advances for Construction
21,444 
26,718 
Deferred Federal and State Income Taxes
48,053 
53,322 
Unfunded Future Income Taxes
74,712 
56,919 
Long-Term Compensation Arrangements
34,389 
35,748 
Unamortized Investment Tax Credits
1,264 
1,339 
Customer Refund Liability, Noncurrent
993 
1,550 
Other Long-Term Liabilities
5,273 
776 
Total Long-Term Liabilities
186,128 
176,372 
Contributions in Aid of Construction
91,048 
84,371 
Commitments and Contingencies
0 
0 
Total Capitalization and Liabilities
$ 716,518 
$ 671,189 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Issued
11,192,882 
11,124,630 
Common Stock, Shares, Outstanding
11,192,882 
11,124,630 
ASSETS
 
 
Allowance
$ 947,000 
$ 1,202,000 
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 COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
$ 668 
$ (1,488)
$ 1,213 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Other Comprehensive Income, net of tax
 
 
 
Qualified Cash Flow Hedging Instrument Expense, net of tax (benefit) expense of
$ 0 
$ 0 
$ 12,000 
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of
505,000 
(735,000)
398,000 
Unrealized Investment loss, net of tax expense (benefit) of
$ (62,000)
$ 25,000 
$ 119,000 
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Balance at Beginning of Period
 
 
 
$ 69,370 
 
 
 
$ 59,277 
$ 69,370 
$ 59,277 
$ 51,804 
Net Income
2,228 
8,755 
8,675 
3,103 
2,395 
8,448 
7,490 
2,986 
22,761 
21,319 
18,269 
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
 
 
 
 
 
 
 
 
11,715 
11,188 
10,758 
Total Dividends Declared
 
 
 
 
 
 
 
 
11,753 
11,226 
10,796 
Balance at End of Period
80,378 
 
 
 
69,370 
 
 
 
80,378 
69,370 
59,277 
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 FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Stock Issued During Period, Value, Acquisitions
 
 
$ 0 
Operating Activities:
 
 
 
Net Income
22,761 
21,319 
18,269 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
 
 
 
Deferred Revenues
(1,344)
(3,461)
(3,059)
Allowance for Funds Used During Construction
(530)
(518)
(366)
Depreciation and Amortization (including $27 in 2015, $673 in 2014, and $348 in 2013 charged to other accounts)
12,898 
12,457 
11,140 
Gain (Loss) on Sale of Properties
(349)
(50)
7 
Change in Assets and Liabilities:
 
 
 
Increase in Accounts Receivable and Accrued Unbilled Revenues
984 
(291)
(1,205)
Increase in Prepayments and Other Current Assets
6,540 
(5,012)
(4,321)
Decrease in Other Non-Current Items
11,383 
(1,286)
11,985 
Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities
(3,695)
1,169 
4,514 
Increase in Deferred Income Taxes and Investment Tax Credits, Net
(7,502)
5,878 
7,386 
Total Adjustments
18,385 
8,886 
26,081 
Net Cash and Cash Equivalents Provided by Operating Activities
41,146 
30,205 
44,350 
Investing Activities:
 
 
 
Net Additions to Utility Plant Used in Continuing Operations
(48,025)
(45,668)
(33,303)
Proceeds from Sale of Land Held-for-investment
14 
243 
95 
Release of restricted cash
(846)
5,779 
5,457 
Net Cash and Cash Equivalents Used in Investing Activities
(48,857)
(39,646)
(27,751)
Financing Activities:
 
 
 
Proceeds from Interim Bank Loans
16,085 
1,991 
0 
Repayment of Interim Bank Loans
(1,991)
0 
(1,660)
Proceeds from Issuance of Common Stock
1,536 
1,697 
1,629 
Proceeds from Issuance of Long-term Debt
4,352 
4,500 
14,550 
Proceeds from the Exercise of Stock Options
0 
0 
225 
Costs to Issue Long-Term Debt and Common Stock
(37)
(2)
(42)
Repayment of Long-Term Debt Including Current Portion
(2,476)
(4,114)
(15,870)
Advances from Others for Construction
251 
699 
586 
Cash Dividends Paid
(11,753)
(11,226)
(10,796)
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities
5,967 
(6,455)
(11,378)
Net Increase in Cash and Cash Equivalents
(1,744)
(15,896)
5,221 
Cash and Cash Equivalents at Beginning of Period
2,475 
18,371 
13,150 
Cash and Cash Equivalents at End of Year
731 
2,475 
18,371 
Non-Cash Investing and Financing Activities:
 
 
 
Non-Cash Contributed Utility Plant
1,282 
1,130 
801 
Short-term Investment of Bond Proceeds Held in Restricted Cash
846 
0 
 
Cash Paid for:
 
 
 
Interest
6,761 
6,665 
6,573 
State and Federal Income Taxes
$ 537 
$ 1,135 
$ 3,600 
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Depreciation charged to other accounts
$ 27 
$ 673 
$ 348 
Summary of Significant Accounting Policies
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

On September 3, 2013, an application was filed with the Maine Public Utilities Commission (“MPUC”) to merge Maine Water and Biddeford & Saco Water Company (“BSWC”), with Maine Water as the surviving entity. This application was approved by the MPUC and, effective January 1, 2014, BSWC was merged into Maine Water.

As of December 31, 2015, Connecticut Water and Maine Water were our regulated public water utility companies (collectively the “Regulated Companies”), which together served 123,633 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.

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 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,
 
2015
 
2014
Assets:
 
 
 
Pension and post-retirement benefits
$
12,882

 
$
16,339

Unrecovered income taxes
77,510

 
57,331

Deferred revenue (included in prepayments and other current assets and deferred charges and other costs)
5,033

 
7,386

Other (included in prepayments and other current assets and deferred charges and other costs)
3,561

 
3,840

Total regulatory assets
$
98,986

 
$
84,896

Liabilities:
 

 
 

Other (included in other current liabilities)
$
1,567

 
$
718

Unamortized Investment Tax Credits
1,264

 
1,339

Refunds to Customers (including current portion)
3,987

 
7,629

Unfunded future income taxes (including other long-term liabilities)
74,712

 
57,719

Total regulatory liabilities
$
81,530

 
$
67,405



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 are and 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 regulator’s 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, 2015 were 9.75% and 7.32%, respectively. Maine Water’s average allowed return on equity and return on rate base, as of December 31, 2015 were 9.50% and 7.96%, respectively.

Connecticut Rates

Effective April 1, 2014, in accordance with a settlement agreement with the Office of the Consumer Counsel of the State of Connecticut (the “OCC”) and the Office of the Attorney General for the State of Connecticut, discussed below, Connecticut Water's cumulative Water Infrastructure and Conservation Adjustment (“WICA”) surcharge of 7.89% was rolled into base rates charged to customers.

On July 29, 2014, Connecticut Water filed a WICA application with the PURA requesting a 1.59% surcharge to customers' bills, representing approximately $12.7 million in WICA related projects. On September 26, 2014, the PURA approved the 1.59% surcharge with the new rates becoming effective on October 1, 2014.

On January 28, 2015, Connecticut Water filed a WICA application with the PURA requesting a 1.35% surcharge to customers' bills, representing approximately $11.2 million in WICA related projects. On February 23, 2015, Connecticut Water filed for a 0.10% reconciliation adjustment for the 2014 shortfall in WICA. On March 25 and 27, 2015, the PURA approved the reconciliation adjustment and the WICA application, respectively. Effective April 1, 2015, the cumulative WICA surcharge was 3.04%.

On July 24, 2015, Connecticut Water filed a WICA application with the PURA requesting a 1.15% surcharge to customers' bills, representing approximately $6.2 million in WICA related projects. On September 23, 2015, the PURA approved the WICA application as filed and a cumulative WICA surcharge of 4.19% was added to customer bills beginning on October 1, 2015.

On January 27, 2016, Connecticut Water filed a WICA application with the PURA requesting a 1.00% surcharge to customers' bills, representing approximately $8.4 million in WICA related projects. On February 9, 2016, Connecticut Water filed for a 0.03% reconciliation adjustment for the 2015 shortfall in WICA. If approved as filed, the Company’s cumulative WICA surcharge will be 5.12% effective April 1, 2016.

Since 2013, Connecticut law has authorized a Water Revenue Adjustment (“WRA”) to reconcile actual water demands with the demands projected in the last general rate case and allows companies to adjust rates as necessary to recover the revenues approved by PURA in the last general rate case. The WRA removes the financial disincentive for water utilities to develop and implement effective water conservation programs. The WRA allows water companies to defer on the balance sheet, as a regulatory asset or liability, for later collection from or crediting to customers the amount by which actual revenues deviate from the revenues allowed in the most recent general rate proceedings, including WICA proceedings. Additionally, the cap for WICA charges has been raised to 10%, from 7.5%, between general rate cases and expands the eligible projects to include energy conservation projects, improvements required to comply with streamflow regulations, and improvements to acquired systems.

On June 28, 2013, Connecticut Water entered into a settlement agreement with the OCC of the State of Connecticut and the Office of the Attorney General for the State of Connecticut (the “Settlement Agreement”), whereby Connecticut Water would adjust the water rates charged to its customers effective April 1, 2014 in accordance with the elements of the Settlement Agreement (the “Connecticut Water Rate Reduction Plan”). On July 1, 2013, Connecticut Water submitted an application to the PURA seeking formal approval of the Settlement Agreement.

The Settlement Agreement contemplated that Connecticut Water would adopt Internal Revenue Service (“IRS”) Revenue Procedure 2012-19 (“Repair Regulations”) that allowed the Company to adopt an alternative method for determining how expenditures related to tangible property can be treated for federal tax purposes for tax years beginning on or after January 1, 2012.  This tax accounting method change treated certain expenditures that the Company historically capitalized for tax purposes, as a deductible repair expense on its tax return.  The adoption of the tax accounting method change allowed Connecticut Water to record a favorable “catch up adjustment” on the Company's consolidated 2012 federal tax return which was filed in September 2013. The Company filed with the IRS a tax refund of approximately $13.6 million by carrying back the net operating loss generated from this adjustment.

The Settlement Agreement included, as a result of negotiated compromise of the parties' respective positions, the following key elements related to the Connecticut Water Rate Reduction Plan:

1)    Connecticut Water crediting its water customers with the amount of the catch up adjustment plus the amount by which 2012 federal income taxes are reduced by the repair deduction (the deduction amount filed on the Company's 2012 federal tax return was approximately $45 million) that would be offset in whole or in part by an anticipated rate increase arising from the WRA authorized by the State of Connecticut in Public Act No. 13-78 with any associated net change in rates reflected on Connecticut Water customers' bills as of April 1, 2014;

2)    Resetting Connecticut Water's adjustment under Connecticut's WICA mechanism to zero by integrating the present WICA surcharge of 7.89% into Connecticut Water's base rates; and

3)    Connecticut Water agreeing not to file for a general rate increase (except under extraordinary circumstances outside Connecticut Water's control) for new rates to be effective any sooner than October 1, 2015. Connecticut Water currently does not expect to request new rates until the second quarter of 2017, with new rates effective January 1, 2018.

In the Settlement Agreement, the parties also requested that PURA approve an accounting treatment for Connecticut Water to: 1) allow for the deferral of the tax refund described above and a credit of the tax benefit to customers over a proposed two-year period through a credit on water bills issued which started on April 1, 2014 and 2) as discussed above, use the WRA to defer on the balance sheet as a regulatory asset or liability, for later collection from or crediting to customers of the amount by which actual revenues deviate from the revenues allowed in Connecticut Water's most recent general rate proceedings, including WICA proceedings.

On August 30, 2013, the PURA issued a final decision approving the Settlement Agreement. Connecticut Water began to issue a credit on customers' bills of approximately 8.5% on April 1, 2014, related to the repair deduction. Additionally, Connecticut Water began adding an approximate 4.5% surcharge to customer bills related to the WRA for a net surcredit of approximately 4.0%. Effective April 1, 2015, the 4.5% surcharge to customers was replaced by a 5.07% surcharge based on the WRA revenues recorded during 2014, leaving an approximate 3.4% net surcredit on customer bills.

Connecticut Water’s allowed revenues for the year ended December 31, 2015, 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, 2015 operating revenue for Connecticut Water would have been approximately $75.1 million had the WRA not been implemented. As a result of the implementation of the WRA, Connecticut Water recorded $1.6 million in additional revenue for the year ended December 31, 2015. During the year ended December 31, 2014, Connecticut Water recorded $3.7 million in additional revenue related to the WRA.

Maine Rates

Effective June 2013, a Water Infrastructure Charge (“WISC”) became available in Maine that allows for expedited recovery of investment in water system infrastructure replacement, both treatment and distribution. Because the MPUC sets rates for Maine Water on a division-by-division basis, the WISC must be implemented in the same manner. Maine Water currently has a WISC in place in all of its divisions with expected annual revenue of $535,000.

On March 25, 2014, the MPUC approved a rate increase that was requested in June 2013 resulting in an annual increase of $340,000 in revenues for one of Maine Water’s divisions, which became effective on that date. Additionally, on November 5, 2014, Maine Water filed for a general rate increase for its Biddeford and Saco division, its largest division, requesting $1.7 million in additional revenues, offset by $700,000 in the first year due to the adoption of IRS Repair Regulations. Maine Water entered into a stipulation agreement (“Biddeford Stipulation Agreement”) with Maine’s Office of the Public Advocate which allowed for flow-through treatment of the Repair Regulations retroactive to January 1, 2014. As part of the Biddeford Stipulation Agreement, customers in the Biddeford and Saco division would receive the benefit of the Repair Regulations of approximately $880,000, over a three year period. Excluding the impact of the refund to customers, the Biddeford Stipulation Agreement calls for an annual increase in rates of approximately $1.3 million. MPUC issued a final decision related to the Biddeford Stipulation Agreement on March 13, 2015, with the new rates, and the first year of the refund, effective on March 10, 2015.

The MPUC also approved pension plan accounting for the Biddeford Saco division as part of the rate order. As a result, the Company made an adjustment to Goodwill reflecting the pension regulatory asset that was established as part of the order.

On October 30, 2014, Maine Water petitioned the MPUC for approval of an accounting order that would allow it to return to its customers a federal income tax refund stemming from the adoption of Repair Regulations to eight of its ten divisions, and to allow flow-through treatment of the repair deduction as of January 1, 2014. On February 26, 2015, the MPUC approved a stipulation between Maine Water and the Office of the Public Advocate (“Maine Water Stipulation Agreement”) that refunds $2.9 million to the customers of the eight divisions over a two year period starting no later than July 1, 2015, and allows the requested accounting treatment. In addition, Maine Water agreed not to file a general rate case during the two year refund period in any of the eight divisions that were allowed the refund. As part of the Biddeford Stipulation Agreement and the Maine Water Stipulation Agreement, Maine Water was required to determine the remaining deferred tax liabilities associated with the fixed assets which Maine Water would be deducting as part of the adoption of the Repair Regulations. All parties to the Biddeford Stipulation Agreement and the Maine Water Stipulation Agreement, and the MPUC, agreed that any benefit resulting from the elimination of deferred tax liabilities previously recorded on qualifying fixed assets subject to the Repair Regulation deduction, would be deferred and considered in a separate docket initiated after Maine Water had analyzed this additional deferred tax liability in more detail. The Company viewed the completion of the docket determining the ultimate disposition of the deferred tax liability associated with the qualifying fixed assets subject to the Repair Regulation deduction as materially linked to the flow-through treatment granted in the MPUC’s order issued on February 26, 2015. On April 8, 2015, Maine Water filed a petition with the MPUC that asked for approval of amortization of the identified deferred tax liabilities in each of its ten divisions. On June 16, 2015, Maine Water and the Office of the Public Advocate reached a settlement agreement that allowed for the amortization of these deferred tax liabilities over a one to nine year period, depending on the division. The MPUC approved this agreement on June 22, 2015, at which point Maine Water began the amortization based on the agreed upon schedule. With the completion of this docket, Maine Water recorded in the quarter ended June 30, 2015 the retroactive benefit associated with the flow-through of Repair Regulations from January 1, 2014. The 2014 benefit, reflected in the second quarter of 2015, was approximately $931,000, or $0.09 per basic share outstanding.

Maine Sale of Conservation Easement

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, Knox County, Maine value 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 excess of the fair market value of the second easement over the $600,000 sale price.

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 has begun 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” in the Company’s Notes to the Consolidated Financial Statements.

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” in the Company’s Notes to the Consolidated Financial Statements.

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” in the Company’s Notes to the Consolidated Financial Statements.

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 Charges”.  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)
2015
 
2014
 
2013
Additions to Utility Plant:
 
 
 
 
 
Company Financed
$
47,774

 
$
44,969

 
$
32,717

Allowance for Funds Used During Construction
530

 
518

 
366

Subtotal – Utility Plant Increase to Rate Base
48,304

 
45,487

 
33,083

Advances from Others for Construction
251

 
699

 
586

Net Additions to Utility Plant
$
48,555

 
$
46,186

 
$
33,669



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 1.8% for 2015, 2014, and 2013, 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. 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 premiums, are amortized over the respective lives of the outstanding debt, as approved by the PURA and the MPUC.

GOODWILL – As part of the purchase of regulated water companies, the Company recorded goodwill of $30.4 million as of December 31, 2015 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.

As part of FASB ASC 350, the Company is required to perform an annual review of goodwill for any potential impairment, which we perform as of December 31 each year. We update the test between the annual testing if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. The analysis of a potential impairment of goodwill requires a two step process. Step one of the test involves comparing the fair value of a reporting unit with its carrying value, including goodwill. If the carrying value of a reporting unit exceeds the reporting unit’s fair value, step two must be performed to determine the amount, if any, of goodwill impairment loss. If the carrying value is less than fair value, further testing for goodwill impairment is not performed.

Step two of the goodwill impairment test involves comparing the implied fair value of the reporting unit’s goodwill against the carrying value of the goodwill. In step two, determining the implied fair value of goodwill requires the valuation of a reporting unit’s identifiable tangible and intangible assets and liabilities as if the reporting unit had been acquired in a business combination on the testing date. The difference between the fair value of the entire reporting unit as determined in step one and the net fair value of all identifiable assets and liabilities represents the implied fair value of the goodwill. The goodwill impairment charge, if any, would be the difference between the carrying amount of goodwill and the implied fair value of goodwill upon the completion of step two.

In performing the annual goodwill impairment test, for purposes of the step one analysis, the Company bases the determination of the fair value of its reporting unit on the income approach, which estimates the fair value based on discounted future cash flows. Based on our comparison of the estimated fair value of the Water Operations reporting unit to its respective carrying amount, the impairment test performed in 2015 concluded that the estimated fair value of the Water Operations reporting unit, which has goodwill recorded, exceeded the reporting unit’s carrying amount by at least 71% as of December 31, 2015, indicating that none of our goodwill was impaired.

We may be required to recognize an impairment of goodwill in the future due to market conditions or other factors that are beyond our control and unrelated to our performance. Those market events could include a decline in the forecasted results in our business plan, significant adverse rate case results, changes in capital investment budgets or changes in interest rates that could permanently impair the fair value of a reporting unit. Recognition of impairments of a significant portion of goodwill would negatively impact our reported results of operation and total capitalization, the effects of which could be material and could make it more difficult to maintain our credit ratings, secure financing on favorable terms, maintain compliance with debt covenants and meet expectations of our regulators.

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,
2015
 
2014
 
2013
Numerator (in thousands)
 
 
 
 
 
Basic Net Income Applicable to Common Stock
$
22,723

 
$
21,281

 
$
18,231

Diluted Net Income Applicable to Common Stock
$
22,723

 
$
21,281

 
$
18,231

Denominator (in thousands)
 

 
 

 
 

Basic Weighted Average Shares Outstanding
10,958

 
10,893

 
10,827

Dilutive Effect of Stock Awards
206

 
198

 
169

Diluted Weighted Average Shares Outstanding
11,164

 
11,091

 
10,996

Earnings per Share
 

 
 

 
 

Basic Earnings per Share
$
2.07

 
$
1.95

 
$
1.68

Dilutive Effect of Stock Awards
0.03

 
0.03

 
0.02

Diluted Earnings per Share
$
2.04

 
$
1.92

 
$
1.66



NEW ACCOUNTING PRONOUNCEMENTS – In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” (“No. 2014-09”) which amends its guidance related to revenue recognition. ASU No. 2014-09 requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. ASU No. 2014-09 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2016, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, however early adoption is not permitted. On April 1, 2015, the FASB voted for a one-year deferral of the effective date of ASU No. 2014-09, making ASU No. 2014-09 effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently determining its implementation approach and assessing the impact that this guidance may have on our consolidated financial position, including its impact on the Company’s contracted services provided to water and wastewater utilities.

In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU No. 2014-12”). ASU No. 2014-12 requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. As such, the performance target that affects vesting should not be reflected in estimating that fair value of the award at the grant date. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position.

In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” (“ASU 2014-15”). ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern for a one year period subsequent to the date of the financial statements. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for all entities for the first annual period ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. Adoption of this guidance is not expected to have any impact on the determination or reporting of the Company’s financial results.

In January 2015, the FASB issued ASU No. 2015-01, "Income Statement-Extraordinary and Unusual Items,” (“ASU 2015-01”). ASU 2015-01 updated the accounting guidance related to extraordinary and unusual items by eliminating the concept of extraordinary items. In addition, disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. This standard update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position.

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 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position.

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 is currently evaluating the impact of adopting this guidance.

In August 2015, the FASB issued ASU No. 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU No. 2015-15”). ASU No. 2015-15 adds clarification to the guidance presented in ASU No. 2015-03, as that guidance did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position.

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 annual and interim reporting periods beginning after December 15, 2015, and should be applied prospectively to adjustments for provisional amounts that occur after the effective date with early adoption permitted for financial statements that have not been issued. The Company does not expect that the adoption of this guidance will materially impact 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. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of ASU 2015-17 on our consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, (“ASU No. 2016-02”), which will require lessees to recognize the following for all leases at the commencement date of a lease: a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Public business entities should apply the amendments in ASU No. 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact of this standard on its consolidated financial statements and footnote disclosures, but does not expect that the adoption of this guidance will materially impact our consolidated financial position.
Income Tax Expense
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, 2015, 2014, and 2013.

On June 11, 2013, the Company was notified by the Connecticut Department of Revenue Services that its state tax filings for the years 2009 through 2011 would be reviewed beginning in the fourth quarter of 2013.  On March 24, 2015, the Company was notified by the Connecticut Department of Revenue Services that the audit was expanded to include the 2012 and 2013 tax years. The State focused its review on tax credits associated with fixed capital investment. The Company and the State came to an agreement (“Closing Agreement”) regarding investments eligible for the credit. The Closing Agreement was executed on May 4, 2015. The Company had previously recorded a provision for the possible disallowance of these credits and, therefore, there was minimal impact in 2015.

On the 2012 tax return, filed in September 2013, Connecticut Water filed a change in accounting method to adopt the Internal Revenue Service’s (“IRS”) temporary tangible property regulations. On the 2013 Federal tax return, filed in September 2014, Maine Water filed the same change in accounting method. This method change allowed the Company to take a current year deduction for expenses that were previously capitalized for tax purposes. Since the filing of the 2012 tax return, the IRS has issued final regulations. On February 11, 2014, the Company was notified by the IRS that its Federal tax filing for 2012 would be reviewed. This review, which began in the first quarter of 2014 and was completed in the first quarter of 2015, resulted in no change to the tax liability. Since the Company had previously recorded a provision for the possible disallowance of the repair deduction in prior periods, the completion of the audit resulted in the reversal of the 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, 2015, the Company recorded a provision of $2.1 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 $5.4 million in the prior year for a cumulative total of $6.3 million.

The Company remains subject to examination by federal tax authorities for the 2013 and 2014 tax years; the State of Maine’s tax authorities for the 2012 through 2014 tax years; and the State of Connecticut’s tax authorities for the 2014 tax year.

Income Tax (Benefit) Expense for the years ended December 31, is comprised of the following:

(in thousands)
 
2015
 
2014
 
2013
Federal Classified as Operating (Benefit) Expense
 
$
(562
)
 
$
2,919

 
$
2,028

Federal Classified as Other Utility Income
 
409

 
424

 
434

Federal Classified as Other Income (Expense)
 
 

 
 

 
 

Land Sales and Donations
 
(70
)
 
26

 
(2
)
Non-Water Sales
 
664

 
788

 
781

Other
 
(832
)
 
(825
)
 
(69
)
Total Federal Income Tax (Benefit) Expense
 
(391
)
 
3,332

 
3,172

State Classified as Operating (Benefit) Expense
 
(257
)
 
677

 
3,916

State Classified as Other Utility Income (Expense)
 
98

 
100

 
103

State Classified as Other Income
 
 

 
 

 
 

Land Sales and Donations
 
(287
)
 
6

 
2

Non-Water Sales
 
196

 
194

 
200

Other
 
(128
)
 
(82
)
 
(300
)
Total State Income Tax (Benefit) Expense
 
(378
)
 
895

 
3,921

Total Income Tax (Benefit) Expense
 
$
(769
)
 
$
4,227

 
$
7,093



The components of the Federal and State income tax provisions are:

(in thousands)
 
2015
 
2014
 
2013
Current Income Taxes
 
 
 
 
 
 
Federal
 
$
315

 
$
427

 
$
1,509

State
 
201

 
(306
)
 
152

Total Current
 
516

 
121

 
1,661

Deferred Income Taxes, Net
 
 

 
 

 
 

Federal
 
 

 
 

 
 

Investment Tax Credit
 
(75
)
 
(75
)
 
(77
)
Excess Deferred Taxes
 
192

 
—

 
—

Deferred Revenue
 
(754
)
 
215

 
964

Land Donations
 
(179
)
 
(56
)
 
(1
)
Depreciation
 
660

 
1,728

 
792

Net Operating Loss Carry-forwards
 
(1,171
)
 
(600
)
 
—

AMT Credit Carry-forwards
 
53

 
—

 
(587
)
Provision for uncertain positions
 
874

 
2,177

 
1,037

Other
 
(306
)
 
(484
)
 
(465
)
Total Federal
 
(706
)
 
2,905

 
1,663

State
 
 

 
 

 
 

Land Donations
 
41

 
—

 
—

Provision for uncertain positions
 
41

 
663

 
3,528

Other
 
(661
)
 
538

 
241

Total State
 
(579
)
 
1,201

 
3,769

Total Deferred Income Taxes
 
(1,285
)
 
4,106

 
5,432

Total Income Tax
 
$
(769
)
 
$
4,227

 
$
7,093



Deferred income tax (assets) and liabilities are categorized as follows on the Consolidated Balance Sheets:

(in thousands)
 
2015
 
2014
Unrecovered Income Taxes
 
$
(77,510
)
 
$
(57,331
)
Deferred Federal and State Income Taxes
 
48,053

 
53,322

Unfunded Future Income Taxes
 
74,712

 
56,919

Unamortized Investment Tax Credits
 
1,264

 
1,339

Other
 
(17
)
 
117

Net Deferred Income Tax Liability
 
$
46,502

 
$
54,366



Net deferred income tax liability increased from December 31, 2014 to December 31, 2015 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)
 
2015
 
2014
Tax Credit Carry-forward (1)
 
$
(904
)
 
$
(2,841
)
Provision on Tax Credits
 
—

 
2,003

Charitable Contribution Carry-forwards (2)
 
(372
)
 
(94
)
Prepaid Income Taxes on CIAC
 
63

 
61

Net Operating Loss Carry-forwards (3)
 
(3,730
)
 
(2,665
)
Valuation Allowance on Net Operating Losses
 
1,326

 
1,368

Other Comprehensive Income
 
(597
)
 
(1,040
)
Accelerated Depreciation
 
49,341

 
53,653

Provision on Repair Deductions
 
6,366

 
5,402

Unamortized Investment Tax Credits
 
1,264

 
1,339

Other
 
(6,255
)
 
(2,820
)
Net Deferred Income Tax Liability
 
$
46,502

 
$
54,366



(1)
State tax credit carry-forwards expire beginning in 2019 and ending in 2040.
(2)
Charitable Contribution carry-forwards expire beginning in 2016 and ending in 2020.
(3)
Net operating loss carry-forwards expire beginning in 2017 and ending in 2029

The calculation of Pre-Tax Income is as follows:

(in thousands)
 
2015
 
2014
 
2013
Pre-Tax Income
 
 
 
 
 
 
Net Income
 
$
22,761

 
$
21,319

 
$
18,269

Income Taxes
 
(769
)
 
4,227

 
7,093

Total Pre-Tax Income
 
$
21,992

 
$
25,546

 
$
25,362



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:

 
 
2015
 
2014
 
2013
Federal Statutory Tax Rate
 
34.0
 %
 
34.0
 %
 
34.0
 %
Tax Effect Differences:
 
 

 
 

 
 

State Income Taxes Net of Federal Benefit
 
—
 %
 
1.3
 %
 
3.3
 %
Property Related Items
 
(19.2
)%
 
(25.0
)%
 
(14.5
)%
Performance Stock
 
0.2
 %
 
1.2
 %
 
2.1
 %
Pension Costs
 
(1.7
)%
 
2.9
 %
 
—
 %
Repair Regulatory Liability
 
(11.5
)%
 
(6.3
)%
 
—
 %
Change in Estimate of Prior Year Income Tax Expense
 
(10.6
)%
 
(1.4
)%
 
(14.0
)%
Provision for Uncertain Tax Positions
 
4.1
 %
 
9.2
 %
 
18.0
 %
Other
 
1.2
 %
 
0.7
 %
 
(0.9
)%
Effective Income Tax Rate
 
(3.5
)%
 
16.6
 %
 
28.0
 %


After the filing of the 2012 tax return in the third quarter of 2013, a change in estimate of prior year income tax expense was recorded to reflect the difference between the tax expense estimated at year end and actual tax expense reflected on the Company’s tax filings.  The change in estimate relates primarily to adoption of the repair tax deduction and is offset by the recording of the regulatory liability to return this tax benefit to the customers.  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
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, 2013 through December 31, 2015, appears below:

(in thousands, except share data)
Shares
 
Issuance Amount
 
Expense
 
Total
Balance, January 1, 2013
10,939,486

 
$
138,949

 
$
(4,076
)
 
$
134,873

Stock and equivalents issued through Performance Stock Program, Net of Forfeitures
37,212

 
1,873

 
—

 
1,873

Dividend Reinvestment Plan
53,790

 
1,629

 
—

 
1,629

Stock Options Exercised and Expensed
7,744

 
230

 
(1
)
 
229

Shares issued to acquire BSWC
—

 
—

 
(6
)
 
(6
)
Shares issued in stock offering
—

 
—

 
(7
)
 
(7
)
Balance, December 31, 2013
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 (1)
11,192,882

 
$
148,624

 
$
(4,090
)
 
$
144,534



(1)
Includes 50,724 restricted shares and 203,495 common stock equivalent shares issued through the Performance Stock Programs through December 31, 2015.

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
NOTE 4:  RETAINED EARNINGS

The summary of the changes in Retained Earnings for the period January 1, 2013 through December 31, 2015, appears below:

(in thousands, except per share data)
 
2015
 
2014
 
2013
Balance, beginning of year
 
$
69,370

 
$
59,277

 
$
51,804

Net Income
 
22,761

 
21,319

 
18,269

Sub-total
 
92,131

 
80,596

 
70,073

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:
 
 
 
 
 
 
$1.05, $1.01 and $0.98 per Common Share in 2015, 2014 and 2013, respectively
 
11,715

 
11,188

 
10,758

Total Dividends Declared
 
11,753

 
11,226

 
10,796

Balance, end of year
 
$
80,378

 
$
69,370

 
$
59,277

Accumulated Other Comprehensive Income (Loss) (Notes)
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, 2015, 2014, and 2013, appear below:

(in thousands)
 
Interest Rate Swap
 
Unrealized Gains on Investments
 
Defined Benefit Items
 
Total
Balance as of January 1, 2013 (a)
 
$
(41
)
 
$
69

 
$
(1,356
)
 
$
(1,328
)
Other Comprehensive Income Before Reclassification
 
—

 
165

 
672

 
837

Amounts Reclassified from AOCI
 
41

 
25

 
310

 
376

Net current-period Other Comprehensive Income
 
41

 
190

 
982

 
1,213

Balance as of December 31, 2013
 
$
—

 
$
259

 
$
(374
)
 
$
(115
)
Other Comprehensive Income Before Reclassification
 
—

 
2

 
(1,748
)
 
(1,746
)
Amounts Reclassified from AOCI
 
—

 
37

 
221

 
258

Net current-period Other Comprehensive Income
 
—

 
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
)
 
 
 
 
 
 
 
 
 
(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, 2015, 2014, and 2013:
Details about Other AOCI Components (in thousands)
 
Amounts Reclassified from AOCI for the Year Ended December 31, 2015(a)
 
Amounts Reclassified from AOCI for the Year Ended December 31, 2014(a)
 
Amounts Reclassified from AOCI for the Year Ended December 31, 2013(a)
 
Affected Line Items on Income Statement
Amortization of Cash Flow Hedging Instrument
 
$
—

 
$
—

 
$
29

 
Other
Tax benefit
 
—

 
—

 
12

 
Other
Total Reclassified from AOCI
 
—

 
—

 
41

 
 
 
 
 
 
 
 
 
 
 
Realized Gains on Investments
 
148

 
55

 
38

 
Other
Tax expense
 
(51
)
 
(18
)
 
(13
)
 
Other
Total Reclassified from AOCI
 
97

 
37

 
25

 
 
 
 
 
 
 
 
 
 
 
Amortization of Recognized Net Gain from Defined Benefit Items
 
281

 
335

 
470

 
Other
Tax expense
 
(97
)
 
(114
)
 
(160
)
 
Other
Total Reclassified from AOCI
 
184

 
221

 
310

 
 
 
 
 
 
 
 
 
 
 
Total Reclassifications for the period, net of tax
 
$
281

 
$
258

 
$
376

 
 
 
 
 
 
 
 
 
 
 
(a) Amounts in parentheses indicate loss/expense.
(b) Included in computation of net periodic pension cost (see Note 12 for additional details).
Fair Value Disclosures
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, 2015 and 2014.  These instruments are included in “Other Property and Investments” on the Company’s Consolidated Balance Sheets:

December 31, 2015
 
 
 
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Company Owned Life Insurance
$
—

 
$
2,909

 
$
—

 
$
2,909

Money Market Fund
122

 
—

 
—

 
122

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
1,441

 
—

 
—

 
1,441

Fixed Income Funds (2)
485

 
—

 
—

 
485

Total
$
2,048

 
$
2,909

 
$
—

 
$
4,957


December 31, 2014
 
 
 
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Company Owned Life Insurance
$
—

 
$
2,977

 
$
—

 
$
2,977

Money Market Fund
166

 
—

 
—

 
166

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
1,790

 
—

 
—

 
1,790

Total
$
1,956

 
$
2,977

 
$
—

 
$
4,933



(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 expects to use the remainder of the proceeds during 2016, as the approved capital expenditures are 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.

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, 2015 and 2014, the estimated fair value of the Company’s long-term debt was $191,616,000 and $189,942,000, respectively, as compared to the carrying amounts of $177,654,000 and $176,601,000, 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 $21,444,000 and $26,718,000 at December 31, 2015 and 2014, 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
NOTE 7:  LONG-TERM DEBT

Long-Term Debt at December 31, consisted of the following:
(in thousands)
2015
 
2014
Connecticut Water Service, Inc.:
 
 
 
4.09%
 
Term Loan Note and Supplement A, Due 2027
$
14,472

 
$
15,466

The Connecticut Water Company:
 
 
 
Var.
 
2004 Series Variable Rate, Due 2029
12,500

 
12,500

Var.
 
2004 Series A, Due 2028
5,000

 
5,000

Var.
 
2004 Series B, Due 2028
4,550

 
4,550

5.10%
 
2009 A Series, Due 2039
19,930

 
19,950

5.00%
 
2011 A Series, Due 2021
23,303

 
23,483

3.16%
 
CoBank Note Payable, Due 2020
8,000

 
8,000

3.51%
 
CoBank Note Payable, Due 2022
14,795

 
14,795

4.29%
 
CoBank Note Payable, Due 2028
17,020

 
17,020

4.72%
 
CoBank Note Payable, Due 2032
14,795

 
14,795

4.75%
 
CoBank Note Payable, Due 2033
14,550

 
14,550

Total The Connecticut Water Company
134,443

 
134,643

The Maine Water Company:
 
 
 
8.95%
 
1994 Series G, Due 2024
8,100

 
9,000

2.68%
 
1999 Series J, Due 2019
339

 
424

0.00%
 
2001 Series K, Due 2031
656

 
698

2.58%
 
2002 Series L, Due 2022
75

 
83

1.53%
 
2003 Series M, Due 2023
361

 
381

1.73%
 
2004 Series N, Due 2024
401

 
431

0.00%
 
2004 Series O, Due 2034
127

 
133

1.76%
 
2006 Series P, Due 2026
411

 
431

1.57%
 
2009 Series R, Due 2029
227

 
237

0.00%
 
2009 Series S, Due 2029
628

 
672

0.00%
 
2009 Series T, Due 2029
1,760

 
1,886

0.00%
 
2012 Series U, Due 2042
160

 
165

1.00%
 
2013 Series V, Due 2033
1,360

 
1,385

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
1,176

 
1,251

1.86%
 
Series O, Due 2025
830

 
846

2.23%
 
Series P, Due 2028
1,324

 
1,354

0.01%
 
Series Q, Due 2035
1,864

 
—

1.00%
 
Series R, Due 2025
2,488

 
—

Various
 
Various Capital Leases
17

 
37

Total The Maine Water Company
31,019

 
28,129

Add:  Acquisition Fair Value Adjustment
562

 
820

Less:  Current Portion
(2,842
)
 
(2,457
)
Total Long-Term Debt
$
177,654

 
$
176,601



The Company’s required principal payments for the years 2016 through 2020 are as follows:

(in thousands)
 
 
2016
 
$
2,842

2017
 
$
4,859

2018
 
$
5,342

2019
 
$
3,194

2020
 
$
3,186



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 5, 2013, Connecticut Water and CoBank entered into a promissory note and single advance term loan supplement to the master loan agreement (the “Note”) in which CoBank agreed to make an additional loan to Connecticut Water in an aggregate principal amount of up to $14,550,000, with a maturity date of March 4, 2033. Additionally, the Company entered into an amendment to the guarantee dated March 5, 2013 (the “Guarantee Amendment”), pursuant to which the Company agreed to guarantee the payment of certain of Connecticut Water’s obligations under the Note pursuant to the same terms of the guarantee. Connecticut Water used substantially all of the proceeds of the Loans to refinance the 2007 A Series bonds outstanding.

On June 3, 2013, Maine Water completed the issuance of $1,409,888 aggregate principal amount of its First Mortgage Bonds, Series V, 1.0% due April 1, 2033 (the “Series V Bonds”). The Series V Bonds were issued by Maine Water to the Maine Municipal Bond Bank (the “Bank”) and the proceeds of the issuance were loaned (the “Series V Loan”) by the Bank to Maine Water pursuant to a Loan Agreement by and between Maine Water and the Bank dated as of June 3, 2013. The proceeds of the Series V Loan were used by Maine Water to fund various water facilities projects.

On December 22, 2014, Maine Water and CoBank entered into an amendment to Amended and Restated Master Loan Agreement by and between Maine Water and CoBank, dated as of December 1, 2012 pursuant to which CoBank loaned Maine Water $4,500,000. Maine Water has used the proceeds of the above described loan from CoBank to refinance existing debt and to finance capital expenditures.

On March 17, 2015, Maine Water completed the issuance of $1,864,050 aggregate principal amount of its First Mortgage Bonds, Series Q, 0.01% due March 17, 2035 (the “Series Q Bonds”). The Series Q Bonds were issued by Maine Water to the Bank and the proceeds of the issuance were loaned (the “Series Q Loan”) by the Bank to Maine Water pursuant to a Loan Agreement by and between Maine Water and the Bank dated as of March 17, 2015. The proceeds of the Series Q Loan will be used by Maine Water to fund various water facilities projects, including the replacement of a booster station and to fund 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 will be used by Maine Water to fund the construction of a 3 million gallon water storage tank, located in the City of Biddeford, Maine, which will replace an existing in-ground 7.5 million gallon reservoir.

During the year ended December 31, 2015, the Company paid approximately $994,000 related to Connecticut Water Service's Term Note Payable issued as part of the acquisition of Maine Water Company, approximately $1,462,000 in sinking funds related to Maine Water Company's outstanding bonds and an additional $20,000 related to a deceased Connecticut Water bondholder.

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, 2015.
Preferred Stock
Preferred Stock
NOTE 8:  PREFERRED STOCK

The Company’s Preferred Stock at December 31, consisted of the following:

(in thousands, except share data)
 
2015
 
2014
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
NOTE 9:  BANK LINES OF CREDIT

The Company has entered into 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 $20 million with RBS Citizens, N.A., with an expiration date of June 30, 2017.  As of December 31, 2015 the total lines of credit available to the Company were $35 million.  As of December 31, 2015 and 2014, the Company had $16.1 million and $2.0 million of “Interim Bank Loans Payable”, respectively.  As of December 31, 2015, the Company had $18.9 million in unused lines of credit.  Interest expense charged on interim bank loans will fluctuate based on market interest rates.

At December 31, 2015 and 2014, the weighted average interest rates on these short-term borrowings outstanding was 2.4% and 2.2%, respectively.
Utility Plant
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)
2015
 
2014
Land
$
13,615

 
$
13,133

Source of supply
35,973

 
35,435

Pumping
37,110

 
35,754

Water treatment
81,544

 
80,291

Transmission and distribution
490,489

 
463,491

General
66,341

 
60,876

Held for future use
432

 
438

Acquisition Adjustment
(3,057
)
 
(3,764
)
Total
$
722,447

 
$
685,654



The amounts of depreciable utility plant at December 31, 2015 and 2014 included in total utility plant were $664,415,000 and $629,880,000, 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)
2015
 
2014
Land
$
13,615

 
$
13,133

Source of supply
35,973

 
35,435

Pumping
37,110

 
35,754

Water treatment
81,544

 
80,291

Transmission and distribution
490,489

 
463,491

General
66,341

 
60,876

Held for future use
432

 
438

Acquisition Adjustment
(3,057
)
 
(3,764
)
Total
$
722,447

 
$
685,654

Taxes Other than Income Taxes
Taxes Other Than Income Taxes
NOTE 11:  TAXES OTHER THAN INCOME TAXES

Taxes Other than Income Taxes consist of the following:

(in thousands)
 
2015
 
2014
 
2013
Municipal Property Taxes
 
$
7,896

 
$
7,659

 
$
7,031

Payroll Taxes
 
1,398

 
1,372

 
1,157

Total Taxes Other than Income Taxes
 
$
9,294

 
$
9,031

 
$
8,188

Pension and Other Post-Retirement Benefits
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)
2015
 
2014
Defined Benefit Pension Plan
$
19,232

 
$
18,180

Post-Retirement Benefit Other than Pension
5,041

 
7,162

Supplemental Executive Retirement Plan
7,915

 
8,440

Deferred Compensation
2,131

 
1,944

Other Long-Term Compensation
70

 
22

Total Long-Term Compensation Arrangements
$
34,389

 
$
35,748



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:

 
2015
 
2014
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.  The Company did not make a contribution in 2015 for the 2014 plan year, as allowed by the plan’s funding status.  The Company expects to make a contribution of approximately $5,525,000 in 2016 for the 2015 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.

BSWC provided its eligible employees hired prior to March 1, 2012 with a pension plan. Effective March 1, 2012, no employee who was not already a participant in the plan was eligible for enrollment and for those hired before this date, no further benefits would accrue. Effective December 31, 2013, BSWC’s pension plan was merged into the Company’s pension plan.

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)
2015
 
2014
Change in benefit obligation:
 
 
 
Benefit obligation, beginning of year
$
79,815

 
$
64,164

Service cost
2,152

 
1,829

Interest cost
3,114

 
3,087

Actuarial loss (gain)
(4,350
)
 
13,221

Benefits paid
(4,806
)
 
(2,402
)
Administrative expenses
(80
)
 
(84
)
Benefit obligation, end of year
$
75,845

 
$
79,815

Change in plan assets:
 

 
 

Fair value, beginning of year
$
61,635

 
$
56,844

Actual return on plan assets
(136
)
 
3,851

Employer contributions
—

 
3,426

Benefits paid
(4,806
)
 
(2,402
)
Administrative expenses
(80
)
 
(84
)
Fair value, end of year
$
56,613

 
$
61,635

Funded Status
$
(19,232
)
 
$
(18,180
)
Amount Recognized in Consolidated Balance Sheets Consisted of:
 

 
 

Non-current asset
$
—

 
$
—

Current liability
—

 
—

Non-current liability
(19,232
)
 
(18,180
)
Net amount recognized
$
(19,232
)
 
$
(18,180
)


The accumulated benefit obligation for all defined benefit pension plans was approximately $66,818,000 and $69,985,000 at December 31, 2015 and 2014, respectively.

Weighted-average assumptions used to determine benefit obligations at December 31:
2015
 
2014
Discount rate
4.30
%
 
3.95
%
Rate of compensation increase
4.00
%
 
4.00
%

Weighted-average assumptions used to determine net periodic cost for years ended December 31:
2015
 
2014
 
2013
Discount rate
3.95
%
 
4.90
%
 
4.05
%
Expected long-term return on plan assets
7.25
%
 
7.25
%
 
7.25
%
Rate of compensation increase
4.00
%
 
4.00
%
 
3.50
%


The Company based its discount rate assumptions the Citigroup Above Median AA Pension Discount Curve. The large decrease in the discount rate used to determine the benefit obligation from 2013 to 2014, coupled with the an updated mortality assumptions that were issued in 2014 had the affect of increasing the Company’s benefit obligation at December 31, 2014, as well as increasing the expense for 2015.

The following table shows the components of periodic benefit costs:

Pension Benefits (in thousands)
2015
 
2014
 
2013
Components of net periodic benefit costs
 
 
 
 
 
Service cost
$
2,152

 
$
1,829

 
$
2,201

Interest cost
3,114

 
3,087

 
2,781

Expected return on plan assets
(3,847
)
 
(3,567
)
 
(3,195
)
Amortization of:
 

 
 

 
 

Prior service cost
16

 
73

 
74

Net loss
2,979

 
1,319

 
2,250

Net Periodic Pension Benefit Costs
$
4,414

 
$
2,741

 
$
4,111



The following table shows the other changes in plan assets and benefit obligations recognized as a regulatory asset:

Pension Benefits (in thousands)
2015
 
2014
Change in net (gain) loss
$
(429
)
 
$
11,906

Change in prior service cost
—

 
—

Other - regulatory action
2,050

 
—

Amortization of prior service cost
(16
)
 
(73
)
Amortization of net loss
(2,904
)
 
(1,205
)
Total recognized to Regulatory Asset
$
(1,299
)
 
$
10,628



The following table shows the other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (“OCI”):

Pension Benefits (in thousands)
2015
 
2014
Change in net (gain) loss
$
62

 
$
1,031

Change in prior service cost
—

 
—

Amortization of prior service cost
—

 
—

Amortization of net loss
(75
)
 
(114
)
Total recognized to OCI
$
(13
)
 
$
917



Amounts Recognized as a Regulatory Asset at December 31: (in thousands)
2015
 
2014
Prior service cost
$
86

 
$
102

Net loss
12,328

 
13,611

Total Recognized as a Regulatory Asset
$
12,414

 
$
13,713



Amounts Recognized in OCI at December 31: (in thousands)
2015
 
2014
 
2013
Transition obligation
$
—

 
$
—

 
$
—

Prior service cost
—

 
—

 
—

Net loss
338

 
2,401

 
1,484

Total Recognized in Other Comprehensive Income
$
338

 
$
2,401

 
$
1,484



Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands)
2016
Amortization of transition obligation
$
—

Amortization of prior service cost
15

Amortization of net loss
1,916

Total Estimated Net Periodic Benefit Cost Amortizations
$
1,931



Plan Assets
The Company’s pension plan weighted-average asset allocations at December 31, 2015 and 2014 by asset category were as follows:

 
2015
 
2014
Equity
64
%
 
65
%
Fixed Income
36
%
 
35
%
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, 2015 and 2014 were as follows:

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

 
$
—

 
$
—


2014
 
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
Asset Type:
 
 
 
 
 
Money Market Fund
$
429

 
$
—

 
$
—

Mutual Funds:
 
 
 
 
 
Fixed Income Funds (1)
21,330

 
—

 
—

Equity Funds (2)
39,876

 
—

 
—

Total
$
61,635

 
$
—

 
$
—



(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)
 
2016
$
3,803

2017
4,129

2018
4,354

2019
4,812

2020
4,798

Years 2021 – 2025
26,359



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 2015 and 2014 was $13,000 and $15,000, 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.

In January 2012, the Board of Directors of the Company amended its PBOP plan to include former Aqua Maine and current Maine Water employees, to participate in a benefit equal to that provided by Aqua Maine.

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 Company (“Barnstable Holding”), also provides certain health care benefits to eligible retired employees. Employees of The Barnstable Holding Company, a former subsidiary of the Company, 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 $52,000 and $58,000 at December 31, 2015 and 2014, respectively.  Additionally, this plan did not hold any assets as of December 31, 2015 and 2014.  Barnstable Holding’s PBOP’s net periodic benefit costs were less than $1,000 in 2015 and 2014.

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)
2015
 
2014
Change in benefit obligation:
 
 
 
Benefit obligation, beginning of year
$
15,533

 
$
13,257

Service cost
458

 
494

Interest cost
562

 
625

Plan participant contributions
156

 
123

Actuarial (gain) loss
(3,115
)
 
1,379

Benefits paid
(402
)
 
(345
)
Benefit obligation, end of year
$
13,192

 
$
15,533

Change in plan assets:
 

 
 

Fair value, beginning of year
$
8,429

 
$
8,064

Actual return on plan assets
7

 
572

Employer contributions
13

 
15

Plan participant contributions
156

 
123

Benefits paid
(402
)
 
(345
)
Fair value, end of year
$
8,203

 
$
8,429

Funded Status
$
(4,989
)
 
$
(7,104
)
Amount Recognized in Consolidated Balance Sheets Consisted of:
 

 
 

Non-current asset
$
—

 
$
—

Current liability
—

 
—

Non-current liability
(4,989
)
 
(7,104
)
Net amount recognized
$
(4,989
)
 
$
(7,104
)


Weighted-average assumptions used to determine benefit obligations at December 31:
2015
 
2014
Discount rate
4.15
%
 
3.80
%

Weighted-average assumptions used to determine net periodic cost for years ended December 31:
2015
 
2014
 
2013
Discount rate
3.80
%
 
4.80
%
 
3.80
%
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 large decrease in the discount rate used to determine the benefit obligation from 2013 to 2014, coupled with the an updated mortality assumptions that were issued in 2014 had the affect of increasing the Company’s benefit obligation at December 31, 2014, as well as increasing the expense for 2015.

The following table shows the components of periodic benefit costs:

PBOP Benefits (in thousands)
2015
 
2014
 
2013
Components of net periodic benefit costs
 
 
 
 
 
Service cost
$
458

 
$
494

 
$
674

Interest cost
562

 
625

 
505

Expected return on plan assets
(324
)
 
(305
)
 
(290
)
Other
225

 
225

 
225

Amortization of:
 

 
 

 
 

Prior service credit
(571
)
 
(806
)
 
(806
)
Recognized net loss
388

 
344

 
433

Net Periodic Post Retirement Benefit Costs
$
738

 
$
577

 
$
741



The following table shows the other changes in plan assets and benefit obligations recognized as a regulatory asset:

PBOP Benefits (in thousands)
2015
 
2014
Change in net loss (gain)
$
(2,797
)
 
$
1,112

Amortization of prior service cost
571

 
806

Amortization of net loss
(388
)
 
(344
)
Other regulatory amortization
(236
)
 
(236
)
Total recognized to Regulatory Asset
$
(2,850
)
 
$
1,338



Amounts Recognized as a Regulatory Asset at December 31: (in thousands)
2015
 
2014
Transition obligation
$
—

 
$
—

Prior service cost
(583
)
 
(1,153
)
Net loss
(135
)
 
3,050

Other regulatory asset
494

 
729

Total Recognized as a Regulatory Asset
$
(224
)
 
$
2,626



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)
2016
Amortization of transition obligation
$
—

Amortization of prior service credit
(400
)
Amortization of net loss
35

Total Estimated Net Periodic Benefit Cost Amortizations
$
(365
)


Assumed health care cost trend rates at December 31:
2015
 
2014
 
Medical
 
Dental
 
Medical
 
Dental
Health care cost trend rate assumed for next year (1)
8.5
%
 
8.5
%
 
9.0
%
 
9.0
%
Rate to which the cost trend rate is assumed to decline
5.0
%
 
5.0
%
 
5.0
%
 
5.0
%
Year that the rate reaches the ultimate trend rate
2023

 
2023

 
2023

 
2023



(1) – Fifty basis point declining trend rate from 2014 to 2015.

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
$
78

 
$
(67
)
Effect on post-retirement benefit obligation
$
774

 
$
(724
)


Plan Assets
Connecticut Water and Maine Water’s other post-retirement benefit plan weighted-average asset allocations at December 31, 2015 and 2014 by asset category were as follows:

 
2015
 
2014
Equity
63
%
 
71
%
Fixed Income
37
%
 
29
%
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, 2015 and 2014 were as follows:

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

 
$
—

 
$
—



2014
 
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
Asset Type:
 
 
 
 
 
Money Market
$
62

 
$
—

 
$
—

Mutual Funds:
 

 
 

 
 

Fixed Income Funds (1)
2,378

 
—

 
—

Equity Funds (2)
5,989

 
—

 
—

Total
$
8,429

 
$
—

 
$
—



(1)
Mutual funds consisting primarily of fixed income securities.
(2)
Mutual funds consisting primarily of equity securities.

Cash Flows
The Company contributed $13,000 to its other post-retirement benefit plan in 2015 for plan year 2015.  The Company does not expect to make a contribution in 2016 for plan year 2016.

Expected future benefit payments are:

(in thousands)
 
2016
$
434

2017
508

2018
568

2019
629

2020
707

Years 2021 – 2025
4,459



SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (“SERP”) – The Company and certain of its subsidiaries provide additional pension benefits to senior management through supplemental executive retirement contracts.  At December 31, 2015 and 2014, the actuarial present values of the projected benefit obligation of these contracts were $7,759,000 and $8,235,000, respectively.  Expense associated with these contracts was approximately $1,034,000 for 2015, $899,000 for 2014, and $811,000 for 2013 and is reflected in “Other Income (Deductions)” in the Consolidated Statements of Income.

Included in “Other Property and Investments” at December 31, 2015 and 2014 is $4,957,000 and $4,933,000 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.  Prior to January 1, 2009, the Company matched 50 cents for each dollar contributed by the employee up to 4% of the employee’s 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 2015, 2014, and 2013 was $601,000, $583,000, and $509,000, respectively.
Stock Based Compensation Plans
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, 2015, there were 415,659 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, 2015, there were 268,239 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 218,798 shares available for payment of dividend equivalents on shares previously awarded under the 1994 PSP as performance shares at December 31, 2015.

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 $1,677,000, $1,957,000, and $2,296,000, for 2015, 2014, and 2013, respectively.

STOCK OPTIONS – The Company determined the fair value of each stock grant at the date of grant by using the Black Scholes Option Pricing model. Options began to become exercisable one year from the date of grant, with vesting periods ranging from one to five years. The maximum term ranged from five to ten years.

No stock options were awarded or issued during 2015, 2014, and 2013. As of December 31, 2015, the Company no longer has any outstanding stock options.

 
2013
 
Shares
 
Weighted Average Exercise Price
Options:
 
 
 
Outstanding, beginning of year
7,744

 
$
29.05

Forfeited
—

 
—

Exercised
(7,744
)
 
29.05

Outstanding, end of year
—

 
$
—

Exercisable, end of year
—

 
$
—



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, 2015 and 2014:

 
2015
 
2014
 
Number of Shares
 
Grant Date Weighted Average Fair Value
 
Number of Shares
 
Grant Date Weighted Average Fair Value
Non-vested at beginning of year
40,969

 
$
32.63

 
46,479

 
$
29.43

Granted
26,828

 
35.81

 
24,973

 
34.70

Vested
(16,548
)
 
31.71

 
(28,184
)
 
29.07

Forfeited
(11,252
)
 
34.70

 
(2,299
)
 
34.00

Non-vested at end of year
39,997

 
$
34.59

 
40,969

 
$
32.63



Total stock based compensation recorded in the Consolidated Statements of Income related to performance-based restricted stock awards was $1,677,000, $1,957,000, and $2,296,000 for the year ended December 31, 2015, 2014, and 2013, respectively.

Upon meeting specific performance targets, approximately 27,000 shares, reduced for actual performance targets achieved in 2015, will begin vesting in the first quarter of 2016 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, 2015 was $829,000.
Segment Reporting
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, 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

For the year ended December 31, 2013
 

 
 

 
 

 
 

 
 

 
 

 
 

Water Operations
$
93,000

 
$
10,792

 
$
52,878

 
$
(661
)
 
$
5,764

 
$
6,112

 
$
16,793

Real Estate Transactions
95

 
—

 
103

 
—

 
—

 
(1
)
 
(7
)
Services and Rentals
5,862

 
4

 
3,405

 
—

 
(12
)
 
982

 
1,483

Total
$
98,957

 
$
10,796

 
$
56,386

 
$
(661
)
 
$
5,752

 
$
7,093

 
$
18,269


The Revenues shown in Water Operations above consist of revenues from water customers of $96,041,000, $94,020,000 and $91,481,000 in the years 2015, 2014, and 2013, respectively.  Additionally, there were revenues associated with utility plant leased to others of $1,431,000, $1,496,000 and $1,519,000 in the years 2015, 2014, and 2013, 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, 2015, 2014, and 2013, and include $1,583,000, $3,700,000 and $3,298,000 in additional revenues related to the implementation of the WRA, respectively. A PURA order that became effective in January of 2014 changed the methodology for calculating the WRA by requiring that only revenues for services that have already been billed be considered in determining the WRA.

The table below shows assets by segment at December 31:

in thousands):
2015
 
2014
Total Plant and Other Investments:
 
 
 
Water
$
553,773

 
$
514,606

Non-Water
637

 
605

Total Plant and Other Investments
554,410

 
515,211

Other Assets:
 
 
 
Water
159,893

 
152,929

Non-Water
2,215

 
3,049

Total Other Assets
162,108

 
155,978

Total Assets
$
716,518

 
$
671,189

Commitments and Contingencies
Commitments and Contingencies
NOTE 15:  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 will remain in effect for a minimum of fifty years upon becoming effective. 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 2015, the Company spent $1,112,000 on these agreements.

Security – Investment in security-related, including “cyber security”, improvements is a continuing process and management believes that the costs associated with any such improvements will be eligible for recovery in future rate proceedings.

Reverse Privatization – Our Regulated Companies derive their rights and franchises to operate from state laws that are subject to alteration, amendment or repeal, and do not grant permanent exclusive rights to our service areas.  Our franchises are free from burdensome restrictions, are unlimited as to time, and authorize us to sell potable water in all towns we now serve.  There is the possibility that states could revoke our franchises and allow a governmental entity to take over some or all of our systems.  From time to time such legislation is contemplated.

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, 2015, the Company recorded a provision of $2.1 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 $5.4 million in the prior year for a cumulative total of $6.3 million.

The Company remains subject to examination by federal tax authorities for the 2013 and 2014 tax years; the State of Maine’s tax authorities for the 2012 through 2014 tax years; and the State of Connecticut’s tax authorities for the 2014 tax year.

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, 2015 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 $65.9 million on capital expenditures in 2016, in part to fund improvements to water treatment plants and increased spending related to infrastructure improvements.
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
NOTE 16:  QUARTERLY FINANCIAL DATA (Unaudited)

Selected quarterly financial data for the years ended December 31, 2015 and 2014 appears below:

(in thousands, except for per share data)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Operating Revenues
$
20,030

 
$
20,260

 
$
26,624

 
$
25,459

 
$
28,444

 
$
27,554

 
$
20,943

 
$
20,747

Total Utility Operating Income
4,320

 
4,089

 
9,954

 
8,479

 
9,709

 
9,682

 
3,456

 
3,747

Net Income
3,103

 
2,986

 
8,675

 
7,490

 
8,755

 
8,448

 
2,228

 
2,395

Basic Earnings per Common Share
0.28

 
0.27

 
0.79

 
0.69

 
0.80

 
0.78

 
0.20

 
0.21

Diluted Earnings per Common Share
0.28

 
0.27

 
0.77

 
0.67

 
0.79

 
0.76

 
0.20

 
0.21

Summary of Significant Accounting Policies (Policies)
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,” (“No. 2014-09”) which amends its guidance related to revenue recognition. ASU No. 2014-09 requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. ASU No. 2014-09 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2016, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, however early adoption is not permitted. On April 1, 2015, the FASB voted for a one-year deferral of the effective date of ASU No. 2014-09, making ASU No. 2014-09 effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently determining its implementation approach and assessing the impact that this guidance may have on our consolidated financial position, including its impact on the Company’s contracted services provided to water and wastewater utilities.

In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU No. 2014-12”). ASU No. 2014-12 requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. As such, the performance target that affects vesting should not be reflected in estimating that fair value of the award at the grant date. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position.

In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” (“ASU 2014-15”). ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern for a one year period subsequent to the date of the financial statements. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for all entities for the first annual period ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. Adoption of this guidance is not expected to have any impact on the determination or reporting of the Company’s financial results.

In January 2015, the FASB issued ASU No. 2015-01, "Income Statement-Extraordinary and Unusual Items,” (“ASU 2015-01”). ASU 2015-01 updated the accounting guidance related to extraordinary and unusual items by eliminating the concept of extraordinary items. In addition, disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. This standard update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position.

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 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position.

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 is currently evaluating the impact of adopting this guidance.

In August 2015, the FASB issued ASU No. 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU No. 2015-15”). ASU No. 2015-15 adds clarification to the guidance presented in ASU No. 2015-03, as that guidance did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. The Company does not expect that the adoption of this guidance will materially impact our consolidated financial position.

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 annual and interim reporting periods beginning after December 15, 2015, and should be applied prospectively to adjustments for provisional amounts that occur after the effective date with early adoption permitted for financial statements that have not been issued. The Company does not expect that the adoption of this guidance will materially impact 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. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of ASU 2015-17 on our consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, (“ASU No. 2016-02”), which will require lessees to recognize the following for all leases at the commencement date of a lease: a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Public business entities should apply the amendments in ASU No. 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact of this standard on its consolidated financial statements and footnote disclosures, but does not expect that the adoption of this guidance will materially impact our consolidated financial position.
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

On September 3, 2013, an application was filed with the Maine Public Utilities Commission (“MPUC”) to merge Maine Water and Biddeford & Saco Water Company (“BSWC”), with Maine Water as the surviving entity. This application was approved by the MPUC and, effective January 1, 2014, BSWC was merged into Maine Water.

As of December 31, 2015, Connecticut Water and Maine Water were our regulated public water utility companies (collectively the “Regulated Companies”), which together served 123,633 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.

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. 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 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,
 
2015
 
2014
Assets:
 
 
 
Pension and post-retirement benefits
$
12,882

 
$
16,339

Unrecovered income taxes
77,510

 
57,331

Deferred revenue (included in prepayments and other current assets and deferred charges and other costs)
5,033

 
7,386

Other (included in prepayments and other current assets and deferred charges and other costs)
3,561

 
3,840

Total regulatory assets
$
98,986

 
$
84,896

Liabilities:
 

 
 

Other (included in other current liabilities)
$
1,567

 
$
718

Unamortized Investment Tax Credits
1,264

 
1,339

Refunds to Customers (including current portion)
3,987

 
7,629

Unfunded future income taxes (including other long-term liabilities)
74,712

 
57,719

Total regulatory liabilities
$
81,530

 
$
67,405



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 are and 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 regulator’s 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 has begun 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” in the Company’s Notes to the Consolidated Financial Statements.

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” in the Company’s Notes to the Consolidated Financial Statements.

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” in the Company’s Notes to the Consolidated Financial Statements.

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 Charges”.  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)
2015
 
2014
 
2013
Additions to Utility Plant:
 
 
 
 
 
Company Financed
$
47,774

 
$
44,969

 
$
32,717

Allowance for Funds Used During Construction
530

 
518

 
366

Subtotal – Utility Plant Increase to Rate Base
48,304

 
45,487

 
33,083

Advances from Others for Construction
251

 
699

 
586

Net Additions to Utility Plant
$
48,555

 
$
46,186

 
$
33,669



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 1.8% for 2015, 2014, and 2013, 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, 2015 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.

As part of FASB ASC 350, the Company is required to perform an annual review of goodwill for any potential impairment, which we perform as of December 31 each year. We update the test between the annual testing if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. The analysis of a potential impairment of goodwill requires a two step process. Step one of the test involves comparing the fair value of a reporting unit with its carrying value, including goodwill. If the carrying value of a reporting unit exceeds the reporting unit’s fair value, step two must be performed to determine the amount, if any, of goodwill impairment loss. If the carrying value is less than fair value, further testing for goodwill impairment is not performed.

Step two of the goodwill impairment test involves comparing the implied fair value of the reporting unit’s goodwill against the carrying value of the goodwill. In step two, determining the implied fair value of goodwill requires the valuation of a reporting unit’s identifiable tangible and intangible assets and liabilities as if the reporting unit had been acquired in a business combination on the testing date. The difference between the fair value of the entire reporting unit as determined in step one and the net fair value of all identifiable assets and liabilities represents the implied fair value of the goodwill. The goodwill impairment charge, if any, would be the difference between the carrying amount of goodwill and the implied fair value of goodwill upon the completion of step two.

In performing the annual goodwill impairment test, for purposes of the step one analysis, the Company bases the determination of the fair value of its reporting unit on the income approach, which estimates the fair value based on discounted future cash flows. Based on our comparison of the estimated fair value of the Water Operations reporting unit to its respective carrying amount, the impairment test performed in 2015 concluded that the estimated fair value of the Water Operations reporting unit, which has goodwill recorded, exceeded the reporting unit’s carrying amount by at least 71% as of December 31, 2015, indicating that none of our goodwill was impaired.

We may be required to recognize an impairment of goodwill in the future due to market conditions or other factors that are beyond our control and unrelated to our performance. Those market events could include a decline in the forecasted results in our business plan, significant adverse rate case results, changes in capital investment budgets or changes in interest rates that could permanently impair the fair value of a reporting unit. Recognition of impairments of a significant portion of goodwill would negatively impact our reported results of operation and total capitalization, the effects of which could be material and could make it more difficult to maintain our credit ratings, secure financing on favorable terms, maintain compliance with debt covenants and meet expectations of our regulators.
Summary of Significant Accounting Policies (Tables)
Schedule of Regulatory Assets and Liabilities [Text Block] 
Regulatory assets and liabilities are comprised of the following:

(in thousands)
December 31,
 
2015
 
2014
Assets:
 
 
 
Pension and post-retirement benefits
$
12,882

 
$
16,339

Unrecovered income taxes
77,510

 
57,331

Deferred revenue (included in prepayments and other current assets and deferred charges and other costs)
5,033

 
7,386

Other (included in prepayments and other current assets and deferred charges and other costs)
3,561

 
3,840

Total regulatory assets
$
98,986

 
$
84,896

Liabilities:
 

 
 

Other (included in other current liabilities)
$
1,567

 
$
718

Unamortized Investment Tax Credits
1,264

 
1,339

Refunds to Customers (including current portion)
3,987

 
7,629

Unfunded future income taxes (including other long-term liabilities)
74,712

 
57,719

Total regulatory liabilities
$
81,530

 
$
67,405

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)
2015
 
2014
 
2013
Additions to Utility Plant:
 
 
 
 
 
Company Financed
$
47,774

 
$
44,969

 
$
32,717

Allowance for Funds Used During Construction
530

 
518

 
366

Subtotal – Utility Plant Increase to Rate Base
48,304

 
45,487

 
33,083

Advances from Others for Construction
251

 
699

 
586

Net Additions to Utility Plant
$
48,555

 
$
46,186

 
$
33,669

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,
2015
 
2014
 
2013
Numerator (in thousands)
 
 
 
 
 
Basic Net Income Applicable to Common Stock
$
22,723

 
$
21,281

 
$
18,231

Diluted Net Income Applicable to Common Stock
$
22,723

 
$
21,281

 
$
18,231

Denominator (in thousands)
 

 
 

 
 

Basic Weighted Average Shares Outstanding
10,958

 
10,893

 
10,827

Dilutive Effect of Stock Awards
206

 
198

 
169

Diluted Weighted Average Shares Outstanding
11,164

 
11,091

 
10,996

Earnings per Share
 

 
 

 
 

Basic Earnings per Share
$
2.07

 
$
1.95

 
$
1.68

Dilutive Effect of Stock Awards
0.03

 
0.03

 
0.02

Diluted Earnings per Share
$
2.04

 
$
1.92

 
$
1.66

Income Tax Expense (Tables)
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)
 
2015
 
2014
 
2013
Federal Classified as Operating (Benefit) Expense
 
$
(562
)
 
$
2,919

 
$
2,028

Federal Classified as Other Utility Income
 
409

 
424

 
434

Federal Classified as Other Income (Expense)
 
 

 
 

 
 

Land Sales and Donations
 
(70
)
 
26

 
(2
)
Non-Water Sales
 
664

 
788

 
781

Other
 
(832
)
 
(825
)
 
(69
)
Total Federal Income Tax (Benefit) Expense
 
(391
)
 
3,332

 
3,172

State Classified as Operating (Benefit) Expense
 
(257
)
 
677

 
3,916

State Classified as Other Utility Income (Expense)
 
98

 
100

 
103

State Classified as Other Income
 
 

 
 

 
 

Land Sales and Donations
 
(287
)
 
6

 
2

Non-Water Sales
 
196

 
194

 
200

Other
 
(128
)
 
(82
)
 
(300
)
Total State Income Tax (Benefit) Expense
 
(378
)
 
895

 
3,921

Total Income Tax (Benefit) Expense
 
$
(769
)
 
$
4,227

 
$
7,093

The components of the Federal and State income tax provisions are:

(in thousands)
 
2015
 
2014
 
2013
Current Income Taxes
 
 
 
 
 
 
Federal
 
$
315

 
$
427

 
$
1,509

State
 
201

 
(306
)
 
152

Total Current
 
516

 
121

 
1,661

Deferred Income Taxes, Net
 
 

 
 

 
 

Federal
 
 

 
 

 
 

Investment Tax Credit
 
(75
)
 
(75
)
 
(77
)
Excess Deferred Taxes
 
192

 
—

 
—

Deferred Revenue
 
(754
)
 
215

 
964

Land Donations
 
(179
)
 
(56
)
 
(1
)
Depreciation
 
660

 
1,728

 
792

Net Operating Loss Carry-forwards
 
(1,171
)
 
(600
)
 
—

AMT Credit Carry-forwards
 
53

 
—

 
(587
)
Provision for uncertain positions
 
874

 
2,177

 
1,037

Other
 
(306
)
 
(484
)
 
(465
)
Total Federal
 
(706
)
 
2,905

 
1,663

State
 
 

 
 

 
 

Land Donations
 
41

 
—

 
—

Provision for uncertain positions
 
41

 
663

 
3,528

Other
 
(661
)
 
538

 
241

Total State
 
(579
)
 
1,201

 
3,769

Total Deferred Income Taxes
 
(1,285
)
 
4,106

 
5,432

Total Income Tax
 
$
(769
)
 
$
4,227

 
$
7,093

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)
 
2015
 
2014
Unrecovered Income Taxes
 
$
(77,510
)
 
$
(57,331
)
Deferred Federal and State Income Taxes
 
48,053

 
53,322

Unfunded Future Income Taxes
 
74,712

 
56,919

Unamortized Investment Tax Credits
 
1,264

 
1,339

Other
 
(17
)
 
117

Net Deferred Income Tax Liability
 
$
46,502

 
$
54,366

Components of Deferred Tax (Assets) Liabilities [Table Text Block] 
Deferred income tax (assets) and liabilities are comprised of the following:

(in thousands)
 
2015
 
2014
Tax Credit Carry-forward (1)
 
$
(904
)
 
$
(2,841
)
Provision on Tax Credits
 
—

 
2,003

Charitable Contribution Carry-forwards (2)
 
(372
)
 
(94
)
Prepaid Income Taxes on CIAC
 
63

 
61

Net Operating Loss Carry-forwards (3)
 
(3,730
)
 
(2,665
)
Valuation Allowance on Net Operating Losses
 
1,326

 
1,368

Other Comprehensive Income
 
(597
)
 
(1,040
)
Accelerated Depreciation
 
49,341

 
53,653

Provision on Repair Deductions
 
6,366

 
5,402

Unamortized Investment Tax Credits
 
1,264

 
1,339

Other
 
(6,255
)
 
(2,820
)
Net Deferred Income Tax Liability
 
$
46,502

 
$
54,366

Calculation of Pre-Tax Income [Table Text Block] 
The calculation of Pre-Tax Income is as follows:

(in thousands)
 
2015
 
2014
 
2013
Pre-Tax Income
 
 
 
 
 
 
Net Income
 
$
22,761

 
$
21,319

 
$
18,269

Income Taxes
 
(769
)
 
4,227

 
7,093

Total Pre-Tax Income
 
$
21,992

 
$
25,546

 
$
25,362

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] 
:

 
 
2015
 
2014
 
2013
Federal Statutory Tax Rate
 
34.0
 %
 
34.0
 %
 
34.0
 %
Tax Effect Differences:
 
 

 
 

 
 

State Income Taxes Net of Federal Benefit
 
—
 %
 
1.3
 %
 
3.3
 %
Property Related Items
 
(19.2
)%
 
(25.0
)%
 
(14.5
)%
Performance Stock
 
0.2
 %
 
1.2
 %
 
2.1
 %
Pension Costs
 
(1.7
)%
 
2.9
 %
 
—
 %
Repair Regulatory Liability
 
(11.5
)%
 
(6.3
)%
 
—
 %
Change in Estimate of Prior Year Income Tax Expense
 
(10.6
)%
 
(1.4
)%
 
(14.0
)%
Provision for Uncertain Tax Positions
 
4.1
 %
 
9.2
 %
 
18.0
 %
Other
 
1.2
 %
 
0.7
 %
 
(0.9
)%
Effective Income Tax Rate
 
(3.5
)%
 
16.6
 %
 
28.0
 %
Common Stock (Tables)
Schedule of Stockholders Equity [Table Text Block]
A summary of the changes in the common stock accounts for the period January 1, 2013 through December 31, 2015, appears below:

(in thousands, except share data)
Shares
 
Issuance Amount
 
Expense
 
Total
Balance, January 1, 2013
10,939,486

 
$
138,949

 
$
(4,076
)
 
$
134,873

Stock and equivalents issued through Performance Stock Program, Net of Forfeitures
37,212

 
1,873

 
—

 
1,873

Dividend Reinvestment Plan
53,790

 
1,629

 
—

 
1,629

Stock Options Exercised and Expensed
7,744

 
230

 
(1
)
 
229

Shares issued to acquire BSWC
—

 
—

 
(6
)
 
(6
)
Shares issued in stock offering
—

 
—

 
(7
)
 
(7
)
Balance, December 31, 2013
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 (1)
11,192,882

 
$
148,624

 
$
(4,090
)
 
$
144,534

Retained Earnings (Tables)
Retained Earnings [Table Text Block]
The summary of the changes in Retained Earnings for the period January 1, 2013 through December 31, 2015, appears below:

(in thousands, except per share data)
 
2015
 
2014
 
2013
Balance, beginning of year
 
$
69,370

 
$
59,277

 
$
51,804

Net Income
 
22,761

 
21,319

 
18,269

Sub-total
 
92,131

 
80,596

 
70,073

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:
 
 
 
 
 
 
$1.05, $1.01 and $0.98 per Common Share in 2015, 2014 and 2013, respectively
 
11,715

 
11,188

 
10,758

Total Dividends Declared
 
11,753

 
11,226

 
10,796

Balance, end of year
 
$
80,378

 
$
69,370

 
$
59,277

Accumulated Other Comprehensive Income (Loss) (Tables)
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, 2015, 2014, and 2013, appear below:

(in thousands)
 
Interest Rate Swap
 
Unrealized Gains on Investments
 
Defined Benefit Items
 
Total
Balance as of January 1, 2013 (a)
 
$
(41
)
 
$
69

 
$
(1,356
)
 
$
(1,328
)
Other Comprehensive Income Before Reclassification
 
—

 
165

 
672

 
837

Amounts Reclassified from AOCI
 
41

 
25

 
310

 
376

Net current-period Other Comprehensive Income
 
41

 
190

 
982

 
1,213

Balance as of December 31, 2013
 
$
—

 
$
259

 
$
(374
)
 
$
(115
)
Other Comprehensive Income Before Reclassification
 
—

 
2

 
(1,748
)
 
(1,746
)
Amounts Reclassified from AOCI
 
—

 
37

 
221

 
258

Net current-period Other Comprehensive Income
 
—

 
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
)
 
 
 
 
 
 
 
 
 
(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, 2015, 2014, and 2013:
Details about Other AOCI Components (in thousands)
 
Amounts Reclassified from AOCI for the Year Ended December 31, 2015(a)
 
Amounts Reclassified from AOCI for the Year Ended December 31, 2014(a)
 
Amounts Reclassified from AOCI for the Year Ended December 31, 2013(a)
 
Affected Line Items on Income Statement
Amortization of Cash Flow Hedging Instrument
 
$
—

 
$
—

 
$
29

 
Other
Tax benefit
 
—

 
—

 
12

 
Other
Total Reclassified from AOCI
 
—

 
—

 
41

 
 
 
 
 
 
 
 
 
 
 
Realized Gains on Investments
 
148

 
55

 
38

 
Other
Tax expense
 
(51
)
 
(18
)
 
(13
)
 
Other
Total Reclassified from AOCI
 
97

 
37

 
25

 
 
 
 
 
 
 
 
 
 
 
Amortization of Recognized Net Gain from Defined Benefit Items
 
281

 
335

 
470

 
Other
Tax expense
 
(97
)
 
(114
)
 
(160
)
 
Other
Total Reclassified from AOCI
 
184

 
221

 
310

 
 
 
 
 
 
 
 
 
 
 
Total Reclassifications for the period, net of tax
 
$
281

 
$
258

 
$
376

 
 
 
 
 
 
 
 
 
 
 
(a) Amounts in parentheses indicate loss/expense.
(b) Included in computation of net periodic pension cost (see Note 12 for additional details).
Fair Value Disclosures Fair Value Disclosures (Tables)
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, 2015 and 2014.  These instruments are included in “Other Property and Investments” on the Company’s Consolidated Balance Sheets:

December 31, 2015
 
 
 
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Company Owned Life Insurance
$
—

 
$
2,909

 
$
—

 
$
2,909

Money Market Fund
122

 
—

 
—

 
122

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
1,441

 
—

 
—

 
1,441

Fixed Income Funds (2)
485

 
—

 
—

 
485

Total
$
2,048

 
$
2,909

 
$
—

 
$
4,957


December 31, 2014
 
 
 
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Company Owned Life Insurance
$
—

 
$
2,977

 
$
—

 
$
2,977

Money Market Fund
166

 
—

 
—

 
166

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
1,790

 
—

 
—

 
1,790

Total
$
1,956

 
$
2,977

 
$
—

 
$
4,933

Long-Term Debt Long-Term Debt (Tables)
Schedule of Long-term Debt Instruments [Table Text Block] 
Long-Term Debt at December 31, consisted of the following:
(in thousands)
2015
 
2014
Connecticut Water Service, Inc.:
 
 
 
4.09%
 
Term Loan Note and Supplement A, Due 2027
$
14,472

 
$
15,466

The Connecticut Water Company:
 
 
 
Var.
 
2004 Series Variable Rate, Due 2029
12,500

 
12,500

Var.
 
2004 Series A, Due 2028
5,000

 
5,000

Var.
 
2004 Series B, Due 2028
4,550

 
4,550

5.10%
 
2009 A Series, Due 2039
19,930

 
19,950

5.00%
 
2011 A Series, Due 2021
23,303

 
23,483

3.16%
 
CoBank Note Payable, Due 2020
8,000

 
8,000

3.51%
 
CoBank Note Payable, Due 2022
14,795

 
14,795

4.29%
 
CoBank Note Payable, Due 2028
17,020

 
17,020

4.72%
 
CoBank Note Payable, Due 2032
14,795

 
14,795

4.75%
 
CoBank Note Payable, Due 2033
14,550

 
14,550

Total The Connecticut Water Company
134,443

 
134,643

The Maine Water Company:
 
 
 
8.95%
 
1994 Series G, Due 2024
8,100

 
9,000

2.68%
 
1999 Series J, Due 2019
339

 
424

0.00%
 
2001 Series K, Due 2031
656

 
698

2.58%
 
2002 Series L, Due 2022
75

 
83

1.53%
 
2003 Series M, Due 2023
361

 
381

1.73%
 
2004 Series N, Due 2024
401

 
431

0.00%
 
2004 Series O, Due 2034
127

 
133

1.76%
 
2006 Series P, Due 2026
411

 
431

1.57%
 
2009 Series R, Due 2029
227

 
237

0.00%
 
2009 Series S, Due 2029
628

 
672

0.00%
 
2009 Series T, Due 2029
1,760

 
1,886

0.00%
 
2012 Series U, Due 2042
160

 
165

1.00%
 
2013 Series V, Due 2033
1,360

 
1,385

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
1,176

 
1,251

1.86%
 
Series O, Due 2025
830

 
846

2.23%
 
Series P, Due 2028
1,324

 
1,354

0.01%
 
Series Q, Due 2035
1,864

 
—

1.00%
 
Series R, Due 2025
2,488

 
—

Various
 
Various Capital Leases
17

 
37

Total The Maine Water Company
31,019

 
28,129

Add:  Acquisition Fair Value Adjustment
562

 
820

Less:  Current Portion
(2,842
)
 
(2,457
)
Total Long-Term Debt
$
177,654

 
$
176,601

Schedule of Maturities of Long-term Debt [Table Text Block] 
The Company’s required principal payments for the years 2016 through 2020 are as follows:

(in thousands)
 
 
2016
 
$
2,842

2017
 
$
4,859

2018
 
$
5,342

2019
 
$
3,194

2020
 
$
3,186

Preferred Stock Schedule of Preferred Stock (Tables)
Schedule of Preferred Units [Table Text Block]

The Company’s Preferred Stock at December 31, consisted of the following:

(in thousands, except share data)
 
2015
 
2014
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 Utitlity Plant (Tables)
Utility Plant
The components of utility plant and equipment at December 31, were as follows:

(in thousands)
2015
 
2014
Land
$
13,615

 
$
13,133

Source of supply
35,973

 
35,435

Pumping
37,110

 
35,754

Water treatment
81,544

 
80,291

Transmission and distribution
490,489

 
463,491

General
66,341

 
60,876

Held for future use
432

 
438

Acquisition Adjustment
(3,057
)
 
(3,764
)
Total
$
722,447

 
$
685,654

Taxes Other than Income Taxes Taxes Other Than Income Taxes (Tables)
Taxes Other Than Income Taxes [Table Text Block]
Taxes Other than Income Taxes consist of the following:

(in thousands)
 
2015
 
2014
 
2013
Municipal Property Taxes
 
$
7,896

 
$
7,659

 
$
7,031

Payroll Taxes
 
1,398

 
1,372

 
1,157

Total Taxes Other than Income Taxes
 
$
9,294

 
$
9,031

 
$
8,188

Pension and Other Post-Retirement Benefits Pension and Post-Retirement Benefits (Tables)
Schedule of Net Benefit Costs [Table Text Block] 
The following table shows the components of periodic benefit costs:

PBOP Benefits (in thousands)
2015
 
2014
 
2013
Components of net periodic benefit costs
 
 
 
 
 
Service cost
$
458

 
$
494

 
$
674

Interest cost
562

 
625

 
505

Expected return on plan assets
(324
)
 
(305
)
 
(290
)
Other
225

 
225

 
225

Amortization of:
 

 
 

 
 

Prior service credit
(571
)
 
(806
)
 
(806
)
Recognized net loss
388

 
344

 
433

Net Periodic Post Retirement Benefit Costs
$
738

 
$
577

 
$
741

The following table shows the components of periodic benefit costs:

Pension Benefits (in thousands)
2015
 
2014
 
2013
Components of net periodic benefit costs
 
 
 
 
 
Service cost
$
2,152

 
$
1,829

 
$
2,201

Interest cost
3,114

 
3,087

 
2,781

Expected return on plan assets
(3,847
)
 
(3,567
)
 
(3,195
)
Amortization of:
 

 
 

 
 

Prior service cost
16

 
73

 
74

Net loss
2,979

 
1,319

 
2,250

Net Periodic Pension Benefit Costs
$
4,414

 
$
2,741

 
$
4,111

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)
2015
 
2014
Defined Benefit Pension Plan
$
19,232

 
$
18,180

Post-Retirement Benefit Other than Pension
5,041

 
7,162

Supplemental Executive Retirement Plan
7,915

 
8,440

Deferred Compensation
2,131

 
1,944

Other Long-Term Compensation
70

 
22

Total Long-Term Compensation Arrangements
$
34,389

 
$
35,748

Target Asset Allocation [Table Text Block] 
The targeted asset allocation ratios for those plans as set by the Committee at December 31:

 
2015
 
2014
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 the Company’s defined benefit plans at December 31, the latest valuation date:

Pension Benefits (in thousands)
2015
 
2014
Change in benefit obligation:
 
 
 
Benefit obligation, beginning of year
$
79,815

 
$
64,164

Service cost
2,152

 
1,829

Interest cost
3,114

 
3,087

Actuarial loss (gain)
(4,350
)
 
13,221

Benefits paid
(4,806
)
 
(2,402
)
Administrative expenses
(80
)
 
(84
)
Benefit obligation, end of year
$
75,845

 
$
79,815

Change in plan assets:
 

 
 

Fair value, beginning of year
$
61,635

 
$
56,844

Actual return on plan assets
(136
)
 
3,851

Employer contributions
—

 
3,426

Benefits paid
(4,806
)
 
(2,402
)
Administrative expenses
(80
)
 
(84
)
Fair value, end of year
$
56,613

 
$
61,635

Funded Status
$
(19,232
)
 
$
(18,180
)
Amount Recognized in Consolidated Balance Sheets Consisted of:
 

 
 

Non-current asset
$
—

 
$
—

Current liability
—

 
—

Non-current liability
(19,232
)
 
(18,180
)
Net amount recognized
$
(19,232
)
 
$
(18,180
)
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)
2015
 
2014
Change in benefit obligation:
 
 
 
Benefit obligation, beginning of year
$
15,533

 
$
13,257

Service cost
458

 
494

Interest cost
562

 
625

Plan participant contributions
156

 
123

Actuarial (gain) loss
(3,115
)
 
1,379

Benefits paid
(402
)
 
(345
)
Benefit obligation, end of year
$
13,192

 
$
15,533

Change in plan assets:
 

 
 

Fair value, beginning of year
$
8,429

 
$
8,064

Actual return on plan assets
7

 
572

Employer contributions
13

 
15

Plan participant contributions
156

 
123

Benefits paid
(402
)
 
(345
)
Fair value, end of year
$
8,203

 
$
8,429

Funded Status
$
(4,989
)
 
$
(7,104
)
Amount Recognized in Consolidated Balance Sheets Consisted of:
 

 
 

Non-current asset
$
—

 
$
—

Current liability
—

 
—

Non-current liability
(4,989
)
 
(7,104
)
Net amount recognized
$
(4,989
)
 
$
(7,104
)
Schedule of Assumptions Used [Table Text Block] 
Weighted-average assumptions used to determine benefit obligations at December 31:
2015
 
2014
Discount rate
4.15
%
 
3.80
%

Weighted-average assumptions used to determine net periodic cost for years ended December 31:
2015
 
2014
 
2013
Discount rate
3.80
%
 
4.80
%
 
3.80
%
Expected long-term return on plan assets
4.50
%
 
4.50
%
 
4.50
%
Weighted-average assumptions used to determine benefit obligations at December 31:
2015
 
2014
Discount rate
4.30
%
 
3.95
%
Rate of compensation increase
4.00
%
 
4.00
%

Weighted-average assumptions used to determine net periodic cost for years ended December 31:
2015
 
2014
 
2013
Discount rate
3.95
%
 
4.90
%
 
4.05
%
Expected long-term return on plan assets
7.25
%
 
7.25
%
 
7.25
%
Rate of compensation increase
4.00
%
 
4.00
%
 
3.50
%
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:

PBOP Benefits (in thousands)
2015
 
2014
Change in net loss (gain)
$
(2,797
)
 
$
1,112

Amortization of prior service cost
571

 
806

Amortization of net loss
(388
)
 
(344
)
Other regulatory amortization
(236
)
 
(236
)
Total recognized to Regulatory Asset
$
(2,850
)
 
$
1,338

The following table shows the other changes in plan assets and benefit obligations recognized as a regulatory asset:

Pension Benefits (in thousands)
2015
 
2014
Change in net (gain) loss
$
(429
)
 
$
11,906

Change in prior service cost
—

 
—

Other - regulatory action
2,050

 
—

Amortization of prior service cost
(16
)
 
(73
)
Amortization of net loss
(2,904
)
 
(1,205
)
Total recognized to Regulatory Asset
$
(1,299
)
 
$
10,628

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)
2015
 
2014
Change in net (gain) loss
$
62

 
$
1,031

Change in prior service cost
—

 
—

Amortization of prior service cost
—

 
—

Amortization of net loss
(75
)
 
(114
)
Total recognized to OCI
$
(13
)
 
$
917

Amounts Recognized as Regulatory Asset [Table Text Block] 
Amounts Recognized as a Regulatory Asset at December 31: (in thousands)
2015
 
2014
Prior service cost
$
86

 
$
102

Net loss
12,328

 
13,611

Total Recognized as a Regulatory Asset
$
12,414

 
$
13,713

Amounts Recognized as a Regulatory Asset at December 31: (in thousands)
2015
 
2014
Transition obligation
$
—

 
$
—

Prior service cost
(583
)
 
(1,153
)
Net loss
(135
)
 
3,050

Other regulatory asset
494

 
729

Total Recognized as a Regulatory Asset
$
(224
)
 
$
2,626

Amounts Recognized in Other Comprehensive Income [Table Text Block] 
Amounts Recognized in OCI at December 31: (in thousands)
2015
 
2014
 
2013
Transition obligation
$
—

 
$
—

 
$
—

Prior service cost
—

 
—

 
—

Net loss
338

 
2,401

 
1,484

Total Recognized in Other Comprehensive Income
$
338

 
$
2,401

 
$
1,484

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] 
Estimated Benefit Cost Amortizations for the periods January 1 - December 31:(in thousands)
2016
Amortization of transition obligation
$
—

Amortization of prior service credit
(400
)
Amortization of net loss
35

Total Estimated Net Periodic Benefit Cost Amortizations
$
(365
)
Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands)
2016
Amortization of transition obligation
$
—

Amortization of prior service cost
15

Amortization of net loss
1,916

Total Estimated Net Periodic Benefit Cost Amortizations
$
1,931

Acutal Asset Allocation [Table Text Block] 
Connecticut Water and Maine Water’s other post-retirement benefit plan weighted-average asset allocations at December 31, 2015 and 2014 by asset category were as follows:

 
2015
 
2014
Equity
63
%
 
71
%
Fixed Income
37
%
 
29
%
Total
100
%
 
100
%
Plan Assets
The Company’s pension plan weighted-average asset allocations at December 31, 2015 and 2014 by asset category were as follows:

 
2015
 
2014
Equity
64
%
 
65
%
Fixed Income
36
%
 
35
%
Total
100
%
 
100
%
Fair Value of Benefit Plan Assets [Table Text Block] 

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

 
$
—

 
$
—



2014
 
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
Asset Type:
 
 
 
 
 
Money Market
$
62

 
$
—

 
$
—

Mutual Funds:
 

 
 

 
 

Fixed Income Funds (1)
2,378

 
—

 
—

Equity Funds (2)
5,989

 
—

 
—

Total
$
8,429

 
$
—

 
$
—

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, 2015 and 2014 were as follows:

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

 
$
—

 
$
—


2014
 
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
Asset Type:
 
 
 
 
 
Money Market Fund
$
429

 
$
—

 
$
—

Mutual Funds:
 
 
 
 
 
Fixed Income Funds (1)
21,330

 
—

 
—

Equity Funds (2)
39,876

 
—

 
—

Total
$
61,635

 
$
—

 
$
—

Schedule of Expected Benefit Payments [Table Text Block] 
The plan’s expected future benefit payments are:

(in thousands)
 
2016
$
3,803

2017
4,129

2018
4,354

2019
4,812

2020
4,798

Years 2021 – 2025
26,359

Expected future benefit payments are:

(in thousands)
 
2016
$
434

2017
508

2018
568

2019
629

2020
707

Years 2021 – 2025
4,459

Schedule of Health Care Cost Trend Rates [Table Text Block] 
Assumed health care cost trend rates at December 31:
2015
 
2014
 
Medical
 
Dental
 
Medical
 
Dental
Health care cost trend rate assumed for next year (1)
8.5
%
 
8.5
%
 
9.0
%
 
9.0
%
Rate to which the cost trend rate is assumed to decline
5.0
%
 
5.0
%
 
5.0
%
 
5.0
%
Year that the rate reaches the ultimate trend rate
2023

 
2023

 
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
$
78

 
$
(67
)
Effect on post-retirement benefit obligation
$
774

 
$
(724
)
Stock Based Compensation Plans (Tables)
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] 
 
2013
 
Shares
 
Weighted Average Exercise Price
Options:
 
 
 
Outstanding, beginning of year
7,744

 
$
29.05

Forfeited
—

 
—

Exercised
(7,744
)
 
29.05

Outstanding, end of year
—

 
$
—

Exercisable, end of year
—

 
$
—

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, 2015 and 2014:

 
2015
 
2014
 
Number of Shares
 
Grant Date Weighted Average Fair Value
 
Number of Shares
 
Grant Date Weighted Average Fair Value
Non-vested at beginning of year
40,969

 
$
32.63

 
46,479

 
$
29.43

Granted
26,828

 
35.81

 
24,973

 
34.70

Vested
(16,548
)
 
31.71

 
(28,184
)
 
29.07

Forfeited
(11,252
)
 
34.70

 
(2,299
)
 
34.00

Non-vested at end of year
39,997

 
$
34.59

 
40,969

 
$
32.63

Segment Reporting (Tables)
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, 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

For the year ended December 31, 2013
 

 
 

 
 

 
 

 
 

 
 

 
 

Water Operations
$
93,000

 
$
10,792

 
$
52,878

 
$
(661
)
 
$
5,764

 
$
6,112

 
$
16,793

Real Estate Transactions
95

 
—

 
103

 
—

 
—

 
(1
)
 
(7
)
Services and Rentals
5,862

 
4

 
3,405

 
—

 
(12
)
 
982

 
1,483

Total
$
98,957

 
$
10,796

 
$
56,386

 
$
(661
)
 
$
5,752

 
$
7,093

 
$
18,269


Reconciliation of Assets from Segment to Consolidated [Table Text Block] 
The table below shows assets by segment at December 31:

in thousands):
2015
 
2014
Total Plant and Other Investments:
 
 
 
Water
$
553,773

 
$
514,606

Non-Water
637

 
605

Total Plant and Other Investments
554,410

 
515,211

Other Assets:
 
 
 
Water
159,893

 
152,929

Non-Water
2,215

 
3,049

Total Other Assets
162,108

 
155,978

Total Assets
$
716,518

 
$
671,189

Quarterly Financial Data Quarterly Financial Data (Tables)
Schedule of Quarterly Financial Information [Table Text Block]
Selected quarterly financial data for the years ended December 31, 2015 and 2014 appears below:

(in thousands, except for per share data)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Operating Revenues
$
20,030

 
$
20,260

 
$
26,624

 
$
25,459

 
$
28,444

 
$
27,554

 
$
20,943

 
$
20,747

Total Utility Operating Income
4,320

 
4,089

 
9,954

 
8,479

 
9,709

 
9,682

 
3,456

 
3,747

Net Income
3,103

 
2,986

 
8,675

 
7,490

 
8,755

 
8,448

 
2,228

 
2,395

Basic Earnings per Common Share
0.28

 
0.27

 
0.79

 
0.69

 
0.80

 
0.78

 
0.20

 
0.21

Diluted Earnings per Common Share
0.28

 
0.27

 
0.77

 
0.67

 
0.79

 
0.76

 
0.20

 
0.21

Earnings per Share Earnings per Share (Tables)
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,
2015
 
2014
 
2013
Numerator (in thousands)
 
 
 
 
 
Basic Net Income Applicable to Common Stock
$
22,723

 
$
21,281

 
$
18,231

Diluted Net Income Applicable to Common Stock
$
22,723

 
$
21,281

 
$
18,231

Denominator (in thousands)
 

 
 

 
 

Basic Weighted Average Shares Outstanding
10,958

 
10,893

 
10,827

Dilutive Effect of Stock Awards
206

 
198

 
169

Diluted Weighted Average Shares Outstanding
11,164

 
11,091

 
10,996

Earnings per Share
 

 
 

 
 

Basic Earnings per Share
$
2.07

 
$
1.95

 
$
1.68

Dilutive Effect of Stock Awards
0.03

 
0.03

 
0.02

Diluted Earnings per Share
$
2.04

 
$
1.92

 
$
1.66

Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables)
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, 2015
$
1,202

 
$
158

 
$
413

 
$
947

Year Ended December 31, 2014
$
1,127

 
$
549

 
$
474

 
$
1,202

Year Ended December 31, 2013
$
1,058

 
$
533

 
$
464

 
$
1,127


(1) Amounts charged off as uncollectible after deducting recoveries.
Summary of Significant Accounting Policies (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]
 
 
Pension and post-retirement benefits
$ 12,882 
$ 16,339 
Unrecovered Income Taxes - Regulatory Asset
77,510 
57,331 
Deferred Revenue
5,033 
7,386 
Other Regulatory Assets
3,561 
3,840 
Regulatory Assets
98,986 
84,896 
Other Regulated Liabilities, Current
1,567 
718 
Unamortized Investment Tax Credits
1,264 
1,339 
Customer Refund Liability, Total
3,987 
7,629 
Deferred Future Income Taxes and Other
74,712 
57,719 
Regulatory Liabilities
$ 81,530 
$ 67,405 
Summary of Significant Accounting Policies Components of Addition to Net Utility Plant (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]
 
 
 
Company Financed Additions to Utility Plant
$ 47,774 
$ 44,969 
$ 32,717 
Increase (Decrease) in Allowance for Equity Funds Used During Construction
530 
518 
366 
Subtotal - Utility Plant Increase to Rate Base
48,304 
45,487 
33,083 
Advances from Others for Construction
251 
699 
586 
Property, Plant and Equipment, Additions
$ 48,555 
$ 46,186 
$ 33,669 
Summary of Significant Accounting Policies Earnings Per Share Calculation (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Available to Common Stockholders, Basic
 
 
 
 
 
 
 
 
$ 22,723 
$ 21,281 
$ 18,231 
Net Income (Loss) Available to Common Stockholders, Diluted
 
 
 
 
 
 
 
 
$ 22,723 
$ 21,281 
$ 18,231 
Weighted Average Number of Shares Outstanding, Basic
 
 
 
 
 
 
 
 
10,958 
10,893 
10,827 
Weighted Average Number Diluted Shares Outstanding Adjustment
 
 
 
 
 
 
 
 
206 
198 
169 
Diluted (in shares)
 
 
 
 
 
 
 
 
11,164 
11,091 
10,996 
Basic (in dollars per share)
$ 0.20 
$ 0.80 
$ 0.79 
$ 0.28 
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 2.07 
$ 1.95 
$ 1.68 
Incremental Common Shares Attributal To Share Based Payements Arrangements
 
 
 
 
 
 
 
 
$ 0.03 
$ 0.03 
$ 0.02 
Diluted (in dollars per share)
$ 0.20 
$ 0.79 
$ 0.77 
$ 0.28 
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 2.04 
$ 1.92 
$ 1.66 
Summary of Significant Accounting Policies In Text Linking (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Rate
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
Water Revenue Adjustment
$ 1,583,000 
$ 3,700,000 
$ 3,298,000 
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service
0.00% 
0.00% 
0.00% 
Total Number of Customers Served
123,633 
 
 
Total Towns Served
77 
 
 
Goodwill
$ 30,427,000 
$ 31,685,000 
 
Income Tax Expense (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Rate
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
Operating Loss Carryforwards [Line Items]
 
 
 
Reserve against tangible property deductions
$ 2.1 
$ 5.4 
 
Effective Income Tax Rate, Continuing Operations
(3.50%)
16.60% 
28.00% 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate
34.00% 
34.00% 
34.00% 
Income Tax Expense Components of Income Tax Expense (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Expense [Abstract]
 
 
 
Federal Classified as Operating Expense
$ (562)
$ 2,919 
$ 2,028 
Federal Classified as Other Utility Income
409 
424 
434 
Federal Classified as Other Income - Land Sales and Donations
(70)
26 
(2)
Federal Classified as Other Income - Non-Water Sales
664 
788 
781 
Federal Classified as Other Income - Other
(832)
(825)
(69)
Total Federal Income Tax Expense
(391)
3,332 
3,172 
State Classified as Operating Expense
(257)
677 
3,916 
Statet Classified as Other Utility Income
98 
100 
103 
State Classified as Other - Land Sales and Donations
(287)
6 
2 
State Classified as Other - Non-Water Sales
196 
194 
200 
State Classified as Other - Other
(128)
(82)
(300)
Total State Income Tax Expense
(378)
895 
3,921 
Total Income Tax Expense
$ (769)
$ 4,227 
$ 7,093 
Income Tax Expense Components of Federal and State Income Tax Provision (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Expense [Abstract]
 
 
 
Current Federal Tax Expense (Benefit)
$ 315 
$ 427 
$ 1,509 
Current State and Local Tax Expense (Benefit)
201 
(306)
152 
Current Income Tax Expense (Benefit)
516 
121 
1,661 
Deferred Federal - Investment Tax Credit
(75)
(75)
(77)
Deferred Federal - Deferred Revenue
(754)
215 
964 
Deferred Federal - Land Donations
(179)
(56)
(1)
Deferred Federal - Depreciation
660 
1,728 
792 
Deferred Federal - Other
(306)
(484)
(465)
Deferred Federal Income Tax Expense (Benefit)
(706)
2,905 
1,663 
Deferred State - Land Donations
41 
0 
0 
Deferred State - Other
(661)
538 
241 
Deferred State and Local Income Tax Expense (Benefit)
(579)
1,201 
3,769 
Deferred Income Tax Expense (Benefit)
(1,285)
4,106 
5,432 
Total Income Tax Expense
$ (769)
$ 4,227 
$ 7,093 
Income Tax Expense Deferred Tax (Assets) Liabilities on Consolidated Balance Sheets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Income Tax Expense [Abstract]
 
 
Income Taxes Receivable, Noncurrent
$ (77,510)
$ (57,331)
Deferred Federal and State Income Taxes
48,053 
53,322 
Unfunded Future Income Taxes
74,712 
56,919 
Unamortized Investment Tax Credits
1,264 
1,339 
Other Deferred Income Tax (Assets) Liabilities
(17)
117 
Net Deferred Income Tax (Asset) Liability
$ 46,502 
$ 54,366 
Income Tax Expense Components of Deferred Tax (Assets) Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Income Tax Expense [Abstract]
 
 
Tax Credit Carryforward, Amount
$ (904)
$ (2,841)
Deferred Tax Assets, Charitable Contribution Carryforwards
(372)
(94)
Prepaid Income Taxes on CIAC
63 
61 
Deferred Tax Assets, Operating Loss Carryforwards
(3,730)
(2,665)
Deferred Tax - Other Comprehensive Income
(597)
(1,040)
Accelerated Depreciation
49,341 
53,653 
Deferred Tax Liability, Provision on Repair Deductions
6,366 
5,402 
Unamortized Investment Tax Credits
1,264 
1,339 
Other Deferred Tax (Assets) Liabilities
(6,255)
(2,820)
Net Deferred Income Tax (Asset) Liability
$ 46,502 
$ 54,366 
Income Tax Expense Calculation of Pre-Tax Income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Expense [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net Income
$ 2,228 
$ 8,755 
$ 8,675 
$ 3,103 
$ 2,395 
$ 8,448 
$ 7,490 
$ 2,986 
$ 22,761 
$ 21,319 
$ 18,269 
Total Income Tax Expense
 
 
 
 
 
 
 
 
(769)
4,227 
7,093 
Total Pre-Tax Income
 
 
 
 
 
 
 
 
$ 21,992 
$ 25,546 
$ 25,362 
Income Tax Expense Differences Between the Effective Income Tax Rate and the Statutory Federal Tax Rate (Details)
12 Months Ended
Dec. 31, 2015
Rate
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
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
0.00% 
1.30% 
3.30% 
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation
(19.20%)
(25.00%)
(14.50%)
Effective Income Tax Rate Reconciliation, Tax Credits
0.20% 
1.20% 
2.10% 
Effective Income Tax Rate Reconciliation, Pension Costs
(1.70%)
2.90% 
0.00% 
Effective Tax Rate Reconciliation, Repair Regulatory Liability
(11.50%)
(6.30%)
0.00% 
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent
(10.60%)
(1.40%)
(14.00%)
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent
4.10% 
9.20% 
18.00% 
Effective Income Tax Rate Reconciliation, Other Adjustments
1.20% 
0.70% 
(0.90%)
Effective Income Tax Rate, Continuing Operations
(3.50%)
16.60% 
28.00% 
Income Tax Expense In text linking (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Income Tax Contingency [Line Items]
 
 
Reserve against tangible property deductions
$ 2.1 
$ 5.4 
Common Stock Summary of Common Stock (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Class of Stock [Line Items]
 
 
 
 
Common Stock, Shares, Outstanding
11,192,882 
11,124,630 
11,038,232 
10,939,486 
Common Stock Gross, Value, Issued
$ 148,624 
$ 145,774 
$ 142,681 
$ 138,949 
Common Stock Issuance Expense, Value, Issued
(4,090)
(4,090)
(4,090)
(4,076)
Shares Issued Through Performance Stock Program
25,575 
35,433 
37,212 
 
Shares Issued Through Performance Stock Program, Value
1,314 
1,396 
1,873 
 
Shares Issued Through Performance Stock Program, Value, Expense
0 
0 
0 
 
Shares Issued Through Performance Stock Program, Value, Net
1,314 
1,396 
1,873 
 
Stock Issued During Period, Shares, Dividend Reinvestment Plan
42,677 
50,965 
53,790 
 
Stock Issued During Period, Value, Dividend Reinvestment Plan
1,536 
1,697 
1,629 
 
Stock Issued During Period, Dividend Reinvestment Plan, Expense
0 
0 
0 
 
Stock Issued During Period, Dividend Reinvestment Plan, Net
1,536 
1,697 
1,629 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
 
 
7,744 
 
Stock Issued During Period, Value, Stock Options Exercised
 
 
230 
 
Stock Issued During Period, Stock Options Exercised, Expense
 
 
(1)
 
Stock Issued During Period, Stock Options Exercised, Net
 
 
229 
 
Stock Issued During Period, Shares, Acquisitions
 
 
0 
 
Stock Issued During Period, Value, Acquisitions
 
 
0 
 
Stock Issued During Period, Acquisitions, Expense
 
 
(6)
 
Stock Issued During Period, Acquisitions, Net
 
 
(6)
 
Stock Issued During Period, Shares, New Issues
 
 
0 
 
Stock Issued During Period, Value, New Issues
 
 
0 
 
Stock Issued During Period, New Issues, Expense
 
 
(7)
 
Stock Issued During Period, New Issues, Net
 
 
(7)
 
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2012 - 8,848,848; 2011 - 8,755,398
$ 144,534 
$ 141,684 
$ 138,591 
$ 134,873 
Common Stock In Text Linking (Details)
Dec. 31, 2015
Class of Stock [Line Items]
 
Restricted Shares Outstanding
50,724 
Common Stock Equivalent Shares Outstanding
203,495 
Retained Earnings Retained Earnings Rollforward (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Retained Earnings [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Retained Earnings (Accumulated Deficit)
$ 80,378 
 
 
 
$ 69,370 
 
 
 
$ 80,378 
$ 69,370 
$ 59,277 
$ 51,804 
Net Income
2,228 
8,755 
8,675 
3,103 
2,395 
8,448 
7,490 
2,986 
22,761 
21,319 
18,269 
 
Retained Earnings before Dividends
 
 
 
 
 
 
 
 
92,131 
80,596 
70,073 
 
Preferred Stock Dividend Requirement
 
 
 
 
 
 
 
 
38 
38 
38 
 
Dividends, Common Stock
 
 
 
 
 
 
 
 
11,715 
11,188 
10,758 
 
Dividends
 
 
 
 
 
 
 
 
11,753 
11,226 
10,796 
 
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 Comprehensive Income (Loss) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) Tables [Abstract]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax
$ 0 
$ 0 
$ 0 
$ (41)
Other Comprehensive Income Loss Derivatives Before Reclassification Adjustments Net Of Tax
0 
0 
0 
 
Other Comprehensive Income Loss Reclassification Adjustment Derivatives Included In Net Income Net Of Tax
0 
0 
41 
 
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax
0 
0 
41 
 
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
200 
298 
259 
69 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax
(195)
2 
165 
 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
(98)
39 
190 
 
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax
(1,135)
(1,901)
(374)
(1,356)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax
582 
(1,748)
672 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
766 
(1,527)
982 
 
Accumulated Other Comprehensive Loss
(935)
(1,603)
(115)
(1,328)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
668 
(1,488)
1,213 
 
Total Other Comprehensive Income Before Reclassification, Net of Tax
387 
(1,746)
837 
 
Amortization of Cash Flow Hedging Instrument Reclassified From AOCI, Before Tax
0 
 
29 
 
Amortization of Cash Flow Hedging Instrument Reclassified From AOCI, Tax
0 
 
12 
 
Amortization of Cash Flow Hedging Instrument Reclassified From AOCI, Net of Tax
0 
0 
41 
 
Realized Gains on Investments Reclassified From AOCI, Before Tax
148 
55 
38 
 
Realized Gains on Investments Reclassified From AOCI, Tax
(51)
(18)
(13)
 
Realized Gains on Investments Reclassified From AOCI, Net of Tax
97 
37 
25 
 
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Before Tax
281 
335 
470 
 
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Tax
(97)
(114)
(160)
 
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Net of Tax
184 
221 
310 
 
Total Amounts Reclassified From AOCI, Net of Tax
$ 281 
$ 258 
$ 376 
 
Fair Value Disclosures Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
$ 4,957 
$ 4,933 
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,048 
1,956 
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,909 
2,977 
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Cash Surrender Value [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,909 
2,977 
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,909 
2,977 
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Money Market Funds [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
122 
166 
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 
166 
Money Market Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Money Market Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Equity Funds [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
1,441 
1,790 
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
1,441 
1,790 
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
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
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 
 
Fixed Income Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
$ 0 
 
Fair Value Disclosures In Text Tagging (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term Debt, Fair Value
$ 191,616 
$ 189,942 
Long-term Debt
177,654 
176,601 
Advances for Construction
$ 21,444 
$ 26,718 
Long-Term Debt Long-Term Debt (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
$ 177,654 
$ 176,601 
Long-term Debt, Current Maturities
(2,842)
(2,457)
Long-term Debt
177,654 
176,601 
Connecticut Water Service Term Loan Note and Supplement A [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
14,472 
15,466 
Subsidiaries [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Current Maturities
(134,443)
(134,643)
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
19,930 
19,950 
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
23,303 
23,483 
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
8,100 
9,000 
Subsidiaries [Member] |
Maine Water Company Series J [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
339 
424 
Subsidiaries [Member] |
CoBank Note Payable, Due 2033 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
14,550 
14,550 
Maine Water Company [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
31,019 
28,129 
Maine Water Company [Member] |
Maine Water Company Series K [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
656 
698 
Maine Water Company [Member] |
Maine Water Company Series L [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
75 
83 
Maine Water Company [Member] |
Maine Water Company Series M [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
361 
381 
Maine Water Company [Member] |
Maine Water Company Series N [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
401 
431 
Maine Water Company [Member] |
Maine Water Company Series O [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
127 
133 
Maine Water Company [Member] |
Maine Water Company Series P [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
411 
431 
Maine Water Company [Member] |
Maine Water Company Series R [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
227 
237 
Maine Water Company [Member] |
Maine Water Company Series S [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
628 
672 
Maine Water Company [Member] |
Maine Water Company Series T [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
1,760 
1,886 
Maine Water Company [Member] |
2012 Series U, Due 2042 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
160 
165 
Maine Water Company [Member] |
2013 Series V, Due 2033 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
1,360 
1,385 
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
1,176 
1,251 
Maine Water Company [Member] |
Series O, Due 2025 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
830 
846 
Maine Water Company [Member] |
Series P, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
1,324 
1,354 
Maine Water Company [Member] |
Series Q, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Current Maturities
(1,864)
0 
Maine Water Company [Member] |
Series R, Due 2025 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Current Maturities
(2,488)
0 
Maine Water Company [Member] |
Long Term Capital Leases [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
17 
37 
Maine Water Company [Member] |
Fair Value Adjustment of Long-Term Debt Assume [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
$ 562 
$ 820 
Long-Term Debt Long-Term Debt Parenthetical (Details)
Dec. 31, 2014
Dec. 31, 2013
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 1998, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.05% 
5.05% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 1998, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.13% 
5.13% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2003, Due 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.40% 
4.40% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series C Issued 2003, Due 2022 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.00% 
5.00% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.10% 
5.10% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.00% 
5.00% 
Maine Water Company [Member] |
Maine Water Company Series G [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
9.00% 
9.00% 
Maine Water Company [Member] |
Maine Water Company Series J [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.00% 
3.00% 
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
3.00% 
3.00% 
Maine Water Company [Member] |
Maine Water Company Series M [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.00% 
2.00% 
Maine Water Company [Member] |
Maine Water Company Series N [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.00% 
2.00% 
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
2.00% 
2.00% 
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 in Text (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
 
Long-term Debt, Current Maturities
$ 2,842,000 
$ 2,457,000 
 
Proceeds from Issuance of Long-term Debt
4,352,000 
4,500,000 
14,550,000 
Monetary Limit of Deceased Bond Holders Redemption per Year
25,000 
 
 
Percent Limit of Deceased Bond Holders Redemption per Year
3.00% 
 
 
Subsidiaries [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Long-term Debt, Current Maturities
$ 134,443,000 
$ 134,643,000 
 
Long-Term Debt Schedule of Long Term Debt Maturities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Long-term Debt, Unclassified [Abstract]
 
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months
$ 2,842 
Long-term Debt, Maturities, Repayments of Principal in Year Two
4,859 
Long-term Debt, Maturities, Repayments of Principal in Year Three
5,342 
Long-term Debt, Maturities, Repayments of Principal in Year Four
3,194 
Long-term Debt, Maturities, Repayments of Principal in Year Five
$ 3,186 
Long-Term Debt Paranthetical (Details)
Dec. 31, 2014
Connecticut Water Service Term Loan Note and Supplement A [Member]
Dec. 31, 2013
Connecticut Water Service Term Loan Note and Supplement A [Member]
Dec. 31, 2014
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 1998, Due 2028 [Member]
Dec. 31, 2013
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 1998, Due 2028 [Member]
Dec. 31, 2014
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 1998, Due 2028 [Member]
Dec. 31, 2013
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 1998, Due 2028 [Member]
Dec. 31, 2014
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2003, Due 2020 [Member]
Dec. 31, 2013
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2003, Due 2020 [Member]
Dec. 31, 2014
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series C Issued 2003, Due 2022 [Member]
Dec. 31, 2013
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series C Issued 2003, Due 2022 [Member]
Dec. 31, 2014
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member]
Dec. 31, 2013
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member]
Dec. 31, 2014
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member]
Dec. 31, 2013
Subsidiaries [Member]
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member]
Dec. 31, 2014
Subsidiaries [Member]
CoBank Note Payable, Due 2020 [Member]
Dec. 31, 2013
Subsidiaries [Member]
CoBank Note Payable, Due 2020 [Member]
Dec. 31, 2014
Subsidiaries [Member]
CoBank Note Payable Due 2022 [Member]
Dec. 31, 2013
Subsidiaries [Member]
CoBank Note Payable Due 2022 [Member]
Dec. 31, 2014
Subsidiaries [Member]
CoBank Note Payable Due 2028 [Member]
Dec. 31, 2013
Subsidiaries [Member]
CoBank Note Payable Due 2028 [Member]
Dec. 31, 2014
Subsidiaries [Member]
CoBank Note Payable Due 2032 [Member]
Dec. 31, 2013
Subsidiaries [Member]
CoBank Note Payable Due 2032 [Member]
Dec. 31, 2014
Subsidiaries [Member]
CoBank Note Payable, Due 2033 [Member]
Dec. 31, 2013
Subsidiaries [Member]
CoBank Note Payable, Due 2033 [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series G [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series G [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series J [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series J [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series K [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series K [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series L [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series L [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series M [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series M [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series N [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series N [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series O [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series O [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series P [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series P [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series R [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series R [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series S [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series S [Member]
Dec. 31, 2014
Maine Water Company [Member]
Maine Water Company Series T [Member]
Dec. 31, 2013
Maine Water Company [Member]
Maine Water Company Series T [Member]
Dec. 31, 2014
Maine Water Company [Member]
2012 Series U, Due 2042 [Member]
Dec. 31, 2013
Maine Water Company [Member]
2012 Series U, Due 2042 [Member]
Dec. 31, 2014
Maine Water Company [Member]
2013 Series V, Due 2033 [Member]
Dec. 31, 2013
Maine Water Company [Member]
2013 Series V, Due 2033 [Member]
Dec. 31, 2014
Maine Water Company [Member]
CoBank Note Payable, Due 2017 [Member]
Dec. 31, 2013
Maine Water Company [Member]
CoBank Note Payable, Due 2017 [Member]
Dec. 31, 2014
Maine Water Company [Member]
Series M, Due 2014 [Member]
Dec. 31, 2013
Maine Water Company [Member]
Series M, Due 2014 [Member]
Dec. 31, 2014
Maine Water Company [Member]
Series L, Due 2018 [Member]
Dec. 31, 2013
Maine Water Company [Member]
Series L, Due 2018 [Member]
Dec. 31, 2014
Maine Water Company [Member]
Series N, Due 2022 [Member]
Dec. 31, 2013
Maine Water Company [Member]
Series N, Due 2022 [Member]
Dec. 31, 2014
Maine Water Company [Member]
Series O, Due 2025 [Member]
Dec. 31, 2013
Maine Water Company [Member]
Series O, Due 2025 [Member]
Dec. 31, 2015
Maine Water Company [Member]
Series Q, Due 2028 [Member]
Dec. 31, 2014
Maine Water Company [Member]
Series Q, Due 2028 [Member]
Dec. 31, 2015
Maine Water Company [Member]
Series R, Due 2025 [Member]
Dec. 31, 2014
Maine Water Company [Member]
Series R, Due 2025 [Member]
Dec. 31, 2013
Biddeford & Saco Water Company [Member]
Series P, Due 2028 [Member]
Dec. 31, 2012
Biddeford & Saco Water Company [Member]
Series P, Due 2028 [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.09% 
4.09% 
5.05% 
5.05% 
5.13% 
5.13% 
4.40% 
4.40% 
5.00% 
5.00% 
5.10% 
5.10% 
5.00% 
5.00% 
3.16% 
3.16% 
3.51% 
3.51% 
4.29% 
4.29% 
4.72% 
4.72% 
4.75% 
4.75% 
9.00% 
9.00% 
3.00% 
3.00% 
0.00% 
0.00% 
3.00% 
3.00% 
2.00% 
2.00% 
2.00% 
2.00% 
0.00% 
0.00% 
2.00% 
2.00% 
2.00% 
2.00% 
0.00% 
0.00% 
0.00% 
0.00% 
0.00% 
0.00% 
1.00% 
1.00% 
3.00% 
3.00% 
6.00% 
6.00% 
8.00% 
8.00% 
2.00% 
2.00% 
2.00% 
2.00% 
0.00% 
0.00% 
1.00% 
1.00% 
2.00% 
2.00% 
Preferred Stock Preferred Stock (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
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 (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Dec. 31, 2015
Series A [Member]
 
Class of Stock [Line Items]
 
Preferred Stock, Redemption Price Per Share
$ 21.00 
Cumulative Preferred Stock
 
Class of Stock [Line Items]
 
Preferred Stock, Redemption Price Per Share
$ 16.00 
Preferred Stock, $25 par value [Member]
 
Class of Stock [Line Items]
 
Preferred Stock, Shares Authorized
400 
Preferred Stock, $1 Par Value [Member]
 
Class of Stock [Line Items]
 
Preferred Stock, Shares Authorized
1,000 
Lines of Credit Lines of Credit (Details) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Short-term Debt [Line Items]
 
 
Line of Credit Facility, Current Borrowing Capacity
$ 35,000,000 
 
Interim Bank Loans Payable
16,085,000 
1,991,000 
Line of Credit Facility, Remaining Borrowing Capacity
 
18,900,000 
Short-term Debt, Weighted Average Interest Rate
2.40% 
 
CTWS Line of Credit A [Member]
 
 
Short-term Debt [Line Items]
 
 
Line of Credit Facility, Current Borrowing Capacity
15,000,000 
 
CTWS Line of Credit B [Member]
 
 
Short-term Debt [Line Items]
 
 
Line of Credit Facility, Current Borrowing Capacity
$ 20,000,000 
 
Utility Plant Components of Utility Plant (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
Land
$ 13,615 
$ 13,133 
Source of Supply
35,973 
35,435 
Pumping Equipment
37,110 
35,754 
Water Treatment
81,544 
80,291 
Public Utilities, Property, Plant and Equipment, Transmission and Distribution
490,489 
463,491 
General Plant
66,341 
60,876 
Plant Held for Future Use Amount
432 
438 
Acquisition Adjustment
(3,057)
(3,764)
Utility Plant
$ 722,447 
$ 685,654 
Utility Plant In Text Linking (Details) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
Depreciable Plant
$ 664,415,000 
$ 629,880,000 
Taxes Other than Income Taxes Taxes Other than Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Other Income and Expenses [Abstract]
 
 
 
Amortization of Deferred Property Taxes
$ 7,896 
$ 7,659 
$ 7,031 
Payroll Taxes
1,398 
1,372 
1,157 
Taxes Other Than Income Taxes
$ 9,294 
$ 9,031 
$ 8,188 
Pension and Other Post-Retirement Benefits Pension Benefit Cost (Details) (USD $)
In Thousands, unless otherwise specified
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
2,152 
1,829 
2,201 
Defined Benefit Plan, Interest Cost
3,114 
3,087 
2,781 
Defined Benefit Plan, Expected Return on Plan Assets
(3,847)
(3,567)
(3,195)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
16 
73 
74 
Defined Benefit Plan, Amortization of Gains (Losses)
2,979 
1,319 
2,250 
Defined Benefit Plan, Net Periodic Benefit Cost
4,414 
2,741 
4,111 
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
458 
494 
674 
Defined Benefit Plan, Interest Cost
562 
625 
505 
Defined Benefit Plan, Expected Return on Plan Assets
(324)
(305)
(290)
Defined benefit plan amortization of regulatory assets
225 
225 
225 
Defined Benefit Plan, Amortization of Transition Obligations (Assets)
(571)
(806)
(806)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
388 
344 
433 
Defined Benefit Plan, Amortization of Gains (Losses)
$ 738 
$ 577 
$ 741 
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
601,000 
583,000 
509,000 
Pension Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Net Periodic Benefit Cost
4,414,000 
2,741,000 
4,111,000 
Defined Benefit Plan, Accumulated Benefit Obligation
66,818,000 
69,985,000 
 
Defined Benefit Plan, Expected Return on Plan Assets
3,847,000 
3,567,000 
3,195,000 
Defined Benefit Plan, Contributions by Employer
0 
3,426,000 
 
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year
5,525,000 
 
 
Defined Benefit Plan, Benefit Obligation
75,845,000 
79,815,000 
64,164,000 
Defined Benefit Plan, Fair Value of Plan Assets
56,613,000 
61,635,000 
56,844,000 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.30% 
3.95% 
 
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)
(2,979,000)
(1,319,000)
(2,250,000)
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Expected Return on Plan Assets
324,000 
305,000 
290,000 
Defined Benefit Plan, Contributions by Employer
13,000 
15,000 
 
Defined Benefit Plan, Benefit Obligation
13,192,000 
15,533,000 
13,257,000 
Defined Benefit Plan, Fair Value of Plan Assets
8,203,000 
8,429,000 
8,064,000 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.15% 
3.80% 
 
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)
(738,000)
(577,000)
(741,000)
Barnstable Water PBOP [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Benefit Obligation
52,000 
58,000 
 
Supplemental Executive Retirement Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Benefit Obligation
7,759,000 
8,235,000 
 
Defined Benefit Plan, Fair Value of Plan Assets
4,957,000 
4,933,000 
 
Defined Benefit Plan, Amortization of Gains (Losses)
$ (1,034,000)
$ (899,000)
$ (811,000)
Pension and Other Post-Retirement Benefits Components of Long-Term Compensation Arrangements (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
LONG-TERM COMPENSATION BENEFITS [Abstract]
 
 
Long-Term Compensation Defined Benefit Pension Plan
$ 19,232 
$ 18,180 
Long-Term Compensation Post Retirement Other Than Pension
5,041 
7,162 
Long-Term Compensation Supplemental Retirement Plan
7,915 
8,440 
Long-Term Compensation Deferred Compensation
2,131 
1,944 
Long-Term Compensation Other Long-Term Compensation
70 
22 
Long-Term Compensation Arrangements
$ 34,389 
$ 35,748 
Pension and Other Post-Retirement Benefits Target Asset Allocation (Details)
Dec. 31, 2015
Rate
Dec. 31, 2014
Rate
LONG-TERM COMPENSATION ARRAGEMENTS [Abstract]
 
 
Targeted Equity Allocation
65.00% 
100.00% 
Targeted Fixed Income Allocation
35.00% 
0.00% 
Total Asset Allocation
100.00% 
100.00% 
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
$ 13,192,000 
$ 15,533,000 
$ 13,257,000 
Defined Benefit Plan, Service Cost
458,000 
494,000 
674,000 
Defined Benefit Plan, Interest Cost
562,000 
625,000 
505,000 
Defined Benefit Plan, Actuarial Gain (Loss)
(3,115,000)
1,379,000 
 
Defined Benefit Plan, Benefits Paid
(402,000)
(345,000)
 
Defined Benefit Plan, Fair Value of Plan Assets
8,203,000 
8,429,000 
8,064,000 
Defined Benefit Plan, Actual Return on Plan Assets
7,000 
572,000 
 
Defined Benefit Plan, Contributions by Employer
13,000 
15,000 
 
Defined Benefit Plan, Funded Status of Plan
(4,989,000)
(7,104,000)
 
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
(4,989,000)
(7,104,000)
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
(4,989,000)
(7,104,000)
 
Defined Benefit Plan, Contributions by Plan Participants
156,000 
123,000 
 
Pension Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Benefit Obligation
75,845,000 
79,815,000 
64,164,000 
Defined Benefit Plan, Service Cost
2,152,000 
1,829,000 
2,201,000 
Defined Benefit Plan, Interest Cost
3,114,000 
3,087,000 
2,781,000 
Defined Benefit Plan, Actuarial Gain (Loss)
(4,350,000)
13,221,000 
 
Defined Benefit Plan, Benefits Paid
(4,806,000)
(2,402,000)
 
Defined Benefit Plan, Administration Expenses
(80,000)
(84,000)
 
Defined Benefit Plan, Fair Value of Plan Assets
56,613,000 
61,635,000 
56,844,000 
Defined Benefit Plan, Actual Return on Plan Assets
(136,000)
3,851,000 
 
Defined Benefit Plan, Contributions by Employer
0 
3,426,000 
 
Defined Benefit Plan, Funded Status of Plan
(19,232,000)
(18,180,000)
 
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
(19,232,000)
(18,180,000)
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
$ (19,232,000)
$ (18,180,000)
 
Pension and Other Post-Retirement Benefits Net Periodic Benefit Costs (Details) (USD $)
In Thousands, unless otherwise specified
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
458 
494 
674 
Defined Benefit Plan, Interest Cost
562 
625 
505 
Defined Benefit Plan, Expected Return on Plan Assets
(324)
(305)
(290)
Defined Benefit Plan, Amortization of Transition Obligations (Assets)
(571)
(806)
(806)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
388 
344 
433 
Defined Benefit Plan, Amortization of Gains (Losses)
738 
577 
741 
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
2,152 
1,829 
2,201 
Defined Benefit Plan, Interest Cost
3,114 
3,087 
2,781 
Defined Benefit Plan, Expected Return on Plan Assets
(3,847)
(3,567)
(3,195)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
16 
73 
74 
Defined Benefit Plan, Amortization of Gains (Losses)
2,979 
1,319 
2,250 
Defined Benefit Plan, Net Periodic Benefit Cost
$ 4,414 
$ 2,741 
$ 4,111 
Pension and Other Post-Retirement Benefits Benefit Plan Assumptions (Details)
12 Months Ended
Dec. 31, 2015
Rate
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
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
3.80% 
4.80% 
3.80% 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.15% 
3.80% 
 
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
3.95% 
4.90% 
4.05% 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.30% 
3.95% 
 
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% 
3.50% 
Pension and Other Post-Retirement Benefits Changes in Plan Assets and Benefit Obligations Recognized as a Regulatory Liability (Details) (USD $)
In Thousands, unless otherwise specified
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)
$ (2,797)
$ 1,112 
Amortization of Prior Service Cost Recognized as Regulatory Asset (Liability)
571 
806 
Amortization of Net Loss Recognized as Regulatory Asset (Liability)
(388)
(344)
Total Recognized to Regulatory Asset
(2,850)
1,338 
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)
(429)
11,906 
Change Prior Service Cost Recognized as Regulatory Asset (Liability)
0 
0 
Amortization of Prior Service Cost Recognized as Regulatory Asset (Liability)
(16)
(73)
Amortization of Net Loss Recognized as Regulatory Asset (Liability)
(2,904)
(1,205)
Total Recognized to Regulatory Asset
$ (1,299)
$ 10,628 
Pension and Other Post-Retirement Benefits Amounts Recognized as Regulatory Asset (Details) (USD $)
In Thousands, unless otherwise specified
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
(583)
(1,153)
Amounts Recognized as Regulatory Asset - Net Loss
(135)
3,050 
Total Recognized as a Regulatory Asset
(224)
2,626 
Pension Plans, Defined Benefit [Member]
 
 
Amounts Recognized as Regulatory Asset [Line Items]
 
 
Amounts Recognized as Regulatory Asset - Prior Service Cost
86 
102 
Amounts Recognized as Regulatory Asset - Net Loss
12,328 
13,611 
Total Recognized as a Regulatory Asset
$ 12,414 
$ 13,713 
Pension and Other Post-Retirement Benefits Amounts Recognized in Comprehensive Income (Details) (Pension Plans, Defined Benefit [Member], USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Pension Plans, Defined Benefit [Member]
 
 
 
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
338 
2,401 
1,484 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax
$ 338 
$ 2,401 
$ 1,484 
Pension and Other Post-Retirement Benefits Estimated Net Benefit Cost Amortizations (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
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
(400)
Estimated Amortization of Net Loss
35 
Total Estimated Net Periodic Benefit Cost Amortizations
(365)
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
1,916 
Total Estimated Net Periodic Benefit Cost Amortizations
$ 1,931 
Pension and Other Post-Retirement Benefits Actual Asset Allocation (Details)
Dec. 31, 2015
Rate
Dec. 31, 2014
Rate
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
Acutal Asset Allocation [Line Items]
 
 
Actual Equity Allocation
63.00% 
71.00% 
Actual Fixed Income Allocation
37.00% 
29.00% 
Total Actual Asset Allocation
100.00% 
100.00% 
Pension Plans, Defined Benefit [Member]
 
 
Acutal Asset Allocation [Line Items]
 
 
Actual Equity Allocation
64.00% 
65.00% 
Actual Fixed Income Allocation
36.00% 
35.00% 
Total Actual Asset Allocation
100.00% 
100.00% 
Pension and Other Post-Retirement Benefits Fair Value of Benefit Plan Assets (Details) (USD $)
In Thousands, unless otherwise specified
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
$ 8,203 
$ 8,429 
$ 8,064 
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
8,203 
8,429 
 
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
239 
62 
 
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
2,810 
2,378 
 
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
5,154 
5,989 
 
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
56,613 
61,635 
56,844 
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
56,613 
61,635 
 
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
805 
429 
 
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
19,609 
21,330 
 
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
36,199 
39,876 
 
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-Retirement Benefits Expected Future Benefit Payments (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
Expected Future Benefit Payments [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
$ 434 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
508 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
568 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
629 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
707 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
4,459 
Pension Plans, Defined Benefit [Member]
 
Expected Future Benefit Payments [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
3,803 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
4,129 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
4,354 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
4,812 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
4,798 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
$ 26,359 
Pension and Other Post-Retirement Benefits Assumed Health Care Trend Rates (Details)
12 Months Ended
Dec. 31, 2015
Rate
Dec. 31, 2014
Rate
Medical [Member]
 
 
Assumed Health Care Trend Rates [Line Items]
 
 
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year
8.50% 
9.00% 
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate
5.00% 
5.00% 
Year That the Rate Reaches the Ultimate Trend Rate
2023 
2023 
Dental [Member]
 
 
Assumed Health Care Trend Rates [Line Items]
 
 
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year
8.50% 
9.00% 
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate
5.00% 
5.00% 
Year That the Rate Reaches the Ultimate Trend Rate
2023 
2023 
Pension and Other Post-Retirement Benefits Percentage Change in Assumed Health Care Cost Trend Rates (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components
$ 78 
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components
(67)
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation
774 
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation
$ (724)
Stock Based Compensation Plans In Text Linking (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Allocated Share-based Compensation Expense
$ 1,677,000 
$ 1,957,000 
$ 2,296,000 
Shares To Begin Vesting in Next Fiscal Year
27,000 
 
 
Aggregate Intrinsic Value of Performance Based Awards
829,000 
 
 
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
415,659 
 
 
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
268,239 
 
 
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
218,798 
 
 
Performance Based Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Allocated Share-based Compensation Expense
$ 1,677,000 
$ 1,957,000 
$ 2,296,000 
Stock Based Compensation Plans Stock Option Rollforward (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
0 
7,744 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price
$ 0.00 
$ 29.05 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price
$ 0.00 
 
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period
(7,744)
 
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Exercise Price
$ 29.05 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price
$ 0.00 
 
Stock Based Compensation Plans Performance Based Share Awards (Details) (Performance Based Awards [Member], USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Performance Based Awards [Member]
 
 
 
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
39,997 
40,969 
46,479 
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Non-Vested Shares Outstanding, Weighted Average Grant Date Fair Value
$ 34.59 
$ 32.63 
$ 29.43 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period
26,828 
24,973 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 35.81 
$ 34.70 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
(16,548)
(28,184)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value
$ 31.71 
$ 29.07 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
(11,252)
(2,299)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value
$ 34.70 
$ 34.00 
 
Segment Reporting Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
Revenues
$ 103,088 
$ 101,543 
$ 98,957 
Depreciation, Depletion and Amortization
12,874 
11,789 
10,796 
Operating Expenses
60,858 
57,115 
56,386 
Other Income (Deductions)
(1,158)
(1,096)
(661)
Interest Expense (Net of AFUDC)
6,206 
5,997 
5,752 
Income Tax Expense (Benefit) by Segment
(769)
4,227 
7,093 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
22,761 
21,319 
18,269 
Water Activities [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
97,472 
95,516 
93,000 
Depreciation, Depletion and Amortization
12,871 
11,784 
10,792 
Operating Expenses
57,474 
53,614 
52,878 
Other Income (Deductions)
(1,158)
(1,096)
(661)
Interest Expense (Net of AFUDC)
6,206 
5,997 
5,764 
Income Tax Expense (Benefit) by Segment
(1,255)
3,227 
6,112 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
21,018 
19,798 
16,793 
Real Estate Transactions [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
14 
243 
95 
Depreciation, Depletion and Amortization
0 
0 
0 
Operating Expenses
22 
161 
103 
Other Income (Deductions)
0 
0 
0 
Interest Expense (Net of AFUDC)
0 
0 
0 
Income Tax Expense (Benefit) by Segment
(357)
32 
(1)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
349 
50 
(7)
Services and Rentals [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
5,602 
5,784 
5,862 
Depreciation, Depletion and Amortization
3 
5 
4 
Operating Expenses
3,362 
3,340 
3,405 
Other Income (Deductions)
0 
0 
0 
Interest Expense (Net of AFUDC)
0 
0 
(12)
Income Tax Expense (Benefit) by Segment
843 
968 
982 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
$ 1,394 
$ 1,471 
$ 1,483 
Segment Reporting Segment Reporting Textual Information (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
$ 20,943,000 
$ 28,444,000 
$ 26,624,000 
$ 20,030,000 
$ 20,747,000 
$ 27,554,000 
$ 25,459,000 
$ 20,260,000 
$ 96,041,000 
$ 94,020,000 
$ 91,481,000 
Regulated Operating Revenue, Other
 
 
 
 
 
 
 
 
1,431,000 
1,496,000 
1,519,000 
Water Revenue Adjustment
 
 
 
 
 
 
 
 
$ 1,583,000 
$ 3,700,000 
$ 3,298,000 
Segment Reporting Assets by Segment (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
$ 554,410 
$ 515,211 
Other Assets
162,108 
155,978 
Assets
716,518 
671,189 
Water Activities [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
553,773 
514,606 
Other Assets
159,893 
152,929 
Services and Rentals and Real Estate Combine [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
637 
605 
Other Assets
$ 2,215 
$ 3,049 
Aquisitions Fair Value of Assets Acquired (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Business Acquisition [Line Items]
 
 
 
 
Public Utilities, Property, Plant and Equipment, Net
$ 546,284 
$ 506,939 
 
 
Cash and Cash Equivalents
731 
2,475 
18,371 
13,150 
Accounts Receivable, Net, Current
11,012 
11,971 
 
 
Prepayments and Other Current Assets
5,410 
11,953 
 
 
Goodwill
30,427 
31,685 
 
 
Deferred Charges and Other Costs
7,628 
8,164 
 
 
Total Assets
716,518 
671,189 
 
 
Long-term Debt
177,654 
176,601 
 
 
Accounts Payable and Accrued Expenses
11,882 
10,019 
 
 
Other Current Liabilities
2,409 
2,383 
 
 
Advances for Construction
21,444 
26,718 
 
 
Contributions in Aid of Construction
91,048 
84,371 
 
 
Deferred Federal and State Income Taxes
48,053 
53,322 
 
 
Other Long-Term Liabilities
$ 5,273 
$ 776 
 
 
Aquisitions Pro Forma Summary for Prior Year (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
$ 20,943,000 
$ 28,444,000 
$ 26,624,000 
$ 20,030,000 
$ 20,747,000 
$ 27,554,000 
$ 25,459,000 
$ 20,260,000 
$ 96,041,000 
$ 94,020,000 
$ 91,481,000 
Regulated Operating Revenue, Other
 
 
 
 
 
 
 
 
1,431,000 
1,496,000 
1,519,000 
Revenues
 
 
 
 
 
 
 
 
103,088,000 
101,543,000 
98,957,000 
Net Income
$ 2,228,000 
$ 8,755,000 
$ 8,675,000 
$ 3,103,000 
$ 2,395,000 
$ 8,448,000 
$ 7,490,000 
$ 2,986,000 
$ 22,761,000 
$ 21,319,000 
$ 18,269,000 
Earnings Per Share, Basic
$ 0.20 
$ 0.80 
$ 0.79 
$ 0.28 
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 2.07 
$ 1.95 
$ 1.68 
Earnings Per Share, Diluted
$ 0.20 
$ 0.79 
$ 0.77 
$ 0.28 
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 2.04 
$ 1.92 
$ 1.66 
Aquisitions Maine Water Summary (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
$ 20,943,000 
$ 28,444,000 
$ 26,624,000 
$ 20,030,000 
$ 20,747,000 
$ 27,554,000 
$ 25,459,000 
$ 20,260,000 
$ 96,041,000 
$ 94,020,000 
$ 91,481,000 
Regulated Operating Revenue, Other
 
 
 
 
 
 
 
 
1,431,000 
1,496,000 
1,519,000 
Revenues
 
 
 
 
 
 
 
 
103,088,000 
101,543,000 
98,957,000 
Net Income
$ 2,228,000 
$ 8,755,000 
$ 8,675,000 
$ 3,103,000 
$ 2,395,000 
$ 8,448,000 
$ 7,490,000 
$ 2,986,000 
$ 22,761,000 
$ 21,319,000 
$ 18,269,000 
Earnings Per Share, Basic
$ 0.20 
$ 0.80 
$ 0.79 
$ 0.28 
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 2.07 
$ 1.95 
$ 1.68 
Earnings Per Share, Diluted
$ 0.20 
$ 0.79 
$ 0.77 
$ 0.28 
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 2.04 
$ 1.92 
$ 1.66 
Aquisitions In Text Linking (Details)
12 Months Ended
Dec. 31, 2013
Business Acquisition [Line Items]
 
Stock Issued During Period, Shares, Acquisitions
0 
Aquisitions Goodwill Rollforward (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Goodwill [Line Items]
 
 
Goodwill
$ 30,427 
$ 31,685 
Commitments and Contingencies In Text Linking (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Loss Contingencies [Line Items]
 
 
Amount spent on purchased water contracts
 
$ 1,112,000 
Reserve against tangible property deductions
2,100,000 
5,400,000 
Board Approved Capital Budget in Next Fiscal Year
$ 65,900,000 
 
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 Quarterly Financial Data (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Quarterly Financial [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
$ 20,943 
$ 28,444 
$ 26,624 
$ 20,030 
$ 20,747 
$ 27,554 
$ 25,459 
$ 20,260 
$ 96,041 
$ 94,020 
$ 91,481 
Operating Income (Loss)
3,456 
9,709 
9,954 
4,320 
3,747 
9,682 
8,479 
4,089 
27,439 
25,997 
22,849 
Net Income
$ 2,228 
$ 8,755 
$ 8,675 
$ 3,103 
$ 2,395 
$ 8,448 
$ 7,490 
$ 2,986 
$ 22,761 
$ 21,319 
$ 18,269 
Basic (in dollars per share)
$ 0.20 
$ 0.80 
$ 0.79 
$ 0.28 
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 2.07 
$ 1.95 
$ 1.68 
Diluted (in dollars per share)
$ 0.20 
$ 0.79 
$ 0.77 
$ 0.28 
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 2.04 
$ 1.92 
$ 1.66 
Earnings per Share Earnings per Share (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Shares, Outstanding
11,192,882 
 
 
 
11,124,630 
 
 
 
11,192,882 
11,124,630 
11,038,232 
10,939,486 
Weighted Average Number of Shares Outstanding, Basic
 
 
 
 
 
 
 
 
10,958,000 
10,893,000 
10,827,000 
 
Diluted (in shares)
 
 
 
 
 
 
 
 
11,164,000 
11,091,000 
10,996,000 
 
Basic (in dollars per share)
$ 0.20 
$ 0.80 
$ 0.79 
$ 0.28 
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 2.07 
$ 1.95 
$ 1.68 
 
Incremental Common Shares Attributal To Share Based Payements Arrangements
 
 
 
 
 
 
 
 
$ 0.03 
$ 0.03 
$ 0.02 
 
Diluted (in dollars per share)
$ 0.20 
$ 0.79 
$ 0.77 
$ 0.28 
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 2.04 
$ 1.92 
$ 1.66 
 
Schedule II - Valuation and Qualifying Accounts (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Valuation and Qualifying Accounts Disclosure [Line Items]
 
 
 
 
Valuation Allowances and Reserves, Balance
$ 947 
$ 1,202 
$ 1,127 
$ 1,058 
Valuation Allowances and Reserves, Charged to Cost and Expense
158 
549 
533 
 
Valuation Allowances and Reserves, Deductions
$ 413 
$ 474 
$ 464