CONNECTICUT WATER SERVICE INC / CT, 10-K filed on 3/16/2015
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2014
Feb. 28, 2015
Jun. 30, 2014
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
 
 
$ 375,872,528 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2014 
 
 
Document Fiscal Year Focus
2014 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
11,152,627 
 
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Operating Revenues
$ 94,020 
$ 91,481 
$ 83,838 
Operating Expenses
 
 
 
Operation and Maintenance
44,445 
44,564 
40,326 
Depreciation
11,784 
10,792 
9,782 
Income Taxes
3,596 
5,944 
6,422 
Taxes Other Than Income Taxes
9,031 
8,188 
7,699 
Total Operating Expenses
68,856 
69,488 
64,229 
Net Operating Revenues
25,164 
21,993 
19,609 
Other Utility Income, Net of Taxes
833 
856 
812 
Total Utility Operating Income
25,997 
22,849 
20,421 
Other Income (Deductions), Net of Taxes
 
 
 
Gain (Loss) on Real Estate Transactions
50 
(7)
951 
Non-Water Sales Earnings
1,471 
1,483 
1,424 
Allowance for Funds Used During Construction
518 
366 
238 
Other
(202)
(292)
(813)
Total Other Income, Net of Taxes
1,837 
1,550 
1,800 
Interest and Debt Expense
 
 
 
Interest on Long-Term Debt
7,023 
7,200 
7,612 
Other Interest Charges
(573)
(913)
575 
Amortization of Debt Expense
65 
(157)
394 
Total Interest and Debt Expense
6,515 
6,130 
8,581 
Net Income
21,319 
18,269 
13,640 
Preferred Stock Dividend Requirement
38 
38 
38 
Net Income Applicable to Common Stock
21,281 
18,231 
13,602 
Weighted Average Common Shares Outstanding:
 
 
 
Basic (in shares)
10,893 
10,827 
8,763 
Diluted (in shares)
11,091 
10,996 
8,900 
Earnings Per Common Share:
 
 
 
Basic (in dollars per share)
$ 1.95 
$ 1.68 
$ 1.55 
Diluted (in dollars per share)
$ 1.92 
$ 1.66 
$ 1.53 
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent
0 
41 
3 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent
(1,527)
982 
(566)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
39 
190 
60 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
(1,488)
1,213 
(503)
Comprehensive Income
$ 19,831 
$ 19,482 
$ 13,137 
CONSOLIDATED STATEMETS OF INCOME (Parentheticals) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Qualified Cash Flow Hedging Instrument Expense, net of tax (benefit) expense of
$ 0 
$ 12,000 
$ 1,000 
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of
(735,000)
398,000 
(389,000)
Unrealized Investment loss, net of tax expense (benefit) of
$ 25,000 
$ 119,000 
$ 40,000 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
ASSETS
 
 
Utility Plant
$ 685,654 
$ 639,704 
Construction Work in Progress
9,304 
12,066 
Gross Utility Plant
694,958 
651,770 
Accumulated Provision for Depreciation
(188,019)
(179,894)
Net Utility Plant
506,939 
471,876 
Other Property and Investments
8,271 
7,388 
Cash and Cash Equivalents
2,475 
18,371 
Accounts Receivable (Less Allowance, 2012 - $976; 2011 - $1,088)
11,971 
12,340 
Accrued Unbilled Revenues
8,283 
7,624 
Materials and Supplies
1,486 
1,633 
Prepayments and Other Current Assets
11,953 
6,928 
Total Current Assets
36,168 
46,896 
Restricted Cash
0 
5,777 
Unamortized Debt Issuance Expense
6,292 
6,841 
Unrecovered Income Taxes - Regulatory Asset
57,331 
47,135 
Pension Benefits - Regulatory Asset
13,713 
3,085 
Post-Retirement Benefits Other Than Pension - Regulatory Asset
2,626 
1,288 
Goodwill
31,685 
31,685 
Deferred Charges and Other Costs
8,164 
8,840 
Total Regulatory and Other Long-Term Assets
119,811 
104,651 
Total Assets
671,189 
630,811 
CAPITALIZATION AND LIABILITIES
 
 
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2012 - 8,848,848; 2011 - 8,755,398
141,684 
138,591 
Retained Earnings (Accumulated Deficit)
69,370 
59,277 
Accumulated Other Comprehensive Loss
(1,603)
(115)
Common Stockholders' Equity
209,451 
197,753 
Preferred Stock
772 
772 
Long-Term Debt
176,601 
175,042 
Total Capitalization
386,824 
373,567 
Debt, Current
2,457 
4,121 
Interim Bank Loans Payable
1,991 
0 
Accounts Payable and Accrued Expenses
10,019 
10,846 
Accrued Interest
693 
753 
Customer Refund Liability, Current
6,079 
4,650 
Other Current Liabilities
2,383 
2,359 
Total Current Liabilities
23,622 
22,729 
Advances for Construction
26,718 
28,718 
Deferred Federal and State Income Taxes
53,322 
47,470 
Unfunded Future Income Taxes
56,919 
46,723 
Long-Term Compensation Arrangements
35,748 
20,651 
Unamortized Investment Tax Credits
1,339 
1,414 
Customer Refund Liability, Noncurrent
1,550 
7,749 
Other Long-Term Liabilities
776 
1,018 
Total Long-Term Liabilities
176,372 
153,743 
Contributions in Aid of Construction
84,371 
80,772 
Commitments and Contingencies
0 
0 
Total Capitalization and Liabilities
$ 671,189 
$ 630,811 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Issued
11,124,630 
11,038,232 
Common Stock, Shares, Outstanding
11,124,630 
11,038,232 
ASSETS
 
 
Allowance
$ 1,202,000 
$ 1,127,000 
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
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Net Income
$ 2,395 
$ 8,448 
$ 7,490 
$ 2,986 
$ 1,904 
$ 9,442 
$ 4,310 
$ 2,613 
$ 21,319 
$ 18,269 
$ 13,640 
Other Comprehensive Income, net of tax
 
 
 
 
 
 
 
 
 
 
 
Qualified Cash Flow Hedging Instrument Expense, net of tax benefit of $1 for three months ended September 30, 2012 and 2011 and $1 for nine months ended September 30, 2012 and 2011
 
 
 
 
 
 
 
 
0 
41 
3 
Reclassification to Pension and Post-Retirement Benefits Other Than Pension, net of tax benfit of $15 and $3 for the three months ended September 30, 2012 and 2011 and $46 and $8 for the nine months ended September 30, 2012 and 2011
 
 
 
 
 
 
 
 
(1,527)
982 
(566)
Unrealized gain (loss) on investments, net of tax (expense) benefit of $(20) and $49 for the three months ended September 30, 2012 and 2011 and $(41) and $50 for the nine months ended September 30, 2012 and 2011
 
 
 
 
 
 
 
 
39 
190 
60 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
 
 
 
 
 
 
 
 
(1,488)
1,213 
(503)
Comprehensive Income
 
 
 
 
 
 
 
 
$ 19,831 
$ 19,482 
$ 13,137 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Other Comprehensive Income, net of tax
 
 
 
Qualified Cash Flow Hedging Instrument Expense, net of tax (benefit) expense of
$ 0 
$ 12,000 
$ 1,000 
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of
(735,000)
398,000 
(389,000)
Unrealized Investment loss, net of tax expense (benefit) of
$ 25,000 
$ 119,000 
$ 40,000 
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Balance at Beginning of Period
 
 
 
$ 59,277 
 
 
 
$ 51,804 
$ 59,277 
$ 51,804 
$ 46,669 
Net Income
2,395 
8,448 
7,490 
2,986 
1,904 
9,442 
4,310 
2,613 
21,319 
18,269 
13,640 
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
 
 
 
 
 
 
 
 
11,188 
10,758 
8,467 
Total Dividends Declared
 
 
 
 
 
 
 
 
11,226 
10,796 
8,505 
Balance at End of Period
69,370 
 
 
 
59,277 
 
 
 
69,370 
59,277 
51,804 
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, 2014
Dec. 31, 2013
Dec. 31, 2012
Stock Issued During Period, Value, Acquisitions
$ 0 
$ 0 
$ 12,012 
Operating Activities:
 
 
 
Net Income
21,319 
18,269 
13,640 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
 
 
 
Deferred Revenues
(3,461)
(3,059)
239 
Allowance for Funds Used During Construction
(518)
(366)
(239)
Depreciation (including $330 and $604 in 2012 and 2011 charged to other accounts)
12,457 
11,140 
10,446 
Gain (Loss) on Sale of Properties
(50)
7 
(951)
Change in Assets and Liabilities:
 
 
 
Increase in Accounts Receivable and Accrued Unbilled Revenues
(291)
(1,205)
(1,333)
Increase in Prepayments and Other Current Assets
(5,012)
(4,321)
(24)
Decrease in Other Non-Current Items
(1,286)
11,985 
5,251 
Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities
1,169 
4,514 
166 
Increase in Deferred Income Taxes and Investment Tax Credits, Net
5,878 
7,386 
(826)
Total Adjustments
8,886 
26,081 
12,729 
Net Cash and Cash Equivalents Provided by Operating Activities
30,205 
44,350 
26,369 
Investing Activities:
 
 
 
Net Additions to Utility Plant Used in Continuing Operations
(45,668)
(33,303)
(25,694)
Purchase of water systems, net of cash acquired
0 
0 
(35,754)
Proceeds from Sale of Land Held-for-investment
243 
95 
1,450 
Release of restricted cash
5,779 
5,457 
6,117 
Net Cash and Cash Equivalents Used in Investing Activities
(39,646)
(27,751)
(53,881)
Financing Activities:
 
 
 
Proceeds from Interim Bank Loans
1,991 
0 
1,660 
Repayment of Interim Bank Loans
0 
(1,660)
(21,372)
Proceeds from Issuance of Common Stock
1,697 
1,629 
51,101 
Proceeds from Issuance of Long-term Debt
4,500 
14,550 
92,840 
Proceeds from the Exercise of Stock Options
0 
225 
631 
Costs to Issue Long-Term Debt and Common Stock
(2)
(42)
(2,316)
Repayment of Long-Term Debt Including Current Portion
(4,114)
(15,870)
(75,430)
Advances from Others for Construction
699 
586 
1,041 
Cash Dividends Paid
(11,226)
(10,796)
(8,505)
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities
(6,455)
(11,378)
39,650 
Net Increase in Cash and Cash Equivalents
(15,896)
5,221 
12,138 
Cash and Cash Equivalents at Beginning of Period
18,371 
13,150 
1,012 
Cash and Cash Equivalents at End of Year
2,475 
18,371 
13,150 
Non-Cash Investing and Financing Activities:
 
 
 
Non-Cash Contributed Utility Plant
1,130 
801 
1,089 
Short-term Investment of Bond Proceeds Held in Restricted Cash
0 
5,777 
9,820 
Cash Paid for:
 
 
 
Interest
6,665 
6,573 
8,488 
State and Federal Income Taxes
$ 1,135 
$ 3,600 
$ 6,161 
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Depreciation charged to other accounts
$ 223 
$ 348 
$ 664 
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 Utility 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, 2014, Connecticut Water and Maine Water were our regulated public water utility companies (collectively the “Regulated Companies”), which served 123,071 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, such as well development, are amortized over the periods they benefit. The Company believes, based on current regulatory circumstances, that the regulatory assets recorded are likely 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,
 
2014
 
2013
Assets:
 
 
 
Pension and postretirement benefits
$
16,339

 
$
4,373

Unrecovered income taxes
57,331

 
47,135

Deferred revenue (included in prepayments and other current assets and deferred charges and other costs)
7,386

 
6,703

Other (included in prepayments and other current assets and deferred charges and other costs)
3,840

 
3,901

Total regulatory assets
$
84,896

 
$
62,112

Liabilities:
 

 
 

Other (included in other current liabilities)
$
718

 
$
602

Unamortized Investment Tax Credits
1,339

 
1,414

Refunds to Customers (including current portion)
7,629

 
12,399

Unfunded future income taxes (including other long-term liabilities)
57,719

 
47,755

Total regulatory liabilities
$
67,405

 
$
62,170



Pension and postretirement benefits include costs in excess of amounts funded.  The Company believes these costs will be recoverable in future years, through rates, as funding is required and has recorded regulatory assets for those costs.  The recovery period is dependent on contributions made to the plans and remaining life expectancy.

Certain items giving rise to deferred state income taxes, as well as a portion of deferred federal income taxes related primarily to differences between book and tax depreciation expense, are recognized for ratemaking purposes on a cash or flow-through basis and 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 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 water revenue adjustment mechanism, 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.  These liabilities will be given back to customers in rates as tax deductions occur in the future.

Regulatory Matters

The rates we charge our Connecticut and Maine water customers 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, 2014 were 9.75% and 7.32%, respectively. Maine Water’s average allowed return on equity and return on rate base, as of December 31, 2014 were 9.50% and 7.96%, respectively.

Connecticut Rates

On January 25, 2013, Connecticut Water filed a Water Infrastructure and Conservation Adjustment (“WICA”) application with the PURA requesting an additional 1.08% surcharge to customer bills related to approximately $6.5 million spending on WICA projects. This application also reduced the surcharge by 0.09% for the prior year reconciliation adjustment which expired April 1, 2013.  On January 30, 2013, Connecticut Water filed for a 0.10% reconciliation adjustment for the 2012 shortfall in WICA, to become effective April 1, 2013.  On March 25, 2013, the PURA approved an additional 1.06% surcharge, effective April 1, 2013. Additionally, on March 27, 2013, the PURA approved a 0.10% reconciliation adjustment, effective April 1, 2013. As of April 1, 2013, Connecticut Water’s cumulative WICA surcharge was 6.80%.

On July 25, 2013, Connecticut Water filed a WICA application with the PURA requesting an additional 1.09% surcharge to customers’ bills, representing approximately $5.6 million in WICA related projects. On September 18, 2013 the PURA approved the 1.09% surcharge with the new rates becoming effective on October 1, 2013. As of October 1, 2013, the cumulative WICA surcharge was 7.89%.

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

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

On 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, to become effective April 1, 2015. The Company expects PURA to issue a decision on these WICA filings in March of 2015. If approved as filed, the cumulative WICA surcharge will be 3.04%.

On June 5, 2013, the Connecticut’s General Assembly passed Public Act 13-78, “An Act Concerning Water Infrastructure and Conservation, Municipal Reporting Requirements and Unpaid Utility Accounts at Multi-Family Dwellings” (“PA 13-78”), which authorized the 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 allows water companies to defer on the balance sheet, as a regulatory asset or liability, for later collection from or crediting to customers the amount by which actual revenues deviate from the revenues allowed in the most recent general rate proceedings, including WICA proceedings. Additionally, PA 13-78 raises the cap for WICA charges to 10%, from 7.5%, between general rate cases and expands the eligible projects to include energy conservation projects, improvements required to comply with streamflow regulations, and improvements to acquired systems.

On June 28, 2013, Connecticut Water entered into a settlement agreement with the OCC 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 regulations issued by the Internal Revenue Service (“IRS”) 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.

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

On August 30, 2013, the PURA issued a final decision approving the Settlement Agreement. Connecticut Water began to issue a credit on customers' bills of approximately 8.5% on April 1, 2014, related to the repair deduction. Additionally, Connecticut Water began adding an approximate 4.5% surcharge to customer bills related to the WRA for a net surcredit of approximately 4.0%.

Connecticut Water’s allowed revenues for the year ended December 31, 2014, as approved by PURA during our 2010 general rate case and including subsequently approved WICA surcharges, were approximately $75.5 million. Through normal billing for the year ended December 31, 2014 operating revenue for Connecticut Water would have been approximately $71.8 million had the WRA not been implemented. As a result of the implementation of the WRA, Connecticut Water recorded $3.7 million in additional revenue for the year ended December 31, 2014. During the year ended December 31, 2013, Connecticut Water recorded $3.3 million in additional revenue related to the WRA.

Maine Rates

In April 2013, Maine Water filed for rate increases in three of its ten divisions, totaling approximately $94,000 in additional revenue, driven primarily by declining consumption and small expense increases. On July 9, 2013, the MPUC approved rate increases totaling $88,000 for these divisions, which became effective on July 1, 2013. In June 2013, Maine Water filed for rate increases in three additional divisions, totaling approximately $554,000 in additional revenue, driven primarily by capital expenditures, declining consumption and small expense increases. Two of these cases were approved by the MPUC with additional annual revenue of $90,000 which became effective on November 1, 2013. The remaining case was approved by the MPUC during the first quarter of 2014 and granted an annual increase of $340,000, which became effective on March 25, 2014. Additionally, Maine Water filed for a general rate increase for its Biddeford and Saco division, its largest division, on November 5, 2014 requesting $1.7 million in additional revenues, offset by $700,000 in the first year due to the adoption of IRS Revenue Procedure 2012-19 (“Repair Regulations”). Maine Water entered into a stipulation agreement (“Biddeford Stipulation Agreement”) with Maine’s Office of 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, 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 effective no earlier than March 1, 2015.

Effective June 2013, a Water Infrastructure Charge (“WISC”) became available in Maine that allows for expedited recovery of investment in water system infrastructure replacement, both treatment and distribution. Because the MPUC sets rates for Maine Water on a division-by-division basis, the WISC must be implemented in the same manner. To date, Maine Water has implemented a WISC in all of its ten divisions with expected annual revenue totaling $442,000.

On October 30, 2014, Maine Water petitioned the MPUC for approval of an accounting order that would allow it to refund 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 allowing the requesting 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. The MPUC orders that approved the Biddeford Stipulation Agreement and the Maine Water Stipulation Agreement are subject to a 21 day appeal period in which interveners have an opportunity to review or appeal the decision. As part of the Biddeford Stipulation Agreement and the Maine Water Stipulation Agreement, the Company is required to determine the remaining deferred tax liabilities associated with the fixed assets which the Company will be deducting as part of the adoption of the Repair Regulations. All parties to the Biddeford Stipulation Agreement, the Maine Water Stipulation Agreement, and the MPUC, agree that any benefit resulting from the elimination of deferred tax liabilities previously recorded on qualifying fixed assets subject to the Repair Regulation deduction, be deferred and considered in a separate docket initiated after the Company has analyzed this additional deferred tax liability in more detail. The Company believes that this analysis is an integral component to the overall accounting for the adoption of the Repair Regulations and the adoption of the flow-through method of accounting for regulatory accounting related to the adoption of the Repair Regulations. As such, though the Company believes the Biddeford Stipulation Agreement, the Maine Water Stipulation Agreement and MPUC orders (subject to the appeal process) are probable of being approved, the Company believes it is not possible to estimate the accounting impact of the Biddeford Stipulation Agreement and the Maine Water Stipulation Agreement including the separate analysis of the deferred tax liabilities as of December 31, 2014 and as a result has not recorded the impact of flow through accounting related to these deductions.

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 Activities – 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. Upon completion of any real estate transaction, the Company no longer has any continuing involvement in the property. 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 Net 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.  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 – 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)
2014
 
2013
 
2012
Additions to Utility Plant:
 
 
 
 
 
Company Financed
$
44,969

 
$
32,717

 
$
24,653

Allowance for Funds Used During Construction
518

 
366

 
239

Subtotal – Utility Plant Increase to Rate Base
45,487

 
33,083

 
24,892

Advances from Others for Construction
699

 
586

 
1,041

Net Additions to Utility Plant
$
46,186

 
$
33,669

 
$
25,933



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%, 1.8%, and 2.0% for 2014, 2013, and 2012, 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 recoverable 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 $31.7 million as of December 31, 2014 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 part of FASB ASC 350, the Company is required to perform an annual goodwill impairment test, 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 Activities reporting unit to its respective carrying amount, the impairment test performed in 2014 concluded that the estimated fair value of the Water Activities reporting unit, which has goodwill recorded, exceeded the reporting unit’s carrying amount by at least 81% as of December 31, 2014, 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,
2014
 
2013
 
2012
Numerator (in thousands)
 
 
 
 
 
Basic Net Income Applicable to Common Stock
$
21,281

 
$
18,231

 
$
13,602

Diluted Net Income Applicable to Common Stock
$
21,281

 
$
18,231

 
$
13,602

Denominator (in thousands)
 

 
 

 
 

Basic Weighted Average Shares Outstanding
10,893

 
10,827

 
8,763

Dilutive Effect of Stock Awards
198

 
169

 
137

Diluted Weighted Average Shares Outstanding
11,091

 
10,996

 
8,900

Earnings per Share
 

 
 

 
 

Basic Earnings per Share
$
1.95

 
$
1.68

 
$
1.55

Dilutive Effect of Stock Awards
0.03

 
0.02

 
0.02

Diluted Earnings per Share
$
1.92

 
$
1.66

 
$
1.53



NEW ACCOUNTING PRONOUNCEMENTS – In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-05, “Service Concession Arrangements.” The ASU clarifies that an operating entity should not account for a services concession arrangement with a public-sector grantor as a lease if: (1) the grantor controls or has the ability to modify or approve the services the operating entity must provide, to whom it must provide them, and at what price and (2) the grantor controls any residual interest in the infrastructure at the end of the arrangement. In addition, the infrastructure used in a service concession arrangement would not be recognized as property, plant and equipment of the operating entity. The ASU is to be applied on a modified retrospective basis to service concession arrangements outstanding upon adoption and will be effective for the Company beginning January 1, 2015. The Company is currently assessing the impact of this standard on its consolidated financial statements and footnote disclosures, but does not expect that the adoption of this guidance will materially impact our consolidated financial position.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which amends its guidance related to revenue recognition. ASU 2014-09 requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. ASU 2014-09 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2016, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, however early adoption is not permitted. The Company is currently determining its implementation approach and assessing the impact that this guidance may have on our consolidated financial position.

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

In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” (“ASU 2014-15”). ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern for a one year period subsequent to the date of the financial statements. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for all entities for the first annual period ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. Adoption of this guidance is not expected to have any impact on the determination or reporting of the Company’s financial results.

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 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 on the Income Statement.  There were no such charges or accruals for the years ending December 31, 2014, 2013, and 2012.

On June 11, 2013, the Company was notified by the Connecticut Department of Revenue Services that its state tax filings for the years 2009 through 2011 would be reviewed beginning in the fourth quarter of 2013. The Company is also aware that certain of its peers have been challenged on certain tax credits associated with the fixed capital investment and this is the focus of the State’s review. While the Company firmly believes that all fixed capital investment credits were appropriate and conservatively measured, the preliminary audit findings indicate certain fixed capital investment credits claimed in prior years will ultimately be disallowed. Therefore, as required by FASB ASC 740, during the year ended December 31, 2013, the Company recorded a provision of $2.0 million, or 100% of the credits recorded for transmission and distribution projects that will be subject to disallowance. No additional provision was recorded during the year ended December 31, 2014.

On the 2012 tax return, filed in September 2013, Connecticut Water filed a change in accounting method to adopt the Internal Revenue Services’ temporary tangible property regulations. This method change allowed the Company to take a current year deduction for expenses that were previously capitalized for tax purposes. Since the filing of the 2012 tax return, the IRS has issued final regulations. On February 11, 2014, the Company was notified by the Internal Revenue Service that its Federal tax filing for the 2012 tax year would be reviewed. This review, which is still ongoing, began in the first quarter of 2014. While the Company believes that the deduction taken on its tax return is appropriate, the methodology for determining the deduction could be challenged by the taxing authorities. Therefore, as required by FASB ASC 740, during the year ended December 31, 2014, the Company recorded a provision of $2.8 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 $2.6 million in the prior year for a cumulative total of $5.4 million.

The Company remains subject to examination by federal authorities for the 2011 through 2013 tax years, and the state authorities for the 2009 through 2013 tax years.

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

(in thousands)
 
2014
 
2013
 
2012
Federal Classified as Operating Expense
 
$
2,919

 
$
2,028

 
$
6,103

Federal Classified as Other Utility Income
 
424

 
434

 
427

Federal Classified as Other Income
 
 

 
 

 
 

Land Sales and Donations
 
26

 
(2
)
 
477

Non-Water Sales
 
788

 
781

 
748

Other
 
(825
)
 
(69
)
 
(900
)
Total Federal Income Tax Expense
 
3,332

 
3,172

 
6,855

State Classified as Operating Expense
 
677

 
3,916

 
319

State Classified as Other Utility Income
 
100

 
103

 
121

State Classified as Other Income
 
 

 
 

 
 

Land Sales and Donations
 
6

 
2

 
(97
)
Non-Water Sales
 
194

 
200

 
180

Other
 
(82
)
 
(300
)
 
(47
)
Total State Income Tax Expense
 
895

 
3,921

 
476

Total Income Tax Expense
 
$
4,227

 
$
7,093

 
$
7,331



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

(in thousands)
 
2014
 
2013
 
2012
Current Income Taxes
 
 
 
 
 
 
Federal
 
$
427

 
$
1,509

 
$
4,747

State
 
(306
)
 
152

 
511

Total Current
 
121

 
1,661

 
5,258

Deferred Income Taxes, Net
 
 

 
 

 
 

Federal
 
 

 
 

 
 

Investment Tax Credit
 
(75
)
 
(77
)
 
(71
)
Deferred Revenue
 
215

 
964

 
(77
)
Land Donations
 
(56
)
 
(1
)
 
29

Depreciation
 
1,728

 
792

 
2,411

Net Operating Loss Carry-forwards
 
(600
)
 
—

 
—

AMT Credit Carry-forwards
 
—

 
(587
)
 
—

Provision for uncertain positions
 
2,177

 
1,037

 
—

Other
 
(484
)
 
(465
)
 
(184
)
Total Federal
 
2,905

 
1,663

 
2,108

State
 
 

 
 

 
 

Land Donations
 
—

 
—

 
(83
)
Provision for uncertain positions
 
663

 
3,528

 
—

Other
 
538

 
241

 
48

Total State
 
1,201

 
3,769

 
(35
)
Total Deferred Income Taxes
 
4,106

 
5,432

 
2,073

Total Income Tax
 
$
4,227

 
$
7,093

 
$
7,331



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

(in thousands)
 
2014
 
2013
Unrecovered Income Taxes
 
$
(57,331
)
 
$
(47,135
)
Deferred Federal and State Income Taxes
 
53,322

 
47,470

Unfunded Future Income Taxes
 
56,919

 
46,723

Unamortized Investment Tax Credits
 
1,339

 
1,414

Other
 
117

 
187

Net Deferred Income Tax Liability
 
$
54,366

 
$
48,659



Net deferred income tax liability increased from December 31, 2013 to December 31, 2014 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)
 
2014
 
2013
Tax Credit Carry-forward (1)
 
$
(2,841
)
 
$
(3,020
)
Provision on Tax Credits
 
2,003

 
2,003

Charitable Contribution Carry-forwards (2)
 
(94
)
 
(18
)
Prepaid Income Taxes on CIAC
 
61

 
49

Net Operating Loss Carry-forwards (3)
 
(2,665
)
 
(1,572
)
Valuation Allowance on Net Operating Losses
 
1,368

 
1,244

Other Comprehensive Income
 
(1,040
)
 
(378
)
Accelerated Depreciation
 
53,653

 
47,796

Provision on Repair Deductions
 
5,402

 
2,562

Unamortized Investment Tax Credits
 
1,339

 
1,414

Other
 
(2,820
)
 
(1,421
)
Net Deferred Income Tax Liability
 
$
54,366

 
$
48,659



(1)
State tax credit carry-forwards expire beginning in 2015 and ending in 2037.
(2)
Charitable Contribution carry-forwards expire beginning in 2015 and ending in 2019.
(3)
Net operating loss carry-forwards expire beginning in 2017 and ending in 2032.

The calculation of Pre-Tax Income is as follows:

(in thousands)
 
2014
 
2013
 
2012
Pre-Tax Income
 
 
 
 
 
 
Net Income
 
$
21,319

 
$
18,269

 
$
13,640

Income Taxes
 
4,227

 
7,093

 
7,331

Total Pre-Tax Income
 
$
25,546

 
$
25,362

 
$
20,971



In accordance with required regulatory treatment, 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:

 
 
2014
 
2013
 
2012
Federal Statutory Tax Rate
 
34.0
 %
 
34.0
 %
 
35.0
 %
Tax Effect Differences:
 
 

 
 

 
 

State Income Taxes Net of Federal Benefit
 
1.3
 %
 
3.3
 %
 
1.3
 %
Property Related Items
 
(25.0
)%
 
(14.5
)%
 
(0.1
)%
Performance Stock
 
1.2
 %
 
2.1
 %
 
1.7
 %
Pension Costs
 
2.9
 %
 
—
 %
 
1.6
 %
Repair Regulatory Liability
 
(6.3
)%
 
—
 %
 
—
 %
Unamortized Debt Expense
 
0.5
 %
 
(0.3
)%
 
(2.6
)%
Change in Estimate of prior year Income tax expense
 
(1.4
)%
 
(14.0
)%
 
(1.2
)%
Provision for Uncertain Tax Positions
 
9.2
 %
 
18.0
 %
 
—
 %
Other
 
0.2
 %
 
(0.6
)%
 
(0.7
)%
Effective Income Tax Rate
 
16.6
 %
 
28.0
 %
 
35.0
 %


In the fourth quarter of 2012, five bonds were refinanced allowing for the tax deduction of the associated debt issuance costs creating a decrease in the effective tax rate related to unamortized debt expense.  In the first quarter of 2013, one bond was refinanced allowing for the tax deduction of the associated debt issuance costs creating a decrease in the effective tax rate related to unamortized debt expense.  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 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 disallowance of state tax credits and 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, 2012 through December 31, 2014, appears below:

(in thousands, except share data)
Shares
 
Issuance Amount
 
Expense
 
Total
Balance, January 1, 2012
8,755,398

 
$
73,958

 
$
(1,613
)
 
$
72,345

Stock and equivalents issued through Performance Stock Program, Net of Forfeitures
34,301

 
1,213

 
—

 
1,213

Dividend Reinvestment Plan
50,048

 
1,486

 
—

 
1,486

Stock Options Exercised and Expensed
23,235

 
665

 
(3
)
 
662

Shares issued to acquire BSWC
380,254

 
12,012

 
(154
)
 
11,858

Shares issued in stock offering
1,696,250

 
49,615

 
(2,306
)
 
47,309

Balance, December 31, 2012
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 (1)
11,124,630

 
$
145,774

 
$
(4,090
)
 
$
141,684



(1)
Includes 46,788 restricted shares and 202,501 common stock equivalent shares issued through the Performance Stock Programs through December 31, 2014.

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, 2012 through December 31, 2014, appears below:

(in thousands, except per share data)
 
2014
 
2013
 
2012
Balance, beginning of year
 
$
59,277

 
$
51,804

 
$
46,669

Net Income
 
21,319

 
18,269

 
13,640

Sub-total
 
80,596

 
70,073

 
60,309

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:
 
 
 
 
 
 
$1.01, $0.98 and $0.96 per Common Share in 2014, 2013 and 2012, respectively
 
11,188

 
10,758

 
8,467

Total Dividends Declared
 
11,226

 
10,796

 
8,505

Balance, end of year
 
$
69,370

 
$
59,277

 
$
51,804

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, 2014 and 2013 (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
)
 
 
 
 
 
 
 
 
 
(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, 2014 and 2013 (in thousands):
Details about Other AOCI Components
 
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 Income
Tax benefit
 
—

 
12

 
Other Income
Total Reclassified from AOCI
 
—

 
41

 
 
 
 
 
 
 
 
 
Realized Gains on Investments
 
55

 
38

 
Other Income
Tax expense
 
(18
)
 
(13
)
 
Other Income
Total Reclassified from AOCI
 
37

 
25

 
 
 
 
 
 
 
 
 
Amortization of Recognized Net Gain from Defined Benefit Items
 
335

 
470

 
Other Income (b)
Tax expense
 
(114
)
 
(160
)
 
Other Income
Total Reclassified from AOCI
 
221

 
310

 
 
 
 
 
 
 
 
 
Total Reclassifications for the period, net of tax
 
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 table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2014.  These instruments are included in Other Property and Investments on the Company’s Consolidated Balance Sheets:

(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


The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2013.  These instruments are included in Other Property and Investments on the Company’s Consolidated Balance Sheets:

(in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Company owned life insurance
$
—

 
$
2,843

 
$
—

 
$
2,843

Money Market Fund
62

 
—

 
—

 
62

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
1,528

 
—

 
—

 
1,528

Total
$
1,590

 
$
2,843

 
$
—

 
$
4,433



(1)
Mutual funds consisting primarily of equity 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 Connecticut Water’s December 2011 and Maine Water’s June 2013 bond offerings, the Company recorded unused proceeds from these bond issuances as restricted cash as the funds can only be used for certain capital expenditures.  The Company used the remainder of the proceeds during 2014, as the approved capital expenditures were completed.  The carrying amount of restricted cash as of December 31, 2013 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, 2014 and 2013, the estimated fair value of the Company’s long-term debt was $189,942,000 and $178,526,000, respectively, as compared to the carrying amounts of $176,601,000 and $175,042,000, respectively. The estimated fair value of long term debt was calculated using a discounted cash flow model that uses comparable interest rates and yield curve data based on the A-rated MMD (Municipal Market Data) Index which is the benchmark of current municipal bond yields. Under the fair value hierarchy, the fair value of long term debt is classified as a Level 2 measurement.

ADVANCES FOR CONSTRUCTION – Customer advances for construction have a carrying amount of $26,718,000 and $28,718,000 at December 31, 2014 and 2013, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

The fair values shown above have been reported to meet the disclosure requirements of FASB ASC 825, “Financial Instruments” (“FASB ASC 825”) and do not purport to represent the amounts at which those obligations would be settled.
Long-Term Debt
Long-Term Debt
NOTE 7:  LONG-TERM DEBT

Long-Term Debt at December 31, consisted of the following (in thousands):
 
2014
 
2013
Connecticut Water Service, Inc.:
 
 
 
4.09%
 
Term Loan Note and Supplement A, Due 2027
$
15,466

 
$
16,420

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

 
12,500

Var.
 
2004 Series A, Due 2028
5,000

 
5,000

Var.
 
2004 Series B, Due 2028
4,550

 
4,550

5.10%
 
2009 A Series, Due 2039
19,950

 
19,950

5.00%
 
2011 A Series, Due 2021
23,483

 
23,602

3.16%
 
CoBank Note Payable, Due 2020
8,000

 
8,000

3.51%
 
CoBank Note Payable, Due 2022
14,795

 
14,795

4.29%
 
CoBank Note Payable, Due 2028
17,020

 
17,020

4.72%
 
CoBank Note Payable, Due 2032
14,795

 
14,795

4.75%
 
CoBank Note Payable, Due 2033
14,550

 
14,550

Total The Connecticut Water Company
134,643

 
134,762

The Maine Water Company:
 
 
 
8.95%
 
1994 Series G, Due 2024
9,000

 
9,000

2.68%
 
1999 Series J, Due 2019
424

 
474

0.00%
 
2001 Series K, Due 2031
698

 
739

2.58%
 
2002 Series L, Due 2022
83

 
90

1.53%
 
2003 Series M, Due 2023
381

 
401

1.73%
 
2004 Series N, Due 2024
431

 
451

0.00%
 
2004 Series O, Due 2034
133

 
140

1.76%
 
2006 Series P, Due 2026
431

 
451

1.57%
 
2009 Series R, Due 2029
237

 
242

0.00%
 
2009 Series S, Due 2029
672

 
717

0.00%
 
2009 Series T, Due 2029
1,886

 
2,012

0.00%
 
2012 Series U, Due 2042
165

 
171

1.00%
 
2013 Series V, Due 2033
1,385

 
1,410

2.52%
 
CoBank Note Payable, Due 2017
1,965

 
1,965

4.24%
 
CoBank Note Payable, Due 2024
4,500

 
—

6.45%
 
Series M, Due 2014
—

 
2,700

7.72%
 
Series L, Due 2018
2,250

 
2,250

2.40%
 
Series N, Due 2022
1,251

 
1,297

1.86%
 
Series O, Due 2025
846

 
862

2.23%
 
Series P, Due 2028
1,354

 
1,354

Various
 
Various Capital Leases
37

 
70

Total The Maine Water Company
28,129

 
26,796

Add:  Acquisition Fair Value Adjustment
820

 
1,185

Less:  Current Portion
(2,457
)
 
(4,121
)
Total Long-Term Debt
$
176,601

 
$
175,042



The Company’s required principal payments for the years 2015 through 2019 are as follows (in thousands):

2015
 
$
2,457

2016
 
$
2,511

2017
 
$
4,526

2018
 
$
5,006

2019
 
$
2,856



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 January 1, 2012, the Company and CoBank, ACB (“CoBank”) entered into an amendment to the CoBank Agreement (the “Amendment”) and two additional Promissory Note and Single Advance Term Loan Supplements providing for two additional Term Loans to the Company (the “2012 Term Loan Notes”).  Under the terms of the Amendment and the 2012 Term Loan Notes, on January 3, 2012 the Company borrowed from CoBank, in the aggregate, an additional $36.1 million of an available $40 million to be applied to the Company’s acquisition of the issued and outstanding capital stock of Aqua Maine, Inc. from Aqua America, Inc.

Under one Term Loan Note and Supplement, CoBank loaned the Company $18.0 million, which shall be repaid by the Company in 60 equal quarterly installments of principal and interest over a 15-year amortizing term, with the first installment paid on April 20, 2012 and the last installment due on January 20, 2027.  Under the other Term Loan Note and Supplement, as amended in September 2012, CoBank loaned the Company $18.1 million, which shall be repaid by the Company in quarterly interest payments and repayment of the principal balance in full on the earlier of January 2, 2014 or upon the Company raising equity capital, in the aggregate, up to the outstanding amount owed under the second Term Note and Supplement. The second Term Note was repaid in December 2012 with a portion of the proceeds from the Company’s December 2012 equity issuance.

On October 29, 2012, Connecticut Water entered into a Master Loan Agreement (the “Agreement”) with CoBank. Connecticut Water also delivered to CoBank four Promissory Note and Single Advance Term Loan Supplements, each dated October 29, 2012 (the “Promissory Notes”). On the terms and subject to the conditions set forth in the Promissory Notes issued pursuant to the Agreement, CoBank agreed to make unsecured loans (each a “Loan,” and collectively the “Loans”) to Connecticut Water from time to time, in an aggregate principal amount of up to $54,645,000. Connecticut Water used substantially all of the proceeds of the Loans to refinance the 1998 Series A, 1998 Series B, 2003A Series, 2003C Series and 2005A Series bonds outstanding.

On December 7, 2012, Maine Water entered into an amended and restated Master Loan Agreement with CoBank, pursuant to which CoBank loaned Maine Water $1,965,000, which proceeds were used by Maine Water to reimburse itself for the repayment in full on November 29, 2012 of all principal, accrued interest, premiums, surcharges and other amounts owed by Maine Water pursuant to its long-term bonds previously issued in 1999.

On March 5, 2013, Connecticut Water and CoBank entered into a Promissory Note and Single Advance Term Loan Supplement to the MLA (the “Note”) in which CoBank agreed to make an additional Loan to Connecticut Water in an aggregate principal amount of up to $14,550,000, with a maturity date of March 4, 2033. Additionally, the Company entered into an Amendment to the Guarantee dated March 5, 2013 (the “Guarantee Amendment”), pursuant to which the Company agreed to guarantee the payment of certain of Connecticut Water’s obligations under the Note pursuant to the same terms of the Guarantee. Connecticut Water used substantially all of the proceeds of the Loans to refinance the 2007 A Series bonds outstanding.

On June 3, 2013, Maine Water completed the issuance of $1,409,888 aggregate principal amount of its First Mortgage Bonds, Series V, 1.0% due April 1, 2033 (the “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 will be 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 (the “Agreement”) pursuant to which CoBank loaned Maine Water $4,500,000. Maine Water intends to use the proceeds of the above described loan from CoBank to refinance existing debt and to finance capital expenditures.

During the year ended December 31, 2014, the Maine Water paid off $2,700,000 of the outstanding BSWC Series M bond upon maturity. Additionally, during the year ended December 31, 2014, the Company paid approximately $954,000 related to Connecticut Water Service's Term Note Payable issued as part of the acquisition of Maine Water Company and approximately $434,000 in sinking funds related to Maine Water Company's outstanding bonds.

Financial Covenants – The Company is required to comply with certain covenants in connection with various long term loan agreements.  The most restrictive of these covenants is to maintain a consolidated debt to capitalization ratio of not more than 60%. Additionally, Maine Water has restrictions on cash dividends paid based on restricted net assets. The Company was in compliance with all covenants at December 31, 2014.
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)
 
2014
 
2013
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, 2016.  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, 2014 the total lines of credit available to the Company were $35 million.  As of December 31, 2014, the Company had $2.0 million of Interim Bank Loans Payable. At December 31, 2013 the Company did not have any outstanding Interim Bank Loans Payable.  As of December 31, 2014, the Company had $33.0 million in unused lines of credit.  Interest expense charged on interim bank loans will fluctuate based on market interest rates.

At December 31, 2014, the weighted average interest rates on these short-term borrowings outstanding was 2.2%
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)
2014
 
2013
Land
$
13,133

 
$
12,656

Source of supply
35,435

 
34,007

Pumping
35,754

 
36,334

Water treatment
80,291

 
76,808

Transmission and distribution
463,491

 
431,662

General
60,876

 
52,269

Held for future use
438

 
438

Acquisition Adjustment
(3,764
)
 
(4,470
)
Total
$
685,654

 
$
639,704



The amounts of depreciable utility plant at December 31, 2014 and 2013 included in total utility plant were $629,880,000 and $585,788,000, 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)
2014
 
2013
Land
$
13,133

 
$
12,656

Source of supply
35,435

 
34,007

Pumping
35,754

 
36,334

Water treatment
80,291

 
76,808

Transmission and distribution
463,491

 
431,662

General
60,876

 
52,269

Held for future use
438

 
438

Acquisition Adjustment
(3,764
)
 
(4,470
)
Total
$
685,654

 
$
639,704

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)
 
2014
 
2013
 
2012
Municipal Property Taxes
 
$
7,659

 
$
7,031

 
$
6,567

Payroll Taxes
 
1,372

 
1,157

 
1,132

Total Taxes Other than Income Taxes
 
$
9,031

 
$
8,188

 
$
7,699

Pension and Other Post-Retirement Benefits
Pension and Other Post-Retirement Benefits
NOTE 12:  LONG-TERM COMPENSATION ARRANGEMENTS

The Company has accrued for the following long-term compensation arrangements as of December 31, 2014 and 2013:

(in thousands)
2014
 
2013
Defined Benefit Pension Plan
$
18,180

 
$
7,320

Post Retirement Benefit Other than Pension
7,162

 
5,245

Supplemental Executive Retirement Plan
8,440

 
6,176

Deferred Compensation
1,944

 
1,775

Other Long-Term Compensation
22

 
135

Total Long-Term Compensation Arrangements
$
35,748

 
$
20,651



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, 2014 and 2013:

 
2014
 
2013
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 Employee Retirement Income Security Act of 1974 regulations.  The Company amortizes actuarial gains and losses over the average remaining service period of active participants.  A contribution of $3,426,000 was made in 2014 for the 2013 plan year.  The Company does not expect to make a contribution in 2015 for the 2014 plan year, as allowed by the plan’s current funding status.

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.

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. Also for those hired before this date, no further benefits would accrue on behalf on any participant. For the period of December 10, 2012 through December 31, 2012, BSWC’s net periodic benefit credit was $4,000. Effective December 31, 2013, BSWC’s pension plan was merged into the Company’s pension plan. The tables below showing information for 2013 and future years contain BSWC’s pension plan information.

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)
2014
 
2013
Change in benefit obligation:
 
 
 
Benefit obligation, beginning of year
$
64,164

 
$
66,501

Addition of Biddeford & Saco
—

 
4,076

Service cost
1,829

 
2,201

Interest cost
3,087

 
2,781

Actuarial loss (gain)
13,221

 
(8,154
)
Benefits paid
(2,402
)
 
(3,241
)
Administrative expenses
(84
)
 
—

Benefit obligation, end of year
$
79,815

 
$
64,164

Change in plan assets:
 

 
 

Fair value, beginning of year
$
56,844

 
$
45,406

Addition of Biddeford & Saco
—

 
2,984

Actual return on plan assets
3,851

 
9,075

Employer contributions
3,426

 
2,620

Benefits paid
(2,402
)
 
(3,241
)
Administrative expenses
(84
)
 
—

Fair value, end of year
$
61,635

 
$
56,844

Funded Status
$
(18,180
)
 
$
(7,320
)
Amount Recognized in Consolidated Balance Sheets Consisted of:
 

 
 

Non-current asset
$
—

 
$
—

Current liability
—

 
—

Non-current liability
(18,180
)
 
(7,320
)
Net amount recognized
$
(18,180
)
 
$
(7,320
)


The accumulated benefit obligation for all defined benefit pension plans was approximately $69,985,000 and $56,179,000 at December 31, 2014 and 2013, respectively.

Weighted-average assumptions used to determine benefit obligations at December 31:
2014
 
2013
Discount rate
3.95
%
 
4.90
%
Rate of compensation increase
4.00
%
 
3.50
%

Weighted-average assumptions used to determine net periodic cost for years ended December 31:
2014
 
2013
 
2012
Discount rate
4.90
%
 
4.05
%
 
4.60
%
Expected long-term return on plan assets
7.25
%
 
7.25
%
 
7.25
%
Rate of compensation increase
3.50
%
 
3.50
%
 
3.50
%


From December 31, 2007 through December 31, 2010, the Company based its discount rate assumption on a single rate on the Citigroup Pension Discount Curve that approximated present value of the plan’s payment streams.  Beginning with the year ended December 31, 2011, the Company began to use the Citigroup Above Median AA Pension Discount Curve under the assumption it would more closely replicate the yields of bonds if the Company were to pick individual issuances that matched estimated payment streams of the plans. 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 expected expense for 2015.

The following table shows the components of periodic benefit costs:

Pension Benefits (in thousands)
2014
 
2013
 
2012
Components of net periodic benefit costs
 
 
 
 
 
Service cost
$
1,829

 
$
2,201

 
$
2,020

Interest cost
3,087

 
2,781

 
2,570

Expected return on plan assets
(3,567
)
 
(3,195
)
 
(2,693
)
Amortization of:
 

 
 

 
 

Net transition obligation
—

 
—

 
—

Prior service cost
73

 
74

 
74

Net loss
1,319

 
2,250

 
1,753

Net Periodic Pension Benefit Costs
$
2,741

 
$
4,111

 
$
3,724



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

Pension Benefits (in thousands)
2014
 
2013
Change in net (gain) loss
$
11,906

 
$
(13,154
)
Change in prior service cost
—

 
—

Amortization of transition obligation
—

 
—

Amortization of prior service cost
(73
)
 
(74
)
Amortization of net loss
(1,205
)
 
(2,006
)
Total recognized to Regulatory Asset
$
10,628

 
$
(15,234
)


The following table shows the other changes in plan assets and benefit obligations recognized in other comprehensive income:

Pension Benefits (in thousands)
2014
 
2013
Change in net (gain) loss
$
1,031

 
$
1,002

Change in prior service cost
—

 
—

Amortization of transition obligation
—

 
—

Amortization of prior service cost
—

 
—

Amortization of net loss
(114
)
 
(56
)
Total recognized to Other Comprehensive Income
$
917

 
$
946



Amounts Recognized as a Regulatory Asset at December 31: (in thousands)
2014
 
2013
Transition obligation
$
—

 
$
—

Prior service cost
102

 
176

Net loss
13,611

 
2,909

Total Recognized as a Regulatory Asset
$
13,713

 
$
3,085



Amounts Recognized in Other Comprehensive Income at December 31: (in thousands)
2014
 
2013
 
2012
Transition obligation
$
—

 
$
—

 
$
—

Prior service cost
—

 
—

 
—

Net loss
2,401

 
1,484

 
538

Total Recognized in Other Comprehensive Income
$
2,401

 
$
1,484

 
$
538



Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands)
2015
Amortization of transition obligation
$
—

Amortization of prior service cost
17

Amortization of net loss
2,755

Total Estimated Net Periodic Benefit Cost Amortizations
$
2,772



Plan Assets
The Company’s pension plan weighted-average asset allocations at December 31, 2014 and 2013 by asset category were as follows:

 
2014
 
2013
Equity
65
%
 
65
%
Fixed Income
35
%
 
35
%
Total
100
%
 
100
%


See Note 6 for discussion on how fair value is determined.  The fair values of the Company’s pension plan assets at December 31, 2014 were as follows:

(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

 
$
—

 
$
—


The fair values of the Company’s pension plan assets at December 31, 2013 were as follows:

(in thousands)
Level 1
 
Level 2
 
Level 3
Asset Type:
 
 
 
 
 
Money Market Fund
$
3,297

 
$
—

 
$
—

Mutual Funds:
 
 
 
 
 
Fixed Income Funds (1)
16,533

 
—

 
—

Equity Funds (2)
37,014

 
—

 
—

Total
$
56,844

 
$
—

 
$
—



(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)
 
2015
$
3,797

2016
3,866

2017
4,219

2018
4,284

2019
4,756

Years 2020 – 2024
25,683



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 2014 and 2013 was $15,000 and $9,000, 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, also provides certain health care benefits to eligible retired employees. Employees of The Barnstable Water 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 Water’s PBOP currently is not funded.  Barnstable Water no longer has any employees; therefore, no new participants will be entering Barnstable Water’s PBOP.  The tables below do not include Barnstable Water’s PBOP.  Barnstable Water’s PBOP had a Benefit Obligation of $58,000 and $52,000 at December 31, 2014 and 2013, respectively.  Additionally, this plan did not hold any assets as of December 31, 2014 and 2013.  Barnstable Water’s PBOP’s net periodic benefit costs were less than $1,000 in 2014 and 2013.

The following tables set forth the benefit obligation and fair value of the assets of Connecticut Water and Maine Water’s post-retirement health care benefits at December 31, the latest valuation date:

PBOP Benefits (in thousands)
2014
 
2013
Change in benefit obligation:
 
 
 
Benefit obligation, beginning of year
$
13,257

 
$
13,322

Service cost
494

 
674

Interest cost
625

 
505

Plan participant contributions
123

 
107

Actuarial (gain)
1,379

 
(821
)
Benefits paid
(345
)
 
(530
)
Benefit obligation, end of year
$
15,533

 
$
13,257

Change in plan assets:
 

 
 

Fair value, beginning of year
$
8,064

 
$
7,133

Actual return on plan assets
572

 
1,345

Employer contributions
15

 
9

Plan participant contributions
123

 
107

Benefits paid
(345
)
 
(530
)
Fair value, end of year
$
8,429

 
$
8,064

Funded Status
$
(7,104
)
 
$
(5,193
)
Amount Recognized in Consolidated Balance Sheets Consisted of:
 

 
 

Non-current asset
$
—

 
$
—

Current liability
—

 
—

Non-current liability
(7,104
)
 
(5,193
)
Net amount recognized
$
(7,104
)
 
$
(5,193
)


Weighted-average assumptions used to determine benefit obligations at December 31:
2014
 
2013
Discount rate
3.80
%
 
4.80
%
 
Weighted-average assumptions used to determine net periodic cost for years ended December 31:
2014
 
2013
 
2012
Discount rate
4.80
%
 
3.80
%
 
4.40
%
Expected long-term return on plan assets
4.50
%
 
4.50
%
 
4.50
%


From December 31, 2007 through December 31, 2010, the Company based its discount rate assumption on a single rate on the Citigroup Pension Discount Curve that approximated present value of the plan’s payment streams.  Beginning with the year ended December 31, 2011, the Company began to use the Citigroup Above Median AA Pension Discount Curve under the assumption it would more closely replicate the yields of bonds if the Company were to pick individual issuances that matched estimated payment streams of the plans.

The following table shows the components of periodic benefit costs:

PBOP Benefits (in thousands)
2014
 
2013
 
2012
Components of net periodic benefit costs
 
 
 
 
 
Service cost
$
494

 
$
674

 
$
548

Interest cost
625

 
505

 
538

Expected return on plan assets
(305
)
 
(290
)
 
(269
)
Other
225

 
225

 
225

Amortization of:
 

 
 

 
 

Prior service credit
(806
)
 
(806
)
 
(806
)
Recognized net loss
344

 
433

 
615

Net Periodic Post Retirement Benefit Costs
$
577

 
$
741

 
$
851



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

PBOP Benefits (in thousands)
2014
 
2013
Change in net loss (gain)
$
1,112

 
$
(1,876
)
Change in transition credit
—

 
—

Amortization of transition obligation
—

 
—

Amortization of prior service credit
806

 
806

Amortization of net loss
(344
)
 
(433
)
Other regulatory amortization
(236
)
 
(236
)
Total recognized to Regulatory Asset
$
1,338

 
$
(1,739
)


Amounts Recognized as a Regulatory Asset at December 31: (in thousands)
2014
 
2013
Transition obligation
$
—

 
$
—

Prior service credit
(1,153
)
 
(1,960
)
Net loss
3,050

 
2,281

Other regulatory asset
729

 
967

Total Recognized as a Regulatory Asset
$
2,626

 
$
1,288



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.” 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)
2015
Amortization of transition obligation
$
—

Amortization of prior service credit
(571
)
Amortization of net loss
444

Total Estimated Net Periodic Benefit Cost Amortizations
$
(127
)


Assumed health care cost trend rates at December 31:
2014
 
2013
 
Medical
 
Dental
 
Medical
 
Dental
Health care cost trend rate assumed for next year (1)
9.0
%
 
9.0
%
 
9.5
%
 
9.5
%
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) – Zero percent trend rate from 2013 to 2014.

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 Water plan:

(in thousands)
1 Percentage-Point
 
Increase
 
Decrease
Effect on total of service and interest cost components
$
85

 
$
(75
)
Effect on post-retirement benefit obligation
$
1,038

 
$
(918
)


Plan Assets
Connecticut Water and Maine Water’s other post-retirement benefit plan weighted-average asset allocations at December 31, 2014 and 2013 by asset category were as follows:

 
2014
 
2013
Equity
71
%
 
69
%
Fixed Income
29
%
 
31
%
Total
100
%
 
100
%


See Note 6 for discussion on how fair value is determined.  The fair value of the Company’s PBOP assets at December 31, 2014 were as follows:

(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

 
$
—

 
$
—


The fair value of the Company’s PBOP assets at December 31, 2013 were as follows:

(in thousands)
Level 1
 
Level 2
 
Level 3
Asset Type:
 
 
 
 
 
Money Market
$
229

 
$
—

 
$
—

Mutual Funds:
 

 
 

 
 

Fixed Income Funds (1)
2,299

 
—

 
—

Equity Funds (2)
5,536

 
—

 
—

Total
$
8,064

 
$
—

 
$
—



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

Cash Flows
The Company contributed $15,000 to its other post-retirement benefit plan in 2014 for plan year 2014.  The Company does not expect to make a contribution in 2015 for plan year 2015.

Expected future benefit payments are:

(in thousands)
 
2015
$
444

2016
514

2017
600

2018
670

2019
744

Years 2019 – 2023
4,956



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, 2014 and 2013, the actuarial present values of the projected benefit obligation of these contracts were $8,235,000 and $5,970,000, respectively.  Expense associated with these contracts was approximately $899,000 for 2014, $811,000 for 2013, and $634,000 for 2012 and is reflected in Other Income (Deductions) in the Statements of Income.

Included in Other Property and Investments at December 31, 2014 and 2013 is $4,933,000 and $4,433,000 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.

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 Company contribution charged to expense in 2014, 2013, and 2012 was $583,000, $509,000, and $485,000, 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, 2014, there were 450,000 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 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, 2014, there were 281,613 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 219,115 shares available for payment of dividend equivalents on shares previously awarded under the 1994 PSP as performance shares at December 31, 2014.

Under the 2014 PSP, restricted shares of Common Stock, common stock equivalents or cash units 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 $1,957,000, $2,296,000, and $1,544,000, for 2014, 2013, and 2012, 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. Vesting periods ranged from one to five years. The maximum term ranged from five to ten years.

No stock options were awarded or issued during 2014, 2013, and 2012. As of December 31, 2014, the Company no longer has any outstanding stock options.

 
2013
 
2012
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
Options:
 
 
 
 
 
 
 
Outstanding, beginning of year
7,744

 
$
29.05

 
30,979

 
$
27.63

Forfeited
—

 
—

 
—

 
—

Exercised
(7,744
)
 
29.05

 
(23,235
)
 
27.16

Outstanding, end of year
—

 
$
—

 
7,744

 
$
29.05

Exercisable, end of year
—

 
$
—

 
7,744

 
$
29.05



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, 2014 and 2013:

 
2014
 
2013
 
Number of Shares
 
Grant Date Weighted Average Fair Value
 
Number of Shares
 
Grant Date Weighted Average Fair Value
Non-vested at beginning of year
46,479

 
$
29.43

 
42,177

 
$
28.34

Granted
24,973

 
34.70

 
28,198

 
29.76

Vested
(28,184
)
 
29.07

 
(23,756
)
 
27.88

Forfeited
(2,299
)
 
34.00

 
(140
)
 
29.22

Non-vested at end of year
40,969

 
$
32.63

 
46,479

 
$
29.43



Total stock based compensation recorded in the Consolidated Statements of Income related to performance-based restricted stock awards was $1,957,000, $2,296,000, and $1,544,000 for the year ended December 31, 2014, 2013, and 2012, respectively.

Upon meeting specific performance targets, approximately 25,000 shares, reduced for actual performance targets achieved in 2014, will begin vesting in the first quarter of 2015 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, 2014 was $1,160,000.
Segment Reporting
Segment Reporting
NOTE 14: SEGMENT REPORTING

Our Company operates principally in three segments: water activities, real estate transactions, and services and rentals.  The water segment is comprised of our core regulated water activities 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, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Water Activities
$
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 Activities
$
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

For the year ended December 31, 2012
 

 
 

 
 

 
 

 
 

 
 

 
 

Water Activities
$
85,325

 
$
9,782

 
$
48,153

 
$
(1,760
)
 
$
8,343

 
$
6,022

 
$
11,265

Real Estate Transactions
1,450

 
—

 
119

 
—

 
—

 
380

 
951

Services and Rentals
5,786

 
7

 
3,439

 
—

 
(13
)
 
929

 
1,424

Total
$
92,561

 
$
9,789

 
$
51,711

 
$
(1,760
)
 
$
8,330

 
$
7,331

 
$
13,640


The Revenues shown in Water Activities above consist of revenues from water customers of $94,020,000, $91,481,000 and $83,838,000 in the years 2014, 2013, and 2012, respectively.  Additionally, there were revenues associated with utility plant leased to others of $1,496,000, $1,519,000 and $1,487,000 in the years 2014, 2013, and 2012, 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, 2014 and 2013 include $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. There were no revenues associated with the WRA in the year ended December 31, 2012.

The table below shows assets by segment:

At December 31 (in thousands):
2014
 
2013
Total Plant and Other Investments:
 
 
 
Water
$
514,606

 
$
478,560

Non-Water
605

 
704

Total Plant and Other Investments
515,211

 
479,264

Other Assets:
 
 
 
Water
152,929

 
136,246

Non-Water
3,049

 
15,301

Total Other Assets
155,978

 
151,547

Total Assets
$
671,189

 
$
630,811

Aquisitions
Business Combination Disclosure [Text Block]
NOTE 15:  ACQUISITIONS

Effective January 1, 2012, the Company completed the acquisition of Aqua Maine, Inc. (“AM”) from Aqua America, Inc. (“AA”) for a total cash purchase price, adjusted at closing, of $35.6 million, excluding cash acquired.  Subsequent to the closing, the name of AM was changed to The Maine Water Company (“Maine Water”).  Maine Water is a public water utility regulated by the MPUC that serves approximately 16,000 customers in 11 water systems in the State of Maine.  The acquisition is consistent with the Company’s growth strategy and makes the Company the largest U.S. based publicly-traded water utility company in New England.  The Company accounted for the acquisition in accordance with FASB ASC 805, Business Combinations ("FASB ASC 805"), including the purchase price allocation.

Effective December 10, 2012, the Company completed the acquisition of the Biddeford & Saco Water Company (“BSWC”). Shareholders of BSWC common stock exchanged all outstanding shares for 380,254 shares of Connecticut Water Service, Inc. in a transaction valued at approximately $12.0 million, based on the closing price of the Company's common stock on the acquisition date. BSWC is a public water utility regulated by the MPUC that serves approximately 15,000 customers in 4 communities in the State of Maine. The Company accounted for the acquisition in accordance with FASB ASC 805, including the purchase price allocation. Effective January 1, 2014, BSWC was merged with and into Maine Water.

The fair values of assets acquired and liabilities assumed, including all of Maine Water and BSWC's outstanding long-term debt, are based upon the information that was available as of the acquisition dates, which management believes provides a reasonable basis for the fair values. The fair values of long term-debt were based on similar marketable instruments.

During the year ended December 31, 2012, the Company incurred pre-tax acquisition and closing related expenses of approximately $874,000 to acquire Maine Water and approximately $544,000 to acquire BSWC recorded on the "Other" line item of the "Other Income (Deductions), Net of Taxes" section of the Consolidated Statements of Income. These acquisitions expanded the Company's footprint into another New England state, providing the Company with diversity with respect to weather and regulatory climate and ratemaking.

The following table summarizes the fair value of the Maine Water assets acquired on January 1, 2012 and the BSWC assets on December 10, 2012, the dates of the acquisitions (in thousands):
 
Maine Water
 
BSWC
Net Utility Plant
$
50,877

 
$
19,411

Cash and Cash Equivalents
1,607

 
14

Accounts Receivable, net
974

 
628

Prepayments and Other Current Assets
1,819

 
545

Goodwill
20,369

 
7,708

Deferred Charges and Other Costs
4,498

 
554

Total Assets Acquired
$
80,144

 
$
28,860

 
 
 
 

Long-Term Debt, including current portion
$
18,259

 
$
9,263

Accounts Payable and Accrued Expenses
1,137

 
254

Other Current Liabilities
1,453

 
1,076

Advances for Construction
1,186

 
714

Contributions in Aid of Construction
8,886

 
2,568

Deferred Federal and State Income Taxes
8,046

 
1,668

Other Long-Term Liabilities
4,152

 
1,305

Total Liabilities Assumed
$
43,119

 
$
16,848

 
 

 
 

Net Assets Acquired
$
37,025

 
$
12,012


The fair values of the assets acquired and the liabilities assumed were determined based on the accounting guidance for fair value measurement under GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value analysis assumes the highest and best use of the assets by market participants. For Maine Water, the allocation of the purchase price includes an adjustment to fair value related to the non-regulated customer relationship of Maine Water as well as the fair value of Maine Water’s long-term debt and any associated deferred taxes. For BSWC, the allocation of the purchase price includes an adjustment to fair value related to BSWC's long-term debt and any associated deferred taxes. The Company assumed that the fair value of property, plant and equipment for both Maine Water's and BSWC's regulated operations are not materially different from their net book value as those assets are subject to rate regulation and provide a certain return on those assets as approved by the regulatory authority. In each acquisition, the excess of the purchase price paid over the fair value of the assets acquired and the liabilities assumed was recognized as goodwill, none of which is deductible for tax purposes.

Goodwill is calculated as the excess of the purchase price over the net assets acquired and the contributing factors to the amount recorded include expected future cash flows, potential operational synergies, the utilization of technology and cost savings opportunities in the delivery of certain shared administrative and other services.

The following unaudited pro forma summary for the year ended December 31, 2012 presents information as if BSWC had been acquired on January 1, 2012 and assumes that there were no other changes in our operations.  The following pro forma information does not necessarily reflect the actual results that would have occurred had the Company operated the businesses since January 1, 2012, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands):
 
2012
Operating Revenues
$
87,931

Other Water Activities Revenues
1,487

Real Estate Revenues
1,450

Service and Rentals Revenues
5,914

Total Revenues
$
96,782

 
 
Net Income
$
13,801

 
 
Basic Earnings per Average Share Outstanding
$
1.57

Diluted Earnings per Average Share Outstanding
$
1.55


Additionally, in February 2012, The Connecticut Water Company acquired a small water system in Hebron, Connecticut for $130,000.  The water system serves three multi-unit apartment buildings.
Commitments and Contingencies
Commitments and Contingencies
NOTE 16:  COMMITMENTS AND CONTINGENCIES

Water Supply – Connecticut Water has an agreement with the South Central Connecticut Regional Water Authority (“RWA”) to purchase water from RWA. The agreement was signed April 2006 and became effective upon the receipt of all regulatory approvals in 2008 and 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 became effective November 7, 2010 and has a term of 5 years. Maine Water guarantees a minimum consumption of 63.5 million gallons of water annually. 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. Maine Water expects to renew this agreement during 2015, however, it is unknown what terms any renewal will contain. During 2014, the Company spent $1,276,000 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. The Company is also aware that certain of its peers have been challenged on certain tax credits associated with the fixed capital investment and this is the focus of the State’s review. While the Company firmly believes that all fixed capital investment credits were appropriate and conservatively measured, the preliminary audit findings indicate certain fixed capital investment credits claimed in prior years will ultimately be disallowed. Therefore, as required by FASB ASC 740, during the year ended December 31, 2013, the Company recorded a provision of $2.0 million, or 100% of the credits recorded for transmission and distribution projects that will be subject to disallowance. No additional provision was recorded during the year ended December 31, 2014.

On the 2012 tax return, filed in September 2013, Connecticut Water filed a change in accounting method to adopt the Internal Revenue Services’ temporary tangible property regulations. This method change allowed the Company to take a current year deduction for expenses that were previously capitalized for tax purposes. Since the filing of the 2012 tax return, the IRS has issued final regulations. On February 11, 2014, the Company was notified by the Internal Revenue Service that its Federal tax filing for the 2012 tax year would be reviewed. This review, which is still ongoing, began in the first quarter of 2014. While the Company believes that the deduction taken on its tax return is appropriate, the methodology for determining the deduction could be challenged by the taxing authorities. Therefore, as required by FASB ASC 740, during the year ended December 31, 2014, the Company recorded a provision of $2.8 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 $2.6 million in the prior year for a cumulative total of $5.4 million.

The Company remains subject to examination by federal authorities for the 2011 through 2013 tax years, and the state authorities for the 2009 through 2013 tax years.

Environmental and Water Quality Regulation – The Company is subject to environmental and water quality regulations.  Costs to comply with environmental and water quality regulations are substantial.  We are presently in compliance with current regulations, but the regulations are subject to change at any time.  The costs to comply with future changes in state or federal regulations, which could require us to modify current filtration facilities and/or construct new ones, or to replace any reduction of the safe yield from any of our current sources of supply, could be substantial.

Legal Proceedings – We are involved in various legal proceedings from time to time. Although the results of legal proceedings cannot be predicted with certainty, there are no pending legal proceedings to which we, or any of our subsidiaries are a party, or to which any of our properties is subject, that presents a reasonable likelihood of a material adverse impact on the Company’s financial condition, results of operations or cash flows.

Rate Relief – Connecticut Water and Maine Water are regulated public utilities, which provide water services to their customers.  The rates that regulated companies charge their water customers are subject to the jurisdiction of the regulatory authority of the PURA in Connecticut and the MPUC in Maine.  Connecticut Water’s allowed rate of return on equity and return on rate base are currently 9.75% and 7.32%, respectively. Maine Water’s average allowed return on equity and return on rate base, as of December 31, 2014 were 9.50% and 7.96%, respectively.

In 2007, the State of Connecticut adopted legislation which permits regulated water companies to recapture money spent on eligible infrastructure improvements without a full rate case proceeding.  The PURA may authorize regulated water companies to use a rate adjustment mechanism, such as a Water Infrastructure and Conservation Adjustment (“WICA”), for eligible projects completed and in service for the benefit of the customers.  Regulated water companies may only charge customers such an adjustment to the extent allowed by the PURA based on a water company’s infrastructure assessment report, as approved by the PURA and upon semiannual filings which reflect plant additions consistent with such report. Similarly, during 2013, the Maine Legislature has enacted a law that will allow Maine Water for expedited recovery of investments in water systems infrastructure replacement, both treatment and distribution, through a Water Infrastructure Charge (“WISC”), similar to WICA in Connecticut. Maine Water’s first WISC surcharge has been approved and became effective as of February 1, 2014.

Land Dispositions – The Company and its subsidiaries own additional parcels of land in Connecticut and Maine, which may be suitable in the future for disposition or for further protection through conservation easements, through sale or by donation to municipalities, other local governments or private charitable entities such as local land trusts.  In Connecticut, these additional parcels would include certain Class I and II parcels previously identified for long term conservation by the Connecticut Department of Energy and Environmental Protection (“DEEP”), which have restrictions on development and resale based on provisions of the Connecticut General Statutes.  In Maine, these parcels include primarily company-owned land used for water supply protection, and a permanent conservation easement may be appropriate for some parcels to ensure the permanent protection of the watersheds, while balancing the appropriate community and recreational use of the land.

Capital Expenditures – The Company has received approval from its Board of Directors to spend $55.1 million on capital expenditures in 2015, 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 17:  QUARTERLY FINANCIAL DATA (Unaudited)

Selected quarterly financial data for the years ended December 31, 2014 and 2013 appears below (in thousands, except for per share data):

 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Operating Revenues
$
20,260

 
$
19,729

 
$
25,459

 
$
22,545

 
$
27,554

 
$
27,632

 
$
20,747

 
$
21,575

Total Utility Operating Income
4,089

 
3,565

 
8,479

 
5,438

 
9,682

 
10,249

 
3,747

 
3,597

Net Income
2,986

 
2,613

 
7,490

 
4,310

 
8,448

 
9,442

 
2,395

 
1,904

Basic Earnings per Common Share
0.27

 
0.24

 
0.69

 
0.40

 
0.78

 
0.87

 
0.21

 
0.17

Diluted Earnings per Common Share
0.27

 
0.24

 
0.67

 
0.39

 
0.76

 
0.86

 
0.21

 
0.17

Summary of Significant Accounting Policies (Policies)
New Accounting Pronouncements, Policy [Policy Text Block] 
NEW ACCOUNTING PRONOUNCEMENTS – In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-05, “Service Concession Arrangements.” The ASU clarifies that an operating entity should not account for a services concession arrangement with a public-sector grantor as a lease if: (1) the grantor controls or has the ability to modify or approve the services the operating entity must provide, to whom it must provide them, and at what price and (2) the grantor controls any residual interest in the infrastructure at the end of the arrangement. In addition, the infrastructure used in a service concession arrangement would not be recognized as property, plant and equipment of the operating entity. The ASU is to be applied on a modified retrospective basis to service concession arrangements outstanding upon adoption and will be effective for the Company beginning January 1, 2015. The Company is currently assessing the impact of this standard on its consolidated financial statements and footnote disclosures, but does not expect that the adoption of this guidance will materially impact our consolidated financial position.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which amends its guidance related to revenue recognition. ASU 2014-09 requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The following steps are applied in the updated guidance: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. ASU 2014-09 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2016, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, however early adoption is not permitted. The Company is currently determining its implementation approach and assessing the impact that this guidance may have on our consolidated financial position.

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

In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” (“ASU 2014-15”). ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern for a one year period subsequent to the date of the financial statements. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for all entities for the first annual period ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. Adoption of this guidance is not expected to have any impact on the determination or reporting of the Company’s financial results.

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 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 Utility 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, 2014, Connecticut Water and Maine Water were our regulated public water utility companies (collectively the “Regulated Companies”), which served 123,071 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 recoverable 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, such as well development, are amortized over the periods they benefit. The Company believes, based on current regulatory circumstances, that the regulatory assets recorded are likely 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,
 
2014
 
2013
Assets:
 
 
 
Pension and postretirement benefits
$
16,339

 
$
4,373

Unrecovered income taxes
57,331

 
47,135

Deferred revenue (included in prepayments and other current assets and deferred charges and other costs)
7,386

 
6,703

Other (included in prepayments and other current assets and deferred charges and other costs)
3,840

 
3,901

Total regulatory assets
$
84,896

 
$
62,112

Liabilities:
 

 
 

Other (included in other current liabilities)
$
718

 
$
602

Unamortized Investment Tax Credits
1,339

 
1,414

Refunds to Customers (including current portion)
7,629

 
12,399

Unfunded future income taxes (including other long-term liabilities)
57,719

 
47,755

Total regulatory liabilities
$
67,405

 
$
62,170



Pension and postretirement benefits include costs in excess of amounts funded.  The Company believes these costs will be recoverable in future years, through rates, as funding is required and has recorded regulatory assets for those costs.  The recovery period is dependent on contributions made to the plans and remaining life expectancy.

Certain items giving rise to deferred state income taxes, as well as a portion of deferred federal income taxes related primarily to differences between book and tax depreciation expense, are recognized for ratemaking purposes on a cash or flow-through basis and 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 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 water revenue adjustment mechanism, 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.  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 Activities – 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. Upon completion of any real estate transaction, the Company no longer has any continuing involvement in the property. 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 Net 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.  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 – 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)
2014
 
2013
 
2012
Additions to Utility Plant:
 
 
 
 
 
Company Financed
$
44,969

 
$
32,717

 
$
24,653

Allowance for Funds Used During Construction
518

 
366

 
239

Subtotal – Utility Plant Increase to Rate Base
45,487

 
33,083

 
24,892

Advances from Others for Construction
699

 
586

 
1,041

Net Additions to Utility Plant
$
46,186

 
$
33,669

 
$
25,933



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%, 1.8%, and 2.0% for 2014, 2013, and 2012, 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 $31.7 million as of December 31, 2014 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 part of FASB ASC 350, the Company is required to perform an annual goodwill impairment test, 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 Activities reporting unit to its respective carrying amount, the impairment test performed in 2014 concluded that the estimated fair value of the Water Activities reporting unit, which has goodwill recorded, exceeded the reporting unit’s carrying amount by at least 81% as of December 31, 2014, 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)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]
 
 
Schedule of Regulatory Assets and Liabilities [Text Block]
 
Text Block 
Components of Addition to Net Utility Plant [Table Text Block]
Text Block 
 
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
Text Block 
 
Schedule of Regulatory Assets and Liabilities [Text Block] 
Regulatory assets and liabilities are comprised of the following:

(in thousands)
December 31,
 
2014
 
2013
Assets:
 
 
 
Pension and postretirement benefits
$
16,339

 
$
4,373

Unrecovered income taxes
57,331

 
47,135

Deferred revenue (included in prepayments and other current assets and deferred charges and other costs)
7,386

 
6,703

Other (included in prepayments and other current assets and deferred charges and other costs)
3,840

 
3,901

Total regulatory assets
$
84,896

 
$
62,112

Liabilities:
 

 
 

Other (included in other current liabilities)
$
718

 
$
602

Unamortized Investment Tax Credits
1,339

 
1,414

Refunds to Customers (including current portion)
7,629

 
12,399

Unfunded future income taxes (including other long-term liabilities)
57,719

 
47,755

Total regulatory liabilities
$
67,405

 
$
62,170

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)
2014
 
2013
 
2012
Additions to Utility Plant:
 
 
 
 
 
Company Financed
$
44,969

 
$
32,717

 
$
24,653

Allowance for Funds Used During Construction
518

 
366

 
239

Subtotal – Utility Plant Increase to Rate Base
45,487

 
33,083

 
24,892

Advances from Others for Construction
699

 
586

 
1,041

Net Additions to Utility Plant
$
46,186

 
$
33,669

 
$
25,933

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,
2014
 
2013
 
2012
Numerator (in thousands)
 
 
 
 
 
Basic Net Income Applicable to Common Stock
$
21,281

 
$
18,231

 
$
13,602

Diluted Net Income Applicable to Common Stock
$
21,281

 
$
18,231

 
$
13,602

Denominator (in thousands)
 

 
 

 
 

Basic Weighted Average Shares Outstanding
10,893

 
10,827

 
8,763

Dilutive Effect of Stock Awards
198

 
169

 
137

Diluted Weighted Average Shares Outstanding
11,091

 
10,996

 
8,900

Earnings per Share
 

 
 

 
 

Basic Earnings per Share
$
1.95

 
$
1.68

 
$
1.55

Dilutive Effect of Stock Awards
0.03

 
0.02

 
0.02

Diluted Earnings per Share
$
1.92

 
$
1.66

 
$
1.53

Income Tax Expense (Tables)
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] 
The components of the Federal and State income tax provisions are:

(in thousands)
 
2014
 
2013
 
2012
Current Income Taxes
 
 
 
 
 
 
Federal
 
$
427

 
$
1,509

 
$
4,747

State
 
(306
)
 
152

 
511

Total Current
 
121

 
1,661

 
5,258

Deferred Income Taxes, Net
 
 

 
 

 
 

Federal
 
 

 
 

 
 

Investment Tax Credit
 
(75
)
 
(77
)
 
(71
)
Deferred Revenue
 
215

 
964

 
(77
)
Land Donations
 
(56
)
 
(1
)
 
29

Depreciation
 
1,728

 
792

 
2,411

Net Operating Loss Carry-forwards
 
(600
)
 
—

 
—

AMT Credit Carry-forwards
 
—

 
(587
)
 
—

Provision for uncertain positions
 
2,177

 
1,037

 
—

Other
 
(484
)
 
(465
)
 
(184
)
Total Federal
 
2,905

 
1,663

 
2,108

State
 
 

 
 

 
 

Land Donations
 
—

 
—

 
(83
)
Provision for uncertain positions
 
663

 
3,528

 
—

Other
 
538

 
241

 
48

Total State
 
1,201

 
3,769

 
(35
)
Total Deferred Income Taxes
 
4,106

 
5,432

 
2,073

Total Income Tax
 
$
4,227

 
$
7,093

 
$
7,331

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

(in thousands)
 
2014
 
2013
 
2012
Federal Classified as Operating Expense
 
$
2,919

 
$
2,028

 
$
6,103

Federal Classified as Other Utility Income
 
424

 
434

 
427

Federal Classified as Other Income
 
 

 
 

 
 

Land Sales and Donations
 
26

 
(2
)
 
477

Non-Water Sales
 
788

 
781

 
748

Other
 
(825
)
 
(69
)
 
(900
)
Total Federal Income Tax Expense
 
3,332

 
3,172

 
6,855

State Classified as Operating Expense
 
677

 
3,916

 
319

State Classified as Other Utility Income
 
100

 
103

 
121

State Classified as Other Income
 
 

 
 

 
 

Land Sales and Donations
 
6

 
2

 
(97
)
Non-Water Sales
 
194

 
200

 
180

Other
 
(82
)
 
(300
)
 
(47
)
Total State Income Tax Expense
 
895

 
3,921

 
476

Total Income Tax Expense
 
$
4,227

 
$
7,093

 
$
7,331

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)
 
2014
 
2013
Unrecovered Income Taxes
 
$
(57,331
)
 
$
(47,135
)
Deferred Federal and State Income Taxes
 
53,322

 
47,470

Unfunded Future Income Taxes
 
56,919

 
46,723

Unamortized Investment Tax Credits
 
1,339

 
1,414

Other
 
117

 
187

Net Deferred Income Tax Liability
 
$
54,366

 
$
48,659

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

(in thousands)
 
2014
 
2013
Tax Credit Carry-forward (1)
 
$
(2,841
)
 
$
(3,020
)
Provision on Tax Credits
 
2,003

 
2,003

Charitable Contribution Carry-forwards (2)
 
(94
)
 
(18
)
Prepaid Income Taxes on CIAC
 
61

 
49

Net Operating Loss Carry-forwards (3)
 
(2,665
)
 
(1,572
)
Valuation Allowance on Net Operating Losses
 
1,368

 
1,244

Other Comprehensive Income
 
(1,040
)
 
(378
)
Accelerated Depreciation
 
53,653

 
47,796

Provision on Repair Deductions
 
5,402

 
2,562

Unamortized Investment Tax Credits
 
1,339

 
1,414

Other
 
(2,820
)
 
(1,421
)
Net Deferred Income Tax Liability
 
$
54,366

 
$
48,659

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

(in thousands)
 
2014
 
2013
 
2012
Pre-Tax Income
 
 
 
 
 
 
Net Income
 
$
21,319

 
$
18,269

 
$
13,640

Income Taxes
 
4,227

 
7,093

 
7,331

Total Pre-Tax Income
 
$
25,546

 
$
25,362

 
$
20,971

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

 
 
2014
 
2013
 
2012
Federal Statutory Tax Rate
 
34.0
 %
 
34.0
 %
 
35.0
 %
Tax Effect Differences:
 
 

 
 

 
 

State Income Taxes Net of Federal Benefit
 
1.3
 %
 
3.3
 %
 
1.3
 %
Property Related Items
 
(25.0
)%
 
(14.5
)%
 
(0.1
)%
Performance Stock
 
1.2
 %
 
2.1
 %
 
1.7
 %
Pension Costs
 
2.9
 %
 
—
 %
 
1.6
 %
Repair Regulatory Liability
 
(6.3
)%
 
—
 %
 
—
 %
Unamortized Debt Expense
 
0.5
 %
 
(0.3
)%
 
(2.6
)%
Change in Estimate of prior year Income tax expense
 
(1.4
)%
 
(14.0
)%
 
(1.2
)%
Provision for Uncertain Tax Positions
 
9.2
 %
 
18.0
 %
 
—
 %
Other
 
0.2
 %
 
(0.6
)%
 
(0.7
)%
Effective Income Tax Rate
 
16.6
 %
 
28.0
 %
 
35.0
 %
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, 2012 through December 31, 2014, appears below:

(in thousands, except share data)
Shares
 
Issuance Amount
 
Expense
 
Total
Balance, January 1, 2012
8,755,398

 
$
73,958

 
$
(1,613
)
 
$
72,345

Stock and equivalents issued through Performance Stock Program, Net of Forfeitures
34,301

 
1,213

 
—

 
1,213

Dividend Reinvestment Plan
50,048

 
1,486

 
—

 
1,486

Stock Options Exercised and Expensed
23,235

 
665

 
(3
)
 
662

Shares issued to acquire BSWC
380,254

 
12,012

 
(154
)
 
11,858

Shares issued in stock offering
1,696,250

 
49,615

 
(2,306
)
 
47,309

Balance, December 31, 2012
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 (1)
11,124,630

 
$
145,774

 
$
(4,090
)
 
$
141,684

Retained Earnings (Tables)
Retained Earnings [Table Text Block]
The summary of the changes in Retained Earnings for the period January 1, 2012 through December 31, 2014, appears below:

(in thousands, except per share data)
 
2014
 
2013
 
2012
Balance, beginning of year
 
$
59,277

 
$
51,804

 
$
46,669

Net Income
 
21,319

 
18,269

 
13,640

Sub-total
 
80,596

 
70,073

 
60,309

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:
 
 
 
 
 
 
$1.01, $0.98 and $0.96 per Common Share in 2014, 2013 and 2012, respectively
 
11,188

 
10,758

 
8,467

Total Dividends Declared
 
11,226

 
10,796

 
8,505

Balance, end of year
 
$
69,370

 
$
59,277

 
$
51,804

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, 2014 and 2013 (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
)
 
 
 
 
 
 
 
 
 
(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, 2014 and 2013 (in thousands):
Details about Other AOCI Components
 
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 Income
Tax benefit
 
—

 
12

 
Other Income
Total Reclassified from AOCI
 
—

 
41

 
 
 
 
 
 
 
 
 
Realized Gains on Investments
 
55

 
38

 
Other Income
Tax expense
 
(18
)
 
(13
)
 
Other Income
Total Reclassified from AOCI
 
37

 
25

 
 
 
 
 
 
 
 
 
Amortization of Recognized Net Gain from Defined Benefit Items
 
335

 
470

 
Other Income (b)
Tax expense
 
(114
)
 
(160
)
 
Other Income
Total Reclassified from AOCI
 
221

 
310

 
 
 
 
 
 
 
 
 
Total Reclassifications for the period, net of tax
 
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 table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2014.  These instruments are included in Other Property and Investments on the Company’s Consolidated Balance Sheets:

(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


The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2013.  These instruments are included in Other Property and Investments on the Company’s Consolidated Balance Sheets:

(in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Company owned life insurance
$
—

 
$
2,843

 
$
—

 
$
2,843

Money Market Fund
62

 
—

 
—

 
62

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
1,528

 
—

 
—

 
1,528

Total
$
1,590

 
$
2,843

 
$
—

 
$
4,433

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):
 
2014
 
2013
Connecticut Water Service, Inc.:
 
 
 
4.09%
 
Term Loan Note and Supplement A, Due 2027
$
15,466

 
$
16,420

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

 
12,500

Var.
 
2004 Series A, Due 2028
5,000

 
5,000

Var.
 
2004 Series B, Due 2028
4,550

 
4,550

5.10%
 
2009 A Series, Due 2039
19,950

 
19,950

5.00%
 
2011 A Series, Due 2021
23,483

 
23,602

3.16%
 
CoBank Note Payable, Due 2020
8,000

 
8,000

3.51%
 
CoBank Note Payable, Due 2022
14,795

 
14,795

4.29%
 
CoBank Note Payable, Due 2028
17,020

 
17,020

4.72%
 
CoBank Note Payable, Due 2032
14,795

 
14,795

4.75%
 
CoBank Note Payable, Due 2033
14,550

 
14,550

Total The Connecticut Water Company
134,643

 
134,762

The Maine Water Company:
 
 
 
8.95%
 
1994 Series G, Due 2024
9,000

 
9,000

2.68%
 
1999 Series J, Due 2019
424

 
474

0.00%
 
2001 Series K, Due 2031
698

 
739

2.58%
 
2002 Series L, Due 2022
83

 
90

1.53%
 
2003 Series M, Due 2023
381

 
401

1.73%
 
2004 Series N, Due 2024
431

 
451

0.00%
 
2004 Series O, Due 2034
133

 
140

1.76%
 
2006 Series P, Due 2026
431

 
451

1.57%
 
2009 Series R, Due 2029
237

 
242

0.00%
 
2009 Series S, Due 2029
672

 
717

0.00%
 
2009 Series T, Due 2029
1,886

 
2,012

0.00%
 
2012 Series U, Due 2042
165

 
171

1.00%
 
2013 Series V, Due 2033
1,385

 
1,410

2.52%
 
CoBank Note Payable, Due 2017
1,965

 
1,965

4.24%
 
CoBank Note Payable, Due 2024
4,500

 
—

6.45%
 
Series M, Due 2014
—

 
2,700

7.72%
 
Series L, Due 2018
2,250

 
2,250

2.40%
 
Series N, Due 2022
1,251

 
1,297

1.86%
 
Series O, Due 2025
846

 
862

2.23%
 
Series P, Due 2028
1,354

 
1,354

Various
 
Various Capital Leases
37

 
70

Total The Maine Water Company
28,129

 
26,796

Add:  Acquisition Fair Value Adjustment
820

 
1,185

Less:  Current Portion
(2,457
)
 
(4,121
)
Total Long-Term Debt
$
176,601

 
$
175,042

Schedule of Maturities of Long-term Debt [Table Text Block] 
The Company’s required principal payments for the years 2015 through 2019 are as follows (in thousands):

2015
 
$
2,457

2016
 
$
2,511

2017
 
$
4,526

2018
 
$
5,006

2019
 
$
2,856

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)
 
2014
 
2013
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)
2014
 
2013
Land
$
13,133

 
$
12,656

Source of supply
35,435

 
34,007

Pumping
35,754

 
36,334

Water treatment
80,291

 
76,808

Transmission and distribution
463,491

 
431,662

General
60,876

 
52,269

Held for future use
438

 
438

Acquisition Adjustment
(3,764
)
 
(4,470
)
Total
$
685,654

 
$
639,704

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)
 
2014
 
2013
 
2012
Municipal Property Taxes
 
$
7,659

 
$
7,031

 
$
6,567

Payroll Taxes
 
1,372

 
1,157

 
1,132

Total Taxes Other than Income Taxes
 
$
9,031

 
$
8,188

 
$
7,699

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:

Pension Benefits (in thousands)
2014
 
2013
 
2012
Components of net periodic benefit costs
 
 
 
 
 
Service cost
$
1,829

 
$
2,201

 
$
2,020

Interest cost
3,087

 
2,781

 
2,570

Expected return on plan assets
(3,567
)
 
(3,195
)
 
(2,693
)
Amortization of:
 

 
 

 
 

Net transition obligation
—

 
—

 
—

Prior service cost
73

 
74

 
74

Net loss
1,319

 
2,250

 
1,753

Net Periodic Pension Benefit Costs
$
2,741

 
$
4,111

 
$
3,724

The following table shows the components of periodic benefit costs:

PBOP Benefits (in thousands)
2014
 
2013
 
2012
Components of net periodic benefit costs
 
 
 
 
 
Service cost
$
494

 
$
674

 
$
548

Interest cost
625

 
505

 
538

Expected return on plan assets
(305
)
 
(290
)
 
(269
)
Other
225

 
225

 
225

Amortization of:
 

 
 

 
 

Prior service credit
(806
)
 
(806
)
 
(806
)
Recognized net loss
344

 
433

 
615

Net Periodic Post Retirement Benefit Costs
$
577

 
$
741

 
$
851

Components of Long-Term Compensation Arrangements [Table Text Block] 
The Company has accrued for the following long-term compensation arrangements as of December 31, 2014 and 2013:

(in thousands)
2014
 
2013
Defined Benefit Pension Plan
$
18,180

 
$
7,320

Post Retirement Benefit Other than Pension
7,162

 
5,245

Supplemental Executive Retirement Plan
8,440

 
6,176

Deferred Compensation
1,944

 
1,775

Other Long-Term Compensation
22

 
135

Total Long-Term Compensation Arrangements
$
35,748

 
$
20,651

Target Asset Allocation [Table Text Block] 
The targeted asset allocation ratios for those plans as set by the Committee at December 31, 2014 and 2013:

 
2014
 
2013
Equity
65
%
 
65
%
Fixed Income
35
%
 
35
%
Total
100
%
 
100
%
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] 
The following tables set forth the benefit obligation and fair value of the assets of Connecticut Water and Maine Water’s post-retirement health care benefits at December 31, the latest valuation date:

PBOP Benefits (in thousands)
2014
 
2013
Change in benefit obligation:
 
 
 
Benefit obligation, beginning of year
$
13,257

 
$
13,322

Service cost
494

 
674

Interest cost
625

 
505

Plan participant contributions
123

 
107

Actuarial (gain)
1,379

 
(821
)
Benefits paid
(345
)
 
(530
)
Benefit obligation, end of year
$
15,533

 
$
13,257

Change in plan assets:
 

 
 

Fair value, beginning of year
$
8,064

 
$
7,133

Actual return on plan assets
572

 
1,345

Employer contributions
15

 
9

Plan participant contributions
123

 
107

Benefits paid
(345
)
 
(530
)
Fair value, end of year
$
8,429

 
$
8,064

Funded Status
$
(7,104
)
 
$
(5,193
)
Amount Recognized in Consolidated Balance Sheets Consisted of:
 

 
 

Non-current asset
$
—

 
$
—

Current liability
—

 
—

Non-current liability
(7,104
)
 
(5,193
)
Net amount recognized
$
(7,104
)
 
$
(5,193
)
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)
2014
 
2013
Change in benefit obligation:
 
 
 
Benefit obligation, beginning of year
$
64,164

 
$
66,501

Addition of Biddeford & Saco
—

 
4,076

Service cost
1,829

 
2,201

Interest cost
3,087

 
2,781

Actuarial loss (gain)
13,221

 
(8,154
)
Benefits paid
(2,402
)
 
(3,241
)
Administrative expenses
(84
)
 
—

Benefit obligation, end of year
$
79,815

 
$
64,164

Change in plan assets:
 

 
 

Fair value, beginning of year
$
56,844

 
$
45,406

Addition of Biddeford & Saco
—

 
2,984

Actual return on plan assets
3,851

 
9,075

Employer contributions
3,426

 
2,620

Benefits paid
(2,402
)
 
(3,241
)
Administrative expenses
(84
)
 
—

Fair value, end of year
$
61,635

 
$
56,844

Funded Status
$
(18,180
)
 
$
(7,320
)
Amount Recognized in Consolidated Balance Sheets Consisted of:
 

 
 

Non-current asset
$
—

 
$
—

Current liability
—

 
—

Non-current liability
(18,180
)
 
(7,320
)
Net amount recognized
$
(18,180
)
 
$
(7,320
)
Schedule of Assumptions Used [Table Text Block] 
Weighted-average assumptions used to determine benefit obligations at December 31:
2014
 
2013
Discount rate
3.95
%
 
4.90
%
Rate of compensation increase
4.00
%
 
3.50
%

Weighted-average assumptions used to determine net periodic cost for years ended December 31:
2014
 
2013
 
2012
Discount rate
4.90
%
 
4.05
%
 
4.60
%
Expected long-term return on plan assets
7.25
%
 
7.25
%
 
7.25
%
Rate of compensation increase
3.50
%
 
3.50
%
 
3.50
%
Weighted-average assumptions used to determine benefit obligations at December 31:
2014
 
2013
Discount rate
3.80
%
 
4.80
%
 
Weighted-average assumptions used to determine net periodic cost for years ended December 31:
2014
 
2013
 
2012
Discount rate
4.80
%
 
3.80
%
 
4.40
%
Expected long-term return on plan assets
4.50
%
 
4.50
%
 
4.50
%
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:

Pension Benefits (in thousands)
2014
 
2013
Change in net (gain) loss
$
11,906

 
$
(13,154
)
Change in prior service cost
—

 
—

Amortization of transition obligation
—

 
—

Amortization of prior service cost
(73
)
 
(74
)
Amortization of net loss
(1,205
)
 
(2,006
)
Total recognized to Regulatory Asset
$
10,628

 
$
(15,234
)
The following table shows the other changes in plan assets and benefit obligations recognized as a regulatory asset:

PBOP Benefits (in thousands)
2014
 
2013
Change in net loss (gain)
$
1,112

 
$
(1,876
)
Change in transition credit
—

 
—

Amortization of transition obligation
—

 
—

Amortization of prior service credit
806

 
806

Amortization of net loss
(344
)
 
(433
)
Other regulatory amortization
(236
)
 
(236
)
Total recognized to Regulatory Asset
$
1,338

 
$
(1,739
)
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:

Pension Benefits (in thousands)
2014
 
2013
Change in net (gain) loss
$
1,031

 
$
1,002

Change in prior service cost
—

 
—

Amortization of transition obligation
—

 
—

Amortization of prior service cost
—

 
—

Amortization of net loss
(114
)
 
(56
)
Total recognized to Other Comprehensive Income
$
917

 
$
946

Amounts Recognized as Regulatory Asset [Table Text Block] 
Amounts Recognized as a Regulatory Asset at December 31: (in thousands)
2014
 
2013
Transition obligation
$
—

 
$
—

Prior service credit
(1,153
)
 
(1,960
)
Net loss
3,050

 
2,281

Other regulatory asset
729

 
967

Total Recognized as a Regulatory Asset
$
2,626

 
$
1,288

Amounts Recognized as a Regulatory Asset at December 31: (in thousands)
2014
 
2013
Transition obligation
$
—

 
$
—

Prior service cost
102

 
176

Net loss
13,611

 
2,909

Total Recognized as a Regulatory Asset
$
13,713

 
$
3,085

Amounts Recognized in Other Comprehensive Income [Table Text Block] 
Amounts Recognized in Other Comprehensive Income at December 31: (in thousands)
2014
 
2013
 
2012
Transition obligation
$
—

 
$
—

 
$
—

Prior service cost
—

 
—

 
—

Net loss
2,401

 
1,484

 
538

Total Recognized in Other Comprehensive Income
$
2,401

 
$
1,484

 
$
538

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)
2015
Amortization of transition obligation
$
—

Amortization of prior service credit
(571
)
Amortization of net loss
444

Total Estimated Net Periodic Benefit Cost Amortizations
$
(127
)
Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands)
2015
Amortization of transition obligation
$
—

Amortization of prior service cost
17

Amortization of net loss
2,755

Total Estimated Net Periodic Benefit Cost Amortizations
$
2,772

Acutal Asset Allocation [Table Text Block] 
Connecticut Water and Maine Water’s other post-retirement benefit plan weighted-average asset allocations at December 31, 2014 and 2013 by asset category were as follows:

 
2014
 
2013
Equity
71
%
 
69
%
Fixed Income
29
%
 
31
%
Total
100
%
 
100
%
Plan Assets
The Company’s pension plan weighted-average asset allocations at December 31, 2014 and 2013 by asset category were as follows:

 
2014
 
2013
Equity
65
%
 
65
%
Fixed Income
35
%
 
35
%
Total
100
%
 
100
%
Fair Value of Benefit Plan Assets [Table Text Block] 
See Note 6 for discussion on how fair value is determined.  The fair values of the Company’s pension plan assets at December 31, 2014 were as follows:

(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

 
$
—

 
$
—


The fair values of the Company’s pension plan assets at December 31, 2013 were as follows:

(in thousands)
Level 1
 
Level 2
 
Level 3
Asset Type:
 
 
 
 
 
Money Market Fund
$
3,297

 
$
—

 
$
—

Mutual Funds:
 
 
 
 
 
Fixed Income Funds (1)
16,533

 
—

 
—

Equity Funds (2)
37,014

 
—

 
—

Total
$
56,844

 
$
—

 
$
—

See Note 6 for discussion on how fair value is determined.  The fair value of the Company’s PBOP assets at December 31, 2014 were as follows:

(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

 
$
—

 
$
—


The fair value of the Company’s PBOP assets at December 31, 2013 were as follows:

(in thousands)
Level 1
 
Level 2
 
Level 3
Asset Type:
 
 
 
 
 
Money Market
$
229

 
$
—

 
$
—

Mutual Funds:
 

 
 

 
 

Fixed Income Funds (1)
2,299

 
—

 
—

Equity Funds (2)
5,536

 
—

 
—

Total
$
8,064

 
$
—

 
$
—

Schedule of Expected Benefit Payments [Table Text Block] 
Expected future benefit payments are:

(in thousands)
 
2015
$
444

2016
514

2017
600

2018
670

2019
744

Years 2019 – 2023
4,956

The Plan’s expected future benefit payments are:

(in thousands)
 
2015
$
3,797

2016
3,866

2017
4,219

2018
4,284

2019
4,756

Years 2020 – 2024
25,683

Schedule of Health Care Cost Trend Rates [Table Text Block] 
Assumed health care cost trend rates at December 31:
2014
 
2013
 
Medical
 
Dental
 
Medical
 
Dental
Health care cost trend rate assumed for next year (1)
9.0
%
 
9.0
%
 
9.5
%
 
9.5
%
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 Water plan:

(in thousands)
1 Percentage-Point
 
Increase
 
Decrease
Effect on total of service and interest cost components
$
85

 
$
(75
)
Effect on post-retirement benefit obligation
$
1,038

 
$
(918
)
Stock Based Compensation Plans (Tables)
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] 
 
2013
 
2012
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
Options:
 
 
 
 
 
 
 
Outstanding, beginning of year
7,744

 
$
29.05

 
30,979

 
$
27.63

Forfeited
—

 
—

 
—

 
—

Exercised
(7,744
)
 
29.05

 
(23,235
)
 
27.16

Outstanding, end of year
—

 
$
—

 
7,744

 
$
29.05

Exercisable, end of year
—

 
$
—

 
7,744

 
$
29.05

Performance Based Share Awards [Table Text Block] 
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, 2014 and 2013:

 
2014
 
2013
 
Number of Shares
 
Grant Date Weighted Average Fair Value
 
Number of Shares
 
Grant Date Weighted Average Fair Value
Non-vested at beginning of year
46,479

 
$
29.43

 
42,177

 
$
28.34

Granted
24,973

 
34.70

 
28,198

 
29.76

Vested
(28,184
)
 
29.07

 
(23,756
)
 
27.88

Forfeited
(2,299
)
 
34.00

 
(140
)
 
29.22

Non-vested at end of year
40,969

 
$
32.63

 
46,479

 
$
29.43

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, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Water Activities
$
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 Activities
$
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

For the year ended December 31, 2012
 

 
 

 
 

 
 

 
 

 
 

 
 

Water Activities
$
85,325

 
$
9,782

 
$
48,153

 
$
(1,760
)
 
$
8,343

 
$
6,022

 
$
11,265

Real Estate Transactions
1,450

 
—

 
119

 
—

 
—

 
380

 
951

Services and Rentals
5,786

 
7

 
3,439

 
—

 
(13
)
 
929

 
1,424

Total
$
92,561

 
$
9,789

 
$
51,711

 
$
(1,760
)
 
$
8,330

 
$
7,331

 
$
13,640


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

At December 31 (in thousands):
2014
 
2013
Total Plant and Other Investments:
 
 
 
Water
$
514,606

 
$
478,560

Non-Water
605

 
704

Total Plant and Other Investments
515,211

 
479,264

Other Assets:
 
 
 
Water
152,929

 
136,246

Non-Water
3,049

 
15,301

Total Other Assets
155,978

 
151,547

Total Assets
$
671,189

 
$
630,811

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, 2014 and 2013 appears below (in thousands, except for per share data):

 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Operating Revenues
$
20,260

 
$
19,729

 
$
25,459

 
$
22,545

 
$
27,554

 
$
27,632

 
$
20,747

 
$
21,575

Total Utility Operating Income
4,089

 
3,565

 
8,479

 
5,438

 
9,682

 
10,249

 
3,747

 
3,597

Net Income
2,986

 
2,613

 
7,490

 
4,310

 
8,448

 
9,442

 
2,395

 
1,904

Basic Earnings per Common Share
0.27

 
0.24

 
0.69

 
0.40

 
0.78

 
0.87

 
0.21

 
0.17

Diluted Earnings per Common Share
0.27

 
0.24

 
0.67

 
0.39

 
0.76

 
0.86

 
0.21

 
0.17

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,
2014
 
2013
 
2012
Numerator (in thousands)
 
 
 
 
 
Basic Net Income Applicable to Common Stock
$
21,281

 
$
18,231

 
$
13,602

Diluted Net Income Applicable to Common Stock
$
21,281

 
$
18,231

 
$
13,602

Denominator (in thousands)
 

 
 

 
 

Basic Weighted Average Shares Outstanding
10,893

 
10,827

 
8,763

Dilutive Effect of Stock Awards
198

 
169

 
137

Diluted Weighted Average Shares Outstanding
11,091

 
10,996

 
8,900

Earnings per Share
 

 
 

 
 

Basic Earnings per Share
$
1.95

 
$
1.68

 
$
1.55

Dilutive Effect of Stock Awards
0.03

 
0.02

 
0.02

Diluted Earnings per Share
$
1.92

 
$
1.66

 
$
1.53

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
 
Beginning Balance Adjustments (1)
 
Additions Charged to Income
 
Deductions From Reserves(2)
 
Balance End of Year
Allowance for Uncollectible Accounts
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
$
1,127

 
$
—

 
$
549

 
$
474

 
$
1,202

Year Ended December 31, 2013
$
1,058

 
$
—

 
$
533

 
$
464

 
$
1,127

Year Ended December 31, 2012
$
1,088

 
$
187

 
$
315

 
$
532

 
$
1,058


(1) Includes beginning balances of Maine Water Company and BSWC of $32 and $155, respectively.
(2) Amounts charged off as uncollectible after deducting recoveries.
Summary of Significant Accounting Policies (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]
 
 
Pension and post-retirement benefits
$ 16,339 
$ 4,373 
Unrecovered Income Taxes - Regulatory Asset
57,331 
47,135 
Deferred Revenue
7,386 
6,703 
Other Regulatory Assets
3,840 
3,901 
Regulatory Assets
84,896 
62,112 
Other Regulated Liabilities, Current
718 
602 
Unamortized Investment Tax Credits
1,339 
1,414 
Customer Refund Liability, Total
7,629 
12,399 
Deferred Future Income Taxes and Other
57,719 
47,755 
Regulatory Liabilities
$ 67,405 
$ 62,170 
Summary of Significant Accounting Policies Components of Addition to Net Utility Plant (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Summary of Significant Accounting Policies [Abstract]
 
 
 
Company Financed Additions to Utility Plant
$ 44,969 
$ 32,717 
$ 24,653 
Increase (Decrease) in Allowance for Equity Funds Used During Construction
518 
366 
239 
Subtotal - Utility Plant Increase to Rate Base
45,487 
33,083 
24,892 
Advances from Others for Construction
699 
586 
1,041 
Property, Plant and Equipment, Additions
$ 46,186 
$ 33,669 
$ 25,933 
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, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Summary of Significant Accounting Policies [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Available to Common Stockholders, Basic
 
 
 
 
 
 
 
 
$ 21,281 
$ 18,231 
$ 13,602 
Net Income (Loss) Available to Common Stockholders, Diluted
 
 
 
 
 
 
 
 
$ 21,281 
$ 18,231 
$ 13,602 
Weighted Average Number of Shares Outstanding, Basic
 
 
 
 
 
 
 
 
10,893 
10,827 
8,763 
Weighted Average Number Diluted Shares Outstanding Adjustment
 
 
 
 
 
 
 
 
198 
169 
137 
Diluted (in shares)
 
 
 
 
 
 
 
 
11,091 
10,996 
8,900 
Basic (in dollars per share)
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 0.17 
$ 0.87 
$ 0.40 
$ 0.24 
$ 1.95 
$ 1.68 
$ 1.55 
Incremental Common Shares Attributal To Share Based Payements Arrangements
 
 
 
 
 
 
 
 
$ 0.03 
$ 0.02 
$ 0.02 
Diluted (in dollars per share)
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 0.17 
$ 0.86 
$ 0.39 
$ 0.24 
$ 1.92 
$ 1.66 
$ 1.53 
Summary of Significant Accounting Policies In Text Linking (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
Dec. 31, 2012
Rate
Summary of Significant Accounting Policies [Abstract]
 
 
 
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
123,071 
 
 
Total Towns Served
77 
 
 
Goodwill
$ 31,685 
$ 31,685 
 
Income Tax Expense (Details)
12 Months Ended
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
Dec. 31, 2012
Rate
Income Taxes [Abstract]
 
 
 
Effective Income Tax Rate, Continuing Operations
16.60% 
28.00% 
35.00% 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate
34.00% 
34.00% 
35.00% 
Income Tax Expense Components of Income Tax Expense (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Expense [Abstract]
 
 
 
Federal Classified as Operating Expense
$ 2,919 
$ 2,028 
$ 6,103 
Federal Classified as Other Utility Income
424 
434 
427 
Federal Classified as Other Income - Land Sales and Donations
26 
(2)
477 
Federal Classified as Other Income - Non-Water Sales
788 
781 
748 
Federal Classified as Other Income - Other
(825)
(69)
(900)
Total Federal Income Tax Expense
3,332 
3,172 
6,855 
State Classified as Operating Expense
677 
3,916 
319 
Statet Classified as Other Utility Income
100 
103 
121 
State Classified as Other - Land Sales and Donations
6 
2 
(97)
State Classified as Other - Non-Water Sales
194 
200 
180 
State Classified as Other - Other
(82)
(300)
(47)
Total State Income Tax Expense
895 
3,921 
476 
Total Income Tax Expense
$ 4,227 
$ 7,093 
$ 7,331 
Income Tax Expense Components of Federal and State Income Tax Provision (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Expense [Abstract]
 
 
 
Current Federal Tax Expense (Benefit)
$ 427 
$ 1,509 
$ 4,747 
Current State and Local Tax Expense (Benefit)
(306)
152 
511 
Current Income Tax Expense (Benefit)
121 
1,661 
5,258 
Deferred Federal - Investment Tax Credit
(75)
(77)
(71)
Deferred Federal - Deferred Revenue
215 
964 
(77)
Deferred Federal - Land Donations
(56)
(1)
29 
Deferred Federal - Depreciation
1,728 
792 
2,411 
Deferred Federal - Other
(484)
(465)
(184)
Deferred Federal Income Tax Expense (Benefit)
2,905 
1,663 
2,108 
Deferred State - Land Donations
0 
0 
(83)
Deferred State - Other
538 
241 
48 
Deferred State and Local Income Tax Expense (Benefit)
1,201 
3,769 
(35)
Deferred Income Tax Expense (Benefit)
4,106 
5,432 
2,073 
Total Income Tax Expense
$ 4,227 
$ 7,093 
$ 7,331 
Income Tax Expense Deferred Tax (Assets) Liabilities on Consolidated Balance Sheets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Income Tax Expense [Abstract]
 
 
Income Taxes Receivable, Noncurrent
$ (57,331)
$ (47,135)
Deferred Federal and State Income Taxes
53,322 
47,470 
Unfunded Future Income Taxes
56,919 
46,723 
Unamortized Investment Tax Credits
1,339 
1,414 
Other Deferred Income Tax (Assets) Liabilities
117 
187 
Net Deferred Income Tax (Asset) Liability
$ 54,366 
$ 48,659 
Income Tax Expense Components of Deferred Tax (Assets) Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Income Tax Expense [Abstract]
 
 
Tax Credit Carryforward, Amount
$ (2,841)
$ (3,020)
Deferred Tax Assets, Charitable Contribution Carryforwards
(94)
(18)
Prepaid Income Taxes on CIAC
61 
49 
Deferred Tax Assets, Operating Loss Carryforwards
(2,665)
(1,572)
Deferred Tax - Other Comprehensive Income
(1,040)
(378)
Accelerated Depreciation
53,653 
47,796 
Deferred Tax Liability, Provision on Repair Deductions
5,402 
2,562 
Unamortized Investment Tax Credits
1,339 
1,414 
Other Deferred Tax (Assets) Liabilities
(2,820)
(1,421)
Net Deferred Income Tax (Asset) Liability
$ 54,366 
$ 48,659 
Income Tax Expense Calculation of Pre-Tax Income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Expense [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net Income
$ 2,395 
$ 8,448 
$ 7,490 
$ 2,986 
$ 1,904 
$ 9,442 
$ 4,310 
$ 2,613 
$ 21,319 
$ 18,269 
$ 13,640 
Total Income Tax Expense
 
 
 
 
 
 
 
 
4,227 
7,093 
7,331 
Total Pre-Tax Income
 
 
 
 
 
 
 
 
$ 25,546 
$ 25,362 
$ 20,971 
Income Tax Expense Differences Between the Effective Income Tax Rate and the Statutory Federal Tax Rate (Details)
12 Months Ended
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
Dec. 31, 2012
Rate
Income Tax Expense [Abstract]
 
 
 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate
34.00% 
34.00% 
35.00% 
Effective Income Tax Rate Reconciliation, State and Local Income Taxes
1.30% 
3.30% 
1.30% 
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation
(25.00%)
(14.50%)
(0.10%)
Effective Income Tax Rate Reconciliation, Tax Credits
1.20% 
2.10% 
1.70% 
Effective Income Tax Rate Reconciliation, Pension Costs
2.90% 
0.00% 
1.60% 
Effective Tax Rate Reconciliation, Repair Regulatory Liability
(6.30%)
0.00% 
0.00% 
effective income tax rate reconciliation, Unamortized Debt Expense
0.50% 
(0.30%)
(2.60%)
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent
(1.40%)
(14.00%)
(1.20%)
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent
9.20% 
18.00% 
0.00% 
Effective Income Tax Rate Reconciliation, Other Adjustments
0.20% 
(0.60%)
(0.70%)
Effective Income Tax Rate, Continuing Operations
16.60% 
28.00% 
35.00% 
Income Tax Expense In text linking (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Income Tax Contingency [Line Items]
 
 
Reserve Against Fixed Capital Investment Credits Claimed in Prior Years
$ 2,000,000 
 
Reserve against tangible property deductions
$ 2,800,000 
$ 2,600,000 
Common Stock Summary of Common Stock (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Class of Stock [Line Items]
 
 
 
 
Common Stock, Shares, Outstanding
11,124,630 
11,038,232 
10,939,486 
8,755,398 
Common Stock Gross, Value, Issued
$ 145,774 
$ 142,681 
$ 138,949 
$ 73,958 
Common Stock Issuance Expense, Value, Issued
(4,090)
(4,090)
(4,076)
(1,613)
Shares Issued Through Performance Stock Program
35,433 
37,212 
34,301 
 
Shares Issued Through Performance Stock Program, Value
1,396 
1,873 
1,213 
 
Shares Issued Through Performance Stock Program, Value, Expense
0 
0 
0 
 
Shares Issued Through Performance Stock Program, Value, Net
1,396 
1,873 
1,213 
 
Stock Issued During Period, Shares, Dividend Reinvestment Plan
50,965 
53,790 
50,048 
 
Stock Issued During Period, Value, Dividend Reinvestment Plan
1,697 
1,629 
1,486 
 
Stock Issued During Period, Dividend Reinvestment Plan, Expense
0 
0 
0 
 
Stock Issued During Period, Dividend Reinvestment Plan, Net
1,697 
1,629 
1,486 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
 
7,744 
23,235 
 
Stock Issued During Period, Value, Stock Options Exercised
 
230 
665 
 
Stock Issued During Period, Stock Options Exercised, Expense
 
(1)
(3)
 
Stock Issued During Period, Stock Options Exercised, Net
 
229 
662 
 
Stock Issued During Period, Shares, Acquisitions
 
0 
380,254 
 
Stock Issued During Period, Value, Acquisitions
0 
0 
12,012 
 
Stock Issued During Period, Acquisitions, Expense
 
(6)
(154)
 
Stock Issued During Period, Acquisitions, Net
 
(6)
11,858 
 
Stock Issued During Period, Shares, New Issues
 
0 
1,696,250 
 
Stock Issued During Period, Value, New Issues
 
0 
49,615 
 
Stock Issued During Period, New Issues, Expense
 
(7)
(2,306)
 
Stock Issued During Period, New Issues, Net
 
(7)
47,309 
 
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2012 - 8,848,848; 2011 - 8,755,398
$ 141,684 
$ 138,591 
$ 134,873 
$ 72,345 
Common Stock In Text Linking (Details)
Dec. 31, 2014
Class of Stock [Line Items]
 
Restricted Shares Outstanding
46,788 
Common Stock Equivalent Shares Outstanding
202,501 
Retained Earnings Retained Earnings Rollforward (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Retained Earnings [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Retained Earnings (Accumulated Deficit)
$ 69,370 
 
 
 
$ 59,277 
 
 
 
$ 69,370 
$ 59,277 
$ 51,804 
$ 46,669 
Net Income
2,395 
8,448 
7,490 
2,986 
1,904 
9,442 
4,310 
2,613 
21,319 
18,269 
13,640 
 
Retained Earnings before Dividends
 
 
 
 
 
 
 
 
80,596 
70,073 
60,309 
 
Preferred Stock Dividend Requirement
 
 
 
 
 
 
 
 
38 
38 
38 
 
Dividends, Common Stock
 
 
 
 
 
 
 
 
11,188 
10,758 
8,467 
 
Dividends
 
 
 
 
 
 
 
 
11,226 
10,796 
8,505 
 
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, 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 
$ (41)
Other Comprehensive Income Loss Derivatives Before Reclassification Adjustments Net Of Tax
0 
0 
 
Other Comprehensive Income Loss Reclassification Adjustment Derivatives Included In Net Income Net Of Tax
0 
41 
 
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax
0 
41 
 
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
298 
259 
69 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax
2 
165 
 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
39 
190 
 
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax
(1,901)
(374)
(1,356)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax
(1,748)
672 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
(1,527)
982 
 
Accumulated Other Comprehensive Loss
(1,603)
(115)
(1,328)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
(1,488)
1,213 
(503)
Total Other Comprehensive Income Before Reclassification, Net of Tax
(1,746)
837 
 
Amortization of Cash Flow Hedging Instrument Reclassified From AOCI, Before Tax
 
29 
 
Amortization of Cash Flow Hedging Instrument Reclassified From AOCI, Tax
 
12 
 
Amortization of Cash Flow Hedging Instrument Reclassified From AOCI, Net of Tax
0 
41 
 
Realized Gains on Investments Reclassified From AOCI, Before Tax
55 
38 
 
Realized Gains on Investments Reclassified From AOCI, Tax
(18)
(13)
 
Realized Gains on Investments Reclassified From AOCI, Net of Tax
37 
25 
 
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Before Tax
335 
470 
 
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Tax
(114)
(160)
 
Amortization of Recognized Net Gain from Defined Benefit Items Reclassified From AOCI, Net of Tax
221 
310 
 
Total Amounts Reclassified From AOCI, Net of Tax
$ 258 
$ 376 
 
Fair Value Disclosures Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
$ 4,933 
$ 4,433 
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
1,956 
1,590 
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,977 
2,843 
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Cash Surrender Value [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,977 
2,843 
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,977 
2,843 
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Money Market Funds [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
166 
62 
Money Market Funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
166 
62 
Money Market Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Money Market Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Equity Funds [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
1,790 
1,528 
Equity Funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
1,790 
1,528 
Equity Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
0 
0 
Equity Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
$ 0 
$ 0 
Fair Value Disclosures In Text Tagging (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term Debt, Fair Value
$ 189,942 
$ 178,526 
Long-term Debt
176,601 
175,042 
Advances for Construction
$ 26,718 
$ 28,718 
Long-Term Debt Long-Term Debt (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
$ 176,601 
$ 175,042 
Long-term Debt, Current Maturities
(2,457)
(4,121)
Long-term Debt
176,601 
175,042 
Connecticut Water Service Term Loan Note and Supplement A [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
15,466 
16,420 
Subsidiaries [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Current Maturities
(134,643)
(134,762)
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
19,950 
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
23,483 
23,602 
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
9,000 
9,000 
Subsidiaries [Member] |
Maine Water Company Series J [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
424 
474 
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
28,129 
26,796 
Maine Water Company [Member] |
Maine Water Company Series K [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
698 
739 
Maine Water Company [Member] |
Maine Water Company Series L [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
83 
90 
Maine Water Company [Member] |
Maine Water Company Series M [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
381 
401 
Maine Water Company [Member] |
Maine Water Company Series N [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
431 
451 
Maine Water Company [Member] |
Maine Water Company Series O [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
133 
140 
Maine Water Company [Member] |
Maine Water Company Series P [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
431 
451 
Maine Water Company [Member] |
Maine Water Company Series R [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
237 
242 
Maine Water Company [Member] |
Maine Water Company Series S [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
672 
717 
Maine Water Company [Member] |
Maine Water Company Series T [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
1,886 
2,012 
Maine Water Company [Member] |
2012 Series U, Due 2042 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
165 
171 
Maine Water Company [Member] |
2013 Series V, Due 2033 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
1,385 
1,410 
Maine Water Company [Member] |
CoBank Note Payable, Due 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Current Maturities
(1,965)
(1,965)
Maine Water Company [Member] |
CoBank Note Payable, Due 2024 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Current Maturities
(4,500)
0 
Maine Water Company [Member] |
Series M, Due 2014 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
0 
2,700 
Maine Water Company [Member] |
Series L, Due 2018 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
2,250 
2,250 
Maine Water Company [Member] |
Series N, Due 2022 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
1,251 
1,297 
Maine Water Company [Member] |
Series O, Due 2025 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
846 
862 
Maine Water Company [Member] |
Series P, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
1,354 
1,354 
Maine Water Company [Member] |
Long Term Capital Leases [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
37 
70 
Maine Water Company [Member] |
Fair Value Adjustment of Long-Term Debt Assume [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
$ 820 
$ 1,185 
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, 2014
Dec. 31, 2013
Dec. 31, 2012
Debt Instrument [Line Items]
 
 
 
Long-term Debt, Current Maturities
$ 2,457,000 
$ 4,121,000 
 
Proceeds from Issuance of Long-term Debt
4,500,000 
14,550,000 
92,840,000 
Monetary Limit of Deceased Bond Holders Redemption per Year
25,000 
 
 
Percent Limit of Deceased Bond Holders Redemption per Year
3.00% 
 
 
Total Amount Borrowed Under Two Term Loan Notes
36,100,000 
 
 
Total Amount Originally Available Under Two Term Loan Notes
40,000,000 
 
 
Number of Quarterly Principal and Interest Payments
60 
 
 
Life of Term Loan Supplement A
15 years 
 
 
Total Available Loans for Refinancing
54,645,000 
 
 
Connecticut Water Service Term Loan Note and Supplement A [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
18,000,000 
 
 
Debt Instrument, Date of First Required Payment
Apr. 20, 2012 
 
 
Debt Instrument, Maturity Date
Jan. 20, 2027 
 
 
Connecticut Water Service Term Loan Note and Supplement B [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
18,100,000 
 
 
Debt Instrument, Maturity Date
Jan. 02, 2014 
 
 
Subsidiaries [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Long-term Debt, Current Maturities
$ 134,643,000 
$ 134,762,000 
 
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
$ 2,457 
Long-term Debt, Maturities, Repayments of Principal in Year Two
2,511 
Long-term Debt, Maturities, Repayments of Principal in Year Three
4,526 
Long-term Debt, Maturities, Repayments of Principal in Year Four
5,006 
Long-term Debt, Maturities, Repayments of Principal in Year Five
$ 2,856 
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, 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% 
2.00% 
2.00% 
Preferred Stock Preferred Stock (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
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, 2014
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, 2014
Dec. 31, 2013
Short-term Debt [Line Items]
 
 
Line of Credit Facility, Current Borrowing Capacity
$ 35,000,000 
 
Interim Bank Loans Payable
1,991,000 
0 
Line of Credit Facility, Remaining Borrowing Capacity
33,000,000 
 
Short-term Debt, Weighted Average Interest Rate
2.20% 
 
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, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]
 
 
Land
$ 13,133 
$ 12,656 
Source of Supply
35,435 
34,007 
Pumping Equipment
35,754 
36,334 
Water Treatment
80,291 
76,808 
Public Utilities, Property, Plant and Equipment, Transmission and Distribution
463,491 
431,662 
General Plant
60,876 
52,269 
Plant Held for Future Use Amount
438 
438 
Acquisition Adjustment
(3,764)
(4,470)
Utility Plant
$ 685,654 
$ 639,704 
Utility Plant In Text Linking (Details) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]
 
 
Depreciable Plant
$ 629,880,000 
$ 585,788,000 
Taxes Other than Income Taxes Taxes Other than Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Other Income and Expenses [Abstract]
 
 
 
Amortization of Deferred Property Taxes
$ 7,659 
$ 7,031 
$ 6,567 
Payroll Taxes
1,372 
1,157 
1,132 
Taxes Other Than Income Taxes
$ 9,031 
$ 8,188 
$ 7,699 
Pension and Other Post-Retirement Benefits Pension Benefit Cost (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Expected Return on Plan Assets
$ 0 
 
 
Pension Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Service Cost
1,829 
2,201 
2,020 
Defined Benefit Plan, Interest Cost
3,087 
2,781 
2,570 
Defined Benefit Plan, Expected Return on Plan Assets
(3,567)
(3,195)
(2,693)
Defined Benefit Plan, Amortization of Transition Obligations (Assets)
0 
0 
0 
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
73 
74 
74 
Defined Benefit Plan, Amortization of Gains (Losses)
1,319 
2,250 
1,753 
Defined Benefit Plan, Net Periodic Benefit Cost
2,741 
4,111 
3,724 
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
494 
674 
548 
Defined Benefit Plan, Interest Cost
625 
505 
538 
Defined Benefit Plan, Expected Return on Plan Assets
(305)
(290)
(269)
Defined benefit plan amortization of regulatory assets
225 
225 
225 
Defined Benefit Plan, Amortization of Transition Obligations (Assets)
(806)
(806)
(806)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
344 
433 
615 
Defined Benefit Plan, Amortization of Gains (Losses)
$ 577 
$ 741 
$ 851 
Pension and Other Post-Retirement Benefits In Text Linking (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Expected Return on Plan Assets
$ 0 
 
 
Defined Contribution Plan, Cost Recognized
583,000 
509,000 
485,000 
Pension Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Net Periodic Benefit Cost
2,741,000 
4,111,000 
3,724,000 
Defined Benefit Plan, Accumulated Benefit Obligation
69,985,000 
56,179,000 
 
Defined Benefit Plan, Expected Return on Plan Assets
3,567,000 
3,195,000 
2,693,000 
Defined Benefit Plan, Contributions by Employer
3,426,000 
2,620,000 
 
Defined Benefit Plan, Benefit Obligation
79,815,000 
64,164,000 
66,501,000 
Defined Benefit Plan, Fair Value of Plan Assets
61,635,000 
56,844,000 
45,406,000 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
3.95% 
4.90% 
 
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)
(1,319,000)
(2,250,000)
(1,753,000)
BSWC Pension Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Net Periodic Benefit Cost
4,000 
 
 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Expected Return on Plan Assets
305,000 
290,000 
269,000 
Defined Benefit Plan, Contributions by Employer
15,000 
9,000 
 
Defined Benefit Plan, Benefit Obligation
15,533,000 
13,257,000 
13,322,000 
Defined Benefit Plan, Fair Value of Plan Assets
8,429,000 
8,064,000 
7,133,000 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
3.80% 
4.80% 
 
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)
(577,000)
(741,000)
(851,000)
Barnstable Water PBOP [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Benefit Obligation
58,000 
52,000 
 
Supplemental Executive Retirement Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Benefit Obligation
8,235,000 
5,970,000 
 
Defined Benefit Plan, Fair Value of Plan Assets
4,933,000 
4,433,000 
 
Defined Benefit Plan, Amortization of Gains (Losses)
$ (899,000)
$ (811,000)
$ (634,000)
Pension and Other Post-Retirement Benefits Components of Long-Term Compensation Arrangements (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
LONG-TERM COMPENSATION BENEFITS [Abstract]
 
 
Long-Term Compensation Defined Benefit Pension Plan
$ 18,180 
$ 7,320 
Long-Term Compensation Post Retirement Other Than Pension
7,162 
5,245 
Long-Term Compensation Supplemental Retirement Plan
8,440 
6,176 
Long-Term Compensation Deferred Compensation
1,944 
1,775 
Long-Term Compensation Other Long-Term Compensation
22 
135 
Long-Term Compensation Arrangements
$ 35,748 
$ 20,651 
Pension and Other Post-Retirement Benefits Target Asset Allocation (Details)
Dec. 31, 2014
Rate
Dec. 31, 2013
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, 2014
Dec. 31, 2013
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Benefit Obligation
$ 15,533,000 
$ 13,257,000 
$ 13,322,000 
Defined Benefit Plan, Service Cost
494,000 
674,000 
548,000 
Defined Benefit Plan, Interest Cost
625,000 
505,000 
538,000 
Defined Benefit Plan, Actuarial Gain (Loss)
1,379,000 
(821,000)
 
Defined Benefit Plan, Benefits Paid
(345,000)
(530,000)
 
Defined Benefit Plan, Fair Value of Plan Assets
8,429,000 
8,064,000 
7,133,000 
Defined Benefit Plan, Actual Return on Plan Assets
572,000 
1,345,000 
 
Defined Benefit Plan, Contributions by Employer
15,000 
9,000 
 
Defined Benefit Plan, Funded Status of Plan
(7,104,000)
(5,193,000)
 
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
(7,104,000)
(5,193,000)
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
(7,104,000)
(5,193,000)
 
Defined Benefit Plan, Contributions by Plan Participants
123,000 
107,000 
 
Pension Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Benefit Obligation
79,815,000 
64,164,000 
66,501,000 
Defined Benefit Plan, Service Cost
1,829,000 
2,201,000 
2,020,000 
Defined Benefit Plan, Interest Cost
3,087,000 
2,781,000 
2,570,000 
Defined Benefit Plan, Actuarial Gain (Loss)
13,221,000 
(8,154,000)
 
Defined Benefit Plan, Benefits Paid
(2,402,000)
(3,241,000)
 
Defined Benefit Plan, Administration Expenses
(84,000)
0 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
2,984,000 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation
0 
4,076,000 
 
Defined Benefit Plan, Fair Value of Plan Assets
61,635,000 
56,844,000 
45,406,000 
Defined Benefit Plan, Actual Return on Plan Assets
3,851,000 
9,075,000 
 
Defined Benefit Plan, Contributions by Employer
3,426,000 
2,620,000 
 
Defined Benefit Plan, Funded Status of Plan
(18,180,000)
(7,320,000)
 
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
(18,180,000)
(7,320,000)
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
$ (18,180,000)
$ (7,320,000)
 
Pension and Other Post-Retirement Benefits Net Periodic Benefit Costs (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
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
494 
674 
548 
Defined Benefit Plan, Interest Cost
625 
505 
538 
Defined Benefit Plan, Expected Return on Plan Assets
(305)
(290)
(269)
Defined Benefit Plan, Amortization of Transition Obligations (Assets)
(806)
(806)
(806)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
344 
433 
615 
Defined Benefit Plan, Amortization of Gains (Losses)
577 
741 
851 
Defined benefit plan amortization of regulatory assets
225 
225 
225 
Pension Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Service Cost
1,829 
2,201 
2,020 
Defined Benefit Plan, Interest Cost
3,087 
2,781 
2,570 
Defined Benefit Plan, Expected Return on Plan Assets
(3,567)
(3,195)
(2,693)
Defined Benefit Plan, Amortization of Transition Obligations (Assets)
0 
0 
0 
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
73 
74 
74 
Defined Benefit Plan, Amortization of Gains (Losses)
1,319 
2,250 
1,753 
Defined Benefit Plan, Net Periodic Benefit Cost
$ 2,741 
$ 4,111 
$ 3,724 
Pension and Other Post-Retirement Benefits Benefit Plan Assumptions (Details)
12 Months Ended
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
Dec. 31, 2012
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
4.80% 
3.80% 
4.40% 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
3.80% 
4.80% 
 
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
4.90% 
4.05% 
4.60% 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
3.95% 
4.90% 
 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase
4.00% 
3.50% 
 
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
3.50% 
3.50% 
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, 2014
Dec. 31, 2013
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)
$ 1,112 
$ (1,876)
Change in Transition Obligation (Credit) Recognized as Regulatory Asset (Liability)
0 
0 
Amortization of Transition Obligation Recognized as Regulatory Asset (Liability)
0 
0 
Amortization of Prior Service Cost Recognized as Regulatory Asset (Liability)
806 
806 
Amortization of Net Loss Recognized as Regulatory Asset (Liability)
(344)
(433)
Total Recognized to Regulatory Asset
1,338 
(1,739)
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)
11,906 
(13,154)
Change Prior Service Cost Recognized as Regulatory Asset (Liability)
0 
0 
Amortization of Transition Obligation Recognized as Regulatory Asset (Liability)
0 
0 
Amortization of Prior Service Cost Recognized as Regulatory Asset (Liability)
(73)
(74)
Amortization of Net Loss Recognized as Regulatory Asset (Liability)
(1,205)
(2,006)
Total Recognized to Regulatory Asset
$ 10,628 
$ (15,234)
Pension and Other Post-Retirement Benefits Amounts Recognized as Regulatory Asset (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
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
(1,153)
(1,960)
Amounts Recognized as Regulatory Asset - Net Loss
3,050 
2,281 
Total Recognized as a Regulatory Asset
2,626 
1,288 
Pension 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
102 
176 
Amounts Recognized as Regulatory Asset - Net Loss
13,611 
2,909 
Total Recognized as a Regulatory Asset
$ 13,713 
$ 3,085 
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, 2014
Dec. 31, 2013
Dec. 31, 2012
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
2,401 
1,484 
538 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax
$ 2,401 
$ 1,484 
$ 538 
Pension and Other Post-Retirement Benefits Estimated Net Benefit Cost Amortizations (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
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
(571)
Estimated Amortization of Net Loss
444 
Total Estimated Net Periodic Benefit Cost Amortizations
(127)
Pension Plans, Defined Benefit [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Estimated Amortization of Net Transition Obligation
0 
Estimated Amortization of Prior Service Cost
17 
Estimated Amortization of Net Loss
2,755 
Total Estimated Net Periodic Benefit Cost Amortizations
$ 2,772 
Pension and Other Post-Retirement Benefits Actual Asset Allocation (Details)
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
Acutal Asset Allocation [Line Items]
 
 
Actual Equity Allocation
71.00% 
69.00% 
Actual Fixed Income Allocation
29.00% 
31.00% 
Total Actual Asset Allocation
100.00% 
100.00% 
Pension Plans, Defined Benefit [Member]
 
 
Acutal Asset Allocation [Line Items]
 
 
Actual Equity Allocation
65.00% 
65.00% 
Actual Fixed Income Allocation
35.00% 
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, 2014
Dec. 31, 2013
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
Fair Value of Benefit Plan Assets [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 8,429 
$ 8,064 
$ 7,133 
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
8,429 
8,064 
 
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
62 
229 
 
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
2,378 
2,299 
 
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
5,989 
5,536 
 
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
61,635 
56,844 
45,406 
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
61,635 
56,844 
 
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
429 
3,297 
 
Pension Plans, Defined Benefit [Member] |
Money Market Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value of Benefit Plan Assets [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Pension Plans, Defined Benefit [Member] |
Money Market Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value of Benefit Plan Assets [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Pension Plans, Defined Benefit [Member] |
Fixed Income Funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value of Benefit Plan Assets [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
21,330 
16,533 
 
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
39,876 
37,014 
 
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, 2014
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
Expected Future Benefit Payments [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
$ 444 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
514 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
600 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
670 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
744 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
4,956 
Pension Plans, Defined Benefit [Member]
 
Expected Future Benefit Payments [Line Items]
 
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
3,797 
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
3,866 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
4,219 
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
4,284 
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
4,756 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
$ 25,683 
Pension and Other Post-Retirement Benefits Assumed Health Care Trend Rates (Details)
12 Months Ended
Dec. 31, 2014
Rate
Dec. 31, 2013
Rate
Medical [Member]
 
 
Assumed Health Care Trend Rates [Line Items]
 
 
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year
9.00% 
9.50% 
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
9.00% 
9.50% 
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, 2014
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components
$ 85 
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components
(75)
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation
1,038 
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation
$ (918)
Stock Based Compensation Plans In Text Linking (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Allocated Share-based Compensation Expense
$ 1,957,000 
$ 2,296,000 
$ 1,544,000 
Shares To Begin Vesting in Next Fiscal Year
25,000 
 
 
Aggregate Intrinsic Value of Performance Based Awards
1,160,000 
 
 
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
281,613 
 
 
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
219,115 
 
 
Performance Based Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Allocated Share-based Compensation Expense
$ 1,957,000 
$ 2,296,000 
$ 1,544,000 
Stock Based Compensation Plans Stock Option Rollforward (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
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 
30,979 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price
$ 0.00 
$ 29.05 
$ 27.63 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period
0 
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price
$ 0.00 
$ 0.00 
 
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period
(7,744)
(23,235)
 
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Exercise Price
$ 29.05 
$ 27.16 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number
0 
7,744 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price
$ 0.00 
$ 29.05 
 
Stock Based Compensation Plans Performance Based Share Awards (Details) (Performance Based Awards [Member], USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
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
40,969 
46,479 
42,177 
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Non-Vested Shares Outstanding, Weighted Average Grant Date Fair Value
$ 32.63 
$ 29.43 
$ 28.34 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period
24,973 
28,198 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 34.70 
$ 29.76 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
(28,184)
(23,756)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value
$ 29.07 
$ 27.88 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
(2,299)
(140)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value
$ 34.00 
$ 29.22 
 
Segment Reporting Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
Revenues
$ 101,543 
$ 98,957 
$ 92,561 
Depreciation, Depletion and Amortization
11,789 
10,796 
9,789 
Operating Expenses
57,115 
56,386 
51,711 
Other Income (Deductions)
(1,096)
(661)
(1,760)
Interest Expense (Net of AFUDC)
5,997 
5,752 
8,330 
Income Tax Expense (Benefit) by Segment
4,227 
7,093 
7,331 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
21,319 
18,269 
13,640 
Water Activities [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
95,516 
93,000 
85,325 
Depreciation, Depletion and Amortization
11,784 
10,792 
9,782 
Operating Expenses
53,614 
52,878 
48,153 
Other Income (Deductions)
(1,096)
(661)
(1,760)
Interest Expense (Net of AFUDC)
5,997 
5,764 
8,343 
Income Tax Expense (Benefit) by Segment
3,227 
6,112 
6,022 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
19,798 
16,793 
11,265 
Real Estate Transactions [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
243 
95 
1,450 
Depreciation, Depletion and Amortization
0 
0 
0 
Operating Expenses
161 
103 
119 
Other Income (Deductions)
0 
0 
0 
Interest Expense (Net of AFUDC)
0 
0 
0 
Income Tax Expense (Benefit) by Segment
32 
(1)
380 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
50 
(7)
951 
Services and Rentals [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
5,784 
5,862 
5,786 
Depreciation, Depletion and Amortization
5 
4 
7 
Operating Expenses
3,340 
3,405 
3,439 
Other Income (Deductions)
0 
0 
0 
Interest Expense (Net of AFUDC)
0 
(12)
(13)
Income Tax Expense (Benefit) by Segment
968 
982 
929 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
$ 1,471 
$ 1,483 
$ 1,424 
Segment Reporting Segment Reporting Textual Information (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
$ 20,747,000 
$ 27,554,000 
$ 25,459,000 
$ 20,260,000 
$ 21,575,000 
$ 27,632,000 
$ 22,545,000 
$ 19,729,000 
$ 94,020,000 
$ 91,481,000 
$ 83,838,000 
Regulated Operating Revenue, Other
 
 
 
 
 
 
 
 
1,496,000 
1,519,000 
1,487,000 
Water Revenue Adjustment
 
 
 
 
 
 
 
 
$ 3,700,000 
$ 3,298,000 
 
Segment Reporting Assets by Segment (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
$ 515,211 
$ 479,264 
Other Assets
155,978 
151,547 
Assets
671,189 
630,811 
Water Activities [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
514,606 
478,560 
Other Assets
152,929 
136,246 
Services and Rentals and Real Estate Combine [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
605 
704 
Other Assets
$ 3,049 
$ 15,301 
Aquisitions Fair Value of Assets Acquired (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Business Acquisition [Line Items]
 
 
 
 
Public Utilities, Property, Plant and Equipment, Net
$ 506,939 
$ 471,876 
 
 
Cash and Cash Equivalents
2,475 
18,371 
13,150 
1,012 
Accounts Receivable, Net, Current
11,971 
12,340 
 
 
Prepayments and Other Current Assets
11,953 
6,928 
 
 
Goodwill
31,685 
31,685 
 
 
Deferred Charges and Other Costs
8,164 
8,840 
 
 
Total Assets
671,189 
630,811 
 
 
Long-term Debt
176,601 
175,042 
 
 
Accounts Payable and Accrued Expenses
10,019 
10,846 
 
 
Other Current Liabilities
2,383 
2,359 
 
 
Advances for Construction
26,718 
28,718 
 
 
Contributions in Aid of Construction
84,371 
80,772 
 
 
Deferred Federal and State Income Taxes
53,322 
47,470 
 
 
Other Long-Term Liabilities
776 
1,018 
 
 
Maine Water Company Acquisition [Member]
 
 
 
 
Business Acquisition [Line Items]
 
 
 
 
Public Utilities, Property, Plant and Equipment, Net
 
 
 
50,877 
Cash and Cash Equivalents
 
 
 
1,607 
Accounts Receivable, Net, Current
 
 
 
974 
Prepayments and Other Current Assets
 
 
 
1,819 
Goodwill
 
 
 
20,369 
Deferred Charges and Other Costs
 
 
 
4,498 
Total Assets
 
 
 
80,144 
Long-term Debt
 
 
 
18,259 
Accounts Payable and Accrued Expenses
 
 
 
1,137 
Other Current Liabilities
 
 
 
1,453 
Advances for Construction
 
 
 
1,186 
Contributions in Aid of Construction
 
 
 
8,886 
Deferred Federal and State Income Taxes
 
 
 
8,046 
Other Long-Term Liabilities
 
 
 
4,152 
Liabilities
 
 
 
43,119 
Assets, Net
 
 
 
37,025 
Biddeford and Saco [Member]
 
 
 
 
Business Acquisition [Line Items]
 
 
 
 
Public Utilities, Property, Plant and Equipment, Net
 
 
 
19,411 
Cash and Cash Equivalents
 
 
 
14 
Accounts Receivable, Net, Current
 
 
 
628 
Prepayments and Other Current Assets
 
 
 
545 
Goodwill
 
 
 
7,708 
Deferred Charges and Other Costs
 
 
 
554 
Total Assets
 
 
 
28,860 
Long-term Debt
 
 
 
9,263 
Accounts Payable and Accrued Expenses
 
 
 
254 
Other Current Liabilities
 
 
 
1,076 
Advances for Construction
 
 
 
714 
Contributions in Aid of Construction
 
 
 
2,568 
Deferred Federal and State Income Taxes
 
 
 
1,668 
Other Long-Term Liabilities
 
 
 
1,305 
Liabilities
 
 
 
16,848 
Assets, Net
 
 
 
$ 12,012 
Aquisitions Pro Forma Summary for Prior Year (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
$ 20,747,000 
$ 27,554,000 
$ 25,459,000 
$ 20,260,000 
$ 21,575,000 
$ 27,632,000 
$ 22,545,000 
$ 19,729,000 
$ 94,020,000 
$ 91,481,000 
$ 83,838,000 
Regulated Operating Revenue, Other
 
 
 
 
 
 
 
 
1,496,000 
1,519,000 
1,487,000 
Revenues
 
 
 
 
 
 
 
 
101,543,000 
98,957,000 
92,561,000 
Net Income
2,395,000 
8,448,000 
7,490,000 
2,986,000 
1,904,000 
9,442,000 
4,310,000 
2,613,000 
21,319,000 
18,269,000 
13,640,000 
Earnings Per Share, Basic
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 0.17 
$ 0.87 
$ 0.40 
$ 0.24 
$ 1.95 
$ 1.68 
$ 1.55 
Earnings Per Share, Diluted
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 0.17 
$ 0.86 
$ 0.39 
$ 0.24 
$ 1.92 
$ 1.66 
$ 1.53 
Biddeford and Saco Water Company Acquisition [Member]
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
 
 
 
 
 
 
 
 
 
87,931,000 
Regulated Operating Revenue, Other
 
 
 
 
 
 
 
 
 
 
1,487,000 
Real Estate Revenue, Net
 
 
 
 
 
 
 
 
 
 
1,450,000 
Sales Revenue, Services, Net
 
 
 
 
 
 
 
 
 
 
5,914,000 
Revenues
 
 
 
 
 
 
 
 
 
 
96,782,000 
Net Income
 
 
 
 
 
 
 
 
 
 
$ 13,801,000 
Earnings Per Share, Basic
 
 
 
 
 
 
 
 
 
 
$ 1.57 
Earnings Per Share, Diluted
 
 
 
 
 
 
 
 
 
 
$ 1.55 
Aquisitions Maine Water Summary (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
$ 20,747,000 
$ 27,554,000 
$ 25,459,000 
$ 20,260,000 
$ 21,575,000 
$ 27,632,000 
$ 22,545,000 
$ 19,729,000 
$ 94,020,000 
$ 91,481,000 
$ 83,838,000 
Regulated Operating Revenue, Other
 
 
 
 
 
 
 
 
1,496,000 
1,519,000 
1,487,000 
Revenues
 
 
 
 
 
 
 
 
101,543,000 
98,957,000 
92,561,000 
Net Income
2,395,000 
8,448,000 
7,490,000 
2,986,000 
1,904,000 
9,442,000 
4,310,000 
2,613,000 
21,319,000 
18,269,000 
13,640,000 
Earnings Per Share, Basic
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 0.17 
$ 0.87 
$ 0.40 
$ 0.24 
$ 1.95 
$ 1.68 
$ 1.55 
Earnings Per Share, Diluted
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 0.17 
$ 0.86 
$ 0.39 
$ 0.24 
$ 1.92 
$ 1.66 
$ 1.53 
Biddeford and Saco Water Company Acquisition [Member]
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
 
 
 
 
 
 
 
 
 
87,931,000 
Regulated Operating Revenue, Other
 
 
 
 
 
 
 
 
 
 
1,487,000 
Real Estate Revenue, Net
 
 
 
 
 
 
 
 
 
 
1,450,000 
Sales Revenue, Services, Net
 
 
 
 
 
 
 
 
 
 
5,914,000 
Revenues
 
 
 
 
 
 
 
 
 
 
96,782,000 
Net Income
 
 
 
 
 
 
 
 
 
 
$ 13,801,000 
Earnings Per Share, Basic
 
 
 
 
 
 
 
 
 
 
$ 1.57 
Earnings Per Share, Diluted
 
 
 
 
 
 
 
 
 
 
$ 1.55 
Aquisitions In Text Linking (Details) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2012
Maine Water Company [Member]
Customers
Dec. 31, 2011
Maine Water Company [Member]
Customers
Dec. 31, 2012
Biddeford & Saco Water Company [Member]
Customers
Dec. 31, 2012
Hebron Country Manor [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
Business Combination, Consideration Transferred
 
 
$ 35,600,000 
 
$ 12,000,000 
$ 130,000 
Number of customers
 
 
16,000 
 
15,000 
 
Number of Systems
 
 
 
11 
 
 
Stock Issued During Period, Shares, Acquisitions
0 
380,254 
 
 
 
 
Aquisitions Goodwill Rollforward (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Goodwill [Line Items]
 
 
Goodwill
$ 31,685 
$ 31,685 
Commitments and Contingencies In Text Linking (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Loss Contingencies [Line Items]
 
 
Amount spent on purchased water contracts
$ 1,276,000 
 
Reserve Against Fixed Capital Investment Credits Claimed in Prior Years
2,000,000 
 
Reserve against tangible property deductions
2,800,000 
2,600,000 
Board Approved Capital Budget in Next Fiscal Year
$ 55,100,000 
 
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, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Quarterly Financial [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
$ 20,747 
$ 27,554 
$ 25,459 
$ 20,260 
$ 21,575 
$ 27,632 
$ 22,545 
$ 19,729 
$ 94,020 
$ 91,481 
$ 83,838 
Operating Income (Loss)
3,747 
9,682 
8,479 
4,089 
3,597 
10,249 
5,438 
3,565 
25,997 
22,849 
20,421 
Net Income
$ 2,395 
$ 8,448 
$ 7,490 
$ 2,986 
$ 1,904 
$ 9,442 
$ 4,310 
$ 2,613 
$ 21,319 
$ 18,269 
$ 13,640 
Basic (in dollars per share)
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 0.17 
$ 0.87 
$ 0.40 
$ 0.24 
$ 1.95 
$ 1.68 
$ 1.55 
Diluted (in dollars per share)
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 0.17 
$ 0.86 
$ 0.39 
$ 0.24 
$ 1.92 
$ 1.66 
$ 1.53 
Earnings per Share Earnings per Share (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Shares, Outstanding
11,124,630 
 
 
 
11,038,232 
 
 
 
11,124,630 
11,038,232 
10,939,486 
8,755,398 
Weighted Average Number of Shares Outstanding, Basic
 
 
 
 
 
 
 
 
10,893,000 
10,827,000 
8,763,000 
 
Diluted (in shares)
 
 
 
 
 
 
 
 
11,091,000 
10,996,000 
8,900,000 
 
Basic (in dollars per share)
$ 0.21 
$ 0.78 
$ 0.69 
$ 0.27 
$ 0.17 
$ 0.87 
$ 0.40 
$ 0.24 
$ 1.95 
$ 1.68 
$ 1.55 
 
Incremental Common Shares Attributal To Share Based Payements Arrangements
 
 
 
 
 
 
 
 
$ 0.03 
$ 0.02 
$ 0.02 
 
Diluted (in dollars per share)
$ 0.21 
$ 0.76 
$ 0.67 
$ 0.27 
$ 0.17 
$ 0.86 
$ 0.39 
$ 0.24 
$ 1.92 
$ 1.66 
$ 1.53 
 
Schedule II - Valuation and Qualifying Accounts (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Valuation and Qualifying Accounts Disclosure [Line Items]
 
 
 
 
Valuation Allowances and Reserves, Balance
$ 1,202 
$ 1,127 
$ 1,058 
$ 1,088 
Valuation Allowances And Reserves, Adjustments to Beginning Balance
 
0 
0 
187 
Valuation Allowances and Reserves, Charged to Cost and Expense
549 
533 
315 
 
Valuation Allowances and Reserves, Deductions
$ 474 
$ 464 
$ 532