|
|
|
|
|
|
|
|
|
|
|
1. | Basis of Preparation of Financials |
|
2. | Pension and Other Post-Retirement Benefits |
Three Months | |||||||
Period ended March 31, | 2016 | 2015 | |||||
Service Cost | $ | 521 | $ | 570 | |||
Interest Cost | 794 | 771 | |||||
Expected Return on Plan Assets | (979 | ) | (966 | ) | |||
Amortization of: | |||||||
Prior Service Cost | 4 | 4 | |||||
Net Recognized Loss | 511 | 691 | |||||
Net Periodic Benefit Cost | $ | 851 | $ | 1,070 |
Three Months | |||||||
Period ended March 31, | 2016 | 2015 | |||||
Service Cost | $ | 103 | $ | 152 | |||
Interest Cost | 136 | 147 | |||||
Expected Return on Plan Assets | (85 | ) | (81 | ) | |||
Other | 56 | 56 | |||||
Amortization of: | |||||||
Prior Service Credit | (100 | ) | (142 | ) | |||
Recognized Net Loss | 8 | 110 | |||||
Net Periodic Benefit Cost | $ | 118 | $ | 242 |
|
4. | Recently Adopted and New Accounting Pronouncements |
|
5. | Accumulated Other Comprehensive Income |
Three months ended March 31, 2016 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 200 | $ | (1,135 | ) | $ | (935 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | (15 | ) | — | (15 | ) | |||||||
Amounts Reclassified from AOCI | — | 35 | 35 | |||||||||
Net current-period Other Comprehensive (Loss) Income | (15 | ) | 35 | 20 | ||||||||
Ending Balance | $ | 185 | $ | (1,100 | ) | $ | (915 | ) | ||||
Three months ended March 31, 2015 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 298 | $ | (1,901 | ) | $ | (1,603 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | 14 | — | 14 | |||||||||
Amounts Reclassified from AOCI | — | 97 | 97 | |||||||||
Net current-period Other Comprehensive (Loss) Income | 14 | 97 | 111 | |||||||||
Ending Balance | $ | 312 | $ | (1,804 | ) | $ | (1,492 | ) | ||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. |
Details about Other AOCI Components | Amounts Reclassified from AOCI Three Months Ended March 31, 2016(a) | Amounts Reclassified from AOCI Three Months Ended March 31, 2015(a) | Affected Line Items on Income Statement | |||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 57 | 135 | Other Income (b) | |||||||
Tax expense | (22 | ) | (38 | ) | Other Income | |||||
35 | 97 | |||||||||
Total Reclassifications for the period, net of tax | $ | 35 | $ | 97 | ||||||
(a) Amounts in parentheses indicate loss/expense. | ||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
|
Long-Term Debt |
2016 | 2015 | ||||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note | $ | 14,217 | $ | 14,472 | ||||
The Connecticut Water Company: | |||||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.10% | 2009 A Series, Due 2039 | 19,930 | 19,930 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,257 | 23,303 | ||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | ||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | ||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | ||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | ||||||
4.75% | CoBank Note Payable, Due 2033 | 14,550 | 14,550 | ||||||
Total The Connecticut Water Company | 134,397 | 134,443 | |||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 8,100 | 8,100 | ||||||
2.68% | 1999 Series J, Due 2019 | 254 | 339 | ||||||
0.00% | 2001 Series K, Due 2031 | 615 | 656 | ||||||
2.58% | 2002 Series L, Due 2022 | 68 | 75 | ||||||
1.53% | 2003 Series M, Due 2023 | 341 | 361 | ||||||
1.73% | 2004 Series N, Due 2024 | 401 | 401 | ||||||
0.00% | 2004 Series O, Due 2034 | 120 | 127 | ||||||
1.76% | 2006 Series P, Due 2026 | 391 | 411 | ||||||
1.57% | 2009 Series R, Due 2029 | 217 | 227 | ||||||
0.00% | 2009 Series S, Due 2029 | 605 | 628 | ||||||
0.00% | 2009 Series T, Due 2029 | 1,697 | 1,760 | ||||||
0.00% | 2012 Series U, Due 2042 | 154 | 160 | ||||||
1.00% | 2013 Series V, Due 2033 | 1,335 | 1,360 | ||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | ||||||
4.24% | CoBank Note Payable, Due 2024 | 4,500 | 4,500 | ||||||
7.72% | Series L, Due 2018 | 2,250 | 2,250 | ||||||
2.40% | Series N, Due 2022 | 1,101 | 1,176 | ||||||
1.86% | Series O, Due 2025 | 830 | 830 | ||||||
2.23% | Series P, Due 2028 | 1,294 | 1,324 | ||||||
0.01% | Series Q, Due 2035 | 1,771 | 1,864 | ||||||
1.00% | Series R, Due 2025 | 2,488 | 2,488 | ||||||
Various | Various Capital Leases | 15 | 17 | ||||||
Total The Maine Water Company | 30,512 | 31,019 | |||||||
Add: Acquisition Fair Value Adjustment | 502 | 562 | |||||||
Less: Current Portion | (2,850 | ) | (2,842 | ) | |||||
Less: Unamortized Debt Issuance Expense | (5,676 | ) | (5,786 | ) | |||||
Total Long-Term Debt | $ | 171,102 | $ | 171,868 |
|
Fair Value Disclosures |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,915 | $ | — | $ | 2,915 | |||||||
Money Market Fund | 68 | — | — | 68 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,422 | — | — | 1,422 | |||||||||||
Fixed Income Funds (2) | 493 | — | — | 493 | |||||||||||
Total | $ | 1,983 | $ | 2,915 | $ | — | $ | 4,898 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,909 | $ | — | $ | 2,909 | |||||||
Money Market Fund | 122 | — | — | 122 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,441 | — | — | 1,441 | |||||||||||
Fixed Income Funds (2) | 485 | — | — | 485 | |||||||||||
Total | $ | 2,048 | $ | 2,909 | $ | — | $ | 4,957 |
(1) | Mutual funds consist primarily of equity securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets. |
(2) | Mutual funds consist primarily of fixed income securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets. |
|
Segment Reporting |
Three months ended March 31, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 21,855 | $ | 2,950 | $ | 197 | $ | 2,753 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,231 | 537 | 142 | 395 | ||||||||||||
Total | $ | 23,086 | $ | 3,487 | $ | 339 | $ | 3,148 |
Three months ended March 31, 2015 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense(Benefit) | Net Income | ||||||||||||
Water Operations | $ | 20,340 | $ | 1,687 | $ | (1,047 | ) | $ | 2,734 | |||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,362 | 629 | 260 | 369 | ||||||||||||
Total | $ | 21,702 | $ | 2,316 | $ | (787 | ) | $ | 3,103 |
March 31, 2016 | December 31, 2015 | ||||||
Total Plant and Other Investments: | |||||||
Water Operations | $ | 562,224 | $ | 553,773 | |||
Non-Water | 963 | 637 | |||||
563,187 | 554,410 | ||||||
Other Assets: | |||||||
Water Operations | 157,289 | 154,090 | |||||
Non-Water | 3,625 | 2,215 | |||||
160,914 | 156,305 | ||||||
Total Assets | $ | 724,101 | $ | 710,715 |
|
Income Taxes |
|
Lines of Credit |
|
Three Months | |||||||
Period ended March 31, | 2016 | 2015 | |||||
Service Cost | $ | 521 | $ | 570 | |||
Interest Cost | 794 | 771 | |||||
Expected Return on Plan Assets | (979 | ) | (966 | ) | |||
Amortization of: | |||||||
Prior Service Cost | 4 | 4 | |||||
Net Recognized Loss | 511 | 691 | |||||
Net Periodic Benefit Cost | $ | 851 | $ | 1,070 |
Three Months | |||||||
Period ended March 31, | 2016 | 2015 | |||||
Service Cost | $ | 103 | $ | 152 | |||
Interest Cost | 136 | 147 | |||||
Expected Return on Plan Assets | (85 | ) | (81 | ) | |||
Other | 56 | 56 | |||||
Amortization of: | |||||||
Prior Service Credit | (100 | ) | (142 | ) | |||
Recognized Net Loss | 8 | 110 | |||||
Net Periodic Benefit Cost | $ | 118 | $ | 242 |
|
Three months ended March 31, 2016 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 200 | $ | (1,135 | ) | $ | (935 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | (15 | ) | — | (15 | ) | |||||||
Amounts Reclassified from AOCI | — | 35 | 35 | |||||||||
Net current-period Other Comprehensive (Loss) Income | (15 | ) | 35 | 20 | ||||||||
Ending Balance | $ | 185 | $ | (1,100 | ) | $ | (915 | ) | ||||
Three months ended March 31, 2015 | Unrealized Gains on Investments | Defined Benefit Items | Total | |||||||||
Beginning Balance (a) | $ | 298 | $ | (1,901 | ) | $ | (1,603 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassification | 14 | — | 14 | |||||||||
Amounts Reclassified from AOCI | — | 97 | 97 | |||||||||
Net current-period Other Comprehensive (Loss) Income | 14 | 97 | 111 | |||||||||
Ending Balance | $ | 312 | $ | (1,804 | ) | $ | (1,492 | ) | ||||
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss. |
Details about Other AOCI Components | Amounts Reclassified from AOCI Three Months Ended March 31, 2016(a) | Amounts Reclassified from AOCI Three Months Ended March 31, 2015(a) | Affected Line Items on Income Statement | |||||||
Amortization of Recognized Net Gain from Defined Benefit Items | 57 | 135 | Other Income (b) | |||||||
Tax expense | (22 | ) | (38 | ) | Other Income | |||||
35 | 97 | |||||||||
Total Reclassifications for the period, net of tax | $ | 35 | $ | 97 | ||||||
(a) Amounts in parentheses indicate loss/expense. | ||||||||||
(b) Included in computation of net periodic pension cost (see Note 2 for additional details). |
|
2016 | 2015 | ||||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note | $ | 14,217 | $ | 14,472 | ||||
The Connecticut Water Company: | |||||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.10% | 2009 A Series, Due 2039 | 19,930 | 19,930 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,257 | 23,303 | ||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | 8,000 | ||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | 14,795 | ||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | 17,020 | ||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | 14,795 | ||||||
4.75% | CoBank Note Payable, Due 2033 | 14,550 | 14,550 | ||||||
Total The Connecticut Water Company | 134,397 | 134,443 | |||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 8,100 | 8,100 | ||||||
2.68% | 1999 Series J, Due 2019 | 254 | 339 | ||||||
0.00% | 2001 Series K, Due 2031 | 615 | 656 | ||||||
2.58% | 2002 Series L, Due 2022 | 68 | 75 | ||||||
1.53% | 2003 Series M, Due 2023 | 341 | 361 | ||||||
1.73% | 2004 Series N, Due 2024 | 401 | 401 | ||||||
0.00% | 2004 Series O, Due 2034 | 120 | 127 | ||||||
1.76% | 2006 Series P, Due 2026 | 391 | 411 | ||||||
1.57% | 2009 Series R, Due 2029 | 217 | 227 | ||||||
0.00% | 2009 Series S, Due 2029 | 605 | 628 | ||||||
0.00% | 2009 Series T, Due 2029 | 1,697 | 1,760 | ||||||
0.00% | 2012 Series U, Due 2042 | 154 | 160 | ||||||
1.00% | 2013 Series V, Due 2033 | 1,335 | 1,360 | ||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | 1,965 | ||||||
4.24% | CoBank Note Payable, Due 2024 | 4,500 | 4,500 | ||||||
7.72% | Series L, Due 2018 | 2,250 | 2,250 | ||||||
2.40% | Series N, Due 2022 | 1,101 | 1,176 | ||||||
1.86% | Series O, Due 2025 | 830 | 830 | ||||||
2.23% | Series P, Due 2028 | 1,294 | 1,324 | ||||||
0.01% | Series Q, Due 2035 | 1,771 | 1,864 | ||||||
1.00% | Series R, Due 2025 | 2,488 | 2,488 | ||||||
Various | Various Capital Leases | 15 | 17 | ||||||
Total The Maine Water Company | 30,512 | 31,019 | |||||||
Add: Acquisition Fair Value Adjustment | 502 | 562 | |||||||
Less: Current Portion | (2,850 | ) | (2,842 | ) | |||||
Less: Unamortized Debt Issuance Expense | (5,676 | ) | (5,786 | ) | |||||
Total Long-Term Debt | $ | 171,102 | $ | 171,868 |
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,915 | $ | — | $ | 2,915 | |||||||
Money Market Fund | 68 | — | — | 68 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,422 | — | — | 1,422 | |||||||||||
Fixed Income Funds (2) | 493 | — | — | 493 | |||||||||||
Total | $ | 1,983 | $ | 2,915 | $ | — | $ | 4,898 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,909 | $ | — | $ | 2,909 | |||||||
Money Market Fund | 122 | — | — | 122 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,441 | — | — | 1,441 | |||||||||||
Fixed Income Funds (2) | 485 | — | — | 485 | |||||||||||
Total | $ | 2,048 | $ | 2,909 | $ | — | $ | 4,957 |
(1) | Mutual funds consist primarily of equity securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets. |
|
Three months ended March 31, 2016 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Operations | $ | 21,855 | $ | 2,950 | $ | 197 | $ | 2,753 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,231 | 537 | 142 | 395 | ||||||||||||
Total | $ | 23,086 | $ | 3,487 | $ | 339 | $ | 3,148 |
Three months ended March 31, 2015 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense(Benefit) | Net Income | ||||||||||||
Water Operations | $ | 20,340 | $ | 1,687 | $ | (1,047 | ) | $ | 2,734 | |||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,362 | 629 | 260 | 369 | ||||||||||||
Total | $ | 21,702 | $ | 2,316 | $ | (787 | ) | $ | 3,103 |
March 31, 2016 | December 31, 2015 | ||||||
Total Plant and Other Investments: | |||||||
Water Operations | $ | 562,224 | $ | 553,773 | |||
Non-Water | 963 | 637 | |||||
563,187 | 554,410 | ||||||
Other Assets: | |||||||
Water Operations | 157,289 | 154,090 | |||||
Non-Water | 3,625 | 2,215 | |||||
160,914 | 156,305 | ||||||
Total Assets | $ | 724,101 | $ | 710,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|