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-949000 -1470000 372000 395000 3280000 3148000 3624000 3275000 0 0 1000 1000 1000 1000 3664000 3408000 0 35000 3809000 6238000 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">1.  Basis of Presentation</div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The interim financial statements are unaudited but, in the opinion of management, reflect all adjustments, consisting of only normal recurring accruals, necessary for a fair presentation of results for such periods.  Because the financial statements cover an interim period, they do not include all disclosures and notes normally provided in annual financial statements, and therefore, should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.</div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating results for the </span>three months ended March 31, 2026<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> are not necessarily indicative of the results that may be expected for the year ending December 31, </span>2026<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.<br/> </span></div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold;">2.  Acquisitions </span><br/> <br/></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On January 28, 2026, the Company completed the acquisition of the wastewater collection and treatment assets of CMV Sewage Co., Inc. in Chanceford Township, York County, Pennsylvania.  The Company began operating the existing wastewater collection and treatment assets on February 2, 2026.  <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The acquisition resulted in the addition of approximately 280 wastewater customers with purchase price and acquisition costs of approximately $424.  This acquisition is immaterial to Company results.</span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On March 30, 2026, the Company completed the acquisition of the wastewater collection and treatment assets of Pine Run Retirement Community in Hamilton Township, Adams County, Pennsylvania.  The Company began operating the existing wastewater collection and treatment assets on April 1, 2026.  The acquisition resulted in the addition of approximately 100 wastewater customers with purchase price and acquisition costs of approximately $46.  This acquisition is immaterial to Company results.</div> 280 424000 100 46000 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">3.  Accounts Receivable and Unbilled Revenue<br/> </div> <div><br/> </div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounts receivable are summarized in the following table:</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center;" valign="bottom"> As of</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center;" valign="bottom">As of</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Mar. 31, 2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Dec. 31, 2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Change</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounts receivable – customers</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,908</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,761</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">147</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 64%; white-space: nowrap;" valign="bottom">Life insurance receivable</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">–</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; 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rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other receivables</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">169</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">222</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(53</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,077</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,282</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,205</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less: allowance for doubtful accounts</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,760</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,710</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(50</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounts receivable, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7,317</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,572</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,255</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 64%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Unbilled revenue</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,546</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3,833</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">713</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Differences in timing of revenue recognition, billings, and cash collections result in receivables.  Generally, billing occurs subsequent to revenue recognition, resulting in unbilled revenue on the balance sheet.  The Company does not receive advances or deposits from customers before revenue is recognized so no contract liabilities are reported.  Accounts receivable are recorded when the right to consideration becomes unconditional and are presented separately on the balance sheet.  The changes in accounts receivable – customers and in unbilled revenue were primarily due to the normal timing difference between performance and the customer’s payments.</div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounts receivable are summarized in the following table:</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center;" valign="bottom"> As of</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center;" valign="bottom">As of</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Mar. 31, 2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Dec. 31, 2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Change</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounts receivable – customers</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,908</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,761</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">147</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 64%; white-space: nowrap;" valign="bottom">Life insurance receivable</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">–</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">1,299</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(1,299</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other receivables</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">169</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">222</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(53</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,077</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,282</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,205</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less: allowance for doubtful accounts</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,760</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,710</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(50</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounts receivable, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7,317</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,572</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,255</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 64%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Unbilled revenue</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,546</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3,833</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">713</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 8908000 8761000 147000 0 1299000 -1299000 169000 222000 -53000 9077000 10282000 -1205000 1760000 1710000 -50000 7317000 8572000 -1255000 4546000 3833000 713000 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">4.  Common Stock and Earnings Per Share</div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net income of $4,814 and $3,638 for the three months ended March 31, 2026 and 2025, respectively, is used to calculate both basic and diluted earnings per share.  Basic earnings per share is based on the weighted average number of common shares outstanding.  Diluted earnings per share is based on the weighted average number of common shares outstanding plus potentially dilutive shares.  The dilutive effect of employee stock-based compensation is included in the computation of diluted earnings per share and is calculated using the treasury stock method and expected proceeds upon exercise or issuance of the stock-based compensation.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The following table summarizes the shares used in computing basic and diluted earnings per share:</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: top; padding-bottom: 2px; width: 72%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="6" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Three Months</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Ended March 31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 72%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average common shares, basic</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,438,289</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,380,689</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Effect of dilutive securities:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Employee stock-based compensation</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,655</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,515</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average common shares, diluted</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,440,944</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,383,204</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On March 11, 2013, the Board of Directors, or the Board, authorized a share repurchase program granting the Company authority to repurchase up to 1,200,000 shares of the Company’s common stock from time to time.  The stock repurchase program has no specific end date and the Company may repurchase shares in the open market or through privately negotiated transactions.  The Company may suspend or discontinue the repurchase program at any time. No shares were repurchased during the three months ended March 31, 2026 and 2025.  As of March 31, 2026, 618,004 shares remain authorized for repurchase.</div> 4814000 3638000 <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The following table summarizes the shares used in computing basic and diluted earnings per share:</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: top; padding-bottom: 2px; width: 72%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="6" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Three Months</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Ended March 31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 72%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average common shares, basic</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,438,289</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,380,689</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Effect of dilutive securities:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Employee stock-based compensation</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,655</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,515</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 72%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average common shares, diluted</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,440,944</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,383,204</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 14438289 14380689 2655 2515 14440944 14383204 1200000 0 0 618004 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">5.  <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Debt</span></div> <div><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">For the three months ended March 31, 2026, the Company did not enter into any new long-term debt arrangements or modify its outstanding long-term debt, which is summarized in the table below.</div> <div><br/></div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">As of</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Mar. 31, 2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">As of</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Dec. 31, 2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Variable Rate Pennsylvania Economic Development Financing Authority</div> <div style="text-align: left; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">3.00</span>% Pennsylvania Economic Development Financing Authority Exempt</div> <div style="text-align: left; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Facilities Revenue Refunding Bonds, Series A of 2019, due 2036</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">3.10</span>% Pennsylvania Economic Development Financing Authority Exempt</div> <div style="text-align: left; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Facilities Revenue Refunding Bonds, Series B of 2019, due 2038</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,870</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,870</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">3.23</span>% Senior Notes, due 2040</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">4.00</span>% - <span style="text-indent: 0pt;">4.50</span>% York County Industrial Development Authority Exempt</div> <div style="text-align: left; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Facilities Revenue Bonds, Series 2015, due 2029 – 2045</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">4.54</span>% Senior Notes, due 2049</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.24% Senior Notes, due 2050</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">30,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">30,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom">5.50% Senior Notes, due 2053</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">40,000</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">40,000</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.67% Senior Notes, due 2054</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom">40,000</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom">40,000</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Committed Line of Credit, due September 2027</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">37,401</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">32,290</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: right; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total long-term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">229,771</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">224,660</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: right; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less discount on issuance of long-term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(121</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(124</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; text-align: right; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> Less unamortized debt issuance costs</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom">(2,262</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom">(2,306</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; text-align: right; width: 76%; padding-bottom: 2px;" valign="bottom">Less current maturities<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">(330</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">(330</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: right; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Long-term portion</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">227,058</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">221,900</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">For the three months ended March 31, 2026, the Company did not enter into any new long-term debt arrangements or modify its outstanding long-term debt, which is summarized in the table below.</div> <div><br/></div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">As of</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Mar. 31, 2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">As of</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Dec. 31, 2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Variable Rate Pennsylvania Economic Development Financing Authority</div> <div style="text-align: left; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">3.00</span>% Pennsylvania Economic Development Financing Authority Exempt</div> <div style="text-align: left; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Facilities Revenue Refunding Bonds, Series A of 2019, due 2036</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">3.10</span>% Pennsylvania Economic Development Financing Authority Exempt</div> <div style="text-align: left; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Facilities Revenue Refunding Bonds, Series B of 2019, due 2038</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,870</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,870</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">3.23</span>% Senior Notes, due 2040</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">4.00</span>% - <span style="text-indent: 0pt;">4.50</span>% York County Industrial Development Authority Exempt</div> <div style="text-align: left; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Facilities Revenue Bonds, Series 2015, due 2029 – 2045</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-indent: 0pt;">4.54</span>% Senior Notes, due 2049</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.24% Senior Notes, due 2050</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">30,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">30,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom">5.50% Senior Notes, due 2053</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">40,000</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">40,000</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.67% Senior Notes, due 2054</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom">40,000</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom">40,000</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Committed Line of Credit, due September 2027</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">37,401</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">32,290</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: right; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total long-term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">229,771</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">224,660</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: right; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less discount on issuance of long-term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(121</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(124</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; text-align: right; width: 76%; background-color: rgb(174, 237, 183);" valign="bottom"> Less unamortized debt issuance costs</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom">(2,262</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(174, 237, 183);" valign="bottom">(2,306</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; text-align: right; width: 76%; padding-bottom: 2px;" valign="bottom">Less current maturities<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">(330</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">(330</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: right; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Long-term portion</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">227,058</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">221,900</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> </table> 12000000 12000000 0.03 10500000 10500000 0.031 14870000 14870000 0.0323 15000000 15000000 0.04 0.045 10000000 10000000 0.0454 20000000 20000000 0.0324 30000000 30000000 0.055 40000000 40000000 0.0567 40000000 40000000 37401000 32290000 229771000 224660000 121000 124000 2262000 2306000 330000 330000 227058000 221900000 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">6.  Interest Rate Swap Agreement</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company is exposed to certain risks relating to its ongoing business operations.  The primary risk managed by using derivative instruments is interest rate risk.  The Company utilizes an interest rate swap agreement to effectively convert the Company’s $12,000 variable-rate debt issue to a fixed rate.  Interest rate swaps are contracts in which a series of interest rate cash flows are exchanged over a prescribed period.  The notional amount on which the interest payments are based ($12,000) is not exchanged.  The interest rate swap provides that the Company pays the counterparty a fixed interest rate of 3.16% on the notional amount of $12,000.  In exchange, the counterparty pays the Company a variable interest rate based on 59% of the <span style="-sec-ix-hidden:Fact_e491bb0223374415b6f76550ac02b50e">daily simple Secured Overnight Financing Rate</span> plus a spread adjustment of 11.448 basis points on the notional amount.  The intent is for the variable rate received from the swap counterparty to approximate the variable rate the Company pays to bondholders on its variable rate debt issue, resulting in a fixed rate being paid to the swap counterparty and reducing the Company’s interest rate risk.  The Company’s net payment rate on the swap averaged 0.91% and 0.52% for the three months ended March 31, 2026 and 2025, respectively.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The interest rate swap agreement is classified as a financial derivative used for non-trading activities.  The accounting standards regarding accounting for derivatives and hedging activities require companies to recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet.  In accordance with the standards, the interest rate swap is recorded on the balance sheet in other deferred credits at fair value (see Note 7).</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company uses regulatory accounting treatment rather than hedge accounting to defer the unrealized gains and losses on its interest rate swap.  These unrealized gains and losses are recorded as a regulatory asset or regulatory liability.  Based on current ratemaking treatment, the Company expects the unrealized gains and losses to be recognized in rates as a component of interest expense as the swap settlements occur.  Swap settlements are recorded in the income statement with the hedged item as interest expense.  Swap settlements resulted in the reclassification from regulatory assets to interest expense of $28 and $16 for the three months ended March 31, 2026 and 2025, respectively. The overall swap result was a (gain) loss of $(47) and $114 for the three months ended March 31, 2026 and 2025, respectively.  The Company expects to reclassify $113 before tax from regulatory assets to interest expense as a result of swap settlements over the next 12 months.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The interest rate swap agreement contains provisions that require the Company to maintain a credit rating of at least BBB- with Standard &amp; Poor’s.  If the Company’s rating were to fall below this rating, it would be in violation of these provisions, and the counterparty to the derivative could request immediate payment if the derivative was in a liability position.  On July 30, 2025, Standard &amp; Poor’s affirmed the Company’s credit rating at A-, with a stable outlook and adequate liquidity.  The Company’s interest rate swap was in a liability position as of March 31, 2026.  If a violation due to credit rating, or some other default provision, were triggered on March 31, 2026, the Company would have been required to pay the counterparty approximately $411.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The interest rate swap will expire on <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">October 1, 2029</span>.  Other than the interest rate swap, the Company has no other derivative instruments.</div> 12000000 12000000 0.0316 12000000 0.59 0.0011448 0.0091 0.0052 28000 16000 -47000 114000 113000 411000 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">7.  Fair Value of Financial Instruments</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The accounting standards regarding fair value measurements establish a fair value hierarchy which indicates the extent to which inputs used in measuring fair value are observable in the market.  Level 1 inputs include quoted prices for identical instruments and are the most observable.  Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, commodity rates and yield curves.  Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company has recorded its interest rate swap liability at fair value in accordance with the standards.  The liability is recorded under the caption “Other deferred credits” on the balance sheet.  The table below illustrates the fair value of the interest rate swap as of the end of the reporting period.</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 28%; vertical-align: bottom;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Description</span></div> </td> <td style="width: 1.81%; vertical-align: bottom;"> </td> <td style="width: 28%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">March 31, 2026</span></div> </td> <td style="width: 2.5%; vertical-align: bottom;"> </td> <td style="width: 40%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Fair Value Measurements</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">at Reporting Date Using</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Significant Other Observable Inputs (Level 2)</span></div> </td> </tr> <tr> <td style="width: 28%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest Rate Swap</div> </td> <td style="width: 1.81%; vertical-align: bottom; background-color: #AEEDB7;"> </td> <td style="width: 28%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$404</div> </td> <td style="width: 2.5%; vertical-align: bottom; background-color: #AEEDB7;"> </td> <td style="width: 40%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$404</div> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Fair values are measured as the present value of all expected future cash flows based on the swap yield curve as of the date of the valuation.  These inputs to this calculation are deemed to be Level 2 inputs.  The balance sheet carrying value reflects the Company’s credit quality as of March 31, 2026.  The rate used in discounting all prospective cash flows anticipated to be made under this swap reflects a representation of the yield to maturity for 30-year debt on utilities rated A- as of March 31, 2026.  The use of the Company’s credit quality resulted in a reduction in the swap liability of $7 as of March 31, 2026.  The fair value of the swap reflecting the Company’s credit quality as of December 31, 2025 is shown in the table below.</div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </span><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 28%; vertical-align: bottom;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Description</span></div> </td> <td style="width: 1.81%; vertical-align: bottom;"> </td> <td style="width: 28%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">December 31, 2025</span></div> </td> <td style="width: 2.5%; vertical-align: bottom;"> </td> <td style="width: 40%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Fair Value Measurements</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">at Reporting Date Using</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Significant Other Observable Inputs (Level 2)</span></div> </td> </tr> <tr> <td style="width: 28%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest Rate Swap</div> </td> <td style="width: 1.81%; vertical-align: bottom; background-color: #AEEDB7;"> </td> <td style="width: 28%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$479</div> </td> <td style="width: 2.5%; vertical-align: bottom; background-color: #AEEDB7;"> </td> <td style="width: 40%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$479</div> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The carrying amount of current assets and liabilities that are considered financial instruments approximates fair value as of the dates presented.  The Company’s total long-term debt, with a carrying value of $229,771 at March 31, 2026, and $224,660 at December 31, 2025, had an estimated fair value of approximately $206,000 and $207,000, respectively.  The estimated fair value of debt was calculated using a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration and risk profile.  These inputs to this calculation are deemed to be Level 2 inputs.  The Company recognized its credit rating in determining the yield curve and did not factor in third-party credit enhancements including the letter of credit on the 2008 Pennsylvania Economic Development Financing Authority Series A issue.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Customers’ advances for construction and note receivable had carrying values at March 31, 2026 of $24,300 and $255, respectively.  At December 31, 2025, customers’ advances for construction and note receivable had carrying values of $22,357 and $255, respectively.  The relative fair values of these amounts cannot be accurately estimated since the timing of future payment streams is dependent upon several factors, including new customer connections, customer consumption levels and future rate increases.</div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company has recorded its interest rate swap liability at fair value in accordance with the standards.  The liability is recorded under the caption “Other deferred credits” on the balance sheet.  The table below illustrates the fair value of the interest rate swap as of the end of the reporting period.</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 28%; vertical-align: bottom;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Description</span></div> </td> <td style="width: 1.81%; vertical-align: bottom;"> </td> <td style="width: 28%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">March 31, 2026</span></div> </td> <td style="width: 2.5%; vertical-align: bottom;"> </td> <td style="width: 40%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Fair Value Measurements</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">at Reporting Date Using</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Significant Other Observable Inputs (Level 2)</span></div> </td> </tr> <tr> <td style="width: 28%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest Rate Swap</div> </td> <td style="width: 1.81%; vertical-align: bottom; background-color: #AEEDB7;"> </td> <td style="width: 28%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$404</div> </td> <td style="width: 2.5%; vertical-align: bottom; background-color: #AEEDB7;"> </td> <td style="width: 40%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$404</div> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Fair values are measured as the present value of all expected future cash flows based on the swap yield curve as of the date of the valuation.  These inputs to this calculation are deemed to be Level 2 inputs.  The balance sheet carrying value reflects the Company’s credit quality as of March 31, 2026.  The rate used in discounting all prospective cash flows anticipated to be made under this swap reflects a representation of the yield to maturity for 30-year debt on utilities rated A- as of March 31, 2026.  The use of the Company’s credit quality resulted in a reduction in the swap liability of $7 as of March 31, 2026.  The fair value of the swap reflecting the Company’s credit quality as of December 31, 2025 is shown in the table below.</div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </span><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 28%; vertical-align: bottom;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Description</span></div> </td> <td style="width: 1.81%; vertical-align: bottom;"> </td> <td style="width: 28%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">December 31, 2025</span></div> </td> <td style="width: 2.5%; vertical-align: bottom;"> </td> <td style="width: 40%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Fair Value Measurements</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">at Reporting Date Using</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Significant Other Observable Inputs (Level 2)</span></div> </td> </tr> <tr> <td style="width: 28%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest Rate Swap</div> </td> <td style="width: 1.81%; vertical-align: bottom; background-color: #AEEDB7;"> </td> <td style="width: 28%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$479</div> </td> <td style="width: 2.5%; vertical-align: bottom; background-color: #AEEDB7;"> </td> <td style="width: 40%; vertical-align: bottom; background-color: rgb(174, 237, 183);"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$479</div> </td> </tr> </table> 404000 404000 P30Y -7000 479000 479000 229771000 224660000 206000000 207000000 24300000 255000 22357000 255000 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">8.  Commitments</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company was granted approval by the <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Pennsylvania Public Utility Commission, or PPUC, </span>to modify its tariff to include the cost of the annual replacement of up to 400 lead customer-owned service lines over nine years from the date of the agreement.  The tariff modification allowed the Company to replace customer-owned service lines at its own initial cost.  The Company recorded the costs as a regulatory asset to be recovered in future base rates to customers, over a four-year period.  The cost for the customer-owned lead service line replacements was approximately $2,093 and $2,087 through March 31, 2026 and December 31, 2025, respectively, and is included as a regulatory asset.  <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">The tariff modification expired on March 8, 2026.  The Company has filed a Lead Service Line Replacement Plan with the PPUC and is awaiting a decision.  If approved, the plan would establish the requirements for, and the associated cost recovery mechanisms related to, the future replacement of customer‑owned lead service lines</span>.</div> 400 P9Y P4Y 2093000 2087000 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">9.  Revenue Recognition<br/> </div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The following table shows the Company’s operating revenues disaggregated by service and customer type.</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Three Months</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Ended March 31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Water utility service:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Residential</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,950</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,250</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Commercial and industrial</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,310</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,936</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Fire protection</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,293</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,190</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Wastewater utility service:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Residential</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,831</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,582</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Commercial and industrial</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">548</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">345</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Billing and revenue collection services</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Collection services</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other revenue</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Total Revenue from Contracts with Customers</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19,974</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18,342</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Rents from regulated property</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">100</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">114</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Total Operating Revenue</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20,074</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18,456</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Utility Service</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company provides utility service as a distinct and single performance obligation to each of its water and wastewater customers.  The transaction price is detailed in the tariff pursuant to an order by the PPUC and made publicly available.  There is no variable consideration and no free service, special rates, or subnormal charges to any customer.  Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price.  The performance obligation is satisfied over time through the continuous provision of utility service through a stand-ready obligation to perform and the transfer of water or the collection of wastewater through a series of distinct transactions that are identical in nature and have the same pattern of transfer to the customer.  The Company uses an output method to recognize the utility service revenue over time.  The stand-ready obligation is recognized through the passage of time in the form of a fixed charge and the transfer of water or the collection of wastewater is recognized at a per unit rate based on the actual or estimated flow through the meter.  Each customer is invoiced every month and the invoice is due within twenty days.  The utility service has no returns or warranties associated with it.  No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period.  A contract asset for unbilled revenue is recognized for the passage of time and the actual or estimated usage from the latest meter reading to the end of the accounting period.  The methodology is standardized and consistently applied to reduce bias and the need for judgment.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Billing and Revenue Collection Service</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company provides billing and revenue collection service as distinct performance obligations to two municipalities within the service territory of the Company.  The municipalities provide service to their residents and the Company acts as the billing and revenue collection agent for the municipalities.  The transaction price is a fixed amount per bill prepared as established in the contract.  There is no variable consideration.  Due to the fact that both the billing performance obligation and the revenue collection performance obligation are materially complete by the end of the reporting period, the Company does not allocate the transaction price between the two performance obligations.  The performance obligations are satisfied at a point in time when the bills are sent as the municipalities receive all the benefits and bear all of the risk of non-collection at that time.  Each municipality is invoiced when the bills are complete and the invoice is due within thirty days.  The billing and revenue collection service has no returns or warranties associated with it.  No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Collection Service</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company provides collection service as a distinct and single performance obligation to several municipalities within the service territory of the Company.  The municipalities provide wastewater service to their residents.  If those residents are delinquent in paying for their wastewater service, the municipalities request that the Company post for and shut off the supply of water to the premises of those residents.  When the resident is no longer delinquent, the Company will restore water service to the premises.  The transaction price for each posting, each shut off, and each restoration is a fixed amount as established in the contract.  There is no variable consideration.  Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price.  The performance obligation is satisfied at a point in time when the posting, shut off, or restoration is completed as the municipalities receive all the benefits in the form of payment or no longer providing wastewater service.  Each municipality is invoiced periodically for the posting, shut offs, and restorations that have been completed since the last billing and the invoice is due within thirty days.  The collection service has no returns or warranties associated with it.  No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period.  A contract asset for unbilled revenue is recognized for postings, shut offs, and restorations that have been completed from the last billing to the end of the accounting period.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Service Line Protection Plan</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company provides service line protection as a distinct and single performance obligation to current water customers that choose to participate.  The transaction price is detailed in the plan’s terms and conditions and made publicly available.  There is no variable consideration.  Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price.  The performance obligation is satisfied over time through the continuous provision of service line protection through a stand-ready obligation to perform.  The Company uses an output method to recognize the service line protection revenue over time.  The stand-ready obligation is recognized through the passage of time.  A customer has a choice to prepay for an entire year or to pay in advance each month.  The service line protection plan has no returns or extended warranties associated with it.  No revenue is recognized from performance obligations satisfied in prior periods and no material performance obligations remain unsatisfied as of the end of the reporting period.  <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">The Company has suspended its service line protection plan and is currently evaluating the assignment of its service line protection plan to a third-party provider.  This change will not have a material impact to the Company’s revenue, results of operations, and cash flows.</span></div> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The following table shows the Company’s operating revenues disaggregated by service and customer type.</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Three Months</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Ended March 31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Water utility service:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Residential</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,950</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10,250</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Commercial and industrial</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,310</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,936</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Fire protection</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,293</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,190</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Wastewater utility service:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Residential</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,831</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,582</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -8.9pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Commercial and industrial</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">548</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">345</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Billing and revenue collection services</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Collection services</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Other revenue</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Total Revenue from Contracts with Customers</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19,974</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18,342</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Rents from regulated property</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">100</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">114</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Total Operating Revenue</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20,074</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18,456</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 10950000 10250000 5310000 4936000 1293000 1190000 1831000 1582000 548000 345000 19000 26000 4000 3000 19000 10000 19974000 18342000 100000 114000 20074000 18456000 <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Utility Service</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company provides utility service as a distinct and single performance obligation to each of its water and wastewater customers.  The transaction price is detailed in the tariff pursuant to an order by the PPUC and made publicly available.  There is no variable consideration and no free service, special rates, or subnormal charges to any customer.  Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price.  The performance obligation is satisfied over time through the continuous provision of utility service through a stand-ready obligation to perform and the transfer of water or the collection of wastewater through a series of distinct transactions that are identical in nature and have the same pattern of transfer to the customer.  The Company uses an output method to recognize the utility service revenue over time.  The stand-ready obligation is recognized through the passage of time in the form of a fixed charge and the transfer of water or the collection of wastewater is recognized at a per unit rate based on the actual or estimated flow through the meter.  Each customer is invoiced every month and the invoice is due within twenty days.  The utility service has no returns or warranties associated with it.  No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period.  A contract asset for unbilled revenue is recognized for the passage of time and the actual or estimated usage from the latest meter reading to the end of the accounting period.  The methodology is standardized and consistently applied to reduce bias and the need for judgment.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Billing and Revenue Collection Service</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company provides billing and revenue collection service as distinct performance obligations to two municipalities within the service territory of the Company.  The municipalities provide service to their residents and the Company acts as the billing and revenue collection agent for the municipalities.  The transaction price is a fixed amount per bill prepared as established in the contract.  There is no variable consideration.  Due to the fact that both the billing performance obligation and the revenue collection performance obligation are materially complete by the end of the reporting period, the Company does not allocate the transaction price between the two performance obligations.  The performance obligations are satisfied at a point in time when the bills are sent as the municipalities receive all the benefits and bear all of the risk of non-collection at that time.  Each municipality is invoiced when the bills are complete and the invoice is due within thirty days.  The billing and revenue collection service has no returns or warranties associated with it.  No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Collection Service</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company provides collection service as a distinct and single performance obligation to several municipalities within the service territory of the Company.  The municipalities provide wastewater service to their residents.  If those residents are delinquent in paying for their wastewater service, the municipalities request that the Company post for and shut off the supply of water to the premises of those residents.  When the resident is no longer delinquent, the Company will restore water service to the premises.  The transaction price for each posting, each shut off, and each restoration is a fixed amount as established in the contract.  There is no variable consideration.  Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price.  The performance obligation is satisfied at a point in time when the posting, shut off, or restoration is completed as the municipalities receive all the benefits in the form of payment or no longer providing wastewater service.  Each municipality is invoiced periodically for the posting, shut offs, and restorations that have been completed since the last billing and the invoice is due within thirty days.  The collection service has no returns or warranties associated with it.  No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period.  A contract asset for unbilled revenue is recognized for postings, shut offs, and restorations that have been completed from the last billing to the end of the accounting period.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="text-decoration: underline;">Service Line Protection Plan</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company provides service line protection as a distinct and single performance obligation to current water customers that choose to participate.  The transaction price is detailed in the plan’s terms and conditions and made publicly available.  There is no variable consideration.  Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price.  The performance obligation is satisfied over time through the continuous provision of service line protection through a stand-ready obligation to perform.  The Company uses an output method to recognize the service line protection revenue over time.  The stand-ready obligation is recognized through the passage of time.  A customer has a choice to prepay for an entire year or to pay in advance each month.  The service line protection plan has no returns or extended warranties associated with it.  No revenue is recognized from performance obligations satisfied in prior periods and no material performance obligations remain unsatisfied as of the end of the reporting period.  <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">The Company has suspended its service line protection plan and is currently evaluating the assignment of its service line protection plan to a third-party provider.  This change will not have a material impact to the Company’s revenue, results of operations, and cash flows.</span></div> P20D 2 P30D P30D <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">10.  Rate Matters</div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">From time to time, the Company files applications for rate increases with the PPUC and is granted rate relief as a result of such requests.  <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">The most recent rate request was filed by the Company on May 30, 2025, and sought an annual increase in water rates of $20,312 and an annual increase in wastewater rates of $3,858.  Effective March 1, 2026, the PPUC authorized an increase in water rates designed to produce approximately $16,000 in additional annual revenues and an increase in wastewater rates designed to produce approximately $2,850 in additional annual revenues</span>.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The PPUC permits water utilities to collect a distribution system improvement charge, or DSIC.  The DSIC allows the Company to add a charge to customers’ bills for qualified replacement costs of certain infrastructure without submitting a rate filing.  This surcharge mechanism typically adjusts periodically based on additional qualified capital expenditures completed or anticipated in a future period.  The DSIC is capped at 5% of base rates and is reset to zero when new base rates that reflect the costs of those additions become effective or when a utility’s earnings exceed a regulatory benchmark.  The DSIC reset to zero when the new base rates took effect March 1, 2026.  The DSIC provided revenues of $279 and $386 for the three months ended March 31, 2026 and 2025, respectively. </div> 20312000 3858000 16000000 2850000 0.05 0 279000 386000 <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">11.  Pensions</div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> </div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Components of Net Periodic Pension Cost</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Three Months</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Ended March 31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 72%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Service cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">130</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">133</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">494</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">495</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Expected return on plan assets</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(815</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(767</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization of prior service cost<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">–</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Rate-regulated adjustment</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">191</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">142</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net periodic pension cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">–</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">–</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pension service cost is recorded in operating expenses.  All other components of net periodic pension cost are recorded as other pension costs in other income (expenses).</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Employer Contributions</div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company previously disclosed in its financial statements for the year ended </span>December 31, 2025<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> that it did not expect to contribute to its pension plans in 2026.  For the </span>three months ended March 31, 2026, no contributions have been made.  The Company does not expect to contribute any amounts in the final three quarters of 2026.</div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Components of Net Periodic Pension Cost</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Three Months</div> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Ended March 31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 72%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Service cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">130</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">133</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">494</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">495</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Expected return on plan assets</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(815</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(767</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #AEEDB7; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization of prior service cost<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">–</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Rate-regulated adjustment</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">191</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(174, 237, 183);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">142</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(174, 237, 183); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 72%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; text-indent: -9pt; margin-left: 9pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net periodic pension cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">–</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">–</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 130000 133000 494000 495000 815000 767000 0 -3000 191000 142000 0 0 0 0 0 <div style="display:none;"><br/></div> <div style="text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold; text-align: justify;">12.  Stock-Based Compensation</div> <div><br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company has a Long-Term Incentive Plan, or LTIP.  The LTIP was approved by the Company’s shareholders to provide the incentive of long-term stock-based awards to officers, directors, and key employees. The LTIP provides for the granting of nonqualified stock options, incentive stock options, stock appreciation rights, performance restricted stock grants and units, restricted stock grants and units, and unrestricted stock grants.  The maximum number of shares of common stock subject to awards that may be granted to any participant in any one calendar year is 10,000.  Shares of common stock issued under the LTIP may be treasury shares or authorized but unissued shares.  The LTIP will be administered by the Compensation and Human Capital Committee of the Board, or the full Board, provided that the full Board will administer the LTIP as it relates to awards to non-employee directors of the Company.  </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The LTIP was originally effective on July 1, 2016 (“2016 LTIP”), and was amended, restated, and renamed the 2025 LTIP effective on May 6, 2025 (“2025 LTIP”).  </span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company filed a registration statement with the Securities and Exchange Commission on May 6, 2025 covering the offering of stock under the 2025 LTIP.  The registration statement added 150,000 shares to the 55,786 unissued shares from the 2016 LTIP, which may be issued under the 2025 LTIP over ten years.</span></div> <div><br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">Restricted stock awards provide the grantee with the rights of a shareholder, including the right to receive dividends, subject to vesting restrictions, and to vote such shares, but not the right to sell or otherwise transfer the shares during the restriction period.  As a result, the awards are included in common shares outstanding on the balance sheet.  Restricted stock awards result in compensation expense valued at the fair market value of the stock on the date of the grant and are amortized ratably over the requisite service period.</div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;"> <br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">No long-term stock-based awards were granted under the LTIP during the three months ended March 31, 2026.  No<span style="display: inline; float: none; letter-spacing: normal; white-space: normal; word-spacing: 0px;"> previously issued restricted stock awards vested or were forfeited during the three months ended March 31, 2026.  </span>For the three months ended March 31, 2026 and 2025, the statement of income includes $41 and $72 of stock-based compensation, respectively, and related recognized tax benefits of $11 and $20, respectively.  Total stock-based compensation related to nonvested awards not yet recognized is $349 at March 31, 2026, which will be recognized over the remaining three-year vesting period.</span> </div> 10000 150000 55786 P10Y 0 -0 -0 41000 72000 11000 20000 349000 P3Y <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">13.  Income Taxes</div> <div style="display:none;"><br/></div> <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Under the Internal Revenue Service tangible property regulations, or TPR, the Company is permitted to deduct the costs of certain asset improvements that were previously being capitalized and depreciated for tax purposes as an expense on its income tax return.  This ongoing deduction results in a reduction in the effective income tax rate, a net reduction in income tax expense, and a reduction in the amount of income taxes currently payable.  It also results in increases to deferred tax liabilities and regulatory assets representing the appropriate book and tax basis difference on capital additions.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company’s effective tax rate was <span style="color: rgb(0, 0, 0);">(21.3)%</span> and 11.5% for the three months ended March 31, 2026 and 2025, respectively.  The lower effective tax rates are primarily due to higher deductions from the TPR.  The effective tax rate will vary depending on<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> income before income taxes and</span> the level of eligible asset improvements expensed for tax purposes under TPR each period.</div> -0.213 0.115 <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold;"><span style="font-weight: bold;">14.  Subsequent Event</span></div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;">On April 17, 2026, the Company closed an underwritten public offering of 1,521,739 shares of its common stock, with an offering price of $28.50 per share.  On April 22, 2026, the Company closed on the full exercise of the underwriters’ option to purchase an additional 228,261 shares of its common stock at the same price.  Huntington Capital Markets acted as sole book-running manager and Seaport Global Securities acted as co-manager for the offering.  The Company received net proceeds in the offering, after deducting offering expenses and underwriters’ discounts and commissions, of approximately $47,700.  The net proceeds were used to repay the Company’s short-term borrowings under its term loan and borrowings under its line of credit agreement incurred to fund capital expenditures and acquisitions, and for general corporate purposes.  The proceeds and new shares issued have not been reflected in the financial statements for the period ended March 31, 2026.</span><br class="Apple-interchange-newline"/> </div> 1521739 28.5 28.5 228261 47700000 false false false false