0000276209-19-000018.txt : 20190808 0000276209-19-000018.hdr.sgml : 20190808 20190808133518 ACCESSION NUMBER: 0000276209-19-000018 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 64 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190808 DATE AS OF CHANGE: 20190808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNECTICUT WATER SERVICE INC / CT CENTRAL INDEX KEY: 0000276209 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 060739839 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08084 FILM NUMBER: 191008796 BUSINESS ADDRESS: STREET 1: 93 W MAIN ST CITY: CLINTON STATE: CT ZIP: 06413 BUSINESS PHONE: 8606698630 MAIL ADDRESS: STREET 1: 93 WEST MAIN ST CITY: CLINTON STATE: CT ZIP: 06413 10-Q 1 ctws10qq22019.htm 10-Q Document
7020005060000.2250.200.4500.400.0000.000.0000.00false--12-31Q220190000276209123600012420000.31250.61000.32750.640000250000002500000012054712120685370.04090.04360.04040.03160.03510.04290.04720.04750.05100.050.000.010.030.08950.02680.000.02580.01530.01730.000.01760.01570.00000.000.07720.02400.01860.02230.00010.0100.04040.03160.03510.04290.04720.04750.05100.050.04090.000.010.030.08950.02680.000.02580.01530.01730.000.01760.01570.00000.000.07720.02400.01860.02230.00010.01300004300014000270001400040001000074000 0000276209 2019-01-01 2019-06-30 0000276209 2019-07-01 0000276209 2019-06-30 0000276209 2018-12-31 0000276209 2019-04-01 2019-06-30 0000276209 2018-04-01 2018-06-30 0000276209 2018-01-01 2018-06-30 0000276209 2019-03-31 0000276209 2018-03-31 0000276209 us-gaap:SeriesAPreferredStockMember 2018-04-01 2018-06-30 0000276209 us-gaap:SeriesAPreferredStockMember 2019-04-01 2019-06-30 0000276209 2018-06-30 0000276209 us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-06-30 0000276209 us-gaap:SeriesAPreferredStockMember 2018-01-01 2018-06-30 0000276209 2017-12-31 0000276209 us-gaap:CumulativePreferredStockMember 2018-01-01 2018-06-30 0000276209 us-gaap:CumulativePreferredStockMember 2019-01-01 2019-06-30 0000276209 us-gaap:CumulativePreferredStockMember 2019-04-01 2019-06-30 0000276209 us-gaap:CumulativePreferredStockMember 2018-04-01 2018-06-30 0000276209 ctws:MaineWaterCompanyMember 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember 2019-06-30 0000276209 ctws:TheAvonWaterCompanyMember 2019-06-30 0000276209 ctws:TheHeritageVillageWaterCompanyMember 2019-06-30 0000276209 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-06-30 0000276209 us-gaap:PensionPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000276209 us-gaap:PensionPlansDefinedBenefitMember 2018-04-01 2018-06-30 0000276209 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000276209 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000276209 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-01-01 2018-06-30 0000276209 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-04-01 2018-06-30 0000276209 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesODue2025Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2022Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2033Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:CoBankNotePayableDue2024Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesSMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:A2019SeriesWDue2048Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2020Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesIssued2011Due2021Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesIssued2004Due2029Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:CoBankNotePayable2019Due2043Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesPMember 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2028Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesKMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesNDue2022Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesQDue2028Member 2019-06-30 0000276209 ctws:TheAvonWaterCompanyMember ctws:MortgageNotePayabledue2033Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesMMember 2018-12-31 0000276209 ctws:ConnecticutWaterServiceInc.Member ctws:ConnecticutWaterServiceTermLoanNoteAndSupplementMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesLMember 2018-12-31 0000276209 ctws:TheHeritageVillageWaterCompanyMember ctws:A2011FarmingtonBankLoanDue2034Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesQDue2028Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesPDue2028Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2028Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:A2019SeriesWDue2048Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2022Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesLMember 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2020Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesPMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesTMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesGMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesRDue2025Domain 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:CoBankNotePayableDue2024Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesRDue2025Domain 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesODue2025Member 2018-12-31 0000276209 ctws:TheHeritageVillageWaterCompanyMember ctws:CoBankNotePayableDue2026Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CoBankNotePayableDue2036Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:A2012SeriesUDue2042Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesIssued2004Due2029Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2032Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesRMember 2019-06-30 0000276209 ctws:ConnecticutWaterServiceInc.Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CoBankNotePayableDueJuly2036Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:A2013SeriesVDue2033Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:FairValueAdjustmentOfLongTermDebtAssumeMember 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesJMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesJMember 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesGMember 2019-06-30 0000276209 ctws:ConnecticutWaterServiceInc.Member ctws:ConnecticutWaterServiceTermLoanNoteAndSupplementMember 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:CoBankNotePayable2019Due2043Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesPDue2028Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesIssued2004Due2028Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesTMember 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CoBankNotePayableDue2036Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2033Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:A2012SeriesUDue2042Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesIssued2004Due2028Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:NYLIfeSeniorNoteDueSeptember2037Member 2018-12-31 0000276209 ctws:ConnecticutWaterServiceInc.Member ctws:CoBankTermNotePayableDue2037Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesRMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesOMember 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:NYLIfeSeniorNoteDueSeptember2037Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesMMember 2019-06-30 0000276209 ctws:ConnecticutWaterServiceInc.Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesNMember 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesBIssued2004Due2028Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesNDue2022Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CoBankNotePayableDueJuly2036Member 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesIssued2011Due2021Member 2018-12-31 0000276209 ctws:TheAvonWaterCompanyMember ctws:MortgageNotePayabledue2033Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:A2013SeriesVDue2033Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:CoBankNotePayableDue2026Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:CoBankNotePayableDue2026Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesSMember 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesOMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesKMember 2019-06-30 0000276209 ctws:ConnecticutWaterCompanyMember ctws:CobankNotePayableDue2032Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:FairValueAdjustmentOfLongTermDebtAssumeMember 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:MaineWaterCompanySeriesNMember 2019-06-30 0000276209 ctws:ConnecticutWaterServiceInc.Member ctws:CoBankTermNotePayableDue2037Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesBIssued2004Due2028Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:CobankNotePayableDue2017Member 2018-12-31 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesLDue2018Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:SeriesLDue2018Member 2018-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesIssued2009Due2039Member 2018-12-31 0000276209 ctws:ConnecticutWaterServiceInc.Member ctws:ConnecticutWaterServiceTermLoanNoteAndSupplementMember 2015-12-31 0000276209 ctws:ConnecticutWaterCompanyMember ctws:UnsecuredWaterFacilitiesRevenueRefinancingBondsSeriesIssued2009Due2039Member 2019-06-30 0000276209 ctws:MaineWaterCompanyMember ctws:CobankNotePayableDue2017Member 2019-06-30 0000276209 us-gaap:FairValueInputsLevel2Member 2019-06-30 0000276209 us-gaap:FixedIncomeFundsMember 2019-06-30 0000276209 us-gaap:EquityFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel2Member us-gaap:EquityFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel1Member us-gaap:FixedIncomeFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel2Member us-gaap:FixedIncomeFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel1Member 2019-06-30 0000276209 us-gaap:FairValueInputsLevel3Member us-gaap:FixedIncomeFundsMember 2019-06-30 0000276209 us-gaap:MoneyMarketFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel1Member us-gaap:EquityFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel3Member 2019-06-30 0000276209 us-gaap:FairValueInputsLevel3Member us-gaap:MoneyMarketFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2019-06-30 0000276209 us-gaap:FairValueInputsLevel1Member us-gaap:FixedIncomeFundsMember 2018-12-31 0000276209 us-gaap:FairValueInputsLevel3Member us-gaap:EquityFundsMember 2018-12-31 0000276209 us-gaap:FairValueInputsLevel2Member us-gaap:EquityFundsMember 2018-12-31 0000276209 us-gaap:MoneyMarketFundsMember 2018-12-31 0000276209 us-gaap:FairValueInputsLevel2Member 2018-12-31 0000276209 us-gaap:FairValueInputsLevel3Member us-gaap:MoneyMarketFundsMember 2018-12-31 0000276209 us-gaap:FixedIncomeFundsMember 2018-12-31 0000276209 us-gaap:FairValueInputsLevel3Member us-gaap:FixedIncomeFundsMember 2018-12-31 0000276209 us-gaap:FairValueInputsLevel1Member 2018-12-31 0000276209 us-gaap:FairValueInputsLevel2Member us-gaap:FixedIncomeFundsMember 2018-12-31 0000276209 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2018-12-31 0000276209 us-gaap:FairValueInputsLevel3Member 2018-12-31 0000276209 us-gaap:FairValueInputsLevel1Member us-gaap:EquityFundsMember 2018-12-31 0000276209 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2018-12-31 0000276209 us-gaap:EquityFundsMember 2018-12-31 0000276209 ctws:WaterActivitiesMember 2018-04-01 2018-06-30 0000276209 ctws:ServicesAndRentalsMember 2018-04-01 2018-06-30 0000276209 ctws:RealEstateTransactionsMember 2018-04-01 2018-06-30 0000276209 ctws:RealEstateTransactionsMember 2019-04-01 2019-06-30 0000276209 ctws:WaterActivitiesMember 2019-04-01 2019-06-30 0000276209 ctws:ServicesAndRentalsMember 2019-04-01 2019-06-30 0000276209 ctws:RealEstateTransactionsMember 2019-01-01 2019-06-30 0000276209 ctws:ServicesAndRentalsMember 2019-01-01 2019-06-30 0000276209 ctws:WaterActivitiesMember 2019-01-01 2019-06-30 0000276209 ctws:RealEstateTransactionsMember 2018-01-01 2018-06-30 0000276209 ctws:ServicesAndRentalsMember 2018-01-01 2018-06-30 0000276209 ctws:WaterActivitiesMember 2018-01-01 2018-06-30 0000276209 ctws:WaterActivitiesMember 2019-06-30 0000276209 ctws:WaterActivitiesMember 2018-12-31 0000276209 ctws:ServicesAndRentalsAndRealEstateCombineMember 2019-06-30 0000276209 ctws:ServicesAndRentalsAndRealEstateCombineMember 2018-12-31 0000276209 ctws:CtwsLineOfCreditBMember 2019-06-30 0000276209 ctws:NorthwestCommunityBankMember 2019-06-30 0000276209 ctws:CtwsLineOfCreditMember 2019-06-30 iso4217:USD iso4217:USD xbrli:shares xbrli:shares xbrli:pure utreg:Rate


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2019 or

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO ___________


Commission File Number: 0-8084
cwclogocolora01.jpg
CONNECTICUT WATER SERVICE INC / CT
(Exact name of registrant as specified in its charter)
Connecticut
 
06-0739839
(State or other jurisdiction of
incorporation or organization)
 

(I.R.S. Employer Identification No.)

 
 
 
 
 
93 West Main Street,
Clinton,
Connecticut
 
06413
(Address of principal executive offices)

 
(Zip Code)

(860) 669-8636
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, without par value
CTWS
The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes         No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes         No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company





If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes         No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date
12,068,537
Number of shares of common stock outstanding, July 1, 2019
(Includes 94,431 common stock equivalent shares awarded under the Performance Stock Programs)



CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES

Financial Report
June 30, 2019

TABLE OF CONTENTS

Part I, Item 1:  Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 31
Exhibit 32
Exhibit 101.INS
Exhibit 101.SCH
Exhibit 101.CAL
Exhibit 101.DEF
Exhibit 101.LAB
Exhibit 101.PRE



CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)
ASSETS
 
June 30, 2019
 
December 31, 2018
Utility Plant
 
$
1,000,278

 
$
983,220

Construction Work in Progress
 
23,017

 
14,765

 
 
1,023,295

 
997,985

Accumulated Provision for Depreciation
 
(266,915
)
 
(258,192
)
Net Utility Plant
 
756,380

 
739,793

Other Property and Investments
 
12,914

 
11,501

Cash and Cash Equivalents
 
2,435

 
2,856

Accounts Receivable (Less Allowance, 2019 - $1,242; 2018 - $1,236)
 
13,879

 
14,169

Accrued Unbilled Revenues
 
10,810

 
10,011

Materials and Supplies, at Average Cost
 
1,657

 
1,679

Prepayments and Other Current Assets
 
11,614

 
9,943

Total Current Assets
 
40,395

 
38,658

Restricted Cash
 
947

 

Unrecovered Income Taxes - Regulatory Asset
 
81,204

 
75,763

Pension Benefits - Regulatory Asset
 
8,712

 
9,337

Post-Retirement Benefits Other Than Pension - Regulatory Asset
 
127

 
133

Goodwill
 
66,403

 
66,403

Deferred Charges and Other Costs
 
14,345

 
11,755

Total Regulatory and Other Long-Term Assets
 
171,738

 
163,391

Total Assets
 
$
981,427

 
$
953,343

CAPITALIZATION AND LIABILITIES
 
 

 
 

Common Stockholders’ Equity:
 
 

 
 

Common Stock Without Par Value: Authorized - 25,000,000 Shares
 
 

 
 

     Issued and Outstanding: 2019 - 12,068,537; 2018 - 12,054,712
 
$
191,292

 
$
190,433

Retained Earnings
 
104,493

 
104,188

Accumulated Other Comprehensive (Loss)
 
(210
)
 
(485
)
Common Stockholders’ Equity
 
295,575

 
294,136

Long-Term Debt
 
256,916

 
257,511

Total Capitalization
 
552,491

 
551,647

Current Portion of Long-Term Debt
 
4,051

 
4,059

Interim Bank Loans Payable and Other Short-Term Debt
 
74,632

 
54,249

Accounts Payable and Accrued Expenses
 
10,691

 
13,782

Accrued Interest
 
1,593

 
1,531

Current Portion of Refund to Customers - Regulatory Liability
 
1,960

 
2,331

Other Current Liabilities
 
2,988

 
3,101

Total Current Liabilities
 
95,915

 
79,053

Advances for Construction
 
24,673

 
22,654

Deferred Federal and State Income Taxes
 
32,877

 
31,593

Unfunded Future Income Taxes
 
73,229

 
67,725

Long-Term Compensation Arrangements
 
32,096

 
31,043

Unamortized Investment Tax Credits
 
1,019

 
1,057

Excess Accumulated Deferred Income Tax - Regulatory Liability
 
29,386

 
29,611

Refund to Customers - Regulatory Liability
 

 
534

Other Long-Term Liabilities
 
3,305

 
3,345

Total Long-Term Liabilities
 
196,585

 
187,562

Contributions in Aid of Construction
 
136,436

 
135,081

Commitments and Contingencies
 

 

Total Capitalization and Liabilities
 
$
981,427

 
$
953,343


The accompanying footnotes are an integral part of these condensed consolidated financial statements.

4


CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended June 30, 2019 and 2018
(Unaudited)
(In thousands, except per share amounts)
 
2019
 
2018
Operating Revenues
$
30,664

 
$
29,904

Operating Expenses
 
 
 
Operation and Maintenance
12,803

 
12,720

Depreciation
4,895

 
4,360

Income Tax Expense
299

 
627

Taxes Other Than Income Taxes
2,851

 
2,618

Total Operating Expenses
20,848

 
20,325

Net Operating Revenues
9,816

 
9,579

Other Utility Income, Net of Taxes
283

 
248

Total Utility Operating Income
10,099

 
9,827

Other (Deductions) Income, Net of Taxes
 
 
 
Gain on Real Estate Transactions
11

 

Non-Water Sales Earnings
404

 
432

Allowance for Funds Used During Construction
203

 
105

Merger and Acquisition Costs
(2,171
)
 
(2,391
)
Other
553

 
(472
)
Total Other Loss, Net of Taxes
(1,000
)
 
(2,326
)
Interest and Debt Expense
 
 
 
Interest on Long-Term Debt
2,642

 
2,606

Other Interest Expense (Income), Net
605

 
115

Amortization of Debt Expense and Premium, Net
66

 
51

Total Interest and Debt Expense
3,313

 
2,772

Net Income
5,786

 
4,729

Preferred Stock Dividend Requirement

 
1

Net Income Applicable to Common Stock
$
5,786

 
$
4,728

Weighted Average Common Shares Outstanding:
 
 
 
Basic
11,970

 
11,884

Diluted
12,065

 
12,083

Earnings Per Common Share:
 
 
 
Basic
$
0.48

 
$
0.39

Diluted
$
0.48

 
$
0.39


The accompanying footnotes are an integral part of these condensed consolidated financial statements.


5


CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Six Months Ended June 30, 2019 and 2018
(Unaudited)
(In thousands, except per share amounts)
 
2019
 
2018
Operating Revenues
$
56,910

 
$
54,757

Operating Expenses
 

 
 

Operation and Maintenance
25,725

 
25,740

Depreciation
9,712

 
9,065

Income Tax Expense
511

 
620

Taxes Other Than Income Taxes
5,943

 
5,475

Total Operating Expenses
41,891

 
40,900

Net Operating Revenues
15,019

 
13,857

Other Utility Income, Net of Taxes
482

 
515

Total Utility Operating Income
15,501

 
14,372

Other (Deductions) Income, Net of Taxes
 

 
 

Gain on Real Estate Transactions
23

 

Non-Water Sales Earnings
890

 
828

Allowance for Funds Used During Construction
359

 
158

Merger and Acquisition Costs
(3,096
)
 
(5,652
)
Other
866

 
(818
)
Total Other Loss, Net of Taxes
(958
)
 
(5,484
)
Interest and Debt Expense
 

 
 

Interest on Long-Term Debt
5,274

 
5,168

Other Interest Expense (Income), Net
1,112

 
116

Amortization of Debt Expense and Premium, Net
133

 
102

Total Interest and Debt Expense
6,519

 
5,386

Net Income
8,024

 
3,502

Preferred Stock Dividend Requirement

 
10

Net Income Applicable to Common Stock
$
8,024

 
$
3,492

Weighted Average Common Shares Outstanding:
 

 
 

Basic
11,966

 
11,873

Diluted
12,062

 
12,082

Earnings Per Common Share:
 
 
 

Basic
$
0.67

 
$
0.29

Diluted
$
0.67

 
$
0.29


The accompanying footnotes are an integral part of these condensed consolidated financial statements.


6


CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended June 30, 2019 and 2018
(Unaudited)
(In thousands)

 
2019
 
2018
Net Income
$
5,786

 
$
4,729

Other Comprehensive Income, net of tax
 

 
 

Reclassification to Pension and Post-Retirement Benefits Other than Pension, net of tax expense of $14 and $30 in 2019 and 2018
36

 
83

Unrealized gain on investments, net of tax expense of $10 and $14 in 2019 and 2018
29

 
36

Other Comprehensive Income, net of tax
65

 
119

Comprehensive Income
$
5,851

 
$
4,848







CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Six Months Ended June 30, 2019 and 2018
(Unaudited)
(In thousands)

 
2019
 
2018
Net Income
$
8,024

 
$
3,502

Other Comprehensive Income, net of tax
 

 
 

Reclassification to Pension and Post-Retirement Benefits Other than Pension, net of tax expense of $27 and $43 in 2019 and 2018
73

 
117

Unrealized gain on investments, net of tax expense of $74 and $4 in 2019 and 2018
202

 
10

Other Comprehensive Income, net of tax
275

 
127

Comprehensive Income
$
8,299

 
$
3,629

















The accompanying footnotes are an integral part of these condensed consolidated financial statements. 

7


CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
For the Three Months Ended June 30, 2019 and 2018
(Unaudited)
(In thousands, except per share amounts)

 
2019
 
2018
Balance at Beginning of Period
$
102,658

 
$
97,586

Net Income
5,786

 
4,729

 
108,444

 
102,315

Premium on Redemption of Preferred Stock

 
(15
)
Dividends Declared:
 

 
 

Cumulative Preferred, Class A, $0.20 per share in 2018

 
1

Common Stock - 2019 $0.3275 per share; 2018 $0.3125 per share
3,951

 
3,776

 
3,951

 
3,777

Balance at End of Period
$
104,493

 
$
98,523






CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
For the Six Months Ended June 30, 2019 and 2018
(Unaudited)
(In thousands, except per share amounts)

 
2019
 
2018
Balance at Beginning of Period
$
104,188

 
$
102,417

Net Income
8,024

 
3,502

 
112,212

 
105,919

Premium on Redemption of Preferred Stock

 
(15
)
Dividends Declared:
 

 
 

Cumulative Preferred, Class A, $0.40 per share in 2018

 
4

Cumulative Preferred, Series $0.90, $0.45 per share in 2018

 
6

Common Stock - 2019 $0.64 per share; 2018 $0.61 per share
7,719

 
7,371

 
7,719

 
7,381

Balance at End of Period
$
104,493

 
$
98,523













The accompanying footnotes are an integral part of these condensed consolidated financial statements.


8


CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2019 and 2018
(Unaudited)
(In thousands)
 
2019
 
2018
Operating Activities:
 
 
 
Net Income (Loss)
$
8,024

 
$
3,502

Adjustments to Reconcile Net Income (Loss) to Net Cash and Cash Equivalents Provided by
 
 
 
Operating Activities:
 
 
 
Deferred Revenues
(4,263
)
 
(3,435
)
Provision for Deferred Income Taxes and Investment Tax Credits, Net
1,037

 
1,284

Allowance for Funds Used During Construction
(359
)
 
(158
)
Depreciation and Amortization (including $506 and $702 in 2019 and 2018, respectively, charged to other accounts)
10,218

 
9,767

Gain on Real Estate Transactions
(23
)
 

Change in Assets and Liabilities:
 
 
 
(Increase) Decrease in Accounts Receivable and Accrued Unbilled Revenues
(508
)
 
452

Increase in Prepaid Income Taxes and Prepayments and Other Current Assets
(1,589
)
 
(2,531
)
Decrease in Other Non-Current Items
2,059

 
4,590

Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Current Liabilities
1,234

 
(445
)
Total Adjustments
7,806

 
9,524

Net Cash and Cash Equivalents Provided by Operating Activities
15,830

 
13,026

Investing Activities:
 

 
 

Net Additions to Utility Plant
(30,024
)
 
(20,858
)
Net Cash and Cash Equivalents Used in Investing Activities
(30,024
)
 
(20,858
)
Financing Activities:
 
 
 
Net Proceeds from Interim Bank Loans
74,632

 
42,891

Net Repayment of Interim Bank Loans
(54,249
)
 
(19,281
)
Redemption of Preferred Stock

 
(787
)
Purchase of Treasury Stock

 
(3,525
)
Proceeds from the Issuance of Long-Term Debt
1,686

 

Costs to Issue Long-Term Debt and Common Stock
(17
)
 

Proceeds from Issuance of Common Stock
571

 
722

Repayment of Long-Term Debt Including Current Portion
(1,733
)
 
(3,903
)
Advances from Others for Construction
1,549

 
(654
)
Cash Dividends Paid
(7,719
)
 
(7,381
)
Net Cash and Cash Equivalents Provided by Financing Activities
14,720

 
8,082

Net Increase in Cash and Cash Equivalents
526

 
250

Cash and Cash Equivalents and Restricted Cash at Beginning of Period
2,856

 
3,618

Cash and Cash Equivalents and Restricted Cash at End of Period
$
3,382

 
$
3,868

Non-Cash Investing and Financing Activities:
 

 
 

Non-Cash Contributed Utility Plant
$
1,182

 
$
852

Supplemental Disclosures of Cash Flow Information:
 
 
 
Cash Paid for:
 
 
 
Interest
$
6,486

 
$
5,350

State and Federal Income Taxes
$
300

 
$
320


The accompanying footnotes are an integral part of these condensed consolidated financial statements.

9


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.
Basis of Preparation of Financials

The condensed consolidated financial statements included herein have been prepared by Connecticut Water Service, Inc. (“CTWS” or the “Company”) and its wholly-owned subsidiaries, pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments that are of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the results for interim periods.  Certain information and footnote disclosures have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.  The Company’s primary operating subsidiaries are: The Connecticut Water Company (“Connecticut Water”), The Heritage Village Water Company (“HVWC”) and The Avon Water Company (“Avon Water”) in the State of Connecticut and The Maine Water Company (“Maine Water”) in the State of Maine (together, the “Regulated Companies”). The Condensed Consolidated Balance Sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “10-K”) and as updated in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2019.

The results for interim periods are not necessarily indicative of results to be expected for the year since the consolidated earnings are subject to seasonal factors.

Proposed Merger with SJW Group

On August 5, 2018, the Company entered into a Second Amended and Restated Agreement and Plan of Merger (the “Revised Merger Agreement”) with SJW Group, a Delaware corporation (“SJW”), and Hydro Sub, Inc., a Connecticut corporation and a direct wholly owned subsidiary of SJW (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of SJW (the “Merger”). Subject to the terms and conditions of the Revised Merger Agreement, at the effective time of the Merger, each outstanding share of our common stock (other than certain cancelled shares) will be automatically converted into the right to receive an amount in cash equal to $70.00 per share, payable without interest. The Revised Merger Agreement amends and restates in its entirety the Amended and Restated Agreement and Plan of Merger (the “First Amended and Restated Merger Agreement”), dated as of May 30, 2018, by and among the Company, SJW and Merger Sub, which amended and restated in its entirety the Agreement and Plan of Merger (the “Original Merger Agreement”), dated as of March 14, 2018, by and among the Company, SJW and Merger Sub.

The Board of Directors approved, adopted and declared advisable the Revised Merger Agreement and the Merger and recommended that the Company’s shareholders approve the Revised Merger Agreement following a comprehensive review of the transaction. The Revised Merger Agreement was approved by the Company’s shareholders on November 16, 2018. The Merger is subject to certain customary closing conditions, including, among other things, approval of the Revised Merger Agreement by the Company’s shareholders (which was received on November 16, 2018) and regulatory approvals (including the approval of the Connecticut Public Utilities Regulatory Authority (“PURA”) and the Maine Public Utilities Commission (“MPUC”)). The required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder (the “HSR Act”), was terminated early on April 27, 2018, and the early termination expired on April 27, 2019. The Company and SJW re-filed the necessary notifications under the HSR Act on April 4, 2019, and the required waiting period was terminated early on April 15, 2019. On October 15, 2018, the Federal Communications Commission (“FCC”) consented to the joint application for transfer of control filed by the Company and SJW on October 4, 2018 and amended on October 12, 2018. On April 19, 2019, the FCC granted the Company and SJW’s request to extend the transfer of control deadline to October 20, 2019. No further clearance from the FCC is required.

On May 4, 2018, Maine Water filed with MPUC an application for approval of the Merger. On May 7, 2018, the Company and SJW filed with PURA a joint application for approval of the Merger. Following the start on May 31, 2018 of a 45-day go-shop process permitted by the First Amended and Restated Merger Agreement, the Company and SJW withdrew their joint PURA application on June 19, 2018, and filed a new joint application on July 18, 2018 following the end of the go-shop process. On January 9, 2019, the Company and SJW withdrew their current application before PURA and announced that they were continuing to evaluate their regulatory approach, including the possibility of submitting a new application to PURA in connection with the Merger. On January 23, 2019, Maine Water voluntarily requested to withdraw its application before MPUC, aligning the Maine regulatory process with the regulatory process in Connecticut. After a thorough review conducted by the management and boards of the Company and SJW, and with the support of their respective Connecticut regulatory counsel, the Company and SJW filed a new joint application with PURA on April 3, 2019, and Maine Water filed a new

10

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

application with MPUC on May 3, 2019. PURA must make a ruling on the merger within 120 days after the filing of an application, unless the Company and SJW agree to an extension of the 120-day timeframe. On July 10, 2019, the Company and SJW agreed to PURA’s request to extend the statutory deadline from August 28, 2019 to September 4, 2019. MPUC must make a ruling on the merger within 60 days after the filing of an application, unless it determines that the necessary investigation cannot be concluded within 60 days, in which event it can extend the review period for up to an additional 120 days. On June 24, 2019, MPUC extended the review period to October 29, 2019.

On July 20, 2018, the California Public Utilities Commission (“CPUC”) formally issued an Order Instituting Investigation (the “Order”) providing that CPUC will investigate whether the Merger is subject to CPUC approval and the Merger’s anticipated impacts within California. CPUC held a public participation hearing on January 31, 2019 in connection with the Order. By a letter dated February 21, 2019, SJW informed CPUC that it would file a new application with PURA in connection with the Merger. On March 4, 2019, CPUC suspended the Order pending a final decision by PURA. On April 19, 2019, the City of San José submitted a request to CPUC that it resume its investigation of the Merger, which request is still pending.

Regulatory Matters

The rates we charge our water and waste water customers in Connecticut and Maine are established under the jurisdiction of and are approved by PURA and the MPUC, respectively. It is our policy to seek rate relief as necessary to enable us to achieve an adequate rate of return. The Regulated Companies’ allowed returns on equity and allowed returns on rate base are as follows:

As of June 30, 2019
 
Allowed Return on Equity
 
Allowed Return on Rate Base
Connecticut Water
 
9.75
%
 
7.32
%
HVWC (blended water and wastewater rates)
 
10.10
%
 
7.19
%
Avon Water
 
10.00
%
 
7.79
%
Maine Water
 
9.50
%
 
7.96
%

The PURA establishes rates in Connecticut on a company-wide basis while the MPUC approves Maine Water’s rates on a division-by-division basis. Each of Connecticut Water, HVWC, Avon Water and Maine Water are allowed, subject to regulatory approval, to add surcharges to customers’ bills in order to recover certain costs associated with approved capital projects in between full rate cases, as well as approved surcharges for Water Revenue Adjustments, in Connecticut, as discussed in more detail below. HVWC has not added surcharges to customers’ bills in order to recover certain approved capital projects as of June 30, 2019, however, HVWC, as ordered by PURA, began to utilize Water Revenue Adjustments for water and wastewater as of March 31, 2017.

On January 3, 2018, PURA reopened the most recent rate case decisions for the Company’s Connecticut Regulated Companies to determine what, if any, adjustments to rates are appropriate to account for revisions to tax laws, including corporate tax rates, contained in the Federal Tax Cuts and Jobs Act (“Tax Act”). On January 23, 2019, PURA issued a decision that determined the appropriate accounting and rate treatments for the reduction in the Federal Corporate Income Tax rate from 35 to 21 percent. The reduction in the Federal Corporate Income Tax impacts two specific areas of corporate income tax that the regulated water utilities must account for: a) the income tax expense included in rates charged to customers; and b), the Excess Accumulated Deferred Income Tax (“EADIT”) liability accrued on the regulated utilities books.

PURA has directed regulated water companies who have not received updated rates after the passing of the Tax Act, including Avon and HVWC, to create a regulatory liability as of January 1, 2018 to account for the reduced Federal Corporate Income Tax expense and defer treatment until the companies file their next general rate cases, at which point the companies will propose a method to return the regulatory liability to customers. During the year ended December 31, 2018, Avon Water and HVWC recorded regulatory liabilities in the amounts of $154,000 and $89,000, respectively. Avon Water and HVWC will continue to record additional liabilities each month until their next rate cases. For the six months ended June 30, 2019, Avon Water and HVWC recorded an additional $74,000 and $42,000, respectively, to the regulatory liabilities. Additionally, PURA directed Avon Water and HVWC, to establish a liability account for the EADIT from January 1, 2018, going forward, which will also be returned to customers commencing with the their next rate cases. As discussed below, Connecticut Water has entered into a settlement agreement with the Connecticut Office of Consumer Counsel (“OCC”), which was approved by PURA, which covers treatment of the Tax Act.


11

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

On January 11, 2018, the MPUC issued a notice of investigation to determine the impact of the Tax Act on Maine Water. The investigation allowed the MPUC to determine what, if any, adjustments to rates would be appropriate to account for revisions to tax laws, including corporate tax rates contained in the Tax Act. On March 15, 2019, the MPUC issued an Order concluding the investigation, directing Maine Water to create regulatory liabilities in five of their ten operating divisions, collectively totaling $157,587 for the year ended December 31, 2018. During the year ended December 31, 2018, Maine Water recorded a regulatory liability in the amount of $167,000 in anticipation of the Order, inclusive of carrying costs. Maine Water will continue to record additional liabilities each month until the company’s next rate case in each division. For the six months ended June 30, 2019, Maine Water recorded an additional $90,000 to the regulatory liabilities. Further, the Order directs Maine Water to file general rate cases in the same five divisions on or before March 1, 2022.

Maine Water Land Sale
On March 11, 2016, Maine Water entered into a purchase and sale agreement with the Coastal Mountains Land Trust, a Maine nonprofit corporation (the “Land Trust”) pursuant to which Maine Water agreed to sell two conservation easements to the Land Trust on approximately 1,400 acres of land located in the towns of Rockport, Camden and Hope, in Knox County, Maine valued in the aggregate at $3.1 million. The land has a book value of approximately $270,000 and is included in “Other Property and Investments” on the Company’s Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018. The easements and purchase prices are as follows:

1.Ragged Mountain Mirror Lake Conservation Easement: $1,875,000; and
2.Grassy Pond Conservation Easement: $600,000.

The first transaction regarding Mirror Lake was completed on September 27, 2018. As a result of the transaction, Maine Water has recognized $435,000 in net income in the period and has recorded a regulatory liability of $435,000 that is being refunded to customers over a one-year period, beginning January, 2019. In addition to the net income recorded as a result of the transaction, the Company recorded a $100,000 deferred income tax benefit due to the timing difference related to the cash refund to customers. The total net income benefit recorded by the Company for this transaction was $535,000 presented as $625,000 in gain on real estate transactions offset by $90,000 of donation deduction in the Other line item. Maine Water also made a $250,000 contribution to the Land Trust at the closing.

The second transaction regarding Grassy Pond is scheduled to close on or before December 31, 2019. The second transaction is structured such that Maine Water will sell a conservation easement valued at $1,200,000 for $600,000. Accordingly, Maine Water expects to claim a $600,000 charitable deduction on the bargain sale. Similar to the first transaction, net proceeds from the second transaction will be shared equally between the customers of the Camden Rockland division and Maine Water.

Connecticut Rates
Connecticut Water’s Water Infrastructure Conservation Adjustment (“WICA”) was a 0.40% surcredit and a 9.98% surcharge at June 30, 2019 and 2018, respectively. Connecticut Water’s WICA was reset to zero during 2018 as a result of a rate ruling on the Company’s limited reopener and settlement agreement issued by PURA, as discussed below. As of June 30, 2019 and 2018, Avon Water’s WICA surcharge was 9.29% and 7.51%, respectively. As of June 30, 2019, HVWC has not filed for a WICA surcharge. Connecticut Water filed a WICA application for an additional 1.09% for a net surcharge of 0.69%. If approved, the surcharge will become effective as of July 1, 2019.

On February 6, 2018, Connecticut Water filed a petition with PURA to reopen Connecticut Water’s 2010 rate case proceeding (previously reopened in 2013) for the limited purpose of approving a Settlement Agreement entered into by Connecticut Water and the OCC (the “Agreement”). The Agreement proposes a change in Connecticut Water’s customer rates effective for bills rendered on and after April 1, 2018 made up of the following two components: (1) the revenue requirements associated with a $36.3 million addition to rate base to reflect necessary upgrades to Connecticut Water’s Rockville Water Treatment Plant; and (2) the folding in to base rates of the Company’s present WICA surcharges. In addition, the Agreement provides that:
1.Upon implementation of new rates under the Agreement, until such time as new rates are adopted in a general rate case, through a temporary modification of the earnings sharing mechanism, Connecticut Water customers will receive one hundred percent of any earnings in excess of levels allowed by law rather than limiting such customer credits to 50% as contemplated by applicable law;
2.Connecticut Water agrees it will not file for a general increase of Connecticut Water’s base rates unless those rates are to be effective on or after January 1, 2020;
3.The pending proceeding initiated by PURA in Docket No. 09-12-11RE03, Application of The Connecticut Water Company for Amended Rates – Federal Tax Cuts and Jobs Act shall be closed; and
4.Connecticut Water shall continue to make investments in infrastructure replacement consistent with its approved WICA plan. Connecticut Water shall be allowed to continue to pursue recovery of eligible projects through WICA.

12

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


On August 15, 2018, PURA issued a final decision that accepted the conditions of a revised settlement agreement. The primary facets of the revised settlement agreement were the revenue requirements associated with the Rockville Water Treatment Plant, discussed above, and the folding of previously approved WICA surcharges into base rates, which reset Connecticut Water’s WICA to zero and resolution of the Company’s obligations related to the Tax Act. New rates were effective as of April 1, 2018.

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

Connecticut Water’s and HVWC’s allowed revenues for the six months ended June 30, 2019, as approved by PURA during each company’s most recent general rate case and including subsequently approved WICA surcharges, are approximately $43.8 million. Through normal billing for the six months ended June 30, 2019, revenue for Connecticut Water and HVWC would have been approximately $39.4 million had the WRA not been implemented. As a result of the implementation of the WRA, Connecticut Water and HVWC recorded $4.4 million in additional revenue for the six months ended June 30, 2019. For the same period in 2018, the Connecticut Water and HVWC recognized $3.5 million in WRA revenues. Avon Water does not currently have PURA approval to apply the WRA surcharge to its customers’ bills and, therefore, does not currently use the WRA mechanism.

Maine Rates
In Maine, the overall, cumulative Water Infrastructure Charge (“WISC”) for all divisions was 5.7% and 6.8% as a percentage of total revenues as of June 30, 2019 and 2018, respectively.

A water revenue adjustment mechanism law in Maine became available to regulated water utilities in Maine on October 15, 2015. Maine Water is currently precluded from seeking new rates in the Biddeford and Saco division due to provisions in the settlement agreement with the MPUC. Maine’s rate-adjustment mechanism could provide revenue stabilization in divisions with declining water consumption and Maine Water expects to request usage of this mechanism in future rate filings when consumption trends support its use.

2.
Pension and Other Post-Retirement Benefits

The following tables set forth the components of pension and other post-retirement benefit costs for the three months ended June 30, 2019 and 2018.

Pension Benefits
Components of Net Periodic Cost (in thousands):
 
Three Months
 
Six Months
Period ended June 30,
2019
 
2018
 
2019
 
2018
Service Cost
$
412

 
$
451

 
$
863

 
$
975

Interest Cost
857

 
777

 
1,711

 
1,555

Expected Return on Plan Assets
(1,223
)
 
(1,162
)
 
(2,443
)
 
(2,331
)
Amortization of:
 

 
 

 
 
 
 
Prior Service Cost
4

 
4

 
8

 
8

Net Recognized Loss
395

 
629

 
788

 
1,299

Net Periodic Benefit Cost
$
445

 
$
699

 
$
927

 
$
1,506



The Company expects to make a total contribution of approximately $4,050,000 in 2019 for the 2018 plan year.


13

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Post-Retirement Benefits Other Than Pension (PBOP)
Components of Net Periodic Cost (in thousands):
 
Three Months
 
Six Months
Period ended June 30,
2019
 
2018
 
2019
 
2018
Service Cost
$
53

 
$
83

 
$
121

 
$
166

Interest Cost
85

 
126

 
226

 
251

Expected Return on Plan Assets
(93
)
 
(94
)
 
(185
)
 
(187
)
Amortization of:
 

 
 

 
 
 
 
Prior Service Credit

 
(1
)
 

 
(1
)
Recognized Net Gain
(213
)
 
(5
)
 
(251
)
 
(11
)
Net Periodic Benefit (Credit) Cost
$
(168
)
 
$
109

 
$
(89
)
 
$
218



3.
Earnings per Share and Common Stock

Earnings per weighted average common share are calculated by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding during the respective periods as detailed below (diluted shares include the effect of stock awards):

Three months ended June 30,
2019
 
2018
Common Shares Outstanding End of Period
12,068,537

 
12,044,006

Weighted Average Shares Outstanding (Days Outstanding Basis):
 

 
 

Basic
11,969,527

 
11,883,907

Diluted
12,064,788

 
12,082,573

 
 
 
 
Basic Earnings per Share
$
0.48

 
$
0.39

Dilutive Effect of Stock Awards

 

Diluted Earnings per Share
$
0.48

 
$
0.39

 
 
 
 
Six months ended June 30,
 
 
 
Weighted Average Shares Outstanding (Days Outstanding Basis):
 
 
 
Basic
11,965,678

 
11,872,995

Diluted
12,062,245

 
12,081,535

 
 
 
 
Basic Earnings per Share
$
0.67

 
$
0.29

Dilutive Effect of Stock Awards

 

Diluted Earnings per Share
$
0.67

 
$
0.29



Total unrecognized compensation expense for all stock awards was approximately $1.7 million as of June 30, 2019 and will be recognized over a weighted average period of 1.4 years.


14

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Company has 25,000,000 authorized shares of common stock, no par value.  A summary of the changes in the common stock accounts three and six months ended June 30, 2018 and June 30, 2019, appears below:

(in thousands, except share data)
Shares
 
Issuance Amount
 
Expense
 
Total
Balance, April 1, 2018
12,089,125

 
$
196,343

 
$
(4,090
)
 
$
192,253

Stock and equivalents issued through Performance Stock Program, Net of Forfeitures
(50,401
)
 
(3,275
)
 

 
(3,275
)
Dividend Reinvestment Plan
5,282

 
342

 

 
342

Balance, June 30, 2018
12,044,006

 
$
193,410

 
$
(4,090
)
 
$
189,320

 
 
 
 
 
 
 
 
Balance, April 1, 2019
12,063,252

 
$
194,989

 
$
(4,090
)
 
$
190,899

Stock and equivalents issued through Performance Stock Program, Net of Forfeitures and Redemptions
1,028

 
101

 

 
101

Dividend Reinvestment Plan
4,257

 
292

 

 
292

Balance, June 30, 2019
12,068,537

 
$
195,382

 
$
(4,090
)
 
$
191,292

 
 
 
 
 
 
 
 
Balance, January 1, 2018
12,065,016

 
$
195,731

 
$
(4,090
)
 
$
191,641

Stock and equivalents issued through Performance Stock Program, Net of Forfeitures
(33,416
)
 
(3,043
)
 

 
(3,043
)
Dividend Reinvestment Plan
12,406

 
722

 

 
722

Balance, June 30, 2018
12,044,006

 
$
193,410

 
$
(4,090
)
 
$
189,320

 
 
 
 
 
 
 
 
Balance January 1, 2019
12,054,712

 
$
194,523

 
$
(4,090
)
 
$
190,433

Stock and equivalents issued through Performance Stock Program, Net of Forfeitures and Redemptions
5,432

 
289

 

 
289

Dividend Reinvestment Plan
8,393

 
570

 

 
570

Balance, June 30, 2019
12,068,537

 
$
195,382

 
$
(4,090
)
 
$
191,292



4.
Recently Adopted and New Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)”, (“ASU No. 2016-02”), which required lessees to recognize the following for all leases at the commencement date of a lease: a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Public business entities had to apply the amendments in ASU No. 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application was permitted for all public business entities and all nonpublic business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) applied a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach did not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors could not apply a full retrospective transition approach. As required, the Company adopted ASU No. 2016-02 in January 2019 using the modified retrospective approach, see Note 12 for more details.

5.
Revenues from Contracts with Customers

Accounting Policy
Our revenues are primarily from tariff-based sales. We provide water and wastewater services to customers under these tariffs without a defined contractual term (at-will).  As the revenue from these arrangements is based upon the amount of the water and wastewater services supplied and billed in that period (including estimated billings), there was not a shift in the timing or pattern of revenue recognition for such sales when compared to our revenue recognition prior to the adoption of ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU No. 2014-09”).  We have also completed the evaluation of our other revenue streams, including those tied to longer term contractual commitments and the Company’s Linebacker program.

15

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


Customers are primarily billed quarterly on a cycle basis. To match revenues with associated expenses, we accrue unbilled revenues for water and wastewater services delivered to customers, but not yet billed at month end, creating a contract asset.

Nature of Goods and Services
Water Operations - We currently provide retail water and wastewater services to five primary customer classes. Our largest customer class consists of residential customers, which include single private dwellings and individual apartments. Our commercial class consists primarily of main street businesses, our industrial class consists primarily of manufacturing and processing businesses that turn raw materials into products, our public authority class represents services provided primarily to municipality or other government customers, and, finally, our fire protection class consists of services related to fire suppression systems and fire hydrants. Connecticut Water’s management has determined that tariff-based receipts; except for the WRA and other deferred revenue mechanisms, which are considered alternative revenue programs; are considered revenues from contracts with customers.
The Company has performance obligations for the service of standing ready to deliver water to customers. The Company recognizes revenue at a fixed rate as it provides these services, as approved by regulators. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by PURA and the MPUC through the rate-making process and represent the stand-alone selling price of Company’s service to stand ready to deliver.
The Company has performance obligations for the service of delivering the commodity of water to customers. The Company recognizes revenue at a price per unit of water delivered (gallons, cubic feet, etc.), based on the tariffs established by our regulators. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by PURA and the MPUC through the rate-making process and represent the stand-alone selling price of a bundled product comprising the commodity and the service of delivering such commodity.
The Company has a performance obligation related to administrative services such as turn-on/turn-off services, assessment of late charges, etc. The Company views that these services are not distinct in the context of the contract because they are highly interdependent for the effective delivery of water service provided to consumers.

Based on the above discussion, the Company believes that the Goods and Services provided under customer contracts constitute a single performance obligation. The Company believes that this performance obligation is satisfied over time.

Services and Rentals - We provide contracted services to water utilities and other clients and also lease certain of our properties to third parties. The types of services provided include contract operations of water; Linebacker, our service line protection plan for public drinking water customers; and providing bulk deliveries of emergency drinking water to businesses and residences via tanker truck. Our lease and rental income comes primarily from the renting of residential and commercial property. The goods and services provided by Linebacker have been determined to be based on the stand ready nature of the Company to provide the goods and services and, therefore, customers simultaneously receive and consume the benefits provided by the Company. The other revenue streams in the Services and Rentals segment, including contracted services to water utilities and other clients, have performance obligations that are satisfied at a point in time, and likewise will not have a shift in the timing or pattern of revenue recognition.


16

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Disaggregation of Revenue
The following table disaggregates our revenue by major source and customer class (in thousands):

 
 
Three Months Ended
 
Six Months Ended
 
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Water Operations
 
 
 
 
 
 
 
 
Residential
 
$
16,127

 
$
15,755

 
$
30,810

 
$
30,164

Commercial
 
3,337

 
3,301

 
6,376

 
6,231

Industrial
 
761

 
736

 
1,479

 
1,455

Public Authority
 
941

 
761

 
1,770

 
1,508

Fire Protection
 
5,322

 
5,134

 
10,665

 
10,306

Other (including non-metered accounts)
 
784

 
886

 
1,547

 
1,760

Water Operations Revenues from Contracts with Customers
 
27,272

 
26,573

 
52,647

 
51,424

Alternative Revenue Program
 
3,392

 
3,331

 
4,263

 
3,333

Other
 
382

 
363

 
718

 
736

Total Revenue from Water Operations
 
31,046

 
30,267

 
57,628

 
55,493

Services and Rentals
 
 
 
 
 
 
 
 
Contract Operations
 
593

 
578

 
1,170

 
1,147

Linebacker
 
650

 
635

 
1,301

 
1,253

Services and Rentals Revenues from Contracts with Customers
 
1,243

 
1,213

 
2,471

 
2,400

Other
 
17

 
64

 
64

 
82

Total Revenue from Services and Rentals
 
1,260

 
1,277

 
2,535

 
2,482

Total Revenue from Real Estate Transactions
 

 

 

 

 
 
 
 
 
 
 
 
 
Total Revenues from Contracts with Customers
 
28,515

 
27,786

 
55,118

 
53,824

 
 
 
 
 
 
 
 
 
Total Revenue
 
$
32,306

 
$
31,544

 
$
60,163

 
$
57,975



The following table shows the components of Accounts Receivable and Accrued Unbilled Revenues related to revenues from contracts with customers:

 
 
June 30, 2019
 
December 31, 2018
Accounts Receivable
 
 
 
 
Water Operations Segment
 
$
12,445

 
$
11,890

Services and Rentals Segment
 
177

 
238

Accounts Receivable from Contracts with Customers
 
12,622

 
12,128

Other accounts receivable
 
1,257

 
2,041

Total Accounts Receivable
 
$
13,879

 
$
14,169

 
 
 
 
 
Accrued Unbilled Revenues from Contracts with Customers
 
$
10,810

 
$
10,011



Accounts Receivable and Accrued Unbilled Revenues: Accounts receivable are comprised of trade receivables primarily from our regulated water customers. The Company records their accounts receivable at cost, which approximates fair value. Additionally, the Company establishes an allowance for uncollectible accounts based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and other factors. The Company assesses late payment

17

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

fees on trade receivables based on contractual past-due terms established with customers and approved by PURA or the MPUC. The provision for bad debts is charged to operating expense.

The Company’s customers are primarily billed quarterly in cycles having billing dates that do not generally coincide with the end of a fiscal quarter. This results in customers having received water or waste water services that they have not been billed for as of a given period’s end. The Company estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class.

6.
Accumulated Other Comprehensive Income

The changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by component, net of tax, for the three and six months ended June 30, 2019 and 2018 are as follows (in thousands):
Three months ended June 30, 2019
 
Unrealized Gains on Investments
 
Defined Benefit Items
 
Total
Beginning Balance (a)
 
$
431

 
$
(706
)
 
$
(275
)
Other Comprehensive Income (Loss) Before Reclassification
 
4

 
(2
)
 
2

Amounts Reclassified from AOCI
 
25

 
38

 
63

Net current-period Other Comprehensive Income
 
29

 
36

 
65

Ending Balance
 
$
460

 
$
(670
)
 
$
(210
)
 
 
 
 
 
 
 
Three months ended June 30, 2018
 
Unrealized Gains on Investments
 
Defined Benefit Items
 
Total
Beginning Balance (a)
 
$
416

 
$
(836
)
 
$
(420
)
Other Comprehensive Income Before Reclassification
 
43

 

 
43

Amounts Reclassified from AOCI
 
(7
)
 
83

 
76

Net current-period Other Comprehensive Income
 
36

 
83

 
119

Ending Balance
 
$
452

 
$
(753
)
 
$
(301
)
 
 
 
 
 
 
 
Six months ended June 30, 2019
 
Unrealized Gains on Investments
 
Defined Benefit Items
 
Total
Beginning Balance (a)
 
$
258

 
$
(743
)
 
$
(485
)
Other Comprehensive Income (Loss) Before Reclassification
 
177

 
(2
)
 
175

Amounts Reclassified from AOCI
 
25

 
75

 
100

Net current-period Other Comprehensive Income
 
202

 
73

 
275

Ending Balance
 
$
460

 
$
(670
)
 
$
(210
)
 
 
 
 
 
 
 
Six months ended June 30, 2018
 
Unrealized Gains on Investments
 
Defined Benefit Items
 
Total
Beginning Balance (a)
 
$
442

 
$
(870
)
 
$
(428
)
Other Comprehensive Income Before Reclassification
 

 

 

Amounts Reclassified from AOCI
 
10

 
117

 
127

Net current-period Other Comprehensive Income
 
10

 
117

 
127

Ending Balance
 
$
452

 
$
(753
)
 
$
(301
)
 
 
 
 
 
 
 
(a) All amounts shown are net of tax. Amounts in parentheses indicate loss.


18

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table sets forth the amounts reclassified from AOCI by component and the affected line item on the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2019 and 2018 (in thousands):
Details about Other AOCI Components
 
Amounts Reclassified from AOCI Three Months Ended June 30, 2019 (a)
 
Amounts Reclassified from AOCI Three Months Ended June 30, 2018 (a)
 
Affected Line Items on Income Statement
Realized Gains on Investments
 
$
31

 
$
(10
)
 
Other Income
Tax expense
 
(6
)
 
3

 
Other Income
 
 
25

 
(7
)
 
 
 
 
 
 
 
 
 
Amortization of Recognized Net Gain from Defined Benefit Items
 
44

 
113

 
Other Income (b)
Tax expense
 
(6
)
 
(30
)
 
Other Income
 
 
38

 
83

 
 
 
 
 
 
 
 
 
Total Reclassifications for the period, net of tax
 
$
63

 
$
76

 
 
 
 
 
 
 
 
 
Details about Other AOCI Components
 
Amounts Reclassified from AOCI Six Months Ended June 30, 2019(a)
 
Amounts Reclassified from AOCI Six Months Ended June 30, 2018(a)
 
Affected Line Items on Income Statement
Realized Gains on Investments
 
$
31

 
$
14

 
Other Income
Tax expense
 
(6
)
 
(4
)
 
Other Income
 
 
25

 
10

 
 
 
 
 
 
 
 
 
Amortization of Recognized Net Gain from Defined Benefit Items
 
95

 
160

 
Other Income (b)
Tax expense
 
(20
)
 
(43
)
 
Other Income
 
 
75

 
117

 
 
 
 
 
 
 
 
 
Total Reclassifications for the period, net of tax
 
$
100

 
$
127

 
 
 
 
 
 
 
 
 
(a) Amounts in parentheses indicate loss/expense.
(b) Included in computation of net periodic pension cost (see Note 2 for additional details).



19

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

7.
Long-Term Debt

Long-Term Debt at June 30, 2019 and December 31, 2018 consisted of the following (in thousands):
 
2019
 
2018
4.09%
 
CTWS
Term Loan Note, Due 2027
$
10,657

 
$
11,235

4.15%
 
CTWS
CoBank Term Note Payable, Due 2037
14,128

 
14,386

Total CTWS
24,785

 
25,621

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

 
12,500

Var.
 
Connecticut Water
2004 Series A, Due 2028
5,000

 
5,000

Var.
 
Connecticut Water
2004 Series B, Due 2028
4,550

 
4,550

5.00%
 
Connecticut Water
2011 A Series, Due 2021
22,613

 
22,717

3.16%
 
Connecticut Water
CoBank Note Payable, Due 2020
8,000

 
8,000

3.51%
 
Connecticut Water
CoBank Note Payable, Due 2022
14,795

 
14,795

4.29%
 
Connecticut Water
CoBank Note Payable, Due 2028
17,020

 
17,020

4.72%
 
Connecticut Water
CoBank Note Payable, Due 2032
14,795

 
14,795

4.75%
 
Connecticut Water
CoBank Note Payable, Due 2033
14,550

 
14,550

4.36%
 
Connecticut Water
CoBank Note Payable, Due 2036
30,000

 
30,000

4.04%
 
Connecticut Water
CoBank Note Payable, Due 2036
19,930

 
19,930

3.53%
 
Connecticut Water
NY Life Senior Note, Due 2037
35,000

 
35,000

Total Connecticut Water
198,753

 
198,857

4.75%
 
HVWC
2011 Farmington Bank Loan, Due 2034
4,214

 
4,300

3.05%
 
Avon Water
Mortgage Note Payable, Due 2033
3,047

 
3,134

8.95%
 
Maine Water
1994 Series G, Due 2024
5,400

 
5,400

2.68%
 
Maine Water
1999 Series J, Due 2019

 
85

0.00%
 
Maine Water
2001 Series K, Due 2031
492

 
533

2.58%
 
Maine Water
2002 Series L, Due 2022
45

 
53

1.53%
 
Maine Water
2003 Series M, Due 2023
221

 
271

1.73%
 
Maine Water
2004 Series N, Due 2024
311

 
311

0.00%
 
Maine Water
2004 Series O, Due 2034
100

 
107

1.76%
 
Maine Water
2006 Series P, Due 2026
301

 
331

1.57%
 
Maine Water
2009 Series R, Due 2029
187

 
197

0.00%
 
Maine Water
2009 Series S, Due 2029
471

 
493

0.00%
 
Maine Water
2009 Series T, Due 2029
1,320

 
1,383

0.00%
 
Maine Water
2012 Series U, Due 2042
136

 
142

1.00%
 
Maine Water
2013 Series V, Due 2033
1,235

 
1,285

1.00%
 
Maine Water
2019 Series W, Due 2048
1,012

 

4.24%
 
Maine Water
CoBank Note Payable, Due 2024
4,500

 
4,500

4.18%
 
Maine Water
CoBank Note Payable, Due 2026
5,000

 
5,000

5.51%
 
Maine Water
CoBank Note Payable, Due 2043
8,000

 
8,000

2.40%
 
Maine Water
Series N, Due 2022
626

 
826

1.86%
 
Maine Water
Series O, Due 2025
710

 
710

2.23%
 
Maine Water
Series P, Due 2028
1,174

 
1,233

0.01%
 
Maine Water
Series Q, Due 2035
1,491

 
1,584

1.00%
 
Maine Water
Series R, Due 2025
1,767

 
1,767

Total Maine Water
34,499

 
34,211

Add: Acquisition Fair Value Adjustment
(220
)
 
(189
)
Less: Current Portion
(4,051
)
 
(4,059
)
Less: Unamortized Debt Issuance Expense
(4,111
)
 
(4,364
)
Total Long-Term Debt
$
256,916

 
$
257,511



There are no mandatory sinking fund payments required on Connecticut Water’s outstanding bonds.  However, certain fixed rate Unsecured Water Facilities Revenue Refinancing Bonds provide for an estate redemption right whereby the estate of deceased bondholders or surviving joint owners may submit bonds to the trustee for redemption at par, subject to a $25,000 per individual holder and a 3% annual aggregate limitation.

20

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


On December 13, 2018, Maine Water executed and delivered to CoBank a new Promissory Note and Single Advance Term Loan Supplement, dated October 30, 2018 (the “Fourth Promissory Note”). On the terms and subject to the conditions set forth in the Fourth Promissory Note issued pursuant to the Agreement, CoBank agreed to make an unsecured loan (the “Loan”) to Maine Water in the principal amount of $8,000,000 at 5.51%, due December 30, 2043. The proceeds of the above described Loan from CoBank were used to refinance existing debt and to finance certain capital expenditures.

On February 1, 2019, Maine Water secured a 30 year loan for $1,686,700 from the Maine Municipal Bond Bank and the Maine Department of Health and Human Services Drinking Water State Revolving Fund to fund a portion of the construction of a new finished water storage tank in Skowhegan, Maine (2019 Series W, Due 2048). The terms of the loan provide that up to $674,680 of the loan will be forgiven and the net amount, $1,012,020, will be repaid over a 30 year term at an interest rate no less than 1.0%.

During the first six months of 2019, the Company paid approximately $836,000 related to Connecticut Water Service’s 2017 CoBank issuance as well as the Company’s Term Note Payable issued as part of the 2012 acquisition of Maine Water, approximately $724,000 in sinking funds related to Maine Water’s outstanding bonds, approximately $86,000 in sinking funds related to HVWC’s bank loan and $87,000 related to Avon Water’s mortgage note payable.

Financial Covenants – The Company and its subsidiaries are required to comply with certain covenants in connection with various long term loan agreements.  The most restrictive of these covenants is to maintain a consolidated debt to capitalization ratio of not more than 60%. Additionally, Maine Water has restrictions on cash dividends paid based on restricted net assets. The Company and its subsidiaries were in compliance with all covenants at June 30, 2019.

8.
Fair Value Disclosures

FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“FASB ASC 820”) provides enhanced guidance for using fair value to measure assets and liabilities and expands disclosure with respect to fair value measurements.

FASB ASC 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs).  The hierarchy consists of three broad levels, as follows:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.
Level 2 – Inputs other than Level 1 that are either directly or indirectly observable.
Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that the Company believes market participants would use.

The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of June 30, 2019 (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Money Market Fund
$
2

 
$

 
$

 
$
2

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
2,020

 

 

 
2,020

Fixed Income Funds (2)
677

 

 

 
677

Total
$
2,699

 
$

 
$

 
$
2,699



21

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2018 (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Money Market Fund
$
97

 
$

 
$

 
$
97

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
1,797

 

 

 
1,797

Fixed Income Funds (2)
647

 

 

 
647

Total
$
2,541

 
$

 
$

 
$
2,541

(1)
Mutual funds consist primarily of equity securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets.
(2)
Mutual funds consist primarily of fixed income securities and are presented on the Other Property and Investments line item of the Company’s Condensed Consolidated Balance Sheets.

The following methods and assumptions were used to estimate the fair value of each of the following financial instruments, which are not recorded at fair value on the financial statements.

Cash and cash equivalents – Cash equivalents consist of highly liquid instruments with original maturities at the time of purchase of three months or less.  The carrying amount approximates fair value.  Under the fair value hierarchy the fair value of cash and cash equivalents is classified as a Level 1 measurement.

Company Owned Life Insurance – The fair value of Company Owned Life Insurance is based on the cash surrender value of the contracts. These contracts are based principally on a referenced pool of investment funds that actively redeem shares and are observable and measurable and are presented on the “Other Property and Investments” line item of the Company’s Consolidated Balance Sheets. The value of Company Owned Life Insurance at June 30, 2019 and December 31, 2018 was $4,864,000 and $3,532,000, respectively.

Long-Term Debt – The fair value of the Company’s fixed rate long-term debt is based upon borrowing rates currently available to the Company.  As of June 30, 2019 and December 31, 2018, the estimated fair value of the Company’s long-term debt was $276,147,000 and $260,829,000, respectively, as compared to the carrying amounts of $261,027,000 and $261,875,000, respectively. The estimated fair value of long term debt was calculated using a discounted cash flow model that uses comparable interest rates and yield curve data based on the A-rated MMD (Municipal Market Data) Index which is a benchmark of current municipal bond yields. Under the fair value hierarchy, the fair value of long term debt is classified as a Level 2 measurement.

Advances for Construction – Customer advances for construction had a carrying amount of $24,673,000 and $22,654,000 at June 30, 2019 and December 31, 2018, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

The fair values shown above have been reported to meet the disclosure requirements of FASB ASC 825, “Financial Instruments” (“FASB ASC 825”) and do not purport to represent the amounts at which those obligations would be settled.

9.
Segment Reporting

The Company operates principally in three business segments: Water Operations, Real Estate Transactions, and Services and Rentals. Financial data for the segments is as follows (in thousands):
Three months ended June 30, 2019
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax (Benefit) Expense
 
Net Income
Water Operations
 
$
31,046

 
$
5,438

 
$
67

 
$
5,371

Real Estate Transactions
 

 

 
(11
)
 
11

Services and Rentals
 
1,260

 
546

 
142

 
404

Total
 
$
32,306

 
$
5,984

 
$
198

 
$
5,786


22

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three months ended June 30, 2018
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax (Benefit) Expense
 
Net (Loss) Income
Water Operations
 
$
30,267

 
$
4,735

 
$
438

 
$
4,297

Real Estate Transactions
 

 

 

 

Services and Rentals
 
1,277

 
559

 
127

 
432

Total
 
$
31,544

 
$
5,294

 
$
565

 
$
4,729


Six months ended June 30, 2019
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax (Benefit) Expense
 
Net Income
Water Operations
 
$
57,628

 
$
7,141

 
$
30

 
$
7,111

Real Estate Transactions
 

 

 
(23
)
 
23

Services and Rentals
 
2,535

 
1,199

 
309

 
890

Total
 
$
60,163

 
$
8,340

 
$
316

 
$
8,024

Six months ended June 30, 2018
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax (Benefit) Expense
 
Net (Loss) Income
Water Operations
 
$
55,493

 
$
2,860

 
$
186

 
$
2,674

Real Estate Transactions
 

 

 

 

Services and Rentals
 
2,482

 
1,105

 
277

 
828

Total
 
$
57,975

 
$
3,965

 
$
463

 
$
3,502


The revenues shown in Water Operations above consisted of revenues from water and wastewater customers of $30,664,000 and $29,904,000 for the three months ended June 30, 2019 and 2018. Additionally, there were revenues associated with utility plant leased to others of $382,000 and $363,000 for the three months ended June 30, 2019 and 2018, respectively. The revenues from water and wastewater customers for the three months ended June 30, 2019 and 2018 include $3,452,000 and $3,443,000 in additional revenues related to the application of the WRA, respectively.

The revenues shown in Water Operations above consisted of revenues from water and wastewater customers of $56,910,000 and $54,757,000 for the six months ended June 30, 2019 and 2018. Additionally, there were revenues associated with utility plant leased to others of $718,000 and $736,000 for the six months ended June 30, 2019 and 2018, respectively. The revenues from water and wastewater customers for the six months ended June 30, 2019 and 2018 include $4,383,000 and $3,504,000 in additional revenues related to the application of the WRA, respectively.

The Company owns various small, discrete parcels of land that are no longer required for water supply purposes.  From time to time, the Company may sell or donate these parcels, depending on various factors, including the current market for land, the amount of tax benefits received for donations and the Company’s ability to use any benefits received from donations.


23

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Assets by segment (in thousands):
 
June 30, 2019
 
December 31, 2018
Total Plant and Other Investments:
 
 
 
Water Operations
$
768,056

 
$
748,374

Non-Water
1,238

 
1,114

 
769,294

 
749,488

Other Assets:
 
 
 
Water Operations
211,037

 
201,429

Non-Water
1,096

 
2,426

 
212,133

 
203,855

Total Assets
$
981,427

 
$
953,343



10.
Income Taxes

FASB ASC 740 Income Taxes (“FASB ASC 740”) addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under FASB ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.

The Company adopted the Internal Revenue Service (“IRS”) temporary tangible property regulations on the Company’s 2012 Federal tax return. Since that time, the Company has been recording a provision for any possible disallowance of a portion of the repair deduction if the Company’s Federal tax return were to be reviewed by the IRS. While the Company believes that the deductions taken on its tax returns are appropriate, the methodology for determining the deduction has not been agreed to by the taxing authorities. For the six months ended June 30, 2019, the Company recorded a provision of $510,000 for a portion of the benefit that is not being returned to customers resulting from any possible tax authority challenge. The Company had previously recorded a provision of $3.3 million in prior years for a cumulative total of $3.8 million.

From time to time, the Company may be assessed interest and penalties by taxing authorities.  In those cases, the charges would appear on the Other line item within the Other Income (Deductions), Net of Taxes section of the Company’s Condensed Consolidated Statements of Income.  There were no such charges for the six months ended June 30, 2019 and 2018.  Additionally, there were no accruals relating to interest or penalties as of June 30, 2019 and December 31, 2018.  The Company remains subject to examination by federal and state tax authorities for the 2015 through 2017 tax years.

The Company is currently engaged in an analysis to determine the amount of expenditures related to tangible property that will be reflected on its 2018 Federal Tax Return to be filed in October 2019.  In addition, the Company has estimated the portion of its infrastructure investment that will qualify as a repair deduction for 2019 and has reflected that deduction in its effective tax rate, net of any reserves.  Consistent with other differences between book and tax expenditures, the Company is required to use the flow-through method to account for any timing differences not required by the IRS to be normalized.

The Company’s effective income tax rate for the three months ended June 30, 2019 and 2018 was 3.3% and 10.7%, respectively. The Company’s effective tax rate, excluding discrete items recorded during the three months ended June 30, 2019 and 2018, was 4.0% and (6.8)%, respectively. In 2019, these discrete items include adjustments related to uncertain tax positions for the repair deduction in Connecticut, and amortizations of accumulated excess deferred taxes. In 2018, these discrete items include adjustments related to uncertain tax positions for the repair deduction in Connecticut and purchase accounting adjustments to goodwill. Excluding discrete items, there was an increase in the effective tax rate year over year for the three month period of approximately 10.8%. The increase in the effective tax rate for this period can be attributed to a higher performance stock deduction in 2018 than in 2019.

The Company’s effective income tax rate for the six months ended June 30, 2019 and 2018 was 3.8% and 11.7%, respectively. The Company’s effective tax rate, excluding discrete items recorded during the six months ended June 30, 2019 and 2018, was 5.1% and (18.0)%, respectively. In 2019, these discrete items include adjustments related to uncertain tax positions for the repair deduction in Connecticut, and amortizations of accumulated excess deferred taxes. In 2018, these discrete items include adjustments related to uncertain tax positions for the repair deduction in Connecticut, purchase accounting adjustments to

24

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

goodwill, an IRS audit adjustment, and adjustments required under the Tax Act. Excluding discrete items, there was a increase in the effective tax rate year over year for the six month period of approximately 23.1%. The increase in the effective tax rate for this period can be attributed to a higher performance stock deduction in 2018 than in 2019.

The blended Federal and State statutory income tax rates during the three and six months ended June 30, 2019 and 2018 was 28%. In determining its annual estimated effective tax rate for interim periods, the Company reflects its estimated permanent and flow-through tax differences for the taxable year, including the basis difference for the adoption of the tangible property regulations.

11.
Bank Lines of Credit and Other Short-Term Debt

As of June 30, 2019, the Company maintained a $15.0 million line of credit agreement with CoBank, which is currently scheduled to expire on July 1, 2020.  The Company maintains an additional line of credit of $75.0 million with Citizens Bank, N.A. (“Citizens”), with an expiration date of December 14, 2023.  Additionally, Avon Water maintained a $3.0 million line of credit with Northwest Community Bank, which expired on September 30, 2018, at which point it converted to other short-term debt and was paid off in full in February 2019. As of June 30, 2019, the total lines of credit available to the Company were $90.0 million.  As of June 30, 2019 and December 31, 2018, the Company had $74.6 million and $54.2 million respectively, of Interim Bank Loans Payable and Other Short-Term Debt. As of June 30, 2019, the Company had $15.4 million in unused lines of credit.  Interest expense charged on lines of credit will fluctuate based on market interest rates.

12.
Leases

During the first quarter of 2019, the Company adopted ASU No. 2016-02 by recognizing and measuring leases existing at, or entered into after, January 1, 2018. As permitted by ASU No. 2016-02, the Company elected (i) not to reevaluate land easements if they were not previously accounted for as leases, (ii) to apply hindsight when assessing lease term and impairment of the right-of-use (“ROU”) asset, (iii) not to apply the recognition requirements to short-term leases and (iv) not to separate non-lease components from associated lease components for substantially all classes of underlying assets. Upon adoption of ASU No. 2016-02, the Company recorded ROU assets and lease liabilities in connection with its operating leases. ROU assets are included in Prepayments and Other Current Assets and Deferred Charges and Other Costs and lease liabilities are included in Other Current Liabilities and Other Long-Term Liabilities on the Condensed Consolidated Balance Sheets. Operating lease expense is included in Operation and Maintenance expenses in the Condensed Consolidated Statements of Income. The impact of adopting ASU No. 2016-02 was not material to the Company’s financial statements for the periods presented.

The Company has operating leases primarily related to buildings, office equipment and land use agreements that convey use of the land during the arrangement for certain of its source water wells. Operating leases primarily have fixed payments with expiration dates ranging from 2019 to 2074, some of which include options to extend the leases from 1 to 10 years and some have options to terminate at the Company’s discretion. At June 30, 2019 and December 31, 2018, the Company’s ROU assets and lease liabilities for operating leases totaled approximately $1.5 million for each period. The Company’s lease liabilities at June 30, 2019 and December 31, 2018 were calculated using a rate indicative of what the Company believes would be secured for incremental long-term debt. These rates were 3.82% and 4.32% as of June 30, 2019 and December 31, 2018, respectively.

At December 31, 2018, expected lease payments over the remaining terms of the leases were approximately $3.4 million with the expected lease payments for no one year being material. Operating leases did not have an impact on the Company’s Condensed Consolidated Statements of Income or Condensed Consolidated Statements of Cash Flows.

Part I, Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the accompanying unaudited financial statements and related notes thereto and the audited financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2018.


25


General Information

Proposed Merger with SJW Group

On August 5, 2018, the Company entered into a Second Amended and Restated Agreement and Plan of Merger (the “Revised Merger Agreement”) with SJW Group, a Delaware corporation (“SJW”), and Hydro Sub, Inc., a Connecticut corporation and a direct wholly owned subsidiary of SJW (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of SJW (the “Merger”). Subject to the terms and conditions of the Revised Merger Agreement, at the effective time of the Merger, each outstanding share of our common stock (other than certain cancelled shares) will be automatically converted into the right to receive an amount in cash equal to $70.00 per share, payable without interest. The Revised Merger Agreement amends and restates in its entirety the Amended and Restated Agreement and Plan of Merger (the “First Amended and Restated Merger Agreement”), dated as of May 30, 2018, by and among the Company, SJW and Merger Sub, which amended and restated in its entirety the Agreement and Plan of Merger (the “Original Merger Agreement”), dated as of March 14, 2018, by and among the Company, SJW and Merger Sub.

The Board of Directors approved, adopted and declared advisable the Revised Merger Agreement and the Merger and recommended that the Company’s shareholders approve the Revised Merger Agreement following a comprehensive review of the transaction. The Revised Merger Agreement was approved by the Company’s shareholders on November 16, 2018. The Merger is subject to certain customary closing conditions, including, among other things, approval of the Revised Merger Agreement by the Company’s shareholders (which was received on November 16, 2018) and regulatory approvals (including the approval of the Connecticut Public Utilities Regulatory Authority (“PURA”) and the Maine Public Utilities Commission (“MPUC”)). The required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder (the “HSR Act”), was terminated early on April 27, 2018, and the early termination expired on April 27, 2019. The Company and SJW re-filed the necessary notifications under the HSR Act on April 4, 2019, and the required waiting period was terminated early on April 15, 2019. On October 15, 2018, the Federal Communications Commission (“FCC”) consented to the joint application for transfer of control filed by the Company and SJW on October 4, 2018 and amended on October 12, 2018. On April 19, 2019, the FCC granted the Company and SJW’s request to extend the transfer of control deadline to October 20, 2019. No further clearance from the FCC is required.

On May 4, 2018, Maine Water filed with MPUC an application for approval of the Merger. On May 7, 2018, the Company and SJW filed with PURA a joint application for approval of the Merger. Following the start on May 31, 2018 of a 45-day go-shop process permitted by the First Amended and Restated Merger Agreement, the Company and SJW withdrew their joint PURA application on June 19, 2018, and filed a new joint application on July 18, 2018 following the end of the go-shop process. On January 9, 2019, the Company and SJW withdrew their current application before PURA and announced that they were continuing to evaluate their regulatory approach, including the possibility of submitting a new application to PURA in connection with the Merger. On January 23, 2019, Maine Water voluntarily requested to withdraw its application before MPUC, aligning the Maine regulatory process with the regulatory process in Connecticut. After a thorough review conducted by the management and boards of the Company and SJW, and with the support of their respective Connecticut regulatory counsel, the Company and SJW filed a new joint application with PURA on April 3, 2019, and Maine Water filed a new application with MPUC on May 3, 2019. PURA must make a ruling on the merger within 120 days after the filing of an application, unless the Company and SJW agree to an extension of the 120-day timeframe. On July 10, 2019, the Company and SJW agreed to PURA’s request to extend the statutory deadline from August 28, 2019 to September 4, 2019. MPUC must make a ruling on the merger within 60 days after the filing of an application, unless it determines that the necessary investigation cannot be concluded within 60 days, in which event it can extend the review period for up to an additional 120 days. On June 24, 2019, MPUC extended the review period to October 29, 2019.

On July 20, 2018, the California Public Utilities Commission (“CPUC”) formally issued an Order Instituting Investigation (the “Order”) providing that CPUC will investigate whether the Merger is subject to CPUC approval and the Merger’s anticipated impacts within California. CPUC held a public participation hearing on January 31, 2019 in connection with the Order. By a letter dated February 21, 2019, SJW informed CPUC that it would file a new application with PURA in connection with the Merger. On March 4, 2019, CPUC suspended the Order pending a final decision by PURA. On April 19, 2019, the City of San José submitted a request to CPUC that it resume its investigation of the Merger, which request is still pending.


26


Regulatory Matters

The rates we charge our water and waste water customers in Connecticut and Maine are established under the jurisdiction of and are approved by PURA and the MPUC, respectively. It is our policy to seek rate relief as necessary to enable us to achieve an adequate rate of return. The Regulated Companies’ allowed returns on equity and allowed returns on rate base are as follows:

As of June 30, 2019
 
Allowed Return on Equity
 
Allowed Return on Rate Base
Connecticut Water
 
9.75
%
 
7.32
%
HVWC (blended water and wastewater rates)
 
10.10
%
 
7.19
%
Avon Water
 
10.00
%
 
7.79
%
Maine Water
 
9.50
%
 
7.96
%

The PURA establishes rates in Connecticut on a company-wide basis while the MPUC approves Maine Water’s rates on a division-by-division basis. Each of Connecticut Water, HVWC, Avon Water and Maine Water are allowed, subject to regulatory approval, to add surcharges to customers’ bills in order to recover certain costs associated with approved capital projects in between full rate cases, as well as approved surcharges for Water Revenue Adjustments, in Connecticut, as discussed in more detail below. HVWC has not added surcharges to customers’ bills in order to recover certain approved capital projects as of June 30, 2019, however, HVWC, as ordered by PURA, began to utilize Water Revenue Adjustments for water and wastewater as of March 31, 2017.

On January 3, 2018, PURA reopened the most recent rate case decisions for the Company’s Connecticut Regulated Companies to determine what, if any, adjustments to rates are appropriate to account for revisions to tax laws, including corporate tax rates, contained in the Federal Tax Cuts and Jobs Act (“Tax Act”). On January 23, 2019, PURA issued a decision that determined the appropriate accounting and rate treatments for the reduction in the Federal Corporate Income Tax rate from 35 to 21 percent. The reduction in the Federal Corporate Income Tax impacts two specific areas of corporate income tax that the regulated water utilities must account for: a) the income tax expense included in rates charged to customers; and b), the Excess Accumulated Deferred Income Tax (“EADIT”) liability accrued on the regulated utilities books.

PURA has directed regulated water companies who have not received updated rates after the passing of the Tax Act, including Avon and HVWC, to create a regulatory liability as of January 1, 2018 to account for the reduced Federal Corporate Income Tax expense and defer treatment until the companies file their next general rate cases, at which point the companies will propose a method to return the regulatory liability to customers. During the year ended December 31, 2018, Avon Water and HVWC recorded regulatory liabilities in the amounts of $154,000 and $89,000, respectively. Avon Water and HVWC will continue to record additional liabilities each month until their next rate cases. For the six months ended June 30, 2019, Avon Water and HVWC recorded an additional $74,000 and $42,000, respectively, to the regulatory liabilities. Additionally, PURA directed Avon Water and HVWC, to establish a liability account for the EADIT from January 1, 2018, going forward, which will also be returned to customers commencing with the their next rate cases. As discussed below, Connecticut Water has entered into a settlement agreement with the Connecticut Office of Consumer Counsel (“OCC”), which was approved by PURA, which covers treatment of the Tax Act.

On January 11, 2018, the MPUC issued a notice of investigation to determine the impact of the Tax Act on Maine Water. The investigation allowed the MPUC to determine what, if any, adjustments to rates would be appropriate to account for revisions to tax laws, including corporate tax rates contained in the Tax Act. On March 15, 2019, the MPUC issued an Order concluding the investigation, directing Maine Water to create regulatory liabilities in five of their ten operating divisions, collectively totaling $157,587 for the year ended December 31, 2018. During the year ended December 31, 2018, Maine Water recorded a regulatory liability in the amount of $167,000 in anticipation of the Order, inclusive of carrying costs. Maine Water will continue to record additional liabilities each month until the company’s next rate case in each division. For the six months ended June 30, 2019, Maine Water recorded an additional $90,000 to the regulatory liabilities. Further, the Order directs Maine Water to file general rate cases in the same five divisions on or before March 1, 2022.


27


Maine Water Land Sale
On March 11, 2016, Maine Water entered into a purchase and sale agreement with the Coastal Mountains Land Trust, a Maine nonprofit corporation (the “Land Trust”) pursuant to which Maine Water agreed to sell two conservation easements to the Land Trust on approximately 1,400 acres of land located in the towns of Rockport, Camden and Hope, in Knox County, Maine valued in the aggregate at $3.1 million. The land has a book value of approximately $270,000 and is included in “Other Property and Investments” on the Company’s Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018. The easements and purchase prices are as follows:

1.Ragged Mountain Mirror Lake Conservation Easement: $1,875,000; and
2.Grassy Pond Conservation Easement: $600,000.

The first transaction regarding Mirror Lake was completed on September 27, 2018. As a result of the transaction, Maine Water has recognized $435,000 in net income in the period and has recorded a regulatory liability of $435,000 that is being refunded to customers over a one-year period, beginning January, 2019. In addition to the net income recorded as a result of the transaction, the Company recorded a $100,000 deferred income tax benefit due to the timing difference related to the cash refund to customers. The total net income benefit recorded by the Company for this transaction was $535,000 presented as $625,000 in gain on real estate transactions offset by $90,000 of donation deduction in the Other line item. Maine Water also made a $250,000 contribution to the Land Trust at the closing.

The second transaction regarding Grassy Pond is scheduled to close on or before December 31, 2019. The second transaction is structured such that Maine Water will sell a conservation easement valued at $1,200,000 for $600,000. Accordingly, Maine Water expects to claim a $600,000 charitable deduction on the bargain sale. Similar to the first transaction, net proceeds from the second transaction will be shared equally between the customers of the Camden Rockland division and Maine Water.

Connecticut Rates
Connecticut Water’s Water Infrastructure Conservation Adjustment (“WICA”) was a 0.40% surcredit and a 9.98% surcharge at June 30, 2019 and 2018, respectively. Connecticut Water’s WICA was reset to zero during 2018 as a result of a rate ruling on the Company’s limited reopener and settlement agreement issued by PURA, as discussed below. As of June 30, 2019 and 2018, Avon Water’s WICA surcharge was 9.29% and 7.51%, respectively. As of June 30, 2019, HVWC has not filed for a WICA surcharge. Connecticut Water filed a WICA application for an additional 1.09% for a net surcharge of 0.69%. If approved, the surcharge will become effective as of July 1, 2019.

On February 6, 2018, Connecticut Water filed a petition with PURA to reopen Connecticut Water’s 2010 rate case proceeding (previously reopened in 2013) for the limited purpose of approving a Settlement Agreement entered into by Connecticut Water and the OCC (the “Agreement”). The Agreement proposes a change in Connecticut Water’s customer rates effective for bills rendered on and after April 1, 2018 made up of the following two components: (1) the revenue requirements associated with a $36.3 million addition to rate base to reflect necessary upgrades to Connecticut Water’s Rockville Water Treatment Plant; and (2) the folding in to base rates of the Company’s present WICA surcharges. In addition, the Agreement provides that:
1.
Upon implementation of new rates under the Agreement, until such time as new rates are adopted in a general rate case, through a temporary modification of the earnings sharing mechanism, Connecticut Water customers will receive one hundred percent of any earnings in excess of levels allowed by law rather than limiting such customer credits to 50% as contemplated by applicable law;
2.
Connecticut Water agrees it will not file for a general increase of Connecticut Water’s base rates to be effective before January 1, 2020;
3.
The pending proceeding initiated by PURA in Docket No. 09-12-11RE03, Application of The Connecticut Water Company for Amended Rates – Federal Tax Cuts and Jobs Act shall be closed; and
4.
Connecticut Water shall continue to make investments in infrastructure replacement consistent with its approved WICA plan. Connecticut Water shall be allowed to continue to pursue recovery of eligible projects through WICA and apply WRA charges as authorized.

On August 15, 2018, PURA issued a final decision that accepted the conditions of a revised settlement agreement. The primary facets of the revised settlement agreement were the revenue requirements associated with the Rockville Water Treatment Plant, discussed above, and the folding of previously approved WICA surcharges into base rates, which reset Connecticut Water’s WICA to zero and resolution of the Company’s obligations related to the Tax Act. New rates were effective as of April 1, 2018.

Since 2013, Connecticut law has authorized a Water Revenue Adjustment (“WRA”) to reconcile actual water revenues with the revenues projected in the last general rate case and allows companies to adjust rates as necessary to recover the revenues approved by PURA in the last general rate case. The WRA removes the financial disincentive for water utilities to develop and implement effective water conservation programs. The WRA allows water companies to defer on the balance sheet, as a

28


regulatory asset or liability, for later collection from or crediting to customers the amount by which actual revenues deviate from the revenues allowed in the most recent general rate proceedings, including WICA proceedings. Additionally, projects eligible for WICA surcharges were expanded to include energy conservation projects, improvements required to comply with streamflow regulations, and improvements to certain acquired systems.

Connecticut Water’s and HVWC’s allowed revenues for the six months ended June 30, 2019, as approved by PURA during each company’s most recent general rate case and including subsequently approved WICA surcharges, are approximately $43.8 million. Through normal billing for the six months ended June 30, 2019, revenue for Connecticut Water and HVWC would have been approximately $39.4 million had the WRA not been implemented. As a result of the implementation of the WRA, Connecticut Water and HVWC recorded $4.4 million in additional revenue for the six months ended June 30, 2019. For the same period in 2018, the Connecticut Water and HVWC recognized $3.5 million in WRA revenues. Avon Water does not currently have PURA approval to apply the WRA surcharge to its customers’ bills and, therefore, does not currently use the WRA mechanism.

Maine Rates
In Maine, the overall, cumulative Water Infrastructure Charge (“WISC”) for all divisions was 5.7% and 6.8% as a percentage of total revenues as of June 30, 2019 and 2018, respectively.

A water revenue adjustment mechanism law in Maine became available to regulated water utilities in Maine on October 15, 2015. Maine Water is currently precluded from seeking new rates in the Biddeford and Saco division due to provisions in the settlement agreement with the MPUC. Maine’s rate-adjustment mechanism could provide revenue stabilization in divisions with declining water consumption and Maine Water expects to request usage of this mechanism in future rate filings when consumption trends support its use.

Critical Accounting Policies and Estimates

The Company maintains its accounting records in accordance with accounting principles generally accepted in the United States of America and as directed by the PURA and the MPUC, to which the Company’s regulated water utility subsidiaries are subject.  Significant accounting policies employed by the Company, including the use of estimates, were presented in the Notes to Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Critical accounting policies are those that are the most important to the presentation of the Company’s financial condition and results of operations.  The application of such accounting policies requires management’s most difficult, subjective, and complex judgments and involves uncertainties and assumptions.  The Company’s most critical accounting policies pertain to public utility regulation related to ASC 980 “Regulated Operations”, revenue recognition (including the WRA), goodwill impairment, accounting for leases, income taxes and accounting for pension and other post-retirement benefit plans.  Each of these accounting policies and the application of critical accounting policies and estimates were discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Management must use informed judgments and best estimates to properly apply these critical accounting policies.  Because of the uncertainty in these estimates, actual results could differ from estimates used in applying the critical accounting policies.  The Company is not aware of any reasonably likely events or circumstances which would result in different amounts being reported that would materially affect its financial condition or results of operations.

Outlook

The following modifies and updates the “Outlook” section of the Company’s 2018 Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

The Company expects Net Income from its Water Operations segment to decrease in 2019 over 2018 levels, primarily due to the costs associated with the merger with SJW. Partially offsetting these costs, the Company expects revenue increases resulting from the settlement agreement between Connecticut Water and Connecticut’s OCC approved by PURA during 2018, revenue increases due to the utilization of WISC in Maine and WICA in Connecticut, continued cost containment efforts, and modest growth in its Services and Rentals segment.

The Company believes that the factors described above and those described in detail under the heading “Commitments and Contingencies” below may have significant impact, either alone or in the aggregate, on the Company’s earnings and profitability in fiscal years 2019 and beyond.  Please also review carefully the risks and uncertainties described in the sections

29


entitled Item 1A – Risk Factors, “Commitments and Contingencies” in Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and the risks and uncertainties described in the “Forward-Looking Information” section below.

Our Use of Non-GAAP Financial Measures

We consider Adjusted Net Income as a key business metric, which is a Non-GAAP financial measure.

We define Adjusted Net Income as Net Income excluding certain material items outside of normal business operations. For this Non-GAAP financial measure, we consider these items to be expenses related to mergers and acquisitions, including any short-term borrowing costs.   This includes costs incurred in 2019 and 2018 for the proposed merger with SJW.

Adjusted Net Income is a supplemental financial measure used by us and by external users of our financial statements and is considered to be an indicator of the operational strength and performance of our business. Adjusted Net Income allows us to assess our performance without regard to the impact of matters that we do not consider indicative of the operating performance of our business.

We use Adjusted Net Income to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business. We believe Adjusted Net Income assists our Board of Directors, management and investors in comparing our operating performance on a consistent basis from period to period because the measure removes the impact of certain material items outside of normal business operations (such as the costs incurred for the proposed merger with SJW) from our operating results.

Despite the importance of this Non-GAAP financial measure in analyzing our business, measuring and determining incentive compensation and otherwise evaluating our operating performance, Adjusted Net Income is not a measurement of financial performance under GAAP, may have limitations as an analytical tool and should not be considered in isolation from, or as an alternative to, Net Income or any other measure of our performance derived in accordance with GAAP. Adjusted Net Income is not a measure of profitability under GAAP.

We also urge you to review the reconciliation of this Non-GAAP financial measure included in the Results of Operations section of this Quarterly Report. To properly and prudently evaluate our business, we encourage you to review the Condensed Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report and to not rely on any single financial measure to evaluate our business. In addition, because the Adjusted Net Income measure is susceptible to varying calculations, such Non-GAAP financial measures may differ from, and may therefore not be comparable to, similarly titled measures used by other companies.

Results of Operations

Three months ended June 30
Net Income for the three months ended June 30, 2019 increased from the same period in the prior year by $1,057,000 to $5,786,000. Earnings per basic average common share were $0.48 and $0.39 during the three months ended June 30, 2019 and 2018, respectively.

This increase is broken down by business segment as follows (in thousands):

Business Segment
 
June 30, 2019
 
June 30, 2018
 
Increase/(Decrease)
Water Operations
 
$
5,371

 
$
4,297

 
$
1,074

Real Estate Transactions
 
11

 

 
11

Services and Rentals
 
404

 
432

 
(28
)
Total
 
$
5,786

 
$
4,729

 
$
1,057



30


Adjusted Net Income
Adjusted Net Income for the three months ended June 30, 2019 and 2018 was as follows (in follows):

 
 
2019
 
2018
 
Increase (Decrease)
Net Income (Loss)
 
$
5,786

 
$
4,729

 
$
1,057

Merger and Acquisition Costs
 
2,171

 
2,391

 
(220
)
Financing Costs
 
105

 
28

 
77

Adjusted Net Income
 
$
8,062

 
$
7,148

 
$
914


Non-GAAP Adjusted Net Income for the three months ended June 30, 2019 increased from the same period in the prior year by $914,000.

See “Our Use of Non-GAAP Financial Measures” for a discussion of our use of Non-GAAP Adjusted Net Income.

Revenue

Revenue from our regulated customers increased by $760,000, or 2.5%, to $30,664,000 for the three months ended June 30, 2019 when compared to the same period in 2018.  The primary cause in the increase in revenues related to increased rates at Connecticut Water.

Operation and Maintenance Expense

Operation and Maintenance (“O&M”) expense increased by $83,000, or 0.7%, for the three months ended June 30, 2019 when compared to the same period of 2018. The following table presents the components of O&M expense for the three months ending June 30, 2019 and 2018 (in thousands):

Expense Components
 
June 30, 2019
 
June 30, 2018
 
Increase / (Decrease)
Maintenance
 
$
1,305

 
$
1,117

 
$
188

Outside services
 
1,297

 
1,129

 
168

Pension
 
466

 
344

 
122

Customer
 
427

 
308

 
119

Vehicles
 
620

 
526

 
94

Utility costs
 
1,198

 
1,135

 
63

Purchased water
 
384

 
358

 
26

Property and liability insurance
 
396

 
434

 
(38
)
Post-retirement Medical
 
25

 
82

 
(57
)
Water treatment (including chemicals)
 
684

 
745

 
(61
)
Medical
 
719

 
832

 
(113
)
Payroll
 
4,369

 
4,680

 
(311
)
Other
 
913

 
1,030

 
(117
)
Total
 
$
12,803

 
$
12,720

 
$
83


The changes in individual items are described below:
Maintenance costs increased primarily due to work surrounding the Company’s IT infrastructure;
Costs associated with Outside services increased in the three months ended June 30, 2019 compared to the three months ended June 30, 2018 primarily due to higher usage of consultants and temporary labor during 2019 when compared to 2018;
Customer costs increased in the quarter ended June 30, 2019 relative to the same period in 2018. The primary reason for this increase was higher uncollectible accounts and increased postage costs in our customer communications; and
Utility costs increased from 2018 to 2019 primarily due to an increase in telecommunication costs, partially offset by a decrease in power costs.

31



The increases described above were partially offset by the following decreases to O&M expense:
Payroll decreased in the three months ended June 30, 2019 compared to the three months ended June 30, 2018 primarily due to an increase in time charged to capital projects by employees, partially offset by regular wage increases;
Medical costs decreased in the three months ended June 30, 2019 compared to the three months ended June 30, 2018 primarily due to a decrease in medical claims filed by our employees and a decrease in the costs associated with administering the plan;
During the three months ended June 30, 2019, the Company saw a decrease in treatment costs compared to the same period in 2018, primarily due to a reduction in work related to tree removal and other periodic grounds upkeep at treatment facilities. Partially offsetting these decreases were an increase in the chemicals used in the treatment process as well as costs associated with laboratory testing; and
Property and liability insurance decreased in the period ended June 30, 2019 when compared to the same period in 2018 primarily due to a reduction in premiums charged by our insurers.

The Company saw an approximate $535,000, or 12.3%, increase in its Depreciation expense for the three months ended June 30, 2019 compared to the same period in 2018. The increase was primarily due to higher Utility Plant in Service as of June 30, 2019 compared to June 30, 2018, driven by continued spending on WICA and WISC projects in Connecticut and Maine, respectively.

The Company had a $328,000 decrease in above-the-line Income Tax expense in the three months ended June 30, 2019 compared to the same period of 2018. The Company’s effective income tax rate for the three months ended June 30, 2019 and 2018 was 3.3% and 10.7%, respectively. The Company’s effective tax rate, excluding discrete items recorded during the three months ended June 30, 2019 and 2018, was 4.0% and (6.8)%, respectively. In 2019, these discrete items include adjustments related to uncertain tax positions for the repair deduction in Connecticut, and amortizations of accumulated excess deferred taxes. In 2018, these discrete items include adjustments related to uncertain tax positions for the repair deduction in Connecticut and purchase accounting adjustments to goodwill. Excluding discrete items, there was a decrease in the effective tax rate year over year for the three month period of approximately 10.8%. The decrease in the effective tax rate for this period can be attributed to a higher performance stock deduction in 2018 than in 2019.

Other Income (Deductions), Net of Taxes increased for the three months ended June 30, 2019 by $1,326,000. The primary driver of this increase was the accounting treatment of certain portions of the costs associated with benefit plans offered to employees. Additionally, after-tax costs associated with the announced merger with SJW, which were $2,171,000 and $2,391,000 in the quarters ending June 30, 2019 and 2018, respectively.

Total Interest and Debt Expense increased by $541,000 in the three months ended June 30, 2019 when compared to the same period in 2018. The increase was primarily due to increased borrowing under our lines of credit and higher debt balances outstanding, including recent debt issuances in Maine, at June 30, 2019 when compared to June 30, 2018.

Six months ended June 30
Net Income for the six months ended June 30, 2019 increased from the same period in the prior year by $4,522,000 to $8,024,000. Earnings per basic average common share increased by $0.38 to $0.67 during the six months ended June 30, 2019.

This increase in Net Income is broken down by business segment as follows (in thousands):

Business Segment
 
June 30, 2019
 
June 30, 2018
 
Increase/(Decrease)
Water Operations
 
$
7,111

 
$
2,674

 
$
4,437

Real Estate Transactions
 
23

 

 
23

Services and Rentals
 
890

 
828

 
62

Total
 
$
8,024

 
$
3,502

 
$
4,522


Adjusted Net Income

Adjusted Net Income for the six months ended June 30, 2019 and 2018 was as follows (in thousands):


32


 
 
2019
 
2018
 
Increase/(Decrease)
Net Income
 
$
8,024

 
$
3,502

 
$
4,522

Merger and Acquisition Costs
 
3,096

 
5,652

 
(2,556
)
Financing Costs
 
204

 
34

 
170

Adjusted Net Income
 
$
11,324

 
$
9,188

 
$
2,136


Non-GAAP Adjusted Net Income for the six months ended June 30, 2019 increased from the same period in the prior year by $2,136,000.

See “Our Use of Non-GAAP Financial Measures” for a discussion of our use of Non-GAAP Adjusted Net Income.

Revenue

Revenue from our regulated customers increased by $2,153,000, or 3.9%, to $56,910,000 for the six months ended June 30, 2019 when compared to the same period in 2018. The primary cause in the increase in revenues is related to increased rates at Connecticut Water, and higher WISC surcharges in Maine.

Operation and Maintenance Expense

O&M expense decreased by $15,000, or 0.1%, for the six months ended June 30, 2019 when compared to the same period of 2018. The following table presents the components of O&M expense for the six months ended June 30, 2019 and 2018 (in thousands):

Expense Components
 
June 30, 2019
 
June 30, 2018
 
Increase / (Decrease)
Payroll
 
$
8,857

 
$
9,174

 
$
(317
)
Property and liability insurance
 
796

 
947

 
(151
)
Investor relations
 
298

 
432

 
(134
)
Medical
 
1,806

 
1,878

 
(72
)
Purchased water
 
654

 
715

 
(61
)
Post-retirement medical
 
116

 
165

 
(49
)
Pension
 
838

 
873

 
(35
)
Water treatment (including chemicals)
 
1,359

 
1,393

 
(34
)
Outside services
 
2,168

 
2,097

 
71

Utility costs
 
2,556

 
2,390

 
166

Vehicles
 
1,158

 
960

 
198

Other benefits
 
808

 
590

 
218

Maintenance
 
2,347

 
2,125

 
222

Other
 
1,964

 
2,001

 
(37
)
Total
 
$
25,725

 
$
25,740

 
$
(15
)

The changes in individual items are described below:
Payroll decreased in the six months ended June 30, 2019 compared to the six months ended June 30, 2018 primarily due to an increase in time charged to capital projects by employees, partially offset by regular wage increases;
Property and liability insurance decreased in the six months ended June 30, 2019 when compared to the same period in 2018 primarily due to a reduction in premiums charged by our insurers;
Investor relations costs decreased in the six months ended June 30, 2019 compared to the same period in 2018 primarily due to a decrease in directors’ fees, and other director-related expenses;
Medical costs decreased in the six months ended June 30, 2019 compared to the six months ended June 30, 2018 primarily due to a decrease in medical claims filed by our employees and a decrease in the costs associated with administering the plan; and

33


Pension and post-retirement medical costs decreased in the six months ended June 30, 2019 compared to the six months ended June 30, 2018 primarily due to an increase in the discount rates used to determine each plan’s expense and liability.

The decreases described above were partially offset by the following increases to O&M expense:
Maintenance costs increased primarily due to work surrounding the Company’s IT infrastructure;
Other benefits costs increased in the six months ended June 30, 2019 compared to the six months ended June 30, 2018 primarily due to higher costs associated with the performance awards program of officers and other senior leaders in the Company;
Utility costs increased in the six months ended June 30, 2019 relative to the same period in 2018. The primary reason for this increase were higher electricity costs and certain communication costs; and
Costs associated with Outside services increased in the six months ended June 30, 2019 compared to the six months ended June 30, 2018 primarily due to higher auditing fees during 2019 when compared to 2018 and modest increases in the use of temporary labor and consultants during the period.

The Company saw an approximate $647,000, or 7.1%, increase in its Depreciation expense from the six months ended June 30, 2019 compared to the same period in 2018.  The increase was primarily due to higher Utility Plant in Service as of June 30, 2019 compared to June 30, 2018 driven by continued spending on WICA and WISC projects in Connecticut and Maine, respectively.

The Company had $109,000 decrease in above-the-line Income Tax expense in the six months ended June 30, 2019 compared to the same period of 2018. The Company’s effective income tax rate for the six months ended June 30, 2019 and 2018 was 3.8% and 11.7%, respectively. The Company’s effective tax rate, excluding discrete items recorded during the six months ended June 30, 2019 and 2018, was 5.1% and (18.0)%, respectively. In 2019, these discrete items include adjustments related to uncertain tax positions for the repair deduction in Connecticut, and amortizations of accumulated excess deferred taxes. In 2018, these discrete items include adjustments related to uncertain tax positions for the repair deduction in Connecticut, purchase accounting adjustments to goodwill, an IRS audit adjustment, and adjustments required under the Tax Act. Excluding discrete items, there was a increase in the effective tax rate year over year for the six month period of approximately 23.1%. The increase in the effective tax rate for this period can be attributed to a higher performance stock deduction in 2018 than in 2019.

Other (Deductions) Income, Net of Taxes increased for the six months ended June 30, 2019 by $4,526,000. The primary driver of this increase was after-tax costs associated with the announced merger with SJW, which were $3,096,000 and $5,652,000 in the six months ended June 30, 2019 and 2018, respectively. Partially offsetting these decreases in Other (Deductions) Income, the Company saw an increase in net income from the Company’s Service and Rentals and Real Estate segments during the six months ended June 30, 2019.

Total Interest and Debt Expense increased by $1,133,000 in the six months ended June 30, 2019 when compared to the same period in 2018. The increase was primarily due to increased borrowing under our lines of credit and higher debt balances outstanding at June 30, 2019 when compared to June 30, 2018.

Liquidity and Capital Resources

The Company is not aware of demands, events, or uncertainties that will result in a decrease of liquidity or a material change in the mix or relative cost of its capital resources, other than those outlined below.

Borrowing Facilities

As of June 30, 2019, the Company maintained a $15.0 million line of credit agreement with CoBank, which is currently scheduled to expire on July 1, 2020.  The Company maintains an additional line of credit of $75.0 million with Citizens Bank, N.A. (“Citizens”), with an expiration date of December 14, 2023.  Additionally, Avon Water maintained a $3.0 million line of credit with Northwest Community Bank, which expired on September 30, 2018, at which point it converted to other short-term debt and was paid off in full in February 2019. As of June 30, 2019, the total lines of credit available to the Company were $90.0 million.  As of June 30, 2019 and December 31, 2018, the Company had $74.6 million and $54.2 million respectively, of Interim Bank Loans Payable and Other Short-Term Debt. As of June 30, 2019, the Company had $15.4 million in unused lines of credit.  Interest expense charged on lines of credit will fluctuate based on market interest rates.

On December 13, 2018, Maine Water executed and delivered to CoBank a new Promissory Note and Single Advance Term Loan Supplement, dated October 30, 2018 (the “Fourth Promissory Note”). On the terms and subject to the conditions set forth

34


in the Fourth Promissory Note issued pursuant to the Agreement, CoBank agreed to make an unsecured loan (the “Loan”) to Maine Water in the principal amount of $8,000,000 at 5.51%, due December 30, 2043. The proceeds of the above described Loan from CoBank were used to refinance existing debt and to finance certain capital expenditures.

On February 1, 2019, Maine Water secured a 30 year loan for $1,686,700 from the Maine Municipal Bond Bank and the Maine Department of Health and Human Services Drinking Water State Revolving Fund to fund a portion of the construction of a new finished water storage tank in Skowhegan, Maine (2019 Series W, Due 2048). The terms of the loan provide that up to $674,680 of the loan will be forgiven and the net amount, $1,012,020, will be repaid over a 30 year term at an interest rate no less than 1.0%.

During the first six months of 2019, the Company paid approximately $836,000 related to Connecticut Water Service’s 2017 CoBank issuance as well as the Company’s Term Note Payable issued as part of the 2012 acquisition of Maine Water, approximately $724,000 in sinking funds related to Maine Water’s outstanding bonds, approximately $86,000 in sinking funds related to HVWC’s bank loan and $87,000 related to Avon Water’s mortgage note payable.

Credit Rating

In January 2019, Standard & Poor’s Rating Services (“S&P”) reduced its ‘A’ corporate credit rating on the Company to ‘A-’ based on S&P’s uncertainty surrounding the Company's potential merger with SJW, including the increased likelihood that the pending transaction may not close as expected. Also contributing to the revised rating was the Company’s elevated capital spending, regulatory lag and temporarily increased merger costs and the impact these factors are expected to have on certain financial measures. Additionally, S&P revised the Company’s ratings outlook to stable from negative due to their view that the Company will continue to effectively manage regulatory risk in key jurisdictions, including in Connecticut and in Maine.

Stock Plans

The Company offers a dividend reinvestment and stock purchase plan (“DRIP”) for all registered shareholders and for the customers and employees of our regulated water companies, whereby participants can opt to have cash dividends directly reinvested into additional shares of the Company. In August 2011, the Board of Directors approved amendments to the DRIP (effective as of January 1, 2012) that permit the Company to add, at the Company’s discretion, an “up to 5.00% purchase price discount” feature to the DRIP which is intended to encourage greater shareholder, customer and employee participation in the DRIP. In August 2014, the Board of Directors approved further amendments to the DRIP to reflect the Company’s appointment of a new common stock transfer agent. On August 11, 2017, the Board of Directors approved a Third Amended and Restated DRIP which expanded the class of participants to include any persons other than registered shareholders, customers and employees described above, upon an initial minimum purchase of $500. The DRIP was also amended to add 129,000 additional shares to the DRIP’s share reserve and to revise certain monthly and quarterly share purchase requirements. During the six months ended June 30, 2019 and 2018, plan participants invested $571,000 and $722,000, respectively, in additional shares as part of the DRIP.

2019 Construction Budget

The Board of Directors approved a $85.7 million construction budget for 2019, net of amounts to be financed by customer advances and contributions in aid of construction.  The Company will fund the capital budget through a combination of its internally generated funds, borrowing under its available lines of credit and potential new debt issuances by both Connecticut Water and Maine Water in 2019.

As the Company looks forward to the remainder of 2019 and 2020, it anticipates continued reinvestment to replace aging infrastructure and to seek recovery of these costs through periodic WICA and WISC applications. The total cost of that investment may exceed the amount of internally generated funds. The Company expects to rely upon its internally generated funds and short-term borrowing facilities and new debt issuances over the next 12-24 months.


35


Commitments and Contingencies

The Company adopted the Internal Revenue Service (“IRS”) temporary tangible property regulations on the Company’s 2012 Federal tax return. Since that time, the Company has been recording a provision for any possible disallowance of a portion of the repair deduction if the Company’s Federal tax return were to be reviewed by the IRS. While the Company believes that the deductions taken on its tax returns are appropriate, the methodology for determining the deduction has not been agreed to by the taxing authorities. For the six months ended June 30, 2019, the Company recorded a provision of $510,000 for a portion of the benefit that is not being returned to customers resulting from any possible tax authority challenge. The Company had previously recorded a provision of $3.3 million in prior years for a cumulative total of $3.8 million.

The Company is currently engaged in an analysis to determine the amount of expenditures related to tangible property that will be reflected on its 2018 Federal Tax Return to be filed in October 2019.  In addition, the Company has estimated the portion of its infrastructure investment that will qualify as a repair deduction for 2019 and has reflected that deduction in its effective tax rate, net of any reserves.  Consistent with other differences between book and tax expenditures, the Company is required to use the flow-through method to account for any timing differences not required by the IRS to be normalized.

There were no material changes under this subheading to any of the other items previously disclosed by the Company in its Annual Report on Form 10-K for the year December 31, 2018.

Forward-Looking Information

Certain statements made in this Quarterly Report on Form 10-Q, (“10-Q”) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”) that are made based upon, among other things, our current assumptions, expectations and beliefs concerning future developments and their potential effect on us.  These forward-looking statements involve risks, uncertainties and other factors, many of which are outside our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.  In some cases you can identify forward-looking statements where statements are preceded by, followed by or include the words “believes,” “expects,” “anticipates,” “plans,” “future,” “potential,” “probably,” “predictions,” “continue” or the negative of such terms or similar expressions.  Forward-looking statements included in this 10-Q, include, but are not limited to, statements regarding:

the proposed Merger between the Company and SJW Group, the anticipated timing of the Merger and our ability to successfully complete the Merger;
projected capital expenditures and related funding requirements;
the availability and cost of capital;
developments, trends and consolidation in the water and wastewater utility industries;
dividend payment projections;
our ability to successfully acquire and integrate regulated water and wastewater systems, as well as unregulated businesses, that are complementary to our operations and the growth of our business;
the capacity of our water supplies, water facilities and wastewater facilities;
the impact of limited geographic diversity on our exposure to unusual weather;
the impact of conservation awareness of customers and more efficient plumbing fixtures and appliances on water usage per customer;
our capability to pursue timely rate increase requests;
our authority to carry on our business without unduly burdensome restrictions;
our ability to maintain our operating costs at the lowest possible level, while providing good quality water service;
our ability to obtain fair market value for condemned assets;
the impact of fines and penalties;
changes in laws, governmental regulations and policies, including environmental, health and water quality and public utility regulations and policies;
the decisions of governmental and regulatory bodies, including decisions to raise or lower rates;
our ability to successfully extend and expand our service contract work within our Service and Rentals Segment in both Connecticut and Maine;
the development of new services and technologies by us or our competitors;
the availability of qualified personnel;
the condition of our assets;
the impact of legal proceedings;
general economic conditions;

36


the profitability of our Real Estate Segment, which is subject to the amount of land we have available for sale and/or donation, the demand for any available land, the continuation of the current state tax benefits relating to the donation of land for open space purposes and regulatory approval for land dispositions;
the amount of repair tax deductions and the Internal Revenue Service’s ultimate acceptance of the deduction methodology; and
acquisition-related costs and synergies.

Because forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to:

the risks associated with the proposed Merger between the Company and SJW Group, the anticipated timing of the Merger and our ability to successfully complete the Merger;
changes in public utility regulations and policies;
changes in general economic, business, credit and financial market conditions;
changes in environmental conditions, including those that result in water use restrictions;
the determination of what qualifies for a repair expense tax deduction;
abnormal weather conditions;
increases in energy and fuel costs;
unfavorable changes to the federal and/or state tax codes;
significant changes in, or unanticipated, capital requirements;
significant changes in our credit rating or the market price of our common stock;
our ability to integrate businesses, technologies or services which we may acquire;
our ability to manage the expansion of our business;
the continuous and reliable operation of our information technology systems, including the impact of cyber security attacks or other cyber-related events;
the extent to which we are able to develop and market new and improved services;
the continued demand by telecommunication companies for antenna site leases on our property;
the effect of the loss of major customers;
our ability to retain the services of key personnel and to hire qualified personnel as we expand;
labor disputes;
increasing difficulties in obtaining insurance and increased cost of insurance;
cost overruns relating to improvements or the expansion of our operations;
increases in the costs of goods and services;
civil disturbance or terroristic threats or acts; and
changes in accounting pronouncements.

Given these uncertainties, you should not place undue reliance on these forward-looking statements.  You should read this 10-Q, the Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (“10-K”) and the documents that we incorporate by reference into the 10-K completely and with the understanding that our actual future results, performance and achievements may be materially different from what we expect.  These forward-looking statements represent our assumptions, expectations and beliefs only as of the date of this 10-Q.  Except for our ongoing obligations to disclose certain information under the federal securities laws, we are not obligated, and assume no obligation, to update these forward-looking statements, even though our situation may change in the future.  For further information or other factors which could affect our financial results and such forward-looking statements, see Part I, Item 1A“Risk Factors” found in the 10-K.  We qualify all of our forward-looking statements by these cautionary statements.

Part I, Item 3:  Quantitative and Qualitative Disclosure About Market Risk

The primary market risk faced by the Company is interest rate risk.  The Company has no exposure to derivative financial instruments or financial instruments with significant credit risk or off-balance-sheet risks.  In addition, the Company is not subject, in any material respect, to any currency or other commodity risk.

The Company is subject to the risk of fluctuating interest rates in the normal course of business.  The Company’s exposure to interest fluctuations is managed at the Company and subsidiary operations levels through the use of a combination of fixed rate long-term debt, variable long-term debt and short-term variable borrowings under financing arrangements entered into by the Company and its subsidiaries.  As of June 30, 2019, the Company had $90.0 million of variable rate lines of credit with two banks, under which the Company had $74.6 million of interim bank loans payable at June 30, 2019.


37


As of June 30, 2019, the Company had $22.05 million of variable-rate long-term debt outstanding.  Holding other variables constant, including levels of indebtedness, a one-percentage point change in interest rates would impact pre-tax earnings by approximately $0.2 million, annually.  The Company monitors its exposure to variable rate debt and will make future financing decisions as the need arises.

Part I, Item 4:  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2019, management, including the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)).  Based upon, and as of the date of that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

During the quarter ended June 30, 2019, there have been no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II, Item 1:  Legal Proceedings

On June 14, 2018, two nearly identical putative class action complaints were filed against the members of the Board of Directors, SJW and Mr. Eric W. Thornburg (the chief executive officer and president of SJW) on behalf of the Company’s shareholders in the Connecticut Superior Court in the Judicial District of Middlesex under the captions Dunn v. Benoit, et al., Case No. MMX-CV18-6021536-S (Conn. Super. Ct.) and Tillotson v. Benoit, et al., Case No. MMX-CV18-6021537-S (Conn. Super. Ct.), respectively. The complaints, as amended on September 18, 2018 and September 20 2018, respectively, allege, among other things, that (i) the members of the Board of Directors breached their fiduciary duties owed to the Company’s shareholders in connection with negotiating the Merger, (ii) the Company’s preliminary proxy statement, filed with the Securities and Exchange Commission on August 20, 2018 in respect of the special meeting of its shareholders held on November 16, 2018 in connection with the Merger, omits certain material information and (iii) SJW and Mr. Thornburg aided and abetted the alleged breaches by the Board of Directors. Among other remedies, the actions seek to recover rescissory and other damages and attorneys’ fees and costs. The parties to these actions entered into an agreement in principle to settle and release all claims that were or could have been alleged by the plaintiffs in those actions. On November 20, 2018, the plaintiffs in these two actions filed motions seeking an award of attorneys’ fees of $1.5 million, which the Company intends to oppose.

On October 5, 2018, a putative class action complaint and a direct action complaint were filed against the Company and the members of the Board of Directors in the United States District Court for the District of Connecticut under the captions Paskowitz v. Connecticut Water Service, et al., Case No. 3:18-cv-01663 (D. Conn.) and Assad v. Connecticut Water Service, et al., Case No. 3:18-cv-01664 (D. Conn.), respectively. The nearly identical complaints allege that the defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 by causing certain supposed misstatements or omissions to be included in the October 2, 2018 definitive proxy statement filed with the Securities and Exchange Commission in respect of the special meeting of its shareholders held on November 16, 2018 in connection with the Merger. Among other remedies, the actions seek to recover rescissory and other damages and attorneys’ fees and costs. The parties to these actions entered into an agreement in principle to settle and release all claims that were or could have been alleged by the plaintiffs in those actions. In May 2019, both of the actions were dismissed voluntarily by the plaintiffs.

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

Part II, Item 1A: Risk Factors

Information about the material risks related to our business, financial condition and results of operations for the three months ended June 30, 2019 does not materially differ from that set out under Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018. You should carefully consider the risk factors and other information discussed in our Annual Report on Form 10-K for the year ended December 31, 2018, as well as the information provided elsewhere in this report. Additional risks, uncertainties and other factors not presently known to us or that we currently deem immaterial may also impair the Company’s business operations, financial condition or operating results.


38


Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

No stock repurchases were made during the quarter ended June 30, 2019.

Part II, Item 6: Exhibits

Exhibit Number
 
Description
 
 
 
3.1
 
Amended and Restated Certificate of Incorporation of Connecticut Water Service, Inc. dated May 11, 1998 (Exhibit 3.1 to Form 10-K for the year ended 12/31/98).
 
 
 
3.2
 
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Connecticut Water Service, Inc. dated August 27, 1998 (Exhibit 3 to Form 8-K filed on September 25, 1998).
 
 
 
3.3
 
 
 
 
3.4
 
 
 
 
3.5
 
Certification of Incorporation of The Connecticut Water Company effective April, 1998. (Exhibit 3.3 to Form 10-K for the year ended 12/31/98).
 
 
 
3.6
 
 
 
 
31.1*
 
 
 
 
31.2*
 
 
 
 
32*
 
 
 
 
101.INS
 
XBRL Instance Document- the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
 
 
 
101.SCH
 
XBRL Taxonomy Extension Schema Document
 
 
 
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document
 
 
 
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document
 
 
 
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document
 
 
 
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document
 
 
 
* filed herewith

39


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
 
Connecticut Water Service, Inc.
(Registrant)
 
 
 
Date:
August 8, 2019
By:  /s/ David C. Benoit
 
 
David C. Benoit
President and Chief Executive Officer
 
 
 
Date:
August 8, 2019
By:  /s/ Robert J. Doffek
 
 
Robert J. Doffek
Chief Financial Officer, Treasurer and Controller

40
EX-31.1 2 exhibit311q22019.htm CEO CERTIFICATION Exhibit


Exhibit 31.1

Certification of Chief Executive Officer

I, David C. Benoit, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Connecticut Water Service, Inc. (the “registrant”).

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



/s/ David C. Benoit
David C. Benoit
President and Chief Executive Officer
August 8, 2019



EX-31.2 3 exhibit312q22019.htm CFO CERTIFICATION Exhibit


Exhibit 31.2

Certification of Chief Financial Officer

I, Robert J. Doffek, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Connecticut Water Service, Inc. (the “registrant”).

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



/s/ Robert J. Doffek
Robert J. Doffek
Chief Financial Officer
August 8, 2019



EX-32 4 exhibit32q22019.htm SOX CERTIFICATION Exhibit


Exhibit 32
CERTIFICATION PURSUANT TO
18 U.S.C. Section 1350
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Connecticut Water Service, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, David C. Benoit, the Chief Executive Officer and Robert J. Doffek, Chief Financial Officer of the Company, do each hereby certify, to the best of his knowledge, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



/s/ David C. Benoit
David C. Benoit
August 8, 2019

/s/ Robert J. Doffek
Robert J. Doffek
August 8, 2019



EX-101.SCH 5 ctws-20190630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2405402 - Disclosure - Accumulated Other Comprehensive Income (Loss) (Details) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Accumulated Other Comprehensive Income (Loss) (Notes) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Accumulated Other Comprehensive Income (Loss) (Tables) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Basis of Preparation of Financials link:presentationLink link:calculationLink link:definitionLink 2401401 - Disclosure - Basis of Preparation of Financials In text details (Details) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1006000 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 1006501 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME link:presentationLink link:calculationLink link:definitionLink 1004501 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - CONSOLIDATED STATEMENTS OF INCOME link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - CONSOLIDATED STATEMENTS OF RETAINED EARNINGS link:presentationLink link:calculationLink link:definitionLink 1005501 - Statement - CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - Earnings per Share link:presentationLink link:calculationLink link:definitionLink 2403402 - Disclosure - Earnings per Share Earnings per Share (Details) link:presentationLink link:calculationLink link:definitionLink 2303301 - Disclosure - Earnings per Share Earnings per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 2403403 - Disclosure - Earnings per Share EPS in Text Tagging (Details) link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - Fair Value Disclosures link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - Fair Value Disclosures Fair Value Disclosures (Tables) link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - Fair Value Disclosures Fair Value of Financial Instruments (Details) link:presentationLink link:calculationLink link:definitionLink 2406403 - Disclosure - Fair Value Disclosures In Text Tagging (Details) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - Income Tax Expense link:presentationLink link:calculationLink link:definitionLink 2409401 - Disclosure - Income Tax Expense Income Tax Expense (Details) link:presentationLink link:calculationLink link:definitionLink 2414402 - Disclosure - Leases (Details) link:presentationLink link:calculationLink link:definitionLink 2114100 - Disclosure - Leases (Notes) link:presentationLink link:calculationLink link:definitionLink 2314301 - Disclosure - Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Lines of Credit link:presentationLink link:calculationLink link:definitionLink 2410401 - Disclosure - Lines of Credit Lines of Credit (Details) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Long-Term Debt link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Long-Term Debt Long-Term Debt (Details) link:presentationLink link:calculationLink link:definitionLink 2405404 - Disclosure - Long-Term Debt Long-Term Debt in Text (Details) link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - Long-Term Debt Long-Term Debt Parenthetical (Details) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Long-Term Debt Long-Term Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - New Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Pension and Other Post-Retirement Benefits link:presentationLink link:calculationLink link:definitionLink 2402403 - Disclosure - Pension and Other Post-Retirement Benefits In Text Linking (Details) link:presentationLink link:calculationLink link:definitionLink 2302301 - Disclosure - Pension and Other Post-Retirement Benefits Pension and Post-Retirement Benefits (Tables) link:presentationLink link:calculationLink link:definitionLink 2402402 - Disclosure - Pension and Other Post-Retirement Benefits Pension Benefit Cost (Details) link:presentationLink link:calculationLink link:definitionLink 2413402 - Disclosure - Revenue from Contracts with Customers (Details) link:presentationLink link:calculationLink link:definitionLink 2113100 - Disclosure - Revenue from Contracts with Customers (Notes) link:presentationLink link:calculationLink link:definitionLink 2313301 - Disclosure - Revenue from Contracts with Customers (Tables) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 2407404 - Disclosure - Segment Reporting Assets by Segment (Details) link:presentationLink link:calculationLink link:definitionLink 2407402 - Disclosure - Segment Reporting Segment Reporting (Details) link:presentationLink link:calculationLink link:definitionLink 2307301 - Disclosure - Segment Reporting Segment Reporting (Tables) link:presentationLink link:calculationLink link:definitionLink 2407403 - Disclosure - Segment Reporting Segment Reporting Textual Information (Details) link:presentationLink link:calculationLink link:definitionLink 2412402 - Disclosure - Subsequent Events (Details) link:presentationLink link:calculationLink link:definitionLink 2112100 - Disclosure - Subsequent Events (Notes) link:presentationLink link:calculationLink link:definitionLink 2312301 - Disclosure - Subsequent Events (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 ctws-20190630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 7 ctws-20190630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 8 ctws-20190630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Revenue with Contracts from Customers [Abstract] Revenue with Contracts from Customers [Abstract] Residential Revenue Residential Revenue Residential Revenue Contracts with Customers Accounts Receivable - Water Operations Contracts with Customers Accounts Receivable - Water Operations Contracts with Customers Accounts Receivable - Water Operations Contracts with Customers Accounts Receivable - Services and Rentals Contracts with Customers Accounts Receivable - Services and Rentals Contracts with Customers Accounts Receivable - Services and Rentals Contracts with Customers Accounts Receivable - Total Contracts with Customers Accounts Receivable - Total Contracts with Customers Accounts Receivable - Total Accounts and Other Receivables, Net, Current Accounts and Other Receivables, Net, Current Accounts Receivable, Net, Current Accounts Receivable, Net, Current Accrued Unbilled Revenues Costs in Excess of Billings, Current Commercial Revenue Commercial Revenue Commercial Revenue Industrial Revenue Industrial Revenue Industrial Revenue Public Authority Revenue Public Authority Revenue Public Authority Revenue Fire Protection Revenue Fire Protection Revenue Fire Protection Revenue Other Water Operations Revenue from Contracts with Customers Other Water Operations Revenue from Contracts with Customers Other Water Operations Revenue from Contracts with Customers Water Operations Revenue from Contracts with Customers Water Operations Revenue from Contracts with Customers Water Operations Revenue from Contracts with Customers Alternative Revenue Program Alternative Revenue Program Alternative Revenue Program Other Water Operations Revenue Other Water Operations Revenue Other Water Operations Revenue Total Revenue from Water Operations Total Revenue from Water Operations Total Revenue from Water Operations Contract Operation Revenue Contract Operation Revenue Contract Operation Revenue Linebacker Revenue Linebacker Revenue Linebacker Revenue Service and Rental Revenue from Contracts with Customers Service and Rental Revenue from Contracts with Customers Service and Rental Revenue from Contracts with Customers Other Service and Rentals Revenue Other Service and Rentals Revenue Other Service and Rentals Revenue Total Revenue from Services and Rentals Total Revenue from Services and Rentals Total Revenue from Services and Rentals Total Revenue from Real Estate Transactions Total Revenue from Real Estate Transactions Total Revenue from Real Estate Transactions Total Revenue from Contracts with Customers Total Revenue from Contracts with Customers Total Revenue from Contracts with Customers Revenues Revenues Fair Value Disclosures [Abstract] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Measurement Frequency [Axis] Measurement Frequency [Axis] Fair Value, Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Axis] Fair Value, Measurements, Fair Value Hierarchy [Domain] Fair Value Hierarchy and NAV [Domain] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Life Insurance, Corporate or Bank Owned, Amount Life Insurance, Corporate or Bank Owned, Amount Long-term Debt, Fair Value Long-term Debt, Fair Value Long-term Debt, Gross Long-term Debt, Gross Advances for Construction Customer Advances for Construction Statement of Cash Flows [Abstract] Statement [Table] Statement [Table] Statement, Scenario [Axis] Scenario [Axis] Scenario, Unspecified [Domain] Scenario, Unspecified [Domain] Statement [Line Items] Statement [Line Items] Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Proceeds from Sale of Land Held-for-investment Proceeds from Sale of Land Held-for-investment Net Additions to Utility Plant Used in Continuing Operations Payments to Acquire Property, Plant, and Equipment Cash portion of The Avon Water Company Acquisition Payments to Acquire Water Systems Cash Acquired from Acquisition Cash Acquired from Acquisition Operating Activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Net Income Net Income (Loss) Attributable to Parent Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Deferred Revenues Recognition of Deferred Revenue Provision for Deferred Income Taxes and Investment Tax Credits, Net Increase (Decrease) in Deferred Income Taxes Allowance for Funds Used During Construction Increase (Decrease) in Allowance for Equity Funds Used During Construction Depreciation (including $506 and $702 in 2019 and 2018, respectively, charged to other accounts) Depreciation Gain (Loss) on Sale of Properties Gain (Loss) on Sale of Properties Change in Assets and Liabilities: Increase (Decrease) in Operating Capital [Abstract] Increase in Accounts Receivable and Accrued Unbilled Revenues Increase (Decrease) in Receivables Increase in Prepayments and Other Current Assets Increase (Decrease) in Prepaid Expense and Other Assets (Increase) Decrease in Other Non-Current Items Increase (Decrease) in Other Operating Assets and Liabilities, Net Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities Total Adjustments Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash and Cash Equivalents Provided by Operating Activities Net Cash Provided by (Used in) Operating Activities Investing Activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Release of restricted cash Increase (Decrease) in Restricted Cash Net Cash and Cash Equivalents Used in Investing Activities Net Cash Provided by (Used in) Investing Activities Financing Activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Proceeds from Interim Bank Loans Proceeds from Bank Debt Repayment of Interim Bank Loans Repayments of Bank Debt Payments for Repurchase of Preferred Stock and Preference Stock Payments for Repurchase of Preferred Stock and Preference Stock Payments for Repurchase of Common Stock Payments for Repurchase of Common Stock Proceeds from the Issuance of Long-Term Debt Proceeds from Issuance of Long-term Debt Proceeds from Issuance of Common Stock Proceeds from Issuance of Common Stock Costs to Issue Long-Term Debt and Common Stock Payment of Financing and Stock Issuance Costs Repayment of Long-Term Debt Including Current Portion Repayments of Long-term Debt Advances from Others for Construction Proceeds from Advances for Construction Repayments of Advances for Construction Repayments of Advances for Construction Cash Dividends Paid Payments of Dividends Net Cash and Cash Equivalents (Used in) Provided by Financing Activities Net Cash Provided by (Used in) Financing Activities Net (Decrease) Increase in Cash and Cash Equivalents Cash and Cash Equivalents, Period Increase (Decrease) Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash and Cash Equivalents at Beginning of Period Cash and Cash Equivalents, at Carrying Value Cash and Cash Equivalents at End of Year Non-Cash Investing and Financing Activities: Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Non-Cash Contributed Utility Plant Noncash or Part Noncash Acquisition, Fixed Assets Acquired Short-term Investment of Bond Proceeds Held in Restricted Cash Restricted Cash and Cash Equivalents, Noncurrent Supplemental Disclosures of Cash Flow Information: Supplemental Cash Flow Information [Abstract] Cash Paid for: Cash Paid For [Abstract] Interest Interest Paid, Including Capitalized Interest, Operating and Investing Activities State and Federal Income Taxes Income Taxes Paid Statement of Financial Position [Abstract] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] The Avon Water Company [Member] The Avon Water Company [Member] The Avon Water Company [Member] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] ASSETS Assets [Abstract] Utility Plant Public Utilities, Property, Plant and Equipment, Distribution Construction Work in Progress Public Utilities, Property, Plant and Equipment, Construction Work in Progress Gross Utility Plant Public Utilities, Property, Plant and Equipment, Plant in Service Accumulated Provision for Depreciation Public Utilities, Property, Plant and Equipment, Accumulated Depreciation Net Utility Plant Public Utilities, Property, Plant and Equipment, Net Other Property and Investments Property, Plant and Equipment, Other, Gross Cash and Cash Equivalents Accounts Receivable (Less Allowance, 2019 - $1,242; 2018 - $1,236) Materials and Supplies Inventory, Raw Materials and Supplies, Gross Prepayments and Other Current Assets Prepayments and Other Current Assets Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer. And, the aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Total Current Assets Assets, Current Restricted Cash Unrecovered Income Taxes - Regulatory Asset Income Taxes Receivable, Noncurrent Pension Benefits - Regulatory Asset Pension Benefits Regulatory pension amounts recognized on the balance sheet (but not yet recognized in net periodic benefit cost), including the net gain (loss) and net prior service cost (credit) arising during the period, which are attributable to the parent entity. Carrying amount as of the balance sheet date of capitalized costs of regulated entities that are not expected to be recovered through revenue sources within one year or the normal operating cycle if longer. Post-Retirement Benefits Other Than Pension - Regulatory Asset Post-Retirement Benefits Other Than Pension Regulatory defined benefit plan amounts recognized on the balance sheet (but not yet recognized in net periodic benefit cost), including the net gain (loss) and net prior service cost (credit) arising during the period, which are attributable to the parent entity. Carrying amount as of the balance sheet date of capitalized costs of regulated entities that are not expected to be recovered through revenue sources within one year or the normal operating cycle if longer. Goodwill Goodwill Deferred Charges and Other Costs Deferred Costs, Noncurrent Total Regulatory and Other Long-Term Assets Regulated Entity, Other Assets, Noncurrent Total Assets Assets CAPITALIZATION AND LIABILITIES Liabilities and Equity [Abstract] Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2019 - 12,068,537; 2018 - 12,054,712 Common Stock, Value, Issued Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Income (Loss), Net of Tax Common Stockholders' Equity Stockholders' Equity Attributable to Parent Preferred Stock Preferred Stock, Value, Issued Long-Term Debt Long-term Debt, Excluding Current Maturities Total Capitalization Capitalization, Long-term Debt and Equity Debt, Current Interim Bank Loans Payable Short-term Bank Loans and Notes Payable Accounts Payable and Accrued Expenses Accounts Payable and Accrued Liabilities, Current Accrued Interest Interest Payable, Current Customer Refund Liability, Current Customer Refund Liability, Current Other Current Liabilities Other Liabilities, Current Total Current Liabilities Liabilities, Current Deferred Federal and State Income Taxes Deferred Tax Liabilities, Net, Noncurrent Unfunded Future Income Taxes Unfunded Future Income Taxes Represents long-term tax liabilities which will be recovered from ratepayers in future periods. Carrying amount as of the balance sheet date of capitalized costs of regulated entities that are not expected to be recovered through revenue sources within one year or the normal operating cycle if longer. Long-Term Compensation Arrangements Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent Unamortized Investment Tax Credits Accumulated Deferred Investment Tax Credit Excess Accumulated Deferred Income Tax Excess Accumulated Deferred Income Tax Excess Accumulated Deferred Income Tax Refund to Customers - Regulatory Liability Customer Refund Liability, Noncurrent Other Long-Term Liabilities Other Liabilities, Noncurrent Total Long-Term Liabilities Liabilities, Noncurrent Contributions in Aid of Construction Contributions in Aid of Construction Commitments and Contingencies Commitments and Contingencies Total Capitalization and Liabilities Liabilities and Equity Accumulated Other Comprehensive Income (Loss) [Abstract] Accumulated Other Comprehensive Income (Loss) [Abstract] Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Revenue from Contract with Customer [Abstract] Segments [Axis] Segments [Axis] Segments [Domain] Segments [Domain] Revenue from Contract with Customer [Text Block] Revenue from Contract with Customer [Text Block] Statement of Comprehensive Income [Abstract] Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent Other Comprehensive Income, net of tax Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] Reclassification to Pension and Post-Retirement Benefits Other Than Pension, net of tax expense of $14 and $30 for the three months ended June 30, 2019 and 2018, respectively and $27 and $43 for the six months ended June 30, 2019 and 2018, respectively Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent Unrealized (loss) gain on investments, net of tax expense of $10 and $14 for the three months ended June 30, 2019 and 2018, respectively and $74 and $4 for the six months ended June 30, 2019 and 2018, respectively Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Comprehensive Income Comprehensive Income (Loss), Net of Tax, Attributable to Parent Notes To Financial Statements [Abstract] Segment Reporting Segment Reporting Disclosure [Text Block] Income Statement [Abstract] Operating Expenses Utilities Operating Expense [Abstract] Operation and Maintenance Utilities Operating Expense, Maintenance and Operations Depreciation Utilities Operating Expense, Depreciation and Amortization Income Taxes Income Tax Expense (Benefit) Taxes Other Than Income Taxes Utilities Operating Expense, Taxes Total Operating Expenses Utilities Operating Expense Net Operating Revenues Regulated Operating Revenue Net Regulated Operating Revenue Net Regulated Operating Revenue Net Regulated Operating Revenue represents Operating Revenue less Total Operating Expenses Other Utility Income, Net of Taxes Other Income Total Utility Operating Income Operating Income (Loss) Gain (Loss) on Disposition of Oil and Gas and Timber Property Gain (Loss) on Disposition of Oil and Gas and Timber Property Other Income (Deductions), Net of Taxes Nonoperating Income (Expense) [Abstract] Non-Water Sales Earnings Unregulated Operating Revenue Allowance for Funds Used During Construction Public Utilities, Allowance for Funds Used During Construction, Additions Business Combination, Acquisition Related Costs Business Combination, Acquisition Related Costs Other Other Nonoperating Income (Expense) Total Other Income, Net of Taxes Nonoperating Income (Expense) Interest and Debt Expense Interest and Debt Expense [Abstract] Interest on Long-Term Debt Interest Expense, Long-term Debt Interest Income (Expense), Net Interest Income (Expense), Net Amortization of Debt Expense Amortization of Debt Issuance Costs and Discounts Total Interest and Debt Expense Interest and Debt Expense Net Income Preferred Stock Dividend Requirement Dividends, Preferred Stock Net Income Applicable to Common Stock Net Income (Loss) Available to Common Stockholders, Basic Weighted Average Common Shares Outstanding: Weighted Average Number of Shares Outstanding, Diluted [Abstract] Basic (in shares) Weighted Average Number of Shares Outstanding, Basic Diluted (in shares) Weighted Average Number of Shares Outstanding, Diluted Earnings Per Common Share: Earnings Per Share [Abstract] Basic (in dollars per share) Earnings Per Share, Basic Diluted (in dollars per share) Earnings Per Share, Diluted Dividends Per Common Share (in dollars per share) Common Stock, Dividends, Per Share, Declared Segment Reporting [Abstract] Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Business Segments [Axis] Segment [Domain] Segment Reporting Information [Line Items] Segment Reporting Information [Line Items] Operating Revenues Regulated Operating Revenue, Water Regulated Operating Revenue, Wastewater Regulated Operating Revenue, Wastewater Regulated Operating Revenue, Wastewater Regulated Operating Revenue, Other Regulated Operating Revenue, Other Water Revenue Adjustment Water Revenue Adjustment Water Revenue Adjustment Revenue from External Customers by Products and Services [Table Text Block] Revenue from External Customers by Products and Services [Table Text Block] Contract with Customer, Asset and Liability [Table Text Block] Contract with Customer, Asset and Liability [Table Text Block] Income Taxes [Abstract] Income Taxes [Abstract] Operating Loss Carryforwards [Table] Operating Loss Carryforwards [Table] Income Tax Authority [Axis] Income Tax Authority [Axis] Income Tax Authority [Domain] Income Tax Authority [Domain] Operating Loss Carryforwards [Line Items] Operating Loss Carryforwards [Line Items] Effective Income Tax Rate, Continuing Operations Effective Income Tax Rate Reconciliation, Percent Effective Tax Rate Excluding Reserve Against Fixed Capital Investment Credits Claimed in Prior Years Effective Tax Rate Excluding Reserve Against Fixed Capital Investment Credits Claimed in Prior Years Effective Tax Rate Excluding Reserve Against Fixed Capital Investment Credits Claimed in Prior Years Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Investment Type [Axis] Investment Type [Axis] Investment Type Categorization [Domain] Investments [Domain] Cash Surrender Value [Member] Cash Surrender Value [Member] Money Market Funds [Member] Money Market Funds [Member] Equity Funds [Member] Equity Funds [Member] Fixed Income Funds [Member] Fixed Income Funds [Member] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Fair Value, Inputs, Level 3 [Member] Assets, Fair Value Disclosure Assets, Fair Value Disclosure Lines of Credit [Abstract] Lines of Credit [Abstract] Schedule of Short-term Debt [Table] Schedule of Short-term Debt [Table] Short-term Debt, Type [Axis] Short-term Debt, Type [Axis] Short-term Debt, Type [Domain] Short-term Debt, Type [Domain] CTWS Line of Credit A [Member] CTWS Line of Credit A [Member] CTWS Line of Credit A [Member] CTWS Line of Credit B [Member] CTWS Line of Credit B [Member] CTWS Line of Credit B [Member] Northwest Community Bank [Member] Northwest Community Bank [Member] Northwest Community Bank [Member] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Short-term Debt [Line Items] Short-term Debt [Line Items] Line of Credit Facility, Current Borrowing Capacity Line of Credit Facility, Current Borrowing Capacity Line of Credit Facility, Remaining Borrowing Capacity Line of Credit Facility, Remaining Borrowing Capacity Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (expense) benefit of Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent Unrealized Investment loss, net of tax expense of Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax Statement of Retained Earnings [Abstract] Statement Class Of Stock [Axis] Class Of Stock [Domain] Series A Voting Series A Preferred Stock [Member] Cumulative Preferred Stock Cumulative Preferred Stock [Member] Balance at Beginning of Period Retained Earnings before Dividends Retained Earnings before Dividends Retained Earnings before Dividends Preferred Stock Redemption Premium Preferred Stock Redemption Premium Dividends Declared: Dividends [Abstract] Cumulative Preferred, Class A, $0.20 per share for the three months ended March 31, 2018 Common Stock - $0.3275 per share and $0.3125 per share for the three months ended June 30, 2019 and 2018, respectively and $0.64 per share and $0.61 per share for the six months ended June 30, 2019 and 2018, respectively Dividends, Common Stock Total Dividends Declared Dividends Balance at End of Period Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Reconciliation of Revenue from Segments to Consolidated [Table Text Block] Reconciliation of Revenue from Segments to Consolidated [Table Text Block] Reconciliation of Assets from Segment to Consolidated [Table Text Block] Reconciliation of Assets from Segment to Consolidated [Table Text Block] Long-term Debt, Unclassified [Abstract] Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 Connecticut Water Service Term Loan Note and Supplement A [Member] Connecticut Water Service Term Loan Note and Supplement A [Member] Connecticut Water Service Term Loan Note and Supplement A Debt Instrument [Line Items] Debt Instrument [Line Items] Long-term Debt, Current Maturities Long-term Debt, Current Maturities Monetary Limit of Deceased Bond Holders Redemption per Year Monetary Limit of Deceased Bond Holders Redemption per Year Monetary Limit of Deceased Bond Holders Redemption per Year Percent Limit of Deceased Bond Holders Redemption per Year Percent Limit of Deceased Bond Holders Redemption per Year Percent Limit of Deceased Bond Holders Redemption per Year Schedule of Long-term Debt Instruments [Table Text Block] Schedule of Long-term Debt Instruments [Table Text Block] Issued Common Stock, Shares, Issued Outstanding Common Stock, Shares, Outstanding Allowance Allowance for Doubtful Accounts Receivable, Current Capitalization, Long-term Debt and Equity [Abstract] Common Stock, No Par Value Common Stock, Shares Authorized Entities [Table] Entity Information [Line Items] Entity Information [Line Items] Title of 12(b) Security Title of 12(b) Security Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Document Type Document Type Document Quarterly Report Document Quarterly Report Document Period End Date Document Period End Date Document Transition Report Document Transition Report Entity File Number Entity File Number Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Current Reporting Status Entity Current Reporting Status Entity Interactive Data Current Entity Interactive Data Current Entity Small Business Entity Small Business Entity Emerging Growth Company Entity Emerging Growth Company Entity Shell Company Entity Shell Company Water Activities [Member] Water Activities [Member] Water Activities Real Estate Transactions [Member] Real Estate Transactions [Member] Real Estate Transactions [Member] Services and Rentals [Member] Services and Rentals [Member] Services and Rentals [Member] Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income Tax Expense (Benefit), Continuing Operations Income Tax Expense (Benefit) by Segment Income Tax Expense (Benefit) by Segment Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Earnings per Share Earnings Per Share [Text Block] Preferred Stock (in dollars per share) Preferred Stock Parenthetical Common Stock (in dollars per share) Recently Adopted and New Accounting Pronouncements Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] Basis of Preparation of Finacials [Abstract] Basis of Preparation of Finacials [Abstract] Maine Water Company [Member] Maine Water Company [Member] Maine Water Company Debt The Connecticut Water Company [Member] The Connecticut Water Company [Member] The Connecticut Water Company [Member] The Heritage Village Water Company [Member] The Heritage Village Water Company [Member] The Heritage Village Water Company [Member] Allowed Rate of Return on Equity Allowed Rate of Return on Equity Allowed Rate of Return on Equity Allowed Return on Rate Base Allowed Return on Rate Base Allowed Return on Rate Base Pension and Other Post-Retirement Benefits [Abstract] Pension and Other Post-Retirement Benefits [Abstract] Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Table] Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Table] Retirement Plan Type [Axis] Retirement Plan Type [Axis] Retirement Plan Type [Domain] Retirement Plan Type [Domain] Pension Plans, Defined Benefit [Member] Pension Plan [Member] Other Postretirement Benefit Plans, Defined Benefit [Member] Other Postretirement Benefits Plan [Member] Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] Defined Benefit Plan, Service Cost Defined Benefit Plan, Service Cost Defined Benefit Plan, Interest Cost Defined Benefit Plan, Interest Cost Defined Benefit Plan, Expected Return (Loss) on Plan Assets Defined Benefit Plan, Expected Return (Loss) on Plan Assets Defined benefit plan amortization of regulatory assets Defined benefit plan amortization of regulatory assets Defined benefit plan amortization of regulatory assets. Defined Benefit Plan, Amortization of Prior Service Cost (Credit) Defined Benefit Plan, Amortization of Prior Service Cost (Credit) Defined Benefit Plan, Amortization of Gain (Loss) Defined Benefit Plan, Amortization of Gain (Loss) Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Parent [Member] Connecticut Water Service, Inc. [Member] Connecticut Water Service, Inc. [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009 Due 2039 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2039. CoBank Note Payable, Due 2020 [Member] CoBank Note Payable, Due 2020 [Member] CoBank Note Payable, Due 2020 [Member] CoBank Note Payable Due 2022 [Member] CoBank Note Payable Due 2022 [Member] CoBank Note Payable Due 2022 [Member] CoBank Note Payable Due 2028 [Member] CoBank Note Payable Due 2028 [Member] CoBank Note Payable Due 2028 [Member] CoBank Note Payable Due 2032 [Member] CoBank Note Payable Due 2032 [Member] CoBank Note Payable Due 2032 [Member] CoBank Note Payable, Due 2033 [Member] CoBank Note Payable, Due 2033 [Member] CoBank Note Payable, Due 2033 [Member] CoBank Note Payable, Due 2036 [Member] CoBank Note Payable, Due 2036 [Member] CoBank Note Payable, Due 2036 [Member] CoBank Note Payable, Due 2036 [Member] CoBank Note Payable, Due July 2036 [Member] CoBank Note Payable, Due July 2036 [Member] Maine Water Company Series G [Member] Maine Water Company Series G [Member] Maine Water Company 1994 Series G, Due 2024 Maine Water Company Series J [Member] Maine Water Company Series J [Member] Maine Water Company 1999 Series J, Due 2019 Maine Water Company Series K [Member] Maine Water Company Series K [Member] Maine Water Company 2001 Series K, Due 2031 Maine Water Company Series L [Member] Maine Water Company Series L [Member] Maine Water Company 2002 Series L, Due 2022 Maine Water Company Series M [Member] Maine Water Company Series M [Member] Maine Water Company 2003 Series M, Due 2023 Maine Water Company Series N [Member] Maine Water Company Series N [Member] Maine Water Company 2004 Series N, Due 2024 Maine Water Company Series O [Member] Maine Water Company Series O [Member] Maine Water Company 2004 Series O, Due 2034 Maine Water Company Series P [Member] Maine Water Company Series P [Member] Maine Water Company 2006 Series P, Due 2026 Maine Water Company Series R [Member] Maine Water Company Series R [Member] Maine Water Company 2009 Series R, Due 2029 Maine Water Company Series S [Member] Maine Water Company Series S [Member] Maine Water Company 2009 Series S, Due 2029 Maine Water Company Series T [Member] Maine Water Company Series T [Member] Maine Water Company 2009 Series T, Due 2029 2012 Series U, Due 2042 [Member] 2012 Series U, Due 2042 [Member] 2012 Series U, Due 2042 [Member] 2013 Series V, Due 2033 [Member] 2013 Series V, Due 2033 [Member] 2013 Series V, Due 2033 [Member] CoBank Note Payable, Due 2017 [Member] CoBank Note Payable, Due 2017 [Member] CoBank Note Payable, Due 2017 [Member] Series L, Due 2018 [Member] Series L, Due 2018 [Member] Series L, Due 2018 [Member] Series N, Due 2022 [Member] Series N, Due 2022 [Member] Series N, Due 2022 [Member] Series O, Due 2025 [Member] Series O, Due 2025 [Member] Series O, Due 2025 [Member] Series P, Due 2028 [Member] Series P, Due 2028 [Member] Series P, Due 2028 [Member] Series Q, Due 2028 [Member] Series Q, Due 2028 [Member] Series Q, Due 2028 [Member] Series R, Due 2025 [Domain] Series R, Due 2025 [Domain] Series R, Due 2025 [Domain] Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Interest Rate, Stated Percentage Schedule of Net Benefit Costs [Table Text Block] Schedule of Net Benefit Costs [Table Text Block] schedule of post retirement benefits other than pension costs [Table Text Block] schedule of post retirement benefits other than pension costs [Table Text Block] schedule of post retirement benefits other than pension costs [Table Text Block] Subsequent Events [Abstract] Subsequent Event [Table] Subsequent Event [Table] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event [Line Items] Subsequent Event [Line Items] Subsequent Events [Text Block] Subsequent Events [Text Block] Depreciation charged to other accounts Depreciation Charged To Other Accounts Depreciation charged to other accounts Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Defined Benefit Plan Disclosure [Line Items] Defined Benefit Plan Disclosure [Line Items] Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year Payment for Pension Benefits Payment for Pension Benefits Pension and Other Post-Retirement Benefits Pension and Other Postretirement Benefits Disclosure [Text Block] Income Taxes Income Tax Disclosure [Text Block] Services and Rentals and Real Estate Combine [Member] Services and Rentals and Real Estate Combine [Member] Services and Rentals and Real Estate Combine [Member] Total Plant and Other Investments Total Plant and Other Investments Total Plant and Other Investments Other Assets Other Assets Assets Leases [Abstract] Lessee, Operating Leases [Text Block] Lessee, Operating Leases [Text Block] Schedule of Stockholders Equity [Table Text Block] Schedule of Stockholders Equity [Table Text Block] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Lines of Credit Short-term Debt [Text Block] 5. Long-Term Debt [Abstract] 5. Long-Term Debt [Abstract] CoBank Note Payable, Due 2026 [Member] CoBank Note Payable, Due 2026 [Member] CoBank Note Payable, Due 2026 [Member] Mortgage Note Payable, due 2033 [Member] Mortgage Note Payable, due 2033 [Member] Mortgage Note Payable, due 2033 [Member] CoBank Term Note Payable, Due 2037 [Member] CoBank Term Note Payable, Due 2037 [Member] CoBank Term Note Payable, Due 2037 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series Issued 2004, Due 2029 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series Issued 2004 Due 2029 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2029. Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2004 Due 2028 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2004 Due 2028 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2028. Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 2004 Due 2028 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 2004 Due 2028 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2028. 2011 Farmington Bank Loan, Due 2034 [Member] 2011 Farmington Bank Loan, Due 2034 [Member] 2011 Farmington Bank Loan, Due 2034 [Member] Fair Value Adjustment of Long-Term Debt Assume [Member] Fair Value Adjustment of Long-Term Debt Assume [Member] Fair Value Adjustment of Long-Term Debt Assume [Member] 2019 Series W, Due 2048 [Member] 2019 Series W, Due 2048 [Member] 2019 Series W, Due 2048 [Member] CoBank Note Payable, Due 2024 [Member] CoBank Note Payable, Due 2024 [Member] CoBank Note Payable, Due 2024 CoBank Note Payable (2019), Due 2043 [Member] CoBank Note Payable (2019), Due 2043 [Member] CoBank Note Payable (2019), Due 2043 [Member] Long Term Capital Leases [Member] Long Term Capital Leases [Member] Long Term Capital Leases [Member] NY LIfe Senior Note, Due September 2037 [Member] NY LIfe Senior Note, Due September 2037 [Member] NY LIfe Senior Note, Due September 2037 [Member] Long-term Debt, Excluding Current Maturities Long-term Debt, Current Maturities Less: Unamortized Debt Issuance Expense Unamortized Debt Issuance Expense Long-term Debt Long-term Debt Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] Common Stock, Shares, Outstanding Weighted Average Number of Shares Outstanding, Basic Incremental Common Shares Attributal To Share Based Payements Arrangements Incremental Common Shares Attributal To Share Based Payements Arrangements Incremental Common Shares Attributal To Share Based Payements Arrangements Earnings Per Share, Diluted Common Stock Gross, Value, Issued Common Stock Gross, Value, Issued Common Stock Gross, Value, Issued Common Stock Issuance Expense, Value, Issued Common Stock Issuance Expense, Value, Issued Common Stock Issuance Expense, Value, Issued Common Stock, Value, Issued Stock Issued During Period, Shares, Dividend Reinvestment Plan Stock Issued During Period, Shares, Dividend Reinvestment Plan Stock Issued During Period, Value, Dividend Reinvestment Plan Stock Issued During Period, Value, Dividend Reinvestment Plan Stock Issued During Period, Dividend Reinvestment Plan, Expense Stock Issued During Period, Dividend Reinvestment Plan, Expense Stock Issued During Period, Dividend Reinvestment Plan, Expense Stock Issued During Period, Dividend Reinvestment Plan, Net Stock Issued During Period, Dividend Reinvestment Plan, Net Stock Issued During Period, Dividend Reinvestment Plan, Net Shares Issued Through Performance Stock Program Shares Issued Through Performance Stock Program Shares Issued Through Performance Stock Program Shares Issued Through Performance Stock Program, Value, Gross Shares Issued Through Performance Stock Program, Value, Gross Shares Issued Through Performance Stock Program, Value, Gross Shares Issued Through Performance Stock Program, Value, Expense Shares Issued Through Performance Stock Program, Value, Expense Shares Issued Through Performance Stock Program, Value, Expense Shares Issued Through Performance Stock Program, Value, Net Shares Issued Through Performance Stock Program, Value, Net Shares Issued Through Performance Stock Program, Value, Net Accumulated Other Comprehensive Income (Loss) Tables [Abstract] Accumulated Other Comprehensive Income (Loss) Tables [Abstract] Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax Accumulated Other Comprehensive Income (Loss), Debt Securities, Available-for-sale, Adjustment, after Tax Accumulated Other Comprehensive Income (Loss), Debt Securities, Available-for-sale, Adjustment, after Tax Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax Total Other Comprehensive Income Before Reclassification, Net of Tax Total Other Comprehensive Income Before Reclassification, Net of Tax Total Other Comprehensive Income Before Reclassification, Net of Tax Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax Total Amounts Reclassified From AOCI, Net of Tax Total Amounts Reclassified From AOCI, Net of Tax Total Amounts Reclassified From AOCI, Net of Tax Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Comprehensive Income (Loss) Note [Text Block] Comprehensive Income (Loss) Note [Text Block] Fair Value Disclosures Fair Value Disclosures [Text Block] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities [Axis] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Long-Term Debt Debt Disclosure [Text Block] EX-101.PRE 9 ctws-20190630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 10 cwclogocolora01.jpg begin 644 cwclogocolora01.jpg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