XML 29 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue Recognition from Contracts with Customers
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition from Contracts with Customers

Note 9 – Revenue Recognition from Contracts with Customers

The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services to residential, industrial, commercial, fire protection and wholesale customers, as well as non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.

The Company’s residential customers are billed quarterly while most of the Company’s industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. The Company recognizes revenue as the water and wastewater services are delivered to customers and records unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions in its service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance of service provided to Tidewater customers and are recognized as service is provided.

Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers, are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through December 2028 and thus contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.

Substantially all operating revenues and accounts receivable are from contracts with customers. The Company records an allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories.

The Company’s contracts do not contain any significant financing components.

14

The Company’s operating revenues are comprised of the following:

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Regulated Tariff Sales

Residential

$

19,454

$

17,780

$

36,135

$

33,760

Commercial

3,649

3,744

7,018

7,053

Industrial

2,175

2,321

4,256

4,519

Fire Protection

3,060

3,098

6,106

6,111

Wholesale

3,827

3,429

7,525

6,768

Non-Regulated Contract Operations

3,076

2,986

5,934

5,810

Total Revenue from Contracts with Customers

$

35,241

$

33,358

$

66,974

$

64,021

Other Regulated Revenues

124

73

186

131

Other Non-Regulated Revenues

104

100

207

202

Inter-segment Elimination

(192

)

(138

)

(321

)

(264

)

Total Revenue

$

35,277

$

33,393

$

67,046

$

64,090