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Revenue Recognition from Contracts with Customers
 6 Months Ended
Jun. 30, 2025
Revenue Recognition from Contracts with Customers [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 water and wastewater utility services and 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 Company expects to be entitled in exchange for those goods and services.

 

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

Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers. Fees 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 June 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.

 

Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers.

 

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

 

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

 

   (In Thousands)
   Three Months Ended June 30,  Six Months Ended June 30,
   2025  2024  2025  2024
Regulated Tariff Sales                    
Residential  $26,248   $24,736   $49,362   $45,066 
Commercial   7,463    8,584    14,048    14,559 
Industrial   3,404    3,639    6,403    6,773 
Fire Protection   3,998    3,656    7,720    6,948 
Wholesale   5,047    5,208    10,061    9,880 
Non-Regulated Contract Operations   3,131    3,293    5,964    6,381 
Total Revenue from Contracts with Customers  $49,291   $49,116   $93,558   $89,607 
Other Regulated Revenues   107    143    169    205 
Other Non-Regulated Revenues   120    117    240    233 
Inter-segment Elimination   (195)   (230)   (343)   (375)
Total Revenue  $49,323   $49,146   $93,624   $89,670