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REGULATORY ASSETS | 3 Months Ended
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Mar. 31, 2018
REGULATORY ASSETS [Abstract] |
REGULATORY ASSETS | Table of Contents NOTE 5 - REGULATORY ASSETS The Financial Accounting Standards Board, or FASB, ASC Topic 980 stipulates generally accepted accounting principles for companies whose rates are established or subject to approvals by a third-party regulatory agency. Certain expenses are recoverable through rates charged to our customers, without a return on investment, and are deferred and amortized during future periods using various methods as permitted by the DEPSC, MDPSC, and PAPUC. The postretirement benefit obligation is the recognition of an offsetting regulatory liability as it relates to the accrual of the expected cost of providing postretirement health care and life insurance benefits to retired employees when they render the services necessary to earn the benefits. Artesian Water contributed $9,300 to its postretirement benefit plan in the first three months of 2018. These contributions consist of insurance premium payments for medical, dental and life insurance benefits made on behalf of the Company's eligible retired employees. The deferred income taxes will be amortized over future years as the tax effects of temporary differences that previously flowed through to our customers are reversed. Debt related costs include debt issuance costs and other debt related expense. The DEPSC has allowed rate recovery on unamortized issuance costs and make-whole premiums associated with the early retirement of Series O and Q First Mortgage bonds as the replacement of that debt in January 2017 with Series T First Mortgage bonds was deemed more favorable for the ratepayers. The DEPSC has also allowed rate recovery on issuance costs associated with the Series U First Mortgage bond purchase in January 2018 that paid the full indebtedness of the Series P First Mortgage bond. These amounts are recovered over the term of the new long-term debt issued. For both the Series T First Mortgage bond purchase and the Series U First Mortgage bond purchase, no cash, other than the issue costs, was paid or received as the trustee facilitated direct exchanges of the bonds issued. Regulatory expenses amortized on a straight-line basis are noted below:
Expense | Years Amortized
Depreciation and salary studies | 5
Delaware rate proceedings | 2.5
Maryland rate proceedings | 5
Debt related costs | 15 to 25 (based on term of related debt)
Goodwill (resulting from acquisition of Mountain Hill Water Company in 2008) | 50
Deferred acquisition costs (resulting from purchase of water assets in Cecil County, Maryland in 2011 and Port Deposit, Maryland in 2010) | 20
Franchise Costs (resulting from purchase of water assets in Cecil County, Maryland in 2011) | 80
Regulatory assets, net of amortization, comprise: |
|  | (in thousands) |
|  | March 31, 2018 |  |  | December 31, 2017 |
Postretirement benefit obligation |  | $ | 149 |  |  | $ | 149 |
Deferred income taxes |  |  | 412 |  |  |  | 416 |
Debt related costs |  |  | 68 |  |  |  | 70 |
Expense of rate and regulatory proceedings |  |  | 5,948 |  |  |  | 5,965 |
Goodwill |  |  | 301 |  |  |  | 303 |
Deferred acquisition and franchise costs |  |  | 637 |  |  |  | 646 |
|  | $ | 7,515 |  |  | $ | 7,549 |

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