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REGULATORY LIABILITIES | 3 Months Ended
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Mar. 31, 2018
REGULATORY LIABILITIES [Abstract] |
REGULATORY LIABILITIES | Table of Contents NOTE 6 – REGULATORY LIABILITIES 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 obligations are deferred and/or amortized as determined by the DEPSC, MDPSC, and PAPUC. Regulatory liabilities represent excess recovery of cost or other items that have been deferred because it is probable such amounts will be returned to customers through future regulated rates. The postretirement benefit obligation is the recognition of an offsetting regulatory asset 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. Utility plant retirement cost obligation consists of estimated costs related to the potential removal and replacement of facilities and equipment on the Company's water and wastewater properties. Effective January 1, 2012, as authorized by the DEPSC, when depreciable units of utility plant are retired, any cost associated with retirement, less any salvage value or proceeds received is charged to a regulated retirement liability. Each year the liability is increased by an annual amount authorized by the DEPSC. Pursuant to the enactment of the TCJA on December 22, 2017, the Company adjusted its existing deferred income tax balances as of December 31, 2017 to reflect the decrease in the corporate income tax rate from 34% to 21% (see Note 9). This resulted in a decrease in the net deferred income tax liability of approximately $23.5 million of which $22.5 million was reclassified as a regulatory liability. These amounts are subject to certain Internal Revenue Service normalization rules that require the benefits to customers be spread over the remaining useful life of the underlying assets giving rise to the associated deferred income taxes. The amount and timing of potential settlements of the established net regulatory liabilities will be determined by the utilities' respective rate regulators.
Regulatory liabilities comprise: |
|  | (in thousands) |
|  | March 31, 2018 |  |  | December 31, 2017 |
Postretirement benefit obligation |  | $ | 112 |  |  | $ | 112 |
Utility plant retirement cost obligation |  |  | 550 |  |  |  | 549 |
Deferred income taxes (related to TCJA) |  |  | 22,540 |  |  |  | 22,540 |
|  | $ | 23,202 |  |  | $ | 23,201 |

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- Definition The entire disclosure of liabilities that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet. + References No definition available. + Details
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