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ACCOUNTS RECEIVABLE | 9 Months Ended
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Sep. 30, 2023
ACCOUNTS RECEIVABLE [Abstract] |
ACCOUNTS RECEIVABLE | NOTE 4 – ACCOUNTS RECEIVABLE Accounts receivable are recorded at the invoiced amounts. As set forth in a settlement agreement, Artesian Water will receive reimbursements from the Delaware Sand and Gravel Remedial Trust, or Trust, for Artesian Water’s past capital and operating costs, totaling approximately $10.0 million, related to the treatment costs associated with the release of contaminants from the Delaware Sand & Gravel Landfill Superfund Site, or Site, in groundwater that Artesian Water uses for public potable water supply. Two installments for approximately $2.5 million each were paid in August 2022 and July 2023. The remaining $5.0 million is due in two equal installments no later than July of 2024 and 2025. A provision for expected credit loss is calculated as a percentage of total associated revenues based upon historical trends and adjusted for current conditions. We mitigate our exposure to credit losses by discontinuing services in the event of non-payment; accordingly, the related provision for expected credit loss and associated bad debt expense has not been significant. The following table summarizes the changes in the Company’s accounts receivable balance:
|  | September 30, |  |  | December 31, |  |  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Customer accounts receivable – water |  | $ | 6,246 |  |  | $ | 5,981 |  |  | $ | 5,986 |
Customer accounts receivable – wastewater |  |  | 552 |  |  |  | 482 |  |  |  | 1,326 |
Settlement agreement receivable – short term |  |  | 2,516 |  |  |  | 2,532 |  |  |  | — |
Miscellaneous accounts receivable |  |  | 832 |  |  |  | 3,781 |  |  |  | 786 |
Developer receivable |  |  | 698 |  |  |  | 1,151 |  |  |  | 698 |
|  |  | 10,844 |  |  |  | 13,927 |  |  |  | 8,796 |
Less: provision for expected credit loss |  |  | 356 |  |  |  | 416 |  |  |  | 429 |
Net accounts receivable |  | $ | 10,488 |  |  | $ | 13,511 |  |  | $ | 8,367 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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- References No definition available. + Details
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