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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
Schedule of AFUDC | Presented in the table below is AFUDC for the years ended December 31:
In thousands |  |  |  |  |  |  |  |
|  | 2023 |  |  | 2022 |  |  | 2021
AFUDC - Debt | $ | 759 |  | $ | 435 |  | $ | 267
AFUDC - Equity | $ | 1,243 |  | $ | 894 |  | $ | 556
Schedule of Utility Plant |
Utility plant comprises: |  |  |  |  |  |
In thousands |  |  |  |  |  |
|  |  |  |  | December 31, |
|  | Estimated Useful Life (In Years) |  |  | 2023 |  |  | 2022 |
Utility plant at original cost |  |  |  |  |  |  |  |  |
Utility plant in service-Water |  |  |  |  |  |  |  |  |
Intangible plant |  |  | — |  |  | $ | 140 |  |  | $ | 140 |
Source of supply plant |  |  | 45-85 |  |  |  | 29,960 |  |  |  | 25,223 |
Pumping and water treatment plant |  |  | 8-62 |  |  |  | 130,337 |  |  |  | 116,915 |
Transmission and distribution plant |  |  |  |  |  |  |  |  |  |  |  |
Mains |  |  | 81 |  |  |  | 370,977 |  |  |  | 338,368 |
Services |  |  | 39 |  |  |  | 60,818 |  |  |  | 56,396 |
Storage tanks |  |  | 76 |  |  |  | 40,933 |  |  |  | 34,567 |
Meters |  |  | 26 |  |  |  | 30,318 |  |  |  | 29,720 |
Hydrants |  |  | 60 |  |  |  | 18,980 |  |  |  | 17,751 |
General plant |  |  | 5-31 |  |  |  | 67,317 |  |  |  | 65,632 |
Utility plant in service-Wastewater |  |  |  |  |  |  |  |  |  |  |  |
Intangible plant |  |  | — |  |  |  | 116 |  |  |  | 117 |
Treatment and disposal plant |  |  | 21-81 |  |  |  | 67,789 |  |  |  | 66,178 |
Collection mains & lift stations |  |  | 81 |  |  |  | 51,539 |  |  |  | 49,431 |
General plant |  |  | 5-31 |  |  |  | 2,478 |  |  |  | 1,845 |
Property held for future use |  |  | — |  |  |  | 4,028 |  |  |  | 4,489 |
Construction work in progress |  |  | — |  |  |  | 23,724 |  |  |  | 34,213 |
|  |  |  |  |  |  | 899,454 |  |  |  | 840,985 |
Less – accumulated depreciation |  |  |  |  |  |  | 185,170 |  |  |  | 172,954 |
|  |  |  |  |  | $ | 714,284 |  |  | $ | 668,031 |
Amortization Period of Other Regulatory Expense | Regulatory expenses amortized on a straight-line basis are noted below:
Expense | Years Amortized
Deferred contract costs and other | 5
Rate case studies | 5
Delaware rate proceedings | 3
Maryland rate proceedings | 5
Debt related costs | 15 to 30 (based on term of related debt)
Deferred costs affiliated interest agreement | 20
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 | Regulatory assets, net of amortization, comprise:
(in thousands) | December 31, 2023 |  | December 31, 2022
Deferred contract costs and other | $ | 209 |  | $ | 227
Rate case studies |  | 136 |  |  | 57
Rate proceedings |  | 385 |  |  | —
Deferred income taxes |  | 444 |  |  | 465
Debt related costs |  | 4,322 |  |  | 4,682
Deferred costs affiliated interest agreement |  | 1,110 |  |  | 1,114
Goodwill |  | 258 |  |  | 266
Deferred acquisition and franchise costs |  | 425 |  |  | 463
| $ | 7,289 |  | $ | 7,274
Other Deferred Assets, Net of Amortization | Other deferred assets at December 31, net of amortization, comprise:
In thousands |  | 2023 |  |  | 2022 |
Investment in CoBank |  | $ | 5,882 |  |  | $ | 5,351 |
Settlement agreement receivable-long term |  |  | 2,496 |  |  |  | 4,991 |
Other deferred assets |  |  | 126 |  |  |  | 194 |
|  | $ | 8,504 |  |  | $ | 10,536 |
Changes in Accounts Receivable |
|  | December 31, |
In thousands |  | 2023 |  |  | 2022 |  |  | 2021 |
Customer accounts receivable – water |  | $ | 6,573 |  |  | $ | 5,981 |  |  | $ | 5,986 |
Customer accounts receivable – wastewater |  |  | 513 |  |  |  | 482 |  |  |  | 1,326 |
Settlement agreement receivable – short term |  |  | 2,747 |  |  |  | 2,532 |  |  |  | — |
Miscellaneous accounts receivable |  |  | 1,236 |  |  |  | 3,781 |  |  |  | 786 |
Developer receivable |  |  | 2,089 |  |  |  | 1,151 |  |  |  | 698 |
|  |  | 13,158 |  |  |  | 13,927 |  |  |  | 8,796 |
Less provision for expected credit loss |  |  | 328 |  |  |  | 416 |  |  |  | 429 |
Net accounts receivable |  | $ | 12,830 |  |  | $ | 13,511 |  |  | $ | 8,367 |
Provision for Expected Credit Loss | The activities in the provision for expected credit loss are as follows:
|  | December 31, |
In thousands |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 416 |  |  | $ | 429 |
Provision adjustments |  |  | 92 |  |  |  | 146 |
Recoveries |  |  | 48 |  |  |  | 28 |
Write off of uncollectible accounts |  |  | (228 | ) |  |  | (187 | )
Ending balance |  | $ | 328 |  |  | $ | 416 |

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