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ACCOUNTS RECEIVABLE | 9 Months Ended
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Sep. 30, 2024
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. Three installments for approximately $2.5 million each were paid in August 2022, July 2023 and July 2024. The final $2.5 million installment payment is due no later than July 2025. In addition, the Trust shall reimburse Artesian Water for documented reasonable and necessary capital and operating costs after July 1, 2021 that Artesian Water incurs to treat contaminants of concern and of emerging concern. A provision for expected credit loss is calculated as a percentage of total associated revenues based upon historical trends and adjusted for current and reasonable projections based upon expected economic 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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Customer accounts receivable – water |  | $ | 6,612 |  |  | $ | 6,573 |  |  | $ | 5,981 |
Customer accounts receivable – wastewater |  |  | 696 |  |  |  | 644 |  |  |  | 637 |
Customer accounts receivable – SLP Plan |  |  | 416 |  |  |  | 409 |  |  |  | 384 |
Settlement agreement receivable – short term |  |  | 2,526 |  |  |  | 2,747 |  |  |  | 2,532 |
Developer receivable |  |  | 92 |  |  |  | 2,089 |  |  |  | 1,151 |
Miscellaneous receivable |  |  | 245 |  |  |  | 696 |  |  |  | 3,242 |
|  |  | 10,587 |  |  |  | 13,158 |  |  |  | 13,927 |
Less: provision for expected credit loss |  |  | 339 |  |  |  | 328 |  |  |  | 416 |
Net accounts receivable |  | $ | 10,248 |  |  | $ | 12,830 |  |  | $ | 13,511 |

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- Definition The entire disclosure for claims held for amounts due to 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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