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DEBT | 12 Months Ended
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Dec. 31, 2024
DEBT [Abstract] |
DEBT | NOTE 8 – DEBT At December 31, 2024, Artesian Resources had a $40 million line of credit with Citizens Bank, or Citizens, which is available to all subsidiaries of Artesian Resources. As of December 31, 2024, there was $40.0 million of available funds under this line of credit. The interest rate is a one month Daily Secured Overnight Financing Rate, or SOFR plus 10 basis points, or Term SOFR, plus an applicable margin of 0.85%, which was increased to 1.10% effective August 3, 2023. Term SOFR cannot be less than 0.00%. This is a demand line of credit and therefore the financial institution may demand payment for any outstanding amounts at any time. The term of this line of credit expires on the earlier of May 19, 2025 or any date on which Citizens demands payment. The Company expects to renew this line of credit. At December 31, 2024, Artesian Water had a $20 million line of credit with CoBank, ACB, or CoBank, that allows for the financing of operations for Artesian Water, with up to $10 million of this line available for the operations of Artesian Water Maryland. As of December 31, 2024, there was $20.0 million of available funds under this line of credit. The interest rate for borrowings under this line is either a daily SOFR rate plus 1.45% option or a term SOFR rate plus 1.45% option that is locked in for either one or three months. The term of this line of credit expires on October 31, 2025. Artesian Water expects to renew this line of credit. CoBank may make an annual patronage refund based on the average line of credit and loan volume outstanding in the prior year. The $20 million line of credit, the First Mortgage Bonds and the promissory note are with CoBank. Patronage refunds earned by Artesian in 2024 and 2023 were $1.6 million and $1.6 million, respectively. The weighted average interest rate on the lines of credit discussed above paid by the Company was 6.47% for the year ended December 31, 2024. These lines of credit, as well as the long-term debt obligations shown below, require us to abide by certain financial covenants and ratios. As of December 31, 2024, we were in compliance with these financial covenants. Long-term debt consists of:
|  | December 31, |
In thousands |  | 2024 |  |  | 2023 |
First mortgage bonds |  |  |  |  |  |
Series R, 5.96%, due December 31, 2028 |  | $ | 25,000 |  |  | $ | 25,000 |
Series S, 4.45%, due December 31, 2033 |  |  | 5,400 |  |  |  | 6,000 |
Series T, 4.24%, due December 20, 2036 |  |  | 40,000 |  |  |  | 40,000 |
Series U, 4.71%, due January 31, 2038 |  |  | 25,000 |  |  |  | 25,000 |
Series V, 4.42%, due October 31, 2049 |  |  | 30,000 |  |  |  | 30,000 |
Series W, 4.43%, due April 30, 2047 |  |  | 30,000 |  |  |  | 30,000 |
|  |  | 155,400 |  |  |  | 156,000 |
State revolving fund loans |  |  |  |  |  |  |  |
3.57%, due September 1, 2023 |  |  | — |  |  |  | — |
3.64%, due May 1, 2025 |  |  | 77 |  |  |  | 228 |
3.41%, due February 1, 2031 |  |  | 1,246 |  |  |  | 1,415 |
3.40%, due July 1, 2032 |  |  | 1,296 |  |  |  | 1,445 |
1.187%, due November 1, 2041 |  |  | 559 |  |  |  | 588 |
1.187%, due November 1, 2041 |  |  | 655 |  |  |  | 690 |
1.187%, due November 1, 2041 |  |  | 1,021 |  |  |  | 1,075 |
2.00%, due February 1, 2043 |  |  | 793 |  |  |  | 828 |
2.00%, due February 1, 2043 |  |  | 1,095 |  |  |  | 1,143 |
2.00%, due June 1, 2043 |  |  | 960 |  |  |  | 1,002 |
2.00%, due June 1, 2043 |  |  | 978 |  |  |  | 1,022 |
2.00%, due February 1, 2044 |  |  | 3,086 |  |  |  | 2,696 |
2.00%, due January 1, 2043 |  |  | 978 |  |  |  | 1,000 |
|  |  | 12,744 |  |  |  | 13,132 |
Notes Payable |  |  |  |  |  |  |  |
Promissory Note, 5.12%, due December 30, 2028 |  | $ | 9,590 |  |  | $ | 10,155 |
Asset Purchase, 2.00%, due May 26, 2027 |  |  | 942 |  |  |  | 1,255 |
|  |  | 10,532 |  |  |  | 11,410 |
Sub-total |  |  | 178,676 |  |  |  | 180,542 |
Less: current maturities (principal amount) |  |  | 2,167 |  |  |  | 2,235 |
Total long-term debt |  | $ | 176,509 |  |  | $ | 178,307 |
Payments of principal amounts due during the next five years and thereafter:
In thousands |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |
First Mortgage bonds |  | $ | 600 |  |  | $ | 600 |  |  | $ | 600 |  |  | $ | 25,600 |  |  | $ | 600 |  |  | $ | 127,400 |
State revolving fund loans |  |  | 773 |  |  |  | 816 |  |  |  | 836 |  |  |  | 857 |  |  |  | 878 |  |  |  | 8,584 |
Asset Purchase-Contractual Obligation |  |  | 314 |  |  |  | 314 |  |  |  | 314 |  |  |  | — |  |  |  | — |  |  |  | — |
Promissory note |  |  | 480 |  |  |  | 505 |  |  |  | 532 |  |  |  | 559 |  |  |  | 590 |  |  |  | 6,924 |
Total payments |  | $ | 2,167 |  |  | $ | 2,235 |  |  | $ | 2,282 |  |  | $ | 27,016 |  |  | $ | 2,068 |  |  | $ | 142,908 |
Substantially all of Artesian Water’s utility plant is pledged as security for our First Mortgage Bonds. As of December 31, 2024, no other water utility plant has been pledged as security for loans. Two parcels of land in Artesian Wastewater are pledged as security for the promissory note.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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