$ARTNA
ARTESIAN RESOURCES CORP

2024 Q3 Form 10-Q Financial Statement

#000086311024000044 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $29.14M
YoY Change 9.68%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.287M
YoY Change -4.56%
% of Gross Profit
Operating Expenses $18.20M
YoY Change -8.6%
Operating Profit $8.590M
YoY Change 28.96%
Interest Expense -$2.193M
YoY Change -199.59%
% of Operating Profit -25.53%
Other Income/Expense, Net -$58.00K
YoY Change 65.71%
Pretax Income $9.168M
YoY Change 25.25%
Income Tax $2.355M
% Of Pretax Income 25.69%
Net Earnings $6.813M
YoY Change 34.35%
Net Earnings / Revenue 23.38%
Basic Earnings Per Share $0.66
Diluted Earnings Per Share $0.66
COMMON SHARES
Basic Shares Outstanding 10.30M
Diluted Shares Outstanding 10.30M

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.70M
YoY Change 64.66%
Cash & Equivalents $10.70M
Short-Term Investments
Other Short-Term Assets $8.742M
YoY Change 1.65%
Inventory $4.459M
Prepaid Expenses
Receivables $10.25M
Other Receivables $191.0K
Total Short-Term Assets $34.34M
YoY Change 1.17%
LONG-TERM ASSETS
Property, Plant & Equipment $3.607M
YoY Change -2.72%
Goodwill $1.939M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.535M
YoY Change -23.17%
Total Long-Term Assets $761.7M
YoY Change 4.65%
TOTAL ASSETS
Total Short-Term Assets $34.34M
Total Long-Term Assets $761.7M
Total Assets $796.0M
YoY Change 4.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.649M
YoY Change 14.46%
Accrued Expenses $5.570M
YoY Change 20.09%
Deferred Revenue $3.210M
YoY Change 16.77%
Short-Term Debt $3.918M
YoY Change -23.18%
Long-Term Debt Due $2.333M
YoY Change 6.05%
Total Short-Term Liabilities $28.04M
YoY Change 3.18%
LONG-TERM LIABILITIES
Long-Term Debt $176.9M
YoY Change 0.57%
Other Long-Term Liabilities $300.4M
YoY Change 10.9%
Total Long-Term Liabilities $86.26M
YoY Change -2.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.04M
Total Long-Term Liabilities $86.26M
Total Liabilities $114.3M
YoY Change -0.96%
SHAREHOLDERS EQUITY
Retained Earnings $84.23M
YoY Change 10.48%
Common Stock $10.30M
YoY Change 0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $238.3M
YoY Change
Total Liabilities & Shareholders Equity $796.0M
YoY Change 4.49%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $6.813M
YoY Change 34.35%
Depreciation, Depletion And Amortization $3.287M
YoY Change -4.56%
Cash From Operating Activities $10.66M
YoY Change 30.98%
INVESTING ACTIVITIES
Capital Expenditures $12.56M
YoY Change -24.01%
Acquisitions
YoY Change
Other Investing Activities $8.000K
YoY Change -60.0%
Cash From Investing Activities -$12.55M
YoY Change -23.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.343M
YoY Change -28.81%
NET CHANGE
Cash From Operating Activities 10.66M
Cash From Investing Activities -12.55M
Cash From Financing Activities 6.343M
Net Change In Cash 4.452M
YoY Change 724.44%
FREE CASH FLOW
Cash From Operating Activities $10.66M
Capital Expenditures $12.56M
Free Cash Flow -$1.899M
YoY Change -77.37%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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NatureOfOperations
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">NOTE<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 1</span> – GENERAL</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of all of our wholly-owned subsidiaries. The terms “we”, “our”, “Artesian” and the “Company” as used herein refer to Artesian Resources and its subsidiaries.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">DELAWARE REGULATED UTILITY SUBSIDIARIES</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Water Company, Inc., or Artesian Water, distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers throughout the State of Delaware.  In addition, Artesian Water provides services to other water utilities, including operations, and has contract operation agreements with private, municipal and state water providers.  Artesian Water also provides water for public and private fire protection to customers in our service territories.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Wastewater Management, Inc., or Artesian Wastewater, began providing wastewater services in July 2005.  <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Artesian Wastewater operates as the parent holding company of Tidewater Environmental Services, Inc. dba Artesian Wastewater, or TESI.  TESI was incorporated in 2004.  Artesian Wastewater and TESI are regulated entities that own wastewater collection and treatment infrastructure</span> and provide wastewater services to customers in Sussex County, Delaware as a regulated public wastewater service companies.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">MARYLAND REGULATED UTILITY SUBSIDIARIES</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Water Maryland, Inc., or Artesian Water Maryland, began operations in August<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 2007. Artesian Water Maryland distributes and sells water to residential, commercial, industrial and municipal customers in Cecil County, Maryland.</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Wastewater Maryland, Inc., or Artesian Wastewater Maryland, was incorporated on June <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3, 2008 and is authorized and able to provide regulated wastewater services to customers in the State of Maryland.</span>  It is currently not providing these services.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">PENNSYLVANIA REGULATED UTILITY SUBSIDIARY</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Water Pennsylvania, Inc., or Artesian Water Pennsylvania, began operations <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in 2002.  It provides water service to a residential community in Chester County, Pennsylvania.</span></div> <div><br/></div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">OTHER NON-UTILITY  SUBSIDIARIES</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We have two other subsidiaries, neither of which are regulated. They are Artesian Utility Development, Inc., or Artesian Utility, and Artesian Development Corporation, or Artesian Development.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Utility designs and builds water and wastewater infrastructure and provides contract water and wastewater operation services on the Delmarva Peninsula to private, municipal and governmental institutions.  Artesian Utility also evaluates land parcels, provides recommendations to developers on the size of water or wastewater facilities and the type of technology that should be used for treatment at such facilities, and operates water and wastewater facilities in Delaware for municipal and governmental agencies.  Artesian Utility also contracts with developers and government agencies for design and construction of wastewater infrastructure throughout the Delmarva Peninsula.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Utility currently operates wastewater treatment facilities for the Town of Middletown, in southern New Castle County, Delaware, or Middletown, under a 20-year contract that expires in July<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 2039.  </span>Artesian Utility currently operates three wastewater treatment systems with a combined capacity of up to approximately 3.8 million gallons per day. The wastewater treatment facilities in Middletown provide reclaimed wastewater for use in spray irrigation on public and agricultural lands in the area.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Utility also offers three protection plans to customers, the Water Service Line Protection Plan, or WSLP Plan, the Sewer Service Line Protection Plan, or SSLP Plan, and the Internal Service Line Protection Plan, or ISLP Plan (collectively, SLP Plan or SLP Plans).  The WSLP Plan covers all parts, material and labor required to repair or replace participating customers’ leaking water service lines up to an annual limit. The SSLP Plan covers all parts, material and labor required to repair or replace participating customers’ leaking or clogged sewer lines up to an annual limit.  The ISLP Plan enhances available coverage to include water and wastewater lines within customers’ residences up to an annual limit.</div> <div><br/></div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Development is a real estate holding company that owns properties, including land approved for office buildings, a water treatment plant and wastewater facility, as well as property for current operations, including an office facility in Sussex County, Delaware.  The office facility consists of approximately 10,000 square feet of office space along with nearly 7,000 square feet of warehouse space.</div>
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1100000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1052000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3607000
CY2023Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0
CY2024Q3 us-gaap Notes Payable Current
NotesPayableCurrent
2333000
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
2235000
CY2024Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
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InterestPayableCurrent
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CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
2275000
CY2024Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
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OtherLiabilitiesCurrent
1673000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1694000
CY2024Q3 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2023Q4 us-gaap Liabilities Current
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CY2023Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2024Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
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CY2023Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3474000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
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CY2024Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3287000
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3444000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10177000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2024Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
1572000
CY2023Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
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OperatingIncomeLoss
8590000
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InterestExpense
2193000
CY2023Q3 us-gaap Interest Expense
InterestExpense
2202000
us-gaap Interest Expense
InterestExpense
6535000
us-gaap Interest Expense
InterestExpense
6960000
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
6813000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
5071000
us-gaap Net Income Loss
NetIncomeLoss
16549000
us-gaap Net Income Loss
NetIncomeLoss
13219000
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
0.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.33
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WeightedAverageNumberOfSharesOutstandingBasic
10297000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10276000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10293000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9929000
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10298000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10279000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10294000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CommonStockDividendsPerShareCashPaid
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us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
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us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
1276000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
360000
us-gaap Increase Decrease In Raw Materials Packaging Materials And Supplies Inventories
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-1524000
us-gaap Increase Decrease In Raw Materials Packaging Materials And Supplies Inventories
IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories
785000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
330000
us-gaap Increase Decrease In Other Regulatory Assets
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283000
us-gaap Increase Decrease In Regulatory Liabilities
IncreaseDecreaseInRegulatoryLiabilities
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
175000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
30121000
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30933000
us-gaap Payments To Acquire Property Plant And Equipment
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620000
us-gaap Proceeds From Sale Of Property Plant And Equipment
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76000
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Repayments Of Bank Overdrafts
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3909000
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
5009000
artna Net Advances And Contributions In Aid Of Construction
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15652000
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56000
CY2023Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
4443000
CY2023Q2 us-gaap Dividends Common Stock
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2700000
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StockholdersEquity
231986000
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3042000
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StockIssuedDuringPeriodValueDividendReinvestmentPlan
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StockIssuedDuringPeriodValueShareBasedCompensation
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CY2024Q2 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
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StockholdersEquity
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3043000
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StockIssuedDuringPeriodValueDividendReinvestmentPlan
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CY2024Q3 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
0
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
238314000
artna Number Of Subsidiaries Not Regulated
NumberOfSubsidiariesNotRegulated
2
CY2024Q3 artna Number Of Operation Contracts Paid In Advance
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1
artna Other Operating Revenue Not In Scope Of Asc606
OtherOperatingRevenueNotInScopeOfASC606
1197000
artna Other Operating Revenue Not In Scope Of Asc606
OtherOperatingRevenueNotInScopeOfASC606
1180000
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
26570000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
74317000
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1982000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1839000
artna Operating Lease Rent Expense Minimum Rentals
OperatingLeaseRentExpenseMinimumRentals
11000
CY2024Q3 artna Operating Lease Rent Expense Contingent Rentals
OperatingLeaseRentExpenseContingentRentals
0
CY2023Q3 artna Operating Lease Rent Expense Contingent Rentals
OperatingLeaseRentExpenseContingentRentals
0
artna Operating Lease Rent Expense Contingent Rentals
OperatingLeaseRentExpenseContingentRentals
0
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OperatingLeaseCost
4000
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
4000
us-gaap Operating Lease Cost
OperatingLeaseCost
13000
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OperatingLeaseCost
11000
us-gaap Operating Lease Payments
OperatingLeasePayments
13000
us-gaap Operating Lease Payments
OperatingLeasePayments
11000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
499000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
498000
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
499000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
506000
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10000
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OperatingLeaseLiabilityCurrent
9000
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
496000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
503000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
506000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
512000
CY2023Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
5882000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8504000
CY2017Q4 us-gaap Regulatory Liabilities
RegulatoryLiabilities
22800000
CY2024Q3 us-gaap Regulatory Liabilities
RegulatoryLiabilities
30622000
CY2023Q2 artna Revenue Performance Obligation
RevenuePerformanceObligation
16700000
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10279000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10294000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9933000
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29142000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26570000
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
8590000
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6661000
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2355000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2249000
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
19702
dei City Area Code
CityAreaCode
302
dei Local Phone Number
LocalPhoneNumber
453 – 6900
dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
ARTNA
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
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true
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EntityEmergingGrowthCompany
false
dei Entity Shell Company
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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2276000
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1934000
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InventoryRawMaterialsAndSupplies
4459000
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
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PrepaidTaxes
3286000
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2269000
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CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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OtherAssetsNoncurrent
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
266000
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
153000
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
88000
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
772000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2004000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-184000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23360000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
23477000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
3303000
artna Net Payouts From Contributions In Aid Of Construction And Advances
NetPayoutsFromContributionsInAidOfConstructionAndAdvances
1410000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
13000
CY2024Q3 artna Number Of Multi District Litigations
NumberOfMultiDistrictLitigations
2
CY2024Q3 artna Number Of Groups Of Settling Defendants
NumberOfGroupsOfSettlingDefendants
2
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
000-18516
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
51-0002090
dei Entity Address Address Line1
EntityAddressAddressLine1
664 Churchmans Road
dei Entity Address City Or Town
EntityAddressCityOrTown
Newark
dei Entity Address State Or Province
EntityAddressStateOrProvince
DE
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2024Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2388000
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2797000
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
496000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
503000
CY2024Q3 us-gaap Regulatory Liabilities
RegulatoryLiabilities
30622000
CY2023Q4 us-gaap Regulatory Liabilities
RegulatoryLiabilities
25676000
CY2024Q3 us-gaap Accumulated Deferred Investment Tax Credit
AccumulatedDeferredInvestmentTaxCredit
412000
CY2023Q4 us-gaap Accumulated Deferred Investment Tax Credit
AccumulatedDeferredInvestmentTaxCredit
423000
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6661000
us-gaap Operating Income Loss
OperatingIncomeLoss
20508000
us-gaap Operating Income Loss
OperatingIncomeLoss
16932000
CY2024Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
474000
CY2023Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
647000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
1693000
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-35000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1450000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1554000
CY2024Q3 artna Income Loss From Continuing Operations Before Interest Expense
IncomeLossFromContinuingOperationsBeforeInterestExpense
9006000
CY2023Q3 artna Income Loss From Continuing Operations Before Interest Expense
IncomeLossFromContinuingOperationsBeforeInterestExpense
7273000
artna Income Loss From Continuing Operations Before Interest Expense
IncomeLossFromContinuingOperationsBeforeInterestExpense
23084000
artna Income Loss From Continuing Operations Before Interest Expense
IncomeLossFromContinuingOperationsBeforeInterestExpense
20179000
artna Amortization Of Deferred Income Tax Regulatory Liability
AmortizationOfDeferredIncomeTaxRegulatoryLiability
592000
artna Amortization Of Deferred Income Tax Regulatory Liability
AmortizationOfDeferredIncomeTaxRegulatoryLiability
333000
artna Net Payouts From Contributions In Aid Of Construction And Advances
NetPayoutsFromContributionsInAidOfConstructionAndAdvances
1671000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
317000
us-gaap Payments Of Dividends
PaymentsOfDividends
9065000
us-gaap Payments Of Dividends
PaymentsOfDividends
8265000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1714000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1506000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8390000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30551000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8198000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5149000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2505000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1309000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10703000
us-gaap Contribution Of Property
ContributionOfProperty
7475000
us-gaap Contribution Of Property
ContributionOfProperty
2307000
artna Capital Expenditure Incurred But Not Yet Paid
CapitalExpenditureIncurredButNotYetPaid
1888000
artna Capital Expenditure Incurred But Not Yet Paid
CapitalExpenditureIncurredButNotYetPaid
1451000
us-gaap Interest Paid Net
InterestPaidNet
7188000
us-gaap Interest Paid Net
InterestPaidNet
5850000
us-gaap Income Taxes Paid
IncomeTaxesPaid
4452000
us-gaap Income Taxes Paid
IncomeTaxesPaid
3476000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
701000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0
CY2024Q3 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
922791000
CY2023Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
899454000
CY2024Q3 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
188567000
CY2023Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
185170000
CY2024Q3 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
734224000
CY2023Q4 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
714284000
artna Depreciation Rates Of Water Utility Plant
DepreciationRatesOfWaterUtilityPlant
0.0192
CY2023 artna Depreciation Rates Of Water Utility Plant
DepreciationRatesOfWaterUtilityPlant
0.0213
CY2023Q3 artna Reserve Or Reduction To Revenue
ReserveOrReductionToRevenue
0
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
13927000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
416000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
13511000
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
12000
CY2024Q3 artna Reclassification Of Deferred Acquisition Costs From Net Utility Plant
ReclassificationOfDeferredAcquisitionCostsFromNetUtilityPlant
3700000
CY2024Q3 artna Reclassification Of Deferred Acquisition Costs From Contributions In Aid Of Construction
ReclassificationOfDeferredAcquisitionCostsFromContributionsInAidOfConstruction
100000
artna Amortization Period For Unrecovered Reserve For Depreciation
AmortizationPeriodForUnrecoveredReserveForDepreciation
P5Y
CY2024Q3 us-gaap Regulatory Assets
RegulatoryAssets
14873000
CY2023Q4 us-gaap Regulatory Assets
RegulatoryAssets
7289000
CY2017Q4 artna Tax Cuts And Jobs Act Decrease In Deferred Tax Liability
TaxCutsAndJobsActDecreaseInDeferredTaxLiability
24300000
CY2023Q2 artna Percentage Of Revenue Increase Requested For New Rates
PercentageOfRevenueIncreaseRequestedForNewRates
0.227
CY2023Q4 artna Revenue Performance Obligation
RevenuePerformanceObligation
10800000
CY2023Q4 artna Percentage Of Revenue Increase Requested For New Rates
PercentageOfRevenueIncreaseRequestedForNewRates
0.146
CY2023Q4 artna Percentage Of Distribution System Infrastructure Charge
PercentageOfDistributionSystemInfrastructureCharge
0.075
CY2024Q2 artna Revenue Performance Obligation
RevenuePerformanceObligation
11200000
CY2024Q2 artna Percentage Of Revenue Increase Requested For New Rates
PercentageOfRevenueIncreaseRequestedForNewRates
0.152
CY2024Q2 artna Percentage Of Return On Common Equity
PercentageOfReturnOnCommonEquity
0.095
CY2024Q2 artna Overall Rate Of Return On Rate Base
OverallRateOfReturnOnRateBase
0.0675
CY2024Q3 artna Number Of Applications
NumberOfApplications
2
CY2024Q2 artna Percentage Of Distribution System Improvement Charge Rate Increase Application Filed By Company To Regulatory
PercentageOfDistributionSystemImprovementChargeRateIncreaseApplicationFiledByCompanyToRegulatory
0.0034
CY2024Q2 artna Increase Amount Based On Eligible Plant Improvements Since Last Rate Increase
IncreaseAmountBasedOnEligiblePlantImprovementsSinceLastRateIncrease
2000000
CY2024Q2 artna Percentage Of Distribution System Improvement Charge Rate Increase Application Filed By Company To Regulatory
PercentageOfDistributionSystemImprovementChargeRateIncreaseApplicationFiledByCompanyToRegulatory
0.0034
CY2020Q4 artna Percentage Of Distribution System Improvement Charge Rate Increase Application Filed By Company To Regulatory
PercentageOfDistributionSystemImprovementChargeRateIncreaseApplicationFiledByCompanyToRegulatory
0.075
CY2023Q4 artna Percentage Of Gross Water Sales In Temporary Rate Increase Placed Into Effect Until New Rates Approved
PercentageOfGrossWaterSalesInTemporaryRateIncreasePlacedIntoEffectUntilNewRatesApproved
0
CY2024Q3 artna Number Of Phases Of Settlement Claim
NumberOfPhasesOfSettlementClaim
1
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0000863110
dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
ARTESIAN RESOURCES CORPORATION
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2024Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
52340000
artna Net Advances And Contributions In Aid Of Construction
NetAdvancesAndContributionsInAidOfConstruction
18657000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6458000
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
36231000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Reclassification</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Certain accounts in the prior year financial statements have been reclassified for comparative purposes to conform with the presentation in the current year financial statements.  These reclassifications had no effect on net income or stockholders' equity.</div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><span style="text-decoration: underline;">Use of Estimates</span></span></div> <div><br/></div> <div style="text-align: justify; margin-right: 0.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The condensed consolidated financial statements were prepared in conformity with generally accepted accounting principles in the U.S., which require management to make certain estimates and assumptions regarding the reported amounts of assets and liabilities including unbilled revenues, credit losses and reserves for bad debt, regulatory asset recovery, lease agreements, goodwill and contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from management's estimates.</div>
CY2024Q3 artna Reserve Or Reduction To Revenue
ReserveOrReductionToRevenue
0
us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
10000000
artna Loss Contingency Number Of Installments
LossContingencyNumberOfInstallments
3
CY2022Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
2500000
CY2024Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
2500000
CY2023Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
2500000
artna Loss Contingency Damages To Be Paid
LossContingencyDamagesToBePaid
2500000
artna Loss Contingency Number Of Installments
LossContingencyNumberOfInstallments
3
CY2024Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
2500000
CY2023Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
2500000
CY2022Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
2500000
artna Loss Contingency Damages To Be Paid
LossContingencyDamagesToBePaid
2500000
artna Number Of Refunds
NumberOfRefunds
3

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