| Property, Plant and Equipment |
Depreciable lives by category are as follows:
|
|
|
|
|
|
|
Fencing, water wells and water well fields (in years) |
10 |
|
to |
|
15 |
Software developed for internal use (in years) |
|
|
5 |
|
|
Office furniture, equipment and vehicles (in years) |
5 |
|
to |
|
7 |
Property, plant and equipment, net consisted of the following at December 31, 2018 and 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
December 31, 2017 |
Property, plant and equipment, at cost: |
|
|
|
Water service-related assets (1)
|
$ |
62,919 |
|
|
$ |
18,193 |
|
Furniture, fixtures and equipment |
4,297 |
|
|
1,786 |
|
Other |
598 |
|
|
— |
|
Total property, plant and equipment, at cost |
67,814 |
|
|
19,979 |
|
Less: accumulated depreciation |
(3,012 |
) |
|
(463 |
) |
Property, plant and equipment, net |
$ |
64,802 |
|
|
$ |
19,516 |
|
|
|
(1) |
Water service-related assets include water wells and water well fields related to water sourcing and water re-use. |
|
| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
Adoption of the standards related to revenue recognition and presentation of net periodic pension cost impacted our previously reported results for operating income and other income as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported in prior year |
|
Retrospective adjustment |
|
As reported in current year |
For the year ended December 31, 2017 |
|
|
|
|
|
Operating income |
$ |
119,776 |
|
|
$ |
25,171 |
|
|
$ |
144,947 |
|
Other income (expense) |
84 |
|
|
30 |
|
|
114 |
|
|
|
|
|
|
|
For the year ended December 31, 2016 |
|
|
|
|
|
Operating income |
$ |
55,058 |
|
|
$ |
7,853 |
|
|
$ |
62,911 |
|
Other income (expense) |
29 |
|
|
(44 |
) |
|
(15 |
) |
Adoption of the standard related to revenue recognition impacted our previously reported results as follows (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
|
New Revenue
Standard
Adjustment
|
|
As Adjusted |
Consolidated Statements of Income: |
|
|
|
|
|
For the year ended December 31, 2017 |
|
|
|
|
|
Revenue |
$ |
132,329 |
|
|
$ |
22,305 |
|
|
$ |
154,634 |
|
Taxes, other than income taxes |
3,161 |
|
|
(2,896 |
) |
|
265 |
|
Income taxes - deferred |
(3,365 |
) |
|
4,331 |
|
|
966 |
|
Net income |
76,361 |
|
|
20,870 |
|
|
97,231 |
|
Net income per Sub-share Certificate |
9.72 |
|
|
2.66 |
|
|
12.38 |
|
|
|
|
|
|
|
For the year ended December 31, 2016 |
|
|
|
|
|
Revenue |
$ |
59,911 |
|
|
$ |
6,198 |
|
|
$ |
66,109 |
|
Taxes, other than income taxes |
1,779 |
|
|
(1,612 |
) |
|
167 |
|
Income taxes - deferred |
(4,194 |
) |
|
2,774 |
|
|
(1,420 |
) |
Net income |
37,240 |
|
|
5,035 |
|
|
42,275 |
|
Net income per Sub-share Certificate |
4.66 |
|
|
0.63 |
|
|
5.29 |
|
|
|
|
|
|
|
Consolidated Balance Sheets:
|
|
|
|
|
|
As of December 31, 2017 |
|
|
|
|
|
Assets: |
|
|
|
|
|
Accrued receivables |
$ |
18,205 |
|
|
$ |
(432 |
) |
|
$ |
17,773 |
|
Deferred tax asset (liability) |
6,992 |
|
|
(7,106 |
) |
|
(114 |
) |
|
|
|
|
|
|
Liabilities and Capital: |
|
|
|
|
|
Unearned revenue |
$ |
41,375 |
|
|
$ |
(33,011 |
) |
|
$ |
8,364 |
|
Other taxes payable |
433 |
|
|
(433 |
) |
|
— |
|
Net proceeds from all sources |
79,997 |
|
|
25,905 |
|
|
105,902 |
|
|