Board Of Aldermen

10.

Disaggregation of Revenue
For the years ended December 31, 2021 and 2020, revenue recognized for goods and services
transferred over time totaled $3,339,069 and $2,777,693, respectively.

For assets and liabilities measured at fair value on a recurring basis, the fair value measure-
ment by levels within the fair value hierarchy used as of December 31, 2021 and 2020 were
as follows:

December 31, 2021

(in thousands) Total Level 1 Level 2 Level 3
Liabilities:
Interest rate swap S$ (290) S$ - § (290) S$ -

December 31, 2020

(in thousands) Total Level 1 Level 2 Level 3
Liabilities:
Interest rate swap $ (460) S$ - S (460) S$ -

Commitments and Contingencies

Operating Leases

The Company’s corporate office space, as well as certain office equipment, is leased under
operating lease agreements. Total rent expense was approximately $385,300 and $389,800
for the years ended December 31, 2021 and 2020, respectively.

The remaining non-cancelable lease commitments for the corporate office space and leased
equipment as of December 31, 2021 were as follows:

The following table presents a period-end reconciliation of DB Plan assets measured and
recorded at fair value on a recurring basis, using significant unobservable inputs (Level 3):

(in thousands} 2021 2020
Balance, beginning of year S 5,731 S 5,155
Plan transfers 202 1,941
Contributions 599 373
Benefits paid - (1,844)
Return on plan assets (net of investment expenses) 110 106
Balance, end of year iS 6,642 S 5,731

The fair value of DB Plan and OPEB Plan assets by levels within the fair value hierarchy used
as of December 31, 2020 was as follows:

(in thousands} Fair Value Level 1 Level 2 Level 3

DB Plan:

Guaranteed Interest Accounts S$ 5,731 $ : $ - $5,731

Total Assets in the Fair Value Hierarchy 5,731 - - 5,731

Investments measured at net asset value”! 17,895 - - -
DB Plan Investments, at Fair Value 23,626 - - 5,731

OPEB Plans:

Common stocks 349 349 -

Mutual funds 124 124 .

Fixed income funds 143 143 - -

The methods described above may produce a fair value calculation that may not be indicative of
net realizable value or reflective of future fair values. Furthermore, while the Plan’s management
believes the valuation methodologies are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair value of
certain investments could result in a different fair value measurement at the reporting date.

The following table indicates the asset allocation percentages of the fair value of the DB Plan
and OPEB Plans’ assets for each major type of plan asset as of December 31, 2020, as well as
the targeted allocation range:

DB Plan OPEB Plans
Asset Asset
Allocation Allocation
Range Range
Equities 61% 30% - 100% 69% 30% - 100%
Fixed income 39% 20% - 70% 24% 0% - 50%
Cash and cash equivalents 0% 0% - 15% 7% 0% - 15%
Total 100% 100%

The estimated net actuarial loss for our DB Plan that will be amortized in 2022 from the
regulatory assets into net periodic benefit costs is $329,000. The estimated net actuarial gain
and prior service cost for our OPEB Plans that will be amortized in 2022 from the regulatory
assets into net periodic benefit costs is $25,300.

Changes in plan assets and benefit obligations recognized in regulatory assets, for the year
ended December 31, 2020, were as follows:

(in thousands) DB Plan OPEB Plans

Regulatory asset balance, beginning of period $ 10,269 $ 1,078
Net actuarial loss incurred during the period 2,733 621
Prior service cost incurred during the period - 16
Recognized net actuarial gain (477) (43)
Regulatory asset balance, end of period $ 12,525 $ 1,672

The following table sets forth information regarding our DB Plan and our OPEB Plans as of
December 31, 2020 and for the year then ended:

{in thousands) DB Plan OPEB Plans
Projected benefit obligations $ 39,050 S 5,549
Employer contribution 1,491 11
Benefits paid, excluding expenses (1,964) (72)
Fair value of plan assets 23,626 639
Accumulated benefit obligation 35,020 -
Funded status (15,424) (4,910)
Net periodic benefit cost 1,688 345