Revenues from real estate operations, other than undistributed earnings or losses from
equity method joint ventures, are recorded upon completion of a sale of real property. The
Company's real estate holdings outside of the Company’s utility subsidiaries are comprised
primarily of undeveloped land.
The Company does not have any significant financing components as payment is received at
or shortly after the point of sale.
Contract Combination
Unamortized Debt issuance Costs
Unamortized debt issuance costs are amortized over the original term of the related bonds
and notes. The Company's utility subsidiaries have recorded unamortized debt issuance costs
in cases where the NHPUC has permitted, or is expected to permit, recovery of these costs
over future periods. The debt issuance costs are being amortized over the original lives of the
associated debt.
Contributions in Aid of Construction
Concentration of Credit Risks
Property, Plant and Equipment
Property, plant and equipment, which includes principally the water utility assets of the
Company’s utility subsidiaries, is recorded at cost plus an allowance for funds used during
construction on major, long-term projects and includes property funded with contributions
in aid of construction.
Maintenance, repairs and minor improvements are charged to expense as incurred. Improve-
ments which significantly increase the value of property, plant and equipment are capitalized.
PENNICHUCK CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
Description of Business and Summary of Significant Accounting Policies
Description of Business
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows - Continued
For the Years Ended December 31, 2021 and 2020
{in thousands)
2021 2020
Cash Flows From Financing Activities:
Borrowings (payments) on lines of credit, net S 1,128 S (3,803)
Payments on long-term debt (6,046) (65,649)
Contributions in aid of construction 40 35
Proceeds from long-term borrowings 9,614 87,290
Debt issuance costs (302) (11,922)
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2021 and 2020
{in thousands)
Balance as of
January 1, 2020
Net loss
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statement of Changes in Stockholder's Equity
For the Year Ended December 31, 2020
{in thousands, except per share data)
Accumulated
Other comprehensive income:
Unrealized loss on derivatives,
net of taxes of $(63)
Reclassification of net income
realized in net loss, net of
taxes of $27
Balance as of
December 31, 2020
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statement of Changes in Stockholder's Equity (Deficit)
For the Year Ended December 31, 2021
(in thousands, except per share data)
Accumulated
Additional Other
Common Stock Paidin Accumulated Comprehensive
Shares Amount Capital Deficit Income Total
Balance as of
January 1, 2021 1,000 S - S 30,561 S (30,403) S 254 $ 412
Common dividends declared - - (279) - (279)
Net loss - - - (3,699) - (3,699)
Other comprehensive income:
