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.
Cash and Cash Equivalents
Cash and cash equivalents generally consist of cash, money market funds and other short-
term liquid investments with original maturities of three months or less.
Restricted Cash — RSF
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, 2020 and 2019
(in thousands)
2020 2019
Cash Flows From Financing Activities:
Borrowings (payments) on lines of credit, net S (3,803) $ 2,657
Payments on long-term debt (65,649) (6,034)
Contributions in aid of construction 35 48
Proceeds from long-term borrowings 87,290 18,692
Debt issuance costs (11,922) (327)
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2020 and 2019
(in thousands)
Balance as of
January 1, 2019
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statement of Changes in Stockholder's Equity
For the Year Ended December 31, 2019
(in thousands, except per share data)
Accumulated
Common dividends declared - -
Net loss
Other comprehensive income:
Unrealized gain on derivatives,
net of taxes of $(63)
Reclassification of net income
realized in net income, net of
taxes of $27
Balance as of
December 31, 2019
Balance as of
January 1, 2020
Common dividends declared
Net loss
Other comprehensive income:
Unrealized loss on derivatives,
net of taxes of $(60)
Reclassification of net income
realized in net loss, net of
taxes of $17
Balance as of
December 31, 2020
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
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
For the Years Ended December 31, 2020 and 2019
(in thousands)
2020 2019
Net Loss S (1,984) S (5,337)
Other Comprehensive Loss:
Unrealized loss on derivatives (149) (160)
Reclassification of net income realized in net loss 42 70
Income tax provision relating to
other comprehensive loss 43 36
Other Comprehensive Loss (64) (54)
Comprehensive Loss S (2,048) $ (5,391)
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statements Of Income (Loss)
For the Years Ended December 31, 2020 and 2019
(in thousands)
Operating Revenues
Operating Expenses:
Operations and maintenance
Depreciation and amortization
Taxes other than income taxes
Total Operating Expenses
Operating Income
Interest Expense
Other, Net
Loss Before Provision for Income Taxes
Provision for Income Taxes
Net Loss
2020
50,091
24,768
8,549
6,445
39,762
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets - Continued
As of December 31, 2020 and 2019
(in thousands, except share data)
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
As of December 31, 2020 and 2019
(in thousands, except share data)
ASSETS
Property, Plant and Equipment, net
Current Assets:
Cash and cash equivalents
Restricted cash - RSF
Restricted cash - CIAC
Restricted cash - Bond Project Funds
Accounts receivable - billed, net
Accounts receivable - unbilled, net
Accounts receivable - other
Inventory
Prepaid expenses
Prepaid property taxes
Deferred and refundable income taxes
