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) 2015 2014
Balance, beginning of year $ 2,625 $ 2,940
Plan transfers 182 (494)
Contributions 187 537
Benefits paid (497) (438)
Return on plan assets (net of investment expenses) 84 80
Balance, end of year $ 2,581 $ 2,625
=—=—_ —aEaE
(continued)
(in thousands) Totals Level 1 Level 2 Level 3
OPEB Plans:
Common stocks 287 287 - >
Mutual funds 104 104
Fixed income funds 185 185 . -
Cash and cash equivalents:
Money market funds 43 - 43 -
Total OPEB Plans 619 576 43 -
Totals $ 14,491 $576 $ 11,334 $ 2,581
The fair value of DB Plan and OPEB Plan assets by levels within the fair value hierarchy
used as of December 31, 2014 was as follows:
The DB Plan also holds assets under an immediate participation guarantee group annuity
contract with a life insurance company. The assets under the contract are invested in pooled
separate accounts and in a general investment account. The pooled separate accounts are
valued based on net asset value per unit of participation in the fund and have no unfunded
commitments or significant redemption restrictions at year-end. The value of these units is
determined by the trustee based on the current market values of the underlying assets of the
The assets of our Post-65 Plan are held in two separate Voluntary Employee Beneficiary
Association (“VEBA”) trusts. We maintain our VEBA plan assets in directed trust accounts
at a commercial bank.
Amounts recognized in regulatory assets for the DB and OPEB Plans that have not yet been
recognized as components of net periodic benefit cost of the following as of December 31,
2015:
(in thousands) DB Plan OPEB Plans
Net actuarial (gain)/loss $ 6,658 $ 433
Prior service cost - (196)
Regulatory asset $6,658 $ 237
Amounts recognized in regulatory assets for the DB and OPEB Plans that have not yet been
recognized as components of net periodic benefit cost of the following as of December 31,
2014:
The following table sets forth information regarding our DB Plan and our OPEB Plans as of
December 31, 2014 and for the year then ended:
(in thousands) DB Plan OPEB Plans
Projected benefit obligations $ 21,512 $ 3,000
Employer contribution 986 -
Benefits paid, excluding expenses (429) (34)
Fair value of plan assets 13,495 962
Accumulated benefit obligation 19,374 -
Funded status (8,017) (2,038)
Net periodic benefit cost 893 130
Amount of the funded status recognized in the
Consolidated Balance Sheet consisted of:
Note 6 — Post-retirement Benefit Plans
Pension Plan and Other Post-retirement Benefits
At December 31, 2015, contractual maturities of held-to-maturity securities, in the carrying
amount of approximately $17,237,000, were due in one year or less. Actual maturities may
differ from contractual maturities because some borrowers have the right to call or prepay
obligations with or without call or prepay penalties.
Note 4 ~ Accounts Receivable
Accounts receivable consisted of the following at December 31, 2015 and 2014:
Note 2 — Property, Plant and Equipment
The components of property, plant and equipment as of December 31, 2015 and 2014 were
as follows:
subsidiaries also record to plant and CIAC the fair market value of developer installed mains
and any excess of fair market value over the cost of community water systems purchased
from developers. CIAC are amortized over the life of the related properties.
Revenues
