(continued)
(in thousands)
Income Taxes Provision (Benefit):
Pennichuck Water
Pennichuck East
Pittsfield Aqueduct
Subtotal Regulated Segment
Service Corporation
Other
Total Income Taxes Provision (Benefit)
Net Income (Loss):
Pennichuck Water
Pennichuck East
Pittsfield Aqueduct
Subtotal Regulated Segment
Service Corporation
Other
Total Net Income (Loss)
Total Net Assets:
15. Segment Reporting
For the years ended December 31, 2020 and 2019, and as of those dates, the following
financial results were generated by the segments of the Company:
Municipal Acquisition Regulatory Asset (“MARA”)
Transactions with Related Party — City of Nashua
14,
The following table presents reclassifications out of accumulated other comprehensive
income for the years ended December 31, 2020 and 2019:
Amounts Reclassified Affected Line Item in
Details about Accumulated Other from Accumulated Other the Statement Where
Comprehensive Income Components Comprehensive Income Net Income is Presented
{in thousands) 2020 2019
Gain on cash flow hedges:
Interest rate contracts $ 42 § 70 Interest expense
(17) (27) Tax expense
All Bonds Test - Additionally, Pennichuck Water cannot create, issue, incur, assume or
guarantee any new funded debt, if the total outstanding funded debt (“Total Funded
Debt”) will exceed the sum of MARA (as defined in Note 14 of these consolidated financial
statements) and 85% of its Net Capital Properties (“MARA and Capital Properties”), and
unless net revenues or EBITDA (earnings before interest, taxes, depreciation and
amortization) shall equal or exceed for at least 12 consecutive months out of the 15
Short-term borrowing activity under Pennichuck Water's FALOC for the years ended
December 31, 2020 and 2019 was:
(in thousands) 2020 2019
Established line as of December 31, S 12,000 S 10,000
Maximum amount outstanding during period 7,223 8,850
Average amount outstanding during period 3,610 4,131
Amount outstanding as of December 31, 4,550 5,848
Weighted average interest rate during period 2.80% 4.07%
Interest rate as of December 31, 1.90% 3.55%
12.
Paycheck Protection Program Loan
Rate Covenant Test - If during any fiscal year, the EBITDA of Pennichuck Water shall not
equal at least 1.1 times all amounts paid or required to be paid during that year
(“Amounts Paid”), then the Company shall undertake reasonable efforts to initiate a rate-
making proceeding with the NHPUC, to rectify this coverage requirement in the
succeeding fiscal years. Thereby, the ratio of EBITDA to Amounts Paid must be equal to
or greater than 1.1; as of December 31, 2020 and 2019, the Rate Covenant coverage ratio
was 3.57 and 1.98, respectively.
The aggregate principal payment requirements subsequent to December 31, 2020 are as
follows:
(in thousands) Amount
2021 S 6,018
2022 6,272
2023 7,508
2024 6,721
2025 7,013
2026 and thereafter 211,351
Total S 244,883
