The York Water Company (YORW) 10-Q7 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-34245
Entity Registrant Name	YORK WATER CO
Entity Central Index Key	0000108985
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1242500
Entity Address, Address Line One	130 East Market Street
Entity Address, City or Town	York
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17401
City Area Code	717
Local Phone Number	845-3601
Title of 12(b) Security	Common Stock, No par value
Trading Symbol	YORW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,344,608

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
UTILITY PLANT, at original cost	$ 628,710	$ 620,201
Plant acquisition adjustments	(9,364)	(9,384)
Accumulated depreciation	(116,918)	(117,113)
Net utility plant	502,428	493,704
OTHER PHYSICAL PROPERTY, net of accumulated depreciation of $511 in 2024 and $501 in 2023	1,559	1,569
CURRENT ASSETS:
Cash and cash equivalents	3,321	1
Accounts receivable, net of reserves of $1,055 in 2024 and $1,005 in 2023	7,086	7,837
Unbilled revenues	3,575	3,484
Recoverable income taxes	0	332
Materials and supplies inventories, at cost	3,525	3,109
Prepaid expenses	1,432	821
Total current assets	18,939	15,584
OTHER LONG-TERM ASSETS:
Prepaid pension cost	23,940	23,380
Note receivable	255	255
Deferred regulatory assets	50,257	48,949
Other assets	4,909	4,764
Total other long-term assets	79,361	77,348
Total Assets	602,287	588,205
COMMON STOCKHOLDERS' EQUITY:
Common stock, no par value, authorized 46,500,000 shares, issued and outstanding 14,343,500 shares in 2024 and 14,332,245 shares in 2023	136,622	136,174
Retained earnings	86,309	85,004
Total common stockholders' equity	222,931	221,178
PREFERRED STOCK, authorized 500,000 shares, no shares issued	0	0
LONG-TERM DEBT	189,613	180,007
COMMITMENTS
CURRENT LIABILITIES:
Accounts payable	11,785	10,873
Dividends payable	2,757	2,754
Accrued compensation and benefits	1,539	1,629
Accrued income taxes	54	0
Accrued interest	1,815	1,741
Deferred regulatory liabilities	662	644
Other accrued expenses	721	502
Total current liabilities	19,333	18,143
DEFERRED CREDITS:
Customers' advances for construction	19,134	18,853
Deferred income taxes	56,282	55,235
Deferred employee benefits	3,818	3,847
Deferred regulatory liabilities	43,393	42,989
Other deferred credits	458	632
Total deferred credits	123,085	121,556
Contributions in aid of construction	47,325	47,321
Total Stockholders' Equity and Liabilities	$ 602,287	$ 588,205

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Other physical property, accumulated depreciation	$ 511	$ 501
CURRENT ASSETS:
Accounts receivables, reserves	$ 1,055	$ 1,005
COMMON STOCKHOLDERS' EQUITY:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized (in shares)	46,500,000	46,500,000
Common stock, issued (in shares)	14,343,500	14,332,245
Common stock, outstanding (in shares)	14,343,500	14,332,245
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
Statements of Income (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Statements of Income [Abstract]
OPERATING REVENUES:	$ 17,628	$ 15,401
OPERATING EXPENSES:
Operation and maintenance	4,812	4,112
Administrative and general	3,074	2,666
Depreciation and amortization	3,083	2,814
Taxes other than income taxes	444	391
Operating expenses	11,413	9,983
Operating income	6,215	5,418
OTHER INCOME (EXPENSES):
Interest on debt	(2,123)	(1,513)
Allowance for funds used during construction	1,134	749
Other pension costs	(230)	(364)
Other income (expenses), net	(67)	(94)
Other income (expenses)	(1,286)	(1,222)
Income before income taxes	4,929	4,196
Income tax expense	602	543
Net Income	$ 4,327	$ 3,653
Basic Earnings Per Share (in dollars per share)	$ 0.3	$ 0.26
Diluted Earnings Per Share (in dollars per share)	$ 0.3	$ 0.26

Statements of Common Stockholde

Statements of Common Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 134,220	$ 72,963	$ 207,183
Balance (in shares) at Dec. 31, 2022	14,285,584
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	3,653	3,653
Cash dividends declared	0	(2,897)	(2,897)
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans	$ 405	0	405
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans (in shares)	9,314
Stock-based compensation	$ 54	0	54
Stock-based compensation (in shares)	0
Balance at Mar. 31, 2023	$ 134,679	73,719	208,398
Balance (in shares) at Mar. 31, 2023	14,294,898
Balance at Dec. 31, 2023	$ 136,174	85,004	$ 221,178
Balance (in shares) at Dec. 31, 2023	14,332,245		14,332,245
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	4,327	$ 4,327
Cash dividends declared	0	(3,022)	(3,022)
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans	$ 405	0	405
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans (in shares)	11,768
Stock-based compensation	$ 43	0	43
Stock-based compensation (in shares)	(513)
Balance at Mar. 31, 2024	$ 136,622	$ 86,309	$ 222,931
Balance (in shares) at Mar. 31, 2024	14,343,500		14,343,500

Statements of Common Stockhol_2

Statements of Common Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared (in dollars per share)	$ 0.2108	$ 0.2027

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,327	$ 3,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,083	2,814
Stock-based compensation	43	54
Increase in deferred income taxes	202	543
Other	(329)	(182)
Changes in assets and liabilities:
Decrease in accounts receivable and unbilled revenues	535	994
Decrease in recoverable income taxes	332	2
Increase in materials and supplies, prepaid expenses, prepaid pension cost, regulatory and other assets	(3,710)	(3,185)
Increase in accounts payable, accrued compensation and benefits, accrued expenses, deferred employee benefits, regulatory liabilities, and other deferred credits	1,527	1,359
Increase in accrued interest and taxes	128	172
Net cash provided by operating activities	6,138	6,224
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility plant additions, including debt portion of allowance for funds used during construction of $634 in 2024 and $418 in 2023	(8,457)	(10,581)
Acquisitions of water and wastewater systems	(45)	0
Net cash used in investing activities	(8,502)	(10,581)
CASH FLOWS FROM FINANCING ACTIVITIES:
Customers' advances for construction and contributions in aid of construction	285	134
Repayments of customer advances	0	(39)
Proceeds of long-term debt issues	49,919	49,484
Debt issuance costs	(167)	(171)
Repayments of long-term debt	(40,192)	(39,224)
Changes in cash overdraft position	(1,547)	(3,175)
Issuance of common stock	405	405
Dividends paid	(3,019)	(2,892)
Net cash provided by financing activities	5,684	4,522
Net change in cash and cash equivalents	3,320	165
Cash and cash equivalents at beginning of period	1	1
Cash and cash equivalents at end of period	3,321	166
Cash paid during the period for:
Interest, net of amounts capitalized	$ 1,491	$ 969
Supplemental disclosure of non-cash investing and financing activities:
Accounts payable includes $8,172 in 2024 and $7,764 in 2023 for the construction of utility plant.

Statements of Cash Flows (Una_2

Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility plant additions, debt portion of allowance for funds used during construction	$ 634	$ 418
Supplemental disclosure of non-cash investing and financing activities:
Accounts payable for construction of utility plant	$ 8,172	$ 7,764

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The interim financial statements are unaudited but, in the opinion of management, reflect all adjustments, consisting of only normal recurring accruals, necessary for a fair presentation of results for such periods. Because the financial statements cover an interim period, they do not include all disclosures and notes normally provided in annual financial statements, and therefore, should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the are not necessarily indicative of the results that may be expected for the year ending December 31, .

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2024
Acquisitions [Abstract]
Acquisitions	2. Acquisitions On January 31, 2024, the Company completed the acquisition of the wastewater collection and treatment assets of MESCO, Inc. in Monaghan Township, York County, Pennsylvania. The Company began operating the existing wastewater collection and treatment assets on February 1, 2024. The acquisition resulted in the addition of approximately 180 wastewater customers with purchase price and acquisition costs of approximately $37. This acquisition is immaterial to Company results. On February 21, 2024, the Company completed the acquisition of the water assets of Longstown Mobile Estates in Windsor Township, York County, Pennsylvania. The Company began operating the existing water system through an interconnection with its current distribution system on February 26, 2024. The acquisition resulted in the addition of approximately 90 water customers with purchase price and acquisition costs of approximately $8. These customers were previously served by the Company through a single customer connection to the mobile home park. This acquisition is immaterial to Company results.

Accounts Receivable and Contrac

Accounts Receivable and Contract Assets	3 Months Ended
Accounts Receivable and Contract Assets	Mar. 31, 2024
Accounts Receivable and Contract Assets [Abstract]
Accounts Receivable and Contract Assets	3. Accounts Receivable and Contract Assets Accounts receivable and contract assets are summarized in the following table: As of As of Mar. 31, 2024 Dec. 31, 2023 Change Accounts receivable – customers $ 7,602 $ 8,250 $ (648 ) Other receivables 539 592 (53 ) 8,141 8,842 (701 ) Less: allowance for doubtful accounts (1,055 ) (1,005 ) (50 ) Accounts receivable, net $ 7,086 $ 7,837 $ (751 ) Unbilled revenue $ 3,575 $ 3,484 $ 91 Differences in timing of revenue recognition, billings, and cash collections result in receivables, which are contract assets. Generally, billing occurs subsequent to revenue recognition, resulting in unbilled revenue on the balance sheet, which is also a contract asset

Common Stock and Earnings Per S

Common Stock and Earnings Per Share	3 Months Ended
Common Stock and Earnings Per Share	Mar. 31, 2024
Common Stock and Earnings Per Share [Abstract]
Common Stock and Earnings Per Share	4. Common Stock and Earnings Per Share Net income of $4,327 and $3,653 for the three months ended March 31, 2024 and 2023, respectively, is used to calculate both basic and diluted earnings per share. Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding plus potentially dilutive shares. The dilutive effect of employee stock-based compensation is included in the computation of diluted earnings per share and is calculated using the treasury stock method and expected proceeds upon exercise or issuance of the stock-based compensation. The following table summarizes the shares used in computing basic and diluted earnings per share: Three Months Ended March 31 2024 2023 Weighted average common shares, basic 14,324,879 14,275,866 Effect of dilutive securities: Employee stock-based compensation 2,827 3,837 Weighted average common shares, diluted 14,327,706 14,279,703 On March 11, 2013, the Board of Directors, or the Board, authorized a share repurchase program granting the Company authority to repurchase up to 1,200,000 shares of the Company’s common stock from time to time. The stock repurchase program has no specific end date and the Company may repurchase shares in the open market or through privately negotiated transactions. The Company may suspend or discontinue the repurchase program at any time. No shares were repurchased during the three months ended March 31, 2024 and 2023. As of March 31, 2024, 618,004 shares remain authorized for repurchase.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt [Abstract]
Debt	5. Debt As of Mar. 31, 2024 As of Dec. 31, 2023 Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029 $ 12,000 $ 12,000 3.00 Facilities Revenue Refunding Bonds, Series A of 2019, due 2036 10,500 10,500 3.10 Facilities Revenue Refunding Bonds, Series B of 2019, due 2038 14,870 14,870 3.23 15,000 15,000 4.00 4.50 Facilities Revenue Bonds, Series 2015, due 2029 – 2045 10,000 10,000 4.54 20,000 20,000 3.24% Senior Notes, due 2050 30,000 30,000 5.50% Senior Notes, due 2053 40,000 40,000 5.67% Senior Notes, due 2054 40,000 – Committed Line of Credit, due September 2025 – 30,273 Total long-term debt 192,370 182,643 Less discount on issuance of long-term debt (144 ) (147 ) Less unamortized debt issuance costs (2,613 ) (2,489 ) Long-term portion $ 189,613 $ 180,007 On February 27, 2024, the Company entered into a note purchase agreement with certain institutional investors relating to the private placement of $40,000 aggregate principal amount of the Company’s senior notes. The senior notes bear interest at 5.67% per annum payable semiannually and mature on February 27, 2054. The senior notes are unsecured and unsubordinated obligations of the Company. The Company received net proceeds, after deducting issuance costs, of approximately $39,833. The net proceeds were used to refinance line of credit borrowings incurred by the Company as interim financing for various capital projects of the Company.

Interest Rate Swap Agreement

Interest Rate Swap Agreement	3 Months Ended
Interest Rate Swap Agreement	Mar. 31, 2024
Interest Rate Swap Agreement [Abstract]
Interest Rate Swap Agreement	6. Interest Rate Swap Agreement The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company utilizes an interest rate swap agreement to effectively convert the Company’s $12,000 variable-rate debt issue to a fixed rate. Interest rate swaps are contracts in which a series of interest rate cash flows are exchanged over a prescribed period. The notional amount on which the interest payments are based ($12,000) is not exchanged. The interest rate swap provides that the Company pays the counterparty a fixed interest rate of 3.16% on the notional amount of $12,000. In exchange, the counterparty paid the Company a variable interest rate based on 59% of the U.S. Dollar one-month LIBOR rate on the notional amount. The variable interest rate changed to 59% of the daily simple Secured Overnight Financing Rate, or SOFR, plus a spread adjustment of 11.448 basis points upon the discontinuance of LIBOR in 2023. The intent is for the variable rate received from the swap counterparty to approximate the variable rate the Company pays to bondholders on its variable rate debt issue, resulting in a fixed rate being paid to the swap counterparty and reducing the Company’s interest rate risk. The Company’s net payment rate on the swap was (0.04)% and 0.44% for the three months ended March 31, 2024 and 2023, respectively. The interest rate swap agreement is classified as a financial derivative used for non-trading activities. The accounting standards regarding accounting for derivatives and hedging activities require companies to recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. In accordance with the standards, the interest rate swap is recorded on the balance sheet in other deferred credits at fair value (see Note 7). The Company uses regulatory accounting treatment rather than hedge accounting to defer the unrealized gains and losses on its interest rate swap. These unrealized gains and losses are recorded as a regulatory asset or regulatory liability. Based on current ratemaking treatment, the Company expects the unrealized gains and losses to be recognized in rates as a component of interest expense as the swap settlements occur. Swap settlements are recorded in the income statement with the hedged item as interest expense. Swap settlements resulted in the reclassification from regulatory assets to interest expense of $(1) and $14 for the three months ended March 31, 2024 and 2023, respectively. The overall swap result was a (gain) loss of $(175) and $127 for the three months ended March 31, 2024 and 2023, respectively. The Company expects to reclassify $22 before tax from regulatory assets to interest expense as a result of swap settlements over the next 12 months. The interest rate swap agreement contains provisions that require the Company to maintain a credit rating of at least BBB- with Standard & Poor’s. If the Company’s rating were to fall below this rating, it would be in violation of these provisions, and the counterparty to the derivative could request immediate payment if the derivative was in a liability position. On July 26, 2023, Standard & Poor’s affirmed the Company’s credit rating at A-, with a stable outlook and adequate liquidity. The Company’s interest rate swap was in a liability position as of March 31, 2024. If a violation due to credit rating, or some other default provision, were triggered on March 31, 2024, the Company would have been required to pay the counterparty approximately $476. The interest rate swap will expire on October 1, 2029

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2024
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments The accounting standards regarding fair value measurements establish a fair value hierarchy which indicates the extent to which inputs used in measuring fair value are observable in the market. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability. The Company has recorded its interest rate swap liability at fair value in accordance with the standards. The liability is recorded under the caption “Other deferred credits” on the balance sheet. The table below illustrates the fair value of the interest rate swap as of the end of the reporting period. Description March 31, 2024 Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) Interest Rate Swap $458 $458 Fair values are measured as the present value of all expected future cash flows based on the swap yield curve as of the date of the valuation. These inputs to this calculation are deemed to be Level 2 inputs. The balance sheet carrying value reflects the Company’s credit quality as of March 31, 2024. The rate used in discounting all prospective cash flows anticipated to be made under this swap reflects a representation of the yield to maturity for 30-year debt on utilities rated A- as of March 31, 2024. The use of the Company’s credit rating resulted in a reduction in the fair value of the swap liability of $18 as of March 31, 2024. The fair value of the swap reflecting the Company’s credit quality as of December 31, 2023 is shown in the table below. Description December 31, 2023 Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) Interest Rate Swap $632 $632 The carrying amount of current assets and liabilities that are considered financial instruments approximates fair value as of the dates presented. The Company’s total long-term debt, with a carrying value of $192,370 at March 31, 2024, and $182,643 at December 31, 2023, had an estimated fair value of approximately $179,000 and $175,000, respectively. The estimated fair value of debt was calculated using a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration and risk profile. These inputs to this calculation are deemed to be Level 2 inputs. The Company recognized its credit rating in determining the yield curve and did not factor in third-party credit enhancements including the letter of credit on the 2008 Pennsylvania Economic Development Financing Authority Series A issue. Customers’ advances for construction and note receivable had carrying values at March 31, 2024 of $19,134 and $255, respectively. At December 31, 2023, customers’ advances for construction and note receivable had carrying values of $18,853 and $255, respectively. The relative fair values of these amounts cannot be accurately estimated since the timing of future payment streams is dependent upon several factors, including new customer connections, customer consumption levels and future rate increases.

Commitments

Commitments	3 Months Ended
Commitments	Mar. 31, 2024
Commitments [Abstract]
Commitments	8. Commitments The Company committed to capital expenditures of approximately $40,073 to armor and replace the spillway of the Lake Williams dam, of which $1,777 remains to be incurred as of March 31, 2024. The Company may make additional commitments for this project in the future. The Company was granted approval by the PPUC to modify its tariff to include the cost of the annual replacement of up to 400 lead customer-owned service lines over nine years from the date of the agreement. The tariff modification allows the Company to replace customer-owned service lines at its own initial cost. The Company will record the costs as a regulatory asset to be recovered in future base rates to customers, over a four-year period. The cost for the customer-owned lead service line replacements was approximately $1,819 and $1,762 through March 31, 2024 and December 31, 2023, respectively, and is included as a regulatory asset. Based on its experience, the Company estimates that lead customer-owned service lines replacements will cost $1,900. This estimate is subject to adjustment as more facts become available.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2024
Revenue [Abstract]
Revenue	9. Revenue The following table shows the Company’s revenues disaggregated by service and customer type. Three Months Ended March 31 2024 2023 Water utility service: Residential $ 9,844 $ 8,888 Commercial and industrial 4,656 4,004 Fire protection 1,081 932 Wastewater utility service: Residential 1,474 1,084 Commercial and industrial 316 221 Billing and revenue collection services 130 126 Collection services 6 7 Other revenue 7 11 Total Revenue from Contracts with Customers 17,514 15,273 Rents from regulated property 114 128 Total Operating Revenue $ 17,628 $ 15,401 Utility Service The Company provides utility service as a distinct and single performance obligation to each of its water and wastewater customers. The transaction price is detailed in the tariff pursuant to an order by the PPUC and made publicly available. There is no variable consideration and no free service, special rates, or subnormal charges to any customer. Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price. The performance obligation is satisfied over time through the continuous provision of utility service through a stand-ready obligation to perform and the transfer of water or the collection of wastewater through a series of distinct transactions that are identical in nature and have the same pattern of transfer to the customer. The Company uses an output method to recognize the utility service revenue over time. The stand-ready obligation is recognized through the passage of time in the form of a fixed charge and the transfer of water or the collection of wastewater is recognized at a per unit rate based on the actual or estimated flow through the meter. Each customer is invoiced every month and the invoice is due within twenty days. The utility service has no returns or warranties associated with it. No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period. A contract asset for unbilled revenue is recognized for the passage of time and the actual or estimated usage from the latest meter reading to the end of the accounting period. The methodology is standardized and consistently applied to reduce bias and the need for judgment. Billing and Revenue Collection Service The Company provides billing and revenue collection service as distinct performance obligations to three municipalities within the service territory of the Company. The municipalities provide service to their residents and the Company acts as the billing and revenue collection agent for the municipalities. The transaction price is a fixed amount per bill prepared as established in the contract. There is no variable consideration. Due to the fact that both the billing performance obligation and the revenue collection performance obligation are materially complete by the end of the reporting period, the Company does not allocate the transaction price between the two performance obligations. The performance obligations are satisfied at a point in time when the bills are sent as the municipalities receive all the benefits and bear all of the risk of non-collection at that time. Each municipality is invoiced when the bills are complete and the invoice is due within thirty days. The billing and revenue collection service has no returns or warranties associated with it. No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period. Collection Service The Company provides collection service as a distinct and single performance obligation to several municipalities within the service territory of the Company. The municipalities provide wastewater service to their residents. If those residents are delinquent in paying for their wastewater service, the municipalities request that the Company post for and shut off the supply of water to the premises of those residents. When the resident is no longer delinquent, the Company will restore water service to the premises. The transaction price for each posting, each shut off, and each restoration is a fixed amount as established in the contract. There is no variable consideration. Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price. The performance obligation is satisfied at a point in time when the posting, shut off, or restoration is completed as the municipalities receive all the benefits in the form of payment or no longer providing wastewater service. Each municipality is invoiced periodically for the posting, shut offs, and restorations that have been completed since the last billing and the invoice is due within thirty days. The collection service has no returns or warranties associated with it. No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period. A contract asset for unbilled revenue is recognized for postings, shut offs, and restorations that have been completed from the last billing to the end of the accounting period. Service Line Protection Plan The Company provides service line protection as a distinct and single performance obligation to current water customers that choose to participate. The transaction price is detailed in the plan’s terms and conditions and made publicly available. There is no variable consideration. Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price. The performance obligation is satisfied over time through the continuous provision of service line protection through a stand-ready obligation to perform. The Company uses an output method to recognize the service line protection revenue over time. The stand-ready obligation is recognized through the passage of time. A customer has a choice to prepay for an entire year or to pay in advance each month. The service line protection plan has no returns or extended warranties associated with it. No revenue is recognized from performance obligations satisfied in prior periods and no material performance obligations remain unsatisfied as of the end of the reporting period.

Rate Matters

Rate Matters	3 Months Ended
Rate Matters	Mar. 31, 2024
Rate Matters [Abstract]
Rate Matters	10. Rate Matters From time to time, the Company files applications for rate increases with the PPUC and is granted rate relief as a result of such requests. The most recent rate request was filed by the Company on May 27, 2022 and sought an annual increase in water rates of $18,854 and an annual increase in wastewater rates of $1,457. Effective March 1, 2023, the PPUC authorized an increase in water rates designed to produce approximately $11,600 in additional annual revenues and an increase in wastewater rates designed to produce approximately $1,900 in additional annual revenues. The PPUC permits water utilities to collect a distribution system improvement charge, or DSIC. The DSIC allows the Company to add a charge to customers’ bills for qualified replacement costs of certain infrastructure without submitting a rate filing. This surcharge mechanism typically adjusts periodically based on additional qualified capital expenditures completed or anticipated in a future period. The DSIC is capped at 5% of base rates and is reset to zero when new base rates that reflect the costs of those additions become effective or when a utility’s earnings exceed a regulatory benchmark. The DSIC reset to zero when the new base rates took effect March 1, 2023. The DSIC provided revenues of $0 and $271 for the three months ended March 31, 2024 and 2023, respectively.

Pensions

Pensions	3 Months Ended
Pensions	Mar. 31, 2024
Pensions [Abstract]
Pensions	11. Pensions Components of Net Periodic Pension Cost Three Months Ended March 31 2024 2023 Service cost $ 159 $ 149 Interest cost 463 469 Expected return on plan assets (791 ) (903 ) Amortization of prior service cost (3 ) (3 ) Rate-regulated adjustment 561 801 Net periodic pension expense $ 389 $ 513 Pension service cost is recorded in operating expenses. All other components of net periodic pension cost are recorded as other pension costs in other income (expenses). Employer Contributions The Company previously disclosed in its financial statements for the year ended that it expected to contribute $ to its pension plans in 2024. For the

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Stock-Based Compensation [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation On May 2, 2016, the Company’s stockholders approved The York Water Company Long-Term Incentive Plan, or LTIP. The LTIP was adopted to provide the incentive of long-term stock-based awards to officers, directors, and key employees. The LTIP provides for the granting of nonqualified stock options, incentive stock options, stock appreciation rights, performance restricted stock grants and units, restricted stock grants and units, and unrestricted stock grants. A maximum of 100,000 shares of common stock may be issued under the LTIP over the ten-year life of the plan. The maximum number of shares of common stock subject to awards that may be granted to any participant in any one calendar year is 2,000. Shares of common stock issued under the LTIP may be treasury shares or authorized but unissued shares. The LTIP will be administered by the Compensation Committee of the Board, or the full Board, provided that the full Board will administer the LTIP as it relates to awards to non-employee directors of the Company. The Company filed a registration statement with the Securities and Exchange Commission on May 11, 2016 covering the offering of stock under the LTIP. The LTIP was effective on July 1, 2016. On May 1, 2023, the Board accelerated the vesting period for restricted stock granted in 2021, 2022, and 2023 to one retiring key employee from three years to that key employee’s 2024 retirement date, which has been fully recognized as of March 31, 2024. On January 29, 2024, the Board accelerated the vesting period for restricted stock granted in 2022 and 2023 to one retiring officer from three years to that officer’s 2024 retirement date. The restricted stock awards provide the grantee with the rights of a shareholder, including the right to receive dividends and to vote such shares, but not the right to sell or otherwise transfer the shares during the restriction period. As a result, the awards are included in common shares outstanding on the balance sheet. Restricted stock awards result in compensation expense valued at the fair market value of the stock on the date of the grant and are amortized ratably over the requisite service period. The following tables summarize the stock grant amounts and activity for the three months ended March 31, 2024. Number of Shares Grant Date Weighted Average Fair Value Nonvested at beginning of the period 8,944 $ 42.32 Granted — $ – Vested (261 ) $ 42.22 Forfeited (513 ) $ 42.21 Nonvested at end of the period 8,170 $ 42.34 No long-term stock-based awards were granted under the LTIP during

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Taxes [Abstract]
Income Taxes	13. Income Taxes Under the Internal Revenue Service tangible property regulations, or TPR, the Company is permitted to deduct the costs of certain asset improvements that were previously being capitalized and depreciated for tax purposes as an expense on its income tax return. This ongoing deduction results in a reduction in the effective income tax rate, a net reduction in income tax expense, and a reduction in the amount of income taxes currently payable. It also results in increases to deferred tax liabilities and regulatory assets representing the appropriate book and tax basis difference on capital additions. The Company’s effective tax rate was 12.2% and 12.9% for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate will vary depending on income before income taxes and

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue (Policies)

Revenue (Policies)	3 Months Ended
Revenue (Policies)	Mar. 31, 2024
Revenue [Abstract]
Revenue	Utility Service The Company provides utility service as a distinct and single performance obligation to each of its water and wastewater customers. The transaction price is detailed in the tariff pursuant to an order by the PPUC and made publicly available. There is no variable consideration and no free service, special rates, or subnormal charges to any customer. Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price. The performance obligation is satisfied over time through the continuous provision of utility service through a stand-ready obligation to perform and the transfer of water or the collection of wastewater through a series of distinct transactions that are identical in nature and have the same pattern of transfer to the customer. The Company uses an output method to recognize the utility service revenue over time. The stand-ready obligation is recognized through the passage of time in the form of a fixed charge and the transfer of water or the collection of wastewater is recognized at a per unit rate based on the actual or estimated flow through the meter. Each customer is invoiced every month and the invoice is due within twenty days. The utility service has no returns or warranties associated with it. No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period. A contract asset for unbilled revenue is recognized for the passage of time and the actual or estimated usage from the latest meter reading to the end of the accounting period. The methodology is standardized and consistently applied to reduce bias and the need for judgment. Billing and Revenue Collection Service The Company provides billing and revenue collection service as distinct performance obligations to three municipalities within the service territory of the Company. The municipalities provide service to their residents and the Company acts as the billing and revenue collection agent for the municipalities. The transaction price is a fixed amount per bill prepared as established in the contract. There is no variable consideration. Due to the fact that both the billing performance obligation and the revenue collection performance obligation are materially complete by the end of the reporting period, the Company does not allocate the transaction price between the two performance obligations. The performance obligations are satisfied at a point in time when the bills are sent as the municipalities receive all the benefits and bear all of the risk of non-collection at that time. Each municipality is invoiced when the bills are complete and the invoice is due within thirty days. The billing and revenue collection service has no returns or warranties associated with it. No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period. Collection Service The Company provides collection service as a distinct and single performance obligation to several municipalities within the service territory of the Company. The municipalities provide wastewater service to their residents. If those residents are delinquent in paying for their wastewater service, the municipalities request that the Company post for and shut off the supply of water to the premises of those residents. When the resident is no longer delinquent, the Company will restore water service to the premises. The transaction price for each posting, each shut off, and each restoration is a fixed amount as established in the contract. There is no variable consideration. Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price. The performance obligation is satisfied at a point in time when the posting, shut off, or restoration is completed as the municipalities receive all the benefits in the form of payment or no longer providing wastewater service. Each municipality is invoiced periodically for the posting, shut offs, and restorations that have been completed since the last billing and the invoice is due within thirty days. The collection service has no returns or warranties associated with it. No revenue is recognized from performance obligations satisfied in prior periods and no performance obligations remain unsatisfied as of the end of the reporting period. A contract asset for unbilled revenue is recognized for postings, shut offs, and restorations that have been completed from the last billing to the end of the accounting period. Service Line Protection Plan The Company provides service line protection as a distinct and single performance obligation to current water customers that choose to participate. The transaction price is detailed in the plan’s terms and conditions and made publicly available. There is no variable consideration. Due to the fact that the contract includes a single performance obligation, no judgment is required to allocate the transaction price. The performance obligation is satisfied over time through the continuous provision of service line protection through a stand-ready obligation to perform. The Company uses an output method to recognize the service line protection revenue over time. The stand-ready obligation is recognized through the passage of time. A customer has a choice to prepay for an entire year or to pay in advance each month. The service line protection plan has no returns or extended warranties associated with it. No revenue is recognized from performance obligations satisfied in prior periods and no material performance obligations remain unsatisfied as of the end of the reporting period.

Accounts Receivable and Contr_2

Accounts Receivable and Contract Assets (Tables)	3 Months Ended
Accounts Receivable and Contract Assets (Tables)	Mar. 31, 2024
Accounts Receivable and Contract Assets [Abstract]
Accounts Receivable and Contract Assets	Accounts receivable and contract assets are summarized in the following table: As of As of Mar. 31, 2024 Dec. 31, 2023 Change Accounts receivable – customers $ 7,602 $ 8,250 $ (648 ) Other receivables 539 592 (53 ) 8,141 8,842 (701 ) Less: allowance for doubtful accounts (1,055 ) (1,005 ) (50 ) Accounts receivable, net $ 7,086 $ 7,837 $ (751 ) Unbilled revenue $ 3,575 $ 3,484 $ 91

Common Stock and Earnings Per_2

Common Stock and Earnings Per Share (Tables)	3 Months Ended
Common Stock and Earnings Per Share (Tables)	Mar. 31, 2024
Common Stock and Earnings Per Share [Abstract]
Shares Used in Computing Basic and Diluted Earnings per Share	The following table summarizes the shares used in computing basic and diluted earnings per share: Three Months Ended March 31 2024 2023 Weighted average common shares, basic 14,324,879 14,275,866 Effect of dilutive securities: Employee stock-based compensation 2,827 3,837 Weighted average common shares, diluted 14,327,706 14,279,703

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt [Abstract]
Debt	As of Mar. 31, 2024 As of Dec. 31, 2023 Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029 $ 12,000 $ 12,000 3.00 Facilities Revenue Refunding Bonds, Series A of 2019, due 2036 10,500 10,500 3.10 Facilities Revenue Refunding Bonds, Series B of 2019, due 2038 14,870 14,870 3.23 15,000 15,000 4.00 4.50 Facilities Revenue Bonds, Series 2015, due 2029 – 2045 10,000 10,000 4.54 20,000 20,000 3.24% Senior Notes, due 2050 30,000 30,000 5.50% Senior Notes, due 2053 40,000 40,000 5.67% Senior Notes, due 2054 40,000 – Committed Line of Credit, due September 2025 – 30,273 Total long-term debt 192,370 182,643 Less discount on issuance of long-term debt (144 ) (147 ) Less unamortized debt issuance costs (2,613 ) (2,489 ) Long-term portion $ 189,613 $ 180,007

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2024
Fair Value of Financial Instruments [Abstract]
Fair Value of Interest Rate Swap	The Company has recorded its interest rate swap liability at fair value in accordance with the standards. The liability is recorded under the caption “Other deferred credits” on the balance sheet. The table below illustrates the fair value of the interest rate swap as of the end of the reporting period. Description March 31, 2024 Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) Interest Rate Swap $458 $458 Fair values are measured as the present value of all expected future cash flows based on the swap yield curve as of the date of the valuation. These inputs to this calculation are deemed to be Level 2 inputs. The balance sheet carrying value reflects the Company’s credit quality as of March 31, 2024. The rate used in discounting all prospective cash flows anticipated to be made under this swap reflects a representation of the yield to maturity for 30-year debt on utilities rated A- as of March 31, 2024. The use of the Company’s credit rating resulted in a reduction in the fair value of the swap liability of $18 as of March 31, 2024. The fair value of the swap reflecting the Company’s credit quality as of December 31, 2023 is shown in the table below. Description December 31, 2023 Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) Interest Rate Swap $632 $632

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2024
Revenue [Abstract]
Revenues Disaggregated by Service and Customer Type	The following table shows the Company’s revenues disaggregated by service and customer type. Three Months Ended March 31 2024 2023 Water utility service: Residential $ 9,844 $ 8,888 Commercial and industrial 4,656 4,004 Fire protection 1,081 932 Wastewater utility service: Residential 1,474 1,084 Commercial and industrial 316 221 Billing and revenue collection services 130 126 Collection services 6 7 Other revenue 7 11 Total Revenue from Contracts with Customers 17,514 15,273 Rents from regulated property 114 128 Total Operating Revenue $ 17,628 $ 15,401

Pensions (Tables)

Pensions (Tables)	3 Months Ended
Pensions (Tables)	Mar. 31, 2024
Pensions [Abstract]
Components of Net Periodic Pension Cost	Components of Net Periodic Pension Cost Three Months Ended March 31 2024 2023 Service cost $ 159 $ 149 Interest cost 463 469 Expected return on plan assets (791 ) (903 ) Amortization of prior service cost (3 ) (3 ) Rate-regulated adjustment 561 801 Net periodic pension expense $ 389 $ 513

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Stock-Based Compensation [Abstract]
Restricted Stock	The following tables summarize the stock grant amounts and activity for the three months ended March 31, 2024. Number of Shares Grant Date Weighted Average Fair Value Nonvested at beginning of the period 8,944 $ 42.32 Granted — $ – Vested (261 ) $ 42.22 Forfeited (513 ) $ 42.21 Nonvested at end of the period 8,170 $ 42.34

Acquisitions (Details)

Acquisitions (Details) $ in Thousands			3 Months Ended
Acquisitions (Details) $ in Thousands	Feb. 21, 2024 USD ($) Customer	Jan. 31, 2024 USD ($) Customer	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Acquisitions [Abstract]
Acquisition of water and wastewater systems			$ 45	$ 0
Wastewater Collection and Treatment Assets of MESCO, Inc. [Member]
Acquisitions [Abstract]
Number of customers acquired \| Customer		180
Acquisition of water and wastewater systems		$ 37
Water Assets of Longstown Mobile Estates [Member]
Acquisitions [Abstract]
Number of customers acquired \| Customer	90
Acquisition of water and wastewater systems	$ 8

Accounts Receivable and Contr_3

Accounts Receivable and Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable and Contract Assets [Abstract]
Accounts receivable - customers	$ 7,602	$ 8,250
Other receivables	539	592
Accounts receivable	8,141	8,842
Less: allowance for doubtful accounts	(1,055)	(1,005)
Accounts receivable, net	7,086	7,837
Unbilled revenue	3,575	$ 3,484
Change in accounts receivable - customers	(648)
Change in other receivables	(53)
Change in accounts receivable	(701)
Change in allowance for doubtful accounts	(50)
Change in accounts receivable, net	(751)
Change in unbilled revenue	$ 91

Common Stock and Earnings Per_3

Common Stock and Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 11, 2013
Common Stock and Earnings Per Share [Abstract]
Net income	$ 4,327	$ 3,653
Shares Used in Computing Basic and Diluted Earnings per Share [Abstract]
Weighted average common shares, basic (in shares)	14,324,879	14,275,866
Effect of dilutive securities [Abstract]
Employee stock-based compensation (in shares)	2,827	3,837
Weighted average common shares, diluted (in shares)	14,327,706	14,279,703
Stock Repurchase Program [Abstract]
Number of shares authorized to be repurchased under the stock repurchase program (in shares)			1,200,000
Number of shares repurchased under the stock repurchase program (in shares)	0	0
Number of remaining shares authorized to be repurchased under the stock repurchase program (in shares)	618,004

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Feb. 27, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt [Abstract]
Total long-term debt		$ 192,370	$ 182,643
Less discount on issuance of long-term debt		(144)	(147)
Less unamortized debt issuance costs		(2,613)	(2,489)
Long-term portion		189,613	180,007
Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029 [Member]
Debt [Abstract]
Total long-term debt		12,000	12,000
3.00% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series A of 2019, due 2036 [Member]
Debt [Abstract]
Total long-term debt		$ 10,500	10,500
Interest rate		3%
3.10% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series B of 2019, due 2038 [Member]
Debt [Abstract]
Total long-term debt		$ 14,870	14,870
Interest rate		3.10%
3.23% Senior Notes, due 2040 [Member]
Debt [Abstract]
Total long-term debt		$ 15,000	15,000
Interest rate		3.23%
4.00% - 4.50% York County Industrial Development Authority Exempt Facilities Revenue Bonds, Series 2015, due 2029 - 2045 [Member]
Debt [Abstract]
Total long-term debt		$ 10,000	10,000
4.00% - 4.50% York County Industrial Development Authority Exempt Facilities Revenue Bonds, Series 2015, due 2029 - 2045 [Member] \| Minimum [Member]
Debt [Abstract]
Interest rate		4%
4.00% - 4.50% York County Industrial Development Authority Exempt Facilities Revenue Bonds, Series 2015, due 2029 - 2045 [Member] \| Maximum [Member]
Debt [Abstract]
Interest rate		4.50%
4.54% Senior Notes, due 2049 [Member]
Debt [Abstract]
Total long-term debt		$ 20,000	20,000
Interest rate		4.54%
3.24% Senior Notes, due 2050 [Member]
Debt [Abstract]
Total long-term debt		$ 30,000	30,000
Interest rate		3.24%
5.50% Senior Notes, due 2053 [Member]
Debt [Abstract]
Total long-term debt		$ 40,000	40,000
Interest rate		5.50%
5.67% Senior Notes, due 2054 [Member]
Debt [Abstract]
Total long-term debt		$ 40,000	0
Interest rate		5.67%
Face value	$ 40,000
Proceeds from debt, net of issuance costs	$ 39,833
Committed Line of Credit, due September 2025 [Member]
Debt [Abstract]
Total long-term debt		$ 0	$ 30,273

Interest Rate Swap Agreement (D

Interest Rate Swap Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Interest Rate Swap Agreement [Abstract]
Outstanding borrowings	$ 192,370		$ 182,643
Interest Rate Swap [Member]
Interest Rate Swap Agreement [Abstract]
Notional amount of swap	$ 12,000
Fixed interest rate	3.16%
Net payment rate on swap	(0.04%)	0.44%
Interest rate swap settlements reclassified from regulatory assets to interest expense	$ (1)	$ 14
Overall interest rate swap (gain) loss	(175)	$ 127
Interest rate swap settlements to be reclassified during the next 12 months	22
Potential payment to counterparty	$ 476
Interest Rate Swap [Member] \| LIBOR [Member]
Interest Rate Swap Agreement [Abstract]
Percentage of variable interest rate	59%
Term of variable rate	1 month
Interest Rate Swap [Member] \| SOFR [Member]
Interest Rate Swap Agreement [Abstract]
Percentage of variable interest rate	59%
Basis spread adjustment	0.11448%
Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029 [Member]
Interest Rate Swap Agreement [Abstract]
Outstanding borrowings	$ 12,000		$ 12,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Interest Rate Swap [Abstract]
Term of debt on utilities rated A- used to discount prospective cash flows	30 years
Reduction in fair value of swap liability	$ (18)
Fair Value Measurements [Abstract]
Customers' advances for construction	19,134	$ 18,853
Note receivable	255	255
Fair Value on a Recurring Basis [Member]
Interest Rate Swap [Abstract]
Interest rate swap	458	632
Fair Value on a Recurring Basis [Member] \| Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) [Member]
Interest Rate Swap [Abstract]
Interest rate swap	458	632
Carrying Amount [Member]
Fair Value, Financial Liabilities [Abstract]
Total long-term debt	192,370	182,643
Estimated Fair Value [Member]
Fair Value, Financial Liabilities [Abstract]
Total long-term debt	$ 179,000	$ 175,000

Commitments (Details)

Commitments (Details) $ in Thousands	3 Months Ended
Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($) ServiceLine	Dec. 31, 2023 USD ($)
Commitments [Abstract]
Capital expenditures committed	$ 40,073
Armor and Replace Spillway of Lake Williams Dam [Member]
Commitments [Abstract]
Remaining committed capital expenditures to be incurred	$ 1,777
Customer-Owned Lead Service Lines [Member]
Commitments [Abstract]
Number of lead customer-owned service lines to be replaced annually \| ServiceLine	400
Term of tariff modification to replace customer-owned lead service lines	9 years
Recovery period of regulatory asset	4 years
Costs incurred to replace customer-owned lead service lines	$ 1,819	$ 1,762
Costs to be incurred to replace customer-owned lead service lines	$ 1,900

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended
Revenue (Details) $ in Thousands	Mar. 31, 2024 USD ($) Municipality	Mar. 31, 2023 USD ($)
Revenue [Abstract]
Revenue from contracts with customers	$ 17,514	$ 15,273
Rents from regulated property	114	128
Total operating revenue	$ 17,628	15,401
Utility Service [Member]
Revenue [Abstract]
Number of days for customer to make payment after being invoiced	20 days
Water Utility Service [Member] \| Residential [Member]
Revenue [Abstract]
Revenue from contracts with customers	$ 9,844	8,888
Water Utility Service [Member] \| Commercial and Industrial [Member]
Revenue [Abstract]
Revenue from contracts with customers	4,656	4,004
Water Utility Service [Member] \| Fire Protection [Member]
Revenue [Abstract]
Revenue from contracts with customers	1,081	932
Wastewater Utility Service [Member] \| Residential [Member]
Revenue [Abstract]
Revenue from contracts with customers	1,474	1,084
Wastewater Utility Service [Member] \| Commercial and Industrial [Member]
Revenue [Abstract]
Revenue from contracts with customers	316	221
Billing and Revenue Collection Services [Member]
Revenue [Abstract]
Revenue from contracts with customers	$ 130	126
Number of municipalities within the service territory provided service \| Municipality	3
Number of days for customer to make payment after being invoiced	30 days
Collection Services [Member]
Revenue [Abstract]
Revenue from contracts with customers	$ 6	7
Number of days for customer to make payment after being invoiced	30 days
Other Revenue [Member]
Revenue [Abstract]
Revenue from contracts with customers	$ 7	$ 11

Rate Matters (Details)

Rate Matters (Details) - PPUC [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Rate Request Filed on May 27, 2022 [Member] \| Water [Member]
Rate Matters [Abstract]
Requested annual increase in rates	$ 18,854
Authorized dollar increase in annual revenues	11,600
Rate Request Filed on May 27, 2022 [Member] \| Wastewater [Member]
Rate Matters [Abstract]
Requested annual increase in rates	1,457
Authorized dollar increase in annual revenues	1,900
DSIC [Member]
Rate Matters [Abstract]
Distribution system improvement charge revenue	$ 0	$ 271
DSIC [Member] \| Maximum [Member]
Rate Matters [Abstract]
Distribution system improvement charge percentage over base rate	5%
DSIC [Member] \| Minimum [Member]
Rate Matters [Abstract]
Distribution system improvement charge percentage over base rate	0%

Pensions (Details)

Pensions (Details) - Pension Plans [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Components of Net Periodic Pension Cost [Abstract]
Service cost	$ 159	$ 149
Interest cost	463	469
Expected return on plan assets	(791)	(903)
Amortization of prior service cost	(3)	(3)
Rate-regulated adjustment	561	801
Net periodic pension expense	389	$ 513
Employer Contributions [Abstract]
Estimated employer contributions in 2024			$ 1,556
Employer contributions made in 2024	389
Estimated remaining employer contributions in 2024	$ 1,167

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Jan. 29, 2024 Employee	May 01, 2023 Employee	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	May 02, 2016 shares
Stock-Based Compensation [Abstract]
Number of retiring key employees receiving accelerated vesting period \| Employee	1	1
LTIP [Member]
Stock-Based Compensation [Abstract]
Maximum number of shares of common stock that can be issued under the plan (in shares)					100,000
Term of plan			10 years
Maximum number of shares of common stock subject to awards that may be granted to a participant per calendar year (in shares)			2,000
Restricted Stock [Member] \| LTIP [Member]
Number of Shares [Roll Forward]
Nonvested at beginning of the period (in shares)			8,944
Granted (in shares)			0
Vested (in shares)			(261)
Forfeited (in shares)			(513)
Nonvested at end of the period (in shares)			8,170
Grant Date Weighted Average Fair Value [Abstract]
Nonvested at beginning of the period (in dollars per share) \| $ / shares			$ 42.32
Granted (in dollars per share) \| $ / shares			0
Vested (in dollars per share) \| $ / shares			42.22
Forfeited (in dollars per share) \| $ / shares			42.21
Nonvested at end of the period (in dollars per share) \| $ / shares			$ 42.34
Stock-Based Compensation Expense [Abstract]
Stock-based compensation expense \| $			$ 43	$ 54
Recognized tax benefits related to stock-based compensation expense \| $			12	15
Fair value of vested shares \| $			11	$ 0
Stock-based compensation expense not yet recognized \| $			$ 346
Period of recognition			3 years
Restricted Stock [Member] \| Granted in 2021, 2022 and 2023 [Member] \| Key Employee Retiring in 2024 [Member] \| LTIP [Member]
Stock-Based Compensation [Abstract]
Vesting period			3 years
Restricted Stock [Member] \| Granted in 2022 and 2023 [Member] \| Key Employee Retiring in 2024 [Member] \| LTIP [Member]
Stock-Based Compensation [Abstract]
Vesting period			3 years

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Taxes [Abstract]
Effective tax rate	12.20%	12.90%