LONG-TERM WATER ASSETS (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Schedule of Water Revenues and Cost of Sales |
Water revenues and cost of sales were as follows as of December 31: | | | | | | | | | | | | | | | | | | ($ in thousands) | 2022 | | 2021 | | 2020 | | | | | | | Acre-Feet Sold | 10,400 | | | 13,651 | | | 5,022 | | | | | | | | Revenues | $ | 14,658 | | | $ | 15,523 | | | $ | 5,909 | | Cost of sales | 9,549 | | | 10,669 | | | 3,663 | | Profit | $ | 5,109 | | | $ | 4,854 | | | $ | 2,246 | |
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Schedule of Tangible Water Assets |
Costs assigned to water assets held for future use were as follows ($ in thousands): | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | Banked water and water for future delivery | $ | 23,855 | | | $ | 25,020 | | Transferable water | 1,455 | | | 2,879 | | Total water held for future use at cost | $ | 25,310 | | | $ | 27,899 | |
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Schedule of Finite-Lived Intangible Assets |
The Company's carrying amounts of its purchased water contracts were as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | Costs | | Accumulated Depreciation | | Costs | | Accumulated Depreciation | Dudley-Ridge water rights | $ | 11,581 | | | $ | (5,790) | | | $ | 11,581 | | | $ | (5,307) | | Nickel water rights | 18,740 | | | (5,890) | | | 18,740 | | | (5,247) | | Tulare Lake Basin water rights | 6,479 | | | (3,385) | | | 6,479 | | | (3,148) | | | $ | 36,800 | | | $ | (15,065) | | | $ | 36,800 | | | $ | (13,702) | | Net cost of purchased water contracts | 21,735 | | | | | 23,098 | | | | Total cost water held for future use | 25,310 | | | | | 27,899 | | | | Net investments in water assets | $ | 47,045 | | | | | $ | 50,997 | | | |
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Schedule of Components of Water Assets |
Total water resources, including both recurring and one-time usage are: | | | | | | | | | | | | (in acre feet, unaudited) | December 31, 2022 | | December 31, 2021 | Water held for future use | | | | TCWD - Banked water owned by the Company | 52,554 | | | 56,189 | | Company water bank | 50,349 | | | 50,349 | | Transferable water | 2,548 | | | 4,203 | | Total water held for future use | 105,451 | | | 110,741 | | Purchased water contracts | | | | Water Contracts (Dudley-Ridge, Nickel and Tulare) | 10,137 | | | 10,137 | | WRMWSD - Contracts with Company | 15,547 | | | 15,547 | | TCWD - Contracts with Company | 5,749 | | | 5,749 | | Total purchased water contracts | 31,433 | | | 31,433 | | Total water held for future use and purchased water contracts | 136,884 | | | 142,174 | | | | | |
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