Regulatory Assets and Liabilities

3 Months Ended

Mar. 31, 2026

Regulated Operations [Abstract]

Regulatory Assets and Liabilities

Regulatory Assets and Liabilities

Regulatory assets and liabilities were comprised of the following as of March 31, 2026 and December 31, 2025:

	Recovery Period	March 31, 2026		December 31, 2025
Regulatory Assets
Property-related temporary differences (tax benefits flowed through to customers)	Indefinite	$	199,465	$	199,465
Asset retirement obligations, net	Indefinite	30,822		30,073
Other accrued benefits	Indefinite	28,759		26,263
MWRAM long-term regulatory asset	1 - 2 years	24,283		12,876
Interim Rates Memorandum Account (IRMA) long-term accounts receivable	Various	19,934		22,077
Tank coating	Various	18,814		19,495
Incremental Cost Balancing Accounts (ICBA)	1 year	4,350		4,722
Net WRAM and Modified Cost Balancing Account (MCBA) long-term accounts receivable	Various	3,965		4,078
Recoverable property losses	Various	1,911		2,051
General District Balancing Account receivable	Various	1,720		9,844
Customer Assistance Program and Rate Support Fund accounts receivable	1 year	1,683		2,651
Other regulatory assets	Various	5,978		6,270
Total Regulatory Assets		$	341,684	$	339,865
Regulatory Liabilities
Cost of removal		$	533,773	$	523,813
Pension and retiree group health		218,412		219,133
Future tax benefits due to customers		103,085		103,662
Other components of net periodic benefit cost		26,141		24,248
PFAS settlement proceeds		19,867		25,193
Pension Cost Balancing Account (PCBA)		4,379		17,837
Net WRAM and MCBA long-term payable		3,130		3,117
ICBA		3,018		2,144
Conservation Expense Balancing Account		1,277		5,202
Health Cost Balancing Account		1,019		4,149
Other regulatory liabilities		1,591		1,316
Total Regulatory Liabilities		$	915,692	$	929,814

Short-term regulatory assets and liabilities are excluded from the above table. The short-term regulatory assets were $78.3 million as of March 31, 2026 and $72.5 million as of December 31, 2025. The short-term regulatory assets as of March 31, 2026 and December 31, 2025 primarily consisted of IRMA, MWRAM, and ICBA receivables. The short-term regulatory assets are included in current assets under short-term regulatory accounts on the unaudited Condensed Consolidated Balance Sheets.

The short-term portion of regulatory liabilities was $51.6 million as of March 31, 2026 and $25.5 million as of December 31, 2025. The short-term regulatory liabilities as of March 31, 2026 consisted of PFAS settlement proceeds (see Note 9 of the Notes to Unaudited Condensed Consolidated Financial Statements), PCBA regulatory liabilities, and ICBA regulatory liabilities. As of December 31, 2025, the short-term regulatory liabilities primarily consisted of TCJA regulatory liabilities, ICBA regulatory liabilities, and PFAS settlement proceeds. The short-term regulatory liabilities are included in current liabilities under short-term regulatory accounts on the unaudited Condensed Consolidated Balance Sheets.