Commission File Number | Registrant, State of Incorporation Address, Zip Code and Telephone Number | IRS Employer Identification No. | |||||||||||||||||||||
Incorporated in | |||||||||||||||||||||||
Incorporated in | |||||||||||||||||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
American States Water Company | ☒ | No | ☐ | ||||||||||||||||||||
Golden State Water Company | Yes | ☐ | ☒ |
American States Water Company | Yes | ☐ | ☒ | ||||||||||||||||||||
Golden State Water Company | Yes | ☐ | ☒ |
American States Water Company | ☒ | No | ☐ | ||||||||||||||||||||
Golden State Water Company | ☒ | No | ☐ |
American States Water Company | ☒ | No | ☐ | ||||||||||||||||||||
Golden State Water Company | ☒ | No | ☐ |
American States Water Company | |||||||||||||||||||||||||||||||||||||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Golden States Water Company | |||||||||||||||||||||||||||||||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | Smaller reporting company | Emerging growth company |
American States Water Company | Yes | No | ☒ | ||||||||||||||||||||
Golden State Water Company | Yes | No | ☒ |
Item 7. | |||||||||||
Subsidiary | Military Base | Type of System | Location | |||||||||||||||||
FBWS | Fort Bliss | Water and Wastewater | Texas and New Mexico | |||||||||||||||||
TUS | Joint Base Andrews | Water and Wastewater | Maryland | |||||||||||||||||
ODUS | Fort Lee | Wastewater | Virginia | |||||||||||||||||
ODUS | Joint-Base Langley Eustis and Joint Expeditionary Base Little Creek-Fort Story | Water and Wastewater | Virginia | |||||||||||||||||
PSUS | Fort Jackson | Water and Wastewater | South Carolina | |||||||||||||||||
ONUS | Fort Bragg, Pope Army Airfield and Camp Mackall | Water and Wastewater | North Carolina | |||||||||||||||||
ECUS | Eglin Air Force Base | Water and Wastewater | Florida | |||||||||||||||||
FRUS | Fort Riley | Water and Wastewater Collection and Treatment | Kansas |
Pumps | Distribution Facilities | Reservoirs | |||||||||||||||||||||||||||||||||||||||
Well | Booster | Mains* | Services | Hydrants | Tanks | Capacity* | |||||||||||||||||||||||||||||||||||
242 | 387 | 2,864 | 263,244 | 26,698 | 143 | 116.6 | (1) |
12/2017 | 12/2018 | 12/2019 | 12/2020 | 12/2021 | 12/2022 | ||||||||||||||||||||||||||||||
American States Water Company | $ | 100.00 | $ | 117.91 | $ | 154.69 | $ | 144.23 | $ | 190.76 | $ | 173.70 | |||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 95.62 | $ | 125.72 | $ | 148.85 | $ | 191.58 | $ | 156.89 | |||||||||||||||||||||||
Peer Group | $ | 100.00 | $ | 98.85 | $ | 133.37 | $ | 156.07 | $ | 192.70 | $ | 164.94 |
Stock Prices | |||||||||||
High | Low | ||||||||||
2022 | |||||||||||
First Quarter | $ | 103.44 | $ | 81.26 | |||||||
Second Quarter | $ | 92.80 | $ | 71.22 | |||||||
Third Quarter | $ | 91.02 | $ | 77.91 | |||||||
Fourth Quarter | $ | 100.51 | $ | 77.98 | |||||||
2021 | |||||||||||
First Quarter | $ | 83.05 | $ | 70.07 | |||||||
Second Quarter | $ | 83.75 | $ | 75.34 | |||||||
Third Quarter | $ | 94.96 | $ | 79.57 | |||||||
Fourth Quarter | $ | 103.77 | $ | 84.93 |
2022 | 2021 | ||||||||||
First Quarter | $ | 0.3650 | $ | 0.335 | |||||||
Second Quarter | $ | 0.3650 | $ | 0.335 | |||||||
Third Quarter | $ | 0.3975 | $ | 0.365 | |||||||
Fourth Quarter | $ | 0.3975 | $ | 0.365 | |||||||
Total | $ | 1.5250 | $ | 1.400 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares That May Yet Be Purchased under the Plans or Programs (1)(3) | ||||||||||||||||||||||
October 1 - 31, 2022 | 13,228 | $ | 80.12 | — | — | |||||||||||||||||||||
November 1 - 30, 2022 | 197 | $ | 96.82 | — | — | |||||||||||||||||||||
December 1 - 31, 2022 | 2,332 | $ | 98.18 | — | — | |||||||||||||||||||||
Total | 15,757 | (2) | $ | 83.00 | — |
Diluted Earnings per Share | |||||||||||||||||
Year Ended | |||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | |||||||||||||||
Water | $ | 1.45 | $ | 1.87 | $ | (0.42) | |||||||||||
Electric | 0.24 | 0.21 | 0.03 | ||||||||||||||
Contracted services | 0.46 | 0.48 | (0.02) | ||||||||||||||
AWR (parent) | (0.04) | (0.01) | (0.03) | ||||||||||||||
Consolidated fully diluted earnings per share, as reported (GAAP) | $ | 2.11 | $ | 2.55 | $ | (0.44) |
Water | Electric | Contracted Services | AWR (Parent) | Consolidated (GAAP) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
In 000's except per share amounts | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (Note 17) | $ | 92,455 | $ | 107,573 | $ | 11,740 | $ | 10,738 | $ | 22,449 | $ | 22,675 | $ | (8) | $ | (9) | $ | 126,636 | $ | 140,977 | |||||||||||||||||||||||||||||||||||||||
Other income and expense | 22,339 | 16,263 | 425 | (101) | (273) | (488) | 2,085 | 533 | 24,576 | 16,207 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 16,346 | 22,095 | 2,439 | 2,975 | 5,476 | 5,434 | (597) | (81) | 23,664 | 30,423 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 53,770 | $ | 69,215 | $ | 8,876 | $ | 7,864 | $ | 17,246 | $ | 17,729 | $ | (1,496) | $ | (461) | $ | 78,396 | $ | 94,347 | |||||||||||||||||||||||||||||||||||||||
Weighted Average Number of Diluted Shares | 37,039 | 37,010 | 37,039 | 37,010 | 37,039 | 37,010 | 37,039 | 37,010 | 37,039 | 37,010 | |||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 1.45 | $ | 1.87 | $ | 0.24 | $ | 0.21 | $ | 0.46 | $ | 0.48 | $ | (0.04) | $ | (0.01) | $ | 2.11 | $ | 2.55 |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
OPERATING REVENUES | |||||||||||||||||||||||
Water | $ | 340,602 | $ | 347,112 | $ | (6,510) | -1.9 | % | |||||||||||||||
Electric | 39,986 | 38,345 | 1,641 | 4.3 | % | ||||||||||||||||||
Contracted services | 110,940 | 113,396 | (2,456) | -2.2 | % | ||||||||||||||||||
Total operating revenues | 491,528 | 498,853 | (7,325) | -1.5 | % | ||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Water purchased | 75,939 | 77,914 | (1,975) | -2.5 | % | ||||||||||||||||||
Power purchased for pumping | 11,861 | 11,103 | 758 | 6.8 | % | ||||||||||||||||||
Groundwater production assessment | 19,071 | 19,412 | (341) | -1.8 | % | ||||||||||||||||||
Power purchased for resale | 15,039 | 11,240 | 3,799 | 33.8 | % | ||||||||||||||||||
Supply cost balancing accounts | (12,000) | (11,421) | (579) | 5.1 | % | ||||||||||||||||||
Other operation | 38,095 | 34,738 | 3,357 | 9.7 | % | ||||||||||||||||||
Administrative and general | 86,190 | 83,547 | 2,643 | 3.2 | % | ||||||||||||||||||
Depreciation and amortization | 41,315 | 39,596 | 1,719 | 4.3 | % | ||||||||||||||||||
Maintenance | 13,392 | 12,781 | 611 | 4.8 | % | ||||||||||||||||||
Property and other taxes | 22,894 | 22,522 | 372 | 1.7 | % | ||||||||||||||||||
ASUS construction | 53,171 | 56,909 | (3,738) | -6.6 | % | ||||||||||||||||||
Gain on sale of assets | (75) | (465) | 390 | -83.9 | % | ||||||||||||||||||
Total operating expenses | 364,892 | 357,876 | 7,016 | 2.0 | % | ||||||||||||||||||
OPERATING INCOME | 126,636 | 140,977 | (14,341) | -10.2 | % | ||||||||||||||||||
OTHER INCOME AND EXPENSES | |||||||||||||||||||||||
Interest expense | (27,027) | (22,834) | (4,193) | 18.4 | % | ||||||||||||||||||
Interest income | 2,326 | 1,493 | 833 | 55.8 | % | ||||||||||||||||||
Other, net | 125 | 5,134 | (5,009) | -97.6 | % | ||||||||||||||||||
(24,576) | (16,207) | (8,369) | 51.6 | % | |||||||||||||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAX EXPENSE | 102,060 | 124,770 | (22,710) | -18.2 | % | ||||||||||||||||||
Income tax expense | 23,664 | 30,423 | (6,759) | -22.2 | % | ||||||||||||||||||
NET INCOME | $ | 78,396 | $ | 94,347 | $ | (15,951) | -16.9 | % | |||||||||||||||
Basic earnings per Common Share | $ | 2.12 | $ | 2.55 | $ | (0.43) | -16.9 | % | |||||||||||||||
Fully diluted earnings per Common Share | $ | 2.11 | $ | 2.55 | $ | (0.44) | -17.3 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water purchased | $ | 75,939 | $ | 77,914 | $ | (1,975) | -2.5 | % | |||||||||||||||
Power purchased for pumping | 11,861 | 11,103 | 758 | 6.8 | % | ||||||||||||||||||
Groundwater production assessment | 19,071 | 19,412 | (341) | -1.8 | % | ||||||||||||||||||
Water supply cost balancing accounts * | (8,643) | (11,295) | 2,652 | -23.5 | % | ||||||||||||||||||
Total water supply costs | $ | 98,228 | $ | 97,134 | $ | 1,094 | 1.1 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Power purchased for resale | $ | 15,039 | $ | 11,240 | $ | 3,799 | 33.8 | % | |||||||||||||||
Electric supply cost balancing account * | (3,357) | (126) | (3,231) | 2,564.3 | % | ||||||||||||||||||
Total electric supply costs | $ | 11,682 | $ | 11,114 | $ | 568 | 5.1 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 28,117 | $ | 25,781 | $ | 2,336 | 9.1 | % | |||||||||||||||
Electric Services | 3,311 | 3,011 | 300 | 10.0 | % | ||||||||||||||||||
Contracted Services | 6,667 | 5,946 | 721 | 12.1 | % | ||||||||||||||||||
Total other operation | $ | 38,095 | $ | 34,738 | $ | 3,357 | 9.7 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 58,358 | $ | 55,552 | $ | 2,806 | 5.1 | % | |||||||||||||||
Electric Services | 7,901 | 8,694 | (793) | -9.1 | % | ||||||||||||||||||
Contracted Services | 19,923 | 19,292 | 631 | 3.3 | % | ||||||||||||||||||
AWR (parent) | 8 | 9 | (1) | -11.1 | % | ||||||||||||||||||
Total administrative and general | $ | 86,190 | $ | 83,547 | $ | 2,643 | 3.2 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 34,805 | $ | 33,384 | $ | 1,421 | 4.3 | % | |||||||||||||||
Electric Services | 2,792 | 2,572 | 220 | 8.6 | % | ||||||||||||||||||
Contracted Services | 3,718 | 3,640 | 78 | 2.1 | % | ||||||||||||||||||
Total depreciation and amortization | $ | 41,315 | $ | 39,596 | $ | 1,719 | 4.3 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 9,559 | $ | 9,056 | $ | 503 | 5.6 | % | |||||||||||||||
Electric Services | 723 | 697 | 26 | 3.7 | % | ||||||||||||||||||
Contracted Services | 3,110 | 3,028 | 82 | 2.7 | % | ||||||||||||||||||
Total maintenance | $ | 13,392 | $ | 12,781 | $ | 611 | 4.8 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 19,080 | $ | 19,041 | $ | 39 | 0.2 | % | |||||||||||||||
Electric Services | 1,837 | 1,519 | 318 | 20.9 | % | ||||||||||||||||||
Contracted Services | 1,977 | 1,962 | 15 | 0.8 | % | ||||||||||||||||||
Total property and other taxes | $ | 22,894 | $ | 22,522 | $ | 372 | 1.7 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 22,742 | $ | 21,474 | $ | 1,268 | 5.9 | % | |||||||||||||||
Electric Services | 1,225 | 259 | 966 | 373.0 | % | ||||||||||||||||||
Contracted Services | 743 | 370 | 373 | 100.8 | % | ||||||||||||||||||
AWR (parent) | 2,317 | 731 | 1,586 | 217.0 | % | ||||||||||||||||||
Total interest expense | $ | 27,027 | $ | 22,834 | $ | 4,193 | 18.4 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 1,083 | $ | 428 | $ | 655 | 153.0 | % | |||||||||||||||
Electric Services | 394 | 118 | 276 | 233.9 | % | ||||||||||||||||||
Contracted Services | 875 | 1,007 | (132) | -13.1 | % | ||||||||||||||||||
AWR (parent) | (26) | (60) | 34 | -56.7 | % | ||||||||||||||||||
Total interest income | $ | 2,326 | $ | 1,493 | $ | 833 | 55.8 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | (680) | $ | 4,783 | $ | (5,463) | -114.2 | % | |||||||||||||||
Electric Services | 406 | 242 | 164 | 67.8 | % | ||||||||||||||||||
Contracted Services | 141 | (149) | 290 | -194.6 | % | ||||||||||||||||||
AWR (parent) | 258 | 258 | — | — | % | ||||||||||||||||||
Total interest income | $ | 125 | $ | 5,134 | $ | (5,009) | -97.6 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 16,346 | $ | 22,095 | $ | (5,749) | -26.0 | % | |||||||||||||||
Electric Services | 2,439 | 2,975 | (536) | -18.0 | % | ||||||||||||||||||
Contracted Services | 5,476 | 5,434 | 42 | 0.8 | % | ||||||||||||||||||
AWR (parent) | (597) | (81) | (516) | 637.0 | % | ||||||||||||||||||
Total income tax expense | $ | 23,664 | $ | 30,423 | $ | (6,759) | -22.2 | % |
Payments/Commitments Due (1) | ||||||||||||||
($ in thousands) | Total | Less than 1 Year | ||||||||||||
Notes/Debentures (2) | $ | 187,000 | $ | — | ||||||||||
Private Placement Notes (3) | 250,000 | — | ||||||||||||
Tax-Exempt Obligations (4) | 10,564 | 178 | ||||||||||||
Other Debt Instruments (5) | 2,809 | 221 | ||||||||||||
Total AWR Long-Term Debt | $ | 450,373 | $ | 399 | ||||||||||
Credit Facilities (6) | $ | 277,500 | $ | 255,500 | ||||||||||
Interest on Long-Term Debt (7) | 227,661 | 21,846 | ||||||||||||
Advances for Construction (8) | 67,967 | 3,617 | ||||||||||||
Renewable Energy Credit Agreement (9) | 619 | 619 | ||||||||||||
Purchased Power Contracts (10) | 8,966 | 4,906 | ||||||||||||
Capital Expenditures (11) | 94,991 | 94,991 | ||||||||||||
Water Purchase Agreements (12) | 3,066 | 459 | ||||||||||||
Operating Leases (13) | 11,087 | 2,256 | ||||||||||||
Employer Contributions (14) | 2,800 | 2,800 | ||||||||||||
SUB-TOTAL | 694,657 | 386,994 | ||||||||||||
Other Commitments (15) | 10,743 | — | ||||||||||||
TOTAL | $ | 1,155,773 | $ | 387,393 |
Military Base | EPA period | Filing Date | ||||||||||||
Fort Bliss (FBWS) | October 2022 - September 2023 | Third Quarter 2022 | ||||||||||||
Joint Base Andrews (TUS) | February 2023 - January 2024 | Fourth Quarter 2022 | ||||||||||||
Fort Lee (ODUS) | February 2023 - January 2024 | Fourth Quarter 2022 | ||||||||||||
Joint Base Langley Eustis and Joint Expeditionary Base Little Creek Fort Story (ODUS) | April 2023 - March 2024 | First Quarter of 2023 | ||||||||||||
Fort Jackson (PSUS) | February 2023 - January 2024 | Fourth Quarter 2022 | ||||||||||||
Fort Bragg (ONUS) | March 2023 - February 2024 | First Quarter 2023 | ||||||||||||
Eglin Air Force Base (ECUS) | June 2023 - May 2024 | Second Quarter 2023 | ||||||||||||
Fort Riley (FRUS) | July 2023 - June 2024 | Second Quarter 2023 |
American States Water Company | |||||
Golden State Water Company | |||||
December 31, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Assets | ||||||||||||||
Utility Plant | ||||||||||||||
Regulated utility plant, at cost: | ||||||||||||||
Water | $ | $ | ||||||||||||
Electric | ||||||||||||||
Total | ||||||||||||||
Non-regulated utility property, at cost | ||||||||||||||
Total utility plant, at cost | ||||||||||||||
Less — accumulated depreciation | ( | ( | ||||||||||||
Construction work in progress | ||||||||||||||
Net utility plant | ||||||||||||||
Other Property and Investments | ||||||||||||||
Goodwill | ||||||||||||||
Other property and investments | ||||||||||||||
Total other property and investments | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Accounts receivable — customers, less allowance for doubtful accounts | ||||||||||||||
Unbilled revenue — receivable (Note 2) | ||||||||||||||
Receivable from U.S. government, less allowance for doubtful accounts (Note 2) | ||||||||||||||
Other accounts receivable, less allowance for doubtful accounts | ||||||||||||||
Income taxes receivable | ||||||||||||||
Materials and supplies | ||||||||||||||
Regulatory assets — current | ||||||||||||||
Prepayments and other current assets | ||||||||||||||
Contract assets (Note 2) | ||||||||||||||
Purchase power contract derivative at fair value | ||||||||||||||
Total current assets | ||||||||||||||
Other Assets | ||||||||||||||
Unbilled revenue — receivable from U.S. government (Note 2) | ||||||||||||||
Receivable from U.S. government (Note 2) | ||||||||||||||
Contract assets (Note 2) | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Regulatory assets | ||||||||||||||
Other | ||||||||||||||
Total other assets | ||||||||||||||
Total Assets | $ | $ |
December 31, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Capitalization and Liabilities | ||||||||||||||
Capitalization | ||||||||||||||
Common shareholders’ equity | $ | $ | ||||||||||||
Long-term debt | ||||||||||||||
Total capitalization | ||||||||||||||
Current Liabilities | ||||||||||||||
Notes payable to banks | ||||||||||||||
Long-term debt — current | ||||||||||||||
Accounts payable | ||||||||||||||
Income taxes payable | ||||||||||||||
Accrued other taxes | ||||||||||||||
Accrued employee expenses | ||||||||||||||
Accrued interest | ||||||||||||||
Regulatory liabilities | ||||||||||||||
Contract liabilities (Note 2) | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Other | ||||||||||||||
Total current liabilities | ||||||||||||||
Other Credits | ||||||||||||||
Notes payable to banks | ||||||||||||||
Advances for construction | ||||||||||||||
Contributions in aid of construction — net | ||||||||||||||
Deferred income taxes | ||||||||||||||
Regulatory liabilities | ||||||||||||||
Unamortized investment tax credits | ||||||||||||||
Accrued pension and other post-retirement benefits | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Other | ||||||||||||||
Total other credits | ||||||||||||||
Commitments and Contingencies (Notes 14 and 15) | ||||||||||||||
Total Capitalization and Liabilities | $ | $ |
December 31, | ||||||||||||||
(in thousands, except number of shares) | 2022 | 2021 | ||||||||||||
Common Shareholders’ Equity: | ||||||||||||||
Common Shares, | ||||||||||||||
Authorized: | ||||||||||||||
Outstanding: | $ | $ | ||||||||||||
Reinvested earnings in the business | ||||||||||||||
Long-Term Debt | ||||||||||||||
Notes/Debentures: | ||||||||||||||
Private Placement Notes: | ||||||||||||||
Tax-Exempt Obligations: | ||||||||||||||
State Water Project due 2035 | ||||||||||||||
Other Debt Instruments: | ||||||||||||||
American Recovery and Reinvestment Act Obligation due 2033 | ||||||||||||||
Less: Current maturities | ( | ( | ||||||||||||
Debt issuance costs | ( | ( | ||||||||||||
Total Capitalization | $ | $ |
For the years ended December 31, | ||||||||||||||||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2020 | |||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Water | $ | $ | $ | |||||||||||||||||
Electric | ||||||||||||||||||||
Contracted services | ||||||||||||||||||||
Total operating revenues | ||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||
Water purchased | ||||||||||||||||||||
Power purchased for pumping | ||||||||||||||||||||
Groundwater production assessment | ||||||||||||||||||||
Power purchased for resale | ||||||||||||||||||||
Supply cost balancing accounts | ( | ( | ( | |||||||||||||||||
Other operation | ||||||||||||||||||||
Administrative and general | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Maintenance | ||||||||||||||||||||
Property and other taxes | ||||||||||||||||||||
ASUS construction | ||||||||||||||||||||
(Gain) loss on sale of assets | ( | ( | ||||||||||||||||||
Total operating expenses | ||||||||||||||||||||
Operating Income | ||||||||||||||||||||
Other Income and Expenses | ||||||||||||||||||||
Interest expense | ( | ( | ( | |||||||||||||||||
Interest income | ||||||||||||||||||||
Other, net | ||||||||||||||||||||
Total other income and expenses | ( | ( | ( | |||||||||||||||||
Income before income tax expense | ||||||||||||||||||||
Income tax expense | ||||||||||||||||||||
Net Income | $ | $ | $ | |||||||||||||||||
Weighted Average Number of Shares Outstanding | ||||||||||||||||||||
Basic Earnings Per Common Share | $ | $ | $ | |||||||||||||||||
Weighted Average Number of Diluted Shares | ||||||||||||||||||||
Fully Diluted Earnings Per Share | $ | $ | $ | |||||||||||||||||
Dividends Paid Per Common Share | $ | $ | $ |
Common Shares | Reinvested | |||||||||||||||||||||||||
Number | Earnings | |||||||||||||||||||||||||
of | in the | |||||||||||||||||||||||||
(in thousands) | Shares | Amount | Business | Total | ||||||||||||||||||||||
Balances at December 31, 2019 | $ | $ | $ | |||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | ||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Balances at December 31, 2020 | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | ||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Balances at December 31, 2021 | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | ||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ |
For the years ended December 31, | ||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Provision for doubtful accounts | ||||||||||||||||||||
Deferred income taxes and investment tax credits | ||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||
(Gain) loss on sale of assets | ( | ( | ||||||||||||||||||
Loss (gain) on investments held in a trust | ( | ( | ||||||||||||||||||
Other — net | ( | |||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Accounts receivable — customers | ( | ( | ||||||||||||||||||
Unbilled revenue — receivable | ( | ( | ||||||||||||||||||
Other accounts receivable | ( | ( | ||||||||||||||||||
Receivables from the U.S. government | ( | ( | ( | |||||||||||||||||
Materials and supplies | ( | ( | ( | |||||||||||||||||
Prepayments and other assets | ||||||||||||||||||||
Contract assets | ( | ( | ||||||||||||||||||
Regulatory assets/liabilities | ( | ( | ||||||||||||||||||
Accounts payable | ( | |||||||||||||||||||
Income taxes receivable/payable | ( | ( | ||||||||||||||||||
Contract liabilities | ( | ( | ||||||||||||||||||
Accrued pension and other post-retirement benefits | ( | |||||||||||||||||||
Other liabilities | ( | |||||||||||||||||||
Net cash provided | ||||||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Capital expenditures | ( | ( | ( | |||||||||||||||||
Proceeds from sale of assets | ||||||||||||||||||||
Other investments | ( | ( | ( | |||||||||||||||||
Net cash used | ( | ( | ( | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from stock option exercises | ||||||||||||||||||||
Receipt of advances for and contributions in aid of construction | ||||||||||||||||||||
Refunds on advances for construction | ( | ( | ( | |||||||||||||||||
Repayments of long-term debt | ( | ( | ( | |||||||||||||||||
Proceeds from the issuance of long-term debt, net of issuance costs | ||||||||||||||||||||
Net change in notes payable to banks | ( | |||||||||||||||||||
Dividends paid | ( | ( | ( | |||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||
Net cash provided (used) | ( | |||||||||||||||||||
Net change in cash and cash equivalents | ( | |||||||||||||||||||
Cash and cash equivalents, beginning of year | ||||||||||||||||||||
Cash and cash equivalents, end of year | $ | $ | $ |
December 31, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Assets | ||||||||||||||
Utility Plant, at cost | $ | $ | ||||||||||||
Less — accumulated depreciation | ( | ( | ||||||||||||
Construction work in progress | ||||||||||||||
Net utility plant | ||||||||||||||
Other Property and Investments | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Accounts receivable — customers, less allowance for doubtful accounts | ||||||||||||||
Unbilled revenue — receivable | ||||||||||||||
Other accounts receivable, less allowance for doubtful accounts | ||||||||||||||
Intercompany receivable | ||||||||||||||
Income taxes receivable from Parent | ||||||||||||||
Materials and supplies | ||||||||||||||
Regulatory assets — current | ||||||||||||||
Prepayments and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Other Assets | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Other | ||||||||||||||
Total other assets | ||||||||||||||
Total Assets | $ | $ |
December 31, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Capitalization and Liabilities | ||||||||||||||
Capitalization | ||||||||||||||
Common shareholder’s equity | $ | $ | ||||||||||||
Long-term debt | ||||||||||||||
Total capitalization | ||||||||||||||
Current Liabilities | ||||||||||||||
Long-term debt — current | ||||||||||||||
Accounts payable | ||||||||||||||
Income taxes payable to Parent | ||||||||||||||
Accrued other taxes | ||||||||||||||
Accrued employee expenses | ||||||||||||||
Accrued interest | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Other | ||||||||||||||
Total current liabilities | ||||||||||||||
Other Credits | ||||||||||||||
Intercompany note payable | ||||||||||||||
Advances for construction | ||||||||||||||
Contributions in aid of construction — net | ||||||||||||||
Deferred income taxes | ||||||||||||||
Regulatory liabilities | ||||||||||||||
Unamortized investment tax credits | ||||||||||||||
Accrued pension and other post-retirement benefits | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Other | ||||||||||||||
Total other credits | ||||||||||||||
Commitments and Contingencies (Notes 14 and 15) | ||||||||||||||
Total Capitalization and Liabilities | $ | $ |
December 31, | ||||||||||||||
(in thousands, except number of shares) | 2022 | 2021 | ||||||||||||
Common Shareholder’s Equity: | ||||||||||||||
Common Shares, Authorized: Outstanding: | $ | $ | ||||||||||||
Reinvested earnings in the business | ||||||||||||||
Long-Term Debt | ||||||||||||||
Notes/Debentures: | ||||||||||||||
Private Placement Notes: | ||||||||||||||
Tax-Exempt Obligations: | ||||||||||||||
State Water Project due 2035 | ||||||||||||||
Other Debt Instruments: | ||||||||||||||
American Recovery and Reinvestment Act Obligation due 2033 | ||||||||||||||
Less: Current maturities | ( | ( | ||||||||||||
Debt issuance costs | ( | ( | ||||||||||||
Total Capitalization | $ | $ |
For the years ended December 31, | ||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Water | $ | $ | $ | |||||||||||||||||
Electric (Note 20) | ||||||||||||||||||||
Total operating revenues | ||||||||||||||||||||
Operating Expenses (Note 20) | ||||||||||||||||||||
Water purchased | ||||||||||||||||||||
Power purchased for pumping | ||||||||||||||||||||
Groundwater production assessment | ||||||||||||||||||||
Power purchased for resale | ||||||||||||||||||||
Supply cost balancing accounts | ( | ( | ( | |||||||||||||||||
Other operation | ||||||||||||||||||||
Administrative and general | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Maintenance | ||||||||||||||||||||
Property and other taxes | ||||||||||||||||||||
Gain on sale of assets | ( | |||||||||||||||||||
Total operating expenses | ||||||||||||||||||||
Operating Income (Note 20) | ||||||||||||||||||||
Other Income and Expenses | ||||||||||||||||||||
Interest expense | ( | ( | ( | |||||||||||||||||
Interest income | ||||||||||||||||||||
Other, net | ( | |||||||||||||||||||
Total other income and expenses | ( | ( | ( | |||||||||||||||||
Income from operations before income tax expense | ||||||||||||||||||||
Income tax expense | ||||||||||||||||||||
Net Income (Note 20) | $ | $ | $ |
Common Shares | Reinvested | |||||||||||||||||||||||||
Number | Earnings | |||||||||||||||||||||||||
of | in the | |||||||||||||||||||||||||
(in thousands, except number of shares) | Shares | Amount | Business | Total | ||||||||||||||||||||||
Balances at December 31, 2019 | $ | $ | $ | |||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Issuance of Common Shares to Parent | ||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | ||||||||||||||||||||||||||
Distribution of BVESI common shares to AWR parent (Note 20) | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Balances at December 31, 2020 | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Balances at December 31, 2021 | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | ||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | ||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ |
For the years ended December 31, | ||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Provision for doubtful accounts | ||||||||||||||||||||
Deferred income taxes and investment tax credits | ||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||
Gain on sale of assets | ( | |||||||||||||||||||
Loss (gain) on investments held in a trust | ( | ( | ||||||||||||||||||
Other — net | ( | |||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Accounts receivable — customers | ( | ( | ||||||||||||||||||
Unbilled revenue — receivable | ( | ( | ||||||||||||||||||
Other accounts receivable | ( | |||||||||||||||||||
Materials and supplies | ( | ( | ( | |||||||||||||||||
Prepayments and other assets | ||||||||||||||||||||
Regulatory assets/liabilities | ( | ( | ||||||||||||||||||
Accounts payable | ( | |||||||||||||||||||
Intercompany receivable/payable | ( | ( | ||||||||||||||||||
Income taxes receivable/payable from/to Parent | ( | ( | ||||||||||||||||||
Accrued pension and other post-retirement benefits | ( | |||||||||||||||||||
Other liabilities | ( | |||||||||||||||||||
Net cash provided | ||||||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Capital expenditures | ( | ( | ( | |||||||||||||||||
Note receivable from AWR parent | ( | ( | ||||||||||||||||||
Receipt of payment of note receivable from AWR parent | ||||||||||||||||||||
Proceeds from sale of assets | ||||||||||||||||||||
Other investments | ( | ( | ( | |||||||||||||||||
Net cash used | ( | ( | ( | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from issuance of Common Shares to Parent | ||||||||||||||||||||
Receipt of advances for and contributions in aid of construction | ||||||||||||||||||||
Refunds on advances for construction | ( | ( | ( | |||||||||||||||||
Repayments of long-term debt | ( | ( | ( | |||||||||||||||||
Proceeds from the issuance of long-term debt, net of issuance costs | ||||||||||||||||||||
Net change in intercompany borrowings | ( | |||||||||||||||||||
Dividends paid | ( | ( | ( | |||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||
Net cash provided (used) | ( | |||||||||||||||||||
Net change in cash and cash equivalents | ( | ( | ||||||||||||||||||
Cash and cash equivalents, beginning of year | ||||||||||||||||||||
Cash and cash equivalents, end of year | $ | $ | $ |
Source of water supply | |||||
Pumping | |||||
Water treatment | |||||
Transmission and distribution | |||||
Generation | |||||
Other plant |
2022 | 2021 | |||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt—AWR (1) | $ | $ | $ | $ | ||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt—GSWC (1) | $ | $ | $ | $ |
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Long-term debt—AWR | $ | $ | ||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Long-term debt—GSWC | $ | $ |
(dollar in thousands) | For The Year Ended December 31, 2022 | For The Year Ended December 31, 2021 | For The Year Ended December 31, 2020 | |||||||||||||||||
Water: | ||||||||||||||||||||
Tariff-based revenues | $ | $ | $ | |||||||||||||||||
CPUC-approved surcharges (cost-recovery activities) | ||||||||||||||||||||
Other | ||||||||||||||||||||
Water revenues from contracts with customers | ||||||||||||||||||||
WRAM under/(over)-collection (alternative revenue program) | ( | ( | ||||||||||||||||||
Total water revenues | ||||||||||||||||||||
Electric: | ||||||||||||||||||||
Tariff-based revenues | ||||||||||||||||||||
CPUC-approved surcharges (cost-recovery activities) | ||||||||||||||||||||
Electric revenues from contracts with customers | ||||||||||||||||||||
BRRAM under-collection (alternative revenue program) | ||||||||||||||||||||
Total electric revenues | ||||||||||||||||||||
Contracted services: | ||||||||||||||||||||
Water | ||||||||||||||||||||
Wastewater | ||||||||||||||||||||
Contracted services revenues from contracts with customers | ||||||||||||||||||||
Total revenues | $ | $ | $ |
(dollar in thousands) | December 31, 2022 | December 31, 2021 | ||||||||||||
Unbilled receivables | $ | $ | ||||||||||||
Receivable from the U.S. government | $ | $ | ||||||||||||
Contract assets | $ | $ | ||||||||||||
Contract liabilities | $ | $ |
December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
GSWC | ||||||||||||||
Water Revenue Adjustment Mechanism, net of the Modified Cost Balancing Account | $ | $ | ||||||||||||
Pensions and other post-retirement obligations (Note 12) | ||||||||||||||
COVID-19 memorandum account | ||||||||||||||
Other regulatory assets | ||||||||||||||
Excess deferred income taxes (Note 11) | ( | ( | ||||||||||||
Flow-through taxes, net (Note 11) | ( | ( | ||||||||||||
Other regulatory liabilities | ( | ( | ||||||||||||
Total GSWC | $ | ( | $ | ( | ||||||||||
BVESI | ||||||||||||||
Derivative instrument memorandum account (Note 5) | ( | ( | ||||||||||||
Wildfire mitigation and other fire prevention related costs memorandum accounts | ||||||||||||||
Other regulatory assets | ||||||||||||||
Other regulatory liabilities | ( | ( | ||||||||||||
Total AWR | $ | ( | $ | ( |
AWR December 31, | GSWC December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Water | ||||||||||||||||||||||||||
Land | $ | $ | $ | $ | ||||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||||
Source of water supply | ||||||||||||||||||||||||||
Pumping | ||||||||||||||||||||||||||
Water treatment | ||||||||||||||||||||||||||
Transmission and distribution | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Electric (Note 20) | ||||||||||||||||||||||||||
Transmission and distribution | ||||||||||||||||||||||||||
Generation | ||||||||||||||||||||||||||
Other (1) | ||||||||||||||||||||||||||
Less — accumulated depreciation | ( | ( | ( | ( | ||||||||||||||||||||||
Construction work in progress | ||||||||||||||||||||||||||
Net utility plant | $ | $ | $ | $ |
Weighted Average Amortization | AWR December 31, | GSWC December 31, | ||||||||||||||||||||||||||||||
(dollars in thousands) | Period | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Intangible assets: | ||||||||||||||||||||||||||||||||
Conservation programs | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Water and service rights (2) | ||||||||||||||||||||||||||||||||
Water planning studies | ||||||||||||||||||||||||||||||||
Total intangible assets | ||||||||||||||||||||||||||||||||
Less — accumulated amortization | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Intangible assets, net of amortization | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Intangible assets not subject to amortization (3) | $ | $ | $ | $ |
Amortization Expense | ||||||||
2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Total | $ |
(dollars in thousands) | GSWC | |||||||
Obligation at December 31, 2020 | $ | |||||||
Additional liabilities incurred | ||||||||
Liabilities settled | ( | |||||||
Accretion | ||||||||
Obligation at December 31, 2021 | $ | |||||||
Accretion | ||||||||
Obligation at December 31, 2022 | $ |
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Fair value at beginning of the period | $ | $ | ( | |||||||||||
Unrealized gain on purchased power contracts | ||||||||||||||
Fair value at end of the period | $ | $ |
Basic: | For The Years Ended December 31, | |||||||||||||||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2020 | |||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Less: (a) Distributed earnings to common shareholders | ||||||||||||||||||||
Distributed earnings to participating securities | ||||||||||||||||||||
Undistributed earnings | ||||||||||||||||||||
(b) Undistributed earnings allocated to common shareholders | ||||||||||||||||||||
Undistributed earnings allocated to participating securities | ||||||||||||||||||||
Total income available to common shareholders, basic (a)+(b) | $ | $ | $ | |||||||||||||||||
Weighted average Common Shares outstanding, basic | ||||||||||||||||||||
Basic earnings per Common Share | $ | $ | $ |
Diluted: | For The Years Ended December 31, | |||||||||||||||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2020 | |||||||||||||||||
Common shareholders earnings, basic | $ | $ | $ | |||||||||||||||||
Undistributed earnings for dilutive stock options and restricted stock units | ||||||||||||||||||||
Total common shareholders earnings, diluted | $ | $ | $ | |||||||||||||||||
Weighted average Common Shares outstanding, basic | ||||||||||||||||||||
Stock-based compensation (1) | ||||||||||||||||||||
Weighted average Common Shares outstanding, diluted | ||||||||||||||||||||
Diluted earnings per Common Share | $ | $ | $ |
December 31, | ||||||||||||||
(in thousands, except percent) | 2022 | 2021 | ||||||||||||
Balance Outstanding at December 31, | $ | $ | ||||||||||||
Interest Rate at December 31, | ||||||||||||||
Average Amount Outstanding | $ | $ | ||||||||||||
Weighted Average Annual Interest Rate | % | % | ||||||||||||
Maximum Amount Outstanding | $ | $ |
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
AWR | GSWC | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||||
Regulatory-liability-related (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Contributions and advances | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total deferred tax assets | $ | $ | $ | $ | ||||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||||
Fixed assets | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Regulatory-asset-related: depreciation and other | ( | ( | ( | ( | ||||||||||||||||||||||
Balancing and memorandum accounts (non-flow-through) | ( | ( | ( | ( | ||||||||||||||||||||||
Total deferred tax liabilities | ( | ( | ( | ( | ||||||||||||||||||||||
Accumulated deferred income taxes, net | $ | ( | $ | ( | $ | ( | $ | ( |
AWR | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ||||||||||||||||||||
Total current tax expense | $ | $ | $ | |||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ( | |||||||||||||||||||
Total deferred tax (benefit) expense | ||||||||||||||||||||
Total income tax expense | $ | $ | $ |
GSWC | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ||||||||||||||||||||
Total current tax expense | $ | $ | $ | |||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ( | |||||||||||||||||||
Total deferred tax (benefit) expense | ||||||||||||||||||||
Total income tax expense | $ | $ | $ |
AWR | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Federal taxes on pretax income at statutory rate | $ | $ | $ | |||||||||||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||||||
State income tax, net of federal benefit | ||||||||||||||||||||
Excess deferred tax amortization | ( | ( | ( | |||||||||||||||||
Flow-through on fixed assets | ||||||||||||||||||||
Flow-through on removal costs | ( | ( | ( | |||||||||||||||||
Investment tax credit | ( | ( | ( | |||||||||||||||||
Other – net | ( | |||||||||||||||||||
Total income tax expense from operations | $ | $ | $ | |||||||||||||||||
Pretax income from operations | $ | $ | $ | |||||||||||||||||
Effective income tax rate | % | % | % |
GSWC | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Federal taxes on pretax income at statutory rate | $ | $ | $ | |||||||||||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||||||
State income tax, net of federal benefit | ||||||||||||||||||||
Excess deferred tax amortization | ( | ( | ( | |||||||||||||||||
Flow-through on fixed assets | ||||||||||||||||||||
Flow-through on removal costs | ( | ( | ( | |||||||||||||||||
Investment tax credit | ( | ( | ( | |||||||||||||||||
Other – net | ||||||||||||||||||||
Total income tax expense from operations | $ | $ | $ | |||||||||||||||||
Pretax income from operations | $ | $ | $ | |||||||||||||||||
Effective income tax rate | % | % | % |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Change in Projected Benefit Obligation: | ||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Service cost | ||||||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Actuarial (gain) loss | ( | ( | ( | ( | ||||||||||||||||||||||
Benefits/expenses paid | ( | ( | ( | ( | ||||||||||||||||||||||
Projected benefit obligation at end of year | $ | $ | $ | $ | ||||||||||||||||||||||
Changes in Plan Assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Actual return on plan assets | ( | ( | ||||||||||||||||||||||||
Employer contributions | ||||||||||||||||||||||||||
Benefits/expenses paid | ( | ( | ( | ( | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | $ | $ | $ | ||||||||||||||||||||||
Funded Status: | ||||||||||||||||||||||||||
Net amount recognized as accrued pension cost | $ | ( | $ | ( | $ | $ |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Amounts recognized on the balance sheets: | ||||||||||||||||||||||||||
Non-current assets | $ | $ | $ | $ | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||
Non-current liabilities | ( | ( | ||||||||||||||||||||||||
Net amount recognized | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||
Amounts recognized in regulatory assets consist of: | ||||||||||||||||||||||||||
Prior service cost (credit) | $ | $ | $ | $ | ||||||||||||||||||||||
Net loss (gain) | ( | ( | ||||||||||||||||||||||||
Regulatory assets (liabilities) | ( | ( | ||||||||||||||||||||||||
Unfunded accrued pension cost | ( | ( | ( | |||||||||||||||||||||||
Net liability (asset) recognized | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities): | ||||||||||||||||||||||||||
Regulatory asset (liability) at beginning of year | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Net (loss) gain | ( | ( | ( | |||||||||||||||||||||||
New prior service cost | ||||||||||||||||||||||||||
Amortization of prior service (cost) credit | ( | ( | ||||||||||||||||||||||||
Amortization of net gain (loss) | ( | |||||||||||||||||||||||||
Total change in regulatory asset (liability) | ( | ( | ( | |||||||||||||||||||||||
Regulatory asset (liability) at end of year | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Net periodic pension costs | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Change in regulatory asset (liability) | ( | ( | ( | |||||||||||||||||||||||
Total recognized in net periodic pension cost and regulatory asset (liability) | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||||||||||||
Projected benefit obligation | $ | $ | $ | $ | ||||||||||||||||||||||
Accumulated benefit obligation | $ | $ | N/A | N/A | ||||||||||||||||||||||
Fair value of plan assets | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||||
Discount rate | % | % | % | % | ||||||||||||||||||||||
Rate of compensation increase | * | * | N/A | N/A |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||||||||||||||
(dollars in thousands, except percent) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefits Cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | ||||||||||||||||||||||||||||||||||||||
Amortization of actuarial (gain) loss | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Net periodic pension cost under accounting standards | $ | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Regulatory adjustment | ( | ( | ||||||||||||||||||||||||||||||||||||
Total expense recognized, before surcharges and allocation to overhead pool | $ | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost: | ||||||||||||||||||||||||||||||||||||||
Discount rate | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||
Expected long-term return on plan assets | % | % | % | * | * | * | ||||||||||||||||||||||||||||||||
Rate of compensation increase | ** | ** | ** | N/A | N/A | N/A |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||
Asset Category | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Actual Asset Allocations: | ||||||||||||||||||||||||||
Equity securities | % | % | % | % | ||||||||||||||||||||||
Debt securities | % | % | % | % | ||||||||||||||||||||||
Real Estate Funds | % | % | % | % | ||||||||||||||||||||||
Cash equivalents | % | % | % | % | ||||||||||||||||||||||
Total | % | % | % | % |
Target Asset Allocations: | Pension Benefits | Post-retirement Medical Benefits | ||||||||||||
Equity securities | % | % | ||||||||||||
Debt securities | % | % | ||||||||||||
Total | % | % |
Net Asset Value as of December 31, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||||
Cash equivalents | $ | N/A | N/A | |||||||||||||||||||||||
Fixed income fund | Daily | Daily | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
U.S. small/mid cap funds | Daily | Daily | ||||||||||||||||||||||||
U.S. large cap funds | Daily | Daily | ||||||||||||||||||||||||
International funds | Daily | Daily | ||||||||||||||||||||||||
Total equity funds | ||||||||||||||||||||||||||
Real estate funds | Daily | Daily | ||||||||||||||||||||||||
Total | $ |
Net Asset Value as of December 31, 2021 | ||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||||
Cash equivalents | $ | N/A | N/A | |||||||||||||||||||||||
Fixed income fund | Daily | Daily | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
U.S. small/mid cap funds | Daily | Daily | ||||||||||||||||||||||||
U.S. large cap funds | Daily | Daily | ||||||||||||||||||||||||
International funds | Daily | Daily | ||||||||||||||||||||||||
Total equity funds | ||||||||||||||||||||||||||
Real estate funds | Daily | Daily | ||||||||||||||||||||||||
Total | $ |
Fair Value as of December 31, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | $ | ||||||||||||||||||||||||
Fixed income | ||||||||||||||||||||||||||
U.S. equity securities | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | $ |
Fair Value as of December 31, 2021 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | $ | ||||||||||||||||||||||||
Fixed income | ||||||||||||||||||||||||||
U.S. equity securities | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | $ |
Pension Benefits | Post-Retirement Medical Benefits | ||||||||||
2023 | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total | $ | $ |
Fair Value as of December 31, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | ||||||||||||||||||||||||||
Cash equivalents | $ | $ | ||||||||||||||||||||||||
Fixed income securities | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | $ |
Fair Value as of December 31, 2021 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | ||||||||||||||||||||||||||
Cash equivalents | $ | $ | ||||||||||||||||||||||||
Fixed income securities | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Total investments measured at fair value | $ | $ |
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Change in Benefit Obligation: | ||||||||||||||
Benefit obligation at beginning of year | $ | $ | ||||||||||||
Service cost | ||||||||||||||
Interest cost | ||||||||||||||
Actuarial (gain) loss | ( | ( | ||||||||||||
Benefits paid | ( | ( | ||||||||||||
Benefit obligation at end of year | $ | $ | ||||||||||||
Changes in Plan Assets: | ||||||||||||||
Fair value of plan assets at beginning and end of year | ||||||||||||||
Funded Status: | ||||||||||||||
Net amount recognized as accrued cost | $ | ( | $ | ( |
(in thousands) | 2022 | 2021 | ||||||||||||
Amounts recognized on the balance sheets: | ||||||||||||||
Current liabilities | $ | ( | $ | ( | ||||||||||
Non-current liabilities | ( | ( | ||||||||||||
Net amount recognized | $ | ( | $ | ( | ||||||||||
Amounts recognized in regulatory assets consist of: | ||||||||||||||
Prior service cost | $ | $ | ||||||||||||
Net loss | ||||||||||||||
Regulatory assets | ||||||||||||||
Unfunded accrued cost | ||||||||||||||
Net liability recognized | $ | $ | ||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: | ||||||||||||||
Regulatory asset at beginning of year | $ | $ | ||||||||||||
Net loss | ( | ( | ||||||||||||
Amortization of prior service credit | ||||||||||||||
Amortization of net loss | ( | ( | ||||||||||||
Total change in regulatory asset | ( | ( | ||||||||||||
Regulatory asset at end of year | $ | $ | ||||||||||||
Net periodic pension cost | $ | $ | ||||||||||||
Change in regulatory asset | ( | ( | ||||||||||||
Total recognized in net periodic pension and regulatory asset | $ | ( | $ | |||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||
Projected benefit obligation | $ | $ | ||||||||||||
Accumulated benefit obligation | ||||||||||||||
Fair value of plan assets | ||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||
Discount rate | % | % | ||||||||||||
Rate of compensation increase | * | * |
(dollars in thousands, except percent) | 2022 | 2021 | 2020 | |||||||||||||||||
Components of Net Periodic Benefits Cost: | ||||||||||||||||||||
Service cost | $ | $ | $ | |||||||||||||||||
Interest cost | ||||||||||||||||||||
Amortization of net loss | ||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | |||||||||||||||||
Weighted-average assumptions used to determine net periodic cost: | ||||||||||||||||||||
Discount rate | % | % | % | |||||||||||||||||
Rate of compensation increase | * | * | % |
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
AWR | GSWC | |||||||||||||||||||||||||||||||||||||
For The Years Ended December 31, | For The Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Stock-based compensation related to: | ||||||||||||||||||||||||||||||||||||||
Restricted stock units | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ | $ | $ |
Number of Restricted Share Units | Weighted Average Grant-Date Value | ||||||||||
Restricted share units at January 1, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Restricted share units at December 31, 2022 | $ |
Number of Performance awards | Weighted Average Grant-Date Value | ||||||||||
Performance awards at January 1, 2022 | $ | ||||||||||
Granted | |||||||||||
Performance criteria adjustment | |||||||||||
Vested | ( | ||||||||||
Performance awards at December 31, 2022 | $ |
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
For The Year Ended December 31, 2022 | For The Year Ended December 31, 2021 | ||||||||||
Operating lease costs | $ | $ | |||||||||
Short-term lease costs | $ | $ | |||||||||
Weighted average remaining lease term (in years) | |||||||||||
Weighted-average discount rate | |||||||||||
Non-cash transactions | |||||||||||
Lease liabilities arising from obtaining right-of-use assets | $ | $ |
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: imputed interest | |||||
Total lease obligations | |||||
Less: current obligations | |||||
Long-term lease obligations | $ |
As Of And For The Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||
AWR | Consolidated | |||||||||||||||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Operating income (loss) | ( | |||||||||||||||||||||||||||||||
Interest expense, net | ( | |||||||||||||||||||||||||||||||
Net utility plant | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense (1) | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | |||||||||||||||||||||||||||||||
Capital additions |
As Of And For The Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||
AWR | Consolidated | |||||||||||||||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Operating income (loss) | ( | |||||||||||||||||||||||||||||||
Interest expense, net | ( | |||||||||||||||||||||||||||||||
Net utility plant | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense (1) | ||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | ( | |||||||||||||||||||||||||||||||
Capital additions |
As Of And For The Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
GSWC | AWR | Consolidated | ||||||||||||||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Operating income (loss) | ( | |||||||||||||||||||||||||||||||
Interest expense, net | ( | |||||||||||||||||||||||||||||||
Net utility plant | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense (1) | ||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | ( | |||||||||||||||||||||||||||||||
Capital additions |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Total utility plant | $ | $ | ||||||||||||
Other assets | ||||||||||||||
Total consolidated assets | $ | $ |
AWR | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | |||||||||||||||||
Provision charged (1) | ||||||||||||||||||||
Accounts written off, net of recoveries (2) | ( | ( | ( | |||||||||||||||||
Balance at end of year | $ | $ | $ | |||||||||||||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | $ | $ | |||||||||||||||||
Allowance for doubtful accounts related to other accounts receivable | ||||||||||||||||||||
Total allowance for doubtful accounts | $ | $ | $ |
GSWC | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | |||||||||||||||||
Provision charged (3) | ||||||||||||||||||||
Balance transfer to BVESI (Note 20) | ( | |||||||||||||||||||
Accounts written off, net of recoveries (4) | ( | ( | ( | |||||||||||||||||
Balance at end of year | $ | $ | $ | |||||||||||||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | $ | $ | |||||||||||||||||
Allowance for doubtful accounts related to other accounts receivable | ||||||||||||||||||||
Total allowance for doubtful accounts | $ | $ | $ |
AWR | GSWC | ||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Taxes and Interest Paid: | |||||||||||||||||||||||||||||||||||
Income taxes paid, net | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest paid, net of capitalized interest | |||||||||||||||||||||||||||||||||||
Non-Cash Transactions: | |||||||||||||||||||||||||||||||||||
Accrued payables for investment in utility plant | |||||||||||||||||||||||||||||||||||
Property installed by developers and conveyed | |||||||||||||||||||||||||||||||||||
Transfer of electric segment net assets (net of cash) for BVESI common shares (Note 20) | |||||||||||||||||||||||||||||||||||
Distribution of BVESI common shares to AWR parent (Note 20) |
Twelve months ended December 31, 2022 | Twelve months ended December 31, 2021 | Six months ended June 30, 2020 | Six months ended December 31, 2020 | Twelve months ended December 31, 2020 | |||||||||||||||||||||||||
(Subsidiary of AWR) | (Subsidiary of AWR) | (Division of GSWC) | (Subsidiary of AWR) | ||||||||||||||||||||||||||
Electric revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Operating income | |||||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | $ |
For the Twelve Months Ended December 31, 2022 | For the Twelve Months Ended December 31, 2021 | Six Months Ended December 31, 2020 | ||||||||||||
(Subsidiary of AWR) | (Subsidiary of AWR) | (Subsidiary of AWR) | ||||||||||||
Net cash provided from operating activities | $ | $ | $ | |||||||||||
Net cash used in investing activities (capital expenditures) | ( | ( | ( | |||||||||||
Net cash provided from financing activities (1) | ||||||||||||||
Net change in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents, beginning of period | ||||||||||||||
Cash and cash equivalents, end of period | $ | $ | $ |
See page | 121. |
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
4.1 | ||||||||
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10.1 | Second Sublease dated October 5, 1984 between Golden State Water Company and Three Valleys Municipal Water District incorporated herein by reference to Registrant's Registration Statement on Form S-2, Registration No. 33-5151 | |||||||
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101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
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104 | Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101) |
AMERICAN STATES WATER COMPANY (“AWR”): | ||||||||
By: | /s/ EVA G. TANG | |||||||
Eva G. Tang | ||||||||
Senior Vice President-Finance, Chief Financial | ||||||||
Officer, Treasurer and Corporate Secretary | ||||||||
GOLDEN STATE WATER COMPANY (“GSWC”): | ||||||||
By: | /s/ EVA G. TANG | |||||||
Eva G. Tang | ||||||||
Senior Vice President-Finance, Chief Financial | ||||||||
Officer and Secretary | ||||||||
Date: | March 1, 2023 |
Date: | ||||||||||||||
/s/ ANNE M. HOLLOWAY | March 1, 2023 | |||||||||||||
Anne M. Holloway | ||||||||||||||
Chairman of the Board and Director of AWR and GSWC | ||||||||||||||
/s/ ROBERT J. SPROWLS | March 1, 2023 | |||||||||||||
Robert J. Sprowls | ||||||||||||||
Principal Executive Officer, President and Chief Executive Officer of AWR and GSWC and Director of AWR and GSWC | ||||||||||||||
/s/ EVA G. TANG | March 1, 2023 | |||||||||||||
Eva G. Tang | ||||||||||||||
Principal Financial and Accounting Officer, Senior Vice President-Finance, Chief Financial Officer, Treasurer and Corporate Secretary of AWR; and Principal Financial and Accounting Officer, Senior Vice President-Finance, Chief Financial Officer and Secretary of GSWC | ||||||||||||||
/s/ DIANA M. BONTÁ | March 1, 2023 | |||||||||||||
Diana M. Bontá | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ STEVEN D. DAVIS | March 1, 2023 | |||||||||||||
Steven D. Davis | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ THOMAS A. EICHELBERGER | March 1, 2023 | |||||||||||||
Thomas A. Eichelberger | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ JOHN R. FIELDER | March 1, 2023 | |||||||||||||
John R. Fielder | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ MARY ANN HOPKINS | March 1, 2023 | |||||||||||||
Mary Ann Hopkins | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ C. JAMES LEVIN | March 1, 2023 | |||||||||||||
C. James Levin | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ JANICE F. WILKINS | March 1, 2023 | |||||||||||||
Janice F. Wilkins | ||||||||||||||
Director of AWR and GSWC |
December 31, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Assets | ||||||||||||||
Cash and equivalents | $ | $ | ||||||||||||
Income taxes receivable | ||||||||||||||
Intercompany note receivables | ||||||||||||||
Total current assets | ||||||||||||||
Investments in subsidiaries | ||||||||||||||
Deferred taxes and other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Capitalization | ||||||||||||||
Notes payable to bank | $ | $ | ||||||||||||
Income taxes payable | ||||||||||||||
Other liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Notes payable to bank | ||||||||||||||
Deferred taxes and other liabilities | ||||||||||||||
Total other liabilities | ||||||||||||||
Common shareholders’ equity | ||||||||||||||
Total capitalization | ||||||||||||||
Total liabilities and capitalization | $ | $ |
For the Years Ended December 31, | ||||||||||||||||||||
(In thousands, except per share amounts) | 2022 | 2021 | 2020 | |||||||||||||||||
Operating revenues and other income | $ | $ | $ | |||||||||||||||||
Operating expenses and other expenses | ||||||||||||||||||||
Loss before equity in earnings of subsidiaries and income taxes | ( | ( | ( | |||||||||||||||||
Equity in earnings of subsidiaries | ||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||
Income tax benefit | ( | ( | ( | |||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Weighted Average Number of Common Shares Outstanding | ||||||||||||||||||||
Basic Earnings Per Common Share | $ | $ | $ | |||||||||||||||||
Weighted Average Number of Diluted Common Shares Outstanding | ||||||||||||||||||||
Fully Diluted Earnings per Common Share | $ | $ | $ | |||||||||||||||||
Dividends Paid Per Common Share | $ | $ | $ |
For the Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Cash Flows From Operating Activities | $ | $ | $ | |||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Loans (made to)/repaid from, wholly-owned subsidiaries | ( | ( | ||||||||||||||||||
Increase in investment of subsidiary | ( | |||||||||||||||||||
Net cash (used in) provided by investing activities | ( | ( | ||||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from stock option exercises | ||||||||||||||||||||
Net change in notes payable to banks | ( | |||||||||||||||||||
Proceeds from note payable to GSWC | ( | ( | ||||||||||||||||||
Repayment of note payable to GSWC | ||||||||||||||||||||
Dividends paid | ( | ( | ( | |||||||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||||||||
Change in cash and equivalents | ( | |||||||||||||||||||
Cash and equivalents at beginning of period | ||||||||||||||||||||
Cash and equivalents at the end of period | $ | $ | $ |
December 31, | ||||||||||||||
(in thousands, except percent) | 2022 | 2021 | ||||||||||||
Balance Outstanding at December 31, | $ | $ | ||||||||||||
Interest Rate at December 31, | % | % | ||||||||||||
Average Amount Outstanding | ||||||||||||||
Weighted Average Annual Interest Rate | % | % | ||||||||||||
Maximum Amount Outstanding | $ | $ |
Dated: March 1, 2023 | By: | /s/ ROBERT J. SPROWLS | ||||||
Robert J. Sprowls President and Chief Executive Officer |
Dated: March 1, 2023 | By: | /s/ ROBERT J. SPROWLS | ||||||
Robert J. Sprowls President and Chief Executive Officer |
Dated: March 1, 2023 | By: | /s/ EVA G. TANG | ||||||
Eva G. Tang Senior Vice President-Finance, Chief Financial Officer, Treasurer and Corporate Secretary |
Dated: March 1, 2023 | By: | /s/ EVA G. TANG | ||||||
Eva G. Tang Senior Vice President-Finance, Chief Financial Officer and Secretary |
/s/ ROBERT J. SPROWLS | |||||
Robert J. Sprowls | |||||
President and Chief Executive Officer | |||||
Dated: March 1, 2023 |
/s/ EVA G. TANG | |||||
Eva G. Tang | |||||
Senior Vice President-Finance, Chief Financial Officer, | |||||
Treasurer and Corporate Secretary | |||||
Dated: March 1, 2023 |
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Audit Information |
12 Months Ended |
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Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Los Angeles, California |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations: American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”), Bear Valley Electric Service Inc. (“BVESI”), and American States Utility Services, Inc. (“ASUS”) (and its wholly owned subsidiaries, Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. (“ECUS”), and Fort Riley Utility Services, Inc. (“FRUS”)). AWR and its subsidiaries may be collectively referred to as “Registrant” or “the Company.” The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries.” On July 1, 2020, GSWC completed the transfer of the electric utility assets and liabilities from its electric division to BVESI, a separate legal entity and wholly owned subsidiary of AWR (Note 20). This reorganization did not result in any substantive changes to AWR’s operations and business segments. AWR, through its wholly owned subsidiaries, serves over one million people in nine states. GSWC and BVESI are both California public utilities, with GSWC engaged in the purchase, production, distribution and sale of water throughout California serving approximately 263,000 customers, while BVESI distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,700 customers. The California Public Utilities Commission (“CPUC”) regulates GSWC’s and BVESI’s businesses in matters including properties, rates, services, facilities, and transactions between GSWC, BVESI, and their affiliates. ASUS, through its Military Utility Privatization Subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to an initial 50-year firm fixed-price contract with the U.S. government. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or the Military Utility Privatization Subsidiaries. Basis of Presentation: The consolidated financial statements and notes thereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. AWR owns all of the outstanding Common Shares of GSWC, BVESI and ASUS. ASUS owns all of the outstanding common shares of the Military Utility Privatization Subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements. Related-Party and Intercompany Transactions: As discussed in Note 9, AWR borrows under a credit facility and provides funds to GSWC and ASUS in support of their operations through intercompany borrowing agreements. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest expense under the credit facility. AWR’s credit agreement expires in May 2023 and all intercompany borrowing agreements will expire concurrent with the expiration of AWR’s credit facility. AWR intends to execute new intercompany borrowing agreements with its subsidiaries consistent with a new credit facility. As of December 31, 2022, GSWC had $129.0 million outstanding under its intercompany borrowing arrangement with AWR. The intercompany borrowing agreement with AWR is considered a short-term debt arrangement by the CPUC and GSWC has been authorized by the CPUC to borrow under this arrangement for a term of up to 24 months. Borrowings under this arrangement are, therefore, required to be fully paid off within a 24-month period. On January 31, 2023, GSWC used the proceeds from the issuance of equity to AWR (Note 7) and from the issuance of long-term debt (Note 10) to pay-off all of its intercompany borrowing from AWR. Accordingly, the $129.0 million outstanding has been refinanced in January 2023 on a long-term basis and is, therefore, classified as a non-current liability under “Other Credits” in GSWC’s Balance Sheet as of December 31, 2022. Furthermore, GSWC, BVESI and ASUS provide and/or receive various support services to and from their parent, AWR, and among themselves. GSWC also allocates certain corporate office administrative and general costs to its affiliates BVESI and ASUS using allocation factors approved by the CPUC. During the years ended December 31, 2022, 2021 and 2020, GSWC allocated to ASUS approximately $5.2 million, $5.3 million and $4.9 million, respectively, of corporate office administrative and general costs. During the years ended December 31, 2022, 2021 and 2020, GSWC allocated corporate office administrative and general costs to BVESI of approximately $2.7 million, $2.8 million and $1.3 million, respectively. BVESI assumed operations of the electric segment on July 1, 2020. COVID-19 Impact: GSWC, BVESI and ASUS have continued their operations throughout the COVID-19 pandemic given that their water, wastewater and electric utility services are deemed essential. AWR and its subsidiaries continue to monitor the guidance provided by federal, state, and local health authorities and other government officials. While continuing to monitor transmission rates and other variables, employees have returned to company offices. Thus far, the COVID-19 pandemic has not had a material impact on ASUS’s current operations. In response to orders issued by the CPUC and the governor of California, GSWC and BVESI suspended service disconnections for nonpayment. However, pursuant to the CPUC’s July 15, 2021 decision in the Second Phase of the Low-Income Affordability Rulemaking discussed previously, the moratorium on water-service disconnections due to non-payment of past-due amounts billed to residential customers expired on February 1, 2022. The CPUC’s moratoriums on service disconnections for nonpayment for water and electric customers have ended and as a result, disconnections for delinquent residential customers resumed in June 2022. However, water service cannot be disconnected so long as customers make timely payments on current bills and are provided and adhere to payment plans to pay down past-due bills resulting from the pandemic. In addition, electric-service disconnections for non-payment can only be done after taking into account certain conditions such as average daily temperatures, and residential disconnections are capped on an annual basis at 2.5% of the total residential customers during the previous calendar year. Beginning in 2020, the pandemic and its lingering effects caused volatility in financial markets resulting in fluctuations in the fair value of plan assets in GSWC’s pension and other retirement plans. In addition, the economic impact of the pandemic has also significantly increased the amount of delinquent customer accounts receivable throughout the pandemic, resulting in both GSWC and BVESI increasing their allowance for doubtful accounts. The CPUC has authorized GSWC and BVESI to track incremental costs, including bad debt expense, in excess of what is included in their respective revenue requirements incurred as a result of the pandemic in COVID-19 emergency-related memorandum accounts, which GSWC and BVESI intend to file with the CPUC for future recovery. On July 12, 2021, the governor of California approved SB-129 Budget Act of 2021, in which nearly $1 billion in relief funding for overdue water customer bills, and nearly $1 billion in relief funding for overdue electric customer bills were included. The water customer relief funding is being managed by the State Water Resources Control Board (“SWRCB”) through the California Water and Wastewater Arrearage Payment Program to provide assistance to customers for their water debt accrued during the COVID-19 pandemic by remitting federal funds that the state received from the American Rescue Plan Act of 2021 to the utility on behalf of eligible customers. In January 2022, GSWC received $9.5 million in COVID relief funds through the California Water and Wastewater Arrearage Payment Program to provide assistance to customers for their water debt accrued during the COVID-19 pandemic by remitting federal funds that the state received from the American Rescue Plan Act of 2021 to the utility on behalf of eligible customers. GSWC applied these funds to its delinquent customers’ eligible balances. In February and December 2022, BVESI received $321,000 and $152,000, respectively, from the state of California for similar customer relief funding for unpaid electric customer bills incurred during the pandemic. The CPUC requires that amounts tracked in GSWC’s and BVESI’s COVID-19 memorandum accounts for unpaid customer bills be first offset by any (i) federal and state relief for water or electric utility bill debt, and (ii) customer payments through payment plan arrangements, prior to receiving recovery from customers at large. After these offsets are made, GSWC will file with the CPUC for recovery of the remaining balance. BVESI intends to include the remaining balance in its COVID-19 emergency related memorandum account for recovery once all alternative sources of funding have been exhausted and credited to eligible customer accounts. During the first half of 2022, GSWC and BVESI continued to experience delinquent customer accounts receivable due to the lingering effects of the COVID-19 pandemic. As of December 31, 2022, GSWC and BVESI had approximately $3.5 million and $497,000, respectively, in regulatory asset accounts related to bad debt expense in excess of their revenue requirements, the purchase of personal protective equipment, additional incurred printing costs, and other incremental COVID-19-related costs. Emergency-type memorandum accounts are well-established cost recovery mechanisms authorized as a result of a state/federal declared emergency, and are therefore recognized as regulatory assets for future recovery. As a result, the amounts recorded in the COVID-19 emergency-related memorandum accounts have not impacted GSWC’s or BVESI’s earnings. ASUS has experienced some delays in receiving contract modifications from the U.S. government for additional construction projects due to government staffing shortages resulting from the COVID-19 pandemic but this has not had a material impact on its current operations. Utility Accounting: Registrant’s accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the CPUC and, to the extent applicable, the Federal Energy Regulatory Commission. GSWC and BVESI have incurred various costs and received various credits reflected as regulatory assets and liabilities. Accounting for such costs and credits as regulatory assets and liabilities is in accordance with the guidance for accounting for the effects of certain types of regulation. This guidance sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. Under such accounting guidance, rate-regulated entities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the ratemaking process in a period different from the period in which they would have been reflected in income by an unregulated company. These regulatory assets and liabilities are then recognized in the income statement in the period in which the same amounts are reflected in the rates charged for service. The amounts included as regulatory assets and liabilities that will be collected or refunded over a period exceeding one year are classified as long-term assets and liabilities as of December 31, 2022 and 2021. Property and Depreciation: Registrant’s property consists primarily of regulated utility plant at GSWC and BVESI. GSWC and BVESI capitalize, as utility plant, the cost of construction and the cost of additions, betterments and replacements of retired units of property. Such costs includes labor, material and certain indirect charges. Water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. The difference between the estimated original cost, less accumulated depreciation, and the purchase price, if recognized by the CPUC, is recorded as an acquisition adjustment within utility plant. Depreciation for the regulated utilities is computed on the straight-line, remaining-life basis, group method, in accordance with the applicable ratemaking process. The provision for depreciation expressed as a percentage of the aggregate depreciable asset balances for regulated utilities was 2.2% for each of the years 2022, 2021 and 2020. Depreciation expense for regulated utilities, excluding amortization expense and depreciation on transportation equipment, totaled $37.3 million, $35.5 million and $32.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $382,000, $379,000 and $353,000 for the years 2022, 2021 and 2020, respectively. Expenditures for maintenance and repairs are expensed as incurred. Retired property costs, including costs of removal, are charged to the accumulated provision for depreciation. Estimated useful lives of regulated utilities’ utility plant, as authorized by the CPUC, are as follows:
Non-regulated property consists primarily of equipment utilized by ASUS and its subsidiaries for its operations. This property is stated at cost, net of accumulated depreciation, which is calculated using the straight-line method over the useful lives of the assets. Asset Retirement Obligations: GSWC has a legal obligation for the retirement of its wells, which by law need to be properly capped at the time of removal. As such, GSWC incurs asset retirement obligations. GSWC records the fair value of a liability for these asset retirement obligations in the period in which they are incurred. When the liability is initially recorded, GSWC capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, GSWC either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. Retirement costs have historically been recovered through rates subsequent to the retirement costs being incurred. Accordingly, recoverability of GSWC’s asset retirement obligations are reflected as a regulatory asset. GSWC also reflects the loss or gain at settlement as a regulatory asset or liability on the balance sheet. With regards to removal costs associated with certain other long-lived assets, such as water mains, distribution and transmission assets, asset retirement obligations have not been recognized as GSWC believes there is no legal obligation to do so. There are no CPUC rules or regulations that require GSWC to remove any of its other long-lived assets. In addition, GSWC’s water pipelines are not subject to regulation by any federal regulatory agency. GSWC has franchise agreements with various municipalities in order to use the public right of way for utility purposes (i.e., operate water distribution and transmission assets), and if certain events occur in the future, GSWC could be required to remove or relocate certain of its pipelines. However, it is not possible to estimate an asset retirement amount since the timing and the amount of assets that may be required to be removed, if any, is not known. Amounts recorded for asset retirement obligations are subject to various assumptions and determinations, such as determining whether a legal obligation exists to remove assets, estimating the fair value of the costs of removal, when final removal will occur and the credit-adjusted risk-free interest rates to be utilized on discounting future liabilities. Changes that may arise over time with regard to these assumptions will change amounts recorded in the future. Revisions in estimates for timing or estimated cash flows are recognized as changes in the carrying amount of the liability and the related capitalized asset. The estimated fair value of the costs of removal was based on third-party costs. Impairment of Long-Lived Assets: Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with accounting guidance for impairment or disposal of long-lived assets. Registrant would recognize an impairment loss on its regulated assets only if the carrying value amount of a long-lived asset is not recoverable from customer rates authorized by the CPUC. Impairment loss is measured as the excess of the carrying value over the amounts recovered in customer rates. For the years ended December 31, 2022, 2021 and 2020, no impairment loss was incurred. Goodwill: At December 31, 2022 and 2021, AWR had approximately $1.1 million of goodwill. The $1.1 million goodwill arose from ASUS’s acquisition of a subcontractor’s business at some of the Military Utility Privatization Subsidiaries. In accordance with the accounting guidance for testing goodwill, AWR annually assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For 2022 and 2021, AWR’s assessment of qualitative factors did not indicate that an impairment had occurred for goodwill at ASUS. Cash and Cash Equivalents: Cash and cash equivalents include short-term cash investments with an original maturity of three months or less. At times, cash and cash equivalent balances may be in excess of federally insured limits. Cash and cash equivalents are held with financial institutions with high credit standings. Accounts Receivable: Accounts receivable is reported on the balance sheet net of any allowance for doubtful accounts. The allowance for doubtful accounts is Registrant’s best estimate of the amount of probable credit losses in Registrant’s existing accounts receivable from its water and electric customers, and is determined based on expected losses rather than incurred losses. Registrant reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. Receivables from the U.S. government include amounts due under contracts with the U.S. government to operate and maintain, and/or provide construction services for the water and/or wastewater systems at military bases. Other accounts receivable consist primarily of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements and amounts due from other third-party prime government contractors pursuant to agreements for construction of water and/or wastewater facilities for such third-party prime contractors. The allowance for these other accounts receivable is based on Registrant’s evaluation of the receivable portfolio under current conditions and a review of specific problems and such other factors that, in Registrant’s judgment, should be considered in estimating losses. Allowances for doubtful accounts are disclosed in Note 18. Materials and Supplies: Materials and supplies are stated at the lower of cost or net realizable value. Cost is computed using weighted average cost. Major classes of materials include pipe, meters, hydrants and valves. Interest: Interest incurred during the construction of capital assets has generally not been capitalized for financial reporting purposes as such policy is not followed in the ratemaking process. Interest expense is generally recovered through the regulatory process. At times, the CPUC has authorized certain capital projects to be filed for revenue recovery with advice letters when those projects are completed. During the time that such projects are under development and construction, GSWC or BVESI may accrue an allowance for funds used during construction (“AFUDC”) on the incurred expenditures to offset the cost of financing project construction. For the year ended December 31, 2022, 2021 and 2020, BVESI recorded $106,000, $216,000 and $200,000, respectively in AFUDC. Debt Issuance Costs and Redemption Premiums: Original debt issuance costs are deducted from the carrying value of the associated debt liability and amortized over the lives of the respective issuances. Premiums paid on the early redemption of debt are deferred as regulatory assets and amortized over the period that GSWC and BVESI recovers such costs in rates, which is generally over the term of the new debt issued to finance early debt redemption. At December 31, 2022 and 2021, Registrant’s long-term debt have been issued by GSWC and BVESI. Advances for Construction and Contributions in Aid of Construction: Advances for construction represent amounts advanced by developers for the cost to construct water system facilities in order to extend water service to their properties. Advances are refundable in equal annual installments, generally over 40 years. In certain instances, GSWC makes refunds on these advances over a specific period of time based on operating revenues related to the main or as new customers are connected to receive service from the main. Contributions in aid of construction are similar to advances but require no refunding. Generally, GSWC and BVESI depreciate contributed property and amortize contributions in aid of construction at the composite rate of the related property. Utility plant funded by advances and contributions is excluded from rate base. Fair Value of Financial Instruments: For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of the amounts. The table below estimates the fair value of long-term debt held by AWR and GSWC, respectively. At December 31, 2022, the outstanding long-term debt held by AWR includes $35.0 million of new debt issued in April 2022 by BVESI and debt held by GSWC. As of December 31, 2021, all outstanding long-term debt was held by GSWC. Rates available to AWR and GSWC at December 31, 2022 and 2021 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results.
(1) Excludes debt issuance costs and redemption premiums. The accounting guidance for fair value measurements applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, Registrant makes fair value measurements on its publicly issued notes, private placement notes and other long-term debt using current U.S. corporate bond yields for similar debt instruments. Under the fair value guidance, these are classified as Level 2, which consists of quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. The following table sets forth by level, within the fair value hierarchy, Registrant’s long-term debt measured at fair value as of December 31, 2022:
Stock-Based Awards: AWR has issued stock-based awards to its employees under stock incentive plans. AWR has also issued stock-based awards to its Board of Directors under non-employee directors stock plans. Registrant applies the provisions in the accounting guidance for share-based payments in accounting for all of its stock-based awards. See Note 13 for further discussion. Recently Issued Accounting Pronouncements: Accounting Pronouncements Adopted in 2022 In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update require disclosures about transactions with a government such as government grants or assistance. The amendments were effective for all applicable entities for financial statements issued for annual periods beginning after December 15, 2021. This guidance update did not have a material impact on Registrant’s financial statement disclosures.
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Revenues |
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Revenues | Revenues Most of Registrant’s revenues are accounted for under the revenue recognition accounting standard, "Revenue from Contracts with Customers - (Topic 606)." GSWC and BVESI provide utility services to customers as specified by the CPUC. The transaction prices for water and electric revenues are based on tariff rates authorized by the CPUC, which include both quantity-based and flat-rate charges. Tariff revenues represent the adopted revenue requirement authorized by the CPUC intended to provide GSWC and BVESI with an opportunity to recover its costs and earn a reasonable return on its net capital investment. The annual revenue requirements are comprised of supply costs, operation and maintenance costs, administrative and general costs, depreciation and taxes in amounts authorized by the CPUC, and a return on rate base consistent with the capital structure authorized by the CPUC. Water and electric revenues are recognized over time as customers simultaneously receive and use the utility services provided. Water and electric revenues include amounts billed to customers on a cyclical basis, nearly all of which are based on meter readings for services provided. Customer bills also include surcharges for cost-recovery activities, which represent CPUC-authorized balancing and memorandum accounts that allow for the recovery of previously incurred operating costs. Revenues from these surcharges do not impact earnings as they are offset by corresponding increases in operating expenses to reflect the recovery of the associated costs. Customer payment terms are approximately 20 business days from the billing date. Unbilled revenues are amounts estimated to be billed for usage since the last meter-reading date to the end of the accounting period. The most recent customer billed usage forms the basis for estimating unbilled revenue. GSWC and BVESI bill certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which are paid to various municipalities and counties (based on their ordinances) in order to use public rights of way for utility purposes. GSWC and BVESI bill these franchise fees to its customers based on a CPUC-authorized rate for each ratemaking area as applicable. These franchise fees, which are required to be paid regardless of GSWC’s or BVESI’s ability to collect them from its customers, are accounted for on a gross basis. Franchise fees billed to customers and recorded as operating revenue were approximately $4.0 million, $4.2 million and $3.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. When GSWC or BVESI acts as an agent, where the tax is not required to be remitted if it is not collected from customers, the tax is accounted for on a net basis. As currently authorized by the CPUC, GSWC and BVESI record in revenues the difference between the adopted level of volumetric revenues as authorized by the CPUC for metered accounts (volumetric revenues) and the actual volumetric revenues recovered in customer rates. For GSWC, the difference is tracked under the Water Revenue Adjustment Mechanism (“WRAM”) regulatory accounts, and for BVESI the difference is tracked in the Base Revenue Requirement Adjustment Mechanism (“BRRAM”) regulatory account. If this difference results in an under-collection of revenues, additional revenue is recorded only to the extent that the difference is expected to be collected within 24 months following the end of the year in which they are recorded in accordance with Accounting Standards Codification (“ASC”) Topic 980, Regulated Operations. ASUS’s initial 50-year firm fixed-price contract and additional firm fixed-price contracts, together referred to as (“50-year contract”) with the U.S. government are considered service concession arrangements under ASC 853 Service Concession Arrangements. Accordingly, the services under these contracts are accounted for under Topic 606 Revenue from Contracts with Customers and the water and/or wastewater systems are not recorded as Property, Plant and Equipment on Registrant’s balance sheet. For ASUS, performance obligations consist of (i) performing ongoing operation and maintenance of the water and/or wastewater systems and treatment plants for each military base served, and (ii) performing construction activities (including renewal and replacement capital work) on each military base served. The transaction price for each performance obligation is either delineated in, or initially derived from, the applicable 50-year contract and/or any subsequent contract modifications. Depending on the state in which operations are conducted, the Military Utility Privatization Subsidiaries are also subject to certain state non-income tax assessments, which are accounted for on a gross basis and have been immaterial to date. The ongoing performance of operation and maintenance of the water and/or wastewater systems and treatment plants is viewed as a single performance obligation for each 50-year contract with the U.S. government. Registrant recognizes revenue for operations and maintenance fees monthly using the “right to invoice” practical expedient under ASC Topic 606. ASUS has a right to consideration from the U.S. government in an amount that corresponds directly to the value to the U.S. government of ASUS’s performance completed to-date. The contractual operations and maintenance fees are firm-fixed, and the level of effort or resources expended in the performance of the operations-and-maintenance-fees performance obligation is largely consistent over the 50-year term. Therefore, Registrant has determined that the monthly amounts invoiced for operations and maintenance performance are a fair reflection of the value transferred to the U.S. government. Invoices to the U.S. government for operations and maintenance service, as well as construction activities, are due upon receipt. ASUS’s construction activities consist of various projects to be performed. Each of these capital upgrade projects’ transaction prices are delineated either in the 50-year contract or through a specific contract modification for each construction project, which includes the transaction price for that project. For renewal and replacement projects, the initial transaction price is based on the individual scope of work in accordance with contractual unit prices within the 50-year contract. Each construction project is viewed as a separate, single performance obligation. Therefore, it is generally unnecessary to allocate a construction transaction price to more than one construction performance obligation. Revenues for construction activities are recognized over time, with progress toward completion measured based on the input method using costs incurred relative to the total estimated costs (cost-to-cost method). Due to the nature of these construction projects, Registrant has determined the cost-to-cost input measurement to be the best method to measure progress towards satisfying its construction contract performance obligations, as compared to using an output measurement such as units produced. Changes in job performance, job site conditions, change orders and/or estimated profitability may result in revisions to costs and income for ASUS, and are recognized in the period in which any such revisions are determined. Pre-contract costs for ASUS, which consist of design and engineering labor costs, are deferred if recovery is probable, and are expensed as incurred if recovery is not probable. Deferred pre-contract costs have been immaterial to date. Contracted services revenues recognized during the years ended December 31, 2022, 2021 and 2020 from performance obligations satisfied in previous periods were not material. Although GSWC and BVESI have a diversified base of residential, commercial, industrial and other customers, revenues derived from residential and commercial customers account for nearly 90% of total water revenues, and 90% of total electric revenues. The vast majority of ASUS’s revenues are from the U.S. government. For the years ended December 31, 2022, 2021, and 2020, disaggregated revenues from contracts with customers by segment are as follows:
The opening and closing balances of the receivable from the U.S. government, contract assets and contract liabilities from contracts with customers, which related entirely to ASUS, are as follows:
Unbilled receivables and Receivable from the U.S. government represent receivables where the right to payment is conditional only by the passage of time. Contract Assets - Contract assets are assets of ASUS and consist of unbilled revenues recognized from work-in-progress construction projects, where the right to payment is conditional on something other than the passage of time. The classification of this asset as current or noncurrent is based on the timing of when ASUS expects to bill these amounts. Contract Liabilities - Contract liabilities are liabilities of ASUS and consist of billings in excess of revenue recognized. The classification of this liability as current or noncurrent is based on the timing of when ASUS expects to recognize revenue. Revenues for the twelve months ended December 31, 2022, which were included in contract liabilities at the beginning of the period were not material. As of December 31, 2022, AWR’s aggregate remaining performance obligations, which are entirely for the contracted services segment, were $3.4 billion. AWR expects to recognize revenue on these remaining performance obligations over the remaining terms of each of the 50-year contracts, which range from 32 to 46 years. Each of the contracts with the U.S. government is subject to termination, in whole or in part, prior to the end of its 50-year term for the convenience of the U.S. government.
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Regulatory Matters |
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Regulatory Matters | Regulatory Matters In accordance with accounting principles for rate-regulated enterprises, GSWC and BVESI records regulatory assets, which represent probable future recovery of costs from customers through the ratemaking process, and regulatory liabilities, which represent probable future refunds that are to be credited to customers through the ratemaking process. At December 31, 2022, GSWC and BVESI had approximately $85.0 million of regulatory liabilities, net of regulatory assets, not accruing carrying costs. Of this amount, (i) $75.7 million of regulatory liabilities are excess deferred income taxes arising from the lower federal income tax rate under the Tax Cuts and Jobs Act enacted in December 2017 that are being refunded to customers (Note 11), (ii) $1.1 million of net regulatory liabilities relates to flow-through deferred income taxes including the gross-up portion on the deferred tax resulting from the excess deferred income tax regulatory liability (Note 11), (iii) $2.2 million of regulatory assets relates to the underfunded position in Registrant’s pension and other post-retirement obligations (excluding the two-way pension balancing accounts), and (iv) $11.8 million regulatory liability related to a memorandum account authorized by the CPUC to track unrealized gains and losses on BVESI’s purchase power contracts over the term of the contracts. The remainder relates to other items that do not provide for or incur carrying costs. Regulatory assets represent costs incurred by GSWC and/or BVESI for which they have received or expect to receive rate recovery in the future. In determining the probability of costs being recognized in other periods, GSWC and BVESI consider regulatory rules and decisions, past practices, and other facts or circumstances that would indicate if recovery is probable. If the CPUC determines that a portion of either GSWC’s or BVESI’s assets are not recoverable in customer rates, the applicable utility must determine if it has suffered an asset impairment that requires it to write down the asset’s value. Regulatory assets are offset against regulatory liabilities within each ratemaking area. Amounts expected to be collected or refunded in the next twelve months have been classified as current assets and current liabilities by ratemaking area. Regulatory liabilities, less regulatory assets, included in the consolidated balance sheets are as follows:
Water General Rate Case: In July 2020, GSWC filed a general rate case application for all of its water regions and its general office. This general rate case will determine new water rates for the years 2022–2024. In November 2021, GSWC and the Public Advocates Office at the CPUC (“Public Advocates”) filed with the CPUC a joint motion to adopt a settlement agreement between GSWC and Public Advocates on this general rate case application. The settlement agreement, if approved, resolves all issues related to the 2022 annual revenue requirement in the general rate case application, with the exception of three unresolved issues. Due to the delay in finalizing the water general rate case, water revenues billed and recorded for the year ended December 31, 2022 were based on 2021 adopted rates, pending a final decision by the CPUC in this general rate case application. When approved, the new rates will be retroactive to January 1, 2022, and cumulative adjustments will be recorded upon receiving a decision by the CPUC that approves the settlement agreement. In January 2023, the CPUC issued a decision approving a second request for extension of the statutory deadline for a final decision in the water general rate case proceeding to April 7, 2023. Cost of Capital Proceeding: GSWC filed a cost of capital application in May 2021 currently pending CPUC approval. Hearings on this proceeding occurred in May 2022 and briefs were filed in June 2022. Based on management’s analysis of this regulatory proceeding and associated accounting to date, for the year ended December 31, 2022, GSWC reduced revenues by $6.4 million and recorded a corresponding regulatory liability for revenues subject to refund based on its best estimate, which relates to the impact of GSWC’s lower cost of debt requested in its application. However, at this time, management cannot predict the ultimate outcome of the cost of capital application and the associated impact on 2022 revenues. Changes in estimates will be made, if necessary, as more information in this proceeding becomes available. Alternative-Revenue Programs: GSWC records the difference between what it bills its water customers and that which is authorized by the CPUC using the Water Revenue Adjustment Mechanism (“WRAM”) and the Modified Cost Balancing Account (“MCBA”) accounts approved by the CPUC. The over- or under-collection of the WRAM is aggregated with the MCBA over- or under-collection for the corresponding ratemaking area and bears interest at the current 90-day commercial-paper rate. Surcharges and surcredits have been implemented for all pre-2022 WRAM/MCBA balances. During the year ended December 31, 2022, $4.4 million of pre-2022 WRAM/MCBA balances were recovered through surcharges. During 2022, GSWC recorded an additional $22.8 million net under-collection in the WRAM/MCBA, based on 2021 authorized amounts, pending a final decision on the water general rate case. Once the CPUC issues a final decision on the general rate case, the WRAM and MCBA amounts recorded in 2022 will be updated to reflect the authorized 2022 amounts. The 2022 WRAM/MCBA balances represent under-collections in WRAM amounts due to a decrease in customer consumption as compared to adopted, as well as an under-collection of supply costs incurred and recorded in the MCBA due to a higher volume of purchased water as compared to adopted. As of December 31, 2022, GSWC had an aggregated regulatory asset of $31.8 million, which is comprised of a $17.2 million under-collection in the WRAM accounts and a $14.6 million under-collection in the MCBA accounts. As required by the accounting guidance for alternative revenue programs, GSWC is required to collect its WRAM balances within 24 months following the end of the year in which an under-collection is recorded. As of December 31, 2022, there were no material WRAM under-collections that were estimated to be collected over more than 24 months. Pensions and Other Post-retirement Obligations: A regulatory asset has been recorded at December 31, 2022 and 2021 for the costs that would otherwise be charged to “other comprehensive income” within shareholders’ equity for the underfunded status of Registrant’s pension and other post-retirement benefit plans because the cost of these plans has historically been recovered through rates. As discussed in Note 12, as of December 31, 2022, Registrant’s underfunded position for these plans that have been recorded as a regulatory asset totaled $2.2 million. Registrant expects this regulatory asset to be recovered through rates in future periods. The CPUC has authorized GSWC and BVESI to each use two-way balancing accounts to track differences between the forecasted annual pension expenses adopted in their respective customer rates and the actual annual expense to be recorded in accordance with the accounting guidance for pension costs. The two-way balancing accounts bear interest at the current 90-day commercial paper rate. As of December 31, 2022, GSWC has a $1.5 million over-collection related to the general office and water regions, and BVESI has a $496,000 over-collection in its two-way balancing account. COVID-19 Emergency Memorandum Accounts: During the first half of 2022, GSWC and BVESI continued to experience delinquent customer accounts receivable due to the lingering effects of the COVID-19 pandemic, resulting in both GSWC and BVESI increasing their allowances for doubtful accounts since the end of 2021. The CPUC has authorized GSWC and BVESI to track incremental costs, including bad debt expense, in excess of what is included in their respective revenue requirements incurred as a result of the pandemic in COVID-19 emergency-related memorandum accounts, which GSWC and BVESI intend to file with the CPUC for future recovery. As of December 31, 2022, GSWC and BVESI had approximately $3.5 million and $497,000, respectively, in regulatory asset accounts related to bad debt expense in excess of their revenue requirements, the purchase of personal protective equipment, additional incurred printing costs, and other incremental COVID-19-related costs. Emergency-related memorandum accounts are well-established cost recovery mechanisms authorized as a result of a state/federal declared emergency, and are therefore recognized as regulatory assets for future recovery. As a result, the amounts recorded in the COVID-19 emergency-related memorandum accounts have not impacted GSWC’s or BVESI’s earnings. In January 2022, GSWC received $9.5 million in COVID relief funds through the California Water and Wastewater Arrearage Payment Program to provide assistance to customers for their water debt accrued during the COVID-19 pandemic by remitting federal funds that the state received from the American Rescue Plan Act of 2021 to the utility on behalf of eligible customers. GSWC applied these funds to its delinquent customers’ eligible balances. During 2022, BVESI received a total of $473,000 from the state of California for similar customer relief funding for unpaid electric customer bills incurred during the pandemic. The CPUC requires that amounts tracked in GSWC’s and BVESI’s COVID-19 memorandum accounts for unpaid customer bills be first offset by any (i) federal and state relief for water or electric utility bill debt, and (ii) customer payments through payment plan arrangements, prior to receiving recovery from customers at large. After these offsets are made, GSWC will file with the CPUC for recovery of the remaining balance. BVESI intends to include the remaining balance in its COVID-19 memorandum account for recovery once all alternative sources of funding have been exhausted and credited to eligible customer accounts. The CPUC’s moratoriums on service disconnections for nonpayment for water and electric customers have ended. As a result, service disconnections due to nonpayment have resumed with disconnections for delinquent residential customers having resumed in June 2022. Other BVESI Regulatory Assets: Wildfire Mitigation and Other Fire Prevention Related Costs Memorandum Accounts The CPUC adopted regulations intended to enhance the fire safety of overhead electric power lines. Those regulations included increased minimum clearances around electric power lines. BVESI was authorized to track incremental costs incurred to implement the regulations in a fire hazard prevention memorandum account for the purpose of obtaining cost recovery in a future general rate case. In August 2019, the CPUC issued a final decision on the electric general rate case, which set new rates through the year 2022. Among other things, the decision authorized BVESI to record incremental costs related to vegetation management, such as costs for increased minimum clearances around electric power lines, in the CPUC-approved memorandum account for future recovery. As of December 31, 2022, BVESI has approximately $8.7 million in incremental vegetation management costs recorded as a regulatory asset, which has been included in its general rate case application filed with the CPUC in August 2022 for future recovery. The incremental costs related to vegetation management included in the memorandum account will be subject to review during the general rate case proceeding. California legislation enacted in September 2018 requires all investor-owned electric utilities to submit an annual wildfire mitigation plan (“WMP”) to the CPUC for approval. The WMP must include a utility’s plans on constructing, maintaining and operating its electrical lines and equipment to minimize the risk of catastrophic wildfire. BVESI submitted an update to its WMP in May 2022 to OEIS for approval prior to going to the CPUC for ratification. In December 2022, OEIS issued a final decision of approval to BVESI for its 2022 WMP update and in February 2023, the CPUC ratified BVESI’s current WMP. Capital expenditures and other costs incurred as a result of the WMP are subject to CPUC audit. As a result, the CPUC’s Wildfire Safety Division (now part of the California Natural Resources Agency effective July 1, 2021) engaged an independent accounting firm to conduct examinations of the expenses and capital investments identified in the 2019 and 2020 WMPs for each of the investor-owned electric utilities, including BVESI. As of December 31, 2022, BVESI has approximately $4.3 million related to expenses accumulated in its WMP memorandum accounts that have been recognized as regulatory assets for future recovery. In December 2021, the independent accounting firm issued its final examination report, which contains the auditors’ results and recommendations. While the final report did not identify any findings of inappropriate costs included in the WMP memorandum accounts under review, the report suggested that the CPUC should evaluate whether some of the costs recorded in the WMP memorandum accounts are incremental to what is being recovered in customer rates in its general rate case proceeding. At this time, BVESI considers the auditor’s examination complete and does not expect further developments. All capital expenditures and other costs incurred through December 31, 2022 as a result of BVESI’s WMPs are not currently in rates and have been filed for future recovery in BVESI's general rate case application. These costs will be subject to review during the general rate case proceeding and the CPUC may refer to the recommendations of the independent auditor’s report at that time. Other Regulatory Assets: Other regulatory assets represent costs incurred by GSWC or BVESI for which they have received or expect to receive rate recovery in the future. Registrant believes that these regulatory assets are supported by regulatory rules and decisions, past practices, and other facts or circumstances that indicate recovery is probable. If the CPUC determines that a portion of either GSWC’s or BVESI’s assets are not recoverable in customer rates, the applicable entity must determine if it has suffered an asset impairment that requires it to write down the regulatory asset to the amount that is probable of recovery.
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Utility Plant and Intangible Assets |
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Utility Plant and Intangible Assets | Utility Plant and Intangible Assets The following table shows Registrant’s utility plant (regulated utility plant and non-regulated utility property) by major asset class:
(1) Includes intangible assets of $1.2 million for the years ended December 31, 2022 and 2021 for studies performed in association with the electric segment. As of December 31, 2022 and 2021, intangible assets consist of the following:
(2) Includes intangible assets of $571,000 for contracted services included in “Other Property and Investments” on the consolidated balance sheets as of December 31, 2022 and 2021. (3) The intangible assets not subject to amortization primarily consist of organization and consent fees. For the years ended December 31, 2022, 2021 and 2020, amortization of intangible assets was $641,000, $700,000 and $654,000, respectively, for both AWR and GSWC. Estimated future consolidated amortization expense related to intangible assets are as follows (in thousands):
Asset Retirement Obligations: The following is a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations, which are included in “Other Credits” on the balance sheets as of December 31, 2022 and 2021:
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Instruments | Derivative Instruments BVESI has purchased power under long-term contracts at a fixed cost over and five-year terms depending on the amount of power and period during which the power is purchased under the contracts. These long-term contracts are subject to the accounting guidance for derivatives and require mark-to-market derivative accounting. Among other things, the CPUC authorized BVESI to establish a regulatory asset and liability memorandum account to offset the mark-to-market entries required by the accounting guidance. Accordingly, all unrealized gains and losses generated from these purchased power contracts are deferred on a monthly basis into a non-interest bearing regulatory memorandum account that tracks the changes in fair value of the derivative throughout the term of the contract. As a result, these unrealized gains and losses do not impact Registrant’s earnings. As of December 31, 2022, there was an $11.8 million derivative asset with a corresponding regulatory liability in the derivative instrument memorandum account for the purchased power contract as a result of the fixed prices being lower than the futures energy prices. The notional volume of derivatives remaining under these long-term contracts as of December 31, 2022 was approximately 216,471 megawatt hours. The accounting guidance for fair value measurements establishes a framework for measuring fair value and requires fair value measurements to be classified and disclosed in one of three levels. Registrant’s valuation model utilizes various inputs that include quoted market prices for energy over the duration of the contracts. The market prices used to determine the fair value for these derivative instruments were estimated based on independent sources such as broker quotes and publications that are not observable in or corroborated by the market. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized as Level 3. Accordingly, the valuation of the derivatives on Registrant’s purchased power contracts have been classified as Level 3 for all periods presented. The change in fair value was due to the change in market energy prices for the years 2022 and 2021. The following table presents changes in the fair value of the Level 3 derivatives for the years 2022 and 2021:
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Military Privatization |
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Dec. 31, 2022 | |
Military Privatization | |
Military Privatization | Military Privatization Each of the Military Utility Privatization Subsidiaries have entered into a service contract(s) with the U.S. government to operate and maintain, as well as perform construction activities to renew and replace, the water and/or wastewater systems at a military base or bases. The amounts charged for these services are based upon the terms of the 50-year contract between the Military Utility Privatization Subsidiaries and the U.S. government. Under the terms of each of these agreements, the Military Utility Privatization Subsidiaries agree to operate and maintain the water and/or wastewater systems for: (i) a monthly net fixed-price for operation and maintenance, and (ii) an amount to cover renewal and replacement capital work. In addition, these contracts may also include firm, fixed-priced initial capital upgrade projects to upgrade the existing infrastructure. Contract modifications are also issued for other necessary capital upgrades to the existing infrastructure approved by the U.S. government. Under the terms of each of these contracts, prices are subject to an economic price adjustment (“EPA”) provision, on an annual basis. Prices may also be equitably adjusted for changes in law and other circumstances. ASUS is permitted to file, and has filed, requests for equitable adjustment. Each of the contracts may be subject to termination, in whole or in part, prior to the end of the 50-year term for convenience of the U.S. government or as a result of default or nonperformance by a Military Utility Privatization Subsidiary. ASUS has experienced delays in receiving EPAs as provided for under its 50-year contracts. Because of the delays, EPAs, when finally approved, are retroactive. During 2022, the U.S. government approved EPAs at eight of the bases served. In some cases, these EPAs included retroactive operation and maintenance management fees for prior periods. For the years ended December 31, 2022, 2021 and 2020, retroactive operation and maintenance management fees related to prior periods were immaterial.
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Earnings Per Share and Capital Stock |
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Earnings Per Share and Capital Stock | Earnings Per Share and Capital Stock In accordance with the accounting guidance for participating securities and earnings per share (“EPS”), Registrant uses the “two-class” method of computing EPS. The “two-class” method is an earnings allocation formula that determines EPS for each class of common stock and participating security. AWR has participating securities related to restricted stock units that earn dividend equivalents on an equal basis with AWR’s Common Shares that have been issued under AWR’s 2016 employee plans and the 2003 and 2013 directors’ plans. In applying the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating basic net income per share:
Diluted EPS is based upon the weighted average number of Common Shares, including both outstanding shares and shares potentially issuable in connection with restricted stock units granted under AWR’s 2016 employee plans, and the 2003 and 2013 directors’ plans, and net income. At December 31, 2022, there were also 96,988 restricted stock units outstanding, including performance shares awarded to officers of the Registrant. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating diluted net income per share:
(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 96,988 restricted stock units, including performance awards, at December 31, 2022 were deemed to be outstanding in accordance with accounting guidance on earnings per share. During the years ended December 31, 2022, 2021 and 2020, AWR issued Common Shares totaling 25,956, 47,182 and 42,489, respectively, under AWR’s employee stock incentive plans and the non-employee directors’ plans. In addition, during the year 2020, AWR issued 1,800 Common Shares for approximately $30,000 as a result of the exercise of stock options. No shares were issued during 2022 and 2021 as a result of the exercise of stock options. During 2022, 2021 and 2020, there were no cash proceeds received by AWR as a result of the exercise of stock options that were distributed to any of AWR’s subsidiaries. AWR has not issued any Common Shares during 2022, 2021 and 2020 under AWR’s Common Share Purchase and Dividend Reinvestment Plan (“DRP”) and the 401(k) Plan. Shares reserved for the 401(k) Plan are in relation to AWR’s matching contributions and investment by participants. As of December 31, 2022, there were 1,055,948 and 387,300 Common Shares authorized for issuance directly by AWR but unissued under the DRP and the 401(k) Plan, respectively. During 2020, GSWC issued five Common Shares to AWR for $60 million. The majority of the proceeds from these stock issuances were used by GSWC to pay down its intercompany borrowings from AWR. The CPUC requires GSWC to pay down all intercompany borrowings from AWR within a 24-month period. No shares were issued by GSWC during 2022 and 2021. However, in January 2023, the Board of Directors approved the issuance of one GSWC Common Share to AWR for $10.0 million. Proceeds from the stock issuance along with the issuance of long-term debt were used to pay down GSWC’s intercompany borrowings owed to AWR. During the years ended December 31, 2022, 2021 and 2020, AWR and GSWC made payments to taxing authorities on employees’ behalf for shares withheld related to net share settlements. These payments are included in the stock-based compensation caption of the statements of equity. GSWC’s outstanding common shares are owned entirely by its parent, AWR. To the extent GSWC does not reimburse AWR for stock-based compensation awarded under various stock compensation plans, such amounts increase the value of GSWC’s common shareholder’s equity.
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Dividend Limitations |
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Dec. 31, 2022 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividend Limitations | Dividend LimitationsGSWC is prohibited from paying dividends if, after giving effect to the dividend, its total indebtedness to capitalization ratio (as defined) would be more than 0.6667-to-1. Dividends in the amount of $27.0 million, $38.3 million and $22.5 million were paid to AWR by GSWC during the years 2022, 2021 and 2020, respectively. The ability of AWR, GSWC, BVESI and ASUS to pay dividends is also restricted by California law. Under California law, AWR, GSWC, BVESI and ASUS are each permitted to distribute dividends to its shareholders so long as the Board of Directors determines, in good faith, that either: (i) the value of the corporation’s assets equals or exceeds the sum of its total liabilities immediately after the dividend, or (ii) its retained earnings equals or exceeds the amount of the distribution. Under the least restrictive of the California tests, approximately $709.5 million was available to pay dividends to AWR’s shareholders at December 31, 2022. Approximately $643.9 million was available for GSWC to pay dividends to AWR at December 31, 2022. |
Bank Debt |
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Bank Debt | Bank Debts Registrant’s bank debts consist of outstanding borrowings made under two separate credit facilities at AWR (parent) and BVESI. AWR Credit Facility, Liquidity and Financing Plans: AWR borrows under a credit facility and provides funds to GSWC and ASUS in support of their operations on terms that are similar to that of the credit facility. On April 22, 2022, AWR’s credit facility was amended to increase the borrowing capacity from $200.0 million to $280.0 million. The amendment also changed the benchmark interest rate from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”). The change in benchmark rates has not had a material impact on its financing costs. AWR’s credit agreement will expire in May 2023 and, therefore, the outstanding borrowings under the credit facility of $255.5 million as of December 31, 2022 have been classified as a current liability on AWR’s Consolidated Balance Sheet, thus creating a negative working-capital condition for AWR of $245.2 million. As of March 1, 2023, AWR does not have sufficient liquidity or capital resources to repay its credit facility without extending its existing credit facility, entering into a new credit facility, or issuing new debt or equity. Management plans to either renew and extend AWR’s credit facility or to enter into a new credit facility prior to its expiration date, and is confident, given AWR’s history in obtaining revolving credit facilities to meet its working-capital needs, that AWR will be able to do so with the needed borrowing capacities required to run its operations. In addition, AWR’s plans included the issuance of long-term debt through GSWC during the fourth quarter of 2022, which it completed with the execution of a note purchase agreement in December 2022 for the issuance of unsecured private placement notes totaling $130.0 million. In January 2023, GSWC through a delayed-draw feature of its note purchase agreement, issued the unsecured private placement notes and used the proceeds to pay off the majority of its outstanding borrowings with AWR at that time. AWR then used the proceeds from GSWC to pay off $124.0 million of the outstanding borrowings under its credit facility thereby improving AWR’s working-capital condition. Management believes that execution of its plan is probable based on Registrant’s ability to generate consistent cash flows, its A+ credit ratings, its relationships with lenders, and its history of successfully raising debt necessary to fund its operations as recently evidenced by the issuance of long-term debt at GSWC. Accordingly, management has concluded that AWR will be able to satisfy its obligations, including those under its credit facility, for at least the next twelve months from the issuance date of these financial statements. However, AWR’s ability to access the capital markets or to otherwise obtain sufficient financing may be affected by future conditions and, accordingly, no assurances can be made that AWR will be successful in implementing its plan. Under AWR’s credit facility, the aggregate effective amount that may be outstanding under letters of credit is $25.0 million. AWR has obtained letters of credit for AWR and GSWC, in the aggregate amount of $639,000 at fees of 0.65%. Letters of credit outstanding reduce the amount that may be borrowed under the revolving credit facility. AWR is not required to maintain any compensating balances. All of the letters of credit are issued pursuant to AWR’s revolving credit facility. Loans may be obtained under this credit facility at the option of AWR and bear interest at rates based on credit ratings and SOFR benchmark replacement rate margins. In June 2022, Standard and Poor’s Global Ratings (“S&P”) affirmed an A+ credit rating for both AWR and GSWC. S&P’s debt ratings range from AAA (highest possible) to D (obligation is in default). In January 2023, Moody’s Investors Service (“Moody’s”) affirmed its A2 rating with a stable outlook for GSWC. BVESI Credit Facility: BVESI has access to a separate $35.0 million revolving credit facility without a parent guaranty, which was amended in December 2021 to reduce the interest rate and fees, as well as extend the maturity date by a year to July 1, 2024. Borrowings made under this facility support the electric segment’s operations and capital expenditures. As of December 31, 2022, there was $22.0 million outstanding borrowing under this credit facility. Under the terms of the credit agreement, BVESI has the option to increase the facility by an additional $15.0 million, subject to lender approval. Interest rates under this facility are currently based on LIBOR. Effective July 1, 2023, all new borrowings under the credit agreement will be based on SOFR. BVESI does not believe the change from LIBOR to a new benchmark rate will have a material impact on its financing costs. BVESI’s revolving credit facility is considered a short-term debt arrangement by the CPUC. BVESI has been authorized by the CPUC to borrow under this credit facility for a term of up to 24 months. Borrowings under this credit facility are, therefore, required to be fully paid off within a 24-month period. BVESI’s next pay-off period for its credit facility ends in September 2024. Registrant’s borrowing activities (excluding letters of credit) for the years ended December 31, 2022 and 2021 were as follows:
The AWR revolving credit facility contains restrictions on prepayments, disposition of property, mergers, liens and negative pledges, indebtedness and guaranty obligations, transactions with affiliates, minimum interest coverage requirements, a maximum debt to capitalization ratio and a minimum debt rating. Pursuant to the credit agreement, AWR must maintain a minimum interest coverage ratio of 3.25 times interest expense, a maximum total funded debt ratio of 0.65 to 1.00 and a minimum Moody’s Investor Service or S&P debt rating of Baa3 or BBB-, respectively. As of December 31, 2022, 2021 and 2020, AWR was in compliance with these requirements. As of December 31, 2022, AWR had an interest coverage ratio of 6.32 times interest expense, a debt ratio of 0.51 to 1.00 and a debt rating of A+ by S&P. Pursuant to BVESI’s credit facility agreement, BVESI must maintain a minimum interest coverage ratio of 4.5 times interest expense and a maximum consolidated total debt to consolidated total capitalization ratio of 0.65 to 1.00. As of December 31, 2022, 2021 and 2020, BVESI was in compliance with these requirements, with an actual interest coverage ratio of 14.4 times interest expense and a total funded debt ratio of 0.47 to 1.00 as of December 31, 2022. In addition, BVESI is required to have a current safety certification issued by the CPUC, which it currently has.
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Registrant’s long-term debt consists of notes and debentures of GSWC and BVESI. Registrant summarizes its long-term debt in the Statements of Capitalization. GSWC and BVESI do not currently have any outstanding mortgages or other encumbrances on its properties. On December 15, 2022, GSWC executed a note purchase agreement for the issuance of unsecured private placement notes totaling $130.0 million. The note purchase agreement includes a delayed-draw feature that allows for the sale and purchase of the notes to occur on a business day on or prior to March 1, 2023. On January 13, 2023, GSWC requested the funds and issued (i) $100.0 million aggregate principal amount of Series A Senior Notes at a coupon rate of 5.12% due January 31, 2033, and (ii) $30.0 million aggregate principal amount of Series B Senior Notes at a coupon rate of 5.22% due January 31, 2038. GSWC used the proceeds to pay down intercompany borrowings with AWR as well as fund operations and capital expenditures for GSWC. Interest is payable semiannually on January 31 and July 31 of each year. The Series A and Series B notes are unsecured and rank equally with GSWC’s unsecured and unsubordinated debt. GSWC may, at its option, redeem all or portions of the notes at any time upon written notice, subject to payment of a make-whole premium based on 50 basis points above the applicable treasury yield. The make-whole premiums and covenant requirements under these new notes are similar to the terms of all the other private placement notes issued by GSWC. Pursuant to the terms of each of these notes, GSWC must maintain a total indebtedness to capitalization ratio (as defined) of less than 0.6667-to-1 and a total indebtedness to earnings before income taxes, depreciation and amortization ((“EBITDA”) of less than 8-to-1. As of December 31, 2022, GSWC had a total indebtedness to capitalization ratio of 0.4568-to-1 and a total indebtedness to EBITDA of 4.2-to-1. On April 28, 2022, BVESI completed the issuance of $35.0 million in unsecured private-placement notes consisting of $17.5 million at a coupon rate of 4.548% due April 28, 2032 and $17.5 million at a coupon rate of 4.949% due April 28, 2037. BVESI used the proceeds from the notes to pay down all amounts under its revolving credit facility outstanding at the time of issuing the notes. Interest on these notes is payable semiannually, and the covenant requirements under these notes are similar to the terms of BVESI’s revolving credit facility (Note 9). On May 24, 2021, GSWC redeemed its 9.56% private placement notes in the amount of $28.0 million, which pursuant to the note agreement included a redemption premium of 3.0% on par value, or $840,000. GSWC recovers redemption premiums in its embedded cost of debt as filed in cost of capital proceedings where the cost savings from redeeming higher interest rate debt are passed on to customers. Accordingly, the redemption premium has been deferred as a regulatory asset. GSWC funded the redemption by borrowing from AWR parent. AWR, in turn, funded this borrowing from its revolving credit facility. Registrant’s annual maturities of all long-term debt at December 31, 2022 are as follows (in thousands):
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Taxes on Income |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes on Income | Taxes on Income Registrant records deferred income taxes for temporary differences pursuant to the accounting guidance that addresses items recognized for income tax purposes in a different period from when these items are reported in the financial statements. These items include differences in net asset basis (primarily related to differences in depreciation lives and methods, and differences in capitalization methods) and the treatment of certain regulatory balancing accounts, and construction contributions and advances. The accounting guidance for income taxes requires that rate-regulated enterprises record deferred income taxes and offsetting regulatory liabilities and assets for temporary differences where the rate regulator has prescribed flow-through treatment for rate-making purposes (Note 3). Deferred investment tax credits (“ITC”) are amortized ratably to deferred tax expense over the remaining lives of the property that gave rise to the credits. GSWC is included in both AWR’s consolidated federal income tax and its combined California state franchise tax returns. The impact of California’s unitary apportionment on the amount of AWR’s California income tax liability is a function of both the profitability of AWR’s non-California activities and the proportion of AWR’s California sales to its total sales. GSWC’s income tax expense is computed as if GSWC were autonomous and separately files its income tax returns, which is consistent with the method adopted by the CPUC in setting GSWC’s customer rates. On November 15, 2021, the Infrastructure Investment and Jobs Act (“IIJA”) was signed into federal law. Among its significant provisions, IIJA restored, on a retroactive basis to January 1, 2021, the provision that treats contributions in aid of construction provided to regulated water utilities as non-taxable, which TCJA had repealed. Further, IIJA broadens the provision to also treat government grants for water infrastructure as non-taxable. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into federal law. IRA, among other things, imposes a nondeductible 1% excise tax after December 31, 2022 on the fair market value of certain stock that is “repurchased” by a publicly traded U.S. corporation or acquired by certain of its subsidiaries. The taxable amount is reduced by the fair market value of certain issuances of stock throughout the year. Registrant does not expect this tax law change to have a material impact on its consolidated financial position; however, it will continue to evaluate its impact as further information becomes available. If average annual adjusted financial statement income exceeds $1 billion over a 3-taxable-year period, IRA also imposes a 15% corporate alternative minimum tax on adjusted financial statement income for taxable years beginning after December 31, 2022. Registrant does not expect to incur this tax in the foreseeable future. The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2022 and 2021 are:
(1) Primarily represents the gross-up portion of the deferred income tax (on the excess-deferred-tax regulatory liability) brought about by TCJA’s reduction in the federal income tax rate. The current and deferred components of income tax expense are as follows:
The differences between AWR’s and GSWC’s effective tax rates and the federal statutory rate are mostly attributable to (i) state taxes; (ii) permanent differences including the excess tax benefits from share-based payments, which are reflected in the income statements and reduced income tax expense; (iii) continuing amortization of the excess deferred income tax liability, and (iv) differences between book and taxable income that are treated as flow-through adjustments in accordance with regulatory requirements (principally from plant, rate-case, and compensation expenses). As a regulated utility, GSWC treats certain temporary differences as flow-through in computing its income tax expense consistent with the income tax method used in its CPUC-jurisdictional ratemaking. Flow-through items either increase or decrease tax expense and thus impact the ETR. The reconciliations of the effective tax rates to the federal statutory rate are as follows:
AWR and GSWC had no unrecognized tax benefits at December 31, 2022, 2021 and 2020. Registrant’s policy is to classify interest on income tax over/underpayments in interest income/expense and penalties in “other” expenses. Registrant did not have any material interest receivables/payables from/to taxing authorities as of December 31, 2022 and 2021, nor did it recognize any material interest income/expense or accrue any material tax-related penalties during the years ended December 31, 2022, 2021 and 2020. Registrant files federal, California and various other state income tax returns. AWR’s 2019–2021 tax years remain subject to examination by the Internal Revenue Service. AWR filed refund claims with the California Franchise Tax Board (“FTB”) for the 2005 through 2008 and 2017 tax years in connection with the matters reflected on prior federal refund claims along with other state tax items. The FTB continues to review the claims, and the 2009, 2010, and 2017–2021 tax years remain subject to examination by the FTB. .
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Pension and Post-Retirement Medical Plans: Registrant maintains a defined benefit pension plan (the “Pension Plan”) that provides eligible employees (those aged 21 and older, hired before January 1, 2011) monthly benefits upon retirement based on average salaries and length of service. The eligibility requirement to begin receiving these benefits is 5 years of vested service. The normal retirement benefit is equal to 2% of the 5 highest consecutive years’ average earnings multiplied by the number of years of credited service, up to a maximum of 40, reduced by a percentage of primary Social Security benefits. There is also an early retirement option. Annual contributions are made to the Pension Plan, which comply with the funding requirements of the Employee Retirement Income Security Act (“ERISA”). At December 31, 2022, Registrant had 919 participants in the Pension Plan. Employees hired or rehired after December 31, 2010 are eligible to participate in a defined contribution plan. Registrant’s existing 401(k) Investment Incentive Program was amended to include this defined contribution plan. Under this plan, Registrant provides a contribution ranging from 3% to 5.25% of eligible pay each pay period into investment vehicles offered by the plan’s trustee. Full vesting under this plan occurs upon 3 years of service. Employees hired before January 1, 2011 continue to participate in and accrue benefits under the terms of the Pension Plan. Registrant also provides post-retirement medical benefits for all active employees hired before February of 1995 through a medical insurance plan. Eligible employees, who retire prior to age 65, and/or their spouses, are able to retain the benefits under the plan for active employees until reaching age 65. Eligible employees upon reaching age 65, and those eligible employees retiring at or after age 65, and/or their spouses, receive coverage through a Medicare supplement insurance policy paid for by Registrant subject to an annual cap limit. Registrant’s post-retirement medical plan does not provide prescription drug benefits to Medicare-eligible employees and is not affected by the Medicare Prescription Drug Improvement and Modernization Act of 2003. In accordance with the accounting guidance for the effects of certain types of regulation, Registrant has established a regulatory asset for its underfunded position in its pension and post-retirement medical plans that is expected to be recovered through rates in future periods. The changes in actuarial gains and losses, prior service costs and transition assets or obligations pertaining to the regulatory asset are recognized as an adjustment to the regulatory asset account as these amounts are recognized as components of net periodic pension cost each year and in the rate-making process. The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2022 and 2021:
The decrease in the underfunded status of the pension was due to an increase in the discount rate, which increased from 2.89% as of December 31, 2021 to 5.41% as of December 31, 2022.
•Age-graded ranging from 3.0% to 8.0%. The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2022, 2021 and 2020 are as follows:
*5.50% for union plan and 3.9% for non-union (net of income taxes) in 2022, 5.75% for union plan and 4.0% for non-union (net of income taxes) in 2021, and 6.0% for union plan and 4.2% for non-union (net of income taxes) in 2020. ** Age-graded ranging from 3.0% to 8.0%. Regulatory Adjustment: The CPUC authorized GSWC and BVESI to track differences between the forecasted annual pension expenses adopted in rates and the actual annual expenses to be recorded in accordance with the accounting guidance for pension costs in a two-way pension balancing account. During the year ended December 31, 2022, GSWC’s actual pension expense was lower than the amounts included in water customer rates by $1.5 million. During the years ended December 31, 2021 and 2020, GSWC’s actual expense was higher than the amounts included in customer rates by $1.3 million and $483,000, respectively. The cumulative amount recorded in GSWC’s two-way pension balancing account is included within the pensions and other post-retirement obligations regulatory asset discussed in Note 3. During the years ended December 31, 2022, 2021 and 2020, BVESI’s actual expense was lower than the amounts included in electric rates by $490,000, $246,000 and $200,000, respectively. These over-collections were recorded as a reduction to electric revenues. Plan Funded Status: The Pension Plan was underfunded at December 31, 2022 and 2021. Registrant’s market related value of plan assets is equal to the fair value of plan assets. Past volatile market conditions have affected the value of GSWC’s trust established to fund its future long-term pension benefits. These benefit plan assets and related obligations are measured annually using a December 31 measurement date. Changes in the Pension Plan’s funded status will affect the assets and liabilities recorded on the balance sheet in accordance with accounting guidance on employers’ accounting for defined benefit pension and other post-retirement plans. Due to Registrant’s regulatory recovery treatment, the recognition of the underfunded status for the Pension Plan has been offset by a regulatory asset pursuant to guidance on the accounting for the effects of certain types of regulation. Plan Assets: The assets of the pension and post-retirement medical plans are managed by a third party trustee. The investment policy allocation of the assets in the trust was approved by Registrant’s Administrative Committee (the “Committee”) for the pension and post-retirement medical funds, which has oversight responsibility for all retirement plans. The primary objectives underlying the investment of the pension and post-retirement plan assets are: (i) attempt to maintain a fully funded status with a cushion for unexpected developments, possible future increases in expense levels and/or a reduction in the expected return on investments; (ii) seek to earn long-term returns that compare favorably to appropriate market indexes, peer group universes and the policy asset allocation index; (iii) seek to provide sufficient liquidity to pay current benefits and expenses; (iv) attempt to limit risk exposure through prudent diversification; and (v) seek to limit costs of administering and managing the plans. The Committee recognizes that risk and volatility are present to some degree with all types of investments. High levels of risk may be avoided through diversification by asset class, style of each investment manager and sector and industry limits. Investment managers are retained to manage a pool of assets and allocate funds in order to achieve an appropriate, diversified and balanced asset mix. The Committee’s strategy balances the requirement to maximize returns using potentially higher-return generating assets, such as equity securities, with the need to control the risk of its benefit obligations with less volatile assets, such as fixed-income securities. The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2022 and 2021, by asset category are as follows:
Equity securities did not include AWR’s Common Shares as of December 31, 2022 and 2021.
The Pension Plan assets are in collective trust funds managed by a management firm appointed by the Committee. The fair value of these collective trust funds is measured using net asset value per share. In accordance with ASU 2015-07 Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalents), the fair value of the collective trust funds is not categorized in the fair value hierarchy as of December 31, 2022 and 2021. The following tables set forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2022 and 2021:
The collective trust funds may be invested or redeemed daily, and generally do not have any significant restrictions to redeem the investments. As previously discussed in Note 1, the accounting guidance for fair value measurements establishes a framework for measuring fair value and requires fair value measurements to be classified and disclosed in one of three levels. As required by the accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. All equity investments in the post-retirement medical plan are Level 1 investments in mutual funds. The fixed income category includes corporate bonds and notes. The majority of fixed income investments range in maturities from less than 1 to 20 years. The fair values of these investments are based on quoted market prices in active markets. The following tables set forth by level, within the fair value hierarchy, the post-retirement plan’s investment assets measured at fair value as of December 31, 2022 and 2021:
Plan Contributions: During 2022, Registrant contributed $3.1 million to its pension plan and did not make a contribution to the post-retirement medical plan. Registrant expects to contribute approximately $2.8 million to its pension plan in 2023. Registrant’s policy is to fund the plans annually at a level which is deductible for income tax purposes and is consistent with amounts recovered in customer rates while also complying with ERISA’s funding requirements. Benefit Payments: Estimated future benefit payments at December 31, 2022 are as follows (in thousands):
Assumptions: Certain actuarial assumptions, such as the discount rate, long-term rate of return on plan assets, mortality, and the healthcare cost trend rate have a significant effect on the amounts reported for net periodic benefit cost as well as the related benefit obligation amounts. Discount Rate — The assumed discount rate for pension and post-retirement medical plans reflects the market rates for high-quality corporate bonds currently available. Registrant’s discount rates were determined by considering the average of pension yield curves constructed of a large population of high quality corporate bonds. The resulting discount rate reflects the matching of plan liability cash flows to the yield curves. Expected Long-Term Rate of Return on Assets — The long-term rate of return on plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income and other investments. To develop the expected long-term rate of return on assets assumption for the pension plan, Registrant considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. Registrant’s policy is to fund the medical benefit trusts based on actuarially determined amounts as allowed in rates approved by the CPUC. Registrant has invested the funds in the post-retirement trusts that are intended to achieve a desired return and minimize amounts necessary to recover through rates. The mix is expected to provide for a return on assets similar to the Pension Plan and to achieve Registrant’s targeted allocation. This resulted in the selection of the 5.50% long-term rate of return on assets assumption for the union plan and 3.9% (net of income taxes) for the non-union plan portion of the post-retirement plan. Mortality — Mortality assumptions are a critical component of benefit obligation amounts and a key factor in determining the expected length of time for annuity payments. Registrant uses the latest mortality tables published by the Society of Actuaries. Accordingly, the benefit obligation amounts as of December 31, 2022 and 2021 have incorporated recent updates to the mortality tables. Healthcare Cost Trend Rate — The assumed health care cost trend rate for 2023 starts at 5.6% grading down to 4.0% in 2046 for those under age 65, and at 5.3% grading down to 4.0% in 2046 for those 65 and over. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. Supplemental Executive Retirement Plan: Registrant has a supplemental executive retirement plan (“SERP”) that is intended to restore retirement benefits to certain key employees and officers of Registrant that are limited by Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended. The Board of Directors approved the establishment of a Rabbi Trust created for the SERP. Assets in a Rabbi Trust can be subject to the claims of creditors; therefore, they are not considered as an asset for purposes of computing the SERP’s funded status. As of December 31, 2022, the balance in the Rabbi Trust totaled $27.5 million and is included in Registrant’s other property and investments. All equity investments in the Rabbi Trust are Level 1 investments in mutual funds. The fixed income category includes corporate bonds and notes. The fair values of these investments are based on quoted market prices in active markets. The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2022 and 2021:
The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2022 and 2021:
* Age graded from 4.5% to 4.0% per year. The components of SERP expense, before allocation to the overhead pool, for 2022, 2021 and 2020 are as follows:
* Age graded from 4.5% to 4.0% per year. Benefit Payments: Estimated future benefit payments for the SERP at December 31, 2022 are as follows (in thousands):
401(k) Investment Incentive Program: Registrant has a 401(k) Investment Incentive Program under which employees may invest a percentage of their pay, up to a maximum investment prescribed by law, in an investment program managed by an outside investment manager. Registrant’s cash contributions to the 401(k) are based upon a percentage of individual employee contributions and for the years ended December 31, 2022, 2021 and 2020 were $2.7 million, $2.7 million and $2.5 million, respectively. The Investment Incentive Program also incorporates the defined contribution plan for employees hired on or after January 1, 2011. The cash contributions to the defined contribution plan for the years ended December 31, 2022, 2021 and 2020 were $2.0 million, $1.9 million and $1.9 million, respectively.
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Stock-Based Compensation Plans |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans Summary Description of Stock Incentive Plans As of December 31, 2022, AWR had three active stock incentive plans: the 2016 stock incentive plan for its employees, and the 2003 and 2013 non-employee directors plans for its Board of Directors, each more fully described below. 2016 Employee Plans — AWR adopted this employee plan, following shareholder approval, to provide stock-based incentive awards in the form of restricted stock units, stock options and restricted stock to employees as a means of promoting the success of Registrant by attracting, retaining and more fully aligning the interests of employees with those of customers and shareholders. The 2016 employee plan also provides for the grant of performance awards. There are no stock options or restricted stock grants currently outstanding. For restricted stock unit awards, the Compensation Committee determines the specific terms, conditions and provisions relating to each restricted stock unit. Each employee who has been granted a time-vested restricted stock unit is entitled to dividend equivalent rights in the form of additional restricted stock units until vesting of the time-vested restricted stock units. In general, time-vested restricted stock units vest over a period of three years. Restricted stock units may also vest upon retirement if the grantee is at least 55 and the sum of the grantee’s age and years of service are equal to or greater than 75, or upon death or total disability. In addition, restricted stock units may vest following a change in control if the applicable subsidiary of AWR terminates the grantee other than for cause or the employee terminates employment for good reason. Each restricted stock unit is non-voting and entitles the holder of the restricted stock unit to receive one Common Share. The Compensation Committee also has the authority to determine the number, amount or value of performance awards, the duration of the performance period or performance periods applicable to the award and the performance criteria applicable to each performance award for each performance period. Each outstanding performance award granted by the Compensation Committee has been in the form of restricted stock units that generally vest over a period of three years as provided in the performance award agreement. The amount of the performance award paid to an employee depends upon satisfaction of performance criteria following the end of a -year performance period. Performance awards may also vest and be payable upon retirement if the grantee is at least 55 and the sum of the grantee’s age and years of service are equal to or greater than 75, or upon death or total disability. In addition, performance awards may vest following a change in control if the applicable subsidiary of AWR terminates the grantee other than for cause or the employee terminates employment for good reason. The amount of the payment for performance awards granted will be at target in the event of death or a termination of employment (other than for cause) by the applicable subsidiary of AWR or termination by the employee for good reason within 24 months after a change in control. In all other circumstances, adjustments will be made to the amount of the payment to take into account the shortened performance period 2003 and 2013 Directors Plans — The Board of Directors and shareholders of AWR have approved the 2003 and 2013 directors plans in order to provide the non-employee directors with supplemental stock-based compensation to encourage them to increase their stock ownership in AWR. New grants may not be made under the 2003 directors plan. Under the 2013 non-employee directors plan, non-employee directors are entitled to receive restricted stock units equal to two times the then current annual retainer for services as a director divided by the fair market value of AWR’s Common Shares on the date preceding the annual meeting. Such units are convertible into AWR’s Common Shares 90 days after the grant date. All non-employee directors of AWR who were directors of AWR at the 2003 annual meeting have also received restricted stock units, which will be distributed upon termination of the director’s service as a director. All restricted stock units and performance awards have been granted with dividend equivalent rights payable in the form of additional restricted stock units. Recognition of Compensation Expense Registrant recognizes compensation expense related to the fair value of stock-based compensation awards. Share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Immediate vesting occurs if the employee is at least 55 years old and the sum of the employee’s age and years of employment is equal to or greater than 75. Registrant assumes that pre-vesting forfeitures will be minimal, and recognizes pre-vesting forfeitures as they occur, which results in a reduction in compensation expense. The following table presents share-based compensation expenses for the years ended December 31, 2022, 2021 and 2020. These expenses resulting from restricted stock units, including performance awards, are included in administrative and general expenses in AWR’s and GSWC’s statements of income:
Equity-based compensation cost capitalized as part of utility plant for the years ended December 31, 2022, 2021 and 2020 was approximately $290,000, $336,000 and $299,000, respectively, for both AWR and GSWC. For the years ended December 31, 2022, 2021 and 2020, approximately $900,000, $1.4 million and $1.2 million, respectively, of tax benefits from stock-based awards were recorded for both AWR and GSWC. Registrant amortizes stock-based compensation over the requisite (vesting) period for the entire award. Time-vesting restricted stock units vest and become non-forfeitable in installments of 33% the first two years and 34% in the third year, starting one year from the date of the grant. Outstanding performance awards vest and become non-forfeitable in installments of 33% the first two years and 34% in the third year and are distributed at the end of the performance period if the Compensation Committee determines that the performance criteria set forth in the award agreement have been satisfied. Restricted Stock Units (Time-Vested) — A restricted stock unit (“RSU”) represents the right to receive a share of AWR’s Common Shares and are valued based on the fair market value of AWR’s Common Shares on the date of grant. The fair value of RSUs were determined based on the closing trading price of Common Shares on the grant date. A summary of the status of Registrant’s outstanding RSUs, excluding performance awards, to employees and directors as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below:
As of December 31, 2022, there was approximately $611,000 of total unrecognized compensation cost related to time-vested restricted stock units granted under AWR’s employee stock plans. That cost is expected to be recognized over a weighted average period of 1.63 years. Restricted Stock Units (Performance Awards) – During the years ended December 31, 2022, 2021 and 2020, the Compensation Committee granted performance awards in the form of restricted stock units to officers of the Registrant. A performance award represents the right to receive a share of AWR’s Common Shares if the Compensation Committee determines that specified performance goals have been met over the performance period specified in the grant (generally three years). Each grantee of any outstanding performance award may earn between 0% and up to 200% or 250% of the target amount, which varies depending on the target and Registrant’s performance against performance goals, which are determined by the Compensation Committee on the date of grant. As determined by the Compensation Committee, the performance awards granted during the years ended December 31, 2022, 2021 and 2020 included various performance-based conditions and one market-based condition related to total shareholder return (“TSR”) that will be earned based on Registrant’s TSR compared to the TSR for a specific peer group of investor-owned water companies. A summary of the status of Registrant’s outstanding performance awards to officers as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below:
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Commitments |
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Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments | Commitments GSWC’s Water Supply: GSWC has contracts to purchase water or water rights for an aggregate amount of $3.1 million as of December 31, 2022. Included in the $3.1 million is a commitment of $1.5 million to use water rights from a third party under an agreement, which expires in 2028. The remaining $1.6 million is for commitments for purchased water with other third parties, which expire from 2025 through 2038. GSWC’s estimated future minimum payments under these purchased water supply commitments at December 31, 2022 are as follows (in thousands):
Bear Valley Electric Service, Inc.: Purchased Power Contracts: Generally, BVESI purchases power at a fixed cost, under long-term purchased power contracts, depending on the amount of power and the period during which the power is purchased under such contracts. BVESI began taking power pursuant to purchased power contracts approved by the CPUC effective in the fourth quarter of 2019 at a fixed cost over and five-year terms depending on the amount of power and period during which the power is purchased under the contracts. As of December 31, 2022, BVESI has remaining commitments under these contracts of $4.9 million and $4.1 million for the years 2023 and 2024, respectively. Renewables Portfolio Standard: BVESI is subject to the renewables portfolio standard (“RPS”) law, which requires BVESI to meet certain targets for purchases of energy from qualified renewable energy resources. BVESI has an agreement with a third party to purchase renewable energy credits (“RECs”) whereby BVESI agreed to purchase approximately 578,000 RECs over a -year period through 2023, which will be used towards BVESI meeting California’s RPS requirements. As of December 31, 2022, BVESI has purchased sufficient RECs to be in compliance for all periods through 2022, and has remaining commitments under this contract of $619,000 for the year 2023. Accordingly, management does not believe any provision for loss or potential penalties is required as of December 31, 2022. The cost of these RECs has been included as part of the electric supply cost balancing account as of December 31, 2022. See Note 16 for Registrant’s future minimum payments under long-term non-cancelable operating leases.
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Contingencies and Gain on Sale of Assets |
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Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Environmental Clean-Up and Remediation at GSWC: GSWC has been involved in environmental remediation and cleanup at one of its plant sites that contained an underground storage tank, which was used to store gasoline for its vehicles. This tank was removed from the ground in July 1990 along with the dispenser and ancillary piping. Since then, GSWC has been involved in various remediation activities at this site. Analysis indicates that offsite monitoring wells may also be necessary to document effectiveness of remediation. As of December 31, 2022, the total spent to clean-up and remediate the plant site was approximately $6.2 million, of which $1.5 million has been paid by the State of California Underground Storage Tank Fund. Amounts paid by GSWC have been included in rate base and approved by the CPUC for recovery. As of December 31, 2022, GSWC has a regulatory asset and an accrued liability for the estimated remaining cost of $1.3 million to complete the cleanup at the site. The estimate includes costs for continued activities of groundwater cleanup and monitoring, future soil treatment and site-closure-related activities. The ultimate cost may vary as there are many unknowns in remediation of underground gasoline spills and this is an estimate based on currently available information. Management also believes it is probable that the estimated additional costs will continue to be approved in rate base by the CPUC. Condemnation of Properties: The laws of the State of California provide for the acquisition of public utility property by governmental agencies through their power of eminent domain, also known as condemnation, where doing so is necessary and in the public interest. In addition, these laws provide that the owner of utility property (i) may contest whether the condemnation is necessary and in the public interest, and (ii) is entitled to receive the fair market value of its property if the property is ultimately taken. Contracted Services: ASUS’s utility privatization contract services are provided to the U.S. government pursuant to the terms of the initial 50-year firm, fixed-price contract and additional firm, fixed-price contracts subject to annual economic price adjustments. Entering into contracts with the U.S. government subjects ASUS to potential government audits or investigations of its business practices and compliance with government procurement statutes and regulations. ASUS is currently under a civil government investigation over bidding and estimating practices used in certain capital upgrade projects. ASUS is cooperating fully with the investigation and management does not currently believe that the investigation will have a material adverse effect on its consolidated results of operations, financial condition, or liquidity. However, at this time, management cannot predict the final outcome or recommendations that may result from the investigation or determine the amount, if any, of penalties and damages that may be assessed. Other Litigation: Registrant is also subject to other ordinary routine litigation incidental to its business, some of which may include claims for compensatory and punitive damages. Management believes that rate recovery, proper insurance coverage and reserves are in place to insure against, among other things, property, general liability, employment, and workers’ compensation claims incurred in the ordinary course of business. Insurance coverage may not cover certain claims involving punitive damages. Registrant does not believe the outcome from any pending suits or administrative proceedings will have a material effect on Registrant’s consolidated results of operations, financial position, or cash flows.
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Leases Leases |
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Leases | Leases Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As of December 31, 2022, Registrant has right-of-use assets of $9.5 million, short-term operating lease liabilities of $1.9 million and long-term operating lease liabilities of $8.1 million. Currently, Registrant does not have any financing leases. Significant assumptions and judgments made as part of the adoption of this new lease standard include determining (i) whether a contract contains a lease, (ii) whether a contract involves an identified asset, and (iii) which party to the contract directs the use of the asset. The discount rates used to calculate the present value of lease payments were determined based on hypothetical borrowing rates available to Registrant over terms similar to the lease terms. Registrant’s leases consist of real estate and equipment leases, which are mostly GSWC’s. Most of Registrant’s leases require fixed lease payments. Some real estate leases have escalation payments which depend on an index. Variable lease costs were not material. Lease terms used to measure the lease liability include options to extend the lease if the option is reasonably certain to be exercised. Lease and non-lease components were combined to measure lease liabilities. Registrant’s supplemental lease information for the year ended December 31, 2022 is as follows (in thousands, except for weighted average data):
For the years 2022, 2021 and 2020, Registrant’s consolidated rent expense was approximately $2.6 million, $2.5 million and $2.6 million, respectively. Registrant’s future minimum payments under long-term non-cancelable operating leases as of December 31, 2022 are as follows (in thousands):
The consolidated operations of AWR and the operations of GSWC in regard to future minimum payments under long-term non-cancelable operating leases are not materially different.
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Business Segments | Business Segments AWR has three reportable segments, water, electric and contracted services. Since July 1, 2020, GSWC has one segment, water. Prior to July 1, 2020, GSWC also had an electric segment. On July 1, 2020, GSWC completed the transfer of the electric utility assets and liabilities from its electric division to BVESI, now a wholly owned direct subsidiary of AWR. As a result of this transfer, from July 1, 2020 onward, operating results and cash flows of the electric segment, as well as its assets and liabilities as of December 31, 2022, 2021 and 2020, are no longer included in GSWC’s financial statements, but continue to be included in AWR’s consolidated financial statements (Note 20). On a stand-alone basis, AWR has no material assets other than its equity investments in its subsidiaries and notes receivable therefrom, and deferred taxes. All activities of GSWC and BVESI are geographically located within California. Activities of ASUS and the Military Utility Privatization Subsidiaries are conducted in California, Florida, Georgia, Kansas, Maryland, New Mexico, North Carolina, South Carolina, Texas and Virginia. Some of ASUS’s wholly owned subsidiaries are regulated by the state in which the subsidiary primarily conducts water and/or wastewater operations. Fees charged for operations and maintenance and renewal and replacement services are based upon the terms of the contracts with the U.S. government, which have been filed, as appropriate, with the commissions in the states in which ASUS’s subsidiaries are incorporated. The tables below set forth information relating to the water and electric operating segments, ASUS and the Military Utility Privatization Subsidiaries and other matters. The utility plant balances are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC and BVESI.
____________________________ (1) Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $382,000, $379,000 and $353,000 for the years ended December 31, 2022, 2021 and 2020, respectively. The following table reconciles total utility plant (a key figure for rate-making) to total consolidated assets (in thousands):
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Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Registrant adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020. The guidance requires estimated credit losses on financial instruments, such as Registrant’s trade and other receivables, be based on expected credit losses rather than incurred losses. Registrant’s allowance for doubtful accounts as of December 31, 2022 was developed based on the observed lingering effects of the economic impact from the COVID-19 pandemic on GSWC’s and BVESI’s aging of utility customer accounts receivable, as well as economic data and other considerations that may impact the customers’ ability to pay their bills. The CPUC has authorized GSWC and BVESI to track incremental costs, including bad debt expense in excess of what is included in their respective revenue requirements, incurred as a result of the pandemic in COVID-19 related memorandum accounts to be filed with the CPUC for future recovery. In January 2022, GSWC received $9.5 million COVID relief funds from the state of California through the California Water and Wastewater Arrearage Payment Program, which were applied to delinquent customers’ eligible balances incurred during the COVID-19 pandemic. During 2022, BVESI received a total of $473,000 from the state of California for similar relief funding for unpaid electric bills incurred during the pandemic. Pursuant to CPUC requirements, as of December 31, 2022, GSWC and BVESI have reflected these relief funds as a reduction to its COVID-19 memorandum account, as well as a reduction to its estimated allowance for doubtful accounts. Other accounts receivable consist primarily of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements, and amounts due from other third-party prime government contractors pursuant to agreements for construction of water and/or wastewater facilities for such third-party prime contractors. Thus far, the COVID-19 pandemic has not materially impacted the collectability of these other accounts receivable. The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Provisions included in 2022, 2021 and 2020 for AWR and GSWC are as follows:
(1) Includes amounts in excess of GSWC’s and BVESI’s respective revenue requirements incurred during the COVID-19 pandemic. These incremental amounts are recorded as regulatory assets. (2) Reflects consideration of government relief funds received in 2022 from the state of California for unpaid water and electric utility bills incurred during the pandemic. A total of $9.5 million and $473,000 was received in 2022 for unpaid water and electric utility bills, respectively.
(3) Includes amounts in excess of GSWC’s revenue requirement incurred during the COVID-19 pandemic. This incremental amount was recorded as a regulatory asset. (4) Reflects consideration of government relief funds received in 2022 from the state of California for unpaid water and electric utility bills incurred during the pandemic. A total of $9.5 million and $473,000 was received in 2022 for unpaid water and electric utility bills, respectively.
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Statement of Cash Flows, Supplemental Disclosures |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table sets forth non-cash financing and investing activities and other cash flow information (in thousands).
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Completion of Electric Utility Reorganization Plan |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Completion of Electric Utility Reorganization Plan | Completion of Electric Utility Reorganization Plan On July 1, 2020, GSWC completed the transfer of approximately $71.3 million in net assets and equity (based on their recorded amounts) from its electric utility division to BVESI in exchange for common shares of BVESI of equal value. As a result of this transfer, from July 1, 2020 onward, operating results and cash flows of the electric segment, as well as its assets and liabilities as of December 31, 2022, 2021 and 2020, are no longer included in GSWC’s financial statements, but continue to be included in AWR’s consolidated financial statements. GSWC’s statement of income for 2020 includes the electric segment’s results through June 30, 2020. The table below sets forth selected information relating to the electric segment’s results of operations for 2022, 2021, and for the six month periods ended June 30, 2020 and December 31, 2020 (in thousands):
The table below sets forth selected information relating to the electric segment’s cash flows for 2022, 2021, as well as the six months ended December 31, 2020. Prior to July 1, 2020, the electric segment’s cash flows were included in GSWC’s cash flows.
(1) BVESI has access to a $35.0 million revolving credit facility, which expires July 1, 2024. As of December 31, 2022, there was $22.0 million outstanding under this facility. Borrowings made under this facility support the electric segment’s operations and capital expenditures. Under the terms of the credit agreement, BVESI has the option to request an increase in the facility by an additional $15.0 million, subject to bank approval. In addition, on April 28, 2022, BVESI completed the issuance of $35.0 million in unsecured private-placement notes consisting of $17.5 million at a coupon rate of 4.548% due April 28, 2032 and $17.5 million at a coupon rate of 4.949% due April 28, 2037.
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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | CONDENSED BALANCE SHEETS
The accompanying condensed notes are an integral part of these condensed financial statements. CONDENSED STATEMENTS OF INCOME
The accompanying condensed notes are an integral part of these condensed financial statements. CONDENSED STATEMENTS OF CASH FLOWS
The accompanying condensed notes are an integral part of these condensed financial statements. Note 1 — Basis of Presentation The accompanying condensed financial statements of AWR (parent) should be read in conjunction with the consolidated financial statements and notes thereto of American States Water Company and subsidiaries (“Registrant”) included in Part II, Item 8 of this Form 10-K. AWR’s (parent) significant accounting policies are consistent with those of Registrant and its wholly owned subsidiaries, Golden State Water Company (“GSWC”), Bear Valley Electric Service, Inc. (“BVESI”) and American States Utility Services, Inc. (“ASUS”), except that all subsidiaries are accounted for as equity method investments. Related-Party Transactions: As further discussed in Note 2 — Notes Payable to Banks, AWR (parent) currently has access to a $280.0 million revolving credit facility that expires in May 2023. AWR (parent) borrows under this facility and provides funds to GSWC and ASUS in support of their operations. Any amounts owed to AWR (parent) for borrowings under this facility are reflected as intercompany receivables on the condensed balance sheets. The interest rate charged to the subsidiaries is sufficient to cover AWR (parent)’s interest cost under the credit facility. In October 2020, AWR (parent) issued an interest bearing promissory note to GSWC, which expires in May 2023. Under the terms of the note, AWR (parent) may borrow from GSWC amounts up to $30.0 million for working capital purposes. AWR (parent) agrees to pay any unpaid principal amounts outstanding under this note, plus accrued interest. During 2021 and 2020, AWR borrowed and repaid a total of $26.0 million and $6.0 million, respectively, from GSWC under the terms of the note. There were no borrowings or repayments during 2022. As of December 31, 2021 and 2022, there were no amounts outstanding under this note. In January 2023, the Board of Directors approved the issuance of one GSWC Common Share to AWR for $10.0 million. Proceeds from the stock issuance was used to pay down its intercompany borrowings owed to AWR. AWR (parent) guarantees performance of ASUS’s military privatization contracts and agrees to provide necessary resources, including financing, which are necessary to assure the complete and satisfactory performance of such contracts. Note 2 — Note Payable to Banks On April 22, 2022, AWR’s credit facility was amended to increase the borrowing capacity from $200.0 million to $280.0 million. The amendment also changed the benchmark interest rate from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”). The change in benchmark rates has not had a material impact on its financing costs. The aggregate effective amount that may be outstanding under letters of credit is $25.0 million. AWR has obtained letters of credit for AWR and GSWC in the aggregate amount of $639,000 at fees of 0.65%. Letters of credit outstanding reduce the amount that may be borrowed under the revolving credit facility. AWR is not required to maintain any compensating balances. Given that AWR’s credit agreement will expire in May 2023, the outstanding borrowings under the credit facility of $255.5 million as of December 31, 2022 have been classified as a current liability on AWR’s Consolidated Balance Sheet, thus creating a negative working-capital condition for AWR of $245.2 million. Management plans to either renew and extend AWR’s credit facility or to enter into a new credit facility prior to its expiration date, and is confident, given AWR's history in obtaining revolving credit facilities to meet its working-capital needs, that AWR will be able to do so with the needed borrowing capacities required to run its operations. Management believes that execution of its plan is probable based on Registrant’s ability to generate consistent cash flows, its A+ credit ratings, its relationships with lenders, and its history of successfully raising debt necessary to fund its operations. As of March 1, 2023, AWR does not have sufficient liquidity or capital resources to repay its credit facility without, extending its existing credit facility, entering into a new credit facility, or issuing new debt or equity. Loans may be obtained under this credit facility at the option of AWR and bear interest at rates based on credit ratings and SOFR margins. In June 2022, Standard and Poor’s Global Ratings (“S&P”) affirmed an A+ credit rating. In March 2021, S&P affirmed its negative outlook for AWR. S&P’s debt ratings range from AAA (highest possible) to D (obligation is in default). AWR’s (parent) borrowing activities (excluding letters of credit) for the years ended December 31, 2022 and 2021 were as follows:
All of the letters of credit are issued pursuant to the revolving credit facility. The revolving credit facility contains restrictions on prepayments, disposition of property, mergers, liens and negative pledges, indebtedness and guaranty obligations, transactions with affiliates, minimum interest coverage requirements, a maximum debt to capitalization ratio and a minimum debt rating. Pursuant to the credit agreement, AWR must maintain a minimum interest coverage ratio of 3.25 times interest expense, a maximum total funded debt ratio of 0.65 to 1.00 and a minimum debt rating from Moody’s or S&P of Baa3 or BBB-, respectively. As of December 31, 2022, 2021 and 2020, AWR was in compliance with these covenants. As of December 31, 2022, AWR had an interest coverage ratio of 6.32 times interest expense, a debt ratio of 0.51 to 1.00 and a debt rating of A+ by S&P. Note 3 — Income Taxes AWR (parent) receives a tax benefit for expenses incurred at the parent-company level. AWR (parent) also recognizes the effect of AWR’s consolidated California unitary apportionment, which is beneficial or detrimental depending on a combination of the profitability of AWR’s consolidated non-California activities as well as the proportion of its consolidated California sales to total sales. Note 4 — Dividend from Subsidiaries Cash dividends in the amount of $56.4 million, $38.3 million and $47.3 million were paid to AWR (parent) by its wholly owned subsidiaries during the years ended December 31, 2022, 2021 and 2020, respectively.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting, Policy | Nature of Operations: American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”), Bear Valley Electric Service Inc. (“BVESI”), and American States Utility Services, Inc. (“ASUS”) (and its wholly owned subsidiaries, Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. (“ECUS”), and Fort Riley Utility Services, Inc. (“FRUS”)). AWR and its subsidiaries may be collectively referred to as “Registrant” or “the Company.” The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries.” On July 1, 2020, GSWC completed the transfer of the electric utility assets and liabilities from its electric division to BVESI, a separate legal entity and wholly owned subsidiary of AWR (Note 20). This reorganization did not result in any substantive changes to AWR’s operations and business segments. AWR, through its wholly owned subsidiaries, serves over one million people in nine states. GSWC and BVESI are both California public utilities, with GSWC engaged in the purchase, production, distribution and sale of water throughout California serving approximately 263,000 customers, while BVESI distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,700 customers. The California Public Utilities Commission (“CPUC”) regulates GSWC’s and BVESI’s businesses in matters including properties, rates, services, facilities, and transactions between GSWC, BVESI, and their affiliates. ASUS, through its Military Utility Privatization Subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to an initial 50-year firm fixed-price contract with the U.S. government. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or the Military Utility Privatization Subsidiaries. Basis of Presentation: The consolidated financial statements and notes thereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. AWR owns all of the outstanding Common Shares of GSWC, BVESI and ASUS. ASUS owns all of the outstanding common shares of the Military Utility Privatization Subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements.
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Related Party Transactions | Related-Party and Intercompany Transactions: As discussed in Note 9, AWR borrows under a credit facility and provides funds to GSWC and ASUS in support of their operations through intercompany borrowing agreements. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest expense under the credit facility. AWR’s credit agreement expires in May 2023 and all intercompany borrowing agreements will expire concurrent with the expiration of AWR’s credit facility. AWR intends to execute new intercompany borrowing agreements with its subsidiaries consistent with a new credit facility. As of December 31, 2022, GSWC had $129.0 million outstanding under its intercompany borrowing arrangement with AWR. The intercompany borrowing agreement with AWR is considered a short-term debt arrangement by the CPUC and GSWC has been authorized by the CPUC to borrow under this arrangement for a term of up to 24 months. Borrowings under this arrangement are, therefore, required to be fully paid off within a 24-month period. On January 31, 2023, GSWC used the proceeds from the issuance of equity to AWR (Note 7) and from the issuance of long-term debt (Note 10) to pay-off all of its intercompany borrowing from AWR. Accordingly, the $129.0 million outstanding has been refinanced in January 2023 on a long-term basis and is, therefore, classified as a non-current liability under “Other Credits” in GSWC’s Balance Sheet as of December 31, 2022. Furthermore, GSWC, BVESI and ASUS provide and/or receive various support services to and from their parent, AWR, and among themselves. GSWC also allocates certain corporate office administrative and general costs to its affiliates BVESI and ASUS using allocation factors approved by the CPUC. During the years ended December 31, 2022, 2021 and 2020, GSWC allocated to ASUS approximately $5.2 million, $5.3 million and $4.9 million, respectively, of corporate office administrative and general costs. During the years ended December 31, 2022, 2021 and 2020, GSWC allocated corporate office administrative and general costs to BVESI of approximately $2.7 million, $2.8 million and $1.3 million, respectively. BVESI assumed operations of the electric segment on July 1, 2020. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COVID-19 Impact | COVID-19 Impact: GSWC, BVESI and ASUS have continued their operations throughout the COVID-19 pandemic given that their water, wastewater and electric utility services are deemed essential. AWR and its subsidiaries continue to monitor the guidance provided by federal, state, and local health authorities and other government officials. While continuing to monitor transmission rates and other variables, employees have returned to company offices. Thus far, the COVID-19 pandemic has not had a material impact on ASUS’s current operations. In response to orders issued by the CPUC and the governor of California, GSWC and BVESI suspended service disconnections for nonpayment. However, pursuant to the CPUC’s July 15, 2021 decision in the Second Phase of the Low-Income Affordability Rulemaking discussed previously, the moratorium on water-service disconnections due to non-payment of past-due amounts billed to residential customers expired on February 1, 2022. The CPUC’s moratoriums on service disconnections for nonpayment for water and electric customers have ended and as a result, disconnections for delinquent residential customers resumed in June 2022. However, water service cannot be disconnected so long as customers make timely payments on current bills and are provided and adhere to payment plans to pay down past-due bills resulting from the pandemic. In addition, electric-service disconnections for non-payment can only be done after taking into account certain conditions such as average daily temperatures, and residential disconnections are capped on an annual basis at 2.5% of the total residential customers during the previous calendar year. Beginning in 2020, the pandemic and its lingering effects caused volatility in financial markets resulting in fluctuations in the fair value of plan assets in GSWC’s pension and other retirement plans. In addition, the economic impact of the pandemic has also significantly increased the amount of delinquent customer accounts receivable throughout the pandemic, resulting in both GSWC and BVESI increasing their allowance for doubtful accounts. The CPUC has authorized GSWC and BVESI to track incremental costs, including bad debt expense, in excess of what is included in their respective revenue requirements incurred as a result of the pandemic in COVID-19 emergency-related memorandum accounts, which GSWC and BVESI intend to file with the CPUC for future recovery. On July 12, 2021, the governor of California approved SB-129 Budget Act of 2021, in which nearly $1 billion in relief funding for overdue water customer bills, and nearly $1 billion in relief funding for overdue electric customer bills were included. The water customer relief funding is being managed by the State Water Resources Control Board (“SWRCB”) through the California Water and Wastewater Arrearage Payment Program to provide assistance to customers for their water debt accrued during the COVID-19 pandemic by remitting federal funds that the state received from the American Rescue Plan Act of 2021 to the utility on behalf of eligible customers. In January 2022, GSWC received $9.5 million in COVID relief funds through the California Water and Wastewater Arrearage Payment Program to provide assistance to customers for their water debt accrued during the COVID-19 pandemic by remitting federal funds that the state received from the American Rescue Plan Act of 2021 to the utility on behalf of eligible customers. GSWC applied these funds to its delinquent customers’ eligible balances. In February and December 2022, BVESI received $321,000 and $152,000, respectively, from the state of California for similar customer relief funding for unpaid electric customer bills incurred during the pandemic. The CPUC requires that amounts tracked in GSWC’s and BVESI’s COVID-19 memorandum accounts for unpaid customer bills be first offset by any (i) federal and state relief for water or electric utility bill debt, and (ii) customer payments through payment plan arrangements, prior to receiving recovery from customers at large. After these offsets are made, GSWC will file with the CPUC for recovery of the remaining balance. BVESI intends to include the remaining balance in its COVID-19 emergency related memorandum account for recovery once all alternative sources of funding have been exhausted and credited to eligible customer accounts. During the first half of 2022, GSWC and BVESI continued to experience delinquent customer accounts receivable due to the lingering effects of the COVID-19 pandemic. As of December 31, 2022, GSWC and BVESI had approximately $3.5 million and $497,000, respectively, in regulatory asset accounts related to bad debt expense in excess of their revenue requirements, the purchase of personal protective equipment, additional incurred printing costs, and other incremental COVID-19-related costs. Emergency-type memorandum accounts are well-established cost recovery mechanisms authorized as a result of a state/federal declared emergency, and are therefore recognized as regulatory assets for future recovery. As a result, the amounts recorded in the COVID-19 emergency-related memorandum accounts have not impacted GSWC’s or BVESI’s earnings. ASUS has experienced some delays in receiving contract modifications from the U.S. government for additional construction projects due to government staffing shortages resulting from the COVID-19 pandemic but this has not had a material impact on its current operations.
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Utility Accounting | Utility Accounting: Registrant’s accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the CPUC and, to the extent applicable, the Federal Energy Regulatory Commission. GSWC and BVESI have incurred various costs and received various credits reflected as regulatory assets and liabilities. Accounting for such costs and credits as regulatory assets and liabilities is in accordance with the guidance for accounting for the effects of certain types of regulation. This guidance sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator.Under such accounting guidance, rate-regulated entities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the ratemaking process in a period different from the period in which they would have been reflected in income by an unregulated company. These regulatory assets and liabilities are then recognized in the income statement in the period in which the same amounts are reflected in the rates charged for service. The amounts included as regulatory assets and liabilities that will be collected or refunded over a period exceeding one year are classified as long-term assets and liabilities as of December 31, 2022 and 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Depreciation | Property and Depreciation: Registrant’s property consists primarily of regulated utility plant at GSWC and BVESI. GSWC and BVESI capitalize, as utility plant, the cost of construction and the cost of additions, betterments and replacements of retired units of property. Such costs includes labor, material and certain indirect charges. Water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. The difference between the estimated original cost, less accumulated depreciation, and the purchase price, if recognized by the CPUC, is recorded as an acquisition adjustment within utility plant. Depreciation for the regulated utilities is computed on the straight-line, remaining-life basis, group method, in accordance with the applicable ratemaking process. The provision for depreciation expressed as a percentage of the aggregate depreciable asset balances for regulated utilities was 2.2% for each of the years 2022, 2021 and 2020. Depreciation expense for regulated utilities, excluding amortization expense and depreciation on transportation equipment, totaled $37.3 million, $35.5 million and $32.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $382,000, $379,000 and $353,000 for the years 2022, 2021 and 2020, respectively. Expenditures for maintenance and repairs are expensed as incurred. Retired property costs, including costs of removal, are charged to the accumulated provision for depreciation. Estimated useful lives of regulated utilities’ utility plant, as authorized by the CPUC, are as follows:
Non-regulated property consists primarily of equipment utilized by ASUS and its subsidiaries for its operations. This property is stated at cost, net of accumulated depreciation, which is calculated using the straight-line method over the useful lives of the assets.
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Asset Retirement Obligation | Asset Retirement Obligations: GSWC has a legal obligation for the retirement of its wells, which by law need to be properly capped at the time of removal. As such, GSWC incurs asset retirement obligations. GSWC records the fair value of a liability for these asset retirement obligations in the period in which they are incurred. When the liability is initially recorded, GSWC capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, GSWC either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. Retirement costs have historically been recovered through rates subsequent to the retirement costs being incurred. Accordingly, recoverability of GSWC’s asset retirement obligations are reflected as a regulatory asset. GSWC also reflects the loss or gain at settlement as a regulatory asset or liability on the balance sheet. With regards to removal costs associated with certain other long-lived assets, such as water mains, distribution and transmission assets, asset retirement obligations have not been recognized as GSWC believes there is no legal obligation to do so. There are no CPUC rules or regulations that require GSWC to remove any of its other long-lived assets. In addition, GSWC’s water pipelines are not subject to regulation by any federal regulatory agency. GSWC has franchise agreements with various municipalities in order to use the public right of way for utility purposes (i.e., operate water distribution and transmission assets), and if certain events occur in the future, GSWC could be required to remove or relocate certain of its pipelines. However, it is not possible to estimate an asset retirement amount since the timing and the amount of assets that may be required to be removed, if any, is not known. Amounts recorded for asset retirement obligations are subject to various assumptions and determinations, such as determining whether a legal obligation exists to remove assets, estimating the fair value of the costs of removal, when final removal will occur and the credit-adjusted risk-free interest rates to be utilized on discounting future liabilities. Changes that may arise over time with regard to these assumptions will change amounts recorded in the future. Revisions in estimates for timing or estimated cash flows are recognized as changes in the carrying amount of the liability and the related capitalized asset. The estimated fair value of the costs of removal was based on third-party costs.
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Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with accounting guidance for impairment or disposal of long-lived assets. Registrant would recognize an impairment loss on its regulated assets only if the carrying value amount of a long-lived asset is not recoverable from customer rates authorized by the CPUC. Impairment loss is measured as the excess of the carrying value over the amounts recovered in customer rates. For the years ended December 31, 2022, 2021 and 2020, no impairment loss was incurred. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill: At December 31, 2022 and 2021, AWR had approximately $1.1 million of goodwill. The $1.1 million goodwill arose from ASUS’s acquisition of a subcontractor’s business at some of the Military Utility Privatization Subsidiaries. In accordance with the accounting guidance for testing goodwill, AWR annually assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For 2022 and 2021, AWR’s assessment of qualitative factors did not indicate that an impairment had occurred for goodwill at ASUS. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include short-term cash investments with an original maturity of three months or less. At times, cash and cash equivalent balances may be in excess of federally insured limits. Cash and cash equivalents are held with financial institutions with high credit standings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable: Accounts receivable is reported on the balance sheet net of any allowance for doubtful accounts. The allowance for doubtful accounts is Registrant’s best estimate of the amount of probable credit losses in Registrant’s existing accounts receivable from its water and electric customers, and is determined based on expected losses rather than incurred losses. Registrant reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. Receivables from the U.S. government include amounts due under contracts with the U.S. government to operate and maintain, and/or provide construction services for the water and/or wastewater systems at military bases. Other accounts receivable consist primarily of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements and amounts due from other third-party prime government contractors pursuant to agreements for construction of water and/or wastewater facilities for such third-party prime contractors. The allowance for these other accounts receivable is based on Registrant’s evaluation of the receivable portfolio under current conditions and a review of specific problems and such other factors that, in Registrant’s judgment, should be considered in estimating losses. Allowances for doubtful accounts are disclosed in Note 18. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Materials and Supplies | Materials and Supplies: Materials and supplies are stated at the lower of cost or net realizable value. Cost is computed using weighted average cost. Major classes of materials include pipe, meters, hydrants and valves. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest: Interest incurred during the construction of capital assets has generally not been capitalized for financial reporting purposes as such policy is not followed in the ratemaking process. Interest expense is generally recovered through the regulatory process. At times, the CPUC has authorized certain capital projects to be filed for revenue recovery with advice letters when those projects are completed. During the time that such projects are under development and construction, GSWC or BVESI may accrue an allowance for funds used during construction (“AFUDC”) on the incurred expenditures to offset the cost of financing project construction. For the year ended December 31, 2022, 2021 and 2020, BVESI recorded $106,000, $216,000 and $200,000, respectively in AFUDC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Issuance Costs and Redemption Premiums | Debt Issuance Costs and Redemption Premiums: Original debt issuance costs are deducted from the carrying value of the associated debt liability and amortized over the lives of the respective issuances. Premiums paid on the early redemption of debt are deferred as regulatory assets and amortized over the period that GSWC and BVESI recovers such costs in rates, which is generally over the term of the new debt issued to finance early debt redemption. At December 31, 2022 and 2021, Registrant’s long-term debt have been issued by GSWC and BVESI. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advance for Construction and Contributions in Aid | Advances for Construction and Contributions in Aid of Construction: Advances for construction represent amounts advanced by developers for the cost to construct water system facilities in order to extend water service to their properties. Advances are refundable in equal annual installments, generally over 40 years. In certain instances, GSWC makes refunds on these advances over a specific period of time based on operating revenues related to the main or as new customers are connected to receive service from the main. Contributions in aid of construction are similar to advances but require no refunding. Generally, GSWC and BVESI depreciate contributed property and amortize contributions in aid of construction at the composite rate of the related property. Utility plant funded by advances and contributions is excluded from rate base. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments, Policy | Fair Value of Financial Instruments: For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of the amounts. The table below estimates the fair value of long-term debt held by AWR and GSWC, respectively. At December 31, 2022, the outstanding long-term debt held by AWR includes $35.0 million of new debt issued in April 2022 by BVESI and debt held by GSWC. As of December 31, 2021, all outstanding long-term debt was held by GSWC. Rates available to AWR and GSWC at December 31, 2022 and 2021 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results.
(1) Excludes debt issuance costs and redemption premiums. The accounting guidance for fair value measurements applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, Registrant makes fair value measurements on its publicly issued notes, private placement notes and other long-term debt using current U.S. corporate bond yields for similar debt instruments. Under the fair value guidance, these are classified as Level 2, which consists of quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. The following table sets forth by level, within the fair value hierarchy, Registrant’s long-term debt measured at fair value as of December 31, 2022:
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Stock-Based Awards | Stock-Based Awards: AWR has issued stock-based awards to its employees under stock incentive plans. AWR has also issued stock-based awards to its Board of Directors under non-employee directors stock plans. Registrant applies the provisions in the accounting guidance for share-based payments in accounting for all of its stock-based awards. See Note 13 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy | Recently Issued Accounting Pronouncements:Accounting Pronouncements Adopted in 2022 In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update require disclosures about transactions with a government such as government grants or assistance. The amendments were effective for all applicable entities for financial statements issued for annual periods beginning after December 15, 2021. This guidance update did not have a material impact on Registrant’s financial statement disclosures. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utility Property, Plant, and Equipment | Estimated useful lives of regulated utilities’ utility plant, as authorized by the CPUC, are as follows:
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Rates available to AWR and GSWC at December 31, 2022 and 2021 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results.
(1) Excludes debt issuance costs and redemption premiums.
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Fair Value, Liabilities Measured on Recurring Basis | The following table sets forth by level, within the fair value hierarchy, Registrant’s long-term debt measured at fair value as of December 31, 2022:
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] |
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | The opening and closing balances of the receivable from the U.S. government, contract assets and contract liabilities from contracts with customers, which related entirely to ASUS, are as follows:
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Regulatory Matters (Tables) |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of regulatory assets, less regulatory liabilities in the consolidated balance sheets for continuing operations | Regulatory liabilities, less regulatory assets, included in the consolidated balance sheets are as follows:
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Utility Plant and Intangible Assets (Tables) |
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Schedule of Public Utility Property Plant and Equipment Components [Table Text Block] | The following table shows Registrant’s utility plant (regulated utility plant and non-regulated utility property) by major asset class:
(1) Includes intangible assets of $1.2 million for the years ended December 31, 2022 and 2021 for studies performed in association with the electric segment.
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Schedule of components of intangible assets | As of December 31, 2022 and 2021, intangible assets consist of the following:
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Schedule of estimated future consolidated amortization expenses related to intangible assets | Estimated future consolidated amortization expense related to intangible assets are as follows (in thousands):
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Schedule of reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations | The following is a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations, which are included in “Other Credits” on the balance sheets as of December 31, 2022 and 2021:
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Derivative Instruments (Tables) |
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Schedule of changes in the fair value of the derivative | The following table presents changes in the fair value of the Level 3 derivatives for the years 2022 and 2021:
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Earnings Per Share and Capital Stock (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating basic net income per share | The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating basic net income per share:
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Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating diluted net income per share | The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating diluted net income per share:
(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 96,988 restricted stock units, including performance awards, at December 31, 2022 were deemed to be outstanding in accordance with accounting guidance on earnings per share.
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Bank Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt | Registrant’s borrowing activities (excluding letters of credit) for the years ended December 31, 2022 and 2021 were as follows:
AWR’s (parent) borrowing activities (excluding letters of credit) for the years ended December 31, 2022 and 2021 were as follows:
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of annual maturities of all long-term debt, including capitalized leases | Registrant’s annual maturities of all long-term debt at December 31, 2022 are as follows (in thousands):
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Taxes on Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of significant components of the deferred tax assets and liabilities from continuing operations | The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2022 and 2021 are:
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Schedule of current and deferred components of income tax expense from continuing operations | The current and deferred components of income tax expense are as follows:
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Schedule of reconciliations of the effective tax rates to the federal statutory rate | :
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability | The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2022 and 2021:
•Age-graded ranging from 3.0% to 8.0%. The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2022 and 2021:
* Age graded from 4.5% to 4.0% per year.
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Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool | The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2022, 2021 and 2020 are as follows:
*5.50% for union plan and 3.9% for non-union (net of income taxes) in 2022, 5.75% for union plan and 4.0% for non-union (net of income taxes) in 2021, and 6.0% for union plan and 4.2% for non-union (net of income taxes) in 2020. ** Age-graded ranging from 3.0% to 8.0%. The components of SERP expense, before allocation to the overhead pool, for 2022, 2021 and 2020 are as follows:
* Age graded from 4.5% to 4.0% per year.
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Schedule of actual allocation of plan assets | The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2022 and 2021, by asset category are as follows:
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Schedule of pension and post-retirement plan target asset allocations | Equity securities did not include AWR’s Common Shares as of December 31, 2022 and 2021.
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Summary of fair value, measured by net asset value, of the pension investment assets | The following tables set forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2022 and 2021:
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Schedule of pension and post-retirement plans' investment assets measured at fair value | The following tables set forth by level, within the fair value hierarchy, the post-retirement plan’s investment assets measured at fair value as of December 31, 2022 and 2021:
The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2022 and 2021:
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Schedule of estimated future benefit payments | Estimated future benefit payments at December 31, 2022 are as follows (in thousands):
Benefit Payments: Estimated future benefit payments for the SERP at December 31, 2022 are as follows (in thousands):
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Stock-Based Compensation Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation expenses | The following table presents share-based compensation expenses for the years ended December 31, 2022, 2021 and 2020. These expenses resulting from restricted stock units, including performance awards, are included in administrative and general expenses in AWR’s and GSWC’s statements of income:
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Schedule of assumptions used to estimate fair value of each option grant on the grant date using the Black-Scholes option-pricing model | will be earned based on Registrant’s TSR compared to the TSR for a specific peer group of investor-owned water companies. A summary of the status of Registrant’s outstanding performance awards to officers as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below:
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Summary of the status of Registrant's outstanding restricted stock units to employees and directors | A summary of the status of Registrant’s outstanding RSUs, excluding performance awards, to employees and directors as of December 31, 2022, and changes during the year ended December 31, 2022, is presented below:
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Commitments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated future minimum payments under purchased water supply commitments | GSWC’s estimated future minimum payments under these purchased water supply commitments at December 31, 2022 are as follows (in thousands):
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental lease information | Registrant’s supplemental lease information for the year ended December 31, 2022 is as follows (in thousands, except for weighted average data):
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Maturities of operating lease liabilities | Registrant’s future minimum payments under long-term non-cancelable operating leases as of December 31, 2022 are as follows (in thousands):
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Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reporting segments information | Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC and BVESI.
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Schedule of reconciliation of total utility plant (a key figure for rate-making) to total consolidated assets | The following table reconciles total utility plant (a key figure for rate-making) to total consolidated assets (in thousands):
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Allowance for Doubtful Accounts (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of provision for doubtful accounts charged to expense and accounts written off, net of recoveries | The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Provisions included in 2022, 2021 and 2020 for AWR and GSWC are as follows:
(1) Includes amounts in excess of GSWC’s and BVESI’s respective revenue requirements incurred during the COVID-19 pandemic. These incremental amounts are recorded as regulatory assets. (2) Reflects consideration of government relief funds received in 2022 from the state of California for unpaid water and electric utility bills incurred during the pandemic. A total of $9.5 million and $473,000 was received in 2022 for unpaid water and electric utility bills, respectively.
(3) Includes amounts in excess of GSWC’s revenue requirement incurred during the COVID-19 pandemic. This incremental amount was recorded as a regulatory asset. (4) Reflects consideration of government relief funds received in 2022 from the state of California for unpaid water and electric utility bills incurred during the pandemic. A total of $9.5 million and $473,000 was received in 2022 for unpaid water and electric utility bills, respectively.
|
Statement of Cash Flows, Supplemental Disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of non-cash financing and investing activities and other cash flow information | The following table sets forth non-cash financing and investing activities and other cash flow information (in thousands).
|
Completion of Electric Utility Reorganization Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Completion of Electric Utility Reorganization Plan-selected information for the results of operations and its cashflow | The table below sets forth selected information relating to the electric segment’s results of operations for 2022, 2021, and for the six month periods ended June 30, 2020 and December 31, 2020 (in thousands):
The table below sets forth selected information relating to the electric segment’s cash flows for 2022, 2021, as well as the six months ended December 31, 2020. Prior to July 1, 2020, the electric segment’s cash flows were included in GSWC’s cash flows.
(1) BVESI has access to a $35.0 million revolving credit facility, which expires July 1, 2024. As of December 31, 2022, there was $22.0 million outstanding under this facility. Borrowings made under this facility support the electric segment’s operations and capital expenditures. Under the terms of the credit agreement, BVESI has the option to request an increase in the facility by an additional $15.0 million, subject to bank approval. In addition, on April 28, 2022, BVESI completed the issuance of $35.0 million in unsecured private-placement notes consisting of $17.5 million at a coupon rate of 4.548% due April 28, 2032 and $17.5 million at a coupon rate of 4.949% due April 28, 2037.
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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt | Registrant’s borrowing activities (excluding letters of credit) for the years ended December 31, 2022 and 2021 were as follows:
AWR’s (parent) borrowing activities (excluding letters of credit) for the years ended December 31, 2022 and 2021 were as follows:
|
Utility Plant and Intangible Assets 2 (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||
Intangible assets | |||||||
Total amortized intangible assets | $ 31,938 | $ 30,439 | |||||
Less - accumulated amortization | (26,811) | (26,401) | |||||
Intangible assets, net of amortization | 5,127 | 4,038 | |||||
Unamortized intangible assets | [1] | 383 | 400 | ||||
Amortization of intangible assets | 641 | $ 700 | $ 654 | ||||
Estimated future consolidated amortization expenses related to intangible assets | |||||||
2023 | 641 | ||||||
2024 | 641 | ||||||
2025 | 641 | ||||||
2026 | 641 | ||||||
2027 | 641 | ||||||
Total | $ 3,205 | ||||||
Conservation | |||||||
Intangible assets | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 3 years | |||||
Total amortized intangible assets | $ 9,486 | $ 9,486 | |||||
Water and water service rights | |||||||
Intangible assets | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 30 years | 30 years | |||||
Total amortized intangible assets | [2] | $ 8,695 | $ 8,695 | ||||
Water planning studies | |||||||
Intangible assets | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | 14 years | |||||
Total amortized intangible assets | $ 13,757 | $ 12,258 | |||||
GSWC | |||||||
Intangible assets | |||||||
Total amortized intangible assets | 30,129 | 28,629 | |||||
Less - accumulated amortization | (25,374) | (25,109) | |||||
Intangible assets, net of amortization | 4,755 | 3,520 | |||||
Unamortized intangible assets | [1] | $ 382 | $ 399 | ||||
GSWC | Conservation | |||||||
Intangible assets | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 3 years | |||||
Total amortized intangible assets | $ 9,486 | $ 9,486 | |||||
GSWC | Water and water service rights | |||||||
Intangible assets | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 30 years | 30 years | |||||
Total amortized intangible assets | [2] | $ 8,124 | $ 8,124 | ||||
GSWC | Water planning studies | |||||||
Intangible assets | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | 14 years | |||||
Total amortized intangible assets | $ 12,519 | $ 11,019 | |||||
|
Utility Plant and Intangible Assets 3 (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations | ||
Obligation at the beginning of the period | $ 9,717 | $ 9,320 |
Additional liabilities incurred | 148 | |
Liabilities settled | (120) | |
Accretion | 386 | 369 |
Obligation at the end of the period | $ 10,103 | $ 9,717 |
Derivative Instruments (Details) - BVESI $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022
USD ($)
MWh
|
Dec. 31, 2021
USD ($)
|
|
Derivative instruments | ||
Derivative Activity Volume | MWh | 216,471 | |
Changes in the fair value of the derivative | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 11,800 | |
Purchase power contract | ||
Changes in the fair value of the derivative | ||
Balance, at beginning of the period | (4,441) | $ 1,537 |
Unrealized gain on purchased power contracts | 7,406 | 5,978 |
Balance, at end of the period | $ 11,847 | $ (4,441) |
Minimum | ||
Derivative instruments | ||
Derivative, Term of Contract | 3 years | |
Minimum | Purchase power contract | ||
Derivative instruments | ||
Derivative, Term of Contract | 3 years | |
Maximum | ||
Derivative instruments | ||
Derivative, Term of Contract | 5 years | |
Maximum | Purchase power contract | ||
Derivative instruments | ||
Derivative, Term of Contract | 5 years |
Military Privatization (Details) - Contracted services: |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Military Privatization | |
Period of fixed price contracts to maintain water systems at various military bases | 50 years |
Number of Operating Segments | 8 |
Earnings Per Share and Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
Basic | |||||
Net Income | $ 78,396 | $ 94,347 | $ 86,425 | ||
Less: Distributed earnings to common shareholders | 56,356 | 51,689 | 47,206 | ||
Less: Distributed earnings to participating securities | 142 | 134 | 158 | ||
Undistributed earnings | 21,898 | 42,524 | 39,061 | ||
Undistributed earnings allocated to common shareholders | 21,843 | 42,414 | 38,930 | ||
Undistributed earnings allocated to participating securities | 110 | 131 | |||
Total income available to common shareholders, basic | $ 78,199 | $ 94,103 | $ 86,136 | ||
Weighted average Common Shares outstanding, basic | 36,955,000 | 36,921,000 | 36,880,000 | ||
Basic earnings per Common Share: | |||||
Earnings Per Share, Basic | $ 2.12 | $ 2.55 | $ 2.34 | ||
Diluted | |||||
Total income available to common shareholders, basic | $ 78,199 | $ 94,103 | $ 86,136 | ||
Undistributed earnings for dilutive stock options | 55 | 110 | 131 | ||
Total common shareholders earnings, diluted | $ 78,254 | $ 94,213 | $ 86,267 | ||
Weighted average Common Shares outstanding, basic | 36,955,000 | 36,921,000 | 36,880,000 | ||
Stock-based compensation (in shares) | [1] | 84,000 | 89,000 | 115,000 | |
Weighted average common shares outstanding, diluted | 37,039,000 | 37,010,000 | 36,995,000 | ||
Diluted earnings per Common Share: | |||||
Earnings Per Share, Diluted | $ 2.11 | $ 2.55 | $ 2.33 | ||
Restricted Stock Units | |||||
Share based compensation arrangement | |||||
Restricted stock units outstanding (in shares) | 96,988 | ||||
|
Earnings Per Share and Capital Stock 2 (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Capital stock | ||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ (110,000) | $ (131,000) | ||
Additional disclosure | ||||
Proceeds from Stock Options Exercised, Distributed to Subsidiaries | $ 0 | $ 0 | $ 0 | |
Dividend Reinvestment Plan Common Stock Capital Shares Reserved for Future Issuance | 1,055,948 | |||
Common Shares authorized for issuance but unissued under 401(k) Plan | 387,300 | |||
Common Shares issued as a result of the exercise of stock options | 0 | 0 | 1,800 | |
Cash proceeds from the exercise of stock options | $ 30,000 | |||
Exercise of stock options and other issuance of Common Shares | $ 0 | $ 0 | $ 30,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 1,800 | |
Maximum | ||||
Additional disclosure | ||||
Percentage of target amount of performance shares | 200.00% | |||
2000 and 2008 Employee Plans | ||||
Additional disclosure | ||||
Exercise of stock options and other issuance of Common Shares | 25,956 | 47,182 | 42,489 | |
Stock Issued During Period, Shares, New Issues | 25,956 | 47,182 | 42,489 | |
AWR | ||||
Additional disclosure | ||||
Cash proceeds from the exercise of stock options | $ 0 | $ 0 | $ 30,000 | |
GSWC | ||||
Additional disclosure | ||||
Exercise of stock options and other issuance of Common Shares | $ 60,000,000 | |||
Intercompany borrowings payment term | 24 months | |||
Intercompany borrowings payment term | 24 months | |||
GSWC | Subsequent Event | ||||
Additional disclosure | ||||
Exercise of stock options and other issuance of Common Shares | $ 10,000,000 | |||
Common Stock | ||||
Additional disclosure | ||||
Exercise of stock options and other issuance of Common Shares | 26,000 | 47,000 | 42,000 | |
Exercise of stock options and other issuance of Common Shares | $ 0 | $ 0 | $ 30,000 | |
Stock Issued During Period, Shares, New Issues | 26,000 | 47,000 | 42,000 | |
Common Stock | GSWC | ||||
Additional disclosure | ||||
Exercise of stock options and other issuance of Common Shares | 0 | 0 | 5 | |
Exercise of stock options and other issuance of Common Shares | $ 60,000,000 | |||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 5 | |
Common Stock | GSWC | Subsequent Event | ||||
Additional disclosure | ||||
Exercise of stock options and other issuance of Common Shares | 1 | |||
Stock Issued During Period, Shares, New Issues | 1 |
Dividend Limitations (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Dividend limitations | ||||
Common shareholder’s equity | $ 709,549 | $ 685,947 | $ 641,673 | $ 601,530 |
Subsidiaries | ||||
Dividend limitations | ||||
Dividends paid | 56,400 | 38,300 | 47,300 | |
GSWC | ||||
Dividend limitations | ||||
Dividends paid | 27,000 | 38,300 | 22,500 | |
Common shareholder’s equity | $ 643,906 | 615,686 | 583,298 | 551,188 |
Ratio of Indebtedness to Net Capital | 0.4568 | |||
GSWC | Maximum | ||||
Dividend limitations | ||||
Ratio of Indebtedness to Net Capital | 0.6667 | |||
Earnings Reinvested in the Business | ||||
Dividend limitations | ||||
Common shareholder’s equity | $ 449,391 | 427,505 | 385,007 | 345,964 |
Earnings Reinvested in the Business | GSWC | ||||
Dividend limitations | ||||
Common shareholder’s equity | $ 285,783 | $ 259,156 | $ 228,392 | $ 257,434 |
Bank Debt (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jan. 13, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
unit
|
Dec. 31, 2021
USD ($)
|
Apr. 22, 2022
USD ($)
|
|
Bank debt | ||||
Number of credit facilities | unit | 2 | |||
Subsequent Event | ||||
Bank debt | ||||
Payment of long term loan with related parties | $ 124,000 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Payment of long term loan with related parties | $ 124,000 | |||
BVESI | ||||
Bank debt | ||||
Maximum borrowing capacity | $ 35,000 | |||
Debt instrument, term | 24 years | |||
Incremental expansion of borrowing capacity | $ 15,000 | |||
Notes Payable | 22,000 | |||
GSWC | ||||
Bank debt | ||||
Maximum borrowing capacity | 130,000 | |||
Long-term Debt | ||||
Bank debt | ||||
Balance Outstanding at December 31, | 277,500 | $ 205,500 | ||
Short-term borrowing activities (excluding letters of credit) | ||||
Balance Outstanding at December 31, | 277,500 | 205,500 | ||
Short-term borrowing (excluding letters of credit) | ||||
Bank debt | ||||
Average Amount Outstanding | $ 226,556 | $ 165,167 | ||
Weighted Average Annual Interest Rate (as a percent) | 2.55% | 1.05% | ||
Maximum Amount Outstanding | $ 277,500 | $ 205,500 | ||
Short-term borrowing activities (excluding letters of credit) | ||||
Average Amount Outstanding | $ 226,556 | $ 165,167 | ||
Weighted Average Annual Interest Rate (as a percent) | 2.55% | 1.05% | ||
Maximum Amount Outstanding | $ 277,500 | $ 205,500 | ||
Short-term borrowing (excluding letters of credit) | Maximum | ||||
Bank debt | ||||
Interest Rate at the end of the period (as a percent) | 5.89% | 1.61% | ||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest Rate at the end of the period (as a percent) | 5.89% | 1.61% | ||
Short-term borrowing (excluding letters of credit) | Minimum | ||||
Bank debt | ||||
Interest Rate at the end of the period (as a percent) | 5.07% | 0.78% | ||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest Rate at the end of the period (as a percent) | 5.07% | 0.78% | ||
Syndicated revolving credit facility | BVESI | ||||
Bank debt | ||||
Interest coverage ratio | 14.4 | |||
Total funded debt ratio | 0.47 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest coverage ratio | 14.4 | |||
Total funded debt ratio | 0.47 | |||
Syndicated revolving credit facility | Maximum | ||||
Bank debt | ||||
Total funded debt ratio | 0.65 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Total funded debt ratio | 0.65 | |||
Syndicated revolving credit facility | Minimum | ||||
Bank debt | ||||
Interest coverage ratio | 3.25 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest coverage ratio | 3.25 | |||
Syndicated revolving credit facility | Minimum | BVESI | ||||
Bank debt | ||||
Interest coverage ratio | 4.5 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest coverage ratio | 4.5 | |||
AWR | ||||
Bank debt | ||||
Line of credit facility, current borrowing capacity | $ 200,000 | |||
AWR | Maximum | ||||
Bank debt | ||||
Line of credit facility, current borrowing capacity | $ 280,000 | |||
AWR | Long-term Debt | ||||
Bank debt | ||||
Balance Outstanding at December 31, | $ 255,500 | $ 174,500 | ||
Short-term borrowing activities (excluding letters of credit) | ||||
Balance Outstanding at December 31, | $ 255,500 | $ 174,500 | ||
AWR | Short-term borrowing (excluding letters of credit) | ||||
Bank debt | ||||
Interest Rate at the end of the period (as a percent) | 5.07% | 0.78% | ||
Average Amount Outstanding | $ 213,758 | $ 139,926 | ||
Weighted Average Annual Interest Rate (as a percent) | 2.56% | 0.91% | ||
Maximum Amount Outstanding | $ 255,500 | $ 174,500 | ||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest Rate at the end of the period (as a percent) | 5.07% | 0.78% | ||
Average Amount Outstanding | $ 213,758 | $ 139,926 | ||
Weighted Average Annual Interest Rate (as a percent) | 2.56% | 0.91% | ||
Maximum Amount Outstanding | $ 255,500 | $ 174,500 | ||
AWR | Syndicated revolving credit facility | ||||
Bank debt | ||||
Interest coverage ratio | 6.32 | |||
Total funded debt ratio | 0.51 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest coverage ratio | 6.32 | |||
Total funded debt ratio | 0.51 | |||
AWR | Syndicated revolving credit facility | BVESI | ||||
Bank debt | ||||
Total funded debt ratio | 0.65 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Total funded debt ratio | 0.65 | |||
AWR | Syndicated revolving credit facility | Maximum | ||||
Bank debt | ||||
Total funded debt ratio | 1.00 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Total funded debt ratio | 1.00 | |||
AWR | Syndicated revolving credit facility | Minimum | ||||
Bank debt | ||||
Interest coverage ratio | 3.25 | |||
Total funded debt ratio | 0.65 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest coverage ratio | 3.25 | |||
Total funded debt ratio | 0.65 | |||
AWR | Syndicated revolving credit facility | Letters of credit | ||||
Bank debt | ||||
Maximum borrowing capacity | $ 25,000 | |||
Letter of credit, amount | $ 639 | |||
Letter of credit fee (as a percent) | 0.65% | |||
4.548% note due 2032 | ||||
Bank debt | ||||
Interest rate per annum (as a percent) | 4.548% | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest rate per annum (as a percent) | 4.548% | |||
4.548% note due 2032 | BVESI | ||||
Bank debt | ||||
Debt Instrument, Face Amount | $ 17,500 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Debt Instrument, Face Amount | $ 17,500 | |||
4.949% note due 2037 | ||||
Bank debt | ||||
Interest rate per annum (as a percent) | 4.949% | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Interest rate per annum (as a percent) | 4.949% | |||
4.949% note due 2037 | BVESI | ||||
Bank debt | ||||
Debt Instrument, Face Amount | $ 17,500 | |||
Short-term borrowing activities (excluding letters of credit) | ||||
Debt Instrument, Face Amount | $ 17,500 |
Long-Term Debt (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
May 24, 2021 |
Dec. 31, 2022 |
Jan. 13, 2023 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||||
Ratio of Indebtedness to EBITDA | 8 | |||
GSWC | ||||
Debt Instrument [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.4568 | |||
Ratio of Indebtedness to EBITDA | 4.2 | |||
Maximum borrowing capacity | $ 130,000,000 | |||
GSWC | Maximum | ||||
Debt Instrument [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.6667 | |||
BVESI | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 35,000,000 | |||
Notes Payable 9.56 Percent Due 2031 | GSWC | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 28,000,000 | |||
Interest rate (as a percent) | 9.56% | |||
Debt Instrument, Redemption Price, Percentage | 3.00% | |||
Redemption Price Of Debt Instrument | $ 840,000 | |||
5.87% notes due 2028 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 5.87% | 5.87% | ||
5.87% notes due 2028 | GSWC | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 5.87% | 5.87% | ||
3.45% notes due 2029 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 3.45% | 3.45% | ||
3.45% notes due 2029 | GSWC | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 3.45% | 3.45% | ||
Private Placement Notes | GSWC | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Redemption Premium above Treasury Yield | 50.00% | |||
2.17% notes due 2030 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2.17% | 2.17% | ||
2.17% notes due 2030 | GSWC | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2.17% | 2.17% | ||
2.90% notes due 2040 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2.90% | 2.90% | ||
2.90% notes due 2040 | GSWC | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2.90% | 2.90% | ||
Series A Senior Notes 5.12 Percent Due 2033 | GSWC | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 100,000,000 | |||
Interest rate (as a percent) | 5.12% | |||
Series A Senior Notes 5.22 Percent Due 2038 | GSWC | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 30,000,000 | |||
Interest rate (as a percent) | 5.22% |
Long-Term Debt 2 (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Annual maturities of all long-term debt, including capitalized leases | ||
Total | $ 450,373 | $ 415,788 |
GSWC | ||
Annual maturities of all long-term debt, including capitalized leases | ||
Total | 415,373 | $ 415,788 |
Golden State Water Company and Bear Valley Electric Service, Inc. | ||
Annual maturities of all long-term debt, including capitalized leases | ||
2023 | 399 | |
2024 | 419 | |
2025 | 439 | |
2026 | 457 | |
2027 | 477 | |
Thereafter | 448,182 | |
Total | $ 450,373 |
Long-Term Debt 3 (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 13, 2023 |
|
Debt Instrument [Line Items] | ||||
Ratio of Indebtedness to EBITDA | 8 | |||
Loan proceeds received for reimbursement of costs of conversion | $ 34,789 | $ 0 | $ 159,413 | |
3.45% notes due 2029 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 3.45% | 3.45% | ||
GSWC | ||||
Debt Instrument [Line Items] | ||||
Ratio of Indebtedness to EBITDA | 4.2 | |||
Maximum borrowing capacity | $ 130,000 | |||
Loan proceeds received for reimbursement of costs of conversion | $ 0 | $ 0 | $ 159,413 | |
GSWC | 3.45% notes due 2029 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 3.45% | 3.45% | ||
GSWC | Series A Senior Notes 5.12 Percent Due 2033 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 100,000 | |||
Interest rate (as a percent) | 5.12% |
Taxes on Income (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Taxes on income | |||
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 |
Deferred tax assets: | |||
Regulatory-liability-related | 31,330,000 | 32,220,000 | |
Contributions and advances | 6,544,000 | 6,850,000 | |
Deferred Tax Assets, Other | 7,424,000 | 5,324,000 | |
Deferred tax assets | 45,298,000 | 44,394,000 | |
Deferred tax liabilities: | |||
Fixed assets | (155,955,000) | (150,290,000) | |
Regulatory-asset-related: depreciation and other | (30,226,000) | (25,914,000) | |
Balancing and memorandum accounts (non-flow-through) | (8,794,000) | (8,480,000) | |
Deferred tax liabilities | (194,975,000) | (184,684,000) | |
Accumulated deferred income taxes - net | (149,677,000) | (140,290,000) | |
Current | |||
Federal | 14,845,000 | 19,592,000 | 19,240,000 |
State | 6,016,000 | 7,270,000 | 6,714,000 |
Total current tax expense | 20,861,000 | 26,862,000 | 25,954,000 |
Deferred | |||
Federal | 2,991,000 | 2,802,000 | 1,814,000 |
State | (188,000) | 759,000 | 429,000 |
Total deferred tax (benefit) expense | 2,803,000 | 3,561,000 | 2,243,000 |
Reconciliations of the effective tax rates to the federal statutory rate | |||
Federal taxes on pretax income at statutory rate (21% in 2018; 35% in 2017 and 2016) | 21,433,000 | 26,202,000 | 24,071,000 |
Increase (decrease) in taxes resulting from: | 4,335,000 | 6,425,000 | 5,764,000 |
Excess deferred tax amortization | (1,311,000) | (1,356,000) | (1,550,000) |
Flow-through on fixed assets | 1,076,000 | 1,069,000 | 1,056,000 |
Flow-through on removal costs | (1,802,000) | (1,962,000) | (1,031,000) |
Investment tax credit | (71,000) | (71,000) | (71,000) |
Other- net | 4,000 | 116,000 | (42,000) |
Total income tax expense operations | 23,664,000 | 30,423,000 | 28,197,000 |
Income before income tax expense | $ 102,060,000 | $ 124,770,000 | $ 114,622,000 |
Effective income tax rate (as a percent) | 23.20% | 24.40% | 24.60% |
GSWC | |||
Deferred tax assets: | |||
Regulatory-liability-related | $ 29,623,000 | $ 30,410,000 | |
Contributions and advances | 6,896,000 | 7,227,000 | |
Deferred Tax Assets, Other | 7,874,000 | 5,689,000 | |
Deferred tax assets | 44,393,000 | 43,326,000 | |
Deferred tax liabilities: | |||
Fixed assets | (150,133,000) | (144,719,000) | |
Regulatory-asset-related: depreciation and other | (28,489,000) | (24,858,000) | |
Balancing and memorandum accounts (non-flow-through) | (4,559,000) | (6,063,000) | |
Deferred tax liabilities | (183,181,000) | (175,640,000) | |
Accumulated deferred income taxes - net | (138,788,000) | (132,314,000) | |
Current | |||
Federal | 10,582,000 | 13,698,000 | $ 14,674,000 |
State | 4,909,000 | 6,089,000 | 5,849,000 |
Total current tax expense | 15,491,000 | 19,787,000 | 20,523,000 |
Deferred | |||
Federal | 1,507,000 | 2,251,000 | 949,000 |
State | (652,000) | 57,000 | 232,000 |
Total deferred tax (benefit) expense | 855,000 | 2,308,000 | 1,181,000 |
Reconciliations of the effective tax rates to the federal statutory rate | |||
Federal taxes on pretax income at statutory rate (21% in 2018; 35% in 2017 and 2016) | 14,724,000 | 19,175,000 | 18,202,000 |
Increase (decrease) in taxes resulting from: | 3,119,000 | 4,923,000 | 4,920,000 |
Excess deferred tax amortization | (1,130,000) | (1,184,000) | (1,477,000) |
Flow-through on fixed assets | 1,010,000 | 1,008,000 | 1,042,000 |
Flow-through on removal costs | (1,715,000) | (1,954,000) | (1,026,000) |
Investment tax credit | (71,000) | (71,000) | (71,000) |
Other- net | 409,000 | 198,000 | 114,000 |
Total income tax expense operations | 16,346,000 | 22,095,000 | 21,704,000 |
Income before income tax expense | 70,116,000 | 91,310,000 | 86,675,000 |
Pretax income from operations | $ 70,116,000 | $ 91,310,000 | $ 86,675,000 |
Effective income tax rate (as a percent) | 23.30% | 24.20% | 25.00% |
Employee Benefit Plans - Narrative (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
participant
item
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Initial health care cost for employees under age of 65 (as a percent) | 5.60% | ||
Ultimate health care cost for employees under age of 65 (as a percent) | 4.00% | ||
Initial Health care cost for employees of age 65 and over (as a percent) | 5.30% | ||
Ultimate health care cost for employees of age 65 and over (as a percent) | 4.00% | ||
Employer contribution to the plan | $ 2,700 | $ 2,700 | $ 2,500 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,000 | $ 1,900 | $ 1,900 |
Union plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 5.50% | 5.75% | 6.00% |
Non-union plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 3.90% | 4.00% | 4.20% |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum age for eligibility under the Pension Plan | item | 21 | ||
Minimum period of service for eligibility under the Pension Plan | 5 years | ||
Normal retirement benefit (as a percent) | 2.00% | ||
Defined benefit plan number of highest consecutive years average earnings used in computing retirement benefit | 5 years | ||
Maximum number of years of credited service considered in determining retirement benefit | 40 years | ||
Number of participants in the Pension Plan | participant | 919 | ||
Eligibility for employer matching contributions, period of service | 3 years | ||
Discount rate | 5.41% | 2.89% | |
Regulatory adjustment - deferred | $ 0 | $ (1,277) | $ (483) |
Employer contributions | 3,089 | $ 3,489 | |
Expected future employer's contribution | $ 2,800 | ||
Expected long-term return on plan assets | 5.75% | 6.00% | 6.25% |
Pension Benefits | GSWC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Regulatory adjustment - deferred | $ 1,500 | $ 1,300 | $ 483 |
Pension Benefits | BVESI | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Regulatory adjustment - deferred | $ (490) | $ (246) | (200) |
Pension Benefits | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of participant's eligible pay contributed to the plan by the employer | 3.00% | ||
Pension Benefits | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of participant's eligible pay contributed to the plan by the employer | 5.25% | ||
Post-Retirement Medical Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.34% | 2.46% | |
Regulatory adjustment - deferred | $ 0 | $ 0 | $ 0 |
Employer contributions | $ 263 | $ 242 | |
Post-Retirement Medical Benefits | Minimum | Fixed income fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maturity period of investments | 1 year | ||
Post-Retirement Medical Benefits | Maximum | Fixed income fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maturity period of investments | 20 years | ||
SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.42% | 2.87% | |
Balance in Rabbi Trust | $ 27,500 |
Employee Benefit Plans - Funded Status of Pension Plan and Post-Retirement Medical Plan (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Pension Benefits | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 259,751 | $ 272,786 | |
Service cost | 5,644 | 6,316 | $ 5,558 |
Interest cost | 7,401 | 6,833 | 7,880 |
Actuarial (gain) loss | (72,710) | (17,682) | |
Benefits/expenses paid | (9,408) | (8,502) | |
Projected benefit obligation at end of year | 190,678 | 259,751 | 272,786 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 233,524 | 213,147 | |
Actual return on plan assets | (40,299) | 25,390 | |
Employer contributions | 3,089 | 3,489 | |
Benefits/expenses paid | (9,408) | (8,502) | |
Fair value of plan assets at end of year | 186,906 | 233,524 | 213,147 |
Funded Status: | |||
Net amount recognized as accrued pension cost | (3,772) | (26,227) | |
Post-Retirement Medical Benefits | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation at beginning of year | 2,686 | 5,906 | |
Service cost | 129 | 149 | 171 |
Interest cost | 60 | 110 | 208 |
Actuarial (gain) loss | (570) | (3,165) | |
Benefits/expenses paid | (291) | (314) | |
Projected benefit obligation at end of year | 2,014 | 2,686 | 5,906 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 13,773 | 12,313 | |
Actual return on plan assets | (2,242) | 1,773 | |
Employer contributions | 263 | 242 | |
Benefits/expenses paid | (554) | (555) | |
Fair value of plan assets at end of year | 11,240 | 13,773 | $ 12,313 |
Funded Status: | |||
Net amount recognized as accrued pension cost | $ 9,226 | $ 11,087 |
Employee Benefit Plans - Pension Benefits and Post-Retirement Medical Benefits Recognized on Balance Sheet (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Amounts recognized on the balance sheets: | |||
Non-current liabilities | $ (33,636) | $ (61,365) | |
Pension Benefits | |||
Amounts recognized on the balance sheets: | |||
Non-current assets | 0 | 0 | |
Current liabilities | 0 | 0 | |
Non-current liabilities | (3,772) | (26,227) | |
Net amount recognized | (3,772) | (26,227) | |
Amounts recognized in regulatory assets consist of: | |||
Prior service cost (credit) | 1,889 | 2,323 | |
Net (gain) loss | 4,123 | 23,368 | |
Regulatory assets (liabilities) | 6,012 | 25,691 | $ 60,473 |
Unfunded accrued pension cost | (2,240) | 536 | |
Net liability (asset) recognized | 3,772 | 26,227 | |
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities): | |||
Regulatory asset (liability) at beginning of year | 25,691 | 60,473 | |
Net loss (gain) | (19,245) | (30,531) | |
New prior service cost | 0 | 0 | |
Amortization of prior service (cost) credit | (434) | (434) | |
Amortization of net gain (loss) | 0 | (3,817) | |
Total change in regulatory asset (liability) | (19,679) | (34,782) | |
Regulatory asset (liability) at end of year | 6,012 | 25,691 | 60,473 |
Net periodic pension costs | 313 | 4,859 | $ 4,010 |
Change in regulatory asset (liability) | (19,679) | (34,782) | |
Total recognized in net periodic pension cost and regulatory asset (liability) | (19,366) | (29,923) | |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 190,678 | 259,751 | |
Accumulated benefit obligation | 181,376 | 243,412 | |
Fair value of plan assets | $ 186,906 | $ 233,524 | |
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 5.41% | 2.89% | |
Pension Benefits | Minimum | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Pension Benefits | Maximum | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Rate of compensation increase | 8.00% | 8.00% | 8.00% |
Post-Retirement Medical Benefits | |||
Amounts recognized on the balance sheets: | |||
Non-current assets | $ 9,226 | $ 11,087 | |
Current liabilities | 0 | 0 | |
Non-current liabilities | 0 | 0 | |
Net amount recognized | 9,226 | 11,087 | |
Amounts recognized in regulatory assets consist of: | |||
Prior service cost (credit) | 0 | 0 | |
Net (gain) loss | (5,846) | (9,839) | |
Regulatory assets (liabilities) | (5,846) | (9,839) | $ (6,855) |
Unfunded accrued pension cost | (3,380) | (1,248) | |
Net liability (asset) recognized | (9,226) | (11,087) | |
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities): | |||
Regulatory asset (liability) at beginning of year | (9,839) | (6,855) | |
Net loss (gain) | 2,259 | (4,401) | |
New prior service cost | 0 | 0 | |
Amortization of prior service (cost) credit | 0 | 0 | |
Amortization of net gain (loss) | 1,734 | 1,417 | |
Total change in regulatory asset (liability) | 3,993 | (2,984) | |
Regulatory asset (liability) at end of year | (5,846) | (9,839) | (6,855) |
Net periodic pension costs | (2,132) | (1,695) | $ (1,108) |
Change in regulatory asset (liability) | 3,993 | (2,984) | |
Total recognized in net periodic pension cost and regulatory asset (liability) | 1,861 | (4,679) | |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 2,014 | 2,686 | |
Fair value of plan assets | $ 11,240 | $ 13,773 | |
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 5.34% | 2.46% |
Employee Benefit Plans - Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Union plan | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Expected long-term return on plan assets | 5.50% | 5.75% | 6.00% |
Non-union plan | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Expected long-term return on plan assets | 3.90% | 4.00% | 4.20% |
Pension Benefits | |||
Components of Net Periodic Benefits Cost: | |||
Service cost | $ 5,644 | $ 6,316 | $ 5,558 |
Interest cost | 7,401 | 6,833 | 7,880 |
Expected return on plan assets | (13,166) | (12,541) | (11,798) |
Amortization of prior service cost (credit) | 434 | 434 | 435 |
Amortization of actuarial (gain) loss | 0 | 3,817 | 1,935 |
Net periodic pension cost under accounting standards | 313 | 4,859 | 4,010 |
Regulatory adjustment | 0 | (1,277) | (483) |
Total expense recognized, before surcharges and allocation to overhead pool | $ 313 | $ 3,582 | $ 3,527 |
Weighted-average assumptions used to determine net periodic cost: | |||
Discount rate | 2.89% | 2.55% | 3.43% |
Expected long-term return on plan assets | 5.75% | 6.00% | 6.25% |
Pension Benefits | Minimum | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Pension Benefits | Maximum | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Rate of compensation increase | 8.00% | 8.00% | 8.00% |
Post-Retirement Medical Benefits | |||
Components of Net Periodic Benefits Cost: | |||
Service cost | $ 129 | $ 149 | $ 171 |
Interest cost | 60 | 110 | 208 |
Expected return on plan assets | (587) | (537) | (510) |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Amortization of actuarial (gain) loss | (1,734) | (1,417) | (977) |
Net periodic pension cost under accounting standards | (2,132) | (1,695) | (1,108) |
Regulatory adjustment | 0 | 0 | 0 |
Total expense recognized, before surcharges and allocation to overhead pool | $ (2,132) | $ (1,695) | $ (1,108) |
Weighted-average assumptions used to determine net periodic cost: | |||
Discount rate | 2.46% | 2.20% | 3.12% |
Employee Benefit Plans - Asset Allocation (Details) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Pension Benefits | ||
Employee benefit plans | ||
Actual Asset Allocations: | 100.00% | 100.00% |
Target Asset Allocations: | 100.00% | 100.00% |
Pension Benefits | Equity securities | ||
Employee benefit plans | ||
Actual Asset Allocations: | 56.00% | 56.00% |
Target Asset Allocations: | 60.00% | 60.00% |
Pension Benefits | Debt securities | ||
Employee benefit plans | ||
Actual Asset Allocations: | 39.00% | 38.00% |
Target Asset Allocations: | 40.00% | 40.00% |
Pension Benefits | Real Estate Funds | ||
Employee benefit plans | ||
Actual Asset Allocations: | 5.00% | 6.00% |
Pension Benefits | Cash equivalents | ||
Employee benefit plans | ||
Actual Asset Allocations: | 0.00% | 0.00% |
Post-Retirement Medical Benefits | ||
Employee benefit plans | ||
Actual Asset Allocations: | 100.00% | 100.00% |
Target Asset Allocations: | 100.00% | 100.00% |
Post-Retirement Medical Benefits | Equity securities | ||
Employee benefit plans | ||
Actual Asset Allocations: | 59.00% | 60.00% |
Target Asset Allocations: | 60.00% | 60.00% |
Post-Retirement Medical Benefits | Debt securities | ||
Employee benefit plans | ||
Actual Asset Allocations: | 39.00% | 39.00% |
Target Asset Allocations: | 40.00% | 40.00% |
Post-Retirement Medical Benefits | Real Estate Funds | ||
Employee benefit plans | ||
Actual Asset Allocations: | 0.00% | 0.00% |
Post-Retirement Medical Benefits | Cash equivalents | ||
Employee benefit plans | ||
Actual Asset Allocations: | 2.00% | 1.00% |
Employee Benefit Plans - Schedule of Fair Value Measured by Net Asset Value (Details) - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Employee benefit plans | |||
Fair Value | $ 186,906 | $ 233,524 | $ 213,147 |
Unfunded Commitments | 0 | 0 | |
Cash equivalents | |||
Employee benefit plans | |||
Fair Value | 801 | 637 | |
Unfunded Commitments | 0 | 0 | |
Fixed income fund | |||
Employee benefit plans | |||
Fair Value | 73,863 | 87,760 | |
Unfunded Commitments | 0 | 0 | |
Total equity funds | |||
Employee benefit plans | |||
Fair Value | 103,947 | 131,555 | |
Unfunded Commitments | 0 | ||
U.S. small/mid cap funds | |||
Employee benefit plans | |||
Fair Value | 17,136 | 22,143 | |
Unfunded Commitments | 0 | 0 | |
U.S. large cap funds | |||
Employee benefit plans | |||
Fair Value | 44,572 | 58,451 | |
Unfunded Commitments | 0 | 0 | |
International funds | |||
Employee benefit plans | |||
Fair Value | 42,239 | 50,961 | |
Unfunded Commitments | 0 | 0 | |
Real estate funds | |||
Employee benefit plans | |||
Fair Value | 8,295 | 13,572 | |
Unfunded Commitments | $ 0 | $ 0 |
Employee Benefit Plans - Fair Value Hierarchy (Details) - Post-Retirement Medical Benefits - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Employee benefit plans | |||
Fair value of post-retirement plan assets | $ 11,240 | $ 13,773 | $ 12,313 |
Fair Value | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 11,240 | 13,773 | |
Level 1 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 11,240 | 13,773 | |
Level 2 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Level 3 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Cash equivalents | Fair Value | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 215 | 92 | |
Cash equivalents | Level 1 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 215 | 92 | |
Cash equivalents | Level 2 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Cash equivalents | Level 3 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Fixed income fund | Fair Value | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 4,380 | 5,409 | |
Fixed income fund | Level 1 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 4,380 | 5,409 | |
Fixed income fund | Level 2 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Fixed income fund | Level 3 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
U.S. equity securities | Fair Value | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 6,645 | 8,272 | |
U.S. equity securities | Level 1 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 6,645 | $ 8,272 | |
U.S. equity securities | Level 2 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | ||
U.S. equity securities | Level 3 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | $ 0 |
Employee Benefit Plans - Future Benefit Payments (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Pension Benefits | |
Employee benefit plans | |
2023 | $ 9,764 |
2024 | 10,505 |
2025 | 10,986 |
2026 | 11,429 |
2027 | 11,927 |
Thereafter | 67,205 |
Total | 121,816 |
Post-Retirement Medical Benefits | |
Employee benefit plans | |
2023 | 313 |
2024 | 284 |
2025 | 272 |
2026 | 257 |
2027 | 228 |
Thereafter | 747 |
Total | $ 2,101 |
Employee Benefit Plans - Fair Value of Assets (Details) - SERP - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | $ 0 | $ 0 |
Rabbi Trust | Fair Value | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 27,531 | 31,468 |
Level 1 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 27,531 | 31,468 |
Level 2 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Level 3 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Cash equivalents | Rabbi Trust | Fair Value | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 9 | 8 |
Cash equivalents | Level 1 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 9 | 8 |
Cash equivalents | Level 2 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Cash equivalents | Level 3 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Fixed income securities | Rabbi Trust | Fair Value | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 10,962 | 12,442 |
Fixed income securities | Level 1 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 10,962 | 12,442 |
Fixed income securities | Level 2 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Fixed income securities | Level 3 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Equity securities | Rabbi Trust | Fair Value | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 16,560 | 19,018 |
Equity securities | Level 1 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 16,560 | 19,018 |
Equity securities | Level 2 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Equity securities | Level 3 | Rabbi Trust | ||
Employee benefit plans | ||
Fair value of assets held in Rabbi Trust | $ 0 | $ 0 |
Employee Benefit Plans - Reconciliation of Benefit Obligations and Change in Benefit Obligation (Details) - SERP - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Change in Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 36,089 | $ 36,602 | |
Service cost | 1,191 | 1,392 | $ 1,029 |
Interest cost | 1,022 | 915 | 988 |
Actuarial (gain) loss | (6,522) | (2,213) | |
Benefits paid | (973) | (607) | |
Projected benefit obligation at end of year | 30,807 | 36,089 | $ 36,602 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Funded Status: | |||
Net amount recognized as accrued pension cost | $ (30,807) | $ (36,089) |
Employee Benefit Plans - Schedule of Defined Benefit Plan (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Amounts recognized on the balance sheets: | |||
Non-current liabilities | $ (33,636) | $ (61,365) | |
SERP | |||
Amounts recognized on the balance sheets: | |||
Current liabilities | (942) | (949) | |
Non-current liabilities | (29,865) | (35,140) | |
Net amount recognized | (30,807) | (36,089) | |
Amounts recognized in regulatory assets consist of: | |||
Prior service cost (credit) | 0 | 0 | |
Net loss | 1,995 | 9,097 | |
Regulatory assets (liabilities) | 1,995 | 9,097 | $ 12,988 |
Unfunded accrued cost | 28,812 | 26,992 | |
Net liability (asset) recognized | 30,807 | 36,089 | |
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities): | |||
Regulatory asset (liability) at beginning of year | 9,097 | 12,988 | |
Net loss | (6,522) | (2,213) | |
Amortization of prior service credit | 0 | 0 | |
Amortization of net loss | (580) | (1,678) | |
Total change in regulatory asset (liability) | (7,102) | (3,891) | |
Regulatory asset (liability) at end of year | 1,995 | 9,097 | 12,988 |
Net periodic pension costs | 2,793 | 3,985 | 2,860 |
Change in regulatory asset (liability) | (7,102) | (3,891) | |
Total recognized in net periodic pension cost and regulatory asset (liability) | (4,309) | 94 | |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 30,807 | 36,089 | $ 36,602 |
Accumulated benefit obligation | 28,157 | 31,835 | |
Fair value of plan assets | $ 0 | $ 0 | |
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 5.42% | 2.87% | |
SERP | Maximum | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Rate of compensation increase | 4.50% | 4.50% | |
SERP | Minimum | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Rate of compensation increase | 4.00% | 4.00% |
Employee Benefit Plans - Components of SERP Expense (Details) - SERP - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Components of Net Periodic Benefits Cost: | |||
Service cost | $ 1,191 | $ 1,392 | $ 1,029 |
Interest cost | 1,022 | 915 | 988 |
Amortization of net loss | 580 | 1,678 | 843 |
Net periodic pension cost under accounting standards | $ 2,793 | $ 3,985 | $ 2,860 |
Weighted-average assumptions used to determine net periodic cost: | |||
Discount rate | 2.87% | 2.52% | 3.36% |
Rate of compensation increase | 4.00% | ||
Minimum | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Rate of compensation increase | 4.00% | 4.00% | |
Maximum | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Rate of compensation increase | 4.50% | 4.50% |
Employee Benefit Plans - Estimated Future Benefit Payments for SERP (Details) - SERP $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Employee benefit plans | |
2023 | $ 942 |
2024 | 2,103 |
2025 | 2,121 |
2026 | 2,329 |
2027 | 2,435 |
Thereafter | 12,406 |
Total | $ 22,336 |
Stock-Based Compensation Plans (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
stock_plan
shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Stock compensation plans | |||
Number of stock incentive plans | stock_plan | 3 | ||
Vesting period | 3 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 235 | ||
Stock-based compensation recognized in the income statement, before taxes | 2,571 | $ 2,566 | $ 2,463 |
Capitalized equity-based compensation cost | $ 290 | 336 | 299 |
Immediate vesting for employees of certain age and above | 55 years | ||
GSWC | |||
Stock compensation plans | |||
Stock-based compensation recognized in the income statement, before taxes | $ 2,269 | 2,313 | 2,349 |
Capitalized equity-based compensation cost | 290 | 336 | 299 |
Nonqualified stock options | |||
Stock compensation plans | |||
Tax benefits from exercise of stock-based awards | 900 | 1,400 | 1,200 |
Nonqualified stock options | GSWC | |||
Stock compensation plans | |||
Tax benefits from exercise of stock-based awards | 900 | 1,400 | 1,200 |
Restricted Stock Units | Employees and directors | |||
Stock compensation plans | |||
Stock-based compensation recognized in the income statement, before taxes | 2,571 | 2,566 | 2,463 |
Restricted Stock Units | Employees and directors | GSWC | |||
Stock compensation plans | |||
Stock-based compensation recognized in the income statement, before taxes | $ 2,269 | $ 2,313 | $ 2,349 |
Performance awards | |||
Stock compensation plans | |||
Vesting period | 3 years | ||
2000 and 2008 Employee Plans | Nonqualified stock options | |||
Stock compensation plans | |||
Percentage of rights vesting in the third year from the date of grant | 34.00% | ||
2000 and 2008 Employee Plans | Restricted Stock Units | |||
Stock compensation plans | |||
Common stock entitled to be received under each award | shares | 1 | ||
Percentage of rights vesting in the first two years from the date of grant | 33.00% | ||
Percentage of rights vesting in the third year from the date of grant | 34.00% | ||
2000 and 2008 Employee Plans | Performance awards | |||
Stock compensation plans | |||
Vesting period | 3 years | ||
Percentage of rights vesting in the first two years from the date of grant | 33.00% | ||
Percentage of rights vesting in the third year from the date of grant | 34.00% | ||
2003 and 2013 Directors plans | |||
Stock compensation plans | |||
Vesting period | 90 days | ||
Maximum | |||
Stock compensation plans | |||
Chang in control, term | 24 months | ||
Weighted Average | |||
Stock compensation plans | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 11 months 1 day | ||
Weighted Average | Restricted Stock [Member] | |||
Stock compensation plans | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 7 months 17 days |
Stock-Based Compensation Plans 2 (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Number of Options | |||
Common Shares issued as a result of the exercise of stock options | 0 | 0 | 1,800 |
Additional disclosure | |||
Cash proceeds from the exercise of stock options | $ 30 | ||
Vesting period | 3 years | ||
Unrecognized compensation cost | $ 235 | ||
Weighted Average Grant-Date Value | |||
Capitalized equity-based compensation cost | $ 290 | $ 336 | 299 |
Maximum | |||
Additional disclosure | |||
Percentage of target amount of performance shares | 200.00% | ||
Minimum | |||
Additional disclosure | |||
Percentage of target amount of performance shares | 0.00% | ||
Weighted Average | |||
Additional disclosure | |||
Expected recognition period for unrecognized compensation cost | 1 year 11 months 1 day | ||
Restricted Stock Units | |||
Additional disclosure | |||
Unrecognized compensation cost related to performance awards | $ 611 | ||
Number of Restricted/Performance Share Units | |||
Restricted share units at the beginning of the period (in shares) | 51,110 | ||
Granted (in shares) | 19,135 | ||
Vested (in shares) | (22,165) | ||
Forfeited (in shares) | (528) | ||
Restricted share units at the end of the period (in shares) | 47,552 | 51,110 | |
Weighted Average Grant-Date Value | |||
Restricted share units at the beginning of the period (in dollars per share) | $ 47.83 | ||
Granted (in dollars per share) | 88.10 | ||
Vested (in dollars per share) | 79.11 | ||
Forfeited (in dollars per share) | 87.42 | ||
Restricted share units at the end of the period (in dollars per share) | $ 49.01 | $ 47.83 | |
Stock options | |||
Additional disclosure | |||
Tax benefit for the tax deduction from awards exercised | $ (900) | $ (1,400) | (1,200) |
Performance awards | |||
Additional disclosure | |||
Vesting period | 3 years | ||
Period to meet the performance goals | 3 years | ||
Number of Restricted/Performance Share Units | |||
Restricted share units at the beginning of the period (in shares) | 48,910 | ||
Granted (in shares) | 17,448 | ||
Performance criteria adjustment (in shares) | 1,883 | ||
Vested (in shares) | (18,806) | ||
Restricted share units at the end of the period (in shares) | 49,435 | 48,910 | |
Weighted Average Grant-Date Value | |||
Restricted share units at the beginning of the period (in dollars per share) | $ 75.23 | ||
Granted (in dollars per share) | 88.58 | ||
Performance criteria adjustment (in dollars per share) | 79.25 | ||
Vested (in dollars per share) | 65.78 | ||
Restricted share units at the end of the period (in dollars per share) | $ 83.70 | $ 75.23 | |
Performance awards | 2000 and 2008 Employee Plans | |||
Additional disclosure | |||
Vesting period | 3 years | ||
GSWC | |||
Weighted Average Grant-Date Value | |||
Capitalized equity-based compensation cost | $ 290 | $ 336 | 299 |
GSWC | Stock options | |||
Additional disclosure | |||
Tax benefit for the tax deduction from awards exercised | $ (900) | $ (1,400) | $ (1,200) |
American States Utility Services | Maximum | |||
Additional disclosure | |||
Percentage of target amount of performance shares | 250.00% |
Commitments (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
GSWC | Water Supply | |
Estimated future minimum payments | |
2023 | $ 459 |
2024 | 459 |
2025 | 412 |
2026 | 364 |
2027 | 364 |
Thereafter | 1,008 |
Total | 3,066 |
GSWC | Water Supply | Various third parties | |
Purchase commitments | |
Remaining amount of commitment | 1,500 |
GSWC | Water Supply | Other various third parties | |
Estimated future minimum payments | |
Total | 1,600 |
Electric: | Electric Power Purchase Commitments | |
Estimated future minimum payments | |
2023 | 4,900 |
2024 | $ 4,100 |
Commitments Commitments 2 (Details) - BVESI |
12 Months Ended |
---|---|
Dec. 31, 2022
unit
| |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Number of renewable energy credits that would be purchased | 578,000 |
Minimum | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Derivative, Term of Contract | 3 years |
Maximum | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Derivative, Term of Contract | 5 years |
Commitments (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
BVESI | Minimum | |
Purchase commitments | |
Derivative, Term of Contract | 3 years |
BVESI | Minimum | Purchase power contract | |
Purchase commitments | |
Derivative, Term of Contract | 3 years |
BVESI | Maximum | |
Purchase commitments | |
Derivative, Term of Contract | 5 years |
BVESI | Maximum | Purchase power contract | |
Purchase commitments | |
Derivative, Term of Contract | 5 years |
BVESI | Renewables Portfolio Standard [Member] | |
Purchase commitments | |
Purchase Obligation | $ 619 |
Electric | Electric Power Purchase Commitments | |
Purchase commitments | |
2023 | 4,900 |
2024 | 4,100 |
GSWC | Water Supply | |
Purchase commitments | |
2023 | 459 |
2024 | 459 |
2025 | 412 |
2026 | 364 |
2027 | 364 |
Thereafter | 1,008 |
Purchase Obligation | $ 3,066 |
Renewables Portfolio Standard [Member] | BVESI | |
Purchase commitments | |
Derivative, Term of Contract | 10 years |
Contingencies (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
item
| |
American States Utility Services | Contracted services: | |
Contingencies | |
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases | 50 years |
Environmental Clean-Up and Remediation | GSWC | |
Contingencies | |
Amount spent in clean-up and remediation activities | $ 6.2 |
Amount paid by the State of California Underground Storage Tank Fund for clean-up and remediation of plant facilities | 1.5 |
Accrued liability for the estimated additional cost to complete the clean-up at the site | $ 1.3 |
Number of Plant Sites | item | 1 |
Leases Lease- additional information (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Operating lease liabilities | $ 1,892 | $ 2,044 |
Operating lease liabilities | 8,090 | 8,920 |
Operating lease right-of-use assets | $ 9,535 | $ 10,479 |
Leases Supplemental lease information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Leases [Abstract] | ||
Lease, Cost | $ 2,609 | $ 2,627 |
Operating lease right-of-use assets | 9,535 | 10,479 |
Short-term Lease, Cost | $ 198 | $ 273 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 7 days | 5 years 11 months 26 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.70% |
Operating Lease, Payments, Use | $ 1,569 | $ 1,430 |
Leases Lessee Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Leases [Abstract] | |||
2023 | $ 2,256 | ||
2024 | 2,175 | ||
2025 | 1,918 | ||
2026 | 1,681 | ||
2027 | 1,453 | ||
Thereafter | 1,604 | ||
Total lease payments | 11,087 | ||
Less: imputed interest | 1,105 | ||
Total lease obligations | 9,982 | ||
Less: current obligations | 1,892 | $ 2,044 | |
Long-term lease obligations | 8,090 | 8,920 | |
Operating Lease, Expense | $ 2,600 | $ 2,500 | $ 2,600 |
Business Segments (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2022
USD ($)
segment
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Details of reportable segment | |||||
Operating revenues | $ 491,528 | $ 498,853 | $ 488,243 | ||
Operating Income | 126,636 | 140,977 | 130,499 | ||
Interest expense, net | (24,701) | (21,341) | (20,730) | ||
Net utility plant | $ 1,512,043 | 1,753,766 | 1,626,004 | 1,512,043 | |
Depreciation and amortization expense | 41,315 | 39,596 | 36,850 | ||
Income tax benefit | 23,664 | 30,423 | 28,197 | ||
Capital additions | $ 166,240 | 144,515 | 130,423 | ||
Parent Company | |||||
Details of reportable segment | |||||
Number of reportable segments | segment | 3 | ||||
Operating revenues | $ 0 | 0 | 0 | ||
Operating Income | (8) | (9) | (9) | ||
Interest expense, net | (2,343) | (791) | (330) | ||
Net utility plant | 0 | 0 | 0 | 0 | |
Depreciation and amortization expense | 0 | 0 | 0 | ||
Income tax benefit | (597) | (81) | (208) | ||
Capital additions | $ 0 | 0 | 0 | ||
GSWC | |||||
Details of reportable segment | |||||
Number of reportable segments | segment | 1 | ||||
Operating revenues | $ 340,602 | 347,112 | 349,284 | ||
Operating Income | 92,455 | 107,573 | 102,896 | ||
Net utility plant | 1,616,718 | 1,499,745 | |||
Depreciation and amortization expense | 34,805 | 33,384 | 32,184 | ||
Income tax benefit | 16,346 | 22,095 | 21,704 | ||
GSWC | Water Service Utility Operations | |||||
Details of reportable segment | |||||
Operating revenues | 340,602 | 347,112 | 330,637 | ||
Operating Income | 92,455 | 107,573 | 97,896 | ||
Interest expense, net | (21,659) | (21,046) | (20,312) | ||
Net utility plant | 1,400,489 | 1,616,718 | 1,499,745 | 1,400,489 | |
Depreciation and amortization expense | 34,805 | 33,384 | 30,969 | ||
Income tax benefit | 16,346 | 22,095 | 20,515 | ||
Capital additions | 146,730 | 123,526 | 107,355 | ||
GSWC | Electric: | |||||
Details of reportable segment | |||||
Operating revenues | $ 18,647 | 38,345 | 37,024 | ||
Operating Income | 10,738 | 10,303 | |||
Interest expense, net | (141) | (584) | |||
Net utility plant | 89,308 | 106,508 | 89,308 | ||
Depreciation and amortization expense | 2,572 | 2,479 | |||
Income tax benefit | 2,975 | 2,689 | |||
Capital additions | 19,859 | 18,393 | |||
American States Utility Services | Contracted services: | |||||
Details of reportable segment | |||||
Operating revenues | 110,940 | 113,396 | 120,582 | ||
Operating Income | 22,449 | 22,675 | 22,309 | ||
Interest expense, net | 132 | 637 | 496 | ||
Net utility plant | 22,246 | 17,488 | 19,751 | 22,246 | |
Depreciation and amortization expense | 3,718 | 3,640 | 3,402 | ||
Income tax benefit | 5,476 | 5,434 | 5,201 | ||
Capital additions | $ 1,441 | 1,130 | $ 4,675 | ||
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases | 50 years | ||||
BVESI | Electric: | |||||
Details of reportable segment | |||||
Operating revenues | $ 18,377 | $ 39,986 | 38,345 | ||
Operating Income | 11,740 | ||||
Interest expense, net | (831) | ||||
Net utility plant | 119,560 | ||||
Depreciation and amortization expense | 2,792 | ||||
Income tax benefit | $ 2,439 | ||||
Capital additions | $ 18,069 |
Business Segments 2 (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Segment Reporting [Abstract] | |||
Total utility plant | $ 1,753,766 | $ 1,626,004 | $ 1,512,043 |
Other assets | 280,608 | 274,979 | |
Total Assets | 2,034,374 | 1,900,983 | |
Parent Company | |||
Segment Reporting [Abstract] | |||
Total utility plant | 0 | 0 | 0 |
Total Assets | 969,388 | 864,144 | |
GSWC | |||
Segment Reporting [Abstract] | |||
Total utility plant | 1,616,718 | 1,499,745 | |
Total Assets | 1,741,308 | 1,638,482 | |
Segment Reporting Information [Line Items] | |||
Depreciation on transportation equipment | 382 | 379 | 353 |
Contracted services: | American States Utility Services | |||
Segment Reporting [Abstract] | |||
Total utility plant | $ 17,488 | $ 19,751 | $ 22,246 |
Allowance for Doubtful Accounts (Details) - USD ($) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 14, 2022 |
Feb. 02, 2022 |
Jan. 26, 2022 |
|
Changes in allowance for doubtful accounts | ||||||
Balance at beginning of year | $ 3,569,000 | $ 5,316,000 | $ 916,000 | |||
Provision charged to expense | 2,842,000 | 8,150,000 | 5,016,000 | |||
Accounts written off, net of recoveries | 1,971,000 | 9,897,000 | 616,000 | |||
Balance at end of year | 4,440,000 | 3,569,000 | 5,316,000 | |||
Components of allowance for doubtful accounts | ||||||
Allowance for doubtful accounts related to accounts receivable-customer | 4,387,000 | 3,516,000 | 5,263,000 | |||
Allowance for doubtful accounts related to other accounts receivable | 53,000 | 53,000 | 53,000 | |||
Total allowance for doubtful accounts | 4,440,000 | 3,569,000 | 5,316,000 | |||
GSWC | ||||||
Changes in allowance for doubtful accounts | ||||||
Balance at beginning of year | 3,221,000 | 4,960,000 | 916,000 | |||
Provision charged to expense | 2,501,000 | 7,732,000 | 4,703,000 | |||
Provision for Doubtful Accounts transfer to BVESI | 0 | 0 | (79,000) | |||
Accounts written off, net of recoveries | 1,526,000 | 9,471,000 | 580,000 | |||
Balance at end of year | 4,196,000 | 3,221,000 | 4,960,000 | |||
Components of allowance for doubtful accounts | ||||||
Allowance for doubtful accounts related to accounts receivable-customer | 4,143,000 | 3,168,000 | 4,907,000 | |||
Allowance for doubtful accounts related to other accounts receivable | 53,000 | 53,000 | 53,000 | |||
Total allowance for doubtful accounts | 4,196,000 | $ 3,221,000 | $ 4,960,000 | |||
Relief funding | 9,500,000 | |||||
Total relief funding | 9,500,000 | |||||
BVESI | ||||||
Components of allowance for doubtful accounts | ||||||
Approval amount for the relief funding | 473,000 | |||||
Relief funding | $ 152,000 | $ 321,000 | $ 9,500,000 | |||
Total relief funding | $ 473,000 |
Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Taxes and Interest Paid: | |||
Income taxes paid | $ 27,370 | $ 29,153 | $ 13,684 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 26,005 | 22,540 | 19,941 |
Non-Cash Transactions: | |||
Accrued payables for investment in utility plant | 40,034 | 32,855 | 27,861 |
Property installed by developers and conveyed | 1,549 | 7,222 | 3,102 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 0 | 0 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 0 | 0 | 0 |
GSWC | |||
Taxes and Interest Paid: | |||
Income taxes paid | 20,155 | 21,428 | 8,184 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 22,294 | 21,156 | 19,681 |
Non-Cash Transactions: | |||
Accrued payables for investment in utility plant | 38,302 | 30,656 | 25,633 |
Property installed by developers and conveyed | 1,549 | 7,222 | 3,102 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 0 | 71,324 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 0 | $ 0 | $ 71,344 |
Completion of Electric Utility Reorganization Plan (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 01, 2020 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||||
Operating revenues | $ 491,528 | $ 498,853 | $ 488,243 | |||
Net Income | 78,396 | 94,347 | 86,425 | |||
Net cash provided from operating activities | 117,799 | 115,584 | 122,170 | |||
Net cash used in investing activities (capital expenditures) | (167,102) | (145,092) | (131,610) | |||
Net cash provided from financing activities | 50,337 | (2,266) | 44,843 | |||
Cash and cash equivalents, beginning of the year | $ 1,334 | 4,963 | 36,737 | 1,334 | ||
Cash and cash equivalents, end of year | $ 36,737 | 5,997 | 4,963 | 36,737 | ||
Change in cash and equivalents | 1,034 | (31,774) | 35,403 | |||
BVESI | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Net assets transferred | $ 71,300 | |||||
BVESI | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Maximum borrowing capacity | 35,000 | |||||
Notes Payable | 22,000 | |||||
Incremental expansion of borrowing capacity | 15,000 | |||||
BVESI | Electric | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Operating revenues | 18,377 | 39,986 | 38,345 | |||
Operating expenses | 13,074 | 28,246 | 27,607 | |||
Operating income | 5,303 | 11,740 | 10,738 | |||
Net Income | 3,870 | 8,876 | 7,864 | |||
Net cash provided from operating activities | 1,887 | 6,627 | 9,128 | |||
Net cash used in investing activities (capital expenditures) | (9,339) | (17,989) | (19,859) | |||
Net cash provided from financing activities | 7,799 | 11,082 | 10,827 | |||
Cash and cash equivalents, beginning of the year | 463 | 367 | ||||
Cash and cash equivalents, end of year | $ 20 | 367 | 183 | 463 | 367 | |
Change in cash and equivalents | 347 | (280) | 96 | |||
GSWC | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Operating revenues | 340,602 | 347,112 | 349,284 | |||
Net Income | 53,770 | 69,215 | 64,971 | |||
Net cash provided from operating activities | 94,508 | 100,294 | 110,337 | |||
Net cash used in investing activities (capital expenditures) | (147,731) | (124,259) | (117,684) | |||
Net cash provided from financing activities | 53,068 | (11,088) | 42,524 | |||
Cash and cash equivalents, beginning of the year | 401 | 525 | 35,578 | 401 | ||
Cash and cash equivalents, end of year | $ 35,578 | 370 | 525 | 35,578 | ||
Maximum borrowing capacity | 130,000 | |||||
Change in cash and equivalents | $ (155) | (35,053) | 35,177 | |||
GSWC | Electric | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Operating revenues | 18,647 | 38,345 | 37,024 | |||
Operating expenses | 13,647 | |||||
Operating income | 5,000 | |||||
Net Income | $ 3,408 | |||||
Golden State Water Company and Bear Valley Electric Service, Inc. | Electric | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Operating revenues | 37,024 | $ 37,024 | ||||
Operating expenses | 26,721 | |||||
Operating income | 10,303 | |||||
Net Income | $ 7,278 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Condensed Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Assets | ||||
Cash and cash equivalents | $ 5,997 | $ 4,963 | ||
Total current assets | 151,294 | 138,052 | ||
Deferred taxes and other assets | 13,532 | 16,230 | ||
Total Assets | 2,034,374 | 1,900,983 | ||
Liabilities and Capitalization | ||||
Notes payable to bank | 255,500 | 31,000 | ||
Income taxes payable | 1,848 | 4,662 | ||
Other Liabilities, Current | 10,996 | 11,498 | ||
Total current liabilities | 396,522 | 155,574 | ||
Notes payable to banks | 22,000 | 174,500 | ||
Total other credits | 481,756 | 647,286 | ||
Common shareholder’s equity | 709,549 | 685,947 | $ 641,673 | $ 601,530 |
Total capitalization | 1,156,096 | 1,098,123 | ||
Liabilities and Equity, Total | 2,034,374 | 1,900,983 | ||
Parent Company | ||||
Assets | ||||
Cash and cash equivalents | 93 | 51 | $ 441 | $ 310 |
Due from Related Parties, Current | 159,582 | 79,722 | ||
Total current assets | 159,695 | 79,773 | ||
Investments in subsidiaries | 799,802 | 774,751 | ||
Deferred taxes and other assets | 9,891 | 9,620 | ||
Total Assets | 969,388 | 864,144 | ||
Liabilities and Capitalization | ||||
Notes payable to bank | 255,500 | 0 | ||
Income taxes payable | 2,158 | 1,765 | ||
Other Liabilities, Current | 454 | 309 | ||
Total current liabilities | 258,112 | 2,074 | ||
Notes payable to banks | 0 | 174,500 | ||
Deferred taxes and other liabilities | 1,727 | 1,623 | ||
Total other credits | 1,727 | 176,123 | ||
Common shareholder’s equity | 709,549 | 685,947 | ||
Total capitalization | 709,549 | 685,947 | ||
Liabilities and Equity, Total | 969,388 | 864,144 | ||
Income Taxes Receivable | $ 20 | $ 0 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Condensed Statements of Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Condensed financial statements | |||
Income tax benefit | $ 23,664 | $ 30,423 | $ 28,197 |
Net Income | $ 78,396 | $ 94,347 | $ 86,425 |
Weighted Average Number of Shares Outstanding (in shares) | 36,955 | 36,921 | 36,880 |
Basic Earnings Per Common Share (in USD per share) | $ 2.12 | $ 2.55 | $ 2.34 |
Weighted Average Number of Diluted Common Shares Outstanding (in shares) | 37,039 | 37,010 | 36,995 |
Fully Diluted Earnings per Common Share (in USD per share) | $ 2.11 | $ 2.55 | $ 2.33 |
Dividends Paid Per Common Share (in USD per share) | $ 1.525 | $ 1.40 | $ 1.28 |
Parent Company | |||
Condensed financial statements | |||
Operating revenues and other income | $ 0 | $ 0 | $ 0 |
Operating expenses and other expenses | 2,093 | 542 | 90 |
Loss before equity in earnings of subsidiaries and income taxes | (2,093) | (542) | (90) |
Equity in earnings of subsidiaries | 79,892 | 94,808 | 86,307 |
Income before income taxes | 77,799 | 94,266 | 86,217 |
Income tax benefit | (597) | (81) | (208) |
Net Income | $ 78,396 | $ 94,347 | $ 86,425 |
Basic Earnings Per Common Share (in USD per share) | $ 2.12 | $ 2.55 | $ 2.34 |
Fully Diluted Earnings per Common Share (in USD per share) | $ 2.11 | $ 2.55 | $ 2.33 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Condensed financial statements | |||
Cash Flows From Operating Activities | $ 117,799 | $ 115,584 | $ 122,170 |
Cash Flows From Investing Activities: | |||
Net Cash Provided by (Used in) Investing Activities | (167,102) | (145,092) | (131,610) |
Cash Flows From Financing Activities: | |||
Proceeds from stock option exercises | 30 | ||
Dividends paid | (56,356) | (51,689) | (47,206) |
Net Cash Provided by (Used in) Financing Activities | 50,337 | (2,266) | 44,843 |
Net change in cash and cash equivalents | 1,034 | (31,774) | 35,403 |
Cash and cash equivalents, beginning of period | 4,963 | ||
Cash and cash equivalents, end of year | 5,997 | 4,963 | |
Parent Company | |||
Condensed financial statements | |||
Cash Flows From Operating Activities | 56,398 | 36,799 | 47,307 |
Cash Flows From Investing Activities: | |||
Loans (made to)/repaid from, wholly-owned subsidiaries | (81,000) | (46,000) | 151,000 |
Increase in investment of subsidiary | 0 | 0 | (60,000) |
Net Cash Provided by (Used in) Investing Activities | (81,000) | (46,000) | 91,000 |
Cash Flows From Financing Activities: | |||
Proceeds from stock option exercises | 0 | 0 | 30 |
Net change in notes payable to banks | 81,000 | 60,500 | (91,000) |
Proceeds from note payable to GSWC | 0 | (26,000) | (6,000) |
Repayment of note payable to GSWC | 0 | 26,000 | 6,000 |
Dividends paid | (56,356) | (51,689) | (47,206) |
Net Cash Provided by (Used in) Financing Activities | 24,644 | 8,811 | (138,176) |
Net change in cash and cash equivalents | 42 | (390) | 131 |
Cash and cash equivalents, beginning of period | 51 | 441 | 310 |
Cash and cash equivalents, end of year | $ 93 | $ 51 | $ 441 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Basis of Presentation Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jan. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Apr. 22, 2022 |
|
Note payable to banks | |||||
Exercise of stock options and other issuance of Common Shares | $ 0 | $ 0 | $ 30 | ||
GSWC | |||||
Note payable to banks | |||||
Exercise of stock options and other issuance of Common Shares | $ 60,000 | ||||
Subsequent Event | GSWC | |||||
Note payable to banks | |||||
Exercise of stock options and other issuance of Common Shares | $ 10,000 | ||||
Common Stock | |||||
Note payable to banks | |||||
Stock Issued During Period, Shares, New Issues | 26,000 | 47,000 | 42,000 | ||
Exercise of stock options and other issuance of Common Shares | $ 0 | $ 0 | $ 30 | ||
Common Stock | GSWC | |||||
Note payable to banks | |||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 5 | ||
Exercise of stock options and other issuance of Common Shares | $ 60,000 | ||||
Common Stock | Subsequent Event | GSWC | |||||
Note payable to banks | |||||
Stock Issued During Period, Shares, New Issues | 1 | ||||
Parent | |||||
Note payable to banks | |||||
Notes receivable, related parties | $ 0 | $ 26,000 | $ 6,000 | ||
Notes payable, related parties | 0 | $ 0 | |||
Line of credit facility, current borrowing capacity | $ 30,000 | ||||
Maximum | Revolving Credit Facility | |||||
Note payable to banks | |||||
Line of credit facility, current borrowing capacity | $ 280,000 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Note Payable to Banks Narrative (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
|
Apr. 22, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Note payable to banks | |||
Notes payable to bank | $ 255,500 | $ 31,000 | |
Net working capital | (245,200) | ||
Revolving Credit Facility | |||
Note payable to banks | |||
Notes payable to bank | $ 255,500 | ||
Maximum | Syndicated Revolving Credit Facility | |||
Note payable to banks | |||
Total funded debt ratio | 0.65 | ||
Maximum | Revolving Credit Facility | |||
Note payable to banks | |||
Line of credit facility, current borrowing capacity | $ 280,000 | ||
Minimum | Syndicated Revolving Credit Facility | |||
Note payable to banks | |||
Interest coverage ratio | 3.25 | ||
AWR | |||
Note payable to banks | |||
Notes payable to bank | $ 255,500 | $ 0 | |
Line of credit facility, current borrowing capacity | 200,000 | ||
AWR | Syndicated Revolving Credit Facility | |||
Note payable to banks | |||
Interest coverage ratio | 6.32 | ||
Total funded debt ratio | 0.51 | ||
AWR | Syndicated Revolving Credit Facility | Letters of credit | |||
Note payable to banks | |||
Maximum borrowing capacity | $ 25,000 | ||
Letter of credit, amount | $ 639 | ||
Letter of credit fee (as a percent) | 0.65% | ||
AWR | Maximum | |||
Note payable to banks | |||
Line of credit facility, current borrowing capacity | $ 280,000 | ||
AWR | Maximum | Syndicated Revolving Credit Facility | |||
Note payable to banks | |||
Total funded debt ratio | 1.00 | ||
AWR | Minimum | Syndicated Revolving Credit Facility | |||
Note payable to banks | |||
Interest coverage ratio | 3.25 | ||
Total funded debt ratio | 0.65 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Note Payable to Banks Schedule (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Long-term Debt | ||
Note payable to banks | ||
Balance Outstanding at December 31, | $ 277,500 | $ 205,500 |
Short-term borrowing (excluding letters of credit) | ||
Note payable to banks | ||
Average Amount Outstanding | $ 226,556 | $ 165,167 |
Weighted Average Annual Interest Rate (as a percent) | 2.55% | 1.05% |
Maximum Amount Outstanding | $ 277,500 | $ 205,500 |
AWR | Long-term Debt | ||
Note payable to banks | ||
Balance Outstanding at December 31, | $ 255,500 | $ 174,500 |
AWR | Short-term borrowing (excluding letters of credit) | ||
Note payable to banks | ||
Interest Rate at the end of the period (as a percent) | 5.07% | 0.78% |
Average Amount Outstanding | $ 213,758 | $ 139,926 |
Weighted Average Annual Interest Rate (as a percent) | 2.56% | 0.91% |
Maximum Amount Outstanding | $ 255,500 | $ 174,500 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Dividend from Subsidiaries (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Subsidiaries | |||
Dividends Payable [Line Items] | |||
Payments of Dividends from Subsidiaries | $ (56.4) | $ (38.3) | $ (47.3) |
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