
	December 31,
(in thousands)	2024		2023
Assets

Cash and equivalents	$	5,913	$	3,547
Prepayments and other current assets	—		116
Income taxes receivable	51		39
Intercompany note receivables	22,004		39,044
Total current assets	27,968		42,746

Investments in subsidiaries	1,006,781		870,020
Deferred taxes and other assets	10,983		10,135
Total assets	$	1,045,732	$	922,901

Liabilities and Capitalization
Income taxes payable	3,281		2,422
Other liabilities	235		577
Total current liabilities	3,516		2,999

Notes payable to bank	120,000		141,500
Deferred taxes and other liabilities	2,165		2,293
Total other liabilities	122,165		143,793

Common shareholders’ equity	920,051		776,109
Total capitalization	920,051		776,109

Total liabilities and capitalization	$	1,045,732	$	922,901


	For the Years Ended December 31,
(In thousands, except per share amounts)	2024		2023		2022
Operating revenues and other income	$	—	$	—	$	—
Operating expenses and other expenses	5,527		5,576		2,093
Loss before equity in earnings of subsidiaries and income taxes	(5,527)		(5,576)		(2,093)

Equity in earnings of subsidiaries	122,859		128,783		79,892

Income before income taxes	117,332		123,207		77,799

Income tax benefit	(1,936)		(1,714)		(597)

Net income	$	119,268	$	124,921	$	78,396

Weighted Average Number of Common Shares Outstanding	37,464		36,976		36,955
Basic Earnings Per Common Share	$	3.17	$	3.37	$	2.12

Weighted Average Number of Diluted Common Shares Outstanding	37,583		37,077		37,039
Fully Diluted Earnings per Common Share	$	3.17	$	3.36	$	2.11

Dividends Paid Per Common Share	$	1.791	$	1.655	$	1.525


	For the Years Ended December 31,
(in thousands)	2024		2023		2022
Cash Flows From Operating Activities	$	47,069	$	67,041	$	56,398

Cash Flows From Investing Activities:
Loans (made to)/repaid from, wholly-owned subsidiaries	17,000		121,000		(81,000)
Increase in investment of subsidiary	(62,000)		(10,000)		—
Net cash provided (used) by investing activities	(45,000)		111,000		(81,000)

Cash Flows From Financing Activities:
Proceeds from issuance of Common Shares, net of issuance costs	88,814		—		—
Net changes in notes payable to banks	(21,500)		(113,392)		81,000
Dividends paid	(67,017)		(61,195)		(56,356)
Net cash provided (used) by financing activities	297		(174,587)		24,644

Net change in cash and cash equivalents	2,366		3,454		42
Cash and equivalents at beginning of period	3,547		93		51

Cash and equivalents at the end of period	$	5,913	$	3,547	$	93

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. (“BVES”) and American States Utility Services, Inc. (“ASUS”), except that all subsidiaries are accounted for as equity method investments.

As further discussed in Note 2 — Notes Payable to Banks, AWR (parent) currently has access to a $165.0 million syndicated credit facility. AWR (parent) borrows under this facility and provides funds to ASUS in support of their operations and itself. Prior to the new credit agreement executed in June 2023, described below, AWR (parent) had a credit facility with borrowing capacity of up to $280.0 million and had provided funds to both GSWC and ASUS in support of their operations. Any amounts owed to AWR (parent) for borrowings under this facility are reflected as intercompany note receivables on the Condensed Balance Sheets. The interest rate charged to its subsidiaries is sufficient to cover AWR (parent)’s interest cost under the credit facility.

On December 30, 2024, GSWC issued 2.7586 Common Shares to AWR for total proceeds of approximately $40.0 million. GSWC used the proceeds from the stock issuance to pay down outstanding borrowings under its revolving credit facility and to fund its operations and capital expenditures.

In September 2024, BVES issued eleven Common Shares to AWR for total proceeds of $22.0 million. BVES used the proceeds from the stock issuance to pay down outstanding borrowings under its revolving credit facility and to fund its operations and capital expenditures.

In January 2023, GSWC issued one Common Share to AWR (parent) for $10.0 million. In January 2023, GSWC issued $130.0 million in unsecured long-term notes in a private placement. GSWC used the proceeds from both the issuance of equity and long-term debt to pay-off all intercompany borrowings from AWR (parent).

AWR (parent) guarantees performance of ASUS’s contracts with the U.S. government and agrees to provide necessary resources, including financing, which are necessary to assure the complete and satisfactory performance of such contracts.

On June 28, 2023, AWR (parent) entered into a new credit agreement with a term of five years provided by a syndicate of banks and financial institutions. The credit agreement will mature on June 28, 2028. In connection with the new credit agreement, AWR (parent) incurred legal and other fees totaling $0.6 million. The syndicated credit facility replaced AWR (parents)’s previous credit agreement with a sole bank where it had a borrowing capacity of $280.0 million. Funds from the new facility were used to pay-off in full all outstanding borrowings under AWR (parent)’s prior credit facility.

AWR’s new credit agreement provided for a $150.0 million unsecured revolving credit facility to support AWR (parent) and ASUS. Under AWR’s credit agreement, the borrowing capacity may be expanded up to an additional amount of $75 million, subject to the lenders’ approval. On November 6, 2023, AWR’s credit facility was amended to increase the borrowing capacity from $150.0 million to $165.0 million to provide additional support to ASUS and AWR (parent). In connection with the increase in borrowing capacity, the amendment also provides for the addition of a new bank to the existing syndicate group participating in AWR’s credit facility. The aggregate amount that may be outstanding under letters of credit is $10.0 million. Loans may be obtained under the credit facilities at the option of AWR (parent) and bear interest at rates based on either a base rate plus an applicable margin or an adjusted term SOFR determined by the SOFR administrator, currently the Federal Reserve Bank of New York, plus an applicable margin. The applicable margin depends upon AWR’s credit ratings.

The credit agreement contains affirmative and negative covenants and events of default customary for credit facilities of this type, including, among other things, affirmative covenants relating to compliance with law and material contracts, and negative covenants relating to additional indebtedness, liens, investments, restricted payments and asset sales by AWR (parent) and its subsidiaries, other than BVES. AWR (parent) is not permitted to have a consolidated total capitalization ratio (as defined in the credit agreement), excluding BVES, greater than 0.65 to 1.00 at the end of any quarter. Default under any indebtedness of any subsidiary of AWR (parent), other than BVES, will result in a default under its credit agreement. As of December 31, 2024, AWR (parent) had a debt ratio of 0.51 to 1.00.


	December 31,
(in thousands, except percent)	2024			2023
Balance Outstanding at December 31,	$	120,000		$	141,500
Interest Rate at December 31,	5.44		%	6.45		%
Average Amount Outstanding	$	122,896		$	156,533
Weighted Average Annual Interest Rate	6.29		%	5.92		%
Maximum Amount Outstanding	$	145,500		$	257,500

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.