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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023:
 Pension BenefitsPost-Retirement Medical
Benefits
(dollars in thousands)2024202320242023
Change in Projected Benefit Obligation:    
Projected benefit obligation at beginning of year$202,963 $190,678 $1,965 $2,014 
Service cost3,323 3,196 128 130 
Interest cost10,241 10,142 98 106 
Actuarial (gain) loss (10,932)8,525 (45)49 
Benefits/expenses paid(10,110)(9,578)(264)(334)
Projected benefit obligation at end of year$195,485 $202,963 $1,882 $1,965 
Changes in Plan Assets:    
Fair value of plan assets at beginning of year$205,305 $186,906 $12,827 $11,240 
Actual return on plan assets19,066 25,031 1,894 1,921 
Employer contributions2,902 2,946 256 265 
Benefits/expenses paid(10,111)(9,578)(521)(599)
Fair value of plan assets at end of year$217,162 $205,305 $14,456 $12,827 
Funded Status:    
Overfunded/(underfunded) amount recognized
$21,677 $2,342 $12,574 $10,862 
Pension BenefitsPost-Retirement
Medical Benefits
(dollars in thousands)2024202320242023
Amounts recognized on the balance sheets:    
Non-current assets$21,677 $2,342 $12,574 $10,862 
Current liabilities— — — — 
Non-current liabilities— — — — 
Net amount recognized$21,677 $2,342 $12,574 $10,862 
Amounts recognized in regulatory assets (liabilities) consist of:
    
Prior service cost (credit)$1,020 $1,454 $— $— 
Net loss (gain) (19,867)(1,899)(6,531)(6,272)
Regulatory assets (liabilities)(18,847)(445)(6,531)(6,272)
Prefunded plan costs
(2,830)(1,897)(6,043)(4,590)
Net liability (asset) recognized$(21,677)$(2,342)$(12,574)$(10,862)
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities):    
Regulatory asset (liability) at beginning of year$(445)$6,012 $(6,272)$(5,846)
Net loss (gain)
(17,968)(6,023)(1,371)(1,395)
New prior service cost— — — — 
Amortization of prior service (cost) credit(434)(434)— — 
Amortization of net gain (loss)— — 1,112 969 
Total change in regulatory asset (liability)(18,402)(6,457)(259)(426)
Regulatory asset (liability) at end of year$(18,847)$(445)$(6,531)$(6,272)
Net periodic pension costs$1,968 $3,289 $(1,453)$(1,210)
Change in regulatory asset (liability)(18,402)(6,457)(259)(426)
Total recognized in net periodic pension cost and regulatory asset (liability)$(16,434)$(3,168)$(1,712)$(1,636)
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:    
Projected benefit obligation$195,485$202,963$1,882$1,965
Accumulated benefit obligation$186,679$192,986N/AN/A
Fair value of plan assets$217,162$205,305$14,456$12,827
Weighted-average assumptions used to determine benefit obligations at December 31:    
Discount rate5.70 %5.16 %5.40 %5.04 %
Rate of compensation increase**N/AN/A
•Age-graded ranging from 2.5% to 6.0%.
The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2024 and 2023:
(dollars in thousands)20242023
Change in Benefit Obligation:  
Benefit obligation at beginning of year$33,594 $30,807 
Service cost1,430 1,248 
Interest cost1,706 1,644 
Actuarial loss (gain)
(1,028)840 
Benefits paid(944)(945)
Benefit obligation at end of year$34,758 $33,594 
Changes in Plan Assets:  
Fair value of plan assets at beginning and end of year— — 
Funded Status:  
Net amount recognized as accrued cost$(34,758)$(33,594)
(in thousands)20242023
Amounts recognized on the balance sheets:  
Current liabilities$(942)$(942)
Non-current liabilities(33,816)(32,652)
Net amount recognized$(34,758)$(33,594)
Amounts recognized in regulatory assets consist of:  
Prior service cost$— $— 
Net loss1,855 2,869 
Regulatory assets1,855 2,869 
Unfunded accrued cost32,903 30,725 
Net liability recognized$34,758 $33,594 
Changes in plan assets and benefit obligations recognized in regulatory assets consist of:  
Regulatory asset at beginning of year$2,869 $1,995 
Net (gain) loss
(1,028)840 
Amortization of prior service credit— — 
Amortization of net gain (loss)
14 34 
Total change in regulatory asset(1,014)874 
Regulatory asset at end of year$1,855 $2,869 
Net periodic pension cost$3,122 $2,858 
Change in regulatory asset(1,014)874 
Total recognized in net periodic pension and regulatory asset$2,108 $3,732 
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:  
Projected benefit obligation$34,758 $33,594 
Accumulated benefit obligation33,196 30,794 
Fair value of plan assets— — 
Weighted-average assumptions used to determine benefit obligations:  
Discount rate5.66 %5.15 %
Rate of compensation increase**
* Age graded from 4.0% to 4.5% per year.
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 2024, 2023 and 2022 are as follows:
Pension BenefitsPost-Retirement
 Medical Benefits
(dollars in thousands, except percent)202420232022202420232022
Components of Net Periodic Benefits Cost:      
Service cost$3,323$3,196$5,644$128$130$129
Interest cost10,24110,1427,4019810660
Expected return on plan assets(12,030)(10,483)(13,166)(567)(477)(587)
Amortization of prior service cost (credit)434434434———
Amortization of actuarial (gain) loss———(1,112)(969)(1,734)
Net periodic pension cost under accounting standards$1,968$3,289$313$(1,453)$(1,210)$(2,132)
Regulatory adjustment—(281)————
Total expense recognized, before surcharges and allocation to overhead pool$1,968$3,008$313$(1,453)$(1,210)$(2,132)
Weighted-average assumptions used to determine net periodic cost:       
Discount rate5.16 %5.41 %2.89 %5.04 %5.34 %2.46 %
Expected long-term return on plan assets6.00 %5.75 %5.75 %***
Rate of compensation increase******N/AN/AN/A
*5.75% for union plan and 4.0% for non-union (net of income taxes) in 2024 and 5.50% for union plan and 3.9% for non-union (net of income taxes) in 2023 and 2022.
 ** Age-graded ranging from 2.5% to 6.0%.
The components of SERP expense, before allocation to the overhead pool, for 2024, 2023 and 2022 are as follows:
(dollars in thousands, except percent)202420232022
Components of Net Periodic Benefits Cost:   
Service cost$1,430 $1,248 $1,191 
Interest cost1,706 1,644 1,022 
Amortization of net (gain) loss
(14)(34)580 
Net periodic pension cost$3,122 $2,858 $2,793 
Weighted-average assumptions used to determine net periodic cost:   
Discount rate5.15 %5.42 %2.87 %
Rate of compensation increase***
* Age graded from 4.0% to 4.5% per year.
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, 2024 and 2023, by asset category are as follows:
Pension BenefitsPost-Retirement
Medical Benefits
Asset Category2024202320242023
Actual Asset Allocations:
    
Equity securities56 %56 %59 %60 %
Debt securities39 %39 %40 %39 %
Real Estate Funds5 %5 %— %— %
Cash equivalents— %— %1 %1 %
Total100 %100 %100 %100 %
Schedule of pension and post-retirement plan target asset allocations
Equity securities did not include AWR’s Common Shares as of December 31, 2024 and 2023.
Target Asset Allocations:Pension BenefitsPost-retirement
Medical Benefits
Equity securities60 %60 %
Debt securities40 %40 %
Total100 %100 %
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, 2024 and 2023:
Net Asset Value as of December 31, 2024
(dollars in thousands)Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
Cash equivalents$939 — N/AN/A
Fixed income fund84,394 — DailyDaily
Equity securities:
U.S. small/mid cap funds21,324 — DailyDaily
U.S. large cap funds53,819 — DailyDaily
International funds46,486 — DailyDaily
Total equity funds121,629 — 
Real estate funds10,200 — DailyDaily
Total$217,162 — 
Net Asset Value as of December 31, 2023
(dollars in thousands)Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
Cash equivalents$814 — N/AN/A
Fixed income fund80,737 — DailyDaily
Equity securities:
U.S. small/mid cap funds19,162 — DailyDaily
U.S. large cap funds49,770 — DailyDaily
International funds45,377 — DailyDaily
Total equity funds114,309 
Real estate funds9,445 — DailyDaily
Total$205,305 — 
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, 2024 and 2023:
Fair Value as of December 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
Fair Value of Post-Retirement Plan Assets:    
Cash equivalents$110 — — $110 
Fixed income5,818 — — 5,818 
U.S. equity securities 8,528 — — 8,528 
Total investments measured at fair value$14,456 — — $14,456 
 
Fair Value as of December 31, 2023
(dollars in thousands)Level 1Level 2Level 3Total
Fair Value of Post-Retirement Plan Assets:    
Cash equivalents$189 — — $189 
Fixed income5,001 — — 5,001 
U.S. equity securities 7,637 — — 7,637 
Total investments measured at fair value$12,827 — — $12,827 
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, 2024 and 2023:
 
Fair Value as of December 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
Fair Value of Assets held in Rabbi Trust:    
Cash equivalents$11 — — $11 
Fixed income securities16,698 — — 16,698 
Equity securities24,478 — — 24,478 
Total investments measured at fair value$41,187 — — $41,187 
 
Fair Value as of December 31, 2023
(dollars in thousands)Level 1Level 2Level 3Total
Fair Value of Assets held in Rabbi Trust:    
Cash equivalents$6 — — $6 
Fixed income securities13,676 — — 13,676 
Equity securities20,461 — — 20,461 
Total investments measured at fair value$34,143 — — $34,143 
Schedule of estimated future benefit payments
Estimated future benefit payments at December 31, 2024 are as follows (in thousands):
 Pension Benefits
Post-Retirement
 Medical Benefits
2025$11,235 $282 
202611,686 285 
202712,255 264 
202812,775 242 
202913,458 182 
Thereafter72,271 693 
Total$133,680 $1,948 
Benefit Payments:  Estimated future benefit payments for the SERP at December 31, 2024 are as follows (in thousands):
2025$942 
20262,656 
20272,834 
20282,806 
20292,901 
Thereafter14,489 
Total$26,628