CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows From Operating Activities:
Net income	$ 101,701	$ 90,833
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,969	32,841
Provision for doubtful accounts	1,866	1,206
Deferred income taxes and investment tax credits	3,754	6,917
Stock-based compensation expense	3,384	3,486
(Gain) loss on investments held in a trust	(4,636)	(5,116)
Other — net	686	438
Changes in assets and liabilities:
Accounts receivable — customers	(10,750)	(11,383)
Unbilled receivable	2,096	(2,676)
Other receivables	2,745	3,241
Receivables from the U.S. government	10,001	8,207
Materials and supplies	(1,815)	1,153
Prepayments and other assets	18	(32)
Contract assets	(5,924)	(6,215)
Regulatory assets/liabilities	30,312	8,622
Accounts payable	2,899	1,716
Income taxes receivable/payable	26,927	(2,412)
Contract liabilities	4,758	2,297
Accrued pension and other postretirement benefits	(2,322)	(882)
Other liabilities	345	1,975
Net cash provided (used)	202,014	134,216
Cash Flows From Investing Activities:
Capital expenditures	(173,127)	(173,477)
Other investing activities	429	624
Net cash provided (used)	(172,698)	(172,853)
Cash Flows From Financing Activities:
Proceeds from issuance of Common Shares to AWR (parent)	40,215	59,305
Receipt of advances for and contributions in aid of construction	7,313	8,478
Refunds on advances for construction	(4,760)	(3,923)
Repayments of long-term debt	(454)	(370)
Proceeds from the issuance of long-term debt, net of issuance costs	149,206	64,569
Net changes in notes payable to banks	(165,000)	(36,500)
Dividends paid	(55,096)	(49,384)
Other financing activities	(1,328)	(1,142)
Net cash provided (used)	(29,904)	41,033
Net change in cash and cash equivalents	(588)	2,396
Cash and cash equivalents, beginning of period	26,661	14,073
Cash and cash equivalents, end of period	26,073	16,469
Non-cash transactions:
Accrued payables for investment in utility plant	39,732	41,182
Property installed by developers and conveyed	17,514	4,971
GOLDEN STATE WATER COMPANY
Cash Flows From Operating Activities:
Net income	81,344	74,555
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,514	27,556
Provision for doubtful accounts	1,375	1,018
Deferred income taxes and investment tax credits	2,112	6,372
Stock-based compensation expense	3,028	3,157
(Gain) loss on investments held in a trust	(4,636)	(5,116)
Other — net	892	316
Changes in assets and liabilities:
Accounts receivable — customers	(9,201)	(11,887)
Unbilled receivable	(3,399)	(3,692)
Other receivables	1,070	1,766
Materials and supplies	(791)	(451)
Prepayments and other assets	466	854
Regulatory assets/liabilities	30,785	8,683
Accounts payable	2,329	3,749
Receivable/payable from/to affiliate	557	617
Income taxes receivable/payable	24,360	(1,632)
Accrued pension and other postretirement benefits	(2,424)	(962)
Other liabilities	(2,377)	1,222
Net cash provided (used)	156,004	106,125
Cash Flows From Investing Activities:
Capital expenditures	(148,597)	(147,093)
Other investing activities	390	318
Net cash provided (used)	(148,207)	(146,775)
Cash Flows From Financing Activities:
Proceeds from issuance of Common Shares to AWR (parent)	50,005	0
Receipt of advances for and contributions in aid of construction	7,313	8,478
Refunds on advances for construction	(4,760)	(3,923)
Repayments of long-term debt	(454)	(370)
Proceeds from the issuance of long-term debt, net of issuance costs	99,397	64,569
Net changes in notes payable to banks	(124,000)	(10,000)
Dividends paid	(37,500)	(17,500)
Other financing activities	(1,189)	(1,067)
Net cash provided (used)	(11,188)	40,187
Net change in cash and cash equivalents	(3,391)	(463)
Cash and cash equivalents, beginning of period	11,338	3,195
Cash and cash equivalents, end of period	7,947	2,732
Non-cash transactions:
Accrued payables for investment in utility plant	36,400	38,177
Property installed by developers and conveyed	$ 17,514	$ 4,971