Commission File Number | Registrant, State of Incorporation Address, Zip Code and Telephone Number | IRS Employer Identification No. | |||||||||||||||||||||
001-14431 | American States Water Company | 95-4676679 | |||||||||||||||||||||
Incorporated in | California | ||||||||||||||||||||||
630 E. Foothill Boulevard, | San Dimas | CA | 91773-1212 | ||||||||||||||||||||
(909) | 394-3600 | ||||||||||||||||||||||
Golden State Water Company | 95-1243678 | ||||||||||||||||||||||
Incorporated in | California | ||||||||||||||||||||||
630 E. Foothill Boulevard, | San Dimas | CA | 91773-1212 | ||||||||||||||||||||
(909) | 394-3600 |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
American States Water Company Common Shares | AWR | New York Stock Exchange |
American States Water Company | Yes | ☒ | No | ☐ | |||||||||||||||||||
Golden State Water Company | Yes | ☐ | No | ☒ |
American States Water Company | Yes | ☐ | No | ☒ | |||||||||||||||||||
Golden State Water Company | Yes | ☐ | No | ☒ |
American States Water Company | Yes | ☒ | No | ☐ | |||||||||||||||||||
Golden State Water Company | Yes | ☒ | No | ☐ |
American States Water Company | Yes | ☒ | No | ☐ | |||||||||||||||||||
Golden State Water Company | Yes | ☒ | No | ☐ |
American States Water Company | |||||||||||||||||||||||||||||||||||||||||
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Golden States Water Company | |||||||||||||||||||||||||||||||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
American States Water Company | Yes | ☐ | No | ☒ | |||||||||||||||||||
Golden State Water Company | Yes | ☐ | No | ☒ |
Item 16. | Form 10-K Summary | ||||||||||
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* | |||||||||||||||||||||||||||||||||||
240 | 382 | 2,795 | 261,975 | 26,493 | 140 | 113.9 | (1) |
Pumps | Distribution Facilities | Reservoirs | ||||||||||||||||||
Well | Booster | Mains* | Services | Hydrants | Tanks | Capacity* | ||||||||||||||
240 | 385 | 2,791 | 260,920 | 26,369 | 140 | 112.4 | (1) |
12/2015 | 12/2016 | 12/2017 | 12/2018 | 12/2019 | 12/2020 | ||||||||||||||||||||||||||||||
American States Water Company | $ | 100.00 | $ | 111.01 | $ | 144.05 | $ | 169.85 | $ | 222.82 | $ | 207.76 | |||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 111.96 | $ | 136.40 | $ | 130.42 | $ | 171.49 | $ | 203.04 | |||||||||||||||||||||||
Peer Group | $ | 100.00 | $ | 123.10 | $ | 157.64 | $ | 155.84 | $ | 210.31 | $ | 246.13 |
12/2014 | 12/2015 | 12/2016 | 12/2017 | 12/2018 | 12/2019 | ||||||||||||||||||
American States Water Company | $ | 100.00 | $ | 113.91 | $ | 126.45 | $ | 164.09 | $ | 193.48 | $ | 253.82 | |||||||||||
S&P 500 | $ | 100.00 | $ | 101.38 | $ | 113.51 | $ | 138.29 | $ | 132.23 | $ | 173.86 | |||||||||||
Peer Group | $ | 100.00 | $ | 112.91 | $ | 138.99 | $ | 177.99 | $ | 175.95 | $ | 237.45 |
Stock Prices | ||||||||||||||||||
Stock Prices | High | Low | ||||||||||||||||
2020 | 2020 | |||||||||||||||||
First Quarter | First Quarter | $ | 96.64 | $ | 65.11 | |||||||||||||
Second Quarter | Second Quarter | $ | 91.11 | $ | 72.88 | |||||||||||||
Third Quarter | Third Quarter | $ | 82.19 | $ | 69.25 | |||||||||||||
Fourth Quarter | Fourth Quarter | $ | 80.94 | $ | 71.84 | |||||||||||||
High | Low | |||||||||||||||||
2019 | 2019 | |||||||||||||||||
First Quarter | $ | 72.50 | $ | 63.27 | First Quarter | $ | 72.50 | $ | 63.27 | |||||||||
Second Quarter | $ | 76.43 | $ | 67.52 | Second Quarter | $ | 76.43 | $ | 67.52 | |||||||||
Third Quarter | $ | 94.39 | $ | 73.64 | Third Quarter | $ | 94.39 | $ | 73.64 | |||||||||
Fourth Quarter | $ | 96.00 | $ | 82.54 | Fourth Quarter | $ | 96.00 | $ | 82.54 | |||||||||
2018 | ||||||||||||||||||
First Quarter | $ | 60.00 | $ | 50.16 | ||||||||||||||
Second Quarter | $ | 58.82 | $ | 51.30 | ||||||||||||||
Third Quarter | $ | 61.66 | $ | 57.13 | ||||||||||||||
Fourth Quarter | $ | 69.61 | $ | 58.48 |
2019 | 2018 | 2020 | 2019 | |||||||||||||||
First Quarter | $ | 0.275 | $ | 0.255 | First Quarter | $ | 0.305 | $ | 0.275 | |||||||||
Second Quarter | $ | 0.275 | $ | 0.255 | Second Quarter | $ | 0.305 | $ | 0.275 | |||||||||
Third Quarter | $ | 0.305 | $ | 0.275 | Third Quarter | $ | 0.335 | $ | 0.305 | |||||||||
Fourth Quarter | $ | 0.305 | $ | 0.275 | Fourth Quarter | $ | 0.335 | $ | 0.305 | |||||||||
Total | $ | 1.160 | $ | 1.060 | Total | $ | 1.280 | $ | 1.160 |
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, 2019 | 473 | $ | 93.99 | — | — | ||||||||
November 1 - 30, 2019 | 20,763 | $ | 88.05 | — | — | ||||||||
December 1 - 31, 2019 | 2,670 | $ | 85.25 | — | — | ||||||||
Total | 23,906 | (2) | $ | 87.85 | — |
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, 2020 | 545 | $ | 78.07 | — | — | |||||||||||||||||||||
November 1 - 30, 2020 | 270 | $ | 77.21 | — | — | |||||||||||||||||||||
December 1 - 31, 2020 | 2,690 | $ | 75.32 | — | — | |||||||||||||||||||||
Total | 3,505 | (2) | $ | 75.89 | — |
(in thousands, except per share amounts) | 2020 | 2019 | 2018 | 2017 (1) | 2016 | |||||||||||||||||||||||||||
Income Statement Information: | ||||||||||||||||||||||||||||||||
Total Operating Revenues | $ | 488,243 | $ | 473,869 | $ | 436,816 | $ | 440,603 | $ | 436,087 | ||||||||||||||||||||||
Total Operating Expenses (3) | 357,744 | 346,796 | 335,833 | 313,508 | 321,895 | |||||||||||||||||||||||||||
Operating Income (3) | 130,499 | 127,073 | 100,983 | 127,095 | 114,192 | |||||||||||||||||||||||||||
Interest Expense | 22,531 | 24,586 | 23,433 | 22,582 | 21,992 | |||||||||||||||||||||||||||
Interest Income | 1,801 | 3,249 | 3,578 | 1,790 | 757 | |||||||||||||||||||||||||||
Net Income | $ | 86,425 | $ | 84,342 | $ | 63,871 | $ | 69,367 | $ | 59,743 | ||||||||||||||||||||||
Basic Earnings per Common Share | $ | 2.34 | $ | 2.28 | $ | 1.73 | $ | 1.88 | $ | 1.63 | ||||||||||||||||||||||
Fully Diluted Earnings per Common Share | $ | 2.33 | $ | 2.28 | $ | 1.72 | $ | 1.88 | $ | 1.62 | ||||||||||||||||||||||
Average Shares Outstanding | 36,880 | 36,814 | 36,733 | 36,638 | 36,552 | |||||||||||||||||||||||||||
Average number of Diluted Shares Outstanding | 36,995 | 36,964 | 36,936 | 36,844 | 36,750 | |||||||||||||||||||||||||||
Dividends paid per Common Share | $ | 1.280 | $ | 1.160 | $ | 1.060 | $ | 0.994 | $ | 0.914 | ||||||||||||||||||||||
Balance Sheet Information: | ||||||||||||||||||||||||||||||||
Total Assets | $ | 1,791,603 | $ | 1,641,331 | $ | 1,501,433 | $ | 1,416,734 | $ | 1,470,493 | ||||||||||||||||||||||
Common Shareholders’ Equity | 641,673 | 601,530 | 558,223 | 529,945 | 494,297 | |||||||||||||||||||||||||||
Long-Term Debt | 440,348 | 280,996 | 281,087 | 321,039 | 320,981 | |||||||||||||||||||||||||||
Total Capitalization | $ | 1,082,021 | $ | 882,526 | $ | 839,310 | $ | 850,984 | $ | 815,278 |
(in thousands, except per share amounts) | 2019 | 2018 | 2017 (1) | 2016 | 2015 | |||||||||||||||
Income Statement Information: | ||||||||||||||||||||
Total Operating Revenues | $ | 473,869 | $ | 436,816 | $ | 440,603 | $ | 436,087 | $ | 458,641 | ||||||||||
Total Operating Expenses (2) | 346,796 | 335,833 | 313,508 | 321,895 | 339,721 | |||||||||||||||
Operating Income (2) | 127,073 | 100,983 | 127,095 | 114,192 | 118,920 | |||||||||||||||
Interest Expense | 24,586 | 23,433 | 22,582 | 21,992 | 21,088 | |||||||||||||||
Interest Income | 3,249 | 3,578 | 1,790 | 757 | 458 | |||||||||||||||
Net Income | $ | 84,342 | $ | 63,871 | $ | 69,367 | $ | 59,743 | $ | 60,484 | ||||||||||
Basic Earnings per Common Share | $ | 2.28 | $ | 1.73 | $ | 1.88 | $ | 1.63 | $ | 1.61 | ||||||||||
Fully Diluted Earnings per Common Share | $ | 2.28 | $ | 1.72 | $ | 1.88 | $ | 1.62 | $ | 1.60 | ||||||||||
Average Shares Outstanding | 36,814 | 36,733 | 36,638 | 36,552 | 37,389 | |||||||||||||||
Average number of Diluted Shares Outstanding | 36,964 | 36,936 | 36,844 | 36,750 | 37,614 | |||||||||||||||
Dividends paid per Common Share | $ | 1.160 | $ | 1.060 | $ | 0.994 | $ | 0.914 | $ | 0.874 | ||||||||||
Balance Sheet Information: | ||||||||||||||||||||
Total Assets (3) | $ | 1,641,331 | $ | 1,501,433 | $ | 1,416,734 | $ | 1,470,493 | $ | 1,343,959 | ||||||||||
Common Shareholders’ Equity | 601,530 | 558,223 | 529,945 | 494,297 | 465,945 | |||||||||||||||
Long-Term Debt (3) | 280,996 | 281,087 | 321,039 | 320,981 | 320,900 | |||||||||||||||
Total Capitalization | $ | 882,526 | $ | 839,310 | $ | 850,984 | $ | 815,278 | $ | 786,845 |
(in thousands) | 2019 | 2018 | 2017 (1) | 2016 | 2015 | |||||||||||||||
Income Statement Information: | ||||||||||||||||||||
Total Operating Revenues | $ | 359,378 | $ | 329,608 | $ | 340,301 | $ | 338,702 | $ | 364,550 | ||||||||||
Total Operating Expenses (2) | 254,286 | 249,046 | 234,430 | 243,515 | 263,887 | |||||||||||||||
Operating Income (2) | 105,092 | 80,562 | 105,871 | 95,187 | 100,663 | |||||||||||||||
Interest Expense | 23,399 | 22,621 | 22,055 | 21,782 | 20,998 | |||||||||||||||
Interest Income | 1,867 | 2,890 | 1,766 | 749 | 440 | |||||||||||||||
Net Income | $ | 66,663 | $ | 48,012 | $ | 53,757 | $ | 46,969 | $ | 47,591 | ||||||||||
Balance Sheet Information: | ||||||||||||||||||||
Total Assets (3) | $ | 1,522,454 | $ | 1,389,222 | $ | 1,326,823 | $ | 1,384,178 | $ | 1,271,879 | ||||||||||
Common Shareholder’s Equity | 551,188 | 503,575 | 474,374 | 446,770 | 423,730 | |||||||||||||||
Long-Term Debt (3) | 280,996 | 281,087 | 321,039 | 320,981 | 320,900 | |||||||||||||||
Total Capitalization | $ | 832,184 | $ | 784,662 | $ | 795,413 | $ | 767,751 | $ | 744,630 |
(in thousands) | 2020 | 2019 | 2018 | 2017 (1) | 2016 | |||||||||||||||||||||||||||
Income Statement Information: | ||||||||||||||||||||||||||||||||
Total Operating Revenues (2) | $ | 349,284 | $ | 359,378 | $ | 329,608 | $ | 340,301 | $ | 338,702 | ||||||||||||||||||||||
Total Operating Expenses (2) (3) | 246,388 | 254,286 | 249,046 | 234,430 | 243,515 | |||||||||||||||||||||||||||
Operating Income (2) (3) | 102,896 | 105,092 | 80,562 | 105,871 | 95,187 | |||||||||||||||||||||||||||
Interest Expense | 21,495 | 23,399 | 22,621 | 22,055 | 21,782 | |||||||||||||||||||||||||||
Interest Income | 718 | 1,867 | 2,890 | 1,766 | 749 | |||||||||||||||||||||||||||
Net Income (2) | $ | 64,971 | $ | 66,663 | $ | 48,012 | $ | 53,757 | $ | 46,969 | ||||||||||||||||||||||
Balance Sheet Information: | ||||||||||||||||||||||||||||||||
Total Assets (2) | $ | 1,560,782 | $ | 1,522,454 | $ | 1,389,222 | $ | 1,326,823 | $ | 1,384,178 | ||||||||||||||||||||||
Common Shareholder’s Equity (2) | 583,298 | 551,188 | 503,575 | 474,374 | 446,770 | |||||||||||||||||||||||||||
Long-Term Debt | 440,348 | 280,996 | 281,087 | 321,039 | 320,981 | |||||||||||||||||||||||||||
Total Capitalization | $ | 1,023,646 | $ | 832,184 | $ | 784,662 | $ | 795,413 | $ | 767,751 |
Diluted Earnings per Share | |||||||||||||||||
Year Ended | |||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | |||||||||||||||
Water | $ | 1.66 | $ | 1.61 | $ | 0.05 | |||||||||||
Electric, adjusted (2019 excludes retroactive impact of CPUC decision in the general rate case related to 2018) | 0.20 | 0.15 | 0.05 | ||||||||||||||
Contracted services | 0.47 | 0.47 | — | ||||||||||||||
AWR (parent) | — | 0.01 | (0.01) | ||||||||||||||
Consolidated diluted earnings per share, adjusted | 2.33 | 2.24 | 0.09 | ||||||||||||||
Retroactive impact of CPUC decision in the electric general rate case related to the full year of 2018 | — | 0.04 | (0.04) | ||||||||||||||
Totals from operations, as reported | $ | 2.33 | $ | 2.28 | $ | 0.05 |
Diluted Earnings per Share | |||||||||||
Year Ended | |||||||||||
12/31/2019 | 12/31/2018 | CHANGE | |||||||||
Water | $ | 1.61 | $ | 1.19 | $ | 0.42 | |||||
Electric, adjusted (2019 excludes retroactive impact of CPUC decision in the general rate case related to 2018) | 0.15 | 0.11 | 0.04 | ||||||||
Contracted services | 0.47 | 0.42 | 0.05 | ||||||||
AWR (parent) | 0.01 | — | 0.01 | ||||||||
Consolidated diluted earnings per share, adjusted | 2.24 | 1.72 | 0.52 | ||||||||
Retroactive impact of CPUC decision in the electric general rate case related to the full year of 2018 | 0.04 | — | 0.04 | ||||||||
Totals from operations, as reported | $ | 2.28 | $ | 1.72 | $ | 0.56 |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||
OPERATING REVENUES | |||||||||||||||||||||||
Water | $ | 330,637 | $ | 319,830 | $ | 10,807 | 3.4 | % | |||||||||||||||
Electric | 37,024 | 39,548 | (2,524) | -6.4 | % | ||||||||||||||||||
Contracted services | 120,582 | 114,491 | 6,091 | 5.3 | % | ||||||||||||||||||
Total operating revenues | 488,243 | 473,869 | 14,374 | 3.0 | % | ||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Water purchased | 74,554 | 72,289 | 2,265 | 3.1 | % | ||||||||||||||||||
Power purchased for pumping | 10,134 | 8,660 | 1,474 | 17.0 | % | ||||||||||||||||||
Groundwater production assessment | 20,392 | 18,962 | 1,430 | 7.5 | % | ||||||||||||||||||
Power purchased for resale | 10,423 | 11,796 | (1,373) | -11.6 | % | ||||||||||||||||||
Supply cost balancing accounts | (11,803) | (7,026) | (4,777) | 68.0 | % | ||||||||||||||||||
Other operation | 33,236 | 32,756 | 480 | 1.5 | % | ||||||||||||||||||
Administrative and general | 83,615 | 83,034 | 581 | 0.7 | % | ||||||||||||||||||
Depreciation and amortization | 36,850 | 35,397 | 1,453 | 4.1 | % | ||||||||||||||||||
Maintenance | 15,702 | 15,466 | 236 | 1.5 | % | ||||||||||||||||||
Property and other taxes | 22,199 | 20,042 | 2,157 | 10.8 | % | ||||||||||||||||||
ASUS construction | 62,411 | 55,673 | 6,738 | 12.1 | % | ||||||||||||||||||
Loss (gain) on sale of assets | 31 | (253) | 284 | -112.3 | % | ||||||||||||||||||
Total operating expenses | 357,744 | 346,796 | 10,948 | 3.2 | % | ||||||||||||||||||
OPERATING INCOME | 130,499 | 127,073 | 3,426 | 2.7 | % | ||||||||||||||||||
OTHER INCOME AND EXPENSES | |||||||||||||||||||||||
Interest expense | (22,531) | (24,586) | 2,055 | -8.4 | % | ||||||||||||||||||
Interest income | 1,801 | 3,249 | (1,448) | -44.6 | % | ||||||||||||||||||
Other, net | 4,853 | 3,276 | 1,577 | 48.1 | % | ||||||||||||||||||
(15,877) | (18,061) | 2,184 | -12.1 | % | |||||||||||||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAX EXPENSE | 114,622 | 109,012 | 5,610 | 5.1 | % | ||||||||||||||||||
Income tax expense | 28,197 | 24,670 | 3,527 | 14.3 | % | ||||||||||||||||||
NET INCOME | $ | 86,425 | $ | 84,342 | $ | 2,083 | 2.5 | % | |||||||||||||||
Basic earnings per Common Share | $ | 2.34 | $ | 2.28 | $ | 0.06 | 2.6 | % | |||||||||||||||
Fully diluted earnings per Common Share | $ | 2.33 | $ | 2.28 | $ | 0.05 | 2.2 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | |||||||||||
OPERATING REVENUES | ||||||||||||||
Water | $ | 319,830 | $ | 295,258 | $ | 24,572 | 8.3 | % | ||||||
Electric | 39,548 | 34,350 | 5,198 | 15.1 | % | |||||||||
Contracted services | 114,491 | 107,208 | 7,283 | 6.8 | % | |||||||||
Total operating revenues | 473,869 | 436,816 | 37,053 | 8.5 | % | |||||||||
OPERATING EXPENSES | ||||||||||||||
Water purchased | 72,289 | 68,904 | 3,385 | 4.9 | % | |||||||||
Power purchased for pumping | 8,660 | 8,971 | (311 | ) | -3.5 | % | ||||||||
Groundwater production assessment | 18,962 | 19,440 | (478 | ) | -2.5 | % | ||||||||
Power purchased for resale | 11,796 | 11,590 | 206 | 1.8 | % | |||||||||
Supply cost balancing accounts | (7,026 | ) | (15,649 | ) | 8,623 | -55.1 | % | |||||||
Other operation | 32,756 | 31,650 | 1,106 | 3.5 | % | |||||||||
Administrative and general | 83,034 | 82,595 | 439 | 0.5 | % | |||||||||
Depreciation and amortization | 35,397 | 40,425 | (5,028 | ) | -12.4 | % | ||||||||
Maintenance | 15,466 | 15,682 | (216 | ) | -1.4 | % | ||||||||
Property and other taxes | 20,042 | 18,404 | 1,638 | 8.9 | % | |||||||||
ASUS construction | 55,673 | 53,906 | 1,767 | 3.3 | % | |||||||||
Gain on sale of assets | (253 | ) | (85 | ) | (168 | ) | 197.6 | % | ||||||
Total operating expenses | 346,796 | 335,833 | 10,963 | 3.3 | % | |||||||||
OPERATING INCOME | 127,073 | 100,983 | 26,090 | 25.8 | % | |||||||||
OTHER INCOME AND EXPENSES | ||||||||||||||
Interest expense | (24,586 | ) | (23,433 | ) | (1,153 | ) | 4.9 | % | ||||||
Interest income | 3,249 | 3,578 | (329 | ) | -9.2 | % | ||||||||
Other, net | 3,276 | 760 | 2,516 | 331.1 | % | |||||||||
(18,061 | ) | (19,095 | ) | 1,034 | -5.4 | % | ||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAX EXPENSE | 109,012 | 81,888 | 27,124 | 33.1 | % | |||||||||
Income tax expense | 24,670 | 18,017 | 6,653 | 36.9 | % | |||||||||
NET INCOME | $ | 84,342 | $ | 63,871 | $ | 20,471 | 32.1 | % | ||||||
Basic earnings per Common Share | $ | 2.28 | $ | 1.73 | $ | 0.55 | 31.8 | % | ||||||
Fully diluted earnings per Common Share | $ | 2.28 | $ | 1.72 | $ | 0.56 | 32.6 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | |||||||||||
WATER OPERATING REVENUES (1) | $ | 319,830 | $ | 295,258 | $ | 24,572 | 8.3 | % | ||||||
WATER SUPPLY COSTS: | ||||||||||||||
Water purchased (1) | 72,289 | 68,904 | 3,385 | 4.9 | % | |||||||||
Power purchased for pumping (1) | 8,660 | 8,971 | (311 | ) | -3.5 | % | ||||||||
Groundwater production assessment (1) | 18,962 | 19,440 | (478 | ) | -2.5 | % | ||||||||
Water supply cost balancing accounts (1) | (8,153 | ) | (17,116 | ) | 8,963 | -52.4 | % | |||||||
TOTAL WATER SUPPLY COSTS | $ | 91,758 | $ | 80,199 | $ | 11,559 | 14.4 | % | ||||||
WATER GROSS MARGIN (2) | $ | 228,072 | $ | 215,059 | $ | 13,013 | 6.1 | % | ||||||
ELECTRIC OPERATING REVENUES (1) | $ | 39,548 | $ | 34,350 | $ | 5,198 | 15.1 | % | ||||||
ELECTRIC SUPPLY COSTS: | ||||||||||||||
Power purchased for resale (1) | 11,796 | 11,590 | 206 | 1.8 | % | |||||||||
Electric supply cost balancing accounts (1) | 1,127 | 1,467 | (340 | ) | -23.2 | % | ||||||||
TOTAL ELECTRIC SUPPLY COSTS | $ | 12,923 | $ | 13,057 | $ | (134 | ) | -1.0 | % | |||||
ELECTRIC GROSS MARGIN (2) | $ | 26,625 | $ | 21,293 | $ | 5,332 | 25.0 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||
WATER OPERATING REVENUES (1) | $ | 330,637 | $ | 319,830 | $ | 10,807 | 3.4 | % | |||||||||||||||
WATER SUPPLY COSTS: | |||||||||||||||||||||||
Water purchased (1) | 74,554 | 72,289 | 2,265 | 3.1 | % | ||||||||||||||||||
Power purchased for pumping (1) | 10,134 | 8,660 | 1,474 | 17.0 | % | ||||||||||||||||||
Groundwater production assessment (1) | 20,392 | 18,962 | 1,430 | 7.5 | % | ||||||||||||||||||
Water supply cost balancing accounts (1) | (12,060) | (8,153) | (3,907) | 47.9 | % | ||||||||||||||||||
TOTAL WATER SUPPLY COSTS | $ | 93,020 | $ | 91,758 | $ | 1,262 | 1.4 | % | |||||||||||||||
WATER GROSS MARGIN (2) | $ | 237,617 | $ | 228,072 | $ | 9,545 | 4.2 | % | |||||||||||||||
ELECTRIC OPERATING REVENUES (1) | $ | 37,024 | $ | 39,548 | $ | (2,524) | -6.4 | % | |||||||||||||||
ELECTRIC SUPPLY COSTS: | |||||||||||||||||||||||
Power purchased for resale (1) | 10,423 | 11,796 | (1,373) | -11.6 | % | ||||||||||||||||||
Electric supply cost balancing accounts (1) | 257 | 1,127 | (870) | -77.2 | % | ||||||||||||||||||
TOTAL ELECTRIC SUPPLY COSTS | $ | 10,680 | $ | 12,923 | $ | (2,243) | -17.4 | % | |||||||||||||||
ELECTRIC GROSS MARGIN (2) | $ | 26,344 | $ | 26,625 | $ | (281) | -1.1 | % |
Year Ended | Year Ended | $ | % | Year Ended | Year Ended | $ | % | ||||||||||||||||||||||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | 12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||||||||||||
Water Services | $ | 23,664 | $ | 22,525 | $ | 1,139 | 5.1 | % | Water Services | $ | 23,690 | $ | 23,664 | $ | 26 | 0.1 | % | ||||||||||||||||||||
Electric Services | 2,672 | 2,809 | (137 | ) | -4.9 | % | Electric Services | 2,705 | 2,672 | 33 | 1.2 | % | |||||||||||||||||||||||||
Contracted Services | 6,420 | 6,316 | 104 | 1.6 | % | Contracted Services | 6,841 | 6,420 | 421 | 6.6 | % | ||||||||||||||||||||||||||
Total other operation | $ | 32,756 | $ | 31,650 | $ | 1,106 | 3.5 | % | Total other operation | $ | 33,236 | $ | 32,756 | $ | 480 | 1.5 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 55,067 | $ | 51,755 | $ | 3,312 | 6.4 | % | |||||||||||||||
Electric Services | 8,639 | 8,150 | 489 | 6.0 | % | ||||||||||||||||||
Contracted Services | 19,900 | 23,120 | (3,220) | -13.9 | % | ||||||||||||||||||
AWR (parent) | 9 | 9 | — | — | % | ||||||||||||||||||
Total administrative and general | $ | 83,615 | $ | 83,034 | $ | 581 | 0.7 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | |||||||||||
Water Services | $ | 51,755 | $ | 54,212 | $ | (2,457 | ) | -4.5 | % | |||||
Electric Services | 8,150 | 7,944 | 206 | 2.6 | % | |||||||||
Contracted Services | 23,120 | 20,446 | 2,674 | 13.1 | % | |||||||||
AWR (parent) | 9 | (7 | ) | 16 | * | |||||||||
Total administrative and general | $ | 83,034 | $ | 82,595 | $ | 439 | 0.5 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | |||||||||||
Water Services | $ | 29,956 | $ | 36,137 | $ | (6,181 | ) | -17.1 | % | |||||
Electric Services | 2,485 | 2,258 | 227 | 10.1 | % | |||||||||
Contracted Services | 2,956 | 2,030 | 926 | 45.6 | % | |||||||||
Total depreciation and amortization | $ | 35,397 | $ | 40,425 | $ | (5,028 | ) | -12.4 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 30,969 | $ | 29,956 | $ | 1,013 | 3.4 | % | |||||||||||||||
Electric Services | 2,479 | 2,485 | (6) | -0.2 | % | ||||||||||||||||||
Contracted Services | 3,402 | 2,956 | 446 | 15.1 | % | ||||||||||||||||||
Total depreciation and amortization | $ | 36,850 | $ | 35,397 | $ | 1,453 | 4.1 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 11,737 | $ | 11,850 | $ | (113) | -1.0 | % | |||||||||||||||
Electric Services | 985 | 993 | (8) | -0.8 | % | ||||||||||||||||||
Contracted Services | 2,980 | 2,623 | 357 | 13.6 | % | ||||||||||||||||||
Total maintenance | $ | 15,702 | $ | 15,466 | $ | 236 | 1.5 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | |||||||||||
Water Services | $ | 11,850 | $ | 12,102 | $ | (252 | ) | -2.1 | % | |||||
Electric Services | 993 | 1,002 | (9 | ) | -0.9 | % | ||||||||
Contracted Services | 2,623 | 2,578 | 45 | 1.7 | % | |||||||||
Total maintenance | $ | 15,466 | $ | 15,682 | $ | (216 | ) | -1.4 | % |
Year Ended | Year Ended | $ | % | Year Ended | Year Ended | $ | % | ||||||||||||||||||||||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | 12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||||||||||||
Water Services | $ | 17,034 | $ | 15,750 | $ | 1,284 | 8.2 | % | Water Services | $ | 18,261 | $ | 17,034 | $ | 1,227 | 7.2 | % | ||||||||||||||||||||
Electric Services | 1,134 | 1,059 | 75 | 7.1 | % | Electric Services | 1,232 | 1,134 | 98 | 8.6 | % | ||||||||||||||||||||||||||
Contracted Services | 1,874 | 1,595 | 279 | 17.5 | % | Contracted Services | 2,706 | 1,874 | 832 | 44.4 | % | ||||||||||||||||||||||||||
Total property and other taxes | $ | 20,042 | $ | 18,404 | $ | 1,638 | 8.9 | % | Total property and other taxes | $ | 22,199 | $ | 20,042 | $ | 2,157 | 10.8 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 20,946 | $ | 21,966 | $ | (1,020) | -4.6 | % | |||||||||||||||
Electric Services | 767 | 1,433 | (666) | -46.5 | % | ||||||||||||||||||
Contracted Services | 478 | 587 | (109) | -18.6 | % | ||||||||||||||||||
AWR (parent) | 340 | 600 | (260) | -43.3 | % | ||||||||||||||||||
Total interest expense | $ | 22,531 | $ | 24,586 | $ | (2,055) | -8.4 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | |||||||||||
Water Services | $ | 21,966 | $ | 21,212 | $ | 754 | 3.6 | % | ||||||
Electric Services | 1,433 | 1,409 | 24 | 1.7 | % | |||||||||
Contracted Services | 587 | 362 | 225 | 62.2 | % | |||||||||
AWR (parent) | 600 | 450 | 150 | 33.3 | % | |||||||||
Total interest expense | $ | 24,586 | $ | 23,433 | $ | 1,153 | 4.9 | % |
Year Ended | Year Ended | $ | % | Year Ended | Year Ended | $ | % | ||||||||||||||||||||||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | 12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||||||||||||
Water Services | $ | 1,662 | $ | 2,809 | $ | (1,147 | ) | -40.8 | % | Water Services | $ | 634 | $ | 1,662 | $ | (1,028) | -61.9 | % | |||||||||||||||||||
Electric Services | 205 | 81 | 124 | * | Electric Services | 183 | 205 | (22) | -10.7 | % | |||||||||||||||||||||||||||
Contracted Services | 1,321 | 689 | 632 | * | Contracted Services | 974 | 1,321 | (347) | -26.3 | % | |||||||||||||||||||||||||||
AWR (parent) | 61 | (1 | ) | 62 | * | AWR (parent) | 10 | 61 | (51) | -83.6 | % | ||||||||||||||||||||||||||
Total interest income | $ | 3,249 | $ | 3,578 | $ | (329 | ) | -9.2 | % | Total interest income | $ | 1,801 | $ | 3,249 | $ | (1,448) | -44.6 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 4,495 | $ | 3,257 | $ | 1,238 | 38.0 | % | |||||||||||||||
Electric Services | 248 | 23 | 225 | * | |||||||||||||||||||
Contracted Services | (138) | (238) | 100 | -42.0 | % | ||||||||||||||||||
AWR (parent) | 248 | 234 | 14 | 6.0 | % | ||||||||||||||||||
Total interest income | $ | 4,853 | $ | 3,276 | $ | 1,577 | 48.1 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2020 | 12/31/2019 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 20,515 | $ | 17,295 | $ | 3,220 | 18.6 | % | |||||||||||||||
Electric Services | 2,689 | 2,882 | (193) | -6.7 | % | ||||||||||||||||||
Contracted Services | 5,201 | 5,202 | (1) | — | % | ||||||||||||||||||
AWR (parent) | (208) | (709) | 501 | -70.7 | % | ||||||||||||||||||
Total income tax expense | $ | 28,197 | $ | 24,670 | $ | 3,527 | 14.3 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | |||||||||||
Water Services | $ | 17,295 | $ | 12,391 | $ | 4,904 | 39.6 | % | ||||||
Electric Services | 2,882 | 1,212 | 1,670 | 137.8 | % | |||||||||
Contracted Services | 5,202 | 4,939 | 263 | 5.3 | % | |||||||||
AWR (parent) | (709 | ) | (525 | ) | (184 | ) | 35.0 | % | ||||||
Total income tax expense | $ | 24,670 | $ | 18,017 | $ | 6,653 | 36.9 | % |
Payments/Commitments Due by Period (1) | ||||||||||||||||||||
($ in thousands) | Total | Less than 1 Year | 1-3 Years | 4-5 Years | After 5 Years | |||||||||||||||
Notes/Debentures (2) | $ | 187,000 | $ | — | $ | — | $ | — | $ | 187,000 | ||||||||||
Private Placement Notes (3) | 83,000 | — | — | — | 83,000 | |||||||||||||||
Tax-Exempt Obligations (4) | 11,293 | 156 | 348 | 378 | 10,411 | |||||||||||||||
Other Debt Instruments (5) | 3,406 | 188 | 409 | 453 | 2,356 | |||||||||||||||
Total AWR Long-Term Debt | $ | 284,699 | $ | 344 | 757 | $ | 831 | $ | 282,767 | |||||||||||
Interest on Long-Term Debt (6) | $ | 234,813 | $ | 18,890 | $ | 37,721 | $ | 37,648 | $ | 140,554 | ||||||||||
Advances for Construction (7) | 67,350 | 3,361 | 6,708 | 6,660 | 50,621 | |||||||||||||||
Renewable Energy Credit Agreement (8) | 2,323 | 465 | 1,858 | — | — | |||||||||||||||
Purchased Power Contracts (9) | 26,347 | 6,224 | 11,157 | 8,966 | — | |||||||||||||||
Capital Expenditures (10) | 50,878 | 50,878 | — | — | — | |||||||||||||||
Water Purchase Agreements (11) | 4,116 | 417 | 834 | 834 | 2,031 | |||||||||||||||
Operating Leases (12) | 15,983 | 2,709 | 4,750 | 3,278 | 5,246 | |||||||||||||||
Employer Contributions (13) | 6,469 | 3,326 | 3,143 | — | — | |||||||||||||||
SUB-TOTAL | $ | 408,279 | $ | 86,270 | $ | 66,171 | $ | 57,386 | $ | 198,452 | ||||||||||
Other Commitments (14) | 214,802 | |||||||||||||||||||
TOTAL | $ | 907,780 |
Payments/Commitments Due by Period (1) | ||||||||||||||||||||||||||||||||
($ in thousands) | Total | Less than 1 Year | 1-3 Years | 4-5 Years | After 5 Years | |||||||||||||||||||||||||||
Notes/Debentures (2) | $ | 187,000 | $ | — | $ | — | $ | — | $ | 187,000 | ||||||||||||||||||||||
Private Placement Notes (3) | 243,000 | — | — | — | 243,000 | |||||||||||||||||||||||||||
Tax-Exempt Obligations (4) | 11,052 | 159 | 357 | 405 | 10,131 | |||||||||||||||||||||||||||
Other Debt Instruments (5) | 3,219 | 199 | 431 | 474 | 2,115 | |||||||||||||||||||||||||||
Total AWR Long-Term Debt | $ | 444,271 | $ | 358 | 788 | $ | 879 | $ | 442,246 | |||||||||||||||||||||||
Interest on Long-Term Debt (6) | $ | 276,106 | $ | 22,898 | $ | 45,752 | $ | 45,683 | $ | 161,773 | ||||||||||||||||||||||
Advances for Construction (7) | 66,777 | 3,423 | 6,825 | 6,693 | 49,836 | |||||||||||||||||||||||||||
Renewable Energy Credit Agreement (8) | 1,858 | 620 | 1,238 | — | — | |||||||||||||||||||||||||||
Purchased Power Contracts (9) | 20,123 | 5,644 | 10,419 | 4,060 | — | |||||||||||||||||||||||||||
Capital Expenditures (10) | 12,317 | 12,317 | — | — | — | |||||||||||||||||||||||||||
Water Purchase Agreements (11) | 3,762 | 426 | 852 | 809 | 1,675 | |||||||||||||||||||||||||||
Operating Leases (12) | 13,456 | 2,561 | 4,143 | 2,827 | 3,925 | |||||||||||||||||||||||||||
Employer Contributions (13) | 27,826 | 3,626 | 14,840 | 9,360 | ||||||||||||||||||||||||||||
SUB-TOTAL | $ | 422,225 | $ | 51,515 | $ | 84,069 | $ | 69,432 | $ | 217,209 | ||||||||||||||||||||||
Other Commitments (14) | 144,109 | |||||||||||||||||||||||||||||||
TOTAL | $ | 1,010,605 |
Military Base | EPA period | Filing Date | ||||||||||||
Fort Bliss (FBWS) | October | Third Quarter | ||||||||||||
Joint Base Andrews | February | Fourth Quarter | ||||||||||||
Fort Lee (ODUS) | February | Fourth Quarter | ||||||||||||
Joint Base Langley Eustis and Joint Expeditionary Base Little Creek Fort Story (ODUS) | April | First Quarter of | ||||||||||||
Fort Jackson (PSUS) | February | Fourth Quarter | ||||||||||||
Fort Bragg (ONUS) | March | First Quarter | ||||||||||||
Eglin Air Force Base (ECUS) | June | Second Quarter | ||||||||||||
Fort Riley (FRUS) | July | Second Quarter |
American States Water Company | |||||
Golden State Water Company | |||||
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2020 | 2019 | |||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Utility Plant | Utility Plant | |||||||||||||||||||||
Regulated utility plant, at cost: | Regulated utility plant, at cost: | |||||||||||||||||||||
Water | $ | 1,700,442 | $ | 1,649,535 | Water | $ | 1,784,402 | $ | 1,700,442 | |||||||||||||
Electric | 108,425 | 106,064 | Electric | 112,507 | 108,425 | |||||||||||||||||
Total | 1,808,867 | 1,755,599 | Total | 1,896,909 | 1,808,867 | |||||||||||||||||
Non-regulated utility property, at cost | 30,554 | 24,511 | Non-regulated utility property, at cost | 33,315 | 30,554 | |||||||||||||||||
Total utility plant, at cost | 1,839,421 | 1,780,110 | Total utility plant, at cost | 1,930,224 | 1,839,421 | |||||||||||||||||
Less — accumulated depreciation | (543,263 | ) | (561,855 | ) | Less — accumulated depreciation | (568,326) | (543,263) | |||||||||||||||
1,296,158 | 1,218,255 | 1,361,898 | 1,296,158 | |||||||||||||||||||
Construction work in progress | 119,547 | 78,055 | Construction work in progress | 150,145 | 119,547 | |||||||||||||||||
Net utility plant | 1,415,705 | 1,296,310 | Net utility plant | 1,512,043 | 1,415,705 | |||||||||||||||||
Other Property and Investments | Other Property and Investments | |||||||||||||||||||||
Goodwill | 1,116 | 1,116 | Goodwill | 1,116 | 1,116 | |||||||||||||||||
Other property and investments | 30,293 | 25,356 | Other property and investments | 35,318 | 30,293 | |||||||||||||||||
Total other property and investments | 31,409 | 26,472 | Total other property and investments | 36,434 | 31,409 | |||||||||||||||||
Current Assets | Current Assets | |||||||||||||||||||||
Cash and cash equivalents | 1,334 | 7,141 | Cash and cash equivalents | 36,737 | 1,334 | |||||||||||||||||
Accounts receivable — customers, less allowance for doubtful accounts | 20,907 | 23,395 | Accounts receivable — customers, less allowance for doubtful accounts | 29,162 | 20,907 | |||||||||||||||||
Unbilled revenue — receivable | 20,482 | 23,588 | ||||||||||||||||||||
Unbilled revenue — receivable (Note 2) | Unbilled revenue — receivable (Note 2) | 25,836 | 20,482 | |||||||||||||||||||
Receivable from U.S. government, less allowance for doubtful accounts (Note 2) | 22,613 | 21,543 | Receivable from U.S. government, less allowance for doubtful accounts (Note 2) | 25,182 | 22,613 | |||||||||||||||||
Other accounts receivable, less allowance for doubtful accounts | 3,096 | 3,103 | Other accounts receivable, less allowance for doubtful accounts | 3,960 | 3,096 | |||||||||||||||||
Income taxes receivable | 5,685 | 2,164 | Income taxes receivable | 103 | 5,685 | |||||||||||||||||
Materials and supplies | 6,429 | 5,775 | Materials and supplies | 8,619 | 6,429 | |||||||||||||||||
Regulatory assets — current | 20,930 | 16,527 | Regulatory assets — current | 13,088 | 20,930 | |||||||||||||||||
Prepayments and other current assets | 5,413 | 6,063 | Prepayments and other current assets | 5,555 | 5,413 | |||||||||||||||||
Contract assets (Note 2) | 15,567 | 22,169 | Contract assets (Note 2) | 8,873 | 15,567 | |||||||||||||||||
Total current assets | 122,456 | 131,468 | Total current assets | 157,115 | 122,456 | |||||||||||||||||
Other Assets | Other Assets | |||||||||||||||||||||
Unbilled revenue — receivable from U.S. government | 8,621 | — | Unbilled revenue — receivable from U.S. government | 9,945 | 8,621 | |||||||||||||||||
Receivable from U.S. government (Note 2) | 42,206 | 39,583 | Receivable from U.S. government (Note 2) | 49,488 | 42,206 | |||||||||||||||||
Contract assets (Note 2) | 64 | 2,278 | Contract assets (Note 2) | 1,384 | 64 | |||||||||||||||||
Operating lease right-of-use assets | 13,168 | — | Operating lease right-of-use assets | 11,146 | 13,168 | |||||||||||||||||
Regulatory assets | Regulatory assets | 3,451 | 0 | |||||||||||||||||||
Other | 7,702 | 5,322 | Other | 10,597 | 7,702 | |||||||||||||||||
Total other assets | 71,761 | 47,183 | Total other assets | 86,011 | 71,761 | |||||||||||||||||
Total Assets | $ | 1,641,331 | $ | 1,501,433 | Total Assets | $ | 1,791,603 | $ | 1,641,331 |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2020 | 2019 | |||||||||||||||||
Capitalization and Liabilities | Capitalization and Liabilities | |||||||||||||||||||||
Capitalization | Capitalization | |||||||||||||||||||||
Common shareholders’ equity | $ | 601,530 | $ | 558,223 | Common shareholders’ equity | $ | 641,673 | $ | 601,530 | |||||||||||||
Long-term debt | 280,996 | 281,087 | Long-term debt | 440,348 | 280,996 | |||||||||||||||||
Total capitalization | 882,526 | 839,310 | Total capitalization | 1,082,021 | 882,526 | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||||||
Notes payable to banks | 5,000 | — | Notes payable to banks | 0 | 5,000 | |||||||||||||||||
Long-term debt — current | 344 | 40,320 | Long-term debt — current | 358 | 344 | |||||||||||||||||
Accounts payable | 55,616 | 59,532 | Accounts payable | 63,788 | 55,616 | |||||||||||||||||
Income taxes payable | 95 | 360 | Income taxes payable | 6,783 | 95 | |||||||||||||||||
Accrued other taxes | 11,110 | 10,094 | Accrued other taxes | 11,902 | 11,110 | |||||||||||||||||
Accrued employee expenses | 14,255 | 13,842 | Accrued employee expenses | 15,122 | 14,255 | |||||||||||||||||
Accrued interest | 3,050 | 3,865 | Accrued interest | 4,832 | 3,050 | |||||||||||||||||
Unrealized loss on purchased power contracts | 3,171 | 311 | Unrealized loss on purchased power contracts | 1,537 | 3,171 | |||||||||||||||||
Contract liabilities (Note 2) | 11,167 | 7,530 | Contract liabilities (Note 2) | 1,800 | 11,167 | |||||||||||||||||
Operating lease liabilities | 1,849 | — | Operating lease liabilities | 2,013 | 1,849 | |||||||||||||||||
Other | 10,341 | 10,731 | Other | 10,437 | 10,341 | |||||||||||||||||
Total current liabilities | 115,998 | 146,585 | Total current liabilities | 118,572 | 115,998 | |||||||||||||||||
Other Credits | Other Credits | |||||||||||||||||||||
Notes payable to banks | 200,000 | 95,500 | Notes payable to banks | 134,200 | 200,000 | |||||||||||||||||
Advances for construction | 63,989 | 66,305 | Advances for construction | 63,374 | 63,989 | |||||||||||||||||
Contributions in aid of construction — net | 134,706 | 124,385 | Contributions in aid of construction — net | 140,332 | 134,706 | |||||||||||||||||
Deferred income taxes | 125,304 | 114,216 | Deferred income taxes | 131,172 | 125,304 | |||||||||||||||||
Regulatory liabilities | 23,380 | 44,867 | Regulatory liabilities | 0 | 23,380 | |||||||||||||||||
Unamortized investment tax credits | 1,295 | 1,367 | Unamortized investment tax credits | 1,224 | 1,295 | |||||||||||||||||
Accrued pension and other post-retirement benefits | 68,469 | 57,636 | Accrued pension and other post-retirement benefits | 95,639 | 68,469 | |||||||||||||||||
Operating lease liabilities | 11,739 | — | Operating lease liabilities | 9,636 | 11,739 | |||||||||||||||||
Other | 13,925 | 11,262 | Other | 15,433 | 13,925 | |||||||||||||||||
Total other credits | 642,807 | 515,538 | Total other credits | 591,010 | 642,807 | |||||||||||||||||
Commitments and Contingencies (Notes 14 and 15) | — | — | Commitments and Contingencies (Notes 14 and 15) | 0 | 0 | |||||||||||||||||
Total Capitalization and Liabilities | $ | 1,641,331 | $ | 1,501,433 | Total Capitalization and Liabilities | $ | 1,791,603 | $ | 1,641,331 |
December 31, | December 31, | |||||||||||||||||||||
(in thousands, except share data) | 2019 | 2018 | (in thousands, except share data) | 2020 | 2019 | |||||||||||||||||
Common Shareholders’ Equity: | Common Shareholders’ Equity: | |||||||||||||||||||||
Common Shares, no par value: | ||||||||||||||||||||||
Common Shares, 0 par value: | Common Shares, 0 par value: | |||||||||||||||||||||
Authorized: 60,000,000 shares | Authorized: 60,000,000 shares | |||||||||||||||||||||
Outstanding: 36,846,614 shares in 2019 and 36,757,842 shares in 2018 | $ | 255,566 | $ | 253,689 | ||||||||||||||||||
Outstanding: 36,889,103 shares in 2020 and 36,846,614 shares in 2019 | Outstanding: 36,889,103 shares in 2020 and 36,846,614 shares in 2019 | $ | 256,666 | $ | 255,566 | |||||||||||||||||
Reinvested earnings in the business | 345,964 | 304,534 | Reinvested earnings in the business | 385,007 | 345,964 | |||||||||||||||||
601,530 | 558,223 | 641,673 | 601,530 | |||||||||||||||||||
Long-Term Debt (All are of GSWC) | Long-Term Debt (All are of GSWC) | |||||||||||||||||||||
Notes/Debentures: | Notes/Debentures: | |||||||||||||||||||||
6.81% notes due 2028 | 15,000 | 15,000 | 6.81% notes due 2028 | 15,000 | 15,000 | |||||||||||||||||
6.59% notes due 2029 | 40,000 | 40,000 | 6.59% notes due 2029 | 40,000 | 40,000 | |||||||||||||||||
7.875% notes due 2030 | 20,000 | 20,000 | 7.875% notes due 2030 | 20,000 | 20,000 | |||||||||||||||||
7.23% notes due 2031 | 50,000 | 50,000 | 7.23% notes due 2031 | 50,000 | 50,000 | |||||||||||||||||
6.00% notes due 2041 | 62,000 | 62,000 | 6.00% notes due 2041 | 62,000 | 62,000 | |||||||||||||||||
Private Placement Notes: | Private Placement Notes: | |||||||||||||||||||||
3.45% notes due 2029 | 15,000 | 15,000 | 3.45% notes due 2029 | 15,000 | 15,000 | |||||||||||||||||
9.56% notes due 2031 | 28,000 | 28,000 | 9.56% notes due 2031 | 28,000 | 28,000 | |||||||||||||||||
5.87% notes due 2028 | 40,000 | 40,000 | 5.87% notes due 2028 | 40,000 | 40,000 | |||||||||||||||||
6.70% notes due 2019 | — | 40,000 | ||||||||||||||||||||
2.17% notes due 2030 | 2.17% notes due 2030 | 85,000 | 0 | |||||||||||||||||||
2.90% notes due 2040 | 2.90% notes due 2040 | 75,000 | 0 | |||||||||||||||||||
Tax-Exempt Obligations: | Tax-Exempt Obligations: | |||||||||||||||||||||
5.50% notes due 2026 | 7,730 | 7,730 | 5.50% notes due 2026 | 7,730 | 7,730 | |||||||||||||||||
State Water Project due 2035 | 3,563 | 3,667 | State Water Project due 2035 | 3,322 | 3,563 | |||||||||||||||||
Other Debt Instruments: | Other Debt Instruments: | |||||||||||||||||||||
American Recovery and Reinvestment Act Obligation due 2033 | 3,406 | 3,581 | American Recovery and Reinvestment Act Obligation due 2033 | 3,219 | 3,406 | |||||||||||||||||
284,699 | 324,978 | 444,271 | 284,699 | |||||||||||||||||||
Less: Current maturities | (344 | ) | (40,320 | ) | Less: Current maturities | (358) | (344) | |||||||||||||||
Debt issuance costs | (3,359 | ) | (3,571 | ) | Debt issuance costs | (3,565) | (3,359) | |||||||||||||||
280,996 | 281,087 | 440,348 | 280,996 | |||||||||||||||||||
Total Capitalization | $ | 882,526 | $ | 839,310 | Total Capitalization | $ | 1,082,021 | $ | 882,526 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2019 | 2018 | 2017 | (in thousands, except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Operating Revenues | Operating Revenues | |||||||||||||||||||||||||||||||
Water | $ | 319,830 | $ | 295,258 | $ | 306,332 | Water | $ | 330,637 | $ | 319,830 | $ | 295,258 | |||||||||||||||||||
Electric | 39,548 | 34,350 | 33,969 | Electric | 37,024 | 39,548 | 34,350 | |||||||||||||||||||||||||
Contracted services | 114,491 | 107,208 | 100,302 | Contracted services | 120,582 | 114,491 | 107,208 | |||||||||||||||||||||||||
Total operating revenues | 473,869 | 436,816 | 440,603 | Total operating revenues | 488,243 | 473,869 | 436,816 | |||||||||||||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||||||||
Water purchased | 72,289 | 68,904 | 68,302 | Water purchased | 74,554 | 72,289 | 68,904 | |||||||||||||||||||||||||
Power purchased for pumping | 8,660 | 8,971 | 8,518 | Power purchased for pumping | 10,134 | 8,660 | 8,971 | |||||||||||||||||||||||||
Groundwater production assessment | 18,962 | 19,440 | 18,638 | Groundwater production assessment | 20,392 | 18,962 | 19,440 | |||||||||||||||||||||||||
Power purchased for resale | 11,796 | 11,590 | 10,720 | Power purchased for resale | 10,423 | 11,796 | 11,590 | |||||||||||||||||||||||||
Supply cost balancing accounts | (7,026 | ) | (15,649 | ) | (17,939 | ) | Supply cost balancing accounts | (11,803) | (7,026) | (15,649) | ||||||||||||||||||||||
Other operation | 32,756 | 31,650 | 29,994 | Other operation | 33,236 | 32,756 | 31,650 | |||||||||||||||||||||||||
Administrative and general | 83,034 | 82,595 | 81,643 | Administrative and general | 83,615 | 83,034 | 82,595 | |||||||||||||||||||||||||
Depreciation and amortization | 35,397 | 40,425 | 39,031 | Depreciation and amortization | 36,850 | 35,397 | 40,425 | |||||||||||||||||||||||||
Maintenance | 15,466 | 15,682 | 15,176 | Maintenance | 15,702 | 15,466 | 15,682 | |||||||||||||||||||||||||
Property and other taxes | 20,042 | 18,404 | 17,905 | Property and other taxes | 22,199 | 20,042 | 18,404 | |||||||||||||||||||||||||
ASUS construction | 55,673 | 53,906 | 49,838 | ASUS construction | 62,411 | 55,673 | 53,906 | |||||||||||||||||||||||||
Gain on sale of assets | (253 | ) | (85 | ) | (8,318 | ) | ||||||||||||||||||||||||||
Loss (gain) on sale of assets | Loss (gain) on sale of assets | 31 | (253) | (85) | ||||||||||||||||||||||||||||
Total operating expenses | 346,796 | 335,833 | 313,508 | Total operating expenses | 357,744 | 346,796 | 335,833 | |||||||||||||||||||||||||
Operating Income | 127,073 | 100,983 | 127,095 | Operating Income | 130,499 | 127,073 | 100,983 | |||||||||||||||||||||||||
Other Income and Expenses | Other Income and Expenses | |||||||||||||||||||||||||||||||
Interest expense | (24,586 | ) | (23,433 | ) | (22,582 | ) | Interest expense | (22,531) | (24,586) | (23,433) | ||||||||||||||||||||||
Interest income | 3,249 | 3,578 | 1,790 | Interest income | 1,801 | 3,249 | 3,578 | |||||||||||||||||||||||||
Other, net | 3,276 | 760 | 2,038 | Other, net | 4,853 | 3,276 | 760 | |||||||||||||||||||||||||
Total other income and expenses | (18,061 | ) | (19,095 | ) | (18,754 | ) | Total other income and expenses | (15,877) | (18,061) | (19,095) | ||||||||||||||||||||||
Income before income tax expense | 109,012 | 81,888 | 108,341 | Income before income tax expense | 114,622 | 109,012 | 81,888 | |||||||||||||||||||||||||
Income tax expense | 24,670 | 18,017 | 38,974 | Income tax expense | 28,197 | 24,670 | 18,017 | |||||||||||||||||||||||||
Net Income | $ | 84,342 | $ | 63,871 | $ | 69,367 | Net Income | $ | 86,425 | $ | 84,342 | $ | 63,871 | |||||||||||||||||||
Weighted Average Number of Shares Outstanding | 36,814 | 36,733 | 36,638 | Weighted Average Number of Shares Outstanding | 36,880 | 36,814 | 36,733 | |||||||||||||||||||||||||
Basic Earnings Per Common Share | $ | 2.28 | $ | 1.73 | $ | 1.88 | Basic Earnings Per Common Share | $ | 2.34 | $ | 2.28 | $ | 1.73 | |||||||||||||||||||
Weighted Average Number of Diluted Shares | 36,964 | 36,936 | 36,844 | Weighted Average Number of Diluted Shares | 36,995 | 36,964 | 36,936 | |||||||||||||||||||||||||
Fully Diluted Earnings Per Share | $ | 2.28 | $ | 1.72 | $ | 1.88 | Fully Diluted Earnings Per Share | $ | 2.33 | $ | 2.28 | $ | 1.72 | |||||||||||||||||||
Dividends Paid Per Common Share | $ | 1.160 | $ | 1.060 | $ | 0.994 | Dividends Paid Per Common Share | $ | 1.28 | $ | 1.16 | $ | 1.06 |
Common Shares | Reinvested | Common Shares | Reinvested | ||||||||||||||||||||||||||||||||||||||
Number | Earnings | Number | Earnings | ||||||||||||||||||||||||||||||||||||||
of | in the | of | in the | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Business | Total | (in thousands) | Shares | Amount | Business | Total | ||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | 36,571 | $ | 247,232 | $ | 247,065 | $ | 494,297 | ||||||||||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||||||||
Net income | 69,367 | 69,367 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | 110 | 909 | 909 | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,789 | 1,789 | |||||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 194 | 194 | |||||||||||||||||||||||||||||||||||||||
Deduct: | |||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 36,417 | 36,417 | |||||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 194 | 194 | |||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2017 | 36,681 | 250,124 | 279,821 | 529,945 | Balances at December 31, 2017 | 36,681 | $ | 250,124 | $ | 279,821 | $ | 529,945 | |||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | 63,871 | 63,871 | Net income | 63,871 | 63,871 | ||||||||||||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | 77 | 546 | 546 | Exercise of stock options and other issuance of Common Shares | 77 | 546 | 546 | ||||||||||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 2,798 | 2,798 | Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 2,798 | 2,798 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 221 | 221 | Dividend equivalent rights on stock-based awards not paid in cash | 221 | 221 | ||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 38,937 | 38,937 | Dividends on Common Shares | 38,937 | 38,937 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 221 | 221 | Dividend equivalent rights on stock-based awards not paid in cash | 221 | 221 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 36,758 | 253,689 | 304,534 | 558,223 | Balances at December 31, 2018 | 36,758 | 253,689 | 304,534 | 558,223 | ||||||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | 84,342 | 84,342 | Net income | 84,342 | 84,342 | ||||||||||||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | 89 | 519 | 519 | Exercise of stock options and other issuance of Common Shares | 89 | 519 | 519 | ||||||||||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,148 | 1,148 | Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,148 | 1,148 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 210 | 210 | Dividend equivalent rights on stock-based awards not paid in cash | 210 | 210 | ||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 42,702 | 42,702 | Dividends on Common Shares | 42,702 | 42,702 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 210 | 210 | Dividend equivalent rights on stock-based awards not paid in cash | 210 | 210 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 36,847 | $ | 255,566 | $ | 345,964 | $ | 601,530 | Balances at December 31, 2019 | 36,847 | 255,566 | 345,964 | 601,530 | |||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 86,425 | 86,425 | ||||||||||||||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | Exercise of stock options and other issuance of Common Shares | 42 | 30 | 30 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 894 | 894 | ||||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | Dividend equivalent rights on stock-based awards not paid in cash | 176 | 176 | ||||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | Dividends on Common Shares | 47,206 | 47,206 | ||||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | Dividend equivalent rights on stock-based awards not paid in cash | 176 | 176 | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | Balances at December 31, 2020 | 36,889 | $ | 256,666 | $ | 385,007 | $ | 641,673 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | |||||||||||||||||||||||||||||||
Net income | $ | 84,342 | $ | 63,871 | $ | 69,367 | Net income | $ | 86,425 | $ | 84,342 | $ | 63,871 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 35,713 | 40,663 | 39,273 | Depreciation and amortization | 37,204 | 35,713 | 40,663 | |||||||||||||||||||||||||
Provision for doubtful accounts | 608 | 841 | 989 | Provision for doubtful accounts | 1,433 | 608 | 841 | |||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 6,623 | (5,773 | ) | 12,153 | Deferred income taxes and investment tax credits | 2,243 | 6,623 | (5,773) | ||||||||||||||||||||||||
Stock-based compensation expense | 2,517 | 3,851 | 2,885 | Stock-based compensation expense | 2,463 | 2,517 | 3,851 | |||||||||||||||||||||||||
Gain on sale of assets | (253 | ) | (85 | ) | (8,318 | ) | ||||||||||||||||||||||||||
Loss (gain) on sale of assets | Loss (gain) on sale of assets | 31 | (253) | (85) | ||||||||||||||||||||||||||||
(Gain) loss on investments held in a trust | (3,580 | ) | 558 | (1,743 | ) | (Gain) loss on investments held in a trust | (3,024) | (3,580) | 558 | |||||||||||||||||||||||
Other — net | 526 | 97 | 218 | Other — net | (908) | 526 | 97 | |||||||||||||||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable — customers | 1,882 | 1,882 | (7,671 | ) | Accounts receivable — customers | (13,272) | 1,882 | 1,882 | ||||||||||||||||||||||||
Unbilled revenue — receivable | (5,515 | ) | 2,823 | (2,020 | ) | Unbilled revenue — receivable | (6,678) | (5,515) | 2,823 | |||||||||||||||||||||||
Other accounts receivable | 214 | 5,151 | (1,671 | ) | Other accounts receivable | (1,204) | 214 | 5,151 | ||||||||||||||||||||||||
Receivables from the U.S. government | 1,144 | (20,976 | ) | 4,742 | Receivables from the U.S. government | (3,889) | 1,144 | (20,976) | ||||||||||||||||||||||||
Materials and supplies | (654 | ) | (980 | ) | (501 | ) | Materials and supplies | (2,190) | (654) | (980) | ||||||||||||||||||||||
Prepayments and other assets | 3,978 | (519 | ) | (1,641 | ) | Prepayments and other assets | 1,686 | 3,978 | (519) | |||||||||||||||||||||||
Contract assets | 3,979 | 5,941 | — | Contract assets | (588) | 3,979 | 5,941 | |||||||||||||||||||||||||
Costs and estimated earnings in excess of billings on contracts | — | — | (2,881 | ) | ||||||||||||||||||||||||||||
Regulatory assets/liabilities | (11,597 | ) | 33,834 | 24,626 | Regulatory assets/liabilities | 10,150 | (11,597) | 33,834 | ||||||||||||||||||||||||
Accounts payable | (249 | ) | 1,282 | 4,358 | Accounts payable | 5,348 | (249) | 1,282 | ||||||||||||||||||||||||
Income taxes receivable/payable | (3,786 | ) | 2,708 | 13,206 | Income taxes receivable/payable | 12,270 | (3,786) | 2,708 | ||||||||||||||||||||||||
Contract liabilities / Billings in excess of costs and estimated earnings on contracts | 3,637 | 3,619 | 1,648 | |||||||||||||||||||||||||||||
Contract liabilities | Contract liabilities | (9,367) | 3,637 | 3,619 | ||||||||||||||||||||||||||||
Accrued pension and other post-retirement benefits | 1,994 | (1,086 | ) | (878 | ) | Accrued pension and other post-retirement benefits | 1,444 | 1,994 | (1,086) | |||||||||||||||||||||||
Other liabilities | (4,659 | ) | (928 | ) | (1,589 | ) | Other liabilities | 2,593 | (4,659) | (928) | ||||||||||||||||||||||
Net cash provided | 116,864 | 136,774 | 144,552 | Net cash provided | 122,170 | 116,864 | 136,774 | |||||||||||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | |||||||||||||||||||||||||||||||
Capital expenditures | (151,940 | ) | (126,561 | ) | (113,126 | ) | Capital expenditures | (130,423) | (151,940) | (126,561) | ||||||||||||||||||||||
Proceeds from sale of assets | 169 | 72 | 34,324 | Proceeds from sale of assets | 88 | 169 | 72 | |||||||||||||||||||||||||
Other investments | (1,424 | ) | (1,553 | ) | (1,229 | ) | Other investments | (1,275) | (1,424) | (1,553) | ||||||||||||||||||||||
Net cash used | (153,195 | ) | (128,042 | ) | (80,031 | ) | Net cash used | (131,610) | (153,195) | (128,042) | ||||||||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | |||||||||||||||||||||||||||||||
Proceeds from stock option exercises | 519 | 546 | 909 | Proceeds from stock option exercises | 30 | 519 | 546 | |||||||||||||||||||||||||
Receipt of advances for and contributions in aid of construction | 10,171 | 5,551 | 7,275 | Receipt of advances for and contributions in aid of construction | 9,338 | 10,171 | 5,551 | |||||||||||||||||||||||||
Refunds on advances for construction | (5,005 | ) | (3,886 | ) | (3,889 | ) | Refunds on advances for construction | (3,729) | (5,005) | (3,886) | ||||||||||||||||||||||
Retirement or repayments of long-term debt | (40,325 | ) | (326 | ) | (329 | ) | Retirement or repayments of long-term debt | (336) | (40,325) | (326) | ||||||||||||||||||||||
Proceeds from the issuance of long-term debt, net of issuance costs | Proceeds from the issuance of long-term debt, net of issuance costs | 159,413 | 0 | 0 | ||||||||||||||||||||||||||||
Net change in notes payable to banks | 109,500 | 36,500 | (31,000 | ) | Net change in notes payable to banks | (70,800) | 109,500 | 36,500 | ||||||||||||||||||||||||
Dividends paid | (42,702 | ) | (38,937 | ) | (36,417 | ) | Dividends paid | (47,206) | (42,702) | (38,937) | ||||||||||||||||||||||
Other | (1,634 | ) | (1,253 | ) | (1,292 | ) | Other | (1,867) | (1,634) | (1,253) | ||||||||||||||||||||||
Net cash provided (used) | 30,524 | (1,805 | ) | (64,743 | ) | Net cash provided (used) | 44,843 | 30,524 | (1,805) | |||||||||||||||||||||||
Net change in cash and cash equivalents | (5,807 | ) | 6,927 | (222 | ) | Net change in cash and cash equivalents | 35,403 | (5,807) | 6,927 | |||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 7,141 | 214 | 436 | Cash and cash equivalents, beginning of year | 1,334 | 7,141 | 214 | |||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 1,334 | $ | 7,141 | $ | 214 | Cash and cash equivalents, end of year | $ | 36,737 | $ | 1,334 | $ | 7,141 |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2020 | 2019 | |||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Utility Plant, at cost | Utility Plant, at cost | |||||||||||||||||||||
Water | $ | 1,700,442 | $ | 1,649,535 | Water | $ | 1,784,402 | $ | 1,700,442 | |||||||||||||
Electric | 108,425 | 106,064 | ||||||||||||||||||||
Electric (Note 20) | Electric (Note 20) | 0 | 108,425 | |||||||||||||||||||
Total | 1,808,867 | 1,755,599 | Total | 1,784,402 | 1,808,867 | |||||||||||||||||
Less — accumulated depreciation | (531,801 | ) | (551,244 | ) | Less — accumulated depreciation | (502,283) | (531,801) | |||||||||||||||
1,277,066 | 1,204,355 | 1,282,119 | 1,277,066 | |||||||||||||||||||
Construction work in progress | 117,676 | 76,737 | Construction work in progress | 118,370 | 117,676 | |||||||||||||||||
Net utility plant | 1,394,742 | 1,281,092 | Net utility plant | 1,400,489 | 1,394,742 | |||||||||||||||||
Other Property and Investments | 28,212 | 23,263 | Other Property and Investments | 33,240 | 28,212 | |||||||||||||||||
28,212 | 23,263 | 33,240 | 28,212 | |||||||||||||||||||
Current Assets | Current Assets | |||||||||||||||||||||
Cash and cash equivalents | 401 | 4,187 | Cash and cash equivalents | 35,578 | 401 | |||||||||||||||||
Accounts receivable — customers, less allowance for doubtful accounts | 20,907 | 23,395 | Accounts receivable — customers, less allowance for doubtful accounts | 26,920 | 20,907 | |||||||||||||||||
Unbilled revenue — receivable | 18,636 | 17,892 | Unbilled revenue — receivable | 19,330 | 18,636 | |||||||||||||||||
Other accounts receivable, less allowance for doubtful accounts | 1,857 | 1,959 | Other accounts receivable, less allowance for doubtful accounts | 3,255 | 1,857 | |||||||||||||||||
Intercompany receivable | Intercompany receivable | 1,107 | 0 | |||||||||||||||||||
Income taxes receivable from Parent | 7,727 | 5,617 | Income taxes receivable from Parent | 0 | 7,727 | |||||||||||||||||
Materials and supplies | 4,920 | 4,797 | Materials and supplies | 3,659 | 4,920 | |||||||||||||||||
Regulatory assets — current | 20,930 | 16,527 | Regulatory assets — current | 11,325 | 20,930 | |||||||||||||||||
Prepayments and other current assets | 4,497 | 5,275 | Prepayments and other current assets | 4,114 | 4,497 | |||||||||||||||||
Total current assets | 79,875 | 79,649 | Total current assets | 105,288 | 79,875 | |||||||||||||||||
Other Assets | Other Assets | |||||||||||||||||||||
Operating lease right-of-use assets | 12,745 | — | Operating lease right-of-use assets | 11,103 | 12,745 | |||||||||||||||||
Regulatory assets | Regulatory assets | 1,048 | 0 | |||||||||||||||||||
Other | 6,880 | 5,218 | Other | 9,614 | 6,880 | |||||||||||||||||
Total other assets | 19,625 | 5,218 | Total other assets | 21,765 | 19,625 | |||||||||||||||||
Total Assets | $ | 1,522,454 | $ | 1,389,222 | Total Assets | $ | 1,560,782 | $ | 1,522,454 |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2020 | 2019 | |||||||||||||||||
Capitalization and Liabilities | Capitalization and Liabilities | |||||||||||||||||||||
Capitalization | Capitalization | |||||||||||||||||||||
Common shareholder’s equity | $ | 551,188 | $ | 503,575 | ||||||||||||||||||
Common shareholder’s equity ( Note 20) | Common shareholder’s equity ( Note 20) | $ | 583,298 | $ | 551,188 | |||||||||||||||||
Long-term debt | 280,996 | 281,087 | Long-term debt | 440,348 | 280,996 | |||||||||||||||||
Total capitalization | 832,184 | 784,662 | Total capitalization | 1,023,646 | 832,184 | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||||||
Intercompany payable to Parent | 158,845 | — | Intercompany payable to Parent | 0 | 158,845 | |||||||||||||||||
Long-term debt — current | 344 | 40,320 | Long-term debt — current | 358 | 344 | |||||||||||||||||
Accounts payable | 45,756 | 47,865 | Accounts payable | 45,613 | 45,756 | |||||||||||||||||
Income taxes payable to Parent | Income taxes payable to Parent | 4,612 | 0 | |||||||||||||||||||
Accrued other taxes | 10,640 | 9,911 | Accrued other taxes | 10,382 | 10,640 | |||||||||||||||||
Accrued employee expenses | 12,386 | 11,910 | Accrued employee expenses | 12,351 | 12,386 | |||||||||||||||||
Accrued interest | 2,736 | 3,550 | Accrued interest | 4,545 | 2,736 | |||||||||||||||||
Unrealized loss on purchased power contracts | 3,171 | 311 | ||||||||||||||||||||
Unrealized loss on purchased power contracts (Note 20) | Unrealized loss on purchased power contracts (Note 20) | 0 | 3,171 | |||||||||||||||||||
Operating lease liabilities | 1,612 | — | Operating lease liabilities | 1,956 | 1,612 | |||||||||||||||||
Other | 9,745 | 9,432 | Other | 9,403 | 9,745 | |||||||||||||||||
Total current liabilities | 245,235 | 123,299 | Total current liabilities | 89,220 | 245,235 | |||||||||||||||||
Other Credits | Other Credits | |||||||||||||||||||||
Intercompany payable to Parent | — | 57,289 | ||||||||||||||||||||
Advances for construction | 63,989 | 66,305 | Advances for construction | 63,354 | 63,989 | |||||||||||||||||
Contributions in aid of construction — net | 134,706 | 124,385 | Contributions in aid of construction — net | 138,691 | 134,706 | |||||||||||||||||
Deferred income taxes | 127,806 | 118,241 | Deferred income taxes | 124,581 | 127,806 | |||||||||||||||||
Regulatory liabilities | 23,380 | 44,867 | Regulatory liabilities | 0 | 23,380 | |||||||||||||||||
Unamortized investment tax credits | 1,295 | 1,367 | Unamortized investment tax credits | 1,224 | 1,295 | |||||||||||||||||
Accrued pension and other post-retirement benefits | 68,469 | 57,636 | Accrued pension and other post-retirement benefits | 95,570 | 68,469 | |||||||||||||||||
Operating lease liabilities | 11,588 | — | Operating lease liabilities | 9,636 | 11,588 | |||||||||||||||||
Other | 13,802 | 11,171 | Other | 14,860 | 13,802 | |||||||||||||||||
Total other credits | 445,035 | 481,261 | Total other credits | 447,916 | 445,035 | |||||||||||||||||
Commitments and Contingencies (Notes 14 and 15) | Commitments and Contingencies (Notes 14 and 15) | |||||||||||||||||||||
Total Capitalization and Liabilities | $ | 1,522,454 | $ | 1,389,222 | Total Capitalization and Liabilities | $ | 1,560,782 | $ | 1,522,454 |
December 31, | December 31, | |||||||||||||||||||||
(in thousands, except share data) | 2019 | 2018 | (in thousands, except share data) | 2020 | 2019 | |||||||||||||||||
Common Shareholder’s Equity: | Common Shareholder’s Equity: | |||||||||||||||||||||
Common Shares, no par value: Authorized: 1,000 shares Outstanding: 165 shares in 2019 and 2018 | $ | 293,754 | $ | 292,412 | ||||||||||||||||||
Common Shares, 0 par value: Authorized: 1,000 shares Outstanding: 170 shares in 2020 and 165 shares in 2019 | Common Shares, 0 par value: Authorized: 1,000 shares Outstanding: 170 shares in 2020 and 165 shares in 2019 | $ | 354,906 | $ | 293,754 | |||||||||||||||||
Reinvested earnings in the business | 257,434 | 211,163 | Reinvested earnings in the business | 228,392 | 257,434 | |||||||||||||||||
551,188 | 503,575 | 583,298 | 551,188 | |||||||||||||||||||
Long-Term Debt | Long-Term Debt | |||||||||||||||||||||
Notes/Debentures: | Notes/Debentures: | |||||||||||||||||||||
6.81% notes due 2028 | 15,000 | 15,000 | 6.81% notes due 2028 | 15,000 | 15,000 | |||||||||||||||||
6.59% notes due 2029 | 40,000 | 40,000 | 6.59% notes due 2029 | 40,000 | 40,000 | |||||||||||||||||
7.875% notes due 2030 | 20,000 | 20,000 | 7.875% notes due 2030 | 20,000 | 20,000 | |||||||||||||||||
7.23% notes due 2031 | 50,000 | 50,000 | 7.23% notes due 2031 | 50,000 | 50,000 | |||||||||||||||||
6.00% notes due 2041 | 62,000 | 62,000 | 6.00% notes due 2041 | 62,000 | 62,000 | |||||||||||||||||
Private Placement Notes: | Private Placement Notes: | |||||||||||||||||||||
3.45% notes due 2029 | 15,000 | 15,000 | 3.45% notes due 2029 | 15,000 | 15,000 | |||||||||||||||||
9.56% notes due 2031 | 28,000 | 28,000 | 9.56% notes due 2031 | 28,000 | 28,000 | |||||||||||||||||
5.87% notes due 2028 | 40,000 | 40,000 | 5.87% notes due 2028 | 40,000 | 40,000 | |||||||||||||||||
6.70% notes due 2019 | — | 40,000 | ||||||||||||||||||||
2.17% notes due 2030 | 2.17% notes due 2030 | 85,000 | 0 | |||||||||||||||||||
2.90% notes due 2040 | 2.90% notes due 2040 | 75,000 | 0 | |||||||||||||||||||
Tax-Exempt Obligations: | Tax-Exempt Obligations: | |||||||||||||||||||||
5.50% notes due 2026 | 7,730 | 7,730 | 5.50% notes due 2026 | 7,730 | 7,730 | |||||||||||||||||
State Water Project due 2035 | 3,563 | 3,667 | State Water Project due 2035 | 3,322 | 3,563 | |||||||||||||||||
Other Debt Instruments: | Other Debt Instruments: | |||||||||||||||||||||
American Recovery and Reinvestment Act Obligation due 2033 | 3,406 | 3,581 | American Recovery and Reinvestment Act Obligation due 2033 | 3,219 | 3,406 | |||||||||||||||||
284,699 | 324,978 | 444,271 | 284,699 | |||||||||||||||||||
Less: Current maturities | (344 | ) | (40,320 | ) | Less: Current maturities | (358) | (344) | |||||||||||||||
Debt issuance costs | (3,359 | ) | (3,571 | ) | Debt issuance costs | (3,565) | (3,359) | |||||||||||||||
280,996 | 281,087 | 440,348 | 280,996 | |||||||||||||||||||
Total Capitalization | $ | 832,184 | $ | 784,662 | Total Capitalization | $ | 1,023,646 | $ | 832,184 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Operating Revenues | Operating Revenues | |||||||||||||||||||||||||||||||
Water | $ | 319,830 | $ | 295,258 | $ | 306,332 | Water | $ | 330,637 | $ | 319,830 | $ | 295,258 | |||||||||||||||||||
Electric | 39,548 | 34,350 | 33,969 | |||||||||||||||||||||||||||||
Electric (Note 20) | Electric (Note 20) | 18,647 | 39,548 | 34,350 | ||||||||||||||||||||||||||||
Total operating revenues | 359,378 | 329,608 | 340,301 | Total operating revenues | 349,284 | 359,378 | 329,608 | |||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||
Operating Expenses (Note 20) | Operating Expenses (Note 20) | |||||||||||||||||||||||||||||||
Water purchased | 72,289 | 68,904 | 68,302 | Water purchased | 74,554 | 72,289 | 68,904 | |||||||||||||||||||||||||
Power purchased for pumping | 8,660 | 8,971 | 8,518 | Power purchased for pumping | 10,134 | 8,660 | 8,971 | |||||||||||||||||||||||||
Groundwater production assessment | 18,962 | 19,440 | 18,638 | Groundwater production assessment | 20,392 | 18,962 | 19,440 | |||||||||||||||||||||||||
Power purchased for resale | 11,796 | 11,590 | 10,720 | Power purchased for resale | 5,010 | 11,796 | 11,590 | |||||||||||||||||||||||||
Supply cost balancing accounts | (7,026 | ) | (15,649 | ) | (17,939 | ) | Supply cost balancing accounts | (11,749) | (7,026) | (15,649) | ||||||||||||||||||||||
Other operation | 26,336 | 25,334 | 24,877 | Other operation | 25,194 | 26,336 | 25,334 | |||||||||||||||||||||||||
Administrative and general | 59,905 | 62,156 | 62,408 | Administrative and general | 59,385 | 59,905 | 62,156 | |||||||||||||||||||||||||
Depreciation and amortization | 32,441 | 38,395 | 37,852 | Depreciation and amortization | 32,184 | 32,441 | 38,395 | |||||||||||||||||||||||||
Maintenance | 12,843 | 13,104 | 12,970 | Maintenance | 12,424 | 12,843 | 13,104 | |||||||||||||||||||||||||
Property and other taxes | 18,168 | 16,809 | 16,402 | Property and other taxes | 18,860 | 18,168 | 16,809 | |||||||||||||||||||||||||
Gain on sale of assets | (88 | ) | (8 | ) | (8,318 | ) | Gain on sale of assets | 0 | (88) | (8) | ||||||||||||||||||||||
Total operating expenses | 254,286 | 249,046 | 234,430 | Total operating expenses | 246,388 | 254,286 | 249,046 | |||||||||||||||||||||||||
Operating Income | 105,092 | 80,562 | 105,871 | |||||||||||||||||||||||||||||
Operating Income (Note 20) | Operating Income (Note 20) | 102,896 | 105,092 | 80,562 | ||||||||||||||||||||||||||||
Other Income and Expenses | Other Income and Expenses | |||||||||||||||||||||||||||||||
Interest expense | (23,399 | ) | (22,621 | ) | (22,055 | ) | Interest expense | (21,495) | (23,399) | (22,621) | ||||||||||||||||||||||
Interest income | 1,867 | 2,890 | 1,766 | Interest income | 718 | 1,867 | 2,890 | |||||||||||||||||||||||||
Other, net | 3,280 | 784 | 2,234 | Other, net | 4,556 | 3,280 | 784 | |||||||||||||||||||||||||
Total other income and expenses | (18,252 | ) | (18,947 | ) | (18,055 | ) | Total other income and expenses | (16,221) | (18,252) | (18,947) | ||||||||||||||||||||||
Income from operations before income tax expense | 86,840 | 61,615 | 87,816 | Income from operations before income tax expense | 86,675 | 86,840 | 61,615 | |||||||||||||||||||||||||
Income tax expense | 20,177 | 13,603 | 34,059 | Income tax expense | 21,704 | 20,177 | 13,603 | |||||||||||||||||||||||||
Net Income | $ | 66,663 | $ | 48,012 | $ | 53,757 | ||||||||||||||||||||||||||
Net Income (Note 20) | Net Income (Note 20) | $ | 64,971 | $ | 66,663 | $ | 48,012 |
Common Shares | Reinvested | Common Shares | Reinvested | ||||||||||||||||||||||||||||||||||||||
Number | Earnings | Number | Earnings | ||||||||||||||||||||||||||||||||||||||
of | in the | of | in the | ||||||||||||||||||||||||||||||||||||||
(in thousands, except number of shares) | Shares | Amount | Business | Total | (in thousands, except number of shares) | Shares | Amount | Business | Total | ||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | 146 | $ | 240,482 | $ | 206,288 | $ | 446,770 | ||||||||||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||||||||
Net income | 53,757 | 53,757 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,527 | 1,527 | |||||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 172 | 172 | |||||||||||||||||||||||||||||||||||||||
Deduct: | |||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 27,680 | 27,680 | |||||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 172 | 172 | |||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2017 | 146 | 242,181 | 232,193 | 474,374 | Balances at December 31, 2017 | 146 | $ | 242,181 | $ | 232,193 | $ | 474,374 | |||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | 48,012 | 48,012 | Net income | 48,012 | 48,012 | ||||||||||||||||||||||||||||||||||||
Issuance of Common Shares to Parent | 19 | 47,500 | 47,500 | Issuance of Common Shares to Parent | 19 | 47,500 | 47,500 | ||||||||||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 2,539 | 2,539 | Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 2,539 | 2,539 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | ||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 68,850 | 68,850 | Dividends on Common Shares | 68,850 | 68,850 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 165 | 292,412 | 211,163 | 503,575 | Balances at December 31, 2018 | 165 | 292,412 | 211,163 | 503,575 | ||||||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | 66,663 | 66,663 | Net income | 66,663 | 66,663 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,150 | 1,150 | Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,150 | 1,150 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | ||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 20,200 | 20,200 | Dividends on Common Shares | 20,200 | 20,200 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 165 | $ | 293,754 | $ | 257,434 | $ | 551,188 | Balances at December 31, 2019 | 165 | 293,754 | 257,434 | 551,188 | |||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 64,971 | 64,971 | ||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares to Parent | Issuance of Common Shares to Parent | 5 | 60,000 | 60,000 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 983 | 983 | ||||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | Dividend equivalent rights on stock-based awards not paid in cash | 169 | 169 | ||||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | Dividends on Common Shares | 22,500 | 22,500 | ||||||||||||||||||||||||||||||||||||||
Distribution of BVESI common shares to AWR parent (Note 20) | Distribution of BVESI common shares to AWR parent (Note 20) | 71,344 | 71,344 | ||||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | Dividend equivalent rights on stock-based awards not paid in cash | 169 | 169 | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | Balances at December 31, 2020 | 170 | $ | 354,906 | $ | 228,392 | $ | 583,298 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | |||||||||||||||||||||||||||||||
Net income | $ | 66,663 | $ | 48,012 | $ | 53,757 | Net income | $ | 64,971 | $ | 66,663 | $ | 48,012 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 32,757 | 38,633 | 38,094 | Depreciation and amortization | 32,477 | 32,757 | 38,633 | |||||||||||||||||||||||||
Provision for doubtful accounts | 606 | 850 | 816 | Provision for doubtful accounts | 1,018 | 606 | 850 | |||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 5,081 | (6,817 | ) | 13,970 | Deferred income taxes and investment tax credits | 1,181 | 5,081 | (6,817) | ||||||||||||||||||||||||
Stock-based compensation expense | 2,253 | 3,397 | 2,420 | Stock-based compensation expense | 2,349 | 2,253 | 3,397 | |||||||||||||||||||||||||
Gain on sale of assets | (88 | ) | (8 | ) | (8,318 | ) | Gain on sale of assets | 0 | (88) | (8) | ||||||||||||||||||||||
(Gain) loss on investments held in a trust | (3,580 | ) | 558 | (1,743 | ) | (Gain) loss on investments held in a trust | (3,024) | (3,580) | 558 | |||||||||||||||||||||||
Other — net | 58 | 27 | 130 | Other — net | (576) | 58 | 27 | |||||||||||||||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable — customers | 1,882 | 1,882 | (7,671 | ) | Accounts receivable — customers | (12,126) | 1,882 | 1,882 | ||||||||||||||||||||||||
Unbilled revenue — receivable | (744 | ) | 960 | (1,152 | ) | Unbilled revenue — receivable | (1,693) | (744) | 960 | |||||||||||||||||||||||
Other accounts receivable | 311 | 4,140 | (544 | ) | Other accounts receivable | (1,364) | 311 | 4,140 | ||||||||||||||||||||||||
Materials and supplies | (123 | ) | (751 | ) | (322 | ) | Materials and supplies | (2,166) | (123) | (751) | ||||||||||||||||||||||
Prepayments and other assets | 4,230 | (154 | ) | (1,450 | ) | Prepayments and other assets | 1,124 | 4,230 | (154) | |||||||||||||||||||||||
Regulatory assets/liabilities | (11,597 | ) | 33,834 | 24,626 | Regulatory assets/liabilities | 13,278 | (11,597) | 33,834 | ||||||||||||||||||||||||
Accounts payable | 1,558 | (1,907 | ) | 4,927 | Accounts payable | 1,810 | 1,558 | (1,907) | ||||||||||||||||||||||||
Inter-company receivable/payable | 1,056 | (47 | ) | (390 | ) | Inter-company receivable/payable | (1,911) | 1,056 | (47) | |||||||||||||||||||||||
Income taxes receivable/payable from/to Parent | (2,110 | ) | 973 | 15,266 | Income taxes receivable/payable from/to Parent | 12,339 | (2,110) | 973 | ||||||||||||||||||||||||
Accrued pension and other post-retirement benefits | 1,994 | (1,086 | ) | (878 | ) | Accrued pension and other post-retirement benefits | 1,390 | 1,994 | (1,086) | |||||||||||||||||||||||
Other liabilities | (3,579 | ) | (2,057 | ) | (1,930 | ) | Other liabilities | 1,260 | (3,579) | (2,057) | ||||||||||||||||||||||
Net cash provided | 96,628 | 120,439 | 129,608 | Net cash provided | 110,337 | 96,628 | 120,439 | |||||||||||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | |||||||||||||||||||||||||||||||
Capital expenditures | (142,852 | ) | (116,354 | ) | (110,487 | ) | Capital expenditures | (116,409) | (142,852) | (116,354) | ||||||||||||||||||||||
Note receivable from AWR parent | Note receivable from AWR parent | (6,000) | 0 | 0 | ||||||||||||||||||||||||||||
Receipt of payment of note receivable from AWR parent | Receipt of payment of note receivable from AWR parent | 6,000 | 0 | 0 | ||||||||||||||||||||||||||||
Proceeds from sale of assets | 88 | 9 | 34,324 | Proceeds from sale of assets | 0 | 88 | 9 | |||||||||||||||||||||||||
Other investments | (1,424 | ) | (1,553 | ) | (1,229 | ) | Other investments | (1,275) | (1,424) | (1,553) | ||||||||||||||||||||||
Net cash used | (144,188 | ) | (117,898 | ) | (77,392 | ) | Net cash used | (117,684) | (144,188) | (117,898) | ||||||||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | |||||||||||||||||||||||||||||||
Proceeds from issuance of Common Shares to Parent | — | 47,500 | — | Proceeds from issuance of Common Shares to Parent | 60,000 | 0 | 47,500 | |||||||||||||||||||||||||
Receipt of advances for and contributions in aid of construction | 10,171 | 5,551 | 7,275 | Receipt of advances for and contributions in aid of construction | 9,338 | 10,171 | 5,551 | |||||||||||||||||||||||||
Refunds on advances for construction | (5,005 | ) | (3,886 | ) | (3,889 | ) | Refunds on advances for construction | (3,729) | (5,005) | (3,886) | ||||||||||||||||||||||
Retirement or repayments of long-term debt | (40,325 | ) | (326 | ) | (329 | ) | Retirement or repayments of long-term debt | (336) | (40,325) | (326) | ||||||||||||||||||||||
Proceeds from the issuance of long-term debt, net of issuance costs | Proceeds from the issuance of long-term debt, net of issuance costs | 159,413 | 0 | 0 | ||||||||||||||||||||||||||||
Net change in inter-company borrowings | 100,500 | 22,500 | (26,500 | ) | Net change in inter-company borrowings | (158,000) | 100,500 | 22,500 | ||||||||||||||||||||||||
Dividends paid | (20,200 | ) | (68,850 | ) | (27,680 | ) | Dividends paid | (22,500) | (20,200) | (68,850) | ||||||||||||||||||||||
Other | (1,367 | ) | (1,057 | ) | (1,088 | ) | Other | (1,662) | (1,367) | (1,057) | ||||||||||||||||||||||
Net cash provided (used) | 43,774 | 1,432 | (52,211 | ) | ||||||||||||||||||||||||||||
Net cash provided | Net cash provided | 42,524 | 43,774 | 1,432 | ||||||||||||||||||||||||||||
Net change in cash and cash equivalents | (3,786 | ) | 3,973 | 5 | Net change in cash and cash equivalents | 35,177 | (3,786) | 3,973 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 4,187 | 214 | 209 | Cash and cash equivalents, beginning of year | 401 | 4,187 | 214 | |||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 401 | $ | 4,187 | $ | 214 | Cash and cash equivalents, end of year | $ | 35,578 | $ | 401 | $ | 4,187 |
Source of water supply | 30 years to 50 years | ||||
Pumping | 25 years to 40 years | ||||
Water treatment | 20 years to 35 years | ||||
Transmission and distribution | 25 years to 55 years | ||||
Generation | 40 years | ||||
Other plant | 7 years to 40 years |
2019 | 2018 | |||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt—GSWC (1) | $ | 284,699 | $ | 376,467 | $ | 324,978 | $ | 387,889 |
2020 | 2019 | |||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt—GSWC (1) | $ | 444,271 | $ | 559,752 | $ | 284,699 | $ | 376,467 |
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Long-term debt—GSWC | — | $ | 376,467 | — | $ | 376,467 |
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Long-term debt—GSWC | 0 | $ | 559,752 | 0 | $ | 559,752 |
(dollar in thousands) | For The Year Ended December 31, 2019 | For The Year Ended December 31, 2018 | ||||||
Water: | ||||||||
Tariff-based revenues | $ | 305,244 | $ | 298,818 | ||||
CPUC-approved surcharges (cost-recovery activities) | 4,322 | 2,962 | ||||||
Other | 2,006 | 1,813 | ||||||
Water revenues from contracts with customers | 311,572 | 303,593 | ||||||
WRAM under/(over)-collection (alternative revenue program) | 8,258 | (8,335 | ) | |||||
Total water revenues | 319,830 | 295,258 | ||||||
Electric: | ||||||||
Tariff-based revenues | 36,628 | 34,501 | ||||||
CPUC-approved surcharges (cost-recovery activities) | 410 | 214 | ||||||
Electric revenues from contracts with customers | 37,038 | 34,715 | ||||||
BRRAM under/(over)-collection (alternative revenue program) | 2,510 | (365 | ) | |||||
Total electric revenues | 39,548 | 34,350 | ||||||
Contracted services: | ||||||||
Water | 59,868 | 62,273 | ||||||
Wastewater | 54,623 | 44,935 | ||||||
Contracted services revenues from contracts with customers | 114,491 | 107,208 | ||||||
Total revenues | $ | 473,869 | $ | 436,816 |
(dollar in thousands) | For The Year Ended December 31, 2020 | For The Year Ended December 31, 2019 | For The Year Ended December 31, 2018 | |||||||||||||||||
Water: | ||||||||||||||||||||
Tariff-based revenues | $ | 329,670 | $ | 305,244 | 298,818 | |||||||||||||||
CPUC-approved surcharges (cost-recovery activities) | 3,736 | 4,322 | 2,962 | |||||||||||||||||
Other | 2,100 | 2,006 | 1,813 | |||||||||||||||||
Water revenues from contracts with customers | 335,506 | 311,572 | 303,593 | |||||||||||||||||
WRAM under/(over)-collection (alternative revenue program) | (4,869) | 8,258 | (8,335) | |||||||||||||||||
Total water revenues | 330,637 | 319,830 | 295,258 | |||||||||||||||||
Electric: | ||||||||||||||||||||
Tariff-based revenues | 35,283 | 36,628 | 34,501 | |||||||||||||||||
CPUC-approved surcharges (cost-recovery activities) | 686 | 410 | 214 | |||||||||||||||||
Electric revenues from contracts with customers | 35,969 | 37,038 | 34,715 | |||||||||||||||||
BRRAM under/(over)-collection (alternative revenue program) | 1,055 | 2,510 | (365) | |||||||||||||||||
Total electric revenues | 37,024 | 39,548 | 34,350 | |||||||||||||||||
Contracted services: | ||||||||||||||||||||
Water | 74,898 | 59,868 | 62,273 | |||||||||||||||||
Wastewater | 45,684 | 54,623 | 44,935 | |||||||||||||||||
Contracted services revenues from contracts with customers | 120,582 | 114,491 | 107,208 | |||||||||||||||||
Total revenues | $ | 488,243 | $ | 473,869 | $ | 436,816 |
(dollar in thousands) | December 31, 2020 | December 31, 2019 | ||||||||||||
Unbilled receivables | $ | 14,924 | $ | 10,467 | ||||||||||
Receivable from the U.S. government | $ | 74,670 | $ | 64,819 | ||||||||||
Contract assets | $ | 10,257 | $ | 15,631 | ||||||||||
Contract liabilities | $ | 1,800 | $ | 11,167 |
(dollar in thousands) | December 31, 2019 | December 31, 2018 | ||||||
Unbilled receivables | $ | 10,467 | $ | 5,696 | ||||
Receivable from the U.S. government | $ | 64,819 | $ | 61,126 | ||||
Contract assets | $ | 15,631 | $ | 24,447 | ||||
Contract liabilities | $ | 11,167 | $ | 7,530 |
December 31, | ||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||
GSWC | ||||||||||||||
Water Revenue Adjustment Mechanism, net of the Modified Cost Balancing Account | $ | 13,741 | $ | 22,535 | ||||||||||
Costs deferred for future recovery on Aerojet case | 6,751 | 8,292 | ||||||||||||
Pensions and other post-retirement obligations (Note 12) | 65,576 | 40,693 | ||||||||||||
Derivative unrealized loss (Note 5) | 0 | 3,171 | ||||||||||||
COVID-19 memorandum account | 4,119 | 0 | ||||||||||||
Other regulatory assets | 10,670 | 23,662 | ||||||||||||
Excess deferred income taxes (Note 11) | (74,185) | (79,886) | ||||||||||||
Flow-through taxes, net (Note 11) | (9,722) | (12,439) | ||||||||||||
Various refunds to customers | (4,577) | (8,478) | ||||||||||||
Total GSWC | $ | 12,373 | $ | (2,450) | ||||||||||
BVESI | ||||||||||||||
Derivative unrealized loss (Note 5) | 1,537 | 0 | ||||||||||||
Other regulatory assets | 2,629 | 0 | ||||||||||||
Total AWR | $ | 16,539 | $ | (2,450) |
December 31, | ||||||||
(dollars in thousands) | 2019 | 2018 | ||||||
GSWC | ||||||||
Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | $ | 22,535 | $ | 17,763 | ||||
Costs deferred for future recovery on Aerojet case | 8,292 | 9,516 | ||||||
Pensions and other post-retirement obligations (Note 12) | 40,693 | 33,124 | ||||||
Derivative unrealized loss (Note 5) | 3,171 | 311 | ||||||
General rate case memorandum accounts | 4,820 | 5,054 | ||||||
Other regulatory assets | 18,842 | 18,440 | ||||||
Excess deferred income taxes (Note 11) | (79,886 | ) | (81,465 | ) | ||||
Flow-through taxes, net (Note 11) | (12,439 | ) | (15,273 | ) | ||||
Tax Cuts and Jobs Act ("Tax Act") memorandum accounts | — | (8,293 | ) | |||||
Various refunds to customers | (8,478 | ) | (7,517 | ) | ||||
Total | $ | (2,450 | ) | $ | (28,340 | ) |
AWR December 31, | GSWC December 31, | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Water | ||||||||||||||||
Land | $ | 18,066 | $ | 14,890 | $ | 18,066 | $ | 14,890 | ||||||||
Intangible assets | 28,578 | 29,412 | 28,578 | 29,413 | ||||||||||||
Source of water supply | 91,685 | 91,349 | 91,685 | 91,349 | ||||||||||||
Pumping | 178,058 | 182,673 | 178,058 | 182,673 | ||||||||||||
Water treatment | 78,048 | 82,198 | 78,048 | 82,198 | ||||||||||||
Transmission and distribution | 1,219,285 | 1,142,105 | 1,219,285 | 1,142,105 | ||||||||||||
Other | 117,276 | 131,419 | 86,722 | 106,907 | ||||||||||||
1,730,996 | 1,674,046 | 1,700,442 | 1,649,535 | |||||||||||||
Electric | ||||||||||||||||
Transmission and distribution | 84,018 | 82,257 | 84,018 | 82,257 | ||||||||||||
Generation | 12,583 | 12,583 | 12,583 | 12,583 | ||||||||||||
Other (1) | 11,824 | 11,224 | 11,824 | 11,224 | ||||||||||||
108,425 | 106,064 | 108,425 | 106,064 | |||||||||||||
Less — accumulated depreciation | (543,263 | ) | (561,855 | ) | (531,801 | ) | (551,244 | ) | ||||||||
Construction work in progress | 119,547 | 78,055 | 117,676 | 76,737 | ||||||||||||
Net utility plant | $ | 1,415,705 | $ | 1,296,310 | $ | 1,394,742 | $ | 1,281,092 |
AWR December 31, | GSWC December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Water | ||||||||||||||||||||||||||
Land | $ | 18,234 | $ | 18,066 | $ | 18,234 | $ | 18,066 | ||||||||||||||||||
Intangible assets | 28,906 | 28,578 | 28,906 | 28,578 | ||||||||||||||||||||||
Source of water supply | 92,166 | 91,685 | 92,166 | 91,685 | ||||||||||||||||||||||
Pumping | 190,901 | 178,058 | 190,901 | 178,058 | ||||||||||||||||||||||
Water treatment | 81,272 | 78,048 | 81,272 | 78,048 | ||||||||||||||||||||||
Transmission and distribution | 1,277,361 | 1,219,285 | 1,277,361 | 1,219,285 | ||||||||||||||||||||||
Other | 128,877 | 117,276 | 95,562 | 86,722 | ||||||||||||||||||||||
1,817,717 | 1,730,996 | 1,784,402 | 1,700,442 | |||||||||||||||||||||||
Electric (Note 20) | ||||||||||||||||||||||||||
Transmission and distribution | 87,461 | 84,018 | 0 | 84,018 | ||||||||||||||||||||||
Generation | 12,583 | 12,583 | 0 | 12,583 | ||||||||||||||||||||||
Other (1) | 12,463 | 11,824 | 0 | 11,824 | ||||||||||||||||||||||
112,507 | 108,425 | 0 | 108,425 | |||||||||||||||||||||||
Less — accumulated depreciation | (568,326) | (543,263) | (502,283) | (531,801) | ||||||||||||||||||||||
Construction work in progress | 150,145 | 119,547 | 118,370 | 117,676 | ||||||||||||||||||||||
Net utility plant | $ | 1,512,043 | $ | 1,415,705 | $ | 1,400,489 | $ | 1,394,742 |
Weighted Average Amortization | AWR December 31, | GSWC December 31, | ||||||||||||||||
(dollars in thousands) | Period | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Intangible assets: | ||||||||||||||||||
Conservation programs | 3 years | $ | 9,486 | $ | 9,486 | $ | 9,486 | $ | 9,486 | |||||||||
Water and service rights (2) | 30 years | 8,695 | 8,695 | 8,124 | 8,124 | |||||||||||||
Water planning studies | 14 years | 11,808 | 12,641 | 11,808 | 12,641 | |||||||||||||
Total intangible assets | 29,989 | 30,822 | 29,418 | 30,251 | ||||||||||||||
Less — accumulated amortization | (24,309 | ) | (24,399 | ) | (24,166 | ) | (24,268 | ) | ||||||||||
Intangible assets, net of amortization | $ | 5,680 | $ | 6,423 | $ | 5,252 | $ | 5,983 | ||||||||||
Intangible assets not subject to amortization (3) | $ | 402 | $ | 422 | $ | 402 | $ | 404 |
Weighted Average Amortization | AWR December 31, | GSWC December 31, | ||||||||||||||||||||||||||||||
(dollars in thousands) | Period | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Intangible assets: | ||||||||||||||||||||||||||||||||
Conservation programs | 3 years | $ | 9,486 | $ | 9,486 | $ | 9,486 | $ | 9,486 | |||||||||||||||||||||||
Water and service rights (2) | 30 years | 8,694 | 8,695 | 8,124 | 8,124 | |||||||||||||||||||||||||||
Water planning studies | 14 years | 12,141 | 11,808 | 10,898 | 11,808 | |||||||||||||||||||||||||||
Total intangible assets | 30,321 | 29,989 | 28,508 | 29,418 | ||||||||||||||||||||||||||||
Less — accumulated amortization | (24,460) | (24,309) | (24,305) | (24,166) | ||||||||||||||||||||||||||||
Intangible assets, net of amortization | $ | 5,861 | $ | 5,680 | $ | 4,203 | $ | 5,252 | ||||||||||||||||||||||||
Intangible assets not subject to amortization (3) | $ | 399 | $ | 402 | $ | 399 | $ | 402 |
Amortization Expense | ||||
2020 | $ | 90 | ||
2021 | 12 | |||
2022 | 12 | |||
2023 | 12 | |||
2024 | 12 | |||
Total | $ | 138 |
Amortization Expense | ||||||||
2021 | $ | 142 | ||||||
2022 | 114 | |||||||
2023 | 114 | |||||||
2024 | 74 | |||||||
2025 | 0 | |||||||
Total | $ | 444 |
(dollars in thousands) | GSWC | |||
Obligation at December 31, 2017 | $ | 4,963 | ||
Additional liabilities incurred | 256 | |||
Liabilities settled | (46 | ) | ||
Accretion | 55 | |||
Obligation at December 31, 2018 | $ | 5,228 | ||
Additional liabilities incurred | 271 | |||
Liabilities settled | (173 | ) | ||
Accretion | 86 | |||
Revision of previous estimates | 3,451 | |||
Obligation at December 31, 2019 | $ | 8,863 |
(dollars in thousands) | GSWC | |||||||
Obligation at December 31, 2018 | $ | 5,228 | ||||||
Additional liabilities incurred | 271 | |||||||
Liabilities settled | (173) | |||||||
Accretion | 86 | |||||||
Revision of previous estimates | $ | 3,451 | ||||||
Obligation at December 31, 2019 | $ | 8,863 | ||||||
Additional liabilities incurred | 165 | |||||||
Liabilities settled | (58) | |||||||
Accretion | 350 | |||||||
Obligation at December 31, 2020 | $ | 9,320 |
(dollars in thousands) | 2019 | 2018 | ||||||
Balance, at beginning of the period | $ | (311 | ) | $ | (2,941 | ) | ||
Unrealized (loss) gain on purchased power contracts | (2,860 | ) | 2,630 | |||||
Balance, at end of the period | $ | (3,171 | ) | $ | (311 | ) |
(dollars in thousands) | 2020 | 2019 | ||||||||||||
Balance, at beginning of the period | $ | (3,171) | $ | (311) | ||||||||||
Unrealized (loss) gain on purchased power contracts | 1,634 | (2,860) | ||||||||||||
Balance, at end of the period | $ | (1,537) | $ | (3,171) |
Basic: | For The Years Ended December 31, | |||||||||||
(in thousands, except per share amounts) | 2019 | 2018 | 2017 | |||||||||
Net income | $ | 84,342 | $ | 63,871 | $ | 69,367 | ||||||
Less: (a) Distributed earnings to common shareholders | 42,702 | 38,937 | 36,417 | |||||||||
Distributed earnings to participating securities | 180 | 204 | 197 | |||||||||
Undistributed earnings | 41,460 | 24,730 | 32,753 | |||||||||
(b) Undistributed earnings allocated to common shareholders | 41,285 | 24,601 | 32,577 | |||||||||
Undistributed earnings allocated to participating securities | 175 | 129 | 176 | |||||||||
Total income available to common shareholders, basic (a)+(b) | $ | 83,987 | $ | 63,538 | $ | 68,994 | ||||||
Weighted average Common Shares outstanding, basic | 36,814 | 36,733 | 36,638 | |||||||||
Basic earnings per Common Share | $ | 2.28 | $ | 1.73 | $ | 1.88 |
Basic: | For The Years Ended December 31, | |||||||||||||||||||
(in thousands, except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
Net income | $ | 86,425 | $ | 84,342 | $ | 63,871 | ||||||||||||||
Less: (a) Distributed earnings to common shareholders | 47,206 | 42,702 | 38,937 | |||||||||||||||||
Distributed earnings to participating securities | 158 | 180 | 204 | |||||||||||||||||
Undistributed earnings | 39,061 | 41,460 | 24,730 | |||||||||||||||||
(b) Undistributed earnings allocated to common shareholders | 38,930 | 41,285 | 24,601 | |||||||||||||||||
Undistributed earnings allocated to participating securities | 131 | 175 | 129 | |||||||||||||||||
Total income available to common shareholders, basic (a)+(b) | $ | 86,136 | $ | 83,987 | $ | 63,538 | ||||||||||||||
Weighted average Common Shares outstanding, basic | 36,880 | 36,814 | 36,733 | |||||||||||||||||
Basic earnings per Common Share | $ | 2.34 | $ | 2.28 | $ | 1.73 |
Diluted: | For The Years Ended December 31, | |||||||||||
(in thousands, except per share amounts) | 2019 | 2018 | 2017 | |||||||||
Common shareholders earnings, basic | $ | 83,987 | $ | 63,538 | $ | 68,994 | ||||||
Undistributed earnings for dilutive stock options and restricted stock units | 175 | 129 | 176 | |||||||||
Total common shareholders earnings, diluted | $ | 84,162 | $ | 63,667 | $ | 69,170 | ||||||
Weighted average Common Shares outstanding, basic | 36,814 | 36,733 | 36,638 | |||||||||
Stock-based compensation (1) | 150 | 203 | 206 | |||||||||
Weighted average Common Shares outstanding, diluted | 36,964 | 36,936 | 36,844 | |||||||||
Diluted earnings per Common Share | $ | 2.28 | $ | 1.72 | $ | 1.88 |
Diluted: | For The Years Ended December 31, | |||||||||||||||||||
(in thousands, except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
Common shareholders earnings, basic | $ | 86,136 | $ | 83,987 | $ | 63,538 | ||||||||||||||
Undistributed earnings for dilutive stock options and restricted stock units | 131 | 175 | 129 | |||||||||||||||||
Total common shareholders earnings, diluted | $ | 86,267 | $ | 84,162 | $ | 63,667 | ||||||||||||||
Weighted average Common Shares outstanding, basic | 36,880 | 36,814 | 36,733 | |||||||||||||||||
Stock-based compensation (1) | 115 | 150 | 203 | |||||||||||||||||
Weighted average Common Shares outstanding, diluted | 36,995 | 36,964 | 36,936 | |||||||||||||||||
Diluted earnings per Common Share | $ | 2.33 | $ | 2.28 | $ | 1.72 |
December 31, | ||||||||
(in thousands, except percent) | 2019 | 2018 | ||||||
Balance Outstanding at December 31, | $ | 205,000 | $ | 95,500 | ||||
Interest Rate at December 31, | 2.44 | % | 3.19 | % | ||||
Average Amount Outstanding | $ | 167,392 | $ | 69,559 | ||||
Weighted Average Annual Interest Rate | 2.88 | % | 2.66 | % | ||||
Maximum Amount Outstanding | $ | 205,500 | $ | 95,500 |
December 31, | ||||||||||||||
(in thousands, except percent) | 2020 | 2019 | ||||||||||||
Balance Outstanding at December 31, | $ | 134,200 | $ | 205,000 | ||||||||||
Interest Rate at December 31, | 1.19% ~ 1.90% | 2.44 | % | |||||||||||
Average Amount Outstanding | $ | 162,995 | $ | 167,392 | ||||||||||
Weighted Average Annual Interest Rate | 1.47 | % | 2.88 | % | ||||||||||
Maximum Amount Outstanding | $ | 249,200 | $ | 205,500 |
2020 | $ | 344 | |
2021 | 365 | ||
2022 | 392 | ||
2023 | 406 | ||
2024 | 425 | ||
Thereafter | 282,767 | ||
Total | $ | 284,699 |
2021 | $ | 358 | |||
2022 | 382 | ||||
2023 | 406 | ||||
2024 | 430 | ||||
2025 | 449 | ||||
Thereafter | 442,246 | ||||
Total | $ | 444,271 |
AWR | GSWC | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Deferred tax assets: | ||||||||||||||||
Regulatory-liability-related (1) | $ | 33,080 | $ | 33,419 | $ | 33,080 | $ | 33,419 | ||||||||
Contributions and advances | 5,777 | 5,281 | 6,158 | 5,666 | ||||||||||||
Other | 5,792 | 2,988 | 6,618 | 3,310 | ||||||||||||
Total deferred tax assets | $ | 44,649 | $ | 41,688 | $ | 45,856 | $ | 42,395 | ||||||||
Deferred tax liabilities: | ||||||||||||||||
Fixed assets | $ | (144,444 | ) | $ | (131,413 | ) | $ | (147,759 | ) | $ | (135,617 | ) | ||||
Regulatory-asset-related: depreciation and other | (20,641 | ) | (18,146 | ) | (20,641 | ) | (18,146 | ) | ||||||||
Balancing and memorandum accounts (non-flow-through) | (4,868 | ) | (6,325 | ) | (5,262 | ) | (6,873 | ) | ||||||||
Total deferred tax liabilities | (169,953 | ) | (155,884 | ) | (173,662 | ) | (160,636 | ) | ||||||||
Accumulated deferred income taxes - net | $ | (125,304 | ) | $ | (114,196 | ) | $ | (127,806 | ) | $ | (118,241 | ) |
AWR | GSWC | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||||
Regulatory-liability-related (1) | $ | 32,640 | $ | 33,080 | $ | 30,782 | $ | 33,080 | ||||||||||||||||||
Contributions and advances | 6,390 | 5,777 | 6,771 | 6,158 | ||||||||||||||||||||||
Other | 6,092 | 5,792 | 6,663 | 6,618 | ||||||||||||||||||||||
Total deferred tax assets | $ | 45,122 | $ | 44,649 | $ | 44,216 | $ | 45,856 | ||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||||
Fixed assets | $ | (146,688) | $ | (144,444) | $ | (141,422) | $ | (147,759) | ||||||||||||||||||
Regulatory-asset-related: depreciation and other | (22,205) | (20,641) | (21,060) | (20,641) | ||||||||||||||||||||||
Balancing and memorandum accounts (non-flow-through) | (7,401) | (4,868) | (6,315) | (5,262) | ||||||||||||||||||||||
Total deferred tax liabilities | (176,294) | (169,953) | (168,797) | (173,662) | ||||||||||||||||||||||
Accumulated deferred income taxes - net | $ | (131,172) | $ | (125,304) | $ | (124,581) | $ | (127,806) |
AWR | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | 19,240 | $ | 12,507 | $ | 17,252 | ||||||||||||||
State | 6,714 | 5,540 | 6,538 | |||||||||||||||||
Total current tax expense | $ | 25,954 | $ | 18,047 | $ | 23,790 | ||||||||||||||
Deferred | ||||||||||||||||||||
Federal | $ | 1,814 | $ | 6,407 | $ | (4,334) | ||||||||||||||
State | 429 | 216 | (1,439) | |||||||||||||||||
Total deferred tax (benefit) expense | 2,243 | 6,623 | (5,773) | |||||||||||||||||
Total income tax expense | $ | 28,197 | $ | 24,670 | $ | 18,017 |
AWR | GSWC | |||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Current | Current | |||||||||||||||||||||||||||||||
Federal | $ | 12,507 | $ | 17,252 | $ | 20,978 | Federal | $ | 14,674 | $ | 9,616 | $ | 14,488 | |||||||||||||||||||
State | 5,540 | 6,538 | 5,844 | State | 5,849 | 5,480 | 5,932 | |||||||||||||||||||||||||
Total current tax expense | $ | 18,047 | $ | 23,790 | $ | 26,822 | Total current tax expense | $ | 20,523 | $ | 15,096 | $ | 20,420 | |||||||||||||||||||
Deferred | Deferred | |||||||||||||||||||||||||||||||
Federal | $ | 6,407 | $ | (4,334 | ) | $ | 11,543 | Federal | $ | 949 | $ | 4,924 | $ | (5,531) | ||||||||||||||||||
State | 216 | (1,439 | ) | 609 | State | 232 | 157 | (1,286) | ||||||||||||||||||||||||
Total deferred tax (benefit) expense | 6,623 | (5,773 | ) | 12,152 | Total deferred tax (benefit) expense | 1,181 | 5,081 | (6,817) | ||||||||||||||||||||||||
Total income tax expense | $ | 24,670 | $ | 18,017 | $ | 38,974 | Total income tax expense | $ | 21,704 | $ | 20,177 | $ | 13,603 |
GSWC | ||||||||||||
Year Ended December 31, | ||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Current | ||||||||||||
Federal | $ | 9,616 | $ | 14,488 | $ | 15,044 | ||||||
State | 5,480 | 5,932 | 5,045 | |||||||||
Total current tax expense | $ | 15,096 | $ | 20,420 | $ | 20,089 | ||||||
Deferred | ||||||||||||
Federal | $ | 4,924 | $ | (5,531 | ) | $ | 11,770 | |||||
State | 157 | (1,286 | ) | 2,200 | ||||||||
Total deferred tax (benefit) expense | 5,081 | (6,817 | ) | 13,970 | ||||||||
Total income tax expense | $ | 20,177 | $ | 13,603 | $ | 34,059 |
AWR | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Federal taxes on pretax income at statutory rate | $ | 24,071 | $ | 22,872 | $ | 17,196 | ||||||||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||||||
State income tax, net of federal benefit | 5,764 | 4,758 | 3,693 | |||||||||||||||||
Excess deferred tax amortization | (1,550) | (1,579) | (2,101) | |||||||||||||||||
Flow-through on fixed assets | 1,056 | 1,244 | 429 | |||||||||||||||||
Flow-through on removal costs | (1,031) | (1,582) | (1,445) | |||||||||||||||||
Investment tax credit | (71) | (71) | (69) | |||||||||||||||||
Other – net | (42) | (972) | 314 | |||||||||||||||||
Total income tax expense from operations | $ | 28,197 | $ | 24,670 | $ | 18,017 | ||||||||||||||
Pretax income from operations | $ | 114,622 | $ | 109,012 | $ | 81,888 | ||||||||||||||
Effective income tax rate | 24.6 | % | 22.6 | % | 22.0 | % |
AWR | ||||||||||||
Year Ended December 31, | ||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Federal taxes on pretax income at statutory rate (21% in 2019 and 2018; 35% in 2017) | $ | 22,872 | $ | 17,196 | $ | 37,919 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||||
State income tax, net of federal benefit | 4,758 | 3,693 | 4,382 | |||||||||
Change in tax rate | — | (14 | ) | (82 | ) | |||||||
Excess deferred tax amortization | (1,579 | ) | (2,101 | ) | — | |||||||
Flow-through on fixed assets | 1,244 | 429 | 845 | |||||||||
Flow-through on removal costs | (1,582 | ) | (1,445 | ) | (1,980 | ) | ||||||
Domestic production activities deduction | — | (26 | ) | (1,421 | ) | |||||||
Investment tax credit | (71 | ) | (69 | ) | (93 | ) | ||||||
Other – net | (972 | ) | 354 | (596 | ) | |||||||
Total income tax expense from operations | $ | 24,670 | $ | 18,017 | $ | 38,974 | ||||||
Pretax income from operations | $ | 109,012 | $ | 81,888 | $ | 108,341 | ||||||
Effective income tax rate | 22.6 | % | 22.0 | % | 36.0 | % |
GSWC | ||||||||||||
Year Ended December 31, | ||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Federal taxes on pretax income at statutory rate (21% in 2019 and 2018; 35% in 2017) | $ | 18,236 | $ | 12,939 | $ | 30,736 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||||
State income tax, net of federal benefit | 4,656 | 3,335 | 4,924 | |||||||||
Change in tax rate | — | — | 1,063 | |||||||||
Excess deferred tax amortization | (1,579 | ) | (2,101 | ) | — | |||||||
Flow-through on fixed assets | 1,244 | 429 | 845 | |||||||||
Flow-through on removal costs | (1,582 | ) | (1,445 | ) | (1,980 | ) | ||||||
Domestic production activities deduction | — | (25 | ) | (1,148 | ) | |||||||
Investment tax credit | (71 | ) | (69 | ) | (93 | ) | ||||||
Other – net | (727 | ) | 540 | (288 | ) | |||||||
Total income tax expense from operations | $ | 20,177 | $ | 13,603 | $ | 34,059 | ||||||
Pretax income from operations | $ | 86,840 | $ | 61,615 | $ | 87,816 | ||||||
Effective income tax rate | 23.2 | % | 22.1 | % | 38.8 | % |
GSWC | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Federal taxes on pretax income at statutory rate | $ | 18,202 | $ | 18,236 | $ | 12,939 | ||||||||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||||||
State income tax, net of federal benefit | 4,920 | 4,656 | 3,335 | |||||||||||||||||
Excess deferred tax amortization | (1,477) | (1,579) | (2,101) | |||||||||||||||||
Flow-through on fixed assets | 1,042 | 1,244 | 429 | |||||||||||||||||
Flow-through on removal costs | (1,026) | (1,582) | (1,445) | |||||||||||||||||
Investment tax credit | (71) | (71) | (69) | |||||||||||||||||
Other – net | 114 | (727) | 515 | |||||||||||||||||
Total income tax expense from operations | $ | 21,704 | $ | 20,177 | $ | 13,603 | ||||||||||||||
Pretax income from operations | $ | 86,675 | $ | 86,840 | $ | 61,615 | ||||||||||||||
Effective income tax rate | 25.0 | % | 23.2 | % | 22.1 | % |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Change in Projected Benefit Obligation: | ||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 231,852 | $ | 196,082 | $ | 7,395 | $ | 7,886 | ||||||||||||||||||
Service cost | 5,558 | 4,441 | 171 | 186 | ||||||||||||||||||||||
Interest cost | 7,880 | 8,527 | 208 | 285 | ||||||||||||||||||||||
Actuarial (gain) loss | 35,453 | 29,784 | (1,604) | (538) | ||||||||||||||||||||||
Benefits/expenses paid | (7,957) | (6,982) | (264) | (424) | ||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 272,786 | $ | 231,852 | $ | 5,906 | $ | 7,395 | ||||||||||||||||||
Changes in Plan Assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 192,477 | $ | 162,529 | $ | 11,271 | $ | 10,010 | ||||||||||||||||||
Actual return on plan assets | 24,909 | 33,018 | 1,307 | 1,685 | ||||||||||||||||||||||
Employer contributions | 3,718 | 3,913 | 269 | 170 | ||||||||||||||||||||||
Benefits/expenses paid | (7,957) | (6,983) | (534) | (594) | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 213,147 | $ | 192,477 | $ | 12,313 | $ | 11,271 | ||||||||||||||||||
Funded Status: | ||||||||||||||||||||||||||
Net amount recognized as accrued pension cost | $ | (59,639) | $ | (39,375) | $ | 6,407 | $ | 3,876 |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Change in Projected Benefit Obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 196,082 | $ | 207,690 | $ | 7,886 | $ | 8,491 | ||||||||
Service cost | 4,441 | 5,342 | 186 | 218 | ||||||||||||
Interest cost | 8,527 | 7,646 | 285 | 292 | ||||||||||||
Plan amendment | — | 3,626 | — | — | ||||||||||||
Actuarial (gain) loss | 29,784 | (21,717 | ) | (538 | ) | (701 | ) | |||||||||
Benefits/expenses paid | (6,982 | ) | (6,505 | ) | (424 | ) | (414 | ) | ||||||||
Projected benefit obligation at end of year | $ | 231,852 | $ | 196,082 | $ | 7,395 | $ | 7,886 | ||||||||
Changes in Plan Assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 162,529 | $ | 173,648 | $ | 10,010 | $ | 11,053 | ||||||||
Actual return on plan assets | 33,018 | (10,626 | ) | 1,685 | (629 | ) | ||||||||||
Employer contributions | 3,913 | 6,012 | 170 | — | ||||||||||||
Benefits/expenses paid | (6,983 | ) | (6,505 | ) | (594 | ) | (414 | ) | ||||||||
Fair value of plan assets at end of year | $ | 192,477 | $ | 162,529 | $ | 11,271 | $ | 10,010 | ||||||||
Funded Status: | ||||||||||||||||
Net amount recognized as accrued pension cost | $ | (39,375 | ) | $ | (33,553 | ) | $ | 3,876 | $ | 2,124 |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Amounts recognized on the balance sheets: | ||||||||||||||||
Non-current assets | $ | — | $ | — | $ | 3,876 | $ | 2,124 | ||||||||
Current liabilities | — | — | — | — | ||||||||||||
Non-current liabilities | (39,375 | ) | (33,553 | ) | — | — | ||||||||||
Net amount recognized | $ | (39,375 | ) | $ | (33,553 | ) | $ | 3,876 | $ | 2,124 | ||||||
Amounts recognized in regulatory assets consist of: | ||||||||||||||||
Prior service cost (credit) | $ | 3,191 | $ | 3,626 | $ | — | $ | — | ||||||||
Net (gain) loss | 37,309 | 31,587 | (5,432 | ) | (4,459 | ) | ||||||||||
Regulatory assets (liabilities) | 40,500 | 35,213 | (5,432 | ) | (4,459 | ) | ||||||||||
Unfunded accrued pension cost | (1,125 | ) | (1,660 | ) | 1,556 | 2,335 | ||||||||||
Net liability (asset) recognized | $ | 39,375 | $ | 33,553 | $ | (3,876 | ) | $ | (2,124 | ) | ||||||
Changes in plan assets and benefit obligations recognized in regulatory assets: | ||||||||||||||||
Regulatory asset at beginning of year | $ | 35,213 | $ | 32,761 | $ | (4,459 | ) | $ | (5,650 | ) | ||||||
Net loss (gain) | 7,140 | 81 | (1,775 | ) | 421 | |||||||||||
New prior service cost | — | 3,626 | — | — | ||||||||||||
Amortization of prior service (cost) credit | (434 | ) | — | — | — | |||||||||||
Amortization of net gain (loss) | (1,419 | ) | (1,255 | ) | 802 | 770 | ||||||||||
Total change in regulatory asset | 5,287 | 2,452 | (973 | ) | 1,191 | |||||||||||
Regulatory asset (liability) at end of year | $ | 40,500 | $ | 35,213 | $ | (5,432 | ) | $ | (4,459 | ) | ||||||
Net periodic pension costs | $ | 4,447 | $ | 3,070 | $ | (779 | ) | $ | (752 | ) | ||||||
Change in regulatory asset | 5,287 | 2,452 | (973 | ) | 1,191 | |||||||||||
Total recognized in net periodic pension cost and regulatory asset (liability) | $ | 9,734 | $ | 5,522 | $ | (1,752 | ) | $ | 439 | |||||||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | ||||||||||||||||
Prior service (cost) credit | $ | (434 | ) | $ | (434 | ) | $ | — | $ | — | ||||||
Net gain (loss) | $ | (1,768 | ) | $ | (1,435 | ) | $ | 796 | $ | 598 | ||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||
Projected benefit obligation | $ | 231,852 | $ | 196,082 | $ | 7,395 | $ | 7,886 | ||||||||
Accumulated benefit obligation | $ | 215,996 | $ | 183,036 | N/A | N/A | ||||||||||
Fair value of plan assets | $ | 192,477 | $ | 162,529 | $ | 11,271 | $ | 10,010 | ||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||
Discount rate | 3.43 | % | 4.43 | % | 3.12 | % | 4.20 | % | ||||||||
Rate of compensation increase | * | * | N/A | N/A |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Amounts recognized on the balance sheets: | ||||||||||||||||||||||||||
Non-current assets | $ | 0 | $ | 0 | $ | 6,407 | $ | 3,876 | ||||||||||||||||||
Current liabilities | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Non-current liabilities | (59,639) | (39,375) | 0 | 0 | ||||||||||||||||||||||
Net amount recognized | $ | (59,639) | $ | (39,375) | $ | 6,407 | $ | 3,876 | ||||||||||||||||||
Amounts recognized in regulatory assets consist of: | ||||||||||||||||||||||||||
Prior service cost (credit) | $ | 2,757 | $ | 3,191 | $ | 0 | $ | 0 | ||||||||||||||||||
Net (gain) loss | 57,716 | 37,309 | (6,855) | (5,432) | ||||||||||||||||||||||
Regulatory assets (liabilities) | 60,473 | 40,500 | (6,855) | (5,432) | ||||||||||||||||||||||
Unfunded accrued pension cost | (834) | (1,125) | 448 | 1,556 | ||||||||||||||||||||||
Net liability (asset) recognized | $ | 59,639 | $ | 39,375 | $ | (6,407) | $ | (3,876) | ||||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets: | ||||||||||||||||||||||||||
Regulatory asset at beginning of year | $ | 40,500 | $ | 35,213 | $ | (5,432) | $ | (4,459) | ||||||||||||||||||
Net loss (gain) | 22,343 | 7,140 | (2,400) | (1,775) | ||||||||||||||||||||||
New prior service cost | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Amortization of prior service (cost) credit | (435) | (434) | 0 | 0 | ||||||||||||||||||||||
Amortization of net gain (loss) | (1,935) | (1,419) | 977 | 802 | ||||||||||||||||||||||
Total change in regulatory asset | 19,973 | 5,287 | (1,423) | (973) | ||||||||||||||||||||||
Regulatory asset (liability) at end of year | $ | 60,473 | $ | 40,500 | $ | (6,855) | $ | (5,432) | ||||||||||||||||||
Net periodic pension costs | $ | 4,010 | $ | 4,447 | $ | (1,108) | $ | (779) | ||||||||||||||||||
Change in regulatory asset | 19,973 | 5,287 | (1,423) | (973) | ||||||||||||||||||||||
Total recognized in net periodic pension cost and regulatory asset (liability) | $ | 23,983 | $ | 9,734 | $ | (2,531) | $ | (1,752) | ||||||||||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 272,786 | $ | 231,852 | $ | 5,906 | $ | 7,395 | ||||||||||||||||||
Accumulated benefit obligation | $ | 253,108 | $ | 215,996 | N/A | N/A | ||||||||||||||||||||
Fair value of plan assets | $ | 213,147 | $ | 192,477 | $ | 12,313 | $ | 11,271 | ||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||||
Discount rate | 2.55 | % | 3.43 | % | 2.20 | % | 3.12 | % | ||||||||||||||||||
Rate of compensation increase | * | * | N/A | N/A |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||
(dollars in thousands, except percent) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Components of Net Periodic Benefits Cost: | ||||||||||||||||||||||||
Service cost | $ | 4,441 | $ | 5,342 | $ | 4,999 | $ | 186 | $ | 218 | $ | 227 | ||||||||||||
Interest cost | 8,527 | 7,646 | 7,904 | 285 | 292 | 324 | ||||||||||||||||||
Expected return on plan assets | (10,374 | ) | (11,172 | ) | (9,705 | ) | (449 | ) | (493 | ) | (466 | ) | ||||||||||||
Amortization of prior service cost (credit) | 434 | — | — | — | — | — | ||||||||||||||||||
Amortization of actuarial (gain) loss | 1,419 | 1,254 | 923 | (801 | ) | (769 | ) | (775 | ) | |||||||||||||||
Net periodic pension cost under accounting standards | $ | 4,447 | $ | 3,070 | $ | 4,121 | $ | (779 | ) | $ | (752 | ) | $ | (690 | ) | |||||||||
Regulatory adjustment | (593 | ) | — | 465 | — | — | — | |||||||||||||||||
Total expense recognized, before surcharges and allocation to overhead pool | $ | 3,854 | $ | 3,070 | $ | 4,586 | $ | (779 | ) | $ | (752 | ) | $ | (690 | ) | |||||||||
Weighted-average assumptions used to determine net periodic cost: | ||||||||||||||||||||||||
Discount rate | 4.43 | % | 3.76 | % | 4.44 | % | 4.20 | % | 3.52 | % | 3.97 | % | ||||||||||||
Expected long-term return on plan assets | 6.50 | % | 6.50 | % | 6.50 | % | * | * | * | |||||||||||||||
Rate of compensation increase | ** | ** | ** | N/A | N/A | N/A |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||||||||||||||
(dollars in thousands, except percent) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefits Cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 5,558 | $ | 4,441 | $ | 5,342 | $ | 171 | $ | 186 | $ | 218 | ||||||||||||||||||||||||||
Interest cost | 7,880 | 8,527 | 7,646 | 208 | 285 | 292 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (11,798) | (10,374) | (11,172) | (510) | (449) | (493) | ||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 435 | 434 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Amortization of actuarial (gain) loss | 1,935 | 1,419 | 1,254 | (977) | (801) | (769) | ||||||||||||||||||||||||||||||||
Net periodic pension cost under accounting standards | $ | 4,010 | $ | 4,447 | $ | 3,070 | $ | (1,108) | $ | (779) | $ | (752) | ||||||||||||||||||||||||||
Regulatory adjustment | (483) | (593) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total expense recognized, before surcharges and allocation to overhead pool | $ | 3,527 | $ | 3,854 | $ | 3,070 | $ | (1,108) | $ | (779) | $ | (752) | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 3.43 | % | 4.43 | % | 3.76 | % | 3.12 | % | 4.20 | % | 3.52 | % | ||||||||||||||||||||||||||
Expected long-term return on plan assets | 6.25 | % | 6.50 | % | 6.50 | % | * | * | * | |||||||||||||||||||||||||||||
Rate of compensation increase | ** | ** | ** | N/A | N/A | N/A |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||
Asset Category | 2019 | 2018 | 2019 | 2018 | ||||||||
Actual Asset Allocations: | ||||||||||||
Equity securities | 56 | % | 53 | % | 61 | % | 59 | % | ||||
Debt securities | 39 | % | 43 | % | 38 | % | 39 | % | ||||
Real Estate Funds | 5 | % | 4 | % | — | % | — | % | ||||
Cash equivalents | — | % | — | % | 1 | % | 2 | % | ||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||
Asset Category | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Actual Asset Allocations: | ||||||||||||||||||||||||||
Equity securities | 59 | % | 56 | % | 63 | % | 61 | % | ||||||||||||||||||
Debt securities | 36 | % | 39 | % | 36 | % | 38 | % | ||||||||||||||||||
Real Estate Funds | 5 | % | 5 | % | 0 | % | 0 | % | ||||||||||||||||||
Cash equivalents | 0 | % | 0 | % | 1 | % | 1 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Target Asset Allocations for 2019: | Pension Benefits | Post-retirement Medical Benefits | ||||
Equity securities | 60 | % | 60 | % | ||
Debt securities | 40 | % | 40 | % | ||
Total | 100 | % | 100 | % |
Target Asset Allocations: | Pension Benefits | Post-retirement Medical Benefits | ||||||||||||
Equity securities | 60 | % | 60 | % | ||||||||||
Debt securities | 40 | % | 40 | % | ||||||||||
Total | 100 | % | 100 | % |
Net Asset Value as of December 31, 2020 | ||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||||
Cash equivalents | $ | 589 | 0 | N/A | N/A | |||||||||||||||||||||
Fixed income fund | $ | 76,221 | 0 | Daily | Daily | |||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
U.S. small/mid cap funds | 21,837 | 0 | Daily | Daily | ||||||||||||||||||||||
U.S. large cap funds | 53,677 | 0 | Daily | Daily | ||||||||||||||||||||||
International funds | 50,488 | 0 | Daily | Daily | ||||||||||||||||||||||
Total equity funds | 126,002 | 0 | ||||||||||||||||||||||||
Real estate funds | 10,335 | 0 | Daily | Daily | ||||||||||||||||||||||
Total | $ | 213,147 | 0 |
Net Asset Value as of December 31, 2019 | |||||||||||
(dollars in thousands) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | |||||||
Cash equivalents | $ | 600 | — | N/A | N/A | ||||||
Fixed income fund | 74,123 | — | Daily | Daily | |||||||
Equity securities: | |||||||||||
U.S. small/mid cap funds | 17,865 | — | Daily | Daily | |||||||
U.S. large cap funds | 47,132 | — | Daily | Daily | |||||||
International funds | 43,778 | — | Daily | Daily | |||||||
Total equity funds | 108,775 | — | |||||||||
Real estate funds | 8,979 | — | Daily | Daily | |||||||
Total | $ | 192,477 | — |
Net Asset Value as of December 31, 2018 | |||||||||||
(dollars in thousands) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | |||||||
Cash equivalents | $ | 590 | — | N/A | N/A | ||||||
Fixed income fund | 70,642 | — | Daily | Daily | |||||||
Equity securities: | |||||||||||
U.S. small/mid cap funds | 22,313 | — | Daily | Daily | |||||||
U.S. large cap funds | 46,133 | — | Daily | Daily | |||||||
International funds | 15,548 | — | Daily | Daily | |||||||
Total equity funds | 83,994 | ||||||||||
Real estate funds | 7,303 | — | Daily | Daily | |||||||
Total | $ | 162,529 | — |
Net Asset Value as of December 31, 2019 | ||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||||
Cash equivalents | $ | 600 | 0 | N/A | N/A | |||||||||||||||||||||
Fixed income fund | 74,123 | 0 | Daily | Daily | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
U.S. small/mid cap funds | 17,865 | 0 | Daily | Daily | ||||||||||||||||||||||
U.S. large cap funds | 47,132 | 0 | Daily | Daily | ||||||||||||||||||||||
International funds | 43,778 | 0 | Daily | Daily | ||||||||||||||||||||||
Total equity funds | 108,775 | 0 | ||||||||||||||||||||||||
Real estate funds | 8,979 | 0 | Daily | Daily | ||||||||||||||||||||||
Total | $ | 192,477 | 0 |
Fair Value as of December 31, 2020 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 169 | 0 | 0 | $ | 169 | ||||||||||||||||||||
Fixed income | 4,436 | 0 | 0 | 4,436 | ||||||||||||||||||||||
U.S. equity securities | 7,707 | 0 | 0 | 7,707 | ||||||||||||||||||||||
Total investments measured at fair value | $ | 12,312 | 0 | 0 | $ | 12,312 |
Fair Value as of December 31, 2019 | ||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Fair Value of Post-Retirement Plan Assets: | ||||||||||||||
Cash equivalents | $ | 69 | — | — | $ | 69 | ||||||||
Fixed income | 4,279 | — | — | 4,279 | ||||||||||
U.S. equity securities | 6,923 | — | — | 6,923 | ||||||||||
Total investments measured at fair value | $ | 11,271 | — | — | $ | 11,271 |
Fair Value as of December 31, 2018 | ||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Fair Value of Post-Retirement Plan Assets: | ||||||||||||||
Cash equivalents | $ | 263 | — | — | $ | 263 | ||||||||
Fixed income | 3,871 | — | — | 3,871 | ||||||||||
U.S. equity securities | 5,876 | — | — | 5,876 | ||||||||||
Total investments measured at fair value | $ | 10,010 | — | — | $ | 10,010 |
Fair Value as of December 31, 2019 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 69 | 0 | 0 | $ | 69 | ||||||||||||||||||||
Fixed income | 4,279 | 0 | 0 | 4,279 | ||||||||||||||||||||||
U.S. equity securities | 6,923 | 0 | 0 | 6,923 | ||||||||||||||||||||||
Total investments measured at fair value | $ | 11,271 | 0 | 0 | $ | 11,271 |
Pension Benefits | Post-Retirement Medical Benefits | ||||||
2020 | $ | 7,910 | $ | 526 | |||
2021 | 8,574 | 599 | |||||
2022 | 9,263 | 642 | |||||
2023 | 9,839 | 677 | |||||
2024 | 10,441 | 652 | |||||
Thereafter | 60,621 | 2,607 | |||||
Total | $ | 106,648 | $ | 5,703 |
Pension Benefits | Post-Retirement Medical Benefits | ||||||||||
2021 | $ | 8,572 | $ | 486 | |||||||
2022 | 9,262 | 503 | |||||||||
2023 | 9,880 | 516 | |||||||||
2024 | 10,494 | 489 | |||||||||
2025 | 11,142 | 476 | |||||||||
Thereafter | 63,680 | 1,813 | |||||||||
Total | $ | 113,030 | $ | 4,283 |
(dollars in thousands) | 1-Percentage-Point Increase | 1-Percentage-Point Decrease | ||||||
Effect on total of service and interest cost components | $ | 34 | $ | (29 | ) | |||
Effect on post-retirement benefit obligation | $ | 749 | $ | (645 | ) |
Fair Value as of December 31, 2020 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | ||||||||||||||||||||||||||
Cash equivalents | $ | 8 | 0 | 0 | $ | 8 | ||||||||||||||||||||
Fixed income securities | 10,201 | 0 | 0 | 10,201 | ||||||||||||||||||||||
Equity securities | 15,703 | 0 | 0 | 15,703 | ||||||||||||||||||||||
Total investments measured at fair value | $ | 25,912 | 0 | 0 | $ | 25,912 |
Fair Value as of December 31, 2019 | ||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Fair Value of Assets held in Rabbi Trust: | ||||||||||||||
Cash equivalents | $ | 72 | — | — | $ | 72 | ||||||||
Fixed income securities | 8,427 | — | — | 8,427 | ||||||||||
Equity securities | 13,054 | — | — | 13,054 | ||||||||||
Total investments measured at fair value | $ | 21,553 | — | — | $ | 21,553 |
Fair Value as of December 31, 2018 | ||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Fair Value of Assets held in Rabbi Trust: | ||||||||||||||
Cash equivalents | $ | 166 | — | — | $ | 166 | ||||||||
Fixed income securities | 6,251 | — | — | 6,251 | ||||||||||
Equity securities | 9,995 | — | — | 9,995 | ||||||||||
Total investments measured at fair value | $ | 16,412 | — | — | $ | 16,412 |
Fair Value as of December 31, 2019 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | ||||||||||||||||||||||||||
Cash equivalents | $ | 72 | 0 | 0 | $ | 72 | ||||||||||||||||||||
Fixed income securities | 8,427 | 0 | 0 | 8,427 | ||||||||||||||||||||||
Equity securities | 13,054 | 0 | 0 | 13,054 | ||||||||||||||||||||||
Total investments measured at fair value | $ | 21,553 | 0 | 0 | $ | 21,553 |
(dollars in thousands) | 2020 | 2019 | ||||||||||||
Change in Benefit Obligation: | ||||||||||||||
Benefit obligation at beginning of year | $ | 29,703 | $ | 24,517 | ||||||||||
Service cost | 1,029 | 1,193 | ||||||||||||
Interest cost | 988 | 1,069 | ||||||||||||
Actuarial (gain) loss | 5,479 | 3,419 | ||||||||||||
Benefits paid | (597) | (495) | ||||||||||||
Benefit obligation at end of year | $ | 36,602 | $ | 29,703 | ||||||||||
Changes in Plan Assets: | ||||||||||||||
Fair value of plan assets at beginning and end of year | 0 | 0 | ||||||||||||
Funded Status: | ||||||||||||||
Net amount recognized as accrued cost | $ | (36,602) | $ | (29,703) |
(dollars in thousands) | 2019 | 2018 | ||||||
Change in Benefit Obligation: | ||||||||
Benefit obligation at beginning of year | $ | 24,517 | $ | 24,062 | ||||
Service cost | 1,193 | 1,096 | ||||||
Interest cost | 1,069 | 888 | ||||||
Actuarial (gain) loss | 3,419 | (1,104 | ) | |||||
Benefits paid | (495 | ) | (425 | ) | ||||
Benefit obligation at end of year | $ | 29,703 | $ | 24,517 | ||||
Changes in Plan Assets: | ||||||||
Fair value of plan assets at beginning and end of year | — | — | ||||||
Funded Status: | ||||||||
Net amount recognized as accrued cost | $ | (29,703 | ) | $ | (24,517 | ) |
(in thousands) | 2019 | 2018 | ||||||
Amounts recognized on the balance sheets: | ||||||||
Current liabilities | $ | (609 | ) | $ | (433 | ) | ||
Non-current liabilities | (29,094 | ) | (24,084 | ) | ||||
Net amount recognized | $ | (29,703 | ) | $ | (24,517 | ) | ||
Amounts recognized in regulatory assets consist of: | ||||||||
Prior service cost | $ | — | $ | — | ||||
Net loss | 8,352 | 5,403 | ||||||
Regulatory assets | 8,352 | 5,403 | ||||||
Unfunded accrued cost | 21,351 | 19,114 | ||||||
Net liability recognized | $ | 29,703 | $ | 24,517 | ||||
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: | ||||||||
Regulatory asset at beginning of year | $ | 5,403 | $ | 7,556 | ||||
Net (gain) loss | 3,419 | (1,104 | ) | |||||
Amortization of prior service credit | — | — | ||||||
Amortization of net loss | (470 | ) | (1,049 | ) | ||||
Total change in regulatory asset | 2,949 | (2,153 | ) | |||||
Regulatory asset at end of year | $ | 8,352 | $ | 5,403 | ||||
Net periodic pension cost | $ | 2,733 | $ | 3,033 | ||||
Change in regulatory asset | 2,949 | (2,153 | ) | |||||
Total recognized in net periodic pension and regulatory asset | $ | 5,682 | $ | 880 | ||||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | ||||||||
Initial net asset (obligation) | $ | — | $ | — | ||||
Prior service cost | — | — | ||||||
Net loss | (844 | ) | (471 | ) | ||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||||
Projected benefit obligation | $ | 29,703 | $ | 24,517 | ||||
Accumulated benefit obligation | 26,251 | 21,229 | ||||||
Fair value of plan assets | — | — | ||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||
Discount rate | 3.36 | % | 4.40 | % | ||||
Rate of compensation increase | 4.00 | % | 4.00 | % |
(in thousands) | 2020 | 2019 | ||||||||||||
Amounts recognized on the balance sheets: | ||||||||||||||
Current liabilities | $ | (602) | $ | (609) | ||||||||||
Non-current liabilities | (36,000) | (29,094) | ||||||||||||
Net amount recognized | $ | (36,602) | $ | (29,703) | ||||||||||
Amounts recognized in regulatory assets consist of: | ||||||||||||||
Prior service cost | $ | 0 | $ | 0 | ||||||||||
Net loss | 12,988 | 8,352 | ||||||||||||
Regulatory assets | 12,988 | 8,352 | ||||||||||||
Unfunded accrued cost | 23,614 | 21,351 | ||||||||||||
Net liability recognized | $ | 36,602 | $ | 29,703 | ||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: | ||||||||||||||
Regulatory asset at beginning of year | $ | 8,352 | $ | 5,403 | ||||||||||
Net (gain) loss | 5,479 | 3,419 | ||||||||||||
Amortization of prior service credit | 0 | 0 | ||||||||||||
Amortization of net loss | (843) | (470) | ||||||||||||
Total change in regulatory asset | 4,636 | 2,949 | ||||||||||||
Regulatory asset at end of year | $ | 12,988 | $ | 8,352 | ||||||||||
Net periodic pension cost | $ | 2,860 | $ | 2,733 | ||||||||||
Change in regulatory asset | 4,636 | 2,949 | ||||||||||||
Total recognized in net periodic pension and regulatory asset | $ | 7,496 | $ | 5,682 | ||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||
Projected benefit obligation | $ | 36,602 | $ | 29,703 | ||||||||||
Accumulated benefit obligation | 30,428 | 26,251 | ||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||
Discount rate | 2.52 | % | 3.36 | % | ||||||||||
Rate of compensation increase | 4.00 | % | 4.00 | % |
(dollars in thousands, except percent) | 2020 | 2019 | 2018 | |||||||||||||||||
Components of Net Periodic Benefits Cost: | ||||||||||||||||||||
Service cost | $ | 1,029 | $ | 1,193 | $ | 1,096 | ||||||||||||||
Interest cost | 988 | 1,069 | 888 | |||||||||||||||||
Amortization of prior service cost | 0 | 0 | 0 | |||||||||||||||||
Amortization of net loss | 843 | 471 | 1,049 | |||||||||||||||||
Net periodic pension cost | $ | 2,860 | $ | 2,733 | $ | 3,033 | ||||||||||||||
Weighted-average assumptions used to determine net periodic cost: | ||||||||||||||||||||
Discount rate | 3.36 | % | 4.40 | % | 3.72 | % | ||||||||||||||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % |
(dollars in thousands, except percent) | 2019 | 2018 | 2017 | |||||||||
Components of Net Periodic Benefits Cost: | ||||||||||||
Service cost | $ | 1,193 | $ | 1,096 | $ | 930 | ||||||
Interest cost | 1,069 | 888 | 893 | |||||||||
Amortization of prior service cost | — | — | 12 | |||||||||
Amortization of net loss | 471 | 1,049 | 777 | |||||||||
Net periodic pension cost | $ | 2,733 | $ | 3,033 | $ | 2,612 | ||||||
Weighted-average assumptions used to determine net periodic cost: | ||||||||||||
Discount rate | 4.40 | % | 3.72 | % | 4.34 | % | ||||||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % |
2020 | $ | 609 | |
2021 | 830 | ||
2022 | 932 | ||
2023 | 1,624 | ||
2024 | 1,704 | ||
Thereafter | 10,117 | ||
Total | $ | 15,816 |
2021 | $ | 602 | |||
2022 | 792 | ||||
2023 | 787 | ||||
2024 | 1,039 | ||||
2025 | 1,029 | ||||
Thereafter | 11,937 | ||||
Total | $ | 16,186 |
AWR | GSWC | |||||||||||||||||||||||
For The Years Ended December 31, | For The Years Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Stock-based compensation related to: | ||||||||||||||||||||||||
Restricted stock units | $ | 2,517 | $ | 3,851 | $ | 2,885 | $ | 2,253 | $ | 3,397 | $ | 2,420 | ||||||||||||
Total stock-based compensation expense | $ | 2,517 | $ | 3,851 | $ | 2,885 | $ | 2,253 | $ | 3,397 | $ | 2,420 |
AWR | GSWC | |||||||||||||||||||||||||||||||||||||
For The Years Ended December 31, | For The Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Stock-based compensation related to: | ||||||||||||||||||||||||||||||||||||||
Restricted stock units | $ | 2,463 | $ | 2,517 | $ | 3,851 | $ | 2,349 | $ | 2,253 | $ | 3,397 | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 2,463 | $ | 2,517 | $ | 3,851 | $ | 2,349 | $ | 2,253 | $ | 3,397 |
Number of Restricted Share Units | Weighted Average Grant-Date Value | |||||
Restricted share units at January 1, 2019 | 102,235 | $ | 34.73 | |||
Granted | 23,550 | 67.57 | ||||
Vested | (48,017 | ) | 30.99 | |||
Forfeited | (2,697 | ) | 48.64 | |||
Restricted share units at December 31, 2019 | 75,071 | $ | 46.92 |
Number of Restricted Share Units | Weighted Average Grant-Date Value | ||||||||||
Restricted share units at January 1, 2020 | 75,071 | $ | 46.92 | ||||||||
Granted | 19,307 | 86.41 | |||||||||
Vested | (23,713) | 58.56 | |||||||||
Forfeited | (1,326) | 78.24 | |||||||||
Restricted share units at December 31, 2020 | 69,339 | $ | 53.33 |
Number of Performance awards | Weighted Average Grant-Date Value | |||||
Performance awards at January 1, 2019 | 95,661 | $ | 45.36 | |||
Granted | 22,035 | 65.86 | ||||
Performance criteria adjustment | 1,772 | 38.14 | ||||
Vested | (33,080 | ) | 41.15 | |||
Forfeited | (1,739 | ) | 61.74 | |||
Performance awards at December 31, 2019 | 84,649 | $ | 51.85 |
Number of Performance awards | Weighted Average Grant-Date Value | ||||||||||
Performance awards at January 1, 2020 | 84,649 | $ | 51.85 | ||||||||
Granted | 16,375 | 89.15 | |||||||||
Performance criteria adjustment | (670) | 38.14 | |||||||||
Vested | (41,434) | 44.80 | |||||||||
Forfeited | (960) | 82.47 | |||||||||
Performance awards at December 31, 2020 | 57,960 | $ | 66.40 |
2021 | $ | 426 | |||
2022 | 426 | ||||
2023 | 426 | ||||
2024 | 426 | ||||
2025 | 383 | ||||
Thereafter | 1,675 | ||||
Total | $ | 3,762 |
2020 | $ | 417 | |
2021 | 417 | ||
2022 | 417 | ||
2023 | 417 | ||
2024 | 417 | ||
Thereafter | 2,031 | ||
Total | $ | 4,116 |
For The Year Ended December 31, 2019 | |||
Operating lease costs | $ | 3,166 | |
Short-term lease costs | 159 | ||
Weighted average remaining lease term (in years) | 7.24 | ||
Weighted-average discount rate | 3.5 | % | |
Non-cash transactions | |||
Lease liabilities arising from obtaining right-of-use assets | $ | 18,034 |
For The Year Ended December 31, 2020 | For The Year Ended December 31, 2019 | ||||||||||
Operating lease costs | $2,873 | $3,166 | |||||||||
Short-term lease costs | 143 | 159 | |||||||||
Weighted average remaining lease term (in years) | 6.62 | 7.24 | |||||||||
Weighted-average discount rate | 3.6% | 3.5% | |||||||||
Non-cash transactions | |||||||||||
Lease liabilities arising from obtaining right-of-use assets | $27 | $18,034 |
December 31, 2019 | December 31, 2018 | ||||||
2020 | $ | 2,709 | $ | 2,530 | |||
2021 | 2,533 | 1,497 | |||||
2022 | 2,217 | 1,007 | |||||
2023 | 1,779 | 546 | |||||
2024 | 1,499 | 293 | |||||
Thereafter | 5,246 | 311 | |||||
Total lease payments | 15,983 | $ | 6,184 | ||||
Less: imputed interest | 2,395 | ||||||
Total lease obligations | 13,588 | ||||||
Less: current obligations | 1,849 | ||||||
Long-term lease obligations | $ | 11,739 |
December 31, 2020 | |||||
2021 | $ | 2,561 | |||
2022 | 2,318 | ||||
2023 | 1,825 | ||||
2024 | 1,503 | ||||
2025 | 1,324 | ||||
Thereafter | 3,925 | ||||
Total lease payments | 13,456 | ||||
Less: imputed interest | 1,807 | ||||
Total lease obligations | 11,649 | ||||
Less: current obligations | 2,013 | ||||
Long-term lease obligations | $ | 9,636 |
As Of And For The Year Ended December 31, 2019 | As Of And For The Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
GSWC | AWR | Consolidated | AWR | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | (dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 319,830 | $ | 39,548 | $ | 114,491 | $ | — | $ | 473,869 | Operating revenues | $ | 330,637 | $ | 37,024 | $ | 120,582 | $ | 0 | $ | 488,243 | |||||||||||||||||||||||||||||||
Operating income (loss) | 93,895 | 11,197 | 21,990 | (9 | ) | 127,073 | Operating income (loss) | 97,896 | 10,303 | 22,309 | (9) | 130,499 | ||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 20,304 | 1,228 | (734 | ) | 539 | 21,337 | Interest expense, net | 20,312 | 584 | (496) | 330 | 20,730 | ||||||||||||||||||||||||||||||||||||||||
Utility Plant | 1,322,062 | 72,680 | 20,963 | — | 1,415,705 | Utility Plant | 1,400,489 | 89,308 | 22,246 | 0 | 1,512,043 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense (1) | 29,956 | 2,485 | 2,956 | — | 35,397 | Depreciation and amortization expense (1) | 30,969 | 2,479 | 3,402 | 0 | 36,850 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | 17,295 | 2,882 | 5,202 | (709 | ) | 24,670 | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 20,515 | 2,689 | 5,201 | (208) | 28,197 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital additions | 131,353 | 11,499 | 9,088 | — | 151,940 | Capital additions | 107,355 | 18,393 | 4,675 | 0 | 130,423 |
As Of And For The Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
GSWC | AWR | Consolidated | ||||||||||||||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||||||||||||||
Operating revenues | $ | 319,830 | $ | 39,548 | $ | 114,491 | $ | 0 | $ | 473,869 | ||||||||||||||||||||||
Operating income (loss) | 93,895 | 11,197 | 21,990 | (9) | 127,073 | |||||||||||||||||||||||||||
Interest expense, net | 20,304 | 1,228 | (734) | 539 | 21,337 | |||||||||||||||||||||||||||
Utility Plant | 1,322,062 | 72,680 | 20,963 | 0 | 1,415,705 | |||||||||||||||||||||||||||
Depreciation and amortization expense (1) | 29,956 | 2,485 | 2,956 | 0 | 35,397 | |||||||||||||||||||||||||||
Income tax expense/(benefit) | 17,295 | 2,882 | 5,202 | (709) | 24,670 | |||||||||||||||||||||||||||
Capital additions | 131,353 | 11,499 | 9,088 | 0 | 151,940 |
As Of And For The Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
GSWC | AWR | Consolidated | ||||||||||||||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||||||||||||||
Operating revenues | $ | 295,258 | $ | 34,350 | $ | 107,208 | $ | 0 | $ | 436,816 | ||||||||||||||||||||||
Operating income | 74,342 | 6,220 | 20,414 | 7 | 100,983 | |||||||||||||||||||||||||||
Interest expense, net | 18,403 | 1,328 | (327) | 451 | 19,855 | |||||||||||||||||||||||||||
Utility Plant | 1,218,468 | 62,624 | 15,218 | 0 | 1,296,310 | |||||||||||||||||||||||||||
Depreciation and amortization expense (1) | 36,137 | 2,258 | 2,030 | 0 | 40,425 | |||||||||||||||||||||||||||
Income tax expense/(benefit) | 12,391 | 1,212 | 4,939 | (525) | 18,017 | |||||||||||||||||||||||||||
Capital additions | 110,934 | 5,420 | 10,207 | 0 | 126,561 |
As Of And For The Year Ended December 31, 2018 | ||||||||||||||||||||
GSWC | AWR | Consolidated | ||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||
Operating revenues | $ | 295,258 | $ | 34,350 | $ | 107,208 | $ | — | $ | 436,816 | ||||||||||
Operating income | 74,342 | 6,220 | 20,414 | 7 | 100,983 | |||||||||||||||
Interest expense, net | 18,403 | 1,328 | (327 | ) | 451 | 19,855 | ||||||||||||||
Utility Plant | 1,218,468 | 62,624 | 15,218 | — | 1,296,310 | |||||||||||||||
Depreciation and amortization expense (1) | 36,137 | 2,258 | 2,030 | — | 40,425 | |||||||||||||||
Income tax expense/(benefit) | 12,391 | 1,212 | 4,939 | (525 | ) | 18,017 | ||||||||||||||
Capital additions | 110,934 | 5,420 | 10,207 | — | 126,561 |
As Of And For The Year Ended December 31, 2017 | ||||||||||||||||||||
GSWC | AWR | Consolidated | ||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||
Operating revenues | $ | 306,332 | $ | 33,969 | $ | 100,302 | $ | — | $ | 440,603 | ||||||||||
Operating income (loss) | 98,678 | 7,193 | 21,320 | (96 | ) | 127,095 | ||||||||||||||
Interest expense, net | 18,909 | 1,380 | 255 | 248 | 20,792 | |||||||||||||||
Utility Plant | 1,137,995 | 59,945 | 7,052 | — | 1,204,992 | |||||||||||||||
Depreciation and amortization expense (1) | 35,706 | 2,146 | 1,179 | — | 39,031 | |||||||||||||||
Income tax expense/(benefit) | 32,212 | 1,847 | 7,136 | (2,221 | ) | 38,974 | ||||||||||||||
Capital additions | 104,546 | 5,941 | 2,639 | — | 113,126 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Total utility plant | $ | 1,512,043 | $ | 1,415,705 | ||||||||||
Other assets | 279,560 | 225,626 | ||||||||||||
Total consolidated assets | $ | 1,791,603 | $ | 1,641,331 |
December 31, | ||||||||
2019 | 2018 | |||||||
Total utility plant | $ | 1,415,705 | $ | 1,296,310 | ||||
Other assets | 225,626 | 205,123 | ||||||
Total consolidated assets | $ | 1,641,331 | $ | 1,501,433 |
AWR | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at beginning of year | $ | 916 | $ | 951 | $ | 1,041 | ||||||||||||||
Provision charged to expense | 5,016 | 609 | 841 | |||||||||||||||||
Accounts written off, net of recoveries | (616) | (644) | (931) | |||||||||||||||||
Balance at end of year | $ | 5,316 | $ | 916 | $ | 951 | ||||||||||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 5,263 | $ | 857 | $ | 892 | ||||||||||||||
Allowance for doubtful accounts related to other accounts receivable | 53 | 59 | 59 | |||||||||||||||||
Total allowance for doubtful accounts | $ | 5,316 | $ | 916 | $ | 951 |
AWR | GSWC | |||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Balance at beginning of year | $ | 951 | $ | 1,041 | $ | 764 | Balance at beginning of year | $ | 916 | $ | 951 | $ | 865 | |||||||||||||||||||
Provision charged to expense | 609 | 841 | 989 | Provision charged to expense | 4,703 | 607 | 850 | |||||||||||||||||||||||||
Balance transfer to BVESI (Note 20) | Balance transfer to BVESI (Note 20) | (79) | 0 | 0 | ||||||||||||||||||||||||||||
Accounts written off, net of recoveries | (644 | ) | (931 | ) | (712 | ) | Accounts written off, net of recoveries | (580) | (642) | (764) | ||||||||||||||||||||||
Balance at end of year | $ | 916 | $ | 951 | $ | 1,041 | Balance at end of year | $ | 4,960 | $ | 916 | $ | 951 | |||||||||||||||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 857 | $ | 892 | $ | 806 | Allowance for doubtful accounts related to accounts receivable-customer | $ | 4,907 | $ | 857 | $ | 892 | |||||||||||||||||||
Allowance for doubtful accounts related to other accounts receivable | 59 | 59 | 235 | Allowance for doubtful accounts related to other accounts receivable | 53 | 59 | 59 | |||||||||||||||||||||||||
Total allowance for doubtful accounts | $ | 916 | $ | 951 | $ | 1,041 | Total allowance for doubtful accounts | $ | 4,960 | $ | 916 | $ | 951 |
GSWC | ||||||||||||
December 31, | ||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Balance at beginning of year | $ | 951 | $ | 865 | $ | 761 | ||||||
Provision charged to expense | 607 | 850 | 816 | |||||||||
Accounts written off, net of recoveries | (642 | ) | (764 | ) | (712 | ) | ||||||
Balance at end of year | $ | 916 | $ | 951 | $ | 865 | ||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 857 | $ | 892 | $ | 806 | ||||||
Allowance for doubtful accounts related to other accounts receivable | 59 | 59 | 59 | |||||||||
Total allowance for doubtful accounts | $ | 916 | $ | 951 | $ | 865 |
AWR | GSWC | ||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Taxes and Interest Paid: | |||||||||||||||||||||||||||||||||||
Income taxes paid, net | $ | 13,684 | $ | 22,496 | $ | 21,084 | $ | 8,184 | $ | 17,206 | $ | 19,448 | |||||||||||||||||||||||
Interest paid, net of capitalized interest | 19,941 | 25,080 | 23,471 | 19,681 | 23,925 | 22,721 | |||||||||||||||||||||||||||||
Non-Cash Transactions: | |||||||||||||||||||||||||||||||||||
Accrued payables for investment in utility plant | 27,861 | 23,736 | 27,403 | 25,633 | 23,736 | 27,403 | |||||||||||||||||||||||||||||
Property installed by developers and conveyed | 3,102 | 6,220 | 2,082 | 3,102 | 6,220 | 2,082 | |||||||||||||||||||||||||||||
Transfer of electric segment net assets (net of cash) for BVESI common shares (Note 20) | 0 | 0 | 0 | 71,324 | 0 | 0 | |||||||||||||||||||||||||||||
Distribution of BVESI common shares to AWR parent (Note 20) | 0 | 0 | 0 | 71,344 | 0 | 0 |
AWR | GSWC | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Taxes and Interest Paid: | |||||||||||||||||||||||
Income taxes paid, net | $ | 22,496 | $ | 21,084 | $ | 13,615 | $ | 17,206 | $ | 19,448 | $ | 4,822 | |||||||||||
Interest paid, net of capitalized interest | 25,080 | 23,471 | 22,762 | 23,925 | 22,721 | 22,285 | |||||||||||||||||
Non-Cash Transactions: | |||||||||||||||||||||||
Accrued payables for investment in utility plant | $ | 23,736 | $ | 27,403 | $ | 20,131 | $ | 23,736 | $ | 27,403 | $ | 20,128 | |||||||||||
Property installed by developers and conveyed | 6,220 | 2,082 | 2,082 | 6,220 | 2,082 | 2,082 |
Six Months Ended December 31, | |||||||||||
2020 | 2019 (1) | ||||||||||
(Subsidiary of AWR) | (Division of GSWC) | ||||||||||
Electric revenues | $ | 18,377 | $ | 21,510 | |||||||
Operating expenses | 13,074 | 13,153 | |||||||||
Operating income | 5,303 | 8,357 | |||||||||
Net income | $ | 3,870 | $ | 5,422 |
Six Months Ended December 31, 2020 | |||||
(Subsidiary of AWR) | |||||
Net cash provided from operating activities | $ | 1,887 | |||
Net cash used in investing activities (capital expenditures) | (9,339) | ||||
Net cash provided from financing activities (2) | 7,799 | ||||
Net change in cash and cash equivalents | 347 | ||||
Cash and cash equivalents, beginning of period | 20 | ||||
Cash and cash equivalents, end of period | $ | 367 |
AWR | ||||||||||||||||||||||||||||||||
For The Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | |||||||||||||||||||||||||||
Operating revenues | $ | 109,077 | $ | 121,278 | $ | 133,688 | $ | 124,200 | $ | 488,243 | ||||||||||||||||||||||
Operating income | 25,699 | 35,716 | 39,807 | 29,277 | 130,499 | |||||||||||||||||||||||||||
Net income | 14,072 | 25,612 | 26,530 | 20,211 | 86,425 | |||||||||||||||||||||||||||
Basic earnings per share | 0.38 | 0.69 | 0.72 | 0.55 | 2.34 | |||||||||||||||||||||||||||
Diluted earnings per share | 0.38 | 0.69 | 0.72 | 0.54 | 2.33 |
AWR | ||||||||||||||||||||
For The Year Ended December 31, 2019 | ||||||||||||||||||||
(in thousands, except per share amounts) | First Quarter | Second Quarter (1) | Third Quarter (2) | Fourth Quarter | Year | |||||||||||||||
Operating revenues | $ | 101,733 | $ | 124,647 | $ | 134,496 | $ | 112,993 | $ | 473,869 | ||||||||||
Operating income | 20,195 | 39,430 | 42,724 | 24,724 | 127,073 | |||||||||||||||
Net income | 12,852 | 26,784 | 28,006 | 16,700 | 84,342 | |||||||||||||||
Basic earnings per share | 0.35 | 0.72 | 0.76 | 0.45 | 2.28 | |||||||||||||||
Diluted earnings per share | 0.35 | 0.72 | 0.76 | 0.45 | 2.28 |
GSWC | ||||||||||||||||||||||||||||||||
For The Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | First Quarter | Second Quarter | Third Quarter (1) | Fourth Quarter (1) | Year (1) | |||||||||||||||||||||||||||
Operating revenues | $ | 82,392 | $ | 94,753 | $ | 98,701 | $ | 73,438 | $ | 349,284 | ||||||||||||||||||||||
Operating income | 22,092 | 30,175 | 33,149 | 17,480 | 102,896 | |||||||||||||||||||||||||||
Net income | 11,202 | 20,919 | 21,143 | 11,707 | 64,971 |
AWR | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GSWC | For The Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
For The Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | First Quarter | Second Quarter (1) | Third Quarter (2) | Fourth Quarter | Year | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | First Quarter | Second Quarter (2) | Third Quarter (3) | Fourth Quarter | Year | ||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 75,352 | $ | 95,548 | $ | 107,245 | $ | 81,233 | $ | 359,378 | Operating revenues | $ | 101,733 | $ | 124,647 | $ | 134,496 | $ | 112,993 | $ | 473,869 | |||||||||||||||||||||||||||||||
Operating income | 15,327 | 34,037 | 36,982 | 18,746 | 105,092 | Operating income | 20,195 | 39,430 | 42,724 | 24,724 | 127,073 | |||||||||||||||||||||||||||||||||||||||||
Net income | 9,022 | 22,298 | 23,362 | 11,981 | 66,663 | Net income | 12,852 | 26,784 | 28,006 | 16,700 | 84,342 | |||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | 0.35 | 0.72 | 0.76 | 0.45 | 2.28 | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | 0.35 | 0.72 | 0.76 | 0.45 | 2.28 |
GSWC | ||||||||||||||||||||||||||||||||
For The Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
(in thousands) | First Quarter | Second Quarter (2) | Third Quarter (3) | Fourth Quarter | Year | |||||||||||||||||||||||||||
Operating revenues | $ | 75,352 | $ | 95,548 | $ | 107,245 | $ | 81,233 | $ | 359,378 | ||||||||||||||||||||||
Operating income | 15,327 | 34,037 | 36,982 | 18,746 | 105,092 | |||||||||||||||||||||||||||
Net income | 9,022 | 22,298 | 23,362 | 11,981 | 66,663 |
AWR | ||||||||||||||||||||
For The Year Ended December 31, 2018 | ||||||||||||||||||||
(in thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | |||||||||||||||
Operating revenues | $ | 94,728 | $ | 106,901 | $ | 124,182 | $ | 111,005 | $ | 436,816 | ||||||||||
Operating income | 18,691 | 25,568 | 33,975 | 22,749 | 100,983 | |||||||||||||||
Net income | 10,782 | 16,348 | 22,952 | 13,789 | 63,871 | |||||||||||||||
Basic earnings per share * | 0.29 | 0.44 | 0.62 | 0.37 | 1.73 | |||||||||||||||
Diluted earnings per share | 0.29 | 0.44 | 0.62 | 0.37 | 1.72 |
GSWC | ||||||||||||||||||||
For The Year Ended December 31, 2018 | ||||||||||||||||||||
(in thousands) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | |||||||||||||||
Operating revenues | $ | 74,244 | $ | 84,574 | $ | 95,564 | $ | 75,226 | $ | 329,608 | ||||||||||
Operating income | 16,297 | 22,645 | 27,540 | 14,080 | 80,562 | |||||||||||||||
Net income | 8,890 | 13,648 | 17,919 | 7,555 | 48,012 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) | Weighted-average exercise price of outstanding options, warrants and rights(2) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column)(3) | Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) | Weighted-average exercise price of outstanding options, warrants and rights(2) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column)(3) | |||||||
Equity compensation plans approved by shareholders | 154,936 | $16.68 | 1,993,901 | Equity compensation plans approved by shareholders | 174,128 | N/A | 1,239,323 | |||||||
Equity compensation plans not approved by shareholders | — | Equity compensation plans not approved by shareholders | — | — | ||||||||||
Total | 154,936 | $16.68 | 1,993,901 | Total | 174,128 | N/A | 1,239,323 |
See page |
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
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 | |||||||
10.2 | Note Agreement dated as of May 15, 1991 between Golden State Water Company and Transamerica Occidental Life Insurance Company incorporated herein by reference to Registrant's Form 10-Q with respect to the quarter ended June 30, 1991 (File No. 1-14431) | |||||||
10.3 | Schedule of omitted Note Agreements, dated May 15, 1991, between Golden State Water Company and Transamerica Annuity Life Insurance Company, and Golden State Water Company and First Colony Life Insurance Company incorporated herein by reference to Registrant's Form 10-Q with respect to the quarter ended June 30, 1991 (File No. 1-14431) | |||||||
10.4 | ||||||||
10.5 | ||||||||
10.20 | ||||||||
10.23 | ||||||||
10.24 | ||||||||
10.25 | ||||||||
10.26 | ||||||||
21 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.1.1 | ||||||||
31.2 | ||||||||
31.2.1 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
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. | |||||||
101.SCH | XBRL Taxonomy Extension Schema (3) | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase (3) | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase (3) | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase (3) | |||||||
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: | February |
Date: | ||||||||||||||
/s/ ANNE M. HOLLOWAY | February | |||||||||||||
Anne M. Holloway | ||||||||||||||
Chairman of the Board and Director of AWR and GSWC | ||||||||||||||
/s/ ROBERT J. SPROWLS | February | |||||||||||||
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 | February | |||||||||||||
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/ JAMES L. ANDERSON | February | |||||||||||||
James L. Anderson | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/SARAH. J. ANDERSON | February | |||||||||||||
Sarah. J. Anderson | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ DIANA M. BONTÁ | February | |||||||||||||
Diana M. Bontá | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ JOHN R. FIELDER | February | |||||||||||||
John R. Fielder | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ MARY ANN HOPKINS | February | |||||||||||||
Mary Ann Hopkins | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ C. JAMES | February | |||||||||||||
C. James | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ JANICE F. WILKINS | February | |||||||||||||
Janice F. Wilkins | ||||||||||||||
Director of AWR and GSWC |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2020 | 2019 | |||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Cash and equivalents | $ | 310 | $ | 34 | Cash and equivalents | $ | 441 | $ | 310 | |||||||||||||
Income taxes receivable | Income taxes receivable | 72 | 0 | |||||||||||||||||||
Intercompany note receivables | 185,094 | 76,072 | Intercompany note receivables | 32,819 | 185,094 | |||||||||||||||||
Total current assets | 185,404 | 76,106 | Total current assets | 33,332 | 185,404 | |||||||||||||||||
Investments in subsidiaries | 616,725 | 574,330 | Investments in subsidiaries | 716,627 | 616,725 | |||||||||||||||||
Deferred taxes and other assets | 9,548 | 8,769 | Deferred taxes and other assets | 9,757 | 9,548 | |||||||||||||||||
Total assets | $ | 811,677 | $ | 659,205 | Total assets | $ | 759,716 | $ | 811,677 | |||||||||||||
Liabilities and Capitalization | Liabilities and Capitalization | |||||||||||||||||||||
Notes payable to bank | $ | 5,000 | $ | — | Notes payable to bank | $ | 0 | $ | 5,000 | |||||||||||||
Income taxes payable | 3,259 | 3,672 | Income taxes payable | 2,123 | 3,259 | |||||||||||||||||
Other liabilities | 274 | 291 | Other liabilities | 272 | 274 | |||||||||||||||||
Total current liabilities | 8,533 | 3,963 | Total current liabilities | 2,395 | 8,533 | |||||||||||||||||
Notes payable to bank | 200,000 | $ | 95,500 | Notes payable to bank | 114,000 | 200,000 | ||||||||||||||||
Deferred taxes and other liabilities | 1,614 | 1,519 | Deferred taxes and other liabilities | 1,648 | 1,614 | |||||||||||||||||
Total other liabilities | 201,614 | 97,019 | Total other liabilities | 115,648 | 201,614 | |||||||||||||||||
Common shareholders’ equity | 601,530 | 558,223 | Common shareholders’ equity | 641,673 | 601,530 | |||||||||||||||||
Total capitalization | 601,530 | 558,223 | Total capitalization | 641,673 | 601,530 | |||||||||||||||||
Total liabilities and capitalization | $ | 811,677 | $ | 659,205 | Total liabilities and capitalization | $ | 759,716 | $ | 811,677 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2019 | 2018 | 2017 | (In thousands, except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Operating revenues and other income | $ | — | $ | — | $ | — | Operating revenues and other income | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Operating expenses and other expenses | 314 | 305 | 344 | Operating expenses and other expenses | 90 | 314 | 305 | |||||||||||||||||||||||||
Income before equity in earnings of subsidiaries and income taxes | (314 | ) | (305 | ) | (344 | ) | Income before equity in earnings of subsidiaries and income taxes | (90) | (314) | (305) | ||||||||||||||||||||||
Equity in earnings of subsidiaries | 83,947 | 63,651 | 67,490 | Equity in earnings of subsidiaries | 86,307 | 83,947 | 63,651 | |||||||||||||||||||||||||
Income before income taxes | 83,633 | 63,346 | 67,146 | Income before income taxes | 86,217 | 83,633 | 63,346 | |||||||||||||||||||||||||
Income tax benefit | (709 | ) | (525 | ) | (2,221 | ) | Income tax benefit | (208) | (709) | (525) | ||||||||||||||||||||||
Net income | $ | 84,342 | $ | 63,871 | $ | 69,367 | Net income | $ | 86,425 | $ | 84,342 | $ | 63,871 | |||||||||||||||||||
Weighted Average Number of Common Shares Outstanding | 36,814 | 36,733 | 36,638 | Weighted Average Number of Common Shares Outstanding | 36,880 | 36,814 | 36,733 | |||||||||||||||||||||||||
Basic Earnings Per Common Share | $ | 2.28 | $ | 1.73 | $ | 1.88 | Basic Earnings Per Common Share | $ | 2.34 | $ | 2.28 | $ | 1.73 | |||||||||||||||||||
Weighted Average Number of Diluted Common Shares Outstanding | 36,964 | 36,936 | 36,844 | Weighted Average Number of Diluted Common Shares Outstanding | 36,995 | 36,964 | 36,936 | |||||||||||||||||||||||||
Fully Diluted Earnings per Common Share | $ | 2.28 | $ | 1.72 | $ | 1.88 | Fully Diluted Earnings per Common Share | $ | 2.33 | $ | 2.28 | $ | 1.72 | |||||||||||||||||||
Dividends Paid Per Common Share | $ | 1.160 | $ | 1.060 | $ | 0.994 | Dividends Paid Per Common Share | 1.280 | $ | 1.160 | $ | 1.060 |
For the Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Cash Flows From Operating Activities | $ | 40,459 | $ | 79,877 | $ | 36,024 | ||||||
Cash Flows From Investing Activities: | ||||||||||||
Loans (made to)/repaid from, wholly-owned subsidiaries | (107,500 | ) | (30,500 | ) | 30,500 | |||||||
Increase in investment of subsidiary | — | (47,500 | ) | — | ||||||||
Net cash provided (used) in investing activities | (107,500 | ) | (78,000 | ) | 30,500 | |||||||
Cash Flows From Financing Activities: | ||||||||||||
Proceeds from stock option exercises | 519 | 546 | 909 | |||||||||
Net change in notes payable to banks | 109,500 | 36,500 | (31,000 | ) | ||||||||
Dividends paid | (42,702 | ) | (38,937 | ) | (36,417 | ) | ||||||
Net cash provided (used) in financing activities | 67,317 | (1,891 | ) | (66,508 | ) | |||||||
Change in cash and equivalents | 276 | (14 | ) | 16 | ||||||||
Cash and equivalents at beginning of period | 34 | 48 | 32 | |||||||||
Cash and equivalents at the end of period | $ | 310 | $ | 34 | $ | 48 |
For the Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash Flows From Operating Activities | $ | 47,307 | $ | 40,459 | $ | 79,877 | ||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Loans (made to)/repaid from, wholly-owned subsidiaries | 151,000 | (107,500) | (30,500) | |||||||||||||||||
Increase in investment of subsidiary | (60,000) | 0 | (47,500) | |||||||||||||||||
Net cash provided (used) in investing activities | 91,000 | (107,500) | (78,000) | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from stock option exercises | 30 | 519 | 546 | |||||||||||||||||
Net change in notes payable to banks | (91,000) | 109,500 | 36,500 | |||||||||||||||||
Proceeds from note payable to GSWC | (6,000) | 0 | 0 | |||||||||||||||||
Repayment of note payable to GSWC | 6,000 | 0 | 0 | |||||||||||||||||
Dividends paid | (47,206) | (42,702) | (38,937) | |||||||||||||||||
Net cash (used) provided in financing activities | (138,176) | 67,317 | (1,891) | |||||||||||||||||
Change in cash and equivalents | 131 | 276 | (14) | |||||||||||||||||
Cash and equivalents at beginning of period | 310 | 34 | 48 | |||||||||||||||||
Cash and equivalents at the end of period | $ | 441 | $ | 310 | $ | 34 |
December 31, | ||||||||
(in thousands, except percent) | 2019 | 2018 | ||||||
Balance Outstanding at December 31, | $ | 205,000 | $ | 95,500 | ||||
Interest Rate at December 31, | 2.44 | % | 3.19 | % | ||||
Average Amount Outstanding | $ | 167,392 | $ | 69,559 | ||||
Weighted Average Annual Interest Rate | 2.88 | % | 2.66 | % | ||||
Maximum Amount Outstanding | $ | 205,500 | $ | 95,500 |
December 31, | ||||||||||||||
(in thousands, except percent) | 2020 | 2019 | ||||||||||||
Balance Outstanding at December 31, | $ | 114,000 | $ | 205,000 | ||||||||||
Interest Rate at December 31, | 1.19 | % | 2.44 | % | ||||||||||
Average Amount Outstanding | 160,495 | $ | 167,392 | |||||||||||
Weighted Average Annual Interest Rate | 1.47 | % | 2.88 | % | ||||||||||
Maximum Amount Outstanding | $ | 249,000 | $ | 205,500 |