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 | ☒ |
Subsidiary | Military Base | Type of System | Location | |||||||||||||||||
FBWS | Fort Bliss | Water and Wastewater | Texas and New Mexico | |||||||||||||||||
TUS | Joint Base Andrews | Water and Wastewater | Maryland | |||||||||||||||||
ODUS | Fort Lee | Wastewater | Virginia | |||||||||||||||||
ODUS | Joint-Base Langley Eustis and Joint Expeditionary Base Little Creek-Fort Story | Water and Wastewater | Virginia | |||||||||||||||||
PSUS | Fort Jackson | Water and Wastewater | South Carolina | |||||||||||||||||
ONUS | Fort Bragg, Pope Army Airfield and Camp Mackall | Water and Wastewater | North Carolina | |||||||||||||||||
ECUS | Eglin Air Force Base | Water and Wastewater | Florida | |||||||||||||||||
FRUS | Fort Riley | Water and Wastewater Collection and Treatment | Kansas |
Pumps | Distribution Facilities | Reservoirs | |||||||||||||||||||||||||||||||||||||||
Well | Booster | Mains* | Services | Hydrants | Tanks | Capacity* | |||||||||||||||||||||||||||||||||||
242 | 387 | 2,864 | 263,244 | 26,698 | 143 | 116.6 | (1) |
Pumps | Distribution Facilities | Reservoirs | ||||||||||||||||||
Well | Booster | Mains* | Services | Hydrants | Tanks | Capacity* | ||||||||||||||
240 | 385 | 2,791 | 260,920 | 26,369 | 140 | 112.4 | (1) |
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 |
12/2017 | 12/2018 | 12/2019 | 12/2020 | 12/2021 | 12/2022 | ||||||||||||||||||||||||||||||
American States Water Company | $ | 100.00 | $ | 117.91 | $ | 154.69 | $ | 144.23 | $ | 190.76 | $ | 173.70 | |||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 95.62 | $ | 125.72 | $ | 148.85 | $ | 191.58 | $ | 156.89 | |||||||||||||||||||||||
Peer Group | $ | 100.00 | $ | 98.85 | $ | 133.37 | $ | 156.07 | $ | 192.70 | $ | 164.94 |
Stock Prices | ||||||||||||||||||
Stock Prices | High | Low | ||||||||||||||||
High | Low | |||||||||||||||||
2019 | ||||||||||||||||||
2022 | 2022 | |||||||||||||||||
First Quarter | $ | 72.50 | $ | 63.27 | First Quarter | $ | 103.44 | $ | 81.26 | |||||||||
Second Quarter | $ | 76.43 | $ | 67.52 | Second Quarter | $ | 92.80 | $ | 71.22 | |||||||||
Third Quarter | $ | 94.39 | $ | 73.64 | Third Quarter | $ | 91.02 | $ | 77.91 | |||||||||
Fourth Quarter | $ | 96.00 | $ | 82.54 | Fourth Quarter | $ | 100.51 | $ | 77.98 | |||||||||
2018 | ||||||||||||||||||
2021 | 2021 | |||||||||||||||||
First Quarter | $ | 60.00 | $ | 50.16 | First Quarter | $ | 83.05 | $ | 70.07 | |||||||||
Second Quarter | $ | 58.82 | $ | 51.30 | Second Quarter | $ | 83.75 | $ | 75.34 | |||||||||
Third Quarter | $ | 61.66 | $ | 57.13 | Third Quarter | $ | 94.96 | $ | 79.57 | |||||||||
Fourth Quarter | $ | 69.61 | $ | 58.48 | Fourth Quarter | $ | 103.77 | $ | 84.93 |
2019 | 2018 | 2022 | 2021 | |||||||||||||||
First Quarter | $ | 0.275 | $ | 0.255 | First Quarter | $ | 0.3650 | $ | 0.335 | |||||||||
Second Quarter | $ | 0.275 | $ | 0.255 | Second Quarter | $ | 0.3650 | $ | 0.335 | |||||||||
Third Quarter | $ | 0.305 | $ | 0.275 | Third Quarter | $ | 0.3975 | $ | 0.365 | |||||||||
Fourth Quarter | $ | 0.305 | $ | 0.275 | Fourth Quarter | $ | 0.3975 | $ | 0.365 | |||||||||
Total | $ | 1.160 | $ | 1.060 | Total | $ | 1.5250 | $ | 1.400 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares That May Yet Be Purchased under the Plans or Programs (1)(3) | |||||||||
October 1 - 31, 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, 2022 | 13,228 | $ | 80.12 | — | — | |||||||||||||||||||||
November 1 - 30, 2022 | 197 | $ | 96.82 | — | — | |||||||||||||||||||||
December 1 - 31, 2022 | 2,332 | $ | 98.18 | — | — | |||||||||||||||||||||
Total | 15,757 | (2) | $ | 83.00 | — |
(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 |
Diluted Earnings per Share | |||||||||||||||||
Year Ended | |||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | |||||||||||||||
Water | $ | 1.45 | $ | 1.87 | $ | (0.42) | |||||||||||
Electric | 0.24 | 0.21 | 0.03 | ||||||||||||||
Contracted services | 0.46 | 0.48 | (0.02) | ||||||||||||||
AWR (parent) | (0.04) | (0.01) | (0.03) | ||||||||||||||
Consolidated fully diluted earnings per share, as reported (GAAP) | $ | 2.11 | $ | 2.55 | $ | (0.44) |
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 |
Water | Electric | Contracted Services | AWR (Parent) | Consolidated (GAAP) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
In 000's except per share amounts | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (Note 17) | $ | 92,455 | $ | 107,573 | $ | 11,740 | $ | 10,738 | $ | 22,449 | $ | 22,675 | $ | (8) | $ | (9) | $ | 126,636 | $ | 140,977 | |||||||||||||||||||||||||||||||||||||||
Other income and expense | 22,339 | 16,263 | 425 | (101) | (273) | (488) | 2,085 | 533 | 24,576 | 16,207 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 16,346 | 22,095 | 2,439 | 2,975 | 5,476 | 5,434 | (597) | (81) | 23,664 | 30,423 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 53,770 | $ | 69,215 | $ | 8,876 | $ | 7,864 | $ | 17,246 | $ | 17,729 | $ | (1,496) | $ | (461) | $ | 78,396 | $ | 94,347 | |||||||||||||||||||||||||||||||||||||||
Weighted Average Number of Diluted Shares | 37,039 | 37,010 | 37,039 | 37,010 | 37,039 | 37,010 | 37,039 | 37,010 | 37,039 | 37,010 | |||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 1.45 | $ | 1.87 | $ | 0.24 | $ | 0.21 | $ | 0.46 | $ | 0.48 | $ | (0.04) | $ | (0.01) | $ | 2.11 | $ | 2.55 |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
OPERATING REVENUES | |||||||||||||||||||||||
Water | $ | 340,602 | $ | 347,112 | $ | (6,510) | -1.9 | % | |||||||||||||||
Electric | 39,986 | 38,345 | 1,641 | 4.3 | % | ||||||||||||||||||
Contracted services | 110,940 | 113,396 | (2,456) | -2.2 | % | ||||||||||||||||||
Total operating revenues | 491,528 | 498,853 | (7,325) | -1.5 | % | ||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Water purchased | 75,939 | 77,914 | (1,975) | -2.5 | % | ||||||||||||||||||
Power purchased for pumping | 11,861 | 11,103 | 758 | 6.8 | % | ||||||||||||||||||
Groundwater production assessment | 19,071 | 19,412 | (341) | -1.8 | % | ||||||||||||||||||
Power purchased for resale | 15,039 | 11,240 | 3,799 | 33.8 | % | ||||||||||||||||||
Supply cost balancing accounts | (12,000) | (11,421) | (579) | 5.1 | % | ||||||||||||||||||
Other operation | 38,095 | 34,738 | 3,357 | 9.7 | % | ||||||||||||||||||
Administrative and general | 86,190 | 83,547 | 2,643 | 3.2 | % | ||||||||||||||||||
Depreciation and amortization | 41,315 | 39,596 | 1,719 | 4.3 | % | ||||||||||||||||||
Maintenance | 13,392 | 12,781 | 611 | 4.8 | % | ||||||||||||||||||
Property and other taxes | 22,894 | 22,522 | 372 | 1.7 | % | ||||||||||||||||||
ASUS construction | 53,171 | 56,909 | (3,738) | -6.6 | % | ||||||||||||||||||
Gain on sale of assets | (75) | (465) | 390 | -83.9 | % | ||||||||||||||||||
Total operating expenses | 364,892 | 357,876 | 7,016 | 2.0 | % | ||||||||||||||||||
OPERATING INCOME | 126,636 | 140,977 | (14,341) | -10.2 | % | ||||||||||||||||||
OTHER INCOME AND EXPENSES | |||||||||||||||||||||||
Interest expense | (27,027) | (22,834) | (4,193) | 18.4 | % | ||||||||||||||||||
Interest income | 2,326 | 1,493 | 833 | 55.8 | % | ||||||||||||||||||
Other, net | 125 | 5,134 | (5,009) | -97.6 | % | ||||||||||||||||||
(24,576) | (16,207) | (8,369) | 51.6 | % | |||||||||||||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAX EXPENSE | 102,060 | 124,770 | (22,710) | -18.2 | % | ||||||||||||||||||
Income tax expense | 23,664 | 30,423 | (6,759) | -22.2 | % | ||||||||||||||||||
NET INCOME | $ | 78,396 | $ | 94,347 | $ | (15,951) | -16.9 | % | |||||||||||||||
Basic earnings per Common Share | $ | 2.12 | $ | 2.55 | $ | (0.43) | -16.9 | % | |||||||||||||||
Fully diluted earnings per Common Share | $ | 2.11 | $ | 2.55 | $ | (0.44) | -17.3 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 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 | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water purchased | $ | 75,939 | $ | 77,914 | $ | (1,975) | -2.5 | % | |||||||||||||||
Power purchased for pumping | 11,861 | 11,103 | 758 | 6.8 | % | ||||||||||||||||||
Groundwater production assessment | 19,071 | 19,412 | (341) | -1.8 | % | ||||||||||||||||||
Water supply cost balancing accounts * | (8,643) | (11,295) | 2,652 | -23.5 | % | ||||||||||||||||||
Total water supply costs | $ | 98,228 | $ | 97,134 | $ | 1,094 | 1.1 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Power purchased for resale | $ | 15,039 | $ | 11,240 | $ | 3,799 | 33.8 | % | |||||||||||||||
Electric supply cost balancing account * | (3,357) | (126) | (3,231) | 2,564.3 | % | ||||||||||||||||||
Total electric supply costs | $ | 11,682 | $ | 11,114 | $ | 568 | 5.1 | % |
Year Ended | Year Ended | $ | % | Year Ended | Year Ended | $ | % | ||||||||||||||||||||||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | 12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||||||||||||
Water Services | $ | 23,664 | $ | 22,525 | $ | 1,139 | 5.1 | % | Water Services | $ | 28,117 | $ | 25,781 | $ | 2,336 | 9.1 | % | ||||||||||||||||||||
Electric Services | 2,672 | 2,809 | (137 | ) | -4.9 | % | Electric Services | 3,311 | 3,011 | 300 | 10.0 | % | |||||||||||||||||||||||||
Contracted Services | 6,420 | 6,316 | 104 | 1.6 | % | Contracted Services | 6,667 | 5,946 | 721 | 12.1 | % | ||||||||||||||||||||||||||
Total other operation | $ | 32,756 | $ | 31,650 | $ | 1,106 | 3.5 | % | Total other operation | $ | 38,095 | $ | 34,738 | $ | 3,357 | 9.7 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 58,358 | $ | 55,552 | $ | 2,806 | 5.1 | % | |||||||||||||||
Electric Services | 7,901 | 8,694 | (793) | -9.1 | % | ||||||||||||||||||
Contracted Services | 19,923 | 19,292 | 631 | 3.3 | % | ||||||||||||||||||
AWR (parent) | 8 | 9 | (1) | -11.1 | % | ||||||||||||||||||
Total administrative and general | $ | 86,190 | $ | 83,547 | $ | 2,643 | 3.2 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 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 | $ | % | Year Ended | Year Ended | $ | % | ||||||||||||||||||||||||||||||
12/31/2019 | 12/31/2018 | CHANGE | CHANGE | 12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||||||||||||
Water Services | $ | 29,956 | $ | 36,137 | $ | (6,181 | ) | -17.1 | % | Water Services | $ | 34,805 | $ | 33,384 | $ | 1,421 | 4.3 | % | |||||||||||||||||||
Electric Services | 2,485 | 2,258 | 227 | 10.1 | % | Electric Services | 2,792 | 2,572 | 220 | 8.6 | % | ||||||||||||||||||||||||||
Contracted Services | 2,956 | 2,030 | 926 | 45.6 | % | Contracted Services | 3,718 | 3,640 | 78 | 2.1 | % | ||||||||||||||||||||||||||
Total depreciation and amortization | $ | 35,397 | $ | 40,425 | $ | (5,028 | ) | -12.4 | % | Total depreciation and amortization | $ | 41,315 | $ | 39,596 | $ | 1,719 | 4.3 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 9,559 | $ | 9,056 | $ | 503 | 5.6 | % | |||||||||||||||
Electric Services | 723 | 697 | 26 | 3.7 | % | ||||||||||||||||||
Contracted Services | 3,110 | 3,028 | 82 | 2.7 | % | ||||||||||||||||||
Total maintenance | $ | 13,392 | $ | 12,781 | $ | 611 | 4.8 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 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 | 12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||||||||||||
Water Services | $ | 17,034 | $ | 15,750 | $ | 1,284 | 8.2 | % | Water Services | $ | 19,080 | $ | 19,041 | $ | 39 | 0.2 | % | ||||||||||||||||||||
Electric Services | 1,134 | 1,059 | 75 | 7.1 | % | Electric Services | 1,837 | 1,519 | 318 | 20.9 | % | ||||||||||||||||||||||||||
Contracted Services | 1,874 | 1,595 | 279 | 17.5 | % | Contracted Services | 1,977 | 1,962 | 15 | 0.8 | % | ||||||||||||||||||||||||||
Total property and other taxes | $ | 20,042 | $ | 18,404 | $ | 1,638 | 8.9 | % | Total property and other taxes | $ | 22,894 | $ | 22,522 | $ | 372 | 1.7 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 22,742 | $ | 21,474 | $ | 1,268 | 5.9 | % | |||||||||||||||
Electric Services | 1,225 | 259 | 966 | 373.0 | % | ||||||||||||||||||
Contracted Services | 743 | 370 | 373 | 100.8 | % | ||||||||||||||||||
AWR (parent) | 2,317 | 731 | 1,586 | 217.0 | % | ||||||||||||||||||
Total interest expense | $ | 27,027 | $ | 22,834 | $ | 4,193 | 18.4 | % |
Year Ended | Year Ended | $ | % | |||||||||||
12/31/2019 | 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 | 12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||||||||||||
Water Services | $ | 1,662 | $ | 2,809 | $ | (1,147 | ) | -40.8 | % | Water Services | $ | 1,083 | $ | 428 | $ | 655 | 153.0 | % | |||||||||||||||||||
Electric Services | 205 | 81 | 124 | * | Electric Services | 394 | 118 | 276 | 233.9 | % | |||||||||||||||||||||||||||
Contracted Services | 1,321 | 689 | 632 | * | Contracted Services | 875 | 1,007 | (132) | -13.1 | % | |||||||||||||||||||||||||||
AWR (parent) | 61 | (1 | ) | 62 | * | AWR (parent) | (26) | (60) | 34 | -56.7 | % | ||||||||||||||||||||||||||
Total interest income | $ | 3,249 | $ | 3,578 | $ | (329 | ) | -9.2 | % | Total interest income | $ | 2,326 | $ | 1,493 | $ | 833 | 55.8 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | (680) | $ | 4,783 | $ | (5,463) | -114.2 | % | |||||||||||||||
Electric Services | 406 | 242 | 164 | 67.8 | % | ||||||||||||||||||
Contracted Services | 141 | (149) | 290 | -194.6 | % | ||||||||||||||||||
AWR (parent) | 258 | 258 | — | — | % | ||||||||||||||||||
Total interest income | $ | 125 | $ | 5,134 | $ | (5,009) | -97.6 | % |
Year Ended | Year Ended | $ | % | ||||||||||||||||||||
12/31/2022 | 12/31/2021 | CHANGE | CHANGE | ||||||||||||||||||||
Water Services | $ | 16,346 | $ | 22,095 | $ | (5,749) | -26.0 | % | |||||||||||||||
Electric Services | 2,439 | 2,975 | (536) | -18.0 | % | ||||||||||||||||||
Contracted Services | 5,476 | 5,434 | 42 | 0.8 | % | ||||||||||||||||||
AWR (parent) | (597) | (81) | (516) | 637.0 | % | ||||||||||||||||||
Total income tax expense | $ | 23,664 | $ | 30,423 | $ | (6,759) | -22.2 | % |
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 (1) | ||||||||||||||
($ in thousands) | Total | Less than 1 Year | ||||||||||||
Notes/Debentures (2) | $ | 187,000 | $ | — | ||||||||||
Private Placement Notes (3) | 250,000 | — | ||||||||||||
Tax-Exempt Obligations (4) | 10,564 | 178 | ||||||||||||
Other Debt Instruments (5) | 2,809 | 221 | ||||||||||||
Total AWR Long-Term Debt | $ | 450,373 | $ | 399 | ||||||||||
Credit Facilities (6) | $ | 277,500 | $ | 255,500 | ||||||||||
Interest on Long-Term Debt (7) | 227,661 | 21,846 | ||||||||||||
Advances for Construction (8) | 67,967 | 3,617 | ||||||||||||
Renewable Energy Credit Agreement (9) | 619 | 619 | ||||||||||||
Purchased Power Contracts (10) | 8,966 | 4,906 | ||||||||||||
Capital Expenditures (11) | 94,991 | 94,991 | ||||||||||||
Water Purchase Agreements (12) | 3,066 | 459 | ||||||||||||
Operating Leases (13) | 11,087 | 2,256 | ||||||||||||
Employer Contributions (14) | 2,800 | 2,800 | ||||||||||||
SUB-TOTAL | 694,657 | 386,994 | ||||||||||||
Other Commitments (15) | 10,743 | — | ||||||||||||
TOTAL | $ | 1,155,773 | $ | 387,393 |
Military Base | EPA period | Filing Date | ||||||||||||
Fort Bliss (FBWS) | October | 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) | 2022 | 2021 | |||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Utility Plant | Utility Plant | |||||||||||||||||||||
Regulated utility plant, at cost: | Regulated utility plant, at cost: | |||||||||||||||||||||
Water | $ | 1,700,442 | $ | 1,649,535 | Water | $ | 2,006,468 | $ | 1,898,817 | |||||||||||||
Electric | 108,425 | 106,064 | Electric | 133,815 | 116,472 | |||||||||||||||||
Total | 1,808,867 | 1,755,599 | Total | 2,140,283 | 2,015,289 | |||||||||||||||||
Non-regulated utility property, at cost | 30,554 | 24,511 | Non-regulated utility property, at cost | 38,066 | 37,064 | |||||||||||||||||
Total utility plant, at cost | 1,839,421 | 1,780,110 | Total utility plant, at cost | 2,178,349 | 2,052,353 | |||||||||||||||||
Less — accumulated depreciation | (543,263 | ) | (561,855 | ) | Less — accumulated depreciation | (606,231) | (594,264) | |||||||||||||||
1,296,158 | 1,218,255 | 1,572,118 | 1,458,089 | |||||||||||||||||||
Construction work in progress | 119,547 | 78,055 | Construction work in progress | 181,648 | 167,915 | |||||||||||||||||
Net utility plant | 1,415,705 | 1,296,310 | Net utility plant | 1,753,766 | 1,626,004 | |||||||||||||||||
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 | 36,907 | 40,806 | |||||||||||||||||
Total other property and investments | 31,409 | 26,472 | Total other property and investments | 38,023 | 41,922 | |||||||||||||||||
Current Assets | Current Assets | |||||||||||||||||||||
Cash and cash equivalents | 1,334 | 7,141 | Cash and cash equivalents | 5,997 | 4,963 | |||||||||||||||||
Accounts receivable — customers, less allowance for doubtful accounts | 20,907 | 23,395 | Accounts receivable — customers, less allowance for doubtful accounts | 26,206 | 34,416 | |||||||||||||||||
Unbilled revenue — receivable | 20,482 | 23,588 | ||||||||||||||||||||
Unbilled revenue — receivable (Note 2) | Unbilled revenue — receivable (Note 2) | 20,663 | 27,147 | |||||||||||||||||||
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) | 34,974 | 27,827 | |||||||||||||||||
Other accounts receivable, less allowance for doubtful accounts | 3,096 | 3,103 | Other accounts receivable, less allowance for doubtful accounts | 4,215 | 6,510 | |||||||||||||||||
Income taxes receivable | 5,685 | 2,164 | Income taxes receivable | 3,901 | 236 | |||||||||||||||||
Materials and supplies | 6,429 | 5,775 | Materials and supplies | 14,623 | 12,163 | |||||||||||||||||
Regulatory assets — current | 20,930 | 16,527 | Regulatory assets — current | 14,028 | 8,897 | |||||||||||||||||
Prepayments and other current assets | 5,413 | 6,063 | Prepayments and other current assets | 5,450 | 5,317 | |||||||||||||||||
Contract assets (Note 2) | 15,567 | 22,169 | Contract assets (Note 2) | 9,390 | 6,135 | |||||||||||||||||
Purchase power contract derivative at fair value | Purchase power contract derivative at fair value | 11,847 | 4,441 | |||||||||||||||||||
Total current assets | 122,456 | 131,468 | Total current assets | 151,294 | 138,052 | |||||||||||||||||
Other Assets | Other Assets | |||||||||||||||||||||
Unbilled revenue — receivable from U.S. government | 8,621 | — | ||||||||||||||||||||
Unbilled revenue — receivable from U.S. government (Note 2) | Unbilled revenue — receivable from U.S. government (Note 2) | 6,456 | 9,671 | |||||||||||||||||||
Receivable from U.S. government (Note 2) | 42,206 | 39,583 | Receivable from U.S. government (Note 2) | 50,482 | 51,991 | |||||||||||||||||
Contract assets (Note 2) | 64 | 2,278 | Contract assets (Note 2) | 5,592 | 3,452 | |||||||||||||||||
Operating lease right-of-use assets | 13,168 | — | Operating lease right-of-use assets | 9,535 | 10,479 | |||||||||||||||||
Regulatory assets | Regulatory assets | 5,694 | 3,182 | |||||||||||||||||||
Other | 7,702 | 5,322 | Other | 13,532 | 16,230 | |||||||||||||||||
Total other assets | 71,761 | 47,183 | Total other assets | 91,291 | 95,005 | |||||||||||||||||
Total Assets | $ | 1,641,331 | $ | 1,501,433 | Total Assets | $ | 2,034,374 | $ | 1,900,983 |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2022 | 2021 | |||||||||||||||||
Capitalization and Liabilities | Capitalization and Liabilities | |||||||||||||||||||||
Capitalization | Capitalization | |||||||||||||||||||||
Common shareholders’ equity | $ | 601,530 | $ | 558,223 | Common shareholders’ equity | $ | 709,549 | $ | 685,947 | |||||||||||||
Long-term debt | 280,996 | 281,087 | Long-term debt | 446,547 | 412,176 | |||||||||||||||||
Total capitalization | 882,526 | 839,310 | Total capitalization | 1,156,096 | 1,098,123 | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||||||
Notes payable to banks | 5,000 | — | Notes payable to banks | 255,500 | 31,000 | |||||||||||||||||
Long-term debt — current | 344 | 40,320 | Long-term debt — current | 399 | 377 | |||||||||||||||||
Accounts payable | 55,616 | 59,532 | Accounts payable | 84,849 | 65,902 | |||||||||||||||||
Income taxes payable | 95 | 360 | Income taxes payable | 1,848 | 4,662 | |||||||||||||||||
Accrued other taxes | 11,110 | 10,094 | Accrued other taxes | 16,257 | 17,137 | |||||||||||||||||
Accrued employee expenses | 14,255 | 13,842 | Accrued employee expenses | 13,996 | 16,256 | |||||||||||||||||
Accrued interest | 3,050 | 3,865 | Accrued interest | 5,308 | 4,545 | |||||||||||||||||
Unrealized loss on purchased power contracts | 3,171 | 311 | ||||||||||||||||||||
Regulatory liabilities | Regulatory liabilities | 4,574 | 1,896 | |||||||||||||||||||
Contract liabilities (Note 2) | 11,167 | 7,530 | Contract liabilities (Note 2) | 903 | 257 | |||||||||||||||||
Operating lease liabilities | 1,849 | — | Operating lease liabilities | 1,892 | 2,044 | |||||||||||||||||
Other | 10,341 | 10,731 | Other | 10,996 | 11,498 | |||||||||||||||||
Total current liabilities | 115,998 | 146,585 | Total current liabilities | 396,522 | 155,574 | |||||||||||||||||
Other Credits | Other Credits | |||||||||||||||||||||
Notes payable to banks | 200,000 | 95,500 | Notes payable to banks | 22,000 | 174,500 | |||||||||||||||||
Advances for construction | 63,989 | 66,305 | Advances for construction | 64,351 | 66,727 | |||||||||||||||||
Contributions in aid of construction — net | 134,706 | 124,385 | Contributions in aid of construction — net | 147,918 | 147,482 | |||||||||||||||||
Deferred income taxes | 125,304 | 114,216 | Deferred income taxes | 149,677 | 140,290 | |||||||||||||||||
Regulatory liabilities | 23,380 | 44,867 | Regulatory liabilities | 40,602 | 32,979 | |||||||||||||||||
Unamortized investment tax credits | 1,295 | 1,367 | Unamortized investment tax credits | 1,082 | 1,153 | |||||||||||||||||
Accrued pension and other post-retirement benefits | 68,469 | 57,636 | Accrued pension and other post-retirement benefits | 33,636 | 61,365 | |||||||||||||||||
Operating lease liabilities | 11,739 | — | Operating lease liabilities | 8,090 | 8,920 | |||||||||||||||||
Other | 13,925 | 11,262 | Other | 14,400 | 13,870 | |||||||||||||||||
Total other credits | 642,807 | 515,538 | Total other credits | 481,756 | 647,286 | |||||||||||||||||
Commitments and Contingencies (Notes 14 and 15) | — | — | Commitments and Contingencies (Notes 14 and 15) | |||||||||||||||||||
Total Capitalization and Liabilities | $ | 1,641,331 | $ | 1,501,433 | Total Capitalization and Liabilities | $ | 2,034,374 | $ | 1,900,983 |
December 31, | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
(in thousands, except share data) | 2019 | 2018 | ||||||||||||||||||||
(in thousands, except number of shares) | (in thousands, except number of shares) | 2022 | 2021 | |||||||||||||||||||
Common Shareholders’ Equity: | Common Shareholders’ Equity: | |||||||||||||||||||||
Common Shares, no par value: | Common Shares, no 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: 36,962,241 shares in 2022 and 36,936,285 shares in 2021 | Outstanding: 36,962,241 shares in 2022 and 36,936,285 shares in 2021 | $ | 260,158 | $ | 258,442 | |||||||||||||||||
Reinvested earnings in the business | 345,964 | 304,534 | Reinvested earnings in the business | 449,391 | 427,505 | |||||||||||||||||
601,530 | 558,223 | 709,549 | 685,947 | |||||||||||||||||||
Long-Term Debt (All are of GSWC) | ||||||||||||||||||||||
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 | ||||||||||||||||||||
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 | 85,000 | |||||||||||||||||||
2.90% notes due 2040 | 2.90% notes due 2040 | 75,000 | 75,000 | |||||||||||||||||||
4.548% notes due 2032 | 4.548% notes due 2032 | 17,500 | — | |||||||||||||||||||
4.949% notes due 2037 | 4.949% notes due 2037 | 17,500 | — | |||||||||||||||||||
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 | 2,834 | 3,039 | |||||||||||||||||
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 | 2,809 | 3,019 | |||||||||||||||||
284,699 | 324,978 | 450,373 | 415,788 | |||||||||||||||||||
Less: Current maturities | (344 | ) | (40,320 | ) | Less: Current maturities | (399) | (377) | |||||||||||||||
Debt issuance costs | (3,359 | ) | (3,571 | ) | Debt issuance costs | (3,427) | (3,235) | |||||||||||||||
280,996 | 281,087 | 446,547 | 412,176 | |||||||||||||||||||
Total Capitalization | $ | 882,526 | $ | 839,310 | Total Capitalization | $ | 1,156,096 | $ | 1,098,123 |
For the years ended December 31, | ||||||||||||||||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2020 | |||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Water | $ | 340,602 | $ | 347,112 | $ | 330,637 | ||||||||||||||
Electric | 39,986 | 38,345 | 37,024 | |||||||||||||||||
Contracted services | 110,940 | 113,396 | 120,582 | |||||||||||||||||
Total operating revenues | 491,528 | 498,853 | 488,243 | |||||||||||||||||
Operating Expenses | ||||||||||||||||||||
Water purchased | 75,939 | 77,914 | 74,554 | |||||||||||||||||
Power purchased for pumping | 11,861 | 11,103 | 10,134 | |||||||||||||||||
Groundwater production assessment | 19,071 | 19,412 | 20,392 | |||||||||||||||||
Power purchased for resale | 15,039 | 11,240 | 10,423 | |||||||||||||||||
Supply cost balancing accounts | (12,000) | (11,421) | (11,803) | |||||||||||||||||
Other operation | 38,095 | 34,738 | 33,236 | |||||||||||||||||
Administrative and general | 86,190 | 83,547 | 83,615 | |||||||||||||||||
Depreciation and amortization | 41,315 | 39,596 | 36,850 | |||||||||||||||||
Maintenance | 13,392 | 12,781 | 15,702 | |||||||||||||||||
Property and other taxes | 22,894 | 22,522 | 22,199 | |||||||||||||||||
ASUS construction | 53,171 | 56,909 | 62,411 | |||||||||||||||||
(Gain) loss on sale of assets | (75) | (465) | 31 | |||||||||||||||||
Total operating expenses | 364,892 | 357,876 | 357,744 | |||||||||||||||||
Operating Income | 126,636 | 140,977 | 130,499 | |||||||||||||||||
Other Income and Expenses | ||||||||||||||||||||
Interest expense | (27,027) | (22,834) | (22,531) | |||||||||||||||||
Interest income | 2,326 | 1,493 | 1,801 | |||||||||||||||||
Other, net | 125 | 5,134 | 4,853 | |||||||||||||||||
Total other income and expenses | (24,576) | (16,207) | (15,877) | |||||||||||||||||
Income before income tax expense | 102,060 | 124,770 | 114,622 | |||||||||||||||||
Income tax expense | 23,664 | 30,423 | 28,197 | |||||||||||||||||
Net Income | $ | 78,396 | $ | 94,347 | $ | 86,425 | ||||||||||||||
Weighted Average Number of Shares Outstanding | 36,955 | 36,921 | 36,880 | |||||||||||||||||
Basic Earnings Per Common Share | $ | 2.12 | $ | 2.55 | $ | 2.34 | ||||||||||||||
Weighted Average Number of Diluted Shares | 37,039 | 37,010 | 36,995 | |||||||||||||||||
Fully Diluted Earnings Per Share | $ | 2.11 | $ | 2.55 | $ | 2.33 | ||||||||||||||
Dividends Paid Per Common Share | $ | 1.525 | $ | 1.40 | $ | 1.28 |
For the years ended December 31, | ||||||||||||
(in thousands, except per share amounts) | 2019 | 2018 | 2017 | |||||||||
Operating Revenues | ||||||||||||
Water | $ | 319,830 | $ | 295,258 | $ | 306,332 | ||||||
Electric | 39,548 | 34,350 | 33,969 | |||||||||
Contracted services | 114,491 | 107,208 | 100,302 | |||||||||
Total operating revenues | 473,869 | 436,816 | 440,603 | |||||||||
Operating Expenses | ||||||||||||
Water purchased | 72,289 | 68,904 | 68,302 | |||||||||
Power purchased for pumping | 8,660 | 8,971 | 8,518 | |||||||||
Groundwater production assessment | 18,962 | 19,440 | 18,638 | |||||||||
Power purchased for resale | 11,796 | 11,590 | 10,720 | |||||||||
Supply cost balancing accounts | (7,026 | ) | (15,649 | ) | (17,939 | ) | ||||||
Other operation | 32,756 | 31,650 | 29,994 | |||||||||
Administrative and general | 83,034 | 82,595 | 81,643 | |||||||||
Depreciation and amortization | 35,397 | 40,425 | 39,031 | |||||||||
Maintenance | 15,466 | 15,682 | 15,176 | |||||||||
Property and other taxes | 20,042 | 18,404 | 17,905 | |||||||||
ASUS construction | 55,673 | 53,906 | 49,838 | |||||||||
Gain on sale of assets | (253 | ) | (85 | ) | (8,318 | ) | ||||||
Total operating expenses | 346,796 | 335,833 | 313,508 | |||||||||
Operating Income | 127,073 | 100,983 | 127,095 | |||||||||
Other Income and Expenses | ||||||||||||
Interest expense | (24,586 | ) | (23,433 | ) | (22,582 | ) | ||||||
Interest income | 3,249 | 3,578 | 1,790 | |||||||||
Other, net | 3,276 | 760 | 2,038 | |||||||||
Total other income and expenses | (18,061 | ) | (19,095 | ) | (18,754 | ) | ||||||
Income before income tax expense | 109,012 | 81,888 | 108,341 | |||||||||
Income tax expense | 24,670 | 18,017 | 38,974 | |||||||||
Net Income | $ | 84,342 | $ | 63,871 | $ | 69,367 | ||||||
Weighted Average Number of Shares Outstanding | 36,814 | 36,733 | 36,638 | |||||||||
Basic Earnings Per Common Share | $ | 2.28 | $ | 1.73 | $ | 1.88 | ||||||
Weighted Average Number of Diluted Shares | 36,964 | 36,936 | 36,844 | |||||||||
Fully Diluted Earnings Per Share | $ | 2.28 | $ | 1.72 | $ | 1.88 | ||||||
Dividends Paid Per Common Share | $ | 1.160 | $ | 1.060 | $ | 0.994 |
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 | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | Balances at December 31, 2019 | 36,847 | $ | 255,566 | $ | 345,964 | $ | 601,530 | |||||||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | 69,367 | 69,367 | Net income | 86,425 | 86,425 | ||||||||||||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | 110 | 909 | 909 | 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 | 1,789 | 1,789 | 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 | 194 | 194 | Dividend equivalent rights on stock-based awards not paid in cash | 176 | 176 | ||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 36,417 | 36,417 | Dividends on Common Shares | 47,206 | 47,206 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 194 | 194 | Dividend equivalent rights on stock-based awards not paid in cash | 176 | 176 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2017 | 36,681 | 250,124 | 279,821 | 529,945 | |||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | Balances at December 31, 2020 | 36,889 | 256,666 | 385,007 | 641,673 | ||||||||||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | 63,871 | 63,871 | Net income | 94,347 | 94,347 | ||||||||||||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | 77 | 546 | 546 | Exercise of stock options and other issuance of Common Shares | 47 | — | — | ||||||||||||||||||||||||||||||||||
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 | 1,616 | 1,616 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 221 | 221 | Dividend equivalent rights on stock-based awards not paid in cash | 160 | 160 | ||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 38,937 | 38,937 | Dividends on Common Shares | 51,689 | 51,689 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 221 | 221 | Dividend equivalent rights on stock-based awards not paid in cash | 160 | 160 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 36,758 | 253,689 | 304,534 | 558,223 | |||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | Balances at December 31, 2021 | 36,936 | 258,442 | 427,505 | 685,947 | ||||||||||||||||||||||||||||||||||||
Add: | Add: | ||||||||||||||||||||||||||||||||||||||||
Net income | 84,342 | 84,342 | Net income | 78,396 | 78,396 | ||||||||||||||||||||||||||||||||||||
Exercise of stock options and other issuance of Common Shares | 89 | 519 | 519 | Exercise of stock options and other issuance of Common Shares | 26 | — | — | ||||||||||||||||||||||||||||||||||
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 | 1,562 | 1,562 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 210 | 210 | Dividend equivalent rights on stock-based awards not paid in cash | 154 | 154 | ||||||||||||||||||||||||||||||||||||
Deduct: | Deduct: | ||||||||||||||||||||||||||||||||||||||||
Dividends on Common Shares | 42,702 | 42,702 | Dividends on Common Shares | 56,356 | 56,356 | ||||||||||||||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 210 | 210 | Dividend equivalent rights on stock-based awards not paid in cash | 154 | 154 | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 36,847 | $ | 255,566 | $ | 345,964 | $ | 601,530 | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | Balances at December 31, 2022 | 36,962 | $ | 260,158 | $ | 449,391 | $ | 709,549 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | |||||||||||||||||||||||||||||||
Net income | $ | 84,342 | $ | 63,871 | $ | 69,367 | Net income | $ | 78,396 | $ | 94,347 | $ | 86,425 | |||||||||||||||||||
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 | 41,697 | 39,974 | 37,204 | |||||||||||||||||||||||||
Provision for doubtful accounts | 608 | 841 | 989 | Provision for doubtful accounts | 1,043 | 1,119 | 1,433 | |||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 6,623 | (5,773 | ) | 12,153 | Deferred income taxes and investment tax credits | 2,803 | 3,561 | 2,243 | ||||||||||||||||||||||||
Stock-based compensation expense | 2,517 | 3,851 | 2,885 | Stock-based compensation expense | 2,571 | 2,566 | 2,463 | |||||||||||||||||||||||||
Gain on sale of assets | (253 | ) | (85 | ) | (8,318 | ) | ||||||||||||||||||||||||||
(Gain) loss on investments held in a trust | (3,580 | ) | 558 | (1,743 | ) | |||||||||||||||||||||||||||
(Gain) loss on sale of assets | (Gain) loss on sale of assets | (75) | (465) | 31 | ||||||||||||||||||||||||||||
Loss (gain) on investments held in a trust | Loss (gain) on investments held in a trust | 5,177 | (4,287) | (3,024) | ||||||||||||||||||||||||||||
Other — net | 526 | 97 | 218 | Other — net | 113 | 84 | (908) | |||||||||||||||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable — customers | 1,882 | 1,882 | (7,671 | ) | Accounts receivable — customers | 5,424 | (4,688) | (13,272) | ||||||||||||||||||||||||
Unbilled revenue — receivable | (5,515 | ) | 2,823 | (2,020 | ) | Unbilled revenue — receivable | 9,699 | (1,037) | (6,678) | |||||||||||||||||||||||
Other accounts receivable | 214 | 5,151 | (1,671 | ) | Other accounts receivable | 2,115 | (1,422) | (1,204) | ||||||||||||||||||||||||
Receivables from the U.S. government | 1,144 | (20,976 | ) | 4,742 | Receivables from the U.S. government | (5,638) | (4,713) | (3,889) | ||||||||||||||||||||||||
Materials and supplies | (654 | ) | (980 | ) | (501 | ) | Materials and supplies | (2,460) | (3,544) | (2,190) | ||||||||||||||||||||||
Prepayments and other assets | 3,978 | (519 | ) | (1,641 | ) | Prepayments and other assets | 3,146 | 1,323 | 1,686 | |||||||||||||||||||||||
Contract assets | 3,979 | 5,941 | — | Contract assets | (5,395) | 235 | (588) | |||||||||||||||||||||||||
Costs and estimated earnings in excess of billings on contracts | — | — | (2,881 | ) | ||||||||||||||||||||||||||||
Regulatory assets/liabilities | (11,597 | ) | 33,834 | 24,626 | Regulatory assets/liabilities | (18,915) | (5,842) | 10,150 | ||||||||||||||||||||||||
Accounts payable | (249 | ) | 1,282 | 4,358 | Accounts payable | 11,767 | (2,881) | 5,348 | ||||||||||||||||||||||||
Income taxes receivable/payable | (3,786 | ) | 2,708 | 13,206 | Income taxes receivable/payable | (6,479) | (2,254) | 12,270 | ||||||||||||||||||||||||
Contract liabilities / Billings in excess of costs and estimated earnings on contracts | 3,637 | 3,619 | 1,648 | |||||||||||||||||||||||||||||
Contract liabilities | Contract liabilities | 646 | (1,543) | (9,367) | ||||||||||||||||||||||||||||
Accrued pension and other post-retirement benefits | 1,994 | (1,086 | ) | (878 | ) | Accrued pension and other post-retirement benefits | (3,087) | 3,051 | 1,444 | |||||||||||||||||||||||
Other liabilities | (4,659 | ) | (928 | ) | (1,589 | ) | Other liabilities | (4,749) | 2,000 | 2,593 | ||||||||||||||||||||||
Net cash provided | 116,864 | 136,774 | 144,552 | Net cash provided | 117,799 | 115,584 | 122,170 | |||||||||||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | |||||||||||||||||||||||||||||||
Capital expenditures | (151,940 | ) | (126,561 | ) | (113,126 | ) | Capital expenditures | (166,240) | (144,515) | (130,423) | ||||||||||||||||||||||
Proceeds from sale of assets | 169 | 72 | 34,324 | Proceeds from sale of assets | 59 | 565 | 88 | |||||||||||||||||||||||||
Other investments | (1,424 | ) | (1,553 | ) | (1,229 | ) | Other investments | (921) | (1,142) | (1,275) | ||||||||||||||||||||||
Net cash used | (153,195 | ) | (128,042 | ) | (80,031 | ) | Net cash used | (167,102) | (145,092) | (131,610) | ||||||||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | |||||||||||||||||||||||||||||||
Proceeds from stock option exercises | 519 | 546 | 909 | Proceeds from stock option exercises | — | — | 30 | |||||||||||||||||||||||||
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 | 6,901 | 12,432 | 9,338 | |||||||||||||||||||||||||
Refunds on advances for construction | (5,005 | ) | (3,886 | ) | (3,889 | ) | Refunds on advances for construction | (5,321) | (4,666) | (3,729) | ||||||||||||||||||||||
Retirement or repayments of long-term debt | (40,325 | ) | (326 | ) | (329 | ) | ||||||||||||||||||||||||||
Repayments of long-term debt | Repayments of long-term debt | (377) | (28,356) | (336) | ||||||||||||||||||||||||||||
Proceeds from the issuance of long-term debt, net of issuance costs | Proceeds from the issuance of long-term debt, net of issuance costs | 34,789 | — | 159,413 | ||||||||||||||||||||||||||||
Net change in notes payable to banks | 109,500 | 36,500 | (31,000 | ) | Net change in notes payable to banks | 72,000 | 71,300 | (70,800) | ||||||||||||||||||||||||
Dividends paid | (42,702 | ) | (38,937 | ) | (36,417 | ) | Dividends paid | (56,356) | (51,689) | (47,206) | ||||||||||||||||||||||
Other | (1,634 | ) | (1,253 | ) | (1,292 | ) | Other | (1,299) | (1,287) | (1,867) | ||||||||||||||||||||||
Net cash provided (used) | 30,524 | (1,805 | ) | (64,743 | ) | Net cash provided (used) | 50,337 | (2,266) | 44,843 | |||||||||||||||||||||||
Net change in cash and cash equivalents | (5,807 | ) | 6,927 | (222 | ) | Net change in cash and cash equivalents | 1,034 | (31,774) | 35,403 | |||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 7,141 | 214 | 436 | Cash and cash equivalents, beginning of year | 4,963 | 36,737 | 1,334 | |||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 1,334 | $ | 7,141 | $ | 214 | Cash and cash equivalents, end of year | $ | 5,997 | $ | 4,963 | $ | 36,737 |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2022 | 2021 | |||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Utility Plant, at cost | Utility Plant, at cost | $ | 2,006,468 | $ | 1,898,817 | |||||||||||||||||
Water | $ | 1,700,442 | $ | 1,649,535 | ||||||||||||||||||
Electric | 108,425 | 106,064 | ||||||||||||||||||||
Total | 1,808,867 | 1,755,599 | ||||||||||||||||||||
Less — accumulated depreciation | (531,801 | ) | (551,244 | ) | Less — accumulated depreciation | (530,925) | (522,672) | |||||||||||||||
1,277,066 | 1,204,355 | 1,475,543 | 1,376,145 | |||||||||||||||||||
Construction work in progress | 117,676 | 76,737 | Construction work in progress | 141,175 | 123,600 | |||||||||||||||||
Net utility plant | 1,394,742 | 1,281,092 | Net utility plant | 1,616,718 | 1,499,745 | |||||||||||||||||
Other Property and Investments | 28,212 | 23,263 | Other Property and Investments | 34,655 | 38,659 | |||||||||||||||||
28,212 | 23,263 | 34,655 | 38,659 | |||||||||||||||||||
Current Assets | Current Assets | |||||||||||||||||||||
Cash and cash equivalents | 401 | 4,187 | Cash and cash equivalents | 370 | 525 | |||||||||||||||||
Accounts receivable — customers, less allowance for doubtful accounts | 20,907 | 23,395 | Accounts receivable — customers, less allowance for doubtful accounts | 23,107 | 31,870 | |||||||||||||||||
Unbilled revenue — receivable | 18,636 | 17,892 | Unbilled revenue — receivable | 15,006 | 20,525 | |||||||||||||||||
Other accounts receivable, less allowance for doubtful accounts | 1,857 | 1,959 | Other accounts receivable, less allowance for doubtful accounts | 2,721 | 3,791 | |||||||||||||||||
Intercompany receivable | Intercompany receivable | 621 | — | |||||||||||||||||||
Income taxes receivable from Parent | 7,727 | 5,617 | Income taxes receivable from Parent | 1,692 | — | |||||||||||||||||
Materials and supplies | 4,920 | 4,797 | Materials and supplies | 6,120 | 5,384 | |||||||||||||||||
Regulatory assets — current | 20,930 | 16,527 | Regulatory assets — current | 14,028 | 8,897 | |||||||||||||||||
Prepayments and other current assets | 4,497 | 5,275 | Prepayments and other current assets | 4,464 | 4,223 | |||||||||||||||||
Total current assets | 79,875 | 79,649 | Total current assets | 68,129 | 75,215 | |||||||||||||||||
Other Assets | Other Assets | |||||||||||||||||||||
Operating lease right-of-use assets | 12,745 | — | Operating lease right-of-use assets | 9,208 | 10,439 | |||||||||||||||||
Other | 6,880 | 5,218 | Other | 12,598 | 14,424 | |||||||||||||||||
Total other assets | 19,625 | 5,218 | Total other assets | 21,806 | 24,863 | |||||||||||||||||
Total Assets | $ | 1,522,454 | $ | 1,389,222 | Total Assets | $ | 1,741,308 | $ | 1,638,482 |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2022 | 2021 | |||||||||||||||||
Capitalization and Liabilities | Capitalization and Liabilities | |||||||||||||||||||||
Capitalization | Capitalization | |||||||||||||||||||||
Common shareholder’s equity | $ | 551,188 | $ | 503,575 | Common shareholder’s equity | $ | 643,906 | $ | 615,686 | |||||||||||||
Long-term debt | 280,996 | 281,087 | Long-term debt | 411,748 | 412,176 | |||||||||||||||||
Total capitalization | 832,184 | 784,662 | Total capitalization | 1,055,654 | 1,027,862 | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||||||
Intercompany payable to Parent | 158,845 | — | ||||||||||||||||||||
Long-term debt — current | 344 | 40,320 | Long-term debt — current | 399 | 377 | |||||||||||||||||
Accounts payable | 45,756 | 47,865 | Accounts payable | 65,944 | 50,627 | |||||||||||||||||
Income taxes payable to Parent | Income taxes payable to Parent | — | 2,972 | |||||||||||||||||||
Accrued other taxes | 10,640 | 9,911 | Accrued other taxes | 14,501 | 14,960 | |||||||||||||||||
Accrued employee expenses | 12,386 | 11,910 | Accrued employee expenses | 11,233 | 12,867 | |||||||||||||||||
Accrued interest | 2,736 | 3,550 | Accrued interest | 4,364 | 4,210 | |||||||||||||||||
Unrealized loss on purchased power contracts | 3,171 | 311 | ||||||||||||||||||||
Operating lease liabilities | 1,612 | — | Operating lease liabilities | 1,788 | 2,029 | |||||||||||||||||
Other | 9,745 | 9,432 | Other | 10,152 | 10,505 | |||||||||||||||||
Total current liabilities | 245,235 | 123,299 | Total current liabilities | 108,381 | 98,547 | |||||||||||||||||
Other Credits | Other Credits | |||||||||||||||||||||
Intercompany payable to Parent | — | 57,289 | ||||||||||||||||||||
Intercompany note payable | Intercompany note payable | 129,000 | 49,280 | |||||||||||||||||||
Advances for construction | 63,989 | 66,305 | Advances for construction | 64,331 | 66,707 | |||||||||||||||||
Contributions in aid of construction — net | 134,706 | 124,385 | Contributions in aid of construction — net | 147,918 | 145,848 | |||||||||||||||||
Deferred income taxes | 127,806 | 118,241 | Deferred income taxes | 138,788 | 132,314 | |||||||||||||||||
Regulatory liabilities | 23,380 | 44,867 | Regulatory liabilities | 40,602 | 32,979 | |||||||||||||||||
Unamortized investment tax credits | 1,295 | 1,367 | Unamortized investment tax credits | 1,082 | 1,153 | |||||||||||||||||
Accrued pension and other post-retirement benefits | 68,469 | 57,636 | Accrued pension and other post-retirement benefits | 33,421 | 61,170 | |||||||||||||||||
Operating lease liabilities | 11,588 | — | Operating lease liabilities | 7,878 | 8,891 | |||||||||||||||||
Other | 13,802 | 11,171 | Other | 14,253 | 13,731 | |||||||||||||||||
Total other credits | 445,035 | 481,261 | Total other credits | 577,273 | 512,073 | |||||||||||||||||
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 | $ | 1,741,308 | $ | 1,638,482 |
December 31, | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
(in thousands, except share data) | 2019 | 2018 | ||||||||||||||||||||
(in thousands, except number of shares) | (in thousands, except number of shares) | 2022 | 2021 | |||||||||||||||||||
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, no par value: Authorized: 1,000 shares Outstanding: 170 shares in 2022 and 170 shares in 2021 | Common Shares, no par value: Authorized: 1,000 shares Outstanding: 170 shares in 2022 and 170 shares in 2021 | $ | 358,123 | $ | 356,530 | |||||||||||||||||
Reinvested earnings in the business | 257,434 | 211,163 | Reinvested earnings in the business | 285,783 | 259,156 | |||||||||||||||||
551,188 | 503,575 | 643,906 | 615,686 | |||||||||||||||||||
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 | ||||||||||||||||||||
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 | 85,000 | |||||||||||||||||||
2.90% notes due 2040 | 2.90% notes due 2040 | 75,000 | 75,000 | |||||||||||||||||||
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 | 2,834 | 3,039 | |||||||||||||||||
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 | 2,809 | 3,019 | |||||||||||||||||
284,699 | 324,978 | 415,373 | 415,788 | |||||||||||||||||||
Less: Current maturities | (344 | ) | (40,320 | ) | Less: Current maturities | (399) | (377) | |||||||||||||||
Debt issuance costs | (3,359 | ) | (3,571 | ) | Debt issuance costs | (3,226) | (3,235) | |||||||||||||||
280,996 | 281,087 | 411,748 | 412,176 | |||||||||||||||||||
Total Capitalization | $ | 832,184 | $ | 784,662 | Total Capitalization | $ | 1,055,654 | $ | 1,027,862 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||||||||||
Operating Revenues | Operating Revenues | |||||||||||||||||||||||||||||||
Water | $ | 319,830 | $ | 295,258 | $ | 306,332 | Water | $ | 340,602 | $ | 347,112 | $ | 330,637 | |||||||||||||||||||
Electric | 39,548 | 34,350 | 33,969 | |||||||||||||||||||||||||||||
Electric (Note 20) | Electric (Note 20) | — | — | 18,647 | ||||||||||||||||||||||||||||
Total operating revenues | 359,378 | 329,608 | 340,301 | Total operating revenues | 340,602 | 347,112 | 349,284 | |||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||
Operating Expenses (Note 20) | Operating Expenses (Note 20) | |||||||||||||||||||||||||||||||
Water purchased | 72,289 | 68,904 | 68,302 | Water purchased | 75,939 | 77,914 | 74,554 | |||||||||||||||||||||||||
Power purchased for pumping | 8,660 | 8,971 | 8,518 | Power purchased for pumping | 11,861 | 11,103 | 10,134 | |||||||||||||||||||||||||
Groundwater production assessment | 18,962 | 19,440 | 18,638 | Groundwater production assessment | 19,071 | 19,412 | 20,392 | |||||||||||||||||||||||||
Power purchased for resale | 11,796 | 11,590 | 10,720 | Power purchased for resale | — | — | 5,010 | |||||||||||||||||||||||||
Supply cost balancing accounts | (7,026 | ) | (15,649 | ) | (17,939 | ) | Supply cost balancing accounts | (8,643) | (11,295) | (11,749) | ||||||||||||||||||||||
Other operation | 26,336 | 25,334 | 24,877 | Other operation | 28,117 | 25,781 | 25,194 | |||||||||||||||||||||||||
Administrative and general | 59,905 | 62,156 | 62,408 | Administrative and general | 58,358 | 55,552 | 59,385 | |||||||||||||||||||||||||
Depreciation and amortization | 32,441 | 38,395 | 37,852 | Depreciation and amortization | 34,805 | 33,384 | 32,184 | |||||||||||||||||||||||||
Maintenance | 12,843 | 13,104 | 12,970 | Maintenance | 9,559 | 9,056 | 12,424 | |||||||||||||||||||||||||
Property and other taxes | 18,168 | 16,809 | 16,402 | Property and other taxes | 19,080 | 19,041 | 18,860 | |||||||||||||||||||||||||
Gain on sale of assets | (88 | ) | (8 | ) | (8,318 | ) | Gain on sale of assets | — | (409) | — | ||||||||||||||||||||||
Total operating expenses | 254,286 | 249,046 | 234,430 | Total operating expenses | 248,147 | 239,539 | 246,388 | |||||||||||||||||||||||||
Operating Income | 105,092 | 80,562 | 105,871 | |||||||||||||||||||||||||||||
Operating Income (Note 20) | Operating Income (Note 20) | 92,455 | 107,573 | 102,896 | ||||||||||||||||||||||||||||
Other Income and Expenses | Other Income and Expenses | |||||||||||||||||||||||||||||||
Interest expense | (23,399 | ) | (22,621 | ) | (22,055 | ) | Interest expense | (22,742) | (21,474) | (21,495) | ||||||||||||||||||||||
Interest income | 1,867 | 2,890 | 1,766 | Interest income | 1,083 | 428 | 718 | |||||||||||||||||||||||||
Other, net | 3,280 | 784 | 2,234 | Other, net | (680) | 4,783 | 4,556 | |||||||||||||||||||||||||
Total other income and expenses | (18,252 | ) | (18,947 | ) | (18,055 | ) | Total other income and expenses | (22,339) | (16,263) | (16,221) | ||||||||||||||||||||||
Income from operations before income tax expense | 86,840 | 61,615 | 87,816 | Income from operations before income tax expense | 70,116 | 91,310 | 86,675 | |||||||||||||||||||||||||
Income tax expense | 20,177 | 13,603 | 34,059 | Income tax expense | 16,346 | 22,095 | 21,704 | |||||||||||||||||||||||||
Net Income | $ | 66,663 | $ | 48,012 | $ | 53,757 | ||||||||||||||||||||||||||
Net Income (Note 20) | Net Income (Note 20) | $ | 53,770 | $ | 69,215 | $ | 64,971 |
Common Shares | Reinvested | |||||||||||||||||||||||||
Number | Earnings | |||||||||||||||||||||||||
of | in the | |||||||||||||||||||||||||
(in thousands, except number of shares) | Shares | Amount | Business | Total | ||||||||||||||||||||||
Balances at December 31, 2019 | 165 | $ | 293,754 | $ | 257,434 | $ | 551,188 | |||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | 64,971 | 64,971 | ||||||||||||||||||||||||
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 | 983 | 983 | ||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 169 | 169 | ||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | 22,500 | 22,500 | ||||||||||||||||||||||||
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 | 169 | 169 | ||||||||||||||||||||||||
Balances at December 31, 2020 | 170 | 354,906 | 228,392 | 583,298 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | 69,215 | 69,215 | ||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,473 | 1,473 | ||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 151 | 151 | ||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | 38,300 | 38,300 | ||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 151 | 151 | ||||||||||||||||||||||||
Balances at December 31, 2021 | 170 | 356,530 | 259,156 | 615,686 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Net income | 53,770 | 53,770 | ||||||||||||||||||||||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,450 | 1,450 | ||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 143 | 143 | ||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Dividends on Common Shares | 27,000 | 27,000 | ||||||||||||||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 143 | 143 | ||||||||||||||||||||||||
Balances at December 31, 2022 | 170 | $ | 358,123 | $ | 285,783 | $ | 643,906 |
Common Shares | Reinvested | ||||||||||||||
Number | Earnings | ||||||||||||||
of | in the | ||||||||||||||
(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 | |||||||||||
Add: | |||||||||||||||
Net income | 48,012 | 48,012 | |||||||||||||
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 | |||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | |||||||||||||
Deduct: | |||||||||||||||
Dividends on Common Shares | 68,850 | 68,850 | |||||||||||||
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 | |||||||||||
Add: | |||||||||||||||
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 | |||||||||||||
Dividend equivalent rights on stock-based awards not paid in cash | 192 | 192 | |||||||||||||
Deduct: | |||||||||||||||
Dividends on Common Shares | 20,200 | 20,200 | |||||||||||||
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 |
For the years ended December 31, | ||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | $ | 53,770 | $ | 69,215 | $ | 64,971 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 35,072 | 33,643 | 32,477 | |||||||||||||||||
Provision for doubtful accounts | 1,018 | 1,018 | 1,018 | |||||||||||||||||
Deferred income taxes and investment tax credits | 855 | 2,308 | 1,181 | |||||||||||||||||
Stock-based compensation expense | 2,269 | 2,313 | 2,349 | |||||||||||||||||
Gain on sale of assets | — | (409) | — | |||||||||||||||||
Loss (gain) on investments held in a trust | 5,177 | (4,287) | (3,024) | |||||||||||||||||
Other — net | 9 | 200 | (576) | |||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Accounts receivable — customers | 6,263 | (4,287) | (12,126) | |||||||||||||||||
Unbilled revenue — receivable | 5,519 | (1,195) | (1,693) | |||||||||||||||||
Other accounts receivable | 931 | 592 | (1,364) | |||||||||||||||||
Materials and supplies | (736) | (1,725) | (2,166) | |||||||||||||||||
Prepayments and other assets | 2,125 | 1,860 | 1,124 | |||||||||||||||||
Regulatory assets/liabilities | (12,704) | (2,854) | 13,278 | |||||||||||||||||
Accounts payable | 7,671 | (10) | 1,810 | |||||||||||||||||
Intercompany receivable/payable | (805) | 1,479 | (1,911) | |||||||||||||||||
Income taxes receivable/payable from/to Parent | (4,664) | (1,640) | 12,339 | |||||||||||||||||
Accrued pension and other post-retirement benefits | (3,228) | 2,908 | 1,390 | |||||||||||||||||
Other liabilities | (4,034) | 1,165 | 1,260 | |||||||||||||||||
Net cash provided | 94,508 | 100,294 | 110,337 | |||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Capital expenditures | (146,730) | (123,526) | (116,409) | |||||||||||||||||
Note receivable from AWR parent | — | (26,000) | (6,000) | |||||||||||||||||
Receipt of payment of note receivable from AWR parent | — | 26,000 | 6,000 | |||||||||||||||||
Proceeds from sale of assets | — | 409 | — | |||||||||||||||||
Other investments | (1,001) | (1,142) | (1,275) | |||||||||||||||||
Net cash used | (147,731) | (124,259) | (117,684) | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from issuance of Common Shares to Parent | — | — | 60,000 | |||||||||||||||||
Receipt of advances for and contributions in aid of construction | 6,901 | 12,397 | 9,338 | |||||||||||||||||
Refunds on advances for construction | (5,321) | (4,666) | (3,729) | |||||||||||||||||
Repayments of long-term debt | (377) | (28,356) | (336) | |||||||||||||||||
Proceeds from the issuance of long-term debt, net of issuance costs | — | — | 159,413 | |||||||||||||||||
Net change in intercompany borrowings | 80,000 | 49,000 | (158,000) | |||||||||||||||||
Dividends paid | (27,000) | (38,300) | (22,500) | |||||||||||||||||
Other | (1,135) | (1,163) | (1,662) | |||||||||||||||||
Net cash provided (used) | 53,068 | (11,088) | 42,524 | |||||||||||||||||
Net change in cash and cash equivalents | (155) | (35,053) | 35,177 | |||||||||||||||||
Cash and cash equivalents, beginning of year | 525 | 35,578 | 401 | |||||||||||||||||
Cash and cash equivalents, end of year | $ | 370 | $ | 525 | $ | 35,578 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Cash Flows From Operating Activities: | ||||||||||||
Net income | $ | 66,663 | $ | 48,012 | $ | 53,757 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 32,757 | 38,633 | 38,094 | |||||||||
Provision for doubtful accounts | 606 | 850 | 816 | |||||||||
Deferred income taxes and investment tax credits | 5,081 | (6,817 | ) | 13,970 | ||||||||
Stock-based compensation expense | 2,253 | 3,397 | 2,420 | |||||||||
Gain on sale of assets | (88 | ) | (8 | ) | (8,318 | ) | ||||||
(Gain) loss on investments held in a trust | (3,580 | ) | 558 | (1,743 | ) | |||||||
Other — net | 58 | 27 | 130 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable — customers | 1,882 | 1,882 | (7,671 | ) | ||||||||
Unbilled revenue — receivable | (744 | ) | 960 | (1,152 | ) | |||||||
Other accounts receivable | 311 | 4,140 | (544 | ) | ||||||||
Materials and supplies | (123 | ) | (751 | ) | (322 | ) | ||||||
Prepayments and other assets | 4,230 | (154 | ) | (1,450 | ) | |||||||
Regulatory assets/liabilities | (11,597 | ) | 33,834 | 24,626 | ||||||||
Accounts payable | 1,558 | (1,907 | ) | 4,927 | ||||||||
Inter-company receivable/payable | 1,056 | (47 | ) | (390 | ) | |||||||
Income taxes receivable/payable from/to Parent | (2,110 | ) | 973 | 15,266 | ||||||||
Accrued pension and other post-retirement benefits | 1,994 | (1,086 | ) | (878 | ) | |||||||
Other liabilities | (3,579 | ) | (2,057 | ) | (1,930 | ) | ||||||
Net cash provided | 96,628 | 120,439 | 129,608 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||
Capital expenditures | (142,852 | ) | (116,354 | ) | (110,487 | ) | ||||||
Proceeds from sale of assets | 88 | 9 | 34,324 | |||||||||
Other investments | (1,424 | ) | (1,553 | ) | (1,229 | ) | ||||||
Net cash used | (144,188 | ) | (117,898 | ) | (77,392 | ) | ||||||
Cash Flows From Financing Activities: | ||||||||||||
Proceeds from issuance of Common Shares to Parent | — | 47,500 | — | |||||||||
Receipt of advances for and contributions in aid of construction | 10,171 | 5,551 | 7,275 | |||||||||
Refunds on advances for construction | (5,005 | ) | (3,886 | ) | (3,889 | ) | ||||||
Retirement or repayments of long-term debt | (40,325 | ) | (326 | ) | (329 | ) | ||||||
Net change in inter-company borrowings | 100,500 | 22,500 | (26,500 | ) | ||||||||
Dividends paid | (20,200 | ) | (68,850 | ) | (27,680 | ) | ||||||
Other | (1,367 | ) | (1,057 | ) | (1,088 | ) | ||||||
Net cash provided (used) | 43,774 | 1,432 | (52,211 | ) | ||||||||
Net change in cash and cash equivalents | (3,786 | ) | 3,973 | 5 | ||||||||
Cash and cash equivalents, beginning of year | 4,187 | 214 | 209 | |||||||||
Cash and cash equivalents, end of year | $ | 401 | $ | 4,187 | $ | 214 |
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 |
2022 | 2021 | |||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt—AWR (1) | $ | 450,373 | $ | 424,151 | $ | 415,788 | $ | 490,852 | ||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt—GSWC (1) | $ | 415,373 | $ | 391,198 | $ | 415,788 | $ | 490,852 |
(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—AWR | — | $ | 424,151 | — | $ | 424,151 | ||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Long-term debt—GSWC | — | $ | 391,198 | — | $ | 391,198 |
(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, 2022 | For The Year Ended December 31, 2021 | For The Year Ended December 31, 2020 | |||||||||||||||||
Water: | ||||||||||||||||||||
Tariff-based revenues | $ | 324,838 | $ | 345,562 | $ | 329,670 | ||||||||||||||
CPUC-approved surcharges (cost-recovery activities) | 2,461 | 3,280 | 3,736 | |||||||||||||||||
Other | 2,351 | 2,227 | 2,100 | |||||||||||||||||
Water revenues from contracts with customers | 329,650 | 351,069 | 335,506 | |||||||||||||||||
WRAM under/(over)-collection (alternative revenue program) | 10,952 | (3,957) | (4,869) | |||||||||||||||||
Total water revenues | 340,602 | 347,112 | 330,637 | |||||||||||||||||
Electric: | ||||||||||||||||||||
Tariff-based revenues | 39,750 | 37,124 | 35,283 | |||||||||||||||||
CPUC-approved surcharges (cost-recovery activities) | 144 | 310 | 686 | |||||||||||||||||
Electric revenues from contracts with customers | 39,894 | 37,434 | 35,969 | |||||||||||||||||
BRRAM under-collection (alternative revenue program) | 92 | 911 | 1,055 | |||||||||||||||||
Total electric revenues | 39,986 | 38,345 | 37,024 | |||||||||||||||||
Contracted services: | ||||||||||||||||||||
Water | 68,626 | 71,210 | 74,898 | |||||||||||||||||
Wastewater | 42,314 | 42,186 | 45,684 | |||||||||||||||||
Contracted services revenues from contracts with customers | 110,940 | 113,396 | 120,582 | |||||||||||||||||
Total revenues | $ | 491,528 | $ | 498,853 | $ | 488,243 |
(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 |
(dollar in thousands) | December 31, 2022 | December 31, 2021 | ||||||||||||
Unbilled receivables | $ | 10,125 | $ | 14,835 | ||||||||||
Receivable from the U.S. government | $ | 85,456 | $ | 79,818 | ||||||||||
Contract assets | $ | 14,982 | $ | 9,587 | ||||||||||
Contract liabilities | $ | 903 | $ | 257 |
December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
GSWC | ||||||||||||||
Water Revenue Adjustment Mechanism, net of the Modified Cost Balancing Account | $ | 31,803 | $ | 13,326 | ||||||||||
Pensions and other post-retirement obligations (Note 12) | 738 | 25,212 | ||||||||||||
COVID-19 memorandum account | 3,478 | 1,663 | ||||||||||||
Other regulatory assets | 19,226 | 16,949 | ||||||||||||
Excess deferred income taxes (Note 11) | (71,870) | (73,000) | ||||||||||||
Flow-through taxes, net (Note 11) | (1,134) | (5,552) | ||||||||||||
Other regulatory liabilities | (8,815) | (2,680) | ||||||||||||
Total GSWC | $ | (26,574) | $ | (24,082) | ||||||||||
BVESI | ||||||||||||||
Derivative instrument memorandum account (Note 5) | (11,847) | (4,441) | ||||||||||||
Wildfire mitigation and other fire prevention related costs memorandum accounts | 13,007 | 8,557 | ||||||||||||
Other regulatory assets | 7,965 | 5,359 | ||||||||||||
Other regulatory liabilities | (8,005) | (8,189) | ||||||||||||
Total AWR | $ | (25,454) | $ | (22,796) |
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) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Water | ||||||||||||||||||||||||||
Land | $ | 18,427 | $ | 18,207 | $ | 18,427 | $ | 18,207 | ||||||||||||||||||
Intangible assets | 30,511 | 29,028 | 30,511 | 29,028 | ||||||||||||||||||||||
Source of water supply | 109,918 | 98,244 | 109,918 | 98,244 | ||||||||||||||||||||||
Pumping | 227,668 | 209,936 | 227,668 | 209,936 | ||||||||||||||||||||||
Water treatment | 90,411 | 83,922 | 90,411 | 83,922 | ||||||||||||||||||||||
Transmission and distribution | 1,431,437 | 1,356,649 | 1,431,437 | 1,356,649 | ||||||||||||||||||||||
Other | 136,162 | 139,895 | 98,096 | 102,831 | ||||||||||||||||||||||
2,044,534 | 1,935,881 | 2,006,468 | 1,898,817 | |||||||||||||||||||||||
Electric (Note 20) | ||||||||||||||||||||||||||
Transmission and distribution | 105,499 | 90,491 | — | — | ||||||||||||||||||||||
Generation | 12,583 | 12,583 | — | — | ||||||||||||||||||||||
Other (1) | 15,733 | 13,398 | — | — | ||||||||||||||||||||||
133,815 | 116,472 | — | — | |||||||||||||||||||||||
Less — accumulated depreciation | (606,231) | (594,264) | (530,925) | (522,672) | ||||||||||||||||||||||
Construction work in progress | 181,648 | 167,915 | 141,175 | 123,600 | ||||||||||||||||||||||
Net utility plant | $ | 1,753,766 | $ | 1,626,004 | $ | 1,616,718 | $ | 1,499,745 |
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 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
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 | 13,757 | 12,258 | 12,519 | 11,019 | |||||||||||||||||||||||||||
Total intangible assets | 31,938 | 30,439 | 30,129 | 28,629 | ||||||||||||||||||||||||||||
Less — accumulated amortization | (26,811) | (26,401) | (25,374) | (25,109) | ||||||||||||||||||||||||||||
Intangible assets, net of amortization | $ | 5,127 | $ | 4,038 | $ | 4,755 | $ | 3,520 | ||||||||||||||||||||||||
Intangible assets not subject to amortization (3) | $ | 383 | $ | 400 | $ | 382 | $ | 399 |
Amortization Expense | ||||
2020 | $ | 90 | ||
2021 | 12 | |||
2022 | 12 | |||
2023 | 12 | |||
2024 | 12 | |||
Total | $ | 138 |
Amortization Expense | ||||||||
2023 | $ | 641 | ||||||
2024 | 641 | |||||||
2025 | 641 | |||||||
2026 | 641 | |||||||
2027 | 641 | |||||||
Total | $ | 3,205 |
(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, 2020 | $ | 9,320 | ||||||
Additional liabilities incurred | 148 | |||||||
Liabilities settled | (120) | |||||||
Accretion | 369 | |||||||
Obligation at December 31, 2021 | $ | 9,717 | ||||||
Accretion | 386 | |||||||
Obligation at December 31, 2022 | $ | 10,103 |
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Fair value at beginning of the period | $ | 4,441 | $ | (1,537) | ||||||||||
Unrealized gain on purchased power contracts | 7,406 | 5,978 | ||||||||||||
Fair value at end of the period | $ | 11,847 | $ | 4,441 |
(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 | ) |
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) | 2022 | 2021 | 2020 | |||||||||||||||||
Net income | $ | 78,396 | $ | 94,347 | $ | 86,425 | ||||||||||||||
Less: (a) Distributed earnings to common shareholders | 56,356 | 51,689 | 47,206 | |||||||||||||||||
Distributed earnings to participating securities | 142 | 134 | 158 | |||||||||||||||||
Undistributed earnings | 21,898 | 42,524 | 39,061 | |||||||||||||||||
(b) Undistributed earnings allocated to common shareholders | 21,843 | 42,414 | 38,930 | |||||||||||||||||
Undistributed earnings allocated to participating securities | 55 | 110 | 131 | |||||||||||||||||
Total income available to common shareholders, basic (a)+(b) | $ | 78,199 | $ | 94,103 | $ | 86,136 | ||||||||||||||
Weighted average Common Shares outstanding, basic | 36,955 | 36,921 | 36,880 | |||||||||||||||||
Basic earnings per Common Share | $ | 2.12 | $ | 2.55 | $ | 2.34 |
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) | 2022 | 2021 | 2020 | |||||||||||||||||
Common shareholders earnings, basic | $ | 78,199 | $ | 94,103 | $ | 86,136 | ||||||||||||||
Undistributed earnings for dilutive stock options and restricted stock units | 55 | 110 | 131 | |||||||||||||||||
Total common shareholders earnings, diluted | $ | 78,254 | $ | 94,213 | $ | 86,267 | ||||||||||||||
Weighted average Common Shares outstanding, basic | 36,955 | 36,921 | 36,880 | |||||||||||||||||
Stock-based compensation (1) | 84 | 89 | 115 | |||||||||||||||||
Weighted average Common Shares outstanding, diluted | 37,039 | 37,010 | 36,995 | |||||||||||||||||
Diluted earnings per Common Share | $ | 2.11 | $ | 2.55 | $ | 2.33 |
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) | 2022 | 2021 | ||||||||||||
Balance Outstanding at December 31, | $ | 277,500 | $ | 205,500 | ||||||||||
Interest Rate at December 31, | 5.07% ~ 5.89% | 0.78% ~ 1.61% | ||||||||||||
Average Amount Outstanding | $ | 226,556 | $ | 165,167 | ||||||||||
Weighted Average Annual Interest Rate | 2.55 | % | 1.05 | % | ||||||||||
Maximum Amount Outstanding | $ | 277,500 | $ | 205,500 |
2020 | $ | 344 | |
2021 | 365 | ||
2022 | 392 | ||
2023 | 406 | ||
2024 | 425 | ||
Thereafter | 282,767 | ||
Total | $ | 284,699 |
2023 | $ | 399 | |||
2024 | 419 | ||||
2025 | 439 | ||||
2026 | 457 | ||||
2027 | 477 | ||||
Thereafter | 448,182 | ||||
Total | $ | 450,373 |
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) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||||
Regulatory-liability-related (1) | $ | 31,330 | $ | 32,220 | $ | 29,623 | $ | 30,410 | ||||||||||||||||||
Contributions and advances | 6,544 | 6,850 | 6,896 | 7,227 | ||||||||||||||||||||||
Other | 7,424 | 5,324 | 7,874 | 5,689 | ||||||||||||||||||||||
Total deferred tax assets | $ | 45,298 | $ | 44,394 | $ | 44,393 | $ | 43,326 | ||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||||
Fixed assets | $ | (155,955) | $ | (150,290) | $ | (150,133) | $ | (144,719) | ||||||||||||||||||
Regulatory-asset-related: depreciation and other | (30,226) | (25,914) | (28,489) | (24,858) | ||||||||||||||||||||||
Balancing and memorandum accounts (non-flow-through) | (8,794) | (8,480) | (4,559) | (6,063) | ||||||||||||||||||||||
Total deferred tax liabilities | (194,975) | (184,684) | (183,181) | (175,640) | ||||||||||||||||||||||
Accumulated deferred income taxes, net | $ | (149,677) | $ | (140,290) | $ | (138,788) | $ | (132,314) |
AWR | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | 14,845 | $ | 19,592 | $ | 19,240 | ||||||||||||||
State | 6,016 | 7,270 | 6,714 | |||||||||||||||||
Total current tax expense | $ | 20,861 | $ | 26,862 | $ | 25,954 | ||||||||||||||
Deferred | ||||||||||||||||||||
Federal | $ | 2,991 | $ | 2,802 | $ | 1,814 | ||||||||||||||
State | (188) | 759 | 429 | |||||||||||||||||
Total deferred tax (benefit) expense | 2,803 | 3,561 | 2,243 | |||||||||||||||||
Total income tax expense | $ | 23,664 | $ | 30,423 | $ | 28,197 |
AWR | ||||||||||||
Year Ended December 31, | ||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Current | ||||||||||||
Federal | $ | 12,507 | $ | 17,252 | $ | 20,978 | ||||||
State | 5,540 | 6,538 | 5,844 | |||||||||
Total current tax expense | $ | 18,047 | $ | 23,790 | $ | 26,822 | ||||||
Deferred | ||||||||||||
Federal | $ | 6,407 | $ | (4,334 | ) | $ | 11,543 | |||||
State | 216 | (1,439 | ) | 609 | ||||||||
Total deferred tax (benefit) expense | 6,623 | (5,773 | ) | 12,152 | ||||||||
Total income tax expense | $ | 24,670 | $ | 18,017 | $ | 38,974 |
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 |
GSWC | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | 10,582 | $ | 13,698 | $ | 14,674 | ||||||||||||||
State | 4,909 | 6,089 | 5,849 | |||||||||||||||||
Total current tax expense | $ | 15,491 | $ | 19,787 | $ | 20,523 | ||||||||||||||
Deferred | ||||||||||||||||||||
Federal | $ | 1,507 | $ | 2,251 | $ | 949 | ||||||||||||||
State | (652) | 57 | 232 | |||||||||||||||||
Total deferred tax (benefit) expense | 855 | 2,308 | 1,181 | |||||||||||||||||
Total income tax expense | $ | 16,346 | $ | 22,095 | $ | 21,704 |
AWR | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Federal taxes on pretax income at statutory rate | $ | 21,433 | $ | 26,202 | $ | 24,071 | ||||||||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||||||
State income tax, net of federal benefit | 4,335 | 6,425 | 5,764 | |||||||||||||||||
Excess deferred tax amortization | (1,311) | (1,356) | (1,550) | |||||||||||||||||
Flow-through on fixed assets | 1,076 | 1,069 | 1,056 | |||||||||||||||||
Flow-through on removal costs | (1,802) | (1,962) | (1,031) | |||||||||||||||||
Investment tax credit | (71) | (71) | (71) | |||||||||||||||||
Other – net | 4 | 116 | (42) | |||||||||||||||||
Total income tax expense from operations | $ | 23,664 | $ | 30,423 | $ | 28,197 | ||||||||||||||
Pretax income from operations | $ | 102,060 | $ | 124,770 | $ | 114,622 | ||||||||||||||
Effective income tax rate | 23.2 | % | 24.4 | % | 24.6 | % |
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) | 2022 | 2021 | 2020 | |||||||||||||||||
Federal taxes on pretax income at statutory rate | $ | 14,724 | $ | 19,175 | $ | 18,202 | ||||||||||||||
Increase (decrease) in taxes resulting from: | ||||||||||||||||||||
State income tax, net of federal benefit | 3,119 | 4,923 | 4,920 | |||||||||||||||||
Excess deferred tax amortization | (1,130) | (1,184) | (1,477) | |||||||||||||||||
Flow-through on fixed assets | 1,010 | 1,008 | 1,042 | |||||||||||||||||
Flow-through on removal costs | (1,715) | (1,954) | (1,026) | |||||||||||||||||
Investment tax credit | (71) | (71) | (71) | |||||||||||||||||
Other – net | 409 | 198 | 114 | |||||||||||||||||
Total income tax expense from operations | $ | 16,346 | $ | 22,095 | $ | 21,704 | ||||||||||||||
Pretax income from operations | $ | 70,116 | $ | 91,310 | $ | 86,675 | ||||||||||||||
Effective income tax rate | 23.3 | % | 24.2 | % | 25.0 | % |
Pension Benefits | Post-Retirement Medical Benefits | Pension Benefits | Post-Retirement Medical Benefits | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2019 | 2018 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation: | Change in Projected Benefit Obligation: | |||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 196,082 | $ | 207,690 | $ | 7,886 | $ | 8,491 | Projected benefit obligation at beginning of year | $ | 259,751 | $ | 272,786 | $ | 2,686 | $ | 5,906 | |||||||||||||||||||||||||
Service cost | 4,441 | 5,342 | 186 | 218 | Service cost | 5,644 | 6,316 | 129 | 149 | |||||||||||||||||||||||||||||||||
Interest cost | 8,527 | 7,646 | 285 | 292 | Interest cost | 7,401 | 6,833 | 60 | 110 | |||||||||||||||||||||||||||||||||
Plan amendment | — | 3,626 | — | — | ||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | 29,784 | (21,717 | ) | (538 | ) | (701 | ) | Actuarial (gain) loss | (72,710) | (17,682) | (570) | (3,165) | ||||||||||||||||||||||||||||||
Benefits/expenses paid | (6,982 | ) | (6,505 | ) | (424 | ) | (414 | ) | Benefits/expenses paid | (9,408) | (8,502) | (291) | (314) | |||||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 231,852 | $ | 196,082 | $ | 7,395 | $ | 7,886 | Projected benefit obligation at end of year | $ | 190,678 | $ | 259,751 | $ | 2,014 | $ | 2,686 | |||||||||||||||||||||||||
Changes in Plan Assets: | Changes in Plan Assets: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 162,529 | $ | 173,648 | $ | 10,010 | $ | 11,053 | Fair value of plan assets at beginning of year | $ | 233,524 | $ | 213,147 | $ | 13,773 | $ | 12,313 | |||||||||||||||||||||||||
Actual return on plan assets | 33,018 | (10,626 | ) | 1,685 | (629 | ) | Actual return on plan assets | (40,299) | 25,390 | (2,242) | 1,773 | |||||||||||||||||||||||||||||||
Employer contributions | 3,913 | 6,012 | 170 | — | Employer contributions | 3,089 | 3,489 | 263 | 242 | |||||||||||||||||||||||||||||||||
Benefits/expenses paid | (6,983 | ) | (6,505 | ) | (594 | ) | (414 | ) | Benefits/expenses paid | (9,408) | (8,502) | (554) | (555) | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 192,477 | $ | 162,529 | $ | 11,271 | $ | 10,010 | Fair value of plan assets at end of year | $ | 186,906 | $ | 233,524 | $ | 11,240 | $ | 13,773 | |||||||||||||||||||||||||
Funded Status: | Funded Status: | |||||||||||||||||||||||||||||||||||||||||
Net amount recognized as accrued pension cost | $ | (39,375 | ) | $ | (33,553 | ) | $ | 3,876 | $ | 2,124 | Net amount recognized as accrued pension cost | $ | (3,772) | $ | (26,227) | $ | 9,226 | $ | 11,087 |
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) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Amounts recognized on the balance sheets: | ||||||||||||||||||||||||||
Non-current assets | $ | — | $ | — | $ | 9,226 | $ | 11,087 | ||||||||||||||||||
Current liabilities | — | — | — | — | ||||||||||||||||||||||
Non-current liabilities | (3,772) | (26,227) | — | — | ||||||||||||||||||||||
Net amount recognized | $ | (3,772) | $ | (26,227) | $ | 9,226 | $ | 11,087 | ||||||||||||||||||
Amounts recognized in regulatory assets consist of: | ||||||||||||||||||||||||||
Prior service cost (credit) | $ | 1,889 | $ | 2,323 | $ | — | $ | — | ||||||||||||||||||
Net loss (gain) | 4,123 | 23,368 | (5,846) | (9,839) | ||||||||||||||||||||||
Regulatory assets (liabilities) | 6,012 | 25,691 | (5,846) | (9,839) | ||||||||||||||||||||||
Unfunded accrued pension cost | (2,240) | 536 | (3,380) | (1,248) | ||||||||||||||||||||||
Net liability (asset) recognized | $ | 3,772 | $ | 26,227 | $ | (9,226) | $ | (11,087) | ||||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities): | ||||||||||||||||||||||||||
Regulatory asset (liability) at beginning of year | $ | 25,691 | $ | 60,473 | $ | (9,839) | $ | (6,855) | ||||||||||||||||||
Net (loss) gain | (19,245) | (30,531) | 2,259 | (4,401) | ||||||||||||||||||||||
New prior service cost | — | — | — | — | ||||||||||||||||||||||
Amortization of prior service (cost) credit | (434) | (434) | — | — | ||||||||||||||||||||||
Amortization of net gain (loss) | — | (3,817) | 1,734 | 1,417 | ||||||||||||||||||||||
Total change in regulatory asset (liability) | (19,679) | (34,782) | 3,993 | (2,984) | ||||||||||||||||||||||
Regulatory asset (liability) at end of year | $ | 6,012 | $ | 25,691 | $ | (5,846) | $ | (9,839) | ||||||||||||||||||
Net periodic pension costs | $ | 313 | $ | 4,859 | $ | (2,132) | $ | (1,695) | ||||||||||||||||||
Change in regulatory asset (liability) | (19,679) | (34,782) | 3,993 | (2,984) | ||||||||||||||||||||||
Total recognized in net periodic pension cost and regulatory asset (liability) | $ | (19,366) | $ | (29,923) | $ | 1,861 | $ | (4,679) | ||||||||||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 190,678 | $ | 259,751 | $ | 2,014 | $ | 2,686 | ||||||||||||||||||
Accumulated benefit obligation | $ | 181,376 | $ | 243,412 | N/A | N/A | ||||||||||||||||||||
Fair value of plan assets | $ | 186,906 | $ | 233,524 | $ | 11,240 | $ | 13,773 | ||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||||
Discount rate | 5.41 | % | 2.89 | % | 5.34 | % | 2.46 | % | ||||||||||||||||||
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) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefits Cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 5,644 | $ | 6,316 | $ | 5,558 | $ | 129 | $ | 149 | $ | 171 | ||||||||||||||||||||||||||
Interest cost | 7,401 | 6,833 | 7,880 | 60 | 110 | 208 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (13,166) | (12,541) | (11,798) | (587) | (537) | (510) | ||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 434 | 434 | 435 | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of actuarial (gain) loss | — | 3,817 | 1,935 | (1,734) | (1,417) | (977) | ||||||||||||||||||||||||||||||||
Net periodic pension cost under accounting standards | $ | 313 | $ | 4,859 | $ | 4,010 | $ | (2,132) | $ | (1,695) | $ | (1,108) | ||||||||||||||||||||||||||
Regulatory adjustment | — | (1,277) | (483) | — | — | — | ||||||||||||||||||||||||||||||||
Total expense recognized, before surcharges and allocation to overhead pool | $ | 313 | $ | 3,582 | $ | 3,527 | $ | (2,132) | $ | (1,695) | $ | (1,108) | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 2.89 | % | 2.55 | % | 3.43 | % | 2.46 | % | 2.20 | % | 3.12 | % | ||||||||||||||||||||||||||
Expected long-term return on plan assets | 5.75 | % | 6.00 | % | 6.25 | % | * | * | * | |||||||||||||||||||||||||||||
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 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Actual Asset Allocations: | ||||||||||||||||||||||||||
Equity securities | 56 | % | 56 | % | 59 | % | 60 | % | ||||||||||||||||||
Debt securities | 39 | % | 38 | % | 39 | % | 39 | % | ||||||||||||||||||
Real Estate Funds | 5 | % | 6 | % | — | % | — | % | ||||||||||||||||||
Cash equivalents | — | % | — | % | 2 | % | 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, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||||
Cash equivalents | $ | 801 | — | N/A | N/A | |||||||||||||||||||||
Fixed income fund | 73,863 | — | Daily | Daily | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
U.S. small/mid cap funds | 17,136 | — | Daily | Daily | ||||||||||||||||||||||
U.S. large cap funds | 44,572 | — | Daily | Daily | ||||||||||||||||||||||
International funds | 42,239 | — | Daily | Daily | ||||||||||||||||||||||
Total equity funds | 103,947 | — | ||||||||||||||||||||||||
Real estate funds | 8,295 | — | Daily | Daily | ||||||||||||||||||||||
Total | $ | 186,906 | — |
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, 2021 | ||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||||
Cash equivalents | $ | 637 | — | N/A | N/A | |||||||||||||||||||||
Fixed income fund | 87,760 | — | Daily | Daily | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
U.S. small/mid cap funds | 22,143 | — | Daily | Daily | ||||||||||||||||||||||
U.S. large cap funds | 58,451 | — | Daily | Daily | ||||||||||||||||||||||
International funds | 50,961 | — | Daily | Daily | ||||||||||||||||||||||
Total equity funds | 131,555 | |||||||||||||||||||||||||
Real estate funds | 13,572 | — | Daily | Daily | ||||||||||||||||||||||
Total | $ | 233,524 | — |
Fair Value as of December 31, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 215 | — | — | $ | 215 | ||||||||||||||||||||
Fixed income | 4,380 | — | — | 4,380 | ||||||||||||||||||||||
U.S. equity securities | 6,645 | — | — | 6,645 | ||||||||||||||||||||||
Total investments measured at fair value | $ | 11,240 | — | — | $ | 11,240 |
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, 2021 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 92 | — | — | $ | 92 | ||||||||||||||||||||
Fixed income | 5,409 | — | — | 5,409 | ||||||||||||||||||||||
U.S. equity securities | 8,272 | — | — | 8,272 | ||||||||||||||||||||||
Total investments measured at fair value | $ | 13,773 | — | — | $ | 13,773 |
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 | ||||||||||
2023 | $ | 9,764 | $ | 313 | |||||||
2024 | 10,505 | 284 | |||||||||
2025 | 10,986 | 272 | |||||||||
2026 | 11,429 | 257 | |||||||||
2027 | 11,927 | 228 | |||||||||
Thereafter | 67,205 | 747 | |||||||||
Total | $ | 121,816 | $ | 2,101 |
(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, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | ||||||||||||||||||||||||||
Cash equivalents | $ | 9 | — | — | $ | 9 | ||||||||||||||||||||
Fixed income securities | 10,962 | — | — | 10,962 | ||||||||||||||||||||||
Equity securities | 16,560 | — | — | 16,560 | ||||||||||||||||||||||
Total investments measured at fair value | $ | 27,531 | — | — | $ | 27,531 |
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, 2021 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | ||||||||||||||||||||||||||
Cash equivalents | $ | 8 | — | — | $ | 8 | ||||||||||||||||||||
Fixed income securities | 12,442 | — | — | 12,442 | ||||||||||||||||||||||
Equity securities | 19,018 | — | — | 19,018 | ||||||||||||||||||||||
Total investments measured at fair value | $ | 31,468 | — | — | $ | 31,468 |
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Change in Benefit Obligation: | ||||||||||||||
Benefit obligation at beginning of year | $ | 36,089 | $ | 36,602 | ||||||||||
Service cost | 1,191 | 1,392 | ||||||||||||
Interest cost | 1,022 | 915 | ||||||||||||
Actuarial (gain) loss | (6,522) | (2,213) | ||||||||||||
Benefits paid | (973) | (607) | ||||||||||||
Benefit obligation at end of year | $ | 30,807 | $ | 36,089 | ||||||||||
Changes in Plan Assets: | ||||||||||||||
Fair value of plan assets at beginning and end of year | — | — | ||||||||||||
Funded Status: | ||||||||||||||
Net amount recognized as accrued cost | $ | (30,807) | $ | (36,089) |
(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) | 2022 | 2021 | ||||||||||||
Amounts recognized on the balance sheets: | ||||||||||||||
Current liabilities | $ | (942) | $ | (949) | ||||||||||
Non-current liabilities | (29,865) | (35,140) | ||||||||||||
Net amount recognized | $ | (30,807) | $ | (36,089) | ||||||||||
Amounts recognized in regulatory assets consist of: | ||||||||||||||
Prior service cost | $ | — | $ | — | ||||||||||
Net loss | 1,995 | 9,097 | ||||||||||||
Regulatory assets | 1,995 | 9,097 | ||||||||||||
Unfunded accrued cost | 28,812 | 26,992 | ||||||||||||
Net liability recognized | $ | 30,807 | $ | 36,089 | ||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: | ||||||||||||||
Regulatory asset at beginning of year | $ | 9,097 | $ | 12,988 | ||||||||||
Net loss | (6,522) | (2,213) | ||||||||||||
Amortization of prior service credit | — | — | ||||||||||||
Amortization of net loss | (580) | (1,678) | ||||||||||||
Total change in regulatory asset | (7,102) | (3,891) | ||||||||||||
Regulatory asset at end of year | $ | 1,995 | $ | 9,097 | ||||||||||
Net periodic pension cost | $ | 2,793 | $ | 3,985 | ||||||||||
Change in regulatory asset | (7,102) | (3,891) | ||||||||||||
Total recognized in net periodic pension and regulatory asset | $ | (4,309) | $ | 94 | ||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||
Projected benefit obligation | $ | 30,807 | $ | 36,089 | ||||||||||
Accumulated benefit obligation | 28,157 | 31,835 | ||||||||||||
Fair value of plan assets | — | — | ||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||
Discount rate | 5.42 | % | 2.87 | % | ||||||||||
Rate of compensation increase | * | * |
(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 | % |
(dollars in thousands, except percent) | 2022 | 2021 | 2020 | |||||||||||||||||
Components of Net Periodic Benefits Cost: | ||||||||||||||||||||
Service cost | $ | 1,191 | $ | 1,392 | $ | 1,029 | ||||||||||||||
Interest cost | 1,022 | 915 | 988 | |||||||||||||||||
Amortization of net loss | 580 | 1,678 | 843 | |||||||||||||||||
Net periodic pension cost | $ | 2,793 | $ | 3,985 | $ | 2,860 | ||||||||||||||
Weighted-average assumptions used to determine net periodic cost: | ||||||||||||||||||||
Discount rate | 2.87 | % | 2.52 | % | 3.36 | % | ||||||||||||||
Rate of compensation increase | * | * | 4.00 | % |
(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 |
2023 | $ | 942 | |||
2024 | 2,103 | ||||
2025 | 2,121 | ||||
2026 | 2,329 | ||||
2027 | 2,435 | ||||
Thereafter | 12,406 | ||||
Total | $ | 22,336 |
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) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Stock-based compensation related to: | ||||||||||||||||||||||||||||||||||||||
Restricted stock units | $ | 2,571 | $ | 2,566 | $ | 2,463 | $ | 2,269 | $ | 2,313 | $ | 2,349 | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 2,571 | $ | 2,566 | $ | 2,463 | $ | 2,269 | $ | 2,313 | $ | 2,349 |
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, 2022 | 51,110 | $ | 47.83 | ||||||||
Granted | 19,135 | 88.10 | |||||||||
Vested | (22,165) | 79.11 | |||||||||
Forfeited | (528) | 87.42 | |||||||||
Restricted share units at December 31, 2022 | 47,552 | $ | 49.01 |
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, 2022 | 48,910 | $ | 75.23 | ||||||||
Granted | 17,448 | 88.58 | |||||||||
Performance criteria adjustment | 1,883 | 79.25 | |||||||||
Vested | (18,806) | 65.78 | |||||||||
Performance awards at December 31, 2022 | 49,435 | $ | 83.70 |
2023 | $ | 459 | |||
2024 | 459 | ||||
2025 | 412 | ||||
2026 | 364 | ||||
2027 | 364 | ||||
Thereafter | 1,008 | ||||
Total | $ | 3,066 |
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, 2022 | For The Year Ended December 31, 2021 | ||||||||||
Operating lease costs | $2,609 | $2,627 | |||||||||
Short-term lease costs | $198 | $273 | |||||||||
Weighted average remaining lease term (in years) | 5.27 | 5.99 | |||||||||
Weighted-average discount rate | 3.9% | 3.7% | |||||||||
Non-cash transactions | |||||||||||
Lease liabilities arising from obtaining right-of-use assets | $1,569 | $1,430 |
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 |
2023 | $ | 2,256 | |||
2024 | 2,175 | ||||
2025 | 1,918 | ||||
2026 | 1,681 | ||||
2027 | 1,453 | ||||
Thereafter | 1,604 | ||||
Total lease payments | 11,087 | ||||
Less: imputed interest | 1,105 | ||||
Total lease obligations | 9,982 | ||||
Less: current obligations | 1,892 | ||||
Long-term lease obligations | $ | 8,090 |
As Of And For The Year Ended December 31, 2019 | As Of And For The Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 340,602 | $ | 39,986 | $ | 110,940 | $ | — | $ | 491,528 | |||||||||||||||||||||||||||||||
Operating income (loss) | 93,895 | 11,197 | 21,990 | (9 | ) | 127,073 | Operating income (loss) | 92,455 | 11,740 | 22,449 | (8) | 126,636 | ||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 20,304 | 1,228 | (734 | ) | 539 | 21,337 | Interest expense, net | 21,659 | 831 | (132) | 2,343 | 24,701 | ||||||||||||||||||||||||||||||||||||||||
Utility Plant | 1,322,062 | 72,680 | 20,963 | — | 1,415,705 | |||||||||||||||||||||||||||||||||||||||||||||||
Net utility plant | Net utility plant | 1,616,718 | 119,560 | 17,488 | — | 1,753,766 | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense (1) | 29,956 | 2,485 | 2,956 | — | 35,397 | Depreciation and amortization expense (1) | 34,805 | 2,792 | 3,718 | — | 41,315 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | 17,295 | 2,882 | 5,202 | (709 | ) | 24,670 | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 16,346 | 2,439 | 5,476 | (597) | 23,664 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital additions | 131,353 | 11,499 | 9,088 | — | 151,940 | Capital additions | 146,730 | 18,069 | 1,441 | — | 166,240 |
As Of And For The Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||
AWR | Consolidated | |||||||||||||||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||||||||||||||
Operating revenues | $ | 347,112 | $ | 38,345 | $ | 113,396 | $ | — | $ | 498,853 | ||||||||||||||||||||||
Operating income (loss) | 107,573 | 10,738 | 22,675 | (9) | 140,977 | |||||||||||||||||||||||||||
Interest expense, net | 21,046 | 141 | (637) | 791 | 21,341 | |||||||||||||||||||||||||||
Net utility plant | 1,499,745 | 106,508 | 19,751 | — | 1,626,004 | |||||||||||||||||||||||||||
Depreciation and amortization expense (1) | 33,384 | 2,572 | 3,640 | — | 39,596 | |||||||||||||||||||||||||||
Income tax expense/(benefit) | 22,095 | 2,975 | 5,434 | (81) | 30,423 | |||||||||||||||||||||||||||
Capital additions | 123,526 | 19,859 | 1,130 | — | 144,515 |
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 |
As Of And For The Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
GSWC | AWR | Consolidated | ||||||||||||||||||||||||||||||
(dollars in thousands) | Water | Electric | ASUS | Parent | AWR | |||||||||||||||||||||||||||
Operating revenues | $ | 330,637 | $ | 37,024 | $ | 120,582 | $ | — | $ | 488,243 | ||||||||||||||||||||||
Operating income (loss) | 97,896 | 10,303 | 22,309 | (9) | 130,499 | |||||||||||||||||||||||||||
Interest expense, net | 20,312 | 584 | (496) | 330 | 20,730 | |||||||||||||||||||||||||||
Net utility plant | 1,400,489 | 89,308 | 22,246 | — | 1,512,043 | |||||||||||||||||||||||||||
Depreciation and amortization expense (1) | 30,969 | 2,479 | 3,402 | — | 36,850 | |||||||||||||||||||||||||||
Income tax expense/(benefit) | 20,515 | 2,689 | 5,201 | (208) | 28,197 | |||||||||||||||||||||||||||
Capital additions | 107,355 | 18,393 | 4,675 | — | 130,423 |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Total utility plant | $ | 1,753,766 | $ | 1,626,004 | ||||||||||
Other assets | 280,608 | 274,979 | ||||||||||||
Total consolidated assets | $ | 2,034,374 | $ | 1,900,983 |
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) | 2022 | 2021 | 2020 | |||||||||||||||||
Balance at beginning of year | $ | 3,569 | $ | 5,316 | $ | 916 | ||||||||||||||
Provision charged (1) | 2,842 | 8,150 | 5,016 | |||||||||||||||||
Accounts written off, net of recoveries (2) | (1,971) | (9,897) | (616) | |||||||||||||||||
Balance at end of year | $ | 4,440 | $ | 3,569 | $ | 5,316 | ||||||||||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 4,387 | $ | 3,516 | $ | 5,263 | ||||||||||||||
Allowance for doubtful accounts related to other accounts receivable | 53 | 53 | 53 | |||||||||||||||||
Total allowance for doubtful accounts | $ | 4,440 | $ | 3,569 | $ | 5,316 |
AWR | GSWC | |||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | (dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||||||||||
Balance at beginning of year | $ | 951 | $ | 1,041 | $ | 764 | Balance at beginning of year | $ | 3,221 | $ | 4,960 | $ | 916 | |||||||||||||||||||
Provision charged to expense | 609 | 841 | 989 | |||||||||||||||||||||||||||||
Provision charged (3) | Provision charged (3) | 2,501 | 7,732 | 4,703 | ||||||||||||||||||||||||||||
Balance transfer to BVESI (Note 20) | Balance transfer to BVESI (Note 20) | — | — | (79) | ||||||||||||||||||||||||||||
Accounts written off, net of recoveries | (644 | ) | (931 | ) | (712 | ) | (1,526) | (9,471) | (580) | |||||||||||||||||||||||
Balance at end of year | $ | 916 | $ | 951 | $ | 1,041 | Balance at end of year | $ | 4,196 | $ | 3,221 | $ | 4,960 | |||||||||||||||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 857 | $ | 892 | $ | 806 | Allowance for doubtful accounts related to accounts receivable-customer | $ | 4,143 | $ | 3,168 | $ | 4,907 | |||||||||||||||||||
Allowance for doubtful accounts related to other accounts receivable | 59 | 59 | 235 | Allowance for doubtful accounts related to other accounts receivable | 53 | 53 | 53 | |||||||||||||||||||||||||
Total allowance for doubtful accounts | $ | 916 | $ | 951 | $ | 1,041 | Total allowance for doubtful accounts | $ | 4,196 | $ | 3,221 | $ | 4,960 |
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, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Taxes and Interest Paid: | |||||||||||||||||||||||||||||||||||
Income taxes paid, net | $ | 27,370 | $ | 29,153 | $ | 13,684 | $ | 20,155 | $ | 21,428 | $ | 8,184 | |||||||||||||||||||||||
Interest paid, net of capitalized interest | 26,005 | 22,540 | 19,941 | 22,294 | 21,156 | 19,681 | |||||||||||||||||||||||||||||
Non-Cash Transactions: | |||||||||||||||||||||||||||||||||||
Accrued payables for investment in utility plant | 40,034 | 32,855 | 27,861 | 38,302 | 30,656 | 25,633 | |||||||||||||||||||||||||||||
Property installed by developers and conveyed | 1,549 | 7,222 | 3,102 | 1,549 | 7,222 | 3,102 | |||||||||||||||||||||||||||||
Transfer of electric segment net assets (net of cash) for BVESI common shares (Note 20) | — | — | — | — | — | 71,324 | |||||||||||||||||||||||||||||
Distribution of BVESI common shares to AWR parent (Note 20) | — | — | — | — | — | 71,344 |
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 |
Twelve months ended December 31, 2022 | Twelve months ended December 31, 2021 | Six months ended June 30, 2020 | Six months ended December 31, 2020 | Twelve months ended December 31, 2020 | |||||||||||||||||||||||||
(Subsidiary of AWR) | (Subsidiary of AWR) | (Division of GSWC) | (Subsidiary of AWR) | ||||||||||||||||||||||||||
Electric revenues | $ | 39,986 | $ | 38,345 | $ | 18,647 | $ | 18,377 | $ | 37,024 | |||||||||||||||||||
Operating expenses | 28,246 | 27,607 | 13,647 | 13,074 | 26,721 | ||||||||||||||||||||||||
Operating income | 11,740 | 10,738 | 5,000 | 5,303 | 10,303 | ||||||||||||||||||||||||
Net income | $ | 8,876 | $ | 7,864 | $ | 3,408 | $ | 3,870 | $ | 7,278 |
For the Twelve Months Ended December 31, 2022 | For the Twelve Months Ended December 31, 2021 | Six Months Ended December 31, 2020 | ||||||||||||
(Subsidiary of AWR) | (Subsidiary of AWR) | (Subsidiary of AWR) | ||||||||||||
Net cash provided from operating activities | $ | 6,627 | $ | 9,128 | $ | 1,887 | ||||||||
Net cash used in investing activities (capital expenditures) | (17,989) | (19,859) | (9,339) | |||||||||||
Net cash provided from financing activities (1) | 11,082 | 10,827 | 7,799 | |||||||||||
Net change in cash and cash equivalents | (280) | 96 | 347 | |||||||||||
Cash and cash equivalents, beginning of period | 463 | 367 | 20 | |||||||||||
Cash and cash equivalents, end of period | $ | 183 | $ | 463 | $ | 367 |
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, 2019 | ||||||||||||||||||||
(in thousands) | First Quarter | Second Quarter (1) | Third Quarter (2) | 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) |
Equity compensation plans approved by shareholders | 154,936 | $16.68 | 1,993,901 |
Equity compensation plans not approved by shareholders | — | — | — |
Total | 154,936 | $16.68 | 1,993,901 |
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 | ||||||||
10.16 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 | ||||||||
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) | |||||||
XBRL Taxonomy Extension Presentation 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: |
Date: | ||||||||||||||
/s/ ANNE M. HOLLOWAY | ||||||||||||||
Anne M. Holloway | ||||||||||||||
Chairman of the Board and Director of AWR and GSWC | ||||||||||||||
/s/ ROBERT J. SPROWLS | ||||||||||||||
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 | ||||||||||||||
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/ | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ JOHN R. FIELDER | ||||||||||||||
John R. Fielder | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ MARY ANN HOPKINS | ||||||||||||||
Mary Ann Hopkins | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ C. JAMES | ||||||||||||||
C. James | ||||||||||||||
Director of AWR and GSWC | ||||||||||||||
/s/ JANICE F. WILKINS | ||||||||||||||
Janice F. Wilkins | ||||||||||||||
Director of AWR and GSWC |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2022 | 2021 | |||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Cash and equivalents | $ | 310 | $ | 34 | Cash and equivalents | $ | 93 | $ | 51 | |||||||||||||
Income taxes receivable | Income taxes receivable | 20 | — | |||||||||||||||||||
Intercompany note receivables | 185,094 | 76,072 | Intercompany note receivables | 159,582 | 79,722 | |||||||||||||||||
Total current assets | 185,404 | 76,106 | Total current assets | 159,695 | 79,773 | |||||||||||||||||
Investments in subsidiaries | 616,725 | 574,330 | Investments in subsidiaries | 799,802 | 774,751 | |||||||||||||||||
Deferred taxes and other assets | 9,548 | 8,769 | Deferred taxes and other assets | 9,891 | 9,620 | |||||||||||||||||
Total assets | $ | 811,677 | $ | 659,205 | Total assets | $ | 969,388 | $ | 864,144 | |||||||||||||
Liabilities and Capitalization | Liabilities and Capitalization | |||||||||||||||||||||
Notes payable to bank | $ | 5,000 | $ | — | Notes payable to bank | $ | 255,500 | $ | — | |||||||||||||
Income taxes payable | 3,259 | 3,672 | Income taxes payable | 2,158 | 1,765 | |||||||||||||||||
Other liabilities | 274 | 291 | Other liabilities | 454 | 309 | |||||||||||||||||
Total current liabilities | 8,533 | 3,963 | Total current liabilities | 258,112 | 2,074 | |||||||||||||||||
Notes payable to bank | 200,000 | $ | 95,500 | Notes payable to bank | — | 174,500 | ||||||||||||||||
Deferred taxes and other liabilities | 1,614 | 1,519 | Deferred taxes and other liabilities | 1,727 | 1,623 | |||||||||||||||||
Total other liabilities | 201,614 | 97,019 | Total other liabilities | 1,727 | 176,123 | |||||||||||||||||
Common shareholders’ equity | 601,530 | 558,223 | Common shareholders’ equity | 709,549 | 685,947 | |||||||||||||||||
Total capitalization | 601,530 | 558,223 | Total capitalization | 709,549 | 685,947 | |||||||||||||||||
Total liabilities and capitalization | $ | 811,677 | $ | 659,205 | Total liabilities and capitalization | $ | 969,388 | $ | 864,144 |
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) | 2022 | 2021 | 2020 | |||||||||||||||||||||||||
Operating revenues and other income | $ | — | $ | — | $ | — | Operating revenues and other income | $ | — | $ | — | $ | — | |||||||||||||||||||
Operating expenses and other expenses | 314 | 305 | 344 | Operating expenses and other expenses | 2,093 | 542 | 90 | |||||||||||||||||||||||||
Income before equity in earnings of subsidiaries and income taxes | (314 | ) | (305 | ) | (344 | ) | ||||||||||||||||||||||||||
Loss before equity in earnings of subsidiaries and income taxes | Loss before equity in earnings of subsidiaries and income taxes | (2,093) | (542) | (90) | ||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 83,947 | 63,651 | 67,490 | Equity in earnings of subsidiaries | 79,892 | 94,808 | 86,307 | |||||||||||||||||||||||||
Income before income taxes | 83,633 | 63,346 | 67,146 | Income before income taxes | 77,799 | 94,266 | 86,217 | |||||||||||||||||||||||||
Income tax benefit | (709 | ) | (525 | ) | (2,221 | ) | Income tax benefit | (597) | (81) | (208) | ||||||||||||||||||||||
Net income | $ | 84,342 | $ | 63,871 | $ | 69,367 | Net income | $ | 78,396 | $ | 94,347 | $ | 86,425 | |||||||||||||||||||
Weighted Average Number of Common Shares Outstanding | 36,814 | 36,733 | 36,638 | Weighted Average Number of Common Shares Outstanding | 36,955 | 36,921 | 36,880 | |||||||||||||||||||||||||
Basic Earnings Per Common Share | $ | 2.28 | $ | 1.73 | $ | 1.88 | Basic Earnings Per Common Share | $ | 2.12 | $ | 2.55 | $ | 2.34 | |||||||||||||||||||
Weighted Average Number of Diluted Common Shares Outstanding | 36,964 | 36,936 | 36,844 | Weighted Average Number of Diluted Common Shares Outstanding | 37,039 | 37,010 | 36,995 | |||||||||||||||||||||||||
Fully Diluted Earnings per Common Share | $ | 2.28 | $ | 1.72 | $ | 1.88 | Fully Diluted Earnings per Common Share | $ | 2.11 | $ | 2.55 | $ | 2.33 | |||||||||||||||||||
Dividends Paid Per Common Share | $ | 1.160 | $ | 1.060 | $ | 0.994 | Dividends Paid Per Common Share | $ | 1.525 | $ | 1.40 | $ | 1.28 |
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) | 2022 | 2021 | 2020 | |||||||||||||||||
Cash Flows From Operating Activities | $ | 56,398 | $ | 36,799 | $ | 47,307 | ||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Loans (made to)/repaid from, wholly-owned subsidiaries | (81,000) | (46,000) | 151,000 | |||||||||||||||||
Increase in investment of subsidiary | — | — | (60,000) | |||||||||||||||||
Net cash (used in) provided by investing activities | (81,000) | (46,000) | 91,000 | |||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from stock option exercises | — | — | 30 | |||||||||||||||||
Net change in notes payable to banks | 81,000 | 60,500 | (91,000) | |||||||||||||||||
Proceeds from note payable to GSWC | — | (26,000) | (6,000) | |||||||||||||||||
Repayment of note payable to GSWC | — | 26,000 | 6,000 | |||||||||||||||||
Dividends paid | (56,356) | (51,689) | (47,206) | |||||||||||||||||
Net cash provided by (used in) financing activities | 24,644 | 8,811 | (138,176) | |||||||||||||||||
Change in cash and equivalents | 42 | (390) | 131 | |||||||||||||||||
Cash and equivalents at beginning of period | 51 | 441 | 310 | |||||||||||||||||
Cash and equivalents at the end of period | $ | 93 | $ | 51 | $ | 441 |
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) | 2022 | 2021 | ||||||||||||
Balance Outstanding at December 31, | $ | 255,500 | $ | 174,500 | ||||||||||
Interest Rate at December 31, | 5.07 | % | 0.78 | % | ||||||||||
Average Amount Outstanding | 213,758 | 139,926 | ||||||||||||
Weighted Average Annual Interest Rate | 2.56 | % | 0.91 | % | ||||||||||
Maximum Amount Outstanding | $ | 255,500 | $ | 174,500 |