Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 24, 2014 | Jun. 30, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'AMERICAN STATES WATER CO | ' | ' |
Entity Central Index Key | '0001056903 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 38,746,762 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,038,069 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Regulated utility plant, at cost | ' | ' |
Water | $1,307,509 | $1,227,713 |
Electric | 79,360 | 77,653 |
Total | 1,386,869 | 1,305,366 |
Non-regulated utility property, at cost | 9,090 | 8,917 |
Total utility plant, at cost | 1,395,959 | 1,314,283 |
Less — accumulated depreciation | -471,665 | -442,316 |
Utility plant before construction work in progress | 924,294 | 871,967 |
Construction work in progress | 57,183 | 45,824 |
Net utility plant | 981,477 | 917,791 |
Other Property and Investments | ' | ' |
Goodwill | 1,116 | 1,116 |
Other property and investments | 15,806 | 13,755 |
Total other property and investments | 16,922 | 14,871 |
Current Assets | ' | ' |
Cash and cash equivalents | 38,226 | 23,486 |
Accounts receivable-customers, less allowance for doubtful accounts | 23,829 | 19,491 |
Unbilled revenue | 18,552 | 16,147 |
Receivable from U.S. government, less allowance for doubtful accounts | 7,106 | 12,905 |
Other accounts receivable, less allowance for doubtful accounts | 4,914 | 7,062 |
Income taxes receivable | 9,214 | 16,547 |
Materials and supplies | 4,558 | 5,348 |
Regulatory assets — current | 27,676 | 32,336 |
Prepayments and other current assets | 2,481 | 4,391 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 45,508 | 37,703 |
Deferred income taxes — current | 9,553 | 8,617 |
Total current assets | 191,617 | 184,033 |
Regulatory and Other Assets | ' | ' |
Regulatory assets | 95,005 | 143,679 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 7,823 | 436 |
Receivable from U.S. government, less allowance for doubtful accounts | 3,104 | 4,535 |
Deferred income taxes | 8 | 11 |
Other | 14,227 | 15,587 |
Total regulatory and other assets | 120,167 | 164,248 |
Total Assets | 1,310,183 | 1,280,943 |
Capitalization | ' | ' |
Common shareholder’s equity | 492,404 | 454,579 |
Long-term debt | 326,079 | 332,463 |
Total capitalization | 818,483 | 787,042 |
Current Liabilities | ' | ' |
Long-term debt — current | 6,298 | 3,328 |
Accounts payable | 49,787 | 40,569 |
Income taxes payable | 507 | 511 |
Accrued other taxes | 9,802 | 8,167 |
Accrued employee expenses | 10,801 | 9,919 |
Accrued interest | 3,897 | 3,909 |
Unrealized loss on purchased power contracts | 0 | 3,060 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 6,852 | 12,572 |
Other | 12,962 | 11,662 |
Total current liabilities | 100,906 | 93,697 |
Other Credits | ' | ' |
Advances for construction | 69,332 | 70,781 |
Contributions in aid of construction — net | 114,916 | 106,450 |
Deferred income taxes | 159,506 | 142,597 |
Unamortized investment tax credits | 1,790 | 1,881 |
Accrued pension and other post-retirement benefits | 38,726 | 71,618 |
Other | 6,524 | 6,877 |
Total other credits | 390,794 | 400,204 |
Commitments and Contingencies (Notes 13 and 14) | 0 | 0 |
Total Capitalization and Liabilities | 1,310,183 | 1,280,943 |
GSWC | ' | ' |
Regulated utility plant, at cost | ' | ' |
Water | 1,307,509 | 1,227,713 |
Electric | 79,360 | 77,653 |
Total utility plant, at cost | 1,386,869 | 1,305,366 |
Less — accumulated depreciation | -466,329 | -437,949 |
Utility plant before construction work in progress | 920,540 | 867,417 |
Construction work in progress | 56,754 | 45,720 |
Net utility plant | 977,294 | 913,137 |
Other Property and Investments | ' | ' |
Other property and investments | 13,653 | 11,590 |
Total other property and investments | 13,653 | 11,590 |
Current Assets | ' | ' |
Cash and cash equivalents | 37,875 | 22,578 |
Accounts receivable-customers, less allowance for doubtful accounts | 23,829 | 19,491 |
Unbilled revenue | 18,552 | 16,147 |
Inter-company receivable | 718 | 2,508 |
Other accounts receivable, less allowance for doubtful accounts | 3,570 | 6,377 |
Income taxes receivable from Parent | 9,704 | 16,442 |
Note receivable from Parent | 500 | 0 |
Materials and supplies | 1,859 | 2,244 |
Regulatory assets — current | 27,676 | 32,336 |
Prepayments and other current assets | 2,218 | 4,162 |
Deferred income taxes — current | 8,573 | 7,577 |
Total current assets | 135,074 | 129,862 |
Regulatory and Other Assets | ' | ' |
Regulatory assets | 95,005 | 143,679 |
Other accounts receivable | 913 | 1,445 |
Other | 11,442 | 14,339 |
Total regulatory and other assets | 107,360 | 159,463 |
Total Assets | 1,233,381 | 1,214,052 |
Capitalization | ' | ' |
Common shareholder’s equity | 437,613 | 416,257 |
Long-term debt | 326,079 | 332,463 |
Total capitalization | 763,692 | 748,720 |
Current Liabilities | ' | ' |
Long-term debt — current | 6,298 | 3,328 |
Accounts payable | 37,611 | 27,292 |
Accrued other taxes | 9,299 | 7,720 |
Accrued employee expenses | 9,536 | 8,786 |
Accrued interest | 3,897 | 3,909 |
Unrealized loss on purchased power contracts | 0 | 3,060 |
Other | 12,880 | 11,606 |
Total current liabilities | 79,521 | 65,701 |
Other Credits | ' | ' |
Advances for construction | 69,332 | 70,781 |
Contributions in aid of construction — net | 114,916 | 106,450 |
Deferred income taxes | 158,994 | 142,082 |
Unamortized investment tax credits | 1,790 | 1,881 |
Accrued pension and other post-retirement benefits | 38,726 | 71,618 |
Other | 6,410 | 6,819 |
Total other credits | 390,168 | 399,631 |
Commitments and Contingencies (Notes 13 and 14) | 0 | 0 |
Total Capitalization and Liabilities | $1,233,381 | $1,214,052 |
CONSOLIDATED_STATEMENTS_OF_CAP
CONSOLIDATED STATEMENTS OF CAPITALIZATION (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Common Shareholders' Equity: | ' | ' |
Common shares, no par value | $253,961 | $249,322 |
Earnings reinvested in the business | 238,443 | 205,257 |
Common shareholders' equity | 492,404 | 454,579 |
Long-Term Debt | ' | ' |
Total | 332,377 | 335,791 |
Less: Current maturities | -6,298 | -3,328 |
Long-Term Debt | 326,079 | 332,463 |
Total capitalization | 818,483 | 787,042 |
GSWC | ' | ' |
Common Shareholders' Equity: | ' | ' |
Common shares, no par value | 233,721 | 231,480 |
Earnings reinvested in the business | ' | 184,777 |
Common shareholders' equity | 437,613 | 416,257 |
Long-Term Debt | ' | ' |
Total | 332,377 | 335,791 |
Less: Current maturities | -6,298 | -3,328 |
Long-Term Debt | 326,079 | 332,463 |
Total capitalization | 763,692 | 748,720 |
6.64% notes due 2013 | ' | ' |
Long-Term Debt | ' | ' |
Total | 0 | 1,100 |
6.64% notes due 2013 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 0 | 1,100 |
6.80% notes due 2013 | ' | ' |
Long-Term Debt | ' | ' |
Total | 0 | 2,000 |
6.80% notes due 2013 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 0 | 2,000 |
6.87% notes due 2023 | ' | ' |
Long-Term Debt | ' | ' |
Total | 5,000 | 5,000 |
6.87% notes due 2023 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 5,000 | 5,000 |
7.00% notes due 2023 | ' | ' |
Long-Term Debt | ' | ' |
Total | 10,000 | 10,000 |
7.00% notes due 2023 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 10,000 | 10,000 |
6.81% notes due 2028 | ' | ' |
Long-Term Debt | ' | ' |
Total | 15,000 | 15,000 |
6.81% notes due 2028 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 15,000 | 15,000 |
6.59% notes due 2029 | ' | ' |
Long-Term Debt | ' | ' |
Total | 40,000 | 40,000 |
6.59% notes due 2029 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 40,000 | 40,000 |
7.875% notes due 2030 | ' | ' |
Long-Term Debt | ' | ' |
Total | 20,000 | 20,000 |
7.875% notes due 2030 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 20,000 | 20,000 |
7.23% notes due 2031 | ' | ' |
Long-Term Debt | ' | ' |
Total | 50,000 | 50,000 |
7.23% notes due 2031 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 50,000 | 50,000 |
6.00% notes due 2041 | ' | ' |
Long-Term Debt | ' | ' |
Total | 62,000 | 62,000 |
6.00% notes due 2041 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 62,000 | 62,000 |
9.56% private placement notes due 2031 | ' | ' |
Long-Term Debt | ' | ' |
Total | 28,000 | 28,000 |
9.56% private placement notes due 2031 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 28,000 | 28,000 |
5.87% private placement notes due 2028 | ' | ' |
Long-Term Debt | ' | ' |
Total | 40,000 | 40,000 |
5.87% private placement notes due 2028 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 40,000 | 40,000 |
6.70% private placement notes due 2019 | ' | ' |
Long-Term Debt | ' | ' |
Total | 40,000 | 40,000 |
6.70% private placement notes due 2019 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 40,000 | 40,000 |
5.50% tax-exempt obligation due 2026 | ' | ' |
Long-Term Debt | ' | ' |
Total | 7,730 | 7,730 |
5.50% tax-exempt obligation due 2026 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 7,730 | 7,730 |
Tax-Exempt Variable Rate Obligation due 2014 | ' | ' |
Long-Term Debt | ' | ' |
Total | 6,000 | 6,000 |
Tax-Exempt Variable Rate Obligation due 2014 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 6,000 | 6,000 |
Tax-Exempt State Water Project due 2035 | ' | ' |
Long-Term Debt | ' | ' |
Total | 4,190 | 4,453 |
Tax-Exempt State Water Project due 2035 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 4,190 | 4,453 |
Variable Rate Obligation due 2018 | ' | ' |
Long-Term Debt | ' | ' |
Total | 161 | 196 |
Variable Rate Obligation due 2018 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 161 | 196 |
American Recovery and Reinvestment Act Obligation due 2033 | ' | ' |
Long-Term Debt | ' | ' |
Total | 4,269 | 4,259 |
American Recovery and Reinvestment Act Obligation due 2033 | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | 4,269 | 4,259 |
Capital lease obligations | ' | ' |
Long-Term Debt | ' | ' |
Total | 27 | 53 |
Capital lease obligations | GSWC | ' | ' |
Long-Term Debt | ' | ' |
Total | $27 | $53 |
CONSOLIDATED_STATEMENTS_OF_CAP1
CONSOLIDATED STATEMENTS OF CAPITALIZATION (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
6.64% notes due 2013 | 6.64% notes due 2013 | 6.64% notes due 2013 | 6.64% notes due 2013 | 6.80% notes due 2013 | 6.80% notes due 2013 | 6.80% notes due 2013 | 6.80% notes due 2013 | 6.87% notes due 2023 | 6.87% notes due 2023 | 6.87% notes due 2023 | 6.87% notes due 2023 | 7.00% notes due 2023 | 7.00% notes due 2023 | 7.00% notes due 2023 | 7.00% notes due 2023 | 6.81% notes due 2028 | 6.81% notes due 2028 | 6.81% notes due 2028 | 6.81% notes due 2028 | 6.59% notes due 2029 | 6.59% notes due 2029 | 6.59% notes due 2029 | 6.59% notes due 2029 | 7.875% notes due 2030 | 7.875% notes due 2030 | 7.875% notes due 2030 | 7.875% notes due 2030 | 7.23% notes due 2031 | 7.23% notes due 2031 | 7.23% notes due 2031 | 7.23% notes due 2031 | 6.00% notes due 2041 | 6.00% notes due 2041 | 6.00% notes due 2041 | 6.00% notes due 2041 | 5.87% private placement notes due 2028 | 5.87% private placement notes due 2028 | 5.87% private placement notes due 2028 | 5.87% private placement notes due 2028 | 6.70% private placement notes due 2019 | 6.70% private placement notes due 2019 | 6.70% private placement notes due 2019 | 6.70% private placement notes due 2019 | 5.50% tax-exempt obligation due 2026 | 5.50% tax-exempt obligation due 2026 | 5.50% tax-exempt obligation due 2026 | 5.50% tax-exempt obligation due 2026 | |||
GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | |||||||||||||||||||||||||||
Interest rate per annum (as a percent) | ' | ' | 6.64% | 6.64% | 6.64% | 6.64% | 6.80% | 6.80% | 6.80% | 6.80% | 6.87% | 6.87% | 6.87% | 6.87% | 7.00% | 7.00% | 7.00% | 7.00% | 6.81% | 6.81% | 6.81% | 6.81% | 6.59% | 6.59% | 6.59% | 6.59% | 7.88% | 7.88% | 7.88% | 7.88% | 7.23% | 7.23% | 7.23% | 7.23% | 6.00% | 6.00% | 6.00% | 6.00% | 5.87% | 5.87% | 5.87% | 5.87% | 6.70% | 6.70% | 6.70% | 6.70% | 5.50% | 5.50% | 5.50% | 5.50% |
Common stock, shares authorized | 60,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 38,720,693 | 38,720.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating Revenues | ' | ' | ' | |||
Water | $320,131 | $305,898 | $300,450 | |||
Electric | 38,409 | 37,033 | 36,275 | |||
Contracted services | 113,537 | 123,977 | 83,188 | |||
Total operating revenues | 472,077 | 466,908 | 419,913 | |||
Operating Expenses | ' | ' | ' | |||
Water purchased | 58,930 | 54,010 | 47,530 | |||
Power purchased for pumping | 9,518 | 8,355 | 8,598 | |||
Groundwater production assessment | 15,541 | 14,732 | 13,550 | |||
Power purchased for resale | 13,392 | 12,120 | 13,574 | |||
Supply cost balancing accounts | 214 | 11,709 | 18,748 | |||
Other operation | 27,767 | 29,790 | 28,312 | |||
Administrative and general | 77,291 | 70,556 | 74,061 | |||
Depreciation and amortization | 40,090 | [1] | 41,385 | [1] | 38,349 | [1] |
Maintenance | 17,772 | 15,887 | 17,357 | |||
Property and other taxes | 15,865 | 15,381 | 14,210 | |||
ASUS construction | 76,627 | 81,957 | 50,648 | |||
Net gain on sale of property | -2 | -68 | -128 | |||
Total operating expenses | 353,005 | 355,814 | 324,809 | |||
Operating Income | 119,072 | 111,094 | 95,104 | [2] | ||
Other Income and Expenses | ' | ' | ' | |||
Interest expense | -22,415 | -22,765 | -23,681 | |||
Interest income | 707 | 1,333 | 859 | |||
Other, net | 1,105 | 431 | -196 | |||
Total other income and expenses | -20,603 | -21,001 | -23,018 | |||
Income from continuing operations before income tax expense | 98,469 | 90,093 | 72,086 | |||
Income tax expense | 35,783 | 35,945 | 30,076 | |||
Net income from continuing operations | 62,686 | 54,148 | 42,010 | |||
Income from discontinued operations, net of tax | 0 | 0 | 3,849 | |||
Net Income | 62,686 | 54,148 | 45,859 | |||
Basic Earnings Per Common Share | ' | ' | ' | |||
Income from continuing operations (in dollars per share) | $1.61 | $1.42 | $1.12 | |||
Income from discontinued operations, net of tax (in dollars per share) | $0 | $0 | $0.10 | |||
Net Income (in dollars per share) | $1.61 | $1.42 | $1.22 | |||
Fully Diluted Earnings Per Share | ' | ' | ' | |||
Income from continuing operations (in dollars per share) | $1.61 | $1.41 | $1.11 | |||
Income from discontinued operations, net of tax (in dollars per share) | $0 | $0 | $0.10 | |||
Net Income (in dollars per share) | $1.61 | $1.41 | $1.21 | |||
Weighted Average Number of Shares Outstanding (in shares) | 38,639 | 37,998 | 37,386 | |||
Weighted Average Number of Diluted Shares (in shares) | 38,869 | 38,262 | 37,674 | |||
Dividends Declared Per Common Share (in dollars per share) | $0.76 | $0.64 | $0.55 | |||
GSWC | ' | ' | ' | |||
Operating Revenues | ' | ' | ' | |||
Water | 320,131 | 305,898 | 300,450 | |||
Electric | 38,409 | 37,033 | 36,275 | |||
Total operating revenues | 358,540 | 342,931 | 336,725 | |||
Operating Expenses | ' | ' | ' | |||
Water purchased | 58,930 | 54,010 | 47,530 | |||
Power purchased for pumping | 9,518 | 8,355 | 8,598 | |||
Groundwater production assessment | 15,541 | 14,732 | 13,550 | |||
Power purchased for resale | 13,392 | 12,120 | 13,574 | |||
Supply cost balancing accounts | 214 | 11,709 | 18,748 | |||
Other operation | 25,110 | 26,938 | 24,579 | |||
Administrative and general | 64,645 | 60,139 | 61,582 | |||
Depreciation and amortization | 38,952 | 40,197 | 37,461 | |||
Maintenance | 15,823 | 14,356 | 14,702 | |||
Property and other taxes | 14,072 | 13,835 | 12,851 | |||
Net gain on sale of property | 0 | -65 | -128 | |||
Total operating expenses | 256,197 | 256,326 | 253,047 | |||
Operating Income | 102,343 | 86,605 | 83,678 | |||
Other Income and Expenses | ' | ' | ' | |||
Interest expense | -22,287 | -22,609 | -23,292 | |||
Interest income | 615 | 1,293 | 801 | |||
Other, net | 1,105 | 431 | -394 | |||
Total other income and expenses | -20,567 | -20,885 | -22,885 | |||
Income from continuing operations before income tax expense | 81,776 | 65,720 | 60,793 | |||
Income tax expense | 33,134 | 26,500 | 25,971 | |||
Net Income | $48,642 | $39,220 | $34,822 | |||
[1] | Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $877,000, $1.8 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
[2] | (2) Operating income (loss) includes CCWC’s allocated corporate overhead costs that are now primarily at GSWC. |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON SHAREHOLDERS' EQUITY (USD $) | Total | GSWC | Common Shares | Common Shares | Earnings Reinvested in the Business | Earnings Reinvested in the Business |
In Thousands, except Share data, unless otherwise specified | GSWC | GSWC | ||||
Balances at Dec. 31, 2010 | $377,541 | $358,295 | $227,385 | $217,149 | $150,156 | $141,146 |
Balances (in shares) at Dec. 31, 2010 | ' | ' | 37,262,000 | 142 | ' | ' |
Add: | ' | ' | ' | ' | ' | ' |
Net Income | 45,859 | 34,822 | ' | ' | 45,859 | 34,822 |
Issuance of Common Shares | 1,658 | 10,000 | 1,658 | 10,000 | ' | ' |
Issuance of Common Shares (in shares) | 138,868 | ' | 138,000 | 4 | ' | ' |
Exercise of stock options | 2,350 | ' | 2,350 | ' | ' | ' |
Exercise of stock options (in shares) | 177,426 | ' | 178,000 | ' | ' | ' |
Tax benefit from employee stock-based awards | 336 | 336 | 336 | 336 | ' | ' |
Compensation on stock-based awards | 1,474 | 1,353 | 1,474 | 1,353 | ' | ' |
Dividend equivalent rights on stock-based awards not paid in cash | 103 | 98 | 103 | 98 | ' | ' |
Deduct: | ' | ' | ' | ' | ' | ' |
Dividends on Common Shares | 20,552 | 20,000 | ' | ' | 20,552 | 20,000 |
Dividend equivalent rights on stock-based awards | 103 | 98 | ' | ' | 103 | 98 |
Balances at Dec. 31, 2011 | 408,666 | 384,806 | 233,306 | 228,936 | 175,360 | 155,870 |
Balances (in shares) at Dec. 31, 2011 | ' | ' | 37,578,000 | 146 | ' | ' |
Add: | ' | ' | ' | ' | ' | ' |
Net Income | 54,148 | 39,220 | ' | ' | 54,148 | 39,220 |
Issuance of Common Shares | ' | 895 | ' | 895 | ' | ' |
Issuance of Common Shares (in shares) | 77,038 | ' | ' | ' | ' | ' |
Exercise of stock options | 13,295 | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 819,400 | ' | ' | ' | ' | ' |
Exercise of stock options and other issuance of Common Shares | 13,295 | ' | 13,295 | ' | ' | ' |
Exercise of stock options and other issuance of Common Shares (in shares) | ' | ' | 896,000 | ' | ' | ' |
Tax benefit from employee stock-based awards | 890 | ' | 890 | ' | ' | ' |
Compensation on stock-based awards | 1,710 | 1,536 | 1,710 | 1,536 | ' | ' |
Dividend equivalent rights on stock-based awards not paid in cash | 121 | 113 | 121 | 113 | ' | ' |
Deduct: | ' | ' | ' | ' | ' | ' |
Dividends on Common Shares | 24,130 | 10,200 | ' | ' | 24,130 | 10,200 |
Dividend equivalent rights on stock-based awards | 121 | 113 | ' | ' | 121 | 113 |
Balances at Dec. 31, 2012 | 454,579 | 416,257 | 249,322 | 231,480 | 205,257 | 184,777 |
Balances (in shares) at Dec. 31, 2012 | ' | ' | 38,474,000 | 146 | ' | ' |
Add: | ' | ' | ' | ' | ' | ' |
Net Income | 62,686 | 48,642 | ' | ' | 62,686 | 48,642 |
Issuance of Common Shares | ' | 0 | ' | ' | ' | ' |
Issuance of Common Shares (in shares) | 114,821 | ' | ' | ' | ' | ' |
Exercise of stock options | 2,111 | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 131,448 | ' | ' | ' | ' | ' |
Exercise of stock options and other issuance of Common Shares | 2,111 | ' | 2,111 | ' | ' | ' |
Exercise of stock options and other issuance of Common Shares (in shares) | ' | ' | 247,000 | ' | ' | ' |
Tax benefit from employee stock-based awards | 1,026 | 943 | 1,026 | 943 | ' | ' |
Compensation on stock-based awards | 1,362 | 1,171 | 1,362 | 1,171 | ' | ' |
Dividend equivalent rights on stock-based awards not paid in cash | 140 | 127 | 140 | 127 | ' | ' |
Deduct: | ' | ' | ' | ' | ' | ' |
Dividends on Common Shares | 29,360 | 29,400 | ' | ' | 29,360 | 29,400 |
Dividend equivalent rights on stock-based awards | 140 | 127 | ' | ' | 140 | 127 |
Balances at Dec. 31, 2013 | $492,404 | $437,613 | $253,961 | $233,721 | $238,443 | $203,892 |
Balances (in shares) at Dec. 31, 2013 | ' | ' | 38,721,000 | 146 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net Income | $62,686 | $54,148 | $45,859 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Gain on CCWC, net of taxes, included in discontinued operations | 0 | 0 | -2,454 |
Depreciation and amortization | 40,967 | 43,234 | 40,809 |
Net gain on sale of property | -2 | -68 | -128 |
Provision for doubtful accounts | 1,145 | 1,710 | 938 |
Deferred income taxes and investment tax credits | 16,112 | 15,087 | 13,861 |
Stock-based compensation expense | 2,009 | 1,931 | 1,520 |
Impairment and other charges | 0 | 416 | 0 |
Other - net | -438 | -35 | 359 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable - customers | -5,306 | -1,773 | -2,687 |
Unbilled revenue | -2,405 | 1,108 | 3,093 |
Other accounts receivable | 2,503 | 5,416 | -2,139 |
Receivables from the U.S. government | 7,230 | -3,196 | -3,789 |
Materials and supplies | 790 | -2,278 | -909 |
Prepayments and other current assets | 1,910 | -432 | 2,198 |
Regulatory assets - supply cost balancing accounts | 214 | 11,709 | 18,748 |
Other assets (including other regulatory assets) | 12,544 | -20,139 | -26,661 |
Costs and estimated earnings in excess of billings on uncompleted contracts | -15,192 | -3,075 | 918 |
Accounts payable | 1,815 | 4,300 | -2,953 |
Income taxes receivable/payable | 7,329 | 4,169 | -14,544 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -5,720 | -17,673 | 4,819 |
Accrued pension and other post-retirement benefits | 4,396 | 5,954 | 1,647 |
Other liabilities | 3,124 | 981 | 1,662 |
Net cash provided | 135,711 | 101,494 | 80,167 |
Cash Flows From Investing Activities: | ' | ' | ' |
Capital expenditures | -97,379 | -68,104 | -80,281 |
Payments to Acquire Investments | -1,408 | 0 | 0 |
Proceeds from the sale of CCWC | 0 | 0 | 29,603 |
Proceeds from sale of property | 12 | 68 | 144 |
Net cash used | -98,775 | -68,036 | -50,534 |
Cash Flows From Financing Activities: | ' | ' | ' |
Proceeds from issuance of Common Shares, net of issuance cost | 0 | 0 | 1,658 |
Proceeds from stock option exercises | 2,111 | 13,295 | 2,350 |
Tax benefits from exercise of stock-based awards | 1,026 | 890 | 336 |
Receipt of advances for and contributions in aid of construction | 12,133 | 9,647 | 7,489 |
Refunds on advances for construction | -3,711 | -3,614 | -4,136 |
Retirement or repayments of long-term debt | -3,474 | -8,303 | -22,380 |
Proceeds from issuance of long-term debt, net of issuance costs | 60 | 3,408 | 61,912 |
Net change in notes payable to banks | 0 | -2,000 | -58,900 |
Dividends paid | -29,360 | -24,130 | -20,552 |
Other | -981 | -480 | -292 |
Net cash provided (used) | -22,196 | -11,287 | -32,515 |
Net increase (decrease) in cash and cash equivalents | 14,740 | 22,171 | -2,882 |
Cash and cash equivalents, beginning of year | 23,486 | 1,315 | 4,197 |
Cash and cash equivalents, end of year | 38,226 | 23,486 | 1,315 |
GOLDEN STATE WATER COMPANY | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net Income | 48,642 | 39,220 | 34,822 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 39,829 | 42,046 | 39,921 |
Net gain on sale of property | 0 | -65 | -128 |
Provision for doubtful accounts | 1,056 | 1,668 | 859 |
Deferred income taxes and investment tax credits | 16,051 | 14,713 | 13,805 |
Stock-based compensation expense | 1,647 | 1,667 | 1,345 |
Impairment and other charges | 0 | 416 | 0 |
Other - net | -333 | -107 | -137 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable - customers | -5,306 | -1,773 | -2,687 |
Unbilled revenue | -2,405 | 1,108 | 3,093 |
Other accounts receivable | 3,251 | 1,717 | 361 |
Materials and supplies | 385 | -318 | -147 |
Prepayments and other current assets | 1,944 | -452 | 1,985 |
Regulatory assets - supply cost balancing accounts | 214 | 11,709 | 18,748 |
Other assets (including other regulatory assets) | 14,501 | -20,056 | -26,693 |
Accounts payable | 2,916 | -2,331 | 1,093 |
Inter-company receivable/payable | 1,790 | 277 | 482 |
Income taxes receivable/payable from/to Parent | 6,738 | 3,472 | -12,493 |
Accrued pension and other post-retirement benefits | 4,396 | 5,954 | 1,647 |
Other liabilities | 2,854 | 1,035 | 1,678 |
Net cash provided | 138,170 | 99,900 | 77,554 |
Cash Flows From Investing Activities: | ' | ' | ' |
Capital expenditures | -96,705 | -66,831 | -78,438 |
Origination of Notes Receivable from Related Parties | -18,236 | 0 | 0 |
Repayment of Notes Receivable from Related Parties | 17,736 | 0 | 0 |
Proceeds from sale of property | -1,408 | 65 | 144 |
Net cash used | -98,613 | -66,766 | -78,294 |
Cash Flows From Financing Activities: | ' | ' | ' |
Proceeds from issuance of Common Shares, net of issuance cost | 0 | 0 | 10,000 |
Tax benefits from exercise of stock-based awards | 943 | 895 | 336 |
Receipt of advances for and contributions in aid of construction | 12,133 | 9,647 | 7,489 |
Refunds on advances for construction | -3,711 | -3,614 | -4,136 |
Retirement or repayments of long-term debt | -3,474 | -8,303 | -22,380 |
Proceeds from issuance of long-term debt, net of issuance costs | 60 | 3,408 | 61,912 |
Net change in inter-company borrowings | 0 | -2,000 | -33,785 |
Dividends paid | -29,400 | -10,200 | -20,000 |
Other | -811 | -389 | -237 |
Net cash provided (used) | -24,260 | -10,556 | -801 |
Net increase (decrease) in cash and cash equivalents | 15,297 | 22,578 | -1,541 |
Cash and cash equivalents, beginning of year | 22,578 | 0 | 1,541 |
Cash and cash equivalents, end of year | $37,875 | $22,578 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||
Nature of Operations: American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”) and American States Utility Services, Inc. (“ASUS”) (and its subsidiaries, Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”) and Old North Utility Services, Inc. (“ONUS”)). AWR and its subsidiaries may be collectively referred to herein as “Registrant” or “the Company.” The subsidiaries of ASUS may be collectively referred to herein as the “Military Utility Privatization Subsidiaries.” | |||||||||||||||||
GSWC is a public utility engaged principally in the purchase, production, distribution and sale of water in California serving approximately 257,000 water customers. GSWC also distributes electricity in several San Bernardino Mountain communities serving approximately 24,000 electric customers through its Bear Valley Electric Service (“BVES”) division. Although Registrant has a diversified base of residential, industrial and other customers, revenues derived from commercial and residential water customers accounted for approximately 90% of total water revenues in 2013, 2012 and 2011. The California Public Utilities Commission (“CPUC”) regulates GSWC’s water and electric business, including properties, rates, services, facilities and other matters, and transactions by GSWC with its affiliates. AWR’s assets and operating income are primarily those of GSWC. | |||||||||||||||||
ASUS, through its wholly-owned subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various United States military bases pursuant to 50-year firm fixed-price contracts. These contracts are subject to periodic price redeterminations and modifications for changes in circumstances and changes in laws and regulations. | |||||||||||||||||
There is no direct regulatory oversight by the CPUC over AWR or the operation, rates or services provided by ASUS or any of its wholly owned subsidiaries. | |||||||||||||||||
Basis of Presentation: The consolidated financial statements and notes thereto are being presented in a combined report being filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. | |||||||||||||||||
The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries, all of which are wholly-owned. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. Inter-company transactions and balances have been eliminated in the AWR consolidated financial statements. | |||||||||||||||||
On May 20, 2013, AWR's Board of Directors approved a two-for-one stock split of the Company's common shares. In September 2013, shareholders of record received one additional share for each AWR common share they owned. This two-for-one stock split has been retroactively applied to these financial statements, resulting in an increase in the number of shares outstanding for all periods presented. | |||||||||||||||||
Related Party Transactions: GSWC and ASUS provide and receive various services to and from their parent, AWR. Any transactions between GSWC and AWR or ASUS are governed by the CPUC’s affiliate transaction rules. In addition, AWR has a $100.0 million syndicated credit facility. AWR borrows under this facility and provides funds to its subsidiaries, including GSWC, in support of their operations. Any amounts owed to AWR for borrowings under this facility are included in inter-company payables on GSWC’s balance sheet. The interest rate charged to GSWC and other affiliates is sufficient to cover AWR’s interest cost under the credit facility. GSWC also allocates certain corporate office administrative and general costs to its affiliate, ASUS, using allocation factors mandated by the CPUC. | |||||||||||||||||
During 2013, AWR issued an interest bearing promissory note (the "Note") to GSWC for $20.0 million which expires on May 23, 2018. Under the terms of the Note, AWR may borrow from GSWC amounts up to $20.0 million for working capital purposes. As of December 31, 2013, $500,000 is outstanding under this Note, which has been reflected as a current note receivable on GSWC's balance sheet as of December 31, 2013. This Note is expected to be repaid by AWR within one year. | |||||||||||||||||
AWR owns all of the outstanding common shares of GSWC and ASUS. ASUS owns all of the outstanding common stock of the Military Utility Privatization Subsidiaries. | |||||||||||||||||
Utility Accounting: Registrant’s accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the CPUC and the Federal Energy Regulatory Commission. GSWC has incurred various costs and received various credits reflected as regulatory assets and liabilities. Accounting for such costs and credits as regulatory assets and liabilities is in accordance with the guidance for accounting for the effects of certain types of regulation. This guidance sets forth the application of accounting principles generally accepted in the United States of America for those companies whose rates are established by or are subject to approval by an independent third-party regulator. | |||||||||||||||||
Under such accounting guidance, rate regulated entities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the ratemaking process in a period different from the period in which they would have been reflected in income by an unregulated company. These regulatory | |||||||||||||||||
assets and liabilities are then recognized in the income statement in the period in which the same amounts are reflected in the rates charged for service. The amounts included as regulatory assets and liabilities that will be collected over a period exceeding one year are classified as long-term assets and liabilities as of December 31, 2013 and 2012. | |||||||||||||||||
Property and Depreciation: GSWC capitalizes, as utility plant, the cost of construction and the cost of additions, betterments and replacements of retired units of property. Such cost includes labor, material and certain indirect charges. Water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable accumulated depreciation is recorded to accumulated depreciation. The difference between the estimated original cost, less accumulated depreciation, and the purchase price, if recognized by the regulator, is recorded as an acquisition adjustment within utility plant. At December 31, 2013, utility plant includes a net credit acquisition adjustment of $8.8 million for GSWC, which is being amortized over approximately 30 years as permitted by the CPUC. Amortization of the acquisition adjustments totaled $427,000 for 2013 and $374,000 for 2012 and 2011. | |||||||||||||||||
Depreciation is computed on the straight-line, remaining-life basis, group method, based on depreciable plant in accordance with the applicable ratemaking process. The aggregate composite rate for depreciation for GSWC’s water distribution unit approximated 3.4% for 2013, 3.7% for 2012 and 3.8% for 2011, and approximately 3.4% for its electric unit for 2013, 3.6% for 2012 and 3.7% for 2011. Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $877,000, $1.8 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Expenditures for maintenance and repairs are expensed as incurred. Replaced or retired property costs, including cost of removal, are charged to the accumulated provision for depreciation. Property owned and depreciation recorded by ASUS and its subsidiaries are not material to Registrant’s financial statements. | |||||||||||||||||
Estimated useful lives of GSWC’s utility plant, as authorized by the CPUC, are as follows: | |||||||||||||||||
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 | ||||||||||||||||
Asset Retirement Obligations: GSWC has a legal obligation for the retirement of its wells, which by law need to be properly capped at the time of removal. As such, GSWC incurs asset retirement obligations. GSWC records the fair value of a liability for these asset retirement obligations in the period in which they are incurred. When the liability is initially recorded, GSWC capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, GSWC either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. Retirement costs have historically been recovered through rates subsequent to the retirement costs being incurred. Accordingly, GSWC’s asset retirement obligations are reflected as a regulatory asset. GSWC also reflects the gain or loss at settlement as a regulatory asset or liability on the balance sheet. | |||||||||||||||||
With regards to removal costs associated with certain other long-lived assets, such as water mains, distribution and transmission assets, asset retirement obligations have not been recognized as GSWC believes that it will not be obligated to retire these assets. There are no CPUC rules or regulations that require GSWC to remove any of its other long-lived assets. In addition, GSWC’s water pipelines are not subject to regulation by any federal regulatory agency. GSWC has franchise agreements with various municipalities in order to use the public right of way for utility purposes (i.e., operate water distribution and transmission assets), and if certain events occur in the future, could be required to remove or relocate certain of its pipelines. However, it is not possible to estimate an asset retirement amount since the timing and the amount of assets that may be required to be removed, if any, is not known. | |||||||||||||||||
Amounts recorded for asset retirement obligations are subject to various assumptions and determinations, such as determining whether a legal obligation exists to remove assets, and estimating the fair value of the costs of removal, when final removal will occur and the credit-adjusted risk-free interest rates to be utilized on discounting future liabilities. Changes that may arise over time with regard to these assumptions will change amounts recorded in the future. Estimating the fair value of the costs of removal were determined based on third party costs. | |||||||||||||||||
Impairment of Long-Lived Assets: Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with accounting guidance for impairment or disposal of long-lived assets. Registrant would recognize an impairment loss on its regulated assets only if the carrying value amount of a long-lived asset is not recoverable from customer rates authorized by the CPUC. Impairment loss is measured as the excess of the carrying value over the amounts recovered in customer rates. During the year ended December 31, 2012, a $416,000 impairment loss was recorded in operating expenses as a result of the disallowance of certain capital costs by the CPUC as more fully discussed in Note 2. For the years ended December 31, 2013 and 2011, no impairment loss was recorded. | |||||||||||||||||
Goodwill: At December 31, 2013 and 2012, AWR had approximately $1.1 million of goodwill included in “Other Property and Investments.” The $1.1 million goodwill arose from ASUS’s acquisition of a subcontractor’s business. In accordance with the accounting guidance for testing goodwill, AWR annually assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For 2013, AWR’s assessment of qualitative factors did not indicate that an impairment had occurred for the goodwill amount of $1.1 million at ASUS. | |||||||||||||||||
Cash and Cash Equivalents: Cash and cash equivalents include short-term cash investments with an original maturity of three months or less. At times, cash and cash equivalent balances may be in excess of federally insured limits. Cash and cash equivalents are held with financial institutions with high credit standings. | |||||||||||||||||
Accounts Receivable: Accounts receivable is reported on the balance sheet net of any allowance for doubtful accounts. The allowance for doubtful accounts is Registrant’s best estimate of the amount of probable credit losses in Registrant’s existing accounts receivable from its water and electric customers, and is determined based on historical write-off experience and the aging of account balances. Registrant reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. Other accounts receivable consist of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements, and amounts due from the U.S. government or other third-party prime government contractors pursuant to contracts or modifications thereto or agreements to operate and maintain, and/or provide construction services for the water and/or wastewater systems at military bases. The allowance for these other accounts receivable is based on Registrant’s evaluation of the receivable portfolio under current conditions and a review of specific problems and such other factors that, in Registrant’s judgment, should be considered in estimating losses. Allowances for doubtful accounts are more fully disclosed in Note 17. | |||||||||||||||||
Materials and Supplies: Materials and supplies are stated at the lower of cost or market. Cost is computed using average cost. | |||||||||||||||||
Interest: Interest incurred during the construction of capital assets has generally not been capitalized for financial reporting purposes as such policy is not followed in the ratemaking process. Interest expense is generally recovered through the regulatory process. However, the CPUC has authorized certain capital projects to be filed for revenue recovery with advice letters when those projects are completed. During the time that such projects are under development and construction, GSWC may accrue an allowance for funds used during construction (“AFUDC”) on the incurred expenditures to offset the cost of financing project construction. For the years ended December 31, 2013, and 2012, GSWC recorded $270,000 and $299,000 in AFUDC related to these projects, respectively, based on a weighted cost of capital of 8.64% as approved by the CPUC. Amounts recorded in 2011 were immaterial. | |||||||||||||||||
Water and Electric Operating Revenues: GSWC records water and electric utility operating revenues when the service is provided to customers. Revenues include amounts billed to customers on a cycle basis based on meter reading for services provided and unbilled revenues representing estimated amounts to be billed for usage from the last meter reading date to the end of the accounting period. The unbilled revenues are based on historic customer usage to estimate unbilled usage. Flat-rate customers are billed in advance at the beginning of the service period. Revenue from flat-rate customers is deferred and adjustments are calculated to determine the revenue related to the applicable period. | |||||||||||||||||
Alternative-Revenue Programs: As authorized by the CPUC, GSWC records in revenues the difference between the adopted level of volumetric revenues as authorized by the CPUC for metered accounts (volumetric revenues) and the actual volumetric revenues recovered in customer rates. If this difference results in an under-collection of revenues, GSWC records the additional revenue only to the extent that they are expected to be collected within 24 months following the year in which they are recorded in accordance with the accounting guidance for alternative-revenue programs. | |||||||||||||||||
Contracted Services Revenues: Revenues from ASUS contract operations and maintenance agreements are recognized on a monthly basis when services have been rendered to the customers under such agreements. Revenues from firm, fixed-price construction contracts are recognized based on the percentage-of-completion method of accounting. In accordance with GAAP, revenue recognition under the percentage-of-completion method requires ASUS to estimate the progress toward completion on a contract in terms of efforts (such as costs incurred) or in terms of results achieved (such as units constructed). These approaches are used because management considers them to be the best available measure of progress on these contracts. Revenues from cost-plus-profit contracts of ASUS are recognized on the basis of costs incurred during the period plus the profit earned, measured by the cost-to-cost method. | |||||||||||||||||
Construction costs for ASUS include all direct material and labor costs charged by subcontractors and those indirect costs related to contract performance, such as indirect labor, supplies, and tools. The factors considered in including such costs in revenues and expenses are that ASUS and/or its subsidiaries: (i) are the primary obligor in these arrangements with the U.S. government and the third party prime contractors; (ii) have latitude in establishing pricing, and (iii) bear credit risk in the collection of receivables. Administrative and general costs are charged to expense as incurred. Precontract costs for ASUS, which consist of design and engineering labor costs, are deferred if they are probable of recovery and are expensed as incurred if they are not probable of recovery. Deferred precontract costs have been immaterial to date. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. | |||||||||||||||||
Changes in job performance, job conditions, change orders and estimated profitability, including those arising from contract penalty provisions, and final contract settlements may result in revisions to costs and income for ASUS and are recognized in the period in which the revisions are determined. | |||||||||||||||||
The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts,” represents revenues recognized in excess of amounts billed. The liability, “Billings in excess of costs and estimated earnings on uncompleted contracts,” represents billings in excess of revenues recognized. Amounts expected to be earned/collected in the next 12-months have been classified as current. | |||||||||||||||||
Debt Issuance Costs and Redemption Premiums: Original debt issuance costs are capitalized and amortized over the lives of the respective issues. Premiums paid on the early redemption of debt, which is reacquired through refunding, are deferred and amortized over the life of the debt issued to finance the refunding as Registrant normally receives recovery of these costs in rates. In 2012, GSWC redeemed certain long term debt (see Note 9 Long-Term Debt). | |||||||||||||||||
Advances for Construction and Contributions in Aid of Construction: Advances for construction represent amounts advanced by developers for the cost to construct water system facilities in order to extend water service to their properties. Advances are generally refundable in equal annual installments, generally over 40 years. In certain instances, GSWC makes refunds on these advances over a specific period of time based on operating revenues related to the main or as new customers are connected to receive service from the main. Utility plant funded by advances and contributions is excluded from rate base. Generally, GSWC depreciates contributed property and amortizes contributions in aid of construction at the composite rate of the related property. Contributions in aid of construction are similar to advances, but require no refunding. | |||||||||||||||||
Fair Value of Financial Instruments: For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of the amounts. The table below estimates the fair value of long-term debt issued by GSWC. Rates available to GSWC at December 31, 2013 and 2012 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Long-term debt—GSWC | $ | 332,377 | $ | 412,590 | $ | 335,791 | $ | 456,792 | |||||||||
The accounting guidance for fair value measurements applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, GSWC makes fair value measurements that are classified and disclosed in one of the following three categories: | |||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability, or | |||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |||||||||||||||||
Publicly issued notes, private placement notes and other long-term debt are measured using current U.S. corporate bond yields for similar debt instruments and are classified as Level 2. The following tables set forth by level, within the fair value hierarchy, GSWC’s long-term debt measured at fair value as of December 31, 2013: | |||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-term debt—GSWC | — | $ | 412,590 | — | $ | 412,590 | |||||||||||
Stock Awards: AWR has issued stock awards to its employees under the 2000 Stock Incentive Plan, or 2000 employee plan, and the 2008 Stock Incentive Plan, or 2008 employee plan, and to directors under the 2003 Non-Employee Directors Stock Plan, or 2003 directors plan, and the 2013 Non-Employee Directors Plan, or 2013 directors plan. Registrant applies the provisions in the accounting guidance for share-based payments in accounting for all of its stock-based awards. See Note 12 for further discussion. | |||||||||||||||||
Sales and Use Taxes: GSWC bills certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which GSWC pays to various municipalities (based on ordinances adopted by these municipalities) in order to use public right of way for utility purposes. GSWC bills these franchise fees to its customers based on a CPUC-authorized rate(s). These franchise fees, which are required to be paid regardless of GSWC’s ability to collect from the customer, are accounted for on a gross basis. GSWC’s franchise fees billed to customers and recorded as operating revenue were approximately $3.6 million, $3.4 million and $3.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. When GSWC acts as an agent and the tax is not required to be remitted if it is not collected from the customer, the taxes are accounted for on a net basis. | |||||||||||||||||
Depending on the state in which the operations are conducted, the Military Utility Privatization Subsidiaries are also subject to certain state non-income tax assessments generally computed on a “gross receipts” or “gross revenues” basis. These non-income tax assessments are required to be paid regardless of the Military Utility Privatization Subsidiaries’ ability to be reimbursed by the U.S. government or the third party prime government contractors. The non-income tax assessments are accounted for on a gross basis and totaled $864,000, $717,000 and $718,000 during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Recently Issued Accounting Pronouncements: Recent accounting standards issued by the Financial Accounting Standards Board did not or are not expected to have any impact on Registrant’s consolidated financial statements. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Regulated Operations [Abstract] | ' | ||||||||
Regulatory Matters | ' | ||||||||
Regulatory Matters | |||||||||
In accordance with accounting principles for rate-regulated enterprises, Registrant records regulatory assets, which represent probable future recovery of costs from customers through the ratemaking process, and regulatory liabilities, which represent probable future refunds that are to be credited to customers through the ratemaking process. At December 31, 2013, Registrant had approximately $37.2 million of regulatory assets, net of regulatory liabilities, not accruing carrying costs. Of this amount, $15.2 million relates to the underfunded positions of the pension and other post-retirement obligations and $16.2 million relates to deferred income taxes representing accelerated tax benefits flowed through to customers, which will be included in rates concurrently with recognition of the associated future tax expense. The remainder relates to other items that do not provide for or incur carrying costs. Regulatory assets, less regulatory liabilities, included in the consolidated balance sheets are as follows: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
GSWC | |||||||||
Water Revenue Adjustment Mechanism, net of Modified Cost Balancing Account | $ | 16,345 | $ | 42,574 | |||||
Base Revenue Requirement Adjustment Mechanism | 8,725 | 6,833 | |||||||
Costs deferred for future recovery on Aerojet case | 14,763 | 16,030 | |||||||
Pensions and other post-retirement obligations (Note 11) | 20,241 | 56,894 | |||||||
Derivative unrealized loss (Note 4) | — | 3,060 | |||||||
Flow-through taxes, net (Note 10) | 16,189 | 16,415 | |||||||
Low income rate assistance balancing accounts | 9,979 | 9,119 | |||||||
General rate case memorandum accounts | 15,645 | 4,495 | |||||||
Other regulatory assets | 25,086 | 28,153 | |||||||
Various refunds to customers | (4,292 | ) | (7,558 | ) | |||||
Total | $ | 122,681 | $ | 176,015 | |||||
Alternative-Revenue Programs: | |||||||||
Under the Water Revenue Adjustment Mechanism (“WRAM”), GSWC records the difference between the adopted level of volumetric revenues as authorized by the CPUC for metered accounts (adopted volumetric revenues) and the actual volumetric revenues recovered in customer rates. While the WRAM tracks volumetric-based revenues, the revenue requirements approved by the CPUC include service charges, flat rate charges, and other items that are not subject to the WRAM. The adopted volumetric revenues consider the seasonality of consumption of water based upon historical averages. The variance between adopted volumetric revenues and actual billed volumetric revenues for metered accounts is recorded as a component of revenue with an offsetting entry to an asset or liability balancing account (tracked individually for each rate making area). The variance amount may be positive or negative and represents amounts that will be billed or refunded to customers in the future. The WRAM only applies to customer classes with conservation rates in place. Currently, the majority of GSWC’s water customers have conservation rate structures. | |||||||||
Under the Modified Cost Balancing Account (“MCBA”), GSWC tracks adopted expense levels for purchased water, purchased power and pump taxes, as established by the CPUC. Variances (which include the effects of changes in both rate and volume) between adopted and actual purchased water, purchased power, and pump tax expenses are recorded as a component of the MCBA to be recovered from or refunded to GSWC’s customers at a later date. This is reflected with an offsetting entry to an asset or liability balancing account (tracked individually for each rate-making area). Unlike the WRAM, the MCBA applies to all customer classes. | |||||||||
The recovery or refund of the WRAM is netted against the MCBA over- or under-collection for the corresponding rate-making area and is interest bearing at the current 90-day commercial paper rate. For the year ended December 31, 2013, surcharges of $26.5 million were billed to customers to decrease previously incurred under-collections in the WRAM, net of MCBA accounts. For the year ended December 31, 2013, GSWC recorded a $468,000 over-collection in the WRAM account, net of the MCBA. As of December 31, 2013, GSWC has a net aggregated regulatory asset of $16.3 million which is comprised of a $20.4 million under-collection in the WRAM accounts and $4.1 million over-collection in the MCBA accounts. | |||||||||
As required by the accounting guidance for alternative revenue programs, GSWC is required to collect its WRAM, net of its MCBA, within 24 months following the year in which an under-collection is recorded. In April 2012, the CPUC issued a final decision which, among other things, sets the recovery period for under-collected balances that are up to 15% of adopted annual revenues at 18 months or less. For under-collected balances greater than15%, the recovery period is 19 to 36 months. GSWC does not currently have any balances over 15% of adopted annual revenues. All of the 2013 WRAM balances are expected to be recovered over 18 months or less. | |||||||||
In addition to adopting an amortization schedule, the final decision sets a cap on total net WRAM/MCBA surcharges in any given calendar year of 10% of the last authorized revenue requirement. This cap has not impacted any GSWC WRAM/MCBA recoveries to-date. Surcharges are currently in place to recover the WRAM/MCBA balances for 2010 and 2012. | |||||||||
For BVES, the CPUC approved the Base Revenue Requirement Adjustment Mechanism ("BRRAM"), which adjusts certain revenues to adopted levels. In May 2013, the CPUC approved a surcharge for recovery of BVES’ 2012 BRRAM balance, with the amounts collected through December 2014 to be applied to the 2012 BRRAM under-collection of $2.3 million. Surcharges collected subsequent to December 2014 would be for recovery of a $1.8 million difference between the allocated general office costs authorized by the CPUC in November 2010, and what was then in BVES’ rates for allocated general office costs. As authorized by the CPUC, this difference was combined in the BRRAM for recovery through the surcharge. These costs are not considered an alternative revenue program. | |||||||||
Costs Deferred for Future Recovery: | |||||||||
In 1999, GSWC sued Aerojet-General Corporation (“Aerojet”) for contaminating the Sacramento County Groundwater Basin, which affected certain GSWC wells. On a related matter, GSWC also filed a lawsuit against the State of California (the “State”). The CPUC authorized memorandum accounts to allow for recovery, from customers, of costs incurred by GSWC in prosecuting the cases against Aerojet and the State, less any recovery from the defendants or others. In July 2005, the CPUC authorized GSWC to recover approximately $21.3 million of the Aerojet litigation memorandum account, through a rate surcharge, which will continue for no longer than 20 years. Beginning in October 2005, new rates went into effect to begin amortizing the memorandum account over a 20-year period. GSWC will keep the Aerojet memorandum account open until the earlier of full amortization of the balance or 20 years. However, no costs will be added to the memorandum account, other than on-going interest charges approved in the CPUC decision. | |||||||||
Aerojet also agreed to reimburse GSWC $17.5 million, plus interest accruing from January 1, 2004, for GSWC’s past legal and expert costs, which is included in the Aerojet litigation memorandum account. However, the reimbursement of the $17.5 million is contingent upon the issuance of land use approvals for development in a defined area within Aerojet property in Eastern Sacramento County and the receipt of certain fees in connection with such development. It is management’s intention to offset certain proceeds from the housing development by Aerojet in this area, pursuant to the settlement agreement, against the balance in this litigation memorandum account. At this time, management believes the full balance of the Aerojet litigation memorandum account will be collected either from customers or Aerojet. | |||||||||
Pensions and Other Postretirement Obligations: | |||||||||
A regulatory asset has been recorded at December 31, 2013 and 2012 for the costs that would otherwise be charged to “other comprehensive income” within shareholders’ equity for the underfunded status of Registrant’s pension and other postretirement benefit plans because the cost of these plans have historically been recovered through rates. As more fully discussed in Note 11, as of December 31, 2013, Registrant’s underfunded position for these plans that have been recorded as a regulatory asset totaled $15.2 million. Registrant expects this regulatory asset to be recovered through rates in future periods. | |||||||||
The May 2013 CPUC decision in the water general rate case authorized GSWC to continue using a two-way balancing account for its three water regions and the general office to track differences between the forecasted annual pension expenses adopted in rates and the actual annual expense to be recorded by GSWC in accordance with the accounting guidance for pension costs. The two-way balancing account is interest bearing at the current 90-day commercial paper rate. As of December 31, 2013, GSWC has included a $5.1 million under-collection in the two-way pension balancing account. As authorized in the CPUC's final decision on the water rate case, GSWC implemented a twelve-month surcharge to recover balances in this two-way balancing account. Surcharges totaling $1.2 million were billed to customers during 2013 to recover this under-collection. | |||||||||
Low Income Balancing Accounts: | |||||||||
This regulatory asset reflects primarily the costs of implementing and administering the California Alternate Rates for Water program in GSWC’s water regions and the California Alternate Rate for Energy program in GSWC’s BVES division. These programs mandated by the CPUC provide a discount of a fixed dollar amount which is intended to represent a 15% discount based on a typical customer bill for qualified low-income water customers and 20% for qualified low-income electric customers. GSWC accrues interest on its low income balancing accounts at the prevailing rate for 90-day commercial paper. As of December 31, 2013, there is an aggregate $10.0 million under-collection in the low income balancing accounts. Surcharges have been implemented to recover the costs included in these balancing accounts. | |||||||||
General Rate Case Memorandum Accounts: | |||||||||
The balance in the general rate case memorandum accounts represents the revenue differences between interim rates and final rates authorized by the CPUC due to delays in receiving decisions on various general rate case applications. As of December 31, 2013, there is an aggregate $15.6 million in the general rate case memorandum accounts, $11.5 million of which is for retroactive rate increases effective January 1, 2013 as a result of the final decision issued by the CPUC in May 2013 on GSWC’s water general rate case. Surcharges ranging from 12 to 24 months, with the majority being 12 months, have been implemented to recover the retroactive adopted revenues related to the May 2013 CPUC decision. | |||||||||
Other Regulatory Assets: | |||||||||
Other regulatory assets represent costs incurred by GSWC for which it has received or expects to receive rate recovery in the future. In determining the probability of costs being recognized in other periods, GSWC considers regulatory rules and decisions, past practices, and other facts or circumstances that would indicate if recovery is probable. If the CPUC determined that a portion of GSWC’s assets were not recoverable in customer rates, GSWC must determine if it had suffered an asset impairment that would require a write-down in the assets’ valuation. | |||||||||
Refunds to Customers: | |||||||||
CPUC Subpoena | |||||||||
In December 2011, the CPUC issued a final decision on its investigation of certain work orders and charges paid to a specific contractor used previously for numerous construction projects. The decision provides for refunds to customers totaling $9.5 million to be made over a period of 12-36 months, as well as a reduction in rate-base and other rate adjustments totaling $3.0 million. Refunds totaling $3.1 million and $3.2 million were made to customers during the years ended December 31, 2013 and 2012, respectively. | |||||||||
As a result of the CPUC final decision on this investigation, management does not expect additional refunds to be assessed related to this specific contractor. However, as part of the CPUC decision, GSWC agreed to be subject to three separate independent audits of its procurement practices over a period of 10 years from the date the settlement was approved by the CPUC. The audits will cover GSWC’s procurement practices related to contracts with other contractors from 1994 forward and could result in further disallowances of costs. The cost of the audits will be borne by shareholders and may not be recovered by GSWC in rates to customers. The first audit is currently being conducted. At this time, management cannot predict the outcome of these audits or determine the estimated loss or range of loss, if any. | |||||||||
Other Regulatory Matters: | |||||||||
CPUC Rehearing Matter: | |||||||||
In July 2011, the CPUC issued an order granting the rehearing of certain issues from the Region II, Region III and general office rate case approved in November 2010. Among the issues in the rehearing was the La Serena plant improvement project included in rate base totaling approximately $3.5 million. As a result of the CPUC’s decision in November 2010, GSWC had recorded a pretax charge of $2.2 million during 2010, which included the disallowance of a portion of the La Serena capital costs and the related revenues earned on those capital costs to be refunded to customers. In March 2013, GSWC and the Office of Ratepayer Advocates ("ORA") reached a settlement agreement, subject to CPUC approval, to resolve all the issues in the rehearing. In March 2013, GSWC filed for CPUC approval of the settlement agreement. In anticipation of this settlement, GSWC recorded an additional pretax charge of $416,000 in 2012, representing disallowed plant improvement project costs and related revenues earned on those costs that it expects will be refunded to customers based upon the terms of the settlement being discussed. As a result of this settlement, management does not expect any further disallowances related to this matter. The settlement agreement, if approved, would resolve all issues arising from the rehearing. | |||||||||
BVES General Rate Case: | |||||||||
In February 2012, BVES filed its general rate case (“GRC”) for new rates in years 2013 through 2016. In August 2012, ORA issued its report on the GRC. Included in ORA’s recommendations is a $2.0 million retroactive ratemaking proposal to increase BVES’ accumulated depreciation balance to reflect adopted depreciation expense for the years 2009 through 2012 rather than actual depreciation expense as recorded in compliance with GAAP. ORA also recommends that one-half of deferred rate case costs be borne by shareholders, rather than entirely by customers, as has been authorized by the CPUC in prior rate cases. As of December 31, 2013, GSWC has a $1.8 million regulatory asset representing deferred rate case costs for the current BVES general rate case, which the CPUC has historically allowed utilities to recover. At this time, GSWC does not believe a potential loss is probable. As a result, no provision for loss has been recorded in the financial statements as of December 31, 2013 related to these matters. | |||||||||
In November 2012, GSWC filed a motion to introduce new information regarding the results of a study on mandatory testing of BVES’ transmission and distribution poles to help support BVES' request for approval of additional capital expenditures. The administrative law judge assigned to this GRC re-opened the record to receive additional testimony based on this study, and to conduct additional evidentiary hearings. ORA challenged the results of the study, and requested that BVES provide additional information. GSWC and ORA are currently in negotiation discussions to settle this general rate case. A final decision on the rate case is expected in the third quarter of 2014. | |||||||||
Renewables Portfolio Standard: | |||||||||
In December 2011, a renewables portfolio standard (“RPS”) law went into effect which changed, among other things, annual procurement targets to multi-year procurement targets. Under the RPS, BVES must procure sufficient RPS-eligible resources to meet: (i) any RPS procurement requirement deficit for any year prior to 2011, and (ii) RPS procurement requirements for the 2011 through 2013 compliance period by no later than December 31, 2013. | |||||||||
In December 2012, GSWC entered into a ten-year agreement with a third party to purchase renewable energy credits (“RECs”). Under the terms of the agreement, GSWC agreed to purchase approximately 582,000 RECs over a 10 -year period which would be used towards meeting the CPUC’s RPS procurement requirements. In July 2013, the CPUC approved the agreement. As a result of this agreement, management believes BVES will in compliance with the CPUC's RPS requirements over the next ten years. During 2013, BVES purchased a number of RECs under this agreement, the majority of which have been applied towards the pre-2011 RPS requirements and 2011 through 2013 requirements. GSWC also applied RECs purchased from the Los Angeles County Sanitation District towards the pre-2011 RPS requirements and 2011 through 2013 requirements. As of December 31, 2013, GSWC has purchased sufficient RECs to be in compliance for all periods through 2013. Accordingly, no provision for loss or potential penalties has been recorded in the financial statements as of December 31, 2013. In December 2013 GSWC filed a compliance report with the CPUC covering the pre-2011 compliance period, which did not reflect any RPS procurement deficiencies. GSWC intends to file with the CPUC for the compliance period 2011 through 2013 in August 2014. The cost of these RECs have been included as part of the electric supply cost balancing account as of December 31, 2013. | |||||||||
Cost of Capital Proceeding for Water Regions: | |||||||||
In July 2012, the CPUC issued a final decision on GSWC’s water cost of capital proceeding. The decision authorized, among other things, a return on equity ("ROE") of 9.99% and for GSWC to continue the Water Cost of Capital Mechanism (“WCCM”). The WCCM adjusts ROE and rate of return on rate base between the three-year cost of capital proceedings only if there is a positive or negative change of more than 100 basis points in the average of the Moody’s Aa utility bond rate as measured over the period October 1 through September 30. If the average Moody’s rate for this period changes by over 100 basis points from the benchmark, the ROE will be adjusted by one half of the difference. For the period October 1, 2011 through September 30, 2012, the Moody’s rate declined by 112 basis points from the benchmark. As a result, in 2012 GSWC filed an advice letter to lower its water ROE by 56 basis points, from 9.99% to 9.43%, which was incorporated into 2013 water rates. For the period October 1, 2012 through September 30, 2013, the Moody’s rate increased by 10 basis points from the benchmark. As a result, GSWC's current water ROE of 9.43% remains unchanged for 2014. |
Utility_Plant_and_Intangible_A
Utility Plant and Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Utility Plant and Intangible Assets | ' | ||||||||||||||||||
Utility Plant and Intangible Assets | ' | ||||||||||||||||||
Utility Plant and Intangible Assets | |||||||||||||||||||
The following table shows Registrant’s utility plant by major asset class: | |||||||||||||||||||
GSWC | AWR | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Water | |||||||||||||||||||
Land | $ | 15,423 | $ | 15,357 | $ | 15,423 | $ | 15,357 | |||||||||||
Intangible assets | 34,001 | 33,731 | 34,019 | 33,750 | |||||||||||||||
Source of water supply | 75,651 | 72,020 | 75,651 | 72,020 | |||||||||||||||
Pumping | 147,390 | 142,586 | 147,390 | 142,586 | |||||||||||||||
Water treatment | 70,947 | 63,738 | 70,947 | 63,738 | |||||||||||||||
Transmission and distribution | 856,823 | 796,973 | 856,823 | 796,973 | |||||||||||||||
General | 107,274 | 103,308 | 116,346 | 112,206 | |||||||||||||||
1,307,509 | 1,227,713 | 1,316,599 | 1,236,630 | ||||||||||||||||
Electric | |||||||||||||||||||
Transmission and distribution | 58,400 | 56,757 | 58,400 | 56,757 | |||||||||||||||
Generation | 12,547 | 12,547 | 12,547 | 12,547 | |||||||||||||||
General (1) | 8,413 | 8,349 | 8,413 | 8,349 | |||||||||||||||
79,360 | 77,653 | 79,360 | 77,653 | ||||||||||||||||
Less — accumulated depreciation | (466,329 | ) | (437,949 | ) | (471,665 | ) | (442,316 | ) | |||||||||||
Construction work in progress | 56,754 | 45,720 | 57,183 | 45,824 | |||||||||||||||
Net utility plant | $ | 977,294 | $ | 913,137 | $ | 981,477 | $ | 917,791 | |||||||||||
(1) Includes intangible assets of $1.2 million for studies performed in association with the electricity segment of the Registrant’s operations for the years ended December 31, 2013 and 2012. | |||||||||||||||||||
As of December 31, 2013 and 2012, intangible assets consist of the following: | |||||||||||||||||||
Weighted Average | GSWC | AWR | |||||||||||||||||
Amortization | December 31, | December 31, | |||||||||||||||||
(dollars in thousands) | Period | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Intangible assets: | |||||||||||||||||||
Conservation | 24 years | $ | 9,496 | $ | 9,496 | $ | 9,496 | $ | 9,496 | ||||||||||
Water and service rights (2) | 25 years | 8,124 | 8,124 | 8,695 | 8,695 | ||||||||||||||
Water planning studies | 14 years | 17,214 | 16,945 | 17,214 | 16,945 | ||||||||||||||
Total amortized intangible assets | 34,834 | 34,565 | 35,405 | 35,136 | |||||||||||||||
Less — accumulated amortization | (22,459 | ) | (20,656 | ) | (22,530 | ) | (20,715 | ) | |||||||||||
Intangible assets, net of amortization | $ | 12,375 | $ | 13,909 | $ | 12,875 | $ | 14,421 | |||||||||||
Intangible assets not subject to amortization (3) | $ | 409 | $ | 409 | $ | 427 | $ | 427 | |||||||||||
(2) Includes intangible assets of $571,000 for contracted services included in "Other Property and Investments" on the consolidated balance sheets as of December 31, 2013 and 2012. | |||||||||||||||||||
(3) The intangible assets not subject to amortization primarily consist of organization and consent fees. | |||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, amortization of intangible assets was $1.9 million, $2.4 million and $2.5 million, respectively, for AWR and GSWC. Estimated future consolidated amortization expenses related to intangible assets for the succeeding five years are (in thousands): | |||||||||||||||||||
Amortization | |||||||||||||||||||
Expense | |||||||||||||||||||
2014 | $ | 2,436 | |||||||||||||||||
2015 | 1,962 | ||||||||||||||||||
2016 | 1,487 | ||||||||||||||||||
2017 | 1,487 | ||||||||||||||||||
2018 | 1,487 | ||||||||||||||||||
Total | $ | 8,859 | |||||||||||||||||
There is no material difference between the consolidated operations of AWR and the operations of GSWC in regards to the future amortization expense of intangible assets. | |||||||||||||||||||
Asset Retirement Obligations: | |||||||||||||||||||
The following is a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations, which are included in “Other Credits” on the balance sheets as of December 31, 2013 and 2012: | |||||||||||||||||||
(dollars in thousands) | GSWC | ||||||||||||||||||
Obligation at December 31, 2011 | $ | 2,989 | |||||||||||||||||
Additional liabilities incurred | 48 | ||||||||||||||||||
Liabilities settled | (209 | ) | |||||||||||||||||
Accretion | 190 | ||||||||||||||||||
Obligation at December 31, 2012 | $ | 3,018 | |||||||||||||||||
Additional liabilities incurred | 11 | ||||||||||||||||||
Liabilities settled | (126 | ) | |||||||||||||||||
Accretion | 192 | ||||||||||||||||||
Obligation at December 31, 2013 | $ | 3,095 | |||||||||||||||||
Registrant follows the accounting guidance for asset retirement obligations. Because retirement costs have historically been recovered through rates at the time of retirement, upon implementing this guidance, the cumulative effect of the adoption of the authoritative guidance was reflected as a regulatory asset. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivative Instruments | ' | ||||||||
Derivative Instruments | |||||||||
GSWC’s BVES division purchases power at a fixed cost, under purchased power contracts, depending on the amount of power and the period during which the power is purchased under such contracts. These contracts are subject to the accounting guidance for derivatives and require mark-to-market derivative accounting. For the most recent purchased power contract, which expired in November 2013, the CPUC authorized GSWC to establish a regulatory asset and liability memorandum account to offset the entries required by the accounting guidance. Accordingly, all unrealized gains and losses generated from the purchased power contract were deferred on a monthly basis into a non-interest bearing regulatory memorandum account that tracked the changes in fair value of the derivative throughout the term of the contract. As a result, these unrealized gains and losses did not impact GSWC’s earnings. | |||||||||
As a result of the expiration of this purchase power contract, there was no cumulative unrealized gain or loss in the memorandum account at December 31, 2013. In June 2013, GSWC filed with the CPUC for approval of a new purchase power master agreement which, if approved, would enable GSWC to purchase 12 megawatts of base load energy at a fixed-price which will be negotiated upon CPUC approval of the agreement. The filing also requested a regulatory asset and liability memorandum account for the new contract to offset the entries required by the accounting guidance on derivatives, as discussed above. BVES is currently purchasing energy based on month-to-month purchased power contracts, pending approval of the new purchase power master agreement. | |||||||||
As previously discussed in Note 1, the accounting guidance for fair value measurements establishes a framework for measuring fair value and requires fair value measurements to be classified and disclosed in one of three levels. Registrant’s valuation model utilizes various inputs that include quoted market prices for energy over the duration of the contract. The market prices used to determine the fair value for this derivative instrument were estimated based on independent sources such as broker quotes and publications that are not observable in or corroborated by the market. Registrant received one broker quote to determine the fair value of its derivative instrument. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized in Level 3. Accordingly, the valuation of the derivative on Registrant’s purchased power contract has been classified as Level 3 for all periods presented. | |||||||||
The following table presents changes in the fair value of GSWC’s derivatives for the years ended December 31, 2013 and 2012. | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Balance, at beginning of the period | $ | (3,060 | ) | $ | (7,611 | ) | |||
Unrealized gain on purchased power contracts | 3,060 | 4,551 | |||||||
Balance, at end of the period | $ | — | $ | (3,060 | ) | ||||
Military_Privatization
Military Privatization | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Military Privatization | ' | ||||||||
Military Privatization | ' | ||||||||
Military Privatization | |||||||||
Each Military Utility Privatization Subsidiary has entered into a service contract with the U.S. government to operate and maintain, as well as perform construction activities to renew and replace the water and/or wastewater systems at a military base or bases. The amounts charged by each Military Utility Privatization Subsidiary for these services are based upon the terms of the 50-year contract between the Military Utility Privatization Subsidiary and the U.S. government. Under the terms of each of these agreements, the Military Utility Privatization Subsidiaries agreed to operate and maintain the water and/or wastewater systems for: (i) a monthly net fixed-price for operation and maintenance, and (ii) an amount to cover renewals and replacements. Under the terms of each of these contracts, prices are to be redetermined at the end of the initial two year period and every three years thereafter. In addition, these contracts may also include firm, fixed-priced initial capital upgrade projects to upgrade the existing infrastructure. | |||||||||
Prices may be equitably adjusted for changes in law and other circumstances. These adjustments can be retrospective and/or prospective. The Military Utility Privatization Subsidiaries have experienced delays in obtaining price redeterminations as required by the terms of these contracts. Interim rate increases have, at times, been implemented pending the outcome of these price redeterminations. In addition, contract modifications may be issued for other necessary capital upgrades to the existing infrastructure approved by the U.S. government. Each of the contracts may be subject to termination, in whole or in part, prior to the end of the 50-year term for convenience of the U.S. government or as a result of default or nonperformance by the applicable Military Utility Privatization Subsidiary. | |||||||||
The receivable from the U.S. government represents amounts billed to the U.S. government that have not yet been collected. Unbilled receivables from the U.S. government represent revenue recognized on completed construction work but not yet billed pursuant to the terms of the 50-year contracts with the U.S. government that are expected to be billed. | |||||||||
The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts,” represents revenues recognized in excess of amounts billed. The liability, “Billings in excess of costs and estimated earnings on uncompleted contracts,” represents billings in excess of revenues recognized for renewal and replacement work. Costs and estimated earnings on uncompleted contracts and amounts due from the U.S. government as of December 31, 2013 and 2012 are as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Revenues (costs and estimated earnings) recognized on uncompleted contracts | $ | 78,741 | $ | 62,902 | |||||
Less: Billings to date | (32,262 | ) | (37,335 | ) | |||||
$ | 46,479 | $ | 25,567 | ||||||
Included in the accompanying balance sheets under the following captions: | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 53,331 | $ | 38,139 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (6,852 | ) | (12,572 | ) | |||||
$ | 46,479 | $ | 25,567 | ||||||
Receivables from the U.S. government: | |||||||||
Billed receivables from the U.S. government | $ | 7,106 | $ | 12,913 | |||||
Unbilled receivables from the U.S. government | 3,104 | 4,535 | |||||||
Less: allowance for doubtful accounts | — | (8 | ) | ||||||
Total | $ | 10,210 | $ | 17,440 | |||||
Earnings_Per_Share_and_Capital
Earnings Per Share and Capital Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share and Capital Stock | ' | ||||||||||||
Earnings Per Share and Capital Stock | |||||||||||||
In accordance with the accounting guidance for participating securities and earnings per share (“EPS”), Registrant uses the “two-class” method of computing EPS. The “two-class” method is an earnings allocation formula that determines EPS for each class of common stock and participating security. AWR has participating securities related to stock options and restricted stock units that earn dividend equivalents on an equal basis with AWR’s common shares that have been issued under AWR’s 2000 and 2008 employee plans and the 2003 and 2013 directors plans. In applying the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. | |||||||||||||
The following is a reconciliation of Registrant’s net income and weighted average common shares outstanding for calculating basic net income per share reflecting the two-for-one stock split effective September 3, 2013: | |||||||||||||
Basic | For The Years Ended December 31, | ||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Net income from continuing operations | $ | 62,686 | $ | 54,148 | $ | 42,010 | |||||||
Net income from discontinued operations | — | — | 3,849 | ||||||||||
Net income | 62,686 | 54,148 | 45,859 | ||||||||||
Less: (a) Distributed earnings to common shareholders | 29,366 | 24,129 | 20,563 | ||||||||||
Distributed earnings to participating securities | 171 | 171 | 140 | ||||||||||
Undistributed earnings | 33,149 | 29,848 | 25,156 | ||||||||||
(b) Undistributed earnings allocated to common shareholders | 32,958 | 29,638 | 24,985 | ||||||||||
Undistributed earnings allocated to participating securities | 191 | 210 | 171 | ||||||||||
Total income available to common shareholders, basic (a)+(b) | $ | 62,324 | $ | 53,767 | $ | 45,548 | |||||||
Weighted average common shares outstanding, basic | 38,639 | 37,998 | 37,386 | ||||||||||
Basic earnings per common share: | |||||||||||||
Income from continuing operations | $ | 1.61 | $ | 1.42 | $ | 1.12 | |||||||
Income from discontinued operations | — | — | 0.1 | ||||||||||
Net Income | $ | 1.61 | $ | 1.42 | $ | 1.22 | |||||||
Diluted EPS is based upon the weighted average number of common shares, including both outstanding shares and shares potentially issuable in connection with stock options and restricted stock units granted under AWR’s 2000 and 2008 employee plans, and the 2003 and 2013 directors plans, and net income. At December 31, 2013, there were 264,596 stock options outstanding under these Plans. At December 31, 2013, there were also 237,956 restricted stock units outstanding including performance shares awarded to officers of the Registrant. | |||||||||||||
The following is a reconciliation of Registrant’s net income and weighted average common shares outstanding for calculating diluted net income per share reflecting the two-for-one stock split effective September 3, 2013: | |||||||||||||
Diluted | For The Years Ended December 31, | ||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Common shareholders earnings, basic | $ | 62,324 | $ | 53,767 | $ | 45,548 | |||||||
Undistributed earnings for dilutive stock options | 191 | 210 | 171 | ||||||||||
Total common shareholders earnings, diluted | $ | 62,515 | $ | 53,977 | $ | 45,719 | |||||||
Weighted average common shares outstanding, basic | 38,639 | 37,998 | 37,386 | ||||||||||
Stock-based compensation (1) | 230 | 264 | 288 | ||||||||||
Weighted average common shares outstanding, diluted | 38,869 | 38,262 | 37,674 | ||||||||||
Diluted earnings per common share | |||||||||||||
Income from continuing operations | $ | 1.61 | $ | 1.41 | $ | 1.11 | |||||||
Income from discontinued operations | — | — | 0.1 | ||||||||||
Net income | $ | 1.61 | $ | 1.41 | $ | 1.21 | |||||||
(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 264,596 stock options and 237,956 restricted stock units, including performance awards, at December 31, 2013 were deemed to be outstanding in accordance with accounting guidance on earnings per share. | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011 AWR issued common shares totaling 114,821, 77,038 and 138,868, respectively, under AWR’s Common Share Purchase and Dividend Reinvestment Plan (“DRP”), the 2000 and 2008 employee plans and the 2003 and 2013 directors plans. As of December 31, 2013, there are 1,055,948 and 387,300 common shares authorized for issuance directly by AWR but unissued under the DRP and the 401(k) Plan, respectively. Shares reserved for the 401(k) Plan are in relation to AWR’s matching contributions and investment by participants. In addition, during the years ended December 31, 2013, 2012 and 2011, AWR issued 131,448, 819,400 and 177,426 common shares for approximately $2,111,000, $13,295,000 and $2,350,000, respectively, as a result of the exercise of stock options. During 2013, 2012 and 2011, no cash proceeds received by AWR as a result of the exercise of stock options were distributed to any subsidiaries of AWR. | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011, AWR repurchased common shares in the open market of 598,573, 1,351,934 and 882,820, respectively, under AWR’s DRP and 401(k) Plan, which were used to satisfy the requirements of these plans and programs. | |||||||||||||
In August 2012, AWR filed a Registration Statement with the Securities and Exchange Commission (“SEC”) for the sale from time to time of debt and equity securities. As of December 31, 2013, $115 million was available for issuance of additional securities under this registration statement. This Registration Statement expires in August 2015. | |||||||||||||
GSWC’s outstanding common shares are owned entirely by its parent, AWR. To the extent GSWC does not reimburse AWR for stock-based compensation awarded under various stock compensation plans, such amounts increase the value of GSWC’s common shareholder’s equity. |
Dividend_Limitations
Dividend Limitations | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ' |
Dividend Limitations | ' |
Dividend Limitations | |
GSWC is subject to contractual restrictions on its ability to pay dividends. GSWC’s maximum ability to pay dividends is restricted by certain Note Agreements to the sum of $21.0 million plus 100% of consolidated net income from various dates plus the aggregate net cash proceeds received from capital stock offerings or other instruments convertible into capital stock from various dates. Under the most restrictive of the Note Agreements, $371.9 million was available to pay dividends to AWR as of December 31, 2013. GSWC is also prohibited from paying dividends if, after giving effect to the dividend, its total indebtedness to capitalization ratio (as defined) would be more than 0.6667 to 1. Dividends in the amount of $29.4 million, $10.2 million and $20.0 million were paid to AWR by GSWC during the years ended December 31, 2013, 2012 and 2011, respectively. ASUS paid a dividend of $6.7 million to AWR in 2012. | |
The ability of AWR, ASUS and GSWC to pay dividends is also restricted by California law. Effective January 1, 2012, California revised the legal standards applicable to a California corporation seeking to distribute dividends. Under the revised law, AWR, GSWC and ASUS are each permitted to distribute dividends to its shareholders so long as the Board of Directors determines, in good faith, that either: (i) the value of the corporation’s assets equals or exceeds the sum of its total liabilities immediately after the dividend, or (ii) its retained earnings equals or exceeds the amount of the distribution. Under the least restrictive of the California tests, approximately $238.4 million was available to pay dividends to AWR’s shareholders at December 31, 2013. Approximately $203.9 million was available for GSWC to pay dividends to AWR at December 31, 2013. Approximately $29.0 million was available for ASUS to pay dividends to AWR at December 31, 2013. |
Bank_Debt
Bank Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Bank Debt | ' | ||||||||||||
Bank Debt | ' | ||||||||||||
Bank Debt | |||||||||||||
AWR has access to a syndicated credit facility which was amended on May 23, 2013 to, among other things, extend the expiration date of the syndicated credit facility to May 23, 2018, reduce the amount of interest and fees paid by AWR, and update certain representations and covenants in the credit agreement. AWR may, under the terms of the fourth amendment, elect to increase the aggregate commitment by up to an additional $50.0 million. The aggregate effective amount that may be outstanding under letters of credit is $25.0 million. AWR has obtained letters of credit, primarily for GSWC, in the aggregate amount of $18.1 million, including: (i) a letter of credit with a fee of 1.2%, in the amount of $6.3 million, in favor of a trustee with respect to the variable rate obligation issued by the Three Valleys Municipal Water District; (ii) letters of credit with a fee of 1.2%, in an aggregate amount of $440,000 as security for GSWC’s business automobile insurance policy; (iii) a letter of credit with a fee of 1.2%, in an amount of $585,000 as security for the purchase of power; (iv) a $7.2 million letter of credit with a fee of 1.2% representing 80% of total American Recovery and Reinvestment Act (“ARRA”) funds received by GSWC for reimbursement of capital costs related to the installation of meters in GSWC’s Arden-Cordova water system; (v) a $15,000 irrevocable letter of credit pursuant to a franchise agreement with the City of Rancho Cordova, and, (vi) an irrevocable letter of credit in the amount of $3.6 million, pursuant to a settlement agreement with Southern California Edison Company to cover GSWC’s commitment to pay the settlement amount. Letters of credit outstanding reduce the amount that may be borrowed under the revolving credit facility. There were no compensating balances required. | |||||||||||||
Loans can be obtained at the option of AWR and bear interest at rates based on credit ratings and Euro rate margins. In August 2013, Standard & Poor’s Ratings Services (“S&P”) affirmed the ‘A+’ corporate credit rating on AWR and GSWC with a stable outlook. S&P debt ratings range from AAA (highest rating possible) to D (obligation is in default). In December 2013, Moody's Investor Service affirmed its 'A2' rating with a stable outlook for GSWC. | |||||||||||||
At December 31, 2013, there were no borrowings outstanding under this facility. At times, AWR borrows under this facility and provides loans to its subsidiaries in support of their operations, on terms that are similar to that of the credit facility. | |||||||||||||
AWR’s short-term borrowing activities (excluding letters of credit) for the last three years were as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||
Balance Outstanding at December 31, | $ | — | $ | — | $ | 2,000 | |||||||
Interest Rate at December 31, | 0.82 | % | 1.41 | % | 1.51 | % | |||||||
Average Amount Outstanding | $ | — | $ | 885 | $ | 25,713 | |||||||
Weighted Average Annual Interest Rate | 1.02 | % | 1.49 | % | 1.46 | % | |||||||
Maximum Amount Outstanding | $ | — | $ | 6,000 | $ | 64,900 | |||||||
All of the letters of credit are issued pursuant to the syndicated revolving credit facility. The syndicated revolving credit facility contains restrictions on prepayments, disposition of property, mergers, liens and negative pledges, indebtedness and guaranty obligations, transactions with affiliates, minimum interest coverage requirements, a maximum debt to capitalization ratio and a minimum debt rating. Pursuant to the credit agreement, AWR must maintain a minimum interest coverage ratio of 3.25 times interest expense, a maximum total funded debt ratio of 0.65 to 1.00 and a minimum Moody’s Investor Service or S&P debt rating of Baa3 or BBB-, respectively. As of December 31, 2013, 2012 and 2011, AWR was in compliance with these requirements. As of December 31, 2013, AWR had an interest coverage ratio of 7.18 times interest expense, a debt ratio of 0.42 to 1.00 and a debt rating of A+ by S&P. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Debt Disclosure [Abstract] | ' | |||
Long-Term Debt | ' | |||
Long-Term Debt | ||||
Registrant’s long-term debt consists primarily of Notes and Debentures of GSWC. Registrant summarizes its long-term debt in the Statements of Capitalization. GSWC does not currently have any outstanding mortgages or other encumbrances on its properties. GSWC’s leases and other similar financial arrangements are not material. | ||||
As of December 31, 2013, GSWC had $100.0 million available for issuance of debt securities under a Registration Statement filed with the SEC. This Registration Statement expires in November 2014. | ||||
Private placement notes issued by GSWC in the amount of $28 million contain restrictions on the payment of dividends, minimum interest coverage requirements, a maximum debt to capitalization ratio and a negative pledge. Pursuant to the terms of these agreements, GSWC must maintain a minimum interest coverage ratio of two times interest expense. As of December 31, 2013, GSWC had an interest coverage ratio of over four times interest expense. | ||||
On October 1, 2012, GSWC redeemed its $8,000,000, 7.55% Medium-Term Notes, Series B. The Notes, which were due 2025, were redeemed at a price of 101.133% of the outstanding principal amount of the Notes, plus accrued and unpaid interest through October 1, 2012, for a total redemption price of $8.3 million. The redemption costs associated with these notes are expected to be recovered in customer rates and therefore, have been deferred and will be amortized as provided in GSWC’s cost of capital proceedings. | ||||
Certain long-term debt issues outstanding as of December 31, 2013 can be redeemed, in whole or in part, at the option of GSWC subject to redemption schedules embedded in the agreements particular to each redeemable issue. With the exception of the 9.56% Notes and Senior Notes issued to Co-Bank, the redemption premiums in effect for 2013 range up to 0.383% of par value. The 9.56% Notes are subject to a make-whole premium based on 55 basis points above the applicable Treasury Yield if redeemed prior to 2021. After 2021, the maximum redemption premium is 3% of par value. The Senior Notes with Co-Bank are subject to a make-whole premium based on the difference between Co-Bank’s cost of funds on the date of purchase and Co-Bank’s cost of funds on the date of redemption, plus 0.5%. | ||||
In October 2009, GSWC entered into an agreement with the California Department of Health (“CDPH”) whereby CDPH agreed to provide funds to GSWC of up to $9.0 million under the American Recovery and Reinvestment Act. Proceeds from the funds received were used to reimburse GSWC for capital costs incurred to install water meters to convert customers in GSWC’s Arden-Cordova district from non-metered service to metered service. Through 2013, GSWC has received a total of $8.6 million in reimbursements from the CDPH, half of which was recorded as a contribution in aid of construction and the other half as long-term debt in accordance with the terms of the agreement. The loan portion bears interest at a rate of 2.5% and is payable over 20 years beginning in 2013. A surcharge to recover from customers the debt service cost on this loan was approved by the CPUC and implemented in 2013. Pursuant to the agreement, GSWC also issued letters of credit to CDPH equal to 80% of the amount loaned to GSWC. As of December 31, 2013, GSWC has issued a total of $7.2 million in letters of credit to CDPH. | ||||
Annual maturities of all long-term debt, including capitalized leases, are as follows for each fiscal year through December 31, 2018 and thereafter (in thousands): | ||||
Maturity as of | ||||
December 31, | ||||
2014 | $ | 6,298 | ||
2015 | 290 | |||
2016 | 309 | |||
2017 | 327 | |||
2018 | 321 | |||
Thereafter | 324,832 | |||
Total | $ | 332,377 | ||
Taxes_on_Income
Taxes on Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Taxes on Income | ' | ||||||||||||||||
Taxes on Income | |||||||||||||||||
Registrant provides deferred income taxes for temporary differences under the accounting guidance for income taxes for certain transactions which are recognized for income tax purposes in a period different from that in which they are reported in the financial statements. The most significant items are the tax effects of accelerated depreciation, certain regulatory balancing accounts and advances for, and contributions in aid of construction. The accounting guidance for income taxes also requires that rate-regulated enterprises record deferred income taxes for temporary differences given flow-through treatment at the direction of a regulatory commission. The resulting deferred tax assets and liabilities are recorded at the expected cash flow to be reflected in future rates. Given that the CPUC has consistently permitted the recovery of flowed-through tax effects, GSWC has established regulatory liabilities and assets offsetting such deferred tax assets and liabilities (Note 2). Deferred investment tax credits (“ITC”) are amortized ratably to deferred tax expense over the lives of the property giving rise to the credits. | |||||||||||||||||
GSWC is included in AWR’s consolidated federal income tax and combined California state franchise tax returns. California unitary apportionment provides a benefit or detriment to AWR’s state taxes, depending on a combination of the profitability of AWR’s non-California activities as well as the proportion of its California sales to total sales. Consistent with the method adopted for regulatory purposes, GSWC’s tax expense is computed as if GSWC were autonomous and files separate returns. Given that all of GSWC’s activities are conducted within California, GSWC’s state tax expense does not reflect apportionment of its income. | |||||||||||||||||
As a regulated utility, GSWC treats certain temporary differences as flow-through adjustments in computing its income tax provision consistent with the income tax approach approved by the CPUC for ratemaking purposes. Flow-through adjustments increase or decrease tax expense in one period, with an offsetting decrease or increase occurring in another period. Giving effect to these temporary differences as flow-through adjustments typically results in a greater variance between the effective tax rate (“ETR”) and the statutory federal income tax rate in any given period than would otherwise exist if GSWC were not required to account for its income taxes as a regulated enterprise. The GSWC ETRs deviated from the statutory rate primarily due to state taxes and differences between book and taxable income that are treated as flow-through adjustments in accordance with regulatory requirements (principally plant-, rate-case- and compensation-related items). | |||||||||||||||||
The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2013 and 2012 are: | |||||||||||||||||
AWR | GSWC | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Deferred tax assets: | |||||||||||||||||
Regulatory-liability-related: ITC and excess deferred taxes | $ | 1,049 | $ | 1,649 | $ | 1,049 | $ | 1,649 | |||||||||
Regulatory-liability-related: California Corp Franchise Tax | 4,337 | 3,690 | 4,337 | 3,690 | |||||||||||||
Other non-property-related | 2,005 | 2,609 | 1,543 | 2,151 | |||||||||||||
Contributions and advances | 8,655 | 9,443 | 8,655 | 9,443 | |||||||||||||
$ | 16,046 | $ | 17,391 | $ | 15,584 | $ | 16,933 | ||||||||||
Deferred tax liabilities: | |||||||||||||||||
Fixed assets | $ | (131,534 | ) | $ | (121,802 | ) | $ | (131,548 | ) | $ | (121,881 | ) | |||||
Regulatory-asset-related: depreciation and other | (21,575 | ) | (21,754 | ) | (21,575 | ) | (21,754 | ) | |||||||||
Other property-related | (155 | ) | (152 | ) | (155 | ) | (151 | ) | |||||||||
Balancing and memorandum accounts | (6,663 | ) | (1,020 | ) | (6,663 | ) | (1,020 | ) | |||||||||
Deferred charges | (6,064 | ) | (6,632 | ) | (6,064 | ) | (6,632 | ) | |||||||||
(165,991 | ) | (151,360 | ) | (166,005 | ) | (151,438 | ) | ||||||||||
Accumulated deferred income taxes - net | $ | (149,945 | ) | $ | (133,969 | ) | $ | (150,421 | ) | $ | (134,505 | ) | |||||
The current and deferred components of income tax expense from continuing operations are as follows: | |||||||||||||||||
AWR | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 13,741 | $ | 15,585 | $ | 9,107 | |||||||||||
State | 5,930 | 5,273 | 7,108 | ||||||||||||||
Total current tax expense | $ | 19,671 | $ | 20,858 | $ | 16,215 | |||||||||||
Deferred | |||||||||||||||||
Federal | $ | 14,769 | $ | 13,088 | $ | 15,189 | |||||||||||
State | 1,343 | 1,999 | (1,328 | ) | |||||||||||||
Total deferred tax expense | 16,112 | 15,087 | 13,861 | ||||||||||||||
Total income tax expense from continuing operations | $ | 35,783 | $ | 35,945 | $ | 30,076 | |||||||||||
GSWC | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 10,768 | $ | 7,957 | $ | 5,246 | |||||||||||
State | 6,315 | 3,830 | 6,920 | ||||||||||||||
Total current tax expense | $ | 17,083 | $ | 11,787 | $ | 12,166 | |||||||||||
Deferred | |||||||||||||||||
Federal | $ | 14,691 | $ | 12,670 | $ | 15,118 | |||||||||||
State | 1,360 | 2,043 | (1,313 | ) | |||||||||||||
Total deferred tax expense | 16,051 | 14,713 | 13,805 | ||||||||||||||
Total income tax expense | $ | 33,134 | $ | 26,500 | $ | 25,971 | |||||||||||
The reconciliations of the effective tax rates to the federal statutory rate are as follows: | |||||||||||||||||
AWR | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||||||
Federal taxes on pretax income at statutory rate | $ | 34,464 | $ | 31,533 | $ | 25,230 | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State income tax, net of federal benefit | 5,111 | 4,957 | 3,781 | ||||||||||||||
Flow-through on fixed assets | 646 | 636 | 1,026 | ||||||||||||||
Flow-through on pension costs | 612 | 10 | 254 | ||||||||||||||
Flow-through on removal costs | (2,141 | ) | (943 | ) | (281 | ) | |||||||||||
Domestic production activities deduction | (2,944 | ) | (553 | ) | (277 | ) | |||||||||||
Investment tax credit | (91 | ) | (91 | ) | (91 | ) | |||||||||||
Other – net | 126 | 396 | 434 | ||||||||||||||
Total income tax expense from continuing operations | $ | 35,783 | $ | 35,945 | $ | 30,076 | |||||||||||
Pretax income from continuing operations | $ | 98,469 | $ | 90,093 | $ | 72,086 | |||||||||||
Effective income tax rate | 36.3 | % | 39.9 | % | 41.7 | % | |||||||||||
GSWC | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||||||
Federal taxes on pretax income at statutory rate | $ | 28,622 | $ | 23,002 | $ | 21,278 | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State income tax, net of federal benefit | 5,372 | 4,048 | 3,707 | ||||||||||||||
Flow-through on fixed assets | 646 | 636 | 1,026 | ||||||||||||||
Flow-through on pension costs | 612 | 10 | 254 | ||||||||||||||
Flow-through on removal costs | (2,141 | ) | (943 | ) | (281 | ) | |||||||||||
Domestic production activities deduction | (1,316 | ) | (553 | ) | (277 | ) | |||||||||||
Investment tax credit | (91 | ) | (91 | ) | (91 | ) | |||||||||||
Other – net | 1,430 | 391 | 355 | ||||||||||||||
Total income tax expense | $ | 33,134 | $ | 26,500 | $ | 25,971 | |||||||||||
Pretax income | $ | 81,776 | $ | 65,720 | $ | 60,793 | |||||||||||
Effective income tax rate | 40.5 | % | 40.3 | % | 42.7 | % | |||||||||||
AWR and GSWC had no unrecognized tax benefits at December 31, 2013, 2012 and 2011. | |||||||||||||||||
Registrant’s policy is to classify interest on income tax over/underpayments in interest income/expense and penalties in “other operating expenses.” | |||||||||||||||||
At December 31, 2013, AWR and GSWC included $757,000 and $704,000, respectively, of net interest receivables from taxing authorities in other current and noncurrent assets. AWR and GSWC recognized $99,000 and $21,000, respectively, of interest income from taxing authorities during the year ended December 31, 2013. At December 31, 2012, AWR and GSWC included $2,838,000 and $2,775,000, respectively, of net interest receivables from taxing authorities in other current and noncurrent assets. AWR and GSWC recognized $473,000 and $461,000 respectively, of interest income from taxing authorities during the year ended December 31, 2012. At December 31, 2011, AWR and GSWC included $2,364,000 and $2,314,000, respectively, of net interest receivables from taxing authorities in other current and noncurrent assets. AWR and GSWC recognized $121,000 and $102,000, respectively, of interest income from taxing authorities during the year ended December 31, 2011. | |||||||||||||||||
At December 31, 2013, 2012 and 2011, Registrant had no significant accruals for income-tax-related penalties and did not recognize any significant income-tax-related penalties during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
Registrant files federal and various state income tax returns. During 2012, the Congressional Joint Committee of Taxation completed, without exception, its review of the Internal Revenue Service’s (“IRS’s”) report sustaining refund claims filed for the years 2002-2004 in connection with the IRS’s examination of AWR’s implementation of a consent to change an accounting method (“Consent”). The IRS processed and issued the refunds in 2013. | |||||||||||||||||
AWR’s 2007-2008 and 2010-2012 tax years remain subject to examination by the IRS. AWR has filed protective refund claims with the applicable state taxing authority for the 2002 through 2008 tax years, also in connection with the Consent. During 2012, the California Franchise Tax Board commenced examining these claims. The 2009-2012 tax years remain subject to examination by state taxing authorities. | |||||||||||||||||
Changes in Tax Law | |||||||||||||||||
In September 2013, the U.S. Treasury Department issued final regulations on the tax treatment of tangible property, including guidance on expensing certain repair and maintenance expenditures. The regulations are effective for tax years beginning on or after January 1, 2014. Registrant’s current tax treatment of tangible property continues to be permitted; however, Registrant is evaluating its water-pipeline tax repair-cost method, as well as other tax-method changes pursuant to these regulations. If Registrant were to adopt such guidance, the impact to total income tax expense and the effective tax rate is not expected to be significant. | |||||||||||||||||
In January 2013, the American Taxpayer Relief Act of 2012 extended 50% bonus depreciation for qualifying property through 2013. Although this change in law reduces AWR’s current taxes payable, it does not reduce its total income tax expense or ETR. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||
Pension and Post-Retirement Medical Plans: | |||||||||||||||||||||||||
Registrant maintains a defined benefit pension plan (the “Pension Plan”) that provides eligible employees (those aged 21 and older, hired before January 1, 2011) monthly benefits upon retirement based on average salaries and length of service. The eligibility requirement to begin receiving these benefits is 5 years of vested service. The normal retirement benefit is equal to 2% of the five highest consecutive years’ average earnings multiplied by the number of years of credited service, up to a maximum of 40 years, reduced by a percentage of primary social security benefits. There is also an early retirement option. Annual contributions are made to the Pension Plan, which comply with the funding requirements of the Employee Retirement Income Security Act (“ERISA”). At December 31, 2013, Registrant had 985 participants in the Pension Plan. | |||||||||||||||||||||||||
In January 2011, the Board of Directors approved an amendment to the Pension Plan, closing the plan to new employees hired after December 31, 2010. Employees hired or rehired after December 31, 2010 are eligible to participate in a defined contribution plan. Registrant's existing 401(k) Investment Incentive Program was amended to include this defined contribution plan. Under this plan, Registrant provides a contribution of 5.25% of eligible pay each pay period into investment vehicles offered by the plan’s trustee. Participants will be fully vested in this plan once the employee attains three years of service. Employees hired before January 1, 2011 continue to participate in and accrue benefits under the terms of the defined benefit plan. For the years ended December 31, 2013 and 2012, Registrant contributed $394,000 and $254,000, respectively, to the defined contribution plan. | |||||||||||||||||||||||||
Registrant also provides post-retirement medical benefits for all active employees hired before February of 1995, through a medical insurance plan. Eligible employees, who retire prior to age 65, and/or their spouses, are able to retain the benefits under the plan for active employees until reaching age 65. Eligible employees upon reaching age 65, and those eligible employees retiring at or after age 65, and/or their spouses, receive coverage through a Medicare supplement insurance policy paid for by Registrant subject to an annual cap limit. Registrant’s post-retirement medical plan does not provide prescription drug benefits to Medicare-eligible employees and is not affected by the Medicare Prescription Drug Improvement and Modernization Act of 2003. | |||||||||||||||||||||||||
In accordance with the accounting guidance for the effects of certain types of regulation, Registrant has established a regulatory asset for its underfunded position in its pension and post-retirement medical plans that is expected to be recovered through rates in future periods. The changes in actuarial gains and losses, prior service costs and transition assets or obligations pertaining to the regulatory asset are recognized as an adjustment to the regulatory asset account as these amounts are recognized as components of net periodic pension costs each year. | |||||||||||||||||||||||||
The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Pension Benefits | Post-Retirement Medical | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 163,230 | $ | 146,127 | $ | 12,296 | $ | 12,448 | |||||||||||||||||
Service cost | 6,967 | 6,675 | 407 | 419 | |||||||||||||||||||||
Interest cost | 6,907 | 6,657 | 439 | 534 | |||||||||||||||||||||
Actuarial loss (gain) | (19,918 | ) | 7,759 | (1,340 | ) | (657 | ) | ||||||||||||||||||
Benefits/expenses paid | (4,506 | ) | (3,988 | ) | (414 | ) | (448 | ) | |||||||||||||||||
Projected benefit obligation at end of year | $ | 152,680 | $ | 163,230 | $ | 11,388 | $ | 12,296 | |||||||||||||||||
Changes in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 107,638 | $ | 92,910 | $ | 8,359 | $ | 7,916 | |||||||||||||||||
Actual return on plan assets | 17,846 | 12,599 | 1,320 | 736 | |||||||||||||||||||||
Employer contributions | 6,556 | 6,117 | 608 | 155 | |||||||||||||||||||||
Benefits/expenses paid | (4,506 | ) | (3,988 | ) | (414 | ) | (448 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 127,534 | $ | 107,638 | $ | 9,873 | $ | 8,359 | |||||||||||||||||
Funded Status: | |||||||||||||||||||||||||
Net amount recognized as accrued pension cost | $ | (25,146 | ) | $ | (55,592 | ) | $ | (1,515 | ) | $ | (3,937 | ) | |||||||||||||
Pension Benefits | Post-Retirement | ||||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Amounts recognized on the balance sheets: | |||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-current liabilities | (25,146 | ) | (55,592 | ) | (1,515 | ) | (3,937 | ) | |||||||||||||||||
Net amount recognized | $ | (25,146 | ) | $ | (55,592 | ) | $ | (1,515 | ) | $ | (3,937 | ) | |||||||||||||
Amounts recognized in regulatory assets consist of: | |||||||||||||||||||||||||
Initial net obligation | $ | — | $ | — | $ | 417 | $ | 837 | |||||||||||||||||
Prior service cost (credit) | 285 | 404 | (433 | ) | (633 | ) | |||||||||||||||||||
Net (gain) loss | 15,581 | 48,648 | (3,159 | ) | (889 | ) | |||||||||||||||||||
Regulatory assets (liabilities) | 15,866 | 49,052 | (3,175 | ) | (685 | ) | |||||||||||||||||||
Unfunded accrued pension cost | 9,280 | 6,540 | 4,690 | 4,622 | |||||||||||||||||||||
Net liability recognized | $ | 25,146 | $ | 55,592 | $ | 1,515 | $ | 3,937 | |||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets: | |||||||||||||||||||||||||
Regulatory asset at beginning of year | $ | 49,052 | $ | 50,505 | $ | (685 | ) | $ | 570 | ||||||||||||||||
Net loss (gain) | (30,190 | ) | 1,700 | (2,278 | ) | (1,036 | ) | ||||||||||||||||||
Amortization of initial net obligation | — | — | (419 | ) | (419 | ) | |||||||||||||||||||
Amortization of prior service (cost) credit | (118 | ) | (118 | ) | 200 | 200 | |||||||||||||||||||
Amortization of net gain (loss) | (2,878 | ) | (3,035 | ) | 7 | — | |||||||||||||||||||
Total change in regulatory asset | (33,186 | ) | (1,453 | ) | (2,490 | ) | (1,255 | ) | |||||||||||||||||
Regulatory asset (liability) at end of year | $ | 15,866 | $ | 49,052 | $ | (3,175 | ) | $ | (685 | ) | |||||||||||||||
Net periodic pension costs | $ | 9,296 | $ | 9,945 | $ | 676 | $ | 815 | |||||||||||||||||
Change in regulatory asset | (33,186 | ) | (1,453 | ) | (2,490 | ) | (1,255 | ) | |||||||||||||||||
Total recognized in net periodic pension cost and regulatory asset (liability) | $ | (23,890 | ) | $ | 8,492 | $ | (1,814 | ) | $ | (440 | ) | ||||||||||||||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | |||||||||||||||||||||||||
Initial net obligation | $ | — | $ | — | $ | (418 | ) | $ | (419 | ) | |||||||||||||||
Prior service (cost) credit | $ | (118 | ) | $ | (118 | ) | $ | 200 | $ | 200 | |||||||||||||||
Net gain (loss) | $ | (29 | ) | $ | (2,846 | ) | $ | 262 | $ | — | |||||||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 152,680 | $ | 163,230 | $ | 11,388 | $ | 12,296 | |||||||||||||||||
Accumulated benefit obligation | $ | 131,580 | $ | 138,230 | N/A | N/A | |||||||||||||||||||
Fair value of plan assets | $ | 127,534 | $ | 107,368 | $ | 9,873 | $ | 8,359 | |||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
Discount rate | 5.1 | % | 4.3 | % | 4.65 | % | 3.75 | % | |||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | N/A | N/A | |||||||||||||||||||
Consistent with decisions from the CPUC and in accordance with regulatory accounting principles, Registrant capitalizes a portion of its pension and other post-retirement costs in the overhead pool included in Utility Plant. The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
Pension Benefits | Post-Retirement | ||||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
(dollars in thousands, except percent) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Components of Net Periodic Benefits Cost: | |||||||||||||||||||||||||
Service cost | $ | 6,967 | $ | 6,675 | $ | 5,624 | $ | 407 | $ | 419 | $ | 391 | |||||||||||||
Interest cost | 6,907 | 6,657 | 6,524 | 439 | 534 | 549 | |||||||||||||||||||
Expected return on plan assets | (7,574 | ) | (6,540 | ) | (6,349 | ) | (382 | ) | (357 | ) | (298 | ) | |||||||||||||
Amortization of transition | — | — | — | 419 | 419 | 419 | |||||||||||||||||||
Amortization of prior service cost (credit) | 118 | 118 | 118 | (200 | ) | (200 | ) | (200 | ) | ||||||||||||||||
Amortization of actuarial (gain) loss | 2,878 | 3,035 | 1,242 | (7 | ) | — | — | ||||||||||||||||||
Net periodic pension cost under accounting standards | $ | 9,296 | $ | 9,945 | $ | 7,159 | $ | 676 | $ | 815 | $ | 861 | |||||||||||||
Regulatory adjustment - deferred | (1,920 | ) | (2,305 | ) | (209 | ) | — | — | — | ||||||||||||||||
Total expense recognized, before allocation to overhead pool | $ | 7,376 | $ | 7,640 | $ | 6,950 | $ | 676 | $ | 815 | $ | 861 | |||||||||||||
Weighted-average assumptions used to determine net periodic cost: | |||||||||||||||||||||||||
Discount rate | 4.3 | % | 4.65 | % | 5.55 | % | 3.75 | % | 4.45 | % | 5.2 | % | |||||||||||||
Expected long-term return on plan assets | 7 | % | 7 | % | 7 | % | * | * | * | ||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | N/A | N/A | N/A | ||||||||||||||||
*7.0% for union plan, 4.2% for non-union, net of income taxes in 2013, 2012 and 2011. | |||||||||||||||||||||||||
Regulatory Adjustment: | |||||||||||||||||||||||||
As previously discussed in Note 2, the CPUC authorized GSWC to track differences between the forecasted annual pension expenses adopted in rates for its water regions and the general office and the actual annual expense to be recorded by GSWC in accordance with the accounting guidance for pension costs. During the years ended December 31, 2013, 2012 and 2011, GSWC’s actual expense under the accounting standard was greater than the amounts included in customer rates by $1.9 million, $2.3 million and $209,000, respectively. This under-collection has been recorded in the two-way pension balancing account included in regulatory assets. As of December 31, 2013, the pension balancing account totaled $5.1 million included in regulatory assets. | |||||||||||||||||||||||||
Plan Funded Status: | |||||||||||||||||||||||||
Registrant’s pension and post-retirement plans were underfunded at December 31, 2013 and 2012. Registrant’s market related value of plan assets is equal to the fair value of plan assets. Past volatile market conditions have affected the value of GSWC’s trust established to fund its future long-term pension benefits. These benefit plan assets and related obligations are measured annually using a December 31 measurement date. Changes in the plan’s funded status will affect the assets and liabilities recorded on the balance sheet in accordance with accounting guidance on employers’ accounting for defined benefit pension and other post-retirement plans. Due to Registrant’s regulatory recovery treatment, the recognition of the funded status is offset by a regulatory asset pursuant to guidance on accounting for the effects of certain types of regulation. | |||||||||||||||||||||||||
Plan Assets: | |||||||||||||||||||||||||
The assets of the pension and post-retirement medical plans are managed by a third party trustee. The investment policy allocation of the assets in the trust was approved by Registrant’s Administrative Committee (the “Committee”) for the pension and post-retirement medical funds, which has oversight responsibility for all retirement plans. The primary objectives underlying the investment of the pension and post-retirement plan assets are: (i) attempt to maintain a fully funded status with a cushion for unexpected developments, possible future increases in expense levels, and/or a reduction in the expected return on investments; (ii) seek to earn long-term returns that compare favorably to appropriate market indexes, peer group universes and the policy asset allocation index; (iii) seek to provide sufficient liquidity to pay current benefits and expenses; (iv) attempt to limit risk exposure through prudent diversification, and (v) seek to limit costs of administering and managing the plans. | |||||||||||||||||||||||||
The Committee recognizes that risk and volatility are present to some degree with all types of investments. High levels of risk may be avoided through diversification by asset class, style of each investment manager and sector and industry limits. Investment managers are retained to manage a pool of assets and allocate funds in order to achieve an appropriate, diversified and balanced asset mix. The Committee’s strategy balances the requirement to maximize returns using potentially higher return generating assets, such as equity securities, with the need to control the risk of its benefit obligations with less volatile assets, such as fixed income securities. | |||||||||||||||||||||||||
The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||||||
Pension Benefits | Post-Retirement | ||||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
Asset Category | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Actual Asset Allocations: | |||||||||||||||||||||||||
Equity securities | 61 | % | 60 | % | 61 | % | 61 | % | |||||||||||||||||
Debt securities | 37 | % | 39 | % | 38 | % | 38 | % | |||||||||||||||||
Cash equivalents | 2 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
Equity securities did not include AWR’s stock as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Target Asset Allocations for 2014: | Pension Benefits | Post-retirement | |||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
Equity securities | 60 | % | 60 | % | |||||||||||||||||||||
Debt securities | 40 | % | 40 | % | |||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
As previously discussed in Note 4, accounting guidance for fair value measurements establishes a framework for measuring fair value and requires fair value measurements to be classified and disclosed in one of three levels. As required by the accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. All equity investments in the pension and post-retirement plans are Level 1 investments in mutual funds. The fixed income category includes corporate bonds and notes. The majority of fixed income investments range in maturities from less than one to twenty years. The fair values of these investments are based on quoted market prices in active markets. | |||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the pension and post-retirement plans’ investment assets measured at fair value as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Fair Value of Pension Plan Assets: | |||||||||||||||||||||||||
Cash equivalents | $ | 2,096 | — | — | $ | 2,096 | |||||||||||||||||||
Fixed income securities | 47,627 | — | — | 47,627 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. small cap stocks | 6,576 | — | — | 6,576 | |||||||||||||||||||||
U.S. mid cap stocks | 13,119 | — | — | 13,119 | |||||||||||||||||||||
U.S. large cap stocks | 39,280 | — | — | 39,280 | |||||||||||||||||||||
International funds | 12,501 | — | — | 12,501 | |||||||||||||||||||||
Real estate funds | 6,335 | — | — | 6,335 | |||||||||||||||||||||
Total equity securities | 77,811 | — | — | 77,811 | |||||||||||||||||||||
Total investments measured at fair value | $ | 127,534 | — | — | $ | 127,534 | |||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | |||||||||||||||||||||||||
Cash equivalents | $ | 142 | — | — | $ | 142 | |||||||||||||||||||
Fixed income | 3,731 | — | — | 3,731 | |||||||||||||||||||||
U.S. equity securities (large cap stocks) | 6,000 | — | — | 6,000 | |||||||||||||||||||||
Total investments measured at fair value | $ | 9,873 | — | — | $ | 9,873 | |||||||||||||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Fair Value of Pension Plan Assets: | |||||||||||||||||||||||||
Cash equivalents | $ | 1,721 | — | — | $ | 1,721 | |||||||||||||||||||
Fixed income securities | 41,590 | — | — | 41,590 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. small cap stocks | 5,396 | — | — | 5,396 | |||||||||||||||||||||
U.S. mid cap stocks | 10,722 | — | — | 10,722 | |||||||||||||||||||||
U.S. large cap stocks | 31,966 | — | — | 31,966 | |||||||||||||||||||||
International funds | 10,797 | — | — | 10,797 | |||||||||||||||||||||
Real estate funds | 5,446 | — | — | 5,446 | |||||||||||||||||||||
Total equity securities | 64,327 | — | — | 64,327 | |||||||||||||||||||||
Total investments measured at fair value | $ | 107,638 | — | — | $ | 107,638 | |||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | |||||||||||||||||||||||||
Cash equivalents | $ | 65 | — | — | $ | 65 | |||||||||||||||||||
Fixed income | 3,192 | — | — | 3,192 | |||||||||||||||||||||
U.S. equity securities (large cap stocks) | 5,102 | — | — | 5,102 | |||||||||||||||||||||
Total investments measured at fair value | $ | 8,359 | — | — | $ | 8,359 | |||||||||||||||||||
Plan Contributions: | |||||||||||||||||||||||||
During 2013, Registrant contributed $6.6 million and $608,000 to its pension and post-retirement medical plans, respectively. Registrant currently expects to contribute at least $6.3 million to its pension in 2014. Registrant’s policy is to fund the plans annually at a level which is deductible for income tax purposes and is consistent with amounts recovered in customer rates. | |||||||||||||||||||||||||
Benefit Payments: | |||||||||||||||||||||||||
Registrant’s estimated future benefit payments at December 31, 2013 for the next five years and thereafter are as follows (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Post-Retirement | ||||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
2014 | $ | 4,971 | $ | 483 | |||||||||||||||||||||
2015 | 5,447 | 558 | |||||||||||||||||||||||
2016 | 5,929 | 630 | |||||||||||||||||||||||
2017 | 6,513 | 713 | |||||||||||||||||||||||
2018 | 7,094 | 814 | |||||||||||||||||||||||
Thereafter | 45,594 | 5,057 | |||||||||||||||||||||||
Total | $ | 75,548 | $ | 8,255 | |||||||||||||||||||||
Assumptions: | |||||||||||||||||||||||||
Certain actuarial assumptions, such as the discount rate, long-term rate of return on plan assets and the healthcare cost trend rate have a significant effect on the amounts reported for net periodic benefit cost as well as the related benefit obligation amounts. | |||||||||||||||||||||||||
Discount Rate — The assumed discount rate for pension and post-retirement medical plans reflects the market rates for high-quality corporate bonds currently available. Registrant’s discount rates were determined by considering the average of pension yield curves constructed of a large population of high quality corporate bonds. The resulting discount rate reflects the matching of plan liability cash flows to the yield curves. | |||||||||||||||||||||||||
Expected Long-Term Rate of Return on Assets — The long-term rate of return on plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income and other investments. To develop the expected long-term rate of return on assets assumption for the pension plan, Registrant considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. Registrant’s policy is to fund the medical benefit trusts based on actuarially determined amounts as allowed in rates approved by the CPUC. Registrant has invested the funds in the post-retirement trusts that will achieve a desired return and minimize amounts necessary to recover through rates. The mix is expected to provide for a return on assets similar to the Pension Plan and to achieve Registrant’s targeted allocation. This resulted in the selection of the 7.0% long-term rate of return on assets assumption for the union plan and 4.20% (net of income taxes) for the non-union plan portion of the post retirement plan. | |||||||||||||||||||||||||
Healthcare Cost Trend Rate — A sliding scale for assumed health care cost increases was used for the periods presented. In 2013, health care cost increases started at 7.8% grading down to 6.3% in 10 years for those under age 65, and at 7.0% grading down to 5.7% in 10 years for those 65 and over. In 2012, health care cost increases started at 8.0% grading down to 7.2% in 10 years for those under age 65, and at 7.0% grading down to 5.8% in 10 years for those 65 and over. In 2011, health care cost increases started at 8.0% grading down to 6.5% in 10 years for those under age 65, and at 7.0% grading down to 5.8% in 10 years for those 65 and over. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects on the post-retirement medical plan: | |||||||||||||||||||||||||
(dollars in thousands) | 1-Percentage-Point | 1-Percentage-Point | |||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 99 | $ | (85 | ) | ||||||||||||||||||||
Effect on post-retirement benefit obligation | $ | 1,243 | $ | (1,083 | ) | ||||||||||||||||||||
Supplemental Executive Retirement Plan: | |||||||||||||||||||||||||
Registrant has a supplemental executive retirement plan (“SERP”) that provides additional retirement benefits to certain key employees and officers of Registrant by making up benefits, which are limited by Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended, and certain additional benefits. The Board of Directors approved the establishment of a Rabbi Trust created for the SERP Plan. Assets in a Rabbi Trust can be subject to the claims of creditors; therefore, they are not considered as an asset for purposes of computing the SERP’s funded status. As of December 31, 2013, the balance in the Rabbi Trust totaled $6.8 million and is included in Registrant’s other property and investments. | |||||||||||||||||||||||||
All equity investments in the Rabbi Trust are Level 1 investments in mutual funds. The fixed income category includes corporate bonds and notes. The fair values of these investments are based on quoted market prices in active markets. The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | |||||||||||||||||||||||||
Cash equivalents | $ | 27 | — | — | $ | 27 | |||||||||||||||||||
Fixed income securities | 2,587 | — | — | 2,587 | |||||||||||||||||||||
Equity securities | 4,202 | — | — | 4,202 | |||||||||||||||||||||
Total investments measured at fair value | $ | 6,816 | — | — | $ | 6,816 | |||||||||||||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | |||||||||||||||||||||||||
Cash equivalents | $ | 116 | — | — | $ | 116 | |||||||||||||||||||
Fixed income securities | 1,878 | — | — | 1,878 | |||||||||||||||||||||
Equity securities | 2,822 | — | — | 2,822 | |||||||||||||||||||||
Total investments measured at fair value | $ | 4,816 | — | — | $ | 4,816 | |||||||||||||||||||
The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2013 and 2012: | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 12,406 | $ | 10,604 | |||||||||||||||||||||
Service cost | 803 | 731 | |||||||||||||||||||||||
Interest cost | 514 | 488 | |||||||||||||||||||||||
Actuarial (gain) loss | (1,198 | ) | 803 | ||||||||||||||||||||||
Benefits paid | (229 | ) | (220 | ) | |||||||||||||||||||||
Benefit obligation at end of year | $ | 12,296 | $ | 12,406 | |||||||||||||||||||||
Changes in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | — | — | |||||||||||||||||||||||
Fair value of plan assets at end of year | — | — | |||||||||||||||||||||||
Funded Status: | |||||||||||||||||||||||||
Net amount recognized as accrued cost | $ | (12,296 | ) | $ | (12,406 | ) | |||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Amounts recognized on the balance sheets: | |||||||||||||||||||||||||
Current liabilities | $ | (230 | ) | $ | (317 | ) | |||||||||||||||||||
Non-current liabilities | (12,066 | ) | (12,089 | ) | |||||||||||||||||||||
Net amount recognized | $ | (12,296 | ) | $ | (12,406 | ) | |||||||||||||||||||
Amounts recognized in regulatory assets consist of: | |||||||||||||||||||||||||
Prior service cost | $ | 314 | $ | 475 | |||||||||||||||||||||
Net loss | 2,172 | 3,709 | |||||||||||||||||||||||
Regulatory assets | 2,486 | 4,184 | |||||||||||||||||||||||
Unfunded accrued cost | 9,810 | 8,222 | |||||||||||||||||||||||
Net liability recognized | $ | 12,296 | $ | 12,406 | |||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: | |||||||||||||||||||||||||
Regulatory asset at beginning of year | $ | 4,184 | $ | 3,848 | |||||||||||||||||||||
Net (gain) loss | (1,199 | ) | 805 | ||||||||||||||||||||||
Amortization of prior service credit | (161 | ) | (161 | ) | |||||||||||||||||||||
Amortization of net loss | (338 | ) | (308 | ) | |||||||||||||||||||||
Total change in regulatory asset | (1,698 | ) | 336 | ||||||||||||||||||||||
Regulatory asset at end of year | $ | 2,486 | $ | 4,184 | |||||||||||||||||||||
Net periodic pension cost | $ | 1,817 | $ | 1,687 | |||||||||||||||||||||
Change in regulatory asset | (1,698 | ) | 336 | ||||||||||||||||||||||
Total recognized in net periodic pension and net income | $ | 119 | $ | 2,023 | |||||||||||||||||||||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | |||||||||||||||||||||||||
Initial net asset (obligation) | — | — | |||||||||||||||||||||||
Prior service cost | $ | (161 | ) | $ | (161 | ) | |||||||||||||||||||
Net loss | (139 | ) | (339 | ) | |||||||||||||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 12,296 | $ | 12,406 | |||||||||||||||||||||
Accumulated benefit obligation | 10,116 | 9,601 | |||||||||||||||||||||||
Fair value of plan assets | — | — | |||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 5.05 | % | 4.2 | % | |||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | |||||||||||||||||||||
The components of SERP expense, before allocation to the overhead pool, for 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
(dollars in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Components of Net Periodic Benefits Cost: | |||||||||||||||||||||||||
Service cost | $ | 803 | $ | 731 | $ | 600 | |||||||||||||||||||
Interest cost | 514 | 488 | 464 | ||||||||||||||||||||||
Amortization of prior service cost | 161 | 161 | 161 | ||||||||||||||||||||||
Amortization of net loss | 339 | 307 | 134 | ||||||||||||||||||||||
Net periodic pension cost | $ | 1,817 | $ | 1,687 | $ | 1,359 | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 4.65 | % | 5.55 | % | |||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | |||||||||||||||||||
Benefit Payments: Registrant’s estimated future benefit payments for the SERP at December 31, 2013 for the next ten years are as follows (in thousands): | |||||||||||||||||||||||||
2014 | $ | 230 | |||||||||||||||||||||||
2015 | 383 | ||||||||||||||||||||||||
2016 | 394 | ||||||||||||||||||||||||
2017 | 466 | ||||||||||||||||||||||||
2018 | 570 | ||||||||||||||||||||||||
Thereafter | 4,115 | ||||||||||||||||||||||||
Total | $ | 6,158 | |||||||||||||||||||||||
401(k) Investment Incentive Program: | |||||||||||||||||||||||||
Registrant has a 401(k) Investment Incentive Program under which employees may invest a percentage of their pay, up to a maximum investment prescribed by law, in an investment program managed by an outside investment manager. Registrant’s cash contributions to the 401(k) are based upon a percentage of individual employee contributions and totaled $1.9 million for each of the years ended December 31, 2013, 2012 and 2011. In 2011, this program was amended to incorporate the defined contribution plan previously discussed. | |||||||||||||||||||||||||
Affordable Care Act: | |||||||||||||||||||||||||
In 2010, the Patient Protection and Affordable Care Act ("Affordable Care Act") was passed and was to become effective in 2014. In July 2013, compliance with the employer mandate and certain reporting requirements under the Affordable Care Act were delayed until 2015. Registrant’s health care plan meets the current requirements of the Affordable Care Act for the majority of its employees. Registrant is evaluating alternatives to address those employees for which the plan may not currently meet the requirements. Registrant continues to assess the impact of the Affordable Care Act on its health care benefit costs, but does not expect it to have a material impact in the near future on the Registrant's consolidated financial position, results of operations or cash flows. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||||||||||||||
Stock-Based Compensation Plans | |||||||||||||||||||||||||
Summary Description of Stock Incentive Plans | |||||||||||||||||||||||||
AWR currently has four stock incentive plans: the 2000 and 2008 employee plans for its employees, and the 2003 and 2013 directors plans for directors, each more fully described below. | |||||||||||||||||||||||||
2000 and 2008 Employee Plans — AWR adopted the 2000 and 2008 employee plans to provide stock-based incentive awards in the form of stock options, restricted stock units and restricted stock to employees as a means of promoting the success of Registrant by attracting, retaining and more fully aligning the interests of employees with those of shareholders generally. The 2008 Employee Plan also provides for the grant of performance awards. No additional grants may be made under the 2000 employee plan. | |||||||||||||||||||||||||
For stock options, Registrant’s Compensation Committee of the Board of Directors (“Compensation Committee”) determines, among other things, the date of grant, the form, term, option exercise price, vesting and exercise terms of each option. Stock options granted by AWR have been in the form of nonqualified stock options, expire ten years from the date of grant, vest over a period of three years and are subject to earlier termination as provided in the form of option agreement approved by the Compensation Committee. The option price per share is determined by the Compensation Committee at the time of grant, but may not be less than the fair market value of common shares on the date of grant. | |||||||||||||||||||||||||
For restricted stock unit awards, the Compensation Committee determines the specific terms, conditions and provisions relating to each restricted stock unit. Each employee who has been granted a time-vested restricted stock unit is entitled to dividend equivalent rights in the form of additional restricted stock units until vesting of the time-vested restricted stock units. In general, time-vested restricted stock units vest over a period of three years. Each restricted stock unit is non-voting and entitles the holder of the restricted stock unit to receive one common share. | |||||||||||||||||||||||||
The Compensation Committee also has the authority to determine the size, number, amount or value of performance awards, the duration of the performance period or performance periods applicable to the award and the performance criteria applicable to each performance award for each performance period. The grant and or vesting of the performance awards are contingent, in whole or in part, upon the attainment of specified performance criteria or the occurrence of any event or events involving a change in control event, death or total disability as the Compensation Committee may determine. In its discretion, the Compensation Committee may grant dividend equivalent rights on performance awards upon the terms and conditions set forth in the award agreement. Each outstanding performance award granted by the Compensation Committee has been in the form of restricted stock units that generally vest over a period of three years as provided in the performance award agreement. Each employee who has been granted a performance award is entitled to dividend equivalent rights in the form of additional restricted stock units until payment of the performance award. | |||||||||||||||||||||||||
2003 and 2013 Directors Plans — The Board of Directors and shareholders of AWR have approved the 2003 and 2013 directors plans in order to provide the non-employee directors with supplemental stock-based compensation to encourage them to increase their stock ownership in AWR. No more grants may be made under the 2003 directors plan. | |||||||||||||||||||||||||
Commencing in 2009, non-employee directors have received restricted stock units equal to two times the annual retainer. One-third of the restricted stock units granted in 2009-2012 are payable to each non-employee director at the earlier of the first, second and third anniversaries of the date of grant and the date of termination of service as a director. Each non-employee director is entitled to receive restricted stock units granted after 2012 ninety days after the grant date. Restricted stock units credited to each non-employee director’s restricted stock unit account are at all times fully vested and non-forfeitable. | |||||||||||||||||||||||||
The stock options granted under the 2003 directors plan are nonqualified stock options which must be exercised within ten years after the date of grant. The exercise price of the stock options is equal to the fair market value of common shares on the date of grant. Stock options granted under the 2003 directors plan are fully vested and exercisable upon the date of grant. Restricted stock units with respect to dividend equivalent rights on stock options credited to the non-employee | |||||||||||||||||||||||||
director are payable in common shares on the earlier of the date on which the stock option is exercised and three years from the date of grant of the stock option. No stock options have been granted to directors since AWR’s 2006 annual meeting and no stock options may be granted to directors under the 2013 directors plan. | |||||||||||||||||||||||||
All stock options, restricted stock units and performance awards have been granted with dividend equivalent rights payable in the form of additional restricted stock units. | |||||||||||||||||||||||||
Recognition of Compensation Expense | |||||||||||||||||||||||||
Registrant recognizes compensation expense related to the fair value of stock-based compensation awards. Share-based compensation cost is measured by the Registrant at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Immediate vesting does occur if the employee is at least 55 years old and the sum of the employee’s age and years of employment is equal to or greater than 75. Registrant assumes that forfeitures will be minimal, and recognizes forfeitures as they occur, which results in a reduction in compensation expense. | |||||||||||||||||||||||||
The following table presents share-based compensation expenses for the years ended December 31, 2013, 2012 and 2011. These expenses resulting from stock options, restricted stock units and performance awards are included in administrative and general expenses in AWR and GSWC’s statements of income: | |||||||||||||||||||||||||
AWR | GSWC | ||||||||||||||||||||||||
For The Years Ended | For The Years Ended | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Stock-based compensation related to: | |||||||||||||||||||||||||
Stock options | $ | 9 | $ | 150 | $ | 302 | $ | 8 | $ | 147 | $ | 307 | |||||||||||||
Restricted stock units | 1,507 | 1,729 | 1,218 | 1,266 | 1,468 | 1,038 | |||||||||||||||||||
Performance awards | 493 | 52 | — | 373 | 52 | — | |||||||||||||||||||
Total stock-based compensation expense | $ | 2,009 | $ | 1,931 | $ | 1,520 | $ | 1,647 | $ | 1,667 | $ | 1,345 | |||||||||||||
Equity-based compensation cost, capitalized as part of utility plant for the years ended December 31, 2013, 2012 and 2011 was $334,000, $259,000 and $247,000, respectively, for both AWR and GSWC. | |||||||||||||||||||||||||
Registrant amortizes stock-based compensation over the requisite (vesting) period for the entire award. Options issued pursuant to the 2000 and 2008 employee plans vest and are exercisable in installments of 33% the first two years and 34% in the third year, starting one year from the date of the grant and expire 10 years from the date of the grant. Time-vesting restricted stock units vest and become nonforfeitable in installments of 33% the first two years and 34% in the third year, starting one year from the date of the grant. Outstanding performance awards vest and become nonforfeitable in installments of 33% the first two years and 34% in the third year, and are distributed at the end of the performance period if the performance criteria set forth in the award agreement are satisfied. | |||||||||||||||||||||||||
Stock Options — Registrant estimated the fair value of stock options granted during the year ended December 31, 2011 using the Black-Scholes valuation model. There were no stock options granted during the year ended December 31, 2013 or 2012. Key input assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, the expected volatility of the Registrant’s stock over the option’s expected term, the risk-free interest rate over the option’s expected term, and the Registrant’s expected annual dividend yield. Registrant believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of Registrant’s stock options granted during the years ended December 31, 2011. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons who receive equity awards. The fair value of each option grant during the year ended December 31, 2011 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Weighted-average fair value of option granted | $7.15 | ||||||||||||||||||||||||
Risk-free interest rate | 2.48% | ||||||||||||||||||||||||
Expected annual dividend yield | 3.04% | ||||||||||||||||||||||||
Expected volatility factor | 28.98% | ||||||||||||||||||||||||
Expected option term (in years) | 5 | ||||||||||||||||||||||||
The risk-free interest rate for periods equal to the expected term of the share option was based on the U.S. Treasury yield curve in effect at the time of grant. Dividend yield reflects the current dividend rate at the date of grant. The stock volatility for each grant is measured using the weighted average of historical monthly and daily price changes of the common shares over the most recent period equal to the expected option life of the grant. Registrant develops expected option terms by reviewing detailed external information about employee exercise behavior. Accounting guidance also requires entities to estimate the number of forfeitures expected to occur and record expense based upon the number of awards expected to vest. | |||||||||||||||||||||||||
A summary of stock option activity as of December 31, 2013 and changes during the year ended December 31, 2013, are presented below: | |||||||||||||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||||||||||||
Options | Average | Remaining | Intrinsic Value | ||||||||||||||||||||||
Exercise Price | Contractual Term | ||||||||||||||||||||||||
Options outstanding at January 1, 2013 | 403,158 | $ | 16.72 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | (131,448 | ) | 16.06 | ||||||||||||||||||||||
Forfeited or expired | (7,114 | ) | 13.13 | ||||||||||||||||||||||
Options outstanding at December 31, 2013 | 264,596 | $ | 17.16 | 3.75 | $ | 3,060,764 | |||||||||||||||||||
Options exercisable at December 31, 2013 | 264,545 | $ | 17.16 | 3.75 | $ | 3,060,166 | |||||||||||||||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the closing price of the common shares on the last trading day of the 2013 calendar year and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their option on December 31, 2013. This amount changes if the fair market value of the common shares changes. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was approximately $1,402,000, $4,125,000 and $766,000, respectively. | |||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, Registrant received approximately $2.1 million, $13.3 million and $2.4 million, respectively, in cash proceeds from the exercise of its stock options and realized approximately $1,026,000, $890,000 and $336,000, respectively, of tax benefit for the tax deduction from awards exercised. As of December 31, 2013, an immaterial amount of total unrecognized compensation cost related to outstanding stock options will be recognized in 2014. | |||||||||||||||||||||||||
Restricted Stock Units — A restricted stock unit (“RSU”) represents the right to receive a share of AWR’s common shares and are valued based on the fair market value of AWR's common shares on the date of grant. The fair value of RSUs were determined based on the closing trading price of common shares on the grant date. A summary of the status of Registrant’s outstanding RSUs, excluding performance awards, to employees and directors as of December 31, 2013, and changes during the year ended December 31, 2013, is presented below: | |||||||||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||||||||
Restricted Share | Grant-Date Value | ||||||||||||||||||||||||
Units | |||||||||||||||||||||||||
Restricted share units at January 1, 2013 | 287,510 | $ | 16.97 | ||||||||||||||||||||||
Granted | 61,312 | 26.14 | |||||||||||||||||||||||
Vested | (148,522 | ) | 17.93 | ||||||||||||||||||||||
Forfeited | (3,264 | ) | 20.78 | ||||||||||||||||||||||
Restricted share units at December 31, 2013 | 197,036 | $ | 19.04 | ||||||||||||||||||||||
As of December 31, 2013, there was approximately $825,000 of total unrecognized compensation cost related to restricted stock units granted under AWR’s employee and director’s stock plans. That cost is expected to be recognized over a remaining period ranging from 0.08 to 2.82 years. | |||||||||||||||||||||||||
Performance Awards – During the years ended December 31, 2013 and 2012, the Compensation Committee granted performance awards in the form of restricted stock units to officers of the Registrant. A performance award represents the right to receive a share of AWR's common shares if specified performance goals are met over the performance period specified in the grant (generally three years), subject to certain exceptions through the performance period. Each grantee of any outstanding performance award may earn between 0% and 200% of the target amount depending on Registrant's performance against the performance goals, which generally consist of the following metrics: 25% of the performance awards earned are based on AWR's total shareholder return (TSR) compared to the TSR for a specific peer group of eight other investor-owned water companies (a market-based condition), and 75% of the performance awards will either be earned based on GSWC operating expense control criteria for GSWC's officers or ASUS cumulative net earnings for ASUS officers (performance-based conditions). A summary of the status of Registrant’s outstanding performance awards to officers as of December 31, 2013, and changes during the year ended December 31, 2013, is presented below: | |||||||||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||||||||
Performance awards | Grant-Date Value | ||||||||||||||||||||||||
Performance awards at January 1, 2013 | 11,822 | $ | 18.37 | ||||||||||||||||||||||
Granted | 33,024 | 27.37 | |||||||||||||||||||||||
Vested | (3,926 | ) | 18.42 | ||||||||||||||||||||||
Performance awards at December 31, 2013 | 40,920 | $ | 25.63 | ||||||||||||||||||||||
A portion of the fair value of performance awards was estimated at the grant date based on the probability of satisfying the market-based conditions. The portion of the fair value of the performance awards associated with performance-based conditions was based on the fair market value of AWR's stock at the grant date. The fair value of each outstanding performance award grant is amortized into compensation expense in installments of 33% the first two years and 34% in the third year of their respective vesting periods, which is generally over 3 years unless earlier vested pursuant to the terms of the agreement. The accrual of compensation costs is based on the estimate of the final expected value of the award, and is adjusted as required for the portion based on the performance-based condition. As of December 31, 2013, $493,000 of unrecognized compensation costs related to performance awards is expected to be recognized over a weighted average period ranging from 1.1 to 2.2 years. | |||||||||||||||||||||||||
Restricted Stock - AWR has no restricted stock outstanding as of December 31, 2013. |
Commitments
Commitments | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Risks and Uncertainties [Abstract] | ' | |||
Commitments | ' | |||
Commitments | ||||
GSWC’s Water Supply: | ||||
GSWC obtains its water supply from its operating wells and purchases from others, principally member agencies of the Metropolitan Water District of Southern California (“MWD”). MWD is a public agency and quasi-municipal corporation created in 1928 by a vote of the electorates of several Southern California cities. MWD’s primary purpose was and is to provide a supplemental supply of water for domestic and municipal uses and purposes at wholesale rates to its member public agencies. GSWC has connections to MWD’s water distribution facilities and those of other member water agencies. MWD’s principal sources of water are the State Water Project and the Colorado River. | ||||
GSWC has contracts to purchase water or water rights for an aggregate amount of $5.6 million as of December 31, 2013. Included in the $5.6 million is a remaining commitment of $3.5 million under an agreement with the City of Claremont (“the City”) to lease water rights that were ascribed to the City as part of the Six Basins adjudication. The initial term of the agreement expires in 2028. GSWC can exercise an option to renew this agreement for 10 additional years. The remaining $2.1 million are commitments for purchased water with a third party which expire through 2038. | ||||
GSWC’s estimated future minimum payments under these purchased water supply commitments at December 31, 2013 are as follows (in thousands): | ||||
2014 | $ | 331 | ||
2015 | 331 | |||
2016 | 331 | |||
2017 | 331 | |||
2018 | 331 | |||
Thereafter | 3,971 | |||
Total | $ | 5,626 | ||
Bear Valley Electric: | ||||
Through November 2013, GSWC purchased a portion of its power from Shell Energy North America (US), LP (“Shell”) at a fixed cost. The main product under the contract with Shell provided for 13 megawatts ("MWs") of electric energy at an average fixed-price of $67.15 per megawatt hour ("MWh") from January 1, 2009 through November 30, 2013. The contract also provided for additional electric energy during certain months of the year to meet peak demands at an average fixed-price of $66.40 per MWh beginning January 1, 2009 through December 31, 2011. For the years ended December 31, 2013, 2012 and 2011, GSWC purchased approximately $7.1 million, $7.8 million and $9.0 million, respectively, under the fixed-price products of the Shell contract. The purchased power agreement with Shell expired in November 2013. The Company is currently purchasing energy on the spot market and/or through month-to-month purchase contracts. | ||||
In January 2012, GSWC executed a purchase power master agreement with EDF Trading North America, LLC (“EDF”). The agreement is subject to CPUC approval and, if approved, would enable GSWC to purchase from EDF 12 MWs of base load energy at a fixed-price to be negotiated upon CPUC approval of the master agreement. GSWC filed for approval of the agreement with the CPUC in 2013 and also requested a regulatory asset and liability memorandum account for the EDF contract to offset the entries required by the accounting guidance on derivatives, similar to the memorandum account for the Shell agreement. | ||||
The minimum load at GSWC’s BVES customer service area has been approximately 11 MWs. The average winter load has been 20 MWs with a winter peak of 45 MWs when the snowmaking machines at the ski resorts are operating. In addition to the purchased power contracts, GSWC buys additional energy to meet demand on the spot market. GSWC owns a natural gas-fueled 8.4 MW generation facility that became commercially operational in 2005, which assists GSWC in meeting demand. | ||||
The ability of GSWC to deliver purchased power to customers in its BVES service area is limited by the ability of the transmission facilities owned by Southern California Edison Company to transmit this power. | ||||
Operating Leases: | ||||
Registrant leases equipment and facilities primarily for its Regional and District offices and ASUS operations under non-cancelable operating leases with varying terms, provisions and expiration dates. Rent expense for leases that contain scheduled rent increases are recorded on a straight-line basis. During 2013, 2012 and 2011, Registrant’s consolidated rent expense was approximately $2,982,000, $3,098,000 and $2,900,000, respectively. Registrant’s future minimum payments under long-term non-cancelable operating leases at December 31, 2013 are as follows (in thousands): | ||||
2014 | $ | 2,267 | ||
2015 | 1,226 | |||
2016 | 1,124 | |||
2017 | 929 | |||
2018 | 654 | |||
Thereafter | 1,621 | |||
Total | $ | 7,821 | ||
There is no material difference between the consolidated operations of AWR and the operations of GSWC in regards to the future minimum payments under long-term non-cancelable operating leases. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
14 - Contingencies | |
GSWC Destruction of Well: | |
On September 12, 2013, GSWC contractors discovered methane gas and water flowing from one of GSWC's out-of-service wells which was in the process of being destroyed. As a precaution, residents and businesses near the well site were evacuated. On September 25, 2013, residents were allowed to return to their homes. The costs incurred to cap the well and stop the flow of water and methane gas have been recorded as cost of removal. Disruption of business claims and costs incurred to relocate residents have not been significant and have been expensed as incurred during 2013. Although GSWC believes the measures taken to stop the flow of water and gas have been effective and the capping of the well is substantially complete, at this time, management is unable to predict whether any other claims will be filed against GSWC as a result of this unusual well situation. | |
Barstow Perchlorate Contamination: | |
On March 8, 2013, GSWC was served with four toxic tort lawsuits arising out of the November 19, 2010 detection of perchlorate in one of GSWC’s active production wells in the Barstow service area. The plaintiffs asserted that they were affected by the perchlorate and sought punitive and compensatory damages. In August 2013, GSWC filed a motion for summary judgment on the basis that GSWC has complied with the rules and regulations of the CPUC regarding its compliance with the safe drinking water standards. On October 23, 2013, the judge granted GSWC's motion for summary judgment and dismissed the lawsuits. The plaintiffs did not appeal this decision. | |
Condemnation of Properties: | |
The laws of the State of California provide for the acquisition of public utility property by governmental agencies through their power of eminent domain, also known as condemnation, where doing so is necessary and in the public interest. In addition, these laws provide: (i) that the owner of utility property may contest whether the condemnation is actually necessary and in the public interest, and (ii) that the owner is entitled to receive the fair market value of its property if the property is ultimately taken. | |
The City of Claremont (“Claremont”) located in GSWC’s Region III, has expressed various concerns to GSWC about rates charged by GSWC and the effectiveness of the CPUC’s rate-setting procedures. In November 2012 and again in September 2013, Claremont made an offer to acquire GSWC’s water system servicing Claremont. GSWC rejected both offers and informed the City that the system is not for sale. Claremont continues to express a desire to potentially take the system by eminent domain. GSWC serves approximately 11,000 customers in Claremont. | |
In April 2011, an organization called Ojai FLOW ("Friends of Locally Owned Water") started a local campaign for the Casitas Municipal Water District (“CMWD”) to purchase GSWC’s Ojai water system. In March 2013, CMWD passed resolutions authorizing the establishment of a Community Facilities District, an entity authorized pursuant to the Mello-Roos Community Facilities District Act of 1982 (“Mello-Roos Act”) and to issue bonds to finance the potential acquisition of GSWC’s Ojai system by eminent domain. In August 2013, Ojai residents approved the levying of a special tax to satisfy the planned bond obligations. GSWC has filed a petition in the Superior Court, Ventura County which, among other things, challenges the legality of CMWD’s effort to utilize the Mello-Roos Act to acquire property by eminent domain and to fund legal and expert costs of the planned condemnation. Ojai FLOW members filed a motion with the Superior Court asking that all residents of GSWC’s Ojai service area be certified as class defendants in GSWC's pending action. They contend that the class would later be entitled to sue GSWC for damages if GSWC's challenge is denied. Without deciding whether a later lawsuit would be permitted, the Court granted the motion for class certification. At this time, GSWC is unable to predict the outcome of the pending Mello-Roos action, which is scheduled for decision in the second quarter of 2014. GSWC serves approximately 3,000 customers in Ojai. | |
Environmental Clean-Up and Remediation: | |
Chadron Plant: GSWC has been involved in environmental remediation and clean-up at a plant site (“Chadron Plant”) that contained an underground storage tank which was used to store gasoline for its vehicles. This tank was removed from the ground in July 1990 along with the dispenser and ancillary piping. Since then, GSWC has been involved in various remediation activities at this site. Recent monitoring results show gasoline has been reduced to a sheen on top of the groundwater surface. Testing has recently been conducted to determine if alternative remediation will be effective in reducing the contamination further. As of December 31, 2013, the total spent to clean-up and remediate GSWC’s plant facility was approximately $3.5 million, of which $1.5 million has been paid by the State of California Underground Storage Tank Fund. Amounts paid by GSWC have been included in rate base and approved by the CPUC for recovery. | |
As of December 31, 2013, GSWC has an accrued liability for the estimated additional cost of $1.0 million to complete the clean-up at the site. The ultimate cost may vary as there are many unknowns in remediation of underground gasoline spills and this is an estimate based on currently available information. Management also believes it is probable that the estimated additional costs will be approved in rate base by the CPUC. | |
Other Litigation: | |
Registrant is also subject to other ordinary routine litigation incidental to its business. Management believes that rate recovery, proper insurance coverage and reserves are in place to insure against property, professional and general liability and workers’ compensation claims incurred in the ordinary course of business. Registrant is unable to predict an estimate of the loss, if any, resulting from any pending suits or administrative proceedings, but does not believe the impact, if any, would be material. |
Construction_Program
Construction Program | 12 Months Ended |
Dec. 31, 2013 | |
Construction Program | ' |
Construction Program | ' |
Construction Program | |
GSWC maintains an ongoing water distribution main replacement program throughout its customer service areas based on the age and type of distribution system materials, priority of leaks detected, remaining productive life of the distribution system and an underlying replacement schedule. In addition, GSWC upgrades its electric and water supply facilities in accordance with industry standards, local requirements and CPUC requirements. As of December 31, 2013, GSWC has unconditional purchase obligations for capital projects of approximately $25.6 million. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||||
Business Segments | |||||||||||||||||||||||||
AWR has three reportable segments, water, electric and contracted services, whereas GSWC has two segments, water and electric. AWR has no material assets other than its investments in its subsidiaries on a stand-alone basis. | |||||||||||||||||||||||||
All activities of GSWC are geographically located within California. The operating activities of Chaparral City Water Company ("CCWC") have been included in discontinued operations as described in Note 19. All activities of CCWC were located in the state of Arizona. GSWC and CCWC are rate-regulated utilities. | |||||||||||||||||||||||||
Activities of ASUS and its subsidiaries are conducted in California, Georgia, Maryland, New Mexico, North Carolina, South Carolina, Texas and Virginia. Each of ASUS’s wholly-owned subsidiaries is regulated by the state in which the subsidiary primarily conducts water and/or wastewater operations. Fees charged for operations and maintenance and renewal and replacement services are based upon the terms of the contracts with the U.S. government which have been filed with the commissions in the states in which ASUS’s subsidiaries are incorporated. | |||||||||||||||||||||||||
The tables below set forth information relating to GSWC’s operating segments, ASUS and its subsidiaries and other matters. Total assets by segment are not presented below, as certain of Registrant’s assets are not tracked by segment. The utility plants are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash and exclude government-funded capital expenditures for ASUS, property installed by developers and conveyed to GSWC and through May 31, 2011 for CCWC. | |||||||||||||||||||||||||
As Of And For The Year Ended December 31, 2013 | |||||||||||||||||||||||||
GSWC | ASUS | AWR | Consolidated | ||||||||||||||||||||||
(dollars in thousands) | Water | Electric | Contracts | Parent | AWR | ||||||||||||||||||||
Operating revenues | $ | 320,131 | $ | 38,409 | $ | 113,537 | $ | — | $ | 472,077 | |||||||||||||||
Operating income (loss) | 95,932 | 6,411 | 16,737 | (8 | ) | 119,072 | |||||||||||||||||||
Interest expense, net | 20,236 | 1,436 | 264 | (228 | ) | 21,708 | |||||||||||||||||||
Utility Plant | 936,386 | 40,908 | 4,183 | — | 981,477 | ||||||||||||||||||||
Depreciation and amortization expense (1) | 36,636 | 2,316 | 1,138 | — | 40,090 | ||||||||||||||||||||
Income tax expense/(benefit) | 30,679 | 2,455 | 4,911 | (2,262 | ) | 35,783 | |||||||||||||||||||
Capital additions | 94,581 | 2,124 | 674 | — | 97,379 | ||||||||||||||||||||
As Of And For The Year Ended December 31, 2012 | |||||||||||||||||||||||||
GSWC | ASUS | AWR | Consolidated | ||||||||||||||||||||||
(dollars in thousands) | Water | Electric | Contracts | Parent | AWR | ||||||||||||||||||||
Operating revenues | $ | 305,898 | $ | 37,033 | $ | 123,977 | $ | — | $ | 466,908 | |||||||||||||||
Operating income (loss) | 78,104 | 8,501 | 24,608 | (119 | ) | 111,094 | |||||||||||||||||||
Interest expense, net | 19,783 | 1,533 | 179 | (63 | ) | 21,432 | |||||||||||||||||||
Utility Plant | 871,756 | 41,381 | 4,654 | — | 917,791 | ||||||||||||||||||||
Depreciation and amortization expense (1) | 37,905 | 2,292 | 1,188 | — | 41,385 | ||||||||||||||||||||
Income tax expense | 24,231 | 2,269 | 9,437 | 8 | 35,945 | ||||||||||||||||||||
Capital additions | 62,500 | 4,331 | 1,273 | — | 68,104 | ||||||||||||||||||||
As Of And For The Year Ended December 31, 2011 | |||||||||||||||||||||||||
GSWC | CCWC | ASUS | AWR | Consolidated | |||||||||||||||||||||
(dollars in thousands) | Water | Electric | Water | Contracts | Parent | AWR | |||||||||||||||||||
Operating revenues | $ | 300,450 | $ | 36,275 | $ | — | $ | 83,188 | $ | — | $ | 419,913 | |||||||||||||
Operating income (loss) (2) | 77,017 | 6,661 | (356 | ) | 11,855 | (73 | ) | 95,104 | |||||||||||||||||
Interest expense, net | 20,990 | 1,501 | — | 372 | (41 | ) | 22,822 | ||||||||||||||||||
Utility Plant | 852,264 | 39,681 | — | 4,555 | — | 896,500 | |||||||||||||||||||
Depreciation and amortization expense (1) | 35,450 | 2,011 | — | 888 | — | 38,349 | |||||||||||||||||||
Income tax expense/(benefit) | 24,151 | 1,820 | (145 | ) | 4,431 | (181 | ) | 30,076 | |||||||||||||||||
Income from discontinued operations, net of tax (3) | — | — | 1,612 | — | 2,237 | -4 | 3,849 | ||||||||||||||||||
Capital additions | 73,991 | 4,447 | — | 1,843 | — | 80,281 | |||||||||||||||||||
The following table reconciles total utility plant (a key figure for rate-making) to total consolidated assets (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Total utility plant | $ | 981,477 | $ | 917,791 | $ | 896,500 | |||||||||||||||||||
Other assets | 328,706 | 363,152 | 341,862 | ||||||||||||||||||||||
Total consolidated assets | $ | 1,310,183 | $ | 1,280,943 | $ | 1,238,362 | |||||||||||||||||||
(1) Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $877,000, $1.8 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
(2) Operating income (loss) includes CCWC’s allocated corporate overhead costs that are now primarily at GSWC. | |||||||||||||||||||||||||
(3) In accordance with the accounting guidance relating to assets held for sale, Registrant did not record depreciation expense for CCWC in 2012. | |||||||||||||||||||||||||
(4) Included in discontinued operations for the year ended December 31, 2011 are direct transaction costs of $449,000 ($217,000 after tax) for legal and consulting services in connection with the sale of CCWC. |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Provisions included in 2013, 2012 and 2011 for AWR and GSWC are as follows: | |||||||||||||
AWR | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 1,228 | $ | 1,048 | $ | 1,051 | |||||||
Provision charged to expense | 1,145 | 1,710 | 938 | ||||||||||
Accounts written off, net of recoveries | (1,186 | ) | (1,530 | ) | (941 | ) | |||||||
Balance at end of year | $ | 1,187 | $ | 1,228 | $ | 1,048 | |||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 755 | $ | 797 | $ | 715 | |||||||
Allowance for doubtful accounts related to receivable from U.S. government | — | 8 | — | ||||||||||
Allowance for doubtful accounts related to other accounts receivable | 432 | 423 | 333 | ||||||||||
Total allowance for doubtful accounts | $ | 1,187 | $ | 1,228 | $ | 1,048 | |||||||
GSWC | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 1,177 | $ | 1,005 | $ | 1,005 | |||||||
Provision charged to expense | 1,056 | 1,668 | 859 | ||||||||||
Accounts written off, net of recoveries | (1,119 | ) | (1,496 | ) | (859 | ) | |||||||
Balance at end of year | $ | 1,114 | $ | 1,177 | $ | 1,005 | |||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 755 | $ | 797 | $ | 715 | |||||||
Allowance for doubtful accounts related to other accounts receivable | 359 | 380 | 290 | ||||||||||
Total allowance for doubtful accounts | $ | 1,114 | $ | 1,177 | $ | 1,005 | |||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||||||||||||||
Supplemental Cash Flow Information | ' | |||||||||||||||||||||||
Supplemental Cash Flow Information | ||||||||||||||||||||||||
The following table sets forth non-cash financing and investing activities and other cash flow information (in thousands). | ||||||||||||||||||||||||
AWR | GSWC | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Taxes and Interest Paid: | ||||||||||||||||||||||||
Income taxes paid | $ | 10,880 | $ | 19,411 | $ | 31,842 | $ | 7,083 | $ | 11,027 | $ | 25,810 | ||||||||||||
Interest paid | 22,144 | 22,495 | 22,671 | 22,144 | 22,495 | 22,463 | ||||||||||||||||||
Non-Cash Transactions: | ||||||||||||||||||||||||
Accrued payables for investment in utility plant | $ | 19,515 | $ | 12,113 | $ | 13,717 | $ | 19,515 | $ | 12,113 | $ | 13,717 | ||||||||||||
Property installed by developers and conveyed | 2,819 | 2,069 | 1,264 | 2,819 | 2,069 | 1,264 | ||||||||||||||||||
Discontinued_Operations
Discontinued Operations: | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Discontinued Operations | ' | ||||
Discontinued Operations: | |||||
On May 31, 2011, AWR sold its wholly-owned Arizona subsidiary, Chaparral City Water Company, to EPCOR Water (USA) Inc. for a total purchase price of $35.2 million, including the assumption of approximately $5.6 million of long-term debt. AWR received approximately $29.6 million in cash, which was primarily used to pay down short-term borrowings. The completion of the sale generated a gain (net of taxes and transaction costs) of approximately $2.2 million during 2011. A summary of discontinued operations presented in the consolidated statements of income for the year ended December 31, 2011 is as follows (in thousands): | |||||
Operating revenues | $ | 3,492 | |||
Supply costs and other operating expenses | 1,420 | ||||
Gain on settlement for removal of a well | (760 | ) | |||
Operating income (1) | 2,832 | ||||
Interest expense, net | (142 | ) | |||
Income before income taxes | 2,690 | ||||
Income tax expense (2) | 1,078 | ||||
Income from the operations of discontinued operations, net of tax | 1,612 | ||||
Gain on sale of business, net of tax | 2,454 | ||||
Transaction costs, net of taxes (3) | (217 | ) | |||
Income from discontinued operations (4) | $ | 3,849 | |||
-1 | In accordance with the accounting guidance relating to assets held for sale, Registrant ceased recording depreciation expense for CCWC as of June 2010. | ||||
-2 | Income tax expense does not include the effects of CCWC’s inclusion in the AWR combined California unitary return, which are included in, and do not materially affect, the income tax expense of continuing operations. | ||||
-3 | Included in discontinued operations for the year ended December 31, 2011 are direct transaction costs of $449,000 for legal and consulting services in connection with the sale of CCWC. | ||||
-4 | The 2011 financial results for CCWC represent activity for the five months ended May 31, 2011. Corporate overhead costs allocated to CCWC have been excluded from discontinued operations. The majority of these costs continue to be incurred, primarily at GSWC. Accordingly, these corporate overhead costs have been included in other operating expenses and administrative and general expenses as part of continuing operations in the consolidated statements of income. Such costs allocated to CCWC that have been reflected as part of continuing operations amounted to $356,000 for the year ended December 31, 2011. |
SCHEDULE_I_CONDENSED_FINANCIAL
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | ' | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and equivalents | $ | 107 | $ | 311 | |||||||||
Inter-company note receivables | 21,113 | 15,013 | |||||||||||
Deferred tax assets | 388 | 633 | |||||||||||
Income taxes receivable and other receivables | 1,733 | 1,415 | |||||||||||
Total current assets | 23,341 | 17,372 | |||||||||||
Investments in subsidiaries | 468,568 | 435,373 | |||||||||||
Other assets | 3,364 | 2,421 | |||||||||||
Total assets | $ | 495,273 | $ | 455,166 | |||||||||
Liabilities and Capitalization | |||||||||||||
Note payable to GSWC | $ | 500 | $ | — | |||||||||
Income taxes payable | 1,851 | — | |||||||||||
Deferred taxes and other liabilities | 84 | 117 | |||||||||||
Total current liabilities | 2,435 | 117 | |||||||||||
Deferred taxes | 146 | 49 | |||||||||||
Income taxes payable and other liabilities | 288 | 421 | |||||||||||
Total other liabilities | 434 | 470 | |||||||||||
Common shareholders’ equity | 492,404 | 454,579 | |||||||||||
Total capitalization | 492,404 | 454,579 | |||||||||||
Total liabilities and capitalization | $ | 495,273 | $ | 455,166 | |||||||||
The accompanying condensed note is an integral part of these condensed financial statements. | |||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
For the Years Ended December 31, | |||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Operating revenues and other income | $ | 227 | $ | 64 | $ | 238 | |||||||
Operating expenses and other expenses | 8 | 120 | 521 | ||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 219 | (56 | ) | (283 | ) | ||||||||
Equity in earnings of subsidiaries | 60,205 | 54,212 | 46,483 | ||||||||||
Income before income taxes | 60,424 | 54,156 | 46,200 | ||||||||||
Income tax expense (benefit) | (2,262 | ) | 8 | 341 | |||||||||
Net income | $ | 62,686 | $ | 54,148 | $ | 45,859 | |||||||
Weighted Average Number of Common Shares Outstanding | 38,639 | 37,998 | 37,386 | ||||||||||
Basic Earnings Per Common Share | $ | 1.61 | $ | 1.42 | $ | 1.22 | |||||||
Weighted Average Number of Diluted Common Shares Outstanding | 38,869 | 38,262 | 37,674 | ||||||||||
Fully Diluted Earnings per Common Share | $ | 1.61 | $ | 1.41 | $ | 1.21 | |||||||
The accompanying condensed note is an integral part of these condensed financial statements. | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
For the Years Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash Flows From Operating Activities | $ | 32,645 | $ | 16,885 | $ | 17,945 | |||||||
Cash Flows From Investing Activities: | |||||||||||||
Loans (made to)/repaid from, wholly-owned subsidiaries | (6,100 | ) | (4,720 | ) | 36,786 | ||||||||
Increase in investment of subsidiary | — | — | (10,000 | ) | |||||||||
Proceeds from the sale of CCWC | — | — | 29,603 | ||||||||||
Net cash provided (used) in investing activities | (6,100 | ) | (4,720 | ) | 56,389 | ||||||||
Cash Flows From Financing Activities: | |||||||||||||
Proceeds from note payable to GSWC | 18,236 | — | — | ||||||||||
Repayment of note payable to GSWC | (17,736 | ) | — | — | |||||||||
Proceeds from the issuance of common stock | — | — | 1,658 | ||||||||||
Proceeds from stock option exercises | 2,111 | 13,295 | 2,350 | ||||||||||
Net change in notes payable to banks | — | (2,000 | ) | (58,900 | ) | ||||||||
Dividends paid | (29,360 | ) | (24,130 | ) | (20,552 | ) | |||||||
Net cash used in financing activities | (26,749 | ) | (12,835 | ) | (75,444 | ) | |||||||
Decrease in cash and equivalents | (204 | ) | (670 | ) | (1,110 | ) | |||||||
Cash and equivalents at beginning of period | 311 | 981 | 2,091 | ||||||||||
Cash and equivalents at the end of period | $ | 107 | $ | 311 | $ | 981 | |||||||
The accompanying condensed note is an integral part of these condensed financial statements. | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying condensed financial statements of AWR (parent) should be read in conjunction with the consolidated financial statements and notes thereto of American States Water Company and subsidiaries (“Registrant”) included in Part II, Item 8 of this Form 10-K. AWR’s (parent) significant accounting policies are consistent with those of Registrant and its wholly-owned subsidiaries, Golden State Water Company (“GSWC”) and American States Utility Services, Inc. ("ASUS"), except that all subsidiaries are accounted for as equity method investments. | |||||||||||||
Related Party Transactions: | |||||||||||||
As further discussed in Note 2 — Notes Payable to Banks, AWR (parent) has access to a$100.0 million syndicated credit facility. AWR (parent) borrows under this facility and provides funds to its subsidiaries, in support of their operations. Any amounts owed to AWR (parent) for borrowings under this facility are reflected as inter-company receivables on the condensed balance sheets. The interest rate charged to the subsidiaries is sufficient to cover AWR (parent)’s interest cost under the credit facility. | |||||||||||||
During 2013, AWR (parent) issued an interest bearing promissory note (the "Note") to GSWC for $20.0 million which expires on May 23, 2018. Under the terms of the Note, AWR (parent) may borrow from GSWC amounts up to $20.0 million for working capital purposes. As of December 31, 2013, $500,000 is outstanding under this Note, which has been reflected as a Note payable to GSWC on the balance sheet of AWR (parent)'s as of December 31, 2013. This Note is expected to be repaid by AWR (parent) within one year. | |||||||||||||
AWR (parent) guarantees performance of ASUS's military privatization contracts and agrees to provide necessary resources, including financing, which are necessary to assure the complete and satisfactory performance of such contracts. | |||||||||||||
Note Payable to Banks | |||||||||||||
AWR (parent) has access to a syndicated credit facility which was amended on May 23, 2013 to, among other things, extend the expiration date of the syndicated credit facility to May 23, 2018, reduce the amount of interest and fees paid by AWR, and update certain representations and covenants in the credit agreement. AWR may, under the terms of the fourth amendment, elect to increase the aggregate commitment by up to an additional $50.0 million. The aggregate effective amount that may be outstanding under letters of credit is $25.0 million. AWR has obtained letters of credit, primarily for GSWC, in the aggregate amount of $18.1 million, including: (i) a letter of credit with a fee of 1.2%, in the amount of $6.3 million, in favor of a trustee with respect to the variable rate obligation of GSWC issued by the Three Valleys Municipal Water District; (ii) letters of credit with a fee of 1.2%, in an aggregate amount of $440,000 as security for GSWC’s business automobile insurance policy; (iii) a letter of credit with a fee of 1.2%, in an amount of $585,000 as security for the purchase of power by GSWC; (iv) a $7.2 million letter of credit with a fee of 1.2% representing 80% of total American Recovery and Reinvestment Act (“ARRA”) funds received by GSWC for reimbursement of capital costs related to the installation of meters in GSWC’s Arden-Cordova water system; (v) a $15,000 irrevocable letter of credit on behalf of GSWC pursuant to a franchise agreement with the City of Rancho Cordova, and, (vi) an irrevocable letter of credit in the amount of $3.6 million, pursuant to a settlement agreement with Southern California Edison Company to cover GSWC’s commitment to pay the settlement amount. Letters of credit outstanding reduce the amount that may be borrowed under the revolving credit facility. There were no compensating balances required. | |||||||||||||
Loans can be obtained at the option of AWR and bear interest at rates based on credit ratings and Euro rate margins. In August 2013, Standard & Poor’s Ratings Services (“S&P”) affirmed the ‘A+’ corporate credit rating on AWR and GSWC with a stable outlook. S&P debt ratings range from AAA (highest rating possible) to D (obligation is in default). | |||||||||||||
At December 31, 2013, there were no borrowings outstanding under this facility. At times, AWR (parent) borrows under this facility and provides loans to its subsidiaries in support of its operations, under terms that are similar to that of the credit facility. | |||||||||||||
AWR’s (parent) short-term borrowing activities (excluding letters of credit) for the last three years were as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||
Balance Outstanding at December 31, | $ | — | $ | — | $ | 2,000 | |||||||
Interest Rate at December 31, | 0.82 | % | 1.41 | % | 1.51 | % | |||||||
Average Amount Outstanding | $ | — | $ | 885 | $ | 25,713 | |||||||
Weighted Average Annual Interest Rate | 1.02 | % | 1.49 | % | 1.46 | % | |||||||
Maximum Amount Outstanding | $ | — | $ | 6,000 | $ | 64,900 | |||||||
All of the letters of credit are issued pursuant to the syndicated revolving credit facility. The syndicated revolving credit facility contains restrictions on prepayments, disposition of property, mergers, liens and negative pledges, indebtedness and guaranty obligations, transactions with affiliates, minimum interest coverage requirements, a maximum debt to capitalization ratio and a minimum debt rating. Pursuant to the credit agreement, AWR must maintain a minimum interest coverage ratio of 3.25 times interest expense, a maximum total funded debt ratio of 0.65 to 1.00 and a minimum debt rating from Moody’s or S&P of Baa3 or BBB-, respectively. As of December 31, 2013, AWR was in compliance with these covenants with an interest coverage ratio of 7.18 times interest expense, a debt ratio of 0.42 to 1.00 and a debt rating of A+. | |||||||||||||
Income Taxes | |||||||||||||
AWR (parent) receives a tax benefit for expenses incurred at the parent-company level. AWR (parent) also recognizes the effect of AWR’s consolidated California unitary apportionment, which is beneficial or detrimental depending on a combination of the profitability of AWR’s consolidated non-California activities as well as the proportion of its consolidated California sales to total sales. | |||||||||||||
During the year ended December 31, 2013, AWR (parent) recorded a cumulative tax benefit of $1.5 million related to an employee benefit plan for deductions taken on recently filed tax returns and amounts expected to be taken on amended income tax returns. It is management's intention to amend tax returns for open years to reflect these deductions which cover a period of 5 years. | |||||||||||||
Dividend from subsidiaries | |||||||||||||
Dividends in the amount of $29.4 million, $16.9 million and $20.0 million were paid to AWR (parent) by its wholly-owned subsidiaries during the years ended December 31, 2013, 2012 and 2011, respectively. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Nature of Operations and Basis of Presentation | ' | ||||||||||||||||
Nature of Operations: American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”) and American States Utility Services, Inc. (“ASUS”) (and its subsidiaries, Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”) and Old North Utility Services, Inc. (“ONUS”)). AWR and its subsidiaries may be collectively referred to herein as “Registrant” or “the Company.” The subsidiaries of ASUS may be collectively referred to herein as the “Military Utility Privatization Subsidiaries.” | |||||||||||||||||
GSWC is a public utility engaged principally in the purchase, production, distribution and sale of water in California serving approximately 257,000 water customers. GSWC also distributes electricity in several San Bernardino Mountain communities serving approximately 24,000 electric customers through its Bear Valley Electric Service (“BVES”) division. Although Registrant has a diversified base of residential, industrial and other customers, revenues derived from commercial and residential water customers accounted for approximately 90% of total water revenues in 2013, 2012 and 2011. The California Public Utilities Commission (“CPUC”) regulates GSWC’s water and electric business, including properties, rates, services, facilities and other matters, and transactions by GSWC with its affiliates. AWR’s assets and operating income are primarily those of GSWC. | |||||||||||||||||
ASUS, through its wholly-owned subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various United States military bases pursuant to 50-year firm fixed-price contracts. These contracts are subject to periodic price redeterminations and modifications for changes in circumstances and changes in laws and regulations. | |||||||||||||||||
There is no direct regulatory oversight by the CPUC over AWR or the operation, rates or services provided by ASUS or any of its wholly owned subsidiaries. | |||||||||||||||||
Basis of Presentation: The consolidated financial statements and notes thereto are being presented in a combined report being filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. | |||||||||||||||||
The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries, all of which are wholly-owned. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. Inter-company transactions and balances have been eliminated in the AWR consolidated financial statements. | |||||||||||||||||
Related Party Transactions: | ' | ||||||||||||||||
Related Party Transactions: GSWC and ASUS provide and receive various services to and from their parent, AWR. Any transactions between GSWC and AWR or ASUS are governed by the CPUC’s affiliate transaction rules. In addition, AWR has a $100.0 million syndicated credit facility. AWR borrows under this facility and provides funds to its subsidiaries, including GSWC, in support of their operations. Any amounts owed to AWR for borrowings under this facility are included in inter-company payables on GSWC’s balance sheet. The interest rate charged to GSWC and other affiliates is sufficient to cover AWR’s interest cost under the credit facility. GSWC also allocates certain corporate office administrative and general costs to its affiliate, ASUS, using allocation factors mandated by the CPUC. | |||||||||||||||||
During 2013, AWR issued an interest bearing promissory note (the "Note") to GSWC for $20.0 million which expires on May 23, 2018. Under the terms of the Note, AWR may borrow from GSWC amounts up to $20.0 million for working capital purposes. As of December 31, 2013, $500,000 is outstanding under this Note, which has been reflected as a current note receivable on GSWC's balance sheet as of December 31, 2013. This Note is expected to be repaid by AWR within one year. | |||||||||||||||||
AWR owns all of the outstanding common shares of GSWC and ASUS. ASUS owns all of the outstanding common stock of the Military Utility Privatization Subsidiaries. | |||||||||||||||||
Utility Accounting: | ' | ||||||||||||||||
Utility Accounting: Registrant’s accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the CPUC and the Federal Energy Regulatory Commission. GSWC has incurred various costs and received various credits reflected as regulatory assets and liabilities. Accounting for such costs and credits as regulatory assets and liabilities is in accordance with the guidance for accounting for the effects of certain types of regulation. This guidance sets forth the application of accounting principles generally accepted in the United States of America for those companies whose rates are established by or are subject to approval by an independent third-party regulator. | |||||||||||||||||
Under such accounting guidance, rate regulated entities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the ratemaking process in a period different from the period in which they would have been reflected in income by an unregulated company. These regulatory | |||||||||||||||||
assets and liabilities are then recognized in the income statement in the period in which the same amounts are reflected in the rates charged for service. The amounts included as regulatory assets and liabilities that will be collected over a period exceeding one year are classified as long-term assets and liabilities as of December 31, 2013 and 2012. | |||||||||||||||||
Property and Depreciation: | ' | ||||||||||||||||
Property and Depreciation: GSWC capitalizes, as utility plant, the cost of construction and the cost of additions, betterments and replacements of retired units of property. Such cost includes labor, material and certain indirect charges. Water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable accumulated depreciation is recorded to accumulated depreciation. The difference between the estimated original cost, less accumulated depreciation, and the purchase price, if recognized by the regulator, is recorded as an acquisition adjustment within utility plant. At December 31, 2013, utility plant includes a net credit acquisition adjustment of $8.8 million for GSWC, which is being amortized over approximately 30 years as permitted by the CPUC. Amortization of the acquisition adjustments totaled $427,000 for 2013 and $374,000 for 2012 and 2011. | |||||||||||||||||
Depreciation is computed on the straight-line, remaining-life basis, group method, based on depreciable plant in accordance with the applicable ratemaking process. The aggregate composite rate for depreciation for GSWC’s water distribution unit approximated 3.4% for 2013, 3.7% for 2012 and 3.8% for 2011, and approximately 3.4% for its electric unit for 2013, 3.6% for 2012 and 3.7% for 2011. Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $877,000, $1.8 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Expenditures for maintenance and repairs are expensed as incurred. Replaced or retired property costs, including cost of removal, are charged to the accumulated provision for depreciation. Property owned and depreciation recorded by ASUS and its subsidiaries are not material to Registrant’s financial statements. | |||||||||||||||||
Estimated useful lives of GSWC’s utility plant, as authorized by the CPUC, are as follows: | |||||||||||||||||
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 | ||||||||||||||||
Asset Retirement Obligations: | ' | ||||||||||||||||
Asset Retirement Obligations: GSWC has a legal obligation for the retirement of its wells, which by law need to be properly capped at the time of removal. As such, GSWC incurs asset retirement obligations. GSWC records the fair value of a liability for these asset retirement obligations in the period in which they are incurred. When the liability is initially recorded, GSWC capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, GSWC either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. Retirement costs have historically been recovered through rates subsequent to the retirement costs being incurred. Accordingly, GSWC’s asset retirement obligations are reflected as a regulatory asset. GSWC also reflects the gain or loss at settlement as a regulatory asset or liability on the balance sheet. | |||||||||||||||||
With regards to removal costs associated with certain other long-lived assets, such as water mains, distribution and transmission assets, asset retirement obligations have not been recognized as GSWC believes that it will not be obligated to retire these assets. There are no CPUC rules or regulations that require GSWC to remove any of its other long-lived assets. In addition, GSWC’s water pipelines are not subject to regulation by any federal regulatory agency. GSWC has franchise agreements with various municipalities in order to use the public right of way for utility purposes (i.e., operate water distribution and transmission assets), and if certain events occur in the future, could be required to remove or relocate certain of its pipelines. However, it is not possible to estimate an asset retirement amount since the timing and the amount of assets that may be required to be removed, if any, is not known. | |||||||||||||||||
Amounts recorded for asset retirement obligations are subject to various assumptions and determinations, such as determining whether a legal obligation exists to remove assets, and estimating the fair value of the costs of removal, when final removal will occur and the credit-adjusted risk-free interest rates to be utilized on discounting future liabilities. Changes that may arise over time with regard to these assumptions will change amounts recorded in the future. Estimating the fair value of the costs of removal were determined based on third party costs. | |||||||||||||||||
Impairment of Long-Lived Assets: | ' | ||||||||||||||||
Impairment of Long-Lived Assets: Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with accounting guidance for impairment or disposal of long-lived assets. Registrant would recognize an impairment loss on its regulated assets only if the carrying value amount of a long-lived asset is not recoverable from customer rates authorized by the CPUC. Impairment loss is measured as the excess of the carrying value over the amounts recovered in customer rates. During the year ended December 31, 2012, a $416,000 impairment loss was recorded in operating expenses as a result of the disallowance of certain capital costs by the CPUC as more fully discussed in Note 2. | |||||||||||||||||
Goodwill: | ' | ||||||||||||||||
Goodwill: At December 31, 2013 and 2012, AWR had approximately $1.1 million of goodwill included in “Other Property and Investments.” The $1.1 million goodwill arose from ASUS’s acquisition of a subcontractor’s business. In accordance with the accounting guidance for testing goodwill, AWR annually assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For 2013, AWR’s assessment of qualitative factors did not indicate that an impairment had occurred for the goodwill amount of $1.1 million at ASUS. | |||||||||||||||||
Cash and Cash Equivalents: | ' | ||||||||||||||||
Cash and Cash Equivalents: Cash and cash equivalents include short-term cash investments with an original maturity of three months or less. At times, cash and cash equivalent balances may be in excess of federally insured limits. Cash and cash equivalents are held with financial institutions with high credit standings. | |||||||||||||||||
Accounts Receivable: | ' | ||||||||||||||||
Accounts Receivable: Accounts receivable is reported on the balance sheet net of any allowance for doubtful accounts. The allowance for doubtful accounts is Registrant’s best estimate of the amount of probable credit losses in Registrant’s existing accounts receivable from its water and electric customers, and is determined based on historical write-off experience and the aging of account balances. Registrant reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. Other accounts receivable consist of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements, and amounts due from the U.S. government or other third-party prime government contractors pursuant to contracts or modifications thereto or agreements to operate and maintain, and/or provide construction services for the water and/or wastewater systems at military bases. The allowance for these other accounts receivable is based on Registrant’s evaluation of the receivable portfolio under current conditions and a review of specific problems and such other factors that, in Registrant’s judgment, should be considered in estimating losses. | |||||||||||||||||
Materials and Supplies: | ' | ||||||||||||||||
Materials and Supplies: Materials and supplies are stated at the lower of cost or market. Cost is computed using average cost. | |||||||||||||||||
Interest: | ' | ||||||||||||||||
Interest: Interest incurred during the construction of capital assets has generally not been capitalized for financial reporting purposes as such policy is not followed in the ratemaking process. Interest expense is generally recovered through the regulatory process. However, the CPUC has authorized certain capital projects to be filed for revenue recovery with advice letters when those projects are completed. During the time that such projects are under development and construction, GSWC may accrue an allowance for funds used during construction (“AFUDC”) on the incurred expenditures to offset the cost of financing project construction. | |||||||||||||||||
Water and Electric Operating Revenues: | ' | ||||||||||||||||
Water and Electric Operating Revenues: GSWC records water and electric utility operating revenues when the service is provided to customers. Revenues include amounts billed to customers on a cycle basis based on meter reading for services provided and unbilled revenues representing estimated amounts to be billed for usage from the last meter reading date to the end of the accounting period. The unbilled revenues are based on historic customer usage to estimate unbilled usage. Flat-rate customers are billed in advance at the beginning of the service period. Revenue from flat-rate customers is deferred and adjustments are calculated to determine the revenue related to the applicable period. | |||||||||||||||||
Alternative-Revenue Program: | ' | ||||||||||||||||
Alternative-Revenue Programs: As authorized by the CPUC, GSWC records in revenues the difference between the adopted level of volumetric revenues as authorized by the CPUC for metered accounts (volumetric revenues) and the actual volumetric revenues recovered in customer rates. If this difference results in an under-collection of revenues, GSWC records the additional revenue only to the extent that they are expected to be collected within 24 months following the year in which they are recorded in accordance with the accounting guidance for alternative-revenue programs. | |||||||||||||||||
Other Operating Revenues: | ' | ||||||||||||||||
Contracted Services Revenues: Revenues from ASUS contract operations and maintenance agreements are recognized on a monthly basis when services have been rendered to the customers under such agreements. Revenues from firm, fixed-price construction contracts are recognized based on the percentage-of-completion method of accounting. In accordance with GAAP, revenue recognition under the percentage-of-completion method requires ASUS to estimate the progress toward completion on a contract in terms of efforts (such as costs incurred) or in terms of results achieved (such as units constructed). These approaches are used because management considers them to be the best available measure of progress on these contracts. Revenues from cost-plus-profit contracts of ASUS are recognized on the basis of costs incurred during the period plus the profit earned, measured by the cost-to-cost method. | |||||||||||||||||
Construction costs for ASUS include all direct material and labor costs charged by subcontractors and those indirect costs related to contract performance, such as indirect labor, supplies, and tools. The factors considered in including such costs in revenues and expenses are that ASUS and/or its subsidiaries: (i) are the primary obligor in these arrangements with the U.S. government and the third party prime contractors; (ii) have latitude in establishing pricing, and (iii) bear credit risk in the collection of receivables. Administrative and general costs are charged to expense as incurred. Precontract costs for ASUS, which consist of design and engineering labor costs, are deferred if they are probable of recovery and are expensed as incurred if they are not probable of recovery. Deferred precontract costs have been immaterial to date. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. | |||||||||||||||||
Changes in job performance, job conditions, change orders and estimated profitability, including those arising from contract penalty provisions, and final contract settlements may result in revisions to costs and income for ASUS and are recognized in the period in which the revisions are determined. | |||||||||||||||||
The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts,” represents revenues recognized in excess of amounts billed. The liability, “Billings in excess of costs and estimated earnings on uncompleted contracts,” represents billings in excess of revenues recognized. Amounts expected to be earned/collected in the next 12-months have been classified as current. | |||||||||||||||||
Debt Issuance Costs and Redemption Premiums: | ' | ||||||||||||||||
Debt Issuance Costs and Redemption Premiums: Original debt issuance costs are capitalized and amortized over the lives of the respective issues. Premiums paid on the early redemption of debt, which is reacquired through refunding, are deferred and amortized over the life of the debt issued to finance the refunding as Registrant normally receives recovery of these costs in rates. | |||||||||||||||||
Advances for Construction and Contributions in aid of Constructions: | ' | ||||||||||||||||
Advances for Construction and Contributions in Aid of Construction: Advances for construction represent amounts advanced by developers for the cost to construct water system facilities in order to extend water service to their properties. Advances are generally refundable in equal annual installments, generally over 40 years. In certain instances, GSWC makes refunds on these advances over a specific period of time based on operating revenues related to the main or as new customers are connected to receive service from the main. Utility plant funded by advances and contributions is excluded from rate base. Generally, GSWC depreciates contributed property and amortizes contributions in aid of construction at the composite rate of the related property. Contributions in aid of construction are similar to advances, but require no refunding. | |||||||||||||||||
Fair Value of Financial Instruments: | ' | ||||||||||||||||
Fair Value of Financial Instruments: For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of the amounts. The table below estimates the fair value of long-term debt issued by GSWC. Rates available to GSWC at December 31, 2013 and 2012 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Long-term debt—GSWC | $ | 332,377 | $ | 412,590 | $ | 335,791 | $ | 456,792 | |||||||||
The accounting guidance for fair value measurements applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, GSWC makes fair value measurements that are classified and disclosed in one of the following three categories: | |||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability, or | |||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |||||||||||||||||
Publicly issued notes, private placement notes and other long-term debt are measured using current U.S. corporate bond yields for similar debt instruments and are classified as Level 2. The following tables set forth by level, within the fair value hierarchy, GSWC’s long-term debt measured at fair value as of December 31, 2013: | |||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-term debt—GSWC | — | $ | 412,590 | — | $ | 412,590 | |||||||||||
Stock Awards | ' | ||||||||||||||||
Stock Awards: AWR has issued stock awards to its employees under the 2000 Stock Incentive Plan, or 2000 employee plan, and the 2008 Stock Incentive Plan, or 2008 employee plan, and to directors under the 2003 Non-Employee Directors Stock Plan, or 2003 directors plan, and the 2013 Non-Employee Directors Plan, or 2013 directors plan. Registrant applies the provisions in the accounting guidance for share-based payments in accounting for all of its stock-based awards. | |||||||||||||||||
Sales and Use Taxes: | ' | ||||||||||||||||
Sales and Use Taxes: GSWC bills certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which GSWC pays to various municipalities (based on ordinances adopted by these municipalities) in order to use public right of way for utility purposes. GSWC bills these franchise fees to its customers based on a CPUC-authorized rate(s). These franchise fees, which are required to be paid regardless of GSWC’s ability to collect from the customer, are accounted for on a gross basis. GSWC’s franchise fees billed to customers and recorded as operating revenue were approximately $3.6 million, $3.4 million and $3.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. When GSWC acts as an agent and the tax is not required to be remitted if it is not collected from the customer, the taxes are accounted for on a net basis. | |||||||||||||||||
Depending on the state in which the operations are conducted, the Military Utility Privatization Subsidiaries are also subject to certain state non-income tax assessments generally computed on a “gross receipts” or “gross revenues” basis. These non-income tax assessments are required to be paid regardless of the Military Utility Privatization Subsidiaries’ ability to be reimbursed by the U.S. government or the third party prime government contractors. The non-income tax assessments are accounted for on a gross basis and totaled $864,000, $717,000 and $718,000 during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Recently Adopted Accounting Pronouncements: | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements: Recent accounting standards issued by the Financial Accounting Standards Board did not or are not expected to have any impact on Registrant’s consolidated financial statements. | |||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) (GSWC) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
GSWC | ' | ||||||||||||||||
Summary of significant accounting policies | ' | ||||||||||||||||
Schedule of estimated useful lives of utility plant, as authorized by the CPUC | ' | ||||||||||||||||
Estimated useful lives of GSWC’s utility plant, as authorized by the CPUC, are as follows: | |||||||||||||||||
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 | ||||||||||||||||
Schedule of estimates of the fair value of long-term debt | ' | ||||||||||||||||
Changes in the assumptions will produce differing results. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Long-term debt—GSWC | $ | 332,377 | $ | 412,590 | $ | 335,791 | $ | 456,792 | |||||||||
Schedule of long-term debt measured at fair value | ' | ||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, GSWC’s long-term debt measured at fair value as of December 31, 2013: | |||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-term debt—GSWC | — | $ | 412,590 | — | $ | 412,590 | |||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Regulated Operations [Abstract] | ' | ||||||||
Schedule of regulatory assets, less regulatory liabilities in the consolidated balance sheets for continuing operations | ' | ||||||||
Regulatory assets, less regulatory liabilities, included in the consolidated balance sheets are as follows: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
GSWC | |||||||||
Water Revenue Adjustment Mechanism, net of Modified Cost Balancing Account | $ | 16,345 | $ | 42,574 | |||||
Base Revenue Requirement Adjustment Mechanism | 8,725 | 6,833 | |||||||
Costs deferred for future recovery on Aerojet case | 14,763 | 16,030 | |||||||
Pensions and other post-retirement obligations (Note 11) | 20,241 | 56,894 | |||||||
Derivative unrealized loss (Note 4) | — | 3,060 | |||||||
Flow-through taxes, net (Note 10) | 16,189 | 16,415 | |||||||
Low income rate assistance balancing accounts | 9,979 | 9,119 | |||||||
General rate case memorandum accounts | 15,645 | 4,495 | |||||||
Other regulatory assets | 25,086 | 28,153 | |||||||
Various refunds to customers | (4,292 | ) | (7,558 | ) | |||||
Total | $ | 122,681 | $ | 176,015 | |||||
Utility_Plant_and_Intangible_A1
Utility Plant and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Utility Plant and Intangible Assets | ' | ||||||||||||||||||
Schedule of Registrant's utility plant utilized in continuing operations by major asset class | ' | ||||||||||||||||||
The following table shows Registrant’s utility plant by major asset class: | |||||||||||||||||||
GSWC | AWR | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Water | |||||||||||||||||||
Land | $ | 15,423 | $ | 15,357 | $ | 15,423 | $ | 15,357 | |||||||||||
Intangible assets | 34,001 | 33,731 | 34,019 | 33,750 | |||||||||||||||
Source of water supply | 75,651 | 72,020 | 75,651 | 72,020 | |||||||||||||||
Pumping | 147,390 | 142,586 | 147,390 | 142,586 | |||||||||||||||
Water treatment | 70,947 | 63,738 | 70,947 | 63,738 | |||||||||||||||
Transmission and distribution | 856,823 | 796,973 | 856,823 | 796,973 | |||||||||||||||
General | 107,274 | 103,308 | 116,346 | 112,206 | |||||||||||||||
1,307,509 | 1,227,713 | 1,316,599 | 1,236,630 | ||||||||||||||||
Electric | |||||||||||||||||||
Transmission and distribution | 58,400 | 56,757 | 58,400 | 56,757 | |||||||||||||||
Generation | 12,547 | 12,547 | 12,547 | 12,547 | |||||||||||||||
General (1) | 8,413 | 8,349 | 8,413 | 8,349 | |||||||||||||||
79,360 | 77,653 | 79,360 | 77,653 | ||||||||||||||||
Less — accumulated depreciation | (466,329 | ) | (437,949 | ) | (471,665 | ) | (442,316 | ) | |||||||||||
Construction work in progress | 56,754 | 45,720 | 57,183 | 45,824 | |||||||||||||||
Net utility plant | $ | 977,294 | $ | 913,137 | $ | 981,477 | $ | 917,791 | |||||||||||
(1) Includes intangible assets of $1.2 million for studies performed in association with the electricity segment of the Registrant’s operations for the years ended December 31, 2013 and 2012. | |||||||||||||||||||
Schedule of components of intangible assets | ' | ||||||||||||||||||
As of December 31, 2013 and 2012, intangible assets consist of the following: | |||||||||||||||||||
Weighted Average | GSWC | AWR | |||||||||||||||||
Amortization | December 31, | December 31, | |||||||||||||||||
(dollars in thousands) | Period | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Intangible assets: | |||||||||||||||||||
Conservation | 24 years | $ | 9,496 | $ | 9,496 | $ | 9,496 | $ | 9,496 | ||||||||||
Water and service rights (2) | 25 years | 8,124 | 8,124 | 8,695 | 8,695 | ||||||||||||||
Water planning studies | 14 years | 17,214 | 16,945 | 17,214 | 16,945 | ||||||||||||||
Total amortized intangible assets | 34,834 | 34,565 | 35,405 | 35,136 | |||||||||||||||
Less — accumulated amortization | (22,459 | ) | (20,656 | ) | (22,530 | ) | (20,715 | ) | |||||||||||
Intangible assets, net of amortization | $ | 12,375 | $ | 13,909 | $ | 12,875 | $ | 14,421 | |||||||||||
Intangible assets not subject to amortization (3) | $ | 409 | $ | 409 | $ | 427 | $ | 427 | |||||||||||
Schedule of estimated future consolidated amortization expenses related to intangible assets | ' | ||||||||||||||||||
Estimated future consolidated amortization expenses related to intangible assets for the succeeding five years are (in thousands): | |||||||||||||||||||
Amortization | |||||||||||||||||||
Expense | |||||||||||||||||||
2014 | $ | 2,436 | |||||||||||||||||
2015 | 1,962 | ||||||||||||||||||
2016 | 1,487 | ||||||||||||||||||
2017 | 1,487 | ||||||||||||||||||
2018 | 1,487 | ||||||||||||||||||
Total | $ | 8,859 | |||||||||||||||||
Schedule of reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations | ' | ||||||||||||||||||
The following is a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations, which are included in “Other Credits” on the balance sheets as of December 31, 2013 and 2012: | |||||||||||||||||||
(dollars in thousands) | GSWC | ||||||||||||||||||
Obligation at December 31, 2011 | $ | 2,989 | |||||||||||||||||
Additional liabilities incurred | 48 | ||||||||||||||||||
Liabilities settled | (209 | ) | |||||||||||||||||
Accretion | 190 | ||||||||||||||||||
Obligation at December 31, 2012 | $ | 3,018 | |||||||||||||||||
Additional liabilities incurred | 11 | ||||||||||||||||||
Liabilities settled | (126 | ) | |||||||||||||||||
Accretion | 192 | ||||||||||||||||||
Obligation at December 31, 2013 | $ | 3,095 | |||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) (GSWC) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
GSWC | ' | ||||||||
Derivative instruments | ' | ||||||||
Schedule of changes in the fair value of the derivative | ' | ||||||||
The following table presents changes in the fair value of GSWC’s derivatives for the years ended December 31, 2013 and 2012. | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Balance, at beginning of the period | $ | (3,060 | ) | $ | (7,611 | ) | |||
Unrealized gain on purchased power contracts | 3,060 | 4,551 | |||||||
Balance, at end of the period | $ | — | $ | (3,060 | ) | ||||
Military_Privatization_Tables
Military Privatization (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Military Privatization | ' | ||||||||
Schedule of costs and estimated earnings on uncompleted contracts and amounts due from the U.S. government | ' | ||||||||
Costs and estimated earnings on uncompleted contracts and amounts due from the U.S. government as of December 31, 2013 and 2012 are as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Revenues (costs and estimated earnings) recognized on uncompleted contracts | $ | 78,741 | $ | 62,902 | |||||
Less: Billings to date | (32,262 | ) | (37,335 | ) | |||||
$ | 46,479 | $ | 25,567 | ||||||
Included in the accompanying balance sheets under the following captions: | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 53,331 | $ | 38,139 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (6,852 | ) | (12,572 | ) | |||||
$ | 46,479 | $ | 25,567 | ||||||
Receivables from the U.S. government: | |||||||||
Billed receivables from the U.S. government | $ | 7,106 | $ | 12,913 | |||||
Unbilled receivables from the U.S. government | 3,104 | 4,535 | |||||||
Less: allowance for doubtful accounts | — | (8 | ) | ||||||
Total | $ | 10,210 | $ | 17,440 | |||||
Earnings_Per_Share_and_Capital1
Earnings Per Share and Capital Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating basic net income per share | ' | ||||||||||||
The following is a reconciliation of Registrant’s net income and weighted average common shares outstanding for calculating basic net income per share reflecting the two-for-one stock split effective September 3, 2013: | |||||||||||||
Basic | For The Years Ended December 31, | ||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Net income from continuing operations | $ | 62,686 | $ | 54,148 | $ | 42,010 | |||||||
Net income from discontinued operations | — | — | 3,849 | ||||||||||
Net income | 62,686 | 54,148 | 45,859 | ||||||||||
Less: (a) Distributed earnings to common shareholders | 29,366 | 24,129 | 20,563 | ||||||||||
Distributed earnings to participating securities | 171 | 171 | 140 | ||||||||||
Undistributed earnings | 33,149 | 29,848 | 25,156 | ||||||||||
(b) Undistributed earnings allocated to common shareholders | 32,958 | 29,638 | 24,985 | ||||||||||
Undistributed earnings allocated to participating securities | 191 | 210 | 171 | ||||||||||
Total income available to common shareholders, basic (a)+(b) | $ | 62,324 | $ | 53,767 | $ | 45,548 | |||||||
Weighted average common shares outstanding, basic | 38,639 | 37,998 | 37,386 | ||||||||||
Basic earnings per common share: | |||||||||||||
Income from continuing operations | $ | 1.61 | $ | 1.42 | $ | 1.12 | |||||||
Income from discontinued operations | — | — | 0.1 | ||||||||||
Net Income | $ | 1.61 | $ | 1.42 | $ | 1.22 | |||||||
Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating diluted net income per share | ' | ||||||||||||
The following is a reconciliation of Registrant’s net income and weighted average common shares outstanding for calculating diluted net income per share reflecting the two-for-one stock split effective September 3, 2013: | |||||||||||||
Diluted | For The Years Ended December 31, | ||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Common shareholders earnings, basic | $ | 62,324 | $ | 53,767 | $ | 45,548 | |||||||
Undistributed earnings for dilutive stock options | 191 | 210 | 171 | ||||||||||
Total common shareholders earnings, diluted | $ | 62,515 | $ | 53,977 | $ | 45,719 | |||||||
Weighted average common shares outstanding, basic | 38,639 | 37,998 | 37,386 | ||||||||||
Stock-based compensation (1) | 230 | 264 | 288 | ||||||||||
Weighted average common shares outstanding, diluted | 38,869 | 38,262 | 37,674 | ||||||||||
Diluted earnings per common share | |||||||||||||
Income from continuing operations | $ | 1.61 | $ | 1.41 | $ | 1.11 | |||||||
Income from discontinued operations | — | — | 0.1 | ||||||||||
Net income | $ | 1.61 | $ | 1.41 | $ | 1.21 | |||||||
(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 264,596 stock options and 237,956 restricted stock units, including performance awards, at December 31, 2013 were deemed to be outstanding in accordance with accounting guidance on earnings per share. |
Bank_Debt_Tables
Bank Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Bank Debt | ' | ||||||||||||
Schedule of short-term borrowing activities (excluding letters of credit) | ' | ||||||||||||
AWR’s short-term borrowing activities (excluding letters of credit) for the last three years were as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||
Balance Outstanding at December 31, | $ | — | $ | — | $ | 2,000 | |||||||
Interest Rate at December 31, | 0.82 | % | 1.41 | % | 1.51 | % | |||||||
Average Amount Outstanding | $ | — | $ | 885 | $ | 25,713 | |||||||
Weighted Average Annual Interest Rate | 1.02 | % | 1.49 | % | 1.46 | % | |||||||
Maximum Amount Outstanding | $ | — | $ | 6,000 | $ | 64,900 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Debt Disclosure [Abstract] | ' | |||
Schedule of annual maturities of all long-term debt, including capitalized leases | ' | |||
Annual maturities of all long-term debt, including capitalized leases, are as follows for each fiscal year through December 31, 2018 and thereafter (in thousands): | ||||
Maturity as of | ||||
December 31, | ||||
2014 | $ | 6,298 | ||
2015 | 290 | |||
2016 | 309 | |||
2017 | 327 | |||
2018 | 321 | |||
Thereafter | 324,832 | |||
Total | $ | 332,377 | ||
Taxes_on_Income_Tables
Taxes on Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of significant components of the deferred tax assets and liabilities from continuing operations | ' | ||||||||||||||||
The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2013 and 2012 are: | |||||||||||||||||
AWR | GSWC | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Deferred tax assets: | |||||||||||||||||
Regulatory-liability-related: ITC and excess deferred taxes | $ | 1,049 | $ | 1,649 | $ | 1,049 | $ | 1,649 | |||||||||
Regulatory-liability-related: California Corp Franchise Tax | 4,337 | 3,690 | 4,337 | 3,690 | |||||||||||||
Other non-property-related | 2,005 | 2,609 | 1,543 | 2,151 | |||||||||||||
Contributions and advances | 8,655 | 9,443 | 8,655 | 9,443 | |||||||||||||
$ | 16,046 | $ | 17,391 | $ | 15,584 | $ | 16,933 | ||||||||||
Deferred tax liabilities: | |||||||||||||||||
Fixed assets | $ | (131,534 | ) | $ | (121,802 | ) | $ | (131,548 | ) | $ | (121,881 | ) | |||||
Regulatory-asset-related: depreciation and other | (21,575 | ) | (21,754 | ) | (21,575 | ) | (21,754 | ) | |||||||||
Other property-related | (155 | ) | (152 | ) | (155 | ) | (151 | ) | |||||||||
Balancing and memorandum accounts | (6,663 | ) | (1,020 | ) | (6,663 | ) | (1,020 | ) | |||||||||
Deferred charges | (6,064 | ) | (6,632 | ) | (6,064 | ) | (6,632 | ) | |||||||||
(165,991 | ) | (151,360 | ) | (166,005 | ) | (151,438 | ) | ||||||||||
Accumulated deferred income taxes - net | $ | (149,945 | ) | $ | (133,969 | ) | $ | (150,421 | ) | $ | (134,505 | ) | |||||
Schedule of current and deferred components of income tax expense from continuing operations | ' | ||||||||||||||||
The current and deferred components of income tax expense from continuing operations are as follows: | |||||||||||||||||
AWR | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 13,741 | $ | 15,585 | $ | 9,107 | |||||||||||
State | 5,930 | 5,273 | 7,108 | ||||||||||||||
Total current tax expense | $ | 19,671 | $ | 20,858 | $ | 16,215 | |||||||||||
Deferred | |||||||||||||||||
Federal | $ | 14,769 | $ | 13,088 | $ | 15,189 | |||||||||||
State | 1,343 | 1,999 | (1,328 | ) | |||||||||||||
Total deferred tax expense | 16,112 | 15,087 | 13,861 | ||||||||||||||
Total income tax expense from continuing operations | $ | 35,783 | $ | 35,945 | $ | 30,076 | |||||||||||
GSWC | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 10,768 | $ | 7,957 | $ | 5,246 | |||||||||||
State | 6,315 | 3,830 | 6,920 | ||||||||||||||
Total current tax expense | $ | 17,083 | $ | 11,787 | $ | 12,166 | |||||||||||
Deferred | |||||||||||||||||
Federal | $ | 14,691 | $ | 12,670 | $ | 15,118 | |||||||||||
State | 1,360 | 2,043 | (1,313 | ) | |||||||||||||
Total deferred tax expense | 16,051 | 14,713 | 13,805 | ||||||||||||||
Total income tax expense | $ | 33,134 | $ | 26,500 | $ | 25,971 | |||||||||||
Schedule of reconciliations of the effective tax rates to the federal statutory rate | ' | ||||||||||||||||
The reconciliations of the effective tax rates to the federal statutory rate are as follows: | |||||||||||||||||
AWR | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||||||
Federal taxes on pretax income at statutory rate | $ | 34,464 | $ | 31,533 | $ | 25,230 | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State income tax, net of federal benefit | 5,111 | 4,957 | 3,781 | ||||||||||||||
Flow-through on fixed assets | 646 | 636 | 1,026 | ||||||||||||||
Flow-through on pension costs | 612 | 10 | 254 | ||||||||||||||
Flow-through on removal costs | (2,141 | ) | (943 | ) | (281 | ) | |||||||||||
Domestic production activities deduction | (2,944 | ) | (553 | ) | (277 | ) | |||||||||||
Investment tax credit | (91 | ) | (91 | ) | (91 | ) | |||||||||||
Other – net | 126 | 396 | 434 | ||||||||||||||
Total income tax expense from continuing operations | $ | 35,783 | $ | 35,945 | $ | 30,076 | |||||||||||
Pretax income from continuing operations | $ | 98,469 | $ | 90,093 | $ | 72,086 | |||||||||||
Effective income tax rate | 36.3 | % | 39.9 | % | 41.7 | % | |||||||||||
GSWC | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(dollars in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||||||
Federal taxes on pretax income at statutory rate | $ | 28,622 | $ | 23,002 | $ | 21,278 | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State income tax, net of federal benefit | 5,372 | 4,048 | 3,707 | ||||||||||||||
Flow-through on fixed assets | 646 | 636 | 1,026 | ||||||||||||||
Flow-through on pension costs | 612 | 10 | 254 | ||||||||||||||
Flow-through on removal costs | (2,141 | ) | (943 | ) | (281 | ) | |||||||||||
Domestic production activities deduction | (1,316 | ) | (553 | ) | (277 | ) | |||||||||||
Investment tax credit | (91 | ) | (91 | ) | (91 | ) | |||||||||||
Other – net | 1,430 | 391 | 355 | ||||||||||||||
Total income tax expense | $ | 33,134 | $ | 26,500 | $ | 25,971 | |||||||||||
Pretax income | $ | 81,776 | $ | 65,720 | $ | 60,793 | |||||||||||
Effective income tax rate | 40.5 | % | 40.3 | % | 42.7 | % | |||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Pension and Post-Retirement Medical Plans: | ' | ||||||||||||||||||||||||
Employee benefit plans | ' | ||||||||||||||||||||||||
Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability | ' | ||||||||||||||||||||||||
The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Pension Benefits | Post-Retirement Medical | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 163,230 | $ | 146,127 | $ | 12,296 | $ | 12,448 | |||||||||||||||||
Service cost | 6,967 | 6,675 | 407 | 419 | |||||||||||||||||||||
Interest cost | 6,907 | 6,657 | 439 | 534 | |||||||||||||||||||||
Actuarial loss (gain) | (19,918 | ) | 7,759 | (1,340 | ) | (657 | ) | ||||||||||||||||||
Benefits/expenses paid | (4,506 | ) | (3,988 | ) | (414 | ) | (448 | ) | |||||||||||||||||
Projected benefit obligation at end of year | $ | 152,680 | $ | 163,230 | $ | 11,388 | $ | 12,296 | |||||||||||||||||
Changes in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 107,638 | $ | 92,910 | $ | 8,359 | $ | 7,916 | |||||||||||||||||
Actual return on plan assets | 17,846 | 12,599 | 1,320 | 736 | |||||||||||||||||||||
Employer contributions | 6,556 | 6,117 | 608 | 155 | |||||||||||||||||||||
Benefits/expenses paid | (4,506 | ) | (3,988 | ) | (414 | ) | (448 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 127,534 | $ | 107,638 | $ | 9,873 | $ | 8,359 | |||||||||||||||||
Funded Status: | |||||||||||||||||||||||||
Net amount recognized as accrued pension cost | $ | (25,146 | ) | $ | (55,592 | ) | $ | (1,515 | ) | $ | (3,937 | ) | |||||||||||||
Pension Benefits | Post-Retirement | ||||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Amounts recognized on the balance sheets: | |||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-current liabilities | (25,146 | ) | (55,592 | ) | (1,515 | ) | (3,937 | ) | |||||||||||||||||
Net amount recognized | $ | (25,146 | ) | $ | (55,592 | ) | $ | (1,515 | ) | $ | (3,937 | ) | |||||||||||||
Amounts recognized in regulatory assets consist of: | |||||||||||||||||||||||||
Initial net obligation | $ | — | $ | — | $ | 417 | $ | 837 | |||||||||||||||||
Prior service cost (credit) | 285 | 404 | (433 | ) | (633 | ) | |||||||||||||||||||
Net (gain) loss | 15,581 | 48,648 | (3,159 | ) | (889 | ) | |||||||||||||||||||
Regulatory assets (liabilities) | 15,866 | 49,052 | (3,175 | ) | (685 | ) | |||||||||||||||||||
Unfunded accrued pension cost | 9,280 | 6,540 | 4,690 | 4,622 | |||||||||||||||||||||
Net liability recognized | $ | 25,146 | $ | 55,592 | $ | 1,515 | $ | 3,937 | |||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets: | |||||||||||||||||||||||||
Regulatory asset at beginning of year | $ | 49,052 | $ | 50,505 | $ | (685 | ) | $ | 570 | ||||||||||||||||
Net loss (gain) | (30,190 | ) | 1,700 | (2,278 | ) | (1,036 | ) | ||||||||||||||||||
Amortization of initial net obligation | — | — | (419 | ) | (419 | ) | |||||||||||||||||||
Amortization of prior service (cost) credit | (118 | ) | (118 | ) | 200 | 200 | |||||||||||||||||||
Amortization of net gain (loss) | (2,878 | ) | (3,035 | ) | 7 | — | |||||||||||||||||||
Total change in regulatory asset | (33,186 | ) | (1,453 | ) | (2,490 | ) | (1,255 | ) | |||||||||||||||||
Regulatory asset (liability) at end of year | $ | 15,866 | $ | 49,052 | $ | (3,175 | ) | $ | (685 | ) | |||||||||||||||
Net periodic pension costs | $ | 9,296 | $ | 9,945 | $ | 676 | $ | 815 | |||||||||||||||||
Change in regulatory asset | (33,186 | ) | (1,453 | ) | (2,490 | ) | (1,255 | ) | |||||||||||||||||
Total recognized in net periodic pension cost and regulatory asset (liability) | $ | (23,890 | ) | $ | 8,492 | $ | (1,814 | ) | $ | (440 | ) | ||||||||||||||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | |||||||||||||||||||||||||
Initial net obligation | $ | — | $ | — | $ | (418 | ) | $ | (419 | ) | |||||||||||||||
Prior service (cost) credit | $ | (118 | ) | $ | (118 | ) | $ | 200 | $ | 200 | |||||||||||||||
Net gain (loss) | $ | (29 | ) | $ | (2,846 | ) | $ | 262 | $ | — | |||||||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 152,680 | $ | 163,230 | $ | 11,388 | $ | 12,296 | |||||||||||||||||
Accumulated benefit obligation | $ | 131,580 | $ | 138,230 | N/A | N/A | |||||||||||||||||||
Fair value of plan assets | $ | 127,534 | $ | 107,368 | $ | 9,873 | $ | 8,359 | |||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
Discount rate | 5.1 | % | 4.3 | % | 4.65 | % | 3.75 | % | |||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | N/A | N/A | |||||||||||||||||||
Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool | ' | ||||||||||||||||||||||||
The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
Pension Benefits | Post-Retirement | ||||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
(dollars in thousands, except percent) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Components of Net Periodic Benefits Cost: | |||||||||||||||||||||||||
Service cost | $ | 6,967 | $ | 6,675 | $ | 5,624 | $ | 407 | $ | 419 | $ | 391 | |||||||||||||
Interest cost | 6,907 | 6,657 | 6,524 | 439 | 534 | 549 | |||||||||||||||||||
Expected return on plan assets | (7,574 | ) | (6,540 | ) | (6,349 | ) | (382 | ) | (357 | ) | (298 | ) | |||||||||||||
Amortization of transition | — | — | — | 419 | 419 | 419 | |||||||||||||||||||
Amortization of prior service cost (credit) | 118 | 118 | 118 | (200 | ) | (200 | ) | (200 | ) | ||||||||||||||||
Amortization of actuarial (gain) loss | 2,878 | 3,035 | 1,242 | (7 | ) | — | — | ||||||||||||||||||
Net periodic pension cost under accounting standards | $ | 9,296 | $ | 9,945 | $ | 7,159 | $ | 676 | $ | 815 | $ | 861 | |||||||||||||
Regulatory adjustment - deferred | (1,920 | ) | (2,305 | ) | (209 | ) | — | — | — | ||||||||||||||||
Total expense recognized, before allocation to overhead pool | $ | 7,376 | $ | 7,640 | $ | 6,950 | $ | 676 | $ | 815 | $ | 861 | |||||||||||||
Weighted-average assumptions used to determine net periodic cost: | |||||||||||||||||||||||||
Discount rate | 4.3 | % | 4.65 | % | 5.55 | % | 3.75 | % | 4.45 | % | 5.2 | % | |||||||||||||
Expected long-term return on plan assets | 7 | % | 7 | % | 7 | % | * | * | * | ||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | N/A | N/A | N/A | ||||||||||||||||
*7.0% for union plan, 4.2% for non-union, net of income taxes in 2013, 2012 and 2011. | |||||||||||||||||||||||||
Schedule of pension and post-retirement plan weighted-average asset allocations, by asset category | ' | ||||||||||||||||||||||||
The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||||||
Pension Benefits | Post-Retirement | ||||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
Asset Category | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Actual Asset Allocations: | |||||||||||||||||||||||||
Equity securities | 61 | % | 60 | % | 61 | % | 61 | % | |||||||||||||||||
Debt securities | 37 | % | 39 | % | 38 | % | 38 | % | |||||||||||||||||
Cash equivalents | 2 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
Schedule of pension and post-retirement plan target asset allocations | ' | ||||||||||||||||||||||||
Equity securities did not include AWR’s stock as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Target Asset Allocations for 2014: | Pension Benefits | Post-retirement | |||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
Equity securities | 60 | % | 60 | % | |||||||||||||||||||||
Debt securities | 40 | % | 40 | % | |||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Schedule of pension and post-retirement plans' investment assets measured at fair value | ' | ||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the pension and post-retirement plans’ investment assets measured at fair value as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Fair Value of Pension Plan Assets: | |||||||||||||||||||||||||
Cash equivalents | $ | 2,096 | — | — | $ | 2,096 | |||||||||||||||||||
Fixed income securities | 47,627 | — | — | 47,627 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. small cap stocks | 6,576 | — | — | 6,576 | |||||||||||||||||||||
U.S. mid cap stocks | 13,119 | — | — | 13,119 | |||||||||||||||||||||
U.S. large cap stocks | 39,280 | — | — | 39,280 | |||||||||||||||||||||
International funds | 12,501 | — | — | 12,501 | |||||||||||||||||||||
Real estate funds | 6,335 | — | — | 6,335 | |||||||||||||||||||||
Total equity securities | 77,811 | — | — | 77,811 | |||||||||||||||||||||
Total investments measured at fair value | $ | 127,534 | — | — | $ | 127,534 | |||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | |||||||||||||||||||||||||
Cash equivalents | $ | 142 | — | — | $ | 142 | |||||||||||||||||||
Fixed income | 3,731 | — | — | 3,731 | |||||||||||||||||||||
U.S. equity securities (large cap stocks) | 6,000 | — | — | 6,000 | |||||||||||||||||||||
Total investments measured at fair value | $ | 9,873 | — | — | $ | 9,873 | |||||||||||||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Fair Value of Pension Plan Assets: | |||||||||||||||||||||||||
Cash equivalents | $ | 1,721 | — | — | $ | 1,721 | |||||||||||||||||||
Fixed income securities | 41,590 | — | — | 41,590 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. small cap stocks | 5,396 | — | — | 5,396 | |||||||||||||||||||||
U.S. mid cap stocks | 10,722 | — | — | 10,722 | |||||||||||||||||||||
U.S. large cap stocks | 31,966 | — | — | 31,966 | |||||||||||||||||||||
International funds | 10,797 | — | — | 10,797 | |||||||||||||||||||||
Real estate funds | 5,446 | — | — | 5,446 | |||||||||||||||||||||
Total equity securities | 64,327 | — | — | 64,327 | |||||||||||||||||||||
Total investments measured at fair value | $ | 107,638 | — | — | $ | 107,638 | |||||||||||||||||||
Fair Value of Post-Retirement Plan Assets: | |||||||||||||||||||||||||
Cash equivalents | $ | 65 | — | — | $ | 65 | |||||||||||||||||||
Fixed income | 3,192 | — | — | 3,192 | |||||||||||||||||||||
U.S. equity securities (large cap stocks) | 5,102 | — | — | 5,102 | |||||||||||||||||||||
Total investments measured at fair value | $ | 8,359 | — | — | $ | 8,359 | |||||||||||||||||||
Schedule of estimated future benefit payments | ' | ||||||||||||||||||||||||
Registrant’s estimated future benefit payments at December 31, 2013 for the next five years and thereafter are as follows (in thousands): | |||||||||||||||||||||||||
Pension Benefits | Post-Retirement | ||||||||||||||||||||||||
Medical Benefits | |||||||||||||||||||||||||
2014 | $ | 4,971 | $ | 483 | |||||||||||||||||||||
2015 | 5,447 | 558 | |||||||||||||||||||||||
2016 | 5,929 | 630 | |||||||||||||||||||||||
2017 | 6,513 | 713 | |||||||||||||||||||||||
2018 | 7,094 | 814 | |||||||||||||||||||||||
Thereafter | 45,594 | 5,057 | |||||||||||||||||||||||
Total | $ | 75,548 | $ | 8,255 | |||||||||||||||||||||
Schedule of effects of one-percentage-point change in assumed health care cost trend rates | ' | ||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects on the post-retirement medical plan: | |||||||||||||||||||||||||
(dollars in thousands) | 1-Percentage-Point | 1-Percentage-Point | |||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 99 | $ | (85 | ) | ||||||||||||||||||||
Effect on post-retirement benefit obligation | $ | 1,243 | $ | (1,083 | ) | ||||||||||||||||||||
SERP | ' | ||||||||||||||||||||||||
Employee benefit plans | ' | ||||||||||||||||||||||||
Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability | ' | ||||||||||||||||||||||||
The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2013 and 2012: | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 12,406 | $ | 10,604 | |||||||||||||||||||||
Service cost | 803 | 731 | |||||||||||||||||||||||
Interest cost | 514 | 488 | |||||||||||||||||||||||
Actuarial (gain) loss | (1,198 | ) | 803 | ||||||||||||||||||||||
Benefits paid | (229 | ) | (220 | ) | |||||||||||||||||||||
Benefit obligation at end of year | $ | 12,296 | $ | 12,406 | |||||||||||||||||||||
Changes in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | — | — | |||||||||||||||||||||||
Fair value of plan assets at end of year | — | — | |||||||||||||||||||||||
Funded Status: | |||||||||||||||||||||||||
Net amount recognized as accrued cost | $ | (12,296 | ) | $ | (12,406 | ) | |||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Amounts recognized on the balance sheets: | |||||||||||||||||||||||||
Current liabilities | $ | (230 | ) | $ | (317 | ) | |||||||||||||||||||
Non-current liabilities | (12,066 | ) | (12,089 | ) | |||||||||||||||||||||
Net amount recognized | $ | (12,296 | ) | $ | (12,406 | ) | |||||||||||||||||||
Amounts recognized in regulatory assets consist of: | |||||||||||||||||||||||||
Prior service cost | $ | 314 | $ | 475 | |||||||||||||||||||||
Net loss | 2,172 | 3,709 | |||||||||||||||||||||||
Regulatory assets | 2,486 | 4,184 | |||||||||||||||||||||||
Unfunded accrued cost | 9,810 | 8,222 | |||||||||||||||||||||||
Net liability recognized | $ | 12,296 | $ | 12,406 | |||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: | |||||||||||||||||||||||||
Regulatory asset at beginning of year | $ | 4,184 | $ | 3,848 | |||||||||||||||||||||
Net (gain) loss | (1,199 | ) | 805 | ||||||||||||||||||||||
Amortization of prior service credit | (161 | ) | (161 | ) | |||||||||||||||||||||
Amortization of net loss | (338 | ) | (308 | ) | |||||||||||||||||||||
Total change in regulatory asset | (1,698 | ) | 336 | ||||||||||||||||||||||
Regulatory asset at end of year | $ | 2,486 | $ | 4,184 | |||||||||||||||||||||
Net periodic pension cost | $ | 1,817 | $ | 1,687 | |||||||||||||||||||||
Change in regulatory asset | (1,698 | ) | 336 | ||||||||||||||||||||||
Total recognized in net periodic pension and net income | $ | 119 | $ | 2,023 | |||||||||||||||||||||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | |||||||||||||||||||||||||
Initial net asset (obligation) | — | — | |||||||||||||||||||||||
Prior service cost | $ | (161 | ) | $ | (161 | ) | |||||||||||||||||||
Net loss | (139 | ) | (339 | ) | |||||||||||||||||||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 12,296 | $ | 12,406 | |||||||||||||||||||||
Accumulated benefit obligation | 10,116 | 9,601 | |||||||||||||||||||||||
Fair value of plan assets | — | — | |||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 5.05 | % | 4.2 | % | |||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | |||||||||||||||||||||
Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool | ' | ||||||||||||||||||||||||
The components of SERP expense, before allocation to the overhead pool, for 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
(dollars in thousands, except percent) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Components of Net Periodic Benefits Cost: | |||||||||||||||||||||||||
Service cost | $ | 803 | $ | 731 | $ | 600 | |||||||||||||||||||
Interest cost | 514 | 488 | 464 | ||||||||||||||||||||||
Amortization of prior service cost | 161 | 161 | 161 | ||||||||||||||||||||||
Amortization of net loss | 339 | 307 | 134 | ||||||||||||||||||||||
Net periodic pension cost | $ | 1,817 | $ | 1,687 | $ | 1,359 | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 4.65 | % | 5.55 | % | |||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | |||||||||||||||||||
Schedule of pension and post-retirement plans' investment assets measured at fair value | ' | ||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | |||||||||||||||||||||||||
Cash equivalents | $ | 27 | — | — | $ | 27 | |||||||||||||||||||
Fixed income securities | 2,587 | — | — | 2,587 | |||||||||||||||||||||
Equity securities | 4,202 | — | — | 4,202 | |||||||||||||||||||||
Total investments measured at fair value | $ | 6,816 | — | — | $ | 6,816 | |||||||||||||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Fair Value of Assets held in Rabbi Trust: | |||||||||||||||||||||||||
Cash equivalents | $ | 116 | — | — | $ | 116 | |||||||||||||||||||
Fixed income securities | 1,878 | — | — | 1,878 | |||||||||||||||||||||
Equity securities | 2,822 | — | — | 2,822 | |||||||||||||||||||||
Total investments measured at fair value | $ | 4,816 | — | — | $ | 4,816 | |||||||||||||||||||
Schedule of estimated future benefit payments | ' | ||||||||||||||||||||||||
Registrant’s estimated future benefit payments for the SERP at December 31, 2013 for the next ten years are as follows (in thousands): | |||||||||||||||||||||||||
2014 | $ | 230 | |||||||||||||||||||||||
2015 | 383 | ||||||||||||||||||||||||
2016 | 394 | ||||||||||||||||||||||||
2017 | 466 | ||||||||||||||||||||||||
2018 | 570 | ||||||||||||||||||||||||
Thereafter | 4,115 | ||||||||||||||||||||||||
Total | $ | 6,158 | |||||||||||||||||||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of share-based compensation expenses | ' | ||||||||||||||||||||||||
These expenses resulting from stock options, restricted stock units and performance awards are included in administrative and general expenses in AWR and GSWC’s statements of income: | |||||||||||||||||||||||||
AWR | GSWC | ||||||||||||||||||||||||
For The Years Ended | For The Years Ended | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Stock-based compensation related to: | |||||||||||||||||||||||||
Stock options | $ | 9 | $ | 150 | $ | 302 | $ | 8 | $ | 147 | $ | 307 | |||||||||||||
Restricted stock units | 1,507 | 1,729 | 1,218 | 1,266 | 1,468 | 1,038 | |||||||||||||||||||
Performance awards | 493 | 52 | — | 373 | 52 | — | |||||||||||||||||||
Total stock-based compensation expense | $ | 2,009 | $ | 1,931 | $ | 1,520 | $ | 1,647 | $ | 1,667 | $ | 1,345 | |||||||||||||
Schedule of assumptions used to estimate fair value of each option grant on the grant date using the Black-Scholes option-pricing model | ' | ||||||||||||||||||||||||
The fair value of each option grant during the year ended December 31, 2011 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Weighted-average fair value of option granted | $7.15 | ||||||||||||||||||||||||
Risk-free interest rate | 2.48% | ||||||||||||||||||||||||
Expected annual dividend yield | 3.04% | ||||||||||||||||||||||||
Expected volatility factor | 28.98% | ||||||||||||||||||||||||
Expected option term (in years) | 5 | ||||||||||||||||||||||||
Summary of stock option activity | ' | ||||||||||||||||||||||||
A summary of stock option activity as of December 31, 2013 and changes during the year ended December 31, 2013, are presented below: | |||||||||||||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | ||||||||||||||||||||||
Options | Average | Remaining | Intrinsic Value | ||||||||||||||||||||||
Exercise Price | Contractual Term | ||||||||||||||||||||||||
Options outstanding at January 1, 2013 | 403,158 | $ | 16.72 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | (131,448 | ) | 16.06 | ||||||||||||||||||||||
Forfeited or expired | (7,114 | ) | 13.13 | ||||||||||||||||||||||
Options outstanding at December 31, 2013 | 264,596 | $ | 17.16 | 3.75 | $ | 3,060,764 | |||||||||||||||||||
Options exercisable at December 31, 2013 | 264,545 | $ | 17.16 | 3.75 | $ | 3,060,166 | |||||||||||||||||||
Summary of the status of Registrant's outstanding restricted stock units to employees and directors | ' | ||||||||||||||||||||||||
A summary of the status of Registrant’s outstanding RSUs, excluding performance awards, to employees and directors as of December 31, 2013, and changes during the year ended December 31, 2013, is presented below: | |||||||||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||||||||
Restricted Share | Grant-Date Value | ||||||||||||||||||||||||
Units | |||||||||||||||||||||||||
Restricted share units at January 1, 2013 | 287,510 | $ | 16.97 | ||||||||||||||||||||||
Granted | 61,312 | 26.14 | |||||||||||||||||||||||
Vested | (148,522 | ) | 17.93 | ||||||||||||||||||||||
Forfeited | (3,264 | ) | 20.78 | ||||||||||||||||||||||
Restricted share units at December 31, 2013 | 197,036 | $ | 19.04 | ||||||||||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Risks and Uncertainties [Abstract] | ' | |||
Schedule of estimated future minimum payments under purchased water supply commitments | ' | |||
GSWC’s estimated future minimum payments under these purchased water supply commitments at December 31, 2013 are as follows (in thousands): | ||||
2014 | $ | 331 | ||
2015 | 331 | |||
2016 | 331 | |||
2017 | 331 | |||
2018 | 331 | |||
Thereafter | 3,971 | |||
Total | $ | 5,626 | ||
Schedule of future minimum payments under long-term non-cancelable operating leases | ' | |||
Registrant’s future minimum payments under long-term non-cancelable operating leases at December 31, 2013 are as follows (in thousands): | ||||
2014 | $ | 2,267 | ||
2015 | 1,226 | |||
2016 | 1,124 | |||
2017 | 929 | |||
2018 | 654 | |||
Thereafter | 1,621 | |||
Total | $ | 7,821 | ||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of reporting segments information | ' | ||||||||||||||||||||||||
Capital additions reflect capital expenditures paid in cash and exclude government-funded capital expenditures for ASUS, property installed by developers and conveyed to GSWC and through May 31, 2011 for CCWC. | |||||||||||||||||||||||||
As Of And For The Year Ended December 31, 2013 | |||||||||||||||||||||||||
GSWC | ASUS | AWR | Consolidated | ||||||||||||||||||||||
(dollars in thousands) | Water | Electric | Contracts | Parent | AWR | ||||||||||||||||||||
Operating revenues | $ | 320,131 | $ | 38,409 | $ | 113,537 | $ | — | $ | 472,077 | |||||||||||||||
Operating income (loss) | 95,932 | 6,411 | 16,737 | (8 | ) | 119,072 | |||||||||||||||||||
Interest expense, net | 20,236 | 1,436 | 264 | (228 | ) | 21,708 | |||||||||||||||||||
Utility Plant | 936,386 | 40,908 | 4,183 | — | 981,477 | ||||||||||||||||||||
Depreciation and amortization expense (1) | 36,636 | 2,316 | 1,138 | — | 40,090 | ||||||||||||||||||||
Income tax expense/(benefit) | 30,679 | 2,455 | 4,911 | (2,262 | ) | 35,783 | |||||||||||||||||||
Capital additions | 94,581 | 2,124 | 674 | — | 97,379 | ||||||||||||||||||||
As Of And For The Year Ended December 31, 2012 | |||||||||||||||||||||||||
GSWC | ASUS | AWR | Consolidated | ||||||||||||||||||||||
(dollars in thousands) | Water | Electric | Contracts | Parent | AWR | ||||||||||||||||||||
Operating revenues | $ | 305,898 | $ | 37,033 | $ | 123,977 | $ | — | $ | 466,908 | |||||||||||||||
Operating income (loss) | 78,104 | 8,501 | 24,608 | (119 | ) | 111,094 | |||||||||||||||||||
Interest expense, net | 19,783 | 1,533 | 179 | (63 | ) | 21,432 | |||||||||||||||||||
Utility Plant | 871,756 | 41,381 | 4,654 | — | 917,791 | ||||||||||||||||||||
Depreciation and amortization expense (1) | 37,905 | 2,292 | 1,188 | — | 41,385 | ||||||||||||||||||||
Income tax expense | 24,231 | 2,269 | 9,437 | 8 | 35,945 | ||||||||||||||||||||
Capital additions | 62,500 | 4,331 | 1,273 | — | 68,104 | ||||||||||||||||||||
As Of And For The Year Ended December 31, 2011 | |||||||||||||||||||||||||
GSWC | CCWC | ASUS | AWR | Consolidated | |||||||||||||||||||||
(dollars in thousands) | Water | Electric | Water | Contracts | Parent | AWR | |||||||||||||||||||
Operating revenues | $ | 300,450 | $ | 36,275 | $ | — | $ | 83,188 | $ | — | $ | 419,913 | |||||||||||||
Operating income (loss) (2) | 77,017 | 6,661 | (356 | ) | 11,855 | (73 | ) | 95,104 | |||||||||||||||||
Interest expense, net | 20,990 | 1,501 | — | 372 | (41 | ) | 22,822 | ||||||||||||||||||
Utility Plant | 852,264 | 39,681 | — | 4,555 | — | 896,500 | |||||||||||||||||||
Depreciation and amortization expense (1) | 35,450 | 2,011 | — | 888 | — | 38,349 | |||||||||||||||||||
Income tax expense/(benefit) | 24,151 | 1,820 | (145 | ) | 4,431 | (181 | ) | 30,076 | |||||||||||||||||
Income from discontinued operations, net of tax (3) | — | — | 1,612 | — | 2,237 | -4 | 3,849 | ||||||||||||||||||
Capital additions | 73,991 | 4,447 | — | 1,843 | — | 80,281 | |||||||||||||||||||
Schedule of reconciliation of total utility plant (a key figure for rate-making) to total consolidated assets | ' | ||||||||||||||||||||||||
The following table reconciles total utility plant (a key figure for rate-making) to total consolidated assets (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Total utility plant | $ | 981,477 | $ | 917,791 | $ | 896,500 | |||||||||||||||||||
Other assets | 328,706 | 363,152 | 341,862 | ||||||||||||||||||||||
Total consolidated assets | $ | 1,310,183 | $ | 1,280,943 | $ | 1,238,362 | |||||||||||||||||||
(1) Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $877,000, $1.8 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
(2) Operating income (loss) includes CCWC’s allocated corporate overhead costs that are now primarily at GSWC. | |||||||||||||||||||||||||
(3) In accordance with the accounting guidance relating to assets held for sale, Registrant did not record depreciation expense for CCWC in 2012. | |||||||||||||||||||||||||
(4) Included in discontinued operations for the year ended December 31, 2011 are direct transaction costs of $449,000 ($217,000 after tax) for legal and consulting services in connection with the sale of CCWC. |
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||
Schedule of provision for doubtful accounts charged to expense and accounts written off, net of recoveries | ' | ||||||||||||
The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Provisions included in 2013, 2012 and 2011 for AWR and GSWC are as follows: | |||||||||||||
AWR | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 1,228 | $ | 1,048 | $ | 1,051 | |||||||
Provision charged to expense | 1,145 | 1,710 | 938 | ||||||||||
Accounts written off, net of recoveries | (1,186 | ) | (1,530 | ) | (941 | ) | |||||||
Balance at end of year | $ | 1,187 | $ | 1,228 | $ | 1,048 | |||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 755 | $ | 797 | $ | 715 | |||||||
Allowance for doubtful accounts related to receivable from U.S. government | — | 8 | — | ||||||||||
Allowance for doubtful accounts related to other accounts receivable | 432 | 423 | 333 | ||||||||||
Total allowance for doubtful accounts | $ | 1,187 | $ | 1,228 | $ | 1,048 | |||||||
GSWC | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 1,177 | $ | 1,005 | $ | 1,005 | |||||||
Provision charged to expense | 1,056 | 1,668 | 859 | ||||||||||
Accounts written off, net of recoveries | (1,119 | ) | (1,496 | ) | (859 | ) | |||||||
Balance at end of year | $ | 1,114 | $ | 1,177 | $ | 1,005 | |||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ | 755 | $ | 797 | $ | 715 | |||||||
Allowance for doubtful accounts related to other accounts receivable | 359 | 380 | 290 | ||||||||||
Total allowance for doubtful accounts | $ | 1,114 | $ | 1,177 | $ | 1,005 | |||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||||||||||||||
Schedule of non-cash financing and investing activities and other cash flow information | ' | |||||||||||||||||||||||
The following table sets forth non-cash financing and investing activities and other cash flow information (in thousands). | ||||||||||||||||||||||||
AWR | GSWC | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Taxes and Interest Paid: | ||||||||||||||||||||||||
Income taxes paid | $ | 10,880 | $ | 19,411 | $ | 31,842 | $ | 7,083 | $ | 11,027 | $ | 25,810 | ||||||||||||
Interest paid | 22,144 | 22,495 | 22,671 | 22,144 | 22,495 | 22,463 | ||||||||||||||||||
Non-Cash Transactions: | ||||||||||||||||||||||||
Accrued payables for investment in utility plant | $ | 19,515 | $ | 12,113 | $ | 13,717 | $ | 19,515 | $ | 12,113 | $ | 13,717 | ||||||||||||
Property installed by developers and conveyed | 2,819 | 2,069 | 1,264 | 2,819 | 2,069 | 1,264 | ||||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations: (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Summary of discontinued operations presented in the consolidated statements of income | ' | ||||
A summary of discontinued operations presented in the consolidated statements of income for the year ended December 31, 2011 is as follows (in thousands): | |||||
Operating revenues | $ | 3,492 | |||
Supply costs and other operating expenses | 1,420 | ||||
Gain on settlement for removal of a well | (760 | ) | |||
Operating income (1) | 2,832 | ||||
Interest expense, net | (142 | ) | |||
Income before income taxes | 2,690 | ||||
Income tax expense (2) | 1,078 | ||||
Income from the operations of discontinued operations, net of tax | 1,612 | ||||
Gain on sale of business, net of tax | 2,454 | ||||
Transaction costs, net of taxes (3) | (217 | ) | |||
Income from discontinued operations (4) | $ | 3,849 | |||
-1 | In accordance with the accounting guidance relating to assets held for sale, Registrant ceased recording depreciation expense for CCWC as of June 2010. | ||||
-2 | Income tax expense does not include the effects of CCWC’s inclusion in the AWR combined California unitary return, which are included in, and do not materially affect, the income tax expense of continuing operations. | ||||
-3 | Included in discontinued operations for the year ended December 31, 2011 are direct transaction costs of $449,000 for legal and consulting services in connection with the sale of CCWC. | ||||
-4 | The 2011 financial results for CCWC represent activity for the five months ended May 31, 2011. Corporate overhead costs allocated to CCWC have been excluded from discontinued operations. The majority of these costs continue to be incurred, primarily at GSWC. Accordingly, these corporate overhead costs have been included in other operating expenses and administrative and general expenses as part of continuing operations in the consolidated statements of income. Such costs allocated to CCWC that have been reflected as part of continuing operations amounted to $356,000 for the year ended December 31, 2011. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
20-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
registrant | ||||
Basis of Presentation: | ' | ' | ' | ' |
Number of registrants filing combined report | ' | 2 | ' | ' |
Stock split ratio | 2 | ' | ' | ' |
Property and Depreciation | ' | ' | ' | ' |
Net credit acquisition adjustment included in utility plant | ' | $8,800,000 | ' | ' |
Amortization period of acquisition adjustment permitted by CPUC | ' | '30 years | ' | ' |
Amortization of the acquisition adjustments | ' | 427,000 | 374,000 | ' |
Impairment of Long-Lived Assets | ' | ' | ' | ' |
Impairment of long-lived assets | ' | ' | 416,000 | ' |
Goodwill | ' | ' | ' | ' |
Goodwill arose from acquisition of subcontractor's business | ' | 1,100,000 | ' | ' |
Sales and Use Taxes: | ' | ' | ' | ' |
Non-income tax assessments accounted on a gross basis | ' | 15,865,000 | 15,381,000 | 14,210,000 |
GSWC | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Balance outstanding | ' | 500,000 | 0 | ' |
Property and Depreciation | ' | ' | ' | ' |
Amortization of the acquisition adjustments | ' | ' | ' | 374,000 |
Depreciation on transportation equipment | ' | 877,000 | 1,800,000 | 2,500,000 |
Estimated useful lives of utility plant, as authorized by the CPUC | ' | ' | ' | ' |
Generation | ' | '40 years | ' | ' |
Interest | ' | ' | ' | ' |
Amount recorded in AFUDC | ' | 270,000 | 299,000 | ' |
Weighted cost of capital (as a percent) | ' | 8.64% | ' | ' |
Alternative-Revenue Programs | ' | ' | ' | ' |
Number of months within which expected additional revenue collection is recorded | ' | '24 months | ' | ' |
Advances for Construction and Contributions in aid of Constructions | ' | ' | ' | ' |
Period for refund of advances for construction | ' | '40 years | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' |
Long-term debt-GSWC | ' | 412,590,000 | ' | ' |
Sales and Use Taxes: | ' | ' | ' | ' |
Franchise fees billed to customers and recorded as operating revenue | ' | 3,600,000 | 3,400,000 | 3,200,000 |
Non-income tax assessments accounted on a gross basis | ' | 14,072,000 | 13,835,000 | 12,851,000 |
GSWC | Carrying Amount | ' | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' |
Long-term debt-GSWC | ' | 332,377,000 | 335,791,000 | ' |
GSWC | Fair Value | ' | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' |
Long-term debt-GSWC | ' | ' | 456,792,000 | ' |
GSWC | Fair Value | Level 2 | ' | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' |
Long-term debt-GSWC | ' | 412,590,000 | ' | ' |
GSWC | Minimum | ' | ' | ' | ' |
Estimated useful lives of utility plant, as authorized by the CPUC | ' | ' | ' | ' |
Source of water supply | ' | '30 years | ' | ' |
Pumping | ' | '25 years | ' | ' |
Water treatment | ' | '20 years | ' | ' |
Transmission and distribution | ' | '25 years | ' | ' |
Other plant | ' | '7 years | ' | ' |
GSWC | Maximum | ' | ' | ' | ' |
Estimated useful lives of utility plant, as authorized by the CPUC | ' | ' | ' | ' |
Source of water supply | ' | '50 years | ' | ' |
Pumping | ' | '40 years | ' | ' |
Water treatment | ' | '35 years | ' | ' |
Transmission and distribution | ' | '55 years | ' | ' |
Other plant | ' | '40 years | ' | ' |
GSWC | Purchase, production, distribution and sale of water | ' | ' | ' | ' |
Nature of Operations: | ' | ' | ' | ' |
Number of customers served | ' | 257,000 | ' | ' |
Property and Depreciation | ' | ' | ' | ' |
Aggregate composite rate for depreciation (as a percent) | ' | 3.40% | 3.70% | 3.80% |
GSWC | Electricity distribution | ' | ' | ' | ' |
Nature of Operations: | ' | ' | ' | ' |
Number of customers served | ' | 24,000 | ' | ' |
Property and Depreciation | ' | ' | ' | ' |
Aggregate composite rate for depreciation (as a percent) | ' | 3.40% | 3.60% | 3.70% |
ASUS | ' | ' | ' | ' |
Sales and Use Taxes: | ' | ' | ' | ' |
Non-income tax assessments accounted on a gross basis | ' | 864,000 | 717,000 | 718,000 |
ASUS | Contracts | ' | ' | ' | ' |
Nature of Operations: | ' | ' | ' | ' |
Period of fixed price contracts to operate and maintain the water and/or wastewater systems at various military bases | ' | '50 years | ' | ' |
AWR | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Maximum borrowing capacity on line of credit | ' | 100,000,000 | ' | ' |
AWR | Syndicated Credit Facility | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Maximum borrowing capacity on line of credit | ' | 100,000,000 | ' | ' |
AWR | Promissory note | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Maximum borrowing capacity on debt instrument | ' | 20,000,000 | ' | ' |
Notes Receivable | AWR | Promissory note | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Balance outstanding | ' | $500,000 | ' | ' |
Commercial and residential water customers | GSWC | ' | ' | ' | ' |
Nature of Operations: | ' | ' | ' | ' |
Percentage of total revenues | ' | 90.00% | 90.00% | 90.00% |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Regulatory matters: | ' | ' |
Regulatory asset not accruing carrying costs | $37,200,000 | ' |
Flow-through taxes, net | ' | ' |
Regulatory matters: | ' | ' |
Regulatory asset not accruing carrying costs | 16,200,000 | ' |
GOLDEN STATE WATER COMPANY | ' | ' |
Regulatory matters: | ' | ' |
Total | 122,681,000 | 176,015,000 |
GOLDEN STATE WATER COMPANY | Various refunds to customers | ' | ' |
Regulatory matters: | ' | ' |
Total | -4,292,000 | -7,558,000 |
GOLDEN STATE WATER COMPANY | WRAM, net of MCBA | ' | ' |
Regulatory matters: | ' | ' |
Total | -16,345,000 | 42,574,000 |
GOLDEN STATE WATER COMPANY | Base revenue requirement adjustment mechanism | ' | ' |
Regulatory matters: | ' | ' |
Total | 8,725,000 | 6,833,000 |
GOLDEN STATE WATER COMPANY | Costs deferred for future recovery on Aerojet case | ' | ' |
Regulatory matters: | ' | ' |
Total | 14,763,000 | 16,030,000 |
GOLDEN STATE WATER COMPANY | Pension and other post-retirement obligations | ' | ' |
Regulatory matters: | ' | ' |
Total | 20,241,000 | 56,894,000 |
GOLDEN STATE WATER COMPANY | Derivative unrealized loss | ' | ' |
Regulatory matters: | ' | ' |
Total | 0 | 3,060,000 |
GOLDEN STATE WATER COMPANY | Flow-through taxes, net | ' | ' |
Regulatory matters: | ' | ' |
Total | 16,189,000 | 16,415,000 |
GOLDEN STATE WATER COMPANY | Low income rate assistance balancing accounts | ' | ' |
Regulatory matters: | ' | ' |
Total | 9,979,000 | 9,119,000 |
GOLDEN STATE WATER COMPANY | General rate case memorandum accounts | ' | ' |
Regulatory matters: | ' | ' |
Total | 15,645,000 | 4,495,000 |
GOLDEN STATE WATER COMPANY | Other regulatory assets, net | ' | ' |
Regulatory matters: | ' | ' |
Total | $25,086,000 | $28,153,000 |
Regulatory_Matters_Details_2
Regulatory Matters (Details 2) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 23-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | |
GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | ||||
WRAM, net of MCBA | WRAM, net of MCBA | WRAM, net of MCBA | WRAM, net of MCBA | WRAM, net of MCBA | WRAM, net of MCBA | WRAM | Modified Cost Balancing Account | Base revenue requirement adjustment mechanism | Base revenue requirement adjustment mechanism | Base revenue requirement adjustment mechanism | |||||||
Minimum | Maximum | Maximum | |||||||||||||||
Regulatory matters: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper, term | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount billed to customers as surcharges | ' | ' | ' | ' | ' | ' | ' | $26,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Over collection | -214,000 | -11,709,000 | -18,748,000 | -214,000 | -11,709,000 | -18,748,000 | ' | 468,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Under (over) collection | ' | ' | ' | 122,681,000 | 176,015,000 | ' | ' | -16,345,000 | 42,574,000 | ' | ' | ' | 20,400,000 | 4,100,000 | ' | 8,725,000 | 6,833,000 |
Alternative revenue program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | ' | ' | ' | ' |
Under-collection balances as a percentage of adopted annual revenues | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery period for under-collection balances that are up to 15% of adopted annual revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' |
Recovery period for under-collection balances greater than 15% of adopted annual revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19 months | ' | '18 months | ' | ' | ' | ' | ' |
Annual surcharges as a percentage of the last authorized revenue requirement | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of surcharge approved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' |
Increase in revenue requirement recoverable through surcharges collected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,300,000 | $1,800,000 | ' |
Regulatory_Matters_Details_3
Regulatory Matters (Details 3) (GSWC, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
GSWC | ' | ' |
Regulatory matters: | ' | ' |
Under (over) collection | $122,681 | $176,015 |
Regulatory_Matters_Details_4
Regulatory Matters (Details 4) (GSWC, USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2005 | Jul. 31, 2005 | Dec. 31, 2013 |
Costs deferred for future recovery on Aerojet case | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Increase in revenue requirement recoverable through surcharges collected | ' | $21.30 | ' |
Recovery periods | '20 years | '20 years | ' |
Reimbursement to recover costs | ' | ' | 17.5 |
Costs deferred for future recovery on Aerojet case | Maximum | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Recovery periods | '20 years | ' | ' |
Water Revenue Adjustment Mechanism Net of Modified Cost Balancing Account [Member] | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Amount billed to customers as surcharges | ' | ' | $26.50 |
Regulatory_Matters_Details_5
Regulatory Matters (Details 5) (GSWC, USD $) | 1 Months Ended | 12 Months Ended | |
23-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | |
Regulatory matters: | ' | ' | ' |
Total | ' | $122,681,000 | $176,015,000 |
Pension and other post-retirement obligations | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Regulatory asset | ' | 15,200,000 | ' |
Number of water regions for which two-way balancing account was established | ' | 3 | ' |
Total | ' | 20,241,000 | 56,894,000 |
Pension and other post-retirement obligations | Two-way pension balancing account | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Regulatory asset | ' | 5,100,000 | ' |
Base revenue requirement adjustment mechanism | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Period of surcharge approved | ' | '12 months | ' |
Increase in revenue requirement recoverable through surcharges collected | 2,300,000 | 1,800,000 | ' |
Total | ' | 8,725,000 | 6,833,000 |
Low income rate assistance balancing accounts | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Commercial paper, term | ' | '90 days | ' |
Increase in revenue requirement recoverable through surcharges collected | ' | 1,200,000 | ' |
Discount percentage for qualified low-income water customers | ' | 15.00% | ' |
Discount percentage for qualified low-income electric customers | ' | 20.00% | ' |
Total | ' | $9,979,000 | $9,119,000 |
Regulatory_Matters_Details_6
Regulatory Matters (Details 6) (GSWC, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Regulatory matters: | ' | ' |
Net regulatory assets | $122,681,000 | $176,015,000 |
General rate case memorandum accounts | ' | ' |
Regulatory matters: | ' | ' |
Net regulatory assets | 15,645,000 | 4,495,000 |
Effect of retroactive increase in rate | $11,500,000 | ' |
Regulatory_Matters_Details_7
Regulatory Matters (Details 7) (GSWC, CPUC Subpoena, USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Audit | |||
Regulatory matters: | ' | ' | ' |
Total settlement | $9.50 | ' | ' |
Reduction in rate-base and other adjustments as per the settlement | 3 | ' | ' |
Refunds provided to customers | ' | $3.10 | $3.20 |
Number of separate independent audits of procurement practices agreed as a part of the settlement agreement | 3 | ' | ' |
Period of separate independent audits of procurement practices agreed as a part of settlement agreement | '10 years | ' | ' |
Minimum | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Period of refunds to customers | '12 months | ' | ' |
Maximum | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Period of refunds to customers | '36 months | ' | ' |
Regulatory_Matters_Details_8
Regulatory Matters (Details 8) (GSWC, La Serena Plant Improvement Project, CPUC Rehearing Matter, USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2010 |
GSWC | La Serena Plant Improvement Project | CPUC Rehearing Matter | ' | ' | ' |
Regulatory matters: | ' | ' | ' |
Costs included in rehearing matter | $3.50 | ' | ' |
Refunds provided to customers | ' | $0.40 | $2.20 |
Regulatory_Matters_Details_9
Regulatory Matters (Details 9) (GSWC, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
BVES General Rate Case | BVES General Rate Case | Renewables Portfolio Standard | Renewables Portfolio Standard | |||
renewable_energy | ||||||
Regulatory matters: | ' | ' | ' | ' | ' | ' |
Amount of retroactive ratemaking proposal included in DRA's recommendation to increase accumulated depreciation | ' | ' | $2,000,000 | ' | ' | ' |
Portion of deferred rate case cost borne by shareholders | ' | ' | ' | 50.00% | ' | ' |
Net regulatory assets | $122,681,000 | $176,015,000 | ' | $1,800,000 | ' | ' |
Portion of deferred rate case costs required to be written off, if DRA prevails | ' | ' | ' | 50.00% | ' | ' |
Agreement period to purchase renewable energy credits | ' | ' | ' | ' | '10 years | ' |
Number of renewable energy credits that would be purchased | ' | ' | ' | ' | ' | 582,000 |
Regulatory_Matters_Details_10
Regulatory Matters (Details 10) (GSWC, Cost of Capital Proceeding for Water Regions) | 12 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2012 | Oct. 02, 2012 | Jul. 31, 2012 | |
Regulatory matters: | ' | ' | ' | ' |
Authorized return on equity percentage | ' | ' | 9.43% | 9.99% |
Period of cost of capital proceedings considered for adjustment of R O E and rate of return on rate base | '3 years | ' | ' | ' |
Difference adjustment in ROE (as a percent) | 50.00% | ' | ' | ' |
Decrease in Moody's rate from benchmark (as a percent) | ' | 1.12% | ' | ' |
Decrease in ROE (as a percent) | 0.56% | ' | ' | ' |
Proposed authorized ROE under the settlement agreement (as a percent) | ' | ' | ' | 9.43% |
Minimum | ' | ' | ' | ' |
Regulatory matters: | ' | ' | ' | ' |
Change in average of the Moody's Aa utility bond rate (as a percent) | 1.00% | ' | ' | ' |
Utility_Plant_and_Intangible_A2
Utility Plant and Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | $1,395,959 | $1,314,283 | ' | ||
Less - accumulated depreciation | -471,665 | -442,316 | ' | ||
Construction work in progress | 57,183 | 45,824 | ' | ||
Net utility plant | 981,477 | 917,791 | 896,500 | ||
Water | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 1,316,599 | 1,236,630 | ' | ||
Water | Land | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 15,423 | 15,357 | ' | ||
Water | Intangible assets | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 34,019 | 33,750 | ' | ||
Water | Source of water supply | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 75,651 | 72,020 | ' | ||
Water | Pumping | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 147,390 | 142,586 | ' | ||
Water | Water treatment | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 70,947 | 63,738 | ' | ||
Water | Transmission and distribution | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 856,823 | 796,973 | ' | ||
Water | General | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 116,346 | 112,206 | ' | ||
Electric | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 79,360 | 77,653 | ' | ||
Electric | Intangible assets | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 1,200 | 1,200 | ' | ||
Electric | Transmission and distribution | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 58,400 | 56,757 | ' | ||
Electric | Generation | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 12,547 | 12,547 | ' | ||
Electric | General | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 8,413 | [1] | 8,349 | [1] | ' |
GSWC | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 1,386,869 | 1,305,366 | ' | ||
Less - accumulated depreciation | -466,329 | -437,949 | ' | ||
Construction work in progress | 56,754 | 45,720 | ' | ||
Net utility plant | 977,294 | 913,137 | ' | ||
GSWC | Water | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 1,307,509 | 1,227,713 | ' | ||
Net utility plant | 936,386 | 871,756 | 852,264 | ||
GSWC | Water | Land | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 15,423 | 15,357 | ' | ||
GSWC | Water | Intangible assets | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 34,001 | 33,731 | ' | ||
GSWC | Water | Source of water supply | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 75,651 | 72,020 | ' | ||
GSWC | Water | Pumping | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 147,390 | 142,586 | ' | ||
GSWC | Water | Water treatment | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 70,947 | 63,738 | ' | ||
GSWC | Water | Transmission and distribution | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 856,823 | 796,973 | ' | ||
GSWC | Water | General | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 107,274 | 103,308 | ' | ||
GSWC | Electric | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 79,360 | 77,653 | ' | ||
Net utility plant | 40,908 | 41,381 | 39,681 | ||
GSWC | Electric | Transmission and distribution | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 58,400 | 56,757 | ' | ||
GSWC | Electric | Generation | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | 12,547 | 12,547 | ' | ||
GSWC | Electric | General | ' | ' | ' | ||
Utility plant utilized in continuing operations by major asset class | ' | ' | ' | ||
Total | $8,413 | [1] | $8,349 | [1] | ' |
[1] | Includes intangible assets of $1.2 million for studies performed in association with the electricity segment of the Registrant’s operations for the years ended December 31, 2013 and 2012. |
Utility_Plant_and_Intangible_A3
Utility Plant and Intangible Assets (Details 2) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Intangible assets | ' | ' | ' | ||
Total amortized intangible assets | $35,405,000 | $35,136,000 | ' | ||
Less - accumulated amortization | -22,530,000 | -20,715,000 | ' | ||
Intangible assets, net of amortization | 12,875,000 | 14,421,000 | ' | ||
Unamortized intangible assets | 427,000 | [1] | 427,000 | [1] | ' |
Amortization of intangible assets | 1,900,000 | 2,400,000 | 2,500,000 | ||
Estimated future consolidated amortization expenses related to intangible assets | ' | ' | ' | ||
2014 | 2,436,000 | ' | ' | ||
2015 | 1,962,000 | ' | ' | ||
2016 | 1,487,000 | ' | ' | ||
2017 | 1,487,000 | ' | ' | ||
2018 | 1,487,000 | ' | ' | ||
Total | 8,859,000 | ' | ' | ||
Conservation | ' | ' | ' | ||
Intangible assets | ' | ' | ' | ||
Total amortized intangible assets | 9,496,000 | 9,496,000 | ' | ||
Water and water service rights | ' | ' | ' | ||
Intangible assets | ' | ' | ' | ||
Total amortized intangible assets | 8,695,000 | [2] | 8,695,000 | [2] | ' |
Water planning studies | ' | ' | ' | ||
Intangible assets | ' | ' | ' | ||
Total amortized intangible assets | 17,214,000 | 16,945,000 | ' | ||
GSWC | ' | ' | ' | ||
Intangible assets | ' | ' | ' | ||
Total amortized intangible assets | 34,834,000 | 34,565,000 | ' | ||
Less - accumulated amortization | -22,459,000 | -20,656,000 | ' | ||
Intangible assets, net of amortization | 12,375,000 | 13,909,000 | ' | ||
Unamortized intangible assets | 409,000 | [1] | 409,000 | [1] | ' |
Amortization of intangible assets | 1,900,000 | 2,400,000 | 2,500,000 | ||
GSWC | Conservation | ' | ' | ' | ||
Intangible assets | ' | ' | ' | ||
Weighted Average Amortization Period | '18 years | ' | ' | ||
Total amortized intangible assets | 9,496,000 | 9,496,000 | ' | ||
GSWC | Water and water service rights | ' | ' | ' | ||
Intangible assets | ' | ' | ' | ||
Weighted Average Amortization Period | '25 years | ' | ' | ||
Total amortized intangible assets | 8,124,000 | [2] | 8,124,000 | [2] | ' |
GSWC | Water planning studies | ' | ' | ' | ||
Intangible assets | ' | ' | ' | ||
Weighted Average Amortization Period | '11 years | ' | ' | ||
Total amortized intangible assets | $17,214,000 | $16,945,000 | ' | ||
[1] | The intangible assets not subject to amortization primarily consist of organization and consent fees. | ||||
[2] | Includes intangible assets of $571,000 for contracted services included in "Other Property and Investments" on the consolidated balance sheets as of December 31, 2013 and 2012. |
Utility_Plant_and_Intangible_A4
Utility Plant and Intangible Assets (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations | ' | ' |
Obligation at the beginning of the period | $3,018 | $2,989 |
Additional liabilities incurred | 11 | 48 |
Liabilities settled | -126 | -209 |
Accretion | 192 | 190 |
Obligation at the end of the period | $3,095 | $3,018 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Purchase power contract | GSWC | GSWC | GSWC | |
quote | MWs | Purchase power contract | Purchase power contract | |
Derivative instruments | ' | ' | ' | ' |
Number of megawatts of base load energy that the entity will be able to purchase under the new agreement | ' | 12 | ' | ' |
Number of broker quotes received to determine fair value of derivative instrument | 1 | ' | ' | ' |
Changes in the fair value of the derivative | ' | ' | ' | ' |
Balance, at beginning of the period | ' | ' | ($3,060) | ($7,611) |
Unrealized gain on purchased power contracts | ' | ' | 3,060 | 4,551 |
Balance, at end of the period | ' | ' | $0 | ($3,060) |
Military_Privatization_Details
Military Privatization (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Receivables from the U.S. government: | ' | ' | ' | ' | |
Less: allowance for doubtful accounts | ($1,187) | ($1,228) | ($1,048) | ($1,051) | |
Pretax income | ' | ' | ' | ' | |
Increase in pretax operating income | 119,072 | 111,094 | 95,104 | [1] | ' |
Military Utility Privatization Subsidiaries | ' | ' | ' | ' | |
Military Privatization | ' | ' | ' | ' | |
Period of fixed price contracts to maintain water systems at various military bases | '50 years | ' | ' | ' | |
Initial contract period | '2 years | ' | ' | ' | |
Price redetermination interval | '3 years | ' | ' | ' | |
Revenues recognized net of billings to date | ' | ' | ' | ' | |
Revenues (costs and estimated earnings) recognized on uncompleted contracts | 78,741 | 62,902 | ' | ' | |
Less: Billings to date | -32,262 | -37,335 | ' | ' | |
Total | 46,479 | 25,567 | ' | ' | |
Amount included in accompanying balance sheets | ' | ' | ' | ' | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 53,331 | 38,139 | ' | ' | |
Billings in excess of costs and estimated earnings on uncompleted contracts | -6,852 | -12,572 | ' | ' | |
Total | 46,479 | 25,567 | ' | ' | |
Receivables from the U.S. government: | ' | ' | ' | ' | |
Billed receivables from the U.S. government | 7,106 | 12,913 | ' | ' | |
Unbilled receivables from the U.S. government | 3,104 | 4,535 | ' | ' | |
Less: allowance for doubtful accounts | 0 | -8 | ' | ' | |
Total | 10,210 | 17,440 | ' | ' | |
Pretax income | ' | ' | ' | ' | |
Increase in pretax operating income | $24,608 | $11,855 | ' | ' | |
[1] | (2) Operating income (loss) includes CCWC’s allocated corporate overhead costs that are now primarily at GSWC. |
Earnings_Per_Share_and_Capital2
Earnings Per Share and Capital Stock (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Basic | ' | ' | ' | |||
Net income from continuing operations | $62,686 | $54,148 | $42,010 | |||
Net income from discontinued operations | 0 | 0 | 3,849 | |||
Net Income | 62,686 | 54,148 | 45,859 | |||
Less: Distributed earnings to common shareholders | 29,366 | 24,129 | 20,563 | |||
Less: Distributed earnings to participating securities | 171 | 171 | 140 | |||
Undistributed earnings | 33,149 | 29,848 | 25,156 | |||
Undistributed earnings allocated to common shareholders | 32,958 | 29,638 | 24,985 | |||
Undistributed earnings allocated to participating securities | 191 | 210 | 171 | |||
Total income available to common shareholders, basic | 62,324 | 53,767 | 45,548 | |||
Weighted average Common Shares outstanding, basic | 38,639,000 | 37,998,000 | 37,386,000 | |||
Basic earnings per Common Share: | ' | ' | ' | |||
Income from continuing operations (in dollars per share) | $1.61 | $1.42 | $1.12 | |||
Income from discontinued operations, net of tax (in dollars per share) | $0 | $0 | $0.10 | |||
Net Income (in dollars per share) | $1.61 | $1.42 | $1.22 | |||
Diluted | ' | ' | ' | |||
Total income available to common shareholders, basic | 62,324 | 53,767 | 45,548 | |||
Undistributed earnings for dilutive stock options | 191 | 210 | 171 | |||
Total common shareholders earnings, diluted | $62,515 | $53,977 | $45,719 | |||
Weighted average Common Shares outstanding, basic | 38,639,000 | 37,998,000 | 37,386,000 | |||
Stock-based compensation (in shares) | 230,000 | [1] | 264,000 | [1] | 288,000 | [1] |
Weighted average common shares outstanding, diluted | 38,869,000 | 38,262,000 | 37,674,000 | |||
Diluted earnings per Common Share: | ' | ' | ' | |||
Income from continuing operations (in dollars per share) | $1.61 | $1.41 | $1.11 | |||
Income from discontinued operations (in dollars per share) | $0 | $0 | $0.10 | |||
Net Income (in dollars per share) | $1.61 | $1.41 | $1.21 | |||
Stock option and restricted stock option outstanding | ' | ' | ' | |||
Options outstanding (in shares) | 264,596 | ' | ' | |||
Restricted Stock Units | ' | ' | ' | |||
Share based compensation arrangement | ' | ' | ' | |||
Restricted stock units outstanding (in shares) | 237,956 | ' | ' | |||
[1] | (1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 264,596 stock options and 237,956 restricted stock units, including performance awards, at December 31, 2013 were deemed to be outstanding in accordance with accounting guidance on earnings per share. |
Earnings_Per_Share_and_Capital3
Earnings Per Share and Capital Stock (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Additional disclosure | ' | ' | ' |
Common Shares issued under DRP and the 2000 and 2008 Employee Plans | 114,821 | 77,038 | 138,868 |
Value of Common Shares issued under DRP and the 2000 and 2008 Employee Plans | ' | ' | $1,658,000 |
Common Shares authorized for issuance but unissued under DRP | 1,055,948 | ' | ' |
Common Shares authorized for issuance but unissued under 401(k) Plan | 387,300 | ' | ' |
Common Shares issued as a result of the exercise of stock options | 131,448 | 819,400 | 177,426 |
Value of Common Shares issued as a result of the exercise of stock options | 2,111,000 | 13,295,000 | 2,350,000 |
Common Shares repurchased in the open market under DRP and 401(k) Plan | 598,573 | 1,351,934 | 882,820 |
Amount available for issuance of securities under registration statement | 115,000,000 | ' | ' |
GSWC | ' | ' | ' |
Additional disclosure | ' | ' | ' |
Value of Common Shares issued under DRP and the 2000 and 2008 Employee Plans | $0 | $895,000 | $10,000,000 |
Dividend_Limitations_Details
Dividend Limitations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividend limitations | ' | ' | ' |
Retained Earnings (Accumulated Deficit) | $238,443,000 | $205,257,000 | ' |
GSWC | ' | ' | ' |
Dividend limitations | ' | ' | ' |
Fixed amount in computing maximum ability to pay dividends | 21,000,000 | ' | ' |
Percentage of consolidated net income plus the aggregate net cash proceeds received from capital stock offerings or other instruments convertible into capital stock | 100.00% | ' | ' |
Amount available to pay dividends under the most restrictive of the Note Agreements | 371,900,000 | ' | ' |
Dividends paid | 29,400,000 | 10,200,000 | 20,000,000 |
Retained Earnings (Accumulated Deficit) | ' | 184,777,000 | ' |
GSWC | Maximum | ' | ' | ' |
Dividend limitations | ' | ' | ' |
Indebtedness to capitalization ratio | 0.6667 | ' | ' |
Retained Earnings (Accumulated Deficit) | 203,892,000 | ' | ' |
AWR | ' | ' | ' |
Dividend limitations | ' | ' | ' |
Dividends paid | ' | 16,900,000 | 20,000,000 |
Retained Earnings (Accumulated Deficit) | 238,443,000 | ' | ' |
ASUS | ' | ' | ' |
Dividend limitations | ' | ' | ' |
Dividends paid | ' | 6,700,000 | ' |
ASUS | Maximum | ' | ' | ' |
Dividend limitations | ' | ' | ' |
Amount available to pay dividends | $29,000,000 | ' | ' |
Bank_Debt_Details
Bank Debt (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Balance outstanding at the end of the period | ' | ' | $60,900,000 |
Total funded debt ratio | 65.00% | ' | ' |
Short-term borrowing (excluding letters of credit) | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Balance outstanding at the end of the period | 0 | 0 | 2,000,000 |
Interest Rate at the end of the period (as a percent) | 0.82% | 1.41% | 1.51% |
Average amount outstanding | 0 | 885,000 | 25,713,000 |
Weighted Average Annual Interest Rate (as a percent) | 1.02% | 1.49% | 1.46% |
Maximum Amount Outstanding | 0 | 6,000,000 | 64,900,000 |
Revolving Credit Facility | Irrevocable Letter of Credit - Edison Settlement agreement | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 3,600,000 | ' | ' |
Syndicated revolving credit facility | ' | ' | ' |
Bank debt | ' | ' | ' |
Increase in additional aggregate bank commitments | 50,000,000 | ' | ' |
Variable rate basis | 'Euro rate | ' | ' |
Interest rate spread based on A+ stable credit rating (as a percent) | 1.20% | ' | ' |
Syndicated revolving credit facility | Minimum | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Interest coverage ratio | 325.00% | ' | ' |
Syndicated revolving credit facility | Maximum | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Total funded debt ratio | 65.00% | 65.00% | 65.00% |
Syndicated revolving credit facility | Letters of credit | ' | ' | ' |
Bank debt | ' | ' | ' |
Maximum borrowing capacity | 25,000,000 | ' | ' |
Letter of credit, amount | 18,100,000 | ' | ' |
Syndicated revolving credit facility | Letter of Credit - Three Valleys Municipal Water District | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 6,300,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Syndicated revolving credit facility | Letter of Credit - GSWC business automobile insurance policy | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 440,000,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Syndicated revolving credit facility | Letter of Credit - Purchase of power | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 585,000,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Syndicated revolving credit facility | Letter of Credit - American Recovery and Reinvestment Act | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 7,200,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Percentage of funds received for reimbursement of costs | 80.00% | ' | ' |
Letters of credit | Letter of Credit Irrevocable Franchise Agreement with City of Rancho Cordova [Member] | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 15,000,000 | ' | ' |
AWR | ' | ' | ' |
Bank debt | ' | ' | ' |
Maximum borrowing capacity | 100,000,000 | ' | ' |
AWR | Syndicated revolving credit facility | ' | ' | ' |
Bank debt | ' | ' | ' |
Increase in additional aggregate bank commitments | 50,000,000 | ' | ' |
Interest rate spread based on A+ stable credit rating (as a percent) | 1.20% | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Interest coverage ratio | 42.00% | ' | ' |
Total funded debt ratio | 718.00% | ' | ' |
AWR | Syndicated revolving credit facility | Minimum | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Interest coverage ratio | 325.00% | ' | ' |
AWR | Syndicated revolving credit facility | Maximum | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Total funded debt ratio | 65.00% | ' | ' |
AWR | Syndicated revolving credit facility | Letters of credit | ' | ' | ' |
Bank debt | ' | ' | ' |
Maximum borrowing capacity | 25,000,000 | ' | ' |
Letter of credit, amount | 18,100,000 | ' | ' |
AWR | Syndicated revolving credit facility | Letter of Credit - Three Valleys Municipal Water District | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 6,300,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
AWR | Syndicated revolving credit facility | Letter of Credit - GSWC business automobile insurance policy | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 440,000,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
AWR | Syndicated revolving credit facility | Letter of Credit - Purchase of power | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 585,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
AWR | Syndicated revolving credit facility | Letter of Credit - American Recovery and Reinvestment Act | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | 7,200,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Percentage of funds received for reimbursement of costs | 80.00% | ' | ' |
AWR | Syndicated revolving credit facility | Irrevocable Letter of Credit - Edison Settlement agreement | ' | ' | ' |
Bank debt | ' | ' | ' |
Letter of credit, amount | $3,600,000 | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
GSWC | GSWC | Private placement notes | Private placement notes | Private placement notes | Private placement notes | Private placement notes | 7.55% notes due 2025 | 7.55% notes due 2025 | 7.55% notes due 2025 | 7.55% notes due 2025 | Debt issues other than 9.56% Notes and Senior Notes issued to Co-Bank | Senior Notes issued to Co-Bank | American Recovery and Reinvestment Act Obligation due 2033 | American Recovery and Reinvestment Act Obligation due 2033 | American Recovery and Reinvestment Act Obligation due 2033 | American Recovery and Reinvestment Act Obligation due 2033 | |||
GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | ||||||||||
Maximum | Minimum | Maximum | |||||||||||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | $28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400.00% | 200.00% | ' | ' | ' | ' | ' | ' |
Redemption price of debt instrument, as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.13% | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | 9.56% | 9.56% | 9.56% | 9.56% | ' | 7.55% | 7.55% | 7.55% | ' | ' | ' | ' | ' | 2.50% | ' |
Amount of debt | 332,377,000 | 335,791,000 | 332,377,000 | 335,791,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | ' | ' | 8,000,000 | ' | ' | ' | ' | 4,269,000 | 4,259,000 | 4,269,000 | 4,259,000 |
Redemption premium (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' |
Redemption premium after 2021 (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional spread on premium (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' |
Amount available for issuance of debt securities | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Annual maturities of all long-term debt, including capitalized leases | ' | ' |
Total | $332,377 | $335,791 |
GSWC | ' | ' |
Annual maturities of all long-term debt, including capitalized leases | ' | ' |
2014 | 6,298 | ' |
2015 | 290 | ' |
2016 | 309 | ' |
2017 | 327 | ' |
2018 | 321 | ' |
Thereafter | 324,832 | ' |
Total | $332,377 | $335,791 |
LongTerm_Debt_Details_3
Long-Term Debt (Details 3) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 31, 2009 | Dec. 31, 2013 | |
GSWC | GSWC | GSWC | GSWC | GSWC | GSWC | ||||
American Recovery and Reinvestment Act Obligation due 2033 | American Recovery and Reinvestment Act Obligation due 2033 | American Recovery and Reinvestment Act Obligation due 2033 | |||||||
Letters of credit to CDHP | |||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of loan that can be borrowed | ' | ' | ' | ' | ' | ' | ' | $9,000,000 | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' |
Maturity term | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Letters of credit issued, percentage of maximum available under facility | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% |
Loan proceeds received for reimbursement of costs of conversion | 60,000 | 3,408,000 | 61,912,000 | 60,000 | 3,408,000 | 61,912,000 | 8,600,000 | ' | ' |
Amount of debt issued | ' | ' | ' | ' | ' | ' | ' | ' | $7,200,000 |
Taxes_on_Income_Details
Taxes on Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax assets: | ' | ' | ' |
Regulatory-liability-related: ITC and excess deferred taxes | $1,049 | $1,649 | ' |
Regulatory-liability-related: California Corp Franchise Tax | 4,337 | 3,690 | ' |
Other nonproperty-related | 2,005 | 2,609 | ' |
Contributions and advances | 8,655 | 9,443 | ' |
Deferred tax assets | 16,046 | 17,391 | ' |
Deferred tax liabilities: | ' | ' | ' |
Fixed assets | -131,534 | -121,802 | ' |
Regulatory-asset-related: depreciation and other | -21,575 | -21,754 | ' |
Other nonproperty-related | -155 | -152 | ' |
Balancing and memorandum accounts | -6,663 | -1,020 | ' |
Deferred charges | -6,064 | -6,632 | ' |
Deferred tax liabilities | -165,991 | -151,360 | ' |
Accumulated deferred income taxes - net | -149,945 | -133,969 | ' |
Current | ' | ' | ' |
Federal | 13,741 | 15,585 | 9,107 |
State | 5,930 | 5,273 | 7,108 |
Total current tax expense | 19,671 | 20,858 | 16,215 |
Deferred | ' | ' | ' |
Federal | 14,769 | 13,088 | 15,189 |
State | 1,343 | 1,999 | -1,328 |
Total deferred tax expense | 16,112 | 15,087 | 13,861 |
Income tax expense/(benefit) | 35,783 | 35,945 | 30,076 |
Reconciliations of the effective tax rates to the federal statutory rate | ' | ' | ' |
Federal taxes on pretax income at statutory rate | 34,464 | 31,533 | 25,230 |
State income tax, net of federal benefit | 5,111 | 4,957 | 3,781 |
Flow-through on fixed assets | 646 | 636 | 1,026 |
Flow-through on pension costs | 612 | 10 | 254 |
Flow-through on removal costs | -2,141 | -943 | -281 |
Domestic production activities deduction | -2,944 | -553 | -277 |
Investment tax credit | -91 | -91 | -91 |
Other – net | 126 | 396 | 434 |
Income tax expense/(benefit) | 35,783 | 35,945 | 30,076 |
Pretax income from continuing operations | 98,469 | 90,093 | 72,086 |
Effective income tax rate (as a percent) | 36.30% | 39.90% | 41.70% |
Tax Authorities | ' | ' | ' |
Taxes on income | ' | ' | ' |
Net interest receivable | 757 | 2,838 | 2,364 |
Recognized interest income | 99 | 473 | 121 |
GSWC | ' | ' | ' |
Deferred tax assets: | ' | ' | ' |
Regulatory-liability-related: ITC and excess deferred taxes | 1,049 | 1,649 | ' |
Regulatory-liability-related: California Corp Franchise Tax | 4,337 | 3,690 | ' |
Other nonproperty-related | 1,543 | 2,151 | ' |
Contributions and advances | 8,655 | 9,443 | ' |
Deferred tax assets | 15,584 | 16,933 | ' |
Deferred tax liabilities: | ' | ' | ' |
Fixed assets | -131,548 | -121,881 | ' |
Regulatory-asset-related: depreciation and other | -21,575 | -21,754 | ' |
Other nonproperty-related | -155 | -151 | ' |
Balancing and memorandum accounts | -6,663 | -1,020 | ' |
Deferred charges | -6,064 | -6,632 | ' |
Deferred tax liabilities | -166,005 | -151,438 | ' |
Accumulated deferred income taxes - net | -150,421 | -134,505 | ' |
Current | ' | ' | ' |
Federal | 10,768 | 7,957 | 5,246 |
State | 6,315 | 3,830 | 6,920 |
Total current tax expense | 17,083 | 11,787 | 12,166 |
Deferred | ' | ' | ' |
Federal | 14,691 | 12,670 | 15,118 |
State | 1,360 | 2,043 | -1,313 |
Total deferred tax expense | 16,051 | 14,713 | 13,805 |
Income tax expense/(benefit) | 33,134 | 26,500 | 25,971 |
Reconciliations of the effective tax rates to the federal statutory rate | ' | ' | ' |
Federal taxes on pretax income at statutory rate | 28,622 | 23,002 | 21,278 |
State income tax, net of federal benefit | 5,372 | 4,048 | 3,707 |
Flow-through on fixed assets | 646 | 636 | 1,026 |
Flow-through on pension costs | 612 | 10 | 254 |
Flow-through on removal costs | -2,141 | -943 | -281 |
Domestic production activities deduction | -1,316 | -553 | -277 |
Investment tax credit | -91 | -91 | -91 |
Other – net | 1,430 | 391 | 355 |
Income tax expense/(benefit) | 33,134 | 26,500 | 25,971 |
Pretax income from continuing operations | 81,776 | 65,720 | 60,793 |
Effective income tax rate (as a percent) | 40.50% | 40.30% | 42.70% |
GSWC | Tax Authorities | ' | ' | ' |
Taxes on income | ' | ' | ' |
Net interest receivable | 704 | 2,775 | 2,314 |
Recognized interest income | $21 | $461 | $102 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
participant | ||
item | ||
Defined contribution plan | ' | ' |
Employer contribution to the plan | $1,900 | ' |
Pension Plan | ' | ' |
Employee benefit plans | ' | ' |
Minimum age for eligibility under the Pension Plan | 21 | ' |
Minimum period of service for eligibility under the Pension Plan | '5 years | ' |
Normal retirement benefit (as a percent) | 2.00% | ' |
Number of highest consecutive years' average earnings used in computing retirement benefit | '5 years | ' |
Maximum number of years of credited service considered in determining retirement benefit | '40 years | ' |
Number of participants in the Pension Plan | 985 | ' |
Defined contribution plan | ' | ' |
Percentage of participant's eligible pay contributed to the plan by the employer | 5.25% | ' |
Eligibility for employer matching contributions, period of service | '3 years | ' |
Employer contribution to the plan | $394 | $254 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Amounts recognized on the balance sheets: | ' | ' | ' | |
Non-current liabilities | ($38,726) | ($71,618) | ' | |
Components of Net Periodic Benefits Cost: | ' | ' | ' | |
Regulatory adjustment - deferred | 214 | 11,709 | 18,748 | |
GSWC | ' | ' | ' | |
Amounts recognized on the balance sheets: | ' | ' | ' | |
Non-current liabilities | -38,726 | -71,618 | ' | |
Components of Net Periodic Benefits Cost: | ' | ' | ' | |
Regulatory adjustment - deferred | 214 | 11,709 | 18,748 | |
Pension Benefits | ' | ' | ' | |
Change in Projected Benefit Obligation: | ' | ' | ' | |
Projected benefit obligation at beginning of year | 163,230 | 146,127 | ' | |
Service cost | 6,967 | 6,675 | 5,624 | |
Interest cost | 6,907 | 6,657 | 6,524 | |
Actuarial loss (gain) | -19,918 | 7,759 | ' | |
Benefits/expenses paid | 4,506 | 3,988 | ' | |
Projected benefit obligation at end of year | 152,680 | 163,230 | 146,127 | |
Changes in Plan Assets: | ' | ' | ' | |
Fair value of plan assets at beginning of year | 107,638 | 92,910 | ' | |
Actual return on plan assets | 17,846 | 12,599 | ' | |
Employer contributions | 6,556 | 6,117 | ' | |
Benefits/expenses paid | 4,506 | 3,988 | ' | |
Fair value of plan assets at end of year | 127,534 | 107,638 | 92,910 | |
Funded Status: | ' | ' | ' | |
Net amount recognized as accrued pension cost | -25,146 | -55,592 | ' | |
Amounts recognized on the balance sheets: | ' | ' | ' | |
Current liabilities | 0 | 0 | ' | |
Non-current liabilities | -25,146 | -55,592 | ' | |
Net amount recognized | -25,146 | -55,592 | ' | |
Amounts recognized in regulatory assets consist of: | ' | ' | ' | |
Initial net obligation | 0 | 0 | ' | |
Prior service cost (credit) | 285 | 404 | ' | |
Net loss | 15,581 | 48,648 | ' | |
Regulatory assets | 15,866 | 49,052 | 50,505 | |
Unfunded accrued pension cost | 9,280 | 6,540 | ' | |
Net liability recognized | -25,146 | -55,592 | ' | |
Changes in plan assets and benefit obligations recognized in regulatory assets: | ' | ' | ' | |
Regulatory asset at beginning of year | 49,052 | 50,505 | ' | |
Net loss (gain) | -30,190 | 1,700 | ' | |
Amortization of initial net obligation | 0 | 0 | ' | |
Amortization of prior service (cost) credit | ' | -118 | ' | |
Amortization of net loss | -2,878 | -3,035 | ' | |
Total change in regulatory asset | -33,186 | -1,453 | ' | |
Regulatory asset at end of year | 15,866 | 49,052 | 50,505 | |
Net periodic pension costs | 9,296 | 9,945 | 7,159 | |
Change in regulatory asset | -33,186 | -1,453 | ' | |
Total recognized in net periodic pension cost and regulatory asset | -23,890 | 8,492 | ' | |
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | ' | ' | ' | |
Initial net obligation | 0 | 0 | ' | |
Prior service cost | -118 | -118 | ' | |
Net loss | -29 | -2,846 | ' | |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ' | ' | ' | |
Projected benefit obligation | 152,680 | 163,230 | ' | |
Accumulated benefit obligation | 131,580 | 138,230 | ' | |
Fair value of plan assets | 127,534 | 107,368 | ' | |
Weighted-average assumptions used to determine benefit obligations at year end: | ' | ' | ' | |
Discount rate (as a percent) | 5.10% | 4.30% | ' | |
Rate of compensation increase (as a percent) | 4.00% | 4.00% | ' | |
Components of Net Periodic Benefits Cost: | ' | ' | ' | |
Service cost | 6,967 | 6,675 | 5,624 | |
Interest cost | 6,907 | 6,657 | 6,524 | |
Expected return on plan assets | -7,574 | -6,540 | -6,349 | |
Amortization of transition | 0 | 0 | 0 | |
Amortization of prior service cost (benefit) | 118 | 118 | 118 | |
Amortization of actuarial loss | 2,878 | 3,035 | 1,242 | |
Net periodic pension costs | -9,296 | -9,945 | -7,159 | |
Regulatory adjustment - deferred | -1,920 | -2,305 | -209 | |
Total expense recognized, before allocation to overhead pool | 7,376 | 7,640 | 6,950 | |
Weighted-average assumptions used to determine net periodic cost: | ' | ' | ' | |
Discount rate (as a percent) | 4.30% | 4.65% | 5.55% | |
Expected long-term return on plan assets (as a percent) | 7.00% | 7.00% | 7.00% | |
Rate of compensation increase (as a percent) | 4.00% | 4.00% | 4.00% | |
Pension Benefits | GSWC | ' | ' | ' | |
Components of Net Periodic Benefits Cost: | ' | ' | ' | |
Regulatory adjustment - deferred | 1,900 | 2,300 | 200 | |
Post-Retirement Medical Benefits | ' | ' | ' | |
Change in Projected Benefit Obligation: | ' | ' | ' | |
Projected benefit obligation at beginning of year | 12,296 | 12,448 | ' | |
Service cost | 407 | 419 | 391 | |
Interest cost | 439 | 534 | 549 | |
Actuarial loss (gain) | -1,340 | -657 | ' | |
Benefits/expenses paid | 414 | 448 | ' | |
Projected benefit obligation at end of year | 11,388 | 12,296 | 12,448 | |
Changes in Plan Assets: | ' | ' | ' | |
Fair value of plan assets at beginning of year | 8,359 | 7,916 | ' | |
Actual return on plan assets | 1,320 | 736 | ' | |
Employer contributions | 608 | 155 | ' | |
Benefits/expenses paid | 414 | 448 | ' | |
Fair value of plan assets at end of year | 9,873 | 8,359 | 7,916 | |
Funded Status: | ' | ' | ' | |
Net amount recognized as accrued pension cost | -1,515 | -3,937 | ' | |
Amounts recognized on the balance sheets: | ' | ' | ' | |
Current liabilities | 0 | 0 | ' | |
Non-current liabilities | -1,515 | -3,937 | ' | |
Net amount recognized | -1,515 | -3,937 | ' | |
Amounts recognized in regulatory assets consist of: | ' | ' | ' | |
Initial net obligation | 417 | 837 | ' | |
Prior service cost (credit) | -433 | -633 | ' | |
Net loss | -3,159 | -889 | ' | |
Regulatory assets | -3,175 | -685 | 570 | |
Unfunded accrued pension cost | 4,690 | 4,622 | ' | |
Net liability recognized | -1,515 | -3,937 | ' | |
Changes in plan assets and benefit obligations recognized in regulatory assets: | ' | ' | ' | |
Regulatory asset at beginning of year | -685 | 570 | ' | |
Net loss (gain) | -2,278 | -1,036 | ' | |
Amortization of initial net obligation | -419 | -419 | ' | |
Amortization of prior service (cost) credit | 200 | 200 | ' | |
Amortization of net loss | 7 | 0 | ' | |
Total change in regulatory asset | -2,490 | -1,255 | ' | |
Regulatory asset at end of year | -3,175 | -685 | 570 | |
Net periodic pension costs | 676 | 815 | 861 | |
Change in regulatory asset | -2,490 | -1,255 | ' | |
Total recognized in net periodic pension cost and regulatory asset | -1,814 | -440 | ' | |
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | ' | ' | ' | |
Initial net obligation | -418 | -419 | ' | |
Prior service cost | 200 | 200 | ' | |
Net loss | 262 | 0 | ' | |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ' | ' | ' | |
Projected benefit obligation | 11,388 | 12,296 | ' | |
Fair value of plan assets | 9,873 | 8,359 | ' | |
Weighted-average assumptions used to determine benefit obligations at year end: | ' | ' | ' | |
Discount rate (as a percent) | 4.65% | 3.75% | ' | |
Components of Net Periodic Benefits Cost: | ' | ' | ' | |
Service cost | 407 | 419 | 391 | |
Interest cost | 439 | 534 | 549 | |
Expected return on plan assets | -382 | -357 | -298 | |
Amortization of transition | 419 | 419 | 419 | |
Amortization of prior service cost (benefit) | -200 | -200 | -200 | |
Amortization of actuarial loss | -7 | 0 | 0 | |
Net periodic pension costs | -676 | -815 | -861 | |
Regulatory adjustment - deferred | 0 | 0 | 0 | |
Total expense recognized, before allocation to overhead pool | 676 | 815 | 861 | |
Weighted-average assumptions used to determine net periodic cost: | ' | ' | ' | |
Discount rate (as a percent) | 3.75% | 4.45% | 5.20% | |
Union plan | ' | ' | ' | |
Weighted-average assumptions used to determine net periodic cost: | ' | ' | ' | |
Expected long-term return on plan assets (as a percent) | 7.00% | [1] | 7.00% | 7.00% |
Non-union plan | ' | ' | ' | |
Weighted-average assumptions used to determine net periodic cost: | ' | ' | ' | |
Expected long-term return on plan assets (as a percent) | 4.20% | [1] | 4.20% | 4.20% |
SERP | ' | ' | ' | |
Change in Projected Benefit Obligation: | ' | ' | ' | |
Projected benefit obligation at beginning of year | -12,406 | -10,604 | ' | |
Service cost | 803 | 731 | 600 | |
Interest cost | 514 | 488 | 464 | |
Actuarial loss (gain) | 1,198 | -803 | ' | |
Benefits/expenses paid | -229 | -220 | ' | |
Projected benefit obligation at end of year | -12,296 | -12,406 | -10,604 | |
Changes in Plan Assets: | ' | ' | ' | |
Fair value of plan assets at beginning of year | 0 | ' | ' | |
Benefits/expenses paid | -229 | -220 | ' | |
Fair value of plan assets at end of year | 0 | 0 | ' | |
Funded Status: | ' | ' | ' | |
Net amount recognized as accrued pension cost | -12,296 | -12,406 | ' | |
Amounts recognized on the balance sheets: | ' | ' | ' | |
Current liabilities | -230 | -317 | ' | |
Non-current liabilities | -12,066 | -12,089 | ' | |
Net amount recognized | -12,296 | -12,406 | ' | |
Amounts recognized in regulatory assets consist of: | ' | ' | ' | |
Prior service cost (credit) | 314 | 475 | ' | |
Net loss | 2,172 | 3,709 | ' | |
Regulatory assets | 2,486 | 4,184 | 3,848 | |
Unfunded accrued pension cost | 9,810 | 8,222 | ' | |
Net liability recognized | -12,296 | -12,406 | ' | |
Changes in plan assets and benefit obligations recognized in regulatory assets: | ' | ' | ' | |
Regulatory asset at beginning of year | 4,184 | 3,848 | ' | |
Net loss (gain) | -1,199 | 805 | ' | |
Amortization of prior service (cost) credit | -161 | -161 | ' | |
Amortization of net loss | -338 | -308 | ' | |
Total change in regulatory asset | -1,698 | 336 | ' | |
Regulatory asset at end of year | 2,486 | 4,184 | 3,848 | |
Net periodic pension costs | 1,817 | 1,687 | 1,359 | |
Change in regulatory asset | -1,698 | 336 | ' | |
Total recognized in net periodic pension cost and regulatory asset | 119 | 2,023 | ' | |
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | ' | ' | ' | |
Initial net obligation | 0 | 0 | ' | |
Prior service cost | -161 | -161 | ' | |
Net loss | -139 | -339 | ' | |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ' | ' | ' | |
Accumulated benefit obligation | 10,116 | 9,601 | ' | |
Fair value of plan assets | 0 | 0 | ' | |
Weighted-average assumptions used to determine benefit obligations at year end: | ' | ' | ' | |
Discount rate (as a percent) | 5.05% | 4.20% | ' | |
Rate of compensation increase (as a percent) | 4.00% | 4.00% | ' | |
Components of Net Periodic Benefits Cost: | ' | ' | ' | |
Service cost | 803 | 731 | 600 | |
Interest cost | 514 | 488 | 464 | |
Amortization of prior service cost (benefit) | 161 | 161 | 161 | |
Amortization of actuarial loss | 339 | 307 | 134 | |
Net periodic pension costs | ($1,817) | ($1,687) | ($1,359) | |
Weighted-average assumptions used to determine net periodic cost: | ' | ' | ' | |
Discount rate (as a percent) | 4.20% | 4.65% | 5.55% | |
Rate of compensation increase (as a percent) | 4.00% | 4.00% | 4.00% | |
[1] | *7.0% for union plan, 4.2% for non-union, net of income taxes in 2013, 2012 and 2011. |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 3) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Regulatory Adjustment: | ' | ' | ' | ' | |
Amount of under-collection included in the two-way pension balancing account | ' | ($214,000) | ($11,709,000) | ($18,748,000) | |
Healthcare Cost Trend Rate | ' | ' | ' | ' | |
Initial health care cost for employees under age of 65 (as a percent) | ' | 7.80% | 8.00% | 8.00% | |
Ultimate health care cost for employees under age of 65 (as a percent) | ' | 6.30% | 7.20% | 6.50% | |
Period within which rate reaches ultimate trend rate | ' | '10 years | '10 years | '10 years | |
Initial Health care cost for employees of age 65 and over (as a percent) | ' | 7.00% | 7.00% | 7.00% | |
Ultimate health care cost for employees of age 65 and over (as a percent) | ' | 5.70% | 5.80% | 5.80% | |
Effects of one-percentage-point change in assumed health care cost trend rates | ' | ' | ' | ' | |
Effect on total of service and interest cost components -1 Percentage Point Increase | ' | 99,000 | ' | ' | |
Effect on total of service and interest cost components -1 Percentage Point Decrease | ' | -85,000 | ' | ' | |
Effect on post-retirement benefit obligation -1 Percentage Point Increase | ' | 1,243,000 | ' | ' | |
Effect on post-retirement benefit obligation -1 Percentage Point Decrease | ' | -1,083,000 | ' | ' | |
Defined contribution plan | ' | ' | ' | ' | |
Employer's contribution | ' | 1,900,000 | ' | ' | |
Fixed income securities | Maximum | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Maturity period of investments | ' | '20 years | ' | ' | |
Fixed income securities | Minimum | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Maturity period of investments | ' | '1 year | ' | ' | |
GSWC | ' | ' | ' | ' | |
Regulatory Adjustment: | ' | ' | ' | ' | |
Amount of under-collection included in the two-way pension balancing account | ' | -214,000 | -11,709,000 | -18,748,000 | |
Pension Benefits | ' | ' | ' | ' | |
Regulatory Adjustment: | ' | ' | ' | ' | |
Amount of under-collection included in the two-way pension balancing account | ' | 1,920,000 | 2,305,000 | 209,000 | |
Actual and Target Asset Allocations | ' | ' | ' | ' | |
Actual Asset Allocations, Total (as a percent) | ' | 100.00% | 100.00% | ' | |
Target Asset Allocation for 2013, Total (as a percent) | 100.00% | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 127,534,000 | 107,638,000 | 92,910,000 | |
Employer contributions | ' | 6,556,000 | 6,117,000 | ' | |
Expected employer's contribution in 2013 | 6,300,000 | ' | ' | ' | |
Estimated future benefit payments | ' | ' | ' | ' | |
2014 | ' | 4,971,000 | ' | ' | |
2015 | ' | 5,447,000 | ' | ' | |
2016 | ' | 5,929,000 | ' | ' | |
2017 | ' | 6,513,000 | ' | ' | |
2018 | ' | 7,094,000 | ' | ' | |
Thereafter | ' | 45,594,000 | ' | ' | |
Total | ' | 75,548,000 | ' | ' | |
Expected long-term return on plan assets (as a percentage) | ' | 7.00% | 7.00% | 7.00% | |
Defined contribution plan | ' | ' | ' | ' | |
Employer's contribution | ' | 394,000 | 254,000 | ' | |
Pension Benefits | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 127,534,000 | 107,638,000 | ' | |
Pension Benefits | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 127,534,000 | 107,638,000 | ' | |
Pension Benefits | Cash equivalents | ' | ' | ' | ' | |
Actual and Target Asset Allocations | ' | ' | ' | ' | |
Actual Asset Allocations, Total (as a percent) | ' | 2.00% | 1.00% | ' | |
Pension Benefits | Cash equivalents | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 2,096,000 | 1,721,000 | ' | |
Pension Benefits | Cash equivalents | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Cash equivalents | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Cash equivalents | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 2,096,000 | 1,721,000 | ' | |
Pension Benefits | Fixed income securities | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 47,627,000 | 41,590,000 | ' | |
Pension Benefits | Fixed income securities | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Fixed income securities | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Fixed income securities | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 47,627,000 | 41,590,000 | ' | |
Pension Benefits | Equity securities | ' | ' | ' | ' | |
Actual and Target Asset Allocations | ' | ' | ' | ' | |
Actual Asset Allocations, Total (as a percent) | ' | 61.00% | 60.00% | ' | |
Target Asset Allocation for 2013, Total (as a percent) | 60.00% | ' | ' | ' | |
Pension Benefits | Equity securities | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 77,811,000 | 64,327,000 | ' | |
Pension Benefits | Equity securities | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Equity securities | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Equity securities | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 77,811,000 | 64,327,000 | ' | |
Pension Benefits | U.S. small cap stocks | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 6,576,000 | 5,396,000 | ' | |
Pension Benefits | U.S. small cap stocks | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | U.S. small cap stocks | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | U.S. small cap stocks | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 6,576,000 | 5,396,000 | ' | |
Pension Benefits | U.S. mid cap stocks | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 13,119,000 | 10,722,000 | ' | |
Pension Benefits | U.S. mid cap stocks | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | U.S. mid cap stocks | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | U.S. mid cap stocks | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 13,119,000 | 10,722,000 | ' | |
Pension Benefits | U.S. large cap stocks | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 39,280,000 | 31,966,000 | ' | |
Pension Benefits | U.S. large cap stocks | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | U.S. large cap stocks | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | U.S. large cap stocks | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 39,280,000 | 31,966,000 | ' | |
Pension Benefits | International funds | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 12,501,000 | 10,797,000 | ' | |
Pension Benefits | International funds | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | International funds | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | International funds | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 12,501,000 | 10,797,000 | ' | |
Pension Benefits | Real estate funds | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 6,335,000 | 5,446,000 | ' | |
Pension Benefits | Real estate funds | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Real estate funds | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Pension Benefits | Real estate funds | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 6,335,000 | 5,446,000 | ' | |
Pension Benefits | Debt securities | ' | ' | ' | ' | |
Actual and Target Asset Allocations | ' | ' | ' | ' | |
Actual Asset Allocations, Total (as a percent) | ' | 37.00% | 39.00% | ' | |
Target Asset Allocation for 2013, Total (as a percent) | 40.00% | ' | ' | ' | |
Pension Benefits | GSWC | ' | ' | ' | ' | |
Regulatory Adjustment: | ' | ' | ' | ' | |
Number of water regions for which two-way balancing account was established | ' | 3 | ' | ' | |
Amount of under-collection included in the two-way pension balancing account | ' | -1,900,000 | -2,300,000 | -200,000 | |
Post-Retirement Medical Plans | ' | ' | ' | ' | |
Regulatory Adjustment: | ' | ' | ' | ' | |
Amount of under-collection included in the two-way pension balancing account | ' | 0 | 0 | 0 | |
Actual and Target Asset Allocations | ' | ' | ' | ' | |
Actual Asset Allocations, Total (as a percent) | ' | 100.00% | 100.00% | ' | |
Target Asset Allocation for 2013, Total (as a percent) | 100.00% | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 9,873,000 | 8,359,000 | 7,916,000 | |
Employer contributions | ' | 608,000 | 155,000 | ' | |
Estimated future benefit payments | ' | ' | ' | ' | |
2014 | ' | 483,000 | ' | ' | |
2015 | ' | 558,000 | ' | ' | |
2016 | ' | 630,000 | ' | ' | |
2017 | ' | 713,000 | ' | ' | |
2018 | ' | 814,000 | ' | ' | |
Thereafter | ' | 5,057,000 | ' | ' | |
Total | ' | 8,255,000 | ' | ' | |
Post-Retirement Medical Plans | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 9,873,000 | 8,359,000 | ' | |
Post-Retirement Medical Plans | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Post-Retirement Medical Plans | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Post-Retirement Medical Plans | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 9,873,000 | 8,359,000 | ' | |
Post-Retirement Medical Plans | Cash equivalents | ' | ' | ' | ' | |
Actual and Target Asset Allocations | ' | ' | ' | ' | |
Actual Asset Allocations, Total (as a percent) | ' | 1.00% | 1.00% | ' | |
Post-Retirement Medical Plans | Cash equivalents | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 142,000 | 65,000 | ' | |
Post-Retirement Medical Plans | Cash equivalents | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Post-Retirement Medical Plans | Cash equivalents | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Post-Retirement Medical Plans | Cash equivalents | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 142,000 | 65,000 | ' | |
Post-Retirement Medical Plans | Fixed income securities | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 3,731,000 | 3,192,000 | ' | |
Post-Retirement Medical Plans | Fixed income securities | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Post-Retirement Medical Plans | Fixed income securities | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Post-Retirement Medical Plans | Fixed income securities | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 3,731,000 | 3,192,000 | ' | |
Post-Retirement Medical Plans | Equity securities | ' | ' | ' | ' | |
Actual and Target Asset Allocations | ' | ' | ' | ' | |
Actual Asset Allocations, Total (as a percent) | ' | 61.00% | 61.00% | ' | |
Target Asset Allocation for 2013, Total (as a percent) | 100.00% | ' | ' | ' | |
Post-Retirement Medical Plans | U.S. large cap stocks | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 6,000,000 | 5,102,000 | ' | |
Post-Retirement Medical Plans | U.S. large cap stocks | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Post-Retirement Medical Plans | U.S. large cap stocks | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Post-Retirement Medical Plans | U.S. large cap stocks | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 6,000,000 | 5,102,000 | ' | |
Post-Retirement Medical Plans | Debt securities | ' | ' | ' | ' | |
Actual and Target Asset Allocations | ' | ' | ' | ' | |
Actual Asset Allocations, Total (as a percent) | ' | 38.00% | 38.00% | ' | |
Target Asset Allocation for 2013, Total (as a percent) | 40.00% | ' | ' | ' | |
Union plan | ' | ' | ' | ' | |
Estimated future benefit payments | ' | ' | ' | ' | |
Expected long-term return on plan assets (as a percentage) | ' | 7.00% | [1] | 7.00% | 7.00% |
Non-union plan | ' | ' | ' | ' | |
Estimated future benefit payments | ' | ' | ' | ' | |
Expected long-term return on plan assets (as a percentage) | ' | 4.20% | [1] | 4.20% | 4.20% |
SERP | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
Estimated future benefit payments | ' | ' | ' | ' | |
2014 | ' | 230,000 | ' | ' | |
2015 | ' | 383,000 | ' | ' | |
2016 | ' | 394,000 | ' | ' | |
2017 | ' | 466,000 | ' | ' | |
2018 | ' | 570,000 | ' | ' | |
Thereafter | ' | 4,115,000 | ' | ' | |
Total | ' | 6,158,000 | ' | ' | |
Balance in Rabbi Trust | ' | ' | ' | ' | |
Balance in Rabbi Trust | ' | 6,800,000 | ' | ' | |
SERP | Rabbi Trust | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 6,816,000 | 4,816,000 | ' | |
SERP | Rabbi Trust | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
SERP | Rabbi Trust | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
SERP | Rabbi Trust | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 6,816,000 | 4,816,000 | ' | |
SERP | Rabbi Trust | Cash equivalents | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 27,000 | 116,000 | ' | |
SERP | Rabbi Trust | Cash equivalents | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
SERP | Rabbi Trust | Cash equivalents | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
SERP | Rabbi Trust | Cash equivalents | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 27,000 | 116,000 | ' | |
SERP | Rabbi Trust | Fixed income securities | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 2,587,000 | 1,878,000 | ' | |
SERP | Rabbi Trust | Fixed income securities | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
SERP | Rabbi Trust | Fixed income securities | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
SERP | Rabbi Trust | Fixed income securities | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 2,587,000 | 1,878,000 | ' | |
SERP | Rabbi Trust | Equity securities | Level 1 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 4,202,000 | 2,822,000 | ' | |
SERP | Rabbi Trust | Equity securities | Level 2 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
SERP | Rabbi Trust | Equity securities | Level 3 | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 0 | 0 | ' | |
SERP | Rabbi Trust | Equity securities | Total | ' | ' | ' | ' | |
Employer's contribution and fair value of plan assets | ' | ' | ' | ' | |
Total investments measured at fair value | ' | 4,202,000 | 2,822,000 | ' | |
Pension and other post-retirement obligations | GSWC | ' | ' | ' | ' | |
Regulatory Adjustment: | ' | ' | ' | ' | |
Number of water regions for which two-way balancing account was established | ' | 3 | ' | ' | |
Regulatory asset authorized under settlement | ' | 15,200,000 | ' | ' | |
Pension and other post-retirement obligations | Two-way pension balancing account | GSWC | ' | ' | ' | ' | |
Regulatory Adjustment: | ' | ' | ' | ' | |
Regulatory asset authorized under settlement | ' | $5,100,000 | ' | ' | |
[1] | *7.0% for union plan, 4.2% for non-union, net of income taxes in 2013, 2012 and 2011. |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
stock_plan | |||
Stock compensation plans | ' | ' | ' |
Number of stock incentive plans | 4 | ' | ' |
Stock-based compensation recognized in the income statement, before taxes | $2,009 | $1,931 | $1,520 |
Capitalized equity-based compensation cost | 334 | 259 | 247 |
Immediate vesting for employees of certain age and above | '55 years | ' | ' |
GSWC | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Stock-based compensation recognized in the income statement, before taxes | 1,647 | 1,667 | 1,345 |
Capitalized equity-based compensation cost | 334 | 259 | 247 |
Nonqualified stock options | Employees and directors | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Stock-based compensation recognized in the income statement, before taxes | 9 | 150 | 302 |
Nonqualified stock options | Employees and directors | GSWC | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Stock-based compensation recognized in the income statement, before taxes | 8 | 147 | 307 |
Restricted Stock Units | Employees | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Stock-based compensation recognized in the income statement, before taxes | 1,507 | 1,729 | 1,218 |
Restricted Stock Units | Employees | GSWC | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Stock-based compensation recognized in the income statement, before taxes | 1,266 | 1,468 | 1,038 |
Performance awards | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Performance awards | Officer | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Stock-based compensation recognized in the income statement, before taxes | -493 | -52 | 0 |
Performance awards | Officer | GSWC | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Stock-based compensation recognized in the income statement, before taxes | ($373) | ($52) | $0 |
2000 and 2008 Employee Plans | Nonqualified stock options | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Expiration term | '10 years | ' | ' |
Vesting period | '3 years | ' | ' |
Percentage of rights vesting in the first two years from the date of grant | 33.00% | ' | ' |
Percentage of rights vesting in the third year from the date of grant | 34.00% | ' | ' |
2000 and 2008 Employee Plans | Restricted Stock Units | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Common stock entitled to be received under each award | 1 | ' | ' |
Percentage of rights vesting in the first two years from the date of grant | 33.00% | ' | ' |
Percentage of rights vesting in the third year from the date of grant | 34.00% | ' | ' |
2000 and 2008 Employee Plans | Performance awards | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Percentage of rights vesting in the first two years from the date of grant | 33.00% | ' | ' |
Percentage of rights vesting in the third year from the date of grant | 34.00% | ' | ' |
2003 Directors Plan | Nonqualified stock options | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Expiration term | '10 years | ' | ' |
Vesting period | '3 years | ' | ' |
2003 Directors Plan | Restricted Stock Units | ' | ' | ' |
Stock compensation plans | ' | ' | ' |
Annual retainer multiplier used in determining awards | 250.00% | ' | ' |
Vesting rights percentage | 33.30% | ' | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assumptions used to estimate fair value of each option grant on the grant date using the Black-Scholes option-pricing model | ' | ' | ' |
Weighted-average fair value of option granted (in dollars per share) | ' | ' | $7.15 |
Risk-free interest rate (as a percent) | ' | ' | 2.48% |
Expected annual dividend yield (as a percent) | ' | ' | 3.04% |
Expected volatility factor (as a percent) | ' | ' | 28.98% |
Expected option term (in years) | ' | ' | '5 years |
Number of Options | ' | ' | ' |
Exercised (in shares) | -131,448 | -819,400 | -177,426 |
Options outstanding at the end of the period (in shares) | 264,596 | ' | ' |
Additional disclosure | ' | ' | ' |
Cash proceeds from the exercise of stock options | $2,111,000 | $13,295,000 | $2,350,000 |
Tax benefit for the tax deduction from awards exercised | 1,026,000 | 890,000 | 336,000 |
Unrecognized compensation cost | 493,000 | ' | ' |
Percentage of performance award earned based on total shareholder return | 25.00% | ' | ' |
Percentage of performance award earned based on GSWC's operating expense | 75.00% | ' | ' |
Maximum | ' | ' | ' |
Additional disclosure | ' | ' | ' |
Expected recognition period for unrecognized compensation cost | '2 years 2 months | ' | ' |
Percentage of target amount of performance shares | 200.00% | ' | ' |
Minimum | ' | ' | ' |
Additional disclosure | ' | ' | ' |
Expected recognition period for unrecognized compensation cost | '1 year 1 month | ' | ' |
Percentage of target amount of performance shares | 0.00% | ' | ' |
Stock options | ' | ' | ' |
Number of Options | ' | ' | ' |
Options Outstanding at the beginning of the period (in shares) | 403,158 | ' | ' |
Granted (in shares) | 0 | ' | ' |
Exercised (in shares) | -131,448 | ' | ' |
Forfeited or expired (in shares) | -7,114 | ' | ' |
Options outstanding at the end of the period (in shares) | 264,596 | 403,158 | ' |
Options exercisable at the end of the period (in shares) | 264,545 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Options outstanding at the beginning of the period (in dollars per share) | $16.72 | ' | ' |
Granted (in dollars per share) | $0 | ' | ' |
Exercised (in dollars per share) | $16.06 | ' | ' |
Forfeited or expired (in dollars per share) | $13.13 | ' | ' |
Options outstanding at the end of the period (in dollars per share) | $17.16 | $16.72 | ' |
Options exercisable at the end of the period (in dollars per share) | $17.16 | ' | ' |
Additional disclosure | ' | ' | ' |
Weighted Average Remaining Contractual Term, Options outstanding | '3 years 9 months | ' | ' |
Weighted Average Remaining Contractual Term, Options Exercisable | '3 years 9 months | ' | ' |
Aggregate Intrinsic Value, Options outstanding | 3,060,764 | ' | ' |
Aggregate Intrinsic Value, Options Exercisable | 3,060,166 | ' | ' |
Total intrinsic value of options exercised | 1,402,000 | 4,125,000 | 766,000 |
Tax benefit for the tax deduction from awards exercised | 1,026,000 | 890,000 | 336,000 |
Restricted Stock Units | ' | ' | ' |
Additional disclosure | ' | ' | ' |
Unrecognized compensation cost related to performance awards | $825,000 | ' | ' |
Number of Restricted/Performance Share Units | ' | ' | ' |
Restricted share units at the beginning of the period (in shares) | 287,510 | ' | ' |
Granted (in shares) | 61,312 | ' | ' |
Vested (in shares) | -148,522 | ' | ' |
Forfeited (in shares) | -3,264 | ' | ' |
Restricted share units at the end of the period (in shares) | 197,036 | ' | ' |
Weighted Average Grant-Date Value | ' | ' | ' |
Restricted share units at the beginning of the period (in dollars per share) | $16.97 | ' | ' |
Granted (in dollars per share) | $26.14 | ' | ' |
Vested (in dollars per share) | $17.93 | ' | ' |
Forfeited (in dollars per share) | $20.78 | ' | ' |
Restricted share units at the end of the period (in dollars per share) | $19.04 | ' | ' |
Restricted Stock Units | Maximum | ' | ' | ' |
Additional disclosure | ' | ' | ' |
Expected recognition period for unrecognized compensation cost | '2 years 9 months 27 days | ' | ' |
Restricted Stock Units | Minimum | ' | ' | ' |
Additional disclosure | ' | ' | ' |
Expected recognition period for unrecognized compensation cost | '29 days | ' | ' |
Performance awards | ' | ' | ' |
Additional disclosure | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Period to meet the performance goals | '3 years | ' | ' |
Number of Restricted/Performance Share Units | ' | ' | ' |
Restricted share units at the beginning of the period (in shares) | 11,822 | ' | ' |
Granted (in shares) | 33,024 | ' | ' |
Vested (in shares) | -3,926 | ' | ' |
Restricted share units at the end of the period (in shares) | 40,920 | ' | ' |
Weighted Average Grant-Date Value | ' | ' | ' |
Restricted share units at the beginning of the period (in dollars per share) | $18.37 | ' | ' |
Granted (in dollars per share) | $27.37 | ' | ' |
Vested (in dollars per share) | $18.42 | ' | ' |
Restricted share units at the end of the period (in dollars per share) | $25.63 | ' | ' |
Commitments_Details
Commitments (Details) (Commercial and residential water customers, GSWC) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commercial and residential water customers | GSWC | ' | ' | ' |
Commercial and residential water customers | ' | ' | ' |
Percentage of total revenues | 90.00% | 90.00% | 90.00% |
Commitments_Details_2
Commitments (Details 2) (GSWC, Water Supply, USD $) | Dec. 31, 2013 |
Estimated future minimum payments | ' |
2014 | $331,000 |
2015 | 331,000 |
2016 | 331,000 |
2017 | 331,000 |
2018 | 331,000 |
Thereafter | 3,971,000 |
Total | 5,626,000 |
City of Claremont | ' |
Purchase commitments | ' |
Remaining amount of commitment | 3,500,000 |
Various third parties | ' |
Estimated future minimum payments | ' |
Total | $2,100,000 |
Commitments_Details_3
Commitments (Details 3) (GSWC, USD $) | 12 Months Ended | 36 Months Ended | 59 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 30, 2013 | |
MW | |||||
Water Purchase Commitments [Member] | ' | ' | ' | ' | ' |
Purchase commitments | ' | ' | ' | ' | ' |
Optional renewal term | '10 years | ' | ' | ' | ' |
Total commitment under agreement | $5,626,000 | ' | ' | ' | ' |
Bear Valley Electric | ' | ' | ' | ' | ' |
Purchase commitments | ' | ' | ' | ' | ' |
Average load at customer service area (in MWs) | 11 | ' | ' | ' | ' |
Average winter load (in MWs) | 20 | ' | ' | ' | ' |
Winter peak load (in MWs) | 45 | ' | ' | ' | ' |
Maximum capacity fo natural gas-fuled generation facility (in megawatts) | 8.4 | ' | ' | ' | ' |
Bear Valley Electric | Shell | ' | ' | ' | ' | ' |
Purchase commitments | ' | ' | ' | ' | ' |
Megawatts of electric energy provided under contract | 13 | ' | ' | ' | ' |
Fixed price of electric energy per MWh | ' | ' | ' | 66.4 | 67.15 |
Purchase of power under the shell contract | $7,100,000 | $7,800,000 | $9,000,000 | ' | ' |
Bear Valley Electric | EDF | ' | ' | ' | ' | ' |
Purchase commitments | ' | ' | ' | ' | ' |
Megawatts of electric energy provided under contract | 12 | ' | ' | ' | ' |
Commitments_Details_4
Commitments (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leases: | ' | ' | ' |
Consolidated rent expense | $2,982 | $3,098 | $2,900 |
Future minimum payments under long-term non-cancelable operating leases | ' | ' | ' |
2014 | 2,267 | ' | ' |
2015 | 1,226 | ' | ' |
2016 | 1,124 | ' | ' |
2017 | 929 | ' | ' |
2018 | 654 | ' | ' |
Thereafter | 1,621 | ' | ' |
Total | $7,821 | ' | ' |
Contingencies_Details
Contingencies (Details) (GSWC, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Environmental Clean-Up and Remediation | ' |
Contingencies | ' |
Amount spent in clean-up and remediation activities | $3.50 |
Amount paid by the State of California Underground Storage Tank Fund for clean-up and remediation of plant facilities | 1.5 |
Accrued liability for the estimated additional cost to complete the clean-up at the site | $1 |
City of Claremont | Condemnation of Properties | ' |
Contingencies | ' |
Number of customers served through water systems | 11,000 |
Ojai FLOW | Condemnation of Properties | ' |
Contingencies | ' |
Number of customers served through water systems | 3,000 |
Construction_Program_Details
Construction Program (Details) (Capital projects, GSWC, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Capital projects | GSWC | ' |
Construction program | ' |
Unconditional purchase obligations | $25.60 |
Business_Segments_Details
Business Segments (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Details of reportable segment | ' | ' | ' | |||
Operating revenues | $472,077 | $466,908 | $419,913 | |||
Operating income (loss) | 119,072 | 111,094 | 95,104 | [1] | ||
Interest expense, net | -21,708 | -21,432 | -22,822 | |||
Utility Plant | 981,477 | 917,791 | 896,500 | |||
Depreciation and amortization expense | 40,090 | [2] | 41,385 | [2] | 38,349 | [2] |
Income tax expense/(benefit) | 35,783 | 35,945 | 30,076 | |||
Income (loss) from discontinued operations | ' | ' | 3,849 | [3] | ||
Capital additions | 97,379 | 68,104 | 80,281 | |||
Contracts | ' | ' | ' | |||
Details of reportable segment | ' | ' | ' | |||
Operating income (loss) | 24,608 | 11,855 | ' | |||
GSWC | ' | ' | ' | |||
Details of reportable segment | ' | ' | ' | |||
Number of reportable segments | 2 | ' | ' | |||
Operating revenues | 358,540 | 342,931 | 336,725 | |||
Operating income (loss) | 102,343 | 86,605 | 83,678 | |||
Utility Plant | 977,294 | 913,137 | ' | |||
Depreciation and amortization expense | 38,952 | 40,197 | 37,461 | |||
Income tax expense/(benefit) | 33,134 | 26,500 | 25,971 | |||
GSWC | Water | ' | ' | ' | |||
Details of reportable segment | ' | ' | ' | |||
Operating revenues | 320,131 | 305,898 | 300,450 | |||
Operating income (loss) | 95,932 | 78,104 | 77,017 | [1] | ||
Interest expense, net | -20,236 | -19,783 | -20,990 | |||
Utility Plant | 936,386 | 871,756 | 852,264 | |||
Depreciation and amortization expense | 36,636 | [2] | 37,905 | [2] | 35,450 | [2] |
Income tax expense/(benefit) | 30,679 | 24,231 | 24,151 | |||
Income (loss) from discontinued operations | ' | ' | 0 | [3] | ||
Capital additions | 94,581 | 62,500 | 73,991 | |||
GSWC | Electric | ' | ' | ' | |||
Details of reportable segment | ' | ' | ' | |||
Operating revenues | 38,409 | 37,033 | 36,275 | |||
Operating income (loss) | 6,411 | 8,501 | 6,661 | [1] | ||
Interest expense, net | -1,436 | -1,533 | -1,501 | |||
Utility Plant | 40,908 | 41,381 | 39,681 | |||
Depreciation and amortization expense | 2,316 | [2] | 2,292 | [2] | 2,011 | [2] |
Income tax expense/(benefit) | 2,455 | 2,269 | 1,820 | |||
Income (loss) from discontinued operations | ' | ' | 0 | [3] | ||
Capital additions | 2,124 | 4,331 | 4,447 | |||
CCWC | Water | ' | ' | ' | |||
Details of reportable segment | ' | ' | ' | |||
Operating revenues | ' | ' | 0 | |||
Operating income (loss) | ' | ' | -356 | [1] | ||
Interest expense, net | ' | ' | 0 | |||
Utility Plant | ' | ' | 0 | |||
Depreciation and amortization expense | ' | ' | 0 | [2] | ||
Income tax expense/(benefit) | ' | ' | -145 | |||
Income (loss) from discontinued operations | ' | ' | 1,612 | [3] | ||
Capital additions | ' | ' | 0 | |||
ASUS | Water | ' | ' | ' | |||
Details of reportable segment | ' | ' | ' | |||
Operating revenues | ' | 123,977 | ' | |||
Operating income (loss) | ' | 24,608 | ' | |||
Interest expense, net | ' | -179 | ' | |||
Utility Plant | ' | 4,654 | ' | |||
Depreciation and amortization expense | ' | 1,188 | [2] | ' | ||
Income tax expense/(benefit) | ' | 9,437 | ' | |||
Capital additions | ' | 1,273 | ' | |||
ASUS | Contracts | ' | ' | ' | |||
Details of reportable segment | ' | ' | ' | |||
Operating revenues | 113,537 | ' | 83,188 | |||
Operating income (loss) | 16,737 | ' | 11,855 | [1] | ||
Interest expense, net | -264 | ' | -372 | |||
Utility Plant | 4,183 | ' | 4,555 | |||
Depreciation and amortization expense | 1,138 | [2] | ' | 888 | [2] | |
Income tax expense/(benefit) | 4,911 | ' | 4,431 | |||
Income (loss) from discontinued operations | ' | ' | 0 | [3] | ||
Capital additions | 674 | ' | 1,843 | |||
AWR Parent | ' | ' | ' | |||
Details of reportable segment | ' | ' | ' | |||
Number of principal business units | 3 | ' | ' | |||
Operating revenues | 0 | 0 | 0 | |||
Operating income (loss) | -8 | -119 | -73 | [1] | ||
Interest expense, net | 228 | 63 | 41 | |||
Utility Plant | 0 | 0 | 0 | |||
Depreciation and amortization expense | 0 | [2] | 0 | [2] | 0 | [2] |
Income tax expense/(benefit) | -2,262 | 8 | -181 | |||
Income (loss) from discontinued operations | ' | ' | 2,237 | [3],[4] | ||
Capital additions | $0 | $0 | $0 | |||
[1] | (2) Operating income (loss) includes CCWC’s allocated corporate overhead costs that are now primarily at GSWC. | |||||
[2] | Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $877,000, $1.8 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
[3] | (3) In accordance with the accounting guidance relating to assets held for sale, Registrant did not record depreciation expense for CCWC in 2012. | |||||
[4] | Included in discontinued operations for the year ended December 31, 2011 are direct transaction costs of $449,000 ($217,000 after tax) for legal and consulting services in connection with the sale of CCWC. |
Business_Segments_Details_2
Business Segments (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Total utility plant | $981,477 | $917,791 | $896,500 |
Other assets | 328,706 | 363,152 | 341,862 |
Total Assets | 1,310,183 | 1,280,943 | 1,238,362 |
GSWC | ' | ' | ' |
Segment Reporting [Abstract] | ' | ' | ' |
Total utility plant | 977,294 | 913,137 | ' |
Total Assets | 1,233,381 | 1,214,052 | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation on transportation equipment | 877 | 1,800 | 2,500 |
AWR Parent | ' | ' | ' |
Segment Reporting [Abstract] | ' | ' | ' |
Total utility plant | 0 | 0 | 0 |
Total Assets | 495,273 | 455,166 | ' |
CCWC | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Direct transaction costs, before tax | ' | ' | 449 |
Direct transaction costs, net of tax | ' | ' | 217 |
CCWC | AWR Parent | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Direct transaction costs, before tax | ' | ' | 449 |
Direct transaction costs, net of tax | ' | ' | $217 |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in allowance for doubtful accounts | ' | ' | ' |
Balance at beginning of year | $1,228 | $1,048 | $1,051 |
Provision charged to expense | 1,145 | 1,710 | 938 |
Accounts written off, net of recoveries | 1,186 | 1,530 | 941 |
Balance at end of year | 1,187 | 1,228 | 1,048 |
Components of allowance for doubtful accounts | ' | ' | ' |
Allowance for doubtful accounts related to accounts receivable-customer | 755 | 797 | 715 |
Allowance for doubtful accounts related to receivable from U.S. government | 0 | 8 | 0 |
Allowance for doubtful accounts related to other accounts receivable | 432 | 423 | 333 |
Total allowance for doubtful accounts | 1,187 | 1,228 | 1,048 |
GSWC | ' | ' | ' |
Changes in allowance for doubtful accounts | ' | ' | ' |
Balance at beginning of year | 1,177 | 1,005 | 1,005 |
Provision charged to expense | 1,056 | 1,668 | 859 |
Accounts written off, net of recoveries | 1,119 | 1,496 | 859 |
Balance at end of year | 1,114 | 1,177 | 1,005 |
Components of allowance for doubtful accounts | ' | ' | ' |
Allowance for doubtful accounts related to accounts receivable-customer | 755 | 797 | 715 |
Allowance for doubtful accounts related to other accounts receivable | 359 | 380 | 290 |
Total allowance for doubtful accounts | $1,114 | $1,177 | $1,005 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Taxes and Interest Paid: | ' | ' | ' |
Income taxes paid | $10,880 | $19,411 | $31,842 |
Interest paid | 22,144 | 22,495 | 22,671 |
Non-Cash Transactions: | ' | ' | ' |
Accrued payables for investment in utility plant | 19,515 | 12,113 | 13,717 |
Property installed by developers and conveyed | 2,819 | 2,069 | 1,264 |
GSWC | ' | ' | ' |
Taxes and Interest Paid: | ' | ' | ' |
Income taxes paid | 7,083 | 11,027 | 25,810 |
Interest paid | 22,144 | 22,495 | 22,463 |
Non-Cash Transactions: | ' | ' | ' |
Accrued payables for investment in utility plant | 19,515 | 12,113 | 13,717 |
Property installed by developers and conveyed | $2,819 | $2,069 | $1,264 |
Discontinued_Operations_Detail
Discontinued Operations: (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2011 | ||
CCWC | CCWC | |||||
Discontinued operations | ' | ' | ' | ' | ' | |
Total purchase price | ' | ' | ' | $35,200,000 | ' | |
Long debt assumed as part of purchase price | ' | ' | ' | 5,600,000 | ' | |
Proceeds from sale of discontinued operations | 0 | 0 | 29,603,000 | 29,600,000 | ' | |
Gain on sale of business, net of taxes and transaction costs | ' | ' | ' | ' | 2,200,000 | |
Direct transaction costs, before tax | ' | ' | ' | ' | 449,000 | |
Corporate overhead costs | ' | ' | ' | ' | 356,000 | |
Income statement and other disclosures | ' | ' | ' | ' | ' | |
Operating revenues | ' | ' | ' | ' | 3,492,000 | |
Supply costs and other operating expenses | ' | ' | ' | ' | 1,420,000 | |
Gain on settlement for removal of a well | ' | ' | ' | ' | -760,000 | |
Operating income | ' | ' | ' | ' | 2,832,000 | |
Interest expense, net | ' | ' | ' | ' | -142,000 | |
Income before income taxes | ' | ' | ' | ' | 2,690,000 | |
Income tax expense | ' | ' | ' | ' | 1,078,000 | |
Income from the operations of discontinued operations, net of tax | ' | ' | ' | ' | 1,612,000 | |
Gain on sale of business, net of tax | 0 | 0 | 2,454,000 | ' | 2,454,000 | |
Transaction costs, net of taxes | ' | ' | ' | ' | -217,000 | |
Income (loss) from discontinued operations | ' | ' | $3,849,000 | [1] | ' | $3,849,000 |
[1] | (3) In accordance with the accounting guidance relating to assets held for sale, Registrant did not record depreciation expense for CCWC in 2012. |
SCHEDULE_I_CONDENSED_FINANCIAL1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and equivalents | $38,226 | $23,486 | $1,315 | ' |
Deferred tax assets | 9,553 | 8,617 | ' | ' |
Income taxes receivable and other receivables | 9,214 | 16,547 | ' | ' |
Total current assets | 191,617 | 184,033 | ' | ' |
Other assets | 14,227 | 15,587 | ' | ' |
Total Assets | 1,310,183 | 1,280,943 | 1,238,362 | ' |
Income taxes payable | 507 | 511 | ' | ' |
Liabilities and Capitalization | ' | ' | ' | ' |
Notes payable to bank | ' | ' | 60,900 | ' |
Total current liabilities | 100,906 | 93,697 | ' | ' |
Deferred taxes | 159,506 | 142,597 | ' | ' |
Total other credits | 390,794 | 400,204 | ' | ' |
Common shareholders' equity | 492,404 | 454,579 | 408,666 | 377,541 |
Total capitalization | 818,483 | 787,042 | ' | ' |
Total Capitalization and Liabilities | 1,310,183 | 1,280,943 | ' | ' |
AWR | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and equivalents | 107 | 311 | ' | ' |
Inter-company loan receivables | 21,113 | 15,013 | ' | ' |
Deferred tax assets | 388 | 633 | ' | ' |
Income taxes receivable and other receivables | 1,733 | 1,415 | ' | ' |
Total current assets | 23,341 | 17,372 | ' | ' |
Investments in subsidiaries | 468,568 | 435,373 | ' | ' |
Other assets | 3,364 | 2,421 | ' | ' |
Total Assets | 495,273 | 455,166 | ' | ' |
Notes Payable, Related Parties, Current | 500 | 0 | ' | ' |
Income taxes payable | 1,851 | 0 | ' | ' |
Liabilities and Capitalization | ' | ' | ' | ' |
Deferred taxes and other liabilities | 84 | 117 | ' | ' |
Total current liabilities | 2,435 | 117 | ' | ' |
Deferred taxes | 146 | 49 | ' | ' |
Income taxes payable and other liabilities | 288 | 421 | ' | ' |
Total other credits | 434 | 470 | ' | ' |
Common shareholders' equity | 492,404 | 454,579 | ' | ' |
Total capitalization | 492,404 | 454,579 | ' | ' |
Total Capitalization and Liabilities | $495,273 | $455,166 | ' | ' |
SCHEDULE_I_CONDENSED_FINANCIAL2
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Details 2) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed statements of income | ' | ' | ' |
Operating expenses | $353,005,000 | $355,814,000 | $324,809,000 |
Income from continuing operations before income tax expense | 98,469,000 | 90,093,000 | 72,086,000 |
Net Income | 62,686,000 | 54,148,000 | 45,859,000 |
Weighted Average Number of Shares Outstanding (in shares) | 38,639 | 37,998 | 37,386 |
Basic Earnings Per Common Share (in dollars per share) | $1.61 | $1.42 | $1.22 |
Weighted Average Number of Diluted Common Shares Outstanding | 38,869 | 38,262 | 37,674 |
Fully Diluted Earnings per Common Share (in dollars per share) | $1.61 | $1.41 | $1.21 |
AWR | ' | ' | ' |
Condensed statements of income | ' | ' | ' |
Maximum borrowing capacity on line of credit | 100,000,000 | ' | ' |
Operating revenues and other income | 227,000 | 64,000 | 238,000 |
Operating expenses | 8,000 | 120,000 | 521,000 |
Operating income / (loss) | 219,000 | -56,000 | -283,000 |
Equity in earnings of subsidiaries | 60,205,000 | 54,212,000 | 46,483,000 |
Income from continuing operations before income tax expense | 60,424,000 | 54,156,000 | 46,200,000 |
Income tax expense (benefit) | -2,262,000 | 8,000 | 341,000 |
Net Income | 62,686,000 | 54,148,000 | 45,859,000 |
Promissory note | AWR | ' | ' | ' |
Condensed statements of income | ' | ' | ' |
Maximum borrowing capacity on debt instrument | 20,000,000 | ' | ' |
Notes Receivable | Promissory note | AWR | ' | ' | ' |
Condensed statements of income | ' | ' | ' |
Balance outstanding | $500,000 | ' | ' |
SCHEDULE_I_CONDENSED_FINANCIAL3
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed statement of cash flows | ' | ' | ' | ' |
Cash Flows From Operating Activities | ' | $135,711 | $101,494 | $80,167 |
Cash Flows From Investing Activities: | ' | ' | ' | ' |
Proceeds from the sale of CCWC | ' | 0 | 0 | 29,603 |
Net cash used | ' | -98,775 | -68,036 | -50,534 |
Cash Flows From Financing Activities: | ' | ' | ' | ' |
Proceeds from the issuance of common stock | ' | 0 | 0 | 1,658 |
Proceeds from stock option exercises | ' | 2,111 | 13,295 | 2,350 |
Net change in notes payable to banks | ' | 0 | -2,000 | -58,900 |
Dividends paid | ' | -29,360 | -24,130 | -20,552 |
Net cash provided (used) | ' | -22,196 | -11,287 | -32,515 |
Net increase (decrease) in cash and cash equivalents | ' | 14,740 | 22,171 | -2,882 |
Cash and cash equivalents, beginning of year | 1,315 | 23,486 | 1,315 | 4,197 |
Cash and cash equivalents, end of year | ' | 38,226 | 23,486 | 1,315 |
AWR | ' | ' | ' | ' |
Condensed statement of cash flows | ' | ' | ' | ' |
Cash Flows From Operating Activities | ' | 32,645 | 16,885 | 17,945 |
Cash Flows From Investing Activities: | ' | ' | ' | ' |
Loans (made to)/repaid from, wholly-owned subsidiaries | ' | -6,100 | -4,720 | 36,786 |
Increase in investment of subsidiary | ' | 0 | 0 | -10,000 |
Proceeds from the sale of CCWC | ' | 0 | 0 | 29,603 |
Net cash used | ' | -6,100 | -4,720 | 56,389 |
Cash Flows From Financing Activities: | ' | ' | ' | ' |
Proceeds from the issuance of common stock | ' | ' | 0 | 1,658 |
Proceeds from note payable to GSWC | 0 | 18,236 | ' | ' |
Repayment of note payable to GSWC | ' | -17,736 | ' | 0 |
Proceeds from stock option exercises | ' | 2,111 | 13,295 | 2,350 |
Net change in notes payable to banks | ' | ' | -2,000 | -58,900 |
Dividends paid | ' | -29,360 | -24,130 | -20,552 |
Net cash provided (used) | ' | -26,749 | -12,835 | -75,444 |
Net increase (decrease) in cash and cash equivalents | ' | -204 | -670 | -1,110 |
Cash and cash equivalents, beginning of year | 981 | 311 | 981 | 2,091 |
Cash and cash equivalents, end of year | ' | $107 | $311 | $981 |
SCHEDULE_I_CONDENSED_FINANCIAL4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Balance outstanding at the end of the period | ' | ' | $60,900,000 |
Total funded debt ratio | 65.00% | ' | ' |
Short-term borrowing (excluding letters of credit) | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Balance outstanding at the end of the period | 0 | 0 | 2,000,000 |
Interest Rate at the end of the period (as a percent) | 0.82% | 1.41% | 1.51% |
Average Amount Outstanding | 0 | 885,000 | 25,713,000 |
Weighted Average Annual Interest Rate (as a percent) | 1.02% | 1.49% | 1.46% |
Maximum Amount Outstanding | 0 | 6,000,000 | 64,900,000 |
Syndicated revolving credit facility | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Increase in additional aggregate bank commitments | 50,000,000 | ' | ' |
Variable rate basis | 'Euro rate | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Interest rate spread based on A+ stable credit rating (as a percent) | 1.20% | ' | ' |
Syndicated revolving credit facility | Minimum | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Interest coverage ratio | 325.00% | ' | ' |
Syndicated revolving credit facility | Maximum | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Total funded debt ratio | 65.00% | 65.00% | 65.00% |
Syndicated revolving credit facility | Letters of credit | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Maximum borrowing capacity | 25,000,000 | ' | ' |
Letter of credit, amount | 18,100,000 | ' | ' |
Syndicated revolving credit facility | Letter of Credit - Three Valleys Municipal Water District | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 6,300,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Syndicated revolving credit facility | Letter of Credit - GSWC business automobile insurance policy | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 440,000,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Syndicated revolving credit facility | Letter of Credit - Purchase of power | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 585,000,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Syndicated revolving credit facility | Letter of Credit - American Recovery and Reinvestment Act | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 7,200,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Percentage of funds received for reimbursement of costs | 80.00% | ' | ' |
Letters of credit | Letter of Credit Irrevocable Franchise Agreement with City of Rancho Cordova [Member] | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 15,000,000 | ' | ' |
AWR | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,500,000 | ' | ' |
Maximum borrowing capacity | 100,000,000 | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Dividends paid | ' | 16,900,000 | 20,000,000 |
AWR | Syndicated revolving credit facility | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Increase in additional aggregate bank commitments | 50,000,000 | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Interest coverage ratio | 42.00% | ' | ' |
Total funded debt ratio | 718.00% | ' | ' |
Interest rate spread based on A+ stable credit rating (as a percent) | 1.20% | ' | ' |
AWR | Syndicated revolving credit facility | Minimum | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Interest coverage ratio | 325.00% | ' | ' |
AWR | Syndicated revolving credit facility | Maximum | ' | ' | ' |
Short-term borrowing activities (excluding letters of credit) | ' | ' | ' |
Total funded debt ratio | 65.00% | ' | ' |
AWR | Syndicated revolving credit facility | Letters of credit | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Maximum borrowing capacity | 25,000,000 | ' | ' |
Letter of credit, amount | 18,100,000 | ' | ' |
AWR | Syndicated revolving credit facility | Letter of Credit - Three Valleys Municipal Water District | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 6,300,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
AWR | Syndicated revolving credit facility | Letter of Credit - GSWC business automobile insurance policy | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 440,000,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
AWR | Syndicated revolving credit facility | Letter of Credit - Purchase of power | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 585,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
AWR | Syndicated revolving credit facility | Letter of Credit - American Recovery and Reinvestment Act | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | 7,200,000 | ' | ' |
Letter of credit fee (as a percent) | 1.20% | ' | ' |
Percentage of funds received for reimbursement of costs | 80.00% | ' | ' |
AWR | Syndicated revolving credit facility | Irrevocable Letter of Credit - Edison Settlement agreement | ' | ' | ' |
Note payable to banks | ' | ' | ' |
Letter of credit, amount | $3,600,000 | ' | ' |