Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | AMERICAN STATES WATER CO | |
Entity Central Index Key | 1,056,903 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,240,678 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment | ||
Regulated utility plant, at cost | $ 1,523,161 | $ 1,492,880 |
Non-utility property, at cost | 11,067 | 10,879 |
Utility plant, at cost | 1,534,228 | 1,503,759 |
Less - Accumulated depreciation | (518,721) | (500,239) |
Net property, plant and equipment | 1,015,507 | 1,003,520 |
Other Property and Investments | ||
Goodwill | 1,116 | 1,116 |
Other property and investments | 18,728 | 17,536 |
Total other property and investments | 19,844 | 18,652 |
Current Assets | ||
Cash and cash equivalents | 43,862 | 75,988 |
Accounts receivable - customers, less allowance for doubtful accounts | 19,247 | 18,814 |
Unbilled receivable | 17,949 | 21,422 |
Receivable from the U.S. government | 7,288 | 6,709 |
Other accounts receivable, less allowance for doubtful accounts | 3,566 | 4,843 |
Income taxes receivable | 2,820 | 20,993 |
Materials and supplies, at average cost | 4,152 | 3,588 |
Regulatory assets — current | 11,187 | 12,379 |
Prepayments and other current assets | 4,134 | 2,745 |
Costs and estimated earnings in excess of billings on contracts | 28,422 | 34,535 |
Deferred income taxes — current | 7,601 | 7,435 |
Total current assets | 150,228 | 209,451 |
Regulatory and Other Assets | ||
Regulatory assets | 131,869 | 118,829 |
Costs and estimated earnings in excess of billings on contracts | 16,308 | 15,741 |
Other | 9,599 | 12,105 |
Total regulatory and other assets | 157,776 | 146,675 |
Total Assets | 1,343,355 | 1,378,298 |
Capitalization | ||
Common shares, no par value | 247,034 | 253,199 |
Earnings reinvested in the business | 230,544 | 253,602 |
Total common shareholders’ equity | 477,578 | 506,801 |
Long-term debt | 325,613 | 325,798 |
Total capitalization | 803,191 | 832,599 |
Current Liabilities | ||
Long-term debt — current | 308 | 292 |
Accounts payable | 42,336 | 41,855 |
Income taxes payable | 120 | 638 |
Accrued other taxes | 6,235 | 8,602 |
Accrued employee expenses | 10,056 | 10,519 |
Accrued interest | 3,546 | 3,549 |
Unrealized loss on purchased power contracts | 5,662 | 3,339 |
Billings in excess of costs and estimated earnings on contracts | 9,453 | 11,736 |
Other | 17,451 | 18,760 |
Total current liabilities | 95,167 | 99,290 |
Other Credits | ||
Advances for construction | 66,700 | 68,328 |
Contributions in aid of construction - net | 116,156 | 116,629 |
Deferred income taxes | 190,121 | 191,209 |
Unamortized investment tax credits | 1,654 | 1,699 |
Accrued pension and other postretirement benefits | 63,658 | 61,773 |
Other | 6,708 | 6,771 |
Total other credits | $ 444,997 | $ 446,409 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | $ 1,343,355 | $ 1,378,298 |
GOLDEN STATE WATER COMPANY | ||
Property, Plant and Equipment | ||
Utility plant, at cost | 1,523,161 | 1,492,880 |
Less - Accumulated depreciation | (512,053) | (494,000) |
Net property, plant and equipment | 1,011,108 | 998,880 |
Other Property and Investments | ||
Total other property and investments | 16,593 | 15,395 |
Current Assets | ||
Cash and cash equivalents | 39,936 | 44,005 |
Accounts receivable - customers, less allowance for doubtful accounts | 19,247 | 18,814 |
Unbilled receivable | 17,813 | 17,733 |
Inter-company receivable | 303 | 499 |
Other accounts receivable, less allowance for doubtful accounts | 3,102 | 3,795 |
Income taxes receivable from Parent | 4,394 | 29,580 |
Notes Receivable, Related Parties, Current | 3,000 | 0 |
Materials and supplies, at average cost | 3,420 | 2,791 |
Regulatory assets — current | 11,187 | 12,379 |
Prepayments and other current assets | 3,441 | 2,507 |
Deferred income taxes — current | 7,161 | 6,500 |
Total current assets | 113,004 | 138,603 |
Regulatory and Other Assets | ||
Regulatory assets | 131,869 | 118,829 |
Other | 9,798 | 10,667 |
Total regulatory and other assets | 141,667 | 129,496 |
Total Assets | 1,282,372 | 1,282,374 |
Capitalization | ||
Common shares, no par value | 236,239 | 235,607 |
Earnings reinvested in the business | 196,833 | 199,583 |
Total common shareholders’ equity | 433,072 | 435,190 |
Long-term debt | 325,613 | 325,798 |
Total capitalization | 758,685 | 760,988 |
Current Liabilities | ||
Long-term debt — current | 308 | 292 |
Accounts payable | 34,995 | 29,619 |
Accrued other taxes | 6,151 | 8,442 |
Accrued employee expenses | 9,255 | 9,591 |
Accrued interest | 3,546 | 3,593 |
Unrealized loss on purchased power contracts | 5,662 | 3,339 |
Other | 17,223 | 18,659 |
Total current liabilities | 77,140 | 73,535 |
Other Credits | ||
Advances for construction | 66,700 | 68,328 |
Contributions in aid of construction - net | 116,156 | 116,629 |
Deferred income taxes | 191,799 | 192,787 |
Unamortized investment tax credits | 1,654 | 1,699 |
Accrued pension and other postretirement benefits | 63,658 | 61,773 |
Other | 6,580 | 6,635 |
Total other credits | $ 446,547 | $ 447,851 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | $ 1,282,372 | $ 1,282,374 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts receivable - customers, allowance for doubtful accounts | $ 763 | $ 803 |
Other accounts receivable, allowance for doubtful accounts | 111 | 89 |
GOLDEN STATE WATER COMPANY | ||
Accounts receivable - customers, allowance for doubtful accounts | 717 | 803 |
Other accounts receivable, allowance for doubtful accounts | $ 112 | $ 89 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Revenues | ||||
Water | $ 87,581 | $ 86,232 | $ 159,085 | $ 156,989 |
Electric | 7,889 | 8,328 | 18,858 | 18,784 |
Contracted services | 19,148 | 21,081 | 37,608 | 41,813 |
Total operating revenues | 114,618 | 115,641 | 215,551 | 217,586 |
Operating Expenses | ||||
Water purchased | 16,415 | 16,263 | 28,706 | 27,487 |
Power purchased for pumping | 2,123 | 2,570 | 4,140 | 4,534 |
Groundwater production assessment | 4,122 | 4,853 | 7,511 | 8,393 |
Power purchased for resale | 2,566 | 1,988 | 5,065 | 4,687 |
Supply cost balancing accounts | 1,816 | (106) | 3,629 | 712 |
Other operation | 7,362 | 7,085 | 13,522 | 14,032 |
Administrative and general | 20,471 | 19,407 | 39,998 | 39,591 |
Depreciation and amortization | 10,536 | 10,525 | 21,084 | 21,055 |
Maintenance | 4,205 | 4,327 | 7,682 | 7,816 |
Property and other taxes | 4,060 | 3,965 | 8,336 | 8,290 |
Construction and Development Costs | 10,412 | 13,764 | 20,458 | 27,221 |
Total operating expenses | 84,088 | 84,641 | 160,131 | 163,818 |
Operating Income | 30,530 | 31,000 | 55,420 | 53,768 |
Other Income and Expenses | ||||
Interest expense | (5,527) | (5,778) | (10,755) | (11,405) |
Interest income | 102 | 123 | 214 | 235 |
Other, net | 77 | 271 | 350 | 396 |
Total other income and expenses | (5,348) | (5,384) | (10,191) | (10,774) |
Income from operations before income tax expense | 25,182 | 25,616 | 45,229 | 42,994 |
Income tax expense | 9,534 | 10,262 | 17,432 | 16,619 |
Net Income | $ 15,648 | $ 15,354 | $ 27,797 | $ 26,375 |
Weighted Average Number of Common Shares Outstanding (in shares) | 37,702 | 38,781 | 37,952 | 38,764 |
Basic Earnings Per Common Share (in dollars per share) | $ 0.41 | $ 0.39 | $ 0.73 | $ 0.68 |
Weighted Average Number of Diluted Shares (in shares) | 37,909 | 39,001 | 38,153 | 38,974 |
Fully Diluted Earnings Per Common Share (in dollars per share) | $ 0.41 | $ 0.39 | $ 0.73 | $ 0.67 |
Dividends Paid Per Common Share (in dollars per share) | $ 0.2130 | $ 0.2025 | $ 0.426 | $ 0.405 |
GOLDEN STATE WATER COMPANY | ||||
Operating Revenues | ||||
Water | $ 87,581 | $ 86,232 | $ 159,085 | $ 156,989 |
Electric | 7,889 | 8,328 | 18,858 | 18,784 |
Total operating revenues | 95,470 | 94,560 | 177,943 | 175,773 |
Operating Expenses | ||||
Water purchased | 16,415 | 16,263 | 28,706 | 27,487 |
Power purchased for pumping | 2,123 | 2,570 | 4,140 | 4,534 |
Groundwater production assessment | 4,122 | 4,853 | 7,511 | 8,393 |
Power purchased for resale | 2,566 | 1,988 | 5,065 | 4,687 |
Supply cost balancing accounts | 1,816 | (106) | 3,629 | 712 |
Other operation | 6,540 | 6,448 | 11,998 | 12,804 |
Administrative and general | 17,003 | 16,424 | 32,560 | 33,409 |
Depreciation and amortization | 10,235 | 10,232 | 20,476 | 20,472 |
Maintenance | 3,667 | 3,783 | 6,484 | 6,844 |
Property and other taxes | 3,748 | 3,530 | 7,666 | 7,426 |
Total operating expenses | 68,235 | 65,985 | 128,235 | 126,768 |
Operating Income | 27,235 | 28,575 | 49,708 | 49,005 |
Other Income and Expenses | ||||
Interest expense | (5,516) | (5,721) | (10,734) | (11,332) |
Interest income | 97 | 113 | 201 | 222 |
Other, net | (67) | 272 | 206 | 396 |
Total other income and expenses | (5,486) | (5,336) | (10,327) | (10,714) |
Income from operations before income tax expense | 21,749 | 23,239 | 39,381 | 38,291 |
Income tax expense | 8,800 | 9,783 | 16,047 | 15,488 |
Net Income | $ 12,949 | $ 13,456 | $ 23,334 | $ 22,803 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows From Operating Activities: | ||
Net income | $ 27,797 | $ 26,375 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 21,458 | 21,552 |
Provision for doubtful accounts | 370 | 604 |
Deferred income taxes and investment tax credits | (432) | (1,653) |
Stock-based compensation expense | 1,321 | 1,399 |
Other — net | 426 | 69 |
Changes in assets and liabilities: | ||
Accounts receivable — customers | (774) | (1,907) |
Unbilled receivable | 3,473 | (1,599) |
Other accounts receivable | 1,248 | 1,543 |
Receivables from the U.S. government | (579) | 3,491 |
Materials and supplies | (564) | 887 |
Prepayments and other assets | 932 | (1,997) |
Costs and estimated earnings in excess of billings on contracts | 5,546 | 12,437 |
Regulatory assets | (13,493) | 8,768 |
Accounts payable | 511 | 1,019 |
Income taxes receivable/payable | 17,655 | 10,994 |
Billings in excess of costs and estimated earnings on contracts | (2,283) | 7,701 |
Accrued pension and other post-retirement benefits | 2,907 | 3,125 |
Other liabilities | (2,517) | (1,928) |
Net cash provided | 63,002 | 90,880 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (34,207) | (35,620) |
Other investing activities | (1,401) | (195) |
Net cash used | (35,608) | (35,815) |
Cash Flows From Financing Activities: | ||
Proceeds from stock option exercises | 512 | 219 |
Repurchase of Common Shares | (41,847) | (306) |
Receipt of advances for and contributions in aid of construction | 1,751 | 4,174 |
Refunds on advances for construction | (2,571) | (2,518) |
Retirement or repayments of long-term debt | (169) | (174) |
Dividends paid | (16,171) | (15,699) |
Other | (1,025) | (1,138) |
Net cash used | (59,520) | (15,442) |
Net change in cash and cash equivalents | (32,126) | 39,623 |
Cash and cash equivalents, beginning of period | 75,988 | 38,226 |
Cash and cash equivalents, end of period | 43,862 | 77,849 |
Non-cash transactions: | ||
Accrued payables for investment in utility plant | 13,110 | 14,125 |
GOLDEN STATE WATER COMPANY | ||
Cash Flows From Operating Activities: | ||
Net income | 23,334 | 22,803 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 20,850 | 20,969 |
Provision for doubtful accounts | 370 | 667 |
Deferred income taxes and investment tax credits | (827) | (1,219) |
Stock-based compensation expense | 1,062 | 973 |
Other — net | 409 | 34 |
Changes in assets and liabilities: | ||
Accounts receivable — customers | (774) | (1,907) |
Unbilled receivable | (80) | (1,599) |
Other accounts receivable | 664 | 2,145 |
Materials and supplies | (629) | (613) |
Prepayments and other assets | (216) | (1,515) |
Regulatory assets | (13,493) | 8,836 |
Accounts payable | 5,408 | 2,968 |
Inter-company receivable/payable | 196 | 336 |
Income taxes receivable/payable from/to Parent | 25,186 | 10,617 |
Accrued pension and other post-retirement benefits | 2,907 | 3,125 |
Other liabilities | (2,477) | (1,756) |
Net cash provided | 61,890 | 64,864 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (33,841) | (34,331) |
Note receivable from AWR parent | (3,000) | (8,300) |
Receipt of payment of note receivable from AWR parent | 0 | 8,800 |
Other investing activities | (1,427) | (195) |
Net cash used | (38,268) | (34,026) |
Cash Flows From Financing Activities: | ||
Receipt of advances for and contributions in aid of construction | 1,751 | 4,174 |
Refunds on advances for construction | (2,571) | (2,518) |
Retirement or repayments of long-term debt | (169) | (174) |
Dividends paid | (26,000) | (26,000) |
Other | (702) | (956) |
Net cash used | (27,691) | (25,474) |
Net change in cash and cash equivalents | (4,069) | 5,364 |
Cash and cash equivalents, beginning of period | 44,005 | 37,875 |
Cash and cash equivalents, end of period | 39,936 | 43,239 |
Non-cash transactions: | ||
Accrued payables for investment in utility plant | 13,108 | 14,039 |
Property installed by developers and conveyed | $ 784 | $ 206 |
Summary of Significant Accounti
Summary of Significant Accounting Policies: | 6 Months Ended |
Jun. 30, 2015 | |
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”)). 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 258,000 customers. GSWC also distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,000 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 during the three and six months ended June 30, 2015 and 2014 . The California Public Utilities Commission (“CPUC”) regulates GSWC’s water and electric businesses, in matters 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, changes in laws and regulations and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, 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. Certain prior period amounts in the consolidated and GSWC Statements of Cash Flow have been reclassified to conform to the 2015 presentation of "Regulatory assets" as a separate line item. 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. The consolidated financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The December 31, 2014 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles ("GAAP"). The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments consisting of normal, recurring items and estimates necessary for a fair statement of the results for the interim periods have been made. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2014 filed with the SEC. GSWC's Related Party Transactions : In May 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. AWR agreed to pay any unpaid principal amounts outstanding under the Note, plus accrued interest. As of June 30, 2015 , AWR had $3.0 million outstanding and owed to GSWC under this Note. GSWC and ASUS provide and receive various support services to and from their parent, AWR, and among themselves. GSWC also allocates certain corporate office administrative and general costs to its affiliate, ASUS, using allocation factors approved by the CPUC. GSWC allocated corporate office administrative and general costs to ASUS of approximately $609,000 and $677,000 during the three months ended June 30, 2015 and 2014 , respectively, and approximately $1,316,000 and $1,373,000 during the six months ended June 30, 2015 and 2014 , respectively. 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. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest cost under the credit facility. Amounts owed to GSWC by its parent, AWR, or for allocated expenses are included in GSWC's inter-company receivables as of June 30, 2015 and December 31, 2014 . 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 for each rate-making area as applicable. 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 $996,000 and $975,000 for the three months ended June 30, 2015 and 2014 , respectively, and $1.9 million and $1.8 million for the six months ended June 30, 2015 and 2014 , 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, ASUS and its 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 whether the subsidiary is reimbursed by the U.S. government for these assessments under its 50 -year contracts. The non-income tax assessments are accounted for on a gross basis and totaled $53,000 and $157,000 during the three months ended June 30, 2015 and 2014 , respectively, and $86,000 and $306,000 for the six months ended June 30, 2015 and 2014 , respectively. Recently Issued Accounting Pronouncements : In May 2014, the Financial Accounting Standards Board ("FASB") issued updated accounting guidance on revenue recognition. The guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what the entity expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and adoption is not permitted earlier than the original effective date, that is, no earlier than 2017. The guidance allows entities to select one of two methods of adoption, either the full retrospective approach, meaning the guidance would be applied to all periods presented, or modified retrospective approach, meaning the cumulative effect of applying the guidance would be recognized as an adjustment to opening retained earnings at January 1, 2018, along with providing certain additional disclosures. Registrant will adopt this guidance in the fiscal year beginning January 1, 2018. Management has not yet selected a transition method nor has it determined the effect of the standard on the Company's ongoing financial reporting. In April 2015, the FASB issued Accounting Standard Update 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, rather than as an asset. The standard does not affect the recognition and measurement of debt issuance costs. This guidance is effective January 1, 2016. As of June 30, 2015 , Registrant had $5.0 million in debt issuance costs reflected under "Other Noncurrent Assets." Also in April 2015, the FASB issued Accounting Standard Update 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, ASU 2015-05 requires a customer in a cloud computing arrangement to follow internal-use software guidance if both of the following criteria are met: (a) the customer has the contractual right to take possession of the software at any time during the cloud computing arrangement and (b) it can feasibly run the software on its own hardware. If the customer does not meet both criteria, the cloud computing arrangement is considered a service contract and separate accounting for a license would not be permitted. This guidance is effective beginning January 1, 2016 and is not expected to have a material impact on Registrant's consolidated financial statements. |
Regulatory Matters_
Regulatory Matters: | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 , Registrant had approximately $67.9 million of regulatory assets, net of regulatory liabilities, not accruing carrying costs. Of this amount, $ 39.7 million relates to the underfunded position in Registrant's pension and other post-retirement obligations, $5.7 million relates to a memorandum account authorized by the CPUC to track unrealized gains and losses on GSWC's purchase power contracts over the term of the contracts, and $16.7 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 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 determines that a portion of GSWC’s assets are not recoverable in customer rates, GSWC must determine if it has suffered an asset impairment that would require a write-down in the assets’ valuation. Regulatory assets are offset against regulatory liabilities within each rate-making area. Amounts expected to be collected or refunded in the next 12-months have been classified as current assets and current liabilities by rate-making area. As of June 30, 2015 , GSWC has a total of $139.2 million in net regulatory assets, of which $3.8 million of regulatory liabilities have been included in “Other Current Liabilities”. Regulatory assets, less regulatory liabilities, included in the consolidated balance sheets are as follows: (dollars in thousands) June 30, December 31, GSWC Water Revenue Adjustment Mechanism, net of Modified Cost Balancing Account $ 28,542 $ 9,369 Base Revenue Requirement Adjustment Mechanism 5,668 7,761 Costs deferred for future recovery on Aerojet case 13,220 13,629 Pensions and other post-retirement obligations (Note 7) 42,145 43,426 Derivative unrealized loss (Note 4) 5,662 3,339 Flow-through taxes, net (Note 6) 16,745 17,612 Low income rate assistance balancing accounts 8,990 9,109 Other regulatory assets 18,888 22,218 Various refunds to customers (620 ) (759 ) Total $ 139,240 $ 125,704 Regulatory matters are discussed in detail in the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2014 filed with the SEC. The discussion below focuses on significant matters and developments since December 31, 2014 . Alternative-Revenue Programs: GSWC records the difference between what it bills its water customers and that which is authorized by the CPUC using the Water Revenue Adjustment Mechanism (“WRAM”) and Modified Cost Balancing Account (“MCBA”) accounts approved by the CPUC. 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. Based on CPUC guidelines, recovery periods relating to the majority of GSWC’s WRAM/MCBA balances range between 18 and 24 months . GSWC has implemented surcharges to recover all of its WRAM/MCBA balances, as of December 31, 2014. For the six months ended June 30, 2015 , surcharges (net of surcredits) of approximately $96,000 were billed to customers to recover previously incurred under-collections in the WRAM/MCBA accounts. During the six months ended June 30, 2015 , GSWC recorded additional under-collections in the WRAM/MCBA accounts of $19.3 million . The increase in the WRAM balance in 2015 is largely due to water conservation by our customers in response to the ongoing drought conditions in California. Lower water usage results in an increase in under-collections recorded in the WRAM accounts. As of June 30, 2015 , GSWC has a net aggregated regulatory asset of $ 28.5 million which is comprised of a $ 26.0 million under-collection in the WRAM accounts and $2.5 million under-collection in the MCBA accounts. For BVES, the CPUC approved the Base Revenue Requirement Adjustment Mechanism (“BRRAM”) which adjusts base revenues to adopted levels. In November 2014, the CPUC issued a final decision on BVES's general rate case, setting rates and adopted revenues for years 2013 through 2016. In March 2015, surcharges were implemented to collect the 2014 BRRAM under-collection of $3.1 million over 24 months . As of June 30, 2015 , GSWC had a regulatory asset of $5.7 million under-collection in the BRRAM. Other Regulatory Matters: Procurement Audits: In December 2011, the CPUC issued a final decision adopting a settlement between GSWC and the CPUC on its investigation of certain work orders and charges paid to a specific contractor used previously for numerous construction projects primarily in one of GSWC's three main geographic water regions. As part of the settlement reached with the CPUC on this matter, GSWC agreed to be subject to three separate independent audits of its procurement practices over a period of ten years from the date the settlement was approved by the CPUC. The audits cover GSWC’s procurement practices for contracts with other contractors from 1994 forward. The first audit started in 2014 and covers almost a 20 -year period from January 1, 1994 through September 30, 2013. In December 2014, the accounting firm engaged by the CPUC to conduct the first independent audit provided its draft report to GSWC for comments. The report asserted that GSWC had not complied, in all material respects, with the CPUC’s requirements and GSWC's procurement policies during the period from 1994 to 2006. Subsequent to 2006, except for specific instances of alleged noncompliance, GSWC was found to be in compliance, in all material respects, with the CPUC’s requirements and GSWC’s procurement policies. The findings and corresponding recommendations in the draft report included, among other things, instances of inadequate documentation to support competitive bidding procedures, change orders, and sole source justifications. In February 2015, management provided its responses to the draft report and each of the findings noted by the accounting firm. GSWC informed the accounting firm of certain inaccuracies in their report, asserted that GSWC complied, in all material respects, with the CPUC’s requirements throughout the entire audit period and, has been in material compliance with its own procurement policies throughout the audit period. In March 2015, the accounting firm issued its final report to the CPUC’s Division of Water and Audits (“DWA”). The final report, which was issued on a confidential basis, included GSWC's responses to the accounting firm’s findings, as well as the firm’s responses to GSWC's comments. DWA informed GSWC that it does not intend to pursue further investigation, refunds, or penalties in respect of past procurement activities as a result of the final report. Also in March, the CPUC’s Office of Ratepayer Advocates (“ORA”), in anticipation of receiving the final report, requested that the assigned administrative law judges in the ongoing general rate case convene a second phase of the rate case to consider the findings and recommendations in the final audit report. In June 2015, ORA notified the administrative law judges that, having reviewed the final audit report, its potential concerns with the audit report were satisfied and, as such, ORA no longer wished to pursue a second phase in the general rate case to address the final audit report. On August 3, 2015, the presiding administrative law judge issued a ruling that a second phase to the general rate case regarding this issue is not necessary. At this time, GSWC does not believe that a loss associated with any disallowances and/or penalties from this first audit is likely. Rural Acquisition In June 2013, GSWC entered into an Asset Purchase Agreement (the "Agreement") to acquire all of the operating water assets of Rural Water Company (“Rural”) for an aggregate purchase price of approximately $1.7 million . This transaction was subject to CPUC approval. In June 2015, the CPUC approved the acquisition of Rural, including GSWC's recovery of the purchase price through customer rates. The consummation of the transaction contemplated by the Agreement is subject to customary conditions, including among other things, adjustments to the purchase price for changes in utility plant since entering into the agreement in 2013. Upon completion of this transaction, GSWC will serve approximately 960 customers in the City of Arroyo Grande in the county of San Luis Obispo, California, which is near GSWC's Santa Maria customer service area in Coastal California. Under the terms of the Agreement, GSWC will take over operations thirty days after the remaining conditions to closing are satisfied. This acquisition is not considered to be material to Registrant’s financial position or results of operations. |
Earnings per Share_Capital Stoc
Earnings per Share/Capital Stock: | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share/Capital Stock | Earnings per Share/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 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 Stock Incentive Plans and the 2003 and 2013 Non-Employee Directors Stock 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 used for calculating basic net income per share: Basic: For The Three Months Ended June 30, For The Six Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Net income $ 15,648 $ 15,354 27,797 26,375 Less: (a) Distributed earnings to common shareholders 8,016 7,853 16,171 15,699 Distributed earnings to participating securities 47 47 89 87 Undistributed earnings 7,585 7,454 11,537 10,589 (b) Undistributed earnings allocated to common shareholders 7,541 7,411 11,474 10,530 Undistributed earnings allocated to participating securities 44 43 63 59 Total income available to common shareholders, basic (a)+(b) $ 15,557 $ 15,264 $ 27,645 $ 26,229 Weighted average Common Shares outstanding, basic 37,702 38,781 37,952 38,764 Basic earnings per Common Share $ 0.41 $ 0.39 $ 0.73 $ 0.68 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 Stock Incentive Plans, and the 2003 and 2013 Non-Employee Directors Stock Plans, and net income. At June 30, 2015 and 2014 , there were 187,152 and 245,784 options outstanding, respectively, under these Plans. At June 30, 2015 and 2014 , there were also 225,074 and 239,226 restricted stock units outstanding, respectively, 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: Diluted: For The Three Months Ended June 30, For The Six Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Common shareholders earnings, basic $ 15,557 $ 15,264 $ 27,645 $ 26,229 Undistributed earnings for dilutive stock-based awards 44 43 63 59 Total common shareholders earnings, diluted $ 15,601 $ 15,307 $ 27,708 $ 26,288 Weighted average common shares outstanding, basic 37,702 38,781 37,952 38,764 Stock-based compensation (1) 207 220 201 210 Weighted average common shares outstanding, diluted 37,909 39,001 38,153 38,974 Diluted earnings per Common Share $ 0.41 $ 0.39 $ 0.73 $ 0.67 (1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 187,152 and 245,784 stock options at June 30, 2015 and 2014 , respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share. All of the 225,074 and 239,226 restricted stock units at June 30, 2015 and 2014 , respectively, were included in the calculation of diluted EPS for the six months ended June 30, 2015 and 2014 . No stock options outstanding at June 30, 2015 had an exercise price greater than the average market price of AWR’s Common Shares for the six months ended June 30, 2015 . There were no stock options outstanding at June 30, 2015 or 2014 that were anti-dilutive. During the six months ended June 30, 2015 and 2014 , AWR issued 69,617 and 70,573 common shares, for approximately $ 512,000 and $ 219,000 , respectively, under Registrant’s Common Share Purchase and Dividend Reinvestment Plan (“DRP”), the 401(k) Plan, the 2000 and 2008 Stock Incentive Plans and the 2003 and 2013 Non-Employee Directors Stock Plans. On March 27, 2014, AWR's Board of Directors approved a stock repurchase program, authorizing AWR to repurchase up to 1.25 million shares of its Common Shares from time to time through June 30, 2016. Pursuant to this program, Registrant repurchased 704,782 Common Shares on the open market during the six months ended June 30, 2015 . The 2014 stock repurchase program was completed in May 2015. On May 19, 2015, AWR's Board of Directors approved a new stock repurchase program, authorizing AWR to repurchase up to 1.2 million shares of its Common Shares from time to time through June 30, 2017. Pursuant to this program, Registrant repurchased 387,021 Common Shares on the open market during the six months ended June 30, 2015 . The repurchase of Common Shares is restricted by California law under the same standards which apply to dividend distributions. During the three months ended June 30, 2015 and 2014 , AWR paid quarterly dividends of approximately $8.0 million , or $0.213 per share, and $7.9 million , or $0.2025 per share, respectively. During the six months ended June 30, 2015 and 2014 , AWR paid quarterly dividends to shareholders of approximately $16.2 million , or $0.426 per share, and $15.7 million , or $0.405 per share, respectively. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments: Derivative financial instruments are used to manage exposure to commodity price risk. Commodity price risk represents the potential impact that can be caused by a change in the market value of a particular commodity. GSWC’s electric division, BVES, purchases power under long-term contracts at a fixed cost depending on the amount of power and the period during which the power is purchased under such contracts. These contracts are generally subject to the accounting guidance for derivatives and require mark-to-market derivative accounting. In December 2014, the CPUC approved an application that allowed GSWC to immediately execute new long-term purchased power contracts with energy providers on December 9, 2014. GSWC began taking power under these long-term contracts effective January 1, 2015 at a fixed cost over three and five year terms depending on the amount of power and period during which the power is purchased under the contracts. The new long-term contracts executed in December 2014 are subject to the accounting guidance for derivatives and require mark-to-market derivative accounting. Among other things, the CPUC approval in December 2014 also authorized GSWC to establish a regulatory asset and liability memorandum account to offset the mark-to-market entries required by the accounting guidance. Accordingly, all unrealized gains and losses generated from the new purchased power contracts executed in December 2014 are deferred on a monthly basis into a non-interest bearing regulatory memorandum account that tracks the changes in fair value of the derivative throughout the term of the contract. As a result, these unrealized gains and losses do not impact GSWC’s earnings. As of June 30, 2015 , there was a $5.7 million unrealized loss in the memorandum account for the new purchased power contracts as a result of the recent decrease in energy prices. There were no derivatives as of June 30, 2014 . The notional volume of derivatives remaining under these long-term contracts as of June 30, 2015 was approximately 526,000 megawatt hours. 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). To value the contract, Registrant applies the Black-76 model, utilizing 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 as 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 Level 3 derivatives for the three and six months ended June 30, 2015 and 2014 : For The Three Months Ended June 30, For The Six Months Ended (dollars in thousands) 2015 2014 2015 2014 Fair value at beginning of the period $ (6,176 ) $ — $ (3,339 ) $ — Unrealized gain (loss) on purchased power contracts 514 — (2,323 ) — Fair value at end of the period $ (5,662 ) $ — $ (5,662 ) $ — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments: | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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. Investments held in a Rabbi Trust for the supplemental executive retirement plan are measured at fair value and totaled $10.1 million as of June 30, 2015 . All equity investments in the Rabbi Trust are Level 1 investments in mutual funds. The investments held in the Rabbi Trust are included in Other Property and Investments on Registrant's balance sheets. The table below estimates the fair value of long-term debt held by GSWC. The fair values as of June 30, 2015 and December 31, 2014 have been determined using rates for similar financial instruments of the same duration utilizing Level 2 methods and assumptions. The interest rates used for the June 30, 2015 valuation increased as compared to December 31, 2014 , decreasing the fair value of long-term debt as of June 30, 2015 . Changes in the assumptions will produce differing results. June 30, 2015 December 31, 2014 (dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Long-term debt—GSWC $ 325,921 $ 388,236 $ 326,090 $ 417,057 |
Income Taxes_
Income Taxes: | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: 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. GSWC's ETR was 40.5% and 42.1% for the three months ended June 30, 2015 and 2014 , respectively, and 40.7% and 40.4% for the six months ended June 30, 2015 and 2014 , respectively. GSWC's 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 (primarily related to plant, rate-case and compensation items), as well as permanent items. AWR's consolidated ETR was 37.9% for the three months ended June 30, 2015 as compared to 40.1% for the three months ended June 30, 2014 , and was 38.5% for the six months ended June 30, 2015 as compared to 38.7% for the six months ended June 30, 2014 . The ETR at the AWR consolidated level also fluctuated primarily as a result of a reduction in ASUS's state income taxes, which vary among the jurisdictions in which it operates. Changes in Tax Law : During the fourth quarter of 2014, the Company reflected a change in its tax method of accounting for certain repair and maintenance expenditures pursuant to regulations issued by the U.S. Treasury Department in September 2013. In connection with filing the 2014 tax returns on or before September 15, 2015, the Company will file an application for an automatic change in tax accounting method with the Internal Revenue Service ("IRS") for the 2014 tax year to implement the new method effective January 1, 2014. The tax accounting method change will also include a cumulative adjustment for 2013 and prior years, and will permit the expensing of certain utility asset replacement costs that were previously being capitalized and depreciated for book and tax purposes. As a result of the change, the Company will deduct a significant amount of asset costs, which consist primarily of water mains and connections. During the fourth quarter of 2014, GSWC recorded a cumulative adjustment for 2013 and prior years as well as the 2014 estimated deduction, and recognized a total deferred income tax liability of $30.8 million for federal and state repair-and-maintenance deductions as of December 31, 2014. Although this change reduces AWR’s current taxes payable, it did not reduce total income tax expense or ETR. |
Employee Benefit Plans_
Employee Benefit Plans: | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans: The components of net periodic benefit costs, before allocation to the overhead pool, for Registrant’s pension plan, postretirement plan and Supplemental Executive Retirement Plan ("SERP") for the three and six months ended June 30, 2015 and 2014 are as follows: For The Three Months Ended June 30, Pension Benefits Other Postretirement Benefits SERP (dollars in thousands) 2015 2014 2015 2014 2015 2014 Components of Net Periodic Benefits Cost: Service cost $ 1,452 $ 1,335 $ 95 $ 99 $ 204 $ 192 Interest cost 1,905 1,845 114 130 163 154 Expected return on plan assets (2,452 ) (2,235 ) (123 ) (113 ) — — Amortization of transition — — — 104 — — Amortization of prior service cost (benefit) 30 29 (50 ) (50 ) 29 40 Amortization of actuarial (gain) loss 427 (7 ) (53 ) (66 ) 108 35 Net periodic pension cost under accounting standards 1,362 967 (17 ) 104 504 421 Regulatory adjustment — deferred 251 449 — — — — Total expense recognized, before allocation to overhead pool $ 1,613 $ 1,416 $ (17 ) $ 104 $ 504 $ 421 For The Six Months Ended June 30, Pension Benefits Other Postretirement Benefits SERP (dollars in thousands) 2015 2014 2015 2014 2015 2014 Components of Net Periodic Benefits Cost: Service cost $ 3,138 $ 2,822 $ 190 $ 198 $ 408 $ 384 Interest cost 3,844 3,760 228 260 326 308 Expected return on plan assets (4,898 ) (4,450 ) (246 ) (226 ) — — Amortization of transition — — — 208 — — Amortization of prior service cost (benefit) 60 59 (100 ) (100 ) 58 80 Amortization of actuarial (gain) loss 896 — (106 ) (132 ) 216 70 Net periodic pension cost under accounting standards 3,040 2,191 (34 ) 208 1,008 842 Regulatory adjustment — deferred 262 749 — — — — Total expense recognized, before allocation to overhead pool $ 3,302 $ 2,940 $ (34 ) $ 208 $ 1,008 $ 842 In April 2015, Registrant contributed $919,000 to the pension plan. In total, Registrant expects to contribute $6.7 million to the pension plan during 2015. Regulatory Adjustment : As authorized by the CPUC in the most recent water and electric general rate case decisions, GSWC utilizes two-way balancing accounts for its water and electric regions and the general office to track differences between the forecasted annual pension expenses adopted in rates and the actual annual expense recorded by GSWC in accordance with the accounting guidance for pension costs. As of June 30, 2015 , GSWC has a total $2.4 million net under-collection in the two-way pension balancing accounts included as part of the pension regulatory asset (Note 2). |
Contingencies_
Contingencies: | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies: 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. Claremont System: On November 4, 2014, voters in the City of Claremont ("Claremont" or "the City") approved a measure authorizing the issuance of $135 million in water revenue bonds by the City to finance the acquisition of the Claremont water system. On December 9, 2014, the City filed an eminent domain lawsuit against GSWC. GSWC has the ability to legally challenge the government's right to take its property. GSWC does not believe the seizure is necessary and intends to vigorously defend against the potential condemnation. In June 2015, the City amended and refiled its eminent domain lawsuit against GSWC. At this time, management cannot predict the outcome of the eminent domain proceeding. The Claremont water system has a net book value of approximately $49.8 million . GSWC serves approximately 11,000 customers in Claremont. Ojai System: In March 2013, Casitas Municipal Water District ("CMWD") passed resolutions under the Mello-Roos Community Facilities District Act of 1982 ("Mello-Roos Act") authorizing the establishment of a Community Facilities District, and the issuance of bonds to finance the potential acquisition of GSWC’s Ojai system by eminent domain. GSWC filed a petition in the Superior Court and eventually the Court of Appeals in Ventura County, which, among other things, challenged 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. On April 14, 2015, the California Court of Appeals affirmed a prior court's ruling allowing the use of Mello-Roos funding. In May 2015, GSWC filed a petition for review at the Supreme Court of California, which the Supreme Court subsequently denied. Ojai FLOW ("Friends of Locally Owned Water") members were also granted class status by the Superior Court to later file action against GSWC should they be able to prove GSWC’s motions delayed the condemnation action and resulted in higher costs for Ojai residents should the system be ultimately taken. GSWC serves approximately 3,000 customers in Ojai. Artesia System: On October 13, 2014, the City of Artesia's City Council approved a request for a feasibility study on the potential acquisition of GSWC's water system in Artesia. GSWC serves approximately 3,300 customers in Artesia. Environmental Clean-Up and Remediation : 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. Analysis indicates that offsite monitoring wells may also be necessary to document effectiveness of remediation. As of June 30, 2015 , the total spent to clean-up and remediate GSWC’s plant facility was approximately $ 4.8 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 June 30, 2015 , GSWC has a regulatory asset and an accrued liability for the estimated additional cost of $ 1.4 million to complete the clean-up at the site. The estimate includes costs for two years of continued activities of groundwater cleanup and monitoring, future soil treatment and site closure related activities. 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, 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. |
Business Segments_
Business Segments: | 6 Months Ended |
Jun. 30, 2015 | |
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. On a stand-alone basis, AWR has no material assets other than cash and its investments in its subsidiaries. All activities of GSWC, a rate-regulated utility, are geographically located within California. 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 as necessary with the regulatory 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 plant amounts are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash and exclude government-funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC. As Of And For The Three Months Ended June 30, 2015 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 87,581 $ 7,889 $ 19,148 $ — $ 114,618 Operating income (loss) 26,472 763 3,297 (2 ) 30,530 Interest expense, net 5,108 311 8 (2 ) 5,425 Utility plant 963,147 47,961 4,399 — 1,015,507 Depreciation and amortization expense (1) 9,768 467 301 — 10,536 Income tax expense (benefit) 8,587 213 888 (154 ) 9,534 Capital additions 13,918 2,605 294 — 16,817 As Of And For The Three Months Ended June 30, 2014 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 86,232 $ 8,328 $ 21,081 $ — $ 115,641 Operating income 27,182 1,393 2,425 — 31,000 Interest expense, net 5,271 337 55 (8 ) 5,655 Utility plant 943,382 40,304 4,982 — 988,668 Depreciation and amortization expense (1) 9,634 598 293 — 10,525 Income tax expense (benefit) 9,374 409 923 (444 ) 10,262 Capital additions 14,327 208 554 — 15,089 As Of And For The Six Months Ended June 30, 2015 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 159,085 18,858 37,608 $ — $ 215,551 Operating income (loss) 46,213 3,495 5,717 (5 ) 55,420 Interest expense, net 9,909 624 16 (8 ) 10,541 Utility plant 963,147 47,961 4,399 — 1,015,507 Depreciation and amortization expense (1) 19,709 767 608 — 21,084 Income tax expense (benefit) 14,731 1,316 1,759 (374 ) 17,432 Capital additions 30,162 3,679 366 — 34,207 As Of And For The Six Months Ended June 30, 2014 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 156,989 18,784 $ 41,813 $ — $ 217,586 Operating income (loss) 45,577 3,428 4,809 (46 ) 53,768 Interest expense, net 10,439 671 122 (62 ) 11,170 Utility plant 943,382 40,304 4,982 — 988,668 Depreciation and amortization expense (1) 19,197 1,275 583 — 21,055 Income tax expense (benefit) 14,332 1,156 1,746 (615 ) 16,619 Capital additions 33,651 680 1,289 — 35,620 (1) Depreciation expense computed on GSWC’s transportation equipment of $151,000 and $225,000 for the three months ended June 30, 2015 and 2014 , respectively, and $374,000 and $497,000 for the six months ended June 30, 2015 and 2014 , respectively, is recorded in administrative and general expenses. The following table reconciles total utility plant (a key figure for rate-making) to total consolidated assets (in thousands): June 30, 2015 2014 Total utility plant $ 1,015,507 $ 988,668 Other assets 327,848 338,424 Total consolidated assets $ 1,343,355 $ 1,327,092 |
Summary of Significant Accoun15
Summary of Significant Accounting Policies: (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
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”)). 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 258,000 customers. GSWC also distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,000 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 during the three and six months ended June 30, 2015 and 2014 . The California Public Utilities Commission (“CPUC”) regulates GSWC’s water and electric businesses, in matters 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, changes in laws and regulations and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, 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. Certain prior period amounts in the consolidated and GSWC Statements of Cash Flow have been reclassified to conform to the 2015 presentation of "Regulatory assets" as a separate line item. 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. The consolidated financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The December 31, 2014 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles ("GAAP"). The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments consisting of normal, recurring items and estimates necessary for a fair statement of the results for the interim periods have been made. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2014 filed with the SEC. |
GSWC's Related Party Transactions | GSWC's Related Party Transactions : In May 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. AWR agreed to pay any unpaid principal amounts outstanding under the Note, plus accrued interest. As of June 30, 2015 , AWR had $3.0 million outstanding and owed to GSWC under this Note. GSWC and ASUS provide and receive various support services to and from their parent, AWR, and among themselves. GSWC also allocates certain corporate office administrative and general costs to its affiliate, ASUS, using allocation factors approved by the CPUC. GSWC allocated corporate office administrative and general costs to ASUS of approximately $609,000 and $677,000 during the three months ended June 30, 2015 and 2014 , respectively, and approximately $1,316,000 and $1,373,000 during the six months ended June 30, 2015 and 2014 , respectively. 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. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest cost under the credit facility. Amounts owed to GSWC by its parent, AWR, or for allocated expenses are included in GSWC's inter-company receivables as of June 30, 2015 and December 31, 2014 . |
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 for each rate-making area as applicable. 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 $996,000 and $975,000 for the three months ended June 30, 2015 and 2014 , respectively, and $1.9 million and $1.8 million for the six months ended June 30, 2015 and 2014 , 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, ASUS and its 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 whether the subsidiary is reimbursed by the U.S. government for these assessments under its 50 -year contracts. The non-income tax assessments are accounted for on a gross basis and totaled $53,000 and $157,000 during the three months ended June 30, 2015 and 2014 , respectively, and $86,000 and $306,000 for the six months ended June 30, 2015 and 2014 , respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements : In May 2014, the Financial Accounting Standards Board ("FASB") issued updated accounting guidance on revenue recognition. The guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what the entity expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and adoption is not permitted earlier than the original effective date, that is, no earlier than 2017. The guidance allows entities to select one of two methods of adoption, either the full retrospective approach, meaning the guidance would be applied to all periods presented, or modified retrospective approach, meaning the cumulative effect of applying the guidance would be recognized as an adjustment to opening retained earnings at January 1, 2018, along with providing certain additional disclosures. Registrant will adopt this guidance in the fiscal year beginning January 1, 2018. Management has not yet selected a transition method nor has it determined the effect of the standard on the Company's ongoing financial reporting. In April 2015, the FASB issued Accounting Standard Update 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, rather than as an asset. The standard does not affect the recognition and measurement of debt issuance costs. This guidance is effective January 1, 2016. As of June 30, 2015 , Registrant had $5.0 million in debt issuance costs reflected under "Other Noncurrent Assets." Also in April 2015, the FASB issued Accounting Standard Update 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, ASU 2015-05 requires a customer in a cloud computing arrangement to follow internal-use software guidance if both of the following criteria are met: (a) the customer has the contractual right to take possession of the software at any time during the cloud computing arrangement and (b) it can feasibly run the software on its own hardware. If the customer does not meet both criteria, the cloud computing arrangement is considered a service contract and separate accounting for a license would not be permitted. This guidance is effective beginning January 1, 2016 and is not expected to have a material impact on Registrant's consolidated financial statements. |
Regulatory Matters_ (Tables)
Regulatory Matters: (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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: (dollars in thousands) June 30, December 31, GSWC Water Revenue Adjustment Mechanism, net of Modified Cost Balancing Account $ 28,542 $ 9,369 Base Revenue Requirement Adjustment Mechanism 5,668 7,761 Costs deferred for future recovery on Aerojet case 13,220 13,629 Pensions and other post-retirement obligations (Note 7) 42,145 43,426 Derivative unrealized loss (Note 4) 5,662 3,339 Flow-through taxes, net (Note 6) 16,745 17,612 Low income rate assistance balancing accounts 8,990 9,109 Other regulatory assets 18,888 22,218 Various refunds to customers (620 ) (759 ) Total $ 139,240 $ 125,704 |
Earnings per Share_Capital St17
Earnings per Share/Capital Stock: (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 used for calculating basic net income per share: Basic: For The Three Months Ended June 30, For The Six Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Net income $ 15,648 $ 15,354 27,797 26,375 Less: (a) Distributed earnings to common shareholders 8,016 7,853 16,171 15,699 Distributed earnings to participating securities 47 47 89 87 Undistributed earnings 7,585 7,454 11,537 10,589 (b) Undistributed earnings allocated to common shareholders 7,541 7,411 11,474 10,530 Undistributed earnings allocated to participating securities 44 43 63 59 Total income available to common shareholders, basic (a)+(b) $ 15,557 $ 15,264 $ 27,645 $ 26,229 Weighted average Common Shares outstanding, basic 37,702 38,781 37,952 38,764 Basic earnings per Common Share $ 0.41 $ 0.39 $ 0.73 $ 0.68 |
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: Diluted: For The Three Months Ended June 30, For The Six Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Common shareholders earnings, basic $ 15,557 $ 15,264 $ 27,645 $ 26,229 Undistributed earnings for dilutive stock-based awards 44 43 63 59 Total common shareholders earnings, diluted $ 15,601 $ 15,307 $ 27,708 $ 26,288 Weighted average common shares outstanding, basic 37,702 38,781 37,952 38,764 Stock-based compensation (1) 207 220 201 210 Weighted average common shares outstanding, diluted 37,909 39,001 38,153 38,974 Diluted earnings per Common Share $ 0.41 $ 0.39 $ 0.73 $ 0.67 (1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 187,152 and 245,784 stock options at June 30, 2015 and 2014 , respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share. All of the 225,074 and 239,226 restricted stock units at June 30, 2015 and 2014 , respectively, were included in the calculation of diluted EPS for the six months ended June 30, 2015 and 2014 . |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
GOLDEN STATE WATER COMPANY | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes in the fair value of GSWC’s Level 3 derivatives for the three and six months ended June 30, 2015 and 2014 : For The Three Months Ended June 30, For The Six Months Ended (dollars in thousands) 2015 2014 2015 2014 Fair value at beginning of the period $ (6,176 ) $ — $ (3,339 ) $ — Unrealized gain (loss) on purchased power contracts 514 — (2,323 ) — Fair value at end of the period $ (5,662 ) $ — $ (5,662 ) $ — |
Fair Value of Financial Instr19
Fair Value of Financial Instruments: (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
GSWC | |
Fair value of financial instruments | |
Schedule of estimates of the fair value of long-term debt | The table below estimates the fair value of long-term debt held by GSWC. The fair values as of June 30, 2015 and December 31, 2014 have been determined using rates for similar financial instruments of the same duration utilizing Level 2 methods and assumptions. The interest rates used for the June 30, 2015 valuation increased as compared to December 31, 2014 , decreasing the fair value of long-term debt as of June 30, 2015 . Changes in the assumptions will produce differing results. June 30, 2015 December 31, 2014 (dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Long-term debt—GSWC $ 325,921 $ 388,236 $ 326,090 $ 417,057 |
Employee Benefit Plans_ (Tables
Employee Benefit Plans: (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of components of net periodic benefit costs, before allocation to the overhead pool, for Registrant's pension plan, postretirement plan, and SERP | The components of net periodic benefit costs, before allocation to the overhead pool, for Registrant’s pension plan, postretirement plan and Supplemental Executive Retirement Plan ("SERP") for the three and six months ended June 30, 2015 and 2014 are as follows: For The Three Months Ended June 30, Pension Benefits Other Postretirement Benefits SERP (dollars in thousands) 2015 2014 2015 2014 2015 2014 Components of Net Periodic Benefits Cost: Service cost $ 1,452 $ 1,335 $ 95 $ 99 $ 204 $ 192 Interest cost 1,905 1,845 114 130 163 154 Expected return on plan assets (2,452 ) (2,235 ) (123 ) (113 ) — — Amortization of transition — — — 104 — — Amortization of prior service cost (benefit) 30 29 (50 ) (50 ) 29 40 Amortization of actuarial (gain) loss 427 (7 ) (53 ) (66 ) 108 35 Net periodic pension cost under accounting standards 1,362 967 (17 ) 104 504 421 Regulatory adjustment — deferred 251 449 — — — — Total expense recognized, before allocation to overhead pool $ 1,613 $ 1,416 $ (17 ) $ 104 $ 504 $ 421 For The Six Months Ended June 30, Pension Benefits Other Postretirement Benefits SERP (dollars in thousands) 2015 2014 2015 2014 2015 2014 Components of Net Periodic Benefits Cost: Service cost $ 3,138 $ 2,822 $ 190 $ 198 $ 408 $ 384 Interest cost 3,844 3,760 228 260 326 308 Expected return on plan assets (4,898 ) (4,450 ) (246 ) (226 ) — — Amortization of transition — — — 208 — — Amortization of prior service cost (benefit) 60 59 (100 ) (100 ) 58 80 Amortization of actuarial (gain) loss 896 — (106 ) (132 ) 216 70 Net periodic pension cost under accounting standards 3,040 2,191 (34 ) 208 1,008 842 Regulatory adjustment — deferred 262 749 — — — — Total expense recognized, before allocation to overhead pool $ 3,302 $ 2,940 $ (34 ) $ 208 $ 1,008 $ 842 |
Business Segments_ (Tables)
Business Segments: (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of reporting segments information | 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 plant amounts are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash and exclude government-funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC. As Of And For The Three Months Ended June 30, 2015 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 87,581 $ 7,889 $ 19,148 $ — $ 114,618 Operating income (loss) 26,472 763 3,297 (2 ) 30,530 Interest expense, net 5,108 311 8 (2 ) 5,425 Utility plant 963,147 47,961 4,399 — 1,015,507 Depreciation and amortization expense (1) 9,768 467 301 — 10,536 Income tax expense (benefit) 8,587 213 888 (154 ) 9,534 Capital additions 13,918 2,605 294 — 16,817 As Of And For The Three Months Ended June 30, 2014 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 86,232 $ 8,328 $ 21,081 $ — $ 115,641 Operating income 27,182 1,393 2,425 — 31,000 Interest expense, net 5,271 337 55 (8 ) 5,655 Utility plant 943,382 40,304 4,982 — 988,668 Depreciation and amortization expense (1) 9,634 598 293 — 10,525 Income tax expense (benefit) 9,374 409 923 (444 ) 10,262 Capital additions 14,327 208 554 — 15,089 As Of And For The Six Months Ended June 30, 2015 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 159,085 18,858 37,608 $ — $ 215,551 Operating income (loss) 46,213 3,495 5,717 (5 ) 55,420 Interest expense, net 9,909 624 16 (8 ) 10,541 Utility plant 963,147 47,961 4,399 — 1,015,507 Depreciation and amortization expense (1) 19,709 767 608 — 21,084 Income tax expense (benefit) 14,731 1,316 1,759 (374 ) 17,432 Capital additions 30,162 3,679 366 — 34,207 As Of And For The Six Months Ended June 30, 2014 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 156,989 18,784 $ 41,813 $ — $ 217,586 Operating income (loss) 45,577 3,428 4,809 (46 ) 53,768 Interest expense, net 10,439 671 122 (62 ) 11,170 Utility plant 943,382 40,304 4,982 — 988,668 Depreciation and amortization expense (1) 19,197 1,275 583 — 21,055 Income tax expense (benefit) 14,332 1,156 1,746 (615 ) 16,619 Capital additions 33,651 680 1,289 — 35,620 (1) Depreciation expense computed on GSWC’s transportation equipment of $151,000 and $225,000 for the three months ended June 30, 2015 and 2014 , respectively, and $374,000 and $497,000 for the six months ended June 30, 2015 and 2014 , respectively, is recorded in administrative and general expenses. |
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): June 30, 2015 2014 Total utility plant $ 1,015,507 $ 988,668 Other assets 327,848 338,424 Total consolidated assets $ 1,343,355 $ 1,327,092 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies: (Details) customer in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)customerregistrant | Jun. 30, 2014USD ($) | May. 31, 2013USD ($) | |
Basis of Presentation: | |||||
Number of registrants filing combined report | registrant | 2 | ||||
Related Party Transactions | |||||
Amounts outstanding under note | $ 3,000,000 | $ 3,000,000 | |||
Sales and Use Taxes: | |||||
Non-income tax assessments accounted on a gross basis | 4,060,000 | $ 3,965,000 | 8,336,000 | $ 8,290,000 | |
Debt Issuance Cost | 5,000,000 | 5,000,000 | |||
AWR | Promissory Note | |||||
Related Party Transactions | |||||
Debt instrument, face amount | $ 20,000,000 | ||||
Debt instrument, maximum borrowing capacity | $ 20,000,000 | ||||
AWR | Syndicated Credit Facility | |||||
Related Party Transactions | |||||
Maximum borrowing capacity on line of credit | 100,000,000 | 100,000,000 | |||
GOLDEN STATE WATER COMPANY | |||||
Related Party Transactions | |||||
Payments to affiliate for corporate office administrative and general costs | 609,000 | 677,000 | 1,316,000 | 1,373,000 | |
Sales and Use Taxes: | |||||
Franchise fees billed to customers and recorded as operating revenue | 996,000 | 975,000 | 1,900,000 | 1,800,000 | |
Non-income tax assessments accounted on a gross basis | 3,748,000 | 3,530,000 | $ 7,666,000 | 7,426,000 | |
GOLDEN STATE WATER COMPANY | Purchase, production, distribution and sale of water | |||||
Nature of Operations: | |||||
Number of customers served | customer | 258 | ||||
GOLDEN STATE WATER COMPANY | Electricity distribution | |||||
Nature of Operations: | |||||
Number of customers served | customer | 24 | ||||
ASUS | |||||
Sales and Use Taxes: | |||||
Non-income tax assessments accounted on a gross basis | $ 53,000 | $ 157,000 | $ 86,000 | $ 306,000 | |
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 | ||||
Sales and Use Taxes: | |||||
Period of fixed price contracts to operate and maintain the water and/or wastewater systems at various military bases | 50 years | ||||
Sales | GOLDEN STATE WATER COMPANY | Purchase, production, distribution and sale of water | |||||
Nature of Operations: | |||||
Percentage of total revenue | 90.00% |
Regulatory Matters_ (Details)
Regulatory Matters: (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Regulatory matters: | ||
Regulatory asset not accruing carrying costs | $ 67,900 | |
Other Liabilities, Current | 17,451 | $ 18,760 |
Pension and other post-retirement obligations | ||
Regulatory matters: | ||
Regulatory asset not accruing carrying costs | 39,700 | |
Derivative unrealized loss | ||
Regulatory matters: | ||
Regulatory asset not accruing carrying costs | 5,700 | |
GOLDEN STATE WATER COMPANY | ||
Regulatory matters: | ||
Regulatory assets | 139,240 | 125,704 |
Other Liabilities, Current | 17,223 | 18,659 |
GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism, net of Modified Cost Balancing Account | ||
Regulatory matters: | ||
Regulatory Asset Amount Billed to Customers as Surcharges | 96 | |
Regulatory assets | 28,542 | 9,369 |
GOLDEN STATE WATER COMPANY | Base Revenue Requirement Adjustment Mechanism | ||
Regulatory matters: | ||
Regulatory assets | 5,668 | 7,761 |
GOLDEN STATE WATER COMPANY | Costs deferred for future recovery on Aerojet case | ||
Regulatory matters: | ||
Regulatory assets | 13,220 | 13,629 |
GOLDEN STATE WATER COMPANY | Pension and other post-retirement obligations | ||
Regulatory matters: | ||
Regulatory assets | 42,145 | 43,426 |
GOLDEN STATE WATER COMPANY | Derivative unrealized loss | ||
Regulatory matters: | ||
Regulatory assets | 5,662 | 3,339 |
GOLDEN STATE WATER COMPANY | Flow-through taxes, net | ||
Regulatory matters: | ||
Regulatory assets | 16,745 | 17,612 |
GOLDEN STATE WATER COMPANY | Low income rate assistance balancing accounts | ||
Regulatory matters: | ||
Regulatory assets | 8,990 | 9,109 |
GOLDEN STATE WATER COMPANY | Other regulatory assets | ||
Regulatory matters: | ||
Regulatory assets | 18,888 | 22,218 |
Other Liabilities, Current | 3,800 | |
Various refunds to customers | GOLDEN STATE WATER COMPANY | ||
Regulatory matters: | ||
Regulatory assets | $ (620) | $ (759) |
Regulatory Matters_ Alternative
Regulatory Matters: Alternative-Revenue Programs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
WRAM, net of MCBA | ||
Regulatory matters: | ||
Increase (decrease) in other regulatory assets | $ 19,300 | |
GOLDEN STATE WATER COMPANY | ||
Regulatory matters: | ||
Under (over) collection | $ 139,240 | $ 125,704 |
GOLDEN STATE WATER COMPANY | WRAM, net of MCBA | ||
Regulatory matters: | ||
Commercial paper, term | 90 days | |
Amount billed to customers as surcharges | $ 96 | |
Under (over) collection | $ 28,542 | 9,369 |
GOLDEN STATE WATER COMPANY | WRAM, net of MCBA | Minimum | ||
Regulatory matters: | ||
Regulatory asset recovery periods | 18 months | |
GOLDEN STATE WATER COMPANY | WRAM, net of MCBA | Maximum | ||
Regulatory matters: | ||
Regulatory asset recovery periods | 24 months | |
GOLDEN STATE WATER COMPANY | WRAM | ||
Regulatory matters: | ||
Under (over) collection | $ 26,000 | |
GOLDEN STATE WATER COMPANY | Modified Cost Balancing Account | ||
Regulatory matters: | ||
Under (over) collection | $ 2,500 | |
GOLDEN STATE WATER COMPANY | Base revenue requirement adjustment mechanism | ||
Regulatory matters: | ||
Regulatory asset recovery periods | 24 months | |
Under (over) collection | $ 5,668 | 7,761 |
Customer surcharges expected to be collected | $ 3,100 |
Regulatory Matters_ CPUC Rehear
Regulatory Matters: CPUC Rehearing Matter and Procurement Audits (Details) - GOLDEN STATE WATER COMPANY - Audit | 1 Months Ended | 12 Months Ended |
Dec. 31, 2011 | Dec. 31, 2014 | |
Regulatory matters: | ||
Separate independent audits | 3 | |
Number of Years of Separate Independent Audits of Procurement Practices Agreed under Settlement Agreement | 10 years | |
Period of Separate Independent Audits of Procurement Practices Covered by Report | 20 years |
Regulatory Matters_ Regulatory
Regulatory Matters: Regulatory Matters: Rural Acquisition (Details) - GOLDEN STATE WATER COMPANY $ in Millions | 6 Months Ended | |
Jun. 30, 2015customer | Jun. 30, 2013USD ($) | |
Regulatory Assets [Line Items] | ||
Public Utilities, Property, Plant and Equipment, Amount of Acquisition Adjustments | $ 1.7 | |
Number of Customers in new service territory | customer | 960 |
Earnings per Share_Capital St27
Earnings per Share/Capital Stock: (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Basic | |||||
Net income | $ 15,648 | $ 15,354 | $ 27,797 | $ 26,375 | |
Less: Distributed earnings to common shareholders | 8,016 | 7,853 | 16,171 | 15,699 | |
Less: Distributed earnings to participating securities | 47 | 47 | 89 | 87 | |
Undistributed earnings | 7,585 | 7,454 | 11,537 | 10,589 | |
Undistributed earnings allocated to common shareholders | 7,541 | 7,411 | 11,474 | 10,530 | |
Undistributed earnings allocated to participating securities | 44 | 43 | 63 | 59 | |
Total income available to common shareholders, basic | $ 15,557 | $ 15,264 | $ 27,645 | $ 26,229 | |
Weighted average Common Shares outstanding, basic (in shares) | 37,702 | 38,781 | 37,952 | 38,764 | |
Basic earnings per Common Share (in dollars per share) | $ 0.41 | $ 0.39 | $ 0.73 | $ 0.68 | |
Diluted | |||||
Total income available to common shareholders, basic | $ 15,557 | $ 15,264 | $ 27,645 | $ 26,229 | |
Undistributed earnings for dilutive stock-based awards | 44 | 43 | 63 | 59 | |
Total common shareholders earnings, diluted | $ 15,601 | $ 15,307 | $ 27,708 | $ 26,288 | |
Weighted average Common Shares outstanding, basic (in shares) | 37,702 | 38,781 | 37,952 | 38,764 | |
Stock-based compensation (in shares) | [1] | 207 | 220 | 201 | 210 |
Weighted average common shares outstanding, diluted (in shares) | 37,909 | 39,001 | 38,153 | 38,974 | |
Diluted earnings per Common Share (in dollars per share) | $ 0.41 | $ 0.39 | $ 0.73 | $ 0.67 | |
[1] | In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 187,152 and 245,784 stock options at June 30, 2015 and 2014, respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share. All of the 225,074 and 239,226 restricted stock units at June 30, 2015 and 2014, respectively, were included in the calculation of diluted EPS for the six months ended June 30, 2015 and 2014. |
Earnings per Share_Capital St28
Earnings per Share/Capital Stock: (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | May. 19, 2015 | Mar. 27, 2014 | |
Additional disclosure | ||||||
Options outstanding (in shares) | 187,152 | 245,784 | 187,152 | 245,784 | ||
Stock options not included in the calculation of diluted EPS (in shares) | 0 | |||||
Anti-dilutive stock options not included in the computation of diluted EPS (in shares) | 0 | 0 | ||||
Common Shares issued under DRP and the 2000 and 2008 Employee Plans | 69,617 | 70,573 | ||||
Value of Common Shares issued under DRP and the 2000 and 2008 Employee Plans | $ 512 | $ 219 | ||||
Dividends paid | $ 8,000 | $ 7,900 | $ 16,171 | $ 15,699 | ||
Quarterly dividends paid, per share of common stock (in dollars per share) | $ 0.2130 | $ 0.2025 | $ 0.426 | $ 0.405 | ||
Restricted Stock Units | ||||||
Additional disclosure | ||||||
Restricted stock units outstanding (in shares) | 225,074 | 239,226 | 225,074 | 239,226 | ||
2014 Stock Repurchase Program | AWR | ||||||
Additional disclosure | ||||||
Authorized shares to be repurchased | 1,250,000 | |||||
Common Shares repurchased in the open market under DRP and 401(k) Plan | 704,782 | |||||
2015 Stock Repurchase Program | AWR | ||||||
Additional disclosure | ||||||
Authorized shares to be repurchased | 1,200,000 | |||||
Common Shares repurchased in the open market under DRP and 401(k) Plan | 387,021 |
Derivative Instruments (Details
Derivative Instruments (Details) - GOLDEN STATE WATER COMPANY MWh in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)MWh | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Description of derivative activity volume | MWh | 526 | |||
Commodity Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of broker quotes received to determine fair value of derivative instrument | 1 | 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value at beginning of the period | $ (6,176) | $ 0 | $ (3,339) | $ 0 |
Unrealized gain (loss) on purchased power contracts | 514 | 0 | (2,323) | 0 |
Fair value at end of the period | $ (5,662) | $ 0 | $ (5,662) | $ 0 |
Minimum | Commodity Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Term of derivative contract | 3 years | |||
Maximum | Commodity Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Term of derivative contract | 5 years |
Fair Value of Financial Instr30
Fair Value of Financial Instruments: (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
GSWC | Carrying Amount | ||
Financial liabilities: | ||
Long-term debt-GSWC | $ 325,921 | $ 326,090 |
GSWC | Fair Value | ||
Financial liabilities: | ||
Long-term debt-GSWC | 388,236 | $ 417,057 |
Mutual Funds | Level 1 | ||
Fair value of financial instruments | ||
Investments | $ 10,100 |
Income Taxes_ (Details)
Income Taxes: (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Effective income tax rate | |||||
Deferred Tax Liabilities Related to Repair-And-Maintenance Deductions | $ 30.8 | ||||
GSWC | |||||
Effective income tax rate | |||||
ETRs (as a percent) | 40.50% | 42.10% | 40.70% | 40.40% |
Employee Benefit Plans_ (Detail
Employee Benefit Plans: (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Benefits | ||||
Components of Net Periodic Benefits Cost: | ||||
Service cost | $ 1,452 | $ 1,335 | $ 3,138 | $ 2,822 |
Interest cost | 1,905 | 1,845 | 3,844 | 3,760 |
Expected return on plan assets | (2,452) | (2,235) | (4,898) | (4,450) |
Amortization of transition | 0 | 0 | 0 | 0 |
Amortization of prior service cost (benefit) | 30 | 29 | 60 | 59 |
Amortization of actuarial (gain) loss | 427 | (7) | 896 | 0 |
Net periodic pension cost under accounting standards | 1,362 | 967 | 3,040 | 2,191 |
Regulatory adjustment — deferred | 251 | 449 | 262 | 749 |
Total expense recognized, before allocation to overhead pool | 1,613 | 1,416 | 3,302 | 2,940 |
Defined Benefit Plan, Contributions by Employer | 919 | |||
Expected contributions in current fiscal year | 6,700 | |||
Pension Benefits | GSWC | ||||
Components of Net Periodic Benefits Cost: | ||||
Regulatory adjustment — deferred | 2,400 | |||
Other Postretirement Benefits | ||||
Components of Net Periodic Benefits Cost: | ||||
Service cost | 95 | 99 | 190 | 198 |
Interest cost | 114 | 130 | 228 | 260 |
Expected return on plan assets | (123) | (113) | (246) | (226) |
Amortization of transition | 0 | 104 | 0 | 208 |
Amortization of prior service cost (benefit) | (50) | (50) | (100) | (100) |
Amortization of actuarial (gain) loss | (53) | (66) | (106) | (132) |
Net periodic pension cost under accounting standards | (17) | 104 | (34) | 208 |
Regulatory adjustment — deferred | 0 | 0 | 0 | 0 |
Total expense recognized, before allocation to overhead pool | (17) | 104 | (34) | 208 |
SERP | ||||
Components of Net Periodic Benefits Cost: | ||||
Service cost | 204 | 192 | 408 | 384 |
Interest cost | 163 | 154 | 326 | 308 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of transition | 0 | 0 | 0 | 0 |
Amortization of prior service cost (benefit) | 29 | 40 | 58 | 80 |
Amortization of actuarial (gain) loss | 108 | 35 | 216 | 70 |
Net periodic pension cost under accounting standards | 504 | 421 | 1,008 | 842 |
Regulatory adjustment — deferred | 0 | 0 | 0 | 0 |
Total expense recognized, before allocation to overhead pool | $ 504 | $ 421 | $ 1,008 | $ 842 |
Contingencies_ (Details)
Contingencies: (Details) - GSWC $ in Millions | 6 Months Ended | |
Jun. 30, 2015USD ($)customer | Nov. 04, 2014USD ($) | |
Environmental Clean-Up and Remediation | ||
Contingencies | ||
Amount spent in clean-up and remediation activities | $ 4.8 | |
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 | $ 1.4 | |
City of Claremont | Condemnation of Properties | ||
Contingencies | ||
Condemnation | $ 135 | |
Number of customers served through water systems | customer | 11,000 | |
Ojai FLOW | Condemnation of Properties | ||
Contingencies | ||
Number of customers served through water systems | customer | 3,000 | |
City of Artesia | Condemnation of Properties | ||
Contingencies | ||
Number of customers served through water systems | customer | 3,300 | |
Independent Transmission and Distribution System | City of Claremont | Condemnation of Properties | ||
Contingencies | ||
Public Utilities, Property, Plant and Equipment, Net | $ 49.8 |
Business Segments_ (Details)
Business Segments: (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Details of reportable segment | |||||
Total operating revenues | $ 114,618 | $ 115,641 | $ 215,551 | $ 217,586 | |
Operating income (loss) | 30,530 | 31,000 | 55,420 | 53,768 | |
Interest expense, net | 5,425 | 5,655 | 10,541 | 11,170 | |
Utility plant | 1,015,507 | 988,668 | 1,015,507 | 988,668 | $ 1,003,520 |
Depreciation and amortization expense | 10,536 | 10,525 | 21,084 | 21,055 | |
Income tax expense (benefit) | 9,534 | 10,262 | 17,432 | 16,619 | |
Capital additions | 16,817 | 15,089 | $ 34,207 | 35,620 | |
GSWC | |||||
Details of reportable segment | |||||
Number of reportable segments | segment | 2 | ||||
Total operating revenues | 95,470 | 94,560 | $ 177,943 | 175,773 | |
Operating income (loss) | 27,235 | 28,575 | 49,708 | 49,005 | |
Utility plant | 1,011,108 | 1,011,108 | $ 998,880 | ||
Depreciation and amortization expense | 10,235 | 10,232 | 20,476 | 20,472 | |
Income tax expense (benefit) | 8,800 | 9,783 | 16,047 | 15,488 | |
Depreciation on transportation equipment | 151 | 225 | $ 374 | 497 | |
AWR | |||||
Details of reportable segment | |||||
Number of reportable segments | segment | 3 | ||||
Reportable Legal Entities [Member] | GSWC | Water | |||||
Details of reportable segment | |||||
Total operating revenues | 87,581 | 86,232 | $ 159,085 | 156,989 | |
Operating income (loss) | 26,472 | 27,182 | 46,213 | 45,577 | |
Interest expense, net | 5,108 | 5,271 | 9,909 | 10,439 | |
Utility plant | 963,147 | 943,382 | 963,147 | 943,382 | |
Depreciation and amortization expense | 9,768 | 9,634 | 19,709 | 19,197 | |
Income tax expense (benefit) | 8,587 | 9,374 | 14,731 | 14,332 | |
Capital additions | 13,918 | 14,327 | 30,162 | 33,651 | |
Reportable Legal Entities [Member] | GSWC | Electric | |||||
Details of reportable segment | |||||
Total operating revenues | 7,889 | 8,328 | 18,858 | 18,784 | |
Operating income (loss) | 763 | 1,393 | 3,495 | 3,428 | |
Interest expense, net | 311 | 337 | 624 | 671 | |
Utility plant | 47,961 | 40,304 | 47,961 | 40,304 | |
Depreciation and amortization expense | 467 | 598 | 767 | 1,275 | |
Income tax expense (benefit) | 213 | 409 | 1,316 | 1,156 | |
Capital additions | 2,605 | 208 | 3,679 | 680 | |
Reportable Legal Entities [Member] | ASUS | Contracts | |||||
Details of reportable segment | |||||
Total operating revenues | 19,148 | 21,081 | 37,608 | 41,813 | |
Operating income (loss) | 3,297 | 2,425 | 5,717 | 4,809 | |
Interest expense, net | 8 | 55 | 16 | 122 | |
Utility plant | 4,399 | 4,982 | 4,399 | 4,982 | |
Depreciation and amortization expense | 301 | 293 | 608 | 583 | |
Income tax expense (benefit) | 888 | 923 | 1,759 | 1,746 | |
Capital additions | 294 | 554 | 366 | 1,289 | |
Intersegment Eliminations | AWR | |||||
Details of reportable segment | |||||
Total operating revenues | 0 | 0 | 0 | 0 | |
Operating income (loss) | (2) | 0 | (5) | (46) | |
Interest expense, net | (2) | (8) | (8) | (62) | |
Utility plant | 0 | 0 | 0 | 0 | |
Depreciation and amortization expense | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | (154) | (444) | (374) | (615) | |
Capital additions | $ 0 | $ 0 | $ 0 | $ 0 |
Business Segments_ (Details 2)
Business Segments: (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Details of reportable segment | |||||
Total utility plant | $ 1,015,507 | $ 988,668 | $ 1,015,507 | $ 988,668 | $ 1,003,520 |
Other assets | 327,848 | 338,424 | 327,848 | 338,424 | |
Total Assets | 1,343,355 | 1,327,092 | 1,343,355 | 1,327,092 | 1,378,298 |
GOLDEN STATE WATER COMPANY | |||||
Details of reportable segment | |||||
Public Utilities Property Plant and Equipment Depreciation on Transportation Equipment | 151 | $ 225 | 374 | $ 497 | |
Total utility plant | 1,011,108 | 1,011,108 | 998,880 | ||
Total Assets | $ 1,282,372 | $ 1,282,372 | $ 1,282,374 |