Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'SJW CORP | ' |
Entity Central Index Key | '0000766829 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 20,162,133 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING REVENUE | $85,238 | $82,374 | $209,607 | $199,098 |
Production Costs: | ' | ' | ' | ' |
Purchased water | 21,092 | 22,768 | 49,525 | 54,128 |
Power | 3,074 | 2,274 | 5,736 | 4,442 |
Groundwater extraction charges | 13,142 | 8,672 | 27,257 | 17,057 |
Other production costs | 3,080 | 2,914 | 8,675 | 8,511 |
Total production costs | 40,388 | 36,628 | 91,193 | 84,138 |
Administrative and general | 10,706 | 10,773 | 32,285 | 32,067 |
Maintenance | 3,325 | 3,411 | 9,958 | 9,533 |
Property taxes and other non-income taxes | 2,686 | 2,397 | 7,769 | 7,251 |
Depreciation and amortization | 8,787 | 8,288 | 26,346 | 24,922 |
Total operating expense | 65,892 | 61,497 | 167,551 | 157,911 |
OPERATING INCOME | 19,346 | 20,877 | 42,056 | 41,187 |
OTHER (EXPENSE) INCOME: | ' | ' | ' | ' |
Interest on long-term debt | -4,722 | -4,683 | -14,045 | -14,022 |
Mortgage and other interest expense | -287 | -380 | -942 | -1,166 |
Gain on sale of real estate investment | 0 | 910 | 1,063 | 910 |
Dividend income | 62 | 61 | 185 | 182 |
Other, net | 354 | 165 | 1,314 | 525 |
Income before income taxes | 14,753 | 16,950 | 29,631 | 27,616 |
Provision for income taxes | 5,803 | 6,866 | 11,924 | 11,222 |
NET INCOME | 8,950 | 10,084 | 17,707 | 16,394 |
Other comprehensive income, net | 185 | 41 | 450 | 89 |
COMPREHENSIVE INCOME | $9,135 | $10,125 | $18,157 | $16,483 |
EARNINGS PER SHARE | ' | ' | ' | ' |
Basic | $0.44 | $0.54 | $0.90 | $0.88 |
Diluted | $0.44 | $0.53 | $0.89 | $0.87 |
DIVIDENDS PER SHARE | $0.18 | $0.18 | $0.55 | $0.53 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ' | ' | ' | ' |
Basic | 20,151,729 | 18,647,537 | 19,643,290 | 18,628,680 |
Diluted | 20,346,817 | 18,854,042 | 19,839,426 | 18,833,271 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Utility plant: | ' | ' |
Land | $10,389 | $10,156 |
Depreciable plant and equipment | 1,231,964 | 1,166,220 |
Construction in progress | 26,968 | 24,298 |
Intangible assets | 18,340 | 15,561 |
Property, Plant and Equipment, Gross | 1,287,661 | 1,216,235 |
Less accumulated depreciation and amortization | 408,888 | 384,675 |
Public Utilities, Property, Plant and Equipment, Net | 878,773 | 831,560 |
Real estate investments | 78,788 | 74,232 |
Less accumulated depreciation and amortization | 10,243 | 9,045 |
Total | 68,545 | 65,187 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | 3,219 | 2,522 |
Accounts receivable: | ' | ' |
Customers, net of allowances for uncollectible accounts | 18,653 | 12,317 |
Income tax | 0 | 489 |
Other | 565 | 854 |
Accrued unbilled utility revenue | 23,304 | 16,284 |
Long-lived assets held-for-sale | 0 | 7,768 |
Materials and supplies | 1,035 | 1,088 |
Prepaid expenses | 2,554 | 1,589 |
Assets, Current | 49,330 | 42,911 |
OTHER ASSETS: | ' | ' |
Investment in California Water Service Group | 7,826 | 7,067 |
Unamortized debt issuance, broker and reacquisition costs | 5,276 | 5,226 |
Regulatory assets, net | 134,024 | 130,488 |
Other | 6,066 | 5,060 |
Assets, Noncurrent | 153,192 | 147,841 |
Assets | 1,149,840 | 1,087,499 |
Shareholders’ equity: | ' | ' |
Common stock, $0.521 par value; authorized 36,000,000 shares; issued and outstanding 20,161,069 shares on September 30, 2013 and 18,670,566 on December 31, 2012 | 10,501 | 9,724 |
Additional paid-in capital | 62,777 | 26,117 |
Retained earnings | 243,300 | 236,453 |
Accumulated other comprehensive income | 2,759 | 2,310 |
Total shareholders’ equity | 319,337 | 274,604 |
Long-term debt, less current portion | 335,143 | 335,598 |
Capitalization, Long-term Debt and Equity | 654,480 | 610,202 |
CURRENT LIABILITIES: | ' | ' |
Line of credit | 7,000 | 15,300 |
Current portion of long-term debt | 589 | 5,392 |
Accrued groundwater extraction charges and purchased water | 10,864 | 4,755 |
Purchased power | 836 | 317 |
Accounts payable | 11,831 | 8,481 |
Accrued interest | 5,552 | 5,355 |
Accrued property taxes and other non-income taxes | 2,980 | 1,465 |
Accrued payroll | 3,643 | 3,069 |
Taxes Payable, Current | 396 | 0 |
Other current liabilities | 6,057 | 4,973 |
Liabilities, Current | 49,748 | 49,107 |
DEFERRED INCOME TAXES | 157,593 | 147,579 |
UNAMORTIZED INVESTMENT TAX CREDITS | 1,389 | 1,434 |
ADVANCES FOR CONSTRUCTION | 70,690 | 68,277 |
CONTRIBUTIONS IN AID OF CONSTRUCTION | 130,391 | 128,466 |
DEFERRED REVENUE | 1,225 | 1,137 |
POSTRETIREMENT BENEFIT PLANS | 77,737 | 73,425 |
OTHER NONCURRENT LIABILITIES | 6,587 | 7,872 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
Liabilities and Equity | $1,149,840 | $1,087,499 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value | $0.52 | $0.52 |
Common stock, shares authorized | 36,000,000 | 36,000,000 |
Common stock, shares issued | 20,161,069 | 18,670,566 |
Common stock, shares outstanding | 20,161,069 | 18,670,566 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $17,707 | $16,394 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 27,510 | 26,035 |
Deferred income taxes | 10,211 | 8,732 |
Share-based compensation | 786 | 451 |
Gain on sale of real estate investment | -1,063 | -910 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable and accrued unbilled utility revenue | -13,067 | -14,368 |
Accounts payable, purchased power and other current liabilities | -1,948 | 1,032 |
Accrued groundwater extraction charges and purchased water | 6,109 | 4,274 |
Tax receivable and accrued taxes | 2,517 | 6,899 |
Other current asset | 0 | 4,183 |
Postretirement benefits | 4,312 | 3,853 |
Regulatory asset related to balancing and memorandum accounts | -3,536 | 0 |
Other changes, net | -2,326 | 793 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 47,212 | 57,368 |
INVESTING ACTIVITIES: | ' | ' |
Company-funded | -59,503 | -67,731 |
Contributions in aid of construction | -8,280 | -4,211 |
Additions to real estate investments | -4,177 | -50 |
Payments for business/asset acquisition and water rights | -1,587 | -1,971 |
Cost to retire utility plant, net of salvage | -1,814 | -766 |
Proceeds from sale of real estate investment | 8,831 | 5,517 |
NET CASH USED IN INVESTING ACTIVITIES | -66,530 | -69,212 |
FINANCING ACTIVITIES: | ' | ' |
Borrowings from line of credit | 25,200 | 0 |
Repayments of line of credit | -33,500 | 0 |
Repayments of long-term borrowings | -5,258 | -3,497 |
Debt issuance costs | 0 | 33 |
Dividends paid | -10,764 | -9,920 |
Issuance of common stock, net of issuance costs | 35,894 | 0 |
Exercise of stock options and similar instruments | 878 | 731 |
Tax benefits realized from share options exercised | 27 | 43 |
Receipts of advances and contributions in aid of construction | 9,233 | 6,111 |
Refunds of advances for construction | -1,695 | -1,641 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 20,015 | -8,206 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 697 | -20,050 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,522 | 26,734 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3,219 | 6,684 |
Cash paid (received) during the period for: | ' | ' |
Interest | 15,478 | 15,757 |
Income taxes | 2,185 | -3,406 |
Supplemental disclosure of non-cash activities: | ' | ' |
Increase in accrued payables for construction costs capitalized | 4,141 | 9,815 |
Utility property installed by developers | 190 | 214 |
Increase in real estate investments due to accrued tenant improvements | 379 | 0 |
Accrued intangible assets and other charges related to water supply project in Texas | $2,209 | $0 |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
GENERAL | ' |
General | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of the results for the interim periods. | |
The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). The Notes to Consolidated Financial Statements in SJW Corp.’s 2012 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements. | |
Water sales are seasonal in nature and influenced by weather conditions. The timing of precipitation and climatic conditions can cause seasonal water consumption by customers to vary significantly. Due to the seasonal nature of the water business, the operating results for interim periods are not indicative of the operating results for a 12-month period. Revenue is generally higher in the warm, dry summer months when water usage and sales are greater, and lower in the winter months when cooler temperatures and increased rainfall curtail water usage and sales. | |
Basic earnings per share is calculated using income available to common shareholders, divided by the weighted average number of shares outstanding during the period. The two-class method in computing basic earnings per share is not used because the number of participating securities as defined in Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 260 - “Earning Per Share” is not significant. (The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security.) Diluted earnings per share is calculated using income available to common shareholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with stock options, deferred restricted common stock awards under SJW Corp.’s Long-Term Incentive Plan (as amended, the “Incentive Plan”) and shares potentially issuable under the Employee Stock Purchase Plan (“ESPP”). For the three months ended September 30, 2013 and 2012, 452 and 36 anti-dilutive restricted common stock units were excluded from the dilutive earnings per share calculation, respectively. For the nine months ended September 30, 2013 and 2012, 1,597 and 1,702 anti-dilutive restricted common stock units were excluded from the dilutive earnings per share calculation, respectively. | |
A portion of depreciation expense is allocated to administrative and general expense. For the three months ended September 30, 2013 and 2012, the amounts allocated to administrative and general expense were $385 and $379, respectively. For the nine months ended September 30, 2013 and 2012, the amounts allocated to administrative and general expense were $1,164 and $1,113, respectively. |
Equity_Plans
Equity Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
EQUITY PLANS | ' | |||||||||||||
Equity Plans | ||||||||||||||
SJW Corp. accounts for share-based compensation based on the grant date fair value of the awards issued to employees in accordance with FASB ASC Topic 718 - “Compensation - Stock Compensation,” which requires the measurement and recognition of compensation expense based on the estimated fair value for all share-based payment awards. | ||||||||||||||
The Incentive Plan allows SJW Corp. to provide employees, non-employee board members or the board of directors of any parent or subsidiary, consultants, and other independent advisors who provide services to the company or any parent or subsidiary the opportunity to acquire an equity interest in SJW Corp. The types of awards included in the Incentive Plan are restricted stock awards, restricted stock units, performance shares, or other share-based awards. As of September 30, 2013, the remaining shares available for issuance under the Incentive Plan were 1,160,597, and 315,508 shares were issuable upon the exercise of outstanding options, restricted stock units, and deferred restricted stock units. In addition, shares are issued to employees under the ESPP. SJW Corp. also has a Dividend Reinvestment and Stock Purchase Plan (“DRSPP”) which allows eligible participants to buy shares and reinvest cash dividends in SJW Corp. common stock. | ||||||||||||||
The compensation costs charged to income are recognized on a straight-line basis over the requisite service period. A summary of compensation costs charged to income, proceeds from the exercise of stock options and similar instruments, and the tax benefit realized from stock options and similar instruments exercised, that were recorded to additional paid-in capital and common stock, by award type, are presented below for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Compensation costs charged to income: | ||||||||||||||
ESPP | $ | 70 | 55 | $ | 128 | 104 | ||||||||
Restricted stock and deferred restricted stock | 127 | 113 | 658 | 347 | ||||||||||
Total compensation costs charged to income | $ | 197 | 168 | $ | 786 | 451 | ||||||||
Excess tax benefits realized from share options exercised and stock issuance: | ||||||||||||||
Stock options | $ | 27 | — | $ | 27 | 8 | ||||||||
Restricted stock and deferred restricted stock | (95 | ) | — | — | 35 | |||||||||
Total excess tax benefits realized from share options exercised and stock issuance | $ | (68 | ) | — | $ | 27 | 43 | |||||||
Proceeds from the exercise of stock options and similar instruments: | ||||||||||||||
Stock options | $ | 96 | — | $ | 96 | 75 | ||||||||
DRSPP | 21 | 16 | 59 | 68 | ||||||||||
ESPP | 395 | 310 | 723 | 588 | ||||||||||
Total proceeds from the exercise of stock options and similar instruments | $ | 512 | 326 | $ | 878 | 731 | ||||||||
Stock Options | ||||||||||||||
No options were granted during the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||
As of September 30, 2013, there were no unrecognized compensation costs related to stock options. | ||||||||||||||
Stock, Restricted Stock and Deferred Restricted Stock | ||||||||||||||
On January 2, 2013, restricted stock units covering an aggregate of 23,840 shares of common stock of SJW Corp. were granted to certain executives of SJW Corp. and its subsidiaries. The units vest in three equal successive installments upon completion of each year of service with no dividend equivalent rights. Share-based compensation expense based on a grant date fair value of $25.08 per unit is being recognized over the service period beginning in 2013. | ||||||||||||||
On March 25, 2013, 3,918 shares of common stock were awarded as a special stock bonus award to an officer of a subsidiary of SJW Corp. The award was issued upon satisfaction of previously agreed upon conditions and is not subject to vesting. | ||||||||||||||
On April 23, 2013, 3,634 shares of common stock were awarded as a special stock bonus award to a key executive of SJW Corp. The award was issued upon satisfaction of previously agreed upon conditions and is not subject to vesting. | ||||||||||||||
On April 24, 2013, restricted stock units covering an aggregate of 2,667 shares of common stock of SJW Corp. were granted to the non-employee board members of SJW Corp. The units vest upon continuous board service through the day immediately preceding the date of the next annual shareholder meeting with no dividend equivalent rights. Share-based compensation expense based on a grant date fair value of $25.58 per unit is being recognized over the service period beginning in 2013. | ||||||||||||||
On July 30, 2013, restricted stock units covering an aggregate of 628 shares of common stock of SJW Corp. were granted to certain executives of SJW Corp. and its subsidiaries. The units vest in three equal successive installments upon completion of each year of service with no dividend equivalent rights. Share-based compensation expense based on a grant date fair value of $25.67 per unit is being recognized over the service period beginning in 2013. | ||||||||||||||
As of September 30, 2013, the total unrecognized compensation costs related to restricted and deferred restricted stock plans amounted to $745. This cost is expected to be recognized over a remaining weighted-average period of 1.48 years. | ||||||||||||||
Dividend Equivalent Rights | ||||||||||||||
Under the Incentive Plan, certain holders of options, restricted stock, and deferred restricted stock awards may have the right to receive dividend equivalent rights (“DERs”) each time a dividend is paid on common stock after the grant date. Stock compensation on DERs is recognized as a liability and recorded against retained earnings on the date dividends are issued. For the three and nine months ended September 30, 2013, $32 and $97, respectively, related to DERs was recorded against retained earnings and was accrued as a liability. For the three and nine months ended September 30, 2012, $32 and $98, respectively, related to DERs was recorded against retained earnings and was accrued as a liability. | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
The ESPP allows eligible employees to purchase shares of SJW Corp.’s common stock at 85% of the fair value of shares on the purchase date. Under the ESPP, employees can designate up to a maximum of 10% of their base compensation for the purchase of shares of common stock, subject to certain restrictions. A total of 270,400 shares of common stock have been reserved for issuance under the ESPP. | ||||||||||||||
After considering estimated employee terminations or withdrawals from the plan before the purchase date, SJW Corp.’s recorded expenses were $34 and $102 for the three and nine months ended September 30, 2013, respectively, and $17 and $62 for the three and nine months ended September 30, 2012, respectively, related to the ESPP. | ||||||||||||||
The total unrecognized compensation costs related to the semi-annual offering period that ends January 31, 2014 for the ESPP is approximately $33. This cost is expected to be recognized during the fourth quarter of 2013 and first quarter of 2014. | ||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||
SJW Corp. adopted the DRSPP effective April 19, 2011. The DRSPP offers shareholders the ability to reinvest cash dividends in SJW Corp. common stock and also purchase additional shares of SJW Corp. common stock. A total of 3,000,000 shares of common stock have been reserved for issuance under the DRSPP. For the three and nine months ended September 30, 2013, 829 and 2,273 shares, respectively, have been issued under the DRSPP. For the three and nine months ended September 30, 2012, 636 and 2,834 shares, respectively, have been issued under the DRSPP. |
Real_Estate_Investments
Real Estate Investments | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Real Estate Investments, Net [Abstract] | ' | ||||||
REAL ESTATE INVESTMENTS | ' | ||||||
Real Estate Investments | |||||||
The major components of real estate investments as of September 30, 2013 and December 31, 2012 are as follows: | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Land | $ | 18,892 | 18,892 | ||||
Buildings and improvements | 59,567 | 55,011 | |||||
Intangibles | 329 | 329 | |||||
Subtotal | 78,788 | 74,232 | |||||
Less: accumulated depreciation and amortization | 10,243 | 9,045 | |||||
Total | $ | 68,545 | 65,187 | ||||
Depreciation and amortization is computed using the straight-line method over the estimated service life of the respective assets, ranging from 5 to 39 years. | |||||||
On February 1, 2013, SJW Land Company sold its warehouse building located in Windsor, Connecticut for $9,200. The Company recognized a pre-tax gain on the sale of real estate investment of $1,063, after selling expenses of $369. The warehouse building was recorded in long-lived assets held-for-sale on the Company’s Consolidated Balance Sheet as of December 31, 2012. |
Defined_Benefit_Plan
Defined Benefit Plan | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
DEFINED BENEFIT PLAN | ' | |||||||||||||||||
Defined Benefit Plan | ||||||||||||||||||
San Jose Water Company sponsors a noncontributory defined benefit pension plan for its eligible employees. Employees hired before March 31, 2008 are entitled to receive retirement benefits using a formula based on the employee’s three highest years of compensation (whether or not consecutive). For employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based upon compensation credits and interest credits for each employee. Officers hired before March 31, 2008 are eligible to receive additional retirement benefits under the Executive Supplemental Retirement Plan, and officers hired on or after March 31, 2008 are eligible to receive retirement benefits under the Cash Balance Executive Supplemental Retirement Plan. Both of the plans are non-qualified plans in which only officers and other designated members of management may participate. The Company also provides health care and life insurance benefits for retired employees under the San Jose Water Company Social Welfare Plan. The components of net periodic benefit costs for San Jose Water Company’s pension plan, its Executive Supplemental Retirement Plan and Social Welfare Plan for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 1,239 | 1,157 | $ | 3,717 | 3,470 | ||||||||||||
Interest cost | 1,475 | 1,450 | 4,425 | 4,351 | ||||||||||||||
Other cost | 1,208 | 1,166 | 3,624 | 3,498 | ||||||||||||||
Expected return on assets | (1,380 | ) | (1,148 | ) | (4,140 | ) | (3,445 | ) | ||||||||||
$ | 2,542 | 2,625 | $ | 7,626 | 7,874 | |||||||||||||
The following tables summarize the fair values of plan assets by major categories as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||
Markets for | ||||||||||||||||||
Identical | ||||||||||||||||||
Assets | ||||||||||||||||||
Asset Category | Benchmark | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 3,553 | $ | 3,553 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Value | 261 | 243 | 18 | — | |||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 29,154 | 29,154 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 5,110 | 5,110 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 2,979 | 2,979 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,642 | 4,642 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT’S | 3,957 | — | 3,957 | — | |||||||||||||
Fixed Income (b) | (b) | 36,046 | — | 36,046 | — | |||||||||||||
Total | $ | 85,702 | $ | 45,681 | $ | 40,021 | $ | — | ||||||||||
The Plan has a current target allocation of 55% invested in a diversified array of equity securities to provide long-term capital appreciation and 45% invested in a diversified array of fixed income securities to provide preservation of capital plus generation of income. | ||||||||||||||||||
(a) | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. | |||||||||||||||||
(b) | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate. | |||||||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||
Markets for | ||||||||||||||||||
Identical | ||||||||||||||||||
Assets | ||||||||||||||||||
Asset Category | Benchmark | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 7,056 | $ | 7,056 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 22,749 | 22,749 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 3,989 | 3,989 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 2,174 | 2,174 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,169 | 4,169 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT’S | 3,792 | — | 3,792 | — | |||||||||||||
Fixed Income (b) | (b) | 35,091 | — | 35,091 | — | |||||||||||||
Total | $ | 79,020 | $ | 40,137 | $ | 38,883 | $ | — | ||||||||||
The Plan has a current target allocation of 55% invested in a diversified array of equity securities to provide long-term capital appreciation and 45% invested in a diversified array of fixed income securities to provide preservation of capital plus generation of income. | ||||||||||||||||||
(a) | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. | |||||||||||||||||
(b) | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate. | |||||||||||||||||
In 2013, San Jose Water Company expects to make required and discretionary cash contributions of up to $10,300 to the pension plans and Social Welfare Plan. For the three and nine months ended September 30, 2013, $1,489 and $2,978, respectively, has been contributed to the pension plans and Social Welfare Plan. |
Segment_and_Nonregulated_Busin
Segment and Nonregulated Business Reporting | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
SEGMENT AND NONREGULATED BUSINESS REPORTING | ' | |||||||||||||||||||||
Segment and Nonregulated Business Reporting | ||||||||||||||||||||||
SJW Corp. is a holding company with four subsidiaries: (i) San Jose Water Company, a water utility operation with both regulated and nonregulated businesses, (ii) SJW Land Company and its consolidated variable interest entity, 444 West Santa Clara Street, L.P., operate commercial building rentals, (iii) SJWTX, Inc. which is doing business as Canyon Lake Water Service Company, a regulated water utility located in Canyon Lake, Texas, and its consolidated nonregulated variable interest entity, Acequia Water Supply Corporation, and (iv) Texas Water Alliance Limited, a nonregulated water utility operation which is undertaking activities that are necessary to develop a water supply project in Texas. In accordance with FASB ASC Topic 280 – “Segment Reporting,” SJW Corp. has determined that it has two reportable business segments. The first segment is that of providing water utility and utility-related services to its customers through SJW Corp.’s subsidiaries, San Jose Water Company, Canyon Lake Water Service Company, and Texas Water Alliance Limited, together referred to as “Water Utility Services.” The second segment is property management and investment activity conducted by SJW Land Company, referred to as “Real Estate Services.” | ||||||||||||||||||||||
SJW Corp.’s reportable segments have been determined based on information used by the chief operating decision maker. SJW Corp.’s chief operating decision maker is its Chairman, President and Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis that is accompanied by disaggregated information about operating revenue, net income and total assets, by subsidiaries. | ||||||||||||||||||||||
The tables below set forth information relating to SJW Corp.’s reportable segments and distribution of regulated and nonregulated business activities within the reportable segments. Certain allocated assets, revenue and expenses have been included in the reportable segment amounts. Other business activity of SJW Corp. not included in the reportable segments is included in the “All Other” category. | ||||||||||||||||||||||
For Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 81,894 | 1,859 | 1,485 | — | 81,894 | 3,344 | 85,238 | ||||||||||||||
Operating expense | 63,260 | 1,538 | 820 | 274 | 63,260 | 2,632 | 65,892 | |||||||||||||||
Operating income (loss) | 18,634 | 321 | 665 | (274 | ) | 18,634 | 712 | 19,346 | ||||||||||||||
Net income (loss) | 9,114 | 109 | 132 | (405 | ) | 9,114 | (164 | ) | 8,950 | |||||||||||||
Depreciation and amortization | 8,293 | 90 | 404 | — | 8,293 | 494 | 8,787 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,197 | — | 268 | 544 | 4,197 | 812 | 5,009 | |||||||||||||||
Income tax expense (benefit) in net income | 5,840 | 135 | 132 | (304 | ) | 5,840 | (37 | ) | 5,803 | |||||||||||||
Assets | $ | 1,053,710 | 16,443 | 71,176 | 8,511 | 1,053,710 | 96,130 | 1,149,840 | ||||||||||||||
For Three Months Ended September 30, 2012 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 79,333 | 1,855 | 1,186 | — | 79,333 | 3,041 | 82,374 | ||||||||||||||
Operating expense | 59,239 | 1,233 | 805 | 220 | 59,239 | 2,258 | 61,497 | |||||||||||||||
Operating income (loss) | 20,094 | 622 | 381 | (220 | ) | 20,094 | 783 | 20,877 | ||||||||||||||
Net income (loss) | 9,632 | 326 | 492 | (366 | ) | 9,632 | 452 | 10,084 | ||||||||||||||
Depreciation and amortization | 7,794 | 88 | 406 | — | 7,794 | 494 | 8,288 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,140 | — | 380 | 543 | 4,140 | 923 | 5,063 | |||||||||||||||
Income tax expense (benefit) in net income | 6,557 | 246 | 338 | (275 | ) | 6,557 | 309 | 6,866 | ||||||||||||||
Assets | $ | 980,086 | 13,100 | 74,116 | 8,017 | 980,086 | 95,233 | 1,075,319 | ||||||||||||||
For Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 201,149 | 4,524 | 3,934 | — | 201,149 | 8,458 | 209,607 | ||||||||||||||
Operating expense | 159,845 | 4,573 | 2,378 | 755 | 159,845 | 7,706 | 167,551 | |||||||||||||||
Operating income (loss) | 41,304 | (49 | ) | 1,556 | (755 | ) | 41,304 | 752 | 42,056 | |||||||||||||
Net income (loss) | 18,400 | (291 | ) | 801 | (1,203 | ) | 18,400 | (693 | ) | 17,707 | ||||||||||||
Depreciation and amortization | 24,879 | 270 | 1,197 | — | 24,879 | 1,467 | 26,346 | |||||||||||||||
Senior note, mortgage and other interest expense | 12,495 | — | 853 | 1,639 | 12,495 | 2,492 | 14,987 | |||||||||||||||
Income tax expense (benefit) in net income | 12,141 | 48 | 639 | (904 | ) | 12,141 | (217 | ) | 11,924 | |||||||||||||
Assets | $ | 1,053,710 | 16,443 | 71,176 | 8,511 | 1,053,710 | 96,130 | 1,149,840 | ||||||||||||||
For Nine Months Ended September 30, 2012 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 191,059 | 4,351 | 3,688 | — | 191,059 | 8,039 | 199,098 | ||||||||||||||
Operating expense | 151,586 | 3,140 | 2,478 | 707 | 151,586 | 6,325 | 157,911 | |||||||||||||||
Operating income (loss) | 39,473 | 1,211 | 1,210 | (707 | ) | 39,473 | 1,714 | 41,187 | ||||||||||||||
Net income (loss) | 16,450 | 593 | 406 | (1,055 | ) | 16,450 | (56 | ) | 16,394 | |||||||||||||
Depreciation and amortization | 23,348 | 269 | 1,305 | — | 23,348 | 1,574 | 24,922 | |||||||||||||||
Senior note, mortgage and other interest expense | 12,392 | — | 1,165 | 1,631 | 12,392 | 2,796 | 15,188 | |||||||||||||||
Income tax expense (benefit) in net income | 11,261 | 479 | 279 | (797 | ) | 11,261 | (39 | ) | 11,222 | |||||||||||||
Assets | $ | 980,086 | 13,100 | 74,116 | 8,017 | 980,086 | 95,233 | 1,075,319 | ||||||||||||||
* The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis. |
LongTerm_Liabilities
Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Line of Credit Facility [Abstract] | ' |
LONG-TERM LIABILITIES | ' |
Long-Term Liabilities | |
SJW Corp.’s contractual obligations and commitments include senior notes, mortgages and other obligations. San Jose Water Company, a subsidiary of SJW Corp., has received advance deposit payments from its customers on certain construction projects. Refunds of the advance deposit payments constitute an obligation of San Jose Water Company solely. | |
On January 11, 2013, SJW Corp., SJW Land Company, San Jose Water Company and Wells Fargo Bank, National Association amended their respective credit agreements dated March 1, 2012, to clarify defined terms in the funded debt and interest coverage ratio covenants. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
FAIR VALUE MEASUREMENT | ' | ||||||||||||
Fair Value Measurement | |||||||||||||
The following instruments are not measured at fair value on the Company’s condensed consolidated balance sheets as of September 30, 2013, but require disclosure of their fair values: cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of such instruments as of September 30, 2013 approximates their carrying value as reported on the condensed consolidated balance sheets. The fair value of such financial instruments are determined using the income approach based on the present value of estimated future cash flows. There have been no changes in our valuation technique during the three months ended September 30, 2013. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. The fair value of pension plan assets is discussed in Note 4. | |||||||||||||
The fair value of SJW Corp.’s long-term debt was approximately $395,866 and $455,042 as of September 30, 2013 and December 31, 2012, respectively, and was determined using a discounted cash flow analysis, based on the current rates for similar financial instruments of the same duration and creditworthiness of the Company. The book value of the long-term debt was $335,732 and $340,990 as of September 30, 2013 and December 31, 2012, respectively. The fair value of long-term debt would be categorized as Level 2 in the fair value hierarchy. | |||||||||||||
The following table summarizes the fair value of the Company’s investment in California Water Service Group as of September 30, 2013 and December 31, 2012: | |||||||||||||
Fair Value Measurements at September 30, 2013 | |||||||||||||
Quoted | Significant | Significant | |||||||||||
Prices in | Observable | Unobservable | |||||||||||
Active | Inputs | Inputs | |||||||||||
Markets for | |||||||||||||
Identical | |||||||||||||
Assets | |||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | |||||||||||||
Investment in California Water Service Group | $ | 7,826 | 7,826 | — | — | ||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||
Quoted | Significant | Significant | |||||||||||
Prices in | Observable | Unobservable | |||||||||||
Active | Inputs | Inputs | |||||||||||
Markets for | |||||||||||||
Identical | |||||||||||||
Assets | |||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | |||||||||||||
Investment in California Water Service Group | $ | 7,067 | 7,067 | — | — | ||||||||
Balancing_and_Memorandum_Accou
Balancing and Memorandum Account Recovery Procedures | 9 Months Ended |
Sep. 30, 2013 | |
Balancing and Memorandum Account Recovery Procedures [Abstract] | ' |
BALANCING AND MEMORANDUM ACCOUNT RECOVERY PROCEDURES | ' |
Balancing and Memorandum Account Recovery Procedures | |
Balancing and memorandum accounts are recognized in revenue by San Jose Water Company when it is probable that future recovery of previously incurred costs or future refunds that are to be credited to customers will occur through the ratemaking process. In assessing the probability criteria for balancing and memorandum accounts between rate cases, the Company considers evidence that may exist prior to California Public Utilities Commission (“CPUC”) authorization that would satisfy regulated revenue recognition criteria. Such evidence may include regulatory rules and decisions, past practices, and other facts and circumstances that would indicate that recovery or refund is estimable and probable. When such evidence provides sufficient support for balance recognition, the balances are recorded in the Company’s financial statements. | |
As of September 30, 2013 and December 31, 2012, the total balance in San Jose Water Company’s balancing accounts, including interest, was a net under-collection of $7,430 and $6,314, respectively. In the general rate case application filed January 3, 2012, San Jose Water Company requested authorization to recover $2,599 of this balance, which represented balances accumulated through December 31, 2010, plus interest. As of September 30, 2013 and December 31, 2012, the total balance in San Jose Water Company’s memorandum-type accounts, including interest, was a net over-collection of $1,437 and $1,486, respectively. In the general rate case application filed January 3, 2012, San Jose Water Company requested authorization to refund $650, which represented a portion of the net over-collection accumulated through September 30, 2011, including interest. As of September 30, 2013, the total balance in San Jose Water Company’s balancing and memorandum accounts combined, including interest, was a net under-collection of $5,993. | |
The Company met the recognition requirements for certain of its balancing and memorandum accounts and certain amounts subject to balancing and memorandum accounts and recorded revenue and regulatory assets totaling $1,761 and $5,320 during the three and nine months ended September 30, 2013, respectively, and decreased revenue and regulatory assets $584 during the three and nine months ended September 30, 2012. All balancing accounts and memorandum-type accounts not included for recovery or refund in the current general rate case will be reviewed by the CPUC in San Jose Water Company’s next general rate case or at the time an individual account reaches a threshold of 2% of authorized revenue, whichever occurs first. | |
On August 27, 2010, SJWTX, Inc. filed a rate case with the Texas Commission on Environmental Quality (“TCEQ”). The filing contained a request for an immediate increase in revenue of 38% and a total increase of 71%. The new rates (38%) became effective on October 27, 2010. On August 21, 2013, the TCEQ issued a decision in SJWTX, Inc.'s rate case that supports a 33% increase in revenue requirement. Since the rates authorized by the TCEQ are less than the interim rates, this resulted in a customer refund of approximately $982 for rate over-collections during the period of interim rates. This amount has been recorded as a regulatory liability and reduction of revenue totaling $36 and $982 during the three and nine months ended September 30, 2013, respectively. |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
LEGAL PROCEEDINGS | ' |
Legal Proceedings | |
SJW Corp. is subject to ordinary routine litigation incidental to its business. There are no pending legal proceedings to which SJW Corp. or any of its subsidiaries is a party, or to which any of its properties is the subject, that are expected to have a material effect on SJW Corp.’s business, financial position, results of operations or cash flows. |
Sale_of_Stock
Sale of Stock | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Sale of Stock | ' |
Sale of Stock | |
On March 28, 2013, the Company entered into an underwriting agreement with Robert W. Baird & Co. Incorporated, as the representative of several underwriters (the “Underwriters”), which provided for the issuance and sale in an underwritten public offering (the “Offering”) by the Company and the purchase by the Underwriters of 1,321,000 shares of the Company's common stock with a par value $0.521 per share. The shares were sold at a public offering price of $26.50 per share, and were purchased by the Underwriters at a price of $25.44 per share. The Company also granted the Underwriters a 30-day option to purchase up to 198,150 additional shares of common stock to cover over-allotments, if any. On April 25, 2013, the Underwriters exercised the overallotment option to purchase an additional 100,000 shares of common stock. | |
The Offering and overallotment option closed on April 3, 2013 and April 29, 2013, respectively. The net proceeds received from the Offering and the exercise of the overallotment option were approximately $35,894, after deducting the Underwriters’ discounts and commissions and estimated offering expenses. The net proceeds were used to pay down amounts outstanding as of March 31, 2013 under the Company’s bank lines of credit, as well as to fund the construction programs of the Water Utility Services operations and for other general corporate purposes. |
Regulatory_Rate_Filings
Regulatory Rate Filings | 9 Months Ended |
Sep. 30, 2013 | |
Regulated Operations [Abstract] | ' |
Regulatory Rate Filings | ' |
Regulatory Rate Filings | |
On January 3, 2012, San Jose Water Company filed a general rate case application requesting rate increases of $47,394, or 21.51% in 2013, $12,963, or 4.87% in 2014, and $34,797, or 12.59% in 2015. This general rate case filing also included several “special requests”, including but not limited to: (1) recovery of under-collected balancing account balances of $2,599, (2) disbursement of over-collected memorandum account balances of $650 and (3) implementation of a full revenue decoupling Water Revenue Adjustment Mechanism (“WRAM”) and associated Modified Cost Balancing Account (“MCBA”). On September 26, 2012, San Jose Water Company filed a motion for interim rate relief so that if a decision was not reached by the end of 2012, San Jose Water Company would be allowed to adopt interim rates, effective January 1, 2013, until a decision is adopted. To date a decision has not been adopted and interim rates are currently in effect. Interim rates were set equal to fiscal year-end 2012 rates. Differences between interim rates and approved rates are tracked in a memorandum account and will be submitted for recovery or refund. | |
On August 27, 2010, CLWSC filed a rate case with the TCEQ. The filing contained a request for an immediate increase in revenue of 38% and a total increase of 71%. The new rates (38%) became effective on October 27, 2010. CLWSC also requested a rate base determination from the TCEQ. On August 21, 2013, the TCEQ issued a decision in the case that supported a rate base of $38,000, a return on equity of 10.88%, and a 33% increase in revenue requirement. Since the rates authorized by the TCEQ are less than the interim rates, this resulted in a customer refund of approximately $982 for rate over-collections during the period of interim rates. | |
On October 3, 2013, CLWSC filed a rate case with the TCEQ. The filing contained a requested rate increase of 23.1%, or $2,400. The new rates will become effective for water service provided after December 2, 2013. Customers have 150 days from filing to protest the application. Until final approval by the TCEQ, the rate increase will be subject to adjustment or refund. |
General_Policies
General (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy | ' |
The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). The Notes to Consolidated Financial Statements in SJW Corp.’s 2012 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements. | |
Earnings Per Share, Policy | ' |
Basic earnings per share is calculated using income available to common shareholders, divided by the weighted average number of shares outstanding during the period. The two-class method in computing basic earnings per share is not used because the number of participating securities as defined in Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 260 - “Earning Per Share” is not significant. (The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security.) Diluted earnings per share is calculated using income available to common shareholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with stock options, deferred restricted common stock awards under SJW Corp.’s Long-Term Incentive Plan (as amended, the “Incentive Plan”) and shares potentially issuable under the Employee Stock Purchase Plan (“ESPP”). |
Equity_Plans_Tables
Equity Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | |||||||||||||
A summary of compensation costs charged to income, proceeds from the exercise of stock options and similar instruments, and the tax benefit realized from stock options and similar instruments exercised, that were recorded to additional paid-in capital and common stock, by award type, are presented below for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Compensation costs charged to income: | ||||||||||||||
ESPP | $ | 70 | 55 | $ | 128 | 104 | ||||||||
Restricted stock and deferred restricted stock | 127 | 113 | 658 | 347 | ||||||||||
Total compensation costs charged to income | $ | 197 | 168 | $ | 786 | 451 | ||||||||
Excess tax benefits realized from share options exercised and stock issuance: | ||||||||||||||
Stock options | $ | 27 | — | $ | 27 | 8 | ||||||||
Restricted stock and deferred restricted stock | (95 | ) | — | — | 35 | |||||||||
Total excess tax benefits realized from share options exercised and stock issuance | $ | (68 | ) | — | $ | 27 | 43 | |||||||
Proceeds from the exercise of stock options and similar instruments: | ||||||||||||||
Stock options | $ | 96 | — | $ | 96 | 75 | ||||||||
DRSPP | 21 | 16 | 59 | 68 | ||||||||||
ESPP | 395 | 310 | 723 | 588 | ||||||||||
Total proceeds from the exercise of stock options and similar instruments | $ | 512 | 326 | $ | 878 | 731 | ||||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Real Estate Investments, Net [Abstract] | ' | ||||||
Schedule of Real Estate Investments | ' | ||||||
The major components of real estate investments as of September 30, 2013 and December 31, 2012 are as follows: | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Land | $ | 18,892 | 18,892 | ||||
Buildings and improvements | 59,567 | 55,011 | |||||
Intangibles | 329 | 329 | |||||
Subtotal | 78,788 | 74,232 | |||||
Less: accumulated depreciation and amortization | 10,243 | 9,045 | |||||
Total | $ | 68,545 | 65,187 | ||||
Defined_Benfit_Plan_Tables
Defined Benfit Plan (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||
The components of net periodic benefit costs for San Jose Water Company’s pension plan, its Executive Supplemental Retirement Plan and Social Welfare Plan for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 1,239 | 1,157 | $ | 3,717 | 3,470 | ||||||||||||
Interest cost | 1,475 | 1,450 | 4,425 | 4,351 | ||||||||||||||
Other cost | 1,208 | 1,166 | 3,624 | 3,498 | ||||||||||||||
Expected return on assets | (1,380 | ) | (1,148 | ) | (4,140 | ) | (3,445 | ) | ||||||||||
$ | 2,542 | 2,625 | $ | 7,626 | 7,874 | |||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||
The following tables summarize the fair values of plan assets by major categories as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||
Markets for | ||||||||||||||||||
Identical | ||||||||||||||||||
Assets | ||||||||||||||||||
Asset Category | Benchmark | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 3,553 | $ | 3,553 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Value | 261 | 243 | 18 | — | |||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 29,154 | 29,154 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 5,110 | 5,110 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 2,979 | 2,979 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,642 | 4,642 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT’S | 3,957 | — | 3,957 | — | |||||||||||||
Fixed Income (b) | (b) | 36,046 | — | 36,046 | — | |||||||||||||
Total | $ | 85,702 | $ | 45,681 | $ | 40,021 | $ | — | ||||||||||
The Plan has a current target allocation of 55% invested in a diversified array of equity securities to provide long-term capital appreciation and 45% invested in a diversified array of fixed income securities to provide preservation of capital plus generation of income. | ||||||||||||||||||
(a) | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. | |||||||||||||||||
(b) | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate. | |||||||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||
Markets for | ||||||||||||||||||
Identical | ||||||||||||||||||
Assets | ||||||||||||||||||
Asset Category | Benchmark | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 7,056 | $ | 7,056 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 22,749 | 22,749 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 3,989 | 3,989 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 2,174 | 2,174 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,169 | 4,169 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT’S | 3,792 | — | 3,792 | — | |||||||||||||
Fixed Income (b) | (b) | 35,091 | — | 35,091 | — | |||||||||||||
Total | $ | 79,020 | $ | 40,137 | $ | 38,883 | $ | — | ||||||||||
The Plan has a current target allocation of 55% invested in a diversified array of equity securities to provide long-term capital appreciation and 45% invested in a diversified array of fixed income securities to provide preservation of capital plus generation of income. | ||||||||||||||||||
(a) | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. | |||||||||||||||||
(b) | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate. |
Segment_and_Nonregulated_Busin1
Segment and Nonregulated Business Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||||||
The tables below set forth information relating to SJW Corp.’s reportable segments and distribution of regulated and nonregulated business activities within the reportable segments. Certain allocated assets, revenue and expenses have been included in the reportable segment amounts. Other business activity of SJW Corp. not included in the reportable segments is included in the “All Other” category. | ||||||||||||||||||||||
For Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 81,894 | 1,859 | 1,485 | — | 81,894 | 3,344 | 85,238 | ||||||||||||||
Operating expense | 63,260 | 1,538 | 820 | 274 | 63,260 | 2,632 | 65,892 | |||||||||||||||
Operating income (loss) | 18,634 | 321 | 665 | (274 | ) | 18,634 | 712 | 19,346 | ||||||||||||||
Net income (loss) | 9,114 | 109 | 132 | (405 | ) | 9,114 | (164 | ) | 8,950 | |||||||||||||
Depreciation and amortization | 8,293 | 90 | 404 | — | 8,293 | 494 | 8,787 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,197 | — | 268 | 544 | 4,197 | 812 | 5,009 | |||||||||||||||
Income tax expense (benefit) in net income | 5,840 | 135 | 132 | (304 | ) | 5,840 | (37 | ) | 5,803 | |||||||||||||
Assets | $ | 1,053,710 | 16,443 | 71,176 | 8,511 | 1,053,710 | 96,130 | 1,149,840 | ||||||||||||||
For Three Months Ended September 30, 2012 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 79,333 | 1,855 | 1,186 | — | 79,333 | 3,041 | 82,374 | ||||||||||||||
Operating expense | 59,239 | 1,233 | 805 | 220 | 59,239 | 2,258 | 61,497 | |||||||||||||||
Operating income (loss) | 20,094 | 622 | 381 | (220 | ) | 20,094 | 783 | 20,877 | ||||||||||||||
Net income (loss) | 9,632 | 326 | 492 | (366 | ) | 9,632 | 452 | 10,084 | ||||||||||||||
Depreciation and amortization | 7,794 | 88 | 406 | — | 7,794 | 494 | 8,288 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,140 | — | 380 | 543 | 4,140 | 923 | 5,063 | |||||||||||||||
Income tax expense (benefit) in net income | 6,557 | 246 | 338 | (275 | ) | 6,557 | 309 | 6,866 | ||||||||||||||
Assets | $ | 980,086 | 13,100 | 74,116 | 8,017 | 980,086 | 95,233 | 1,075,319 | ||||||||||||||
For Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 201,149 | 4,524 | 3,934 | — | 201,149 | 8,458 | 209,607 | ||||||||||||||
Operating expense | 159,845 | 4,573 | 2,378 | 755 | 159,845 | 7,706 | 167,551 | |||||||||||||||
Operating income (loss) | 41,304 | (49 | ) | 1,556 | (755 | ) | 41,304 | 752 | 42,056 | |||||||||||||
Net income (loss) | 18,400 | (291 | ) | 801 | (1,203 | ) | 18,400 | (693 | ) | 17,707 | ||||||||||||
Depreciation and amortization | 24,879 | 270 | 1,197 | — | 24,879 | 1,467 | 26,346 | |||||||||||||||
Senior note, mortgage and other interest expense | 12,495 | — | 853 | 1,639 | 12,495 | 2,492 | 14,987 | |||||||||||||||
Income tax expense (benefit) in net income | 12,141 | 48 | 639 | (904 | ) | 12,141 | (217 | ) | 11,924 | |||||||||||||
Assets | $ | 1,053,710 | 16,443 | 71,176 | 8,511 | 1,053,710 | 96,130 | 1,149,840 | ||||||||||||||
For Nine Months Ended September 30, 2012 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 191,059 | 4,351 | 3,688 | — | 191,059 | 8,039 | 199,098 | ||||||||||||||
Operating expense | 151,586 | 3,140 | 2,478 | 707 | 151,586 | 6,325 | 157,911 | |||||||||||||||
Operating income (loss) | 39,473 | 1,211 | 1,210 | (707 | ) | 39,473 | 1,714 | 41,187 | ||||||||||||||
Net income (loss) | 16,450 | 593 | 406 | (1,055 | ) | 16,450 | (56 | ) | 16,394 | |||||||||||||
Depreciation and amortization | 23,348 | 269 | 1,305 | — | 23,348 | 1,574 | 24,922 | |||||||||||||||
Senior note, mortgage and other interest expense | 12,392 | — | 1,165 | 1,631 | 12,392 | 2,796 | 15,188 | |||||||||||||||
Income tax expense (benefit) in net income | 11,261 | 479 | 279 | (797 | ) | 11,261 | (39 | ) | 11,222 | |||||||||||||
Assets | $ | 980,086 | 13,100 | 74,116 | 8,017 | 980,086 | 95,233 | 1,075,319 | ||||||||||||||
* The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis. |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||
The following table summarizes the fair value of the Company’s investment in California Water Service Group as of September 30, 2013 and December 31, 2012: | |||||||||||||
Fair Value Measurements at September 30, 2013 | |||||||||||||
Quoted | Significant | Significant | |||||||||||
Prices in | Observable | Unobservable | |||||||||||
Active | Inputs | Inputs | |||||||||||
Markets for | |||||||||||||
Identical | |||||||||||||
Assets | |||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | |||||||||||||
Investment in California Water Service Group | $ | 7,826 | 7,826 | — | — | ||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||
Quoted | Significant | Significant | |||||||||||
Prices in | Observable | Unobservable | |||||||||||
Active | Inputs | Inputs | |||||||||||
Markets for | |||||||||||||
Identical | |||||||||||||
Assets | |||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | |||||||||||||
Investment in California Water Service Group | $ | 7,067 | 7,067 | — | — | ||||||||
General_Earnings_Per_Share_Det
General - Earnings Per Share (Details) (Restricted Stock and Stock Options [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted Stock and Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive restricted common stock units excluded from computation of earnings per share | 452 | 36 | 1,597 | 1,702 |
General_Depreciation_Details
General - Depreciation (Details) (General and Administrative Expense [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation | $385 | $379 | $1,164 | $1,113 |
Equity_Plans_Details
Equity Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 30, 2013 | Apr. 24, 2013 | Jan. 02, 2013 | Apr. 23, 2013 | Mar. 25, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Incentive Plan [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Dividend Reinvestment and Stock Purchase Plan (DRSPP) [Member] | Dividend Reinvestment and Stock Purchase Plan (DRSPP) [Member] | Dividend Reinvestment and Stock Purchase Plan (DRSPP) [Member] | Dividend Reinvestment and Stock Purchase Plan (DRSPP) [Member] | Restricted Stock and Deferred Restricted Stock [Member] | Restricted Stock and Deferred Restricted Stock [Member] | Restricted Stock and Deferred Restricted Stock [Member] | Restricted Stock and Deferred Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | Common Stock [Member] | Dividend Equivalent Rights [Member] | Dividend Equivalent Rights [Member] | Dividend Equivalent Rights [Member] | Dividend Equivalent Rights [Member] | |||||
vesting_installment | vesting_installment | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining shares available for issuance under the Incentive Plan | ' | ' | ' | ' | 1,160,597 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issuable upon exercise of Incentive Plan awards | ' | ' | ' | ' | 315,508 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation costs charged to income: | $197,000 | $168,000 | $786,000 | $451,000 | ' | $70,000 | $55,000 | $128,000 | $104,000 | ' | ' | ' | ' | $127,000 | $113,000 | $658,000 | $347,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits realized from share options exercised and stock issuance | -68,000 | 0 | 27,000 | 43,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -95,000 | 0 | 0 | 35,000 | 27,000 | 0 | 27,000 | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the exercise of stock options and similar instruments | 512,000 | 326,000 | 878,000 | 731,000 | ' | 395,000 | 310,000 | 723,000 | 588,000 | 21,000 | 16,000 | 59,000 | 68,000 | ' | ' | ' | ' | 96,000 | 0 | 96,000 | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs | ' | ' | ' | ' | ' | 33,000 | ' | 33,000 | ' | ' | ' | ' | ' | 745,000 | ' | 745,000 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognition period for unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 5 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equity instruments granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 628 | 2,667 | 23,840 | 3,634 | 3,918 | ' | ' | ' | ' |
Number of equal successive installments for vesting of stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 3 | ' | ' | ' | ' | ' | ' |
Grant date fair value of equity instruments granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.67 | $25.58 | $25.08 | ' | ' | ' | ' | ' | ' |
Liability accrued for Dividend Equivalent Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000 | 32,000 | 97,000 | 98,000 |
Decrease to retained earnings for compensation cost related to Dividend Equivalent Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000 | 32,000 | 97,000 | 98,000 |
Purchase price of common stock under ESPP, percent | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of base compensation employees can designate for stock purchases under ESPP | ' | ' | ' | ' | ' | 10.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance under the plan | ' | ' | ' | ' | ' | 270,400 | ' | 270,400 | ' | 3,000,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan expense | ' | ' | ' | ' | ' | $34,000 | $17,000 | $102,000 | $62,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued under the DRSPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 829 | 636 | 2,273 | 2,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Investments_Detail
Real Estate Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 01, 2013 |
Minimum [Member] | Maximum [Member] | Connecticut Warehouse [Member] | ||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Land | $18,892 | ' | $18,892 | ' | $18,892 | ' | ' | ' |
Building and improvements | 59,567 | ' | 59,567 | ' | 55,011 | ' | ' | ' |
Intangibles | 329 | ' | 329 | ' | 329 | ' | ' | ' |
Subtotal | 78,788 | ' | 78,788 | ' | 74,232 | ' | ' | ' |
Less accumulated depreciation and amortization | 10,243 | ' | 10,243 | ' | 9,045 | ' | ' | ' |
Total | 68,545 | ' | 68,545 | ' | 65,187 | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | '5 years | '39 years | ' |
Proceeds from sale of warehouse | ' | ' | ' | ' | ' | ' | ' | 9,200 |
Gain on sale of real estate investment | 0 | 910 | 1,063 | 910 | ' | ' | ' | 1,063 |
Selling expenses | ' | ' | ' | ' | ' | ' | ' | $369 |
Defined_Benfit_Plan_Details
Defined Benfit Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Equity Securities [Member] | Equity Securities [Member] | Fixed Income Securities [Member] | Fixed Income Securities [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Actively Managed [Member] | Passive Index Fund ETFs [Member] | Passive Index Fund ETFs [Member] | Passive Index Fund ETFs [Member] | Passive Index Fund ETFs [Member] | Passive Index Fund ETFs [Member] | Passive Index Fund ETFs [Member] | Passive Index Fund ETFs [Member] | Passive Index Fund ETFs [Member] | Fixed Income [Member] | Fixed Income [Member] | Fixed Income [Member] | Fixed Income [Member] | Fixed Income [Member] | Fixed Income [Member] | Fixed Income [Member] | Fixed Income [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | All Cap Equity Fund [Member] | All Cap Equity Fund [Member] | All Cap Equity Fund [Member] | All Cap Equity Fund [Member] | U.S. Large Cap Equity [Member] | U.S. Large Cap Equity [Member] | U.S. Large Cap Equity [Member] | U.S. Large Cap Equity [Member] | U.S. Large Cap Equity [Member] | U.S. Large Cap Equity [Member] | U.S. Large Cap Equity [Member] | U.S. Large Cap Equity [Member] | U.S. Mid Cap Equity [Member] | U.S. Mid Cap Equity [Member] | U.S. Mid Cap Equity [Member] | U.S. Mid Cap Equity [Member] | U.S. Mid Cap Equity [Member] | U.S. Mid Cap Equity [Member] | U.S. Mid Cap Equity [Member] | U.S. Mid Cap Equity [Member] | U.S. Small Cap Equity [Member] | U.S. Small Cap Equity [Member] | U.S. Small Cap Equity [Member] | U.S. Small Cap Equity [Member] | U.S. Small Cap Equity [Member] | U.S. Small Cap Equity [Member] | U.S. Small Cap Equity [Member] | U.S. Small Cap Equity [Member] | Non-U.S. Large Cap Equity [Member] | Non-U.S. Large Cap Equity [Member] | Non-U.S. Large Cap Equity [Member] | Non-U.S. Large Cap Equity [Member] | Non-U.S. Large Cap Equity [Member] | Non-U.S. Large Cap Equity [Member] | Non-U.S. Large Cap Equity [Member] | Non-U.S. Large Cap Equity [Member] | REIT [Member] | REIT [Member] | REIT [Member] | REIT [Member] | REIT [Member] | REIT [Member] | REIT [Member] | REIT [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Observable Inputs, Level 2 [Member] | Significant Unobservable Inputs, Level 3 [Member] | Significant Unobservable Inputs, Level 3 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $1,239 | $1,157 | $3,717 | $3,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 1,475 | 1,450 | 4,425 | 4,351 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other cost | 1,208 | 1,166 | 3,624 | 3,498 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on assets | -1,380 | -1,148 | -4,140 | -3,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | 2,542 | 2,625 | 7,626 | 7,874 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Plan Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | 85,702 | ' | 85,702 | ' | 79,020 | 45,681 | 40,137 | 40,021 | 38,883 | 0 | 0 | ' | ' | ' | ' | 3,553 | 7,056 | 3,553 | 7,056 | 0 | 0 | 0 | 0 | 261 | [1] | 243 | [1] | 18 | [1] | 0 | [1] | 29,154 | [1] | 22,749 | [1] | 29,154 | [1] | 22,749 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 5,110 | [1] | 3,989 | [1] | 5,110 | [1] | 3,989 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 2,979 | [1] | 2,174 | [1] | 2,979 | [1] | 2,174 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 4,642 | [1] | 4,169 | [1] | 4,642 | [1] | 4,169 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 3,957 | [1] | 3,792 | [1] | 0 | [1] | 0 | [1] | 3,957 | [1] | 3,792 | [1] | 0 | [1] | 0 | [1] | 36,046 | [2] | 35,091 | [2] | 0 | [2] | 0 | [2] | 36,046 | [2] | 35,091 | [2] | 0 | [2] | 0 | [2] |
Target plan asset allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | 55.00% | 45.00% | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Employer Contributions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated employer contributions for the current fiscal year | 10,300 | ' | 10,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual employer contribution amount in current period | $1,489 | ' | $2,978 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate. |
Segment_and_Nonregulated_Busin2
Segment and Nonregulated Business Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
subsidiaries | |||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Number of Subsidiaries | ' | ' | 4 | ' | ' | ||||
Operating revenue | $85,238 | $82,374 | $209,607 | $199,098 | ' | ||||
Operating expense | 65,892 | 61,497 | 167,551 | 157,911 | ' | ||||
Operating income (loss) | 19,346 | 20,877 | 42,056 | 41,187 | ' | ||||
Net income (loss) | 8,950 | 10,084 | 17,707 | 16,394 | ' | ||||
Depreciation and amortization | 8,787 | 8,288 | 26,346 | 24,922 | ' | ||||
Senior note, mortgage and other interest expense | 5,009 | 5,063 | 14,987 | 15,188 | ' | ||||
Income tax expense (benefit) in net income | 5,803 | 6,866 | 11,924 | 11,222 | ' | ||||
Assets | 1,149,840 | 1,075,319 | 1,149,840 | 1,075,319 | 1,087,499 | ||||
Water Utility Services [Member] | Regulated [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 81,894 | 79,333 | 201,149 | 191,059 | ' | ||||
Operating expense | 63,260 | 59,239 | 159,845 | 151,586 | ' | ||||
Operating income (loss) | 18,634 | 20,094 | 41,304 | 39,473 | ' | ||||
Net income (loss) | 9,114 | 9,632 | 18,400 | 16,450 | ' | ||||
Depreciation and amortization | 8,293 | 7,794 | 24,879 | 23,348 | ' | ||||
Senior note, mortgage and other interest expense | 4,197 | 4,140 | 12,495 | 12,392 | ' | ||||
Income tax expense (benefit) in net income | 5,840 | 6,557 | 12,141 | 11,261 | ' | ||||
Assets | 1,053,710 | 980,086 | 1,053,710 | 980,086 | ' | ||||
Water Utility Services [Member] | Nonregulated [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 1,859 | 1,855 | 4,524 | 4,351 | ' | ||||
Operating expense | 1,538 | 1,233 | 4,573 | 3,140 | ' | ||||
Operating income (loss) | 321 | 622 | -49 | 1,211 | ' | ||||
Net income (loss) | 109 | 326 | -291 | 593 | ' | ||||
Depreciation and amortization | 90 | 88 | 270 | 269 | ' | ||||
Senior note, mortgage and other interest expense | 0 | 0 | 0 | 0 | ' | ||||
Income tax expense (benefit) in net income | 135 | 246 | 48 | 479 | ' | ||||
Assets | 16,443 | 13,100 | 16,443 | 13,100 | ' | ||||
Real Estate Services [Member] | Nonregulated [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 1,485 | 1,186 | 3,934 | 3,688 | ' | ||||
Operating expense | 820 | 805 | 2,378 | 2,478 | ' | ||||
Operating income (loss) | 665 | 381 | 1,556 | 1,210 | ' | ||||
Net income (loss) | 132 | 492 | 801 | 406 | ' | ||||
Depreciation and amortization | 404 | 406 | 1,197 | 1,305 | ' | ||||
Senior note, mortgage and other interest expense | 268 | 380 | 853 | 1,165 | ' | ||||
Income tax expense (benefit) in net income | 132 | 338 | 639 | 279 | ' | ||||
Assets | 71,176 | 74,116 | 71,176 | 74,116 | ' | ||||
All Other [Member] | Nonregulated [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Operating expense | 274 | [1] | 220 | [1] | 755 | [1] | 707 | [1] | ' |
Operating income (loss) | -274 | [1] | -220 | [1] | -755 | [1] | -707 | [1] | ' |
Net income (loss) | -405 | [1] | -366 | [1] | -1,203 | [1] | -1,055 | [1] | ' |
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Senior note, mortgage and other interest expense | 544 | [1] | 543 | [1] | 1,639 | [1] | 1,631 | [1] | ' |
Income tax expense (benefit) in net income | -304 | [1] | -275 | [1] | -904 | [1] | -797 | [1] | ' |
Assets | 8,511 | [1] | 8,017 | [1] | 8,511 | [1] | 8,017 | [1] | ' |
SJW Corp. [Member] | Regulated [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 81,894 | 79,333 | 201,149 | 191,059 | ' | ||||
Operating expense | 63,260 | 59,239 | 159,845 | 151,586 | ' | ||||
Operating income (loss) | 18,634 | 20,094 | 41,304 | 39,473 | ' | ||||
Net income (loss) | 9,114 | 9,632 | 18,400 | 16,450 | ' | ||||
Depreciation and amortization | 8,293 | 7,794 | 24,879 | 23,348 | ' | ||||
Senior note, mortgage and other interest expense | 4,197 | 4,140 | 12,495 | 12,392 | ' | ||||
Income tax expense (benefit) in net income | 5,840 | 6,557 | 12,141 | 11,261 | ' | ||||
Assets | 1,053,710 | 980,086 | 1,053,710 | 980,086 | ' | ||||
SJW Corp. [Member] | Nonregulated [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 3,344 | 3,041 | 8,458 | 8,039 | ' | ||||
Operating expense | 2,632 | 2,258 | 7,706 | 6,325 | ' | ||||
Operating income (loss) | 712 | 783 | 752 | 1,714 | ' | ||||
Net income (loss) | -164 | 452 | -693 | -56 | ' | ||||
Depreciation and amortization | 494 | 494 | 1,467 | 1,574 | ' | ||||
Senior note, mortgage and other interest expense | 812 | 923 | 2,492 | 2,796 | ' | ||||
Income tax expense (benefit) in net income | -37 | 309 | -217 | -39 | ' | ||||
Assets | $96,130 | $95,233 | $96,130 | $95,233 | ' | ||||
[1] | The “All Other†category includes the accounts of SJW Corp. on a stand-alone basis. |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $335,732 | $340,990 |
Investment in California Water Service Group | 7,826 | 7,067 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in California Water Service Group | 7,826 | 7,067 |
Significant Observable Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, fair value | 395,866 | 455,042 |
Investment in California Water Service Group | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in California Water Service Group | $0 | $0 |
Balancing_and_Memorandum_Accou1
Balancing and Memorandum Account Recovery Procedures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 21, 2013 | Dec. 31, 2012 | Jan. 03, 2012 | Oct. 27, 2010 |
Balancing and Memorandum Account Recovery Procedures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Balancing Account, Net | $7,430 | ' | $7,430 | ' | ' | $6,314 | ' | ' |
Requested Recovery of Under-Collected Balance Accounts | ' | ' | ' | ' | ' | ' | 2,599 | ' |
Memorandum Account, Net | 1,437 | ' | 1,437 | ' | ' | 1,486 | ' | ' |
Amount of net over-collection requested to be refunded to customers | ' | ' | ' | ' | ' | ' | 650 | ' |
Balancing and Memorandum Account, Net | 5,993 | ' | 5,993 | ' | ' | ' | ' | ' |
Balancing and Memorandum Accounts, Revenue and Regulatory Assets | 1,761 | 584 | 5,320 | 584 | ' | ' | ' | ' |
Threshold as a percentage of authorized revenue for balancing account or memorandum account review | 2.00% | ' | 2.00% | ' | ' | ' | ' | ' |
Immediate increase requested percent of authorized revenue | ' | ' | ' | ' | ' | ' | ' | 38.00% |
Increase requested percent of authorized revenue | ' | ' | ' | ' | ' | ' | ' | 71.00% |
Increase percent of authorized revenue approved | ' | ' | ' | ' | 33.00% | ' | ' | ' |
Customer refund for over rate collections | 982 | ' | ' | ' | ' | ' | ' | ' |
Customer refund reduction in revenue | $36 | ' | $982 | ' | ' | ' | ' | ' |
Sale_of_Stock_Details
Sale of Stock (Details) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 25, 2013 | Apr. 03, 2013 | Apr. 29, 2013 |
Underwritten Public Offering [Member] | Underwritten Public Offering [Member] | Underwritten Public Offering [Member] | ||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Common shares issued | ' | ' | ' | ' | 1,321,000 | ' |
Common stock, par value | $0.52 | ' | $0.52 | ' | $0.52 | ' |
Public offering price per share | ' | ' | ' | ' | $26.50 | ' |
Share price to underwriters | ' | ' | ' | ' | $25.44 | ' |
Length of option period to purchase overallotment of shares | ' | ' | ' | ' | '30 days | ' |
Shares included in overallotment option | ' | ' | ' | ' | 198,150 | ' |
Shares issued upon exercise of overallotment option | ' | ' | ' | 100,000 | ' | ' |
Proceeds from issuance of common shares | $35,894 | $0 | ' | ' | ' | $35,894 |
Regulatory_Rate_Filings_Detail
Regulatory Rate Filings (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Aug. 21, 2013 | Jan. 03, 2012 | Oct. 27, 2010 | Oct. 03, 2013 |
Subsequent Event [Member] | |||||
Regulatory Rate [Line Items] | ' | ' | ' | ' | ' |
Requested rate increase, authorized revenue, year one | ' | ' | $47,394 | ' | ' |
Requested rate increase, authorized revenue, year one percent | ' | ' | 21.51% | ' | ' |
Requested rate increase, authorized revenue, year two | ' | ' | 12,963 | ' | ' |
Requested rate increase, authorized revenue, year two percent | ' | ' | 4.87% | ' | ' |
Requested rate increase, authorized revenue, year three | ' | ' | 34,797 | ' | ' |
Requested rate increase, authorized revenue, year three percent | ' | ' | 12.59% | ' | ' |
Requested Recovery of Under-Collected Balance Accounts | ' | ' | 2,599 | ' | ' |
Amount of net over-collection requested to be refunded to customers | ' | ' | 650 | ' | ' |
Immediate increase requested percent of authorized revenue | ' | ' | ' | 38.00% | 23.10% |
Increase requested percent of authorized revenue | ' | ' | ' | 71.00% | ' |
Rate base increase | ' | 38,000 | ' | ' | ' |
Return on equity increase | ' | 10.88% | ' | ' | ' |
Increase percent of authorized revenue approved | ' | 33.00% | ' | ' | ' |
Customer refund for over rate collections | 982 | ' | ' | ' | ' |
Requested rate increase, authorized revenue | ' | ' | ' | ' | $2,400 |
Regulatory rate increase protest period | ' | ' | ' | ' | '150 days |