Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
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-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 20,238,134 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
OPERATING REVENUE | $125,430 | $85,238 | $250,382 | $209,607 |
Production Expenses: | ' | ' | ' | ' |
Purchased water | 15,616 | 21,092 | 37,288 | 49,525 |
Power | 3,453 | 3,074 | 7,565 | 5,736 |
Groundwater extraction charges | 17,286 | 13,142 | 42,250 | 27,257 |
Other production expenses | 3,073 | 3,080 | 8,936 | 8,675 |
Total production expenses | 39,428 | 40,388 | 96,039 | 91,193 |
Administrative and general | 10,574 | 10,706 | 29,534 | 32,285 |
Maintenance | 3,975 | 3,325 | 10,822 | 9,958 |
Property taxes and other non-income taxes | 2,872 | 2,686 | 8,251 | 7,769 |
Depreciation and amortization | 9,467 | 8,787 | 28,447 | 26,346 |
Total operating expense | 66,316 | 65,892 | 173,093 | 167,551 |
OPERATING INCOME | 59,114 | 19,346 | 77,289 | 42,056 |
OTHER (EXPENSE) INCOME: | ' | ' | ' | ' |
Interest on long-term debt | -5,050 | -4,722 | -14,145 | -14,045 |
Mortgage and other interest expense | -347 | -287 | -1,076 | -942 |
Gain on sale of California Water Service Group stock | 0 | 0 | 2,017 | 0 |
Gain on sale of real estate investment | 281 | 0 | 554 | 1,063 |
Dividend income | 42 | 62 | 147 | 185 |
Other, net | 57 | 354 | 716 | 1,314 |
Income before income taxes | 54,097 | 14,753 | 65,502 | 29,631 |
Provision for income taxes | 15,731 | 5,803 | 19,384 | 11,924 |
NET INCOME | 38,366 | 8,950 | 46,118 | 17,707 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Unrealized income (loss) on investment | -271 | 185 | -32 | 450 |
Reclassification adjustment for gain realized on sale of investments | 0 | 0 | -1,171 | 0 |
COMPREHENSIVE INCOME | $38,095 | $9,135 | $44,915 | $18,157 |
EARNINGS PER SHARE | ' | ' | ' | ' |
Basic (usd per share) | $1.90 | $0.44 | $2.28 | $0.90 |
Diluted (usd per share) | $1.88 | $0.44 | $2.26 | $0.89 |
DIVIDENDS PER SHARE (usd per share) | $0.19 | $0.18 | $0.56 | $0.55 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ' | ' | ' | ' |
Basic (shares) | 20,231,426 | 20,151,729 | 20,213,676 | 19,643,290 |
Diluted (shares) | 20,424,140 | 20,346,817 | 20,402,605 | 19,839,426 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Utility plant: | ' | ' |
Land | $10,867 | $10,418 |
Depreciable plant and equipment | 1,327,949 | 1,254,586 |
Construction in progress | 34,319 | 30,846 |
Intangible assets | 19,149 | 18,341 |
Property, Plant and Equipment, Gross | 1,392,284 | 1,314,191 |
Less accumulated depreciation and amortization | 442,429 | 415,453 |
Public Utilities, Property, Plant and Equipment, Net | 949,855 | 898,738 |
Real estate investments | 73,790 | 78,477 |
Less accumulated depreciation and amortization | 11,201 | 10,658 |
Total | 62,589 | 67,819 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | 5,599 | 2,299 |
Accounts receivable: | ' | ' |
Customers, net of allowances for uncollectible accounts | 18,077 | 14,496 |
Income tax | 1,981 | 1,661 |
Other | 719 | 476 |
Accrued unbilled utility revenue | 22,593 | 17,556 |
Materials and supplies | 1,138 | 1,045 |
Prepaid expenses | 3,113 | 2,119 |
Less: current regulatory asset, net | 17,308 | 0 |
Assets, Current | 70,528 | 39,652 |
OTHER ASSETS: | ' | ' |
Investment in California Water Service Group | 5,815 | 8,885 |
Unamortized debt issuance, broker and reacquisition costs | 5,343 | 5,176 |
Regulatory Assets, Noncurrent | 109,537 | 83,543 |
Other | 6,437 | 6,173 |
Assets, Noncurrent | 127,132 | 103,777 |
Assets | 1,210,104 | 1,109,986 |
Shareholders' equity: | ' | ' |
Common stock, $0.521 par value; authorized 36,000,000 shares; issued and outstanding 20,237,660 shares on September 30, 2014 and 20,169,211 on December 31, 2013 | 10,541 | 10,505 |
Additional paid-in capital | 64,919 | 63,017 |
Retained earnings | 278,918 | 244,266 |
Accumulated other comprehensive income | 2,184 | 3,387 |
Total shareholders' equity | 356,562 | 321,175 |
Long-term debt, less current portion | 384,514 | 334,997 |
Capitalization, Long-term Debt and Equity | 741,076 | 656,172 |
CURRENT LIABILITIES: | ' | ' |
Line of credit | 8,200 | 22,400 |
Current portion of long-term debt | 624 | 554 |
Accrued groundwater extraction charges and purchased water | 10,394 | 7,116 |
Purchased power | 1,247 | 665 |
Accounts payable | 12,311 | 12,587 |
Accrued interest | 5,914 | 5,369 |
Accrued property taxes and other non-income taxes | 3,123 | 1,618 |
Accrued payroll | 3,822 | 3,198 |
Other current liabilities | 6,118 | 5,688 |
Liabilities, Current | 51,753 | 59,195 |
DEFERRED INCOME TAXES | 157,820 | 140,736 |
UNAMORTIZED INVESTMENT TAX CREDITS | 1,330 | 1,375 |
ADVANCES FOR CONSTRUCTION | 71,830 | 70,043 |
CONTRIBUTIONS IN AID OF CONSTRUCTION | 135,080 | 132,260 |
DEFERRED REVENUE | 1,346 | 1,213 |
POSTRETIREMENT BENEFIT PLANS | 44,329 | 43,496 |
OTHER NONCURRENT LIABILITIES | 5,540 | 5,496 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
Liabilities and Equity | $1,210,104 | $1,109,986 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (usd per share) | $0.52 | $0.52 |
Common stock, shares authorized (shares) | 36,000,000 | 36,000,000 |
Common stock, shares issued (shares) | 20,237,660 | 20,169,211 |
Common stock, shares outstanding (shares) | 20,237,660 | 20,169,211 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $46,118 | $17,707 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 29,635 | 27,510 |
Deferred income taxes | 18,488 | 10,211 |
Share-based compensation | 774 | 786 |
Gain on sale of real estate investment | -554 | -1,063 |
Gain on sale of California Water Service Group stock | -2,017 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable and accrued unbilled utility revenue | -8,638 | -13,067 |
Accounts payable, purchased power and other current liabilities | 1,047 | -1,948 |
Accrued groundwater extraction charges and purchased water | 3,278 | 6,109 |
Tax receivable and accrued taxes | 1,428 | 2,517 |
Postretirement benefits | 833 | 4,312 |
Regulatory asset related to balancing and memorandum accounts | -43,331 | -3,536 |
Other changes, net | -1,160 | -2,326 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 45,901 | 47,212 |
INVESTING ACTIVITIES: | ' | ' |
Company-funded | -70,255 | -59,503 |
Contributions in aid of construction | -7,311 | -8,280 |
Additions to real estate investments | -9 | -4,177 |
Payments for business/asset acquisition and water rights | -1,584 | -1,587 |
Cost to retire utility plant, net of salvage | -874 | -1,814 |
Proceeds from sale of real estate investment | 4,572 | 8,831 |
Proceeds from sale of California Water Service Group stock | 3,056 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | -72,405 | -66,530 |
FINANCING ACTIVITIES: | ' | ' |
Borrowings from line of credit | 51,200 | 25,200 |
Repayments of line of credit | -65,400 | -33,500 |
Long-term borrowings | 50,000 | 0 |
Repayments of long-term borrowings | -413 | -5,258 |
Dividends paid | -11,373 | -10,764 |
Issuance of common stock, net of issuance costs | 0 | 35,894 |
Exercise of stock options and similar instruments | 917 | 878 |
Tax benefits realized from share options exercised | 306 | 27 |
Receipts of advances and contributions in aid of construction | 6,601 | 9,233 |
Refunds of advances for construction | -2,034 | -1,695 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 29,804 | 20,015 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 3,300 | 697 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,299 | 2,522 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 5,599 | 3,219 |
Cash paid during the period for: | ' | ' |
Interest | 15,651 | 15,478 |
Income taxes | 1,930 | 2,185 |
Supplemental disclosure of non-cash activities: | ' | ' |
(Decrease) increase in accrued payables for construction costs capitalized | -296 | 4,141 |
Utility property installed by developers | 3,242 | 190 |
Increase in real estate investments due to accrued tenant improvements | 0 | 379 |
Accrued intangible assets and other charges related to water supply project in Texas | $0 | $2,209 |
General
General | 9 Months Ended |
Sep. 30, 2014 | |
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 2013 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. Our service area in California is in the midst of a record drought. In response to this, on January 17, 2014, Governor Edmund G. Brown Jr. proclaimed a State of Emergency and directed state officials to take necessary actions to prepare for drought conditions. | |
The Santa Clara Valley Water District (“SCVWD”), San Jose Water Company's water wholesaler, has set a target of a 20% reduction for water use in 2014 in accordance with its adopted water shortage contingency plan and recommended that its retail water and municipal customers implement mandatory measures to meet the target. Effective March 31, 2014, San Jose Water Company received approval from the California Public Utilities Commission (“CPUC”) for a Mandatory Conservation Revenue Adjustment Memorandum Account (“MCRAMA”) to track any revenue shortfall and a Mandatory Conservation Memorandum Account (“MCMA”) to track operational and administrative costs associated with implementation of the 20% conservation goal. San Jose Water Company will record the impact of the MCRAMA and MCMA regulatory accounts once probability of recovery can be determined and collection can be assured within 24 months after the end of the fiscal year in which the revenue is recorded. For further discussion, please see Note 9. | |
On August 14, 2014, the CPUC issued a decision on San Jose Water Company's General Rate Case filing for the years 2013-2015. The decision authorized an increase of revenue for 2013 and 2014 and provided authorization to file to increase rates for 2015 in November 2014. San Jose Water Company was also authorized to file for a surcharge to true-up the difference between interim rates and authorized rates. On September 29, 2014, the CPUC approved a surcharge of $46,700 to true-up the difference between interim rates and authorized rates as well as one-time refunds of $200. For further discussion, please see Notes 9 and 10. | |
Basic earnings per share is calculated using income available to common shareholders, divided by the weighted average number of shares outstanding during the period. 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 2014 Employee Stock Purchase Plan (“2014 ESPP”). For the three months ended September 30, 2014 and 2013, 180 and 452 anti-dilutive restricted common stock units were excluded from the dilutive earnings per share calculation, respectively. For the nine months ended September 30, 2014 and 2013, 1,309 and 1,597 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, 2014 and 2013, the amounts allocated to administrative and general expense were $396 and $385, respectively. For the nine months ended September 30, 2014 and 2013, the amounts allocated to administrative and general expense were $1,188 and $1,164, respectively. |
Equity_Plans
Equity Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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 Financial Accounting Standards Board (FASB) Accounting Standard Codification (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, 2014, the remaining shares available for issuance under the Incentive Plan were 1,073,817, and 346,296 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 had a Dividend Reinvestment and Stock Purchase Plan (“DRSPP”) which allowed eligible participants to buy shares and reinvest cash dividends in SJW Corp. common stock. The DRSPP was terminated effective as of April 14, 2014. | ||||||||||||||
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, 2014 and 2013. | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Adjustments to additional paid-in capital and common stock for: | ||||||||||||||
Compensation costs charged to income: | ||||||||||||||
ESPP | $ | 76 | 70 | $ | 148 | 128 | ||||||||
Restricted stock and deferred restricted stock | 247 | 127 | 626 | 658 | ||||||||||
Total compensation costs charged to income | $ | 323 | 197 | $ | 774 | 786 | ||||||||
Excess tax benefits realized from share options exercised and stock issuance: | ||||||||||||||
Stock options | $ | — | 27 | $ | 59 | 27 | ||||||||
Restricted stock and deferred restricted stock | (3 | ) | (95 | ) | 247 | — | ||||||||
Total excess tax benefits realized from share options exercised and stock issuance | $ | (3 | ) | (68 | ) | $ | 306 | 27 | ||||||
Proceeds from the exercise of stock options and similar instruments: | ||||||||||||||
Stock options | $ | — | 96 | $ | 44 | 96 | ||||||||
DRSPP | — | 21 | 34 | 59 | ||||||||||
ESPP | 433 | 395 | 839 | 723 | ||||||||||
Total proceeds from the exercise of stock options and similar instruments | $ | 433 | 512 | $ | 917 | 878 | ||||||||
Stock, Restricted Stock and Deferred Restricted Stock | ||||||||||||||
On January 2, 2014, restricted stock units covering an aggregate of 21,790 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 $26.80 per unit is being recognized over the service period beginning in 2014. | ||||||||||||||
On January 31, 2014, restricted stock units covering an aggregate of 3,845 shares of common stock of SJW Corp. were granted to an executive 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 $26.39 per unit is being recognized over the service period beginning in 2014. | ||||||||||||||
On April 30, 2014, restricted stock units covering an aggregate of 9,002 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 grant date fair value of $26.48 per unit is being recognized over the service period beginning in 2014. | ||||||||||||||
On August 4, 2014, a total of 36,988 restricted stock units were granted to a key employee of SJW Corp. which includes performance-based restricted stock units covering a target number of shares of SJW Corp.'s common stock equal to 19,917 that will convert, if earned, between August 4, 2014 and December 31, 2017, based on the terms of the award. The number of shares issuable under the award, ranging between 0% and 200% of the target number of shares, is based on the level of actual attainment of specified performance goals. These units do not include dividend equivalent rights. The fair value of the performance-based restricted awards was estimated using the fair value of SJW Corp.'s common stock with the effect of market condition and no dividend yield on the date of grant, and assumes the performance goals will be attained. Share-based compensation expense is recognized at $26.81 per unit. If such goals are not met and requisite service is not rendered, no compensation cost will be recognized and any recognized compensation cost will be reversed. The remainder of restricted stock units granted, 17,071 units, will vest in three equal successive installments upon completion of each year of service, beginning from January 1, 2015, with no dividend equivalent rights. Share-based compensation expense based on a grant date fair value of $24.14 per unit is being recognized over the service period beginning in 2015. | ||||||||||||||
As of September 30, 2014, the total unrecognized compensation costs related to restricted and deferred restricted stock plans amounted to $1,863. This cost is expected to be recognized over a remaining weighted-average period of 1.58 years. | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
The 2014 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 2014 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 400,000 shares of common stock have been reserved for issuance under the 2014 ESPP. | ||||||||||||||
After considering estimated employee terminations or withdrawals from the plan before the purchase date, SJW Corp.'s recorded expenses were $37 and $112 for the three and nine months ended September 30, 2014, respectively, and $34 and $102 for the three and nine months ended September 30, 2013, respectively, related to the 2014 ESPP. | ||||||||||||||
The total unrecognized compensation costs related to the semi-annual offering period that ends January 30, 2015 for the 2014 ESPP is approximately $48. This cost is expected to be recognized during the fourth quarter of 2014 and first quarter of 2015. | ||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||
SJW Corp. adopted the DRSPP effective April 19, 2011. The DRSPP offered 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 were reserved for issuance under the DRSPP. For the three and nine months ended September 30, 2014, 0 and 1,151 shares, respectively, were issued 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. | ||||||||||||||
SJW Corp. terminated the DRSPP effective as of April 14, 2014. On April 16, 2014, SJW Corp. filed a Post-Effective Amendment No. 1 to the registration statement on Form S-3 (file no. 333-172048) with the SEC to deregister the 2,993,744 remaining shares of SJW Corp.'s common stock that were available for issuance under the DRSPP at the time of its termination. |
Real_Estate_Investments
Real Estate Investments | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Real Estate Investments, Net [Abstract] | ' | ||||||
REAL ESTATE INVESTMENTS | ' | ||||||
Real Estate Investments | |||||||
The major components of real estate investments as of September 30, 2014 and December 31, 2013 are as follows: | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Land | $ | 17,297 | 18,892 | ||||
Buildings and improvements | 56,164 | 59,256 | |||||
Intangibles | 329 | 329 | |||||
Subtotal | 73,790 | 78,477 | |||||
Less: accumulated depreciation and amortization | 11,201 | 10,658 | |||||
Total | $ | 62,589 | 67,819 | ||||
Depreciation and amortization is computed using the straight-line method over the estimated life of the respective assets, ranging from 5 to 39 years. | |||||||
On August 1, 2014, San Jose Water Company sold a nonutility property located in San Jose, California for $300. SJW Corp. recognized a pre-tax gain on the sale of real estate investment of $281, after selling expense of $10. | |||||||
On June 30, 2014, SJW Land Company sold its retail building located in El Paso, Texas for $4,450. SJW Corp. recognized a pre-tax gain on the sale of real estate investment of $273, after selling expenses of $169. | |||||||
On February 1, 2013, SJW Land Company sold its warehouse building located in Windsor, Connecticut for $9,200. SJW Corp. recognized a pre-tax gain on the sale of real estate investment of $1,063, after selling expenses of $369. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
Income Taxes | |
SJW Corp. accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Measurement of the deferred tax assets and liabilities is at enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. | |
In the second quarter of 2014, SJW Corp. recorded $880 in State of California enterprise zone sales and use taxes credits related to tax years 2008 through 2012. | |
On September 13, 2013, the Department of Treasury and the Internal Revenue Service issued final tangible property regulations under provisions that generally are intended to simplify, clarify and make more administrable the 2011 temporary and proposed tangible property regulations. These regulations broadly apply to amounts to acquire, produce or improve tangible property, as well as dispositions of such property and provide criteria for determining whether such amounts can be deducted or should be capitalized as part of the asset. The final regulations generally are effective for tax years beginning on or after January 1, 2014. During the third quarter of 2014, management completed its evaluation of the capitalization elections under the new regulations in order to establish its method of complying with the new regulations and record the impact in the consolidated financial statements. To comply with the new regulations, SJW Corp. will apply the accounting method change in its 2014 tax returns for the expensing of certain utility asset improvement costs for tax purposes as of December 31, 2013 that were previously being capitalized for book and tax purposes. As of September 30, 2014, the estimated 2014 federal and state repairs and maintenance deduction under the new methodology was $19,395, resulting in an estimated $5,091 Federal deferred tax liability and a state income tax benefit of $853. During the third quarter of 2014, SJW Corp. also completed a detailed analysis of the repairs and maintenance deduction related to 2013 and prior years, and recorded the estimated federal and state impact in the consolidated financial statements as of September 30, 2014. SJW Corp.'s Internal Revenue Code (“IRC”) §481(a) adjustment for Federal purposes was estimated to be $41,171 and resulted in a $14,410 deferred tax liability as of September 30, 2014. SJW Corp.'s IRC §481(a) adjustment for state purposes was estimated to be $83,524 and resulted in a $4,799 reduction to state income tax expense for the three and nine months ended September 30, 2014. |
Defined_Benefit_Plan
Defined Benefit Plan | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
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 on 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 additional retirement benefits under the Cash Balance Executive Supplemental Retirement Plan. Both plans are non-qualified plans in which only officers and other designated members of management may participate. San Jose Water 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, Cash Balance Executive Supplemental Retirement Plan and Social Welfare Plan for the three and nine months ended September 30, 2014 and 2013 are as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Service cost | $ | 1,056 | 1,239 | $ | 3,167 | 3,717 | ||||||||||||
Interest cost | 1,651 | 1,475 | 4,954 | 4,425 | ||||||||||||||
Other cost | 627 | 1,208 | 1,883 | 3,624 | ||||||||||||||
Expected return on assets | (1,670 | ) | (1,380 | ) | (5,011 | ) | (4,140 | ) | ||||||||||
$ | 1,664 | 2,542 | $ | 4,993 | 7,626 | |||||||||||||
The following tables summarize the fair values of plan assets by major categories as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||
Fair Value Measurements at September 30, 2014 | ||||||||||||||||||
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 | $ | 7,261 | $ | 7,261 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Value | 2,402 | 2,378 | 24 | — | |||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 35,541 | 35,541 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 5,731 | 5,731 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 3,010 | 3,010 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,832 | 4,832 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT'S | 4,480 | — | 4,480 | — | |||||||||||||
Fixed Income (b) | (b) | 35,747 | — | 35,747 | — | |||||||||||||
Total | $ | 99,004 | $ | 58,753 | $ | 40,251 | $ | — | ||||||||||
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, 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 | $ | 9,127 | $ | 9,127 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Vaue | 283 | 266 | 17 | — | |||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 32,286 | 32,286 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 5,551 | 5,551 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 3,236 | 3,236 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 5,066 | 5,066 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT'S | 3,913 | — | 3,913 | — | |||||||||||||
Fixed Income (b) | (b) | 35,891 | — | 35,891 | — | |||||||||||||
Total | $ | 95,353 | $ | 55,532 | $ | 39,821 | $ | — | ||||||||||
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 2014, San Jose Water Company expects to make required and discretionary cash contributions of up to $5,946 to the pension plans and Social Welfare Plan. For the three and nine months ended September 30, 2014, $1,819 and $3,638, 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, 2014 | ||||||||||||||||||||||
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 which operates both regulated and nonregulated businesses, (ii) SJW Land Company and its consolidated variable interest entity, 444 West Santa Clara Street, L.P., which operate commercial building rentals, (iii) SJWTX, Inc. which is doing business as Canyon Lake Water Service Company (“CLWSC”), 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, 2014 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 121,921 | 1,739 | 1,770 | — | 121,921 | 3,509 | 125,430 | ||||||||||||||
Operating expense | 63,518 | 1,508 | 1,041 | 249 | 63,518 | 2,798 | 66,316 | |||||||||||||||
Operating income (loss) | 58,403 | 231 | 729 | (249 | ) | 58,403 | 711 | 59,114 | ||||||||||||||
Net income (loss) | 37,907 | 68 | 795 | (404 | ) | 37,907 | 459 | 38,366 | ||||||||||||||
Depreciation and amortization | 8,984 | 89 | 394 | — | 8,984 | 483 | 9,467 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,573 | — | 262 | 562 | 4,573 | 824 | 5,397 | |||||||||||||||
Income tax expense (benefit) in net income | 16,394 | 73 | (441 | ) | (295 | ) | 16,394 | (663 | ) | 15,731 | ||||||||||||
Assets | $ | 1,121,925 | 17,606 | 66,457 | 4,116 | 1,121,925 | 88,179 | 1,210,104 | ||||||||||||||
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 Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 240,514 | 4,520 | 5,348 | — | 240,514 | 9,868 | 250,382 | ||||||||||||||
Operating expense | 165,623 | 3,596 | 3,118 | 756 | 165,623 | 7,470 | 173,093 | |||||||||||||||
Operating income (loss) | 74,891 | 924 | 2,230 | (756 | ) | 74,891 | 2,398 | 77,289 | ||||||||||||||
Net income (loss) | 44,401 | 351 | 1,379 | (13 | ) | 44,401 | 1,717 | 46,118 | ||||||||||||||
Depreciation and amortization | 26,950 | 269 | 1,228 | — | 26,950 | 1,497 | 28,447 | |||||||||||||||
Senior note, mortgage and other interest expense | 12,793 | — | 761 | 1,667 | 12,793 | 2,428 | 15,221 | |||||||||||||||
Income tax expense (benefit) in net income | 19,154 | 314 | (15 | ) | (69 | ) | 19,154 | 230 | 19,384 | |||||||||||||
Assets | $ | 1,121,925 | 17,606 | 66,457 | 4,116 | 1,121,925 | 88,179 | 1,210,104 | ||||||||||||||
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 | ||||||||||||||
* The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis. |
LongTerm_Liabilities_and_Bank_
Long-Term Liabilities and Bank Borrowings | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Liabilities and Bank Borrowings | ' |
Long-Term Liabilities and Bank Borrowings | |
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 24, 2014, San Jose Water Company entered into a note agreement with John Hancock Life Insurance Company (U.S.A.) and its affiliate (the “Purchaser”), pursuant to which San Jose Water Company agreed to sell an aggregate principal amount of $50,000 of its 5.14% senior note, Series L to the Purchaser. The senior note is an unsecured obligation of San Jose Water Company, due on the date that is the 30th anniversary of the issuance of the senior note. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing March 1, 2015. The transaction closed on August 7, 2014. | |
On June 23, 2014, San Jose Water Company, SJW Corp., SJW Land Company and Wells Fargo Bank, National Association (“Wells Fargo”) amended their respective credit agreements dated as of March 1, 2012, to extend the maturity date to September 1, 2016. In addition, San Jose Water Company and Wells Fargo increased the maximum principal amount available for borrowing from $75,000 to $85,000. | |
On August 1, 2014, San Jose Water Company, SJW Corp., SJW Land Company and Wells Fargo amended their respective credit agreements dated as of March 1, 2012, to modify the period during which the borrower is required to maintain a zero balance under the credit agreement for 30 consecutive days. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
FAIR VALUE MEASUREMENT | ' | ||||||||||||
Fair Value Measurement | |||||||||||||
The following instruments are not measured at fair value on the SJW Corp.'s condensed consolidated balance sheets as of September 30, 2014, 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, 2014 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, 2014. 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 5. | |||||||||||||
The fair value of SJW Corp.'s long-term debt was approximately $469,092 and $395,684 as of September 30, 2014 and December 31, 2013, 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 $385,138 and $335,551 as of September 30, 2014 and December 31, 2013, 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 SJW Corps.'s investment in California Water Service Group as of September 30, 2014 and December 31, 2013: | |||||||||||||
Fair Value Measurements at September 30, 2014 | |||||||||||||
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 | $ | 5,815 | 5,815 | — | — | ||||||||
Fair Value Measurements at December 31, 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 | $ | 8,885 | 8,885 | — | — | ||||||||
Regulatory_Rate_Filings
Regulatory Rate Filings | 9 Months Ended |
Sep. 30, 2014 | |
Regulated Operations [Abstract] | ' |
Regulatory Rate Filings | ' |
Regulatory Rate Filings | |
On February 28, 2014, San Jose Water Company submitted Advice Letter No. 456. In this advice letter, San Jose Water Company notified the CPUC that San Jose Water Company was implementing conservation Tariff Rule 14.1. The CPUC's Rule 14.1 provides voluntary conservation measures for customers, focusing primarily on outdoor water use which accounts for 50% of a typical customer's water usage. In addition, San Jose Water Company requested the implementation of a MCMA to track all operational and administrative costs associated with the implementation of Rule 14.1 and implementation of a MCRAMA to track any revenue shortfall associated with the implementation of the 20% conservation goal. The advice letter was approved on March 21, 2014 and the Rule 14.1 voluntary conservation measures, the MCMA, and MCRAMA all went into effect on March 31, 2014. San Jose Water Company will record the impact of the MCRAMA and MCMA regulatory accounts once probability of recovery can be determined and collection can be assured within 24 months of the year-end the revenue is recorded. | |
On August 14, 2014, the CPUC issued Decision No. 14-08-006 in San Jose Water Company's General Rate Case filing for the years 2013-2015. This Decision resolved all issues in San Jose Water Company's General Rate Case and closed the proceeding. The Decision authorized an increase of revenue of $22,102, or 9.81%, for 2013 and $13,274, or 5.21% for 2014, and provides San Jose Water Company authorization to file to increase rates for 2015 in November 2014. Additionally, due to the nearly 20 month delay in receiving the Decision, San Jose Water Company was authorized to file for a surcharge to true-up the difference between interim rates (i.e. rates that were actually in effect since January 1, 2013) and authorized rates (i.e. rates that should have been effect since January 1, 2013). The Company filed for this surcharge on August 29, 2014 with Advice Letter No. 465, requesting the CPUC to implement a surcharge to recover balances in San Jose Water Company's 2013 General Rate Case Interim Rates Memorandum Account. In this filing, San Jose Water Company sought to recover $46,700 of revenue which was not collected over the period of January 1, 2013 through August 14, 2014 due to the delayed decision in San Jose Water Company's General Rate Case Application. The retroactive adjustment reflects the impact of actual usage compared to what was authorized in the Decision for 2013 and the combined impact of 2013 and 2014 rate increases for 2014. This recovery was authorized in Decision No. 14-08-006. San Jose Water Company intends to recover the uncollected revenue over a three-year period via a $0.2888 per CCF surcharge applied to all customer usage as authorized in the 2012 General Rate Case. This surcharge was approved by the CPUC effective September 29, 2014. | |
On October 3, 2013, CLWSC filed a rate case with the Texas Commission on Environmental Quality (“TCEQ”). The filing contained a request for an average system-wide rate increase of 23.1%, or $2,400. With the exception of customers served within the City of Bulverde, the new rates became effective on December 2, 2013. Subsequently, effective March 1, 2014, a rate settlement agreement was reached with the City of Bulverde with rate increases being phased-in over a 28-month period. Prior to approval by the TCEQ, the new rates are subject to adjustment and refund for customers outside the City of Bulverde. A preliminary hearing in the matter for customers outside the City of Bulverde was completed on July 22, 2014. A settlement proposal was submitted for the commission's consideration on November 3, 2014, and a decision is expected in the fourth quarter of 2014. CLWSC has recognized the average 23.1% increase in accordance with ASC Topic 980 which provides guidance when a regulated entity is permitted to bill requested rate increases before the regulator has ruled on the request. If information becomes available that indicates it is probable that any of the average 23.1% rate increase will need to be refunded and the amount of refund can be reasonably estimated, a loss contingency shall be accrued. CLWSC has determined at this time that it is not probable that any of the rate increase will need to be refunded. Management does not anticipate that the final TCEQ decision will materially affect SJW Corp.'s financial position, results of operations or cash flows. |
Balancing_and_Memorandum_Accou
Balancing and Memorandum Account Recovery Procedures | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||||||||||||
BALANCING AND MEMORANDUM ACCOUNT RECOVERY PROCEDURES | ' | |||||||||||||||||||||||||
Balancing and Memorandum Account Recovery Procedures | ||||||||||||||||||||||||||
For California, the CPUC has established a balancing account mechanism for the purpose of tracking the under-collection or over-collection associated with expense changes and the revenue authorized by the CPUC to offset those expense changes. San Jose Water Company also maintains memorandum accounts to track revenue impacts due to catastrophic events, unforeseen water quality expenses related to new federal and state water quality standards, energy efficiency, cost of capital, any revenue requirement impact of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, and other approved activities or as directed by the CPUC. | ||||||||||||||||||||||||||
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 addition, in the case of special revenue programs such as the MCRAMA, collection of the account balance must occur within 24 months of the end of the year the revenue is recorded. In assessing the probability criteria for balancing and memorandum accounts between general rate cases, San Jose Water Company considers evidence that may exist prior to CPUC authorization that would satisfy FASB ASC Topic 980 - “Regulated Operations,” subtopic 340-25 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 probable. When such evidence provides sufficient support for balance recognition, the balances are recorded in SJW Corp.'s financial statements. | ||||||||||||||||||||||||||
San Jose Water Company met the recognition requirements for certain of its balancing and memorandum accounts and certain amounts subject to balancing and memorandum accounts and increased revenue and regulatory assets as follows: | ||||||||||||||||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||||
Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | |||||||||||||||||||
Memorandum accounts | $ | (1,511 | ) | (154 | ) | 23 | (1,642 | ) | $ | (1,558 | ) | (279 | ) | — | (1,837 | ) | ||||||||||
Balancing accounts: | ||||||||||||||||||||||||||
Water supply costs | (1,221 | ) | 2,477 | (17 | ) | 1,239 | (1,833 | ) | 679 | — | (1,154 | ) | ||||||||||||||
Pension | 9,672 | (6,625 | ) | (123 | ) | 2,924 | 8,307 | 825 | — | 9,132 | ||||||||||||||||
2012 General Rate Case true-up | — | 46,456 | — | 46,456 | — | — | — | — | ||||||||||||||||||
All others | 1,858 | (81 | ) | (9 | ) | 1,768 | 1,314 | 536 | — | 1,850 | ||||||||||||||||
Total balancing accounts | $ | 10,309 | 42,227 | (149 | ) | 52,387 | $ | 7,788 | 2,040 | — | 9,828 | |||||||||||||||
Total | $ | 8,798 | 42,073 | (126 | ) | 50,745 | $ | 6,230 | 1,761 | — | 7,991 | |||||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||||
Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | |||||||||||||||||||
Memorandum accounts | $ | (1,895 | ) | 230 | 23 | (1,642 | ) | $ | (1,887 | ) | 928 | (878 | ) | (1,837 | ) | |||||||||||
Balancing accounts: | ||||||||||||||||||||||||||
Water supply costs | (2,378 | ) | 3,634 | (17 | ) | 1,239 | (1,590 | ) | 436 | — | (1,154 | ) | ||||||||||||||
Pension | 9,734 | (6,687 | ) | (123 | ) | 2,924 | 6,657 | 2,475 | — | 9,132 | ||||||||||||||||
2012 General Rate Case true-up | — | 46,456 | — | 46,456 | — | — | — | — | ||||||||||||||||||
All others | 2,229 | (452 | ) | (9 | ) | 1,768 | 369 | 1,481 | — | 1,850 | ||||||||||||||||
Total balancing accounts | $ | 9,585 | 42,951 | (149 | ) | 52,387 | $ | 5,436 | 4,392 | — | 9,828 | |||||||||||||||
Total | $ | 7,690 | 43,181 | (126 | ) | 50,745 | $ | 3,549 | 5,320 | (878 | ) | 7,991 | ||||||||||||||
On September 29, 2014, the CPUC approved a surcharge to true-up the difference between interim rates and authorized rates of $46,700 to be recovered over a three-year period as well as one-time refunds of $200 as authorized in the 2012 General Rate Case. The net amount of $46,500 has been recorded in the 2012 General Rate Case true-up row in the table above. This amount includes $2,800 related to water supply and pension balancing accounts that have previously been recorded and have been deducted from the appropriate row in the table above. | ||||||||||||||||||||||||||
As of September 30, 2014, the total balance in San Jose Water Company's balancing and memorandum accounts combined, including interest, that has not been recorded into the financial statements was a net under-collection of $3,721, of which 87% relates to the MCMA and MCRAMA. 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. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | |||||||
Regulatory Assets and Liabilities | ' | |||||||
Regulatory Assets and Liabilities | ||||||||
Regulatory assets and liabilities are comprised of the following as of September 30, 2014 and December 31, 2013: | ||||||||
Description | September 30, 2014 | December 31, 2013 | ||||||
Regulatory assets: | ||||||||
Income tax temporary differences, net | $ | 8,220 | 8,220 | |||||
Postretirement pensions and other medical benefits | 62,949 | 62,949 | ||||||
2012 General Rate Case true-up | 46,456 | — | ||||||
Pension balancing account | 2,924 | 9,734 | ||||||
Water rate assistance program balancing account | 2,189 | 2,590 | ||||||
Water supply balancing accounts | 1,239 | — | ||||||
Other | 5,134 | 4,725 | ||||||
Total regulatory assets | $ | 129,111 | 88,218 | |||||
Regulatory liabilities: | ||||||||
Cost of capital memorandum account | $ | 2,266 | 2,297 | |||||
Water supply balancing accounts | — | 2,378 | ||||||
Total regulatory liabilities | $ | 2,266 | 4,675 | |||||
Total regulatory assets, net in Consolidated Balance Sheets | $ | 126,845 | 83,543 | |||||
Less: current regulatory asset, net | 17,308 | — | ||||||
Total regulatory assets, net, less current portion | $ | 109,537 | 83,543 | |||||
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2014 | |
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_California_Water_Servi
Sale of California Water Service | 9 Months Ended |
Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Sale of California Water Service Group Stock | ' |
Sale of California Water Service Group Stock | |
On June 30, 2014, SJW Corp. sold 125,969 shares of California Water Service Group for $3,056, before fees of $10. SJW Corp. recognized a gain on the sale of the stock of approximately $2,017, tax expense of approximately $822, for a net gain of $1,195. The unrealized holding gain associated with the shares sold, that was reclassified out of accumulated other comprehensive income was $1,171 and was based on the fair value of the stock as of March 31, 2014. As of September 30, 2014, SJW Corp. held 259,151 shares of California Water Service Group. The company classifies its investment in California Water Service Group as available for sale. The stock is carried at the quoted market price with the changes in unrealized gain or loss reported, net of tax, as a component of other comprehensive income. |
General_Policies
General (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [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 2013 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. 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 2014 Employee Stock Purchase Plan (“2014 ESPP”). |
Equity_Plans_Tables
Equity Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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, 2014 and 2013. | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Adjustments to additional paid-in capital and common stock for: | ||||||||||||||
Compensation costs charged to income: | ||||||||||||||
ESPP | $ | 76 | 70 | $ | 148 | 128 | ||||||||
Restricted stock and deferred restricted stock | 247 | 127 | 626 | 658 | ||||||||||
Total compensation costs charged to income | $ | 323 | 197 | $ | 774 | 786 | ||||||||
Excess tax benefits realized from share options exercised and stock issuance: | ||||||||||||||
Stock options | $ | — | 27 | $ | 59 | 27 | ||||||||
Restricted stock and deferred restricted stock | (3 | ) | (95 | ) | 247 | — | ||||||||
Total excess tax benefits realized from share options exercised and stock issuance | $ | (3 | ) | (68 | ) | $ | 306 | 27 | ||||||
Proceeds from the exercise of stock options and similar instruments: | ||||||||||||||
Stock options | $ | — | 96 | $ | 44 | 96 | ||||||||
DRSPP | — | 21 | 34 | 59 | ||||||||||
ESPP | 433 | 395 | 839 | 723 | ||||||||||
Total proceeds from the exercise of stock options and similar instruments | $ | 433 | 512 | $ | 917 | 878 | ||||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Real Estate Investments, Net [Abstract] | ' | ||||||
Schedule of Real Estate Investments | ' | ||||||
The major components of real estate investments as of September 30, 2014 and December 31, 2013 are as follows: | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Land | $ | 17,297 | 18,892 | ||||
Buildings and improvements | 56,164 | 59,256 | |||||
Intangibles | 329 | 329 | |||||
Subtotal | 73,790 | 78,477 | |||||
Less: accumulated depreciation and amortization | 11,201 | 10,658 | |||||
Total | $ | 62,589 | 67,819 | ||||
Defined_Benfit_Plan_Tables
Defined Benfit Plan (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
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, Cash Balance Executive Supplemental Retirement Plan and Social Welfare Plan for the three and nine months ended September 30, 2014 and 2013 are as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Service cost | $ | 1,056 | 1,239 | $ | 3,167 | 3,717 | ||||||||||||
Interest cost | 1,651 | 1,475 | 4,954 | 4,425 | ||||||||||||||
Other cost | 627 | 1,208 | 1,883 | 3,624 | ||||||||||||||
Expected return on assets | (1,670 | ) | (1,380 | ) | (5,011 | ) | (4,140 | ) | ||||||||||
$ | 1,664 | 2,542 | $ | 4,993 | 7,626 | |||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||
The following tables summarize the fair values of plan assets by major categories as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||
Fair Value Measurements at September 30, 2014 | ||||||||||||||||||
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 | $ | 7,261 | $ | 7,261 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Value | 2,402 | 2,378 | 24 | — | |||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 35,541 | 35,541 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 5,731 | 5,731 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 3,010 | 3,010 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,832 | 4,832 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT'S | 4,480 | — | 4,480 | — | |||||||||||||
Fixed Income (b) | (b) | 35,747 | — | 35,747 | — | |||||||||||||
Total | $ | 99,004 | $ | 58,753 | $ | 40,251 | $ | — | ||||||||||
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, 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 | $ | 9,127 | $ | 9,127 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Vaue | 283 | 266 | 17 | — | |||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 32,286 | 32,286 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 5,551 | 5,551 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 3,236 | 3,236 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 5,066 | 5,066 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT'S | 3,913 | — | 3,913 | — | |||||||||||||
Fixed Income (b) | (b) | 35,891 | — | 35,891 | — | |||||||||||||
Total | $ | 95,353 | $ | 55,532 | $ | 39,821 | $ | — | ||||||||||
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, 2014 | ||||||||||||||||||||||
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, 2014 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 121,921 | 1,739 | 1,770 | — | 121,921 | 3,509 | 125,430 | ||||||||||||||
Operating expense | 63,518 | 1,508 | 1,041 | 249 | 63,518 | 2,798 | 66,316 | |||||||||||||||
Operating income (loss) | 58,403 | 231 | 729 | (249 | ) | 58,403 | 711 | 59,114 | ||||||||||||||
Net income (loss) | 37,907 | 68 | 795 | (404 | ) | 37,907 | 459 | 38,366 | ||||||||||||||
Depreciation and amortization | 8,984 | 89 | 394 | — | 8,984 | 483 | 9,467 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,573 | — | 262 | 562 | 4,573 | 824 | 5,397 | |||||||||||||||
Income tax expense (benefit) in net income | 16,394 | 73 | (441 | ) | (295 | ) | 16,394 | (663 | ) | 15,731 | ||||||||||||
Assets | $ | 1,121,925 | 17,606 | 66,457 | 4,116 | 1,121,925 | 88,179 | 1,210,104 | ||||||||||||||
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 Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non | Non | Non | Regulated | Non | Total | ||||||||||||||||
regulated | regulated | regulated | regulated | |||||||||||||||||||
Operating revenue | $ | 240,514 | 4,520 | 5,348 | — | 240,514 | 9,868 | 250,382 | ||||||||||||||
Operating expense | 165,623 | 3,596 | 3,118 | 756 | 165,623 | 7,470 | 173,093 | |||||||||||||||
Operating income (loss) | 74,891 | 924 | 2,230 | (756 | ) | 74,891 | 2,398 | 77,289 | ||||||||||||||
Net income (loss) | 44,401 | 351 | 1,379 | (13 | ) | 44,401 | 1,717 | 46,118 | ||||||||||||||
Depreciation and amortization | 26,950 | 269 | 1,228 | — | 26,950 | 1,497 | 28,447 | |||||||||||||||
Senior note, mortgage and other interest expense | 12,793 | — | 761 | 1,667 | 12,793 | 2,428 | 15,221 | |||||||||||||||
Income tax expense (benefit) in net income | 19,154 | 314 | (15 | ) | (69 | ) | 19,154 | 230 | 19,384 | |||||||||||||
Assets | $ | 1,121,925 | 17,606 | 66,457 | 4,116 | 1,121,925 | 88,179 | 1,210,104 | ||||||||||||||
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 | ||||||||||||||
* 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, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||
The following table summarizes the fair value of the SJW Corps.'s investment in California Water Service Group as of September 30, 2014 and December 31, 2013: | |||||||||||||
Fair Value Measurements at September 30, 2014 | |||||||||||||
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 | $ | 5,815 | 5,815 | — | — | ||||||||
Fair Value Measurements at December 31, 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 | $ | 8,885 | 8,885 | — | — | ||||||||
Balancing_and_Memorandum_Accou1
Balancing and Memorandum Account Recovery Procedures (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||||||||||||
Public Utilities General Disclosures | ' | |||||||||||||||||||||||||
San Jose Water Company met the recognition requirements for certain of its balancing and memorandum accounts and certain amounts subject to balancing and memorandum accounts and increased revenue and regulatory assets as follows: | ||||||||||||||||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||||
Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | |||||||||||||||||||
Memorandum accounts | $ | (1,511 | ) | (154 | ) | 23 | (1,642 | ) | $ | (1,558 | ) | (279 | ) | — | (1,837 | ) | ||||||||||
Balancing accounts: | ||||||||||||||||||||||||||
Water supply costs | (1,221 | ) | 2,477 | (17 | ) | 1,239 | (1,833 | ) | 679 | — | (1,154 | ) | ||||||||||||||
Pension | 9,672 | (6,625 | ) | (123 | ) | 2,924 | 8,307 | 825 | — | 9,132 | ||||||||||||||||
2012 General Rate Case true-up | — | 46,456 | — | 46,456 | — | — | — | — | ||||||||||||||||||
All others | 1,858 | (81 | ) | (9 | ) | 1,768 | 1,314 | 536 | — | 1,850 | ||||||||||||||||
Total balancing accounts | $ | 10,309 | 42,227 | (149 | ) | 52,387 | $ | 7,788 | 2,040 | — | 9,828 | |||||||||||||||
Total | $ | 8,798 | 42,073 | (126 | ) | 50,745 | $ | 6,230 | 1,761 | — | 7,991 | |||||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||||
Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | |||||||||||||||||||
Memorandum accounts | $ | (1,895 | ) | 230 | 23 | (1,642 | ) | $ | (1,887 | ) | 928 | (878 | ) | (1,837 | ) | |||||||||||
Balancing accounts: | ||||||||||||||||||||||||||
Water supply costs | (2,378 | ) | 3,634 | (17 | ) | 1,239 | (1,590 | ) | 436 | — | (1,154 | ) | ||||||||||||||
Pension | 9,734 | (6,687 | ) | (123 | ) | 2,924 | 6,657 | 2,475 | — | 9,132 | ||||||||||||||||
2012 General Rate Case true-up | — | 46,456 | — | 46,456 | — | — | — | — | ||||||||||||||||||
All others | 2,229 | (452 | ) | (9 | ) | 1,768 | 369 | 1,481 | — | 1,850 | ||||||||||||||||
Total balancing accounts | $ | 9,585 | 42,951 | (149 | ) | 52,387 | $ | 5,436 | 4,392 | — | 9,828 | |||||||||||||||
Total | $ | 7,690 | 43,181 | (126 | ) | 50,745 | $ | 3,549 | 5,320 | (878 | ) | 7,991 | ||||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | |||||||
Schedule of Regulatory Assets | ' | |||||||
Regulatory assets and liabilities are comprised of the following as of September 30, 2014 and December 31, 2013: | ||||||||
Description | September 30, 2014 | December 31, 2013 | ||||||
Regulatory assets: | ||||||||
Income tax temporary differences, net | $ | 8,220 | 8,220 | |||||
Postretirement pensions and other medical benefits | 62,949 | 62,949 | ||||||
2012 General Rate Case true-up | 46,456 | — | ||||||
Pension balancing account | 2,924 | 9,734 | ||||||
Water rate assistance program balancing account | 2,189 | 2,590 | ||||||
Water supply balancing accounts | 1,239 | — | ||||||
Other | 5,134 | 4,725 | ||||||
Total regulatory assets | $ | 129,111 | 88,218 | |||||
Regulatory liabilities: | ||||||||
Cost of capital memorandum account | $ | 2,266 | 2,297 | |||||
Water supply balancing accounts | — | 2,378 | ||||||
Total regulatory liabilities | $ | 2,266 | 4,675 | |||||
Total regulatory assets, net in Consolidated Balance Sheets | $ | 126,845 | 83,543 | |||||
Less: current regulatory asset, net | 17,308 | — | ||||||
Total regulatory assets, net, less current portion | $ | 109,537 | 83,543 | |||||
Schedule of Regulatory Liabilities | ' | |||||||
Regulatory assets and liabilities are comprised of the following as of September 30, 2014 and December 31, 2013: | ||||||||
Description | September 30, 2014 | December 31, 2013 | ||||||
Regulatory assets: | ||||||||
Income tax temporary differences, net | $ | 8,220 | 8,220 | |||||
Postretirement pensions and other medical benefits | 62,949 | 62,949 | ||||||
2012 General Rate Case true-up | 46,456 | — | ||||||
Pension balancing account | 2,924 | 9,734 | ||||||
Water rate assistance program balancing account | 2,189 | 2,590 | ||||||
Water supply balancing accounts | 1,239 | — | ||||||
Other | 5,134 | 4,725 | ||||||
Total regulatory assets | $ | 129,111 | 88,218 | |||||
Regulatory liabilities: | ||||||||
Cost of capital memorandum account | $ | 2,266 | 2,297 | |||||
Water supply balancing accounts | — | 2,378 | ||||||
Total regulatory liabilities | $ | 2,266 | 4,675 | |||||
Total regulatory assets, net in Consolidated Balance Sheets | $ | 126,845 | 83,543 | |||||
Less: current regulatory asset, net | 17,308 | — | ||||||
Total regulatory assets, net, less current portion | $ | 109,537 | 83,543 | |||||
General_Additional_Information
General - Additional Information (Details) (USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2014 | Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Water reduction target goal (percent) | ' | 20.00% |
Authorized Regulatory Surcharge, Gross | $46,700 | ' |
Customer refund for over rate collections, one time refund | $200 | ' |
General_Earnings_Per_Share_Det
General - Earnings Per Share (Details) (Restricted Stock and Stock Options) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Stock and Stock Options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive restricted common stock units excluded from computation of earnings per share (shares) | 180 | 452 | 1,309 | 1,597 |
General_Depreciation_Details
General - Depreciation (Details) (General and Administrative Expense, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
General and Administrative Expense | ' | ' | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation | $396 | $385 | $1,188 | $1,164 |
Equity_Plans_Details
Equity Plans (Details) (USD $) | 0 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 | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Aug. 04, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 04, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Jan. 02, 2014 | Sep. 30, 2014 | Aug. 04, 2014 | Sep. 30, 2014 | Apr. 14, 2014 | Aug. 04, 2014 | Aug. 04, 2014 |
Incentive Plan | Employee Stock Purchase Plan (ESPP) | Employee Stock Purchase Plan (ESPP) | Employee Stock Purchase Plan (ESPP) | Employee Stock Purchase Plan (ESPP) | Dividend Reinvestment and Stock Purchase Plan (DRSPP) | Dividend Reinvestment and Stock Purchase Plan (DRSPP) | Dividend Reinvestment and Stock Purchase Plan (DRSPP) | Dividend Reinvestment and Stock Purchase Plan (DRSPP) | Restricted stock and deferred restricted stock | Restricted stock and deferred restricted stock | Restricted stock and deferred restricted stock | Restricted stock and deferred restricted stock | Stock options | Stock options | Stock options | Stock options | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Performance Shares | Common Stock | Common Stock | Minimum | Maximum | ||||||
vesting_installment | vesting_installment | Employee Stock Purchase Plan (ESPP) | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining shares available for issuance under the Incentive Plan (shares) | ' | ' | ' | ' | ' | 1,073,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issuable upon exercise of Incentive Plan awards (shares) | ' | ' | ' | ' | ' | 346,296 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation costs charged to income: | ' | $323 | $197 | $774 | $786 | ' | $76 | $70 | $148 | $128 | ' | ' | ' | ' | $247 | $127 | $626 | $658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits realized from share options exercised and stock issuance: | ' | -3 | -68 | 306 | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -95 | 247 | 0 | 0 | 27 | 59 | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the exercise of stock options and similar instruments: | ' | 433 | 512 | 917 | 878 | ' | 433 | 395 | 839 | 723 | 0 | 21 | 34 | 59 | ' | ' | ' | ' | 0 | 96 | 44 | 96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equity instruments granted (shares) | 36,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,071 | 9,002 | 3,845 | 21,790 | ' | 19,917 | ' | ' | ' | ' |
Number of equal successive installments for vesting of stock awards (vesting installments) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' | ' | ' | ' |
Grant date fair value of equity instruments granted (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24.14 | $26.48 | $26.39 | $26.80 | ' | $26.81 | ' | ' | ' | ' |
Target vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% |
Unrecognized compensation costs | ' | ' | ' | ' | ' | ' | 48 | ' | 48 | ' | ' | ' | ' | ' | 1,863 | ' | 1,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognition period for unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months 29 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of common stock under ESPP (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of base compensation employees can designate for stock purchases under ESPP (percent) | ' | ' | ' | ' | ' | ' | 10.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance under the plan (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Plan expense | ' | ' | ' | ' | ' | ' | $37 | $34 | $112 | $102 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued under the DRSPP (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 829 | 1,151 | 2,273 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Deregistered (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,993,744 | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 01, 2014 | Jun. 30, 2014 | Feb. 01, 2013 |
Minimum | Maximum | California Non-Utility Property | Texas Retail Buildings | Connecticut Warehouse | ||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | $17,297 | ' | $17,297 | ' | $18,892 | ' | ' | ' | ' | ' |
Buildings and improvements | 56,164 | ' | 56,164 | ' | 59,256 | ' | ' | ' | ' | ' |
Intangibles | 329 | ' | 329 | ' | 329 | ' | ' | ' | ' | ' |
Subtotal | 73,790 | ' | 73,790 | ' | 78,477 | ' | ' | ' | ' | ' |
Less accumulated depreciation and amortization | 11,201 | ' | 11,201 | ' | 10,658 | ' | ' | ' | ' | ' |
Total | 62,589 | ' | 62,589 | ' | 67,819 | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | '5 years | '39 years | ' | ' | ' |
Proceeds from sale of real estate held-for-investment | ' | ' | ' | ' | ' | ' | ' | 300 | 4,450 | 9,200 |
Gain on sale of real estate investment | 281 | 0 | 554 | 1,063 | ' | ' | ' | 281 | 273 | 1,063 |
Real estate selling expenses | ' | ' | ' | ' | ' | ' | ' | $10 | $169 | $369 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Income tax credits and adjustments | ' | $880 | ' | ' | ' |
Provision for income taxes | 15,731 | ' | 5,803 | 19,384 | 11,924 |
Federal Tax Authority | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Income tax credits and adjustments | 41,171 | ' | ' | ' | ' |
Other deferred tax liabilities | 14,410 | ' | ' | 14,410 | ' |
State Tax Authority | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Income tax credits and adjustments | ' | ' | ' | 83,524 | ' |
Provision for income taxes | ' | ' | ' | 4,799 | ' |
2014 Federal and State Repairs and Maintenance Deduction [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Income tax credits and adjustments | ' | ' | ' | 19,395 | ' |
2014 Federal and State Repairs and Maintenance Deduction [Member] | Federal Tax Authority | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Other deferred tax liabilities | 5,091 | ' | ' | 5,091 | ' |
2014 Federal and State Repairs and Maintenance Deduction [Member] | State Tax Authority | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Provision for income taxes | ' | ' | ' | ($853) | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | Equity Securities [Member] | Equity Securities [Member] | Fixed Income Securities [Member] | Fixed Income Securities [Member] | Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Actively Managed | Fixed Income | Fixed Income | Fixed Income | Fixed Income | Fixed Income | Fixed Income | Fixed Income | Fixed Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | All Cap Equity | All Cap Equity | All Cap Equity | All Cap Equity | All Cap Equity | All Cap Equity | All Cap Equity | All Cap Equity | U.S. Large Cap Equity | U.S. Large Cap Equity | U.S. Large Cap Equity | U.S. Large Cap Equity | U.S. Large Cap Equity | U.S. Large Cap Equity | U.S. Large Cap Equity | U.S. Large Cap Equity | U.S. Mid Cap Equity | U.S. Mid Cap Equity | U.S. Mid Cap Equity | U.S. Mid Cap Equity | U.S. Mid Cap Equity | U.S. Mid Cap Equity | U.S. Mid Cap Equity | U.S. Mid Cap Equity | U.S. Small Cap Equity | U.S. Small Cap Equity | U.S. Small Cap Equity | U.S. Small Cap Equity | U.S. Small Cap Equity | U.S. Small Cap Equity | U.S. Small Cap Equity | U.S. Small Cap Equity | Non-U.S. Large Cap Equity | Non-U.S. Large Cap Equity | Non-U.S. Large Cap Equity | Non-U.S. Large Cap Equity | Non-U.S. Large Cap Equity | Non-U.S. Large Cap Equity | Non-U.S. Large Cap Equity | Non-U.S. Large Cap Equity | REIT | REIT | REIT | REIT | REIT | REIT | REIT | REIT | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Observable Inputs | Significant Unobservable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $1,056 | $1,239 | $3,167 | $3,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 1,651 | 1,475 | 4,954 | 4,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other cost | 627 | 1,208 | 1,883 | 3,624 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on assets | -1,670 | -1,380 | -5,011 | -4,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | 1,664 | 2,542 | 4,993 | 7,626 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plan Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | 99,004 | ' | 99,004 | ' | 95,353 | 58,753 | 55,532 | 40,251 | 39,821 | 0 | 0 | ' | ' | ' | ' | 7,261 | 9,127 | 7,261 | 9,127 | 0 | 0 | 0 | 0 | 2,402 | [1] | 283 | [1] | 2,378 | [1] | 266 | [1] | 24 | [1] | 17 | [1] | 0 | [1] | 0 | [1] | 35,541 | [1] | 32,286 | [1] | 35,541 | [1] | 32,286 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 5,731 | [1] | 5,551 | [1] | 5,731 | [1] | 5,551 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 3,010 | [1] | 3,236 | [1] | 3,010 | [1] | 3,236 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 4,832 | [1] | 5,066 | [1] | 4,832 | [1] | 5,066 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 4,480 | [1] | 3,913 | [1] | 0 | [1] | 0 | [1] | 4,480 | [1] | 3,913 | [1] | 0 | [1] | 0 | [1] | 35,747 | [2] | 35,891 | [2] | 0 | [2] | 0 | [2] | 35,747 | [2] | 35,891 | [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 | 5,946 | ' | 5,946 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual employer contribution amount in current period | $1,819 | ' | $3,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
subsidiaries | |||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Number of Subsidiaries | ' | ' | 4 | ' | ' | ||||
Operating revenue | $125,430 | $85,238 | $250,382 | $209,607 | ' | ||||
Operating expense | 66,316 | 65,892 | 173,093 | 167,551 | ' | ||||
Operating income (loss) | 59,114 | 19,346 | 77,289 | 42,056 | ' | ||||
Net income (loss) | 38,366 | 8,950 | 46,118 | 17,707 | ' | ||||
Depreciation and amortization | 9,467 | 8,787 | 28,447 | 26,346 | ' | ||||
Senior note, mortgage and other interest expense | 5,397 | 5,009 | 15,221 | 14,987 | ' | ||||
Income tax expense (benefit) in net income | 15,731 | 5,803 | 19,384 | 11,924 | ' | ||||
Assets | 1,210,104 | 1,149,840 | 1,210,104 | 1,149,840 | 1,109,986 | ||||
Water Utility Services | Regulated | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 121,921 | 81,894 | 240,514 | 201,149 | ' | ||||
Operating expense | 63,518 | 63,260 | 165,623 | 159,845 | ' | ||||
Operating income (loss) | 58,403 | 18,634 | 74,891 | 41,304 | ' | ||||
Net income (loss) | 37,907 | 9,114 | 44,401 | 18,400 | ' | ||||
Depreciation and amortization | 8,984 | 8,293 | 26,950 | 24,879 | ' | ||||
Senior note, mortgage and other interest expense | 4,573 | 4,197 | 12,793 | 12,495 | ' | ||||
Income tax expense (benefit) in net income | 16,394 | 5,840 | 19,154 | 12,141 | ' | ||||
Assets | 1,121,925 | 1,053,710 | 1,121,925 | 1,053,710 | ' | ||||
Water Utility Services | Non regulated | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 1,739 | 1,859 | 4,520 | 4,524 | ' | ||||
Operating expense | 1,508 | 1,538 | 3,596 | 4,573 | ' | ||||
Operating income (loss) | 231 | 321 | 924 | -49 | ' | ||||
Net income (loss) | 68 | 109 | 351 | -291 | ' | ||||
Depreciation and amortization | 89 | 90 | 269 | 270 | ' | ||||
Senior note, mortgage and other interest expense | 0 | 0 | 0 | 0 | ' | ||||
Income tax expense (benefit) in net income | 73 | 135 | 314 | 48 | ' | ||||
Assets | 17,606 | 16,443 | 17,606 | 16,443 | ' | ||||
Real Estate Services | Non regulated | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 1,770 | 1,485 | 5,348 | 3,934 | ' | ||||
Operating expense | 1,041 | 820 | 3,118 | 2,378 | ' | ||||
Operating income (loss) | 729 | 665 | 2,230 | 1,556 | ' | ||||
Net income (loss) | 795 | 132 | 1,379 | 801 | ' | ||||
Depreciation and amortization | 394 | 404 | 1,228 | 1,197 | ' | ||||
Senior note, mortgage and other interest expense | 262 | 268 | 761 | 853 | ' | ||||
Income tax expense (benefit) in net income | -441 | 132 | -15 | 639 | ' | ||||
Assets | 66,457 | 71,176 | 66,457 | 71,176 | ' | ||||
All Other | Non regulated | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Operating expense | 249 | [1] | 274 | [1] | 756 | [1] | 755 | [1] | ' |
Operating income (loss) | -249 | [1] | -274 | [1] | -756 | [1] | -755 | [1] | ' |
Net income (loss) | -404 | [1] | -405 | [1] | -13 | [1] | -1,203 | [1] | ' |
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Senior note, mortgage and other interest expense | 562 | [1] | 544 | [1] | 1,667 | [1] | 1,639 | [1] | ' |
Income tax expense (benefit) in net income | -295 | [1] | -304 | [1] | -69 | [1] | -904 | [1] | ' |
Assets | 4,116 | [1] | 8,511 | [1] | 4,116 | [1] | 8,511 | [1] | ' |
SJW Corp. | Regulated | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 121,921 | 81,894 | 240,514 | 201,149 | ' | ||||
Operating expense | 63,518 | 63,260 | 165,623 | 159,845 | ' | ||||
Operating income (loss) | 58,403 | 18,634 | 74,891 | 41,304 | ' | ||||
Net income (loss) | 37,907 | 9,114 | 44,401 | 18,400 | ' | ||||
Depreciation and amortization | 8,984 | 8,293 | 26,950 | 24,879 | ' | ||||
Senior note, mortgage and other interest expense | 4,573 | 4,197 | 12,793 | 12,495 | ' | ||||
Income tax expense (benefit) in net income | 16,394 | 5,840 | 19,154 | 12,141 | ' | ||||
Assets | 1,121,925 | 1,053,710 | 1,121,925 | 1,053,710 | ' | ||||
SJW Corp. | Non regulated | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 3,509 | 3,344 | 9,868 | 8,458 | ' | ||||
Operating expense | 2,798 | 2,632 | 7,470 | 7,706 | ' | ||||
Operating income (loss) | 711 | 712 | 2,398 | 752 | ' | ||||
Net income (loss) | 459 | -164 | 1,717 | -693 | ' | ||||
Depreciation and amortization | 483 | 494 | 1,497 | 1,467 | ' | ||||
Senior note, mortgage and other interest expense | 824 | 812 | 2,428 | 2,492 | ' | ||||
Income tax expense (benefit) in net income | -663 | -37 | 230 | -217 | ' | ||||
Assets | $88,179 | $96,130 | $88,179 | $96,130 | ' | ||||
[1] | The bAll Otherb category includes the accounts of SJW Corp. on a stand-alone basis. |
LongTerm_Liabilities_and_Bank_1
Long-Term Liabilities and Bank Borrowings (Details) (USD $) | 0 Months Ended | ||
Jan. 24, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | |
Senior Notes [Member] | Subsidiaries | Subsidiaries | |
Lender | Lender | ||
Revolving Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ' | ' | ' |
Principal sold | $50,000,000 | ' | ' |
Interest rate (percent) | 5.14% | ' | ' |
Maximum borrowing capacity | ' | $85,000,000 | $75,000,000 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $385,138 | $335,551 |
Investment in California Water Service Group | 5,815 | 8,885 |
Quoted Prices in Active Markets for Identical Assets | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in California Water Service Group | 5,815 | 8,885 |
Significant Observable Inputs | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, fair value | 469,092 | 395,684 |
Investment in California Water Service Group | 0 | 0 |
Significant Unobservable Inputs | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in California Water Service Group | $0 | $0 |
Regulatory_Rate_Filings_Detail
Regulatory Rate Filings (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
Sep. 29, 2014 | Sep. 30, 2014 | Aug. 14, 2014 | Oct. 03, 2013 | |
Regulated Operations [Abstract] | ' | ' | ' | ' |
Water reduction target goal (percent) | ' | 20.00% | ' | ' |
Authorized rate increase, authorized revenue, year one | ' | ' | $22,102,000 | ' |
Authorized rate increase, authorized revenue, year one (percent) | ' | ' | 9.81% | ' |
Authorized rate increase, authorized revenue, year two | ' | ' | 13,274,000 | ' |
Authorized rate increase, authorized revenue, year two (percent) | ' | ' | 5.21% | ' |
Authorized Regulatory Surcharge, Gross | 46,700,000 | ' | ' | ' |
Customer surcharge, recognition period | '3 years | ' | ' | ' |
Authorized Regulatory Surcharge, Per CCF | 0.2888 | ' | ' | ' |
Increase requested percent of authorized revenue (percent) | ' | ' | ' | 23.10% |
Requested rate increase, authorized revenue | ' | ' | ' | $2,400,000 |
Balancing_and_Memorandum_Accou2
Balancing and Memorandum Account Recovery Procedures (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Memorandum Accounts [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | ' | ($1,511) | ($1,558) | ($1,895) | ($1,887) |
Revenue Increase(Reduction) | ' | -154 | -279 | 230 | 928 |
Refunds (Collections) | ' | 23 | 0 | 23 | -878 |
Ending Balance | ' | -1,642 | -1,837 | -1,642 | -1,837 |
Balancing Accounts [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | ' | 10,309 | 7,788 | 9,585 | 5,436 |
Revenue Increase(Reduction) | ' | 42,227 | 2,040 | 42,951 | 4,392 |
Refunds (Collections) | ' | -149 | 0 | -149 | 0 |
Ending Balance | ' | 52,387 | 9,828 | 52,387 | 9,828 |
Balancing and Memorandum Account [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | ' | 8,798 | 6,230 | 7,690 | 3,549 |
Revenue Increase(Reduction) | ' | 42,073 | 1,761 | 43,181 | 5,320 |
Refunds (Collections) | ' | -126 | 0 | -126 | -878 |
Ending Balance | ' | 50,745 | 7,991 | 50,745 | 7,991 |
Authorized Regulatory Surcharge, Gross | 46,700 | ' | ' | ' | ' |
Customer surcharge, recognition period | '3 years | ' | ' | ' | ' |
Customer refund for over rate collections, one time refund | 200 | ' | ' | ' | ' |
Previously recorded | 2,800 | ' | ' | ' | ' |
Net under-collected balancing and memorandum accounts | ' | 3,721 | ' | 3,721 | ' |
Undercollection related to MCMA and MCRAMA | ' | 87.00% | ' | 87.00% | ' |
Threshold of authorized revenue for balancing account or memorandum account review (percent) | ' | 2.00% | ' | 2.00% | ' |
Water supply balancing accounts | ' | ' | ' | ' | ' |
Balancing Accounts [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | ' | -1,221 | -1,833 | -2,378 | -1,590 |
Revenue Increase(Reduction) | ' | 2,477 | 679 | 3,634 | 436 |
Refunds (Collections) | ' | -17 | 0 | -17 | 0 |
Ending Balance | ' | 1,239 | -1,154 | 1,239 | -1,154 |
Pension balancing account | ' | ' | ' | ' | ' |
Balancing Accounts [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | ' | 9,672 | 8,307 | 9,734 | 6,657 |
Revenue Increase(Reduction) | ' | -6,625 | 825 | -6,687 | 2,475 |
Refunds (Collections) | ' | -123 | 0 | -123 | 0 |
Ending Balance | ' | 2,924 | 9,132 | 2,924 | 9,132 |
2012 General Rate Case true-up | ' | ' | ' | ' | ' |
Balancing Accounts [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | ' | 0 | 0 | 0 | 0 |
Revenue Increase(Reduction) | ' | 46,456 | 0 | 46,456 | 0 |
Refunds (Collections) | ' | 0 | 0 | 0 | 0 |
Ending Balance | ' | 46,456 | 0 | 46,456 | 0 |
Other | ' | ' | ' | ' | ' |
Balancing Accounts [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | ' | 1,858 | 1,314 | 2,229 | 369 |
Revenue Increase(Reduction) | ' | -81 | 536 | -452 | 1,481 |
Refunds (Collections) | ' | -9 | 0 | -9 | 0 |
Ending Balance | ' | $1,768 | $1,850 | $1,768 | $1,850 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets: | $129,111 | $88,218 |
Regulatory liabilities: | 2,266 | 4,675 |
Net Regulatory Assets | 126,845 | 83,543 |
Less: current regulatory asset, net | 17,308 | 0 |
Total regulatory assets, net, less current portion | 109,537 | 83,543 |
Cost of capital memorandum account | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities: | 2,266 | 2,297 |
Water supply balancing accounts | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory liabilities: | 0 | 2,378 |
Income tax temporary differences, net | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets: | 8,220 | 8,220 |
Postretirement pensions and other medical benefits | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets: | 62,949 | 62,949 |
2012 General Rate Case true-up | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets: | 46,456 | 0 |
Pension balancing account | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets: | 2,924 | 9,734 |
Water rate assistance program balancing account | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets: | 2,189 | 2,590 |
Water supply balancing accounts | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets: | 1,239 | 0 |
Other | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets: | $5,134 | $4,725 |
Sale_of_California_Water_Servi1
Sale of California Water Service (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' | ' |
Available for sale marketable security, shares sold (shares) | 125,969 | ' | ' | ' | ' |
Sale proceeds | $3,056 | ' | ' | ' | ' |
Fees incurred on sale | 10 | ' | ' | ' | ' |
Gain on sale of California Water Service Group stock | 2,017 | 0 | 0 | 2,017 | 0 |
Income tax expense on realized gain (loss) | 822 | ' | ' | ' | ' |
Gain (loss) on sale of securities | 1,195 | ' | ' | ' | ' |
Reclassified out of accumulated other comprehensive income | $1,171 | $0 | $0 | $1,171 | $0 |
Number of securities held (shares) | ' | 259,151 | ' | 259,151 | ' |