Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 13, 2015 | Jun. 30, 2014 |
Entity [Abstract] | |||
Entity Registrant Name | SJW CORP | ||
Entity Central Index Key | 766829 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 20,336,409 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $427 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Utility plant: | ||
Land | $16,838 | $10,418 |
Depreciable plant and equipment | 1,353,772 | 1,254,586 |
Construction in progress | 23,208 | 30,846 |
Intangible assets | 19,333 | 18,341 |
Property, Plant and Equipment, Gross | 1,413,151 | 1,314,191 |
Less accumulated depreciation and amortization | 450,137 | 415,453 |
Public Utilities, Property, Plant and Equipment, Net | 963,014 | 898,738 |
Real estate investments | 73,794 | 78,477 |
Less accumulated depreciation and amortization | 11,593 | 10,658 |
Property, Plant and Equipment, Net | 62,201 | 67,819 |
Current assets: | ||
Cash and cash equivalents | 2,399 | 2,299 |
Accounts receivable: | ||
Customers, net of allowances for uncollectible accounts of $150 and $170 in 2014 and 2013, respectively | 14,997 | 14,496 |
Income tax | 8,871 | 1,661 |
Other | 3,385 | 476 |
Accrued unbilled utility revenue | 18,074 | 17,556 |
Materials and supplies | 1,214 | 1,045 |
Prepaid expenses | 2,300 | 2,119 |
Current regulatory assets, net | 16,853 | 0 |
Assets, Current | 68,093 | 39,652 |
Other assets: | ||
Investment in California Water Service Group | 6,378 | 8,885 |
Unamortized debt issuance, broker and reacquisition costs | 5,218 | 5,176 |
Net regulatory assets, less current portion | 158,010 | 83,543 |
Other | 6,390 | 6,173 |
Assets, Noncurrent | 175,996 | 103,777 |
Assets | 1,269,304 | 1,109,986 |
Shareholders' equity: | ||
Common stock, $0.521 par value; authorized 36,000,000 shares; issued and outstanding 20,286,840 shares in 2014 and 20,169,211 shares in 2013 | 10,567 | 10,505 |
Additional paid-in capital | 66,298 | 63,017 |
Retained earnings | 280,773 | 244,266 |
Accumulated other comprehensive income | 2,517 | 3,387 |
Total shareholders' equity | 360,155 | 321,175 |
Long-term debt, less current portion | 384,365 | 334,997 |
Capitalization, Long-term Debt and Equity | 744,520 | 656,172 |
Current liabilities: | ||
Line of credit | 13,200 | 22,400 |
Current portion of long-term debt | 584 | 554 |
Accrued groundwater extraction charges and purchased water | 5,411 | 7,116 |
Purchased power | 619 | 665 |
Accounts payable | 7,001 | 12,587 |
Accrued interest | 6,361 | 5,369 |
Accrued property taxes and other non-income taxes | 1,607 | 1,618 |
Accrued payroll | 3,755 | 3,198 |
Other current liabilities | 6,156 | 5,688 |
Liabilities, Current | 44,694 | 59,195 |
Deferred income taxes | 185,506 | 140,736 |
Unamortized investment tax credits | 1,315 | 1,375 |
Advances for construction | 73,303 | 70,043 |
Contributions in aid of construction | 138,502 | 132,260 |
Deferred revenue | 1,323 | 1,213 |
Postretirement benefit plans | 74,187 | 43,496 |
Other noncurrent liabilities | 5,954 | 5,496 |
Commitments and contingencies | 0 | 0 |
Liabilities and Equity | $1,269,304 | $1,109,986 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ||
Allowance for uncollectible accounts | $150 | $170 |
Capitalization: | ||
Common stock, par value | $0.52 | $0.52 |
Common stock, shares authorized | 36,000,000 | 36,000,000 |
Common stock, shares issued | 20,286,840 | 20,169,211 |
Common stock, shares outstanding | 20,286,840 | 20,169,211 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Operating revenue | $319,668 | $276,869 | $261,547 |
Production Expenses: | |||
Purchased water | 47,280 | 63,225 | 66,106 |
Power | 9,865 | 7,619 | 5,796 |
Groundwater extraction charges | 53,678 | 37,927 | 23,940 |
Other production expenses | 11,929 | 12,073 | 11,445 |
Total production expenses | 122,752 | 120,844 | 107,287 |
Administrative and general | 40,573 | 43,714 | 42,812 |
Maintenance | 14,474 | 13,548 | 13,350 |
Property taxes and other non-income taxes | 11,086 | 10,317 | 9,703 |
Depreciation and amortization | 37,905 | 35,039 | 33,098 |
Total operating expense | 226,790 | 223,462 | 206,250 |
Operating income | 92,878 | 53,407 | 55,297 |
Other (expense) income: | |||
Interest on long-term debt | -19,423 | -18,667 | -18,662 |
Mortgage and other interest expense | -1,365 | -1,255 | -1,523 |
Gain on sale of California Water Service Group stock | 2,017 | 0 | 0 |
Gain on sale of real estate investment | 554 | 1,063 | 910 |
Dividend income | 189 | 246 | 243 |
Other, net | 1,927 | 1,725 | 1,595 |
Income before income taxes | 76,777 | 36,519 | 37,860 |
Provision for income taxes | 24,971 | 14,135 | 15,542 |
Net income | 51,806 | 22,384 | 22,318 |
Other comprehensive income: | |||
Unrealized income on investment, net of taxes of $208 in 2014, $741 in 2013 and $0 in 2012 | 301 | 1,077 | 36 |
Reclassification adjustment for gain realized on investment, net of taxes of $805 in 2014 | 1,171 | 0 | 0 |
Comprehensive income | $50,936 | $23,461 | $22,354 |
Earnings per share | |||
bBasic (in dollars per share) | $2.56 | $1.13 | $1.20 |
bDiluted (in dollars per share) | $2.54 | $1.12 | $1.18 |
Weighted average shares outstanding | |||
bBasic (shares) | 20,227,297 | 19,774,589 | 18,635,206 |
bDiluted (shares) | 20,416,734 | 19,971,236 | 18,839,231 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Unrealized loss on investment, taxes | $208 | $741 | $0 |
Reclassification adjustment for gain on investment, taxes | $805 | $0 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance, value at Dec. 31, 2011 | $264,004 | $9,684 | $24,552 | $227,494 | $2,274 |
Balance, shares at Dec. 31, 2011 | 18,592,827 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 22,318 | 0 | 0 | 22,318 | 0 |
Unrealized loss on investment, net of tax effect | 36 | 0 | 0 | 0 | 36 |
Reclassification adjustment for gain realized on investment, net of tax effect of $805 | 0 | ||||
Share-based compensation | 436 | 0 | 564 | -128 | 0 |
Exercise of stock options and similar instruments, value | 370 | 23 | 347 | 0 | 0 |
Exercise of stock options and similar instruments, shares | 44,784 | ||||
Employee stock purchase plan, value | 588 | 15 | 573 | 0 | 0 |
Employee stock purchase plan, shares | 29,468 | 29,468 | |||
Dividend reinvestment and stock purchase plan, value | 83 | 2 | 81 | 0 | 0 |
Dividend reinvestment and stock purchase plan, shares | 3,487 | ||||
Dividends | -13,231 | 0 | 0 | -13,231 | 0 |
Balance, value at Dec. 31, 2012 | 274,604 | 9,724 | 26,117 | 236,453 | 2,310 |
Balance, shares at Dec. 31, 2012 | 18,670,566 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 22,384 | 0 | 0 | 22,384 | 0 |
Unrealized loss on investment, net of tax effect | 1,077 | 0 | 0 | 0 | 1,077 |
Reclassification adjustment for gain realized on investment, net of tax effect of $805 | 0 | ||||
Share-based compensation | 784 | 0 | 912 | -128 | 0 |
Exercise of stock options and similar instruments, value | 69 | 23 | 46 | 0 | 0 |
Exercise of stock options and similar instruments, shares | 43,665 | ||||
Employee stock purchase plan, value | 722 | 16 | 706 | 0 | 0 |
Employee stock purchase plan, shares | 30,869 | 30,869 | |||
Dividend reinvestment and stock purchase plan, value | 84 | 2 | 82 | 0 | 0 |
Dividend reinvestment and stock purchase plan, shares | 3,111 | ||||
Common stock issued, shares | 1,421,000 | ||||
Common stock issued | 35,894 | 740 | 35,154 | 0 | 0 |
Dividends | -14,443 | 0 | 0 | -14,443 | 0 |
Balance, value at Dec. 31, 2013 | 321,175 | 10,505 | 63,017 | 244,266 | 3,387 |
Balance, shares at Dec. 31, 2013 | 20,169,211 | 20,169,211 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 51,806 | 0 | 0 | 51,806 | 0 |
Unrealized loss on investment, net of tax effect | 301 | 0 | 0 | 0 | 301 |
Reclassification adjustment for gain realized on investment, net of tax effect of $805 | -1,171 | 0 | 0 | 0 | -1,171 |
Share-based compensation | 909 | 0 | 1,031 | -122 | 0 |
Exercise of stock options and similar instruments, value | 1,439 | 42 | 1,397 | 0 | 0 |
Exercise of stock options and similar instruments, shares | 80,796 | ||||
Employee stock purchase plan, value | 839 | 19 | 820 | 0 | 0 |
Employee stock purchase plan, shares | 35,682 | 35,682 | |||
Dividend reinvestment and stock purchase plan, value | 34 | 1 | 33 | 0 | 0 |
Dividend reinvestment and stock purchase plan, shares | 1,151 | ||||
Dividends | -15,177 | 0 | 0 | -15,177 | 0 |
Balance, value at Dec. 31, 2014 | $360,155 | $10,567 | $66,298 | $280,773 | $2,517 |
Balance, shares at Dec. 31, 2014 | 20,286,840 | 20,286,840 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Unrealized loss on investment, taxes | $208 | $741 | $0 |
Reclassification adjustment for gain on investment, taxes | $805 | $0 | $0 |
Dividends paid (usd per share) | $0.75 | $0.73 | $0.71 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income | $51,806 | $22,384 | $22,318 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 39,491 | 36,595 | 34,629 |
Deferred income taxes | 26,067 | 11,567 | 12,235 |
Share-based compensation | 1,031 | 912 | 564 |
Gain on sale of real estate investment | -554 | -1,063 | -910 |
Gain on sale of California Water Service Group stock | 2,017 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable and accrued unbilled utility revenue | -1,276 | -3,073 | -800 |
Accounts payable, purchased power and other current liabilities | -449 | -21 | 933 |
Accrued groundwater extraction charges and purchased water | -1,705 | 2,361 | -1,034 |
Tax receivable and accrued taxes | -5,546 | -1,112 | 5,093 |
Other current asset and liabilities related to balancing and memorandum accounts | -16,881 | 388 | 5,740 |
Postretirement benefits | -325 | 127 | 77 |
Regulatory asset related to balancing and memorandum accounts | -22,846 | -3,645 | -3,550 |
Other noncurrent assets and noncurrent liabilities | -2,001 | -884 | -1,503 |
Other changes, net | 1,116 | -1,111 | 575 |
Net cash provided by operating activities | 65,911 | 63,425 | 74,367 |
Investing activities: | |||
Company-funded | -91,846 | -82,720 | -101,458 |
Contributions in aid of construction | -10,090 | -11,605 | -4,376 |
Additions to real estate investment | -13 | -4,232 | -678 |
Payments for business/asset acquisition and water rights | -1,768 | -3,349 | -2,280 |
Cost to retire utility plant, net of salvage | -1,551 | -2,695 | -922 |
Proceeds from sale of real estate investment | 4,572 | 8,831 | 5,517 |
Proceeds from sale of California Water Service Group stock | 3,056 | 0 | 0 |
Net cash used in investing activities | -97,640 | -95,770 | -104,197 |
Financing activities: | |||
Borrowings from line of credit | 57,200 | 48,600 | 16,300 |
Repayments of line of credit | -66,400 | -41,500 | -1,000 |
Long-term borrowings | 50,000 | 0 | 0 |
Repayments of long-term borrowings | -602 | -5,439 | -3,696 |
Debt issuance costs | -528 | -19 | -33 |
Dividends paid | -15,177 | -14,443 | -13,231 |
Issuance of common stock, net of issuance costs | 0 | 35,894 | 0 |
Exercise of stock options and similar instruments | 1,917 | 1,004 | 989 |
Tax benefits realized from share options exercised | 462 | 28 | 97 |
Receipts of advances and contributions in aid of construction | 7,569 | 10,293 | 8,407 |
Refunds of advances for construction | -2,612 | -2,296 | -2,215 |
Net cash provided by financing activities | 31,829 | 32,122 | 5,618 |
Net change in cash and cash equivalents | 100 | -223 | -24,212 |
Cash and cash equivalents, beginning of year | 2,399 | 2,299 | 2,522 |
Cash and cash equivalents, end of year | 2,299 | 2,522 | 26,734 |
Cash paid (received) during the year for: | |||
Interest | 21,046 | 20,886 | 21,206 |
Income Taxes Paid, Net | 6,324 | 4,186 | -1,445 |
Supplemental disclosure of non-cash activities: | |||
(Decrease) Increase in accrued payables for construction costs capitalized | -4,981 | 4,588 | 355 |
Utility property installed by developers | $6,549 | $2,162 | $4,073 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Summary of Significant Accounting Policies | ||||||||||||
The accompanying consolidated financial statements include the accounts of SJW Corp., its wholly owned subsidiaries, and two variable interest entities in which two SJW Corp. subsidiaries are the primary beneficiaries. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
SJW Corp.'s principal subsidiary, San Jose Water Company, is a regulated California water utility providing water service to approximately one million people in the greater metropolitan San Jose area. San Jose Water Company's accounting policies comply with the applicable uniform system of accounts prescribed by the CPUC and conform to generally accepted accounting principles for rate-regulated public utilities. Approximately 93% of San Jose Water Company's revenues are derived from the sale of water to residential and business customers. | |||||||||||||
SJWTX, Inc., a wholly owned subsidiary of SJW Corp., is incorporated in the State of Texas and is doing business as Canyon Lake Water Service Company (“CLWSC”). CLWSC is a public utility in the business of providing water service to approximately 36,000 people. CLWSC's service area comprises more than 240 square miles in western Comal County and southern Blanco County in the growing region between San Antonio and Austin, Texas. SJWTX, Inc. has a 25% interest in Acequia Water Supply Corporation. Acequia has been determined to be a variable interest entity within the scope of ASC Topic 810 with SJWTX, Inc. as the primary beneficiary. As a result, Acequia has been consolidated with SJWTX, Inc. | |||||||||||||
SJW Land Company owns commercial properties, several undeveloped real estate properties, and warehouse properties in the states of California, Arizona, and Tennessee and holds a 70% limited partnership interest in 444 West Santa Clara Street, L.P. 444 West Santa Clara Street, L.P. has been determined to be a variable interest entity within the scope of ASC Topic 810 with SJW Land Company as the primary beneficiary. As a result, 444 West Santa Clara Street L.P. has been consolidated with SJW Land Company (see Note 9). | |||||||||||||
Texas Water Alliance Limited, a wholly owned subsidiary of SJW Corp., is undertaking activities that are necessary to develop a water supply project in Texas. In connection with the project, TWA applied for groundwater production and transportation permits to meet the future water needs in the Canyon Lake Water Service Company's service area and to the central Texas hill country communities and utilities adjacent to this area. In January of 2013, TWA's permits were approved by the groundwater district in Gonzales County. The permits were subsequently received in March 2013. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Utility Plant | |||||||||||||
The cost of additions, replacements and betterments to utility plant is capitalized. The amount of interest capitalized in 2014, 2013 and 2012 was $1,112, $905 and $913, respectively. Construction in progress was $23,208 and $30,846 at December 31, 2014 and 2013, respectively. | |||||||||||||
As of December 31, 2014 and 2013, the Company had $16,838 and $10,418, respectively, of land used in utility operations. The increase in 2014 was primarily due to purchase of land for future wells sites. | |||||||||||||
The major components of depreciable plant and equipment as of December 31, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Equipment | $ | 242,383 | 226,557 | ||||||||||
Transmission and distribution | 1,042,794 | 967,031 | |||||||||||
Office buildings and other structures | 68,595 | 60,998 | |||||||||||
Total depreciable plant and equipment | $ | 1,353,772 | 1,254,586 | ||||||||||
Depreciation is computed using the straight-line method over the estimated service lives of the assets, ranging from 5 to 75 years. The estimated service lives of depreciable plant and equipment are as follows: | |||||||||||||
Useful Lives | |||||||||||||
Equipment | 5 to 35 years | ||||||||||||
Transmission and distribution plant | 35 to 75 years | ||||||||||||
Office buildings and other structures | 7 to 50 years | ||||||||||||
For the years 2014, 2013 and 2012, depreciation expense as a percent of the beginning of the year balance of depreciable plant was approximately 3.4%, 3.4% and 3.5%, respectively. A portion of depreciation expense is allocated to administrative and general expense. For the years 2014, 2013 and 2012, the amounts allocated to administrative and general expense were $1,586, $1,556 and $1,531, respectively. Depreciation expense for utility plant for the years ended December 31, 2014, 2013 and 2012 was $35,424, $32,616 and $31,005, respectively. The cost of utility plant retired, including retirement costs (less salvage), is charged to accumulated depreciation and no gain or loss is recognized. | |||||||||||||
Utility Plant Intangible Assets | |||||||||||||
All intangible assets are recorded at cost and are amortized using the straight-line method over the legal or estimated economic life of the asset, ranging from 5 to 70 years (see Note 6). | |||||||||||||
Real Estate Investments | |||||||||||||
Real estate investments are recorded at cost and consist primarily of land and buildings. Net gains and losses from the sale of real estate investments are recorded as a component of other (expense) income in the Consolidated Statements of Comprehensive Income. Nonutility property in Water Utility Services is also classified in real estate investments and not separately disclosed on the balance sheet based on the immateriality of the amount. Nonutility property is property that is neither used nor useful in providing water utility services to customers and is excluded from the rate base for rate-setting purposes. San Jose Water Company recognizes gain/loss on disposition of nonutility property in accordance with CPUC Code Section 790, whereby the net proceeds are reinvested back into property that is useful in providing water utility services to customers. There is no depreciation associated with nonutility property as it is all land. The major components of real estate investments as of December 31, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Land | $ | 17,297 | 18,892 | ||||||||||
Buildings and improvements | 56,168 | 59,256 | |||||||||||
Intangibles | 329 | 329 | |||||||||||
Total real estate investment | $ | 73,794 | 78,477 | ||||||||||
Depreciation on real estate investments is computed using the straight-line method over the estimated useful lives of the 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. The Company 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. The Company 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. The Company recognized a pre-tax gain on the sale of real estate investment of $1,063, after selling expenses of $369. | |||||||||||||
On August 2, 2012, SJW Land Company sold its warehouse building located in Orlando, Florida for $5,821. The Company recognized a pre-tax gain on the sale of real estate investment of $910, after selling expenses of $304. | |||||||||||||
Real estate investments include $72,402 and $77,082 as of December 31, 2014 and 2013, respectively, of assets that are leased or available for lease. The following schedule shows the future minimum rental payments to be received from third parties under operating leases that have remaining noncancelable lease terms in excess of one year as of December 31, 2014: | |||||||||||||
Year ending December 31: | Rental Revenue | ||||||||||||
2015 | $ | 5,345 | |||||||||||
2016 | 5,514 | ||||||||||||
2017 | 5,612 | ||||||||||||
2018 | 4,789 | ||||||||||||
2019 | 3,753 | ||||||||||||
Thereafter | 13,691 | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
In accordance with the requirements of FASB ASC Topic 360—“Property, Plant and Equipment,” the long-lived assets of SJW Corp. are reviewed for impairment when changes in circumstances or events require adjustments to the carrying values of the assets. When such changes in circumstances or events occur, the Company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. To the extent an impairment exists, the asset is written down to its estimated fair value with a corresponding charge to operations in the period in which the impairment is identified. Long-lived assets consist primarily of utility plant in service, real estate investments, intangible assets, and regulatory assets. In addition, the Company tests unamortized intangible assets, which primarily relate to water rights, at least annually or more frequently if events or changes in circumstances indicate that this asset may be impaired. The Company first performs a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. In assessing the qualitative factors, the Company considers the impact of these key factors: change in industry and competitive environment, financial performance, and other relevant Company-specific events. If the Company determines that as a result of the qualitative assessment it is more likely than not (> 50% likelihood) that the fair value is less than carrying amount, then a quantitative test is performed. No impairments occurred during 2014 or 2013. | |||||||||||||
Financial Instruments | |||||||||||||
The following instruments are not measured at fair value on the Company's consolidated balance sheets but require disclosure of fair values: cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of such instruments approximates their carrying value as reported on the 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. 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 long-term debt is discussed in Note 4, pension plan assets in Note 10 and investment in California Water Service Group Stock in Note 13. | |||||||||||||
Investment in California Water Service Group | |||||||||||||
SJW Corp.'s investment in California Water Service Group is accounted for under FASB ASC Topic 320—“Investments—Debt and Equity Securities,” as an available-for-sale marketable security. The investment is recorded on the Consolidated Balance Sheet at its quoted market price with the change in unrealized gain or loss reported, net of tax, as a component of other comprehensive income (loss) (see Note 13). | |||||||||||||
Regulatory Rate Filings | |||||||||||||
On February 28, 2014, San Jose Water Company submitted Advice Letter No. 456. In the advice letter, San Jose Water Company notified the CPUC that San Jose Water Company was implementing conservation Tariff Rule 14.1. The CPUC's Tariff 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 Mandatory Conservation Memorandum Account (“MCMA”) to track all operational and administrative costs associated with the implementation of Rule 14.1 and implementation of a Mandatory Conservation Revenue Adjustment Memorandum Account (“MCRAMA”) to track any revenue shortfall associated with the implementation of SCVWD's 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 in which the revenue is recorded. As of December 31, 2014, no amounts have been recorded related to the MCMA and MCRAMA. | |||||||||||||
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 provided San Jose Water Company authorization to file to increase rates for 2015 in November 2014. The increases for 2013 and 2014 became effective on August 15, 2014 (via Advice Letter No. 463) and September 29, 2014 (via Advice Letter No. 464), respectively. 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 in effect since January 1, 2013). On August 29, 2014, San Jose Water Company filed Advice Letter No. 465, seeking recovery of the $46,697 balance accrued in the 2013 General Rate Case Interim Rates Memorandum Account over a three-year period via a $0.2888 per CCF surcharge applied to all customer usage as authorized in the General Rate Case decision. In this filing, San Jose Water Company sought to recover the 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. The request was approved by the CPUC and the surcharge became effective September 29, 2014. | |||||||||||||
On November 7, 2014, San Jose Water Company filed Advice Letter No. 467 seeking authorization to increase rates by $8,042, or 2.91%, via a step rate increase for the escalation year 2015. Subsequent to this filing, due to changes in escalation factors, San Jose Water Company filed Advice Letter No. 467A revising the requested increase to $8,135, or 2.94%. The revised request was approved by the CPUC and became effective on January 1, 2015. | |||||||||||||
On January 5, 2015, San Jose Water Company filed General Rate Case Application 15-01-002 requesting authority for an increase of $34,928, or 12.22%, in 2016, $9,954, or 3.11%, in 2017, and $17,567, or 5.36%, in 2018. This General Rate Case filing also includes several “special requests”, including but not limited to: (1) recovery of the under-collected balance of $4,752 in the balancing account, (2) disbursement of the over-collected balance of $976 accrued in various memorandum accounts, and (3) implementation of a full revenue decoupling Water Revenue Adjustment Mechanism and associated Modified Cost Balancing Account. A General Rate Case is a year-long proceeding before the CPUC that involves a discovery phase led by the CPUC's Office of Ratepayer Advocates and customer intervenors that are assigned party status, settlement meetings, as well as possible evidentiary hearings. A final decision is likely to occur in the second half of 2015 with new rates becoming effective at the beginning of 2016. If a decision is not reached by the end of 2015, the CPUC has mechanisms in place that will allow San Jose Water Company to request interim rates, effective January 1, 2016, until such time a decision is adopted. | |||||||||||||
On October 3, 2013, CLWSC filed a rate case with the 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. On December 18, 2014, the PUCT voted unanimously to approve a final order in the case. As approved, the final decision settles all issues with the Coalition for Equitable Water Rates (a customer intervenor group), the PUCT and the Office of Public Utility Counsel regarding the 2013 rate case for all customers located outside the City of Bulverde's jurisdiction. The decision authorized the requested average system-wide rate increase to be phased-in annually beginning January 1, 2015 through January 1, 2018. The decision further provides that no refunds or credits will be owed to customers for rates in effect between December 2, 2013 and December 31, 2014. It also allows for the filing of additional applications to recover increases in purchased water supply costs for such customers. As part of the settlement, CLWSC has the option to file a general rate case application after September 1, 2017 to establish a new rate increase. If the Company elects this option prior to December 31, 2017, the January 1, 2018 scheduled rate increase in the decision will not become effective. As part of the settlement of the rate case, CLWSC agreed to drop its appeal of the 2010 rate case final order. Therefore, upon motion of CLWSC, such appeal was subsequently dismissed by the District Court of Travis County on January 16, 2015. | |||||||||||||
Balancing and Memorandum Accounts | |||||||||||||
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. The Company also maintains memorandum accounts to track revenue impacts due to catastrophic events, certain unforeseen water quality expenses related to new federal and state water quality standards, energy efficiency, cost of capital, 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 year-end the revenue is recorded. In assessing the probability criteria for balancing and memorandum accounts between general rate cases, the Company considers evidence that may exist prior to CPUC authorization that would satisfy ASC Topic 980, 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 the Company'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 recorded revenue and regulatory assets as follows: | |||||||||||||
For the year ended December 31, 2014 | |||||||||||||
Beginning Balance | Revenue | Refunds (Collections) | Ending | ||||||||||
Increase (Reduction) | Balance | ||||||||||||
Memorandum accounts | $ | (1,896 | ) | 341 | 178 | (1,377 | ) | ||||||
Balancing accounts: | |||||||||||||
Water supply costs | (2,378 | ) | 3,353 | (85 | ) | 890 | |||||||
Pension | 9,734 | (7,705 | ) | (617 | ) | 1,412 | |||||||
2012 General Rate Case true-up | — | 46,456 | (2,056 | ) | 44,400 | ||||||||
All others | 2,229 | (447 | ) | (46 | ) | 1,736 | |||||||
Total balancing accounts | $ | 9,585 | 41,657 | (2,804 | ) | 48,438 | |||||||
Total | $ | 7,689 | 41,998 | (2,626 | ) | 47,061 | |||||||
For the year ended December 31, 2013 | |||||||||||||
Beginning Balance | Revenue | Refunds (Collections) | Ending | ||||||||||
Increase (Reduction) | Balance | ||||||||||||
Memorandum accounts | $ | (1,887 | ) | 869 | (878 | ) | (1,896 | ) | |||||
Balancing accounts: | |||||||||||||
Water supply costs | (1,590 | ) | (788 | ) | — | (2,378 | ) | ||||||
Pension | 6,657 | 3,077 | — | 9,734 | |||||||||
2012 General Rate Case true-up | — | — | — | — | |||||||||
All others | 369 | 1,860 | — | 2,229 | |||||||||
Total balancing accounts | $ | 5,436 | 4,149 | — | 9,585 | ||||||||
Total | $ | 3,549 | 5,018 | (878 | ) | 7,689 | |||||||
For the year ended December 31, 2012 | |||||||||||||
Beginning Balance | Revenue | Refunds (Collections) | Ending | ||||||||||
Increase (Reduction) | Balance | ||||||||||||
Memorandum accounts | $ | 5,739 | (2,832 | ) | (4,794 | ) | (1,887 | ) | |||||
Balancing accounts: | |||||||||||||
Water supply costs | — | (1,590 | ) | — | (1,590 | ) | |||||||
Pension | — | 6,657 | — | 6,657 | |||||||||
2012 General Rate Case true-up | — | — | — | — | |||||||||
All others | — | 369 | — | 369 | |||||||||
Total balancing accounts | $ | — | 5,436 | — | 5,436 | ||||||||
Total | $ | 5,739 | 2,604 | (4,794 | ) | 3,549 | |||||||
On September 29, 2014, the CPUC approved a surcharge to true-up the difference between interim rates and authorized rates of $46,697 to be recovered over a three-year period as well as one-time refunds of $241 as authorized in the 2012 General Rate Case decision. The net amount of $46,456 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 December 31, 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 $8,294, of which the majority 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 Liabilities | |||||||||||||
Generally accepted accounting principles for water utilities include the recognition of regulatory assets and liabilities as permitted by ASC Topic 980. In accordance with ASC Topic 980, Water Utility Services, to the extent applicable, records deferred costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that these costs and credits will be recognized in the ratemaking process in a period different from when the costs and credits are incurred. Accounting for such costs and credits is based on management's judgment and prior historical ratemaking practices, and it occurs when management determines that it is probable that these costs and credits will be recognized in the future revenue of Water Utility Services through the ratemaking process. The regulatory assets and liabilities recorded by Water Utility Services, in particular, San Jose Water Company, primarily relate to the recognition of deferred income taxes for ratemaking versus tax accounting purposes, balancing and memorandum accounts, the 2012 General Rate Case true-up, postretirement pension benefits, medical costs, accrued benefits for vacation and asset retirement obligations that have not yet been passed through in rates. The Company adjusts the related asset and liabilities for these items through its regulatory asset and liability accounts at year-end, except for certain postretirement benefit costs and balancing and memorandum accounts which are adjusted monthly. The Company expects to recover regulatory assets related to plant depreciation income tax temporary differences over the average lives of the plant assets of between 5 to 75 years. | |||||||||||||
Rate-regulated enterprises are required to charge a regulatory asset to earnings if and when that asset no longer meets the criteria for being recorded as a regulatory asset. San Jose Water Company continually evaluates the recoverability of regulatory assets by assessing whether the amortization of the balance over the remaining life can be recovered through expected and undiscounted future cash flows. | |||||||||||||
Regulatory assets and liabilities are comprised of the following as of December 31: | |||||||||||||
2014 | 2013 | ||||||||||||
Regulatory assets, net: | |||||||||||||
Income tax temporary differences, net | $ | 6,731 | 8,220 | ||||||||||
Postretirement pensions and other medical benefits | 115,494 | 62,949 | |||||||||||
Balancing and memorandum accounts, net | 47,061 | 7,689 | |||||||||||
Other, net | 5,577 | 4,685 | |||||||||||
Total regulatory assets, net in Consolidated Balance Sheets | $ | 174,863 | 83,543 | ||||||||||
Less: current regulatory asset, net | 16,853 | — | |||||||||||
Total regulatory assets, net, less current portion | $ | 158,010 | 83,543 | ||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the effect of temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using current tax rates in effect. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. | |||||||||||||
To the extent permitted by the CPUC, investment tax credits resulting from utility plant additions are deferred and amortized over the estimated useful lives of the related property. | |||||||||||||
Advances for Construction and Contributions in Aid of Construction | |||||||||||||
In California, advances for construction received after 1981 are refunded ratably over 40 years. Estimated refunds for the next five years and thereafter are shown below: | |||||||||||||
Estimated Refunds | |||||||||||||
2015 | $ | 2,508 | |||||||||||
2016 | 2,508 | ||||||||||||
2017 | 2,508 | ||||||||||||
2018 | 2,508 | ||||||||||||
2019 | 2,508 | ||||||||||||
Thereafter | 60,763 | ||||||||||||
Contributions in aid of construction represent funds received from developers that are not refundable under applicable regulations. Depreciation applicable to utility plant constructed with these contributions is charged to contributions in aid of construction. | |||||||||||||
Customer advances and contributions in aid of construction received subsequent to 1986 and prior to June 12, 1996 generally must be included in federal taxable income. Taxes paid relating to advances and contributions are recorded as deferred tax assets for financial reporting purposes and are amortized over 40 years for advances, and over the tax depreciable life of the related asset for contributions. Receipts subsequent to June 12, 1996 are generally exempt from federal taxable income, unless specifically prescribed under treasury regulations. | |||||||||||||
Advances and contributions received subsequent to 1991 and prior to 1997 are included in California state taxable income. | |||||||||||||
Asset Retirement Obligation | |||||||||||||
SJW Corp.'s asset retirement obligation is recorded as a liability included in other non-current liabilities. It reflects principally the retirement costs of wells and other anticipated clean-up costs, which by law, must be remediated upon retirement. Retirement costs have historically been recovered through rates at the time of retirement. As a result, the liability is offset by a regulatory asset. For the years ended December 31, 2014 and 2013, the asset retirement obligation is as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Retirement obligation | $ | 4,355 | 4,612 | ||||||||||
Discount rate | 6 | % | 6 | % | |||||||||
Present value, recorded as a liability | 1,994 | 1,733 | |||||||||||
Deferred tax | 1,371 | 1,192 | |||||||||||
Regulatory asset | $ | 3,365 | 2,925 | ||||||||||
Revenue | |||||||||||||
SJW Corp. recognizes its regulated and non-tariffed revenue when services have been rendered, in accordance with ASC Topic 605. | |||||||||||||
Metered revenue of Water Utility Services includes billing to customers based on meter readings plus an estimate of water used between the customers' last meter reading and the end of the accounting period. Water Utility Services read the majority of its customers' meters on a bi-monthly basis and records its revenue based on its meter reading results. Unbilled revenue from the last meter reading date to the end of the accounting period is estimated based on the most recent usage patterns, production records and the effective tariff rates. Actual results could differ from those estimates, which may result in an adjustment to the operating revenue in the period which the revision to Water Utility Services' estimates is determined. San Jose Water Company also recognizes balancing and memorandum accounts in its revenue 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. | |||||||||||||
Revenues also include a surcharge collected from regulated customers that is paid to the CPUC. This surcharge is recorded both in operating revenues and administrative and general expenses. For the years ended December 31, 2014, 2013 and 2012, the surcharge was $3,872, $3,741 and $3,862, respectively. | |||||||||||||
Revenue from San Jose Water Company's non-tariffed utility operations, maintenance agreements or antenna leases are recognized when services have been rendered. Non-tariffed operating revenue in 2014, 2013 and 2012 includes $6,175, $5,882 and $5,523, respectively, from the operation of the City of Cupertino municipal water system. Revenue from SJW Land Company properties is recognized ratably over the term of the leases. | |||||||||||||
Share-Based Payment | |||||||||||||
SJW Corp. utilizes the Black-Scholes option-pricing model to calculate the fair value of restricted stock awards. The Black-Scholes option-pricing model requires the use of subjective assumptions, to compute the fair value of options at the grant date, and is the basis for share-based compensation for financial reporting purposes. In addition, SJW Corp. estimates forfeitures for share-based awards that are not expected to vest. | |||||||||||||
SJW Corp. utilizes the Monte Carlo valuation model, which requires the use of subjective assumptions, to compute the fair value of market performance-vesting restricted stock units. | |||||||||||||
The compensation cost charged to income is recognized on a straight-line basis over the requisite service period, which is the vesting period. | |||||||||||||
Maintenance Expense | |||||||||||||
Planned major maintenance projects are charged to expense as incurred. | |||||||||||||
Earnings per Share | |||||||||||||
Basic earnings per share is calculated using income available to common shareholders, divided by the weighted average number of shares outstanding during the year. The two-class method in computing basic earnings per share is not used because the number of participating securities as defined in FASB ASC Topic 260—“Earnings Per Share” is not significant. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. Diluted earnings per share is calculated using income available to common shareholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with stock options, deferred restricted common stock awards under SJW Corp.'s Long-Term Incentive Plan and shares potentially issuable under the Employee Stock Purchase Plans. Restricted common stock units and stock options of 2,791, 3,071 and 6,557 as of December 31, 2014, 2013 and 2012, respectively, were excluded from the dilutive earnings per share calculation as their effect would have been anti-dilutive. |
Capitalization
Capitalization | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
CAPITALIZATION | Capitalization |
SJW Corp. is authorized to issue 36,000,000 shares of common stock of $0.521 par value per share. At December 31, 2014 and 2013, 20,286,840 and 20,169,211, respectively, shares of common stock were issued and outstanding. | |
At December 31, 2014 and 2013, 176,407 shares of preferred stock of $25 par value per share were authorized; no shares of preferred stock were issued or outstanding. |
Lines_of_Credit
Lines of Credit | 12 Months Ended |
Dec. 31, 2014 | |
Line of Credit Facility [Abstract] | |
LINES OF CREDIT | Lines of Credit |
As of December 31, 2014, SJW Corp. and its subsidiaries had unsecured bank lines of credit, allowing aggregate short-term borrowings of up to $100,000, of which $15,000 was available to SJW Corp. and SJW Land Company under one line of credit and $85,000 was available to San Jose Water Company under another line of credit. San Jose Water Company has issued two standby letters of credit with a commercial bank in the amount of $3,000 in support of its California Department of Water Resources' Safe Drinking Water State Revolving Fund (“SDWSRF”) loans which were funded in 2005 and 2008. The letters of credit automatically renew for one year each December unless the issuing bank elects not to renew it, and the amount of coverage can be reduced as the loan principal balance decreases. As of December 31, 2014, $3,000 under the San Jose Water Company line of credit is set aside in the form of letters of credit for its SDWSRF loans. The lines of credit bear interest at variable rates, and will expire on September 1, 2016. As of December 31, 2014 and 2013, SJW Corp. has an outstanding balance on the lines of credit of $13,200 and $22,400, respectively. Cost of borrowing on the lines of credit averaged 1.15% and 1.29% as of December 31, 2014 and 2013, respectively. | |
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 thirty consecutive days. | |
SJW Corp., on a consolidated basis, and San Jose Water Company have the following affirmative covenants on their unsecured bank lines of credit: (1) the funded debt cannot exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period cannot be less than 175% of interest charges. As of December 31, 2014, SJW Corp. and San Jose Water Company, respectively, were in compliance with the unsecured bank line of credit affirmative covenants. In addition, the Company shall maintain a zero balance on each line of credit for a period of at least thirty consecutive days during: (1) the period commencing November 1, 2014 and ending August 31, 2015, and (2) each 12-month period thereafter commencing September 1, 2015. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term Debt | Long-Term Debt | ||||||||
Long-term debt as of December 31 was as follows: | |||||||||
Description | Due Date | 2014 | 2013 | ||||||
Senior notes, San Jose Water Company: | |||||||||
Series A 8.58% | 2022 | $ | 20,000 | 20,000 | |||||
Series B 7.37% | 2024 | 30,000 | 30,000 | ||||||
Series C 9.45% | 2020 | 10,000 | 10,000 | ||||||
Series D 7.15% | 2026 | 15,000 | 15,000 | ||||||
Series E 6.81% | 2028 | 15,000 | 15,000 | ||||||
Series F 7.20% | 2031 | 20,000 | 20,000 | ||||||
Series G 5.93% | 2033 | 20,000 | 20,000 | ||||||
Series H 5.71% | 2037 | 20,000 | 20,000 | ||||||
Series I 5.93% | 2037 | 20,000 | 20,000 | ||||||
Series J 6.54% | 2024 | 10,000 | 10,000 | ||||||
Series K 6.75% | 2039 | 20,000 | 20,000 | ||||||
Series L 5.14% | 2044 | 50,000 | — | ||||||
SJWTX, Inc. Series A 6.27% | 2036 | 15,000 | 15,000 | ||||||
SJW Corp. Series A 4.35% | 2021 | 50,000 | 50,000 | ||||||
Total senior notes | $ | 315,000 | 265,000 | ||||||
Mortgage loans 5.61% - 6.09% | 2016 | 3,109 | 3,215 | ||||||
2017 | 11,896 | 12,142 | |||||||
444 West Santa Clara Street, L.P. 5.68% (non-recourse to SJW Land Company) | 2021 | 2,947 | 3,053 | ||||||
California Pollution Control Financing Authority Revenue Bonds 5.10%, San Jose Water Company | 2040 | 50,000 | 50,000 | ||||||
SDWSRF loans 2.39% and 2.60%, San Jose Water Company | 2027 | 1,997 | 2,141 | ||||||
Total debt | $ | 384,949 | 335,551 | ||||||
Less: current portion | 584 | 554 | |||||||
Total long-term debt, less current portion | $ | 384,365 | 334,997 | ||||||
Senior notes held by institutional investors are unsecured obligations of SJW Corp., San Jose Water Company and SJWTX, Inc. and require interest-only payments until maturity. To minimize issuance costs, all of the companies' debt has historically been placed privately. | |||||||||
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 sold 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. | |||||||||
The senior note agreements of San Jose Water Company generally have terms and conditions that restrict the Company from issuing additional funded debt if: (1) the funded debt would exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period would be less than 175% of interest charges. As of December 31, 2014, San Jose Water Company was not restricted from issuing future indebtedness as a result of these terms and conditions. | |||||||||
The senior note agreement of SJWTX, Inc. has terms and conditions that restrict SJWTX, Inc. from issuing additional funded debt if: (1) the funded debt would exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period would be less than 175% of interest charges. In addition, SJW Corp. is a guarantor of SJWTX, Inc.'s senior note which has terms and conditions that restrict SJW Corp. from issuing additional funded debt if: (1) the funded consolidated debt would exceed 66-2/3% of total capitalization, and (2) the minimum net worth of SJW Corp. becomes less than $125,000 plus 30% of Water Utility Services cumulative net income, since December 31, 2005. As of December 31, 2014, SJWTX, Inc. and SJW Corp. were not restricted from issuing future indebtedness as a result of these terms and conditions. | |||||||||
The senior note agreement of SJW Corp. has terms and conditions that restrict SJW Corp. from issuing additional funded debt if: (1) the funded consolidated debt would exceed 66-2/3% of total capitalization, and (2) the minimum net worth of SJW Corp. becomes less than $175,000 plus 30% of Water Utility Services cumulative net income, since June 30, 2011. As of December 31, 2014, SJW Corp. was not restricted from issuing future indebtedness as a result of these terms and conditions. | |||||||||
The mortgage loans, which are the obligations of SJW Land Company, are due in 2016 and 2017. These loans amortize over 25 years, are secured by two leased properties and carry a fixed interest rate with 120 monthly principal and interest payments. The loan agreements generally restrict the Company from prepayment in the first three years and require submission of periodic financial reports as part of the loan covenants. An amortization schedule of the mortgage loans is as follows: | |||||||||
Amortization Schedule | |||||||||
Year | Total Payment | Interest | Principal | ||||||
2015 | 1,229 | 856 | 373 | ||||||
2016 | 4,034 | 762 | 3,272 | ||||||
2017 | 11,470 | 110 | 11,360 | ||||||
444 West Santa Clara Street, L.P., in which SJW Land Company owns a 70% limited partnership interest, has a mortgage loan in the outstanding amount of $2,947 as of December 31, 2014. The mortgage loan is due in 2021 and is amortized over 20 years with an interest rate of 5.68%. The mortgage loan is secured by the partnership's real property and is non-recourse to SJW Land Company. An amortization schedule of the mortgage loan with 444 West Santa Clara Street, L.P. is as follows: | |||||||||
Amortization Schedule | |||||||||
Year | Total Payment | Interest | Principal | ||||||
2015 | 276 | 164 | 112 | ||||||
2016 | 276 | 157 | 119 | ||||||
2017 | 276 | 150 | 126 | ||||||
2018 | 276 | 143 | 133 | ||||||
2019 | 276 | 135 | 141 | ||||||
Thereafter | 2,485 | 169 | 2,316 | ||||||
San Jose Water Company has outstanding $50,000 in California Pollution Control Financing Authority revenue bonds as of December 31, 2014. The loan agreement for the revenue bonds contains affirmative and negative covenants customary for a loan agreement relating to revenue bonds, including, among other things, complying with certain disclosure obligations and covenants relating to the tax exempt status of the interest on the bonds and limitations and prohibitions relating to the transfer of the projects funded by the loan proceeds and the assignment of the loan agreement. As of December 31, 2014, San Jose Water Company was in compliance with all such covenants. | |||||||||
San Jose Water Company has two loans from the SDWSRF at a rate of 2.39% and 2.60%. The outstanding loan balances as of December 31, 2014 is $1,997. San Jose Water Company issued standby letters of credit with a commercial bank in the amount of $3,000 in support of these loans. The letters of credit automatically renew for one year each December unless the issuing bank elects not to renew it. The amount of coverage can be reduced as the principal balances decrease. An amortization schedule of the SDWSRF loans is as follows: | |||||||||
Amortization Schedule | |||||||||
Year | Total Payment | Interest | Principal | ||||||
2015 | 132 | 34 | 98 | ||||||
2016 | 195 | 45 | 150 | ||||||
2017 | 196 | 42 | 154 | ||||||
2018 | 196 | 38 | 158 | ||||||
2019 | 196 | 34 | 162 | ||||||
Thereafter | 1,397 | 122 | 1,275 | ||||||
The fair value of long-term debt as of December 31, 2014 and 2013 was approximately $460,171 and $395,684, 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 fair value of long-term debt would be categorized as Level 2 of the fair value hierarchy. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income Taxes | Income Taxes | |||||||||
The components of income tax expense were: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | 50 | (525 | ) | — | |||||
State | (1,146 | ) | 3,093 | 3,305 | ||||||
Deferred: | ||||||||||
Federal | 28,493 | 11,743 | 12,114 | |||||||
State | (2,426 | ) | (176 | ) | 123 | |||||
$ | 24,971 | 14,135 | 15,542 | |||||||
The following table reconciles income tax expense to the amount computed by applying the federal statutory rate to income before income taxes of $76,777, $36,519 and $37,860 in 2014, 2013 and 2012: | ||||||||||
2014 | 2013 | 2012 | ||||||||
“Expected” federal income tax | $ | 26,872 | 12,782 | 13,251 | ||||||
Increase (decrease) in taxes attributable to: | ||||||||||
State taxes, net of federal income tax benefit | 4,155 | 1,836 | 2,108 | |||||||
Dividend received deduction | (46 | ) | (60 | ) | (59 | ) | ||||
Uncertain tax positions | — | (650 | ) | 82 | ||||||
Sales & Use Enterprise Zone Credit | (880 | ) | — | — | ||||||
Tangible Property Regulations | (5,127 | ) | — | — | ||||||
Other items, net | (3 | ) | 227 | 160 | ||||||
$ | 24,971 | 14,135 | 15,542 | |||||||
The components of the net deferred tax liability as of December 31 was as follows: | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Advances and contributions | $ | 16,212 | 15,598 | |||||||
Unamortized investment tax credit | 709 | 741 | ||||||||
Pensions and postretirement benefits | 4,216 | 4,405 | ||||||||
California franchise tax | — | 1,107 | ||||||||
Net operating loss | 5,065 | 5,814 | ||||||||
Other | 1,697 | 1,596 | ||||||||
Total deferred tax assets | $ | 27,899 | 29,261 | |||||||
Deferred tax liabilities: | ||||||||||
Utility plant | $ | 150,662 | 125,706 | |||||||
Pension and postretirement benefits | 47,059 | 25,649 | ||||||||
Investment in stock | 2,335 | 3,228 | ||||||||
Deferred gain and other-property related | 11,695 | 13,107 | ||||||||
Debt reacquisition costs | 443 | 496 | ||||||||
Other | 1,211 | 1,811 | ||||||||
Total deferred tax liabilities | $ | 213,405 | 169,997 | |||||||
Net deferred tax liabilities | $ | 185,506 | 140,736 | |||||||
Management evaluates the realizability of our deferred tax assets based on all available evidence, both positive and negative. The realization of deferred tax assets is dependent on our ability to generate sufficient future taxable income during periods in which the deferred tax assets are expected to reverse. Based on all available evidence, management believes it is more likely than not that SJW Corp. will realize the benefits of these deferred tax assets. | ||||||||||
As of December 31, 2014, the Company has a federal net operating loss carry forward of $14,051, which will expire in fiscal year 2031. This amount differs from the amount reported on the consolidated tax returns of $15,603 due to the adoption of ASU 2013-11 which provided explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists that can be utilized to offset unrecognized tax benefits. As of December 31, 2014, the Company has a state net operating loss carryforward of $1,659, which will expire in fiscal year 2034. | ||||||||||
The total amount of unrecognized tax benefits, before the impact of deductions for state taxes, excluding interest and penalties was $684 and $565 as of December 31, 2014 and 2013, respectively. The amount of tax benefits, net of any federal benefits for state taxes and inclusive of interest that would impact the effective rate, if recognized, is approximately $14 and $13 as of December 31, 2014 and 2013, respectively. | ||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||
Balance at December 31, 2013 | $ | 535 | ||||||||
Increase related to tax positions taken during a prior year, including interest | 118 | |||||||||
Reductions related to tax positions taken in a prior year, including interest | (4 | ) | ||||||||
Balance at December 31, 2014 | $ | 649 | ||||||||
SJW Corp.'s policy is to classify interest and penalties associated with unrecognized tax benefits, if any, in tax expense. Accrued interest expense, net of the benefit of tax deductions which would be available on the payment of such interest, is approximately $14 as of December 31, 2014. SJW Corp. has not accrued any penalties for unrecognized tax benefits. The amount of interest recognized in 2014 was an expense of $1. | ||||||||||
SJW Corp. does not foresee material changes to its gross uncertain tax liability due to the lapse of the statute of limitations within the next 12 months following December 31, 2014. | ||||||||||
In the second quarter of 2014, SJW Corp. recorded $880 in State of California enterprise zone sales and use tax credits related to tax years 2008 through 2012. The California Franchise Tax Board selected the Company's fiscal year's 2008 through 2012 refund claims for examination. | ||||||||||
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 their 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 the 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 December 31, 2014, the 2014 federal and state repairs and maintenance deduction under the new methodology was $11,221, resulting in an estimated $3,927 Federal deferred tax liability and a state income tax benefit of $645. During the year ended December 31, 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 December 31, 2014. SJW Corp.'s Internal Revenue Code (“IRC”) §481(a) adjustment for Federal purposes was $35,912 and resulted in a $12,569 deferred tax liability as of December 31, 2014. SJW Corp.'s IRC §481(a) adjustment for state purposes was $77,999 and resulted in a $4,482 reduction to state income tax expense for the year ended December 31, 2014. | ||||||||||
SJW Corp. files U.S. federal income tax returns and income tax returns in various states. The Company is no longer subject to tax examination for fiscal years prior to 2012 for federal purposes and 2010 for state purposes. The open tax years for the jurisdictions in which SJW Corp. files are as follows: | ||||||||||
Jurisdiction | Years Open | |||||||||
Federal | 2012 - 2013 | |||||||||
California | 2010 - 2013 | |||||||||
Arizona | 2010 - 2013 | |||||||||
Connecticut | 2011 - 2013 | |||||||||
Florida | 2011 - 2012 | |||||||||
Tennessee | 2011 - 2013 | |||||||||
Texas | 2010 - 2013 |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
INTANGIBLE ASSETS | Intangible Assets | ||||||
Intangible assets consist of a concession fee paid to the City of Cupertino of $6,800 for operating the City of Cupertino municipal water system and other intangibles of $12,533. Other intangibles consists of $11,069 which was paid for service area and water rights related to our subsidiaries in Texas, $1,040 incurred in conjunction with Santa Clara Valley Water District water contracts related to the operation of San Jose Water Company and $424 in other miscellaneous intangibles. All intangible assets are recorded at cost and all, except for TWA water rights, are being amortized using the straight-line method over the legal or estimated economic life of the asset ranging from 5 to 70 years. TWA water rights are not being amortized as they have been determined to have an indefinite useful life. | |||||||
Amortization expense for the intangible assets was $367, $354 and $340 for the years ended December 31, 2014, 2013 and 2012, respectively. Amortization expense for 2015, 2016, 2017, 2018 and 2019 is anticipated to be $367 per year. | |||||||
The costs of intangible assets as of December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | ||||||
Concession fees | $ | 6,800 | 6,800 | ||||
Other intangibles | 12,533 | 11,541 | |||||
Intangible assets | 19,333 | 18,341 | |||||
Less: Accumulated amortization | |||||||
Concession fees | 4,692 | 4,420 | |||||
Other intangibles | 860 | 765 | |||||
Net intangible assets | $ | 13,781 | 13,156 | ||||
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2014 | |
Commitments Disclosure [Abstract] | |
Commitments | Commitments |
San Jose Water Company purchases water from SCVWD under terms of a master contract expiring in 2051. Delivery schedules for purchased water are based on a contract year beginning July 1, and are negotiated every three years under terms of the master contract with SCVWD. For the years ended December 31, 2014, 2013 and 2012, San Jose Water Company purchased from SCVWD 17,782 million gallons ($44,444), 22,700 million gallons ($52,500) and 22,800 million gallons ($48,800), respectively, of contract water. In accordance with the reduction of treated water deliveries approved by the SCVWD Board of Directors on November 25, 2014, the delivery schedule was reduced by 20% through June 30, 2015. Based on current prices and estimated deliveries, San Jose Water Company is committed to purchase from SCVWD a minimum of 90% of the reduced delivery schedule, or 17,863 million gallons ($46,434) of water at the current contract water rate of $2.6 per million gallons in the year ending December 31, 2015. Additionally, San Jose Water Company purchases non-contract water from SCVWD on an “as needed” basis if the water supply is available. | |
In 1997, San Jose Water Company entered into a 25-year contract agreement with the City of Cupertino to operate the City's municipal water system. San Jose Water Company paid a one-time, up-front concession fee of $6,800 to the City of Cupertino which is amortized over the contract term. Under the terms of the contract agreement, San Jose Water Company assumed responsibility for all maintenance and operating costs, and necessary capital improvements, while receiving all payments for water service. Water service rates are subject to approval by the Cupertino City Council. | |
San Jose Water Company has remaining commitments of $400 with one vendor related to Phase 1 upgrades to the Montevina Water Treatment Plant. This amount is expected to be spent during the first half of 2015. In addition, the Company expects to sign a contract during the second quarter of 2015 with one vendor for Phase 2 upgrades in the amount of $47,500, of which $17,100 is expected to be spent during the second half of 2015. | |
CLWSC has long-term contracts with the GBRA. The terms of the agreements expire in 2037, 2040, 2044 and 2050. The agreements, which are take-or-pay contracts, provide CLWSC with 6,900 acre-feet per year of water supply from Canyon Lake and other sources. The water rate may be adjusted by GBRA at any time, provided they give CLWSC a 60-day written notice on the proposed adjustment. | |
TWA has entered into approximately 180 water leases with property owners for certain real property rights for the development, production, transportation and use of groundwater in and under their property. In accordance with the water leases, TWA is committed to pay between $1,000 and $1,300 from 2015 to 2019. TWA may terminate the water leases at any time during the pre-production phase, upon two years prior written notice. | |
As of December 31, 2014, San Jose Water Company had 354 employees, of whom 122 were executive, administrative or supervisory personnel, and of whom 232 were members of unions. In November 2013, San Jose Water Company reached a three-year collective bargaining agreement with the Utility Workers of America, representing the majority of all employees, and the International Union of Operating Engineers, representing certain employees in the engineering department, covering the period from January 1, 2014 through December 31, 2016. The agreements include a 2% wage increase in 2014, 2% in 2015 and 3% in 2016 for union workers as well as increases in medical co-pays and employee cost-sharing. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Legal Proceedings [Abstract] | |
Contingencies | Contingencies |
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. |
Partnership_Interest
Partnership Interest | 12 Months Ended |
Dec. 31, 2014 | |
Noncontrolling Interest [Abstract] | |
Partnership Interest | Partnership Interest |
In September 1999, SJW Land Company formed 444 West Santa Clara Street, L.P., a limited partnership, with a real estate development firm whereby SJW Land Company contributed real property in exchange for a 70% limited partnership interest. A commercial building was constructed on the partnership property and is leased to an unrelated international real estate firm under a long-term lease expiring in August 2019. | |
The consolidated financial statements of SJW Corp. at December 31, 2014 and 2013 include the operating results of 444 West Santa Clara Street, L.P. Intercompany balances and transactions have been eliminated. Results of operations and balances of the non-controlling interest are not material to the consolidated financial statements. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||
Benefit Plans | Benefit Plans | |||||||||||||||||||
Pension Plans | ||||||||||||||||||||
San Jose Water Company sponsors a noncontributory defined benefit pension plan (the “Pension Plan”) for its eligible employees. Employees hired before March 31, 2008 are entitled to receive retirement benefits using a formula based on the employee's three highest years of compensation (whether or not consecutive). For employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based upon compensation credits and interest credits for each employee. | ||||||||||||||||||||
The Pension Plan is administered by a committee that is composed of an equal number of Company and union representatives (the “Committee”). The Committee has retained an investment consultant, Wells Fargo Advisors Financial Network, LLC, to assist it with, among other things, asset allocation strategy, investment policy advice, performance monitoring, and investment manager due diligence. Individual investment decisions have been delegated by the Committee to the investment managers who are monitored by the investment consultant. Investment guidelines provided in the Investment Policy Statement require that at least 25% of plan assets be invested in fixed income securities. As of December 31, 2014, the plan assets consist of approximately 35% bonds, 7% cash equivalents, and 58% equities. Furthermore, equities are to be diversified by industry groups and selected to achieve a balance of long-term growth and income combined with a goal of long-term preservation of capital. Except as provided for in the prospectus of any co-mingled investments, investment managers may not invest in commodities and futures contracts, private placements, options, letter stock, speculative securities, nor may they hold more than 5% of assets of any one private corporation. Except as provided for in the prospectus of any co-mingled investments, fixed income assets may only be invested in bonds, commercial paper, and money market funds with acceptable ratings by Moody's or Standard & Poor's as defined by the Investment Policy Statement. The investment managers performance is reviewed regularly by the investment consultant who provides quarterly reports to the Committee for review. | ||||||||||||||||||||
Plan assets are marked to market at each measurement date, resulting in unrealized actuarial gains or losses. Unrealized actuarial gains and losses on pension assets are amortized over the expected future working lifetime of participants of 12.16 years for actuarial expense calculation purposes. Market gains in 2013 decreased pension expense by approximately $790 in 2014 and market gains in 2012 decreased pension expense by approximately $334 in 2013. | ||||||||||||||||||||
For the past 10 years, the plan has achieved a 6.1% return on its investments while the applicable benchmark was 6.2% for the same period. The applicable benchmark is a weighted-average of returns for those benchmarks shown in the table below. For the past five years, the investment managers, following the required investment guidelines, achieved a 9.4% return on their investments, while the applicable benchmark was 9.7% for the same period. | ||||||||||||||||||||
Generally, it is expected of the investment managers that the performance of the assets held in the Pension Plan, computed on a total annual rate of return basis, should meet or exceed specific performance standards over a three-to-five-year period and/or full market cycle. These standards include specific absolute and risk-adjusted performance standards over a three-to-five-year period and/or full market cycle. | ||||||||||||||||||||
San Jose Water Company calculates the market-related value of the defined benefit pension plan assets, which is defined under FASB ASC Topic 715—“Compensation—Retirement Benefits” as a balance used to calculate the expected return on plan assets, using fair value. Fair value for San Jose Water Company is based on quoted prices in active markets for identical assets and significant observable inputs. | ||||||||||||||||||||
Officers hired before March 31, 2008 are eligible to receive additional retirement benefits under San Jose Water Company's Executive Supplemental Retirement Plan, and officers hired on or after March 31, 2008 are eligible to receive additional retirement benefits under San Jose Water Company's Cash Balance Executive Supplemental Retirement Plan. Both of the plans are non-qualified plans in which only officers and other designated members of management may participate. The annual cost of the plans has been included in the determination of the net periodic benefit cost shown below. The plans, which are unfunded, had a projected benefit obligation of $15,806 and $12,637 as of December 31, 2014 and 2013, respectively, and net periodic pension cost of $1,300, $1,248 and $1,386 for 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||
In addition to providing pension and savings benefits, 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 plan is a flat dollar plan which is unaffected by variations in health care costs. | ||||||||||||||||||||
Flexible Spending Plan | ||||||||||||||||||||
Effective February 1, 2004, San Jose Water Company established a Flexible Spending Account for its employees for the purpose of providing eligible employees with the opportunity to choose from among the fringe benefits available under the plan. The flexible spending plan is intended to qualify as a cafeteria plan under the provisions of the Internal Revenue Code Section 125. The flexible spending plan allows employees to save pre-tax income in a Health Care Spending Account (“HCSA”) and/or a Dependent Care Spending Account (“DCSA”) to help defray the cost of out-of-pocket medical and dependent care expenses. The annual maximum limit under the HCSA and DCSA plans is $2.5 and $5, respectively. | ||||||||||||||||||||
Deferral Plan | ||||||||||||||||||||
San Jose Water Company sponsors a salary deferral plan that allows employees to defer and contribute a portion of their earnings to the plan. Contributions, not to exceed set limits, are matched by San Jose Water Company. San Jose Water Company contributions were $1,101, $1,087 and $1,044 in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Special Deferral Election Plan and Deferral Election Program | ||||||||||||||||||||
SJW Corp. maintains a Special Deferral Election Plan allowing certain executives and a Deferral Election Program allowing non-employee directors to defer a portion of their earnings each year and to realize an investment return on those funds during the deferral period. Executives and non-employee directors have to make an election on the deferral and distribution method of the deferrals before services are rendered. Executives and non-employee directors had deferred $2,747, $2,567 and $2,501 under the plans as of December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Assumptions Utilized on Actuarial Calculations | ||||||||||||||||||||
Net periodic cost for the defined benefit plans and other postretirement benefits was calculated using the following weighted-average assumptions: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
% | % | % | % | % | % | |||||||||||||||
Discount rate | 4.82 | 3.92 | 4.34 | 4.7 | 3.8 | 4.25 | ||||||||||||||
Expected return on plan assets | 7 | 7 | 7 | 7 | 7 | 7 | ||||||||||||||
Rate of compensation increase | 4 | 4 | 4 | N/A | N/A | N/A | ||||||||||||||
The expected rate of return on plan assets was determined based on a review of historical returns, both for the Pension Plan and for medium- to large-sized defined benefit pension funds with similar asset allocations. This review generated separate expected returns for each asset class. These expected future returns were then blended based on the Pension Plan's target asset allocation. | ||||||||||||||||||||
Benefit obligations for the defined benefit plans and other postretirement benefits were calculated using the following weighted-average assumptions as of December 31: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
% | % | % | % | |||||||||||||||||
Discount rate | 3.88 | 4.82 | 3.8 | 4.7 | ||||||||||||||||
Rate of compensation increase | 4 | 4 | N/A | N/A | ||||||||||||||||
San Jose Water Company utilized each plan's projected benefit stream in conjunction with the Citigroup Pension Discount Curve in determining the discount rate used in calculating the pension and other postretirement benefits liabilities at the measurement date. | ||||||||||||||||||||
San Jose Water Company adopted the Society of Actuaries newly issued RP-2014 Mortality Tables and Mortality Improvement Scale MP-2014 to determine mortality assumptions as of December 31, 2014. The newly issued tables and scales reflect increasing life expectancies of participants in the United States. The improved mortality for plan participants resulted in an increase in the 2014 defined benefit obligations of $10,000. See also “Reconciliation of Funded Status” below. | ||||||||||||||||||||
Net Periodic Pension Costs | ||||||||||||||||||||
Net periodic costs for the defined benefit plans and other postretirement benefits for the years ended December 31 was as follows: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||
Service cost | $ | 3,938 | 4,594 | 4,288 | $ | 284 | 361 | 339 | ||||||||||||
Interest cost | 6,098 | 5,393 | 5,349 | 508 | 508 | 452 | ||||||||||||||
Expected return on assets | (6,414 | ) | (5,289 | ) | (4,442 | ) | (268 | ) | (230 | ) | (151 | ) | ||||||||
Amortization of transition obligation | — | — | — | — | — | 1 | ||||||||||||||
Amortization of prior service cost | 376 | 394 | 414 | 197 | 197 | 197 | ||||||||||||||
Recognized actuarial loss | 1,879 | 4,052 | 3,857 | 59 | 189 | 195 | ||||||||||||||
Net periodic benefit cost | $ | 5,877 | 9,144 | 9,466 | $ | 780 | 1,025 | 1,033 | ||||||||||||
Reconciliation of Funded Status | ||||||||||||||||||||
For the defined benefit plans and other postretirement benefits, the benefit obligation is the projected benefit obligation and the accumulated benefit obligation, respectively. The projected benefit obligations and the funded status of San Jose Water Company's defined benefit pension and other postretirement plans as of December 31 were as follows: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 128,699 | 140,999 | $ | 10,976 | 12,243 | ||||||||||||||
Service cost | 3,938 | 4,594 | 284 | 361 | ||||||||||||||||
Interest cost | 6,098 | 5,393 | 508 | 508 | ||||||||||||||||
Actuarial (gain)/loss | 31,161 | (18,082 | ) | 2,322 | (1,829 | ) | ||||||||||||||
Benefits paid | (4,592 | ) | (4,205 | ) | (376 | ) | (307 | ) | ||||||||||||
Benefit obligation at end of year | $ | 165,304 | 128,699 | $ | 13,714 | 10,976 | ||||||||||||||
Change in plan assets | ||||||||||||||||||||
Fair value of assets at beginning of year | $ | 91,358 | 75,542 | $ | 3,995 | 3,478 | ||||||||||||||
Actual return on plan assets | 6,392 | 10,478 | 119 | 325 | ||||||||||||||||
Employer contributions | 6,470 | 9,543 | 434 | 445 | ||||||||||||||||
Benefits paid | (4,592 | ) | (4,205 | ) | (297 | ) | (253 | ) | ||||||||||||
Fair value of plan assets at end of year | 99,628 | 91,358 | 4,251 | 3,995 | ||||||||||||||||
Funded status at end of year | $ | (65,676 | ) | (37,341 | ) | $ | (9,463 | ) | (6,981 | ) | ||||||||||
The amounts recognized on the balance sheet as of December 31 were as follows: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Current liabilities | $ | 883 | 757 | $ | 69 | 68 | ||||||||||||||
Noncurrent liabilities | 64,793 | 36,584 | 9,394 | 6,913 | ||||||||||||||||
$ | 65,676 | 37,341 | $ | 9,463 | 6,981 | |||||||||||||||
San Jose Water Company recorded a regulatory asset, including a gross-up for taxes, on the projected benefit obligation of the postretirement benefit plans as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Funded status of obligation | $ | 75,139 | 44,322 | |||||||||||||||||
Accrued benefit cost | (6,704 | ) | (7,030 | ) | ||||||||||||||||
Amount to be recovered in future rates | 68,435 | 37,292 | ||||||||||||||||||
Tax gross-up | 47,059 | 25,657 | ||||||||||||||||||
Regulatory asset | $ | 115,494 | 62,949 | |||||||||||||||||
The estimated amortization for the year ended December 31, 2015 is as follows: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
Amortization of prior service cost | $ | 3,883 | 197 | |||||||||||||||||
Amortization of loss | 376 | 214 | ||||||||||||||||||
Total | $ | 4,259 | 411 | |||||||||||||||||
Plan Assets | ||||||||||||||||||||
Plan assets for the years ended December 31 were as follows: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Fair value of assets at end of year: | ||||||||||||||||||||
Debt securities | $ | 35,034 | 34,464 | $ | 1,401 | 1,427 | ||||||||||||||
35 | % | 38 | % | 33 | % | 36 | % | |||||||||||||
Equity securities | 58,286 | 48,442 | 2,347 | 1,893 | ||||||||||||||||
59 | % | 53 | % | 55 | % | 47 | % | |||||||||||||
Cash and equivalents | 6,308 | 8,452 | 503 | 675 | ||||||||||||||||
6 | % | 9 | % | 12 | % | 17 | % | |||||||||||||
Total | $ | 99,628 | 91,358 | $ | 4,251 | 3,995 | ||||||||||||||
The following tables summarize the fair values of plan assets by major categories as of December 31, 2014 and 2013: | ||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||
Asset Category | Benchmark | Total | Quoted | Significant | Significant | |||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets for | (Level 2) | (Level 3) | ||||||||||||||||||
Identical | ||||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Cash and cash equivalents | $ | 6,811 | $ | 6,811 | $ | — | $ | — | ||||||||||||
Actively Managed (a): | ||||||||||||||||||||
All Cap Equity | Russell 3000 Value | 4,266 | 4,237 | 29 | — | |||||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 35,489 | 35,489 | — | — | |||||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, | 6,069 | 6,069 | — | — | |||||||||||||||
Russell Mid Cap Growth, Russell Mid Cap Value | ||||||||||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value, Russell 2500 | 4,982 | 4,982 | — | — | |||||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,758 | 4,758 | — | — | |||||||||||||||
REIT | NAREIT—Equity REIT's | 5,069 | — | 5,069 | — | |||||||||||||||
Fixed Income (b) | (b) | 36,435 | — | 36,435 | — | |||||||||||||||
Total | $ | 103,879 | $ | 62,346 | $ | 41,533 | $ | — | ||||||||||||
___________________________________ | ||||||||||||||||||||
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 | ||||||||||||||||||||
Asset Category | Benchmark | Total | Quoted | Significant | Significant | |||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets for | (Level 2) | (Level 3) | ||||||||||||||||||
Identical | ||||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Cash and cash equivalents | $ | 9,127 | $ | 9,127 | $ | — | $ | — | ||||||||||||
Actively Managed (a): | ||||||||||||||||||||
All Cap Equity | Russell 3000 Value | 283 | 266 | 17 | — | |||||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 | 32,286 | 32,286 | — | — | |||||||||||||||
Growth, Russell 1000 Value | ||||||||||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, | 5,551 | 5,551 | — | — | |||||||||||||||
Russell Mid Cap Growth, Russell Mid Cap Value | ||||||||||||||||||||
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 2015, San Jose Water Company expects to make required and discretionary cash contributions of up to $8,300 to the pension plan and other postretirement benefit plan. | ||||||||||||||||||||
Benefits expected to be paid in the next five years and in the aggregate for the five years thereafter are: | ||||||||||||||||||||
Pension Plan | Other Postretirement | |||||||||||||||||||
Benefit Plan | ||||||||||||||||||||
2015 | $ | 5,282 | $ | 478 | ||||||||||||||||
2016 | 5,600 | 515 | ||||||||||||||||||
2017 | 5,933 | 546 | ||||||||||||||||||
2018 | 6,312 | 580 | ||||||||||||||||||
2019 | 6,564 | 602 | ||||||||||||||||||
2020 - 2024 | 39,594 | 3,478 | ||||||||||||||||||
Equity_Plans
Equity Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Equity Plans | Equity Plans | |||||||||||||
Common Stock | ||||||||||||||
SJW Corp. has a Long-Term Stock Incentive Plan (the “Plan”), which has 1,800,000 shares of common stock reserved for issuance. The Plan was initially adopted by the Board of Directors on March 6, 2002. The Plan was subsequently amended, and the amended and restated Plan was adopted by the Board on January 30, 2013 and became effective on April 24, 2013. The 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. | ||||||||||||||
A participant in the Plan generally may not receive Plan awards covering an aggregate of more than 600,000 shares of common stock in any calendar year. Additionally, awards granted under the Plan may be conditioned upon the attainment of specified Company performance goals. The types of awards included in the Plan are restricted stock awards, restricted stock units, performance shares, or other share-based awards. In addition, shares were issued to employees under the Employee Stock Purchase Plan (“ESPP”). The last offering period under the ESPP ended on July 31, 2014. A 2014 Employee Stock Purchase Plan (“2014 ESPP”) was approved by Company shareholders in April 2014. The initial offering period under the 2014 ESPP commenced on August 1, 2014 with a January 30, 2015 purchase date. No shares were issued under the 2014 ESPP in 2014. 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. | ||||||||||||||
As of December 31, 2014, 2013 and 2012, 429,352, 341,914 and 287,534 shares have been issued pursuant to the Plan, and 296,831, 307,919 and 327,093 shares are issuable upon the exercise of outstanding options, restricted stock units, and deferred restricted stock units for the years ended 2014, 2013 and 2012, respectively. The remaining shares available for issuance under the Plan are 1,073,817 as of December 31, 2014. The compensation costs charged to income is 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 are recorded to additional paid-in capital and common stock, by award type, are presented below for the years ended December 31: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Compensation costs charged to income: | ||||||||||||||
ESPP | $ | 148 | 128 | 104 | ||||||||||
Restricted stock and deferred restricted stock | 883 | 784 | 460 | |||||||||||
Total compensation costs charged to income | $ | 1,031 | 912 | 564 | ||||||||||
Proceeds from the exercise of stock options and similar instruments: | ||||||||||||||
Stock options | $ | 1,044 | 198 | 318 | ||||||||||
ESPP | 839 | 722 | 588 | |||||||||||
DRSPP | 34 | 84 | 83 | |||||||||||
Total proceeds from the exercise of stock options and similar instruments | $ | 1,917 | 1,004 | 989 | ||||||||||
Excess tax benefits realized from share options exercised and stock issuance: | ||||||||||||||
Stock options | $ | 213 | (69 | ) | 61 | |||||||||
Restricted stock and deferred restricted stock | 249 | 97 | 36 | |||||||||||
Total excess tax benefits realized from share options exercised and stock issuance | $ | 462 | 28 | 97 | ||||||||||
Stock Options | ||||||||||||||
SJW Corp. applies FASB ASC Topic 718—“Compensation—Stock Compensation,” for all existing and new share-based compensation plans. To estimate the fair value of options at grant date as the basis for the share-based compensation awards, SJW Corp. utilizes the Black-Scholes option-pricing model, which requires the use of subjective assumptions. Further, as required under ASC Topic 718, SJW Corp. estimates forfeitures for the share-based awards that are not expected to vest. Changes in these inputs and assumptions can affect the measure of estimated fair value of our share-based compensation and the amount and timing of expense recognition. | ||||||||||||||
Awards in the form of stock options under the Plan allow executives to purchase common shares at a specified price. Options are granted at an exercise price that is not less than the per share market price on the date of the grant. Options vest at a 25% rate on each annual date over four years and have a contractual term of 10 years. | ||||||||||||||
As of December 31, 2014, there are no outstanding options. A summary of SJW Corp.'s stock option awards as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | ||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average Exercise | Average | Intrinsic | ||||||||||||
Price | Remaining | Value | ||||||||||||
Life in Years | ||||||||||||||
Outstanding as of January 1, 2014 | 51,214 | $ | 20.38 | 1.16 | $ | 482 | ||||||||
Granted | — | — | — | — | ||||||||||
Exercised | (51,214 | ) | 20.38 | — | 581 | |||||||||
Forfeited or expired | — | — | — | — | ||||||||||
Outstanding as of December 31, 2014 | — | $ | — | — | $ | — | ||||||||
Options exercisable at December 31, 2014 | — | $ | — | — | $ | — | ||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012, was $581, $179, and $210, respectively. | ||||||||||||||
As of December 31, 2014, there are no unrecognized compensation costs related to stock options. | ||||||||||||||
Restricted Stock and Deferred Restricted Stock | ||||||||||||||
Under SJW Corp.'s Amended and Restated Deferred Restricted Stock Program (the “Deferred Restricted Stock Program”), SJW Corp. granted deferred restricted stock units to non-employee Board members. This program was amended effective January 1, 2008. As a result of that amendment, no new awards of deferred restricted stock units will be made under the Deferred Restricted Stock Program with respect to Board service after December 31, 2007. | ||||||||||||||
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 utilizing the Monte Carlo valuation model, 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. | ||||||||||||||
A summary of SJW Corp.'s restricted and deferred restricted stock awards as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | ||||||||||||||
Units | Weighted- | |||||||||||||
Average Grant- | ||||||||||||||
Date Fair Value | ||||||||||||||
Outstanding as of January 1, 2014 | 220,364 | $ | 16.31 | |||||||||||
Issued | 71,625 | $ | 26.11 | |||||||||||
Exercised | (32,182 | ) | $ | 26.88 | ||||||||||
Forfeited or expired | — | $ | — | |||||||||||
Outstanding as of December 31, 2014 | 259,807 | $ | 18.56 | |||||||||||
Shares vested as of December 31, 2014 | 129,340 | $ | 16.35 | |||||||||||
A summary of the status of SJW Corp.'s nonvested restricted and deferred restricted stock awards as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | ||||||||||||||
Units | Weighted- Average Grant- | |||||||||||||
Date Fair Value | ||||||||||||||
Nonvested as of January 1, 2014 | 77,386 | $ | 16.49 | |||||||||||
Granted | 71,625 | $ | 26.11 | |||||||||||
Vested | (18,544 | ) | $ | 23.65 | ||||||||||
Forfeited | — | $ | — | |||||||||||
Nonvested as of December 31, 2014 | 130,467 | $ | 20.75 | |||||||||||
As of December 31, 2014, the total unrecognized compensation costs related to restricted and deferred restricted stock plans amounted to $1,606. This cost is expected to be recognized over a weighted-average period of 1.36 years. | ||||||||||||||
Dividend Equivalent Rights | ||||||||||||||
Under the Plan, certain holders of options, restricted stock and deferred restricted stock awards may have the right to receive dividend equivalent rights (“DERs”) each time a dividend is paid on common stock after the grant date. Stock compensation on DERs is recognized as a liability and recorded against retained earnings on the date dividends are issued. | ||||||||||||||
The Deferred Restricted Stock and Deferral Election Programs for non-employee Board members were amended effective January 1, 2008, to allow the DERs' with respect to the deferred shares to remain in effect only through December 31, 2017. Accordingly, the last DERs' conversion into deferred restricted stock units will occur on the first business day in January 2018. Previously, no such time limitation was placed in the Deferred Restricted Stock and Deferral Election Program. | ||||||||||||||
As of December 31, 2014, 2013 and 2012, a cumulative of 66,458, 61,733 and 56,349 dividend equivalent rights were converted, since inception, to deferred restricted stock awards, respectively. For the years ended December 31, 2014, 2013 and 2012, $122, $128 and $128, respectively, related to dividend equivalent rights were recorded against retained earnings and were accrued as a liability. | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
On April 30, 2014, SJW Corp.'s shareholders approved the 2014 ESPP. Under the 2014 ESPP, 400,000 shares of SJW Corp.'s common stock were reserved for issuance. The remaining available shares for issuance from the predecessor ESPP were not transferred to the 2014 ESPP. The first offering period for the 2014 ESPP commenced on August 1, 2014. | ||||||||||||||
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. | ||||||||||||||
Since its inception, the ESPP had seventeen purchase intervals. As of December 31, 2014, 2013 and 2012, a total of 35,682, 30,869 and 29,468 shares, respectively, were issued under the ESPP. The ESPP and 2014 ESPP have no look-back provisions. As of December 31, 2014, 2013 and 2012, cash received from employees towards the ESPP and 2014 ESPP amounted to $854, $796 and $627, respectively. | ||||||||||||||
After considering estimated employee terminations or withdrawals from the plan before the purchase date, for the years ended December 31, 2014, 2013 and 2012, SJW Corp.'s recorded expenses were $151, $140 and $110 related to the ESPP and 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 $68. This cost is expected to be recognized during the 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 years ended December 31, 2014, 2013 and 2012, 829, 3,487 and 1,679 shares, respectively, were 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. |
Segment_and_NonTariffed_Busine
Segment and Non-Tariffed Businesses Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment and Non-Tariffed Businesses Reporting | Segment and Non-Tariffed Businesses Reporting | ||||||||||||||||||||
SJW Corp. is a holding company with four subsidiaries: (i) San Jose Water Company, a water utility operation with both regulated and non-tariffed businesses, (ii) SJW Land Company and its consolidated variable interest entity, 444 West Santa Clara Street, L.P., operate commercial building rentals, (iii) SJWTX, Inc. which is doing business as Canyon Lake Water Service Company, a regulated water utility located in Canyon Lake, Texas, and its consolidated non-tariffed variable interest entity, Acequia Water Supply Corporation, and (iv) Texas Water Alliance Limited, a non-tariffed 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, 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 senior staff which includes the Chairman, President and Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, and Senior Vice President of Regulatory Affairs. The senior staff 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 following tables set forth information relating to SJW Corp.'s reportable segments and distribution of regulated and non-tariffed 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 year ended December 31, 2014 | |||||||||||||||||||||
Water Utility Services | Real | All Other (1) | SJW Corp. | ||||||||||||||||||
Estate | |||||||||||||||||||||
Services | |||||||||||||||||||||
Regulated | Non- | Non- | Non- | Regulated | Non- | Total | |||||||||||||||
tariffed | tariffed | tariffed | tariffed | ||||||||||||||||||
Operating revenue | 306,474 | 6,175 | 7,019 | — | 306,474 | 13,194 | 319,668 | ||||||||||||||
Operating expense | 216,914 | 4,686 | 4,193 | 997 | 216,914 | 9,876 | 226,790 | ||||||||||||||
Operating income (loss) | 89,560 | 1,489 | 2,826 | (997 | ) | 89,560 | 3,318 | 92,878 | |||||||||||||
Net income (loss) | 50,612 | 668 | 1,050 | (524 | ) | 50,612 | 1,194 | 51,806 | |||||||||||||
Depreciation and amortization | 35,926 | 359 | 1,620 | — | 35,926 | 1,979 | 37,905 | ||||||||||||||
Senior note, mortgage and other interest expense | 17,555 | — | 1,022 | 2,211 | 17,555 | 3,233 | 20,788 | ||||||||||||||
Income tax expense (benefit) in net income | 24,210 | 471 | 542 | (252 | ) | 24,210 | 761 | 24,971 | |||||||||||||
Assets | 1,180,583 | 18,071 | 65,847 | 4,803 | 1,180,583 | 88,721 | 1,269,304 | ||||||||||||||
For year ended December 31, 2013 | |||||||||||||||||||||
Water Utility Services | Real | All Other (1) | SJW Corp. | ||||||||||||||||||
Estate | |||||||||||||||||||||
Services | |||||||||||||||||||||
Regulated | Non- | Non- | Non- | Regulated | Non- | Total | |||||||||||||||
tariffed | tariffed | tariffed | tariffed | ||||||||||||||||||
Operating revenue | 264,782 | 5,882 | 6,205 | — | 264,782 | 12,087 | 276,869 | ||||||||||||||
Operating expense | 212,761 | 5,683 | 4,000 | 1,018 | 212,761 | 10,701 | 223,462 | ||||||||||||||
Operating income (loss) | 52,021 | 199 | 2,205 | (1,018 | ) | 52,021 | 1,386 | 53,407 | |||||||||||||
Net income (loss) | 23,273 | (208 | ) | 920 | (1,601 | ) | 23,273 | (889 | ) | 22,384 | |||||||||||
Depreciation and amortization | 33,067 | 360 | 1,612 | — | 33,067 | 1,972 | 35,039 | ||||||||||||||
Senior note, mortgage and other interest expense | 16,616 | — | 1,120 | 2,186 | 16,616 | 3,306 | 19,922 | ||||||||||||||
Income tax expense (benefit) in net income | 14,446 | 124 | 768 | (1,203 | ) | 14,446 | (311 | ) | 14,135 | ||||||||||||
Assets | 1,013,229 | 16,163 | 71,779 | 8,815 | 1,013,229 | 96,757 | 1,109,986 | ||||||||||||||
For year ended December 31, 2012 | |||||||||||||||||||||
Water Utility Services | Real | All Other (1) | SJW Corp. | ||||||||||||||||||
Estate | |||||||||||||||||||||
Services | |||||||||||||||||||||
Regulated | Non- | Non- | Non- | Regulated | Non- | Total | |||||||||||||||
tariffed | tariffed | tariffed | tariffed | ||||||||||||||||||
Operating revenue | 251,032 | 5,523 | 4,992 | — | 251,032 | 10,515 | 261,547 | ||||||||||||||
Operating expense | 197,893 | 4,043 | 3,379 | 935 | 197,893 | 8,357 | 206,250 | ||||||||||||||
Operating income (loss) | 53,139 | 1,480 | 1,613 | (935 | ) | 53,139 | 2,158 | 55,297 | |||||||||||||
Net income (loss) | 22,811 | 707 | 244 | (1,444 | ) | 22,811 | (493 | ) | 22,318 | ||||||||||||
Depreciation and amortization | 31,085 | 360 | 1,653 | — | 31,085 | 2,013 | 33,098 | ||||||||||||||
Senior note, mortgage and other interest expense | 16,499 | — | 1,511 | 2,175 | 16,499 | 3,686 | 20,185 | ||||||||||||||
Income tax expense (benefit) in net income | 15,678 | 581 | 374 | (1,091 | ) | 15,678 | (136 | ) | 15,542 | ||||||||||||
Assets | 991,866 | 13,245 | 74,903 | 7,485 | 991,866 | 95,633 | 1,087,499 | ||||||||||||||
____________________ | |||||||||||||||||||||
(1) The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis. |
California_Water_Service_Group
California Water Service Group Stock | 12 Months Ended |
Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |
California Water Service Group Stock | California Water Service Group Stock |
SJW Corp. classifies its investment in California Water Service Group as available-for-sale. 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 December 31, 2014, SJW Corp. held 259,151 shares of California Water Service Group. 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. | |
As of December 31, 2014 and 2013, the fair value of the Company's investment in California Water Service Group was $6,378 and $8,885, respectively, and would be categorized as Level 1 of the fair value hierarchy. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data | ||||||||||||
Summarized quarterly financial data is as follows: | |||||||||||||
2014 Quarter Ended | |||||||||||||
March | June | September | December | ||||||||||
Operating revenue | $ | 54,596 | 70,356 | 125,430 | 69,286 | ||||||||
Operating income | 6,054 | 12,121 | 59,114 | 15,589 | |||||||||
Net income | 906 | 6,846 | 38,366 | 5,688 | |||||||||
Comprehensive income | 1,104 | 5,716 | 38,095 | 6,021 | |||||||||
Earnings per share: | |||||||||||||
—Basic | 0.04 | 0.34 | 1.9 | 0.28 | |||||||||
—Diluted | 0.04 | 0.34 | 1.88 | 0.28 | |||||||||
Market price range of stock: | |||||||||||||
—High | 30.4 | 29.51 | 28.25 | 32.87 | |||||||||
—Low | 27.84 | 25.87 | 25.64 | 26.77 | |||||||||
Dividend per share | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||
2013 Quarter Ended | |||||||||||||
March | June | September | December | ||||||||||
Operating revenue | $ | 50,139 | 74,230 | 85,238 | 67,262 | ||||||||
Operating income | 5,773 | 16,937 | 19,346 | 11,351 | |||||||||
Net income | 1,317 | 7,440 | 8,950 | 4,677 | |||||||||
Comprehensive income | 1,671 | 7,351 | 9,135 | 5,304 | |||||||||
Earnings per share: | |||||||||||||
—Basic | 0.07 | 0.37 | 0.44 | 0.23 | |||||||||
—Diluted | 0.07 | 0.37 | 0.44 | 0.23 | |||||||||
Market price range of stock: | |||||||||||||
—High | 28.09 | 27.66 | 28.52 | 30.03 | |||||||||
—Low | 25.7 | 24.58 | 25.62 | 26.4 | |||||||||
Dividend per share | 0.18 | 0.18 | 0.18 | 0.18 | |||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||
Valuation and Qualifying Accounts and Reserves | VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||
Years ended December 31, 2014, 2013 and 2012 | ||||||||||
(in thousands) | ||||||||||
Description | 2014 | 2013 | 2012 | |||||||
Allowance for doubtful accounts: | ||||||||||
Balance, beginning of period | $ | 170 | 225 | 225 | ||||||
Charged to expense | 321 | 442 | 449 | |||||||
Accounts written off | (489 | ) | (620 | ) | (526 | ) | ||||
Recoveries of accounts written off | 148 | 123 | 77 | |||||||
Balance, end of period | $ | 150 | 170 | 225 | ||||||
Reserve for litigation and claims: | ||||||||||
Balance, beginning of period | $ | 136 | 281 | 240 | ||||||
Charged to expense | 71 | 220 | 118 | |||||||
Revision to accrual, due to settlements | (5 | ) | (105 | ) | (38 | ) | ||||
Payments | (69 | ) | (260 | ) | (39 | ) | ||||
Balance, end of period | $ | 133 | 136 | 281 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounting Policies [Abstract] | |||||||
Consolidation Policy | The accompanying consolidated financial statements include the accounts of SJW Corp., its wholly owned subsidiaries, and two variable interest entities in which two SJW Corp. subsidiaries are the primary beneficiaries. All intercompany transactions and balances have been eliminated in consolidation. | ||||||
Use of Estimates Policy | The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||
Utility Plant Policy | The cost of additions, replacements and betterments to utility plant is capitalized. The amount of interest capitalized in 2014, 2013 and 2012 was $1,112, $905 and $913, respectively. Construction in progress was $23,208 and $30,846 at December 31, 2014 and 2013, respectively. | ||||||
As of December 31, 2014 and 2013, the Company had $16,838 and $10,418, respectively, of land used in utility operations. The increase in 2014 was primarily due to purchase of land for future wells sites. | |||||||
The major components of depreciable plant and equipment as of December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | ||||||
Equipment | $ | 242,383 | 226,557 | ||||
Transmission and distribution | 1,042,794 | 967,031 | |||||
Office buildings and other structures | 68,595 | 60,998 | |||||
Total depreciable plant and equipment | $ | 1,353,772 | 1,254,586 | ||||
Depreciation is computed using the straight-line method over the estimated service lives of the assets, ranging from 5 to 75 years. The estimated service lives of depreciable plant and equipment are as follows: | |||||||
Useful Lives | |||||||
Equipment | 5 to 35 years | ||||||
Transmission and distribution plant | 35 to 75 years | ||||||
Office buildings and other structures | 7 to 50 years | ||||||
For the years 2014, 2013 and 2012, depreciation expense as a percent of the beginning of the year balance of depreciable plant was approximately 3.4%, 3.4% and 3.5%, respectively. A portion of depreciation expense is allocated to administrative and general expense. For the years 2014, 2013 and 2012, the amounts allocated to administrative and general expense were $1,586, $1,556 and $1,531, respectively. Depreciation expense for utility plant for the years ended December 31, 2014, 2013 and 2012 was $35,424, $32,616 and $31,005, respectively. The cost of utility plant retired, including retirement costs (less salvage), is charged to accumulated depreciation and no gain or loss is recognized. | |||||||
Utility Plant Intangible Assets Policy | All intangible assets are recorded at cost and are amortized using the straight-line method over the legal or estimated economic life of the asset, ranging from 5 to 70 years (see Note 6). | ||||||
Real Estate Investments Policy | Real estate investments are recorded at cost and consist primarily of land and buildings. Net gains and losses from the sale of real estate investments are recorded as a component of other (expense) income in the Consolidated Statements of Comprehensive Income. Nonutility property in Water Utility Services is also classified in real estate investments and not separately disclosed on the balance sheet based on the immateriality of the amount. Nonutility property is property that is neither used nor useful in providing water utility services to customers and is excluded from the rate base for rate-setting purposes. San Jose Water Company recognizes gain/loss on disposition of nonutility property in accordance with CPUC Code Section 790, whereby the net proceeds are reinvested back into property that is useful in providing water utility services to customers. There is no depreciation associated with nonutility property as it is all land. | ||||||
Impairment of Long-Lived Assets Policy | In accordance with the requirements of FASB ASC Topic 360—“Property, Plant and Equipment,” the long-lived assets of SJW Corp. are reviewed for impairment when changes in circumstances or events require adjustments to the carrying values of the assets. When such changes in circumstances or events occur, the Company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. To the extent an impairment exists, the asset is written down to its estimated fair value with a corresponding charge to operations in the period in which the impairment is identified. Long-lived assets consist primarily of utility plant in service, real estate investments, intangible assets, and regulatory assets. In addition, the Company tests unamortized intangible assets, which primarily relate to water rights, at least annually or more frequently if events or changes in circumstances indicate that this asset may be impaired. The Company first performs a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. In assessing the qualitative factors, the Company considers the impact of these key factors: change in industry and competitive environment, financial performance, and other relevant Company-specific events. If the Company determines that as a result of the qualitative assessment it is more likely than not (> 50% likelihood) that the fair value is less than carrying amount, then a quantitative test is performed. | ||||||
Financial Instruments Policy | The following instruments are not measured at fair value on the Company's consolidated balance sheets but require disclosure of fair values: cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of such instruments approximates their carrying value as reported on the 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. 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. | ||||||
Investment in Caifornia Water Service Group Policy | SJW Corp.'s investment in California Water Service Group is accounted for under FASB ASC Topic 320—“Investments—Debt and Equity Securities,” as an available-for-sale marketable security. The investment is recorded on the Consolidated Balance Sheet at its quoted market price with the change in unrealized gain or loss reported, net of tax, as a component of other comprehensive income (loss) (see Note 13). | ||||||
Regulatory Rate Filings Policy | On February 28, 2014, San Jose Water Company submitted Advice Letter No. 456. In the advice letter, San Jose Water Company notified the CPUC that San Jose Water Company was implementing conservation Tariff Rule 14.1. The CPUC's Tariff 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 Mandatory Conservation Memorandum Account (“MCMA”) to track all operational and administrative costs associated with the implementation of Rule 14.1 and implementation of a Mandatory Conservation Revenue Adjustment Memorandum Account (“MCRAMA”) to track any revenue shortfall associated with the implementation of SCVWD's 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 in which the revenue is recorded. As of December 31, 2014, no amounts have been recorded related to the MCMA and MCRAMA. | ||||||
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 provided San Jose Water Company authorization to file to increase rates for 2015 in November 2014. The increases for 2013 and 2014 became effective on August 15, 2014 (via Advice Letter No. 463) and September 29, 2014 (via Advice Letter No. 464), respectively. 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 in effect since January 1, 2013). On August 29, 2014, San Jose Water Company filed Advice Letter No. 465, seeking recovery of the $46,697 balance accrued in the 2013 General Rate Case Interim Rates Memorandum Account over a three-year period via a $0.2888 per CCF surcharge applied to all customer usage as authorized in the General Rate Case decision. In this filing, San Jose Water Company sought to recover the 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. The request was approved by the CPUC and the surcharge became effective September 29, 2014. | |||||||
On November 7, 2014, San Jose Water Company filed Advice Letter No. 467 seeking authorization to increase rates by $8,042, or 2.91%, via a step rate increase for the escalation year 2015. Subsequent to this filing, due to changes in escalation factors, San Jose Water Company filed Advice Letter No. 467A revising the requested increase to $8,135, or 2.94%. The revised request was approved by the CPUC and became effective on January 1, 2015. | |||||||
On January 5, 2015, San Jose Water Company filed General Rate Case Application 15-01-002 requesting authority for an increase of $34,928, or 12.22%, in 2016, $9,954, or 3.11%, in 2017, and $17,567, or 5.36%, in 2018. This General Rate Case filing also includes several “special requests”, including but not limited to: (1) recovery of the under-collected balance of $4,752 in the balancing account, (2) disbursement of the over-collected balance of $976 accrued in various memorandum accounts, and (3) implementation of a full revenue decoupling Water Revenue Adjustment Mechanism and associated Modified Cost Balancing Account. A General Rate Case is a year-long proceeding before the CPUC that involves a discovery phase led by the CPUC's Office of Ratepayer Advocates and customer intervenors that are assigned party status, settlement meetings, as well as possible evidentiary hearings. A final decision is likely to occur in the second half of 2015 with new rates becoming effective at the beginning of 2016. If a decision is not reached by the end of 2015, the CPUC has mechanisms in place that will allow San Jose Water Company to request interim rates, effective January 1, 2016, until such time a decision is adopted. | |||||||
On October 3, 2013, CLWSC filed a rate case with the 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. On December 18, 2014, the PUCT voted unanimously to approve a final order in the case. As approved, the final decision settles all issues with the Coalition for Equitable Water Rates (a customer intervenor group), the PUCT and the Office of Public Utility Counsel regarding the 2013 rate case for all customers located outside the City of Bulverde's jurisdiction. The decision authorized the requested average system-wide rate increase to be phased-in annually beginning January 1, 2015 through January 1, 2018. The decision further provides that no refunds or credits will be owed to customers for rates in effect between December 2, 2013 and December 31, 2014. It also allows for the filing of additional applications to recover increases in purchased water supply costs for such customers. As part of the settlement, CLWSC has the option to file a general rate case application after September 1, 2017 to establish a new rate increase. If the Company elects this option prior to December 31, 2017, the January 1, 2018 scheduled rate increase in the decision will not become effective. As part of the settlement of the rate case, CLWSC agreed to drop its appeal of the 2010 rate case final order. Therefore, upon motion of CLWSC, such appeal was subsequently dismissed by the District Court of Travis County on January 16, 2015. | |||||||
Regulatory Assets and Liabilities Policy | Generally accepted accounting principles for water utilities include the recognition of regulatory assets and liabilities as permitted by ASC Topic 980. In accordance with ASC Topic 980, Water Utility Services, to the extent applicable, records deferred costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that these costs and credits will be recognized in the ratemaking process in a period different from when the costs and credits are incurred. Accounting for such costs and credits is based on management's judgment and prior historical ratemaking practices, and it occurs when management determines that it is probable that these costs and credits will be recognized in the future revenue of Water Utility Services through the ratemaking process. The regulatory assets and liabilities recorded by Water Utility Services, in particular, San Jose Water Company, primarily relate to the recognition of deferred income taxes for ratemaking versus tax accounting purposes, balancing and memorandum accounts, the 2012 General Rate Case true-up, postretirement pension benefits, medical costs, accrued benefits for vacation and asset retirement obligations that have not yet been passed through in rates. The Company adjusts the related asset and liabilities for these items through its regulatory asset and liability accounts at year-end, except for certain postretirement benefit costs and balancing and memorandum accounts which are adjusted monthly. The Company expects to recover regulatory assets related to plant depreciation income tax temporary differences over the average lives of the plant assets of between 5 to 75 years. | ||||||
Rate-regulated enterprises are required to charge a regulatory asset to earnings if and when that asset no longer meets the criteria for being recorded as a regulatory asset. San Jose Water Company continually evaluates the recoverability of regulatory assets by assessing whether the amortization of the balance over the remaining life can be recovered through expected and undiscounted future cash flows. | |||||||
Income Tax Policy | Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the effect of temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using current tax rates in effect. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. | ||||||
Regulatory Income Taxes Policy | To the extent permitted by the CPUC, investment tax credits resulting from utility plant additions are deferred and amortized over the estimated useful lives of the related property. | ||||||
Advances for Construction and Contributions in Aid of Construction Policy | Contributions in aid of construction represent funds received from developers that are not refundable under applicable regulations. Depreciation applicable to utility plant constructed with these contributions is charged to contributions in aid of construction. | ||||||
Customer advances and contributions in aid of construction received subsequent to 1986 and prior to June 12, 1996 generally must be included in federal taxable income. Taxes paid relating to advances and contributions are recorded as deferred tax assets for financial reporting purposes and are amortized over 40 years for advances, and over the tax depreciable life of the related asset for contributions. Receipts subsequent to June 12, 1996 are generally exempt from federal taxable income, unless specifically prescribed under treasury regulations. | |||||||
Advances and contributions received subsequent to 1991 and prior to 1997 are included in California state taxable income. | |||||||
In California, advances for construction received after 1981 are refunded ratably over 40 years. | |||||||
Asset Retirement Obligations Policy | SJW Corp.'s asset retirement obligation is recorded as a liability included in other non-current liabilities. It reflects principally the retirement costs of wells and other anticipated clean-up costs, which by law, must be remediated upon retirement. Retirement costs have historically been recovered through rates at the time of retirement. As a result, the liability is offset by a regulatory asset. | ||||||
Balancing and Memorandum Accounts Policy | 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. The Company also maintains memorandum accounts to track revenue impacts due to catastrophic events, certain unforeseen water quality expenses related to new federal and state water quality standards, energy efficiency, cost of capital, 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 year-end the revenue is recorded. In assessing the probability criteria for balancing and memorandum accounts between general rate cases, the Company considers evidence that may exist prior to CPUC authorization that would satisfy ASC Topic 980, 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 the Company's financial statements. | |||||||
Balancing and Memorandum Accounts, Disclosures | On September 29, 2014, the CPUC approved a surcharge to true-up the difference between interim rates and authorized rates of $46,697 to be recovered over a three-year period as well as one-time refunds of $241 as authorized in the 2012 General Rate Case decision. The net amount of $46,456 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 December 31, 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 $8,294, of which the majority 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. | |||||||
Revenue Recognition Policy | SJW Corp. recognizes its regulated and non-tariffed revenue when services have been rendered, in accordance with ASC Topic 605. | ||||||
Metered revenue of Water Utility Services includes billing to customers based on meter readings plus an estimate of water used between the customers' last meter reading and the end of the accounting period. Water Utility Services read the majority of its customers' meters on a bi-monthly basis and records its revenue based on its meter reading results. Unbilled revenue from the last meter reading date to the end of the accounting period is estimated based on the most recent usage patterns, production records and the effective tariff rates. Actual results could differ from those estimates, which may result in an adjustment to the operating revenue in the period which the revision to Water Utility Services' estimates is determined. San Jose Water Company also recognizes balancing and memorandum accounts in its revenue 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. | |||||||
Revenues also include a surcharge collected from regulated customers that is paid to the CPUC. This surcharge is recorded both in operating revenues and administrative and general expenses. For the years ended December 31, 2014, 2013 and 2012, the surcharge was $3,872, $3,741 and $3,862, respectively. | |||||||
Revenue from San Jose Water Company's non-tariffed utility operations, maintenance agreements or antenna leases are recognized when services have been rendered. Non-tariffed operating revenue in 2014, 2013 and 2012 includes $6,175, $5,882 and $5,523, respectively, from the operation of the City of Cupertino municipal water system. Revenue from SJW Land Company properties is recognized ratably over the term of the leases. | |||||||
Share-based Payment Policy | SJW Corp. utilizes the Black-Scholes option-pricing model to calculate the fair value of restricted stock awards. The Black-Scholes option-pricing model requires the use of subjective assumptions, to compute the fair value of options at the grant date, and is the basis for share-based compensation for financial reporting purposes. In addition, SJW Corp. estimates forfeitures for share-based awards that are not expected to vest. | ||||||
SJW Corp. utilizes the Monte Carlo valuation model, which requires the use of subjective assumptions, to compute the fair value of market performance-vesting restricted stock units. | |||||||
The compensation cost charged to income is recognized on a straight-line basis over the requisite service period, which is the vesting period. | |||||||
Maintenance Expense Policy | Planned major maintenance projects are charged to expense as incurred. | ||||||
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 year. The two-class method in computing basic earnings per share is not used because the number of participating securities as defined in FASB ASC Topic 260—“Earnings Per Share” is not significant. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. Diluted earnings per share is calculated using income available to common shareholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with stock options, deferred restricted common stock awards under SJW Corp.'s Long-Term Incentive Plan and shares potentially issuable under the Employee Stock Purchase Plans. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Property, Plant and Equipment | The major components of depreciable plant and equipment as of December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Equipment | $ | 242,383 | 226,557 | ||||||||||
Transmission and distribution | 1,042,794 | 967,031 | |||||||||||
Office buildings and other structures | 68,595 | 60,998 | |||||||||||
Total depreciable plant and equipment | $ | 1,353,772 | 1,254,586 | ||||||||||
Depreciation is computed using the straight-line method over the estimated service lives of the assets, ranging from 5 to 75 years. The estimated service lives of depreciable plant and equipment are as follows: | |||||||||||||
Useful Lives | |||||||||||||
Equipment | 5 to 35 years | ||||||||||||
Transmission and distribution plant | 35 to 75 years | ||||||||||||
Office buildings and other structures | 7 to 50 years | ||||||||||||
Schedule of Real Estate Investments | The major components of real estate investments as of December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Land | $ | 17,297 | 18,892 | ||||||||||
Buildings and improvements | 56,168 | 59,256 | |||||||||||
Intangibles | 329 | 329 | |||||||||||
Total real estate investment | $ | 73,794 | 78,477 | ||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The following schedule shows the future minimum rental payments to be received from third parties under operating leases that have remaining noncancelable lease terms in excess of one year as of December 31, 2014: | ||||||||||||
Year ending December 31: | Rental Revenue | ||||||||||||
2015 | $ | 5,345 | |||||||||||
2016 | 5,514 | ||||||||||||
2017 | 5,612 | ||||||||||||
2018 | 4,789 | ||||||||||||
2019 | 3,753 | ||||||||||||
Thereafter | 13,691 | ||||||||||||
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities are comprised of the following as of December 31: | ||||||||||||
2014 | 2013 | ||||||||||||
Regulatory assets, net: | |||||||||||||
Income tax temporary differences, net | $ | 6,731 | 8,220 | ||||||||||
Postretirement pensions and other medical benefits | 115,494 | 62,949 | |||||||||||
Balancing and memorandum accounts, net | 47,061 | 7,689 | |||||||||||
Other, net | 5,577 | 4,685 | |||||||||||
Total regulatory assets, net in Consolidated Balance Sheets | $ | 174,863 | 83,543 | ||||||||||
Less: current regulatory asset, net | 16,853 | — | |||||||||||
Total regulatory assets, net, less current portion | $ | 158,010 | 83,543 | ||||||||||
Schedule of Estimated Refunds of Advances for Construction and Contributions in Aid of Construction | Estimated refunds for the next five years and thereafter are shown below: | ||||||||||||
Estimated Refunds | |||||||||||||
2015 | $ | 2,508 | |||||||||||
2016 | 2,508 | ||||||||||||
2017 | 2,508 | ||||||||||||
2018 | 2,508 | ||||||||||||
2019 | 2,508 | ||||||||||||
Thereafter | 60,763 | ||||||||||||
Schedule of Asset Retirement Obligations | For the years ended December 31, 2014 and 2013, the asset retirement obligation is as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Retirement obligation | $ | 4,355 | 4,612 | ||||||||||
Discount rate | 6 | % | 6 | % | |||||||||
Present value, recorded as a liability | 1,994 | 1,733 | |||||||||||
Deferred tax | 1,371 | 1,192 | |||||||||||
Regulatory asset | $ | 3,365 | 2,925 | ||||||||||
Schedule of Balancing and Memorandum Accounts | 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 recorded revenue and regulatory assets as follows: | ||||||||||||
For the year ended December 31, 2014 | |||||||||||||
Beginning Balance | Revenue | Refunds (Collections) | Ending | ||||||||||
Increase (Reduction) | Balance | ||||||||||||
Memorandum accounts | $ | (1,896 | ) | 341 | 178 | (1,377 | ) | ||||||
Balancing accounts: | |||||||||||||
Water supply costs | (2,378 | ) | 3,353 | (85 | ) | 890 | |||||||
Pension | 9,734 | (7,705 | ) | (617 | ) | 1,412 | |||||||
2012 General Rate Case true-up | — | 46,456 | (2,056 | ) | 44,400 | ||||||||
All others | 2,229 | (447 | ) | (46 | ) | 1,736 | |||||||
Total balancing accounts | $ | 9,585 | 41,657 | (2,804 | ) | 48,438 | |||||||
Total | $ | 7,689 | 41,998 | (2,626 | ) | 47,061 | |||||||
For the year ended December 31, 2013 | |||||||||||||
Beginning Balance | Revenue | Refunds (Collections) | Ending | ||||||||||
Increase (Reduction) | Balance | ||||||||||||
Memorandum accounts | $ | (1,887 | ) | 869 | (878 | ) | (1,896 | ) | |||||
Balancing accounts: | |||||||||||||
Water supply costs | (1,590 | ) | (788 | ) | — | (2,378 | ) | ||||||
Pension | 6,657 | 3,077 | — | 9,734 | |||||||||
2012 General Rate Case true-up | — | — | — | — | |||||||||
All others | 369 | 1,860 | — | 2,229 | |||||||||
Total balancing accounts | $ | 5,436 | 4,149 | — | 9,585 | ||||||||
Total | $ | 3,549 | 5,018 | (878 | ) | 7,689 | |||||||
For the year ended December 31, 2012 | |||||||||||||
Beginning Balance | Revenue | Refunds (Collections) | Ending | ||||||||||
Increase (Reduction) | Balance | ||||||||||||
Memorandum accounts | $ | 5,739 | (2,832 | ) | (4,794 | ) | (1,887 | ) | |||||
Balancing accounts: | |||||||||||||
Water supply costs | — | (1,590 | ) | — | (1,590 | ) | |||||||
Pension | — | 6,657 | — | 6,657 | |||||||||
2012 General Rate Case true-up | — | — | — | — | |||||||||
All others | — | 369 | — | 369 | |||||||||
Total balancing accounts | $ | — | 5,436 | — | 5,436 | ||||||||
Total | $ | 5,739 | 2,604 | (4,794 | ) | 3,549 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Instrument [Line Items] | |||||||||
Schedule of Long-term Debt Instruments | Long-term debt as of December 31 was as follows: | ||||||||
Description | Due Date | 2014 | 2013 | ||||||
Senior notes, San Jose Water Company: | |||||||||
Series A 8.58% | 2022 | $ | 20,000 | 20,000 | |||||
Series B 7.37% | 2024 | 30,000 | 30,000 | ||||||
Series C 9.45% | 2020 | 10,000 | 10,000 | ||||||
Series D 7.15% | 2026 | 15,000 | 15,000 | ||||||
Series E 6.81% | 2028 | 15,000 | 15,000 | ||||||
Series F 7.20% | 2031 | 20,000 | 20,000 | ||||||
Series G 5.93% | 2033 | 20,000 | 20,000 | ||||||
Series H 5.71% | 2037 | 20,000 | 20,000 | ||||||
Series I 5.93% | 2037 | 20,000 | 20,000 | ||||||
Series J 6.54% | 2024 | 10,000 | 10,000 | ||||||
Series K 6.75% | 2039 | 20,000 | 20,000 | ||||||
Series L 5.14% | 2044 | 50,000 | — | ||||||
SJWTX, Inc. Series A 6.27% | 2036 | 15,000 | 15,000 | ||||||
SJW Corp. Series A 4.35% | 2021 | 50,000 | 50,000 | ||||||
Total senior notes | $ | 315,000 | 265,000 | ||||||
Mortgage loans 5.61% - 6.09% | 2016 | 3,109 | 3,215 | ||||||
2017 | 11,896 | 12,142 | |||||||
444 West Santa Clara Street, L.P. 5.68% (non-recourse to SJW Land Company) | 2021 | 2,947 | 3,053 | ||||||
California Pollution Control Financing Authority Revenue Bonds 5.10%, San Jose Water Company | 2040 | 50,000 | 50,000 | ||||||
SDWSRF loans 2.39% and 2.60%, San Jose Water Company | 2027 | 1,997 | 2,141 | ||||||
Total debt | $ | 384,949 | 335,551 | ||||||
Less: current portion | 584 | 554 | |||||||
Total long-term debt, less current portion | $ | 384,365 | 334,997 | ||||||
Schedule of Maturities of Long-term Debt | The amount of coverage can be reduced as the principal balances decrease. An amortization schedule of the SDWSRF loans is as follows: | ||||||||
Amortization Schedule | |||||||||
Year | Total Payment | Interest | Principal | ||||||
2015 | 132 | 34 | 98 | ||||||
2016 | 195 | 45 | 150 | ||||||
2017 | 196 | 42 | 154 | ||||||
2018 | 196 | 38 | 158 | ||||||
2019 | 196 | 34 | 162 | ||||||
Thereafter | 1,397 | 122 | 1,275 | ||||||
Mortgages [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Schedule of Maturities of Long-term Debt | An amortization schedule of the mortgage loans is as follows: | ||||||||
Amortization Schedule | |||||||||
Year | Total Payment | Interest | Principal | ||||||
2015 | 1,229 | 856 | 373 | ||||||
2016 | 4,034 | 762 | 3,272 | ||||||
2017 | 11,470 | 110 | 11,360 | ||||||
An amortization schedule of the mortgage loan with 444 West Santa Clara Street, L.P. is as follows: | |||||||||
Amortization Schedule | |||||||||
Year | Total Payment | Interest | Principal | ||||||
2015 | 276 | 164 | 112 | ||||||
2016 | 276 | 157 | 119 | ||||||
2017 | 276 | 150 | 126 | ||||||
2018 | 276 | 143 | 133 | ||||||
2019 | 276 | 135 | 141 | ||||||
Thereafter | 2,485 | 169 | 2,316 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense were: | |||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | 50 | (525 | ) | — | |||||
State | (1,146 | ) | 3,093 | 3,305 | ||||||
Deferred: | ||||||||||
Federal | 28,493 | 11,743 | 12,114 | |||||||
State | (2,426 | ) | (176 | ) | 123 | |||||
$ | 24,971 | 14,135 | 15,542 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles income tax expense to the amount computed by applying the federal statutory rate to income before income taxes of $76,777, $36,519 and $37,860 in 2014, 2013 and 2012: | |||||||||
2014 | 2013 | 2012 | ||||||||
“Expected” federal income tax | $ | 26,872 | 12,782 | 13,251 | ||||||
Increase (decrease) in taxes attributable to: | ||||||||||
State taxes, net of federal income tax benefit | 4,155 | 1,836 | 2,108 | |||||||
Dividend received deduction | (46 | ) | (60 | ) | (59 | ) | ||||
Uncertain tax positions | — | (650 | ) | 82 | ||||||
Sales & Use Enterprise Zone Credit | (880 | ) | — | — | ||||||
Tangible Property Regulations | (5,127 | ) | — | — | ||||||
Other items, net | (3 | ) | 227 | 160 | ||||||
$ | 24,971 | 14,135 | 15,542 | |||||||
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability as of December 31 was as follows: | |||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Advances and contributions | $ | 16,212 | 15,598 | |||||||
Unamortized investment tax credit | 709 | 741 | ||||||||
Pensions and postretirement benefits | 4,216 | 4,405 | ||||||||
California franchise tax | — | 1,107 | ||||||||
Net operating loss | 5,065 | 5,814 | ||||||||
Other | 1,697 | 1,596 | ||||||||
Total deferred tax assets | $ | 27,899 | 29,261 | |||||||
Deferred tax liabilities: | ||||||||||
Utility plant | $ | 150,662 | 125,706 | |||||||
Pension and postretirement benefits | 47,059 | 25,649 | ||||||||
Investment in stock | 2,335 | 3,228 | ||||||||
Deferred gain and other-property related | 11,695 | 13,107 | ||||||||
Debt reacquisition costs | 443 | 496 | ||||||||
Other | 1,211 | 1,811 | ||||||||
Total deferred tax liabilities | $ | 213,405 | 169,997 | |||||||
Net deferred tax liabilities | $ | 185,506 | 140,736 | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||
Balance at December 31, 2013 | $ | 535 | ||||||||
Increase related to tax positions taken during a prior year, including interest | 118 | |||||||||
Reductions related to tax positions taken in a prior year, including interest | (4 | ) | ||||||||
Balance at December 31, 2014 | $ | 649 | ||||||||
Summary of Income Tax Examinations | SJW Corp. files U.S. federal income tax returns and income tax returns in various states. The Company is no longer subject to tax examination for fiscal years prior to 2012 for federal purposes and 2010 for state purposes. The open tax years for the jurisdictions in which SJW Corp. files are as follows: | |||||||||
Jurisdiction | Years Open | |||||||||
Federal | 2012 - 2013 | |||||||||
California | 2010 - 2013 | |||||||||
Arizona | 2010 - 2013 | |||||||||
Connecticut | 2011 - 2013 | |||||||||
Florida | 2011 - 2012 | |||||||||
Tennessee | 2011 - 2013 | |||||||||
Texas | 2010 - 2013 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
Schedule of Finitie-Lived Intangible Assets | The costs of intangible assets as of December 31, 2014 and 2013 are as follows: | ||||||
2014 | 2013 | ||||||
Concession fees | $ | 6,800 | 6,800 | ||||
Other intangibles | 12,533 | 11,541 | |||||
Intangible assets | 19,333 | 18,341 | |||||
Less: Accumulated amortization | |||||||
Concession fees | 4,692 | 4,420 | |||||
Other intangibles | 860 | 765 | |||||
Net intangible assets | $ | 13,781 | 13,156 | ||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Assumptions Used | Net periodic cost for the defined benefit plans and other postretirement benefits was calculated using the following weighted-average assumptions: | |||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
% | % | % | % | % | % | |||||||||||||||
Discount rate | 4.82 | 3.92 | 4.34 | 4.7 | 3.8 | 4.25 | ||||||||||||||
Expected return on plan assets | 7 | 7 | 7 | 7 | 7 | 7 | ||||||||||||||
Rate of compensation increase | 4 | 4 | 4 | N/A | N/A | N/A | ||||||||||||||
Benefit obligations for the defined benefit plans and other postretirement benefits were calculated using the following weighted-average assumptions as of December 31: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
% | % | % | % | |||||||||||||||||
Discount rate | 3.88 | 4.82 | 3.8 | 4.7 | ||||||||||||||||
Rate of compensation increase | 4 | 4 | N/A | N/A | ||||||||||||||||
Schedule of Net Benefit Costs | Net periodic costs for the defined benefit plans and other postretirement benefits for the years ended December 31 was as follows: | |||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||
Service cost | $ | 3,938 | 4,594 | 4,288 | $ | 284 | 361 | 339 | ||||||||||||
Interest cost | 6,098 | 5,393 | 5,349 | 508 | 508 | 452 | ||||||||||||||
Expected return on assets | (6,414 | ) | (5,289 | ) | (4,442 | ) | (268 | ) | (230 | ) | (151 | ) | ||||||||
Amortization of transition obligation | — | — | — | — | — | 1 | ||||||||||||||
Amortization of prior service cost | 376 | 394 | 414 | 197 | 197 | 197 | ||||||||||||||
Recognized actuarial loss | 1,879 | 4,052 | 3,857 | 59 | 189 | 195 | ||||||||||||||
Net periodic benefit cost | $ | 5,877 | 9,144 | 9,466 | $ | 780 | 1,025 | 1,033 | ||||||||||||
Schedule of Net Funded Status | The projected benefit obligations and the funded status of San Jose Water Company's defined benefit pension and other postretirement plans as of December 31 were as follows: | |||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 128,699 | 140,999 | $ | 10,976 | 12,243 | ||||||||||||||
Service cost | 3,938 | 4,594 | 284 | 361 | ||||||||||||||||
Interest cost | 6,098 | 5,393 | 508 | 508 | ||||||||||||||||
Actuarial (gain)/loss | 31,161 | (18,082 | ) | 2,322 | (1,829 | ) | ||||||||||||||
Benefits paid | (4,592 | ) | (4,205 | ) | (376 | ) | (307 | ) | ||||||||||||
Benefit obligation at end of year | $ | 165,304 | 128,699 | $ | 13,714 | 10,976 | ||||||||||||||
Change in plan assets | ||||||||||||||||||||
Fair value of assets at beginning of year | $ | 91,358 | 75,542 | $ | 3,995 | 3,478 | ||||||||||||||
Actual return on plan assets | 6,392 | 10,478 | 119 | 325 | ||||||||||||||||
Employer contributions | 6,470 | 9,543 | 434 | 445 | ||||||||||||||||
Benefits paid | (4,592 | ) | (4,205 | ) | (297 | ) | (253 | ) | ||||||||||||
Fair value of plan assets at end of year | 99,628 | 91,358 | 4,251 | 3,995 | ||||||||||||||||
Funded status at end of year | $ | (65,676 | ) | (37,341 | ) | $ | (9,463 | ) | (6,981 | ) | ||||||||||
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized on the balance sheet as of December 31 were as follows: | |||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Current liabilities | $ | 883 | 757 | $ | 69 | 68 | ||||||||||||||
Noncurrent liabilities | 64,793 | 36,584 | 9,394 | 6,913 | ||||||||||||||||
$ | 65,676 | 37,341 | $ | 9,463 | 6,981 | |||||||||||||||
Schedule of Regulatory Asset Recorded on the Projected Benefit Obligation of the Postretirement Benefit Plans | San Jose Water Company recorded a regulatory asset, including a gross-up for taxes, on the projected benefit obligation of the postretirement benefit plans as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Funded status of obligation | $ | 75,139 | 44,322 | |||||||||||||||||
Accrued benefit cost | (6,704 | ) | (7,030 | ) | ||||||||||||||||
Amount to be recovered in future rates | 68,435 | 37,292 | ||||||||||||||||||
Tax gross-up | 47,059 | 25,657 | ||||||||||||||||||
Regulatory asset | $ | 115,494 | 62,949 | |||||||||||||||||
Schedule of Estimated Amortization | The estimated amortization for the year ended December 31, 2015 is as follows: | |||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
Amortization of prior service cost | $ | 3,883 | 197 | |||||||||||||||||
Amortization of loss | 376 | 214 | ||||||||||||||||||
Total | $ | 4,259 | 411 | |||||||||||||||||
Schedule of Allocation of Plan Assets | The following tables summarize the fair values of plan assets by major categories as of December 31, 2014 and 2013: | |||||||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||
Asset Category | Benchmark | Total | Quoted | Significant | Significant | |||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets for | (Level 2) | (Level 3) | ||||||||||||||||||
Identical | ||||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Cash and cash equivalents | $ | 6,811 | $ | 6,811 | $ | — | $ | — | ||||||||||||
Actively Managed (a): | ||||||||||||||||||||
All Cap Equity | Russell 3000 Value | 4,266 | 4,237 | 29 | — | |||||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 35,489 | 35,489 | — | — | |||||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, | 6,069 | 6,069 | — | — | |||||||||||||||
Russell Mid Cap Growth, Russell Mid Cap Value | ||||||||||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value, Russell 2500 | 4,982 | 4,982 | — | — | |||||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,758 | 4,758 | — | — | |||||||||||||||
REIT | NAREIT—Equity REIT's | 5,069 | — | 5,069 | — | |||||||||||||||
Fixed Income (b) | (b) | 36,435 | — | 36,435 | — | |||||||||||||||
Total | $ | 103,879 | $ | 62,346 | $ | 41,533 | $ | — | ||||||||||||
___________________________________ | ||||||||||||||||||||
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 | ||||||||||||||||||||
Asset Category | Benchmark | Total | Quoted | Significant | Significant | |||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||||
Markets for | (Level 2) | (Level 3) | ||||||||||||||||||
Identical | ||||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Cash and cash equivalents | $ | 9,127 | $ | 9,127 | $ | — | $ | — | ||||||||||||
Actively Managed (a): | ||||||||||||||||||||
All Cap Equity | Russell 3000 Value | 283 | 266 | 17 | — | |||||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 | 32,286 | 32,286 | — | — | |||||||||||||||
Growth, Russell 1000 Value | ||||||||||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, | 5,551 | 5,551 | — | — | |||||||||||||||
Russell Mid Cap Growth, Russell Mid Cap Value | ||||||||||||||||||||
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. | |||||||||||||||||||
Plan assets for the years ended December 31 were as follows: | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Fair value of assets at end of year: | ||||||||||||||||||||
Debt securities | $ | 35,034 | 34,464 | $ | 1,401 | 1,427 | ||||||||||||||
35 | % | 38 | % | 33 | % | 36 | % | |||||||||||||
Equity securities | 58,286 | 48,442 | 2,347 | 1,893 | ||||||||||||||||
59 | % | 53 | % | 55 | % | 47 | % | |||||||||||||
Cash and equivalents | 6,308 | 8,452 | 503 | 675 | ||||||||||||||||
6 | % | 9 | % | 12 | % | 17 | % | |||||||||||||
Total | $ | 99,628 | 91,358 | $ | 4,251 | 3,995 | ||||||||||||||
Schedule of Expected Benefit Payments | Benefits expected to be paid in the next five years and in the aggregate for the five years thereafter are: | |||||||||||||||||||
Pension Plan | Other Postretirement | |||||||||||||||||||
Benefit Plan | ||||||||||||||||||||
2015 | $ | 5,282 | $ | 478 | ||||||||||||||||
2016 | 5,600 | 515 | ||||||||||||||||||
2017 | 5,933 | 546 | ||||||||||||||||||
2018 | 6,312 | 580 | ||||||||||||||||||
2019 | 6,564 | 602 | ||||||||||||||||||
2020 - 2024 | 39,594 | 3,478 | ||||||||||||||||||
Equity_Plans_Tables
Equity Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 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 are recorded to additional paid-in capital and common stock, by award type, are presented below for the years ended December 31: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Compensation costs charged to income: | ||||||||||||||
ESPP | $ | 148 | 128 | 104 | ||||||||||
Restricted stock and deferred restricted stock | 883 | 784 | 460 | |||||||||||
Total compensation costs charged to income | $ | 1,031 | 912 | 564 | ||||||||||
Proceeds from the exercise of stock options and similar instruments: | ||||||||||||||
Stock options | $ | 1,044 | 198 | 318 | ||||||||||
ESPP | 839 | 722 | 588 | |||||||||||
DRSPP | 34 | 84 | 83 | |||||||||||
Total proceeds from the exercise of stock options and similar instruments | $ | 1,917 | 1,004 | 989 | ||||||||||
Excess tax benefits realized from share options exercised and stock issuance: | ||||||||||||||
Stock options | $ | 213 | (69 | ) | 61 | |||||||||
Restricted stock and deferred restricted stock | 249 | 97 | 36 | |||||||||||
Total excess tax benefits realized from share options exercised and stock issuance | $ | 462 | 28 | 97 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | As of December 31, 2014, there are no outstanding options. A summary of SJW Corp.'s stock option awards as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average Exercise | Average | Intrinsic | ||||||||||||
Price | Remaining | Value | ||||||||||||
Life in Years | ||||||||||||||
Outstanding as of January 1, 2014 | 51,214 | $ | 20.38 | 1.16 | $ | 482 | ||||||||
Granted | — | — | — | — | ||||||||||
Exercised | (51,214 | ) | 20.38 | — | 581 | |||||||||
Forfeited or expired | — | — | — | — | ||||||||||
Outstanding as of December 31, 2014 | — | $ | — | — | $ | — | ||||||||
Options exercisable at December 31, 2014 | — | $ | — | — | $ | — | ||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of SJW Corp.'s restricted and deferred restricted stock awards as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | |||||||||||||
Units | Weighted- | |||||||||||||
Average Grant- | ||||||||||||||
Date Fair Value | ||||||||||||||
Outstanding as of January 1, 2014 | 220,364 | $ | 16.31 | |||||||||||
Issued | 71,625 | $ | 26.11 | |||||||||||
Exercised | (32,182 | ) | $ | 26.88 | ||||||||||
Forfeited or expired | — | $ | — | |||||||||||
Outstanding as of December 31, 2014 | 259,807 | $ | 18.56 | |||||||||||
Shares vested as of December 31, 2014 | 129,340 | $ | 16.35 | |||||||||||
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of SJW Corp.'s nonvested restricted and deferred restricted stock awards as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | |||||||||||||
Units | Weighted- Average Grant- | |||||||||||||
Date Fair Value | ||||||||||||||
Nonvested as of January 1, 2014 | 77,386 | $ | 16.49 | |||||||||||
Granted | 71,625 | $ | 26.11 | |||||||||||
Vested | (18,544 | ) | $ | 23.65 | ||||||||||
Forfeited | — | $ | — | |||||||||||
Nonvested as of December 31, 2014 | 130,467 | $ | 20.75 | |||||||||||
Segment_and_NonTariffed_Busine1
Segment and Non-Tariffed Businesses Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables set forth information relating to SJW Corp.'s reportable segments and distribution of regulated and non-tariffed 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 year ended December 31, 2014 | |||||||||||||||||||||
Water Utility Services | Real | All Other (1) | SJW Corp. | ||||||||||||||||||
Estate | |||||||||||||||||||||
Services | |||||||||||||||||||||
Regulated | Non- | Non- | Non- | Regulated | Non- | Total | |||||||||||||||
tariffed | tariffed | tariffed | tariffed | ||||||||||||||||||
Operating revenue | 306,474 | 6,175 | 7,019 | — | 306,474 | 13,194 | 319,668 | ||||||||||||||
Operating expense | 216,914 | 4,686 | 4,193 | 997 | 216,914 | 9,876 | 226,790 | ||||||||||||||
Operating income (loss) | 89,560 | 1,489 | 2,826 | (997 | ) | 89,560 | 3,318 | 92,878 | |||||||||||||
Net income (loss) | 50,612 | 668 | 1,050 | (524 | ) | 50,612 | 1,194 | 51,806 | |||||||||||||
Depreciation and amortization | 35,926 | 359 | 1,620 | — | 35,926 | 1,979 | 37,905 | ||||||||||||||
Senior note, mortgage and other interest expense | 17,555 | — | 1,022 | 2,211 | 17,555 | 3,233 | 20,788 | ||||||||||||||
Income tax expense (benefit) in net income | 24,210 | 471 | 542 | (252 | ) | 24,210 | 761 | 24,971 | |||||||||||||
Assets | 1,180,583 | 18,071 | 65,847 | 4,803 | 1,180,583 | 88,721 | 1,269,304 | ||||||||||||||
For year ended December 31, 2013 | |||||||||||||||||||||
Water Utility Services | Real | All Other (1) | SJW Corp. | ||||||||||||||||||
Estate | |||||||||||||||||||||
Services | |||||||||||||||||||||
Regulated | Non- | Non- | Non- | Regulated | Non- | Total | |||||||||||||||
tariffed | tariffed | tariffed | tariffed | ||||||||||||||||||
Operating revenue | 264,782 | 5,882 | 6,205 | — | 264,782 | 12,087 | 276,869 | ||||||||||||||
Operating expense | 212,761 | 5,683 | 4,000 | 1,018 | 212,761 | 10,701 | 223,462 | ||||||||||||||
Operating income (loss) | 52,021 | 199 | 2,205 | (1,018 | ) | 52,021 | 1,386 | 53,407 | |||||||||||||
Net income (loss) | 23,273 | (208 | ) | 920 | (1,601 | ) | 23,273 | (889 | ) | 22,384 | |||||||||||
Depreciation and amortization | 33,067 | 360 | 1,612 | — | 33,067 | 1,972 | 35,039 | ||||||||||||||
Senior note, mortgage and other interest expense | 16,616 | — | 1,120 | 2,186 | 16,616 | 3,306 | 19,922 | ||||||||||||||
Income tax expense (benefit) in net income | 14,446 | 124 | 768 | (1,203 | ) | 14,446 | (311 | ) | 14,135 | ||||||||||||
Assets | 1,013,229 | 16,163 | 71,779 | 8,815 | 1,013,229 | 96,757 | 1,109,986 | ||||||||||||||
For year ended December 31, 2012 | |||||||||||||||||||||
Water Utility Services | Real | All Other (1) | SJW Corp. | ||||||||||||||||||
Estate | |||||||||||||||||||||
Services | |||||||||||||||||||||
Regulated | Non- | Non- | Non- | Regulated | Non- | Total | |||||||||||||||
tariffed | tariffed | tariffed | tariffed | ||||||||||||||||||
Operating revenue | 251,032 | 5,523 | 4,992 | — | 251,032 | 10,515 | 261,547 | ||||||||||||||
Operating expense | 197,893 | 4,043 | 3,379 | 935 | 197,893 | 8,357 | 206,250 | ||||||||||||||
Operating income (loss) | 53,139 | 1,480 | 1,613 | (935 | ) | 53,139 | 2,158 | 55,297 | |||||||||||||
Net income (loss) | 22,811 | 707 | 244 | (1,444 | ) | 22,811 | (493 | ) | 22,318 | ||||||||||||
Depreciation and amortization | 31,085 | 360 | 1,653 | — | 31,085 | 2,013 | 33,098 | ||||||||||||||
Senior note, mortgage and other interest expense | 16,499 | — | 1,511 | 2,175 | 16,499 | 3,686 | 20,185 | ||||||||||||||
Income tax expense (benefit) in net income | 15,678 | 581 | 374 | (1,091 | ) | 15,678 | (136 | ) | 15,542 | ||||||||||||
Assets | 991,866 | 13,245 | 74,903 | 7,485 | 991,866 | 95,633 | 1,087,499 | ||||||||||||||
____________________ | |||||||||||||||||||||
(1) The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis. |
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Schedule of Quarterly Financial Information | Summarized quarterly financial data is as follows: | ||||||||||||
2014 Quarter Ended | |||||||||||||
March | June | September | December | ||||||||||
Operating revenue | $ | 54,596 | 70,356 | 125,430 | 69,286 | ||||||||
Operating income | 6,054 | 12,121 | 59,114 | 15,589 | |||||||||
Net income | 906 | 6,846 | 38,366 | 5,688 | |||||||||
Comprehensive income | 1,104 | 5,716 | 38,095 | 6,021 | |||||||||
Earnings per share: | |||||||||||||
—Basic | 0.04 | 0.34 | 1.9 | 0.28 | |||||||||
—Diluted | 0.04 | 0.34 | 1.88 | 0.28 | |||||||||
Market price range of stock: | |||||||||||||
—High | 30.4 | 29.51 | 28.25 | 32.87 | |||||||||
—Low | 27.84 | 25.87 | 25.64 | 26.77 | |||||||||
Dividend per share | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||
2013 Quarter Ended | |||||||||||||
March | June | September | December | ||||||||||
Operating revenue | $ | 50,139 | 74,230 | 85,238 | 67,262 | ||||||||
Operating income | 5,773 | 16,937 | 19,346 | 11,351 | |||||||||
Net income | 1,317 | 7,440 | 8,950 | 4,677 | |||||||||
Comprehensive income | 1,671 | 7,351 | 9,135 | 5,304 | |||||||||
Earnings per share: | |||||||||||||
—Basic | 0.07 | 0.37 | 0.44 | 0.23 | |||||||||
—Diluted | 0.07 | 0.37 | 0.44 | 0.23 | |||||||||
Market price range of stock: | |||||||||||||
—High | 28.09 | 27.66 | 28.52 | 30.03 | |||||||||
—Low | 25.7 | 24.58 | 25.62 | 26.4 | |||||||||
Dividend per share | 0.18 | 0.18 | 0.18 | 0.18 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Narrative (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Acequia Water Supply Corporation [Member] | |
Public Utilities General Disclosures [Line Items] | |
Ownership percentage in Acequia Water Supply Corporation | 25.00% |
Minimum [Member] | |
Public Utilities General Disclosures [Line Items] | |
Service area in square miles | 240 |
Sales [Member] | Product Concentration Risk [Member] | |
Public Utilities General Disclosures [Line Items] | |
Percentage of revenue derived from sales of water to business and residential customers | 93.00% |
San Jose Water Company [Member] | |
Public Utilities General Disclosures [Line Items] | |
Number of people served | 1,000,000 |
SJWTX,Inc. dba Canyon Lake Water Supply Corporation [Member] | |
Public Utilities General Disclosures [Line Items] | |
Number of people served | 36,000 |
444 West Santa Clara Street, L.P. [Member] | |
Public Utilities General Disclosures [Line Items] | |
Limited partership interest percentage | 70.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Utility Plant) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Capitalized interest costs | $1,112 | $905 | $913 |
Construction in progress | 23,208 | 30,846 | |
Land | 16,838 | 10,418 | |
Major components of depreciable plant and equipment [Abstract] | |||
Equipment | 242,383 | 226,557 | |
Transmission and distribution | 1,042,794 | 967,031 | |
Office buildings and other structures | 68,595 | 60,998 | |
Total depreciable plant and equipment | 1,353,772 | 1,254,586 | |
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Depreciation expense as percentage of beginning of year balance of depreciable plant | 3.40% | 3.40% | 3.50% |
Minimum [Member] | |||
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Estimated service lives of assets | 5 years | ||
Estimated useful life of equipment | 5 years | ||
Estimated useful life of transmission and distribution plant | 35 years | ||
Estimated useful lives of office buildings and other structures | 7 years | ||
Useful life of intangible assets | 5 years | ||
Maximum [Member] | |||
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Estimated service lives of assets | 75 years | ||
Estimated useful life of equipment | 35 years | ||
Estimated useful life of transmission and distribution plant | 75 years | ||
Estimated useful lives of office buildings and other structures | 50 years | ||
Useful life of intangible assets | 70 years | ||
General and Administrative Expense [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation | 1,586 | 1,556 | 1,531 |
Water Plant [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Depreciation | $35,424 | $32,616 | $31,005 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Real Estate Investments) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 01, 2014 | Jun. 30, 2014 | Feb. 01, 2013 | Aug. 02, 2012 |
Components of Real Estate Investments [Abstract] | |||||||
Land | $17,297 | $18,892 | |||||
Buildings and improvements | 56,168 | 59,256 | |||||
Intangibles | 329 | 329 | |||||
Total real estate investment | 73,794 | 78,477 | |||||
Gain on sale of real estate investment | 554 | 1,063 | 910 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||||||
2013 | 5,345 | ||||||
2014 | 5,514 | ||||||
2015 | 5,612 | ||||||
2016 | 4,789 | ||||||
2017 | 3,753 | ||||||
Thereafter | 13,691 | ||||||
California Non-Utility Property [Member] | |||||||
Components of Real Estate Investments [Abstract] | |||||||
Proceeds from sale of real estate held-for-investment | 300 | ||||||
Gain on sale of real estate investment | 281 | ||||||
Selling expense | 10 | ||||||
Texas Retail Buildings [Member] | |||||||
Components of Real Estate Investments [Abstract] | |||||||
Proceeds from sale of real estate held-for-investment | 4,450 | ||||||
Gain on sale of real estate investment | 273 | ||||||
Selling expense | 169 | ||||||
Connecticut Warehouse [Member] | |||||||
Components of Real Estate Investments [Abstract] | |||||||
Proceeds from sale of real estate held-for-investment | 9,200 | ||||||
Gain on sale of real estate investment | 1,063 | ||||||
Selling expense | 369 | ||||||
Florida Warehouse [Member] | |||||||
Components of Real Estate Investments [Abstract] | |||||||
Proceeds from sale of real estate held-for-investment | 5,821 | ||||||
Gain on sale of real estate investment | 910 | ||||||
Selling expense | 304 | ||||||
Minimum [Member] | |||||||
Components of Real Estate Investments [Abstract] | |||||||
Estimated useful life | 5 years | ||||||
Maximum [Member] | |||||||
Components of Real Estate Investments [Abstract] | |||||||
Estimated useful life | 39 years | ||||||
Land and Building [Member] | |||||||
Assets Leased or Available for Lease [Abstract] | |||||||
Assets leased or available for lease | $72,402 | $77,082 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Regulatory Rate Filings) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Nov. 07, 2014 | Sep. 29, 2014 | Dec. 31, 2014 | Aug. 14, 2014 | Dec. 31, 2013 | Oct. 03, 2013 | Jan. 05, 2015 | |
Public Utilities General Disclosures [Line Items] | |||||||
Water Reduction Target Goal, Percentage | 20.00% | ||||||
Regulatory Rate Filings, Authorized Rate Increase, Authorized Revenue, Year One | $22,102,000 | ||||||
Regulatory Rate Filings, Authorized Rate Increase, Percent of Authorized Revenue, Year One | 9.81% | ||||||
Regulatory Rate Filings, Authorized Rate Increase, Authorized Revenue, Year Two | 13,274,000 | ||||||
Regulatory Rate Filings, Authorized Rate Increase, Percent of Authorized Revenue, Year Two | 5.21% | ||||||
Authorized Regulatory Surcharge, Gross | 46,697,000 | ||||||
Authorized Regulatory Surcharge, Recovery Period | 3 years | 3 years | |||||
Authorized Regulatory Surcharge, Per CCF | 0.2888 | ||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 8,042,000 | ||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 2.91% | ||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | 8,135,000 | ||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 2.94% | ||||||
Total increase requested, percentage | 23.10% | ||||||
Regulatory rate filings, requested rate increase, authorized revenue | 2,400,000 | ||||||
Regulatory Assets and Liabilities [Abstract] | |||||||
Net Regulatory Assets | 174,863,000 | 83,543,000 | |||||
Current regulatory assets, net | 16,853,000 | 0 | |||||
Total regulatory assets, net, less current portion | 158,010,000 | 83,543,000 | |||||
Customer Refund for Over Rate Collections | 241,000 | ||||||
Authorized Regulatory Surcharge, Net | 46,456,000 | ||||||
Balancing and Memorandum Account, Previously Recorded | 2,800,000 | ||||||
Net under-collected balancing and memorandum accounts | 8,294,000 | ||||||
Threshold of authorized revenue for balancing account or memorandum account review (percent) | 2.00% | ||||||
Income tax temporary differences [Member] | |||||||
Regulatory Assets and Liabilities [Abstract] | |||||||
Regulatory assets | 6,731,000 | 8,220,000 | |||||
Postretirement pensions and other medical benefits [Member] | |||||||
Regulatory Assets and Liabilities [Abstract] | |||||||
Regulatory assets | 115,494,000 | 62,949,000 | |||||
Balancing and Memorandum Accounts [Member] | |||||||
Regulatory Assets and Liabilities [Abstract] | |||||||
Regulatory assets | 47,061,000 | 7,689,000 | |||||
Other Regulatory Assets [Member] | |||||||
Regulatory Assets and Liabilities [Abstract] | |||||||
Regulatory assets | 5,577,000 | 4,685,000 | |||||
Subsequent Event [Member] | |||||||
Public Utilities General Disclosures [Line Items] | |||||||
Regulatory Rate Filings, Proposed Rate Increase, Authorized Revenue, Year One | 34,928,000 | ||||||
Regulatory Rate Filings, Requested Rate Increase as Percentage of Total Revenue at Time of Request, Year One | 12.22% | ||||||
Requested rate increase for 2017 | 9,954,000 | ||||||
Regulatory Rate Filings, Proposed Rate Increase, Percent of Authorized Revenue, Year Two | 3.11% | ||||||
Requested rate increase for 2018 | 17,567,000 | ||||||
Requested rate increase for 2018 as percentage of total revenue at time of request | 5.36% | ||||||
Balancing Account, Recovery Request | 4,752,000 | ||||||
Amount of net over-collection requested to be refunded to customers | $976,000 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies Balancing and Memorandum Accounts (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Balancing and Memorandum Accounts [Line Items] | ||||
Memorandum Account, Net | ($1,377) | ($1,896) | ($1,887) | $5,739 |
Memorandum Account, Revenue Increase (Reduction) | 341 | 869 | -2,832 | |
Memorandum Account, Refunds (Collections) | 178 | -878 | -4,794 | |
Balancing Account, Net | 48,438 | 9,585 | 5,436 | 0 |
Balancing Account, Revenue Increase (Reduction) | 41,657 | 4,149 | 5,436 | |
Balancing Account, Refunds (Collections) | -2,804 | 0 | 0 | |
Balancing and memorandum accounts, including interest | 47,061 | 7,689 | 3,549 | 5,739 |
Balancing and Memorandum Account, Revenue Increase (Reduction), Net | 41,998 | 5,018 | 2,604 | |
Balancing and Memorandum Account, Refunds (Collections), Net | -2,626 | -878 | -4,794 | |
Other Regulatory Assets [Member] | ||||
Schedule of Balancing and Memorandum Accounts [Line Items] | ||||
Balancing Account, Net | 1,736 | 2,229 | 369 | |
Balancing Account, Revenue Increase (Reduction) | -447 | 1,860 | 369 | |
Balancing Account, Refunds (Collections) | -46 | 0 | 0 | |
2012 General Rate Case True-up [Member] | ||||
Schedule of Balancing and Memorandum Accounts [Line Items] | ||||
Balancing Account, Net | 44,400 | 0 | 0 | 0 |
Balancing Account, Revenue Increase (Reduction) | 46,456 | 0 | 0 | |
Balancing Account, Refunds (Collections) | -2,056 | 0 | 0 | |
Pension Balancing Account [Member] | ||||
Schedule of Balancing and Memorandum Accounts [Line Items] | ||||
Balancing Account, Net | 1,412 | 9,734 | 6,657 | 0 |
Balancing Account, Revenue Increase (Reduction) | -7,705 | 3,077 | 6,657 | |
Balancing Account, Refunds (Collections) | -617 | 0 | 0 | |
Water supply balancing accounts [Member] | ||||
Schedule of Balancing and Memorandum Accounts [Line Items] | ||||
Balancing Account, Net | 890 | -2,378 | -1,590 | 0 |
Balancing Account, Revenue Increase (Reduction) | 3,353 | -788 | -1,590 | |
Balancing Account, Refunds (Collections) | ($85) | $0 | $0 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Revenue, Balancing and Memorandum Accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||
Regulated operating revenue, water surcharge | $3,872 | $3,741 | $3,862 |
San Jose Water Company [Member] | |||
Revenue from External Customer [Line Items] | |||
Nonregulated operating revenue | $6,175 | $5,882 | $5,523 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Advances for Construction and Contributions in Aid of Construction) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Accounting Policies [Abstract] | |
Refund period for advances for construction received after 1981 | 40 years |
Estimated Refunds of Advances for Construction [Abstract] | |
2015 | $2,508 |
2016 | 2,508 |
2017 | 2,508 |
2018 | 2,508 |
2019 | 2,508 |
Thereafter | $60,763 |
Amortization period for taxes paid relating to advances and contributions | 40 years |
Recovered_Sheet1
Summary of Significant Accounting Policies (Asset Retirement Obligation) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Retirement obligation | $4,355 | $4,612 |
Discount rate | 6.00% | 6.00% |
Present value, recorded as a liability | 1,994 | 1,733 |
Deferred tax | 1,371 | 1,192 |
Regulatory asset | $3,365 | $2,925 |
Recovered_Sheet2
Summary of Significant Accounting Policies (Earnings per Share) (Details) (Restricted Stock and Stock Options [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock and Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive restricted common stock units excluded from computation of earnings per share | 2,791 | 3,071 | 6,557 |
Capitalization_Narrative_Detai
Capitalization Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ||
Common stock, shares authorized | 36,000,000 | 36,000,000 |
Common stock, par value (usd per share) | $0.52 | $0.52 |
Common stock, shares issued | 20,286,840 | 20,169,211 |
Common stock, shares outstanding | 20,286,840 | 20,169,211 |
Preferred stock, shares authorized | 176,407 | 176,407 |
Preferred stock, par value (usd per share) | $25 | $25 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Lines_of_Credit_Narrative_Deta
Lines of Credit Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
standy_letter_of_credit | ||
Unsecured Debt [Member] | Wells Fargo [Member] | SJW Corp. [Member] | ||
Ratio of indebtedness to total capital | 0.666 | |
Debt covenant interest charge maximum to net Income available to stockholders | 1.75 | |
Revolving Credit Facility [Member] | ||
Aggregate amount of unsecured revolving credit facility | $100,000,000 | |
Revolving Credit Facility [Member] | SJW Corp. [Member] | ||
Aggregate outstanding balance on lines of credit | 13,200,000 | 22,400,000 |
Line of Credit Facility, Interest Rate at Period End | 1.15% | 1.29% |
Revolving Credit Facility [Member] | Wells Fargo [Member] | SJW Corp., SJW Land Company [Member] | ||
Aggregate amount of unsecured revolving credit facility | 15,000,000 | |
Revolving Credit Facility [Member] | Wells Fargo [Member] | San Jose Water Company [Member] | ||
Aggregate amount of unsecured revolving credit facility | 85,000,000 | 75,000,000 |
Standby Letters of Credit [Member] | San Jose Water Company [Member] | ||
Aggregate amount of unsecured revolving credit facility | $3,000,000 | |
Number of standby letters of credit | 2 | |
Automatic renewal term of standby letters of credit | 1 year |
LongTerm_Debt_Longterm_Debt_Sc
Long-Term Debt Long-term Debt Schedule (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $384,949 | $335,551 |
Less: Current portion | 584 | 554 |
Total long-term debt, less current portion | 384,365 | 334,997 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 315,000 | 265,000 |
Mortgages [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 5.61% | |
Mortgages [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 6.09% | |
Mortgages [Member] | Mortgage loans due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,109 | 3,215 |
Mortgages [Member] | Mortgage loans due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 11,896 | 12,142 |
Mortgages [Member] | 444 West Santa Clara Street, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,947 | 3,053 |
Stated interest rates | 5.68% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series A [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,000 | 20,000 |
Stated interest rates | 8.58% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series B [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 30,000 | 30,000 |
Stated interest rates | 7.37% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series C [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10,000 | 10,000 |
Stated interest rates | 9.45% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series D [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 15,000 | 15,000 |
Stated interest rates | 7.15% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series E [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 15,000 | 15,000 |
Stated interest rates | 6.81% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series F [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,000 | 20,000 |
Stated interest rates | 7.20% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series G [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,000 | 20,000 |
Stated interest rates | 5.93% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series H [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,000 | 20,000 |
Stated interest rates | 5.71% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,000 | 20,000 |
Stated interest rates | 5.93% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series J [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10,000 | 10,000 |
Stated interest rates | 6.54% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series K [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,000 | 20,000 |
Stated interest rates | 6.75% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series L [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 50,000 | 0 |
Stated interest rates | 5.14% | |
San Jose Water Company [Member] | Bonds [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 50,000 | 50,000 |
Stated interest rates | 5.10% | |
San Jose Water Company [Member] | SDWSRF loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,997 | 2,141 |
San Jose Water Company [Member] | SDWSRF loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.39% | |
San Jose Water Company [Member] | SDWSRF loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.60% | 2.60% |
SJWTX,Inc. dba Canyon Lake Water Supply Corporation [Member] | Senior Notes [Member] | Series A [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 15,000 | 15,000 |
Stated interest rates | 6.27% | |
SJW Corp. [Member] | Senior Notes [Member] | Series A [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $50,000 | $50,000 |
Stated interest rates | 4.35% |
LongTerm_Debt_Narrative_Detail
Long-Term Debt Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term debt | $384,949,000 | $335,551,000 |
Significant Observable Inputs (Level 2) | ||
Fair value of long-term debt | 460,171,000 | 395,684,000 |
Senior Notes [Member] | ||
Long-term debt | 315,000,000 | 265,000,000 |
San Jose Water Company [Member] | Senior Notes [Member] | ||
Ratio of indebtedness to total capital | 0.6666 | |
Ratio of net income available for interest charges for the trailing 12-month calendar period to interest charges | 1.75 | |
San Jose Water Company [Member] | Senior Notes [Member] | Series A [Member] | ||
Long-term debt | 20,000,000 | 20,000,000 |
Stated interest rates | 8.58% | |
San Jose Water Company [Member] | Senior Notes [Member] | Series L [Member] | ||
Long-term debt | 50,000,000 | 0 |
Stated interest rates | 5.14% | |
SJWTX,Inc. dba Canyon Lake Water Supply Corporation [Member] | Senior Notes [Member] | Series A [Member] | ||
Long-term debt | 15,000,000 | 15,000,000 |
Stated interest rates | 6.27% | |
Ratio of indebtedness to total capital | 0.6666 | |
Ratio of net income available for interest charges for the trailing 12-month calendar period to interest charges | 1.75 | |
SJW Corp. [Member] | Senior Notes [Member] | Series A [Member] | ||
Long-term debt | 50,000,000 | 50,000,000 |
Stated interest rates | 4.35% | |
Ratio of indebtedness to total capital | 0.6666 | |
Minimum net worth required for compliance | 175,000,000 | |
Cumulative net income, percentage included in net worth for compliance | 30.00% | |
SJW Corp. [Member] | Senior Notes [Member] | Series A [Member] | Financial Guarantee [Member] | ||
Ratio of indebtedness to total capital | 0.6666 | |
SJW Corp. [Member] | Senior Notes [Member] | Series A [Member] | Financial Guarantee [Member] | Minimum [Member] | ||
Minimum net worth required for compliance | $125,000,000 | |
Cumulative net income, percentage included in net worth for compliance | 30.00% |
LongTerm_Debt_Debt_Maturity_Sc
Long-Term Debt Debt Maturity Schedule (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Long-term debt | $384,949,000 | $335,551,000 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loan amortization period | 25 years | |
Number of monthly principal and interest payments | 120 | |
Fiscal Year Amortization Schedule [Abstract] | ||
Total payment, 2015 | 1,229,000 | |
Total payment, 2016 | 4,034,000 | |
Total payment, 2017 | 11,470,000 | |
Interest, 2015 | 856,000 | |
Interest, 2016 | 762,000 | |
Interest, 2017 | 110,000 | |
Principal, 2015 | 373,000 | |
Principal, 2016 | 3,272,000 | |
Principal, 2017 | 11,360,000 | |
Mortgages [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 5.61% | |
Mortgages [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 6.09% | |
Mortgages [Member] | 444 West Santa Clara Street, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Loan amortization period | 20 years | |
Long-term debt | 2,947,000 | 3,053,000 |
Stated interest rates | 5.68% | |
Fiscal Year Amortization Schedule [Abstract] | ||
Total payment, 2015 | 276,000 | |
Total payment, 2016 | 276,000 | |
Total payment, 2017 | 276,000 | |
Total payment, 2018 | 276,000 | |
Total payment, 2019 | 276,000 | |
Total payment, thereafter | 2,485,000 | |
Interest, 2015 | 164,000 | |
Interest, 2016 | 157,000 | |
Interest, 2017 | 150,000 | |
Interest, 2018 | 143,000 | |
Interest, 2019 | 135,000 | |
Interest, thereafter | 169,000 | |
Principal, 2015 | 112,000 | |
Principal, 2016 | 119,000 | |
Principal, 2017 | 126,000 | |
Principal, 2018 | 133,000 | |
Principal, 2019 | 141,000 | |
Principal, thereafter | 2,316,000 | |
444 West Santa Clara Street, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Limited partership interest percentage | 70.00% | |
San Jose Water Company [Member] | Standby Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Standby letters of credit | 3,000,000 | |
Fiscal Year Amortization Schedule [Abstract] | ||
Line of Credit Facility, Renewal Term | 1 year | |
San Jose Water Company [Member] | Bonds [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 50,000,000 | 50,000,000 |
Stated interest rates | 5.10% | |
San Jose Water Company [Member] | SDWSRF loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,997,000 | 2,141,000 |
Fiscal Year Amortization Schedule [Abstract] | ||
Total payment, 2015 | 132,000 | |
Total payment, 2016 | 195,000 | |
Total payment, 2017 | 196,000 | |
Total payment, 2018 | 196,000 | |
Total payment, 2019 | 196,000 | |
Total payment, thereafter | 1,397,000 | |
Interest, 2015 | 34,000 | |
Interest, 2016 | 45,000 | |
Interest, 2017 | 42,000 | |
Interest, 2018 | 38,000 | |
Interest, 2019 | 34,000 | |
Interest, thereafter | 122,000 | |
Principal, 2015 | 98,000 | |
Principal, 2016 | 150,000 | |
Principal, 2017 | 154,000 | |
Principal, 2018 | 158,000 | |
Principal, 2019 | 162,000 | |
Principal, thereafter | $1,275,000 | |
San Jose Water Company [Member] | SDWSRF loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.39% | |
San Jose Water Company [Member] | SDWSRF loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.60% | 2.60% |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $50 | ($525) | $0 |
State | -1,146 | 3,093 | 3,305 |
Deferred: | |||
Federal | 28,493 | 11,743 | 12,114 |
State | -2,426 | -176 | 123 |
Income Tax Expense (Benefit) | $24,971 | $14,135 | $15,542 |
Income_Taxes_Federal_Statutory
Income Taxes Federal Statutory Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Income before income taxes | $76,777 | $36,519 | $37,860 |
Income Tax Statutory Rate Reconciliation [Abstract] | |||
bExpectedb federal income tax | 26,872 | 12,782 | 13,251 |
Increase (decrease) in taxes attributable to: | |||
State taxes, net of federal income tax benefit | 4,155 | 1,836 | 2,108 |
Dividend received deduction | -46 | -60 | -59 |
Uncertain tax positions | 0 | -650 | 82 |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | -880 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation, Amount | -5,127 | 0 | 0 |
Other items, net | -3 | 227 | 160 |
Income Tax Expense (Benefit) | $24,971 | $14,135 | $15,542 |
Income_Taxes_Components_of_Def
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ||||
Advances and contributions | $16,212 | $15,598 | ||
Unamortized investment tax credit | 709 | 741 | ||
Pensions and postretirement benefits | 4,216 | 4,405 | ||
California franchise tax | 0 | 1,107 | ||
Net operating loss | 5,065 | 5,814 | ||
Other | 1,697 | 1,596 | ||
Total deferred tax assets | 27,899 | 29,261 | ||
Deferred tax liabilities: | ||||
Utility plant | 150,662 | 125,706 | ||
Pension and postretirement benefits | 47,059 | 25,649 | ||
Investment in stock | 2,335 | 3,228 | ||
Deferred gain and other-property related | 11,695 | 13,107 | ||
Debt reacquisition costs | 443 | 496 | ||
Other | 1,211 | 1,811 | ||
Total deferred tax liabilities | 213,405 | 169,997 | ||
Net deferred tax liabilities | 185,506 | 140,736 | ||
Income Tax Credits and Adjustments | 880 | |||
Provision for income taxes | 24,971 | 14,135 | 15,542 | |
Federal | ||||
Deferred tax liabilities: | ||||
Net operating loss carryforward | 14,051 | |||
Operating loss carryforward as reported on tax return | 15,603 | |||
State and Local Jurisdiction [Member] | ||||
Deferred tax liabilities: | ||||
Income Tax Credits and Adjustments | 77,999 | |||
Operating loss carryforward as reported on tax return | 1,659 | |||
Provision for income taxes | 4,482 | |||
Domestic Tax Authority [Member] | ||||
Deferred tax liabilities: | ||||
Other | 12,569 | |||
Income Tax Credits and Adjustments | 35,912 | |||
2014 Federal and State Repairs and Maintenance Deduction [Member] | ||||
Deferred tax liabilities: | ||||
Income Tax Credits and Adjustments | 11,221 | |||
2014 Federal and State Repairs and Maintenance Deduction [Member] | State and Local Jurisdiction [Member] | ||||
Deferred tax liabilities: | ||||
Provision for income taxes | -645 | |||
2014 Federal and State Repairs and Maintenance Deduction [Member] | Domestic Tax Authority [Member] | ||||
Deferred tax liabilities: | ||||
Other | $3,927 |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits before impact of deductions for state taxes, excluding interest and penalties | $684 | $565 |
Unrecognized tax benefits that would impact effective tax rate | 14 | 13 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Balance at December 31, 2013 | 535 | |
Increase related to tax positions taken during a prior year, including interest | 118 | |
Reductions related to tax positions taken in a prior year, including interest | -4 | |
Balance at December 31, 2014 | 649 | |
Accrued interest expense net of the benefit of tax deductions | 14 | |
Cumulative reduction in unrecognized tax benefits, due to lapsing of statutes of limitations | $1 |
Income_Taxes_Tax_Years_Under_E
Income Taxes Tax Years Under Examination (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | Federal | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2012 |
Minimum [Member] | California | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2010 |
Minimum [Member] | Arizona | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2010 |
Minimum [Member] | Connecticut | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2011 |
Minimum [Member] | Florida | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2011 |
Minimum [Member] | Tennessee | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2011 |
Minimum [Member] | Texas | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2010 |
Maximum [Member] | Federal | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2013 |
Maximum [Member] | California | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2013 |
Maximum [Member] | Arizona | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2013 |
Maximum [Member] | Connecticut | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2013 |
Maximum [Member] | Florida | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2012 |
Maximum [Member] | Tennessee | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2013 |
Maximum [Member] | Texas | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2013 |
Intangible_Assets_Narrative_De
Intangible Assets Narrative (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1997 |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $19,333 | $18,341 | ||
Net intangible assets | 13,781 | 13,156 | ||
Amortization of Intangible Assets | 367 | 354 | 340 | |
Future Amortization of Intangible Assets | ||||
2015 | 367 | |||
2016 | 367 | |||
2017 | 367 | |||
2018 | 367 | |||
2019 | 367 | |||
Concession Fees [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 6,800 | 6,800 | ||
Accumulated amortization of intangible assets | 4,692 | 4,420 | ||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 12,533 | 11,541 | ||
Accumulated amortization of intangible assets | 860 | 765 | ||
Service Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 11,069 | |||
Useful life of intangible assets | 25 years | |||
Contractual Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 1,040 | |||
Other Miscellaneous Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $424 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life of intangible assets | 5 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life of intangible assets | 70 years |
Commitments_Narrative_Details
Commitments Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1997 | Jun. 30, 2015 |
agreement | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Purchased water | $47,280 | $63,225 | $66,106 | |||
Reduction in delivery schedule | 20.00% | |||||
Intangible assets | 19,333 | 18,341 | ||||
Supply Commitment, Remaining Minimum Amount Committed | 400 | |||||
Other Commitment, Due in Next Twelve Months | 17,100 | |||||
Number of water agreements | 180 | |||||
Collective Bargaining Agreement, Term of Contract | 3 years | |||||
Collective bargaining agreement percent of wage increase for 2014 | 2.00% | |||||
Collective bargaining agreement percent of wage increase for 2015 | 2.00% | |||||
Collective bargaining agreement percent of wage increase for 2016 | 3.00% | |||||
Santa Clara Valley Water District [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Master contract, negotiated term for delivery schedules | 3 years | |||||
Water purchased in millions of gallons | 17,782,000,000 | 22,700,000,000 | 22,800,000,000 | |||
Purchased water | 44,444 | 52,500 | 48,800 | |||
Minimum percent of delivery schedule to be purchased in 2015 | 90.00% | |||||
Minimum volume of water to be purchased in 2015 | 17,863,000,000 | |||||
Cost of water to be purchased in 2015 | 46,434 | |||||
Current contract water rate | 2.6 | |||||
Service Agreements [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Contract life of agreement with City of Cupertino | 25 years | |||||
Intangible assets | 11,069 | |||||
Concession Fees [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Intangible assets | 6,800 | 6,800 | ||||
SJWTX,Inc. dba Canyon Lake Water Supply Corporation [Member] | Guadalupe-Blanco River Authority [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Long-term Purchase Commitment, Minimum Area Required, Next Twelve Months | 6,900 | |||||
Notice period required for contract adjustment | 60 days | |||||
SJW Corp. [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Number of employees | 354 | |||||
Executive, Administrative or Supervisory Personnel [Member] | SJW Corp. [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Number of employees | 122 | |||||
Union Member [Member] | SJW Corp. [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Number of employees | 232 | |||||
Minimum [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Contract life of agreement with City of Cupertino | 5 years | |||||
Water property rights commitments | 1,000 | |||||
Maximum [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Contract life of agreement with City of Cupertino | 70 years | |||||
Water property rights commitments | 1,300 | |||||
Scenario, Forecast [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Long-term Purchase Commitment, Amount | $47,500 |
Partnership_Interest_Narrative
Partnership Interest Narrative (Details) (444 West Santa Clara Street, L.P. [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
444 West Santa Clara Street, L.P. [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Limited partership interest percentage | 70.00% |
Benefit_Plans_Narrative_Detail
Benefit Plans Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Y | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in Benefit Obligation | $10,000,000 | ||
Pension Plans [Abstract] | |||
Number of compensation years included in benefit calculation | 3 | ||
Expected future working lifetime of participants | 12 years 1 month 28 days | ||
Market gains (losses) | 790,000 | 334,000 | |
Return on investments for past 10 years, percent | 6.10% | ||
Investments benchmark for past 10 years, percent | 6.20% | ||
Return on investments for past five years, percent | 9.40% | ||
Investments benchmark for past five years, percent | 9.70% | ||
Flexible Spending Plan [Abstract] | |||
Annual maximum contribution limit under Health Care Spending Account plan | 2,500 | ||
Annual maximum contribution limit under Dependent Care Spending Account plan | 5,000 | ||
Deferral Plan [Abstract] | |||
Employer contributions to deferral plan | 1,101,000 | 1,087,000 | 1,044,000 |
Fixed Income Funds [Member] | |||
Pension Plans [Abstract] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 25.00% | ||
Bonds [Member] | |||
Pension Plans [Abstract] | |||
Actual plan asset allocations | 35.00% | ||
Cash and Cash Equivalents [Member] | |||
Pension Plans [Abstract] | |||
Actual plan asset allocations | 7.00% | ||
Equity Securities [Member] | |||
Pension Plans [Abstract] | |||
Actual plan asset allocations | 58.00% | ||
Private Corporation Assets [Member] | |||
Pension Plans [Abstract] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 5.00% | ||
Minimum [Member] | |||
Pension Plans [Abstract] | |||
Period for performance standards | 3 years | ||
Maximum [Member] | |||
Pension Plans [Abstract] | |||
Period for performance standards | 5 years | ||
Executive Supplemental Retirement Plan [Member] | |||
Pension Plans [Abstract] | |||
Projected benefit obligation | 15,806,000 | 12,637,000 | |
Net periodic pension cost | 1,300,000 | 1,248,000 | 1,386,000 |
Executives and Non-employee Directors [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||
Special Deferral Election Plan and Deferral Election Program [Abstract] | |||
Deferrals by executives and non-employee directors | $2,747,000 | $2,567,000 | $2,501,000 |
Benefit_Plans_Actuarial_Calcul
Benefit Plans Actuarial Calculation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 4.82% | 3.92% | 4.34% |
Net periodic benefit cost, expected return on plan assets | 7.00% | 7.00% | 7.00% |
Net periodic benefit cost, rate of compensation increase | 4.00% | 4.00% | 4.00% |
Benefit obligations, discount rate | 3.88% | 4.82% | |
Benefit obligations, rate of compensation increase | 4.00% | 4.00% | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 4.70% | 3.80% | 4.25% |
Net periodic benefit cost, expected return on plan assets | 7.00% | 7.00% | 7.00% |
Benefit obligations, discount rate | 3.80% | 4.70% |
Benefit_Plans_Net_Periodic_Ben
Benefit Plans Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $3,938 | $4,594 | $4,288 |
Interest cost | 6,098 | 5,393 | 5,349 |
Expected return on assets | -6,414 | -5,289 | -4,442 |
Amortization of transition obligation | 0 | 0 | 0 |
Amortization of prior service cost | 376 | 394 | 414 |
Recognized actuarial loss | 1,879 | 4,052 | 3,857 |
Net periodic pension cost | 5,877 | 9,144 | 9,466 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 284 | 361 | 339 |
Interest cost | 508 | 508 | 452 |
Expected return on assets | -268 | -230 | -151 |
Amortization of transition obligation | 0 | 0 | 1 |
Amortization of prior service cost | 197 | 197 | 197 |
Recognized actuarial loss | 59 | 189 | 195 |
Net periodic pension cost | $780 | $1,025 | $1,033 |
Benefit_Plans_Reconciliation_o
Benefit Plans Reconciliation of Funded Status (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at end of year | $103,879 | $95,353 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 128,699 | 140,999 | |
Service cost | 3,938 | 4,594 | 4,288 |
Interest cost | 6,098 | 5,393 | 5,349 |
Actuarial loss | 31,161 | -18,082 | |
Benefits paid | -4,592 | -4,205 | |
Benefit obligation at end of year | 165,304 | 128,699 | 140,999 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 91,358 | 75,542 | |
Actual return on plan assets | 6,392 | 10,478 | |
Employer contributions | 6,470 | 9,543 | |
Benefits paid | -4,592 | -4,205 | |
Fair value of assets at end of year | 99,628 | 91,358 | 75,542 |
Funded status at end of year | -65,676 | -37,341 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 10,976 | 12,243 | |
Service cost | 284 | 361 | 339 |
Interest cost | 508 | 508 | 452 |
Actuarial loss | 2,322 | -1,829 | |
Benefits paid | -376 | -307 | |
Benefit obligation at end of year | 13,714 | 10,976 | 12,243 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 3,995 | 3,478 | |
Actual return on plan assets | 119 | 325 | |
Employer contributions | 434 | 445 | |
Benefits paid | -297 | -253 | |
Fair value of assets at end of year | 4,251 | 3,995 | 3,478 |
Funded status at end of year | ($9,463) | ($6,981) |
Benefit_Plans_Amounts_Recogniz
Benefit Plans Amounts Recognized in Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $74,187 | $43,496 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 883 | 757 |
Noncurrent liabilities | 64,793 | 36,584 |
Liabilities | 65,676 | 37,341 |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 69 | 68 |
Noncurrent liabilities | 9,394 | 6,913 |
Liabilities | $9,463 | $6,981 |
Benefit_Plans_Regulatory_Asset
Benefit Plans Regulatory Asset (Details) (Postretirement pensions and other medical benefits [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Postretirement pensions and other medical benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of obligation | $75,139 | $44,322 |
Accrued benefit cost | -6,704 | -7,030 |
Amount to be recovered in future rates | 68,435 | 37,292 |
Tax gross-up | 47,059 | 25,657 |
Regulatory asset | $115,494 | $62,949 |
Benefit_Plans_Amortization_Det
Benefit Plans Amortization (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service cost | $3,883 |
Amortization of loss | 376 |
Total | 4,259 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service cost | 197 |
Amortization of loss | 214 |
Total | $411 |
Benefit_Plans_Plan_Assets_Deta
Benefit Plans Plan Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $103,879 | $95,353 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocations as a percent of toal plan assets | 58.00% | ||
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,811 | 9,127 | |
Actual plan asset allocations as a percent of toal plan assets | 7.00% | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 99,628 | 91,358 | 75,542 |
Pension Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 35,034 | 34,464 | |
Actual plan asset allocations as a percent of toal plan assets | 35.00% | 38.00% | |
Pension Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 58,286 | 48,442 | |
Actual plan asset allocations as a percent of toal plan assets | 59.00% | 53.00% | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,308 | 8,452 | |
Actual plan asset allocations as a percent of toal plan assets | 6.00% | 9.00% | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,251 | 3,995 | 3,478 |
Other Postretirement Benefit Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,401 | 1,427 | |
Actual plan asset allocations as a percent of toal plan assets | 33.00% | 36.00% | |
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,347 | 1,893 | |
Actual plan asset allocations as a percent of toal plan assets | 55.00% | 47.00% | |
Other Postretirement Benefit Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $503 | $675 | |
Actual plan asset allocations as a percent of toal plan assets | 12.00% | 17.00% |
Benefit_Plans_Fair_Value_of_Pl
Benefit Plans Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 103,879 | 95,353 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 62,346 | 55,532 |
Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41,533 | 39,821 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6,811 | 9,127 |
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6,811 | 9,127 |
Cash and Cash Equivalents [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 36,435 | 35,891 |
Fixed Income Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Funds [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 36,435 | 35,891 |
Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 55.00% | 55.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 45.00% | 45.00% |
All Cap Equity Fund [Member] | Actively Managed Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,266 | 283 |
All Cap Equity Fund [Member] | Actively Managed Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,237 | 266 |
All Cap Equity Fund [Member] | Actively Managed Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29 | 17 |
All Cap Equity Fund [Member] | Actively Managed Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Large Cap Equity [Member] | Actively Managed Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35,489 | 32,286 |
U.S. Large Cap Equity [Member] | Actively Managed Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35,489 | 32,286 |
U.S. Large Cap Equity [Member] | Actively Managed Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Large Cap Equity [Member] | Actively Managed Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Mid Cap Equity [Member] | Actively Managed Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6,069 | 5,551 |
U.S. Mid Cap Equity [Member] | Actively Managed Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6,069 | 5,551 |
U.S. Mid Cap Equity [Member] | Actively Managed Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Mid Cap Equity [Member] | Actively Managed Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Small Cap Equity [Member] | Actively Managed Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,982 | 3,236 |
U.S. Small Cap Equity [Member] | Actively Managed Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,982 | 3,236 |
U.S. Small Cap Equity [Member] | Actively Managed Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Small Cap Equity [Member] | Actively Managed Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Non-U.S. Large Cap Equity [Member] | Actively Managed Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,758 | 5,066 |
Non-U.S. Large Cap Equity [Member] | Actively Managed Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,758 | 5,066 |
Non-U.S. Large Cap Equity [Member] | Actively Managed Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Non-U.S. Large Cap Equity [Member] | Actively Managed Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
REIT [Member] | Actively Managed Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,069 | 3,913 |
REIT [Member] | Actively Managed Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
REIT [Member] | Actively Managed Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,069 | 3,913 |
REIT [Member] | Actively Managed Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Benefit_Plans_Benefits_Expecte
Benefit Plans Benefits Expected to be Paid in Next Five Years (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Plan [Member] | |
Expected Future Benefit Payments [Abstract] | |
2015 | $5,282 |
2016 | 5,600 |
2017 | 5,933 |
2018 | 6,312 |
2019 | 6,564 |
2020 - 2024 | 39,594 |
Other Postretirement Benefit Plan [Member] | |
Expected Future Benefit Payments [Abstract] | |
2015 | 478 |
2016 | 515 |
2017 | 546 |
2018 | 580 |
2019 | 602 |
2020 - 2024 | 3,478 |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated required and discretionary employer cash contributions in 2015 | $8,300 |
Equity_Plans_Equity_Plans_Deta
Equity Plans Equity Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
purchase_interval | |||
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | $1,031 | $912 | $564 |
Proceeds from the exercise of stock options and similar instruments | 1,917 | 1,004 | 989 |
Tax benefits realized from share options exercised | 462 | 28 | 97 |
Employee Stock Purchase Plan [Abstract] | |||
Number of purchases intervals under the plan since inception | 17 | ||
Shares issued during the period under the plan | 35,682 | 30,869 | 29,468 |
Cash received from employees toward purchases under the plan | 854 | 796 | 627 |
Restricted Stock and Deferred Restricted Stock [Member] | |||
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | 883 | 784 | 460 |
Tax benefits realized from share options exercised | 249 | 97 | 36 |
Employee Stock Purchase Plan [Abstract] | |||
Unrecognized compensation cost | 1,606 | ||
Deferred Restricted Stock Awards [Member] | |||
Dividend Equivalent Rights [Abstract] | |||
Cumulative dividend equivalent rights converted to deferred restricted stock awards | 66,458 | 61,733 | 56,349 |
Employee Stock Option [Member] | |||
Summary of Activity under the Plan [Abstract] | |||
Proceeds from the exercise of stock options and similar instruments | 1,044 | 198 | 318 |
Tax benefits realized from share options exercised | 213 | -69 | 61 |
Dividend Equivalent Rights [Member] | |||
Dividend Equivalent Rights [Abstract] | |||
Liability for dividend equivalent rights | 122 | 128 | 128 |
Incentive Plan [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Number of shares reserved for issuance under the plan | 1,800,000 | ||
Maximum number of shares per employee | 600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued Pursuant To The Plan | 429,352 | 341,914 | 287,534 |
Shares issuable under the plan upon exercise of outstanding awards | 296,831 | 307,919 | 327,093 |
Number of shares available for grant | 1,073,817 | ||
Dividend Reinvestment and Stock Purchase Plan [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Number of shares reserved for issuance under the plan | 3,000,000 | ||
Shares issued under the plan | 829 | 3,487 | 1,679 |
Summary of Activity under the Plan [Abstract] | |||
Proceeds from the exercise of stock options and similar instruments | 34 | 84 | 83 |
Employee Stock [Member] | |||
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | 148 | 128 | 104 |
Proceeds from the exercise of stock options and similar instruments | 839 | 722 | 588 |
Employee Stock Purchase Plan [Abstract] | |||
Purchase price of common stock to employees under the plan, percent | 85.00% | ||
Maximum amount of base salary employees can designate for share purchase under the plan | 10.00% | ||
Expenses recorded under the plan | 151 | 140 | 110 |
Unrecognized compensation cost | $68 |
Equity_Plans_Stock_Option_Acti
Equity Plans Stock Option Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Options, Outstanding [Roll Forward] | |||
Outstanding Shares as of January 1, 2014 | 51,214 | ||
Exercised, shares | -51,214 | ||
Outstanding Shares as of December 31, 2014 | 0 | 51,214 | |
Options exercisable at December 31, 2014, shares | 0 | ||
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding as of January 1, 2014, wtd avg exercise price | $20.38 | ||
Exercised, wtd avg exercise price | $20.38 | ||
Outstanding as of December 31, 2014, wtd avg exercise price | $0 | $20.38 | |
Options exercisable at December 31, 2014, wtd avg exercise price | $0 | ||
Weighted average remaining contractual term of options outstanding | 0 days | 1 year 1 month 28 days | |
Options exercisable at December 31, 2014, wtd avg remaining contractual term | 0 days | ||
Options outstanding, intrinsic value | $0 | $482 | |
Option exercises in period, total intrinsic value | 581 | 179 | 210 |
Options exercisable at December 31, 2014, intrinsic value | $0 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option award vesting period | 4 years | ||
Option award exercise period | 10 years | ||
Employee Stock Option [Member] | Annual [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual option vesting percentage | 25.00% |
Equity_Plans_Restricted_Stock_
Equity Plans Restricted Stock and Deferred Restricted Stock Activity (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Aug. 04, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 14, 2014 |
vesting_installment | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted, units | 36,988 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted, units | 19,917 | ||||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Granted, wtd avg grant date fair value | 26.81 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted, units | 17,071 | ||||
Number of Equal Successive Installments for Vesting of Stock Awards | 3 | ||||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Granted, wtd avg grant date fair value | 24.14 | ||||
Restricted Stock and Deferred Restricted Stock [Member] | |||||
Restricted and Deferred Restricted Stock Awards Outstanding [Roll Forward] | |||||
Outstanding as of January 1, 2014, units | 220,364 | ||||
Issued, units | 71,625 | ||||
Exercised, units | -32,182 | ||||
Forfeited or expired | 0 | ||||
Outstanding as of December 31, 2014, units | 259,807 | ||||
Shares vested as of December 31, 2014, shares | 129,340 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Weighted Average Grant Date Fair Value [Roll Forward] [Roll Forward] | |||||
Outstanding as of January 1, 2014, wtd avg grant date fair value | 16.31 | ||||
Issued, wtd avg grant date fair value | 26.11 | ||||
Exercised, wtd avg grant date fair value | 26.88 | ||||
Forfeited or expired, wtd avg grant date fair value | 0 | ||||
Outstanding as od December 31, 2014, wtd avg grant date fair value | 18.56 | ||||
Shares vested as of December 31, 2014, wtd avg grant date fair value | 16.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Nonvested as of January 1, 2014, units | 77,386 | ||||
Granted, units | 71,625 | ||||
Vested, units | -18,544 | ||||
Forfeited, units | 0 | ||||
Nonvested as of December 31, 2014, units | 130,467 | ||||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Nonvested as of January 1, 2014, wtd avg grant date fair value | 16.49 | ||||
Granted, wtd avg grant date fair value | 26.11 | ||||
Vested, wtd avg grant date fair value | 23.65 | ||||
Forfeited, wtd avg grant date fair value | 0 | ||||
Nonvested as of December 31, 2014, wtd avg grant date fair value | 20.75 | ||||
Unrecognized compensation cost | 1,606 | ||||
Period for recognition of compensation cost | 1 year 4 months 10 days | ||||
Employee Stock [Member] | |||||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Unrecognized compensation cost | 68 | ||||
Employee Stock [Member] | Common Stock [Member] | |||||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Number of shares reserved for issuance under the plan | 400,000 | ||||
Dividend Reinvestment and Stock Purchase Plan [Member] | |||||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Number of shares reserved for issuance under the plan | 3,000,000 | ||||
Shares issued under the plan | 829 | 3,487 | 1,679 | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||||
Common Stock [Member] | |||||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Shares Deregistered Available for Issuance | 2,993,744 |
Segment_and_NonTariffed_Busine2
Segment and Non-Tariffed Business Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
subsidiaries | ||||||||||||
reportable_segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of Subsidiaries | 4 | |||||||||||
Number of Reportable Segments | 2 | |||||||||||
Operating revenue | $69,286 | $125,430 | $70,356 | $54,596 | $67,262 | $85,238 | $74,230 | $50,139 | $319,668 | $276,869 | $261,547 | |
Utilities Operating Expense | 226,790 | 223,462 | 206,250 | |||||||||
Operating Income (Loss) | 15,589 | 59,114 | 12,121 | 6,054 | 11,351 | 19,346 | 16,937 | 5,773 | 92,878 | 53,407 | 55,297 | |
Net income | 5,688 | 38,366 | 6,846 | 906 | 4,677 | 8,950 | 7,440 | 1,317 | 51,806 | 22,384 | 22,318 | |
Depreciation and amortization | 37,905 | 35,039 | 33,098 | |||||||||
Provision for income taxes | 24,971 | 14,135 | 15,542 | |||||||||
Assets | 1,269,304 | 1,109,986 | 1,269,304 | 1,109,986 | ||||||||
SJW Corp. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 319,668 | 276,869 | 261,547 | |||||||||
Utilities Operating Expense | 226,790 | 223,462 | 206,250 | |||||||||
Operating Income (Loss) | 92,878 | 53,407 | 55,297 | |||||||||
Net income | 51,806 | 22,384 | 22,318 | |||||||||
Depreciation and amortization | 37,905 | 35,039 | 33,098 | |||||||||
Interest Expense | 20,788 | 19,922 | 20,185 | |||||||||
Provision for income taxes | 24,971 | 14,135 | 15,542 | |||||||||
Assets | 1,269,304 | 1,109,986 | 1,269,304 | 1,109,986 | 1,087,499 | |||||||
Regulated [Member] | Water Utility Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 306,474 | 264,782 | 251,032 | |||||||||
Utilities Operating Expense | 216,914 | 212,761 | 197,893 | |||||||||
Operating Income (Loss) | 89,560 | 52,021 | 53,139 | |||||||||
Net income | 50,612 | 23,273 | 22,811 | |||||||||
Depreciation and amortization | 35,926 | 33,067 | 31,085 | |||||||||
Interest Expense | 17,555 | 16,616 | 16,499 | |||||||||
Provision for income taxes | 24,210 | 14,446 | 15,678 | |||||||||
Assets | 1,180,583 | 1,013,229 | 1,180,583 | 1,013,229 | 991,866 | |||||||
Regulated [Member] | SJW Corp. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 306,474 | 264,782 | 251,032 | |||||||||
Utilities Operating Expense | 216,914 | 212,761 | 197,893 | |||||||||
Operating Income (Loss) | 89,560 | 52,021 | 53,139 | |||||||||
Net income | 50,612 | 23,273 | 22,811 | |||||||||
Depreciation and amortization | 35,926 | 33,067 | 31,085 | |||||||||
Interest Expense | 17,555 | 16,616 | 16,499 | |||||||||
Provision for income taxes | 24,210 | 14,446 | 15,678 | |||||||||
Assets | 1,180,583 | 1,013,229 | 1,180,583 | 1,013,229 | 991,866 | |||||||
Nonregulated [Member] | Water Utility Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 6,175 | 5,882 | 5,523 | |||||||||
Utilities Operating Expense | 4,686 | 5,683 | 4,043 | |||||||||
Operating Income (Loss) | 1,489 | 199 | 1,480 | |||||||||
Net income | 668 | -208 | 707 | |||||||||
Depreciation and amortization | 359 | 360 | 360 | |||||||||
Interest Expense | 0 | 0 | 0 | |||||||||
Provision for income taxes | 471 | 124 | 581 | |||||||||
Assets | 18,071 | 16,163 | 18,071 | 16,163 | 13,245 | |||||||
Nonregulated [Member] | Real Estate Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 7,019 | 6,205 | 4,992 | |||||||||
Utilities Operating Expense | 4,193 | 4,000 | 3,379 | |||||||||
Operating Income (Loss) | 2,826 | 2,205 | 1,613 | |||||||||
Net income | 1,050 | 920 | 244 | |||||||||
Depreciation and amortization | 1,620 | 1,612 | 1,653 | |||||||||
Interest Expense | 1,022 | 1,120 | 1,511 | |||||||||
Provision for income taxes | 542 | 768 | 374 | |||||||||
Assets | 65,847 | 71,779 | 65,847 | 71,779 | 74,903 | |||||||
Nonregulated [Member] | All Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 0 | 0 | 0 | [1] | ||||||||
Utilities Operating Expense | 997 | 1,018 | 935 | [1] | ||||||||
Operating Income (Loss) | -997 | -1,018 | -935 | [1] | ||||||||
Net income | -524 | -1,601 | -1,444 | [1] | ||||||||
Depreciation and amortization | 0 | 0 | 0 | [1] | ||||||||
Interest Expense | 2,211 | 2,186 | 2,175 | [1] | ||||||||
Provision for income taxes | -252 | -1,203 | -1,091 | [1] | ||||||||
Assets | 4,803 | 8,815 | 4,803 | 8,815 | 7,485 | [1] | ||||||
Nonregulated [Member] | SJW Corp. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 13,194 | 12,087 | 10,515 | |||||||||
Utilities Operating Expense | 9,876 | 10,701 | 8,357 | |||||||||
Operating Income (Loss) | 3,318 | 1,386 | 2,158 | |||||||||
Net income | 1,194 | -889 | -493 | |||||||||
Depreciation and amortization | 1,979 | 1,972 | 2,013 | |||||||||
Interest Expense | 3,233 | 3,306 | 3,686 | |||||||||
Provision for income taxes | 761 | -311 | -136 | |||||||||
Assets | $88,721 | $96,757 | $88,721 | $96,757 | $95,633 | |||||||
[1] | The bAll Otherb category includes the accounts of SJW Corp. on a stand-alone basis. |
California_Water_Service_Group1
California Water Service Group Stock Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Available for Sale Marketable Security, Shares Sold | 125,969 | |||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $3,056 | |||
Fees Incurred on Sale of Available for Sale Securities | 10 | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | 2,017 | 2,017 | 0 | 0 |
Available for Sales Securities, Tax on Realized Gain | 822 | |||
Gain (Loss) on Sale of Securities, Net | 1,195 | |||
Reclassification adjustment from AOCI for sale of securities, net | 1,171 | 1,171 | 0 | 0 |
Shares of California Water Service Group held | 259,151 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Investment in California Water Service Group | $6,378 | $8,885 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenue | $69,286 | $125,430 | $70,356 | $54,596 | $67,262 | $85,238 | $74,230 | $50,139 | $319,668 | $276,869 | $261,547 |
Operating Income (Loss) | 15,589 | 59,114 | 12,121 | 6,054 | 11,351 | 19,346 | 16,937 | 5,773 | 92,878 | 53,407 | 55,297 |
Net income | 5,688 | 38,366 | 6,846 | 906 | 4,677 | 8,950 | 7,440 | 1,317 | 51,806 | 22,384 | 22,318 |
Comprehensive income | $6,021 | $38,095 | $5,716 | $1,104 | $5,304 | $9,135 | $7,351 | $1,671 | $50,936 | $23,461 | $22,354 |
Earnings per share | |||||||||||
bBasic (in dollars per share) | $0.28 | $1.90 | $0.34 | $0.04 | $0.23 | $0.44 | $0.37 | $0.07 | $2.56 | $1.13 | $1.20 |
bDiluted (in dollars per share) | $0.28 | $1.88 | $0.34 | $0.04 | $0.23 | $0.44 | $0.37 | $0.07 | $2.54 | $1.12 | $1.18 |
Dividends per share | $0.19 | $0.19 | $0.19 | $0.19 | $0.18 | $0.18 | $0.18 | $0.18 | |||
--- High (in dollars per share) [Member] | |||||||||||
Earnings per share | |||||||||||
Market Price, Stock | $32.87 | $28.25 | $29.51 | $30.40 | $30.03 | $28.52 | $27.66 | $28.09 | |||
--- Low (in dollars per share) [Member] | |||||||||||
Earnings per share | |||||||||||
Market Price, Stock | $26.77 | $25.64 | $25.87 | $27.84 | $26.40 | $25.62 | $24.58 | $25.70 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $170 | $225 | $225 |
Charged to expense | 321 | 442 | 449 |
Accounts written off | -489 | -620 | -526 |
Recoveries of accounts written off | 148 | 123 | 77 |
Ending Balance | 150 | 170 | 225 |
Legal Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 136 | 281 | 240 |
Charged to expense | 71 | 220 | 118 |
Accounts written off | -5 | -105 | -38 |
Payments | -69 | -260 | -39 |
Ending Balance | $133 | $136 | $281 |