Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 22, 2015 | |
Document and Entity Information [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-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 20,341,489 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
OPERATING REVENUE | $62,112 | $54,596 |
Production Expenses: | ||
Purchased water | 9,284 | 9,730 |
Power | 1,172 | 1,489 |
Groundwater extraction charges | 7,936 | 9,448 |
Other production expenses | 2,997 | 2,862 |
Total production expenses | 21,389 | 23,529 |
Administrative and general | 11,296 | 9,450 |
Maintenance | 3,368 | 3,274 |
Property taxes and other non-income taxes | 3,095 | 2,804 |
Depreciation and amortization | 10,159 | 9,485 |
Total operating expense | 49,307 | 48,542 |
OPERATING INCOME | 12,805 | 6,054 |
OTHER (EXPENSE) INCOME: | ||
Interest on long-term debt | -5,339 | -4,542 |
Mortgage and other interest expense | -313 | -328 |
Dividend income | 43 | 63 |
Other, net | 293 | 220 |
Income before income taxes | 7,489 | 1,467 |
Provision for income taxes | 2,794 | 561 |
NET INCOME | 4,695 | 906 |
Other comprehensive income (loss), net of tax: | ||
Unrealized income (loss) on investment | -15 | 198 |
COMPREHENSIVE INCOME | $4,680 | $1,104 |
EARNINGS PER SHARE | ||
Basic (usd per share) | $0.23 | $0.04 |
Diluted (usd per share) | $0.23 | $0.04 |
DIVIDENDS PER SHARE (usd per share) | $0.20 | $0.19 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||
Basic (shares) | 20,326,897 | 20,194,851 |
Diluted (shares) | 20,480,276 | 20,385,271 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Utility plant: | ||
Land | $16,838 | $16,838 |
Depreciable plant and equipment | 1,369,521 | 1,353,772 |
Construction in progress | 29,221 | 23,208 |
Intangible assets | 20,324 | 19,333 |
Property, Plant and Equipment, Gross | 1,435,904 | 1,413,151 |
Less accumulated depreciation and amortization | 458,538 | 450,137 |
Public Utilities, Property, Plant and Equipment, Net | 977,366 | 963,014 |
Real estate investments | 73,852 | 73,794 |
Less accumulated depreciation and amortization | 11,982 | 11,593 |
Total | 61,870 | 62,201 |
CURRENT ASSETS: | ||
Cash and cash equivalents | 5,417 | 2,399 |
Accounts receivable: | ||
Customers, net of allowances for uncollectible accounts | 17,574 | 14,997 |
Income tax | 1,251 | 8,871 |
Other | 3,027 | 3,385 |
Accrued unbilled utility revenue | 16,090 | 18,074 |
Materials and supplies | 1,250 | 1,214 |
Prepaid expenses | 2,543 | 2,300 |
Current regulatory asset, net | 15,996 | 16,853 |
Assets, Current | 63,148 | 68,093 |
OTHER ASSETS: | ||
Investment in California Water Service Group | 6,352 | 6,378 |
Unamortized debt issuance, broker and reacquisition costs | 5,094 | 5,218 |
Net regulatory assets, less current portion | 157,449 | 158,010 |
Other | 6,542 | 6,390 |
Assets, Noncurrent | 175,437 | 175,996 |
Assets | 1,277,821 | 1,269,304 |
Shareholders' equity: | ||
Common stock, $0.521 par value; authorized 36,000,000 shares; issued and outstanding 20,341,489 shares on March 31, 2015 and 20,286,840 on December 31, 2014 | 10,595 | 10,567 |
Additional paid-in capital | 66,885 | 66,298 |
Retained earnings | 281,473 | 280,773 |
Accumulated other comprehensive income | 2,502 | 2,517 |
Total shareholders' equity | 361,455 | 360,155 |
Long-term debt, less current portion | 384,189 | 384,365 |
Capitalization, Long-term Debt and Equity | 745,644 | 744,520 |
CURRENT LIABILITIES: | ||
Line of credit | 11,700 | 13,200 |
Current portion of long-term debt | 613 | 584 |
Accrued groundwater extraction charges and purchased water | 6,159 | 5,411 |
Purchased power | 568 | 619 |
Accounts payable | 11,776 | 7,001 |
Accrued interest | 5,750 | 6,361 |
Accrued property taxes and other non-income taxes | 2,635 | 1,607 |
Accrued payroll | 3,474 | 3,755 |
Other current liabilities | 5,977 | 6,156 |
Liabilities, Current | 48,652 | 44,694 |
DEFERRED INCOME TAXES | 186,232 | 185,506 |
UNAMORTIZED INVESTMENT TAX CREDITS | 1,300 | 1,315 |
ADVANCES FOR CONSTRUCTION | 74,111 | 73,303 |
CONTRIBUTIONS IN AID OF CONSTRUCTION | 138,195 | 138,502 |
DEFERRED REVENUE | 1,328 | 1,323 |
POSTRETIREMENT BENEFIT PLANS | 76,476 | 74,187 |
OTHER NONCURRENT LIABILITIES | 5,883 | 5,954 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
Liabilities and Equity | $1,277,821 | $1,269,304 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $0.52 | $0.52 |
Common stock, shares authorized (shares) | 36,000,000 | 36,000,000 |
Common stock, shares issued (shares) | 20,341,489 | 20,286,840 |
Common stock, shares outstanding (shares) | 20,341,489 | 20,286,840 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES: | ||
Net income | $4,695 | $906 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 10,558 | 9,881 |
Deferred income taxes | 460 | 113 |
Share-based compensation | 399 | 244 |
Changes in operating assets and liabilities: | ||
Accounts receivable and accrued unbilled utility revenue | -410 | 3,282 |
Accounts payable and other current liabilities | 167 | -972 |
Accrued groundwater extraction charges and purchased water | 748 | -653 |
Purchased power | -51 | -46 |
Tax receivable and accrued taxes | 9,011 | 1,574 |
Other current asset and liabilities related to balancing and memorandum accounts | -857 | 95 |
Postretirement benefits | 2,289 | 1,507 |
Regulatory asset related to balancing and memorandum accounts | 561 | 411 |
Other changes, net | -2,117 | -412 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 27,167 | 15,740 |
INVESTING ACTIVITIES: | ||
Company-funded | -16,253 | -25,158 |
Contributions in aid of construction | -1,847 | -1,625 |
Additions to real estate investments | -59 | 0 |
Payments for business/asset acquisition and water rights | -991 | -807 |
Cost to retire utility plant, net of salvage | -2,318 | -229 |
NET CASH USED IN INVESTING ACTIVITIES | -21,468 | -27,819 |
FINANCING ACTIVITIES: | ||
Borrowings from line of credit | 16,700 | 16,800 |
Repayments of line of credit | -18,200 | -2,200 |
Repayments of long-term borrowings | -147 | -138 |
Dividends paid | -3,966 | -3,788 |
Exercise of stock options and similar instruments | 433 | 476 |
Tax benefits realized from share options exercised | 526 | 280 |
Receipts of advances and contributions in aid of construction | 2,416 | 1,897 |
Refunds of advances for construction | -443 | -429 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | -2,681 | 12,898 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 3,018 | 819 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,399 | 2,299 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 5,417 | 3,118 |
Cash paid (received) during the period for: | ||
Interest | 6,474 | 5,066 |
Income taxes | -6,000 | -10 |
Supplemental disclosure of non-cash activities: | ||
Increase (decrease) in accrued payables for construction costs capitalized | 4,408 | -1,254 |
Utility property installed by developers | ($35) | $1,277 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | General |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of the results for the interim periods. | |
The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). The Notes to Consolidated Financial Statements in SJW Corp.'s 2014 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements. | |
Water sales are seasonal in nature and influenced by weather conditions. The timing of precipitation and climatic conditions can cause seasonal water consumption by customers to vary significantly. Due to the seasonal nature of the water business, the operating results for interim periods are not indicative of the operating results for a 12-month period. Revenue is generally higher in the warm, dry summer months when water usage and sales are greater, and lower in the winter months when cooler temperatures and increased rainfall curtail water usage and sales. | |
In response to the ongoing drought in California, on March 17, 2015, the State Water Resources Control Board (“State Water Board”) adopted an expanded emergency conservation regulation that became effective on March 27, 2015. The regulation prohibits certain outdoor water uses for all Californians and also places water usage restrictions on businesses in the restaurant and hospitality sectors. On March 25, 2015, the Santa Clara Valley Water District (“SCVWD”) increased their conservation target from 20% to 30% through the end of 2015. On April 1, 2015, Governor Edmund G. Brown Jr. issued an executive order imposing restrictions to achieve a statewide 25% reduction in potable urban water usage through February 28, 2016 based on 2013 usage. On April 9, 2015, the California Public Utilities Commission (“CPUC”) issued a resolution ordering its regulated water utilities to comply with the State Water Board's emergency conservation regulation, conduct additional customer outreach and implement restrictions of outdoor water use. Additional guidance from the State Water Board in response to the Governor's Executive Order is anticipated in early May. San Jose Water Company is currently working to comply with the various rules and regulations and is also working with local governments as well as the SCVWD to communicate consistent messages to the public. | |
Effective March 31, 2014, San Jose Water Company received approval from the CPUC for a Mandatory Conservation Revenue Adjustment Memorandum Account (“MCRAMA”) to track any revenue shortfall and a Mandatory Conservation Memorandum Account (“MCMA”) to track operational and administrative costs associated with implementation of the 2014 20% SCVWD conservation goal. San Jose Water Company will record the lost revenue captured in the MCRAMA and MCMA regulatory accounts once probability of recovery can be determined and collection can be assured within 24 months after the end of the fiscal year in which the revenue is recorded. For further discussion, please see Note 8 and Note 9. | |
Basic earnings per share is calculated using income available to common shareholders, divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated using income available to common shareholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with deferred restricted common stock awards under SJW Corp.'s Long-Term Incentive Plan (as amended, the “Incentive Plan”) and shares potentially issuable under the 2014 Employee Stock Purchase Plan (“ESPP”). For the three months ended March 31, 2015 and 2014, 118 and 449 anti-dilutive restricted common stock units were excluded from the dilutive earnings per share calculation, respectively. | |
A portion of depreciation expense is allocated to administrative and general expense. For the three months ended March 31, 2015 and 2014, the amounts allocated to administrative and general expense were $399 and $396, respectively. |
Equity_Plans
Equity Plans | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
EQUITY PLANS | Equity Plans | ||||||
SJW Corp. accounts for share-based compensation based on the grant date fair value of the awards issued to employees in accordance with Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 718 - “Compensation - Stock Compensation,” which requires the measurement and recognition of compensation expense based on the estimated fair value for all share-based payment awards. | |||||||
The Incentive Plan allows SJW Corp. to provide employees, non-employee board members or the board of directors of any parent or subsidiary, consultants, and other independent advisors who provide services to the company or any parent or subsidiary the opportunity to acquire an equity interest in SJW Corp. The types of awards included in the Incentive Plan are restricted stock awards, restricted stock units, performance shares, or other share-based awards. As of March 31, 2015, the remaining shares available for issuance under the Incentive Plan were 1,047,422, and 257,917 shares were issuable upon the exercise of outstanding restricted stock units and deferred restricted stock units. In addition, shares are issued to employees under the ESPP. SJW Corp. also had a Dividend Reinvestment and Stock Purchase Plan (“DRSPP”) which allowed eligible participants to buy shares and reinvest cash dividends in SJW Corp. common stock. The DRSPP was terminated effective as of April 14, 2014. | |||||||
Stock compensation costs charged to income are recognized on a straight-line basis over the requisite service period. A summary of compensation costs charged to income, proceeds from the exercise of stock options and similar instruments, and the tax benefit realized from stock options and similar instruments exercised, that were recorded to additional paid-in capital and common stock, by award type, are presented below for the three months ended March 31, 2015 and 2014. | |||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Adjustments to additional paid-in capital and common stock for: | |||||||
Compensation costs charged to income: | |||||||
ESPP | $ | 76 | 72 | ||||
Restricted stock and deferred restricted stock | 323 | 172 | |||||
Total compensation costs charged to income | $ | 399 | 244 | ||||
Excess tax benefits realized from share options exercised and stock issuance: | |||||||
Stock options | $ | — | 59 | ||||
Restricted stock and deferred restricted stock | 526 | 221 | |||||
Total excess tax benefits realized from share options exercised and stock issuance | $ | 526 | 280 | ||||
Proceeds from the exercise of stock options and similar instruments: | |||||||
Stock options | $ | — | 44 | ||||
DRSPP | — | 26 | |||||
ESPP | 433 | 406 | |||||
Total proceeds from the exercise of stock options and similar instruments | $ | 433 | 476 | ||||
Stock, Restricted Stock and Deferred Restricted Stock | |||||||
On January 2, 2015, restricted stock units covering an aggregate of 12,271 shares of common stock of SJW Corp. were granted to certain executives of SJW Corp. and its subsidiaries. The units vest in three equal successive installments upon completion of each year of service with no dividend equivalent rights. Share-based compensation expense based on a grant date fair value of $29.83 per unit is being recognized over the service period beginning in 2015. | |||||||
On January 27, 2015, certain executives of SJW Corp. were granted performance-based restricted stock units covering a target number of SJW Corp.'s common stock equal to 3,252 units which will vest based on the actual attainment of specified performance goals measured for the 2015 calendar year and continued service through December 31, 2015. The number of shares issuable under the awards, ranging between 0% to 150% of the target number of shares, are based on the level of actual attainment of specified performance goals. The units do not include dividend equivalent rights. The awards have no market conditions and the share-based compensation expense based on a grant date fair value of $34.36 per unit is being recognized assuming the performance goals will be attained. | |||||||
On January 27, 2015, a key employee of SJW Corp. was granted performance-based restricted stock units covering a number of SJW Corp.'s common stock equal to 6,639 units which will vest based on the actual attainment of a specified performance goal measured over the 2015 calendar year and continued service through December 31, 2015. The units do not include dividend equivalent rights. The award has no market conditions and the share-based compensation expense based on a grant date fair value of $34.36 per unit is being recognized assuming the performance goals will be attained. | |||||||
As of March 31, 2015, the total unrecognized compensation costs related to restricted and deferred restricted stock plans amounted to $1,988. This cost is expected to be recognized over a remaining weighted-average period of 1.22 years. | |||||||
Employee Stock Purchase Plan | |||||||
The ESPP allows eligible employees to purchase shares of SJW Corp.'s common stock at 85% of the fair value of shares on the purchase date. Under the ESPP, employees can designate up to a maximum of 10% of their base compensation for the purchase of shares of common stock, subject to certain restrictions. A total of 400,000 shares of common stock have been reserved for issuance under the ESPP. | |||||||
After considering estimated employee terminations or withdrawals from the plan before the purchase date, SJW Corp.'s recorded expenses were $39 and $36 for the three months ended March 31, 2015 and 2014, respectively, related to the ESPP. | |||||||
The total unrecognized compensation costs related to the semi-annual offering period that ends July 31, 2015 for the ESPP is approximately $51. This cost is expected to be recognized during the second and third quarters of 2015. | |||||||
Dividend Reinvestment and Stock Purchase Plan | |||||||
SJW Corp. adopted a DRSPP effective April 19, 2011. The DRSPP offered shareholders the ability to reinvest cash dividends in SJW Corp. common stock and also purchase additional shares of SJW Corp. common stock. A total of 3,000,000 shares of common stock were reserved for issuance under the DRSPP. For the three months ended March 31, 2014, 875 shares 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. |
Real_Estate_Investments
Real Estate Investments | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Real Estate Investments, Net [Abstract] | |||||||
REAL ESTATE INVESTMENTS | Real Estate Investments | ||||||
The major components of real estate investments as of March 31, 2015 and December 31, 2014 are as follows: | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Land | $ | 17,297 | 17,297 | ||||
Buildings and improvements | 56,226 | 56,168 | |||||
Intangibles | 329 | 329 | |||||
Subtotal | 73,852 | 73,794 | |||||
Less: accumulated depreciation and amortization | 11,982 | 11,593 | |||||
Total | $ | 61,870 | 62,201 | ||||
Depreciation and amortization is computed using the straight-line method over the estimated life of the respective assets, ranging from 5 to 39 years. |
Defined_Benefit_Plan
Defined Benefit Plan | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||
DEFINED BENEFIT PLAN | Defined Benefit Plan | |||||||||||||||||
San Jose Water Company sponsors a noncontributory defined benefit pension plan for its eligible employees. Employees hired before March 31, 2008 are entitled to receive retirement benefits using a formula based on the employee's three highest years of compensation (whether or not consecutive). For employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based on compensation credits and interest credits for each employee. Officers hired before March 31, 2008 are eligible to receive additional retirement benefits under the Executive Supplemental Retirement Plan, and officers hired on or after March 31, 2008 are eligible to receive additional retirement benefits under the Cash Balance Executive Supplemental Retirement Plan. Both plans are non-qualified plans in which only officers and other designated members of management may participate. San Jose Water Company also provides health care and life insurance benefits for retired employees under the San Jose Water Company Social Welfare Plan. The components of net periodic benefit costs for San Jose Water Company's pension plan, its Executive Supplemental Retirement Plan, Cash Balance Executive Supplemental Retirement Plan and Social Welfare Plan for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
Service cost | $ | 1,363 | 1,059 | |||||||||||||||
Interest cost | 1,711 | 1,651 | ||||||||||||||||
Other cost | 1,192 | 632 | ||||||||||||||||
Expected return on assets | (1,817 | ) | (1,667 | ) | ||||||||||||||
$ | 2,449 | 1,675 | ||||||||||||||||
The following tables summarize the fair values of plan assets by major categories as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||
Fair Value Measurements at March 31, 2015 | ||||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||
Markets for | ||||||||||||||||||
Identical | ||||||||||||||||||
Assets | ||||||||||||||||||
Asset Category | Benchmark | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 5,708 | $ | 5,708 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Value | 4,232 | 4,203 | 29 | — | |||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 36,233 | 36,233 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 6,330 | 6,330 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 5,444 | 5,444 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,970 | 4,970 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT'S | 5,369 | — | 5,369 | — | |||||||||||||
Fixed Income (b) | (b) | 37,039 | — | 37,039 | — | |||||||||||||
Total | $ | 105,325 | $ | 62,888 | $ | 42,437 | $ | — | ||||||||||
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, 2014 | ||||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||
Markets for | ||||||||||||||||||
Identical | ||||||||||||||||||
Assets | ||||||||||||||||||
Asset Category | Benchmark | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 6,811 | $ | 6,811 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Vaue | 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, Russell Mid Cap Growth, Russell Mid Cap Value | 6,069 | 6,069 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 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. | |||||||||||||||||
In 2015, San Jose Water Company expects to make required and discretionary cash contributions of up to $8,077 to the pension plans and Social Welfare Plan. There have been no contributions to the pension plans and Social Welfare Plan for the three months ended March 31, 2015. |
Segment_and_Nonregulated_Busin
Segment and Nonregulated Business Reporting | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
SEGMENT AND NONREGULATED BUSINESS REPORTING | Segment and Non-Tariffed Business Reporting | |||||||||||||||||||||
SJW Corp. is a holding company with four subsidiaries: (i) San Jose Water Company, a water utility which operates both regulated and non-tariffed businesses, (ii) SJW Land Company and its consolidated variable interest entity, 444 West Santa Clara Street, L.P., which operate commercial building rentals, (iii) SJWTX, Inc. which is doing business as Canyon Lake Water Service Company (“CLWSC”), a regulated water utility located in Canyon Lake, Texas, and its consolidated 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 Limited, together referred to as “Water Utility Services.” The second segment is property management and investment activity conducted by SJW Land Company, referred to as “Real Estate Services.” | ||||||||||||||||||||||
SJW Corp.'s reportable segments have been determined based on information used by the chief operating decision maker. SJW Corp.'s chief operating decision maker is its 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 tables below 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 Three Months Ended March 31, 2015 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non-tariffed | Non-tariffed | Non-tariffed | Regulated | Non-tariffed | Total | ||||||||||||||||
Operating revenue | $ | 58,887 | 1,447 | 1,778 | — | 58,887 | 3,225 | 62,112 | ||||||||||||||
Operating expense | 46,922 | 962 | 1,024 | 399 | 46,922 | 2,385 | 49,307 | |||||||||||||||
Operating income (loss) | 11,965 | 485 | 754 | (399 | ) | 11,965 | 840 | 12,805 | ||||||||||||||
Net income (loss) | 4,701 | 218 | 260 | (484 | ) | 4,701 | (6 | ) | 4,695 | |||||||||||||
Depreciation and amortization | 9,679 | 90 | 390 | — | 9,679 | 480 | 10,159 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,830 | — | 255 | 567 | 4,830 | 822 | 5,652 | |||||||||||||||
Income tax expense (benefit) in net income | 2,818 | 182 | 145 | (351 | ) | 2,818 | (24 | ) | 2,794 | |||||||||||||
Assets | $ | 1,188,389 | 18,668 | 66,053 | 4,711 | 1,188,389 | 89,432 | 1,277,821 | ||||||||||||||
For Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non-tariffed | Non-tariffed | Non-tariffed | Regulated | Non-tariffed | Total | ||||||||||||||||
Operating revenue | $ | 51,626 | 1,228 | 1,742 | — | 51,626 | 2,970 | 54,596 | ||||||||||||||
Operating expense | 46,463 | 872 | 1,022 | 185 | 46,463 | 2,079 | 48,542 | |||||||||||||||
Operating income (loss) | 5,163 | 356 | 720 | (185 | ) | 5,163 | 891 | 6,054 | ||||||||||||||
Net income (loss) | 903 | 151 | 204 | (352 | ) | 903 | 3 | 906 | ||||||||||||||
Depreciation and amortization | 8,977 | 90 | 418 | — | 8,977 | 508 | 9,485 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,081 | — | 237 | 552 | 4,081 | 789 | 4,870 | |||||||||||||||
Income tax expense (benefit) in net income | 552 | 124 | 153 | (268 | ) | 552 | 9 | 561 | ||||||||||||||
Assets | $ | 1,027,073 | 16,965 | 70,710 | 9,187 | 1,027,073 | 96,862 | 1,123,935 | ||||||||||||||
* The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis. | ||||||||||||||||||||||
LongTerm_Liabilities_and_Bank_
Long-Term Liabilities and Bank Borrowings | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Liabilities and Bank Borrowings | Long-Term Liabilities and Bank Borrowings |
SJW Corp.'s contractual obligations and commitments include senior notes, mortgages and other obligations. San Jose Water Company, a subsidiary of SJW Corp., has received advance deposit payments from its customers on certain construction projects. Refunds of the advance deposit payments constitute an obligation of San Jose Water Company solely. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | Fair Value Measurement |
The following instruments are not measured at fair value on the SJW Corp.'s condensed consolidated balance sheets as of March 31, 2015, but require disclosure of their fair values: cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of such instruments as of March 31, 2015 approximates their carrying value as reported on the condensed consolidated balance sheets. The fair value of such financial instruments are determined using the income approach based on the present value of estimated future cash flows. There have been no changes in our valuation technique during the three months ended March 31, 2015. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. The fair value of pension plan assets is discussed in Note 4. | |
The fair value of SJW Corp.'s long-term debt was approximately $489,650 and $460,171 as of March 31, 2015 and December 31, 2014, respectively, and was determined using a discounted cash flow analysis, based on the current rates for similar financial instruments of the same duration and creditworthiness of the company. The book value of the long-term debt was $384,802 and $384,949 as of March 31, 2015 and December 31, 2014, respectively. The fair value of long-term debt would be categorized as Level 2 in the fair value hierarchy. | |
As of March 31, 2015 and December 31, 2014, the fair value of the Company's investment in California Water Service Group was $6,352 and $6,378, respectively, and would be categorized as Level 1 of the fair value hierarchy. |
Regulatory_Rate_Filings
Regulatory Rate Filings | 3 Months Ended |
Mar. 31, 2015 | |
Regulated Operations [Abstract] | |
Regulatory Rate Filings | Regulatory Rate Filings |
On September 15, 2014, San Jose Water Company filed an application for rehearing of 2012 General Rate Case Decision No. 14-08-006 to address a limited set of issues from San Jose Water Company's General Rate Case Decision No. 14-08-006. Specifically, San Jose Water Company sought rehearing on the duration of the interim rate period used to determine the General Rate Case true-up recovery and rehearing on the treatment of excess capacity labor in the provision of non-tariffed products and services. On March 27, 2015, the CPUC issued Decision No. 15-03-048 granting a limited rehearing and modifying Decision No. 14-08-006 to recover lost revenue related to the extension of interim rates from the date of the 2012 General Rate Case Decision (August 14, 2014) to the date 2014 rates became effective (September 29, 2014). San Jose Water Company filed for recovery of this additional interim true-up early in the second quarter of 2015. As the probability for revenue recognition was met during the first quarter of 2015, San Jose Water Company recorded revenue in the amount of $1,876. Please see table in Note 9. Decision No. 15-03-048 also provided for a limited rehearing on the treatment of excess capacity labor in the provision of non-tariffed products and services. San Jose Water Company submitted additional information in late April 2015 to the Commission and anticipates a decision on this issue by the end of the second quarter of 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 balancing accounts, (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 expected 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 March 26, 2015, San Jose Water Company filed Advice Letter No. 468 with the CPUC. With this advice letter San Jose Water Company is requesting authorization to recover the $9,567 under-collection accumulated in the MCRAMA during the period April 1, 2014 through December 31, 2014. The MCRAMA approved by the CPUC allows San Jose Water Company to track lost revenue associated with reduced sales due to the ongoing drought and the associated calls for water use reduction from the SCVWD. San Jose Water Company seeks to recover the accumulated balance via a quantity based surcharge on all potable usage for a period of 12 months. San Jose Water Company has requested that this surcharge be implemented on June 1, 2015, however this surcharge request will require a Commission Resolution which may not be completed until after the requested implementation date. | |
On April 9, 2015, the CPUC issued Resolution W-5034 ordering water utility compliance with the State Water Board's Resolution No. 2015-0015, adopting a new 2015 emergency regulation for statewide urban water conservation and re-adopting the 2014 emergency regulation. Amongst other items, the resolution directs utilities to notify customers of the State Water Board's mandatory water use restrictions and fines, to implement either mandatory outdoor irrigation restrictions or, alternatively, mandatory water conservation measures, and to add a Tariff Rule 14.1 as soon as practicable. Tariff Rule 14.1 focuses primarily on restrictions of outdoor water use which accounts for 50% of a typical customer's water usage. | |
Effective September 1, 2014, CLWSC became subject to the economic regulation of the Public Utilities Commission of Texas (“PUCT”). Prior to that time CLWSC was subject to economic regulation by the Texas Commission on Environmental Quality (“TCEQ”). Both the PUCT and TCEQ authorize rate increases after the filing of an Application for a Rate/Tariff Change. Rate cases may be filed as they become necessary, provided there is no current rate case outstanding. Further, rate cases may not be filed more frequently than once every 12 months. |
Balancing_and_Memorandum_Accou
Balancing and Memorandum Account Recovery Procedures | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||||||||||
BALANCING AND MEMORANDUM ACCOUNT RECOVERY PROCEDURES | Balancing and Memorandum Account Recovery Procedures | |||||||||||||||||||||||||
For California, the CPUC has established a balancing account mechanism for the purpose of tracking the under-collection or over-collection associated with expense changes and the revenue authorized by the CPUC to offset those expense changes. San Jose Water Company also maintains memorandum accounts to track revenue impacts due to catastrophic events, unforeseen water quality expenses related to new federal and state water quality standards, energy efficiency, cost of capital, any revenue requirement impact of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, and other approved activities or as directed by the CPUC. | ||||||||||||||||||||||||||
Balancing and memorandum accounts are recognized in revenue by San Jose Water Company when it is probable that future recovery of previously incurred costs or future refunds that are to be credited to customers will occur through the ratemaking process. In addition, in the case of special revenue programs such as the MCRAMA, collection of the account balance must occur within 24 months of the year-end in which the revenue is recorded. In assessing the probability criteria for balancing and memorandum accounts between general rate cases, San Jose Water Company considers evidence that may exist prior to CPUC authorization that would satisfy FASB ASC Topic 980 - “Regulated Operations,” subtopic 340-25 recognition criteria. Such evidence may include regulatory rules and decisions, past practices, and other facts and circumstances that would indicate that recovery or refund is probable. When such evidence provides sufficient support for balance recognition, the balances are recorded in SJW Corp.'s financial statements. | ||||||||||||||||||||||||||
San Jose Water Company met the recognition requirements for certain of its balancing and memorandum accounts and certain amounts subject to balancing and memorandum accounts and revenue and regulatory assets changed as follows: | ||||||||||||||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||||||||||||||
Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | |||||||||||||||||||
Memorandum accounts | $ | (1,377 | ) | 423 | 165 | (789 | ) | $ | (1,896 | ) | 197 | — | (1,699 | ) | ||||||||||||
Balancing accounts: | ||||||||||||||||||||||||||
Water supply costs | 890 | (12 | ) | (53 | ) | 825 | (2,378 | ) | (394 | ) | — | (2,772 | ) | |||||||||||||
Pension | 1,412 | (606 | ) | (383 | ) | 423 | 9,734 | 31 | — | 9,765 | ||||||||||||||||
2012 General Rate Case true-up | 44,400 | 1,876 | (2,759 | ) | 43,517 | — | — | — | — | |||||||||||||||||
All others | 1,736 | (114 | ) | (29 | ) | 1,593 | 2,229 | (244 | ) | — | 1,985 | |||||||||||||||
Total balancing accounts | $ | 48,438 | 1,144 | (3,224 | ) | 46,358 | $ | 9,585 | (607 | ) | — | 8,978 | ||||||||||||||
Total | $ | 47,061 | 1,567 | (3,059 | ) | 45,569 | $ | 7,689 | (410 | ) | — | 7,279 | ||||||||||||||
On March 27, 2015, the CPUC issued Decision No. 15-03-048 granting a limited rehearing and modifying Decision No. 14-08-006 to extend the interim rate period to end on the effective date of 2014 rates. San Jose Water Company filed for the recovery of this additional interim true-up early in the second quarter of 2015. As of March 31, 2015, the probability criteria for revenue recognition had been met. As such, San Jose Water Company recorded $1,876 of revenue which has been included in the 2012 General Rate Case true-up row in the table above. | ||||||||||||||||||||||||||
As of March 31, 2015, 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 $8,115, of which the majority relates to the MCRAMA and MCMA. All balancing accounts and memorandum-type accounts not included for recovery or refund in the current general rate case will be reviewed by the CPUC in San Jose Water Company's next general rate case or at the time an individual account reaches a threshold of 2% of authorized revenue, whichever occurs first. On March 26, 2015, San Jose Water Company filed Advice Letter No. 468 with the CPUC requesting authorization to recover the $9,567 under-collection accumulated in the MCRAMA during the period April 1, 2014 through December 31, 2014. For further discussion, please see Note 8. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ||||||||
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities | |||||||
Regulatory assets and liabilities are comprised of the following as of March 31, 2015 and December 31, 2014: | ||||||||
Description | March 31, 2015 | December 31, 2014 | ||||||
Regulatory assets: | ||||||||
Income tax temporary differences, net | $ | 6,731 | 6,731 | |||||
Postretirement pensions and other medical benefits | 115,494 | 115,494 | ||||||
Balancing and memorandum accounts, net | 45,569 | 47,061 | ||||||
Other, net | 5,651 | 5,577 | ||||||
Total regulatory assets, net in Consolidated Balance Sheets | $ | 173,445 | 174,863 | |||||
Less: current regulatory asset, net | 15,996 | 16,853 | ||||||
Total regulatory assets, net, less current portion | $ | 157,449 | 158,010 | |||||
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | Legal Proceedings |
SJW Corp. is subject to ordinary routine litigation incidental to its business. There are no pending legal proceedings to which SJW Corp. or any of its subsidiaries is a party, or to which any of its properties is the subject, that are expected to have a material effect on SJW Corp.'s business, financial position, results of operations or cash flows. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). The Notes to Consolidated Financial Statements in SJW Corp.'s 2014 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements. |
Earnings Per Share, Policy | Basic earnings per share is calculated using income available to common shareholders, divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated using income available to common shareholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with deferred restricted common stock awards under SJW Corp.'s Long-Term Incentive Plan (as amended, the “Incentive Plan”) and shares potentially issuable under the 2014 Employee Stock Purchase Plan (“ESPP”). |
Equity_Plans_Tables
Equity Plans (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | A summary of compensation costs charged to income, proceeds from the exercise of stock options and similar instruments, and the tax benefit realized from stock options and similar instruments exercised, that were recorded to additional paid-in capital and common stock, by award type, are presented below for the three months ended March 31, 2015 and 2014. | ||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Adjustments to additional paid-in capital and common stock for: | |||||||
Compensation costs charged to income: | |||||||
ESPP | $ | 76 | 72 | ||||
Restricted stock and deferred restricted stock | 323 | 172 | |||||
Total compensation costs charged to income | $ | 399 | 244 | ||||
Excess tax benefits realized from share options exercised and stock issuance: | |||||||
Stock options | $ | — | 59 | ||||
Restricted stock and deferred restricted stock | 526 | 221 | |||||
Total excess tax benefits realized from share options exercised and stock issuance | $ | 526 | 280 | ||||
Proceeds from the exercise of stock options and similar instruments: | |||||||
Stock options | $ | — | 44 | ||||
DRSPP | — | 26 | |||||
ESPP | 433 | 406 | |||||
Total proceeds from the exercise of stock options and similar instruments | $ | 433 | 476 | ||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Real Estate Investments, Net [Abstract] | |||||||
Schedule of Real Estate Investments | The major components of real estate investments as of March 31, 2015 and December 31, 2014 are as follows: | ||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Land | $ | 17,297 | 17,297 | ||||
Buildings and improvements | 56,226 | 56,168 | |||||
Intangibles | 329 | 329 | |||||
Subtotal | 73,852 | 73,794 | |||||
Less: accumulated depreciation and amortization | 11,982 | 11,593 | |||||
Total | $ | 61,870 | 62,201 | ||||
Defined_Benfit_Plan_Tables
Defined Benfit Plan (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic benefit costs for San Jose Water Company's pension plan, its Executive Supplemental Retirement Plan, Cash Balance Executive Supplemental Retirement Plan and Social Welfare Plan for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||||||||||
Three months ended March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
Service cost | $ | 1,363 | 1,059 | |||||||||||||||
Interest cost | 1,711 | 1,651 | ||||||||||||||||
Other cost | 1,192 | 632 | ||||||||||||||||
Expected return on assets | (1,817 | ) | (1,667 | ) | ||||||||||||||
$ | 2,449 | 1,675 | ||||||||||||||||
Schedule of Allocation of Plan Assets | The following tables summarize the fair values of plan assets by major categories as of March 31, 2015 and December 31, 2014: | |||||||||||||||||
Fair Value Measurements at March 31, 2015 | ||||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||
Markets for | ||||||||||||||||||
Identical | ||||||||||||||||||
Assets | ||||||||||||||||||
Asset Category | Benchmark | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 5,708 | $ | 5,708 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Value | 4,232 | 4,203 | 29 | — | |||||||||||||
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value | 36,233 | 36,233 | — | — | |||||||||||||
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value | 6,330 | 6,330 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 5,444 | 5,444 | — | — | |||||||||||||
Non-U.S. Large Cap Equity | MSCI EAFE | 4,970 | 4,970 | — | — | |||||||||||||
REIT | NAREIT - Equity REIT'S | 5,369 | — | 5,369 | — | |||||||||||||
Fixed Income (b) | (b) | 37,039 | — | 37,039 | — | |||||||||||||
Total | $ | 105,325 | $ | 62,888 | $ | 42,437 | $ | — | ||||||||||
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, 2014 | ||||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||||
Prices in | Observable | Unobservable | ||||||||||||||||
Active | Inputs | Inputs | ||||||||||||||||
Markets for | ||||||||||||||||||
Identical | ||||||||||||||||||
Assets | ||||||||||||||||||
Asset Category | Benchmark | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 6,811 | $ | 6,811 | $ | — | $ | — | ||||||||||
Actively Managed (a): | ||||||||||||||||||
All Cap Equity | Russell 3000 Vaue | 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, Russell Mid Cap Growth, Russell Mid Cap Value | 6,069 | 6,069 | — | — | |||||||||||||
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value | 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. |
Segment_and_Nonregulated_Busin1
Segment and Nonregulated Business Reporting (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The tables below set forth information relating to SJW Corp.'s reportable segments and distribution of regulated and 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 Three Months Ended March 31, 2015 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non-tariffed | Non-tariffed | Non-tariffed | Regulated | Non-tariffed | Total | ||||||||||||||||
Operating revenue | $ | 58,887 | 1,447 | 1,778 | — | 58,887 | 3,225 | 62,112 | ||||||||||||||
Operating expense | 46,922 | 962 | 1,024 | 399 | 46,922 | 2,385 | 49,307 | |||||||||||||||
Operating income (loss) | 11,965 | 485 | 754 | (399 | ) | 11,965 | 840 | 12,805 | ||||||||||||||
Net income (loss) | 4,701 | 218 | 260 | (484 | ) | 4,701 | (6 | ) | 4,695 | |||||||||||||
Depreciation and amortization | 9,679 | 90 | 390 | — | 9,679 | 480 | 10,159 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,830 | — | 255 | 567 | 4,830 | 822 | 5,652 | |||||||||||||||
Income tax expense (benefit) in net income | 2,818 | 182 | 145 | (351 | ) | 2,818 | (24 | ) | 2,794 | |||||||||||||
Assets | $ | 1,188,389 | 18,668 | 66,053 | 4,711 | 1,188,389 | 89,432 | 1,277,821 | ||||||||||||||
For Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Water Utility Services | Real Estate Services | All Other* | SJW Corp. | |||||||||||||||||||
Regulated | Non-tariffed | Non-tariffed | Non-tariffed | Regulated | Non-tariffed | Total | ||||||||||||||||
Operating revenue | $ | 51,626 | 1,228 | 1,742 | — | 51,626 | 2,970 | 54,596 | ||||||||||||||
Operating expense | 46,463 | 872 | 1,022 | 185 | 46,463 | 2,079 | 48,542 | |||||||||||||||
Operating income (loss) | 5,163 | 356 | 720 | (185 | ) | 5,163 | 891 | 6,054 | ||||||||||||||
Net income (loss) | 903 | 151 | 204 | (352 | ) | 903 | 3 | 906 | ||||||||||||||
Depreciation and amortization | 8,977 | 90 | 418 | — | 8,977 | 508 | 9,485 | |||||||||||||||
Senior note, mortgage and other interest expense | 4,081 | — | 237 | 552 | 4,081 | 789 | 4,870 | |||||||||||||||
Income tax expense (benefit) in net income | 552 | 124 | 153 | (268 | ) | 552 | 9 | 561 | ||||||||||||||
Assets | $ | 1,027,073 | 16,965 | 70,710 | 9,187 | 1,027,073 | 96,862 | 1,123,935 | ||||||||||||||
* The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis. | ||||||||||||||||||||||
Balancing_and_Memorandum_Accou1
Balancing and Memorandum Account Recovery Procedures (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||||||||||
Public Utilities General Disclosures | San Jose Water Company met the recognition requirements for certain of its balancing and memorandum accounts and certain amounts subject to balancing and memorandum accounts and revenue and regulatory assets changed as follows: | |||||||||||||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||||||||||||||
Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | Beginning Balance | Revenue Increase(Reduction) | Refunds (Collections) | Ending Balance | |||||||||||||||||||
Memorandum accounts | $ | (1,377 | ) | 423 | 165 | (789 | ) | $ | (1,896 | ) | 197 | — | (1,699 | ) | ||||||||||||
Balancing accounts: | ||||||||||||||||||||||||||
Water supply costs | 890 | (12 | ) | (53 | ) | 825 | (2,378 | ) | (394 | ) | — | (2,772 | ) | |||||||||||||
Pension | 1,412 | (606 | ) | (383 | ) | 423 | 9,734 | 31 | — | 9,765 | ||||||||||||||||
2012 General Rate Case true-up | 44,400 | 1,876 | (2,759 | ) | 43,517 | — | — | — | — | |||||||||||||||||
All others | 1,736 | (114 | ) | (29 | ) | 1,593 | 2,229 | (244 | ) | — | 1,985 | |||||||||||||||
Total balancing accounts | $ | 48,438 | 1,144 | (3,224 | ) | 46,358 | $ | 9,585 | (607 | ) | — | 8,978 | ||||||||||||||
Total | $ | 47,061 | 1,567 | (3,059 | ) | 45,569 | $ | 7,689 | (410 | ) | — | 7,279 | ||||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ||||||||
Schedule of Regulatory Assets | Regulatory assets and liabilities are comprised of the following as of March 31, 2015 and December 31, 2014: | |||||||
Description | March 31, 2015 | December 31, 2014 | ||||||
Regulatory assets: | ||||||||
Income tax temporary differences, net | $ | 6,731 | 6,731 | |||||
Postretirement pensions and other medical benefits | 115,494 | 115,494 | ||||||
Balancing and memorandum accounts, net | 45,569 | 47,061 | ||||||
Other, net | 5,651 | 5,577 | ||||||
Total regulatory assets, net in Consolidated Balance Sheets | $ | 173,445 | 174,863 | |||||
Less: current regulatory asset, net | 15,996 | 16,853 | ||||||
Total regulatory assets, net, less current portion | $ | 157,449 | 158,010 | |||||
General_Additional_Information
General - Additional Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 01, 2015 | Mar. 27, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Mar. 26, 2015 | Jan. 05, 2015 |
Regulatory Liabilities [Line Items] | ||||||
Water reduction target goal (percent) | 20.00% | |||||
Mandatory Water Reduction, Percentage | 25.00% | |||||
Authorized Regulatory Surcharge, Gross | $1,876 | |||||
Memorandum Account, Recovery Request | $9,567 | $976 | ||||
Scenario, Forecast [Member] | ||||||
Regulatory Liabilities [Line Items] | ||||||
Water reduction target goal (percent) | 30.00% |
General_Earnings_Per_Share_Det
General - Earnings Per Share (Details) (Restricted Stock and Stock Options) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock and Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive restricted common stock units excluded from computation of earnings per share (shares) | 118 | 449 |
General_Depreciation_Details
General - Depreciation (Details) (General and Administrative Expense, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
General and Administrative Expense | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Depreciation | $399 | $396 |
Equity_Plans_Details
Equity Plans (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 27, 2015 | Jan. 02, 2015 | Aug. 04, 2014 | Apr. 14, 2014 |
vesting_installment | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation costs charged to income: | $399 | $244 | ||||
Excess tax benefits realized from share options exercised and stock issuance: | 526 | 280 | ||||
Proceeds from the exercise of stock options and similar instruments: | 433 | 476 | ||||
Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining shares available for issuance under the Incentive Plan (shares) | 1,047,422 | |||||
Shares issuable upon exercise of Incentive Plan awards (shares) | 257,917 | |||||
Employee Stock Purchase Plan (ESPP) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation costs charged to income: | 76 | 72 | ||||
Proceeds from the exercise of stock options and similar instruments: | 433 | 406 | ||||
Unrecognized compensation costs | 51 | |||||
Purchase price of common stock under ESPP (percent) | 85.00% | |||||
Maximum percentage of base compensation employees can designate for stock purchases under ESPP (percent) | 10.00% | |||||
Plan expense | 39 | 36 | ||||
Dividend Reinvestment and Stock Purchase Plan (DRSPP) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Proceeds from the exercise of stock options and similar instruments: | 0 | 26 | ||||
Number of shares authorized for issuance under the plan (shares) | 3,000,000 | |||||
Number of shares issued under the DRSPP (shares) | 875 | |||||
Restricted stock and deferred restricted stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation costs charged to income: | 323 | 172 | ||||
Excess tax benefits realized from share options exercised and stock issuance: | 526 | 221 | ||||
Unrecognized compensation costs | 1,988 | |||||
Recognition period for unrecognized compensation cost | 1 year 2 months 19 days | |||||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Excess tax benefits realized from share options exercised and stock issuance: | 0 | 59 | ||||
Proceeds from the exercise of stock options and similar instruments: | $0 | $44 | ||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equity instruments granted (shares) | 6,639 | 12,271 | ||||
Number of equal successive installments for vesting of stock awards (vesting installments) | 3 | |||||
Grant date fair value of equity instruments granted (usd per share) | $34.36 | $29.83 | ||||
Common Stock | Employee Stock Purchase Plan (ESPP) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for issuance under the plan (shares) | 400,000 | |||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares Deregistered (in shares) | 2,993,744 | |||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target vesting percentage | 0.00% | |||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target vesting percentage | 150.00% | |||||
Executive Officer [Member] | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equity instruments granted (shares) | 3,252 | |||||
Grant date fair value of equity instruments granted (usd per share) | $34.36 |
Real_Estate_Investments_Detail
Real Estate Investments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Land | 17,297 | $17,297 |
Buildings and improvements | 56,226 | 56,168 |
Intangibles | 329 | 329 |
Subtotal | 73,852 | 73,794 |
Less accumulated depreciation and amortization | 11,982 | 11,593 |
Total | 61,870 | $62,201 |
Minimum | ||
Schedule of Investments [Line Items] | ||
Estimated useful life | 5 years | |
Maximum | ||
Schedule of Investments [Line Items] | ||
Estimated useful life | 39 years |
Defined_Benfit_Plan_Details
Defined Benfit Plan (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost | $1,363 | $1,059 | |||
Interest cost | 1,711 | 1,651 | |||
Other cost | 1,192 | 632 | |||
Expected return on assets | -1,817 | -1,667 | |||
Net periodic benefit cost | 2,449 | 1,675 | |||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 105,325 | 103,879 | |||
Employer Contributions [Abstract] | |||||
Estimated employer contributions for the current fiscal year | 8,077 | ||||
Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 62,888 | 62,346 | |||
Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 42,437 | 41,533 | |||
Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | 0 | |||
Equity Securities [Member] | |||||
Plan Assets [Abstract] | |||||
Target plan asset allocations | 55.00% | 55.00% | |||
Fixed Income Securities [Member] | |||||
Plan Assets [Abstract] | |||||
Target plan asset allocations | 45.00% | 45.00% | |||
Cash and cash equivalents | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 5,708 | 6,811 | |||
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 5,708 | 6,811 | |||
Cash and cash equivalents | Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | 0 | |||
Cash and cash equivalents | Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | 0 | |||
Actively Managed | All Cap Equity | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 4,232 | [1] | 4,266 | [1] | |
Actively Managed | All Cap Equity | Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 4,203 | [1] | 4,237 | [1] | |
Actively Managed | All Cap Equity | Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 29 | [1] | 29 | [1] | |
Actively Managed | All Cap Equity | Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | U.S. Large Cap Equity | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 36,233 | [1] | 35,489 | [1] | |
Actively Managed | U.S. Large Cap Equity | Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 36,233 | [1] | 35,489 | [1] | |
Actively Managed | U.S. Large Cap Equity | Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | U.S. Large Cap Equity | Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | U.S. Mid Cap Equity | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 6,330 | [1] | 6,069 | [1] | |
Actively Managed | U.S. Mid Cap Equity | Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 6,330 | [1] | 6,069 | [1] | |
Actively Managed | U.S. Mid Cap Equity | Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | U.S. Mid Cap Equity | Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | U.S. Small Cap Equity | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 5,444 | [1] | 4,982 | [1] | |
Actively Managed | U.S. Small Cap Equity | Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 5,444 | [1] | 4,982 | [1] | |
Actively Managed | U.S. Small Cap Equity | Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | U.S. Small Cap Equity | Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | Non-U.S. Large Cap Equity | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 4,970 | [1] | 4,758 | [1] | |
Actively Managed | Non-U.S. Large Cap Equity | Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 4,970 | [1] | 4,758 | [1] | |
Actively Managed | Non-U.S. Large Cap Equity | Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | Non-U.S. Large Cap Equity | Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | REIT | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 5,369 | [1] | 5,069 | [1] | |
Actively Managed | REIT | Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Actively Managed | REIT | Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 5,369 | [1] | 5,069 | [1] | |
Actively Managed | REIT | Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Fixed Income | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 37,039 | [2] | 36,435 | [2] | |
Fixed Income | Quoted Prices in Active Markets for Identical Assets | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Fixed Income | Significant Observable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | 37,039 | [2] | 36,435 | [2] | |
Fixed Income | Significant Unobservable Inputs | |||||
Plan Assets [Abstract] | |||||
Fair value of plan assets | $0 | [2] | $0 | [2] | |
[1] | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. | ||||
[2] | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate. |
Segment_and_Nonregulated_Busin2
Segment and Nonregulated Business Reporting (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
subsidiaries | |||||
Segment Reporting Information [Line Items] | |||||
Number of Subsidiaries | 4 | ||||
Operating revenue | $62,112 | $54,596 | |||
Operating expense | 49,307 | 48,542 | |||
Operating income (loss) | 12,805 | 6,054 | |||
Net income (loss) | 4,695 | 906 | |||
Depreciation and amortization | 10,159 | 9,485 | |||
Senior note, mortgage and other interest expense | 5,652 | 4,870 | |||
Income tax expense (benefit) in net income | 2,794 | 561 | |||
Assets | 1,277,821 | 1,123,935 | 1,269,304 | ||
Water Utility Services | Regulated | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 58,887 | 51,626 | |||
Operating expense | 46,922 | 46,463 | |||
Operating income (loss) | 11,965 | 5,163 | |||
Net income (loss) | 4,701 | 903 | |||
Depreciation and amortization | 9,679 | 8,977 | |||
Senior note, mortgage and other interest expense | 4,830 | 4,081 | |||
Income tax expense (benefit) in net income | 2,818 | 552 | |||
Assets | 1,188,389 | 1,027,073 | |||
Water Utility Services | Non-tariffed | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 1,447 | 1,228 | |||
Operating expense | 962 | 872 | |||
Operating income (loss) | 485 | 356 | |||
Net income (loss) | 218 | 151 | |||
Depreciation and amortization | 90 | 90 | |||
Senior note, mortgage and other interest expense | 0 | 0 | |||
Income tax expense (benefit) in net income | 182 | 124 | |||
Assets | 18,668 | 16,965 | |||
Real Estate Services | Non-tariffed | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 1,778 | 1,742 | |||
Operating expense | 1,024 | 1,022 | |||
Operating income (loss) | 754 | 720 | |||
Net income (loss) | 260 | 204 | |||
Depreciation and amortization | 390 | 418 | |||
Senior note, mortgage and other interest expense | 255 | 237 | |||
Income tax expense (benefit) in net income | 145 | 153 | |||
Assets | 66,053 | 70,710 | |||
All Other | Non-tariffed | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 0 | [1] | 0 | [1] | |
Operating expense | 399 | [1] | 185 | [1] | |
Operating income (loss) | -399 | [1] | -185 | [1] | |
Net income (loss) | -484 | [1] | -352 | [1] | |
Depreciation and amortization | 0 | [1] | 0 | [1] | |
Senior note, mortgage and other interest expense | 567 | [1] | 552 | [1] | |
Income tax expense (benefit) in net income | -351 | [1] | -268 | [1] | |
Assets | 4,711 | [1] | 9,187 | [1] | |
SJW Corp. | Regulated | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 58,887 | 51,626 | |||
Operating expense | 46,922 | 46,463 | |||
Operating income (loss) | 11,965 | 5,163 | |||
Net income (loss) | 4,701 | 903 | |||
Depreciation and amortization | 9,679 | 8,977 | |||
Senior note, mortgage and other interest expense | 4,830 | 4,081 | |||
Income tax expense (benefit) in net income | 2,818 | 552 | |||
Assets | 1,188,389 | 1,027,073 | |||
SJW Corp. | Non-tariffed | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 3,225 | 2,970 | |||
Operating expense | 2,385 | 2,079 | |||
Operating income (loss) | 840 | 891 | |||
Net income (loss) | -6 | 3 | |||
Depreciation and amortization | 480 | 508 | |||
Senior note, mortgage and other interest expense | 822 | 789 | |||
Income tax expense (benefit) in net income | -24 | 9 | |||
Assets | $89,432 | $96,862 | |||
[1] | The bAll Otherb category includes the accounts of SJW Corp. on a stand-alone basis |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $384,802 | $384,949 |
Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment in California Water Service Group | 6,352 | 6,378 |
Significant Observable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $489,650 | $460,171 |
Regulatory_Rate_Filings_Detail
Regulatory Rate Filings (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 27, 2015 | Mar. 26, 2015 | Jan. 05, 2015 |
Regulatory Liabilities [Line Items] | |||
Authorized Regulatory Surcharge, Gross | $1,876 | ||
Regulatory Rate Filings, Requested Rate Increase, Year One | 34,928 | ||
Regulatory Rate Filings, Requested Rate Increase as Percentage of Total Revenue at Time of Request, Year One | 12.22% | ||
Regulatory Rate Filings, Requested Rate Increase, Year Two | 9,954 | ||
Regulatory Rate Filings, Proposed Rate Increase, Percent of Authorized Revenue, Year Two | 3.11% | ||
Regulatory Rate Filings, Requested Rate Increase, Year Three | 17,567 | ||
Regulatory Rate Filings, Requested Rate Increase, Percent of Authorized Revenue, Year Three | 5.36% | ||
Balancing Account, Recovery Request | 4,752 | ||
Memorandum Account, Recovery Request | $9,567 | $976 |
Balancing_and_Memorandum_Accou2
Balancing and Memorandum Account Recovery Procedures (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 27, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 26, 2015 | Jan. 05, 2015 |
Memorandum Accounts [Roll Forward] | |||||
Beginning Balance | ($1,377) | ($1,896) | |||
Revenue Increase(Reduction) | 423 | 197 | |||
Refunds (Collections) | 165 | 0 | |||
Ending Balance | -789 | -1,699 | |||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 48,438 | 9,585 | |||
Revenue Increase(Reduction) | 1,144 | -607 | |||
Refunds (Collections) | -3,224 | 0 | |||
Ending Balance | 46,358 | 8,978 | |||
Balancing and Memorandum Account [Roll Forward] | |||||
Beginning Balance | 47,061 | 7,689 | |||
Revenue Increase(Reduction) | 1,567 | -410 | |||
Refunds (Collections) | -3,059 | 0 | |||
Ending Balance | 45,569 | 7,279 | |||
Authorized Regulatory Surcharge, Gross | 1,876 | ||||
Net under-collected balancing and memorandum accounts | 8,115 | ||||
Memorandum Account, Recovery Request | 9,567 | 976 | |||
Water supply balancing accounts | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 890 | -2,378 | |||
Revenue Increase(Reduction) | -12 | -394 | |||
Refunds (Collections) | -53 | 0 | |||
Ending Balance | 825 | -2,772 | |||
Pension balancing account | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 1,412 | 9,734 | |||
Revenue Increase(Reduction) | -606 | 31 | |||
Refunds (Collections) | -383 | 0 | |||
Ending Balance | 423 | 9,765 | |||
Balancing and memorandum accounts, net | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 44,400 | 0 | |||
Revenue Increase(Reduction) | 1,876 | 0 | |||
Refunds (Collections) | -2,759 | 0 | |||
Ending Balance | 43,517 | 0 | |||
Other, net | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 1,736 | 2,229 | |||
Revenue Increase(Reduction) | -114 | -244 | |||
Refunds (Collections) | -29 | 0 | |||
Ending Balance | $1,593 | $1,985 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Regulatory Assets [Line Items] | ||
Net Regulatory Assets | $173,445 | $174,863 |
Less: current regulatory asset, net | 15,996 | 16,853 |
Net regulatory assets, less current portion | 157,449 | 158,010 |
Income tax temporary differences, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: | 6,731 | 6,731 |
Postretirement pensions and other medical benefits | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: | 115,494 | 115,494 |
Balancing and memorandum accounts, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: | 45,569 | 47,061 |
Other, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: | $5,651 | $5,577 |