Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Entity [Abstract] | |||
Entity Registrant Name | SJW CORP | ||
Entity Central Index Key | 766,829 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 20,418,127 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 487 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Utility plant: | ||
Land | $ 17,853 | $ 16,838 |
Depreciable plant and equipment | 1,438,321 | 1,353,772 |
Construction in progress | 45,573 | 23,208 |
Intangible assets | 22,675 | 19,333 |
Property, Plant and Equipment, Gross | 1,524,422 | 1,413,151 |
Less accumulated depreciation and amortization | 487,659 | 450,137 |
Public Utilities, Property, Plant and Equipment, Net | 1,036,763 | 963,014 |
Real estate investments | 74,641 | 73,794 |
Less accumulated depreciation and amortization | 13,157 | 11,593 |
Property, Plant and Equipment, Net | 61,484 | 62,201 |
Current assets: | ||
Cash and cash equivalents | 5,239 | 2,399 |
Accounts receivable: | ||
Customers, net of allowances for uncollectible accounts of $200 and $150 in 2015 and 2014, respectively | 16,390 | 14,997 |
Income tax | 10,852 | 8,871 |
Other | 2,192 | 3,385 |
Accrued unbilled utility revenue | 17,417 | 18,074 |
Current regulatory assets, net | 16,542 | 16,853 |
Other current assets | 4,744 | 3,514 |
Assets, Current | 73,376 | 68,093 |
Other assets: | ||
Investment in California Water Service Group | 6,030 | 6,378 |
Unamortized debt issuance, broker and reacquisition costs | 4,721 | 5,218 |
Net regulatory assets, less current portion | 152,021 | 158,010 |
Other | 6,568 | 6,390 |
Assets, Noncurrent | 169,340 | 175,996 |
Assets | 1,340,963 | 1,269,304 |
Shareholders' equity: | ||
Common stock, $0.521 par value; authorized 36,000,000 shares; issued and outstanding 20,381,949 shares in 2015 and 20,286,840 shares in 2014 | 10,616 | 10,567 |
Additional paid-in capital | 68,636 | 66,298 |
Retained earnings | 302,220 | 280,773 |
Accumulated other comprehensive income | 2,311 | 2,517 |
Total shareholders' equity | 383,783 | 360,155 |
Long-term debt, less current portion | 380,825 | 384,365 |
Capitalization, Long-term Debt and Equity | 764,608 | 744,520 |
Current liabilities: | ||
Line of credit | 34,600 | 13,200 |
Current portion of long-term debt | 3,491 | 584 |
Accrued groundwater extraction charges, purchased water and power | 7,163 | 6,030 |
Accounts payable | 16,196 | 7,001 |
Accrued interest | 6,193 | 6,361 |
Accrued property taxes and other non-income taxes | 1,622 | 1,607 |
Accrued payroll | 4,203 | 3,755 |
Other current liabilities | 6,155 | 6,156 |
Liabilities, Current | 79,623 | 44,694 |
Deferred income taxes | 198,775 | 185,506 |
Advances for construction | 76,572 | 73,303 |
Contributions in aid of construction | 141,194 | 138,502 |
Postretirement benefit plans | 70,230 | 74,187 |
Other noncurrent liabilities | 9,961 | 8,592 |
Commitments and contingencies | 0 | 0 |
Liabilities and Equity | $ 1,340,963 | $ 1,269,304 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Allowance for uncollectible accounts | $ 200 | $ 150 |
Capitalization: | ||
Common stock, par value | $ 0.521 | $ 0.521 |
Common stock, shares authorized | 36,000,000 | 36,000,000 |
Common stock, shares issued | 20,381,949 | 20,286,840 |
Common stock, shares outstanding | 20,381,949 | 20,286,840 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Operating revenue | $ 305,082 | $ 319,668 | $ 276,869 |
Production Expenses: | |||
Purchased water | 61,089 | 47,280 | 63,225 |
Power | 6,121 | 9,865 | 7,619 |
Groundwater extraction charges | 31,240 | 53,678 | 37,927 |
Other production expenses | 12,178 | 11,929 | 12,073 |
Total production expenses | 110,628 | 122,752 | 120,844 |
Administrative and general | 47,131 | 40,573 | 43,714 |
Maintenance | 14,956 | 14,474 | 13,548 |
Property taxes and other non-income taxes | 11,667 | 11,086 | 10,317 |
Depreciation and amortization | 40,740 | 37,905 | 35,039 |
Total operating expense | 225,122 | 226,790 | 223,462 |
Operating income | 79,960 | 92,878 | 53,407 |
Other (expense) income: | |||
Interest on long-term debt | (20,925) | (19,423) | (18,667) |
Mortgage and other interest expense | (1,261) | (1,365) | (1,255) |
Gain on sale of California Water Service Group stock | 0 | 2,017 | 0 |
Gain on sale of real estate investment | 1,886 | 554 | 1,063 |
Dividend income | 174 | 189 | 246 |
Other, net | 1,320 | 1,927 | 1,725 |
Income before income taxes | 61,154 | 76,777 | 36,519 |
Provision for income taxes | 23,272 | 24,971 | 14,135 |
Net income | 37,882 | 51,806 | 22,384 |
Other comprehensive (loss) income: | |||
Unrealized (loss) income on investment, net of taxes of ($141) in 2015, $208 in 2014 and $741 in 2013 | (206) | 301 | 1,077 |
Reclassification adjustment for gain realized on investment, net of taxes of $805 in 2014 | 0 | 1,171 | 0 |
Comprehensive income | $ 37,676 | $ 50,936 | $ 23,461 |
Earnings per share | |||
—Basic (in dollars per share) | $ 1.86 | $ 2.56 | $ 1.13 |
—Diluted (in dollars per share) | $ 1.85 | $ 2.54 | $ 1.12 |
Weighted average shares outstanding | |||
—Basic (shares) | 20,360,663 | 20,227,297 | 19,774,589 |
—Diluted (shares) | 20,515,643 | 20,416,734 | 19,971,236 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Unrealized loss on investment, taxes | $ (141) | $ 208 | $ 741 |
Reclassification adjustment for gain on investment, taxes | $ 0 | $ 805 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
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 |
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 | ||||
Reclassification adjustment for gain realized on investment, net of tax effect of $805 | 0 | ||||
Common stock issued, shares | 1,421,000 | ||||
Common stock issued | 35,894 | $ 740 | 35,154 | ||
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 | ||||
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 |
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 | ||||
Reclassification adjustment for gain realized on investment, net of tax effect of $805 | (1,171) | $ 0 | 0 | 0 | (1,171) |
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 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 37,882 | $ 0 | 0 | 37,882 | 0 |
Unrealized loss on investment, net of tax effect | (206) | 0 | 0 | 0 | (206) |
Share-based compensation | 1,489 | 0 | 1,603 | (114) | 0 |
Exercise of stock options and similar instruments, value | (111) | $ 32 | (143) | 0 | 0 |
Exercise of stock options and similar instruments, shares | 61,791 | ||||
Employee stock purchase plan, value | $ 895 | $ 17 | 878 | 0 | 0 |
Employee stock purchase plan, shares | 33,318 | 33,318 | |||
Reclassification adjustment for gain realized on investment, net of tax effect of $805 | $ 0 | ||||
Dividends | (15,885) | $ 0 | 0 | (15,885) | 0 |
Balance, value at Dec. 31, 2015 | $ 383,783 | $ 10,616 | $ 68,636 | 302,220 | $ 2,311 |
Balance, shares at Dec. 31, 2015 | 20,381,949 | 20,381,949 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (436) | $ (436) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cumulative Effect on Retained Earnings, Tax | $ 300 | $ 0 | $ 0 |
Unrealized loss on investment, taxes | (141) | 208 | 741 |
Reclassification adjustment for gain on investment, taxes | $ 0 | $ 805 | $ 0 |
Common stock, dividends per share, paid | $ 0.78 | $ 0.75 | $ 0.73 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 37,882 | $ 51,806 | $ 22,384 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 42,330 | 39,491 | 36,595 |
Deferred income taxes | 15,925 | 26,067 | 11,567 |
Share-based compensation | 1,603 | 1,031 | 912 |
Gain on sale of real estate investment | (1,886) | (554) | (1,063) |
Gain on sale of California Water Service Group stock | 0 | (2,017) | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable and accrued unbilled utility revenue | 735 | (1,276) | (3,073) |
Accounts payable and other current liabilities | 1,550 | (403) | (369) |
Accrued groundwater extraction charges, purchased water and power | 1,133 | (1,751) | 2,709 |
Tax receivable and accrued taxes | (3,297) | (5,546) | (1,112) |
Postretirement benefits | (117) | (325) | 127 |
Regulatory asset related to balancing and memorandum accounts | 1,429 | (39,727) | (3,257) |
Other noncurrent assets and noncurrent liabilities | 1,950 | (2,001) | (884) |
Other changes, net | (1,980) | 1,116 | (1,111) |
Net cash provided by operating activities | 97,257 | 65,911 | 63,425 |
Investing activities: | |||
Company-funded | (96,012) | (91,846) | (82,720) |
Contributions in aid of construction | (10,762) | (10,090) | (11,605) |
Additions to real estate investment | (1,097) | (13) | (4,232) |
Payments for business/asset acquisition and water rights | (991) | (1,768) | (3,349) |
Cost to retire utility plant, net of salvage | (3,673) | (1,551) | (2,695) |
Proceeds from sale of real estate investment | 1,925 | 4,572 | 8,831 |
Proceeds from sale of California Water Service Group stock | 0 | 3,056 | 0 |
Net cash used in investing activities | (110,610) | (97,640) | (95,770) |
Financing activities: | |||
Borrowings from line of credit | 97,000 | 57,200 | 48,600 |
Repayments of line of credit | (75,600) | (66,400) | (41,500) |
Long-term borrowings | 0 | 50,000 | 0 |
Repayments of long-term borrowings | (633) | (602) | (5,439) |
Debt issuance costs | 0 | (528) | (19) |
Dividends paid | (15,885) | (15,177) | (14,443) |
Issuance of common stock, net of issuance costs | 0 | 0 | 35,894 |
Exercise of stock options and similar instruments | 895 | 1,917 | 1,004 |
Tax benefits realized from share options exercised | 634 | 462 | 28 |
Receipts of advances and contributions in aid of construction | 12,266 | 7,569 | 10,293 |
Refunds of advances for construction | (2,484) | (2,612) | (2,296) |
Net cash provided by financing activities | 16,193 | 31,829 | 32,122 |
Net change in cash and cash equivalents | 2,840 | 100 | (223) |
Cash and cash equivalents, beginning of year | 5,239 | 2,399 | 2,299 |
Cash and cash equivalents, end of year | 2,399 | 2,299 | 2,522 |
Cash paid during the year for: | |||
Interest | 23,634 | 21,046 | 20,886 |
Income Taxes Paid, Net | 9,723 | 6,324 | 4,186 |
Supplemental disclosure of non-cash activities: | |||
Increase (Decrease) in accrued payables for construction costs capitalized | 7,540 | (4,981) | 4,588 |
Utility property installed by developers | $ 1,011 | $ 6,549 | $ 2,162 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 37,000 people. CLWSC's service area comprises more than 243 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 obtained 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 the area. SJW Group, Inc., a Delaware corporation, was formed in March 2015 for the sole purpose of effectuating a change in the state of incorporation of SJW Corp. from California to Delaware (the “Reincorporation”). The Reincorporation requires the approval of the California Public Utilities Commission (“CPUC”) and Public Utilities Commission of Texas (“PUCT”) and will not become effective until after we obtain such approvals. In July and September 2015, applications were filed with the CPUC and PUCT, respectively, to seek such approvals and decisions are expected in the first quarter of 2016. 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 2015 , 2014 and 2013 was $1,188 , $1,112 and $905 , respectively. Construction in progress was $ 45,573 and $ 23,208 at December 31, 2015 and 2014 , respectively. The major components of depreciable plant and equipment as of December 31, 2015 and 2014 are as follows: 2015 2014 Equipment $ 254,940 242,383 Transmission and distribution 1,108,659 1,042,794 Office buildings and other structures 74,722 68,595 Total depreciable plant and equipment $ 1,438,321 1,353,772 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 2015 , 2014 and 2013 , depreciation expense as a percent of the beginning of the year balance of depreciable plant was approximately 3.4% , 3.4% and 3.4% , respectively. A portion of depreciation expense is allocated to administrative and general expense. For the years 2015 , 2014 and 2013 , the amounts allocated to administrative and general expense were $1,590 , $1,586 and $1,556 , respectively. Depreciation expense for utility plant for the years ended December 31, 2015 , 2014 and 2013 was $38,233 , $35,424 and $32,616 , 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). In January 2014, the FASB issued ASU 2014-05 - “Service Concession Arrangements” which became effective for the Company during the first quarter of 2015. ASU 2014-05 specifies that an operating entity should not account for a service concession arrangement as a lease in accordance with FASB ASC Topic 840 - “Leases.” An operating entity should refer to other accounting guidance topics as applicable to account for various aspects of a service concession arrangement. ASU 2014-05 also specifies that infrastructure constructed by an operator in a service concession arrangement should not be recognized as property, plant, and equipment of the operator. ASU 2014-05 required application on a modified retrospective basis to service concession arrangements that existed at January 1, 2015. San Jose Water Company operates the City of Cupertino's municipal water system under a service concession arrangement. Upon adoption of this standard, SJW Corp. reclassified $1,859 of Depreciable Plant and Equipment for infrastructure related to the Cupertino service concession arrangement to intangible assets and the related accumulated depreciation of $377 to accumulated amortization. In addition, the Company recognized a cumulative effect adjustment of $436 , net of tax, to the opening balance of retained earnings. 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, 2015 and 2014 are as follows: 2015 2014 Land $ 17,297 17,297 Buildings and improvements 57,015 56,168 Intangibles 329 329 Total real estate investment $ 74,641 73,794 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 14, 2015, San Jose Water Company sold five nonutility properties located in San Jose, California for $2,015 . SJW Corp. recognized a pre-tax gain on the sale of real estate investments of $1,886 , after selling expenses of $91 . 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 . Real estate investments include $73,658 and $72,402 as of December 31, 2015 and 2014 , 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, 2015 : Year ending December 31: Rental Revenue 2016 $ 5,514 2017 5,612 2018 4,789 2019 3,753 2020 3,302 Thereafter 10,389 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 2015 or 2014. 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 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 in the amount of $1,937 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). 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. On August 13, 2015, San Jose Water Company and the CPUC's Office of Ratepayer Advocates (“ORA”) submitted a settlement that resolved all outstanding issues related to the rehearing. On October 1, 2015, the CPUC issued Decision No. 15-10-005 adopting the submitted settlement and closed the proceeding. The settlement agreement did not affect authorized revenues or rates. On January 5, 2015, San Jose Water Company filed General Rate Case Application No. 15-01-002 requesting authority for an increase of revenue 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 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. The ORA submitted testimony on April 23 2015, recommending increases of $23,468 , or 8.54% , in 2016, $13,803 , or 4.42% , in 2017 and $16,261 , or 4.95% in 2018. San Jose Water Company and the CPUC's ORA reached a settlement agreement on a range of issues, including full settlement on all contested utility plant in-service items. Evidentiary hearings to address all remaining unsettled items took place in June 2015 and briefs were submitted in July 2015. Since a decision was not reached by the end of 2015, the CPUC has authorized San Jose Water Company to implement interim rates, effective January 1, 2016, until such time as decision is adopted. Interim rates have been set equal to calendar year-end 2015 rates and will remain in effect until a decision is adopted. Any difference between interim rates and the rates ultimately approved will be tracked in a memorandum account and will be submitted for recovery or refund. A final General Rate Case is expected in the first half of 2016. On March 26, 2015, San Jose Water Company filed Advice Letter No. 468 with the CPUC. With this advice letter San Jose Water Company requested authorization to recover an under-collection balance of $9,567 in the Mandatory Conservation Revenue Adjustment Memorandum Account (“MCRAMA”), using a Water Revenue Adjustment Mechanism (“WRAM”) methodology, that accumulated during the period April 1, 2014 through December 31, 2014. On December 3, 2015, the CPUC adopted Resolution W-5071. The resolution authorized recovery of $4,259 in lost revenues based on the use of a Water Conservation Memorandum Account (“WCMA”) calculation methodology. The WCMA calculation methodology 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. Lost revenues authorized for collection are to be recovered over a 12-month period via a surcharge of $0.08 per CCF beginning December 9, 2015. The MCRAMA was subsequently renamed the WCMA in Advice Letter No. 479. See “Balancing and Memorandum Accounts” under Note 1 of Notes to Consolidated Financial Statements for further discussion on recognition of the approved recovery amount. On May 1, 2015, San Jose Water Company filed Advice Letter No. 471 with the CPUC requesting to recover the cumulative balance of $1,937 in the 2013 General Rate Case Interim Rates Memorandum Account for the period of August 15, 2014 through September 28, 2014. Recovery of the balance for this 45-day period was authorized in the GRC rehearing Decision No. 15-03-048. San Jose Water Company's request was authorized effective May 6, 2015. On May 11, 2015, San Jose Water Company filed Advice Letters No. 472 and No. 473 with the CPUC. With Advice Letter No. 472, San Jose Water Company sought to modify the existing Water Shortage Contingency Plan in Tariff Rule 14.1, so that the plan reflects examples put forward by the CPUC and so that the restrictions provided within the plan more closely matched the restrictions adopted by local government agencies. Advice Letter No. 473 was filed pursuant to Executive Order B-29-15 by the Governor of the State of California, and by orders of the State Water Board and the CPUC. With Advice Letter No. 473, San Jose Water Company requested authority from the CPUC to activate Stage 3 of Tariff Rule 14.1 and activate the Water Shortage Contingency Plan in Schedule No. 14.1 with staged mandatory reductions in water usage and drought surcharges. Both Advice Letters No. 472 and No. 473 became effective on June 15, 2015. The drought surcharges will be recorded in a drought account authorized by the CPUC to track lost revenues from conservation. The amount collected will offset future rate increases that would be necessary to recover lost revenue due to drought conservation efforts, such as the WCMA. On May 29, 2015, San Jose Water Company filed Advice Letter No. 474 with the CPUC requesting authorization to increase revenues by $18,357 , or approximately 6.44% . This filing covered increased costs that went into effect on July 1, 2015 for purchased water and groundwater production charged to San Jose Water Company by the SCVWD. As directed by the CPUC's Water Division, the revenue increase is recovered via surcharges on the existing quantity rate. San Jose Water Company's request was authorized and became effective July 1, 2015. On July 30, 2015, San Jose Water Company filed Application No. 15-07-027 with the CPUC seeking the authorization to change the state of incorporation of SJW Corp., the parent holding company of San Jose Water Company, from California to Delaware. A decision in this matter is anticipated in the first quarter of 2016. On August 21, 2015, San Jose Water Company filed Application No. 15-08-016 with the CPUC seeking authority to issue additional debt and equity securities of up to $150,000 in aggregate for general purposes including property acquisition, construction, completion, extension or improvement of facilities. On December 18, 2015, the CPUC adopted Decision No. 15-12-018 authorizing San Jose Water Company to issue the requested debt and equity securities. On August 21, 2015, San Jose Water Company filed Advice Letter 476 with the CPUC. San Jose Water Company requested authorization for a rate base offset for improvements to the Montevina Water Treatment Plant. In Decision No. 13-07-028 the CPUC authorized San Jose Water Company to file annual advice letters to include in rate base costs of the Montevina Water Treatment Plant upgrade project. The advice letter filing requested authorization for a revenue increase of approximately $275 or about 0.09% . The advice letter was approved and the increase in rates became effective September 20, 2015. Revenue will be recorded through rates on a prospective basis. This filing was the second such advice letter related to the Montevina Water Treatment Plant. San Jose Water Company will continue to file similar annual advice letters until the project has been completed. On December 11, 2015, San Jose Water Company along with three other California water utilities (the “Joint Parties”), filed a request for a one year postponement of their 2016 Cost of Capital (“COC”) filings scheduled for March 31, 2016. Pursuant to the CPUC's rate case plan, the Joint Parties are required to file their COC applications on a triennial basis with the next scheduled filing due on March 31, 2016. Postponing the filing for one year would alleviate administrative processing costs on the Joint Parties as well as the CPUC staff. On February 1, 2016, the CPUC's executive director approved the Joint Parties request for a one year postponement. Joint Parties are now required to file their next COC applications on March 31, 2017. On December 15, 2015, San Jose Water Company filed Advice Letter No. 481 with the CPUC requesting authorization to re-implement a previously existing surcharge of $0.0492 per CCF to amortize the remaining uncollected balancing account recovery authorized in General Rate Case Decision 14-08-006. In Decision No. 14-08-006 the CPUC authorized San Jose Water Company to recover the $2,599 under-collection in various balancing accounts over a 12-month period beginning in August of 2014. However, at the end of the 12-month period $590 of the originally authorized $2,599 remained uncollected. This under-collection is due primarily to actual sales being substantially lower than the commission authorized sales estimate which was used to calculate the surcharge level. The advice letter was approved and effective on January 15, 2016. On February 5, 2016, San Jose Water Company filed Advice Letter No. 482 with the CPUC. With this advice letter San Jose Water Company requested authorization to recover the $7,668 balance accumulated in the WCMA during the period January 1, 2015 through December 31, 2015. The WCMA is used to track the revenue impact of mandatory conservation upon San Jose Water Company’s quantity revenue resulting from mandatory conservation instituted by the State of California and the SCVWD. The requested $7,668 recovery is the net amount of the total drought related revenue reduction calculated in the WCMA offset by the drought surcharges collected during 2015. If approved, the under-collection will be recovered via a surcharge of $0.1441 per CCF on the existing quantity rate for a period of 12 months from the date of CPUC approval. San Jose Water Company has requested the recovery begin on or about April 7, 2016. Effective September 1, 2014, CLWSC became subject to the economic regulation of the 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. On September 16, 2015, CLWSC filed an application with the PUCT requesting approval of the reincorporation of SJW Corp., Inc. from a California corporation to a Delaware corporation. The application is currently being reviewed by PUCT and a decision in this matter is anticipated in the first quarter of 2016. 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, WCMA, drought surcharges, Monterey Water Revenue Adjustment Mechanism, and other approved activities or as directed by the CPUC. Balancing and memorandum accounts are recognized 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 WCMA, San Jose Water Company follows the requirements of ASC Topic 980-605-25—“Alternative Revenue Programs” in determining revenue recognition, including the requirement that such revenues will be collected within 24 months of the year-end in which the revenue is recorded. A reserve will be recorded for amounts we estimate will not be collected within the 24-month period. This reserve will be based on the difference between authorized usage in the last general rate case decision and an estimate of actual usage over the recovery period, offset by applicable drought surcharges. 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 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 SJW Corp.'s financial statements. On December 3, 2015, the CPUC approved a surcharge to recover lost revenues for the period of April 1, 2014 through December 31, 2014 related to the ongoing drought and the associated calls for water use reduction from the SCVWD. The resolution authorized San Jose Water Company to recover $4,259 of lost revenues tracked through the WCMA account over a twelve month period via a surcharge of $0.08 per CCF beginning December 9, 2015. A reserve was recorded of $1,278 for the estimated amount that may not be collected within 24 months of December 31, 2015, the year-end of the period in which the revenue is being recorded, in accordance with FASB ASC Topic 980-605-25—“Alternative Revenue Programs”. The reserve was determined based on the difference between authorized usage in the last general rate case decision and an estimate of actual usage over the recovery period, offset by applicable drought surcharges. The net amount of $2,981 has been recorded into the 2014 WCMA row in the table below. Based on FASB ASC Topic 980-605-25—“Alternative Revenue Programs,” San Jose Water Company also recognized in revenue $19,854 of lost revenues accumulated in the WCMA account for the year ended December 31, 2015 less a $2,343 reserve for the estimated amount that may not be collected within the 24 month period defined in the guidance. The regulatory asset was offset with the regulatory liability amount of $12,139 representing Tariff Rule 14.1 drought surcharges collected for the same period as allowed for in Advice Letter 473A which was approved by the CPUC and became effective June 15, 2015. The net amount of $5,372 has been recorded as a revenue addition in the 2015 WCMA row in the table below. 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, 2015 Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: 2014 WCMA $ — 2,981 (37 ) — 2,944 2015 WCMA — 17,511 — (12,139 ) 5,372 All others (1,377 ) 1,494 477 — 594 Total memorandum accounts $ (1,377 ) 21,986 440 (12,139 ) 8,910 Balancing accounts: Water supply costs 890 2,025 (144 ) — 2,771 Drought surcharges — — (12,498 ) 12,139 (359 ) Pension 1,412 (924 ) (1,040 ) — (552 ) 2012 General Rate Case true-up 44,400 1,937 (13,267 ) — 33,070 All others 1,736 (293 ) (77 ) — 1,366 Total balancing accounts $ 48,438 2,745 (27,026 ) 12,139 36,296 Total $ 47,061 24,731 (26,586 ) — 45,206 For the year ended December 31, 2014 Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: All others $ (1,896 ) 341 178 — (1,377 ) Total 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 Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: All others $ (1,887 ) 869 (878 ) — (1,896 ) Total 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 All others 369 1,860 — — 2,229 Total balancing accounts $ 5,436 4,149 — — 9,585 Total $ 3,549 5,018 (878 ) — 7,689 As of December 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 $1,081 . 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, 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: 2015 2014 Regulatory assets: Income tax temporary differences, net $ 8,184 6,731 Postretirement pensions and other medical benefits 109,168 115,494 Balancing and memorandum accounts, net 45,206 47,061 Other, net 6,005 5,577 Total regulatory assets, net in Consolidated Balance Sheets $ 168,563 174,863 Less: current regulatory asset, net 16,542 16,853 Total regulatory asse |
Capitalization
Capitalization | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , 20,381,949 and 20,286,840 , respectively, shares of common stock were issued and outstanding. At December 31, 2015 and 2014 , 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, 2015 | |
Line of Credit Facility [Abstract] | |
LINES OF CREDIT | Lines of Credit As of December 31, 2015 , 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, 2015 , $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, 2015 and 2014 , SJW Corp. has an outstanding balance on the lines of credit of $34,600 and $13,200 , respectively. Cost of borrowing on the lines of credit averaged 1.31% and 1.15% as of December 31, 2015 and 2014 , respectively. 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, 2015 , 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-Term Debt Long-term debt as of December 31 was as follows: Description Due Date 2015 2014 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 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 $ 315,000 315,000 Mortgage loans 5.61% - 6.09% 2016 2,997 3,109 2017 11,634 11,896 444 West Santa Clara Street, L.P. 5.68% (non-recourse to SJW Land Company) 2021 2,836 2,947 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 1,849 1,997 Total debt $ 384,316 384,949 Less: current portion 3,491 584 Total long-term debt, less current portion $ 380,825 384,365 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. 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, 2015 , 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, 2015 , 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, 2015 , 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 10 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 2016 4,034 762 3,272 2017 11,469 110 11,359 444 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 $2,836 as of December 31, 2015 . 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 2016 276 157 119 2017 276 150 126 2018 276 143 133 2019 276 135 141 2020 276 127 149 Thereafter 2,210 42 2,168 San Jose Water Company has outstanding $50,000 in California Pollution Control Financing Authority revenue bonds as of December 31, 2015 . 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, 2015 , 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, 2015 is $1,849 . 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 2016 132 31 101 2017 196 42 154 2018 196 38 158 2019 196 34 162 2020 196 30 166 Thereafter 1,200 92 1,108 The fair value of long-term debt as of December 31, 2015 and 2014 was approximately $500,035 and $460,171 , 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, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense were: 2015 2014 2013 Current: Federal $ 3,723 50 (525 ) State 3,924 (1,146 ) 3,093 Deferred: Federal 16,109 28,493 11,743 State (484 ) (2,426 ) (176 ) $ 23,272 24,971 14,135 The following table reconciles income tax expense to the amount computed by applying the federal statutory rate to income before income taxes of $61,154 , $76,777 and $36,519 in 2015 , 2014 and 2013 : 2015 2014 2013 “Expected” federal income tax $ 21,404 26,872 12,782 Increase (decrease) in taxes attributable to: State taxes, net of federal income tax benefit 3,332 4,155 1,836 Dividend received deduction (43 ) (46 ) (60 ) Uncertain tax positions 3 — (650 ) Sales & Use Enterprise Zone Credit — (880 ) — Tangible Property Regulations (1,081 ) (5,127 ) — Other items, net (343 ) (3 ) 227 $ 23,272 24,971 14,135 The components of the net deferred tax liability as of December 31 was as follows: 2015 2014 Deferred tax assets: Advances and contributions $ 16,612 16,212 Unamortized investment tax credit 676 709 Pensions and postretirement benefits 4,094 4,216 California franchise tax 1,322 — Net operating loss — 5,065 Other 3,410 1,697 Total deferred tax assets $ 26,114 27,899 Deferred tax liabilities: Utility plant $ 165,293 150,662 Pension and postretirement benefits 44,482 47,059 Investment in stock 2,193 2,335 Deferred gain and other-property related 11,686 11,695 Debt reacquisition costs 397 443 Other 838 1,211 Total deferred tax liabilities $ 224,889 213,405 Net deferred tax liabilities $ 198,775 185,506 Management evaluates the realizability of 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, 2015 , the Company has estimated that it will utilize the entire federal net operating loss carry forward of $15,854 and state net operating loss carryforward of $1,525 to offset taxable income generated in 2015. The total amount of unrecognized tax benefits, before the impact of deductions for state taxes, excluding interest and penalties was $795 and $684 as of December 31, 2015 and 2014 , 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 $17 and $14 as of December 31, 2015 and 2014 , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Balance at December 31, 2014 $ 649 Increase related to tax positions taken during a prior year, including interest 106 Reductions related to tax positions taken in a prior year, including interest — Balance at December 31, 2015 $ 755 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 $17 as of December 31, 2015 . SJW Corp. has not accrued any penalties for unrecognized tax benefits. The amount of interest recognized in 2015 was an expense of $3 . 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, 2015 . 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. SJW Corp. is currently undergoing an income tax examination by The California Franchise Tax Board for refund claims for fiscal years 2008 through 2012. SJW Corp. applied for the accounting method changes required to comply with the Tangible Property Regulations with its 2014 tax returns. As of December 31, 2015 , the 2015 federal and state repairs and maintenance deduction under the new methodology was $18,820 , resulting in an estimated $6,587 federal deferred tax liability and a state income tax benefit of $1,081 . 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. applied 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 - 2014 California 2010 - 2014 Arizona 2011 - 2014 Connecticut 2012 - 2014 Florida 2012 Tennessee 2012 - 2014 Texas 2011 - 2014 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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 $15,875 . Other intangibles consists of $12,059 which was paid for service area and water rights related to our subsidiaries in Texas, $2,352 of Depreciable Plant and Equipment for infrastructure related to the Cupertino service concession arrangement (See Note 1 of Notes to Consolidated Financial Statements), $1,040 incurred in conjunction with SCVWD 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 $453 , $364 and $354 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amortization expense for 2016 , 2017 , 2018 , 2019 and 2020 is anticipated to be $453 per year. The costs of intangible assets as of December 31, 2015 and 2014 are as follows: 2015 2014 Concession fees $ 6,800 6,800 Other intangibles 15,875 12,533 Intangible assets 22,675 19,333 Less: Accumulated amortization Concession fees 4,964 4,692 Other intangibles 2,153 860 Net intangible assets $ 15,558 13,781 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 , San Jose Water Company purchased from SCVWD 18,482 million gallons ( $52,553 ), 17,782 million gallons ( $44,444 ) and 22,700 million gallons ( $52,500 ), respectively, of contract water. In accordance with the reduction of treated water deliveries approved by the SCVWD Board of Directors on November 25, 2015, the contractual delivery schedule was reduced by 20% through June 30, 2016. 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 19,360 million gallons ( $59,060 ) of water at the current contract water rate of $3.1 per million gallons in the year ending December 31, 2016. 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, while receiving all payments for water service. Water service rates are generally subject to approval by the Cupertino City Council. San Jose Water Company has remaining commitments of $46,900 with one vendor related to Phase 2 upgrades to the Montevina Water Treatment Plant. This amount is expected to be spent during 2016 and 2017. 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. 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 per year from 2016 to 2020. TWA may terminate the water leases at any time during the pre-production phase, upon two years prior written notice. As of December 31, 2015 , San Jose Water Company had 357 employees, of whom 122 were executive, administrative or supervisory personnel, and of whom 235 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, 2015 | |
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, 2015 | |
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, 2015 and 2014 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, 2015 | |
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, 2015 , the plan assets consist of approximately 35% bonds, 9% cash equivalents, and 56% 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 semi-annual 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 12.36 years for actuarial expense calculation purposes. Market losses in 2014 increased pension expense by approximately $3,473 in 2015 and market gains in 2013 decreased pension expense by approximately $790 in 2014. For the past 10 years, the plan has achieved a 5.91% return on its investments while the applicable benchmark was 5.95% 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 7.41% return on their investments, while the applicable benchmark was 7.13% 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 $16,566 and $15,806 as of December 31, 2015 and 2014 , respectively, and net periodic pension cost of $1,542 , $1,300 and $1,248 for 2015 , 2014 and 2013 , 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 $1,149 , $1,101 and $1,087 in 2015 , 2014 and 2013 , 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 $4,073 , $3,463 and $3,203 under the plans as of December 31, 2015 , 2014 and 2013 , 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 2015 2014 2013 2015 2014 2013 % % % % % % Discount rate 3.88 4.82 3.92 3.80 4.70 3.80 Expected return on plan assets 7.00 7.00 7.00 7.00 7.00 7.00 Rate of compensation increase 4.00 4.00 4.00 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 2015 2014 2015 2014 % % % % Discount rate 4.24 3.88 4.10 3.80 Rate of compensation increase 4.00 4.00 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. In 2014, 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. The newly issued tables and scales reflect increasing life expectancies of participants in the United States. 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 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost Service cost $ 5,072 3,938 4,594 $ 379 284 361 Interest cost 6,342 6,098 5,393 504 508 508 Expected return on assets (6,984 ) (6,414 ) (5,289 ) (283 ) (268 ) (230 ) Amortization of prior service cost 376 376 394 197 197 197 Recognized actuarial loss 4,005 1,879 4,052 188 59 189 Net periodic benefit cost $ 8,811 5,877 9,144 $ 985 780 1,025 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 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 165,304 128,699 $ 13,714 10,976 Service cost 5,072 3,938 379 284 Interest cost 6,342 6,098 504 508 Actuarial (gain)/loss (7,436 ) 31,161 2,231 2,322 Benefits paid (5,014 ) (4,592 ) (408 ) (376 ) Benefit obligation at end of year $ 164,268 165,304 $ 16,420 13,714 Change in plan assets Fair value of assets at beginning of year $ 99,628 91,358 $ 4,251 3,995 Actual return on plan assets 965 6,392 79 119 Employer contributions 9,374 6,470 468 434 Benefits paid (5,014 ) (4,592 ) (336 ) (297 ) Fair value of plan assets at end of year 104,953 99,628 4,462 4,251 Funded status at end of year $ (59,315 ) (65,676 ) $ (11,958 ) (9,463 ) The amounts recognized on the balance sheet as of December 31 were as follows: Pension Benefits Other Benefits 2015 2014 2015 2014 Current liabilities $ 957 883 $ 86 69 Noncurrent liabilities 58,358 64,793 11,872 9,394 $ 59,315 65,676 $ 11,958 9,463 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: 2015 2014 Funded status of obligation $ 71,273 75,139 Accrued benefit cost (6,587 ) (6,704 ) Amount to be recovered in future rates 64,686 68,435 Tax gross-up 44,482 47,059 Regulatory asset $ 109,168 115,494 The estimated amortization for the year ended December 31, 2016 is as follows: Pension Benefits Other Benefits Amortization of prior service cost $ 3,440 197 Amortization of loss 376 188 Total $ 3,816 385 Plan Assets Plan assets for the years ended December 31 were as follows: Pension Benefits Other Benefits 2015 2014 2015 2014 Fair value of assets at end of year: Debt securities $ 37,088 35,034 $ 1,527 1,401 35 % 35 % 34 % 33 % Equity securities 58,958 58,286 2,343 2,347 56 % 59 % 53 % 55 % Cash and equivalents 8,907 6,308 592 503 9 % 6 % 13 % 12 % Total $ 104,953 99,628 $ 4,462 4,251 The following tables summarize the fair values of plan assets by major categories as of December 31, 2015 and 2014 : Fair Value Measurements at December 31, 2015 Asset Category Benchmark Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 9,500 $ 9,500 $ — $ — Actively Managed (a): All Cap Equity Russell 3000 Value 4,067 4,041 26 — U.S. Large Cap Equity Russell 1000, Russell 1000 Growth, Russell 1000 Value 36,010 36,010 — — U.S. Mid Cap Equity Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value 5,886 5,886 — — U.S. Small Cap Equity Russell 2000, Russell 2000 Growth, Russell 2000 Value, Russell 2500 5,188 5,188 — — Non-U.S. Large Cap Equity MSCI EAFE 4,804 4,804 — — REIT NAREIT—Equity REIT's 5,346 — 5,346 — Fixed Income (b) (b) 38,614 — 38,614 — Total $ 109,415 $ 65,429 $ 43,986 $ — ___________________________________ 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 Asset Category Benchmark Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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, 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 2016 , San Jose Water Company expects to make required and discretionary cash contributions of up to $8,200 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 2016 $ 5,879 $ 660 2017 6,169 697 2018 6,546 734 2019 6,743 767 2020 7,191 795 2021 - 2025 42,464 3,705 |
Equity Plans
Equity Plans | 12 Months Ended |
Dec. 31, 2015 | |
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. On January 30, 2013, the amended and restated Plan was adopted by the Board and became effective on April 24, 2013. The Plan was subsequently amended and the amended and restated Plan was adopted by the Board on July 29, 2015. 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. 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, 2015 , 2014 and 2013 , 516,956 , 429,352 and 341,914 shares have been issued pursuant to the Plan, and 245,976 , 296,831 and 307,919 shares are issuable upon the exercise of outstanding options, restricted stock units, and deferred restricted stock units for the years ended 2015 , 2014 and 2013 , respectively. The remaining shares available for issuance under the Plan are 1,037,068 as of December 31, 2015 . 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: 2015 2014 2013 Compensation costs charged to income: ESPP $ 158 148 128 Restricted stock and deferred restricted stock 1,445 883 784 Total compensation costs charged to income $ 1,603 1,031 912 Proceeds from the exercise of stock options and similar instruments: Stock options $ — 1,044 198 ESPP 895 839 722 DRSPP — 34 84 Total proceeds from the exercise of stock options and similar instruments $ 895 1,917 1,004 Excess tax benefits realized from share options exercised and stock issuance: Stock options $ — 213 (69 ) Restricted stock and deferred restricted stock 634 249 97 Total excess tax benefits realized from share options exercised and stock issuance $ 634 462 28 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, 2015 , there are no outstanding options and no option award activity during the year ended December 31, 2015 . The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 , was $0 , $581 , and $179 , respectively. As of December 31, 2015 , 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 January 27, 2015 , certain officers of SJW Corp. were granted performance-based restricted stock units covering an aggregate target number of SJW Corp.'s shares of common stock equal to 3,252 that 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, is 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 of $34.36 per unit which is based on the award grant date fair value is being recognized. As of December 31, 2015, the specified performance goals and service requirement were met and 150% of the target number of shares is expected to vest February 29, 2016 upon approval of the Executive Compensation Committee of the Board on February 22, 2016. On January 27, 2015 , a key employee of SJW Corp. was granted performance-based restricted stock units covering a number of SJW Corp.'s shares of common stock equal to 6,639 that 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 of $34.36 per unit which is based on the award grant date fair value is being recognized. As of December 31, 2015, the specified performance goal and service requirement were met and the award is expected to vest February 29, 2016 upon approval of the Executive Compensation Committee of the Board on February 22, 2016. On April 29, 2015 , an officer of SJW Corp. was granted performance-based restricted stock units covering a target number of SJW Corp.'s shares of common stock equal to 501 that 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 award, ranging between 0% to 150% of the target number of shares, is based on the level of actual attainment of specified performance goals. The units do not include dividend equivalent rights. The award has no market conditions and the share-based compensation expense of $29.37 per unit which is based on the award grant date fair value is being recognized assuming the performance goal will be attained. As of December 31, 2015, the specified performance goals and service requirement were met and 150% of the target number of shares is expected to vest February 29, 2016 upon approval of the Executive Compensation Committee of the Board on February 22, 2016. A summary of SJW Corp.'s restricted and deferred restricted stock awards as of December 31, 2015 , and changes during the year ended December 31, 2015 , are presented below: Units Weighted- Average Grant- Date Fair Value Outstanding as of January 1, 2015 259,807 $ 18.56 Issued 32,516 $ 30.98 Vested (83,086 ) $ 32.79 Forfeited or expired — $ — Outstanding as of December 31, 2015 209,237 $ 21.49 Shares vested as of December 31, 2015 115,693 $ 16.52 A summary of the status of SJW Corp.'s nonvested restricted and deferred restricted stock awards as of December 31, 2015 , and changes during the year ended December 31, 2015 , are presented below: Units Weighted- Average Grant- Date Fair Value Nonvested as of January 1, 2015 130,467 $ 20.75 Granted 32,516 $ 30.98 Vested (69,439 ) $ 16.28 Forfeited — $ — Nonvested as of December 31, 2015 93,544 $ 27.63 As of December 31, 2015 , the total unrecognized compensation costs related to restricted and deferred restricted stock plans amounted to $1,231 . This cost is expected to be recognized over a weighted-average period of 0.83 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, 2015 , 2014 and 2013 , a cumulative of 70,691 , 66,458 and 61,733 dividend equivalent rights were converted, since inception, to deferred restricted stock awards, respectively. For the years ended December 31, 2015 , 2014 and 2013 , $114 , $122 and $128 , respectively, related to dividend equivalent rights were recorded against retained earnings and were accrued as a liability. Employee Stock Purchase Plan The 2014 ESPP allows eligible employees to purchase shares of SJW Corp.'s common stock at 85% of the fair value of shares on the purchase date. Under the 2014 ESPP, employees can designate up to a maximum of 10% of their base compensation for the purchase of shares of common stock, subject to certain restrictions. A total of 400,000 shares of SJW Corp.'s common stock have been reserved for issuance under the 2014 ESPP. As of December 31, 2015 , the 2014 ESPP had two purchase intervals since its inception. As of December 31, 2015 , a total of 33,318 shares were issued under the 2014 ESPP. Prior to the inception of the 2014 ESPP plan, the ESPP had nineteen purchase intervals. As of December 31, 2014 and 2013, a total of 35,682 and 30,869 shares, respectively, were issued under the prior ESPP. Both plans have no look-back provisions. For the years ended December 31, 2015 , 2014 and 2013 , cash received from employees towards the 2014 ESPP and ESPP amounted to $916 , $854 and $796 , respectively. After considering estimated employee terminations or withdrawals from the plan before the purchase date, for the years ended December 31, 2015 , 2014 and 2013 , SJW Corp.'s recorded expenses were $162 , $151 and $140 related to the 2014 ESPP and the prior ESPP. The total unrecognized compensation costs related to the semi-annual offering period that ended January 29, 2016 for the 2014 ESPP is approximately $64 . This cost is expected to be recognized during the first quarter of 2016. 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. SJW Corp. terminated the DRSPP effective as of April 14, 2014. For the years ended December 31 2014 and 2013, 829 and 3,487 shares, respectively, were issued under the DRSPP. |
Segment and Non-Tariffed Busine
Segment and Non-Tariffed Businesses Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment and Non-Tariffed Businesses Reporting | Segment and Non-Tariffed Businesses Reporting SJW Corp. is a holding company with five 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, (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, and (v) SJW Group, Inc., a Delaware corporation formed in March 2015 for the sole purpose of effectuating a change in the state of incorporation of SJW Corp. from California to Delaware. Any future reincorporation is subject to CPUC approval. 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 and Treasurer, Chief Operating 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, 2015 Water Utility Services Real Estate Services All Other (1) SJW Corp. Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total Operating revenue 291,949 6,145 6,988 — 291,949 13,133 305,082 Operating expense 214,538 4,149 4,079 2,356 214,538 10,584 225,122 Operating income (loss) 77,411 1,996 2,909 (2,356 ) 77,411 2,549 79,960 Net income (loss) 38,402 882 953 (2,355 ) 38,402 (520 ) 37,882 Depreciation and amortization 38,742 434 1,564 — 38,742 1,998 40,740 Senior note, mortgage and other interest expense 18,935 — 1,019 2,232 18,935 3,251 22,186 Income tax expense (benefit) in net income 23,802 730 513 (1,773 ) 23,802 (530 ) 23,272 Assets 1,253,785 18,106 65,622 3,450 1,253,785 87,178 1,340,963 For year ended December 31, 2014 Water Utility Services Real Estate Services All Other (1) SJW Corp. Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total 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 Estate Services All Other (1) SJW Corp. Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total 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 ____________________ (1) For the year ended December 31, 2015 , the “All Other” category includes the accounts of SJW Corp. on a stand-alone basis and SJW Group, Inc. As of December 31, 2015 , SJW Group, Inc. had no revenue or expenses recorded and as of December 31, 2015 held no assets. For the years ended December 31, 2014 and 2013 , 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, 2015 | |
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, 2015 , SJW Corp. held 259,151 shares of California Water Service Group. The stock is carried at quoted market price with changes in unrealized gain or loss reported, net of tax, as a component of other comprehensive income. As of December 31, 2015 and 2014 , fair value of the Company's investment in California Water Service Group was $6,030 and $6,378 , respectively, and would be categorized as Level 1 of the fair value hierarchy. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On February 22, 2016, SJW Corp. entered into a purchase and sale agreement with the GBRA, pursuant to which the Company agreed to sell all of its equity interests in its wholly-owned subsidiary Texas Water Alliance Limited to GBRA for $31,000 in cash. Pursuant to the purchase and sale agreement, (i) upon closing of the transaction, GBRA will hold back $3,000 in the payment of the total purchase price and (ii) such holdback amount, subject to reductions under certain circumstances, shall be paid to SJW Corp. four years following the closing. The purchase and sale agreement is subject to specified closing conditions, including without limitation the completion of a financing by GBRA to fund the purchase price. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data Summarized quarterly financial data is as follows: 2015 Quarter Ended March June September December Operating revenue $ 62,112 72,402 82,955 87,613 Operating income 12,805 17,210 18,260 31,685 Net income 4,695 7,461 9,534 16,192 Comprehensive income 4,680 7,206 9,422 16,368 Earnings per share: —Basic 0.23 0.37 0.47 0.79 —Diluted 0.23 0.36 0.46 0.79 Market price range of stock: —High 35.60 31.68 31.36 33.68 —Low 30.09 28.68 27.73 27.64 Dividend per share 0.20 0.19 0.20 0.19 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 1.90 0.28 —Diluted 0.04 0.34 1.88 0.28 Market price range of stock: —High 30.40 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 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Years ended December 31, 2015 , 2014 and 2013 (in thousands) Description 2015 2014 2013 Allowance for doubtful accounts: Balance, beginning of period $ 150 170 225 Charged to expense 392 321 442 Accounts written off (528 ) (489 ) (620 ) Recoveries of accounts written off 186 148 123 Balance, end of period $ 200 150 170 Reserve for litigation and claims: Balance, beginning of period $ 133 136 281 Charged to expense 213 71 220 Revision to accrual, due to settlements (16 ) (5 ) (105 ) Payments (67 ) (69 ) (260 ) Balance, end of period $ 263 133 136 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 , 2014 and 2013 was $1,188 , $1,112 and $905 , respectively. Construction in progress was $ 45,573 and $ 23,208 at December 31, 2015 and 2014 , respectively. The major components of depreciable plant and equipment as of December 31, 2015 and 2014 are as follows: 2015 2014 Equipment $ 254,940 242,383 Transmission and distribution 1,108,659 1,042,794 Office buildings and other structures 74,722 68,595 Total depreciable plant and equipment $ 1,438,321 1,353,772 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 2015 , 2014 and 2013 , depreciation expense as a percent of the beginning of the year balance of depreciable plant was approximately 3.4% , 3.4% and 3.4% , respectively. A portion of depreciation expense is allocated to administrative and general expense. For the years 2015 , 2014 and 2013 , the amounts allocated to administrative and general expense were $1,590 , $1,586 and $1,556 , respectively. Depreciation expense for utility plant for the years ended December 31, 2015 , 2014 and 2013 was $38,233 , $35,424 and $32,616 , 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). In January 2014, the FASB issued ASU 2014-05 - “Service Concession Arrangements” which became effective for the Company during the first quarter of 2015. ASU 2014-05 specifies that an operating entity should not account for a service concession arrangement as a lease in accordance with FASB ASC Topic 840 - “Leases.” An operating entity should refer to other accounting guidance topics as applicable to account for various aspects of a service concession arrangement. ASU 2014-05 also specifies that infrastructure constructed by an operator in a service concession arrangement should not be recognized as property, plant, and equipment of the operator. ASU 2014-05 required application on a modified retrospective basis to service concession arrangements that existed at January 1, 2015. |
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 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 in the amount of $1,937 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). 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. On August 13, 2015, San Jose Water Company and the CPUC's Office of Ratepayer Advocates (“ORA”) submitted a settlement that resolved all outstanding issues related to the rehearing. On October 1, 2015, the CPUC issued Decision No. 15-10-005 adopting the submitted settlement and closed the proceeding. The settlement agreement did not affect authorized revenues or rates. On January 5, 2015, San Jose Water Company filed General Rate Case Application No. 15-01-002 requesting authority for an increase of revenue 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 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. The ORA submitted testimony on April 23 2015, recommending increases of $23,468 , or 8.54% , in 2016, $13,803 , or 4.42% , in 2017 and $16,261 , or 4.95% in 2018. San Jose Water Company and the CPUC's ORA reached a settlement agreement on a range of issues, including full settlement on all contested utility plant in-service items. Evidentiary hearings to address all remaining unsettled items took place in June 2015 and briefs were submitted in July 2015. Since a decision was not reached by the end of 2015, the CPUC has authorized San Jose Water Company to implement interim rates, effective January 1, 2016, until such time as decision is adopted. Interim rates have been set equal to calendar year-end 2015 rates and will remain in effect until a decision is adopted. Any difference between interim rates and the rates ultimately approved will be tracked in a memorandum account and will be submitted for recovery or refund. A final General Rate Case is expected in the first half of 2016. On March 26, 2015, San Jose Water Company filed Advice Letter No. 468 with the CPUC. With this advice letter San Jose Water Company requested authorization to recover an under-collection balance of $9,567 in the Mandatory Conservation Revenue Adjustment Memorandum Account (“MCRAMA”), using a Water Revenue Adjustment Mechanism (“WRAM”) methodology, that accumulated during the period April 1, 2014 through December 31, 2014. On December 3, 2015, the CPUC adopted Resolution W-5071. The resolution authorized recovery of $4,259 in lost revenues based on the use of a Water Conservation Memorandum Account (“WCMA”) calculation methodology. The WCMA calculation methodology 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. Lost revenues authorized for collection are to be recovered over a 12-month period via a surcharge of $0.08 per CCF beginning December 9, 2015. The MCRAMA was subsequently renamed the WCMA in Advice Letter No. 479. See “Balancing and Memorandum Accounts” under Note 1 of Notes to Consolidated Financial Statements for further discussion on recognition of the approved recovery amount. On May 1, 2015, San Jose Water Company filed Advice Letter No. 471 with the CPUC requesting to recover the cumulative balance of $1,937 in the 2013 General Rate Case Interim Rates Memorandum Account for the period of August 15, 2014 through September 28, 2014. Recovery of the balance for this 45-day period was authorized in the GRC rehearing Decision No. 15-03-048. San Jose Water Company's request was authorized effective May 6, 2015. On May 11, 2015, San Jose Water Company filed Advice Letters No. 472 and No. 473 with the CPUC. With Advice Letter No. 472, San Jose Water Company sought to modify the existing Water Shortage Contingency Plan in Tariff Rule 14.1, so that the plan reflects examples put forward by the CPUC and so that the restrictions provided within the plan more closely matched the restrictions adopted by local government agencies. Advice Letter No. 473 was filed pursuant to Executive Order B-29-15 by the Governor of the State of California, and by orders of the State Water Board and the CPUC. With Advice Letter No. 473, San Jose Water Company requested authority from the CPUC to activate Stage 3 of Tariff Rule 14.1 and activate the Water Shortage Contingency Plan in Schedule No. 14.1 with staged mandatory reductions in water usage and drought surcharges. Both Advice Letters No. 472 and No. 473 became effective on June 15, 2015. The drought surcharges will be recorded in a drought account authorized by the CPUC to track lost revenues from conservation. The amount collected will offset future rate increases that would be necessary to recover lost revenue due to drought conservation efforts, such as the WCMA. On May 29, 2015, San Jose Water Company filed Advice Letter No. 474 with the CPUC requesting authorization to increase revenues by $18,357 , or approximately 6.44% . This filing covered increased costs that went into effect on July 1, 2015 for purchased water and groundwater production charged to San Jose Water Company by the SCVWD. As directed by the CPUC's Water Division, the revenue increase is recovered via surcharges on the existing quantity rate. San Jose Water Company's request was authorized and became effective July 1, 2015. On July 30, 2015, San Jose Water Company filed Application No. 15-07-027 with the CPUC seeking the authorization to change the state of incorporation of SJW Corp., the parent holding company of San Jose Water Company, from California to Delaware. A decision in this matter is anticipated in the first quarter of 2016. On August 21, 2015, San Jose Water Company filed Application No. 15-08-016 with the CPUC seeking authority to issue additional debt and equity securities of up to $150,000 in aggregate for general purposes including property acquisition, construction, completion, extension or improvement of facilities. On December 18, 2015, the CPUC adopted Decision No. 15-12-018 authorizing San Jose Water Company to issue the requested debt and equity securities. On August 21, 2015, San Jose Water Company filed Advice Letter 476 with the CPUC. San Jose Water Company requested authorization for a rate base offset for improvements to the Montevina Water Treatment Plant. In Decision No. 13-07-028 the CPUC authorized San Jose Water Company to file annual advice letters to include in rate base costs of the Montevina Water Treatment Plant upgrade project. The advice letter filing requested authorization for a revenue increase of approximately $275 or about 0.09% . The advice letter was approved and the increase in rates became effective September 20, 2015. Revenue will be recorded through rates on a prospective basis. This filing was the second such advice letter related to the Montevina Water Treatment Plant. San Jose Water Company will continue to file similar annual advice letters until the project has been completed. On December 11, 2015, San Jose Water Company along with three other California water utilities (the “Joint Parties”), filed a request for a one year postponement of their 2016 Cost of Capital (“COC”) filings scheduled for March 31, 2016. Pursuant to the CPUC's rate case plan, the Joint Parties are required to file their COC applications on a triennial basis with the next scheduled filing due on March 31, 2016. Postponing the filing for one year would alleviate administrative processing costs on the Joint Parties as well as the CPUC staff. On February 1, 2016, the CPUC's executive director approved the Joint Parties request for a one year postponement. Joint Parties are now required to file their next COC applications on March 31, 2017. On December 15, 2015, San Jose Water Company filed Advice Letter No. 481 with the CPUC requesting authorization to re-implement a previously existing surcharge of $0.0492 per CCF to amortize the remaining uncollected balancing account recovery authorized in General Rate Case Decision 14-08-006. In Decision No. 14-08-006 the CPUC authorized San Jose Water Company to recover the $2,599 under-collection in various balancing accounts over a 12-month period beginning in August of 2014. However, at the end of the 12-month period $590 of the originally authorized $2,599 remained uncollected. This under-collection is due primarily to actual sales being substantially lower than the commission authorized sales estimate which was used to calculate the surcharge level. The advice letter was approved and effective on January 15, 2016. On February 5, 2016, San Jose Water Company filed Advice Letter No. 482 with the CPUC. With this advice letter San Jose Water Company requested authorization to recover the $7,668 balance accumulated in the WCMA during the period January 1, 2015 through December 31, 2015. The WCMA is used to track the revenue impact of mandatory conservation upon San Jose Water Company’s quantity revenue resulting from mandatory conservation instituted by the State of California and the SCVWD. The requested $7,668 recovery is the net amount of the total drought related revenue reduction calculated in the WCMA offset by the drought surcharges collected during 2015. If approved, the under-collection will be recovered via a surcharge of $0.1441 per CCF on the existing quantity rate for a period of 12 months from the date of CPUC approval. San Jose Water Company has requested the recovery begin on or about April 7, 2016. Effective September 1, 2014, CLWSC became subject to the economic regulation of the 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. On September 16, 2015, CLWSC filed an application with the PUCT requesting approval of the reincorporation of SJW Corp., Inc. from a California corporation to a Delaware corporation. The application is currently being reviewed by PUCT and a decision in this matter is anticipated in the first quarter of 2016. |
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, WCMA, drought surcharges, Monterey Water Revenue Adjustment Mechanism, and other approved activities or as directed by the CPUC. Balancing and memorandum accounts are recognized 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 WCMA, San Jose Water Company follows the requirements of ASC Topic 980-605-25—“Alternative Revenue Programs” in determining revenue recognition, including the requirement that such revenues will be collected within 24 months of the year-end in which the revenue is recorded. A reserve will be recorded for amounts we estimate will not be collected within the 24-month period. This reserve will be based on the difference between authorized usage in the last general rate case decision and an estimate of actual usage over the recovery period, offset by applicable drought surcharges. 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 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 SJW Corp.'s financial statements. |
Balancing and Memorandum Accounts, Disclosures | As of December 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 $1,081 . 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 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, 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. |
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. 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 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 SJW Corp.'s financial statements. In addition, in the case of special revenue programs such as the WCMA, San Jose Water Company follows the requirements of ASC Topic 980-605-25 in determining revenue recognition, including the requirement that such revenues will be collected within 24 months of the year-end the revenue is recorded. A reserve will be recorded for amounts which we estimate will not be collected within the 24 month criteria. This reserve will be based on the difference between authorized usage in the last general rate case decision and an estimate of actual usage over the recovery period, offset by applicable drought surcharges. Revenue also includes 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, 2015 , 2014 and 2013 , the surcharge was $4,605 , $3,872 and $3,741 , 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 2015 , 2014 and 2013 includes $6,145 , $6,175 and $5,882 , 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 related 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-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 Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | The major components of depreciable plant and equipment as of December 31, 2015 and 2014 are as follows: 2015 2014 Equipment $ 254,940 242,383 Transmission and distribution 1,108,659 1,042,794 Office buildings and other structures 74,722 68,595 Total depreciable plant and equipment $ 1,438,321 1,353,772 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, 2015 and 2014 are as follows: 2015 2014 Land $ 17,297 17,297 Buildings and improvements 57,015 56,168 Intangibles 329 329 Total real estate investment $ 74,641 73,794 |
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, 2015 : Year ending December 31: Rental Revenue 2016 $ 5,514 2017 5,612 2018 4,789 2019 3,753 2020 3,302 Thereafter 10,389 |
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, 2015 Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: 2014 WCMA $ — 2,981 (37 ) — 2,944 2015 WCMA — 17,511 — (12,139 ) 5,372 All others (1,377 ) 1,494 477 — 594 Total memorandum accounts $ (1,377 ) 21,986 440 (12,139 ) 8,910 Balancing accounts: Water supply costs 890 2,025 (144 ) — 2,771 Drought surcharges — — (12,498 ) 12,139 (359 ) Pension 1,412 (924 ) (1,040 ) — (552 ) 2012 General Rate Case true-up 44,400 1,937 (13,267 ) — 33,070 All others 1,736 (293 ) (77 ) — 1,366 Total balancing accounts $ 48,438 2,745 (27,026 ) 12,139 36,296 Total $ 47,061 24,731 (26,586 ) — 45,206 For the year ended December 31, 2014 Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: All others $ (1,896 ) 341 178 — (1,377 ) Total 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 Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: All others $ (1,887 ) 869 (878 ) — (1,896 ) Total 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 All others 369 1,860 — — 2,229 Total balancing accounts $ 5,436 4,149 — — 9,585 Total $ 3,549 5,018 (878 ) — 7,689 |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities are comprised of the following as of December 31: 2015 2014 Regulatory assets: Income tax temporary differences, net $ 8,184 6,731 Postretirement pensions and other medical benefits 109,168 115,494 Balancing and memorandum accounts, net 45,206 47,061 Other, net 6,005 5,577 Total regulatory assets, net in Consolidated Balance Sheets $ 168,563 174,863 Less: current regulatory asset, net 16,542 16,853 Total regulatory assets, net, less current portion $ 152,021 158,010 |
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 2016 $ 2,549 2017 2,549 2018 2,549 2019 2,549 2020 2,549 Thereafter 50,414 |
Schedule of Asset Retirement Obligations | For the years ended December 31, 2015 and 2014 , the asset retirement obligation is as follows: 2015 2014 Retirement obligation $ 4,249 4,355 Discount rate 6 % 6 % Present value, recorded as a liability 1,961 1,994 Deferred tax 1,348 1,371 Regulatory asset $ 3,309 3,365 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments | Long-term debt as of December 31 was as follows: Description Due Date 2015 2014 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 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 $ 315,000 315,000 Mortgage loans 5.61% - 6.09% 2016 2,997 3,109 2017 11,634 11,896 444 West Santa Clara Street, L.P. 5.68% (non-recourse to SJW Land Company) 2021 2,836 2,947 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 1,849 1,997 Total debt $ 384,316 384,949 Less: current portion 3,491 584 Total long-term debt, less current portion $ 380,825 384,365 |
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 2016 132 31 101 2017 196 42 154 2018 196 38 158 2019 196 34 162 2020 196 30 166 Thereafter 1,200 92 1,108 |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt | 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 2016 276 157 119 2017 276 150 126 2018 276 143 133 2019 276 135 141 2020 276 127 149 Thereafter 2,210 42 2,168 An amortization schedule of the mortgage loans is as follows: Amortization Schedule Year Total Payment Interest Principal 2016 4,034 762 3,272 2017 11,469 110 11,359 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense were: 2015 2014 2013 Current: Federal $ 3,723 50 (525 ) State 3,924 (1,146 ) 3,093 Deferred: Federal 16,109 28,493 11,743 State (484 ) (2,426 ) (176 ) $ 23,272 24,971 14,135 |
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 $61,154 , $76,777 and $36,519 in 2015 , 2014 and 2013 : 2015 2014 2013 “Expected” federal income tax $ 21,404 26,872 12,782 Increase (decrease) in taxes attributable to: State taxes, net of federal income tax benefit 3,332 4,155 1,836 Dividend received deduction (43 ) (46 ) (60 ) Uncertain tax positions 3 — (650 ) Sales & Use Enterprise Zone Credit — (880 ) — Tangible Property Regulations (1,081 ) (5,127 ) — Other items, net (343 ) (3 ) 227 $ 23,272 24,971 14,135 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability as of December 31 was as follows: 2015 2014 Deferred tax assets: Advances and contributions $ 16,612 16,212 Unamortized investment tax credit 676 709 Pensions and postretirement benefits 4,094 4,216 California franchise tax 1,322 — Net operating loss — 5,065 Other 3,410 1,697 Total deferred tax assets $ 26,114 27,899 Deferred tax liabilities: Utility plant $ 165,293 150,662 Pension and postretirement benefits 44,482 47,059 Investment in stock 2,193 2,335 Deferred gain and other-property related 11,686 11,695 Debt reacquisition costs 397 443 Other 838 1,211 Total deferred tax liabilities $ 224,889 213,405 Net deferred tax liabilities $ 198,775 185,506 |
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, 2014 $ 649 Increase related to tax positions taken during a prior year, including interest 106 Reductions related to tax positions taken in a prior year, including interest — Balance at December 31, 2015 $ 755 |
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 - 2014 California 2010 - 2014 Arizona 2011 - 2014 Connecticut 2012 - 2014 Florida 2012 Tennessee 2012 - 2014 Texas 2011 - 2014 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finitie-Lived Intangible Assets | The costs of intangible assets as of December 31, 2015 and 2014 are as follows: 2015 2014 Concession fees $ 6,800 6,800 Other intangibles 15,875 12,533 Intangible assets 22,675 19,333 Less: Accumulated amortization Concession fees 4,964 4,692 Other intangibles 2,153 860 Net intangible assets $ 15,558 13,781 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 2015 2014 2013 % % % % % % Discount rate 3.88 4.82 3.92 3.80 4.70 3.80 Expected return on plan assets 7.00 7.00 7.00 7.00 7.00 7.00 Rate of compensation increase 4.00 4.00 4.00 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 2015 2014 2015 2014 % % % % Discount rate 4.24 3.88 4.10 3.80 Rate of compensation increase 4.00 4.00 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 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost Service cost $ 5,072 3,938 4,594 $ 379 284 361 Interest cost 6,342 6,098 5,393 504 508 508 Expected return on assets (6,984 ) (6,414 ) (5,289 ) (283 ) (268 ) (230 ) Amortization of prior service cost 376 376 394 197 197 197 Recognized actuarial loss 4,005 1,879 4,052 188 59 189 Net periodic benefit cost $ 8,811 5,877 9,144 $ 985 780 1,025 |
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 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 165,304 128,699 $ 13,714 10,976 Service cost 5,072 3,938 379 284 Interest cost 6,342 6,098 504 508 Actuarial (gain)/loss (7,436 ) 31,161 2,231 2,322 Benefits paid (5,014 ) (4,592 ) (408 ) (376 ) Benefit obligation at end of year $ 164,268 165,304 $ 16,420 13,714 Change in plan assets Fair value of assets at beginning of year $ 99,628 91,358 $ 4,251 3,995 Actual return on plan assets 965 6,392 79 119 Employer contributions 9,374 6,470 468 434 Benefits paid (5,014 ) (4,592 ) (336 ) (297 ) Fair value of plan assets at end of year 104,953 99,628 4,462 4,251 Funded status at end of year $ (59,315 ) (65,676 ) $ (11,958 ) (9,463 ) |
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 2015 2014 2015 2014 Current liabilities $ 957 883 $ 86 69 Noncurrent liabilities 58,358 64,793 11,872 9,394 $ 59,315 65,676 $ 11,958 9,463 |
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: 2015 2014 Funded status of obligation $ 71,273 75,139 Accrued benefit cost (6,587 ) (6,704 ) Amount to be recovered in future rates 64,686 68,435 Tax gross-up 44,482 47,059 Regulatory asset $ 109,168 115,494 |
Schedule of Estimated Amortization | The estimated amortization for the year ended December 31, 2016 is as follows: Pension Benefits Other Benefits Amortization of prior service cost $ 3,440 197 Amortization of loss 376 188 Total $ 3,816 385 |
Schedule of Allocation of Plan Assets | The following tables summarize the fair values of plan assets by major categories as of December 31, 2015 and 2014 : Fair Value Measurements at December 31, 2015 Asset Category Benchmark Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 9,500 $ 9,500 $ — $ — Actively Managed (a): All Cap Equity Russell 3000 Value 4,067 4,041 26 — U.S. Large Cap Equity Russell 1000, Russell 1000 Growth, Russell 1000 Value 36,010 36,010 — — U.S. Mid Cap Equity Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value 5,886 5,886 — — U.S. Small Cap Equity Russell 2000, Russell 2000 Growth, Russell 2000 Value, Russell 2500 5,188 5,188 — — Non-U.S. Large Cap Equity MSCI EAFE 4,804 4,804 — — REIT NAREIT—Equity REIT's 5,346 — 5,346 — Fixed Income (b) (b) 38,614 — 38,614 — Total $ 109,415 $ 65,429 $ 43,986 $ — ___________________________________ 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 Asset Category Benchmark Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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, 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. Plan assets for the years ended December 31 were as follows: Pension Benefits Other Benefits 2015 2014 2015 2014 Fair value of assets at end of year: Debt securities $ 37,088 35,034 $ 1,527 1,401 35 % 35 % 34 % 33 % Equity securities 58,958 58,286 2,343 2,347 56 % 59 % 53 % 55 % Cash and equivalents 8,907 6,308 592 503 9 % 6 % 13 % 12 % Total $ 104,953 99,628 $ 4,462 4,251 |
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 2016 $ 5,879 $ 660 2017 6,169 697 2018 6,546 734 2019 6,743 767 2020 7,191 795 2021 - 2025 42,464 3,705 |
Equity Plans (Tables)
Equity Plans (Tables) | 12 Months Ended |
Dec. 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 are recorded to additional paid-in capital and common stock, by award type, are presented below for the years ended December 31: 2015 2014 2013 Compensation costs charged to income: ESPP $ 158 148 128 Restricted stock and deferred restricted stock 1,445 883 784 Total compensation costs charged to income $ 1,603 1,031 912 Proceeds from the exercise of stock options and similar instruments: Stock options $ — 1,044 198 ESPP 895 839 722 DRSPP — 34 84 Total proceeds from the exercise of stock options and similar instruments $ 895 1,917 1,004 Excess tax benefits realized from share options exercised and stock issuance: Stock options $ — 213 (69 ) Restricted stock and deferred restricted stock 634 249 97 Total excess tax benefits realized from share options exercised and stock issuance $ 634 462 28 |
Schedule of Share-based Compensation, Stock Options, Activity | As of December 31, 2015 , there are no outstanding options and no option award activity during the year ended December 31, 2015 . |
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, 2015 , and changes during the year ended December 31, 2015 , are presented below: Units Weighted- Average Grant- Date Fair Value Outstanding as of January 1, 2015 259,807 $ 18.56 Issued 32,516 $ 30.98 Vested (83,086 ) $ 32.79 Forfeited or expired — $ — Outstanding as of December 31, 2015 209,237 $ 21.49 Shares vested as of December 31, 2015 115,693 $ 16.52 |
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, 2015 , and changes during the year ended December 31, 2015 , are presented below: Units Weighted- Average Grant- Date Fair Value Nonvested as of January 1, 2015 130,467 $ 20.75 Granted 32,516 $ 30.98 Vested (69,439 ) $ 16.28 Forfeited — $ — Nonvested as of December 31, 2015 93,544 $ 27.63 |
Segment and Non-Tariffed Busi32
Segment and Non-Tariffed Businesses Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Water Utility Services Real Estate Services All Other (1) SJW Corp. Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total Operating revenue 291,949 6,145 6,988 — 291,949 13,133 305,082 Operating expense 214,538 4,149 4,079 2,356 214,538 10,584 225,122 Operating income (loss) 77,411 1,996 2,909 (2,356 ) 77,411 2,549 79,960 Net income (loss) 38,402 882 953 (2,355 ) 38,402 (520 ) 37,882 Depreciation and amortization 38,742 434 1,564 — 38,742 1,998 40,740 Senior note, mortgage and other interest expense 18,935 — 1,019 2,232 18,935 3,251 22,186 Income tax expense (benefit) in net income 23,802 730 513 (1,773 ) 23,802 (530 ) 23,272 Assets 1,253,785 18,106 65,622 3,450 1,253,785 87,178 1,340,963 For year ended December 31, 2014 Water Utility Services Real Estate Services All Other (1) SJW Corp. Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total 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 Estate Services All Other (1) SJW Corp. Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total 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 ____________________ (1) |
Unaudited Quarterly Financial33
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data is as follows: 2015 Quarter Ended March June September December Operating revenue $ 62,112 72,402 82,955 87,613 Operating income 12,805 17,210 18,260 31,685 Net income 4,695 7,461 9,534 16,192 Comprehensive income 4,680 7,206 9,422 16,368 Earnings per share: —Basic 0.23 0.37 0.47 0.79 —Diluted 0.23 0.36 0.46 0.79 Market price range of stock: —High 35.60 31.68 31.36 33.68 —Low 30.09 28.68 27.73 27.64 Dividend per share 0.20 0.19 0.20 0.19 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 1.90 0.28 —Diluted 0.04 0.34 1.88 0.28 Market price range of stock: —High 30.40 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 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015mi²people_served | |
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 | mi² | 243 |
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 | 37,000 |
444 West Santa Clara Street, L.P. [Member] | |
Public Utilities General Disclosures [Line Items] | |
Limited partership interest percentage | 70.00% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Utility Plant) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Capitalized interest costs | $ 1,188 | $ 1,112 | $ 905 |
Construction in progress | 45,573 | 23,208 | |
Major components of depreciable plant and equipment [Abstract] | |||
Equipment | 254,940 | 242,383 | |
Transmission and distribution | 1,108,659 | 1,042,794 | |
Office buildings and other structures | 74,722 | 68,595 | |
Total depreciable plant and equipment | $ 1,438,321 | $ 1,353,772 | |
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Depreciation expense as percentage of beginning of year balance of depreciable plant | 3.40% | 3.40% | 3.40% |
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 | ||
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 | ||
General and Administrative Expense [Member] | |||
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Depreciation | $ 1,590 | $ 1,586 | $ 1,556 |
Water Plant [Member] | |||
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Depreciation | $ 38,233 | $ 35,424 | $ 32,616 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Utility Plant Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,524,422 | $ 1,413,151 |
Finite-Lived Intangible Assets, Gross | 22,675 | $ 19,333 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 436 | |
Infrastructure [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,352 | |
Infrastructure [Member] | Adjustments for New Accounting Pronouncement [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Gross | (1,859) | |
Finite-Lived Intangible Assets, Gross | 1,859 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (377) | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 377 | |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Useful life of intangible assets | 5 years | |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Useful life of intangible assets | 70 years |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Real Estate Investments) (Details) - USD ($) $ in Thousands | Aug. 14, 2015 | Aug. 01, 2014 | Jun. 30, 2014 | Feb. 01, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Components of Real Estate Investments [Abstract] | |||||||
Land | $ 17,297 | $ 17,297 | |||||
Buildings and improvements | 57,015 | 56,168 | |||||
Intangibles | 329 | 329 | |||||
Total real estate investment | 74,641 | 73,794 | |||||
Gain on sale of real estate investment | 1,886 | 554 | $ 1,063 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||||||
2,016 | 5,514 | ||||||
2,017 | 5,612 | ||||||
2,018 | 4,789 | ||||||
2,019 | 3,753 | ||||||
2,020 | 3,302 | ||||||
Thereafter | $ 10,389 | ||||||
California Non-Utility Property Portfolio [Domain] | |||||||
Components of Real Estate Investments [Abstract] | |||||||
Proceeds from sale of real estate held-for-investment | $ 2,015 | ||||||
Gain on sale of real estate investment | 1,886 | ||||||
Selling expense | $ 91 | ||||||
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 | ||||||
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 | $ 73,658 | $ 72,402 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Regulatory Rate Filings) (Details) | Feb. 05, 2016USD ($)$ / Ccf | Dec. 15, 2015USD ($)$ / Ccf | Dec. 03, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 21, 2015USD ($) | May. 29, 2015USD ($) | Apr. 23, 2015USD ($) | Mar. 26, 2015USD ($) | Jan. 05, 2015USD ($) |
Public Utilities General Disclosures [Line Items] | ||||||||||||
Regulatory Balancing and Memorandum Accounts, Net Under-Collected | $ 1,081,000 | |||||||||||
Authorized Regulatory Surcharge, Gross | $ 1,937,000 | |||||||||||
Requested rate increase for 2016 | $ 34,928,000 | |||||||||||
Requested rate increase for 2016 as percentage of total revenue at time of request | 12.22% | |||||||||||
Requested rate increase for 2017 | $ 9,954,000 | |||||||||||
Requested rate increase for 2017 as percentage of total revenue at time of request | 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% | |||||||||||
Memorandum Account, Recovery Request | $ 9,567,000 | $ 976,000 | ||||||||||
Recommended rate increase for 2016 | $ 23,468,000 | |||||||||||
Recommended rate increase for 2016 as percentage of total revenue at time of request | 8.54% | |||||||||||
Recommended rate increase for 2017 | $ 13,803,000 | |||||||||||
Recommended rate increase for 2017 as percentage of total revenue at time of request | 4.42% | |||||||||||
Recommended rate increase for 2018 | $ 16,261,000 | |||||||||||
Recommended rate increase for 2018 as percentage of total revenue at time of request | 4.95% | |||||||||||
Regulatory Rate Filings, Requested Issuance of Debt and Equity Securities | $ 150,000,000 | |||||||||||
Regulatory rate filings, requested rate increase, authorized revenue | $ 275,000 | $ 18,357,000 | ||||||||||
Total increase requested, percentage | 0.09% | 6.44% | ||||||||||
Requested Regulatory Surcharge, Per CCF | $ / Ccf | 0.0492 | |||||||||||
Balancing Account, Recovery Request | $ 2,599,000 | $ 4,752,000 | ||||||||||
Balancing Account, Uncollected | $ 590,000 | |||||||||||
Balancing and Memorandum Account, Surcharge Offset | 0 | $ 0 | $ 0 | |||||||||
Regulatory Assets and Liabilities [Abstract] | ||||||||||||
Net Regulatory Assets | 168,563,000 | 174,863,000 | ||||||||||
Current regulatory assets, net | 16,542,000 | 16,853,000 | ||||||||||
Total regulatory assets, net, less current portion | $ 152,021,000 | 158,010,000 | ||||||||||
Regulatory Balancing and Memorandum Accounts Review, Authorized Revenue, Threshold Percentage | 2.00% | |||||||||||
Income tax temporary differences [Member] | ||||||||||||
Regulatory Assets and Liabilities [Abstract] | ||||||||||||
Regulatory assets | $ 8,184,000 | 6,731,000 | ||||||||||
Postretirement pensions and other medical benefits [Member] | ||||||||||||
Regulatory Assets and Liabilities [Abstract] | ||||||||||||
Regulatory assets | 109,168,000 | 115,494,000 | ||||||||||
Balancing and Memorandum Accounts [Member] | ||||||||||||
Regulatory Assets and Liabilities [Abstract] | ||||||||||||
Regulatory assets | 45,206,000 | 47,061,000 | ||||||||||
Other Regulatory Assets [Member] | ||||||||||||
Regulatory Assets and Liabilities [Abstract] | ||||||||||||
Regulatory assets | 6,005,000 | $ 5,577,000 | ||||||||||
2014 WCMA [Member] | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Memorandum Account, Authorized Recovery | $ 4,259,000 | |||||||||||
Authorized Regulatory Surcharge, Per CCF | $ 0.08 | |||||||||||
WCMA Reserve | 1,278,000 | |||||||||||
Authorized Regulatory Surcharge, Net | 2,981,000 | |||||||||||
2015 WCMA [Member] | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Memorandum Account, Recovery Request | 19,854,000 | |||||||||||
WCMA Reserve | 2,343,000 | |||||||||||
Balancing and Memorandum Account, Surcharge Offset | 12,139,000 | |||||||||||
Memorandum Account, Recorded Net | $ 5,372,000 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Memorandum Account, Authorized Recovery | $ 7,668,000 | |||||||||||
Requested Regulatory Surcharge, Per CCF | $ / Ccf | 0.1441 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Balancing and Memorandum Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Balancing and Memorandum Accounts [Line Items] | |||
Memorandum Account, Beginning Balance | $ (1,377) | $ (1,896) | $ (1,887) |
Memorandum Account, Revenue Increase (Reduction) | 21,986 | 341 | 869 |
Memorandum Account, Refunds (Collections) | 440 | 178 | (878) |
Memorandum Account, Surcharge Offset | (12,139) | 0 | 0 |
Memorandum Account, Ending Balance | 8,910 | (1,377) | (1,896) |
Balancing Account, Beginning Balance | 48,438 | 9,585 | 5,436 |
Balancing Account, Revenue Increase (Reduction) | 2,745 | 41,657 | 4,149 |
Balancing Account, Refunds (Collections) | (27,026) | (2,804) | 0 |
Balancing Account, Surcharge Offset | 12,139 | 0 | 0 |
Balancing Account, Ending Balance | 36,296 | 48,438 | 9,585 |
Balancing and Memorandum Account, Beginning Balance | 47,061 | 7,689 | 3,549 |
Balancing and Memorandum Account, Revenue Increase (Reduction), Net | 24,731 | 41,998 | 5,018 |
Balancing and Memorandum Account, Refunds (Collections), Net | (26,586) | (2,626) | (878) |
Balancing and Memorandum Account, Surcharge Offset | 0 | 0 | 0 |
Balancing and Memorandum Account, Ending Balance | 45,206 | 47,061 | 7,689 |
2014 WCMA [Member] | |||
Schedule of Balancing and Memorandum Accounts [Line Items] | |||
Memorandum Account, Beginning Balance | 0 | ||
Memorandum Account, Revenue Increase (Reduction) | 2,981 | ||
Memorandum Account, Refunds (Collections) | (37) | ||
Memorandum Account, Surcharge Offset | 0 | ||
Memorandum Account, Ending Balance | 2,944 | 0 | |
2015 WCMA [Member] | |||
Schedule of Balancing and Memorandum Accounts [Line Items] | |||
Memorandum Account, Beginning Balance | 0 | ||
Memorandum Account, Revenue Increase (Reduction) | 17,511 | ||
Memorandum Account, Refunds (Collections) | 0 | ||
Memorandum Account, Surcharge Offset | (12,139) | ||
Memorandum Account, Ending Balance | 5,372 | 0 | |
Balancing and Memorandum Account, Surcharge Offset | 12,139 | ||
Water supply balancing accounts [Member] | |||
Schedule of Balancing and Memorandum Accounts [Line Items] | |||
Balancing Account, Beginning Balance | 890 | (2,378) | (1,590) |
Balancing Account, Revenue Increase (Reduction) | 2,025 | 3,353 | (788) |
Balancing Account, Refunds (Collections) | (144) | (85) | 0 |
Balancing Account, Surcharge Offset | 0 | 0 | 0 |
Balancing Account, Ending Balance | 2,771 | 890 | (2,378) |
Drought Surcharges [Member] | |||
Schedule of Balancing and Memorandum Accounts [Line Items] | |||
Balancing Account, Beginning Balance | 0 | ||
Balancing Account, Revenue Increase (Reduction) | 0 | ||
Balancing Account, Refunds (Collections) | (12,498) | ||
Balancing Account, Surcharge Offset | 12,139 | ||
Balancing Account, Ending Balance | (359) | 0 | |
Pension Balancing Account [Member] | |||
Schedule of Balancing and Memorandum Accounts [Line Items] | |||
Balancing Account, Beginning Balance | 1,412 | 9,734 | 6,657 |
Balancing Account, Revenue Increase (Reduction) | (924) | (7,705) | 3,077 |
Balancing Account, Refunds (Collections) | (1,040) | (617) | 0 |
Balancing Account, Surcharge Offset | 0 | 0 | 0 |
Balancing Account, Ending Balance | (552) | 1,412 | 9,734 |
2012 General Rate Case True-up [Member] | |||
Schedule of Balancing and Memorandum Accounts [Line Items] | |||
Balancing Account, Beginning Balance | 44,400 | 0 | |
Balancing Account, Revenue Increase (Reduction) | 1,937 | 46,456 | |
Balancing Account, Refunds (Collections) | (13,267) | (2,056) | |
Balancing Account, Surcharge Offset | 0 | 0 | |
Balancing Account, Ending Balance | 33,070 | 44,400 | 0 |
Other Regulatory Assets [Member] | |||
Schedule of Balancing and Memorandum Accounts [Line Items] | |||
Memorandum Account, Beginning Balance | (1,377) | (1,896) | (1,887) |
Memorandum Account, Revenue Increase (Reduction) | 1,494 | 341 | 869 |
Memorandum Account, Refunds (Collections) | 477 | 178 | (878) |
Memorandum Account, Surcharge Offset | 0 | 0 | 0 |
Memorandum Account, Ending Balance | 594 | (1,377) | (1,896) |
Balancing Account, Beginning Balance | 1,736 | 2,229 | 369 |
Balancing Account, Revenue Increase (Reduction) | (293) | (447) | 1,860 |
Balancing Account, Refunds (Collections) | (77) | (46) | 0 |
Balancing Account, Surcharge Offset | 0 | 0 | 0 |
Balancing Account, Ending Balance | $ 1,366 | $ 1,736 | $ 2,229 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Revenue, Balancing and Memorandum Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue from External Customer [Line Items] | |||
Regulated operating revenue, water surcharge | $ 4,605 | $ 3,872 | $ 3,741 |
San Jose Water Company [Member] | |||
Revenue from External Customer [Line Items] | |||
Nonregulated operating revenue | $ 6,145 | $ 6,175 | $ 5,882 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Advances for Construction and Contributions in Aid of Construction) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Refund period for advances for construction received after 1981 | 40 years | |
Estimated Refunds of Advances for Construction [Abstract] | ||
2,016 | $ 2,549 | |
2,017 | 2,549 | |
2,018 | 2,549 | |
2,019 | 2,549 | |
2,020 | 2,549 | |
Thereafter | 50,414 | |
Customer Advances for Construction | 76,572 | $ 73,303 |
Customer Advances for Construction, Non-Refundable | $ 13,413 | |
Amortization period for taxes paid relating to advances and contributions | 40 years |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Asset Retirement Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Retirement obligation | $ 4,249 | $ 4,355 |
Discount rate | 6.00% | 6.00% |
Present value, recorded as a liability | $ 1,961 | $ 1,994 |
Deferred tax | 1,348 | 1,371 |
Regulatory asset | $ 3,309 | $ 3,365 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Earnings per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 1,978 | 2,791 | 3,071 |
Capitalization Narrative (Detai
Capitalization Narrative (Details) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||
Common stock, shares authorized | 36,000,000 | 36,000,000 |
Common stock, par value (usd per share) | $ 0.521 | $ 0.521 |
Common stock, shares issued | 20,381,949 | 20,286,840 |
Common stock, shares outstanding | 20,381,949 | 20,286,840 |
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) | 12 Months Ended | |
Dec. 31, 2015USD ($)standy_letter_of_credit | Dec. 31, 2014USD ($) | |
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 | $ 34,600,000 | $ 13,200,000 |
Line of Credit Facility, Interest Rate at Period End | 1.31% | 1.15% |
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 | |
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 | standy_letter_of_credit | 2 | |
Automatic renewal term of standby letters of credit | 1 year |
Long-Term Debt Long-term Debt S
Long-Term Debt Long-term Debt Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 384,316 | $ 384,949 |
Less: Current portion | 3,491 | 584 |
Total long-term debt, less current portion | 380,825 | 384,365 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 315,000 | 315,000 |
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 | $ 2,997 | 3,109 |
Mortgages [Member] | Mortgage loans due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 11,634 | 11,896 |
Mortgages [Member] | 444 West Santa Clara Street, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,836 | 2,947 |
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 | 50,000 |
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 | $ 1,849 | $ 1,997 |
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% |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Long-term debt | $ 384,316,000 | $ 384,949,000 |
Significant Observable Inputs (Level 2) | ||
Fair value of long-term debt | 500,035,000 | 460,171,000 |
Senior Notes [Member] | ||
Long-term debt | $ 315,000,000 | 315,000,000 |
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 | 50,000,000 |
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 | |
Minimum net worth required for compliance | $ 125,000,000 | |
SJW Corp. [Member] | Senior Notes [Member] | Series A [Member] | Financial Guarantee [Member] | Minimum [Member] | ||
Cumulative net income, percentage included in net worth for compliance | 30.00% |
Long-Term Debt Debt Maturity Sc
Long-Term Debt Debt Maturity Schedule (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)payment | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 384,316,000 | $ 384,949,000 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loan amortization period | 10 years | |
Number of monthly principal and interest payments | payment | 120 | |
Fiscal Year Amortization Schedule [Abstract] | ||
Total payment, 2016 | $ 4,034,000 | |
Total payment, 2017 | 11,469,000 | |
Interest, 2016 | 762,000 | |
Interest, 2017 | 110,000 | |
Principal, 2016 | 3,272,000 | |
Principal, 2017 | $ 11,359,000 | |
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 | $ 2,836,000 | 2,947,000 |
Stated interest rates | 5.68% | |
Fiscal Year Amortization Schedule [Abstract] | ||
Total payment, 2016 | $ 276,000 | |
Total payment, 2017 | 276,000 | |
Total payment, 2018 | 276,000 | |
Total payment, 2019 | 276,000 | |
Total payment, 2020 | 276,000 | |
Total payment, thereafter | 2,210,000 | |
Interest, 2016 | 157,000 | |
Interest, 2017 | 150,000 | |
Interest, 2018 | 143,000 | |
Interest, 2019 | 135,000 | |
Interest, 2020 | 127,000 | |
Interest, thereafter | 42,000 | |
Principal, 2016 | 119,000 | |
Principal, 2017 | 126,000 | |
Principal, 2018 | 133,000 | |
Principal, 2019 | 141,000 | |
Principal, 2020 | 149,000 | |
Principal, thereafter | $ 2,168,000 | |
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 | $ 1,849,000 | $ 1,997,000 |
Fiscal Year Amortization Schedule [Abstract] | ||
Total payment, 2016 | 132,000 | |
Total payment, 2017 | 196,000 | |
Total payment, 2018 | 196,000 | |
Total payment, 2019 | 196,000 | |
Total payment, 2020 | 196,000 | |
Total payment, thereafter | 1,200,000 | |
Interest, 2016 | 31,000 | |
Interest, 2017 | 42,000 | |
Interest, 2018 | 38,000 | |
Interest, 2019 | 34,000 | |
Interest, 2020 | 30,000 | |
Interest, thereafter | 92,000 | |
Principal, 2016 | 101,000 | |
Principal, 2017 | 154,000 | |
Principal, 2018 | 158,000 | |
Principal, 2019 | 162,000 | |
Principal, 2020 | 166,000 | |
Principal, thereafter | $ 1,108,000 | |
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 Inco
Income Taxes Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 3,723 | $ 50 | $ (525) |
State | 3,924 | (1,146) | 3,093 |
Deferred: | |||
Federal | 16,109 | 28,493 | 11,743 |
State | (484) | (2,426) | (176) |
Income Tax Expense (Benefit) | $ 23,272 | $ 24,971 | $ 14,135 |
Income Taxes Federal Statutory
Income Taxes Federal Statutory Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes | $ 61,154 | $ 76,777 | $ 36,519 |
Income Tax Statutory Rate Reconciliation [Abstract] | |||
“Expected” federal income tax | 21,404 | 26,872 | 12,782 |
Increase (decrease) in taxes attributable to: | |||
State taxes, net of federal income tax benefit | 3,332 | 4,155 | 1,836 |
Dividend received deduction | (43) | (46) | (60) |
Uncertain tax positions | 3 | 0 | (650) |
Sales & Use Enterprise Zone Credit | 0 | (880) | 0 |
Tangible Property Regulations | (1,081) | (5,127) | 0 |
Other items, net | (343) | (3) | 227 |
Income Tax Expense (Benefit) | $ 23,272 | $ 24,971 | $ 14,135 |
Income Taxes Components of Defe
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred tax assets: | ||||
Advances and contributions | $ 16,212 | $ 16,612 | $ 16,212 | |
Unamortized investment tax credit | 709 | 676 | 709 | |
Pensions and postretirement benefits | 4,216 | 4,094 | 4,216 | |
California franchise tax | 0 | 1,322 | 0 | |
Net operating loss | 5,065 | 0 | 5,065 | |
Other | 1,697 | 3,410 | 1,697 | |
Total deferred tax assets | 27,899 | 26,114 | 27,899 | |
Deferred tax liabilities: | ||||
Utility plant | 150,662 | 165,293 | 150,662 | |
Pension and postretirement benefits | 47,059 | 44,482 | 47,059 | |
Investment in stock | 2,335 | 2,193 | 2,335 | |
Deferred gain and other-property related | 11,695 | 11,686 | 11,695 | |
Debt reacquisition costs | 443 | 397 | 443 | |
Other | 1,211 | 838 | 1,211 | |
Total deferred tax liabilities | 213,405 | 224,889 | 213,405 | |
Net deferred tax liabilities | 185,506 | 198,775 | 185,506 | |
Income Tax Credits and Adjustments | 880 | |||
Provision for income taxes | 23,272 | 24,971 | $ 14,135 | |
Federal | ||||
Deferred tax liabilities: | ||||
Net operating loss carryforward | 15,854 | |||
State and Local Jurisdiction [Member] | ||||
Deferred tax liabilities: | ||||
Operating loss carryforward as reported on tax return | 1,525 | |||
Income Tax Credits and Adjustments | 77,999 | |||
Provision for income taxes | 4,482 | |||
Domestic Tax Authority [Member] | ||||
Deferred tax liabilities: | ||||
Other | 12,569 | 12,569 | ||
Income Tax Credits and Adjustments | 35,912 | |||
2015 Federal and State Repairs and Maintenance Deduction [Member] | ||||
Deferred tax liabilities: | ||||
Income Tax Credits and Adjustments | 18,820 | |||
2015 Federal and State Repairs and Maintenance Deduction [Member] | State and Local Jurisdiction [Member] | ||||
Deferred tax liabilities: | ||||
Provision for income taxes | (1,081) | |||
2015 Federal and State Repairs and Maintenance Deduction [Member] | Domestic Tax Authority [Member] | ||||
Deferred tax liabilities: | ||||
Other | $ 6,587 | |||
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 | $ 3,927 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits before impact of deductions for state taxes, excluding interest and penalties | $ 795 | $ 684 |
Unrecognized tax benefits that would impact effective tax rate | 17 | $ 14 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Balance at December 31, 2014 | 649 | |
Increase related to tax positions taken during a prior year, including interest | 106 | |
Reductions related to tax positions taken in a prior year, including interest | 0 | |
Balance at December 31, 2015 | 755 | |
Accrued interest expense net of the benefit of tax deductions | 17 | |
Cumulative reduction in unrecognized tax benefits, due to lapsing of statutes of limitations | $ 3 |
Income Taxes Tax Years Under Ex
Income Taxes Tax Years Under Examination (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Federal | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Minimum [Member] | California | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,010 |
Minimum [Member] | Arizona | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,011 |
Minimum [Member] | Connecticut | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Minimum [Member] | Florida | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Minimum [Member] | Tennessee | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Minimum [Member] | Texas | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,011 |
Maximum [Member] | Federal | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,014 |
Maximum [Member] | California | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,014 |
Maximum [Member] | Arizona | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,014 |
Maximum [Member] | Connecticut | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,014 |
Maximum [Member] | Florida | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Maximum [Member] | Tennessee | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,014 |
Maximum [Member] | Texas | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,014 |
Intangible Assets Narrative (De
Intangible Assets Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 1997 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 22,675 | $ 19,333 | ||
Net intangible assets | 15,558 | 13,781 | ||
Amortization of Intangible Assets | 453 | 364 | $ 354 | |
Future Amortization of Intangible Assets | ||||
2,016 | 453 | |||
2,017 | 453 | |||
2,018 | 453 | |||
2,019 | 453 | |||
2,020 | 453 | |||
Concession Fees [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 6,800 | 6,800 | ||
Accumulated amortization of intangible assets | 4,964 | 4,692 | ||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 15,875 | 12,533 | ||
Accumulated amortization of intangible assets | 2,153 | $ 860 | ||
Service Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 12,059 | |||
Useful life of intangible assets | 25 years | |||
Infrastructure [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 2,352 | |||
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) $ in Thousands, gal in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2013 | Dec. 31, 2015USD ($)employeeacre_footagreement$ / million_gallonsgal | Dec. 31, 2014USD ($)gal | Dec. 31, 2013USD ($)gal | Dec. 31, 1997 | |
Long-term Purchase Commitment [Line Items] | |||||
Purchased water | $ 61,089 | $ 47,280 | $ 63,225 | ||
Reduction in delivery schedule | 20.00% | ||||
Intangible assets | $ 22,675 | $ 19,333 | |||
Other Commitment, Due in Next Twenty-Four Months | $ 46,900 | ||||
Number of water agreements | agreement | 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 | gal | 18,482 | 17,782 | 22,700 | ||
Purchased water | $ 52,553 | $ 44,444 | $ 52,500 | ||
Minimum percent of delivery schedule to be purchased in 2016 | 90.00% | ||||
Minimum volume of water to be purchased in 2016 | gal | 19,360 | ||||
Cost of water to be purchased in 2016 | $ 59,060 | ||||
Current contract water rate | $ / million_gallons | 3.1 | ||||
Service Agreements [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contract life of agreement with City of Cupertino | 25 years | ||||
Intangible assets | $ 12,059 | ||||
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 | acre_foot | 6,900 | ||||
Notice period required for contract adjustment | 60 days | ||||
SJW Corp. [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Number of employees | employee | 357 | ||||
Executive, Administrative or Supervisory Personnel [Member] | SJW Corp. [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Number of employees | employee | 122 | ||||
Union Member [Member] | SJW Corp. [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Number of employees | employee | 235 | ||||
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 |
Partnership Interest Narrative
Partnership Interest Narrative (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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) | 12 Months Ended | ||
Dec. 31, 2015USD ($)yr | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Pension Plans [Abstract] | |||
Number of compensation years included in benefit calculation | yr | 3 | ||
Expected future working lifetime of participants | 12 years 4 months 10 days | ||
Market gains (losses) | $ 3,473,000 | $ 790,000 | |
Return on investments for past 10 years, percent | 5.91% | ||
Investments benchmark for past 10 years, percent | 5.95% | ||
Return on investments for past five years, percent | 7.41% | ||
Investments benchmark for past five years, percent | 7.13% | ||
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 | $ 1,149,000 | 1,101,000 | $ 1,087,000 |
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 | 9.00% | ||
Equity Securities [Member] | |||
Pension Plans [Abstract] | |||
Actual plan asset allocations | 56.00% | ||
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 | $ 16,566,000 | 15,806,000 | |
Net periodic pension cost | 1,542,000 | 1,300,000 | 1,248,000 |
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 | $ 4,073,000 | $ 3,463,000 | $ 3,203,000 |
Benefit Plans Actuarial Calcula
Benefit Plans Actuarial Calculation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 3.88% | 4.82% | 3.92% |
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 | 4.24% | 3.88% | |
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 | 3.80% | 4.70% | 3.80% |
Net periodic benefit cost, expected return on plan assets | 7.00% | 7.00% | 7.00% |
Benefit obligations, discount rate | 4.10% | 3.80% |
Benefit Plans Net Periodic Bene
Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 5,072 | $ 3,938 | $ 4,594 |
Interest cost | 6,342 | 6,098 | 5,393 |
Expected return on assets | (6,984) | (6,414) | (5,289) |
Amortization of prior service cost | 376 | 376 | 394 |
Recognized actuarial loss | 4,005 | 1,879 | 4,052 |
Net periodic pension cost | 8,811 | 5,877 | 9,144 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 379 | 284 | 361 |
Interest cost | 504 | 508 | 508 |
Expected return on assets | (283) | (268) | (230) |
Amortization of prior service cost | 197 | 197 | 197 |
Recognized actuarial loss | 188 | 59 | 189 |
Net periodic pension cost | $ 985 | $ 780 | $ 1,025 |
Benefit Plans Reconciliation of
Benefit Plans Reconciliation of Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | $ 103,879 | ||
Fair value of assets at end of year | 109,415 | $ 103,879 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 165,304 | 128,699 | |
Service cost | 5,072 | 3,938 | $ 4,594 |
Interest cost | 6,342 | 6,098 | 5,393 |
Actuarial loss | (7,436) | 31,161 | |
Benefits paid | (5,014) | (4,592) | |
Benefit obligation at end of year | 164,268 | 165,304 | 128,699 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 99,628 | 91,358 | |
Actual return on plan assets | 965 | 6,392 | |
Employer contributions | 9,374 | 6,470 | |
Benefits paid | (5,014) | (4,592) | |
Fair value of assets at end of year | 104,953 | 99,628 | 91,358 |
Funded status at end of year | (59,315) | (65,676) | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 13,714 | 10,976 | |
Service cost | 379 | 284 | 361 |
Interest cost | 504 | 508 | 508 |
Actuarial loss | 2,231 | 2,322 | |
Benefits paid | (408) | (376) | |
Benefit obligation at end of year | 16,420 | 13,714 | 10,976 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 4,251 | 3,995 | |
Actual return on plan assets | 79 | 119 | |
Employer contributions | 468 | 434 | |
Benefits paid | (336) | (297) | |
Fair value of assets at end of year | 4,462 | 4,251 | $ 3,995 |
Funded status at end of year | $ (11,958) | $ (9,463) |
Benefit Plans Amounts Recognize
Benefit Plans Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ 70,230 | $ 74,187 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 957 | 883 |
Noncurrent liabilities | 58,358 | 64,793 |
Liabilities | 59,315 | 65,676 |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 86 | 69 |
Noncurrent liabilities | 11,872 | 9,394 |
Liabilities | $ 11,958 | $ 9,463 |
Benefit Plans Regulatory Asset
Benefit Plans Regulatory Asset (Details) - Postretirement pensions and other medical benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of obligation | $ 71,273 | $ 75,139 |
Accrued benefit cost | (6,587) | (6,704) |
Amount to be recovered in future rates | 64,686 | 68,435 |
Tax gross-up | 44,482 | 47,059 |
Regulatory asset | $ 109,168 | $ 115,494 |
Benefit Plans Amortization (Det
Benefit Plans Amortization (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service cost | $ 3,440 |
Amortization of loss | 376 |
Total | 3,816 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service cost | 197 |
Amortization of loss | 188 |
Total | $ 385 |
Benefit Plans Plan Assets (Deta
Benefit Plans Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 109,415 | $ 103,879 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocations as a percent of toal plan assets | 56.00% | ||
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 9,500 | 6,811 | |
Actual plan asset allocations as a percent of toal plan assets | 9.00% | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 104,953 | 99,628 | $ 91,358 |
Pension Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 37,088 | $ 35,034 | |
Actual plan asset allocations as a percent of toal plan assets | 35.00% | 35.00% | |
Pension Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 58,958 | $ 58,286 | |
Actual plan asset allocations as a percent of toal plan assets | 56.00% | 59.00% | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 8,907 | $ 6,308 | |
Actual plan asset allocations as a percent of toal plan assets | 9.00% | 6.00% | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 4,462 | $ 4,251 | $ 3,995 |
Other Postretirement Benefit Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,527 | $ 1,401 | |
Actual plan asset allocations as a percent of toal plan assets | 34.00% | 33.00% | |
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,343 | $ 2,347 | |
Actual plan asset allocations as a percent of toal plan assets | 53.00% | 55.00% | |
Other Postretirement Benefit Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 592 | $ 503 | |
Actual plan asset allocations as a percent of toal plan assets | 13.00% | 12.00% |
Benefit Plans Fair Value of Pla
Benefit Plans Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 109,415 | $ 103,879 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 65,429 | 62,346 |
Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 43,986 | 41,533 |
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 | 9,500 | 6,811 |
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 | 9,500 | 6,811 |
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 | 38,614 | 36,435 |
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 | 38,614 | 36,435 |
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 | $ 4,067 | $ 4,266 |
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 | 4,041 | 4,237 |
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 | 26 | 29 |
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 | 36,010 | 35,489 |
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 | 36,010 | 35,489 |
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 | 5,886 | 6,069 |
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 | 5,886 | 6,069 |
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 | 5,188 | 4,982 |
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 | 5,188 | 4,982 |
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 | 4,804 | 4,758 |
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 | 4,804 | 4,758 |
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 | 5,346 | 5,069 |
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 | 5,346 | 5,069 |
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 Expected
Benefit Plans Benefits Expected to be Paid in Next Five Years (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plan [Member] | |
Expected Future Benefit Payments [Abstract] | |
2,016 | $ 5,879 |
2,017 | 6,169 |
2,018 | 6,546 |
2,019 | 6,743 |
2,020 | 7,191 |
2021 - 2025 | 42,464 |
Other Postretirement Benefit Plan [Member] | |
Expected Future Benefit Payments [Abstract] | |
2,016 | 660 |
2,017 | 697 |
2,018 | 734 |
2,019 | 767 |
2,020 | 795 |
2021 - 2025 | 3,705 |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated required and discretionary employer cash contributions in 2015 | $ 8,200 |
Equity Plans Equity Plans (Deta
Equity Plans Equity Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)purchase_intervalshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | $ 1,603 | $ 1,031 | $ 912 |
Proceeds from the exercise of stock options and similar instruments | 895 | 1,917 | 1,004 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | $ 634 | $ 462 | $ 28 |
Employee Stock Purchase Plan [Abstract] | |||
Number of purchases intervals under the plan since inception | purchase_interval | 19 | ||
Shares issued during the period under the plan | shares | 33,318 | 35,682 | 30,869 |
Cash received from employees toward purchases under the plan | $ 916 | $ 854 | $ 796 |
Restricted Stock and Deferred Restricted Stock [Member] | |||
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | 1,445 | 883 | 784 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 634 | $ 249 | $ 97 |
Employee Stock Purchase Plan [Abstract] | |||
Unrecognized compensation cost | $ 1,231 | ||
Deferred Restricted Stock Awards [Member] | |||
Dividend Equivalent Rights [Abstract] | |||
Cumulative dividend equivalent rights converted to deferred restricted stock awards | shares | 70,691 | 66,458 | 61,733 |
Employee Stock Option [Member] | |||
Summary of Activity under the Plan [Abstract] | |||
Proceeds from the exercise of stock options and similar instruments | $ 0 | $ 1,044 | $ 198 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | 213 | (69) |
Dividend Equivalent Rights [Member] | |||
Dividend Equivalent Rights [Abstract] | |||
Liability for dividend equivalent rights | $ 114 | $ 122 | $ 128 |
Incentive Plan [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Number of shares reserved for issuance under the plan | shares | 1,800,000 | ||
Maximum number of shares per employee | shares | 600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued Pursuant To The Plan | shares | 516,956 | 429,352 | 341,914 |
Shares issuable under the plan upon exercise of outstanding awards | shares | 245,976 | 296,831 | 307,919 |
Number of shares available for grant | shares | 1,037,068 | ||
Employee Stock [Member] | |||
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | $ 158 | $ 148 | $ 128 |
Proceeds from the exercise of stock options and similar instruments | $ 895 | 839 | 722 |
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 | $ 162 | 151 | 140 |
Unrecognized compensation cost | $ 64 | ||
Employee Stock [Member] | Common Stock [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Number of shares reserved for issuance under the plan | shares | 400,000 | ||
Dividend Reinvestment and Stock Purchase Plan [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Number of shares reserved for issuance under the plan | shares | 3,000,000 | ||
Summary of Activity under the Plan [Abstract] | |||
Proceeds from the exercise of stock options and similar instruments | $ 0 | $ 34 | $ 84 |
Employee Stock Purchase Plan [Abstract] | |||
Shares issued under the plan | shares | 829 | 3,487 |
Equity Plans Stock Option Activ
Equity Plans Stock Option Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding Shares as of December 31, 2015 | 0 | ||
Intrinsic value of options exercised | $ 0 | $ 581 | $ 179 |
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 a
Equity Plans Restricted Stock and Deferred Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 29, 2016 | Apr. 29, 2015 | Jan. 27, 2015 | Dec. 31, 2015 |
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 | 6,639 | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Granted, wtd avg grant date fair value | $ 34.36 | |||
Restricted Stock and Deferred Restricted Stock [Member] | ||||
Restricted and Deferred Restricted Stock Awards Outstanding [Roll Forward] | ||||
Outstanding as of January 1, 2014, units | 259,807 | |||
Issued, units | 32,516 | |||
Exercised, units | (83,086) | |||
Forfeited or expired | 0 | |||
Outstanding as of December 31, 2014, units | 209,237 | |||
Shares vested as of December 31, 2014, shares | 115,693 | |||
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 | $ 18.56 | |||
Issued, wtd avg grant date fair value | 30.98 | |||
Exercised, wtd avg grant date fair value | 32.79 | |||
Forfeited or expired, wtd avg grant date fair value | 0 | |||
Outstanding as od December 31, 2014, wtd avg grant date fair value | 21.49 | |||
Shares vested as of December 31, 2014, wtd avg grant date fair value | $ 16.52 | |||
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 | 130,467 | |||
Granted, units | 32,516 | |||
Vested, units | (69,439) | |||
Forfeited, units | 0 | |||
Nonvested as of December 31, 2014, units | 93,544 | |||
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 | $ 20.75 | |||
Granted, wtd avg grant date fair value | 30.98 | |||
Vested, wtd avg grant date fair value | 16.28 | |||
Forfeited, wtd avg grant date fair value | 0 | |||
Nonvested as of December 31, 2014, wtd avg grant date fair value | $ 27.63 | |||
Unrecognized compensation cost | $ 1,231 | |||
Period for recognition of compensation cost | 9 months 29 days | |||
Executive Officer [Member] | 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 | 3,252 | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Granted, wtd avg grant date fair value | $ 34.36 | |||
Officer [Member] | 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 | 501 | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Granted, wtd avg grant date fair value | $ 29.37 | |||
Officer [Member] | Minimum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||
Officer [Member] | Maximum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150.00% | |||
Scenario, Forecast [Member] | Officer [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150.00% |
Segment and Non-Tariffed Busi70
Segment and Non-Tariffed Business Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)subsidiariesreportable_segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Segment Reporting Information [Line Items] | ||||||||||||
Number of Subsidiaries | subsidiaries | 5 | |||||||||||
Number of Reportable Segments | reportable_segment | 2 | |||||||||||
Operating revenue | $ 87,613 | $ 82,955 | $ 72,402 | $ 62,112 | $ 69,286 | $ 125,430 | $ 70,356 | $ 54,596 | $ 305,082 | $ 319,668 | $ 276,869 | |
Utilities Operating Expense | 225,122 | 226,790 | 223,462 | |||||||||
Operating Income (Loss) | 31,685 | 18,260 | 17,210 | 12,805 | 15,589 | 59,114 | 12,121 | 6,054 | 79,960 | 92,878 | 53,407 | |
Net income | 16,192 | $ 9,534 | $ 7,461 | $ 4,695 | 5,688 | $ 38,366 | $ 6,846 | $ 906 | 37,882 | 51,806 | 22,384 | |
Depreciation and amortization | 40,740 | 37,905 | 35,039 | |||||||||
Provision for income taxes | 23,272 | 24,971 | 14,135 | |||||||||
Assets | 1,340,963 | 1,269,304 | 1,340,963 | 1,269,304 | ||||||||
SJW Corp. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 305,082 | 319,668 | 276,869 | |||||||||
Utilities Operating Expense | 225,122 | 226,790 | 223,462 | |||||||||
Operating Income (Loss) | 79,960 | 92,878 | 53,407 | |||||||||
Net income | 37,882 | 51,806 | 22,384 | |||||||||
Depreciation and amortization | 40,740 | 37,905 | 35,039 | |||||||||
Interest Expense | 22,186 | 20,788 | 19,922 | |||||||||
Provision for income taxes | 23,272 | 24,971 | 14,135 | |||||||||
Assets | 1,340,963 | 1,269,304 | 1,340,963 | 1,269,304 | 1,109,986 | |||||||
Regulated [Member] | Water Utility Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 291,949 | 306,474 | 264,782 | |||||||||
Utilities Operating Expense | 214,538 | 216,914 | 212,761 | |||||||||
Operating Income (Loss) | 77,411 | 89,560 | 52,021 | |||||||||
Net income | 38,402 | 50,612 | 23,273 | |||||||||
Depreciation and amortization | 38,742 | 35,926 | 33,067 | |||||||||
Interest Expense | 18,935 | 17,555 | 16,616 | |||||||||
Provision for income taxes | 23,802 | 24,210 | 14,446 | |||||||||
Assets | 1,253,785 | 1,180,583 | 1,253,785 | 1,180,583 | 1,013,229 | |||||||
Regulated [Member] | SJW Corp. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 291,949 | 306,474 | 264,782 | |||||||||
Utilities Operating Expense | 214,538 | 216,914 | 212,761 | |||||||||
Operating Income (Loss) | 77,411 | 89,560 | 52,021 | |||||||||
Net income | 38,402 | 50,612 | 23,273 | |||||||||
Depreciation and amortization | 38,742 | 35,926 | 33,067 | |||||||||
Interest Expense | 18,935 | 17,555 | 16,616 | |||||||||
Provision for income taxes | 23,802 | 24,210 | 14,446 | |||||||||
Assets | 1,253,785 | 1,180,583 | 1,253,785 | 1,180,583 | 1,013,229 | |||||||
Nonregulated [Member] | Water Utility Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 6,145 | 6,175 | 5,882 | |||||||||
Utilities Operating Expense | 4,149 | 4,686 | 5,683 | |||||||||
Operating Income (Loss) | 1,996 | 1,489 | 199 | |||||||||
Net income | 882 | 668 | (208) | |||||||||
Depreciation and amortization | 434 | 359 | 360 | |||||||||
Interest Expense | 0 | 0 | 0 | |||||||||
Provision for income taxes | 730 | 471 | 124 | |||||||||
Assets | 18,106 | 18,071 | 18,106 | 18,071 | 16,163 | |||||||
Nonregulated [Member] | Real Estate Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 6,988 | 7,019 | 6,205 | |||||||||
Utilities Operating Expense | 4,079 | 4,193 | 4,000 | |||||||||
Operating Income (Loss) | 2,909 | 2,826 | 2,205 | |||||||||
Net income | 953 | 1,050 | 920 | |||||||||
Depreciation and amortization | 1,564 | 1,620 | 1,612 | |||||||||
Interest Expense | 1,019 | 1,022 | 1,120 | |||||||||
Provision for income taxes | 513 | 542 | 768 | |||||||||
Assets | 65,622 | 65,847 | 65,622 | 65,847 | 71,779 | |||||||
Nonregulated [Member] | All Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 0 | 0 | 0 | [1] | ||||||||
Utilities Operating Expense | 2,356 | 997 | 1,018 | [1] | ||||||||
Operating Income (Loss) | (2,356) | (997) | (1,018) | [1] | ||||||||
Net income | (2,355) | (524) | (1,601) | [1] | ||||||||
Depreciation and amortization | 0 | 0 | 0 | [1] | ||||||||
Interest Expense | 2,232 | 2,211 | 2,186 | [1] | ||||||||
Provision for income taxes | (1,773) | (252) | (1,203) | [1] | ||||||||
Assets | 3,450 | 4,803 | 3,450 | 4,803 | 8,815 | [1] | ||||||
Nonregulated [Member] | SJW Corp. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 13,133 | 13,194 | 12,087 | |||||||||
Utilities Operating Expense | 10,584 | 9,876 | 10,701 | |||||||||
Operating Income (Loss) | 2,549 | 3,318 | 1,386 | |||||||||
Net income | (520) | 1,194 | (889) | |||||||||
Depreciation and amortization | 1,998 | 1,979 | 1,972 | |||||||||
Interest Expense | 3,251 | 3,233 | 3,306 | |||||||||
Provision for income taxes | (530) | 761 | (311) | |||||||||
Assets | $ 87,178 | $ 88,721 | $ 87,178 | $ 88,721 | $ 96,757 | |||||||
[1] | For the year ended December 31, 2015, the “All Other” category includes the accounts of SJW Corp. on a stand-alone basis and SJW Group, Inc. As of December 31, 2015, SJW Group, Inc. had no revenue or expenses recorded and as of December 31, 2015 held no assets. For the years ended December 31, 2014 and 2013, the “All Other” category includes the accounts of SJW Corp. on a stand-alone basis. |
California Water Service Grou71
California Water Service Group Stock Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
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 | $ 0 | $ 2,017 | $ 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 | $ 0 | 1,171 | $ 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 | $ 6,030 | $ 6,378 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] $ in Thousands | Feb. 22, 2016USD ($) |
Subsequent Event [Line Items] | |
Sales Price of Equity Investment | $ 31,000 |
Purchase and Sales Agreement, Holdback Amount | $ 3,000 |
Purchase and Sales Agreement, Holdback Term | 4 years |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenue | $ 87,613 | $ 82,955 | $ 72,402 | $ 62,112 | $ 69,286 | $ 125,430 | $ 70,356 | $ 54,596 | $ 305,082 | $ 319,668 | $ 276,869 |
Operating Income (Loss) | 31,685 | 18,260 | 17,210 | 12,805 | 15,589 | 59,114 | 12,121 | 6,054 | 79,960 | 92,878 | 53,407 |
Net income | 16,192 | 9,534 | 7,461 | 4,695 | 5,688 | 38,366 | 6,846 | 906 | 37,882 | 51,806 | 22,384 |
Comprehensive income | $ 16,368 | $ 9,422 | $ 7,206 | $ 4,680 | $ 6,021 | $ 38,095 | $ 5,716 | $ 1,104 | $ 37,676 | $ 50,936 | $ 23,461 |
Earnings per share | |||||||||||
—Basic (in dollars per share) | $ 0.79 | $ 0.47 | $ 0.37 | $ 0.23 | $ 0.28 | $ 1.90 | $ 0.34 | $ 0.04 | $ 1.86 | $ 2.56 | $ 1.13 |
—Diluted (in dollars per share) | 0.79 | 0.46 | 0.36 | 0.23 | 0.28 | 1.88 | 0.34 | 0.04 | $ 1.85 | $ 2.54 | $ 1.12 |
Dividends per share | 0.19 | 0.20 | 0.19 | 0.20 | 0.19 | 0.19 | 0.19 | 0.19 | |||
--- High (in dollars per share) [Member] | |||||||||||
Earnings per share | |||||||||||
Market Price, Stock | 33.68 | 31.36 | 31.68 | 35.60 | 32.87 | 28.25 | 29.51 | 30.40 | |||
--- Low (in dollars per share) [Member] | |||||||||||
Earnings per share | |||||||||||
Market Price, Stock | $ 27.64 | $ 27.73 | $ 28.68 | $ 30.09 | $ 26.77 | $ 25.64 | $ 25.87 | $ 27.84 |
Valuation and Qualifying Acco74
Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $ 150 | $ 170 | $ 225 |
Charged to expense | 392 | 321 | 442 |
Accounts written off | (528) | (489) | (620) |
Recoveries of accounts written off | 186 | 148 | 123 |
Ending Balance | 200 | 150 | 170 |
Legal Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 133 | 136 | 281 |
Charged to expense | 213 | 71 | 220 |
Accounts written off | (16) | (5) | (105) |
Payments | (67) | (69) | (260) |
Ending Balance | $ 263 | $ 133 | $ 136 |