Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 21, 2016 | |
Document and Entity Information [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-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 20,456,225 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
OPERATING REVENUE | $ 112,344 | $ 82,955 | $ 260,400 | $ 217,469 |
Production Expenses: | ||||
Purchased water | 28,681 | 22,085 | 52,863 | 47,371 |
Power | 2,141 | 2,500 | 4,992 | 5,200 |
Groundwater extraction charges | 10,867 | 7,920 | 25,627 | 22,053 |
Other production expenses | 3,311 | 3,033 | 9,815 | 9,095 |
Total production expenses | 45,000 | 35,538 | 93,297 | 83,719 |
Administrative and general | 12,449 | 12,101 | 35,690 | 34,861 |
Maintenance | 4,217 | 3,975 | 12,082 | 11,187 |
Property taxes and other non-income taxes | 3,213 | 2,893 | 9,115 | 8,878 |
Depreciation and amortization | 11,119 | 10,188 | 33,489 | 30,549 |
Total operating expense | 75,998 | 64,695 | 183,673 | 169,194 |
OPERATING INCOME | 36,346 | 18,260 | 76,727 | 48,275 |
OTHER (EXPENSE) INCOME: | ||||
Interest on long-term debt | (4,993) | (5,200) | (15,039) | (15,838) |
Mortgage and other interest expense | (433) | (316) | (1,291) | (948) |
Gain on sale of California Water Service Group stock | 0 | 0 | 3,197 | 0 |
Gain on sale of real estate investments | 124 | 1,886 | 124 | 1,886 |
Dividend income | 17 | 43 | 70 | 130 |
Other, net | 410 | 398 | 869 | 921 |
Income before income taxes | 31,471 | 15,071 | 64,657 | 34,426 |
Provision for income taxes | 12,512 | 5,537 | 25,545 | 12,736 |
NET INCOME | 18,959 | 9,534 | 39,112 | 21,690 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized (loss) gain on investment | (169) | (112) | 848 | (382) |
Reclassification adjustment for gain realized on sale of investments | 0 | 0 | (1,742) | 0 |
COMPREHENSIVE INCOME | $ 18,790 | $ 9,422 | $ 38,218 | $ 21,308 |
EARNINGS PER SHARE | ||||
Basic (usd per share) | $ 0.93 | $ 0.47 | $ 1.91 | $ 1.07 |
Diluted (usd per share) | 0.92 | 0.46 | 1.90 | 1.06 |
DIVIDENDS PER SHARE (usd per share) | $ 0.20 | $ 0.20 | $ 0.61 | $ 0.59 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||
Basic (shares) | 20,451,930 | 20,375,960 | 20,434,494 | 20,353,487 |
Diluted (shares) | 20,602,410 | 20,531,855 | 20,580,728 | 20,504,701 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Utility plant: | ||
Land | $ 17,885 | $ 17,853 |
Depreciable plant and equipment | 1,535,986 | 1,438,321 |
Construction in progress | 65,101 | 45,573 |
Intangible assets | 23,811 | 22,675 |
Property, Plant and Equipment, Gross | 1,642,783 | 1,524,422 |
Less accumulated depreciation and amortization | 517,314 | 487,659 |
Public Utilities, Property, Plant and Equipment, Net | 1,125,469 | 1,036,763 |
Real estate investments | 62,127 | 74,641 |
Less accumulated depreciation and amortization | 11,412 | 13,207 |
Total | 50,715 | 61,434 |
CURRENT ASSETS: | ||
Cash and cash equivalents | 17,663 | 5,239 |
Accounts receivable: | ||
Customers, net of allowances for uncollectible accounts | 21,429 | 16,390 |
Income tax | 20,015 | 10,852 |
Other | 950 | 2,192 |
Accrued unbilled utility revenue | 32,669 | 17,417 |
Long-lived asset held-for-sale | 9,907 | 0 |
Current regulatory assets, net | 25,661 | 16,542 |
Other current assets | 5,045 | 4,744 |
Assets, Current | 133,339 | 73,376 |
OTHER ASSETS: | ||
Investment in California Water Service Group | 3,209 | 6,030 |
Net regulatory assets, less current portion | 133,663 | 152,021 |
Other | 7,946 | 7,701 |
Assets, Noncurrent | 144,818 | 165,752 |
Assets | 1,454,341 | 1,337,325 |
Shareholders' equity: | ||
Common stock, $0.521 par value; authorized 36,000,000 shares; issued and outstanding 20,456,225 shares on September 30, 2016 and 20,381,949 on December 31, 2015 | 10,655 | 10,616 |
Additional paid-in capital | 70,706 | 68,636 |
Retained earnings | 328,829 | 302,220 |
Accumulated other comprehensive income | 1,418 | 2,311 |
Total shareholders' equity | 411,608 | 383,783 |
Long-term debt, less current portion | 364,229 | 377,187 |
Capitalization, Long-term Debt and Equity | 775,837 | 760,970 |
CURRENT LIABILITIES: | ||
Line of credit | 63,900 | 34,600 |
Current portion of long-term debt | 11,554 | 3,491 |
Accrued groundwater extraction charges, purchased water and power | 13,697 | 7,163 |
Accounts payable | 21,673 | 16,196 |
Accrued interest | 5,775 | 6,193 |
Accrued property taxes and other non-income taxes | 3,222 | 1,622 |
Accrued payroll | 3,889 | 4,203 |
Deposit, long-lived asset held-for-sale | 20,000 | 0 |
Other current liabilities | 7,417 | 6,155 |
Liabilities, Current | 151,127 | 79,623 |
DEFERRED INCOME TAXES | 214,633 | 198,775 |
ADVANCES FOR CONSTRUCTION | 81,027 | 76,572 |
CONTRIBUTIONS IN AID OF CONSTRUCTION | 147,576 | 141,194 |
POSTRETIREMENT BENEFIT PLANS | 73,068 | 70,230 |
OTHER NONCURRENT LIABILITIES | 11,073 | 9,961 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
Liabilities and Equity | $ 1,454,341 | $ 1,337,325 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.521 | $ 0.521 |
Common stock, shares authorized (shares) | 36,000,000 | 36,000,000 |
Common stock, shares issued (shares) | 20,456,225 | 20,381,949 |
Common stock, shares outstanding (shares) | 20,456,225 | 20,381,949 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 39,112 | $ 21,690 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 34,740 | 31,740 |
Deferred income taxes | 16,755 | 4,705 |
Share-based compensation | 1,316 | 1,208 |
Gain on sale of real estate investments | (124) | (1,886) |
Gain on sale of California Water Service Group stock | (3,197) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable and accrued unbilled utility revenue | (19,298) | (9,870) |
Accounts payable and other current liabilities | (3,496) | 1,046 |
Accrued groundwater extraction charges, purchased water and power | 6,534 | 5,260 |
Tax receivable and accrued taxes | (6,972) | 6,311 |
Postretirement benefits | 2,838 | 2,526 |
Regulatory assets and liability related to balancing and memorandum accounts | 9,239 | 12,068 |
Other changes, net | (1,018) | (2,454) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 76,429 | 72,344 |
INVESTING ACTIVITIES: | ||
Company-funded | (102,813) | (63,126) |
Contributions in aid of construction | (5,759) | (8,400) |
Additions to real estate investments | (254) | (570) |
Payments for business/asset acquisition and water rights | (1,063) | (991) |
Payments to retire utility plant, net of salvage | (1,418) | (3,146) |
Proceeds from sale of real estate investments | 124 | 1,925 |
Proceeds from sale of California Water Service Group stock | 4,510 | 0 |
Deposit for long-lived asset held-for-sale | 20,000 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (86,673) | (74,308) |
FINANCING ACTIVITIES: | ||
Borrowings on line of credit | 53,875 | 49,400 |
Repayments of line of credit | (24,575) | (41,400) |
Repayments of long-term borrowings | (5,143) | (435) |
Debt issuance costs | (335) | 0 |
Dividends paid | (12,419) | (11,910) |
Employee stock purchase plan proceeds | 954 | 895 |
Tax benefits realized from restricted and deferred stock units | 203 | 634 |
Receipts of advances and contributions in aid of construction | 12,032 | 10,516 |
Refunds of advances for construction | (1,924) | (1,864) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 22,668 | 5,836 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 12,424 | 3,872 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 5,239 | 2,399 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 17,663 | 6,271 |
Cash paid during the period for: | ||
Interest | 18,324 | 18,218 |
Income taxes | 18,072 | 3,721 |
Supplemental disclosure of non-cash activities: | ||
Increase in accrued payables for construction costs capitalized | 10,349 | 9,225 |
Utility property installed by developers | $ 5,063 | $ 499 |
General
General | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | General In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of the results for the interim periods. The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). The Notes to Consolidated Financial Statements in SJW Corp.'s 2015 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements. In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02, “Consolidation” which modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that operate as registered money market funds. ASU 2015-02 became effective for SJW Corp. in the first quarter of 2016. The adoption of ASU 2015-02 did not have a material impact on our consolidated financial statements. Water sales are seasonal in nature and influenced by weather conditions. The timing of precipitation and climatic conditions can cause seasonal water consumption by customers to vary significantly. Due to the seasonal nature of the water business, the operating results for interim periods are not indicative of the operating results for a 12-month period. Revenue is generally higher in the warm, dry summer months when water usage and sales are greater, and lower in the winter months when cooler temperatures and increased rainfall curtail water usage and sales. In response to the ongoing drought in California, on November 13, 2015, Governor Edmund Brown Jr. issued Executive Order B-36-15 to bolster the state's drought response. On November 24, 2015, the Santa Clara Valley Water District (“SCVWD”) extended their call for 30% conservation and restrictions on outdoor watering of ornamental landscapes two days a week through June 30, 2016. On February 2, 2016, the State Water Board adopted an extended and revised emergency regulation to ensure that urban water conservation continues through October 2016. On May 9, 2016, Governor Brown issued an executive order to build on temporary statewide emergency water restrictions and to establish longer term water conservation measures, including permanent monthly water use reporting, new permanent water use standards in California communities and bans on clearly wasteful practices. On May 18, 2016, the State Water Board adopted a new approach to water conservation regulation and replaced its prior percentage reduction-based water conservation standard with a new approach designed to ensure at least a three year supply of available water based on local conditions. On June 14, 2016, the SCVWD reduced its conservation target from 30% to 20% and also increased the number of outdoor watering days from two to three effective July 1, 2016 through January 31, 2017. Effective June 15, 2015, San Jose Water Company was authorized by the California Public Utilities Commission (“CPUC”) to activate Stage 3 of Tariff Rule 14.1 which is a water shortage contingency plan with mandatory water usage reductions and drought surcharges resulting from usage above customer allocations. Tariff Rule 14.1 focuses primarily on restrictions of outdoor water use which accounts for 50% of a typical customer's water usage. On June 24, 2016, San Jose Water Company filed with the CPUC to amend its water shortage contingency plan with mandatory water usage reductions and drought surcharges to reflect the SCVWD's changes. This request was approved by the CPUC with an effective date of July 1, 2016. The drought surcharges are not recorded as revenue. Rather, they are recorded in a regulatory liability account which has been authorized by the CPUC to track lost revenues from conservation. The amount recorded in the surcharge account is being used to offset future rate increases that would otherwise be necessary to recover lost revenue due to drought conservation efforts. As of September 30, 2016 , San Jose Water Company has a remaining balance of approximately $6,320 in the drought surcharge account to offset future rate increases related to drought conservation efforts. San Jose Water Company is continually working to remain in compliance with the various drought rules and regulations and is also working with local governments as well as the SCVWD to communicate consistent messages to the public about use restrictions and related matters associated with the ongoing drought. Effective March 31, 2014, San Jose Water Company received approval from the CPUC to institute a Mandatory Conservation Revenue Adjustment Memorandum Account. This account was subsequently replaced with a Water Conservation Memorandum Account (“WCMA”). The WCMA allows San Jose Water Company to track lost revenue associated with reduced sales due to the ongoing drought and the associated calls for water use reduction from the SCVWD. San Jose Water Company records the lost revenue captured in the WCMA regulatory accounts once the revenue recognition requirements of FASB ASU Topic 980 - “Regulated Operations,” subtopic 605-25 are met. For further discussion, please see Note 8 and Note 9. Basic earnings per share is calculated using income available to common shareholders, divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated using income available to common shareholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with deferred restricted common stock awards under SJW Corp.'s Long-Term Incentive Plan (as amended, the “Incentive Plan”) and shares potentially issuable under the 2014 Employee Stock Purchase Plan (“ESPP”). For the three months ended September 30, 2016 and 2015 , 714 and 380 anti-dilutive restricted common stock units were excluded from the dilutive earnings per share calculation, respectively. For the nine months ended September 30, 2016 and 2015 , 4,801 and 1,819 anti-dilutive restricted common stock units were excluded from the dilutive earnings per share calculation, respectively. A portion of depreciation expense is allocated to administrative and general expense. For the three months ended September 30, 2016 and 2015 , the amounts allocated to administrative and general expense were $416 and $400 , respectively. For the nine months ended September 30, 2016 and 2015 , the amounts allocated to administrative and general expense were $1,251 and $1,191 , respectively. |
Equity Plans
Equity Plans | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EQUITY PLANS | Equity Plans SJW Corp. accounts for share-based compensation based on the grant date fair value of the awards issued to employees in accordance with FASB ASC Topic 718 - “Compensation - Stock Compensation,” which requires the measurement and recognition of compensation expense based on the estimated fair value for all share-based payment awards. The Incentive Plan allows SJW Corp. to provide employees, non-employee board members or the board of directors of any parent or subsidiary, consultants, and other independent advisors who provide services to the company or any parent or subsidiary the opportunity to acquire an equity interest in SJW Corp. The types of awards included in the Incentive Plan are restricted stock awards, restricted stock units, performance shares, or other share-based awards. As of September 30, 2016 , the remaining number of shares available under the Incentive Plan was 993,954 , and an additional 229,972 shares were issuable under outstanding restricted stock units and deferred restricted stock units. In addition, shares are issued to employees under the company's ESPP. Stock compensation costs charged to income are recognized on a straight-line basis over the requisite service period. A summary of compensation costs charged to income, proceeds from the exercise of stock options and similar instruments, and the tax benefit realized from stock options and similar instruments exercised, that were recorded to additional paid-in capital and common stock, by award type, are presented below for the three and nine months ended September 30, 2016 and 2015 . Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Adjustments to additional paid-in capital and common stock for: Compensation costs charged to income: ESPP $ 89 82 $ 168 158 Restricted stock and deferred restricted stock 375 365 1,148 1,050 Total compensation costs charged to income $ 464 447 $ 1,316 1,208 Excess tax benefits realized from stock issuance: Restricted stock and deferred restricted stock $ 1 — $ 203 634 Total excess tax benefits realized from stock issuance $ 1 — $ 203 634 Proceeds from ESPP and similar instruments: ESPP $ 503 462 $ 954 895 Total proceeds from the ESPP and similar instruments $ 503 462 $ 954 895 Stock, Restricted Stock and Deferred Restricted Stock On January 4, 2016 , service based restricted stock units covering an aggregate of 17,835 shares of common stock of SJW Corp. were granted to certain officers of SJW Corp. and its subsidiaries. The units vest in three equal successive installments upon completion of each year of service with no dividend equivalent rights. Share-based compensation expense of $27.02 per unit which is based on the award grant date fair value is being recognized over the service period beginning in 2016. On January 26, 2016 , 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 12,473 that will vest based on the actual attainment of specified performance goals measured for the 2016 calendar year and continued service through December 31, 2016. 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 $29.46 per unit which is based on the award grant date fair value is being recognized assuming the performance goals will be attained. As of September 30, 2016 , management believes that the performance goals will be met. On April 27, 2016 , restricted stock units covering an aggregate of 7,656 shares of common stock of SJW Corp. were granted to the non-employee board members of SJW Corp. The units vest upon continuous board service through the day immediately preceding the date of the next annual shareholder meeting with no dividend equivalent rights. Share-based compensation expense of $35.79 per unit which is based on the award grant date fair value is being recognized over the service period beginning in 2016. As of September 30, 2016 , the total unrecognized compensation costs related to restricted and deferred restricted stock plans was $1,277 . This cost is expected to be recognized over a remaining weighted average period of 0.85 years. Employee Stock Purchase Plan The ESPP allows eligible employees to purchase shares of SJW Corp.'s common stock at 85% of the fair value of shares on the purchase date. Under the ESPP, employees can designate up to a maximum of 10% of their base compensation for the purchase of shares of common stock, subject to certain restrictions. A total of 400,000 shares of common stock have been reserved for issuance under the ESPP. After considering estimated employee terminations or withdrawals from the plan before the purchase date, SJW Corp.'s recorded expenses were $51 and $139 for the three and nine months ended September 30, 2016 , respectively, and $38 and $120 for the three and nine months ended September 30, 2015 , respectively, related to the ESPP. The total unrecognized compensation costs related to the semi-annual offering period that ends January 31, 2017 for the ESPP is approximately $74 . This cost is expected to be recognized during the fourth quarter of 2016 and first quarter of 2017. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Investments, Net [Abstract] | |
REAL ESTATE INVESTMENTS | Real Estate Investments The major components of real estate investments as of September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, Land $ 17,297 17,297 Buildings and improvements 44,681 57,015 Intangibles 149 329 Subtotal 62,127 74,641 Less: accumulated depreciation and amortization 11,412 13,207 Total $ 50,715 61,434 Depreciation and amortization is computed using the straight-line method over the estimated life of the respective assets, ranging from 5 to 39 years . In 2015, SJW Land Company was notified by the Arizona Department of Transportation (“ADOT”) that in order to achieve their goals of developing a new freeway extension, they, in conjunction with the Federal Highway Commission, would be exercising their powers of eminent domain for SJW Land Company's warehouse building located in Phoenix, Arizona. SJW Land Company reached a settlement with ADOT of $20,000 on the property value and received the payment in September 2016 which was recorded in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2016 as a deposit, long-lived asset held-for-sale. Title to the property transferred to ADOT on October 13, 2016 upon the recording of the court's Final Order of Condemnation. SJW Corp. expects to record a gain, net of tax and expenses, on the property condemnation of approximately $5,800 in the fourth quarter 2016. The company has reclassified the Arizona property as held-for-sale in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2016 . The mortgage loan for the Arizona warehouse building was due on July 1, 2016. SJW Land Company paid off the remaining loan balance of $2,938 on June 30, 2016. The Arizona warehouse building is included in SJW Corp.'s “Real Estate Services” reportable segment as disclosed in Note 5. Prior to reclassification of the property as held-for-sale, depreciation expense on the building was $0 and $135 for the three and nine months ended September 30, 2016. The following represents the major components of the Arizona warehouse building recorded in long-lived assets held-for-sale on SJW Corp.'s condensed consolidated balance sheets as of September 30, 2016 : September 30, 2016 Land $ 2,064 Buildings and improvements 10,563 Subtotal 12,627 Less: accumulated depreciation and amortization 2,720 Total $ 9,907 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 . |
Defined Benefit Plan
Defined Benefit Plan | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
DEFINED BENEFIT PLAN | Defined Benefit Plan San Jose Water Company sponsors a noncontributory defined benefit pension plan for its eligible employees. Employees hired before March 31, 2008 are entitled to receive retirement benefits using a formula based on the employee's three highest years of compensation (whether or not consecutive). For employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based on compensation credits and interest credits for each employee. Officers hired before March 31, 2008 are eligible to receive additional retirement benefits under the Executive Supplemental Retirement Plan, and officers hired on or after March 31, 2008 are eligible to receive additional retirement benefits under the Cash Balance Executive Supplemental Retirement Plan. Both plans are non-qualified plans in which only officers and other designated members of management may participate. San Jose Water Company also provides health care and life insurance benefits for retired employees under the San Jose Water Company Social Welfare Plan. The components of net periodic benefit costs for San Jose Water Company's pension plan, its Executive Supplemental Retirement Plan, Cash Balance Executive Supplemental Retirement Plan and Social Welfare Plan for the three and nine months ended September 30, 2016 and 2015 are as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Service cost $ 1,244 1,363 $ 3,731 4,089 Interest cost 1,871 1,711 5,613 5,134 Other cost 1,104 1,192 3,313 3,575 Expected return on assets (1,894 ) (1,817 ) (5,683 ) (5,450 ) $ 2,325 2,449 $ 6,974 7,348 The following tables summarize the fair values of plan assets by major categories as of September 30, 2016 and December 31, 2015 : Fair Value Measurements at September 30, 2016 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category Benchmark Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 5,530 $ 5,530 $ — $ — Actively Managed (a): All Cap Equity Russell 3000 Value 4,883 4,859 24 — U.S. Large Cap Equity Russell 1000, Russell 1000 Growth, Russell 1000 Value 38,987 38,987 — — U.S. Mid Cap Equity Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value 6,765 6,765 — — U.S. Small Cap Equity Russell 2000, Russell 2000 Growth, Russell 2000 Value 5,881 5,881 — — Non-U.S. Large Cap Equity MSCI EAFE 4,939 4,939 — — REIT NAREIT - Equity REIT'S 5,853 — 5,853 — Fixed Income (b) (b) 42,087 — 42,087 — Total $ 114,925 $ 66,961 $ 47,964 $ — 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 and cash 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, 2015 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category Benchmark Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 9,500 $ 9,500 $ — $ — Actively Managed (a): All Cap Equity Russell 3000 Vaue 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 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 and cash 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 $8,613 to the pension plans and Social Welfare Plan. For the three and nine months ended September 30, 2016 , $2,173 and $3,553 , respectively, has been contributed to the pension plans and Social Welfare Plan. |
Segment and Non-Tariffed Busine
Segment and Non-Tariffed Business Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT AND NONREGULATED BUSINESS REPORTING | Segment and Non-Tariffed Business Reporting SJW Corp. is a holding company with five subsidiaries: (i) San Jose Water Company, a water utility which operates both regulated and non-tariffed businesses, (ii) SJW Land Company and its consolidated variable interest entity, 444 West Santa Clara Street, L.P., which operate commercial building rentals, (iii) SJWTX, Inc. which is doing business as Canyon Lake Water Service Company (“CLWSC”), a regulated water utility located in Canyon Lake, Texas, and its consolidated non-tariffed variable interest entity, Acequia Water Supply Corporation, (iv) Texas Water Alliance Limited, a non-tariffed water utility operation which has acquired permits and leases 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. The CPUC and Public Utilities Commission of Texas (“PUCT”) issued a decision authorizing the reincorporation on May 26, 2016 and March 24, 2016, respectively. The reincorporation is expected to become effective in the fourth quarter of 2016, subject to the completion of certain legal formalities. 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, CLWSC, and Texas Water Alliance Limited, together referred to as “Water Utility Services.” The second segment is property management and investment activity conducted by SJW Land Company, referred to as “Real Estate Services.” SJW Corp.'s reportable segments have been determined based on information used by the chief operating decision maker. SJW Corp.'s chief operating decision maker includes the Chairman, President and Chief Executive Officer, and his senior staff. The senior staff reviews financial information presented on a consolidated basis that is accompanied by disaggregated information about operating revenue, net income and total assets, by subsidiaries. The tables below set forth information relating to SJW Corp.'s reportable segments and distribution of regulated and non-tariffed business activities within the reportable segments. Certain allocated assets, revenue and expenses have been included in the reportable segment amounts. Other business activity of SJW Corp. not included in the reportable segments is included in the “All Other” category. For Three Months Ended September 30, 2016 Water Utility Services Real Estate Services All Other* SJW Corp. Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 108,502 2,056 1,786 — 108,502 3,842 112,344 Operating expense 73,179 1,355 1,108 356 73,179 2,819 75,998 Operating income (loss) 35,323 701 678 (356 ) 35,323 1,023 36,346 Net income (loss) 19,216 330 239 (826 ) 19,216 (257 ) 18,959 Depreciation and amortization 10,678 116 325 — 10,678 441 11,119 Senior note, mortgage and other interest expense 4,648 — 216 562 4,648 778 5,426 Income tax expense (benefit) in net income 12,145 247 106 14 12,145 367 12,512 Assets $ 1,359,419 18,092 75,909 921 1,359,419 94,922 1,454,341 For Three Months Ended September 30, 2015 Water Utility Services Real Estate Services All Other* SJW Corp. Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 79,437 1,766 1,752 — 79,437 3,518 82,955 Operating expense 61,714 1,642 1,050 289 61,714 2,981 64,695 Operating income (loss) 17,723 124 702 (289 ) 17,723 537 18,260 Net income (loss) 9,698 (29 ) 236 (371 ) 9,698 (164 ) 9,534 Depreciation and amortization 9,684 112 392 — 9,684 504 10,188 Senior note, mortgage and other interest expense 4,707 — 255 554 4,707 809 5,516 Income tax expense (benefit) in net income 5,742 54 97 (356 ) 5,742 (205 ) 5,537 Assets $ 1,233,450 18,094 66,727 5,104 1,233,450 89,925 1,323,375 For Nine Months Ended September 30, 2016 Water Utility Services Real Estate Services All Other* SJW Corp. Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 250,389 4,802 5,209 — 250,389 10,011 260,400 Operating expense 175,967 3,275 3,161 1,270 175,967 7,706 183,673 Operating income (loss) 74,422 1,527 2,048 (1,270 ) 74,422 2,305 76,727 Net income (loss) 37,810 649 670 (17 ) 37,810 1,302 39,112 Depreciation and amortization 32,027 350 1,112 — 32,027 1,462 33,489 Senior note, mortgage and other interest expense 13,929 — 706 1,695 13,929 2,401 16,330 Income tax expense (benefit) in net income 24,122 521 354 548 24,122 1,423 25,545 Assets $ 1,359,419 18,092 75,909 921 1,359,419 94,922 1,454,341 For Nine Months Ended September 30, 2015 Water Utility Services Real Estate Services All Other* SJW Corp. Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 207,335 4,801 5,333 — 207,335 10,134 217,469 Operating expense 161,191 3,947 3,077 979 161,191 8,003 169,194 Operating income (loss) 46,144 854 2,256 (979 ) 46,144 2,131 48,275 Net income (loss) 21,955 244 768 (1,277 ) 21,955 (265 ) 21,690 Depreciation and amortization 29,056 323 1,170 — 29,056 1,493 30,549 Senior note, mortgage and other interest expense 14,351 — 765 1,670 14,351 2,435 16,786 Income tax expense (benefit) in net income 13,017 329 405 (1,015 ) 13,017 (281 ) 12,736 Assets $ 1,233,450 18,094 66,727 5,104 1,233,450 89,925 1,323,375 * The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis and SJW Group, Inc. For the three and nine months ended September 30, 2016 and 2015 , SJW Group, Inc. had no revenue or expenses and held no assets as of September 30, 2016 . |
Long-Term Liabilities and Bank
Long-Term Liabilities and Bank Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Liabilities and Bank Borrowings | Long-Term Liabilities and Bank Borrowings SJW Corp.'s contractual obligations and commitments include senior notes, mortgages and other obligations. San Jose Water Company, a subsidiary of SJW Corp., has received advance deposit payments from its customers on certain construction projects. Refunds of the advance deposit payments constitute an obligation of San Jose Water Company solely. In April 2015, the FASB issued Accounting Standards Update ASU 2015-03, “Interest — Simplifying the Presentation of Debt Issuance Costs” which became effective for SJW Corp. during the first quarter of 2016. ASU 2015-03 changes the presentation of debt issuance costs for term debt in the balance sheet by requiring the debt issuance costs to be presented as a direct deduction from the related debt liability, rather than recorded as an asset. In August 2015, ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” was issued to provide clarification to ASU 2015-03. The standard specifies that the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This standard required application on a retrospective basis. Upon adoption of the standard, SJW Corp. reclassified its debt issuance costs totaling $3,561 and $3,638 which was originally included in unamortized debt issuance, broker and reacquisition costs against its long-term debt on the Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 , respectively. There was no impact from adopting the new standard on SJW Corp.'s Consolidated Statements of Comprehensive Income, Changes in Shareholders' Equity, and Cash Flows for the three and nine months ended September 30, 2016 and year ended December 31, 2015 . On June 1, 2016, San Jose Water Company entered into a $125,000 credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as the lender (the “Lender”). The Credit Agreement provides an unsecured credit facility with a letter of credit sublimit of $10,000 . Proceeds of borrowings under the Credit Agreement may be used to refinance existing debt, for working capital, and for general corporate purposes. The Credit Agreement has a maturity date of June 1, 2021. The Credit Agreement contains customary representations, warranties and events of default, as well as certain restrictive covenants customary for facilities of this type, including restrictions on indebtedness, liens, acquisitions and investments, restricted payments, asset sales, and fundamental changes. The Credit Agreement also includes certain financial covenants that require the Company to maintain a maximum funded debt to capitalization ratio and a minimum interest coverage ratio. On June 1, 2016, the company entered into a fourth amendment to San Jose Water Company’s existing $85,000 credit agreement, dated as of March 1, 2012, as amended from time to time (the “WF Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”) thereby reducing the maximum principal amount available under such line of credit to $3,060 . Pursuant to such amendment, no further borrowing was permitted under the WF Credit Agreement and the WF Credit Agreement remained outstanding for the sole purpose of reimbursing Wells Fargo for any draws against outstanding letters of credit for the California Department of Water Resources' Safe Drinking Water State Revolving Fund (“SDWSRF”) loans and related fees until such letters of credit were replaced or terminated. All outstanding borrowings under the WF Credit Agreement were paid off as of September 30, 2016 . Under both the Credit Agreement and the WF Credit Agreement total borrowings could not exceed $125,000 . On June 29, 2016, San Jose Water Company paid off the SDWSRF loans' remaining balance of $1,823 which had a maturity date in 2027 and the WF Credit Agreement and letters of credit were terminated on September 27, 2016. On June 1, 2016, SJW Corp. and SJW Land Company (collectively, the “Borrowers”), entered into a $15,000 credit agreement with the Lender (the “SJW Corp. Credit Agreement”), which provides an unsecured credit facility to the Borrowers with a letter of credit sublimit of $5,000 . The SJW Corp. Credit Agreement matures on June 1, 2021. Borrowings under the SJW Corp. Credit Agreement bear interest under the same terms and conditions as those in the Credit Agreement. The SJW Corp. Credit Agreement replaced the then outstanding $15,000 credit agreement, dated March 1, 2012, as amended from time to time, between the Borrowers and Wells Fargo, which was paid off and terminated. In addition, on June 1, 2016, SJW Corp., as guarantor, and SJWTX, Inc. (the “Borrower”), entered into a $5,000 credit agreement with the Lender (the “SJWTX Credit Agreement”), which provides an unsecured credit facility to the Borrower with a letter of credit sublimit of $1,000 . The SJWTX Credit Agreement matures on June 1, 2021. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | Fair Value Measurement The following instruments are not measured at fair value on the SJW Corp.'s condensed consolidated balance sheets as of September 30, 2016 , but require disclosure of their fair values: cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of such instruments as of September 30, 2016 approximates their carrying value as reported on the condensed consolidated balance sheets. The fair value of such financial instruments are determined using the income approach based on the present value of estimated future cash flows. There have been no changes in valuation technique during the three and nine months ended September 30, 2016 . The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. The fair value of pension plan assets is discussed in Note 4. The fair value of SJW Corp.'s long-term debt was approximately $479,521 and $500,035 as of September 30, 2016 and December 31, 2015 , respectively, and was determined using a discounted cash flow analysis, based on the current rates for similar financial instruments of the same duration and creditworthiness of the company. The book value of the long-term debt was $ 375,783 and $ 380,678 as of September 30, 2016 and December 31, 2015 , respectively. The fair value of long-term debt would be categorized as Level 2 in the fair value hierarchy. As of September 30, 2016 and December 31, 2015 , the fair value of the Company's investment in California Water Service Group was $3,209 and $6,030 , respectively, and would be categorized as Level 1 of the fair value hierarchy. |
Regulatory Rate Filings
Regulatory Rate Filings | 9 Months Ended |
Sep. 30, 2016 | |
Regulated Operations [Abstract] | |
Regulatory Rate Filings | Regulatory Rate Filings Effective September 15, 2016, the Cupertino City Council authorized San Jose Water Company to implement a 8.6% general rate increase and a 2016 Interim Rate True-Up Surcharge of $0.1832 per CCF to be collected over a 12 -month period from customers in the Cupertino leased water system San Jose Water Company operates. The new rates match those previously approved by the CPUC in San Jose Water Company's most recent General Rate Case Decision effective January 1, 2016. |
Balancing and Memorandum Accoun
Balancing and Memorandum Account Recovery Procedures | 9 Months Ended |
Sep. 30, 2016 | |
Regulated Operations [Abstract] | |
BALANCING AND MEMORANDUM ACCOUNT RECOVERY PROCEDURES | Balancing and Memorandum Account Recovery Procedures San Jose Water Company established balancing accounts for the purpose of tracking the under-collection or over-collection associated with expense changes and the revenue authorized by the CPUC to offset those expense changes. San Jose Water Company also maintains memorandum accounts to track revenue impacts due to catastrophic events, certain unforeseen water quality expenses related to new federal and state water quality standards, energy efficiency, 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 is recorded for amounts SJW Corp. estimates will not be collected within the 24-month period. This reserve is 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, the balances are recorded in SJW Corp.'s financial statements. Based on ASC Topic 980-605-25, San Jose Water Company recognized regulatory assets of $5,863 and $12,624 due to lost revenues accumulated in the 2016 WCMA account for three and nine months ended September 30, 2016 , respectively. These regulatory assets were offset by a regulatory liability in the amount of $5,863 and $12,624 for three and nine months ended September 30, 2016 , respectively, created by Tariff Rule 14.1 drought surcharges collected during the same period as allowed for in Advice Letter 473A which was approved by the CPUC and became effective June 15, 2015. These amounts have been recorded in the 2016 WCMA row shown in the tables below. On June 28, 2016, San Jose Water Company filed Advice Letter 492 for a surcharge of $8,767 to true-up the difference between interim rates and 2015 General Rate Case authorized rates, which is expected to be collected during a 12-month recovery period once approved. The $8,767 of revenue was recorded in the 2015 General Rate Case true-up row for the nine months ended September 30, 2016 table below. This amount includes $185 related to water supply accounts that have previously been recorded and have been deducted from the appropriate row in the nine months ended September 30, 2016 table below. Three months ended September 30, 2016 Three months ended September 30, 2015 Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: 2014 WCMA* $ 1,563 164 (1,044 ) — 683 $ — — — — — 2015 WCMA* 4,747 528 (1,883 ) — 3,392 — — — — — 2016 WCMA — 5,863 — (5,863 ) — — — — — — All others 1,661 232 176 — 2,069 (229 ) 301 150 — 222 Total memorandum accounts 7,971 6,787 (2,751 ) (5,863 ) 6,144 (229 ) 301 150 — 222 Balancing accounts, net assets: Water supply costs 2,641 2,420 452 — 5,513 1,070 2,153 (32 ) — 3,191 Drought surcharges (1,716 ) — (10,467 ) 5,863 (6,320 ) (80 ) — (6,333 ) — (6,413 ) Pension (520 ) 280 (1,055 ) — (1,295 ) 140 (231 ) (230 ) — (321 ) 2012 General Rate Case true-up 27,740 — (3,850 ) — 23,890 40,367 — (3,813 ) — 36,554 2015 General Rate Case true-up 8,767 — (1,204 ) — 7,563 — — — — — All others 1,101 (106 ) (523 ) — 472 1,453 (88 ) (17 ) — 1,348 Total balancing accounts $ 38,013 2,594 (16,647 ) 5,863 29,823 $ 42,950 1,834 (10,425 ) — 34,359 Total $ 45,984 9,381 (19,398 ) — 35,967 $ 42,721 2,135 (10,275 ) — 34,581 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: 2014 WCMA* $ 2,944 11 (2,272 ) — 683 $ — — — — — 2015 WCMA* 5,372 431 (2,411 ) — 3,392 — — — — — 2016 WCMA — 12,624 — (12,624 ) — — — — — — All others 594 1,298 177 — 2,069 (1,377 ) 1,122 477 — 222 Total memorandum accounts 8,910 14,364 (4,506 ) (12,624 ) 6,144 (1,377 ) 1,122 477 — 222 Balancing accounts, net assets: Water supply costs 2,771 2,364 378 — 5,513 890 2,445 (144 ) — 3,191 Drought surcharges (359 ) — (18,585 ) 12,624 (6,320 ) — — (6,413 ) — (6,413 ) Pension (552 ) 840 (1,583 ) — (1,295 ) 1,412 (692 ) (1,041 ) — (321 ) 2012 General Rate Case true-up 33,070 — (9,180 ) — 23,890 44,400 1,937 (9,783 ) — 36,554 2015 General Rate Case true-up — 8,767 (1,204 ) — 7,563 — — — — — All others 1,366 (332 ) (562 ) — 472 1,735 (310 ) (77 ) — 1,348 Total balancing accounts $ 36,296 11,639 (30,736 ) 12,624 29,823 $ 48,437 3,380 (17,458 ) — 34,359 Total $ 45,206 26,003 (35,242 ) — 35,967 $ 47,060 4,502 (16,981 ) — 34,581 * As of September 30, 2016 , the reserve balance for the 2014 WCMA and 2015 WCMA was $1,267 and $1,892 , respectively, which has been netted from the balances above. As of September 30, 2016 , 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 $2,949 . 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 Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities Regulatory assets and liabilities are comprised of the following as of September 30, 2016 and December 31, 2015 : Description September 30, 2016 December 31, 2015 Regulatory assets: Income tax temporary differences, net $ 8,184 8,184 Postretirement pensions and other medical benefits 109,168 109,168 Balancing and memorandum accounts, net 35,967 45,206 Other, net 6,005 6,005 Total regulatory assets, net in Consolidated Balance Sheets $ 159,324 168,563 Less: current regulatory asset, net 25,661 16,542 Total regulatory assets, net, less current portion $ 133,663 152,021 |
Texas Water Alliance Limited
Texas Water Alliance Limited | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Texas Water Alliance Limited | Texas Water Alliance Limited On February 22, 2016, SJW Corp. entered into a purchase and sale agreement with the Guadalupe-Blanco River Authority (“GBRA”), pursuant to which SJW Corp. 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. There is no guarantee that all of the closing conditions will be satisfied in a timely manner, or at all. If we are not able to close the sale of TWA timely, or at all, it may adversely affect our business and financial condition. |
California Water Service Group
California Water Service Group Stock | 9 Months Ended |
Sep. 30, 2016 | |
California Water Service Group Stock [Abstract] | |
California Water Service Group Stock | California Water Service Group Stock During the quarter ended June 30, 2016, SJW Corp. sold 159,151 shares of California Water Service Group for $4,510 , before fees of $20 . SJW Corp. recognized a gain on the sale of the stock of approximately $3,197 and tax expense of approximately $1,303 , for a net gain of $1,894 . The unrealized holding gain associated with the shares sold, that was reclassified out of accumulated other comprehensive income was $1,742 and was based on the fair value of the stock as of June 30, 2016. As of September 30, 2016 , SJW Corp. held 100,000 shares of California Water Service Group. The company classifies its investment in California Water Service Group as available for sale. The stock is carried at the quoted market price with the changes in unrealized gain or loss reported, net of tax, as a component of other comprehensive income. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | Legal Proceedings SJW Corp. is subject to ordinary routine litigation incidental to its business. There are no pending legal proceedings to which SJW Corp. or any of its subsidiaries is a party, or to which any of its properties is the subject, that are expected to have a material effect on SJW Corp.'s business, financial position, results of operations or cash flows. |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). The Notes to Consolidated Financial Statements in SJW Corp.'s 2015 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements. |
New Accounting Pronouncements, Policy | In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02, “Consolidation” which modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that operate as registered money market funds. ASU 2015-02 became effective for SJW Corp. in the first quarter of 2016. The adoption of ASU 2015-02 did not have a material impact on our consolidated financial statements. |
Earnings Per Share, Policy | Basic earnings per share is calculated using income available to common shareholders, divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated using income available to common shareholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with deferred restricted common stock awards under SJW Corp.'s Long-Term Incentive Plan (as amended, the “Incentive Plan”) and shares potentially issuable under the 2014 Employee Stock Purchase Plan (“ESPP”). |
Equity Plans (Tables)
Equity Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | A summary of compensation costs charged to income, proceeds from the exercise of stock options and similar instruments, and the tax benefit realized from stock options and similar instruments exercised, that were recorded to additional paid-in capital and common stock, by award type, are presented below for the three and nine months ended September 30, 2016 and 2015 . Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Adjustments to additional paid-in capital and common stock for: Compensation costs charged to income: ESPP $ 89 82 $ 168 158 Restricted stock and deferred restricted stock 375 365 1,148 1,050 Total compensation costs charged to income $ 464 447 $ 1,316 1,208 Excess tax benefits realized from stock issuance: Restricted stock and deferred restricted stock $ 1 — $ 203 634 Total excess tax benefits realized from stock issuance $ 1 — $ 203 634 Proceeds from ESPP and similar instruments: ESPP $ 503 462 $ 954 895 Total proceeds from the ESPP and similar instruments $ 503 462 $ 954 895 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Real Estate Investments | The major components of real estate investments as of September 30, 2016 and December 31, 2015 are as follows: September 30, December 31, Land $ 17,297 17,297 Buildings and improvements 44,681 57,015 Intangibles 149 329 Subtotal 62,127 74,641 Less: accumulated depreciation and amortization 11,412 13,207 Total $ 50,715 61,434 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The following represents the major components of the Arizona warehouse building recorded in long-lived assets held-for-sale on SJW Corp.'s condensed consolidated balance sheets as of September 30, 2016 : September 30, 2016 Land $ 2,064 Buildings and improvements 10,563 Subtotal 12,627 Less: accumulated depreciation and amortization 2,720 Total $ 9,907 |
Defined Benfit Plan (Tables)
Defined Benfit Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic benefit costs for San Jose Water Company's pension plan, its Executive Supplemental Retirement Plan, Cash Balance Executive Supplemental Retirement Plan and Social Welfare Plan for the three and nine months ended September 30, 2016 and 2015 are as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Service cost $ 1,244 1,363 $ 3,731 4,089 Interest cost 1,871 1,711 5,613 5,134 Other cost 1,104 1,192 3,313 3,575 Expected return on assets (1,894 ) (1,817 ) (5,683 ) (5,450 ) $ 2,325 2,449 $ 6,974 7,348 |
Schedule of Allocation of Plan Assets | The following tables summarize the fair values of plan assets by major categories as of September 30, 2016 and December 31, 2015 : Fair Value Measurements at September 30, 2016 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category Benchmark Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 5,530 $ 5,530 $ — $ — Actively Managed (a): All Cap Equity Russell 3000 Value 4,883 4,859 24 — U.S. Large Cap Equity Russell 1000, Russell 1000 Growth, Russell 1000 Value 38,987 38,987 — — U.S. Mid Cap Equity Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value 6,765 6,765 — — U.S. Small Cap Equity Russell 2000, Russell 2000 Growth, Russell 2000 Value 5,881 5,881 — — Non-U.S. Large Cap Equity MSCI EAFE 4,939 4,939 — — REIT NAREIT - Equity REIT'S 5,853 — 5,853 — Fixed Income (b) (b) 42,087 — 42,087 — Total $ 114,925 $ 66,961 $ 47,964 $ — 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 and cash 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, 2015 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category Benchmark Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 9,500 $ 9,500 $ — $ — Actively Managed (a): All Cap Equity Russell 3000 Vaue 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 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 and cash to provide preservation of capital plus generation of income. (a) Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. (b) Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate. |
Segment and Non-Tariffed Busi23
Segment and Non-Tariffed Business Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The tables below set forth information relating to SJW Corp.'s reportable segments and distribution of regulated and non-tariffed business activities within the reportable segments. Certain allocated assets, revenue and expenses have been included in the reportable segment amounts. Other business activity of SJW Corp. not included in the reportable segments is included in the “All Other” category. For Three Months Ended September 30, 2016 Water Utility Services Real Estate Services All Other* SJW Corp. Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 108,502 2,056 1,786 — 108,502 3,842 112,344 Operating expense 73,179 1,355 1,108 356 73,179 2,819 75,998 Operating income (loss) 35,323 701 678 (356 ) 35,323 1,023 36,346 Net income (loss) 19,216 330 239 (826 ) 19,216 (257 ) 18,959 Depreciation and amortization 10,678 116 325 — 10,678 441 11,119 Senior note, mortgage and other interest expense 4,648 — 216 562 4,648 778 5,426 Income tax expense (benefit) in net income 12,145 247 106 14 12,145 367 12,512 Assets $ 1,359,419 18,092 75,909 921 1,359,419 94,922 1,454,341 For Three Months Ended September 30, 2015 Water Utility Services Real Estate Services All Other* SJW Corp. Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 79,437 1,766 1,752 — 79,437 3,518 82,955 Operating expense 61,714 1,642 1,050 289 61,714 2,981 64,695 Operating income (loss) 17,723 124 702 (289 ) 17,723 537 18,260 Net income (loss) 9,698 (29 ) 236 (371 ) 9,698 (164 ) 9,534 Depreciation and amortization 9,684 112 392 — 9,684 504 10,188 Senior note, mortgage and other interest expense 4,707 — 255 554 4,707 809 5,516 Income tax expense (benefit) in net income 5,742 54 97 (356 ) 5,742 (205 ) 5,537 Assets $ 1,233,450 18,094 66,727 5,104 1,233,450 89,925 1,323,375 For Nine Months Ended September 30, 2016 Water Utility Services Real Estate Services All Other* SJW Corp. Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 250,389 4,802 5,209 — 250,389 10,011 260,400 Operating expense 175,967 3,275 3,161 1,270 175,967 7,706 183,673 Operating income (loss) 74,422 1,527 2,048 (1,270 ) 74,422 2,305 76,727 Net income (loss) 37,810 649 670 (17 ) 37,810 1,302 39,112 Depreciation and amortization 32,027 350 1,112 — 32,027 1,462 33,489 Senior note, mortgage and other interest expense 13,929 — 706 1,695 13,929 2,401 16,330 Income tax expense (benefit) in net income 24,122 521 354 548 24,122 1,423 25,545 Assets $ 1,359,419 18,092 75,909 921 1,359,419 94,922 1,454,341 For Nine Months Ended September 30, 2015 Water Utility Services Real Estate Services All Other* SJW Corp. Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 207,335 4,801 5,333 — 207,335 10,134 217,469 Operating expense 161,191 3,947 3,077 979 161,191 8,003 169,194 Operating income (loss) 46,144 854 2,256 (979 ) 46,144 2,131 48,275 Net income (loss) 21,955 244 768 (1,277 ) 21,955 (265 ) 21,690 Depreciation and amortization 29,056 323 1,170 — 29,056 1,493 30,549 Senior note, mortgage and other interest expense 14,351 — 765 1,670 14,351 2,435 16,786 Income tax expense (benefit) in net income 13,017 329 405 (1,015 ) 13,017 (281 ) 12,736 Assets $ 1,233,450 18,094 66,727 5,104 1,233,450 89,925 1,323,375 * The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis and SJW Group, Inc. For the three and nine months ended September 30, 2016 and 2015 , SJW Group, Inc. had no revenue or expenses and held no assets as of September 30, 2016 . |
Balancing and Memorandum Acco24
Balancing and Memorandum Account Recovery Procedures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Regulated Operations [Abstract] | |
Public Utilities General Disclosures | Three months ended September 30, 2016 Three months ended September 30, 2015 Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: 2014 WCMA* $ 1,563 164 (1,044 ) — 683 $ — — — — — 2015 WCMA* 4,747 528 (1,883 ) — 3,392 — — — — — 2016 WCMA — 5,863 — (5,863 ) — — — — — — All others 1,661 232 176 — 2,069 (229 ) 301 150 — 222 Total memorandum accounts 7,971 6,787 (2,751 ) (5,863 ) 6,144 (229 ) 301 150 — 222 Balancing accounts, net assets: Water supply costs 2,641 2,420 452 — 5,513 1,070 2,153 (32 ) — 3,191 Drought surcharges (1,716 ) — (10,467 ) 5,863 (6,320 ) (80 ) — (6,333 ) — (6,413 ) Pension (520 ) 280 (1,055 ) — (1,295 ) 140 (231 ) (230 ) — (321 ) 2012 General Rate Case true-up 27,740 — (3,850 ) — 23,890 40,367 — (3,813 ) — 36,554 2015 General Rate Case true-up 8,767 — (1,204 ) — 7,563 — — — — — All others 1,101 (106 ) (523 ) — 472 1,453 (88 ) (17 ) — 1,348 Total balancing accounts $ 38,013 2,594 (16,647 ) 5,863 29,823 $ 42,950 1,834 (10,425 ) — 34,359 Total $ 45,984 9,381 (19,398 ) — 35,967 $ 42,721 2,135 (10,275 ) — 34,581 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Beginning Balance Revenue Increase (Reduction) Refunds (Collections) Surcharge Offset Ending Balance Memorandum accounts: 2014 WCMA* $ 2,944 11 (2,272 ) — 683 $ — — — — — 2015 WCMA* 5,372 431 (2,411 ) — 3,392 — — — — — 2016 WCMA — 12,624 — (12,624 ) — — — — — — All others 594 1,298 177 — 2,069 (1,377 ) 1,122 477 — 222 Total memorandum accounts 8,910 14,364 (4,506 ) (12,624 ) 6,144 (1,377 ) 1,122 477 — 222 Balancing accounts, net assets: Water supply costs 2,771 2,364 378 — 5,513 890 2,445 (144 ) — 3,191 Drought surcharges (359 ) — (18,585 ) 12,624 (6,320 ) — — (6,413 ) — (6,413 ) Pension (552 ) 840 (1,583 ) — (1,295 ) 1,412 (692 ) (1,041 ) — (321 ) 2012 General Rate Case true-up 33,070 — (9,180 ) — 23,890 44,400 1,937 (9,783 ) — 36,554 2015 General Rate Case true-up — 8,767 (1,204 ) — 7,563 — — — — — All others 1,366 (332 ) (562 ) — 472 1,735 (310 ) (77 ) — 1,348 Total balancing accounts $ 36,296 11,639 (30,736 ) 12,624 29,823 $ 48,437 3,380 (17,458 ) — 34,359 Total $ 45,206 26,003 (35,242 ) — 35,967 $ 47,060 4,502 (16,981 ) — 34,581 * As of September 30, 2016 , the reserve balance for the 2014 WCMA and 2015 WCMA was $1,267 and $1,892 , respectively, which has been netted from the balances above. |
Regulatory Assets and Liabili25
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities are comprised of the following as of September 30, 2016 and December 31, 2015 : Description September 30, 2016 December 31, 2015 Regulatory assets: Income tax temporary differences, net $ 8,184 8,184 Postretirement pensions and other medical benefits 109,168 109,168 Balancing and memorandum accounts, net 35,967 45,206 Other, net 6,005 6,005 Total regulatory assets, net in Consolidated Balance Sheets $ 159,324 168,563 Less: current regulatory asset, net 25,661 16,542 Total regulatory assets, net, less current portion $ 133,663 152,021 |
General - Additional Informatio
General - Additional Information (Details) - USD ($) $ in Thousands | Jun. 14, 2016 | Nov. 24, 2015 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Regulatory Assets [Line Items] | ||||||||
Water reduction target goal (percent) | 20.00% | 30.00% | ||||||
Balancing Account, Net | $ 29,823 | $ 38,013 | $ 36,296 | $ 34,359 | $ 42,950 | $ 48,437 | ||
Drought surcharges | ||||||||
Regulatory Assets [Line Items] | ||||||||
Balancing Account, Net | $ (6,320) | $ (1,716) | $ (359) | $ (6,413) | $ (80) | $ 0 |
General - Earnings Per Share (D
General - Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restricted Stock and Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive restricted common stock units excluded from computation of earnings per share (shares) | 714 | 380 | 4,801 | 1,819 |
General - Depreciation (Details
General - Depreciation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
General and Administrative Expense | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 416 | $ 400 | $ 1,251 | $ 1,191 |
Equity Plans (Details)
Equity Plans (Details) $ / shares in Units, $ in Thousands | Apr. 27, 2016$ / sharesshares | Jan. 26, 2016$ / sharesshares | Jan. 04, 2016vesting_installment$ / sharesshares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation costs charged to income: | $ 464 | $ 447 | $ 1,316 | $ 1,208 | |||
Excess tax benefits realized from stock issuance: | 1 | 0 | 203 | 634 | |||
Proceeds from ESPP and similar instruments: | $ 503 | 462 | $ 954 | 895 | |||
Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining shares available for issuance under the Incentive Plan (shares) | shares | 993,954 | 993,954 | |||||
Shares issuable upon exercise of Incentive Plan awards (shares) | shares | 229,972 | ||||||
Employee Stock Purchase Plan (ESPP) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation costs charged to income: | $ 89 | 82 | $ 168 | 158 | |||
Proceeds from ESPP and similar instruments: | 503 | 462 | 954 | 895 | |||
Unrecognized compensation costs | $ 74 | $ 74 | |||||
Purchase price of common stock under ESPP (percent) | 85.00% | ||||||
Maximum percentage of base compensation employees can designate for stock purchases under ESPP (percent) | 10.00% | 10.00% | |||||
Plan expense | $ 51 | 38 | $ 139 | 120 | |||
Restricted stock and deferred restricted stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation costs charged to income: | 375 | 365 | 1,148 | 1,050 | |||
Excess tax benefits realized from stock issuance: | 1 | $ 0 | 203 | $ 634 | |||
Unrecognized compensation costs | $ 1,277 | $ 1,277 | |||||
Recognition period for unrecognized compensation cost | 10 months 6 days | ||||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of equity instruments granted (shares) | shares | 17,835 | ||||||
Number of equal successive installments for vesting of stock awards (vesting installments) | vesting_installment | 3 | ||||||
Grant date fair value of equity instruments granted (usd per share) | $ / shares | $ 27.02 | ||||||
Common Stock | Employee Stock Purchase Plan (ESPP) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for issuance under the plan (shares) | shares | 400,000 | 400,000 | |||||
Officer | Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of equity instruments granted (shares) | shares | 12,473 | ||||||
Grant date fair value of equity instruments granted (usd per share) | $ / shares | $ 29.46 | ||||||
Officer | Minimum | Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target vesting percentage | 0.00% | ||||||
Officer | Maximum | Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target vesting percentage | 150.00% | ||||||
Director | Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of equity instruments granted (shares) | shares | 7,656 | ||||||
Grant date fair value of equity instruments granted (usd per share) | $ / shares | $ 35.79 |
Real Estate Investments (Detail
Real Estate Investments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Land | $ 17,297 | $ 17,297 |
Buildings and improvements | 44,681 | 57,015 |
Intangibles | 149 | 329 |
Subtotal | 62,127 | 74,641 |
Less accumulated depreciation and amortization | 11,412 | 13,207 |
Total | $ 50,715 | $ 61,434 |
Minimum | ||
Schedule of Investments [Line Items] | ||
Estimated useful life | 5 years | |
Maximum | ||
Schedule of Investments [Line Items] | ||
Estimated useful life | 39 years |
Real Estate Investments Long Li
Real Estate Investments Long Lived Asset Held-For-Sale (Details) - USD ($) $ in Thousands | Aug. 14, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Long Lived Assets Held-for-sale [Line Items] | |||||||
Deposit, long-lived asset held-for-sale | $ 20,000 | $ 20,000 | $ 0 | ||||
Gain on sale of real estate investments | 124 | $ 1,886 | 124 | $ 1,886 | |||
Repayments of Long-term Debt | 5,143 | $ 435 | |||||
Depreciation Expense on Reclassified Assets | 0 | 135 | |||||
Property, Plant and Equipment, Gross | 1,642,783 | 1,642,783 | 1,524,422 | ||||
Total | 50,715 | 50,715 | $ 61,434 | ||||
Arizona Warehouse Building [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Deposit, long-lived asset held-for-sale | 20,000 | 20,000 | |||||
Land [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Property, Plant and Equipment, Gross | 2,064 | 2,064 | |||||
Building and Improvements [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Property, Plant and Equipment, Gross | 10,563 | 10,563 | |||||
Land, Buildings and Improvements [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Property, Plant and Equipment, Gross | 12,627 | 12,627 | |||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 2,720 | 2,720 | |||||
Total | 9,907 | $ 9,907 | |||||
California Non-Utility Property [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Gain on sale of real estate investments | $ 1,886 | ||||||
Proceeds from Sale of Real Estate Held-for-investment | 2,015 | ||||||
Real Estate Selling Expenses | $ 91 | ||||||
Mortgages [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Repayments of Long-term Debt | $ 2,938 | ||||||
Scenario, Forecast [Member] | Arizona Warehouse Building [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Gain on sale of real estate investments | $ 5,800 |
Defined Benfit Plan (Details)
Defined Benfit Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||||||
Service cost | $ 1,244 | $ 1,363 | $ 3,731 | $ 4,089 | ||||
Interest cost | 1,871 | 1,711 | 5,613 | 5,134 | ||||
Other cost | 1,104 | 1,192 | 3,313 | 3,575 | ||||
Expected return on assets | (1,894) | (1,817) | (5,683) | (5,450) | ||||
Net periodic benefit cost | 2,325 | $ 2,449 | 6,974 | $ 7,348 | ||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 114,925 | 114,925 | $ 109,415 | |||||
Employer Contributions [Abstract] | ||||||||
Estimated employer contributions for the current fiscal year | 8,613 | 8,613 | ||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 3,553 | |||||||
Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 66,961 | 66,961 | 65,429 | |||||
Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 47,964 | 47,964 | 43,986 | |||||
Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | $ 0 | 0 | |||||
Equity Securities [Member] | ||||||||
Plan Assets [Abstract] | ||||||||
Target plan asset allocations | 55.00% | 55.00% | ||||||
Fixed Income Securities [Member] | ||||||||
Plan Assets [Abstract] | ||||||||
Target plan asset allocations | 45.00% | 45.00% | ||||||
Cash and cash equivalents | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 5,530 | $ 5,530 | 9,500 | |||||
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 5,530 | 5,530 | 9,500 | |||||
Cash and cash equivalents | Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | 0 | 0 | |||||
Cash and cash equivalents | Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | 0 | 0 | |||||
Actively Managed | All Cap Equity | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 4,883 | [1] | 4,883 | [1] | 4,067 | [2] | ||
Actively Managed | All Cap Equity | Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 4,859 | [1] | 4,859 | [1] | 4,041 | [2] | ||
Actively Managed | All Cap Equity | Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 24 | [1] | 24 | [1] | 26 | [2] | ||
Actively Managed | All Cap Equity | Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | U.S. Large Cap Equity | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 38,987 | [1] | 38,987 | [1] | 36,010 | [2] | ||
Actively Managed | U.S. Large Cap Equity | Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 38,987 | [1] | 38,987 | [1] | 36,010 | [2] | ||
Actively Managed | U.S. Large Cap Equity | Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | U.S. Large Cap Equity | Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | U.S. Mid Cap Equity | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 6,765 | [1] | 6,765 | [1] | 5,886 | [2] | ||
Actively Managed | U.S. Mid Cap Equity | Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 6,765 | [1] | 6,765 | [1] | 5,886 | [2] | ||
Actively Managed | U.S. Mid Cap Equity | Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | U.S. Mid Cap Equity | Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | U.S. Small Cap Equity | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 5,881 | [1] | 5,881 | [1] | 5,188 | [2] | ||
Actively Managed | U.S. Small Cap Equity | Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 5,881 | [1] | 5,881 | [1] | 5,188 | [2] | ||
Actively Managed | U.S. Small Cap Equity | Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | U.S. Small Cap Equity | Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | Non-U.S. Large Cap Equity | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 4,939 | [1] | 4,939 | [1] | 4,804 | [2] | ||
Actively Managed | Non-U.S. Large Cap Equity | Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 4,939 | [1] | 4,939 | [1] | 4,804 | [2] | ||
Actively Managed | Non-U.S. Large Cap Equity | Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | Non-U.S. Large Cap Equity | Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | REIT | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 5,853 | [1] | 5,853 | [1] | 5,346 | [2] | ||
Actively Managed | REIT | Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Actively Managed | REIT | Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 5,853 | [1] | 5,853 | [1] | 5,346 | [2] | ||
Actively Managed | REIT | Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [1] | 0 | [1] | 0 | [2] | ||
Fixed Income | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 42,087 | [3] | 42,087 | [3] | 38,614 | [4] | ||
Fixed Income | Quoted Prices in Active Markets for Identical Assets | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 0 | [3] | 0 | [3] | 0 | [4] | ||
Fixed Income | Significant Observable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | 42,087 | [3] | 42,087 | [3] | 38,614 | [4] | ||
Fixed Income | Significant Unobservable Inputs | ||||||||
Plan Assets [Abstract] | ||||||||
Fair value of plan assets | $ 0 | [3] | $ 0 | [3] | $ 0 | [4] | ||
[1] | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. | |||||||
[2] | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance. | |||||||
[3] | 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. | |||||||
[4] | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate. |
Segment and Non-Tariffed Busi33
Segment and Non-Tariffed Business Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)subsidiaries | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | ||
Segment Reporting Information [Line Items] | ||||||
Number of Subsidiaries | subsidiaries | 5 | |||||
Operating revenue | $ 112,344 | $ 82,955 | $ 260,400 | $ 217,469 | ||
Operating expense | 75,998 | 64,695 | 183,673 | 169,194 | ||
Operating income (loss) | 36,346 | 18,260 | 76,727 | 48,275 | ||
Net income (loss) | 18,959 | 9,534 | 39,112 | 21,690 | ||
Depreciation and amortization | 11,119 | 10,188 | 33,489 | 30,549 | ||
Senior note, mortgage and other interest expense | 5,426 | 5,516 | 16,330 | 16,786 | ||
Income tax expense (benefit) in net income | 12,512 | 5,537 | 25,545 | 12,736 | ||
Assets | 1,454,341 | 1,323,375 | 1,454,341 | 1,323,375 | $ 1,337,325 | |
Water Utility Services | Regulated | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenue | 108,502 | 79,437 | 250,389 | 207,335 | ||
Operating expense | 73,179 | 61,714 | 175,967 | 161,191 | ||
Operating income (loss) | 35,323 | 17,723 | 74,422 | 46,144 | ||
Net income (loss) | 19,216 | 9,698 | 37,810 | 21,955 | ||
Depreciation and amortization | 10,678 | 9,684 | 32,027 | 29,056 | ||
Senior note, mortgage and other interest expense | 4,648 | 4,707 | 13,929 | 14,351 | ||
Income tax expense (benefit) in net income | 12,145 | 5,742 | 24,122 | 13,017 | ||
Assets | 1,359,419 | 1,233,450 | 1,359,419 | 1,233,450 | ||
Water Utility Services | Non-tariffed | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenue | 2,056 | 1,766 | 4,802 | 4,801 | ||
Operating expense | 1,355 | 1,642 | 3,275 | 3,947 | ||
Operating income (loss) | 701 | 124 | 1,527 | 854 | ||
Net income (loss) | 330 | (29) | 649 | 244 | ||
Depreciation and amortization | 116 | 112 | 350 | 323 | ||
Senior note, mortgage and other interest expense | 0 | 0 | 0 | 0 | ||
Income tax expense (benefit) in net income | 247 | 54 | 521 | 329 | ||
Assets | 18,092 | 18,094 | 18,092 | 18,094 | ||
Real Estate Services | Non-tariffed | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenue | 1,786 | 1,752 | 5,209 | 5,333 | ||
Operating expense | 1,108 | 1,050 | 3,161 | 3,077 | ||
Operating income (loss) | 678 | 702 | 2,048 | 2,256 | ||
Net income (loss) | 239 | 236 | 670 | 768 | ||
Depreciation and amortization | 325 | 392 | 1,112 | 1,170 | ||
Senior note, mortgage and other interest expense | 216 | 255 | 706 | 765 | ||
Income tax expense (benefit) in net income | 106 | 97 | 354 | 405 | ||
Assets | 75,909 | 66,727 | 75,909 | 66,727 | ||
All Other | Non-tariffed | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenue | [1] | 0 | 0 | 0 | 0 | |
Operating expense | [1] | 356 | 289 | 1,270 | 979 | |
Operating income (loss) | [1] | (356) | (289) | (1,270) | (979) | |
Net income (loss) | [1] | (826) | (371) | (17) | (1,277) | |
Depreciation and amortization | [1] | 0 | 0 | 0 | 0 | |
Senior note, mortgage and other interest expense | [1] | 562 | 554 | 1,695 | 1,670 | |
Income tax expense (benefit) in net income | [1] | 14 | (356) | 548 | (1,015) | |
Assets | [1] | 921 | 5,104 | 921 | 5,104 | |
SJW Corp. | Regulated | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenue | 108,502 | 79,437 | 250,389 | 207,335 | ||
Operating expense | 73,179 | 61,714 | 175,967 | 161,191 | ||
Operating income (loss) | 35,323 | 17,723 | 74,422 | 46,144 | ||
Net income (loss) | 19,216 | 9,698 | 37,810 | 21,955 | ||
Depreciation and amortization | 10,678 | 9,684 | 32,027 | 29,056 | ||
Senior note, mortgage and other interest expense | 4,648 | 4,707 | 13,929 | 14,351 | ||
Income tax expense (benefit) in net income | 12,145 | 5,742 | 24,122 | 13,017 | ||
Assets | 1,359,419 | 1,233,450 | 1,359,419 | 1,233,450 | ||
SJW Corp. | Non-tariffed | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenue | 3,842 | 3,518 | 10,011 | 10,134 | ||
Operating expense | 2,819 | 2,981 | 7,706 | 8,003 | ||
Operating income (loss) | 1,023 | 537 | 2,305 | 2,131 | ||
Net income (loss) | (257) | (164) | 1,302 | (265) | ||
Depreciation and amortization | 441 | 504 | 1,462 | 1,493 | ||
Senior note, mortgage and other interest expense | 778 | 809 | 2,401 | 2,435 | ||
Income tax expense (benefit) in net income | 367 | (205) | 1,423 | (281) | ||
Assets | $ 94,922 | $ 89,925 | $ 94,922 | $ 89,925 | ||
[1] | * The “All Other” category includes the accounts of SJW Corp. on a stand-alone basis and SJW Group, Inc. For the three and nine months ended September 30, 2016 and 2015, SJW Group, Inc. had no revenue or expenses and held no assets as of September 30, 2016. |
Long-Term Liabilities and Ban34
Long-Term Liabilities and Bank Borrowings (Details) - USD ($) | Jun. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 01, 2016 | May 31, 2016 | Dec. 31, 2015 | Mar. 01, 2012 |
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 5,143,000 | $ 435,000 | |||||
San Jose Water Company [Member] | Chase Bank, N.A. [Member] | Standby Letters of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | ||||||
San Jose Water Company [Member] | Chase Bank, N.A. [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | ||||||
San Jose Water Company [Member] | Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,060,000 | $ 85,000,000 | |||||
San Jose Water Company [Member] | SDWSRF Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 1,823,000 | ||||||
San Jose Water Company [Member] | Chase Bank and Wells Fargo Bank [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | ||||||
SJW Corp. and SJW Land Company [Member] | Chase Bank, N.A. [Member] | Standby Letters of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | ||||||
SJW Corp. and SJW Land Company [Member] | Chase Bank, N.A. [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ||||||
SJW Corp. and SJW Land Company [Member] | Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||||
SJW Corp. and SJWTX, Inc. [Member] | Chase Bank, N.A. [Member] | Standby Letters of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | ||||||
SJW Corp. and SJWTX, Inc. [Member] | Chase Bank, N.A. [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized Debt Issuance Expense | $ 3,561,000 | $ 3,638,000 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 375,783 | $ 380,678 |
Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment in California Water Service Group | 3,209 | 6,030 |
Significant Observable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 479,521 | $ 500,035 |
Regulatory Rate Filings (Detail
Regulatory Rate Filings (Details) - Non-tariffed | Sep. 15, 2016USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Approved Rate Increase (Decrease), Percentage | 8.60% |
Authorized Regulatory Surcharge, Per CCF | $ 0.1832 |
Authorized Regulatory Surcharge, Collection Period | 12 months |
Balancing and Memorandum Acco37
Balancing and Memorandum Account Recovery Procedures (Details) - USD ($) $ in Thousands | Jun. 28, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Memorandum Accounts [Roll Forward] | |||||
Beginning Balance | $ 7,971 | $ (229) | $ 8,910 | $ (1,377) | |
Revenue Increase(Reduction) | 6,787 | 301 | 14,364 | 1,122 | |
Refunds (Collections) | (2,751) | 150 | (4,506) | 477 | |
Surcharge Offset | (5,863) | 0 | (12,624) | 0 | |
Ending Balance | 6,144 | 222 | 6,144 | 222 | |
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 38,013 | 42,950 | 36,296 | 48,437 | |
Revenue Increase(Reduction) | 2,594 | 1,834 | 11,639 | 3,380 | |
Refunds (Collections) | (16,647) | (10,425) | (30,736) | (17,458) | |
Surcharge Offset | 5,863 | 0 | 12,624 | 0 | |
Ending Balance | 29,823 | 34,359 | 29,823 | 34,359 | |
Balancing and Memorandum Account [Roll Forward] | |||||
Beginning Balance | 45,984 | 42,721 | 45,206 | 47,060 | |
Revenue Increase (Reduction) | 9,381 | 2,135 | 26,003 | 4,502 | |
Refunds (Collections) | (19,398) | (10,275) | (35,242) | (16,981) | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | 35,967 | 34,581 | 35,967 | 34,581 | |
Net under-collected balancing and memorandum accounts | 2,949 | 2,949 | |||
2014 WCMA | |||||
Memorandum Accounts [Roll Forward] | |||||
Beginning Balance | 1,563 | 0 | 2,944 | 0 | |
Revenue Increase(Reduction) | 164 | 0 | 11 | 0 | |
Refunds (Collections) | (1,044) | 0 | (2,272) | 0 | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | 683 | 0 | 683 | 0 | |
Balancing and Memorandum Account [Roll Forward] | |||||
WCMA Reserve | 1,267 | 1,267 | |||
2015 WCMA | |||||
Memorandum Accounts [Roll Forward] | |||||
Beginning Balance | 4,747 | 0 | 5,372 | 0 | |
Revenue Increase(Reduction) | 528 | 0 | 431 | 0 | |
Refunds (Collections) | (1,883) | 0 | (2,411) | 0 | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | 3,392 | 0 | 3,392 | 0 | |
Balancing and Memorandum Account [Roll Forward] | |||||
WCMA Reserve | 1,892 | 1,892 | |||
2016 WCMA | |||||
Memorandum Accounts [Roll Forward] | |||||
Beginning Balance | 0 | 0 | 0 | 0 | |
Revenue Increase(Reduction) | 5,863 | 0 | 12,624 | 0 | |
Refunds (Collections) | 0 | 0 | 0 | 0 | |
Surcharge Offset | (5,863) | 0 | (12,624) | 0 | |
Ending Balance | 0 | 0 | 0 | 0 | |
Water supply costs | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 2,641 | 1,070 | 2,771 | 890 | |
Revenue Increase(Reduction) | 2,420 | 2,153 | 2,364 | 2,445 | |
Refunds (Collections) | 452 | (32) | 378 | (144) | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | 5,513 | 3,191 | 5,513 | 3,191 | |
Drought surcharges | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | (1,716) | (80) | (359) | 0 | |
Revenue Increase(Reduction) | 0 | 0 | 0 | 0 | |
Refunds (Collections) | (10,467) | (6,333) | (18,585) | (6,413) | |
Surcharge Offset | 5,863 | 0 | 12,624 | 0 | |
Ending Balance | (6,320) | (6,413) | (6,320) | (6,413) | |
Pension | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | (520) | 140 | (552) | 1,412 | |
Revenue Increase(Reduction) | 280 | (231) | 840 | (692) | |
Refunds (Collections) | (1,055) | (230) | (1,583) | (1,041) | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | (1,295) | (321) | (1,295) | (321) | |
2012 General Rate Case true-up | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 27,740 | 40,367 | 33,070 | 44,400 | |
Revenue Increase(Reduction) | 0 | 0 | 0 | 1,937 | |
Refunds (Collections) | (3,850) | (3,813) | (9,180) | (9,783) | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | 23,890 | 36,554 | 23,890 | 36,554 | |
2016 General Rate Case True-up [Member] | |||||
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 8,767 | 0 | 0 | 0 | |
Revenue Increase(Reduction) | 0 | 0 | 8,767 | 0 | |
Refunds (Collections) | (1,204) | 0 | (1,204) | 0 | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | 7,563 | 0 | 7,563 | 0 | |
Balancing and Memorandum Account [Roll Forward] | |||||
Balancing and Memorandum Account Previously Recorded | $ 185 | ||||
All others | |||||
Memorandum Accounts [Roll Forward] | |||||
Beginning Balance | 1,661 | (229) | 594 | (1,377) | |
Revenue Increase(Reduction) | 232 | 301 | 1,298 | 1,122 | |
Refunds (Collections) | 176 | 150 | 177 | 477 | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | 2,069 | 222 | 2,069 | 222 | |
Balancing Accounts [Roll Forward] | |||||
Beginning Balance | 1,101 | 1,453 | 1,366 | 1,735 | |
Revenue Increase(Reduction) | (106) | (88) | (332) | (310) | |
Refunds (Collections) | (523) | (17) | (562) | (77) | |
Surcharge Offset | 0 | 0 | 0 | 0 | |
Ending Balance | $ 472 | $ 1,348 | $ 472 | $ 1,348 |
Regulatory Assets and Liabili38
Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Regulatory Assets [Line Items] | ||
Net Regulatory Assets | $ 159,324 | $ 168,563 |
Less: current regulatory asset, net | 25,661 | 16,542 |
Net regulatory assets, less current portion | 133,663 | 152,021 |
Income tax temporary differences, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: | 8,184 | 8,184 |
Postretirement pensions and other medical benefits | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: | 109,168 | 109,168 |
Balancing and memorandum accounts, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: | 35,967 | 45,206 |
Other, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets: | $ 6,005 | $ 6,005 |
Texas Water Alliance Limited (D
Texas Water Alliance Limited (Details) $ in Thousands | Feb. 22, 2016USD ($) |
Equity Method Investments and Joint Ventures [Abstract] | |
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 31,000 |
Purchase and Sales Agreement, Holdback Amount | $ 3,000 |
Purchase and Sales Agreement, Holdback Term | 4 years |
California Water Service Grou40
California Water Service Group Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
California Water Service Group Stock [Abstract] | ||||
Available for Sale Marketable Security, Shares Sold | 159,151 | |||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 4,510 | |||
Fees Incurred on Sale of Available for Sale Securities | 20 | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 0 | $ 0 | 3,197 | $ 0 |
Available for Sales Securities, Tax on Realized Gain | 1,303 | |||
Gain (Loss) on Sale of Securities, Net | 1,894 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 0 | $ 0 | $ 1,742 | $ 0 |
Available for Sale Marketable Security, Shares Held | 100,000 | 100,000 |