Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Entity [Abstract] | |||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Shares Outstanding | 28,493,151 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Entity Incorporation, State or Country Code | DE | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Central Index Key | 0000766829 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-8966 | ||
Entity Registrant Name | SJW GROUP | ||
Entity Tax Identification Number | 77-0066628 | ||
Entity Address, Address Line One | 110 West Taylor Street, | ||
Entity Address, City or Town | San Jose, | ||
Entity Address, Country | CA | ||
Entity Address, Postal Zip Code | 95110 | ||
City Area Code | (408) | ||
Local Phone Number | 279-7800 | ||
Trading Symbol | SJW | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,586 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s Proxy Statement relating to the registrant’s Annual Meeting of Stockholders, to be held on April 29, 2020 , are incorporated by reference into Part III of this Form 10-K where indicated. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Utility plant: | ||
Land | $ 34,395,000 | $ 18,296,000 |
Depreciable plant and equipment | 2,988,454,000 | 1,833,051,000 |
Construction in progress | 112,232,000 | 68,765,000 |
Intangible assets | 33,424,000 | 15,799,000 |
Property, Plant and Equipment, Gross | 3,168,505,000 | 1,935,911,000 |
Less accumulated depreciation and amortization | 962,019,000 | 607,090,000 |
Public Utilities, Property, Plant and Equipment, Net | 2,206,486,000 | 1,328,821,000 |
Real estate investments | 57,699,000 | 56,336,000 |
Less accumulated depreciation and amortization | 13,597,000 | 12,327,000 |
Property, Plant and Equipment, Net | 44,102,000 | 44,009,000 |
Current assets: | ||
Cash | 12,944,000 | 8,722,000 |
Restricted fund | 5,000,000 | 0 |
Money market fund | 0 | 412,000,000 |
Accounts receivable: | ||
Customers, net of allowances for uncollectible accounts of $1,512 and $272 in 2019 and 2018, respectively | 36,305,000 | 19,154,000 |
Income tax | 8,837,000 | 1,888,000 |
Other | 2,833,000 | 1,203,000 |
Accrued unbilled utility revenue | 40,102,000 | 27,974,000 |
Current regulatory assets, net | 6,472,000 | 26,910,000 |
Other current assets | 9,553,000 | 4,871,000 |
Assets, Current | 122,046,000 | 502,722,000 |
Other assets: | ||
Net regulatory assets, less current portion | 113,945,000 | 76,715,000 |
Investments | 12,928,000 | 0 |
Goodwill | 628,287,000 | 1,680,000 |
Other | 4,676,000 | 2,442,000 |
Assets, Noncurrent | 759,836,000 | 80,837,000 |
Assets | 3,132,470,000 | 1,956,389,000 |
Stockholders’ equity: | ||
Common stock, $0.001 par value; authorized 70,000,000 shares in 2019 and 36,000,000 shares in 2018; issued and outstanding 28,456,508 shares in 2019 and 28,404,316 shares in 2018 | 28,000 | 28,000 |
Additional paid-in capital | 506,639,000 | 495,366,000 |
Retained earnings | 383,191,000 | 393,918,000 |
Accumulated other comprehensive income | 126,000 | 0 |
Total stockholders’ equity | 889,984,000 | 889,312,000 |
Long-term debt, less current portion | 1,283,597,000 | 431,424,000 |
Capitalization, Long-term Debt and Equity | 2,173,581,000 | 1,320,736,000 |
Current liabilities: | ||
Lines of credit | 117,209,000 | 100,000,000 |
Current portion of long-term debt | 22,272,000 | 0 |
Accrued groundwater extraction charges, purchased water and power | 17,211,000 | 13,694,000 |
Accounts payable | 34,886,000 | 24,937,000 |
Accrued interest | 13,140,000 | 7,132,000 |
Accrued property taxes and other non-income taxes | 2,039,000 | 1,926,000 |
Accrued payroll | 11,570,000 | 7,181,000 |
Other current liabilities | 16,240,000 | 9,115,000 |
Liabilities, Current | 234,567,000 | 163,985,000 |
Deferred income taxes | 195,598,000 | 79,651,000 |
Advances for construction | 112,339,000 | 80,610,000 |
Contributions in aid of construction | 286,035,000 | 168,243,000 |
Postretirement benefit plans | 108,044,000 | 70,490,000 |
Regulatory liabilities, net | 0 | 59,149,000 |
Other noncurrent liabilities | 22,306,000 | 13,525,000 |
Commitments and contingencies | 0 | 0 |
Liabilities and Equity | $ 3,132,470,000 | $ 1,956,389,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Allowance for uncollectible accounts | $ 1,512 | $ 272 |
Capitalization: | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 70,000,000 | 36,000,000 |
Common stock, shares issued | 28,456,508 | 28,404,316 |
Common stock, shares outstanding | 28,456,508 | 28,404,316 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Operating revenue | $ 420,482 | $ 397,699 | $ 389,225 |
Production Expenses: | |||
Purchased water | 99,118 | 97,378 | 86,456 |
Power | 7,443 | 6,180 | 7,295 |
Groundwater extraction charges | 43,917 | 46,770 | 47,817 |
Other production expenses | 25,291 | 18,398 | 16,571 |
Total production expenses | 175,769 | 168,726 | 158,139 |
Administrative and general | 66,301 | 48,933 | 48,940 |
Maintenance | 20,505 | 18,414 | 18,361 |
Property taxes and other non-income taxes | 19,068 | 14,975 | 13,642 |
Depreciation and amortization | 65,592 | 54,601 | 48,292 |
Merger related expenses | 15,768 | 18,610 | 0 |
Total operating expense | 363,003 | 324,259 | 287,374 |
Operating income | 57,479 | 73,440 | 101,851 |
Other (expense) income: | |||
Interest on long-term debt, mortgage and other interest expense | (31,796) | (24,332) | (22,929) |
Pension non-service cost | (3,158) | (2,356) | (3,772) |
Unrealized loss on California Water Service Group stock | 0 | (527) | 0 |
Gain on sale of California Water Service Group stock | 0 | 104 | 0 |
(Loss) gain on sale of utility property | (20) | 9 | 12,499 |
Gain on sale of real estate investments | 929 | 0 | 6,903 |
Other, net | 6,536 | 155 | 0 |
Other, net | 2,111 | 2,339 | 1,941 |
Income before income taxes | 32,081 | 48,832 | 96,493 |
Provision for income taxes | 8,454 | 10,065 | 35,393 |
Net income before noncontrolling interest | 23,627 | 38,767 | 61,100 |
Less net income attributable to the noncontrolling interest | 224 | 0 | 1,896 |
SJW Group net income | 23,403 | 38,767 | 59,204 |
Other comprehensive income: | |||
Unrealized gain on investment, net of taxes of $43 in 2019, $0 in 2018 and $466 in 2017 | 117 | 0 | 679 |
Adjustment to pension benefit plans, net of taxes of $22 in 2019 | (9) | 0 | 0 |
SJW Group comprehensive income | $ 23,529 | $ 38,767 | $ 59,883 |
SJW Group earnings per share | |||
—Basic (in dollars per share) | $ 0.82 | $ 1.83 | $ 2.89 |
—Diluted (in dollars per share) | $ 0.82 | $ 1.82 | $ 2.86 |
Weighted average shares outstanding | |||
—Basic (shares) | 28,443,052 | 21,214,277 | 20,506,960 |
—Diluted (shares) | 28,562,546 | 21,332,387 | 20,685,118 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Unrealized loss on investment, taxes | $ 97 | $ 0 | $ 466 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | $ 22 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] |
Balance, value at Dec. 31, 2016 | $ 421,646 | $ 21 | $ 81,715 | $ 338,386 | $ 1,524 | $ 0 |
Balance, shares at Dec. 31, 2016 | 20,456,225 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 61,100 | 59,204 | 1,896 | |||
Distribution to noncontrolling interest | (1,896) | (1,896) | ||||
Unrealized income on investment, net of tax effect | 679 | 679 | ||||
Adjustment to pension benefit plans, net of taxes | 0 | |||||
Share-based compensation | 2,504 | 2,643 | (139) | |||
Issuance of restricted and deferred stock units, value | (707) | (707) | ||||
Issuance of restricted and deferred stock units, shares | 36,888 | |||||
Employee stock purchase plan, value | $ 1,215 | 1,215 | ||||
Employee stock purchase plan, shares | 27,743 | 27,743 | ||||
Dividends | $ (21,332) | (21,332) | ||||
Balance, value at Dec. 31, 2017 | 463,209 | $ 21 | 84,866 | 376,119 | 2,203 | 0 |
Balance, shares at Dec. 31, 2017 | 20,520,856 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,767 | 38,767 | ||||
Adjustment to pension benefit plans, net of taxes | 0 | |||||
Share-based compensation | 2,020 | 2,117 | (97) | |||
Issuance of restricted and deferred stock units, value | (4,057) | (4,057) | ||||
Issuance of restricted and deferred stock units, shares | 95,053 | |||||
Employee stock purchase plan, value | $ 1,371 | 1,371 | ||||
Employee stock purchase plan, shares | 25,907 | 25,907 | ||||
Common stock issued, shares | 7,762,500 | |||||
Common stock issued, value | $ 7 | |||||
Dividends | $ (23,074) | (23,074) | ||||
Balance, value at Dec. 31, 2018 | $ 889,312 | $ 28 | 495,366 | 393,918 | 0 | 0 |
Balance, shares at Dec. 31, 2018 | 28,404,316 | 28,404,316 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 23,627 | 23,403 | 224 | |||
Distribution to noncontrolling interest | (224) | (224) | ||||
Unrealized income on investment, net of tax effect | 117 | 117 | ||||
Adjustment to pension benefit plans, net of taxes | 9 | 9 | ||||
Share-based compensation | 3,313 | 3,406 | (93) | |||
Share-based compensation related to business combination | 6,384 | 6,384 | ||||
Issuance of restricted and deferred stock units, value | (110) | (110) | ||||
Issuance of restricted and deferred stock units, shares | 21,909 | |||||
Employee stock purchase plan, value | $ 1,603 | 1,603 | ||||
Employee stock purchase plan, shares | 30,255 | 30,283 | ||||
Common stock issued, value | $ 411,076 | 411,069 | ||||
Common stock issuance cost | (10) | (10) | ||||
Dividends | (34,134) | (34,134) | ||||
Balance, value at Dec. 31, 2019 | $ 889,984 | $ 28 | $ 506,639 | $ 383,191 | $ 126 | $ 0 |
Balance, shares at Dec. 31, 2019 | 28,456,508 | 28,456,508 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Cumulative Effect on Retained Earnings, Tax | $ 33 | $ 1,507 | $ 0 |
Unrealized loss on investment, taxes | 97 | 0 | 466 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | $ 22 | $ 0 | $ 0 |
Common stock, dividends per share, paid | $ 1.20 | $ 1.12 | $ 1.04 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net income before noncontrolling interest | $ 23,627 | $ 38,767 | $ 61,100 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 68,489 | 56,907 | 50,501 |
Deferred income taxes | (1,249) | (9,486) | (436) |
Share-based compensation | 3,406 | 2,117 | 2,643 |
Unrealized loss on California Water Service Group stock | 0 | 527 | 0 |
Gain on sale of California Water Service Group stock | 0 | (104) | 0 |
Gain on sale of real estate investments | (929) | 0 | (6,903) |
Loss (gain) on sale of utility property | 20 | (9) | (12,499) |
Changes in operating assets and liabilities, net of acquired assets and liabilities: | |||
Accounts receivable and accrued unbilled utility revenue | (3,860) | (2,003) | (1,702) |
Accounts payable and other current liabilities | 1,946 | 2,130 | 2,888 |
Accrued groundwater extraction charges, purchased water and power | 2,853 | (688) | 3,536 |
Tax receivable and accrued taxes | (6,044) | 5,841 | 2,164 |
Postretirement benefits | (4,000) | 203 | (769) |
Regulatory asset related to balancing and memorandum accounts | 30,838 | (6,488) | (979) |
Other noncurrent assets and noncurrent liabilities | 7,439 | 1,923 | 741 |
Other changes, net | 7,469 | 1,706 | 827 |
Net cash provided by operating activities | 130,005 | 91,343 | 101,112 |
Investing activities: | |||
Company-funded | (164,325) | (135,973) | (141,213) |
Contributions in aid of construction | (13,563) | (8,454) | (7,842) |
Additions to real estate investment | (137) | (123) | (116) |
Payments for business/asset acquisition and water rights | (835,465) | (2,496) | (1,149) |
Cost to retire utility plant, net of salvage | (5,026) | (3,909) | (3,356) |
Proceeds from sale of California Water Service Group stock | 0 | 4,112 | 0 |
Proceeds from sale of real estate investments and utility property | 745 | 0 | 39,802 |
Net cash used in investing activities | (1,017,771) | (146,843) | (113,874) |
Financing activities: | |||
Borrowings from lines of credit | 105,349 | 76,000 | 56,500 |
Repayments of lines of credit | (192,055) | (1,000) | (45,700) |
Long-term borrowings | 590,000 | 0 | 0 |
Long-term borrowings held as restricted cash | 5,000 | 0 | 0 |
Repayments of long-term borrowings | (1,400) | 0 | (2,717) |
Payments of Debt Issuance Costs | (4,918) | 0 | 0 |
Dividends paid | (34,134) | (23,074) | (21,332) |
Receipts of advances and contributions in aid of construction | 18,904 | 10,890 | 12,581 |
Refunds of advances for construction | (2,911) | (2,700) | (2,622) |
Issuance of common stock, net of issuance costs | (10) | 411,385 | 0 |
Other changes, net | 1,163 | (3,078) | (1,499) |
Net cash provided by (used in) financing activities | 484,988 | 468,423 | (4,789) |
Net change in cash, cash equivalents and restricted cash | (402,778) | 412,923 | (17,551) |
Cash and cash equivalents, beginning of year | 420,722 | 7,799 | 25,350 |
Cash, cash equivalents and restricted cash, end of year | 17,944 | 420,722 | 7,799 |
Cash paid during the year for: | |||
Interest | 32,138 | 27,038 | 25,254 |
Income taxes | 16,448 | 13,750 | 34,052 |
Supplemental disclosure of non-cash activities: | |||
Increase (Decrease) in accrued payables for construction costs capitalized | (516) | 340 | 2,700 |
Utility property installed by developers | 3,077 | 1,747 | 3,723 |
Reconciliation to Consolidated Balance Sheets: | |||
Cash, cash equivalents and restricted cash, end of year | $ 420,722 | $ 420,722 | $ 25,350 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Summary of Significant Accounting Policies The accompanying consolidated financial statements include the accounts of SJW Group, its wholly owned subsidiaries, and two variable interest entities in which two SJW Group subsidiaries are the primary beneficiaries. All intercompany transactions and balances have been eliminated in consolidation. The accounting policies of SJW Group’s subsidiaries comply with the applicable uniform system of accounts prescribed by the respective regulators and conform to generally accepted accounting principles for rate-regulated public utilities. SJW Group’s principal subsidiary, San Jose Water Company (“SJWC”), is a regulated California water utility providing water service to approximately 231,000 connections that serve approximately one million people in the greater metropolitan San Jose area. Approximately 91% of SJWC’s revenues are derived from the sale of water to residential and business customers. Connecticut Water Service, Inc. (“CTWS”), headquartered in Connecticut, is a holding company for water utilities companies providing water service to approximately 137,000 connections that serve a population of approximately 480,000 people in 80 municipalities throughout Connecticut and Maine and more than 3,000 wastewater connections in Southbury, Connecticut. As part of the merger transaction between SJW Group and CTWS on October 9, 2019, CTWS became a wholly-owned subsidiary of SJWNE LLC which is a wholly-owned subsidiary of SJW Group (see, Note 12, “SJW Group and CTWS Merger”). The subsidiaries held by CTWS that provide utility water services are The Connecticut Water Company (“Connecticut Water”), The Heritage Village Water Company (“HVWC”), The Avon Water Company (“Avon Water”) and The Maine Water Company (“Maine Water”). The remaining two subsidiaries are Chester Realty, Inc., a real estate company in Connecticut, and New England Water Utility Services, Inc. (“NEWUS”), which provides contract water and sewer operations and other water related services. SJWTX, Inc., a wholly owned subsidiary of SJW Group, is incorporated in the State of Texas and is doing business as Canyon Lake Water Service Company (“CLWSC”). CLWSC is a public utility in the business of providing water service to approximately 54,000 people. CLWSC’s service area comprises more than 246 square miles in the southern region of the Texas Hill Country in Blanco, Comal, Hays and Travis counties, the growing region between San Antonio and Austin, Texas. SJWTX, Inc. has a 25% interest in Acequia Water Supply Corporation. Acequia has been determined to be a variable interest entity within the scope of ASC Topic 810 with SJWTX, Inc. as the primary beneficiary. As a result, Acequia has been consolidated with SJWTX, Inc. SJW Land Company owns a commercial property, an undeveloped real estate property, and a warehouse property in the state of Tennessee. In September 1999, SJW Land Company contributed real property for a 70% limited partnership interest in 444 West Santa Clara Street, L.P. A commercial building was constructed on the partnership property and was leased to an unrelated international real estate firm under a long-term lease. 444 West Santa Clara Street, L.P. was determined to be a variable interest entity within the scope of ASC Topic 810 with SJW Land Company as the primary beneficiary. As a result, 444 West Santa Clara Street L.P. has been consolidated with SJW Land Company. The consolidated financial statements of SJW Group at December 31, 2019 and 2018 include the operating results of 444 West Santa Clara Street, L.P. Intercompany balances and transactions have been eliminated. In 2017, the commercial building owned by the partnership was sold. Results of operations and balances of the non-controlling interest are not material to the consolidated financial statements (see below in Note 1, “Real Estate Investments”). Texas Water Alliance Limited (“TWA”), formerly a wholly owned subsidiary of SJW Group, was undertaking activities that were necessary to develop a water supply project in Texas. On February 22, 2016, SJW Group entered into a Purchase and Sale Agreement with the Guadalupe-Blanco River Authority (“GBRA”) pursuant to which SJW Group agreed to sell all of its equity interests in TWA to GBRA for $31,000 in cash. The sales transaction closed on November 16, 2017. As provided in the sale agreement, GBRA held back $3,000 (“Holdback Amount“) from the payment of the purchase price at the closing, which amount will be paid to SJW Group on June 30, 2021, subject to reduction under certain conditions. The transaction resulted in a pre-tax gain on sale of utility property of $12,501 , excluding the Holdback Amount. Recently Adopted Accounting Principles In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” as amended, which supersedes the lease requirements in “Leases (Topic 840).” This ASU generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the Consolidated Balance Sheets and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. ASU 2016-02 also makes some changes to lessor accounting and aligns with the new revenue recognition guidance. SJW Group adopted the new standard effective January 1, 2019, on a modified retrospective basis and did not restate comparative periods. SJW Group also elected the package of practical expedients permitted under the transition guidance and combined lease and non-lease components. In addition, SJW Group kept leases with an initial term of 12 months or less off the Consolidated Balance Sheets and recognized the associated lease payments in the Consolidated Statements of Comprehensive Income on a straight-line basis over the lease term. The adoption of this standard did not have a material impact on SJW Group’s consolidated financial statements. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Utility Plant The cost of additions, replacements and betterments to utility plant is capitalized. The amount of interest capitalized in 2019 , 2018 and 2017 was $4,323 , $2,856 and $2,807 , respectively. Construction in progress was $ 112,232 and $ 68,765 at December 31, 2019 and 2018 , respectively. The major components of depreciable plant and equipment as of December 31, 2019 and 2018 are as follows: 2019 2018 Equipment $ 521,183 335,358 Transmission and distribution 2,207,051 1,375,821 Office buildings and other structures 260,220 121,872 Total depreciable plant and equipment $ 2,988,454 1,833,051 Depreciation is computed using the straight-line method over the estimated remaining service lives of groups of assets, ranging from 5 to 75 years . The estimated service lives of depreciable plant and equipment are as follows: Useful Lives Equipment 5 to 35 years Transmission and distribution plant 35 to 75 years Office buildings and other structures 7 to 50 years For the years 2019 , 2018 and 2017 , depreciation expense as a percent of the beginning of the year balance of depreciable plant was approximately 3.8% , 3.6% and 3.6% , respectively. A portion of depreciation expense was allocated to administrative and general expense. For the years 2019 , 2018 and 2017 , the amounts allocated to administrative and general expense were $2,869 , $2,306 and $2,209 , respectively. Depreciation expense for utility plant for the years ended December 31, 2019 , 2018 and 2017 was $63,785 , $53,031 and $46,456 , respectively. The cost of utility plant retired, including retirement costs (less salvage), is charged to accumulated depreciation and no gain or loss is recognized. Utility Plant Intangible Assets All intangible assets are recorded at cost and are amortized using the straight-line method over the estimated useful life of the asset, ranging from 5 to 70 years (see Note 6, “Utility Plant Intangible Assets”). Real Estate Investments Real estate investments are recorded at cost and consist primarily of land and buildings. Net gains and losses from the sale of real estate investments are recorded as a component of other (expense) income in the Consolidated Statements of Comprehensive Income. Nonutility property in Water Utility Services is also classified in real estate investments and not separately disclosed on the balance sheet based on the immateriality of the amount. Nonutility property is property that is neither used nor useful in providing water utility services to customers and is excluded from the rate base for rate-setting purposes. SJWC recognizes gain/loss on disposition of nonutility property in accordance with California Public Utilities Commission (“CPUC”) Code Section 790, whereby the net proceeds are reinvested back into property that is useful in providing water utility services to customers. There is no depreciation associated with nonutility property as it is all land. The major components of real estate investments as of December 31, 2019 and 2018 are as follows: 2019 2018 Land $ 14,168 13,262 Buildings and improvements 43,531 43,074 Total real estate investment $ 57,699 56,336 Depreciation on buildings and improvements for real estate investments is computed using the straight-line method over the estimated useful lives of the assets, ranging from 7 to 39 years . On December 19, 2019, Maine Water completed the second half of a previously announced land sale with the Coastal Mountains Land Trust, Maine nonprofit corporation. The second transaction was structured such that Maine Water sold a conservation easement valued at $1,200 for $600 . Accordingly, Maine Water expects to claim a $600 charitable deduction for federal and state income tax purposes on the bargain sale. The MPUC has previously ruled that the net proceeds from the transaction will be shared equally between the customers of the Camden Rockland division and Maine Water. The transaction generated approximately $180 in pre-tax gain on sale of nonutility property at Maine Water. Additionally, Connecticut Water disposed of a small parcel of land generating an additional $4 in pre-tax gain on sale of nonutility property. On April 6, 2017, 444 West Santa Clara Street, L.P. sold all of its interests in the commercial building and land the partnership owned and operated for $11,000 . 444 West Santa Clara Street, L.P. recognized a pre-tax gain on sale of real estate investments of $6,323 , after selling expenses of $1,157 . SJW Land Company holds a 70% limited interest in 444 West Santa Clara Street, L.P. SJW Land Company and the noncontrolling interest recognized a pre-tax gain on sale of real estate investments of $4,427 and $1,896 , respectively, on the transaction. In connection with this sale, the partnership was required to deposit $750 into an escrow account for estimated repairs to the creek next to the land the partnership sold. On April 22, 2019, all creek repairs were completed and a reimbursement of $745 was provided to the partnership. SJW Land Company and the noncontrolling interest recognized a pre-tax gain on the creek reimbursement of $521 and $224 , respectively, on the transaction. In addition, SJW Land Company sold undeveloped land located in San Jose, California for $1,350 on April 6, 2017. SJW Land Company recognized a pre-tax gain on sale of real estate investments of $580 on the transaction, after selling expenses of $14 . Real estate investments include $56,839 and $56,090 as of December 31, 2019 and 2018 , respectively, of assets that are leased or available for lease. The following schedule shows the future minimum rental payments to be received from third parties under operating leases that have remaining noncancelable lease terms in excess of one year as of December 31, 2019 : Year ending December 31: Rental Revenue 2020 $ 4,520 2021 3,208 2022 2,527 2023 2,564 2024 2,645 Thereafter 10,544 Business Combinations SJW Group applies the provisions of ASC Topic 805—“Business Combinations” for the purchase accounting related to the merger with CTWS on October 9, 2019. Topic 805 requires SJW Group to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While SJW Group uses our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our Consolidated Statements of Comprehensive Income. Accounting for business combinations requires SJW Group to make significant estimates and assumptions, especially at the acquisition date, including estimates for intangible assets, contractual obligations assumed and pre-acquisition contingencies. Although SJW Group believes that the assumptions and estimates we make are reasonable and appropriate, they are based in part on historical experience and information obtained from CTWS’s management and are inherently uncertain. Events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. The purchase price allocation process requires management to make significant estimates and assumptions with respect to intangible assets. Although SJW Group believes the assumptions and estimates made are reasonable, they are based in part on historical experience, market conditions and information obtained from management of the acquired companies and are inherently uncertain. Examples of critical estimates in valuing certain of the intangible assets we have acquired or may acquire in the future include, but are not limited to: future expected cash flows from services; historical and expected customer attrition rates and anticipated growth in revenue from acquired customers; the expected use of the acquired assets; and discount rates. As of December 31, 2019 , management estimated the preliminary fair values of net tangible and intangible assets acquired, and the excess of the consideration transferred over the aggregate of such fair values was recorded as goodwill. The preliminary value of the acquired deferred tax assets and deferred tax liabilities are based on a preliminary analysis, and our estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). In addition, management is still gathering information necessary to complete the recognition and measurement of the opening balance sheet (see Note 12, “SJW Group and CTWS Merger”). Impairment of Long-Lived Assets and Goodwill In accordance with the requirements of FASB ASC Topic 360—“Property, Plant and Equipment,” the long-lived assets of SJW Group are reviewed for impairment when changes in circumstances or events require adjustments to the carrying values of the assets. When such changes in circumstances or events occur, the company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. To the extent an impairment exists, the asset is written down to its estimated fair value with a corresponding charge to operations in the period in which the impairment is identified. Long-lived assets consist primarily of utility plant in service, real estate investments, intangible assets, and regulatory assets. In addition, the company tests unamortized intangible assets, which primarily relate to water rights, at least annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. SJW Group first performs a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. In assessing the qualitative factors, SJW Group considers the impact of these key factors: change in industry and competitive environment, financial performance, and other relevant Company-specific events. If SJW Group determines that as a result of the qualitative assessment it is more likely than not (> 50% likelihood) that the fair value is less than carrying amount, then a quantitative test is performed. No impairments occurred during 2019 , 2018 or 2017 . Goodwill represents the excess of the purchase price paid over the estimated fair value of the assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not amortized and must be allocated at the reporting unit level, which is defined as an operating segment or one level below, and tested for impairment at least annually, or more frequently if an event occurs or circumstances change that would more likely than not, reduce the fair value of a reporting unit below its carrying value. SJW Group’s goodwill is primarily associated with the recent merger with CTWS on October 9, 2019. As of December 31, 2019 , SJW Group performed a qualitative assessment and found no indicators of impairment and therefore did not perform the quantitative impairment test. Cash and Cash Equivalents, and Restricted Fund Cash and cash equivalents primarily consist of cash on deposit with banks with maturities of three months or less from the date of purchase. Restricted funds consist of proceeds from a Maine state revolving fund bond issuance to Maine Water of $5,000 on December 19, 2019 for construction of a new water treatment plant. Proceeds are held by a trustee for the bond and as conditions are met, funds are released. On February 3, 2020, the trustee released proceeds of $4,114 from the bond. Financial Instruments and Investments The following instruments are not measured at fair value on the company’s consolidated balance sheets but, require disclosure of fair values: cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of such instruments approximates their carrying value as reported on the consolidated balance sheets. The fair value of such financial instruments are determined using the income approach based on the present value of estimated future cash flows. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. The fair value of long-term debt is discussed in Note 4, “Long-Term Debt” and pension plan assets in Note 9, “Benefit Plans”. SJW Group has investments in company owned life insurance which are valued at cash surrender value of the policies as reported by the insurer. These contracts are based principally on a referenced pool of investment funds that actively redeem shares, are observable and measurable, and are presented in “Other investments” on SJW Group’s consolidated balance sheets. As of December 31, 2019 , the value of the company owned life insurance was $7,086 of which $3,829 was related to assets to fund CTWS’ supplemental retirement plan agreements. See discussion on pension plans in Note 9, “Benefit Plans”. SJW Group’s had an investment in California Water Service Group which was accounted for under FASB ASC Topic 320—“Investment—Debt and Equity Securities,” as an available-for-sale marketable security. The investment was recorded on the Consolidated Balance Sheet at its quoted market price with the change in unrealized gain or loss reported, net of tax, as a component of other expense (income) with the adoption of ASU 2016-01 on January 1, 2018. Prior to adoption, the changes in unrealized gain or loss, net of tax, were reported as a component of other comprehensive income. During the year ended December 31, 2018, SJW Group sold its remaining 100,000 shares of California Water Service Group for $4,112 before fees of $9 . SJW Group recognized a gain on the sale of the stock of approximately $104 and tax expense of approximately $29 for a net gain of $75 . Regulatory Rate Filings California Regulatory Affairs SJWC’s rates, service and other matters affecting its business are subject to regulation by the CPUC. Generally, there are three types of rate adjustments that affect SJWC’s revenue collection: general rate adjustments, cost of capital adjustments, and offset rate adjustments. General rate adjustments are authorized in general rate case decisions, which usually authorize an initial rate adjustment followed by two annual escalation adjustments. General rate applications are normally filed and processed during the last year covered by the most recent general rate case as required by the CPUC in order to avoid any gaps in regulatory decisions on general rate adjustments. Cost of capital adjustments are rate adjustments resulting from the CPUC’s usual tri-annual establishment of a reasonable rate of return for SJWC’s capital investments. The purpose of an offset rate adjustment is to compensate utilities for changes in specific pre-authorized offsettable capital investments or expenses, primarily for purchased water, groundwater extraction, purchased power and pensions. Pursuant to Section 792.5 of the California Public Utilities Code, a balancing account must be maintained for each expense item for which such revenue offsets have been authorized. Memorandum accounts track revenue impacts due to catastrophic events, certain unforeseen water quality expenses related to new federal and state water quality standards, energy efficiency, water conservation during periods of mandated water restrictions, water tariffs and other approved activities or as directed by the CPUC such as the memorandum account for the Tax Cuts and Jobs Act (H.R. 1) (the “Tax Act”). The purpose of a balancing and memorandum account is to track the under-collection or over-collection associated with such expense changes and activities. On January 4, 2018, SJWC filed General Rate Case Application No. 18-01-004 (“GRC”) with the CPUC requesting authority for an increase of revenue of $34,288 , or 9.76% , in 2019, $14,232 , or 3.7% , in 2020 and $20,582 , or 5.17% , in 2021. Among other things, the application also included requests to recover $20,725 from balancing and memorandum accounts, the establishment of a Water Revenue Adjustment Mechanism and Sales Reconciliation Mechanism (“WRAM/SRM”), and a shift to greater revenue collection in the service charge. On June 28, 2018, the CPUC issued an order in the case identifying the issues to be considered, including whether the proposed merger between SJW Group and CTWS will have any ratemaking impact on the customers of SJWC (see discussion on the merger with CTWS at Note 12). This consideration was subsequently removed from the GRC to be considered in an Order Instituting Investigation (“OII”) on the proposed merger issued on July 20, 2018, see below for further discussion. On August 10, 2018, SJWC and the Office of Ratepayer Advocates filed a joint motion for partial settlement (“Settlement”) of the GRC with the CPUC, resolving all issues in the GRC with the exception of authorization of a WRAM/SRM and the recovery of the balance in the Hydro Generation Research, Development and Demonstration Memorandum Account, such issues being subsequently contested in legal briefs. The Settlement also lowered authorized sales to a level that aligns more closely with current actual consumption. In addition, it allowed for a shift in cost recovery allowing 40% of total revenue to be collected through the fixed charge. On October 16, 2018, the CPUC issued a Proposed Decision adopting the Settlement in part, without any impact on the proposed revenue requirement outlined in the Settlement, and delaying ruling on the contested issues in order to allow the Settlement rates to become effective January 1, 2019. On December 4, 2018, the CPUC issued Decision 18-11-025 authorizing new rates for 2019. Accordingly, SJWC filed Advice Letter No. 528/528A on December 7, 2018, requesting authorization to increase revenue requirement by $16,378 or 4.55% in 2019 and to implement surcharges to recover $27,045 of under-collections from memorandum and balancing accounts. This was approved on December 28, 2018, and new rates became effective January 1, 2019. On July 20, 2018, the CPUC issued an Order Instituting Investigation (“OII”) No. 18-07-007 concerning SJW Group’s then proposed merger with CTWS. A Scoping Memorandum was issued on September 7, 2018, which identified the issues to be considered in the proceeding as to whether the proposed merger is subject to CPUC approval and to evaluate the merger’s likely impacts within California. On September 14, 2018, SJW Group and SJWC submitted joint comments in response to the issues identified in accordance with the Scoping Memorandum’s adopted schedule, and reply comments were submitted on October 19, 2018. A Public Participation Hearing was held on January 31, 2019. On March 4, 2019, the CPUC suspended this proceeding due to SJW Group’s announcement of its intention to file a new merger approval application with the Connecticut Public Utilities Regulatory Authority (“PURA”). On April 3, 2019, SJW Group and CTWS jointly filed a new merger application with PURA. After securing the required approvals from both PURA and the MPUC, SJW Group announced the close of the merger on October 9, 2019, and notified the CPUC accordingly. In January 2017, a SJWC customer inquired about the company’s billing practice as it related to the proration of service charges in billing cycles where a rate change occurred. On June 22, 2017, SJWC was served with Complaint 17-06-009 regarding its billing practice for service charge rate changes. The billing issue was made a part of SJWC’s GRC proceeding and a settlement agreement was reached with the Office of Ratepayer Advocates (now the Public Advocates Office) on May 23, 2018, limiting the duration from which to calculate customer refunds from June 1, 2011, through December 31, 2016. Accordingly, SJWC provided an additional reserve to cover the remaining period covered by the settlement. In accordance with Decision 18-11-025 for the GRC, SJWC filed Advice Letter No. 530 proposing total refunds of $2,020 for the period from June 1, 2011 through December 31, 2016. This advice letter became effective February 8, 2019, and refunds were completed by mid-May 2019. On April 22, 2019, the CPUC dismissed Complaint 17-07-009 citing the relief provided in Advice Letter No. 530 and the current OII on this matter (see below for further discussion). The Complainant filed an appeal with the CPUC to dispute the dismissal. This appeal was rejected and the Complaint was dismissed via CPUC Decision No. 19-09-040 on September 24, 2019. On September 14, 2018, the CPUC issued OII No. 18-09-003 to which SJWC was named as Respondent. The OII will determine whether the company unlawfully overcharged customers over a 30-year period by failing to pro-rate service charges when increases occurred during a billing period, and whether the company double-billed service charges during one billing period when allegedly switching from billing such charges in advance to billing in arrears. The OII resulted from a report by the CPUC’s Consumer Protection and Enforcement Division (“CPED”), dated August 16, 2018, recommending an investigation into SJWC’s billing practice. CPED calculated a refund obligation of approximately $2,061 for the years 2014 to 2016 that had been the subject of SJWC’s Advice Letter No. 510. CPED calculated a further refund obligation of approximately $1,990 for the years 1987 to 2013. CPED also asserted that the company double-billed its customers during a billing period when it allegedly converted from billing in advance to billing in arrears, assumed that such double-billing occurred in January 2011, and calculated a refund obligation of approximately $4,935 . The OII notes these estimates and identifies the proper refund amount as an issue in the proceeding. The OII also identifies the CPUC’s authority to consider imposing penalties on SJWC in amounts ranging from five hundred dollars to fifty thousand dollars per offense, per day. On July 24, 2019, SJWC and CPED jointly filed a motion for CPUC approval of a Settlement Agreement (“Agreement”) over SJWC’s past customer billing practices. The Agreement requires the company to pay approximately $2,100 in customer credits, consisting of $1,757 for refunds during the period from 1987 to 2011 and an additional $350 in customer credits to low income water customers, and invest $5,000 in utility plant that is not allowed an investment return or rate recovery. SJWC has recorded the $2,100 customer credit expense as an offset to revenues in the accompanying December 31, 2019, Consolidated Statements of Comprehensive Income. The $5,000 commitment to invest in utility plant will be recognized as plant in service on the company’s financial statements once invested. The Agreement is subject to final approval by the CPUC. A CPUC Presiding Officer’s Decision approved the Agreement in December 2019, but an appeal was filed in January 2020 by a group of SJWC customers. A final CPUC decision approving the Settlement and dismissing the appeal was approved on February 27, 2020. On February 28, 2019, SJWC filed Advice Letter No. 531 with the CPUC requesting to adjust the Utilities Reimbursement Account User Fees as directed by CPUC Resolution M-4839. The reimbursement fee was reduced from 1.4% to 1.23% . This request was approved and the new fee became effective on April 1, 2019. On March 29, 2019, SJWC filed Advice Letter No. 532 with the CPUC requesting authorization to recover its 2018 WCMA balance for the period of January 1, 2018, through December 31, 2018. On December 19, 2019, the CPUC denied the recovery via Resolution W-5210 citing the elimination of mandatory conservation requirements. SJWC recorded a reduction of balancing and memorandum accounts of $9,386 with an offset to revenues for the 2018 WCMA and reversed revenues of $639 recorded in the 2019 WCMA during the period ended December 31, 2019. On June 19, 2019, the CPUC issued its final decision resolving the remaining issues in SJWC’s GRC. Decision 19-06-010 denied the establishment of a WRAM/SRM and authorized the recovery of the Hydro Generation Research, Development and Demonstration Memorandum Account balance of $1,243 . SJWC filed Advice Letter No. 534 on August 1, 2019, to recover this amount via a surcharge over a three-year period. The CPUC rejected the advice letter on October 10, 2019, citing an error and recommended a correction and a new filing for recovery. SJWC has made a filing to correct the record and is awaiting the CPUC’s decision. A new advice letter for recovery is anticipated to be filed in the first quarter of 2020 pending the decision. On August 30, 2019, SJWC filed Advice Letter No. 535 with the CPUC requesting authorization to increase the total 2019 authorized revenue requirements by $0.7 million or 0.17% for plant additions related to the Montevina Water Treatment Plant Upgrade Project in 2018. This advice letter became effective on September 29, 2019. SJWC filed Advice Letter No. 537 with the CPUC requesting authorization to refund the balance in its 2018 Tax Accounting Memorandum Account as required by the GRC decision on October 18, 2019. On December 3, 2019, Advice Letter 537-A was filed to refund the balance via a one-time surcredit. For a typical residential customer with a 3/4-inch meter, the one-time refund will be $20.84 . This advice letter was approved effective January 1, 2020, and refunds to customers began on January 27, 2020. SJWC filed Advice Letter No. 541 on November 20, 2019, with the CPUC requesting authorization to increase its revenue requirement by $8,600 or 2.28% in 2020 for the first escalation |
Capitalization
Capitalization | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
CAPITALIZATION | Capitalization SJW Group was authorized to issue 36,000,000 shares of common stock of $0.001 par value per share. On April 24, 2019, SJW Group amended its certificate of incorporation to increase the authorized number of shares of common stock to 70,000,000 shares. At December 31, 2019 and 2018 , 28,456,508 and 28,404,316 , respectively, shares of common stock were issued and outstanding. At December 31, 2019 and 2018 , 1,000,000 shares of preferred stock of $0.001 par value per share were authorized for SJW Group. At December 31, 2019 and 2018 , no shares of preferred stock were issued or outstanding. On November 28, 2018, SJW Group entered into an underwriting agreement with J.P. Morgan Securities LLC, Barclays Capital Inc., RBC Capital Markets, LLC and UBS Securities LLC, as representatives of the several underwriters (the “Underwriters”) , pursuant to which SJW Group sold to the Underwriters an aggregate of 6,750,000 shares of SJW Group ’ s common stock, par value $0.001 per share (the “Firm Shares”), in an underwritten public offering. Pursuant to the underwriting agreement, SJW Group granted the Underwriters a 30 -day option to purchase up to an additional 1,012,500 shares of its common stock (the “Option Shares”), which was exercised in full on December 3, 2018. The offering of the Firm Shares closed on December 3, 2018 and the offering of the Option Shares on December 5, 2018. SJW Group received net proceeds of approximately $358,256 from the sale of the Firm Shares and received additional net proceeds of approximately $53,738 |
Lines of Credit
Lines of Credit | 12 Months Ended |
Dec. 31, 2019 | |
Line of Credit Facility [Abstract] | |
LINES OF CREDIT | Lines of Credit SJWC entered into a $125,000 credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as the lender (the “Lender”) on June 1, 2016. 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. SJW Group and SJW Land Company (collectively, the “Borrowers”), entered into a $15,000 credit agreement with the Lender (the “SJW Group Credit Agreement”) on June 1, 2016, which provides an unsecured credit facility to the Borrowers with a letter of credit sublimit of $5,000 . The SJW Group Credit Agreement matures on June 1, 2021. Borrowings under the SJW Group Credit Agreement bear interest under the same terms and conditions as those in the Credit Agreement. In addition, on June 1, 2016, SJW Group, 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. CTWS maintains a $15,000 line of credit agreement with CoBank, ACB, which is currently scheduled to expire on July 1, 2020. CTWS maintains an additional credit agreement of $95,000 with RBS Citizens, N.A., which will be reduced to $75,000 on March 1, 2020, with a final maturity on December 14, 2023. As of December 31, 2019 and 2018 , SJW Group had outstanding balances on the lines of credit of $117,209 and $100,000 , respectively. Cost of borrowing on the lines of credit averaged 3.73% and 2.94% as of December 31, 2019 and 2018 , respectively. The SJW Group and SJWTX, Inc. unsecured bank lines of credit have the following affirmative covenants calculated with the financial statements of SJW Group, on a consolidated basis: (1) the funded debt cannot exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period cannot be less than 175% of interest charges. As of December 31, 2019 , SJW Group and SJWTX, Inc. were in compliance with all covenants. SJWC’s unsecured bank lines of credit have the following affirmative covenants: (1) the funded debt cannot exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period cannot be less than 175% of interest charges. As of December 31, 2019 , SJWC was in compliance with all covenants. The CTWS unsecured bank lines of credit have the following affirmative covenants: (1) Connecticut Water’s earnings before interest and taxes to its interest expense shall be equal or greater to 3 to 1, (2) Maine Water’s debt to capitalization ratio shall not exceed 60%, (3) Connecticut Water’s debt to capitalization ratio shall not exceed 60%, and (4) CTWS’s debt to capitalization ratio shall not exceed 65%. As of December 31, 2019 , CTWS was in compliance with all covenants. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-Term Debt Long-term debt as of December 31 was as follows: Description Rate Maturity 2019 2018 SJW Group: Senior notes 3.05% - 4.35% 2021 - 2039 $ 560,000 50,000 SJWC: Senior notes 4.29% - 9.45% 2020 - 2049 330,000 250,000 California Pollution Control Financing Authority Revenue Bonds 4.75%, 5.10% 2040, 2046 120,000 120,000 Total SJWC 450,000 370,000 CTWS bank term loans 4.09%, 4.15% 2027, 2037 23,935 — Connecticut Water: Connecticut Innovations Revenue Bonds, variable rate 2028 - 2029 22,050 — Connecticut Innovations Revenue Bonds, fixed rate 5.00% 2021 22,506 — Senior note 3.53% 2037 35,000 — Bank term loans 3.16% - 4.75% 2020 - 2036 119,090 — Total Connecticut Water 198,646 — SJWTX, Inc. senior note 6.27% 2036 15,000 15,000 Maine Water: State revolving fund loans 0.00% - 2.58% 2022 - 2048 16,032 — Other First Mortgage Bonds 8.95% 2024 4,500 — Bank term loans 4.18% - 5.51% 2024 - 2043 17,500 — Total Maine Water 38,032 — HVWC bank term loan 4.75% 2034 4,164 — Avon Water mortgage loan 3.05% 2033 2,809 — Total debt 1,292,586 435,000 Unamortized debt premium, net (a) 25,020 — Less: Unamortized debt issuance costs 11,737 3,576 Current portion 22,272 — Total long-term debt, less current portion $ 1,283,597 431,424 ___________________________________ (a) Consists of fair value adjustments recognized through purchase accounting for the completed merger with CTWS on October 9, 2019. Senior notes held by institutional investors are unsecured obligations of SJW Group, SJWC, Connecticut Water, SJWTX, Inc. and Maine Water and require interest-only payments until maturity. To minimize issuance costs, the companies’ debt has primarily been placed privately. The senior note agreements of SJW Group have terms and conditions that restrict SJW Group from issuing additional funded debt if: (1) the funded consolidated debt would exceed 66-2/3% of total capitalization, (2) the minimum net worth of SJW Group becomes less than $175,000 plus 30% of Water Utility Services cumulative net income, since June 30, 2011, and (3) net income available for interest charges for the trailing 12-calendar-month period would be less than 175% of interest charges. As of December 31, 2019 , SJW Group was not restricted from issuing future indebtedness as a result of these terms and conditions. On October 8, 2019, SJW Group entered into a note purchase agreement with the purchasers listed in the agreement, pursuant to which SJW Group sold an aggregate principal amount of $310,000 of its 3.05% Senior Notes, Series 2019A, due November 1, 2029, $75,000 of its 3.15% Senior Notes, Series 2019B, due November 1, 2031, and $125,000 of its 3.53% Senior Notes, Series 2019C, due November 1, 2039. The notes are unsecured obligations of the Company. Interest is payable semi-annually in arrears on May 1st and November 1st of each year. The note purchase agreement contains customary representations and warranties. Under the note purchase agreement, SJW Group is required to comply with certain customary affirmative and negative covenants for as long as the notes are outstanding. The notes are also subject to customary events of default, the occurrence of which may result in all of the notes then outstanding becoming immediately due and payable. The closing occurred simultaneously with the signing of the note purchase agreement. The senior note agreements of SJWC generally have terms and conditions that restrict the company from issuing additional funded debt if: (1) the funded debt would exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period would be less than 175% of interest charges. As of December 31, 2019 , SJWC was not restricted from issuing future indebtedness as a result of these terms and conditions. On March 28, 2019, SJWC entered into a note purchase agreement with certain affiliates of MetLife, Inc., Brighthouse Financial, Inc. and New York Life Insurance (collectively the “Purchasers”), pursuant to which the company sold an aggregate principal amount of $80,000 of its 4.29% Senior Notes, Series M (“Series M Notes”) to the Purchasers. The Series M Notes are unsecured obligations of SJWC and are due on April 1, 2049. Interest is payable semi-annually in arrears on April 1st and October 1st of each year. The note purchase agreement contains customary affirmative and negative covenants for as long as the Series M Notes are outstanding. The Series M Notes are also subject to customary events of default, the occurrence of which may result in all of the Series M Notes then outstanding becoming immediately due and payable. The closing occurred simultaneously with the signing of the note purchase agreement. SJWC has obligations pursuant to loan agreements with the California Pollution Control Financing Activity (“CPCFA”) totaling $120,000 in aggregate principal amounts of CPCFA revenue bonds outstanding as of December 31, 2019 . The loan agreements contain affirmative and negative covenants customary for loan agreements relating to revenue bonds, containing, among other things, certain disclosure obligations, the tax exempt status of the interest on the bonds and limitations, and prohibitions on the transfer of projects funded by the loan proceeds and assignment of the loan agreements. As of December 31, 2019 , SJWC was in compliance with all such covenants. CTWS has outstanding term loans with a commercial bank in an aggregate amount of $23,935 as of December 31, 2019 . Under the master loan agreement, CTWS is required to comply with certain financial ratio and operational covenants. The most restrictive of these covenants is to maintain a consolidated (CTWS and its subsidiaries) debt to capitalization ratio of not more than 60% . As of December 31, 2019 , CTWS was in compliance with all covenants under the master loan agreement. Connecticut Water has outstanding term loans with a commercial bank in an aggregate amount of $119,090 as of December 31, 2019 . Under its master loan agreement, Connecticut Water is required to comply with financial and operational covenants substantially identical to those found in CTWS’ master loan agreement. Connecticut Water is required to maintain a debt to capitalization ratio of not more than 60% . As of December 31, 2019 , Connecticut Water was in compliance with all covenants under its master loan agreement. Connecticut Water has outstanding $44,556 of tax exempt and taxable Water Facilities Revenue Bonds issued through Connecticut Innovations (formerly the Connecticut Development Authority). The bond indentures and loan agreements contain customary affirmative and negative covenants and require compliance with financial and operational covenants, and also provide for the acceleration of the Revenue Bonds upon the occurrence of stated events of default. As of December 31, 2019 , Connecticut Water was in compliance with all covenants of the bond indentures and loan agreements. Connecticut Water has a $35,000 unsecured senior note that has terms and conditions that restrict Connecticut Water from issuing additional debt or paying a dividend to CTWS if such debt or distribution would trigger an event of default. The senior note agreement also requires Connecticut Water to maintain a debt to capitalization ratio of not more than 60%. As of December 31, 2019 , Connecticut Water was in compliance with all financial ratio and operational covenants under this agreement. The senior note agreement of SJWTX, Inc. has terms and conditions that restrict SJWTX, Inc. from issuing additional funded debt if: (1) the funded debt would exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period would be less than 175% of interest charges. In addition, SJW Group is a guarantor of SJWTX, Inc.’s senior note which has terms and conditions that restrict SJW Group from issuing additional funded debt if: (1) the funded consolidated debt would exceed 66-2/3% of total capitalization, and (2) the minimum net worth of SJW Group becomes less than $125,000 plus 30% of Water Utility Services cumulative net income, since December 31, 2005. As of December 31, 2019 , SJWTX, Inc. and SJW Group were not restricted from issuing future indebtedness as a result of these terms and conditions. Maine Water has $16,032 of First Mortgage Bonds issued to the Maine Municipal Bond Bank through the State Safe Drinking Water Revolving Loan Fund and $4,500 of First Mortgage Bonds issued to One America. The associated bond indentures and loan agreements contain customary affirmative and negative covenants, including a prohibition on the issuance of indebtedness secured by assets or revenue of Maine Water where the lien is senior to the lien of the bond trustee under the above bonds except as permitted by the bond indentures and related loan and security agreements, a requirement to maintain a debt to capitalization ratio of not more than 65% , required compliance with various financial and operational covenants, and a provision for maturity acceleration upon the occurrence of stated events of default. As of December 31, 2019, Maine Water was in compliance with all covenants in its bond indentures and related loan agreements. On December 19, 2019, Maine Water issued $5,000 of Series S First Mortgage Bonds to the Maine Municipal Bond Bank through the State Safe Drinking Water Revolving Loan Fund. The Series S bonds mature on October 1, 2039 and carry 1% interest. The Series S First Mortgage Bond covenants are the same as all other First Mortgage Bonds. The proceeds of the Series S bond issuance are represented as restricted cash on the Consolidated Balance Sheets at December 31, 2019. The restricted cash will be used for pre-approved projects primarily related to preliminary engineering and design work of a water treatment plant in Maine’s Biddeford and Saco division. Maine Water has outstanding term loans with a commercial bank in an aggregate amount of $17,500 as of December 31, 2019 . Under its master loan agreement, Maine Water is required to comply with financial and operational covenants substantially identical to those found in CTWS and Connecticut Water’s master loan agreements. Maine is required to maintain a debt to capitalization ratio of not more than 60%. As of December 31, 2019 , Maine Water was in compliance with all covenant under its master loan agreement. On February 3, 2020, the trustee released proceeds of $4,114 from the bond. HVWC has a term loan with a commercial bank due in 2034. The loan bears interest at a rate of 4.75% with monthly payments of principal and interest of $31 . The loan is secured by real property owned by HVWC. The loan agreement restricts HVWC’s ability to incur additional debt and requires compliance with a funded debt to capitalization covenant and other operational covenants. As of December 31, 2019 , HVWC was in compliance with all covenants of the loan and $4,164 was outstanding. Avon Water has a mortgage loan that is due in 2033. This loan amortizes over 20 years and carries a fixed interest rate of 3.05% with monthly principal and interest payments of $22 . The loan agreement (1) generally restricts the ability of Avon Water to incur additional debt or make dividend payments other than in the ordinary course of business, and (2) requires submission of periodic financial reports as part of loan covenants. As of December 31, 2019 , Avon Water was in compliance with all covenants of the loan and $2,809 was outstanding. The following is a table of the consolidated company ’s schedule of principal payments: Year 2020 $ 22,343 2021 76,943 2022 39,388 2023 4,583 2024 49,256 Thereafter 1,100,073 The estimated fair value of long-term debt as of December 31, 2019 and 2018 was approximately $1,396,205 and $490,148 , respectively, and was determined using a discounted cash flow analysis, based on the current rates for similar financial instruments of the same duration and creditworthiness of the Company. The fair value of long-term debt would be categorized as Level 2 of the fair value hierarchy. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense were: 2019 2018 2017 Current: Federal $ 7,577 14,485 29,377 State 2,126 5,066 6,452 Deferred: Federal (1,929 ) (7,702 ) (1,174 ) State 680 (1,784 ) 738 $ 8,454 10,065 35,393 The following table reconciles income tax expense to the amount computed by applying the federal statutory rate to income before income taxes of $32,081 , $48,832 and $96,493 in 2019 , 2018 and 2017 : 2019 2018 2017 “Expected” federal income tax $ 6,737 10,255 33,773 Increase (decrease) in taxes attributable to: State taxes, net of federal income tax benefit 2,251 3,420 4,986 Uncertain tax positions 323 24 12 Property flow-through (2,054 ) (839 ) (1,027 ) Capitalized merger costs 5,350 — — Tax reform - rate change impact on deferred taxes 77 — (2,357 ) Reversal of excess deferred taxes recognized in regulatory liability (2,355 ) (1,383 ) — Pension flow-through (1,244 ) — — Stock-based compensation (223 ) (1,602 ) (552 ) Other items, net (408 ) 190 558 $ 8,454 10,065 35,393 The components of the net deferred tax liability as of December 31 was as follows: 2019 2018 Deferred tax assets: Advances and contributions $ 19,547 14,592 Unamortized investment tax credit 649 418 Pensions and postretirement benefits 32,450 20,439 Debt premium, net 7,002 — California franchise tax 456 981 Net operating loss 1,046 — Merger related expenses — 4,527 Tax related net regulatory liability — 16,212 Other 7,211 3,336 Gross deferred tax assets 68,361 60,505 Valuation allowance (1,924 ) — Total deferred tax assets 66,437 60,505 Deferred tax liabilities: Utility plant 211,079 114,731 Pension and postretirement benefits 22,263 18,534 Deferred gain and other-property related 5,872 5,753 Regulatory asset - business combinations debt premium, net 7,002 — Intangibles 3,693 — Deferred revenue 1,962 — Regulatory asset - income tax temporary differences, net 295 — Section 481(a) adjustments 5,721 — Other 4,148 1,138 Total deferred tax liabilities 262,035 140,156 Net deferred tax liabilities $ 195,598 79,651 Management evaluates the realizability of deferred tax assets based on all available evidence, both positive and negative. The realization of deferred tax assets is dependent on our ability to generate sufficient future taxable income during periods in which the deferred tax assets are expected to reverse. Based on all available evidence, management believes it is more likely than not that SJW Group will realize the benefits of these deferred tax assets. The valuation allowance as of December 31, 2019 relates to state net operating losses assumed from CTWS. Net operating loss carryforwards assumed from the CTWS merger expire beginning in 2029 and ending in 2038. Federal net operating loss carryforward generated after December 31, 2017 have no expiration. As of December 31, 2019 , the estimated amount of CTWS net operating loss carryforwards available to offset future taxable income for Federal, Connecticut and Maine purposes are $9,213 , $32,604 and $9,506 , respectively. SJW Group also assumed from the CTWS merger estimated state tax credit carryforwards of $1,000 which will expire beginning in 2020 and ending in 2040. The valuation allowance, the net operating losses, and the state tax credit carryforwards are expected to be adjusted during the acquisition measurement period. The change in the net deferred tax liabilities of $115,947 in 2019 included $109,435 from recording the acquisition of CTWS and other non-cash items primarily consisting of regulatory assets and liabilities relating to income tax temporary differences. The total amount of unrecognized tax benefits, before the impact of deductions for state taxes, excluding interest and penalties was $4,037 and $1,411 as of December 31, 2019 and 2018 , respectively. The amount of tax benefits, net of any federal benefits for state taxes and inclusive of interest that would impact the effective rate, if recognized, is approximately $27 and $70 as of December 31, 2019 and 2018 , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Balance at beginning of year $ 1,382 1,307 1,132 Increase related to tax positions taken during the current year, including interest 351 — — Increase related to tax positions taken during a prior year, including interest 3,483 75 185 Reductions related to tax positions taken in a prior year, including interest (1,382 ) — (10 ) Balance at end of year $ 3,834 1,382 1,307 The increase in gross unrecognized tax benefits in 2019 was primarily a result of the acquisition of CTWS. SJW Group’s policy is to classify interest and penalties associated with unrecognized tax benefits, if any, in tax expense. Accrued interest expense, net of the benefit of tax deductions which would be available on the payment of such interest, is approximately $27 as of December 31, 2019 . SJW Group has not accrued any penalties for unrecognized tax benefits. The amount of interest recognized in 2019 was a decrease to expense of $43 . SJW Group does not foresee material changes to its gross uncertain tax liability within the next 12 months following December 31, 2019 . On December 22, 2017 the Tax Act was signed into law. The Tax Act includes a number of changes in existing tax law impacting businesses including, among other things, a reduction in the corporate income tax rate from 35% to 21% . The rate reduction was effective on January 1, 2018. In accordance with generally accepted accounting principles, SJW Group recorded the revaluation of deferred taxes and related impacts using the new corporate tax rate in its December 31, 2017 consolidated financial statements. The amounts recorded were based on information known and reasonable estimates used as of December 31, 2017. As such, SJW Group recorded this estimate as a provisional amount. SJW Group recorded a tax benefit of $2,357 related to the deferred taxes revaluation impacting non-regulated operations due to the tax rate reduction. However, for regulated operations governed by state public utility commissions, the lower tax rate benefits are expected to flow back to customers under current normalization rules and agreed-upon methods with the commissions. The revaluation of deferred tax assets and liabilities of the regulated operations resulted in a decrease in net deferred tax liabilities of $83,666 which was recorded as a regulatory liability in 2017. SJW Group completed its accounting for the tax effects of tax reform in the fourth quarter of 2018. An additional tax expense of $67 and a reduction of $455 in regulatory liability was recorded. The CPUC has directed SJWC to establish a memorandum account to capture all of the impacts of the Tax Act including the benefit of the reduction in the federal statutory income tax rate from 35% to 21% on its regulated revenue requirement. The PUCT has directed water utilities to record as a regulatory liability the difference between the revenues collected under existing rates and the revenue that would have been collected had the existing rates been set using the new federal statutory income tax rate. The benefits associated with regulatory activities is expected to flow back to customers as directed by the CPUC and PUCT, with no impact to net income. As per Advice Letter No. 522A filed with CPUC, the benefit of the reduction in the federal statutory income tax rate from 35% to 21% were reflected in the customer bills effective July 1, 2018. The tax memorandum account only includes the benefit of the reduction in the federal statutory income tax rate through June 30, 2018. The other impacts of the Tax Act were recorded in the tax memorandum account for the entire year. Accordingly, SJWC recorded $6,504 liability in the tax memorandum account for the year ended December 31, 2018. For discussion on approved refunds, please see “Regulatory Rate Filings” in Note 1. CLWSC refunded the accrued amounts for the period January 25, 2018, through April 30, 2018, in the second quarter of 2018. The FTCC will continue to be reflected on customer bills every month starting from May 1, 2018 until the implementation of new rates resulting from the next rate case. SJW Group expects the Internal Revenue Service to issue guidance in future periods that will determine the final disposition of the excess deferred taxes and other impacts of the Tax Act. At this time, the Company has applied a reasonable interpretation of the Tax Act. Future clarification of the Tax Act may change the amounts estimated. SJW Group files U.S. federal income tax returns and income tax returns in various states. SJW Group is no longer subject to tax examination for fiscal years prior to 2016 for federal purposes and 2015 for state purposes. The open tax years for the jurisdictions in which SJW Group files are as follows: Jurisdiction Years Open Federal 2016 - 2018 California 2015 - 2018 Arizona 2015 - 2016 Tennessee 2016 - 2018 Texas 2015 - 2018 Connecticut 2016 - 2018 Maine 2016 - 2018 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | Intangible Assets Intangible assets consist of a concession fee paid to the City of Cupertino of $6,800 for operating the City of Cupertino municipal water system, $13,400 related to the purchase premium for customer relationships and other intangibles of $13,224 as of December 31, 2019 . Other intangibles primarily consist of $4,128 which was paid for service area and water rights related to CLWSC, $3,831 for infrastructure related to the Cupertino service concession arrangement, $1,400 for customer relationships and $1,040 incurred in conjunction with Valley Water water contracts related to the operation of SJWC. All intangible assets are recorded at cost and all are being amortized using the straight-line method over the legal or estimated economic life of the asset ranging from 5 to 70 years. Amortization expense for the intangible assets was $745 , $647 and $616 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Amortization expense for 2020 through 2024 is anticipated to be $745 per year. The costs of intangible assets as of December 31, 2019 and 2018 are as follows: 2019 2018 Concession fees $ 6,800 6,800 Purchase premium customer relationships 13,400 — Other intangibles 13,224 8,999 Intangible assets 33,424 15,799 Less: Accumulated amortization Concession fees 6,052 5,780 Other intangibles 7,127 2,960 Net intangible assets $ 20,245 7,059 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments Disclosure [Abstract] | |
Commitments | Commitments SJWC purchases water from Valley Water under terms of a master contract expiring in 2051. Delivery schedules for purchased water are based on a contract year beginning July 1, and are negotiated every three years under terms of the master contract with Valley Water. For the years ended December 31, 2019 , 2018 and 2017 , SJWC purchased from Valley Water 21,862 million gallons ( $96,285 ), 21,345 million gallons ( $87,702 ) and 20,857 million gallons ( $78,703 ), respectively, of contract water. On June 13, 2017, the Valley Water Board of Directors approved treated water deliveries reflecting the contractual delivery schedule reduced by 10% through June 30, 2020. Based on current prices and estimated deliveries, SJWC is committed to purchase from Valley Water a minimum of 90% of the reduced delivery schedule, or 19,794 million gallons ( $89,539 ) of water at the current contract water rate of $4.5 per million gallons for the year ending December 31, 2020 . Additionally, SJWC purchases non-contract water from Valley Water on an “as needed” basis if the water supply is available. In 1997, SJWC entered into a 25 -year contract agreement with the City of Cupertino to operate the City’s municipal water system. SJWC paid a one-time, upfront concession fee of $6,800 to the City of Cupertino which is amortized over the contract term. Under the terms of the contract agreement, SJWC assumed responsibility for maintenance and operating costs, while receiving all payments for water service. SJWC and the City of Cupertino signed an amendment to the lease agreement dated January 8, 2020. Under the terms of the amended lease agreement, SJWC agreed to an incremental up-front payment of $5,000 to be used by the City of Cupertino for capital improvements to the City’s municipal water system prior to the expiration of the lease in September 2022. Any unspent funds at lease termination remain the property of the City. Connecticut Water has an agreement with the South Central Connecticut Regional Water Authority (“RWA”) to purchase water from RWA. The agreement was signed in April 2006 and became effective upon the receipt of all regulatory approvals in 2008 and will remain in effect for a minimum of fifty years upon becoming effective. Connecticut Water will pay RWA $75 per year as part of a capacity agreement, for a total of 14 years , starting on the effective date of the agreement. In addition, Connecticut Water is able, but under no obligation, to purchase up to one million gallons of water per day at the then current wholesale rates per the agreement, $2.621 per million gallons as of December 31, 2019. Connecticut Water has an agreement with The Metropolitan District (“MDC”) to purchase water from MDC to serve the Unionville system. The agreement became effective on October 6, 2000 and has a term of fifty years beginning May 19, 2003, the date the water supply facilities related to the agreement were placed in service. Connecticut Water agrees to purchase 283 million gallons of water annually from MDC. Rate charged by the MDC at December 31, 2019 were three dollars and fifty cents per hundred cubic feet. CLWSC has long-term contracts with the GBRA. The terms of the agreements expire in 2037, 2040, 2044 and 2050. The agreements, which are take-or-pay contracts, provide CLWSC with 6,900 acre-feet per year of water supply from Canyon Lake. The water rate may be adjusted by GBRA at any time, provided they give CLWSC a 60 -day written notice on the proposed adjustment. In 2018, CLWSC acquired raw water supply agreements with the Lower Colorado River Authority (“LCRA”) and West Travis Public Utility Agency (“WTPUA”) expiring in 2053 and 2046, respectively, for 250 acre-feet of water under each agreement per year from Lake Austin and the Colorado River, respectively, at prices that may be adjusted periodically by the agencies. Maine Water has an agreement with the Kennebec Water District for potable water service. The agreement was extended and became effective on November 7, 2015 for a new term of 5 years . Maine Water guarantees a minimum consumption of 60 million gallons of water annually. Water sales to Maine Water are billed at a flat rate of $5 per year plus the monthly minimum tariff rate of $1.51 per hundred cubic feet for a 4-inch metered service as of December 31, 2019 . As of December 31, 2019 , SJWC had 361 employees, of whom 136 were executive, administrative or supervisory personnel, and of whom 225 were members of unions. On November 12, 2019 and February 20, 2020, SJWC reached three-year bargaining agreements with the International Union of Operating Engineers, representing certain employees in the engineering department, and the Utility Workers of America, representing the majority of all nonadministrative employees at SJWC, respectively, covering January 1, 2020 through December 31, 2022. The agreements include a 3% wage increase in 2020, 3% in 2021 and 4% |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Legal Proceedings [Abstract] | |
Contingencies | Contingencies Class Action Suits Related to the merger with CTWS On June 14, 2018, certain shareholders of CTWS (the “Plaintiffs”) filed two nearly identical class-action complaints in Connecticut state court against the CTWS board of directors, SJW Group, Eric W. Thornburg, Chairman, President and Chief Executive Officer of SJW Group, and CTWS (the “Defendants”). The complaints, as amended on September 18, 2018 and September 20, 2018, allege that the CTWS board breached its fiduciary duties in connection with the Merger, that CTWS’s preliminary proxy statement, filed with the SEC on August 20, 2018, omitted certain material information and that SJW Group and Mr. Thornburg aided and abetted the alleged breaches by the CTWS board of directors. Among other remedies, the actions sought to recover rescissory and other damages and attorney’s fees and costs. SJW Group believed the claims in these complaints were without merit and vigorously defended against such complaints. The parties to the lawsuits agreed in principle to settle the lawsuits in exchange for the issuance of additional disclosures by CTWS. Pursuant to the agreements to settle the lawsuits, the Plaintiffs reserved the right to seek a mootness fee from CTWS. The parties moved to stay proceedings, other than fee-related proceedings, until the closing of the merger with CTWS, and the court initially granted the parties’ motion to stay on November 14, 2018. The initial stay of proceedings had expired on February 28, 2019 and after multiple motions by the parties and granting of extensions, the stay of the proceedings continued until November 11, 2019. On November 20, 2018, the Plaintiffs filed an opening brief in support of their mootness fee demand of $1,500 . The merger with CTWS closed on October 9, 2019, and pursuant to the agreement in principle to settle the litigation, the complaints would be dismissed after the closing. On November 12, 2019, the Defendants filed an opposition to the Plaintiffs’ fee demand. On November 27, 2019, the Plaintiffs filed a reply brief in further support of their mootness fee demand. On January 8, 2020, the court entered an order dismissing Plaintiffs’ complaints. On January 10, 2020, the parties entered into an agreement pursuant to which the Defendants would pay a mootness fee amount of $325 in exchange for the release of all of the Plaintiffs’ claims. Billing Practice OII with CPUC On September 14, 2018, the CPUC issued OII No. 18-09-003 to which SJWC was named as Respondent. The OII will determine whether the company unlawfully overcharged customers over a 30-year period by failing to pro-rate service charges when increases occurred during a billing period, and whether the company double-billed service charges during one billing period when allegedly switching from billing such charges in advance to billing in arrears. By a decision adopted November 29, 2018, in SJWC’s then-pending GRC, the CPUC approved a settlement to resolve the alleged overcharging issue for the period since June 2011 by requiring customer credits to customers totaling $2,020 . That amount was refunded to customers pursuant to SJWC’s Advice Letter No. 530, effective February 8, 2019. See discussion on the matter in Note 1, “Regulatory Rate Filings.” On July 24, 2019, SJWC and CPED jointly filed a motion for CPUC approval of a Settlement Agreement (“Agreement”) over SJWC’s past customer billing practices. The Agreement requires the company to pay approximately $2,100 in additional customer refunds, consisting of $1,757 for refunds during the period from 1987 to 2011 and $350 in customer credits to low income water customers, and invest $5,000 in utility plant that is not allowed an investment return or rate recovery. SJWC recorded the $2,100 customer credit expense as an offset to revenues during the second quarter of 2019. The $5,000 commitment to invest in utility plant will be recognized as plant in service on the company’s financial statements once invested. A CPUC Presiding Officer’s Decision approved the Agreement in December 2019, but an appeal was filed in January 2020 by a group of SJWC customers. On February 27, 2020, the CPUC adopted a modified version of the Agreement, which found the appeal to be without merit and approved the Agreement. The CPUC’s adopted decision is scheduled to become final on March 28, 2020. SJW Group is subject to ordinary routine litigation incidental to its business. There are no pending legal proceedings to which SJW Group 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 Group’s business, financial position, results of operations or cash flows. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Pension Plans SJW Group maintains noncontributory defined benefit pension plans for its eligible employees. SJWC and CTWS employees hired before March 31, 2008 and January 1, 2009, respectively, are entitled to benefits under the pension plans based on the employee’s years of service and compensation. For SJWC employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based upon compensation credits and interest credits for each employee. CTWS employees hired on or after January 1, 2009 are entitled to an additional 1.5% of eligible compensation to their company sponsored savings plan. SJW Group does not have multi-employer plans. The pension plans are administered by their respective committees where the investment strategy of the investments of the various pension and post-retirement benefit plans are reviewed and approved to achieve the goals of income generation and long-term capital preservation. SJW Group engages third-party investment managers to assist with, among other things, asset allocation strategy, investment policy advice, performance monitoring, and investment manager due diligence. Individual investment decisions have been delegated by the pension plan committees to the investment managers who are also monitored by an investment consultant. Investment managers are not permitted to invest outside of the asset class or strategy under the pension plans’ investment guidelines. The committees ensure that the plans establish a target mix that is expected to achieve its investment objectives, by assuring a broad diversification of investment assets among investment types, while minimizing volatility of the target asset mix, unless market conditions make such a change appropriate to reduce risk. The pension plans require a minimum portion of plan assets to be allocated to fixed income securities and guidelines and restrictions on equity investments for the assets. Plan assets are marked to market at each measurement date, resulting in unrealized actuarial gains or losses. Unrealized actuarial gains and losses on pension assets are amortized over the expected future working lifetime of participants for actuarial expense calculation purposes. For the SJWC retirement plans, market gains in 2018 decreased pension expense by approximately $2,520 in 2019 and market losses in 2017 increased pension expense by approximately $1,388 in 2018 . Generally, it is expected of the investment managers that the performance of the assets held in the pension plans, computed on a total annual rate of return basis, should meet or exceed specific performance standards over a three -to- five -year period and/or full market cycle. These standards include specific absolute and risk-adjusted performance standards over a three-to-five-year period and/or full market cycle. The expected long-term rate of return on the pension plan assets is between 7.00% and 7.25%. SJW Group calculates the market-related value of defined benefit pension plan assets, which is defined under FASB ASC Topic 715—“Compensation—Retirement Benefits” as a balance used to calculate the expected return on plan assets, using fair value. The fair value is based on quoted prices in active markets for identical assets and significant observable inputs. Senior management hired before March 31, 2008 for SJWC and January 1, 2009 for CTWS are eligible to receive additional retirement benefits under the supplemental executive retirement plans and retirement contracts (“SERP”). SJWC’s senior management hired on or after March 31, 2008 are eligible to receive additional retirement benefits under SJWC’s Cash Balance Executive Supplemental Retirement Plans. Both of the plans are non-qualified plans in which only senior management and other designated members of management may participate. The annual cost of the plans has been included in the determination of the net periodic benefit cost shown below. The SERP and Cash Balance Executive Supplemental Retirement Plan had a projected benefit obligation of $41,768 and $25,380 as of December 31, 2019 and 2018 , respectively, and net periodic pension cost of $3,219 , $2,905 and $2,186 for 2019 , 2018 and 2017 , respectively. SJWC’s plans are unfunded while CTWS’s SERP is funded through investments consisting primarily of life insurance contracts and assets in a Rabbi Trust. As of December 31, 2019 , total investments made to fund CTWS’s SERP was $7,070 which is included in investments in SJW Group’s consolidated balance sheets. The life insurance contracts are valued at cash surrender value of the policies as reported by the insurer. As of December 31, 2019 , the value of the life insurance contracts was $3,829 . The following tables summarize the fair values of the Rabbi Trust investment assets to fund CTWS’s SERP by major categories as of December 31, 2019 : Fair Value Measurements at December 31, 2019 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds $ 20 20 — — Mutual funds 834 834 — — Fixed income 2,329 2,329 — — Total $ 3,183 3,183 — — Other Postretirement Benefits In addition to providing pension and savings benefits, the company also provides health care and life insurance benefits for eligible retired employees under the respective employer-sponsored post-retirement benefits other than pension plans. The benefits are paid by the company and not from plan assets due to limitations imposed by Internal Revenue Service. Flexible Spending Plan SJW Group sponsors flexible spending account plans for its employees for the purpose of providing eligible employees with the opportunity to choose from among the fringe benefits available under the plans. The flexible spending plan is intended to qualify as a cafeteria plan under the provisions of the Internal Revenue Code Section 125. The flexible spending plan allows employees to save pre-tax income in a Health Care Spending Account (“HCSA”) and/or a Dependent Care Spending Account (“DCSA”) to help defray the cost of out-of-pocket medical and dependent care expenses. The annual maximum limit under the HCSA and DCSA plans is $2.5 and $5 , respectively. Savings Plans for Employees SJW Group also sponsors salary deferral plans which are defined contribution plans that allow employees to defer and contribute a portion of their earnings to the plan. Contributions, not to exceed set limits, are matched by the company. For CTWS’s employees hired on or after January 1, 2009 and ineligible to participate in the defined benefit pension plan, CTWS contributes an additional 1.5% of eligible contributions. SJW Group contributions were $2,046 , $1,569 and $1,683 in 2019 , 2018 and 2017 , respectively. All of the company’s contributions are invested at the direction of the employees in funds offered under the plans. Special Deferral Election Plans and Deferral Election Program SJW Group maintains a special deferral election plan and a deferred compensation plan and agreements for senior management and a deferral election program for non-employee directors allowing for the deferral of a portion of their earnings each year and to realize an investment return on those funds during the deferral period. Senior management and non-employee directors have to make an election on the deferral and distribution method of the deferrals before services are rendered. CTWS’s deferred compensation plan allows the company to make discretionary contributions. Senior management and non-employee directors had deferred $7,834 , $4,244 and $4,528 under the plans as of December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , $3,801 of the total amount deferred is related to CTWS agreements that were assumed as part of the merger transaction on October 9, 2019. Assumptions Utilized on Actuarial Calculations Net periodic cost for the defined benefit plans and other postretirement benefits was calculated using the following weighted-average assumptions: Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 % % % % % % Discount rate 3.04% - 4.16% 3.52 4.04 2.52% - 4.09% 3.45 3.93 Expected return on plan assets 7.00%, 7.25% 7.00 7.00 4.00%, 7.00% 7.00 7.00 Rate of compensation increase 4.00 4.00 4.00 N/A N/A N/A The expected rate of return on plan assets was determined based on a review of historical returns, for the pension plans and for medium- to large-sized defined benefit pension funds with similar asset allocations. This review generated separate expected returns for each asset class. These expected future returns were then blended based on the pension plans’ target asset allocations. Benefit obligations for the defined benefit plans and other postretirement benefits were calculated using the following weighted-average assumptions as of December 31: Pension Benefits Other Benefits 2019 2018 2019 2018 % % % % Discount rate 3.05% - 3.23% 4.16 2.59% - 3.18% 4.09 Rate of compensation increase 4.00 4.00 N/A N/A SJW Group utilized each plan’s projected benefit stream in conjunction with the FTSE Pension Discount Curve (formerly the Citigroup Pension Discount Curve) and the FTSE Above Median Double-A Curve for SJWC and CTWS, respectively, in determining the discount rate used in calculating the pension and other postretirement benefits liabilities at the measurement date. In 2019 and 2018, SJW Group adopted the newly then issued MP-2019 and MP-2018, respectively, Mortality Improvement Scales to determine mortality assumptions. The tables and scales reflect increasing life expectancies of participants in the United States. See also “Reconciliation of Funded Status” below. Net Periodic Pension Costs Net periodic costs for the defined benefit plans and other postretirement benefits for the years ended December 31 was as follows: Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost Service cost $ 5,947 5,790 4,699 $ 581 616 529 Interest cost 8,506 6,879 6,993 775 627 634 Expected return on assets (10,118 ) (9,255 ) (7,888 ) (475 ) (450 ) (376 ) Amortization of prior service cost 48 51 94 197 197 198 Recognized actuarial loss 3,984 3,986 3,844 240 321 273 Net periodic benefit cost $ 8,367 7,451 7,742 $ 1,318 1,311 1,258 Reconciliation of Funded Status For the defined benefit plans and other postretirement benefits, the benefit obligation is the projected benefit obligation and the accumulated benefit obligation, respectively. The projected benefit obligations and the funded status of the defined benefit pension and other postretirement plans as of December 31 were as follows: Pension Benefits Other Benefits 2019 2018 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 187,877 196,207 $ 17,489 18,003 Service cost 5,947 5,790 581 616 Interest cost 8,506 6,879 775 627 Business combinations 108,162 — 12,537 — Actuarial (gain)/loss 35,502 (14,447 ) 2,027 (988 ) Implicit rate subsidy — — (217 ) (207 ) Plan participants contributions — — 85 — Administrative expenses paid (10 ) — — — Benefits paid (7,744 ) (6,552 ) (731 ) (562 ) Benefit obligation at end of year $ 338,240 187,877 $ 32,546 17,489 Change in plan assets Fair value of assets at beginning of year $ 127,610 133,360 $ 5,849 6,804 Actual return on plan assets 34,807 (7,700 ) 1,972 (262 ) Business combinations 79,382 — 9,314 — Employer contributions 9,476 8,502 738 629 Plan participants contributions — — 85 — Administrative expenses paid (10 ) — (55 ) — Benefits paid (7,744 ) (6,552 ) (677 ) (1,322 ) Fair value of plan assets at end of year 243,521 127,610 17,226 5,849 Funded status at end of year $ (94,719 ) (60,267 ) $ (15,320 ) (11,640 ) The amounts recognized on the balance sheet as of December 31 were as follows: Pension Benefits Other Benefits 2019 2018 2019 2018 Current liabilities $ 1,899 1,323 $ 96 94 Noncurrent liabilities 92,820 58,944 15,224 11,546 $ 94,719 60,267 $ 15,320 11,640 SJW Group recorded a regulatory asset on the projected benefit obligation of the postretirement benefit plans as follows: 2019 2018 Funded status of obligation $ 110,039 71,907 Accrued benefit cost (36,514 ) (5,674 ) Regulatory asset, amount to be recovered in future rates $ 73,525 66,233 Plan Assets Plan assets as of December 31 were as follows: Pension Benefits Other Benefits 2019 2018 2019 2018 Fair value of assets at end of year: Debt securities $ 86,288 42,654 $ 5,608 2,200 36 % 33 % 33 % 38 % Equity securities 146,210 77,053 10,840 3,416 60 % 60 % 63 % 58 % Cash and equivalents 11,023 7,903 778 233 5 % 6 % 5 % 4 % Total $ 243,521 127,610 $ 17,226 5,849 The following tables summarize the fair values of plan assets by major categories as of December 31, 2019 and 2018 : Fair Value Measurements at December 31, 2019 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 11,801 11,801 — — Equity securities (a) 157,050 149,265 7,785 — Fixed Income (b) 91,896 31,686 60,210 — Total $ 260,747 192,752 67,995 — ___________________________________ (a) Actively managed portfolio of equity securities with the goal to exceed the benchmark performance. (b) Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance Fair Value Measurements at December 31, 2018 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 8,136 8,136 — — Equity securities (a) 80,468 74,541 5,927 — Fixed Income (b) 44,855 — 44,855 — Total $ 133,459 82,677 50,782 — ___________________________________ (a) Actively managed portfolio of equity securities with the goal to exceed the benchmark performance. (b) Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance In 2020 , SJW Group expects to make required and discretionary cash contributions of up to $8,404 to the pension plans and other postretirement benefit plans. Benefits expected to be paid in the next five years and in the aggregate for the five years thereafter are: Pension Plan Other Postretirement Benefit Plan 2020 $ 13,930 $ 1,336 2021 14,358 1,447 2022 14,626 1,513 2023 15,187 1,600 2024 15,604 1,648 2025 - 2029 86,971 8,908 |
Equity Plans
Equity Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Plans | Equity Plans Common Stock SJW Group has a Long-Term Stock Incentive Plan (the “Plan”), which has 1,800,000 shares of common stock reserved for issuance. The Plan was initially adopted by the Board of Directors on March 6, 2002. On January 30, 2013, the amended and restated Plan was adopted by the Board and became effective on April 24, 2013. The Plan was subsequently amended and the amended and restated Plan was adopted by the Board on July 29, 2015. The Plan allows SJW Group 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 Group. A participant in the Plan generally may not receive Plan awards covering an aggregate of more than 600,000 shares of common stock in any calendar year. Additionally, awards granted under the Plan may be conditioned upon the attainment of specified Company performance goals. The types of awards included in the Plan are restricted stock awards, restricted stock units, performance shares, or other share-based awards. In addition, shares are issued to employees under the Employee Stock Purchase Plan (“ESPP”) that was approved by SJW Group stockholders. As of December 31, 2019 , 2018 and 2017 , 819,340 , 793,811 and 628,546 shares have been issued pursuant to the Plan, and 174,764 , 124,275 and 228,885 shares are issuable upon the exercise of outstanding restricted stock units and deferred restricted stock units for the years ended 2019 , 2018 and 2017 , respectively. The remaining shares available for issuance under the Plan are 805,896 as of December 31, 2019 . The compensation costs charged to income is recognized on a straight-line basis over the requisite service period. A summary of compensation costs charged to income and proceeds from the exercise of stock options and similar instruments, that are recorded to additional paid-in capital and common stock, by award type, are presented below for the years ended December 31: 2019 2018 2017 Compensation costs charged to income: ESPP $ 283 242 214 Restricted stock and deferred restricted stock 3,123 1,875 2,429 Total compensation costs charged to income $ 3,406 2,117 2,643 Proceeds from the exercise of stock options and similar instruments: ESPP 1,603 1,371 1,215 Total proceeds from the exercise of stock options and similar instruments $ 1,603 1,371 1,215 Restricted Stock and Deferred Restricted Stock Under SJW Group’s Amended and Restated Deferred Restricted Stock Program (the “Deferred Restricted Stock Program”), SJW Group granted deferred restricted stock units to non-employee Board members. This program was amended effective January 1, 2008. As a result of that amendment, no new awards of deferred restricted stock units will be made under the Deferred Restricted Stock Program with respect to Board service after December 31, 2007. A summary of SJW Group’s restricted and deferred restricted stock awards under the Plan as of December 31, 2019 , and changes during the year ended December 31, 2019 , are presented below: Units Weighted- Average Grant- Date Fair Value Outstanding as of January 1, 2019 124,275 $ 38.80 Issued 76,018 $ 59.78 Exercised (25,529 ) $ 49.77 Forfeited or expired — $ — Outstanding as of December 31, 2019 174,764 $ 46.63 Shares vested as of December 31, 2019 81,611 $ 31.12 A summary of the status of SJW Group’s nonvested restricted and deferred restricted stock awards under the Plan as of December 31, 2019 , and changes during the year ended December 31, 2019 , are presented below: Units Weighted- Average Grant- Date Fair Value Nonvested as of January 1, 2019 55,098 $ 54.42 Granted 76,018 $ 59.78 Vested (37,963 ) $ 59.27 Forfeited — $ — Nonvested as of December 31, 2019 93,153 $ 39.57 In connection with the merger with CTWS, SJW Group assumed outstanding awards of restricted stock units and deferred share units under the following stock plans: CTWS 2014 Performance Stock Program, CTWS 2004 Performance Stock Program and CTWS 1994 Performance Stock Program (collectively, the “CTWS Plan”); as of October 9, 2019 a total of 156,022 shares of SJW common stock have been reserved for issuance under the assumed awards. These assumed awards generally retain all of the rights, terms and conditions of the respective plans and award agreements under which they were originally granted. During the period October 9, 2019 to December 31, 2019 , the CTWS Plan issued, exercised and forfeited 105,233 , 23 and 2,279 of shares respectively, of restricted stock based awards and deferred restricted stock. As of December 31, 2019 , approximately 102,931 shares of restricted stock based awards and deferred restricted stock were outstanding under the CTWS Plan that were assumed by SJW Group on October 9, 2019. Total grant date fair value of restricted stock awards for all plans that were vested for the years ended 2019 , 2018 and 2017 were $2,420 , $1,913 and $2,775 , respectively. As of December 31, 2019 , the total unrecognized compensation costs related to restricted and deferred restricted stock plans amounted to $3,915 . This cost is expected to be recognized over a weighted-average period of 1.84 years. For the the years ended December 31, 2019 , 2018 and 2017 , 6,120 , 52,629 and 15,390 , respectively, of performance-based and market-based restricted stock awards were issued upon the attainment of certain performance metrics and service-based vesting under the Plan. Based upon actual attainment relative to the target performance metric, the number of shares issuable can range between 0% to 150% of the target number of shares for performance-based restricted stock awards, or between 0% and 200% of the target number of shares for market-based restricted stock awards. As of December 31, 2019 , 7,676 performance-based and market-based restricted stock awards vested and 42,700 remained outstanding. Dividend Equivalent Rights Under the Plan, certain holders of restricted stock and deferred restricted stock awards may have the right to receive dividend equivalent rights (“DERs”) each time a dividend is paid on common stock after the grant date. Stock compensation on DERs is recognized as a liability and recorded against retained earnings on the date dividends are issued. The Deferred Restricted Stock and Deferral Election Programs for non-employee Board members were amended effective January 1, 2008, to allow the DERs’ with respect to the deferred shares to remain in effect only through December 31, 2017. Accordingly, the last DERs’ conversion into deferred restricted stock units under such programs occurred on the first business day in January 2018. Previously, no such time limitation was placed in the Deferred Restricted Stock and Deferral Election Program. Certain CTWS restricted stock awards and deferred restricted stock assumed under the merger agreement retained rights to receive DERs that will convert on SJW Group’ quarterly dividend payment dates. As of December 31, 2019 , 2018 and 2017 , a cumulative of 81,231 , 79,478 and 77,034 dividend equivalent rights were converted, since inception, to deferred restricted stock awards, respectively. For the years ended December 31, 2019 , 2018 and 2017 , $93 , $97 and $139 , respectively, related to dividend equivalent rights were recorded against retained earnings and were accrued as a liability. Employee Stock Purchase Plan The ESPP allows eligible employees to purchase shares of SJW Group’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 SJW Group’s common stock have been reserved for issuance under the ESPP. As of December 31, 2019 , the ESPP had ten purchase intervals since its inception. For the year ended December 31, 2019 , 2018 and 2017 , a total of 30,255 , 25,907 and 27,743 shares, respectively, were issued under the ESPP. The plan has no look-back provisions. For the years ended December 31, 2019 , 2018 and 2017 , cash received from employees towards the ESPP amounted to $1,682 , $1,523 and $1,282 , respectively. For the years ended December 31, 2019 , 2018 and 2017 , SJW Group’s recorded expenses were $294 , $265 and $229 , respectively, related to the ESPP. The total unrecognized compensation costs related to the semi-annual offering period that ended January 31, 2020 for the ESPP is approximately $206 . This cost is expected to be recognized during the first quarter of 2020. |
Segment and Non-Tariffed Busine
Segment and Non-Tariffed Businesses Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Non-Tariffed Businesses Reporting | Segment and Non-Tariffed Businesses Reporting SJW Group is a holding company with four subsidiaries: (i) SJWC, a water utility operation with both regulated and non-tariffed businesses, (ii) SJWTX, Inc. which is doing business as CLWSC, a regulated water utility located in Canyon Lake, Texas, and its consolidated non-tariffed variable interest entity, Acequia Water Supply Corporation, (iii) SJW Land Company and its consolidated variable interest entity, 444 West Santa Clara Street, L.P., which operated commercial building rentals, and (iv) as of October 9, 2019, SJWNE LLC a holding company for CTWS and its subsidiaries, Connecticut Water, Maine Water, HVWC, Avon Water, NEWUS and Chester Realty, Inc. (see discussion on the merger at Note 12). In November 2017, SJW Group sold its equity interest in its wholly-owned subsidiary TWA, a non-tariffed water utility operation that was undertaking activities to develop a water supply project in Texas. In accordance with FASB ASC Topic 280—“Segment Reporting,” SJW Group 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 Group’s subsidiaries, SJWC, Connecticut Water, CLWSC, Maine Water, HVWC, Avon Water, NEWUS and, up to the date of the sale, TWA, together referred to as “Water Utility Services.” The second segment is property management and investment activity conducted by SJW Land Company and Chester Realty, Inc., referred to as “Real Estate Services.” SJW Group’s reportable segments have been determined based on information used by the chief operating decision maker. SJW Group’s chief operating decision maker includes the Chairman, President and Chief Executive Officer, and his executive staff. The executive staff reviews financial information presented on a consolidated basis that is accompanied by disaggregated information about operating revenue, net income and total assets, by subsidiary. The following tables set forth information relating to SJW Group’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 Group not included in the reportable segments is included in the “All Other” category. For the year ended December 31, 2019 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated (2) Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total Operating revenue $ 407,116 7,969 5,397 — 407,116 13,366 420,482 Operating expense 329,520 5,443 3,751 24,289 329,520 33,483 363,003 Operating income (loss) 77,596 2,526 1,646 (24,289 ) 77,596 (20,117 ) 57,479 Net income (loss) 42,691 2,019 1,623 (22,930 ) 42,691 (19,288 ) 23,403 Depreciation and amortization 63,775 420 1,196 201 63,775 1,817 65,592 Senior note and other interest expense 25,073 — — 6,723 25,073 6,723 31,796 Income tax expense (benefit) in net income 8,382 708 486 (1,122 ) 8,382 72 8,454 Assets 3,016,846 5,507 46,778 63,339 3,016,846 115,624 3,132,470 For the year ended December 31, 2018 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total Operating revenue $ 384,639 7,578 5,482 — 384,639 13,060 397,699 Operating expense 294,536 5,012 3,539 21,172 294,536 29,723 324,259 Operating income (loss) 90,103 2,566 1,943 (21,172 ) 90,103 (16,663 ) 73,440 Net income (loss) 53,181 1,848 885 (17,147 ) 53,181 (14,414 ) 38,767 Depreciation and amortization 53,067 338 1,196 — 53,067 1,534 54,601 Senior note and other interest expense 22,157 — — 2,175 22,157 2,175 24,332 Income tax expense (benefit) in net income 14,826 719 903 (6,383 ) 14,826 (4,761 ) 10,065 Assets 1,492,954 4,489 46,517 412,429 1,492,954 463,435 1,956,389 For the year ended December 31, 2017 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total Operating revenue $ 376,104 7,419 5,702 — 376,104 13,121 389,225 Operating expense 276,061 4,855 3,688 2,770 276,061 11,313 287,374 Operating income (loss) 100,043 2,564 2,014 (2,770 ) 100,043 1,808 101,851 Net income (loss) 47,736 1,137 6,193 4,138 47,736 11,468 59,204 Depreciation and amortization 46,500 572 1,220 — 46,500 1,792 48,292 Senior note and other interest expense 20,670 — 60 2,199 20,670 2,259 22,929 Income tax expense (benefit) in net income 30,127 993 644 3,629 30,127 5,266 35,393 Assets 1,406,221 4,471 47,668 (359 ) 1,406,221 51,780 1,458,001 ____________________ (1) The “All Other” category for the year ended December 31, 2019 , includes the accounts of SJW Group, SJWNE, LLC and CTWS, Inc. on a stand-alone basis. For the years ended December 31, 2018 and 2017 , the “All Other” category includes the accounts of SJW Group on a stand-alone basis. (2) As of December 31, 2019 |
SJW Group and CTWS Merger (the
SJW Group and CTWS Merger (the Merger) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
SJW Group and CTWS Merger (the “Merger”) | SJW Group and CTWS Merger (the “ Merger ”) On October 9, 2019, SJW Group completed its previously announced acquisition of CTWS pursuant to the terms of the Second Amended and Restated Agreement and Plan of Merger, dated as of August 5, 2018, by and among SJW Group, Hydro Sub, Inc., a Connecticut corporation and a wholly-owned subsidiary of SJW Group, and CTWS. CTWS provides water service to approximately 137,000 connections that serve a population of approximately 480,000 people in 80 municipalities throughout Connecticut and Maine and more than 3,000 wastewater connections in Southbury, Connecticut. In addition, CTWS has a real estate company in Connecticut which provides property management services. SJW Group has included the financial results of CTWS in the consolidated financial statements from the date of acquisition. SJW Group acquired all of the outstanding stock of CTWS for $70.00 per share in cash (without interest and less any applicable withholding taxes). The total cash purchase price is approximately $838,475 , less cash received of $3,011 , and approximately $6,384 related to outstanding awards of restricted stock units and deferred share units assumed in connection with the merger with CTWS. SJW Group financed the acquisition with net proceeds from its December 2018 sale of 7,762,000 common equity shares of approximately $411,077 , and the October 2019 issuance of $427,398 in new fixed rate term loans. SJW Group raised an additional $18,463 in the debt financing to partially finance transaction costs incurred in connection with the CTWS acquisition. Along with the acquisition debt financing, SJW Group raised $60,000 of new proceeds used to partially refinance certain CTWS short-term borrowings on its existing lines of credit after the CTWS acquisition closed. Management estimated the preliminary fair values of net tangible and intangible assets acquired, and the excess of the consideration transferred over the aggregate of such fair values was recorded as goodwill. The preliminary value of the acquired deferred tax assets and deferred tax liabilities are based on a preliminary analysis, and our estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). In addition, management is still gathering information necessary to complete the recognition and measurement of the opening balance sheet. The following table summarizes the estimated preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition: Fair Value Utility plant, net $ 750,703 Nonutility plant 848 Current assets 42,673 Investments 12,489 Regulatory assets and deferred charges, less current portion 83,132 Other intangible assets 17,181 Other assets 2,592 Goodwill 626,523 Total assets acquired $ 1,536,141 Long-term debt 281,009 Current liabilities, including maturities of long-term debt 125,772 Deferred income taxes 107,789 Post-retirement benefit plans 31,789 Contributions in aid of construction and construction advances 137,327 Other long-term liabilities 10,607 Total liabilities assumed 694,293 Assumed equity $ 841,848 Other intangible assets primarily consists of customer relationships. The goodwill balance is primarily attributable to assembled workforce and diversification of markets both from a geographic and regulatory perspective. We do not expect the goodwill recognized to be deductible for income tax purposes. The amounts of revenue and pretax loss of CTWS included in SJW Group’s Consolidated Statements of Comprehensive Income from the acquisition date in October 2019 through December 31, 2019 are as follows: Total revenues $ 21,672 Pretax (loss) (3,174 ) The following unaudited pro forma financial information summarizes the combined results of operations for SJW Group and CTWS, as though the companies were combined as of January 1, 2018. Fiscal Year Ended December 31, 2019 2018 Total revenues $ 515,153 514,364 Pretax income (loss) 60,862 72,938 Net income (loss) 56,968 65,449 Basic earnings per share 2.00 2.31 The historical consolidated financial information has been adjusted in the pro forma combined financial statements to give effect to pro forma events that are: (1) directly attributable to the transaction, (2) factually supportable and (3) expected to have continuing impact on the combined results of SJW Group and CTWS. As such, the impact of non-recurring transaction related expenses is not included. The pro forma financial statements do not reflect all cost savings (or associated costs to achieve such savings) from operating efficiencies or synergies that could result from the transaction. In addition, the pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at January 1, 2018. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data Summarized quarterly financial data is as follows: 2019 Quarter Ended March June September December Operating revenue $ 77,682 102,965 113,997 125,838 Operating income 12,408 21,971 17,084 6,016 SJW Group net income 5,873 13,538 9,478 (5,486 ) Comprehensive income 5,873 13,538 9,478 (5,360 ) Earnings per share: —Basic 0.21 0.48 0.33 (0.20 ) —Diluted 0.21 0.47 0.33 (0.19 ) Market price range of stock: —High 63.76 63.40 69.23 74.47 —Low 54.74 59.83 61.23 67.13 Dividend per share 0.30 0.30 0.30 0.30 2018 Quarter Ended March June September December Operating revenue $ 75,042 99,086 124,853 98,718 Operating income 7,331 22,799 25,828 17,482 SJW Group net income 1,285 12,871 15,788 8,823 Comprehensive income 1,285 12,871 15,788 8,823 Earnings per share: —Basic 0.06 0.63 0.77 0.38 —Diluted 0.06 0.62 0.76 0.38 Market price range of stock: —High 63.47 68.15 67.29 65.31 —Low 51.96 51.68 56.12 52.63 Dividend per share 0.28 0.28 0.28 0.28 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Years ended December 31, 2019 , 2018 and 2017 (in thousands) Description 2019 2018 2017 Allowance for doubtful accounts: Balance, beginning of period $ 272 190 200 Opening balance, SJWNE, LLC 1,283 — — Charged to expense 520 430 399 Accounts written off (875 ) (650 ) (675 ) Recoveries of accounts written off 312 302 266 Balance, end of period $ 1,512 272 190 Reserve for litigation and claims: Balance, beginning of period $ 2,181 1,892 2,105 Charged to expense 3,221 480 528 Revision to accrual, due to settlements (135 ) 1 (245 ) Payments (2,369 ) (192 ) (496 ) Balance, end of period $ 2,898 2,181 1,892 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business Combinations Policy [Policy Text Block] | SJW Group applies the provisions of ASC Topic 805—“Business Combinations” for the purchase accounting related to the merger with CTWS on October 9, 2019. Topic 805 requires SJW Group to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While SJW Group uses our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our Consolidated Statements of Comprehensive Income. Accounting for business combinations requires SJW Group to make significant estimates and assumptions, especially at the acquisition date, including estimates for intangible assets, contractual obligations assumed and pre-acquisition contingencies. Although SJW Group believes that the assumptions and estimates we make are reasonable and appropriate, they are based in part on historical experience and information obtained from CTWS’s management and are inherently uncertain. Events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. The purchase price allocation process requires management to make significant estimates and assumptions with respect to intangible assets. Although SJW Group believes the assumptions and estimates made are reasonable, they are based in part on historical experience, market conditions and information obtained from management of the acquired companies and are inherently uncertain. Examples of critical estimates in valuing certain of the intangible assets we have acquired or may acquire in the future include, but are not limited to: future expected cash flows from services; historical and expected customer attrition rates and anticipated growth in revenue from acquired customers; the expected use of the acquired assets; and discount rates. |
Consolidation Policy | The accompanying consolidated financial statements include the accounts of SJW Group, its wholly owned subsidiaries, and two variable interest entities in which two SJW Group subsidiaries are the primary beneficiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Recently Adopted Accounting Principles Policy | In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” as amended, which supersedes the lease requirements in “Leases (Topic 840).” This ASU generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the Consolidated Balance Sheets and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. ASU 2016-02 also makes some changes to lessor accounting and aligns with the new |
Use of Estimates Policy | The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Utility Plant Policy | The cost of additions, replacements and betterments to utility plant is capitalized. The amount of interest capitalized in 2019 , 2018 and 2017 was $4,323 , $2,856 and $2,807 , respectively. Construction in progress was $ 112,232 and $ 68,765 at December 31, 2019 and 2018 , respectively. The major components of depreciable plant and equipment as of December 31, 2019 and 2018 are as follows: 2019 2018 Equipment $ 521,183 335,358 Transmission and distribution 2,207,051 1,375,821 Office buildings and other structures 260,220 121,872 Total depreciable plant and equipment $ 2,988,454 1,833,051 Depreciation is computed using the straight-line method over the estimated remaining service lives of groups of assets, ranging from 5 to 75 years . The estimated service lives of depreciable plant and equipment are as follows: Useful Lives Equipment 5 to 35 years Transmission and distribution plant 35 to 75 years Office buildings and other structures 7 to 50 years For the years 2019 , 2018 and 2017 , depreciation expense as a percent of the beginning of the year balance of depreciable plant was approximately 3.8% , 3.6% and 3.6% , respectively. A portion of depreciation expense was allocated to administrative and general expense. For the years 2019 , 2018 and 2017 , the amounts allocated to administrative and general expense were $2,869 , $2,306 and $2,209 , respectively. Depreciation expense for utility plant for the years ended December 31, 2019 , 2018 and 2017 was $63,785 , $53,031 and $46,456 , respectively. The cost of utility plant retired, including retirement costs (less salvage), is charged to accumulated depreciation and no gain or loss is recognized. |
Utility Plant Intangible Assets Policy | All intangible assets are recorded at cost and are amortized using the straight-line method over the estimated useful life of the asset, ranging from 5 to 70 years (see Note 6, “Utility Plant Intangible Assets”). |
Real Estate Investments Policy | Real estate investments are recorded at cost and consist primarily of land and buildings. Net gains and losses from the sale of real estate investments are recorded as a component of other (expense) income in the Consolidated Statements of Comprehensive Income. Nonutility property in Water Utility Services is also classified in real estate investments and not separately disclosed on the balance sheet based on the immateriality of the amount. Nonutility property is property that is neither used nor useful in providing water utility services to customers and is excluded from the rate base for rate-setting purposes. SJWC recognizes gain/loss on disposition of nonutility property in accordance with California Public Utilities Commission (“CPUC”) Code Section 790, whereby the net proceeds are reinvested back into property that is useful in providing water utility services to customers. There is no depreciation associated with nonutility property as it is all land. Depreciation on buildings and improvements for real estate investments is computed using the straight-line method over the estimated useful lives of the assets, ranging from 7 to 39 years . |
Impairment of Long-Lived Assets Policy | In accordance with the requirements of FASB ASC Topic 360—“Property, Plant and Equipment,” the long-lived assets of SJW Group are reviewed for impairment when changes in circumstances or events require adjustments to the carrying values of the assets. When such changes in circumstances or events occur, the company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. To the extent an impairment exists, the asset is written down to its estimated fair value with a corresponding charge to operations in the period in which the impairment is identified. Long-lived assets consist primarily of utility plant in service, real estate investments, intangible assets, and regulatory assets. In addition, the company tests unamortized intangible assets, which primarily relate to water rights, at least annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. SJW Group first performs a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. In assessing the qualitative factors, SJW Group considers the impact of these key factors: change in industry and competitive environment, financial performance, and other relevant Company-specific events. If SJW Group determines that as a result of the qualitative assessment it is more likely than not (> 50% likelihood) that the fair value is less than carrying amount, then a quantitative test is performed. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill represents the excess of the purchase price paid over the estimated fair value of the assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not amortized and must be allocated at the reporting unit level, which is defined as an operating segment or one level below, and tested for impairment at least annually, or more frequently if an event occurs or circumstances change that would more likely than not, reduce the fair value of a reporting unit below its carrying value. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents primarily consist of cash on deposit with banks with maturities of three months or less from the date of purchase. |
Financial Instruments Policy | The following instruments are not measured at fair value on the company’s consolidated balance sheets but, require disclosure of fair values: cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of such instruments approximates their carrying value as reported on the consolidated balance sheets. The fair value of such financial instruments are determined using the income approach based on the present value of estimated future cash flows. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. |
Investment in Caifornia Water Service Group Policy | SJW Group’s had an investment in California Water Service Group which was accounted for under FASB ASC Topic 320—“Investment—Debt and Equity Securities,” as an available-for-sale marketable security. The investment was recorded on the Consolidated Balance Sheet at its quoted market price with the change in unrealized gain or loss reported, net of tax, as a |
Balancing and Memorandum Accounts Policy | In California, the CPUC has established a balancing account mechanism for the purpose of tracking the under-collection or over-collection associated with expense changes and the revenue authorized by the CPUC to offset those expense changes. SJWC 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, water conservation, water tariffs, and other approved activities or as directed by the CPUC. Balancing and memorandum accounts are recognized by SJWC 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 Water Conservation Memorandum Account (“WCMA”) and WRA, SJWC and CTWS follow 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 Group estimates will not be collected within the 24-month period. This reserve is based on 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, SJWC 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 Group’s consolidated financial statements. |
Regulatory Assets and Liabilities Policy | Generally accepted accounting principles for water utilities include the recognition of regulatory assets and liabilities as permitted by ASC Topic 980. In accordance with ASC Topic 980, Water Utility Services, to the extent applicable, records deferred costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that these costs and credits will be recognized in the ratemaking process in a period different from when the costs and credits are incurred. Accounting for such costs and credits is based on management’s judgment and prior historical ratemaking practices, and it occurs when management determines that it is probable that these costs and credits will be recognized in the future revenue of Water Utility Services through the ratemaking process. The regulatory assets and liabilities recorded by Water Utility Services primarily relate to the recognition of deferred income taxes for ratemaking versus tax accounting purposes, balancing and memorandum accounts, debt premiums related to business combinations, postretirement pension benefits, medical costs, accrued benefits for vacation and asset retirement obligations that have not yet been passed through in rates. For Connecticut and Maine water utility services, regulatory assets and liabilities also include deferred revenues associated with the WRA regulatory mechanism (see discussion in Regulatory and Rates Regulation section above). The company adjusts the related asset and liabilities for these items through its regulatory asset and liability accounts at year-end, except for certain postretirement benefit costs and balancing and memorandum accounts which are adjusted monthly. The company expects to recover regulatory assets related to plant depreciation income tax temporary differences over the average lives of the plant assets of between 5 to 75 years. Rate-regulated enterprises are required to charge a regulatory asset to earnings if and when that asset no longer meets the criteria for being recorded as a regulatory asset. SJW Group continually evaluates the recoverability of regulatory assets by assessing whether the amortization of the balance over the remaining life can be recovered through expected and undiscounted future cash flows. |
Income Tax Policy | Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the effect of temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using current tax rates in effect. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. |
Regulatory Income Taxes Policy | To the extent permitted by the regulators, investment tax credits resulting from utility plant additions are deferred and amortized over the estimated useful lives of the related property. |
Advances for Construction and Contributions in Aid of Construction Policy | Contributions in aid of construction represent funds received from developers that are not refundable under applicable regulations. Depreciation applicable to utility plant constructed with these contributions is charged to contributions in aid of construction. Customer advances and contributions in aid of construction received subsequent to 1986 and prior to June 12, 1996 generally must be included in federal taxable income, except for CTWS. Taxes paid relating to advances and contributions are recorded as deferred tax assets for financial reporting purposes and are amortized over 40 years for advances and over the tax depreciable life of the related asset for contributions. Receipts subsequent to June 12, 1996 are generally exempt from federal taxable income, unless specifically prescribed under treasury regulations, including CTWS. Advances and contributions received subsequent to 1991 and prior to 1997 are included in state taxable income, except for CTWS. |
Asset Retirement Obligations Policy | SJW Group’s asset retirement obligation is recorded as a liability included in other non-current liabilities. It reflects principally the retirement costs of wells and other anticipated clean-up costs, which by law, must be remediated upon retirement. Retirement costs have historically been recovered through rates at the time of retirement. As a result, the liability is offset by a regulatory asset. |
Revenue Recognition Policy | ASC Topic 606 - “Revenue from Contracts with Customers.” In accordance with Topic 606, management has determined that the company has principally four categories of revenues. The first category, revenue from contracts with customers, represents metered revenue of Water Utility Services which includes billings to customers based on meter readings plus an estimate of water used between the customers’ last meter reading and the end of the accounting period. SJW Group satisfies its performance obligation upon delivery of water to the customer at which time the customer consumes the benefits provided by the company. The customer is typically billed on a quarterly or bi-monthly basis after water delivery has occurred. The customer is charged both a service charge which is based upon meter size and covers a portion of the fixed costs of furnishing water to the customer and a consumption charge based on actual water usage. Unbilled revenue from the last meter reading date to the end of the accounting period is estimated based on the most recent usage patterns, production records and the effective tariff rates. As the company has the right to bill for services that it has provided, SJW Group estimates the dollar value of deliveries during the unbilled period and recognizes the associated revenue. Actual results could differ from those estimates, which may result in an adjustment to revenue when billed in a subsequent period. The second category, rental income, represents lease rental income from SJW Land Company and Chester Realty, Inc. tenants. The tenants pay monthly in accordance with lease agreements and SJW Group recognizes the income ratably over the lease term as this is the most representative of the pattern in which the benefit is expected to be derived from SJW Group’s underlying asset. The third and fourth revenue categories are other balancing and memorandum accounts and alternative revenue programs. Both are scoped out of Topic 606 and are accounted for under FASB ASC Topic 980 - “Regulated Operations.” Balancing and memorandum accounts are recognized by SJWC 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, SJWC, Connecticut Water, and HVWC follow 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 Group estimates will not be collected within the 24-month period. This reserve is based on 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, SJWC 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 Group’s financial statements. |
Share-based Payment Policy | SJW Group calculates the fair value of service-based and performance-based restricted stock awards based on the grant date fair market value of the company’s stock price reduced by the present value of the dividends expected to be declared on outstanding shares. SJW Group utilizes the Monte Carlo valuation model, which requires the use of subjective assumptions, to compute the fair value of market-vesting restricted stock units. The compensation cost for service-based restricted stock awards are charged to income on a straight-line basis over the requisite service period, which is the vesting period. For performance-based stock awards, compensation expense is charged to income on a straight-line basis over the requisite service period based on expected attainment of performance targets. Changes in the estimates of the expected attainment of performance targets will result in a change in the number of shares that are expected to vest which may cause a cumulative catch up for the amount of share-based compensation expense during each reporting period in which such estimates are altered. Forfeitures are accounted for as they occur. |
Maintenance Expense Policy | Planned major maintenance projects are charged to expense as incurred. |
Earnings Per Share Policy | Basic earnings per share is calculated using income available to common stockholders, divided by the weighted average number of shares outstanding during the year. The two-class method in computing basic earnings per share is not used because the number of participating securities as defined in FASB ASC Topic 260—“Earnings Per Share” is not significant. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. Diluted earnings per share is calculated using income available to common stockholders 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 Group’s Long-Term Incentive Plan and shares potentially issuable under the Employee Stock Purchase Plans. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | The major components of depreciable plant and equipment as of December 31, 2019 and 2018 are as follows: 2019 2018 Equipment $ 521,183 335,358 Transmission and distribution 2,207,051 1,375,821 Office buildings and other structures 260,220 121,872 Total depreciable plant and equipment $ 2,988,454 1,833,051 Depreciation is computed using the straight-line method over the estimated remaining service lives of groups of assets, ranging from 5 to 75 years . The estimated service lives of depreciable plant and equipment are as follows: Useful Lives Equipment 5 to 35 years Transmission and distribution plant 35 to 75 years Office buildings and other structures 7 to 50 years |
Schedule of Real Estate Investments | The major components of real estate investments as of December 31, 2019 and 2018 are as follows: 2019 2018 Land $ 14,168 13,262 Buildings and improvements 43,531 43,074 Total real estate investment $ 57,699 56,336 |
Schedule of Future Minimum Rental Payments for Operating Leases | The following schedule shows the future minimum rental payments to be received from third parties under operating leases that have remaining noncancelable lease terms in excess of one year as of December 31, 2019 : Year ending December 31: Rental Revenue 2020 $ 4,520 2021 3,208 2022 2,527 2023 2,564 2024 2,645 Thereafter 10,544 |
Schedule of Balancing and Memorandum Accounts | SJWC met the recognition requirements for certain of its balancing and memorandum accounts and certain amounts subject to balancing and memorandum accounts and recorded revenue and regulatory assets as follows: For the year ended December 31, 2019 Beginning Balance Regulatory Asset Increase (Decrease) Refunds (Collections) Adjustments Surcharge Offset and Other Ending Balance Revenue accounts: 2014 - 2017 WCMA $ 7,750 — (7,042 ) — 708 2018 WCMA 9,386 (9,386 ) — — — 2012 General Rate Case true-up 11,328 96 (10,672 ) — 752 Cost of capital memorandum accounts (1,523 ) (30 ) — — (1,553 ) Tax memorandum account (6,504 ) (139 ) — — (6,643 ) All others 5,112 4,475 (4,791 ) — 4,796 Total revenue accounts 25,549 (4,984 ) (22,505 ) — (1,940 ) Cost-recovery accounts: Water supply costs 9,617 207 (5,496 ) — 4,328 Pension (1,843 ) 745 3,547 — 2,449 All others 1,090 10 (654 ) — 446 Total cost-recovery accounts 8,864 962 (2,603 ) — 7,223 Total $ 34,413 (4,022 ) (25,108 ) — 5,283 For the year ended December 31, 2018 Beginning Balance Regulatory Asset Increase (Decrease) Refunds (Collections) Adjustments Surcharge Offset and Other Ending Balance Revenue accounts: 2014 - 2017 WCMA $ 6,680 1,066 4 — 7,750 2018 WCMA — 9,386 — — 9,386 2012 General Rate Case true-up 11,319 — 9 — 11,328 Cost of capital memorandum accounts (144 ) (1,379 ) — — (1,523 ) Tax memorandum account — (6,504 ) — — (6,504 ) All others 3,850 1,258 4 — 5,112 Total revenue accounts 21,705 3,827 17 — 25,549 Cost-recovery accounts: Water supply costs 8,679 939 (1 ) — 9,617 Pension (2,459 ) 614 2 — (1,843 ) All others — 1,090 — — 1,090 Total cost-recovery accounts 6,220 2,643 1 — 8,864 Total $ 27,925 6,470 18 — 34,413 For the year ended December 31, 2017 Beginning Balance Regulatory Asset Increase (Decrease) Refunds (Collections) Adjustments Surcharge Offset and Other Ending Balance Revenue accounts: 2014 - 2017 WCMA $ 1,589 17,288 (4,704 ) (7,493 ) 6,680 2012 General Rate Case true-up 20,682 — (9,363 ) — 11,319 Cost of capital memorandum accounts (817 ) — 673 — (144 ) Drought surcharges (7,688 ) — (765 ) 8,453 — Cost-recovery accounts 3,181 3,815 (776 ) — 6,220 All others 8,962 1,084 (6,271 ) 75 3,850 Total $ 25,909 22,187 (21,206 ) 1,035 27,925 |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities are comprised of the following as of December 31: 2019 2018 Regulatory assets: Income tax temporary differences, net $ 2,433 — Postretirement pensions and other medical benefits 73,525 66,233 Business combinations debt premium, net 25,020 — Balancing and memorandum accounts, net 5,283 34,413 WRA 9,108 — Other, net 5,048 2,979 Total regulatory assets, net in Consolidated Balance Sheets 120,417 103,625 Less: current regulatory asset, net 6,472 26,910 Total regulatory assets, net, less current portion $ 113,945 76,715 Regulatory liability: Income tax temporary differences, net $ — 59,149 Total regulatory liability in Consolidated Balance Sheets $ — 59,149 |
Schedule of Estimated Refunds of Advances for Construction and Contributions in Aid of Construction | stimated refunds for the next five years and thereafter are shown below: Estimated Refunds 2020 $ 2,890 2021 2,890 2022 2,890 2023 2,878 2024 2,799 Thereafter 49,631 |
Schedule of Asset Retirement Obligations | December 31, 2019 and 2018 , the asset retirement obligation is as follows: 2019 2018 Retirement obligation $ 4,803 4,803 Discount rate 6 % 6 % Regulatory asset, present value, recorded as a liability $ 942 942 |
Disaggregation of Revenue | The major streams of revenue for SJW Group are as follows: 2019 2018 2017 Revenue from contracts with customers $ 447,720 389,302 381,777 Alternative revenue programs, net (18,232 ) 10,456 12,584 Other balancing and memorandum accounts revenue, net (1) (14,403 ) (7,541 ) (10,838 ) Rental income 5,397 5,482 5,702 $ 420,482 397,699 389,225 ___________________________________ (1) For year ended December 31, 2019 and 2018 , $962 and $2,643 , respectively, of amounts related to cost-recovery balancing accounts which upon adoption of Topic 606 are recorded as capitalized costs rather than revenue until recovery is approved by the CPUC. Prior to adoption of Topic 606, these amounts were recorded as revenue. For further discussion, please see “Balancing and Memorandum Accounts” above. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following is a table of the consolidated company ’s schedule of principal payments: Year 2020 $ 22,343 2021 76,943 2022 39,388 2023 4,583 2024 49,256 Thereafter 1,100,073 |
Schedule of Long-term Debt Instruments | Long-term debt as of December 31 was as follows: Description Rate Maturity 2019 2018 SJW Group: Senior notes 3.05% - 4.35% 2021 - 2039 $ 560,000 50,000 SJWC: Senior notes 4.29% - 9.45% 2020 - 2049 330,000 250,000 California Pollution Control Financing Authority Revenue Bonds 4.75%, 5.10% 2040, 2046 120,000 120,000 Total SJWC 450,000 370,000 CTWS bank term loans 4.09%, 4.15% 2027, 2037 23,935 — Connecticut Water: Connecticut Innovations Revenue Bonds, variable rate 2028 - 2029 22,050 — Connecticut Innovations Revenue Bonds, fixed rate 5.00% 2021 22,506 — Senior note 3.53% 2037 35,000 — Bank term loans 3.16% - 4.75% 2020 - 2036 119,090 — Total Connecticut Water 198,646 — SJWTX, Inc. senior note 6.27% 2036 15,000 15,000 Maine Water: State revolving fund loans 0.00% - 2.58% 2022 - 2048 16,032 — Other First Mortgage Bonds 8.95% 2024 4,500 — Bank term loans 4.18% - 5.51% 2024 - 2043 17,500 — Total Maine Water 38,032 — HVWC bank term loan 4.75% 2034 4,164 — Avon Water mortgage loan 3.05% 2033 2,809 — Total debt 1,292,586 435,000 Unamortized debt premium, net (a) 25,020 — Less: Unamortized debt issuance costs 11,737 3,576 Current portion 22,272 — Total long-term debt, less current portion $ 1,283,597 431,424 ___________________________________ (a) Consists of fair value adjustments recognized through purchase accounting for the completed merger with CTWS on October 9, 2019. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense were: 2019 2018 2017 Current: Federal $ 7,577 14,485 29,377 State 2,126 5,066 6,452 Deferred: Federal (1,929 ) (7,702 ) (1,174 ) State 680 (1,784 ) 738 $ 8,454 10,065 35,393 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles income tax expense to the amount computed by applying the federal statutory rate to income before income taxes of $32,081 , $48,832 and $96,493 in 2019 , 2018 and 2017 : 2019 2018 2017 “Expected” federal income tax $ 6,737 10,255 33,773 Increase (decrease) in taxes attributable to: State taxes, net of federal income tax benefit 2,251 3,420 4,986 Uncertain tax positions 323 24 12 Property flow-through (2,054 ) (839 ) (1,027 ) Capitalized merger costs 5,350 — — Tax reform - rate change impact on deferred taxes 77 — (2,357 ) Reversal of excess deferred taxes recognized in regulatory liability (2,355 ) (1,383 ) — Pension flow-through (1,244 ) — — Stock-based compensation (223 ) (1,602 ) (552 ) Other items, net (408 ) 190 558 $ 8,454 10,065 35,393 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability as of December 31 was as follows: 2019 2018 Deferred tax assets: Advances and contributions $ 19,547 14,592 Unamortized investment tax credit 649 418 Pensions and postretirement benefits 32,450 20,439 Debt premium, net 7,002 — California franchise tax 456 981 Net operating loss 1,046 — Merger related expenses — 4,527 Tax related net regulatory liability — 16,212 Other 7,211 3,336 Gross deferred tax assets 68,361 60,505 Valuation allowance (1,924 ) — Total deferred tax assets 66,437 60,505 Deferred tax liabilities: Utility plant 211,079 114,731 Pension and postretirement benefits 22,263 18,534 Deferred gain and other-property related 5,872 5,753 Regulatory asset - business combinations debt premium, net 7,002 — Intangibles 3,693 — Deferred revenue 1,962 — Regulatory asset - income tax temporary differences, net 295 — Section 481(a) adjustments 5,721 — Other 4,148 1,138 Total deferred tax liabilities 262,035 140,156 Net deferred tax liabilities $ 195,598 79,651 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Balance at beginning of year $ 1,382 1,307 1,132 Increase related to tax positions taken during the current year, including interest 351 — — Increase related to tax positions taken during a prior year, including interest 3,483 75 185 Reductions related to tax positions taken in a prior year, including interest (1,382 ) — (10 ) Balance at end of year $ 3,834 1,382 1,307 |
Summary of Income Tax Examinations | SJW Group files U.S. federal income tax returns and income tax returns in various states. SJW Group is no longer subject to tax examination for fiscal years prior to 2016 for federal purposes and 2015 for state purposes. The open tax years for the jurisdictions in which SJW Group files are as follows: Jurisdiction Years Open Federal 2016 - 2018 California 2015 - 2018 Arizona 2015 - 2016 Tennessee 2016 - 2018 Texas 2015 - 2018 Connecticut 2016 - 2018 Maine 2016 - 2018 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finitie-Lived Intangible Assets | The costs of intangible assets as of December 31, 2019 and 2018 are as follows: 2019 2018 Concession fees $ 6,800 6,800 Purchase premium customer relationships 13,400 — Other intangibles 13,224 8,999 Intangible assets 33,424 15,799 Less: Accumulated amortization Concession fees 6,052 5,780 Other intangibles 7,127 2,960 Net intangible assets $ 20,245 7,059 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Assumptions Used | Net periodic cost for the defined benefit plans and other postretirement benefits was calculated using the following weighted-average assumptions: Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 % % % % % % Discount rate 3.04% - 4.16% 3.52 4.04 2.52% - 4.09% 3.45 3.93 Expected return on plan assets 7.00%, 7.25% 7.00 7.00 4.00%, 7.00% 7.00 7.00 Rate of compensation increase 4.00 4.00 4.00 N/A N/A N/A Benefit obligations for the defined benefit plans and other postretirement benefits were calculated using the following weighted-average assumptions as of December 31: Pension Benefits Other Benefits 2019 2018 2019 2018 % % % % Discount rate 3.05% - 3.23% 4.16 2.59% - 3.18% 4.09 Rate of compensation increase 4.00 4.00 N/A N/A |
Schedule of Net Benefit Costs | Net periodic costs for the defined benefit plans and other postretirement benefits for the years ended December 31 was as follows: Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost Service cost $ 5,947 5,790 4,699 $ 581 616 529 Interest cost 8,506 6,879 6,993 775 627 634 Expected return on assets (10,118 ) (9,255 ) (7,888 ) (475 ) (450 ) (376 ) Amortization of prior service cost 48 51 94 197 197 198 Recognized actuarial loss 3,984 3,986 3,844 240 321 273 Net periodic benefit cost $ 8,367 7,451 7,742 $ 1,318 1,311 1,258 |
Schedule of Net Funded Status | The projected benefit obligations and the funded status of the defined benefit pension and other postretirement plans as of December 31 were as follows: Pension Benefits Other Benefits 2019 2018 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 187,877 196,207 $ 17,489 18,003 Service cost 5,947 5,790 581 616 Interest cost 8,506 6,879 775 627 Business combinations 108,162 — 12,537 — Actuarial (gain)/loss 35,502 (14,447 ) 2,027 (988 ) Implicit rate subsidy — — (217 ) (207 ) Plan participants contributions — — 85 — Administrative expenses paid (10 ) — — — Benefits paid (7,744 ) (6,552 ) (731 ) (562 ) Benefit obligation at end of year $ 338,240 187,877 $ 32,546 17,489 Change in plan assets Fair value of assets at beginning of year $ 127,610 133,360 $ 5,849 6,804 Actual return on plan assets 34,807 (7,700 ) 1,972 (262 ) Business combinations 79,382 — 9,314 — Employer contributions 9,476 8,502 738 629 Plan participants contributions — — 85 — Administrative expenses paid (10 ) — (55 ) — Benefits paid (7,744 ) (6,552 ) (677 ) (1,322 ) Fair value of plan assets at end of year 243,521 127,610 17,226 5,849 Funded status at end of year $ (94,719 ) (60,267 ) $ (15,320 ) (11,640 ) |
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized on the balance sheet as of December 31 were as follows: Pension Benefits Other Benefits 2019 2018 2019 2018 Current liabilities $ 1,899 1,323 $ 96 94 Noncurrent liabilities 92,820 58,944 15,224 11,546 $ 94,719 60,267 $ 15,320 11,640 |
Schedule of Regulatory Asset Recorded on the Projected Benefit Obligation of the Postretirement Benefit Plans | SJW Group recorded a regulatory asset on the projected benefit obligation of the postretirement benefit plans as follows: 2019 2018 Funded status of obligation $ 110,039 71,907 Accrued benefit cost (36,514 ) (5,674 ) Regulatory asset, amount to be recovered in future rates $ 73,525 66,233 |
Schedule of Allocation of Plan Assets | Plan assets as of December 31 were as follows: Pension Benefits Other Benefits 2019 2018 2019 2018 Fair value of assets at end of year: Debt securities $ 86,288 42,654 $ 5,608 2,200 36 % 33 % 33 % 38 % Equity securities 146,210 77,053 10,840 3,416 60 % 60 % 63 % 58 % Cash and equivalents 11,023 7,903 778 233 5 % 6 % 5 % 4 % Total $ 243,521 127,610 $ 17,226 5,849 The following tables summarize the fair values of plan assets by major categories as of December 31, 2019 and 2018 : Fair Value Measurements at December 31, 2019 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 11,801 11,801 — — Equity securities (a) 157,050 149,265 7,785 — Fixed Income (b) 91,896 31,686 60,210 — Total $ 260,747 192,752 67,995 — ___________________________________ (a) Actively managed portfolio of equity securities with the goal to exceed the benchmark performance. (b) Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance Fair Value Measurements at December 31, 2018 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 8,136 8,136 — — Equity securities (a) 80,468 74,541 5,927 — Fixed Income (b) 44,855 — 44,855 — Total $ 133,459 82,677 50,782 — ___________________________________ (a) Actively managed portfolio of equity securities with the goal to exceed the benchmark performance. (b) Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance |
Schedule of Expected Benefit Payments | Benefits expected to be paid in the next five years and in the aggregate for the five years thereafter are: Pension Plan Other Postretirement Benefit Plan 2020 $ 13,930 $ 1,336 2021 14,358 1,447 2022 14,626 1,513 2023 15,187 1,600 2024 15,604 1,648 2025 - 2029 86,971 8,908 |
Equity Plans (Tables)
Equity Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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 and proceeds from the exercise of stock options and similar instruments, that are recorded to additional paid-in capital and common stock, by award type, are presented below for the years ended December 31: 2019 2018 2017 Compensation costs charged to income: ESPP $ 283 242 214 Restricted stock and deferred restricted stock 3,123 1,875 2,429 Total compensation costs charged to income $ 3,406 2,117 2,643 Proceeds from the exercise of stock options and similar instruments: ESPP 1,603 1,371 1,215 Total proceeds from the exercise of stock options and similar instruments $ 1,603 1,371 1,215 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of SJW Group’s restricted and deferred restricted stock awards under the Plan as of December 31, 2019 , and changes during the year ended December 31, 2019 , are presented below: Units Weighted- Average Grant- Date Fair Value Outstanding as of January 1, 2019 124,275 $ 38.80 Issued 76,018 $ 59.78 Exercised (25,529 ) $ 49.77 Forfeited or expired — $ — Outstanding as of December 31, 2019 174,764 $ 46.63 Shares vested as of December 31, 2019 81,611 $ 31.12 |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of SJW Group’s nonvested restricted and deferred restricted stock awards under the Plan as of December 31, 2019 , and changes during the year ended December 31, 2019 , are presented below: Units Weighted- Average Grant- Date Fair Value Nonvested as of January 1, 2019 55,098 $ 54.42 Granted 76,018 $ 59.78 Vested (37,963 ) $ 59.27 Forfeited — $ — Nonvested as of December 31, 2019 93,153 $ 39.57 |
Segment and Non-Tariffed Busi_2
Segment and Non-Tariffed Businesses Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth information relating to SJW Group’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 Group not included in the reportable segments is included in the “All Other” category. For the year ended December 31, 2019 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated (2) Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total Operating revenue $ 407,116 7,969 5,397 — 407,116 13,366 420,482 Operating expense 329,520 5,443 3,751 24,289 329,520 33,483 363,003 Operating income (loss) 77,596 2,526 1,646 (24,289 ) 77,596 (20,117 ) 57,479 Net income (loss) 42,691 2,019 1,623 (22,930 ) 42,691 (19,288 ) 23,403 Depreciation and amortization 63,775 420 1,196 201 63,775 1,817 65,592 Senior note and other interest expense 25,073 — — 6,723 25,073 6,723 31,796 Income tax expense (benefit) in net income 8,382 708 486 (1,122 ) 8,382 72 8,454 Assets 3,016,846 5,507 46,778 63,339 3,016,846 115,624 3,132,470 For the year ended December 31, 2018 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total Operating revenue $ 384,639 7,578 5,482 — 384,639 13,060 397,699 Operating expense 294,536 5,012 3,539 21,172 294,536 29,723 324,259 Operating income (loss) 90,103 2,566 1,943 (21,172 ) 90,103 (16,663 ) 73,440 Net income (loss) 53,181 1,848 885 (17,147 ) 53,181 (14,414 ) 38,767 Depreciation and amortization 53,067 338 1,196 — 53,067 1,534 54,601 Senior note and other interest expense 22,157 — — 2,175 22,157 2,175 24,332 Income tax expense (benefit) in net income 14,826 719 903 (6,383 ) 14,826 (4,761 ) 10,065 Assets 1,492,954 4,489 46,517 412,429 1,492,954 463,435 1,956,389 For the year ended December 31, 2017 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated Non- tariffed Non- tariffed Non- tariffed Regulated Non- tariffed Total Operating revenue $ 376,104 7,419 5,702 — 376,104 13,121 389,225 Operating expense 276,061 4,855 3,688 2,770 276,061 11,313 287,374 Operating income (loss) 100,043 2,564 2,014 (2,770 ) 100,043 1,808 101,851 Net income (loss) 47,736 1,137 6,193 4,138 47,736 11,468 59,204 Depreciation and amortization 46,500 572 1,220 — 46,500 1,792 48,292 Senior note and other interest expense 20,670 — 60 2,199 20,670 2,259 22,929 Income tax expense (benefit) in net income 30,127 993 644 3,629 30,127 5,266 35,393 Assets 1,406,221 4,471 47,668 (359 ) 1,406,221 51,780 1,458,001 ____________________ (1) The “All Other” category for the year ended December 31, 2019 , includes the accounts of SJW Group, SJWNE, LLC and CTWS, Inc. on a stand-alone basis. For the years ended December 31, 2018 and 2017 , the “All Other” category includes the accounts of SJW Group on a stand-alone basis. |
SJW Group and CTWS Merger (th_2
SJW Group and CTWS Merger (the “Merger”) Schedule of Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Preliminary Fair Value of Assets and Liabilities Assumed [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the estimated preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition: Fair Value Utility plant, net $ 750,703 Nonutility plant 848 Current assets 42,673 Investments 12,489 Regulatory assets and deferred charges, less current portion 83,132 Other intangible assets 17,181 Other assets 2,592 Goodwill 626,523 Total assets acquired $ 1,536,141 Long-term debt 281,009 Current liabilities, including maturities of long-term debt 125,772 Deferred income taxes 107,789 Post-retirement benefit plans 31,789 Contributions in aid of construction and construction advances 137,327 Other long-term liabilities 10,607 Total liabilities assumed 694,293 Assumed equity $ 841,848 |
SJW Group and CTWS Merger (th_3
SJW Group and CTWS Merger (the “Merger”) Business Combination, Proforma Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition, Pro Forma Information [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The amounts of revenue and pretax loss of CTWS included in SJW Group’s Consolidated Statements of Comprehensive Income from the acquisition date in October 2019 through December 31, 2019 are as follows: Total revenues $ 21,672 Pretax (loss) (3,174 ) The following unaudited pro forma financial information summarizes the combined results of operations for SJW Group and CTWS, as though the companies were combined as of January 1, 2018. Fiscal Year Ended December 31, 2019 2018 Total revenues $ 515,153 514,364 Pretax income (loss) 60,862 72,938 Net income (loss) 56,968 65,449 Basic earnings per share 2.00 2.31 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data is as follows: 2019 Quarter Ended March June September December Operating revenue $ 77,682 102,965 113,997 125,838 Operating income 12,408 21,971 17,084 6,016 SJW Group net income 5,873 13,538 9,478 (5,486 ) Comprehensive income 5,873 13,538 9,478 (5,360 ) Earnings per share: —Basic 0.21 0.48 0.33 (0.20 ) —Diluted 0.21 0.47 0.33 (0.19 ) Market price range of stock: —High 63.76 63.40 69.23 74.47 —Low 54.74 59.83 61.23 67.13 Dividend per share 0.30 0.30 0.30 0.30 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | Feb. 03, 2020USD ($) | Sep. 14, 2018USD ($) | Nov. 16, 2017USD ($) | Dec. 31, 2019USD ($)mi²people_servedservice_connectioncommunities_served | Dec. 31, 2019USD ($)mi²people_servedservice_connectioncommunities_served | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 06, 2019USD ($) |
Public Utilities, General Disclosures [Line Items] | ||||||||
Gain on sale of real estate investments | $ 929,000 | $ 0 | $ 6,903,000 | |||||
Balancing and Memorandum Revenue Account, Increase (Decrease) | (4,984,000) | 3,827,000 | ||||||
Balancing and Memorandum Account, Refunds (Collections) | (25,108,000) | 18,000 | (21,206,000) | |||||
Restricted Cash | $ 750,000 | $ 750,000 | ||||||
Document Period End Date | Dec. 31, 2019 | |||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 745,000 | |||||||
Long-term borrowings held as restricted cash | $ 5,000,000 | $ 0 | $ 0 | |||||
Acequia Water Supply Corporation [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Ownership percentage in Acequia Water Supply Corporation | 25.00% | |||||||
Minimum [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Service area in square miles | mi² | 246 | 246 | ||||||
CPED Proposed Penalty, Per Offense, Per Day | $ 500 | |||||||
Maximum [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
CPED Proposed Penalty, Per Offense, Per Day | $ 50,000 | |||||||
Sales [Member] | Product Concentration Risk [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Percentage of revenue derived from sales of water to business and residential customers | 91.00% | |||||||
San Jose Water Company [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Service Connections | service_connection | 231,000 | 231,000 | ||||||
Number of people served | people_served | 1,000,000,000,000 | 1,000,000,000,000 | ||||||
Connecticut Water Service, Inc. [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Number of people served | people_served | 480,000 | 480,000 | ||||||
Public Utilities, Number of Communities Served | communities_served | 80 | 80 | ||||||
444 West Santa Clara Street, L.P. [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Limited partership interest percentage | 70.00% | |||||||
Maine Water Company [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Gain on sale of real estate investments | $ 180,000 | |||||||
Proceeds from Sale of Real Estate Held-for-investment | 600,000 | |||||||
Long-term borrowings held as restricted cash | $ 5,000,000 | |||||||
SJWTX,Inc. dba Canyon Lake Water Supply Corporation [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Number of people served | people_served | 54,000 | 54,000 | ||||||
Texas Water Alliance Alliance [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 31,000,000 | |||||||
Purchase and Sales Agreement, Holdback Amount | 3,000,000 | |||||||
Gain (Loss) on Disposition of Assets | $ 12,501,000 | |||||||
Subsequent Event [Member] | Maine Water Company [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Increase (Decrease) in Restricted Cash | $ 4,114,000 | |||||||
Application No. 19-12-002 [Member] | San Jose Water Company [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory Rate Filings, Requested Rate Increase, Year One | $ 2,300,000 | |||||||
Connecticut and Maine | Connecticut Water Service, Inc. [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Service Connections | service_connection | 137,000 | 137,000 | ||||||
Connecticut | Connecticut Water Service, Inc. [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Public Utilities, Service Connections | service_connection | 3,000 | 3,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Utility Plant) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Capitalized interest costs | $ 4,323 | $ 2,856 | $ 2,807 |
Construction in progress | 112,232 | 68,765 | |
Major components of depreciable plant and equipment [Abstract] | |||
Equipment | 521,183 | 335,358 | |
Transmission and distribution | 2,207,051 | 1,375,821 | |
Office buildings and other structures | 260,220 | 121,872 | |
Total depreciable plant and equipment | $ 2,988,454 | $ 1,833,051 | |
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Depreciation expense as percentage of beginning of year balance of depreciable plant | 3.80% | 3.60% | 3.60% |
Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years | ||
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Estimated useful life of equipment | 5 years | ||
Estimated useful life of transmission and distribution plant | 35 years | ||
Estimated useful lives of office buildings and other structures | 7 years | ||
Estimated service lives of assets | 5 years | ||
Useful life of intangible assets | 5 years | ||
Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 39 years | ||
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Estimated useful life of equipment | 35 years | ||
Estimated useful life of transmission and distribution plant | 75 years | ||
Estimated useful lives of office buildings and other structures | 50 years | ||
Estimated service lives of assets | 75 years | ||
Useful life of intangible assets | 70 years | ||
Administrative and general expense | |||
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Depreciation | $ 2,869 | $ 2,306 | $ 2,209 |
Water Plant [Member] | |||
Estimated Useful Lives of Plant and Equipment [Abstract] | |||
Depreciation | $ 63,785 | $ 53,031 | $ 46,456 |
Building and Building Improvements [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 39 years | ||
Finite-Lived Intangible Assets [Member] | Minimum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years | ||
Finite-Lived Intangible Assets [Member] | Maximum [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 12 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Real Estate Investments) (Details) | Sep. 14, 2018USD ($) | Apr. 06, 2017USD ($) | Dec. 31, 2019USD ($)mi² | Dec. 31, 2019USD ($)mi² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Components of Real Estate Investments [Abstract] | ||||||
Land | $ 14,168,000 | $ 14,168,000 | $ 13,262,000 | |||
Buildings and improvements | 43,531,000 | 43,531,000 | 43,074,000 | |||
Total real estate investment | 57,699,000 | 57,699,000 | 56,336,000 | |||
Proceeds from sale of real estate held-for-investment | 745,000 | |||||
Gain on sale of real estate investments | 929,000 | 0 | $ 6,903,000 | |||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
2017 | 4,520,000 | 4,520,000 | ||||
2018 | 3,208,000 | 3,208,000 | ||||
2019 | 2,527,000 | 2,527,000 | ||||
2020 | 2,564,000 | 2,564,000 | ||||
2021 | 2,645,000 | 2,645,000 | ||||
Thereafter | $ 10,544,000 | $ 10,544,000 | ||||
CA Undeveloped Land | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Proceeds from sale of real estate held-for-investment | $ 1,350,000 | |||||
Gain on sale of real estate investments | 580,000 | |||||
Selling expense | 14,000 | |||||
Minimum [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Service area in square miles | mi² | 246 | 246 | ||||
CPED Proposed Penalty, Per Offense, Per Day | $ 500 | |||||
Components of Real Estate Investments [Abstract] | ||||||
Estimated useful life | 7 years | |||||
Maximum [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
CPED Proposed Penalty, Per Offense, Per Day | $ 50,000 | |||||
Components of Real Estate Investments [Abstract] | ||||||
Estimated useful life | 39 years | |||||
Land and Building [Member] | ||||||
Assets Leased or Available for Lease [Abstract] | ||||||
Assets leased or available for lease | $ 56,839,000 | $ 56,839,000 | $ 56,090,000 | |||
Connecticut Water Company [Member] | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Gain on sale of real estate investments | $ 4,000 | |||||
444 West Santa Clara Street, L.P. [Member] | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Limited partership interest percentage | 70.00% | |||||
444 West Santa Clara Street, L.P. [Member] | 444 West Santa Clara Street | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Proceeds from sale of real estate held-for-investment | 11,000,000 | |||||
Gain on sale of real estate investments | 6,323,000 | |||||
Selling expense | 1,157,000 | |||||
Maine Water Company [Member] | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Conservation easement, value | 1,200,000 | $ 1,200,000 | ||||
Proceeds from sale of real estate held-for-investment | 600,000 | |||||
Contribution of Property | 600,000 | |||||
Gain on sale of real estate investments | $ 180,000 | |||||
Parent [Member] | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Gain on sale of real estate investments | 521,000 | |||||
Parent [Member] | 444 West Santa Clara Street | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Gain on sale of real estate investments | 4,427,000 | |||||
Noncontrolling Interest [Member] | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Gain on sale of real estate investments | $ 224,000 | |||||
Noncontrolling Interest [Member] | 444 West Santa Clara Street | ||||||
Components of Real Estate Investments [Abstract] | ||||||
Gain on sale of real estate investments | $ 1,896,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Regulatory Rate Filings) (Details) | Feb. 01, 2020USD ($) | Jan. 31, 2020USD ($) | Jan. 20, 2020USD ($) | Dec. 20, 2019USD ($) | Nov. 20, 2019USD ($) | Oct. 01, 2019USD ($) | Sep. 30, 2019USD ($) | Aug. 30, 2019USD ($) | Feb. 01, 2019USD ($) | Jan. 28, 2019USD ($) | Jan. 01, 2019USD ($) | Sep. 14, 2018USD ($) | Dec. 31, 2019USD ($)mi² | Mar. 31, 2019 | Dec. 31, 2019USD ($)mi² | Dec. 31, 2019USD ($)mi² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 07, 2020 | Jan. 28, 2020 | Dec. 06, 2019USD ($) | Oct. 18, 2019USD ($) | Aug. 01, 2019USD ($) | Jul. 26, 2019USD ($) | Feb. 08, 2019USD ($) | Jan. 04, 2018USD ($) |
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Regulatory Balancing and Memorandum Accounts, Net Under-Collected | $ 1,428,000 | $ 1,428,000 | $ 1,428,000 | |||||||||||||||||||||||
Balancing and Memorandum Cost Recovery Account, Refunds (Collections) | (2,603,000) | $ 1,000 | ||||||||||||||||||||||||
Balancing and Memorandum Revenue Account, Increase (Decrease) | (4,984,000) | 3,827,000 | ||||||||||||||||||||||||
Revenue from contracts with customers | $ 447,720,000 | 389,302,000 | $ 381,777,000 | |||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Service area in square miles | mi² | 246 | 246 | 246 | |||||||||||||||||||||||
CPED Proposed Penalty, Per Offense, Per Day | $ 500 | |||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
CPED Proposed Penalty, Per Offense, Per Day | 50,000 | |||||||||||||||||||||||||
2018 WCMA [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Balancing and Memorandum Revenue Account, Increase (Decrease) | $ (9,386,000) | $ 9,386,000 | ||||||||||||||||||||||||
San Jose Water Company [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
CPED Calculated Double-Billing Refund | 4,935,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | General Rate Case No. 18-01-004 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Requested Rate Increase, Year One | $ 34,288,000 | |||||||||||||||||||||||||
Requested Rate Increase, Year One, Percentage | 9.76% | |||||||||||||||||||||||||
Requested Rate Increase, Year Two | $ 14,232,000 | |||||||||||||||||||||||||
Requested Rate Increase, Year Two, Percentage | 3.70% | |||||||||||||||||||||||||
Requested Rate Increase, Year Three | $ 20,582,000 | |||||||||||||||||||||||||
Requested Rate Increase, Year Three, Percentage | 5.17% | |||||||||||||||||||||||||
Requested Balancing and Memorandum Accounts, net | $ 20,725,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 528/528A [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 16,378,000 | |||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 4.55% | |||||||||||||||||||||||||
Balancing and Memorandum Cost Recovery Account, Refunds (Collections) | $ 27,045,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 530 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Approved Service Charge Refund | $ 2,020,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | CPED Calculated Refund 2014-2016 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
CPED Calculated Service Charge Refund | 2,061,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | CPED Calculated Refund 1987-2013 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
CPED Calculated Service Charge Refund | $ 1,990,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | OII No. 18-09-003 Settlement Agreement [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Utility Plant Investment Commitment | $ 5,000,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | OII No. 18-09-003 Settlement Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Customer Credit Refund | $ 2,100,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 531 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Public Utilities, Approved Reimbursement Fee, Percentage | 1.40% | 1.23% | ||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 532 [Member] | 2018 WCMA [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Balancing and Memorandum Revenue Account, Increase (Decrease) | 9,386,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 532 [Member] | 2019 WCMA [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Balancing and Memorandum Revenue Account, Increase (Decrease) | $ (639,000) | |||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 537 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Memorandum Account, Requested Recovery (Refund), Monthly Amount | $ (20.84) | |||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 541 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 8,600,000 | |||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 2.28% | |||||||||||||||||||||||||
San Jose Water Company [Member] | Application No. 19-12-002 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Requested Rate Increase, Year One | $ 2,300,000 | |||||||||||||||||||||||||
Requested Rate Increase, Year One, Percentage | 0.61% | |||||||||||||||||||||||||
Requested Rate Increase, Year Two | $ 4,000,000 | |||||||||||||||||||||||||
Requested Rate Increase, Year Two, Percentage | 1.04% | |||||||||||||||||||||||||
Requested Rate Increase, Year Three | $ 2,500,000 | |||||||||||||||||||||||||
Requested Rate Increase, Year Three, Percentage | 0.65% | |||||||||||||||||||||||||
Regulatory Rate Filings, Requested Rate Increase, Year Four | $ 300,000 | |||||||||||||||||||||||||
Regulatory Rate Filings, Requested Rate Increase, Percent of Authorized Revenue, Year Four | 0.09% | |||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 534 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Memorandum Account, Requested Recovery (Refund) | $ 1,243,000 | |||||||||||||||||||||||||
San Jose Water Company [Member] | Advice Letter No. 535 [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 700,000 | |||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 0.17% | |||||||||||||||||||||||||
Connecticut Water Company [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Authorized WICA Surcharge, Percentage | 3.24% | 3.24% | 3.24% | |||||||||||||||||||||||
Connecticut Water Company [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Requested WICA Surcharge, Percentage | 5.75% | 5.84% | ||||||||||||||||||||||||
Requested WICA Surcharge Increase (Decrease), Percentage | (0.09%) | 2.60% | ||||||||||||||||||||||||
Connecticut Water Company & Heritage Valley Water Company [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Authorized WRA Revenue | $ 18,588,000 | |||||||||||||||||||||||||
Revenue from contracts with customers | 20,428,000 | |||||||||||||||||||||||||
WRA Adjustment to Revenue | $ (1,840,000) | |||||||||||||||||||||||||
Avon Water Company [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Authorized WICA Surcharge, Percentage | 9.31% | 9.31% | 9.31% | |||||||||||||||||||||||
SJWTX, Inc. [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Authorized Regulatory Surcharge, Per Thousand Gallons | $ 1.05 | $ 1.13 | ||||||||||||||||||||||||
Deer Creek Ranch [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Authorized Regulatory Surcharge, Per Thousand Gallons | $ 2.02 | $ 2.19 | ||||||||||||||||||||||||
Authorized Regulatory Base Charge, Per Thousand Gallons | $ 3.04 | |||||||||||||||||||||||||
Canyon Lake [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Authorized Regulatory Surcharge, Per Thousand Gallons | $ 0.95 | $ 1.05 | ||||||||||||||||||||||||
Maine Water Company [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 221,000 | |||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 14.70% | |||||||||||||||||||||||||
Maine Water Company [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 371 | |||||||||||||||||||||||||
Maine Water Company [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Requested WISC Surcharge Increase (Decrease), Percentage | 1.76% | |||||||||||||||||||||||||
Maine Water Company [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||
Requested WISC Surcharge Increase (Decrease), Percentage | 3.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Balancing and Memorandum Accounts) (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | $ 25,549,000 | $ 25,549,000 | $ 21,705,000 | |
Balancing and Memorandum Revenue Account, Increase (Decrease) | (4,984,000) | 3,827,000 | ||
Balancing and Memorandum Revenue Account, Refunds (Collections) | (22,505,000) | 17,000 | ||
Balancing and Memorandum Revenue Account, Surcharge Offset | 0 | 0 | ||
Revenue Accounts, Ending Balance | (1,940,000) | 25,549,000 | $ 21,705,000 | |
Balancing and Memorandum Cost Recovery Account [Roll Forward] | ||||
Cost-recovery Accounts, Beginning Balance | 8,864,000 | 8,864,000 | 6,220,000 | |
Balancing and Memorandum Cost Recovery Account, Increase (Decrease) | 962,000 | 2,643,000 | ||
Balancing and Memorandum Cost Recovery Account, Refunds (Collections) | (2,603,000) | 1,000 | ||
Balancing and Memorandum Cost Recovery Account, Surcharge Offset | 0 | 0 | ||
Cost-recovery Accounts, Ending Balance | 7,223,000 | 8,864,000 | 6,220,000 | |
Balancing and Memorandum Account [Roll Forward] | ||||
Balancing and Memorandum Account, Beginning Balance | 34,413,000 | 34,413,000 | 27,925,000 | 25,909,000 |
Balancing and Memorandum Account, Increase (Decrease) | (4,022,000) | 6,470,000 | 22,187,000 | |
Balancing and Memorandum Account, Refunds (Collections), Net | (25,108,000) | 18,000 | (21,206,000) | |
Balancing and Memorandum Account, Surcharge Offset | 0 | 0 | 1,035,000 | |
Balancing and Memorandum Account, Ending Balance | 5,283,000 | 34,413,000 | 27,925,000 | |
Regulatory Balancing and Memorandum Accounts, Net Under-Collected | $ 1,428,000 | |||
Regulatory Balancing and Memorandum Accounts Review, Authorized Revenue, Threshold Percentage | 2.00% | |||
2017 WCMA [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Balancing and Memorandum Revenue Account, Increase (Decrease) | 1,182 | |||
Balancing and Memorandum Revenue Account, Surcharge Offset | 0 | |||
2014-2017 WCMA [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | 7,750,000 | $ 7,750,000 | 6,680,000 | 1,589,000 |
Balancing and Memorandum Revenue Account, Increase (Decrease) | 0 | 1,066,000 | 17,288,000 | |
Balancing and Memorandum Revenue Account, Refunds (Collections) | (7,042,000) | 4,000 | (4,704,000) | |
Balancing and Memorandum Revenue Account, Surcharge Offset | (7,493,000) | |||
Revenue Accounts, Ending Balance | 708,000 | 7,750,000 | 6,680,000 | |
2017 WCMA Reserve Recorded [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | 0 | 0 | ||
Balancing and Memorandum Revenue Account, Increase (Decrease) | 1,169 | |||
Revenue Accounts, Ending Balance | 0 | |||
2018 WCMA [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | 9,386,000 | 9,386,000 | 0 | |
Balancing and Memorandum Revenue Account, Increase (Decrease) | (9,386,000) | 9,386,000 | ||
Balancing and Memorandum Revenue Account, Refunds (Collections) | 0 | 0 | ||
Balancing and Memorandum Revenue Account, Surcharge Offset | 0 | |||
Revenue Accounts, Ending Balance | 0 | 9,386,000 | 0 | |
2012 General Rate Case True-up [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | 11,328,000 | 11,328,000 | 11,319,000 | 20,682,000 |
Balancing and Memorandum Revenue Account, Increase (Decrease) | 96,000 | 0 | 0 | |
Balancing and Memorandum Revenue Account, Refunds (Collections) | (10,672,000) | 9,000 | (9,363,000) | |
Balancing and Memorandum Revenue Account, Surcharge Offset | 0 | 0 | 0 | |
Revenue Accounts, Ending Balance | 752,000 | 11,328,000 | 11,319,000 | |
Cost of capital [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | (1,523,000) | (1,523,000) | (144,000) | (817,000) |
Balancing and Memorandum Revenue Account, Increase (Decrease) | (30,000) | (1,379,000) | 0 | |
Balancing and Memorandum Revenue Account, Refunds (Collections) | 0 | 0 | 673,000 | |
Balancing and Memorandum Revenue Account, Surcharge Offset | 0 | 0 | 0 | |
Revenue Accounts, Ending Balance | (1,553,000) | (1,523,000) | (144,000) | |
Tax memorandum [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | (6,504,000) | (6,504,000) | 0 | |
Balancing and Memorandum Revenue Account, Increase (Decrease) | (139,000) | (6,504,000) | ||
Balancing and Memorandum Revenue Account, Refunds (Collections) | 0 | 0 | ||
Balancing and Memorandum Revenue Account, Surcharge Offset | 0 | 0 | ||
Revenue Accounts, Ending Balance | (6,643,000) | (6,504,000) | 0 | |
Water supply balancing accounts [Member] | ||||
Balancing and Memorandum Cost Recovery Account [Roll Forward] | ||||
Cost-recovery Accounts, Beginning Balance | 9,617,000 | 9,617,000 | 8,679,000 | |
Balancing and Memorandum Cost Recovery Account, Increase (Decrease) | 207,000 | 939,000 | ||
Balancing and Memorandum Cost Recovery Account, Refunds (Collections) | (5,496,000) | (1,000) | ||
Balancing and Memorandum Cost Recovery Account, Surcharge Offset | 0 | 0 | ||
Cost-recovery Accounts, Ending Balance | 4,328,000 | 9,617,000 | 8,679,000 | |
Pension Balancing Account [Member] | ||||
Balancing and Memorandum Cost Recovery Account [Roll Forward] | ||||
Cost-recovery Accounts, Beginning Balance | (1,843,000) | (1,843,000) | (2,459,000) | |
Balancing and Memorandum Cost Recovery Account, Increase (Decrease) | 745,000 | 614,000 | ||
Balancing and Memorandum Cost Recovery Account, Refunds (Collections) | 3,547,000 | 2,000 | ||
Balancing and Memorandum Cost Recovery Account, Surcharge Offset | 0 | 0 | ||
Cost-recovery Accounts, Ending Balance | 2,449,000 | (1,843,000) | (2,459,000) | |
Other Regulatory Assets [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | 5,112,000 | 5,112,000 | 3,850,000 | 8,962,000 |
Balancing and Memorandum Revenue Account, Increase (Decrease) | 4,475,000 | 1,258,000 | 1,084,000 | |
Balancing and Memorandum Revenue Account, Refunds (Collections) | (4,791,000) | 4,000 | (6,271,000) | |
Balancing and Memorandum Revenue Account, Surcharge Offset | 0 | 0 | 75,000 | |
Revenue Accounts, Ending Balance | 4,796,000 | 5,112,000 | 3,850,000 | |
Balancing and Memorandum Cost Recovery Account [Roll Forward] | ||||
Cost-recovery Accounts, Beginning Balance | 1,090,000 | 1,090,000 | 0 | |
Balancing and Memorandum Cost Recovery Account, Increase (Decrease) | 10,000 | 1,090,000 | ||
Balancing and Memorandum Cost Recovery Account, Refunds (Collections) | (654,000) | 0 | ||
Balancing and Memorandum Cost Recovery Account, Surcharge Offset | 0 | |||
Cost-recovery Accounts, Ending Balance | $ 446,000 | 1,090,000 | 0 | |
Drought Surcharges [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | 0 | (7,688,000) | ||
Balancing and Memorandum Revenue Account, Increase (Decrease) | 0 | |||
Balancing and Memorandum Revenue Account, Refunds (Collections) | (765,000) | |||
Balancing and Memorandum Revenue Account, Surcharge Offset | 8,453,000 | |||
Revenue Accounts, Ending Balance | 0 | |||
Cost-Recovery Accounts [Member] | ||||
Balancing and Memorandum Account [Roll Forward] | ||||
Revenue Accounts, Beginning Balance | $ 6,220,000 | 3,181,000 | ||
Balancing and Memorandum Revenue Account, Increase (Decrease) | 3,815,000 | |||
Balancing and Memorandum Revenue Account, Refunds (Collections) | (776,000) | |||
Revenue Accounts, Ending Balance | $ 6,220,000 | |||
San Jose Water Company [Member] | Advice Letter No. 528/528A [Member] | ||||
Balancing and Memorandum Cost Recovery Account [Roll Forward] | ||||
Balancing and Memorandum Cost Recovery Account, Refunds (Collections) | 27,045,000 | |||
Balancing and Memorandum Account [Roll Forward] | ||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 16,378,000 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Schedule of Regulatory Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Regulatory Assets and Liabilities [Abstract] | ||
Net Regulatory Assets | $ 120,417 | $ 103,625 |
Current regulatory assets, net | 6,472 | 26,910 |
Total regulatory assets, net, less current portion | 113,945 | 76,715 |
Regulatory Liabilities | 0 | 59,149 |
Deferred Income Tax Charge [Member] | ||
Regulatory Assets and Liabilities [Abstract] | ||
Regulatory assets | 2,433 | 0 |
Postretirement pensions and other medical benefits [Member] | ||
Regulatory Assets and Liabilities [Abstract] | ||
Regulatory assets | 73,525 | 66,233 |
Business combinations debt premium, net [Member] | ||
Regulatory Assets and Liabilities [Abstract] | ||
Regulatory assets | 25,020 | 0 |
Balancing and Memorandum Accounts [Member] | ||
Regulatory Assets and Liabilities [Abstract] | ||
Regulatory assets | 5,283 | 34,413 |
WRA [Member] | ||
Regulatory Assets and Liabilities [Abstract] | ||
Regulatory assets | 9,108 | 0 |
Other Regulatory Assets [Member] | ||
Regulatory Assets and Liabilities [Abstract] | ||
Regulatory assets | 5,048 | 2,979 |
Deferred Income Tax Charge [Member] | ||
Regulatory Assets and Liabilities [Abstract] | ||
Regulatory Liabilities | $ 0 | $ 59,149 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Advances for Construction and Contributions in Aid of Construction) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Refund period for advances for construction received after 1981 | 40 years | |
Estimated Refunds of Advances for Construction [Abstract] | ||
2020 | $ 2,890 | |
2021 | 2,890 | |
2022 | 2,890 | |
2023 | 2,878 | |
2024 | 2,799 | |
Thereafter | 49,631 | |
Customer Advances for Construction | 112,339 | $ 80,610 |
Customer Advances for Construction, Non-Refundable | 21,463 | |
Customer Advances for Construction, Refunded on Service Connections | $ 26,898 | |
Amortization period for taxes paid relating to advances and contributions | 40 years |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Asset Retirement Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Retirement obligation | $ 4,803 | $ 4,803 |
Discount rate | 6.00% | 6.00% |
Regulatory asset | $ 942 | $ 942 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Revenue from contracts with customers | $ 447,720 | $ 389,302 | $ 381,777 |
Alternative revenue programs, net | (18,232) | 10,456 | 12,584 |
Other balancing and memorandum accounts revenue, net | (14,403) | (7,541) | (10,838) |
Rental income | 5,397 | 5,482 | 5,702 |
Operating revenue | 420,482 | 397,699 | 389,225 |
Balancing and Memorandum Cost Recovery Account, Increase (Decrease) | 962 | 2,643 | |
Regulated operating revenue, water surcharge | $ 4,955 | $ 5,013 | $ 5,017 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies (Earnings per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock and Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive restricted common stock units excluded from computation of earnings per share | 27,082 | 5,551 | 4,474 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies Financial Instruments and Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, All Other Investments [Abstract] | |||
Bank Owned Life Insurance | $ 7,086 | ||
Value of life insurance contracts | 3,829 | ||
Available for Sale Marketable Security, Shares Sold | 100,000 | ||
Proceeds from sale of California Water Service Group stock | 0 | $ 4,112 | $ 0 |
Fees Incurred on Sale of Available for Sale Securities | 9 | ||
Gain on sale of California Water Service Group stock | $ 0 | 104 | $ 0 |
Available for Sales Securities, Tax on Realized Gain | 29 | ||
Debt and Equity Securities, Gain (Loss) | $ 75 |
Capitalization Narrative (Detai
Capitalization Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 05, 2018 | Dec. 03, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 28, 2018 |
Class of Stock [Line Items] | ||||||
Issuance of common stock, net of issuance costs | $ (10) | $ 411,385 | $ 0 | |||
Common stock, shares authorized | 70,000,000 | 36,000,000 | ||||
Document Period End Date | Dec. 31, 2019 | |||||
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | 28,456,508 | 28,404,316 | ||||
Common stock, shares outstanding | 28,456,508 | 28,404,316 | ||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||||
Preferred stock, par value (usd per share) | $ 0.001 | $ 0.001 | ||||
Preferred stock, shares outstanding | 0 | 0 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Underwritten Public Offering [Member] | Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock, net of issuance costs | $ 53,738 | $ 358,256 | ||||
Common stock, par value (usd per share) | $ 0.001 | |||||
Stock Issued During Period, Length of Option to Purchase Overalltement | 30 days | |||||
Common stock issued, shares | 1,012,500 | 6,750,000 | 7,762,000 |
Lines of Credit Narrative (Deta
Lines of Credit Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Mar. 01, 2020USD ($) | Dec. 31, 2018USD ($) | Jun. 01, 2016USD ($) | |
Document Period End Date | Dec. 31, 2019 | |||
Revolving Credit Facility [Member] | SJW Group [Member] | ||||
Aggregate outstanding balance on lines of credit | $ 117,209 | $ 100,000 | ||
Unsecured Debt [Member] | Chase Bank, N.A. [Member] | SJW Group [Member] | ||||
Debt covenant interest charge maximum to net Income available to stockholders | 1.75 | |||
Ratio of indebtedness to total capital | 0.666 | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | SJW Group [Member] | ||||
Line of Credit Facility, Interest Rate at Period End | 3.73% | 2.94% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | Chase Bank, N.A. [Member] | SJW Corp. and SJW Land Company [Member] | ||||
LIne of credit facility, maximum borrowing capacity | $ 15,000 | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | CoBank [Member] | Connecticut Water Service, Inc. [Member] | ||||
LIne of credit facility, maximum borrowing capacity | $ 15,000 | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | RBS Citizens, N.A. [Member] | Connecticut Water Service, Inc. [Member] | ||||
LIne of credit facility, maximum borrowing capacity | $ 95,000 | |||
Line of Credit [Member] | Credit Agreement [Member] | Chase Bank, N.A. [Member] | San Jose Water Company [Member] | ||||
LIne of credit facility, maximum borrowing capacity | 125,000 | |||
Line of Credit [Member] | Credit Agreement [Member] | Standby Letters of Credit [Member] | Chase Bank, N.A. [Member] | San Jose Water Company [Member] | ||||
LIne of credit facility, maximum borrowing capacity | 10,000 | |||
Line of Credit [Member] | SJW Corp Credit Agreement [Member] | Standby Letters of Credit [Member] | Chase Bank, N.A. [Member] | SJW Corp. and SJW Land Company [Member] | ||||
LIne of credit facility, maximum borrowing capacity | 5,000 | |||
Line of Credit [Member] | SJWTX Credit Agreement [Member] | Revolving Credit Facility [Member] | Chase Bank, N.A. [Member] | SJW Corp. and SJWTX, Inc. [Member] | ||||
LIne of credit facility, maximum borrowing capacity | 5,000 | |||
Line of Credit [Member] | SJWTX Credit Agreement [Member] | Standby Letters of Credit [Member] | Chase Bank, N.A. [Member] | SJW Corp. and SJWTX, Inc. [Member] | ||||
LIne of credit facility, maximum borrowing capacity | $ 1,000 | |||
Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | RBS Citizens, N.A. [Member] | Connecticut Water Service, Inc. [Member] | ||||
LIne of credit facility, maximum borrowing capacity | $ 75,000 |
Long-Term Debt Long-term Debt S
Long-Term Debt Long-term Debt Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,292,586 | $ 435,000 |
Unamortized debt premium, net | 25,020 | 0 |
Unamortized Debt Issuance Expense | 11,737 | 3,576 |
Current portion | 22,272 | 0 |
Long-term debt, less current portion | 1,283,597 | 431,424 |
SJW Group [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 560,000 | 50,000 |
SJW Group [Member] | Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.35% | |
San Jose Water Company [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 450,000 | 370,000 |
San Jose Water Company [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 330,000 | 250,000 |
San Jose Water Company [Member] | Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.29% | |
San Jose Water Company [Member] | Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 9.45% | |
San Jose Water Company [Member] | Public Utility, Bonds [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 120,000 | 120,000 |
San Jose Water Company [Member] | Public Utility, Bonds [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.75% | |
San Jose Water Company [Member] | Public Utility, Bonds [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 5.10% | |
Connecticut Water Service, Inc. [Member] | Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 23,935 | 0 |
Connecticut Water Service, Inc. [Member] | Notes Payable to Banks [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.09% | |
Connecticut Water Service, Inc. [Member] | Notes Payable to Banks [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.15% | |
Connecticut Water Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 198,646 | 0 |
Connecticut Water Company [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 35,000 | 0 |
Stated interest rates | 3.53% | |
Connecticut Water Company [Member] | Public Utility, Bonds [Member] | Connecticut Innovations Revenue Bonds, Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 22,050 | 0 |
Connecticut Water Company [Member] | Public Utility, Bonds [Member] | Connecticut Innovations Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 22,506 | 0 |
Stated interest rates | 5.00% | |
Connecticut Water Company [Member] | Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 119,090 | 0 |
Connecticut Water Company [Member] | Notes Payable to Banks [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 3.16% | |
Connecticut Water Company [Member] | Notes Payable to Banks [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.75% | |
SJWTX, Inc. [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 15,000 | 15,000 |
Stated interest rates | 6.27% | |
Maine Water Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 38,032 | 0 |
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 16,032 | 0 |
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.00% | |
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.58% | |
Maine Water Company [Member] | Public Utility, Bonds [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 8.95% | |
Maine Water Company [Member] | Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 17,500 | 0 |
Maine Water Company [Member] | Notes Payable to Banks [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.18% | |
Maine Water Company [Member] | Notes Payable to Banks [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 5.51% | |
Maine Water Company [Member] | Mortgages [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,500 | 0 |
Heritage Valley Water Company [Member] | Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,164 | 0 |
Stated interest rates | 4.75% | |
Avon Water Company [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,809 | $ 0 |
Stated interest rates | 3.05% |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) | Feb. 03, 2020USD ($) | Oct. 08, 2019USD ($) | Mar. 28, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 19, 2019USD ($) | Dec. 31, 2018USD ($) |
Unamortized Debt Issuance Expense | $ (11,737,000) | $ (3,576,000) | ||||
Long-term debt | $ 1,292,586,000 | 435,000,000 | ||||
Document Period End Date | Dec. 31, 2019 | |||||
Significant Observable Inputs (Level 2) | ||||||
Fair value of long-term debt | $ 1,396,205,000 | 490,148,000 | ||||
San Jose Water Company [Member] | Senior Notes [Member] | ||||||
Ratio of indebtedness to total capital | 0.6666 | |||||
Ratio of net income available for interest charges for the trailing 12-month calendar period to interest charges | 1.75 | |||||
SJW Group [Member] | Senior Notes [Member] | ||||||
Long-term debt | $ 560,000,000 | 50,000,000 | ||||
SJW Group [Member] | Senior Notes [Member] | Maximum [Member] | ||||||
Stated interest rates | 4.35% | |||||
SJW Group [Member] | Senior Notes [Member] | Series A [Member] | ||||||
Ratio of indebtedness to total capital | 0.6666 | |||||
Minimum net worth required for compliance | $ 175,000,000 | |||||
Cumulative net income, percentage included in net worth for compliance | 30.00% | |||||
SJW Group [Member] | Senior Notes [Member] | Series A [Member] | Minimum [Member] | ||||||
Stated interest rates | 3.05% | |||||
SJW Group [Member] | Senior Notes [Member] | Series A [Member] | Financial Guarantee [Member] | ||||||
Ratio of indebtedness to total capital | 0.6666 | |||||
Minimum net worth required for compliance | $ 125,000,000 | |||||
SJW Group [Member] | Senior Notes [Member] | Series A [Member] | Financial Guarantee [Member] | Minimum [Member] | ||||||
Cumulative net income, percentage included in net worth for compliance | 30.00% | |||||
SJW Group [Member] | Senior Notes [Member] | Series 2019A [Member] | ||||||
Stated interest rates | 3.05% | |||||
Principal Debt Sold | $ 310,000,000 | |||||
SJW Group [Member] | Senior Notes [Member] | Series 2019B [Member] | ||||||
Stated interest rates | 3.15% | |||||
Principal Debt Sold | $ 75,000,000 | |||||
SJW Group [Member] | Senior Notes [Member] | Series 2019C [Member] | ||||||
Stated interest rates | 3.53% | |||||
Principal Debt Sold | $ 125,000,000 | |||||
San Jose Water Company [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | ||||||
Long-term debt | $ 450,000,000 | 370,000,000 | ||||
San Jose Water Company [Member] | Public Utility, Bonds [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | ||||||
Long-term debt | $ 120,000,000 | 120,000,000 | ||||
San Jose Water Company [Member] | Public Utility, Bonds [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | Minimum [Member] | ||||||
Stated interest rates | 4.75% | |||||
San Jose Water Company [Member] | Public Utility, Bonds [Member] | California Pollution Control Financing Authority Revenue Bonds [Member] | Maximum [Member] | ||||||
Stated interest rates | 5.10% | |||||
San Jose Water Company [Member] | Senior Notes [Member] | ||||||
Long-term debt | $ 330,000,000 | 250,000,000 | ||||
San Jose Water Company [Member] | Senior Notes [Member] | Minimum [Member] | ||||||
Stated interest rates | 4.29% | |||||
San Jose Water Company [Member] | Senior Notes [Member] | Maximum [Member] | ||||||
Stated interest rates | 9.45% | |||||
San Jose Water Company [Member] | Senior Notes [Member] | Series M [Member] | ||||||
Stated interest rates | 4.29% | |||||
Principal Debt Sold | $ 80,000,000 | |||||
Connecticut Water Service, Inc. [Member] | Notes Payable to Banks [Member] | ||||||
Long-term debt | $ 23,935,000 | 0 | ||||
Ratio of indebtedness to total capital | 0.60 | |||||
Connecticut Water Service, Inc. [Member] | Notes Payable to Banks [Member] | Minimum [Member] | ||||||
Stated interest rates | 4.09% | |||||
Connecticut Water Service, Inc. [Member] | Notes Payable to Banks [Member] | Maximum [Member] | ||||||
Stated interest rates | 4.15% | |||||
Connecticut Water Company [Member] | ||||||
Long-term debt | $ 198,646,000 | 0 | ||||
Connecticut Water Company [Member] | Public Utility, Bonds [Member] | Connecticut Innovations Revenue Bonds, Variable Rate [Member] | ||||||
Long-term debt | 44,556,000 | |||||
Connecticut Water Company [Member] | Public Utility, Bonds [Member] | Connecticut Innovations Revenue Bonds [Member] | ||||||
Long-term debt | $ 22,506,000 | 0 | ||||
Stated interest rates | 5.00% | |||||
Connecticut Water Company [Member] | Notes Payable to Banks [Member] | ||||||
Long-term debt | $ 119,090,000 | 0 | ||||
Ratio of indebtedness to total capital | 0.60 | |||||
Connecticut Water Company [Member] | Notes Payable to Banks [Member] | Minimum [Member] | ||||||
Stated interest rates | 3.16% | |||||
Connecticut Water Company [Member] | Notes Payable to Banks [Member] | Maximum [Member] | ||||||
Stated interest rates | 4.75% | |||||
Connecticut Water Company [Member] | Senior Notes [Member] | ||||||
Long-term debt | $ 35,000,000 | 0 | ||||
Stated interest rates | 3.53% | |||||
SJWTX, Inc. [Member] | Senior Notes [Member] | ||||||
Long-term debt | $ 15,000,000 | 15,000,000 | ||||
Stated interest rates | 6.27% | |||||
Maine Water Company [Member] | ||||||
Long-term debt | $ 38,032,000 | 0 | ||||
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | ||||||
Long-term debt | $ 16,032,000 | 0 | ||||
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | Minimum [Member] | ||||||
Stated interest rates | 0.00% | |||||
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | Maximum [Member] | ||||||
Stated interest rates | 2.58% | |||||
Maine Water Company [Member] | Public Utility, Bonds [Member] | First Mortgage Bonds [Member] | ||||||
Stated interest rates | 8.95% | |||||
Ratio of indebtedness to total capital | 0.65 | |||||
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans Series S [Member] | ||||||
Long-term debt | $ 5,000,000 | |||||
Stated interest rates | 1.00% | |||||
Maine Water Company [Member] | Mortgages [Member] | First Mortgage Bonds [Member] | ||||||
Long-term debt | $ 4,500,000 | 0 | ||||
Maine Water Company [Member] | Notes Payable to Banks [Member] | ||||||
Long-term debt | $ 17,500,000 | 0 | ||||
Maine Water Company [Member] | Notes Payable to Banks [Member] | Minimum [Member] | ||||||
Stated interest rates | 4.18% | |||||
Maine Water Company [Member] | Notes Payable to Banks [Member] | Maximum [Member] | ||||||
Stated interest rates | 5.51% | |||||
Heritage Valley Water Company [Member] | Notes Payable to Banks [Member] | ||||||
Long-term debt | $ 4,164,000 | 0 | ||||
Stated interest rates | 4.75% | |||||
Principal and interest payments | $ 31,000 | |||||
Avon Water Company [Member] | Mortgages [Member] | ||||||
Long-term debt | $ 2,809,000 | $ 0 | ||||
Loan amortization period | 20 years | |||||
Stated interest rates | 3.05% | |||||
Principal and interest payments | $ 22,000 | |||||
SJWTX,Inc. dba Canyon Lake Water Supply Corporation [Member] | Senior Notes [Member] | Series A [Member] | ||||||
Ratio of indebtedness to total capital | 0.6666 | |||||
Ratio of net income available for interest charges for the trailing 12-month calendar period to interest charges | 1.75 | |||||
Subsequent Event [Member] | Maine Water Company [Member] | ||||||
Increase (Decrease) in Restricted Cash | $ (4,114,000) |
Long-Term Debt Debt Maturity Sc
Long-Term Debt Debt Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,292,586 | $ 435,000 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 22,343 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 76,943 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 39,388 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4,583 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 49,256 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,100,073 | |
Maine Water Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 38,032 | 0 |
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 16,032 | $ 0 |
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.00% | |
Maine Water Company [Member] | Public Utility, Bonds [Member] | State Revolving Fund Loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.58% |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 7,577 | $ 14,485 | $ 29,377 |
State | 2,126 | 5,066 | 6,452 |
Deferred: | |||
Federal | (1,929) | (7,702) | (1,174) |
State | 680 | (1,784) | 738 |
Income Tax Expense (Benefit) | $ 8,454 | $ 10,065 | $ 35,393 |
Income Taxes Federal Statutory
Income Taxes Federal Statutory Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes | $ 32,081 | $ 48,832 | $ 96,493 |
Income Tax Statutory Rate Reconciliation [Abstract] | |||
“Expected” federal income tax | 6,737 | 10,255 | 33,773 |
Increase (decrease) in taxes attributable to: | |||
State taxes, net of federal income tax benefit | 2,251 | 3,420 | 4,986 |
Uncertain tax positions | 323 | 24 | 12 |
Property flow-through | (2,054) | (839) | (1,027) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 5,350 | 0 | 0 |
Tax reform - rate change impact on deferred taxes | 77 | 0 | (2,357) |
Reversal of excess deferred taxes recognized in regulatory liability | (2,355) | (1,383) | 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Pensions | (1,244) | 0 | 0 |
Stock-based compensation | (223) | (1,602) | (552) |
Other items, net | (408) | 190 | 558 |
Income Tax Expense (Benefit) | $ 8,454 | $ 10,065 | $ 35,393 |
Income Taxes Components of Defe
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Advances and contributions | $ 19,547 | $ 14,592 |
Unamortized investment tax credit | 649 | 418 |
Pensions and postretirement benefits | 32,450 | 20,439 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve | 7,002 | 0 |
California franchise tax | 456 | 981 |
Deferred Tax Assets, Operating Loss Carryforwards | 1,046 | 0 |
Merger related expenses | 0 | 4,527 |
Tax related net regulatory liability | 0 | 16,212 |
Other | 7,211 | 3,336 |
Gross deferred tax assets | 68,361 | 60,505 |
Deferred Tax Assets, Valuation Allowance | (1,924) | 0 |
Deferred Tax Assets, Net of Valuation Allowance | 66,437 | 60,505 |
Deferred tax liabilities: | ||
Utility plant | 211,079 | 114,731 |
Pension and postretirement benefits | 22,263 | 18,534 |
Deferred gain and other-property related | 5,872 | 5,753 |
Deferred Tax Liabilities, Regulatory Asset, Debt Premium | 7,002 | 0 |
Deferred Tax Liabilities, Intangible Assets | 3,693 | 0 |
Deferred Tax Liabilities, Tax Deferred Income | 1,962 | 0 |
Deferred Tax Liability, Regulatory Asset, Income Tax Temporary Differences | 295 | 0 |
Deferred Tax Liabilities, Change in Accounting Policy | 5,721 | 0 |
Other | 4,148 | 1,138 |
Total deferred tax liabilities | (262,035) | (140,156) |
Net deferred tax liabilities | $ 195,598 | $ 79,651 |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||||
Document Period End Date | Dec. 31, 2019 | |||
Deferred tax liabilities, period increase (decrease) | $ 115,947 | |||
Unrecognized tax benefits before impact of deductions for state taxes, excluding interest and penalties | $ 4,037 | 4,037 | $ 1,411 | |
Unrecognized tax benefits that would impact effective tax rate | 27 | 27 | 70 | |
Accrued interest expense net of the benefit of tax deductions | 27 | 27 | ||
Cumulative reduction in unrecognized tax benefits, due to lapsing of statutes of limitations | 43 | |||
Other | 4,148 | 4,148 | 1,138 | |
Provision for income taxes | 8,454 | 10,065 | $ 35,393 | |
Tax Cuts and Jobs Act, Incomplete Accounting, Change in Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | 2,357 | |||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | 67 | |||
Tax Cuts And Jobs Act Of 2017, Measurement Period Adjustment, Increase (Decrease) Of Regulatory Liability | 455 | |||
Liability recorded in tax memorandum account | 6,504 | |||
Deferred Income Tax Charge | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax liabilities, period increase (decrease) | 109,435 | |||
Tax Cuts and Jobs Act, Incomplete Accounting, Change in Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | $ 83,666 | |||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards | 9,213 | 9,213 | ||
Connecticut | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards | 32,604 | 32,604 | ||
Tax Credit Carryforward, Amount | 1,000 | 1,000 | ||
Maine | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards | $ 9,506 | $ 9,506 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 1,382 | $ 1,307 | $ 1,132 |
Increase related to tax positions taken during a prior year, including interest | 351 | 0 | 0 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 3,483 | 75 | 185 |
Reductions related to tax positions taken in a prior year, including interest | (1,382) | 0 | (10) |
Balance at end of year | $ 3,834 | $ 1,382 | $ 1,307 |
Income Taxes Tax Years Under Ex
Income Taxes Tax Years Under Examination (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | Federal | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Minimum [Member] | California | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2015 |
Minimum [Member] | Arizona | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2015 |
Minimum [Member] | Tennessee | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Minimum [Member] | Texas | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2015 |
Minimum [Member] | Connecticut | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Minimum [Member] | Maine | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Maximum [Member] | Federal | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2018 |
Maximum [Member] | California | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2018 |
Maximum [Member] | Arizona | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Maximum [Member] | Tennessee | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2018 |
Maximum [Member] | Texas | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2018 |
Maximum [Member] | Connecticut | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2018 |
Maximum [Member] | Maine | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2018 |
Intangible Assets Narrative (De
Intangible Assets Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 1997 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 33,424 | $ 15,799 | ||
Document Period End Date | Dec. 31, 2019 | |||
Purchase premium customer relationships | $ 13,400 | 0 | ||
Net intangible assets | 20,245 | 7,059 | ||
Amortization of Intangible Assets | 745 | 647 | $ 616 | |
Future Amortization of Intangible Assets | ||||
2020 | 745 | |||
2021 | 647 | |||
2022 | 647 | |||
2023 | 647 | |||
2024 | 647 | |||
Concession Fees [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 6,800 | 6,800 | ||
Accumulated amortization of intangible assets | 6,052 | 5,780 | ||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 13,224 | 8,999 | ||
Accumulated amortization of intangible assets | 7,127 | $ 2,960 | ||
Service Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 4,128 | |||
Useful life of intangible assets | 25 years | |||
Infrastructure [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | 3,831 | |||
Contractual Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 1,040 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life of intangible assets | 5 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life of intangible assets | 70 years |
Commitments Narrative (Details)
Commitments Narrative (Details) $ in Thousands | Nov. 07, 2015gal | May 19, 2003gal | Dec. 31, 2019USD ($)employeeacre_foot$ / yr$ / million_gallons$ / Ccfgal | Dec. 31, 2018USD ($)gal | Dec. 31, 2017USD ($)gal | Dec. 31, 2008$ / yr | Dec. 31, 1997 | Jan. 08, 2020USD ($) | Nov. 30, 2016 | Dec. 31, 2008$ / million_gallons |
Long-term Purchase Commitment [Line Items] | ||||||||||
Document Period End Date | Dec. 31, 2019 | |||||||||
Purchased water | $ 99,118 | $ 97,378 | $ 86,456 | |||||||
Reduction in delivery schedule | 10.00% | |||||||||
Intangible assets | $ 33,424 | $ 15,799 | ||||||||
Collective bargaining agreement percent of wage increase for 2017 | 3.00% | |||||||||
Collective bargaining agreement percent of wage increase for 2018 | 3.00% | |||||||||
Collective bargaining agreement percent of wage increase for 2019 | 4.00% | |||||||||
Santa Clara Valley Water District [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Master contract, negotiated term for delivery schedules | 3 years | |||||||||
Water purchased in millions of gallons | gal | 21,862,000,000 | 21,345,000,000 | 20,857,000,000 | |||||||
Purchased water | $ 96,285 | $ 87,702 | $ 78,703 | |||||||
Minimum percent of delivery schedule to be purchased in 2017 | 90.00% | |||||||||
Minimum volume of water to be purchased in 2017 | gal | 19,794,000,000 | |||||||||
Cost of water to be purchased in 2017 | $ 89,539 | |||||||||
Current contract water rate | $ / million_gallons | 4.5 | |||||||||
Service Agreements [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Contract life of agreement with City of Cupertino | 25 years | |||||||||
Intangible assets | $ 4,128 | |||||||||
Concession Fees [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Intangible assets | $ 6,800 | $ 6,800 | ||||||||
SJW Group [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Number of employees | employee | 361 | |||||||||
SJWTX,Inc. dba Canyon Lake Water Supply Corporation [Member] | Guadalupe-Blanco River Authority [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Long-term Purchase Commitment, Minimum Area Required, Next Twelve Months | acre_foot | 6,900 | |||||||||
Notice period required for contract adjustment | 60 days | |||||||||
SJWTX,Inc. dba Canyon Lake Water Supply Corporation [Member] | Lower Colorado River Authority [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Long-term Purchase Commitment, Minimum Area Required, Next Twelve Months | acre_foot | 250 | |||||||||
RWA | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Purchase commitment period | 50 years | |||||||||
RWA | Capacity Agreement | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Current contract water rate | 75 | 2,621 | ||||||||
Purchase commitment period | 14 years | |||||||||
MDC | Capacity Agreement | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Purchase commitment period | 50 years | |||||||||
Agreement to purchase water | gal | 283,000,000 | |||||||||
Kennebec Water District | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Current contract water rate | $ / yr | 5,000 | |||||||||
Tariff rate | $ / Ccf | 1.51 | |||||||||
Purchase commitment period | 5 years | |||||||||
Agreement to purchase water | gal | 60,000,000 | |||||||||
Executive, Administrative or Supervisory Personnel [Member] | SJW Group [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Number of employees | employee | 136 | |||||||||
Union Member [Member] | SJW Group [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Number of employees | employee | 225 | |||||||||
Minimum [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Contract life of agreement with City of Cupertino | 5 years | |||||||||
Maximum [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Contract life of agreement with City of Cupertino | 70 years | |||||||||
Subsequent Event [Member] | Concession Fees [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Intangible assets | $ 5,000 |
Contingencies Narrative (Detail
Contingencies Narrative (Details) - USD ($) $ in Thousands | Jan. 10, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Damages sought | $ 1,500 | |
Subsequent Event [Member] | ||
Loss Contingencies [Line Items] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 325 |
Benefit Plans Narrative (Detail
Benefit Plans Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans [Abstract] | |||
Market gains (losses) | $ 2,520,000 | $ (1,388,000) | |
Document Period End Date | Dec. 31, 2019 | ||
Value of life insurance contracts | $ 3,829,000 | ||
Flexible Spending Plan [Abstract] | |||
Annual maximum contribution limit under Health Care Spending Account plan | 2,500 | ||
Annual maximum contribution limit under Dependent Care Spending Account plan | 5,000 | ||
Deferral Plan [Abstract] | |||
Employer contributions to deferral plan | $ 2,046,000 | 1,569,000 | $ 1,683,000 |
Minimum [Member] | |||
Pension Plans [Abstract] | |||
Period for performance standards | 3 years | ||
Maximum [Member] | |||
Pension Plans [Abstract] | |||
Period for performance standards | 5 years | ||
Executive Supplemental Retirement Plan [Member] | |||
Pension Plans [Abstract] | |||
Projected benefit obligation | $ 41,768,000 | 25,380,000 | |
Total investments made to fund SERP | 7,070,000 | ||
Net periodic pension cost | 3,219,000 | 2,905,000 | 2,186,000 |
Executives and Non-employee Directors [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||
Special Deferral Election Plan and Deferral Election Program [Abstract] | |||
Deferrals by executives and non-employee directors | 7,834,000 | $ 4,244,000 | $ 4,528,000 |
Connecticut Water Service, Inc. [Member] | Executives and Non-employee Directors [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||
Special Deferral Election Plan and Deferral Election Program [Abstract] | |||
Deferrals by executives and non-employee directors | $ 3,801,000 |
Benefit Plans Fair Value of Pla
Benefit Plans Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 260,747 | $ 133,459 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 192,752 | 82,677 |
Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 67,995 | 50,782 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 91,896 | 44,855 |
Fixed Income Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31,686 | 0 |
Fixed Income Funds [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 60,210 | 44,855 |
Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,801 | 8,136 |
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,801 | 8,136 |
Cash and Cash Equivalents [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Actively Managed Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 157,050 | 80,468 |
Actively Managed Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 149,265 | 74,541 |
Actively Managed Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,785 | 5,927 |
Actively Managed Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | $ 0 |
Executive Supplemental Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,183 | |
Executive Supplemental Retirement Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,183 | |
Executive Supplemental Retirement Plan [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Executive Supplemental Retirement Plan [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Executive Supplemental Retirement Plan [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20 | |
Executive Supplemental Retirement Plan [Member] | Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20 | |
Executive Supplemental Retirement Plan [Member] | Money Market Funds [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Executive Supplemental Retirement Plan [Member] | Money Market Funds [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Executive Supplemental Retirement Plan [Member] | Mutual Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 834 | |
Executive Supplemental Retirement Plan [Member] | Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 834 | |
Executive Supplemental Retirement Plan [Member] | Mutual Fund [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Executive Supplemental Retirement Plan [Member] | Mutual Fund [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Executive Supplemental Retirement Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,329 | |
Executive Supplemental Retirement Plan [Member] | Fixed Income Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,329 | |
Executive Supplemental Retirement Plan [Member] | Fixed Income Funds [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Executive Supplemental Retirement Plan [Member] | Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 |
Benefit Plans Actuarial Calcula
Benefit Plans Actuarial Calculation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 3.52% | 4.04% | |
Net periodic benefit cost, expected return on plan assets | 7.00% | 7.00% | |
Net periodic benefit cost, rate of compensation increase | 4.00% | 4.00% | 4.00% |
Benefit obligations, discount rate | 4.16% | ||
Benefit obligations, rate of compensation increase | 4.00% | 4.00% | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 3.45% | 3.93% | |
Net periodic benefit cost, expected return on plan assets | 7.00% | 7.00% | |
Benefit obligations, discount rate | 4.09% | ||
Maximum [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 4.16% | ||
Net periodic benefit cost, expected return on plan assets | 7.25% | ||
Benefit obligations, discount rate | 3.23% | ||
Maximum [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 4.09% | ||
Net periodic benefit cost, expected return on plan assets | 7.00% | ||
Benefit obligations, discount rate | 3.18% | ||
Minimum [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 3.04% | ||
Net periodic benefit cost, expected return on plan assets | 7.00% | ||
Benefit obligations, discount rate | 3.05% | ||
Minimum [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost, discount rate | 2.52% | ||
Net periodic benefit cost, expected return on plan assets | 4.00% | ||
Benefit obligations, discount rate | 2.59% |
Benefit Plans Net Periodic Bene
Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 5,947 | $ 5,790 | $ 4,699 |
Interest cost | 8,506 | 6,879 | 6,993 |
Expected return on assets | (10,118) | (9,255) | (7,888) |
Amortization of prior service cost | 48 | 51 | 94 |
Recognized actuarial loss | 3,984 | 3,986 | 3,844 |
Net periodic pension cost | 8,367 | 7,451 | 7,742 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 581 | 616 | 529 |
Interest cost | 775 | 627 | 634 |
Expected return on assets | (475) | (450) | (376) |
Amortization of prior service cost | 197 | 197 | 198 |
Recognized actuarial loss | 240 | 321 | 273 |
Net periodic pension cost | $ 1,318 | $ 1,311 | $ 1,258 |
Benefit Plans Reconciliation of
Benefit Plans Reconciliation of Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | $ 133,459 | ||
Fair value of assets at end of year | 260,747 | $ 133,459 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 187,877 | 196,207 | |
Service cost | 5,947 | 5,790 | $ 4,699 |
Interest cost | 8,506 | 6,879 | 6,993 |
Defined Benefit Plan, Benefit Obligation, Business Combination | 108,162 | 0 | |
Expected return on assets | 10,118 | 9,255 | 7,888 |
Actuarial loss | 35,502 | (14,447) | |
Implicit rate subsidy | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | (10) | 0 | |
Benefits paid | (7,744) | (6,552) | |
Benefit obligation at end of year | 338,240 | 187,877 | 196,207 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 127,610 | 133,360 | |
Actual return on plan assets | 34,807 | (7,700) | |
Defined Benefit Plan, Plan Assets, Business Combination | 79,382 | 0 | |
Employer contributions | 9,476 | 8,502 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Period Increase (Decrease) | (10) | 0 | |
Benefits paid | (7,744) | (6,552) | |
Fair value of assets at end of year | 243,521 | 127,610 | 133,360 |
Funded status at end of year | (94,719) | (60,267) | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 17,489 | 18,003 | |
Service cost | 581 | 616 | 529 |
Interest cost | 775 | 627 | 634 |
Defined Benefit Plan, Benefit Obligation, Business Combination | 12,537 | 0 | |
Expected return on assets | 475 | 450 | 376 |
Actuarial loss | 2,027 | (988) | |
Implicit rate subsidy | (217) | (207) | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 85 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | 0 | 0 | |
Benefits paid | (731) | (562) | |
Benefit obligation at end of year | 32,546 | 17,489 | 18,003 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 5,849 | 6,804 | |
Actual return on plan assets | 1,972 | (262) | |
Defined Benefit Plan, Plan Assets, Business Combination | 9,314 | 0 | |
Employer contributions | 738 | 629 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 85 | 0 | |
Defined Benefit Plan, Plan Assets, Period Increase (Decrease) | (55) | 0 | |
Benefits paid | (677) | (1,322) | |
Fair value of assets at end of year | 17,226 | 5,849 | $ 6,804 |
Funded status at end of year | $ (15,320) | $ (11,640) |
Benefit Plans Amounts Recognize
Benefit Plans Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ 108,044 | $ 70,490 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 1,899 | 1,323 |
Noncurrent liabilities | 92,820 | 58,944 |
Liabilities | 94,719 | 60,267 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 96 | 94 |
Noncurrent liabilities | 15,224 | 11,546 |
Liabilities | $ 15,320 | $ 11,640 |
Benefit Plans Regulatory Asset
Benefit Plans Regulatory Asset (Details) - Postretirement pensions and other medical benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status of obligation | $ 110,039 | $ 71,907 |
Accrued benefit cost | (36,514) | (5,674) |
Regulatory asset | $ 73,525 | $ 66,233 |
Benefit Plans Plan Assets (Deta
Benefit Plans Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 260,747 | $ 133,459 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,801 | 8,136 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 243,521 | 127,610 | $ 133,360 |
Pension Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 86,288 | $ 42,654 | |
Actual plan asset allocations as a percent of toal plan assets | 36.00% | 33.00% | |
Pension Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 146,210 | $ 77,053 | |
Actual plan asset allocations as a percent of toal plan assets | 60.00% | 60.00% | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 11,023 | $ 7,903 | |
Actual plan asset allocations as a percent of toal plan assets | 5.00% | 6.00% | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 17,226 | $ 5,849 | $ 6,804 |
Other Postretirement Benefits Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 5,608 | $ 2,200 | |
Actual plan asset allocations as a percent of toal plan assets | 33.00% | 38.00% | |
Other Postretirement Benefits Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 10,840 | $ 3,416 | |
Actual plan asset allocations as a percent of toal plan assets | 63.00% | 58.00% | |
Other Postretirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 778 | $ 233 | |
Actual plan asset allocations as a percent of toal plan assets | 5.00% | 4.00% |
Benefit Plans Benefits Expected
Benefit Plans Benefits Expected to be Paid in Next Five Years (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Plan [Member] | |
Expected Future Benefit Payments [Abstract] | |
2020 | $ 13,930 |
2021 | 14,358 |
2022 | 14,626 |
2023 | 15,187 |
2024 | 15,604 |
2025 - 2028 | 86,971 |
Other Postretirement Benefits Plan [Member] | |
Expected Future Benefit Payments [Abstract] | |
2020 | 1,336 |
2021 | 1,447 |
2022 | 1,513 |
2023 | 1,600 |
2024 | 1,648 |
2025 - 2028 | 8,908 |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated required and discretionary employer cash contributions in 2017 | $ 8,404 |
Equity Plans Equity Plans (Deta
Equity Plans Equity Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Option Indexed to Issuer's Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Grant Date Fair Value | $ 2,420 | $ 1,913 | $ 2,775 |
Document Period End Date | Dec. 31, 2019 | ||
Restricted Stock Awards, Performance-based, Vested Balance | 7,676 | ||
Restricted Stock Awards, Performance-based, Outstanding Balance | 42,700 | ||
Restricted Stock Awards, Performance-based, Issued, Intrinsic Value | 6,120 | 52,629 | 15,390 |
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | $ 3,406 | $ 2,117 | $ 2,643 |
Proceeds from the exercise of stock options and similar instruments | $ 1,603 | $ 1,371 | $ 1,215 |
Employee Stock Purchase Plan [Abstract] | |||
Shares issued during the period under the plan | 30,255 | 25,907 | 27,743 |
Cash received from employees toward purchases under the plan | $ 1,682 | $ 1,523 | $ 1,282 |
Restricted Stock and Deferred Restricted Stock [Member] | |||
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | 3,123 | $ 1,875 | $ 2,429 |
Employee Stock Purchase Plan [Abstract] | |||
Unrecognized compensation cost | $ 3,915 | ||
Deferred Restricted Stock Awards [Member] | |||
Dividend Equivalent Rights [Abstract] | |||
Cumulative dividend equivalent rights converted to deferred restricted stock awards | 81,231 | 79,478 | 77,034 |
Dividend Equivalent Rights [Member] | |||
Dividend Equivalent Rights [Abstract] | |||
Liability for dividend equivalent rights | $ 93 | $ 97 | $ 139 |
Incentive Plan [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Number of shares reserved for issuance under the plan | 1,800,000 | ||
Maximum number of shares per employee | 600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued Pursuant To The Plan | 819,340 | 793,811 | 628,546 |
Shares issuable under the plan upon exercise of outstanding awards | 174,764 | 124,275 | 228,885 |
Number of shares available for grant | 805,896 | ||
CTWS Plan [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Number of shares reserved for issuance under the plan | 156,022 | ||
Employee Stock Purchase Plan [Member] | |||
Summary of Activity under the Plan [Abstract] | |||
Compensation costs charged to income | $ 283 | $ 242 | $ 214 |
Proceeds from the exercise of stock options and similar instruments | $ 1,603 | 1,371 | 1,215 |
Employee Stock Purchase Plan [Abstract] | |||
Purchase price of common stock to employees under the plan, percent | 85.00% | ||
Maximum amount of base salary employees can designate for share purchase under the plan | 10.00% | ||
Expenses recorded under the plan | $ 294 | $ 265 | $ 229 |
Unrecognized compensation cost | $ 206 | ||
Common Stock [Member] | Employee Stock Purchase Plan [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Number of shares reserved for issuance under the plan | 400,000 |
Equity Plans Restricted Stock a
Equity Plans Restricted Stock and Deferred Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Grant Date Fair Value | $ 2,420 | $ 1,913 | $ 2,775 |
Document Period End Date | Dec. 31, 2019 | ||
Cash received from employees toward purchases under the plan | $ 1,682 | $ 1,523 | $ 1,282 |
Employee stock purchase plan, shares | 30,255 | 25,907 | 27,743 |
Restricted Stock Awards, Performance-based, Issued, Intrinsic Value | 6,120 | 52,629 | 15,390 |
Restricted Stock Awards, Performance-based, Vested Balance | 7,676 | ||
Restricted Stock Awards, Performance-based, Outstanding Balance | 42,700 | ||
Incentive Plan [Member] | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Number of shares reserved for issuance under the plan | 1,800,000 | ||
CTWS Plan [Member] | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Number of shares reserved for issuance under the plan | 156,022 | ||
Employee Stock Purchase Plan [Member] | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Expenses recorded under the plan | $ 294 | $ 265 | $ 229 |
Unrecognized compensation cost | $ 206 | ||
Purchase price of common stock to employees under the plan, percent | 85.00% | ||
Maximum amount of base salary employees can designate for share purchase under the plan | 10.00% | ||
Restricted Stock and Deferred Restricted Stock [Member] | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Unrecognized compensation cost | $ 3,915 | ||
Period for recognition of compensation cost | 1 year 10 months 2 days | ||
Restricted Stock and Deferred Restricted Stock [Member] | Incentive Plan [Member] | |||
Restricted and Deferred Restricted Stock Awards Outstanding [Roll Forward] | |||
Outstanding as of January 1, 2016, units | 124,275 | ||
Issued, units | 76,018 | ||
Exercised, units | 25,529 | ||
Forfeited or expired | 0 | ||
Outstanding as of December 31, 2016, units | 174,764 | 124,275 | |
Shares vested as of December 31, 2016, shares | 81,611 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Weighted Average Grant Date Fair Value [Roll Forward] [Roll Forward] | |||
Outstanding as of January 1, 2016, wtd avg grant date fair value | $ 38.80 | ||
Issued, wtd avg grant date fair value | 59.78 | ||
Exercised, wtd avg grant date fair value | 49.77 | ||
Forfeited or expired, wtd avg grant date fair value | 0 | ||
Outstanding as od December 31, 2016, wtd avg grant date fair value | 46.63 | $ 38.80 | |
Shares vested as of December 31, 2016, wtd avg grant date fair value | $ 31.12 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested as of January 1, 2016, units | 55,098 | ||
Granted, units | 76,018 | ||
Vested, units | (37,963) | ||
Forfeited, units | 0 | ||
Nonvested as of December 31, 2016, units | 93,153 | 55,098 | |
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested as of January 1, 2016, wtd avg grant date fair value | $ 54.42 | ||
Granted, wtd avg grant date fair value | 59.78 | ||
Vested, wtd avg grant date fair value | 59.27 | ||
Forfeited, wtd avg grant date fair value | 0 | ||
Nonvested as of December 31, 2016, wtd avg grant date fair value | $ 39.57 | $ 54.42 | |
Restricted Stock and Deferred Restricted Stock [Member] | CTWS Plan [Member] | |||
Restricted and Deferred Restricted Stock Awards Outstanding [Roll Forward] | |||
Issued, units | 105,233 | ||
Exercised, units | 23 | ||
Forfeited or expired | 2,279 | ||
Outstanding as of December 31, 2016, units | 102,931 | ||
Deferred Restricted Stock Awards [Member] | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Cumulative dividend equivalent rights converted to deferred restricted stock awards | 81,231 | 79,478 | 77,034 |
Dividend Equivalent Rights [Member] | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Liability for dividend equivalent rights | $ 93 | $ 97 | $ 139 |
Common Stock [Member] | Employee Stock Purchase Plan [Member] | |||
Restricted and Deferred Restricted Stock Awards, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Number of shares reserved for issuance under the plan | 400,000 |
Segment and Non-Tariffed Busi_3
Segment and Non-Tariffed Business Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)subsidiaryreportable_segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of Subsidiaries | subsidiary | 4 | |||||||||||||
Number of Reportable Segments | reportable_segment | 2 | |||||||||||||
Operating revenue | $ 125,838 | $ 113,997 | $ 102,965 | $ 77,682 | $ 98,718 | $ 124,853 | $ 99,086 | $ 75,042 | $ 420,482 | $ 397,699 | $ 389,225 | |||
Utilities Operating Expense | 363,003 | 324,259 | 287,374 | |||||||||||
Operating Income (Loss) | 6,016 | 17,084 | 21,971 | 12,408 | 17,482 | 25,828 | 22,799 | 7,331 | 57,479 | 73,440 | 101,851 | |||
SJW Group net income | (5,486) | $ 9,478 | $ 13,538 | $ 5,873 | 8,823 | $ 15,788 | $ 12,871 | $ 1,285 | 23,403 | 38,767 | 59,204 | |||
Net income before noncontrolling interest | 23,627 | 38,767 | 61,100 | |||||||||||
Depreciation and amortization | 65,592 | 54,601 | 48,292 | |||||||||||
Interest Expense | 31,796 | 24,332 | 22,929 | |||||||||||
Provision for income taxes | 8,454 | 10,065 | 35,393 | |||||||||||
Assets | 3,132,470 | 1,956,389 | 3,132,470 | 1,956,389 | 1,458,001 | |||||||||
Regulated [Member] | Water Utility Services [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenue | 407,116 | [1] | 384,639 | 376,104 | ||||||||||
Utilities Operating Expense | 329,520 | [1] | 294,536 | 276,061 | ||||||||||
Operating Income (Loss) | 77,596 | [1] | 90,103 | 100,043 | ||||||||||
SJW Group net income | 42,691 | [1] | 53,181 | 47,736 | ||||||||||
Depreciation and amortization | 63,775 | [1] | 53,067 | 46,500 | ||||||||||
Interest Expense | 25,073 | [1] | 22,157 | 20,670 | ||||||||||
Provision for income taxes | 8,382 | [1] | 14,826 | 30,127 | ||||||||||
Assets | 3,016,846 | [1] | 1,492,954 | 3,016,846 | [1] | 1,492,954 | 1,406,221 | |||||||
Regulated [Member] | SJW Corp. [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenue | 407,116 | 384,639 | 376,104 | |||||||||||
Utilities Operating Expense | 329,520 | 294,536 | 276,061 | |||||||||||
Operating Income (Loss) | 77,596 | 90,103 | 100,043 | |||||||||||
SJW Group net income | 42,691 | 53,181 | 47,736 | |||||||||||
Depreciation and amortization | 63,775 | 53,067 | 46,500 | |||||||||||
Interest Expense | 25,073 | 22,157 | 20,670 | |||||||||||
Provision for income taxes | 8,382 | 14,826 | 30,127 | |||||||||||
Assets | 3,016,846 | 1,492,954 | 3,016,846 | 1,492,954 | 1,406,221 | |||||||||
Nonregulated Operation [Member] | Water Utility Services [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenue | 7,969 | 7,578 | 7,419 | |||||||||||
Utilities Operating Expense | 5,443 | 5,012 | 4,855 | |||||||||||
Operating Income (Loss) | 2,526 | 2,566 | 2,564 | |||||||||||
SJW Group net income | 2,019 | 1,848 | 1,137 | |||||||||||
Depreciation and amortization | 420 | 338 | 572 | |||||||||||
Interest Expense | 0 | 0 | 0 | |||||||||||
Provision for income taxes | 708 | 719 | 993 | |||||||||||
Assets | 5,507 | 4,489 | 5,507 | 4,489 | 4,471 | |||||||||
Nonregulated Operation [Member] | Real Estate Services [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenue | 5,397 | 5,482 | 5,702 | |||||||||||
Utilities Operating Expense | 3,751 | 3,539 | 3,688 | |||||||||||
Operating Income (Loss) | 1,646 | 1,943 | 2,014 | |||||||||||
SJW Group net income | 1,623 | 885 | 6,193 | |||||||||||
Depreciation and amortization | 1,196 | 1,196 | 1,220 | |||||||||||
Interest Expense | 0 | 0 | 60 | |||||||||||
Provision for income taxes | 486 | 903 | 644 | |||||||||||
Assets | 46,778 | 46,517 | 46,778 | 46,517 | 47,668 | |||||||||
Nonregulated Operation [Member] | All Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenue | [2] | 0 | 0 | 0 | ||||||||||
Utilities Operating Expense | [2] | 24,289 | 21,172 | 2,770 | ||||||||||
Operating Income (Loss) | [2] | (24,289) | (21,172) | (2,770) | ||||||||||
SJW Group net income | [2] | (22,930) | (17,147) | 4,138 | ||||||||||
Depreciation and amortization | [2] | 201 | 0 | 0 | ||||||||||
Interest Expense | [2] | 6,723 | 2,175 | 2,199 | ||||||||||
Provision for income taxes | [2] | (1,122) | (6,383) | 3,629 | ||||||||||
Assets | [2] | 63,339 | 412,429 | 63,339 | 412,429 | (359) | ||||||||
Nonregulated Operation [Member] | SJW Corp. [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenue | 13,366 | 13,060 | 13,121 | |||||||||||
Utilities Operating Expense | 33,483 | 29,723 | 11,313 | |||||||||||
Operating Income (Loss) | (20,117) | (16,663) | 1,808 | |||||||||||
SJW Group net income | (19,288) | (14,414) | 11,468 | |||||||||||
Depreciation and amortization | 1,817 | 1,534 | 1,792 | |||||||||||
Interest Expense | 6,723 | 2,175 | 2,259 | |||||||||||
Provision for income taxes | 72 | (4,761) | 5,266 | |||||||||||
Assets | $ 115,624 | $ 463,435 | $ 115,624 | $ 463,435 | $ 51,780 | |||||||||
[1] | As of December 31, 2019 , the Company has performed a preliminary allocation of goodwill associated with the acquisition of CTWS to two reporting units, Connecticut and Maine, which are both aggregated within the Regulated Water Utility Services reportable segment. | |||||||||||||
[2] | The “All Other” category for the year ended December 31, 2019 , includes the accounts of SJW Group, SJWNE, LLC and CTWS, Inc. on a stand-alone basis. For the years ended December 31, 2018 and 2017 , the “All Other” category includes the accounts of SJW Group on a stand-alone basis. |
SJW Group and CTWS Merger (th_4
SJW Group and CTWS Merger (the “Merger”) (Details) $ / shares in Units, $ in Thousands | Oct. 09, 2019USD ($)$ / shares | Oct. 08, 2019USD ($) | Dec. 05, 2018shares | Dec. 03, 2018shares | Dec. 31, 2019USD ($)people_servedservice_connectioncommunities_served | Dec. 31, 2019USD ($)people_servedservice_connectioncommunities_served$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||
Share-based compensation related to business combination | $ 6,384 | |||||||
Proceeds from debt financing | 590,000 | $ 0 | $ 0 | |||||
Borrowings from lines of credit | 105,349 | 76,000 | $ 56,500 | |||||
Goodwill | $ 628,287 | 628,287 | 1,680 | |||||
Total revenues | 515,153 | 514,364 | ||||||
Pretax income (loss) | 60,862 | 72,938 | ||||||
Net income (loss) | $ 56,968 | $ 65,449 | ||||||
Basic earnings per share (in dollars per share) | $ / shares | $ 2 | $ 2.31 | ||||||
CTWS [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquiree's common shares converted in cash (in USD per share) | $ / shares | $ 70 | |||||||
Payments to Acquire Businesses, Gross | $ 838,475 | |||||||
Cash Acquired from Acquisition | 3,011 | |||||||
Share-based compensation related to business combination | 6,384 | |||||||
Proceeds from debt financing | 18,463 | |||||||
Borrowings from lines of credit | 60,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Nonutility Plant, Net | 848 | |||||||
Utility plant, net | 750,703 | |||||||
Nonutility plant | 42,673 | |||||||
Current assets | 12,489 | |||||||
Regulatory assets and deferred charges, less current portion | 83,132 | |||||||
Other intangible assets | 17,181 | |||||||
Other assets | 2,592 | |||||||
Goodwill | 626,523 | |||||||
Total assets acquired | 1,536,141 | |||||||
Long-term debt | 281,009 | |||||||
Current liabilities, including maturities of long-term debt | 125,772 | |||||||
Deferred income taxes | 107,789 | |||||||
Post-retirement benefit plans | 31,789 | |||||||
Contributions in aid of construction and construction advances | 137,327 | |||||||
Other long-term liabilities | 10,607 | |||||||
Total liabilities assumed | 694,293 | |||||||
Assumed equity | $ 841,848 | |||||||
Total revenues | 21,672 | |||||||
Pretax (loss) | $ (3,174) | |||||||
Connecticut Water Service, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of people served | people_served | 480,000 | 480,000 | ||||||
Public Utilities, Number of Communities Served | communities_served | 80 | 80 | ||||||
Common Stock [Member] | Underwritten Public Offering [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock issued, shares | shares | 1,012,500 | 6,750,000 | 7,762,000 | |||||
Proceeds from Issuance of Common Stock, Gross | $ 411,077 | |||||||
Series 2019A/B/C [Member] | Senior Notes [Member] | SJW Group [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Principal Debt Sold | $ 427,398 | |||||||
Connecticut and Maine | Connecticut Water Service, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Public Utilities, Service Connections | service_connection | 137,000 | 137,000 | ||||||
Connecticut | Connecticut Water Service, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Public Utilities, Service Connections | service_connection | 3,000 | 3,000 |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenue | $ 125,838 | $ 113,997 | $ 102,965 | $ 77,682 | $ 98,718 | $ 124,853 | $ 99,086 | $ 75,042 | $ 420,482 | $ 397,699 | $ 389,225 |
Operating Income (Loss) | 6,016 | 17,084 | 21,971 | 12,408 | 17,482 | 25,828 | 22,799 | 7,331 | 57,479 | 73,440 | 101,851 |
Net income | (5,486) | 9,478 | 13,538 | 5,873 | 8,823 | 15,788 | 12,871 | 1,285 | 23,403 | 38,767 | 59,204 |
Comprehensive income | $ (5,360) | $ 9,478 | $ 13,538 | $ 5,873 | $ 8,823 | $ 15,788 | $ 12,871 | $ 1,285 | $ 23,529 | $ 38,767 | $ 59,883 |
SJW Group earnings per share | |||||||||||
—Basic (in dollars per share) | $ (0.20) | $ 0.33 | $ 0.48 | $ 0.21 | $ 0.38 | $ 0.77 | $ 0.63 | $ 0.06 | $ 0.82 | $ 1.83 | $ 2.89 |
—Diluted (in dollars per share) | (0.19) | 0.33 | 0.47 | 0.21 | 0.38 | 0.76 | 0.62 | 0.06 | $ 0.82 | $ 1.82 | $ 2.86 |
Dividends per share | 0.30 | 0.30 | 0.30 | 0.30 | 0.28 | 0.28 | 0.28 | 0.28 | |||
--- High (in dollars per share) [Member] | |||||||||||
SJW Group earnings per share | |||||||||||
Market Price, Stock | 74.47 | 69.23 | 63.40 | 63.76 | 65.31 | 67.29 | 68.15 | 63.47 | |||
--- Low (in dollars per share) [Member] | |||||||||||
SJW Group earnings per share | |||||||||||
Market Price, Stock | $ 67.13 | $ 61.23 | $ 59.83 | $ 54.74 | $ 52.63 | $ 56.12 | $ 51.68 | $ 51.96 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | $ 272 | $ 190 | $ 200 |
Opening balance, SJWNE, LLC | 1,283 | 0 | 0 |
Charged to expense | 520 | 430 | 399 |
Accounts written off | (875) | (650) | (675) |
Recoveries of accounts written off | 312 | 302 | 266 |
Ending Balance | 1,512 | 272 | 190 |
SEC Schedule, 12-09, Reserve, Legal [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 2,181 | 1,892 | 2,105 |
Charged to expense | 3,221 | 480 | 528 |
Accounts written off | (135) | 1 | (245) |
Payments | (2,369) | (192) | (496) |
Ending Balance | $ 2,898 | $ 2,181 | $ 1,892 |
Uncategorized Items - sjw2019q4
Label | Element | Value |
Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 7,799,000 |
Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | 12,944,000 |
Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | 420,722,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 97,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | 0 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | 5,000,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | 0 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 2,203,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 97,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,203,000) |