Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-14431 | ||
Entity Registrant Name | American States Water Company | ||
Entity Tax Identification Number | 95-4676679 | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Address, Address Line One | 630 E. Foothill Boulevard, | ||
Entity Address, City or Town | San Dimas | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91773-1212 | ||
City Area Code | (909) | ||
Local Phone Number | 394-3600 | ||
Title of 12(b) Security | American States Water Company Common Shares | ||
Trading Symbol | AWR | ||
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 | $ 2,771,217 | ||
Entity Common Stock, Shares Outstanding (in shares) | 36,859,505 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement of American States Water Company will be subsequently filed with the Securities and Exchange Commission as to Part III, Item Nos. 10, 11, 13 and 14 and portions of Item 12, in each case as specifically referenced herein. | ||
Entity Central Index Key | 0001056903 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
GSWC | |||
Entity Information [Line Items] | |||
Entity File Number | 001-12008 | ||
Entity Registrant Name | Golden State Water Company | ||
Entity Tax Identification Number | 95-1243678 | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Address, Address Line One | 630 E. Foothill Boulevard, | ||
Entity Address, City or Town | San Dimas | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91773-1212 | ||
City Area Code | (909) | ||
Local Phone Number | 394-3600 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0000092116 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Subsequent Event [Member] | |||
Entity Information [Line Items] | |||
Entity Public Float | $ 3,325,833 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Regulated utility plant, at cost | ||
Water | $ 1,700,442 | $ 1,649,535 |
Electric | 108,425 | 106,064 |
Total | 1,808,867 | 1,755,599 |
Non-regulated utility property, at cost | 30,554 | 24,511 |
Total utility plant, at cost | 1,839,421 | 1,780,110 |
Less — accumulated depreciation | (543,263) | (561,855) |
Utility plant before construction work in progress | 1,296,158 | 1,218,255 |
Construction work in progress | 119,547 | 78,055 |
Net utility plant | 1,415,705 | 1,296,310 |
Other Property and Investments | ||
Goodwill | 1,116 | 1,116 |
Other property and investments | 30,293 | 25,356 |
Total other property and investments | 31,409 | 26,472 |
Current Assets | ||
Cash and cash equivalents | 1,334 | 7,141 |
Accounts receivable — customers, less allowance for doubtful accounts | 20,907 | 23,395 |
Unbilled revenue — receivable | 20,482 | 23,588 |
Receivable from U.S. government, less allowance for doubtful accounts (Note 2) | 22,613 | 21,543 |
Other accounts receivable, less allowance for doubtful accounts | 3,096 | 3,103 |
Income taxes receivable | 5,685 | 2,164 |
Materials and supplies | 6,429 | 5,775 |
Regulatory assets — current | 20,930 | 16,527 |
Prepayments and other current assets | 5,413 | 6,063 |
Contract assets (Note 2) | 15,567 | 22,169 |
Total current assets | 122,456 | 131,468 |
Regulatory and Other Assets | ||
Unbilled revenue, receivable from U.S government | 8,621 | 0 |
Receivable from U.S. government (Note 2) | 42,206 | 39,583 |
Contract assets (Note 2) | 64 | 2,278 |
Operating lease right-of-use assets | 13,168 | 0 |
Other | 7,702 | 5,322 |
Total other assets | 71,761 | 47,183 |
Total Assets | 1,641,331 | 1,501,433 |
Capitalization | ||
Common shareholder’s equity | 601,530 | 558,223 |
Long-term debt | 280,996 | 281,087 |
Total capitalization | 882,526 | 839,310 |
Current Liabilities | ||
Notes payable to banks | 5,000 | 0 |
Long-term debt — current | 344 | 40,320 |
Accounts payable | 55,616 | 59,532 |
Income taxes payable | 95 | 360 |
Accrued other taxes | 11,110 | 10,094 |
Accrued employee expenses | 14,255 | 13,842 |
Accrued interest | 3,050 | 3,865 |
Unrealized loss on purchased power contracts | 3,171 | 311 |
Contract liabilities (Note 2) | 11,167 | 7,530 |
Operating lease liabilities | 1,849 | 0 |
Other | 10,341 | 10,731 |
Total current liabilities | 115,998 | 146,585 |
Other Credits | ||
Notes payable to banks | 200,000 | 95,500 |
Advances for construction | 63,989 | 66,305 |
Contributions in aid of construction — net | 134,706 | 124,385 |
Deferred income taxes | 125,304 | 114,216 |
Regulatory liabilities | 23,380 | 44,867 |
Unamortized investment tax credits | 1,295 | 1,367 |
Accrued pension and other post-retirement benefits | 68,469 | 57,636 |
Operating lease liabilities | 11,739 | 0 |
Other | 13,925 | 11,262 |
Total other credits | 642,807 | 515,538 |
Commitments and Contingencies | 0 | 0 |
Total Capitalization and Liabilities | 1,641,331 | 1,501,433 |
GSWC | ||
Regulated utility plant, at cost | ||
Water | 1,700,442 | 1,649,535 |
Electric | 108,425 | 106,064 |
Total utility plant, at cost | 1,808,867 | 1,755,599 |
Less — accumulated depreciation | (531,801) | (551,244) |
Utility plant before construction work in progress | 1,277,066 | 1,204,355 |
Construction work in progress | 117,676 | 76,737 |
Net utility plant | 1,394,742 | 1,281,092 |
Other Property and Investments | ||
Other property and investments | 28,212 | 23,263 |
Total other property and investments | 28,212 | 23,263 |
Current Assets | ||
Cash and cash equivalents | 401 | 4,187 |
Accounts receivable — customers, less allowance for doubtful accounts | 20,907 | 23,395 |
Unbilled revenue — receivable | 18,636 | 17,892 |
Other accounts receivable, less allowance for doubtful accounts | 1,857 | 1,959 |
Income taxes receivable | 7,727 | 5,617 |
Materials and supplies | 4,920 | 4,797 |
Regulatory assets — current | 20,930 | 16,527 |
Prepayments and other current assets | 4,497 | 5,275 |
Total current assets | 79,875 | 79,649 |
Regulatory and Other Assets | ||
Operating lease right-of-use assets | 12,745 | 0 |
Other | 6,880 | 5,218 |
Total other assets | 19,625 | 5,218 |
Total Assets | 1,522,454 | 1,389,222 |
Capitalization | ||
Common shareholder’s equity | 551,188 | 503,575 |
Long-term debt | 280,996 | 281,087 |
Total capitalization | 832,184 | 784,662 |
Current Liabilities | ||
Intercompany payable to Parent | 158,845 | 0 |
Long-term debt — current | 344 | 40,320 |
Accounts payable | 45,756 | 47,865 |
Accrued other taxes | 10,640 | 9,911 |
Accrued employee expenses | 12,386 | 11,910 |
Accrued interest | 2,736 | 3,550 |
Unrealized loss on purchased power contracts | 3,171 | 311 |
Operating lease liabilities | 1,612 | 0 |
Other | 9,745 | 9,432 |
Total current liabilities | 245,235 | 123,299 |
Other Credits | ||
Inter-company payable to Parent | 0 | 57,289 |
Advances for construction | 63,989 | 66,305 |
Contributions in aid of construction — net | 134,706 | 124,385 |
Deferred income taxes | 127,806 | 118,241 |
Regulatory liabilities | 23,380 | 44,867 |
Unamortized investment tax credits | 1,295 | 1,367 |
Accrued pension and other post-retirement benefits | 68,469 | 57,636 |
Operating lease liabilities | 11,588 | 0 |
Other | 13,802 | 11,171 |
Total other credits | 445,035 | 481,261 |
Total Capitalization and Liabilities | $ 1,522,454 | $ 1,389,222 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITALIZATION - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Common Shareholders' Equity: | ||
Common shares, no par value | $ 255,566,000 | $ 253,689,000 |
Reinvested earnings in the business | 345,964,000 | 304,534,000 |
Common shareholder’s equity | 601,530,000 | 558,223,000 |
Long-Term Debt | ||
Debt and Capital Lease Obligations | 284,699,000 | 324,978,000 |
Less: Current maturities | (344,000) | (40,320,000) |
Debt Issuance Costs, Net | 3,359,000 | 3,571,000 |
Long-Term Debt | 280,996,000 | 281,087,000 |
Total Capitalization | 882,526,000 | 839,310,000 |
GSWC | ||
Common Shareholders' Equity: | ||
Common shares, no par value | 293,754,000 | 292,412,000 |
Reinvested earnings in the business | 257,434,000 | 211,163,000 |
Common shareholder’s equity | 551,188,000 | 503,575,000 |
Long-Term Debt | ||
Debt and Capital Lease Obligations | 284,699,000 | 324,978,000 |
Less: Current maturities | (344,000) | (40,320,000) |
Debt Issuance Costs, Net | 3,359,000 | 3,571,000 |
Long-Term Debt | 280,996,000 | 281,087,000 |
Total Capitalization | 832,184,000 | 784,662,000 |
6.81% notes due 2028 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 15,000,000 | 15,000,000 |
6.81% notes due 2028 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 15,000,000 | 15,000,000 |
6.59% notes due 2029 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 40,000,000 | 40,000,000 |
6.59% notes due 2029 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 40,000,000 | 40,000,000 |
7.875% notes due 2030 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 20,000,000 | 20,000,000 |
7.875% notes due 2030 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 20,000,000 | 20,000,000 |
7.23% notes due 2031 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 50,000,000 | 50,000,000 |
7.23% notes due 2031 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 50,000,000 | 50,000,000 |
6.00% notes due 2041 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 62,000,000 | 62,000,000 |
6.00% notes due 2041 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 62,000,000 | 62,000,000 |
3.45% notes due 2029 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 15,000,000 | 15,000,000 |
3.45% notes due 2029 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 15,000,000 | 15,000,000 |
9.56% notes due 2031 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 28,000,000 | 28,000,000 |
9.56% notes due 2031 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 28,000,000 | 28,000,000 |
5.87% notes due 2028 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 40,000,000 | 40,000,000 |
5.87% notes due 2028 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 40,000,000 | 40,000,000 |
6.70% notes due 2019 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 0 | 40,000,000 |
6.70% notes due 2019 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 0 | 40,000,000 |
5.50% notes due 2026 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 7,730,000 | 7,730,000 |
5.50% notes due 2026 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 7,730,000 | 7,730,000 |
State Water Project due 2035 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 3,563,000 | 3,667,000 |
State Water Project due 2035 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 3,563,000 | 3,667,000 |
American Recovery and Reinvestment Act Obligation due 2033 | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 3,406,000 | 3,581,000 |
American Recovery and Reinvestment Act Obligation due 2033 | GSWC | ||
Long-Term Debt | ||
Debt and Capital Lease Obligations | 3,406,000 | 3,581,000 |
Common Stock [Member] | ||
Common Shareholders' Equity: | ||
Common shareholder’s equity | 255,566,000 | 253,689,000 |
Common Stock [Member] | GSWC | ||
Common Shareholders' Equity: | ||
Common shareholder’s equity | $ 293,754,000 | $ 292,412,000 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CAPITALIZATION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt and Capital Lease Obligations | $ 284,699 | $ 324,978 |
Total capitalization | $ 882,526 | $ 839,310 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares outstanding | 36,846,614 | 36,680,794 |
GSWC | ||
Debt and Capital Lease Obligations | $ 284,699 | $ 324,978 |
Total capitalization | $ 832,184 | $ 784,662 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares outstanding | 165 | 165 |
6.81% notes due 2028 | ||
Debt and Capital Lease Obligations | $ 15,000 | $ 15,000 |
Interest rate per annum (as a percent) | 6.81% | 6.81% |
6.81% notes due 2028 | GSWC | ||
Debt and Capital Lease Obligations | $ 15,000 | $ 15,000 |
Interest rate per annum (as a percent) | 6.81% | 6.81% |
6.59% notes due 2029 | ||
Debt and Capital Lease Obligations | $ 40,000 | $ 40,000 |
Interest rate per annum (as a percent) | 6.59% | 6.59% |
6.59% notes due 2029 | GSWC | ||
Debt and Capital Lease Obligations | $ 40,000 | $ 40,000 |
Interest rate per annum (as a percent) | 6.59% | 6.59% |
7.875% notes due 2030 | ||
Debt and Capital Lease Obligations | $ 20,000 | $ 20,000 |
Interest rate per annum (as a percent) | 7.875% | 7.875% |
7.875% notes due 2030 | GSWC | ||
Debt and Capital Lease Obligations | $ 20,000 | $ 20,000 |
Interest rate per annum (as a percent) | 7.875% | 7.875% |
7.23% notes due 2031 | ||
Debt and Capital Lease Obligations | $ 50,000 | $ 50,000 |
Interest rate per annum (as a percent) | 7.23% | 7.23% |
7.23% notes due 2031 | GSWC | ||
Debt and Capital Lease Obligations | $ 50,000 | $ 50,000 |
Interest rate per annum (as a percent) | 7.23% | 7.23% |
6.00% notes due 2041 | ||
Debt and Capital Lease Obligations | $ 62,000 | $ 62,000 |
Interest rate per annum (as a percent) | 6.00% | 6.00% |
6.00% notes due 2041 | GSWC | ||
Debt and Capital Lease Obligations | $ 62,000 | $ 62,000 |
Interest rate per annum (as a percent) | 6.00% | 6.00% |
3.45% notes due 2029 | ||
Debt and Capital Lease Obligations | $ 15,000 | $ 15,000 |
Interest rate per annum (as a percent) | 3.45% | 3.45% |
3.45% notes due 2029 | GSWC | ||
Debt and Capital Lease Obligations | $ 15,000 | $ 15,000 |
Interest rate per annum (as a percent) | 3.45% | 3.45% |
9.56% notes due 2031 | ||
Debt and Capital Lease Obligations | $ 28,000 | $ 28,000 |
Interest rate per annum (as a percent) | 9.56% | 9.56% |
9.56% notes due 2031 | GSWC | ||
Debt and Capital Lease Obligations | $ 28,000 | $ 28,000 |
Interest rate per annum (as a percent) | 9.56% | 9.56% |
5.87% notes due 2028 | ||
Debt and Capital Lease Obligations | $ 40,000 | $ 40,000 |
Interest rate per annum (as a percent) | 5.87% | 5.87% |
5.87% notes due 2028 | GSWC | ||
Debt and Capital Lease Obligations | $ 40,000 | $ 40,000 |
Interest rate per annum (as a percent) | 5.87% | 5.87% |
6.70% notes due 2019 | ||
Debt and Capital Lease Obligations | $ 0 | $ 40,000 |
Interest rate per annum (as a percent) | 6.70% | 6.70% |
6.70% notes due 2019 | GSWC | ||
Debt and Capital Lease Obligations | $ 0 | $ 40,000 |
Interest rate per annum (as a percent) | 6.70% | 6.70% |
5.50% notes due 2026 | ||
Debt and Capital Lease Obligations | $ 7,730 | $ 7,730 |
Interest rate per annum (as a percent) | 5.50% | 5.50% |
5.50% notes due 2026 | GSWC | ||
Debt and Capital Lease Obligations | $ 7,730 | $ 7,730 |
Interest rate per annum (as a percent) | 5.50% | 5.50% |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Operating Revenues | ||||
Water | $ 319,830 | $ 295,258 | $ 306,332 | |
Electric | 39,548 | 34,350 | 33,969 | |
Contracted services | 114,491 | 107,208 | 100,302 | |
Total operating revenues | 473,869 | 436,816 | 440,603 | |
Operating Expenses | ||||
Water purchased | 72,289 | 68,904 | 68,302 | |
Power purchased for pumping | 8,660 | 8,971 | 8,518 | |
Groundwater production assessment | 18,962 | 19,440 | 18,638 | |
Power purchased for resale | 11,796 | 11,590 | 10,720 | |
Supply cost balancing accounts | (7,026) | (15,649) | (17,939) | |
Other operation | 32,756 | 31,650 | 29,994 | |
Administrative and general | 83,034 | 82,595 | 81,643 | |
Depreciation and amortization | [1] | 35,397 | 40,425 | 39,031 |
Maintenance | 15,466 | 15,682 | 15,176 | |
Property and other taxes | 20,042 | 18,404 | 17,905 | |
ASUS construction | 55,673 | 53,906 | 49,838 | |
Gain on sale of assets | (253) | (85) | (8,318) | |
Total operating expenses | 346,796 | 335,833 | 313,508 | |
Operating Income | 127,073 | 100,983 | 127,095 | |
Other Income and Expenses | ||||
Interest expense | (24,586) | (23,433) | (22,582) | |
Interest income | 3,249 | 3,578 | 1,790 | |
Other, net | 3,276 | 760 | 2,038 | |
Total other income and expenses | (18,061) | (19,095) | (18,754) | |
Income before income tax expense | 109,012 | 81,888 | 108,341 | |
Income tax expense | 24,670 | 18,017 | 38,974 | |
Net Income | $ 84,342 | $ 63,871 | $ 69,367 | |
Basic Earnings Per Common Share | ||||
Weighted Average Number of Shares Outstanding (in shares) | 36,814 | 36,733 | 36,638 | |
Earnings Per Share, Basic | $ 2.28 | $ 1.73 | $ 1.88 | |
Fully Diluted Earnings Per Share | ||||
Weighted Average Number of Diluted Shares (in shares) | 36,964 | 36,936 | 36,844 | |
Earnings Per Share, Diluted | $ 2.28 | $ 1.72 | $ 1.88 | |
Dividends Declared Per Common Share (in dollars per share) | $ 1.160 | $ 1.060 | $ 0.994 | |
GSWC | ||||
Operating Revenues | ||||
Water | $ 319,830 | $ 295,258 | $ 306,332 | |
Electric | 39,548 | 34,350 | 33,969 | |
Total operating revenues | 359,378 | 329,608 | 340,301 | |
Operating Expenses | ||||
Water purchased | 72,289 | 68,904 | 68,302 | |
Power purchased for pumping | 8,660 | 8,971 | 8,518 | |
Groundwater production assessment | 18,962 | 19,440 | 18,638 | |
Power purchased for resale | 11,796 | 11,590 | 10,720 | |
Supply cost balancing accounts | (7,026) | (15,649) | (17,939) | |
Other operation | 26,336 | 25,334 | 24,877 | |
Administrative and general | 59,905 | 62,156 | 62,408 | |
Depreciation and amortization | 32,441 | 38,395 | 37,852 | |
Maintenance | 12,843 | 13,104 | 12,970 | |
Property and other taxes | 18,168 | 16,809 | 16,402 | |
Gain on sale of assets | (88) | (8) | (8,318) | |
Total operating expenses | 254,286 | 249,046 | 234,430 | |
Operating Income | 105,092 | 80,562 | 105,871 | |
Other Income and Expenses | ||||
Interest expense | (23,399) | (22,621) | (22,055) | |
Interest income | 1,867 | 2,890 | 1,766 | |
Other, net | 3,280 | 784 | 2,234 | |
Total other income and expenses | (18,252) | (18,947) | (18,055) | |
Income before income tax expense | 86,840 | 61,615 | 87,816 | |
Income tax expense | 20,177 | 13,603 | 34,059 | |
Net Income | $ 66,663 | $ 48,012 | $ 53,757 | |
[1] |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | GSWC | Common Stock [Member] | Common Stock [Member]GSWC | Earnings Reinvested in the Business | Earnings Reinvested in the BusinessGSWC |
Common stock, shares outstanding | 36,571,000 | 146 | ||||
Balances at Dec. 31, 2016 | $ 494,297 | $ 446,770 | $ 247,232 | $ 240,482 | $ 247,065 | $ 206,288 |
Add: | ||||||
Net Income | $ 69,367 | 53,757 | 69,367 | 53,757 | ||
Stock Issued During Period, Shares, New Issues | 56,498 | 110,000 | ||||
Exercise of stock options and other issuance of Common Shares | $ 909 | $ 909 | ||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,789 | 1,527 | 1,789 | 1,527 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 194 | 172 | 194 | 172 | ||
Deduct: | ||||||
Dividends on Common Shares | 36,417 | 27,680 | 36,417 | 27,680 | ||
Dividend equivalent rights on stock-based awards | 194 | 172 | 194 | 172 | ||
Balances at Dec. 31, 2017 | 529,945 | 474,374 | $ 250,124 | $ 242,181 | 279,821 | 232,193 |
Common stock, shares outstanding | 36,681,000 | 146 | ||||
Add: | ||||||
Net Income | $ 63,871 | 48,012 | 63,871 | 48,012 | ||
Stock Issued During Period, Shares, New Issues | 44,906 | 77,000 | 19 | |||
Exercise of stock options and other issuance of Common Shares | $ 546 | $ 546 | ||||
Stock Issued During Period, Value, New Issues | 47,500 | |||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 2,798 | 2,539 | 2,798 | $ 2,539 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 221 | 192 | 221 | 192 | ||
Deduct: | ||||||
Dividends on Common Shares | 38,937 | 68,850 | 38,937 | 68,850 | ||
Dividend equivalent rights on stock-based awards | 221 | 192 | 221 | 192 | ||
Balances at Dec. 31, 2018 | $ 558,223 | $ 503,575 | $ 253,689 | $ 292,412 | 304,534 | 211,163 |
Common stock, shares outstanding | 36,680,794 | 165 | 36,758,000 | 165 | ||
Add: | ||||||
Net Income | $ 84,342 | $ 66,663 | 66,663 | |||
Stock Issued During Period, Shares, New Issues | 88,772 | 89,000 | ||||
Exercise of stock options and other issuance of Common Shares | $ 519 | $ 519 | ||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 1,148 | 1,150 | 1,148 | $ 1,150 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 210 | 192 | 210 | 192 | ||
Deduct: | ||||||
Dividends on Common Shares | 42,702 | 20,200 | 42,702 | 20,200 | ||
Dividend equivalent rights on stock-based awards | 210 | 192 | 210 | 192 | ||
Balances at Dec. 31, 2019 | $ 601,530 | $ 551,188 | $ 255,566 | $ 293,754 | $ 345,964 | $ 257,434 |
Common stock, shares outstanding | 36,846,614 | 165 | 36,847,000 | 165 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 84,342 | $ 63,871 | $ 69,367 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 35,713 | 40,663 | 39,273 |
Provision for doubtful accounts | 608 | 841 | 989 |
Deferred income taxes and investment tax credits | 6,623 | (5,773) | 12,153 |
Stock-based compensation expense | 2,517 | 3,851 | 2,885 |
Gain on sale of assets | (253) | (85) | (8,318) |
(Gain) loss on investments held in a trust | (3,580) | 558 | (1,743) |
Other - net | 526 | 97 | 218 |
Changes in assets and liabilities: | |||
Accounts receivable - customers | 1,882 | 1,882 | (7,671) |
Unbilled revenue-receivable | (5,515) | 2,823 | (2,020) |
Other accounts receivable | 214 | 5,151 | (1,671) |
Receivable from the U.S. government | (1,144) | 20,976 | (4,742) |
Materials and supplies | (654) | (980) | (501) |
Prepayments and other assets | 3,978 | (519) | (1,641) |
Contract Assets | 3,979 | 5,941 | 0 |
Costs and estimated earnings in excess of billings on contracts | 0 | 0 | 2,881 |
Regulatory Assets / Liabilities | (11,597) | 33,834 | 24,626 |
Accounts payable | (249) | 1,282 | 4,358 |
Income taxes receivable / payable | (3,786) | 2,708 | 13,206 |
Contract liabilities/ Billings in excess of cost of estimated earnings | 3,637 | 3,619 | 1,648 |
Accrued pension and other post-retirement benefits | 1,994 | (1,086) | (878) |
Other liabilities | (4,659) | (928) | (1,589) |
Cash Flows From Operating Activities | 116,864 | 136,774 | 144,552 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (151,940) | (126,561) | (113,126) |
Proceeds from sale of assets | 169 | 72 | 34,324 |
Other investments | 1,424 | 1,553 | 1,229 |
Net Cash Provided by (Used in) Investing Activities | (153,195) | (128,042) | (80,031) |
Cash Flows From Financing Activities: | |||
Proceeds from stock option exercises | 519 | 546 | 909 |
Receipt of advances for and contributions in aid of construction | 10,171 | 5,551 | 7,275 |
Refunds on advances for construction | 5,005 | 3,886 | 3,889 |
Retirement or repayments of long-term debt | (40,325) | (326) | (329) |
Increase (Decrease) in Notes Payable, Current | 109,500 | 36,500 | (31,000) |
Dividends paid | (42,702) | (38,937) | (36,417) |
Other | (1,634) | (1,253) | (1,292) |
Net Cash Provided by (Used in) Financing Activities | 30,524 | (1,805) | (64,743) |
Net change in cash and cash equivalents | (5,807) | 6,927 | (222) |
Cash and cash equivalents, beginning of period | 7,141 | 214 | 436 |
Cash and cash equivalents, end of year | 1,334 | 7,141 | 214 |
GSWC | |||
Cash Flows From Operating Activities: | |||
Net Income | 66,663 | 48,012 | 53,757 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 32,757 | 38,633 | 38,094 |
Provision for doubtful accounts | 606 | 850 | 816 |
Deferred income taxes and investment tax credits | 5,081 | (6,817) | 13,970 |
Stock-based compensation expense | 2,253 | 3,397 | 2,420 |
Gain on sale of assets | (88) | (8) | (8,318) |
(Gain) loss on investments held in a trust | (3,580) | 558 | (1,743) |
Other - net | 58 | 27 | 130 |
Changes in assets and liabilities: | |||
Accounts receivable - customers | 1,882 | 1,882 | (7,671) |
Unbilled revenue-receivable | (744) | 960 | (1,152) |
Other accounts receivable | 311 | 4,140 | (544) |
Materials and supplies | (123) | (751) | (322) |
Prepayments and other assets | 4,230 | (154) | (1,450) |
Regulatory Assets / Liabilities | (11,597) | 33,834 | 24,626 |
Accounts payable | 1,558 | (1,907) | 4,927 |
Inter-company receivable / payable | 1,056 | (47) | (390) |
Income taxes receivable / payable | (2,110) | 973 | 15,266 |
Accrued pension and other post-retirement benefits | 1,994 | (1,086) | (878) |
Other liabilities | (3,579) | (2,057) | (1,930) |
Cash Flows From Operating Activities | 96,628 | 120,439 | 129,608 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (142,852) | (116,354) | (110,487) |
Proceeds from sale of assets | 88 | 9 | 34,324 |
Payments to Acquire Investments | 1,424 | 1,553 | 1,229 |
Net Cash Provided by (Used in) Investing Activities | (144,188) | (117,898) | (77,392) |
Cash Flows From Financing Activities: | |||
Proceeds from issuance of Common Shares to Parent | 0 | 47,500 | 0 |
Receipt of advances for and contributions in aid of construction | 10,171 | 5,551 | 7,275 |
Refunds on advances for construction | 5,005 | 3,886 | 3,889 |
Retirement or repayments of long-term debt | (40,325) | (326) | (329) |
Net change in inter-company borrowings | (100,500) | (22,500) | 26,500 |
Dividends paid | (20,200) | (68,850) | (27,680) |
Other | (1,367) | (1,057) | (1,088) |
Net Cash Provided by (Used in) Financing Activities | 43,774 | 1,432 | (52,211) |
Net change in cash and cash equivalents | (3,786) | 3,973 | 5 |
Cash and cash equivalents, beginning of period | 4,187 | 214 | 209 |
Cash and cash equivalents, end of year | $ 401 | $ 4,187 | $ 214 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Nature of Operations : American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”) and American States Utility Services, Inc. (“ASUS”) (and its wholly owned subsidiaries, Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. (“ECUS”), and Fort Riley Utility Services, Inc. ("FRUS")). AWR and its subsidiaries may be collectively referred to as “Registrant” or “the Company.” The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries.” AWR, through its wholly owned subsidiaries, serves over one million people in nine states. GSWC is a public utility engaged principally in the purchase, production, distribution and sale of water in California serving approximately 261,000 customers. GSWC also distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,000 customers through its Bear Valley Electric Service (“BVES”) division. The California Public Utilities Commission (“CPUC”) regulates GSWC’s water and electric businesses in matters including properties, rates, services, facilities, and transactions by GSWC with its affiliates. GSWC filed applications with the CPUC and the Federal Energy Regulatory Commission ("FERC") in December 2018 and July 2019, respectively, to transfer the assets and liabilities of the BVES division of GSWC to Bear Valley Electric Service, Inc., a newly created separate legal entity and stand-alone subsidiary of AWR. The FERC and CPUC approved GSWC's application for reorganization in October and December of 2019, respectively. The reorganization plan is pending the completion of certain closing procedures to effectuate the transfer of assets and liabilities including, among other things, an additional FERC approval for tariffs. When completed, the reorganization plan is not expected to result in a substantive change to AWR's operations and business segments. ASUS, through its Military Utility Privatization Subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to 50 -year firm fixed-price contracts. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or the Military Utility Privatization Subsidiaries. Basis of Presentation : The consolidated financial statements and notes thereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. Certain prior period amounts have been reclassified on the statements of cash flows to conform to current year presentation. AWR owns all of the outstanding Common Shares of GSWC and ASUS. ASUS owns all of the outstanding Common shares of the Military Utility Privatization Subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements. Related-Party Transactions : GSWC and ASUS provide and/or receive various support services to and from their parent, AWR, and among themselves. GSWC also allocates certain corporate office administrative and general costs to its affiliate, ASUS, using allocation factors approved by the CPUC. During the years ended December 31, 2019 , 2018 and 2017 , GSWC allocated to ASUS approximately $4.7 million , $4.2 million and $4.0 million , respectively, of corporate office administrative and general costs. AWR borrows under a credit facility, which expires in May 2023, and provides funds to its subsidiaries, GSWC and ASUS, in support of their operations. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest expense under the credit facility. In March 2019, AWR entered into an amendment to this credit facility to increase its borrowing capacity from $150.0 million to $200.0 million . In October 2019 AWR entered into another amendment to the credit facility to temporarily increase its borrowing capacity to $225.0 million , effective until June 30, 2020. In February 2020, AWR received a binding commitment from its lender for the option to revise the temporary increase of the credit facility to $260.0 million through the end of 2020. AWR will be able to exercise this commitment and have immediate access to the additional funds when needed. On December 31, 2020, the borrowing capacity will revert to $200.0 million . As of December 31, 2019 , there was $205.0 million outstanding under this facility, of which $5.0 million has been reflected as a current liability on the consolidated balance sheet of AWR. Management intends to seek additional financing in 2020 through the issuance of long-term debt at GSWC. The CPUC requires GSWC to completely pay down all intercompany borrowings from AWR within a 24 -month period. The end of the next 24 -month period in which GSWC is required to completely pay down its intercompany borrowings will be in November 2020. As a result, GSWC’s intercompany borrowings of $158.8 million as of December 31, 2019 have been classified as a current liability on GSWC’s balance sheet. GSWC intends to use the proceeds from any new long-term debt to reduce its intercompany borrowings and to partially fund capital expenditures. AWR parent intends to use any financing proceeds from GSWC to pay down the amounts outstanding under its credit facility. Utility Accounting : Registrant’s accounting policies conform to accounting principles generally accepted in the United States of America ("U.S. GAAP"), including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the CPUC and the FERC. GSWC has incurred various costs and received various credits reflected as regulatory assets and liabilities. Accounting for such costs and credits as regulatory assets and liabilities is in accordance with the guidance for accounting for the effects of certain types of regulation. This guidance sets forth the application of U.S. GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. Under such accounting guidance, rate-regulated entities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the ratemaking process in a period different from the period in which they would have been reflected in income by an unregulated company. These regulatory assets and liabilities are then recognized in the income statement in the period in which the same amounts are reflected in the rates charged for service. The amounts included as regulatory assets and liabilities that will be collected or refunded over a period exceeding one year are classified as long-term assets and liabilities as of December 31, 2019 and 2018 . Property and Depreciation : Registrant's property consists primarily of regulated utility plant at GSWC. GSWC capitalizes, as utility plant, the cost of construction and the cost of additions, betterments and replacements of retired units of property. Such cost includes labor, material and certain indirect charges. Water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. The difference between the estimated original cost, less accumulated depreciation, and the purchase price, if recognized by the regulator, is recorded as an acquisition adjustment within utility plant. Depreciation is computed on the straight-line, remaining-life basis, group method, in accordance with the applicable ratemaking process. GSWC's provision for depreciation expressed as a percentage of the aggregate depreciable asset balances was 2.2% for 2019 , 2.7% for 2018 , and 2.6% for 2017 . Depreciation expense for GSWC, excluding amortization expense and depreciation on transportation equipment, totaled $31.7 million , $37.3 million and $36.5 million for the years ended December 31, 2019 , 2018 and 2017 . Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $316,000 , $238,000 and $242,000 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Expenditures for maintenance and repairs are expensed as incurred. Retired property costs, including costs of removal, are charged to the accumulated provision for depreciation. Estimated useful lives of GSWC’s utility plant, as authorized by the CPUC, are as follows: Source of water supply 30 years to 50 years Pumping 25 years to 40 years Water treatment 20 years to 35 years Transmission and distribution 25 years to 55 years Generation 40 years Other plant 7 years to 40 years Non-regulated property consists primarily of equipment utilized by ASUS and its subsidiaries for its operations. This property is stated at cost, net of accumulated depreciation, which is calculated using the straight-line method over the useful lives of the assets. Asset Retirement Obligations : GSWC has a legal obligation for the retirement of its wells, which by law need to be properly capped at the time of removal. As such, GSWC incurs asset retirement obligations. GSWC records the fair value of a liability for these asset retirement obligations in the period in which they are incurred. When the liability is initially recorded, GSWC capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, GSWC either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. Retirement costs have historically been recovered through rates subsequent to the retirement costs being incurred. Accordingly, recoverability of GSWC’s asset retirement obligations are reflected as a regulatory asset. GSWC also reflects the loss or gain at settlement as a regulatory asset or liability on the balance sheet. With regards to removal costs associated with certain other long-lived assets, such as water mains, distribution and transmission assets, asset retirement obligations have not been recognized as GSWC believes there is no legal obligation to do so. There are no CPUC rules or regulations that require GSWC to remove any of its other long-lived assets. In addition, GSWC’s water pipelines are not subject to regulation by any federal regulatory agency. GSWC has franchise agreements with various municipalities in order to use the public right of way for utility purposes (i.e., operate water distribution and transmission assets), and if certain events occur in the future, GSWC could be required to remove or relocate certain of its pipelines. However, it is not possible to estimate an asset retirement amount since the timing and the amount of assets that may be required to be removed, if any, is not known. Amounts recorded for asset retirement obligations are subject to various assumptions and determinations, such as determining whether a legal obligation exists to remove assets, estimating the fair value of the costs of removal, when final removal will occur and the credit-adjusted risk-free interest rates to be utilized on discounting future liabilities. Changes that may arise over time with regard to these assumptions will change amounts recorded in the future. Revisions in estimates for timing or estimated cash flows are recognized as changes in the carrying amount of the liability and the related capitalized asset. The estimated fair value of the costs of removal was based on third-party costs. Impairment of Long-Lived Assets : Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with accounting guidance for impairment or disposal of long-lived assets. Registrant would recognize an impairment loss on its regulated assets only if the carrying value amount of a long-lived asset is not recoverable from customer rates authorized by the CPUC. Impairment loss is measured as the excess of the carrying value over the amounts recovered in customer rates. For the years ended December 31, 2019 , 2018 and 2017 , no impairment loss was incurred. Goodwill : At December 31, 2019 and 2018 , AWR had approximately $1.1 million of goodwill. The $1.1 million goodwill arose from ASUS’s acquisition of a subcontractor’s business at some of the Military Utility Privatization Subsidiaries. In accordance with the accounting guidance for testing goodwill, AWR annually assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For 2019 , AWR’s assessment of qualitative factors did not indicate that an impairment had occurred for goodwill at ASUS. Cash and Cash Equivalents : Cash and cash equivalents include short-term cash investments with an original maturity of three months or less. At times, cash and cash equivalent balances may be in excess of federally insured limits. Cash and cash equivalents are held with financial institutions with high credit standings. Accounts Receivable : Accounts receivable is reported on the balance sheet net of any allowance for doubtful accounts. The allowance for doubtful accounts is Registrant’s best estimate of the amount of probable credit losses in Registrant’s existing accounts receivable from its water and electric customers, and is determined based on historical write-off experience and the aging of account balances. Registrant reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. Receivables from the U.S. government include amounts due under contracts with the U.S. government to operate and maintain, and/or provide construction services for the water and/or wastewater systems at military bases. Other accounts receivable consist primarily of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements and amounts due from other third-party prime government contractors pursuant to agreements for construction of water and/or wastewater facilities for such third-party prime contractors. The allowance for these other accounts receivable is based on Registrant’s evaluation of the receivable portfolio under current conditions and a review of specific problems and such other factors that, in Registrant’s judgment, should be considered in estimating losses. Allowances for doubtful accounts are disclosed in Note 18. Registrant adopted Accounting Standards Update 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments effective January 1, 2020, which did not have an impact on Registrant's allowance for doubtful accounts. Materials and Supplies : Materials and supplies are stated at the lower of cost or net realizable value. Cost is computed using average cost. Major classes of materials include pipe, hydrants and valves. Interest : Interest incurred during the construction of capital assets has generally not been capitalized for financial reporting purposes as such policy is not followed in the ratemaking process. Interest expense is generally recovered through the regulatory process. However, the CPUC has authorized certain capital projects to be filed for revenue recovery with advice letters when those projects are completed. During the time that such projects are under development and construction, GSWC may accrue an allowance for funds used during construction (“AFUDC”) on the incurred expenditures to offset the cost of financing project construction. For the years ended December 31, 2019 , 2018 and 2017 , the amount of AFUDC recorded has been immaterial. Debt Issuance Costs and Redemption Premiums : Original debt issuance costs are deducted from the carrying value of the associated debt liability and amortized over the lives of the respective issues. Premiums paid on the early redemption of debt, which is reacquired through refunding, are deferred and amortized over the life of the debt issued to finance the refunding as GSWC normally receives recovery of these costs in rates. Advances for Construction and Contributions in Aid of Construction : Advances for construction represent amounts advanced by developers for the cost to construct water system facilities in order to extend water service to their properties. Advances are refundable in equal annual installments, generally over 40 years . In certain instances, GSWC makes refunds on these advances over a specific period of time based on operating revenues related to the main or as new customers are connected to receive service from the main. Contributions in aid of construction are similar to advances but require no refunding. Generally, GSWC depreciates contributed property and amortizes contributions in aid of construction at the composite rate of the related property. Utility plant funded by advances and contributions is excluded from rate base. Fair Value of Financial Instruments : For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of the amounts. The table below estimates the fair value of long-term debt issued by GSWC. Rates available to GSWC at December 31, 2019 and 2018 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results. 2019 2018 (dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt—GSWC (1) $ 284,699 $ 376,467 $ 324,978 $ 387,889 (1) Excludes debt issuance costs and redemption premiums. The accounting guidance for fair value measurements applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, GSWC makes fair value measurements on its publicly issued notes, private placement notes and other long-term debt using current U.S. corporate bond yields for similar debt instruments. Under the fair value guidance, these are classified as Level 2, which consists of quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. The following table sets forth by level, within the fair value hierarchy, GSWC’s long-term debt measured at fair value as of December 31, 2019 : (dollars in thousands) Level 1 Level 2 Level 3 Total Long-term debt—GSWC — $ 376,467 — $ 376,467 Stock-Based Awards : AWR has issued stock-based awards to its employees under stock incentive plans. AWR has also issued stock-based awards to its Board of Directors under non-employee directors stock plans. Registrant applies the provisions in the accounting guidance for share-based payments in accounting for all of its stock-based awards. See Note 13 for further discussion. Recently Issued Accounting Pronouncements : Accounting Pronouncements Adopted in 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued a new lease accounting standard, Leases (Accounting Standards Codification ("ASC") 842), which replaces the prior lease guidance, (ASC 840). Under the new standard, lessees will recognize a right-of-use asset and a lease liability for virtually all leases (other than leases that meet the definition of a short-term lease). For income statement purposes, leases will be classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. Registrant adopted the new lease accounting standard as of January 1, 2019 and did not adjust comparative periods for it. There was no cumulative-effect impact to the opening balance of retained earnings as a result of this adoption. Registrant elected the practical expedient under Accounting Standards Update ("ASU") 2018-01 Land Easement Practical Expedient for Transition to Topic 842 and did not review existing easements entered into prior to January 1, 2019. Leases with terms of twelve months or less were not recorded on the balance sheet. The adoption of the new lease guidance did not have a material impact on Registrant's results of operations or liquidity but resulted in the recognition of operating lease liabilities and operating lease right-of-use assets on its balance sheets. The adoption of this guidance as of January 1, 2019 resulted in the recognition of $7.6 million in right-of-use assets and $8.0 million in operating lease liabilities (see Note 16). In August 2018, the FASB issued ASU 2018-15-Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . Under this ASU, entities that enter into cloud computing service arrangements are required to apply existing internal-use software guidance to determine which implementation costs are eligible for capitalization. Under that guidance, implementation costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred. Registrant adopted this guidance effective January 1, 2019. The adoption of this accounting standard did not have a significant impact on Registrant's financial statements. Accounting Pronouncements to be Adopted in Future Periods In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and issued further guidance in November 2018 and May 2019 related to the impairment of financial instruments effective January 1, 2020. The new guidance provides an impairment model, known as the current expected credit loss model, which is based on expected credit losses rather than incurred losses over the remaining life of most financial assets measured at amortized cost, including trade and other receivables. Registrant's adoption of the new guidance effective January 1, 2020 did not have an impact on its financial statements. In August 2018, the FASB issued ASU 2018-14- Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU removes disclosures to pension plans and other post-retirement benefit plans that no longer are considered cost beneficial, clarifies the specific disclosure requirements and adds disclosure requirements deemed relevant. This ASU is effective for fiscal years ending after December 15, 2020 and will be applied by Registrant on a retrospective basis to all periods presented. Registrant is still evaluating the ASU and has not yet determined the effect on its financial statements and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . The amendments in this update simplify the accounting for income taxes by removing certain exceptions and clarifying certain requirements regarding franchise taxes, goodwill, consolidated tax expenses, and annual effective tax rate calculations. The ASU is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. Registrant is evaluating the impact of this ASU on its financial statements. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues Most of Registrant's revenues are accounted for under the revenue recognition accounting standard, "Revenue from Contracts with Customers - (Topic 606)." The adoption of this accounting standard effective January 1, 2018 did not have a material impact on Registrant's measurement or timing of revenue recognition. GSWC provides water and electric utility services to customers as specified by the CPUC. The transaction prices for water and electric revenues are based on tariff rates authorized by the CPUC, which include both quantity-based and flat-rate charges. Tariff revenues represent the adopted revenue requirement authorized by the CPUC intended to provide GSWC with an opportunity to recover its costs and earn a reasonable return on its net capital investment. The annual revenue requirements are comprised of operation and maintenance costs, administrative and general costs, depreciation and taxes in amounts authorized by the CPUC and a return on rate base consistent with the capital structure authorized by the CPUC. Water and electric revenues are recognized over time as customers simultaneously receive and use the utility services provided. Water and electric revenues include amounts billed to customers on a cyclical basis, nearly all of which are based on meter readings for services provided. Customer bills also include surcharges for cost-recovery activities, which represent CPUC-authorized balancing and memorandum accounts that allow for the recovery of previously incurred operating costs. Revenues from these surcharges do not impact earnings as they are offset by corresponding increases in operating expenses to reflect the recovery of the associated costs. Customer payment terms are approximately 20 business days from the billing date. Unbilled revenues are amounts estimated to be billed for usage since the last meter-reading date to the end of the accounting period. The most recent customer billed usage forms the basis for estimating unbilled revenue. GSWC bills certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which GSWC pays to various municipalities and counties (based on their ordinances) in order to use public rights of way for utility purposes. GSWC bills these franchise fees to its customers based on a CPUC-authorized rate for each ratemaking area as applicable. These franchise fees, which are required to be paid regardless of GSWC’s ability to collect them from its customers, are accounted for on a gross basis. GSWC’s franchise fees billed to customers and recorded as operating revenue were approximately $4.0 million , $3.6 million and $3.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. When GSWC acts as an agent, and a tax is not required to be remitted if it is not collected from customers, the tax is accounted for on a net basis. As authorized by the CPUC, GSWC records in revenues the difference between the adopted level of volumetric revenues as authorized by the CPUC for metered accounts (volumetric revenues) and the actual volumetric revenues recovered in customer rates. The difference is tracked under the Water Revenue Adjustment Mechanism (“WRAM”) regulatory accounts for its water segment, and the Base Revenue Requirement Adjustment Mechanism ("BRRAM") regulatory account for its electric segment. If this difference results in an under-collection of revenues, GSWC records the additional revenue only to the extent that they are expected to be collected within 24 months following the year in which they are recorded in accordance with Accounting Standards Codification ("ASC") Topic 980, Regulated Operations . ASUS's 50 -year firm fixed-price contracts with the U.S. government are considered service concession arrangements under ASC 853 Service Concession Arrangements . Accordingly, the services under these contracts are accounted for under Topic 606 Revenue from Contracts with Customers and the water and/or wastewater systems are not recorded as Property, Plant and Equipment on Registrant’s balance sheet. For ASUS, performance obligations consist of (i) performing ongoing operation and maintenance of the water and/or wastewater systems and treatment plants for each military base served, and (ii) performing construction activities (including renewal and replacement capital work) on each military base served. The transaction price for each performance obligation is either delineated in, or initially derived from, the applicable 50 -year contract and/or any subsequent contract modifications. Depending on the state in which operations are conducted, the Military Utility Privatization Subsidiaries are also subject to certain state non-income tax assessments which are accounted for on a gross basis and have been immaterial to date. The ongoing performance of operation and maintenance of the water and/or wastewater systems and treatment plants is viewed as a single performance obligation for each 50 -year contract with the U.S. government. Registrant recognizes revenue for operations and maintenance fees monthly using the "right to invoice" practical expedient under ASC Topic 606. ASUS has a right to consideration from the U.S. government in an amount that corresponds directly to the value to the U.S. government of ASUS’s performance completed to-date. The contractual operations and maintenance fees are firm-fixed, and the level of effort or resources expended in the performance of the operations-and-maintenance-fees performance obligation is largely consistent over the 50 -year term. Therefore, Registrant has determined that the monthly amounts invoiced for operations and maintenance performance are a fair reflection of the value transferred to the U.S. government. Invoices to the U.S. government for operations and maintenance service, as well as construction activities, are due upon receipt. ASUS's construction activities consist of various projects to be performed. Each of these projects' transaction prices are delineated either in the 50 -year contract or through a specific contract modification for each construction project, which includes the transaction price for that project. Each construction project is viewed as a separate, single performance obligation. Therefore, it is generally unnecessary to allocate a construction transaction price to more than one construction performance obligation. Revenues for construction activities are recognized over time, with progress toward completion measured based on the input method using costs incurred relative to the total estimated costs (cost-to-cost method). Due to the nature of these construction projects, Registrant has determined the cost-to-cost input measurement to be the best method to measure progress towards satisfying its construction contract performance obligations, as compared to using an output measurement such as units produced. Changes in job performance, job site conditions, change orders and/or estimated profitability may result in revisions to costs and income for ASUS, and are recognized in the period in which any such revisions are determined. Pre-contract costs for ASUS, which consist of design and engineering labor costs, are deferred if recovery is probable, and are expensed as incurred if recovery is not probable. Deferred pre-contract costs have been immaterial to date. Contracted services revenues recognized during the years ended December 31, 2019 and 2018 from performance obligations satisfied in previous periods were not material. Although GSWC has a diversified base of residential, commercial, industrial and other customers, revenues derived from residential and commercial customers account for nearly 90% of total water revenues, and 90% of total electric revenues. The vast majority of ASUS's revenues are from the U.S. government. For the years ended December 31, 2019 and 2018, disaggregated revenues from contracts with customers by segment are as follows: (dollar in thousands) For The Year Ended December 31, 2019 For The Year Ended December 31, 2018 Water: Tariff-based revenues $ 305,244 $ 298,818 CPUC-approved surcharges (cost-recovery activities) 4,322 2,962 Other 2,006 1,813 Water revenues from contracts with customers 311,572 303,593 WRAM under/(over)-collection (alternative revenue program) 8,258 (8,335 ) Total water revenues 319,830 295,258 Electric: Tariff-based revenues 36,628 34,501 CPUC-approved surcharges (cost-recovery activities) 410 214 Electric revenues from contracts with customers 37,038 34,715 BRRAM under/(over)-collection (alternative revenue program) 2,510 (365 ) Total electric revenues 39,548 34,350 Contracted services: Water 59,868 62,273 Wastewater 54,623 44,935 Contracted services revenues from contracts with customers 114,491 107,208 Total revenues $ 473,869 $ 436,816 The opening and closing balances of the receivable from the U.S. government, contract assets and contract liabilities from contracts with customers, which related entirely to ASUS, are as follows: (dollar in thousands) December 31, 2019 December 31, 2018 Unbilled receivables $ 10,467 $ 5,696 Receivable from the U.S. government $ 64,819 $ 61,126 Contract assets $ 15,631 $ 24,447 Contract liabilities $ 11,167 $ 7,530 Unbilled receivables from the U.S. government represent receivables where the right to payment is conditional only by the passage of time. The increase in unbilled receivables as of December 31, 2019 as compared to December 31, 2018 was due to the completion in 2019 of construction projects at Fort Riley, which will be collected in installments from the U.S. government over a 5 -year period. Contract Assets - Contract assets are those of ASUS and consist of unbilled revenues recognized from work-in-progress construction projects where the right to payment is conditional on something other than the passage of time. The classification of this asset as current or noncurrent is based on the timing of when ASUS expects to bill these amounts. Contract Liabilities - Contract liabilities are those of ASUS and consist of billings in excess of revenue recognized. The classification of this liability as current or noncurrent is based on the timing of when ASUS expects to recognize revenue. Revenues for the year ended December 31, 2019 that were included in contract liabilities at the beginning of the period were $7.3 million . As of December 31, 2019, Registrant's aggregate remaining performance obligations, all of which are for the contracted services segment, was $3.2 billion. Registrant expects to recognize revenue on these remaining performance obligations over the remaining terms of each of the 50 -year contracts, which range from 36 to 50 years. Each of the contracts with the U.S. government is subject to termination, in whole or in part, prior to the end of its 50 -year term for the convenience of the U.S. government. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters In accordance with accounting principles for rate-regulated enterprises, Registrant records regulatory assets, which represent probable future recovery of costs from customers through the ratemaking process, and regulatory liabilities, which represent probable future refunds that are to be credited to customers through the ratemaking process. At December 31, 2019 , Registrant had approximately $43.1 million of regulatory liabilities, net of regulatory assets, not accruing carrying costs. Of this amount, (i) $79.9 million of regulatory liabilities relates to the creation of an excess deferred income tax liability brought about by a lower federal income tax rate as a result of the Tax Cuts and Jobs Act (see Note 11) that is expected to be refunded to customers, (ii) $12.4 million relates to flow-through deferred income taxes including the gross-up portion on the deferred tax resulting from the excess deferred income tax regulatory liability (also see Note 11), and (iii) $43.4 million of regulatory assets relates to the underfunded position in Registrant's pension and other post-retirement obligations (not including the two-way pension balancing accounts). The remainder relates to other items that do not provide for or incur carrying costs. Regulatory assets represent costs incurred by GSWC for which it has received or expects to receive rate recovery in the future. In determining the probability of costs being recognized in other periods, GSWC considers regulatory rules and decisions, past practices, and other facts or circumstances that would indicate if recovery is probable. If the CPUC determines that a portion of GSWC’s assets are not recoverable in customer rates, GSWC must determine if it has suffered an asset impairment that requires it to write down the asset's value. Regulatory assets are offset against regulatory liabilities within each rate-making area. Amounts expected to be collected or refunded in the next twelve months have been classified as current assets and current liabilities by rate-making area. Regulatory assets, less regulatory liabilities, included in the consolidated balance sheets are as follows: December 31, (dollars in thousands) 2019 2018 GSWC Water Revenue Adjustment Mechanism and Modified Cost Balancing Account $ 22,535 $ 17,763 Costs deferred for future recovery on Aerojet case 8,292 9,516 Pensions and other post-retirement obligations (Note 12) 40,693 33,124 Derivative unrealized loss (Note 5) 3,171 311 General rate case memorandum accounts 4,820 5,054 Other regulatory assets 18,842 18,440 Excess deferred income taxes (Note 11) (79,886 ) (81,465 ) Flow-through taxes, net (Note 11) (12,439 ) (15,273 ) Tax Cuts and Jobs Act ("Tax Act") memorandum accounts — (8,293 ) Various refunds to customers (8,478 ) (7,517 ) Total $ (2,450 ) $ (28,340 ) Alternative-Revenue Programs: Under the WRAM, GSWC records the difference between the adopted level of volumetric revenues as authorized by the CPUC for metered accounts (adopted volumetric revenues) and the actual volumetric revenues recovered in customer rates. While the WRAM tracks volumetric-based revenues, the revenue requirements approved by the CPUC include service charges, flat rate charges, and other items that are not subject to the WRAM. The adopted volumetric revenues consider the seasonality of consumption of water based upon historical averages. The variance between adopted volumetric revenues and actual billed volumetric revenues for metered accounts is recorded as a component of revenue with an offsetting entry to an asset or liability balancing account (tracked individually for each rate making area). The variance amount may be positive or negative and represents amounts that will be billed or refunded to customers in the future. The WRAM only applies to customer classes with conservation rates in place. The majority of GSWC’s water customers have conservation rate structures. Under the Modified Cost Balancing Account (“MCBA”), GSWC tracks adopted expense levels for purchased water, purchased power and pump taxes, as established by the CPUC. Variances (which include the effects of changes in both rate and volume) between adopted and actual purchased water, purchased power, and pump tax expenses are recorded as a component of the MCBA to be recovered from or refunded to GSWC’s customers at a later date. This is reflected with an offsetting entry to an asset or liability balancing account (tracked individually for each rate-making area). Unlike the WRAM, the MCBA applies to all customer classes. The recovery or refund of the WRAM is netted against the MCBA over- or under-collection for the corresponding rate-making area and bears interest at the current 90 -day commercial-paper rate. During the year ended December 31, 2019 , $11.6 million of pre-2019 WRAM/MCBA balances were recovered. During 2019 , GSWC recorded an additional $16.3 million net under-collection in the WRAM/MCBA. The majority of this balance represents an under-collection of supply costs incurred and recorded in the MCBA due to a higher volume of purchased water as compared to adopted. As of December 31, 2019 , GSWC had an aggregated regulatory asset of $22.5 million , which is comprised of an $11.0 million under-collection in the WRAM accounts and an $11.5 million under-collection in the MCBA accounts. In February 2020, GSWC filed with the CPUC for recovery of the 2019 WRAM/MCBA balances. As required by the accounting guidance for alternative revenue programs, GSWC is required to collect its WRAM balances within 24 months following the year in which an under-collection is recorded. As of December 31, 2019 , there were no WRAM under-collections that were estimated to be collected over more than 24 months . Costs Deferred for Future Recovery : The CPUC authorized a memorandum account to allow for the recovery of costs incurred by GSWC related to contamination lawsuits brought against Aerojet-General Corporation ("Aerojet") and the state of California. In July 2005, the CPUC authorized GSWC to recover approximately $21.3 million of the Aerojet litigation memorandum account, through a rate surcharge, which will continue for no longer than 20 years. Beginning in October 2005, a surcharge went into effect to begin amortizing the memorandum account over a 20 -year period. Aerojet also agreed to reimburse GSWC $17.5 million , plus interest accruing from January 1, 2004, for GSWC’s past legal and expert costs, which is included in the Aerojet litigation memorandum account. The reimbursement of the $17.5 million is contingent upon the issuance of land use approvals for development in a defined area within Aerojet property in Eastern Sacramento County and the receipt of certain fees in connection with such development. It is management’s intention to offset any proceeds from the housing development by Aerojet in this area against the balance in this litigation memorandum account. At this time, management believes the full balance of the Aerojet litigation memorandum account will be collected either from customers or Aerojet. Pensions and Other Post-retirement Obligations : A regulatory asset has been recorded at December 31, 2019 and 2018 for the costs that would otherwise be charged to “other comprehensive income” within shareholders’ equity for the underfunded status of Registrant’s pension and other post-retirement benefit plans because the cost of these plans has historically been recovered through rates. As discussed in Note 12, as of December 31, 2019 , Registrant’s underfunded position for these plans that have been recorded as a regulatory asset totaled $43.4 million . Registrant expects this regulatory asset to be recovered through rates in future periods. The CPUC has authorized GSWC to use two-way balancing accounts to track differences between the forecasted annual pension expenses adopted in both water and electric rates and the actual annual expense to be recorded by GSWC in accordance with the accounting guidance for pension costs. The two-way balancing accounts bear interest at the current 90 -day commercial paper rate. As of December 31, 2019 , GSWC has a net $2.7 million over-collection in the two-way pension balancing accounts, consisting of a $1.5 million over-collection related to the general office and water regions, and a $1.2 million over-collection related to BVES. General Rate Case Memorandum Accounts : The balance in the general rate case memorandum accounts represents the revenue differences between interim rates and final rates authorized by the CPUC due to delays in receiving decisions on various general rate case applications. As of December 31, 2019 , there is a net aggregate $4.8 million under-collection in these accounts, primarily related to the revenue difference between interim rates and final rates authorized by the CPUC in the May 2019 decision, as further discussed below. GSWC has implemented surcharges ranging from 12 - 36 months to collect the $4.8 million balance. Tax Cuts and Jobs Act ("Tax Act") Memorandum Accounts: On December 22, 2017, the Tax Act was signed into federal law. The provisions of this major tax reform were generally effective January 1, 2018. The most significant provisions of the Tax Act impacting GSWC are the reduction of the federal corporate income tax rate from 35% to 21% and the elimination of bonus depreciation for regulated utilities. Pursuant to a CPUC directive, the 2018 impact of the Tax Act on the water segment’s adopted revenue requirement was tracked in a memorandum account effective January 1, 2018. For 2018, over-collections of approximately $7.1 million related to the water segment were tracked and recorded as a regulatory liability. On July 1, 2018, new lower water rates, which incorporate the new federal income tax rate, were implemented for all water ratemaking areas. GSWC refunded the $7.1 million to water customers in 2019. The electric general rate case approved by the CPUC in August 2019 was retroactive to January 1, 2018. The new rates approved in this general rate case incorporate the effects of the Tax Act. Reductions in the water and electric revenue requirements resulting from the impacts of the Tax Act are largely offset by decreases in GSWC's income tax expense, resulting in minimal impact to net earnings (see Note 11). Other Regulatory Assets: Other regulatory assets represent costs incurred by GSWC for which it has received or expects to receive rate recovery in the future. These regulatory assets are supported by regulatory rules and decisions, past practices, and other facts or circumstances that indicate recovery is probable. Other Regulatory Matters: Renewables Portfolio Standard: BVES is subject to the renewables portfolio standard (“RPS”) law, which requires BVES to meet certain targets for purchases of energy from qualified renewable energy resources. In December 2012, GSWC entered into a ten-year agreement with a third party to purchase renewable energy credits (“RECs”) whereby GSWC agreed to purchase approximately 578,000 RECs over a ten-year period, which would be used towards meeting California's RPS requirements. As of December 31, 2019 , GSWC believes it has purchased sufficient RECs to be in compliance for all periods through 2019 . Accordingly, no provision for loss or potential penalties has been recorded in the financial statements as of December 31, 2019 . The cost of these RECs has been included as part of the electric supply cost balancing account as of December 31, 2019 . Cost of Capital Proceeding: In March 2018, the CPUC issued a final decision in the cost of capital proceeding for GSWC and three other water utilities for the years 2018 - 2020. Among other things, the final decision adopted for GSWC's water segment a return on equity of 8.90% , with a return on rate base of 7.91% . The previously authorized return on equity for GSWC’s water segment was 9.43% , with a return on rate base of 8.34% . In April 2018, GSWC implemented new water rates to incorporate the cost of capital decision. For the year ended December 31, 2019 , GSWC recorded a regulatory liability with a corresponding decrease in water revenues of approximately $982,000 representing the revenue difference between the old and new cost of capital rates through April 2018. General Rate Case Filings: Water Segment : In July 2017, GSWC filed a general rate case application for all of its water regions and the general office to determine new rates for the years 2019 - 2021. On May 30, 2019, the CPUC issued a final decision on GSWC's water general rate case with rates retroactive to January 1, 2019. As a result of the May 2019 CPUC final decision, GSWC implemented new water rates on June 8, 2019. The CPUC in the final decision also approved the recovery of previously incurred costs that were being tracked in CPUC-authorized memorandum accounts. This resulted in a reduction to administrative and general expense of approximately $1.1 million , which was recorded during the second quarter of 2019. Electric Segment : In May 2017, GSWC filed its electric general rate case application with the CPUC to determine new electric rates for the years 2018 through 2021. In November 2018, GSWC and the Public Advocates Office filed a joint motion to adopt a settlement agreement between the two parties resolving all issues in connection with the general rate case. On August 15, 2019, the CPUC issued a final decision on this general rate case, adopting the settlement agreement in its entirety. As a result of the decision, which was retroactive to January 1, 2018, Registrant recorded approximately $2.3 million of pretax income in 2019 which related to 2018. Among other things, the decision (i) authorizes a new return on equity for GSWC's electric segment of 9.60% , as compared to its previously authorized return of 9.95% ; (ii) includes a capital structure and debt cost similar to those approved by the CPUC in March 2018 in connection with GSWC's water segment cost of capital proceeding; and (iii) extends the rate cycle by an additional year (new rates will be effective for 2018 - 2022). |
Utility Plant and Intangible As
Utility Plant and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Utility Plant and Intangible Assets | |
Utility Plant and Intangible Assets | Utility Plant and Intangible Assets The following table shows Registrant’s utility plant (regulated utility plant and non-regulated utility property) by major asset class: AWR GSWC December 31, (dollars in thousands) 2019 2018 2019 2018 Water Land $ 18,066 $ 14,890 $ 18,066 $ 14,890 Intangible assets 28,578 29,412 28,578 29,413 Source of water supply 91,685 91,349 91,685 91,349 Pumping 178,058 182,673 178,058 182,673 Water treatment 78,048 82,198 78,048 82,198 Transmission and distribution 1,219,285 1,142,105 1,219,285 1,142,105 Other 117,276 131,419 86,722 106,907 1,730,996 1,674,046 1,700,442 1,649,535 Electric Transmission and distribution 84,018 82,257 84,018 82,257 Generation 12,583 12,583 12,583 12,583 Other (1) 11,824 11,224 11,824 11,224 108,425 106,064 108,425 106,064 Less — accumulated depreciation (543,263 ) (561,855 ) (531,801 ) (551,244 ) Construction work in progress 119,547 78,055 117,676 76,737 Net utility plant $ 1,415,705 $ 1,296,310 $ 1,394,742 $ 1,281,092 (1) Includes intangible assets of $1.2 million for the years ended December 31, 2019 and 2018 for studies performed in association with the electricity segment of the Registrant’s operations. As of December 31, 2019 and 2018 , intangible assets consist of the following: Weighted Average Amortization AWR December 31, GSWC December 31, (dollars in thousands) Period 2019 2018 2019 2018 Intangible assets : Conservation programs 3 years $ 9,486 $ 9,486 $ 9,486 $ 9,486 Water and service rights (2) 30 years 8,695 8,695 8,124 8,124 Water planning studies 14 years 11,808 12,641 11,808 12,641 Total intangible assets 29,989 30,822 29,418 30,251 Less — accumulated amortization (24,309 ) (24,399 ) (24,166 ) (24,268 ) Intangible assets, net of amortization $ 5,680 $ 6,423 $ 5,252 $ 5,983 Intangible assets not subject to amortization (3) $ 402 $ 422 $ 402 $ 404 (2) Includes intangible assets of $571,000 for contracted services included in "Other Property and Investments" on the consolidated balance sheets as of December 31, 2019 and 2018 . (3) The intangible assets not subject to amortization primarily consist of organization and consent fees. For the years ended December 31, 2019 , 2018 and 2017 , amortization of intangible assets was $1.3 million , $1.1 million and $1.5 million , respectively, for both AWR and GSWC. Estimated future consolidated amortization expenses related to intangible assets for the succeeding five years are (in thousands): Amortization Expense 2020 $ 90 2021 12 2022 12 2023 12 2024 12 Total $ 138 Asset Retirement Obligations : The following is a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations, which are included in “Other Credits” on the balance sheets as of December 31, 2019 and 2018 : (dollars in thousands) GSWC Obligation at December 31, 2017 $ 4,963 Additional liabilities incurred 256 Liabilities settled (46 ) Accretion 55 Obligation at December 31, 2018 $ 5,228 Additional liabilities incurred 271 Liabilities settled (173 ) Accretion 86 Revision of previous estimates 3,451 Obligation at December 31, 2019 $ 8,863 Revision of previous estimates reflect updated estimated costs for the retirement of wells, which GSWC is legally required to cap at the time of removal. Wells have an estimated useful life of 50 years. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments GSWC's electric division, BVES, purchases power under long-term contracts at a fixed cost depending on the amount of power and the period during which the power is purchased under such contracts. In August 2019, the CPUC approved an application that allowed BVES to enter into new long-term purchased power contracts with energy providers, which BVES executed in September 2019. BVES began taking power under these long-term contracts during the fourth quarter of 2019 at a fixed cost over three and five -year terms depending on the amount of power and period during which the power is purchased under the contracts. These long-term contracts are subject to the accounting guidance for derivatives and require mark-to-market derivative accounting. Among other things, the CPUC also authorized BVES to establish a regulatory asset and liability memorandum account to offset the mark-to-market entries required by the accounting guidance. Accordingly, all unrealized gains and losses generated from these purchased power contracts are deferred on a monthly basis into a non-interest bearing regulatory memorandum account that tracks the changes in fair value of the derivative throughout the term of the contract. As a result, these unrealized gains and losses do not impact GSWC’s earnings. As of December 31, 2019 , there was a $3.2 million unrealized loss in the memorandum account, with a corresponding unrealized loss liability for the three and five -year purchased power contract as a result of the fixed prices being greater than the futures energy prices. The notional volume of derivatives remaining under these long-term contracts as of December 31, 2019 was approximately 638,000 megawatt hours. As previously discussed in Note 1, the accounting guidance for fair value measurements establishes a framework for measuring fair value and requires fair value measurements to be classified and disclosed in one of three levels. Registrant’s valuation model utilizes various inputs that include quoted market prices for energy over the duration of the contracts. The market prices used to determine the fair value for these derivative instruments were estimated based on independent sources such as broker quotes and publications that are not observable in or corroborated by the market. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized as Level 3. Accordingly, the valuation of the derivatives on Registrant’s purchased power contracts have been classified as Level 3 for all periods presented. The following table presents changes in the fair value of GSWC’s derivatives for the years ended December 31, 2019 and 2018 : (dollars in thousands) 2019 2018 Balance, at beginning of the period $ (311 ) $ (2,941 ) Unrealized (loss) gain on purchased power contracts (2,860 ) 2,630 Balance, at end of the period $ (3,171 ) $ (311 ) |
Military Privatization
Military Privatization | 12 Months Ended |
Dec. 31, 2019 | |
Military Privatization | |
Military Privatization | Military Privatization Each of the Military Utility Privatization Subsidiaries have entered into a service contract(s) with the U.S. government to operate and maintain, as well as perform construction activities to renew and replace, the water and/or wastewater systems at a military base or bases. The amounts charged for these services are based upon the terms of the 50 -year contract between ASUS or the Military Utility Privatization Subsidiaries and the U.S. government. Under the terms of each of these agreements, the Military Utility Privatization Subsidiaries agree to operate and maintain the water and/or wastewater systems for: (i) a monthly net fixed-price for operation and maintenance, and (ii) an amount to cover renewal and replacement capital work. In addition, these contracts may also include firm, fixed-priced initial capital upgrade projects to upgrade the existing infrastructure. Contract modifications are also issued for other necessary capital upgrades to the existing infrastructure approved by the U.S. government. Under the terms of each of these contracts, prices are subject to an economic price adjustment ("EPA") provision, on an annual basis. Prices may also be equitably adjusted for changes in law and other circumstances. During 2018, the U.S. government issued contract modifications for the majority of ASUS's 50 -year contracts addressing the impacts of the Tax Act. The modifications did not result in a material impact to ASUS's results for the year ended December 31, 2018. ASUS is permitted to file, and has filed, requests for equitable adjustment. Each of the contracts may be subject to termination, in whole or in part, prior to the end of the 50 -year term for convenience of the U.S. government or as a result of default or nonperformance by the Military Utility Privatization Subsidiaries. On July 1, 2018, ASUS assumed the operation, maintenance and construction management of the water distribution and wastewater collection and treatment facilities at Fort Riley, a United States Army installation located in Kansas. The 50 -year contract is subject to annual economic price adjustments. ASUS has experienced delays in receiving EPAs as provided for under its 50 -year contracts. Because of the delays, EPAs, when finally approved, are retroactive. During 2019, the U.S. government approved EPAs at eight of the bases served. In some cases, these EPAs included retroactive operation and maintenance management fees for prior periods. For the years ended December 31, 2019 and 2018 , retroactive operation and maintenance management fees related to prior periods were immaterial. For the year ended December 31, 2017, ASUS recorded approximately $1.0 million |
Earnings Per Share and Capital
Earnings Per Share and Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Capital Stock | Earnings Per Share and Capital Stock In accordance with the accounting guidance for participating securities and earnings per share (“EPS”), Registrant uses the “two-class” method of computing EPS. The “two-class” method is an earnings allocation formula that determines EPS for each class of common stock and participating security. AWR has participating securities related to restricted stock units that earn dividend equivalents on an equal basis with AWR’s Common Shares that have been issued under AWR’s 2016 employee plans and the 2003 and 2013 directors' plans. In applying the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating basic net income per share: Basic: For The Years Ended December 31, (in thousands, except per share amounts) 2019 2018 2017 Net income $ 84,342 $ 63,871 $ 69,367 Less: (a) Distributed earnings to common shareholders 42,702 38,937 36,417 Distributed earnings to participating securities 180 204 197 Undistributed earnings 41,460 24,730 32,753 (b) Undistributed earnings allocated to common shareholders 41,285 24,601 32,577 Undistributed earnings allocated to participating securities 175 129 176 Total income available to common shareholders, basic (a)+(b) $ 83,987 $ 63,538 $ 68,994 Weighted average Common Shares outstanding, basic 36,814 36,733 36,638 Basic earnings per Common Share $ 2.28 $ 1.73 $ 1.88 Diluted EPS is based upon the weighted average number of Common Shares, including both outstanding shares and shares potentially issuable in connection with restricted stock units granted under AWR’s 2016 employee plans, and the 2003 and 2013 directors' plans, and net income. At December 31, 2019 , there were also 159,720 restricted stock units outstanding including performance shares awarded to officers of the Registrant. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating diluted net income per share: Diluted: For The Years Ended December 31, (in thousands, except per share amounts) 2019 2018 2017 Common shareholders earnings, basic $ 83,987 $ 63,538 $ 68,994 Undistributed earnings for dilutive stock options and restricted stock units 175 129 176 Total common shareholders earnings, diluted $ 84,162 $ 63,667 $ 69,170 Weighted average Common Shares outstanding, basic 36,814 36,733 36,638 Stock-based compensation (1) 150 203 206 Weighted average Common Shares outstanding, diluted 36,964 36,936 36,844 Diluted earnings per Common Share $ 2.28 $ 1.72 $ 1.88 (1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 159,720 restricted stock units, including performance awards, at December 31, 2019 were deemed to be outstanding in accordance with accounting guidance on earnings per share. During the years ended December 31, 2019 , 2018 and 2017 , AWR issued Common Shares totaling 88,772 , 44,906 and 56,498 , respectively, under AWR's employee stock incentive plans and the non-employee directors' plans. In addition, during the years ended December 31, 2019 , 2018 and 2017 , AWR issued 30,998 , 32,142 and 52,936 Common Shares for approximately $519,000 , $546,000 and $909,000 , respectively, as a result of the exercise of stock options. During 2019 , 2018 and 2017 , no cash proceeds received by AWR as a result of the exercise of stock options were distributed to any of AWR's subsidiaries. AWR has not issued any Common Shares during 2019 , 2018 and 2017 under AWR's Common Share Purchase and Dividend Reinvestment Plan ("DRP") and the 401(k) Plan. Shares reserved for the 401(k) Plan are in relation to AWR’s matching contributions and investment by participants. As of December 31, 2019 , there were 1,055,948 and 387,300 Common Shares authorized for issuance directly by AWR but unissued under the DRP and the 401(k) Plan, respectively. During the years ended December 31, 2019 , 2018 and 2017 , AWR and GSWC made payments to taxing authorities on employees' behalf for shares withheld related to net share settlements. These payments are included in the stock-based compensation caption of the statements of equity. GSWC’s outstanding Common Shares are owned entirely by its parent, AWR. To the extent GSWC does not reimburse AWR for stock-based compensation awarded under various stock compensation plans, such amounts increase the value of GSWC’s common shareholder’s equity. |
Dividend Limitations
Dividend Limitations | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividend Limitations | Dividend Limitations GSWC is subject to contractual restrictions on its ability to pay dividends. GSWC’s maximum ability to pay dividends is restricted by certain Note Agreements to the sum of $21.0 million plus 100% of consolidated net income from various dates plus the aggregate net cash proceeds received from capital stock offerings or other instruments convertible into capital stock from various dates. Under the most restrictive of the Note Agreements, $473.9 million was available to pay dividends to AWR as of December 31, 2019 . GSWC is also prohibited from paying dividends if, after giving effect to the dividend, its total indebtedness to capitalization ratio (as defined) would be more than 0.6667 -to-1. Dividends in the amount of $20.2 million , $68.9 million and $27.7 million were paid to AWR by GSWC during the years ended December 31, 2019 , 2018 and 2017 , respectively. The ability of AWR, ASUS and GSWC to pay dividends is also restricted by California law. Under California law, AWR, GSWC and ASUS are each permitted to distribute dividends to its shareholders so long as the Board of Directors determines, in good faith, that either: (i) the value of the corporation’s assets equals or exceeds the sum of its total liabilities immediately after the dividend, or (ii) its retained earnings equals or exceeds the amount of the distribution. Under the least restrictive of the California tests, approximately $346.0 million was available to pay dividends to AWR’s shareholders at December 31, 2019 . Approximately $257.4 million was available for GSWC to pay dividends to AWR at December 31, 2019 . Approximately $62.1 million was available for ASUS to pay dividends to AWR as of December 31, 2019 to the extent that the subsidiaries of ASUS are able to pay dividends in that amount to ASUS under applicable state laws. |
Bank Debt
Bank Debt | 12 Months Ended |
Dec. 31, 2019 | |
Bank Debt | |
Bank Debt | Bank Debt AWR has access to a credit facility in order to provide funds to its subsidiaries, GSWC and ASUS, in support of their operations. In March 2019, AWR amended this credit facility to increase its borrowing capacity from $150.0 million to $200.0 million . In October 2019, AWR further amended the credit facility to temporarily increase its borrowing capacity to $225.0 million , effective until June 30, 2020, upon which the borrowing capacity reverts to $200.0 million . In February 2020, AWR received a binding commitment from its lender for the option to revise the temporary increase of the credit facility to $260.0 million through the end of 2020. AWR will be able to exercise this commitment and have immediate access to the additional funds when needed. On December 31, 2020, the borrowing capacity will revert to $200.0 million . At December 31, 2019 , there was $205.0 million outstanding under the credit facility. Amounts due are generally priced off a spread to LIBOR. The aggregate effective amount that may be outstanding under letters of credit is $25.0 million . AWR has obtained letters of credit, primarily for GSWC, in the aggregate amount of $940,000 , with fees of 0.65% including: (i) letters of credit in an aggregate amount of $340,000 as security for GSWC’s business automobile insurance policy; (ii) a letter of credit, in an amount of $585,000 as security for the purchase of power; and (iii) a $15,000 irrevocable letter of credit pursuant to a franchise agreement with the City of Rancho Cordova. Letters of credit outstanding reduce the amount that may be borrowed under the revolving credit facility. AWR is not required to maintain any compensating balances. Loans may be obtained under this credit facility at the option of AWR and bear interest at rates based on credit ratings and Euro rate margins. In December 2019, Standard and Poor’s Global Ratings (“S&P”) affirmed an A+ credit rating with a stable outlook on both AWR and GSWC. S&P’s debt ratings range from AAA (highest possible) to D (obligation is in default). In May 2019, Moody's Investors Service ("Moody's") affirmed its A2 rating with a revised outlook from positive to stable for GSWC. At times, AWR borrows under this facility and provides loans to its subsidiaries in support of their operations, on terms that are similar to that of the credit facility. AWR’s borrowing activities (excluding letters of credit) for the years ended December 31, 2019 and 2018 were as follows: December 31, (in thousands, except percent) 2019 2018 Balance Outstanding at December 31, $ 205,000 $ 95,500 Interest Rate at December 31, 2.44 % 3.19 % Average Amount Outstanding $ 167,392 $ 69,559 Weighted Average Annual Interest Rate 2.88 % 2.66 % Maximum Amount Outstanding $ 205,500 $ 95,500 All of the letters of credit are issued pursuant to the revolving credit facility. The revolving credit facility contains restrictions on prepayments, disposition of property, mergers, liens and negative pledges, indebtedness and guaranty obligations, transactions with affiliates, minimum interest coverage requirements, a maximum debt to capitalization ratio and a minimum debt rating. Pursuant to the credit agreement, AWR must maintain a minimum interest coverage ratio of 3.25 times interest expense, a maximum total funded debt ratio of 0.65 to 1.00 and a minimum Moody’s Investor Service or S&P debt rating of Baa3 or BBB-, respectively. As of December 31, 2019 , 2018 and 2017 , AWR was in compliance with these requirements. As of December 31, 2019 , AWR had an interest coverage ratio of 6.89 times interest expense, a debt ratio of 0.45 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Registrant’s long-term debt consists primarily of notes and debentures of GSWC. Registrant summarizes its long-term debt in the Statements of Capitalization. GSWC does not currently have any outstanding mortgages or other encumbrances on its properties. In March of 2019, GSWC repaid $40 million of its 6.7% senior note, which matured in that month. GSWC increased its intercompany borrowings from AWR to fund the repayment of this note. Each of the private placement notes issued by GSWC contain various restrictions. Private placement notes issued in the amount of $28 million due in 2031 contain restrictions on the payment of dividends, minimum interest coverage requirements, a maximum total indebtedness to capitalization ratio and a negative pledge. Pursuant to the terms of these notes, GSWC must maintain a minimum interest coverage ratio of two times interest expense. As of December 31, 2019 , GSWC had an interest coverage ratio of over four times interest expense. In December 2014, GSWC issued $15.0 million in 3.45% private placement senior notes due in 2029. In 2005, GSWC issued senior private placement notes due in 2028. Pursuant to the terms of these notes, GSWC must maintain a total indebtedness to capitalization ratio (as defined) of less than 0.6667 -to-1 and a total indebtedness to earnings before income taxes, depreciation and amortization ("EBITDA") of less than 8 -to-1. As of December 31, 2019 , GSWC had a total indebtedness to capitalization ratio of 0.4445 -to-1 and a total indebtedness to EBITDA of 3.1 -to-1. Certain long-term debt issues outstanding as of December 31, 2019 can be redeemed, in whole or in part, at the option of GSWC subject to redemption schedules embedded in the agreements particular to each redeemable issue. The 9.56% notes are subject to a make-whole premium based on 55 basis points above the applicable Treasury Yield if redeemed prior to 2021. After 2021, the maximum redemption premium is 3% of par value. The 5.87% senior note is subject to a make-whole premium based on the difference between the bank's cost of funds on the date of purchase and the bank's cost of funds on the date of redemption plus 0.5% . The $15.0 million, 3.45% senior notes due in 2029 have similar redemption premiums. In October 2009, GSWC entered into an agreement with the California Department of Public Health (“CDPH”) whereby CDPH agreed to provide funds to GSWC of up to $9.0 million under the American Recovery and Reinvestment Act. Proceeds from the funds received were used to reimburse GSWC for capital costs incurred to install water meters to convert customers in GSWC’s Arden-Cordova district from non-metered service to metered service. GSWC received a total of $8.6 million in reimbursements from the CDPH, half of which was recorded as a contribution in aid of construction and the other half as long-term debt in accordance with the terms of the agreement. The loan portion bears interest at a rate of 2.5% and is payable over 20 years beginning in 2013. A surcharge to recover from customers the debt service cost on this loan was approved by the CPUC and implemented in 2013. Annual maturities of all long-term debt at December 31, 2019 are as follows (in thousands): 2020 $ 344 2021 365 2022 392 2023 406 2024 425 Thereafter 282,767 Total $ 284,699 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Taxes on Income | Taxes on Income Registrant records deferred income taxes for temporary differences pursuant to the accounting guidance that addresses items recognized for income tax purposes in a different period from when these items are reported in the financial statements. These items include differences in net asset basis (primarily related to differences in depreciation lives and methods, and differences in capitalization methods) and the treatment of certain regulatory balancing accounts and construction contributions and advances. The accounting guidance for income taxes requires that rate-regulated enterprises record deferred income taxes and offsetting regulatory liabilities and assets for temporary differences where the rate regulator has prescribed flow-through treatment for ratemaking purposes (Note 3). Deferred investment tax credits (“ITC”) are amortized ratably to deferred tax expense over the remaining lives of the property that gave rise to these credits. GSWC is included in both AWR’s consolidated federal income tax and its combined California state franchise tax returns. The impact of California’s unitary apportionment on the amount of AWR’s California income tax liability is a function of both the profitability of AWR’s non-California activities and the proportion of AWR’s California sales to its total sales. GSWC’s income tax expense is computed as if GSWC were autonomous and separately files its income tax returns, which is consistent with the method adopted by the CPUC in setting GSWC’s customer rates. On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was signed into federal law. The provisions of this major tax reform were generally effective on January 1, 2018. Among its significant provisions, the Tax Act (i) reduced the federal corporate income tax rate from 35% to 21% ; (ii) eliminated bonus depreciation for regulated utilities, while allowing 100% expensing for the cost of qualified property for non-regulated businesses; (iii) eliminated the provision that treated contributions in aid of construction provided to regulated water utilities as non-taxable; (iv) eliminated the domestic production activities deduction, and (v) limits the amount of net interest that can be deducted; however, this limitation is not applicable to regulated utilities and, therefore has not had, nor is it anticipated to have, a material impact to Registrant’s ability to deduct net interest. Pursuant to ASC Topic 740, "Income Taxes" , the effects of changes in tax laws must be recognized within the period in which the tax law is enacted. This required AWR and GSWC to record an adjustment in its 2017 financial statements to reflect the impact of the reduction in the corporate income tax rate from 35% to 21% on its cumulative deferred income-tax balances and its tax-related regulatory assets/liabilities. The remeasurement of Registrant’s deferred income-tax balances and its tax-related regulatory assets/liabilities did not have a significant impact to Registrant's consolidated results of operations in 2017 since the majority of the remeasurement was related to GSWC’s rate-regulated activities and was offset by a corresponding increase to a regulatory liability (Note 3). There were no material updates during the year ended December 31, 2018 to the remeasurement of Registrant's deferred income-tax balances and its tax-related regulatory assets/liabilities in accordance with Staff Accounting Bulletin 118. The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2019 and 2018 are: AWR GSWC December 31, December 31, (dollars in thousands) 2019 2018 2019 2018 Deferred tax assets: Regulatory-liability-related (1) $ 33,080 $ 33,419 $ 33,080 $ 33,419 Contributions and advances 5,777 5,281 6,158 5,666 Other 5,792 2,988 6,618 3,310 Total deferred tax assets $ 44,649 $ 41,688 $ 45,856 $ 42,395 Deferred tax liabilities: Fixed assets $ (144,444 ) $ (131,413 ) $ (147,759 ) $ (135,617 ) Regulatory-asset-related: depreciation and other (20,641 ) (18,146 ) (20,641 ) (18,146 ) Balancing and memorandum accounts (non-flow-through) (4,868 ) (6,325 ) (5,262 ) (6,873 ) Total deferred tax liabilities (169,953 ) (155,884 ) (173,662 ) (160,636 ) Accumulated deferred income taxes - net $ (125,304 ) $ (114,196 ) $ (127,806 ) $ (118,241 ) (1) Primarily represents the gross-up portion of the deferred income tax (on the excess-deferred-tax regulatory liability) brought about by the Tax Act’s reduction in the federal income tax rate. The current and deferred components of income tax expense are as follows: AWR Year Ended December 31, (dollars in thousands) 2019 2018 2017 Current Federal $ 12,507 $ 17,252 $ 20,978 State 5,540 6,538 5,844 Total current tax expense $ 18,047 $ 23,790 $ 26,822 Deferred Federal $ 6,407 $ (4,334 ) $ 11,543 State 216 (1,439 ) 609 Total deferred tax (benefit) expense 6,623 (5,773 ) 12,152 Total income tax expense $ 24,670 $ 18,017 $ 38,974 GSWC Year Ended December 31, (dollars in thousands) 2019 2018 2017 Current Federal $ 9,616 $ 14,488 $ 15,044 State 5,480 5,932 5,045 Total current tax expense $ 15,096 $ 20,420 $ 20,089 Deferred Federal $ 4,924 $ (5,531 ) $ 11,770 State 157 (1,286 ) 2,200 Total deferred tax (benefit) expense 5,081 (6,817 ) 13,970 Total income tax expense $ 20,177 $ 13,603 $ 34,059 The AWR and GSWC effective tax rates differ from the federal statutory tax rate primarily due to (i) state taxes; (ii) permanent differences including the excess tax benefits from share-based payments, which were reflected in the income statements and resulted in a reduction to income tax expense; (iii) amortization, commencing in 2018, of the excess deferred income tax liability brought about by the lower federal corporate income tax rate, and (iv) differences between book and taxable income that are treated as flow-through adjustments in accordance with regulatory requirements (principally from plant, rate-case, and compensation expenses). As a regulated utility, GSWC treats certain temporary differences as flow-through in computing its income tax expense consistent with the income tax method used in its CPUC-jurisdiction ratemaking. Flow-through items either increase or decrease tax expense and thus impact the ETR. The reconciliations of the effective tax rates to the federal statutory rate are as follows: AWR Year Ended December 31, (dollars in thousands) 2019 2018 2017 Federal taxes on pretax income at statutory rate (21% in 2019 and 2018; 35% in 2017) $ 22,872 $ 17,196 $ 37,919 Increase (decrease) in taxes resulting from: State income tax, net of federal benefit 4,758 3,693 4,382 Change in tax rate — (14 ) (82 ) Excess deferred tax amortization (1,579 ) (2,101 ) — Flow-through on fixed assets 1,244 429 845 Flow-through on removal costs (1,582 ) (1,445 ) (1,980 ) Domestic production activities deduction — (26 ) (1,421 ) Investment tax credit (71 ) (69 ) (93 ) Other – net (972 ) 354 (596 ) Total income tax expense from operations $ 24,670 $ 18,017 $ 38,974 Pretax income from operations $ 109,012 $ 81,888 $ 108,341 Effective income tax rate 22.6 % 22.0 % 36.0 % GSWC Year Ended December 31, (dollars in thousands) 2019 2018 2017 Federal taxes on pretax income at statutory rate (21% in 2019 and 2018; 35% in 2017) $ 18,236 $ 12,939 $ 30,736 Increase (decrease) in taxes resulting from: State income tax, net of federal benefit 4,656 3,335 4,924 Change in tax rate — — 1,063 Excess deferred tax amortization (1,579 ) (2,101 ) — Flow-through on fixed assets 1,244 429 845 Flow-through on removal costs (1,582 ) (1,445 ) (1,980 ) Domestic production activities deduction — (25 ) (1,148 ) Investment tax credit (71 ) (69 ) (93 ) Other – net (727 ) 540 (288 ) Total income tax expense from operations $ 20,177 $ 13,603 $ 34,059 Pretax income from operations $ 86,840 $ 61,615 $ 87,816 Effective income tax rate 23.2 % 22.1 % 38.8 % AWR and GSWC had no unrecognized tax benefits at December 31, 2019 , 2018 and 2017 . Registrant’s policy is to classify interest on income tax over/underpayments in interest income/expense and penalties in “other operating expenses.” Registrant did not have any material interest receivables/payables from/to taxing authorities as of December 31, 2019 and 2018 , nor did it recognize any material interest income/expense or accrue any material tax-related penalties during the years ended December 31, 2019 , 2018 and 2017 . Registrant files federal, California and various other state income tax returns. AWR's 2016 - 2018 tax years remain subject to examination by the Internal Revenue Service. AWR filed refund claims with the California Franchise Tax Board ("FTB") for the 2002 through 2008 tax years in connection with the matters reflected on the federal refund claims along with other state tax items. In the first quarter of 2017, the FTB issued a refund to AWR for the 2002 - 2004 claims of approximately $2.2 million . The FTB continues to review the 2005 - 2008 refund claims. The 2009 - 2018 tax years remain subject to examination by the FTB. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension and Post-Retirement Medical Plans : Registrant maintains a defined benefit pension plan (the “Pension Plan”) that provides eligible employees (those aged 21 and older, hired before January 1, 2011) monthly benefits upon retirement based on average salaries and length of service. The eligibility requirement to begin receiving these benefits is 5 years of vested service. The normal retirement benefit is equal to 2% of the 5 highest consecutive years’ average earnings multiplied by the number of years of credited service, up to a maximum of 40 , reduced by a percentage of primary Social Security benefits. There is also an early retirement option. Annual contributions are made to the Pension Plan, which comply with the funding requirements of the Employee Retirement Income Security Act (“ERISA”). At December 31, 2019 , Registrant had 939 participants in the Pension Plan. Employees hired or rehired after December 31, 2010 are eligible to participate in a defined contribution plan. Registrant's existing 401(k) Investment Incentive Program was amended to include this defined contribution plan. Under this plan, Registrant provides a contribution ranging from 3% to 5.25% of eligible pay each pay period into investment vehicles offered by the plan’s trustee. Full vesting under this plan occurs upon 3 years of service. Employees hired before January 1, 2011 continue to participate in and accrue benefits under the terms of the Pension Plan. Registrant also provides post-retirement medical benefits for all active employees hired before February of 1995 through a medical insurance plan. Eligible employees, who retire prior to age 65, and/or their spouses, are able to retain the benefits under the plan for active employees until reaching age 65. Eligible employees upon reaching age 65, and those eligible employees retiring at or after age 65, and/or their spouses, receive coverage through a Medicare supplement insurance policy paid for by Registrant subject to an annual cap limit. Registrant’s post-retirement medical plan does not provide prescription drug benefits to Medicare-eligible employees and is not affected by the Medicare Prescription Drug Improvement and Modernization Act of 2003. In accordance with the accounting guidance for the effects of certain types of regulation, Registrant has established a regulatory asset for its underfunded position in its pension and post-retirement medical plans that is expected to be recovered through rates in future periods. The changes in actuarial gains and losses, prior service costs and transition assets or obligations pertaining to the regulatory asset are recognized as an adjustment to the regulatory asset account as these amounts are recognized as components of net periodic pension costs each year and in the rate-making process. The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2019 and 2018 : Pension Benefits Post-Retirement Medical Benefits (dollars in thousands) 2019 2018 2019 2018 Change in Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 196,082 $ 207,690 $ 7,886 $ 8,491 Service cost 4,441 5,342 186 218 Interest cost 8,527 7,646 285 292 Plan amendment — 3,626 — — Actuarial (gain) loss 29,784 (21,717 ) (538 ) (701 ) Benefits/expenses paid (6,982 ) (6,505 ) (424 ) (414 ) Projected benefit obligation at end of year $ 231,852 $ 196,082 $ 7,395 $ 7,886 Changes in Plan Assets: Fair value of plan assets at beginning of year $ 162,529 $ 173,648 $ 10,010 $ 11,053 Actual return on plan assets 33,018 (10,626 ) 1,685 (629 ) Employer contributions 3,913 6,012 170 — Benefits/expenses paid (6,983 ) (6,505 ) (594 ) (414 ) Fair value of plan assets at end of year $ 192,477 $ 162,529 $ 11,271 $ 10,010 Funded Status: Net amount recognized as accrued pension cost $ (39,375 ) $ (33,553 ) $ 3,876 $ 2,124 Pension Benefits Post-Retirement Medical Benefits (dollars in thousands) 2019 2018 2019 2018 Amounts recognized on the balance sheets: Non-current assets $ — $ — $ 3,876 $ 2,124 Current liabilities — — — — Non-current liabilities (39,375 ) (33,553 ) — — Net amount recognized $ (39,375 ) $ (33,553 ) $ 3,876 $ 2,124 Amounts recognized in regulatory assets consist of: Prior service cost (credit) $ 3,191 $ 3,626 $ — $ — Net (gain) loss 37,309 31,587 (5,432 ) (4,459 ) Regulatory assets (liabilities) 40,500 35,213 (5,432 ) (4,459 ) Unfunded accrued pension cost (1,125 ) (1,660 ) 1,556 2,335 Net liability (asset) recognized $ 39,375 $ 33,553 $ (3,876 ) $ (2,124 ) Changes in plan assets and benefit obligations recognized in regulatory assets: Regulatory asset at beginning of year $ 35,213 $ 32,761 $ (4,459 ) $ (5,650 ) Net loss (gain) 7,140 81 (1,775 ) 421 New prior service cost — 3,626 — — Amortization of prior service (cost) credit (434 ) — — — Amortization of net gain (loss) (1,419 ) (1,255 ) 802 770 Total change in regulatory asset 5,287 2,452 (973 ) 1,191 Regulatory asset (liability) at end of year $ 40,500 $ 35,213 $ (5,432 ) $ (4,459 ) Net periodic pension costs $ 4,447 $ 3,070 $ (779 ) $ (752 ) Change in regulatory asset 5,287 2,452 (973 ) 1,191 Total recognized in net periodic pension cost and regulatory asset (liability) $ 9,734 $ 5,522 $ (1,752 ) $ 439 Estimated amounts that will be amortized from regulatory asset over the next fiscal year: Prior service (cost) credit $ (434 ) $ (434 ) $ — $ — Net gain (loss) $ (1,768 ) $ (1,435 ) $ 796 $ 598 Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 231,852 $ 196,082 $ 7,395 $ 7,886 Accumulated benefit obligation $ 215,996 $ 183,036 N/A N/A Fair value of plan assets $ 192,477 $ 162,529 $ 11,271 $ 10,010 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.43 % 4.43 % 3.12 % 4.20 % Rate of compensation increase * * N/A N/A * Age-graded ranging from 3.0% to 8.0% . The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2019 , 2018 and 2017 are as follows: Pension Benefits Post-Retirement Medical Benefits (dollars in thousands, except percent) 2019 2018 2017 2019 2018 2017 Components of Net Periodic Benefits Cost: Service cost $ 4,441 $ 5,342 $ 4,999 $ 186 $ 218 $ 227 Interest cost 8,527 7,646 7,904 285 292 324 Expected return on plan assets (10,374 ) (11,172 ) (9,705 ) (449 ) (493 ) (466 ) Amortization of prior service cost (credit) 434 — — — — — Amortization of actuarial (gain) loss 1,419 1,254 923 (801 ) (769 ) (775 ) Net periodic pension cost under accounting standards $ 4,447 $ 3,070 $ 4,121 $ (779 ) $ (752 ) $ (690 ) Regulatory adjustment (593 ) — 465 — — — Total expense recognized, before surcharges and allocation to overhead pool $ 3,854 $ 3,070 $ 4,586 $ (779 ) $ (752 ) $ (690 ) Weighted-average assumptions used to determine net periodic cost: Discount rate 4.43 % 3.76 % 4.44 % 4.20 % 3.52 % 3.97 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % * * * Rate of compensation increase ** ** ** N/A N/A N/A * 6.0% for union plan and 4.2% for non-union (net of income taxes) in 2019 , 2018 and 2017. ** Age-graded ranging from 3.0% to 8.0% . Regulatory Adjustment : The CPUC authorized GSWC to track differences between the forecasted annual pension expenses adopted in rates for its water and electric regions and the general office and the actual annual expense to be recorded by GSWC in accordance with the accounting guidance for pension costs. During the year ended December 31, 2019 , GSWC's actual expense was higher than the amounts included in customer rates by $593,000 . In 2018 and 2017 , GSWC's actual expense was lower than the amounts included in water and electric customer rates (including surcharges) by $1.7 million and $583,000 , respectively. In 2017 the annual over-collections were used to recover previously incurred under-collections. The cumulative amounts recorded in the two-way pension balancing accounts are included within the pensions and other post-retirement obligations regulatory assets discussed in Note 3. As of December 31, 2019 , the two-way pension balancing accounts had a $2.7 million cumulative net over-collection included within regulatory assets. Plan Funded Status : The Pension Plan was underfunded at December 31, 2019 and 2018 . Registrant’s market related value of plan assets is equal to the fair value of plan assets. Past volatile market conditions have affected the value of GSWC’s trust established to fund its future long-term pension benefits. These benefit plan assets and related obligations are measured annually using a December 31 measurement date. Changes in the Pension Plan’s funded status will affect the assets and liabilities recorded on the balance sheet in accordance with accounting guidance on employers’ accounting for defined benefit pension and other post-retirement plans. Due to Registrant’s regulatory recovery treatment, the recognition of the underfunded status for the Pension Plan has been offset by a regulatory asset pursuant to guidance on the accounting for the effects of certain types of regulation. Plan Assets : The assets of the pension and post-retirement medical plans are managed by a third party trustee. The investment policy allocation of the assets in the trust was approved by Registrant’s Administrative Committee (the “Committee”) for the pension and post-retirement medical funds, which has oversight responsibility for all retirement plans. The primary objectives underlying the investment of the pension and post-retirement plan assets are: (i) attempt to maintain a fully funded status with a cushion for unexpected developments, possible future increases in expense levels and/or a reduction in the expected return on investments; (ii) seek to earn long-term returns that compare favorably to appropriate market indexes, peer group universes and the policy asset allocation index; (iii) seek to provide sufficient liquidity to pay current benefits and expenses; (iv) attempt to limit risk exposure through prudent diversification; and (v) seek to limit costs of administering and managing the plans. The Committee recognizes that risk and volatility are present to some degree with all types of investments. High levels of risk may be avoided through diversification by asset class, style of each investment manager and sector and industry limits. Investment managers are retained to manage a pool of assets and allocate funds in order to achieve an appropriate, diversified and balanced asset mix. The Committee’s strategy balances the requirement to maximize returns using potentially higher-return generating assets, such as equity securities, with the need to control the risk of its benefit obligations with less volatile assets, such as fixed-income securities. The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2019 and 2018 , by asset category are as follows: Pension Benefits Post-Retirement Medical Benefits Asset Category 2019 2018 2019 2018 Actual Asset Allocations : Equity securities 56 % 53 % 61 % 59 % Debt securities 39 % 43 % 38 % 39 % Real Estate Funds 5 % 4 % — % — % Cash equivalents — % — % 1 % 2 % Total 100 % 100 % 100 % 100 % Equity securities did not include AWR’s Common Shares as of December 31, 2019 and 2018 . Target Asset Allocations for 2019: Pension Benefits Post-retirement Medical Benefits Equity securities 60 % 60 % Debt securities 40 % 40 % Total 100 % 100 % The Pension Plan assets are in collective trust funds managed by a management firm appointed by the Committee. The fair value of these collective trust funds is measured using net asset value per share. In accordance with ASU 2015-07 Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalents) , the fair value of the collective trust funds is not categorized in the fair value hierarchy as of December 31, 2019 and 2018 . The following tables set forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2019 and 2018 : Net Asset Value as of December 31, 2019 (dollars in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Cash equivalents $ 600 — N/A N/A Fixed income fund 74,123 — Daily Daily Equity securities : U.S. small/mid cap funds 17,865 — Daily Daily U.S. large cap funds 47,132 — Daily Daily International funds 43,778 — Daily Daily Total equity funds 108,775 — Real estate funds 8,979 — Daily Daily Total $ 192,477 — Net Asset Value as of December 31, 2018 (dollars in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Cash equivalents $ 590 — N/A N/A Fixed income fund 70,642 — Daily Daily Equity securities : U.S. small/mid cap funds 22,313 — Daily Daily U.S. large cap funds 46,133 — Daily Daily International funds 15,548 — Daily Daily Total equity funds 83,994 Real estate funds 7,303 — Daily Daily Total $ 162,529 — The collective trust funds may be invested or redeemed daily, and generally do not have any significant restrictions to redeem the investments. As previously discussed in Note 1, the accounting guidance for fair value measurements establishes a framework for measuring fair value and requires fair value measurements to be classified and disclosed in one of three levels. As required by the accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. All equity investments in the post-retirement medical plan are Level 1 investments in mutual funds. The fixed income category includes corporate bonds and notes. The majority of fixed income investments range in maturities from less than 1 to 20 years. The fair values of these investments are based on quoted market prices in active markets. The following tables set forth by level, within the fair value hierarchy, the post-retirement plan's investment assets measured at fair value as of December 31, 2019 and 2018 : Fair Value as of December 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total Fair Value of Post-Retirement Plan Assets: Cash equivalents $ 69 — — $ 69 Fixed income 4,279 — — 4,279 U.S. equity securities 6,923 — — 6,923 Total investments measured at fair value $ 11,271 — — $ 11,271 Fair Value as of December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total Fair Value of Post-Retirement Plan Assets: Cash equivalents $ 263 — — $ 263 Fixed income 3,871 — — 3,871 U.S. equity securities 5,876 — — 5,876 Total investments measured at fair value $ 10,010 — — $ 10,010 Plan Contributions : During 2019 , Registrant contributed $3.9 million to its pension plan and did not make a contribution to the post-retirement medical plan. Registrant expects to contribute approximately $3.3 million to its pension plan in 2020. Registrant’s policy is to fund the plans annually at a level which is deductible for income tax purposes and is consistent with amounts recovered in customer rates. Benefit Payments : Estimated future benefit payments at December 31, 2019 for the next five years and thereafter are as follows (in thousands): Pension Benefits Post-Retirement Medical Benefits 2020 $ 7,910 $ 526 2021 8,574 599 2022 9,263 642 2023 9,839 677 2024 10,441 652 Thereafter 60,621 2,607 Total $ 106,648 $ 5,703 Assumptions : Certain actuarial assumptions, such as the discount rate, long-term rate of return on plan assets, mortality, and the healthcare cost trend rate have a significant effect on the amounts reported for net periodic benefit cost as well as the related benefit obligation amounts. Discount Rate — The assumed discount rate for pension and post-retirement medical plans reflects the market rates for high-quality corporate bonds currently available. Registrant’s discount rates were determined by considering the average of pension yield curves constructed of a large population of high quality corporate bonds. The resulting discount rate reflects the matching of plan liability cash flows to the yield curves. Expected Long-Term Rate of Return on Assets — The long-term rate of return on plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income and other investments. To develop the expected long-term rate of return on assets assumption for the pension plan, Registrant considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. Registrant’s policy is to fund the medical benefit trusts based on actuarially determined amounts as allowed in rates approved by the CPUC. Registrant has invested the funds in the post-retirement trusts that will achieve a desired return and minimize amounts necessary to recover through rates. The mix is expected to provide for a return on assets similar to the Pension Plan and to achieve Registrant’s targeted allocation. This resulted in the selection of the 6.0% long-term rate of return on assets assumption for the union plan and 4.2% (net of income taxes) for the non-union plan portion of the post-retirement plan. Mortality — Mortality assumptions are a critical component of benefit obligation amounts and a key factor in determining the expected length of time for annuity payments. Registrant uses the latest mortality tables published by the Society of Actuaries. Accordingly, the benefit obligation amounts as of December 31, 2019 and 2018 have incorporated recent updates to the mortality tables. Healthcare Cost Trend Rate — The assumed health care cost trend rate for 2020 starts at 5.9% grading down to 4.4% in 2035 for those under age 65, and at 5.0% grading down to 4.2% in 2025 for those 65 and over. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects on the post-retirement medical plan: (dollars in thousands) 1-Percentage-Point Increase 1-Percentage-Point Decrease Effect on total of service and interest cost components $ 34 $ (29 ) Effect on post-retirement benefit obligation $ 749 $ (645 ) Supplemental Executive Retirement Plan : Registrant has a supplemental executive retirement plan (“SERP”) that is intended to restore retirement benefits to certain key employees and officers of Registrant that are limited by Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended. The Board of Directors approved the establishment of a Rabbi Trust created for the SERP. Assets in a Rabbi Trust can be subject to the claims of creditors; therefore, they are not considered as an asset for purposes of computing the SERP’s funded status. As of December 31, 2019 , the balance in the Rabbi Trust totaled $21.6 million and is included in Registrant’s other property and investments. All equity investments in the Rabbi Trust are Level 1 investments in mutual funds. The fixed income category includes corporate bonds and notes. The fair values of these investments are based on quoted market prices in active markets. The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2019 and 2018 : Fair Value as of December 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total Fair Value of Assets held in Rabbi Trust: Cash equivalents $ 72 — — $ 72 Fixed income securities 8,427 — — 8,427 Equity securities 13,054 — — 13,054 Total investments measured at fair value $ 21,553 — — $ 21,553 Fair Value as of December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total Fair Value of Assets held in Rabbi Trust: Cash equivalents $ 166 — — $ 166 Fixed income securities 6,251 — — 6,251 Equity securities 9,995 — — 9,995 Total investments measured at fair value $ 16,412 — — $ 16,412 The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2019 and 2018 : (dollars in thousands) 2019 2018 Change in Benefit Obligation: Benefit obligation at beginning of year $ 24,517 $ 24,062 Service cost 1,193 1,096 Interest cost 1,069 888 Actuarial (gain) loss 3,419 (1,104 ) Benefits paid (495 ) (425 ) Benefit obligation at end of year $ 29,703 $ 24,517 Changes in Plan Assets: Fair value of plan assets at beginning and end of year — — Funded Status: Net amount recognized as accrued cost $ (29,703 ) $ (24,517 ) (in thousands) 2019 2018 Amounts recognized on the balance sheets: Current liabilities $ (609 ) $ (433 ) Non-current liabilities (29,094 ) (24,084 ) Net amount recognized $ (29,703 ) $ (24,517 ) Amounts recognized in regulatory assets consist of: Prior service cost $ — $ — Net loss 8,352 5,403 Regulatory assets 8,352 5,403 Unfunded accrued cost 21,351 19,114 Net liability recognized $ 29,703 $ 24,517 Changes in plan assets and benefit obligations recognized in regulatory assets consist of: Regulatory asset at beginning of year $ 5,403 $ 7,556 Net (gain) loss 3,419 (1,104 ) Amortization of prior service credit — — Amortization of net loss (470 ) (1,049 ) Total change in regulatory asset 2,949 (2,153 ) Regulatory asset at end of year $ 8,352 $ 5,403 Net periodic pension cost $ 2,733 $ 3,033 Change in regulatory asset 2,949 (2,153 ) Total recognized in net periodic pension and regulatory asset $ 5,682 $ 880 Estimated amounts that will be amortized from regulatory asset over the next fiscal year: Initial net asset (obligation) $ — $ — Prior service cost — — Net loss (844 ) (471 ) Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 29,703 $ 24,517 Accumulated benefit obligation 26,251 21,229 Fair value of plan assets — — Weighted-average assumptions used to determine benefit obligations: Discount rate 3.36 % 4.40 % Rate of compensation increase 4.00 % 4.00 % The components of SERP expense, before allocation to the overhead pool, for 2019 , 2018 and 2017 are as follows: (dollars in thousands, except percent) 2019 2018 2017 Components of Net Periodic Benefits Cost: Service cost $ 1,193 $ 1,096 $ 930 Interest cost 1,069 888 893 Amortization of prior service cost — — 12 Amortization of net loss 471 1,049 777 Net periodic pension cost $ 2,733 $ 3,033 $ 2,612 Weighted-average assumptions used to determine net periodic cost: Discount rate 4.40 % 3.72 % 4.34 % Rate of compensation increase 4.00 % 4.00 % 4.00 % Benefit Payments : Estimated future benefit payments for the SERP at December 31, 2019 for the next five years and thereafter are as follows (in thousands): 2020 $ 609 2021 830 2022 932 2023 1,624 2024 1,704 Thereafter 10,117 Total $ 15,816 401(k) Investment Incentive Program : Registrant has a 401(k) Investment Incentive Program under which employees may invest a percentage of their pay, up to a maximum investment prescribed by law, in an investment program managed by an outside investment manager. Registrant’s cash contributions to the 401(k) are based upon a percentage of individual employee contributions and for the years ended December 31, 2019 , 2018 and 2017 were $2.5 million , $2.4 million and $2.3 million , respectively. The Investment Incentive Program also incorporates the defined contribution plan for employees hired on or after January 1, 2011. The cash contributions to the defined contribution plan for the years ended December 31, 2019 , 2018 and 2017 were $1.6 million , $1.3 million and $1.1 million , respectively. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Summary Description of Stock Incentive Plans As of December 31, 2019, AWR has three active stock incentive plans: the 2016 stock incentive plan for its employees, and the 2003 and 2013 non-employee directors plans for its Board of Directors, each more fully described below. 2016 Employee Plans — AWR adopted this employee plan, following shareholder approval, to provide stock-based incentive awards in the form of restricted stock units, stock options and restricted stock to employees as a means of promoting the success of Registrant by attracting, retaining and more fully aligning the interests of employees with those of customers and shareholders. The 2016 employee plan also provides for the grant of performance awards. There are no stock options or restricted stock grants currently outstanding. For restricted stock unit awards, the Compensation Committee determines the specific terms, conditions and provisions relating to each restricted stock unit. Each employee who has been granted a time-vested restricted stock unit is entitled to dividend equivalent rights in the form of additional restricted stock units until vesting of the time-vested restricted stock units. In general, time-vested restricted stock units vest over a period of 3 years. Restricted stock units may also vest upon retirement if the grantee is at least 55 and the sum of the grantee's age and years of service are equal to or greater than 75, or upon death or total disability. In addition, restricted stock units may vest following a change in control if the Company terminates the grantee other than for cause or the employee terminates employment for good reason. Each restricted stock unit is non-voting and entitles the holder of the restricted stock unit to receive one Common Share. The Compensation Committee also has the authority to determine the number, amount or value of performance awards, the duration of the performance period or performance periods applicable to the award and the performance criteria applicable to each performance award for each performance period. Each outstanding performance award granted by the Compensation Committee has been in the form of restricted stock units that generally vest over a period of three years as provided in the performance award agreement. The amount of the performance award paid to an employee depends upon satisfaction of performance criteria following the end of a three-year performance period. Performance awards may also vest and be payable upon retirement if the grantee is at least 55 and the sum of the grantee's age and years of service are equal to or greater than 75, or upon death or total disability. In addition, performance awards may vest following a change in control if the Company terminates the grantee other than for cause or the employee terminates employment for good reason. The amount of the payment for performance awards granted will be at target in the event of death or a termination of employment (other than for cause) by the Company or termination by the employee for good reason within 24 months after a change in control. In all other circumstances, adjustments will be made to the amount of the payment to take into account the shortened performance period 2003 and 2013 Directors Plans — The Board of Directors and shareholders of AWR have approved the 2003 and 2013 directors plans in order to provide the non-employee directors with supplemental stock-based compensation to encourage them to increase their stock ownership in AWR. Grants may not be made under the 2003 directors plan. Non-employee directors are entitled to receive restricted stock units in an amount determined by the Board of Directors. This amount may not exceed two times the annual retainer paid to directors. Effective for grants of restricted stock units to non-employee directors after 2012, such units are convertible to AWR's Common Shares 90 days after the grant date. All non-employee directors of AWR who were directors of AWR at the 2003 annual meeting have also received restricted stock units, which will be distributed upon termination of the director's service as a director. All restricted stock units and performance awards have been granted with dividend equivalent rights payable in the form of additional restricted stock units. Recognition of Compensation Expense Registrant recognizes compensation expense related to the fair value of stock-based compensation awards. Share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Immediate vesting occurs if the employee is at least 55 years old and the sum of the employee’s age and years of employment is equal to or greater than 75. Registrant assumes that pre-vesting forfeitures will be minimal, and recognizes pre-vesting forfeitures as they occur, which results in a reduction in compensation expense. The following table presents share-based compensation expenses for the years ended December 31, 2019 , 2018 and 2017 . These expenses resulting from restricted stock units, including performance awards, are included in administrative and general expenses in AWR's and GSWC’s statements of income: AWR GSWC For The Years Ended December 31, For The Years Ended December 31, (in thousands) 2019 2018 2017 2019 2018 2017 Stock-based compensation related to: Restricted stock units $ 2,517 $ 3,851 $ 2,885 $ 2,253 $ 3,397 $ 2,420 Total stock-based compensation expense $ 2,517 $ 3,851 $ 2,885 $ 2,253 $ 3,397 $ 2,420 Equity-based compensation cost capitalized as part of GSWC's utility plant for the years ended December 31, 2019 , 2018 and 2017 was $265,000 , $199,000 and $195,000 , respectively, for both AWR and GSWC. For the years ended December 31, 2019 , 2018 and 2017 , AWR recorded approximately $1.8 million , $1.6 million and $1.0 million , respectively, of tax benefits from stock-based awards. For the years ended December 31, 2019 , 2018 and 2017 , GSWC recorded approximately $1.8 million , $1.6 million and $1.0 million , respectively, of tax benefits from stock-based awards. Registrant amortizes stock-based compensation over the requisite (vesting) period for the entire award. Time-vesting restricted stock units vest and become nonforfeitable in installments of 33% the first two years and 34% in the third year, starting one year from the date of the grant. Outstanding performance awards vest and become nonforfeitable in installments of 33% the first two years and 34% in the third year and are distributed at the end of the performance period if the performance criteria set forth in the award agreement are satisfied. Restricted Stock Units (Time-Vested) — A restricted stock unit (“RSU”) represents the right to receive a share of AWR’s Common Shares and are valued based on the fair market value of AWR's Common Shares on the date of grant. The fair value of RSUs were determined based on the closing trading price of Common Shares on the grant date. A summary of the status of Registrant’s outstanding RSUs, excluding performance awards, to employees and directors as of December 31, 2019 , and changes during the year ended December 31, 2019 , is presented below: Number of Restricted Share Units Weighted Average Grant-Date Value Restricted share units at January 1, 2019 102,235 $ 34.73 Granted 23,550 67.57 Vested (48,017 ) 30.99 Forfeited (2,697 ) 48.64 Restricted share units at December 31, 2019 75,071 $ 46.92 As of December 31, 2019 , there was approximately $390,000 of total unrecognized compensation cost related to time-vested restricted stock units granted under AWR’s employee stock plans. That cost is expected to be recognized over a weighted average period of 1.55 years. Restricted Stock Units (Performance Awards) – During the years ended December 31, 2019 , 2018 and 2017 , the Compensation Committee granted performance awards in the form of restricted stock units to officers of the Registrant. A performance award represents the right to receive a share of AWR's Common Shares if specified performance goals are met over the performance period specified in the grant (generally three years ). Each grantee of any outstanding performance award may earn between 0% and 200% of the target amount depending on Registrant's performance against performance goals, which are determined by the Compensation Committee on the date of grant. As determined by the Compensation Committee, the performance awards granted during the years ended December 31, 2019 , 2018 and 2017 included various performance-based conditions and one market-based condition related to total shareholder return ("TSR") that will be earned based on Registrant’s TSR compared to the TSR for a specific peer group of investor-owned water companies. A summary of the status of Registrant’s outstanding performance awards to officers as of December 31, 2019 , and changes during the year ended December 31, 2019 , is presented below: Number of Weighted Average Performance awards at January 1, 2019 95,661 $ 45.36 Granted 22,035 65.86 Performance criteria adjustment 1,772 38.14 Vested (33,080 ) 41.15 Forfeited (1,739 ) 61.74 Performance awards at December 31, 2019 84,649 $ 51.85 A portion of the fair value of performance awards was estimated at the grant date based on the probability of satisfying the market-based condition using a Monte-Carlo simulation model, which assesses the probabilities of various outcomes of the market condition. The portion of the fair value of the performance awards associated with performance-based conditions was based on the fair market value of AWR's Common Shares at the grant date. The fair value of each outstanding performance award grant is amortized into compensation expense in installments of 33% the first two years and 34% in the third year of their respective vesting periods, which is generally over 3 years unless earlier vested pursuant to the terms of the agreement. The accrual of compensation costs is based on the estimate of the final expected value of the award and is adjusted as required for the portion based on the performance-based condition. Unlike the awards with performance-based conditions, for the portion based on the market-based condition, compensation cost is recognized, and not reversed, even if the market condition is not achieved, as required by the accounting guidance for share-based awards. As of December 31, 2019 , $245,000 of unrecognized compensation costs related to performance awards is expected to be recognized over a weighted average period of 1.07 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Commitments | Commitments GSWC’s Water Supply : GSWC has contracts to purchase water or water rights for an aggregate amount of $4.1 million as of December 31, 2019 . Included in the $4.1 million is a commitment of $2.1 million to lease water rights from a third party under an agreement which expires in 2028. The remaining $2.0 million is for commitments for purchased water with other third parties, which expire through 2038. GSWC’s estimated future minimum payments under these purchased water supply commitments at December 31, 2019 are as follows (in thousands): 2020 $ 417 2021 417 2022 417 2023 417 2024 417 Thereafter 2,031 Total $ 4,116 Bear Valley Electric Service : Generally, BVES purchases power at a fixed cost, under long-term purchased power contracts, depending on the amount of power and the period during which the power is purchased under such contracts. BVES began taking power pursuant to purchased power contracts approved by the CPUC effective in the fourth quarter of 2019 at a fixed cost over three and five-year terms depending on the amount of power and period during which the power is purchased under the contracts. As of December 31, 2019 , GSWC's commitment under BVES's contracts totaled approximately $26.3 million . See Note 16 for Registrant’s future minimum payments under long-term non-cancelable operating leases. |
Contingencies and Gain on Sale
Contingencies and Gain on Sale of Assets | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies and Gain on Sale of Assets Condemnation of Properties : The laws of the State of California provide for the acquisition of public utility property by governmental agencies through their power of eminent domain, also known as condemnation, where doing so is necessary and in the public interest. In addition, these laws provide that the owner of utility property (i) may contest whether the condemnation is necessary and in the public interest, and (ii) is entitled to receive the fair market value of its property if the property is ultimately taken. Ojai Water System and Gain on Sale of Assets: In June 2017, pursuant to a settlement agreement to resolve an eminent domain action, Casitas Municipal Water District acquired the operating assets of GSWC’s 2,900 -connection Ojai water system by eminent domain for $34.3 million in cash. As a result of this transaction, GSWC recorded a pretax gain of $8.3 million on the sale of the Ojai water system during 2017. The terms of the settlement agreement resolved the eminent domain action and dismissed all claims against GSWC brought by Casitas and another third party. Environmental Clean-Up and Remediation : GSWC has been involved in environmental remediation and cleanup at a plant site (“Chadron Plant”) that contained an underground storage tank, which was used to store gasoline for its vehicles. This tank was removed from the ground in July 1990 along with the dispenser and ancillary piping. Since then, GSWC has been involved in various remediation activities at this site. Analysis indicates that offsite monitoring wells may also be necessary to document effectiveness of remediation. As of December 31, 2019 , the total spent to clean-up and remediate the Chadron Plant was approximately $6.3 million , of which $1.5 million has been paid by the State of California Underground Storage Tank Fund. Amounts paid by GSWC have been included in rate base and approved by the CPUC for recovery. As of December 31, 2019 , GSWC has a regulatory asset and an accrued liability for the estimated remaining cost of $1.3 million to complete the cleanup at the site. The estimate includes costs for 2 years of continued activities of groundwater cleanup and monitoring, future soil treatment and site-closure-related activities. The ultimate cost may vary as there are many unknowns in remediation of underground gasoline spills and this is an estimate based on currently available information. Management also believes it is probable that the estimated additional costs will be approved in rate base by the CPUC. Other Litigation : Registrant is also subject to other ordinary routine litigation incidental to its business, some of which may include claims for compensatory and punitive damages. Management believes that rate recovery, proper insurance coverage and reserves are in place to insure against, among other things, property, general liability, employment and workers’ compensation claims incurred in the ordinary course of business. Insurance coverage may not cover certain claims involving punitive damages. However, Registrant does not believe the outcome from any pending suits or administrative proceedings will have a material effect on Registrant's consolidated results of operations, financial position or cash flows. |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases [Text Block] | Leases The adoption of the new lease guidance did not have a material impact on Registrant's results of operations or liquidity but resulted in the recognition of operating lease liabilities and operating lease right-of-use assets on its balance sheets. Right-of-use ("ROU") assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As of December 31, 2019 , Registrant has right-of-use assets of $13.2 million , short-term operating lease liabilities of $1.8 million and long-term operating lease liabilities of $11.7 million . Significant assumptions and judgments made as part of the adoption of this new lease standard include determining (i) whether a contract contains a lease, (ii) whether a contract involves an identified asset, and (iii) which party to the contract directs the use of the asset. The discount rates used to calculate the present value of lease payments were determined based on hypothetical borrowing rates available to Registrant over terms similar to the lease terms. Registrant’s leases consist of real estate and equipment leases, which are mostly GSWC's. Most of Registrant's leases require fixed lease payments. Some real estate leases have escalation payments, which depend on an index. Variable lease costs were not material. Lease terms used to measure the lease liability include options to extend the lease if the option is reasonably certain to be exercised. Lease and non-lease components were combined to measure lease liabilities. GSWC's long-term debt includes $28 million of 9.56% private placement notes, which require GSWC to maintain a total indebtedness to capitalization ratio of less than 0.6667 -to-1. The indebtedness, as defined in the note agreement, includes any lease liabilities required to be recorded under GAAP. As of December 31, 2019 , GSWC had a total indebtedness (including GSWC's lease liabilities) to capitalization ratio of 0.4445 -to-1. None of the other covenants or restrictions contained in Registrant's long-term debt agreements were affected by the adoption of the new lease standard. Registrant's supplemental lease information for the year ended December 31, 2019 is as follows (in thousands, except for weighted average data): For The Year Ended December 31, 2019 Operating lease costs $ 3,166 Short-term lease costs 159 Weighted average remaining lease term (in years) 7.24 Weighted-average discount rate 3.5 % Non-cash transactions Lease liabilities arising from obtaining right-of-use assets $ 18,034 During 2019 and 2018 and 2017 , Registrant’s consolidated rent expense was approximately $2.8 million , $2.5 million and $2.4 million , respectively. Registrant’s future minimum payments under long-term non-cancelable operating leases are as follows (in thousands): December 31, 2019 December 31, 2018 2020 $ 2,709 $ 2,530 2021 2,533 1,497 2022 2,217 1,007 2023 1,779 546 2024 1,499 293 Thereafter 5,246 311 Total lease payments 15,983 $ 6,184 Less: imputed interest 2,395 Total lease obligations 13,588 Less: current obligations 1,849 Long-term lease obligations $ 11,739 The increase in future minimum lease payments from December 31, 2018 to December 31, 2019 was largely due to new office leases entered into during 2019. The consolidated operations of AWR and the operations of GSWC in regard to the future minimum payments under long-term cancelable operating leases are not materially different. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments AWR has 3 reportable segments, water, electric and contracted services, whereas GSWC has 2 segments, water and electric. On a stand-alone basis, AWR has no material assets other than its equity investments in its subsidiaries and note receivables therefrom, and deferred taxes. All activities of GSWC are geographically located within California. Activities of ASUS and the Military Utility Privatization Subsidiaries are conducted in California, Florida, Georgia, Kansas, Maryland, New Mexico, North Carolina, South Carolina, Texas and Virginia. Each of the Military Utility Privatization Subsidiaries is regulated, if applicable, by the state in which the subsidiary primarily conducts water and/or wastewater operations. Fees charged for operations and maintenance and renewal and replacement services are based upon the terms of the contracts with the U.S. government which have been filed, as appropriate, with the commissions in the states in which ASUS’s subsidiaries are incorporated. The tables below set forth information relating to GSWC’s operating segments, ASUS and the Military Utility Privatization Subsidiaries and other matters. Total assets by segment are not presented below, as certain of Registrant’s assets are not tracked by segment. The utility plant balances are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC. As Of And For The Year Ended December 31, 2019 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 319,830 $ 39,548 $ 114,491 $ — $ 473,869 Operating income (loss) 93,895 11,197 21,990 (9 ) 127,073 Interest expense, net 20,304 1,228 (734 ) 539 21,337 Utility Plant 1,322,062 72,680 20,963 — 1,415,705 Depreciation and amortization expense (1) 29,956 2,485 2,956 — 35,397 Income tax expense/(benefit) 17,295 2,882 5,202 (709 ) 24,670 Capital additions 131,353 11,499 9,088 — 151,940 As Of And For The Year Ended December 31, 2018 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 295,258 $ 34,350 $ 107,208 $ — $ 436,816 Operating income 74,342 6,220 20,414 7 100,983 Interest expense, net 18,403 1,328 (327 ) 451 19,855 Utility Plant 1,218,468 62,624 15,218 — 1,296,310 Depreciation and amortization expense (1) 36,137 2,258 2,030 — 40,425 Income tax expense/(benefit) 12,391 1,212 4,939 (525 ) 18,017 Capital additions 110,934 5,420 10,207 — 126,561 As Of And For The Year Ended December 31, 2017 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 306,332 $ 33,969 $ 100,302 $ — $ 440,603 Operating income (loss) 98,678 7,193 21,320 (96 ) 127,095 Interest expense, net 18,909 1,380 255 248 20,792 Utility Plant 1,137,995 59,945 7,052 — 1,204,992 Depreciation and amortization expense (1) 35,706 2,146 1,179 — 39,031 Income tax expense/(benefit) 32,212 1,847 7,136 (2,221 ) 38,974 Capital additions 104,546 5,941 2,639 — 113,126 ____________________________ (1) Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $316,000 , $238,000 and $242,000 for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table reconciles total utility plant (a key figure for rate-making) to total consolidated assets (in thousands): December 31, 2019 2018 Total utility plant $ 1,415,705 $ 1,296,310 Other assets 225,626 205,123 Total consolidated assets $ 1,641,331 $ 1,501,433 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Allowance for Doubtful Accounts | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Provisions included in 2019 , 2018 , and 2017 for AWR and GSWC are as follows: AWR December 31, (dollars in thousands) 2019 2018 2017 Balance at beginning of year $ 951 $ 1,041 $ 764 Provision charged to expense 609 841 989 Accounts written off, net of recoveries (644 ) (931 ) (712 ) Balance at end of year $ 916 $ 951 $ 1,041 Allowance for doubtful accounts related to accounts receivable-customer $ 857 $ 892 $ 806 Allowance for doubtful accounts related to other accounts receivable 59 59 235 Total allowance for doubtful accounts $ 916 $ 951 $ 1,041 GSWC December 31, (dollars in thousands) 2019 2018 2017 Balance at beginning of year $ 951 $ 865 $ 761 Provision charged to expense 607 850 816 Accounts written off, net of recoveries (642 ) (764 ) (712 ) Balance at end of year $ 916 $ 951 $ 865 Allowance for doubtful accounts related to accounts receivable-customer $ 857 $ 892 $ 806 Allowance for doubtful accounts related to other accounts receivable 59 59 59 Total allowance for doubtful accounts $ 916 $ 951 $ 865 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table sets forth non-cash financing and investing activities and other cash flow information (in thousands). AWR GSWC December 31, December 31, 2019 2018 2017 2019 2018 2017 Taxes and Interest Paid: Income taxes paid, net $ 22,496 $ 21,084 $ 13,615 $ 17,206 $ 19,448 $ 4,822 Interest paid, net of capitalized interest 25,080 23,471 22,762 23,925 22,721 22,285 Non-Cash Transactions: Accrued payables for investment in utility plant $ 23,736 $ 27,403 $ 20,131 $ 23,736 $ 27,403 $ 20,128 Property installed by developers and conveyed 6,220 2,082 2,082 6,220 2,082 2,082 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | Note 20 — Selected Quarterly Financial Data (Unaudited) The quarterly financial information presented below is unaudited. Registrant's business is seasonal, and it is management’s opinion that comparisons of earnings for the quarterly periods do not reflect overall trends and changes in Registrant’s operations. AWR For The Year Ended December 31, 2019 (in thousands, except per share amounts) First Second Third Quarter (2) Fourth Year Operating revenues $ 101,733 $ 124,647 $ 134,496 $ 112,993 $ 473,869 Operating income 20,195 39,430 42,724 24,724 127,073 Net income 12,852 26,784 28,006 16,700 84,342 Basic earnings per share 0.35 0.72 0.76 0.45 2.28 Diluted earnings per share 0.35 0.72 0.76 0.45 2.28 GSWC For The Year Ended December 31, 2019 (in thousands) First Second Third Fourth Year Operating revenues $ 75,352 $ 95,548 $ 107,245 $ 81,233 $ 359,378 Operating income 15,327 34,037 36,982 18,746 105,092 Net income 9,022 22,298 23,362 11,981 66,663 AWR For The Year Ended December 31, 2018 (in thousands, except per share amounts) First Quarter Second Third Quarter Fourth Year Operating revenues $ 94,728 $ 106,901 $ 124,182 $ 111,005 $ 436,816 Operating income 18,691 25,568 33,975 22,749 100,983 Net income 10,782 16,348 22,952 13,789 63,871 Basic earnings per share * 0.29 0.44 0.62 0.37 1.73 Diluted earnings per share 0.29 0.44 0.62 0.37 1.72 GSWC For The Year Ended December 31, 2018 (in thousands) First Second Third Quarter Fourth Year Operating revenues $ 74,244 $ 84,574 $ 95,564 $ 75,226 $ 329,608 Operating income 16,297 22,645 27,540 14,080 80,562 Net income 8,890 13,648 17,919 7,555 48,012 * The sum of the quarterly basic earnings per share amounts do not agree to the yearly total due to rounding. (1) The second quarter of 2019 includes approximately $4.0 million of operating income related to the first quarter of 2019 as a result of the final CPUC decision on the water general rate case, which was received in May 2019 and was retroactive to January 1, 2019. (2) The third quarter of 2019 includes the retroactive impact of the final decision on the electric general rate case approved by the CPUC in August 2019, which was retroactive to January 1, 2018. Included in the third quarter of 2019 results are approximately $1.4 million of pretax income related to the first two quarters of 2019 and approximately $2.3 million of pretax income related to 2018. |
SCHEDULE I - CONDENSED FINANCIA
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | CONDENSED BALANCE SHEETS December 31, (in thousands) 2019 2018 Assets Cash and equivalents $ 310 $ 34 Intercompany note receivables 185,094 76,072 Total current assets 185,404 76,106 Investments in subsidiaries 616,725 574,330 Deferred taxes and other assets 9,548 8,769 Total assets $ 811,677 $ 659,205 Liabilities and Capitalization Notes payable to bank $ 5,000 $ — Income taxes payable 3,259 3,672 Other liabilities 274 291 Total current liabilities 8,533 3,963 Notes payable to bank 200,000 $ 95,500 Deferred taxes and other liabilities 1,614 1,519 Total other liabilities 201,614 97,019 Common shareholders’ equity 601,530 558,223 Total capitalization 601,530 558,223 Total liabilities and capitalization $ 811,677 $ 659,205 The accompanying condensed notes are an integral part of these condensed financial statements. CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, (In thousands, except per share amounts) 2019 2018 2017 Operating revenues and other income $ — $ — $ — Operating expenses and other expenses 314 305 344 Income before equity in earnings of subsidiaries and income taxes (314 ) (305 ) (344 ) Equity in earnings of subsidiaries 83,947 63,651 67,490 Income before income taxes 83,633 63,346 67,146 Income tax benefit (709 ) (525 ) (2,221 ) Net income $ 84,342 $ 63,871 $ 69,367 Weighted Average Number of Common Shares Outstanding 36,814 36,733 36,638 Basic Earnings Per Common Share $ 2.28 $ 1.73 $ 1.88 Weighted Average Number of Diluted Common Shares Outstanding 36,964 36,936 36,844 Fully Diluted Earnings per Common Share $ 2.28 $ 1.72 $ 1.88 Dividends Paid Per Common Share $ 1.160 $ 1.060 $ 0.994 The accompanying condensed notes are an integral part of these condensed financial statements. CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, (in thousands) 2019 2018 2017 Cash Flows From Operating Activities $ 40,459 $ 79,877 $ 36,024 Cash Flows From Investing Activities: Loans (made to)/repaid from, wholly-owned subsidiaries (107,500 ) (30,500 ) 30,500 Increase in investment of subsidiary — (47,500 ) — Net cash provided (used) in investing activities (107,500 ) (78,000 ) 30,500 Cash Flows From Financing Activities: Proceeds from stock option exercises 519 546 909 Net change in notes payable to banks 109,500 36,500 (31,000 ) Dividends paid (42,702 ) (38,937 ) (36,417 ) Net cash provided (used) in financing activities 67,317 (1,891 ) (66,508 ) Change in cash and equivalents 276 (14 ) 16 Cash and equivalents at beginning of period 34 48 32 Cash and equivalents at the end of period $ 310 $ 34 $ 48 The accompanying condensed financial statements of AWR (parent) should be read in conjunction with the consolidated financial statements and notes thereto of American States Water Company and subsidiaries (“Registrant”) included in Part II, Item 8 of this Form 10-K. AWR’s (parent) significant accounting policies are consistent with those of Registrant and its wholly owned subsidiaries, Golden State Water Company (“GSWC”) and American States Utility Services, Inc. ("ASUS"), except that all subsidiaries are accounted for as equity method investments. Related-Party Transactions: As further discussed in Note 2 — Notes Payable to Banks , AWR (parent) currently has access to a $225.0 million revolving credit facility. AWR (parent) borrows under this facility and provides funds to its subsidiaries, in support of their operations. Any amounts owed to AWR (parent) for borrowings under this facility are reflected as inter-company receivables on the condensed balance sheets. The interest rate charged to the subsidiaries is sufficient to cover AWR (parent)’s interest cost under the credit facility. AWR (parent) guarantees performance of ASUS's military privatization contracts and agrees to provide necessary resources, including financing, which are necessary to assure the complete and satisfactory performance of such contracts. AWR (parent) has access to a credit facility in order to provide funds to its subsidiaries, GSWC and ASUS, in support of their operations. In March 2019, AWR amended this credit facility to increase its borrowing capacity from $150.0 million to $200.0 million , and in October 2019 further amended the credit facility to temporarily increase its borrowing capacity to $225.0 million , effective until June 30, 2020. In February 2020, AWR received a binding commitment from its lender for the option to revise the temporary increase of the credit facility to $260.0 million through the end of 2020. When needed, AWR will be able to exercise this commitment and have immediate access to the additional funds. On December 31, 2020, the borrowing capacity will revert to $200.0 million . Amy amounts borrowed up to $200.0 million will be due in May 2023, and any amounts borrowed in excess of $200.0 million will be due in 2020. The aggregate effective amount that may be outstanding under letters of credit is $25.0 million . AWR has obtained letters of credit, primarily for GSWC, in the aggregate amount of $940,000 , with fees of 0.65% including: (i) letters of credit in an aggregate amount of $340,000 as security for GSWC’s business automobile insurance policy; (ii) a letter of credit in an amount of $585,000 as security for the purchase of power; and (iii) a $15,000 irrevocable letter of credit pursuant to a franchise agreement with the City of Rancho Cordova. Letters of credit outstanding reduce the amount that may be borrowed under the revolving credit facility. AWR was not required to maintain any compensating balances. Loans can be obtained under this credit facility at the option of AWR and bear interest at rates based on credit ratings and Euro rate margins. In December 2019, Standard and Poor’s Global Ratings (“S&P”) affirmed an A+ credit rating with a stable outlook on both AWR and GSWC. S&P’s debt ratings range from AAA (highest possible) to D (obligation is in default). In May 2019, Moody's Investors Service ("Moody's") affirmed its A2 rating with a revised outlook from positive to stable for GSWC. At December 31, 2019 , there was $205.0 million outstanding under this facility. At times, AWR (parent) borrows under this facility and provides loans to its subsidiaries in support of its operations, under terms that are similar to that of the credit facility. AWR’s (parent) borrowing activities (excluding letters of credit) for the years ended December 31, 2019 and 2018 were as follows: December 31, (in thousands, except percent) 2019 2018 Balance Outstanding at December 31, $ 205,000 $ 95,500 Interest Rate at December 31, 2.44 % 3.19 % Average Amount Outstanding $ 167,392 $ 69,559 Weighted Average Annual Interest Rate 2.88 % 2.66 % Maximum Amount Outstanding $ 205,500 $ 95,500 All of the letters of credit are issued pursuant to the revolving credit facility. The revolving credit facility contains restrictions on prepayments, disposition of property, mergers, liens and negative pledges, indebtedness and guaranty obligations, transactions with affiliates, minimum interest coverage requirements, a maximum debt to capitalization ratio and a minimum debt rating. Pursuant to the credit agreement, AWR must maintain a minimum interest coverage ratio of 3.25 times interest expense, a maximum total funded debt ratio of 0.65 to 1.00 and a minimum debt rating from Moody’s or S&P of Baa3 or BBB-, respectively. As of December 31, 2019 , 2018 and 2017 , AWR was in compliance with these covenants. As of December 31, 2019 , AWR had an interest coverage ratio of 6.89 times interest expense, a debt ratio of 0.45 to 1.00 and a debt rating of A+ by S&P. AWR (parent) receives a tax benefit for expenses incurred at the parent-company level. AWR (parent) also recognizes the effect of AWR’s consolidated California unitary apportionment, which is beneficial or detrimental depending on a combination of the profitability of AWR’s consolidated non-California activities as well as the proportion of its consolidated California sales to total sales. Dividends in the amount of $42.7 million , $79.0 million and $36.5 million were paid to AWR (parent) by its wholly owned subsidiaries during the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Operations : American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”) and American States Utility Services, Inc. (“ASUS”) (and its wholly owned subsidiaries, Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. (“ECUS”), and Fort Riley Utility Services, Inc. ("FRUS")). AWR and its subsidiaries may be collectively referred to as “Registrant” or “the Company.” The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries.” AWR, through its wholly owned subsidiaries, serves over one million people in nine states. GSWC is a public utility engaged principally in the purchase, production, distribution and sale of water in California serving approximately 261,000 customers. GSWC also distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,000 customers through its Bear Valley Electric Service (“BVES”) division. The California Public Utilities Commission (“CPUC”) regulates GSWC’s water and electric businesses in matters including properties, rates, services, facilities, and transactions by GSWC with its affiliates. GSWC filed applications with the CPUC and the Federal Energy Regulatory Commission ("FERC") in December 2018 and July 2019, respectively, to transfer the assets and liabilities of the BVES division of GSWC to Bear Valley Electric Service, Inc., a newly created separate legal entity and stand-alone subsidiary of AWR. The FERC and CPUC approved GSWC's application for reorganization in October and December of 2019, respectively. The reorganization plan is pending the completion of certain closing procedures to effectuate the transfer of assets and liabilities including, among other things, an additional FERC approval for tariffs. When completed, the reorganization plan is not expected to result in a substantive change to AWR's operations and business segments. ASUS, through its Military Utility Privatization Subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to 50 -year firm fixed-price contracts. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or the Military Utility Privatization Subsidiaries. Basis of Presentation : The consolidated financial statements and notes thereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. Certain prior period amounts have been reclassified on the statements of cash flows to conform to current year presentation. AWR owns all of the outstanding Common Shares of GSWC and ASUS. ASUS owns all of the outstanding Common shares of the Military Utility Privatization Subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements. |
Related Party Transactions [Policy Text Block] | Related-Party Transactions : GSWC and ASUS provide and/or receive various support services to and from their parent, AWR, and among themselves. GSWC also allocates certain corporate office administrative and general costs to its affiliate, ASUS, using allocation factors approved by the CPUC. During the years ended December 31, 2019 , 2018 and 2017 , GSWC allocated to ASUS approximately $4.7 million , $4.2 million and $4.0 million , respectively, of corporate office administrative and general costs. AWR borrows under a credit facility, which expires in May 2023, and provides funds to its subsidiaries, GSWC and ASUS, in support of their operations. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest expense under the credit facility. In March 2019, AWR entered into an amendment to this credit facility to increase its borrowing capacity from $150.0 million to $200.0 million . In October 2019 AWR entered into another amendment to the credit facility to temporarily increase its borrowing capacity to $225.0 million , effective until June 30, 2020. In February 2020, AWR received a binding commitment from its lender for the option to revise the temporary increase of the credit facility to $260.0 million through the end of 2020. AWR will be able to exercise this commitment and have immediate access to the additional funds when needed. On December 31, 2020, the borrowing capacity will revert to $200.0 million . As of December 31, 2019 , there was $205.0 million outstanding under this facility, of which $5.0 million has been reflected as a current liability on the consolidated balance sheet of AWR. Management intends to seek additional financing in 2020 through the issuance of long-term debt at GSWC. The CPUC requires GSWC to completely pay down all intercompany borrowings from AWR within a 24 -month period. The end of the next 24 -month period in which GSWC is required to completely pay down its intercompany borrowings will be in November 2020. As a result, GSWC’s intercompany borrowings of $158.8 million as of December 31, 2019 |
Utility Accounting [Policy Text Block] | Utility Accounting : Registrant’s accounting policies conform to accounting principles generally accepted in the United States of America ("U.S. GAAP"), including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the CPUC and the FERC. GSWC has incurred various costs and received various credits reflected as regulatory assets and liabilities. Accounting for such costs and credits as regulatory assets and liabilities is in accordance with the guidance for accounting for the effects of certain types of regulation. This guidance sets forth the application of U.S. GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. Under such accounting guidance, rate-regulated entities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the ratemaking process in a period different from the period in which they would have been reflected in income by an unregulated company. These regulatory assets and liabilities are then recognized in the income statement in the period in which the same amounts are reflected in the rates charged for service. The amounts included as regulatory assets and liabilities that will be collected or refunded over a period exceeding one year are classified as long-term assets and liabilities as of December 31, 2019 and 2018 . |
Property and Depreciation [Policy Text Block] | Property and Depreciation : Registrant's property consists primarily of regulated utility plant at GSWC. GSWC capitalizes, as utility plant, the cost of construction and the cost of additions, betterments and replacements of retired units of property. Such cost includes labor, material and certain indirect charges. Water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. The difference between the estimated original cost, less accumulated depreciation, and the purchase price, if recognized by the regulator, is recorded as an acquisition adjustment within utility plant. Depreciation is computed on the straight-line, remaining-life basis, group method, in accordance with the applicable ratemaking process. GSWC's provision for depreciation expressed as a percentage of the aggregate depreciable asset balances was 2.2% for 2019 , 2.7% for 2018 , and 2.6% for 2017 . Depreciation expense for GSWC, excluding amortization expense and depreciation on transportation equipment, totaled $31.7 million , $37.3 million and $36.5 million for the years ended December 31, 2019 , 2018 and 2017 . Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $316,000 , $238,000 and $242,000 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Expenditures for maintenance and repairs are expensed as incurred. Retired property costs, including costs of removal, are charged to the accumulated provision for depreciation. Estimated useful lives of GSWC’s utility plant, as authorized by the CPUC, are as follows: Source of water supply 30 years to 50 years Pumping 25 years to 40 years Water treatment 20 years to 35 years Transmission and distribution 25 years to 55 years Generation 40 years Other plant 7 years to 40 years Non-regulated property consists primarily of equipment utilized by ASUS and its subsidiaries for its operations. This property is stated at cost, net of accumulated depreciation, which is calculated using the straight-line method over the useful lives of the assets. |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations : GSWC has a legal obligation for the retirement of its wells, which by law need to be properly capped at the time of removal. As such, GSWC incurs asset retirement obligations. GSWC records the fair value of a liability for these asset retirement obligations in the period in which they are incurred. When the liability is initially recorded, GSWC capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, GSWC either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. Retirement costs have historically been recovered through rates subsequent to the retirement costs being incurred. Accordingly, recoverability of GSWC’s asset retirement obligations are reflected as a regulatory asset. GSWC also reflects the loss or gain at settlement as a regulatory asset or liability on the balance sheet. With regards to removal costs associated with certain other long-lived assets, such as water mains, distribution and transmission assets, asset retirement obligations have not been recognized as GSWC believes there is no legal obligation to do so. There are no CPUC rules or regulations that require GSWC to remove any of its other long-lived assets. In addition, GSWC’s water pipelines are not subject to regulation by any federal regulatory agency. GSWC has franchise agreements with various municipalities in order to use the public right of way for utility purposes (i.e., operate water distribution and transmission assets), and if certain events occur in the future, GSWC could be required to remove or relocate certain of its pipelines. However, it is not possible to estimate an asset retirement amount since the timing and the amount of assets that may be required to be removed, if any, is not known. |
Impairment of Long-Lived Assets [Policy Text Block] | Impairment of Long-Lived Assets : Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with accounting guidance for impairment or disposal of long-lived assets. Registrant would recognize an impairment loss on its regulated assets only if the carrying value amount of a long-lived asset is not recoverable from customer rates authorized by the CPUC. Impairment loss is measured as the excess of the carrying value over the amounts recovered in customer rates. For the years ended December 31, 2019 , 2018 and 2017 , no impairment loss was incurred. |
Goodwill [Policy Text Block] | Goodwill : At December 31, 2019 and 2018 , AWR had approximately $1.1 million of goodwill. The $1.1 million goodwill arose from ASUS’s acquisition of a subcontractor’s business at some of the Military Utility Privatization Subsidiaries. In accordance with the accounting guidance for testing goodwill, AWR annually assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For 2019 , AWR’s assessment of qualitative factors did not indicate that an impairment had occurred for goodwill at ASUS. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents |
Accounts Receivable [Policy Text Block] | Accounts Receivable : Accounts receivable is reported on the balance sheet net of any allowance for doubtful accounts. The allowance for doubtful accounts is Registrant’s best estimate of the amount of probable credit losses in Registrant’s existing accounts receivable from its water and electric customers, and is determined based on historical write-off experience and the aging of account balances. Registrant reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. Receivables from the U.S. government include amounts due under contracts with the U.S. government to operate and maintain, and/or provide construction services for the water and/or wastewater systems at military bases. Other accounts receivable consist primarily of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements and amounts due from other third-party prime government contractors pursuant to agreements for construction of water and/or wastewater facilities for such third-party prime contractors. The allowance for these other accounts receivable is based on Registrant’s evaluation of the receivable portfolio under current conditions and a review of specific problems and such other factors that, in Registrant’s judgment, should be considered in estimating losses. Allowances for doubtful accounts are disclosed in Note 18. Registrant adopted Accounting Standards Update 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments effective January 1, 2020, which did not have an impact on Registrant's allowance for doubtful accounts. |
Materials and Supplies [Policy Text Block] | Materials and Supplies : Materials and supplies are stated at the lower of cost or net realizable value. Cost is computed using average cost. Major classes of materials include pipe, hydrants and valves. |
Interest [Policy Text Block] | Interest : Interest incurred during the construction of capital assets has generally not been capitalized for financial reporting purposes as such policy is not followed in the ratemaking process. Interest expense is generally recovered through the regulatory process. However, the CPUC has authorized certain capital projects to be filed for revenue recovery with advice letters when those projects are completed. During the time that such projects are under development and construction, GSWC may accrue an allowance for funds used during construction (“AFUDC”) on the incurred expenditures to offset the cost of financing project construction. For the years ended December 31, 2019 , 2018 and 2017 , the amount of AFUDC recorded has been immaterial. |
Debt Issuance Costs and Redemption Premiums [Policy Text Block] | Debt Issuance Costs and Redemption Premiums |
Advance for Construction and Contributions in Aid [Policy Text Block] | Advances for Construction and Contributions in Aid of Construction : Advances for construction represent amounts advanced by developers for the cost to construct water system facilities in order to extend water service to their properties. Advances are refundable in equal annual installments, generally over 40 years . In certain instances, GSWC makes refunds on these advances over a specific period of time based on operating revenues related to the main or as new customers are connected to receive service from the main. Contributions in aid of construction are similar to advances but require no refunding. Generally, GSWC depreciates contributed property and amortizes contributions in aid of construction at the composite rate of the related property. Utility plant funded by advances and contributions is excluded from rate base. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments : For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of the amounts. The table below estimates the fair value of long-term debt issued by GSWC. Rates available to GSWC at December 31, 2019 and 2018 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results. 2019 2018 (dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt—GSWC (1) $ 284,699 $ 376,467 $ 324,978 $ 387,889 (1) Excludes debt issuance costs and redemption premiums. The accounting guidance for fair value measurements applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, GSWC makes fair value measurements on its publicly issued notes, private placement notes and other long-term debt using current U.S. corporate bond yields for similar debt instruments. Under the fair value guidance, these are classified as Level 2, which consists of quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. The following table sets forth by level, within the fair value hierarchy, GSWC’s long-term debt measured at fair value as of December 31, 2019 : (dollars in thousands) Level 1 Level 2 Level 3 Total Long-term debt—GSWC — $ 376,467 — $ 376,467 |
Stock-Based Awards [Policy Text Block] | Stock-Based Awards : AWR has issued stock-based awards to its employees under stock incentive plans. AWR has also issued stock-based awards to its Board of Directors under non-employee directors stock plans. Registrant applies the provisions in the accounting guidance for share-based payments in accounting for all of its stock-based awards. See Note 13 for further discussion. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements : Accounting Pronouncements Adopted in 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued a new lease accounting standard, Leases (Accounting Standards Codification ("ASC") 842), which replaces the prior lease guidance, (ASC 840). Under the new standard, lessees will recognize a right-of-use asset and a lease liability for virtually all leases (other than leases that meet the definition of a short-term lease). For income statement purposes, leases will be classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. Registrant adopted the new lease accounting standard as of January 1, 2019 and did not adjust comparative periods for it. There was no cumulative-effect impact to the opening balance of retained earnings as a result of this adoption. Registrant elected the practical expedient under Accounting Standards Update ("ASU") 2018-01 Land Easement Practical Expedient for Transition to Topic 842 and did not review existing easements entered into prior to January 1, 2019. Leases with terms of twelve months or less were not recorded on the balance sheet. The adoption of the new lease guidance did not have a material impact on Registrant's results of operations or liquidity but resulted in the recognition of operating lease liabilities and operating lease right-of-use assets on its balance sheets. The adoption of this guidance as of January 1, 2019 resulted in the recognition of $7.6 million in right-of-use assets and $8.0 million in operating lease liabilities (see Note 16). In August 2018, the FASB issued ASU 2018-15-Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . Under this ASU, entities that enter into cloud computing service arrangements are required to apply existing internal-use software guidance to determine which implementation costs are eligible for capitalization. Under that guidance, implementation costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred. Registrant adopted this guidance effective January 1, 2019. The adoption of this accounting standard did not have a significant impact on Registrant's financial statements. Accounting Pronouncements to be Adopted in Future Periods In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and issued further guidance in November 2018 and May 2019 related to the impairment of financial instruments effective January 1, 2020. The new guidance provides an impairment model, known as the current expected credit loss model, which is based on expected credit losses rather than incurred losses over the remaining life of most financial assets measured at amortized cost, including trade and other receivables. Registrant's adoption of the new guidance effective January 1, 2020 did not have an impact on its financial statements. In August 2018, the FASB issued ASU 2018-14- Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU removes disclosures to pension plans and other post-retirement benefit plans that no longer are considered cost beneficial, clarifies the specific disclosure requirements and adds disclosure requirements deemed relevant. This ASU is effective for fiscal years ending after December 15, 2020 and will be applied by Registrant on a retrospective basis to all periods presented. Registrant is still evaluating the ASU and has not yet determined the effect on its financial statements and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . The amendments in this update simplify the accounting for income taxes by removing certain exceptions and clarifying certain requirements regarding franchise taxes, goodwill, consolidated tax expenses, and annual effective tax rate calculations. The ASU is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. Registrant is evaluating the impact of this ASU on its financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Line Items] | |
Public Utility Property, Plant, and Equipment [Table Text Block] | Estimated useful lives of GSWC’s utility plant, as authorized by the CPUC, are as follows: Source of water supply 30 years to 50 years Pumping 25 years to 40 years Water treatment 20 years to 35 years Transmission and distribution 25 years to 55 years Generation 40 years Other plant 7 years to 40 years |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The table below estimates the fair value of long-term debt issued by GSWC. Rates available to GSWC at December 31, 2019 and 2018 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results. 2019 2018 (dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt—GSWC (1) $ 284,699 $ 376,467 $ 324,978 $ 387,889 |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The following table sets forth by level, within the fair value hierarchy, GSWC’s long-term debt measured at fair value as of December 31, 2019 : (dollars in thousands) Level 1 Level 2 Level 3 Total Long-term debt—GSWC — $ 376,467 — $ 376,467 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | (dollar in thousands) For The Year Ended December 31, 2019 For The Year Ended December 31, 2018 Water: Tariff-based revenues $ 305,244 $ 298,818 CPUC-approved surcharges (cost-recovery activities) 4,322 2,962 Other 2,006 1,813 Water revenues from contracts with customers 311,572 303,593 WRAM under/(over)-collection (alternative revenue program) 8,258 (8,335 ) Total water revenues 319,830 295,258 Electric: Tariff-based revenues 36,628 34,501 CPUC-approved surcharges (cost-recovery activities) 410 214 Electric revenues from contracts with customers 37,038 34,715 BRRAM under/(over)-collection (alternative revenue program) 2,510 (365 ) Total electric revenues 39,548 34,350 Contracted services: Water 59,868 62,273 Wastewater 54,623 44,935 Contracted services revenues from contracts with customers 114,491 107,208 Total revenues $ 473,869 $ 436,816 |
Contract with Customer, Asset and Liability [Table Text Block] | The opening and closing balances of the receivable from the U.S. government, contract assets and contract liabilities from contracts with customers, which related entirely to ASUS, are as follows: (dollar in thousands) December 31, 2019 December 31, 2018 Unbilled receivables $ 10,467 $ 5,696 Receivable from the U.S. government $ 64,819 $ 61,126 Contract assets $ 15,631 $ 24,447 Contract liabilities $ 11,167 $ 7,530 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Schedule of regulatory assets, less regulatory liabilities in the consolidated balance sheets for continuing operations | Regulatory assets, less regulatory liabilities, included in the consolidated balance sheets are as follows: December 31, (dollars in thousands) 2019 2018 GSWC Water Revenue Adjustment Mechanism and Modified Cost Balancing Account $ 22,535 $ 17,763 Costs deferred for future recovery on Aerojet case 8,292 9,516 Pensions and other post-retirement obligations (Note 12) 40,693 33,124 Derivative unrealized loss (Note 5) 3,171 311 General rate case memorandum accounts 4,820 5,054 Other regulatory assets 18,842 18,440 Excess deferred income taxes (Note 11) (79,886 ) (81,465 ) Flow-through taxes, net (Note 11) (12,439 ) (15,273 ) Tax Cuts and Jobs Act ("Tax Act") memorandum accounts — (8,293 ) Various refunds to customers (8,478 ) (7,517 ) Total $ (2,450 ) $ (28,340 ) |
Utility Plant and Intangible _2
Utility Plant and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Utility Plant and Intangible Assets | |
Schedule of Public Utility Property Plant and Equipment Components [Table Text Block] | The following table shows Registrant’s utility plant (regulated utility plant and non-regulated utility property) by major asset class: AWR GSWC December 31, (dollars in thousands) 2019 2018 2019 2018 Water Land $ 18,066 $ 14,890 $ 18,066 $ 14,890 Intangible assets 28,578 29,412 28,578 29,413 Source of water supply 91,685 91,349 91,685 91,349 Pumping 178,058 182,673 178,058 182,673 Water treatment 78,048 82,198 78,048 82,198 Transmission and distribution 1,219,285 1,142,105 1,219,285 1,142,105 Other 117,276 131,419 86,722 106,907 1,730,996 1,674,046 1,700,442 1,649,535 Electric Transmission and distribution 84,018 82,257 84,018 82,257 Generation 12,583 12,583 12,583 12,583 Other (1) 11,824 11,224 11,824 11,224 108,425 106,064 108,425 106,064 Less — accumulated depreciation (543,263 ) (561,855 ) (531,801 ) (551,244 ) Construction work in progress 119,547 78,055 117,676 76,737 Net utility plant $ 1,415,705 $ 1,296,310 $ 1,394,742 $ 1,281,092 (1) Includes intangible assets of $1.2 million for the years ended December 31, 2019 and 2018 for studies performed in association with the electricity segment of the Registrant’s operations. |
Schedule of components of intangible assets | As of December 31, 2019 and 2018 , intangible assets consist of the following: Weighted Average Amortization AWR December 31, GSWC December 31, (dollars in thousands) Period 2019 2018 2019 2018 Intangible assets : Conservation programs 3 years $ 9,486 $ 9,486 $ 9,486 $ 9,486 Water and service rights (2) 30 years 8,695 8,695 8,124 8,124 Water planning studies 14 years 11,808 12,641 11,808 12,641 Total intangible assets 29,989 30,822 29,418 30,251 Less — accumulated amortization (24,309 ) (24,399 ) (24,166 ) (24,268 ) Intangible assets, net of amortization $ 5,680 $ 6,423 $ 5,252 $ 5,983 Intangible assets not subject to amortization (3) $ 402 $ 422 $ 402 $ 404 (2) Includes intangible assets of $571,000 for contracted services included in "Other Property and Investments" on the consolidated balance sheets as of December 31, 2019 and 2018 . (3) The intangible assets not subject to amortization primarily consist of organization and consent fees. |
Schedule of estimated future consolidated amortization expenses related to intangible assets | Estimated future consolidated amortization expenses related to intangible assets for the succeeding five years are (in thousands): Amortization Expense 2020 $ 90 2021 12 2022 12 2023 12 2024 12 Total $ 138 |
Schedule of reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations | The following is a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations, which are included in “Other Credits” on the balance sheets as of December 31, 2019 and 2018 : (dollars in thousands) GSWC Obligation at December 31, 2017 $ 4,963 Additional liabilities incurred 256 Liabilities settled (46 ) Accretion 55 Obligation at December 31, 2018 $ 5,228 Additional liabilities incurred 271 Liabilities settled (173 ) Accretion 86 Revision of previous estimates 3,451 Obligation at December 31, 2019 $ 8,863 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
GSWC | |
Derivative instruments | |
Schedule of changes in the fair value of the derivative | The following table presents changes in the fair value of GSWC’s derivatives for the years ended December 31, 2019 and 2018 : (dollars in thousands) 2019 2018 Balance, at beginning of the period $ (311 ) $ (2,941 ) Unrealized (loss) gain on purchased power contracts (2,860 ) 2,630 Balance, at end of the period $ (3,171 ) $ (311 ) |
Earnings Per Share and Capita_2
Earnings Per Share and Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating basic net income per share | The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating basic net income per share: Basic: For The Years Ended December 31, (in thousands, except per share amounts) 2019 2018 2017 Net income $ 84,342 $ 63,871 $ 69,367 Less: (a) Distributed earnings to common shareholders 42,702 38,937 36,417 Distributed earnings to participating securities 180 204 197 Undistributed earnings 41,460 24,730 32,753 (b) Undistributed earnings allocated to common shareholders 41,285 24,601 32,577 Undistributed earnings allocated to participating securities 175 129 176 Total income available to common shareholders, basic (a)+(b) $ 83,987 $ 63,538 $ 68,994 Weighted average Common Shares outstanding, basic 36,814 36,733 36,638 Basic earnings per Common Share $ 2.28 $ 1.73 $ 1.88 |
Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating diluted net income per share | The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating diluted net income per share: Diluted: For The Years Ended December 31, (in thousands, except per share amounts) 2019 2018 2017 Common shareholders earnings, basic $ 83,987 $ 63,538 $ 68,994 Undistributed earnings for dilutive stock options and restricted stock units 175 129 176 Total common shareholders earnings, diluted $ 84,162 $ 63,667 $ 69,170 Weighted average Common Shares outstanding, basic 36,814 36,733 36,638 Stock-based compensation (1) 150 203 206 Weighted average Common Shares outstanding, diluted 36,964 36,936 36,844 Diluted earnings per Common Share $ 2.28 $ 1.72 $ 1.88 (1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 159,720 restricted stock units, including performance awards, at December 31, 2019 were deemed to be outstanding in accordance with accounting guidance on earnings per share. |
Bank Debt (Tables)
Bank Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Bank Debt | |
Schedule of Short-term Debt [Table Text Block] | AWR’s borrowing activities (excluding letters of credit) for the years ended December 31, 2019 and 2018 were as follows: December 31, (in thousands, except percent) 2019 2018 Balance Outstanding at December 31, $ 205,000 $ 95,500 Interest Rate at December 31, 2.44 % 3.19 % Average Amount Outstanding $ 167,392 $ 69,559 Weighted Average Annual Interest Rate 2.88 % 2.66 % Maximum Amount Outstanding $ 205,500 $ 95,500 December 31, 2019 and 2018 were as follows: December 31, (in thousands, except percent) 2019 2018 Balance Outstanding at December 31, $ 205,000 $ 95,500 Interest Rate at December 31, 2.44 % 3.19 % Average Amount Outstanding $ 167,392 $ 69,559 Weighted Average Annual Interest Rate 2.88 % 2.66 % Maximum Amount Outstanding $ 205,500 $ 95,500 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of annual maturities of all long-term debt, including capitalized leases | Annual maturities of all long-term debt at December 31, 2019 are as follows (in thousands): 2020 $ 344 2021 365 2022 392 2023 406 2024 425 Thereafter 282,767 Total $ 284,699 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of significant components of the deferred tax assets and liabilities from continuing operations | The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2019 and 2018 are: AWR GSWC December 31, December 31, (dollars in thousands) 2019 2018 2019 2018 Deferred tax assets: Regulatory-liability-related (1) $ 33,080 $ 33,419 $ 33,080 $ 33,419 Contributions and advances 5,777 5,281 6,158 5,666 Other 5,792 2,988 6,618 3,310 Total deferred tax assets $ 44,649 $ 41,688 $ 45,856 $ 42,395 Deferred tax liabilities: Fixed assets $ (144,444 ) $ (131,413 ) $ (147,759 ) $ (135,617 ) Regulatory-asset-related: depreciation and other (20,641 ) (18,146 ) (20,641 ) (18,146 ) Balancing and memorandum accounts (non-flow-through) (4,868 ) (6,325 ) (5,262 ) (6,873 ) Total deferred tax liabilities (169,953 ) (155,884 ) (173,662 ) (160,636 ) Accumulated deferred income taxes - net $ (125,304 ) $ (114,196 ) $ (127,806 ) $ (118,241 ) |
Schedule of current and deferred components of income tax expense from continuing operations | The current and deferred components of income tax expense are as follows: AWR Year Ended December 31, (dollars in thousands) 2019 2018 2017 Current Federal $ 12,507 $ 17,252 $ 20,978 State 5,540 6,538 5,844 Total current tax expense $ 18,047 $ 23,790 $ 26,822 Deferred Federal $ 6,407 $ (4,334 ) $ 11,543 State 216 (1,439 ) 609 Total deferred tax (benefit) expense 6,623 (5,773 ) 12,152 Total income tax expense $ 24,670 $ 18,017 $ 38,974 GSWC Year Ended December 31, (dollars in thousands) 2019 2018 2017 Current Federal $ 9,616 $ 14,488 $ 15,044 State 5,480 5,932 5,045 Total current tax expense $ 15,096 $ 20,420 $ 20,089 Deferred Federal $ 4,924 $ (5,531 ) $ 11,770 State 157 (1,286 ) 2,200 Total deferred tax (benefit) expense 5,081 (6,817 ) 13,970 Total income tax expense $ 20,177 $ 13,603 $ 34,059 |
Schedule of reconciliations of the effective tax rates to the federal statutory rate | The reconciliations of the effective tax rates to the federal statutory rate are as follows: AWR Year Ended December 31, (dollars in thousands) 2019 2018 2017 Federal taxes on pretax income at statutory rate (21% in 2019 and 2018; 35% in 2017) $ 22,872 $ 17,196 $ 37,919 Increase (decrease) in taxes resulting from: State income tax, net of federal benefit 4,758 3,693 4,382 Change in tax rate — (14 ) (82 ) Excess deferred tax amortization (1,579 ) (2,101 ) — Flow-through on fixed assets 1,244 429 845 Flow-through on removal costs (1,582 ) (1,445 ) (1,980 ) Domestic production activities deduction — (26 ) (1,421 ) Investment tax credit (71 ) (69 ) (93 ) Other – net (972 ) 354 (596 ) Total income tax expense from operations $ 24,670 $ 18,017 $ 38,974 Pretax income from operations $ 109,012 $ 81,888 $ 108,341 Effective income tax rate 22.6 % 22.0 % 36.0 % GSWC Year Ended December 31, (dollars in thousands) 2019 2018 2017 Federal taxes on pretax income at statutory rate (21% in 2019 and 2018; 35% in 2017) $ 18,236 $ 12,939 $ 30,736 Increase (decrease) in taxes resulting from: State income tax, net of federal benefit 4,656 3,335 4,924 Change in tax rate — — 1,063 Excess deferred tax amortization (1,579 ) (2,101 ) — Flow-through on fixed assets 1,244 429 845 Flow-through on removal costs (1,582 ) (1,445 ) (1,980 ) Domestic production activities deduction — (25 ) (1,148 ) Investment tax credit (71 ) (69 ) (93 ) Other – net (727 ) 540 (288 ) Total income tax expense from operations $ 20,177 $ 13,603 $ 34,059 Pretax income from operations $ 86,840 $ 61,615 $ 87,816 Effective income tax rate 23.2 % 22.1 % 38.8 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2019 | |||||||||||||||
Employee benefit plans | |||||||||||||||
Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability | The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2019 and 2018 : Pension Benefits Post-Retirement Medical Benefits (dollars in thousands) 2019 2018 2019 2018 Change in Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 196,082 $ 207,690 $ 7,886 $ 8,491 Service cost 4,441 5,342 186 218 Interest cost 8,527 7,646 285 292 Plan amendment — 3,626 — — Actuarial (gain) loss 29,784 (21,717 ) (538 ) (701 ) Benefits/expenses paid (6,982 ) (6,505 ) (424 ) (414 ) Projected benefit obligation at end of year $ 231,852 $ 196,082 $ 7,395 $ 7,886 Changes in Plan Assets: Fair value of plan assets at beginning of year $ 162,529 $ 173,648 $ 10,010 $ 11,053 Actual return on plan assets 33,018 (10,626 ) 1,685 (629 ) Employer contributions 3,913 6,012 170 — Benefits/expenses paid (6,983 ) (6,505 ) (594 ) (414 ) Fair value of plan assets at end of year $ 192,477 $ 162,529 $ 11,271 $ 10,010 Funded Status: Net amount recognized as accrued pension cost $ (39,375 ) $ (33,553 ) $ 3,876 $ 2,124 Pension Benefits Post-Retirement Medical Benefits (dollars in thousands) 2019 2018 2019 2018 Amounts recognized on the balance sheets: Non-current assets $ — $ — $ 3,876 $ 2,124 Current liabilities — — — — Non-current liabilities (39,375 ) (33,553 ) — — Net amount recognized $ (39,375 ) $ (33,553 ) $ 3,876 $ 2,124 Amounts recognized in regulatory assets consist of: Prior service cost (credit) $ 3,191 $ 3,626 $ — $ — Net (gain) loss 37,309 31,587 (5,432 ) (4,459 ) Regulatory assets (liabilities) 40,500 35,213 (5,432 ) (4,459 ) Unfunded accrued pension cost (1,125 ) (1,660 ) 1,556 2,335 Net liability (asset) recognized $ 39,375 $ 33,553 $ (3,876 ) $ (2,124 ) Changes in plan assets and benefit obligations recognized in regulatory assets: Regulatory asset at beginning of year $ 35,213 $ 32,761 $ (4,459 ) $ (5,650 ) Net loss (gain) 7,140 81 (1,775 ) 421 New prior service cost — 3,626 — — Amortization of prior service (cost) credit (434 ) — — — Amortization of net gain (loss) (1,419 ) (1,255 ) 802 770 Total change in regulatory asset 5,287 2,452 (973 ) 1,191 Regulatory asset (liability) at end of year $ 40,500 $ 35,213 $ (5,432 ) $ (4,459 ) Net periodic pension costs $ 4,447 $ 3,070 $ (779 ) $ (752 ) Change in regulatory asset 5,287 2,452 (973 ) 1,191 Total recognized in net periodic pension cost and regulatory asset (liability) $ 9,734 $ 5,522 $ (1,752 ) $ 439 Estimated amounts that will be amortized from regulatory asset over the next fiscal year: Prior service (cost) credit $ (434 ) $ (434 ) $ — $ — Net gain (loss) $ (1,768 ) $ (1,435 ) $ 796 $ 598 Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 231,852 $ 196,082 $ 7,395 $ 7,886 Accumulated benefit obligation $ 215,996 $ 183,036 N/A N/A Fair value of plan assets $ 192,477 $ 162,529 $ 11,271 $ 10,010 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.43 % 4.43 % 3.12 % 4.20 % Rate of compensation increase * * N/A N/A * Age-graded ranging from 3.0% to 8.0% . | ||||||||||||||
Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool | The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2019 , 2018 and 2017 are as follows: Pension Benefits Post-Retirement Medical Benefits (dollars in thousands, except percent) 2019 2018 2017 2019 2018 2017 Components of Net Periodic Benefits Cost: Service cost $ 4,441 $ 5,342 $ 4,999 $ 186 $ 218 $ 227 Interest cost 8,527 7,646 7,904 285 292 324 Expected return on plan assets (10,374 ) (11,172 ) (9,705 ) (449 ) (493 ) (466 ) Amortization of prior service cost (credit) 434 — — — — — Amortization of actuarial (gain) loss 1,419 1,254 923 (801 ) (769 ) (775 ) Net periodic pension cost under accounting standards $ 4,447 $ 3,070 $ 4,121 $ (779 ) $ (752 ) $ (690 ) Regulatory adjustment (593 ) — 465 — — — Total expense recognized, before surcharges and allocation to overhead pool $ 3,854 $ 3,070 $ 4,586 $ (779 ) $ (752 ) $ (690 ) Weighted-average assumptions used to determine net periodic cost: Discount rate 4.43 % 3.76 % 4.44 % 4.20 % 3.52 % 3.97 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % * * * Rate of compensation increase ** ** ** N/A N/A N/A * 6.0% for union plan and 4.2% for non-union (net of income taxes) in 2019 , 2018 and 2017. ** Age-graded ranging from 3.0% to 8.0% . | ||||||||||||||
Schedule of Actual Allocation of Plan Assets [Table Text Block] | The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2019 and 2018 , by asset category are as follows: Pension Benefits Post-Retirement Medical Benefits Asset Category 2019 2018 2019 2018 Actual Asset Allocations : Equity securities 56 % 53 % 61 % 59 % Debt securities 39 % 43 % 38 % 39 % Real Estate Funds 5 % 4 % — % — % Cash equivalents — % — % 1 % 2 % Total 100 % 100 % 100 % 100 % | ||||||||||||||
Schedule of pension and post-retirement plan target asset allocations | Equity securities did not include AWR’s Common Shares as of December 31, 2019 and 2018 . Target Asset Allocations for 2019: Pension Benefits Post-retirement Medical Benefits Equity securities 60 % 60 % Debt securities 40 % 40 % Total 100 % 100 % | ||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | he following tables set forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2019 and 2018 : Net Asset Value as of December 31, 2019 (dollars in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Cash equivalents $ 600 — N/A N/A Fixed income fund 74,123 — Daily Daily Equity securities : U.S. small/mid cap funds 17,865 — Daily Daily U.S. large cap funds 47,132 — Daily Daily International funds 43,778 — Daily Daily Total equity funds 108,775 — Real estate funds 8,979 — Daily Daily Total $ 192,477 — Net Asset Value as of December 31, 2018 (dollars in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Cash equivalents $ 590 — N/A N/A Fixed income fund 70,642 — Daily Daily Equity securities : U.S. small/mid cap funds 22,313 — Daily Daily U.S. large cap funds 46,133 — Daily Daily International funds 15,548 — Daily Daily Total equity funds 83,994 Real estate funds 7,303 — Daily Daily Total $ 162,529 — | ||||||||||||||
Schedule of estimated future benefit payments | stimated future benefit payments at December 31, 2019 for the next five years and thereafter are as follows (in thousands): Pension Benefits Post-Retirement Medical Benefits 2020 $ 7,910 $ 526 2021 8,574 599 2022 9,263 642 2023 9,839 677 2024 10,441 652 Thereafter 60,621 2,607 Total $ 106,648 $ 5,703 | ||||||||||||||
Schedule of effects of one-percentage-point change in assumed health care cost trend rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects on the post-retirement medical plan: (dollars in thousands) 1-Percentage-Point Increase 1-Percentage-Point Decrease Effect on total of service and interest cost components $ 34 $ (29 ) Effect on post-retirement benefit obligation $ 749 $ (645 ) | ||||||||||||||
Schedule of pension and post-retirement plans' investment assets measured at fair value | The following tables set forth by level, within the fair value hierarchy, the post-retirement plan's investment assets measured at fair value as of December 31, 2019 and 2018 : Fair Value as of December 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total Fair Value of Post-Retirement Plan Assets: Cash equivalents $ 69 — — $ 69 Fixed income 4,279 — — 4,279 U.S. equity securities 6,923 — — 6,923 Total investments measured at fair value $ 11,271 — — $ 11,271 Fair Value as of December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total Fair Value of Post-Retirement Plan Assets: Cash equivalents $ 263 — — $ 263 Fixed income 3,871 — — 3,871 U.S. equity securities 5,876 — — 5,876 Total investments measured at fair value $ 10,010 — — $ 10,010 | ||||||||||||||
Supplemental Employee Retirement Plan [Member] | |||||||||||||||
Employee benefit plans | |||||||||||||||
Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability | The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2019 and 2018 : (dollars in thousands) 2019 2018 Change in Benefit Obligation: Benefit obligation at beginning of year $ 24,517 $ 24,062 Service cost 1,193 1,096 Interest cost 1,069 888 Actuarial (gain) loss 3,419 (1,104 ) Benefits paid (495 ) (425 ) Benefit obligation at end of year $ 29,703 $ 24,517 Changes in Plan Assets: Fair value of plan assets at beginning and end of year — — Funded Status: Net amount recognized as accrued cost $ (29,703 ) $ (24,517 ) (in thousands) 2019 2018 Amounts recognized on the balance sheets: Current liabilities $ (609 ) $ (433 ) Non-current liabilities (29,094 ) (24,084 ) Net amount recognized $ (29,703 ) $ (24,517 ) Amounts recognized in regulatory assets consist of: Prior service cost $ — $ — Net loss 8,352 5,403 Regulatory assets 8,352 5,403 Unfunded accrued cost 21,351 19,114 Net liability recognized $ 29,703 $ 24,517 Changes in plan assets and benefit obligations recognized in regulatory assets consist of: Regulatory asset at beginning of year $ 5,403 $ 7,556 Net (gain) loss 3,419 (1,104 ) Amortization of prior service credit — — Amortization of net loss (470 ) (1,049 ) Total change in regulatory asset 2,949 (2,153 ) Regulatory asset at end of year $ 8,352 $ 5,403 Net periodic pension cost $ 2,733 $ 3,033 Change in regulatory asset 2,949 (2,153 ) Total recognized in net periodic pension and regulatory asset $ 5,682 $ 880 Estimated amounts that will be amortized from regulatory asset over the next fiscal year: Initial net asset (obligation) $ — $ — Prior service cost — — Net loss (844 ) (471 ) Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 29,703 $ 24,517 Accumulated benefit obligation 26,251 21,229 Fair value of plan assets — — Weighted-average assumptions used to determine benefit obligations: Discount rate 3.36 % 4.40 % Rate of compensation increase 4.00 % 4.00 % | ||||||||||||||
Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool | The components of SERP expense, before allocation to the overhead pool, for 2019 , 2018 and 2017 are as follows: (dollars in thousands, except percent) 2019 2018 2017 Components of Net Periodic Benefits Cost: Service cost $ 1,193 $ 1,096 $ 930 Interest cost 1,069 888 893 Amortization of prior service cost — — 12 Amortization of net loss 471 1,049 777 Net periodic pension cost $ 2,733 $ 3,033 $ 2,612 Weighted-average assumptions used to determine net periodic cost: Discount rate 4.40 % 3.72 % 4.34 % Rate of compensation increase 4.00 % 4.00 % 4.00 % | ||||||||||||||
Schedule of estimated future benefit payments | Estimated future benefit payments for the SERP at December 31, 2019 for the next five years and thereafter are as follows (in thousands): 2020 $ 609 2021 830 2022 932 2023 1,624 2024 1,704 Thereafter 10,117 Total $ 15,816 | ||||||||||||||
Schedule of pension and post-retirement plans' investment assets measured at fair value | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="15" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="13" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair&#160;Value&#160;as&#160;of&#160;December&#160;31,&#160;2019</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(dollars&#160;in&#160;thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair Value of Assets held in Rabbi Trust:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash equivalents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,427</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,427</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,054</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,054</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total investments measured at fair value</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,553</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,553</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="15" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="13" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair&#160;Value&#160;as&#160;of&#160;December&#160;31,&#160;2018</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(dollars&#160;in&#160;thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair Value of Assets held in Rabbi Trust:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;paddi |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based compensation expenses | The following table presents share-based compensation expenses for the years ended December 31, 2019 , 2018 and 2017 . These expenses resulting from restricted stock units, including performance awards, are included in administrative and general expenses in AWR's and GSWC’s statements of income: AWR GSWC For The Years Ended December 31, For The Years Ended December 31, (in thousands) 2019 2018 2017 2019 2018 2017 Stock-based compensation related to: Restricted stock units $ 2,517 $ 3,851 $ 2,885 $ 2,253 $ 3,397 $ 2,420 Total stock-based compensation expense $ 2,517 $ 3,851 $ 2,885 $ 2,253 $ 3,397 $ 2,420 |
Schedule of assumptions used to estimate fair value of each option grant on the grant date using the Black-Scholes option-pricing model | will be earned based on Registrant’s TSR compared to the TSR for a specific peer group of investor-owned water companies. A summary of the status of Registrant’s outstanding performance awards to officers as of December 31, 2019 , and changes during the year ended December 31, 2019 , is presented below: Number of Weighted Average Performance awards at January 1, 2019 95,661 $ 45.36 Granted 22,035 65.86 Performance criteria adjustment 1,772 38.14 Vested (33,080 ) 41.15 Forfeited (1,739 ) 61.74 Performance awards at December 31, 2019 84,649 $ 51.85 |
Summary of stock option activity | |
Summary of the status of Registrant's outstanding restricted stock units to employees and directors | A summary of the status of Registrant’s outstanding RSUs, excluding performance awards, to employees and directors as of December 31, 2019 , and changes during the year ended December 31, 2019 , is presented below: Number of Restricted Share Units Weighted Average Grant-Date Value Restricted share units at January 1, 2019 102,235 $ 34.73 Granted 23,550 67.57 Vested (48,017 ) 30.99 Forfeited (2,697 ) 48.64 Restricted share units at December 31, 2019 75,071 $ 46.92 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of estimated future minimum payments under purchased water supply commitments | GSWC’s estimated future minimum payments under these purchased water supply commitments at December 31, 2019 are as follows (in thousands): 2020 $ 417 2021 417 2022 417 2023 417 2024 417 Thereafter 2,031 Total $ 4,116 |
Maturities of operating lease liabilities | . December 31, 2019 December 31, 2018 2020 $ 2,709 $ 2,530 2021 2,533 1,497 2022 2,217 1,007 2023 1,779 546 2024 1,499 293 Thereafter 5,246 311 Total lease payments 15,983 $ 6,184 Less: imputed interest 2,395 Total lease obligations 13,588 Less: current obligations 1,849 Long-term lease obligations $ 11,739 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental lease information | Registrant's supplemental lease information for the year ended December 31, 2019 is as follows (in thousands, except for weighted average data): For The Year Ended December 31, 2019 Operating lease costs $ 3,166 Short-term lease costs 159 Weighted average remaining lease term (in years) 7.24 Weighted-average discount rate 3.5 % Non-cash transactions Lease liabilities arising from obtaining right-of-use assets $ 18,034 |
Maturities of operating lease liabilities | . December 31, 2019 December 31, 2018 2020 $ 2,709 $ 2,530 2021 2,533 1,497 2022 2,217 1,007 2023 1,779 546 2024 1,499 293 Thereafter 5,246 311 Total lease payments 15,983 $ 6,184 Less: imputed interest 2,395 Total lease obligations 13,588 Less: current obligations 1,849 Long-term lease obligations $ 11,739 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of reporting segments information | Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC. As Of And For The Year Ended December 31, 2019 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 319,830 $ 39,548 $ 114,491 $ — $ 473,869 Operating income (loss) 93,895 11,197 21,990 (9 ) 127,073 Interest expense, net 20,304 1,228 (734 ) 539 21,337 Utility Plant 1,322,062 72,680 20,963 — 1,415,705 Depreciation and amortization expense (1) 29,956 2,485 2,956 — 35,397 Income tax expense/(benefit) 17,295 2,882 5,202 (709 ) 24,670 Capital additions 131,353 11,499 9,088 — 151,940 As Of And For The Year Ended December 31, 2018 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 295,258 $ 34,350 $ 107,208 $ — $ 436,816 Operating income 74,342 6,220 20,414 7 100,983 Interest expense, net 18,403 1,328 (327 ) 451 19,855 Utility Plant 1,218,468 62,624 15,218 — 1,296,310 Depreciation and amortization expense (1) 36,137 2,258 2,030 — 40,425 Income tax expense/(benefit) 12,391 1,212 4,939 (525 ) 18,017 Capital additions 110,934 5,420 10,207 — 126,561 As Of And For The Year Ended December 31, 2017 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 306,332 $ 33,969 $ 100,302 $ — $ 440,603 Operating income (loss) 98,678 7,193 21,320 (96 ) 127,095 Interest expense, net 18,909 1,380 255 248 20,792 Utility Plant 1,137,995 59,945 7,052 — 1,204,992 Depreciation and amortization expense (1) 35,706 2,146 1,179 — 39,031 Income tax expense/(benefit) 32,212 1,847 7,136 (2,221 ) 38,974 Capital additions 104,546 5,941 2,639 — 113,126 |
Schedule of reconciliation of total utility plant (a key figure for rate-making) to total consolidated assets | The following table reconciles total utility plant (a key figure for rate-making) to total consolidated assets (in thousands): December 31, 2019 2018 Total utility plant $ 1,415,705 $ 1,296,310 Other assets 225,626 205,123 Total consolidated assets $ 1,641,331 $ 1,501,433 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Allowance for Doubtful Accounts | |
Schedule of provision for doubtful accounts charged to expense and accounts written off, net of recoveries | The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Provisions included in 2019 , 2018 , and 2017 for AWR and GSWC are as follows: AWR December 31, (dollars in thousands) 2019 2018 2017 Balance at beginning of year $ 951 $ 1,041 $ 764 Provision charged to expense 609 841 989 Accounts written off, net of recoveries (644 ) (931 ) (712 ) Balance at end of year $ 916 $ 951 $ 1,041 Allowance for doubtful accounts related to accounts receivable-customer $ 857 $ 892 $ 806 Allowance for doubtful accounts related to other accounts receivable 59 59 235 Total allowance for doubtful accounts $ 916 $ 951 $ 1,041 GSWC December 31, (dollars in thousands) 2019 2018 2017 Balance at beginning of year $ 951 $ 865 $ 761 Provision charged to expense 607 850 816 Accounts written off, net of recoveries (642 ) (764 ) (712 ) Balance at end of year $ 916 $ 951 $ 865 Allowance for doubtful accounts related to accounts receivable-customer $ 857 $ 892 $ 806 Allowance for doubtful accounts related to other accounts receivable 59 59 59 Total allowance for doubtful accounts $ 916 $ 951 $ 865 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of non-cash financing and investing activities and other cash flow information | The following table sets forth non-cash financing and investing activities and other cash flow information (in thousands). AWR GSWC December 31, December 31, 2019 2018 2017 2019 2018 2017 Taxes and Interest Paid: Income taxes paid, net $ 22,496 $ 21,084 $ 13,615 $ 17,206 $ 19,448 $ 4,822 Interest paid, net of capitalized interest 25,080 23,471 22,762 23,925 22,721 22,285 Non-Cash Transactions: Accrued payables for investment in utility plant $ 23,736 $ 27,403 $ 20,131 $ 23,736 $ 27,403 $ 20,128 Property installed by developers and conveyed 6,220 2,082 2,082 6,220 2,082 2,082 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | Registrant's business is seasonal, and it is management’s opinion that comparisons of earnings for the quarterly periods do not reflect overall trends and changes in Registrant’s operations. AWR For The Year Ended December 31, 2019 (in thousands, except per share amounts) First Second Third Quarter (2) Fourth Year Operating revenues $ 101,733 $ 124,647 $ 134,496 $ 112,993 $ 473,869 Operating income 20,195 39,430 42,724 24,724 127,073 Net income 12,852 26,784 28,006 16,700 84,342 Basic earnings per share 0.35 0.72 0.76 0.45 2.28 Diluted earnings per share 0.35 0.72 0.76 0.45 2.28 GSWC For The Year Ended December 31, 2019 (in thousands) First Second Third Fourth Year Operating revenues $ 75,352 $ 95,548 $ 107,245 $ 81,233 $ 359,378 Operating income 15,327 34,037 36,982 18,746 105,092 Net income 9,022 22,298 23,362 11,981 66,663 AWR For The Year Ended December 31, 2018 (in thousands, except per share amounts) First Quarter Second Third Quarter Fourth Year Operating revenues $ 94,728 $ 106,901 $ 124,182 $ 111,005 $ 436,816 Operating income 18,691 25,568 33,975 22,749 100,983 Net income 10,782 16,348 22,952 13,789 63,871 Basic earnings per share * 0.29 0.44 0.62 0.37 1.73 Diluted earnings per share 0.29 0.44 0.62 0.37 1.72 GSWC For The Year Ended December 31, 2018 (in thousands) First Second Third Quarter Fourth Year Operating revenues $ 74,244 $ 84,574 $ 95,564 $ 75,226 $ 329,608 Operating income 16,297 22,645 27,540 14,080 80,562 Net income 8,890 13,648 17,919 7,555 48,012 * The sum of the quarterly basic earnings per share amounts do not agree to the yearly total due to rounding. (1) The second quarter of 2019 includes approximately $4.0 million of operating income related to the first quarter of 2019 as a result of the final CPUC decision on the water general rate case, which was received in May 2019 and was retroactive to January 1, 2019. (2) The third quarter of 2019 includes the retroactive impact of the final decision on the electric general rate case approved by the CPUC in August 2019, which was retroactive to January 1, 2018. Included in the third quarter of 2019 results are approximately $1.4 million of pretax income related to the first two quarters of 2019 and approximately $2.3 million of pretax income related to 2018. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) customer in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019USD ($)registrantcustomershares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Feb. 11, 2020USD ($) | Mar. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Accounting Policies [Line Items] | ||||||||
Asset Retirement Obligation, Legally Restricted Assets, Fair Value | $ 0 | |||||||
Reinvested earnings in the business | $ 345,964,000 | $ 304,534,000 | $ 0 | |||||
Number of registrants filing combined report | registrant | 2 | |||||||
Operating Lease, Liability | $ 13,588,000 | 8,000,000 | ||||||
Goodwill | ||||||||
Goodwill arose from acquisition of subcontractor's business | 1,100,000 | 1,100,000 | ||||||
Related Party Transaction, Amounts of Transaction | 4,700,000 | 4,200,000 | $ 4,000,000 | |||||
Impairment of Long-Lived Assets | ||||||||
Impairment of long-lived assets | $ 0 | 0 | $ 0 | |||||
Fair Value of Financial Instruments | ||||||||
Short-term Debt, Terms | P24M | |||||||
Notes Payable to Bank | $ 205,000,000 | |||||||
Notes payable to banks | 5,000,000 | 0 | ||||||
Debt Issuance Costs, Net | 3,359,000 | 3,571,000 | ||||||
Maximum borrowing capacity | $ 225,000,000 | |||||||
Nature of Operations: | ||||||||
Number of customers served | customer | 1,000,000,000 | |||||||
Number of States in which Entity Operates | 9 | |||||||
Related Party Transactions | ||||||||
Operating lease right-of-use assets | $ 13,168,000 | $ 0 | $ 7,600,000 | |||||
Property and Depreciation | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 88,772 | 44,906 | 56,498 | |||||
Sales and Use Taxes: | ||||||||
Non-income tax assessments accounted on a gross basis | $ 20,042,000 | $ 18,404,000 | $ 17,905,000 | |||||
Long-term Debt [Member] | ||||||||
Fair Value of Financial Instruments | ||||||||
Notes Payable to Bank | $ 205,000,000 | |||||||
6.70% notes due 2019 | ||||||||
Fair Value of Financial Instruments | ||||||||
Interest rate per annum (as a percent) | 6.70% | 6.70% | ||||||
Contracted services: | ||||||||
Related Party Transactions | ||||||||
Period of Fixed Price Contracts to Maintain Water Systems at Various Military Bases | 50 years | |||||||
GSWC | ||||||||
Accounting Policies [Line Items] | ||||||||
Reinvested earnings in the business | $ 257,434,000 | $ 211,163,000 | ||||||
Issuance of Common Shares | 47,500,000 | |||||||
Advances for Construction and Contributions in aid of Constructions | ||||||||
Period for refund of advances for construction | 40 years | |||||||
Alternative-Revenue Programs | ||||||||
Number of months within which expected additional revenue collection is recorded | 24 months | |||||||
Estimated useful lives of utility plant, as authorized by the CPUC | ||||||||
Generation | 40 years | |||||||
Fair Value of Financial Instruments | ||||||||
Long-term debt-GSWC | $ 376,467,000 | |||||||
Debt Issuance Costs, Net | 3,359,000 | 3,571,000 | ||||||
Related Party Transactions | ||||||||
Intercompany payable to Parent | 158,845,000 | 0 | ||||||
Inter-company payable to Parent | 0 | 57,289,000 | ||||||
Operating lease right-of-use assets | $ 12,745,000 | $ 0 | ||||||
Property and Depreciation | ||||||||
Aggregate composite rate for depreciation (as a percent) | 2.20% | 2.70% | 2.60% | |||||
Depreciation | $ 31,700,000 | $ 37,300,000 | $ 36,500,000 | |||||
Depreciation on transportation equipment | 316,000 | 238,000 | 242,000 | |||||
Sales and Use Taxes: | ||||||||
Non-income tax assessments accounted on a gross basis | 18,168,000 | 16,809,000 | $ 16,402,000 | |||||
GSWC | Short-term Debt [Member] | ||||||||
Fair Value of Financial Instruments | ||||||||
Notes payable to banks | 5,000,000 | |||||||
GSWC | Level 1 | ||||||||
Fair Value of Financial Instruments | ||||||||
Long-term debt-GSWC | 0 | |||||||
GSWC | Level 3 | ||||||||
Fair Value of Financial Instruments | ||||||||
Long-term debt-GSWC | 0 | |||||||
GSWC | Carrying Amount | ||||||||
Fair Value of Financial Instruments | ||||||||
Long-term debt-GSWC | 284,699,000 | 324,978,000 | ||||||
GSWC | Fair Value | ||||||||
Fair Value of Financial Instruments | ||||||||
Long-term debt-GSWC | $ 387,889,000 | |||||||
GSWC | Fair Value | Level 2 | ||||||||
Fair Value of Financial Instruments | ||||||||
Long-term debt-GSWC | $ 376,467,000 | |||||||
GSWC | Minimum | ||||||||
Estimated useful lives of utility plant, as authorized by the CPUC | ||||||||
Source of water supply | 30 years | |||||||
Pumping | 25 years | |||||||
Water treatment | 20 years | |||||||
Transmission and distribution | 25 years | |||||||
Other plant | 7 years | |||||||
GSWC | Maximum | ||||||||
Estimated useful lives of utility plant, as authorized by the CPUC | ||||||||
Source of water supply | 50 years | |||||||
Pumping | 40 years | |||||||
Water treatment | 35 years | |||||||
Transmission and distribution | 55 years | |||||||
Other plant | 40 years | |||||||
GSWC | 6.70% notes due 2019 | ||||||||
Fair Value of Financial Instruments | ||||||||
Debt Instrument, Annual Principal Payment | $ 40,000,000 | |||||||
Interest rate per annum (as a percent) | 6.70% | 6.70% | 6.70% | |||||
GSWC | Water: | ||||||||
Nature of Operations: | ||||||||
Number of customers served | customer | 261 | |||||||
GSWC | Electric: | ||||||||
Nature of Operations: | ||||||||
Number of customers served | customer | 24 | |||||||
American States Utility Services [Member] | Contracted services: | ||||||||
Nature of Operations: | ||||||||
Period of fixed price contracts to operate and maintain the water and/or wastewater systems at various military bases | 50 years | |||||||
Sales [Member] | GSWC | Water: | ||||||||
Nature of Operations: | ||||||||
Percentage of total revenues | 90.00% | |||||||
Sales [Member] | GSWC | Electric: | ||||||||
Nature of Operations: | ||||||||
Percentage of total revenues | 90.00% | |||||||
AWR | ||||||||
Fair Value of Financial Instruments | ||||||||
Notes payable to banks | $ 5,000,000 | $ 0 | ||||||
Maximum borrowing capacity | $ 225,000,000 | |||||||
AWR | Subsequent Event [Member] | ||||||||
Fair Value of Financial Instruments | ||||||||
Maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | $ 260,000,000 | |||||
AWR | Syndicated revolving credit facility | ||||||||
Fair Value of Financial Instruments | ||||||||
Maximum borrowing capacity | $ 200,000,000 | |||||||
AWR | Syndicated revolving credit facility | Minimum | ||||||||
Interest | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 150,000,000 | |||||||
Common Stock [Member] | ||||||||
Property and Depreciation | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 89,000 | 77,000 | 110,000 | |||||
Common Stock [Member] | GSWC | ||||||||
Property and Depreciation | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 19 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Payment Terms | 20 days | ||
Cost of services | $ 55,673 | $ 53,906 | $ 49,838 |
GSWC | |||
Disaggregation of Revenue [Line Items] | |||
Period within which Expected Additional Revenue Collection is Recorded Subject to Undercollection of Revenue | 24 months | ||
Contracted services: | American States Utility Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases | 50 years | ||
Sales [Member] | Water: | GSWC | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total revenues | 90.00% | ||
Sales [Member] | Electric: | GSWC | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of total revenues | 90.00% | ||
Franchisor | GSWC | |||
Disaggregation of Revenue [Line Items] | |||
Cost of services | $ 4,000 | $ 3,600 | $ 3,600 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (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 ($)unit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disaggregation of Revenue [Line Items] | |||||||||||
Prerequisites for Billing, Long-term Contracts | P5Y | ||||||||||
BRRAM over-collection (alternative revenue program) | $ (39,548) | $ (34,350) | $ (33,969) | ||||||||
Operating revenues | $ 112,993 | $ 134,496 | $ 124,647 | $ 101,733 | $ 111,005 | $ 124,182 | $ 106,901 | $ 94,728 | 473,869 | 436,816 | 440,603 |
GSWC | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
BRRAM over-collection (alternative revenue program) | (39,548) | (34,350) | (33,969) | ||||||||
Operating revenues | $ 81,233 | $ 107,245 | $ 95,548 | $ 75,352 | $ 75,226 | $ 95,564 | $ 84,574 | $ 74,244 | 359,378 | 329,608 | 340,301 |
GSWC | Water: | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | 311,572 | 303,593 | |||||||||
Regulated Operating Revenue | 8,258 | (8,335) | |||||||||
Operating revenues | 319,830 | 295,258 | 306,332 | ||||||||
GSWC | Water: | Tariff-based revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | 305,244 | 298,818 | |||||||||
GSWC | Water: | CPUC-approved surcharges (cost-recovery activities) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | 4,322 | 2,962 | |||||||||
GSWC | Water: | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | 2,006 | 1,813 | |||||||||
GSWC | Electric: | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | 37,038 | 34,715 | |||||||||
BRRAM over-collection (alternative revenue program) | 2,510 | (365) | |||||||||
Operating revenues | 39,548 | 34,350 | 33,969 | ||||||||
GSWC | Electric: | Tariff-based revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | 36,628 | 34,501 | |||||||||
GSWC | Electric: | CPUC-approved surcharges (cost-recovery activities) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | $ 410 | 214 | |||||||||
American States Utility Services [Member] | Contracted services: | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases | 50 years | ||||||||||
Revenue from contract with customers | $ 114,491 | 107,208 | |||||||||
Operating revenues | $ 114,491 | 107,208 | $ 100,302 | ||||||||
Number of construction performance obligation | unit | 1 | ||||||||||
American States Utility Services [Member] | Contracted services: | Water | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | $ 59,868 | 62,273 | |||||||||
American States Utility Services [Member] | Contracted services: | Wastewater | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customers | $ 54,623 | $ 44,935 |
Revenues Contract assets and Co
Revenues Contract assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract with Customer, Asset and Liability [Line Items] | ||
Contract with Customer, Liability, Revenue Recognized | $ 7,300 | |
Revenue, Remaining Performance Obligation, Amount | 3,200,000 | |
American States Utility Services [Member] | ||
Contract with Customer, Asset and Liability [Line Items] | ||
Government Contract Receivable, Unbilled Amounts | 10,467 | $ 5,696 |
Government Contract Receivable | 64,819 | 61,126 |
Contract assets | 15,631 | 24,447 |
Contract liabilities | $ 11,167 | $ 7,530 |
Minimum | American States Utility Services [Member] | ||
Contract with Customer, Asset and Liability [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 36 years | |
Maximum [Member] | American States Utility Services [Member] | ||
Contract with Customer, Asset and Liability [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 50 years | |
Contracted services: | American States Utility Services [Member] | ||
Contract with Customer, Asset and Liability [Line Items] | ||
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases | 50 years |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2005 | Jul. 31, 2005 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Regulatory matters: | |||||
Regulatory Assets | $ 2,700,000 | ||||
Regulatory Asset Not Accruing Carrying Costs | 43,100,000 | ||||
Various refunds to customers | |||||
Regulatory matters: | |||||
Decrease in revenues requirement to reflect the newly adopted Cost of Capital for GSWC | 982,000 | ||||
Water Revenue Adjustment Mechanism [Member] | |||||
Regulatory matters: | |||||
Regulatory adjustment | 16,300,000 | ||||
Pension Costs and Other Postretirement Benefit Costs | |||||
Regulatory matters: | |||||
Regulatory Asset Not Accruing Carrying Costs | 43,400,000 | ||||
GSWC | |||||
Regulatory matters: | |||||
Total | (2,450,000) | $ (28,340,000) | |||
GSWC | Revenue Subject to Refund for TCJA [Member] | |||||
Regulatory matters: | |||||
Total | 0 | (8,293,000) | |||
GSWC | Various refunds to customers | |||||
Regulatory matters: | |||||
Total | (8,478,000) | (7,517,000) | |||
GSWC | Revenue Subject to Refund for TCJA [Member] | |||||
Regulatory matters: | |||||
Adjustments recorded to revalue deferred taxes as a result of the tax cut and job act of 2017 impact | 7,100,000 | ||||
GSWC | WRAM, net of MCBA | |||||
Regulatory matters: | |||||
Total | 22,535,000 | 17,763,000 | |||
GSWC | Water Revenue Adjustment Mechanism [Member] | |||||
Regulatory matters: | |||||
Total | 11,000,000 | ||||
Water | 0 | ||||
GSWC | Costs deferred for future recovery on Aerojet case | |||||
Regulatory matters: | |||||
Total | 8,292,000 | 9,516,000 | |||
Regulatory Asset Recovery Periods | 20 years | ||||
GSWC | Pension Costs and Other Postretirement Benefit Costs | |||||
Regulatory matters: | |||||
Regulatory Assets | 43,400,000 | ||||
Total | 40,693,000 | 33,124,000 | |||
GSWC | Gain (Loss) on Derivative Instruments [Member] | |||||
Regulatory matters: | |||||
Total | 3,171,000 | 311,000 | |||
GSWC | Flow-through taxes, net | |||||
Regulatory matters: | |||||
Total | (12,439,000) | (15,273,000) | |||
GSWC | Deferred Income Tax Charge [Member] | |||||
Regulatory matters: | |||||
Total | (79,886,000) | (81,465,000) | |||
GSWC | Other regulatory assets, net | |||||
Regulatory matters: | |||||
Total | 18,842,000 | 18,440,000 | |||
GSWC | General Rate Case Memorandum Accounts [Member] | |||||
Regulatory matters: | |||||
Total | $ 4,820,000 | 5,054,000 | |||
GSWC | Other Regulatory Assets (Liabilities) [Member] | |||||
Regulatory matters: | |||||
Total | $ 1,100,000 | ||||
Electric general rate case [Member] [Member] | Revenues retroactive due to GRC delay [Member] | |||||
Regulatory matters: | |||||
Regulatory adjustment | $ 2,300,000 | ||||
Minimum | GSWC | General Rate Case Memorandum Accounts [Member] | |||||
Regulatory matters: | |||||
Regulatory Asset Recovery Periods | 12 months | ||||
Maximum | GSWC | WRAM, net of MCBA | |||||
Regulatory matters: | |||||
Regulatory Asset Recovery Periods | 24 months | ||||
Maximum | GSWC | Costs deferred for future recovery on Aerojet case | |||||
Regulatory matters: | |||||
Regulatory Asset Recovery Periods | 20 years | ||||
Maximum | GSWC | General Rate Case Memorandum Accounts [Member] | |||||
Regulatory matters: | |||||
Regulatory Asset Recovery Periods | 36 months | ||||
Under Collection in Two Way Pension Balancing Account [Member] | GSWC | Pension Costs and Other Postretirement Benefit Costs | |||||
Regulatory matters: | |||||
Regulatory adjustment | $ (2,700,000) |
Regulatory Matters 2 (Details)
Regulatory Matters 2 (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2005 | Jul. 31, 2005 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory matters: | |||||
Regulatory Asset Not Accruing Carrying Costs | $ 43,100 | ||||
Water | 319,830 | $ 295,258 | $ 306,332 | ||
Regulatory Assets | 2,700 | ||||
Pension Costs and Other Postretirement Benefit Costs | |||||
Regulatory matters: | |||||
Regulatory Asset Not Accruing Carrying Costs | 43,400 | ||||
WRAM | |||||
Regulatory matters: | |||||
Regulatory adjustment | $ 16,300 | ||||
Cost of Capital, Proceeding for Water Regions [Member] | |||||
Regulatory matters: | |||||
Weighted Cost of Capital Percent | 8.34% | ||||
GSWC | |||||
Regulatory matters: | |||||
Under (over) collection | $ 2,450 | 28,340 | |||
Water | 319,830 | 295,258 | $ 306,332 | ||
GSWC | Deferred Income Tax Charge [Member] | |||||
Regulatory matters: | |||||
Under (over) collection | 79,886 | 81,465 | |||
GSWC | Pension Costs and Other Postretirement Benefit Costs | |||||
Regulatory matters: | |||||
Under (over) collection | (40,693) | (33,124) | |||
Regulatory Assets | 43,400 | ||||
GSWC | Costs deferred for future recovery on Aerojet case | |||||
Regulatory matters: | |||||
Under (over) collection | (8,292) | (9,516) | |||
Recovery period | 20 years | ||||
Increase in Revenue Requirement, Recoverable through Surcharges | $ 21,300 | ||||
GSWC | Costs deferred for future recovery on Aerojet case | Maximum | |||||
Regulatory matters: | |||||
Recovery period | 20 years | ||||
GSWC | Gain (Loss) on Derivative Instruments [Member] | |||||
Regulatory matters: | |||||
Under (over) collection | (3,171) | (311) | |||
GSWC | Flow-through taxes, net | |||||
Regulatory matters: | |||||
Under (over) collection | 12,439 | 15,273 | |||
GSWC | General Rate Case Memorandum Accounts [Member] | |||||
Regulatory matters: | |||||
Under (over) collection | $ (4,820) | (5,054) | |||
GSWC | General Rate Case Memorandum Accounts [Member] | Minimum | |||||
Regulatory matters: | |||||
Recovery period | 12 months | ||||
GSWC | General Rate Case Memorandum Accounts [Member] | Maximum | |||||
Regulatory matters: | |||||
Recovery period | 36 months | ||||
GSWC | WRAM, net of MCBA | |||||
Regulatory matters: | |||||
Commercial paper, term | 90 days | ||||
Amount billed to customers as surcharges | $ 11,600 | ||||
Under (over) collection | $ (22,535) | (17,763) | |||
GSWC | WRAM, net of MCBA | Maximum | |||||
Regulatory matters: | |||||
Recovery period | 24 months | ||||
GSWC | WRAM | |||||
Regulatory matters: | |||||
Under (over) collection | $ (11,000) | ||||
GSWC | Modified Cost Balancing Account | |||||
Regulatory matters: | |||||
Under (over) collection | $ (11,500) | ||||
GSWC | Cost of Capital, Proceeding for Water Regions [Member] | |||||
Regulatory matters: | |||||
Weighted Cost of Capital Percent | 7.91% | ||||
Revenue Subject to Refund for TCJA [Member] | GSWC | |||||
Regulatory matters: | |||||
Under (over) collection | $ 0 | 8,293 | |||
Various refunds to customers | GSWC | |||||
Regulatory matters: | |||||
Under (over) collection | 8,478 | $ 7,517 | |||
Under Collection in Two Way Pension Balancing Account [Member] | GSWC | Pension Costs and Other Postretirement Benefit Costs | |||||
Regulatory matters: | |||||
Regulatory adjustment | $ (2,700) |
Regulatory Matters 3 (Details)
Regulatory Matters 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Regulatory matters: | ||
Regulatory asset authorized under settlement | $ 2,700 | |
Other Liabilities, Current | 10,341 | $ 10,731 |
GSWC | ||
Regulatory matters: | ||
Under (over) collection | (2,450) | (28,340) |
Other Liabilities, Current | 9,745 | 9,432 |
Other Regulatory Assets Net [Member] | GSWC | ||
Regulatory matters: | ||
Under (over) collection | 18,842 | 18,440 |
Pension Costs and Other Postretirement Benefit Costs | GSWC | ||
Regulatory matters: | ||
Regulatory asset authorized under settlement | 43,400 | |
Under (over) collection | 40,693 | $ 33,124 |
Two-way pension balancing account | Water Service Utility Operations [Member] | Pension Costs and Other Postretirement Benefit Costs | GSWC | ||
Regulatory matters: | ||
Regulatory asset authorized under settlement | (1,500) | |
Two-way pension balancing account | Electric: | Pension Costs and Other Postretirement Benefit Costs | GSWC | ||
Regulatory matters: | ||
Regulatory asset authorized under settlement | $ (1,200) |
Regulatory Matters 4 (Details)
Regulatory Matters 4 (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2005 | Jul. 31, 2005 | Dec. 31, 2019 | |
Regulatory matters: | |||
Regulatory asset authorized under settlement | $ 2.7 | ||
GSWC | Costs deferred for future recovery on Aerojet case | |||
Regulatory matters: | |||
Increase in Revenue Requirement, Recoverable through Surcharges | $ 21.3 | ||
Recovery period | 20 years | ||
Reimbursement to recover costs | $ 17.5 | ||
GSWC | Costs deferred for future recovery on Aerojet case | Maximum | |||
Regulatory matters: | |||
Recovery period | 20 years | ||
GSWC | Water Revenue Adjustment Mechanism Net of Modified Cost Balancing Account [Member] | Maximum | |||
Regulatory matters: | |||
Recovery period | 24 months |
Regulatory Matters 5 (Details)
Regulatory Matters 5 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Regulatory matters: | ||
Regulatory asset | $ 2,700 | |
GSWC | ||
Regulatory matters: | ||
Total | (2,450) | $ (28,340) |
GSWC | Revenue Subject to Refund for TCJA [Member] | ||
Regulatory matters: | ||
Adjustments recorded to revalue deferred taxes as a result of the tax cut and job act of 2017 impact | 7,100 | |
GSWC | Pension Costs and Other Postretirement Benefit Costs | ||
Regulatory matters: | ||
Regulatory asset | 43,400 | |
Total | 40,693 | 33,124 |
GSWC | General Rate Case Memorandum Accounts [Member] | ||
Regulatory matters: | ||
Total | $ 4,820 | $ 5,054 |
Maximum [Member] | GSWC | General Rate Case Memorandum Accounts [Member] | ||
Regulatory matters: | ||
Regulatory Asset Recovery Periods | 36 months | |
Minimum | GSWC | General Rate Case Memorandum Accounts [Member] | ||
Regulatory matters: | ||
Regulatory Asset Recovery Periods | 12 months |
Regulatory Matters 6 (Details)
Regulatory Matters 6 (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2012renewable_energy | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) | |
Regulatory matters: | ||||
Regulatory asset authorized under settlement | $ 2,700,000 | |||
Cost of Capital, Proceeding for Water Regions [Member] | ||||
Regulatory matters: | ||||
Weighted Cost of Capital Percent | 8.34% | |||
Settlement Agreement Proposed Authorized Return on Equity Percentage | 9.43% | |||
GSWC | ||||
Regulatory matters: | ||||
Net regulatory assets | $ (2,450,000) | $ (28,340,000) | ||
GSWC | Renewables Portfolio Standard [Member] | ||||
Regulatory matters: | ||||
Derivative, Term of Contract | 10 years | |||
Number of renewable energy credits that would be purchased | renewable_energy | 578,000 | |||
Provision for Other Losses | $ 0 | |||
GSWC | Cost of Capital, Proceeding for Water Regions [Member] | ||||
Regulatory matters: | ||||
Return on Equity Percentage | 8.90% | |||
Weighted Cost of Capital Percent | 7.91% | |||
GSWC | Other Regulatory Assets (Liabilities) [Member] | ||||
Regulatory matters: | ||||
Net regulatory assets | $ 1,100,000 | |||
Electric general rate case [Member] [Member] | Revenues retroactive due to GRC delay [Member] | ||||
Regulatory matters: | ||||
Regulatory adjustment | 2,300,000 | |||
Electric Service Utility Operations [Member] | Electric general rate case [Member] [Member] | ||||
Regulatory matters: | ||||
Return on Equity Percentage | 9.60% | |||
Settlement Agreement Proposed Authorized Return on Equity Percentage | 9.95% | |||
Various refunds to customers | ||||
Regulatory matters: | ||||
Decrease in revenues requirement to reflect the newly adopted Cost of Capital for GSWC | $ 982,000 | |||
Various refunds to customers | GSWC | ||||
Regulatory matters: | ||||
Net regulatory assets | $ (8,478,000) | $ (7,517,000) | ||
Water Service Utility Operations [Member] | ||||
Regulatory matters: | ||||
Number of parties | 3 | |||
Electric Service Utility Operations [Member] | ||||
Regulatory matters: | ||||
Number of parties | 2 |
Utility Plant and Intangible _3
Utility Plant and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Utility plant utilized in continuing operations by major asset class | |||
Total amortized intangible assets | $ 29,989 | $ 30,822 | |
Total utility plant, at cost | 1,839,421 | 1,780,110 | |
Less - accumulated depreciation | (543,263) | (561,855) | |
Construction work in progress | (119,547) | (78,055) | |
Net utility plant | 1,415,705 | 1,296,310 | $ 1,204,992 |
American States Utility Services [Member] | Intangible Assets [Member] | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 571 | 571 | |
Water Service Utility Operations [Member] | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 1,730,996 | 1,674,046 | |
Water Service Utility Operations [Member] | Land | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 18,066 | 14,890 | |
Water Service Utility Operations [Member] | Intangible Assets [Member] | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 28,578 | 29,412 | |
Water Service Utility Operations [Member] | Source of water supply | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 91,685 | 91,349 | |
Water Service Utility Operations [Member] | Pumping | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 178,058 | 182,673 | |
Water Service Utility Operations [Member] | Water treatment | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 78,048 | 82,198 | |
Water Service Utility Operations [Member] | Transmission and distribution | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 1,219,285 | 1,142,105 | |
Water Service Utility Operations [Member] | General | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 117,276 | 131,419 | |
Electric: | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 108,425 | 106,064 | |
Electric: | Intangible Assets [Member] | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 1,200 | 1,200 | |
Electric: | Transmission and distribution | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 84,018 | 82,257 | |
Electric: | Generation | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 12,583 | 12,583 | |
Electric: | General | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 11,824 | 11,224 | |
GSWC | |||
Utility plant utilized in continuing operations by major asset class | |||
Total amortized intangible assets | 29,418 | 30,251 | |
Total utility plant, at cost | 1,808,867 | 1,755,599 | |
Less - accumulated depreciation | (531,801) | (551,244) | |
Construction work in progress | (117,676) | (76,737) | |
Net utility plant | 1,394,742 | 1,281,092 | |
GSWC | Water Service Utility Operations [Member] | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 1,700,442 | 1,649,535 | |
Net utility plant | 1,322,062 | 1,218,468 | 1,137,995 |
GSWC | Water Service Utility Operations [Member] | Land | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 18,066 | 14,890 | |
GSWC | Water Service Utility Operations [Member] | Intangible Assets [Member] | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 28,578 | 29,413 | |
GSWC | Water Service Utility Operations [Member] | Source of water supply | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 91,685 | 91,349 | |
GSWC | Water Service Utility Operations [Member] | Pumping | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 178,058 | 182,673 | |
GSWC | Water Service Utility Operations [Member] | Water treatment | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 78,048 | 82,198 | |
GSWC | Water Service Utility Operations [Member] | Transmission and distribution | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 1,219,285 | 1,142,105 | |
GSWC | Water Service Utility Operations [Member] | General | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 86,722 | 106,907 | |
GSWC | Electric: | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 108,425 | 106,064 | |
Net utility plant | 72,680 | 62,624 | $ 59,945 |
GSWC | Electric: | Transmission and distribution | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 84,018 | 82,257 | |
GSWC | Electric: | Generation | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 12,583 | 12,583 | |
GSWC | Electric: | General | |||
Utility plant utilized in continuing operations by major asset class | |||
Total utility plant, at cost | 11,824 | 11,224 | |
Conservation [Member] | |||
Utility plant utilized in continuing operations by major asset class | |||
Total amortized intangible assets | 9,486 | 9,486 | |
Conservation [Member] | GSWC | |||
Utility plant utilized in continuing operations by major asset class | |||
Total amortized intangible assets | $ 9,486 | $ 9,486 |
Utility Plant and Intangible _4
Utility Plant and Intangible Assets 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Intangible assets | ||||
Total utility plant, at cost | $ 1,839,421 | $ 1,780,110 | ||
Total amortized intangible assets | 29,989 | 30,822 | ||
Less - accumulated amortization | (24,309) | (24,399) | ||
Intangible assets, net of amortization | 5,680 | 6,423 | ||
Unamortized intangible assets | [1] | 402 | 422 | |
Amortization of intangible assets | 1,300 | 1,100 | $ 1,500 | |
Estimated future consolidated amortization expenses related to intangible assets | ||||
2014 | 90 | |||
2015 | 12 | |||
2016 | 12 | |||
2017 | 12 | |||
2018 | 12 | |||
Total | $ 138 | |||
Conservation [Member] | ||||
Intangible assets | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||
Total amortized intangible assets | $ 9,486 | 9,486 | ||
Water and water service rights | ||||
Intangible assets | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 30 years | |||
Total amortized intangible assets | [2] | $ 8,695 | 8,695 | |
Water planning studies | ||||
Intangible assets | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | |||
Total amortized intangible assets | $ 11,808 | 12,641 | ||
GSWC | ||||
Intangible assets | ||||
Total utility plant, at cost | 1,808,867 | 1,755,599 | ||
Total amortized intangible assets | 29,418 | 30,251 | ||
Less - accumulated amortization | (24,166) | (24,268) | ||
Intangible assets, net of amortization | 5,252 | 5,983 | ||
Unamortized intangible assets | [1] | $ 402 | $ 404 | |
GSWC | Conservation [Member] | ||||
Intangible assets | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 3 years | ||
Total amortized intangible assets | $ 9,486 | $ 9,486 | ||
GSWC | Water and water service rights | ||||
Intangible assets | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 30 years | 30 years | ||
Total amortized intangible assets | [2] | $ 8,124 | $ 8,124 | |
GSWC | Water planning studies | ||||
Intangible assets | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | 14 years | ||
Total amortized intangible assets | $ 11,808 | $ 12,641 | ||
Intangible Assets [Member] | American States Utility Services [Member] | ||||
Intangible assets | ||||
Total utility plant, at cost | $ 571 | $ 571 | ||
[1] | The intangible assets not subject to amortization primarily consist of organization and consent fees. | |||
[2] | Includes intangible assets of $571,000 for contracted services included in "Other Property and Investments" on the consolidated balance sheets as of December 31, 2019 and 2018 . |
Utility Plant and Intangible _5
Utility Plant and Intangible Assets 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations | ||
Obligation at the beginning of the period | $ 5,228 | $ 4,963 |
Additional liabilities incurred | 271 | 256 |
Liabilities settled | (173) | (46) |
Accretion | 86 | 55 |
Asset Retirement Obligation, Revision of Estimate | 3,451 | |
Obligation at the end of the period | $ 8,863 | $ 5,228 |
Wells and Related Equipment and Facilities [Member] | ||
Intangible assets | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 50 years |
Derivative Instruments (Details
Derivative Instruments (Details) MWh in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)MWh | Dec. 31, 2018USD ($) | |
Purchase power contract | ||
Changes in the fair value of the derivative | ||
Balance, at end of the period | $ (3,200) | |
GSWC | ||
Derivative instruments | ||
Derivative Activity Volume | MWh | 638 | |
GSWC | Purchase power contract | ||
Changes in the fair value of the derivative | ||
Balance, at beginning of the period | $ 311 | $ 2,941 |
Unrealized (loss) gain on purchased power contracts | (2,860) | 2,630 |
Balance, at end of the period | $ (3,171) | $ 311 |
Minimum | GSWC | Purchase power contract | ||
Derivative instruments | ||
Derivative, Term of Contract | 3 years | |
Maximum | GSWC | Purchase power contract | ||
Derivative instruments | ||
Derivative, Term of Contract | 5 years |
Military Privatization (Details
Military Privatization (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 ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Military Privatization | ||||||||||||
Contract liabilities (Note 2) | $ 11,167 | $ 7,530 | $ 11,167 | $ 7,530 | ||||||||
Receivables from the U.S. government: | ||||||||||||
Less: allowance for doubtful accounts | (916) | (951) | (916) | (951) | $ (1,041) | $ (764) | ||||||
Pretax income | ||||||||||||
Increase in pretax operating income | $ 24,724 | $ 42,724 | $ 39,430 | $ 20,195 | $ 22,749 | $ 33,975 | $ 25,568 | $ 18,691 | $ 127,073 | 100,983 | 127,095 | |
Contracted services: | ||||||||||||
Military Privatization | ||||||||||||
Period of fixed price contracts to maintain water systems at various military bases | 50 years | |||||||||||
Number of Operating Segments | 8 | |||||||||||
American States Utility Services [Member] | Contracted services: | ||||||||||||
Pretax income | ||||||||||||
Increase in pretax operating income | $ 21,990 | $ 20,414 | 21,320 | |||||||||
Reportable Legal Entities [Member] | American States Utility Services [Member] | Contracted services: | ||||||||||||
Military Privatization | ||||||||||||
Revenue Recognition, Retrospective Rate-Setting Systems, Amount | $ 1,000 |
Earnings Per Share and Capita_3
Earnings Per Share and Capital Stock (Details) - USD ($) | 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 | ||
Basic | ||||||||||||
Net Income | $ 16,700,000 | $ 28,006,000 | $ 26,784,000 | $ 12,852,000 | $ 13,789,000 | $ 22,952,000 | $ 16,348,000 | $ 10,782,000 | $ 84,342,000 | $ 63,871,000 | $ 69,367,000 | |
Less: Distributed earnings to common shareholders | 42,702,000 | 38,937,000 | 36,417,000 | |||||||||
Less: Distributed earnings to participating securities | 180,000 | 204,000 | 197,000 | |||||||||
Undistributed earnings | 41,460,000 | 24,730,000 | 32,753,000 | |||||||||
Undistributed earnings allocated to common shareholders | 41,285,000 | 24,601,000 | 32,577,000 | |||||||||
Undistributed earnings allocated to participating securities | 129,000 | 176,000 | ||||||||||
Total income available to common shareholders, basic | $ 83,987,000 | $ 63,538,000 | $ 68,994,000 | |||||||||
Weighted average Common Shares outstanding, basic | 36,814,000 | 36,733,000 | 36,638,000 | |||||||||
Basic earnings per Common Share: | ||||||||||||
Earnings Per Share, Basic | $ 0.45 | $ 0.76 | $ 0.72 | $ 0.35 | $ 0.37 | $ 0.62 | $ 0.44 | $ 0.29 | $ 2.28 | $ 1.73 | $ 1.88 | |
Diluted | ||||||||||||
Total income available to common shareholders, basic | $ 83,987,000 | $ 63,538,000 | $ 68,994,000 | |||||||||
Undistributed earnings for dilutive stock options | 175,000 | 129,000 | 176,000 | |||||||||
Total common shareholders earnings, diluted | $ 84,162,000 | $ 63,667,000 | $ 69,170,000 | |||||||||
Weighted average Common Shares outstanding, basic | 36,814,000 | 36,733,000 | 36,638,000 | |||||||||
Stock-based compensation (in shares) | [1] | 150,000 | 203,000 | 206,000 | ||||||||
Weighted average common shares outstanding, diluted | 36,964,000 | 36,936,000 | 36,844,000 | |||||||||
Diluted earnings per Common Share: | ||||||||||||
Earnings Per Share, Diluted | $ 0.45 | $ 0.76 | $ 0.72 | $ 0.35 | $ 0.37 | $ 0.62 | $ 0.44 | $ 0.29 | $ 2.28 | $ 1.72 | $ 1.88 | |
Share based compensation arrangement | ||||||||||||
Proceeds from Stock Options Exercised, Distributed to Subsidiaries | $ 0 | $ 0 | $ 0 | |||||||||
Dividend Reinvestment Plan Common Stock Capital Shares Reserved for Future Issuance | 1,055,948 | 1,055,948 | ||||||||||
Common Shares authorized for issuance but unissued under 401(k) Plan | 387,300 | 387,300 | ||||||||||
Restricted Stock Units | ||||||||||||
Share based compensation arrangement | ||||||||||||
Restricted stock units outstanding (in shares) | 159,720 | 159,720 | ||||||||||
[1] | (1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 159,720 restricted stock units, including performance awards, at December 31, 2019 were deemed to be outstanding in accordance with accounting guidance on earnings per share. |
Earnings Per Share and Capita_4
Earnings Per Share and Capital Stock 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Capital stock | |||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ (129,000) | $ (176,000) | |
Additional disclosure | |||
Common Shares issued under DRP and the Employee Plans | 88,772 | 44,906 | 56,498 |
Dividend Reinvestment Plan Common Stock Capital Shares Reserved for Future Issuance | 1,055,948 | ||
Common Shares authorized for issuance but unissued under 401(k) Plan | 387,300 | ||
Common Shares issued as a result of the exercise of stock options | 30,998 | 32,142 | 52,936 |
Cash proceeds from the exercise of stock options | $ 519,000 | $ 546,000 | $ 909,000 |
Proceeds from Stock Options Exercised, Distributed to Subsidiaries | 0 | 0 | 0 |
AWR | |||
Additional disclosure | |||
Cash proceeds from the exercise of stock options | $ 519,000 | 546,000 | $ 909,000 |
GSWC | |||
Additional disclosure | |||
Stock Issued During Period, Value, New Issues | $ 47,500,000 | ||
Common Stock [Member] | |||
Additional disclosure | |||
Common Shares issued under DRP and the Employee Plans | 89,000 | 77,000 | 110,000 |
Common Stock [Member] | GSWC | |||
Additional disclosure | |||
Common Shares issued under DRP and the Employee Plans | 19 |
Dividend Limitations (Details)
Dividend Limitations (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2016USD ($) | |
Dividend limitations | |||||
Common shareholder’s equity | $ 601,530,000 | $ 558,223,000 | $ 529,945,000 | $ 494,297,000 | |
Reinvested earnings in the business | 345,964,000 | 304,534,000 | $ 0 | ||
AWR | |||||
Dividend limitations | |||||
Common shareholder’s equity | 601,530,000 | 558,223,000 | |||
Subsidiaries [Member] | |||||
Dividend limitations | |||||
Dividends paid | 42,700,000 | 79,000,000 | 36,500,000 | ||
GSWC | |||||
Dividend limitations | |||||
Fixed amount in computing maximum ability to pay dividends | $ 21,000,000 | ||||
Percentage of consolidated net income plus the aggregate net cash proceeds received from capital stock offerings or other instruments convertible into capital stock | 100.00% | ||||
Amount available to pay dividends under the most restrictive of the Note Agreements | $ 473,900,000 | ||||
Dividends paid | 20,200,000 | 68,850,000 | 27,680,000 | ||
Common shareholder’s equity | $ 551,188,000 | 503,575,000 | 474,374,000 | 446,770,000 | |
Ratio of Indebtedness to Net Capital | 0.4445 | ||||
Reinvested earnings in the business | $ 257,434,000 | 211,163,000 | |||
GSWC | Maximum | |||||
Dividend limitations | |||||
Ratio of Indebtedness to Net Capital | 0.6667 | ||||
Earnings Reinvested in the Business | |||||
Dividend limitations | |||||
Common shareholder’s equity | $ 345,964,000 | 304,534,000 | 279,821,000 | 247,065,000 | |
Earnings Reinvested in the Business | GSWC | |||||
Dividend limitations | |||||
Common shareholder’s equity | 257,434,000 | $ 211,163,000 | $ 232,193,000 | $ 206,288,000 | |
Earnings Reinvested in the Business | American States Utility Services [Member] | |||||
Dividend limitations | |||||
Reinvested earnings in the business | $ 62,100,000 |
Bank Debt (Details)
Bank Debt (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2020 | Feb. 11, 2020 | Mar. 31, 2019 | |
Bank debt | ||||||
Maximum borrowing capacity | $ 225,000,000 | |||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Balance outstanding at the end of the period | 205,000,000 | |||||
Notes payable to banks | 5,000,000 | $ 0 | ||||
Long-term Debt [Member] | ||||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Balance outstanding at the end of the period | $ 205,000,000 | |||||
Short-term borrowing (excluding letters of credit) | ||||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Notes payable to banks | $ 95,500,000 | |||||
Interest Rate at the end of the period (as a percent) | 2.44% | 3.19% | ||||
Average amount outstanding | $ 167,392,000 | $ 69,559,000 | ||||
Weighted Average Annual Interest Rate (as a percent) | 2.88% | 2.66% | ||||
Maximum Amount Outstanding | $ 205,500,000 | $ 95,500,000 | ||||
Syndicated revolving credit facility | ||||||
Bank debt | ||||||
Variable rate basis | Euro rate | |||||
Syndicated revolving credit facility | Minimum | ||||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Interest coverage ratio | 3.25 | |||||
Syndicated revolving credit facility | Maximum | ||||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Total funded debt ratio | 0.65 | |||||
Syndicated revolving credit facility | Letter of Credit Irrevocable Franchise Agreement with City of Rancho Cordova [Member] | ||||||
Bank debt | ||||||
Letter of credit, amount | $ 15,000,000 | |||||
AWR | ||||||
Bank debt | ||||||
Maximum borrowing capacity | 225,000,000 | |||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Notes payable to banks | $ 5,000,000 | $ 0 | ||||
AWR | Syndicated revolving credit facility | ||||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Interest coverage ratio | 6.89 | |||||
Total funded debt ratio | 0.45 | |||||
AWR | Syndicated revolving credit facility | Minimum | ||||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Interest coverage ratio | 3.25 | |||||
Total funded debt ratio | 0.65 | |||||
AWR | Syndicated revolving credit facility | Maximum | ||||||
Short-term borrowing activities (excluding letters of credit) | ||||||
Total funded debt ratio | 1 | |||||
AWR | Syndicated revolving credit facility | Letters of credit | ||||||
Bank debt | ||||||
Maximum borrowing capacity | $ 25,000,000 | |||||
Letter of credit, amount | $ 940,000 | |||||
Letter of credit fee (as a percent) | 0.65% | |||||
AWR | Syndicated revolving credit facility | Letter of Credit Business Automobile Insurance Policy Security [Member] | ||||||
Bank debt | ||||||
Letter of credit, amount | $ 340,000 | |||||
AWR | Syndicated revolving credit facility | Letter of Credit - Purchase of power | ||||||
Bank debt | ||||||
Letter of credit, amount | $ 585,000,000 | |||||
Syndicated revolving credit facility | AWR | ||||||
Bank debt | ||||||
Maximum borrowing capacity | $ 200,000,000 | |||||
Syndicated revolving credit facility | AWR | Minimum | ||||||
Bank debt | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 150,000,000 | |||||
Subsequent Event [Member] | AWR | ||||||
Bank debt | ||||||
Maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | $ 260,000,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | Dec. 31, 2013 | |
GSWC | |||||
Debt Instrument [Line Items] | |||||
Ratio of Indebtedness to Net Capital | 0.4445 | ||||
Ratio of Indebtedness to EBITDA | 3.1 | ||||
GSWC | Maximum | |||||
Debt Instrument [Line Items] | |||||
Ratio of Indebtedness to Net Capital | 0.6667 | ||||
Ratio of Indebtedness to EBITDA | 8 | ||||
Private Placement Notes [Member] | GSWC | |||||
Debt Instrument [Line Items] | |||||
Interest coverage ratio | 4 | ||||
Private Placement Notes [Member] | GSWC | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest coverage ratio | 2 | ||||
9.56% notes due 2031 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 9.56% | 9.56% | |||
9.56% notes due 2031 | GSWC | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 28,000,000 | ||||
Interest rate (as a percent) | 9.56% | 9.56% | |||
Debt Instrument Redemption Premium above Treasury Yield | 0.055% | ||||
9.56% notes due 2031 | GSWC | Maximum | |||||
Debt Instrument [Line Items] | |||||
Redemption premium after 2021 (as a percent) | 3.00% | ||||
9.56% notes due 2031 | American States Utility Services [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 9.56% | ||||
5.87% notes due 2028 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 5.87% | 5.87% | |||
5.87% notes due 2028 | GSWC | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 5.87% | 5.87% | |||
5.87% notes due 2028 | American States Utility Services [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 5.87% | ||||
6.70% notes due 2019 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 6.70% | 6.70% | |||
6.70% notes due 2019 | GSWC | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Annual Principal Payment | $ 40,000,000 | ||||
Interest rate (as a percent) | 6.70% | 6.70% | 6.70% | ||
Senior Notes issued to Co-Bank | GSWC | |||||
Debt Instrument [Line Items] | |||||
Additional spread on premium (as a percent) | 0.50% | ||||
American Recovery and Reinvestment Act Obligation due 2033 | GSWC | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 2.50% | ||||
3.45% notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.45% | 3.45% | |||
3.45% notes due 2029 | GSWC | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 15,000,000 | $ 15,000,000 | |||
Interest rate (as a percent) | 3.45% | 3.45% | 3.45% |
Long-Term Debt 2 (Details)
Long-Term Debt 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Annual maturities of all long-term debt, including capitalized leases | ||
Total | $ 284,699 | $ 324,978 |
GSWC | ||
Annual maturities of all long-term debt, including capitalized leases | ||
2019 | 344 | |
2020 | 365 | |
2021 | 392 | |
2022 | 406 | |
2023 | 425 | |
Thereafter | 282,767 | |
Total | $ 284,699 | $ 324,978 |
Long-Term Debt 3 (Details)
Long-Term Debt 3 (Details) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2009USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2013 | Dec. 31, 2018 | Dec. 31, 2014USD ($) | Oct. 31, 2009USD ($) | |
Debt Instrument [Line Items] | ||||||
Maximum amount of loan that can be borrowed | $ 225,000,000 | |||||
Notes Payable 3.45 Percent Due 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.45% | 3.45% | ||||
GSWC | ||||||
Debt Instrument [Line Items] | ||||||
Ratio of Indebtedness to EBITDA | 3.1 | |||||
GSWC | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Ratio of Indebtedness to EBITDA | 8 | |||||
GSWC | Private Placement Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Covenant Interest Coverage Ratio | 4 | |||||
GSWC | Private Placement Notes [Member] | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Covenant Interest Coverage Ratio | 2 | |||||
GSWC | Notes Payable 3.45 Percent Due 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 15,000,000 | $ 15,000,000 | ||||
Interest rate (as a percent) | 3.45% | 3.45% | 3.45% | |||
GSWC | American Recovery and Reinvestment Act Obligation due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Maximum amount of loan that can be borrowed | $ 9,000,000 | |||||
Interest rate (as a percent) | 2.50% | |||||
Maturity term | 20 years | |||||
Loan proceeds received for reimbursement of costs of conversion | $ 8,600,000 |
Taxes on Income (Details)
Taxes on Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Taxes on income | |||||
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 | ||
Deferred tax assets: | |||||
Regulatory-liability-related | 33,080,000 | 33,419,000 | |||
Contributions and advances | 5,777,000 | 5,281,000 | |||
Deferred Tax Assets, Other | 5,792,000 | 2,988,000 | |||
Deferred tax assets | 44,649,000 | 41,688,000 | |||
Deferred tax liabilities: | |||||
Fixed assets | (144,444,000) | (131,413,000) | |||
Regulatory-asset-related: depreciation and other | (20,641,000) | (18,146,000) | |||
Balancing and memorandum accounts (non-flow-through) | (4,868,000) | (6,325,000) | |||
Deferred tax liabilities | (169,953,000) | (155,884,000) | |||
Accumulated deferred income taxes - net | (125,304,000) | (114,196,000) | |||
Current | |||||
Federal | 12,507,000 | 17,252,000 | 20,978,000 | ||
State | 5,540,000 | 6,538,000 | 5,844,000 | ||
Total current tax expense | 18,047,000 | 23,790,000 | 26,822,000 | ||
Deferred | |||||
Federal | 6,407,000 | (4,334,000) | 11,543,000 | ||
State | 216,000 | (1,439,000) | 609,000 | ||
Total deferred tax (benefit) expense | 6,623,000 | (5,773,000) | 12,152,000 | ||
Reconciliations of the effective tax rates to the federal statutory rate | |||||
Federal taxes on pretax income at statutory rate (21% in 2018; 35% in 2017 and 2016) | 22,872,000 | 17,196,000 | 37,919,000 | ||
Increase (decrease) in taxes resulting from: | 4,758,000 | 3,693,000 | 4,382,000 | ||
Change in tax rate | 0 | (14,000) | (82,000) | ||
Excess deferred tax amortization | (1,579,000) | (2,101,000) | 0 | ||
Flow-through on fixed assets | 1,244,000 | 429,000 | 845,000 | ||
Flow-through on removal costs | (1,582,000) | (1,445,000) | (1,980,000) | ||
Domestic production activities deduction | 0 | (26,000) | (1,421,000) | ||
Investment tax credit | (71,000) | (69,000) | (93,000) | ||
Other- net | (972,000) | 354,000 | (596,000) | ||
Total income tax expense operations | 24,670,000 | 18,017,000 | 38,974,000 | ||
Income before income tax expense | $ 109,012,000 | $ 81,888,000 | $ 108,341,000 | ||
Effective income tax rate (as a percent) | 22.60% | 22.00% | 36.00% | ||
Proceeds from Income Tax Refunds | $ 2,200,000 | $ 2,100,000 | |||
GSWC | |||||
Deferred tax assets: | |||||
Regulatory-liability-related | $ 33,080,000 | $ 33,419,000 | |||
Contributions and advances | 6,158,000 | 5,666,000 | |||
Deferred Tax Assets, Other | 6,618,000 | 3,310,000 | |||
Deferred tax assets | 45,856,000 | 42,395,000 | |||
Deferred tax liabilities: | |||||
Fixed assets | (147,759,000) | (135,617,000) | |||
Regulatory-asset-related: depreciation and other | (20,641,000) | (18,146,000) | |||
Balancing and memorandum accounts (non-flow-through) | (5,262,000) | (6,873,000) | |||
Deferred tax liabilities | (173,662,000) | (160,636,000) | |||
Accumulated deferred income taxes - net | (127,806,000) | (118,241,000) | |||
Current | |||||
Federal | 9,616,000 | 14,488,000 | $ 15,044,000 | ||
State | 5,480,000 | 5,932,000 | 5,045,000 | ||
Total current tax expense | 15,096,000 | 20,420,000 | 20,089,000 | ||
Deferred | |||||
Federal | 4,924,000 | (5,531,000) | 11,770,000 | ||
State | 157,000 | (1,286,000) | 2,200,000 | ||
Total deferred tax (benefit) expense | 5,081,000 | (6,817,000) | 13,970,000 | ||
Reconciliations of the effective tax rates to the federal statutory rate | |||||
Federal taxes on pretax income at statutory rate (21% in 2018; 35% in 2017 and 2016) | 18,236,000 | 12,939,000 | 30,736,000 | ||
Increase (decrease) in taxes resulting from: | 4,656,000 | 3,335,000 | 4,924,000 | ||
Change in tax rate | 0 | 0 | |||
Excess deferred tax amortization | (1,579,000) | (2,101,000) | 0 | ||
Flow-through on fixed assets | 1,244,000 | 429,000 | 845,000 | ||
Flow-through on removal costs | (1,582,000) | (1,445,000) | (1,980,000) | ||
Domestic production activities deduction | 0 | (25,000) | (1,148,000) | ||
Investment tax credit | (71,000) | (69,000) | (93,000) | ||
Other- net | (727,000) | 540,000 | (288,000) | ||
Total income tax expense operations | 20,177,000 | 13,603,000 | 34,059,000 | ||
Income before income tax expense | 86,840,000 | 61,615,000 | 87,816,000 | ||
Pretax income from operations | $ 86,840,000 | $ 61,615,000 | $ 87,816,000 | ||
Effective income tax rate (as a percent) | 23.20% | 22.10% | 38.80% |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans 1 (Details) - Pension Benefits $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)itemparticipant | Dec. 31, 2018USD ($) | |
Employee benefit plans | ||
Defined Benefit Plan Amounts Recognized in Regulatory Asset, Liability New Prior Service Cost (Credit) | $ | $ 0 | $ 3,626 |
Minimum age for eligibility under the Pension Plan | item | 21 | |
Minimum period of service for eligibility under the Pension Plan | 5 years | |
Normal retirement benefit (as a percent) | 2.00% | |
Defined Benefit Plan Number of Highest Consecutive Years Average Earnings Used in Computing Retirement Benefit | 5 years | |
Maximum number of years of credited service considered in determining retirement benefit | 40 years | |
Number of participants in the Pension Plan | participant | 939 | |
Eligibility for employer matching contributions, period of service | 3 years | |
Maximum [Member] | ||
Employee benefit plans | ||
Percentage of participant's eligible pay contributed to the plan by the employer | 5.25% | |
Minimum | ||
Employee benefit plans | ||
Percentage of participant's eligible pay contributed to the plan by the employer | 3.00% |
Employee Benefit Plans Employ_2
Employee Benefit Plans Employee Benefit Plans 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 196,082 | $ 207,690 | |
Service cost | 4,441 | 5,342 | $ 4,999 |
Interest cost | 8,527 | 7,646 | 7,904 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 3,626 | |
Actuarial (gain) loss | 29,784 | (21,717) | |
Benefits/expenses paid | (6,982) | (6,505) | |
Projected benefit obligation at end of year | 231,852 | 196,082 | 207,690 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 162,529 | 173,648 | |
Actual return on plan assets | 33,018 | (10,626) | |
Employer contributions | 3,913 | 6,012 | |
Benefits/expenses paid | (6,983) | (6,505) | |
Fair value of plan assets at end of year | 192,477 | 162,529 | 173,648 |
Funded Status: | |||
Net amount recognized as accrued pension cost | (39,375) | (33,553) | |
Postemployment Retirement Benefits [Member] | |||
Change in Projected Benefit Obligation: | |||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Post-Retirement Medical Benefits | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation at beginning of year | 7,886 | 8,491 | |
Service cost | 186 | 218 | 227 |
Interest cost | 285 | 292 | 324 |
Actuarial (gain) loss | (538) | (701) | |
Benefits/expenses paid | (424) | (414) | |
Projected benefit obligation at end of year | 7,395 | 7,886 | 8,491 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 10,010 | 11,053 | |
Actual return on plan assets | 1,685 | (629) | |
Employer contributions | 170 | 0 | |
Benefits/expenses paid | (594) | (414) | |
Fair value of plan assets at end of year | 11,271 | 10,010 | $ 11,053 |
Funded Status: | |||
Net amount recognized as accrued pension cost | $ 3,876 | $ 2,124 |
Employee Benefit Plans Employ_3
Employee Benefit Plans Employee Benefit Plans 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts recognized on the balance sheets: | |||||
Non-current liabilities | $ 68,469 | $ 57,636 | |||
Pension Benefits | |||||
Amounts recognized on the balance sheets: | |||||
Non-current assets | 0 | 0 | |||
Current liabilities | 0 | 0 | |||
Non-current liabilities | 39,375 | 33,553 | |||
Net amount recognized | (39,375) | (33,553) | |||
Amounts recognized in regulatory assets consist of: | |||||
Prior service cost (credit) | 3,191 | 3,626 | |||
Net (gain) loss | (37,309) | (31,587) | |||
Regulatory assets (liabilities) | $ 35,213 | $ 32,761 | $ 32,761 | 40,500 | 35,213 |
Unfunded accrued pension cost | (1,125) | (1,660) | |||
Net liability (asset) recognized | 39,375 | 33,553 | |||
Changes in plan assets and benefit obligations recognized in regulatory assets: | |||||
Regulatory asset at beginning of year | 35,213 | 32,761 | |||
Net loss (gain) | (7,140) | (81) | |||
Amortization of prior service (cost) credit | (434) | 0 | |||
Amortization of net gain (loss) | (1,419) | (1,255) | |||
Total change in regulatory asset | 5,287 | 2,452 | |||
Regulatory asset (liability) at end of year | 40,500 | 35,213 | 32,761 | ||
Defined Benefit Plan Amounts Recognized in Regulatory Asset, Liability New Prior Service Cost (Credit) | 0 | 3,626 | |||
Net periodic pension costs | 4,447 | 3,070 | 4,121 | ||
Change in regulatory asset | 5,287 | 2,452 | |||
Total recognized in net periodic pension cost and regulatory asset (liability) | 9,734 | 5,522 | |||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | |||||
Prior service (cost) credit | (434) | (434) | |||
Net gain (loss) | (1,768) | (1,435) | |||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||||
Projected benefit obligation | 231,852 | 196,082 | |||
Accumulated benefit obligation | 215,996 | 183,036 | |||
Fair value of plan assets | $ 192,477 | $ 162,529 | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Discount rate | 3.43% | 4.43% | |||
Post-Retirement Medical Benefits | |||||
Amounts recognized on the balance sheets: | |||||
Non-current assets | $ 3,876 | $ 2,124 | |||
Current liabilities | 0 | 0 | |||
Non-current liabilities | 0 | 0 | |||
Net amount recognized | 3,876 | 2,124 | |||
Amounts recognized in regulatory assets consist of: | |||||
Prior service cost (credit) | 0 | 0 | |||
Net (gain) loss | 5,432 | 4,459 | |||
Regulatory assets (liabilities) | (4,459) | (4,459) | (5,650) | (5,432) | (4,459) |
Unfunded accrued pension cost | 1,556 | 2,335 | |||
Net liability (asset) recognized | (3,876) | (2,124) | |||
Changes in plan assets and benefit obligations recognized in regulatory assets: | |||||
Regulatory asset at beginning of year | (4,459) | (5,650) | |||
Net loss (gain) | 1,775 | (421) | |||
Amortization of prior service (cost) credit | 0 | 0 | |||
Amortization of net gain (loss) | 802 | 770 | |||
Total change in regulatory asset | (973) | 1,191 | |||
Regulatory asset (liability) at end of year | (5,432) | (4,459) | (5,650) | ||
Net periodic pension costs | (779) | (752) | $ (690) | ||
Change in regulatory asset | (973) | 1,191 | |||
Total recognized in net periodic pension cost and regulatory asset (liability) | (1,752) | 439 | |||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | |||||
Prior service (cost) credit | 0 | 0 | |||
Net gain (loss) | $ 796 | $ 598 | |||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | |||||
Projected benefit obligation | 7,395 | 7,886 | |||
Fair value of plan assets | $ 11,271 | $ 10,010 | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Discount rate | 3.12% | 4.20% | |||
Minimum | Pension Benefits | |||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Rate of compensation increase | 3.00% | 3.00% | |||
Maximum | Pension Benefits | |||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Rate of compensation increase | 8.00% | 8.00% |
Employee Benefit Plans Employ_4
Employee Benefit Plans Employee Benefit Plans 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted-average assumptions used to determine net periodic cost: | |||
Expected long-term return on plan assets | 4.20% | ||
Expected long-term return on plan assets | 4.20% | ||
Pension Benefits | |||
Components of Net Periodic Benefits Cost: | |||
Service cost | $ 4,441 | $ 5,342 | $ 4,999 |
Interest cost | 8,527 | 7,646 | 7,904 |
Expected return on plan assets | (10,374) | (11,172) | (9,705) |
Amortization of prior service cost (credit) | 434 | 0 | 0 |
Amortization of actuarial (gain) loss | 1,419 | 1,254 | 923 |
Net periodic pension cost under accounting standards | 4,447 | 3,070 | 4,121 |
Regulatory adjustment | 593 | 0 | (465) |
Total expense recognized, before surcharges and allocation to overhead pool | $ 3,854 | $ 3,070 | $ 4,586 |
Weighted-average assumptions used to determine net periodic cost: | |||
Discount rate | 4.43% | 3.76% | 4.44% |
Expected long-term return on plan assets | 6.50% | 6.50% | 6.50% |
Expected long-term return on plan assets | 6.50% | 6.50% | 6.50% |
Post-Retirement Medical Benefits | |||
Components of Net Periodic Benefits Cost: | |||
Service cost | $ 186 | $ 218 | $ 227 |
Interest cost | 285 | 292 | 324 |
Expected return on plan assets | (449) | (493) | (466) |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Amortization of actuarial (gain) loss | (801) | (769) | (775) |
Net periodic pension cost under accounting standards | (779) | (752) | (690) |
Regulatory adjustment | 0 | 0 | 0 |
Total expense recognized, before surcharges and allocation to overhead pool | $ (779) | $ (752) | $ (690) |
Weighted-average assumptions used to determine net periodic cost: | |||
Discount rate | 4.20% | 3.52% | 3.97% |
Union plan | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Expected long-term return on plan assets | 6.00% | 6.00% | 6.00% |
Expected long-term return on plan assets | 6.00% | 6.00% | 6.00% |
Non-union plan | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Expected long-term return on plan assets | 4.20% | 4.20% | |
Expected long-term return on plan assets | 4.20% | 4.20% | |
Minimum | Pension Benefits | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Rate of compensation increase | 3.00% | 3.00% | |
Maximum | Pension Benefits | |||
Weighted-average assumptions used to determine net periodic cost: | |||
Rate of compensation increase | 8.00% | 8.00% |
Employee Benefit Plans Employ_5
Employee Benefit Plans Employee Benefit Plans 5 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee benefit plans | |||
Regulatory asset authorized under settlement | $ 2,700 | ||
Pension Benefits | |||
Employee benefit plans | |||
Regulatory adjustment | 593 | $ 0 | $ (465) |
GSWC | Pension Benefits | |||
Employee benefit plans | |||
Regulatory adjustment | $ 1,700 | $ 583 | |
Pension Costs and Other Postretirement Benefit Costs | GSWC | |||
Employee benefit plans | |||
Regulatory asset authorized under settlement | 43,400 | ||
Two-way pension balancing account | Pension Costs and Other Postretirement Benefit Costs | GSWC | |||
Employee benefit plans | |||
Regulatory adjustment | $ (2,700) |
Employee Benefit Plans Employ_6
Employee Benefit Plans Employee Benefit Plans 6 (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | ||
Employee benefit plans | ||
Actual asset allocations | 100.00% | 100.00% |
Target asset allocations | 100.00% | |
Pension Benefits | Equity securities | ||
Employee benefit plans | ||
Actual asset allocations | 56.00% | 53.00% |
Target asset allocations | 60.00% | |
Pension Benefits | Debt securities | ||
Employee benefit plans | ||
Actual asset allocations | 39.00% | 43.00% |
Target asset allocations | 40.00% | |
Pension Benefits | Real Estate Funds | ||
Employee benefit plans | ||
Actual asset allocations | 5.00% | 4.00% |
Pension Benefits | Cash equivalents | ||
Employee benefit plans | ||
Actual asset allocations | 0.00% | 0.00% |
Post-Retirement Medical Benefits | ||
Employee benefit plans | ||
Actual asset allocations | 100.00% | 100.00% |
Target asset allocations | 100.00% | |
Post-Retirement Medical Benefits | Equity securities | ||
Employee benefit plans | ||
Actual asset allocations | 61.00% | 59.00% |
Target asset allocations | 60.00% | |
Post-Retirement Medical Benefits | Debt securities | ||
Employee benefit plans | ||
Actual asset allocations | 38.00% | 39.00% |
Target asset allocations | 40.00% | |
Post-Retirement Medical Benefits | Real Estate Funds | ||
Employee benefit plans | ||
Actual asset allocations | 0.00% | 0.00% |
Post-Retirement Medical Benefits | Cash equivalents | ||
Employee benefit plans | ||
Actual asset allocations | 1.00% | 2.00% |
Employee Benefit Plans Employ_7
Employee Benefit Plans Employee Benefit Plans 7 (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Employee benefit plans | |||
Fair Value | $ 192,477 | $ 162,529 | $ 173,648 |
Unfunded Commitments | 0 | 0 | |
Cash equivalents | |||
Employee benefit plans | |||
Fair Value | 600 | 590 | |
Unfunded Commitments | 0 | 0 | |
Fixed income fund | |||
Employee benefit plans | |||
Fair Value | 74,123 | 70,642 | |
Unfunded Commitments | 0 | 0 | |
U.S. small/mid cap funds | |||
Employee benefit plans | |||
Fair Value | 17,865 | 22,313 | |
Unfunded Commitments | 0 | 0 | |
U.S. large cap funds | |||
Employee benefit plans | |||
Fair Value | 47,132 | 46,133 | |
Unfunded Commitments | 0 | 0 | |
International funds | |||
Employee benefit plans | |||
Fair Value | 43,778 | 15,548 | |
Unfunded Commitments | 0 | 0 | |
Total equity funds | |||
Employee benefit plans | |||
Fair Value | 108,775 | 83,994 | |
Unfunded Commitments | 0 | ||
Real estate funds | |||
Employee benefit plans | |||
Fair Value | 8,979 | 7,303 | |
Unfunded Commitments | $ 0 | $ 0 |
Employee Benefit Plans Employ_8
Employee Benefit Plans Employee Benefit Plans 8 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Employee benefit plans | |||
Defined Benefit Plan Number of Highest Consecutive Years Average Earnings Used in Computing Retirement Benefit | 5 years | ||
Fair value of post-retirement plan assets | $ 192,477 | $ 162,529 | $ 173,648 |
Pension Benefits | Cash equivalents | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 600 | 590 | |
Pension Benefits | Fixed income fund | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 74,123 | 70,642 | |
Pension Benefits | U.S. large cap funds | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 47,132 | 46,133 | |
Post-Retirement Medical Benefits | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 11,271 | 10,010 | $ 11,053 |
Post-Retirement Medical Benefits | Level 1 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 11,271 | 10,010 | |
Post-Retirement Medical Benefits | Level 2 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Post-Retirement Medical Benefits | Level 3 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Post-Retirement Medical Benefits | Cash equivalents | Level 1 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 69 | 263 | |
Post-Retirement Medical Benefits | Cash equivalents | Level 2 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Post-Retirement Medical Benefits | Cash equivalents | Level 3 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Post-Retirement Medical Benefits | Fixed income fund | Level 1 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 4,279 | 3,871 | |
Post-Retirement Medical Benefits | Fixed income fund | Level 2 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Post-Retirement Medical Benefits | Fixed income fund | Level 3 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | 0 | |
Post-Retirement Medical Benefits | U.S. large cap funds | Level 1 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 6,923 | 5,876 | |
Post-Retirement Medical Benefits | U.S. large cap funds | Level 2 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | ||
Post-Retirement Medical Benefits | U.S. large cap funds | Level 3 | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 0 | ||
Fair Value | Post-Retirement Medical Benefits | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 11,271 | 10,010 | |
Fair Value | Post-Retirement Medical Benefits | Cash equivalents | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 69 | 263 | |
Fair Value | Post-Retirement Medical Benefits | Fixed income fund | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | 4,279 | 3,871 | |
Fair Value | Post-Retirement Medical Benefits | U.S. large cap funds | |||
Employee benefit plans | |||
Fair value of post-retirement plan assets | $ 6,923 | $ 5,876 | |
Minimum | Post-Retirement Medical Benefits | Fixed income fund | |||
Employee benefit plans | |||
Investments Maturity Period | 1 year | ||
Maximum | Post-Retirement Medical Benefits | Fixed income fund | |||
Employee benefit plans | |||
Investments Maturity Period | 20 years |
Employee Benefit Plans Employ_9
Employee Benefit Plans Employee Benefit Plans 9 (Details) - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Employee benefit plans | ||
Employer contributions | $ 3,913 | $ 6,012 |
Expected future employer's contribution | $ 3,300 |
Employee Benefit Plans Emplo_10
Employee Benefit Plans Employee Benefit Plans 10 (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Benefits | |
Employee benefit plans | |
2020 | $ 7,910 |
2021 | 8,574 |
2022 | 9,263 |
2023 | 9,839 |
2024 | 10,441 |
Thereafter | 60,621 |
Total | 106,648 |
Post-Retirement Medical Benefits | |
Employee benefit plans | |
2020 | 526 |
2021 | 599 |
2022 | 642 |
2023 | 677 |
2024 | 652 |
Thereafter | 2,607 |
Total | $ 5,703 |
Employee Benefit Plans Emplo_11
Employee Benefit Plans Employee Benefit Plans 11 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee benefit plans | |||
Expected long-term return on plan assets | 4.20% | ||
Healthcare Cost Trend Rate | |||
Initial health care cost for employees under age of 65 (as a percent) | 5.90% | ||
Ultimate health care cost for employees under age of 65 (as a percent) | 4.40% | ||
Initial Health care cost for employees of age 65 and over (as a percent) | 5.00% | ||
Ultimate health care cost for employees of age 65 and over (as a percent) | 4.20% | ||
Effects of one-percentage-point change in assumed health care cost trend rates | |||
Effect on total of service and interest cost components -1 Percentage Point Increase | $ 34 | ||
Effect on total of service and interest cost components -1 Percentage Point Decrease | (29) | ||
Effect on post-retirement benefit obligation -1 Percentage Point Increase | 749 | ||
Effect on post-retirement benefit obligation -1 Percentage Point Decrease | $ (645) | ||
Union plan | |||
Employee benefit plans | |||
Expected long-term return on plan assets | 6.00% | 6.00% | 6.00% |
Non-union plan | |||
Employee benefit plans | |||
Expected long-term return on plan assets | 4.20% | 4.20% |
Employee Benefit Plans Emplo_12
Employee Benefit Plans Employee Benefit Plans 12 (Details) - SERP - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Balance in Rabbi Trust | ||
Balance in Rabbi Trust | $ 21,600 | |
Fair value of assets held in Rabbi Trust | 0 | $ 0 |
Rabbi Trust | Level 1 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 21,553 | 16,412 |
Rabbi Trust | Level 2 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Rabbi Trust | Level 3 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Rabbi Trust | Cash equivalents | Level 1 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 72 | 166 |
Rabbi Trust | Cash equivalents | Level 2 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Rabbi Trust | Cash equivalents | Level 3 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Rabbi Trust | Fixed income fund | Level 1 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 8,427 | 6,251 |
Rabbi Trust | Fixed income fund | Level 2 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Rabbi Trust | Fixed income fund | Level 3 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Rabbi Trust | Equity securities | Level 1 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 13,054 | 9,995 |
Rabbi Trust | Equity securities | Level 2 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Rabbi Trust | Equity securities | Level 3 | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 0 | 0 |
Fair Value | Rabbi Trust | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 21,553 | 16,412 |
Fair Value | Rabbi Trust | Cash equivalents | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 72 | 166 |
Fair Value | Rabbi Trust | Fixed income fund | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | 8,427 | 6,251 |
Fair Value | Rabbi Trust | Equity securities | ||
Balance in Rabbi Trust | ||
Fair value of assets held in Rabbi Trust | $ 13,054 | $ 9,995 |
Employee Benefit Plans Emplo_13
Employee Benefit Plans Employee Benefit Plans 13 (Details) - SERP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 24,517 | $ 24,062 | |
Service cost | 1,193 | 1,096 | $ 930 |
Interest cost | 1,069 | 888 | 893 |
Actuarial (gain) loss | 3,419 | (1,104) | |
Benefits/expenses paid | (495) | (425) | |
Projected benefit obligation at end of year | 29,703 | 24,517 | $ 24,062 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Funded Status: | |||
Net amount recognized as accrued pension cost | $ (29,703) | $ (24,517) |
Employee Benefit Plans Emplo_14
Employee Benefit Plans Employee Benefit Plans 14 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amounts recognized on the balance sheets: | ||||||
Non-current liabilities | $ 68,469 | $ 57,636 | ||||
SERP | ||||||
Amounts recognized on the balance sheets: | ||||||
Current liabilities | (609) | (433) | ||||
Non-current liabilities | 29,094 | 24,084 | ||||
Net amount recognized | (29,703) | (24,517) | ||||
Amounts recognized in regulatory assets consist of: | ||||||
Prior service cost (credit) | 0 | 0 | ||||
Net loss | 8,352 | 5,403 | ||||
Regulatory assets (liabilities) | $ 5,403 | $ 5,403 | $ 7,556 | 8,352 | 5,403 | $ 7,556 |
Unfunded accrued pension cost | 21,351 | 19,114 | ||||
Net liability (asset) recognized | 29,703 | 24,517 | ||||
Changes in plan assets and benefit obligations recognized in regulatory assets: | ||||||
Regulatory asset at beginning of year | 5,403 | 7,556 | ||||
Net (gain) loss | 3,419 | (1,104) | ||||
Amortization of prior service (cost) credit | 0 | 0 | ||||
Amortization of net gain (loss) | (470) | (1,049) | ||||
Change in regulatory asset | 2,949 | (2,153) | ||||
Regulatory asset (liability) at end of year | 8,352 | 5,403 | 7,556 | |||
Net periodic pension costs | 2,733 | 3,033 | $ 2,612 | |||
Change in regulatory asset | 2,949 | (2,153) | ||||
Total recognized in net periodic pension cost and regulatory asset (liability) | 5,682 | 880 | ||||
Estimated amounts that will be amortized from regulatory asset over the next fiscal year: | ||||||
Initial net asset (obligation) | 0 | 0 | ||||
Prior service cost | 0 | 0 | ||||
Net gain (loss) | $ (844) | $ (471) | ||||
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: | ||||||
Projected benefit obligation | 29,703 | 24,517 | $ 24,062 | |||
Accumulated benefit obligation | 26,251 | 21,229 | ||||
Fair value of plan assets | $ 0 | $ 0 | ||||
Weighted-average assumptions used to determine benefit obligations at December 31: | ||||||
Discount rate | 3.36% | 4.40% | ||||
Rate of compensation increase | 4.00% | 4.00% |
Employee Benefit Plans Emplo_15
Employee Benefit Plans Employee Benefit Plans 15 (Details) - SERP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of Net Periodic Benefits Cost: | |||
Service cost | $ 1,193 | $ 1,096 | $ 930 |
Interest cost | 1,069 | 888 | 893 |
Amortization of prior service cost (credit) | 0 | 0 | 12 |
Amortization of actuarial (gain) loss | 471 | 1,049 | 777 |
Net periodic pension cost under accounting standards | $ 2,733 | $ 3,033 | $ 2,612 |
Weighted-average assumptions used to determine net periodic cost: | |||
Discount rate | 4.40% | 3.72% | 4.34% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Employee Benefit Plans Emplo_16
Employee Benefit Plans Employee Benefit Plans 16 (Details) - SERP $ in Thousands | Dec. 31, 2019USD ($) |
Employee benefit plans | |
2020 | $ 609 |
2021 | 830 |
2022 | 932 |
2023 | 1,624 |
2024 | 1,704 |
Thereafter | 10,117 |
Total | $ 15,816 |
Employee Benefit Plans Emplo_17
Employee Benefit Plans Employee Benefit Plans 17 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Employer's contribution | $ 2.5 | $ 2.4 | $ 2.3 |
Employer discretionary contribution amount | $ 1.6 | $ 1.3 | $ 1.1 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)stock_planshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Stock compensation plans | |||
Number of stock incentive plans | stock_plan | 3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 245 | ||
Stock-based compensation recognized in the income statement, before taxes | $ 2,517 | $ 3,851 | $ 2,885 |
Immediate vesting for employees of certain age and above | 55 years | ||
GSWC | |||
Stock compensation plans | |||
Stock-based compensation recognized in the income statement, before taxes | $ 2,253 | 3,397 | 2,420 |
Capitalized equity-based compensation cost | 265 | 199 | 195 |
Nonqualified stock options | |||
Stock compensation plans | |||
Tax benefits from exercise of stock-based awards | 1,800 | 1,600 | 1,000 |
Nonqualified stock options | GSWC | |||
Stock compensation plans | |||
Tax benefits from exercise of stock-based awards | 1,800 | 1,600 | 1,000 |
Restricted Stock Units | Employees and directors | |||
Stock compensation plans | |||
Stock-based compensation recognized in the income statement, before taxes | 2,517 | 3,851 | 2,885 |
Restricted Stock Units | Employees and directors | GSWC | |||
Stock compensation plans | |||
Stock-based compensation recognized in the income statement, before taxes | $ 2,253 | $ 3,397 | $ 2,420 |
Performance awards | |||
Stock compensation plans | |||
Vesting period | 3 years | ||
2000 and 2008 Employee Plans | Nonqualified stock options | |||
Stock compensation plans | |||
Vesting period | 3 years | ||
Percentage of rights vesting in the third year from the date of grant | 34.00% | ||
2000 and 2008 Employee Plans | Restricted Stock Units | |||
Stock compensation plans | |||
Common stock entitled to be received under each award | shares | 1 | ||
Percentage of rights vesting in the first two years from the date of grant | 33.00% | ||
Percentage of rights vesting in the third year from the date of grant | 34.00% | ||
2000 and 2008 Employee Plans | Performance awards | |||
Stock compensation plans | |||
Vesting period | 3 years | ||
Percentage of rights vesting in the first two years from the date of grant | 33.00% | ||
Percentage of rights vesting in the third year from the date of grant | 34.00% | ||
2003 and 2013 Directors plans [Member] | |||
Stock compensation plans | |||
Vesting period | 90 days | ||
Maximum | |||
Stock compensation plans | |||
Chang in control, term | P24M | ||
Weighted Average [Member] | |||
Stock compensation plans | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 25 days | ||
Weighted Average [Member] | Restricted Stock [Member] | |||
Stock compensation plans | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 18 days |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans 2 (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Options | |||
Common Shares issued as a result of the exercise of stock options | 30,998 | 32,142 | 52,936 |
Additional disclosure | |||
Cash proceeds from the exercise of stock options | $ 519 | $ 546 | $ 909 |
Unrecognized compensation cost | $ 245 | ||
Maximum | |||
Additional disclosure | |||
Percentage of target amount of performance shares | 200.00% | ||
Minimum | |||
Additional disclosure | |||
Percentage of target amount of performance shares | 0.00% | ||
Weighted Average [Member] | |||
Additional disclosure | |||
Expected recognition period for unrecognized compensation cost | 1 year 25 days | ||
Restricted Stock Units | |||
Additional disclosure | |||
Unrecognized compensation cost related to performance awards | $ 390 | ||
Number of Restricted/Performance Share Units | |||
Restricted share units at the beginning of the period (in shares) | 102,235 | ||
Granted (in shares) | 23,550 | ||
Vested (in shares) | (48,017) | ||
Forfeited (in shares) | (2,697) | ||
Restricted share units at the end of the period (in shares) | 75,071 | 102,235 | |
Weighted Average Grant-Date Value | |||
Restricted share units at the beginning of the period (in dollars per share) | $ 34.73 | ||
Granted (in dollars per share) | 67.57 | ||
Vested (in dollars per share) | 30.99 | ||
Forfeited (in dollars per share) | 48.64 | ||
Restricted share units at the end of the period (in dollars per share) | $ 46.92 | $ 34.73 | |
Stock options | |||
Additional disclosure | |||
Tax benefit for the tax deduction from awards exercised | $ (1,800) | $ (1,600) | (1,000) |
Performance awards | |||
Additional disclosure | |||
Vesting period | 3 years | ||
Period to meet the performance goals | 3 years | ||
Number of Restricted/Performance Share Units | |||
Restricted share units at the beginning of the period (in shares) | 95,661 | ||
Granted (in shares) | 22,035 | ||
Performance criteria adjustment (in shares) | 1,772 | ||
Vested (in shares) | (33,080) | ||
Forfeited (in shares) | (1,739) | ||
Restricted share units at the end of the period (in shares) | 84,649 | 95,661 | |
Weighted Average Grant-Date Value | |||
Restricted share units at the beginning of the period (in dollars per share) | $ 45.36 | ||
Granted (in dollars per share) | 65.86 | ||
Performance criteria adjustment (in dollars per share) | 38.14 | ||
Vested (in dollars per share) | 41.15 | ||
Forfeited (in dollars per share) | 61.74 | ||
Restricted share units at the end of the period (in dollars per share) | $ 51.85 | $ 45.36 | |
GSWC | Stock options | |||
Additional disclosure | |||
Tax benefit for the tax deduction from awards exercised | $ (1,800) | $ (1,600) | $ (1,000) |
Commitments (Details)
Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
GSWC | Water Supply | |
Estimated future minimum payments | |
2019 | $ 417 |
2020 | 417 |
2021 | 417 |
2022 | 417 |
2023 | 417 |
Thereafter | 2,031 |
Total | 4,116 |
GSWC | Water Supply | City of Claremont [Member] | |
Purchase commitments | |
Remaining amount of commitment | 2,100 |
GSWC | Water Supply | Various third parties | |
Estimated future minimum payments | |
Total | 2,000 |
Electric: | Electric Power Purchase Commitments [Member] | |
Estimated future minimum payments | |
Total | $ 26,300 |
Minimum | Electric: | Electric Power Purchase Commitments [Member] | |
Purchase commitments | |
Derivative, Term of Contract | 3 years |
Maximum [Member] | Electric: | Electric Power Purchase Commitments [Member] | |
Purchase commitments | |
Derivative, Term of Contract | 5 years |
Purchase power contract | Minimum | GSWC | |
Purchase commitments | |
Derivative, Term of Contract | 3 years |
Purchase power contract | Maximum [Member] | GSWC | |
Purchase commitments | |
Derivative, Term of Contract | 5 years |
Commitments Commitments 2 (Deta
Commitments Commitments 2 (Details) - Electric Power Purchase Commitments [Member] - Electric: | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Derivative, Term of Contract | 3 years |
Maximum [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Derivative, Term of Contract | 5 years |
Contingencies (Details)
Contingencies (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)customer | Dec. 31, 2019USD ($) | |
Contingencies | ||
Loss Contingency Number of Customers Served | customer | 2,900 | |
Proceeds from Sale of Other Assets | $ 34.3 | |
Gain (Loss) on Disposition of Assets | $ 8.3 | |
Term estimate for the environmental cleanup | 2 years | |
Environmental Clean-Up and Remediation | GSWC | ||
Contingencies | ||
Amount spent in clean-up and remediation activities | $ 6.3 | |
Amount paid by the State of California Underground Storage Tank Fund for clean-up and remediation of plant facilities | 1.5 | |
Accrued liability for the estimated additional cost to complete the clean-up at the site | $ 1.3 |
Leases Lease- additional inform
Leases Lease- additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Leases [Abstract] | ||||
Operating lease liabilities | $ 1,849 | $ 0 | ||
Operating lease liabilities | 11,739 | 0 | ||
Operating lease right-of-use assets | 13,168 | 0 | $ 7,600 | |
Debt Instrument [Line Items] | ||||
Notes Payable to Bank | 205,000 | |||
Operating Lease, Expense | 2,800 | $ 2,500 | $ 2,400 | |
9.56% notes due 2031 | ||||
Debt Instrument [Line Items] | ||||
Notes Payable to Bank | $ 28,000 | |||
Interest rate (as a percent) | 9.56% | 9.56% | ||
Golden State Water Company [Member] | ||||
Leases [Abstract] | ||||
Operating lease liabilities | $ 1,612 | $ 0 | ||
Operating lease liabilities | 11,588 | 0 | ||
Operating lease right-of-use assets | $ 12,745 | $ 0 | ||
Debt Instrument [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.4445 | |||
Golden State Water Company [Member] | 9.56% notes due 2031 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 9.56% | 9.56% | ||
Golden State Water Company [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.6667 |
Leases Supplemental lease infor
Leases Supplemental lease information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Lease, Cost | $ 3,166 | ||
Operating lease right-of-use assets | 13,168 | $ 7,600 | $ 0 |
Short-term Lease, Cost | $ 159 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 2 months 26 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | ||
Operating Lease, Payments, Use | $ 18,034 |
Leases Lessee Operating Lease L
Leases Lessee Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
2020 | $ 2,709 | ||
2021 | 2,533 | ||
2022 | 2,217 | ||
2023 | 1,779 | ||
2024 | 1,499 | ||
Thereafter | 5,246 | ||
Total lease payments | 15,983 | ||
Less: imputed interest | 2,395 | ||
Total lease obligations | 13,588 | $ 8,000 | |
Less: current obligations | 1,849 | $ 0 | |
Long-term lease obligations | $ 11,739 | 0 | |
2020 | 2,530 | ||
2021 | 1,497 | ||
2022 | 1,007 | ||
2023 | 546 | ||
2024 | 293 | ||
Thereafter | 311 | ||
Total | $ 6,184 |
Business Segments (Details)
Business Segments (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 ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Details of reportable segment | ||||||||||||
Operating revenues | $ 112,993 | $ 134,496 | $ 124,647 | $ 101,733 | $ 111,005 | $ 124,182 | $ 106,901 | $ 94,728 | $ 473,869 | $ 436,816 | $ 440,603 | |
Operating Income | 24,724 | 42,724 | 39,430 | 20,195 | 22,749 | 33,975 | 25,568 | 18,691 | 127,073 | 100,983 | 127,095 | |
Interest expense, net | (21,337) | (19,855) | (20,792) | |||||||||
Net utility plant | 1,415,705 | 1,296,310 | 1,415,705 | 1,296,310 | 1,204,992 | |||||||
Depreciation and amortization expense | [1] | 35,397 | 40,425 | 39,031 | ||||||||
Income Tax Expense (Benefit) | 24,670 | 18,017 | 38,974 | |||||||||
Capital additions | $ 151,940 | 126,561 | 113,126 | |||||||||
Parent Company | ||||||||||||
Details of reportable segment | ||||||||||||
Number of reportable segments | segment | 3 | |||||||||||
Operating revenues | $ 0 | 0 | 0 | |||||||||
Operating Income | (9) | 7 | (96) | |||||||||
Interest expense, net | (539) | (451) | (248) | |||||||||
Net utility plant | 0 | 0 | 0 | 0 | 0 | |||||||
Depreciation and amortization expense | [1] | 0 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | (709) | (525) | (2,221) | |||||||||
Capital additions | $ 0 | 0 | 0 | |||||||||
GSWC | ||||||||||||
Details of reportable segment | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Operating revenues | 81,233 | 107,245 | 95,548 | 75,352 | 75,226 | 95,564 | 84,574 | 74,244 | $ 359,378 | 329,608 | 340,301 | |
Operating Income | 18,746 | $ 36,982 | $ 34,037 | $ 15,327 | 14,080 | $ 27,540 | $ 22,645 | $ 16,297 | 105,092 | 80,562 | 105,871 | |
Net utility plant | 1,394,742 | 1,281,092 | 1,394,742 | 1,281,092 | ||||||||
Depreciation and amortization expense | 32,441 | 38,395 | 37,852 | |||||||||
Income Tax Expense (Benefit) | 20,177 | 13,603 | 34,059 | |||||||||
GSWC | Water Service Utility Operations [Member] | ||||||||||||
Details of reportable segment | ||||||||||||
Operating revenues | 319,830 | 295,258 | 306,332 | |||||||||
Operating Income | 93,895 | 74,342 | 98,678 | |||||||||
Interest expense, net | (20,304) | (18,403) | (18,909) | |||||||||
Net utility plant | 1,322,062 | 1,218,468 | 1,322,062 | 1,218,468 | 1,137,995 | |||||||
Depreciation and amortization expense | [1] | 29,956 | 36,137 | 35,706 | ||||||||
Income Tax Expense (Benefit) | 17,295 | 12,391 | 32,212 | |||||||||
Capital additions | 131,353 | 110,934 | 104,546 | |||||||||
GSWC | Electric: | ||||||||||||
Details of reportable segment | ||||||||||||
Operating revenues | 39,548 | 34,350 | 33,969 | |||||||||
Operating Income | 11,197 | 6,220 | 7,193 | |||||||||
Interest expense, net | (1,228) | (1,328) | (1,380) | |||||||||
Net utility plant | 72,680 | 62,624 | 72,680 | 62,624 | 59,945 | |||||||
Depreciation and amortization expense | [1] | 2,485 | 2,258 | 2,146 | ||||||||
Income Tax Expense (Benefit) | 2,882 | 1,212 | 1,847 | |||||||||
Capital additions | 11,499 | 5,420 | 5,941 | |||||||||
American States Utility Services [Member] | Contracted services: | ||||||||||||
Details of reportable segment | ||||||||||||
Operating revenues | 114,491 | 107,208 | 100,302 | |||||||||
Operating Income | 21,990 | 20,414 | 21,320 | |||||||||
Interest expense, net | 734 | 327 | (255) | |||||||||
Net utility plant | $ 20,963 | $ 15,218 | 20,963 | 15,218 | 7,052 | |||||||
Depreciation and amortization expense | [1] | 2,956 | 2,030 | 1,179 | ||||||||
Income Tax Expense (Benefit) | 5,202 | 4,939 | 7,136 | |||||||||
Capital additions | $ 9,088 | $ 10,207 | $ 2,639 | |||||||||
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases | 50 years | |||||||||||
[1] |
Business Segments 2 (Details)
Business Segments 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||
Total utility plant | $ 1,415,705 | $ 1,296,310 | $ 1,204,992 |
Other assets | 225,626 | 205,123 | |
Total Assets | 1,641,331 | 1,501,433 | |
Parent Company | |||
Segment Reporting [Abstract] | |||
Total utility plant | 0 | 0 | 0 |
Total Assets | 811,677 | 659,205 | |
GSWC | |||
Segment Reporting [Abstract] | |||
Total utility plant | 1,394,742 | 1,281,092 | |
Total Assets | 1,522,454 | 1,389,222 | |
Segment Reporting Information [Line Items] | |||
Depreciation on transportation equipment | 316 | 238 | 242 |
Contracted services: | American States Utility Services [Member] | |||
Segment Reporting [Abstract] | |||
Total utility plant | $ 20,963 | $ 15,218 | $ 7,052 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in allowance for doubtful accounts | ||||||
Balance at beginning of year | $ 951 | $ 1,041 | $ 764 | |||
Provision charged to expense | 609 | 841 | 989 | |||
Accounts written off, net of recoveries | 644 | 931 | 712 | |||
Balance at end of year | 916 | 951 | 1,041 | |||
Components of allowance for doubtful accounts | ||||||
Allowance for doubtful accounts related to accounts receivable-customer | $ 857 | $ 892 | $ 806 | |||
Allowance for doubtful accounts related to other accounts receivable | 59 | 59 | 235 | |||
Total allowance for doubtful accounts | 951 | 951 | 1,041 | 916 | 951 | 1,041 |
GSWC | ||||||
Changes in allowance for doubtful accounts | ||||||
Balance at beginning of year | 951 | 865 | 761 | |||
Provision charged to expense | 607 | 850 | 816 | |||
Accounts written off, net of recoveries | 642 | 764 | 712 | |||
Balance at end of year | 916 | 951 | 865 | |||
Components of allowance for doubtful accounts | ||||||
Allowance for doubtful accounts related to accounts receivable-customer | 857 | 892 | 806 | |||
Allowance for doubtful accounts related to other accounts receivable | 59 | 59 | 59 | |||
Total allowance for doubtful accounts | $ 951 | $ 865 | $ 865 | $ 916 | $ 951 | $ 865 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Taxes and Interest Paid: | |||
Income taxes paid | $ 22,496 | $ 21,084 | $ 13,615 |
Interest paid | 25,080 | 23,471 | 22,762 |
Non-Cash Transactions: | |||
Accrued payables for investment in utility plant | 23,736 | 27,403 | 20,131 |
Property installed by developers and conveyed | 6,220 | 2,082 | 2,082 |
GSWC | |||
Taxes and Interest Paid: | |||
Income taxes paid | 17,206 | 19,448 | 4,822 |
Interest paid | 23,925 | 22,721 | 22,285 |
Non-Cash Transactions: | |||
Accrued payables for investment in utility plant | 23,736 | 27,403 | 20,128 |
Property installed by developers and conveyed | $ 6,220 | $ 2,082 | $ 2,082 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 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 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues | $ 112,993 | $ 134,496 | $ 124,647 | $ 101,733 | $ 111,005 | $ 124,182 | $ 106,901 | $ 94,728 | $ 473,869 | $ 436,816 | $ 440,603 | |
Net Income | $ 16,700 | $ 28,006 | $ 26,784 | $ 12,852 | $ 13,789 | $ 22,952 | $ 16,348 | $ 10,782 | $ 84,342 | $ 63,871 | $ 69,367 | |
Earnings Per Share, Basic | $ 0.45 | $ 0.76 | $ 0.72 | $ 0.35 | $ 0.37 | $ 0.62 | $ 0.44 | $ 0.29 | $ 2.28 | $ 1.73 | $ 1.88 | |
Earnings Per Share, Diluted | $ 0.45 | $ 0.76 | $ 0.72 | $ 0.35 | $ 0.37 | $ 0.62 | $ 0.44 | $ 0.29 | $ 2.28 | $ 1.72 | $ 1.88 | |
GSWC | ||||||||||||
Operating revenues | $ 81,233 | $ 107,245 | $ 95,548 | $ 75,352 | $ 75,226 | $ 95,564 | $ 84,574 | $ 74,244 | $ 359,378 | $ 329,608 | $ 340,301 | |
Net Income | $ 11,981 | $ 23,362 | $ 22,298 | 9,022 | $ 7,555 | $ 17,919 | $ 13,648 | $ 8,890 | 66,663 | 48,012 | 53,757 | |
Water Service Utility Operations [Member] | GSWC | ||||||||||||
Operating revenues | 319,830 | 295,258 | 306,332 | |||||||||
Retroactive pretax income adjustment due to GRC delay | $ 4,000 | |||||||||||
Electric: | GSWC | ||||||||||||
Operating revenues | $ 39,548 | 34,350 | $ 33,969 | |||||||||
Retroactive pretax income adjustment due to GRC delay | $ 1,400 | $ 2,300 |
SCHEDULE I - CONDENSED FINANC_2
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 1,334 | $ 7,141 | $ 214 | $ 436 |
Income taxes receivable and other receivables | 5,685 | 2,164 | ||
Total current assets | 122,456 | 131,468 | ||
Deferred taxes and other assets | 7,702 | 5,322 | ||
Total Assets | 1,641,331 | 1,501,433 | ||
Liabilities and Capitalization | ||||
Notes payable to bank | 5,000 | 0 | ||
Income taxes payable | 95 | 360 | ||
Other Liabilities, Current | 10,341 | 10,731 | ||
Total current liabilities | 115,998 | 146,585 | ||
Notes payable to banks | 200,000 | 95,500 | ||
Deferred Tax Liabilities, Net, Noncurrent | 125,304 | 114,216 | ||
Total other credits | 642,807 | 515,538 | ||
Common shareholders' equity | 601,530 | 558,223 | 529,945 | 494,297 |
Total capitalization | 882,526 | 839,310 | ||
Total Capitalization and Liabilities | 1,641,331 | 1,501,433 | ||
Parent Company | ||||
Assets | ||||
Cash and cash equivalents | 310 | 34 | $ 48 | $ 32 |
Inter-company loan receivables | 185,094 | 76,072 | ||
Total current assets | 185,404 | 76,106 | ||
Investments in subsidiaries | 616,725 | 574,330 | ||
Deferred taxes and other assets | 9,548 | 8,769 | ||
Total Assets | 811,677 | 659,205 | ||
Liabilities and Capitalization | ||||
Notes payable to bank | 5,000 | 0 | ||
Income taxes payable | 3,259 | 3,672 | ||
Other Liabilities, Current | 274 | 291 | ||
Total current liabilities | 8,533 | 3,963 | ||
Notes payable to banks | 200,000 | 95,500 | ||
Income taxes payable and other liabilities | 1,614 | 1,519 | ||
Total other credits | 201,614 | 97,019 | ||
Common shareholders' equity | 601,530 | 558,223 | ||
Total capitalization | 601,530 | 558,223 | ||
Total Capitalization and Liabilities | $ 811,677 | $ 659,205 |
SCHEDULE I - CONDENSED FINANC_3
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT 2 (Details) - USD ($) $ / shares in Units, shares 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 | Dec. 31, 2020 | Jun. 30, 2020 | Feb. 11, 2020 | |
Condensed financial statements | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225,000,000 | $ 225,000,000 | ||||||||||||
Income tax expense | 24,670,000 | $ 18,017,000 | $ 38,974,000 | |||||||||||
Net Income | $ 16,700,000 | $ 28,006,000 | $ 26,784,000 | $ 12,852,000 | $ 13,789,000 | $ 22,952,000 | $ 16,348,000 | $ 10,782,000 | $ 84,342,000 | $ 63,871,000 | $ 69,367,000 | |||
Weighted Average Number of Shares Outstanding (in shares) | 36,814 | 36,733 | 36,638 | |||||||||||
Earnings Per Share, Basic | $ 0.45 | $ 0.76 | $ 0.72 | $ 0.35 | $ 0.37 | $ 0.62 | $ 0.44 | $ 0.29 | $ 2.28 | $ 1.73 | $ 1.88 | |||
Weighted Average Number of Diluted Common Shares Outstanding | 36,964 | 36,936 | 36,844 | |||||||||||
Earnings Per Share, Diluted | $ 0.45 | $ 0.76 | $ 0.72 | $ 0.35 | $ 0.37 | $ 0.62 | $ 0.44 | $ 0.29 | $ 2.28 | $ 1.72 | $ 1.88 | |||
Dividends Declared Per Common Share (in dollars per share) | $ 1.160 | $ 1.060 | $ 0.994 | |||||||||||
Parent Company | ||||||||||||||
Condensed financial statements | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225,000,000 | $ 225,000,000 | ||||||||||||
Operating revenues and other income | 0 | $ 0 | $ 0 | |||||||||||
Operating Expenses and Other Expenses | 314,000 | 305,000 | 344,000 | |||||||||||
Operating income / (loss) | (314,000) | (305,000) | (344,000) | |||||||||||
Equity in earnings of subsidiaries | 83,947,000 | 63,651,000 | 67,490,000 | |||||||||||
Closed Block Operations, Results before Income Taxes | 83,633,000 | 63,346,000 | 67,146,000 | |||||||||||
Income tax expense | (709,000) | (525,000) | (2,221,000) | |||||||||||
Income tax expense (benefit) | (525,000) | (2,221,000) | ||||||||||||
Net Income | $ 84,342,000 | $ 63,871,000 | $ 69,367,000 | |||||||||||
Earnings Per Share, Basic | $ 2.28 | $ 1.73 | $ 1.88 | |||||||||||
Earnings Per Share, Diluted | 2.28 | 1.72 | 1.88 | |||||||||||
Dividends Declared Per Common Share (in dollars per share) | $ 1.160 | $ 1.060 | $ 0.994 | |||||||||||
Subsequent Event [Member] | Parent Company | ||||||||||||||
Condensed financial statements | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | $ 200,000,000 | $ 260,000,000 |
SCHEDULE I - CONDENSED FINANC_4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed financial statements | |||
Net Cash Provided by (Used in) Operating Activities | $ 116,864 | $ 136,774 | $ 144,552 |
Cash Flows From Investing Activities: | |||
Net Cash Provided by (Used in) Investing Activities | (153,195) | (128,042) | (80,031) |
Cash Flows From Financing Activities: | |||
Proceeds from stock option exercises | 519 | 546 | 909 |
Dividends paid | (42,702) | (38,937) | (36,417) |
Cash and cash equivalents, beginning of period | 7,141 | 214 | 436 |
Cash and cash equivalents, end of year | 1,334 | 7,141 | 214 |
Net Cash Provided by (Used in) Financing Activities | 30,524 | (1,805) | (64,743) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (5,807) | 6,927 | (222) |
Parent Company | |||
Condensed financial statements | |||
Net Cash Provided by (Used in) Operating Activities | 40,459 | 79,877 | 36,024 |
Cash Flows From Investing Activities: | |||
Loans (made to)/repaid from, wholly-owned subsidiaries | (107,500) | (30,500) | 30,500 |
Investment Company, Net Assets, Period Increase (Decrease) | 0 | (47,500) | 0 |
Net Cash Provided by (Used in) Investing Activities | (107,500) | (78,000) | 30,500 |
Cash Flows From Financing Activities: | |||
Proceeds from stock option exercises | 519 | 546 | 909 |
Net change in notes payable to banks | (109,500) | (36,500) | 31,000 |
Dividends paid | (42,702) | (38,937) | (36,417) |
Cash and cash equivalents, beginning of period | 34 | 48 | 32 |
Cash and cash equivalents, end of year | 310 | 34 | 48 |
Net Cash Provided by (Used in) Financing Activities | 67,317 | (1,891) | (66,508) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $ 276 | $ (14) | $ 16 |
SCHEDULE I - CONDENSED FINANC_5
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT 4 (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | Jun. 30, 2020 | Feb. 11, 2020 | Mar. 31, 2019 | |
Note payable to banks | |||||||
Notes Payable to Bank | $ 205,000,000 | ||||||
Maximum borrowing capacity | 225,000,000 | ||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Notes payable to banks | $ 5,000,000 | $ 0 | |||||
Short-term borrowing (excluding letters of credit) | |||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Notes payable to banks | $ 95,500,000 | ||||||
Interest Rate at the end of the period (as a percent) | 2.44% | 3.19% | |||||
Average Amount Outstanding | $ 167,392,000 | $ 69,559,000 | |||||
Weighted Average Annual Interest Rate (as a percent) | 2.88% | 2.66% | |||||
Maximum Amount Outstanding | $ 205,500,000 | $ 95,500,000 | |||||
Long-term Debt [Member] | |||||||
Note payable to banks | |||||||
Notes Payable to Bank | $ 205,000,000 | ||||||
Syndicated revolving credit facility | |||||||
Note payable to banks | |||||||
Variable rate basis | Euro rate | ||||||
Syndicated revolving credit facility | Minimum | |||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Interest coverage ratio | 3.25 | ||||||
Syndicated revolving credit facility | Maximum | |||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Total funded debt ratio | 0.65 | ||||||
Syndicated revolving credit facility | Letter of Credit Irrevocable Franchise Agreement with City of Rancho Cordova [Member] | |||||||
Note payable to banks | |||||||
Letter of credit, amount | $ 15,000,000 | ||||||
Parent Company | |||||||
Note payable to banks | |||||||
Maximum borrowing capacity | 225,000,000 | ||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Notes payable to banks | $ 5,000,000 | 0 | |||||
Parent Company | Syndicated revolving credit facility | |||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Interest coverage ratio | 6.89 | ||||||
Total funded debt ratio | 0.45 | ||||||
Parent Company | Syndicated revolving credit facility | Minimum | |||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Interest coverage ratio | 3.25 | ||||||
Total funded debt ratio | 0.65 | ||||||
Parent Company | Syndicated revolving credit facility | Maximum | |||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Total funded debt ratio | 1 | ||||||
Parent Company | Syndicated revolving credit facility | Letters of credit | |||||||
Note payable to banks | |||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||
Letter of credit, amount | $ 940,000 | ||||||
Letter of credit fee (as a percent) | 0.65% | ||||||
Parent Company | Syndicated revolving credit facility | Letter of Credit - GSWC business automobile insurance policy | |||||||
Note payable to banks | |||||||
Letter of credit, amount | $ 340,000 | ||||||
Parent Company | Syndicated revolving credit facility | Letter of Credit - Purchase of power | |||||||
Note payable to banks | |||||||
Letter of credit, amount | 585,000,000 | ||||||
Subsidiaries [Member] | |||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Dividends paid | (42,700,000) | (79,000,000) | $ (36,500,000) | ||||
GSWC | |||||||
Short-term borrowing activities (excluding letters of credit) | |||||||
Dividends paid | $ (20,200,000) | $ (68,850,000) | $ (27,680,000) | ||||
Syndicated revolving credit facility | Parent Company | |||||||
Note payable to banks | |||||||
Maximum borrowing capacity | $ 200,000,000 | ||||||
Syndicated revolving credit facility | Parent Company | Minimum | |||||||
Note payable to banks | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 150,000,000 | ||||||
Subsequent Event [Member] | Parent Company | |||||||
Note payable to banks | |||||||
Maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | $ 260,000,000 |