Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GWRS | |
Entity Registrant Name | Global Water Resources, Inc. | |
Entity Central Index Key | 0001434728 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Accelerated filer | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Shell Company | false | |
Entity File Number | 001-37756 | |
Entity Tax Identification Number | 90-0632193 | |
Entity Address, Address Line One | 21410 N. 19th Avenue #220 | |
Entity Address, City or Town | Phoenix, | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85027 | |
City Area Code | 480 | |
Local Phone Number | 360-7775 | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Common Stock, Shares Outstanding | 22,586,726 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Property, plant and equipment | $ 334,769 | $ 326,303 |
Less accumulated depreciation | (98,351) | (92,749) |
Net property, plant and equipment | 236,418 | 233,554 |
CURRENT ASSETS: | ||
Cash and cash equivalents | 18,062 | 7,513 |
Accounts receivable — net | 2,146 | 1,631 |
Customer payments in-transit | 286 | 0 |
Due from affiliates | 0 | 426 |
Unbilled revenue | 2,581 | 2,048 |
Prepaid expenses and other current assets | 1,029 | 675 |
Total current assets | 24,104 | 12,293 |
OTHER ASSETS: | ||
Goodwill | 4,398 | 4,398 |
Intangible assets — net | 11,726 | 12,554 |
Regulatory assets | 1,970 | 1,715 |
Restricted cash | 2,315 | 1,582 |
Other noncurrent assets | 9 | 17 |
Total other assets | 20,418 | 20,266 |
TOTAL ASSETS | 280,940 | 266,113 |
CURRENT LIABILITIES: | ||
Accounts payable | 195 | 992 |
Accrued expenses | 8,615 | 7,546 |
Deferred revenue | 10 | 0 |
Customer and meter deposits | 1,513 | 1,445 |
Long-term debt and capital leases — current portion | 118 | 117 |
Total current liabilities | 10,451 | 10,100 |
NONCURRENT LIABILITIES: | ||
Long-term debt and capital leases | 114,594 | 114,664 |
Deferred revenue - ICFA | 17,446 | 17,372 |
Regulatory liability | 8,331 | 8,803 |
Advances in aid of construction | 72,077 | 67,621 |
Contributions in aid of construction — net | 14,580 | 14,520 |
Deferred income tax liabilities — net | 5,214 | 4,919 |
Acquisition liability | 1,773 | 1,773 |
Other noncurrent liabilities | 2,657 | 1,669 |
Total noncurrent liabilities | 236,672 | 231,341 |
Total liabilities | 247,123 | 241,441 |
Commitments and contingencies (Refer to Note 16) | ||
SHAREHOLDERS' EQUITY: | ||
Common stock, $0.01 par value, 60,000,000 shares authorized; 22,686,708 and 21,636,420 shares issued as of September 30, 2020 and December 31, 2019, respectively. | 227 | 216 |
Treasury stock, 99,982 and 99,039 shares at September 30, 2020 and December 31, 2019, respectively. | (1) | (1) |
Paid in capital | 33,591 | 24,457 |
Retained earnings | 0 | 0 |
Total shareholders' equity | 33,817 | 24,672 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 280,940 | $ 266,113 |
Treasury Stock, Shares | 99,982 | 99,039 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, issued (in shares) | 22,686,708 | 21,636,420 |
Treasury Stock, Shares | (99,982) | (99,039) |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
REVENUES: | ||||
Water services | $ 5,492 | $ 4,963 | $ 13,555 | $ 12,344 |
Wastewater and recycled water services | 5,238 | 4,962 | 15,187 | 14,393 |
Unregulated revenues | 27 | 17 | 134 | 49 |
Total revenues | 10,757 | 9,942 | 28,876 | 26,786 |
OPERATING EXPENSES: | ||||
Operations and maintenance | 2,584 | 1,914 | 7,156 | 5,417 |
Operations and maintenance - related party | 0 | 435 | 0 | 1,287 |
General and administrative | 2,969 | 3,074 | 8,682 | 8,099 |
Depreciation and amortization | 2,312 | 1,957 | 6,622 | 5,977 |
Total operating expenses | 7,865 | 7,380 | 22,460 | 20,780 |
OPERATING INCOME | 2,892 | 2,562 | 6,416 | 6,006 |
OTHER INCOME (EXPENSE): | ||||
Interest income | 9 | 49 | 88 | 167 |
Interest expense | (1,342) | (1,341) | (4,039) | (4,044) |
Other | 70 | 68 | (361) | 1,218 |
Other - related party | 0 | 97 | 0 | 213 |
Total other expense | (1,263) | (1,127) | (4,312) | (2,446) |
INCOME BEFORE INCOME TAXES | 1,629 | 1,435 | 2,104 | 3,560 |
INCOME TAX EXPENSE | 498 | 388 | (741) | (1,086) |
NET INCOME | $ 1,131 | $ 1,047 | $ 1,363 | $ 2,474 |
Basic earnings per common share | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.12 |
Diluted earnings per common share | 0.05 | 0.05 | 0.06 | 0.11 |
Dividends declared per common share | $ 0.07 | $ 0.07 | $ 0.22 | $ 0.21 |
Weighted average number of common shares used in the determination of: | ||||
Basic | 22,586,588 | 21,536,834 | 22,495,675 | 21,509,770 |
Diluted | 22,633,133 | 21,571,240 | 22,530,371 | 21,521,255 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common | Common Stock | Common StockAdditional Paid-in Capital [Member] |
BALANCE at the beginning (in shares) at Dec. 31, 2018 | 21,530,470 | (59,174) | ||||||
BALANCE, at the beginning at Dec. 31, 2018 | $ 27,871 | $ 215 | $ (1) | $ 27,657 | $ 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividend declared | (1,537) | (888) | ||||||
Dividends | (649) | |||||||
Net Income (Loss) Attributable to Parent | 649 | 649 | ||||||
BALANCE at the end (in shares) at Mar. 31, 2019 | 21,530,470 | (59,174) | ||||||
BALANCE, at the end at Mar. 31, 2019 | 27,048 | $ 215 | $ (1) | 26,834 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | 65 | 65 | ||||||
BALANCE at the beginning (in shares) at Dec. 31, 2018 | 21,530,470 | (59,174) | ||||||
BALANCE, at the beginning at Dec. 31, 2018 | 27,871 | $ 215 | $ (1) | 27,657 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss) Attributable to Parent | 2,474 | |||||||
BALANCE at the end (in shares) at Sep. 30, 2019 | 21,634,470 | (97,636) | ||||||
BALANCE, at the end at Sep. 30, 2019 | $ 26,362 | $ 216 | $ (1) | 26,147 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared per common share | $ 0.21 | |||||||
BALANCE at the beginning (in shares) at Mar. 31, 2019 | 21,530,470 | (59,174) | ||||||
BALANCE, at the beginning at Mar. 31, 2019 | $ 27,048 | $ 215 | $ (1) | 26,834 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividend declared | (1,542) | (764) | ||||||
Dividends | (778) | |||||||
Stock option exercise (in shares) | 104,000 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | 413 | $ 1 | 412 | |||||
Net Income (Loss) Attributable to Parent | 778 | 778 | ||||||
BALANCE at the end (in shares) at Jun. 30, 2019 | 21,634,470 | (97,636) | ||||||
BALANCE, at the end at Jun. 30, 2019 | 26,763 | $ 216 | $ (1) | 26,548 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | $ 66 | 66 | ||||||
Dividends declared per common share | $ 0.07 | |||||||
Common Stock, Shares | (38,462) | |||||||
Dividend declared | $ (1,541) | (494) | ||||||
Dividends | (1,047) | |||||||
Net Income (Loss) Attributable to Parent | 1,047 | 1,047 | ||||||
BALANCE at the end (in shares) at Sep. 30, 2019 | 21,634,470 | (97,636) | ||||||
BALANCE, at the end at Sep. 30, 2019 | 26,362 | $ 216 | $ (1) | 26,147 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | $ 93 | 93 | ||||||
Dividends declared per common share | $ 0.07 | |||||||
Common Stock, Shares | (21,636,420) | |||||||
BALANCE at the beginning (in shares) at Dec. 31, 2019 | 21,636,420 | (99,039) | ||||||
BALANCE, at the beginning at Dec. 31, 2019 | $ 24,672 | $ 216 | $ (1) | 24,457 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Value, New Issues | $ 10 | $ 11,521 | $ 11,511 | |||||
Dividend declared | (1,628) | (1,274) | ||||||
Dividends | (354) | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 1,000,000 | |||||||
Net Income (Loss) Attributable to Parent | 354 | 354 | ||||||
BALANCE at the end (in shares) at Mar. 31, 2020 | 22,636,420 | (99,039) | ||||||
BALANCE, at the end at Mar. 31, 2020 | 35,034 | $ 226 | $ (1) | 34,809 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | $ 115 | 115 | ||||||
Dividends declared per common share | $ 0.07 | |||||||
BALANCE at the beginning (in shares) at Dec. 31, 2019 | 21,636,420 | (99,039) | ||||||
BALANCE, at the beginning at Dec. 31, 2019 | $ 24,672 | $ 216 | $ (1) | 24,457 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 870,000 | |||||||
Net Income (Loss) Attributable to Parent | $ 1,363 | |||||||
BALANCE at the end (in shares) at Sep. 30, 2020 | 22,686,708 | (99,982) | ||||||
BALANCE, at the end at Sep. 30, 2020 | $ 33,817 | $ 227 | $ (1) | 33,591 | 0 | $ (1) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared per common share | $ 0.22 | |||||||
BALANCE at the beginning (in shares) at Mar. 31, 2020 | 22,636,420 | (99,039) | ||||||
BALANCE, at the beginning at Mar. 31, 2020 | $ 35,034 | $ 226 | $ (1) | 34,809 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Value, New Issues | $ 1 | $ (2) | $ (3) | |||||
Dividend declared | (1,633) | (1,633) | ||||||
Dividends | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 49,163 | |||||||
Net Income (Loss) Attributable to Parent | (122) | (122) | ||||||
BALANCE at the end (in shares) at Jun. 30, 2020 | 22,685,583 | (99,039) | ||||||
BALANCE, at the end at Jun. 30, 2020 | 34,045 | $ 227 | $ (1) | 33,941 | (122) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | $ 768 | 768 | ||||||
Dividends declared per common share | $ 0.07 | |||||||
Dividend declared | $ (1,633) | (624) | ||||||
Dividends | (1,009) | |||||||
Stock option exercise (in shares) | 1,125 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | |||||||
Net Income (Loss) Attributable to Parent | 1,131 | 1,131 | ||||||
BALANCE at the end (in shares) at Sep. 30, 2020 | 22,686,708 | (99,982) | ||||||
BALANCE, at the end at Sep. 30, 2020 | 33,817 | $ 227 | $ (1) | 33,591 | $ 0 | $ (1) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | $ 275 | $ 275 | ||||||
Dividends declared per common share | $ 0.07 | |||||||
Common Stock, Shares | (22,686,708) | (943) |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||||||
Subsequent Event Monthly Dividends declared per common share (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.22 | $ 0.21 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,363 | $ 2,474 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred compensation | 1,708 | 1,412 |
Depreciation and amortization | 6,622 | 5,977 |
Amortization of deferred debt issuance costs and discounts | 103 | 73 |
Loss on equity investment | 0 | 79 |
Other (gains) and losses | 551 | (1) |
Provision for doubtful accounts receivable | 100 | 34 |
Deferred income tax expense | 295 | 660 |
Changes in assets and liabilities | ||
Accounts receivable | (615) | (326) |
Other current assets | (749) | (341) |
Accounts payable and other current liabilities | 1,095 | 245 |
Other noncurrent assets | (255) | 56 |
Other noncurrent liabilities | 1,479 | 835 |
Net cash provided by operating activities | 11,697 | 11,177 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (7,490) | (7,785) |
Other cash flows from investing activities | (9) | 3 |
Net cash used in investing activities | (7,499) | (7,782) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividends paid | (4,896) | (4,620) |
Advances in aid of construction | 1,575 | 743 |
Proceeds from stock option exercise | 0 | 413 |
Principal payments under capital lease | (77) | (40) |
Refunds of advances for construction | (959) | (903) |
Loan borrowings | 0 | 31 |
Loan repayments | 24 | 39 |
Proceeds from sale of stock | 11,739 | 0 |
Debt issuance costs paid | (53) | (40) |
Payments of offering costs for sale of stock | (221) | 0 |
Net cash (used) provided by financing activities | 7,084 | (4,455) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 11,282 | (1,060) |
Cash and cash equivalents | 18,062 | 11,091 |
Restricted Cash, Cash Equivalents, Noncurrent | 2,315 | 1,046 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 20,377 | $ 12,137 |
Statement of Cash Flows, Supple
Statement of Cash Flows, Supplemental Disclosures | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | The following is supplemental cash flow information for the nine months ended September 30, 2020 and 2019 (in thousands): For the Nine Months Ended September 30, 2020 2019 Supplemental cash flow information: Cash paid for interest $ 2,616 $ 2,621 Non-cash financing and investing activities: Capital expenditures included in accounts payable and accrued liabilities $ 294 $ 964 Contributions in aid of construction - loan forgiveness $ — $ 31 |
Description of Business, Basis
Description of Business, Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements | Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements of Global Water Resources, Inc. (the “Company”, “GWRI”, “we”, “us”, or “our”) and related disclosures as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited. The December 31, 2019 condensed consolidated balance sheet data was derived from the Company’s audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These financial statements follow the same accounting policies and methods of their application as the Company’s most recent annual consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019. In our opinion, these financial statements include all normal and recurring adjustments necessary for the fair statement of the results for the interim period. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year, due to the seasonality of our business. The Company prepares its financial statements in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company qualifies as an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), under the rules and regulations of the SEC. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. The Company elected to take advantage of these provisions for up to five years or such earlier time that the Company is no longer an emerging growth company. The Company has elected to take advantage of some of the reduced disclosure obligations regarding financial statements. Also, as an emerging growth company the Company can elect to delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has chosen to take advantage of this extended accounting transition provision. Corporate Transactions Sale of certain MXA and WMA contracts In September 2013, the Company sold its Wastewater Facilities Main Extension Agreements (“MXA”) and Offsite Water Management Agreements (“WMA") for the contemplated Loop 303 service area along with their related rights and obligations to EPCOR Water Arizona Inc. (“EPCOR”) (collectively the “Transfer of Project Agreement”, or “Loop 303 Contracts”). Pursuant to the Transfer of Project Agreement, EPCOR agreed to pay GWRI approximately $4.1 million over a multi-year period. The Company received the final $1.0 million of proceeds in March 2019 and recorded the amount in other income. Stipulated Condemnation of the Operations and Assets of Valencia Water Company, Inc. On July 14, 2015, the Company closed the stipulated condemnation to transfer the operations and assets of Valencia Water Company, Inc. ("Valencia") to the City of Buckeye. Terms of the condemnation were agreed upon through a settlement agreement and stipulated final judgment of condemnation wherein the City of Buckeye acquired all the operations and assets of Valencia and assumed operation of the utility upon close. The City of Buckeye is obligated to pay the Company a growth premium equal to $3,000 for each new water meter installed within Valencia’s prior service areas in the City of Buckeye, for a 20-year period ending December 31, 2034, subject to a maximum payout of $45.0 million over the term of the agreement. The Company received growth premiums of $0.1 million for both the three months ended September 30, 2020 and 2019, and $0.2 million for both the nine months ended September 30, 2020 and 2019. Private Letter Ruling On June 2, 2016, the Company received a Private Letter Ruling from the Internal Revenue Service ("IRS") that, for purposes of deferring the approximately $19.4 million gain realized from the condemnation of the operations and assets of Valencia, determined that the assets converted upon the condemnation of such assets could be replaced through certain reclamation facility improvements contemplated by the Company under Internal Revenue Code §1033 as property similar or related in service or use. Pursuant to Internal Revenue Code §1033, the Company would have been able to defer the gain on condemnation through the end of 2017, which was subsequently extended through the end of 2020. The Company fully deferred the remaining tax liability during the nine months ended September 30, 2020. Acquisition of Red Rock Utilities On October 16, 2018, the Company completed the acquisition of Red Rock Utilities ("Red Rock"), an operator of a water and a wastewater utility with service areas in the Pima and Pinal counties of Arizona, for a purchase price of $5.9 million. The acquisition added over 1,650 connections and approximately 9 square miles of service area. The Company is obligated to pay to the seller a growth premium equal to $750 for each new account established within three specified growth premium areas, commencing in each area on the date of the first meter installation and ending on the earlier of ten twenty Arizona Corporation Commission (the “ACC”) Tax Docket The Company had regulatory assets of $2.0 million and $1.7 million at September 30, 2020 and December 31, 2019, respectively. and regulatory liabilities of $0.7 million and $0.6 million at September 30, 2020 and December 31, 2019, respectively, related to the Federal Tax Cuts and Jobs Act (the "TCJA") signed into law on December 22, 2017. Under ASC 740, Income Taxes , the tax effects of changes in tax laws must be recognized in the period in which the law is enacted. ASC 740 also requires deferred income tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Thus, at the date of enactment, the Company’s deferred income taxes were re-measured based upon the new tax rate. For the Company’s regulated entities, substantially all of the change in deferred income taxes is recorded as an offset to either a regulatory asset or liability because the impact of changes in the rates are expected to be recovered from or refunded to customers. On December 20, 2017, the ACC opened a docket to address the utility ratemaking implications of the TCJA. The ACC subsequently approved an order in February 2018 requiring Arizona utilities to apply regulatory accounting treatment, which includes the use of regulatory assets and regulatory liabilities, to address all impacts from the enactment of the TCJA. On September 20, 2018, the ACC issued Rate Decision No. 76901, which set forth the reductions in revenue for our Santa Cruz, Palo Verde, Greater Tonopah and Northern Scottsdale utilities due to the lower corporate tax rates under the TCJA. Rate Decision No. 76901 adopted a phase-in approach for the reductions to match the phase-in of our revenue requirement under Rate Decision No. 74364 enacted in February 2014. In 2019, the aggregate annual reductions in revenue for our Santa Cruz, Palo Verde, Greater Tonopah, and Northern Scottsdale utilities was approximately $0.9 million. In 2021, the final year of the phase-in, the aggregate annual reductions in revenue for our Santa Cruz, Palo Verde, Greater Tonopah, and Northern Scottsdale utilities will be approximately $1.1 million. The ACC also approved a carrying cost of 4.25% on regulatory liabilities resulting from the difference of the fully phased-in rates to be applied in 2021 versus the phased-in rates refunded in the years leading up to 2021 (i.e., 2018 through 2020). Rate Decision No. 76901, however, did not address the impacts of the TCJA on accumulated deferred income taxes (“ADIT”), including excess ADIT (“EADIT”). Following the ACC's request for a proposal, the Company made its proposal in filings on December 19, 2018 and July 1, 2019. ACC Staff reviewed the Company's filing and requested that the Company defer tariff revisions until such revisions can be considered in the next rate case. ACC Staff also requested that the Company defer consideration of the regulatory assets and regulatory liabilities associated with 2018 EADIT amortization. On July 18, 2019, the Company made a filing proposing these items be deferred to the next rate case. Refer to " — Corporate Transactions — ACC Rate Case" for additional information regarding the Company's next rate case. On November 27, 2018, February 20, 2019, February 28, 2019, and January 23, 2020, the ACC adopted orders relating to the funding for income taxes on contributions in aid of construction (“CIAC”) and advances in aid of construction (“AIAC”) (which became taxable for our regulated utilities under the TCJA). Those orders 1) require that under the hybrid sharing method, a contributor will pay a gross-up to the utility consisting of 55% of the income tax expense with the utility covering the remaining 45% of the income tax expense; 2) remove the full gross-up method option for Class A and B utilities and their affiliates (which includes all of our utilities); 3) ensure proper ratemaking treatment of a utility using the self-pay method; 4) clarify that pass-through entities that are owned by a “C” corporation can recover tax expense according to methods allowed; and 5) require Class A and B utilities to self-pay the taxes associated with hook-up fee contributions but permit using a portion of the hook-up fees to fund these taxes. The Company's utilities have adopted the hybrid sharing method for income tax on CIAC and AIAC. ACC Rate Case On April 26, 2019, the ACC issued Decision No. 77168, which required all of our utilities to file a rate case no later than June 30, 2020, using the twelve months ending December 31, 2019 as the test year for the rate case. Due to the COVID-19 pandemic, on April 14, 2020, we filed a request to extend the deadline for filing of a rate case to August 17, 2020. On May 5, 2020, the ACC extended the deadline to August 28, 2020. On August 28, 2020, our regulated utilities each filed a rate case application with the ACC for water and wastewater rates, which proposed a collective revenue requirement increase of $4.6 million (relative to expected revenues in 2021, which is the final year of the rate phase-in from the last rate case) based on a 2019 test year. Certain of our utilities, including Santa Cruz and Palo Verde, have also requested that the rate increases be phased in over three years, beginning January 1, 2022. The consolidated rate increase, if approved by the ACC, would result in the estimated average monthly residential bill for Santa Cruz and Palo Verde customers increasing approximately $4.93, $5.72, and $4.12 in the aggregate in each of 2022, 2023, and 2024, respectively. We also requested the consolidation of water and wastewater rates for our Red Rock, Santa Cruz, Palo Verde, Picacho Water and Picacho Utilities. These utilities are all located in Pinal County; make up approximately 97% of the Company's active service connections; provide or will provide water, wastewater, and recycled water services; and are expected to create economies of scale that are beneficial to all customers if consolidated. There can be no assurance, however, that the ACC will approve the requested rate increase or any increase or the consolidation of water and wastewater rates described above, and the ACC could take other actions as a result of the rate case. Further, it is possible that the ACC may determine to decrease future rates. There can also be no assurance as to the timing of when any approved rate increase (if any) would go into effect. 2020 Common Stock Offering On January 21, 2020, the Company completed a public offering of 870,000 shares of common stock at a public offering price per share of $12.50, for gross proceeds of $10.9 million. On January 30, 2020, an additional 130,000 shares of common stock were issued at the public offering price of $12.50 per share, for gross proceeds of $1.6 million, resulting in total proceeds from the offering of approximately $12.5 million. The issuance of the additional shares was completed pursuant to the exercise in full of the underwriter's over-allotment option. Total net proceeds of approximately $11.5 million were received after deducting underwriting discounts and commissions and offering expenses payable by us, which collectively totaled approximately $1.0 million. Significant Accounting Policies Basic and Diluted Earnings per Common Share Diluted EPS is based upon the weighted average number of common shares, including both outstanding shares and shares potentially issuable in connection with stock options and restricted stock awards granted. As of September 30, 2020, the Company had 631,375 options outstanding to acquire an equivalent number of shares of GWRI common stock. The 385,771 options outstanding from the 2017 option grant equated to 32,339 and 34,696 common share equivalents for the three and nine months ended September 30, 2020, respectively, which were included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2020. The remaining 245,604 options outstanding were not included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2020, as to do so would be antidilutive. As of September 30, 2020 and 2019, there were 128,327 and zero restricted stock awards outstanding, respectively. The 128,327 restricted stock awards outstanding equated to 14,206 and zero common share equivalents for the three and nine months ended September 30, 2020, respectively. The 14,206 common share equivalents were included within the calculation of diluted earnings per share for the three months ended September 30, 2020. As of September 30, 2019, the Company had 640,796 options outstanding to acquire an equivalent number of shares of GWRI common stock. The 390,796 options outstanding from the 2017 option grant equated to 34,406 and 11,485 common share equivalents for the three and nine months ended September 30, 2019, respectively, which were included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2019. The 250,000 options outstanding from the 2019 option grant were not included for the three and nine months ended September 30, 2019 dilutive earnings per share calculation, as to do so would be antidilutive. Refer to Note 14 – “Deferred Compensation Awards” for additional information regarding the option grants. Customer payments in-transit Recent Accounting Pronouncements Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) ("ASU 2018-13"). ASU 2018-13 changes the fair value disclosure requirements including new, eliminated, and modified disclosure requirements of ASC 820. Specifically, the ASU requires the addition of disclosures for Level 3 fair value measurements with unrealized gains and losses included in other comprehensive income and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 measurements. The Company implemented ASU 2018-13 on January 1, 2020. The implementation did not result in material changes to our consolidated financial statements. Future Adoption of Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”, or "ASC 842"). ASU 2016-02 requires lessees to record a right-of-use asset and corresponding lease obligation for lease arrangements with a term of greater than twelve months. ASU 2016-02 requires additional disclosures about leasing arrangements and requires the use of the modified retrospective method, which will require adjustment to all comparative periods presented in the consolidated financial statements. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 ("ASU 2018-10"). ASU 2018-10 improves various aspects within ASC 842, such as rate implicit in the lease, lessee's reassessment of lease classification, lease term and purchase option, as well as many other aspects of the guidance. In July 2018, the FASB issued ASU 2018-11, Leases Topic 842, Targeted Improvements ("ASU 2018-11"). ASU 2018-11 provides entities the option to elect not to recast the comparative periods presented when transitioning to ASC 842 and lessors may elect not to separate lease and non-lease components when certain conditions are met. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) ("ASU 2019-10"). ASU 2019-10 amends the effective dates for certain major new accounting standards including those related to leases. Due to qualifying as an emerging growth company, the Company is required to adopt all lease related ASUs on January 1, 2021. The Company is currently assessing the impact that adopting these new standards will have on its consolidated financial statements but does not expect a material effect. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates Step 2 from the impairment test which requires entities to determine the implied fair value of goodwill to measure if any impairment expense is necessary. Instead, entities will record impairment expenses based on the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2019-10 extended the effective date for this ASU. Due to qualifying as an emerging growth company, the Company is required to adopt the ASU on January 1, 2023. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. |
Significant Accounting Policies | Significant Accounting Policies Basic and Diluted Earnings per Common Share Diluted EPS is based upon the weighted average number of common shares, including both outstanding shares and shares potentially issuable in connection with stock options and restricted stock awards granted. As of September 30, 2020, the Company had 631,375 options outstanding to acquire an equivalent number of shares of GWRI common stock. The 385,771 options outstanding from the 2017 option grant equated to 32,339 and 34,696 common share equivalents for the three and nine months ended September 30, 2020, respectively, which were included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2020. The remaining 245,604 options outstanding were not included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2020, as to do so would be antidilutive. As of September 30, 2020 and 2019, there were 128,327 and zero restricted stock awards outstanding, respectively. The 128,327 restricted stock awards outstanding equated to 14,206 and zero common share equivalents for the three and nine months ended September 30, 2020, respectively. The 14,206 common share equivalents were included within the calculation of diluted earnings per share for the three months ended September 30, 2020. As of September 30, 2019, the Company had 640,796 options outstanding to acquire an equivalent number of shares of GWRI common stock. The 390,796 options outstanding from the 2017 option grant equated to 34,406 and 11,485 common share equivalents for the three and nine months ended September 30, 2019, respectively, which were included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2019. The 250,000 options outstanding from the 2019 option grant were not included for the three and nine months ended September 30, 2019 dilutive earnings per share calculation, as to do so would be antidilutive. Refer to Note 14 – “Deferred Compensation Awards” for additional information regarding the option grants. Customer payments in-transit |
Customer payments in-transit | Customer payments in-transitCustomer payments in-transit represent funds received by our third-party payment processor related to customer payments, a majority of which were paid for with debit cards, credit cards, and checks, to which the Company does not have immediate access but settles within a few days of the payment transaction. |
Regulatory Decision and Related
Regulatory Decision and Related Accounting and Policy Changes | 9 Months Ended |
Sep. 30, 2020 | |
Regulated Operations [Abstract] | |
Regulatory Decision and Related Accounting and Policy Changes | REGULATORY DECISION AND RELATED ACCOUNTING AND POLICY CHANGES Our regulated utilities and certain other balances are subject to regulation by the ACC and meet the requirements for regulatory accounting found within Accounting Standards Codification 980, Regulated Operations ("ASC 980"). In accordance with ASC 980, rates charged to utility customers are intended to recover the costs of the provision of service plus a reasonable return in the same period. Changes to the rates are made through formal rate applications with the ACC, which we have done for all of our operating utilities as described below. On July 9, 2012, we filed formal rate applications with the ACC to adjust the revenue requirements for seven utilities representing a collective rate increase of approximately 28% over 2011 revenue levels. In August 2013, the Company entered into a settlement agreement with ACC Staff, the Residential Utility Consumers Office, the City of Maricopa, and other parties to the rate case. The settlement required approval by the ACC’s Commissioners before it could take effect. In February 2014, the rate case proceedings were completed and the ACC issued Rate Decision No. 74364, effectively approving the settlement agreement. The rulings of the decision include, but are not limited to, the following: • For the Company’s utilities, adjusting for the condemnation of the operations and assets of Valencia and sale of Willow Valley Water Co., Inc. ("Willow Valley"), which occurred in 2015 and 2016, respectively, a collective revenue requirement increase of $3.6 million based on 2011 test year service connections, phased-in over time, with the first increase in January 2015 as follows (in thousands, not updated for the TCJA, refer to Note 1 — "Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements — Corporate Transactions— ACC Tax Docket" Incremental Cumulative 2015 $ 1,083 $ 1,083 2016 887 1,970 2017 335 2,305 2018 335 2,640 2019 335 2,975 2020 335 3,310 2021 335 3,645 Whereas this phase-in of additional revenues was determined using a 2011 test year, to the extent that the number of active service connections increases from 2011 levels, the additional revenues may be greater than the amounts set forth above. On the other hand, if active connections decrease or we experience declining usage per customer, we may not realize all of the anticipated revenues. • Full reversal of the imputation of CIAC balances associated with funds previously received under infrastructure coordination and financing agreements ("ICFAs"), as required in the Company’s last rate case. The reversal restored rate base or future rate base and had a significant impact of restoring shareholder equity on the balance sheet. • The Company has agreed to not enter into any new ICFAs. Existing ICFAs will remain in place, but a portion of future payments to be received under the ICFAs will be considered as hook-up fees, which are accounted for as CIAC once expended on plant. • A 9.5% return on common equity was adopted. On September 20, 2018, the ACC issued Rate Decision No. 76901, which set forth the reductions in revenue for our Santa Cruz, Palo Verde, Greater Tonopah, and Northern Scottsdale utilities due to the TCJA. Rate Decision No. 76901 adopted a phase-in approach for the reductions to match the phase-in of our revenue requirements under Rate Decision No. 74364. Refer to Note 1 — "Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements — Corporate Transactions — ACC Tax Docket" On August 28, 2020, our regulated utilities each filed a rate case application with the ACC for water and wastewater rates, as well as the consolidation of water and wastewater rates for certain of the utilities. Refer to Note 1 — "Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements — Corporate Transactions— ACC Rate Case" The following provides additional discussion on accounting and policy changes resulting from Rate Decision No. 74364. Infrastructure Coordination and Financing Agreements – ICFAs are agreements with developers and homebuilders whereby GWRI, the indirect parent of the operating utilities, provides services to plan, coordinate, and finance the water and wastewater infrastructure that would otherwise be required to be performed or subcontracted by the developer or homebuilder. Under the ICFAs, GWRI has a contractual obligation to ensure physical capacity exists through its regulated utilities for water and wastewater to the landowner/developer when needed. This obligation persists regardless of connection growth. Fees for these services are typically a negotiated amount per equivalent dwelling unit for the specified development or portion of land. Payments are generally due in installments, with a portion due upon signing of the agreement, a portion due upon completion of certain milestones, and the final payment due upon final plat approval or sale of the subdivision. The payments are non-refundable. The agreements are generally recorded against the land and must be assumed in the event of a sale or transfer of the land. The regional planning and coordination of the infrastructure in the various service areas has been an important part of GWRI’s business model. In February 2014, the ACC issued Rate Decision No. 74364, and concluded ICFA funds already received would no longer be deemed CIAC for rate making purposes. ICFA funds already received or which had become due prior to the date of Rate Decision No. 74364 were recognized as revenue once the obligations specified in the ICFA were met. Rate Decision No. 74364 prescribes that of the ICFA funds which come due and are paid subsequent to December 31, 2013, 70% of the ICFA funds will be recorded in the associated utility subsidiary as a hook-up fee (“HUF”) liability, with the remaining 30% to be recorded as deferred revenue, which the Company accounts for in accordance with the Company's ICFA revenue recognition policy. A HUF tariff, specifying the dollar value of a HUF for each utility, was approved by the ACC as part of Rate Decision No. 74364. The Company is responsible for assuring the full HUF value is paid from ICFA proceeds, and recorded in its full amount, even if it results in recording less than 30% of the ICFA fee as deferred revenue. The Company will account for the portion allocated to the HUF as a CIAC contribution. However, in accordance with the ACC directives the CIAC is not deducted from rate base until the HUF funds are expended for utility plant. Such funds will be segregated in a separate bank account and used for plant. A HUF liability will be established and will be amortized as a reduction of depreciation expense over the useful life of the related plant once the HUF funds are utilized for the construction of plant. For facilities required under a HUF or ICFA, the utilities must first use the HUF moneys received, after which, it may use debt or equity financing for the remainder of construction. The Company will record 30% of the funds received, up until the HUF liability is fully funded, as deferred revenue, which is to be recognized as revenue once the obligations specified within the ICFA are met, including construction of sufficient operating capacity to serve the customers for which revenue was deferred. As of September 30, 2020 and December 31, 2019, ICFA deferred revenue recorded on the consolidated balance sheet totaled $17.4 million, which represents deferred revenue recorded for ICFA funds received on contracts that had become due prior to Rate Decision No. 74364. Refer to Note 3 — "Revenue Recognition" of the notes to the unaudited condensed consolidated financial statements for additional discussion regarding ICFA revenue. Intangible assets / Regulatory liability – Pursuant to Rate Decision No. 74364, approximately 70% of ICFA funds to be received in the future will be recorded as a HUF, until the HUF is fully funded at the Company’s applicable utility subsidiary. The remaining approximate 30% of future ICFA funds will be recorded at the parent company level and will be subject to the Company’s ICFA revenue recognition accounting policy. As the Company now expects to experience an economic benefit from the approximately 30% portion of future ICFA funds, 30% of the regulatory liability, or $3.4 million, was reversed in 2014. The remaining 70% of the regulatory liability, or $7.9 million, will continue to be recorded on the balance sheet. The intangible assets amortize when the corresponding ICFA funds are received in proportion to the amount of total cash expected to be received under the underlying agreements. The recognition of amortization expense will be partially offset by a corresponding reduction of the regulatory liability. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE RECOGNITION On January 1, 2019, the Company adopted ASC 606 , using the modified retrospective approach. The Company identified its sources of revenue streams that fall within the scope of this guidance and applied the five-step model to all qualifying revenue streams to determine when to recognize revenue. The Company concluded that there is not a material change to how revenue was recognized before and after the adoption of ASC 606; therefore, no cumulative retained earnings adjustment was required. Regulated Revenue The Company's operating revenues are primarily attributable to regulated services based upon tariff rates approved by the ACC. Regulated service revenues consist of amounts billed to customers based on approved fixed monthly fees and consumption fees, as well as unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing historical customer data recorded as accrued revenue. The measurement of sales to customers is generally based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, the Company estimates consumption since the date of the last meter reading and a corresponding unbilled revenue is recognized. The unbilled revenue estimate is based upon the number of unbilled days that month and the average daily customer billing rate from the previous month (which fluctuates based upon customer usage). The Company applies the invoice practical expedient and recognizes revenue from contracts with customers in the amount for which the Company has a right to invoice. The Company has the right to invoice for the volume of consumption, service charge, and other authorized charges. The Company satisfies its performance obligation to provide water and wastewater services over time as the services are rendered. Regulated services may be terminated by the customers at will, and, as a result, no separate financing component is recognized for the Company's collections from customers, which generally require payment within 15 days of billing. The Company applies judgment, based principally on historical payment experience, in estimating its customers' ability to pay. The Company has elected to apply the sales tax practical expedient, whereby qualifying excise and other taxes collected from customers and remitted to governmental authorities are not included in reported revenues. Unregulated Revenue Unregulated revenues represent those revenues that are not subject to the ratemaking process of the ACC. Unregulated revenues are limited to rental revenue and imputed revenues resulting from a portion of ICFA funds received. ICFAs are agreements with developers and homebuilders where the Company provides services to plan, coordinate, and finance the water and wastewater infrastructure that would otherwise be required to be performed or subcontracted by the developer or homebuilder. In return, the developers and homebuilders pay the Company an agreed-upon amount per dwelling unit for the specified development or portion of land. In addition, under ICFA agreements, the Company has a contractual obligation to ensure physical capacity exists through its regulated utilities for water and wastewater to the developer when needed. This obligation persists regardless of connection growth. The Company believes that these services are not distinct in the context of the contract because they are highly interdependent with the Company’s ability to provide fitted capacity for water and wastewater services. The Company concluded that the goods and services provided under ICFA contracts constitute a single performance obligation. IFCA revenue is recognized at a point in time when the Company has the necessary capacity in place within its infrastructure to provide water/wastewater services to the developer. The Company exercises judgment when estimating the number of equivalent dwelling units that the Company has capacity to serve. Disaggregated Revenues For the three and nine months ended September 30, 2020 and 2019, disaggregated revenues from contracts with customers by major source and customer class are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 REGULATED REVENUE Water Services Residential $ 3,623 $ 3,151 $ 9,564 $ 8,652 Irrigation 1,297 1,320 2,528 2,452 Commercial 224 228 642 583 Construction 169 37 388 104 Other water revenues 179 227 433 553 Total water revenues 5,492 4,963 13,555 12,344 Wastewater and recycled water services Residential 4,516 4,293 13,411 12,698 Commercial 244 229 721 678 Recycled water revenues 419 335 891 717 Other wastewater revenues 59 105 164 300 Total wastewater and recycled water revenues 5,238 4,962 15,187 14,393 TOTAL REGULATED REVENUE 10,730 9,925 28,742 26,737 UNREGULATED REVENUE ICFA revenues — — — — Rental revenues 26 16 133 48 Other Miscellaneous revenues 1 1 1 1 TOTAL UNREGULATED REVENUE 27 17 134 49 TOTAL REVENUE $ 10,757 $ 9,942 $ 28,876 $ 26,786 Contract Balances Our contract assets and liabilities consist of the following (in thousands): September 30, 2020 December 31, 2019 CONTRACT ASSETS Accounts receivable Water services $ 1,296 $ 791 Wastewater and recycled water services 1,013 926 Total contract assets (1) $ 2,309 $ 1,717 CONTRACT LIABILITIES Deferred revenue - ICFA $ 17,446 $ 17,372 Refund liability - regulated (2) 695 587 Deferred revenue - other (3) 10 — Total contract liabilities $ 18,151 $ 17,959 (1) The increase in accounts receivable was due to the increase in customers at September 30, 2020 compared to December 31, 2019, combined with the seasonality of the business with higher usage in hotter summer months. (2) The increase in refund liability is due to the phase-in approach approved in Rate Decision No. 76901. Refer to Note 1—"Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements — Corporate Transactions — ACC Tax Docket" (3) The increase in deferred revenue - other is due to a new rental contract entered into during the three months ended March 31, 2020, for which rental payments were collected in advance. Remaining Performance Obligations |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant, and equipment at September 30, 2020 and December 31, 2019 consist of the following (in thousands): September 30, 2020 December 31, 2019 Average Depreciation Life (in years) Mains/lines/sewers $ 142,903 $ 138,173 49 Plant 95,892 94,615 31 Equipment 36,877 35,497 14 Meters 14,385 14,057 13 Furniture, fixture and leasehold improvements 1,650 623 21 Computer and office equipment 991 785 7 Software 241 241 3 Land and land rights 1,147 1,051 Other 700 700 Construction work-in-process 39,983 40,561 Total property, plant and equipment 334,769 326,303 Less accumulated depreciation (98,351) (92,749) Net property, plant and equipment $ 236,418 $ 233,554 |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE Accounts receivable as of September 30, 2020 and December 31, 2019 consist of the following (in thousands): September 30, 2020 December 31, 2019 Billed receivables $ 2,284 $ 1,718 Less allowance for doubtful accounts (138) (87) Accounts receivable – net $ 2,146 $ 1,631 |
Equity Method Investment
Equity Method Investment | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENT | EQUITY METHOD INVESTMENTIn 2018, the Company had an investment in a limited partnership, FATHOM Water Management Holdings, LLP, which, through subsidiaries, owned Global Water Management, LLC ("GWM"). This investment was accounted for under the equity method due to the investment being considered more than minor. In December of 2019, GWM ceased to provide substantially all of the billing, customer service, and other support services previously provided to its customers, including the Company's regulated utilities. The carrying value of this investment is zero as of both September 30, 2020 and December 31, 2019. |
Acquisitions (Notes)
Acquisitions (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS Acquisition of Turner On May 30, 2018, the Company acquired all of the equity of Turner, a rate regulated non-potable irrigation water utility in Mesa, Arizona, for total consideration of $2.8 million. This acquisition is consistent with the Company's declared strategy of making accretive acquisitions. At the time of acquisition, Turner had 963 residential irrigation connections and approximately seven square miles of service area. The acquisition was accounted for as a business combination under ASC 805, " Business Combinations ." The purchase price was allocated to the acquired utility assets and liabilities assumed based on the seller's book value at acquisition as the historical cost of these assets and liabilities will be the amounts that will continue to be reflected in customer rates. Final purchase price allocation of the net assets acquired in the transaction is as follows (in thousands): Net assets acquired: Cash $ 176 Accounts receivable 121 Gross property, plant and equipment 4,495 Construction work-in-progress 92 Accumulated depreciation (3,554) Accounts payable (30) Accrued expenses (49) Total net assets assumed 1,251 Goodwill 1,549 Total purchase price $ 2,800 The revenue and earnings recognized post acquisition and the pro forma effect of the business acquired are not material to the Company's financial position or results of operations. Acquisition of Red Rock On October 16, 2018, the Company acquired Red Rock, a rate-regulated operator of a water and a wastewater utility with service areas in the Pima and Pinal counties of Arizona, for total consideration of $5.9 million. This acquisition is consistent with the Company's declared strategy of making accretive acquisitions. The acquisition added over 1,650 connections and approximately nine square miles of service area. The acquisition was accounted for as a business combination under ASC 805, " Business Combinations ." The purchase price was allocated to the acquired utility assets and liabilities assumed based on the seller's book value at acquisition as the historical cost of these assets and liabilities will be the amounts that will continue to be reflected in customer rates. Under the terms of the purchase agreement, the Company is obligated to pay to the seller a growth premium equal to $750 for each new account established within three specified growth premium areas, commencing in each area on the date of the first meter installation and ending on the earlier of ten twenty Note 11 — "Fair Value" Final purchase price allocation of the net assets acquired in the transaction, reflecting additional information discussed above is as follows (in thousands): Net assets acquired: Accounts receivable $ 111 Gross property, plant and equipment 19,841 Construction work-in-progress 748 Accumulated depreciation (6,084) Prepaids 12 Intangibles 1 196 Accounts payable (26) Other taxes (14) Other accrued liabilities (47) Customer and meter deposits (76) AIAC (3,423) CIAC - Net (7,397) Acquisition liability (838) Total net assets assumed 3,003 Goodwill 2,848 Total purchase price $ 5,851 1 Intangibles consist of franchise contract rights and organizational costs. Refer to Note 8 — "Goodwill & Intangible Assets" of the notes to the unaudited condensed consolidated financial statements for additional discussion. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure | GOODWILL AND INTANGIBLE ASSETS Goodwill As of September 30, 2020, the goodwill balance of $4.4 million related to the Turner and Red Rock acquisitions. There were no indicators of impairment identified as a result of the Company's review of events and circumstances related to its goodwill subsequent to the acquisitions. Based on our annual impairment testing performed on November 1st, no impairment was recorded. Refer to Note 7 — "Acquisitions" of the notes to the unaudited condensed consolidated financial statements for additional discussion. Intangible Assets As of September 30, 2020 and December 31, 2019, intangible assets consisted of the following (in thousands): September 30, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net INDEFINITE LIVED INTANGIBLE ASSETS: CP Water Certificate of Convenience & Necessity service area $ 1,532 $ 1,532 $ 1,532 $ 1,532 Intangible trademark 13 13 13 13 Franchise contract rights 129 129 129 129 Organizational costs 67 67 67 67 1,741 1,741 1,741 1,741 DEFINITE LIVED INTANGIBLE ASSETS: Acquired ICFAs 17,978 (13,396) 4,582 17,978 (12,568) 5,410 Sonoran contract rights 7,406 (2,003) 5,403 7,406 (2,003) 5,403 25,384 (15,399) 9,985 25,384 (14,571) 10,813 Total intangible assets $ 27,125 $ (15,399) $ 11,726 $ 27,125 $ (14,571) $ 12,554 A Certificate of Convenience & Necessity ("CC&N") is a permit issued by the ACC allowing a public service corporation to serve a specified area, and preventing other public service corporations from offering the same services within the specified area. The CP Water CC&N intangible asset was acquired through the acquisition of CP Water Company in 2006. CC&N permits are expected to be renewable indefinitely. Franchise contract rights and organizational costs relate to our 2018 acquisition of Red Rock. Franchise contract rights are agreements with Pima and Pinal counties that allow the Company to place infrastructure in public right-of-way and permits expected to be renewable indefinitely. The organizational costs represent fees paid to federal or state governments for the privilege of incorporation and expenditures incident to organizing the corporation and preparing it to conduct business. |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | TRANSACTIONS WITH RELATED PARTIES The Company provides medical benefits to our employees through our participation in a pooled plan sponsored by an affiliate of a shareholder and director of the Company. Medical claims paid to the plan were approximately $0.2 million and $0.1 million for the three months ended September 30, 2020 and 2019, respectively. Medical claims paid to the plan were approximately $0.5 million and $0.3 million for the nine months ended September 30, 2020 and 2019, respectively. As GWM was previously owned by the Company, it had historically provided billing, customer service, and other support services for the Company’s regulated utilities. In connection with the sale of GWM in 2013, the Company agreed to use the FATHOM platform for all of its regulated utility services for an initial term of 10 years pursuant to a services agreement. The services agreement was amended on November 17, 2016, which extended the term of the contract through December 31, 2026. As part of the amended agreement, the Company reduced the monthly rate per connection from $7.79 per water account/month to $6.24 per water account/month. Additionally, the scope of services was expanded to include a meter replacement program of approximately $11.4 million, wherein the Company replaced a majority of its meter infrastructure. On September 10, 2019, the services agreement was amended and restated to, among other things, revise the scope of services to reflect upgrades and improvements to the FATHOM platform. Pursuant to the amended and restated agreement, GWM agreed to continue providing billing, customer service, and other support services for the Company’s regulated utilities at a monthly rate of $6.43 per managed account. As previously disclosed, based on the breach of the services agreement and cessation of services by GWM on December 20, 2019, the Company considers the services agreement to be terminated effective on that date. Pursuant to the services agreement, the Company was entitled to quarterly royalty payments based on a percentage of certain of GWM’s recurring revenues for a 10-year period, up to a maximum of $15.0 million, of which $2.3 million was received over the six year period. Accordingly, following the termination of the services agreement on December 20, 2019, the Company will no longer receive such royalty payments for periods after such date. During 2020, no FATHOM royalties were received and zero service fees were incurred. For the three months ended September 30, 2019, the FATHOM royalties received totaled approximately $0.1 million and service fees incurred were $0.4 million. For the nine months ended September 30, 2019, the FATHOM royalties received totaled approximately $0.3 million and service fees incurred were $1.3 million. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses at September 30, 2020 and December 31, 2019 consist of the following (in thousands): September 30, 2020 December 31, 2019 Deferred compensation $ 1,284 $ 2,008 Property taxes 1,774 1,095 Interest 1,778 475 Dividend payable 544 519 Asset retirement obligation 697 697 Accrued Bonus 702 344 Other accrued liabilities 1,836 2,408 Total accrued expenses $ 8,615 $ 7,546 |
Fair Value (Notes)
Fair Value (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE Fair Value of Financial Instruments FASB ASC 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company's assumptions (unobservable inputs). The hierarchy consists of three levels, as follows: • Level 1 - Quoted market prices in active markets for identical assets or liabilities • Level 2 - Inputs other than Level 1 that are either directly or indirectly observable • Level 3 - Unobservable inputs developed using the Company's estimates and assumptions, which reflect those that the Company believes market participants would use. Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 were as follows (in thousands): September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Asset/Liability Type: HUF Funds - restricted cash (1) $ — $ 1,526 $ — $ 1,526 $ — $ 627 $ — $ 627 Demand Deposit (2) 2,135 — — 2,135 2,132 — — 2,132 Certificate of Deposit - Restricted (1) — 790 — 790 — 705 — 705 Long-term debt (3) — 128,060 — 128,060 — 121,075 — 121,075 Acquisition Liability (4) — — 838 838 — — 838 838 Total $ 2,135 $ 130,376 $ 838 $ 133,349 $ 2,132 $ 122,407 $ 838 $ 125,377 (1) HUF Funds - restricted cash and Certificate of Deposit - Restricted are presented on the Restricted cash line item of the Company's consolidated balance sheets and are valued at amortized cost, which approximates fair value. (2) Demand Deposit is presented on the Cash and cash equivalents line item of the Company's consolidated balance sheets and is valued at amortized cost, which approximates fair value. (3) The fair value of our debt was estimated based on interest rates considered available for instruments of similar terms and remaining maturities. ten twenty |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The outstanding balances and maturity dates for short-term (including the current portion of long-term debt) and long-term debt as of September 30, 2020 and December 31, 2019 are as follows (in thousands): September 30, 2020 December 31, 2019 Short-term Long-term Short-term Long-term BONDS AND NOTES PAYABLE - 4.38% Series A 2016, maturing June 2028 $ — $ 28,750 $ — $ 28,750 4.58% Series B 2016, maturing June 2036 — 86,250 — 86,250 4.65% Harquahala Loan, maturing January 2021 4 — 6 3 4.60% WIFA Loan, maturing March 2037 — — 1 15 4 115,000 7 115,018 OTHER Capital lease obligations 114 165 110 251 Debt issuance costs — (571) — (605) Total debt $ 118 $ 114,594 $ 117 $ 114,664 2016 Senior Secured Notes On June 24, 2016, the Company issued two series of senior secured notes with an aggregate total principal balance of $115.0 million at a blended interest rate of 4.55%. Series A carries a principal balance of $28.8 million and bears an interest rate of 4.38% over a twelve The senior secured notes require the Company to maintain a debt service coverage ratio of consolidated EBITDA to consolidated debt service of at least 1.10 to 1.00. Consolidated EBITDA is calculated as net income plus depreciation and amortization, taxes, interest and other non-cash charges net of non-cash income. Consolidated debt service is calculated as interest expense, principal payments, and dividend or stock repurchases. The senior secured notes also contain a provision limiting the payment of dividends if the Company falls below a debt service ratio of 1.25. However, for the quarter ending June 30, 2021 through the quarter ending March 31, 2024, the ratio drops to 1.20. The debt service ratio increases to 1.25 for any fiscal quarter during the period from and after June 30, 2024. As of September 30, 2020, the Company was in compliance with its financial debt covenants. Eagletail Loans In May 2017, the Company acquired Eagletail Water Company ("Eagletail"). As part of the acquisition, the Company assumed two unsecured loans held by Eagletail. These loans are payable to the Water Infrastructure Finance Authority of Arizona ("WIFA") and Harquahala Valley Community Benefits Foundation ("Harquahala"). The WIFA loan bore an interest rate of 1.20% over a 20-year term, while the Harquahala loan bears an interest rate of 4.65% over a 15-year term. The Company paid off the WIFA loan in March 2019. In 2017, the Company entered into a second loan payable to WIFA ("2017 WIFA"), and no borrowings were made until 2018. The 2017 WIFA loan bore an interest rate of 4.60% over a 20-year term. The original loan amount was approximately $175,000, of which approximately $157,000 was forgiven. The Company paid off the 2017 WIFA loan in February 2020. Revolving Credit Line On April 20, 2018, the Company entered into an agreement with MidFirst Bank, a federally chartered savings association (the "MidFirst Bank Loan Agreement"), for a two-year revolving line of credit up to $8.0 million. The credit facility bore an interest rate equal to the London Interbank Offered Rate (LIBOR) plus 2.25%. In April 2019, the Company signed an amendment to the MidFirst Bank Loan Agreement, which extended the maturity of the line of credit to April 30, 2022 and modified the debt service coverage ratio to match the ratio required by the senior secured notes discussed above; all other terms remained unchanged. In April 2020, the Company terminated the MidFirst Bank Loan Agreement and entered into a loan agreement with Northern Trust Company, an Illinois banking corporation (the "Northern Trust Company Loan Agreement"), for a new two-year revolving line of credit up to $10.0 million with a maturity date of April 30, 2022. This new credit facility, which may be used to refinance existing indebtedness, to acquire assets to use and/or expand the Company's business, and for general corporate purposes, bears an interest rate equal to LIBOR plus 2.00% and has no unused line fee. As of September 30, 2020, the Company had no outstanding borrowings under this credit line. There were $57,000 and $49,000 unamortized debt issuance costs as of September 30, 2020 and December 31, 2019, respectively. The Northern Trust Company Loan Agreement requires the Company to maintain a debt service coverage ratio of consolidated EBITDA to consolidated debt service of at least 1.10 to 1.00. The Northern Trust Company Loan Agreement also contains a provision limiting the payment of dividends if the Company falls below a debt service ratio of 1.25. However, for the quarter ending June 30, 2021 through the quarter ending March 31, 2022, the ratio drops to 1.20. As of September 30, 2020, the Company was in compliance with its financial debt covenants. At September 30, 2020, the remaining aggregate annual maturities of debt and minimum lease payments under capital lease obligations for the years ended December 31 are as follows (in thousands): Debt Capital Lease Remaining three months of 2020 $ 2 $ 28 2021 1,920 115 2022 3,833 88 2023 3,833 48 2024 3,833 — Thereafter 101,583 — Subtotal 115,004 279 Less: amount representing interest — (15) Total $ 115,004 $ 264 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | INCOME TAXES On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted into law in response to the widespread economic impact of the COVID-19 pandemic. The CARES Act includes several business tax and employer focused provisions intended to improve cash flow and liquidity. Though the business tax provisions are not expected to have a material impact on our tax rate in 2020, we are reviewing the employer focused provisions beneficial to our business. We will continue to monitor all the relevant provisions under the CARES Act as additional guidance is released. During the three months ended September 30, 2020, the Company recorded a tax expense of $0.5 million on pre-tax income of $1.6 million compared to a tax expense of $0.4 million on pre-tax income of $1.4 million for the three months ended September 30, 2019. During the nine months ended September 30, 2020, the Company recorded tax expense of $0.7 million on pre-tax income of $2.1 million compared to a tax expense of $1.1 million on pre-tax income of $3.6 million for the nine months ended September 30, 2019. The income tax provision was computed based on the Company’s estimated effective tax rate and forecasted income expected for the full year, including the impact of any unusual, infrequent, or non-recurring items. |
Deferred Compensation Awards
Deferred Compensation Awards | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Compensation Related Costs, General | DEFERRED COMPENSATION AWARDS Stock-based compensation Stock-based compensation related to option awards is measured based on the fair value of the award. The fair value of stock option awards is determined using a Black-Scholes option-pricing model. We recognize compensation expense associated with the options over the vesting period. 2017 stock option grant Stock-based compensation expense of $67,000 was recorded for both the three months ended September 30, 2020 and 2019, and $200,000 and $198,000 was recorded for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, 11,279 options have been exercised and 67,950 options have been forfeited with 385,771 outstanding. 2019 stock option grant Stock-based compensation expense of $49,000 and $26,000 was recorded for the three months ended September 30, 2020 and 2019, respectively, and $146,000 and $26,000 was recorded for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, 4,396 options have been forfeited with 245,604 options outstanding. Phantom stock compensation The following table details total awards granted and the number of units outstanding as of September 30, 2020 along with the amounts paid to holders of the phantom stock units ("PSUs") for the three and nine months ended September 30, 2020 and 2019 (in thousands, except unit amounts): Amounts Paid For the Three Months Ended September 30, Amounts Paid For the Nine Months Ended September 30, Grant Date Units Granted Units Outstanding 2020 2019 2020 2019 Q1 2016 34,830 — — — — 29 Q1 2017 22,712 — — 19 24 57 Q1 2018 30,907 5,151 26 26 85 78 Q1 2019 32,190 16,095 27 27 89 54 Q1 2020 22,481 18,734 19 — 38 — Total 143,120 39,980 $ 72 $ 72 $ 236 $ 218 Stock appreciation rights compensation The following table details the recipients of the stock appreciation rights (“SARs”) awards, the grant date, units granted, exercise price, outstanding units as of September 30, 2020 and amounts paid during the three and nine months ended September 30, 2020 and 2019 (in thousands, except unit and per unit amounts): Amounts Paid For the Three Months Ended September 30, Amounts Paid For the Nine Months Ended September 30, Recipients Grant Date Units Granted Exercise Price Units Outstanding 2020 2019 2020 2019 Members of Management (1)(2) Q1 2015 299,000 $ 4.26 118,000 — 481 — 481 Key Executives (3)(4) Q2 2015 300,000 $ 5.13 42,500 — 258 300 705 Members of Management (1)(5) Q3 2017 103,000 $ 9.40 63,000 — 125 — 125 Members of Management (1)(6) Q1 2018 33,000 $ 8.99 24,750 — 27 — 27 Total 735,000 248,250 $ — $ 891 $ 300 $ 1,338 (1) The SARs vest ratably over sixteen quarters from the grant date. (2) The exercise price was determined to be the fair market value of one share of GWRC stock on the grant date of February 11, 2015. (3) The SARs vest over sixteen quarters, vesting 20% per year for the first three years, with the remainder, 40%, vesting in year four. (4) The exercise price was determined to be the fair market value of one share of GWRC stock on the grant date of May 8, 2015. (5) The exercise price was determined to be the fair market value of one share of GWRI stock on the grant date of August 10, 2017. (6) The exercise price was determined to be the fair market value of one share of GWRI stock on the grant date of March 12, 2018. For the three months ended September 30, 2020 and 2019, the Company recorded approximately $0.2 million and $0.6 million of compensation expense related to the PSUs and SARs, respectively. For the nine months ended September 30, 2020 and 2019, the Company recorded approximately $0.3 million of negative compensation expense and $1.0 million of compensation expense related to the PSUs and SARs, respectively. Based on GWRI’s closing share price on September 30, 2020 (the last trading date of the quarter), deferred compensation expense to be recognized over future periods is estimated for the years ending December 31 as follows (in thousands): PSUs SARs Remaining three months of 2020 $ 153 $ 9 2021 195 38 2022 80 38 2023 — 32 2024 — — Total $ 428 $ 117 Restricted stock compensation On May 7, 2020, the Company's stockholders approved the Global Water Resources, Inc. 2020 Omnibus Incentive Plan which allows restricted stock awards as a form of compensation. A restricted stock award ("RSA") represents the right to receive a share of the Company's common stock. RSAs vest over two to three years, beginning on the date of the grant. The Company assumes that forfeitures will be minimal and recognizes forfeitures as they occur, which results in a reduction in compensation expense. During the three and nine months ended September 30, 2020, 177,490 RSAs were issued. For the three and nine months ended September 30, 2020, the Company recorded approximately $0.2 million and $0.8 million of compensation expense related to the grant and partial vesting of RSAs, respectively. No compensation expense was recorded for the three and nine months ended September 30, 2019. The following table summarizes the RSA transactions for the three months ended September 30, 2020: Number of RSAs Weighted Average Fair Value Granted 177,490 $ 11.25 Stock units vested and issued 49,163 $ 11.32 Forfeited — — Nonvested RSAs at end of period 128,327 $ 11.22 |
Statement of Cash Flows, Supp_2
Statement of Cash Flows, Supplemental Disclosures (Statement) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Instrument, Decrease, Forgiveness | $ 0 | $ 31 |
Cash paid for interest | 2,621 | |
Capital expenditures included in accounts payable and accrued liabilities | $ 294 | $ 964 |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATIONThe following is supplemental cash flow information for the nine months ended September 30, 2020 and 2019 (in thousands): | |
Cash and Cash Equivalents | ||
Cash paid for interest | $ 2,616 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments In September 2018, the Company's corporate office lease agreement was amended to include the rental of additional office space for the period of September 1, 2018 through February 28, 2019. In January 2019, the lease agreement was amended to extend the term of the lease, with a commencement date of March 1, 2019 and termination date of May 31, 2022. As such, the Company's monthly rent expense increased to approximately $15,000. Rent expense arising from the operating leases totaled approximately $44,000 and 45,000 for the three months ended September 30, 2020 and 2019, respectively, and $133,000 for both the nine months ended September 30, 2020 and 2019. Contingencies From time to time, in the ordinary course of business, the Company may be subject to pending or threatened lawsuits in which claims for monetary damages are asserted. Management is not aware of any legal proceeding of which the ultimate resolution could materially affect our financial position, results of operations, or cash flows. |
Subsequent Events
Subsequent Events | Oct. 29, 2020 |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENTS Acquisition of Mirabell Water Co., Inc. On October 29, 2020, the Company completed the acquisition of Mirabell Water Co., Inc., an operator of a water utility with service area in the Pima county of Arizona, for a purchase price of $80,000. The acquisition added over 60 connections. Dividend Increase On November 5, 2020, the Company announced a monthly dividend increase from $0.0241 per share ($0.2892 per share annually) to $0.02434 per share ($0.29208 per share annually). Although we expect monthly dividends will be declared and paid for in the foreseeable future, the declaration of any dividends is at the discretion of our board of directors and is subject to our compliance with applicable law, and depending on, among other things, results of operation, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in our debt agreements and in any preferred stock we may issue in the future, business prospects, and other factors that our board of directors may deem relevant. |
Description of Business, Basi_2
Description of Business, Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements of Global Water Resources, Inc. (the “Company”, “GWRI”, “we”, “us”, or “our”) and related disclosures as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited. The December 31, 2019 condensed consolidated balance sheet data was derived from the Company’s audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These financial statements follow the same accounting policies and methods of their application as the Company’s most recent annual consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019. In our opinion, these financial statements include all normal and recurring adjustments necessary for the fair statement of the results for the interim period. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year, due to the seasonality of our business. The Company prepares its financial statements in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company qualifies as an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), under the rules and regulations of the SEC. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. The Company elected to take advantage of these provisions for up to five years or such earlier time that the Company is no longer an emerging growth company. The Company has elected to take advantage of some of the reduced disclosure obligations regarding financial statements. Also, as an emerging growth company the Company can elect to delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has chosen to take advantage of this extended accounting transition provision. |
Customer payments in-transit | Customer payments in-transitCustomer payments in-transit represent funds received by our third-party payment processor related to customer payments, a majority of which were paid for with debit cards, credit cards, and checks, to which the Company does not have immediate access but settles within a few days of the payment transaction. |
Basic and Diluted Earnings per Common Share | Basic and Diluted Earnings per Common Share Diluted EPS is based upon the weighted average number of common shares, including both outstanding shares and shares potentially issuable in connection with stock options and restricted stock awards granted. As of September 30, 2020, the Company had 631,375 options outstanding to acquire an equivalent number of shares of GWRI common stock. The 385,771 options outstanding from the 2017 option grant equated to 32,339 and 34,696 common share equivalents for the three and nine months ended September 30, 2020, respectively, which were included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2020. The remaining 245,604 options outstanding were not included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2020, as to do so would be antidilutive. As of September 30, 2020 and 2019, there were 128,327 and zero restricted stock awards outstanding, respectively. The 128,327 restricted stock awards outstanding equated to 14,206 and zero common share equivalents for the three and nine months ended September 30, 2020, respectively. The 14,206 common share equivalents were included within the calculation of diluted earnings per share for the three months ended September 30, 2020. As of September 30, 2019, the Company had 640,796 options outstanding to acquire an equivalent number of shares of GWRI common stock. The 390,796 options outstanding from the 2017 option grant equated to 34,406 and 11,485 common share equivalents for the three and nine months ended September 30, 2019, respectively, which were included within the calculation of diluted earnings per share for the three and nine months ended September 30, 2019. The 250,000 options outstanding from the 2019 option grant were not included for the three and nine months ended September 30, 2019 dilutive earnings per share calculation, as to do so would be antidilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) ("ASU 2018-13"). ASU 2018-13 changes the fair value disclosure requirements including new, eliminated, and modified disclosure requirements of ASC 820. Specifically, the ASU requires the addition of disclosures for Level 3 fair value measurements with unrealized gains and losses included in other comprehensive income and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 measurements. The Company implemented ASU 2018-13 on January 1, 2020. The implementation did not result in material changes to our consolidated financial statements. Future Adoption of Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”, or "ASC 842"). ASU 2016-02 requires lessees to record a right-of-use asset and corresponding lease obligation for lease arrangements with a term of greater than twelve months. ASU 2016-02 requires additional disclosures about leasing arrangements and requires the use of the modified retrospective method, which will require adjustment to all comparative periods presented in the consolidated financial statements. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 ("ASU 2018-10"). ASU 2018-10 improves various aspects within ASC 842, such as rate implicit in the lease, lessee's reassessment of lease classification, lease term and purchase option, as well as many other aspects of the guidance. In July 2018, the FASB issued ASU 2018-11, Leases Topic 842, Targeted Improvements ("ASU 2018-11"). ASU 2018-11 provides entities the option to elect not to recast the comparative periods presented when transitioning to ASC 842 and lessors may elect not to separate lease and non-lease components when certain conditions are met. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) ("ASU 2019-10"). ASU 2019-10 amends the effective dates for certain major new accounting standards including those related to leases. Due to qualifying as an emerging growth company, the Company is required to adopt all lease related ASUs on January 1, 2021. The Company is currently assessing the impact that adopting these new standards will have on its consolidated financial statements but does not expect a material effect. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates Step 2 from the impairment test which requires entities to determine the implied fair value of goodwill to measure if any impairment expense is necessary. Instead, entities will record impairment expenses based on the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2019-10 extended the effective date for this ASU. Due to qualifying as an emerging growth company, the Company is required to adopt the ASU on January 1, 2023. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. |
Regulatory Decision and Relat_2
Regulatory Decision and Related Accounting and Policy Changes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Regulated Operations [Abstract] | |
Summary of Collective Revenue Requirement Phased-in Over Time | For the Company’s utilities, adjusting for the condemnation of the operations and assets of Valencia and sale of Willow Valley Water Co., Inc. ("Willow Valley"), which occurred in 2015 and 2016, respectively, a collective revenue requirement increase of $3.6 million based on 2011 test year service connections, phased-in over time, with the first increase in January 2015 as follows (in thousands, not updated for the TCJA, refer to Note 1 — "Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements — Corporate Transactions— ACC Tax Docket" Incremental Cumulative 2015 $ 1,083 $ 1,083 2016 887 1,970 2017 335 2,305 2018 335 2,640 2019 335 2,975 2020 335 3,310 2021 335 3,645 |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | For the three and nine months ended September 30, 2020 and 2019, disaggregated revenues from contracts with customers by major source and customer class are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 REGULATED REVENUE Water Services Residential $ 3,623 $ 3,151 $ 9,564 $ 8,652 Irrigation 1,297 1,320 2,528 2,452 Commercial 224 228 642 583 Construction 169 37 388 104 Other water revenues 179 227 433 553 Total water revenues 5,492 4,963 13,555 12,344 Wastewater and recycled water services Residential 4,516 4,293 13,411 12,698 Commercial 244 229 721 678 Recycled water revenues 419 335 891 717 Other wastewater revenues 59 105 164 300 Total wastewater and recycled water revenues 5,238 4,962 15,187 14,393 TOTAL REGULATED REVENUE 10,730 9,925 28,742 26,737 UNREGULATED REVENUE ICFA revenues — — — — Rental revenues 26 16 133 48 Other Miscellaneous revenues 1 1 1 1 TOTAL UNREGULATED REVENUE 27 17 134 49 TOTAL REVENUE $ 10,757 $ 9,942 $ 28,876 $ 26,786 |
Contract with Customer, Asset and Liability [Table Text Block] | Our contract assets and liabilities consist of the following (in thousands): September 30, 2020 December 31, 2019 CONTRACT ASSETS Accounts receivable Water services $ 1,296 $ 791 Wastewater and recycled water services 1,013 926 Total contract assets (1) $ 2,309 $ 1,717 CONTRACT LIABILITIES Deferred revenue - ICFA $ 17,446 $ 17,372 Refund liability - regulated (2) 695 587 Deferred revenue - other (3) 10 — Total contract liabilities $ 18,151 $ 17,959 (1) The increase in accounts receivable was due to the increase in customers at September 30, 2020 compared to December 31, 2019, combined with the seasonality of the business with higher usage in hotter summer months. (2) The increase in refund liability is due to the phase-in approach approved in Rate Decision No. 76901. Refer to Note 1—"Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements — Corporate Transactions — ACC Tax Docket" |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant, and equipment at September 30, 2020 and December 31, 2019 consist of the following (in thousands): September 30, 2020 December 31, 2019 Average Depreciation Life (in years) Mains/lines/sewers $ 142,903 $ 138,173 49 Plant 95,892 94,615 31 Equipment 36,877 35,497 14 Meters 14,385 14,057 13 Furniture, fixture and leasehold improvements 1,650 623 21 Computer and office equipment 991 785 7 Software 241 241 3 Land and land rights 1,147 1,051 Other 700 700 Construction work-in-process 39,983 40,561 Total property, plant and equipment 334,769 326,303 Less accumulated depreciation (98,351) (92,749) Net property, plant and equipment $ 236,418 $ 233,554 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable as of September 30, 2020 and December 31, 2019 consist of the following (in thousands): September 30, 2020 December 31, 2019 Billed receivables $ 2,284 $ 1,718 Less allowance for doubtful accounts (138) (87) Accounts receivable – net $ 2,146 $ 1,631 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Turner Ranches Water and Sanitation Company [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Final purchase price allocation of the net assets acquired in the transaction is as follows (in thousands): Net assets acquired: Cash $ 176 Accounts receivable 121 Gross property, plant and equipment 4,495 Construction work-in-progress 92 Accumulated depreciation (3,554) Accounts payable (30) Accrued expenses (49) Total net assets assumed 1,251 Goodwill 1,549 Total purchase price $ 2,800 |
Red Rock Utilities [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Final purchase price allocation of the net assets acquired in the transaction, reflecting additional information discussed above is as follows (in thousands): Net assets acquired: Accounts receivable $ 111 Gross property, plant and equipment 19,841 Construction work-in-progress 748 Accumulated depreciation (6,084) Prepaids 12 Intangibles 1 196 Accounts payable (26) Other taxes (14) Other accrued liabilities (47) Customer and meter deposits (76) AIAC (3,423) CIAC - Net (7,397) Acquisition liability (838) Total net assets assumed 3,003 Goodwill 2,848 Total purchase price $ 5,851 1 Intangibles consist of franchise contract rights and organizational costs. Refer to Note 8 — "Goodwill & Intangible Assets" of the notes to the unaudited condensed consolidated financial statements for additional discussion. |
Goodwill & Intangible Assets (T
Goodwill & Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of September 30, 2020 and December 31, 2019, intangible assets consisted of the following (in thousands): September 30, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net INDEFINITE LIVED INTANGIBLE ASSETS: CP Water Certificate of Convenience & Necessity service area $ 1,532 $ 1,532 $ 1,532 $ 1,532 Intangible trademark 13 13 13 13 Franchise contract rights 129 129 129 129 Organizational costs 67 67 67 67 1,741 1,741 1,741 1,741 DEFINITE LIVED INTANGIBLE ASSETS: Acquired ICFAs 17,978 (13,396) 4,582 17,978 (12,568) 5,410 Sonoran contract rights 7,406 (2,003) 5,403 7,406 (2,003) 5,403 25,384 (15,399) 9,985 25,384 (14,571) 10,813 Total intangible assets $ 27,125 $ (15,399) $ 11,726 $ 27,125 $ (14,571) $ 12,554 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses at September 30, 2020 and December 31, 2019 consist of the following (in thousands): September 30, 2020 December 31, 2019 Deferred compensation $ 1,284 $ 2,008 Property taxes 1,774 1,095 Interest 1,778 475 Dividend payable 544 519 Asset retirement obligation 697 697 Accrued Bonus 702 344 Other accrued liabilities 1,836 2,408 Total accrued expenses $ 8,615 $ 7,546 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 were as follows (in thousands): September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Asset/Liability Type: HUF Funds - restricted cash (1) $ — $ 1,526 $ — $ 1,526 $ — $ 627 $ — $ 627 Demand Deposit (2) 2,135 — — 2,135 2,132 — — 2,132 Certificate of Deposit - Restricted (1) — 790 — 790 — 705 — 705 Long-term debt (3) — 128,060 — 128,060 — 121,075 — 121,075 Acquisition Liability (4) — — 838 838 — — 838 838 Total $ 2,135 $ 130,376 $ 838 $ 133,349 $ 2,132 $ 122,407 $ 838 $ 125,377 (1) HUF Funds - restricted cash and Certificate of Deposit - Restricted are presented on the Restricted cash line item of the Company's consolidated balance sheets and are valued at amortized cost, which approximates fair value. (2) Demand Deposit is presented on the Cash and cash equivalents line item of the Company's consolidated balance sheets and is valued at amortized cost, which approximates fair value. (3) The fair value of our debt was estimated based on interest rates considered available for instruments of similar terms and remaining maturities. ten twenty |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Balances and Maturity Dates for Short Term and Long Term Debt | The outstanding balances and maturity dates for short-term (including the current portion of long-term debt) and long-term debt as of September 30, 2020 and December 31, 2019 are as follows (in thousands): September 30, 2020 December 31, 2019 Short-term Long-term Short-term Long-term BONDS AND NOTES PAYABLE - 4.38% Series A 2016, maturing June 2028 $ — $ 28,750 $ — $ 28,750 4.58% Series B 2016, maturing June 2036 — 86,250 — 86,250 4.65% Harquahala Loan, maturing January 2021 4 — 6 3 4.60% WIFA Loan, maturing March 2037 — — 1 15 4 115,000 7 115,018 OTHER Capital lease obligations 114 165 110 251 Debt issuance costs — (571) — (605) Total debt $ 118 $ 114,594 $ 117 $ 114,664 |
Schedule of Aggregate Annual Maturities of Debt And Minimum Lease Payments Under Capital Lease Obligations | At September 30, 2020, the remaining aggregate annual maturities of debt and minimum lease payments under capital lease obligations for the years ended December 31 are as follows (in thousands): Debt Capital Lease Remaining three months of 2020 $ 2 $ 28 2021 1,920 115 2022 3,833 88 2023 3,833 48 2024 3,833 — Thereafter 101,583 — Subtotal 115,004 279 Less: amount representing interest — (15) Total $ 115,004 $ 264 |
Deferred Compensation Awards (T
Deferred Compensation Awards (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Total Awards Granted, Number of Units Outstanding and Amounts Paid to PSU Holders | The following table details total awards granted and the number of units outstanding as of September 30, 2020 along with the amounts paid to holders of the phantom stock units ("PSUs") for the three and nine months ended September 30, 2020 and 2019 (in thousands, except unit amounts): Amounts Paid For the Three Months Ended September 30, Amounts Paid For the Nine Months Ended September 30, Grant Date Units Granted Units Outstanding 2020 2019 2020 2019 Q1 2016 34,830 — — — — 29 Q1 2017 22,712 — — 19 24 57 Q1 2018 30,907 5,151 26 26 85 78 Q1 2019 32,190 16,095 27 27 89 54 Q1 2020 22,481 18,734 19 — 38 — Total 143,120 39,980 $ 72 $ 72 $ 236 $ 218 |
Schedule of Recipients of SARs Awards, Grant Date, Units Granted, Exercise Price, Outstanding Shares and Amounts Paid | The following table details the recipients of the stock appreciation rights (“SARs”) awards, the grant date, units granted, exercise price, outstanding units as of September 30, 2020 and amounts paid during the three and nine months ended September 30, 2020 and 2019 (in thousands, except unit and per unit amounts): Amounts Paid For the Three Months Ended September 30, Amounts Paid For the Nine Months Ended September 30, Recipients Grant Date Units Granted Exercise Price Units Outstanding 2020 2019 2020 2019 Members of Management (1)(2) Q1 2015 299,000 $ 4.26 118,000 — 481 — 481 Key Executives (3)(4) Q2 2015 300,000 $ 5.13 42,500 — 258 300 705 Members of Management (1)(5) Q3 2017 103,000 $ 9.40 63,000 — 125 — 125 Members of Management (1)(6) Q1 2018 33,000 $ 8.99 24,750 — 27 — 27 Total 735,000 248,250 $ — $ 891 $ 300 $ 1,338 (1) The SARs vest ratably over sixteen quarters from the grant date. (2) The exercise price was determined to be the fair market value of one share of GWRC stock on the grant date of February 11, 2015. (3) The SARs vest over sixteen quarters, vesting 20% per year for the first three years, with the remainder, 40%, vesting in year four. (4) The exercise price was determined to be the fair market value of one share of GWRC stock on the grant date of May 8, 2015. (5) The exercise price was determined to be the fair market value of one share of GWRI stock on the grant date of August 10, 2017. (6) The exercise price was determined to be the fair market value of one share of GWRI stock on the grant date of March 12, 2018. |
Schedule of Estimated Future Compensation Expense | Based on GWRI’s closing share price on September 30, 2020 (the last trading date of the quarter), deferred compensation expense to be recognized over future periods is estimated for the years ending December 31 as follows (in thousands): PSUs SARs Remaining three months of 2020 $ 153 $ 9 2021 195 38 2022 80 38 2023 — 32 2024 — — Total $ 428 $ 117 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table summarizes the RSA transactions for the three months ended September 30, 2020: Number of RSAs Weighted Average Fair Value Granted 177,490 $ 11.25 Stock units vested and issued 49,163 $ 11.32 Forfeited — — Nonvested RSAs at end of period 128,327 $ 11.22 |
Description of Business, Basi_3
Description of Business, Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements - Corporate Transactions (Details) | Dec. 31, 2034 | Oct. 29, 2020USD ($)active_water_connection | Jan. 30, 2020USD ($)$ / sharesshares | Jan. 30, 2020USD ($)$ / sharesshares | Jan. 21, 2020USD ($)$ / shares | Oct. 16, 2018USD ($)mi²active_water_connection | Jun. 02, 2016USD ($) | Jul. 14, 2015 | Sep. 30, 2013USD ($) | Sep. 30, 2020USD ($)shares | Jun. 30, 2020shares | Mar. 31, 2020shares | Sep. 30, 2019USD ($)shares | Sep. 30, 2020USD ($)perUnitItemTypeshares | Sep. 30, 2019USD ($)shares | Dec. 31, 2021USD ($) | Dec. 31, 2019USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Gross amount to be received from transfer of project agreement | $ 4,100,000 | ||||||||||||||||
Other income (expense) | $ 70,000 | $ 68,000 | $ (361,000) | $ 1,218,000 | |||||||||||||
Regulatory assets | $ 1,970,000 | $ 1,970,000 | $ 1,715,000 | ||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 870,000 | ||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 12.50 | $ 12.50 | $ 12.50 | ||||||||||||||
Proceeds from sale of stock | $ 11,739,000 | 0 | |||||||||||||||
Option Indexed to Issuer's Equity, Indexed Shares | shares | 130,000 | 130,000 | |||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 11,500,000 | $ 10,900,000 | |||||||||||||||
carrying cost on reg liabilities and assets | 4.25% | ||||||||||||||||
Payments of Stock Issuance Costs | 1,000,000 | $ 221,000 | $ 0 | ||||||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 1,600,000 | $ 12,500,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 631,375 | 640,796 | 631,375 | 640,796 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares | 128,327 | 0 | 128,327 | 0 | |||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | shares | 14,206 | 0 | |||||||||||||||
2017 stock option grant | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 385,771 | 390,796 | 385,771 | 390,796 | |||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | shares | 32,339 | 34,406 | 34,696 | 11,485 | |||||||||||||
Twenty Nineteen Stock Option Grant [Member] [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 245,604 | 250,000 | 245,604 | 250,000 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Active water connections | active_water_connection | 60 | ||||||||||||||||
Business combination, consideration transferred | $ 80,000 | ||||||||||||||||
Transfer Of Project Agreement [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Other income (expense) | $ 1,000,000 | ||||||||||||||||
Valencia Water Company | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Growth Premium Receivable For Each New Water Meter Installed | $ 3,000 | $ 3,000 | |||||||||||||||
Period For Maximum Payout Of Growth Premium Receivable | 20 years | ||||||||||||||||
Maximum Payout Of Growth Premium Receivable | 45,000,000 | 45,000,000 | |||||||||||||||
Growth Premiums Received | 100,000 | 200,000 | |||||||||||||||
Valencia Water Company | Subsequent Event [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Maximum Payout Of Growth Premium Receivable Expiration Date | Dec. 31, 2034 | ||||||||||||||||
Common Stock | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 49,163 | 1,000,000 | |||||||||||||||
Private Letter Ruling | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Gain on condemnation of Valencia | $ 19,400,000 | ||||||||||||||||
Tax Cuts and Jobs Act | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Regulatory liabilities | 700,000 | 700,000 | 600,000 | ||||||||||||||
Tax Reform Revenue Reduction | $ 900,000 | ||||||||||||||||
Tax Cuts and Jobs Act | Subsequent Event [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Tax Reform Revenue Reduction | $ 1,100,000 | ||||||||||||||||
Red Rock Utilities [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Active water connections | active_water_connection | 1,650 | ||||||||||||||||
Square miles of approved service area | mi² | 9 | ||||||||||||||||
GrowthPremiumPayableForEachNewMeterInstalled | $ 750 | $ 750 | |||||||||||||||
Payments to Acquire Businesses, Gross | $ 5,900,000 | ||||||||||||||||
Period for maximum payout of growth premium after first meter install | 10 years | ||||||||||||||||
Period for Maximum payout of growth premium after acquisition date | 20 years | ||||||||||||||||
Meters installed in the growth premium area | perUnitItemType | 0 | ||||||||||||||||
Contributor [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Tax Expense on Contributions | 55.00% | ||||||||||||||||
Tax Payer [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Tax Expense on Contributions | 45.00% |
Description of Business, Basi_4
Description of Business, Basis of Presentation, Corporate Transactions, Significant Accounting Policies, and Recent Accounting Pronouncements - Significant Accounting Policies (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of options outstanding, to acquire shares of GWRI common stock (in shares) | 631,375 | 640,796 | 631,375 | 640,796 |
Common share equivalents included in diluted earnings per share (in shares) | 14,206 | 0 | ||
Sale of Stock, Number of Shares Issued in Transaction | 870,000 | |||
Twenty Seventeen Stock Option Grant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of options outstanding, to acquire shares of GWRI common stock (in shares) | 385,771 | 390,796 | 385,771 | 390,796 |
Common share equivalents included in diluted earnings per share (in shares) | 32,339 | 34,406 | 34,696 | 11,485 |
Twenty Nineteen Stock Option Grant [Member] [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of options outstanding, to acquire shares of GWRI common stock (in shares) | 245,604 | 250,000 | 245,604 | 250,000 |
Regulatory Decision and Relat_3
Regulatory Decision and Related Accounting and Policy Changes - Additional Information (Details) $ in Thousands | Jul. 09, 2012utility | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2015USD ($) |
Public Utilities, General Disclosures [Line Items] | ||||||||
Number of utilities to adjust revenue requirement | utility | 7 | |||||||
Requested collective rate of increase over revenue | 28.00% | |||||||
Approved collective revenue increase | $ 3,600 | |||||||
Adopted rate of return on common equity | 9.50% | |||||||
Percentage of hook up fee liability to be recorded on ICFA receipts | 70.00% | |||||||
Revenues | $ 10,757 | $ 9,942 | $ 28,876 | $ 26,786 | ||||
Percentage of deferred revenue to be recorded on ICFA receipts | 30.00% | |||||||
Deferred revenue - ICFA | $ 17,446 | 17,446 | $ 17,372 | |||||
Percentage reversal of regulatory liability | 30.00% | |||||||
Reversal of regulatory liability | $ 3,400 | |||||||
Regulatory liability | 8,331 | 8,331 | 8,803 | |||||
Regulatory assets | 1,970 | 1,970 | $ 1,715 | |||||
ICFA | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory liability | 7,000 | 7,000 | $ 7,900 | |||||
Tax Cuts and Jobs Act [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory liability | $ 1,300 | $ 1,300 |
Regulatory Decision and Relat_4
Regulatory Decision and Related Accounting and Policy Changes - Summary of Collective Revenue Requirement Phased-in Over Time (Details) | Sep. 30, 2020USD ($) |
Incremental | |
2015 | $ 1,083 |
2016 | 887 |
2017 | 335 |
2018 | 335 |
2019 | 335 |
2020 | 335 |
2021 | 335 |
Cumulative | |
2015 | 1,083 |
2016 | 1,970 |
2017 | 2,305 |
2018 | 2,640 |
2019 | 2,975 |
2020 | 3,310 |
2021 | $ 3,645 |
Revenue from Contract with Cu_3
Revenue from Contract with Customer (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,757 | $ 9,942 | $ 28,876 | $ 26,786 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,757 | 9,942 | 28,876 | 26,786 | |
Deferred revenue - ICFA | 17,446 | 17,446 | $ 17,372 | ||
Contract with Customer, Asset, after Allowance for Credit Loss | 2,309 | 2,309 | 1,717 | ||
Contract with Customer, Liability | 18,151 | 18,151 | 17,959 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred revenue - ICFA | 17,446 | $ 17,446 | 17,372 | ||
Revenue, Performance Obligation, Description of Payment Terms | within 15 days of billing | ||||
Revenue, Remaining Performance Obligation, Amount | 17,400 | $ 17,400 | |||
Regulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,730 | 9,925 | 28,742 | 26,737 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,730 | 9,925 | 28,742 | 26,737 | |
Contract with Customer, Liability | 695 | 695 | 587 | ||
Unregulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27 | 17 | 134 | 49 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27 | 17 | 134 | 49 | |
Contract with Customer, Liability | 10 | 10 | 0 | ||
ICFA | Unregulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Water Services | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,492 | 4,963 | 13,555 | 12,344 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,492 | 4,963 | 13,555 | 12,344 | |
Contract with Customer, Asset, after Allowance for Credit Loss | 1,296 | 1,296 | 791 | ||
waste water and recycled water [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss | 1,013 | 1,013 | $ 926 | ||
waste water and recycled water [Member] | Regulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,238 | 4,962 | 15,187 | 14,393 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,238 | 4,962 | 15,187 | 14,393 | |
rental revenue [Member] | Unregulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26 | 16 | 133 | 48 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26 | 16 | 133 | 48 | |
Other Miscellaneous revenue [Member] [Member] | Unregulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 1 | 1 | 1 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 1 | 1 | 1 | |
Residential [Member] | Water Services | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,623 | 3,151 | 9,564 | 8,652 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,623 | 3,151 | 9,564 | 8,652 | |
Residential [Member] | waste water and recycled water [Member] | Regulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,516 | 4,293 | 13,411 | 12,698 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,516 | 4,293 | 13,411 | 12,698 | |
irrigation [Member] | Water Services | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,297 | 1,320 | 2,528 | 2,452 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,297 | 1,320 | 2,528 | 2,452 | |
commercial [Member] | Water Services | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 224 | 228 | 642 | 583 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 224 | 228 | 642 | 583 | |
commercial [Member] | waste water and recycled water [Member] | Regulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 244 | 229 | 721 | 678 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 244 | 229 | 721 | 678 | |
Other Water Services [Member] | Water Services | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 179 | 227 | 433 | 553 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 179 | 227 | 433 | 553 | |
recycledwater [Member] | waste water and recycled water [Member] | Regulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 419 | 335 | 891 | 717 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 419 | 335 | 891 | 717 | |
other wastewater [Member] | other wastewater [Member] | Regulated Operation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 59 | 105 | 164 | 300 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 59 | 105 | 164 | 300 | |
constructionservices [Member] | Water Services | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 169 | 37 | 388 | 104 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 169 | $ 37 | $ 388 | $ 104 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 334,769 | $ 326,303 |
Less accumulated depreciation | (98,351) | (92,749) |
Net property, plant and equipment | 236,418 | 233,554 |
Mains/lines/sewers | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 142,903 | 138,173 |
Average Depreciation Life (in years) | ||
Property plant and equipment, average depreciation life | 49 years | |
Plant | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 95,892 | 94,615 |
Average Depreciation Life (in years) | ||
Property plant and equipment, average depreciation life | 31 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 36,877 | 35,497 |
Average Depreciation Life (in years) | ||
Property plant and equipment, average depreciation life | 14 years | |
Meters | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 14,385 | 14,057 |
Average Depreciation Life (in years) | ||
Property plant and equipment, average depreciation life | 13 years | |
Furniture, fixture and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,650 | 623 |
Average Depreciation Life (in years) | ||
Property plant and equipment, average depreciation life | 21 years | |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 991 | 785 |
Average Depreciation Life (in years) | ||
Property plant and equipment, average depreciation life | 7 years | |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 241 | 241 |
Average Depreciation Life (in years) | ||
Property plant and equipment, average depreciation life | 3 years | |
Land and land rights | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,147 | 1,051 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 700 | 700 |
Construction work-in-process | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 39,983 | $ 40,561 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Billed receivables | $ 2,284 | $ 1,718 |
Less allowance for doubtful accounts | (138) | (87) |
Accounts receivable – net | $ 2,146 | $ 1,631 |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
FATHOM | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | $ 0 | $ 0 |
Acquisitions (Details)
Acquisitions (Details) | Oct. 16, 2018USD ($)mi²service_connectionactive_water_connection | May 30, 2018USD ($)mi² | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($)perUnitItemType |
Turner Ranches Water and Sanitation Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 2,800,000 | $ 2,800,000 | ||
Active water connections | 963 | |||
Area Of Certificated Service Areas | mi² | 7 | |||
Red Rock Utilities [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 5,900,000 | $ 5,851 | ||
Active water connections | service_connection | 1,650 | |||
Area Of Certificated Service Areas | mi² | 9 | |||
Red Rock Utilities [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 5,900,000 | |||
Active water connections | active_water_connection | 1,650 | |||
GrowthPremiumPayableForEachNewMeterInstalled | $ 750 | $ 750 | ||
Period for maximum payout of growth premium after first meter install | 10 years | |||
Period for Maximum payout of growth premium after acquisition date | 20 years | |||
Meters installed in the growth premium area | perUnitItemType | 0 |
Acquisitions Net Assets Acquire
Acquisitions Net Assets Acquired (Details) - USD ($) | Oct. 16, 2018 | May 30, 2018 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 18,062,000 | $ 18,062,000 | $ 7,513,000 | $ 11,091,000 | ||
Accounts receivable — net | 2,146,000 | 2,146,000 | 1,631,000 | |||
Property, Plant and Equipment, Net | 236,418,000 | 236,418,000 | 233,554,000 | |||
Property, plant and equipment | 334,769,000 | 334,769,000 | 326,303,000 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (98,351,000) | (98,351,000) | (92,749,000) | |||
Accounts payable | (195,000) | (195,000) | (992,000) | |||
Customer and Meter Deposits | (1,513,000) | (1,513,000) | (1,445,000) | |||
Contributions in Aid of Construction | (14,580,000) | (14,580,000) | (14,520,000) | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | 1,773,000 | 1,773,000 | 1,773,000 | |||
Accrued Liabilities, Current | (8,615,000) | (8,615,000) | (7,546,000) | |||
Goodwill | 4,398,000 | 4,398,000 | $ 4,398,000 | |||
Red Rock Utilities [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable — net | 111 | 111 | ||||
Property, Plant and Equipment, Net | 19,841 | 19,841 | ||||
Property, plant and equipment | 748 | 748 | ||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (6,084) | (6,084) | ||||
Prepaid Expense | 12 | 12 | ||||
Intangible Assets, Gross (Excluding Goodwill) | 196 | 196 | ||||
Accounts payable | (26) | (26) | ||||
Taxes Payable | (14) | (14) | ||||
Accrued Liabilities | (47) | (47) | ||||
Customer and Meter Deposits | (76) | (76) | ||||
Advances in aid of construction | 3,423 | 3,423 | ||||
Contributions in Aid of Construction | (7,397) | (7,397) | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 838 | 838 | ||||
Assets | 3,003 | 3,003 | ||||
Goodwill | 2,848 | 2,848 | ||||
Payments to Acquire Businesses, Gross | $ 5,900,000 | 5,851 | ||||
Turner Ranches Water and Sanitation Company [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | 176,000 | 176,000 | ||||
Accounts receivable — net | 121,000 | 121,000 | ||||
Property, Plant and Equipment, Net | 4,495,000 | 4,495,000 | ||||
Property, plant and equipment | 92,000 | 92,000 | ||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (3,554,000) | (3,554,000) | ||||
Accounts payable | (30,000) | (30,000) | ||||
Accrued Liabilities, Current | (49,000) | (49,000) | ||||
Assets | 1,251,000 | 1,251,000 | ||||
Goodwill | 1,549,000 | $ 1,549,000 | ||||
Payments to Acquire Businesses, Gross | $ 2,800,000 | $ 2,800,000 |
Goodwill & Intangible Assets -
Goodwill & Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
INDEFINITE LIVED INTANGIBLE ASSETS: | |||||
Indefinite lived intangible assets | $ 1,741 | $ 1,741 | $ 1,741 | ||
DEFINITE LIVED INTANGIBLE ASSETS: | |||||
Gross Amount | 25,384 | 25,384 | 25,384 | ||
Accumulated Amortization | (15,399) | (15,399) | (14,571) | ||
Net Amount | 9,985 | 9,985 | 10,813 | ||
Total intangible assets, Gross Amount | 27,125 | 27,125 | 27,125 | ||
Total intangible assets, Net Amount | 11,726 | 11,726 | 12,554 | ||
Amortization of intangible assets | 600 | $ 0 | 800 | $ 0 | |
Acquired ICFAs | |||||
DEFINITE LIVED INTANGIBLE ASSETS: | |||||
Gross Amount | 17,978 | 17,978 | 17,978 | ||
Accumulated Amortization | (13,396) | (13,396) | (12,568) | ||
Net Amount | 4,582 | 4,582 | 5,410 | ||
Sonoran contract rights | |||||
DEFINITE LIVED INTANGIBLE ASSETS: | |||||
Gross Amount | 7,406 | 7,406 | 7,406 | ||
Accumulated Amortization | (2,003) | (2,003) | (2,003) | ||
Net Amount | 5,403 | 5,403 | 5,403 | ||
CP Water Certificate of Convenience & Necessity service area | |||||
INDEFINITE LIVED INTANGIBLE ASSETS: | |||||
Indefinite lived intangible assets | 1,532 | 1,532 | 1,532 | ||
Intangible trademark | |||||
INDEFINITE LIVED INTANGIBLE ASSETS: | |||||
Indefinite lived intangible assets | 13 | 13 | 13 | ||
Franchise Rights [Member] | |||||
INDEFINITE LIVED INTANGIBLE ASSETS: | |||||
Indefinite lived intangible assets | 129 | 129 | 129 | ||
Red Rock Utilities [Member] | |||||
INDEFINITE LIVED INTANGIBLE ASSETS: | |||||
Indefinite lived intangible assets | $ 67 | $ 67 | $ 67 |
Goodwill & Intangible Assets _2
Goodwill & Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||||
Goodwill | $ 4,398 | $ 4,398 | $ 4,398 | ||
Amortization of intangible assets | 600 | $ 0 | 800 | $ 0 | |
Amortization of intangible assets | 600 | $ 0 | 800 | $ 0 | |
Turner Ranches Water and Sanitation Company [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 1,549 | $ 1,549 |
Transactions With Related Par_2
Transactions With Related Parties - Additional Information (Details) - USD ($) | Nov. 17, 2016 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||||||
Employee medical claims paid | $ 200,000 | $ 100,000 | $ 500,000 | $ 300,000 | |||
Due from affiliates | 0 | 0 | $ 426,000 | ||||
Royalty Income, Nonoperating | 100,000 | $ 0 | 300,000 | ||||
Global Water Management | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase agreement period | 10 years | ||||||
Global Water Management | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Royalty payments (up to $15.0 million) | 15,000,000 | $ 15,000,000 | |||||
Proceeds from Royalties Received | $ 2,300,000 | ||||||
Global Water Management | Meter Replacement | |||||||
Related Party Transaction [Line Items] | |||||||
Meter replacement program cost | $ 11,400,000 | ||||||
Global Water Management | FATHOM Services | |||||||
Related Party Transaction [Line Items] | |||||||
Cost per water account/month | $ 6.43 | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 400,000 | $ 1,300,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accrued Liabilities, Current [Abstract] | ||
Deferred compensation | $ 1,284 | $ 2,008 |
Property taxes | 1,774 | 1,095 |
Interest | 1,778 | 475 |
Dividend payable | 544 | 519 |
Asset retirement obligation | 697 | 697 |
Accrued Bonuses, Current | 702 | 344 |
Other accrued liabilities | 1,836 | 2,408 |
Total accrued expenses | $ 8,615 | $ 7,546 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 128,060 | $ 121,075 |
Fair Value, Net Asset (Liability) | 133,349 | 125,377 |
Business Combination, Contingent Consideration, Liability | 838 | 838 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,135 | 2,132 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 128,060 | 121,075 |
Fair Value, Net Asset (Liability) | 130,376 | 122,407 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | 838 | 838 |
Business Combination, Contingent Consideration, Liability | 838 | 838 |
Hook Up Fee Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Cash and Cash Equivalents | 1,526 | 627 |
Demand Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,135 | |
Demand Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,135 | 2,132 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Cash and Cash Equivalents | 790 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Cash and Cash Equivalents | 705 | |
Hook Up Fee Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Cash and Cash Equivalents | 627 | |
Certificates of Deposit [Member] | Hook Up Fee Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,526 | |
Certificates of Deposit [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 790 | |
Restricted Cash and Cash Equivalents | $ 705 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Balances and Maturity Dates for Short Term and Long Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 03, 2017 | Jun. 24, 2016 |
Short-term | |||||
Capital lease obligations | $ 114 | $ 110 | |||
Debt issuance costs | 0 | 0 | |||
Total debt | 118 | 117 | |||
Long-term | |||||
Capital lease obligations | 165 | 251 | |||
Long-term debt and capital leases | 114,594 | 114,664 | |||
BONDS AND NOTES PAYABLE - | |||||
Short-term | |||||
Short-term debt | 4 | 7 | |||
Long-term | |||||
Long-term debt, noncurrent | 115,000 | 115,018 | |||
BONDS AND NOTES PAYABLE - | 4.38% Series A 2016, maturing June 2028 | |||||
Short-term | |||||
Short-term debt | 0 | 0 | |||
Long-term | |||||
Long-term debt, noncurrent | 28,750 | 28,750 | |||
BONDS AND NOTES PAYABLE - | 4.58% Series B 2016, maturing June 2036 | |||||
Short-term | |||||
Short-term debt | 0 | 0 | |||
Long-term | |||||
Long-term debt, noncurrent | 86,250 | 86,250 | |||
BONDS AND NOTES PAYABLE - | 1.20% WIFA Loan, maturing October 2032 | |||||
Long-term | |||||
Debt instrument, interest rate | 1.20% | ||||
BONDS AND NOTES PAYABLE - | 4.65% Harquahala Loan, maturing January 2021 | |||||
Short-term | |||||
Short-term debt | 4 | 6 | |||
Long-term | |||||
Long-term debt, noncurrent | 0 | 3 | |||
Debt instrument, interest rate | 4.65% | ||||
BONDS AND NOTES PAYABLE - | 2017 WIFA Loan [Member] | |||||
Short-term | |||||
Short-term debt | 0 | 1 | |||
Long-term | |||||
Long-term debt, noncurrent | 0 | 15 | |||
Debt instrument, interest rate | 4.60% | ||||
Secured Debt [Member] | |||||
Long-term | |||||
Debt issuance costs | $ (571) | $ (605) | |||
Debt instrument, interest rate | 4.55% |
Debt - Additional Information (
Debt - Additional Information (Details) | Jun. 24, 2016USD ($)debt_instrument | Sep. 30, 2018USD ($) | Sep. 30, 2020USD ($) | May 04, 2020 | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019 | Apr. 20, 2018USD ($) | May 31, 2017debt_instrument | Mar. 03, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||
Debt Issuance Costs, Line of Credit Arrangements, Net | $ 57,000 | $ 49,000 | ||||||||
Long-term debt, fair value | 128,060,000 | 121,075,000 | ||||||||
Eagletail Water Company | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of debt instruments | debt_instrument | 2 | |||||||||
2016 Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of debt instruments | debt_instrument | 2 | |||||||||
Debt instrument, face amount | $ 115,000,000 | |||||||||
Debt instrument, interest rate | 4.55% | |||||||||
Redemption percentage of principal amount | 103.00% | |||||||||
Cash paid for prepayment penalty | $ 3,200,000 | |||||||||
Write off of capitalized loan fees | $ 2,200,000 | |||||||||
Debt Issuance Costs, Net | $ 571,000 | $ 605,000 | ||||||||
Future Debt service coverage ratio for June 30, 2021 through the quarter ending March 31, 2024 | 120.00% | |||||||||
2016 Senior Secured Notes | Series A Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 28,800,000 | |||||||||
Debt instrument, interest rate | 4.38% | |||||||||
Debt instrument, term | 12 years | |||||||||
Debt instrument, maturity date | Jun. 15, 2028 | |||||||||
2016 Senior Secured Notes | Series B Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 86,300,000 | |||||||||
Debt instrument, interest rate | 4.58% | |||||||||
Debt instrument, term | 20 years | |||||||||
Debt Instrument, principal payments | $ 1,900,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate | 2.00% | 2.25% | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 8,000,000 | ||||||||
Debt service coverage ratio | 110.00% | 110.00% | ||||||||
Debt service coverage ratio limiting dividend payment | 125.00% | |||||||||
Bonds and notes payable | 1.20% WIFA Loan, maturing October 2032 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate | 1.20% | |||||||||
Debt instrument, term | 20 years | |||||||||
Bonds and notes payable | 4.65% Harquahala Loan, maturing January 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate | 4.65% | |||||||||
Debt instrument, term | 15 years | |||||||||
Bonds and notes payable | 2017 WIFA Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 175,000 | |||||||||
loan forgiven | $ 157,000 | |||||||||
Debt instrument, interest rate | 4.60% | |||||||||
Debt instrument, term | 20 years |
Debt - Schedule of Aggregate An
Debt - Schedule of Aggregate Annual Maturities of Debt And Minimum Lease Payments Under Capital Lease Obligations (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2019 | $ 2 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 28 |
2020 | 1,920 |
2021 | 3,833 |
2022 | 3,833 |
2023 | 3,833 |
Thereafter | 101,583 |
Total | 115,004 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | |
2019 | 115 |
2020 | 88 |
2021 | 48 |
2022 | 0 |
Thereafter | 0 |
Subtotal | 279 |
Less: amount representing interest | (15) |
Total | $ 264 |
Income Taxes - Additional Infor
Income Taxes - Additional Information1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Expense (Benefit) | $ (498) | $ (388) | $ 741 | $ 1,086 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1,629 | 1,435 | 2,104 | 3,560 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 1,600 | $ 1,400 | $ 2,100 | $ 3,600 |
Deferred Compensation Awards -
Deferred Compensation Awards - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 631,375 | 640,796 | 631,375 | 640,796 |
PSUs and SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 200 | $ 600 | $ (300) | $ 1,000 |
SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 735,000 | |||
2017 stock option grant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 385,771 | 390,796 | 385,771 | 390,796 |
2017 stock option grant | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 67 | $ 67 | $ 200 | $ 198 |
Options forfeited | 67,950 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 385,771 | 385,771 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 11,279 | |||
Twenty Nineteen Stock Option Grant [Member] [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 245,604 | 250,000 | 245,604 | 250,000 |
Twenty Nineteen Stock Option Grant [Member] [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 49 | $ 26 | $ 146 | $ 26 |
Options forfeited | 4,396 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 245,604 | 245,604 | ||
Members of Management | Q22020 | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 200 | $ 0 | $ 800 | $ 0 |
Units Granted (in shares) | 177,490 |
Deferred Compensation Awards _2
Deferred Compensation Awards - Schedule of Total Awards Granted and Number of Units Outstanding (Details) - Phantom Stock Units (PSUs) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 143,120 | |||
Units Outstanding (in shares) | 39,980 | 39,980 | ||
Amounts Paid | $ 72 | $ 72 | $ 236 | $ 218 |
Q1 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 34,830 | |||
Units Outstanding (in shares) | 0 | 0 | ||
Amounts Paid | $ 0 | 0 | $ 0 | 29 |
Q1 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 22,712 | |||
Units Outstanding (in shares) | 0 | 0 | ||
Amounts Paid | $ 0 | 19 | $ 24 | 57 |
Q1 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 30,907 | |||
Units Outstanding (in shares) | 5,151 | 5,151 | ||
Amounts Paid | $ 26 | 26 | $ 85 | 78 |
Q1 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 32,190 | |||
Units Outstanding (in shares) | 16,095 | 16,095 | ||
Amounts Paid | $ 27 | 27 | $ 89 | 54 |
Q1 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 22,481 | |||
Units Outstanding (in shares) | 18,734 | 18,734 | ||
Amounts Paid | $ 19 | $ 0 | $ 38 | $ 0 |
Deferred Compensation Awards _3
Deferred Compensation Awards - Schedule of Recipients of SARs Awards, Grant Date, Units Granted, Exercise Price, Outstanding Shares and Amounts Paid (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 735,000 | |||
Units Outstanding (in shares) | 248,250 | 248,250 | ||
Amounts Paid | $ 0 | $ 891 | $ 300 | $ 1,338 |
Key Executive | Q2 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 300,000 | |||
Exercise Price (in dollars per share) | $ 5.13 | |||
Units Outstanding (in shares) | 42,500 | 42,500 | ||
Amounts Paid | $ 0 | 258 | $ 300 | 705 |
Members of Management | Q1 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 299,000 | |||
Exercise Price (in dollars per share) | $ 4.26 | |||
Units Outstanding (in shares) | 118,000 | 118,000 | ||
Amounts Paid | $ 0 | 481 | $ 0 | 481 |
Members of Management | Q3 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 103,000 | |||
Exercise Price (in dollars per share) | $ 9.40 | |||
Units Outstanding (in shares) | 63,000 | 63,000 | ||
Amounts Paid | $ 0 | 125 | $ 0 | 125 |
Members of Management | Q1 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 33,000 | |||
Exercise Price (in dollars per share) | $ 8.99 | |||
Units Outstanding (in shares) | 24,750 | 24,750 | ||
Amounts Paid | $ 0 | $ 27 | $ 0 | $ 27 |
Deferred Compensation Awards _4
Deferred Compensation Awards - Schedule of Estimated Future Compensation Expense (Details) $ in Thousands | Sep. 30, 2020USD ($) |
PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 153 |
2020 | 195 |
2021 | 80 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0 |
2022 | 0 |
Total | 428 |
SARs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 9 |
2020 | 38 |
2021 | 38 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0 |
2022 | 32 |
Total | $ 117 |
Deferred Compensation Awards (D
Deferred Compensation Awards (Details) - Members of Management - Q22020 - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Granted (in shares) | 177,490 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 49,163 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||
Units Outstanding (in shares) | 128,327 | 128,327 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.25 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 11.32 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Intrinsic Value, Amount Per Share | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.22 | $ 11.22 | ||
Stock-based compensation expense | $ 0.2 | $ 0 | $ 0.8 | $ 0 |
Statement of Cash Flows, Supp_3
Statement of Cash Flows, Supplemental Disclosures | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATIONThe following is supplemental cash flow information for the nine months ended September 30, 2020 and 2019 (in thousands): |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Office Space - USD ($) $ in Thousands | Sep. 01, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Loss Contingencies [Line Items] | |||||
Operating leases monthly rental expense related to new agreement | $ 15 | ||||
Operating leases rent expense | $ 44 | $ 45 | $ 133 | $ 133 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Nov. 05, 2020$ / shares | Oct. 29, 2020USD ($)active_water_connection | Nov. 05, 2019$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Sep. 30, 2020$ / shares | Sep. 30, 2019$ / shares | May 04, 2020 | Apr. 30, 2020USD ($) | Apr. 20, 2018USD ($) |
Subsequent Event [Line Items] | |||||||||||||
Dividends declared per common share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.22 | $ 0.21 | ||||||
monthly dividends declared [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends declared per common share | $ 0.0241 | ||||||||||||
annual dividends declared [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends declared per common share | $ 0.2892 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Business combination, consideration transferred | $ | $ 80 | ||||||||||||
Active water connections | active_water_connection | 60 | ||||||||||||
Subsequent Event [Member] | monthly dividends declared [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends declared per common share | $ 0.02434 | ||||||||||||
Subsequent Event [Member] | annual dividends declared [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends declared per common share | $ 0.29208 | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ | $ 10,000 | $ 8,000 | |||||||||||
Debt instrument, interest rate | 2.00% | 2.25% |
Uncategorized Items - gwrs-2020
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 13,197,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 9,095,000 |