Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-8966 | |
Entity Registrant Name | SJW GROUP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0066628 | |
Entity Address, Address Line One | 110 West Taylor Street, | |
Entity Address, City or Town | San Jose, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95110 | |
City Area Code | (408) | |
Local Phone Number | 279-7800 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | SJW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,237,145 | |
Entity Central Index Key | 0000766829 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUE | $ 124,302 | $ 114,785 |
Production Expenses: | ||
Purchased water | 19,217 | 15,645 |
Power | 3,080 | 3,003 |
Groundwater extraction charges | 13,928 | 15,545 |
Other production expenses | 10,123 | 9,402 |
Total production expenses | 46,348 | 43,595 |
Administrative and general | 24,205 | 20,893 |
Maintenance | 6,695 | 6,265 |
Property taxes and other non-income taxes | 8,309 | 7,515 |
Depreciation and amortization | 27,606 | 23,438 |
Gain on sale of nonutility properties | (5,450) | 0 |
Total operating expense | 107,713 | 101,706 |
OPERATING INCOME | 16,589 | 13,079 |
OTHER (EXPENSE) INCOME: | ||
Interest on long-term debt and other interest expense | (13,729) | (13,439) |
Pension non-service cost | 949 | 326 |
Other, net | 995 | 1,754 |
Income before income taxes | 4,804 | 1,720 |
Provision (benefit) for income taxes | 1,067 | (896) |
NET INCOME | 3,737 | 2,616 |
Other comprehensive (loss) income, net | (181) | 38 |
COMPREHENSIVE INCOME | $ 3,556 | $ 2,654 |
EARNINGS PER SHARE | ||
Basic (usd per share) | $ 0.12 | $ 0.09 |
Diluted (usd per share) | 0.12 | 0.09 |
DIVIDENDS PER SHARE (usd per share) | $ 0.36 | $ 0.34 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||
Basic (shares) | 30,224,135 | 28,862,882 |
Diluted (shares) | 30,335,974 | 28,990,203 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Utility plant: | ||
Land | $ 39,900 | $ 39,004 |
Depreciable plant and equipment | 3,420,850 | 3,381,908 |
Construction in progress | 180,961 | 176,427 |
Intangible assets | 36,290 | 36,276 |
Property, plant, and equipment, gross | 3,678,001 | 3,633,615 |
Less accumulated depreciation and amortization | 1,160,758 | 1,136,116 |
Public utilities, property, plant and equipment, net | 2,517,243 | 2,497,499 |
Real estate investments and nonutility properties | 57,673 | 57,632 |
Less accumulated depreciation and amortization | 16,251 | 15,951 |
Real estate investment property, total | 41,422 | 41,681 |
Cash and cash equivalents: | ||
Cash | 17,487 | 10,908 |
Restricted cash | 602 | 1,211 |
Accounts receivable: | ||
Customers, net of allowances for uncollectible accounts of $5,113 and $4,600 on March 31, 2022 and December 31, 2021, respectively | 53,942 | 53,699 |
Income tax | 2,267 | 2,308 |
Other | 4,470 | 4,735 |
Accrued unbilled utility revenue | 39,506 | 44,026 |
Prepaid expenses | 11,270 | 9,667 |
Current regulatory assets, net | 4,370 | 2,629 |
Other current assets | 4,021 | 4,902 |
Total current assets | 137,935 | 134,085 |
OTHER ASSETS: | ||
Net regulatory assets, less current portion | 147,566 | 151,992 |
Investments | 15,866 | 15,784 |
Goodwill | 640,311 | 640,471 |
Other | 11,533 | 10,883 |
Total other assets | 815,276 | 819,130 |
Total assets | 3,511,876 | 3,492,395 |
Stockholders’ equity: | ||
Common stock, $0.001 par value; authorized 70,000,000 shares; issued and outstanding shares 30,237,145 on March 31, 2022 and 30,181,348 on December 31, 2021 | 30 | 30 |
Additional paid-in capital | 607,637 | 606,392 |
Retained earnings | 421,095 | 428,260 |
Accumulated other comprehensive income | (344) | (163) |
Total stockholders’ equity | 1,028,418 | 1,034,519 |
Long-term debt, less current portion | 1,491,556 | 1,492,935 |
Capitalization, long-term debt and equity | 2,519,974 | 2,527,454 |
CURRENT LIABILITIES: | ||
Line of credit | 75,997 | 62,996 |
Current portion of long-term debt | 38,919 | 39,106 |
Accrued groundwater extraction charges, purchased water and power | 19,340 | 17,200 |
Accounts payable | 28,367 | 30,391 |
Accrued interest | 18,500 | 14,174 |
Accrued payroll | 8,746 | 11,583 |
Other current liabilities | 27,984 | 27,821 |
Total current liabilities | 217,853 | 203,271 |
DEFERRED INCOME TAXES | 203,186 | 200,451 |
ADVANCES FOR CONSTRUCTION | 137,436 | 130,693 |
CONTRIBUTIONS IN AID OF CONSTRUCTION | 317,494 | 316,479 |
POSTRETIREMENT BENEFIT PLANS | 92,069 | 89,998 |
OTHER NONCURRENT LIABILITIES | 23,864 | 24,049 |
COMMITMENTS AND CONTINGENCIES | ||
Total capitalization and liabilities | $ 3,511,876 | $ 3,492,395 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Allowance for uncollectible accounts | $ 5,113 | $ 4,600 |
CAPITALIZATION: | ||
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (shares) | 70,000,000 | 70,000,000 |
Common stock, shares issued (shares) | 30,237,145 | 30,181,348 |
Common stock, shares outstanding (shares) | 30,237,145 | 30,181,348 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning balance (in shares) at Dec. 31, 2020 | 28,556,605 | ||||
Beginning balance at Dec. 31, 2020 | $ 917,160 | $ 29 | $ 510,158 | $ 408,037 | $ (1,064) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,616 | 2,616 | |||
Unrealized gain (loss) on investment, net of tax | 38 | 38 | |||
Stock-based compensation | 1,248 | 1,280 | (32) | ||
Issuance of restricted and deferred stock units (in shares) | 30,547 | ||||
Issuance of restricted and deferred stock units | (964) | (964) | |||
Employee stock purchase plan (in shares) | 18,235 | ||||
Employee stock purchase plan | 1,026 | 1,026 | |||
Common stock issuance, net of costs (in shares) | 1,184,500 | ||||
Common stock issuance, net of costs | 66,896 | $ 1 | 66,895 | ||
Dividends paid | (9,724) | (9,724) | |||
Ending balance (in shares) at Mar. 31, 2021 | 29,789,887 | ||||
Ending balance at Mar. 31, 2021 | $ 978,296 | $ 30 | 578,395 | 400,897 | (1,026) |
Beginning balance (in shares) at Dec. 31, 2021 | 30,181,348 | 30,181,348 | |||
Beginning balance at Dec. 31, 2021 | $ 1,034,519 | $ 30 | 606,392 | 428,260 | (163) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,737 | 3,737 | |||
Unrealized gain (loss) on investment, net of tax | (181) | (181) | |||
Stock-based compensation | 1,532 | 1,552 | (20) | ||
Issuance of restricted and deferred stock units (in shares) | 37,879 | ||||
Issuance of restricted and deferred stock units | (1,269) | (1,269) | |||
Employee stock purchase plan (in shares) | 17,918 | ||||
Employee stock purchase plan | 1,049 | 1,049 | |||
Common stock issuance costs | (87) | (87) | |||
Dividends paid | $ (10,882) | (10,882) | |||
Ending balance (in shares) at Mar. 31, 2022 | 30,237,145 | 30,237,145 | |||
Ending balance at Mar. 31, 2022 | $ 1,028,418 | $ 30 | $ 607,637 | $ 421,095 | $ (344) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Unrealized gain (loss) on investment, tax | $ 67 | $ (14) |
Dividends per share (usd per share) | $ 0.36 | $ 0.34 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES: | ||
Net income | $ 3,737 | $ 2,616 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 28,081 | 23,931 |
Deferred income taxes | 2,264 | (762) |
Stock-based compensation | 1,552 | 1,280 |
Allowance for equity funds used during construction | (510) | (402) |
Gain on sale of nonutility properties | (5,450) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable and accrued unbilled utility revenue | 4,311 | 7,725 |
Accounts payable and other current liabilities | (1,635) | (3,719) |
Accrued groundwater extraction charges, purchased water and power | 2,140 | (1,040) |
Tax receivable and payable, and other accrued taxes | 1,135 | 3,333 |
Postretirement benefits | 1,230 | 1,649 |
Regulatory assets and liabilities excluding income tax temporary differences, net and postretirement benefits | 5,124 | (1,750) |
Other changes, net | 3,315 | 515 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 45,294 | 33,376 |
INVESTING ACTIVITIES: | ||
Company-funded | (43,727) | (46,674) |
Contributions in aid of construction | (4,782) | (4,653) |
Additions to real estate investments | (40) | (152) |
Payments to retire utility plant, net of salvage | (1,087) | (461) |
Proceeds from sale of nonutility properties | 227 | 0 |
Payments for business acquisitions | (33) | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (49,442) | (51,940) |
FINANCING ACTIVITIES: | ||
Borrowings on line of credit | 15,377 | 28,637 |
Repayments on line of credit | (2,375) | (82,222) |
Long-term borrowings | 0 | 17,000 |
Repayments of long-term borrowings | (1,172) | (1,159) |
Issuance of common stock, net of issuance costs | 0 | 67,249 |
Dividends paid | (10,882) | (9,724) |
Receipts of advances and contributions in aid of construction | 10,044 | 4,687 |
Refunds of advances for construction | (595) | (583) |
Other changes, net | (279) | (80) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 10,118 | 23,805 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 5,970 | 5,241 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 12,119 | 9,269 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 18,089 | 14,510 |
LESS RESTRICTED CASH, END OF PERIOD | 602 | 3,104 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 17,487 | 11,406 |
Cash paid during the period for: | ||
Interest | 11,127 | 9,516 |
Income taxes | 165 | 158 |
Supplemental disclosure of non-cash activities: | ||
Accrued payables for additions to utility plant | 20,472 | 16,720 |
Utility property installed by developers | 546 | 202 |
Accrued additional common stock issuance costs | $ 0 | $ 353 |
General
General | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
General | General In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of the results for the interim periods. The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission. The Notes to Consolidated Financial Statements in SJW Group’s 2021 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements. SJW Group is a holding company with five wholly-owned subsidiaries: San Jose Water Company (“SJWC”), SJWNE LLC, SJWTX, Inc., SJW Land Company, and SJW Holdings, Inc. SJWNE LLC is the holding company for Connecticut Water Service, Inc. (“CTWS”) whose wholly-subsidiaries are The Connecticut Water Company (“Connecticut Water”), The Maine Water Company (“Maine Water”), New England Water Utility Services, Inc. (“NEWUS”), and Chester Realty, Inc. SJWC, Connecticut Water, SJWTX, Inc. doing business as Canyon Lake Water Service Company (“CLWSC”), Maine Water and NEWUS are referred to as “Water Utility Services.” SJW Land Company and Chester Realty, Inc. are collectively referred to as “Real Estate Services.” Revenue Water sales are seasonal in nature and influenced by weather conditions. The timing of precipitation and climatic conditions can cause seasonal water consumption by customers to vary significantly. Due to the seasonal nature of the water business, the operating results for interim periods are not indicative of the operating results for a 12-month period. Revenue is generally higher in the warm, dry summer months when water usage and sales are greater, and lower in the winter months when cooler temperatures and increased precipitation curtail water usage resulting in lower sales. The major streams of revenue for SJW Group are as follows: Three months ended March 31, 2022 2021 Revenue from contracts with customers $ 121,777 112,238 Alternative revenue programs, net (1,927) 112 Other balancing and memorandum accounts, net 2,430 1,521 Other regulatory mechanisms, net 666 (430) Rental income 1,356 1,344 $ 124,302 114,785 Real Estate Investments and Nonutility Properties The major components of real estate investments and nonutility properties as of March 31, 2022, and December 31, 2021, are as follows: March 31, December 31, Land $ 12,615 12,615 Buildings and improvements 45,058 45,017 Subtotal 57,673 57,632 Less: accumulated depreciation and amortization 16,251 15,951 Total $ 41,422 41,681 On October 29, 2021, SJWC sold two nonutility properties located in San Jose, California for $13,150. SJW Group recognized a pre-tax gain on the sale of nonutility properties of $7,230, after selling expenses of $277 for one of the properties sold, and a gain of $5,442, after selling expenses of $178, was deferred on the other nonutility property pending CPUC review for the year ended December 31, 2021. On February 15, 2022, the California Public Utilities Commission (“CPUC”) review was completed and $5,442 was recognized as gain on sale of nonutility properties. Fair Value Measurement The following instruments are not measured at fair value on SJW Group’s condensed consolidated balance sheets as of March 31, 2022, but require disclosure of their fair values: cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of such instruments as of March 31, 2022, approximates their carrying value as reported on the condensed consolidated balance sheets. The estimated fair value of such financial instruments were determined using the income approach based on the present value of estimated future cash flows. There have been no changes in valuation techniques during the three months ended March 31, 2022. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. The fair value of SJW Group’s long-term debt was approximately $1,493,425 and $1,651,825 as of March 31, 2022, and December 31, 2021, respectively, and was determined using a discounted cash flow analysis, based on the current rates for similar financial instruments of the same duration and creditworthiness of the company. The book value of long-term debt was $1,530,475 and $1,532,041 as of March 31, 2022, and December 31, 2021, respectively. The fair value of long-term debt would be categorized as Level 2 in the fair value hierarchy. Connecticut Water Service, Inc.’s (“CTWS”) additional retirement benefits under the supplemental executive retirement plans and retirement contracts are funded by investment assets held by a Rabbi Trust. The fair value of the money market funds, mutual funds and fixed income investments in the Rabbi Trust was $3,469 and $3,797 as of March 31, 2022, and December 31, 2021, respectively, and are categorized as Level 1 in the fair value hierarchy. Earnings per Share Basic earnings per share is calculated using income available to common stockholders, divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated using income available to common stockholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with restricted common stock awards under SJW Group’s Long-Term Incentive Plan (as amended, the “Incentive Plan”), shares potentially issuable under the performance stock plans assumed through the business combination with CTWS, and shares potentially issuable under the Employee Stock Purchase Plan (“ESPP”). For the three months ended March 31, 2022 and 2021, 10,860 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters Regulatory assets, net are comprised of the following as of March 31, 2022, and December 31, 2021: March 31, 2022 December 31, 2021 Regulatory assets: Income tax temporary differences, net $ 24,309 22,420 Postretirement pensions and other postretirement benefits 63,126 62,197 Business combinations debt premium, net 19,302 19,937 Balancing and memorandum accounts, net 33,800 38,334 Water Rate Adjustment 1,512 2,588 Other, net 9,887 9,145 Total regulatory assets, net in Condensed Consolidated Balance Sheets 151,936 154,621 Less: current regulatory assets, net 4,370 2,629 Total regulatory assets, net, less current portion $ 147,566 151,992 As of March 31, 2022, and December 31, 2021, SJW Group’s regulatory assets, net not earning a return primarily included postretirement pensions and other medical benefits unfunded amount, and business combination debt premiums, net. The total amount of regulatory assets, net not earning a return at March 31, 2022, and December 31, 2021, either by interest on the regulatory asset/liability or as a component of rate base at the allowed rate of return was $85,446 and $84,887, respectively. Balancing and Memorandum Accounts SJWC has established balancing accounts for the purpose of tracking the under-collection or over-collection associated with expense changes and revenue authorized by the CPUC to offset those expense changes. SJWC also maintains memorandum accounts to track revenue impacts due to catastrophic events, certain unforeseen water quality expenses related to new federal and state water quality standards, energy efficiency, water conservation, water tariffs, and other approved activities or as directed by the CPUC. The Monterey Water Revenue Adjustment Mechanism (“MWRAM”) tracks the difference between the revenue received for actual metered sales through the tiered volumetric rate and the revenue that would have been received with the same actual metered sales if a uniform rate would have been in effect. The Water Conservation Memorandum Account (“WCMA”) allows SJWC to track lost revenue, net of related water costs, associated with reduced sales due to water conservation and associated calls for water use reductions. SJWC records the lost revenue captured in the WCMA balancing accounts. Drought surcharges collected will be used to offset the revenue losses tracked in the WCMA. Balancing and memorandum accounts recorded to regulatory assets, net for the three months ended March 31, 2022, and 2021 as follows: Three months ended March 31, 2022 Three months ended March 31, 2021 Beginning Balance Regulatory Asset Increase (Decrease) Refunds (Collections) Adjustments Ending Balance Beginning Balance Regulatory Asset Increase (Decrease) Refunds (Collections) Adjustments Ending Balance Revenue accounts: MWRAM $ 16,866 2,193 1 19,060 $ 12,077 1,776 — 13,853 WCMA 3,534 (100) (6,495) (3,061) 666 — — 666 Cost of capital memorandum account (1,563) (1) — (1,564) (1,561) — — (1,561) All others (386) 312 1 (73) (1,139) (175) 1 (1,313) Total revenue accounts $ 18,451 2,404 (6,493) 14,362 $ 10,043 1,601 1 11,645 Cost-recovery accounts: Water supply costs 10,545 244 — 10,789 8,123 787 — 8,910 Pension 4,941 65 — 5,006 3,478 366 — 3,844 PRVMA 707 1 (76) 632 1,108 — (81) 1,027 CEMA 3,245 (807) — 2,438 2,266 — — 2,266 All others 445 128 — 573 445 — — 445 Total cost-recovery accounts $ 19,883 (369) (76) 19,438 $ 15,420 1,153 (81) 16,492 Total $ 38,334 2,035 (6,569) 33,800 $ 25,463 2,754 (80) 28,137 |
Bank Borrowings and Long-Term L
Bank Borrowings and Long-Term Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Bank Borrowings and Long-Term Liabilities | Bank Borrowings and Long-Term LiabilitiesSJW Group’s contractual obligations and commitments include senior notes, bank term loans, revenue bonds, state revolving fund loans and other obligations. Water Utility Services have received advance deposit payments from its customers on certain construction projects. The refunds of the advance deposit payments constitute an obligation of the respective subsidiaries. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIncome tax expense (benefit) for the three months ended March 31, 2022, and 2021, was $1,067 and $(896), respectively. The effective consolidated income tax rates were 22% and (52)% for the three months ended March 31, 2022, and 2021, respectively. The higher effective tax rate for the three months ended March 31, 2022, was primarily due to discrete tax expense items.SJW Group had unrecognized tax benefits, before the impact of deductions of state taxes, excluding interest and penalties of approximately $8,014 and $7,961 as of March 31, 2022, and December 31, 2021, respectively. SJW Group does not expect its unrecognized tax benefits to change significantly within the next 12 months. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesSJW Group is subject to ordinary routine litigation incidental to its business. There are no pending legal proceedings to which SJW Group or any of its subsidiaries is a party, or to which any of its properties is the subject, that are expected to have a material effect on SJW Group’s business, financial position, results of operations or cash flows. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans SJW Group maintains noncontributory defined benefit pension plans for its eligible employees. SJWC and CTWS employees hired before March 31, 2008, and January 1, 2009, respectively, are entitled to benefits under the pension plans based on the employee’s years of service and compensation. For SJWC employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based upon compensation credits and interest credits for each employee. Certain CTWS employees hired before March 1, 2012, and covered by a plan merged into the CTWS plan in 2013 are also entitled to benefits based on the employee’s years of service and compensation. CTWS employees hired on or after January 1, 2009, are entitled to an additional 1.5% of eligible compensation to their company sponsored savings plan. SJW Group does not have multi-employer plans. In addition, senior management hired before March 31, 2008, for SJWC and January 1, 2009, for CTWS are eligible to receive additional retirement benefits under supplemental executive retirement plans and retirement contracts. SJWC’s senior management hired on or after March 31, 2008, are eligible to receive additional retirement benefits under SJWC’s Cash Balance Executive Supplemental Retirement Plan. The supplemental retirement plans and Cash Balance Executive Supplemental Retirement Plan are non-qualified plans in which only senior management and other designated members of management may participate. SJW Group also provides health care and life insurance benefits for retired employees under employer-sponsored postretirement benefits other than pension plans. The components of net periodic benefit costs for the defined benefit plans and other postretirement benefits for the three months ended March 31, 2022, and 2021 are as follows: Three months ended March 31, 2022 2021 Service cost $ 2,652 2,735 Interest cost 2,860 2,580 Expected return on assets (5,043) (4,752) Unrecognized actuarial loss 1,164 1,780 Amortization of prior service cost 4 12 Total $ 1,637 2,355 In 2022, SJW Group expects to make required and discretionary cash contributions of up to $7,842 to the pension plans and other postretirement benefits. For the three months ended March 31, 2022, SJW Group has made no contributions to the plans. |
Equity Plans
Equity Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Plans | Equity PlansThe Incentive Plan allows SJW Group to provide employees, non-employee board members or the board of directors of any parent or subsidiary, consultants, and other independent advisors who provide services to the company or any parent or subsidiary the opportunity to acquire an equity interest in SJW Group. SJW Group also maintains stock plans in connection with its acquisition of CTWS which are no longer granting new awards under the plan. As of March 31, 2022, 179,833 shares are issuable upon the vesting of outstanding restricted stock units and deferred restricted stock units and an additional 625,071 shares are available for award issuances under the Incentive Plan. A summary of compensation costs charged to income and proceeds from the exercise of restricted stock and similar instruments that are recorded to additional paid-in capital and common stock, by award type, are presented below for the three months ended March 31, 2022, and 2021: Three months ended March 31, 2022 2021 Compensation costs charged to income: ESPP $ 185 181 Restricted stock and deferred restricted stock 1,367 1,099 Total compensation costs charged to income $ 1,552 1,280 ESPP proceeds $ 1,049 1,026 Restricted Stock and Deferred Restricted Stock For the three months ended March 31, 2022, and 2021, SJW Group granted under the Incentive Plan 31,399 and 33,701, respectively, one year and three year service-based restricted stock awards with a weighted-average grant date fair value of $68.37 and $64.22, respectively, per unit. For the three months ended March 31, 2022, and 2021, SJW Group granted under the Incentive Plan 33,621 and 29,459 target units, respectively, performance-based and market-based restricted stock awards granted with a weighted-average grant date fair value of $70.35 and $66.35, respectively, per unit. Based upon actual attainment relative to the target performance metric, the number of shares issuable can range between 0% to 150% of the target number of shares for performance-based restricted stock awards, or between 0% and 200% of the target number of shares for market-based restricted stock awards. As of March 31, 2022, the total unrecognized compensation costs related to restricted and deferred restricted stock plans amounted to $7,618. This cost is expected to be recognized over a weighted-average period of 2.14 years. Employee Stock Purchase Plan SJW Group’s recorded expenses were $93 and $88 for the three months ended March 31, 2022 and 2021, respectively, related to the ESPP. The total unrecognized compensation costs related to the semi-annual offering period that ends July 29, 2022, for the ESPP is approximately $132. This cost is expected to be recognized during the second and third quarters of 2022. |
Segment and Non-Tariffed Busine
Segment and Non-Tariffed Business Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Non-Tariffed Business Reporting | Segment and Non-Tariffed Business ReportingSJW Group is a holding company with five subsidiaries: (i) SJWC, a water utility operation with both regulated and non-tariffed businesses, (ii) CLWSC, a regulated water utility located in Canyon Lake, Texas, and its consolidated non-tariffed variable interest entity, Acequia Water Supply Corporation, (iii) SJW Land Company and its consolidated variable interest entity, 444 West Santa Clara Street, L.P., which operated commercial building rentals, (iv) SJWNE LLC a holding company for CTWS and its subsidiaries, The Connecticut Water Company, The Maine Water Company, New England Water Utility Services, Inc. and Chester Realty, Inc., and (v) SJWTX Holdings, Inc. which was formed for the purpose of effecting a corporate reorganization of the water utility operations in Texas. In accordance with FASB ASC Topic 280 - “Segment Reporting,” SJW Group’s reportable segments have been determined based on information used by the chief operating decision maker. SJW Group’s chief operating decision maker includes the Chairman, President and Chief Executive Officer, and his executive staff. The first segment is providing water utility and utility-related services to its customers through SJW Group’s subsidiaries, SJWC, Connecticut Water, CLWSC, Maine Water, and NEWUS together referred to as “Water Utility Services.” The second segment is property management and investment activity conducted by SJW Land Company and Chester Realty, Inc., referred to as “Real Estate Services.” The following tables set forth information relating to SJW Group’s reportable segments and distribution of regulated and non-tariffed business activities within the reportable segments. Certain allocated assets, such as goodwill, revenue and expenses have been included in the reportable segment amounts. Other business activity of SJW Group not included in the reportable segments is included in the “All Other” category. For Three Months Ended March 31, 2022 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 120,518 2,428 1,356 — 120,518 3,784 124,302 Operating expense 101,451 3,979 909 1,374 101,451 6,262 107,713 Operating income (loss) 19,067 (1,551) 447 (1,374) 19,067 (2,478) 16,589 Net income (loss) 9,715 (1,317) 308 (4,969) 9,715 (5,978) 3,737 Depreciation and amortization 24,511 2,572 300 223 24,511 3,095 27,606 Interest on long-term debt and other interest expense 8,763 — — 4,966 8,763 4,966 13,729 Provision (benefit) for income taxes 2,020 (437) 103 (619) 2,020 (953) 1,067 Assets $ 3,403,006 4,139 44,361 60,370 3,403,006 108,870 3,511,876 For Three Months Ended March 31, 2021 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 111,396 2,045 1,344 — 111,396 3,389 114,785 Operating expense 98,478 1,369 881 978 98,478 3,228 101,706 Operating income (loss) 12,918 676 463 (978) 12,918 161 13,079 Net income (loss) 5,699 722 323 (4,128) 5,699 (3,083) 2,616 Depreciation and amortization 22,817 109 289 223 22,817 621 23,438 Interest on long-term debt and other interest expense 8,171 — — 5,268 8,171 5,268 13,439 Provision (benefit) for income taxes (116) 182 109 (1,071) (116) (780) (896) Assets $ 3,218,536 7,625 44,763 61,218 3,218,536 113,606 3,332,142 ____________________ (1) The “All Other” category for the three months ended March 31, 2022, includes the accounts of SJW Group, SJWNE LLC, CTWS and SJWTX Holdings, Inc. on a stand-alone basis. SJWTX Holdings, Inc. had no activity for the three months ended March 31, 2022 . For the three months ended March 31, 2021, “All Other” category includes the accounts of SJW Group, SJWNE LLC and CTWS on a stand-alone basis. (2) As of March 31, 2022 and December 31, 2021, the Company has performed an allocation of goodwill associated with the acquisition of CTWS to two reporting units, Connecticut and Maine, which are both aggregated within the Regulated Water Utility Services reportable segment. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The unaudited interim financial information has been prepared in accordance with accounting principles generally accepted in the United States of America and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission. The Notes to Consolidated Financial Statements in SJW Group’s 2021 Annual Report on Form 10-K should be read with the accompanying unaudited condensed consolidated financial statements. |
Revenue | Revenue Water sales are seasonal in nature and influenced by weather conditions. The timing of precipitation and climatic conditions can cause seasonal water consumption by customers to vary significantly. Due to the seasonal nature of the water business, the operating results for interim periods are not indicative of the operating results for a 12-month period. Revenue is generally higher in the warm, dry summer months when water usage and sales are greater, and lower in the winter months when cooler temperatures and increased precipitation curtail water usage resulting in lower sales. |
Earnings per Share | Earnings per ShareBasic earnings per share is calculated using income available to common stockholders, divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated using income available to common stockholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with restricted common stock awards under SJW Group’s Long-Term Incentive Plan (as amended, the “Incentive Plan”), shares potentially issuable under the performance stock plans assumed through the business combination with CTWS, and shares potentially issuable under the Employee Stock Purchase Plan (“ESPP”). |
General (Tables)
General (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Major Streams of Revenue | The major streams of revenue for SJW Group are as follows: Three months ended March 31, 2022 2021 Revenue from contracts with customers $ 121,777 112,238 Alternative revenue programs, net (1,927) 112 Other balancing and memorandum accounts, net 2,430 1,521 Other regulatory mechanisms, net 666 (430) Rental income 1,356 1,344 $ 124,302 114,785 |
Schedule of Real Estate Investments and Nonutility Properties | The major components of real estate investments and nonutility properties as of March 31, 2022, and December 31, 2021, are as follows: March 31, December 31, Land $ 12,615 12,615 Buildings and improvements 45,058 45,017 Subtotal 57,673 57,632 Less: accumulated depreciation and amortization 16,251 15,951 Total $ 41,422 41,681 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets, Net | Regulatory assets, net are comprised of the following as of March 31, 2022, and December 31, 2021: March 31, 2022 December 31, 2021 Regulatory assets: Income tax temporary differences, net $ 24,309 22,420 Postretirement pensions and other postretirement benefits 63,126 62,197 Business combinations debt premium, net 19,302 19,937 Balancing and memorandum accounts, net 33,800 38,334 Water Rate Adjustment 1,512 2,588 Other, net 9,887 9,145 Total regulatory assets, net in Condensed Consolidated Balance Sheets 151,936 154,621 Less: current regulatory assets, net 4,370 2,629 Total regulatory assets, net, less current portion $ 147,566 151,992 |
Public Utilities General Disclosures | Balancing and memorandum accounts recorded to regulatory assets, net for the three months ended March 31, 2022, and 2021 as follows: Three months ended March 31, 2022 Three months ended March 31, 2021 Beginning Balance Regulatory Asset Increase (Decrease) Refunds (Collections) Adjustments Ending Balance Beginning Balance Regulatory Asset Increase (Decrease) Refunds (Collections) Adjustments Ending Balance Revenue accounts: MWRAM $ 16,866 2,193 1 19,060 $ 12,077 1,776 — 13,853 WCMA 3,534 (100) (6,495) (3,061) 666 — — 666 Cost of capital memorandum account (1,563) (1) — (1,564) (1,561) — — (1,561) All others (386) 312 1 (73) (1,139) (175) 1 (1,313) Total revenue accounts $ 18,451 2,404 (6,493) 14,362 $ 10,043 1,601 1 11,645 Cost-recovery accounts: Water supply costs 10,545 244 — 10,789 8,123 787 — 8,910 Pension 4,941 65 — 5,006 3,478 366 — 3,844 PRVMA 707 1 (76) 632 1,108 — (81) 1,027 CEMA 3,245 (807) — 2,438 2,266 — — 2,266 All others 445 128 — 573 445 — — 445 Total cost-recovery accounts $ 19,883 (369) (76) 19,438 $ 15,420 1,153 (81) 16,492 Total $ 38,334 2,035 (6,569) 33,800 $ 25,463 2,754 (80) 28,137 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic benefit costs for the defined benefit plans and other postretirement benefits for the three months ended March 31, 2022, and 2021 are as follows: Three months ended March 31, 2022 2021 Service cost $ 2,652 2,735 Interest cost 2,860 2,580 Expected return on assets (5,043) (4,752) Unrecognized actuarial loss 1,164 1,780 Amortization of prior service cost 4 12 Total $ 1,637 2,355 |
Equity Plans (Tables)
Equity Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Costs Charged to Income and Proceeds from the Exercise of Any Restricted Stock and Similar Instruments that are Recorded to Additional Paid-In Capital and Common Stock, by Award Type | A summary of compensation costs charged to income and proceeds from the exercise of restricted stock and similar instruments that are recorded to additional paid-in capital and common stock, by award type, are presented below for the three months ended March 31, 2022, and 2021: Three months ended March 31, 2022 2021 Compensation costs charged to income: ESPP $ 185 181 Restricted stock and deferred restricted stock 1,367 1,099 Total compensation costs charged to income $ 1,552 1,280 ESPP proceeds $ 1,049 1,026 |
Segment and Non-Tariffed Busi_2
Segment and Non-Tariffed Business Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth information relating to SJW Group’s reportable segments and distribution of regulated and non-tariffed business activities within the reportable segments. Certain allocated assets, such as goodwill, revenue and expenses have been included in the reportable segment amounts. Other business activity of SJW Group not included in the reportable segments is included in the “All Other” category. For Three Months Ended March 31, 2022 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 120,518 2,428 1,356 — 120,518 3,784 124,302 Operating expense 101,451 3,979 909 1,374 101,451 6,262 107,713 Operating income (loss) 19,067 (1,551) 447 (1,374) 19,067 (2,478) 16,589 Net income (loss) 9,715 (1,317) 308 (4,969) 9,715 (5,978) 3,737 Depreciation and amortization 24,511 2,572 300 223 24,511 3,095 27,606 Interest on long-term debt and other interest expense 8,763 — — 4,966 8,763 4,966 13,729 Provision (benefit) for income taxes 2,020 (437) 103 (619) 2,020 (953) 1,067 Assets $ 3,403,006 4,139 44,361 60,370 3,403,006 108,870 3,511,876 For Three Months Ended March 31, 2021 Water Utility Services Real Estate Services All Other (1) SJW Group Regulated Non-tariffed Non-tariffed Non-tariffed Regulated Non-tariffed Total Operating revenue $ 111,396 2,045 1,344 — 111,396 3,389 114,785 Operating expense 98,478 1,369 881 978 98,478 3,228 101,706 Operating income (loss) 12,918 676 463 (978) 12,918 161 13,079 Net income (loss) 5,699 722 323 (4,128) 5,699 (3,083) 2,616 Depreciation and amortization 22,817 109 289 223 22,817 621 23,438 Interest on long-term debt and other interest expense 8,171 — — 5,268 8,171 5,268 13,439 Provision (benefit) for income taxes (116) 182 109 (1,071) (116) (780) (896) Assets $ 3,218,536 7,625 44,763 61,218 3,218,536 113,606 3,332,142 ____________________ (1) The “All Other” category for the three months ended March 31, 2022, includes the accounts of SJW Group, SJWNE LLC, CTWS and SJWTX Holdings, Inc. on a stand-alone basis. SJWTX Holdings, Inc. had no activity for the three months ended March 31, 2022 . For the three months ended March 31, 2021, “All Other” category includes the accounts of SJW Group, SJWNE LLC and CTWS on a stand-alone basis. (2) As of March 31, 2022 and December 31, 2021, the Company has performed an allocation of goodwill associated with the acquisition of CTWS to two reporting units, Connecticut and Maine, which are both aggregated within the Regulated Water Utility Services reportable segment. |
General - Narrative (Details)
General - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022subsidiary | |
Accounting Policies [Abstract] | |
Number of subsidiaries | 5 |
General - Major Streams of Reve
General - Major Streams of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Revenue from contracts with customers | $ 121,777 | $ 112,238 |
Alternative revenue programs, net | (1,927) | 112 |
Other balancing and memorandum accounts, net | 2,430 | 1,521 |
Other regulatory mechanisms, net | 666 | (430) |
Rental income | 1,356 | 1,344 |
Total revenues | $ 124,302 | $ 114,785 |
General - Real Estate Investmen
General - Real Estate Investments and Nonutility Properties (Details) $ in Thousands | Feb. 15, 2022USD ($) | Oct. 29, 2021USD ($)property | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | ||||
Land | $ 12,615 | $ 12,615 | ||
Buildings and improvements | 45,058 | 45,017 | ||
Subtotal | 57,673 | 57,632 | ||
Less accumulated depreciation and amortization | 16,251 | 15,951 | ||
Real estate investment property, total | $ 41,422 | $ 41,681 | ||
Property Two | ||||
Schedule of Investments [Line Items] | ||||
Gain on sale of real estate investments | $ 5,442 | |||
San Jose Water Company | ||||
Schedule of Investments [Line Items] | ||||
Number of properties sold | property | 2 | |||
Proceeds from sale of real estate held-for-investment | $ 13,150 | |||
San Jose Water Company | Property One | ||||
Schedule of Investments [Line Items] | ||||
Gain on sale of real estate investments | 7,230 | |||
Properties selling expenses | 277 | |||
San Jose Water Company | Property Two | ||||
Schedule of Investments [Line Items] | ||||
Properties selling expenses | 178 | |||
Deferred gain on sale of properties | $ 5,442 |
General - Fair Value Measuremen
General - Fair Value Measurement (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | $ 1,530,475 | $ 1,532,041 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 1,493,425 | 1,651,825 |
Fair Value, Inputs, Level 1 | Supplemental Employee Retirement Plan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 3,469 | $ 3,797 |
General - Earnings per Share (D
General - Earnings per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive restricted common stock units excluded from computation of earnings per share (in shares) | 10,860 | 8,579 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 151,936 | $ 154,621 |
Less: current regulatory assets, net | 4,370 | 2,629 |
Total regulatory assets, net, less current portion | 147,566 | 151,992 |
Regulatory assets, net not earning a return | 85,446 | 84,887 |
Income tax temporary differences, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 24,309 | 22,420 |
Postretirement pensions and other postretirement benefits | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 63,126 | 62,197 |
Business combinations debt premium, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 19,302 | 19,937 |
Balancing and memorandum accounts, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 33,800 | 38,334 |
Water Rate Adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,512 | 2,588 |
Other, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 9,887 | $ 9,145 |
Regulatory Matters - Public Uti
Regulatory Matters - Public Utilities General Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue accounts: | ||
Beginning Balance | $ 18,451 | $ 10,043 |
Regulatory Asset Increase (Decrease) | 2,404 | 1,601 |
Refunds (Collections) Adjustments | (6,493) | 1 |
Ending Balance | 14,362 | 11,645 |
Cost-recovery accounts: | ||
Beginning Balance | 19,883 | 15,420 |
Regulatory Asset Increase (Decrease) | (369) | 1,153 |
Refunds (Collections) Adjustments | (76) | (81) |
Ending Balance | 19,438 | 16,492 |
Total | ||
Beginning Balance | 38,334 | 25,463 |
Regulatory Asset Increase (Decrease) | 2,035 | 2,754 |
Refunds (Collections) Adjustments | (6,569) | (80) |
Ending Balance | 33,800 | 28,137 |
MWRAM | ||
Revenue accounts: | ||
Beginning Balance | 16,866 | 12,077 |
Regulatory Asset Increase (Decrease) | 2,193 | 1,776 |
Refunds (Collections) Adjustments | 1 | 0 |
Ending Balance | 19,060 | 13,853 |
WCMA | ||
Revenue accounts: | ||
Beginning Balance | 3,534 | 666 |
Regulatory Asset Increase (Decrease) | (100) | 0 |
Refunds (Collections) Adjustments | (6,495) | 0 |
Ending Balance | (3,061) | 666 |
Cost of capital memorandum account | ||
Revenue accounts: | ||
Beginning Balance | (1,563) | (1,561) |
Regulatory Asset Increase (Decrease) | (1) | 0 |
Refunds (Collections) Adjustments | 0 | 0 |
Ending Balance | (1,564) | (1,561) |
All others | ||
Revenue accounts: | ||
Beginning Balance | (386) | (1,139) |
Regulatory Asset Increase (Decrease) | 312 | (175) |
Refunds (Collections) Adjustments | 1 | 1 |
Ending Balance | (73) | (1,313) |
Cost-recovery accounts: | ||
Beginning Balance | 445 | 445 |
Regulatory Asset Increase (Decrease) | 128 | 0 |
Refunds (Collections) Adjustments | 0 | 0 |
Ending Balance | 573 | 445 |
Water supply costs | ||
Cost-recovery accounts: | ||
Beginning Balance | 10,545 | 8,123 |
Regulatory Asset Increase (Decrease) | 244 | 787 |
Refunds (Collections) Adjustments | 0 | 0 |
Ending Balance | 10,789 | 8,910 |
Pension | ||
Cost-recovery accounts: | ||
Beginning Balance | 4,941 | 3,478 |
Regulatory Asset Increase (Decrease) | 65 | 366 |
Refunds (Collections) Adjustments | 0 | 0 |
Ending Balance | 5,006 | 3,844 |
PRVMA | ||
Cost-recovery accounts: | ||
Beginning Balance | 707 | 1,108 |
Regulatory Asset Increase (Decrease) | 1 | 0 |
Refunds (Collections) Adjustments | (76) | (81) |
Ending Balance | 632 | 1,027 |
CEMA | ||
Cost-recovery accounts: | ||
Beginning Balance | 3,245 | 2,266 |
Regulatory Asset Increase (Decrease) | (807) | 0 |
Refunds (Collections) Adjustments | 0 | 0 |
Ending Balance | $ 2,438 | $ 2,266 |
Regulatory Matters - Balancing
Regulatory Matters - Balancing and Memorandum Accounts (Details) | Mar. 31, 2022 |
Regulated Operations [Abstract] | |
Authorized revenue, threshold percentage | 2.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Provision (benefit) for income taxes | $ 1,067 | $ (896) | |
Effective consolidated income tax rate | 22.00% | (52.00%) | |
Unrecognized tax benefits | $ 8,014 | $ 7,961 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated employer contributions for the current fiscal year | $ 7,842,000 |
Employer plan contributions | $ 0 |
CTWS Employees | |
Defined Benefit Plan Disclosure [Line Items] | |
Rate of compensation increase | 1.50% |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 2,652 | $ 2,735 |
Interest cost | 2,860 | 2,580 |
Expected return on assets | (5,043) | (4,752) |
Unrecognized actuarial loss | 1,164 | 1,780 |
Amortization of prior service cost | 4 | 12 |
Net periodic benefit cost | $ 1,637 | $ 2,355 |
Equity Plans - Narrative (Detai
Equity Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted stock and deferred restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 7,618 | |
Recognition period for unrecognized compensation cost | 2 years 1 month 20 days | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of equity instruments granted (in shares) | 31,399 | 33,701 |
Service-based restricted stock vesting period | 1 year | 3 years |
Grant date fair value of equity instruments granted (usd per share) | $ 68.37 | $ 64.22 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of equity instruments granted (in shares) | 33,621 | 29,459 |
Grant date fair value of equity instruments granted (usd per share) | $ 70.35 | $ 66.35 |
Performance Shares | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target vesting percentage | 0.00% | |
Performance Shares | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target vesting percentage | 150.00% | |
Market-based RSU | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target vesting percentage | 0.00% | |
Market-based RSU | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target vesting percentage | 200.00% | |
Incentive Plan | Restricted stock and deferred restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issuable upon exercise of Incentive Plan awards (in shares) | 179,833 | |
Remaining shares available for issuance under the Incentive Plan (in shares) | 625,071 | |
Employee Stock Purchase Plan (ESPP) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 132 | |
Plan expense | $ 93 | $ 88 |
Equity Plans - Schedule of Comp
Equity Plans - Schedule of Compensation Costs Charged to Income and Proceeds from the Exercise of Any Restricted Stock and Similar Instruments that are Recorded to Additional Paid-In Capital and Common Stock, by Award Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs charged to income: | $ 1,552 | $ 1,280 |
Restricted stock and deferred restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs charged to income: | 1,367 | 1,099 |
Employee Stock Purchase Plan (ESPP) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs charged to income: | 185 | 181 |
ESPP proceeds | $ 1,049 | $ 1,026 |
Segment and Non-Tariffed Busi_3
Segment and Non-Tariffed Business Reporting - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022subsidiary | |
Segment Reporting [Abstract] | |
Number of subsidiaries | 5 |
Segment and Non-Tariffed Busi_4
Segment and Non-Tariffed Business Reporting - Schedule of Segment Reporting Information, by Segment (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022USD ($)reportingUnit | Mar. 31, 2021USD ($) | Jun. 30, 2021reportingUnit | Dec. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | ||||
Operating revenue | $ 124,302 | $ 114,785 | ||
Operating expense | 107,713 | 101,706 | ||
Operating income (loss) | 16,589 | 13,079 | ||
Net income (loss) | 3,737 | 2,616 | ||
Depreciation and amortization | 27,606 | 23,438 | ||
Interest on long-term debt and other interest expense | 13,729 | 13,439 | ||
Provision (benefit) for income taxes | 1,067 | (896) | ||
Assets | $ 3,511,876 | 3,332,142 | $ 3,492,395 | |
Number of reporting units | reportingUnit | 2 | 2 | ||
Water Utility Services | Regulated | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | $ 120,518 | 111,396 | ||
Operating expense | 101,451 | 98,478 | ||
Operating income (loss) | 19,067 | 12,918 | ||
Net income (loss) | 9,715 | 5,699 | ||
Depreciation and amortization | 24,511 | 22,817 | ||
Interest on long-term debt and other interest expense | 8,763 | 8,171 | ||
Provision (benefit) for income taxes | 2,020 | (116) | ||
Assets | 3,403,006 | 3,218,536 | ||
Water Utility Services | Non-tariffed | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 2,428 | 2,045 | ||
Operating expense | 3,979 | 1,369 | ||
Operating income (loss) | (1,551) | 676 | ||
Net income (loss) | (1,317) | 722 | ||
Depreciation and amortization | 2,572 | 109 | ||
Interest on long-term debt and other interest expense | 0 | 0 | ||
Provision (benefit) for income taxes | (437) | 182 | ||
Assets | 4,139 | 7,625 | ||
Real Estate Services | Non-tariffed | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 1,356 | 1,344 | ||
Operating expense | 909 | 881 | ||
Operating income (loss) | 447 | 463 | ||
Net income (loss) | 308 | 323 | ||
Depreciation and amortization | 300 | 289 | ||
Interest on long-term debt and other interest expense | 0 | 0 | ||
Provision (benefit) for income taxes | 103 | 109 | ||
Assets | 44,361 | 44,763 | ||
All Other | Non-tariffed | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 0 | 0 | ||
Operating expense | 1,374 | 978 | ||
Operating income (loss) | (1,374) | (978) | ||
Net income (loss) | (4,969) | (4,128) | ||
Depreciation and amortization | 223 | 223 | ||
Interest on long-term debt and other interest expense | 4,966 | 5,268 | ||
Provision (benefit) for income taxes | (619) | (1,071) | ||
Assets | 60,370 | 61,218 | ||
SJW Group | Regulated | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 120,518 | 111,396 | ||
Operating expense | 101,451 | 98,478 | ||
Operating income (loss) | 19,067 | 12,918 | ||
Net income (loss) | 9,715 | 5,699 | ||
Depreciation and amortization | 24,511 | 22,817 | ||
Interest on long-term debt and other interest expense | 8,763 | 8,171 | ||
Provision (benefit) for income taxes | 2,020 | (116) | ||
Assets | 3,403,006 | 3,218,536 | ||
SJW Group | Non-tariffed | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 3,784 | 3,389 | ||
Operating expense | 6,262 | 3,228 | ||
Operating income (loss) | (2,478) | 161 | ||
Net income (loss) | (5,978) | (3,083) | ||
Depreciation and amortization | 3,095 | 621 | ||
Interest on long-term debt and other interest expense | 4,966 | 5,268 | ||
Provision (benefit) for income taxes | (953) | (780) | ||
Assets | $ 108,870 | $ 113,606 |