Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-14431 | |
Entity Registrant Name | American States Water Co | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-4676679 | |
Entity Address, Address Line One | 630 E. Foothill Blvd | |
Entity Address, City or Town | San Dimas | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91773-1212 | |
City Area Code | 909 | |
Local Phone Number | 394-3600 | |
Title of 12(b) Security | Common shares | |
Trading Symbol | AWR | |
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 (in shares) | 36,883,874 | |
Entity Central Index Key | 0001056903 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
GOLDEN STATE WATER COMPANY | ||
Entity Information [Line Items] | ||
Entity File Number | 001-12008 | |
Entity Registrant Name | Golden State Water Co | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-1243678 | |
Entity Address, Address Line One | 630 E. Foothill Blvd | |
Entity Address, City or Town | San Dimas | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91773-1212 | |
City Area Code | 909 | |
Local Phone Number | 394-3600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 165 | |
Entity Central Index Key | 0000092116 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment | ||
Regulated utility plant, at cost | $ 1,975,085 | $ 1,926,543 |
Non-utility property, at cost | 35,309 | 32,425 |
Total | 2,010,394 | 1,958,968 |
Less - Accumulated depreciation | (553,996) | (543,263) |
Net property, plant and equipment | 1,456,398 | 1,415,705 |
Other Property and Investments | ||
Goodwill | 1,116 | 1,116 |
Other property and investments | 30,239 | 30,293 |
Total other property and investments | 31,355 | 31,409 |
Current Assets | ||
Cash and cash equivalents | 6,496 | 1,334 |
Accounts receivable - customers, less allowance for doubtful accounts | 30,355 | 20,907 |
Unbilled receivable | 21,975 | 20,482 |
Receivable from the U.S. government | 21,903 | 22,613 |
Other accounts receivable, less allowance for doubtful accounts | 2,957 | 3,096 |
Income taxes receivable | 155 | 5,685 |
Materials and supplies, at weighted average cost | 8,168 | 6,429 |
Regulatory assets — current | 19,917 | 20,930 |
Prepayments and other current assets | 8,003 | 5,413 |
Contract assets | 17,097 | 15,567 |
Total current assets | 137,026 | 122,456 |
Other Assets | ||
Unbilled revenue- receivable from U.S. government | 7,660 | 8,621 |
Receivable from the U.S. government | 42,496 | 42,206 |
Contract assets | 3,361 | 64 |
Operating lease right-of-use assets | 11,967 | 13,168 |
Other | 7,705 | 7,702 |
Total other assets | 73,189 | 71,761 |
Total Assets | 1,697,968 | 1,641,331 |
Capitalization | ||
Outstanding: 36,883,874 shares in 2020 and 36,846,614 shares in 2019 | 256,223 | 255,566 |
Earnings reinvested in the business | 363,065 | 345,964 |
Total common shareholders’ equity | 619,288 | 601,530 |
Long-term debt | 280,886 | 280,996 |
Total capitalization | 900,174 | 882,526 |
Current Liabilities | ||
Notes payable to banks | 49,000 | 5,000 |
Long-term debt — current | 359 | 344 |
Accounts payable | 51,771 | 55,616 |
Income taxes payable | 5,401 | 95 |
Accrued other taxes | 8,969 | 11,110 |
Accrued employee expenses | 13,522 | 14,255 |
Accrued interest | 2,935 | 3,050 |
Unrealized loss on purchased power contracts | 3,827 | 3,171 |
Contract liabilities | 10,569 | 11,167 |
Operating lease liabilities | 1,794 | 1,849 |
Other | 10,540 | 10,341 |
Total current liabilities | 158,687 | 115,998 |
Other Credits | ||
Notes payable to bank | 200,000 | 200,000 |
Advances for construction | 62,699 | 63,989 |
Contributions in aid of construction - net | 137,591 | 134,706 |
Deferred income taxes | 127,953 | 125,304 |
Regulatory liabilities | 13,881 | 23,380 |
Unamortized investment tax credits | 1,259 | 1,295 |
Accrued pension and other postretirement benefits | 69,953 | 68,469 |
Operating lease liabilities | 10,612 | 11,739 |
Other | 15,159 | 13,925 |
Total other credits | 639,107 | 642,807 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | 1,697,968 | 1,641,331 |
GOLDEN STATE WATER COMPANY | ||
Property, Plant and Equipment | ||
Total | 1,975,085 | 1,926,543 |
Less - Accumulated depreciation | (541,071) | (531,801) |
Net property, plant and equipment | 1,434,014 | 1,394,742 |
Other Property and Investments | ||
Total other property and investments | 28,164 | 28,212 |
Current Assets | ||
Cash and cash equivalents | 1,446 | 401 |
Accounts receivable - customers, less allowance for doubtful accounts | 30,355 | 20,907 |
Unbilled receivable | 19,236 | 18,636 |
Other accounts receivable, less allowance for doubtful accounts | 1,966 | 1,857 |
Income taxes receivable from Parent | 0 | 7,727 |
Materials and supplies, at weighted average cost | 7,054 | 4,920 |
Regulatory assets — current | 19,917 | 20,930 |
Prepayments and other current assets | 6,411 | 4,497 |
Total current assets | 86,385 | 79,875 |
Other Assets | ||
Operating lease right-of-use assets | 11,720 | 12,745 |
Other | 6,885 | 6,880 |
Total other assets | 18,605 | 19,625 |
Total Assets | 1,567,168 | 1,522,454 |
Capitalization | ||
Outstanding: 36,883,874 shares in 2020 and 36,846,614 shares in 2019 | 294,386 | 293,754 |
Earnings reinvested in the business | 266,973 | 257,434 |
Total common shareholders’ equity | 561,359 | 551,188 |
Long-term debt | 280,886 | 280,996 |
Total capitalization | 842,245 | 832,184 |
Current Liabilities | ||
Long-term debt — current | 359 | 344 |
Accounts payable | 44,294 | 45,756 |
Income taxes payable | 1,207 | 0 |
Accrued other taxes | 8,595 | 10,640 |
Accrued employee expenses | 11,648 | 12,386 |
Accrued interest | 2,661 | 2,736 |
Unrealized loss on purchased power contracts | 3,827 | 3,171 |
Operating lease liabilities | 1,618 | 1,612 |
Other | 9,960 | 9,745 |
Total current liabilities | 283,404 | 245,235 |
Other Credits | ||
Advances for construction | 62,699 | 63,989 |
Contributions in aid of construction - net | 137,591 | 134,706 |
Deferred income taxes | 130,824 | 127,806 |
Regulatory liabilities | 13,881 | 23,380 |
Unamortized investment tax credits | 1,259 | 1,295 |
Accrued pension and other postretirement benefits | 69,953 | 68,469 |
Operating lease liabilities | 10,571 | 11,588 |
Other | 14,741 | 13,802 |
Total other credits | 441,519 | 445,035 |
Commitments and Contingencies | ||
Total Capitalization and Liabilities | $ 1,567,168 | $ 1,522,454 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Common Stock, Shares Authorized | 60,000,000 | 60,000,000 |
Accounts receivable - customers, allowance for doubtful accounts | $ 1,603 | $ 857 |
Other accounts receivable, allowance for doubtful accounts | $ 59 | $ 59 |
Common Stock, Shares, Outstanding | 36,883,874 | 36,846,614 |
GOLDEN STATE WATER COMPANY | ||
Common Stock, Shares Authorized | 1,000 | 1,000 |
Accounts receivable - customers, allowance for doubtful accounts | $ 1,603 | $ 857 |
Other accounts receivable, allowance for doubtful accounts | $ 59 | $ 59 |
Common Stock, Shares, Outstanding | 165 | 165 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Revenues | ||||
Water | $ 87,074 | $ 88,140 | $ 158,498 | $ 152,863 |
Electric | 7,679 | 7,408 | 18,647 | 18,037 |
Contracted services | 26,525 | 29,099 | 53,210 | 55,480 |
Total operating revenues | 121,278 | 124,647 | 230,355 | 226,380 |
Operating Expenses | ||||
Water purchased | 18,754 | 18,762 | 32,846 | 31,902 |
Power purchased for pumping | 2,398 | 1,982 | 4,257 | 3,520 |
Groundwater production assessment | 5,030 | 4,640 | 9,178 | 8,386 |
Power purchased for resale | 1,967 | 2,391 | 5,010 | 6,095 |
Supply cost balancing accounts | (1,802) | 1,207 | (3,967) | (165) |
Other operation | 7,959 | 7,708 | 16,445 | 16,279 |
Administrative and general | 20,398 | 19,529 | 43,348 | 41,201 |
Depreciation and amortization | 9,031 | 6,655 | 17,842 | 17,487 |
Maintenance | 4,094 | 3,053 | 7,978 | 5,619 |
Property and other taxes | 5,246 | 4,870 | 10,405 | 9,766 |
ASUS construction | 12,487 | 14,532 | 25,602 | 26,777 |
Gain on sale of assets | 0 | (112) | (4) | (112) |
Total operating expenses | 85,562 | 85,217 | 168,940 | 166,755 |
Operating Income | 35,716 | 39,430 | 61,415 | 59,625 |
Other Income and Expenses | ||||
Interest expense | (5,322) | (6,282) | (11,372) | (12,599) |
Interest income | 490 | 876 | 1,048 | 1,818 |
Other, net | 3,009 | 591 | 775 | 1,933 |
Total other income and expenses | (1,823) | (4,815) | (9,549) | (8,848) |
Income from operations before income tax expense | 33,893 | 34,615 | 51,866 | 50,777 |
Income tax expense | 8,281 | 7,831 | 12,182 | 11,141 |
Net Income | $ 25,612 | $ 26,784 | $ 39,684 | $ 39,636 |
Weighted Average Number of Common Shares Outstanding (in shares) | 36,884 | 36,804 | 36,872 | 36,788 |
Basic Earnings Per Common Share (in dollars per share) | $ 0.69 | $ 0.72 | $ 1.07 | $ 1.07 |
Weighted Average Number of Diluted Shares (in shares) | 37,000 | 36,963 | 36,985 | 36,942 |
Fully Diluted Earnings Per Common Share (in dollars per share) | $ 0.69 | $ 0.72 | $ 1.07 | $ 1.07 |
Dividends Declared Per Common Share (in dollars per share) | $ 0.305 | $ 0.275 | $ 0.610 | $ 0.550 |
GOLDEN STATE WATER COMPANY | ||||
Operating Revenues | ||||
Water | $ 87,074 | $ 88,140 | $ 158,498 | $ 152,863 |
Electric | 7,679 | 7,408 | 18,647 | 18,037 |
Total operating revenues | 94,753 | 95,548 | 177,145 | 170,900 |
Operating Expenses | ||||
Water purchased | 18,754 | 18,762 | 32,846 | 31,902 |
Power purchased for pumping | 2,398 | 1,982 | 4,257 | 3,520 |
Groundwater production assessment | 5,030 | 4,640 | 9,178 | 8,386 |
Power purchased for resale | 1,967 | 2,391 | 5,010 | 6,095 |
Supply cost balancing accounts | (1,802) | 1,207 | (3,967) | (165) |
Other operation | 6,370 | 6,054 | 13,000 | 12,914 |
Administrative and general | 15,733 | 13,678 | 32,571 | 29,772 |
Depreciation and amortization | 8,209 | 6,006 | 16,238 | 15,995 |
Maintenance | 3,201 | 2,452 | 6,394 | 4,365 |
Property and other taxes | 4,718 | 4,422 | 9,351 | 8,835 |
Gain on sale of assets | 0 | (83) | 0 | (83) |
Total operating expenses | 64,578 | 61,511 | 124,878 | 121,536 |
Operating Income | 30,175 | 34,037 | 52,267 | 49,364 |
Other Income and Expenses | ||||
Interest expense | (5,177) | (6,001) | (10,954) | (11,999) |
Interest income | 181 | 543 | 499 | 951 |
Other, net | 3,049 | 545 | 846 | 1,950 |
Total other income and expenses | (1,947) | (4,913) | (9,609) | (9,098) |
Income from operations before income tax expense | 28,228 | 29,124 | 42,658 | 40,266 |
Income tax expense | 7,309 | 6,826 | 10,537 | 8,946 |
Net Income | $ 20,919 | $ 22,298 | $ 32,121 | $ 31,320 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGE IN COMMON SHAREHOLDERS' EQUITY Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | GOLDEN STATE WATER COMPANY | GOLDEN STATE WATER COMPANYCommon Stock [Member] | GOLDEN STATE WATER COMPANYRetained Earnings [Member] |
Balance (in shares) at Dec. 31, 2018 | 36,758,000 | 165 | ||||
Beginning balances at Dec. 31, 2018 | $ 558,223 | $ 253,689 | $ 304,534 | $ 503,575 | $ 292,412 | $ 211,163 |
Add: | ||||||
Net income | 12,852 | 9,022 | ||||
Exercise of stock options and other issuance of Common Shares (in shares) | 37,000 | |||||
Exercise of stock options and other issuances of Common Shares | 75 | $ 75 | ||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 463 | 463 | 572 | 572 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 70 | 70 | 60 | 60 | ||
Deduct: | ||||||
Dividends on Common Shares | 10,113 | 10,113 | 10,100 | 10,100 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 70 | 70 | 60 | 60 | ||
Ending balances at Mar. 31, 2019 | 561,500 | $ 254,297 | 307,203 | 503,069 | $ 293,044 | 210,025 |
Balances (in shares) at Mar. 31, 2019 | 36,795,000 | 165 | ||||
Balance (in shares) at Dec. 31, 2018 | 36,758,000 | 165 | ||||
Beginning balances at Dec. 31, 2018 | 558,223 | $ 253,689 | 304,534 | 503,575 | $ 292,412 | 211,163 |
Add: | ||||||
Net income | $ 39,636 | 31,320 | ||||
Exercise of stock options and other issuance of Common Shares (in shares) | 73,854 | |||||
Ending balances at Jun. 30, 2019 | $ 578,787 | $ 254,969 | 323,818 | 515,524 | $ 293,345 | 222,179 |
Balances (in shares) at Jun. 30, 2019 | 36,832,000 | |||||
Balance (in shares) at Mar. 31, 2019 | 36,795,000 | 165 | ||||
Beginning balances at Mar. 31, 2019 | 561,500 | $ 254,297 | 307,203 | 503,069 | $ 293,044 | 210,025 |
Add: | ||||||
Net income | 26,784 | 22,298 | 22,298 | |||
Exercise of stock options and other issuance of Common Shares (in shares) | 37,000 | |||||
Exercise of stock options and other issuances of Common Shares | 291 | $ 291 | ||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 331 | 331 | 257 | 257 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 50 | 50 | 44 | 44 | ||
Deduct: | ||||||
Dividends on Common Shares | 10,119 | 10,119 | 10,100 | 10,100 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 50 | 50 | 44 | 44 | ||
Ending balances at Jun. 30, 2019 | 578,787 | $ 254,969 | 323,818 | 515,524 | $ 293,345 | 222,179 |
Balances (in shares) at Jun. 30, 2019 | 36,832,000 | |||||
Balance (in shares) at Dec. 31, 2019 | 36,847,000 | 165 | ||||
Beginning balances at Dec. 31, 2019 | 601,530 | $ 255,566 | 345,964 | 551,188 | $ 293,754 | 257,434 |
Add: | ||||||
Net income | 14,072 | 14,072 | 11,202 | |||
Exercise of stock options and other issuance of Common Shares (in shares) | 37,000 | |||||
Exercise of stock options and other issuances of Common Shares | 30 | $ 30 | ||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 193 | 193 | 254 | 254 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 52 | 52 | 46 | 46 | ||
Deduct: | ||||||
Dividends on Common Shares | 11,242 | 11,242 | 11,250 | 11,250 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 52 | 52 | 46 | 46 | ||
Ending balances at Mar. 31, 2020 | 604,583 | $ 255,841 | 348,742 | 551,394 | $ 294,054 | 257,340 |
Balances (in shares) at Mar. 31, 2020 | 36,884,000 | 165 | ||||
Balance (in shares) at Dec. 31, 2019 | 36,847,000 | 165 | ||||
Beginning balances at Dec. 31, 2019 | 601,530 | $ 255,566 | 345,964 | 551,188 | $ 293,754 | 257,434 |
Add: | ||||||
Net income | $ 39,684 | 32,121 | ||||
Exercise of stock options and other issuance of Common Shares (in shares) | 37,260 | |||||
Ending balances at Jun. 30, 2020 | $ 619,288 | $ 256,223 | 363,065 | 561,359 | $ 294,386 | 266,973 |
Balances (in shares) at Jun. 30, 2020 | 36,884,000 | 165 | ||||
Balance (in shares) at Mar. 31, 2020 | 36,884,000 | 165 | ||||
Beginning balances at Mar. 31, 2020 | 604,583 | $ 255,841 | 348,742 | 551,394 | $ 294,054 | 257,340 |
Add: | ||||||
Net income | 25,612 | 20,919 | ||||
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements | 343 | 343 | 296 | 296 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 39 | 39 | 36 | 36 | ||
Deduct: | ||||||
Dividends on Common Shares | 11,250 | 11,250 | 11,250 | 11,250 | ||
Dividend equivalent rights on stock-based awards not paid in cash | 39 | 39 | 36 | 36 | ||
Ending balances at Jun. 30, 2020 | $ 619,288 | $ 256,223 | $ 363,065 | $ 561,359 | $ 294,386 | $ 266,973 |
Balances (in shares) at Jun. 30, 2020 | 36,884,000 | 165 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows From Operating Activities: | ||
Net income | $ 39,684 | $ 39,636 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 18,008 | 17,640 |
Provision for doubtful accounts | 569 | 281 |
Deferred income taxes and investment tax credits | 1,234 | (1,703) |
Stock-based compensation expense | 2,127 | 2,179 |
Gain on sale of assets | (4) | (112) |
Gain on investments held in a trust | (61) | (2,187) |
Other — net | 161 | 130 |
Changes in assets and liabilities: | ||
Accounts receivable — customers | (10,514) | (1,129) |
Unbilled receivable | (532) | 5,524 |
Other accounts receivable | 139 | 36 |
Receivables from the U.S. government | (2,587) | (2,909) |
Materials and supplies | (1,739) | (414) |
Prepayments and other assets | (1,400) | 1,901 |
Contract assets | (1,820) | (2,934) |
Regulatory assets | (6,995) | (13,932) |
Accounts payable | (27) | 83 |
Income taxes receivable/payable | 10,836 | 3,363 |
Contract Liability | (598) | 4,034 |
Accrued pension and other postretirement benefits | 2,693 | 3,116 |
Other liabilities | (2,911) | (7,936) |
Net Cash Provided by (Used in) Operating Activities | 46,263 | 44,667 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (62,587) | (81,155) |
Proceeds from sale of assets | 46 | 102 |
Other investing activities | 58 | 184 |
Net Cash Provided by (Used in) Investing Activities | (62,483) | (80,869) |
Cash Flows From Financing Activities: | ||
Proceeds from stock option exercises | 30 | 366 |
Receipt of advances for and contributions in aid of construction | 4,630 | 6,290 |
Refunds on advances for construction | (2,767) | (4,074) |
Retirement or repayments of long-term debt | (210) | (40,200) |
Net change in notes payable to banks | 44,000 | 90,000 |
Dividends paid | (22,492) | (20,232) |
Other financing activities | 1,809 | 1,573 |
Net Cash Provided by (Used in) Financing Activities | 21,382 | 30,577 |
Net change in cash and cash equivalents | 5,162 | (5,625) |
Cash and cash equivalents, beginning of period | 1,334 | 7,141 |
Cash and cash equivalents, end of period | 6,496 | 1,516 |
Non-cash transactions: | ||
Accrued payables for investment in utility plant | 19,892 | 23,433 |
Property installed by developers and conveyed | 1,535 | 1,241 |
GOLDEN STATE WATER COMPANY | ||
Cash Flows From Operating Activities: | ||
Net income | 32,121 | 31,320 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,403 | 16,150 |
Provision for doubtful accounts | 569 | 279 |
Deferred income taxes and investment tax credits | 1,603 | (2,432) |
Stock-based compensation expense | 1,942 | 1,952 |
Gain on sale of assets | 0 | (83) |
Gain on investments held in a trust | (61) | (2,187) |
Other — net | 141 | 147 |
Changes in assets and liabilities: | ||
Accounts receivable — customers | (10,514) | (1,129) |
Unbilled receivable | (600) | 658 |
Other accounts receivable | (109) | 69 |
Materials and supplies | (2,134) | (235) |
Prepayments and other assets | (894) | 2,135 |
Regulatory assets | (6,995) | (13,932) |
Accounts payable | 2,432 | 3,127 |
Intercompany receivable/payable | (1,610) | 0 |
Income taxes receivable/payable | 8,934 | 5,893 |
Accrued pension and other postretirement benefits | 2,693 | 3,116 |
Other liabilities | (2,888) | (6,607) |
Net Cash Provided by (Used in) Operating Activities | 41,033 | 38,241 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (59,589) | (76,660) |
Proceeds from sale of assets | 0 | 83 |
Other investing activities | 58 | 184 |
Net Cash Provided by (Used in) Investing Activities | (59,531) | (76,393) |
Cash Flows From Financing Activities: | ||
Receipt of advances for and contributions in aid of construction | 4,630 | 6,290 |
Refunds on advances for construction | (2,767) | (4,074) |
Retirement or repayments of long-term debt | (210) | (40,200) |
Net change in intercompany borrowings | 42,000 | 94,000 |
Dividends paid | (22,500) | (20,200) |
Other financing activities | 1,610 | 1,310 |
Net Cash Provided by (Used in) Financing Activities | 19,543 | 34,506 |
Net change in cash and cash equivalents | 1,045 | (3,646) |
Cash and cash equivalents, beginning of period | 401 | 4,187 |
Cash and cash equivalents, end of period | 1,446 | 541 |
Non-cash transactions: | ||
Accrued payables for investment in utility plant | 19,815 | 23,433 |
Property installed by developers and conveyed | $ 1,535 | $ 1,241 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Nature of Operations : American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”), Bear Valley Electric Service, Inc. ("BVESI"), and American States Utility Services, Inc. (“ASUS”) (and its subsidiaries, Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. ("ECUS"), and Fort Riley Utility Services, Inc. ("FRUS")). The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries.” On July 1, 2020, GSWC completed the transfer of the electric utility assets and liabilities from its electric division to BVESI, a separate legal entity and wholly owned subsidiary of AWR (Note 12). This reorganization is not expected to result in any substantive changes to AWR's operations and business segments. AWR, through its wholly owned subsidiaries, serves over one million people in nine states. GSWC is a public utility engaged principally in the purchase, production, distribution and sale of water in California serving approximately 261,000 customer connections. BVESI distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,000 customer connections. The California Public Utilities Commission (“CPUC”) regulates GSWC’s water and BVESI's electric businesses in matters including properties, rates, services, facilities, and transactions by GSWC and BVESI with their affiliates. ASUS, through its wholly owned subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to 50 -year firm fixed-price contracts. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or any of its wholly owned subsidiaries. Basis of Presentation : The consolidated financial statements and notes thereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. Certain prior period amounts have been reclassified on the statements of cash flows to conform to current year presentation. AWR owns all of the outstanding common shares of GSWC, BVESI and ASUS. ASUS owns all of the outstanding common stock of the Military Utility Privatization Subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries, all of which are wholly owned. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements. The consolidated financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The December 31, 2019 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The preparation of the consolidated financial statements 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments consisting of normal, recurring items and estimates necessary for a fair statement of the results for the interim periods have been made. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2019 filed with the SEC. Related Party Transactions and Financing Activities : GSWC, BVESI and ASUS provide and/or receive various support services to and from their parent, AWR, and among themselves. GSWC has also allocated certain corporate office administrative and general costs to its affiliate, ASUS, using allocation factors approved by the CPUC. GSWC allocated corporate office administrative and general costs to ASUS of approximately $1.2 million and $1.3 million during the three months ended June 30, 2020 and 2019 , respectively, and approximately $2.7 million and $2.4 million during the six months ended June 30, 2020 and 2019 respectively. AWR borrows under a credit facility, which expires in May 2023, and provides funds to its subsidiaries, GSWC and ASUS, in support of their operations. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest expense under the credit facility. In March 2020, AWR amended the credit facility to temporarily increase the borrowing capacity by $35.0 million to $260.0 million until December 31, 2020, at which point the commitment would be reduced to $200.0 million . As of June 30, 2020 , there was $249.0 million outstanding under this facility, of which $49.0 million has been reflected as a current liability on the consolidated balance sheet of AWR. Effective July 1, 2020, BVESI put in place and has access to a 3 -year, $35 million revolving credit facility. Under the terms of the credit agreement, BVESI has the right to request an increase in the facility by an additional $15 million . On July 8, 2020, GSWC completed the issuance of unsecured private placement notes totaling $160.0 million (Note 12). GSWC used the proceeds from these notes to pay down a majority of the $199.2 million intercompany borrowings from AWR parent. AWR used the proceeds received from GSWC to pay down borrowings on its revolving credit facility. Following the issuance of the notes, effective July 15, 2020 AWR reduced the aggregate borrowing capacity of its credit facility to $200.0 million pursuant to the terms of that credit facility agreement. The CPUC requires GSWC to completely pay down all intercompany borrowings from AWR within a 24 -month period. The next 24 -month period in which GSWC is required to completely pay down its intercompany borrowings ends in November 2020. As a result, GSWC’s intercompany borrowings of $199.2 million as of June 30, 2020 have been classified as a current liability on GSWC’s balance sheet. COVID-19 Impact : GSWC and BVESI continue to operate as its water and electric utility services are deemed essential services, and continue monitoring the guidance provided by federal, state, and local health authorities and other government officials. GSWC's response to the COVID-19 outbreak has included: (i) suspending through April 2021 service disconnections for nonpayments pursuant to CPUC orders, which will remain in effect over other existing requirements governing disconnections; (ii) increasing the number of employees telecommuting; and (iii) delaying some capital improvement projects at its water utility services business. At this time, neither GSWC nor BVESI is unable to predict the financial impact this situation may have on the remainder of 2020. However, the pandemic has caused significant volatility on financial markets, resulting in significant fluctuations in the fair value of plan assets in GSWC's pension and other retirement plans. Management believes that this volatility is likely to continue during the pandemic. Furthermore, due to expected future credit losses on utility customer bills, GSWC has increased its allowance for doubtful accounts as of June 30, 2020 . However, the CPUC has authorized GSWC to track incremental costs, including bad debt expense in excess of what is included in GSWC's revenue requirement, incurred as a result of the COVID-19 pandemic in a Catastrophic Event Memorandum Account ("CEMA") to be filed with the CPUC for future recovery. GSWC has recorded the amounts in this CEMA account as a regulatory asset, as the Company believes such amounts are probable of recovery. Thus far, the COVID-19 pandemic has not had a material impact on ASUS's operations, as the water and wastewater services performed on the military bases are deemed essential services. Recently Issued Accounting Pronouncements : Accounting Pronouncements Adopted in 2020 - In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and issued further guidance in November 2018 and May 2019, related to the impairment of financial instruments, effective January 1, 2020. The new guidance provides an impairment model, known as the current expected credit loss model, which is based on expected credit losses rather than incurred losses over the remaining life of most financial assets measured at amortized cost, including trade and other receivables. For the three and six months ended June 30, 2020 , Registrant has increased its allowance for doubtful accounts for utility customer accounts receivable by $ 673,000 and $1.1 million , respectively, due to Registrant's current estimate of the expected associated economic impact of the COVID pandemic (see Note 10). Accounting Pronouncements to be Adopted in Future Periods In August 2018, the FASB issued ASU 2018-14- Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU removes disclosures to pension plans and other retirement plans that no longer are considered cost beneficial, clarifies the specific disclosure requirements and adds disclosure requirements deemed relevant. This ASU is effective for fiscal years ending after December 15, 2020 and will be applied by Registrant on a retrospective basis to all periods presented. Registrant is still evaluating the ASU and has not yet determined the effect on the Company's financial statements and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . The amendments in this update simplify the accounting for income taxes by removing certain exceptions and clarifying certain requirements regarding franchise taxes, goodwill, consolidated tax expenses, and annual effective tax rate calculations. The ASU is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. Registrant is evaluating the impact of this ASU on its financial statements. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenues Most of Registrant's revenues are derived from contracts with customers, including tariff-based revenues from its regulated utilities. ASUS's 50 -year firm fixed-price contracts with the U.S. government are considered service concession arrangements under ASC 853 Service Concession Arrangements . Accordingly, the services under these contracts are accounted for under Topic 606 Revenue from Contracts with Customers and the water and/or wastewater systems are not recorded as Property, Plant and Equipment on Registrant’s balance sheet. Although GSWC and BVESI have a diversified base of residential, commercial, industrial and other customers, revenues derived from residential and commercial customers generally account for approximately 90% of total water and electric revenues. The vast majority of ASUS's revenues are from the U.S. government. For the three and six months ended June 30, 2020 and 2019 , disaggregated revenues from contracts with customers by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, (dollar in thousands) 2020 2019 2020 2019 Water: Tariff-based revenues $ 77,264 $ 76,876 $ 146,518 $ 136,451 Surcharges (cost-recovery activities) 962 763 1,696 1,054 Other 491 461 986 920 Water revenues from contracts with customers 78,717 78,100 149,200 138,425 WRAM under-collection (alternative revenue program) 8,357 10,040 9,298 14,438 Total water revenues 87,074 88,140 158,498 152,863 Electric: Tariff-based revenues 7,384 7,698 17,416 18,964 Surcharges (cost-recovery activities) 178 43 436 97 Electric revenues from contracts with customers 7,562 7,741 17,852 19,061 BRRAM under (over)-collection (alternative revenue program) 117 (333 ) 795 (1,024 ) Total electric revenues 7,679 7,408 18,647 18,037 Contracted services: Water 13,472 14,620 28,173 27,975 Wastewater 13,053 14,479 25,037 27,505 Contracted services revenues from contracts with customers 26,525 29,099 53,210 55,480 Total AWR revenues $ 121,278 $ 124,647 $ 230,355 $ 226,380 The opening and closing balances of the receivable from the U.S. government, contract assets and contract liabilities from contracts with customers, which related entirely to ASUS, were as follows: (dollar in thousands) June 30, 2020 December 31, 2019 Unbilled receivables $ 10,399 $ 10,467 Receivable from the U.S. government $ 64,399 $ 64,819 Contract assets $ 20,458 $ 15,631 Contract liabilities $ 10,569 $ 11,167 Contract Assets - Contract assets are those of ASUS and consist of unbilled revenues recognized from work-in-progress construction projects, where the right to payment is conditional on something other than the passage of time. The classification of this asset as current or noncurrent is based on the timing of when ASUS expects to bill these amounts. Contract Liabilities - Contract liabilities are those of ASUS and consist of billings in excess of revenue recognized. The classification of this liability as current or noncurrent is based on the timing of when ASUS expects to recognize revenue. Revenue for the three and six months ended June 30, 2020 , which were included in contract liabilities at the beginning of the period were $6.7 million and $9.7 million , respectively. Contracted services revenues recognized during the three and six months ended June 30, 2020 from performance obligations satisfied in previous periods were not material. As of June 30, 2020 , Registrant's aggregate remaining performance obligations, which are entirely for the contracted services segment, were $3.2 billion . Registrant expects to recognize revenue on these remaining performance obligations over the remaining term of each of the 50 -year contracts, which range from 34 to 48 years. Each of the contracts with the U.S. government is subject to termination, in whole or in part, prior to the end of its 50 -year term for convenience of the U.S. government. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2020 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters In accordance with accounting principles for rate-regulated enterprises, Registrant records regulatory assets, which represent probable future recovery of costs from customers through the ratemaking process, and regulatory liabilities, which represent probable future refunds that are to be credited to customers through the ratemaking process. At June 30, 2020 , Registrant had approximately $42.8 million of regulatory liabilities, net of regulatory assets, not accruing carrying costs. Of this amount, (i) $79.2 million of regulatory liabilities are excess deferred income taxes arising from the lower federal income tax rate due to the Tax Cuts and Jobs Act ("Tax Act") enacted in December 2017 that are expected to be refunded to customers, (ii) $11.8 million of regulatory liabilities are from flowed-through deferred income taxes, (iii) $42.2 million of net regulatory assets relates to the underfunded position in Registrant's pension and other retirement obligations (not including the two-way pension balancing accounts), and (iv) $3.8 million of regulatory assets relates to a memorandum account authorized by the CPUC to track unrealized gains and losses on BVESI's purchase power contracts over the term of the contracts. The remainder of regulatory assets relates to other items that do not provide for or incur carrying costs. Regulatory assets represent costs incurred by GSWC and BVESI for which it has received or expects to receive rate recovery in the future. In determining the probability of costs being recognized in other periods, GSWC and BVESI consider regulatory rules and decisions, past practices, and other facts or circumstances that would indicate if recovery is probable. If the CPUC determines that a portion of GSWC’s or BVESI's assets are not recoverable in customer rates, it must determine if it has suffered an asset impairment that requires it to write down the asset's value. Regulatory assets are offset against regulatory liabilities within each ratemaking area. Amounts expected to be collected or refunded in the next twelve months have been classified as current assets and current liabilities by ratemaking area. Regulatory assets, less regulatory liabilities, included in the consolidated balance sheets are as follows: (dollars in thousands) June 30, December 31, GSWC Water Revenue Adjustment Mechanism and Modified Cost Balancing Account $ 29,495 $ 22,535 Costs deferred for future recovery on Aerojet case 7,745 8,292 Pensions and other post-retirement obligations (Note 8) 40,850 40,693 Derivative unrealized loss (Note 5) 3,827 3,171 General rate case memorandum accounts 2,035 4,820 Excess deferred income taxes (79,158 ) (79,886 ) Flow-through taxes, net (11,788 ) (12,439 ) Other regulatory assets 19,752 18,842 Various refunds to customers (6,722 ) (8,478 ) Total $ 6,036 $ (2,450 ) Regulatory matters are discussed in the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2019 filed with the SEC. The discussion below focuses on significant matters and developments since December 31, 2019 . Alternative-Revenue Programs: GSWC records the difference between what it bills its water customers and that which is authorized by the CPUC using the Water Revenue Adjustment Mechanism ("WRAM") and Modified Cost Balancing Account (“MCBA”) accounts approved by the CPUC. The over- or under-collection of the WRAM is aggregated with the MCBA over- or under-collection for the corresponding ratemaking area and bears interest at the current 90 -day commercial paper rate. As required by the accounting guidance for alternative revenue programs, GSWC is required to collect its WRAM balances, net of its MCBA, within 24 months following the year in which an under-collection is recorded in order to recognize such amounts as revenue. The recovery periods for the majority of GSWC's WRAM/MCBA balances are primarily within 12 to 24 months. In February 2020, GSWC filed with the CPUC for recovery of the 2019 WRAM/MCBA balances. Accordingly, GSWC has implemented surcharges to recover all of its WRAM/MCBA balances as of December 31, 2019. For the three months ended June 30, 2020 and 2019 , surcharges (net of surcredits) of approximately $3.8 million and $832,000 , respectively, were billed to customers to recover previously incurred under-collections in the WRAM/MCBA accounts. For the six months ended June 30, 2020 and 2019 , surcharges (net of surcredits) of approximately $6.1 million and $3.6 million , respectively, were billed to customers to recover previously incurred under-collections in the WRAM/MCBA accounts. During the six months ended June 30, 2020 , GSWC recorded additional net under-collections in the WRAM/MCBA accounts of approximately $13.0 million due to lower-than-adopted water usage, as well as higher-than-adopted supply costs currently in billed customer rates. As of June 30, 2020 , GSWC had an aggregated regulatory asset of $29.5 million , which is comprised of a $ 15.7 million under-collection in the WRAM accounts and a $13.8 million under-collection in the MCBA accounts. Catastrophic Event Memorandum Account ("CEMA"): On April 3, 2020, the CPUC approved GSWC's request to activate a Catastrophic Event Memorandum Account ("CEMA") for COVID-19. GSWC's response to the pandemic has included suspending service disconnections for nonpayment. Costs incurred by GSWC in response to the COVID-19 outbreak, including bad debt expense in excess of what is included in GSWC's revenue requirement, are being included in the CEMA account for future recovery. As of June 30, 2020 , $669,000 in COVID-19 related incremental costs have been recorded as a regulatory asset as the Company believes such amounts are probable of recovery. Cost of Capital Proceeding: In March 2018, the CPUC issued a final decision in the cost of capital proceeding for GSWC and three other water utilities serving California for the years 2018 - 2020. Among other things, the final decision adopted for GSWC's water segment a return on equity of 8.90% , with a return on rate base of 7.91% . Investor-owned water utilities serving California are required to file their cost of capital applications on a triennial basis, with the next scheduled filing required to have taken place on May 1, 2020 and to be effective for the years 2021 - 2023. In January 2020, GSWC, along with the three other water utilities, requested an extension of the date by which each of them must file its 2020 cost of capital application. In March 2020, the CPUC approved the request, postponing the filing date by one year until May 1, 2021, with a corresponding effective date of January 1, 2022. GSWC’s current authorized rate of return on rate base of 7.91% , based on its weighted cost of capital, will continue in effect through December 31, 2021. |
Earnings per Share_Capital Stoc
Earnings per Share/Capital Stock | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share/Capital Stock | Earnings per Share/Capital Stock In accordance with the accounting guidance for participating securities and earnings per share (“EPS”), Registrant uses the “two-class” method of computing EPS. The “two-class” method is an earnings allocation formula that determines EPS for each class of common stock and participating security. AWR has participating securities related to restricted stock units that earn dividend equivalents on an equal basis with AWR’s Common Shares, and that have been issued under AWR's stock incentive plans for employees and the non-employee directors stock plans. In applying the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding used for calculating basic net income per share: Basic: For The Three Months Ended June 30, For The Six Months Ended June 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Net income $ 25,612 $ 26,784 $ 39,684 $ 39,636 Less: (a) Distributed earnings to common shareholders 11,250 10,119 22,492 20,232 Distributed earnings to participating securities 40 46 77 88 Undistributed earnings 14,322 16,619 17,115 19,316 (b) Undistributed earnings allocated to common shareholders 14,271 16,543 17,057 19,232 Undistributed earnings allocated to participating securities 51 76 58 84 Total income available to common shareholders, basic (a)+(b) $ 25,521 $ 26,662 $ 39,549 $ 39,464 Weighted average Common Shares outstanding, basic 36,884 36,804 36,872 36,788 Basic earnings per Common Share $ 0.69 $ 0.72 $ 1.07 $ 1.07 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 units granted under AWR’s stock incentive plans for employees and the non-employee directors stock plans, and net income. There were no options outstanding as of June 30, 2020 and there were 11,556 options outstanding as of June 30, 2019 under these plans. At June 30, 2020 and 2019 , there were also 133,863 and 170,372 restricted stock units outstanding, respectively, including performance shares awarded to officers of the Registrant. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating diluted net income per share: Diluted: For The Three Months Ended June 30, For The Six Months Ended June 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Common shareholders earnings, basic $ 25,521 $ 26,662 $ 39,549 $ 39,464 Undistributed earnings for dilutive stock-based awards 51 75 58 84 Total common shareholders earnings, diluted $ 25,572 $ 26,737 $ 39,607 $ 39,548 Weighted average common shares outstanding, basic 36,884 36,804 36,872 36,788 Stock-based compensation (1) 116 159 113 154 Weighted average common shares outstanding, diluted 37,000 36,963 36,985 36,942 Diluted earnings per Common Share $ 0.69 $ 0.72 $ 1.07 $ 1.07 (1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 11,556 stock options at June 30, 2019 , respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share. All of the 133,863 and 170,372 restricted stock units at June 30, 2020 and 2019 , respectively, were included in the calculation of diluted EPS for the three months ended June 30, 2020 and 2019 . There were no stock options outstanding at June 30, 2020 , and there were no stock options outstanding at June 30, 2019 that were anti-dilutive. During the six months ended June 30, 2020 and 2019 , AWR issued 37,260 and 73,854 common shares, for approximately $ 30,000 and $ 366,000 , respectively, under Registrant’s stock incentive plans for employees. During the six months ended June 30, 2020 and 2019 , AWR paid $1.8 million and $1.6 million , respectively, to taxing authorities on employees' behalf for shares withheld related to net share settlements. During the six months ended June 30, 2020 and 2019 , GSWC paid $1.6 million and $1.3 million , respectively, to taxing authorities on employees' behalf for shares withheld related to net share settlements. These payments are included in the stock-based compensation caption of the statements of equity. During the three months ended June 30, 2020 and 2019 , AWR paid quarterly dividends of approximately $11.3 million , or $0.305 per share, and $10.1 million , or $0.275 per share, respectively. During the six months ended June 30, 2020 and 2019 , AWR paid quarterly dividends of approximately $22.5 million , or $0.61 per share, and $20.2 million , or $0.550 per share, respectively. During the three months ended June 30, 2020 and 2019 , GSWC paid dividends of $11.3 million and $10.1 million , respectively, to AWR. During the six months ended June 30, 2020 and 2019 , GSWC paid dividends of $22.5 million and $20.2 million , respectively, to AWR. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments GSWC's electric division purchased power under long-term contracts at a fixed cost depending on the amount of power and the period during which the power is purchased under such contracts. In August 2019, the CPUC approved an application that allowed GSWC to enter into new long-term purchased power contracts with energy providers, which GSWC executed in September 2019. GSWC began taking power under these long-term contracts during the fourth quarter of 2019 to replace existing expiring contracts. The new contracts provide power at a fixed cost over approximately three- and five-year terms depending on the amount of power and period during which the power is purchased under the contracts. BVESI assumed the obligations under these contracts on July 1, 2020. These purchase power contracts are subject to the accounting guidance for derivatives and require mark-to-market derivative accounting. Among other things, the CPUC authorized GSWC to use a regulatory asset and liability memorandum account to offset the mark-to-market entries required by the accounting guidance. This accounting treatment also applies to BVESI. Accordingly, all unrealized gains and losses generated from the purchased power contracts are deferred on a monthly basis into a non-interest bearing regulatory memorandum account that tracks the changes in fair value of the derivative throughout the terms of the contracts. As a result, these unrealized gains and losses did not impact GSWC’s earnings. As of June 30, 2020 , there was a $3.8 million unrealized loss recorded as a regulatory asset in the memorandum account for the purchased power contracts. The notional volume of derivatives remaining under these long-term contracts as of June 30, 2020 was 562,253 megawatt hours. The accounting guidance for fair value measurements applies to all financial assets and financial liabilities that are measured and reported on a fair value basis. Under the accounting guidance, GSWC has made fair value measurements that are classified and disclosed in one of the following three categories: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 : Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). To value the contracts, Registrant utilizes various inputs that include quoted market prices for energy over the duration of the contracts. The market prices used to determine the fair value for this derivative instrument were estimated based on independent sources such as broker quotes and publications that are not observable in or corroborated by the market. When such inputs have a significant impact on the measurement of fair value, the instruments are categorized as Level 3. Accordingly, the valuation of the derivatives on Registrant’s purchased power contract has been classified as Level 3 for all periods presented. The following table presents changes in the fair value of the Level 3 derivatives for the three and six months ended June 30, 2020 and 2019 : For The Three Months Ended June 30, For The Six Months Ended June 30, (dollars in thousands) 2020 2019 2020 2019 Fair value at beginning of the period $ (4,280 ) $ (336 ) $ (3,171 ) $ (311 ) Unrealized gains (losses) on purchased power contracts 453 69 (656 ) 44 Fair value at end of the period $ (3,827 ) $ (267 ) $ (3,827 ) $ (267 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of these items. Investments held in a Rabbi Trust for the supplemental executive retirement plan ("SERP") are measured at fair value and totaled $21.6 million as of June 30, 2020 . All equity investments in the Rabbi Trust are Level 1 investments in mutual funds. The investments held in the Rabbi Trust are included in "Other Property and Investments" on Registrant's balance sheets. The table below estimates the fair value of long-term debt held by GSWC. The fair values as of June 30, 2020 and December 31, 2019 were determined using rates for similar financial instruments of the same duration utilizing Level 2 methods and assumptions. The interest rates used for the June 30, 2020 valuation increased as compared to December 31, 2019 , decreasing the fair value of long-term debt as of June 30, 2020 . Changes in the assumptions will produce different results. June 30, 2020 December 31, 2019 (dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Long-term debt—GSWC (1) $ 284,489 $ 386,284 $ 284,699 $ 376,467 ___________________ (1) Excludes debt issuance costs and redemption premiums. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes AWR's effective income tax rate (“ETR”) was 24.4% and 22.6% for the three months ended June 30, 2020 and 2019 , respectively, and was 23.5% and 21.9% for the six months ended June 30, 2020 and 2019 , respectively. GSWC's ETR was 25.9% and 23.4% for the three months ended June 30, 2020 and 2019 , respectively, and was 24.7% and 22.2% for the six months ended June 30, 2020 and 2019 , respectively. The AWR and GSWC effective tax rates differ from the federal statutory tax rate primarily due to (i) state taxes; (ii) permanent differences, including the excess tax benefits from share-based payments, which were reflected in the income statements and resulted in a reduction to income tax expense during the three and six months ended June 30, 2020 and 2019 ; (iii) the continuing amortization of the excess deferred income tax liability that commenced upon the lowering of the federal tax rate; and (iv) differences between book and taxable income that are treated as flow-through adjustments in accordance with regulatory requirements (principally from plant, rate-case, and compensation expenses). As a regulated utility, GSWC treats certain temporary differences as flow-through in computing its income tax expense consistent with the income tax method used in its CPUC-jurisdiction ratemaking. Flow-through items either increase or decrease tax expense and thus impact the ETR. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit costs for Registrant’s pension plan, postretirement medical benefit plan and SERP for the three and six months ended June 30, 2020 and 2019 were as follows: For The Three Months Ended June 30, Pension Benefits Other Postretirement Benefits SERP (dollars in thousands) 2020 2019 2020 2019 2020 2019 Components of Net Periodic Benefits Cost: Service cost $ 1,372 $ 986 $ 47 $ 53 $ 244 $ 298 Interest cost 1,986 2,133 56 80 247 267 Expected return on plan assets (2,950 ) (2,595 ) (127 ) (112 ) — — Amortization of prior service cost 109 109 — — — — Amortization of actuarial (gain) loss 526 351 (199 ) (150 ) 211 118 Net periodic benefits costs under accounting standards 1,043 984 (223 ) (129 ) 702 683 Regulatory adjustment - deferred (148 ) (342 ) — — — — Total expense (benefit) recognized, before surcharges and allocation to overhead pool $ 895 $ 642 $ (223 ) $ (129 ) $ 702 $ 683 For The Six Months Ended June 30, Pension Benefits Other SERP (dollars in thousands) 2020 2019 2020 2019 2020 2019 Components of Net Periodic Benefits Cost: Service cost $ 2,780 $ 2,220 $ 94 $ 106 $ 488 $ 596 Interest cost 3,940 4,264 112 160 494 534 Expected return on plan assets (5,900 ) (5,188 ) (254 ) (224 ) — — Amortization of prior service cost 218 218 — — — — Amortization of actuarial (gain) loss 968 710 (398 ) (300 ) 422 236 Net periodic benefits costs under accounting standards 2,006 2,224 (446 ) (258 ) 1,404 1,366 Regulatory adjustment - deferred (241 ) (342 ) — — — — Total expense (benefit) recognized, before surcharges and allocation to overhead pool $ 1,765 $ 1,882 $ (446 ) $ (258 ) $ 1,404 $ 1,366 In 2020, Registrant expects to contribute approximately $3.7 million to its pension plan. As authorized by the CPUC in the water and electric general rate case decisions, GSWC utilizes two-way balancing accounts for its water and electric regions and the general office to track differences between the forecasted annual pension expenses in rates, or expected to be in rates, and the actual annual expense recorded by GSWC in accordance with the accounting guidance for pension costs. During the three and six months ended June 30, 2020 , GSWC's actual pension expense was higher than the amounts included in water customer rates by $148,000 and $241,000 , respectively. During the three and six ended June 30, 2019 , GSWC's actual pension expense was higher than the amounts included in water customer rates by $342,000 . As of June 30, 2020 , GSWC had a $1.4 million |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Loss Contingencies [Line Items] | |
Contingencies | Contingencies Environmental Clean-Up and Remediation : GSWC has been involved in environmental remediation and cleanup at a plant site ("Chadron Plant") that contained an underground storage tank which was used to store gasoline for its vehicles. This tank was removed from the ground in July 1990 along with the dispenser and ancillary piping. Since then, GSWC has been involved in various remediation activities at this site. Analysis indicates that off-site monitoring wells may be necessary to document effectiveness of remediation. As of June 30, 2020 , the total amount spent to clean up and remediate GSWC’s plant facility was approximately $6.3 million , of which $1.5 million has been paid by the State of California Underground Storage Tank Fund. Amounts paid by GSWC have been included in rate base and approved by the CPUC for recovery. As of June 30, 2020 , GSWC has a regulatory asset and an accrued liability for the estimated additional cost of $1.3 million to complete the cleanup at the site. The estimate includes costs for two years of continued activities of groundwater cleanup and monitoring, future soil treatment and site-closure-related activities. The ultimate cost may vary as there are many unknowns in remediation of underground gasoline spills and this is an estimate based on currently available information. Management also believes it is probable that the estimated additional costs will be approved in rate base by the CPUC. Other Litigation : Registrant is also subject to other ordinary routine litigation incidental to its business, some of which may include claims for compensatory and punitive damages. Management believes that rate recovery, proper insurance coverage and reserves are in place to insure against, among other things, property, general liability, employment, and workers’ compensation claims incurred in the ordinary course of business. Insurance coverage may not cover certain claims involving punitive damages. However, Registrant does not believe the outcome from any pending suits or administrative proceedings will have a material effect on Registrant's consolidated results of operations, financial position or cash flows. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 6 Months Ended |
Jun. 30, 2020 | |
Allowance for Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts | Note 10 — Allowance for Doubtful Accounts Registrant adopted ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments effective January 1, 2020. The guidance requires estimated credit losses on financial instruments, such as Registrant's trade and other receivables, be based on expected credit losses rather than incurred losses. Registrant's allowance for doubtful account as of June 30, 2020 was developed based on observed effects of the economic impact of the COVID-19 pandemic on GSWC's aging of utility customer accounts receivable, as well as economic data such as unemployment rates and other considerations which may impact customers' ability to pay their bills. Management also took into consideration the impact of the CPUC's order to suspend through April 2021 service disconnections for nonpayments, which is expected to have the effect of increasing delinquent customer accounts receivable during the COVID-19 pandemic. However, the CPUC has authorized GSWC and BVESI to track incremental costs, including bad debt expense in excess of what is included in their respective revenue requirements, incurred as a result of the COVID-19 pandemic in CEMA accounts to be filed with the CPUC for future recovery. The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (dollars in thousands) AWR GSWC AWR GSWC Balances at beginning of the period $ 1,145 $ 1,145 $ 916 $ 916 Increase to provision 673 673 1,066 1,066 Accounts written off, net of recoveries (156 ) (156 ) (320 ) (320 ) Balances at end of the period $ 1,662 $ 1,662 $ 1,662 $ 1,662 Allowance for doubtful accounts related to accounts receivable-customer $ 1,603 $ 1,603 $ 1,603 $ 1,603 Allowance for doubtful accounts related to receivable from U.S. government — — — — Allowance for doubtful accounts related to other accounts receivable 59 59 59 59 Total allowance for doubtful accounts $ 1,662 $ 1,662 $ 1,662 $ 1,662 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments AWR has three reportable segments, water, electric and contracted services, whereas prior to July 1, 2020 GSWC had two segments, water and electric. On July 1, 2020, GSWC completed the transfer of the electric utility assets and liabilities from its electric division to BVESI, a separate legal entity and wholly owned subsidiary of AWR. On a stand-alone basis, AWR has no material assets other than its equity investments in its subsidiaries and note receivables therefrom, and deferred taxes. All activities of GSWC and BVESI, rate-regulated utilities, are geographically located within California. Activities of ASUS and its subsidiaries are conducted in California, Georgia, Florida, Kansas, Maryland, New Mexico, North Carolina, South Carolina, Texas and Virginia. Each of ASUS’s wholly owned subsidiaries is regulated, if applicable, by the state in which the subsidiary primarily conducts water and/or wastewater operations. Fees charged for operations and maintenance and renewal and replacement services are based upon the terms of the contracts with the U.S. government, which have been filed, as appropriate, with the commissions in the states in which ASUS’s subsidiaries are incorporated. The tables below set forth information relating to GSWC’s operating segments, ASUS and its subsidiaries and other matters. Total assets by segment are not presented below, as certain of Registrant’s assets are not tracked by segment. The utility plant amounts are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash, excluding U.S. government- and third-party contractor-funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC. As Of And For The Three Months Ended June 30, 2020 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 87,074 $ 7,679 $ 26,525 $ — $ 121,278 Operating income (loss) 28,662 1,513 5,543 (2 ) 35,716 Interest expense, net 4,857 139 (220 ) 56 4,832 Utility plant 1,353,671 80,343 22,384 — 1,456,398 Depreciation and amortization expense (1) 7,601 608 822 — 9,031 Income tax expense (benefit) 6,970 339 1,301 (329 ) 8,281 Capital additions 22,076 5,500 1,467 — 29,043 As Of And For The Three Months Ended June 30, 2019 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 88,140 $ 7,408 $ 29,099 $ — $ 124,647 Operating income (loss) 33,259 778 5,395 (2 ) 39,430 Interest expense, net 5,112 346 (219 ) 167 5,406 Utility plant 1,273,962 63,462 18,239 — 1,355,663 Depreciation and amortization expense (1) 5,405 601 649 — 6,655 Income tax expense (benefit) 6,812 14 1,300 (295 ) 7,831 Capital additions 36,293 1,254 3,046 — 40,593 As Of And For The Six Months Ended June 30, 2020 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 158,498 $ 18,647 $ 53,210 $ — $ 230,355 Operating income (loss) 47,267 5,000 9,152 (4 ) 61,415 Interest expense, net 9,990 465 (297 ) 166 10,324 Utility plant 1,353,671 80,343 22,384 — 1,456,398 Depreciation and amortization expense (1) 15,023 1,215 1,604 17,842 Income tax expense (benefit) 9,348 1,189 2,049 (404 ) 12,182 Capital additions 50,535 9,054 2,998 62,587 As Of And For The Six Months Ended June 30, 2019 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 152,863 $ 18,037 $ 55,480 $ — $ 226,380 Operating income (loss) 46,525 2,839 10,265 (4 ) 59,625 Interest expense, net 10,349 699 (580 ) 313 10,781 Utility plant 1,273,962 63,462 18,239 — 1,355,663 Depreciation and amortization expense (1) 14,794 1,201 1,492 — 17,487 Income tax expense (benefit) 8,485 461 2,425 (230 ) 11,141 Capital additions 74,672 1,988 4,495 — 81,155 (1) Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $83,000 and $96,000 for the three months ended June 30, 2020 and 2019 , respectively, and $165,000 and $154,000 for the six months ended June 30, 2020 and 2019 , respectively. The following table reconciles total utility plant (a key figure for ratemaking) to total consolidated assets (in thousands): June 30, 2020 2019 Total utility plant $ 1,456,398 $ 1,355,663 Other assets 241,570 211,620 Total consolidated assets $ 1,697,968 $ 1,567,283 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Completion of Electric Utility Reorganization Plan and Financing Arrangement: On July 1, 2020, GSWC completed the transfer of the electric utility assets and liabilities from its electric division to BVESI in exchange for common shares of BVESI. GSWC then immediately distributed all of BVESI's common shares to AWR, whereupon BVESI became wholly owned directly by AWR. The reorganization is not expected to result in any substantive changes to AWR's operations or business segments. In addition, effective July 1, 2020, BVESI put in place and has access to a 3 -year, $35 million revolving credit facility. Under the terms of the credit agreement, BVESI has the right to request an increase in the facility by an additional $15 million . Issuance of Senior Unsecured Notes at GSWC (the "Notes") : On July 8, 2020, GSWC completed the issuance of unsecured private placement notes totaling $160.0 million . In connection with this financing, GSWC issued (i) $85.0 million aggregate principal amount of Series A Senior Notes at a coupon rate of 2.17% due July 8, 2030, and (ii) $75.0 million aggregate principal amount of Series B Senior Notes at a coupon rate of 2.90% due July 8, 2040. Interest on the Notes is payable semiannually. The Notes are unsecured and will rank equally with GSWC’s unsecured and unsubordinated debt. GSWC may, at its option, redeem all or portions of the Notes at any time upon written notice, subject to payment of a make-whole premium based on 50 basis points above the applicable treasury yield. Under the terms of the Notes, GSWC may not incur any additional indebtedness or pay any distributions to its parent, AWR, if after giving effect thereto, GSWC would have a total indebtedness to capitalization ratio of more than 0.6667 :1.00. In addition, GSWC may not incur any additional indebtedness if, after giving effect thereto, it would have a total indebtedness to earnings before interest, taxes, depreciation and amortization ratio greater than 8.00 :1.00. GSWC used the proceeds from the Notes to pay down the majority of its intercompany borrowings from AWR. AWR used the proceeds received from GSWC to pay down amounts outstanding under its credit facility. In March 2020, AWR had amended the credit facility to temporarily increase the borrowing capacity to $260.0 million . Following the issuance of the Notes, effective July 15, 2020 AWR reduced the aggregate borrowing capacity back down to $200.0 million |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies: (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Nature of Operations : American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”), Bear Valley Electric Service, Inc. ("BVESI"), and American States Utility Services, Inc. (“ASUS”) (and its subsidiaries, Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. ("ECUS"), and Fort Riley Utility Services, Inc. ("FRUS")). The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries.” On July 1, 2020, GSWC completed the transfer of the electric utility assets and liabilities from its electric division to BVESI, a separate legal entity and wholly owned subsidiary of AWR (Note 12). This reorganization is not expected to result in any substantive changes to AWR's operations and business segments. AWR, through its wholly owned subsidiaries, serves over one million people in nine states. GSWC is a public utility engaged principally in the purchase, production, distribution and sale of water in California serving approximately 261,000 customer connections. BVESI distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,000 customer connections. The California Public Utilities Commission (“CPUC”) regulates GSWC’s water and BVESI's electric businesses in matters including properties, rates, services, facilities, and transactions by GSWC and BVESI with their affiliates. ASUS, through its wholly owned subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to 50 -year firm fixed-price contracts. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or any of its wholly owned subsidiaries. Basis of Presentation : The consolidated financial statements and notes thereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. Certain prior period amounts have been reclassified on the statements of cash flows to conform to current year presentation. AWR owns all of the outstanding common shares of GSWC, BVESI and ASUS. ASUS owns all of the outstanding common stock of the Military Utility Privatization Subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries, all of which are wholly owned. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements. The consolidated financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The December 31, 2019 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The preparation of the consolidated financial statements 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments consisting of normal, recurring items and estimates necessary for a fair statement of the results for the interim periods have been made. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2019 filed with the SEC. |
GSWC's Related Party Transactions | Related Party Transactions and Financing Activities : GSWC, BVESI and ASUS provide and/or receive various support services to and from their parent, AWR, and among themselves. GSWC has also allocated certain corporate office administrative and general costs to its affiliate, ASUS, using allocation factors approved by the CPUC. GSWC allocated corporate office administrative and general costs to ASUS of approximately $1.2 million and $1.3 million during the three months ended June 30, 2020 and 2019 , respectively, and approximately $2.7 million and $2.4 million during the six months ended June 30, 2020 and 2019 respectively. AWR borrows under a credit facility, which expires in May 2023, and provides funds to its subsidiaries, GSWC and ASUS, in support of their operations. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest expense under the credit facility. In March 2020, AWR amended the credit facility to temporarily increase the borrowing capacity by $35.0 million to $260.0 million until December 31, 2020, at which point the commitment would be reduced to $200.0 million . As of June 30, 2020 , there was $249.0 million outstanding under this facility, of which $49.0 million has been reflected as a current liability on the consolidated balance sheet of AWR. Effective July 1, 2020, BVESI put in place and has access to a 3 -year, $35 million revolving credit facility. Under the terms of the credit agreement, BVESI has the right to request an increase in the facility by an additional $15 million . On July 8, 2020, GSWC completed the issuance of unsecured private placement notes totaling $160.0 million (Note 12). GSWC used the proceeds from these notes to pay down a majority of the $199.2 million intercompany borrowings from AWR parent. AWR used the proceeds received from GSWC to pay down borrowings on its revolving credit facility. Following the issuance of the notes, effective July 15, 2020 AWR reduced the aggregate borrowing capacity of its credit facility to $200.0 million pursuant to the terms of that credit facility agreement. The CPUC requires GSWC to completely pay down all intercompany borrowings from AWR within a 24 -month period. The next 24 -month period in which GSWC is required to completely pay down its intercompany borrowings ends in November 2020. As a result, GSWC’s intercompany borrowings of $199.2 million as of June 30, 2020 have been classified as a current liability on GSWC’s balance sheet. |
COVID-19 Impact | COVID-19 Impact : GSWC and BVESI continue to operate as its water and electric utility services are deemed essential services, and continue monitoring the guidance provided by federal, state, and local health authorities and other government officials. GSWC's response to the COVID-19 outbreak has included: (i) suspending through April 2021 service disconnections for nonpayments pursuant to CPUC orders, which will remain in effect over other existing requirements governing disconnections; (ii) increasing the number of employees telecommuting; and (iii) delaying some capital improvement projects at its water utility services business. At this time, neither GSWC nor BVESI is unable to predict the financial impact this situation may have on the remainder of 2020. However, the pandemic has caused significant volatility on financial markets, resulting in significant fluctuations in the fair value of plan assets in GSWC's pension and other retirement plans. Management believes that this volatility is likely to continue during the pandemic. Furthermore, due to expected future credit losses on utility customer bills, GSWC has increased its allowance for doubtful accounts as of June 30, 2020 . However, the CPUC has authorized GSWC to track incremental costs, including bad debt expense in excess of what is included in GSWC's revenue requirement, incurred as a result of the COVID-19 pandemic in a Catastrophic Event Memorandum Account ("CEMA") to be filed with the CPUC for future recovery. GSWC has recorded the amounts in this CEMA account as a regulatory asset, as the Company believes such amounts are probable of recovery. Thus far, the COVID-19 pandemic has not had a material impact on ASUS's operations, as the water and wastewater services performed on the military bases are deemed essential services. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements : Accounting Pronouncements Adopted in 2020 - In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and issued further guidance in November 2018 and May 2019, related to the impairment of financial instruments, effective January 1, 2020. The new guidance provides an impairment model, known as the current expected credit loss model, which is based on expected credit losses rather than incurred losses over the remaining life of most financial assets measured at amortized cost, including trade and other receivables. For the three and six months ended June 30, 2020 , Registrant has increased its allowance for doubtful accounts for utility customer accounts receivable by $ 673,000 and $1.1 million , respectively, due to Registrant's current estimate of the expected associated economic impact of the COVID pandemic (see Note 10). Accounting Pronouncements to be Adopted in Future Periods In August 2018, the FASB issued ASU 2018-14- Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU removes disclosures to pension plans and other retirement plans that no longer are considered cost beneficial, clarifies the specific disclosure requirements and adds disclosure requirements deemed relevant. This ASU is effective for fiscal years ending after December 15, 2020 and will be applied by Registrant on a retrospective basis to all periods presented. Registrant is still evaluating the ASU and has not yet determined the effect on the Company's financial statements and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . The amendments in this update simplify the accounting for income taxes by removing certain exceptions and clarifying certain requirements regarding franchise taxes, goodwill, consolidated tax expenses, and annual effective tax rate calculations. The ASU is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. Registrant is evaluating the impact of this ASU on its financial statements. |
Revenue from Contract with Cu_2
Revenue from Contract with Customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | For the three and six months ended June 30, 2020 and 2019 , disaggregated revenues from contracts with customers by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, (dollar in thousands) 2020 2019 2020 2019 Water: Tariff-based revenues $ 77,264 $ 76,876 $ 146,518 $ 136,451 Surcharges (cost-recovery activities) 962 763 1,696 1,054 Other 491 461 986 920 Water revenues from contracts with customers 78,717 78,100 149,200 138,425 WRAM under-collection (alternative revenue program) 8,357 10,040 9,298 14,438 Total water revenues 87,074 88,140 158,498 152,863 Electric: Tariff-based revenues 7,384 7,698 17,416 18,964 Surcharges (cost-recovery activities) 178 43 436 97 Electric revenues from contracts with customers 7,562 7,741 17,852 19,061 BRRAM under (over)-collection (alternative revenue program) 117 (333 ) 795 (1,024 ) Total electric revenues 7,679 7,408 18,647 18,037 Contracted services: Water 13,472 14,620 28,173 27,975 Wastewater 13,053 14,479 25,037 27,505 Contracted services revenues from contracts with customers 26,525 29,099 53,210 55,480 Total AWR revenues $ 121,278 $ 124,647 $ 230,355 $ 226,380 |
Contract with Customer, Asset and Liability | The opening and closing balances of the receivable from the U.S. government, contract assets and contract liabilities from contracts with customers, which related entirely to ASUS, were as follows: (dollar in thousands) June 30, 2020 December 31, 2019 Unbilled receivables $ 10,399 $ 10,467 Receivable from the U.S. government $ 64,399 $ 64,819 Contract assets $ 20,458 $ 15,631 Contract liabilities $ 10,569 $ 11,167 |
Regulatory Matters_ (Tables)
Regulatory Matters: (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Regulated Operations [Abstract] | |
Schedule of regulatory assets, less regulatory liabilities in the consolidated balance sheets for continuing operations | Regulatory assets, less regulatory liabilities, included in the consolidated balance sheets are as follows: (dollars in thousands) June 30, December 31, GSWC Water Revenue Adjustment Mechanism and Modified Cost Balancing Account $ 29,495 $ 22,535 Costs deferred for future recovery on Aerojet case 7,745 8,292 Pensions and other post-retirement obligations (Note 8) 40,850 40,693 Derivative unrealized loss (Note 5) 3,827 3,171 General rate case memorandum accounts 2,035 4,820 Excess deferred income taxes (79,158 ) (79,886 ) Flow-through taxes, net (11,788 ) (12,439 ) Other regulatory assets 19,752 18,842 Various refunds to customers (6,722 ) (8,478 ) Total $ 6,036 $ (2,450 ) |
Earnings per Share_Capital St_2
Earnings per Share/Capital Stock: (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating basic net income per share | Basic: For The Three Months Ended June 30, For The Six Months Ended June 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Net income $ 25,612 $ 26,784 $ 39,684 $ 39,636 Less: (a) Distributed earnings to common shareholders 11,250 10,119 22,492 20,232 Distributed earnings to participating securities 40 46 77 88 Undistributed earnings 14,322 16,619 17,115 19,316 (b) Undistributed earnings allocated to common shareholders 14,271 16,543 17,057 19,232 Undistributed earnings allocated to participating securities 51 76 58 84 Total income available to common shareholders, basic (a)+(b) $ 25,521 $ 26,662 $ 39,549 $ 39,464 Weighted average Common Shares outstanding, basic 36,884 36,804 36,872 36,788 Basic earnings per Common Share $ 0.69 $ 0.72 $ 1.07 $ 1.07 |
Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating diluted net income per share | The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating diluted net income per share: Diluted: For The Three Months Ended June 30, For The Six Months Ended June 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Common shareholders earnings, basic $ 25,521 $ 26,662 $ 39,549 $ 39,464 Undistributed earnings for dilutive stock-based awards 51 75 58 84 Total common shareholders earnings, diluted $ 25,572 $ 26,737 $ 39,607 $ 39,548 Weighted average common shares outstanding, basic 36,884 36,804 36,872 36,788 Stock-based compensation (1) 116 159 113 154 Weighted average common shares outstanding, diluted 37,000 36,963 36,985 36,942 Diluted earnings per Common Share $ 0.69 $ 0.72 $ 1.07 $ 1.07 (1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 11,556 stock options at June 30, 2019 , respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share. All of the 133,863 and 170,372 restricted stock units at June 30, 2020 and 2019 , respectively, were included in the calculation of diluted EPS for the three months ended June 30, 2020 and 2019 . |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
GOLDEN STATE WATER COMPANY | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes in the fair value of the Level 3 derivatives for the three and six months ended June 30, 2020 and 2019 : For The Three Months Ended June 30, For The Six Months Ended June 30, (dollars in thousands) 2020 2019 2020 2019 Fair value at beginning of the period $ (4,280 ) $ (336 ) $ (3,171 ) $ (311 ) Unrealized gains (losses) on purchased power contracts 453 69 (656 ) 44 Fair value at end of the period $ (3,827 ) $ (267 ) $ (3,827 ) $ (267 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments: (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
GOLDEN STATE WATER COMPANY | |
Fair value of financial instruments | |
Schedule of estimates of the fair value of long-term debt | The table below estimates the fair value of long-term debt held by GSWC. The fair values as of June 30, 2020 and December 31, 2019 were determined using rates for similar financial instruments of the same duration utilizing Level 2 methods and assumptions. The interest rates used for the June 30, 2020 valuation increased as compared to December 31, 2019 , decreasing the fair value of long-term debt as of June 30, 2020 . Changes in the assumptions will produce different results. June 30, 2020 December 31, 2019 (dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Long-term debt—GSWC (1) $ 284,489 $ 386,284 $ 284,699 $ 376,467 |
Employee Benefit Plans_ (Tables
Employee Benefit Plans: (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic benefit costs, before allocation to the overhead pool, for Registrant's pension plan, postretirement plan, and SERP | The components of net periodic benefit costs for Registrant’s pension plan, postretirement medical benefit plan and SERP for the three and six months ended June 30, 2020 and 2019 were as follows: For The Three Months Ended June 30, Pension Benefits Other Postretirement Benefits SERP (dollars in thousands) 2020 2019 2020 2019 2020 2019 Components of Net Periodic Benefits Cost: Service cost $ 1,372 $ 986 $ 47 $ 53 $ 244 $ 298 Interest cost 1,986 2,133 56 80 247 267 Expected return on plan assets (2,950 ) (2,595 ) (127 ) (112 ) — — Amortization of prior service cost 109 109 — — — — Amortization of actuarial (gain) loss 526 351 (199 ) (150 ) 211 118 Net periodic benefits costs under accounting standards 1,043 984 (223 ) (129 ) 702 683 Regulatory adjustment - deferred (148 ) (342 ) — — — — Total expense (benefit) recognized, before surcharges and allocation to overhead pool $ 895 $ 642 $ (223 ) $ (129 ) $ 702 $ 683 For The Six Months Ended June 30, Pension Benefits Other SERP (dollars in thousands) 2020 2019 2020 2019 2020 2019 Components of Net Periodic Benefits Cost: Service cost $ 2,780 $ 2,220 $ 94 $ 106 $ 488 $ 596 Interest cost 3,940 4,264 112 160 494 534 Expected return on plan assets (5,900 ) (5,188 ) (254 ) (224 ) — — Amortization of prior service cost 218 218 — — — — Amortization of actuarial (gain) loss 968 710 (398 ) (300 ) 422 236 Net periodic benefits costs under accounting standards 2,006 2,224 (446 ) (258 ) 1,404 1,366 Regulatory adjustment - deferred (241 ) (342 ) — — — — Total expense (benefit) recognized, before surcharges and allocation to overhead pool $ 1,765 $ 1,882 $ (446 ) $ (258 ) $ 1,404 $ 1,366 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Allowance for Doubtful Accounts [Abstract] | |
Schedule of provision for doubtful accounts charged to expense and accounts written off, net of recoveries | The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (dollars in thousands) AWR GSWC AWR GSWC Balances at beginning of the period $ 1,145 $ 1,145 $ 916 $ 916 Increase to provision 673 673 1,066 1,066 Accounts written off, net of recoveries (156 ) (156 ) (320 ) (320 ) Balances at end of the period $ 1,662 $ 1,662 $ 1,662 $ 1,662 Allowance for doubtful accounts related to accounts receivable-customer $ 1,603 $ 1,603 $ 1,603 $ 1,603 Allowance for doubtful accounts related to receivable from U.S. government — — — — Allowance for doubtful accounts related to other accounts receivable 59 59 59 59 Total allowance for doubtful accounts $ 1,662 $ 1,662 $ 1,662 $ 1,662 |
Business Segments_ (Tables)
Business Segments: (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of reporting segments information | The tables below set forth information relating to GSWC’s operating segments, ASUS and its subsidiaries and other matters. Total assets by segment are not presented below, as certain of Registrant’s assets are not tracked by segment. The utility plant amounts are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash, excluding U.S. government- and third-party contractor-funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC. As Of And For The Three Months Ended June 30, 2020 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 87,074 $ 7,679 $ 26,525 $ — $ 121,278 Operating income (loss) 28,662 1,513 5,543 (2 ) 35,716 Interest expense, net 4,857 139 (220 ) 56 4,832 Utility plant 1,353,671 80,343 22,384 — 1,456,398 Depreciation and amortization expense (1) 7,601 608 822 — 9,031 Income tax expense (benefit) 6,970 339 1,301 (329 ) 8,281 Capital additions 22,076 5,500 1,467 — 29,043 As Of And For The Three Months Ended June 30, 2019 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 88,140 $ 7,408 $ 29,099 $ — $ 124,647 Operating income (loss) 33,259 778 5,395 (2 ) 39,430 Interest expense, net 5,112 346 (219 ) 167 5,406 Utility plant 1,273,962 63,462 18,239 — 1,355,663 Depreciation and amortization expense (1) 5,405 601 649 — 6,655 Income tax expense (benefit) 6,812 14 1,300 (295 ) 7,831 Capital additions 36,293 1,254 3,046 — 40,593 As Of And For The Six Months Ended June 30, 2020 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 158,498 $ 18,647 $ 53,210 $ — $ 230,355 Operating income (loss) 47,267 5,000 9,152 (4 ) 61,415 Interest expense, net 9,990 465 (297 ) 166 10,324 Utility plant 1,353,671 80,343 22,384 — 1,456,398 Depreciation and amortization expense (1) 15,023 1,215 1,604 17,842 Income tax expense (benefit) 9,348 1,189 2,049 (404 ) 12,182 Capital additions 50,535 9,054 2,998 62,587 As Of And For The Six Months Ended June 30, 2019 GSWC AWR Consolidated (dollars in thousands) Water Electric ASUS Parent AWR Operating revenues $ 152,863 $ 18,037 $ 55,480 $ — $ 226,380 Operating income (loss) 46,525 2,839 10,265 (4 ) 59,625 Interest expense, net 10,349 699 (580 ) 313 10,781 Utility plant 1,273,962 63,462 18,239 — 1,355,663 Depreciation and amortization expense (1) 14,794 1,201 1,492 — 17,487 Income tax expense (benefit) 8,485 461 2,425 (230 ) 11,141 Capital additions 74,672 1,988 4,495 — 81,155 (1) Depreciation computed on GSWC’s transportation equipment is recorded in other operating expenses and totaled $83,000 and $96,000 for the three months ended June 30, 2020 and 2019 , respectively, and $165,000 and $154,000 for the six months ended June 30, 2020 and 2019 , respectively. |
Schedule of reconciliation of total utility plant (a key figure for rate-making) to total consolidated assets | The following table reconciles total utility plant (a key figure for ratemaking) to total consolidated assets (in thousands): June 30, 2020 2019 Total utility plant $ 1,456,398 $ 1,355,663 Other assets 241,570 211,620 Total consolidated assets $ 1,697,968 $ 1,567,283 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies: (Details) | Jul. 01, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)customerregistrant | Jun. 30, 2019USD ($) | Jul. 15, 2020USD ($) | Jul. 08, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Summary of significant accounting policies | |||||||||
Increase to provision | $ 673,000 | $ 1,066,000 | |||||||
Earnings reinvested in the business | 363,065,000 | 363,065,000 | $ 345,964,000 | ||||||
Operating lease right-of-use assets | $ 11,967,000 | $ 11,967,000 | 13,168,000 | ||||||
Nature of Operations: | |||||||||
Number of customers | customer | 1,000,000 | ||||||||
Number of States in which Entity Operates | 9 | 9 | |||||||
Basis of Presentation: | |||||||||
Number of registrants filing combined report | registrant | 2 | ||||||||
Related Party Transactions | |||||||||
Notes payable to bank | $ 200,000,000 | $ 200,000,000 | 200,000,000 | ||||||
Notes payable to banks | 49,000,000 | $ 49,000,000 | 5,000,000 | ||||||
Related Party Transaction, Terms and Manner of Settlement | P24M | ||||||||
Syndicated Credit Facility | |||||||||
Related Party Transactions | |||||||||
Maximum borrowing capacity on line of credit | 249,000,000 | $ 249,000,000 | |||||||
AWR | Syndicated Credit Facility | |||||||||
Related Party Transactions | |||||||||
Line of Credit Facility, Incremental Expansion of Borrowing Capacity | $ 35,000,000 | ||||||||
GOLDEN STATE WATER COMPANY | |||||||||
Summary of significant accounting policies | |||||||||
Increase to provision | 673,000 | 1,066,000 | |||||||
Earnings reinvested in the business | 266,973,000 | 266,973,000 | 257,434,000 | ||||||
Operating lease right-of-use assets | 11,720,000 | 11,720,000 | 12,745,000 | ||||||
Related Party Transactions | |||||||||
Payments to affiliate for corporate office administrative and general costs | 1,200,000 | $ 1,300,000 | 2,700,000 | $ 2,400,000 | |||||
Intercompany payable to Parent | $ 199,235,000 | $ 199,235,000 | $ 158,845,000 | ||||||
GOLDEN STATE WATER COMPANY | Water Service Utility Operations | |||||||||
Nature of Operations: | |||||||||
Number of customers | customer | 261,000 | ||||||||
GOLDEN STATE WATER COMPANY | Electric Service Utility Operations | |||||||||
Nature of Operations: | |||||||||
Number of customers | customer | 24,000 | ||||||||
ASUS | Contracted Services | |||||||||
Nature of Operations: | |||||||||
Period of fixed price contracts to operate and maintain water systems at various military bases | 50 years | ||||||||
Sales | GOLDEN STATE WATER COMPANY | Water Service Utility Operations | |||||||||
Nature of Operations: | |||||||||
Concentration Risk, Percentage | 90.00% | ||||||||
Sales | GOLDEN STATE WATER COMPANY | Electric Service Utility Operations | |||||||||
Nature of Operations: | |||||||||
Concentration Risk, Percentage | 90.00% | ||||||||
Minimum | AWR | Syndicated Credit Facility | |||||||||
Related Party Transactions | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 200,000,000 | ||||||||
Maximum | AWR | Syndicated Credit Facility | |||||||||
Related Party Transactions | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 260,000,000 | ||||||||
Subsequent Event [Member] | GOLDEN STATE WATER COMPANY | Private Placement Notes | |||||||||
Related Party Transactions | |||||||||
Debt Instrument, Face Amount | $ 160,000,000 | ||||||||
Subsequent Event [Member] | GOLDEN STATE WATER COMPANY | Note Payable 2.17 Percent Due 2030 | |||||||||
Related Party Transactions | |||||||||
Debt Instrument, Face Amount | $ 85,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.17% | ||||||||
Subsequent Event [Member] | GOLDEN STATE WATER COMPANY | Note Payables 2.9% Percent Due 2040 | |||||||||
Related Party Transactions | |||||||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | ||||||||
Subsequent Event [Member] | Bear Valley Electric Service | |||||||||
Related Party Transactions | |||||||||
Debt Instrument, Term | 3 years | ||||||||
Subsequent Event [Member] | Bear Valley Electric Service | Syndicated Credit Facility | |||||||||
Related Party Transactions | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000,000 | ||||||||
Line of Credit Facility, Incremental Expansion of Borrowing Capacity | $ 15,000,000 | ||||||||
Subsequent Event [Member] | Minimum | AWR | Syndicated Credit Facility | |||||||||
Related Party Transactions | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 200,000,000 |
Revenue from Contract with Cu_3
Revenue from Contract with Customers - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Sales | GOLDEN STATE WATER COMPANY | Electric Service Utility Operations | |
Disaggregation of Revenue [Line Items] | |
Concentration Risk, Percentage | 90.00% |
Revenue from Contract with Cu_4
Revenue from Contract with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
BRRAM under (over)-collection (alternative revenue program) | $ (7,679) | $ (7,408) | $ (18,647) | $ (18,037) |
Total operating revenues | 121,278 | 124,647 | 230,355 | 226,380 |
GOLDEN STATE WATER COMPANY | ||||
Disaggregation of Revenue [Line Items] | ||||
BRRAM under (over)-collection (alternative revenue program) | (7,679) | (7,408) | (18,647) | (18,037) |
Total operating revenues | 94,753 | 95,548 | 177,145 | 170,900 |
Water Service Utility Operations | GOLDEN STATE WATER COMPANY | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 78,717 | 78,100 | 149,200 | 138,425 |
Regulated Operating Revenue | 8,357 | 10,040 | 9,298 | 14,438 |
Total operating revenues | 87,074 | 88,140 | 158,498 | 152,863 |
Electric Service Utility Operations | GOLDEN STATE WATER COMPANY | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 7,562 | 7,741 | 17,852 | 19,061 |
BRRAM under (over)-collection (alternative revenue program) | (117) | (333) | (795) | (1,024) |
Total operating revenues | 7,679 | 7,408 | 18,647 | 18,037 |
Contracted Services | ASUS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 26,525 | 29,099 | 53,210 | 55,480 |
Tariff-based Revenues | Water Service Utility Operations | GOLDEN STATE WATER COMPANY | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 77,264 | 76,876 | 146,518 | 136,451 |
Tariff-based Revenues | Electric Service Utility Operations | GOLDEN STATE WATER COMPANY | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 7,384 | 7,698 | 17,416 | 18,964 |
Surcharges (Cost-recovery Activities) | Water Service Utility Operations | GOLDEN STATE WATER COMPANY | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 962 | 763 | 1,696 | 1,054 |
Surcharges (Cost-recovery Activities) | Electric Service Utility Operations | GOLDEN STATE WATER COMPANY | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 178 | 43 | 436 | 97 |
Other Products and Services | Water Service Utility Operations | GOLDEN STATE WATER COMPANY | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 491 | 461 | 986 | 920 |
Water | Contracted Services | ASUS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 13,472 | 14,620 | 28,173 | 27,975 |
Wastewater | Contracted Services | ASUS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | $ 13,053 | $ 14,479 | $ 25,037 | $ 27,505 |
Revenue from Contract with Cu_5
Revenue from Contract with Customers - Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unbilled receivable | $ 21,975 | $ 21,975 | $ 20,482 |
Contract with Customer, Liability, Revenue Recognized | 6,700 | 9,700 | |
Revenue, Remaining Performance Obligation, Amount | 3,200,000 | 3,200,000 | |
ASUS | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unbilled receivable | 10,399 | 10,399 | 10,467 |
Receivable from the U.S. government | 64,399 | 64,399 | 64,819 |
Contract assets | 20,458 | 20,458 | 15,631 |
Contract liabilities | $ 10,569 | $ 10,569 | $ 11,167 |
Maximum | ASUS | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | P48Y | ||
Minimum | ASUS | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | P34Y | ||
Contracted Services [Member] | ASUS | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases | 50 years |
Regulatory Matters_ (Details)
Regulatory Matters: (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020USD ($) | Mar. 31, 2020 | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Regulatory matters: | ||||||
Regulatory asset not accruing carrying costs | $ (42,800) | $ (42,800) | ||||
Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | ||||||
Regulatory matters: | ||||||
Increase (Decrease) in Other Regulatory Assets | 13,000 | |||||
Pension and other post-retirement obligations | ||||||
Regulatory matters: | ||||||
Regulatory asset not accruing carrying costs | (42,200) | (42,200) | ||||
GOLDEN STATE WATER COMPANY | ||||||
Regulatory matters: | ||||||
Regulatory assets | (6,036) | (6,036) | $ 2,450 | |||
GOLDEN STATE WATER COMPANY | Various refunds to customers | ||||||
Regulatory matters: | ||||||
Regulatory assets | 6,722 | 6,722 | 8,478 | |||
GOLDEN STATE WATER COMPANY | Catastrophic Event Memo Account (CEMA) [Member] | ||||||
Regulatory matters: | ||||||
Regulatory assets | $ (669) | $ (669) | ||||
GOLDEN STATE WATER COMPANY | Cost of Capital, Proceeding for Water Regions [Member] | ||||||
Regulatory matters: | ||||||
Return on Equity Percentage | 8.90% | 8.90% | ||||
Weighted Cost of Capital Percent | 7.91% | 7.91% | ||||
Extend filing term | 1 year | |||||
GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | ||||||
Regulatory matters: | ||||||
Amount billed to customers as surcharges | $ 3,800 | $ 832 | $ 6,100 | $ 3,600 | ||
Regulatory assets | (29,495) | (29,495) | (22,535) | |||
GOLDEN STATE WATER COMPANY | Costs deferred for future recovery on Aerojet case | ||||||
Regulatory matters: | ||||||
Regulatory assets | (7,745) | (7,745) | (8,292) | |||
GOLDEN STATE WATER COMPANY | Pension and other post-retirement obligations | ||||||
Regulatory matters: | ||||||
Regulatory assets | (40,850) | (40,850) | (40,693) | |||
GOLDEN STATE WATER COMPANY | Derivative [Member] | ||||||
Regulatory matters: | ||||||
Regulatory asset not accruing carrying costs | (3,800) | (3,800) | ||||
GOLDEN STATE WATER COMPANY | Derivative unrealized loss | ||||||
Regulatory matters: | ||||||
Regulatory assets | (3,827) | (3,827) | (3,171) | |||
GOLDEN STATE WATER COMPANY | General Rate Case Memorandum Accounts | ||||||
Regulatory matters: | ||||||
Regulatory assets | (2,035) | (2,035) | (4,820) | |||
GOLDEN STATE WATER COMPANY | Deferred Income Tax Charge | ||||||
Regulatory matters: | ||||||
Regulatory asset not accruing carrying costs | (79,200) | (79,200) | ||||
Regulatory assets | 79,158 | 79,158 | 79,886 | |||
GOLDEN STATE WATER COMPANY | Flow-through taxes, net | ||||||
Regulatory matters: | ||||||
Regulatory asset not accruing carrying costs | (11,800) | (11,800) | ||||
Regulatory assets | 11,788 | 11,788 | 12,439 | |||
GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism [Member] | ||||||
Regulatory matters: | ||||||
Regulatory assets | (15,700) | (15,700) | ||||
GOLDEN STATE WATER COMPANY | Other Regulatory Assets Net [Member] | ||||||
Regulatory matters: | ||||||
Regulatory assets | $ (19,752) | $ (19,752) | $ (18,842) | |||
Water Service Utility Operations [Member] | ||||||
Regulatory matters: | ||||||
Number of parties | 3 | 3 | ||||
Maximum [Member] | GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | ||||||
Regulatory matters: | ||||||
Regulatory Asset Recovery Periods | 24 months | |||||
Minimum [Member] | GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | ||||||
Regulatory matters: | ||||||
Regulatory Asset Recovery Periods | 12 months |
Regulatory Matters_ Alternative
Regulatory Matters: Alternative-Revenue Programs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | |||||
Regulatory matters: | |||||
Increase (decrease) in other regulatory assets | $ 13,000 | ||||
GOLDEN STATE WATER COMPANY | |||||
Regulatory matters: | |||||
Regulatory assets | $ 6,036 | $ 6,036 | $ (2,450) | ||
GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | |||||
Regulatory matters: | |||||
Commercial paper, term | 90 days | ||||
Amount billed to customers as surcharges | 3,800 | $ 832 | $ 6,100 | $ 3,600 | |
Regulatory assets | 29,495 | $ 29,495 | $ 22,535 | ||
GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | Minimum | |||||
Regulatory matters: | |||||
Regulatory Asset Recovery Periods | 12 months | ||||
GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism and Modified Cost Balancing Account | Maximum | |||||
Regulatory matters: | |||||
Regulatory Asset Recovery Periods | 24 months | ||||
GOLDEN STATE WATER COMPANY | Water Revenue Adjustment Mechanism [Member] | |||||
Regulatory matters: | |||||
Regulatory assets | 15,700 | $ 15,700 | |||
GOLDEN STATE WATER COMPANY | Modified Cost Balancing Account | |||||
Regulatory matters: | |||||
Regulatory assets | $ 13,800 | $ 13,800 |
Regulatory Matters_ CPUC Rehear
Regulatory Matters: CPUC Rehearing Matter and Procurement Audits (Details) - GOLDEN STATE WATER COMPANY - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Regulatory matters: | ||
Capital expenditure approved | $ 6,036 | $ (2,450) |
Various refunds to customers | ||
Regulatory matters: | ||
Capital expenditure approved | $ (6,722) | $ (8,478) |
Earnings per Share_Capital St_3
Earnings per Share/Capital Stock: (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||
Anti-dilutive stock options not included in the computation of diluted EPS (in shares) | 0 | 0 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,809 | $ 1,573 | ||||
Basic | ||||||
Net income | $ 25,612 | $ 14,072 | $ 26,784 | $ 12,852 | $ 39,684 | $ 39,636 |
Dividends Declared Per Common Share (in dollars per share) | $ 0.305 | $ 0.275 | $ 0.610 | $ 0.550 | ||
Weighted Average Dividends Common Stock | $ 11,250 | $ 10,119 | $ 22,492 | $ 20,232 | ||
Less: Distributed earnings to participating securities | 40 | 46 | 77 | 88 | ||
Undistributed earnings | 14,322 | 16,619 | 17,115 | 19,316 | ||
Undistributed earnings allocated to common shareholders | 14,271 | 16,543 | 17,057 | 19,232 | ||
Undistributed earnings allocated to participating securities | 51 | 76 | 58 | 84 | ||
Total income available to common shareholders, basic | $ 25,521 | $ 26,662 | $ 39,549 | $ 39,464 | ||
Weighted average Common Shares outstanding, basic (in shares) | 36,884,000 | 36,804,000 | 36,872,000 | 36,788,000 | ||
Basic earnings per Common Share (in dollars per share) | $ 0.69 | $ 0.72 | $ 1.07 | $ 1.07 | ||
Diluted | ||||||
Total income available to common shareholders, basic | $ 25,521 | $ 26,662 | $ 39,549 | $ 39,464 | ||
Undistributed earnings for dilutive stock-based awards | 51 | 75 | 58 | 84 | ||
Total common shareholders earnings, diluted | $ 25,572 | $ 26,737 | $ 39,607 | $ 39,548 | ||
Weighted average Common Shares outstanding, basic (in shares) | 36,884,000 | 36,804,000 | 36,872,000 | 36,788,000 | ||
Stock-based compensation (in shares) | 116,000 | 159,000 | 113,000 | 154,000 | ||
Weighted average common shares outstanding, diluted (in shares) | 37,000,000 | 36,963,000 | 36,985,000 | 36,942,000 | ||
Diluted earnings per Common Share (in dollars per share) | $ 0.69 | $ 0.72 | $ 1.07 | $ 1.07 |
Earnings per Share_Capital St_4
Earnings per Share/Capital Stock: (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Capital stock | ||||||
Net income | $ 25,612 | $ 14,072 | $ 26,784 | $ 12,852 | $ 39,684 | $ 39,636 |
Total income available to common shareholders, basic | $ 25,521 | $ 26,662 | $ 39,549 | $ 39,464 | ||
Additional disclosure | ||||||
Options outstanding (in shares) | 0 | 11,556 | 0 | 11,556 | ||
Anti-dilutive stock options not included in the computation of diluted EPS (in shares) | 0 | 0 | ||||
Common Shares issued under DRP and the 2000 and 2008 Employee Plans | 37,260 | 73,854 | ||||
Value of Common Shares issued under DRP and the 2000 and 2008 Employee Plans | $ 30 | $ 366 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | 1,809 | 1,573 | ||||
Weighted Average Dividends Common Stock | $ 11,250 | $ 10,119 | 22,492 | 20,232 | ||
Dividends paid | $ 22,492 | $ 20,232 | ||||
Dividends Declared Per Common Share (in dollars per share) | $ 0.305 | $ 0.275 | $ 0.610 | $ 0.550 | ||
Preferred Stock Dividends and Other Adjustments | $ 40 | $ 46 | $ 77 | $ 88 | ||
Undistributed Earnings, Basic | 14,322 | 16,619 | 17,115 | 19,316 | ||
Undistributed earnings allocated to common shareholders | 14,271 | 16,543 | 17,057 | 19,232 | ||
Undistributed earnings allocated to participating securities | $ 51 | $ 76 | $ 58 | $ 84 | ||
Weighted average Common Shares outstanding, basic (in shares) | 36,884,000 | 36,804,000 | 36,872,000 | 36,788,000 | ||
Basic earnings per Common Share (in dollars per share) | $ 0.69 | $ 0.72 | $ 1.07 | $ 1.07 | ||
Restricted Stock Units | ||||||
Additional disclosure | ||||||
Restricted stock units outstanding (in shares) | 133,863 | 170,372 | 133,863 | 170,372 | ||
GOLDEN STATE WATER COMPANY | ||||||
Capital stock | ||||||
Net income | $ 20,919 | $ 11,202 | $ 22,298 | $ 9,022 | $ 32,121 | $ 31,320 |
Additional disclosure | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 1,610 | 1,310 | ||||
Dividends paid | $ 11,300 | $ 10,100 | $ 22,500 | $ 20,200 |
Derivative Instruments (Details
Derivative Instruments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)MWh | Jun. 30, 2019USD ($) | |
Commodity Contract | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value at end of the period | $ 3,800 | $ 3,800 | |||
GOLDEN STATE WATER COMPANY | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Description of derivative activity volume | MWh | 562,253 | ||||
GOLDEN STATE WATER COMPANY | Commodity Contract | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value at beginning of the period | (4,280) | $ (336) | $ (3,171) | $ (311) | |
Unrealized gains (losses) on purchased power contracts | 453 | 69 | (656) | 44 | |
Fair value at end of the period | $ (3,827) | $ (3,171) | $ (267) | $ (3,827) | $ (267) |
GOLDEN STATE WATER COMPANY | Minimum | Commodity Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Term of derivative contract | 3 years | ||||
GOLDEN STATE WATER COMPANY | Maximum | Commodity Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Term of derivative contract | 5 years |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments: (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
GOLDEN STATE WATER COMPANY | Reported Value Measurement | ||
Fair value of financial instruments | ||
Long-term Debt, Fair Value | $ 284,489 | $ 284,699 |
GOLDEN STATE WATER COMPANY | Estimate of Fair Value Measurement | ||
Fair value of financial instruments | ||
Long-term Debt, Fair Value | 386,284 | $ 376,467 |
Mutual Funds | Fair Value, Inputs, Level 1 | ||
Financial liabilities: | ||
Long-term debt-GSWC | $ 21,600 |
Income Taxes_ (Details)
Income Taxes: (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
GOLDEN STATE WATER COMPANY | ||||
Effective income tax rate | ||||
ETRs (as a percent) | 25.90% | 23.40% | 24.70% | 22.20% |
Parent [Member] | ||||
Effective income tax rate | ||||
ETRs (as a percent) | 24.40% | 22.60% | 23.50% | 21.90% |
Employee Benefit Plans_ (Detail
Employee Benefit Plans: (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Components of Net Periodic Benefits Cost: | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | $ (6,995) | $ (13,932) | ||
GOLDEN STATE WATER COMPANY | ||||
Components of Net Periodic Benefits Cost: | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | (6,995) | (13,932) | ||
Pension Benefits | ||||
Components of Net Periodic Benefits Cost: | ||||
Service cost | $ 1,372 | $ 986 | 2,780 | 2,220 |
Interest cost | 1,986 | 2,133 | 3,940 | 4,264 |
Expected return on plan assets | (2,950) | (2,595) | (5,900) | (5,188) |
Amortization of prior service cost | 109 | 109 | 218 | 218 |
Amortization of actuarial (gain) loss | 526 | 351 | 968 | 710 |
Net periodic benefits costs under accounting standards | 1,043 | 984 | 2,006 | 2,224 |
Increase (Decrease) in Regulatory Assets and Liabilities | (148) | (342) | (241) | (342) |
Expected contributions in current fiscal year | 3,700 | 3,700 | ||
Defined Benefit Plan, Net Periodic Benefit Cost before Allocation to Overhead Pool | 895 | 642 | 1,765 | 1,882 |
Pension Benefits | GOLDEN STATE WATER COMPANY | ||||
Components of Net Periodic Benefits Cost: | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | (342) | (342) | ||
Regulatory adjustment — deferred | (1,400) | (1,400) | ||
Other Postretirement Benefits | ||||
Components of Net Periodic Benefits Cost: | ||||
Service cost | 47 | 53 | 94 | 106 |
Interest cost | 56 | 80 | 112 | 160 |
Expected return on plan assets | (127) | (112) | (254) | (224) |
Amortization of prior service cost | 0 | 0 | ||
Amortization of actuarial (gain) loss | (199) | (150) | (398) | (300) |
Net periodic benefits costs under accounting standards | (223) | (129) | (446) | (258) |
Increase (Decrease) in Regulatory Assets and Liabilities | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost before Allocation to Overhead Pool | (223) | (129) | (446) | (258) |
SERP | ||||
Components of Net Periodic Benefits Cost: | ||||
Service cost | 244 | 298 | 488 | 596 |
Interest cost | 247 | 267 | 494 | 534 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of actuarial (gain) loss | 211 | 118 | 422 | 236 |
Net periodic benefits costs under accounting standards | 702 | 683 | 1,404 | 1,366 |
Increase (Decrease) in Regulatory Assets and Liabilities | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost before Allocation to Overhead Pool | 702 | $ 683 | $ 1,404 | $ 1,366 |
Water Service Utility Operations [Member] | Pension Benefits | GOLDEN STATE WATER COMPANY | ||||
Components of Net Periodic Benefits Cost: | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 148 |
Contingencies (Details)
Contingencies (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Loss Contingencies [Line Items] | |
Amount spent in clean-up and remediation activities [Abstract] | $ 1.5 |
Term estimate for the environmental cleanup | 2 years |
Environmental Clean-Up and Remediation | GOLDEN STATE WATER COMPANY | |
Loss Contingencies [Line Items] | |
Environmental Remediation Expense | $ 6.3 |
Accrued liability for the estimated additional cost to complete the clean-up at the site | $ 1.3 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | |
Changes in allowance for doubtful accounts | |||
Balance at beginning of year | $ 1,145 | $ 916 | |
Increase to provision | 673 | 1,066 | |
Accounts written off, net of recoveries | (156) | (320) | |
Balance at end of year | 1,662 | 1,662 | |
Components of allowance for doubtful accounts | |||
Allowance for doubtful accounts related to accounts receivable-customer | $ 1,603 | ||
Allowance for doubtful accounts related to receivable from U.S. government | 0 | ||
Allowance for doubtful accounts related to other accounts receivable | 59 | ||
Total allowance for doubtful accounts | 1,662 | 1,662 | 1,662 |
GOLDEN STATE WATER COMPANY | |||
Changes in allowance for doubtful accounts | |||
Balance at beginning of year | 1,145 | 916 | |
Increase to provision | 673 | 1,066 | |
Accounts written off, net of recoveries | (156) | (320) | |
Balance at end of year | 1,662 | 1,662 | |
Components of allowance for doubtful accounts | |||
Allowance for doubtful accounts related to accounts receivable-customer | 1,603 | ||
Allowance for doubtful accounts related to receivable from U.S. government | 0 | ||
Allowance for doubtful accounts related to other accounts receivable | 59 | ||
Total allowance for doubtful accounts | $ 1,662 | $ 1,662 | $ 1,662 |
Business Segments_ (Details)
Business Segments: (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)segment | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Details of reportable segment | |||||
Total operating revenues | $ 121,278 | $ 124,647 | $ 230,355 | $ 226,380 | |
Operating income (loss) | 35,716 | 39,430 | 61,415 | 59,625 | |
Interest expense, net | 4,832 | 5,406 | 10,324 | 10,781 | |
Utility plant | 1,456,398 | 1,355,663 | 1,456,398 | 1,355,663 | $ 1,415,705 |
Depreciation and amortization expense | 9,031 | 6,655 | 17,842 | 17,487 | |
Income tax expense (benefit) | 8,281 | 7,831 | 12,182 | 11,141 | |
Capital additions | 29,043 | 40,593 | $ 62,587 | 81,155 | |
AWR | |||||
Details of reportable segment | |||||
Number of reportable segments | segment | 3 | ||||
GOLDEN STATE WATER COMPANY | |||||
Details of reportable segment | |||||
Public Utilities Property Plant and Equipment Depreciation on Transportation Equipment | 83 | 96 | $ 165 | 154 | |
Number of reportable segments | segment | 2 | ||||
Total operating revenues | 94,753 | 95,548 | $ 177,145 | 170,900 | |
Operating income (loss) | 30,175 | 34,037 | 52,267 | 49,364 | |
Utility plant | 1,434,014 | 1,434,014 | $ 1,394,742 | ||
Depreciation and amortization expense | 8,209 | 6,006 | 16,238 | 15,995 | |
Income tax expense (benefit) | 7,309 | 6,826 | 10,537 | 8,946 | |
GOLDEN STATE WATER COMPANY | Water Service Utility Operations | |||||
Details of reportable segment | |||||
Total operating revenues | 87,074 | 88,140 | 158,498 | 152,863 | |
GOLDEN STATE WATER COMPANY | Electric Service Utility Operations | |||||
Details of reportable segment | |||||
Total operating revenues | 7,679 | 7,408 | $ 18,647 | 18,037 | |
ASUS | Contracted Services | |||||
Details of reportable segment | |||||
Period of fixed price contracts to operate and maintain water systems at various military bases | 50 years | ||||
Reportable Legal Entities | GOLDEN STATE WATER COMPANY | Water Service Utility Operations | |||||
Details of reportable segment | |||||
Total operating revenues | 87,074 | 88,140 | $ 158,498 | 152,863 | |
Operating income (loss) | 28,662 | 33,259 | 47,267 | 46,525 | |
Interest expense, net | 4,857 | 5,112 | 9,990 | 10,349 | |
Utility plant | 1,353,671 | 1,273,962 | 1,353,671 | 1,273,962 | |
Depreciation and amortization expense | 7,601 | 5,405 | 15,023 | 14,794 | |
Income tax expense (benefit) | 6,970 | 6,812 | 9,348 | 8,485 | |
Capital additions | 22,076 | 36,293 | 50,535 | 74,672 | |
Reportable Legal Entities | GOLDEN STATE WATER COMPANY | Electric Service Utility Operations | |||||
Details of reportable segment | |||||
Total operating revenues | 7,679 | 7,408 | 18,647 | 18,037 | |
Operating income (loss) | 1,513 | 778 | 5,000 | 2,839 | |
Interest expense, net | 139 | 346 | 465 | 699 | |
Utility plant | 80,343 | 63,462 | 80,343 | 63,462 | |
Depreciation and amortization expense | 608 | 601 | 1,215 | 1,201 | |
Income tax expense (benefit) | 339 | 14 | 1,189 | 461 | |
Capital additions | 5,500 | 1,254 | 9,054 | 1,988 | |
Reportable Legal Entities | ASUS | Contracted Services | |||||
Details of reportable segment | |||||
Total operating revenues | 26,525 | 29,099 | 53,210 | 55,480 | |
Operating income (loss) | 5,543 | 5,395 | 9,152 | 10,265 | |
Interest expense, net | (220) | 219 | (297) | 580 | |
Utility plant | 22,384 | 18,239 | 22,384 | 18,239 | |
Depreciation and amortization expense | 822 | 649 | 1,604 | 1,492 | |
Income tax expense (benefit) | 1,301 | 1,300 | 2,049 | 2,425 | |
Capital additions | 1,467 | 3,046 | 2,998 | 4,495 | |
Intersegment Eliminations | AWR | |||||
Details of reportable segment | |||||
Total operating revenues | 0 | 0 | 0 | 0 | |
Operating income (loss) | (2) | (2) | (4) | (4) | |
Interest expense, net | 56 | (167) | 166 | (313) | |
Utility plant | 0 | 0 | 0 | 0 | |
Depreciation and amortization expense | 0 | 0 | 0 | ||
Income tax expense (benefit) | (329) | (295) | (404) | (230) | |
Capital additions | $ 0 | $ 0 | $ 0 |
Business Segments_ (Details 2)
Business Segments: (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Details of reportable segment | |||||
Total utility plant | $ 1,456,398 | $ 1,355,663 | $ 1,456,398 | $ 1,355,663 | $ 1,415,705 |
Other assets | 241,570 | 211,620 | 241,570 | 211,620 | |
Total Assets | 1,697,968 | 1,567,283 | 1,697,968 | 1,567,283 | 1,641,331 |
GOLDEN STATE WATER COMPANY | |||||
Details of reportable segment | |||||
Depreciation on transportation equipment | 83 | $ 96 | 165 | $ 154 | |
Total utility plant | 1,434,014 | 1,434,014 | 1,394,742 | ||
Total Assets | $ 1,567,168 | $ 1,567,168 | $ 1,522,454 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jul. 08, 2020 | Jul. 01, 2020 | Jul. 15, 2020 | Mar. 31, 2020 |
Golden State Water Company [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Bear Valley Electric Service | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Covenant Terms | 3 years | |||
Private Placement Notes | Golden State Water Company [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Face Amount | $ 160,000,000 | |||
Note Payables 2.9% Percent Due 2040 | Golden State Water Company [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Face Amount | $ 75,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | |||
Syndicated Credit Facility | Bear Valley Electric Service | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000,000 | |||
Line of Credit Facility, Incremental Expansion of Borrowing Capacity | $ 15,000,000 | |||
Note Payable 2.17 Percent Due 2030 | Golden State Water Company [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Face Amount | $ 85,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.17% | |||
Parent Company [Member] | Syndicated Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Incremental Expansion of Borrowing Capacity | $ 35,000,000 | |||
Minimum [Member] | Parent Company [Member] | Syndicated Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | 200,000,000 | |||
Minimum [Member] | Parent Company [Member] | Syndicated Credit Facility | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 200,000,000 | |||
Maximum [Member] | Golden State Water Company [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.6667 | |||
Ratio of Indebtedness to EBITDA | 8 | |||
Maximum [Member] | Parent Company [Member] | Syndicated Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 260,000,000 |