0001628280-23-017290 | 10-Q | XBRL Viewer

Regulatory Matters - Narrative (Details)	3 Months Ended		12 Months Ended		15 Months Ended
Regulatory Matters - Narrative (Details)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022	Mar. 31, 2023 USD ($)	Apr. 10, 2023 USD ($)
Regulatory matters:
Regulatory asset not accruing carrying costs	$ 77,600,000				$ 77,600,000
Net Regulatory assets	17,626,000		$ (25,454,000)		17,626,000
Regulatory asset amount billed to customers as surcharges	0
GSWC
Regulatory matters:
Net Regulatory assets	$ 9,249,000		(26,574,000)		$ 9,249,000
Number of unresolved issues for 2022-2024 water General Rate Case	3				3
Number of customer service areas for the consolidation	2				2
Public Utilities, Approved Return on Equity, Percentage					8.90%
Regulatory asset-CEMA	$ 3,500,000				$ 3,500,000
GSWC \| Cost of capital proceeding
Regulatory matters:
Revenue impact due to lower cost of debt	1,800,000	$ 1,400,000	1,100,000
BVES
Regulatory matters:
Regulatory Asset -incremental vegetation management costs	9,300,000				9,300,000
Regulatory asset-CEMA	500,000				500,000
Regulatory asset-Wildfire mitigation Plans ( WMP)	4,800,000				4,800,000
Regulatory asset CEMA - Storm	810,000				810,000
BVES \| Subsequent Event [Member]
Regulatory matters:
Regulatory asset-CEMA						$ 0
Excess deferred income taxes
Regulatory matters:
Regulatory asset not accruing carrying costs	75,200,000				75,200,000
Excess deferred income taxes \| GSWC
Regulatory matters:
Net Regulatory assets	(71,418,000)		(71,870,000)		(71,418,000)
Flowed-through income taxes \| GSWC
Regulatory matters:
Net Regulatory assets	447,000		(1,134,000)		447,000
Derivative instrument memorandum account (Note 5)
Regulatory matters:
Regulatory asset not accruing carrying costs	6,700,000				6,700,000
Derivative instrument memorandum account (Note 5) \| BVES
Regulatory matters:
Net Regulatory assets	(6,669,000)		(11,847,000)		(6,669,000)
Water revenue adjustment mechanism, net of the modified cost balancing account
Regulatory matters:
Increase (decrease) in other regulatory assets	$ 9,500,000		(9,800,000)
Regulatory asset recovery periods	24 months
Water revenue adjustment mechanism, net of the modified cost balancing account \| GSWC
Regulatory matters:
Net Regulatory assets	$ 29,069,000		31,803,000		29,069,000
Commercial paper, term	90 days
Pension Costs and Other Postretirement Benefit Costs
Regulatory matters:
Regulatory asset not accruing carrying costs	$ 2,300,000				2,300,000
Water Revenue Adjustment Mechanism
Regulatory matters:
Net Regulatory assets	28,900,000				28,900,000
Modified Cost Balancing Account
Regulatory matters:
Net Regulatory assets	189,000				189,000
Cost of capital proceeding
Regulatory matters:
Net Regulatory assets	9,300,000				9,300,000
2022/2023 general rate case memorandum accounts (unbilled revenue) \| GSWC
Regulatory matters:
Net Regulatory assets	$ 38,419,000		$ 0		$ 38,419,000
Cost of Capital, Proceeding for Water Regions [Member]
Regulatory matters:
Threshold percentage of Moody's average bond rate used adjusting return on equity and rate of return on rate base, Increase(Decrease)	0.0100
Adjust to return on equity	0.5
Cost of Capital, Proceeding for Water Regions [Member] \| GSWC
Regulatory matters:
Public Utilities, Approved Return on Equity, Percentage	8.85%
Term for the cost of capital proceeding	3 years
Triggers for the WCMA adjustment, Impact of 103 Basis Point Increase in Moody's Rate, Percent				0.0103

CONSOLIDATED STATEMENTS OF CHANGES IN COMMON SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Reinvested Earnings in the Business	GOLDEN STATE WATER COMPANY	GOLDEN STATE WATER COMPANY Common Shares	GOLDEN STATE WATER COMPANY Reinvested Earnings in the Business
Beginning Balance (in shares) at Dec. 31, 2021		36,936,000			170
Beginning balances at Dec. 31, 2021	$ 685,947	$ 258,442	$ 427,505	$ 615,686	$ 356,530	$ 259,156
Add:
Net income	$ 14,162		14,162	8,567		8,567
Exercise of stock options and other issuances of Common Shares (in shares)	19,348	20,000
Exercise of stock options and other issuances of Common Shares	$ 0	$ 0
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)	801	801		742	742
Dividend equivalent rights on stock-based awards not paid in cash	41	$ 41		39	$ 39
Deduct:
Dividends on Common Shares	13,485		13,485	13,500		13,500
Dividend equivalent rights on stock-based awards not paid in cash	41		41	39		39
Ending Balances (in shares) at Mar. 31, 2022		36,956,000			170
Ending balances at Mar. 31, 2022	687,425	$ 259,284	428,141	611,495	$ 357,311	254,184
Beginning Balance (in shares) at Dec. 31, 2022		36,962,000			170
Beginning balances at Dec. 31, 2022	709,549	$ 260,158	449,391	643,906	$ 358,123	285,783
Add:
Net income	$ 34,407		34,407	27,463		27,463
Exercise of stock options and other issuances of Common Shares (in shares)				$ 10,000	$ 10,000
Exercise of stock options and other issuances of Common Shares (in shares)	14,043	14,000		1	1
Exercise of stock options and other issuances of Common Shares	$ 0	$ 0
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)	1,587	1,587		$ 1,603	$ 1,603
Dividend equivalent rights on stock-based awards not paid in cash	47	$ 47		44	$ 44
Deduct:
Dividends on Common Shares	14,695		14,695	24,700		24,700
Dividend equivalent rights on stock-based awards not paid in cash	47		47	44		44
Ending Balances (in shares) at Mar. 31, 2023		36,976,000			171
Ending balances at Mar. 31, 2023	$ 730,848	$ 261,792	$ 469,056	$ 658,272	$ 369,770	$ 288,502

Fair Value of Financial Instruments: (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of estimates of the fair value of long-term debt

The table below estimates the fair value of long-term debt held by AWR and GSWC, respectively. The fair values as of March 31, 2023 and December 31, 2022 were determined using rates for similar financial instruments of the same duration utilizing Level 2 methods and assumptions. Changes in the assumptions will produce different results.


	March 31, 2023				December 31, 2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—AWR (1)	$	580,264	$	564,605	$	450,373	$	424,151

	March 31, 2023				December 31, 2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—GSWC (2)	$	545,264	$	530,671	$	415,373	$	391,198

__________________

(1) Excludes debt issuance costs of approximately $3.4 million as of March 31, 2023 and December 31, 2022.

(2) Excludes debt issuance costs of approximately $3.2 million as of March 31, 2023 and December 31, 2022.

Employee Benefit Plans: (Tables)

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 2022 were as follows:


	For The Three Months Ended March 31,
	Pension Benefits				Other Postretirement Benefits				SERP
(dollars in thousands)	2023		2022		2023		2022		2023		2022
Components of Net Periodic Benefits Cost:
Service cost	$	846	$	1,480	$	33	$	33	$	312	$	298
Interest cost	2,513		1,844		25		16		411		256
Expected return on plan assets	(2,623)		(3,292)		(120)		(147)		—		—
Amortization of prior service cost	108		109		—		—		—		—
Amortization of actuarial (gain) loss	—		—		(240)		(412)		(8)		145
Net periodic benefits costs under accounting standards	844		141		(302)		(510)		715		699
Regulatory adjustment - deferred cost	(92)		—		—		—		—		—
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	$	752	$	141	$	(302)	$	(510)	$	715	$	699

Earnings per Share/Capital Stock - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Capital stock
Options outstanding (in shares)	0	0
Exercise of stock options and other issuances of Common Shares (in shares)	14,043	19,348
Other financing activities	$ (883,000)	$ (1,188,000)
Dividends paid	$ 14,695,000	$ 13,485,000
Common Stock, Dividends, Per Share, Cash Paid	$ 0.3975	$ 0.365
Parent Company
Capital stock
Dividends paid	$ 14,700,000	$ 13,500,000
GSWC
Capital stock
Exercise of stock options and other issuances of Common Shares (in shares)	1
Other financing activities	$ (808,000)	(1,088,000)
Dividends paid	24,700,000	$ 13,500,000
Exercise of stock options and other issuances of Common Shares (in shares)	$ 10,000,000
Restricted Stock
Capital stock
Restricted stock units outstanding (in shares)	106,817	96,586

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Mutual Funds \| Fair Value, Inputs, Level 1
Fair value of financial instruments
Long-term debt-GSWC	$ 29.2	$ 27.5

Derivative Instruments - Schedule of Fair Value (Details) - Commodity Contract - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at end of the period	$ 6,700
BVES
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of the period	11,847	$ 4,441
Unrealized (losses) gains on purchased power contracts	(5,178)	2,579
Fair value at end of the period	$ 6,669	$ 7,020

Revenues - Narrative (Details) $ in Millions	3 Months Ended
Revenues - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 3,500.0
ASUS
Disaggregation of Revenue [Line Items]
Period of fixed price contracts to operate and maintain water systems at various military bases	50 years
ASUS \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	32 years
ASUS \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	45 years
Contracted services: \| ASUS
Disaggregation of Revenue [Line Items]
Period of fixed price contracts to operate and maintain water systems at various military bases	50 years
Electric: \| Golden State Water Company and Bear Valley Electric Service Inc. \| Sales \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	90.00%
Water:
Disaggregation of Revenue [Line Items]
Retroactive water revenues impact as a result of a proposed decision	$ 30.0
Water: \| GSWC \| Sales \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	90.00%

Regulatory Matters - Schedule of Regulatory Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	$ 17,626	$ (25,454)
GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	9,249	(26,574)
GSWC \| Other regulatory liabilities
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	(13,198)	(8,815)
BVES \| Other regulatory liabilities
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	(8,565)	(8,005)
2022/2023 general rate case memorandum accounts (unbilled revenue) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	38,419	0
Water revenue adjustment mechanism, net of the modified cost balancing account \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	29,069	31,803
COVID-19 memorandum account \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	3,540	3,478
Excess deferred income taxes \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	(71,418)	(71,870)
Flowed-through income taxes \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	447	(1,134)
Other regulatory assets \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	22,390	19,964
Other regulatory assets \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	9,480	7,965
Derivative instrument memorandum account (Note 5) \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	(6,669)	(11,847)
Wildfire mitigation and other fire prevention related costs memorandum accounts \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net Regulatory assets	$ 14,131	$ 13,007

Business Segments - Schedule of Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Details of reportable segment
Revenues	$ 161,423	$ 108,570
Operating Income (Loss)	51,165	24,365
Income tax expense	10,752	4,461
Interest Income (Expense), Nonoperating, Net	(7,617)	(5,323)
Total net property, plant and equipment	1,780,461	1,649,859	$ 1,753,766
Depreciation and amortization	11,203	10,114
Property, Plant and Equipment, Additions	49,337	35,170
AWR \| Intersegment Eliminations
Details of reportable segment
Revenues	0	0
Operating Income (Loss)	(1)	(2)
Income tax expense	(544)	(124)
Interest Income (Expense), Nonoperating, Net	(1,323)	(200)
Total net property, plant and equipment	0	0
Depreciation and amortization	0	0
Property, Plant and Equipment, Additions	0	0
GOLDEN STATE WATER COMPANY
Details of reportable segment
Revenues	112,712	73,906
Operating Income (Loss)	40,239	16,999
Income tax expense	8,910	2,689
Total net property, plant and equipment	1,638,031		1,616,718
Depreciation and amortization	9,606	8,545
GOLDEN STATE WATER COMPANY \| Water:
Details of reportable segment
Revenues	112,712	73,906
GOLDEN STATE WATER COMPANY \| Reportable Legal Entities \| Water:
Details of reportable segment
Revenues	112,712	73,906
Operating Income (Loss)	40,239	16,999
Income tax expense	8,910	2,689
Interest Income (Expense), Nonoperating, Net	(5,494)	(5,145)
Total net property, plant and equipment	1,638,031	1,523,665
Depreciation and amortization	9,606	8,545
Property, Plant and Equipment, Additions	42,005	31,465
BVES \| Electric:
Details of reportable segment
Revenues	12,904	11,892
BVES \| Reportable Legal Entities \| Electric:
Details of reportable segment
Revenues	12,904	11,892
Operating Income (Loss)	3,631	3,598
Income tax expense	701	952
Interest Income (Expense), Nonoperating, Net	(573)	(113)
Total net property, plant and equipment	125,093	107,114
Depreciation and amortization	748	654
Property, Plant and Equipment, Additions	6,652	3,468
ASUS \| Reportable Legal Entities \| Contracted services:
Details of reportable segment
Revenues	35,807	22,772
Operating Income (Loss)	7,296	3,770
Income tax expense	1,685	944
Interest Income (Expense), Nonoperating, Net	(227)	135
Total net property, plant and equipment	17,337	19,080
Depreciation and amortization	849	915
Property, Plant and Equipment, Additions	680	237
Golden State Water Company and Bear Valley Electric Service Inc.
Details of reportable segment
Public Utilities Property Plant and Equipment Depreciation on Transportation Equipment	$ 368	$ 94	$ 212

Employee Benefit Plans - Schedule of Net Periodic Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of Net Periodic Benefits Cost:
Regulatory adjustment - deferred cost	$ (35,863)	$ (5,713)
Pension Benefits
Components of Net Periodic Benefits Cost:
Service cost	846	1,480
Interest cost	2,513	1,844
Expected return on plan assets	(2,623)	(3,292)
Amortization of prior service cost	108	109
Amortization of actuarial (gain) loss	0	0
Net periodic benefits costs under accounting standards	844	141
Regulatory adjustment - deferred cost	(92)	0
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	752	141
Other Postretirement Benefits
Components of Net Periodic Benefits Cost:
Service cost	33	33
Interest cost	25	16
Expected return on plan assets	(120)	(147)
Amortization of prior service cost	0	0
Amortization of actuarial (gain) loss	(240)	(412)
Net periodic benefits costs under accounting standards	(302)	(510)
Regulatory adjustment - deferred cost	0	0
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	(302)	(510)
SERP
Components of Net Periodic Benefits Cost:
Service cost	312	298
Interest cost	411	256
Expected return on plan assets	0	0
Amortization of prior service cost	0	0
Amortization of actuarial (gain) loss	(8)	145
Net periodic benefits costs under accounting standards	715	699
Regulatory adjustment - deferred cost	0	0
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	$ 715	$ 699

Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2023

Regulated Operations [Abstract]

Schedule of regulatory assets, less regulatory liabilities in the consolidated balance sheets for continuing operations

Regulatory liabilities, less regulatory assets, included in the consolidated balance sheets are as follows:


(dollars in thousands)	March 31, 2023		December 31, 2022
GSWC
2022/2023 general rate case memorandum accounts (unbilled revenue)	$	38,419	$	—
Water revenue adjustment mechanism, net of the modified cost balancing account	29,069		31,803
COVID-19 memorandum account	3,540		3,478
Excess deferred income taxes	(71,418)		(71,870)
Flowed-through income taxes	447		(1,134)
Other regulatory assets	22,390		19,964
Other regulatory liabilities	(13,198)		(8,815)
Total GSWC	$	9,249	$	(26,574)
BVES
Derivative instrument memorandum account (Note 5)	(6,669)		(11,847)
Wildfire mitigation and other fire prevention related costs memorandum accounts	14,131		13,007
Other regulatory assets	9,480		7,965
Other regulatory liabilities	(8,565)		(8,005)
Total AWR	$	17,626	$	(25,454)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Regulated utility plant, at cost	$ 2,357,966	$ 2,321,712
Non-utility property, at cost	38,898	38,285
Total	2,396,864	2,359,997
Less - Accumulated depreciation	(616,403)	(606,231)
Net property, plant and equipment	1,780,461	1,753,766
Other Property and Investments
Goodwill	1,116	1,116
Other property and investments	38,408	36,907
Total other property and investments	39,524	38,023
Current Assets
Cash and cash equivalents	2,126	5,997
Accounts receivable - customers, less allowance for doubtful accounts	21,293	26,206
Unbilled receivable	22,444	20,663
Receivable from the U.S. government (Note 2)	41,091	34,974
Other accounts receivable, less allowance for doubtful accounts	3,391	4,215
Income taxes receivable	35	3,901
Materials and supplies, at weighted average cost	16,282	14,623
Regulatory assets — current	11,032	14,028
Prepayments and other current assets	11,690	5,450
Purchase power contract derivative at fair value (Note 5)	6,669	11,847
Contract assets (Note 2)	3,637	9,390
Total current assets	139,690	151,294
Other Assets
Unbilled revenue — receivable from the U.S. government (Note 2)	7,790	6,456
Receivable from the U.S. government (Note 2)	50,207	50,482
Contract assets (Note 2)	9,836	5,592
Operating lease right-of-use assets	8,990	9,535
Regulatory assets	10,474	5,694
Other	13,400	13,532
Total other assets	100,697	91,291
Total Assets	2,060,372	2,034,374
Capitalization
Common stock, value, issued	261,792	260,158
Retained earnings	469,056	449,391
Total common shareholders’ equity	730,848	709,549
Long-term debt	576,431	446,547
Total capitalization	1,307,279	1,156,096
Current Liabilities
Notes payable to banks	175,500	255,500
Long-term debt — current	404	399
Accounts payable	65,705	84,849
Income taxes payable	10,855	1,848
Accrued other taxes	14,257	16,257
Accrued employee expenses	17,390	13,996
Accrued interest	8,411	5,308
Regulatory liabilities	2,097	4,574
Contract liabilities (Note 2)	560	903
Operating lease liabilities	1,906	1,892
Other	10,605	10,996
Total current liabilities	307,690	396,522
Other Credits
Notes payable to banks	25,000	22,000
Advances for construction	64,097	64,351
Contributions in aid of construction - net	148,456	147,918
Deferred income taxes	148,138	149,677
Regulatory liabilities	1,783	40,602
Unamortized investment tax credits	1,064	1,082
Accrued pension and other postretirement benefits	34,796	33,636
Operating lease liabilities	7,559	8,090
Other	14,510	14,400
Total other credits	445,403	481,756
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities	$ 2,060,372	$ 2,034,374
Consolidated Balance Sheets (Parenthetical)
Common Stock, Par Value (in usd per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	60,000,000	60,000,000
Common Stock, Shares, Outstanding (in shares)	36,976,284	36,962,241
GSWC
Property, Plant and Equipment
Total	$ 2,177,606	$ 2,147,643
Less - Accumulated depreciation	(539,575)	(530,925)
Net property, plant and equipment	1,638,031	1,616,718
Other Property and Investments
Total other property and investments	36,159	34,655
Current Assets
Cash and cash equivalents	813	370
Accounts receivable - customers, less allowance for doubtful accounts	18,697	23,107
Unbilled receivable	13,399	15,006
Other accounts receivable, less allowance for doubtful accounts	2,316	2,721
Income taxes receivable	0	1,692
Materials and supplies, at weighted average cost	6,338	6,120
Intercompany receivable	0	621
Regulatory assets — current	11,032	14,028
Prepayments and other current assets	8,347	4,464
Total current assets	60,942	68,129
Other Assets
Operating lease right-of-use assets	8,703	9,208
Other	12,535	12,598
Total other assets	21,238	21,806
Total Assets	1,756,370	1,741,308
Capitalization
Common stock, value, issued	369,770	358,123
Retained earnings	288,502	285,783
Total common shareholders’ equity	658,272	643,906
Long-term debt	541,627	411,748
Total capitalization	1,199,899	1,055,654
Current Liabilities
Intercompany payable	428	0
Intercompany note payable	45,000	0
Long-term debt — current	404	399
Accounts payable	47,860	65,944
Income taxes payable	10,394	0
Accrued other taxes	12,248	14,501
Accrued employee expenses	13,841	11,233
Accrued interest	7,144	4,364
Operating lease liabilities	1,794	1,788
Other	9,754	10,152
Total current liabilities	148,867	108,381
Other Credits
Notes Payable, Related Parties, Noncurrent	0	129,000
Advances for construction	64,077	64,331
Contributions in aid of construction - net	148,456	147,918
Deferred income taxes	135,921	138,788
Regulatory liabilities	1,783	40,602
Unamortized investment tax credits	1,064	1,082
Accrued pension and other postretirement benefits	34,556	33,421
Operating lease liabilities	7,397	7,878
Other	14,350	14,253
Total other credits	407,604	577,273
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities	$ 1,756,370	$ 1,741,308
Consolidated Balance Sheets (Parenthetical)
Common Stock, Par Value (in usd per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	1,000	1,000
Common Stock, Shares, Outstanding (in shares)	171	170

Revenues - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Unbilled receivable	$ 22,444	$ 20,663
ASUS
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Unbilled receivable	15,167	10,125
Receivable from the U.S. government	91,298	85,456
Contract assets	13,473	14,982
Contract liabilities	$ 560	$ 903

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities:
Net income	$ 34,407,000	$ 14,162,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,572,000	10,208,000
Provision for doubtful accounts	458,000	258,000
Deferred income taxes and investment tax credits	(3,286,000)	1,552,000
Stock-based compensation expense	2,254,000	1,905,000
(Gain) loss on investments held in a trust	(1,630,000)	1,653,000
Other — net	(71,000)	83,000
Changes in assets and liabilities:
Accounts receivable — customers	4,455,000	7,627,000
Unbilled receivable	(3,115,000)	2,451,000
Other accounts receivable	824,000	3,467,000
Receivables from the U.S. government	(5,842,000)	4,589,000
Materials and supplies	(1,659,000)	220,000
Prepayments and other assets	(5,656,000)	(4,584,000)
Contract assets	1,509,000	(199,000)
Regulatory assets/liabilities	(35,863,000)	(5,713,000)
Accounts payable	(8,542,000)	341,000
Income taxes receivable/payable	12,873,000	(1,592,000)
Contract liabilities	(343,000)	(47,000)
Accrued pension and other postretirement benefits	1,020,000	71,000
Other liabilities	3,599,000	1,574,000
Net cash provided by	6,964,000	38,026,000
Cash Flows From Investing Activities:
Capital expenditures	(49,337,000)	(35,170,000)
Other investing activities	172,000	121,000
Net cash used in	(49,165,000)	(35,049,000)
Cash Flows From Financing Activities:
Receipt of advances for and contributions in aid of construction	2,064,000	1,795,000
Refunds on advances for construction	(712,000)	(833,000)
Repayments of long-term debt	(109,000)	(103,000)
Proceeds from the issuance of long-term debt, net of issuance costs	129,665,000	0
Net change in notes payable to banks	(77,000,000)	16,000,000
Dividends paid	(14,695,000)	(13,485,000)
Other financing activities	(883,000)	(1,188,000)
Net cash provided by	38,330,000	2,186,000
Net change in cash and cash equivalents	(3,871,000)	5,163,000
Cash and cash equivalents, beginning of period	5,997,000	4,963,000
Cash and cash equivalents, end of period	2,126,000	10,126,000
Non-cash transactions:
Accrued payables for investment in utility plant	29,746,000	34,101,000
Property installed by developers and conveyed	364,000	130,000
GOLDEN STATE WATER COMPANY
Cash Flows From Operating Activities:
Net income	27,463,000	8,567,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,947,000	8,610,000
Provision for doubtful accounts	420,000	222,000
Deferred income taxes and investment tax credits	(4,348,000)	1,305,000
Stock-based compensation expense	2,190,000	1,751,000
(Gain) loss on investments held in a trust	(1,630,000)	1,653,000
Other — net	(105,000)	84,000
Changes in assets and liabilities:
Accounts receivable — customers	3,990,000	7,499,000
Unbilled receivable	1,607,000	4,183,000
Other accounts receivable	405,000	1,944,000
Materials and supplies	(218,000)	797,000
Prepayments and other assets	(3,380,000)	(3,268,000)
Regulatory assets/liabilities	(34,059,000)	(5,135,000)
Accounts payable	(7,831,000)	2,886,000
Intercompany receivable/payable	1,077,000	428,000
Income taxes receivable/payable	12,086,000	(1,791,000)
Accrued pension and other postretirement benefits	1,004,000	36,000
Other liabilities	2,259,000	1,494,000
Net cash provided by	10,877,000	31,265,000
Cash Flows From Investing Activities:
Capital expenditures	(42,005,000)	(31,465,000)
Other investing activities	171,000	117,000
Net cash used in	(41,834,000)	(31,348,000)
Cash Flows From Financing Activities:
Proceeds from Issuance of Common Stock	10,000,000	0
Receipt of advances for and contributions in aid of construction	2,064,000	1,759,000
Refunds on advances for construction	(712,000)	(833,000)
Repayments of long-term debt	(109,000)	(103,000)
Proceeds from the issuance of long-term debt, net of issuance costs	129,665,000	0
Net change in intercompany borrowings	(84,000,000)	18,000,000
Dividends paid	(24,700,000)	(13,500,000)
Other financing activities	(808,000)	(1,088,000)
Net cash provided by	31,400,000	4,235,000
Net change in cash and cash equivalents	443,000	4,152,000
Cash and cash equivalents, beginning of period	370,000	525,000
Cash and cash equivalents, end of period	813,000	4,677,000
Non-cash transactions:
Accrued payables for investment in utility plant	28,363,000	32,439,000
Property installed by developers and conveyed	$ 364,000	$ 130,000

Earnings per Share/Capital Stock

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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 March 31,
(in thousands, except per share amounts)	2023		2022
Net income	$	34,407	$	14,162
Less: (a) Distributed earnings to common shareholders	14,695		13,485
Distributed earnings to participating securities	37		31
Undistributed earnings	19,675		646

(b) Undistributed earnings allocated to common shareholders	19,625		644
Undistributed earnings allocated to participating securities	50		2

Total income available to common shareholders, basic (a)+(b)	$	34,320	$	14,129

Weighted average Common Shares outstanding, basic	36,968		36,944

Basic earnings per Common Share	$	0.93	$	0.38

Diluted EPS is based upon the weighted average number of Common Shares, including both outstanding shares and shares potentially issuable in connection with restricted stock units granted under AWR’s stock incentive plans for employees and the non-employee directors stock plans, and net income. There were no options outstanding as of March 31, 2023 and 2022 under these plans. At March 31, 2023 and 2022, there were 106,817 and 96,586 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 March 31,
(in thousands, except per share amounts)	2023		2022
Common shareholders earnings, basic	$	34,320	$	14,129
Undistributed earnings for dilutive stock-based awards	50		2
Total common shareholders earnings, diluted	$	34,370	$	14,131

Weighted average common shares outstanding, basic	36,968		36,944
Stock-based compensation (1)	79		75
Weighted average common shares outstanding, diluted	37,047		37,019

Diluted earnings per Common Share	$	0.93	$	0.38

(1) All of the 106,817 and 96,586 restricted stock units at March 31, 2023 and 2022, respectively, were included in the calculation of diluted EPS for the three months ended March 31, 2023 and 2022.

During the three months ended March 31, 2023 and 2022, AWR issued 14,043 and 19,348 of common shares related to restricted stock units, respectively.

During the three months ended March 31, 2023 and 2022, AWR paid $883,000 and $1.2 million, respectively, to taxing authorities on employees’ behalf for shares withheld related to net share settlements. During the three months ended March 31, 2023 and 2022, GSWC paid $808,000 and $1.1 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 March 31, 2023, GSWC issued one Common Share to AWR for $10.0 million. Proceeds from the stock issuance were used to pay down a portion of intercompany borrowings owed to AWR.

During the three months ended March 31, 2023 and 2022, AWR paid quarterly dividends of approximately $14.7 million, or $0.3975 per share, and $13.5 million, or $0.365 per share, respectively. During the three months ended March 31, 2023 and 2022, GSWC paid dividends of $24.7 million and $13.5 million, respectively, to AWR during these periods.

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Increase (Decrease) in Regulatory Assets and Liabilities	$ 35,863	$ 5,713
GSWC
Defined Benefit Plan Disclosure [Line Items]
Increase (Decrease) in Regulatory Assets and Liabilities	34,059	5,135
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contributions in current fiscal year	3,000
Increase (Decrease) in Regulatory Assets and Liabilities	92	$ 0
Pension Benefits \| GSWC
Defined Benefit Plan Disclosure [Line Items]
Regulatory adjustment — deferred	(1,227)
Pension Benefits \| BVES
Defined Benefit Plan Disclosure [Line Items]
Regulatory adjustment — deferred	(574)
Pension Benefits \| Water: \| GSWC
Defined Benefit Plan Disclosure [Line Items]
Increase (Decrease) in Regulatory Assets and Liabilities	$ (92)

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 09, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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)		36,976,400
Entity Central Index Key	0001056903
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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)		171
Entity Central Index Key	0000092116
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

Business Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segments

AWR has three reportable segments: water, electric and contracted services. GSWC has one segment, water. On a stand-alone basis, AWR has no material assets or liabilities other than its equity investments in its subsidiaries, notes payable to bank, deferred taxes and intercompany note receivables with its subsidiaries.

All of GSWC’s and BVES’s business activities are conducted in California. Activities of ASUS and the Military Utility Privatization Subsidiaries are conducted in California, Florida, Georgia, Kansas, Maryland, New Mexico, North Carolina, South Carolina, Texas and Virginia. Some of ASUS’s wholly owned subsidiaries are regulated 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 AWR’s operating segments and AWR Parent. The utility plant balance are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS and property installed by developers and conveyed to GSWC and BVES.


	As Of And For The Three Months Ended March 31, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	112,712	$	12,904	$	35,807	$	—	$	161,423
Operating income (loss)	40,239		3,631		7,296		(1)		51,165
Interest expense, net	5,494		573		227		1,323		7,617
Net property, plant and equipment	1,638,031		125,093		17,337		—		1,780,461
Depreciation and amortization expense (1)	9,606		748		849		—		11,203
Income tax expense (benefit)	8,910		701		1,685		(544)		10,752
Capital additions	42,005		6,652		680		—		49,337


	As Of And For The Three Months Ended March 31, 2022
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	73,906	$	11,892	$	22,772	$	—	$	108,570
Operating income (loss)	16,999		3,598		3,770		(2)		24,365
Interest expense (income), net	5,145		113		(135)		200		5,323
Net property, plant and equipment	1,523,665		107,114		19,080		—		1,649,859
Depreciation and amortization expense (1)	8,545		654		915		—		10,114
Income tax expense (benefit)	2,689		952		944		(124)		4,461
Capital additions	31,465		3,468		237		—		35,170

(1) Depreciation computed on GSWC’s and BVES’s transportation equipment is recorded in other operation expenses and totaled $368,000 and $94,000 for the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023, approximately $212,000 of additional depreciation expense on GSWC's transportation equipment was recorded that relates to the cumulative retroactive impact for the full year of 2022 approved in the CPUC proposed decision that resulted from an increase to the transportation equipment composite depreciation rates that are retroactive to January 1, 2022.

The following table reconciles total net property, plant and equipment (a key figure for rate making) to total consolidated assets (in thousands):


	March 31,
	2023		2022
Total net property, plant and equipment	$	1,780,461	$	1,649,859
Other assets	279,911		264,073
Total consolidated assets	$	2,060,372	$	1,913,932

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies: (Policies)	3 Months Ended
Summary of Significant Accounting Policies: (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Nature of Operations and Basis of Accounting	Nature of Operations: American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”), Bear Valley Electric Service, Inc. (“BVES”), and American States Utility Services, Inc. (“ASUS”) (and its wholly owned subsidiaries: Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. (“ECUS”), and Fort Riley Utility Services, Inc. (“FRUS”)). The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries”. AWR, through its wholly owned subsidiaries, serves over one million people in nine states. GSWC and BVES are both California public utilities. GSWC is engaged in the purchase, production, distribution and sale of water throughout California serving approximately 263,400 customer connections. BVES distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,700 customer connections. The California Public Utilities Commission (“CPUC”) regulates GSWC’s and BVES’s businesses in matters including properties, rates, services, facilities, and transactions between GSWC, BVES, and 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 an initial 50-year firm fixed-price contracts with the U.S. government. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations, and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or the Military Utility Privatization Subsidiaries. Basis of Presentation: The consolidated financial statements and notes hereto 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. AWR owns all of the outstanding common shares of GSWC, BVES 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. 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, 2022 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 these 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, 2022 filed with the SEC.
Related Party and Intercompany Transactions	Related Party and Intercompany Transactions: As discussed below under Liquidity and Financing Plans, AWR currently borrows under a credit facility and provides funds to GSWC and ASUS in support of their operations. Furthermore, GSWC, BVES and ASUS provide and/ or receive various support service to and from their parent, AWR, and among themselves. GSWC also allocates certain corporate office administrative and general costs to its affiliates, BVES and ASUS, using allocation factors approved by the CPUC. During the three months ended March 31, 2023 and 2022, GSWC allocated corporate office administrative and general costs to BVES of approximately $1.3 million and $794,000, respectively. During the three months ended March 31, 2023 and 2022, GSWC allocated corporate office administrative and general costs to ASUS of approximately $1.5 million and $1.6 million, respectively.In January 2023, the Board of Directors approved the issuance of one GSWC Common Share to AWR for $10.0 million. GSWC used the proceeds from the issuance of equity to AWR and from the issuance of $130.0 million in unsecured long-term notes on January 13, 2023 to pay-off all intercompany borrowings from AWR. The CPUC requires GSWC to fully pay-off all intercompany borrowings it has from AWR within a 24-month period.
Liquidity and Financing Plans	Liquidity and Financing Plans: AWR borrows under a revolving credit facility with a current borrowing capacity of $280.0 million and provides funds to GSWC and ASUS in support of their operations through intercompany borrowing agreements on terms that are similar to that of the credit facility. The interest rate charged to GSWC and ASUS is comparable to the interest rate AWR pays under the credit facility. AWR's credit agreement was set to expire on May 23, 2023. On May 8, 2023, the credit facility was amended to extend the maturity date by two-months to provide adequate time to put in place a new credit agreement. The amendment extends the maturity date of the existing credit agreement to July 23, 2023 or an earlier date on which the credit agreement is either terminated or cancelled when superseded by a new agreement. All intercompany borrowing agreements will expire concurrent with the expiration of AWR’s credit facility. Therefore, the outstanding borrowings under the credit facility of $175.5 million as of March 31, 2023 have been classified as current liabilities on AWR’s Consolidated Balance Sheet, thus creating a negative working-capital condition for AWR of $168.0 million. Additionally, as of March 31, 2023, the $45.0 million of outstanding intercompany borrowings of GSWC from AWR have been classified as current liabilities on GSWC's Balance Sheet, also creating a negative working-capital condition for GSWC of $87.9 million. As of May 10, 2023, neither AWR nor GSWC have sufficient liquidity or capital resources to repay its credit facility or intercompany borrowings, respectively, without either extending its existing credit facility, entering into a new credit facility, or issuing new debt or equity. AWR is confident and believes it is probable that it will be able to execute a new credit facility agreement with the needed borrowing capacities required to repay its existing credit facility and to run its operations given Registrant's ability to generate consistent cash flows, its A+ credit ratings, and its history in obtaining revolving credit facilities to meet its working-capital needs, as well as its history of successfully raising debt as recently done with GSWC's issuance of $130.0 million in unsecured long-term notes on January 13, 2023. In addition, management is considering a separate credit facility for GSWC to support its standalone water utility operations. Alternatively, AWR may enter into a new intercompany borrowing agreement with GSWC. Accordingly, management has concluded that Registrant will be able to satisfy its obligations, including those under its current credit facility, for at least the next twelve months from the issuance date of these financial statements. However, Registrant’s ability to access the capital markets or to otherwise obtain sufficient financing may be affected by future conditions and, accordingly, no assurances can be made that Registrant will be successful in implementing its financing plans. BVES has a separate $35.0 million revolving credit facility without a parent guaranty that matures on July 1, 2024. As of March 31, 2023, there was $25.0 million outstanding borrowing under this credit facility. Under the terms of the credit agreement, BVES has the option to increase the facility by an additional $15.0 million, subject to lender approval. Interest rates under this facility are currently based on LIBOR. Effective July 1, 2023, all new borrowings under this credit agreement will be based on the Secured Overnight Financing Rate ("SOFR"). BVES does not believe the change from LIBOR to a new benchmark rate such as SOFR will have a material impact on its financing costs.
COVID-19 Impact	COVID-19 Impact: AWR and its subsidiaries continue to monitor the guidance provided by federal, state, and local health authorities and other government officials. On April 10, 2023, the Biden Administration terminated the COVID-19 national emergency. The COVID-19 emergency-related memorandum accounts for GSWC and BVES expired when the COVID-19 national emergency ended. Thus far, the COVID-19 pandemic has not had a material impact on ASUS's current operations. During the first quarter of 2023, GSWC and BVES continue to incur some incremental costs in excess of their revenue requirements due to the lingering effects of the pandemic that are being tracked in COVID-19-related memorandum accounts and recorded as regulatory assets (Note 3).

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 4,364	$ 4,387
Other accounts receivable, allowance for doubtful accounts	$ 53	$ 53
Common Stock, Shares Authorized (in shares)	60,000,000	60,000,000
Common Stock, Shares, Outstanding (in shares)	36,976,284	36,962,241
Common Stock, Par Value (in usd per share)	$ 0	$ 0
GOLDEN STATE WATER COMPANY
Accounts Receivable, Allowance for Credit Loss, Current	$ 4,111	$ 4,143
Other accounts receivable, allowance for doubtful accounts	$ 53	$ 53
Common Stock, Shares Authorized (in shares)	1,000	1,000
Common Stock, Shares, Outstanding (in shares)	171	170
Common Stock, Par Value (in usd per share)	$ 0	$ 0

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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 $29.2 million as of March 31, 2023 and $27.5 million as of December 31, 2022. 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.


	March 31, 2023				December 31, 2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—AWR (1)	$	580,264	$	564,605	$	450,373	$	424,151

	March 31, 2023				December 31, 2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—GSWC (2)	$	545,264	$	530,671	$	415,373	$	391,198

__________________

(1) Excludes debt issuance costs of approximately $3.4 million as of March 31, 2023 and December 31, 2022.

(2) Excludes debt issuance costs of approximately $3.2 million as of March 31, 2023 and December 31, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Environmental Clean-Up and Remediation at GSWC: GSWC has been involved in environmental remediation and cleanup at one of its plant sites 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 March 31, 2023, the total amount spent to clean up and remediate GSWC’s plant facility was approximately $6.2 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 March 31, 2023, 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 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. Contracted Services: ASUS’s utility privatization contract services are provided to the U.S. government pursuant to the terms of the initial 50-year firm, fixed-price contract and additional firm, fixed-price contracts subject to annual economic price adjustments. Entering into contracts with the U.S. government subjects ASUS to potential government audits or investigations of its business practices and compliance with government procurement statutes and regulations. ASUS is currently under a civil government investigation over bidding and estimating practices used in certain capital upgrade projects. ASUS is cooperating fully with the investigation and management does not currently believe that the investigation will have a material adverse effect on its consolidated results of operations, financial condition, or liquidity. However, at this time, management cannot predict the final outcome or recommendations that may result from the investigation or determine the amount, if any, of penalties and damages that may be assessed. 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. 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.

Income Taxes: (Details)	3 Months Ended
Income Taxes: (Details)	Mar. 31, 2023	Mar. 31, 2022
GSWC
Effective income tax rate
ETRs ( as a percent)	24.50%	23.90%
Parent
Effective income tax rate
ETRs ( as a percent)	23.80%	24.00%

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. (“BVES”), and American States Utility Services, Inc. (“ASUS”) (and its wholly owned subsidiaries: Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. (“ECUS”), and Fort Riley Utility Services, Inc. (“FRUS”)). The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries”. AWR, through its wholly owned subsidiaries, serves over one million people in nine states. GSWC and BVES are both California public utilities. GSWC is engaged in the purchase, production, distribution and sale of water throughout California serving approximately 263,400 customer connections. BVES distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,700 customer connections. The California Public Utilities Commission (“CPUC”) regulates GSWC’s and BVES’s businesses in matters including properties, rates, services, facilities, and transactions between GSWC, BVES, and 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 an initial 50-year firm fixed-price contracts with the U.S. government. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations, and additions to the contract value for new construction of facilities at the military bases. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or the Military Utility Privatization Subsidiaries. Basis of Presentation: The consolidated financial statements and notes hereto 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. AWR owns all of the outstanding common shares of GSWC, BVES 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. 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, 2022 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 these 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, 2022 filed with the SEC. Related Party and Intercompany Transactions: As discussed below under Liquidity and Financing Plans, AWR currently borrows under a credit facility and provides funds to GSWC and ASUS in support of their operations. Furthermore, GSWC, BVES and ASUS provide and/ or receive various support service to and from their parent, AWR, and among themselves. GSWC also allocates certain corporate office administrative and general costs to its affiliates, BVES and ASUS, using allocation factors approved by the CPUC. During the three months ended March 31, 2023 and 2022, GSWC allocated corporate office administrative and general costs to BVES of approximately $1.3 million and $794,000, respectively. During the three months ended March 31, 2023 and 2022, GSWC allocated corporate office administrative and general costs to ASUS of approximately $1.5 million and $1.6 million, respectively. In January 2023, the Board of Directors approved the issuance of one GSWC Common Share to AWR for $10.0 million. GSWC used the proceeds from the issuance of equity to AWR and from the issuance of $130.0 million in unsecured long-term notes on January 13, 2023 to pay-off all intercompany borrowings from AWR. The CPUC requires GSWC to fully pay-off all intercompany borrowings it has from AWR within a 24-month period. Liquidity and Financing Plans: AWR borrows under a revolving credit facility with a current borrowing capacity of $280.0 million and provides funds to GSWC and ASUS in support of their operations through intercompany borrowing agreements on terms that are similar to that of the credit facility. The interest rate charged to GSWC and ASUS is comparable to the interest rate AWR pays under the credit facility. AWR's credit agreement was set to expire on May 23, 2023. On May 8, 2023, the credit facility was amended to extend the maturity date by two-months to provide adequate time to put in place a new credit agreement. The amendment extends the maturity date of the existing credit agreement to July 23, 2023 or an earlier date on which the credit agreement is either terminated or cancelled when superseded by a new agreement. All intercompany borrowing agreements will expire concurrent with the expiration of AWR’s credit facility. Therefore, the outstanding borrowings under the credit facility of $175.5 million as of March 31, 2023 have been classified as current liabilities on AWR’s Consolidated Balance Sheet, thus creating a negative working-capital condition for AWR of $168.0 million. Additionally, as of March 31, 2023, the $45.0 million of outstanding intercompany borrowings of GSWC from AWR have been classified as current liabilities on GSWC's Balance Sheet, also creating a negative working-capital condition for GSWC of $87.9 million. As of May 10, 2023, neither AWR nor GSWC have sufficient liquidity or capital resources to repay its credit facility or intercompany borrowings, respectively, without either extending its existing credit facility, entering into a new credit facility, or issuing new debt or equity. AWR is confident and believes it is probable that it will be able to execute a new credit facility agreement with the needed borrowing capacities required to repay its existing credit facility and to run its operations given Registrant's ability to generate consistent cash flows, its A+ credit ratings, and its history in obtaining revolving credit facilities to meet its working-capital needs, as well as its history of successfully raising debt as recently done with GSWC's issuance of $130.0 million in unsecured long-term notes on January 13, 2023. In addition, management is considering a separate credit facility for GSWC to support its standalone water utility operations. Alternatively, AWR may enter into a new intercompany borrowing agreement with GSWC. Accordingly, management has concluded that Registrant will be able to satisfy its obligations, including those under its current credit facility, for at least the next twelve months from the issuance date of these financial statements. However, Registrant’s ability to access the capital markets or to otherwise obtain sufficient financing may be affected by future conditions and, accordingly, no assurances can be made that Registrant will be successful in implementing its financing plans. BVES has a separate $35.0 million revolving credit facility without a parent guaranty that matures on July 1, 2024. As of March 31, 2023, there was $25.0 million outstanding borrowing under this credit facility. Under the terms of the credit agreement, BVES has the option to increase the facility by an additional $15.0 million, subject to lender approval. Interest rates under this facility are currently based on LIBOR. Effective July 1, 2023, all new borrowings under this credit agreement will be based on the Secured Overnight Financing Rate ("SOFR"). BVES does not believe the change from LIBOR to a new benchmark rate such as SOFR will have a material impact on its financing costs. COVID-19 Impact: AWR and its subsidiaries continue to monitor the guidance provided by federal, state, and local health authorities and other government officials. On April 10, 2023, the Biden Administration terminated the COVID-19 national emergency. The COVID-19 emergency-related memorandum accounts for GSWC and BVES expired when the COVID-19 national emergency ended. Thus far, the COVID-19 pandemic has not had a material impact on ASUS's current operations. During the first quarter of 2023, GSWC and BVES continue to incur some incremental costs in excess of their revenue requirements due to the lingering effects of the pandemic that are being tracked in COVID-19-related memorandum accounts and recorded as regulatory assets (Note 3).

Business Segments - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
Business Segments - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) item segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
GSWC
Details of reportable segment
Number of reportable segments \| item	1
Golden State Water Company and Bear Valley Electric Service Inc.
Details of reportable segment
Public Utilities Property Plant and Equipment Depreciation on Transportation Equipment \| $	$ 368	$ 94	$ 212
Parent Company
Details of reportable segment
Number of reportable segments \| segment	3

Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

The components of net periodic benefit costs for Registrant’s pension plan, postretirement medical benefit plan and SERP for the three months ended March 31, 2023 and 2022 were as follows:


	For The Three Months Ended March 31,
	Pension Benefits				Other Postretirement Benefits				SERP
(dollars in thousands)	2023		2022		2023		2022		2023		2022
Components of Net Periodic Benefits Cost:
Service cost	$	846	$	1,480	$	33	$	33	$	312	$	298
Interest cost	2,513		1,844		25		16		411		256
Expected return on plan assets	(2,623)		(3,292)		(120)		(147)		—		—
Amortization of prior service cost	108		109		—		—		—		—
Amortization of actuarial (gain) loss	—		—		(240)		(412)		(8)		145
Net periodic benefits costs under accounting standards	844		141		(302)		(510)		715		699
Regulatory adjustment - deferred cost	(92)		—		—		—		—		—
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	$	752	$	141	$	(302)	$	(510)	$	715	$	699

In 2023, Registrant expects to contribute approximately $3.0 million to its pension plan.

As authorized by the CPUC in the water and electric general rate case decisions, GSWC and BVES each utilize two-way balancing accounts to track differences between the forecasted annual pension expenses in rates, or expected to be in rates, and the actual annual expense recorded in accordance with the accounting guidance for pension costs. GSWC’s actual pension expense was higher than the amounts included in water customer rates by $92,000 for the three months ended March 31, 2023. During the three months ended March 31, 2022, GSWC’s actual pension expense was lower than the amounts included in water customer rates. BVES’s actual expense was lower than the amounts included in electric customer rates for all periods presented. As of March 31, 2023, GSWC and BVES had net over-collections in their two-way pension balancing accounts of $1,227,000 and $574,000, respectively, included as part of regulatory assets and liabilities (Note 3).

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 161,423	$ 108,570
GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Total operating revenues	112,712	73,906
Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	101,595	73,565
Total operating revenues	112,712	73,906
Electric: \| BVES
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	13,212	12,579
Total operating revenues	12,904	11,892
Contracted services: \| ASUS
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	35,807	22,772
Tariff-based revenues \| Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	100,541	72,498
Tariff-based revenues \| Electric: \| BVES
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	13,063	12,552
Surcharges (cost-recovery activities) \| Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	317	549
Surcharges (cost-recovery activities) \| Electric: \| BVES
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	149	27
Other \| Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	737	518
WRAM under/(over) collection (alternative revenue program) \| Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Alternative revenue programs, net	11,117	341
WRAM under/(over) collection (alternative revenue program) \| Electric: \| BVES
Disaggregation of Revenue [Line Items]
Alternative revenue programs, net	(308)	(687)
Water \| Contracted services: \| ASUS
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	22,488	13,546
Wastewater \| Contracted services: \| ASUS
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 13,319	$ 9,226

Contingencies (Details) $ in Millions	3 Months Ended
Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($) item
ASUS
Loss Contingencies [Line Items]
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
Environmental Clean-Up and Remediation \| GOLDEN STATE WATER COMPANY
Loss Contingencies [Line Items]
Number of plant facilities \| item	1
Environmental Remediation Expense	$ 6.2
Amount spent in clean-up and remediation activities	1.5
Accrued liability for the estimated additional cost to complete the clean-up at the site	$ 1.3

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenues
Water	$ 112,712	$ 73,906
Electric	12,904	11,892
Contracted services	35,807	22,772
Total operating revenues	161,423	108,570
Operating Expenses
Water purchased	14,304	17,848
Power purchased for pumping	2,354	2,374
Groundwater production assessment	3,833	4,211
Power purchased for resale	4,986	5,166
Supply cost balancing accounts	11,566	(6,343)
Other operation	10,116	8,667
Administrative and general	23,547	22,972
Depreciation and amortization	11,203	10,114
Maintenance	3,150	3,140
Property and other taxes	6,295	5,853
ASUS construction	18,904	10,203
Total operating expenses	110,258	84,205
Operating Income	51,165	24,365
Other Income and Expenses
Interest expense	(9,481)	(5,606)
Interest income	1,864	283
Other, net	1,611	(419)
Total other income and expenses, net	(6,006)	(5,742)
Income before income tax expense	45,159	18,623
Income tax expense	10,752	4,461
Net Income	$ 34,407	$ 14,162
Basic Earnings Per Common Share
Weighted Average Number of Common Shares Outstanding (in shares)	36,968	36,944
Basic Earnings Per Common Share (in dollars per share)	$ 0.93	$ 0.38
Fully Diluted Earnings Per Share
Weighted Average Number of Diluted Shares (in shares)	37,047	37,019
Fully Diluted Earnings Per Common Share (in dollars per share)	$ 0.93	$ 0.38
Dividends Declared Per Common Share (in dollars per share)	$ 0.3975	$ 0.365
GOLDEN STATE WATER COMPANY
Operating Revenues
Water	$ 112,712	$ 73,906
Total operating revenues	112,712	73,906
Operating Expenses
Water purchased	14,304	17,848
Power purchased for pumping	2,354	2,374
Groundwater production assessment	3,833	4,211
Supply cost balancing accounts	12,625	(5,067)
Other operation	7,271	6,354
Administrative and general	15,381	15,596
Depreciation and amortization	9,606	8,545
Maintenance	1,960	2,156
Property and other taxes	5,139	4,890
Total operating expenses	72,473	56,907
Operating Income	40,239	16,999
Other Income and Expenses
Interest expense	(6,922)	(5,236)
Interest income	1,428	91
Other, net	1,628	(598)
Total other income and expenses, net	(3,866)	(5,743)
Income before income tax expense	36,373	11,256
Income tax expense	8,910	2,689
Net Income	$ 27,463	$ 8,567

Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of reporting segments information


	As Of And For The Three Months Ended March 31, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	112,712	$	12,904	$	35,807	$	—	$	161,423
Operating income (loss)	40,239		3,631		7,296		(1)		51,165
Interest expense, net	5,494		573		227		1,323		7,617
Net property, plant and equipment	1,638,031		125,093		17,337		—		1,780,461
Depreciation and amortization expense (1)	9,606		748		849		—		11,203
Income tax expense (benefit)	8,910		701		1,685		(544)		10,752
Capital additions	42,005		6,652		680		—		49,337


	As Of And For The Three Months Ended March 31, 2022
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	73,906	$	11,892	$	22,772	$	—	$	108,570
Operating income (loss)	16,999		3,598		3,770		(2)		24,365
Interest expense (income), net	5,145		113		(135)		200		5,323
Net property, plant and equipment	1,523,665		107,114		19,080		—		1,649,859
Depreciation and amortization expense (1)	8,545		654		915		—		10,114
Income tax expense (benefit)	2,689		952		944		(124)		4,461
Capital additions	31,465		3,468		237		—		35,170

Schedule of reconciliation of total utility plant (a key figure for rate-making) to total consolidated assets

The following table reconciles total net property, plant and equipment (a key figure for rate making) to total consolidated assets (in thousands):


	March 31,
	2023		2022
Total net property, plant and equipment	$	1,780,461	$	1,649,859
Other assets	279,911		264,073
Total consolidated assets	$	2,060,372	$	1,913,932

Derivative Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

BVES has purchased power under long-term contracts at a fixed cost over three- and five-year terms depending on the amount of power and period during which the power is purchased under the contracts. These long-term contracts are subject to the accounting guidance for derivatives and require mark-to-market derivative accounting.

Among other things, the CPUC authorized the use of a regulatory asset and liability memorandum account to offset the mark-to-market entries required by the accounting guidance. Accordingly, all unrealized gains and losses generated from 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 do not impact Registrant’s earnings. As of March 31, 2023, there was a $6.7 million derivative asset with a corresponding regulatory liability in the derivative instrument memorandum account for the purchased power contract as a result of fixed prices being lower than future energy prices. The notional volume of derivatives remaining under these long-term contracts as of March 31, 2023 was 184,979 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, BVES 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 months ended March 31, 2023 and 2022. The change in fair value was due to the change in market energy prices during the three months ended March 31, 2023 and 2022.


	For The Three Months Ended March 31,
(dollars in thousands)	2023		2022
Fair value at beginning of the period	$	11,847	$	4,441
Unrealized (losses) gains on purchased power contracts	(5,178)		2,579
Fair value at end of the period	$	6,669	$	7,020

Earnings per Share/Capital Stock (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating basic net income per share

The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding used for calculating basic net income per share:


Basic:	For The Three Months Ended March 31,
(in thousands, except per share amounts)	2023		2022
Net income	$	34,407	$	14,162
Less: (a) Distributed earnings to common shareholders	14,695		13,485
Distributed earnings to participating securities	37		31
Undistributed earnings	19,675		646

(b) Undistributed earnings allocated to common shareholders	19,625		644
Undistributed earnings allocated to participating securities	50		2

Total income available to common shareholders, basic (a)+(b)	$	34,320	$	14,129

Weighted average Common Shares outstanding, basic	36,968		36,944

Basic earnings per Common Share	$	0.93	$	0.38

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 March 31,
(in thousands, except per share amounts)	2023		2022
Common shareholders earnings, basic	$	34,320	$	14,129
Undistributed earnings for dilutive stock-based awards	50		2
Total common shareholders earnings, diluted	$	34,370	$	14,131

Weighted average common shares outstanding, basic	36,968		36,944
Stock-based compensation (1)	79		75
Weighted average common shares outstanding, diluted	37,047		37,019

Diluted earnings per Common Share	$	0.93	$	0.38

(1) All of the 106,817 and 96,586 restricted stock units at March 31, 2023 and 2022, respectively, were included in the calculation of diluted EPS for the three months ended March 31, 2023 and 2022.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesAWR’s effective income tax rate (“ETR”) was 23.8% and 24.0% for the three months ended March 31, 2023 and 2022, respectively. GSWC’s ETR was 24.5% and 23.9% for the three months ended March 31, 2023 and 2022, respectively.The AWR and GSWC ETRs differed from the federal corporate statutory tax rate of 21% primarily due to (i) state taxes; (ii) permanent differences, including certain tax effects from stock compensation; (iii) the ongoing amortization of the excess deferred income tax liability; and (iv) differences between book and taxable income that are treated as flowed-through adjustments in accordance with regulatory requirements (principally from plant, rate-case, and compensation-related items). As a regulated utility, GSWC treats certain temporary differences as being flowed-through in computing its income tax expense consistent with the income tax method used in its CPUC-jurisdiction rate making. Flowed-through items either increase or decrease tax expense and thus impact the ETR.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Derivative Instruments - Narrative (Details) $ in Thousands	3 Months Ended
Derivative Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) MWh	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
BVES
Derivative Instruments, Gain (Loss) [Line Items]
Description of derivative activity volume \| MWh	184,979
Commodity Contract
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ 6,700
Commodity Contract \| BVES
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ 6,669	$ 11,847	$ 7,020	$ 4,441
Minimum \| Commodity Contract \| BVES
Derivative Instruments, Gain (Loss) [Line Items]
Term of derivative contract	3 years
Maximum \| Commodity Contract \| BVES
Derivative Instruments, Gain (Loss) [Line Items]
Term of derivative contract	5 years

Revenues

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Most of Registrant’s revenues are derived from contracts with customers, including tariff-based revenues from its regulated utilities at GSWC and BVES. ASUS’s initial 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 the Registrant’s balance sheets.

Although GSWC and BVES have a diversified customer 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. Most of ASUS’s revenues are derived from contracts with the U.S. government. For the three months ended March 31, 2023 and 2022, disaggregated revenues from contracts with customers by segment were as follows:


	Three Months Ended March 31,
(dollars in thousands)	2023		2022
Water:
Tariff-based revenues	$	100,541	$	72,498
Surcharges (cost-recovery activities)	317		549
Other	737		518
Water revenues from contracts with customers	101,595		73,565
WRAM under/(over) collection (alternative revenue program)	11,117		341
Total water revenues (1)	112,712		73,906

Electric:
Tariff-based revenues	13,063		12,552
Surcharges (cost-recovery activities)	149		27
Electric revenues from contracts with customers	13,212		12,579
BRRAM under/(over) collection (alternative revenue program)	(308)		(687)
Total electric revenues	12,904		11,892

Contracted services:
Water	22,488		13,546
Wastewater	13,319		9,226
Contracted services revenues from contracts with customers	35,807		22,772

Total AWR revenues	$	161,423	$	108,570

(1) Water revenues for the three months ended March 31, 2023 includes approximately $30 million, which represents the impact of the retroactive new rates for the full year of 2022 as a result of a proposed decision issued by the CPUC in April 2023 on GSWC’s general rate case (Note 3).

The opening and closing balances of unbilled receivables, receivable from the U.S. government, contract assets and contract liabilities from contracts with customers, which are related entirely to ASUS, were as follows:


(dollars in thousands)	March 31, 2023		December 31, 2022
Unbilled receivables	$	15,167	$	10,125
Receivable from the U.S. government	$	91,298	$	85,456
Contract assets	$	13,473	$	14,982
Contract liabilities	$	560	$	903

Unbilled receivables and Receivable from the U.S. government represent receivables where the right to payment is conditional only by the passage of time.

Contract Assets - Contract assets are assets 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 liabilities of ASUS and consist of billings in excess of revenue recognized. The classification of this liability as current or noncurrent is based on the timing of when ASUS expects to recognize revenue.

Revenues for the three months ended March 31, 2023, which were included in contract liabilities at the beginning of the period were not material. Contracted services revenues recognized during the three months ended March 31, 2023 from performance obligations satisfied in previous periods were not material.

As of March 31, 2023, AWR’s aggregate remaining performance obligations, which are entirely for the contracted services segment, were $3.5 billion. AWR expects to recognize revenue on these remaining performance obligations over the remaining term of each of the 50-year contracts, which range from 32 to 45 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Earnings per Share/Capital Stock - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic:
Net income	$ 34,407	$ 14,162
Less: Distributed earnings to common shareholders	14,695	13,485
Less: Distributed earnings to participating securities	37	31
Undistributed earnings	19,675	646
Undistributed earnings allocated to common shareholders	19,625	644
Undistributed earnings allocated to participating securities	50	2
Common shareholders earnings, basic	$ 34,320	$ 14,129
Weighted average Common Shares outstanding, basic (in shares)	36,968	36,944
Basic earnings per Common Share (in dollars per share)	$ 0.93	$ 0.38
Diluted:
Common shareholders earnings, basic	$ 34,320	$ 14,129
Undistributed earnings for dilutive stock-based awards	50	2
Total common shareholders earnings, diluted	$ 34,370	$ 14,131
Weighted average Common Shares outstanding, basic (in shares)	36,968	36,944
Stock-based compensation (in shares)	79	75
Weighted Average Number of Diluted Shares (in shares)	37,047	37,019
Diluted earnings per Common Share (in dollars per share)	$ 0.93	$ 0.38

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments


	For The Three Months Ended March 31,
(dollars in thousands)	2023		2022
Fair value at beginning of the period	$	11,847	$	4,441
Unrealized (losses) gains on purchased power contracts	(5,178)		2,579
Fair value at end of the period	$	6,669	$	7,020

Regulatory Matters

3 Months Ended

Mar. 31, 2023

Regulated Operations [Abstract]

Regulatory Matters

In accordance with accounting principles for rate-regulated enterprises, GSWC and BVES record regulatory assets, which represent probable future recovery of costs from customers through the rate making process, and regulatory liabilities, which represent probable future refunds that are to be credited to customers through the rate making process. At March 31, 2023, GSWC and BVES had approximately $77.6 million of regulatory liabilities, net of regulatory assets, not accruing carrying costs. Of this amount, (i) $75.2 million of regulatory liabilities are excess deferred income taxes arising from the lower federal income tax rate under the Tax Cuts and Jobs Act enacted in December 2017 that are being refunded to customers, (ii) $2.3 million of regulatory assets relates to the underfunded position in Registrant's pension and other retirement obligations (not including the two-way pension balancing accounts), and (iii) $6.7 million regulatory liability related to a memorandum account authorized by the CPUC to track unrealized gains and losses on BVES’s purchase power contracts over the term of the contracts. The remainder relates to other items that do not provide for or incur carrying costs including flowed-through deferred income taxes.

Regulatory assets represent costs incurred by GSWC and/or BVES for which they have received or expect to receive rate recovery in the future. In determining the probability of costs being recognized in other periods, GSWC and BVES 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 either GSWC’s or BVES’s assets are not recoverable in customer rates, the applicable utility must determine if it has suffered an asset impairment that requires it to write down the asset’s value. Regulatory assets are offset against regulatory liabilities within each rate making area. Amounts expected to be collected or refunded in the next twelve months have been classified as current assets and current liabilities by rate making area. Regulatory liabilities, less regulatory assets, included in the consolidated balance sheets are as follows:


(dollars in thousands)	March 31, 2023		December 31, 2022
GSWC
2022/2023 general rate case memorandum accounts (unbilled revenue)	$	38,419	$	—
Water revenue adjustment mechanism, net of the modified cost balancing account	29,069		31,803
COVID-19 memorandum account	3,540		3,478
Excess deferred income taxes	(71,418)		(71,870)
Flowed-through income taxes	447		(1,134)
Other regulatory assets	22,390		19,964
Other regulatory liabilities	(13,198)		(8,815)
Total GSWC	$	9,249	$	(26,574)
BVES
Derivative instrument memorandum account (Note 5)	(6,669)		(11,847)
Wildfire mitigation and other fire prevention related costs memorandum accounts	14,131		13,007
Other regulatory assets	9,480		7,965
Other regulatory liabilities	(8,565)		(8,005)
Total AWR	$	17,626	$	(25,454)

Regulatory matters are discussed in the consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2022 filed with the SEC. The discussion below focuses on significant matters and developments since December 31, 2022.

Pending Water General Rate Case and the 2022/2023 General Rate Case Memorandum Accounts:

In July 2020, GSWC filed a general rate case application for all of its water regions and its general office. This general rate case determines new water rates for the years 2022–2024. On April 13, 2023, GSWC received a proposed decision on this application from the assigned administrative law judge at the CPUC. Among other things, the proposed decision approves and adopts in its entirety the settlement agreement between GSWC and the Public Advocates Office at the CPUC (“Public Advocates”) that had been filed with the CPUC in November 2021, and resolves all issues related to the 2022 annual revenue requirement in the general rate case application and allows for additional increases in adopted revenues for 2023. The new rates

for 2022 and 2023 are effective and retroactive to January 1, 2022 and January 1, 2023, respectively. As a result of receiving a proposed decision that approves the settlement agreement in its entirety, the impact of retroactive rates for the full year of 2022 and the estimated second-year rate increases for the three months ended March 31, 2023 have been reflected in the 2023 first quarter results as it became probable that the approved retroactive rates for the full year of 2022 and the first three months of 2023 would be permitted to be billed to customers in the future. GSWC expects to receive a final decision during the second quarter of 2023.

Due to the delay in finalizing the water general rate case, water revenues billed to customers for the year ended December 31, 2022 and for the three months ended March 31, 2023 were based on 2021 adopted rates, pending a final decision by the CPUC. GSWC has been authorized to create general rate case memorandum accounts to track the revenue differences between the 2021 adopted rates and the new 2022 and 2023 rates authorized by the CPUC. As of March 31, 2023, there is an aggregate cumulative amount of $38.4 million in the general rate case memorandum accounts that relates to water revenues recorded during the three months ended March 31, 2023, and which represent the difference between the 2021 adopted rates billed to customers and the rates authorized in the proposed decision for the full year of 2022 and the estimated increases for the period ended March 31, 2023. Additional increases in adopted revenues for 2023 are subject to an earnings test and changes to the forecasted inflationary index values. The best estimate of 2023 rate increases have been computed at this time using inflationary index values as of March 31, 2023. Actual increases for 2023 will be determined when the filings to implement the new rate increases are approved by the CPUC, and will be calculated using the inflationary index values at that time. GSWC will file for the 2023 increases once the CPUC approves the final decision. Once a final decision is issued by the CPUC, GSWC will also request recovery through a surcharge of the cumulative amounts included in the general rate case memorandum accounts.

Furthermore, the proposed decision addressed the three remaining unresolved issues related to GSWC's requests for: (i) a medical insurance cost balancing account, (ii) a general liability insurance cost balancing account, and (iii) the consolidation of two of GSWC’s customer service areas. The proposed decision approved both balancing accounts and denied GSWC’s consolidation of its two customer service areas. The proposed decision also approved the recovery of previously incurred costs that were being tracked in other CPUC-authorized memorandum accounts. GSWC recorded the amounts tracked in the balancing and memorandum accounts that are being approved in the proposed decision, the net impact of which was not material to 2023 first quarter results.

Alternative-Revenue Programs:

GSWC currently records the difference between what it bills its water customers and what is authorized by the CPUC using the Water Revenue Adjustment Mechanism (“WRAM”) and the Modified Cost Balancing Account (“MCBA”) approved by the CPUC. The over- or under-collection of the WRAM is aggregated with the MCBA over- or under-collection for the corresponding rate making area and bears interest at the current 90-day commercial-paper rate.

During the three months ended March 31, 2023, GSWC recorded net under-collections in the WRAM/MCBA accounts of approximately $9.5 million due to lower-than-adopted water usage and to reflect the authorized 2023 amounts. In addition, GSWC recorded a net reduction of $9.8 million of under-collection during the first quarter of 2023 to reflect the cumulative full-year impact of 2022 based on authorized 2022 amounts for both WRAM/MCBA accounts as a result of receiving the proposed water general rate case decision. Surcharges for the 2022 WRAM/ MCBA balance is expected to be requested after the final CPUC-decision is received on GSWC's general rate case. Surcharges and surcredits have been implemented for all pre-2022 WRAM/MCBA balances. As of March 31, 2023, GSWC had an aggregated regulatory asset of $29.1 million, which is comprised of a $28.9 million under-collection in the WRAM accounts and a $189,000 under-collection in the MCBA accounts.

As required by the accounting guidance for alternative revenue programs, GSWC is required to collect its WRAM balances within 24 months following the year in which an under-collection is recorded. As of March 31, 2023, there were no material WRAM under-collections that were estimated to be collected over more than 24 months.

Cost of Capital Proceeding:

GSWC filed a cost of capital application in May 2021 currently pending CPUC approval. Hearings on this proceeding occurred in May 2022 and briefs were filed in June 2022. On May 9, 2023, GSWC received a proposed decision from the assigned administrative law judge at the CPUC on the cost of capital proceeding. Among other things, the proposed decision (i) adopts GSWC’s requested capital structure and cost of debt filed in the application; (ii) adopts a return on equity of 8.85% for GSWC as compared to 8.9% previously authorized; (iii) allows for the continuation of the Water Cost of Capital Mechanism (“WCCM”); and (iv) adopts the new cost of capital for the three-year period commencing January 1, 2022, through December 31, 2024. Comments on the proposed decision are due on May 30. In March 2023, the CPUC issued a decision that approved an extension of the statutory deadline for a final decision in the cost of capital proceeding to August 10, 2023.

Based on management’s analysis of this regulatory proceeding and the associated accounting to date, for the three months ended March 31, 2023 and 2022, GSWC reduced revenues by $1.8 million, and $1.4 million, respectively, and recorded a corresponding regulatory liability for revenues subject to refund based on its best estimate, which relates to the impact of GSWC’s lower cost of debt requested in its application and adopted in the proposed decision. Also, an additional reduction to revenues of $1.1 million was recorded during the first quarter of 2023 to reflect the incremental impact of revenues subject to refund from the new 2022 rates in the proposed water general rate case decision that results from the lower cost of debt in the

pending cost of capital proceeding. As of March 31, 2023, GSWC had an aggregated regulatory liability of $9.3 million for the estimated revenues subject to refund from the pending cost of capital proceeding. However, at this time, management cannot predict the ultimate outcome and any changes that may be made to the final decision in the cost of capital application, and the associated impact on 2022 and 2023 revenues. Changes in estimates will be made, if necessary, as more information in this proceeding becomes available.

Furthermore, the proposed decision continues the WCCM for the years 2023 and 2024, which adjusts the return on equity and rate of return on rate base between the three-year cost of capital proceedings only if there is a positive or negative change of more than 100 basis points in the average of the Moody’s Aa utility bond rate as measured over the period October 1 through September 30. If there is a positive or negative change of more than 100 basis points, the return on equity is adjusted by one half of the difference. For the period from October 1, 2021 through September 30, 2022, the Moody’s rate increased by 103 basis points from the benchmark, which triggers the WCCM adjustment. GSWC recognized revenues for the first quarter of 2023 and all of 2022 based on the previously authorized return of equity of 8.9% that is presently being billed to water customers pending a final decision in the cost of capital proceeding.

COVID-19 Emergency Memorandum Accounts:

The CPUC has authorized GSWC and BVES 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 pandemic in COVID-19 emergency-related memorandum accounts. During the first quarter of 2023, GSWC and BVES incurred some incremental costs in excess of their revenue requirements due to the lingering effects of the pandemic that are being tracked in COVID-19-related memorandum accounts and recorded as regulatory assets, which GSWC and BVES intend to file with the CPUC for future recovery. As of March 31, 2023, GSWC and BVES had approximately $3.5 million and $500,000, respectively, in regulatory asset accounts related to bad debt expense in excess of their revenue requirements, the purchase of personal protective equipment, additional incurred printing costs, and other incremental COVID-19-related costs. Emergency-related memorandum accounts are well-established cost recovery mechanisms authorized as a result of a state/federal declared emergency, and are therefore recognized as regulatory assets for future recovery. As a result, the amounts recorded in the COVID-19 emergency-related memorandum accounts have not impacted GSWC’s or BVES’s earnings. On April 10, 2023, the Biden Administration terminated the COVID-19 national emergency. The COVID-19 emergency-related memorandum accounts for GSWC and BVES expired when the COVID-19 national emergency ended and no additional amounts will be included in these memorandum accounts.

The CPUC requires that amounts tracked in GSWC’s and BVES’s COVID-19 memorandum accounts for unpaid customer bills be first offset by any (i) federal and state relief for water or electric utility bill debt, and (ii) customer payments through payment plan arrangements, prior to receiving recovery from customers at large. After these offsets are made, GSWC will file with the CPUC for recovery of the remaining balance. BVES intends to include the remaining balance in its COVID-19 memorandum account for recovery once all alternative sources of funding have been exhausted and credited to eligible customer accounts.

The CPUC’s moratoriums on service disconnections for nonpayment for water and electric customers have ended. As a result, service disconnections due to nonpayment from delinquent residential customers resumed in June 2022.

Other BVES Regulatory Assets:

Wildfire Mitigation and Other Fire Prevention Related Costs Memorandum Accounts

The CPUC adopted regulations intended to enhance the fire safety of overhead electric power lines. Those regulations included increased minimum clearances around electric power lines. BVES was authorized to track incremental costs incurred to implement the regulations in a fire hazard prevention memorandum account for the purpose of obtaining cost recovery in a future general rate case. In August 2019, the CPUC issued a final decision on the electric general rate case, which set new rates through the year 2022. Among other things, the decision authorized BVES to record incremental costs related to vegetation management, such as costs for increased minimum clearances around electric power lines, in the CPUC-approved memorandum account for future recovery. As of March 31, 2023, BVES had approximately $9.3 million in incremental vegetation management costs recorded as a regulatory asset, which has been included in the new general rate case application filed with the CPUC in August 2022 for future recovery. The incremental costs related to vegetation management included in the memorandum account will be subject to review during the general rate case proceeding.

California legislation enacted in September 2018 requires all investor-owned electric utilities to submit an annual wildfire mitigation plan (“WMP”) to the CPUC for approval. The WMP must include a utility’s plans on constructing, maintaining and operating its electrical lines and equipment to minimize the risk of catastrophic wildfire. In December 2022, the Office of Energy Infrastructure Safety under the California Natural Resources Agency approved BVES's 2022 WMP update. In February 2023, the CPUC ratified BVES’s current WMP. As of March 31, 2023, BVES has approximately $4.8 million related to expenses accumulated in its WMP memorandum accounts that have been recognized as regulatory assets for future recovery.

All capital expenditures and other costs incurred through March 31, 2023 as a result of BVES's WMPs are not currently in rates and have been filed for future recovery in BVES's general rate case application. These costs will be subject to review during BVES's general rate case proceeding.

2023 Winter Storm Other Regulatory Asset

BVES activated a catastrophic emergency memorandum account (“CEMA”) to track the incremental costs incurred in response to a severe winter storm that occurred during the first quarter of 2023, which resulted in the declaration of an emergency by the governor of California. Incremental costs of approximately $810,000 were incurred and included in the CEMA account, which has been recorded as a regulatory asset as of March 31, 2023 for future recovery. The incremental costs included in the CEMA account will be subject to review and approval by the CPUC. CEMA accounts are well-established cost recovery mechanisms authorized as a result of a state/federal declared emergency, and are therefore recognized as regulatory assets for future recovery. As a result, the amounts recorded in this CEMA account did not impact BVES’s earnings.

Other Regulatory Assets:

Other regulatory assets represent costs incurred by GSWC or BVES for which they have received or expect to receive rate recovery in the future. Registrant believes that these regulatory assets are supported by regulatory rules and decisions, past practices, and other facts or circumstances that indicate recovery is probable. If the CPUC determines that a portion of either GSWC’s or BVES’s assets are not recoverable in customer rates, the applicable entity must determine if it has suffered an asset impairment that requires it to write down the regulatory asset to the amount that is probable of recovery.

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

For the three months ended March 31, 2023 and 2022, disaggregated revenues from contracts with customers by segment were as follows:


	Three Months Ended March 31,
(dollars in thousands)	2023		2022
Water:
Tariff-based revenues	$	100,541	$	72,498
Surcharges (cost-recovery activities)	317		549
Other	737		518
Water revenues from contracts with customers	101,595		73,565
WRAM under/(over) collection (alternative revenue program)	11,117		341
Total water revenues (1)	112,712		73,906

Electric:
Tariff-based revenues	13,063		12,552
Surcharges (cost-recovery activities)	149		27
Electric revenues from contracts with customers	13,212		12,579
BRRAM under/(over) collection (alternative revenue program)	(308)		(687)
Total electric revenues	12,904		11,892

Contracted services:
Water	22,488		13,546
Wastewater	13,319		9,226
Contracted services revenues from contracts with customers	35,807		22,772

Total AWR revenues	$	161,423	$	108,570

Contract with Customer, Asset and Liability


(dollars in thousands)	March 31, 2023		December 31, 2022
Unbilled receivables	$	15,167	$	10,125
Receivable from the U.S. government	$	91,298	$	85,456
Contract assets	$	13,473	$	14,982
Contract liabilities	$	560	$	903

Fair Value of Financial Instruments - Schedule of Outstanding Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair value of financial instruments
Unamortized Debt Issuance Expense	$ 3,400	$ 3,400
Reported Value Measurement
Fair value of financial instruments
Long-term Debt, Fair Value	580,264	450,373
Estimate of Fair Value Measurement
Fair value of financial instruments
Long-term Debt, Fair Value	564,605	424,151
GOLDEN STATE WATER COMPANY
Fair value of financial instruments
Unamortized Debt Issuance Expense	3,200	3,200
GOLDEN STATE WATER COMPANY \| Reported Value Measurement
Fair value of financial instruments
Long-term Debt, Fair Value	545,264	415,373
GOLDEN STATE WATER COMPANY \| Estimate of Fair Value Measurement
Fair value of financial instruments
Long-term Debt, Fair Value	$ 530,671	$ 391,198

Summary of Significant Accounting Policies: (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) customer state registrant shares	Mar. 31, 2022 USD ($) shares	Jan. 13, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary of significant accounting policies
Number of customers \| customer	1,000,000
Number of States in which Entity Operates \| state	9
Number of registrants filing combined report \| registrant	2
Notes payable to banks	$ 175,500			$ 255,500
Exercise of stock options and other issuances of Common Shares (in shares) \| shares	14,043	19,348
Term Maturity Date Extension	2 months
Parent Company
Summary of significant accounting policies
Net working capital	$ (168,000)
Parent Company \| Syndicated Revolving Credit Facility
Summary of significant accounting policies
Notes payable to banks	$ 175,500
ASUS
Summary of significant accounting policies
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
Payments to affiliate for corporate office administrative and general costs	$ 1,500	$ 1,600
ASUS \| Contracted services:
Summary of significant accounting policies
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
BVES
Summary of significant accounting policies
Payments to affiliate for corporate office administrative and general costs	$ 1,300	$ 794
Maximum borrowing capacity on line of credit	35,000
Incremental expansion of borrowing capacity	15,000
Notes Payable	$ 25,000
BVES \| Electric:
Summary of significant accounting policies
Number of customers \| customer	24,700
GSWC
Summary of significant accounting policies
Intercompany payable	$ 428			0
Net working capital	(87,900)
Intercompany note payable	$ 45,000			$ 0
Exercise of stock options and other issuances of Common Shares (in shares) \| shares	1
Exercise of stock options and other issuances of Common Shares (in shares)	$ 10,000
Intercompany Borrowings Payment Term	24 months
GSWC \| Unsecured Private Placement Notes
Summary of significant accounting policies
Debt Instrument, Face Amount			$ 130,000
GSWC \| Water:
Summary of significant accounting policies
Number of customers \| customer	263,400
Maximum \| Parent Company \| Revolving Credit Facility
Summary of significant accounting policies
Line of Credit Facility, Current Borrowing Capacity	$ 280,000

Business Segments - Schedule of PPE (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Segment Reporting [Abstract]
Total net property, plant and equipment	$ 1,780,461	$ 1,753,766	$ 1,649,859
Other assets	279,911		264,073
Total Assets	$ 2,060,372	$ 2,034,374	$ 1,913,932

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details