0001628280-24-005922 | 10-K | XBRL Viewer

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Employee Benefit Plans - Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Union plan
Weighted-average assumptions used to determine net periodic cost:
Expected long-term return on plan assets	5.50%	5.50%	5.75%
Non-union plan
Weighted-average assumptions used to determine net periodic cost:
Expected long-term return on plan assets	3.90%	3.90%	4.00%
Pension Benefits
Components of Net Periodic Benefits Cost:
Service cost	$ 3,196	$ 5,644	$ 6,316
Interest cost	10,142	7,401	6,833
Expected return on plan assets	(10,483)	(13,166)	(12,541)
Amortization of prior service cost (credit)	434	434	434
Amortization of actuarial (gain) loss	0	0	3,817
Net periodic pension cost under accounting standards	3,289	313	4,859
Regulatory adjustment	(281)	0	(1,277)
Total expense recognized, before surcharges and allocation to overhead pool	$ 3,008	$ 313	$ 3,582
Weighted-average assumptions used to determine net periodic cost:
Discount rate	5.41%	2.89%	2.55%
Expected long-term return on plan assets	5.75%	5.75%	6.00%
Pension Benefits \| Minimum
Weighted-average assumptions used to determine net periodic cost:
Rate of compensation increase	2.50%	2.50%	2.50%
Pension Benefits \| Maximum
Weighted-average assumptions used to determine net periodic cost:
Rate of compensation increase	7.00%	7.00%	7.00%
Post-Retirement Medical Benefits
Components of Net Periodic Benefits Cost:
Service cost	$ 130	$ 129	$ 149
Interest cost	106	60	110
Expected return on plan assets	(477)	(587)	(537)
Amortization of prior service cost (credit)	0	0	0
Amortization of actuarial (gain) loss	(969)	(1,734)	(1,417)
Net periodic pension cost under accounting standards	(1,210)	(2,132)	(1,695)
Regulatory adjustment	0	0	0
Total expense recognized, before surcharges and allocation to overhead pool	$ (1,210)	$ (2,132)	$ (1,695)
Weighted-average assumptions used to determine net periodic cost:
Discount rate	5.34%	2.46%	2.20%

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 14,073	$ 5,997
Total current assets	205,978	151,294
Deferred taxes and other assets	18,758	13,532
Total Assets	2,246,122	2,034,374
Liabilities and Capitalization
Notes payable to bank	42,000	255,500
Income taxes payable	492	1,848
Other liabilities	11,506	10,996
Total current liabilities	166,623	396,522
Notes payable to bank	291,500	22,000
Total other credits	727,835	481,756
Common shareholder’s equity	776,109	709,549	$ 685,947	$ 641,673
Total capitalization	1,351,664	1,156,096
Total liabilities and capitalization	2,246,122	2,034,374
Parent Company
Assets
Cash and cash equivalents	3,547	93	$ 51	$ 441
Intercompany receivable	116	0
Income taxes receivable	39	20
Intercompany note receivables	39,044	159,582
Total current assets	42,746	159,695
Investments in subsidiaries	870,020	799,802
Deferred taxes and other assets	10,135	9,891
Total Assets	922,901	969,388
Liabilities and Capitalization
Notes payable to bank	0	255,500
Income taxes payable	2,422	2,158
Other liabilities	577	454
Total current liabilities	2,999	258,112
Notes payable to bank	141,500	0
Deferred taxes and other liabilities	2,293	1,727
Total other credits	143,793	1,727
Common shareholder’s equity	776,109	709,549
Total capitalization	776,109	709,549
Total liabilities and capitalization	$ 922,901	$ 969,388

Revenues Contract assets and Contract Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) unit	Dec. 31, 2022 USD ($)
Contract with Customer, Asset and Liability [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 4,000,000
American States Utility Services
Contract with Customer, Asset and Liability [Line Items]
Unbilled Contracts Receivable	9,693	$ 10,125
Government Contract Receivable	91,489	85,456
Contract assets	14,378	14,982
Contract liabilities	$ 1,352	$ 903
Minimum \| American States Utility Services
Contract with Customer, Asset and Liability [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	15 years
Maximum \| American States Utility Services
Contract with Customer, Asset and Liability [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	50 years
Contracted services: \| American States Utility Services
Contract with Customer, Asset and Liability [Line Items]
Number of the contracts with 15-year contracts with the U.S. government \| unit	1
Contracted services: \| Minimum \| American States Utility Services
Contract with Customer, Asset and Liability [Line Items]
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	15 years
Contracted services: \| Maximum
Contract with Customer, Asset and Liability [Line Items]
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
Contracted services: \| Maximum \| American States Utility Services
Contract with Customer, Asset and Liability [Line Items]
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years

Regulatory Matters

12 Months Ended

Dec. 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 ratemaking process, and regulatory liabilities, which represent probable future refunds that are to be credited to customers through the ratemaking process. At December 31, 2023, GSWC and BVES had approximately $68.4 million of regulatory liabilities, net of regulatory assets, not accruing carrying costs. Of this amount, (i) $74.0 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 (Note 11), (ii) $4.3 million of net regulatory assets relates to flowed-through deferred income taxes including the gross-up portion on the deferred tax resulting from the excess deferred income tax regulatory liability (Note 11), (iii) $3.8 million of regulatory liabilities relates to the underfunded position in Registrant’s pension and other post-retirement obligations (excluding the two-way pension balancing accounts), and (iv) $2.4 million of net regulatory asset relates to a memorandum account authorized by the CPUC to track unrealized gains and losses on BVES’s purchase power contracts over the terms of the contracts. The remainder relates to other items that do not provide for or incur carrying costs.

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 ratemaking area. Amounts expected to be collected or refunded in the next twelve months have been classified as current assets and current liabilities by ratemaking area. Regulatory assets, less regulatory liabilities, included in the consolidated balance sheets are as follows:


	December 31,
(dollars in thousands)	2023		2022
GSWC
2022/2023 general rate case memorandum accounts (unbilled revenue)	$	52,795	$	—
Water revenue adjustment mechanism, net of the modified cost balancing account	41,545		31,803
Asset retirement obligations (Note 1)	7,099		6,411
COVID-19 memorandum accounts	1,199		3,478
Flowed-through deferred income taxes, net (Note 11)	3,190		(1,134)
Low income rate assistance balancing accounts	5,763		2,526
Pensions and other post-retirement obligations (Note 12)	(4,867)		738
Other regulatory assets	9,462		10,289
Excess deferred income taxes (Note 11)	(70,189)		(71,870)
Other regulatory liabilities	(268)		(8,815)
Total GSWC	$	45,729	$	(26,574)
BVES
Derivative instrument memorandum account (Note 5)	2,360		(11,847)
Wildfire mitigation and other fire prevention related costs memorandum accounts	17,716		13,007
Electric supply cost adjustment mechanism	2,583		3,627
Other regulatory assets	7,697		4,338
Other regulatory liabilities	(6,578)		(8,005)
Total AWR	$	69,507	$	(25,454)

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

On June 29, 2023, the CPUC adopted a final decision in GSWC's general rate case application for all its water regions and its general office that determines new water rates for the years 2022–2024. Among other things, the final decision (i) adopted the full settlement agreement between GSWC and the Public Advocates Office at the CPUC (“Public Advocates”) that resolved all issues related to the 2022 annual revenue requirement in the general rate case application and made the 2022 rates retroactive to January 1, 2022, and (ii) allowed for additional increases in adopted revenues for 2023 and 2024 subject to an earnings test and inflationary index values at the time of filing for implementation of the new rates. As a result, the impact of retroactive rates for the full year of 2022 have been reflected in the results of operations for the year ended December 31, 2023. Upon receiving the final decision, GSWC filed for the implementation of new 2023 rate increases that went into effect on July 31, 2023. The new rates for 2023 were retroactive to January 1, 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 period from January 1, 2023 to July 30, 2023 were based on 2021 adopted rates. GSWC was 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 December 31, 2023, there is a net aggregate $52.8 million under-collection in the general rate case memorandum accounts that GSWC has recorded as regulatory assets for retroactive water revenues related to difference between the 2021 adopted rates billed to customers and the rates authorized in the final decision for the full year of 2022 and the 2023 second-year rate increases recorded from January 1 to July 30, 2023. In October 2023, surcharges were implemented by GSWC to recover the cumulative retroactive rate differences over 36 months.

Cost of Capital Proceeding:

On June 29, 2023, a final decision was adopted by the CPUC in the cost of capital proceeding that, among other things, (i) adopts GSWC’s requested capital structure of 57% equity and 43% debt; (ii) adopts a cost of debt of 5.1% for GSWC as compared to 6.6% previously authorized; (iii) adopts a return on equity of 8.85% for GSWC as compared to 8.9% previously authorized; (iv) allows for the continuation of the Water Cost of Capital Mechanism (“WCCM”) through December 31, 2024; and (v) adopts the new cost of capital for the three-year period commencing January 1, 2022 through December 31, 2024. Based on the Company’s assessment of the final decision issued in June, all adjustments to rates are to be prospective. GSWC filed an advice letter that implemented the new cost of capital effective July 31, 2023.

Following the receipt of the final decision adopted on June 29, 2023 in the cost of capital proceeding, management updated its analysis and reassessed the accounting estimates recorded to date related to GSWC’s lower cost of debt. Accordingly, GSWC recorded a change in its estimate that resulted in an increase to water revenues for the year ended December 31, 2023 in the amount of $6.4 million as a result of reversing its regulatory liability for revenues subject to refund that it had recorded during 2022.

The WCCM 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 based on the average of Moody’s Aa utility bond rate as measured over the period from 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, Moody’s Aa utility bond rate increased by 102.80 basis points from the benchmark, which triggered the WCCM adjustment. GSWC recognized revenues for the period from January 1 through July 30, 2023 and all of 2022 based on the previously authorized return of equity of 8.9% that had also been billed to water customers through the same period. On June 30, 2023, GSWC filed an advice letter to establish the WCCM for 2023, which increased GSWC’s 8.85% adopted return on equity in the decision to 9.36% effective July 31, 2023. Additionally, for the period from October 1, 2022 through September 30, 2023, the Moody's Aa utility bond rate increased by 139.70 basis points from the benchmark, which triggered another WCCM adjustment. On October 12, 2023, GSWC filed an advice letter to establish the WCCM for 2024, which has been approved by the CPUC. As a result of this approval, GSWC’s 9.36% adopted return on equity increased to 10.06% effective January 1, 2024.

Alternative-Revenue Programs:

GSWC records the difference between what it bills its water customers and that which is authorized by the CPUC using the Water Revenue Adjustment Mechanism (“WRAM”) and 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 ratemaking area and bears interest at the current 90-day commercial paper rate.

As of December 31, 2023, GSWC had an aggregated regulatory asset of $41.5 million, which is comprised of a $43.9 million under-collection in the WRAM accounts and a $2.4 million over-collection in the MCBA accounts. During 2023, GSWC recorded additional net under-collections in the WRAM/MCBA accounts of approximately $30.1 million related to the 2023 year that resulted largely from lower-than-adopted water usage as authorized in the general rate case decision. GSWC recorded a net reduction of $9.8 million of under-collections during the first quarter of 2023 to reflect the cumulative full-year impact of 2022 based on authorized 2022 amounts approved in the general rate case decision for both the WRAM and MCBA accounts. On July 27, 2023, the CPUC approved the recovery of all pre-2023 WRAM/MCBA balances. Accordingly, GSWC has implemented surcharges and surcredits to recover/refund all of its WRAM/MCBA balances accumulated as of December 31, 2022.

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

Pensions and Other Post-retirement Obligations:

A net regulatory liability and asset have been recorded at December 31, 2023 and 2022, respectively, for costs that would otherwise be charged to “other comprehensive income” within shareholders’ equity for the funded status of Registrant’s pension and other post-retirement benefit plans because the cost of these plans has historically been recovered through rates. As discussed in Note 12, as of December 31, 2023, Registrant’s overfunded position for these plans that have been recorded as regulatory liabilities totaled $3.8 million.

In addition, the CPUC has authorized GSWC and BVES to each use two-way balancing accounts to track differences between the forecasted annual pension expenses adopted in their respective customer rates and the actual annual expense to be recorded in accordance with the accounting guidance for pension costs. The two-way balancing accounts bear interest at the current 90-day commercial paper rate. As of December 31, 2023, GSWC has a $1.1 million over-collection related to the general office and water regions, and BVES has a $277,000 over-collection in its two-way balancing account.

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, the purchase of personal protective equipment, and other incremental COVID-19 related costs incurred as a result of the pandemic in COVID-19 emergency-related memorandum accounts, which GSWC and BVES both intend to file with the CPUC for future recovery of these costs.

In December 2023, GSWC filed an application with the SWRCB through the Extended Arrearage Program to obtain additional COVID relief funds to provide further assistance to its customers for their water debt accrued during the COVID-19 pandemic. GSWC has received confirmation from SWRCB that it is currently processing GSWC's application and expects to disburse approximately $3.5 million in additional COVID relief funds through this program. All funds to be received will be applied to customer eligible delinquent balances. As of December 31, 2023, GSWC has recorded a reduction to its bad debt-related amounts included in its COVID-19 memorandum account, with a corresponding reduction to its estimated customer bad debt reserves. As of December 31, 2023, GSWC and BVES had approximately $1.2 million and $500,000, respectively, in regulatory asset accounts related to the purchase of personal protective equipment, bad debt expense in excess of their revenue requirements, 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 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.

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. As of December 31, 2023, GSWC fully offset its bad debt-related CEMA balance as a result of additional COVID relief funds approved. In addition, BVES has filed to recover the remaining balance in its COVID-19 memorandum account through its general rate case application filed in August 2022.

Low Income Balancing Accounts:

This regulatory asset reflects the net balance of the incremental administration costs, not already reflected in authorized rates, the customers’ discounts issued and the revenues generated by the low-income surcharges for the Customer Assistance Program in GSWC’s water regions and the California Alternate Rates for Energy program for BVES. These low-income programs, which are mandated by the CPUC, currently provide a flat discount based on 20% of a typical customer bill for qualified low-income water customers and a 20% discount for qualified low-income electric customers. The low-income balancing accounts accrue interest at the prevailing 90-day commercial paper rate. As of December 31, 2023, there is an aggregate $5.7 million under-collection in the low-income balancing accounts. Surcharges have been implemented to recover the costs included in these balancing accounts.

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 a CPUC-approved memorandum account for potential future recovery. As of December 31, 2023, BVES has approximately $11.8 million in incremental vegetation management costs recorded as a regulatory asset. BVES has requested recovery of these costs in its 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 have a wildfire mitigation plan (“WMP”) approved by the Office of Energy Infrastructure Safety (“OEIS”) and ratified by the CPUC. 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 May 2023, BVES submitted its WMP covering the period from 2023 to 2025 to OEIS for approval prior to going to the CPUC for ratification. In the fourth quarter of 2023, OEIS issued a final decision of approval and the CPUC ratified BVES’s 2023-2025 WMP. As of December 31, 2023, BVES has approximately $5.9 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 December 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 the general rate case proceeding.

2023 Winter Storm Other Regulatory Asset

BVES activated a CEMA to track the incremental costs incurred in response to a severe winter storm that occurred during certain weeks of the first and second quarters of 2023. The governor of California declared a state of emergency for the storm. Incremental costs of approximately $1.3 million were incurred and included in the CEMA account, which has been recorded as a regulatory asset as of December 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 has not impacted BVES’s earnings.

Electric Supply Cost Adjustment Mechanism

Under the current electric supply cost adjustment mechanism approved by the CPUC, BVES tracks the difference between its adopted supply costs included in rates and actual supply costs, which consist largely of purchased power for resale under the existing long-term fixed price purchase power agreements. The under‑collections included in the electric supply cost balancing account are being recovered through surcharges. Annually, BVES files an advice letter with the CPUC to revise the surcharge that incorporates the under-collected balances through the previous calendar year's end if the balance meets the minimum balance filing threshold. During 2023, BVES recorded an additional under-collection of $1.9 million in the electric supply cost balancing account. In January 2024, BVES filed an advice letter to implement a revised surcharge to recover the cumulative balances as of December 31, 2023. The new surcharge was effective February 1, 2024.

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.

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Short-term Debt

Registrant’s borrowing activities (excluding letters of credit) for the years ended December 31, 2023 and 2022 were as follows:


	December 31,
(in thousands, except percent)	2023			2022
Balance Outstanding at December 31,	$	333,500		$	277,500
Interest Rate at December 31,	6.33% ~ 6.96%			5.07% ~ 5.89%
Average Amount Outstanding	$	243,355		$	226,556
Weighted Average Annual Interest Rate	6.11		%	2.55		%
Maximum Amount Outstanding	$	333,500		$	277,500

AWR (parent)'s borrowing activities (excluding letters of credit) for the years ended December 31, 2023 and 2022 were as follows:


	December 31,
(in thousands, except percent)	2023			2022
Balance Outstanding at December 31,	$	141,500		$	255,500
Interest Rate at December 31,	6.45		%	5.07		%
Average Amount Outstanding	$	156,533		$	213,758
Weighted Average Annual Interest Rate	5.92		%	2.56		%
Maximum Amount Outstanding	$	257,500		$	255,500

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed financial statements
Net cash provided (used)	$ 67,683	$ 117,799	$ 115,584
Cash Flows From Investing Activities:
Net cash provided (used)	(188,764)	(167,102)	(145,092)
Cash Flows From Financing Activities:
Dividends paid	(61,195)	(56,356)	(51,689)
Net cash provided (used)	129,157	50,337	(2,266)
Net change in cash and cash equivalents	8,076	1,034	(31,774)
Cash and cash equivalents, beginning of period	5,997
Cash and cash equivalents, end of year	14,073	5,997
Parent Company
Condensed financial statements
Net cash provided (used)	67,041	56,398	36,799
Cash Flows From Investing Activities:
Loans (made to)/repaid from, wholly-owned subsidiaries	121,000	(81,000)	(46,000)
Increase in investment of subsidiary	(10,000)	0	0
Net cash provided (used)	111,000	(81,000)	(46,000)
Cash Flows From Financing Activities:
Net borrowings on notes payable to banks	(113,392)	81,000	60,500
Proceeds from note payable to GSWC	0	0	(26,000)
Repayment of note payable to GSWC	0	0	26,000
Dividends paid	(61,195)	(56,356)	(51,689)
Net cash provided (used)	(174,587)	24,644	8,811
Net change in cash and cash equivalents	3,454	42	(390)
Cash and cash equivalents, beginning of period	93	51	441
Cash and cash equivalents, end of year	$ 3,547	$ 93	$ 51

Leases Lease- additional information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease liabilities	$ 1,856	$ 1,892
Operating lease liabilities	6,619	8,090
Operating lease right-of-use assets	$ 7,982	$ 9,535

Revenues (Details) $ in Thousands	12 Months Ended
Revenues (Details) $ in Thousands	Dec. 31, 2023 USD ($) unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Payment Terms	20 days
Cost of services	$ 57,912	$ 53,171	$ 56,909
Retroactive water revenues impact as a result of a proposed decision	30,000
GSWC
Disaggregation of Revenue [Line Items]
Revenue impact due to lower cost of debt	$ 6,400
Golden State Water Company and Bear Valley Electric Service, Inc.
Disaggregation of Revenue [Line Items]
Period within which Expected Additional Revenue Collection is Recorded Subject to Undercollection of Revenue	24 months
Contracted services: \| Maximum
Disaggregation of Revenue [Line Items]
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
Contracted services: \| American States Utility Services
Disaggregation of Revenue [Line Items]
Number of construction performance obligation \| unit	1
Contracted services: \| American States Utility Services \| Maximum
Disaggregation of Revenue [Line Items]
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
Contracted services: \| American States Utility Services \| Minimum
Disaggregation of Revenue [Line Items]
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	15 years
Sales \| Water: \| GSWC \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenues	90.00%
Sales \| Electric: \| BVES \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenues	90.00%
Franchisor \| Golden State Water Company and Bear Valley Electric Service, Inc.
Disaggregation of Revenue [Line Items]
Cost of services	$ 4,900	$ 4,000	$ 4,200

Stock-Based Compensation Plans 2 (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Additional disclosure
Vesting period	3 years
Unrecognized compensation cost	$ 272
Weighted Average Grant-Date Value
Capitalized equity-based compensation cost	$ 450	$ 290	$ 336
Maximum
Additional disclosure
Percentage of target amount of performance shares	200.00%
Minimum
Additional disclosure
Percentage of target amount of performance shares	0.00%
Weighted Average
Additional disclosure
Expected recognition period for unrecognized compensation cost	1 year 6 months
Restricted Stock Units
Additional disclosure
Unrecognized compensation cost related to performance awards	$ 622
Number of Restricted/Performance Share Units
Restricted share units at the beginning of the period (in shares)	47,552
Granted (in shares)	19,837
Vested (in shares)	(16,574)
Forfeited (in shares)	(488)
Restricted share units at the end of the period (in shares)	50,327	47,552
Weighted Average Grant-Date Value
Restricted share units at the beginning of the period (in dollars per share)	$ 49.01
Granted (in dollars per share)	94.71
Vested (in dollars per share)	87.28
Forfeited (in dollars per share)	92.84
Restricted share units at the end of the period (in dollars per share)	$ 54.00	$ 49.01
Performance awards
Additional disclosure
Vesting period	3 years
Period to meet the performance goals	3 years
Number of Restricted/Performance Share Units
Restricted share units at the beginning of the period (in shares)	49,435
Granted (in shares)	19,696
Performance criteria adjustment (in shares)	8,321
Vested (in shares)	(12,095)
Restricted share units at the end of the period (in shares)	65,357	49,435
Weighted Average Grant-Date Value
Restricted share units at the beginning of the period (in dollars per share)	$ 83.70
Granted (in dollars per share)	96.04
Performance criteria adjustment (in dollars per share)	91.73
Vested (in dollars per share)	89.59
Restricted share units at the end of the period (in dollars per share)	$ 87.35	$ 83.70
Performance awards \| 2000 and 2008 Employee Plans
Additional disclosure
Vesting period	3 years
GSWC
Weighted Average Grant-Date Value
Capitalized equity-based compensation cost	$ 450	$ 290	$ 336
American States Utility Services \| Maximum
Additional disclosure
Percentage of target amount of performance shares	250.00%

Business Segments 2 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Total utility plant	$ 1,892,280	$ 1,753,766	$ 1,626,004
Other assets	353,842	280,608
Total Assets	$ 2,246,122	$ 2,034,374

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
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-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Employee Benefit Plans - Narrative (Details) $ in Thousands	12 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) item participant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Initial health care cost for employees under age of 65 (as a percent)	5.90%
Ultimate health care cost for employees under age of 65 (as a percent)	4.00%
Initial Health care cost for employees of age 65 and over (as a percent)	6.30%
Ultimate health care cost for employees of age 65 and over (as a percent)	4.00%
Employer contribution to the plan	$ 2,900	$ 2,700	$ 2,700
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 2,200	$ 2,000	$ 1,900
Union plan
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	5.50%	5.50%	5.75%
Non-union plan
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	3.90%	3.90%	4.00%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Minimum age for eligibility under the Pension Plan \| item	21
Minimum period of service for eligibility under the Pension Plan	5 years
Normal retirement benefit (as a percent)	2.00%
Defined benefit plan number of highest consecutive years average earnings used in computing retirement benefit	5 years
Maximum number of years of credited service considered in determining retirement benefit	40 years
Number of participants in the Pension Plan \| participant	903
Eligibility for employer matching contributions, period of service	3 years
Discount rate	5.16%	5.41%
Regulatory adjustment - deferred	$ (281)	$ 0	$ (1,277)
Employer contributions	2,946	$ 3,089
Expected future employer's contribution	$ 3,300
Expected long-term return on plan assets	5.75%	5.75%	6.00%
Pension Benefits \| GSWC
Defined Benefit Plan Disclosure [Line Items]
Regulatory adjustment - deferred	$ (281)	$ (1,500)	$ 1,300
Pension Benefits \| BVES
Defined Benefit Plan Disclosure [Line Items]
Regulatory adjustment - deferred	$ (270)	$ (490)	(246)
Pension Benefits \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Percentage of participant's eligible pay contributed to the plan by the employer	3.00%
Pension Benefits \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Percentage of participant's eligible pay contributed to the plan by the employer	5.25%
Post-Retirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.04%	5.34%
Regulatory adjustment - deferred	$ 0	$ 0	$ 0
Employer contributions	$ 265	$ 263
Post-Retirement Medical Benefits \| Minimum \| Fixed income fund
Defined Benefit Plan Disclosure [Line Items]
Maturity period of investments	1 year
Post-Retirement Medical Benefits \| Maximum \| Fixed income fund
Defined Benefit Plan Disclosure [Line Items]
Maturity period of investments	20 years
SERP
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.15%	5.42%
Balance in Rabbi Trust	$ 34,100

Leases Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As of December 31, 2023, Registrant has right-of-use assets of $8.0 million, short-term operating lease liabilities of $1.9 million and long-term operating lease liabilities of $6.6 million. Currently, Registrant does not have any financing leases.

Significant assumptions and judgments made as part of the lease standard include determining (i) whether a contract contains a lease, (ii) whether a contract involves an identified asset, and (iii) which party to the contract directs the use of the asset. The discount rates used to calculate the present value of lease payments were determined based on hypothetical borrowing rates available to Registrant over terms similar to the lease terms.

Registrant’s leases consist of real estate and equipment leases, which are mostly GSWC’s. Most of Registrant’s leases require fixed lease payments. Some real estate leases have escalation payments which depend on an index. Variable lease costs were not material. Lease terms used to measure the lease liability include options to extend the lease if the option is reasonably certain to be exercised. Lease and non-lease components were combined to measure lease liabilities.

Registrant’s supplemental lease information for the year ended December 31, 2023 is as follows (in thousands, except for weighted average data):


	For The Year Ended December 31, 2023	For The Year Ended December 31, 2022

Operating lease costs	$2,486	$2,609
Short-term lease costs	$147	$198

Weighted average remaining lease term (in years)	4.55	5.27
Weighted-average discount rate	4.0%	3.9%

Non-cash transactions
Lease liabilities arising from obtaining right-of-use assets	$565	$1,569

For the years 2023, 2022 and 2021, Registrant’s consolidated rent expense was approximately $2.3 million, $2.6 million and $2.5 million, respectively. Registrant’s future minimum payments under long-term non-cancelable operating leases as of December 31, 2023 are as follows (in thousands):


2024	$	2,161
2025	2,066
2026	1,816
2027	1,556
2028	1,305
Thereafter	386
Total lease payments	9,290
Less: imputed interest	815
Total lease obligations	8,475
Less: current obligations	1,856
Long-term lease obligations	$	6,619

The consolidated operations of AWR and the operations of GSWC in regard to future minimum payments under long-term non-cancelable operating leases are not materially different.

Derivative Instruments (Details) - BVES $ in Thousands	12 Months Ended
Derivative Instruments (Details) - BVES $ in Thousands	Dec. 31, 2023 USD ($) MWh	Dec. 31, 2022 USD ($)
Derivative instruments
Derivative Activity Volume \| MWh	685,256
Changes in the fair value of the derivative
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ (2,400)
Purchase power contract
Changes in the fair value of the derivative
Balance, at beginning of the period	11,847	$ 4,441
Unrealized (losses) gains on purchase power contracts	(14,207)	7,406
Balance, at end of the period	$ (2,360)	$ 11,847
Minimum
Derivative instruments
Derivative, Term of Contract	3 years
Minimum \| Purchase power contract
Derivative instruments
Derivative, Term of Contract	3 years
Maximum
Derivative instruments
Derivative, Term of Contract	5 years
Maximum \| Purchase power contract
Derivative instruments
Derivative, Term of Contract	5 years

Taxes on Income (Details) - USD ($)	12 Months Ended
Taxes on Income (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxes on income
Unrecognized Tax Benefits	$ 0	$ 0	$ 0
Deferred tax assets:
Regulatory-liability-related	32,042,000	31,330,000
Contributions and advances	6,660,000	6,544,000
Deferred Tax Assets, Other	5,924,000	7,424,000
Deferred tax assets	44,626,000	45,298,000
Deferred tax liabilities:
Fixed assets	(161,820,000)	(155,955,000)
Regulatory-asset-related: depreciation and other	(36,337,000)	(30,226,000)
Balancing and memorandum accounts (non-flow-through)	(8,046,000)	(8,794,000)
Deferred tax liabilities	(206,203,000)	(194,975,000)
Accumulated deferred income taxes - net	(161,577,000)	(149,677,000)
Current
Federal	26,327,000	14,845,000	19,592,000
State	10,489,000	6,016,000	7,270,000
Total current tax expense	36,816,000	20,861,000	26,862,000
Deferred
Federal	4,157,000	2,991,000	2,802,000
State	626,000	(188,000)	759,000
Total deferred tax (benefit) expense	4,783,000	2,803,000	3,561,000
Reconciliations of the effective tax rates to the federal statutory rate
Federal taxes on pretax income at statutory rate	34,969,000	21,433,000	26,202,000
Increase (decrease) in taxes resulting from:	9,785,000	4,335,000	6,425,000
Excess deferred tax amortization	(1,648,000)	(1,311,000)	(1,356,000)
Flow-through on fixed assets	1,067,000	1,076,000	1,069,000
Flow-through on removal costs	(2,255,000)	(1,802,000)	(1,962,000)
Investment tax credit	(71,000)	(71,000)	(71,000)
Other- net	(248,000)	4,000	116,000
Total income tax expense operations	41,599,000	23,664,000	30,423,000
Income before income taxes	$ 166,520,000	$ 102,060,000	$ 124,770,000
Effective income tax rate (as a percent)	25.00%	23.20%	24.40%
GSWC
Deferred tax assets:
Regulatory-liability-related	$ 30,407,000	$ 29,623,000
Contributions and advances	6,981,000	6,896,000
Deferred Tax Assets, Other	6,041,000	7,874,000
Deferred tax assets	43,429,000	44,393,000
Deferred tax liabilities:
Fixed assets	(155,131,000)	(150,133,000)
Regulatory-asset-related: depreciation and other	(33,242,000)	(28,489,000)
Balancing and memorandum accounts (non-flow-through)	(2,514,000)	(4,559,000)
Deferred tax liabilities	(190,887,000)	(183,181,000)
Accumulated deferred income taxes - net	(147,458,000)	(138,788,000)
Current
Federal	22,564,000	10,582,000	$ 13,698,000
State	10,176,000	4,909,000	6,089,000
Total current tax expense	32,740,000	15,491,000	19,787,000
Deferred
Federal	2,867,000	1,507,000	2,251,000
State	82,000	(652,000)	57,000
Total deferred tax (benefit) expense	2,949,000	855,000	2,308,000
Reconciliations of the effective tax rates to the federal statutory rate
Federal taxes on pretax income at statutory rate	29,063,000	14,724,000	19,175,000
Increase (decrease) in taxes resulting from:	9,169,000	3,119,000	4,923,000
Excess deferred tax amortization	(1,681,000)	(1,130,000)	(1,184,000)
Flow-through on fixed assets	1,041,000	1,010,000	1,008,000
Flow-through on removal costs	(2,225,000)	(1,715,000)	(1,954,000)
Investment tax credit	(71,000)	(71,000)	(71,000)
Other- net	393,000	409,000	198,000
Total income tax expense operations	35,689,000	16,346,000	22,095,000
Income before income taxes	$ 138,397,000	$ 70,116,000	$ 91,310,000
Effective income tax rate (as a percent)	25.80%	23.30%	24.20%

Business Segments (Details) $ in Thousands	12 Months Ended
Business Segments (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Details of reportable segment
Operating revenues	$ 595,699	$ 491,528	$ 498,853
Operating income (loss)	196,740	126,636	140,977
Interest expense (income), net	35,346	24,701	21,341
Net utility plant	1,892,280	1,753,766	1,626,004
Depreciation and amortization expense	42,403	41,315	39,596
Income tax benefit	41,599	23,664	30,423
Capital additions	$ 188,540	166,240	144,515
GSWC
Details of reportable segment
Number of reportable segments \| segment	1
Operating revenues	$ 433,473	340,602	347,112
Operating income (loss)	159,177	92,455	107,573
Net utility plant	1,735,534	1,616,718
Depreciation and amortization expense	35,886	34,805	33,384
Income tax benefit	35,689	16,346	22,095
Depreciation on transportation equipment	212
GSWC \| Water
Details of reportable segment
Operating revenues	433,473	340,602	347,112
Operating income (loss)	159,177	92,455	107,573
Interest expense (income), net	25,726	21,659	21,046
Net utility plant	1,735,534	1,616,718	1,499,745
Depreciation and amortization expense	35,886	34,805	33,384
Income tax benefit	35,689	16,346	22,095
Capital additions	160,939	146,730	123,526
BVES \| Electric
Details of reportable segment
Operating revenues	41,832	39,986	38,345
Operating income (loss)	11,196	11,740	10,738
Interest expense (income), net	2,238	831	141
Net utility plant	140,279	119,560	106,508
Depreciation and amortization expense	3,256	2,792	2,572
Income tax benefit	1,515	2,439	2,975
Capital additions	25,372	18,069	19,859
American States Utility Services \| Contracted services:
Details of reportable segment
Operating revenues	120,394	110,940	113,396
Operating income (loss)	26,151	22,449	22,675
Interest expense (income), net	1,321	(132)	(637)
Net utility plant	16,467	17,488	19,751
Depreciation and amortization expense	3,261	3,718	3,640
Income tax benefit	6,109	5,476	5,434
Capital additions	2,229	1,441	1,130
Golden State Water Company and Bear Valley Electric Service, Inc.
Details of reportable segment
Depreciation on transportation equipment	$ 851	382	379
Parent Company
Details of reportable segment
Number of reportable segments \| segment	3
Operating revenues	$ 0	0	0
Interest expense (income), net	6,061	2,343	791
Net utility plant	0	0	0
Depreciation and amortization expense	0	0	0
Income tax benefit	(1,714)	(597)	(81)
Capital additions	0	0	0
Parent Company \| Intersegment Eliminations
Details of reportable segment
Operating income (loss)	$ 216	$ (8)	$ (9)

Regulatory Matters - Schedule of Regulatory Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	$ 69,507	$ (25,454)
GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	45,729	(26,574)
GSWC \| Other regulatory liabilities
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	(268)	(8,815)
BVES \| Other regulatory liabilities
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	(6,578)	(8,005)
2022/2023 general rate case memorandum accounts (unbilled revenue) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	52,795	0
Water revenue adjustment mechanism, net of the modified cost balancing account \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	41,545	31,803
Asset retirement obligations (Note 1) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	7,099	6,411
COVID-19 memorandum accounts \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	1,199	3,478
Flowed-through deferred income taxes, net (Note 11)
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	4,300
Flowed-through deferred income taxes, net (Note 11) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	3,190	(1,134)
Low income rate assistance balancing accounts \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	5,763	2,526
Pensions and other post-retirement obligations (Note 12) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	(4,867)	738
Other regulatory assets \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	9,462	10,289
Other regulatory assets \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	7,697	4,338
Excess deferred income taxes (Note 11)
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	74,000
Excess deferred income taxes (Note 11) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	(70,189)	(71,870)
Derivative instrument memorandum account (Note 5)
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	2,400
Derivative instrument memorandum account (Note 5) \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	2,360	(11,847)
Wildfire mitigation and other fire prevention related costs memorandum accounts \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	17,716	13,007
Electric supply cost adjustment mechanism \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory assets	$ 2,583	$ 3,627

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Los Angeles, California

Earnings Per Share / Capital Stock -Schedule of EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Basic

Net Income

$ 124,921

$ 78,396

$ 94,347

Less: impact from participating securities

372

197

244

Total income available to common shareholders

$ 124,549

$ 78,199

$ 94,103

Weighted average Common Shares outstanding, basic

36,976,000

36,955,000

36,921,000

Basic earnings per Common Share (usd per share)

$ 3.37

$ 2.12

$ 2.55

Diluted

Total income available to common shareholders

$ 124,549

$ 78,199

$ 94,103

Undistributed earnings for dilutive stock-based awards

189

110

Total common shareholders earnings, diluted

$ 124,738

$ 78,254

$ 94,213

Weighted average Common Shares outstanding, basic

36,976,000

36,955,000

36,921,000

Stock-based compensation (in shares)

^[1]

101,000

84,000

89,000

Weighted Average Number of Diluted Shares (in shares)

37,077,000

37,039,000

37,010,000

Earnings Per Share, Diluted

$ 3.36

$ 2.11

$ 2.55

Restricted Stock Units

Diluted

Restricted stock units outstanding (in shares)

115,684

96,988

100,020

Capital stock

Restricted stock units outstanding (in shares)

115,684

96,988

100,020

[1]

(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 115,684, 96,988 and 100,020 restricted stock units, including performance awards to officers of AWR, at December 31, 2023, 2022 and 2021, respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share.

Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of significant components of the deferred tax assets and liabilities from continuing operations

The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2023 and 2022 are:


	AWR				GSWC
	December 31,				December 31,
(dollars in thousands)	2023		2022		2023		2022
Deferred tax assets:
Regulatory-liability-related (1)	$	32,042	$	31,330	$	30,407	$	29,623
Contributions and advances	6,660		6,544		6,981		6,896
Other	5,924		7,424		6,041		7,874
Total deferred tax assets	$	44,626	$	45,298	$	43,429	$	44,393
Deferred tax liabilities:
Fixed assets	$	(161,820)	$	(155,955)	$	(155,131)	$	(150,133)
Regulatory-asset-related: depreciation and other	(36,337)		(30,226)		(33,242)		(28,489)
Balancing and memorandum accounts (non-flowed-through)	(8,046)		(8,794)		(2,514)		(4,559)
Total deferred tax liabilities	(206,203)		(194,975)		(190,887)		(183,181)
Accumulated deferred income taxes, net	$	(161,577)	$	(149,677)	$	(147,458)	$	(138,788)

Schedule of current and deferred components of income tax expense from continuing operations

The current and deferred components of income tax expense are as follows:


	AWR
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Current
Federal	$	26,327	$	14,845	$	19,592
State	10,489		6,016		7,270
Total current tax expense	$	36,816	$	20,861	$	26,862
Deferred
Federal	$	4,157	$	2,991	$	2,802
State	626		(188)		759
Total deferred tax (benefit) expense	4,783		2,803		3,561
Total income tax expense	$	41,599	$	23,664	$	30,423


	GSWC
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Current
Federal	$	22,564	$	10,582	$	13,698
State	10,176		4,909		6,089
Total current tax expense	$	32,740	$	15,491	$	19,787
Deferred
Federal	$	2,867	$	1,507	$	2,251
State	82		(652)		57
Total deferred tax (benefit) expense	2,949		855		2,308
Total income tax expense	$	35,689	$	16,346	$	22,095

Schedule of reconciliations of the effective tax rates to the federal statutory rate


	AWR
	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Federal taxes on pretax income at statutory rate	$	34,969		$	21,433		$	26,202
Increase (decrease) in taxes resulting from:
State income tax, net of federal benefit	9,785			4,335			6,425
Excess deferred tax amortization	(1,648)			(1,311)			(1,356)
Flow-through on fixed assets	1,067			1,076			1,069
Flow-through on removal costs	(2,255)			(1,802)			(1,962)
Investment tax credit	(71)			(71)			(71)
Other – net	(248)			4			116
Total income tax expense from operations	$	41,599		$	23,664		$	30,423
Pretax income from operations	$	166,520		$	102,060		$	124,770
Effective income tax rate	25.0		%	23.2		%	24.4		%


	GSWC
	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Federal taxes on pretax income at statutory rate	$	29,063		$	14,724		$	19,175
Increase (decrease) in taxes resulting from:
State income tax, net of federal benefit	9,169			3,119			4,923
Excess deferred tax amortization	(1,681)			(1,130)			(1,184)
Flow-through on fixed assets	1,041			1,010			1,008
Flow-through on removal costs	(2,225)			(1,715)			(1,954)
Investment tax credit	(71)			(71)			(71)
Other – net	393			409			198
Total income tax expense from operations	$	35,689		$	16,346		$	22,095
Pretax income from operations	$	138,397		$	70,116		$	91,310
Effective income tax rate	25.8		%	23.3		%	24.2		%

Employee Benefit Plans - Estimated Future Benefit Payments for SERP (Details) - SERP $ in Thousands	Dec. 31, 2023 USD ($)
Employee benefit plans
2024	$ 942
2025	2,344
2026	2,519
2027	2,630
2028	2,604
Thereafter	13,551
Total	$ 24,590

Utility Plant and Intangible Assets - Schedule of Components (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Intangible assets

Total intangible assets

$ 32,345

$ 31,938

Less — accumulated amortization

(27,275)

(26,811)

Intangible assets, net of amortization

5,070

5,127

Intangible assets not subject to amortization

^[1]

383

Total utility plant, at cost

$ 2,279,621

$ 2,178,349

Conservation programs

Intangible assets

Weighted Average Amortization Period (in years)

3 years

Total intangible assets

$ 9,486

Water and water service rights

Intangible assets

Weighted Average Amortization Period (in years)

30 years

Total intangible assets

^[2]

$ 8,695

Water planning studies

Intangible assets

Weighted Average Amortization Period (in years)

14 years

Total intangible assets

$ 14,164

$ 13,757

GSWC

Intangible assets

Total intangible assets

30,536

30,129

Less — accumulated amortization

(26,294)

(25,374)

Intangible assets, net of amortization

4,242

4,755

Intangible assets not subject to amortization

^[1]

$ 382

GSWC | Conservation programs

Intangible assets

Weighted Average Amortization Period (in years)

3 years

Total intangible assets

$ 9,486

GSWC | Water and water service rights

Intangible assets

Weighted Average Amortization Period (in years)

30 years

Total intangible assets

^[2]

$ 8,124

GSWC | Water planning studies

Intangible assets

Weighted Average Amortization Period (in years)

14 years

Total intangible assets

$ 12,926

$ 12,519

Intangible assets | American States Utility Services

Intangible assets

Total utility plant, at cost

$ 571

[1]	The intangible assets not subject to amortization primarily consist of organization and consent fees.
[2]	Includes intangible assets of $571,000 for contracted services included in “Other Property and Investments” on the consolidated balance sheets as of December 31, 2023 and 2022.

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

GSWC

Derivative instruments

Schedule of changes in the fair value of the derivative

The following table presents changes in the fair value of the Level 3 derivatives for the years 2023 and 2022:


(dollars in thousands)	2023		2022
Fair value at beginning of the period	$	11,847	$	4,441
Unrealized (losses) gains on purchase power contracts	(14,207)		7,406
Fair value at end of the period	$	(2,360)	$	11,847

Summary of Significant Accounting Policies (Details)	1 Months Ended			12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) customer state registrant shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Jul. 10, 2023 USD ($)	Jun. 15, 2023 USD ($)	Jan. 13, 2023 USD ($)	Jul. 12, 2021 USD ($)
Nature of Operations:
Number of customers served \| customer				1,000,000
Number of States in which Entity Operates \| state				10
Number of registrants filing combined report \| registrant				2
Related Party Transactions
Related Party Transaction, Amounts of Transaction				$ 5,000,000	$ 5,200,000	$ 5,300,000
Impairment of Long-Lived Assets
Asset Retirement Obligation, Legally Restricted Assets, Fair Value				0
Impairment of long-lived assets				0	0	$ 0
Goodwill
Goodwill arose from acquisition of subcontractor's business				$ 1,100,000	$ 1,100,000
Advances for Construction and Contributions in aid of Constructions
Period for refund of advances for construction				40 years
Fair Value of Financial Instruments
Long-term debt-GSWC				$ 556,214,000
Exercise of stock options and other issuance of Common Shares \| shares				18,371	25,956	47,182
Exercise of stock options and other issuance of Common Shares \| shares				18,371	25,956	47,182
Level 1
Fair Value of Financial Instruments
Long-term debt-GSWC				$ 0
Level 3
Fair Value of Financial Instruments
Long-term debt-GSWC				0
Carrying Amount
Fair Value of Financial Instruments
Long-term debt-GSWC	$ 450,373,000			579,047,000	$ 450,373,000
Fair Value \| Level 2
Fair Value of Financial Instruments
Long-term debt-GSWC	424,151,000			$ 556,214,000	424,151,000
GSWC
Related Party Transactions
Intercompany borrowings payment term				24 months
Property and Depreciation
Depreciation on transportation equipment				$ 212,000
Estimated useful lives of utility plant, as authorized by the CPUC
Generation				40 years
Fair Value of Financial Instruments
Long-term debt-GSWC				$ 522,883,000
Water Utility Relief Funding For Overdue Water Bills Per Budget Act Of 2021										$ 1,000,000,000
Relief funding			$ 9,500,000	3,500,000	$ 9,500,000
Debt Instrument, Face Amount				130,000,000
Stock Issued During Period, Value, New Issues				$ 10,000,000
Extended Water and Wastewater Arrearage Program Funding							$ 600,000,000
Exercise of stock options and other issuance of Common Shares \| shares				1	0	0
Exercise of stock options and other issuance of Common Shares \| shares				1	0	0
GSWC \| Unsecured Private Placement Notes
Fair Value of Financial Instruments
Debt Instrument, Face Amount									$ 130,000,000
GSWC \| Level 1
Fair Value of Financial Instruments
Long-term debt-GSWC				$ 0
GSWC \| Level 3
Fair Value of Financial Instruments
Long-term debt-GSWC				0
GSWC \| Carrying Amount
Fair Value of Financial Instruments
Long-term debt-GSWC	415,373,000			544,047,000	$ 415,373,000
GSWC \| Fair Value \| Level 2
Fair Value of Financial Instruments
Long-term debt-GSWC	391,198,000			$ 522,883,000	391,198,000
GSWC \| Minimum
Estimated useful lives of utility plant, as authorized by the CPUC
Source of water supply				20 years
Pumping				26 years
Water treatment				26 years
Transmission and Distribution				15 years
Other plant				5 years
GSWC \| Maximum
Estimated useful lives of utility plant, as authorized by the CPUC
Source of water supply				60 years
Pumping				41 years
Water treatment				32 years
Transmission and Distribution				80 years
Other plant				62 years
BVES
Related Party Transactions
Related Party Transaction, Amounts of Transaction				$ 3,500,000	2,700,000	$ 2,800,000
Interest
Public Utilities, Allowance for Funds Used During Construction, Additions				14,000	106,000	$ 216,000
Fair Value of Financial Instruments
Relief funding	152,000	$ 321,000			473,000
Debt Instrument, Face Amount								$ 35,000,000
BVES \| Carrying Amount
Fair Value of Financial Instruments
Long-term debt-GSWC	$ 35,000,000			$ 35,000,000	$ 35,000,000
Golden State Water Company and Bear Valley Electric Service, Inc.
Property and Depreciation
Aggregate composite rate for depreciation (as a percent)				2.20%	2.20%	2.20%
Depreciation				$ 38,300,000	$ 37,300,000	$ 35,500,000
Depreciation on transportation equipment				$ 851,000	$ 382,000	$ 379,000
Water: \| GSWC
Nature of Operations:
Number of customers served \| customer				264,100
Electric: \| BVES
Nature of Operations:
Number of customers served \| customer				24,800
Contracted services: \| Maximum
Nature of Operations:
Period of fixed price contracts to operate and maintain the water and/or wastewater systems at various military bases				50 years
Contracted services: \| American States Utility Services \| Minimum
Nature of Operations:
Period of fixed price contracts to operate and maintain the water and/or wastewater systems at various military bases				15 years
Contracted services: \| American States Utility Services \| Maximum
Nature of Operations:
Period of fixed price contracts to operate and maintain the water and/or wastewater systems at various military bases				50 years
Contracted services: \| Patuxent River Utility Services LLC("PRUS")
Nature of Operations:
Period of fixed price contracts to operate and maintain the water and/or wastewater systems at various military bases				50 years
Fair Value of Financial Instruments
Initial price contract value and subject to annual economic price adjustments				$ 349,000,000
Contracted services: \| Bay State Utility Service LLC ("BSUS")
Fair Value of Financial Instruments
Initial price contract value and subject to annual economic price adjustments				45,000,000
:ContractInitialOrderValueToPerformAnEvaluationConstructionAndTransitionServices				$ 2,300,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities:
Net Income	$ 124,921	$ 78,396	$ 94,347
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,254	41,697	39,974
Provision for doubtful accounts	932	1,043	1,119
Deferred income taxes and investment tax credits	4,783	2,803	3,561
Stock-based compensation expense	3,298	2,571	2,566
(Gain) loss on investments held in a trust	(5,008)	5,177	(4,287)
Other — net	289	38	(381)
Changes in assets and liabilities:
Accounts receivable — customers	(6,632)	5,424	(4,688)
Unbilled receivable	(1,283)	9,699	(1,037)
Other accounts receivable	(2,241)	2,115	(1,422)
Unbilled receivable	(6,033)	(5,638)	(4,713)
Materials and supplies	(2,951)	(2,460)	(3,544)
Prepayments and other assets	1,581	3,146	1,323
Contract assets	604	(5,395)	235
Regulatory assets/liabilities	(81,373)	(18,915)	(5,842)
Accounts payable	(10,862)	11,767	(2,881)
Income taxes receivable/payable	2,493	(6,479)	(2,254)
Contract liabilities	449	646	(1,543)
Accrued pension and other post-retirement benefits	1,046	(3,087)	3,051
Other liabilities	416	(4,749)	2,000
Net cash provided (used)	67,683	117,799	115,584
Cash Flows From Investing Activities:
Capital expenditures	(188,540)	(166,240)	(144,515)
Other investing activities	(224)	(862)	(577)
Net cash provided (used)	(188,764)	(167,102)	(145,092)
Cash Flows From Financing Activities:
Receipt of advances for and contributions in aid of construction	11,889	6,901	12,432
Refunds on advances for construction	(4,540)	(5,321)	(4,666)
Repayments of long-term debt	(334)	(377)	(28,356)
Proceeds from the issuance of long-term debt, net of issuance costs	129,665	34,789	0
Net changes in notes payable to banks	54,590	72,000	71,300
Dividends paid	(61,195)	(56,356)	(51,689)
Other	(918)	(1,299)	(1,287)
Net cash provided (used)	129,157	50,337	(2,266)
Net change in cash and cash equivalents	8,076	1,034	(31,774)
Cash and cash equivalents, beginning of year	5,997	4,963	36,737
Cash and cash equivalents, end of year	14,073	5,997	4,963
GSWC
Cash Flows From Operating Activities:
Net Income	102,708	53,770	69,215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,623	35,072	33,643
Provision for doubtful accounts	754	1,018	1,018
Deferred income taxes and investment tax credits	2,949	855	2,308
Stock-based compensation expense	2,994	2,269	2,313
(Gain) loss on investments held in a trust	(5,008)	5,177	(4,287)
Other — net	106	9	(209)
Changes in assets and liabilities:
Accounts receivable — customers	(6,321)	6,263	(4,287)
Unbilled receivable	(2,179)	5,519	(1,195)
Other accounts receivable	(1,484)	931	592
Materials and supplies	(1,260)	(736)	(1,725)
Prepayments and other assets	1,838	2,125	1,860
Regulatory assets/liabilities	(74,378)	(12,704)	(2,854)
Accounts payable	(5,420)	7,671	(10)
Income taxes receivable/payable	1,470	(4,664)	(1,640)
Intercompany receivable/payable	248	(805)	1,479
Accrued pension and other post-retirement benefits	979	(3,228)	2,908
Other liabilities	(278)	(4,034)	1,165
Net cash provided (used)	54,341	94,508	100,294
Cash Flows From Investing Activities:
Capital expenditures	(160,939)	(146,730)	(123,526)
Note receivable from AWR (parent)	0	0	(26,000)
Receipt of payment of note receivable from AWR (parent)	0	0	26,000
Other investing activities	(1,215)	(1,001)	(733)
Net cash provided (used)	(162,154)	(147,731)	(124,259)
Cash Flows From Financing Activities:
Proceeds from issuance of Common Shares to AWR (parent)	10,000	0	0
Receipt of advances for and contributions in aid of construction	11,889	6,901	12,397
Refunds on advances for construction	(4,540)	(5,321)	(4,666)
Repayments of long-term debt	(334)	(377)	(28,356)
Proceeds from the issuance of long-term debt, net of issuance costs	129,665	0	0
Net change in intercompany borrowings	(129,000)	80,000	49,000
Dividends paid	(55,400)	(27,000)	(38,300)
Other	(840)	(1,135)	(1,163)
Net borrowings on notes payable to banks	149,198	0	0
Net cash provided (used)	110,638	53,068	(11,088)
Net change in cash and cash equivalents	2,825	(155)	(35,053)
Cash and cash equivalents, beginning of year	370	525	35,578
Cash and cash equivalents, end of year	$ 3,195	$ 370	$ 525

Allowance for Doubtful Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Allowance for Doubtful Accounts

Schedule of provision for doubtful accounts charged to expense and accounts written off, net of recoveries

The table below presents Registrant’s provision for doubtful accounts charged to expense and accounts written off, net of recoveries. Provisions included in 2023, 2022 and 2021 for AWR and GSWC are as follows:


	AWR
	December 31,
(dollars in thousands)	2023		2022		2021
Balance at beginning of year	$	4,440	$	3,569	$	5,316
Provision charged (1)	932		2,842		8,150
Accounts written off, net of recoveries (2)	(1,782)		(1,971)		(9,897)
Balance at end of year	$	3,590	$	4,440	$	3,569

Allowance for doubtful accounts related to accounts receivable-customer	$	3,537	$	4,387	$	3,516

Allowance for doubtful accounts related to other accounts receivable	53		53		53
Total allowance for doubtful accounts	$	3,590	$	4,440	$	3,569

(1) In 2022 and 2021, includes amounts in excess of GSWC’s and BVES’s respective revenue requirements incurred during the COVID-19 pandemic. These incremental amounts are recorded as regulatory assets in the COVID-19 memorandum accounts.

(2) Reflects consideration of government relief funds expected to be received in 2024 and received in 2022 from the state of California for unpaid water and electric utility bills incurred during the pandemic. A total of $3.5 million is expected to be received for unpaid water utility bills in 2024, and $9.5 million and $473,000 was received in 2022 for unpaid water and electric utility bills, respectively.


	GSWC
	December 31,
(dollars in thousands)	2023		2022		2021
Balance at beginning of year	$	4,196	$	3,221	$	4,960
Provision charged (3)	754		2,501		7,732
Accounts written off, net of recoveries (4)	(1,503)		(1,526)		(9,471)
Balance at end of year	$	3,447	$	4,196	$	3,221

Allowance for doubtful accounts related to accounts receivable-customer	$	3,394	$	4,143	$	3,168
Allowance for doubtful accounts related to other accounts receivable	53		53		53
Total allowance for doubtful accounts	$	3,447	$	4,196	$	3,221

(3) In 2022 and 2021, includes amounts in excess of GSWC’s revenue requirement incurred during the COVID-19 pandemic. This incremental amount was recorded as a regulatory asset in the COVID-19 memorandum account.

(4) Reflects consideration of government relief funds expected to be received in 2024 and received in 2022 from the state of California for unpaid water utility bills incurred during the pandemic. A total of $3.5 million is expected to be received in 2024 and $9.5 million was received in 2022 for unpaid water utility bills.

Allowance for Doubtful Accounts

12 Months Ended

Dec. 31, 2023

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

Registrant’s allowance for doubtful accounts as of December 31, 2023 was developed based on expected credit losses and other considerations that may impact the customers’ ability to pay their bills. The estimate considers customer payment history and trends but also any COVID relief funds that Registrant receives.

GSWC received confirmation from SWRCB that it is currently processing GSWC's application and expects to disburse approximately $3.5 million of COVID relief funds through the Extended Arrearage Program that will provide further assistance to customers for water debt accrued during the COVID-19 pandemic (Note 1). 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 related memorandum accounts to be filed with the CPUC for future recovery. In January 2022, GSWC received $9.5 million in COVID relief funds from the state of California through the initial California Water and Wastewater Arrearage Payment Program, which were applied to delinquent customers’ eligible balances incurred during the COVID-19 pandemic. During 2022, BVES received a total of $473,000 from the state of California for similar relief funding for unpaid electric bills incurred during the pandemic. Pursuant to CPUC requirements, as of December 31, 2023, 2022 and 2021, GSWC and BVES have reflected these relief funds as a reduction to its COVID-19 memorandum accounts, as well as a reduction to its estimated allowance for doubtful accounts.

Other accounts receivable consist primarily of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements, and amounts due from other third-party prime government contractors pursuant to agreements for construction of water and/or wastewater facilities for such third-party prime contractors.


	AWR
	December 31,
(dollars in thousands)	2023		2022		2021
Balance at beginning of year	$	4,440	$	3,569	$	5,316
Provision charged (1)	932		2,842		8,150
Accounts written off, net of recoveries (2)	(1,782)		(1,971)		(9,897)
Balance at end of year	$	3,590	$	4,440	$	3,569

Allowance for doubtful accounts related to accounts receivable-customer	$	3,537	$	4,387	$	3,516

Allowance for doubtful accounts related to other accounts receivable	53		53		53
Total allowance for doubtful accounts	$	3,590	$	4,440	$	3,569


	GSWC
	December 31,
(dollars in thousands)	2023		2022		2021
Balance at beginning of year	$	4,196	$	3,221	$	4,960
Provision charged (3)	754		2,501		7,732
Accounts written off, net of recoveries (4)	(1,503)		(1,526)		(9,471)
Balance at end of year	$	3,447	$	4,196	$	3,221

Allowance for doubtful accounts related to accounts receivable-customer	$	3,394	$	4,143	$	3,168
Allowance for doubtful accounts related to other accounts receivable	53		53		53
Total allowance for doubtful accounts	$	3,447	$	4,196	$	3,221

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Utility Plant, at cost	$ 2,082,927	$ 2,006,468
Less — accumulated depreciation	(624,472)	(606,231)
Construction work in progress	237,131	181,648
Net utility plant	1,892,280	1,753,766
Other Property and Investments	42,932	36,907
Total other property and investments	44,048	38,023
Current Assets
Cash and cash equivalents	14,073	5,997
Accounts receivable — customers, less allowance for doubtful accounts	34,250	26,206
Unbilled receivable	23,516	20,663
Other accounts receivable, less allowance for doubtful accounts	6,340	4,215
Income taxes receivable	52	3,901
Materials and supplies	17,574	14,623
Regulatory assets — current	45,144	14,028
Prepayments and other current assets	5,767	5,450
Total current assets	205,978	151,294
Other Assets
Operating lease right-of-use assets	7,982	9,535
Regulatory assets	25,585	5,694
Other	18,758	13,532
Total other assets	103,816	91,291
Total Assets	2,246,122	2,034,374
Capitalization
Common shareholder’s equity	776,109	709,549
Long-term debt	575,555	446,547
Total capitalization	1,351,664	1,156,096
Current Liabilities
Long-term debt — current	353	399
Accounts payable	68,705	84,849
Income taxes payable	492	1,848
Accrued other taxes	14,654	16,257
Accrued employee expenses	14,738	13,996
Accrued interest	8,607	5,308
Operating lease liabilities	1,856	1,892
Other	11,506	10,996
Total current liabilities	166,623	396,522
Other Credits
Note payable to bank, noncurrent	291,500	22,000
Advances for construction	67,431	64,351
Contributions in aid of construction — net	151,414	147,918
Deferred income taxes	161,577	149,677
Regulatory liabilities	1,222	40,602
Unamortized investment tax credits	1,011	1,082
Accrued pension and other post-retirement benefits	32,652	33,636
Operating lease liabilities	6,619	8,090
Other	14,409	14,400
Total other credits	727,835	481,756
Total liabilities and capitalization	2,246,122	2,034,374
GSWC
Assets
Utility Plant, at cost	2,082,927	2,006,468
Less — accumulated depreciation	(543,135)	(530,925)
Total	1,539,792	1,475,543
Construction work in progress	195,742	141,175
Net utility plant	1,735,534	1,616,718
Other Property and Investments	40,480	34,655
Total other property and investments	40,480	34,655
Current Assets
Cash and cash equivalents	3,195	370
Accounts receivable — customers, less allowance for doubtful accounts	31,018	23,107
Unbilled receivable	17,185	15,006
Other accounts receivable, less allowance for doubtful accounts	4,301	2,721
Intercompany receivables	380	621
Income taxes receivable	222	1,692
Materials and supplies	7,380	6,120
Regulatory assets — current	44,007	14,028
Prepayments and other current assets	4,544	4,464
Total current assets	112,232	68,129
Other Assets
Operating lease right-of-use assets	7,796	9,208
Regulatory assets	2,944	0
Other	17,169	12,598
Total other assets	27,909	21,806
Total Assets	1,916,155	1,741,308
Capitalization
Common shareholder’s equity	703,828	643,906
Long-term debt	540,738	411,748
Total capitalization	1,244,566	1,055,654
Current Liabilities
Long-term debt — current	353	399
Accounts payable	55,488	65,944
Accrued other taxes	12,658	14,501
Accrued employee expenses	11,502	11,233
Accrued interest	7,508	4,364
Operating lease liabilities	1,725	1,788
Other	10,715	10,152
Total current liabilities	99,949	108,381
Other Credits
Intercompany note payable	0	129,000
Note payable to bank, noncurrent	150,000	0
Advances for construction	67,411	64,331
Contributions in aid of construction — net	151,414	147,918
Deferred income taxes	147,458	138,788
Regulatory liabilities	1,222	40,602
Unamortized investment tax credits	1,011	1,082
Accrued pension and other post-retirement benefits	32,309	33,421
Operating lease liabilities	6,568	7,878
Other	14,247	14,253
Total other credits	571,640	577,273
Total liabilities and capitalization	$ 1,916,155	$ 1,741,308

CONSOLIDATED STATEMENTS OF CAPITALIZATION - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Common Stock, Par or Stated Value Per Share	$ 0	$ 0
Common stock, shares outstanding	36,980,612	36,962,241
Common stock, shares authorized	60,000,000	60,000,000
Common Shareholders' Equity:
Common shares, no par value	$ 263,179	$ 260,158
Retained earnings	512,930	449,391
Common shareholder’s equity	776,109	709,549
Long-Term Debt
Debt and Lease Obligation	579,047	450,373
Less: Current maturities	(353)	(399)
Debt Issuance Costs, Net	(3,139)	(3,427)
Long-Term Debt	575,555	446,547
Total capitalization	$ 1,351,664	$ 1,156,096
GSWC
Common Stock, Par or Stated Value Per Share	$ 0	$ 0
Common stock, shares outstanding	171	170
Common stock, shares authorized	1,000	1,000
Common Shareholders' Equity:
Common shares, no par value	$ 370,909	$ 358,123
Retained earnings	332,919	285,783
Common shareholder’s equity	703,828	643,906
Long-Term Debt
Debt and Lease Obligation	544,047	415,373
Less: Current maturities	(353)	(399)
Debt Issuance Costs, Net	(2,956)	(3,226)
Long-Term Debt	540,738	411,748
Total capitalization	1,244,566	1,055,654
6.81% notes due 2028
Long-Term Debt
Debt and Lease Obligation	$ 15,000	$ 15,000
Interest rate per annum (as a percent)	6.81%	6.81%
6.81% notes due 2028 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 15,000	$ 15,000
Interest rate per annum (as a percent)	6.81%	6.81%
6.59% notes due 2029
Long-Term Debt
Debt and Lease Obligation	$ 40,000	$ 40,000
Interest rate per annum (as a percent)	6.59%	6.59%
6.59% notes due 2029 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 40,000	$ 40,000
Interest rate per annum (as a percent)	6.59%	6.59%
7.875% notes due 2030
Long-Term Debt
Debt and Lease Obligation	$ 20,000	$ 20,000
Interest rate per annum (as a percent)	7.875%	7.875%
7.875% notes due 2030 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 20,000	$ 20,000
Interest rate per annum (as a percent)	7.875%	7.875%
7.23% notes due 2031
Long-Term Debt
Debt and Lease Obligation	$ 50,000	$ 50,000
Interest rate per annum (as a percent)	7.23%	7.23%
7.23% notes due 2031 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 50,000	$ 50,000
Interest rate per annum (as a percent)	7.23%	7.23%
6.00% notes due 2041
Long-Term Debt
Debt and Lease Obligation	$ 62,000	$ 62,000
Interest rate per annum (as a percent)	6.00%	6.00%
6.00% notes due 2041 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 62,000	$ 62,000
Interest rate per annum (as a percent)	6.00%	6.00%
3.45% notes due 2029
Long-Term Debt
Debt and Lease Obligation	$ 15,000	$ 15,000
Interest rate per annum (as a percent)	3.45%	3.45%
3.45% notes due 2029 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 15,000	$ 15,000
Interest rate per annum (as a percent)	3.45%	3.45%
5.87% notes due 2028
Long-Term Debt
Debt and Lease Obligation	$ 40,000	$ 40,000
Interest rate per annum (as a percent)	5.87%	5.87%
5.87% notes due 2028 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 40,000	$ 40,000
Interest rate per annum (as a percent)	5.87%	5.87%
2.17% notes due 2030
Long-Term Debt
Debt and Lease Obligation	$ 85,000	$ 85,000
Interest rate per annum (as a percent)	2.17%	2.17%
2.17% notes due 2030 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 85,000	$ 85,000
Interest rate per annum (as a percent)	2.17%	2.17%
2.90% notes due 2040
Long-Term Debt
Debt and Lease Obligation	$ 75,000	$ 75,000
Interest rate per annum (as a percent)	2.90%	2.90%
2.90% notes due 2040 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 75,000	$ 75,000
Interest rate per annum (as a percent)	2.90%	2.90%
4.548% note due 2032
Long-Term Debt
Debt and Lease Obligation	$ 17,500	$ 17,500
Interest rate per annum (as a percent)	4.548%
4.949% note due 2037
Long-Term Debt
Debt and Lease Obligation	$ 17,500	$ 17,500
Interest rate per annum (as a percent)	4.949%	4.949%
5.12% notes due 2033
Long-Term Debt
Debt and Lease Obligation	$ 100,000	$ 0
Interest rate per annum (as a percent)	5.12%
5.12% notes due 2033 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 100,000	0
Interest rate per annum (as a percent)	5.12%
5.22 % note due 2038
Long-Term Debt
Debt and Lease Obligation	$ 30,000	0
Interest rate per annum (as a percent)	5.22%
5.22 % note due 2038 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 30,000	0
Interest rate per annum (as a percent)	5.22%
5.50% notes due 2026
Long-Term Debt
Debt and Lease Obligation	$ 7,730	$ 7,730
Interest rate per annum (as a percent)	5.50%	5.50%
5.50% notes due 2026 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 7,730	$ 7,730
Interest rate per annum (as a percent)	5.50%	5.50%
State Water Project due 2035
Long-Term Debt
Debt and Lease Obligation	$ 1,729	$ 2,834
State Water Project due 2035 \| GSWC
Long-Term Debt
Debt and Lease Obligation	1,729	2,834
American Recovery and Reinvestment Act Obligation due 2033
Long-Term Debt
Debt and Lease Obligation	2,588	2,809
American Recovery and Reinvestment Act Obligation due 2033 \| GSWC
Long-Term Debt
Debt and Lease Obligation	$ 2,588	$ 2,809

Employee Benefit Plans - Components of SERP Expense (Details) - SERP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of Net Periodic Benefits Cost:
Service cost	$ 1,248	$ 1,191	$ 1,392
Interest cost	1,644	1,022	915
Amortization of net (gain) loss	(34)	580	1,678
Net periodic pension cost under accounting standards	$ 2,858	$ 2,793	$ 3,985
Weighted-average assumptions used to determine net periodic cost:
Discount rate	5.42%	2.87%	2.52%
Minimum
Weighted-average assumptions used to determine net periodic cost:
Rate of compensation increase	5.50%	5.50%
Maximum
Weighted-average assumptions used to determine net periodic cost:
Rate of compensation increase	4.00%	4.00%

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT

CONDENSED BALANCE SHEETS


	December 31,
(in thousands)	2023		2022
Assets

Cash and equivalents	$	3,547	$	93
Prepayments and other current assets	116		—
Income taxes receivable	39		20
Intercompany note receivables	39,044		159,582
Total current assets	42,746		159,695

Investments in subsidiaries	870,020		799,802
Deferred taxes and other assets	10,135		9,891
Total assets	$	922,901	$	969,388

Liabilities and Capitalization
Notes payable to bank	$	—	$	255,500
Income taxes payable	2,422		2,158
Other liabilities	577		454
Total current liabilities	2,999		258,112

Notes payable to bank	141,500		—
Deferred taxes and other liabilities	2,293		1,727
Total other liabilities	143,793		1,727

Common shareholders’ equity	776,109		709,549
Total capitalization	776,109		709,549

Total liabilities and capitalization	$	922,901	$	969,388

The accompanying condensed notes are an integral part of these condensed financial statements.

CONDENSED STATEMENTS OF INCOME


	For the Years Ended December 31,
(In thousands, except per share amounts)	2023		2022		2021
Operating revenues and other income	$	—	$	—	$	—
Operating expenses and other expenses	5,576		2,093		542
Loss before equity in earnings of subsidiaries and income taxes	(5,576)		(2,093)		(542)

Equity in earnings of subsidiaries	128,783		79,892		94,808

Income before income taxes	123,207		77,799		94,266

Income tax benefit	(1,714)		(597)		(81)

Net income	$	124,921	$	78,396	$	94,347

Weighted Average Number of Common Shares Outstanding	36,976		36,955		36,921
Basic Earnings Per Common Share	$	3.37	$	2.12	$	2.55

Weighted Average Number of Diluted Common Shares Outstanding	37,077		37,039		37,010
Fully Diluted Earnings per Common Share	$	3.36	$	2.11	$	2.55

Dividends Paid Per Common Share	$	1.655	$	1.525	$	1.400

The accompanying condensed notes are an integral part of these condensed financial statements.

CONDENSED STATEMENTS OF CASH FLOWS


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Cash Flows From Operating Activities	$	67,041	$	56,398	$	36,799

Cash Flows From Investing Activities:
Loans (made to)/repaid from, wholly-owned subsidiaries	121,000		(81,000)		(46,000)
Increase in investment of subsidiary	(10,000)		—		—
Net cash provided (used) by investing activities	111,000		(81,000)		(46,000)

Cash Flows From Financing Activities:
Net borrowings on notes payable to banks	(113,392)		81,000		60,500
Proceeds from note payable to GSWC	—		—		(26,000)
Repayment of note payable to GSWC	—		—		26,000
Dividends paid	(61,195)		(56,356)		(51,689)
Net cash provided (used) by financing activities	(174,587)		24,644		8,811

Net change in cash and cash equivalents	3,454		42		(390)
Cash and equivalents at beginning of period	93		51		441

Cash and equivalents at the end of period	$	3,547	$	93	$	51

The accompanying condensed notes are an integral part of these condensed financial statements.

Note 1 — Basis of Presentation

The accompanying condensed financial statements of AWR (parent) should be read in conjunction with the consolidated financial statements and notes thereto of American States Water Company and subsidiaries (“Registrant”) included in Part II, Item 8 of this Form 10-K. AWR’s (parent) significant accounting policies are consistent with those of Registrant and its wholly owned subsidiaries, Golden State Water Company (“GSWC”), Bear Valley Electric Service, Inc. (“BVES”) and American States Utility Services, Inc. (“ASUS”), except that all subsidiaries are accounted for as equity method investments.

Related-Party Transactions:

As further discussed in Note 2 — Notes Payable to Banks, AWR (parent) currently has access to a $165.0 million syndicated credit facility. AWR (parent) borrows under this facility and provides funds to ASUS in support of their operations and itself. Prior to the new credit agreement in June 2023, described below, AWR (parent) had a credit facility with access of up to $280.0 million and had provided funds to both GSWC and ASUS in support of their operations. Any amounts owed to AWR (parent) for borrowings under this facility are reflected as intercompany receivables on the Condensed Balance Sheets. The interest rate charged to its subsidiaries is sufficient to cover AWR (parent)’s interest cost under the credit facility. AWR may, from time to time, also make equity investments in its subsidiaries.

In October 2020, AWR (parent) issued an interest-bearing promissory note to GSWC, which expired in May 2023. Under the terms of the note, AWR (parent) was permitted to borrow from GSWC amounts up to $30.0 million for working capital purposes. AWR (parent) agreed to pay any unpaid principal amounts outstanding under this note, plus accrued interest. During 2021, AWR (parent) borrowed and repaid a total of $26.0 million from GSWC under the terms of the note. There were no borrowings or repayments made during 2022 and 2023. As of December 31, 2023 and 2022, there were no amounts outstanding under this note.

In January 2023, the Board of Directors approved the issuance of one GSWC Common Share to AWR (parent) for $10.0 million. In January 2023, GSWC issued $130.0 million in unsecured long-term notes in a private placement. GSWC used the proceeds from both the issuance of equity and long-term debt to pay-off all intercompany borrowings from AWR (parent).

AWR (parent) guarantees performance of ASUS’s contracts with the U.S. government and agrees to provide necessary resources, including financing, which are necessary to assure the complete and satisfactory performance of such contracts.

Note 2 — Note Payable to Banks

On June 28, 2023, AWR (parent) entered into a new credit agreement with a term of five years provided by a syndicate of banks and financial institutions. The credit agreement will mature on June 28, 2028. In connection with the new credit agreement, AWR (parent) incurred legal and other fees totaling $632,000. The syndicated credit facility replaced AWR (parents)’s previous credit agreement with a sole bank where it had a borrowing capacity of $280.00 million. Funds from the new facilities were used to pay-off in full all outstanding borrowings under AWR (parent)’s prior credit facility.

The new credit agreement provides for a $150.0 million unsecured revolving credit facility. Under the credit agreement, the borrowing capacity may be expanded up to an additional amount of $75 million, subject to the lenders’ approval. The aggregate amount that may be outstanding under letters of credit is $10.0 million. Loans may be obtained under the credit facilities at the option of AWR (parent) and bear interest at rates based on either a base rate plus an applicable margin or an adjusted term SOFR determined by the SOFR administrator, currently the Federal Reserve Bank of New York, plus an applicable margin. The applicable margin depends upon AWR’s credit ratings.

On November 6, 2023, the credit facility was amended to increase the borrowing capacity from $150.0 million to $165.0 million. In connection with the increase in borrowing capacity, the amendment also provides for the addition of a new bank to the existing syndicate group participating in AWR’s credit facility. As of December 31, 2023, outstanding borrowings under its credit facility of $141.5 million have been classified as non-current liabilities on its Condensed Balance Sheet.

The credit agreement contains affirmative and negative covenants and events of default customary for credit facilities of this type, including, among other things, affirmative covenants relating to compliance with law and material contracts, and negative covenants relating to additional in indebtedness, liens, investments, restricted payments and asset sales by AWR (parent) and its subsidiaries, other than BVES. AWR (parent) is not permitted to have a consolidated total capitalization ratio (as defined in the credit agreement), excluding BVES, greater than 0.65 to 1.00 at the end of any quarter. Default under any indebtedness of any subsidiary of AWR (parent), other than BVES, will result in a default under its credit agreement. As of December 31, 2023, AWR (parent) had a debt ratio of 0.54 to 1.00.

AWR (parent)'s borrowing activities (excluding letters of credit) for the years ended December 31, 2023 and 2022 were as follows:


	December 31,
(in thousands, except percent)	2023			2022
Balance Outstanding at December 31,	$	141,500		$	255,500
Interest Rate at December 31,	6.45		%	5.07		%
Average Amount Outstanding	$	156,533		$	213,758
Weighted Average Annual Interest Rate	5.92		%	2.56		%
Maximum Amount Outstanding	$	257,500		$	255,500

Note 3 — Income Taxes

AWR (parent) receives a tax benefit for expenses incurred at the parent-company level. AWR (parent) also recognizes the effect of AWR’s consolidated California unitary apportionment, which is beneficial or detrimental depending on a combination of the profitability of AWR’s consolidated non-California activities as well as the proportion of its consolidated California sales to total sales.

Note 4 — Dividend from Subsidiaries

Cash dividends in the amount of $71.4 million, $56.4 million and $38.3 million were paid to AWR (parent) by its wholly owned subsidiaries during the years ended December 31, 2023, 2022 and 2021, respectively.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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 subsidiaries, Fort Bliss Water Services Company (“FBWS”), Old Dominion Utility Services, Inc. (“ODUS”), Terrapin Utility Services, Inc. (“TUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. (“ECUS”), Fort Riley Utility Services, Inc. (“FRUS”), Bay State Utility Services LLC (“BSUS”), and Patuxent River Utility Services LLC (“PRUS”)). AWR and its subsidiaries may be collectively referred to as “Registrant” or “the Company.” AWR, through its wholly owned subsidiaries, serves over one million people in ten states.

GSWC and BVES are both California public utilities. GSWC engages in the purchase, production, distribution and sale of water throughout California serving approximately 264,100 customers connections. BVES distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,800 customers 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 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 primarily pursuant to 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. ASUS also from time to time performs construction services on military bases as a subcontractor or pursuant to a task order agreement.

On August 15, 2023, ASUS was awarded a new 50-year contract by the U.S. government to operate, maintain, and provide construction management services for the water distribution and wastewater collection and treatment facilities at Naval Air Station Patuxent River, a United States Navy air station located in Maryland. The initial firm-fixed-price value of the contract is estimated at $349 million over a 50-year period and is subject to annual economic price adjustments. This initial value is also subject to adjustment based on the results of a joint inventory of assets to be performed during the transition period and will be finalized during the first year of operations.

On September 29, 2023, ASUS was awarded a new 15-year contract by the U.S. government, that is different than ASUS's other existing 50-year contracts, to operate, maintain, and provide construction management services for the water distribution and wastewater collection and treatment facilities at Joint Base Cape Cod (“JBCC”) located in Massachusetts. Under this contract, ASUS will have the opportunity to perform work at JBCC through the periodic issuance of task orders by the U.S. government for up to a maximum initial firm-fixed-price value of $45.0 million over a 15-year period, subject to adjustments as task orders are issued. In September 2023, the first task order was issued with a value of $2.3 million to perform an evaluation, construction and transition services that are scheduled for completion in 2024.

There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or its subsidiaries.

Basis of Presentation: The consolidated financial statements and notes thereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. AWR owns all of the outstanding common shares of GSWC, BVES and ASUS. ASUS owns all of the outstanding common shares of its subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements.

Related-Party and Intercompany Transactions: As discussed in Note 9, prior to AWR and GSWC entering into new separate credit agreements on June 28, 2023 that replaced AWR’s previous credit agreement, AWR borrowed under its credit facility and provided funds to both GSWC and ASUS in support of their operations. Under AWR’s new credit facility, AWR borrows and continues to provide funds to ASUS in support of its operations, through an intercompany borrowing agreement, and AWR (parent). The interest rate charged to ASUS is sufficient to cover AWR’s interest expense under the credit facility. GSWC’s new credit facility provides support for its water operations. BVES has a separate credit facility and has also issued long-term debt to support its operations.

Furthermore, GSWC, BVES and ASUS provide and/or receive various support services to and from their parent, AWR, and among themselves. GSWC allocates certain corporate office administrative and general costs to its affiliates, BVES and ASUS, using allocation factors approved by the CPUC. During the years ended December 31, 2023, 2022 and 2021, GSWC allocated to ASUS approximately $5.0 million, $5.2 million and $5.3 million, respectively, of corporate office

administrative and general costs. During the years ended December 31, 2023, 2022 and 2021, GSWC allocated corporate office administrative and general costs to BVES of approximately $3.5 million, $2.7 million and $2.8 million, respectively.

In January 2023, the Board of Directors approved the issuance of one GSWC common share to AWR for $10.0 million. Also in January 2023, GSWC issued $130.0 million in unsecured private placement long-term notes. GSWC used the proceeds from both the issuance of equity and long-term debt issued to pay-off all intercompany borrowings due to AWR at that time. On June 28, 2023, GSWC borrowed for the first time under its new syndicated credit facility and used the proceeds to again pay-off its short-term intercompany borrowings due to AWR. The CPUC requires GSWC to pay-off all intercompany borrowings it has from AWR within a 24-month period. GSWC’s borrowings under its new credit facility will also be required to be paid-off in full within a 24-month period.

COVID-19: During 2021, as a response to orders issued by the CPUC and the governor of California related to the COVID-19 pandemic, GSWC and BVES suspended customer service disconnections for nonpayment at the time. However, pursuant to the CPUC’s decision in the Second Phase of the Low-Income Affordability Rulemaking, the moratorium on water-service disconnections due to non-payment of past-due amounts billed to residential customers expired on February 1, 2022, with service disconnections due to nonpayment for delinquent residential customers resuming in June 2022. Payment plan options have been offered to customers; however, GSWC has continued to experience non-payments of past-due bills from customers as a result of the lingering effects of the pandemic during 2023. The CPUC 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.

In July 2021, the governor of California approved SB-129 Budget Act of 2021, in which nearly $1 billion in relief funding for overdue water customer bills, and nearly $1 billion in relief funding for overdue electric customer bills were included. The water customer relief funding was managed by the State Water Resources Control Board (“SWRCB”) through the California Water and Wastewater Arrearage Payment Program (“Arrearage Program”) to provide assistance to customers for their water debt accrued during the COVID-19 pandemic by remitting federal funds that the state received from the American Rescue Plan Act of 2021 to the utility on behalf of eligible customers. In addition, on July 10, 2023, the governor of California signed a budget trailer bill expanding the Arrearage Program. This new Extended Water and Wastewater Arrearage Program (“Extended Arrearage Program”) extended the COVID relief period to December 31, 2022, with the state legislature allocating an additional $600 million in federal funding.

In January 2022, GSWC received $9.5 million in COVID relief funds through the Arrearage Program to provide assistance to customers for their water debt accrued during the COVID-19 pandemic by remitting federal funds that the state received from the American Rescue Plan Act of 2021 to the utility on behalf of eligible customers. In December 2023, GSWC filed an application with the SWRCB through the Extended Arrearage Program to obtain additional COVID relief funds to provide further assistance to its customers for their water debt accrued during the COVID-19 pandemic. GSWC has received confirmation from SWRCB that it is currently processing GSWC's application and expects to disburse approximately $3.5 million in additional COVID relief funds through this Program. All funds to be received will be applied to customer eligible delinquent balances. In February and December 2022, BVES received $321,000 and $152,000, respectively, from the state of California for similar customer relief funding for unpaid electric customer bills incurred during the pandemic. 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. As of December 31, 2023, GSWC fully offset its bad debt-related CEMA balance as a result of additional COVID relief funds approved. In addition, BVES has filed to recover the remaining balance in its COVID-19 memorandum account through its general rate case application filed in August 2022.

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.

Utility Accounting: Registrant’s accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the CPUC and, to the extent applicable, the Federal Energy Regulatory Commission. GSWC and BVES have incurred various costs and received various credits reflected as regulatory assets and liabilities. Accounting for such costs and credits as regulatory assets and liabilities is in accordance with the guidance for accounting for the effects of certain types of regulation. This guidance sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator.

Under such accounting guidance, rate-regulated entities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the ratemaking process in a period different from the period in which they would have been reflected in income by an unregulated company. These regulatory assets and liabilities are then recognized in the income statement in the period in which the same amounts are reflected in the rates charged for service. The amounts included as regulatory assets and liabilities that will be collected or refunded over a period exceeding one year are classified as long-term assets and liabilities as of December 31, 2023 and 2022.

Regulatory assets are reviewed for recoverability each reporting period. If a regulatory asset is no longer deemed probable of recovery, the deferred cost is charged to earnings.

Property and Depreciation: Registrant’s property consists primarily of regulated utility plant at GSWC and BVES. GSWC and BVES capitalize, as utility plant, the cost of construction and the cost of additions, betterments and replacements of retired units of property. Such costs include labor, material and certain indirect costs. Indirect costs are allocated to each project based on total costs.

Water systems acquired are recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. Any difference between the estimated original cost, less accumulated depreciation, and the purchase price, if recognized by the CPUC, is recorded as an acquisition adjustment within utility plant.

Depreciation for the regulated utilities is computed on the straight-line, remaining-life basis, group method, in accordance with the applicable ratemaking process. The provision for depreciation expressed as a percentage of the aggregate depreciable asset balances for regulated utilities was 2.2% for each of the years 2023, 2022 and 2021. Depreciation expense for regulated utilities, excluding amortization expense and depreciation on transportation equipment, totaled $38.3 million, $37.3 million and $35.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $851,000, $382,000 and $379,000 for the years 2023, 2022 and 2021, respectively. For the year ended December 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 final decision in GSWC's general rate case that resulted from an increase to the transportation equipment composite depreciation rates that are retroactive to January 1, 2022. Expenditures for maintenance and repairs are expensed as incurred. Retired property costs, including costs of removal, are charged to the accumulated provision for depreciation.

Estimated useful lives of regulated utilities’ utility plant, as authorized by the CPUC, are as follows:


Source of water supply			20 years to 60 years
Pumping			26 years to 41 years
Water treatment			26 years to 32 years
Transmission and distribution			15 years to 80 years
Generation			40 years
Other plant			5 years to 62 years

Non-regulated property consists primarily of equipment utilized by ASUS and its subsidiaries for its operations. This property is stated at cost, net of accumulated depreciation, which is calculated using the straight-line method over the useful lives of the assets.

Asset Retirement Obligations: GSWC has a legal obligation for the retirement of its wells, which by law need to be properly capped at the time of removal. As such, GSWC incurs asset retirement obligations. GSWC records the fair value of a liability for these asset retirement obligations in the period in which they are incurred. When the liability is initially recorded, GSWC capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, GSWC either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. Retirement costs have historically been recovered through rates subsequent to the retirement costs being incurred. Accordingly, recoverability of GSWC’s asset retirement obligations are reflected as a regulatory asset (Note 3). GSWC also reflects the loss or gain at settlement as a regulatory asset or liability on the balance sheet.

With regards to removal costs associated with certain other long-lived assets, such as water mains, distribution and transmission assets, asset retirement obligations have not been recognized as GSWC believes there is no legal obligation to do so. There are no CPUC rules or regulations that require GSWC to remove any of its other long-lived assets. In addition, GSWC’s water pipelines are not subject to regulation by any federal regulatory agency. GSWC has franchise agreements with various municipalities in order to use the public right of way for utility purposes (i.e., operate water distribution and transmission assets), and if certain events occur in the future, GSWC could be required to remove or relocate certain of its pipelines. However, it is not possible to estimate an asset retirement amount since the timing and the amount of assets that may be required to be removed, if any, is not known.

Amounts recorded for asset retirement obligations are subject to various assumptions and determinations, such as determining whether a legal obligation exists to remove assets, estimating the fair value of the costs of removal, when final removal will occur and the credit-adjusted risk-free interest rates to be utilized on discounting future liabilities. Changes that

may arise over time with regard to these assumptions will change amounts recorded in the future. Revisions in estimates for timing or estimated cash flows are recognized as changes in the carrying amount of the liability and the related capitalized asset. The estimated fair value of the costs of removal is based on third-party costs.

Impairment of Long-Lived Assets: Long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with accounting guidance for impairment or disposal of long-lived assets. Registrant would recognize an impairment loss on its regulated assets only if the carrying value amount of a long-lived asset is not recoverable from customer rates authorized by the CPUC. Impairment loss is measured as the excess of the carrying value over the amounts recovered in customer rates. For the years ended December 31, 2023, 2022 and 2021, no impairment loss was incurred.

Goodwill: At December 31, 2023 and 2022, AWR had approximately $1.1 million of goodwill. The $1.1 million goodwill arose from ASUS’s acquisition of a subcontractor’s business at some of its subsidiaries. In accordance with the accounting guidance for testing goodwill, AWR annually assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For 2023 and 2022, AWR’s assessment of qualitative factors did not indicate that an impairment had occurred for goodwill at ASUS.

Cash and Cash Equivalents: Cash and cash equivalents include short-term cash investments with an original maturity of three months or less. At times, cash and cash equivalent balances may be in excess of federally insured limits. Cash and cash equivalents are held with financial institutions with high credit standings.

Accounts Receivable: Accounts receivable is reported on the balance sheet net of any allowance for doubtful accounts. The allowance for doubtful accounts is Registrant’s best estimate of the amount of probable credit losses in Registrant’s existing accounts receivable from its water and electric customers, and is determined based on expected losses rather than incurred losses. Registrant reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required.

Receivables from the U.S. government include amounts due under contracts with the U.S. government to operate and maintain, and/or provide construction services for the water and/or wastewater systems at military bases. Other accounts receivable consist primarily of amounts due from third parties (non-utility customers) for various reasons, including amounts due from contractors, amounts due under settlement agreements and amounts due from other third-party prime government contractors pursuant to agreements for construction of water and/or wastewater facilities for such third-party prime contractors. The allowance for these other accounts receivable is based on Registrant’s evaluation of the receivable portfolio under current conditions and a review of specific problems and such other factors that, in Registrant’s judgment, should be considered in estimating losses. Allowances for doubtful accounts are disclosed in Note 18.

Materials and Supplies: Materials and supplies are stated at the lower of cost or net realizable value. Cost is computed using weighted average cost. Major classes of materials include pipe, meters, hydrants and valves.

Interest: Interest incurred during the construction of capital assets has generally not been capitalized for financial reporting purposes as such policy is not followed in the ratemaking process. Interest expense is generally recovered through the regulatory process. At times, the CPUC has authorized certain capital projects to be filed for revenue recovery with advice letters when those projects are completed. During the time that such projects are under development and construction, GSWC or BVES may record an allowance for funds used during construction (“AFUDC”) as a component of construction work in progress to offset the cost of financing project construction. After construction is completed, GSWC and BVES is permitted to recover these costs through the inclusion in rate base. For the year ended December 31, 2023, 2022 and 2021, BVES recorded $14,000, $106,000 and $216,000, respectively in AFUDC.

Debt Issuance Costs and Redemption Premiums: Original debt issuance costs are deducted from the carrying value of the associated debt liability and amortized over the lives of the respective issuances of long-term debt. Premiums paid on the early redemption of debt are deferred as regulatory assets and amortized over the period that GSWC and BVES recovers such costs in rates, which is generally over the term of the new debt issued to finance early debt redemption. At December 31, 2023 and 2022, Registrant’s long-term debt have been issued by GSWC and BVES.

Advances for Construction and Contributions in Aid of Construction: Advances for construction represent amounts advanced by developers for the cost to construct water system facilities in order to extend water service to their properties. Advances are refundable in equal annual installments, generally over 40 years. In certain instances, GSWC makes refunds on these advances over a specific period of time based on operating revenues related to the main or as new customers are connected to receive service from the main. Contributions in aid of construction are similar to advances but require no refunding. Generally, GSWC and BVES depreciate contributed property and amortize contributions in aid of construction at the composite rate of the related property. Utility plant funded by advances and contributions are excluded from rate base.

Fair Value of Financial Instruments: For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of the amounts. The table below estimates the fair value of long-term debt held by AWR and GSWC, respectively. Rates available to AWR and GSWC at December 31, 2023 and 2022 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results.


	2023				2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt—AWR (1)(2)	$	579,047	$	556,214	$	450,373	$	424,151


	2023				2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt—GSWC (1)	$	544,047	$	522,883	$	415,373	$	391,198

(1) Excludes debt issuance costs and redemption premiums.

(2) Includes debt held by BVES of $35.0 million as of December 31, 2023 and 2022, respectively.

The accounting guidance for fair value measurements applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, Registrant 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).

Registrant makes fair value measurements on its publicly issued notes, private placement notes and other long-term debt using current U.S. corporate debt yields for similar debt instruments. Under the fair value guidance, these are classified as Level 2, which consists of quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

The following table sets forth by level, within the fair value hierarchy, Registrant’s long-term debt measured at fair value as of December 31, 2023:


(dollars in thousands)	Level 1	Level 2		Level 3	Total
Long-term debt—AWR	—	$	556,214	—	$	556,214
(dollars in thousands)	Level 1	Level 2		Level 3	Total
Long-term debt—GSWC	—	$	522,883	—	$	522,883

Stock-Based Awards: AWR has issued stock-based awards to its employees under stock incentive plans. AWR has also issued stock-based awards to its Board of Directors under non-employee directors stock plans. Registrant applies the provisions in the accounting guidance for share-based payments in accounting for all of its stock-based awards. See Note 13 for further discussion.

Earnings Per Share / Capital Stock- Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Additional disclosure
Exercise of stock options and other issuance of Common Shares	18,371	25,956	47,182
Proceeds from Stock Options Exercised, Distributed to Subsidiaries	$ 0	$ 0	$ 0
Dividend Reinvestment Plan Common Stock Capital Shares Reserved for Future Issuance	1,055,948
Common Shares authorized for issuance but unissued under 401(k) Plan	387,300
GSWC
Additional disclosure
Exercise of stock options and other issuance of Common Shares	1	0	0
Stock Issued During Period, Value, New Issues	$ 10,000,000

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Earnings Per Share / Capital Stock

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share / Capital Stock

Earnings Per Share and Capital Stock

In accordance with the accounting guidance for participating securities and earnings per share (“EPS”), Registrant uses the “two-class” method of computing EPS. The “two-class” method is an earnings allocation formula that determines EPS for each class of common stock and participating security. AWR has participating securities related to restricted stock units that earn dividend equivalents on an equal basis with AWR’s Common Shares that have been issued under AWR’s 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 to calculate basic EPS:


Basic:	For The Years Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Net income	$	124,921	$	78,396	$	94,347
Less: impact from participating securities	372		197		244
Total income available to common shareholders	$	124,549	$	78,199	$	94,103

Weighted average Common Shares outstanding, basic	36,976		36,955		36,921

Basic earnings per Common Share	$	3.37	$	2.12	$	2.55

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 directors, and net income.

The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding used to calculate diluted EPS:


Diluted:	For The Years Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Common shareholders earnings, basic	$	124,549	$	78,199	$	94,103
Undistributed earnings for dilutive stock options and restricted stock units	189		55		110
Total common shareholders earnings, diluted	$	124,738	$	78,254	$	94,213

Weighted average Common Shares outstanding, basic	36,976		36,955		36,921
Stock-based compensation (1)	101		84		89
Weighted average Common Shares outstanding, diluted	37,077		37,039		37,010

Diluted earnings per Common Share	$	3.36	$	2.11	$	2.55

During the years ended December 31, 2023, 2022 and 2021, AWR issued Common Shares totaling 18,371, 25,956 and 47,182, respectively, under AWR’s employee stock incentive plans and the non-employee directors’ plans. During 2023, 2022 and 2021, there were no cash proceeds received by AWR as a result of the exercise of stock options. AWR has not issued any Common Shares during 2023, 2022 and 2021 under AWR’s Common Share Purchase and Dividend Reinvestment Plan (“DRP”) and the 401(k) Plan. Shares reserved for the 401(k) Plan are in relation to AWR’s matching contributions and investment by participants. As of December 31, 2023, there were 1,055,948 and 387,300 Common Shares authorized for issuance directly by AWR but unissued under the DRP and the 401(k) Plan, respectively.

During 2023, GSWC issued one common shares to AWR for $10.0 million. Proceeds from the stock issuances were used to pay down a portion of intercompany borrowings owed to AWR as described in Note 1. No shares were issued by GSWC during 2022 and 2021.

During the years ended December 31, 2023, 2022 and 2021, AWR and GSWC made payments to taxing authorities on employees’ behalf for shares withheld related to net share settlements. These payments are included in the stock-based compensation caption of the statements of equity. GSWC’s outstanding common shares are owned entirely by its parent, AWR. To the extent GSWC does not reimburse AWR for stock-based compensation awarded under various stock compensation plans, such amounts increase the value of GSWC’s common shareholder’s equity.

Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxes and Interest Paid:
Income taxes paid	$ 34,682	$ 27,370	$ 29,153
Interest Paid, Excluding Capitalized Interest, Operating Activities	39,367	26,005	22,540
Non-Cash Transactions:
Accrued payables for investment in utility plant	34,906	40,034	32,855
Property installed by developers and conveyed	4,690	1,549	7,222
GSWC
Taxes and Interest Paid:
Income taxes paid	31,625	20,155	21,428
Interest Paid, Excluding Capitalized Interest, Operating Activities	28,099	22,294	21,156
Non-Cash Transactions:
Accrued payables for investment in utility plant	33,465	38,302	30,656
Property installed by developers and conveyed	$ 4,690	$ 1,549	$ 7,222

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income	$ 124,921	$ 78,396	$ 94,347

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Benefit Plans - Fair Value Hierarchy (Details) - Post-Retirement Medical Benefits - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee benefit plans
Total investments measured at fair value	$ 12,827	$ 11,240	$ 13,773
Fair Value
Employee benefit plans
Total investments measured at fair value	12,827	11,240
Level 1
Employee benefit plans
Total investments measured at fair value	12,827	11,240
Level 2
Employee benefit plans
Total investments measured at fair value	0	0
Level 3
Employee benefit plans
Total investments measured at fair value	0	0
Cash equivalents \| Fair Value
Employee benefit plans
Total investments measured at fair value	189	215
Cash equivalents \| Level 1
Employee benefit plans
Total investments measured at fair value	189	215
Cash equivalents \| Level 2
Employee benefit plans
Total investments measured at fair value	0	0
Cash equivalents \| Level 3
Employee benefit plans
Total investments measured at fair value	0	0
Fixed income fund \| Fair Value
Employee benefit plans
Total investments measured at fair value	5,001	4,380
Fixed income fund \| Level 1
Employee benefit plans
Total investments measured at fair value	5,001	4,380
Fixed income fund \| Level 2
Employee benefit plans
Total investments measured at fair value	0	0
Fixed income fund \| Level 3
Employee benefit plans
Total investments measured at fair value	0	0
U.S. equity securities \| Fair Value
Employee benefit plans
Total investments measured at fair value	7,637	6,645
U.S. equity securities \| Level 1
Employee benefit plans
Total investments measured at fair value	7,637	$ 6,645
U.S. equity securities \| Level 2
Employee benefit plans
Total investments measured at fair value	0
U.S. equity securities \| Level 3
Employee benefit plans
Total investments measured at fair value	$ 0

Utility Plant and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Utility Plant and Intangible Assets

Schedule of Public Utility Property Plant and Equipment Components [Table Text Block]

The following table shows Registrant’s utility plant (regulated utility plant and non-regulated utility property) by major asset class:


	AWR December 31,				GSWC December 31,
(dollars in thousands)	2023		2022		2023		2022
Water
Land	$	18,290	$	18,427	$	18,290	$	18,427
Intangible assets	30,917		30,511		30,917		30,511
Source of water supply	111,112		109,918		111,112		109,918
Pumping	234,264		227,668		234,264		227,668
Water treatment	98,533		90,411		98,533		90,411
Transmission and distribution	1,489,974		1,431,437		1,489,974		1,431,437
Other	140,060		136,162		99,837		98,096
	2,123,150		2,044,534		2,082,927		2,006,468
Electric
Transmission and distribution	126,143		105,499		—		—
Generation	12,583		12,583		—		—
Other (1)	17,745		15,733		—		—
	156,471		133,815		—		—

Less — accumulated depreciation	(624,472)		(606,231)		(543,135)		(530,925)
Construction work in progress	237,131		181,648		195,742		141,175
Net utility plant	$	1,892,280	$	1,753,766	$	1,735,534	$	1,616,718

(1) Includes intangible assets of $1.2 million for the years ended December 31, 2023 and 2022 for studies performed.

Schedule of components of intangible assets

As of December 31, 2023 and 2022, intangible assets consist of the following:


	Weighted Average Amortization	AWR December 31,				GSWC December 31,
(dollars in thousands)	Period	2023		2022		2023		2022
Intangible assets:
Conservation programs	3 years	$	9,486	$	9,486	$	9,486	$	9,486
Water and service rights (2)	30 years	8,695		8,695		8,124		8,124
Water planning studies	14 years	14,164		13,757		12,926		12,519
Total intangible assets		32,345		31,938		30,536		30,129
Less — accumulated amortization		(27,275)		(26,811)		(26,294)		(25,374)
Intangible assets, net of amortization		$	5,070	$	5,127	$	4,242	$	4,755

Intangible assets not subject to amortization (3)		$	383	$	383	$	382	$	382

(2) Includes intangible assets of $571,000 for contracted services included in “Other Property and Investments” on the consolidated balance sheets as of December 31, 2023 and 2022.

(3) The intangible assets not subject to amortization primarily consist of organization and consent fees.

Schedule of estimated future consolidated amortization expenses related to intangible assets

Estimated future consolidated amortization expense related to intangible assets are as follows (in thousands):


	Amortization Expense
2024	$	911
2025	911
2026	911
2027	911
2028	911
Total	$	4,555

Schedule of reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations

The following is a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations, which are included in “Other Credits” on the balance sheets as of December 31, 2023 and 2022:


(dollars in thousands)	GSWC
Obligation at December 31, 2021	$	9,717
Accretion	386
Obligation at December 31, 2022	$	10,103
Accretion	406
Obligation at December 31, 2023	$	10,509

Employee Benefit Plans - Reconciliation of Benefit Obligations and Change in Benefit Obligation (Details) - SERP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$ 30,807	$ 36,089
Service cost	1,248	1,191	$ 1,392
Interest cost	1,644	1,022	915
Actuarial (gain) loss	840	(6,522)
Benefits paid	(945)	(973)
Projected benefit obligation at end of year	33,594	30,807	$ 36,089
Changes in Plan Assets:
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
Funded Status:
Net amount recognized as accrued pension cost	$ (33,594)	$ (30,807)

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Registrant’s long-term debt consists of notes and debentures of GSWC and BVES. Registrant summarizes its long-term debt in the Statements of Capitalization. GSWC and BVES do not currently have any secured debt.

On January 13, 2023, GSWC issued $130.0 million unsecured private-placement notes consisting of: $100.0 million aggregate principal amount of Series A Senior Notes at a coupon rate of 5.12% due January 31, 2033 and $30.0 million aggregate principal amount of Series B Senior Notes at a coupon rate of 5.22% due January 31, 2038. GSWC used the proceeds to pay down intercompany borrowings with AWR and to fund operations and capital expenditures for GSWC. Interest is payable semiannually on January 31 and July 31 of each year. The Series A and Series B notes are unsecured and rank equally with GSWC’s unsecured and unsubordinated debt. GSWC may, at its option, redeem all or portions of the notes at any time upon written notice, subject to payment of a make-whole premium based on 50 basis points above the applicable treasury yield. The make-whole premiums and covenant requirements under these new notes are similar to the terms of the other private placement notes issued by GSWC. Pursuant to the terms of each of these notes, GSWC must maintain a total indebtedness to capitalization ratio (as defined) of less than 0.6667-to-1 and a total indebtedness to earnings before income taxes, depreciation and amortization (“EBITDA”) of less than 8-to-1. As of December 31, 2023, GSWC had a total indebtedness to capitalization ratio of 0.4956-to-1 and a total indebtedness to EBITDA of 3.4-to-1.

On April 28, 2022, BVES completed the issuance of $35.0 million in unsecured private-placement notes consisting of $17.5 million at a coupon rate of 4.548% due April 28, 2032 and $17.5 million at a coupon rate of 4.949% due April 28, 2037. BVES used the proceeds from the notes to pay down all amounts under its revolving credit facility outstanding at the time of issuing the notes. Interest on these notes is payable semiannually, and the covenant requirements under these notes are similar to the terms of BVES’s revolving credit facility (Note 9).

Registrant’s annual maturities of all long-term debt at December 31, 2023 are as follows (in thousands):


2024	$	353
2025	370
2026	8,116
2027	403
2028	55,421
Thereafter	514,384
Total	$	579,047

Statement of Cash Flows, Supplemental Disclosures

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

The following table sets forth non-cash financing and investing activities and other cash flow information (in thousands).


	AWR						GSWC
	December 31,						December 31,
	2023		2022		2021		2023		2022		2021
Taxes and Interest Paid:
Income taxes paid, net	$	34,682	$	27,370	$	29,153	$	31,625	$	20,155	$	21,428
Interest paid, net of capitalized interest	39,367		26,005		22,540		28,099		22,294		21,156

Non-Cash Transactions:
Accrued payables for investment in utility plant	34,906		40,034		32,855		33,465		38,302		30,656
Property installed by developers and conveyed	4,690		1,549		7,222		4,690		1,549		7,222

Commitments (Details) $ in Thousands	12 Months Ended
Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($) unit
GSWC \| Low income rate assistance balancing accounts
Estimated future minimum payments
Total	$ 9,000
GSWC \| Water Supply
Estimated future minimum payments
2024	491
2025	441
2026	391
2027	391
2028	213
Thereafter	805
Total	2,732
GSWC \| Water Supply \| Various third parties
Purchase commitments
Remaining amount of commitment	1,300
GSWC \| Water Supply \| Other various third parties
Estimated future minimum payments
Total	$ 1,400
BVES
Estimated future minimum payments
Number of renewable energy credits that would be purchased \| unit	578,000
BVES \| Renewables Portfolio Standard [Member]
Estimated future minimum payments
Derivative, Term of Contract	10 years
BVES \| Renewables Portfolio Standard (Bundled Product)
Estimated future minimum payments
Derivative, Term of Contract	11 years
BVES \| Electric Power Purchase Commitments
Estimated future minimum payments
Total	$ 45,800
Minimum \| BVES
Purchase commitments
Derivative, Term of Contract	3 years
Maximum \| BVES
Purchase commitments
Derivative, Term of Contract	5 years
Purchase power contract \| Minimum \| BVES
Purchase commitments
Derivative, Term of Contract	3 years
Purchase power contract \| Maximum \| BVES
Purchase commitments
Derivative, Term of Contract	5 years

Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 15, 2023	Jan. 13, 2023	Dec. 31, 2022	Apr. 28, 2022
Debt Instrument [Line Items]
Ratio of Indebtedness to EBITDA	8
GSWC
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 130,000
Ratio of Indebtedness to Net Capital	0.4956
Ratio of Indebtedness to EBITDA	3.4
GSWC \| Maximum
Debt Instrument [Line Items]
Ratio of Indebtedness to Net Capital	0.6667
BVES
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 35,000
Series A Senior Notes 5.12 Percent Due 2033 \| GSWC
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 100,000
Interest rate (as a percent)			5.12%
Private Placement Notes \| GSWC
Debt Instrument [Line Items]
Debt Instrument Redemption Premium above Treasury Yield	50.00%
Series A Senior Notes 5.22 Percent Due 2038 \| GSWC
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 30,000
Interest rate (as a percent)			5.22%
4.548% note due 2032
Debt Instrument [Line Items]
Interest rate (as a percent)	4.548%
4.548% note due 2032 \| BVES
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 17,500
Interest rate (as a percent)					4.548%
4.949% note due 2037
Debt Instrument [Line Items]
Interest rate (as a percent)	4.949%			4.949%
4.949% note due 2037 \| BVES
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 17,500
Interest rate (as a percent)					4.949%

Contingencies	12 Months Ended
Contingencies	Dec. 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. As of December 31, 2023, the total spent to clean-up and remediate the plant site was approximately $6.3 million, of which $1.5 million has been paid by the State of California Underground Storage Tank Fund. Amounts paid by GSWC have been included in rate base and approved by the CPUC for recovery. As of December 31, 2023, GSWC has a regulatory asset and an accrued liability for the estimated remaining cost of $1.3 million to complete the cleanup at the site. The estimate includes costs for 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 believes it is probable that the estimated additional costs will continue to be approved in rate base by the CPUC. Contracted Services: Most of ASUS’s contract services are provided to the U.S. government pursuant to the terms of the initial 50-year, firm-fixed-price contracts and additional firm-fixed-price contracts subject to annual economic price adjustments. ASUS's subsidiaries also, from time to time, performs construction services on military bases as a subcontractor or pursuant to a task order agreement. Entering into contracts with the U.S. government subjects ASUS and its subsidiaries to potential government audits or investigations of its business practices and compliance with government procurement statutes and regulations. ASUS had been under a civil government investigation over bidding and estimating practices used in certain capital upgrade projects. In July 2023, ASUS and the U.S. government entered into an agreement that settled civil and monetary claims by the U.S. government. This settlement did not have a material impact on Registrant’s financial statements. 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.

Employee Benefit Plans - Schedule of Fair Value Measured by Net Asset Value (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee benefit plans
Fair Value	$ 205,305	$ 186,906	$ 233,524
Unfunded Commitments	0	0
Cash equivalents
Employee benefit plans
Fair Value	814	801
Unfunded Commitments	0	0
Fixed income fund
Employee benefit plans
Fair Value	80,737	73,863
Unfunded Commitments	0	0
Total equity funds
Employee benefit plans
Fair Value	114,309	103,947
Unfunded Commitments	0
U.S. small/mid cap funds
Employee benefit plans
Fair Value	19,162	17,136
Unfunded Commitments	0	0
U.S. large cap funds
Employee benefit plans
Fair Value	49,770	44,572
Unfunded Commitments	0	0
International funds
Employee benefit plans
Fair Value	45,377	42,239
Unfunded Commitments	0	0
Real estate funds
Employee benefit plans
Fair Value	9,445	8,295
Unfunded Commitments	$ 0	$ 0

Dividend Limitations	12 Months Ended
Dividend Limitations	Dec. 31, 2023
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Dividend Limitations	Dividend Limitations GSWC is prohibited from paying dividends if, after giving effect to the dividend, its total indebtedness to capitalization ratio (as defined) would be more than 0.6667-to-1. Dividends in the amount of $55.4 million, $27.0 million and $38.3 million were paid to AWR by GSWC during the years 2023, 2022 and 2021, respectively. The ability of AWR, GSWC, BVES and ASUS to pay dividends is also restricted by California law. Under California law, AWR, GSWC, BVES and ASUS are each permitted to distribute dividends to its shareholders so long as the Board of Directors determines, in good faith, that either: (i) the value of the corporation’s assets equals or exceeds the sum of its total liabilities immediately after the dividend, or (ii) its retained earnings equals or exceeds the amount of the distribution. Under the least restrictive of the California tests, approximately $776.1 million was available to pay dividends to AWR’s shareholders at December 31, 2023. Approximately $703.8 million was available for GSWC to pay dividends to AWR at December 31, 2023.

Leases Supplemental lease information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease, Cost	$ 2,486	$ 2,609
Operating lease right-of-use assets	7,982	9,535
Short-term Lease, Cost	$ 147	$ 198
Operating Lease, Weighted Average Remaining Lease Term	4 years 6 months 18 days	5 years 3 months 7 days
Operating Lease, Weighted Average Discount Rate, Percent	4.00%	3.90%
Operating Lease, Payments, Use	$ 565	$ 1,569

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability

The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2023 and 2022:


	Pension Benefits				Post-Retirement Medical Benefits
(dollars in thousands)	2023		2022		2023		2022
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year	$	190,678	$	259,751	$	2,014	$	2,686
Service cost	3,196		5,644		130		129
Interest cost	10,142		7,401		106		60
Actuarial (gain) loss	8,525		(72,710)		49		(570)
Benefits/expenses paid	(9,578)		(9,408)		(334)		(291)
Projected benefit obligation at end of year	$	202,963	$	190,678	$	1,965	$	2,014

Changes in Plan Assets:
Fair value of plan assets at beginning of year	$	186,906	$	233,524	$	11,240	$	13,773
Actual return on plan assets	25,031		(40,299)		1,921		(2,242)
Employer contributions	2,946		3,089		265		263
Benefits/expenses paid	(9,578)		(9,408)		(599)		(554)
Fair value of plan assets at end of year	$	205,305	$	186,906	$	12,827	$	11,240

Funded Status:
Overfunded/(underfunded) amount recognized	$	2,342	$	(3,772)	$	10,862	$	9,226


	Pension Benefits						Post-Retirement Medical Benefits
(dollars in thousands)	2023			2022			2023			2022
Amounts recognized on the balance sheets:
Non-current assets	$	2,342		$	—		$	10,862		$	9,226
Current liabilities	—			—			—			—
Non-current liabilities	—			(3,772)			—			—
Net amount recognized	$	2,342		$	(3,772)		$	10,862		$	9,226
Amounts recognized in regulatory assets (liabilities) consist of:
Prior service cost (credit)	$	1,454		$	1,889		$	—		$	—
Net loss (gain)	(1,899)			4,123			(6,272)			(5,846)
Regulatory assets (liabilities)	(445)			6,012			(6,272)			(5,846)
Prefunded plan costs	(1,897)			(2,240)			(4,590)			(3,380)
Net liability (asset) recognized	$	(2,342)		$	3,772		$	(10,862)		$	(9,226)

Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities):
Regulatory asset (liability) at beginning of year	$	6,012		$	25,691		$	(5,846)		$	(9,839)
Net (loss) gain	(6,023)			(19,245)			(1,395)			2,259
New prior service cost	—			—			—			—
Amortization of prior service (cost) credit	(434)			(434)			—			—
Amortization of net gain (loss)	—			—			969			1,734
Total change in regulatory asset (liability)	(6,457)			(19,679)			(426)			3,993
Regulatory asset (liability) at end of year	$	(445)		$	6,012		$	(6,272)		$	(5,846)

Net periodic pension costs	$	3,289		$	313		$	(1,210)		$	(2,132)
Change in regulatory asset (liability)	(6,457)			(19,679)			(426)			3,993
Total recognized in net periodic pension cost and regulatory asset (liability)	$	(3,168)		$	(19,366)		$	(1,636)		$	1,861

Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	202,963		$	190,678		$	1,965		$	2,014
Accumulated benefit obligation	$	192,986		$	181,376		N/A			N/A
Fair value of plan assets	$	205,305		$	186,906		$	12,827		$	11,240

Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	5.16		%	5.41		%	5.04		%	5.34		%
Rate of compensation increase	*			*			N/A			N/A

•Age-graded ranging from 2.5% to 7.0%.

The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2023 and 2022:


(dollars in thousands)	2023		2022
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	30,807	$	36,089
Service cost	1,248		1,191
Interest cost	1,644		1,022
Actuarial loss (gain)	840		(6,522)
Benefits paid	(945)		(973)
Benefit obligation at end of year	$	33,594	$	30,807
Changes in Plan Assets:
Fair value of plan assets at beginning and end of year	—		—
Funded Status:
Net amount recognized as accrued cost	$	(33,594)	$	(30,807)


(in thousands)	2023			2022
Amounts recognized on the balance sheets:
Current liabilities	$	(942)		$	(942)
Non-current liabilities	(32,652)			(29,865)
Net amount recognized	$	(33,594)		$	(30,807)
Amounts recognized in regulatory assets consist of:
Prior service cost	$	—		$	—
Net loss	2,869			1,995
Regulatory assets	2,869			1,995
Unfunded accrued cost	30,725			28,812
Net liability recognized	$	33,594		$	30,807

Changes in plan assets and benefit obligations recognized in regulatory assets consist of:
Regulatory asset at beginning of year	$	1,995		$	9,097
Net gain (loss)	840			(6,522)
Amortization of prior service credit	—			—
Amortization of net gain (loss)	34			(580)
Total change in regulatory asset	874			(7,102)
Regulatory asset at end of year	$	2,869		$	1,995

Net periodic pension cost	$	2,858		$	2,793
Change in regulatory asset	874			(7,102)
Total recognized in net periodic pension and regulatory asset	$	3,732		$	(4,309)

Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	33,594		$	30,807
Accumulated benefit obligation	30,794			28,157
Fair value of plan assets	—			—
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.15		%	5.42		%
Rate of compensation increase	*			*

* Age graded from 4.0% to 5.5% per year.

Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool

The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2023, 2022 and 2021 are as follows:


	Pension Benefits						Post-Retirement Medical Benefits
(dollars in thousands, except percent)	2023		2022		2021		2023		2022		2021
Components of Net Periodic Benefits Cost:
Service cost	$3,196		$5,644		$6,316		$130		$129		$149
Interest cost	10,142		7,401		6,833		106		60		110
Expected return on plan assets	(10,483)		(13,166)		(12,541)		(477)		(587)		(537)

Amortization of prior service cost (credit)	434		434		434		—		—		—
Amortization of actuarial (gain) loss	—		—		3,817		(969)		(1,734)		(1,417)
Net periodic pension cost under accounting standards	$3,289		$313		$4,859		$(1,210)		$(2,132)		$(1,695)
Regulatory adjustment	(281)		—		(1,277)		—		—		—
Total expense recognized, before surcharges and allocation to overhead pool	$3,008		$313		$3,582		$(1,210)		$(2,132)		$(1,695)

Weighted-average assumptions used to determine net periodic cost:
Discount rate	5.41	%	2.89	%	2.55	%	5.34	%	2.46	%	2.20	%
Expected long-term return on plan assets	5.75	%	5.75	%	6.00	%	*		*		*
Rate of compensation increase	**		**		**		N/A		N/A		N/A

*5.50% for union plan and 3.9% for non-union (net of income taxes) in 2023 and 2022 and 5.75% for union plan and 4.0% for non-union (net of income taxes) in 2021.

** Age-graded ranging from 2.5% to 7.0%.

The components of SERP expense, before allocation to the overhead pool, for 2023, 2022 and 2021 are as follows:


(dollars in thousands, except percent)	2023			2022			2021
Components of Net Periodic Benefits Cost:
Service cost	$	1,248		$	1,191		$	1,392
Interest cost	1,644			1,022			915

Amortization of net (gain) loss	(34)			580			1,678
Net periodic pension cost	$	2,858		$	2,793		$	3,985

Weighted-average assumptions used to determine net periodic cost:
Discount rate	5.42		%	2.87		%	2.52		%
Rate of compensation increase	*			*			*

* Age graded from 4.0% to 5.5% per year.

Schedule of actual allocation of plan assets

The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2023 and 2022, by asset category are as follows:


	Pension Benefits				Post-Retirement Medical Benefits
Asset Category	2023		2022		2023		2022
Actual Asset Allocations:
Equity securities	56	%	56	%	60	%	59	%
Debt securities	39	%	39	%	39	%	39	%
Real Estate Funds	5	%	5	%	—	%	—	%
Cash equivalents	—	%	—	%	1	%	2	%
Total	100	%	100	%	100	%	100	%

Schedule of pension and post-retirement plan target asset allocations

Equity securities did not include AWR’s Common Shares as of December 31, 2023 and 2022.


Target Asset Allocations:	Pension Benefits		Post-retirement Medical Benefits
Equity securities	60	%	60	%
Debt securities	40	%	40	%
Total	100	%	100	%

Summary of fair value, measured by net asset value, of the pension investment assets

The following tables set forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2023 and 2022:


	Net Asset Value as of December 31, 2023
(dollars in thousands)	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Cash equivalents	$	814	—	N/A	N/A
Fixed income fund	80,737		—	Daily	Daily
Equity securities:
U.S. small/mid cap funds	19,162		—	Daily	Daily
U.S. large cap funds	49,770		—	Daily	Daily
International funds	45,377		—	Daily	Daily
Total equity funds	114,309		—
Real estate funds	9,445		—	Daily	Daily
Total	$	205,305	—

Net Asset Value as of December 31, 2022

(dollars in thousands)

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Cash equivalents

801

—

N/A

Fixed income fund

73,863

—

Daily

Equity securities:

U.S. small/mid cap funds

17,136

—

Daily

U.S. large cap funds

44,572

—

Daily

International funds

42,239

—

Daily

Total equity funds

103,947

Real estate funds

8,295

—

Daily

Total

186,906

—

Schedule of pension and post-retirement plans' investment assets measured at fair value

The following tables set forth by level, within the fair value hierarchy, the post-retirement plan’s investment assets measured at fair value as of December 31, 2023 and 2022:


	Fair Value as of December 31, 2023
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Post-Retirement Plan Assets:
Cash equivalents	$	189	—	—	$	189
Fixed income	5,001		—	—	5,001
U.S. equity securities	7,637		—	—	7,637
Total investments measured at fair value	$	12,827	—	—	$	12,827


	Fair Value as of December 31, 2022
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Post-Retirement Plan Assets:
Cash equivalents	$	215	—	—	$	215
Fixed income	4,380		—	—	4,380
U.S. equity securities	6,645		—	—	6,645
Total investments measured at fair value	$	11,240	—	—	$	11,240

The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2023 and 2022:


	Fair Value as of December 31, 2023
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Assets held in Rabbi Trust:
Cash equivalents	$	6	—	—	$	6
Fixed income securities	13,676		—	—	13,676
Equity securities	20,461		—	—	20,461
Total investments measured at fair value	$	34,143	—	—	$	34,143


	Fair Value as of December 31, 2022
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Assets held in Rabbi Trust:
Cash equivalents	$	9	—	—	$	9
Fixed income securities	10,962		—	—	10,962
Equity securities	16,560		—	—	16,560
Total investments measured at fair value	$	27,531	—	—	$	27,531

Schedule of estimated future benefit payments

Estimated future benefit payments at December 31, 2023 are as follows (in thousands):


	Pension Benefits		Post-Retirement Medical Benefits
2024	$	10,604	$	295
2025	11,089		279
2026	11,539		276
2027	12,075		252
2028	12,568		226
Thereafter	70,006		713
Total	$	127,881	$	2,041

Benefit Payments: Estimated future benefit payments for the SERP at December 31, 2023 are as follows (in thousands):


2024	$	942
2025	2,344
2026	2,519
2027	2,630
2028	2,604
Thereafter	13,551
Total	$	24,590

CONSOLIDATED STATEMENTS OF CHANGES IN COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	GSWC	Common Stock	Common Stock GSWC	Earnings Reinvested in the Business	Earnings Reinvested in the Business GSWC
Beginning Balance (in shares) at Dec. 31, 2020			36,889,000	170
Beginning Balance at Dec. 31, 2020	$ 641,673	$ 583,298	$ 256,666	$ 354,906	$ 385,007	$ 228,392
Add:
Net Income	$ 94,347	$ 69,215			94,347	69,215
Exercise of stock options and other issuance of Common Shares	47,182	0	47,000
Exercise of stock options and other issuance of Common Shares	$ 0		$ 0
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements	1,616	$ 1,473	1,616	1,473
Dividend equivalent rights on stock-based awards not paid in cash	160	151	$ 160	$ 151
Deduct:
Dividends on Common Shares	51,689	38,300			51,689	38,300
Dividend equivalent rights on stock-based awards	160	151			160	151
Ending Balance (in shares) at Dec. 31, 2021			36,936,000	170
Ending Balance at Dec. 31, 2021	685,947	615,686	$ 258,442	$ 356,530	427,505	259,156
Add:
Net Income	$ 78,396	$ 53,770			78,396	53,770
Exercise of stock options and other issuance of Common Shares	25,956	0	26,000
Exercise of stock options and other issuance of Common Shares	$ 0		$ 0
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements	1,562	$ 1,450	1,562	1,450
Dividend equivalent rights on stock-based awards not paid in cash	154	143	$ 154	$ 143
Deduct:
Dividends on Common Shares	56,356	27,000			56,356	27,000
Dividend equivalent rights on stock-based awards	$ 154	$ 143			154	143
Ending Balance (in shares) at Dec. 31, 2022	36,962,241	170	36,962,000	170
Ending Balance at Dec. 31, 2022	$ 709,549	$ 643,906	$ 260,158	$ 358,123	449,391	285,783
Add:
Net Income	$ 124,921	$ 102,708			124,921	102,708
Exercise of stock options and other issuance of Common Shares	18,371	1	19,000	1
Exercise of stock options and other issuance of Common Shares	$ 0	$ 10,000	$ 0	$ 10,000
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements	2,834	2,614	2,834	2,614
Dividend equivalent rights on stock-based awards not paid in cash	187	172	$ 187	$ 172
Deduct:
Dividends on Common Shares	61,195	55,400			61,195	55,400
Dividend equivalent rights on stock-based awards	$ 187	$ 172			187	172
Ending Balance (in shares) at Dec. 31, 2023	36,980,612	171	36,981,000	171
Ending Balance at Dec. 31, 2023	$ 776,109	$ 703,828	$ 263,179	$ 370,909	$ 512,930	$ 332,919

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenues
Water	$ 433,473	$ 340,602	$ 347,112
Electric	41,832	39,986	38,345
Contracted services	120,394	110,940	113,396
Total operating revenues	595,699	491,528	498,853
Operating Expenses
Water purchased	72,864	75,939	77,914
Power purchased for pumping	12,829	11,861	11,103
Groundwater production assessment	20,850	19,071	19,412
Power purchased for resale	13,275	15,039	11,240
Supply cost balancing accounts	12,118	(12,000)	(11,421)
Other operation	40,271	38,095	34,738
Administrative and general	88,273	86,190	83,547
Depreciation and amortization	42,403	41,315	39,596
Maintenance	14,218	13,392	12,781
Property and other taxes	24,046	22,894	22,522
ASUS construction	57,912	53,171	56,909
Gain on sale of assets	(100)	(75)	(465)
Total operating expenses	398,959	364,892	357,876
Operating Income	196,740	126,636	140,977
Other Income and Expenses
Interest expense	(42,762)	(27,027)	(22,834)
Interest income	7,416	2,326	1,493
Other, net	5,126	125	5,134
Total other income and expenses	(30,220)	(24,576)	(16,207)
Income before income taxes	166,520	102,060	124,770
Income tax expense	41,599	23,664	30,423
Net Income	$ 124,921	$ 78,396	$ 94,347
Basic Earnings Per Common Share
Weighted Average Number of Shares Outstanding (in shares)	36,976	36,955	36,921
Basic earnings per Common Share (usd per share)	$ 3.37	$ 2.12	$ 2.55
Fully Diluted Earnings Per Share
Weighted Average Number of Diluted Shares (in shares)	37,077	37,039	37,010
Earnings Per Share, Diluted	$ 3.36	$ 2.11	$ 2.55
Dividends Paid Per Common Share (in USD per share)	$ 1.655	$ 1.525	$ 1.400
AWR
Operating Revenues
Total operating revenues	$ 0	$ 0	$ 0
Operating Expenses
Depreciation and amortization	0	0	0
Other Income and Expenses
Income before income taxes	123,207	77,799	94,266
Income tax expense	(1,714)	(597)	(81)
Net Income	$ 124,921	$ 78,396	$ 94,347
Basic Earnings Per Common Share
Weighted Average Number of Shares Outstanding (in shares)	36,976	36,955	36,921
Basic earnings per Common Share (usd per share)	$ 3.37	$ 2.12	$ 2.55
Fully Diluted Earnings Per Share
Weighted Average Number of Diluted Shares (in shares)	37,077	37,039	37,010
Earnings Per Share, Diluted	$ 3.36	$ 2.11	$ 2.55
Dividends Paid Per Common Share (in USD per share)	$ 1.655	$ 1.525	$ 1.400
GSWC
Operating Revenues
Water	$ 433,473	$ 340,602	$ 347,112
Total operating revenues	433,473	340,602	347,112
Operating Expenses
Water purchased	72,864	75,939	77,914
Power purchased for pumping	12,829	11,861	11,103
Groundwater production assessment	20,850	19,071	19,412
Supply cost balancing accounts	13,839	(8,643)	(11,295)
Other operation	29,064	28,117	25,781
Administrative and general	59,313	58,358	55,552
Depreciation and amortization	35,886	34,805	33,384
Maintenance	9,906	9,559	9,056
Property and other taxes	19,845	19,080	19,041
Gain on sale of assets	(100)	0	(409)
Total operating expenses	274,296	248,147	239,539
Operating Income	159,177	92,455	107,573
Other Income and Expenses
Interest expense	(31,283)	(22,742)	(21,474)
Interest income	5,557	1,083	428
Other, net	4,946	(680)	4,783
Total other income and expenses	(20,780)	(22,339)	(16,263)
Income before income taxes	138,397	70,116	91,310
Income tax expense	35,689	16,346	22,095
Net Income	$ 102,708	$ 53,770	$ 69,215

Regulatory Matters - Narrative (Details)		1 Months Ended			3 Months Ended	12 Months Ended
Regulatory Matters - Narrative (Details)	Jul. 31, 2023	Dec. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024	Dec. 31, 2023 USD ($)	Sep. 30, 2023	Dec. 31, 2022 USD ($)
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory Asset Not Accruing Carrying Costs							$ 68,400,000
Total		$ (25,454,000)					$ 69,507,000		$ (25,454,000)
Cost of capital proceeding
Schedule of Regulatory Assets and Liabilities [Line Items]
Public Utilities, Approved Debt Capital Structure in May 2021 Cost of Capital Application, Percentage							5.10%
Public Utilities Approved Debt Capital Structure, Percentage Previously Authorized							6.60%
Public Utilities, Approved Return On Equity in May 2021 Cost of Capital Application, Percentage							0.0885
Public Utilities, Approved Return on Equity, Percentage, Previously Authorized							8.90%
Term for the cost of capital proceeding							3 years
Threshold percentage of Moody's average bond rate used adjusting return on equity and rate of return on rate base, Increase(Decrease)							0.0100
Triggers for the WCMA adjustment, Impact of 102.8 Basis Point Increase in Moody's Rate, Percent							0.010280
Public Utilities, Requested Return on Equity, Percentage	9.36%
Triggers for the WCMA adjustment, Impact of 139.7 Basis Point Increase in Moody's Rate, Percent								0.013970
Adjustment To Return On Equity, If More Than 100 Basis Point Change							0.5
Cost of capital proceeding \| Subsequent Event
Schedule of Regulatory Assets and Liabilities [Line Items]
Public Utilities, Requested Return on Equity, Percentage						10.06%
GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		(26,574,000)					$ 45,729,000		(26,574,000)
Public Utilities, Approved Equity Capital Structure, Percentage							57.00%
Public Utilities, Approved Debt Capital Structure, Percentage							43.00%
Revenue impact due to lower cost of debt							$ 6,400,000
Relief funding				$ 9,500,000			3,500,000		9,500,000
Regulatory Asset CEMA							$ 1,200,000
Discount Percentage For Qualified Low Income Water Customers							20.00%
BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Relief funding		152,000	$ 321,000						473,000
Regulatory Asset CEMA							$ 500,000
Discount Percentage For Qualified Low Income Water Customers							20.00%
Incremental vegetation management costs							$ 11,800,000
Regulatory Asset Wildfire Mitigation Plans WMP							5,900,000
Regulatory Asset CEMA -2023 Storm							$ 1,300,000
2022/2023 general rate case memorandum accounts (unbilled revenue)
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory Asset, Amortization Period							36 months
2022/2023 general rate case memorandum accounts (unbilled revenue) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		0					$ 52,795,000		0
Water revenue adjustment mechanism, net of the modified cost balancing account
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory adjustment					$ (9,800,000)
Water revenue adjustment mechanism, net of the modified cost balancing account \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		31,803,000					$ 41,545,000		31,803,000
Regulatory Asset, Amortization Period							24 months
Commercial paper, term							90 days
Pensions and other post-retirement obligations (Note 12)
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory Asset Not Accruing Carrying Costs							$ 3,800,000
Pensions and other post-retirement obligations (Note 12) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		738,000					(4,867,000)		738,000
Regulatory Assets							3,800,000
Pensions and other post-retirement obligations (Note 12) \| GSWC \| Under Collection in Two Way Pension Balancing Account
Schedule of Regulatory Assets and Liabilities [Line Items]
Total							1,100,000
Pensions and other post-retirement obligations (Note 12) \| BVES \| Under Collection in Two Way Pension Balancing Account
Schedule of Regulatory Assets and Liabilities [Line Items]
Total							277,000
Excess deferred income taxes (Note 11)
Schedule of Regulatory Assets and Liabilities [Line Items]
Total							74,000,000
Excess deferred income taxes (Note 11) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		(71,870,000)					(70,189,000)		(71,870,000)
Flowed-through deferred income taxes, net (Note 11)
Schedule of Regulatory Assets and Liabilities [Line Items]
Total							4,300,000
Flowed-through deferred income taxes, net (Note 11) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		(1,134,000)					3,190,000		(1,134,000)
Low income rate assistance balancing accounts \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		2,526,000					5,763,000		2,526,000
Low income rate assistance balancing accounts \| Golden State Water Company and Bear Valley Electric Service, Inc.
Schedule of Regulatory Assets and Liabilities [Line Items]
Total							5,700,000
Derivative instrument memorandum account (Note 5)
Schedule of Regulatory Assets and Liabilities [Line Items]
Total							2,400,000
Derivative instrument memorandum account (Note 5) \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		(11,847,000)					2,360,000		(11,847,000)
Water Revenue Adjustment Mechanism
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory adjustment							30,100,000
Water Revenue Adjustment Mechanism \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total							43,900,000
Deferred Revenues							0
Modified Cost Balancing Account \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Total							2,400,000
Electric supply cost adjustment mechanism \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Total		$ 3,627,000					2,583,000		$ 3,627,000
Amount billed to customers as surcharges							$ 1,900,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Regulated utility plant, at cost
Water	$ 2,082,927	$ 2,006,468
Electric	156,471	133,815
Total	2,239,398	2,140,283
Non-regulated utility property, at cost	40,223	38,066
Total utility plant, at cost	2,279,621	2,178,349
Less — accumulated depreciation	(624,472)	(606,231)
Utility plant before construction work in progress	1,655,149	1,572,118
Construction work in progress	237,131	181,648
Net utility plant	1,892,280	1,753,766
Other Property and Investments
Goodwill	1,116	1,116
Other property and investments	42,932	36,907
Total other property and investments	44,048	38,023
Current Assets
Cash and cash equivalents	14,073	5,997
Accounts receivable — customers, less allowance for doubtful accounts	34,250	26,206
Unbilled receivable (Note 2)	23,516	20,663
Receivable from U.S. government, less allowance for doubtful accounts (Note 2)	49,306	34,974
Other accounts receivable, less allowance for doubtful accounts	6,340	4,215
Income taxes receivable	52	3,901
Materials and supplies	17,574	14,623
Regulatory assets — current	45,144	14,028
Prepayments and other current assets	5,767	5,450
Contract assets (Note 2)	9,956	9,390
Purchase power contract derivatives at fair value	0	11,847
Total current assets	205,978	151,294
Regulatory and Other Assets
Unbilled revenue, receivable from U.S government	4,886	6,456
Receivable from U.S. government (Note 2)	42,183	50,482
Contract assets (Note 2)	4,422	5,592
Operating lease right-of-use assets	7,982	9,535
Regulatory assets	25,585	5,694
Other	18,758	13,532
Total other assets	103,816	91,291
Total Assets	2,246,122	2,034,374
Capitalization
Common shareholder’s equity	776,109	709,549
Long-term debt	575,555	446,547
Total capitalization	1,351,664	1,156,096
Current Liabilities
Notes payable to bank	42,000	255,500
Long-term debt — current	353	399
Accounts payable	68,705	84,849
Income taxes payable	492	1,848
Accrued other taxes	14,654	16,257
Accrued employee expenses	14,738	13,996
Accrued interest	8,607	5,308
Regulatory liabilities	0	4,574
Contract liabilities (Note 2)	1,352	903
Operating lease liabilities	1,856	1,892
Purchase power contract derivative at fair value (Note 5)	2,360	0
Other	11,506	10,996
Total current liabilities	166,623	396,522
Other Credits
Note payable to bank, noncurrent	291,500	22,000
Advances for construction	67,431	64,351
Contributions in aid of construction — net	151,414	147,918
Deferred income taxes	161,577	149,677
Regulatory liabilities	1,222	40,602
Unamortized investment tax credits	1,011	1,082
Accrued pension and other post-retirement benefits	32,652	33,636
Operating lease liabilities	6,619	8,090
Other	14,409	14,400
Total other credits	727,835	481,756
Commitments and Contingencies
Total liabilities and capitalization	$ 2,246,122	$ 2,034,374

Derivative Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Instruments

Derivative Instruments

BVES has entered into long-term fixed price contracts to purchase power over three- and five-year terms. These long-term contracts will expire during the fourth quarter of 2024 and are subject to the accounting guidance for derivatives and require mark-to-market derivative accounting. In July 2023, the CPUC approved a new power purchase agreement between BVES and a third party to procure renewable portfolio standard eligible energy and renewable energy credits as a bundled product. BVES will begin taking power under this long-term contract during the fourth quarter of 2024 to replace the existing expiring contracts. The new contract provides for the purchase of electricity during a delivery period from November 1, 2024 through December 31, 2035. Under this contract, there is an embedded derivative that also requires mark-to-market accounting.

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 derivative instruments in purchase 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 December 31, 2023, there was a $2.4 million derivative liability at fair value for the derivatives in the purchase power contracts, with a corresponding regulatory asset recorded in the derivative instrument memorandum account as a result of overall fixed prices under BVES’s purchase power contracts being higher than future energy prices. The notional volume of derivatives remaining under these long-term contracts as of December 31, 2023 was approximately 685,256 megawatt hours.

Registrant’s valuation model utilizes various inputs that include quoted market prices for energy over the duration of the contracts. The market prices used to determine the fair value for these derivative instruments were estimated based on independent sources such as broker quotes and publications that are not observable in or corroborated by the market. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized as Level 3 as described in Note 1. Accordingly, the valuation of the derivatives on Registrant’s purchase power contracts have been classified as Level 3 for all periods presented.

The change in fair value was due to the change in market energy prices for the years 2023 and 2022. The following table presents changes in the fair value of the Level 3 derivatives for the years 2023 and 2022:


(dollars in thousands)	2023		2022
Fair value at beginning of the period	$	11,847	$	4,441
Unrealized (losses) gains on purchase power contracts	(14,207)		7,406
Fair value at end of the period	$	(2,360)	$	11,847

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Summary Description of Stock Incentive Plans

As of December 31, 2023, AWR had three stock incentive plans: the 2016 stock incentive plan for its employees, and the 2003 and 2023 non-employee directors plans for its Board of Directors, each more fully described below.

2016 Employee Plans — AWR adopted this employee plan, following shareholder approval, to provide stock-based incentive awards in the form of restricted stock units, stock options and restricted stock to employees as a means of promoting the success of Registrant by attracting, retaining and more fully aligning the interests of employees with those of customers and shareholders. The 2016 employee plan also provides for the grant of performance awards. There are no stock options or restricted stock grants currently outstanding. For restricted stock unit awards, the Compensation Committee determines the specific terms, conditions and provisions relating to each restricted stock unit. Each employee who has been granted a time-vested restricted stock unit is entitled to dividend equivalent rights in the form of additional restricted stock units until vesting of the time-vested restricted stock units. In general, time-vested restricted stock units vest over a period of three years. Restricted stock units may also vest upon retirement if the grantee is at least 55 and the sum of the grantee’s age and years of service are equal to or greater than 75, or upon death or total disability. In addition, restricted stock units may vest following a change in control if the applicable subsidiary of AWR terminates the grantee other than for cause or the employee terminates employment for good reason. Each restricted stock unit is non-voting and entitles the holder of the restricted stock unit to receive one Common Share.

The Compensation Committee also has the authority to determine the number, amount or value of performance awards, the duration of the performance period or performance periods applicable to the award and the performance criteria applicable to each performance award for each performance period. Each outstanding performance award granted by the Compensation Committee has been in the form of restricted stock units that generally vest over a period of three years as provided in the performance award agreement. The amount of the performance award paid to an employee depends upon satisfaction of performance criteria following the end of a three-year performance period. Performance awards may also vest and be payable upon retirement if the grantee is at least 55 and the sum of the grantee’s age and years of service are equal to or greater than 75, or upon death or total disability. In addition, performance awards may vest following a change in control if the applicable subsidiary of AWR terminates the grantee other than for cause or the employee terminates employment for good reason. The amount of the payment for performance awards granted will be at target in the event of death or a termination of employment (other than for cause) by the applicable subsidiary of AWR or termination by the employee for good reason within 24 months after a change in control. In all other circumstances, adjustments will be made to the amount of the payment to take into account the shortened performance period.

2003 and 2023 Directors Plans — The Board of Directors and shareholders of AWR have approved the 2003 and 2023 directors plans in order to provide the non-employee directors with supplemental stock-based compensation to encourage them to increase their stock ownership in AWR. New grants may not be made under the 2003 directors plan. Under the 2023 non-employee directors plan, non-employee directors are entitled to receive restricted stock units in an amount determined by

the Board of Directors prior to the meeting; provided that, in no event may that amount be equal to more than two times the then current annual retainer for services as a director divided by the fair market value of AWR’s Common Shares on the date preceding the annual meeting. Such units are convertible into AWR’s Common Shares 90 days after the grant date.

All non-employee directors of AWR who were directors of AWR at the 2003 annual meeting have also received restricted stock units, which will be distributed upon termination of the director’s service as a director.

All restricted stock units and performance awards have been granted with dividend equivalent rights payable in the form of additional restricted stock units.

Recognition of Compensation Expense

Registrant recognizes compensation expense related to the fair value of stock-based compensation awards. Share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Immediate vesting occurs if the employee is at least 55 years old and the sum of the employee’s age and years of employment is equal to or greater than 75. Registrant assumes that pre-vesting forfeitures will be minimal, and recognizes pre-vesting forfeitures as they occur, which results in a reduction in compensation expense.

The following table presents share-based compensation expenses for the years ended December 31, 2023, 2022 and 2021. These expenses resulting from restricted stock units, including performance awards, are included in administrative and general expenses in AWR’s and GSWC’s statements of income:


	AWR						GSWC
	For The Years Ended December 31,						For The Years Ended December 31,
(in thousands)	2023		2022		2021		2023		2022		2021
Stock-based compensation related to:
Restricted stock units	$	3,298	$	2,571	$	2,566	$	2,994	$	2,269	$	2,313
Total stock-based compensation expense	$	3,298	$	2,571	$	2,566	$	2,994	$	2,269	$	2,313

Equity-based compensation cost capitalized as part of utility plant for the years ended December 31, 2023, 2022 and 2021 was approximately $450,000, $290,000 and $336,000, respectively, for both AWR and GSWC. For the years ended December 31, 2023, 2022 and 2021, approximately $750,000, $900,000 and $1.4 million, respectively, of tax benefits from stock-based awards were recorded for both AWR and GSWC.

Registrant amortizes stock-based compensation over the requisite (vesting) period for the entire award. Time-vesting restricted stock units vest and become non-forfeitable in installments of 33% the first two years and 34% in the third year, starting one year from the date of the grant. Outstanding performance awards vest and become non-forfeitable in installments of 33% the first two years and 34% in the third year and are distributed at the end of the performance period to the extent that the Compensation Committee determines that the performance criteria set forth in the award agreement have been satisfied.

Restricted Stock Units (Time-Vested) — A restricted stock unit (“RSU”) represents the right to receive a share of AWR’s Common Shares and are valued based on the fair market value of AWR’s Common Shares on the date of grant. The fair value of RSUs were determined based on the closing trading price of Common Shares on the grant date. A summary of the status of Registrant’s outstanding RSUs, excluding performance awards, to employees and directors as of December 31, 2023, and changes during the year ended December 31, 2023, is presented below:


	Number of Restricted Share Units	Weighted Average Grant-Date Value
Restricted share units at January 1, 2023	47,552	$	49.01
Granted	19,837	94.71
Vested	(16,574)	87.28
Forfeited	(488)	92.84
Restricted share units at December 31, 2023	50,327	$	54.00

As of December 31, 2023, there was approximately $622,000 of total unrecognized compensation cost related to time-vested restricted stock units granted under AWR’s employee stock plans. That cost is expected to be recognized over a weighted average period of 1.53 years.

Restricted Stock Units (Performance Awards) – During the years ended December 31, 2023, 2022 and 2021, the Compensation Committee granted performance awards in the form of restricted stock units to officers of Registrant. A performance award represents the right to receive a share of AWR’s Common Shares if the Compensation Committee determines that specified performance goals have been met over the performance period specified in the grant (generally three years). Each grantee of any outstanding performance award may earn between 0% and up to 200% or 250% of the target amount, which varies depending on the target and Registrant’s performance against performance goals, which are determined by the Compensation Committee on the date of grant. As determined by the Compensation Committee, the performance awards granted during the years ended December 31, 2023, 2022 and 2021 included various performance-based conditions and one market-based condition related to total shareholder return (“TSR”) that will be earned based on Registrant’s TSR compared to the TSR for a specific peer group of investor-owned water companies.

A summary of the status of Registrant’s outstanding performance awards to officers as of December 31, 2023, and changes during the year ended December 31, 2023, is presented below:


	Number of Performance awards	Weighted Average Grant-Date Value
Performance awards at January 1, 2023	49,435	$	83.70
Granted	19,696	96.04
Performance criteria adjustment	8,321	91.73
Vested	(12,095)	89.59
Performance awards at December 31, 2023	65,357	$	87.35

A portion of the fair value of performance awards was estimated at the grant date based on the probability of satisfying the market-based condition using a Monte-Carlo simulation model, which assesses the probabilities of various outcomes of the market condition. The portion of the fair value of the performance awards associated with performance-based conditions was based on the fair market value of AWR’s Common Shares at the grant date. The fair value of each outstanding performance award grant is amortized into compensation expense in installments of 33% the first two years and 34% in the third year of their respective vesting periods, which is generally over 3 years unless earlier vested pursuant to the terms of the agreement. The accrual of compensation costs is based on the estimate of the final expected value of the award and is adjusted as required for the portion based on the performance-based condition. Unlike the awards with performance-based conditions, for the portion based on the market-based condition, compensation cost is recognized, and not reversed, even if the market condition is not achieved, as required by the accounting guidance for share-based awards. As of December 31, 2023, $272,000 of unrecognized compensation costs related to performance awards is expected to be recognized over a weighted average period of 1.50 years.

Bank Debt (Details) $ in Thousands		12 Months Ended
Bank Debt (Details) $ in Thousands	Jun. 28, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023 USD ($) unit	Dec. 31, 2022 USD ($)	Feb. 15, 2024 USD ($)	Nov. 06, 2023 USD ($)	Nov. 05, 2023 USD ($)	Jun. 27, 2023 USD ($)	Jun. 16, 2023 USD ($)	Jun. 15, 2023 USD ($)
Bank debt
Number of credit facilities \| unit				3
Debt instrument, term	5 years
Line of credit facility, current borrowing capacity							$ 165,000
Incremental expansion of borrowing capacity								$ 75,000
Note payable to bank, noncurrent				$ 291,500	$ 22,000
Notes payable to bank				$ 42,000	255,500
BVES
Bank debt
Debt instrument, term				24 months
Incremental expansion of borrowing capacity										$ 25,000
Debt Instrument, Face Amount											$ 35,000
GSWC
Bank debt
Ratio of Indebtedness to Net Capital				0.4956
Note payable to bank, noncurrent				$ 150,000	0
Debt Instrument, Face Amount				$ 130,000
Maximum \| GSWC
Bank debt
Ratio of Indebtedness to Net Capital				0.6667
Revolving Credit Facility
Bank debt
Line of credit facility, current borrowing capacity								$ 150,000
Notes Payable				$ 333,500	277,500
Average Amount Outstanding				243,355	226,556
Maximum Amount Outstanding				$ 333,500	$ 277,500
Weighted Average Annual Interest Rate (as a percent)				6.11%	2.55%
Short-term borrowing activities (excluding letters of credit)
Notes Payable				$ 333,500	$ 277,500
Weighted Average Annual Interest Rate (as a percent)				6.11%	2.55%
Average Amount Outstanding				$ 243,355	$ 226,556
Maximum Amount Outstanding				$ 333,500	$ 277,500
Revolving Credit Facility \| BVES
Bank debt
Maximum borrowing capacity										$ 50,000
Interest coverage ratio				4.51
Total funded debt ratio				0.52
Notes payable to bank				$ 42,000
Revolving Credit Facility \| BVES \| Subsequent Event
Bank debt
Maximum borrowing capacity						$ 65,000
Revolving Credit Facility \| GSWC
Bank debt
Incremental expansion of borrowing capacity				75,000
Debt issuance costs, line of credit arrangements, gross				$ 802
Total funded debt ratio				0.50
Note payable to bank, noncurrent				$ 150,000
Revolving Credit Facility \| Maximum
Bank debt
Ratio of Indebtedness to Net Capital				0.65
Interest Rate at the end of the period (as a percent)				6.96%	5.89%
Short-term borrowing activities (excluding letters of credit)
Interest Rate at the end of the period (as a percent)				6.96%	5.89%
Revolving Credit Facility \| Maximum \| GSWC
Bank debt
Line of credit facility, current borrowing capacity				$ 200,000
Revolving Credit Facility \| Minimum
Bank debt
Interest Rate at the end of the period (as a percent)				6.33%	5.07%
Short-term borrowing activities (excluding letters of credit)
Interest Rate at the end of the period (as a percent)				6.33%	5.07%
Revolving Credit Facility \| Minimum \| BVES \| Subsequent Event
Bank debt
Interest coverage ratio		4.5	3.0
Letters of credit
Bank debt
Maximum borrowing capacity							$ 10,000
Letters of credit \| GSWC
Bank debt
Maximum borrowing capacity				$ 20,000
AWR
Bank debt
Note payable to bank, noncurrent				141,500	$ 0
Notes payable to bank				$ 0	255,500
AWR \| Maximum
Bank debt
Line of credit facility, current borrowing capacity									$ 280,000
AWR \| Revolving Credit Facility
Bank debt
Total funded debt ratio				0.54
Note payable to bank, noncurrent				$ 141,500
Notes Payable				141,500	255,500
Average Amount Outstanding				156,533	213,758
Maximum Amount Outstanding				$ 257,500	$ 255,500
Interest Rate at the end of the period (as a percent)				6.45%	5.07%
Weighted Average Annual Interest Rate (as a percent)				5.92%	2.56%
Short-term borrowing activities (excluding letters of credit)
Notes Payable				$ 141,500	$ 255,500
Interest Rate at the end of the period (as a percent)				6.45%	5.07%
Weighted Average Annual Interest Rate (as a percent)				5.92%	2.56%
Average Amount Outstanding				$ 156,533	$ 213,758
Maximum Amount Outstanding				257,500	$ 255,500
Parent \| Revolving Credit Facility
Bank debt
Debt issuance costs, line of credit arrangements, gross				$ 632

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-14431
Entity Registrant Name	American States Water Company
Entity Tax Identification Number	95-4676679
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	630 E. Foothill Boulevard,
Entity Address, City or Town	San Dimas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91773-1212
City Area Code	(909)
Local Phone Number	394-3600
Title of 12(b) Security	Common Shares
Trading Symbol	AWR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,189,000,557
Entity Common Stock, Shares Outstanding (in shares)		36,988,764
Documents Incorporated by Reference	Portions of the Proxy Statement of American States Water Company will be subsequently filed with the Securities and Exchange Commission as to Part III, Item Nos. 10, 11, 13 and 14 and portions of Item 12, in each case as specifically referenced herein.
Entity Central Index Key	0001056903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
GSWC
Entity Information [Line Items]
Document Period End Date	Dec. 31, 2023
Entity File Number	001-12008
Entity Registrant Name	Golden State Water Company
Entity Tax Identification Number	95-1243678
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	630 E. Foothill Boulevard,
Entity Address, City or Town	San Dimas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91773-1212
City Area Code	(909)
Local Phone Number	394-3600
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding (in shares)		171
Entity Central Index Key	0000092116
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Basis of Presentation Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 06, 2023	Jan. 13, 2023	Apr. 22, 2022
Note payable to banks
Line of credit facility, current borrowing capacity				$ 165,000,000
Exercise of stock options and other issuance of Common Shares	18,371	25,956	47,182
Exercise of stock options and other issuance of Common Shares	$ 0	$ 0	$ 0
GSWC
Note payable to banks
Exercise of stock options and other issuance of Common Shares	1	0	0
Exercise of stock options and other issuance of Common Shares	$ 10,000,000
Debt Instrument, Face Amount	$ 130,000,000
Common Stock
Note payable to banks
Exercise of stock options and other issuance of Common Shares	19,000	26,000	47,000
Exercise of stock options and other issuance of Common Shares	$ 0	$ 0	$ 0
Common Stock \| GSWC
Note payable to banks
Exercise of stock options and other issuance of Common Shares	1
Exercise of stock options and other issuance of Common Shares	$ 10,000,000
Related Party
Note payable to banks
Line of credit facility, current borrowing capacity	30,000,000
Financing receivable, after allowance for credit loss	0	26,000,000
Notes Payable	$ 0	$ 0
Unsecured Private Placement Notes \| GSWC
Note payable to banks
Debt Instrument, Face Amount					$ 130,000,000
Maximum \| Revolving Credit Facility
Note payable to banks
Line of credit facility, current borrowing capacity						$ 280,000,000

Military Privatization (Details) - Contracted services:	12 Months Ended
Military Privatization (Details) - Contracted services:	Dec. 31, 2023
Bay State Utility Service LLC ("BSUS")
Military Privatization
Period of fixed price contracts to maintain water systems at various military bases	15 years
Maximum \| American States Utility Services
Military Privatization
Period of fixed price contracts to maintain water systems at various military bases	50 years

Long-Term Debt 2 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 15, 2023	Jan. 13, 2023	Dec. 31, 2022	Apr. 28, 2022
Annual maturities of all long-term debt, including capitalized leases
2024	$ 353
2025	370
2026	8,116
2027	403
2028	55,421
Thereafter	514,384
Total	579,047			$ 450,373
4.548% note due 2032
Annual maturities of all long-term debt, including capitalized leases
Total	17,500			17,500
4.949% note due 2037
Annual maturities of all long-term debt, including capitalized leases
Total	17,500			17,500
GSWC
Annual maturities of all long-term debt, including capitalized leases
Total	544,047			$ 415,373
Debt Instrument, Face Amount	$ 130,000
GSWC \| Series A Senior Notes 5.22 Percent Due 2038
Annual maturities of all long-term debt, including capitalized leases
Debt Instrument, Face Amount			$ 30,000
GSWC \| Series A Senior Notes 5.12 Percent Due 2033
Annual maturities of all long-term debt, including capitalized leases
Debt Instrument, Face Amount			$ 100,000
BVES
Annual maturities of all long-term debt, including capitalized leases
Debt Instrument, Face Amount		$ 35,000
BVES \| 4.548% note due 2032
Annual maturities of all long-term debt, including capitalized leases
Debt Instrument, Face Amount					$ 17,500
BVES \| 4.949% note due 2037
Annual maturities of all long-term debt, including capitalized leases
Debt Instrument, Face Amount					$ 17,500

Commitments (Tables)

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Schedule of estimated future minimum payments under purchased water supply commitments

GSWC’s estimated future minimum payments under these purchased water supply commitments at December 31, 2023 are as follows (in thousands):


2024	$	491
2025	441
2026	391
2027	391
2028	213
Thereafter	805
Total	$	2,732

Employee Benefit Plans - Fair Value of Assets (Details) - SERP - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Employee benefit plans
Total investments measured at fair value	$ 0	$ 0
Rabbi Trust \| Fair Value
Employee benefit plans
Total investments measured at fair value	34,143	27,531
Level 1 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	34,143	27,531
Level 2 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	0	0
Level 3 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	0	0
Cash equivalents \| Rabbi Trust \| Fair Value
Employee benefit plans
Total investments measured at fair value	6	9
Cash equivalents \| Level 1 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	6	9
Cash equivalents \| Level 2 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	0	0
Cash equivalents \| Level 3 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	0	0
Fixed income securities \| Rabbi Trust \| Fair Value
Employee benefit plans
Total investments measured at fair value	13,676	10,962
Fixed income securities \| Level 1 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	13,676	10,962
Fixed income securities \| Level 2 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	0	0
Fixed income securities \| Level 3 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	0	0
Equity securities \| Rabbi Trust \| Fair Value
Employee benefit plans
Total investments measured at fair value	20,461	16,560
Equity securities \| Level 1 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	20,461	16,560
Equity securities \| Level 2 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	0	0
Equity securities \| Level 3 \| Rabbi Trust
Employee benefit plans
Total investments measured at fair value	$ 0	$ 0

Commitments (Details) $ in Thousands	1 Months Ended	12 Months Ended
Commitments (Details) $ in Thousands	Jan. 31, 2024 unit	Dec. 31, 2023 USD ($) unit
BVES
Purchase commitments
Number of renewable energy credits that would be purchased \| unit		578,000
Bundled Purchased Renewable Energy Credits Number \| unit		587,000
Bundled Purchased Renewable Energy Credits Number \| unit		587,000
Purchased Renewable Energy Credits Number Delivered in 2023 \| unit		30,000
BVES \| Subsequent Event
Purchase commitments
Purchased Renewable Energy Credits Number Delivered in 2024 \| unit	15,000
Purchased Renewable Energy Credits Number Delivered in 2024 \| unit	15,000
BVES \| Minimum
Purchase commitments
Derivative, Term of Contract		3 years
BVES \| Minimum \| Purchase power contract
Purchase commitments
Derivative, Term of Contract		3 years
BVES \| Maximum
Purchase commitments
Derivative, Term of Contract		5 years
BVES \| Maximum \| Purchase power contract
Purchase commitments
Derivative, Term of Contract		5 years
BVES \| Electric Power Purchase Commitments
Purchase commitments
Purchase Obligation		$ 45,800
GSWC \| Water Supply
Purchase commitments
2024		491
2025		441
2026		391
2027		391
2028		213
Thereafter		805
Purchase Obligation		$ 2,732

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of annual maturities of all long-term debt, including capitalized leases

Registrant’s annual maturities of all long-term debt at December 31, 2023 are as follows (in thousands):


2024	$	353
2025	370
2026	8,116
2027	403
2028	55,421
Thereafter	514,384
Total	$	579,047

Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of reporting segments information

Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS's subsidiaries and property installed by developers and conveyed to GSWC and BVES.


	As Of And For The Year Ended December 31, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	433,473	$	41,832	$	120,394	$	—	$	595,699
Operating income (loss)	159,177		11,196		26,151		216		196,740
Interest expense (income), net	25,726		2,238		1,321		6,061		35,346
Net property, plant and equipment	1,735,534		140,279		16,467		—		1,892,280
Depreciation and amortization expense (1)	35,886		3,256		3,261		—		42,403
Income tax expense (benefit)	35,689		1,515		6,109		(1,714)		41,599
Capital additions	160,939		25,372		2,229		—		188,540


	As Of And For The Year Ended December 31, 2022
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	340,602	$	39,986	$	110,940	$	—	$	491,528
Operating income (loss)	92,455		11,740		22,449		(8)		126,636
Interest expense (income), net	21,659		831		(132)		2,343		24,701
Net property, plant and equipment	1,616,718		119,560		17,488		—		1,753,766
Depreciation and amortization expense (1)	34,805		2,792		3,718		—		41,315
Income tax expense (benefit)	16,346		2,439		5,476		(597)		23,664
Capital additions	146,730		18,069		1,441		—		166,240


	As Of And For The Year Ended December 31, 2021
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	347,112	$	38,345	$	113,396	$	—	$	498,853
Operating income (loss)	107,573		10,738		22,675		(9)		140,977
Interest expense (income), net	21,046		141		(637)		791		21,341
Net property, plant and equipment	1,499,745		106,508		19,751		—		1,626,004
Depreciation and amortization expense (1)	33,384		2,572		3,640		—		39,596
Income tax expense (benefit)	22,095		2,975		5,434		(81)		30,423
Capital additions	123,526		19,859		1,130		—		144,515

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 ratemaking) to total consolidated assets (in thousands):


	December 31,
	2023		2022
Total net property, plant and equipment	$	1,892,280	$	1,753,766
Other assets	353,842		280,608
Total consolidated assets	$	2,246,122	$	2,034,374

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Note Payable to Banks Schedule (Details) - Revolving Credit Facility - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Note payable to banks
Note payable to bank	$ 333,500	$ 277,500
Average Amount Outstanding	$ 243,355	$ 226,556
Weighted Average Annual Interest Rate (as a percent)	6.11%	2.55%
Maximum Amount Outstanding	$ 333,500	$ 277,500
AWR
Note payable to banks
Note payable to bank	$ 141,500	$ 255,500
Interest Rate at the end of the period (as a percent)	6.45%	5.07%
Average Amount Outstanding	$ 156,533	$ 213,758
Weighted Average Annual Interest Rate (as a percent)	5.92%	2.56%
Maximum Amount Outstanding	$ 257,500	$ 255,500

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2023

Regulated Operations [Abstract]

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

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


	December 31,
(dollars in thousands)	2023		2022
GSWC
2022/2023 general rate case memorandum accounts (unbilled revenue)	$	52,795	$	—
Water revenue adjustment mechanism, net of the modified cost balancing account	41,545		31,803
Asset retirement obligations (Note 1)	7,099		6,411
COVID-19 memorandum accounts	1,199		3,478
Flowed-through deferred income taxes, net (Note 11)	3,190		(1,134)
Low income rate assistance balancing accounts	5,763		2,526
Pensions and other post-retirement obligations (Note 12)	(4,867)		738
Other regulatory assets	9,462		10,289
Excess deferred income taxes (Note 11)	(70,189)		(71,870)
Other regulatory liabilities	(268)		(8,815)
Total GSWC	$	45,729	$	(26,574)
BVES
Derivative instrument memorandum account (Note 5)	2,360		(11,847)
Wildfire mitigation and other fire prevention related costs memorandum accounts	17,716		13,007
Electric supply cost adjustment mechanism	2,583		3,627
Other regulatory assets	7,697		4,338
Other regulatory liabilities	(6,578)		(8,005)
Total AWR	$	69,507	$	(25,454)

Statement of Cash Flows, Supplemental Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of non-cash financing and investing activities and other cash flow information

The following table sets forth non-cash financing and investing activities and other cash flow information (in thousands).


	AWR						GSWC
	December 31,						December 31,
	2023		2022		2021		2023		2022		2021
Taxes and Interest Paid:
Income taxes paid, net	$	34,682	$	27,370	$	29,153	$	31,625	$	20,155	$	21,428
Interest paid, net of capitalized interest	39,367		26,005		22,540		28,099		22,294		21,156

Non-Cash Transactions:
Accrued payables for investment in utility plant	34,906		40,034		32,855		33,465		38,302		30,656
Property installed by developers and conveyed	4,690		1,549		7,222		4,690		1,549		7,222

Utility Plant and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,100	$ 641	$ 700

Bank Debt

12 Months Ended

Dec. 31, 2023

Bank Debt

Bank Debt

Bank Debts

Registrant’s bank debts consist of outstanding borrowings made under three separate credit facilities at AWR (parent), GSWC and BVES.

AWR (parent) and GSWC Credit Facilities:

On June 28, 2023, AWR and GSWC, each entered into new credit agreements with a term of five years provided by a syndicate of banks and financial institutions. Both credit agreements will mature on June 28, 2028. In connection with the new credit agreements, AWR and GSWC incurred, legal and other fees totaling $632,000 and $802,000, respectively. The syndicated credit facilities replaced AWR’s previous credit agreement with a sole bank where AWR had a borrowing capacity of $280.0 million that supported GSWC and ASUS operations. Funds from the new facilities were used to pay-off in full all outstanding borrowings under AWR’s prior credit facility and GSWC’s outstanding intercompany borrowings from AWR.

AWR’s credit agreement provided for a $150.0 million unsecured revolving credit facility to support AWR (parent) and ASUS. Under AWR’s credit agreement, the borrowing capacity may be expanded up to an additional amount of $75 million, subject to the lenders’ approval. On November 6, 2023, AWR’s credit facility was amended to increase the borrowing capacity from $150.0 million to $165.0 million to provide additional support to ASUS and AWR (parent). In connection with the increase in borrowing capacity, the amendment also provides for the addition of a new bank to the existing syndicate group participating in AWR’s credit facility. Furthermore, the aggregate amount that may be outstanding under letters of credit for AWR is $10.0 million. Loans may be obtained under the credit facilities at the option of AWR and bear interest at rates based on either a base rate plus an applicable margin or an adjusted term secured overnight financing rate (“SOFR”) determined by the SOFR administrator, currently the Federal Reserve Bank of New York, plus an applicable margin. The applicable margin depends upon AWR’s credit ratings. As of December 31, 2023, AWR’s outstanding borrowings under its credit facility of $141.5 million have been classified as non-current liabilities on AWR’s Consolidated Balance Sheet.

AWR’s credit agreement contains affirmative and negative covenants and events of default customary for credit facilities of this type, including, among other things, affirmative covenants relating to compliance with law and material contracts, and negative covenants relating to additional indebtedness, liens, investments, restricted payments and asset sales by AWR and its subsidiaries, other than BVES. AWR is not permitted to have a consolidated total capitalization ratio (as defined in the credit agreement), excluding BVES, greater than 0.65 to 1.00 at the end of any quarter. Default under any indebtedness of any subsidiary of AWR, other than BVES, will result in a default under AWR’s credit agreement. As of December 31, 2023, AWR was in compliance with these requirements. As of December 31, 2023, AWR had a capitalization ratio of 0.54 to 1.00.

GSWC’s credit agreement provides for a $200.0 million unsecured revolving credit facility to support its operations and capital expenditures. Under GSWC’s credit agreement, the borrowing capacity may be expanded up to an additional amount of $75.0 million, also as subject to the lenders’ approval. The aggregate amount that may be outstanding under letters of credit is $20.0 million. Loans may be obtained under this credit facility at the option of GSWC and bear interest at rates based on either a base rate plus an applicable margin or an adjusted term SOFR determined by the SOFR administrator plus an applicable margin. The applicable margin depends upon GSWC’s credit rating.

GSWC’s credit facility is considered a short-term debt arrangement by the CPUC. GSWC has been authorized by the CPUC to borrow under the credit facility for a term of up to 24 months. Borrowings under this credit facility are, therefore, required to be fully paid off within a 24-month period. GSWC’s next pay-off period ends in June 2025. Accordingly, as of December 31, 2023, GSWC’s outstanding borrowings under its credit facility of $150.0 million has been classified as non-current liabilities on GSWC’s Balance Sheet. Similar to AWR’s credit agreement, GSWC’s credit agreement also contains affirmative and negative covenants and events of default customary for credit facilities of its type. GSWC is also not permitted to have a total capitalization ratio greater than 0.65 to 1.00 at the end of any quarter. Default under any indebtedness of any subsidiary of AWR will not result in a default under GSWC’s credit agreement. As of December 31, 2023, GSWC was in compliance with these requirements, with total funded debt ratio of 0.50 to 1.00.

BVES Credit Facility:

BVES has a separate revolving credit facility without a parent guaranty that supports its electric operations and capital expenditures. On June 16, 2023, BVES’s credit agreement was amended to increase the borrowing capacity from $35.0 million to $50.0 million. In addition, the amendment to the credit agreement also (i) extended the credit facility to July 1, 2026, (ii) converted the interest rate on new borrowings to the benchmark rate of SOFR, plus a margin, and (iii) provides an option to increase the facility by an additional $25.0 million, subject to lender approval. On February 15, 2024, BVES, through its fourth amendment, increased the borrowing capacity from $50.0 million to $65.0 million. BVES’s revolving credit facility is considered a short-term debt arrangement by the CPUC. BVES has been authorized by the CPUC to borrow under this credit facility for a term of up to 24 months. Borrowings under this credit facility are, therefore, required to be fully paid off within a 24-month period. BVES’s next pay-off period for its credit facility ends in August 2024. Accordingly, the $42.0 million outstanding under BVES’s credit facility has been classified as a current liability in AWR’s Consolidated Balance Sheet as of December 31, 2023.

Pursuant to BVES’s amended credit facility agreement, effective December 20, 2023 and throughout 2024, BVES must maintain a minimum interest coverage ratio of 3.0 times interest expense, and 4.5 times interest expense thereafter. BVES

is also required to maintain a maximum consolidated total debt to consolidated total capitalization ratio of 0.65 to 1.00. As of December 31, 2023, BVES was in compliance with these requirements, with an actual interest coverage ratio of 4.51 times interest expense and a total funded debt ratio of 0.52 to 1.00 as of December 31, 2023. In addition, BVES is required to have a current safety certification issued by the CPUC, which it currently has.

Registrant’s borrowing activities (excluding letters of credit) for the years ended December 31, 2023 and 2022 were as follows:


	December 31,
(in thousands, except percent)	2023			2022
Balance Outstanding at December 31,	$	333,500		$	277,500
Interest Rate at December 31,	6.33% ~ 6.96%			5.07% ~ 5.89%
Average Amount Outstanding	$	243,355		$	226,556
Weighted Average Annual Interest Rate	6.11		%	2.55		%
Maximum Amount Outstanding	$	333,500		$	277,500

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Accounting, Policy

There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or its subsidiaries.

Related Party Transactions

COVID-19 Impact

Utility Accounting

Regulatory assets are reviewed for recoverability each reporting period. If a regulatory asset is no longer deemed probable of recovery, the deferred cost is charged to earnings.

Property and Depreciation

Estimated useful lives of regulated utilities’ utility plant, as authorized by the CPUC, are as follows:


Source of water supply			20 years to 60 years
Pumping			26 years to 41 years
Water treatment			26 years to 32 years
Transmission and distribution			15 years to 80 years
Generation			40 years
Other plant			5 years to 62 years

Asset Retirement Obligation

Impairment of Long-Lived Assets

Goodwill

Cash and Cash Equivalents

Accounts Receivable

Materials and Supplies

Interest

Debt Issuance Costs and Redemption Premiums

Advance for Construction and Contributions in Aid

Fair Value of Financial Instruments, Policy


	2023				2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt—AWR (1)(2)	$	579,047	$	556,214	$	450,373	$	424,151


	2023				2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt—GSWC (1)	$	544,047	$	522,883	$	415,373	$	391,198

(1) Excludes debt issuance costs and redemption premiums.

(2) Includes debt held by BVES of $35.0 million as of December 31, 2023 and 2022, respectively.

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).

The following table sets forth by level, within the fair value hierarchy, Registrant’s long-term debt measured at fair value as of December 31, 2023:


(dollars in thousands)	Level 1	Level 2		Level 3	Total
Long-term debt—AWR	—	$	556,214	—	$	556,214
(dollars in thousands)	Level 1	Level 2		Level 3	Total
Long-term debt—GSWC	—	$	522,883	—	$	522,883

Stock-Based Awards

Utility Plant and Intangible Assets - By Major Asset Class (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

$ 2,279,621

$ 2,178,349

Less — accumulated depreciation

(624,472)

(606,231)

Construction work in progress

237,131

181,648

Net utility plant

1,892,280

1,753,766

$ 1,626,004

Water

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

2,123,150

2,044,534

Water | Land

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

18,290

18,427

Water | Intangible assets

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

30,917

30,511

Water | Source of water supply

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

111,112

109,918

Water | Pumping

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

234,264

227,668

Water | Water treatment

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

98,533

90,411

Water | Transmission and distribution

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

1,489,974

1,431,437

Water | Other

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

140,060

136,162

Electric:

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

156,471

133,815

Electric: | Intangible assets

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

1,200

Electric: | Transmission and distribution

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

126,143

105,499

Electric: | Generation

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

12,583

Electric: | Other

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

^[1]

17,745

15,733

GSWC

Utility plant utilized in continuing operations by major asset class

Less — accumulated depreciation

(543,135)

(530,925)

Construction work in progress

195,742

141,175

Net utility plant

1,735,534

1,616,718

GSWC | Water

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

2,082,927

2,006,468

Net utility plant

1,735,534

1,616,718

$ 1,499,745

GSWC | Water | Land

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

18,290

18,427

GSWC | Water | Intangible assets

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

30,917

30,511

GSWC | Water | Source of water supply

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

111,112

109,918

GSWC | Water | Pumping

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

234,264

227,668

GSWC | Water | Water treatment

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

98,533

90,411

GSWC | Water | Transmission and distribution

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

1,489,974

1,431,437

GSWC | Water | Other

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

99,837

98,096

GSWC | Electric:

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

GSWC | Electric: | Transmission and distribution

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

GSWC | Electric: | Generation

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

GSWC | Electric: | Other

Utility plant utilized in continuing operations by major asset class

Total utility plant, at cost

^[1]

$ 0

[1]	Includes intangible assets of $1.2 million for the years ended December 31, 2023 and 2022 for studies performed.

Employee Benefit Plans - Schedule of Defined Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized on the balance sheets:
Non-current liabilities	$ (32,652)	$ (33,636)
SERP
Amounts recognized on the balance sheets:
Current liabilities	(942)	(942)
Non-current liabilities	(32,652)	(29,865)
Net amount recognized	(33,594)	(30,807)
Amounts recognized in regulatory assets (liabilities) consist of:
Prior service cost (credit)	0	0
Net loss	2,869	1,995
Regulatory assets (liabilities)	2,869	1,995	$ 9,097
Unfunded accrued cost	30,725	28,812
Net liability (asset) recognized	33,594	30,807
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities):
Regulatory asset (liability) at beginning of year	1,995	9,097
Net gain (loss)	840	(6,522)
Amortization of prior service credit	0	0
Amortization of net loss	34	(580)
Total change in regulatory asset (liability)	874	(7,102)
Regulatory asset (liability) at end of year	2,869	1,995	9,097
Net periodic pension costs	2,858	2,793	3,985
Change in regulatory asset (liability)	874	(7,102)
Total recognized in net periodic pension cost and regulatory asset (liability)	3,732	(4,309)
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	33,594	30,807	$ 36,089
Accumulated benefit obligation	30,794	28,157
Fair value of plan assets	$ 0	$ 0
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	5.15%	5.42%
SERP \| Maximum
Weighted-average assumptions used to determine benefit obligations at December 31:
Rate of compensation increase	4.00%	4.00%
SERP \| Minimum
Weighted-average assumptions used to determine benefit obligations at December 31:
Rate of compensation increase	5.50%	5.50%

Military Privatization	12 Months Ended
Military Privatization	Dec. 31, 2023
Military Privatization
Military Privatization	Military Base Operations ASUS’s subsidiaries have entered into service contracts with the U.S. government to operate and maintain, as well as perform construction activities to renew and replace, the water and/or wastewater systems at a military base or bases. The amounts charged for these services are primarily based upon the terms of the initial 50-year contract between ASUS’s subsidiaries and the U.S. government. Under the terms of each of these agreements, ASUS’s subsidiaries agree to operate and maintain the water and/or wastewater systems for: (i) a monthly net fixed-price for operation and maintenance, and (ii) an amount to cover renewal and replacement capital work. In addition, these contracts may also include firm-fixed-priced initial capital upgrade projects to upgrade the existing infrastructure. Contract modifications are also issued for other necessary capital upgrades to the existing infrastructure approved by the U.S. government. ASUS through its subsidiaries may also from time to time perform construction services on military bases as a subcontractor or pursuant to task orders or fixed-price task order agreements. The contract serving Joint Base Cape Cod is currently the only task order agreement with the U.S. government. This task order agreement has a term of 15 years. Under the terms of each of these contracts, prices are subject to an economic price adjustment (“EPA”) provision, on an annual basis. Prices may also be equitably adjusted for changes in law and other circumstances. ASUS's subsidiaries are permitted to file, and has filed, requests for equitable adjustment. Each of the contracts may be subject to termination, in whole or in part, prior to the end of the 50-year term for convenience of the U.S. government or as a result of default or nonperformance by an ASUS subsidiary. ASUS has experienced delays in receiving EPAs as provided for under its 50-year contracts. Because of the delays, EPAs, when finally approved, are retroactive. During 2023, with the exception of the newly awarded contracts, the U.S. government approved EPAs at all of the bases served. In some cases, these EPAs included retroactive operation and maintenance management fees for prior periods. For the years ended December 31, 2023, 2022 and 2021, retroactive operation and maintenance management fees related to prior periods were immaterial.

- Definition

The entire disclosure for long-term contracts or programs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-SubTopic 35
-Topic 605
-Publisher FASB
-URI https://asc.fasb.org//605-35/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(d)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//912/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482094/912-275-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482094/912-275-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482094/912-275-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482094/912-275-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482094/912-275-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482283/912-310-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482283/912-310-50-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482379/912-405-45-4

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482363/912-405-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482363/912-405-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 910
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482332/910-20-50-1

Reference 16: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 910
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482546/910-10-50-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 18: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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+ Details

Employee Benefit Plans - Pension Benefits and Post-Retirement Medical Benefits Recognized on Balance Sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized on the balance sheets:
Non-current liabilities	$ (32,652)	$ (33,636)
Pension Benefits
Amounts recognized on the balance sheets:
Non-current assets	2,342	0
Current liabilities	0	0
Non-current liabilities	0	(3,772)
Net amount recognized	2,342	(3,772)
Amounts recognized in regulatory assets (liabilities) consist of:
Prior service cost (credit)	1,454	1,889
Net loss (gain)	(1,899)	4,123
Regulatory assets (liabilities)	(445)	6,012	$ 25,691
Prefunded plan costs	(1,897)	(2,240)
Net liability (asset) recognized	(2,342)	3,772
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities):
Regulatory asset (liability) at beginning of year	6,012	25,691
Net loss (gain)	(6,023)	(19,245)
New prior service cost	0	0
Amortization of prior service (cost) credit	(434)	(434)
Amortization of net gain (loss)	0	0
Total change in regulatory asset (liability)	(6,457)	(19,679)
Regulatory asset (liability) at end of year	(445)	6,012	25,691
Net periodic pension costs	3,289	313	$ 4,859
Change in regulatory asset (liability)	(6,457)	(19,679)
Total recognized in net periodic pension cost and regulatory asset (liability)	(3,168)	(19,366)
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	202,963	190,678
Accumulated benefit obligation	192,986	181,376
Fair value of plan assets	$ 205,305	$ 186,906
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	5.16%	5.41%
Pension Benefits \| Minimum
Weighted-average assumptions used to determine benefit obligations at December 31:
Rate of compensation increase	2.50%	2.50%	2.50%
Pension Benefits \| Maximum
Weighted-average assumptions used to determine benefit obligations at December 31:
Rate of compensation increase	7.00%	7.00%	7.00%
Post-Retirement Medical Benefits
Amounts recognized on the balance sheets:
Non-current assets	$ 10,862	$ 9,226
Current liabilities	0	0
Non-current liabilities	0	0
Net amount recognized	10,862	9,226
Amounts recognized in regulatory assets (liabilities) consist of:
Prior service cost (credit)	0	0
Net loss (gain)	(6,272)	(5,846)
Regulatory assets (liabilities)	(6,272)	(5,846)	$ (9,839)
Prefunded plan costs	(4,590)	(3,380)
Net liability (asset) recognized	(10,862)	(9,226)
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities):
Regulatory asset (liability) at beginning of year	(5,846)	(9,839)
Net loss (gain)	(1,395)	2,259
New prior service cost	0	0
Amortization of prior service (cost) credit	0	0
Amortization of net gain (loss)	969	1,734
Total change in regulatory asset (liability)	(426)	3,993
Regulatory asset (liability) at end of year	(6,272)	(5,846)	(9,839)
Net periodic pension costs	(1,210)	(2,132)	$ (1,695)
Change in regulatory asset (liability)	(426)	3,993
Total recognized in net periodic pension cost and regulatory asset (liability)	(1,636)	1,861
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	1,965	2,014
Fair value of plan assets	$ 12,827	$ 11,240
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	5.04%	5.34%

Business Segments

12 Months Ended

Dec. 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 other than its equity investments in its subsidiaries, note payables to banks, deferred income taxes and intercompany note receivables.

All GSWC and BVES business activities are conducted in California. Activities of ASUS and its subsidiaries are conducted in California, Florida, Kansas, Maryland, Massachusetts, 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 balances are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS's subsidiaries and property installed by developers and conveyed to GSWC and BVES.


	As Of And For The Year Ended December 31, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	433,473	$	41,832	$	120,394	$	—	$	595,699
Operating income (loss)	159,177		11,196		26,151		216		196,740
Interest expense (income), net	25,726		2,238		1,321		6,061		35,346
Net property, plant and equipment	1,735,534		140,279		16,467		—		1,892,280
Depreciation and amortization expense (1)	35,886		3,256		3,261		—		42,403
Income tax expense (benefit)	35,689		1,515		6,109		(1,714)		41,599
Capital additions	160,939		25,372		2,229		—		188,540


	As Of And For The Year Ended December 31, 2022
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	340,602	$	39,986	$	110,940	$	—	$	491,528
Operating income (loss)	92,455		11,740		22,449		(8)		126,636
Interest expense (income), net	21,659		831		(132)		2,343		24,701
Net property, plant and equipment	1,616,718		119,560		17,488		—		1,753,766
Depreciation and amortization expense (1)	34,805		2,792		3,718		—		41,315
Income tax expense (benefit)	16,346		2,439		5,476		(597)		23,664
Capital additions	146,730		18,069		1,441		—		166,240


	As Of And For The Year Ended December 31, 2021
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	347,112	$	38,345	$	113,396	$	—	$	498,853
Operating income (loss)	107,573		10,738		22,675		(9)		140,977
Interest expense (income), net	21,046		141		(637)		791		21,341
Net property, plant and equipment	1,499,745		106,508		19,751		—		1,626,004
Depreciation and amortization expense (1)	33,384		2,572		3,640		—		39,596
Income tax expense (benefit)	22,095		2,975		5,434		(81)		30,423
Capital additions	123,526		19,859		1,130		—		144,515

____________________________

(1) Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $851,000, $382,000 and $379,000 for the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended December 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 final decision in GSWC's general rate case 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 ratemaking) to total consolidated assets (in thousands):


	December 31,
	2023		2022
Total net property, plant and equipment	$	1,892,280	$	1,753,766
Other assets	353,842		280,608
Total consolidated assets	$	2,246,122	$	2,034,374

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Utility Plant and Intangible Assets - Schedule of Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 911
2025	911
2026	911
2027	911
2028	911
Total	$ 4,555

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Dividend from Subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsidiaries
Dividends Payable [Line Items]
Payments of dividends from subsidiaries	$ (71.4)	$ (56.4)	$ (38.3)

Earnings Per Share / Capital Stock (Tables)

12 Months Ended

Dec. 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 to calculate basic EPS:


Basic:	For The Years Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Net income	$	124,921	$	78,396	$	94,347
Less: impact from participating securities	372		197		244
Total income available to common shareholders	$	124,549	$	78,199	$	94,103

Weighted average Common Shares outstanding, basic	36,976		36,955		36,921

Basic earnings per Common Share	$	3.37	$	2.12	$	2.55

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 used to calculate diluted EPS:


Diluted:	For The Years Ended December 31,
(in thousands, except per share amounts)	2023		2022		2021
Common shareholders earnings, basic	$	124,549	$	78,199	$	94,103
Undistributed earnings for dilutive stock options and restricted stock units	189		55		110
Total common shareholders earnings, diluted	$	124,738	$	78,254	$	94,213

Weighted average Common Shares outstanding, basic	36,976		36,955		36,921
Stock-based compensation (1)	101		84		89
Weighted average Common Shares outstanding, diluted	37,077		37,039		37,010

Diluted earnings per Common Share	$	3.36	$	2.11	$	2.55

Allowance for Doubtful Accounts (Details) - USD ($)	1 Months Ended			12 Months Ended
Allowance for Doubtful Accounts (Details) - USD ($)	Dec. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in allowance for doubtful accounts
Balance at beginning of year			$ 3,569,000	$ 4,440,000	$ 3,569,000	$ 5,316,000
Provision charged to expense				932,000	2,842,000	8,150,000
Allowance for doubtful accounts receivable charge offs net of recoveries				(1,782,000)	(1,971,000)	(9,897,000)
Balance at end of year	$ 4,440,000			3,590,000	4,440,000	3,569,000
Components of allowance for doubtful accounts
Allowance for doubtful accounts related to accounts receivable-customer	4,387,000			3,537,000	4,387,000	3,516,000
Allowance for doubtful accounts related to other accounts receivable	53,000			53,000	53,000	53,000
Total allowance for doubtful accounts	4,440,000			3,590,000	4,440,000	3,569,000
GSWC
Changes in allowance for doubtful accounts
Balance at beginning of year			3,221,000	4,196,000	3,221,000	4,960,000
Provision charged to expense				754,000	2,501,000	7,732,000
Allowance for doubtful accounts receivable charge offs net of recoveries				(1,503,000)	(1,526,000)	(9,471,000)
Balance at end of year	4,196,000			3,447,000	4,196,000	3,221,000
Components of allowance for doubtful accounts
Allowance for doubtful accounts related to accounts receivable-customer	4,143,000			3,394,000	4,143,000	3,168,000
Allowance for doubtful accounts related to other accounts receivable	53,000			53,000	53,000	53,000
Total allowance for doubtful accounts	4,196,000			3,447,000	4,196,000	$ 3,221,000
Relief funding			$ 9,500,000	$ 3,500,000	9,500,000
BVES
Components of allowance for doubtful accounts
Relief funding	$ 152,000	$ 321,000			$ 473,000

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Supplemental lease information

Registrant’s supplemental lease information for the year ended December 31, 2023 is as follows (in thousands, except for weighted average data):


	For The Year Ended December 31, 2023	For The Year Ended December 31, 2022

Operating lease costs	$2,486	$2,609
Short-term lease costs	$147	$198

Weighted average remaining lease term (in years)	4.55	5.27
Weighted-average discount rate	4.0%	3.9%

Non-cash transactions
Lease liabilities arising from obtaining right-of-use assets	$565	$1,569

Maturities of operating lease liabilities

Registrant’s future minimum payments under long-term non-cancelable operating leases as of December 31, 2023 are as follows (in thousands):


2024	$	2,161
2025	2,066
2026	1,816
2027	1,556
2028	1,305
Thereafter	386
Total lease payments	9,290
Less: imputed interest	815
Total lease obligations	8,475
Less: current obligations	1,856
Long-term lease obligations	$	6,619

Bank Debt (Tables)

12 Months Ended

Dec. 31, 2023

Bank Debt

Schedule of Short-term Debt

Registrant’s borrowing activities (excluding letters of credit) for the years ended December 31, 2023 and 2022 were as follows:


	December 31,
(in thousands, except percent)	2023			2022
Balance Outstanding at December 31,	$	333,500		$	277,500
Interest Rate at December 31,	6.33% ~ 6.96%			5.07% ~ 5.89%
Average Amount Outstanding	$	243,355		$	226,556
Weighted Average Annual Interest Rate	6.11		%	2.55		%
Maximum Amount Outstanding	$	333,500		$	277,500

AWR (parent)'s borrowing activities (excluding letters of credit) for the years ended December 31, 2023 and 2022 were as follows:


	December 31,
(in thousands, except percent)	2023			2022
Balance Outstanding at December 31,	$	141,500		$	255,500
Interest Rate at December 31,	6.45		%	5.07		%
Average Amount Outstanding	$	156,533		$	213,758
Weighted Average Annual Interest Rate	5.92		%	2.56		%
Maximum Amount Outstanding	$	257,500		$	255,500

Employee Benefit Plans - Asset Allocation (Details)	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Employee benefit plans
Actual Asset Allocations:	100.00%	100.00%
Target Asset Allocations:	100.00%	100.00%
Pension Benefits \| Equity securities
Employee benefit plans
Actual Asset Allocations:	56.00%	56.00%
Target Asset Allocations:	60.00%	60.00%
Pension Benefits \| Debt securities
Employee benefit plans
Actual Asset Allocations:	39.00%	39.00%
Target Asset Allocations:	40.00%	40.00%
Pension Benefits \| Real Estate Funds
Employee benefit plans
Actual Asset Allocations:	5.00%	5.00%
Pension Benefits \| Cash equivalents
Employee benefit plans
Actual Asset Allocations:	0.00%	0.00%
Post-Retirement Medical Benefits
Employee benefit plans
Actual Asset Allocations:	100.00%	100.00%
Target Asset Allocations:	100.00%	100.00%
Post-Retirement Medical Benefits \| Equity securities
Employee benefit plans
Actual Asset Allocations:	60.00%	59.00%
Target Asset Allocations:	60.00%	60.00%
Post-Retirement Medical Benefits \| Debt securities
Employee benefit plans
Actual Asset Allocations:	39.00%	39.00%
Target Asset Allocations:	40.00%	40.00%
Post-Retirement Medical Benefits \| Real Estate Funds
Employee benefit plans
Actual Asset Allocations:	0.00%	0.00%
Post-Retirement Medical Benefits \| Cash equivalents
Employee benefit plans
Actual Asset Allocations:	1.00%	2.00%

Stock-Based Compensation Plans (Details) $ in Thousands	12 Months Ended
Stock-Based Compensation Plans (Details) $ in Thousands	Dec. 31, 2023 USD ($) stock_plan shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Stock compensation plans
Number of stock incentive plans \| stock_plan	3
Vesting period	3 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 272
Stock-based compensation recognized in the income statement, before taxes	3,298	$ 2,571	$ 2,566
Capitalized equity-based compensation cost	$ 450	290	336
Immediate vesting for employees of certain age and above	55 years
GSWC
Stock compensation plans
Stock-based compensation recognized in the income statement, before taxes	$ 2,994	2,269	2,313
Capitalized equity-based compensation cost	450	290	336
Nonqualified stock options
Stock compensation plans
Tax benefits from exercise of stock-based awards	750	900	1,400
Nonqualified stock options \| GSWC
Stock compensation plans
Tax benefits from exercise of stock-based awards	750	900	1,400
Restricted Stock Units \| Employees and directors
Stock compensation plans
Stock-based compensation recognized in the income statement, before taxes	3,298	2,571	2,566
Restricted Stock Units \| Employees and directors \| GSWC
Stock compensation plans
Stock-based compensation recognized in the income statement, before taxes	$ 2,994	$ 2,269	$ 2,313
Performance awards
Stock compensation plans
Vesting period	3 years
2000 and 2008 Employee Plans \| Nonqualified stock options
Stock compensation plans
Percentage of rights vesting in the third year from the date of grant	34.00%
2000 and 2008 Employee Plans \| Restricted Stock Units
Stock compensation plans
Common stock entitled to be received under each award \| shares	1
Percentage of rights vesting in the first two years from the date of grant	33.00%
Percentage of rights vesting in the third year from the date of grant	34.00%
2000 and 2008 Employee Plans \| Performance awards
Stock compensation plans
Vesting period	3 years
Percentage of rights vesting in the first two years from the date of grant	33.00%
Percentage of rights vesting in the third year from the date of grant	34.00%
2003 and 2013 Directors plans
Stock compensation plans
Vesting period	90 days
Maximum
Stock compensation plans
Chang in control, term	24 months
Weighted Average
Stock compensation plans
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 6 months
Weighted Average \| Restricted Stock [Member]
Stock compensation plans
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 6 months 10 days

Dividend Limitations (Details) $ in Thousands	12 Months Ended
Dividend Limitations (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Dividend limitations
Common shareholder’s equity	$ 776,109	$ 709,549	$ 685,947	$ 641,673
GSWC
Dividend limitations
Ratio of Indebtedness to Net Capital	0.4956
Dividends paid	$ 55,400	27,000	38,300
Common shareholder’s equity	$ 703,828	$ 643,906	$ 615,686	$ 583,298
GSWC \| Maximum
Dividend limitations
Ratio of Indebtedness to Net Capital	0.6667

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
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+ Details

Utility Plant and Intangible Assets

12 Months Ended

Dec. 31, 2023

Utility Plant and Intangible Assets

Utility Plant and Intangible Assets

The following table shows Registrant’s utility plant (regulated utility plant and non-regulated utility property) by major asset class:


	AWR December 31,				GSWC December 31,
(dollars in thousands)	2023		2022		2023		2022
Water
Land	$	18,290	$	18,427	$	18,290	$	18,427
Intangible assets	30,917		30,511		30,917		30,511
Source of water supply	111,112		109,918		111,112		109,918
Pumping	234,264		227,668		234,264		227,668
Water treatment	98,533		90,411		98,533		90,411
Transmission and distribution	1,489,974		1,431,437		1,489,974		1,431,437
Other	140,060		136,162		99,837		98,096
	2,123,150		2,044,534		2,082,927		2,006,468
Electric
Transmission and distribution	126,143		105,499		—		—
Generation	12,583		12,583		—		—
Other (1)	17,745		15,733		—		—
	156,471		133,815		—		—

Less — accumulated depreciation	(624,472)		(606,231)		(543,135)		(530,925)
Construction work in progress	237,131		181,648		195,742		141,175
Net utility plant	$	1,892,280	$	1,753,766	$	1,735,534	$	1,616,718

(1) Includes intangible assets of $1.2 million for the years ended December 31, 2023 and 2022 for studies performed.

As of December 31, 2023 and 2022, intangible assets consist of the following:


	Weighted Average Amortization	AWR December 31,				GSWC December 31,
(dollars in thousands)	Period	2023		2022		2023		2022
Intangible assets:
Conservation programs	3 years	$	9,486	$	9,486	$	9,486	$	9,486
Water and service rights (2)	30 years	8,695		8,695		8,124		8,124
Water planning studies	14 years	14,164		13,757		12,926		12,519
Total intangible assets		32,345		31,938		30,536		30,129
Less — accumulated amortization		(27,275)		(26,811)		(26,294)		(25,374)
Intangible assets, net of amortization		$	5,070	$	5,127	$	4,242	$	4,755

Intangible assets not subject to amortization (3)		$	383	$	383	$	382	$	382

(2) Includes intangible assets of $571,000 for contracted services included in “Other Property and Investments” on the consolidated balance sheets as of December 31, 2023 and 2022.

(3) The intangible assets not subject to amortization primarily consist of organization and consent fees.

For the years ended December 31, 2023, 2022 and 2021, amortization of intangible assets was $1.1 million, $641,000 and $700,000, respectively, for both AWR and GSWC.

Estimated future consolidated amortization expense related to intangible assets are as follows (in thousands):


	Amortization Expense
2024	$	911
2025	911
2026	911
2027	911
2028	911
Total	$	4,555

Asset Retirement Obligations:


(dollars in thousands)	GSWC
Obligation at December 31, 2021	$	9,717
Accretion	386
Obligation at December 31, 2022	$	10,103
Accretion	406
Obligation at December 31, 2023	$	10,509

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Condensed Statements of Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed financial statements
Income before income taxes	$ 166,520	$ 102,060	$ 124,770
Income tax benefit	41,599	23,664	30,423
Net Income	$ 124,921	$ 78,396	$ 94,347
Weighted Average Number of Shares Outstanding (in shares)	36,976	36,955	36,921
Basic Earnings Per Common Share (usd per share)	$ 3.37	$ 2.12	$ 2.55
Weighted Average Number of Diluted Common Shares Outstanding (in shares)	37,077	37,039	37,010
Fully Diluted Earnings per Common Share (in USD per share)	$ 3.36	$ 2.11	$ 2.55
Dividends Paid Per Common Share (in USD per share)	$ 1.655	$ 1.525	$ 1.400
Parent Company
Condensed financial statements
Operating revenues and other income	$ 0	$ 0	$ 0
Operating expenses and other expenses	5,576	2,093	542
Loss before equity in earnings of subsidiaries and income taxes	(5,576)	(2,093)	(542)
Equity in earnings of subsidiaries	128,783	79,892	94,808
Income before income taxes	123,207	77,799	94,266
Income tax benefit	(1,714)	(597)	(81)
Net Income	$ 124,921	$ 78,396	$ 94,347
Weighted Average Number of Shares Outstanding (in shares)	36,976	36,955	36,921
Basic Earnings Per Common Share (usd per share)	$ 3.37	$ 2.12	$ 2.55
Weighted Average Number of Diluted Common Shares Outstanding (in shares)	37,077	37,039	37,010
Fully Diluted Earnings per Common Share (in USD per share)	$ 3.36	$ 2.11	$ 2.55
Dividends Paid Per Common Share (in USD per share)	$ 1.655	$ 1.525	$ 1.400

Contingencies (Details) $ in Millions	12 Months Ended
Contingencies (Details) $ in Millions	Dec. 31, 2023 USD ($) item
Contingencies
Environmental Loss Contingency Statement OfFinancial Position Extensible Enumeration Not Disclosed Flag	estimated remaining cost
Contracted services: \| Maximum
Contingencies
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
American States Utility Services \| Contracted services: \| Maximum
Contingencies
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
Environmental Clean-Up and Remediation \| GSWC
Contingencies
Number of Plant Sites \| item	1
Amount paid by the State of California Underground Storage Tank Fund for clean-up and remediation of plant facilities	$ 1.5
Environmental Costs Recognized, Capitalized	6.3
Accrued liability for the estimated additional cost to complete the clean-up at the site	$ 1.3

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Pension and Post-Retirement Medical Plans:

Registrant maintains a defined benefit pension plan (the “Pension Plan”) that provides eligible employees (those aged 21 and older, hired before January 1, 2011) monthly benefits upon retirement based on average salaries and length of service. The eligibility requirement to begin receiving these benefits is 5 years of vested service. The normal retirement benefit is equal to 2% of the 5 highest consecutive years’ average earnings multiplied by the number of years of credited service, up to a maximum of 40, reduced by a percentage of primary Social Security benefits. There is also an early retirement option. Annual contributions are made to the Pension Plan, which comply with the funding requirements of the Employee Retirement Income Security Act (“ERISA”). At December 31, 2023, Registrant had 903 participants in the Pension Plan.

Employees hired or rehired after December 31, 2010 are eligible to participate in a defined contribution plan. Registrant’s existing 401(k) Investment Incentive Program was amended to include this defined contribution plan. Under this plan, Registrant provides a contribution ranging from 3% to 5.25% of eligible pay each pay period into investment vehicles offered by the plan’s trustee. Full vesting under this plan occurs upon 3 years of service. Employees hired before January 1, 2011 continue to participate in and accrue benefits under the terms of the Pension Plan.

Registrant also provides post-retirement medical benefits for all active employees hired before February of 1995 through a medical insurance plan. Eligible employees, who retire prior to age 65, and/or their spouses, are able to retain the benefits under the plan for active employees until reaching age 65. Eligible employees upon reaching age 65, and those eligible employees retiring at or after age 65, and/or their spouses, receive coverage through a Medicare supplement insurance policy paid for by Registrant subject to an annual cap limit. Registrant’s post-retirement medical plan does not provide prescription drug benefits to Medicare-eligible employees and is not affected by the Medicare Prescription Drug Improvement and Modernization Act of 2003.

In accordance with the accounting guidance for the effects of certain types of regulation, Registrant has established a regulatory asset or liability for its underfunded or overfunded position, respectively, in its pension and post-retirement medical plans that is expected to be recovered through rates in future periods. The changes in actuarial gains and losses, prior service costs and transition assets or obligations are tracked and recognized as an adjustment to the regulatory account as these amounts are recognized as components of net periodic pension cost each year and in the rate-making process.


	Pension Benefits				Post-Retirement Medical Benefits
(dollars in thousands)	2023		2022		2023		2022
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year	$	190,678	$	259,751	$	2,014	$	2,686
Service cost	3,196		5,644		130		129
Interest cost	10,142		7,401		106		60
Actuarial (gain) loss	8,525		(72,710)		49		(570)
Benefits/expenses paid	(9,578)		(9,408)		(334)		(291)
Projected benefit obligation at end of year	$	202,963	$	190,678	$	1,965	$	2,014

Changes in Plan Assets:
Fair value of plan assets at beginning of year	$	186,906	$	233,524	$	11,240	$	13,773
Actual return on plan assets	25,031		(40,299)		1,921		(2,242)
Employer contributions	2,946		3,089		265		263
Benefits/expenses paid	(9,578)		(9,408)		(599)		(554)
Fair value of plan assets at end of year	$	205,305	$	186,906	$	12,827	$	11,240

Funded Status:
Overfunded/(underfunded) amount recognized	$	2,342	$	(3,772)	$	10,862	$	9,226

The change in the underfunded status of the pension was due to an increase in plan asset performance, partially offset by a decrease in the discount rate, which decreased from 5.41% as of December 31, 2022 to 5.16% as of December 31, 2023.


	Pension Benefits						Post-Retirement Medical Benefits
(dollars in thousands)	2023			2022			2023			2022
Amounts recognized on the balance sheets:
Non-current assets	$	2,342		$	—		$	10,862		$	9,226
Current liabilities	—			—			—			—
Non-current liabilities	—			(3,772)			—			—
Net amount recognized	$	2,342		$	(3,772)		$	10,862		$	9,226
Amounts recognized in regulatory assets (liabilities) consist of:
Prior service cost (credit)	$	1,454		$	1,889		$	—		$	—
Net loss (gain)	(1,899)			4,123			(6,272)			(5,846)
Regulatory assets (liabilities)	(445)			6,012			(6,272)			(5,846)
Prefunded plan costs	(1,897)			(2,240)			(4,590)			(3,380)
Net liability (asset) recognized	$	(2,342)		$	3,772		$	(10,862)		$	(9,226)

Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities):
Regulatory asset (liability) at beginning of year	$	6,012		$	25,691		$	(5,846)		$	(9,839)
Net (loss) gain	(6,023)			(19,245)			(1,395)			2,259
New prior service cost	—			—			—			—
Amortization of prior service (cost) credit	(434)			(434)			—			—
Amortization of net gain (loss)	—			—			969			1,734
Total change in regulatory asset (liability)	(6,457)			(19,679)			(426)			3,993
Regulatory asset (liability) at end of year	$	(445)		$	6,012		$	(6,272)		$	(5,846)

Net periodic pension costs	$	3,289		$	313		$	(1,210)		$	(2,132)
Change in regulatory asset (liability)	(6,457)			(19,679)			(426)			3,993
Total recognized in net periodic pension cost and regulatory asset (liability)	$	(3,168)		$	(19,366)		$	(1,636)		$	1,861

Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	202,963		$	190,678		$	1,965		$	2,014
Accumulated benefit obligation	$	192,986		$	181,376		N/A			N/A
Fair value of plan assets	$	205,305		$	186,906		$	12,827		$	11,240

Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	5.16		%	5.41		%	5.04		%	5.34		%
Rate of compensation increase	*			*			N/A			N/A

•Age-graded ranging from 2.5% to 7.0%.

The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2023, 2022 and 2021 are as follows:


	Pension Benefits						Post-Retirement Medical Benefits
(dollars in thousands, except percent)	2023		2022		2021		2023		2022		2021
Components of Net Periodic Benefits Cost:
Service cost	$3,196		$5,644		$6,316		$130		$129		$149
Interest cost	10,142		7,401		6,833		106		60		110
Expected return on plan assets	(10,483)		(13,166)		(12,541)		(477)		(587)		(537)

Amortization of prior service cost (credit)	434		434		434		—		—		—
Amortization of actuarial (gain) loss	—		—		3,817		(969)		(1,734)		(1,417)
Net periodic pension cost under accounting standards	$3,289		$313		$4,859		$(1,210)		$(2,132)		$(1,695)
Regulatory adjustment	(281)		—		(1,277)		—		—		—
Total expense recognized, before surcharges and allocation to overhead pool	$3,008		$313		$3,582		$(1,210)		$(2,132)		$(1,695)

Weighted-average assumptions used to determine net periodic cost:
Discount rate	5.41	%	2.89	%	2.55	%	5.34	%	2.46	%	2.20	%
Expected long-term return on plan assets	5.75	%	5.75	%	6.00	%	*		*		*
Rate of compensation increase	**		**		**		N/A		N/A		N/A

*5.50% for union plan and 3.9% for non-union (net of income taxes) in 2023 and 2022 and 5.75% for union plan and 4.0% for non-union (net of income taxes) in 2021.

** Age-graded ranging from 2.5% to 7.0%.

Regulatory Adjustment:

The CPUC authorized GSWC and BVES to track differences between the forecasted annual pension expenses adopted in rates and the actual annual expenses to be recorded in accordance with the accounting guidance for pension costs in a two-way pension balancing account. During the years ended December 31, 2023 and 2021, GSWC’s actual pension expense was higher than the amounts included in water customer rates by $281,000 and $1.3 million, respectively. During the year ended December 31, 2022, GSWC’s actual expense was lower than the amounts included in water customer rates by $1.5 million and recorded as a reduction to water revenues. The cumulative amount recorded in GSWC’s two-way pension balancing account is included within the pensions and other post-retirement obligations regulatory asset discussed in Note 3. During the years ended December 31, 2023, 2022 and 2021, BVES’s actual expense was lower than the amounts included in electric rates by $270,000, $490,000 and $246,000, respectively. These over-collections were recorded as a reduction to electric revenues.

Plan Funded Status:

The Pension Plan was overfunded and underfunded at December 31, 2023 and 2022, respectively. Registrant’s market related value of plan assets is equal to the fair value of plan assets. Past volatile market conditions have affected and continue to affect the value of GSWC’s trust established to fund its future long-term pension benefits. These benefit plan assets and related obligations are measured annually using a December 31 measurement date. Changes in the Pension Plan’s funded status will affect the assets and liabilities recorded on the balance sheet in accordance with accounting guidance on employers’ accounting for defined benefit pension and other post-retirement plans. Due to Registrant’s regulatory recovery treatment, the recognition of the under or overfunded status for the Pension Plan has been offset by a regulatory asset or liability, respectively, pursuant to guidance on the accounting for the effects of certain types of regulation.

Plan Assets:

The assets of the pension and post-retirement medical plans are managed by a third party trustee. The investment policy allocation of the assets in the trust was approved by Registrant’s Administrative Committee (the “Committee”) for the pension and post-retirement medical funds, which has oversight responsibility for all retirement plans. The primary objectives underlying the investment of the pension and post-retirement plan assets are: (i) attempt to maintain a fully funded status with a cushion for unexpected developments, possible future increases in expense levels and/or a reduction in the expected return on investments; (ii) seek to earn long-term returns that compare favorably to appropriate market indexes, peer group universes and

the policy asset allocation index; (iii) seek to provide sufficient liquidity to pay current benefits and expenses; (iv) attempt to limit risk exposure through prudent diversification; and (v) seek to limit costs of administering and managing the plans.

The Committee recognizes that risk and volatility are present to some degree with all types of investments. High levels of risk may be avoided through diversification by asset class, style of each investment manager and sector and industry limits. Investment managers are retained to manage a pool of assets and allocate funds in order to achieve an appropriate, diversified and balanced asset mix. The Committee’s strategy balances the requirement to maximize returns using potentially higher-return generating assets, such as equity securities, with the need to control the risk of its benefit obligations with less volatile assets, such as fixed-income securities.


	Pension Benefits				Post-Retirement Medical Benefits
Asset Category	2023		2022		2023		2022
Actual Asset Allocations:
Equity securities	56	%	56	%	60	%	59	%
Debt securities	39	%	39	%	39	%	39	%
Real Estate Funds	5	%	5	%	—	%	—	%
Cash equivalents	—	%	—	%	1	%	2	%
Total	100	%	100	%	100	%	100	%

Equity securities did not include AWR’s Common Shares as of December 31, 2023 and 2022.


Target Asset Allocations:	Pension Benefits		Post-retirement Medical Benefits
Equity securities	60	%	60	%
Debt securities	40	%	40	%
Total	100	%	100	%

The Pension Plan assets are in collective trust funds managed by a management firm appointed by the Committee. The fair value of these collective trust funds is measured using net asset value per share. In accordance with ASU 2015-07 Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalents), the fair value of the collective trust funds is not categorized in the fair value hierarchy as of December 31, 2023 and 2022.

The following tables set forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2023 and 2022:


	Net Asset Value as of December 31, 2023
(dollars in thousands)	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Cash equivalents	$	814	—	N/A	N/A
Fixed income fund	80,737		—	Daily	Daily
Equity securities:
U.S. small/mid cap funds	19,162		—	Daily	Daily
U.S. large cap funds	49,770		—	Daily	Daily
International funds	45,377		—	Daily	Daily
Total equity funds	114,309		—
Real estate funds	9,445		—	Daily	Daily
Total	$	205,305	—

Net Asset Value as of December 31, 2022

(dollars in thousands)

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Cash equivalents

801

—

N/A

Fixed income fund

73,863

—

Daily

Equity securities:

U.S. small/mid cap funds

17,136

—

Daily

U.S. large cap funds

44,572

—

Daily

International funds

42,239

—

Daily

Total equity funds

103,947

Real estate funds

8,295

—

Daily

Total

186,906

—

The collective trust funds may be invested or redeemed daily, and generally do not have any significant restrictions to redeem the investments.

As previously discussed in Note 1, the accounting guidance for fair value measurements establishes a framework for measuring fair value and requires fair value measurements to be classified and disclosed in one of three levels. As required by the accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. All equity investments in the post-retirement medical plan are Level 1 investments in mutual funds. The fixed income category includes corporate bonds and notes. The majority of fixed income investments range in maturities from less than 1 to 20 years. The fair values of these investments are based on quoted market prices in active markets.

The following tables set forth by level, within the fair value hierarchy, the post-retirement plan’s investment assets measured at fair value as of December 31, 2023 and 2022:


	Fair Value as of December 31, 2023
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Post-Retirement Plan Assets:
Cash equivalents	$	189	—	—	$	189
Fixed income	5,001		—	—	5,001
U.S. equity securities	7,637		—	—	7,637
Total investments measured at fair value	$	12,827	—	—	$	12,827


	Fair Value as of December 31, 2022
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Post-Retirement Plan Assets:
Cash equivalents	$	215	—	—	$	215
Fixed income	4,380		—	—	4,380
U.S. equity securities	6,645		—	—	6,645
Total investments measured at fair value	$	11,240	—	—	$	11,240

Plan Contributions:

During 2023, Registrant contributed $2.9 million to its pension plan and did not make a contribution to the post-retirement medical plan. Registrant expects to contribute approximately $3.3 million to its pension plan in 2024. Registrant’s policy is to fund the plans annually at a level which is deductible for income tax purposes and is consistent with amounts recovered in customer rates while also complying with ERISA’s funding requirements.

Benefit Payments:

Estimated future benefit payments at December 31, 2023 are as follows (in thousands):


	Pension Benefits		Post-Retirement Medical Benefits
2024	$	10,604	$	295
2025	11,089		279
2026	11,539		276
2027	12,075		252
2028	12,568		226
Thereafter	70,006		713
Total	$	127,881	$	2,041

Assumptions:

Certain actuarial assumptions, such as the discount rate, long-term rate of return on plan assets, mortality, and the healthcare cost trend rate have a significant effect on the amounts reported for net periodic benefit cost as well as the related benefit obligation amounts.

Discount Rate — The assumed discount rate for pension and post-retirement medical plans reflects the market rates for high-quality corporate bonds currently available. Registrant’s discount rates were determined by considering the average of pension yield curves constructed of a large population of high quality corporate bonds. The resulting discount rate reflects the matching of plan liability cash flows to the yield curves.

Expected Long-Term Rate of Return on Assets — The long-term rate of return on plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income and other investments. To develop the expected long-term rate of return on assets assumption for the pension plan, Registrant considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. Registrant’s policy is to fund the medical benefit trusts based on actuarially determined amounts as allowed in rates approved by the CPUC. Registrant has invested the funds in the post-retirement trusts that are intended to achieve a desired return and minimize amounts necessary to recover through rates. The mix is expected to provide for a return on assets similar to the Pension Plan and to achieve Registrant’s targeted allocation. This resulted in the selection of the 5.50% long-term rate of return on assets assumption for the union plan and 3.9% (net of income taxes) for the non-union plan portion of the post-retirement plan.

Mortality — Mortality assumptions are a critical component of benefit obligation amounts and a key factor in determining the expected length of time for annuity payments. Registrant uses the latest mortality tables published by the Society of Actuaries. Accordingly, the benefit obligation amounts as of December 31, 2023 and 2022 have incorporated recent updates to the mortality tables.

Healthcare Cost Trend Rate — The assumed health care cost trend rate for 2024 starts at 5.9% grading down to 4.0% in 2047 for those under age 65, and at 6.3% grading down to 4.0% in 2047 for those 65 and over. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans.

Supplemental Executive Retirement Plan:

Registrant has a supplemental executive retirement plan (“SERP”) that is intended to restore retirement benefits to certain key employees and officers of Registrant that are limited by Sections 415 and 401(a)(17) of the Internal Revenue Code of 1986, as amended. The Board of Directors approved the establishment of a Rabbi Trust created for the SERP. Assets in a Rabbi Trust can be subject to the claims of creditors; therefore, they are not considered as an asset for purposes of computing the SERP’s funded status. As of December 31, 2023, the balance in the Rabbi Trust totaled $34.1 million and is included in Registrant’s other property and investments.

All equity investments in the Rabbi Trust are Level 1 (as defined in Note 1) investments in mutual funds. The fixed income category includes corporate bonds and notes. The fair values of these investments are based on quoted market prices in active markets.

The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2023 and 2022:


	Fair Value as of December 31, 2023
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Assets held in Rabbi Trust:
Cash equivalents	$	6	—	—	$	6
Fixed income securities	13,676		—	—	13,676
Equity securities	20,461		—	—	20,461
Total investments measured at fair value	$	34,143	—	—	$	34,143


	Fair Value as of December 31, 2022
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Assets held in Rabbi Trust:
Cash equivalents	$	9	—	—	$	9
Fixed income securities	10,962		—	—	10,962
Equity securities	16,560		—	—	16,560
Total investments measured at fair value	$	27,531	—	—	$	27,531

The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2023 and 2022:


(dollars in thousands)	2023		2022
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	30,807	$	36,089
Service cost	1,248		1,191
Interest cost	1,644		1,022
Actuarial loss (gain)	840		(6,522)
Benefits paid	(945)		(973)
Benefit obligation at end of year	$	33,594	$	30,807
Changes in Plan Assets:
Fair value of plan assets at beginning and end of year	—		—
Funded Status:
Net amount recognized as accrued cost	$	(33,594)	$	(30,807)


(in thousands)	2023			2022
Amounts recognized on the balance sheets:
Current liabilities	$	(942)		$	(942)
Non-current liabilities	(32,652)			(29,865)
Net amount recognized	$	(33,594)		$	(30,807)
Amounts recognized in regulatory assets consist of:
Prior service cost	$	—		$	—
Net loss	2,869			1,995
Regulatory assets	2,869			1,995
Unfunded accrued cost	30,725			28,812
Net liability recognized	$	33,594		$	30,807

Changes in plan assets and benefit obligations recognized in regulatory assets consist of:
Regulatory asset at beginning of year	$	1,995		$	9,097
Net gain (loss)	840			(6,522)
Amortization of prior service credit	—			—
Amortization of net gain (loss)	34			(580)
Total change in regulatory asset	874			(7,102)
Regulatory asset at end of year	$	2,869		$	1,995

Net periodic pension cost	$	2,858		$	2,793
Change in regulatory asset	874			(7,102)
Total recognized in net periodic pension and regulatory asset	$	3,732		$	(4,309)

Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	33,594		$	30,807
Accumulated benefit obligation	30,794			28,157
Fair value of plan assets	—			—
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.15		%	5.42		%
Rate of compensation increase	*			*

* Age graded from 4.0% to 5.5% per year.

The components of SERP expense, before allocation to the overhead pool, for 2023, 2022 and 2021 are as follows:


(dollars in thousands, except percent)	2023			2022			2021
Components of Net Periodic Benefits Cost:
Service cost	$	1,248		$	1,191		$	1,392
Interest cost	1,644			1,022			915

Amortization of net (gain) loss	(34)			580			1,678
Net periodic pension cost	$	2,858		$	2,793		$	3,985

Weighted-average assumptions used to determine net periodic cost:
Discount rate	5.42		%	2.87		%	2.52		%
Rate of compensation increase	*			*			*

* Age graded from 4.0% to 5.5% per year.

Benefit Payments: Estimated future benefit payments for the SERP at December 31, 2023 are as follows (in thousands):


2024	$	942
2025	2,344
2026	2,519
2027	2,630
2028	2,604
Thereafter	13,551
Total	$	24,590

401(k) Investment Incentive Program:

Registrant has a 401(k) Investment Incentive Program under which employees may invest a percentage of their pay, up to a maximum investment prescribed by law, in an investment program managed by an outside investment manager. Registrant’s cash contributions to the 401(k) are based upon a percentage of individual employee contributions and for the years ended December 31, 2023, 2022 and 2021 were $2.9 million, $2.7 million and $2.7 million, respectively. The Investment Incentive Program also incorporates the defined contribution plan for employees hired on or after January 1, 2011. The cash contributions to the defined contribution plan for the years ended December 31, 2023, 2022 and 2021 were $2.2 million, $2.0 million and $1.9 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Note Payable to Banks Narrative (Details) $ in Thousands		12 Months Ended
	Jun. 28, 2023	Dec. 31, 2023 USD ($)	Nov. 06, 2023 USD ($)	Nov. 05, 2023 USD ($)	Jun. 27, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 22, 2022 USD ($)
Note payable to banks
Debt instrument, term	5 years
Line of credit facility, current borrowing capacity			$ 165,000
Incremental expansion of borrowing capacity				$ 75,000
Note payable to bank, noncurrent		$ 291,500				$ 22,000
Revolving Credit Facility
Note payable to banks
Line of credit facility, current borrowing capacity				$ 150,000
Letters of credit
Note payable to banks
Maximum borrowing capacity			$ 10,000
Maximum \| Revolving Credit Facility
Note payable to banks
Ratio of Indebtedness to Net Capital		0.65
Maximum \| Revolving Credit Facility
Note payable to banks
Line of credit facility, current borrowing capacity							$ 280,000
AWR
Note payable to banks
Note payable to bank, noncurrent		$ 141,500				$ 0
AWR \| Revolving Credit Facility
Note payable to banks
Note payable to bank, noncurrent		$ 141,500
Total funded debt ratio		0.54
AWR \| Maximum
Note payable to banks
Line of credit facility, current borrowing capacity					$ 280,000
Parent \| Revolving Credit Facility
Note payable to banks
Debt issuance costs, line of credit arrangements, gross		$ 632

Commitments

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Commitments

GSWC’s Water Supply:

GSWC has contracts to purchase water or water rights for an aggregate amount of $2.7 million as of December 31, 2023. Included in the $2.7 million is a commitment of $1.3 million to use water rights from a third party under an agreement, which expires in 2028. The remaining $1.4 million is for commitments for purchased water with other third parties, which expire from 2025 through 2038.

GSWC’s estimated future minimum payments under these purchased water supply commitments at December 31, 2023 are as follows (in thousands):


2024	$	491
2025	441
2026	391
2027	391
2028	213
Thereafter	805
Total	$	2,732

BVES Commitments:

Purchase Power Contracts:

BVES had entered into long-term, fixed-price contracts to purchase power over three- and five-year terms. These long-term contracts will expire during the fourth quarter of 2024. In July 2023, the CPUC approved a new power purchase agreement between BVES and a third party to procure renewable portfolio standard (“RPS”) eligible energy and renewable energy credits as a bundled product. BVES will begin taking power under this long-term contract during the fourth quarter of 2024 to replace the existing expiring contracts. The new contract provides for the purchase of electricity during a delivery period from November 1, 2024 through December 31, 2035. As of December 31, 2023, BVES has power purchase commitments under these contracts that totals $45.8 million.

Renewables Portfolio Standard:

BVES is subject to the renewables portfolio standard law, which requires BVES to meet certain targets for purchases of energy from qualified renewable energy resources. BVES had an agreement with a third party to purchase RECs whereby BVES agreed to purchase approximately 578,000 RECs over a ten-year period through 2023, which has been used towards BVES meeting California’s RPS requirements. On January 18, 2023, BVES filed a compliance report with the CPUC that covered pre-2023 compliance period, which did not reflect any RPS procurement deficiencies.

BVES executed a contract in July 2023 with a third party to procure RPS eligible energy and RECs as a bundled product. The RECs under this agreement will be delivered following the year in which energy is purchased. BVES has agreed to purchase approximately 587,000 RECs over the eleven-year term of the contract. In addition, BVES has executed additional REC purchase agreements that delivered in 2023 a total of 30,000 RECs with an additional 15,000 RECs delivered in January 2024. As of December 31, 2023, BVES believes that it has purchased sufficient RECs to be in compliance through 2024 and management does not believe any provision for loss or potential penalties is required as of December 31, 2023. The cost of RECS are recorded to the electric supply cost balancing account when retired. BVES has commitments for RECs under contracts totaling $9.0 million as of December 31, 2023.

See Note 16 for Registrant’s future minimum payments under long-term non-cancelable operating leases.

Leases Lessee Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2024	$ 2,161
2024	2,066
2025	1,816
2026	1,556
2027	1,305
Thereafter	386
Total lease payments	9,290
Less: imputed interest	815
Total lease obligations	8,475
Less: current obligations	1,856	$ 1,892
Long-term lease obligations	6,619	8,090
Operating Lease, Expense	$ 2,300	$ 2,600	$ 2,500

Employee Benefit Plans - Funded Status of Pension Plan and Post-Retirement Medical Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year	$ 190,678	$ 259,751
Service cost	3,196	5,644	$ 6,316
Interest cost	10,142	7,401	6,833
Actuarial (gain) loss	8,525	(72,710)
Benefits/expenses paid	(9,578)	(9,408)
Projected benefit obligation at end of year	202,963	190,678	259,751
Changes in Plan Assets:
Fair value of plan assets at beginning of year	186,906	233,524
Actual return on plan assets	25,031	(40,299)
Employer contributions	2,946	3,089
Benefits/expenses paid	(9,578)	(9,408)
Fair value of plan assets at end of year	205,305	186,906	233,524
Funded Status:
Overfunded/(underfunded) amount recognized	2,342	(3,772)
Post-Retirement Medical Benefits
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year	2,014	2,686
Service cost	130	129	149
Interest cost	106	60	110
Actuarial (gain) loss	49	(570)
Benefits/expenses paid	(334)	(291)
Projected benefit obligation at end of year	1,965	2,014	2,686
Changes in Plan Assets:
Fair value of plan assets at beginning of year	11,240	13,773
Actual return on plan assets	1,921	(2,242)
Employer contributions	265	263
Benefits/expenses paid	(599)	(554)
Fair value of plan assets at end of year	12,827	11,240	$ 13,773
Funded Status:
Overfunded/(underfunded) amount recognized	$ 10,862	$ 9,226

Employee Benefit Plans - Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Benefits
Employee benefit plans
2024	$ 10,604
2025	11,089
2026	11,539
2027	12,075
2028	12,568
Thereafter	70,006
Total	127,881
Post-Retirement Medical Benefits
Employee benefit plans
2024	295
2025	279
2026	276
2027	252
2028	226
Thereafter	713
Total	$ 2,041

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of share-based compensation expenses


	AWR						GSWC
	For The Years Ended December 31,						For The Years Ended December 31,
(in thousands)	2023		2022		2021		2023		2022		2021
Stock-based compensation related to:
Restricted stock units	$	3,298	$	2,571	$	2,566	$	2,994	$	2,269	$	2,313
Total stock-based compensation expense	$	3,298	$	2,571	$	2,566	$	2,994	$	2,269	$	2,313

Schedule of assumptions used to estimate fair value of each option grant on the grant date using the Black-Scholes option-pricing model

will be earned based on Registrant’s TSR compared to the TSR for a specific peer group of investor-owned water companies.

A summary of the status of Registrant’s outstanding performance awards to officers as of December 31, 2023, and changes during the year ended December 31, 2023, is presented below:


	Number of Performance awards	Weighted Average Grant-Date Value
Performance awards at January 1, 2023	49,435	$	83.70
Granted	19,696	96.04
Performance criteria adjustment	8,321	91.73
Vested	(12,095)	89.59
Performance awards at December 31, 2023	65,357	$	87.35

Summary of the status of Registrant's outstanding restricted stock units to employees and directors

A summary of the status of Registrant’s outstanding RSUs, excluding performance awards, to employees and directors as of December 31, 2023, and changes during the year ended December 31, 2023, is presented below:


	Number of Restricted Share Units	Weighted Average Grant-Date Value
Restricted share units at January 1, 2023	47,552	$	49.01
Granted	19,837	94.71
Vested	(16,574)	87.28
Forfeited	(488)	92.84
Restricted share units at December 31, 2023	50,327	$	54.00

Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Most of Registrant’s revenues are accounted for under the revenue recognition accounting standard, "Revenue from Contracts with Customers - (Topic 606)."

GSWC and BVES provide utility services to customers as specified by the CPUC. The transaction prices for water and electric revenues are based on tariff rates authorized by the CPUC, which include both quantity-based and flat-rate charges. Tariff revenues represent the adopted revenue requirement authorized by the CPUC intended to provide GSWC and BVES with an opportunity to recover its costs and earn a reasonable return on its net capital investment. The annual revenue requirements are comprised of supply costs, operation and maintenance costs, administrative and general costs, depreciation and taxes in amounts authorized by the CPUC, and a return on rate base consistent with the capital structure authorized by the CPUC.

Water and electric revenues are recognized over time as customers simultaneously receive and use the utility services provided. Water and electric revenues include amounts billed to customers on a cyclical basis, nearly all of which are based on meter readings for services provided. Customer bills also include surcharges for cost-recovery activities, which represent CPUC-authorized balancing and memorandum accounts that allow for the recovery of previously incurred operating costs. Revenues from these surcharges have no impact to earnings as they are offset by corresponding increases in operating expenses to reflect the recovery of the associated costs. Customer payment terms are approximately 20 business days from the billing date. Unbilled revenues are amounts estimated to be billed for usage since the last meter-reading date to the end of the accounting period. The most recent customer billed usage forms the basis for estimating unbilled revenue.

GSWC and BVES bill certain sales and use taxes levied by state or local governments to its customers. Included in these sales and use taxes are franchise fees, which are paid to various municipalities and counties (based on their ordinances) in order to use public rights of way for utility purposes. GSWC and BVES bill these franchise fees to its customers based on a CPUC-authorized rate for each ratemaking area as applicable. These franchise fees, which are required to be paid regardless of GSWC’s or BVES’s ability to collect them from its customers, are accounted for on a gross basis. Franchise fees billed to customers and recorded as operating revenue were approximately $4.9 million, $4.0 million and $4.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. When GSWC or BVES acts as an agent, where the tax is not required to be remitted if it is not collected from customers, the tax is accounted for on a net basis.

As currently authorized by the CPUC, GSWC and BVES record in revenues the difference between the adopted level of volumetric revenues as authorized by the CPUC for metered accounts (volumetric revenues) and the actual volumetric revenues recovered in customer rates. For GSWC, the difference is tracked under the Water Revenue Adjustment Mechanism (“WRAM”) regulatory accounts, and for BVES the difference is tracked in the Base Revenue Requirement Adjustment Mechanism (“BRRAM”) regulatory account. If this difference results in an under-collection of revenues, additional revenue is recorded only to the extent that the difference is expected to be collected within 24 months following the end of the year in which they are recorded in accordance with Accounting Standards Codification (“ASC”) Topic 980, Regulated Operations.

ASUS’s initial 50-year, firm-fixed-price contract and additional firm-fixed-price contracts, together referred to as (“50-year contract”) with the U.S. government are considered service concession arrangements under ASC 853 Service Concession Arrangements. ASUS's military base contracts consist primarily of 50-year contracts and one 15-year contract with the U.S. government. The services under these contracts are accounted for under Topic 606 Revenue from Contracts with Customers and the water and/or wastewater systems are not recorded as Property, Plant and Equipment on Registrant’s balance sheet. For ASUS, performance obligations consist of (i) performing ongoing operation and maintenance of the water and/or wastewater systems and treatment plants for each military base served, and (ii) performing construction activities (including renewal and replacement capital work) on each military base served. The transaction price for each performance obligation is either delineated in, or initially derived from, the applicable 50-year contract and/or any subsequent contract modifications. Depending on the state in which operations are conducted, ASUS’s subsidiaries are also subject to certain state non-income tax assessments, which are accounted for on a gross basis and have been immaterial to date.

The ongoing performance of operation and maintenance of the water and/or wastewater systems and treatment plants is viewed as a single performance obligation for each of the contract with the U.S. government. Registrant recognizes revenue for operations and maintenance fees monthly using the “right to invoice” practical expedient under ASC Topic 606. ASUS has a right to the consideration from the U.S. government in an amount that corresponds directly to the value for services provided to the U.S. government based on its subsidiaries' performance completed to-date. The contractual operations and maintenance fees are firm-fixed, and the level of effort or resources expended in the performance of the operations-and-maintenance-fees performance obligation is largely consistent over the contract term. Therefore, Registrant has determined that the monthly amounts invoiced for operations and maintenance performance are a fair reflection of the value transferred to the U.S.

government. Invoices to the U.S. government for operations and maintenance service, as well as construction activities, are due upon receipt.

ASUS’s construction activities consist of various projects to be performed. Each of these capital upgrade projects’ transaction prices are delineated either in the 50-year contract or through a specific contract modification for each construction project, which includes the transaction price for that project, or through a task order under a task order agreement. For renewal and replacement projects, the initial transaction price is based on the individual scope of work in accordance with contractual unit prices within the 50-year contract. Each construction project is viewed as a separate, single performance obligation. Therefore, it is generally unnecessary to allocate a construction transaction price to more than one construction performance obligation. Revenues for construction activities are recognized over time, with progress toward completion measured based on the input method using costs incurred relative to the total estimated costs (cost-to-cost method). Due to the nature of these construction projects, Registrant has determined the cost-to-cost input measurement to be the best method to measure progress towards satisfying its construction contract performance obligations, as compared to using an output measurement such as units produced. Changes in job performance, job site conditions, change orders and/or estimated profitability may result in revisions to costs and income for ASUS, and are recognized in the period in which any such revisions are determined. Pre-contract costs for ASUS, which consist of design and engineering labor costs, are deferred if recovery is probable, and are expensed as incurred if recovery is not probable. Deferred pre-contract costs have been immaterial to date.

Contracted services revenues recognized during the years ended December 31, 2023, 2022 and 2021 from performance obligations satisfied in previous periods were not material.

Although GSWC and BVES have a diversified base of residential, commercial, industrial and other customers, revenues derived from residential and commercial customers account for nearly 90% of total water revenues, and 90% of total electric revenues. The vast majority of ASUS’s revenues are from the U.S. government. For the years ended December 31, 2023, 2022, and 2021, disaggregated revenues from contracts with customers by segment are as follows:


(dollar in thousands)	For The Year Ended December 31, 2023		For The Year Ended December 31, 2022		For The Year Ended December 31, 2021
Water:
Tariff-based revenues	$	394,623	$	324,838	$	345,562
CPUC-approved surcharges (cost-recovery activities)	2,955		2,461		3,280
Other	2,753		2,351		2,227
Water revenues from contracts with customers	400,331		329,650		351,069
WRAM under/(over)-collection (alternative revenue program)	33,142		10,952		(3,957)
Total water revenues (1)	433,473		340,602		347,112

Electric:
Tariff-based revenues	40,130		39,750		37,124
CPUC-approved surcharges (cost-recovery activities)	567		144		310
Electric revenues from contracts with customers	40,697		39,894		37,434
BRRAM under/(over)-collection (alternative revenue program)	1,135		92		911
Total electric revenues	41,832		39,986		38,345

Contracted services:
Water	75,785		68,626		71,210
Wastewater	44,609		42,314		42,186
Contracted services revenues from contracts with customers	120,394		110,940		113,396

Total AWR revenues	$	595,699	$	491,528	$	498,853

(1) Water revenues for the year ended December 31, 2023 includes approximately $30 million from the impact of retroactive new rates for the full year of 2022 as a result of the CPUC's approval of GSWC's general rate case (Note 3). Furthermore, the CPUC also issued a final decision in June 2023 on GSWC's cost of capital proceeding. As a result of the final cost of capital decision (Note 3), for the year ended December 31, 2023, water revenues include an increase of $6.4 million from the reversal of revenues subject to refund due to a change in estimates from what had been recorded during 2022.

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


(dollar in thousands)	December 31, 2023		December 31, 2022

Unbilled receivables	$	9,693	$	10,125
Receivable from the U.S. government	$	91,489	$	85,456
Contract assets	$	14,378	$	14,982
Contract liabilities	$	1,352	$	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 its subsidiaries 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 its subsidiaries and consist of billings in excess of revenue recognized. The classification of this liability as current or noncurrent is based on the timing of when ASUS expects to recognize revenue. Revenues for the year ended December 31, 2023 included in contract liabilities at the beginning of the period were not material.

As of December 31, 2023, AWR’s aggregate remaining performance obligations, which are entirely from the contracted services segment, were $4.0 billion. ASUS expects to recognize revenue on these remaining performance obligations over the remaining term of each of the contracts, with original contract terms that range from 15 to 50 years. Each of the contracts with the U.S. government is subject to termination, in whole or in part, prior to the end of its contract term for the 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Revenues Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Operating revenues	$ 595,699	$ 491,528	$ 498,853
Cost of services	57,912	53,171	56,909
GSWC
Disaggregation of Revenue [Line Items]
Operating revenues	433,473	340,602	347,112
GSWC \| Water:
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	400,331	329,650	351,069
Operating revenues	433,473	340,602	347,112
GSWC \| Water: \| Tariff-based revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	394,623	324,838	345,562
GSWC \| Water: \| CPUC-approved surcharges (cost-recovery activities)
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	2,955	2,461	3,280
GSWC \| Water: \| Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	2,753	2,351	2,227
GSWC \| Water: \| Alternative revenue program
Disaggregation of Revenue [Line Items]
Alternative Revenue Programs, Net	33,142	10,952	(3,957)
American States Utility Services \| Contracted services:
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	120,394	110,940	113,396
Operating revenues	120,394	110,940	113,396
American States Utility Services \| Contracted services: \| Water
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	75,785	68,626	71,210
American States Utility Services \| Contracted services: \| Wastewater
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	44,609	42,314	42,186
Golden State Water Company and Bear Valley Electric Service, Inc. \| Franchisor
Disaggregation of Revenue [Line Items]
Cost of services	4,900	4,000	4,200
BVES \| Electric:
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	40,697	39,894	37,434
Operating revenues	41,832	39,986	38,345
BVES \| Electric: \| Tariff-based revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	40,130	39,750	37,124
BVES \| Electric: \| CPUC-approved surcharges (cost-recovery activities)
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	567	144	310
BVES \| Electric: \| Alternative revenue program
Disaggregation of Revenue [Line Items]
Alternative Revenue Programs, Net	$ 1,135	$ 92	$ 911

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]


(dollar in thousands)	For The Year Ended December 31, 2023		For The Year Ended December 31, 2022		For The Year Ended December 31, 2021
Water:
Tariff-based revenues	$	394,623	$	324,838	$	345,562
CPUC-approved surcharges (cost-recovery activities)	2,955		2,461		3,280
Other	2,753		2,351		2,227
Water revenues from contracts with customers	400,331		329,650		351,069
WRAM under/(over)-collection (alternative revenue program)	33,142		10,952		(3,957)
Total water revenues (1)	433,473		340,602		347,112

Electric:
Tariff-based revenues	40,130		39,750		37,124
CPUC-approved surcharges (cost-recovery activities)	567		144		310
Electric revenues from contracts with customers	40,697		39,894		37,434
BRRAM under/(over)-collection (alternative revenue program)	1,135		92		911
Total electric revenues	41,832		39,986		38,345

Contracted services:
Water	75,785		68,626		71,210
Wastewater	44,609		42,314		42,186
Contracted services revenues from contracts with customers	120,394		110,940		113,396

Total AWR revenues	$	595,699	$	491,528	$	498,853

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

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


(dollar in thousands)	December 31, 2023		December 31, 2022

Unbilled receivables	$	9,693	$	10,125
Receivable from the U.S. government	$	91,489	$	85,456
Contract assets	$	14,378	$	14,982
Contract liabilities	$	1,352	$	903

Utility Plant and Intangible Assets - ARO Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations
Obligation at the beginning of the period	$ 10,103	$ 9,717
Accretion	406	386
Obligation at the end of the period	$ 10,509	$ 10,103

Commitments Commitments 2 (Details) - BVES	12 Months Ended
Commitments Commitments 2 (Details) - BVES	Dec. 31, 2023 unit
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Number of renewable energy credits that would be purchased	578,000
Purchased Renewable Energy Credits Number Delivered in 2023	30,000
Minimum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Derivative, Term of Contract	3 years
Maximum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Derivative, Term of Contract	5 years

Taxes on Income

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Taxes on Income

Registrant records deferred income taxes for temporary differences pursuant to the accounting guidance that addresses items recognized for income tax purposes in different periods than when they are reported in the financial statements. These items include differences in net asset basis (primarily related to differences in depreciation lives and methods, and differences in capitalization methods) and the treatment of certain regulatory balancing accounts, and construction contributions and advances. The accounting guidance for income taxes requires that rate-regulated enterprises record deferred income taxes and offsetting regulatory liabilities and assets for temporary differences where the rate regulator has prescribed flow-through treatment for rate-making purposes (Note 3). Deferred investment tax credits (“ITC”) are amortized ratably to deferred tax expense over the remaining lives of the property that gave rise to the credits.

GSWC is included in both AWR’s consolidated federal income tax and its combined California state franchise tax returns. The impact of California’s unitary apportionment on the amount of AWR’s California income tax liability is a function of both the profitability of AWR’s non-California activities and the proportion of AWR’s California sales to its total sales. GSWC’s income tax expense is computed as if GSWC were autonomous and separately files its income tax returns, which is consistent with the method adopted by the CPUC in setting GSWC’s customer rates.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into federal law. IRA, among other things, imposes a nondeductible 1% excise tax after December 31, 2022 on the fair market value of certain stock that is “repurchased” by a publicly traded U.S. corporation or acquired by certain of its subsidiaries. The taxable amount is reduced by the fair market value of certain issuances of stock throughout the year. Registrant did not have a stock repurchase program in effect for 2023 and does not have current plans to institute such a program; consequently, this excise tax was not incurred in 2023 and is not expected to have a material impact on its consolidated financial position in the future. If average annual adjusted financial statement income exceeds $1 billion over a 3-taxable-year period, IRA also imposes a 15% corporate alternative minimum tax on adjusted financial statement income for taxable years beginning after December 31, 2022. Registrant does not expect to incur this tax in the foreseeable future.

The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2023 and 2022 are:


	AWR				GSWC
	December 31,				December 31,
(dollars in thousands)	2023		2022		2023		2022
Deferred tax assets:
Regulatory-liability-related (1)	$	32,042	$	31,330	$	30,407	$	29,623
Contributions and advances	6,660		6,544		6,981		6,896
Other	5,924		7,424		6,041		7,874
Total deferred tax assets	$	44,626	$	45,298	$	43,429	$	44,393
Deferred tax liabilities:
Fixed assets	$	(161,820)	$	(155,955)	$	(155,131)	$	(150,133)
Regulatory-asset-related: depreciation and other	(36,337)		(30,226)		(33,242)		(28,489)
Balancing and memorandum accounts (non-flowed-through)	(8,046)		(8,794)		(2,514)		(4,559)
Total deferred tax liabilities	(206,203)		(194,975)		(190,887)		(183,181)
Accumulated deferred income taxes, net	$	(161,577)	$	(149,677)	$	(147,458)	$	(138,788)

(1) Primarily represents the gross-up portion of the deferred income tax (on the excess-deferred-tax regulatory liability) brought about by the Tax Cuts and Jobs Act's reduction of the federal income tax rate.

The current and deferred components of income tax expense are as follows:


	AWR
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Current
Federal	$	26,327	$	14,845	$	19,592
State	10,489		6,016		7,270
Total current tax expense	$	36,816	$	20,861	$	26,862
Deferred
Federal	$	4,157	$	2,991	$	2,802
State	626		(188)		759
Total deferred tax (benefit) expense	4,783		2,803		3,561
Total income tax expense	$	41,599	$	23,664	$	30,423


	GSWC
	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Current
Federal	$	22,564	$	10,582	$	13,698
State	10,176		4,909		6,089
Total current tax expense	$	32,740	$	15,491	$	19,787
Deferred
Federal	$	2,867	$	1,507	$	2,251
State	82		(652)		57
Total deferred tax (benefit) expense	2,949		855		2,308
Total income tax expense	$	35,689	$	16,346	$	22,095

The reconciliations of the effective tax rates (“ETR”) to the federal statutory rate are as follows:


	AWR
	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Federal taxes on pretax income at statutory rate	$	34,969		$	21,433		$	26,202
Increase (decrease) in taxes resulting from:
State income tax, net of federal benefit	9,785			4,335			6,425
Excess deferred tax amortization	(1,648)			(1,311)			(1,356)
Flow-through on fixed assets	1,067			1,076			1,069
Flow-through on removal costs	(2,255)			(1,802)			(1,962)
Investment tax credit	(71)			(71)			(71)
Other – net	(248)			4			116
Total income tax expense from operations	$	41,599		$	23,664		$	30,423
Pretax income from operations	$	166,520		$	102,060		$	124,770
Effective income tax rate	25.0		%	23.2		%	24.4		%


	GSWC
	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Federal taxes on pretax income at statutory rate	$	29,063		$	14,724		$	19,175
Increase (decrease) in taxes resulting from:
State income tax, net of federal benefit	9,169			3,119			4,923
Excess deferred tax amortization	(1,681)			(1,130)			(1,184)
Flow-through on fixed assets	1,041			1,010			1,008
Flow-through on removal costs	(2,225)			(1,715)			(1,954)
Investment tax credit	(71)			(71)			(71)
Other – net	393			409			198
Total income tax expense from operations	$	35,689		$	16,346		$	22,095
Pretax income from operations	$	138,397		$	70,116		$	91,310
Effective income tax rate	25.8		%	23.3		%	24.2		%

The AWR and GSWC ETRs differ 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 regulated utilities, GSWC and BVES treat certain temporary differences as being flowed through to customers in computing their income tax expense consistent with the income tax method used in their CPUC-jurisdiction rate making. Flowed-through items either increase or decrease tax expense and thus impact the ETR.

AWR and GSWC had no unrecognized tax benefits at December 31, 2023, 2022 and 2021.

Registrant’s policy is to classify interest on income tax over/underpayments in interest income/expense and penalties in “other” expenses. Registrant did not have any material interest receivables/payables from/to taxing authorities as of December 31, 2023 and 2022, nor did it recognize any material interest income/expense or accrue any material tax-related penalties during the years ended December 31, 2023, 2022 and 2021.

Registrant files federal, California and various other state income tax returns. AWR’s 2020–2022 tax years remain subject to examination/assessment by the Internal Revenue Service. AWR filed refund claims with the California Franchise Tax Board (“FTB”) for the 2005 through 2020 tax years in connection with prior federal refund claims, other state issues, or both, and the FTB continues to review the claims. While the statute of limitations to assess tax has closed through the tax year 2018, the 2019–2022 tax years remain subject to examination/assessment by the FTB.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Public Utility Property, Plant, and Equipment

Estimated useful lives of regulated utilities’ utility plant, as authorized by the CPUC, are as follows:


Source of water supply			20 years to 60 years
Pumping			26 years to 41 years
Water treatment			26 years to 32 years
Transmission and distribution			15 years to 80 years
Generation			40 years
Other plant			5 years to 62 years

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Rates available to AWR and GSWC at December 31, 2023 and 2022 for debt with similar terms and remaining maturities were used to estimate fair value for long-term debt. Changes in the assumptions will produce differing results.


	2023				2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt—AWR (1)(2)	$	579,047	$	556,214	$	450,373	$	424,151


	2023				2022
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt—GSWC (1)	$	544,047	$	522,883	$	415,373	$	391,198

(1) Excludes debt issuance costs and redemption premiums.

(2) Includes debt held by BVES of $35.0 million as of December 31, 2023 and 2022, respectively.

Fair Value, Liabilities Measured on Recurring Basis

The following table sets forth by level, within the fair value hierarchy, Registrant’s long-term debt measured at fair value as of December 31, 2023:


(dollars in thousands)	Level 1	Level 2		Level 3	Total
Long-term debt—AWR	—	$	556,214	—	$	556,214
(dollars in thousands)	Level 1	Level 2		Level 3	Total
Long-term debt—GSWC	—	$	522,883	—	$	522,883