0001628280-24-035232 | 10-Q | XBRL Viewer

Regulatory Matters

6 Months Ended

Jun. 30, 2024

In accordance with accounting principles for rate-regulated enterprises, GSWC and BVES record regulatory assets, which represent probable future recovery of incurred costs from customers through the ratemaking process, and regulatory liabilities, which represent probable future refunds that are to be credited to customers through the ratemaking process. At June 30, 2024, GSWC and BVES had approximately $61.3 million of regulatory liabilities, net of regulatory assets, not accruing carrying costs. Of this amount, (i) $73.3 million of regulatory liabilities are excess deferred income taxes arising from the lower federal income tax rate under the Tax Cuts and Jobs Act enacted in December 2017 that are being refunded to customers, (ii) $7.2 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, (iii) $3.5 million of net regulatory liabilities relates to the overfunded position in Registrant’s pension and other retirement obligations (not including the two-way pension balancing accounts), and (iv) $5.6 million of regulatory assets relate to memorandum accounts authorized by the CPUC to track unrealized gains and losses on BVES’s purchase power contracts over the term of the contracts. The remainder relates to other items that do not provide for or incur carrying costs.

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 regulatory 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:


(dollars in thousands)	June 30, 2024		December 31, 2023
GSWC
2022/2023 general rate case memorandum accounts (unbilled revenue)	$	46,527	$	52,795
Water revenue adjustment mechanism, net of modified cost balancing account	50,842		41,545
Asset retirement obligations	7,418		7,099
Flowed-through deferred income taxes, net	5,667		3,190
Low income rate assistance balancing accounts	7,747		5,763
Other regulatory assets	10,018		10,661
Excess deferred income taxes	(69,567)		(70,189)
Pensions and other post-retirement obligations	(4,828)		(4,867)
Other regulatory liabilities	(510)		(268)
Total GSWC	$	53,314	$	45,729
BVES
Derivative instrument memorandum account (Note 5)	5,593		2,360
Wildfire mitigation and other fire prevention related costs memorandum accounts	19,864		17,716
Electric supply cost adjustment mechanism	777		2,583
Other regulatory assets	8,181		7,697
Other regulatory liabilities	(7,677)		(6,578)
Total AWR	$	80,052	$	69,507

Regulatory matters are discussed in the consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2023 filed with the SEC. The discussion below focuses on significant matters and developments since December 31, 2023.

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

In June 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. The new rates approved were retroactive to January 1, 2022. Upon receiving the final decision, GSWC filed for the implementation of new 2023 rate increases that went into effect on July 31, 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 2022 and 2023 rates authorized by the CPUC for future recovery. In October 2023, surcharges were implemented to recover the cumulative retroactive rate differences over 36 months. As of June 30, 2024, there is an aggregate cumulative amount of $46.5 million under-collection in the general rate case memorandum accounts that GSWC has recorded as regulatory assets for retroactive water revenues.

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 June 30, 2024, GSWC had an aggregated net regulatory asset of $50.8 million, which is comprised of a $54.6 million under-collection in the WRAM accounts and a $3.8 million over-collection in the MCBA accounts. During the six months ended June 30, 2024, GSWC recorded additional net under-collections in the WRAM/MCBA accounts of approximately $15.3 million that resulted largely from lower-than-adopted water usage as authorized in the general rate case decision. In May 2024, the CPUC approved the recovery of all pre-2024 WRAM/MCBA balances, with the majority of the balances to be recovered within 18 months. Accordingly, effective May 1, 2024, GSWC implemented surcharges to recover all of its WRAM/MCBA balances accumulated as of December 31, 2023.

As required by the accounting guidance for alternative revenue programs, GSWC is required to collect its WRAM balances within 24 months following the year in which an under-collection is recorded. As of June 30, 2024, there were no significant WRAM under-collections that were estimated to be collected over more than a 24 month period.

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 for BVES 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 future recovery. As of June 30, 2024, BVES had approximately $13.3 million in incremental vegetation management costs recorded as a regulatory asset. BVES has requested future recovery of these costs in its general rate case application filed with the CPUC in August 2022. 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. The OEIS has approved and the CPUC has ratified BVES’s 2023-2025 WMP. As of June 30, 2024, BVES has approximately $6.6 million related to expenses accumulated in its other WMP memorandum accounts that have been recognized as regulatory assets for future recovery.

All capital expenditures and other incremental costs incurred through June 30, 2024 as a result of BVES’s WMPs are not currently in rates and are being addressed for future recovery in BVES’s general rate case application. These costs are subject to review during BVES’s general rate case proceeding.

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 regulatory assets are not recoverable in customer rates, the applicable entity must determine if an asset impairment has occurred that requires it to write down the regulatory asset to the amount that is probable of recovery.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Increase (Decrease) in Regulatory Assets and Liabilities			$ 3,001	$ 70,875
GSWC
Defined Benefit Plan Disclosure [Line Items]
Increase (Decrease) in Regulatory Assets and Liabilities			3,602	68,016
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer			2,900
Increase (Decrease) in Regulatory Assets and Liabilities	$ 0	$ 92	0	184
Pension Benefits \| GSWC
Defined Benefit Plan Disclosure [Line Items]
Regulatory adjustment — deferred	(1,400)		(1,400)
Pension Benefits \| BVES
Defined Benefit Plan Disclosure [Line Items]
Regulatory adjustment — deferred	(500)		(500)
Pension Benefits \| Water: \| GSWC
Defined Benefit Plan Disclosure [Line Items]
Increase (Decrease) in Regulatory Assets and Liabilities	$ 100	$ (100)	$ 300	$ (200)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment
Regulated utility plant, at cost	$ 2,577,968	$ 2,476,509
Non-utility property, at cost	42,606	40,243
Total	2,620,574	2,516,752
Less - accumulated depreciation	(638,938)	(624,472)
Net property, plant and equipment	1,981,636	1,892,280
Other Property and Investments
Goodwill	1,116	1,116
Other property and investments	45,923	42,932
Total other property and investments	47,039	44,048
Current Assets
Cash and cash equivalents	3,583	14,073
Accounts receivable - customers, less allowance for doubtful accounts	39,076	34,250
Unbilled receivable	24,481	23,516
Receivable from the U.S. government (Note 2)	50,138	49,306
Other accounts receivable, less allowance for doubtful accounts	4,333	6,340
Materials and supplies	16,969	17,574
Regulatory assets — current	43,756	45,144
Prepayments and other current assets	9,042	5,819
Contract assets (Note 2)	18,145	9,956
Total current assets	209,523	205,978
Other Assets
Unbilled revenue — receivable from the U.S. government (Note 2)	5,304	4,886
Receivable from the U.S. government (Note 2)	40,192	42,183
Contract assets (Note 2)	918	4,422
Operating lease right-of-use assets	7,852	7,982
Regulatory assets	37,046	25,585
Other	18,810	18,758
Total other assets	110,122	103,816
Total Assets	2,348,320	2,246,122
Capitalization
Common shares, no par value	297,576	263,179
Retained earnings	535,901	512,930
Total common shareholders’ equity	833,477	776,109
Long-term debt	640,028	575,555
Total capitalization	1,473,505	1,351,664
Current Liabilities
Notes payable to banks	167,000	42,000
Long-term debt — current	365	353
Accounts payable	71,979	68,705
Income taxes payable	4,249	492
Accrued other taxes	13,068	14,654
Accrued employee expenses	13,085	14,738
Accrued interest	8,354	8,607
Contract liabilities (Note 2)	1,239	1,352
Operating lease liabilities	1,894	1,856
Purchase power contract derivative at fair value (Note 5)	5,593	2,360
Other	12,292	11,506
Total current liabilities	299,118	166,623
Other Credits
Notes payable to banks	128,000	291,500
Advances for construction	68,660	67,431
Contributions in aid of construction – net	154,201	151,414
Deferred income taxes	167,699	161,577
Regulatory liabilities	750	1,222
Unamortized investment tax credits	976	1,011
Accrued pension and other postretirement benefits	34,360	32,652
Operating lease liabilities	6,422	6,619
Other	14,629	14,409
Total other credits	575,697	727,835
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities	$ 2,348,320	$ 2,246,122
Consolidated Balance Sheets (Parenthetical)
Common Stock, Par Value (in usd per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	60,000,000	60,000,000
Common Stock, Shares, Outstanding (in shares)	37,457,199	36,980,612
GSWC
Property, Plant and Equipment
Total	$ 2,367,924	$ 2,278,669
Less - accumulated depreciation	(554,632)	(543,135)
Net property, plant and equipment	1,813,292	1,735,534
Other Property and Investments
Total other property and investments	43,477	40,480
Current Assets
Cash and cash equivalents	439	3,195
Accounts receivable - customers, less allowance for doubtful accounts	36,699	31,018
Unbilled receivable	18,290	17,185
Other accounts receivable, less allowance for doubtful accounts	3,154	4,301
Intercompany receivable	502	380
Income taxes receivable, current	0	222
Materials and supplies	7,804	7,380
Regulatory assets — current	42,881	44,007
Prepayments and other current assets	6,445	4,544
Total current assets	116,214	112,232
Other Assets
Operating lease right-of-use assets	7,734	7,796
Regulatory assets	11,183	2,944
Other	17,141	17,169
Total other assets	36,058	27,909
Total Assets	2,009,041	1,916,155
Capitalization
Common shares, no par value	372,892	370,909
Retained earnings	375,817	332,919
Total common shareholders’ equity	748,709	703,828
Long-term debt	605,202	540,738
Total capitalization	1,353,911	1,244,566
Current Liabilities
Notes payable to banks	119,000	0
Long-term debt — current	365	353
Accounts payable	57,407	55,488
Income taxes payable	3,872	0
Accrued other taxes	11,226	12,658
Accrued employee expenses	9,997	11,502
Accrued interest	7,460	7,508
Operating lease liabilities	1,781	1,725
Other	11,639	10,715
Total current liabilities	222,747	99,949
Other Credits
Notes payable to banks	0	150,000
Advances for construction	68,640	67,411
Contributions in aid of construction – net	154,201	151,414
Deferred income taxes	152,979	147,458
Regulatory liabilities	750	1,222
Unamortized investment tax credits	976	1,011
Accrued pension and other postretirement benefits	33,956	32,309
Operating lease liabilities	6,422	6,568
Other	14,459	14,247
Total other credits	432,383	571,640
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities	$ 2,009,041	$ 1,916,155
Consolidated Balance Sheets (Parenthetical)
Common Stock, Par Value (in usd per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	1,000	1,000
Common Stock, Shares, Outstanding (in shares)	171	171

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

For the three and six months ended June 30, 2024 and 2023, disaggregated revenues from contracts with customers by segment were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Water:
Tariff-based revenues	$	96,065	$	98,378	$	180,726	$	198,919
CPUC-approved surcharges (cost-recovery activities)	912		558		1,459		875
Other	668		649		1,250		1,386
Water revenues from contracts with customers	97,645		99,585		183,435		201,180
WRAM under/(over)-collection (alternative revenue program)	12,779		17,323		17,254		28,440
Total water revenues (1)	110,424		116,908		200,689		229,620

Electric:
Tariff-based revenues	8,866		8,929		21,539		21,992
CPUC-approved surcharges (cost-recovery activities)	29		117		103		266
Electric revenues from contracts with customers	8,895		9,046		21,642		22,258
BRRAM under/(over)-collection (alternative revenue program)	(192)		(218)		(734)		(526)
Total electric revenues	8,703		8,828		20,908		21,732

Contracted services:
Water	21,603		19,181		43,170		41,669
Wastewater	14,598		12,483		25,812		25,802
Contracted services revenues from contracts with customers	36,201		31,664		68,982		67,471

Total AWR revenues	$	155,328	$	157,400	$	290,579	$	318,823

(1) Water revenues for the six months ended June 30, 2023 include approximately $32 million recorded from the impact of retroactive revenues for the full year of 2022 as a result of the CPUC’s approval of GSWC’s general rate case in June 2023. 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, the three and six months ended June 30, 2023 include an increase in water revenues of $9.3 million and $6.4 million, respectively, from the reversal of revenues subject to refund due to a change in estimates from what had been recorded during 2022 and the first quarter of 2023.

Contract with Customer, Asset and Liability

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


(dollars in thousands)	June 30, 2024		December 31, 2023
Unbilled receivables	$	10,518	$	9,693
Receivable from the U.S. government	$	90,330	$	91,489
Contract assets	$	19,063	$	14,378
Contract liabilities	$	1,239	$	1,352

Earnings per Share/Capital Stock

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share/Capital Stock

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

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


Basic:	For The Three Months Ended June 30,				For The Six Months Ended June 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Net income	$	31,864	$	38,521	$	54,999	$	72,928
Less: impact from participating securities	110		112		162		197
Total income available to common shareholders	$	31,754	$	38,409	$	54,837	$	72,731


Weighted average Common Shares outstanding, basic	37,309		36,976		37,169		36,972

Basic earnings per Common Share	$	0.85	$	1.04	$	1.48	$	1.97

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. There were no stock options outstanding as of June 30, 2024 and 2023 under these plans.

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


Diluted:	For The Three Months Ended June 30,				For The Six Months Ended June 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Common shareholders earnings, basic	$	31,754	$	38,409	$	54,837	$	72,731
Undistributed earnings for dilutive stock options and restricted stock units	54		69		67		117
Total common shareholders earnings, diluted	$	31,808	$	38,478	$	54,904	$	72,848

Weighted average Common Shares outstanding, basic	37,309		36,976		37,169		36,972
Stock-based compensation (1)	109		91		94		86
Weighted average Common Shares outstanding, diluted	37,418		37,067		37,263		37,058

Diluted earnings per Common Share	$	0.85	$	1.04	$	1.47	$	1.97

(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in calculating diluted EPS, 132,530 and 110,576 restricted stock units, including performance awards to officers of the Company at June 30, 2024 and 2023, respectively, were deemed to be outstanding and included in the calculation of diluted EPS.

During the three and six months ended June 30, 2024, AWR sold 227,667 and 455,648 Common Shares, respectively, through its ATM offering program and raised proceeds of $16.8 million, net of $0.3 million in commissions paid and $33.0 million, net of $0.5 million in commissions paid, respectively (Note 1). During the six months ended June 30, 2024 and 2023, AWR also issued 20,939 and 14,358 Common Shares related to restricted stock units, respectively, pursuant to stock-based compensation plans.

During the six months ended June 30, 2024 and 2023, AWR paid $1.1 million and $0.9 million, respectively, to taxing authorities on employees’ behalf for shares withheld related to net share settlements. During the six months ended June 30, 2024 and 2023, GSWC paid $1.1 million and $0.8 million, respectively, to taxing authorities on employees’ behalf for shares withheld related to net share settlements. These payments are included in the stock-based compensation caption of the statements of equity.

During the three months ended June 30, 2024 and 2023, AWR paid quarterly dividends of approximately $16.0 million, or $0.4300 per share, and $14.7 million, or $0.3975 per share, respectively. During the six months ended June 30, 2024 and 2023, AWR paid quarterly dividends of approximately $31.9 million, or $0.8600 per share, and $29.4 million, or $0.7950 per share, respectively.

GSWC did not pay a dividend to AWR during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, GSWC paid dividends of $14.7 million and $39.4 million, respectively, to AWR. ASUS paid a $16.0 million dividend to AWR during the three months ended June 30, 2024, but did not pay any dividends to AWR during the three and six months ended June 30, 2023.

During the six months ended June 30, 2023, GSWC issued one Common Share to AWR for $10.0 million. Proceeds from the stock issuance were used to pay down a portion of intercompany borrowings owed to AWR.

Earnings per Share/Capital Stock (Tables)

6 Months Ended

Jun. 30, 2024

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 Three Months Ended June 30,				For The Six Months Ended June 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Net income	$	31,864	$	38,521	$	54,999	$	72,928
Less: impact from participating securities	110		112		162		197
Total income available to common shareholders	$	31,754	$	38,409	$	54,837	$	72,731


Weighted average Common Shares outstanding, basic	37,309		36,976		37,169		36,972

Basic earnings per Common Share	$	0.85	$	1.04	$	1.48	$	1.97

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 Three Months Ended June 30,				For The Six Months Ended June 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Common shareholders earnings, basic	$	31,754	$	38,409	$	54,837	$	72,731
Undistributed earnings for dilutive stock options and restricted stock units	54		69		67		117
Total common shareholders earnings, diluted	$	31,808	$	38,478	$	54,904	$	72,848

Weighted average Common Shares outstanding, basic	37,309		36,976		37,169		36,972
Stock-based compensation (1)	109		91		94		86
Weighted average Common Shares outstanding, diluted	37,418		37,067		37,263		37,058

Diluted earnings per Common Share	$	0.85	$	1.04	$	1.47	$	1.97

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Nature of Operations: American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”), Bear Valley Electric Service Inc. (“BVES”), and American States Utility Services, Inc. (“ASUS”) (and its 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 “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 is engaged in the purchase, production, distribution and sale of water throughout California serving approximately 264,400 customer connections. BVES distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,800 customer connections. The California Public Utilities Commission (“CPUC”) regulates GSWC’s and BVES’s businesses in matters including properties, rates, services, facilities, and transactions between GSWC, BVES, and their affiliates. ASUS, through its wholly owned subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to initial 50-year firm fixed-price contracts with the U.S. government and one 15-year contract 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. In August and September of 2023, ASUS was awarded new contracts with the U.S. government to serve two military bases for which operations began in April 2024. After completion of the transition periods, ASUS began operating the water and wastewater utility systems at Naval Air Station Patuxent River in Maryland under a 50-year privatization contract with the U.S. government and at Joint Base Cape Cod in Massachusetts under a 15-year contract with the U.S. government. Operations commenced at Naval Air Station Patuxent River on April 1, 2024. The initial value of this contract was estimated at approximately $349 million over a 50-year period subject to an inventory adjustment and annual economic price adjustments. In July 2024, the contract value was increased to $378 million after an inventory adjustment. Operations at Joint Base Cape Cod commenced on April 15, 2024. Under this contract, ASUS will perform work through the annual issuance of task orders by the U.S. government over a 15-year period up to a maximum value to ASUS of $75.0 million subject to adjustments as task orders are issued. In April 2024, the U.S. government awarded a task order valued at $4.1 million to ASUS for the first year of operation, maintenance, and renewal and replacement services of the water and wastewater systems at Joint Base Cape Cod. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or any of its wholly owned subsidiaries. Basis of Presentation: The consolidated financial statements and notes hereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. AWR owns all of the outstanding common shares of GSWC, BVES and ASUS. ASUS owns all of the outstanding equity 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 (“GAAP”). Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements. The consolidated financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The December 31, 2023 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. In the opinion of management, all adjustments consisting of normal, recurring items, and estimates necessary for a fair statement of the results for the interim periods have been made. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2023 filed with the SEC. Related Party and Intercompany Transactions: 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. GSWC allocated corporate office administrative and general costs to BVES of approximately $0.7 million for each of the three month periods ended June 30, 2024 and 2023, respectively, and $1.7 million and $2.1 million during the six month periods ended June 30, 2024 and 2023, respectively. GSWC also allocated corporate office administrative and general costs to ASUS of approximately $1.2 million for each of the three month periods ended June 30, 2024 and 2023, respectively, and $2.8 million and $2.7 million during the six month periods ended June 30, 2024 and 2023, respectively. In addition, as discussed under Liquidity and Financing Activities, under AWR’s credit facility, AWR borrows and provides funds to ASUS in support of its operations. Liquidity and Financing Activities: On February 27, 2024, AWR entered into an Equity Distribution Agreement with third-party sales agents, under which AWR, may offer and sell its Common Shares, from time to time at its sole discretion, through an at-the-market (“ATM”) offering program having an aggregate gross offering price of up to $200 million over a three-year period and pursuant to AWR’s effective shelf registration statement on Form S-3. AWR intends to use the net proceeds from these sales, after deducting commissions on such sales and offering expenses, for general corporate purposes, including, but not limited to, repayment of debt and equity contributions to its subsidiaries. During the three and six months ended June 30, 2024, AWR sold 227,667 and 455,648 Common Shares, respectively, through this ATM offering program and raised proceeds of $16.8 million, net of $0.3 million in commissions paid and $33.0 million, net of $0.5 million in commissions paid, respectively, under the terms of the Equity Distribution Agreement. AWR also incurred $0.1 million and $0.7 million of other expenses during the three and six months ended June 30, 2024, respectively, which was primarily legal and other costs to establish this ATM offering program. As of June 30, 2024, approximately $166.5 million remained available for sale under the ATM offering program. On June 5, 2024, GSWC completed the issuance of $65.0 million in unsecured private placement notes with a coupon rate of 5.50%, maturing on June 5, 2027. GSWC used the proceeds from the private placement notes to pay down outstanding borrowings under its revolving credit facility and to fund operations and capital expenditures. Interest payments are due semiannually on June 5 and December 5 each year, commencing December 5, 2024. The private placement notes rank equally with GSWC’s other unsecured and unsubordinated debt. GSWC may, at its option, redeem all or portions of the private placement notes at any time upon written notice, subject to payment of a make-whole premium. AWR and GSWC each have credit agreements with a term of five years which mature in June 2028. The credit agreements currently provide AWR and GSWC unsecured revolving credit facilities with borrowing capacities of $165.0 million and $200.0 million, respectively. AWR’s credit facility is primarily used to provide support to AWR (parent) and ASUS. As of June 30, 2024, AWR’s outstanding borrowings under its credit facility of $128.0 million have been classified as non-current liabilities on AWR’s Consolidated Balance Sheet. GSWC’s credit facility provides support for its water operations and is considered a short-term debt arrangement by the CPUC. Therefore, pursuant to the CPUC’s requirements, borrowings under GSWC’s credit facility are required to be paid-off in full within a 24-month period. GSWC’s next pay-off period ends in June 2025. Accordingly, GSWC’s outstanding borrowings under its credit facility of $119.0 million as of June 30, 2024 are classified as current liabilities in AWR’s Consolidated Balance Sheet and GSWC’s Balance Sheet. GSWC expects to issue long-term debt and/or equity to facilitate the pay-off of its credit facility in 2025, after which GSWC may borrow under the credit facility again. BVES has a separate revolving credit facility without a parent guaranty that supports its electric operations and capital expenditures with a borrowing capacity of $65.0 million. BVES’s revolving credit facility is considered a short-term debt arrangement by the CPUC. Therefore, pursuant to the CPUC’s requirements, borrowings under this credit facility are required to be fully paid off within a 24-month period after which BVES may borrow under the credit facility again. BVES’s next pay-off period was set to end in August 2024. However, in May 2024, the CPUC approved BVES’s request to extend its 24-month pay-off period past the August deadline while it awaits a final decision from the CPUC on its pending financing application that will enable BVES to issue the necessary long-term financing to pay-off its borrowings under the credit facility. The additional time granted to BVES extends the end of the pay-off period to nine months after the date a final decision in the financing application is issued by the CPUC. On August 1, 2024, the CPUC issued a final decision in BVES’s financing application, which among other things, approves BVES’s request to issue up to $120 million of new debt and equity securities. Accordingly, BVES will have nine months from the date of the final decision to secure long-term financing and pay off the entire remaining balance of its revolving credit arrangement. As of June 30, 2024, the outstanding balance under BVES’s credit facility of $48.0 million has been classified as a current liability in AWR’s Consolidated Balance Sheet. Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07 (Segment Reporting: Improvements to Reportable Segment Disclosures). The new standard enhances reportable segment disclosures and expands the disclosures required for reportable segments in annual and interim consolidated financial statements, primarily through enhanced disclosures of significant segment expenses. Registrant is currently evaluating the impact of this standard on its segment disclosures and will adopt the updated accounting guidance in the Annual Report on Form 10-K for the year ended December 31, 2024 and interim periods beginning in 2025.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of these items.

Investments held in a Rabbi Trust for the supplemental executive retirement plan (“SERP”) are measured at fair value and totaled $37.2 million as of June 30, 2024 and $34.1 million as of December 31, 2023. All equity investments in the Rabbi Trust are Level 1 investments in mutual funds. The investments held in the Rabbi Trust are included in “Other Property and Investments” on Registrant’s balance sheets.

The table below estimates the fair value of long-term debt held by AWR and GSWC, respectively. The fair values as of June 30, 2024 and December 31, 2023 were determined using rates for similar financial instruments of the same duration utilizing Level 2 methods and assumptions. Changes in the assumptions will produce different results.


	June 30, 2024				December 31, 2023
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—AWR (1)	$	643,791	$	603,019	$	579,047	$	556,214

	June 30, 2024				December 31, 2023
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—GSWC (2)	$	608,791	$	570,888	$	544,047	$	522,883

__________________

(1) Excludes debt issuance costs of approximately $3.4 million and $3.1 million as of June 30, 2024 and December 31, 2023, respectively.

(2) Excludes debt issuance costs of approximately $3.2 million and $3.0 million as of June 30, 2024 and December 31, 2023, respectively.

Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

The components of net periodic benefit costs for Registrant’s pension plan, postretirement medical benefit plan and SERP for the three and six months ended June 30, 2024 and 2023 were as follows:


	For The Three Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits				SERP
(dollars in thousands)	2024		2023		2024		2023		2024		2023
Components of Net Periodic Benefits Cost:
Service cost	$	850	$	846	$	32	$	33	$	358	$	312
Interest cost	2,550		2,513		26		26		426		411
Expected return on plan assets	(3,009)		(2,623)		(142)		(119)		—		—
Amortization of prior service cost	109		108		—		—		—		—
Amortization of actuarial (gain) loss	—		—		(293)		(242)		(3)		(8)
Net periodic benefits costs under accounting standards	500		844		(377)		(302)		781		715
Regulatory adjustments - deferred	—		(92)		—		—		—		—
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	$	500	$	752	$	(377)	$	(302)	$	781	$	715

	For The Six Months Ended June 30,

	Pension Benefits				Other Postretirement Benefits				SERP
(dollars in thousands)	2024		2023		2024		2023		2024		2023
Components of Net Periodic Benefits Cost:
Service cost	$	1,700	$	1,692	$	64	$	66	$	716	$	624
Interest cost	5,100		5,026		49		51		852		822
Expected return on plan assets	(6,018)		(5,246)		(284)		(239)		—		—
Amortization of prior service cost	217		216		—		—		—		—
Amortization of actuarial (gain) loss	—		—		(556)		(482)		(7)		(16)
Net periodic benefits costs under accounting standards	999		1,688		(727)		(604)		1,561		1,430
Regulatory adjustments - deferred	—		(184)		—		—		—		—
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	$	999	$	1,504	$	(727)	$	(604)	$	1,561	$	1,430

In 2024, Registrant expects to contribute approximately $2.9 million to its pension plan.

As authorized by the CPUC in the water and electric general rate case decisions, GSWC and BVES each utilize two-way balancing accounts to track differences between the forecasted annual pension expenses in rates, or expected to be in rates, and the actual annual expense recorded in accordance with the accounting guidance for pension costs. During the three and six months ended June 30, 2024, GSWC’s actual pension expense was lower than the amounts included in water customer rates by $0.1 million and $0.3 million, respectively. During the three and six months ended June 30, 2023, GSWC’s actual pension expense was higher than the amounts included in water customer rates by $0.1 million and $0.2 million, respectively. BVES’s actual expense was lower than the amounts included in electric customer rates for all periods presented. Over-collections are recorded as a reduction in revenues. As of June 30, 2024, GSWC and BVES had over-collections in their two-way pension balancing accounts of $1.4 million and $0.5 million, respectively, and have been included as part of regulatory liabilities (Note 3).

- 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
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
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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)
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-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

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 05, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-14431
Entity Registrant Name	American States Water Co
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-4676679
Entity Address, Address Line One	630 E. Foothill Blvd
Entity Address, City or Town	San Dimas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91773-1212
City Area Code	909
Local Phone Number	394-3600
Title of 12(b) Security	Common shares
Trading Symbol	AWR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		37,457,199
Entity Central Index Key	0001056903
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
GOLDEN STATE WATER COMPANY
Entity Information [Line Items]
Entity File Number	001-12008
Entity Registrant Name	Golden State Water Co
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-1243678
Entity Address, Address Line One	630 E. Foothill Blvd
Entity Address, City or Town	San Dimas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91773-1212
City Area Code	909
Local Phone Number	394-3600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		171
Entity Central Index Key	0000092116
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

STATEMENTS OF CHANGES IN COMMON SHAREHOLDER'S EQUITY - USD ($) $ in Thousands	Total	Common Shares	Retained Earnings	GOLDEN STATE WATER COMPANY	GOLDEN STATE WATER COMPANY Common Shares	GOLDEN STATE WATER COMPANY Retained Earnings
Beginning Balance (in shares) at Dec. 31, 2022		36,962,000			170
Beginning balances at Dec. 31, 2022	$ 709,549	$ 260,158	$ 449,391	$ 643,906	$ 358,123	$ 285,783
Add:
Net income	34,407		34,407	27,463		27,463
Issuance of Common Shares from an at-the-market program, net of issuance costs (in shares)					1
Issuance of Common Shares from an at-the-market program, net of issuance costs				10,000	$ 10,000
Issuances of Common Shares under stock-based compensation plans (in shares)		14,000
Issuances of Common Shares under stock-based compensation plans	0	$ 0
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)	1,587	1,587		1,603	1,603
Dividend equivalent rights on stock-based awards not paid in cash	47	$ 47		44	$ 44
Deduct:
Dividends on Common Shares	14,695		14,695	24,700		24,700
Dividend equivalent rights on stock-based awards not paid in cash	47		47	44		44
Ending Balances (in shares) at Mar. 31, 2023		36,976,000			171
Ending balances at Mar. 31, 2023	730,848	$ 261,792	469,056	658,272	$ 369,770	288,502
Beginning Balance (in shares) at Dec. 31, 2022		36,962,000			170
Beginning balances at Dec. 31, 2022	709,549	$ 260,158	449,391	643,906	$ 358,123	285,783
Add:
Net income	$ 72,928			$ 60,996
Issuance of Common Shares from an at-the-market program, net of issuance costs (in shares)				1
Issuance of Common Shares from an at-the-market program, net of issuance costs				$ 10,000
Issuances of Common Shares under stock-based compensation plans (in shares)	14,358
Deduct:
Dividend equivalent rights on stock-based awards not paid in cash						39
Ending Balances (in shares) at Jun. 30, 2023		36,977,000			171
Ending balances at Jun. 30, 2023	$ 755,066	$ 262,230	492,836	677,425	$ 370,129	307,296
Beginning Balance (in shares) at Mar. 31, 2023		36,976,000			171
Beginning balances at Mar. 31, 2023	730,848	$ 261,792	469,056	658,272	$ 369,770	288,502
Add:
Net income	38,521		38,521	33,533		33,533
Issuances of Common Shares under stock-based compensation plans (in shares)		1,000
Issuances of Common Shares under stock-based compensation plans	0	$ 0
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)	396	396		320	320
Dividend equivalent rights on stock-based awards not paid in cash	42	$ 42		39	$ 39
Deduct:
Dividends on Common Shares	14,699		14,699	14,700		14,700
Dividend equivalent rights on stock-based awards not paid in cash	42		42
Ending Balances (in shares) at Jun. 30, 2023		36,977,000			171
Ending balances at Jun. 30, 2023	755,066	$ 262,230	492,836	677,425	$ 370,129	307,296
Beginning Balance (in shares) at Dec. 31, 2023		36,981,000			171
Beginning balances at Dec. 31, 2023	776,109	$ 263,179	512,930	703,828	$ 370,909	332,919
Add:
Net income	23,135		23,135	17,794		17,794
Issuance of Common Shares from an at-the-market program, net of issuance costs (in shares)		228,000
Issuance of Common Shares from an at-the-market program, net of issuance costs	15,584	$ 15,584
Issuances of Common Shares under stock-based compensation plans (in shares)		20,000
Issuances of Common Shares under stock-based compensation plans	0	$ 0
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)	1,570	1,570		1,561	1,561
Dividend equivalent rights on stock-based awards not paid in cash	44	$ 44		41	$ 41
Deduct:
Dividends on Common Shares	15,905		15,905
Dividend equivalent rights on stock-based awards not paid in cash	44		44	41		41
Ending Balances (in shares) at Mar. 31, 2024		37,229,000			171
Ending balances at Mar. 31, 2024	800,493	$ 280,377	520,116	723,183	$ 372,511	350,672
Beginning Balance (in shares) at Dec. 31, 2023		36,981,000			171
Beginning balances at Dec. 31, 2023	776,109	$ 263,179	512,930	703,828	$ 370,909	332,919
Add:
Net income	$ 54,999			42,989
Issuances of Common Shares under stock-based compensation plans (in shares)	20,939
Ending Balances (in shares) at Jun. 30, 2024		37,457,000			171
Ending balances at Jun. 30, 2024	$ 833,477	$ 297,576	535,901	748,709	$ 372,892	375,817
Beginning Balance (in shares) at Mar. 31, 2024		37,229,000			171
Beginning balances at Mar. 31, 2024	800,493	$ 280,377	520,116	723,183	$ 372,511	350,672
Add:
Net income	31,864		31,864	25,195		25,195
Issuance of Common Shares from an at-the-market program, net of issuance costs (in shares)		228,000
Issuance of Common Shares from an at-the-market program, net of issuance costs	16,724	$ 16,724
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)	420	420		331	331
Dividend equivalent rights on stock-based awards not paid in cash	55	$ 55		50	$ 50
Deduct:
Dividends on Common Shares	16,024		16,024
Dividend equivalent rights on stock-based awards not paid in cash	55		55	50		50
Ending Balances (in shares) at Jun. 30, 2024		37,457,000			171
Ending balances at Jun. 30, 2024	$ 833,477	$ 297,576	$ 535,901	$ 748,709	$ 372,892	$ 375,817

Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of reporting segments information

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 contractor funded capital expenditures for ASUS, and property installed by developers and conveyed to GSWC and BVES.


	As Of And For The Three Months Ended June 30, 2024
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	110,424	$	8,703	$	36,201	$	—	$	155,328
Operating income (loss)	40,565		1,233		9,952		(2)		51,748
Interest expense (income), net	8,142		951		361		1,590		11,044
Net property, plant and equipment	1,813,292		150,999		17,345		—		1,981,636
Depreciation and amortization expense (1)	9,043		893		834		—		10,770
Income tax expense (benefit)	8,487		(39)		2,322		(411)		10,359
Capital additions	54,349		5,945		1,454		—		61,748


	As Of And For The Three Months Ended June 30, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	116,908	$	8,828	$	31,664	$	—	$	157,400
Operating income (loss)	50,524		2,103		6,354		(36)		58,945
Interest expense (income), net	6,515		654		327		1,429		8,925
Net property, plant and equipment	1,666,700		130,502		16,859		—		1,814,061
Depreciation and amortization expense (1)	8,674		759		825		—		10,258
Income tax expense (benefit)	11,934		247		1,506		(483)		13,204
Capital additions	34,567		4,386		359		—		39,312



	As Of And For The Six Months Ended June 30, 2024
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	200,689	$	20,908	$	68,982	$	—	$	290,579
Operating income (loss)	69,732		4,374		16,619		(3)		90,722
Interest expense (income), net	16,023		1,816		678		3,312		21,829
Net property, plant and equipment	1,813,292		150,999		17,345		—		1,981,636
Depreciation and amortization expense (1)	18,077		1,777		1,638		—		21,492
Income tax expense (benefit)	14,311		521		3,882		(959)		17,755
Capital additions	95,627		11,161		2,510		—		109,298


	As Of And For The Six Months Ended June 30, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	229,620	$	21,732	$	67,471	$	—	$	318,823
Operating income (loss)	90,763		5,734		13,650		(37)		110,110
Interest expense (income), net	12,009		1,227		554		2,752		16,542
Net property, plant and equipment	1,666,700		130,502		16,859		—		1,814,061
Depreciation and amortization expense (1)	18,280		1,507		1,674		—		21,461
Income tax expense (benefit)	20,844		948		3,191		(1,027)		23,956
Capital additions	76,572		11,038		1,039		—		88,649

(1) Depreciation computed on GSWC’s and BVES’s transportation equipment is recorded in other operation expenses and totaled $0.2 million for each of the three month periods ended June 30, 2024 and 2023, and totaled $0.3 million and $0.5 million for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2023, additional depreciation expense on GSWC’s transportation equipment of $0.2 million was recorded that relates to the cumulative retroactive impact for the full year of 2022 approved in the CPUC’s final decision issued in June 2023 in GSWC’s general rate case that resulted in an increase to the transportation equipment composite depreciation rates that were retroactive to January 1, 2022.

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):


	June 30,
	2024		2023
Total net property, plant and equipment	$	1,981,636	$	1,814,061
Other assets	366,684		325,574
Total consolidated assets	$	2,348,320	$	2,139,635

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	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 “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 is engaged in the purchase, production, distribution and sale of water throughout California serving approximately 264,400 customer connections. BVES distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,800 customer connections. The California Public Utilities Commission (“CPUC”) regulates GSWC’s and BVES’s businesses in matters including properties, rates, services, facilities, and transactions between GSWC, BVES, and their affiliates. ASUS, through its wholly owned subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to initial 50-year firm fixed-price contracts with the U.S. government and one 15-year contract 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. In August and September of 2023, ASUS was awarded new contracts with the U.S. government to serve two military bases for which operations began in April 2024. After completion of the transition periods, ASUS began operating the water and wastewater utility systems at Naval Air Station Patuxent River in Maryland under a 50-year privatization contract with the U.S. government and at Joint Base Cape Cod in Massachusetts under a 15-year contract with the U.S. government. Operations commenced at Naval Air Station Patuxent River on April 1, 2024. The initial value of this contract was estimated at approximately $349 million over a 50-year period subject to an inventory adjustment and annual economic price adjustments. In July 2024, the contract value was increased to $378 million after an inventory adjustment. Operations at Joint Base Cape Cod commenced on April 15, 2024. Under this contract, ASUS will perform work through the annual issuance of task orders by the U.S. government over a 15-year period up to a maximum value to ASUS of $75.0 million subject to adjustments as task orders are issued. In April 2024, the U.S. government awarded a task order valued at $4.1 million to ASUS for the first year of operation, maintenance, and renewal and replacement services of the water and wastewater systems at Joint Base Cape Cod. There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or any of its wholly owned subsidiaries. Basis of Presentation: The consolidated financial statements and notes hereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. AWR owns all of the outstanding common shares of GSWC, BVES and ASUS. ASUS owns all of the outstanding equity 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 (“GAAP”). Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements. The consolidated financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The December 31, 2023 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. In the opinion of management, all adjustments consisting of normal, recurring items, and estimates necessary for a fair statement of the results for the interim periods have been made. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2023 filed with the SEC.
Related Party and Intercompany Transactions	Related Party and Intercompany Transactions: 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. GSWC allocated corporate office administrative and general costs to BVES of approximately $0.7 million for each of the three month periods ended June 30, 2024 and 2023, respectively, and $1.7 million and $2.1 million during the six month periods ended June 30, 2024 and 2023, respectively. GSWC also allocated corporate office administrative and general costs to ASUS of approximately $1.2 million for each of the three month periods ended June 30, 2024 and 2023, respectively, and $2.8 million and $2.7 million during the six month periods ended June 30, 2024 and 2023, respectively. In addition, as discussed under Liquidity and Financing Activities, under AWR’s credit facility, AWR borrows and provides funds to ASUS in support of its operations.
Liquidity and Financing Activities	Liquidity and Financing Activities: On February 27, 2024, AWR entered into an Equity Distribution Agreement with third-party sales agents, under which AWR, may offer and sell its Common Shares, from time to time at its sole discretion, through an at-the-market (“ATM”) offering program having an aggregate gross offering price of up to $200 million over a three-year period and pursuant to AWR’s effective shelf registration statement on Form S-3. AWR intends to use the net proceeds from these sales, after deducting commissions on such sales and offering expenses, for general corporate purposes, including, but not limited to, repayment of debt and equity contributions to its subsidiaries. During the three and six months ended June 30, 2024, AWR sold 227,667 and 455,648 Common Shares, respectively, through this ATM offering program and raised proceeds of $16.8 million, net of $0.3 million in commissions paid and $33.0 million, net of $0.5 million in commissions paid, respectively, under the terms of the Equity Distribution Agreement. AWR also incurred $0.1 million and $0.7 million of other expenses during the three and six months ended June 30, 2024, respectively, which was primarily legal and other costs to establish this ATM offering program. As of June 30, 2024, approximately $166.5 million remained available for sale under the ATM offering program. On June 5, 2024, GSWC completed the issuance of $65.0 million in unsecured private placement notes with a coupon rate of 5.50%, maturing on June 5, 2027. GSWC used the proceeds from the private placement notes to pay down outstanding borrowings under its revolving credit facility and to fund operations and capital expenditures. Interest payments are due semiannually on June 5 and December 5 each year, commencing December 5, 2024. The private placement notes rank equally with GSWC’s other unsecured and unsubordinated debt. GSWC may, at its option, redeem all or portions of the private placement notes at any time upon written notice, subject to payment of a make-whole premium. AWR and GSWC each have credit agreements with a term of five years which mature in June 2028. The credit agreements currently provide AWR and GSWC unsecured revolving credit facilities with borrowing capacities of $165.0 million and $200.0 million, respectively. AWR’s credit facility is primarily used to provide support to AWR (parent) and ASUS. As of June 30, 2024, AWR’s outstanding borrowings under its credit facility of $128.0 million have been classified as non-current liabilities on AWR’s Consolidated Balance Sheet. GSWC’s credit facility provides support for its water operations and is considered a short-term debt arrangement by the CPUC. Therefore, pursuant to the CPUC’s requirements, borrowings under GSWC’s credit facility are required to be paid-off in full within a 24-month period. GSWC’s next pay-off period ends in June 2025. Accordingly, GSWC’s outstanding borrowings under its credit facility of $119.0 million as of June 30, 2024 are classified as current liabilities in AWR’s Consolidated Balance Sheet and GSWC’s Balance Sheet. GSWC expects to issue long-term debt and/or equity to facilitate the pay-off of its credit facility in 2025, after which GSWC may borrow under the credit facility again. BVES has a separate revolving credit facility without a parent guaranty that supports its electric operations and capital expenditures with a borrowing capacity of $65.0 million. BVES’s revolving credit facility is considered a short-term debt arrangement by the CPUC. Therefore, pursuant to the CPUC’s requirements, borrowings under this credit facility are required to be fully paid off within a 24-month period after which BVES may borrow under the credit facility again. BVES’s next pay-off period was set to end in August 2024. However, in May 2024, the CPUC approved BVES’s request to extend its 24-month pay-off period past the August deadline while it awaits a final decision from the CPUC on its pending financing application that will enable BVES to issue the necessary long-term financing to pay-off its borrowings under the credit facility. The additional time granted to BVES extends the end of the pay-off period to nine months after the date a final decision in the financing application is issued by the CPUC. On August 1, 2024, the CPUC issued a final decision in BVES’s financing application, which among other things, approves BVES’s request to issue up to $120 million of new debt and equity securities. Accordingly, BVES will have nine months from the date of the final decision to secure long-term financing and pay off the entire remaining balance of its revolving credit arrangement. As of June 30, 2024, the outstanding balance under BVES’s credit facility of $48.0 million has been classified as a current liability in AWR’s Consolidated Balance Sheet.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07 (Segment Reporting: Improvements to Reportable Segment Disclosures). The new standard enhances reportable segment disclosures and expands the disclosures required for reportable segments in annual and interim consolidated financial statements, primarily through enhanced disclosures of significant segment expenses. Registrant is currently evaluating the impact of this standard on its segment disclosures and will adopt the updated accounting guidance in the Annual Report on Form 10-K for the year ended December 31, 2024 and interim periods beginning in 2025.

Revenues - Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Unbilled receivable	$ 24,481	$ 23,516
ASUS
Disaggregation of Revenue [Line Items]
Unbilled receivable	10,518	9,693
Receivable from the U.S. government	90,330	91,489
Contract assets	19,063	14,378
Contract liabilities	1,239	$ 1,352
Revenue, remaining performance obligation, amount	$ 4,000,000
ASUS \| Maximum
Disaggregation of Revenue [Line Items]
Period of Fixed Price Contracts to Operate and Maintain Water Systems at Various Military Bases	50 years
Revenue, remaining performance obligation, expected timing of satisfaction, period	50 years

Summary of Significant Accounting Policies (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Aug. 01, 2024 USD ($)	Jul. 01, 2024 USD ($)	Apr. 15, 2024 USD ($)	Jun. 30, 2024 USD ($) state item shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) customer state item registrant shares	Jun. 30, 2023 USD ($)	Feb. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)
Summary of significant accounting policies
Number of customers \| customer						1,000,000
Number of states in which entity operates \| state				10		10
Number of military bases started operating in April 2024 \| item						2
Number of registrants filing combined report \| registrant						2
Sale of stock, maximum consideration on transaction								$ 200,000
Agreement term (in years)						3 years
Sale of stock, number of shares issued in transaction (in shares) \| shares				227,667		455,648
Sale of stock, consideration received on transaction				$ 16,800		$ 33,000
Payments for commissions				300		500
Payments of stock issuance costs				100		700
Sale of Stock, remaining available for sale				166,500		$ 166,500
Debt instrument term (in years)						5 years
Notes payable to banks				128,000		$ 128,000			$ 291,500
Notes payable to banks				167,000		167,000			42,000
Syndicated Revolving Credit Facility
Summary of significant accounting policies
Notes payable to banks				128,000		128,000
ASUS
Summary of significant accounting policies
Payments to affiliate for corporate office administrative and general costs				1,200	$ 1,200	2,800	$ 2,700
BVES
Summary of significant accounting policies
Payments to affiliate for corporate office administrative and general costs				700	$ 700	$ 1,700	$ 2,100
Intercompany borrowings payment term						24 months
Maximum borrowing capacity on line of credit				65,000		$ 65,000
BVES \| Financing Application [Member] \| Subsequent Event
Summary of significant accounting policies
Regulatory Rate Case Filings Requested Authorization For Debt And Equity Issuance Amount	$ 120,000
Regulatory Rate Filings, Requested Deferment Period	9 months
BVES \| Syndicated Revolving Credit Facility
Summary of significant accounting policies
Notes payable to banks				48,000		$ 48,000
BVES \| Electric:
Summary of significant accounting policies
Number of customers \| customer						24,800
GSWC
Summary of significant accounting policies
Notes payable to banks				0		$ 0			150,000
Intercompany borrowings payment term						24 months
Notes payable to banks				119,000		$ 119,000			$ 0
GSWC \| Syndicated Revolving Credit Facility
Summary of significant accounting policies
Notes payable to banks				119,000		119,000
GSWC \| Unsecured Private Placement Notes
Summary of significant accounting policies
Face amount of debt				$ 65,000		$ 65,000
Debt Instrument, Interest Rate, Stated Percentage				5.50%		5.50%
GSWC \| Water:
Summary of significant accounting policies
Number of customers \| customer						264,400
Bay State Utility Service LLC (" BSUS")
Summary of significant accounting policies
Number of contracts with 15 year contract \| item				1		1
Bay State Utility Service LLC (" BSUS") \| Contracted services:
Summary of significant accounting policies
Period of fixed price contracts to operate and maintain water systems at various military bases						15 years
Initial price contract value				$ 75,000
JBCC approved task order value for the first year			$ 4,100
Patuxent River Utility Services LLC ( PRUS) \| Contracted services:
Summary of significant accounting policies
Period of fixed price contracts to operate and maintain water systems at various military bases						50 years
Initial price contract value						$ 349,000
Patuxent River Utility Services LLC ( PRUS) \| Contracted services: \| Subsequent Event
Summary of significant accounting policies
Revised price contract value after an inventory adjustment		$ 378,000
Maximum \| Syndicated Revolving Credit Facility
Summary of significant accounting policies
Current borrowing capacity				165,000		$ 165,000
Maximum \| ASUS
Summary of significant accounting policies
Period of fixed price contracts to operate and maintain water systems at various military bases						50 years
Maximum \| GSWC \| Syndicated Revolving Credit Facility
Summary of significant accounting policies
Current borrowing capacity				$ 200,000		$ 200,000

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Mutual Funds \| Fair Value, Inputs, Level 1
Fair value of financial instruments
Long-term debt-GSWC	$ 37.2	$ 34.1

Income Taxes: (Details)	3 Months Ended		6 Months Ended
Income Taxes: (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
GSWC
Effective income tax rate
ETRs ( as a percent)	25.20%	26.20%	25.00%	25.50%
Parent
Effective income tax rate
ETRs ( as a percent)	24.50%	25.50%	24.40%	24.70%

Regulatory Matters - Schedule of Regulatory Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	$ 80,052	$ 69,507
GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	53,314	45,729
GSWC \| Other regulatory liabilities
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	(510)	(268)
BVES \| Other regulatory liabilities
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	(7,677)	(6,578)
2022/2023 general rate case memorandum accounts (unbilled revenue) \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	46,527	52,795
Water revenue adjustment mechanism, net of modified cost balancing account \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	50,842	41,545
Deferred Income Tax Charge [Member] \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	(69,567)	(70,189)
Other regulatory assets \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	10,018	10,661
Other regulatory assets \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	8,181	7,697
Derivative instrument memorandum account (Note 5) \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	5,593	2,360
Wildfire mitigation and other fire prevention related costs memorandum accounts \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	19,864	17,716
Pension Costs and Other Postretirement Benefit Costs [Member] \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	(4,828)	(4,867)
Low income rate assistance balancing accounts \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	7,747	5,763
Asset retirement obligations \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	7,418	7,099
Electric Supply Cost Adjustment Mechanism \| BVES
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	777	2,583
Flowed-through deferred income taxes, net \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	5,667	$ 3,190
Water Revenue Adjustment Mechanism ("WRAM") \| GSWC
Schedule of Regulatory Assets and Liabilities [Line Items]
Net regulatory Assets	$ 54,600

Business Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segments

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


	As Of And For The Three Months Ended June 30, 2024
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	110,424	$	8,703	$	36,201	$	—	$	155,328
Operating income (loss)	40,565		1,233		9,952		(2)		51,748
Interest expense (income), net	8,142		951		361		1,590		11,044
Net property, plant and equipment	1,813,292		150,999		17,345		—		1,981,636
Depreciation and amortization expense (1)	9,043		893		834		—		10,770
Income tax expense (benefit)	8,487		(39)		2,322		(411)		10,359
Capital additions	54,349		5,945		1,454		—		61,748


	As Of And For The Three Months Ended June 30, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	116,908	$	8,828	$	31,664	$	—	$	157,400
Operating income (loss)	50,524		2,103		6,354		(36)		58,945
Interest expense (income), net	6,515		654		327		1,429		8,925
Net property, plant and equipment	1,666,700		130,502		16,859		—		1,814,061
Depreciation and amortization expense (1)	8,674		759		825		—		10,258
Income tax expense (benefit)	11,934		247		1,506		(483)		13,204
Capital additions	34,567		4,386		359		—		39,312



	As Of And For The Six Months Ended June 30, 2024
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	200,689	$	20,908	$	68,982	$	—	$	290,579
Operating income (loss)	69,732		4,374		16,619		(3)		90,722
Interest expense (income), net	16,023		1,816		678		3,312		21,829
Net property, plant and equipment	1,813,292		150,999		17,345		—		1,981,636
Depreciation and amortization expense (1)	18,077		1,777		1,638		—		21,492
Income tax expense (benefit)	14,311		521		3,882		(959)		17,755
Capital additions	95,627		11,161		2,510		—		109,298


	As Of And For The Six Months Ended June 30, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	229,620	$	21,732	$	67,471	$	—	$	318,823
Operating income (loss)	90,763		5,734		13,650		(37)		110,110
Interest expense (income), net	12,009		1,227		554		2,752		16,542
Net property, plant and equipment	1,666,700		130,502		16,859		—		1,814,061
Depreciation and amortization expense (1)	18,280		1,507		1,674		—		21,461
Income tax expense (benefit)	20,844		948		3,191		(1,027)		23,956
Capital additions	76,572		11,038		1,039		—		88,649

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


	June 30,
	2024		2023
Total net property, plant and equipment	$	1,981,636	$	1,814,061
Other assets	366,684		325,574
Total consolidated assets	$	2,348,320	$	2,139,635

- 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

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The following table presents changes in the fair value of the Level 3 derivatives for the three and six months ended June 30, 2024 and 2023. The change in fair value was due to the change in market energy prices during the three and six months ended June 30, 2024 and 2023.


	For The Three Months Ended June 30,				For The Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Fair value at beginning of the period	$	(6,168)	$	6,669	$	(2,360)	$	11,847
Unrealized gains (losses) on purchase power contracts	575		(2,012)		(3,233)		(7,190)
Fair value at end of the period	$	(5,593)	$	4,657	$	(5,593)	$	4,657

Business Segments - Schedule of Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Details of reportable segment
Operating revenues	$ 155,328	$ 157,400	$ 290,579	$ 318,823
Operating income (loss)	51,748	58,945	90,722	110,110
Interest expense (income), net	11,044	8,925	21,829	16,542
Net property, plant and equipment	1,981,636	1,814,061	1,981,636	1,814,061	$ 1,892,280
Depreciation and amortization	10,770	10,258	21,492	21,461
Income tax expense	10,359	13,204	17,755	23,956
Segment, Expenditure, Addition to Long-Lived Assets	61,748	39,312	109,298	88,649
AWR \| Intersegment Eliminations
Details of reportable segment
Operating revenues	0	0	0	0
Operating income (loss)	(2)	(36)	(3)	(37)
Interest expense (income), net	1,590	1,429	3,312	2,752
Net property, plant and equipment	0	0	0	0
Depreciation and amortization	0	0	0	0
Income tax expense	(411)	(483)	(959)	(1,027)
Segment, Expenditure, Addition to Long-Lived Assets	0	0	0	0
GOLDEN STATE WATER COMPANY
Details of reportable segment
Operating revenues	110,424	116,908	200,689	229,620
Operating income (loss)	40,565	50,524	69,732	90,763
Net property, plant and equipment	1,813,292		1,813,292		$ 1,735,534
Depreciation and amortization	9,043	8,674	18,077	18,280
Income tax expense	8,487	11,934	14,311	20,844
GOLDEN STATE WATER COMPANY \| Water:
Details of reportable segment
Operating revenues	110,424	116,908	200,689	229,620
Public Utilities Property Plant and Equipment Depreciation on Transportation Equipment				200
GOLDEN STATE WATER COMPANY \| Reportable Legal Entities \| Water:
Details of reportable segment
Operating revenues	110,424	116,908	200,689	229,620
Operating income (loss)	40,565	50,524	69,732	90,763
Interest expense (income), net	8,142	6,515	16,023	12,009
Net property, plant and equipment	1,813,292	1,666,700	1,813,292	1,666,700
Depreciation and amortization	9,043	8,674	18,077	18,280
Income tax expense	8,487	11,934	14,311	20,844
Segment, Expenditure, Addition to Long-Lived Assets	54,349	34,567	95,627	76,572
BVES \| Electric:
Details of reportable segment
Operating revenues	8,703	8,828	20,908	21,732
BVES \| Reportable Legal Entities \| Electric:
Details of reportable segment
Operating revenues	8,703	8,828	20,908	21,732
Operating income (loss)	1,233	2,103	4,374	5,734
Interest expense (income), net	951	654	1,816	1,227
Net property, plant and equipment	150,999	130,502	150,999	130,502
Depreciation and amortization	893	759	1,777	1,507
Income tax expense	(39)	247	521	948
Segment, Expenditure, Addition to Long-Lived Assets	5,945	4,386	11,161	11,038
ASUS \| Reportable Legal Entities \| Contracted services:
Details of reportable segment
Operating revenues	36,201	31,664	68,982	67,471
Operating income (loss)	9,952	6,354	16,619	13,650
Interest expense (income), net	361	327	678	554
Net property, plant and equipment	17,345	16,859	17,345	16,859
Depreciation and amortization	834	825	1,638	1,674
Income tax expense	2,322	1,506	3,882	3,191
Segment, Expenditure, Addition to Long-Lived Assets	1,454	359	2,510	1,039
Golden State Water Company and Bear Valley Electric Service Inc.
Details of reportable segment
Public Utilities Property Plant and Equipment Depreciation on Transportation Equipment	$ 200	$ 200	$ 300	$ 500

Fair Value of Financial Instruments: (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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


	June 30, 2024				December 31, 2023
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—AWR (1)	$	643,791	$	603,019	$	579,047	$	556,214

	June 30, 2024				December 31, 2023
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—GSWC (2)	$	608,791	$	570,888	$	544,047	$	522,883

__________________

(1) Excludes debt issuance costs of approximately $3.4 million and $3.1 million as of June 30, 2024 and December 31, 2023, respectively.

(2) Excludes debt issuance costs of approximately $3.2 million and $3.0 million as of June 30, 2024 and December 31, 2023, respectively.

Fair Value of Financial Instruments - Schedule of Outstanding Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair value of financial instruments
Unamortized Debt Issuance Expense	$ 3,400	$ 3,100
Reported Value Measurement
Fair value of financial instruments
Long-term Debt, Fair Value	643,791	579,047
Estimate of Fair Value Measurement
Fair value of financial instruments
Long-term Debt, Fair Value	603,019	556,214
GOLDEN STATE WATER COMPANY
Fair value of financial instruments
Unamortized Debt Issuance Expense	3,200	3,000
GOLDEN STATE WATER COMPANY \| Reported Value Measurement
Fair value of financial instruments
Long-term Debt, Fair Value	608,791	544,047
GOLDEN STATE WATER COMPANY \| Estimate of Fair Value Measurement
Fair value of financial instruments
Long-term Debt, Fair Value	$ 570,888	$ 522,883

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes AWR’s effective income tax rate (“ETR”) was 24.5% and 25.5% for the three months ended June 30, 2024 and 2023, respectively, and was 24.4% and 24.7% for the six months ended June 30, 2024 and 2023, respectively. GSWC’s ETR was 25.2% and 26.2% for the three months ended June 30, 2024 and 2023, respectively, and was 25.0% and 25.5% for the six months ended June 30, 2024 and 2023, respectively. The AWR and GSWC ETRs differed from the federal corporate statutory tax rate of 21% primarily due to (i) state taxes; (ii) permanent differences, including certain tax effects from stock compensation; (iii) the ongoing amortization of the excess deferred income tax liability; and (iv) differences between book and taxable income that are treated as flowed-through adjustments in accordance with regulatory requirements (principally from plant, rate-case, and compensation-related items). As 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.

- 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
-SubTopic 270
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-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
-SubTopic 10
-Name Accounting Standards Codification
-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

Derivative Instruments - Schedule of Fair Value (Details) - Commodity Contract - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at end of the period	$ (5,600)		$ (5,600)
BVES
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of the period	(6,168)	$ 6,669	(2,360)	$ 11,847
Unrealized gains (losses) on purchase power contracts	575	(2,012)	(3,233)	(7,190)
Fair value at end of the period	$ (5,593)	$ 4,657	$ (5,593)	$ 4,657

Derivative Instruments - Narrative (Details) $ in Thousands	6 Months Ended
Derivative Instruments - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) MWh	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
BVES
Derivative Instruments, Gain (Loss) [Line Items]
Description of derivative activity volume \| MWh	625,958
Commodity Contract
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ (5,600)
Commodity Contract \| BVES
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ (5,593)	$ (6,168)	$ (2,360)	$ 4,657	$ 6,669	$ 11,847
Minimum \| Commodity Contract \| BVES
Derivative Instruments, Gain (Loss) [Line Items]
Term of derivative contract	3 years
Maximum \| Commodity Contract \| BVES
Derivative Instruments, Gain (Loss) [Line Items]
Term of derivative contract	5 years

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, allowance for doubtful accounts	$ 3,649	$ 3,537
Other accounts receivable, allowance for doubtful accounts	$ 53	$ 53
Common Stock, Shares Authorized (in shares)	60,000,000	60,000,000
Common Stock, Shares, Outstanding (in shares)	37,457,199	36,980,612
Common Stock, Par Value (in usd per share)	$ 0	$ 0
GOLDEN STATE WATER COMPANY
Accounts Receivable, allowance for doubtful accounts	$ 3,497	$ 3,394
Other accounts receivable, allowance for doubtful accounts	$ 53	$ 53
Common Stock, Shares Authorized (in shares)	1,000	1,000
Common Stock, Shares, Outstanding (in shares)	171	171
Common Stock, Par Value (in usd per share)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 54,999	$ 72,928
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,822	21,984
Provision for doubtful accounts	724	847
Deferred income taxes and investment tax credits	2,442	599
Stock-based compensation expense	2,852	2,577
Gain on investments held in a trust	(3,046)	(3,086)
Other — net	225	(89)
Changes in assets and liabilities:
Accounts receivable — customers	(5,550)	(1,641)
Unbilled receivable	(1,383)	(933)
Other accounts receivable	2,007	(421)
Receivables from the U.S. government	1,159	(10,922)
Materials and supplies	605	(2,199)
Prepayments and other assets	(2,491)	(2,690)
Contract assets	(4,685)	(528)
Regulatory assets/liabilities	(3,001)	(70,875)
Accounts payable	2,608	(9,669)
Income taxes receivable/payable	3,764	21,432
Contract liabilities	(113)	(318)
Accrued pension and other postretirement benefits	1,362	2,041
Other liabilities	(3,785)	(1,273)
Net cash provided (used)	70,515	17,764
Cash Flows From Investing Activities:
Capital expenditures	(109,298)	(88,649)
Other investing activities	401	827
Net cash provided (used)	(108,897)	(87,822)
Cash Flows From Financing Activities:
Proceeds from Issuance of Common Shares	32,423	0
Receipt of advances for and contributions in aid of construction	5,672	4,606
Refunds on advances for construction	(2,998)	(2,973)
Repayments of long-term debt	(256)	(251)
Proceeds from the issuance of long-term debt, net of issuance costs	64,618	129,665
Net changes in notes payable to banks	(38,500)	(35,667)
Dividends paid	(31,929)	(29,394)
Other financing activities	(1,138)	(899)
Net cash provided (used)	27,892	65,087
Net change in cash and cash equivalents	(10,490)	(4,971)
Cash and cash equivalents, beginning of period	14,073	5,997
Cash and cash equivalents, end of period	3,583	1,026
Non-cash transactions:
Accrued payables for investment in utility plant	35,541	35,731
Property installed by developers and conveyed	3,625	809
GOLDEN STATE WATER COMPANY
Cash Flows From Operating Activities:
Net income	42,989	60,996
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,346	18,748
Provision for doubtful accounts	629	782
Deferred income taxes and investment tax credits	2,161	(817)
Stock-based compensation expense	2,679	2,434
Gain on investments held in a trust	(3,046)	(3,086)
Other — net	149	39
Changes in assets and liabilities:
Accounts receivable — customers	(6,310)	(2,296)
Unbilled receivable	(1,105)	(370)
Other accounts receivable	1,147	(53)
Materials and supplies	(424)	(385)
Prepayments and other assets	(961)	(1,261)
Regulatory assets/liabilities	(3,602)	(68,016)
Accounts payable	2,930	(1,167)
Intercompany receivable/payable	(122)	134
Income taxes receivable/payable	4,094	20,490
Accrued pension and other postretirement benefits	1,308	2,007
Other liabilities	(3,081)	(973)
Net cash provided (used)	57,781	27,206
Cash Flows From Investing Activities:
Capital expenditures	(95,627)	(76,572)
Other investing activities	118	203
Net cash provided (used)	(95,509)	(76,369)
Cash Flows From Financing Activities:
Proceeds from Issuance of Common Shares	0	10,000
Receipt of advances for and contributions in aid of construction	5,672	4,606
Refunds on advances for construction	(2,998)	(2,973)
Repayments of long-term debt	(256)	(251)
Proceeds from the issuance of long-term debt, net of issuance costs	64,618	129,665
Net change in intercompany borrowings	0	(129,000)
Net changes in notes payable to banks	(31,000)	77,334
Dividends paid	0	(39,400)
Other financing activities	(1,064)	(821)
Net cash provided (used)	34,972	49,160
Net change in cash and cash equivalents	(2,756)	(3)
Cash and cash equivalents, beginning of period	3,195	370
Cash and cash equivalents, end of period	439	367
Non-cash transactions:
Accrued payables for investment in utility plant	32,454	31,944
Property installed by developers and conveyed	$ 3,625	$ 809

Derivative Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 June 30, 2024, the fair value of the derivative liability was $5.6 million for the power purchase 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 June 30, 2024 was 625,958 megawatt hours.

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

To value the derivatives in the purchase power contracts, BVES 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 the 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 instruments are categorized as Level 3. Accordingly, the valuation of the derivatives within BVES’s purchase power contracts have been classified as Level 3 for all periods presented.


	For The Three Months Ended June 30,				For The Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Fair value at beginning of the period	$	(6,168)	$	6,669	$	(2,360)	$	11,847
Unrealized gains (losses) on purchase power contracts	575		(2,012)		(3,233)		(7,190)
Fair value at end of the period	$	(5,593)	$	4,657	$	(5,593)	$	4,657

Employee Benefit Plans: (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of components of net periodic benefit costs, before allocation to the overhead pool, for Registrant's pension plan, postretirement plan, and SERP

The components of net periodic benefit costs for Registrant’s pension plan, postretirement medical benefit plan and SERP for the three and six months ended June 30, 2024 and 2023 were as follows:


	For The Three Months Ended June 30,
	Pension Benefits				Other Postretirement Benefits				SERP
(dollars in thousands)	2024		2023		2024		2023		2024		2023
Components of Net Periodic Benefits Cost:
Service cost	$	850	$	846	$	32	$	33	$	358	$	312
Interest cost	2,550		2,513		26		26		426		411
Expected return on plan assets	(3,009)		(2,623)		(142)		(119)		—		—
Amortization of prior service cost	109		108		—		—		—		—
Amortization of actuarial (gain) loss	—		—		(293)		(242)		(3)		(8)
Net periodic benefits costs under accounting standards	500		844		(377)		(302)		781		715
Regulatory adjustments - deferred	—		(92)		—		—		—		—
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	$	500	$	752	$	(377)	$	(302)	$	781	$	715

	For The Six Months Ended June 30,

	Pension Benefits				Other Postretirement Benefits				SERP
(dollars in thousands)	2024		2023		2024		2023		2024		2023
Components of Net Periodic Benefits Cost:
Service cost	$	1,700	$	1,692	$	64	$	66	$	716	$	624
Interest cost	5,100		5,026		49		51		852		822
Expected return on plan assets	(6,018)		(5,246)		(284)		(239)		—		—
Amortization of prior service cost	217		216		—		—		—		—
Amortization of actuarial (gain) loss	—		—		(556)		(482)		(7)		(16)
Net periodic benefits costs under accounting standards	999		1,688		(727)		(604)		1,561		1,430
Regulatory adjustments - deferred	—		(184)		—		—		—		—
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	$	999	$	1,504	$	(727)	$	(604)	$	1,561	$	1,430

Earnings per Share/Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Capital stock
Options outstanding (in shares)	0		0		0	0
Other financing activities					$ (1,138)	$ (899)
Dividends paid					$ 31,929	$ 29,394
Common Stock, Dividends, Per Share, Cash Paid	$ 0.4300		$ 0.3975		$ 0.8600	$ 0.7950
Issuance of Common Shares from an at-the-market program, net of issuance costs	$ 16,724	$ 15,584
Sale of stock, number of shares issued in transaction (in shares)	227,667				455,648
Payments for commissions	$ 300				$ 500
Sale of stock, consideration received on transaction	16,800				$ 33,000
Issuances of Common Shares under stock-based compensation plans (in shares)					20,939	14,358
Parent Company
Capital stock
Dividends paid	$ 16,000		$ 14,700		$ 31,900	$ 29,400
GSWC
Capital stock
Issuance of Common Shares from an at-the-market program, net of issuance costs (in shares)						1
Other financing activities					(1,064)	$ (821)
Dividends paid			14,700		$ 0	39,400
Issuance of Common Shares from an at-the-market program, net of issuance costs				$ 10,000		$ 10,000
ASUS
Capital stock
Dividends paid			$ 16,000
Restricted Stock
Capital stock
Restricted stock units outstanding (in shares)	132,530		110,576		132,530	110,576

Contingencies (Details) - Environmental Clean-Up and Remediation - GOLDEN STATE WATER COMPANY $ in Millions	Jun. 30, 2024 USD ($) item
Loss Contingencies [Line Items]
Number of plant facilities \| item	1
Accrued liability for the estimated additional cost to complete the clean-up at the site	$ 1.3
Environmental Costs Recognized, Capitalized	6.7
Environmental Loss Contingencies Paid by Third Party	$ 1.5

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2024
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 June 30, 2024, the total amount spent to clean-up and remediate the plant site was approximately $6.7 million, of which $1.5 million has been paid by the State of California Underground Storage Tank Fund. Amounts paid by GSWC have been included in rate base and approved by the CPUC for recovery. As of June 30, 2024, GSWC has a regulatory asset and an accrued liability for the estimated remaining cost of $1.3 million to complete the clean-up 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 as approved historically. 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.

Regulatory Matters (Tables)

6 Months Ended

Jun. 30, 2024

Regulated Operations [Abstract]

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

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


(dollars in thousands)	June 30, 2024		December 31, 2023
GSWC
2022/2023 general rate case memorandum accounts (unbilled revenue)	$	46,527	$	52,795
Water revenue adjustment mechanism, net of modified cost balancing account	50,842		41,545
Asset retirement obligations	7,418		7,099
Flowed-through deferred income taxes, net	5,667		3,190
Low income rate assistance balancing accounts	7,747		5,763
Other regulatory assets	10,018		10,661
Excess deferred income taxes	(69,567)		(70,189)
Pensions and other post-retirement obligations	(4,828)		(4,867)
Other regulatory liabilities	(510)		(268)
Total GSWC	$	53,314	$	45,729
BVES
Derivative instrument memorandum account (Note 5)	5,593		2,360
Wildfire mitigation and other fire prevention related costs memorandum accounts	19,864		17,716
Electric supply cost adjustment mechanism	777		2,583
Other regulatory assets	8,181		7,697
Other regulatory liabilities	(7,677)		(6,578)
Total AWR	$	80,052	$	69,507

Regulatory Matters - Narrative (Details) - USD ($)	6 Months Ended
Regulatory Matters - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Regulatory matters:
Net regulatory Assets	$ 80,052,000	$ 69,507,000
GSWC
Regulatory matters:
Net regulatory Assets	53,314,000	45,729,000
BVES
Regulatory matters:
Regulatory Asset -incremental vegetation management costs	13,300,000
Regulatory asset- wildfire mitigation plans (WMP)	6,600,000
Golden State Water Company and Bear Valley Electric Service Inc.
Regulatory matters:
Regulatory asset not accruing carrying costs	61,300,000
2022/2023 general rate case memorandum accounts (unbilled revenue) \| GSWC
Regulatory matters:
Net regulatory Assets	$ 46,527,000	52,795,000
Amortization period	36 months
Water revenue adjustment mechanism, net of modified cost balancing account
Regulatory matters:
Increase (decrease) in other regulatory assets	$ 15,300,000
Regulatory asset recovery periods	24 months
Water revenue adjustment mechanism, net of modified cost balancing account \| GSWC
Regulatory matters:
Net regulatory Assets	$ 50,842,000	41,545,000
Commercial paper, term	90 days
Regulatory asset recovery periods	18 months
Deferred Income Tax Charge [Member] \| GSWC
Regulatory matters:
Net regulatory Assets	$ (69,567,000)	(70,189,000)
Deferred Income Tax Charge [Member] \| Golden State Water Company and Bear Valley Electric Service Inc.
Regulatory matters:
Regulatory asset not accruing carrying costs	73,300,000
Derivative instrument memorandum account (Note 5)
Regulatory matters:
Regulatory asset not accruing carrying costs	5,600,000
Derivative instrument memorandum account (Note 5) \| BVES
Regulatory matters:
Net regulatory Assets	5,593,000	2,360,000
Pension Costs and Other Postretirement Benefit Costs [Member] \| GSWC
Regulatory matters:
Net regulatory Assets	(4,828,000)	(4,867,000)
Pension Costs and Other Postretirement Benefit Costs [Member] \| Golden State Water Company and Bear Valley Electric Service Inc.
Regulatory matters:
Regulatory asset not accruing carrying costs	3,500,000
Modified Cost Balancing account ("MCBA") \| GSWC
Regulatory matters:
Net regulatory Assets	(3,800,000)
Water Revenue Adjustment Mechanism ("WRAM")
Regulatory matters:
Deferred Revenue, Revenue Recognized	0
Water Revenue Adjustment Mechanism ("WRAM") \| GSWC
Regulatory matters:
Net regulatory Assets	54,600,000
Electric Supply Cost Adjustment Mechanism \| BVES
Regulatory matters:
Net regulatory Assets	777,000	2,583,000
Low income rate assistance balancing accounts \| GSWC
Regulatory matters:
Net regulatory Assets	7,747,000	5,763,000
Flowed-through deferred income taxes, net \| GSWC
Regulatory matters:
Net regulatory Assets	5,667,000	$ 3,190,000
Flowed-through deferred income taxes, net \| Golden State Water Company and Bear Valley Electric Service Inc.
Regulatory matters:
Net regulatory Assets	$ 7,200,000

Business Segments - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Business Segments - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) item segment	Jun. 30, 2023 USD ($)
GSWC
Details of reportable segment
Number of reportable segments \| item			1
Golden State Water Company and Bear Valley Electric Service Inc.
Details of reportable segment
Public Utilities Property Plant and Equipment Depreciation on Transportation Equipment \| $	$ 0.2	$ 0.2	$ 0.3	$ 0.5
Parent Company
Details of reportable segment
Number of reportable segments \| segment			3

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 155,328	$ 157,400	$ 290,579	$ 318,823
GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Total operating revenues	110,424	116,908	200,689	229,620
Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	97,645	99,585	183,435	201,180
Total operating revenues	110,424	116,908	200,689	229,620
Electric: \| BVES
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	8,895	9,046	21,642	22,258
Total operating revenues	8,703	8,828	20,908	21,732
Contracted services: \| ASUS
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	36,201	31,664	68,982	67,471
Tariff-based revenues \| Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	96,065	98,378	180,726	198,919
Tariff-based revenues \| Electric: \| BVES
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	8,866	8,929	21,539	21,992
CPUC-approved surcharges (cost-recovery activities) \| Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	912	558	1,459	875
CPUC-approved surcharges (cost-recovery activities) \| Electric: \| BVES
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	29	117	103	266
Other \| Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	668	649	1,250	1,386
WRAM under/(over)-collection (alternative revenue program) \| Water: \| GOLDEN STATE WATER COMPANY
Disaggregation of Revenue [Line Items]
Alternative revenue programs, net	12,779	17,323	17,254	28,440
WRAM under/(over)-collection (alternative revenue program) \| Electric: \| BVES
Disaggregation of Revenue [Line Items]
Alternative revenue programs, net	(192)	(218)	(734)	(526)
Water \| Contracted services: \| ASUS
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	21,603	19,181	43,170	41,669
Wastewater \| Contracted services: \| ASUS
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 14,598	$ 12,483	$ 25,812	$ 25,802

Revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Most of Registrant’s revenues are derived from contracts with customers, including tariff-based revenues from its regulated utilities at GSWC and BVES. ASUS’s initial firm fixed-price long-term contracts 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. Accordingly, the services under these contracts are accounted for under Topic 606—Revenue from Contracts with Customers, and the water and/or wastewater systems are not recorded as Property, Plant and Equipment on Registrant’s balance sheets.

Although GSWC and BVES have a diversified customer base of residential, commercial, industrial, and other customers, revenues derived from residential and commercial customers generally account for approximately 90% of total water and electric revenues. Most of ASUS’s revenues are derived from the U.S. government. For the three and six months ended June 30, 2024 and 2023, disaggregated revenues from contracts with customers by segment were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Water:
Tariff-based revenues	$	96,065	$	98,378	$	180,726	$	198,919
CPUC-approved surcharges (cost-recovery activities)	912		558		1,459		875
Other	668		649		1,250		1,386
Water revenues from contracts with customers	97,645		99,585		183,435		201,180
WRAM under/(over)-collection (alternative revenue program)	12,779		17,323		17,254		28,440
Total water revenues (1)	110,424		116,908		200,689		229,620

Electric:
Tariff-based revenues	8,866		8,929		21,539		21,992
CPUC-approved surcharges (cost-recovery activities)	29		117		103		266
Electric revenues from contracts with customers	8,895		9,046		21,642		22,258
BRRAM under/(over)-collection (alternative revenue program)	(192)		(218)		(734)		(526)
Total electric revenues	8,703		8,828		20,908		21,732

Contracted services:
Water	21,603		19,181		43,170		41,669
Wastewater	14,598		12,483		25,812		25,802
Contracted services revenues from contracts with customers	36,201		31,664		68,982		67,471

Total AWR revenues	$	155,328	$	157,400	$	290,579	$	318,823


(dollars in thousands)	June 30, 2024		December 31, 2023
Unbilled receivables	$	10,518	$	9,693
Receivable from the U.S. government	$	90,330	$	91,489
Contract assets	$	19,063	$	14,378
Contract liabilities	$	1,239	$	1,352

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

Contract Assets - Contract assets are assets of ASUS and consist of unbilled revenues recognized from work-in-progress construction projects, where the right to payment is conditional on something other than the passage of time. The classification of this asset as current or noncurrent is based on the timing of when ASUS expects to bill these amounts.

Contract Liabilities - Contract liabilities are liabilities of ASUS and consist of billings in excess of revenue recognized. The classification of this liability as current or noncurrent is based on the timing of when ASUS expects to recognize revenue. Revenues for the six months ended June 30, 2024, which were included in contract liabilities at the beginning of the period were not material. Contracted services revenues recognized during the six months ended June 30, 2024 from performance obligations satisfied in previous periods were also not material.

As of June 30, 2024, 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, which 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 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
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-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

Earnings per Share/Capital Stock - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic:
Net income	$ 31,864	$ 23,135	$ 38,521	$ 34,407	$ 54,999	$ 72,928
Less: Impact from participating securities	110		112		162	197
Net Income (Loss) Available to Common Stockholders, Basic, Total	$ 31,754		$ 38,409		$ 54,837	$ 72,731
Weighted average Common Shares outstanding, basic (in shares)	37,309		36,976		37,169	36,972
Basic earnings per Common Share (in dollars per share)	$ 0.85		$ 1.04		$ 1.48	$ 1.97
Diluted:
Net Income (Loss) Available to Common Stockholders, Basic, Total	$ 31,754		$ 38,409		$ 54,837	$ 72,731
Undistributed earnings for dilutive stock options and restricted stock units	54		69		67	117
Total common shareholders earnings, diluted	$ 31,808		$ 38,478		$ 54,904	$ 72,848
Weighted average Common Shares outstanding, basic (in shares)	37,309		36,976		37,169	36,972
Stock-based compensation (in shares)	109		91		94	86
Weighted Average Number of Diluted Shares (in shares)	37,418		37,067		37,263	37,058
Diluted earnings per Common Share (in dollars per share)	$ 0.85		$ 1.04		$ 1.47	$ 1.97

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 31,864	$ 23,135	$ 38,521	$ 34,407	$ 54,999	$ 72,928

- 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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (f)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Benefit Plans - Schedule of Net Periodic Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Components of Net Periodic Benefits Cost:
Regulatory adjustments - deferred			$ (3,001)	$ (70,875)
Pension Benefits
Components of Net Periodic Benefits Cost:
Service cost	$ 850	$ 846	1,700	1,692
Interest cost	2,550	2,513	5,100	5,026
Expected return on plan assets	(3,009)	(2,623)	(6,018)	(5,246)
Amortization of prior service cost	109	108	217	216
Amortization of actuarial (gain) loss	0	0	0	0
Net periodic benefits costs under accounting standards	500	844	999	1,688
Regulatory adjustments - deferred	0	(92)	0	(184)
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	500	752	999	1,504
Other Postretirement Benefits
Components of Net Periodic Benefits Cost:
Service cost	32	33	64	66
Interest cost	26	26	49	51
Expected return on plan assets	(142)	(119)	(284)	(239)
Amortization of prior service cost	0	0	0	0
Amortization of actuarial (gain) loss	(293)	(242)	(556)	(482)
Net periodic benefits costs under accounting standards	(377)	(302)	(727)	(604)
Regulatory adjustments - deferred	0	0	0	0
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	(377)	(302)	(727)	(604)
SERP
Components of Net Periodic Benefits Cost:
Service cost	358	312	716	624
Interest cost	426	411	852	822
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of actuarial (gain) loss	(3)	(8)	(7)	(16)
Net periodic benefits costs under accounting standards	781	715	1,561	1,430
Regulatory adjustments - deferred	0	0	0	0
Total expense (benefit) recognized, before surcharges and allocation to overhead pool	$ 781	$ 715	$ 1,561	$ 1,430

Revenues - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
Revenues - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2024 item	Jun. 30, 2023 USD ($)
ASUS \| Minimum
Disaggregation of Revenue [Line Items]
Period of fixed price contracts to operate and maintain water systems at various military bases		15 years
ASUS \| Maximum
Disaggregation of Revenue [Line Items]
Period of fixed price contracts to operate and maintain water systems at various military bases		50 years
Golden State Water Company and Bear Valley Electric Service Inc. \| Sales \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		90.00%
Bay State Utility Service LLC (" BSUS")
Disaggregation of Revenue [Line Items]
Number of contracts with 15 year contract \| item		1
Contracted services: \| Bay State Utility Service LLC (" BSUS")
Disaggregation of Revenue [Line Items]
Period of fixed price contracts to operate and maintain water systems at various military bases		15 years
Water:
Disaggregation of Revenue [Line Items]
Retroactive water revenues impact as a result of a proposed decision			$ 32.0
Water: \| Cost of capital proceeding
Disaggregation of Revenue [Line Items]
Revenue impact due to lower cost of debt	$ 9.3		$ 6.4

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues
Water	$ 110,424	$ 116,908	$ 200,689	$ 229,620
Electric	8,703	8,828	20,908	21,732
Contracted services	36,201	31,664	68,982	67,471
Total operating revenues	155,328	157,400	290,579	318,823
Operating Expenses
Water purchased	17,968	18,070	31,729	32,374
Power purchased for pumping	3,521	2,869	6,353	5,223
Groundwater production assessment	5,818	5,365	10,672	9,198
Power purchased for resale	1,503	2,469	5,835	7,455
Supply cost balancing accounts	3,436	2,837	2,828	14,403
Other operation	10,733	9,716	20,356	19,832
Administrative and general	23,487	21,503	48,834	45,050
Depreciation and amortization	10,770	10,258	21,492	21,461
Maintenance	3,535	3,779	6,760	6,929
Property and other taxes	6,612	5,555	13,099	11,850
ASUS construction	16,197	16,034	31,899	34,938
Total operating expenses	103,580	98,455	199,857	208,713
Operating Income	51,748	58,945	90,722	110,110
Other Income and Expenses
Interest expense	(13,137)	(10,728)	(25,992)	(20,209)
Interest income	2,093	1,803	4,163	3,667
Other, net	1,519	1,705	3,861	3,316
Total other income and expenses, net	(9,525)	(7,220)	(17,968)	(13,226)
Income before income tax expense	42,223	51,725	72,754	96,884
Income tax expense	10,359	13,204	17,755	23,956
Net Income	$ 31,864	$ 38,521	$ 54,999	$ 72,928
Basic Earnings Per Common Share
Weighted Average Number of Common Shares Outstanding (in shares)	37,309	36,976	37,169	36,972
Basic Earnings Per Common Share (in dollars per share)	$ 0.85	$ 1.04	$ 1.48	$ 1.97
Fully Diluted Earnings Per Share
Weighted Average Number of Diluted Shares (in shares)	37,418	37,067	37,263	37,058
Fully Diluted Earnings Per Common Share (in dollars per share)	$ 0.85	$ 1.04	$ 1.47	$ 1.97
Dividends Declared Per Common Share (in dollars per share)	$ 0.4300	$ 0.3975	$ 0.8600	$ 0.7950
GOLDEN STATE WATER COMPANY
Operating Revenues
Water	$ 110,424	$ 116,908	$ 200,689	$ 229,620
Total operating revenues	110,424	116,908	200,689	229,620
Operating Expenses
Water purchased	17,968	18,070	31,729	32,374
Power purchased for pumping	3,521	2,869	6,353	5,223
Groundwater production assessment	5,818	5,365	10,672	9,198
Supply cost balancing accounts	2,449	2,787	2,432	15,412
Other operation	7,442	7,221	14,022	14,492
Administrative and general	15,933	14,282	32,910	29,663
Depreciation and amortization	9,043	8,674	18,077	18,280
Maintenance	2,210	2,556	4,038	4,516
Property and other taxes	5,475	4,560	10,724	9,699
Total operating expenses	69,859	66,384	130,957	138,857
Operating Income	40,565	50,524	69,732	90,763
Other Income and Expenses
Interest expense	(9,716)	(7,835)	(19,108)	(14,757)
Interest income	1,574	1,320	3,085	2,748
Other, net	1,259	1,458	3,591	3,086
Total other income and expenses, net	(6,883)	(5,057)	(12,432)	(8,923)
Income before income tax expense	33,682	45,467	57,300	81,840
Income tax expense	8,487	11,934	14,311	20,844
Net Income	$ 25,195	$ 33,533	$ 42,989	$ 60,996

Business Segments - Schedule of PPE (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Segment Reporting [Abstract]
Total net property, plant and equipment	$ 1,981,636	$ 1,892,280	$ 1,814,061
Other assets	366,684		325,574
Total Assets	$ 2,348,320	$ 2,246,122	$ 2,139,635

- Definition

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

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+ Details