Company Quick10K Filing
American States Water
Price90.45 EPS2
Shares37 P/E41
MCap3,346 P/FCF75
Net Debt271 EBIT121
TEV3,617 TEV/EBIT30
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-03-12
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-08-27 Other Events
8-K 2020-08-03 Earnings, Exhibits
8-K 2020-07-16 Officers, Exhibits
8-K 2020-07-08 Off-BS Arrangement, Other Events
8-K 2020-06-26 Enter Agreement, Exhibits
8-K 2020-05-19
8-K 2020-05-04
8-K 2020-03-30
8-K 2020-03-16
8-K 2020-03-11
8-K 2020-02-24
8-K 2020-01-28
8-K 2020-01-17
8-K 2019-11-04
8-K 2019-08-05
8-K 2019-05-30
8-K 2019-05-17
8-K 2019-05-06
8-K 2019-03-28
8-K 2019-03-26
8-K 2019-02-25
8-K 2019-01-29
8-K 2018-11-28
8-K 2018-11-05
8-K 2018-08-15
8-K 2018-08-06
8-K 2018-05-22
8-K 2018-05-07
8-K 2018-03-22
8-K 2018-03-09
8-K 2018-02-26
8-K 2018-02-06
8-K 2018-01-30

AWR 10Q Quarterly Report

Part I
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Revenues
Note 3 - Regulatory Matters
Note 4 - Earnings per Share/Capital Stock
Note 5 - Derivative Instruments
Note 6 - Fair Value of Financial Instruments
Note 7 - Income Taxes
Note 8 - Employee Benefit Plans
Note 9 - Contingencies
Note 10 - Allowance for Doubtful Accounts
Note 11 - Business Segments
Note 12 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosure
Item 5. Other Information
Item 6. Exhibits
EX-31.1 awr-20200630xex311.htm
EX-31.2 awr-20200630xex312.htm
EX-31.1.1 awr-20200630xex3111.htm
EX-31.2.1 awr-20200630xex3121.htm
EX-32.1 awr-20200630xex321.htm
EX-32.2 awr-20200630xex322.htm

American States Water Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.20.20.10.10.00.02012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

Document
59000590005900059000falsefalse--12-31--12-31Q2Q220202020000105690300000921168570008570001603000160300060000000100060000000100036846614165368838741650.900.0050P5YP3Y342000 0001056903 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember 2020-01-01 2020-06-30 0001056903 2020-07-30 0001056903 awr:GoldenStateWaterCompanyMember 2020-07-30 0001056903 2019-12-31 0001056903 2020-06-30 0001056903 2019-04-01 2019-06-30 0001056903 2020-04-01 2020-06-30 0001056903 2019-01-01 2019-06-30 0001056903 2020-01-01 2020-03-31 0001056903 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001056903 us-gaap:CommonStockMember 2020-03-31 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2020-03-31 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2019-12-31 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2020-04-01 2020-06-30 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2020-06-30 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2020-01-01 2020-03-31 0001056903 us-gaap:CommonStockMember 2020-06-30 0001056903 us-gaap:CommonStockMember 2019-12-31 0001056903 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001056903 2020-03-31 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2019-01-01 2019-03-31 0001056903 2019-01-01 2019-03-31 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2019-03-31 0001056903 2019-06-30 0001056903 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001056903 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001056903 us-gaap:CommonStockMember 2018-12-31 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2019-04-01 2019-06-30 0001056903 us-gaap:CommonStockMember 2019-03-31 0001056903 us-gaap:CommonStockMember 2019-06-30 0001056903 2019-03-31 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2019-06-30 0001056903 us-gaap:RetainedEarningsUnappropriatedMember 2018-12-31 0001056903 2018-12-31 0001056903 awr:GoldenStateWaterCompanyMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember 2020-01-01 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2020-01-01 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2019-03-31 0001056903 awr:GoldenStateWaterCompanyMember 2019-01-01 2019-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2019-01-01 2019-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2018-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2018-12-31 0001056903 awr:GoldenStateWaterCompanyMember 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember 2019-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RetainedEarningsUnappropriatedMember 2019-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001056903 awr:GoldenStateWaterCompanyMember 2018-12-31 0001056903 srt:ParentCompanyMember awr:SyndicatedRevolvingCreditFacilityMember 2020-03-31 0001056903 awr:BearValleyElectricServiceMember awr:SyndicatedRevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2020-07-01 0001056903 srt:ParentCompanyMember srt:MaximumMember awr:SyndicatedRevolvingCreditFacilityMember 2020-03-31 0001056903 srt:ParentCompanyMember srt:MinimumMember awr:SyndicatedRevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2020-07-15 0001056903 awr:GoldenStateWaterCompanyMember awr:ElectricServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:SyndicatedRevolvingCreditFacilityMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:PrivatePlacementNotesMember us-gaap:SubsequentEventMember 2020-07-08 0001056903 awr:AmericanStatesUtilityServicesMember awr:ContractedServicesMember 2020-01-01 2020-06-30 0001056903 awr:BearValleyElectricServiceMember us-gaap:SubsequentEventMember 2020-07-01 2020-07-01 0001056903 srt:ParentCompanyMember srt:MinimumMember awr:SyndicatedRevolvingCreditFacilityMember 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember srt:MinimumMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:SalesMember awr:WaterServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember srt:MaximumMember 2020-01-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember 2019-12-31 0001056903 awr:AmericanStatesUtilityServicesMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:OtherProductsandServicesMember awr:WaterServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:SurchargesCostrecoveryActivitiesMember awr:WaterServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:TariffbasedRevenuesMember awr:WaterServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember awr:ContractedServicesMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:SurchargesCostrecoveryActivitiesMember awr:ElectricServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember us-gaap:PublicUtilitiesInventoryWaterMember awr:ContractedServicesMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:ElectricServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 awr:AmericanStatesUtilityServicesMember awr:WastewaterMember awr:ContractedServicesMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:TariffbasedRevenuesMember awr:ElectricServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 awr:AmericanStatesUtilityServicesMember us-gaap:PublicUtilitiesInventoryWaterMember awr:ContractedServicesMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:TariffbasedRevenuesMember awr:ElectricServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:OtherProductsandServicesMember awr:WaterServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:TariffbasedRevenuesMember awr:ElectricServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:SurchargesCostrecoveryActivitiesMember awr:ElectricServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:SurchargesCostrecoveryActivitiesMember awr:WaterServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:TariffbasedRevenuesMember awr:WaterServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:SurchargesCostrecoveryActivitiesMember awr:ElectricServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember awr:WastewaterMember awr:ContractedServicesMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:OtherProductsandServicesMember awr:WaterServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:TariffbasedRevenuesMember awr:WaterServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:TariffbasedRevenuesMember awr:ElectricServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:ElectricServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember awr:WastewaterMember awr:ContractedServicesMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:SurchargesCostrecoveryActivitiesMember awr:WaterServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:ElectricServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:SurchargesCostrecoveryActivitiesMember awr:ElectricServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:AmericanStatesUtilityServicesMember us-gaap:PublicUtilitiesInventoryWaterMember awr:ContractedServicesMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:TariffbasedRevenuesMember awr:WaterServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:OtherProductsandServicesMember awr:WaterServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember awr:ContractedServicesMember 2020-04-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember awr:ContractedServicesMember 2019-01-01 2019-06-30 0001056903 awr:AmericanStatesUtilityServicesMember us-gaap:PublicUtilitiesInventoryWaterMember awr:ContractedServicesMember 2020-01-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember awr:WastewaterMember awr:ContractedServicesMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:SurchargesCostrecoveryActivitiesMember awr:WaterServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:SalesMember awr:ElectricServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:DeferredIncomeTaxChargesMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:CostOfCapitalProceedingForWaterRegionsMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:MaximumMember awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:MinimumMember awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:ModifiedCostBalancingAccountMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:CatastrophicEventMemoAccountCEMAMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:FlowThroughTaxesNetMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterRevenueAdjustmentMechanismMember 2020-06-30 0001056903 awr:PensionCostsAndOtherPostretirementBenefitCostsMember 2020-06-30 0001056903 awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:DerivativeMember 2020-06-30 0001056903 awr:WaterServiceUtilityOperationsMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:CostOfCapitalProceedingForWaterRegionsMember 2020-01-01 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember awr:OtherRegulatoryAssetsNetMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:PensionCostsAndOtherPostretirementBenefitCostsMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember awr:FlowThroughTaxesNetMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:GainLossOnDerivativeInstrumentsMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RevenueSubjectToRefundMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember awr:OtherRegulatoryAssetsNetMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:DeferredIncomeTaxChargesMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember awr:CostsDeferredForFutureRecoveryOnAerojetCaseMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:GainLossOnDerivativeInstrumentsMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:GeneralRateCaseMemorandumAccountsMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:RevenueSubjectToRefundMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:PensionCostsAndOtherPostretirementBenefitCostsMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:GeneralRateCaseMemorandumAccountsMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:CostsDeferredForFutureRecoveryOnAerojetCaseMember 2020-06-30 0001056903 us-gaap:RestrictedStockUnitsRSUMember 2020-06-30 0001056903 us-gaap:RestrictedStockUnitsRSUMember 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2020-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2018-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2019-03-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CommodityContractMember 2019-01-01 2019-06-30 0001056903 us-gaap:CommodityContractMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:MinimumMember us-gaap:CommodityContractMember 2019-10-01 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember srt:MaximumMember us-gaap:CommodityContractMember 2019-10-01 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0001056903 awr:MutualFundsMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0001056903 us-gaap:ParentMember 2020-04-01 2020-06-30 0001056903 us-gaap:ParentMember 2020-01-01 2020-06-30 0001056903 us-gaap:ParentMember 2019-04-01 2019-06-30 0001056903 us-gaap:ParentMember 2019-01-01 2019-06-30 0001056903 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-06-30 0001056903 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-04-01 2019-06-30 0001056903 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2020-04-01 2020-06-30 0001056903 us-gaap:PensionPlansDefinedBenefitMember 2019-04-01 2019-06-30 0001056903 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2020-01-01 2020-06-30 0001056903 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-04-01 2020-06-30 0001056903 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-06-30 0001056903 us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-06-30 0001056903 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-01-01 2020-06-30 0001056903 us-gaap:PensionPlansDefinedBenefitMember 2020-04-01 2020-06-30 0001056903 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2019-01-01 2019-06-30 0001056903 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:PensionPlansDefinedBenefitMember awr:WaterServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 us-gaap:PensionPlansDefinedBenefitMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:PensionPlansDefinedBenefitMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:PensionPlansDefinedBenefitMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:EnvironmentalIssueMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:EnvironmentalIssueMember 2020-01-01 2020-06-30 0001056903 srt:ParentCompanyMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:ElectricServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 srt:ParentCompanyMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:WaterServiceUtilityOperationsMember 2020-01-01 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember srt:ReportableLegalEntitiesMember awr:ContractedServicesMember 2020-01-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:WaterServiceUtilityOperationsMember 2020-06-30 0001056903 srt:ParentCompanyMember us-gaap:IntersegmentEliminationMember 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember srt:ReportableLegalEntitiesMember awr:ContractedServicesMember 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:ElectricServiceUtilityOperationsMember 2020-06-30 0001056903 awr:AmericanStatesUtilityServicesMember srt:ReportableLegalEntitiesMember awr:ContractedServicesMember 2020-04-01 2020-06-30 0001056903 srt:ParentCompanyMember us-gaap:IntersegmentEliminationMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:WaterServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:ElectricServiceUtilityOperationsMember 2020-04-01 2020-06-30 0001056903 srt:ParentCompanyMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:WaterServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:ElectricServiceUtilityOperationsMember 2019-01-01 2019-06-30 0001056903 awr:AmericanStatesUtilityServicesMember srt:ReportableLegalEntitiesMember awr:ContractedServicesMember 2019-01-01 2019-06-30 0001056903 awr:AmericanStatesUtilityServicesMember srt:ReportableLegalEntitiesMember awr:ContractedServicesMember 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:ElectricServiceUtilityOperationsMember 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:WaterServiceUtilityOperationsMember 2019-06-30 0001056903 srt:ParentCompanyMember us-gaap:IntersegmentEliminationMember 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:WaterServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 awr:AmericanStatesUtilityServicesMember srt:ReportableLegalEntitiesMember awr:ContractedServicesMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember srt:ReportableLegalEntitiesMember awr:ElectricServiceUtilityOperationsMember 2019-04-01 2019-06-30 0001056903 srt:ParentCompanyMember us-gaap:IntersegmentEliminationMember 2019-04-01 2019-06-30 0001056903 awr:GoldenStateWaterCompanyMember awr:NotePayable2.17PercentDue2030Member us-gaap:SubsequentEventMember 2020-07-08 0001056903 awr:GoldenStateWaterCompanyMember srt:MaximumMember us-gaap:SubsequentEventMember 2020-07-08 0001056903 awr:GoldenStateWaterCompanyMember awr:NotePayables2.9PercentDue2040Member us-gaap:SubsequentEventMember 2020-07-08 0001056903 awr:GoldenStateWaterCompanyMember us-gaap:SubsequentEventMember 2020-07-08 2020-07-08 xbrli:shares iso4217:USD xbrli:shares awr:customer awr:registrant xbrli:pure iso4217:USD awr:segment utreg:MWh utreg:Rate

 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
for the quarterly period ended June 30, 2020

or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from                    to                   
 
Commission file number   001-14431 
American States Water Company
(Exact Name of Registrant as Specified in Its Charter)
 
California
 
95-4676679
(State or Other Jurisdiction of Incorporation or Organization)
 
(IRS Employer Identification No.)
630 E. Foothill Blvd
San Dimas
CA
 
91773-1212
(Address of Principal Executive Offices)
 
(Zip Code)
(909) 394-3600
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Commission file number   001-12008 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
 
Trading symbol
 
Name of each exchange on which registered
Common shares
 
AWR
 
New York Stock Exchange
Golden State Water Company
(Exact Name of Registrant as Specified in Its Charter)
California
 
95-1243678
(State or Other Jurisdiction of Incorporation or Organization)
 
(IRS Employer Identification No.)
630 E. Foothill Blvd
San Dimas
CA
 
91773-1212
(Address of Principal Executive Offices)
 
(Zip Code)
(909) 394-3600
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
 
Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.



American States Water Company
Yes
x 
 
No
¨
Golden State Water Company
Yes
x 
 
No
¨
 
Indicate by check mark whether Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or such shorter period that the Registrant was required to submit and post such files).
American States Water Company
Yes
x 
 
No
¨
Golden State Water Company
Yes
x 
 
No
¨

 Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
American States Water Company
Large accelerated filer
x
 
Accelerated filer
¨
 
Non-accelerated filer
¨
 
Smaller reporting company
 
Emerging growth company
Golden State Water Company
Large accelerated filer
¨
 
Accelerated filer
¨
 
Non-accelerated filer
x
 
Smaller reporting company
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
 Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
American States Water Company
 
Yes
 
No
x
Golden State Water Company
 
Yes
 
No
x
As of July 30, 2020, the number of Common Shares outstanding of American States Water Company was 36,883,874 shares. As of July 30, 2020, all of the 165 outstanding Common Shares of Golden State Water Company were owned by American States Water Company.
Golden State Water Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this Form, in part, with the reduced disclosure format for Golden State Water Company.
 



AMERICAN STATES WATER COMPANY
and
GOLDEN STATE WATER COMPANY
FORM 10-Q
 
INDEX


 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



PART I
Item 1. Financial Statements
General
 The basic financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.
 Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments consisting of normal recurring items and estimates necessary for a fair statement of results for the interim period have been made.
 It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto in the latest Annual Report on Form 10-K of American States Water Company and its wholly owned subsidiary, Golden State Water Company. 
Filing Format
American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”), Bear Valley Electric Service, Inc. ("BVESI") and American States Utility Services, Inc. and its subsidiaries ("ASUS"). On July 1, 2020, GSWC completed the transfer of the electric utility assets and liabilities from its electric division to BVESI, in exchange for common shares of BVESI. GSWC then immediately distributed all of BVESI's common shares to AWR, whereupon BVESI became wholly owned directly by AWR.
This quarterly report on Form 10-Q is a combined report being filed by two separate Registrants: AWR and GSWC. For more information, please see Note 1 of the Notes to Consolidated Financial Statements and the heading entitled "General" in "Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations." References in this report to “Registrant” are to AWR and GSWC collectively, unless otherwise specified. GSWC makes no representations as to the information contained in this report other than with respect to itself.
Forward-Looking Information
 This Form 10-Q and the documents incorporated herein contain forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are based on current estimates, expectations and projections about future events and assumptions regarding these events and include statements regarding management’s goals, beliefs, plans or current expectations, taking into account the information currently available to management.  Forward-looking statements are not statements of historical facts.  For example, when we use words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may” and other words that convey uncertainty of future events or outcomes, we are making forward-looking statements.  We are not able to predict all the factors that may affect future results.  We caution you that any forward-looking statements made by us are not guarantees of future performance and the actual results may differ materially from those in our forward-looking statements.  Some of the factors that could cause future results to differ materially from those expressed or implied by our forward-looking statements or from historical results, include, but are not limited to: 
the outcome of pending and future regulatory, legislative or other proceedings, investigations or audits, including decisions in GSWC's and BVESI's general rate cases and the results of independent audits of GSWC's construction contracting procurement practices or other independent audits of our costs;
changes in the policies and procedures of the California Public Utilities Commission ("CPUC");
timeliness of CPUC action on GSWC and BVESI rates;
availability of GSWC's water supplies, which may be adversely affected by increases in the frequency and duration of droughts, changes in weather patterns, contamination, and court decisions or other governmental actions restricting the use of water from the Colorado River, the California State Water Project, and/or pumping of groundwater;
liabilities of BVESI associated with the inherent risks of damage to private property and injuries to employees and the public if our or their property should come into contact with electrical current or equipment;
the potential of strict liability for damages caused by GSWC's or BVESI's property or equipment, even if neither was negligent in the operation and maintenance of that property or equipment, under a doctrine known as inverse condemnation;
the impact of storms, high winds, earthquakes, floods, mudslides, drought, wildfires and similar natural disasters, contamination or acts of terrorism or vandalism, that affect water quality and/or supply, affect customer demand, that

1


damage or disrupt facilities, operations or information technology systems owned by us, our customers or third parties on whom we rely or that damage the property of our customers or other third parties or cause bodily injury resulting in liabilities that we may be unable to recover from insurance, other third parties and/or the U.S. government or that the CPUC or the courts do not permit us to recover from ratepayers;
the economic impact of the COVID-19 pandemic on GSWC’s or BVESI's liquidity from future credit losses on utility customer bills and the value of its pension and other retirement plan assets, and the ability of GSWC and the subsidiaries of ASUS to continue to operate, maintain, repair and improve their infrastructure and to provide services to their customers in the ordinary course of business;
the impact on water utility operations during high fire threat conditions as a result of the Public Safety Power Shut-Off program authorized by the CPUC and implemented by the electric utilities that serve GSWC facilities throughout the state and our ability to get full cost recovery in rates for costs incurred in preparation of and during a Public Safety Power Shut-Off event;
liabilities of BVESI for wildfires caused by BVESI’s electrical equipment if BVES is unable to recover the costs and expenses associated with such liabilities from insurance or from ratepayers on a timely basis, if at all;
penalties which may be assessed by the CPUC if BVESI shuts down power to its customers during high threat conditions under the Public Safety Power Shut-Off program authorized by the CPUC if the CPUC determines that the shutdown was not reasonably necessary or excessive in the circumstances;
our ability to implement BVESI's wildfire mitigation program and effectively implement Public Safety Power Shut-Offs when appropriate;
costs incurred, and the ability to recover such costs from customers, associated with service disruptions as the result of a Public Safety Power Shut-Off program;
risks associated with California Assembly Bill No. 1054's effectiveness in mitigating the risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are a substantial cause, including BVESI's ability to obtain or maintain a valid safety certification and the CPUC's interpretation of and actions under California Assembly Bill No. 1054;
the liquidity impact of California Senate Bill No. 998, which went into effect on February 1, 2020 and prohibits a water company from discontinuing residential water service for nonpayment until a payment by a customer has been delinquent for at least 60 days, and prohibits residential service from being discontinued under specified circumstances; 
increases in the cost of obtaining insurance or in uninsured losses that may not be recovered in rates, or under our contracts with the U.S. government, including increases due to difficulties in obtaining insurance for certain risks, such as wildfires and earthquakes in California;
increases in costs to reduce the risks associated with the increasing frequency of severe weather, including to improve the resiliency and reliability of our water production and delivery facilities and systems, and our electric transmission and distribution lines;
increases in service disruptions if severe weather and wildfires or threats of wildfire become more frequent as predicted by some scientists who study climate change;
our ability to efficiently manage GSWC and BVESI's capital expenditures and operating and maintenance expenses within CPUC authorized levels and timely recover our costs through rates;
the impact of opposition to GSWC rate increases on our ability to recover our costs through rates, including costs associated with construction and costs associated with damages to our property and that of others and injuries to persons arising out of more extreme weather events;
the impact of opposition by GSWC customers to conservation rate design, including more stringent water-use restrictions if drought in California persists due to climate change, as well as future restrictions on water use mandated in California, which may decrease adopted usage and increase customer rates;
the impact of condemnation actions on future GSWC revenues and other aspects of our business if we do not receive adequate compensation for the assets taken, or recovery of all charges associated with the condemnation of such assets, as well as the impact on future revenues if we are no longer entitled to any portion of the revenues generated from such assets;
our ability to forecast the costs of maintaining GSWC’s aging water and electric infrastructure;

2


our ability to recover increases in permitting costs and costs associated with negotiating and complying with the terms of our franchise agreements with cities and counties and other demands made upon us by the cities and counties in which GSWC and BVESI operate;
changes in accounting valuations and estimates, including changes resulting from our assessment of anticipated recovery of GSWC's or BVESI's regulatory assets, settlement of liabilities and revenues subject to refund or regulatory disallowances and the timing of such recovery, and the amounts set aside for uncollectible accounts receivable, inventory obsolescence, pension and post-retirement liabilities, taxes and uninsured losses and claims, including general liability and workers' compensation claims;
changes in environmental laws, health and safety laws, and water and recycled water quality requirements, and increases in costs associated with complying with these laws and requirements, including costs associated with GSWC's upgrading and building new water treatment plants, GSWC's disposing of residuals from our water treatment plants, more stringent rules regarding pipeline repairs and installation, handling and storing hazardous chemicals, upgrading equipment to make it more resistant to extreme weather events, removal of vegetation near power lines, compliance-monitoring activities and GSWC's securing alternative water supplies when necessary;
changes in laboratory detection capabilities and drinking water notification and response levels for certain substances, such as perfluoroalkyl substances (PFAS) used to make certain fabrics and other materials, used in certain fire suppression agents and also used in various industrial processes; 
our ability to obtain adequate, reliable and cost-effective services, supplies of chemicals, electricity, fuel, water and other raw materials that are needed for our water and wastewater operations;
our ability to attract, retain, train, motivate, develop and transition key employees;
our ability to recover the costs associated with any contamination of GSWC’s groundwater supplies from parties responsible for the contamination or through the ratemaking process, and the time and expense incurred by us in obtaining recovery of such costs;
adequacy of BVESI's power supplies and the extent to which we can manage and respond to the volatility of electricity and natural gas prices;
BVESI's ability to comply with the CPUC’s renewable energy procurement requirements;
changes in GSWC's long-term customer demand due to changes in customer usage patterns as a result of conservation efforts, regulatory changes affecting demand such as mandatory restrictions on water use, new landscaping or irrigation requirements, recycling of water by customers or purchase of recycled water supplied by other parties, unanticipated population growth or decline, changes in climate conditions, general economic and financial market conditions and cost increases, which may impact our long-term operating revenues if we are unable to secure rate increases in an amount sufficient to offset reduced demand;
changes in accounting treatment for regulated utilities;
effects of changes in, or interpretations of, tax laws, rates or policies;
changes in estimates used in ASUS’s cost-to-cost method for revenue recognition of certain construction activities;
termination, in whole or in part, of one or more of ASUS's military utility privatization contracts to provide water and/or wastewater services at military bases for the convenience of the U.S. government or for default;
suspension or debarment of ASUS for a period of time from contracting with the government due to violations of laws or regulations in connection with military utility privatization activities;
delays by the U.S. government in making timely payments to ASUS for water and/or wastewater services or construction activities at military bases because of fiscal uncertainties over the funding of the U.S. government or otherwise;
delays in ASUS obtaining economic price or equitable adjustments to our prices on one or more of our contracts to provide water and/or wastewater services at military bases;
disallowance of costs on any of ASUS's contracts to provide water and/or wastewater services at military bases because of audits, cost reviews or investigations by contracting agencies;
inaccurate assumptions used by ASUS in preparing bids in our contracted services business;
failure of wastewater systems that ASUS operates on military bases resulting in untreated wastewater or contaminants spilling into nearby properties, streams or rivers, a risk which may increase if flooding and rainfall become more frequent or severe as a result of climate change;
failure to comply with the terms of our military privatization contracts;

3


failure of any of our subcontractors to perform services for ASUS in accordance with the terms of our military privatization contracts;
competition for new military or other privatization contracts;
issues with the implementation, maintenance or upgrading of our information technology systems;
general economic conditions which may impact our ability to recover infrastructure investments and operating costs from customers;
explosions, fires, accidents, mechanical breakdowns, the disruption of information technology and telecommunication systems, human error and similar events that may occur while operating and maintaining water and electric systems in California or operating and maintaining water and wastewater systems on military bases under varying geographic conditions;
potential costs, lost revenues, or other consequences resulting from misappropriation of assets or sensitive information, corruption of data, or operational disruption due to a cyber-attack or other cyber incident;
restrictive covenants in our debt instruments or changes to our credit ratings on current or future debt that may increase our financing costs or affect our ability to borrow or make payments on our debt; and
our ability to access capital markets and other sources of credit in a timely manner on acceptable terms.
Please consider our forward-looking statements in light of these risks as you read this Form 10-Q.  We qualify all of our forward-looking statements by these cautionary statements.


4

AMERICAN STATES WATER COMPANY
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)


(in thousands)
 
June 30,
2020
 
December 31, 2019
Property, Plant and Equipment
 
 

 
 

Regulated utility plant, at cost
 
$
1,975,085

 
$
1,926,543

Non-utility property, at cost
 
35,309

 
32,425

Total
 
2,010,394

 
1,958,968

Less - Accumulated depreciation
 
(553,996
)
 
(543,263
)
Net property, plant and equipment
 
1,456,398

 
1,415,705

 
 
 
 
 
Other Property and Investments
 
 

 
 

Goodwill
 
1,116

 
1,116

Other property and investments
 
30,239

 
30,293

Total other property and investments
 
31,355

 
31,409

 
 
 
 
 
Current Assets
 
 

 
 

Cash and cash equivalents
 
6,496

 
1,334

Accounts receivable — customers (less allowance for doubtful accounts of $1,603 in 2020 and $857 in 2019)
 
30,355

 
20,907

Unbilled receivable
 
21,975

 
20,482

Receivable from the U.S. government
 
21,903

 
22,613

Other accounts receivable (less allowance for doubtful accounts of $59 in 2020 and 2019)
 
2,957

 
3,096

Income taxes receivable
 
155

 
5,685

Materials and supplies, at weighted average cost
 
8,168

 
6,429

Regulatory assets — current
 
19,917

 
20,930

Prepayments and other current assets
 
8,003

 
5,413

Contract assets
 
17,097

 
15,567

Total current assets
 
137,026

 
122,456

 
 
 
 
 
Other Assets
 
 

 
 

Unbilled revenue- receivable from U.S. government
 
7,660

 
8,621

Receivable from the U.S. government
 
42,496

 
42,206

Contract assets
 
3,361

 
64

Operating lease right-of-use assets
 
11,967

 
13,168

Other
 
7,705

 
7,702

Total other assets
 
73,189

 
71,761

 
 
 
 
 
Total Assets
 
$
1,697,968

 
$
1,641,331

 
The accompanying notes are an integral part of these consolidated financial statements





5

AMERICAN STATES WATER COMPANY
CONSOLIDATED BALANCE SHEETS
CAPITALIZATION AND LIABILITIES
(Unaudited)

(in thousands, except number of shares)
 
June 30,
2020
 
December 31,
2019
Capitalization
 
 

 
 

Common shares, no par value
 
 
 
 
Authorized: 60,000,000 shares
 
 
 
 
Outstanding: 36,883,874 shares in 2020 and 36,846,614 shares in 2019
 
$
256,223

 
$
255,566

Earnings reinvested in the business
 
363,065

 
345,964

Total common shareholders’ equity
 
619,288

 
601,530

Long-term debt
 
280,886

 
280,996

Total capitalization
 
900,174

 
882,526

 
 
 
 
 
Current Liabilities
 
 

 
 

Notes payable to banks
 
49,000

 
5,000

Long-term debt — current
 
359

 
344

Accounts payable
 
51,771

 
55,616

Income taxes payable
 
5,401

 
95

Accrued other taxes
 
8,969

 
11,110

Accrued employee expenses
 
13,522

 
14,255

Accrued interest
 
2,935

 
3,050

Unrealized loss on purchased power contracts
 
3,827

 
3,171

Contract liabilities
 
10,569

 
11,167

Operating lease liabilities
 
1,794

 
1,849

Other
 
10,540

 
10,341

Total current liabilities
 
158,687

 
115,998

 
 
 
 
 
Other Credits
 
 

 
 

Notes payable to bank
 
200,000

 
200,000

Advances for construction
 
62,699

 
63,989

Contributions in aid of construction - net
 
137,591

 
134,706

Deferred income taxes
 
127,953

 
125,304

Regulatory liabilities
 
13,881

 
23,380

Unamortized investment tax credits
 
1,259

 
1,295

Accrued pension and other postretirement benefits
 
69,953

 
68,469

Operating lease liabilities
 
10,612

 
11,739

Other
 
15,159

 
13,925

Total other credits
 
639,107

 
642,807

 
 
 
 
 
Commitments and Contingencies (Note 9)
 


 


 
 
 
 
 
Total Capitalization and Liabilities
 
$
1,697,968

 
$
1,641,331

 
The accompanying notes are an integral part of these consolidated financial statements

6

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED
JUNE 30, 2020 AND 2019
(Unaudited)


 
 
Three months ended June 30,
(in thousands, except per share amounts)
 
2020
 
2019
Operating Revenues
 
 

 
 

Water
 
$
87,074

 
$
88,140

Electric
 
7,679

 
7,408

Contracted services
 
26,525

 
29,099

Total operating revenues
 
121,278

 
124,647

 
 
 
 
 
Operating Expenses
 
 

 
 

Water purchased
 
18,754

 
18,762

Power purchased for pumping
 
2,398

 
1,982

Groundwater production assessment
 
5,030

 
4,640

Power purchased for resale
 
1,967

 
2,391

Supply cost balancing accounts
 
(1,802
)
 
1,207

Other operation
 
7,959

 
7,708

Administrative and general
 
20,398

 
19,529

Depreciation and amortization
 
9,031

 
6,655

Maintenance
 
4,094

 
3,053

Property and other taxes
 
5,246

 
4,870

ASUS construction
 
12,487

 
14,532

Gain on sale of assets
 

 
(112
)
Total operating expenses
 
85,562

 
85,217

 
 
 
 
 
Operating Income
 
35,716

 
39,430

 
 
 
 
 
Other Income and Expenses
 
 

 
 

Interest expense
 
(5,322
)
 
(6,282
)
Interest income
 
490

 
876

Other, net
 
3,009

 
591

Total other income and expenses, net
 
(1,823
)
 
(4,815
)
 
 
 
 
 
Income before income tax expense
 
33,893

 
34,615

 
 
 
 
 
Income tax expense
 
8,281

 
7,831

 
 
 
 
 
Net Income
 
$
25,612

 
$
26,784

 
 
 
 
 
Weighted Average Number of Common Shares Outstanding
 
36,884

 
36,804

Basic Earnings Per Common Share
 
$
0.69

 
$
0.72

 
 
 
 
 
Weighted Average Number of Diluted Shares
 
37,000

 
36,963

Fully Diluted Earnings Per Common Share
 
$
0.69

 
$
0.72

 
 
 
 
 
Dividends Declared Per Common Share
 
$
0.305

 
$
0.275

 
The accompanying notes are an integral part of these consolidated financial statements


7

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX MONTHS
ENDED JUNE 30, 2020 AND 2019
(Unaudited)

 
 
Six Months Ended June 30,
(in thousands, except per share amounts)
 
2020
 
2019
Operating Revenues
 
 

 
 

Water
 
$
158,498

 
$
152,863

Electric
 
18,647

 
18,037

Contracted services
 
53,210

 
55,480

Total operating revenues
 
230,355

 
226,380

 
 
 
 
 
Operating Expenses
 
 

 
 

Water purchased
 
32,846

 
31,902

Power purchased for pumping
 
4,257

 
3,520

Groundwater production assessment
 
9,178

 
8,386

Power purchased for resale
 
5,010

 
6,095

Supply cost balancing accounts
 
(3,967
)
 
(165
)
Other operation
 
16,445

 
16,279

Administrative and general
 
43,348

 
41,201

Depreciation and amortization
 
17,842

 
17,487

Maintenance
 
7,978

 
5,619

Property and other taxes
 
10,405

 
9,766

ASUS construction
 
25,602

 
26,777

Gain on sale of assets
 
(4
)
 
(112
)
Total operating expenses
 
168,940

 
166,755

 
 
 
 


Operating Income
 
61,415

 
59,625

 
 
 
 
 
Other Income and Expenses
 
 

 
 

Interest expense
 
(11,372
)
 
(12,599
)
Interest income
 
1,048

 
1,818

Other, net
 
775

 
1,933

Total other income and expenses, net
 
(9,549
)
 
(8,848
)
 
 
 
 
 
Income before income tax expense
 
51,866

 
50,777

 
 
 
 
 
Income tax expense
 
12,182

 
11,141

 
 
 
 
 
Net Income
 
$
39,684

 
$
39,636

 
 
 
 
 
Weighted Average Number of Common Shares Outstanding
 
36,872

 
36,788

Basic Earnings Per Common Share
 
$
1.07

 
$
1.07

 
 
 
 
 
Weighted Average Number of Diluted Shares
 
36,985

 
36,942

Fully Diluted Earnings Per Common Share
 
$
1.07

 
$
1.07

 
 
 
 
 
Dividends Declared Per Common Share
 
$
0.610

 
$
0.550


The accompanying notes are an integral part of these consolidated financial statements


8

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CHANGES
IN COMMON SHAREHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020
(Unaudited)




 
 
Three and Six Months Ended June 30, 2020
 
 
Common Shares
 
Reinvested
 
 
 
 
Number
 
 
 
Earnings
 
 
 
 
of
 
 
 
in the
 
 
(in thousands)
 
Shares
 
Amount
 
Business
 
Total
Balances at December 31, 2019
 
36,847

 
$
255,566

 
$
345,964

 
$
601,530

Add:
 
 

 
 

 
 

 
 

Net income
 
 
 
 
 
14,072

 
14,072

Exercise of stock options and other issuances of Common Shares
 
37
 
30

 
 
 
30

Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)
 
 
 
193

 
 
 
193

Dividend equivalent rights on stock-based awards not paid in cash
 
 
 
52

 
 
 
52

Deduct:
 
 
 
 
 
 
 
 
Dividends on Common Shares
 
 
 
 
 
11,242

 
11,242

Dividend equivalent rights on stock-based awards not paid in cash
 
 
 
 
 
52

 
52

Balances at March 31, 2020
 
36,884

 
$
255,841

 
$
348,742

 
$
604,583

 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
  Net income
 
 
 
 
 
25,612

 
25,612

Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)
 
 
 
343

 
 
 
343

  Dividend equivalent rights on stock-based awards not paid in cash
 
 
 
39

 
 
 
39

Deduct:
 
 
 
 
 
 
 
 
  Dividends on Common Shares
 
 
 
 
 
11,250

 
11,250

  Dividend equivalent rights on stock-based awards not paid in cash
 
 
 
 
 
39

 
39

Balances at June 30, 2020
 
36,884

 
$
256,223

 
$
363,065

 
$
619,288


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

9

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CHANGES
IN COMMON SHAREHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019
(Unaudited)



 
 
Three and Six Months Ended June 30, 2019
 
 
Common Shares
 
Reinvested
 
 
 
 
Number
 
 
 
Earnings
 
 
 
 
of
 
 
 
in the
 
 
(in thousands)
 
Shares
 
Amount
 
Business
 
Total
Balances at December 31, 2018
 
36,758

 
$
253,689

 
$
304,534

 
$
558,223

Add:
 
 

 
 

 
 

 
 

Net income
 
 
 
 
 
12,852

 
12,852

Exercise of stock options and other issuances of Common Shares
 
37
 
75

 
 
 
75

Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)
 
 
 
463

 
 
 
463

Dividend equivalent rights on stock-based awards not paid in cash
 
 
 
70

 
 
 
70

Deduct:
 
 
 
 
 
 
 
 
Dividends on Common Shares
 
 
 
 
 
10,113

 
10,113

Dividend equivalent rights on stock-based awards not paid in cash
 
 
 
 
 
70

 
70

Balances at March 31, 2019
 
36,795

 
$
254,297

 
$
307,203

 
$
561,500

 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
  Net income
 
 
 
 
 
26,784

 
26,784

  Exercise of stock options and other issuances of Common Shares
 
37

 
291

 
 
 
291

Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)
 
 
 
331

 
 
 
331

  Dividend equivalent rights on stock-based awards not paid in cash
 
 
 
50

 
 
 
50

Deduct:
 
 
 
 
 
 
 
 
  Dividends on Common Shares
 
 
 
 
 
10,119

 
10,119

  Dividend equivalent rights on stock-based awards not paid in cash
 
 
 
 
 
50

 
50

Balances at June 30, 2019
 
36,832

 
$
254,969

 
$
323,818

 
$
578,787


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

10

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Unaudited)

 
 
Six Months Ended 
 June 30,
(in thousands)
 
2020
 
2019
Cash Flows From Operating Activities:
 
 

 
 

Net income
 
$
39,684

 
$
39,636

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

Depreciation and amortization
 
18,008

 
17,640

Provision for doubtful accounts
 
569

 
281

Deferred income taxes and investment tax credits
 
1,234

 
(1,703
)
Stock-based compensation expense
 
2,127

 
2,179

Gain on sale of assets
 
(4
)
 
(112
)
Gain on investments held in a trust
 
(61
)
 
(2,187
)
Other — net
 
161

 
130

Changes in assets and liabilities:
 
 

 
 

Accounts receivable — customers
 
(10,514
)
 
(1,129
)
Unbilled receivable
 
(532
)
 
5,524

Other accounts receivable
 
139

 
36

Receivables from the U.S. government
 
(2,587
)
 
(2,909
)
Materials and supplies
 
(1,739
)
 
(414
)
Prepayments and other assets
 
(1,400
)
 
1,901

Contract assets
 
(1,820
)
 
(2,934
)
Regulatory assets
 
(6,995
)
 
(13,932
)
Accounts payable
 
(27
)
 
83

Income taxes receivable/payable
 
10,836

 
3,363

Contract liabilities
 
(598
)
 
4,034

Accrued pension and other postretirement benefits
 
2,693

 
3,116

Other liabilities
 
(2,911
)
 
(7,936
)
Net cash provided
 
46,263

 
44,667

 
 
 
 
 
Cash Flows From Investing Activities:
 
 

 
 

Capital expenditures
 
(62,587
)
 
(81,155
)
Proceeds from sale of assets
 
46

 
102

Other investing activities
 
58

 
184

Net cash used
 
(62,483
)
 
(80,869
)
 
 
 
 
 
Cash Flows From Financing Activities:
 
 

 
 

Proceeds from stock option exercises
 
30

 
366

Receipt of advances for and contributions in aid of construction
 
4,630

 
6,290<