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 2020-09-30 Filed 2020-11-02
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 2020-11-02
8-K 2020-08-27
8-K 2020-08-03
8-K 2020-07-16
8-K 2020-07-08
8-K 2020-06-26
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 - Completion of Electric Utility Reorganization Plan
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-20200930xex311.htm
EX-31.2 awr-20200930xex312.htm
EX-31.1.1 awr-20200930xex3111.htm
EX-31.2.1 awr-20200930xex3121.htm
EX-32.1 awr-20200930xex321.htm
EX-32.2 awr-20200930xex322.htm

American States Water Earnings 2020-09-30

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

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Table of Contents

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 September 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 BlvdSan DimasCA91773-1212
(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 classTrading symbolName of each exchange on which registered
Common sharesAWRNew 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 BlvdSan DimasCA91773-1212
(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.


Table of Contents
American States Water CompanyYes
x
No¨
Golden State Water CompanyYes
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 CompanyYes
x
No¨
Golden State Water CompanyYes
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 filerxAccelerated filer ¨Non-accelerated filer¨Smaller reporting company Emerging growth company
Golden State Water Company
Large accelerated filer¨Accelerated filer ¨Non-accelerated filer xSmaller reporting companyEmerging 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 Nox
Golden State Water Company Yes Nox
As of October 30, 2020, the number of Common Shares outstanding of American States Water Company was 36,889,061 shares. As of October 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
 
 
 
 
 
 
 
 
 


Table of Contents
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, or pumping of groundwater;
BVESI liabilities associated with the inherent risks to persons or property should either 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 (i) affect water quality, supply, or customer demand; (ii) damage or
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disrupt facilities, operations, or information technology systems on which we rely; or (iii) cause bodily injury or property damage resulting in liabilities that we may be unable to recover from insurance, third parties, 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 (i) future credit losses on utility customer bills or (ii) the value of its pension and other retirement plan assets due to possible declines in securities prices;
the economic impact on the ability of GSWC, BVESI, 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;
inability to recover costs resulting from wildfires caused by BVESI’s electrical equipment from insurance or 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;
BVESI's ability to implement its 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 the effectiveness of California Assembly Bill No. 1054 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 impact of rolling blackouts and other electric grid disruptions in California on our ability to provide water and electric service to our customers;
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 they have recently;
the future impact to GSWC, including increased earnings volatility, from the CPUC's transitioning of the current water revenue adjustment mechanism ("WRAM") and the modified cost balancing account ("MCBA"), to a limited price adjustment mechanism and an incremental supply cost balancing account;
our ability to forecast the costs of maintaining GSWC's and BVESI's aging infrastructure, to efficiently manage capital expenditures, and operating and maintenance expenses within CPUC-authorized levels, and to timely recover our costs through rates;
the impact of opposition to GSWC and BVESI rate increases on our ability to recover our costs through rates, including costs associated with construction, and costs associated with bodily injury and property damage arising out of more extreme weather events;
the impact of opposition by GSWC customers to conservation rate design, including more stringent water-use restrictions from persistent drought conditions in California, as well as future mandated water-use restrictions, which may decrease adopted usage and increase customer rates;
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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 recover all of the associated charges, as well as the impact on future revenues if we are no longer entitled to any portion of the revenues generated from such assets;
GSWC's and BVESI's ability to recover increases in permitting and other costs associated with negotiating and complying with the terms of its city and county franchise agreements, including costs to meet other local-government demands;
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, 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 its 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, chemical supplies, 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, 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 its 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;
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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;
failure of any of our subcontractors to perform services for ASUS in accordance with the terms of our military privatization contracts;
the impact on our growth from 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.

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AMERICAN STATES WATER COMPANY
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)

(in thousands)September 30,
2020
December 31, 2019
Property, Plant and Equipment  
Regulated utility plant, at cost$2,004,446 $1,926,543 
Non-utility property, at cost36,187 32,425 
Total2,040,633 1,958,968 
Less - Accumulated depreciation(561,523)(543,263)
Net property, plant and equipment1,479,110 1,415,705 
Other Property and Investments  
Goodwill1,116 1,116 
Other property and investments31,326 30,293 
Total other property and investments32,442 31,409 
Current Assets  
Cash and cash equivalents8,127 1,334 
Accounts receivable — customers (less allowance for doubtful accounts of $2,400 in 2020 and $857 in 2019)33,729 20,907 
Unbilled receivable25,086 20,482 
Receivable from the U.S. government27,144 22,613 
Other accounts receivable (less allowance for doubtful accounts of $53 in 2020 and $59 in 2019)3,433 3,096 
Income taxes receivable163 5,685 
Materials and supplies, at weighted average cost8,699 6,429 
Regulatory assets — current16,766 20,930 
Prepayments and other current assets6,541 5,413 
Contract assets9,719 15,567 
Total current assets139,407 122,456 
Other Assets  
Unbilled revenue- receivable from U.S. government10,423 8,621 
Receivable from the U.S. government 42,962 42,206 
Contract assets 367 64 
Operating lease right-of-use assets 11,516 13,168 
Other10,191 7,702 
Total other assets75,459 71,761 
Total Assets$1,726,418 $1,641,331 
 
The accompanying notes are an integral part of these consolidated financial statements



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AMERICAN STATES WATER COMPANY
CONSOLIDATED BALANCE SHEETS
CAPITALIZATION AND LIABILITIES
(Unaudited)
(in thousands, except number of shares)September 30,
2020
December 31,
2019
Capitalization  
Common shares, no par value
Authorized: 60,000,000 shares
Outstanding: 36,889,061 shares in 2020 and 36,846,614 shares in 2019$256,622 $255,566 
Earnings reinvested in the business377,198 345,964 
Total common shareholders’ equity633,820 601,530 
Long-term debt440,343 280,996 
Total capitalization1,074,163 882,526 
Current Liabilities  
Notes payable to banks 5,000 
Long-term debt — current358 344 
Accounts payable53,644 55,616 
Income taxes payable3,053 95 
Accrued other taxes11,560 11,110 
Accrued employee expenses13,827 14,255 
Accrued interest7,245 3,050 
Unrealized loss on purchased power contracts2,518 3,171 
Contract liabilities8,670 11,167 
Operating lease liabilities1,812 1,849 
Other10,769 10,341 
Total current liabilities113,456 115,998 
Other Credits  
Notes payable to bank92,000 200,000 
Advances for construction63,276 63,989 
Contributions in aid of construction - net139,754 134,706 
Deferred income taxes129,137 125,304 
Regulatory liabilities20,064 23,380 
Unamortized investment tax credits1,242 1,295 
Accrued pension and other postretirement benefits66,924 68,469 
Operating lease liabilities 10,161 11,739 
Other16,241 13,925 
Total other credits538,799 642,807 
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities$1,726,418 $1,641,331 
 
The accompanying notes are an integral part of these consolidated financial statements
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AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2020 AND 2019
(Unaudited)

 Three months ended September 30,Nine months ended September 30,
(in thousands, except per share amounts)2020201920202019
Operating Revenues  
Water$98,701 $95,249 $257,199 $248,112 
Electric8,288 11,996 26,935 30,033 
Contracted services26,699 27,251 79,909 82,731 
Total operating revenues133,688 134,496 364,043 360,876 
Operating Expenses  
Water purchased23,445 23,361 56,291 55,263 
Power purchased for pumping3,369 3,042 7,626 6,562 
Groundwater production assessment5,962 5,634 15,140 14,020 
Power purchased for resale2,117 2,403 7,127 8,498 
Supply cost balancing accounts(2,639)(2,680)(6,606)(2,845)
Other operation8,128 8,267 24,573 24,546 
Administrative and general20,644 20,626 63,992 61,827 
Depreciation and amortization9,348 9,006 27,190 26,493 
Maintenance4,246 4,109 12,224 9,728 
Property and other taxes5,693 5,234 16,098 15,000 
ASUS construction13,573 12,894 39,175 39,671 
Gain on sale of assets(5)(124)(9)(236)
Total operating expenses93,881 91,772 262,821 258,527 
Operating Income39,807 42,724 101,222 102,349 
Other Income and Expenses  
Interest expense(6,161)(6,279)(17,533)(18,878)
Interest income316 826 1,364 2,644 
Other, net1,613 140 2,388 2,073 
Total other income and expenses, net(4,232)(5,313)(13,781)(14,161)
Income before income tax expense35,575 37,411 87,441 88,188 
Income tax expense9,045 9,405 21,227 $20,546 
Net Income$26,530 $28,006 $66,214 $67,642 
Weighted Average Number of Common Shares Outstanding36,886 36,835 36,877 36,804 
Basic Earnings Per Common Share$0.72 $0.76 $1.79 $1.83 
Weighted Average Number of Diluted Shares37,002 36,996 36,990 36,960 
Fully Diluted Earnings Per Common Share$0.72 $0.76 $1.79 $1.83 
Dividends Declared Per Common Share$0.335 $0.305 $0.945 $0.855 
 
The accompanying notes are an integral part of these consolidated financial statements

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AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CHANGES
IN COMMON SHAREHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020
(Unaudited)



Nine Months Ended September 30, 2020
 Common SharesReinvested 
 Number Earnings 
 of in the 
(in thousands)SharesAmountBusinessTotal
Balances at December 31, 201936,847 $255,566 $345,964 $601,530 
Add:    
Net income14,072 14,072 
Exercise of stock options and other issuances of Common Shares3730 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 cash52 52 
Deduct: 
Dividends on Common Shares11,242 11,242 
Dividend equivalent rights on stock-based awards not paid in cash52 52 
Balances at March 31, 202036,884 $255,841 $348,742 $604,583 
Add:
  Net income25,612 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 cash39 39 
Deduct:
  Dividends on Common Shares11,250 11,250 
  Dividend equivalent rights on stock-based awards not paid in cash39 39 
Balances at June 30, 202036,884 $256,223 $363,065 $619,288 
Add:
  Net income26,530 26,530 
Exercise of stock options and other issuances of Common Shares5  
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)358358
  Dividend equivalent rights on stock-based awards not paid in cash4141
Deduct:
  Dividends on Common Shares12,356 12,356 
  Dividend equivalent rights on stock-based awards not paid in cash41 41 
Balances at September 30, 202036,889 $256,622 $377,198 $633,820 
 
The accompanying notes are an integral part of these consolidated financial statements.
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AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CHANGES
IN COMMON SHAREHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019
(Unaudited)
Nine Months Ended September 30, 2019
 Common SharesReinvested 
 Number Earnings 
 of in the 
(in thousands)SharesAmountBusinessTotal
Balances at December 31, 201836,758 $253,689 $304,534 $558,223 
Add:    
Net income12,852 12,852 
Exercise of stock options and other issuances of Common Shares3775 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 cash70 70 
Deduct: 
Dividends on Common Shares10,113 10,113 
Dividend equivalent rights on stock-based awards not paid in cash70 70 
Balances at March 31, 201936,795 $254,297 $307,203 $561,500 
Add:
  Net income26,784 26,784 
  Exercise of stock options and other issuances of Common Shares37 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 cash50 50 
Deduct:
  Dividends on Common Shares10,119 10,119 
  Dividend equivalent rights on stock-based awards not paid in cash50 50 
Balances at June 30, 201936,832 $254,969 $323,818 $578,787 
Add:
  Net income28,006 28,006 
  Exercise of stock options and other issuances of Common Shares7 50 50 
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)338 338 
  Dividend equivalent rights on stock-based awards not paid in cash51 51 
Deduct:
  Dividends on Common Shares11,234 11,234 
  Dividend equivalent rights on stock-based awards not paid in cash51 51 
Balances at September 30, 201936,839 $255,408 $340,539 $595,947 

 
The accompanying notes are an integral part of these consolidated financial statements.
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AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Unaudited)
 Nine Months Ended 
 September 30,
(in thousands)20202019
Cash Flows From Operating Activities:  
Net income$66,214 $67,642 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization27,441 26,727 
Provision for doubtful accounts873 471 
Deferred income taxes and investment tax credits1,767 2,242 
Stock-based compensation expense2,474 2,468 
Gain on sale of assets(9)(236)
Gain on investments held in a trust(1,266)(2,512)
Other — net25 144 
Changes in assets and liabilities:  
Accounts receivable — customers(14,759)(5,162)
Unbilled receivable(6,406)2,393 
Other accounts receivable(337)473 
Receivables from the U.S. government(4,834)(4,160)
Materials and supplies(2,270)(315)
Prepayments and other assets347 3,029 
Contract assets5,092 755 
Regulatory assets(367)(19,112)
Accounts payable2,657 2,043 
Income taxes receivable/payable8,480 3,585 
Contract liabilities(2,497)5,159 
Accrued pension and other postretirement benefits132 564 
Other liabilities5,086 (1,894)
Net cash provided87,843 84,304 
Cash Flows From Investing Activities:  
Capital expenditures(94,824)(111,088)
Proceeds from sale of assets51 137 
Other investing activities136 279 
Net cash used(94,637)(110,672)
Cash Flows From Financing Activities:  
Proceeds from stock option exercises30 416 
Receipt of advances for and contributions in aid of construction7,576 8,260 
Refunds on advances for construction(3,401)(4,679)
Retirement or repayments of long-term debt(335)(40,325)
Proceeds from the issuance of long-term debt, net of issuance costs159,422  
Net change in notes payable to banks(113,000)99,000 
Dividends paid(34,848)(31,466)
Other financing activities(1,857)(1,581)
Net cash provided 13,587 29,625 
Net change in cash and cash equivalents6,793 3,257 
Cash and cash equivalents, beginning of period1,334 7,141 
Cash and cash equivalents, end of period$8,127 $10,398 
Non-cash transactions:
Accrued payables for investment in utility plant$20,407 $25,599 
Property installed by developers and conveyed$2,861 $1,376 

The accompanying notes are an integral part of these consolidated financial statements
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GOLDEN STATE WATER COMPANY
BALANCE SHEETS
ASSETS
(Unaudited)
(in thousands)September 30,
2020
December 31,
2019
Utility Plant  
Utility plant, at cost$