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 2020-03-31 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 2020-07-16 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
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-20200331xex311.htm
EX-31.2 awr-20200331xex312.htm
EX-31.1.1 awr-20200331xex3111.htm
EX-31.2.1 awr-20200331xex3121.htm
EX-32.1 awr-20200331xex321.htm
EX-32.2 awr-20200331xex322.htm

American States Water Earnings 2020-03-31

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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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 March 31, 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 May 1, 2020, the number of Common Shares outstanding of American States Water Company was 36,883,771 shares. As of May 1, 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”) and American States Utility Services, Inc. and its subsidiaries ("ASUS").
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 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 CPUC;
timeliness of CPUC action on GSWC 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 GSWC 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 property or equipment, even if GSWC was not 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 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;

1


the economic impact of the COVID-19 pandemic on GSWC’s liquidity and the value of its pension and other retirement plan assets, and the ability of GSWC and the Military Privatization Subsidiaries to continue to operate, maintain, repair and improve their infrastructure and to provide services to its 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 GSWC for wildfires caused by GSWC’s electrical equipment if GSWC 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 GSWC 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 GSWC'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 GSWC's ability to 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 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;
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 operates;
changes in accounting valuations and estimates, including changes resulting from our assessment of anticipated recovery of GSWC'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

2


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 levels for certain substances, such as fluorinated organic perfluoroalkyl chemicals (e.g. PFOA and PFOS) 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 GSWC's electric division's power supplies and the extent to which we can manage and respond to the volatility of electricity and natural gas prices;
GSWC's electric division'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;
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 privatization contracts;
issues with the implementation, maintenance or upgrading of our information technology systems;

3


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-K.  We qualify all of our forward-looking statements by these cautionary statements.


4

AMERICAN STATES WATER COMPANY
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)


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

 
 

Regulated utility plant, at cost
 
$
1,946,662

 
$
1,926,543

Non-utility property, at cost
 
33,877

 
32,425

Total
 
1,980,539

 
1,958,968

Less - Accumulated depreciation
 
(548,142
)
 
(543,263
)
Net property, plant and equipment
 
1,432,397

 
1,415,705

 
 
 
 
 
Other Property and Investments
 
 

 
 

Goodwill
 
1,116

 
1,116

Other property and investments
 
27,744

 
30,293

Total other property and investments
 
28,860

 
31,409

 
 
 
 
 
Current Assets
 
 

 
 

Cash and cash equivalents
 
429

 
1,334

Accounts receivable — customers (less allowance for doubtful accounts of $1,086 in 2020 and $857 in 2019)
 
24,599

 
20,907

Unbilled receivable
 
19,548

 
20,482

Receivable from the U.S. government
 
20,879

 
22,613

Other accounts receivable (less allowance for doubtful accounts of $59 in 2020 and 2019)
 
3,032

 
3,096

Income taxes receivable
 
2,435

 
5,685

Materials and supplies, at weighted average cost
 
7,343

 
6,429

Regulatory assets — current
 
20,974

 
20,930

Prepayments and other current assets
 
9,417

 
5,413

Contract assets
 
18,749

 
15,567

Total current assets
 
127,405

 
122,456

 
 
 
 
 
Other Assets
 
 

 
 

Unbilled revenue- receivable from U.S. government
 
8,138

 
8,621

Receivable from the U.S. government
 
42,740

 
42,206

Contract assets
 
1,094

 
64

Operating lease right-of-use assets
 
12,556

 
13,168

Other
 
7,699

 
7,702

Total other assets
 
72,227

 
71,761

 
 
 
 
 
Total Assets
 
$
1,660,889

 
$
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)
 
March 31,
2020
 
December 31,
2019
Capitalization
 
 

 
 

Common shares, no par value
 
 
 
 
Authorized: 60,000,000 shares
 
 
 
 
Outstanding: 36,883,771 shares in 2020 and 36,846,614 shares in 2019
 
$
255,841

 
$
255,566

Earnings reinvested in the business
 
348,742

 
345,964

Total common shareholders’ equity
 
604,583

 
601,530

Long-term debt
 
280,971

 
280,996

Total capitalization
 
885,554

 
882,526

 
 
 
 
 
Current Liabilities
 
 

 
 

Notes payable to banks
 
32,000

 
5,000

Long-term debt — current
 
349

 
344

Accounts payable
 
43,516

 
55,616

Income taxes payable
 
171

 
95

Accrued other taxes
 
8,367

 
11,110

Accrued employee expenses
 
14,681

 
14,255

Accrued interest
 
6,423

 
3,050

Unrealized loss on purchased power contracts
 
4,280

 
3,171

Contract liabilities
 
10,675

 
11,167

Operating lease liabilities
 
1,815

 
1,849

Other
 
10,243

 
10,341

Total current liabilities
 
132,520

 
115,998

 
 
 
 
 
Other Credits
 
 

 
 

Notes payable to bank
 
200,000

 
200,000

Advances for construction
 
63,925

 
63,989

Contributions in aid of construction - net
 
137,661

 
134,706

Deferred income taxes
 
126,456

 
125,304

Regulatory liabilities
 
19,107

 
23,380

Unamortized investment tax credits
 
1,274

 
1,295

Accrued pension and other postretirement benefits
 
69,213

 
68,469

Operating lease liabilities
 
11,174

 
11,739

Other
 
14,005

 
13,925

Total other credits
 
642,815

 
642,807

 
 
 
 
 
Commitments and Contingencies (Note 9)
 


 


 
 
 
 
 
Total Capitalization and Liabilities
 
$
1,660,889

 
$
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
MARCH 31, 2020 AND 2019
(Unaudited)


 
 
Three months ended March 31,
(in thousands, except per share amounts)
 
2020
 
2019
Operating Revenues
 
 

 
 

Water
 
$
71,424

 
$
64,723

Electric
 
10,968

 
10,629

Contracted services
 
26,685

 
26,381

Total operating revenues
 
109,077

 
101,733

 
 
 
 
 
Operating Expenses
 
 

 
 

Water purchased
 
14,092

 
13,140

Power purchased for pumping
 
1,859

 
1,538

Groundwater production assessment
 
4,148

 
3,746

Power purchased for resale
 
3,043

 
3,704

Supply cost balancing accounts
 
(2,165
)
 
(1,372
)
Other operation
 
8,486

 
8,571

Administrative and general
 
22,950

 
21,672

Depreciation and amortization
 
8,811

 
10,832

Maintenance
 
3,884

 
2,566

Property and other taxes
 
5,159

 
4,896

ASUS construction
 
13,115

 
12,245

Gain on sale of assets
 
(4
)
 

Total operating expenses
 
83,378

 
81,538

 
 
 
 
 
Operating Income
 
25,699

 
20,195

 
 
 
 
 
Other Income and Expenses
 
 

 
 

Interest expense
 
(6,050
)
 
(6,317
)
Interest income
 
558

 
942

Other, net
 
(2,234
)
 
1,342

Total other income and expenses, net
 
(7,726
)
 
(4,033
)
 
 
 
 
 
Income before income tax expense
 
17,973

 
16,162

 
 
 
 
 
Income tax expense
 
3,901

 
3,310

 
 
 
 
 
Net Income
 
$
14,072

 
$
12,852

 
 
 
 
 
Weighted Average Number of Common Shares Outstanding
 
36,860

 
36,773

Basic Earnings Per Common Share
 
$
0.38

 
$
0.35

 
 
 
 
 
Weighted Average Number of Diluted Shares
 
36,969

 
36,951

Fully Diluted Earnings Per Common Share
 
$
0.38

 
$
0.35

 
 
 
 
 
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 CHANGES
IN COMMON SHAREHOLDERS' EQUITY
(Unaudited)


 
 
Three Months Ended March 31, 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


 
 
Three Months Ended March 31, 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



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

8

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019
(Unaudited)

 
 
Three Months Ended 
 March 31,
(in thousands)
 
2020
 
2019
Cash Flows From Operating Activities:
 
 

 
 

Net income
 
$
14,072

 
$
12,852

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

 
 

Depreciation and amortization
 
8,892

 
10,890

Provision for doubtful accounts
 
273

 
157

Deferred income taxes and investment tax credits
 
574

 
(2,321
)
Stock-based compensation expense
 
1,844

 
1,998

Gain on sale of assets
 
(4
)
 

Loss (gain) on investments held in a trust
 
2,413

 
(1,530
)
Other — net
 
114

 
52

Changes in assets and liabilities:
 
 

 
 

Accounts receivable — customers
 
(4,085
)
 
5,755

Unbilled receivable
 
1,417

 
7,957

Other accounts receivable
 
64

 
1,100

Receivables from the U.S. government
 
704

 
(2,322
)
Materials and supplies
 
(914
)
 
(117
)
Prepayments and other assets
 
(3,400
)
 
(1,329
)
Contract assets
 
(3,716
)
 
(1,576
)
Regulatory assets
 
(2,976
)
 
(3,987
)
Accounts payable
 
(4,112
)
 
(6,131
)
Income taxes receivable/payable
 
3,326

 
5,572

Contract liabilities
 
(492
)
 
2,896

Accrued pension and other postretirement benefits
 
1,306

 
1,686

Other liabilities
 
354

 
(2,222
)
Net cash provided
 
15,654

 
29,380

 
 
 
 
 
Cash Flows From Investing Activities:
 
 

 
 

Capital expenditures
 
(33,544
)
 
(40,562
)
Proceeds from sale of assets
 
46

 

Other investing activities
 
121

 
213

Net cash used
 
(33,377
)
 
(40,349
)
 
 
 
 
 
Cash Flows From Financing Activities:
 
 

 
 

Proceeds from stock option exercises
 
30

 
75

Receipt of advances for and contributions in aid of construction
 
3,522

 
1,927

Refunds on advances for construction
 
(591
)
 
(562
)
Retirement or repayments of long-term debt
 
(92
)
 
(40,086
)
Net change in notes payable to banks
 
27,000

 
56,000

Dividends paid
 
(11,242
)
 
(10,113
)
Other financing activities
 
(1,809
)
 
(1,569
)
Net cash provided
 
16,818

 
5,672

Net change in cash and cash equivalents
 
(905
)
 
(5,297
)
Cash and cash equivalents, beginning of period
 
1,334

 
7,141

Cash and cash equivalents, end of period
 
$
429

 
$
1,844

 
 
 
 
 
Non-cash transactions:
 
 
 
 
Accrued payables for investment in utility plant
 
$
15,748

 
$
27,207

Property installed by developers and conveyed
 
$
856

 
$
678



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

9

GOLDEN STATE WATER COMPANY
BALANCE SHEETS
ASSETS
(Unaudited)

(in thousands)
 
March 31,
2020
 
December 31,
2019
Utility Plant
 
 

 
 

Utility plant, at cost
 
$
1,946,662

 
$
1,926,543

Less - Accumulated depreciation
 
(535,905
)
 
(531,801
)
Net utility plant
 
1,410,757

 
1,394,742

 
 
 
 
 
Other Property and Investments
 
25,666

 
28,212

 
 
 
 
 
Current Assets
 
 

 
 

Cash and cash equivalents
 
431

 
401

Accounts receivable-customers (less allowance for doubtful accounts of $1,086 in 2020 and $857 in 2019)
 
24,599

 
20,907

Unbilled receivable
 
17,427

 
18,636

Other accounts receivable (less allowance for doubtful accounts of $59 in 2020 and 2019)
 
1,888

 
1,857

Income taxes receivable from Parent
 
5,041

 
7,727

Materials and supplies, at average cost
 
5,708

 
4,920

Regulatory assets — current
 
20,974

 
20,930

Prepayments and other current assets
 
7,248

 
4,497

Total current assets
 
83,316

 
79,875

 
 
 
 
 
Other Assets
 
 

 
 

Operating lease right-of-use assets
 
12,235

 
12,745

Other
 
6,885

 
6,880

Total other assets
 
19,120

 
19,625

 
 
 
 
 
Total Assets
 
$
1,538,859

 
$
1,522,454

 
The accompanying notes are an integral part of these financial statements

10

GOLDEN STATE WATER COMPANY
BALANCE SHEETS
CAPITALIZATION AND LIABILITIES
(Unaudited)

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

 
 

Common Shares, no par value:
 
 
 
 
 Authorized: 1,000 shares
 
 
 
 
 Outstanding: 165 shares in 2019 and 2018
 
$
294,054

 
$
293,754

Earnings reinvested in the business
 
257,340

 
257,434

Total common shareholder’s equity
 
551,394

 
551,188

Long-term debt
 
280,971

 
280,996

Total capitalization
 
832,365

 
832,184

 
 
 
 
 
Current Liabilities
 
 

 
 

Intercompany payable to Parent
 
182,447

 
158,845

Long-term debt — current
 
349

 
344

Accounts payable
 
36,341

 
45,756

Accrued other taxes
 
7,841

 
10,640

Accrued employee expenses
 
12,766

 
12,386

Accrued interest
 
6,127

 
2,736

Unrealized loss on purchased power contracts
 
4,280

 
3,171

Operating lease liabilities
 
1,614

 
1,612

Other
 
9,655

 
9,745

Total current liabilities
 
261,420

 
245,235

 
 
 
 
 
Other Credits
 
 

 
 

Advances for construction
 
63,925

 
63,989

Contributions in aid of construction — net
 
137,661

 
134,706

Deferred income taxes
 
128,926

 
127,806

Regulatory liabilities
 
19,107

 
23,380

Unamortized investment tax credits
 
1,274

 
1,295

Accrued pension and other postretirement benefits
 
69,213

 
68,469

Operating lease liabilities
 
11,080

 
11,588

Other
 
13,888

 
13,802

Total other credits
 
445,074

 
445,035

 
 
 
 
 
Commitments and Contingencies (Note 9)
 


 


 
 
 
 
 
Total Capitalization and Liabilities
 
$
1,538,859

 
$
1,522,454

 
The accompanying notes are an integral part of these financial statements

11

GOLDEN STATE WATER COMPANY
STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED
MARCH 31, 2020 AND 2019
(Unaudited)

 
 
Three Months Ended March 31,
(in thousands)
 
2020
 
2019
Operating Revenues
 
 
 
 
Water
 
$
71,424

 
$
64,723

Electric
 
10,968

 
10,629

Total operating revenues
 
82,392

 
75,352

 
 
 
 
 
Operating Expenses
 
 
 
 
Water purchased
 
14,092

 
13,140

Power purchased for pumping
 
1,859

 
1,538

Groundwater production assessment
 
4,148

 
3,746

Power purchased for resale
 
3,043

 
3,704

Supply cost balancing accounts
 
(2,165
)
 
(1,372
)
Other operation
 
6,630

 
6,860

Administrative and general
 
16,838

 
16,094

Depreciation and amortization
 
8,029

 
9,989

Maintenance
 
3,193

 
1,913

Property and other taxes
 
4,633

 
4,413

Total operating expenses
 
60,300

 
60,025

 
 
 
 
 
Operating Income
 
22,092

 
15,327

 
 
 
 
 
Other Income and Expenses
 
 
 
 
Interest expense
 
(5,777
)
 
(5,998
)
Interest income
 
318

 
408

Other, net
 
(2,203
)
 
1,405

Total other income and expenses, net
 
(7,662
)
 
(4,185
)
 
 
 
 
 
Income before income tax expense
 
14,430

 
11,142

 
 
 
 
 
Income tax expense
 
3,228

 
2,120

 
 
 
 
 
Net Income
 
$
11,202

 
$
9,022

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

12

GOLDEN STATE WATER COMPANY
STATEMENTS OF CHANGES
IN COMMON SHAREHOLDER'S EQUITY
(Unaudited)



 
 
Three Months Ended March 31, 2020
 
 
Common Shares