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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 June 30, 2022

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.



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 July 29, 2022, the number of Common Shares outstanding of American States Water Company was 36,956,824 shares. As of July 29, 2022, all of the 170 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
 
 
Consolidated Statements of Changes in Common Shareholders' Equity - For the Three and Six Months Ended June 30, 2021
 
 
 
 
 
 
 


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").
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. 
Factors affecting our financial performance are summarized under Forward-Looking Information and under “Risk Factors” in our Form 10-K for the period ended December 31, 2021 filed with the SEC. 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.

1

AMERICAN STATES WATER COMPANY
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)

(in thousands)June 30,
2022
December 31,
2021
Property, Plant and Equipment  
Regulated utility plant, at cost$2,242,589 $2,183,183 
Non-utility property, at cost37,813 37,085 
Total2,280,402 2,220,268 
Less - Accumulated depreciation(596,915)(594,264)
Net property, plant and equipment1,683,487 1,626,004 
Other Property and Investments  
Goodwill1,116 1,116 
Other property and investments35,527 40,806 
Total other property and investments36,643 41,922 
Current Assets  
Cash and cash equivalents10,825 4,963 
Accounts receivable — customers (less allowance for doubtful accounts of $7,746 in 2022 and $3,516 in 2021)
27,119 34,416 
Unbilled receivable24,811 27,147 
Receivable from the U.S. government (Note 2)23,110 27,827 
Other accounts receivable (less allowance for doubtful accounts of $53 in 2022 and $53 in 2021)
3,972 6,510 
Income taxes receivable94 236 
Materials and supplies, at weighted average cost13,151 12,163 
Regulatory assets — current10,325 8,897 
Prepayments and other current assets8,458 5,317 
Unrealized gains on purchased power contracts8,114 4,441 
Contract assets (Note 2)8,991 6,135 
Total current assets138,970 138,052 
Other Assets  
Unbilled revenue — receivable from the U.S. government8,064 9,671 
Receivable from the U.S. government (Note 2)50,050 51,991 
Contract assets (Note 2)5,186 3,452 
Operating lease right-of-use assets 9,617 10,479 
Regulatory assets 2,263 3,182 
Other15,366 16,230 
Total other assets90,546 95,005 
Total Assets$1,949,646 $1,900,983 
 
The accompanying notes are an integral part of these consolidated financial statements



2

AMERICAN STATES WATER COMPANY
CONSOLIDATED BALANCE SHEETS
CAPITALIZATION AND LIABILITIES
(Unaudited)
(in thousands, except number of shares)June 30,
2022
December 31,
2021
Capitalization  
Common shares, no par value
Authorized: 60,000,000 shares
Outstanding: 36,956,027 shares in 2022 and 36,936,285 shares in 2021
$259,656 $258,442 
Earnings reinvested in the business434,569 427,505 
Total common shareholders’ equity694,225 685,947 
Long-term debt446,940 412,176 
Total capitalization1,141,165 1,098,123 
Current Liabilities  
Notes payable to bank223,500 31,000 
Long-term debt — current394 377 
Accounts payable71,929 65,902 
Income taxes payable3,350 4,662 
Accrued other taxes13,847 17,137 
Accrued employee expenses13,160 16,256 
Accrued interest4,944 4,545 
Regulatory liabilities3,444 1,896 
Contract liabilities (Note 2)322 257 
Operating lease liabilities1,968 2,044 
Other11,878 11,498 
Total current liabilities348,736 155,574 
Other Credits  
Notes payable to bank 174,500 
Advances for construction65,403 66,727 
Contributions in aid of construction - net146,578 147,482 
Deferred income taxes142,340 140,290 
Regulatory liabilities20,382 32,979 
Unamortized investment tax credits1,117 1,153 
Accrued pension and other postretirement benefits61,764 61,365 
Operating lease liabilities 8,095 8,920 
Other14,066 13,870 
Total other credits459,745 647,286 
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities$1,949,646 $1,900,983 
 
The accompanying notes are an integral part of these consolidated financial statements
3

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2022 AND 2021
(Unaudited)

 Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share amounts)2022202120222021
Operating Revenues  
Water$90,856 $91,633 $164,762 $166,662 
Electric8,217 8,108 20,109 19,647 
Contracted services23,534 28,673 46,306 59,165 
Total operating revenues122,607 128,414 231,177 245,474 
Operating Expenses  
Water purchased19,963 20,916 37,811 36,155 
Power purchased for pumping2,930 2,861 5,304 5,006 
Groundwater production assessment4,865 5,220 9,076 9,660 
Power purchased for resale1,347 2,130 6,513 5,328 
Supply cost balancing accounts(457)(3,086)(6,800)(5,513)
Other operation9,665 8,534 18,332 16,751 
Administrative and general20,464 20,630 43,436 42,683 
Depreciation and amortization10,171 9,770 20,285 19,330 
Maintenance3,572 3,267 6,712 5,929 
Property and other taxes5,452 5,273 11,305 11,213 
ASUS construction10,318 15,052 20,521 30,756 
Total operating expenses88,290 90,567 172,495 177,298 
Operating Income34,317 37,847 58,682 68,176 
Other Income and Expenses  
Interest expense(6,309)(6,032)(11,915)(12,290)
Interest income437 348 720 803 
Other, net(2,289)1,875 (2,708)2,531 
Total other income and expenses, net(8,161)(3,809)(13,903)(8,956)
Income before income tax expense26,156 34,038 44,779 59,220 
Income tax expense6,205 7,462 10,666 13,376 
Net Income$19,951 $26,576 $34,113 $45,844 
Weighted Average Number of Common Shares Outstanding36,956 36,916 36,950 36,907 
Basic Earnings Per Common Share$0.54 $0.72 $0.92 $1.24 
Weighted Average Number of Diluted Shares37,039 37,007 37,029 36,993 
Fully Diluted Earnings Per Common Share$0.54 $0.72 $0.92 $1.24 
Dividends Paid Per Common Share$0.365 $0.335 $0.730 $0.670 
 
The accompanying notes are an integral part of these consolidated financial statements

4

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CHANGES
IN COMMON SHAREHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(Unaudited)



Three and Six Months Ended June 30, 2022
 Common SharesReinvested 
 Number Earnings 
 of in the 
(in thousands)SharesAmountBusinessTotal
Balances at December 31, 202136,936 $258,442 $427,505 $685,947 
Add:    
Net income14,162 14,162 
Exercise of stock options and other issuances of Common Shares20  
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)801 801 
Dividend equivalent rights on stock-based awards not paid in cash41 41 
Deduct: 
Dividends on Common Shares13,485 13,485 
Dividend equivalent rights on stock-based awards not paid in cash41 41 
Balances at March 31, 202236,956$259,284 $428,141 $687,425 
Add:
Net income19,951 19,951 
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 cash34 34 
Deduct:
Dividends on Common Shares13,489 13,489 
Dividend equivalent rights on stock-based awards not paid in cash34 34 
Balances at June 30, 202236,956$259,656 $434,569 $694,225 

The accompanying notes are an integral part of these consolidated financial statements.
5

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CHANGES
IN COMMON SHAREHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021
(Unaudited)
Three and Six Months Ended June 30, 2021
 Common SharesReinvested 
 Number Earnings 
 of in the 
(in thousands)SharesAmountBusinessTotal
Balances at December 31, 202036,889$256,666 $385,007 $641,673 
Add:    
Net income19,268 19,268 
Exercise of stock options and other issuances of Common Shares24  
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)813 813 
Dividend equivalent rights on stock-based awards not paid in cash49 49 
Deduct: 
Dividends on Common Shares12,361 12,361 
Dividend equivalent rights on stock-based awards not paid in cash49 49 
Balances at March 31, 202136,913 $257,528 $391,865 $649,393 
Add:
Net income26,576 26,576 
Exercise of stock options and other issuances of Common Shares19  
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)531 531 
Dividend equivalent rights on stock-based awards not paid in cash42 42 
Deduct:
Dividends on Common Shares12,366 12,366 
Dividend equivalent rights on stock-based awards not paid in cash42 42 
Balances at June 30, 202136,932 $258,101 $406,033 $664,134 

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

6

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(Unaudited)
 Six Months Ended 
 June 30,
(in thousands)20222021
Cash Flows From Operating Activities:  
Net income$34,113 $45,844 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization20,475 19,520 
Provision for doubtful accounts549 548 
Deferred income taxes and investment tax credits(152)353 
Stock-based compensation expense2,183 2,379 
Loss (gain) on investments held in a trust5,171 (2,208)
Other — net178 215 
Changes in assets and liabilities:  
Accounts receivable — customers2,455 (2,087)
Unbilled receivable3,943 (2,128)
Other accounts receivable2,538 (1,001)
Receivables from the U.S. government6,658 (3,584)
Materials and supplies(988)(154)
Prepayments and other assets(1,215)(1,997)
Contract assets(4,590)(1,316)
Regulatory assets(8,404)(8,802)
Accounts payable1,509 2,266 
Income taxes receivable/payable(1,170)(7,437)
Contract liabilities65 (1,112)
Accrued pension and other postretirement benefits83 3,595 
Other liabilities(6,496)(1,750)
Net cash provided56,905 41,144 
Cash Flows From Investing Activities:  
Capital expenditures(76,552)(76,147)
Other investing activities136 64 
Net cash used(76,416)(76,083)
Cash Flows From Financing Activities:  
Receipt of advances for and contributions in aid of construction4,111 6,837 
Refunds on advances for construction(3,174)(2,922)
Retirement or repayments of long-term debt(205)(28,156)
Proceeds from the issuance of long-term debt, net of issuance costs34,820  
Net change in notes payable to banks18,000 53,800 
Dividends paid(26,974)(24,727)
Other financing activities(1,205)(1,271)
Net cash provided 25,373 3,561 
Net change in cash and cash equivalents5,862 (31,378)
Cash and cash equivalents, beginning of period4,963 36,737 
Cash and cash equivalents, end of period$10,825 $5,359 
Non-cash transactions:
Accrued payables for investment in utility plant$37,373 $27,758 
Property installed by developers and conveyed$255 $3,401 

The accompanying notes are an integral part of these consolidated financial statements
7

GOLDEN STATE WATER COMPANY
BALANCE SHEETS
ASSETS
(Unaudited)
(in thousands)June 30,
2022
December 31,
2021
Utility Plant   
Utility plant, at cost$2,076,132 $2,022,417 
Less - Accumulated depreciation(522,743)(522,672)
Net utility plant1,553,389 1,499,745 
Other Property and Investments33,386 38,659 
Current Assets  
Cash and cash equivalents3,458 525 
Accounts receivable — customers (less allowance for doubtful accounts of $7,086 in 2022 and $3,168 in 2021)
25,118 31,870 
Unbilled receivable19,566 20,525 
Other accounts receivable (less allowance for doubtful accounts of $53 in 2022 and $53 in 2021)
2,524 3,791 
Materials and supplies, at average cost5,536 5,384 
Regulatory assets — current10,325 8,897 
Prepayments and other current assets6,353 4,223 
Total current assets72,880 75,215 
Other Assets  
Operating lease right-of-use assets 9,210 10,439 
Other14,422 14,424 
Total other assets23,632 24,863 
Total Assets$1,683,287 $1,638,482 

The accompanying notes are an integral part of these financial statements
8

GOLDEN STATE WATER COMPANY
BALANCE SHEETS
CAPITALIZATION AND LIABILITIES
(Unaudited)
(in thousands, except number of shares)June 30,
2022
December 31,
2021
Capitalization  
Common Shares, no par value:
 Authorized: 1,000 shares
 Outstanding: 170 shares in 2022 and 2021
$357,616 $356,530 
Earnings reinvested in the business255,541 259,156 
Total common shareholder’s equity613,157 615,686 
Long-term debt412,118 412,176 
Total capitalization1,025,275 1,027,862 
Current Liabilities  
Intercompany payable to Parent102,399  
Long-term debt — current394 377 
Accounts payable60,194 50,627 
Accrued other taxes12,453 14,960 
Accrued employee expenses10,506 12,867 
Accrued interest4,252 4,210 
Income taxes payable to Parent4,420 2,972 
Operating lease liabilities 1,846 2,029 
Other10,947 10,505 
Total current liabilities207,411 98,547 
Other Credits  
Intercompany payable to Parent 49,280 
Advances for construction65,383 66,707 
Contributions in aid of construction — net146,578 145,848 
Deferred income taxes133,902 132,314 
Regulatory liabilities20,382 32,979 
Unamortized investment tax credits1,117 1,153 
Accrued pension and other postretirement benefits61,499 61,170 
Operating lease liabilities 7,819 8,891 
Other13,921 13,731 
Total other credits450,601 512,073 
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities$1,683,287 $1,638,482 
 
The accompanying notes are an integral part of these financial statements
9

GOLDEN STATE WATER COMPANY
STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2022 AND 2021
(Unaudited)

 Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Operating Revenues  
Water$90,856 $91,633 $164,762 $166,662 
Total operating revenues90,856 91,633 164,762 166,662 
Operating Expenses  
Water purchased19,963 20,916 37,811 36,155 
Power purchased for pumping2,930 2,861 5,304 5,006 
Groundwater production assessment4,865 5,220 9,076 9,660 
Supply cost balancing accounts(1,500)(3,411)(6,567)(6,331)
Other operation7,281 6,376 13,635 12,189 
Administrative and general13,987 13,861 29,583 28,296 
Depreciation and amortization8,553 8,213 17,098 16,275 
Maintenance2,511 2,356 4,667 4,096 
Property and other taxes4,555 4,464 9,445 9,480 
Total operating expenses63,145 60,856 120,052 114,826 
Operating Income 27,711 30,777 44,710 51,836 
Other Income and Expenses  
Interest expense(5,464)(5,643)(10,700)(11,441)
Interest income146 179 237 266 
Other, net(2,402)1,604 (3,000)2,255 
Total other income and expenses, net(7,720)(3,860)(13,463)(8,920)
Income before income tax expense19,991 26,917 31,247 42,916 
Income tax expense5,103 5,957 7,792 9,725 
Net Income$14,888 $20,960 $23,455 $33,191 
 
The accompanying notes are an integral part of these consolidated financial statements
10

GOLDEN STATE WATER COMPANY
STATEMENTS OF CHANGES
IN COMMON SHAREHOLDER'S EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(Unaudited)
Three and Six Months Ended June 30, 2022
 Common SharesReinvested 
 Number Earnings 
 of in the 
(in thousands, except number of shares)SharesAmountBusinessTotal
Balances at December 31, 2021170$356,530 $259,156 $615,686 
Add:    
Net income8,567 8,567 
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4) 742 742 
Dividend equivalent rights on stock-based awards not paid in cash39 39 
Deduct: 
Dividends on Common Shares13,500 13,500 
Dividend equivalent rights on stock-based awards not paid in cash39 39 
Balances at March 31, 2022170 $357,311 $254,184 $611,495 
Add:
Net income14,888 14,888 
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)274 274 
Dividend equivalent rights on stock-based awards not paid in cash31 31 
Deduct:
Dividends on Common Shares13,500 13,500 
Dividend equivalent rights on stock-based awards not paid in cash31 31 
Balances at June 30, 2022