10-Q 1 awr-20220331.htm 10-Q awr-20220331
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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, 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 April 28, 2022, the number of Common Shares outstanding of American States Water Company was 36,955,756 shares. As of April 28, 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

 

 
 
 
 
 
 
 
 
 



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 ("SEC").
 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)March 31,
2022
December 31, 2021
Property, Plant and Equipment  
Regulated utility plant, at cost$2,205,801 $2,183,183 
Non-utility property, at cost37,268 37,085 
Total2,243,069 2,220,268 
Less - Accumulated depreciation(593,210)(594,264)
Net property, plant and equipment1,649,859 1,626,004 
Other Property and Investments  
Goodwill1,116 1,116 
Other property and investments39,018 40,806 
Total other property and investments40,134 41,922 
Current Assets  
Cash and cash equivalents10,126 4,963 
Accounts receivable — customers (less allowance for doubtful accounts of $6,615 in 2022 and $3,516 in 2021)
23,353 34,416 
Unbilled receivable25,500 27,147 
Receivable from the U.S. government (Note 2)21,834 27,827 
Other accounts receivable (less allowance for doubtful accounts of $53 in 2022 and $53 in 2021)
3,043 6,510 
Income taxes receivable45 236 
Materials and supplies, at weighted average cost11,943 12,163 
Regulatory assets — current9,054 8,897 
Prepayments and other current assets11,223 5,317 
Unrealized gains on purchased power contracts7,020 4,441 
Contract assets (Note 2)7,715 6,135 
Total current assets130,856 138,052 
Other Assets  
Unbilled revenue — receivable from U.S. government8,867 9,671 
Receivable from the U.S. government (Note 2)50,610 51,991 
Contract assets (Note 2)4,856 3,452 
Operating lease right-of-use assets 10,008 10,479 
Regulatory assets 3,289 3,182 
Other15,453 16,230 
Total other assets93,083 95,005 
Total Assets$1,913,932 $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)March 31,
2022
December 31,
2021
Capitalization  
Common shares, no par value
Authorized: 60,000,000 shares
Outstanding: 36,955,633 shares in 2022 and 36,936,285 shares in 2021
$259,284 $258,442 
Earnings reinvested in the business428,141 427,505 
Total common shareholders’ equity687,425 685,947 
Long-term debt412,150 412,176 
Total capitalization1,099,575 1,098,123 
Current Liabilities  
Notes payable to bank32,000 31,000 
Long-term debt — current382 377 
Accounts payable67,490 65,902 
Income taxes payable2,879 4,662 
Accrued other taxes14,983 17,137 
Accrued employee expenses18,293 16,256 
Accrued interest6,320 4,545 
Contract liabilities (Note 2)210 257 
Regulatory liabilities3,642 1,896 
Operating lease liabilities1,991 2,044 
Other11,964 11,498 
Total current liabilities160,154 155,574 
Other Credits  
Notes payable to bank189,500 174,500 
Advances for construction66,469 66,727 
Contributions in aid of construction - net146,186 147,482 
Deferred income taxes142,661 140,290 
Regulatory liabilities24,193 32,979 
Unamortized investment tax credits1,135 1,153 
Accrued pension and other postretirement benefits61,594 61,365 
Operating lease liabilities 8,497 8,920 
Other13,968 13,870 
Total other credits654,203 647,286 
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities$1,913,932 $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 MONTHS ENDED
MARCH 31, 2022 AND 2021
(Unaudited)

 Three Months Ended March 31,
(in thousands, except per share amounts)20222021
Operating Revenues
Water$73,906 $75,029 
Electric11,892 11,539 
Contracted services22,772 30,492 
Total operating revenues108,570 117,060 
Operating Expenses
Water purchased17,848 15,239 
Power purchased for pumping2,374 2,145 
Groundwater production assessment4,211 4,440 
Power purchased for resale5,166 3,198 
Supply cost balancing accounts(6,343)(2,427)
Other operation8,667 8,217 
Administrative and general22,972 22,053 
Depreciation and amortization10,114 9,560 
Maintenance3,140 2,662 
Property and other taxes5,853 5,940 
ASUS construction10,203 15,704 
Total operating expenses84,205 86,731 
Operating Income24,365 30,329 
Other Income and Expenses
Interest expense(5,606)(6,258)
Interest income283 455 
Other, net(419)656 
Total other income and expenses, net(5,742)(5,147)
Income before income tax expense18,623 25,182 
Income tax expense4,461 5,914 
Net Income$14,162 $19,268 
Weighted Average Number of Common Shares Outstanding36,944 36,898 
Basic Earnings Per Common Share$0.38 $0.52 
Weighted Average Number of Diluted Shares37,019 36,993 
Fully Diluted Earnings Per Common Share$0.38 $0.52 
Dividends Paid Per Common Share$0.365 $0.335 
 
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
(Unaudited)



Three Months Ended March 31, 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 


Three Months Ended March 31, 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 





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

5

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(Unaudited)
 Three Months Ended 
 March 31,
(in thousands)20222021
Cash Flows From Operating Activities:  
Net income$14,162 $19,268 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization10,208 9,656 
Provision for doubtful accounts258 255 
Deferred income taxes and investment tax credits1,552 (343)
Stock-based compensation expense1,905 1,930 
Loss (gain) on investments held in a trust1,653 (628)
Other — net83 104 
Changes in assets and liabilities:  
Accounts receivable — customers7,627 5,711 
Unbilled receivable2,451 3,161 
Other accounts receivable3,467 1,386 
Receivables from the U.S. government4,589 (1,015)
Materials and supplies220 (132)
Prepayments and other assets(4,584)(4,026)
Contract assets(199)(3,763)
Regulatory assets(5,713)(3,493)
Accounts payable341 (7,267)
Income taxes receivable/payable(1,592)(274)
Contract liabilities(47)(751)
Accrued pension and other postretirement benefits71 1,796 
Other liabilities1,574 3,101 
Net cash provided38,026 24,676 
Cash Flows From Investing Activities:  
Capital expenditures(35,170)(37,093)
Other investing activities121 113 
Net cash used(35,049)(36,980)
Cash Flows From Financing Activities:  
Receipt of advances for and contributions in aid of construction1,795 2,016 
Refunds on advances for construction(833)(569)
Retirement or repayments of long-term debt(103)(99)
Net change in notes payable to banks16,000 (5,200)
Dividends paid(13,485)(12,361)
Other financing activities(1,188)(1,269)
Net cash provided (used)2,186 (17,482)
Net change in cash and cash equivalents5,163 (29,786)
Cash and cash equivalents, beginning of period4,963 36,737 
Cash and cash equivalents, end of period$10,126 $6,951 
Non-cash transactions:
Accrued payables for investment in utility plant$34,101 $28,700 
Property installed by developers and conveyed$130 $2,761 

The accompanying notes are an integral part of these consolidated financial statements
6

GOLDEN STATE WATER COMPANY
BALANCE SHEETS
ASSETS
(Unaudited)
(in thousands)March 31,
2022
December 31,
2021
Utility Plant   
Utility plant, at cost$2,043,851 $2,022,417 
Less - Accumulated depreciation(520,186)(522,672)
Net utility plant1,523,665 1,499,745 
Other Property and Investments36,874 38,659 
Current Assets  
Cash and cash equivalents4,677 525 
Accounts receivable — customers (less allowance for doubtful accounts of $5,992 in 2022 and $3,168 in 2021)
21,244 31,870 
Unbilled receivable16,342 20,525 
Other accounts receivable (less allowance for doubtful accounts of $53 in 2022 and $53 in 2021)
1,847 3,791 
Materials and supplies, at average cost4,587 5,384 
Regulatory assets — current9,054 8,897 
Prepayments and other current assets8,039 4,223 
Total current assets65,790 75,215 
Other Assets  
Operating lease right-of-use assets 9,977 10,439 
Other14,415 14,424 
Total other assets24,392 24,863 
Total Assets$1,650,721 $1,638,482 

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

GOLDEN STATE WATER COMPANY
BALANCE SHEETS
CAPITALIZATION AND LIABILITIES
(Unaudited)
(in thousands, except number of shares)March 31,
2022
December 31, 2021
Capitalization  
Common Shares, no par value:
 Authorized: 1,000 shares
 Outstanding: 170 shares in 2022 and 2021
$357,311 $356,530 
Earnings reinvested in the business254,184 259,156 
Total common shareholder’s equity611,495 615,686 
Long-term debt412,150 412,176 
Total capitalization1,023,645 1,027,862 
Current Liabilities  
Long-term debt — current382 377 
Accounts payable55,296 50,627 
Accrued other taxes13,257 14,960 
Accrued employee expenses14,446 12,867 
Accrued interest5,980 4,210 
Income taxes payable to Parent1,181 2,972 
Operating lease liabilities 1,977 2,029 
Other10,893 10,505 
Total current liabilities103,412 98,547 
Other Credits  
Intercompany payable to Parent67,683 49,280 
Advances for construction66,449 66,707 
Contributions in aid of construction — net146,186 145,848 
Deferred income taxes134,349 132,314 
Regulatory liabilities24,193 32,979 
Unamortized investment tax credits1,135 1,153 
Accrued pension and other postretirement benefits61,364 61,170 
Operating lease liabilities 8,479 8,891 
Other13,826 13,731 
Total other credits523,664 512,073 
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities$1,650,721 $1,638,482 
 
The accompanying notes are an integral part of these financial statements
8

GOLDEN STATE WATER COMPANY
STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED
MARCH 31, 2022 AND 2021
(Unaudited)

 Three Months Ended March 31,
(in thousands)20222021
Operating Revenues
Water$73,906 $75,029 
Total operating revenues73,906 75,029 
Operating Expenses
Water purchased17,848 15,239 
Power purchased for pumping2,374 2,145 
Groundwater production assessment4,211 4,440 
Supply cost balancing accounts(5,067)(2,920)
Other operation6,354 5,813 
Administrative and general15,596 14,435 
Depreciation and amortization8,545 8,062 
Maintenance2,156 1,740 
Property and other taxes4,890 5,016 
Total operating expenses56,907 53,970 
Operating Income16,999 21,059 
Other Income and Expenses
Interest expense(5,236)(5,798)
Interest income91 87 
Other, net(598)651 
Total other income and expenses, net(5,743)(5,060)
Income before income tax expense11,256 15,999 
Income tax expense2,689 3,768 
Net Income$8,567 $12,231 
 
The accompanying notes are an integral part of these consolidated financial statements
9

GOLDEN STATE WATER COMPANY
STATEMENTS OF CHANGES
IN COMMON SHAREHOLDER'S EQUITY
(Unaudited)
Three Months Ended March 31, 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 
Three Months Ended March 31, 2021
Common SharesReinvested
NumberEarnings
ofin the
(in thousands, except number of shares)SharesAmountBusinessTotal
Balances at December 31, 2020170$354,906 $228,392 $583,298 
Add:
Net income12,231 12,231 
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)782 782 
Dividend equivalent rights on stock-based awards not paid in cash45 45 
Deduct:
Dividends on Common Shares12,400 12,400 
Dividend equivalent rights on stock-based awards not paid in cash45 45 
Balances at March 31, 2021170 $355,733 $228,178 $583,911 



The accompanying notes are an integral part of these financial statements
10

GOLDEN STATE WATER COMPANY
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(Unaudited)
 Three Months Ended 
 March 31,
(in thousands)20222021
Cash Flows From Operating Activities:  
Net income$8,567 $12,231 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization8,610 8,126 
Provision for doubtful accounts222 221 
Deferred income taxes and investment tax credits1,305 (505)
Stock-based compensation expense1,751 1,790 
Loss (gain) on investments held in a trust1,653 (628)
Other — net84 83 
Changes in assets and liabilities:  
Accounts receivable — customers7,499 6,033 
Unbilled receivable4,183 1,525 
Other accounts receivable1,944 1,463 
Materials and supplies797 (267)
Prepayments and other assets(3,268)(1,956)
Regulatory assets(5,135)(3,165)
Accounts payable2,886 (5,674)
Intercompany receivable/payable428 8 
Income taxes receivable/payable from/to Parent(1,791)(391)
Accrued pension and other postretirement benefits36 1,760 
Other liabilities1,494 2,145 
Net cash provided31,265 22,799 
Cash Flows From Investing Activities:  
Capital expenditures(31,465)(31,824)
Note receivable from AWR parent (23,000)
Receipt of payment of note receivable from AWR parent 11,000 
Other investing activities117 109 
Net cash used(31,348)(43,715)
Cash Flows From Financing Activities:  
Receipt of advances for and contributions in aid of construction1,759 2,013 
Refunds on advances for construction(833)(569)
Retirement or repayments of long-term debt(103)(99)
Net change in intercompany borrowings18,000  
Dividends paid(13,500)(12,400)
Other financing activities(1,088)(1,155)
Net cash provided (used)4,235 (12,210)
Net change in cash and cash equivalents4,152 (33,126)
Cash and cash equivalents, beginning of period525 35,578 
Cash and cash equivalents, end of period$4,677 $2,452 
Non-cash transactions:
Accrued payables for investment in utility plant$32,439 $25,529 
Property installed by developers and conveyed$130 $2,761 

The accompanying notes are an integral part of these financial statements
11

AMERICAN STATES WATER COMPANY AND SUBSIDIARIES
AND
GOLDEN STATE WATER COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)





Note 1 — Summary of Significant Accounting Policies
 
Nature of Operations: American States Water Company (“AWR”) is the parent company of Golden State Water Company (“GSWC”), Bear Valley Electric Service, Inc. ("BVESI"), and American States Utility Services, Inc. (“ASUS”) (and its wholly owned subsidiaries: Fort Bliss Water Services Company (“FBWS”), Terrapin Utility Services, Inc. (“TUS”), Old Dominion Utility Services, Inc. (“ODUS”), Palmetto State Utility Services, Inc. (“PSUS”), Old North Utility Services, Inc. (“ONUS”), Emerald Coast Utility Services, Inc. ("ECUS"), and Fort Riley Utility Services, Inc. ("FRUS")).  The subsidiaries of ASUS are collectively referred to as the “Military Utility Privatization Subsidiaries”. AWR, through its wholly owned subsidiaries, serves over one million people in nine states.
 GSWC and BVESI are both California public utilities. GSWC is engaged in the purchase, production, distribution and sale of water throughout California serving approximately 262,900 customer connections. BVESI distributes electricity in several San Bernardino County mountain communities in California serving approximately 24,700 customer connections. The California Public Utilities Commission (“CPUC”) regulates GSWC’s and BVESI's businesses in matters including properties, rates, services, facilities, and transactions between GSWC, BVESI, and their affiliates.
ASUS, through its wholly owned subsidiaries, operates, maintains and performs construction activities (including renewal and replacement capital work) on water and/or wastewater systems at various U.S. military bases pursuant to initial 50-year firm fixed-price contracts. These contracts are subject to annual economic price adjustments and modifications for changes in circumstances, changes in laws and regulations, and additions to the contract value for new construction of facilities at the military bases.
There is no direct regulatory oversight by the CPUC over AWR or the operations, rates or services provided by ASUS or any of its wholly owned subsidiaries.
Basis of Presentation: The consolidated financial statements and notes thereto are presented in a combined report filed by two separate Registrants: AWR and GSWC. References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. AWR owns all of the outstanding common shares of GSWC, BVESI and ASUS. ASUS owns all of the outstanding common stock of the Military Utility Privatization Subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements.
The consolidated financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  The December 31, 2021 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. In the opinion of management, all adjustments consisting of normal, recurring items, and estimates necessary for a fair statement of the results for the interim periods have been made. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Form 10-K for the year ended December 31, 2021 filed with the SEC.
Related Party Transactions and Financing Activities: GSWC, BVESI and ASUS provide and/or receive various support services to and from their parent, AWR, and among themselves. GSWC has allocated certain corporate office administrative and general costs to its affiliates, BVESI and ASUS, using allocation factors approved by the CPUC. GSWC allocated corporate office administrative and general costs to BVESI of approximately $794,000 and $799,000 during the three months ended March 31, 2022 and 2021, respectively. GSWC allocated corporate office administrative and general costs to ASUS of approximately $1.6 million and $1.5 million during the three months ended March 31, 2022 and 2021, respectively.

12

AWR borrows under a credit facility and provides funds to GSWC and ASUS in support of their operations.  On April 22, 2022, the credit facility was amended to increase the borrowing capacity from $200.0 million to $280.0 million.  The amendment also changed the benchmark interest rate from the London Interbank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR"). This credit agreement expires in May 2023. Registrant does not believe the change in benchmark rates will have a material impact on its financing costs. The interest rate charged to GSWC and ASUS is sufficient to cover AWR’s interest expense under the credit facility. As of March 31, 2022, there was $189.5 million outstanding under this facility. Registrant expects to issue long-term debt through GSWC prior to May 2023, and use the debt proceeds to pay off borrowings under this facility.
BVESI has a separate $35 million revolving credit facility, which was amended in December 2021 to reduce the interest rate and fees charged, as well as to extend the maturity date by a year to July 1, 2024. As of March 31, 2022, there was $32.0 million outstanding under this facility. Under the terms of the credit agreement, BVESI has the option to increase the facility by an additional $15 million, subject to lender approval. Interest rates under this facility are generally based on LIBOR. Under the terms of the December 2021 amendment, upon discontinuation of a benchmark rate such as LIBOR, the lender may replace LIBOR with a benchmark rate replacement such as SOFR. Registrant does not believe the change from LIBOR to a new benchmark rate will have a material impact on its financing costs. Registrant does not have any other borrowings or debt indexed to LIBOR.
GSWC’s intercompany borrowing agreement with AWR and BVESI’s revolving credit facility are considered short-term debt arrangements by the CPUC. Both GSWC and BVESI have been authorized by the CPUC to borrow under these arrangements for a term of up to 24 months. Borrowings under these arrangements are, therefore, required to be fully paid off within a 24-month period. GSWC’s next pay-off period for its intercompany borrowings from AWR ends in May 2023, and BVESI’s pay-off period for its credit facility ends in July 2022. Accordingly, as of March 31, 2022, the $32.0 million outstanding under BVESI's credit facility has been classified as a current liability in AWR's Consolidated Balance Sheet. On April 28, 2022, BVESI completed the issuance of $35 million in unsecured private placement notes consisting of $17.5 million at a coupon rate of 4.548% due April 28, 2032, and $17.5 million at a coupon rate of 4.949% due April 28, 2037. The covenant requirements under these notes are similar to the terms of BVESI's revolving credit facility. BVESI used the proceeds to pay down amounts outstanding under its credit facility, thus complying with the CPUC's 24-month rule.
COVID-19 Impact: GSWC, BVESI and ASUS have continued their operations throughout the COVID-19 pandemic given that their water, wastewater and electric utility services are deemed essential. The Company continues to monitor the guidance provided by federal, state, and local health authorities and other government officials. Due to falling transmission rates in California and other variables, employees have begun returning to company offices.
The CPUC has authorized GSWC and BVESI to track incremental costs, including bad debt expense, in excess of what is included in their respective revenue requirements incurred as a result of the pandemic in COVID-19-related memorandum accounts, such as a Catastrophic Event Memorandum Account ("CEMA"), which is to be filed with the CPUC for future recovery. As of March 31, 2022, GSWC and BVESI had approximately $4.5 million and $576,000, respectively, in regulatory asset accounts related to bad debt expense in excess of their revenue requirements, the purchase of personal protective equipment, additional incurred printing costs, and other incremental COVID-19-related costs. CEMA and other emergency-type memorandum accounts are well-established cost recovery mechanisms authorized as a result of a state/federal declared emergency, and are therefore recognized as regulatory assets for future recovery. As a result, the amounts recorded in the COVID-19-related memorandum accounts have not impacted GSWC's or BVESI's earnings. Thus far, the COVID-19 pandemic has not had a material impact on ASUS's current operations.
GSWC and BVESI continue to experience delinquent customer accounts receivable due to the lingering effects of the COVID-19 pandemic, resulting in both GSWC and BVESI increasing their allowances for doubtful accounts during the three months ended March 31, 2022. However, the CPUC's moratoriums on service disconnections for nonpayment for water and electric customers have ended, and service disconnections due to nonpayment for commercial customers have resumed. In accordance with Senate Bill 998 guidelines, service disconnections due to nonpayment for residential customers are set to resume in May 2022. Furthermore, in January 2022, GSWC received $9.5 million in COVID relief funds through the California Water and Wastewater Arrearage Payment Program to provide assistance to customers for their water debt accrued during the COVID-19 pandemic by remitting federal funds that the state received from the American Rescue Plan Act of 2021 to the utility on behalf of eligible customers. GSWC applied these funds to its delinquent customers' eligible balances. In February 2022, BVESI received $321,000 from the state of California for similar customer relief funding for unpaid electric customer bills incurred during the pandemic.
The CPUC requires that amounts tracked in GSWC's and BVESI's COVID-19 memorandum accounts for unpaid customer bills be first offset by any (i) federal and state relief for water or electric utility bill debt, and (ii) customer payments through payment plan arrangements, prior to receiving recovery from customers at large. After these offsets are made, GSWC will file with the CPUC for recovery of the remaining balance. BVESI intends to include the remaining balance in its COVID-19 memorandum account for recovery in its next general rate case application expected to be filed in June 2022.
Accounting Pronouncements to Be Adopted in 2022:
In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The
13

amendments in this Update require disclosures about transactions with a government such as government grants or assistance. The amendments in this Update are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. Registrant does not expect this guidance to have a material impact on Registrant's financial statement disclosures.
Note 2 — Revenues
Most of Registrant's revenues are derived from contracts with customers, including tariff-based revenues of its regulated utilities, GSWC and BVESI. ASUS's initial 50-year firm fixed-price contracts with the U.S. government are considered service concession arrangements under ASC 853, Service Concession Arrangements. Accordingly, the services under these contracts are accounted for under Topic 606—Revenue from Contracts with Customers, and the water and/or wastewater systems are not recorded as Property, Plant and Equipment on Registrant’s balance sheets.
Although GSWC and BVESI have a diversified base of residential, commercial, industrial, and other customers, revenues derived from residential and commercial customers generally account for approximately 90% of total water and electric revenues. Almost all of ASUS's revenues are from the U.S. government. For the three months ended March 31, 2022 and 2021, disaggregated revenues from contracts with customers by segment were as follows:
Three Months Ended March 31,
(dollar in thousands)20222021
Water:
Tariff-based revenues$72,498 $74,288 
Surcharges (cost-recovery activities)549 534 
Other518 517 
Water revenues from contracts with customers
73,565 75,339 
WRAM under (over)-collection (alternative revenue program)341 (310)
Total water revenues
73,906 75,029 
Electric:
Tariff-based revenues12,552 11,677 
Surcharges (cost-recovery activities)27 202 
Electric revenues from contracts with customers
12,579 11,879 
BRRAM over-collection (alternative revenue program)(687)(340)
Total electric revenues11,892 11,539 
Contracted services:
Water 13,546 18,883 
Wastewater9,226 11,609 
Contracted services revenues from contracts with customers22,772 30,492 
Total AWR revenues$108,570 $117,060 
The opening and closing balances of ASUS's unbilled receivables, receivable from the U.S. government, contract assets, and contract liabilities from contracts with customers were as follows:    
(dollar in thousands)March 31, 2022December 31, 2021
Unbilled receivables$16,378 $14,835 
Receivable from the U.S. government$72,444 $79,818 
Contract assets$12,571