10-Q 1 awr-20220930.htm 10-Q awr-20220930
0001056903false12-312022Q30000092116false12-312022Q3P12MP3YP2Y00010569032022-01-012022-09-300001056903awr:GoldenStateWaterCompanyMember2022-01-012022-09-3000010569032022-11-04xbrli:shares0001056903awr:GoldenStateWaterCompanyMember2022-11-0400010569032022-09-30iso4217:USD00010569032021-12-31iso4217:USDxbrli:shares00010569032022-07-012022-09-3000010569032021-07-012021-09-3000010569032021-01-012021-09-300001056903us-gaap:CommonStockMember2021-12-310001056903us-gaap:RetainedEarningsUnappropriatedMember2021-12-310001056903us-gaap:RetainedEarningsUnappropriatedMember2022-01-012022-03-3100010569032022-01-012022-03-310001056903us-gaap:CommonStockMember2022-01-012022-03-310001056903us-gaap:CommonStockMember2022-03-310001056903us-gaap:RetainedEarningsUnappropriatedMember2022-03-3100010569032022-03-310001056903us-gaap:RetainedEarningsUnappropriatedMember2022-04-012022-06-3000010569032022-04-012022-06-300001056903us-gaap:CommonStockMember2022-04-012022-06-300001056903us-gaap:CommonStockMember2022-06-300001056903us-gaap:RetainedEarningsUnappropriatedMember2022-06-3000010569032022-06-300001056903us-gaap:RetainedEarningsUnappropriatedMember2022-07-012022-09-300001056903us-gaap:CommonStockMember2022-07-012022-09-300001056903us-gaap:CommonStockMember2022-09-300001056903us-gaap:RetainedEarningsUnappropriatedMember2022-09-300001056903us-gaap:CommonStockMember2020-12-310001056903us-gaap:RetainedEarningsUnappropriatedMember2020-12-3100010569032020-12-310001056903us-gaap:RetainedEarningsUnappropriatedMember2021-01-012021-03-3100010569032021-01-012021-03-310001056903us-gaap:CommonStockMember2021-01-012021-03-310001056903us-gaap:CommonStockMember2021-03-310001056903us-gaap:RetainedEarningsUnappropriatedMember2021-03-3100010569032021-03-310001056903us-gaap:RetainedEarningsUnappropriatedMember2021-04-012021-06-3000010569032021-04-012021-06-300001056903us-gaap:CommonStockMember2021-04-012021-06-300001056903us-gaap:CommonStockMember2021-06-300001056903us-gaap:RetainedEarningsUnappropriatedMember2021-06-3000010569032021-06-300001056903us-gaap:RetainedEarningsUnappropriatedMember2021-07-012021-09-300001056903us-gaap:CommonStockMember2021-07-012021-09-300001056903us-gaap:CommonStockMember2021-09-300001056903us-gaap:RetainedEarningsUnappropriatedMember2021-09-3000010569032021-09-300001056903awr:GoldenStateWaterCompanyMember2022-09-300001056903awr:GoldenStateWaterCompanyMember2021-12-310001056903awr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903awr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903awr:GoldenStateWaterCompanyMember2021-01-012021-09-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2022-01-012022-03-310001056903awr:GoldenStateWaterCompanyMember2022-01-012022-03-310001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2022-01-012022-03-310001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2022-03-310001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2022-03-310001056903awr:GoldenStateWaterCompanyMember2022-03-310001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2022-04-012022-06-300001056903awr:GoldenStateWaterCompanyMember2022-04-012022-06-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2022-04-012022-06-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2022-06-300001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2022-06-300001056903awr:GoldenStateWaterCompanyMember2022-06-300001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2020-12-310001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2020-12-310001056903awr:GoldenStateWaterCompanyMember2020-12-310001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2021-01-012021-03-310001056903awr:GoldenStateWaterCompanyMember2021-01-012021-03-310001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2021-01-012021-03-310001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2021-03-310001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2021-03-310001056903awr:GoldenStateWaterCompanyMember2021-03-310001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2021-04-012021-06-300001056903awr:GoldenStateWaterCompanyMember2021-04-012021-06-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2021-04-012021-06-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2021-06-300001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2021-06-300001056903awr:GoldenStateWaterCompanyMember2021-06-300001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903us-gaap:CommonStockMemberawr:GoldenStateWaterCompanyMember2021-09-300001056903us-gaap:RetainedEarningsUnappropriatedMemberawr:GoldenStateWaterCompanyMember2021-09-300001056903awr:GoldenStateWaterCompanyMember2021-09-30awr:customerawr:state0001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-300001056903awr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2022-01-012022-09-300001056903awr:AmericanStatesUtilityServicesMember2022-01-012022-09-30awr:registrant0001056903awr:BearValleyElectricServiceIncMember2022-07-012022-09-300001056903awr:BearValleyElectricServiceIncMember2021-07-012021-09-300001056903awr:BearValleyElectricServiceIncMember2022-01-012022-09-300001056903awr:BearValleyElectricServiceIncMember2021-01-012021-09-300001056903awr:AmericanStatesUtilityServicesMember2022-07-012022-09-300001056903awr:AmericanStatesUtilityServicesMember2021-07-012021-09-300001056903awr:AmericanStatesUtilityServicesMember2021-01-012021-09-300001056903us-gaap:RevolvingCreditFacilityMembersrt:ParentCompanyMembersrt:MinimumMember2022-04-220001056903srt:MaximumMemberus-gaap:RevolvingCreditFacilityMembersrt:ParentCompanyMember2022-04-220001056903srt:ParentCompanyMemberawr:SyndicatedRevolvingCreditFacilityMemberMember2022-09-300001056903srt:ParentCompanyMember2022-09-300001056903awr:BearValleyElectricServiceIncMember2022-09-300001056903awr:BearValleyElectricServiceIncMemberawr:UnsecuredPrivatePlacementNotesMember2022-04-280001056903awr:SeniorNotesDue2032Memberawr:BearValleyElectricServiceIncMember2022-04-28xbrli:pure0001056903awr:BearValleyElectricServiceIncMemberawr:SeniorNotesDue2037Member2022-04-280001056903awr:BearValleyElectricServiceIncMemberawr:SyndicatedRevolvingCreditFacilityMemberMember2022-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMember2022-01-012022-09-300001056903us-gaap:CustomerConcentrationRiskMemberawr:WaterServiceUtilityOperationsMemberus-gaap:SalesMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-300001056903us-gaap:CustomerConcentrationRiskMemberawr:GoldenStateWaterCompanyAndBearValleyElectricServiceIncMemberus-gaap:SalesMemberawr:ElectricServiceUtilityOperationsMember2022-01-012022-09-300001056903awr:TariffbasedRevenuesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903awr:TariffbasedRevenuesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903awr:TariffbasedRevenuesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-300001056903awr:TariffbasedRevenuesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2021-01-012021-09-300001056903awr:SurchargesCostrecoveryActivitiesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903awr:SurchargesCostrecoveryActivitiesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903awr:SurchargesCostrecoveryActivitiesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-300001056903awr:SurchargesCostrecoveryActivitiesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2021-01-012021-09-300001056903awr:OtherProductsandServicesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903awr:OtherProductsandServicesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903awr:OtherProductsandServicesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-300001056903awr:OtherProductsandServicesMemberawr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2021-01-012021-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMember2021-01-012021-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:AlternativerevenuesprogramMemberawr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:AlternativerevenuesprogramMemberawr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:AlternativerevenuesprogramMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:AlternativerevenuesprogramMemberawr:GoldenStateWaterCompanyMember2021-01-012021-09-300001056903awr:TariffbasedRevenuesMemberawr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2022-07-012022-09-300001056903awr:TariffbasedRevenuesMemberawr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2021-07-012021-09-300001056903awr:TariffbasedRevenuesMemberawr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2022-01-012022-09-300001056903awr:TariffbasedRevenuesMemberawr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2021-01-012021-09-300001056903awr:SurchargesCostrecoveryActivitiesMemberawr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2022-07-012022-09-300001056903awr:SurchargesCostrecoveryActivitiesMemberawr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2021-07-012021-09-300001056903awr:SurchargesCostrecoveryActivitiesMemberawr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2022-01-012022-09-300001056903awr:SurchargesCostrecoveryActivitiesMemberawr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2021-01-012021-09-300001056903awr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2022-07-012022-09-300001056903awr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2021-07-012021-09-300001056903awr:BearValleyElectricServiceIncMemberawr:ElectricServiceUtilityOperationsMember2021-01-012021-09-300001056903awr:BearValleyElectricServiceIncMemberawr:AlternativerevenuesprogramMemberawr:ElectricServiceUtilityOperationsMember2022-07-012022-09-300001056903awr:BearValleyElectricServiceIncMemberawr:AlternativerevenuesprogramMemberawr:ElectricServiceUtilityOperationsMember2021-07-012021-09-300001056903awr:BearValleyElectricServiceIncMemberawr:AlternativerevenuesprogramMemberawr:ElectricServiceUtilityOperationsMember2022-01-012022-09-300001056903awr:BearValleyElectricServiceIncMemberawr:AlternativerevenuesprogramMemberawr:ElectricServiceUtilityOperationsMember2021-01-012021-09-300001056903awr:AmericanStatesUtilityServicesMemberus-gaap:PublicUtilitiesInventoryWaterMemberawr:ContractedServicesMember2022-07-012022-09-300001056903awr:AmericanStatesUtilityServicesMemberus-gaap:PublicUtilitiesInventoryWaterMemberawr:ContractedServicesMember2021-07-012021-09-300001056903awr:AmericanStatesUtilityServicesMemberus-gaap:PublicUtilitiesInventoryWaterMemberawr:ContractedServicesMember2022-01-012022-09-300001056903awr:AmericanStatesUtilityServicesMemberus-gaap:PublicUtilitiesInventoryWaterMemberawr:ContractedServicesMember2021-01-012021-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:WastewaterMemberawr:ContractedServicesMember2022-07-012022-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:WastewaterMemberawr:ContractedServicesMember2021-07-012021-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:WastewaterMemberawr:ContractedServicesMember2022-01-012022-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:WastewaterMemberawr:ContractedServicesMember2021-01-012021-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMember2022-07-012022-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMember2021-07-012021-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMember2021-01-012021-09-300001056903awr:AmericanStatesUtilityServicesMember2022-09-300001056903awr:AmericanStatesUtilityServicesMember2021-12-310001056903awr:AmericanStatesUtilityServicesMembersrt:MinimumMember2022-09-300001056903awr:AmericanStatesUtilityServicesMembersrt:MaximumMember2022-09-300001056903us-gaap:DeferredIncomeTaxChargesMember2022-09-300001056903awr:FlowThroughTaxesNetMember2022-09-300001056903awr:PensionCostsAndOtherPostretirementBenefitCostsMember2022-09-300001056903us-gaap:GainLossOnDerivativeInstrumentsMember2022-09-300001056903awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903awr:PensionCostsAndOtherPostretirementBenefitCostsMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903awr:PensionCostsAndOtherPostretirementBenefitCostsMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903awr:CatastrophicEventMemoAccountCEMAMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903awr:CatastrophicEventMemoAccountCEMAMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903us-gaap:DeferredIncomeTaxChargesMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903us-gaap:DeferredIncomeTaxChargesMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903awr:FlowThroughTaxesNetMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903awr:FlowThroughTaxesNetMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903awr:OtherRegulatoryAssetsNetMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903awr:OtherRegulatoryAssetsNetMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903us-gaap:RevenueSubjectToRefundMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903us-gaap:RevenueSubjectToRefundMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903us-gaap:GainLossOnDerivativeInstrumentsMemberawr:BearValleyElectricServiceIncMember2022-09-300001056903us-gaap:GainLossOnDerivativeInstrumentsMemberawr:BearValleyElectricServiceIncMember2021-12-310001056903awr:BearValleyElectricServiceIncMemberawr:OtherRegulatoryAssetsNetMember2022-09-300001056903awr:BearValleyElectricServiceIncMemberawr:OtherRegulatoryAssetsNetMember2021-12-310001056903awr:BearValleyElectricServiceIncMemberus-gaap:RevenueSubjectToRefundMember2022-09-300001056903awr:BearValleyElectricServiceIncMemberus-gaap:RevenueSubjectToRefundMember2021-12-310001056903awr:CostOfCapitalProceedingMemberawr:GoldenStateWaterCompanyMember2022-07-012022-09-300001056903awr:CostOfCapitalProceedingMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-300001056903awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-300001056903awr:WaterRevenueAdjustmentMechanismNetOfModifiedCostBalancingAccountMember2022-01-012022-09-300001056903awr:BearValleyElectricServiceIncMemberawr:CatastrophicEventMemoAccountCEMAMember2022-09-012022-09-300001056903us-gaap:RestrictedStockMember2022-09-300001056903us-gaap:RestrictedStockMember2021-09-300001056903srt:ParentCompanyMember2022-07-012022-09-300001056903srt:ParentCompanyMember2021-07-012021-09-300001056903srt:ParentCompanyMember2022-01-012022-09-300001056903srt:ParentCompanyMember2021-01-012021-09-300001056903us-gaap:CommodityContractMembersrt:MinimumMemberawr:BearValleyElectricServiceIncMember2022-01-012022-09-300001056903srt:MaximumMemberus-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2022-01-012022-09-300001056903us-gaap:CommodityContractMember2022-09-30utr:MWh0001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2022-06-300001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2021-06-300001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2021-12-310001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2020-12-310001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2022-07-012022-09-300001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2021-07-012021-09-300001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2022-01-012022-09-300001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2021-01-012021-09-300001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2022-09-300001056903us-gaap:CommodityContractMemberawr:BearValleyElectricServiceIncMember2021-09-300001056903us-gaap:FairValueInputsLevel1Memberawr:MutualFundsMember2022-09-300001056903us-gaap:FairValueInputsLevel1Memberawr:MutualFundsMember2021-12-310001056903us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001056903us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001056903us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001056903us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001056903us-gaap:CarryingReportedAmountFairValueDisclosureMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903us-gaap:EstimateOfFairValueFairValueDisclosureMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903us-gaap:CarryingReportedAmountFairValueDisclosureMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903us-gaap:EstimateOfFairValueFairValueDisclosureMemberawr:GoldenStateWaterCompanyMember2021-12-310001056903us-gaap:ParentMember2022-07-012022-09-300001056903us-gaap:ParentMember2021-07-012021-09-300001056903us-gaap:ParentMember2022-01-012022-09-300001056903us-gaap:ParentMember2021-01-012021-09-300001056903us-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300001056903us-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300001056903us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300001056903us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300001056903us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-07-012022-09-300001056903us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-07-012021-09-300001056903us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300001056903us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300001056903us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300001056903us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300001056903us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-01-012022-09-300001056903us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-01-012021-09-300001056903us-gaap:PensionPlansDefinedBenefitMember2021-12-310001056903us-gaap:PensionPlansDefinedBenefitMember2022-09-300001056903srt:ProFormaMemberus-gaap:PensionPlansDefinedBenefitMember2022-09-300001056903awr:WaterServiceUtilityOperationsMemberus-gaap:PensionPlansDefinedBenefitMemberawr:GoldenStateWaterCompanyMember2021-07-012021-09-300001056903awr:WaterServiceUtilityOperationsMemberus-gaap:PensionPlansDefinedBenefitMemberawr:GoldenStateWaterCompanyMember2021-01-012021-09-300001056903us-gaap:PensionPlansDefinedBenefitMemberawr:GoldenStateWaterCompanyMember2022-09-300001056903awr:BearValleyElectricServiceIncMemberus-gaap:PensionPlansDefinedBenefitMember2022-09-300001056903us-gaap:EnvironmentalIssueMemberawr:GoldenStateWaterCompanyMember2022-09-30awr:item0001056903us-gaap:EnvironmentalIssueMemberawr:GoldenStateWaterCompanyMember2022-01-012022-09-30awr:segment0001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMembersrt:ReportableLegalEntitiesMember2022-07-012022-09-300001056903awr:BearValleyElectricServiceIncMembersrt:ReportableLegalEntitiesMemberawr:ElectricServiceUtilityOperationsMember2022-07-012022-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMembersrt:ReportableLegalEntitiesMember2022-07-012022-09-300001056903srt:ParentCompanyMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMembersrt:ReportableLegalEntitiesMember2022-09-300001056903awr:BearValleyElectricServiceIncMembersrt:ReportableLegalEntitiesMemberawr:ElectricServiceUtilityOperationsMember2022-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMembersrt:ReportableLegalEntitiesMember2022-09-300001056903srt:ParentCompanyMemberus-gaap:IntersegmentEliminationMember2022-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMembersrt:ReportableLegalEntitiesMember2021-07-012021-09-300001056903awr:BearValleyElectricServiceIncMembersrt:ReportableLegalEntitiesMemberawr:ElectricServiceUtilityOperationsMember2021-07-012021-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMembersrt:ReportableLegalEntitiesMember2021-07-012021-09-300001056903srt:ParentCompanyMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMembersrt:ReportableLegalEntitiesMember2021-09-300001056903awr:BearValleyElectricServiceIncMembersrt:ReportableLegalEntitiesMemberawr:ElectricServiceUtilityOperationsMember2021-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMembersrt:ReportableLegalEntitiesMember2021-09-300001056903srt:ParentCompanyMemberus-gaap:IntersegmentEliminationMember2021-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMembersrt:ReportableLegalEntitiesMember2022-01-012022-09-300001056903awr:BearValleyElectricServiceIncMembersrt:ReportableLegalEntitiesMemberawr:ElectricServiceUtilityOperationsMember2022-01-012022-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMembersrt:ReportableLegalEntitiesMember2022-01-012022-09-300001056903srt:ParentCompanyMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001056903awr:WaterServiceUtilityOperationsMemberawr:GoldenStateWaterCompanyMembersrt:ReportableLegalEntitiesMember2021-01-012021-09-300001056903awr:BearValleyElectricServiceIncMembersrt:ReportableLegalEntitiesMemberawr:ElectricServiceUtilityOperationsMember2021-01-012021-09-300001056903awr:AmericanStatesUtilityServicesMemberawr:ContractedServicesMembersrt:ReportableLegalEntitiesMember2021-01-012021-09-300001056903srt:ParentCompanyMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001056903awr:GoldenStateWaterCompanyAndBearValleyElectricServiceIncMember2022-07-012022-09-300001056903awr:GoldenStateWaterCompanyAndBearValleyElectricServiceIncMember2021-07-012021-09-300001056903awr:GoldenStateWaterCompanyAndBearValleyElectricServiceIncMember2022-01-012022-09-300001056903awr:GoldenStateWaterCompanyAndBearValleyElectricServiceIncMember2021-01-012021-09-30


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended September 30, 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 November 4, 2022, the number of Common Shares outstanding of American States Water Company was 36,960,897 shares. As of November 4, 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 Nine Months Ended September 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)September 30,
2022
December 31,
2021
Property, Plant and Equipment  
Regulated utility plant, at cost$2,284,066 $2,183,183 
Non-utility property, at cost37,838 37,085 
Total2,321,904 2,220,268 
Less - Accumulated depreciation(603,752)(594,264)
Net property, plant and equipment1,718,152 1,626,004 
Other Property and Investments  
Goodwill1,116 1,116 
Other property and investments34,113 40,806 
Total other property and investments35,229 41,922 
Current Assets  
Cash and cash equivalents2,258 4,963 
Accounts receivable — customers (less allowance for doubtful accounts of $6,598 in 2022 and $3,516 in 2021)
31,829 34,416 
Unbilled receivable25,165 27,147 
Receivable from the U.S. government (Note 2)25,493 27,827 
Other accounts receivable (less allowance for doubtful accounts of $53 in 2022 and $53 in 2021)
3,369 6,510 
Income taxes receivable91 236 
Materials and supplies, at weighted average cost13,444 12,163 
Regulatory assets — current13,048 8,897 
Prepayments and other current assets7,292 5,317 
Unrealized gains on purchased power contracts7,569 4,441 
Contract assets (Note 2)9,232 6,135 
Total current assets138,790 138,052 
Other Assets  
Unbilled revenue — receivable from the U.S. government7,260 9,671 
Receivable from the U.S. government (Note 2)48,992 51,991 
Contract assets (Note 2)4,348 3,452 
Operating lease right-of-use assets 9,172 10,479 
Regulatory assets 5,291 3,182 
Other15,341 16,230 
Total other assets90,404 95,005 
Total Assets$1,982,575 $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)September 30,
2022
December 31,
2021
Capitalization  
Common shares, no par value
Authorized: 60,000,000 shares
Outstanding: 36,960,897 shares in 2022 and 36,936,285 shares in 2021
$260,011 $258,442 
Earnings reinvested in the business445,493 427,505 
Total common shareholders’ equity705,504 685,947 
Long-term debt446,817 412,176 
Total capitalization1,152,321 1,098,123 
Current Liabilities  
Notes payable to bank238,500 31,000 
Long-term debt — current399 377 
Accounts payable69,982 65,902 
Income taxes payable5,464 4,662 
Accrued other taxes15,760 17,137 
Accrued employee expenses15,529 16,256 
Accrued interest7,234 4,545 
Regulatory liabilities4,821 1,896 
Contract liabilities (Note 2)1,253 257 
Operating lease liabilities1,892 2,044 
Other12,345 11,498 
Total current liabilities373,179 155,574 
Other Credits  
Notes payable to bank3,000 174,500 
Advances for construction65,210 66,727 
Contributions in aid of construction - net146,711 147,482 
Deferred income taxes142,726 140,290 
Regulatory liabilities17,609 32,979 
Unamortized investment tax credits1,099 1,153 
Accrued pension and other postretirement benefits58,835 61,365 
Operating lease liabilities 7,721 8,920 
Other14,164 13,870 
Total other credits457,075 647,286 
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities$1,982,575 $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 NINE MONTHS ENDED
SEPTEMBER 30, 2022 AND 2021
(Unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share amounts)2022202120222021
Operating Revenues  
Water$100,799 $102,768 $265,561 $269,430 
Electric8,919 8,564 29,028 28,211 
Contracted services25,266 25,423 71,572 84,588 
Total operating revenues134,984 136,755 366,161 382,229 
Operating Expenses  
Water purchased20,304 24,093 58,115 60,248 
Power purchased for pumping3,878 3,584 9,182 8,590 
Groundwater production assessment5,650 5,185 14,726 14,845 
Power purchased for resale2,673 2,875 9,186 8,203 
Supply cost balancing accounts640 (2,446)(6,160)(7,959)
Other operation9,696 9,414 28,028 26,165 
Administrative and general21,594 20,255 65,030 62,938 
Depreciation and amortization10,117 9,826 30,402 29,156 
Maintenance3,408 2,979 10,120 8,908 
Property and other taxes5,942 6,052 17,247 17,265 
ASUS construction10,742 12,154 31,263 42,910 
Total operating expenses94,644 93,971 267,139 271,269 
Operating Income40,340 42,784 99,022 110,960 
Other Income and Expenses  
Interest expense(7,331)(5,553)(19,246)(17,843)
Interest income667 333 1,387 1,136 
Other, net338 467 (2,370)2,998 
Total other income and expenses, net(6,326)(4,753)(20,229)(13,709)
Income before income tax expense34,014 38,031 78,793 97,251 
Income tax expense8,360 9,878 19,026 23,254 
Net Income$25,654 $28,153 $59,767 $73,997 
Weighted Average Number of Common Shares Outstanding36,958 36,933 36,953 36,916 
Basic Earnings Per Common Share$0.69 $0.76 $1.61 $2.00 
Weighted Average Number of Diluted Shares37,042 37,025 37,034 37,004 
Fully Diluted Earnings Per Common Share$0.69 $0.76 $1.61 $2.00 
Dividends Paid Per Common Share$0.3975 $0.365 $1.1275 $1.035 
 
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 NINE MONTHS ENDED SEPTEMBER 30, 2022
(Unaudited)



Nine Months Ended September 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 
Add:
Net income25,654 25,654 
Exercise of stock options and other issuances of Common Shares5  
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)315 315 
Dividend equivalent rights on stock-based awards not paid in cash40 40 
Deduct:
Dividends on Common Shares14,690 14,690 
Dividend equivalent rights on stock-based awards not paid in cash40 40 
Balances at September 30, 202236,961$260,011 $445,493 $705,504 

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 NINE MONTHS ENDED SEPTEMBER 30, 2021
(Unaudited)
Nine Months Ended September 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 
Add:
Net income28,153 28,153 
Exercise of stock options and other issuances of Common Shares4  
Stock-based compensation, net of taxes paid from shares withheld from employees related to net share settlements (Note 4)128 128 
Dividend equivalent rights on stock-based awards not paid in cash35 35 
Deduct:
Dividends on Common Shares13,480 13,480 
Dividend equivalent rights on stock-based awards not paid in cash35 35 
Balances at September 30, 202136,936 $258,264 $420,671 $678,935 

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

6

AMERICAN STATES WATER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021
(Unaudited)
 Nine Months Ended 
 September 30,
(in thousands)20222021
Cash Flows From Operating Activities:  
Net income$59,767 $73,997 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization30,688 29,440 
Provision for doubtful accounts833 873 
Deferred income taxes and investment tax credits(1,098)1,205 
Stock-based compensation expense2,439 2,456 
Loss (gain) on investments held in a trust6,445 (2,313)
Other — net263 273 
Changes in assets and liabilities:  
Accounts receivable — customers(1,760)(8,748)
Unbilled receivable4,393 2,564 
Other accounts receivable3,179 (935)
Receivables from the U.S. government5,333 (7,847)
Materials and supplies(1,281)(1,621)
Prepayments and other assets520 (1,139)
Contract assets(3,993)172 
Regulatory assets(14,065)(8,319)
Accounts payable(575)2,924 
Income taxes receivable/payable947 (3,235)
Contract liabilities996 (1,245)
Accrued pension and other postretirement benefits(3,070)1,416 
Other liabilities(28)2,005 
Net cash provided89,933 81,923 
Cash Flows From Investing Activities:  
Capital expenditures(122,056)(106,721)
Other investing activities321 229 
Net cash used(121,735)(106,492)
Cash Flows From Financing Activities:  
Receipt of advances for and contributions in aid of construction5,489 10,636 
Refunds on advances for construction(3,941)(3,613)
Repayments of long-term debt(377)(28,356)
Proceeds from the issuance of long-term debt, net of issuance costs34,826  
Net change in notes payable to banks36,000 55,800 
Dividends paid(41,664)(38,207)
Other financing activities(1,236)(1,287)
Net cash provided (used)29,097 (5,027)
Net change in cash and cash equivalents(2,705)(29,596)
Cash and cash equivalents, beginning of period4,963 36,737 
Cash and cash equivalents, end of period$2,258 $7,141 
Non-cash transactions:
Accrued payables for investment in utility plant$37,510 $29,101 
Property installed by developers and conveyed$511 $6,093 

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

GOLDEN STATE WATER COMPANY
BALANCE SHEETS
ASSETS
(Unaudited)
(in thousands)September 30,
2022
December 31,
2021
Utility Plant   
Utility plant, at cost$2,112,923 $2,022,417 
Less - Accumulated depreciation(528,035)(522,672)
Net utility plant1,584,888 1,499,745 
Other Property and Investments31,975 38,659 
Current Assets  
Cash and cash equivalents386 525 
Accounts receivable — customers (less allowance for doubtful accounts of $6,315 in 2022 and $3,168 in 2021)
29,431 31,870 
Unbilled receivable18,181 20,525 
Other accounts receivable (less allowance for doubtful accounts of $53 in 2022 and $53 in 2021)
2,068 3,791 
Materials and supplies, at average cost5,323 5,384 
Regulatory assets — current13,048 8,897 
Prepayments and other current assets5,642 4,223 
Total current assets74,079 75,215 
Other Assets  
Operating lease right-of-use assets 8,804 10,439 
Other14,427 14,424 
Total other assets23,231 24,863 
Total Assets$1,714,173 $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)September 30,
2022
December 31,
2021
Capitalization  
Common Shares, no par value:
 Authorized: 1,000 shares
 Outstanding: 170 shares in 2022 and 2021
$357,970 $356,530 
Earnings reinvested in the business275,429 259,156 
Total common shareholder’s equity633,399 615,686 
Long-term debt411,985 412,176 
Total capitalization1,045,384 1,027,862 
Current Liabilities  
Intercompany payable to Parent112,235  
Long-term debt — current399 377 
Accounts payable60,033 50,627 
Accrued other taxes13,879 14,960 
Accrued employee expenses12,430 12,867 
Accrued interest6,052 4,210 
Income taxes payable to Parent6,169 2,972 
Operating lease liabilities 1,780 2,029 
Other11,410 10,505 
Total current liabilities224,387 98,547 
Other Credits  
Intercompany payable to Parent 49,280 
Advances for construction65,190 66,707 
Contributions in aid of construction — net146,711 145,848 
Deferred income taxes133,762 132,314 
Regulatory liabilities17,609 32,979 
Unamortized investment tax credits1,099 1,153 
Accrued pension and other postretirement benefits58,535 61,170 
Operating lease liabilities 7,477 8,891 
Other14,019 13,731 
Total other credits444,402 512,073 
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities$1,714,173 $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 NINE MONTHS ENDED
SEPTEMBER 30, 2022 AND 2021
(Unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Operating Revenues  
Water$100,799 $102,768 $265,561 $269,430 
Total operating revenues100,799 102,768 265,561 269,430 
Operating Expenses  
Water purchased20,304 24,093 58,115 60,248 
Power purchased for pumping3,878 3,584 9,182 8,590 
Groundwater production assessment5,650 5,185 14,726 14,845 
Supply cost balancing accounts885 (2,114)(5,682)(8,445)
Other operation7,273 7,287 20,908 19,476 
Administrative and general14,362 13,677 43,945 41,973 
Depreciation and amortization8,475 8,272 25,573 24,547 
Maintenance2,526 2,140 7,193 6,236 
Property and other taxes4,995 5,185 14,440 14,665 
Total operating expenses68,348 67,309 188,400 182,135 
Operating Income 32,451 35,459 77,161 87,295 
Other Income and Expenses  
Interest expense(5,950)(5,184)(16,650)(16,625)
Interest income325 86 562 352 
Other, net(70)429 (3,070)2,684 
Total other income and expenses, net(5,695)(4,669)(19,158)(13,589)
Income before income tax expense26,756 30,790 58,003 73,706 
In