Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability

The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2015 and 2014:



	Pension Benefits						Post-Retirement Medical Benefits
(dollars in thousands)	2015			2014			2015			2014
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year	$	185,184		$	152,680		$	12,326		$	11,388
Service cost	6,276			5,643			340			348
Interest cost	7,686			7,520			435			495
Actuarial (gain) loss	(24,413		)	24,339			(3,375		)	437
Benefits/expenses paid	(5,799		)	(4,998		)	(333		)	(342		)
Projected benefit obligation at end of year	$	168,934		$	185,184		$	9,393		$	12,326

Changes in Plan Assets:
Fair value of plan assets at beginning of year	$	140,561		$	127,534		$	10,723		$	9,873
Actual return on plan assets	673			9,816			115			951
Employer contributions	6,739			8,209			109			241
Benefits/expenses paid	(5,799		)	(4,998		)	(333		)	(342		)
Fair value of plan assets at end of year	$	142,174		$	140,561		$	10,614		$	10,723

Funded Status:
Net amount recognized as accrued pension cost	$	(26,760	)	$	(44,623	)	$	1,221		$	(1,603	)



	Pension Benefits						Post-Retirement Medical Benefits
(in thousands)	2015			2014			2015			2014
Amounts recognized on the balance sheets:
Non-current assets	$	—		$	—		$	1,221		$	—
Current liabilities	—			—			—			—
Non-current liabilities	(26,760		)	(44,623		)	—			(1,603		)
Net amount recognized	$	(26,760	)	$	(44,623	)	$	1,221		$	(1,603	)
Amounts recognized in regulatory assets consist of:
Initial net obligation	$	—		$	—		$	—		$	—
Prior service cost (credit)	49			167			(34		)	(234		)
Net (gain) loss	21,921			39,003			(5,572		)	(2,891		)
Regulatory assets (liabilities)	21,970			39,170			(5,606		)	(3,125		)
Unfunded accrued pension cost	4,790			5,453			4,385			4,728
Net liability (asset) recognized	$	26,760		$	44,623		$	(1,221	)	$	1,603

Changes in plan assets and benefit obligations recognized in regulatory assets:
Regulatory asset at beginning of year	$	39,170		$	15,866		$	(3,125	)	$	(3,175	)
Net loss (gain)	(15,292		)	23,422			(2,997		)	(61		)
Amortization of initial net obligation	—			—			—			(419		)
Amortization of prior service (cost) credit	(118		)	(118		)	200			200
Amortization of net gain (loss)	(1,790		)	—			316			330
Total change in regulatory asset	(17,200		)	23,304			(2,481		)	50
Regulatory asset (liability) at end of year	$	21,970		$	39,170		$	(5,606	)	$	(3,125	)

Net periodic pension costs	$	6,075		$	4,383		$	(234	)	$	278
Change in regulatory asset	(17,200		)	23,304			(2,481		)	50
Total recognized in net periodic pension cost and regulatory asset (liability)	$	(11,125	)	$	27,687		$	(2,715	)	$	328

Estimated amounts that will be amortized from regulatory asset over the next fiscal year:
Initial net obligation	$	—		$	—		$	—		$	—
Prior service (cost) credit	$	(49	)	$	(118	)	$	34		$	200
Net gain (loss)	$	(510	)	$	(1,878	)	$	599		$	213

Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	168,934		$	185,184		$	9,393		$	12,326
Accumulated benefit obligation	$	155,469		$	160,510		N/A			N/A
Fair value of plan assets	$	142,174		$	140,561		$	10,614		$	10,723

Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	4.65		%	4.25		%	4.25		%	3.80		%
Rate of compensation increase	*			4.00		%	N/A			N/A

* Age-graded ranging from 3.0% to 8.0%.

Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool

The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2015, 2014 and 2013 are as follows:



	Pension Benefits									Post-Retirement Medical Benefits
(dollars in thousands, except percent)	2015			2014			2013			2015			2014			2013
Components of Net Periodic Benefits Cost:
Service cost	$	6,276		$	5,643		$	6,967		$	340		$	348		$	407
Interest cost	7,686			7,520			6,907			435			495			439
Expected return on plan assets	(9,795		)	(8,898		)	(7,574		)	(493		)	(453		)	(382		)
Amortization of transition	—			—			—			—			418			419
Amortization of prior service cost (credit)	118			118			118			(200		)	(200		)	(200		)
Amortization of actuarial (gain) loss	1,790			—			2,878			(316		)	(330		)	(7		)
Net periodic pension cost under accounting standards	$	6,075		$	4,383		$	9,296		$	(234	)	$	278		$	676
Regulatory adjustment - over/(under) collection	523			1,622			(1,920		)	—			—			—
Total expense recognized, before allocation to overhead pool	$	6,598		$	6,005		$	7,376		$	(234	)	$	278		$	676

Weighted-average assumptions used to determine net periodic cost:
Discount rate	4.25		%	5.10		%	4.30		%	3.80		%	4.65		%	3.75		%
Expected long-term return on plan assets	7.00		%	7.00		%	7.00		%	*			*			*
Rate of compensation increase	4.00		%	4.00		%	4.00		%	N/A			N/A			N/A

*7.0% for union plan, 4.2% for non-union, net of income taxes in 2015, 2014 and 2013.

Schedule of pension and post-retirement plan weighted-average asset allocations, by asset category

The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2015 and 2014, by asset category are as follows:



	Pension Benefits				Post-Retirement Medical Benefits
Asset Category	2015		2014		2015		2014
Actual Asset Allocations:
Equity securities	55	%	61	%	60	%	60	%
Debt securities	40	%	39	%	38	%	38	%
Real Estate Funds	5	%	—	%	—	%	—	%
Cash equivalents	—	%	—	%	2	%	2	%
Total	100	%	100	%	100	%	100	%

Schedule of pension and post-retirement plan target asset allocations

Equity securities did not include AWR’s stock as of December 31, 2015 and 2014.



Target Asset Allocations for 2016:	Pension Benefits		Post-retirement Medical Benefits
Equity securities	60	%	60	%
Debt securities	40	%	40	%
Total	100	%	100	%

Schedule of pension and post-retirement plans' investment assets measured at fair value

The following tables set forth by level, within the fair value hierarchy, the post-retirement plans’ investment assets measured at fair value as of December 31, 2015 and 2014, as well as the pension plan investment assets as of December 31, 2014:



	Fair Value as of December 31, 2015
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Post-Retirement Plan Assets:
Cash equivalents	$	31	—	—	$	31
Fixed income	4,182		—	—	4,182
U.S. equity securities (large cap stocks)	6,401		—	—	6,401
Total investments measured at fair value	$	10,614	—	—	$	10,614



	Fair Value as of December 31, 2014
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Pension Plan Assets:
Cash equivalents	$	497	—	—	$	497
Fixed income securities	54,865		—	—	54,865
Equity securities:					0
U.S. small/mid cap stocks	22,325		—	—	22,325
U.S. large cap stocks	42,886		—	—	42,886
International funds	11,318		—	—	11,318
Real estate funds	8,670		—	—	8,670
Total equity securities	85,199		—	—	85,199
Total investments measured at fair value	$	140,561	—	—	$	140,561

Fair Value of Post-Retirement Plan Assets:
Cash equivalents	$	185	—	—	$	185
Fixed income	4,105		—	—	4,105
U.S. equity securities (large cap stocks)	6,433		—	—	6,433
Total investments measured at fair value	$	10,723	—	—	$	10,723

Schedule of estimated future benefit payments

Registrant’s estimated future benefit payments at December 31, 2015 for the next five years and thereafter are as follows (in thousands):



	Pension Benefits		Post-Retirement Medical Benefits
2016	$	5,857	$	535
2017	6,381		568
2018	6,865		626
2019	7,393		676
2020	7,980		722
Thereafter	48,469		4,318
Total	$	82,945	$	7,445

Schedule of effects of one-percentage-point change in assumed health care cost trend rates

A one-percentage-point change in assumed health care cost trend rates would have the following effects on the post-retirement medical plan:



(dollars in thousands)	1-Percentage-Point Increase		1-Percentage-Point Decrease
Effect on total of service and interest cost components	$	78	$	(66	)
Effect on post-retirement benefit obligation	$	1,021	$	(879	)

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

The following table sets forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2015:



(dollars in thousands)	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Cash equivalents	$	469	—	N/A	N/A
Fixed income fund	56,218		—	Daily	Daily
Equity securities:
U.S. small/mid cap funds	21,219		—	Daily	Daily
U.S. large cap funds	42,395		—	Daily	Daily
International funds	14,455		—	Daily	Daily
Total equity funds	78,069		—
Real estate funds	7,418		—	Daily	Daily
Total	$	142,174	—

SERP

Employee benefit plans

Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability

The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2015 and 2014:



(dollars in thousands)	2015			2014
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	15,926		$	12,296
Service cost	814			768
Interest cost	653			615
Actuarial (gain) loss	(683		)	2,497
Benefits paid	(393		)	(250		)
Benefit obligation at end of year	$	16,317		$	15,926
Changes in Plan Assets:
Fair value of plan assets at beginning of year	—			—
Fair value of plan assets at end of year	—			—

Funded Status:
Net amount recognized as accrued cost	$	(16,317	)	$	(15,926	)



(in thousands)	2015			2014
Amounts recognized on the balance sheets:
Current liabilities	$	(411	)	$	(379	)
Non-current liabilities	(15,906		)	(15,547		)
Net amount recognized	$	(16,317	)	$	(15,926	)
Amounts recognized in regulatory assets consist of:
Prior service cost	$	36		$	153
Net loss	3,416			4,530
Regulatory assets	3,452			4,683
Unfunded accrued cost	12,865			11,243
Net liability recognized	$	16,317		$	15,926

Changes in plan assets and benefit obligations recognized in regulatory assets consist of:
Regulatory asset at beginning of year	$	4,683		$	2,486
Net (gain) loss	(683		)	2,497
Amortization of prior service credit	(117		)	(161		)
Amortization of net loss	(431		)	(139		)
Total change in regulatory asset	(1,231		)	2,197
Regulatory asset at end of year	$	3,452		$	4,683

Net periodic pension cost	$	2,015		$	1,683
Change in regulatory asset	(1,231		)	2,197
Total recognized in net periodic pension and net income	$	784		$	3,880

Estimated amounts that will be amortized from regulatory asset over the next fiscal year:
Initial net asset (obligation)	$	—		$	—
Prior service cost	(25		)	(117		)
Net loss	(292		)	(431		)
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	16,317		$	15,926
Accumulated benefit obligation	14,533			13,992
Fair value of plan assets	—			—
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.61		%	4.15		%
Rate of compensation increase	4.00		%	4.00		%

Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool

The components of SERP expense, before allocation to the overhead pool, for 2015, 2014 and 2013 are as follows:



(dollars in thousands, except percent)	2015			2014			2013
Components of Net Periodic Benefits Cost:
Service cost	$	814		$	768		$	803
Interest cost	653			615			514
Amortization of prior service cost	117			161			161
Amortization of net loss	431			139			339
Net periodic pension cost	$	2,015		$	1,683		$	1,817

Weighted-average assumptions used to determine net periodic cost:
Discount rate	4.15		%	5.05		%	4.20		%
Rate of compensation increase	4.00		%	4.00		%	4.00		%

Schedule of pension and post-retirement plans' investment assets measured at fair value

The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2015 and 2014:



	Fair Value as of December 31, 2015
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Assets held in Rabbi Trust:
Cash equivalents	$	39	—	—	$	39
Fixed income securities	3,903		—	—	3,903
Equity securities	5,924		—	—	5,924
Total investments measured at fair value	$	9,866	—	—	$	9,866



	Fair Value as of December 31, 2014
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Fair Value of Assets held in Rabbi Trust:
Cash equivalents	$	29	—	—	$	29
Fixed income securities	3,454		—	—	3,454
Equity securities	5,282		—	—	5,282
Total investments measured at fair value	$	8,765	—	—	$	8,765

Schedule of estimated future benefit payments

Registrant’s estimated future benefit payments for the SERP at December 31, 2015 for the next ten years are as follows (in thousands):



2016	$	411
2017	484
2018	635
2019	693
2020	1,093
Thereafter	5,567
Total	$	8,883