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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of significant components of the deferred tax assets and liabilities from continuing operations

The significant components of the deferred tax assets and liabilities as reflected in the balance sheets at December 31, 2020 and 2019 are:

						AWR												GSWC
						December 31,												December 31,
(dollars in thousands)						2020						2019						2020						2019
Deferred tax assets:
Regulatory-liability-related (1)						$	32,640					$	33,080					$	30,782					$	33,080
Contributions and advances						6,390						5,777						6,771						6,158
Other						6,092						5,792						6,663						6,618
Total deferred tax assets						$	45,122					$	44,649					$	44,216					$	45,856
Deferred tax liabilities:
Fixed assets						$	(146,688)					$	(144,444)					$	(141,422)					$	(147,759)
Regulatory-asset-related: depreciation and other						(22,205)						(20,641)						(21,060)						(20,641)
Balancing and memorandum accounts (non-flow-through)						(7,401)						(4,868)						(6,315)						(5,262)
Total deferred tax liabilities						(176,294)						(169,953)						(168,797)						(173,662)
Accumulated deferred income taxes - net						$	(131,172)					$	(125,304)					$	(124,581)					$	(127,806)

Schedule of current and deferred components of income tax expense from continuing operations

The current and deferred components of income tax expense are as follows:

						AWR
						Year Ended December 31,
(dollars in thousands)						2020						2019						2018
Current
Federal						$	19,240					$	12,507					$	17,252
State						6,714						5,540						6,538
Total current tax expense						$	25,954					$	18,047					$	23,790
Deferred
Federal						$	1,814					$	6,407					$	(4,334)
State						429						216						(1,439)
Total deferred tax (benefit) expense						2,243						6,623						(5,773)
Total income tax expense						$	28,197					$	24,670					$	18,017

						GSWC
						Year Ended December 31,
(dollars in thousands)						2020						2019						2018
Current
Federal						$	14,674					$	9,616					$	14,488
State						5,849						5,480						5,932
Total current tax expense						$	20,523					$	15,096					$	20,420
Deferred
Federal						$	949					$	4,924					$	(5,531)
State						232						157						(1,286)
Total deferred tax (benefit) expense						1,181						5,081						(6,817)
Total income tax expense						$	21,704					$	20,177					$	13,603

Schedule of reconciliations of the effective tax rates to the federal statutory rate

The reconciliations of the effective tax rates to the federal statutory rate are as follows:

						AWR
						Year Ended December 31,
(dollars in thousands)						2020						2019						2018
Federal taxes on pretax income at statutory rate						$	24,071					$	22,872					$	17,196
Increase (decrease) in taxes resulting from:
State income tax, net of federal benefit						5,764						4,758						3,693
Excess deferred tax amortization						(1,550)						(1,579)						(2,101)
Flow-through on fixed assets						1,056						1,244						429
Flow-through on removal costs						(1,031)						(1,582)						(1,445)
Investment tax credit						(71)						(71)						(69)
Other – net						(42)						(972)						314
Total income tax expense from operations						$	28,197					$	24,670					$	18,017
Pretax income from operations						$	114,622					$	109,012					$	81,888
Effective income tax rate						24.6		%				22.6		%				22.0		%

						GSWC
						Year Ended December 31,
(dollars in thousands)						2020						2019						2018
Federal taxes on pretax income at statutory rate						$	18,202					$	18,236					$	12,939
Increase (decrease) in taxes resulting from:
State income tax, net of federal benefit						4,920						4,656						3,335
Excess deferred tax amortization						(1,477)						(1,579)						(2,101)
Flow-through on fixed assets						1,042						1,244						429
Flow-through on removal costs						(1,026)						(1,582)						(1,445)
Investment tax credit						(71)						(71)						(69)
Other – net						114						(727)						515
Total income tax expense from operations						$	21,704					$	20,177					$	13,603
Pretax income from operations						$	86,675					$	86,840					$	61,615
Effective income tax rate						25.0		%				23.2		%				22.1		%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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