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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

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, 2021 and 2020:

						Pension Benefits												Post-Retirement Medical Benefits
(dollars in thousands)						2021						2020						2021						2020
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year						$	272,786					$	231,852					$	5,906					$	7,395
Service cost						6,316						5,558						149						171
Interest cost						6,833						7,880						110						208
Actuarial (gain) loss						(17,682)						35,453						(3,165)						(1,604)
Benefits/expenses paid						(8,502)						(7,957)						(314)						(264)
Projected benefit obligation at end of year						$	259,751					$	272,786					$	2,686					$	5,906
Changes in Plan Assets:
Fair value of plan assets at beginning of year						$	213,147					$	192,477					$	12,313					$	11,271
Actual return on plan assets						25,390						24,909						1,773						1,307
Employer contributions						3,489						3,718						242						269
Benefits/expenses paid						(8,502)						(7,957)						(555)						(534)
Fair value of plan assets at end of year						$	233,524					$	213,147					$	13,773					$	12,313
Funded Status:
Net amount recognized as accrued pension cost						$	(26,227)					$	(59,639)					$	11,087					$	6,407

						Pension Benefits												Post-Retirement Medical Benefits
(dollars in thousands)						2021						2020						2021						2020
Amounts recognized on the balance sheets:
Non-current assets						$	—					$	—					$	11,087					$	6,407
Current liabilities						—						—						—						—
Non-current liabilities						(26,227)						(59,639)						—						—
Net amount recognized						$	(26,227)					$	(59,639)					$	11,087					$	6,407
Amounts recognized in regulatory assets consist of:
Prior service cost (credit)						$	2,323					$	2,757					$	—					$	—
Net (gain) loss						23,368						57,716						(9,839)						(6,855)
Regulatory assets (liabilities)						25,691						60,473						(9,839)						(6,855)
Unfunded accrued pension cost						536						(834)						(1,248)						448
Net liability (asset) recognized						$	26,227					$	59,639					$	(11,087)					$	(6,407)
Changes in plan assets and benefit obligations recognized in regulatory assets:
Regulatory asset at beginning of year						$	60,473					$	40,500					$	(6,855)					$	(5,432)
Net loss (gain)						(30,531)						22,343						(4,401)						(2,400)
New prior service cost						—						—						—						—
Amortization of prior service (cost) credit						(434)						(435)						—						—
Amortization of net gain (loss)						(3,817)						(1,935)						1,417						977
Total change in regulatory asset						(34,782)						19,973						(2,984)						(1,423)
Regulatory asset (liability) at end of year						$	25,691					$	60,473					$	(9,839)					$	(6,855)
Net periodic pension costs						$	4,859					$	4,010					$	(1,695)					$	(1,108)
Change in regulatory asset						(34,782)						19,973						(2,984)						(1,423)
Total recognized in net periodic pension cost and regulatory asset (liability)						$	(29,923)					$	23,983					$	(4,679)					$	(2,531)
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation						$	259,751					$	272,786					$	2,686					$	5,906
Accumulated benefit obligation						$	243,412					$	253,108					N/A						N/A
Fair value of plan assets						$	233,524					$	213,147					$	13,773					$	12,313
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate						2.89		%				2.55		%				2.46		%				2.20		%
Rate of compensation increase						*						*						N/A						N/A

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

The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2021 and 2020:

(dollars in thousands)						2021						2020
Change in Benefit Obligation:
Benefit obligation at beginning of year						$	36,602					$	29,703
Service cost						1,392						1,029
Interest cost						915						988
Actuarial (gain) loss						(2,213)						5,479
Benefits paid						(607)						(597)
Benefit obligation at end of year						$	36,089					$	36,602
Changes in Plan Assets:
Fair value of plan assets at beginning and end of year						—						—
Funded Status:
Net amount recognized as accrued cost						$	(36,089)					$	(36,602)

(in thousands)						2021						2020
Amounts recognized on the balance sheets:
Current liabilities						$	(949)					$	(602)
Non-current liabilities						(35,140)						(36,000)
Net amount recognized						$	(36,089)					$	(36,602)
Amounts recognized in regulatory assets consist of:
Prior service cost						$	—					$	—
Net loss						9,097						12,988
Regulatory assets						9,097						12,988
Unfunded accrued cost						26,992						23,614
Net liability recognized						$	36,089					$	36,602
Changes in plan assets and benefit obligations recognized in regulatory assets consist of:
Regulatory asset at beginning of year						$	12,988					$	8,352
Net (gain) loss						(2,213)						5,479
Amortization of prior service credit						—						—
Amortization of net loss						(1,678)						(843)
Total change in regulatory asset						(3,891)						4,636
Regulatory asset at end of year						$	9,097					$	12,988
Net periodic pension cost						$	3,985					$	2,860
Change in regulatory asset						(3,891)						4,636
Total recognized in net periodic pension and regulatory asset						$	94					$	7,496
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation						$	36,089					$	36,602
Accumulated benefit obligation						31,835						30,428
Fair value of plan assets						—						—
Weighted-average assumptions used to determine benefit obligations:
Discount rate						2.87		%				2.52		%
Rate of compensation increase						*						4.00		%

* Age graded from 4.5% to 4.0% per year.

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 2021, 2020 and 2019 are as follows:

						Pension Benefits																		Post-Retirement  Medical Benefits
(dollars in thousands, except percent)						2021						2020						2019						2021						2020						2019
Components of Net Periodic Benefits Cost:
Service cost						$	6,316					$	5,558					$	4,441					$	149					$	171					$	186
Interest cost						6,833						7,880						8,527						110						208						285
Expected return on plan assets						(12,541)						(11,798)						(10,374)						(537)						(510)						(449)
Amortization of prior service cost (credit)						434						435						434						—						—						—
Amortization of actuarial (gain) loss						3,817						1,935						1,419						(1,417)						(977)						(801)
Net periodic pension cost under accounting standards						$	4,859					$	4,010					$	4,447					$	(1,695)					$	(1,108)					$	(779)
Regulatory adjustment						(1,277)						(483)						(593)						—						—						—
Total expense recognized, before surcharges and allocation to overhead pool						$	3,582					$	3,527					$	3,854					$	(1,695)					$	(1,108)					$	(779)
Weighted-average assumptions used to determine net periodic cost:
Discount rate						2.55		%				3.43		%				4.43		%				2.20		%				3.12		%				4.20		%
Expected long-term return on plan assets						6.00		%				6.25		%				6.50		%				*						*						*
Rate of compensation increase						**						**						**						N/A						N/A						N/A

*5.75% for union plan and 4.0% for non-union (net of income taxes) in 2021, and 6.0% for union plan and 4.2% for non-union (net of income taxes) in 2020 and 2019.

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

The components of SERP expense, before allocation to the overhead pool, for 2021, 2020 and 2019 are as follows:

(dollars in thousands, except percent)						2021						2020						2019
Components of Net Periodic Benefits Cost:
Service cost						$	1,392					$	1,029					$	1,193
Interest cost						915						988						1,069
Amortization of prior service cost						—						—						—
Amortization of net loss						1,678						843						471
Net periodic pension cost						$	3,985					$	2,860					$	2,733
Weighted-average assumptions used to determine net periodic cost:
Discount rate						2.52		%				3.36		%				4.40		%
Rate of compensation increase						*						4.00		%				4.00		%

* Age graded from 4.5% to 4.0% per year.

Schedule of actual allocation of plan assets

The Committee approves the target asset allocations.  Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2021 and 2020, by asset category are as follows:

						Pension Benefits												Post-Retirement Medical Benefits
Asset Category						2021						2020						2021						2020
Actual Asset Allocations:
Equity securities						56		%				59		%				60		%				63		%
Debt securities						38		%				36		%				39		%				36		%
Real Estate Funds						6		%				5		%				—		%				—		%
Cash equivalents						—		%				—		%				1		%				1		%
Total						100		%				100		%				100		%				100		%

Schedule of pension and post-retirement plan target asset allocations

Equity securities did not include AWR’s Common Shares as of December 31, 2021 and 2020.

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

Summary of fair value, measured by net asset value, of the pension investment assets

The following tables set forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2021 and 2020:

						Net Asset Value as of December 31, 2021
(dollars in thousands)						Fair Value						Unfunded Commitments						Redemption Frequency						Redemption Notice Period
Cash equivalents						$	637					—						N/A						N/A
Fixed income fund						87,760						—						Daily						Daily
Equity securities:
U.S. small/mid cap funds						58,451						—						Daily						Daily
U.S. large cap funds						22,143						—						Daily						Daily
International funds						50,961						—						Daily						Daily
Total equity funds						131,555						—
Real estate funds						13,572						—						Daily						Daily
Total						$	233,524					—

Net Asset Value as of December 31, 2020

(dollars in thousands)

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Cash equivalents

$

589

—

N/A

N/A

Fixed income fund

76,221

—

Daily

Daily

Equity securities:

U.S. small/mid cap funds

21,837

—

Daily

Daily

U.S. large cap funds

53,677

—

Daily

Daily

International funds

50,488

—

Daily

Daily

Total equity funds

126,002

Real estate funds

10,335

—

Daily

Daily

Total

$

213,147

—

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 plan's investment assets measured at fair value as of December 31, 2021 and 2020:

						Fair Value as of December 31, 2021
(dollars in thousands)						Level 1						Level 2						Level 3						Total
Fair Value of Post-Retirement Plan Assets:
Cash equivalents						$	92					—						—						$	92
Fixed income						5,409						—						—						5,409
U.S. equity securities						8,272						—						—						8,272
Total investments measured at fair value						$	13,773					—						—						$	13,773

						Fair Value as of December 31, 2020
(dollars in thousands)						Level 1						Level 2						Level 3						Total
Fair Value of Post-Retirement Plan Assets:
Cash equivalents						$	169					—						—						$	169
Fixed income						4,436						—						—						4,436
U.S. equity securities						7,707						—						—						7,707
Total investments measured at fair value						$	12,312					—						—						$	12,312

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, 2021 and 2020:

						Fair Value as of December 31, 2021
(dollars in thousands)						Level 1						Level 2						Level 3						Total
Fair Value of Assets held in Rabbi Trust:
Cash equivalents						$	8					—						—						$	8
Fixed income securities						12,442						—						—						12,442
Equity securities						19,018						—						—						19,018
Total investments measured at fair value						$	31,468					—						—						$	31,468

						Fair Value as of December 31, 2020
(dollars in thousands)						Level 1						Level 2						Level 3						Total
Fair Value of Assets held in Rabbi Trust:
Cash equivalents						$	8					—						—						$	8
Fixed income securities						10,201						—						—						10,201
Equity securities						15,703						—						—						15,703
Total investments measured at fair value						$	25,912					—						—						$	25,912

Schedule of estimated future benefit payments

Estimated future benefit payments at December 31, 2021 for the next five years and thereafter are as follows (in thousands):

			Pension Benefits						Post-Retirement  Medical Benefits
2022			$	8,983					$	327
2023			9,598						314
2024			10,347						292
2025			10,844						285
2026			11,280						260
Thereafter			64,368						869
Total			$	115,420					$	2,347

Benefit Payments:  Estimated future benefit payments for the SERP at December 31, 2021 for the next five years and thereafter are as follows (in thousands):

2022			$	949
2023			944
2024			1,195
2025			1,187
2026			2,154
Thereafter			11,444
Total			$	17,873

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